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xbrli:shares

Table of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number: 001-16853

SBA COMMUNICATIONS CORPORATION

(Exact name of Registrant as specified in its charter)

Florida | 65-0716501
(State or other jurisdiction of | (I.R.S. Employer
incorporation or organization) | Identification No.)

8051 Congress Avenue |
Boca Raton, Florida | 33487
(Address of principal executive offices) | (Zip Code)

Registrant’s telephone number, including area code (561) 995-7670

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par value per share | SBAC | The NASDAQ Stock Market LLC
|  | (NASDAQ Global Select Market)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer | x | Accelerated Filer | ¨
Non-Accelerated Filer | ¨ | Smaller Reporting Company | ¨
|  | Emerging Growth Company | ¨

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ¨ No x

Indicate the number of shares outstanding of each issuer’s classes of common stock, as of the latest practicable date: 106,546,867 shares of Class A common stock as of October 29, 2025.

Table of Contents

Table of Contents

|  | Page
PART I – FINANCIAL INFORMATION
Item 1. | Financial Statements |
| Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 | 1
| Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2025 and 2024 | 2
| Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2025 and 2024 | 3
| Consolidated Statement of Shareholders’ Deficit (unaudited) for the three and nine months ended September 30, 2025 and 2024 | 4
| Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2025 and 2024 | 6
| Condensed Notes to Consolidated Financial Statements (unaudited) | 8
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 23
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 40
Item 4. | Controls and Procedures | 43
PART II – OTHER INFORMATION
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 43
Item 5. | Other Information | 43
Item 6. | Exhibits | 44
SIGNATURES | 45

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (in thousands, except par values)

|  | September 30, |  | December 31,
|  | 2025 |  | 2024
ASSETS |  | (unaudited) |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 430,306 |  | $ | 189,841
Restricted cash |  |  | 30,467 |  |  | 1,206,653
Accounts receivable, net |  |  | 158,126 |  |  | 145,695
Costs and estimated earnings in excess of billings on uncompleted contracts |  |  | 49,564 |  |  | 19,198
Prepaid expenses and other current assets |  |  | 144,061 |  |  | 417,333
Total current assets |  |  | 812,524 |  |  | 1,978,720
Property and equipment, net |  |  | 3,295,621 |  |  | 2,792,084
Intangible assets, net |  |  | 2,725,045 |  |  | 2,388,707
Operating lease right-of-use assets, net |  |  | 2,435,273 |  |  | 2,292,459
Acquired and other right-of-use assets, net |  |  | 1,349,714 |  |  | 1,308,269
Other assets |  |  | 642,062 |  |  | 657,097
Total assets |  | $ | 11,260,239 |  | $ | 11,417,336
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, |  |  |  |  |  |
AND SHAREHOLDERS' DEFICIT |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Accounts payable |  | $ | 219,725 |  | $ | 59,549
Accrued expenses |  |  | 97,536 |  |  | 81,977
Current maturities of long-term debt |  |  | 772,562 |  |  | 1,187,913
Deferred revenue |  |  | 132,336 |  |  | 127,308
Accrued interest |  |  | 37,845 |  |  | 62,239
Current lease liabilities |  |  | 291,537 |  |  | 261,017
Other current liabilities |  |  | 59,427 |  |  | 17,933
Total current liabilities |  |  | 1,610,968 |  |  | 1,797,936
Long-term liabilities: |  |  |  |  |  |
Long-term debt, net |  |  | 11,932,919 |  |  | 12,403,825
Long-term lease liabilities |  |  | 2,019,508 |  |  | 1,903,439
Other long-term liabilities |  |  | 554,222 |  |  | 367,942
Total long-term liabilities |  |  | 14,506,649 |  |  | 14,675,206
Redeemable noncontrolling interests |  |  | 76,605 |  |  | 54,132
Shareholders' deficit: |  |  |  |  |  |
Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding |  |  | — |  |  | —
Common stock - Class A, par value $0.01, 400,000 shares authorized, 106,773 shares and |  |  |  |  |  |
107,561 shares issued and outstanding at September 30, 2025 and December 31, 2024, |  |  |  |  |  |
respectively |  |  | 1,068 |  |  | 1,076
Additional paid-in capital |  |  | 3,038,027 |  |  | 2,975,455
Accumulated deficit |  |  | (7,284,980) |  |  | (7,326,189)
Accumulated other comprehensive loss, net |  |  | (688,098) |  |  | (760,280)
Total shareholders' deficit |  |  | (4,933,983) |  |  | (5,109,938)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit |  | $ | 11,260,239 |  | $ | 11,417,336

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited) (in thousands, except per share amounts)

|  | For the three months |  | For the nine months
|  | ended September 30, |  | ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |  |
Site leasing |  | $ | 656,427 |  | $ | 625,697 |  | $ | 1,904,424 |  | $ | 1,880,430
Site development |  |  | 75,900 |  |  | 41,898 |  |  | 191,132 |  |  | 105,504
Total revenues |  |  | 732,327 |  |  | 667,595 |  |  | 2,095,556 |  |  | 1,985,934
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues (exclusive of depreciation, accretion, |  |  |  |  |  |  |  |  |  |  |  |
and amortization shown below): |  |  |  |  |  |  |  |  |  |  |  |
Cost of site leasing |  |  | 127,281 |  |  | 117,948 |  |  | 361,330 |  |  | 346,893
Cost of site development |  |  | 62,508 |  |  | 32,391 |  |  | 154,222 |  |  | 82,705
Selling, general, and administrative expenses (1) |  |  | 66,008 |  |  | 60,087 |  |  | 203,249 |  |  | 191,161
Acquisition and new business initiatives related |  |  |  |  |  |  |  |  |  |  |  |
adjustments and expenses |  |  | 5,156 |  |  | 5,388 |  |  | 18,422 |  |  | 19,379
Asset impairment and decommission costs |  |  | 20,322 |  |  | 12,670 |  |  | 102,578 |  |  | 87,928
Depreciation, accretion, and amortization |  |  | 76,883 |  |  | 63,515 |  |  | 211,894 |  |  | 204,444
Total operating expenses |  |  | 358,158 |  |  | 291,999 |  |  | 1,051,695 |  |  | 932,510
Operating income |  |  | 374,169 |  |  | 375,596 |  |  | 1,043,861 |  |  | 1,053,424
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 5,517 |  |  | 6,999 |  |  | 24,452 |  |  | 21,359
Interest expense |  |  | (120,154) |  |  | (95,711) |  |  | (343,959) |  |  | (289,632)
Non-cash interest expense |  |  | (567) |  |  | (7,192) |  |  | (10,148) |  |  | (22,715)
Amortization of deferred financing fees |  |  | (5,477) |  |  | (5,185) |  |  | (16,326) |  |  | (15,405)
Loss from extinguishment of debt, net |  |  | — |  |  | — |  |  | — |  |  | (4,428)
Other income (expense), net |  |  | 35,595 |  |  | 23,700 |  |  | 111,881 |  |  | (125,811)
Total other expense, net |  |  | (85,086) |  |  | (77,389) |  |  | (234,100) |  |  | (436,632)
Income before income taxes |  |  | 289,083 |  |  | 298,207 |  |  | 809,761 |  |  | 616,792
Provision for income taxes |  |  | (48,652) |  |  | (42,316) |  |  | (125,730) |  |  | (46,906)
Net income |  |  | 240,431 |  |  | 255,891 |  |  | 684,031 |  |  | 569,886
Net (income) loss attributable to noncontrolling interests |  |  | (3,615) |  |  | 2,643 |  |  | (689) |  |  | 6,020
Net income attributable to SBA Communications |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | $ | 236,816 |  | $ | 258,534 |  | $ | 683,342 |  | $ | 575,906
Net income per common share attributable to SBA |  |  |  |  |  |  |  |  |  |  |  |
Communications Corporation: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.21 |  | $ | 2.41 |  | $ | 6.36 |  | $ | 5.35
Diluted |  | $ | 2.20 |  | $ | 2.40 |  | $ | 6.34 |  | $ | 5.33
Weighted-average number of common shares |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 107,257 |  |  | 107,486 |  |  | 107,509 |  |  | 107,683
Diluted |  |  | 107,559 |  |  | 107,922 |  |  | 107,831 |  |  | 108,072

(1)Includes non-cash compensation of $18,655 and $15,732 for the three months ended September 30, 2025 and 2024, respectively, and $54,569 and $54,376 for the nine months ended September 30, 2025 and 2024, respectively.

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited) (in thousands)

|  | For the three months |  | For the nine months
|  | ended September 30, |  | ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Net income |  | $ | 240,431 |  | $ | 255,891 |  | $ | 684,031 |  | $ | 569,886
Adjustments related to interest rate swaps |  |  | (2,893) |  |  | (45,034) |  |  | (49,347) |  |  | (42,404)
Foreign currency translation adjustments |  |  | 27,314 |  |  | 22,827 |  |  | 121,481 |  |  | (66,708)
Comprehensive income |  |  | 264,852 |  |  | 233,684 |  |  | 756,165 |  |  | 460,774
Comprehensive (income) loss attributable to noncontrolling interests |  |  | (4,586) |  |  | 2,980 |  |  | (641) |  |  | 6,682
Comprehensive income attributable to SBA |  |  |  |  |  |  |  |  |  |  |  |
Communications Corporation |  | $ | 260,266 |  | $ | 236,664 |  | $ | 755,524 |  | $ | 467,456

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT

(unaudited) (in thousands)

|  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |
|  | Class A |  | Additional |  |  |  |  | Other |  | Total
|  | Common Stock |  | Paid-In |  | Accumulated |  | Comprehensive |  | Shareholders'
|  | Shares |  | Amount |  | Capital |  | Deficit |  | Loss, Net |  | Deficit
BALANCE, June 30, 2025 |  | 107,487 |  | $ | 1,075 |  | $ | 3,022,684 |  | $ | (7,251,106) |  | $ | (711,548) |  | $ | (4,938,895)
Net income attributable to SBA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communications Corporation |  | — |  |  | — |  |  | — |  |  | 236,816 |  |  | — |  |  | 236,816
Common stock issued in connection with equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
awards and stock purchase plans, offset |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
by the impact of net share settlements |  | 17 |  |  | — |  |  | 2,427 |  |  | — |  |  | — |  |  | 2,427
Non-cash stock compensation |  | — |  |  | — |  |  | 19,632 |  |  | — |  |  | — |  |  | 19,632
Adjustments related to interest rate swaps |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,893) |  |  | (2,893)
Repurchase and retirement of common stock |  | (731) |  |  | (7) |  |  | — |  |  | (150,828) |  |  | — |  |  | (150,835)
Foreign currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
attributable to SBA Communications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,343 |  |  | 26,343
Dividends and dividend equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
on common stock |  | — |  |  | — |  |  | — |  |  | (119,862) |  |  | — |  |  | (119,862)
Adjustment to redemption amount related to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interests |  | — |  |  | — |  |  | (6,716) |  |  | — |  |  | — |  |  | (6,716)
BALANCE, September 30, 2025 |  | 106,773 |  | $ | 1,068 |  | $ | 3,038,027 |  | $ | (7,284,980) |  | $ | (688,098) |  | $ | (4,933,983)

|  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |
|  | Class A |  | Additional |  |  |  |  | Other |  | Total
|  | Common Stock |  | Paid-In |  | Accumulated |  | Comprehensive |  | Shareholders'
|  | Shares |  | Amount |  | Capital |  | Deficit |  | Loss, Net |  | Deficit
BALANCE, December 31, 2024 |  | 107,561 |  |  | 1,076 |  |  | 2,975,455 |  |  | (7,326,189) |  |  | (760,280) |  |  | (5,109,938)
Net income attributable to SBA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communications Corporation |  | — |  |  | — |  |  | — |  |  | 683,342 |  |  | — |  |  | 683,342
Common stock issued in connection with equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
awards and stock purchase plans, offset |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
by the impact of net share settlements |  | 560 |  |  | 5 |  |  | 26,611 |  |  | — |  |  | — |  |  | 26,616
Non-cash stock compensation |  | — |  |  | — |  |  | 57,647 |  |  | — |  |  | — |  |  | 57,647
Adjustments related to interest rate swaps |  | — |  |  | — |  |  | — |  |  | — |  |  | (49,347) |  |  | (49,347)
Repurchase and retirement of common stock |  | (1,348) |  |  | (13) |  |  | — |  |  | (281,518) |  |  | — |  |  | (281,531)
Foreign currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
attributable to SBA Communications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | — |  |  | — |  |  | — |  |  | — |  |  | 121,529 |  |  | 121,529
Dividends and dividend equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
on common stock |  | — |  |  | — |  |  | — |  |  | (360,615) |  |  | — |  |  | (360,615)
Adjustment to redemption amount related to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interests |  | — |  |  | — |  |  | (21,686) |  |  | — |  |  | — |  |  | (21,686)
BALANCE, September 30, 2025 |  | 106,773 |  | $ | 1,068 |  | $ | 3,038,027 |  | $ | (7,284,980) |  | $ | (688,098) |  | $ | (4,933,983)

