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Acquisitions
 3 Months Ended
Mar. 31, 2026
Acquisitions [Abstract]  
Acquisitions 6.ACQUISITIONS

The following table summarizes the Company’s acquisition activity:

For the three months

ended March 31,

2026

2025

Acquisitions of towers and related assets

$

132,199

$

54,183

Land buyouts and other assets (1)

11,297

9,205

Total cash acquisition capital expenditures

$

143,496

$

63,388

(1)Excludes $2.0 million and $3.2 million spent to extend ground lease terms for the three months ended March 31, 2026 and 2025, respectively. The Company recorded these amounts in prepaid expenses and other assets within the changes in operating assets and liabilities, net of acquisitions section of its Consolidated Statements of Cash Flows.

During the three months ended March 31, 2026, the Company acquired 10 towers and related assets and liabilities, as well as the rights to land underneath approximately 3,900 communication sites in Guatemala. During the three months ended March 31, 2025, the Company acquired 344 towers and related assets and liabilities, including 321 sites related to the transaction with Millicom International Cellular S.A. The table below summarizes the Company’s acquisition of towers and related assets and liabilities, by asset class:

For the three months

ended March 31,

2026

2025

(in thousands)

Property and equipment, net

$

4,548

$

27,110

Intangible assets, net

21,200

30,484

Operating lease right-of-use assets, net

113,730

14,120

Acquisition related holdbacks

(145)

(129)

Long-term lease liabilities

(1,701)

(11,991)

Other liabilities assumed, net

(5,433)

(5,411)

Total acquisitions of towers and related assets and liabilities

$

132,199

$

54,183

During the three months ended March 31, 2026, the Company concluded that for each of its acquisitions, substantially all of the value of its tower acquisitions is concentrated in a group of similar identifiable assets. As of March 31, 2026, there were no acquisitions with purchase price allocations that were preliminary.

As of the date of this filing, the Company, subsequent to quarter end, purchased or is under contract to purchase 56 communication sites for an aggregate consideration of $36.9 million in cash. The Company anticipates that these acquisitions will be closed by the end of the third quarter of 2026.

The maximum potential obligation related to contingent consideration for closed acquisitions was $63.2 million as of March 31, 2026 and December 31, 2025. No such amounts have been recorded on the Company’s Consolidated Balance Sheets.