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Acquisitions | 6 Months Ended
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Jun. 30, 2024
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,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (in thousands)
Acquisitions of towers and related assets |  | $ | 27,899 |  | $ | 9,571 |  | $ | 38,194 |  | $ | 22,351
Land buyouts and other assets (1) |  |  | 13,718 |  |  | 10,237 |  |  | 22,828 |  |  | 17,386
Total cash acquisition capital expenditures |  | $ | 41,617 |  | $ | 19,808 |  | $ | 61,022 |  | $ | 39,737
(1)Excludes $3.7 million and $2.7 million spent to extend ground lease terms for the three months ended June 30, 2024 and 2023, respectively, and excludes $9.3 million and $7.9 million spent to extend ground lease terms for the six months ended June 30, 2024 and 2023, respectively. The Company recorded these amounts in prepaid ground rent within prepaid expenses and other current assets on its Consolidated Balance Sheets. During the six months ended June 30, 2024, the Company acquired 128 towers and related assets and liabilities consisting of $13.4 million of property and equipment, net, $24.3 million of intangible assets, net, $9.5 million of operating lease right-of-use assets, net, $3.4 million of acquisition related holdbacks, $5.3 million of long-term lease liabilities, and $0.2 million of other net liabilities assumed. During the six months ended June 30, 2024, the Company concluded that for all of its tower acquisitions substantially all of the value is concentrated in a group of similar identifiable assets. Additionally, subsequent to June 30, 2024, the Company purchased or is under contract to purchase 106 communication sites which are expected to close prior to year-end at the time of this report for an aggregate consideration of $49.3 million in cash. The maximum potential obligation related to contingent consideration for closed acquisitions was $15.1 million and $17.9 million as of June 30, 2024 and December 31, 2023, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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