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT

(unaudited) (in thousands)

|  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |
|  | Class A |  | Additional |  |  |  |  | Other |  | Total
|  | Common Stock |  | Paid-In |  | Accumulated |  | Comprehensive |  | Shareholders'
|  | Shares |  | Amount |  | Capital |  | Deficit |  | Loss, Net |  | Deficit
BALANCE, June 30, 2024 |  | 107,471 |  | $ | 1,075 |  | $ | 2,930,332 |  | $ | (7,546,370) |  | $ | (701,778) |  | $ | (5,316,741)
Net income attributable to SBA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communications Corporation |  | — |  |  | — |  |  | — |  |  | 258,534 |  |  | — |  |  | 258,534
Common stock issued in connection with equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
awards and stock purchase plans, offset |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
by the impact of net share settlements |  | 35 |  |  | — |  |  | 5,715 |  |  | — |  |  | — |  |  | 5,715
Non-cash stock compensation |  | — |  |  | — |  |  | 16,728 |  |  | — |  |  | — |  |  | 16,728
Adjustments related to interest rate swaps |  | — |  |  | — |  |  | — |  |  | — |  |  | (45,034) |  |  | (45,034)
Foreign currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
attributable to SBA Communications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,164 |  |  | 23,164
Dividends and dividend equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
on common stock |  | — |  |  | — |  |  | — |  |  | (105,963) |  |  | — |  |  | (105,963)
Adjustment to redemption amount related to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interests |  | — |  |  | — |  |  | (11,255) |  |  | — |  |  | — |  |  | (11,255)
BALANCE, September 30, 2024 |  | 107,506 |  | $ | 1,075 |  | $ | 2,941,520 |  | $ | (7,393,799) |  | $ | (723,648) |  | $ | (5,174,852)

|  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |
|  | Class A |  | Additional |  |  |  |  | Other |  | Total
|  | Common Stock |  | Paid-In |  | Accumulated |  | Comprehensive |  | Shareholders'
|  | Shares |  | Amount |  | Capital |  | Deficit |  | Loss, Net |  | Deficit
BALANCE, December 31, 2023 |  | 108,050 |  | $ | 1,080 |  | $ | 2,894,060 |  | $ | (7,450,824) |  | $ | (615,198) |  | $ | (5,170,882)
Net income attributable to SBA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communications Corporation |  | — |  |  | — |  |  | — |  |  | 575,906 |  |  | — |  |  | 575,906
Common stock issued in connection with equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
awards and stock purchase plans, offset |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
by the impact of net share settlements |  | 391 |  |  | 4 |  |  | 8,903 |  |  | — |  |  | — |  |  | 8,907
Non-cash stock compensation |  | — |  |  | — |  |  | 57,754 |  |  | — |  |  | — |  |  | 57,754
Adjustments related to interest rate swaps |  | — |  |  | — |  |  | — |  |  | — |  |  | (42,404) |  |  | (42,404)
Repurchase and retirement of common stock |  | (935) |  |  | (9) |  |  | — |  |  | (200,010) |  |  | — |  |  | (200,019)
Foreign currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
attributable to SBA Communications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | — |  |  | — |  |  | — |  |  | — |  |  | (66,046) |  |  | (66,046)
Dividends and dividend equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
on common stock |  | — |  |  | — |  |  | — |  |  | (318,871) |  |  | — |  |  | (318,871)
Adjustment to redemption amount related to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interests |  | — |  |  | — |  |  | (19,197) |  |  | — |  |  | — |  |  | (19,197)
BALANCE, September 30, 2024 |  | 107,506 |  | $ | 1,075 |  | $ | 2,941,520 |  | $ | (7,393,799) |  | $ | (723,648) |  | $ | (5,174,852)

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) (in thousands)

|  | For the nine months ended September 30,
|  | 2025 |  | 2024
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net income |  | $ | 684,031 |  | $ | 569,886
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Depreciation, accretion, and amortization |  |  | 211,894 |  |  | 204,444
(Gain) loss on remeasurement of U.S. denominated intercompany loans |  |  | (137,753) |  |  | 119,526
Non-cash compensation expense |  |  | 56,552 |  |  | 56,439
Non-cash asset impairment and decommission costs |  |  | 96,094 |  |  | 73,959
Loss from extinguishment of debt, net |  |  | — |  |  | 4,428
Deferred and non-cash income tax provision |  |  | 94,643 |  |  | 17,053
Loss on sale of assets |  |  | 18,265 |  |  | 803
Other non-cash items reflected in the Statements of Operations |  |  | 50,586 |  |  | 48,072
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |
Accounts receivable and costs and estimated earnings in excess of |  |  |  |  |  |
billings on uncompleted contracts, net |  |  | (37,243) |  |  | 53,280
Prepaid expenses and other assets |  |  | (14,533) |  |  | (16,998)
Operating lease right-of-use assets, net |  |  | 97,110 |  |  | 101,070
Accounts payable and accrued expenses |  |  | 8,219 |  |  | (6,576)
Accrued interest |  |  | (24,497) |  |  | (24,838)
Long-term lease liabilities |  |  | (97,323) |  |  | (109,074)
Other liabilities |  |  | (18,742) |  |  | (66,777)
Net cash provided by operating activities |  |  | 987,303 |  |  | 1,024,697
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |
Acquisitions |  |  | (664,415) |  |  | (268,409)
Capital expenditures |  |  | (162,091) |  |  | (172,600)
Purchase of investments |  |  | (658,004) |  |  | (1,204,628)
Proceeds from sale of investments |  |  | 909,937 |  |  | 1,179,250
Repayment (funding) of loan to unconsolidated joint venture |  |  | 115,000 |  |  | (11,100)
Proceeds from sale of assets |  |  | 40,564 |  |  | —
Other investing activities |  |  | (1,999) |  |  | (2,933)
Net cash used in investing activities |  |  | (421,008) |  |  | (480,420)
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |
Borrowings under Revolving Credit Facility |  |  | 375,000 |  |  | 370,000
Repayments under Revolving Credit Facility |  |  | (95,000) |  |  | (390,000)
Proceeds from issuance of Term Loans, net of fees |  |  | — |  |  | 2,274,815
Repayment of Term Loans |  |  | (17,250) |  |  | (2,279,500)
Repayment of Tower Securities |  |  | (1,165,000) |  |  | —
Repurchase and retirement of common stock |  |  | (281,531) |  |  | (200,019)
Payment of dividends on common stock |  |  | (360,780) |  |  | (318,808)
Proceeds from employee stock purchase/stock option plans |  |  | 51,491 |  |  | 27,144
Payments related to taxes on stock options and restricted stock units |  |  | (24,875) |  |  | (18,187)
Other financing activities |  |  | (2,270) |  |  | 707
Net cash used in financing activities |  |  | (1,520,215) |  |  | (533,848)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 18,657 |  |  | (9,883)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |  |  | (935,263) |  |  | 546
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: |  |  |  |  |  |
Beginning of period |  |  | 1,400,657 |  |  | 250,946
End of period |  | $ | 465,394 |  | $ | 251,492

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) (in thousands)

|  | For the nine months ended September 30,
|  | 2025 |  | 2024
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |  |  |  |  |  |
Cash paid during the period for: |  |  |  |  |  |
Interest |  | $ | 370,132 |  | $ | 314,700
Income taxes |  | $ | 33,021 |  | $ | 25,978
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES: |  |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 97,843 |  | $ | 44,256
Operating lease modifications and reassessments |  | $ | 120,853 |  | $ | 214,108
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | 5,589 |  | $ | 154

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION

The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals and deferrals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the full year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, incremental borrowing rate for lease accounting, fair value of investments, asset retirement obligations, and accounting for acquisitions of assets. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material.

Foreign Currency Translation

All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the Consolidated Statements of Shareholders’ Deficit.

For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Remeasurement gains and losses are reported as Other income (expense), net in the Consolidated Statements of Operations.

Intercompany Loans Subject to Remeasurement

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $25.5 million gain and a $16.2 million gain, net of taxes, on the remeasurement of intercompany loans for the three months ended September 30, 2025 and 2024, respectively, and a $91.8 million gain and a $78.5 million loss, net of taxes, on the remeasurement of intercompany loans for the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025, the Company repaid $125.0 million under its intercompany loan agreements. As of September 30, 2025 and December 31, 2024, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $1.0 billion and $1.1 billion, respectively.

Accounting Standards Updates

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring public business entities to provide improved income tax disclosures on an annual basis, primarily through enhanced disclosures related to rate reconciliation and income taxes paid information. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this standard on its consolidated financial statements and related disclosures.

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In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring improved expense disclosures, in the notes to the financial statements, of public business entities to provide more detailed information about certain costs and expenses. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effect of this standard on its consolidated financial statements and related disclosures.

2. FAIR VALUE MEASUREMENTS

Items Measured at Fair Value on a Recurring Basis — The Company’s asset retirement obligations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Other long-term liabilities in the Consolidated Balance Sheets. The fair value of the asset retirement obligations is calculated using a discounted cash flow model.

Refer to Note 16 for discussion of the Company’s redeemable noncontrolling interests.

Items Measured at Fair Value on a Nonrecurring Basis — The Company estimates the fair value of assets subject to impairment using a discounted cash flow (“DCF”) (Level 3 input) analysis. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable earnings and trading multiples. The cash flows employed in the DCF analysis are based on estimates of future revenues, earnings, and cash flows after considering factors such as tower location demographics, timing of additions of new tenants, lease rates, rate and term of renewal, attrition, ongoing cash requirements, and market multiples. Each of the assumptions are applied based on the specific facts and circumstances of the identified assets at the lowest level of identifiable cash flows. The DCF analysis used an average discount rate ranging from 7.4% - 8.0%.

Asset impairment and decommission costs for all periods presented and the related impaired assets primarily relate to the Company’s site leasing operating segment. The following summarizes the activity of asset impairment and decommission costs:

|  | For the three months |  | For the nine months
|  | ended September 30, |  | ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in thousands)
Asset impairment (1) |  | $ | 20,013 |  | $ | 8,920 |  | $ | 91,054 |  | $ | 61,964
Write-off of carrying value of decommissioned towers |  |  | 186 |  |  | 698 |  |  | 6,105 |  |  | 12,242
Other (including tower and equipment decommission costs) |  |  | 123 |  |  | 3,052 |  |  | 5,419 |  |  | 13,722
Total asset impairment and decommission costs |  | $ | 20,322 |  | $ | 12,670 |  | $ | 102,578 |  | $ | 87,928

(1)Represents impairment charges resulting from the Company’s regular analysis of whether the anticipated future cash flows from certain towers are sufficient to recover the carrying value of the investment in those towers.

The Company’s long-term investments were $13.5 million and $20.8 million as of September 30, 2025 and December 31, 2024, respectively, and are recorded in Other assets on the Consolidated Balance Sheets. The Company evaluates these investments for indicators of impairment. The Company considers impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. The estimation of the fair value of the investment involves the use of Level 3 inputs. If indicators exist and the fair value of the investment is less than the carrying amount, an impairment charge will be recorded. The Company did no t recognize any impairment loss associated with its investments during the three or nine months ended September 30, 2025 and 2024.

Fair Value of Financial Instruments — The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments. The Company’s estimate of its short-term investments is based primarily upon Level 1 reported market values. As of September 30, 2025 and December 31, 2024, the Company had $0.8 million and $254.5 million of short-term investments, respectively. For the nine months ended September 30, 2025, the Company purchased $656.2 million and sold $909.9 million of short-term investments. For the nine months ended September 30, 2024, the Company purchased $1,193.8 million and sold $1,178.6 million of short-term investments.

The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to

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approximate the carrying value because the Company does not believe its credit risk has changed materially from the date the applicable Term SOFR Rate was set for the Revolving Credit Facility (112.5 to 150.0 basis points). Refer to Note 10 for the fair values, principal balances, and carrying values of the Company’s debt instruments.

For discussion of the Company’s derivatives and hedging activities, refer to Note 17.

3. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

The cash, cash equivalents, and restricted cash balances on the Consolidated Statements of Cash Flows consist of the following:

|  | As of |  | As of |  |
|  | September 30, 2025 |  | December 31, 2024 |  | Included on Balance Sheet
|  | (in thousands) |  |
Cash and cash equivalents |  | $ | 430,306 |  | $ | 189,841 |  | Cash and cash equivalents
Securitization escrow accounts |  |  | 20,509 |  |  | 1,200,025 |  | Restricted cash - current asset
Payment, performance bonds, and other |  |  | 9,958 |  |  | 6,628 |  | Restricted cash - current asset
Surety bonds and workers compensation |  |  | 4,621 |  |  | 4,163 |  | Other assets - noncurrent
Total cash, cash equivalents, and restricted cash |  | $ | 465,394 |  | $ | 1,400,657 |  |

Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 10) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets. Additionally, securitization escrow accounts included $1.165 billion held as of December 31, 2024, which was utilized to repay the 2019-1C Tower Securities on January 15, 2025.

Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Other restricted cash includes $7.6 million and $6.4 million held in escrow as of September 30, 2025 and December 31, 2024, respectively, related to the Company’s acquisition activities. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of September 30, 2025 and December 31, 2024, the Company had $42.4 million and $42.5 million, respectively, in surety and payment and performance bonds for which no collateral was required to be posted. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of September 30, 2025 and December 31, 2024, the Company had pledged $2.9 million and $2.5 million, respectively, as collateral related to its workers’ compensation policy.

4. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following:

|  | As of |  | As of
|  | September 30, 2025 |  | December 31, 2024
|  | (in thousands)
Costs incurred on uncompleted contracts |  | $ | 139,461 |  | $ | 74,474
Estimated earnings |  |  | 51,207 |  |  | 31,514
Billings to date |  |  | (146,192) |  |  | (92,082)
|  | $ | 44,476 |  | $ | 13,906

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These amounts are included in the Consolidated Balance Sheets under the following captions:

|  | As of |  | As of
|  | September 30, 2025 |  | December 31, 2024
|  | (in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts |  | $ | 49,564 |  | $ | 19,198
Billings in excess of costs and estimated earnings on |  |  |  |  |  |
uncompleted contracts (included in Other current liabilities) |  |  | (5,088) |  |  | (5,292)
|  | $ | 44,476 |  | $ | 13,906

At September 30, 2025 and December 31, 2024, the two largest customers comprised 97.1% and 89.0%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings on uncompleted contracts.

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETS

The Company’s prepaid expenses and other current assets are comprised of the following:

|  | As of |  | As of
|  | September 30, 2025 |  | December 31, 2024
|  |  | (in thousands)
Short-term investments |  | $ | 761 |  | $ | 254,534
Assets held for sale (1) |  |  | 95,783 |  |  | —
Short-term loans receivable (2) |  |  | 7,072 |  |  | 115,281
Prepaid real estate taxes |  |  | 5,259 |  |  | 3,564
Interest receivable |  |  | 4,139 |  |  | 4,359
Prepaid insurance |  |  | 3,179 |  |  | 1,704
Prepaid taxes |  |  | 7,065 |  |  | 11,496
Prepaid ground rent |  |  | 3,142 |  |  | 3,638
Other current assets |  |  | 17,661 |  |  | 22,757
Total prepaid expenses and other current assets |  | $ | 144,061 |  | $ | 417,333

The Company’s other assets are comprised of the following:

|  | As of |  | As of
|  | September 30, 2025 |  | December 31, 2024
|  |  | (in thousands)
Straight-line rent receivable |  | $ | 422,309 |  | $ | 417,572
Interest rate swap asset (3) |  |  | 8,289 |  |  | 50,589
Loans receivable |  |  | 55,311 |  |  | 59,326
Deferred lease costs, net |  |  | 9,652 |  |  | 8,836
Deferred tax asset - long term |  |  | 42,711 |  |  | 53,974
Long-term investments |  |  | 13,536 |  |  | 20,779
Other |  |  | 90,254 |  |  | 46,021
Total other assets |  | $ | 642,062 |  | $ | 657,097

(1)Refer to Note 6 for more information on the Company’s assets held for sale.

(2)Short-term loans receivable for the period ended December 31, 2024 include a $115.0 million loan to one of the Company’s unconsolidated joint ventures. The total outstanding principal balance of the loan was repaid on March 21, 2025. The funding of the loan and the receipt of funds were recorded in Repayment (funding) of loan to unconsolidated joint venture on the Consolidated Statements of Cash Flows.

(3)Refer to Note 17 for more information on the Company’s interest rate swaps.

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6. ACQUISITIONS AND DISPOSALS

The following table summarizes the Company’s acquisition activity:

|  | For the three months |  | For the nine months
|  | ended September 30, |  | ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  |  |  |  |  |  |  | (in thousands)
Acquisitions of towers and related assets (1) |  | $ | 654 |  | $ | 196,659 |  | $ | 634,751 |  | $ | 234,853
Land buyouts and other assets (2) |  |  | 11,151 |  |  | 10,728 |  |  | 29,664 |  |  | 33,556
Total cash acquisition capital expenditures |  | $ | 11,805 |  | $ | 207,387 |  | $ | 664,415 |  | $ | 268,409

(1)The three and nine months ended September 30, 2025 exclude a $139.6 million acquisition completed during the third quarter of 2025 which was not funded until the fourth quarter of 2025 and is recorded in Accounts payable on the Consolidated Balance Sheets as of September 30, 2025.

(2)Excludes $1.8 million and $7.7 million spent to extend ground lease terms for the three months ended September 30, 2025 and 2024, respectively, and excludes $9.7 million and $17.0 million spent to extend ground lease terms for the nine months ended September 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 nine months ended September 30, 2025, the Company acquired 5,120 towers and related assets and liabilities, including 5,090 sites from the previously announced transaction with Millicom International Cellular S.A. (“Millicom”). During the nine months ended September 30, 2024, the Company acquired 179 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 nine months
|  | ended September 30,
|  | 2025 |  | 2024
|  | (in thousands)
Property and equipment, net |  | $ | 476,720 |  | $ | 27,906
Intangible assets, net |  |  | 391,685 |  |  | 211,131
Operating lease right-of-use assets, net |  |  | 82,910 |  |  | 25,251
Acquisition related holdbacks |  |  | (129) |  |  | (4,570)
Long-term lease liabilities |  |  | (57,623) |  |  | (18,106)
Other liabilities assumed, net |  |  | (258,812) |  |  | (6,759)
Total acquisitions of towers and related assets and liabilities |  | $ | 634,751 |  | $ | 234,853

During the nine months ended September 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 September 30, 2025, there were no acquisitions with purchase price allocations that were preliminary other than for the acquisitions from the Millicom transaction.

Subsequent to quarter end, the Company closed on the 2,020 sites related to the Millicom transaction that were remaining under contract for approximately $217.4 million in cash. As of the date of this filing, the Company is under contract to purchase 78 communication sites for an aggregate consideration of $66.9 million in cash. The Company anticipates that these acquisitions will be closed by the end of the first quarter of 2026.

The maximum potential obligation related to contingent consideration for closed acquisitions was $47.5 million and $12.1 million as of September 30, 2025 and December 31, 2024, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets.

During the first quarter of 2025, the Company sold all of its towers in both the Philippines and Colombia and ended its operations in those countries. Proceeds from the sale of these towers were $40.3 million and are included in Proceeds from sale of assets on the Consolidated Statements of Cash Flows. The Company recorded an $18.0 million loss on the sale of these towers which is included in Other income (expense), net on the Consolidated Statements of Operations and in Loss on sale of assets on the Consolidated Statements of Cash Flows.

On October 15, 2025, the Company sold its 365 towers held in Canada for CAD$446.0 million. Assets held for sale in the amount of $95.8 million were primarily comprised of $43.2 million of Property and equipment, net, $28.9 million of Operating lease

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right-of-use assets, net, and $21.5 million of Intangible assets, net and are recorded with Prepaid expenses and other current assets on the Consolidated Balance Sheets as of September 30, 2025. Liabilities held for sale in the amount of $42.5 million were primarily comprised of $26.0 million of long-term lease liabilities, $12.1 million of Other long-term liabilities, and $3.1 million of Current lease liabilities and are recorded within Other current liabilities on the Consolidated Balance Sheets as of September 30, 2025. These amounts were all included as part of the International site leasing segment as of September 30, 2025.

7. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

|  | As of |  | As of
|  | September 30, 2025 |  | December 31, 2024
|  | (in thousands)
Towers and related assets |  | $ | 6,451,935 |  | $ | 5,902,092
Construction-in-process (1) |  |  | 76,409 |  |  | 72,202
Furniture, equipment, and vehicles |  |  | 95,048 |  |  | 84,629
Land, buildings, and improvements (2) |  |  | 1,006,318 |  |  | 1,013,253
Total property and equipment |  |  | 7,629,710 |  |  | 7,072,176
Less: accumulated depreciation |  |  | (4,334,089) |  |  | (4,280,092)
Property and equipment, net |  | $ | 3,295,621 |  | $ | 2,792,084

(1)Construction-in-process represents costs incurred related to towers and other assets that are under development and will be used in the Company’s site leasing operations.

(2)Includes amounts related to the Company’s data centers.

Depreciation expense was $35.7 million and $25.8 million for the three months ended September 30, 2025 and 2024, respectively, and $94.7 million and $89.4 million for the nine months ended September 30, 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, unpaid capital expenditures that are included in accounts payable and accrued expenses were $11.3 million and $14.6 million, respectively.

8. INTANGIBLE ASSETS, NET

The following table provides the gross and net carrying amounts for each major class of intangible assets:

|  | As of September 30, 2025 |  | As of December 31, 2024
|  | Gross carrying |  | Accumulated |  | Net book |  | Gross carrying |  | Accumulated |  | Net book
|  | amount |  | amortization |  | value |  | amount |  | amortization |  | value
|  | (in thousands)
Current contract intangibles |  | $ | 5,516,275 |  | $ | (3,430,160) |  | $ | 2,086,115 |  | $ | 5,164,263 |  | $ | (3,338,705) |  | $ | 1,825,558
Network location intangibles |  |  | 2,000,979 |  |  | (1,362,049) |  |  | 638,930 |  |  | 1,896,754 |  |  | (1,333,605) |  |  | 563,149
Intangible assets, net |  | $ | 7,517,254 |  | $ | (4,792,209) |  | $ | 2,725,045 |  | $ | 7,061,017 |  | $ | (4,672,310) |  | $ | 2,388,707

All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $29.6 million and $26.4 million for the three months ended September 30, 2025 and 2024, respectively and $83.5 million and $79.8 million for the nine months ended September 30, 2025 and 2024, respectively.

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9. ACCRUED EXPENSES

The Company’s accrued expenses are comprised of the following:

|  | As of |  | As of
|  | September 30, 2025 |  | December 31, 2024
|  | (in thousands)
Salaries and benefits |  | $ | 27,576 |  | $ | 24,996
Real estate and property taxes |  |  | 9,429 |  |  | 7,204
Unpaid capital expenditures |  |  | 11,273 |  |  | 14,581
Acquisition related holdbacks |  |  | 9,803 |  |  | 10,896
Other |  |  | 39,455 |  |  | 24,300
Total accrued expenses |  | $ | 97,536 |  | $ | 81,977

10. DEBT

The principal balances, fair values, and carrying values of debt consist of the following:

|  |  |  | As of |  | As of
|  |  |  | September 30, 2025 |  | December 31, 2024
|  | Maturity Date |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value
|  |  |  | (in thousands)
Revolving Credit Facility |  | Jan. 25, 2029 |  | $ | 280,000 |  | $ | 280,000 |  | $ | 280,000 |  | $ | — |  | $ | — |  | $ | —
2024 Term Loan |  | Jan. 25, 2031 |  |  | 2,265,500 |  |  | 2,273,996 |  |  | 2,245,303 |  |  | 2,282,750 |  |  | 2,282,750 |  |  | 2,260,217
2019-1C Tower Securities (1)(2) |  | Jan. 12, 2025 |  |  | — |  |  | — |  |  | — |  |  | 1,165,000 |  |  | 1,128,803 |  |  | 1,164,913
2020-1C Tower Securities (1) |  | Jan. 9, 2026 |  |  | 750,000 |  |  | 722,858 |  |  | 749,562 |  |  | 750,000 |  |  | 726,038 |  |  | 748,425
2020-2C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 600,000 |  |  | 514,080 |  |  | 597,928 |  |  | 600,000 |  |  | 516,342 |  |  | 597,273
2021-1C Tower Securities (1) |  | Nov. 9, 2026 |  |  | 1,165,000 |  |  | 1,003,915 |  |  | 1,162,248 |  |  | 1,165,000 |  |  | 1,008,331 |  |  | 1,160,436
2021-2C Tower Securities (1) |  | Apr. 9, 2027 |  |  | 895,000 |  |  | 852,488 |  |  | 892,228 |  |  | 895,000 |  |  | 763,757 |  |  | 890,896
2021-3C Tower Securities (1) |  | Oct. 9, 2031 |  |  | 895,000 |  |  | 676,164 |  |  | 888,946 |  |  | 895,000 |  |  | 679,144 |  |  | 888,260
2022-1C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 850,000 |  |  | 867,510 |  |  | 844,847 |  |  | 850,000 |  |  | 878,475 |  |  | 843,321
2024-1C Tower Securities (1) |  | Oct. 9, 2029 |  |  | 1,450,000 |  |  | 1,446,926 |  |  | 1,439,433 |  |  | 1,450,000 |  |  | 1,453,292 |  |  | 1,437,978
2024-2C Tower Securities (1) |  | Oct. 8, 2027 |  |  | 620,000 |  |  | 624,340 |  |  | 616,197 |  |  | 620,000 |  |  | 618,698 |  |  | 615,017
2020 Senior Notes |  | Feb. 15, 2027 |  |  | 1,500,000 |  |  | 1,477,635 |  |  | 1,495,427 |  |  | 1,500,000 |  |  | 1,440,270 |  |  | 1,493,039
2021 Senior Notes |  | Feb. 1, 2029 |  |  | 1,500,000 |  |  | 1,410,000 |  |  | 1,493,362 |  |  | 1,500,000 |  |  | 1,353,750 |  |  | 1,491,963
Total debt |  |  |  | $ | 12,770,500 |  | $ | 12,149,912 |  | $ | 12,705,481 |  | $ | 13,672,750 |  | $ | 12,849,650 |  | $ | 13,591,738
Less: current maturities of long-term debt |  |  |  |  |  | (772,562) |  |  |  |  |  |  |  |  | (1,187,913)
Total long-term debt, net of current maturities |  |  |  |  | $ | 11,932,919 |  |  |  |  |  |  |  | $ | 12,403,825

(1)The maturity date represents the anticipated repayment date for each issuance.

