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Acquisitions | 6 Months Ended
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Jun. 30, 2023
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,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (in thousands)
Acquisitions of towers and related intangible assets (1) |  | $ | 8,134 |  | $ | 78,665 |  | $ | 19,605 |  | $ | 286,528
Acquisition of right-of-use assets |  |  | 1,437 |  |  | 2,220 |  |  | 2,746 |  |  | 2,220
Land buyouts and other assets (2)(3) |  |  | 10,237 |  |  | 57,512 |  |  | 17,386 |  |  | 64,830
Total cash acquisition capital expenditures |  | $ | 19,808 |  | $ | 138,397 |  | $ | 39,737 |  | $ | 353,578
(1)The six months ended June 30, 2022 includes $176.1 million of acquisitions related to the Company’s purchase of sites from Airtel Tanzania. (2)Excludes $2.7 million spent to extend ground lease terms for the three months ended June 30, 2023 and 2022, and excludes $7.9 million and $6.5 million spent to extend ground lease terms for the six months ended June 30, 2023 and 2022, respectively. The Company recorded these amounts in prepaid rent within prepaid expenses and other current assets on its Consolidated Balance Sheets. (3)The three and six months ended June 30, 2022 includes amounts paid related to the acquisition of a data center. During the six months ended June 30, 2023, the Company acquired 23 towers and related assets and liabilities consisting of $2.6 million of property and equipment, net, $16.7 million of intangible assets, net, $3.4 million of operating lease right-of-use assets, net, $1.7 million of acquired and other right-of-use assets, net, $0.1 million of acquisition related holdbacks, $2.2 million of long-term lease liabilities, and $0.3 million of other net assets assumed. During the six months ended June 30, 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 June 30, 2023, the Company purchased or is under contract to purchase 134 communication sites for an aggregate consideration of $72.9 million in cash. The Company anticipates that these acquisitions will be consummated by the end of 2023. The maximum potential obligation related to contingent consideration for acquisitions was $8.2 million and $10.1 million as of June 30, 2023 and December 31, 2022, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets.

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