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Acquisitions | 3 Months Ended
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Mar. 31, 2023
Acquisitions [Abstract] |
Acquisitions | 6.ACQUISITIONS The following table summarizes the Company’s acquisition activity:
| For the three months
| ended March 31,
| 2023 |  | 2022
| (in thousands)
Acquisitions of towers and related intangible assets (1) | $ | 11,471 |  | $ | 207,863
Acquisition of right-of-use assets |  | 1,309 |  |  | —
Land buyouts and other assets (2) |  | 7,149 |  |  | 7,318
Total cash acquisition capital expenditures | $ | 19,929 |  | $ | 215,181
(1)The three months ended March 31, 2022 includes $176.1 million of acquisitions related to the Company’s purchase of sites from Airtel Tanzania. (2)Excludes $5.1 million and $3.8 million spent to extend ground lease terms for the three months ended March 31, 2023 and 2022, respectively. The Company recorded these amounts in prepaid rent within prepaid and other current assets on its Consolidated Balance Sheets. During the three months ended March 31, 2023, the Company acquired 14 towers and related assets and liabilities consisting of $1.6 million of property and equipment, net, $8.9 million of intangible assets, net, $1.0 million of operating lease right of use assets, net, $0.8 million of acquired and other right-of-use assets, net, $0.1 million of acquisition related holdbacks, $0.5 million of long-term lease liabilities, and $1.1 million of other net assets assumed. In the three months ended March 31, 2023, the Company concluded that for all of its acquisitions substantially all of the value of its tower acquisition is concentrated in a group of similar identifiable assets. Additionally, subsequent to March 31, 2023, the Company purchased or is under contract to purchase 66 communication sites for an aggregate consideration of $63.7 million in cash. The Company anticipates that these acquisitions will be consummated by the end of the fourth quarter of 2023. The maximum potential obligation related to contingent consideration for acquisitions was $9.9 million and $10.1 million as of March 31, 2023 and December 31, 2022, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets. ‎

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