(2)On January 15, 2025, the Company repaid the aggregate principal amount of the 2019-1C Tower Securities.

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The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

|  | Interest |  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | Rates as of |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | September 30, |  | Cash |  | Non-cash |  | Cash |  | Non-cash |  | Cash |  | Non-cash |  | Cash |  | Non-cash
|  | 2025 |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest
|  |  |  | (in thousands) |  | (in thousands)
Revolving Credit Facility |  | 5.235% |  | $ | 1,480 |  | $ | — |  | $ | 1,982 |  | $ | — |  | $ | 3,107 |  | $ | — |  | $ | 7,611 |  | $ | —
2018 Term Loan |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,253 |  |  | 1,867
2024 Term Loan (1) |  | 5.253% |  |  | 30,625 |  |  | 183 |  |  | 16,072 |  |  | 6,747 |  |  | 74,885 |  |  | 7,844 |  |  | 45,670 |  |  | 18,381
2014-2C Tower Securities |  | 3.869% |  |  | — |  |  | — |  |  | 6,046 |  |  | — |  |  | — |  |  | — |  |  | 18,138 |  |  | —
2019-1C Tower Securities |  | 2.836% |  |  | — |  |  | — |  |  | 8,357 |  |  | — |  |  | 1,306 |  |  | — |  |  | 25,072 |  |  | —
2020-1C Tower Securities |  | 1.884% |  |  | 3,598 |  |  | — |  |  | 3,598 |  |  | — |  |  | 10,793 |  |  | — |  |  | 10,793 | 95 |  | —
2020-2C Tower Securities |  | 2.328% |  |  | 3,540 |  |  | — |  |  | 3,540 |  |  | — |  |  | 10,619 |  |  | — |  |  | 10,619 |  |  | —
2021-1C Tower Securities |  | 1.631% |  |  | 4,870 |  |  | — |  |  | 4,870 |  |  | — |  |  | 14,567 |  |  | — |  |  | 14,567 |  |  | —
2021-2C Tower Securities |  | 1.840% |  |  | 4,196 |  |  | — |  |  | 4,196 |  |  | — |  |  | 12,587 |  |  | — |  |  | 12,587 |  |  | —
2021-3C Tower Securities |  | 2.593% |  |  | 5,873 |  |  | — |  |  | 5,873 |  |  | — |  |  | 17,619 |  |  | — |  |  | 17,619 |  |  | —
2022-1C Tower Securities |  | 6.599% |  |  | 14,094 |  |  | — |  |  | 14,094 |  |  | — |  |  | 42,281 |  |  | — |  |  | 42,281 |  |  | —
2024-1C Tower Securities |  | 4.831% |  |  | 17,636 |  |  | — |  |  | — |  |  | — |  |  | 52,907 |  |  | — |  |  | — |  |  | —
2024-2C Tower Securities (2) |  | 4.654% |  |  | 7,977 |  |  | — |  |  | — |  |  | — |  |  | 23,932 |  |  | — |  |  | — |  |  | —
2020 Senior Notes |  | 3.875% |  |  | 14,531 |  |  | 100 |  |  | 14,531 |  |  | 92 |  |  | 43,594 |  |  | 296 |  |  | 43,594 |  |  | 274
2021 Senior Notes |  | 3.125% |  |  | 11,719 |  |  | — |  |  | 11,719 |  |  | — |  |  | 35,156 |  |  | — |  |  | 35,156 |  |  | —
Other |  |  |  |  | 15 |  |  | 284 |  |  | 833 |  |  | 353 |  |  | 606 |  |  | 2,008 |  |  | 2,672 |  |  | 2,193
Total |  |  |  | $ | 120,154 |  | $ | 567 |  | $ | 95,711 |  | $ | 7,192 |  | $ | 343,959 |  | $ | 10,148 |  | $ | 289,632 |  | $ | 22,715

(1)The 2024 Term Loan has a blended rate of 5.253%, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swaps, the 2024 Term Loan was accruing interest at 5.920% as of September 30, 2025. Refer to Note 17 for more information on the Company’s interest rate swaps.

(2)The 2024-2C Tower Securities has an all-in fixed rate of 4.654%, which includes the impact of the Company’s treasury lock agreement which settled upon issuance of the notes. Excluding the impact of the treasury lock agreement, the 2024-2C Tower Securities accrues interest at 5.115%. Refer to Note 17 for more information on the Company’s treasury lock agreement.

Senior Credit Agreement

As of September 30, 2025, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Revolving Credit Facility under the Senior Credit Agreement

The key terms of the Revolving Credit Facility are as follows:

|  |  |  | Unused
|  | Interest Rate |  | Commitment
|  | as of |  | Fee as of
|  | September 30, 2025 (1) |  | September 30, 2025 (2)
Revolving Credit Facility |  | 5.235% |  | 0.140%

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2024.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2024.

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The table below summarizes the Company’s Revolving Credit Facility activity during the three and nine months ended September 30, 2025 and 2024:

|  | For the three months |  | For the nine months
|  | ended September 30, |  | ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in thousands)
Beginning outstanding balance |  | $ | 80,000 |  | $ | 120,000 |  | $ | — |  | $ | 180,000
Borrowings |  |  | 295,000 |  |  | 175,000 |  |  | 375,000 |  |  | 370,000
Repayments |  |  | (95,000) |  |  | (135,000) |  |  | (95,000) |  |  | (390,000)
Ending outstanding balance |  | $ | 280,000 |  | $ | 160,000 |  | $ | 280,000 |  | $ | 160,000

Subsequent to September 30, 2025, the Company borrowed $165.0 million and repaid $60.0 million under the Revolving Credit Facility, and as of the date of this filing, $385.0 million was outstanding.

Term Loan under the Senior Credit Agreement

2024 Term Loan

During the three and nine months ended September 30, 2025, the Company repaid an aggregate of $11.5 million and $17.3 million of principal on the 2024 Term Loan, respectively. As of September 30, 2025, the 2024 Term Loan had a principal balance of $2.3 billion.

Secured Tower Revenue Securities

On January 15, 2025, the Company repaid the entire aggregate principal amount of the 2019-1C Tower Securities ($1,165.0 million) and the 2019-1R Tower Securities ($61.4 million).

As of September 30, 2025, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers.

11. SHAREHOLDERS’ EQUITY

Common Stock Equivalents

The Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 15).

Stock Repurchases

On April 27, 2025, the Company’s Board of Directors authorized a new $1.5 billion share repurchase plan, replacing the prior plan authorized on October 28, 2021 which had a remaining authorization of $81.8 million. This new plan authorizes the Company to purchase, from time to time, up to $1.5 billion of its outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The new plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. As of the date of this filing, the Company had $1.3 billion of authorization remaining under the new plan.

The following is a summary of the Company’s share repurchases:

|  | For the three months |  | For the nine months
|  | ended September 30, |  | ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Total number of shares purchased (in millions) (1) |  |  | 0.7 |  |  | — |  |  | 1.4 |  |  | 0.9
Average price per share (1) |  | $ | 206.13 |  | $ | — |  | $ | 208.61 |  | $ | 213.85
Total purchase price (in millions) (1) |  | $ | 154.1 |  | $ | — |  | $ | 284.8 |  | $ | 200.0

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Subsequent to September 30, 2025, the Company made the following share repurchases:

Total number of shares purchased (in millions) (1) |  |  |  |  |  |  |  |  |  |  |  | 0.2
Average price per share (1) |  |  |  |  |  |  |  |  |  |  | $ | 191.21
Total purchase price (in millions) (1) |  |  |  |  |  |  |  |  |  |  | $ | 40.2

(1)Amounts reflected are based on the trade date and may differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.

Dividends

For the nine months ended September 30, 2025, the Company paid the following cash dividends:

|  | Payable to Shareholders |  |  |  |  |  |
|  | of Record at the Close |  | Cash Paid |  | Aggregate Amount |  |
Date Declared |  | of Business on |  | Per Share |  | Paid |  | Date Paid
February 23, 2025 |  | March 13, 2025 |  | $1.11 |  | $122.3 million (1) |  | March 27, 2025
April 27, 2025 |  | May 22, 2025 |  | $1.11 |  | $119.4 million |  | June 17, 2025
August 3, 2025 |  | August 21, 2025 |  | $1.11 |  | $119.1 million |  | September 18, 2025

(1)Amount reflected includes the payment of $2.4 million in dividend equivalents.

Dividends paid in 2025 were ordinary taxable dividends.

Subsequent to September 30, 2025, the Company declared the following cash dividends:

|  | Payable to Shareholders |  | Cash to |  |
|  | of Record at the Close |  | be Paid |  |
Date Declared |  | of Business on |  | Per Share |  | Date to be Paid
November 2, 2025 |  | November 13, 2025 |  | $1.11 |  | December 11, 2025

12. STOCK-BASED COMPENSATION

Stock Options

The following table summarizes the Company’s activities with respect to its stock option plans for the nine months ended September 30, 2025 as follows (dollars and shares in thousands, except for per share data):

|  |  |  | Weighted- |  | Weighted-Average |  |  |
|  |  |  | Average |  | Remaining |  |  |
|  | Number |  | Exercise Price |  | Contractual |  | Aggregate
|  | of Shares |  | Per Share |  | Life (in years) |  | Intrinsic Value
Outstanding at December 31, 2024 |  | 1,088 |  | $ | 174.74 |  |  |  |  |
Exercised |  | (524) |  | $ | 161.64 |  |  |  |  |
Forfeited/canceled |  | (1) |  | $ | 198.72 |  |  |  |  |
Outstanding at September 30, 2025 |  | 563 |  | $ | 186.90 |  | 0.8 |  | $ | 5,818
Exercisable at September 30, 2025 |  | 547 |  | $ | 185.04 |  | 0.6 |  | $ | 5,818
Unvested at September 30, 2025 |  | 16 |  | $ | 250.43 |  | 7.4 |  | $ | —

The total intrinsic value for options exercised during the nine months ended September 30, 2025 was $27.3 million.

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Restricted Stock Units and Performance-Based Restricted Stock Units

The following table summarizes the Company’s RSU and PSU activity for the nine months ended September 30, 2025:

|  | RSUs |  | PSUs (1)
|  |  |  | Weighted-Average |  |  |  | Weighted-Average
|  | Number of |  | Grant Date Fair |  | Number of |  | Grant Date Fair
|  | Shares |  | Value per Share |  | Shares |  | Value per Share
|  | (in thousands) |  |  |  |  | (in thousands) |  |  |
Outstanding at December 31, 2024 |  | 393 |  | $ | 234.50 |  | 275 |  | $ | 314.52
Granted |  | 290 |  | $ | 218.96 |  | 66 |  | $ | 237.91
PSU adjustment (2) |  | — |  | $ | — |  | 10 |  | $ | 386.22
Vested |  | (169) |  | $ | 247.65 |  | (137) |  | $ | 339.43
Forfeited/canceled |  | (24) |  | $ | 223.72 |  | (8) |  | $ | 246.05
Outstanding at September 30, 2025 |  | 490 |  | $ | 221.29 |  | 206 |  | $ | 245.29

(1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.

(2)PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date.

13. INCOME TAXES

The primary reason for the difference between the Company’s effective tax rate and the U.S. statutory rate is the Company’s REIT status. A tax provision is recognized because U.S. taxable REIT subsidiary and certain foreign subsidiaries of the Company have profitable operations or are in a net deferred tax liability position.

