v3.26.3
Acquisitions and Disposals
 9 Months Ended
Sep. 30, 2026
Acquisitions and Disposals [Abstract]  
Acquisitions and Disposals 6.ACQUISITIONS AND DISPOSALS

The following table summarizes the Company’s acquisition activity:

For the three months

For the nine months

ended September 30,

ended September 30,

2026

2025

2026

2025

(in thousands)

Acquisitions of towers and related assets (1)

$

13,056

$

654

$

154,977

$

634,751

Land buyouts and other assets (2)

19,337

11,151

49,700

29,664

Total cash acquisition capital expenditures

$

32,393

$

11,805

$

204,677

$

664,415

(1)The three and nine months ended September 30, 2025 exclude a $139.6 million acquisition completed during the third quarter of 2025 which was not funded until the fourth quarter of 2025.

(2)Excludes $2.1 million and $1.8 million spent to extend ground lease terms for the three months ended September 30, 2026 and 2025, respectively, and excludes $8.6 million and $9.7 million spent to extend ground lease terms for the nine months ended September 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 nine months ended September 30, 2026, the Company acquired 23 towers and related assets and liabilities, as well as the rights to land underneath approximately 3,900 communication sites in Guatemala. During the nine months ended September 30, 2025, the Company acquired 5,120 towers and related assets and liabilities, including 5,090 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 nine months

ended September 30,

2026

2025

(in thousands)

Property and equipment, net

$

11,615

$

476,720

Intangible assets, net

46,243

391,685

Operating lease right-of-use assets, net

115,656

82,910

Acquisition related holdbacks

(645)

(129)

Long-term lease liabilities

(4,063)

(57,623)

Other liabilities assumed, net

(13,829)

(258,812)

Total acquisitions of towers and related assets and liabilities

$

154,977

$

634,751

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

As of the date of this filing, the Company, subsequent to September 30, 2026, purchased or is under contract to purchase 69 communication sites for an aggregate consideration of $17.9 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 $62.3 million and $63.2 million as of September 30, 2026 and December 31, 2025, respectively. 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.

During the third quarter of 2026, the Company sold all of its towers in both Chile and Ecuador and ended its operations in those countries. Proceeds from the sale of these towers were $134.2 million and are included in Proceeds from sale of assets on the

Consolidated Statements of Cash Flows. The Company recorded a $13.9 million gain (which is inclusive of a $6.2 million non-cash adjustment to realize previously unrecognized accumulated currency translation adjustments) on the sale of these towers which is included in Other income, net on the Consolidated Statements of Operations and in (Gain) loss on sale of assets on the Consolidated Statements of Cash Flows.

On September 10, 2026, the Company entered into an agreement to sell all of its towers and related assets held in Peru. This transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2026. Assets held for sale of $77.6 million are recorded within Prepaid expenses and other current assets on the Consolidated Balance Sheet as of September 30, 2026 and are primarily comprised of $34.5 million of Property and equipment, net, $23.2 million of Operating lease right-of-use assets, net, and $16.0 million of Intangible assets, net. Liabilities held for sale of $27.2 million are recorded within Other current liabilities on the Consolidated Balance Sheet as of September 30, 2026 and are primarily comprised of $17.2 million of Long-term lease liabilities, $5.9 million of Other long-term liabilities, and $2.3 million of Current lease liabilities. These amounts are all included as part of the International site leasing segment as of September 30, 2026.