| ASSET ACQUISITIONS |
The following table summarizes the asset acquisitions for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset | | | | | | | Number of Properties | | Total Purchase | | Right-of-Use | | Retirement | Property | | Market | | Closing Date | | Acquired | | Price(1) | | Asset(2) | | Obligation(3) | Cell Towers: | | | | | | | | | | | | | | | | Plada Heights | | Tennessee | | January 22, 2025 | | 1 | | $ | 623,495 | | $ | — | | $ | 26,463 | Lemont Lane | | Tennessee | | February 5, 2025 | | 1 | | | 676,379 | | | 93,083 | | | 26,468 | Murfreesboro | | Tennessee | | May 6, 2025 | | 1 | | | 708,595 | | | 90,556 | | | 29,148 | Anchor | | Tennessee | | May 23, 2025 | | 1 | | | 627,811 | | | — | | | 27,808 | Rockvale | | Tennessee | | June 23, 2025 | | 1 | | | 628,838 | | | — | | | 26,468 | Total asset acquisitions for the six months ended June 30, 2025: | | | | | | 5 | | $ | 3,265,118 | | $ | 183,639 | | $ | 136,355 |
The following table summarizes the asset acquisitions for the six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset | | | | | | | Number of Properties | | Total Purchase | | Right-of-Use | | Retirement | Property | | Market | | Closing Date | | Acquired | | Price(1) | | Asset(2) | | Obligation(3) | Cell Towers: | | | | | | | | | | | | | | | | Whip Communications | | Iowa | | January 10, 2024 | | 2 | | $ | 1,966,205 | | $ | 156,489 | | $ | 62,375 | East River | | Ohio | | January 24, 2024 | | 1 | | | 677,954 | | | — | | | 35,049 | BTO | | Maryland | | February 29, 2024 | | 1 | | | 1,542,835 | | | 66,980 | | | 45,869 | Trinity Park | | Tennessee | | January 17, 2024 | | 1 | | | 537,500 | | | 86,942 | | | 29,218 | West Maryville | | Tennessee | | January 31, 2024 | | 1 | | | 473,894 | | | 115,123 | | | 27,870 | Oakbrook | | South Carolina | | January 31, 2024 | | 1 | | | 538,962 | | | 127,316 | | | 27,870 | Dream Central | | Tennessee | | February 16, 2024 | | 1 | | | 540,398 | | | 116,742 | | | 29,225 | Norton | | Tennessee | | April 2, 2024 | | 1 | | | 955,897 | | | 48,069 | | | 27,884 | North Sequatchie | | Tennessee | | April 30, 2024 | | 1 | | | 594,588 | | | 86,610 | | | 27,898 | Bluhmtown | | Tennessee | | May 31, 2024 | | 1 | | | 652,212 | | | — | | | 26,546 | Total asset acquisitions for the six months ended June 30, 2024: | | | | | | 11 | | $ | 8,480,445 | | $ | 804,271 | | $ | 339,804 |
| (1) | Includes capitalized acquisition-related costs. |
| (2) | Right-of-use assets were obtained in exchange for the assumption of operating lease liabilities of the same values as part of the asset acquisitions. |
| (3) | Asset retirement obligations were assessed as part of the asset acquisitions. |
The related assets, liabilities, and results of operations of the acquired properties are included in the consolidated financial statements from the date of acquisition. The following table summarizes the estimated relative fair value purchase price allocations of the assets acquired and liabilities assumed at the acquisition dates as of June 30, 2025 and June 30 2024: | | | | | | | | | | June 30, 2025 | | June 30, 2024 | | Assets: | | | | | | | | Cell towers | | $ | 1,996,869 | | $ | 4,308,820 | | Land | | | 89,536 | | | — | | Building | | | — | | | — | | Site Improvements | | | — | | | — | | Contract rights and tenant relationships | | | 412,210 | | | 2,327,679 | | Network location & capacity | | | 705,426 | | | 1,932,109 | | Rooftop easements and ground easements | | | 197,433 | | | 251,641 | | Above market leases | | | — | | | — | | Right-of-use assets obtained in exchange for operating lease liabilities | | | 183,639 | | | 804,271 | | Total assets acquired | | | 3,585,113 | | | 9,624,520 | | Liabilities: | | | | | | | | Asset Retirement Obligation | | | 136,356 | | | 339,804 | | Ground lease liability | | | 183,639 | | | 804,271 | | Below market leases | | | — | | | — | | Total liabilities assumed | | | 319,995 | | | 1,144,075 | | Total Purchase Price | | $ | 3,265,118 | | $ | 8,480,445 | |
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