The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2016. As a REIT, the Company generally will be entitled to a deduction for dividends that it pays, and therefore, not subject to U.S. federal corporate income tax on that portion of its net income that it distributes to its shareholders. As a REIT, the Company will continue to pay U.S. federal income tax on earnings, if any, from assets and operations held through its U.S. taxable REIT subsidiary. These assets and operations currently consist primarily of the Company’s site development services and its international operations. The Company’s international operations continue to be subject, as applicable, to foreign taxes in the jurisdictions in which those operations are located. The Company may also be subject to a variety of taxes, including payroll taxes and state, local, and foreign income, property, and other taxes on its assets and operations. The Company’s determination as to the timing and amount of future dividend distributions will be based on a number of factors, including REIT distribution requirements, its existing federal net operating losses (“NOLs”) of approximately $377.9 million as of December 31, 2024, the Company’s financial condition, earnings, debt covenants, and other possible uses of such funds. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized.

The Company is subject to income tax and other taxes in the geographic areas where it holds assets or operates, and the Company periodically receives notifications of audits, assessments, or other actions by taxing authorities. In certain jurisdictions, taxing authorities may issue notices and assessments that may not be reflective of the actual tax liability for which the Company will ultimately be liable. In the process of responding to assessments of taxes that the Company believes are not reflective of the Company’s actual tax liability, the Company avails itself of both administrative and judicial remedies. The Company evaluates the circumstances of each notification or assessment based on the information available and, in those instances in which the Company does not anticipate a successful defense of positions taken in its tax filings, a liability is recorded in the appropriate amount based on the underlying assessment.

In connection with a current assessment in Brazil, the taxing authorities have issued income tax deficiencies related to purchase accounting adjustments for tax years 2017 through 2020. In addition, the taxing authorities have issued income tax deficiencies related to the deductibility of foreign exchange losses on our intercompany loan for the 2020 tax year. The Company disagrees with these assessments and is appealing with the higher appellate taxing authorities. The Company estimates that there is a more likely than not probability that the Company’s position will be sustained upon appeal. Accordingly, no liability has been recorded. The Company will continue to vigorously contest the adjustments and expects to exhaust all administrative and judicial remedies necessary to resolve the matters, which could be a lengthy process. There can be no assurance that these matters will be resolved in the Company’s favor, and an adverse outcome, or any future tax examinations involving similar assertions, could have a material effect on the Company’s results of operations or cash flows in any one period. As of the date of this filing, the Company

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estimates the aggregate range of reasonably possible losses in excess of amounts accrued to be between zero and $112.5 million, excluding penalties and interest of $186.5 million.

14. SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s Chief Executive Officer. The Company’s CODM utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region.

Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.

|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other |  | Total
For the three months ended September 30, 2025 |  | (in thousands)
Revenues (1) |  | $ | 470,251 |  | $ | 186,176 |  | $ | 75,900 |  | $ | — |  | $ | 732,327
Cost of revenues (2) |  |  | 70,251 |  |  | 57,030 |  |  | 62,508 |  |  | — |  |  | 189,789
Operating profit |  |  | 400,000 |  |  | 129,146 |  |  | 13,392 |  |  | — |  |  | 542,538
Selling, general, and administrative expenses |  |  | 30,889 |  |  | 16,706 |  |  | 3,394 |  |  | 15,019 |  |  | 66,008
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 4,295 |  |  | 861 |  |  | — |  |  | — |  |  | 5,156
Asset impairment and decommission costs |  |  | 18,182 |  |  | 2,140 |  |  | — |  |  | — |  |  | 20,322
Depreciation, amortization and accretion |  |  | 37,085 |  |  | 36,765 |  |  | 960 |  |  | 2,073 |  |  | 76,883
Operating income (loss) |  |  | 309,549 |  |  | 72,674 |  |  | 9,038 |  |  | (17,092) |  |  | 374,169
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (85,086) |  |  | (85,086)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 289,083
Cash capital expenditures (3) |  |  | 43,344 |  |  | 26,754 |  |  | 2,390 |  |  | 2,234 |  |  | 74,722
For the three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues (1) |  | $ | 464,860 |  | $ | 160,837 |  | $ | 41,898 |  | $ | — |  | $ | 667,595
Cost of revenues (2) |  |  | 68,908 |  |  | 49,040 |  |  | 32,391 |  |  | — |  |  | 150,339
Operating profit |  |  | 395,952 |  |  | 111,797 |  |  | 9,507 |  |  | — |  |  | 517,256
Selling, general, and administrative expenses |  |  | 32,114 |  |  | 15,258 |  |  | 2,849 |  |  | 9,866 |  |  | 60,087
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 3,496 |  |  | 1,892 |  |  | — |  |  | — |  |  | 5,388
Asset impairment and decommission costs |  |  | 1,337 |  |  | 10,989 |  |  | — |  |  | 344 |  |  | 12,670
Depreciation, amortization and accretion |  |  | 34,636 |  |  | 26,098 |  |  | 895 |  |  | 1,886 |  |  | 63,515
Operating income (loss) |  |  | 324,369 |  |  | 57,560 |  |  | 5,763 |  |  | (12,096) |  |  | 375,596
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (77,389) |  |  | (77,389)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 298,207
Cash capital expenditures (3) |  |  | 234,962 |  |  | 36,317 |  |  | 428 |  |  | 590 |  |  | 272,297

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|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other |  | Total
For the nine months ended September 30, 2025 |  | (in thousands)
Revenues (1) |  | $ | 1,401,052 |  | $ | 503,372 |  | $ | 191,132 |  | $ | — |  | $ | 2,095,556
Cost of revenues (2) |  |  | 207,944 |  |  | 153,386 |  |  | 154,222 |  |  | — |  |  | 515,552
Operating profit |  |  | 1,193,108 |  |  | 349,986 |  |  | 36,910 |  |  | — |  |  | 1,580,004
Selling, general, and administrative expenses |  |  | 93,411 |  |  | 54,933 |  |  | 9,674 |  |  | 45,231 |  |  | 203,249
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 14,823 |  |  | 3,599 |  |  | — |  |  | — |  |  | 18,422
Asset impairment and decommission costs |  |  | 53,322 |  |  | 48,546 |  |  | — |  |  | 710 |  |  | 102,578
Depreciation, amortization and accretion |  |  | 110,668 |  |  | 92,537 |  |  | 2,681 |  |  | 6,008 |  |  | 211,894
Operating income (loss) |  |  | 920,884 |  |  | 150,371 |  |  | 24,555 |  |  | (51,949) |  |  | 1,043,861
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (234,100) |  |  | (234,100)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 809,761
Cash capital expenditures (3) |  |  | 127,629 |  |  | 695,876 |  |  | 4,690 |  |  | 3,900 |  |  | 832,095
For the nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues (1) |  | $ | 1,389,563 |  | $ | 490,867 |  | $ | 105,504 |  | $ | — |  | $ | 1,985,934
Cost of revenues (2) |  |  | 200,368 |  |  | 146,525 |  |  | 82,705 |  |  | — |  |  | 429,598
Operating profit |  |  | 1,189,195 |  |  | 344,342 |  |  | 22,799 |  |  | — |  |  | 1,556,336
Selling, general, and administrative expenses |  |  | 100,070 |  |  | 46,741 |  |  | 10,219 |  |  | 34,131 |  |  | 191,161
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 11,883 |  |  | 7,496 |  |  | — |  |  | — |  |  | 19,379
Asset impairment and decommission costs |  |  | 45,075 |  |  | 42,086 |  |  | — |  |  | 767 |  |  | 87,928
Depreciation, amortization and accretion |  |  | 108,851 |  |  | 87,384 |  |  | 2,767 |  |  | 5,442 |  |  | 204,444
Operating income (loss) |  |  | 923,316 |  |  | 160,635 |  |  | 9,813 |  |  | (40,340) |  |  | 1,053,424
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (436,632) |  |  | (436,632)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 616,792
Cash capital expenditures (3) |  |  | 324,586 |  |  | 113,606 |  |  | 610 |  |  | 2,361 |  |  | 441,163

|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other (4) |  | Total
Assets |  | (in thousands)
As of September 30, 2025 |  | $ | 6,241,281 |  | $ | 4,627,565 |  | $ | 104,821 |  | $ | 286,572 |  | $ | 11,260,239
As of December 31, 2024 |  | $ | 6,206,748 |  | $ | 3,417,981 |  | $ | 65,481 |  | $ | 1,727,126 |  | $ | 11,417,336

(1)For the three months ended September 30, 2025 and 2024, site leasing revenue in Brazil was $87.3 million and $89.3 million, respectively. For the nine months ended September 30, 2025 and 2024, site leasing revenue in Brazil was $257.4 million and $279.9 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total site leasing revenue in any of the periods presented.

(2)Excludes depreciation, amortization, and accretion. Cost of revenues is primarily comprised of rent expense related to the Company’s ground leases.

(3)Includes cash paid for capital expenditures, acquisitions, and right-of-use assets.

(4)Assets in Other consist primarily of general corporate assets and short-term investments. Assets in Other for the period ended December 31, 2024 also includes $1.165 billion of cash held in escrow which was used to repay the 2019-1C Tower Securities.

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Long-lived assets include property and equipment, net, intangible assets, net, operating lease right-of-use assets, net, and acquired and other right-of-use assets, net. The Company’s long-lived assets by geographic areas representing more than 5% of the Company’s total long-lived assets is presented below:

|  | As of |  | As of
|  | September 30, 2025 |  | December 31, 2024
|  |  | (in thousands)
Domestic |  | $ | 5,769,412 |  | $ | 5,741,882
Brazil |  |  | 1,880,234 |  |  | 1,681,925
Guatemala |  |  | 578,383 |  |  | 50,686
Other international |  |  | 1,577,625 |  |  | 1,307,026
Total |  | $ | 9,805,654 |  | $ | 8,781,519

15. EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding adjusted for any dilutive Class A common stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method.

The following table sets forth basic and diluted net income per common share attributable to common shareholders for the three and nine months ended September 30, 2025 and 2024:

|  | For the three months |  | For the nine months
|  | ended September 30, |  | ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in thousands, except per share data)
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to SBA |  |  |  |  |  |  |  |  |  |  |  |
Communications Corporation |  | $ | 236,816 |  | $ | 258,534 |  | $ | 683,342 |  | $ | 575,906
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted-average shares outstanding |  |  | 107,257 |  |  | 107,486 |  |  | 107,509 |  |  | 107,683
Dilutive impact of stock options, RSUs, and PSUs |  |  | 302 |  |  | 436 |  |  | 322 |  |  | 389
Diluted weighted-average shares outstanding |  |  | 107,559 |  |  | 107,922 |  |  | 107,831 |  |  | 108,072
Net income per common share attributable to SBA |  |  |  |  |  |  |  |  |  |  |  |
Communications Corporation: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.21 |  | $ | 2.41 |  | $ | 6.36 |  | $ | 5.35
Diluted |  | $ | 2.20 |  | $ | 2.40 |  | $ | 6.34 |  | $ | 5.33

For the three and nine months ended September 30, 2025 and 2024, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable related to the Company’s stock options, RSUs, and PSUs because the impact would be anti-dilutive.

16. REDEEMABLE NONCONTROLLING INTERESTS

The Company allocates income and losses to its redeemable noncontrolling interest holders based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the greater of (1) the initial carrying amount of the noncontrolling interest as adjusted for accumulated income or loss attributable to the noncontrolling interest holder or (2) the redemption value as of the balance sheet date. Adjustments to the carrying amount of redeemable noncontrolling interest are charged against retained earnings (or additional paid-in capital if there are no retained earnings). The fair value of the redeemable noncontrolling interest is estimated using Level 3 inputs.

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The components of redeemable noncontrolling interests as of September 30, 2025 and December 31, 2024 are as follows:

|  | September 30, |  | December 31,
|  | 2025 |  | 2024
|  | (in thousands)
Beginning balance |  | $ | 54,132 |  | $ | 35,047
Net income (loss) attributable to noncontrolling interests |  |  | 689 |  |  | (859)
Foreign currency translation adjustments |  |  | (48) |  |  | 618
Purchase of noncontrolling interests |  |  | 146 |  |  | 1,865
Contribution from joint venture partner |  |  | — |  |  | 5,730
Adjustment to redemption amount |  |  | 21,686 |  |  | 11,731
Ending balance |  | $ | 76,605 |  | $ | 54,132

17. DERIVATIVES AND HEDGING ACTIVITIES

The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. As of September 30, 2025, the Company has interest rate swap agreements on its 2024 Term Loan which swap $2.0 billion of notional value accruing interest at one month Term SOFR plus 175 basis points for a blended all-in fixed rate of 5.165% per annum through April 11, 2028.

On September 11, 2024, the Company entered into a treasury lock agreement to fix the three-year treasury rate at 3.3985% for $620.0 million of notional value related to the 2024-2C Tower Securities issued on October 11, 2024. The treasury lock agreement was terminated and settled upon issuance of the 2024-2C Tower Securities, and the Company recognized an $8.2 million gain in other comprehensive income which is being amortized to interest expense over the life of the 2024-2C Tower Securities. After consideration of the treasury lock agreement, the all-in fixed rate on the 2024-2C Tower Securities is 4.654% per annum.

