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Acquisitions
 6 Months Ended
Jun. 30, 2026
Acquisitions [Abstract]  
Acquisitions 6.ACQUISITIONS

The following table summarizes the Company’s acquisition activity:

For the three months

For the six months

ended June 30,

ended June 30,

2026

2025

2026

2025

(in thousands)

Acquisitions of towers and related assets

$

9,722

$

579,914

$

141,921

$

634,097

Land buyouts and other assets (1)

19,066

9,308

30,363

18,513

Total cash acquisition capital expenditures

$

28,788

$

589,222

$

172,284

$

652,610

(1)Excludes $4.3 million and $4.6 million spent to extend ground lease terms for the three months ended June 30, 2026 and 2025, respectively, and excludes $6.4 million and $7.8 million spent to extend ground lease terms for the six months ended June 30, 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 six months ended June 30, 2026, the Company acquired 16 towers and related assets and liabilities, as well as the rights to land underneath approximately 3,900 communication sites in Guatemala. During the six months ended June 30, 2025, the Company acquired 4,673 towers and related assets and liabilities, including 4,644 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 six months

ended June 30,

2026

2025

(in thousands)

Property and equipment, net

$

5,032

$

435,294

Intangible assets, net

32,933

218,806

Operating lease right-of-use assets, net

114,137

66,499

Acquisition related holdbacks

(645)

(129)

Long-term lease liabilities

(3,109)

(42,890)

Other liabilities assumed, net

(6,427)

(43,483)

Total acquisitions of towers and related assets and liabilities

$

141,921

$

634,097

During the six months ended June 30, 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 June 30, 2026, there were no acquisitions with purchase price allocations that were preliminary.

As of the date of this filing, the Company, subsequent to June 30, 2026, purchased or is under contract to purchase 58 communication sites for an aggregate consideration of $28.8 million in cash. The Company anticipates that these acquisitions will be closed by the end of the fourth quarter of 2026.

Certain of the Company’s closed acquisitions include contingent consideration arrangements that may require future cash payments to sellers if specified financial performance metrics are achieved. Based on the Company’s current estimate, potential future cash payments under these arrangements were approximately $63.2 million as of both June 30, 2026 and December 31, 2025. Actual payments, if any, will depend on future results and other factors and could differ materially from this estimate. No amounts have been recorded on the Company’s Consolidated Balance Sheets.