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Acquisitions | 9 Months Ended
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Sep. 30, 2024
Acquisitions [Abstract] |
Acquisitions | 6.ACQUISITIONS The following table summarizes the Company’s acquisition activity:
|  | For the three months |  | For the nine months
|  | ended September 30, |  | ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (in thousands)
Acquisitions of towers and related assets |  | $ | 196,659 |  | $ | 41,060 |  | $ | 234,853 |  | $ | 63,411
Land buyouts and other assets (1) |  |  | 10,728 |  |  | 12,054 |  |  | 33,556 |  |  | 29,440
Total cash acquisition capital expenditures |  | $ | 207,387 |  | $ | 53,114 |  | $ | 268,409 |  | $ | 92,851
(1)Excludes $7.7 million and $6.7 million spent to extend ground lease terms for the three months ended September 30, 2024 and 2023, respectively, and excludes $17.0 million and $15.0 million spent to extend ground lease terms for the nine months ended September 30, 2024 and 2023, respectively. The Company recorded these amounts in prepaid expenses and other current assets within the changes in operating assets and liabilities, net of acquisitions section of its Consolidated Statements of Cash Flows. During the nine months ended September 30, 2024, the Company acquired 179 towers and related assets and liabilities consisting of $27.9 million of property and equipment, net, $211.1 million of intangible assets, net, $25.3 million of operating lease right-of-use assets, net, $4.6 million of acquisition related holdbacks, $18.1 million of long-term lease liabilities, and $6.8 million of other net liabilities assumed. During the nine months ended September 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. Subsequent to September 30, 2024, the Company entered into an agreement to purchase over 7,000 communication sites in Central America from Millicom International Cellular S.A. (“Millicom”) for approximately $975.0 million in cash. These sites are located in Guatemala, Honduras, Panama, El Salvador, and Nicaragua, with significantly all cash flows denominated in USD. Upon closing, Millicom will enter into country-specific Master Lease Agreements (“MLAs”) to lease back space on all acquired sites for an initial term of 15 years. The MLAs will also incorporate an extension to the Company’s approximately 1,500 existing site leases with Millicom for a new 15-year term. Additionally, as part of the purchase agreement, the Company and Millicom have agreed to a seven-year exclusivity right for the Company to build up to 2,500 build-to-suit sites in Central America for Millicom with new leases on any sites built having an initial lease term of 15 years. This transaction is expected to close, subject to antitrust approvals and other closing conditions, some time in 2025. In addition to the Millicom transaction, subsequent to September 30, 2024, the Company purchased or is under contract to purchase 45 communication sites which are expected to close by the end of the first quarter of 2025 at the time of this report for an aggregate consideration of $16.3 million in cash. The maximum potential obligation related to contingent consideration for closed acquisitions was $13.5 million and $17.9 million as of September 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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