As of September 30, 2025, the hedges remain highly effective; therefore, changes in fair value are recorded in Accumulated other comprehensive loss, net. The table below outlines the effects of the Company’s interest rate swaps on the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024.

|  |  |  | Fair Value as of
|  | Balance Sheet |  | September 30, |  | December 31,
|  | Location |  | 2025 |  | 2024
Derivatives Designated as Hedging Instruments |  |  |  | (in thousands)
Interest rate swap agreements in a fair value asset position |  | Other assets |  | $ | 8,289 |  | $ | 50,589
Interest rate swap agreement in a fair value liability position |  | Other long-term liabilities |  | $ | 12,304 |  | $ | —

Accumulated other comprehensive loss, net includes an aggregate $1.5 million gain and a $50.9 million gain as of September 30, 2025 and December 31, 2024, respectively.

The Company is exposed to counterparty credit risk to the extent that a counterparty fails to meet the terms of a contract. The Company’s exposure is limited to the current value of the contract at the time the counterparty fails to perform.

The cash flows associated with these activities are reported in Net cash provided by operating activities on the Consolidated Statements of Cash Flows.

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The table below outlines the effects of the Company’s derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit for the three and nine months ended September 30, 2025 and 2024.

|  |  |  | For the three months |  | For the nine months
|  |  |  | ended September 30, |  | ended September 30,
|  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Cash Flow Hedge - Interest Rate Swap Agreement |  |  |  | (in thousands)
Change in fair value recorded in Accumulated other comprehensive |  |  |  |  |  |  |  |  |  |  |  |  |  |
loss, net |  |  |  | $ | (2,209) |  | $ | (51,613) |  | $ | (54,605) |  | $ | (62,141)
Gain reclassified from Accumulated other comprehensive |  |  |  |  |  |  |  |  |  |  |  |  |  |
loss, net into earnings |  |  |  | $ | (684) |  | $ | — |  | $ | (2,052) |  | $ | —
Derivatives Not Designated as Hedges - Interest Rate Swap Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from Accumulated other comprehensive |  |  |  |  |  |  |  |  |  |  |  |  |  |
loss, net into Non-cash interest expense |  |  |  | $ | — |  | $ | 6,579 |  | $ | 7,310 |  | $ | 19,737

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” or “sites.” Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America, and Africa. Our primary business line is our site leasing business, which contributed 97.7% of our total segment operating profit for the nine months ended September 30, 2025. During the first quarter of 2025, we sold all of our towers and ended our operations in both the Philippines and Colombia and on October 15, 2025, we sold 365 of our towers held in Canada. In our site leasing business, we (1) lease space to wireless service providers and other customers on assets that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of September 30, 2025, we owned 44,581 towers, a substantial portion of which have been built by us or built by other tower owners or operators who, like us, have built such towers to lease space to multiple wireless service providers. Our other business line is our site development business, through which we assist wireless service providers in developing and maintaining their own wireless service networks.

Site Leasing

Our primary focus is the leasing of antenna space on our multi-tenant towers to a variety of wireless service providers under long-term lease contracts in the United States, South America, Central America, and Africa. As of September 30, 2025, no U.S. state or territory accounted for more than 10% of our total tower portfolio by tower count, and no U.S. state or territory accounted for more than 10% of our total revenues for the nine months ended September 30, 2025. In addition, as of September 30, 2025, approximately 30% and 10% of our total towers are located in Brazil and Guatemala, respectively. No other international market (each country is considered a market) represented more than 5% of our total towers.

We derive site leasing revenues primarily from wireless service provider tenants. Wireless service providers enter into (1) individual tenant site leases with us, each of which relates to the lease or use of space at an individual site or (2) master lease agreements (“MLA”) with us, which provide for the material terms and conditions that will apply to multiple sites; although, in most cases, each individual site under a MLA is also governed by its own site leasing agreement which sets forth pricing and other site specific terms. Our tenant leases are generally for an initial term of five years to fifteen years with multiple renewal periods at the option of the tenant. Our tenant leases typically either (1) contain specific annual rent escalators, (2) escalate annually in accordance with an inflationary index, or (3) escalate using a combination of fixed and inflation adjusted escalators. In addition, our international site leases may include pass-through charges, such as rent related to ground leases and other property interests, utilities, property taxes, and fuel.

Cost of site leasing revenue primarily consists of:

Cash and non-cash rental expense on ground leases, right-of-use, and other underlying property interests;

Property taxes;

Site maintenance and monitoring costs (exclusive of employee related costs);

Utilities;

Property insurance;

Fuel (in those international markets that do not have an available electric grid at our tower sites); and

Lease initial direct cost amortization.

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Ground leases and other property interests are generally for an initial term of five years or more with multiple renewal periods, which are at our option. Our ground leases either (1) contain specific annual rent escalators or (2) escalate annually in accordance with an inflationary index. As of September 30, 2025, approximately 71% of our tower structures were located on parcels of land that we own, land subject to perpetual easements, or parcels of land in which we have a leasehold interest that extends beyond 20 years. For any given tower, costs are relatively fixed over a monthly or an annual time period. As such, operating costs for owned towers do not generally increase as a result of adding additional customers to the tower. The amount of property taxes varies from site to site depending on the taxing jurisdiction and the height and age of the tower. The ongoing maintenance requirements are typically minimal and include replacing lighting systems, painting a tower, or upgrading or repairing an access road or fencing.

In Ecuador, El Salvador, Guatemala, Nicaragua, and Panama, significantly all of our revenue, expenses, and capital expenditures arising from our activities are denominated in U.S. dollars. Specifically, most of our ground leases and other property interests, tenant leases, and tower-related expenses are paid in U.S. dollars. In most of our Central American markets, our local currency obligations are principally limited to (1) permitting and other local fees, (2) utilities, and (3) taxes. In Brazil, Chile, and South Africa, significantly all of our revenue, expenses, and capital expenditures, including tenant leases, ground leases and other property interests, and other tower-related expenses are denominated in local currency. In Costa Rica, Peru, and Tanzania, our revenue, expenses, and capital expenditures, including tenant leases, ground leases and other property interests, and other tower-related expenses are denominated in a mix of local currency and U.S. dollars.

As indicated in the table below, our site leasing business generates substantially all of our total segment operating profit. For information regarding our operating segments, see Note 14 to our Consolidated Financial Statements included in this quarterly report.

|  | For the three months ended |  | For the nine months ended
Segment operating profit as a percentage of |  | September 30, |  | September 30,
total operating profit |  | 2025 |  | 2024 |  | 2025 |  | 2024
Domestic site leasing |  |  | 73.7% |  |  | 76.5% |  |  | 75.5% |  |  | 76.4%
International site leasing |  |  | 23.8% |  |  | 21.7% |  |  | 22.2% |  |  | 22.1%
Total site leasing |  |  | 97.5% |  |  | 98.2% |  |  | 97.7% |  |  | 98.5%

We believe that the site leasing business continues to be attractive due to its long-term contracts, built-in rent escalators, high operating margins, and low customer churn (which refers to a lease that is non-renewed, cancelled, or discounted) other than in connection with customer consolidation or cessations of specific technology. We believe that over the long-term, site leasing revenues will continue to grow as wireless service providers lease additional antenna space on our towers due to increasing mobile network data traffic, network expansion, and network coverage requirements.

During the remainder of 2025, we expect core site leasing revenue in our domestic and international segments to increase over 2024 levels, on a currency neutral basis, due in part to wireless carriers deploying unused spectrum, the full year impact of towers acquired and built during 2024 and 2025, and the revenues from towers expected to be acquired and built during the remainder of 2025. We believe our site leasing business is characterized by stable and long-term recurring revenues, predictable operating costs, and minimal non-discretionary capital expenditures. Due to the nature and mix of our tower portfolio, we expect future expenditures required to maintain these towers to be minimal. Consequently, we expect to grow our cash flows by (1) adding tenants to our towers at minimal incremental costs by using existing tower capacity or requiring wireless service providers to bear all or a portion of the cost of tower modifications and (2) executing monetary amendments as wireless service providers add or upgrade their equipment. Furthermore, because our towers are strategically positioned, we have historically experienced low tenant lease terminations as a percentage of revenue other than in connection with customer consolidation or cessations of a specific technology.

Site Development

Our site development business, which is conducted in the United States only, is complementary to our site leasing business and provides us the ability to keep in close contact with the wireless service providers who generate substantially all of our site leasing revenue and to capture ancillary revenues that are generated by our site leasing activities, such as antenna and equipment installation at our tower locations. Site development revenues are earned primarily from providing a full range of end-to-end services to wireless service providers or companies providing development or project management services to wireless service providers. Our services include: (1) network pre-design; (2) site audits; (3) identification of potential locations for towers and antennas on existing infrastructure; (4) support in leasing of the location; (5) assistance in obtaining zoning approvals and permits; (6) tower and related site construction; (7) antenna installation; and (8) radio equipment installation, commissioning, and maintenance. We provide site development services at our towers and at towers owned by others on a local basis, through regional, market, and project offices. The market offices are responsible for all site development operations.

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For information regarding our operating segments, see Note 14 to our Consolidated Financial Statements in this quarterly report.

Capital Allocation Strategy

Our capital allocation strategy is aimed at increasing shareholder value through investment in quality assets that meet our return criteria, stock repurchases when we believe our stock price is below its intrinsic value, and by returning cash generated by our operations in the form of cash dividends. In addition, in a high interest rate environment and when we believe interest rates may stay higher for longer, we believe that debt repayments, especially of our variable rate debt, may be an accretive use of our excess capital. While the addition of cash dividends and debt repayments have provided us with additional tools to return value to our shareholders, we continue to believe that our priority is to make investments focused on increasing Adjusted Funds From Operations per share. Key elements of our capital allocation strategy include:

Portfolio Growth. We intend to continue to grow our asset portfolio, domestically and internationally, primarily through tower acquisitions and the construction of new towers that meet our internal return on invested capital criteria.

Stock Repurchase Program. We currently utilize stock repurchases as part of our capital allocation policy when we believe our share price is below its intrinsic value. We believe that share repurchases, when purchased at the right price, will facilitate our goal of increasing our Adjusted Funds From Operations per share.

Dividend. Cash dividends are an additional component of our strategy of returning value to shareholders. We do not expect our dividend to require any changes in our leverage and believe that, due to our low dividend payout ratio, we can continue to focus on building and buying quality assets and opportunistically buying back our stock. While the timing and amount of future dividends will be subject to approval by our Board of Directors, we believe that our future cash flow generation will permit us to grow our cash dividend in the future.

Critical Accounting Policies and Estimates

We have identified the policies and significant estimation processes listed in our Annual Report on Form 10-K as critical to our business operations and the understanding of our results of operations. The listing is not intended to be a comprehensive list. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management’s judgment in their application. In other cases, management is required to exercise judgment in the application of accounting principles with respect to particular transactions. The impact and any associated risks related to these policies on our business operations is discussed throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations” where such policies affect reported and expected financial results. For a detailed discussion on the application of these and other accounting policies, see Note 2 to our Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2024. Our preparation of our financial statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. There can be no assurance that actual results will not differ from those estimates and such differences could be significant.

Verizon Master Lease Agreement

On October 30, 2025, we entered into a new 10-year agreement with Verizon (the “Verizon agreement”). The Verizon agreement provides greater operational efficiencies for both companies helping support Verizon’s continued network modernization plans. Additionally, the agreement provides commitments for growth through new deployments across our tower portfolio over the term of the agreement.

RESULTS OF OPERATIONS

This report presents our financial results and other financial metrics on a GAAP basis and, with respect to our international and consolidated results, after eliminating the impact of changes in foreign currency exchange rates. We believe that providing these financial results and metrics on a constant currency basis, which are non-GAAP measures, gives management and investors the ability to evaluate the performance of our business without the impact of foreign currency exchange rate fluctuations. We eliminate the impact of changes in foreign currency exchange rates by dividing the current period’s financial results by the average monthly exchange rates of the prior year period, as well as by eliminating the impact of realized and unrealized gains and losses on our intercompany loans.

