

	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.