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Acquisitions | 3 Months Ended
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Mar. 31, 2021
Acquisitions [Abstract] |
Acquisitions | 6.ACQUISITIONS The following table summarizes the Company’s acquisition activity:
|  | For the three months
|  | ended March 31,
|  | 2021 |  | 2020
|  | (in thousands)
Acquisitions of towers and related intangible assets |  | $ | 101,630 |  | $ | 82,274
Acquisition of right-of-use assets (1) |  |  | 945,915 |  |  | —
Land buyouts and other assets (2) |  |  | 5,131 |  |  | 7,257
Total cash acquisition capital expenditures |  | $ | 1,052,676 |  | $ | 89,531
(1)On February 16, 2021, the Company acquired the exclusive right to lease and operate 697 utility transmission structures, which included existing wireless tenant licenses from PG&E for $954.0 million. The difference between the agreed upon purchase price of $954.0 million and the cash acquisition amount is due to working capital adjustments. The Company accounted for the payment with respect to these sites as a right-of-use asset, which is recorded in Acquired and other right of use assets, net on its Consolidated Balance Sheets. The payments associated with the right of use of these structures has been fully funded and will be recognized over a weighted-average period of approximately 70 years. (2)In addition, the Company paid $2.8 million and $1.7 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended March 31, 2021 and 2020, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets. During the three months ended March 31, 2021, the Company allocated the purchase price of 34 acquired towers and related assets and liabilities consisting of $2.2 million of property and equipment, $21.1 million of intangible assets, and $78.4 million of other net assets and liabilities assumed. In the three months ended March 31, 2021, all acquisitions were accounted for as asset acquisitions. Subsequent to March 31, 2021, the Company acquired 17 tower and related assets for $6.0 million in cash. The maximum potential obligation related to contingent consideration for acquisitions was $18.3 million and $35.0 million as of March 31, 2021 and December 31, 2020, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheet.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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