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Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

Revenues and Segment Operating Profit:

|  | For the three months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
Revenues |  | (in thousands) |  |  |
Domestic site leasing |  | $ | 470,251 |  | $ | 464,860 |  | $ | — |  | $ | 5,391 |  |  | 1.1%
International site leasing |  |  | 186,176 |  |  | 160,837 |  |  | 3,019 |  |  | 22,320 |  |  | 13.9%
Site development |  |  | 75,900 |  |  | 41,898 |  |  | — |  |  | 34,002 |  |  | 81.2%
Total |  | $ | 732,327 |  | $ | 667,595 |  | $ | 3,019 |  | $ | 61,713 |  |  | 9.2%
Cost of Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic site leasing |  | $ | 70,251 |  | $ | 68,908 |  | $ | — |  | $ | 1,343 |  |  | 1.9%
International site leasing |  |  | 57,030 |  |  | 49,040 |  |  | 1,055 |  |  | 6,935 |  |  | 14.1%
Site development |  |  | 62,508 |  |  | 32,391 |  |  | — |  |  | 30,117 |  |  | 93.0%
Total |  | $ | 189,789 |  | $ | 150,339 |  | $ | 1,055 |  | $ | 38,395 |  |  | 25.5%
Operating Profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic site leasing |  | $ | 400,000 |  | $ | 395,952 |  | $ | — |  | $ | 4,048 |  |  | 1.0%
International site leasing |  |  | 129,146 |  |  | 111,797 |  |  | 1,964 |  |  | 15,385 |  |  | 13.8%
Site development |  |  | 13,392 |  |  | 9,507 |  |  | — |  |  | 3,885 |  |  | 40.9%

Revenues

Domestic site leasing revenues increased $5.4 million for the three months ended September 30, 2025, as compared to the prior year, primarily due to (1) organic site leasing growth from new leases, amendments, and contractual escalators and (2) revenues from 45 towers acquired and 34 towers built since July 1, 2024, partially offset by Sprint and other lease non-renewals and a decrease in non-cash straight line revenue.

International site leasing revenues increased $25.3 million for the three months ended September 30, 2025, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $22.3 million. This change was primarily due to (1) revenues from 5,133 towers acquired (including 5,090 towers under the deal with Millicom) and 584 towers built since July 1, 2024, (2) organic site leasing growth from new leases, amendments, and contractual escalators, and (3) increases in non-cash straight line revenue and reimbursable pass-through expenses, partially offset by lease non-renewals and tower divestitures. Site leasing revenue in Brazil represented 13.3% of total site leasing revenue for the period. No other individual international market represented more than 5% of our total site leasing revenue.

Site development revenues increased $34.0 million for the three months ended September 30, 2025, as compared to the prior year, as a result of increased carrier activity.

Operating Profit

Domestic site leasing segment operating profit increased $4.0 million for the three months ended September 30, 2025, as compared to the prior year, primarily due to higher domestic site leasing revenue as noted above and the positive impact of our ground lease purchase program, partially offset by incremental costs associated with towers acquired and built since July 1, 2024.

International site leasing segment operating profit increased $17.3 million for the three months ended September 30, 2025, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $15.4 million. This change was primarily due to higher international site leasing revenues as noted above and the positive impact of our ground lease purchase program, partially offset by the incremental costs associated with towers acquired and built since July 1, 2024.

Site development segment operating profit increased $3.9 million for the three months ended September 30, 2025, as compared to the prior year, as a result of increased carrier activity.
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Selling, General, and Administrative Expenses:

|  | For the three months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Domestic site leasing |  | $ | 30,889 |  | $ | 32,114 |  | $ | — |  | $ | (1,225) |  |  | (3.8%)
International site leasing |  |  | 16,706 |  |  | 15,258 |  |  | 334 |  |  | 1,114 |  |  | 7.3%
Total site leasing |  | $ | 47,595 |  | $ | 47,372 |  | $ | 334 |  | $ | (111) |  |  | (0.2%)
Site development |  |  | 3,394 |  |  | 2,849 |  |  | — |  |  | 545 |  |  | 19.1%
Other |  |  | 15,019 |  |  | 9,866 |  |  | — |  |  | 5,153 |  |  | 52.2%
Total |  | $ | 66,008 |  | $ | 60,087 |  | $ | 334 |  | $ | 5,587 |  |  | 9.3%

Selling, general, and administrative expenses increased $5.9 million for the three months ended September 30, 2025, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses increased $5.6 million. These changes were driven primarily by increases in personnel and other support related costs and non-cash compensation expense.

Asset Impairment and Decommission Costs:

|  | For the three months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Domestic site leasing |  | $ | 18,182 |  | $ | 1,337 |  | $ | — |  | $ | 16,845 |  |  | 1,259.9%
International site leasing |  |  | 2,140 |  |  | 10,989 |  |  | 328 |  |  | (9,177) |  |  | (83.5%)
Total site leasing |  | $ | 20,322 |  | $ | 12,326 |  | $ | 328 |  | $ | 7,668 |  |  | 62.2%
Other |  |  | — |  |  | 344 |  |  | — |  |  | (344) |  |  | (100.0%)
Total |  | $ | 20,322 |  | $ | 12,670 |  | $ | 328 |  | $ | 7,324 |  |  | 57.8%

Asset impairment and decommission costs increased $7.7 million for the three months ended September 30, 2025, as compared to the prior year. On a constant currency basis, asset impairment and decommission costs increased $7.3 million. This change was primarily as a result of increased impairment charges resulting from our regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers, partially offset by a decrease in tower and equipment related decommission costs.

Depreciation, Accretion, and Amortization Expense:

|  | For the three months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Domestic site leasing |  | $ | 37,085 |  | $ | 34,636 |  | $ | — |  | $ | 2,449 |  |  | 7.1%
International site leasing |  |  | 36,765 |  |  | 26,098 |  |  | 512 |  |  | 10,155 |  |  | 38.9%
Total site leasing |  | $ | 73,850 |  | $ | 60,734 |  | $ | 512 |  | $ | 12,604 |  |  | 20.8%
Site development |  |  | 960 |  |  | 895 |  |  | — |  |  | 65 |  |  | 7.3%
Other |  |  | 2,073 |  |  | 1,886 |  |  | — |  |  | 187 |  |  | 9.9%
Total |  | $ | 76,883 |  | $ | 63,515 |  | $ | 512 |  | $ | 12,856 |  |  | 20.2%

Depreciation, accretion, and amortization expense increased $13.4 million for the three months ended September 30, 2025, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense increased $12.9 million. These changes were primarily due to an increase in the number of towers we acquired and built since July 1, 2024, partially offset by the impact of assets that became fully depreciated since the prior year period.

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Operating Income (Expense):

|  | For the three months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Domestic site leasing |  | $ | 309,549 |  | $ | 324,369 |  | $ | — |  | $ | (14,820) |  |  | (4.6%)
International site leasing |  |  | 72,674 |  |  | 57,560 |  |  | 775 |  |  | 14,339 |  |  | 24.9%
Total site leasing |  | $ | 382,223 |  | $ | 381,929 |  | $ | 775 |  | $ | (481) |  |  | (0.1%)
Site development |  |  | 9,038 |  |  | 5,763 |  |  | — |  |  | 3,275 |  |  | 56.8%
Other |  |  | (17,092) |  |  | (12,096) |  |  | — |  |  | (4,996) |  |  | 41.3%
Total |  | $ | 374,169 |  | $ | 375,596 |  | $ | 775 |  | $ | (2,202) |  |  | (0.6%)

Domestic site leasing operating income decreased $14.8 million for the three months ended September 30, 2025, as compared to the prior year, primarily due to increases in asset impairment and decommission costs and depreciation, accretion, and amortization expense, partially offset by higher segment operating profit and a decrease in selling, general, and administrative expenses.

International site leasing operating income increased $15.1 million for the three months ended September 30, 2025, as compared to the prior year. On a constant currency basis, international site leasing operating income increased $14.3 million. These changes were primarily due to higher segment operating profit and a decrease in asset impairment and decommission cost, partially offset by increases in depreciation, accretion, and amortization expense and selling, general, and administrative expenses.

Site development operating income increased $3.3 million for the three months ended September 30, 2025, as compared to the prior year, primarily due to higher segment operating profit driven by increased carrier activity.

Other operating expense, net increased $5.0 million for the three months ended September 30, 2025, as compared to the prior year, primarily due to an increase in selling, general, and administrative expenses.

Other Income (Expense):

|  | For the three months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Interest income |  | $ | 5,517 |  | $ | 6,999 |  | $ | 67 |  | $ | (1,549) |  |  | (22.1%)
Interest expense |  |  | (120,154) |  |  | (95,711) |  |  | (55) |  |  | (24,388) |  |  | 25.5%
Non-cash interest expense |  |  | (567) |  |  | (7,192) |  |  | — |  |  | 6,625 |  |  | (92.1%)
Amortization of deferred financing fees |  |  | (5,477) |  |  | (5,185) |  |  | — |  |  | (292) |  |  | 5.6%
Other income, net |  |  | 35,595 |  |  | 23,700 |  |  | 12,698 |  |  | (803) |  |  | 161.6%
Total |  | $ | (85,086) |  | $ | (77,389) |  | $ | 12,710 |  | $ | (20,407) |  |  | 20.1%

Interest income decreased $1.5 million for the three months ended September 30, 2025, as compared to the prior year. This change was primarily due to a decrease in interest received on a loan to an unconsolidated joint venture as the loan was repaid on March 21, 2025.

Interest expense increased $24.4 million for the three months ended September 30, 2025, as compared to the prior year. This change was primarily due to a higher average principal amount of cash-interest bearing debt accruing interest at a higher weighted-average interest rate as compared to the prior year. The higher weighted-average interest rate experienced during the current year period was due to the higher blended rate of the interest rate swap agreements which replaced the previous swap on March 31, 2025.

Non-cash interest expense decreased $6.6 million for the three months ended September 30, 2025, as compared to the prior year. This change was primarily due to lower amortization of accumulated losses related to our interest rate swaps de-designated as cash flow hedges which reached their term end date in 2025.

Other income, net includes a $37.9 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries for the three months ended September 30, 2025. The prior year period included a $24.3 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries.

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Provision for Income Taxes:

|  | For the three months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Provision for income taxes |  | $ | (48,652) |  | $ | (42,316) |  | $ | (4,229) |  | $ | (2,107) |  |  | 6.1%

Provision for income taxes increased $6.3 million for the three months ended September 30, 2025, as compared to the prior year. On a constant currency basis, provision for income taxes increased $2.1 million primarily due to increases in foreign deferred taxes and deferred withholding taxes, partially offset by a decrease in current domestic taxes.

Net Income:

|  | For the three months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Net income |  | $ | 240,431 |  | $ | 255,891 |  | $ | 9,256 |  | $ | (24,716) |  |  | (10.3%)

Net income decreased $15.5 million for the three months ended September 30, 2025, as compared to the prior year. On a constant currency basis, net income decreased $24.7 million. This change was primarily due to increases in interest expense, other operating expense, net, and provision for income taxes and decreases in domestic site leasing operating income and interest income, partially offset by a decrease in non-cash interest expense and increases in international site leasing operating income, site development operating income, and other income, net.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Revenues and Segment Operating Profit:

|  | For the nine months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
Revenues |  | (in thousands) |  |  |
Domestic site leasing |  | $ | 1,401,052 |  | $ | 1,389,563 |  | $ | — |  | $ | 11,489 |  |  | 0.8%
International site leasing |  |  | 503,372 |  |  | 490,867 |  |  | (20,862) |  |  | 33,367 |  |  | 6.8%
Site development |  |  | 191,132 |  |  | 105,504 |  |  | — |  |  | 85,628 |  |  | 81.2%
Total |  | $ | 2,095,556 |  | $ | 1,985,934 |  | $ | (20,862) |  | $ | 130,484 |  |  | 6.6%
Cost of Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic site leasing |  | $ | 207,944 |  | $ | 200,368 |  | $ | — |  | $ | 7,576 |  |  | 3.8%
International site leasing |  |  | 153,386 |  |  | 146,525 |  |  | (5,739) |  |  | 12,600 |  |  | 8.6%
Site development |  |  | 154,222 |  |  | 82,705 |  |  | — |  |  | 71,517 |  |  | 86.5%
Total |  | $ | 515,552 |  | $ | 429,598 |  | $ | (5,739) |  | $ | 91,693 |  |  | 21.3%
Operating Profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic site leasing |  | $ | 1,193,108 |  | $ | 1,189,195 |  | $ | — |  | $ | 3,913 |  |  | 0.3%
International site leasing |  |  | 349,986 |  |  | 344,342 |  |  | (15,123) |  |  | 20,767 |  |  | 6.0%
Site development |  |  | 36,910 |  |  | 22,799 |  |  | — |  |  | 14,111 |  |  | 61.9%

Revenues

Domestic site leasing revenues increased $11.5 million for the nine months ended September 30, 2025, as compared to the prior year, primarily due to (1) organic site leasing growth from new leases, amendments, and contractual escalators and (2) revenues from 60 towers acquired and 45 towers built since January 1, 2024, partially offset by Sprint and other lease non-renewals and a decrease in non-cash straight line revenue.

International site leasing revenues increased $12.5 million for the nine months ended September 30, 2025, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $33.4 million. This change was primarily due to (1) revenues from 5,246 towers acquired (including 5,090 towers under the deal with Millicom) and 749 towers built since January 1, 2024, (2) organic site leasing growth from new leases, amendments, and contractual escalators, and (3) increases in reimbursable pass-

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through expenses and non-cash straight line revenue, partially offset by lease non-renewals and tower divestitures. Site leasing revenue in Brazil represented 13.5% of total site leasing revenue for the period. No other individual international market represented more than 5% of our total site leasing revenue.

