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Acquisitions | 12 Months Ended
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Dec. 31, 2023
Acquisitions [Abstract] |
Acquisitions | 7.ACQUISITIONS The following table summarizes the Company’s acquisition activity:
|  | For the year ended December 31,
|  | 2023 |  | 2022 |  | 2021
Tower acquisitions (number of towers) |  |  | 91 |  |  | 4,790 |  |  | 991
The following table summarizes the Company’s cash acquisition capital expenditures:
|  | For the year ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  |  | (in thousands)
Acquisitions of towers and related intangible assets (1)(2)(3) |  | $ | 81,614 |  | $ | 489,888 |  | $ | 274,752
Acquisition of right-of-use assets (2)(4) |  |  | 5,072 |  |  | 602,574 |  |  | 950,536
Land buyouts and other assets (5)(6) |  |  | 43,275 |  |  | 83,630 |  |  | 32,416
Total cash acquisition capital expenditures |  | $ | 129,961 |  | $ | 1,176,092 |  | $ | 1,257,704
(1)During the year ended December 31, 2022, the Company closed on 1,445 sites from Airtel Tanzania for $176.1 million. (2)During the year ended December 31, 2022, the Company acquired 2,632 sites from GTS in Brazil for $728.2 million, net of working capital adjustments, of which $168.5 million is included in acquisitions of towers and related intangible assets and $559.8 million is included in acquisition of right of use assets. (3)The year ended December 31, 2021 includes $77.1 million of acquisitions completed during the fourth quarter of 2020 which were not funded until the first quarter of 2021. (4)During the year ended December 31, 2021, the Company acquired the exclusive right to lease and operate utility transmission structures, which included existing wireless tenant licenses from PG&E for $950.5 million, net of working capital adjustments. (5)Excludes $17.6 million, $17.9 million, and $16.3 million spent to extend ground lease terms for the years ended December 31, 2023, 2022, and 2021, respectively. (6)The year ended December 31, 2022 includes amounts paid related to the acquisitions of a data center. During the year ended December 31, 2023, the Company acquired 91 towers and related assets and liabilities consisting of $18.8 million of property and equipment, net, $66.6 million of intangible assets, net, $15.9 million of operating lease right-of-use assets, net, $3.7 million of acquired and other right-of-use assets, net, $13.5 million of long-term lease liabilities, $2.5 million of acquisition related holdbacks, and $2.3 million of other net liabilities assumed. In the year ended December 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. During the year ended December 31, 2022, the purchase price allocation for GTS consisted of $23.8 million of property and equipment, net, $142.2 million of intangible assets, net, $48.8 million of operating lease right-of-use assets, net, $529.3 million of acquired and other right-of-use assets, net, $18.3 million of long-term lease liabilities, and $2.4 million of other net assets assumed. During the year ended December 31, 2022, in addition to the acquisition of GTS, the Company acquired 2,158 towers and related assets and liabilities consisting of $124.5 million of property and equipment, net, $209.8 million of intangible assets, net, $125.0 million of operating lease right-of-use assets, net, $38.0 million of acquired and other right-of-use assets, net, $106.6 million of long-term lease liabilities, $24.3 million of acquisition related holdbacks, and $2.2 million of other net liabilities assumed. During the year ended December 31, 2021, in addition to the PG&E acquisition, the Company acquired 278 towers and related assets and liabilities consisting of $26.1 million of property and equipment, net, $135.8 million of intangible assets, net, $18.6 million of operating lease right-of-use assets, net, and $0.8 million of other net liabilities assumed. Subsequent to the year ended December 31, 2023, the Company purchased or is under contract to purchase 281 communication sites for an aggregate consideration of $87.8 million in cash. The Company anticipates that these acquisitions will be consummated by the end of the third quarter of 2024. The maximum potential obligation related to contingent consideration for acquisitions were $17.9 million and $10.1 million as of December 31, 2023 and 2022, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets.

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