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Acquisitions | 6 Months Ended
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Jun. 30, 2025
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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  |  |  |  |  |  |  | (in thousands)
Acquisitions of towers and related assets |  | $ | 579,914 |  | $ | 27,899 |  | $ | 634,097 |  | $ | 38,194
Land buyouts and other assets (1) |  |  | 9,308 |  |  | 13,718 |  |  | 18,513 |  |  | 22,828
Total cash acquisition capital expenditures |  | $ | 589,222 |  | $ | 41,617 |  | $ | 652,610 |  | $ | 61,022
(1)Excludes $4.6 million and $3.7 million spent to extend ground lease terms for the three months ended June 30, 2025 and 2024, respectively, and excludes $7.8 million and $9.3 million spent to extend ground lease terms for the six months ended June 30, 2025 and 2024, respectively. The Company recorded these amounts in prepaid expenses and other assets within the changes in operating assets and liabilities, net of acquisitions section of its Consolidated Statements of Cash Flows. During the six months ended June 30, 2025, the Company acquired 4,673 towers and related assets and liabilities, including 4,644 sites from the previously announced transaction with Millicom International Cellular S.A. (“Millicom”). During the six months ended June 30, 2024, the Company acquired 128 towers and related assets and liabilities. The table below summarizes the Company’s acquisition of towers and related assets and liabilities, by asset class:
|  | For the six months
|  | ended June 30,
|  | 2025 |  | 2024
|  | (in thousands)
Property and equipment, net |  | $ | 435,294 |  | $ | 13,398
Intangible assets, net |  |  | 218,806 |  |  | 24,307
Operating lease right-of-use assets, net |  |  | 66,499 |  |  | 9,453
Acquisition related holdbacks |  |  | (129) |  |  | (3,415)
Long-term lease liabilities |  |  | (42,890) |  |  | (5,321)
Other liabilities assumed, net |  |  | (43,483) |  |  | (228)
Total acquisitions of towers and related assets and liabilities |  | $ | 634,097 |  | $ | 38,194
During the six months ended June 30, 2025, the Company concluded that for each of its acquisitions, substantially all of the value of its tower acquisitions is concentrated in a group of similar identifiable assets. As of June 30, 2025, there were no acquisitions with purchase price allocations that were preliminary other than for the acquisitions from the Millicom transaction. As of the date of this filing, approximately 2,500 sites related to the Millicom transaction remain under contract for approximately $391.0 million in cash. The remaining sites under contract have an estimated closing date of September 1, 2025; however, the ultimate closing is dependent upon regulatory approvals and other requirements and may differ from this date. In addition to the Millicom sites, the Company is under contract to purchase 13 communication sites for an aggregate consideration of $5.5 million in cash. The Company anticipates that these acquisitions will be closed by the end of the fourth quarter of 2025. The maximum potential obligation related to contingent consideration for closed acquisitions was $40.1 million and $12.1 million as of June 30, 2025 and December 31, 2024, 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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