Site development revenues increased $85.6 million for the nine months ended September 30, 2025, as compared to the prior year, as a result of increased carrier activity.

Operating Profit

Domestic site leasing segment operating profit increased $3.9 million for the nine months ended September 30, 2025, as compared to the prior year. This change was primarily due to higher domestic site leasing revenues as noted above and the positive impact of our ground lease purchase program, partially offset by the incremental costs associated with towers acquired and built since January 1, 2024.

International site leasing segment operating profit increased $5.6 million for the nine months ended September 30, 2025, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $20.8 million. This change was primarily due to higher international site leasing revenues as noted above and the positive impact of our ground lease purchase program, partially offset by the incremental costs associated with towers acquired and built since January 1, 2024.

Site development segment operating profit increased $14.1 million for the nine months ended September 30, 2025, as compared to the prior year, as a result of increased carrier activity.

Selling, General, and Administrative Expenses:

|  | For the nine months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Domestic site leasing |  | $ | 93,411 |  | $ | 100,070 |  | $ | — |  | $ | (6,659) |  |  | (6.7%)
International site leasing |  |  | 54,933 |  |  | 46,741 |  |  | (1,574) |  |  | 9,766 |  |  | 20.9%
Total site leasing |  | $ | 148,344 |  | $ | 146,811 |  | $ | (1,574) |  | $ | 3,107 |  |  | 2.1%
Site development |  |  | 9,674 |  |  | 10,219 |  |  | — |  |  | (545) |  |  | (5.3%)
Other |  |  | 45,231 |  |  | 34,131 |  |  | — |  |  | 11,100 |  |  | 32.5%
Total |  | $ | 203,249 |  | $ | 191,161 |  | $ | (1,574) |  | $ | 13,662 |  |  | 7.1%

Selling, general, and administrative expenses increased $12.1 million for the nine months ended September 30, 2025, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses increased $13.7 million. These changes were driven primarily by an increase in personnel and other support related costs and a $4.9 million bad debt reserve recorded in the second quarter of 2025.

Acquisition and New Business Initiatives Related Adjustments and Expenses

|  | For the nine months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Domestic site leasing |  | $ | 14,823 |  | $ | 11,883 |  | $ | — |  | $ | 2,940 |  |  | 24.7%
International site leasing |  |  | 3,599 |  |  | 7,496 |  |  | (100) |  |  | (3,797) |  |  | (50.7%)
Total |  | $ | 18,422 |  | $ | 19,379 |  | $ | (100) |  | $ | (857) |  |  | (4.4%)

Domestic acquisition and new business initiatives related adjustments and expenses increased $2.9 million for the nine months ended September 30, 2025, as compared to the prior year. This change was primarily as a result of higher new business initiative activity and an increase in our third party acquisition and integration costs as compared to the prior year.

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International acquisition and new business initiatives related adjustments and expenses decreased $3.9 million for the nine months ended September 30, 2025, as compared to the prior year. On a constant currency basis, international acquisition and new business initiatives related adjustments and expenses decreased $3.8 million. These changes were primarily as a result of a decrease in our third party acquisition and integration costs.
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Asset Impairment and Decommission Costs:

|  | For the nine months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Domestic site leasing |  | $ | 53,322 |  | $ | 45,075 |  | $ | — |  | $ | 8,247 |  |  | 18.3%
International site leasing |  |  | 48,546 |  |  | 42,086 |  |  | (2,079) |  |  | 8,539 |  |  | 20.3%
Total site leasing |  | $ | 101,868 |  | $ | 87,161 |  | $ | (2,079) |  | $ | 16,786 |  |  | 19.3%
Other |  |  | 710 |  |  | 767 |  |  | — |  |  | (57) |  |  | (7.4%)
Total |  | $ | 102,578 |  | $ | 87,928 |  | $ | (2,079) |  | $ | 16,729 |  |  | 19.0%

Asset impairment and decommission costs increased $14.7 million for the nine months ended September 30, 2025, as compared to the prior year. On a constant currency basis, asset impairment and decommission costs increased $16.7 million. These changes were primarily as a result of increased impairment charges resulting from our regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers, partially offset by a decrease in tower and equipment related decommission costs.

Depreciation, Accretion, and Amortization Expense:

|  | For the nine months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Domestic site leasing |  | $ | 110,668 |  | $ | 108,851 |  | $ | — |  | $ | 1,817 |  |  | 1.7%
International site leasing |  |  | 92,537 |  |  | 87,384 |  |  | (3,874) |  |  | 9,027 |  |  | 10.3%
Total site leasing |  | $ | 203,205 |  | $ | 196,235 |  | $ | (3,874) |  | $ | 10,844 |  |  | 5.5%
Site development |  |  | 2,681 |  |  | 2,767 |  |  | — |  |  | (86) |  |  | (3.1%)
Other |  |  | 6,008 |  |  | 5,442 |  |  | — |  |  | 566 |  |  | 10.4%
Total |  | $ | 211,894 |  | $ | 204,444 |  | $ | (3,874) |  | $ | 11,324 |  |  | 5.5%

Depreciation, accretion, and amortization expense increased $7.5 million for the nine months ended September 30, 2025, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense increased $11.3 million. These changes were primarily due to an increase in the number of towers we acquired and built since January 1, 2024, partially offset by the impact of assets that became fully depreciated since the prior year period.

Operating Income (Expense):

|  | For the nine months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Domestic site leasing |  | $ | 920,884 |  | $ | 923,316 |  | $ | — |  | $ | (2,432) |  |  | (0.3%)
International site leasing |  |  | 150,371 |  |  | 160,635 |  |  | (7,496) |  |  | (2,768) |  |  | (1.7%)
Total site leasing |  | $ | 1,071,255 |  | $ | 1,083,951 |  | $ | (7,496) |  | $ | (5,200) |  |  | (0.5%)
Site development |  |  | 24,555 |  |  | 9,813 |  |  | — |  |  | 14,742 |  |  | 150.2%
Other |  |  | (51,949) |  |  | (40,340) |  |  | — |  |  | (11,609) |  |  | 28.8%
Total |  | $ | 1,043,861 |  | $ | 1,053,424 |  | $ | (7,496) |  | $ | (2,067) |  |  | (0.2%)

Domestic site leasing operating income decreased $2.4 million for the nine months ended September 30, 2025, as compared to the prior year, primarily due to increases in asset impairment and decommission costs, acquisition and new business initiatives related adjustments and expenses, and depreciation, accretion, and amortization expense, partially offset by a decrease in selling, general, and administrative expenses and higher segment operating profit.

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International site leasing operating income decreased $10.3 million for the nine months ended September 30, 2025, as compared to the prior year. On a constant currency basis, international site leasing operating income decreased $2.8 million. These changes were primarily due to increases in selling, general, and administrative expenses, asset impairment and decommission costs, and depreciation, accretion and amortization expense, partially offset by higher segment operating profit and a decrease in acquisition and new business initiatives related adjustments and expenses.

Site development operating income increased $14.7 million for the nine months ended September 30, 2025, as compared to the prior year, primarily due to higher segment operating profit driven by increased carrier activity.

Other operating expense, net increased $11.6 million for the nine months ended September 30, 2025, as compared to the prior year, primarily due to an increase in selling, general, and administrative expenses.

Other Income (Expense):

|  | For the nine months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Interest income |  | $ | 24,452 |  | $ | 21,359 |  | $ | (415) |  | $ | 3,508 |  |  | 16.4%
Interest expense |  |  | (343,959) |  |  | (289,632) |  |  | (10) |  |  | (54,317) |  |  | 18.8%
Non-cash interest expense |  |  | (10,148) |  |  | (22,715) |  |  | — |  |  | 12,567 |  |  | (55.3%)
Amortization of deferred financing fees |  |  | (16,326) |  |  | (15,405) |  |  | — |  |  | (921) |  |  | 6.0%
Loss from extinguishment of debt, net |  |  | — |  |  | (4,428) |  |  | — |  |  | 4,428 |  |  | (100.0%)
Other income (expense), net |  |  | 111,881 |  |  | (125,811) |  |  | 259,856 |  |  | (22,164) |  |  | 784.6%
Total |  | $ | (234,100) |  | $ | (436,632) |  | $ | 259,431 |  | $ | (56,899) |  |  | 18.1%

Interest income increased $3.1 million for the nine months ended September 30, 2025, as compared to the prior year. On a constant currency basis, interest income increased $3.5 million. These changes were primarily due to a higher balance of interest-bearing deposits held and a higher effective interest rate on those deposits as compared to the prior year, partially offset by a decrease in interest received on a loan to an unconsolidated joint venture as the loan was repaid on March 21, 2025.

Interest expense increased $54.3 million for the nine months ended September 30, 2025, as compared to the prior year. This change was primarily due to a higher average principal amount of cash-interest bearing debt accruing interest at a higher weighted-average interest rate as compared to the prior year. The higher weighted-average interest rate experienced during the current year period was due to the higher blended rate of the interest rate swap agreements which replaced the previous swap on March 31, 2025.

Non-cash interest expense decreased $12.6 million for the nine months ended September 30, 2025, as compared to the prior year. This change was primarily due to lower amortization of accumulated losses related to our interest rate swaps de-designated as cash flow hedges which reached their term end date in 2025.

Loss from extinguishment of debt, net was $4.4 million for the nine months ended September 30, 2024 which primarily represents the write-off of $3.3 million of unamortized financing fees and $1.2 million of the original issuance discount associated with the repayment of the 2018 Term Loan in January 2024.

Other income (expense), net includes a $137.8 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries and a $18.3 million loss on sale of assets for the nine months ended September 30, 2025 (which is inclusive of a $29.1 million non-cash adjustment to realize previously unrecognized accumulated currency translation adjustments arising from the sales of our Philippines and Colombia operations). The prior year period included a $119.0 million loss on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries.

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Provision for Income Taxes:

|  | For the nine months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Provision for income taxes |  | $ | (125,730) |  | $ | (46,906) |  | $ | (86,958) |  | $ | 8,134 |  |  | (9.2%)

Provision for income taxes increased $78.8 million for the nine months ended September 30, 2025, as compared to the prior year. This change was primarily due to the impact of foreign currency exchange rates and increases in foreign deferred taxes and deferred withholding taxes.

Net Income:

|  | For the nine months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Net income |  | $ | 684,031 |  | $ | 569,886 |  | $ | 164,977 |  | $ | (50,832) |  |  | (7.8%)

Net income increased $114.1 million for the nine months ended September 30, 2025, as compared to the prior year. This change (which is inclusive of a non-cash adjustment to realize previously unrecognized accumulated currency translation adjustments arising from the sales of our Philippines and Colombia operations) was primarily due to the impact of foreign currency exchange rates, increases in site development segment operating income and interest income and decreases in non-cash interest expense, provision for income taxes, and loss from extinguishment of debt, partially offset by increases in interest expense and other operating expense and decreases in international site leasing operating income and domestic site leasing operating income.

NON-GAAP FINANCIAL MEASURES

This report contains information regarding Adjusted EBITDA, a non-GAAP measure. We have provided below a description of Adjusted EBITDA, a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure and an explanation as to why management utilizes this measure. This report also presents our financial results and other financial metrics after eliminating the impact of changes in foreign currency exchange rates. We believe that providing these financial results and metrics on a constant currency basis, which are non-GAAP measures, gives management and investors the ability to evaluate the performance of our business without the impact of foreign currency exchange rate fluctuations. We eliminate the impact of changes in foreign currency exchange rates by dividing the current period’s financial results by the average monthly exchange rates of the prior year period, as well as by eliminating the impact of the remeasurement of our intercompany loans.

Adjusted EBITDA

We define Adjusted EBITDA as net income excluding the impact of non-cash straight-line leasing revenue, non-cash straight-line ground lease expense, non-cash compensation, net loss from extinguishment of debt, other income and expenses, acquisition and new business initiatives related adjustments and expenses, asset impairment and decommission costs, interest income, interest expenses, depreciation, accretion, and amortization, and income taxes.

Management uses Adjusted EBITDA in evaluating, and believes that it is useful to investors in evaluating, the profitability of our operations and to evaluate our performance 1) from period to period and (2) compared to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. In addition, Adjusted EBITDA is a widely used performance measure across the telecommunications real estate sector and management believes that it allows investors to evaluate our comparative performance without regard to items such as depreciation, amortization and accretion, which can vary across different companies depending upon accounting methods and the book value of assets. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement and the indentures relating to the 2020 Senior Notes and 2021 Senior Notes. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

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|  | For the three months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Net income |  | $ | 240,431 |  | $ | 255,891 |  | $ | 9,256 |  | $ | (24,716) |  |  | (10.3%)
Non-cash straight-line leasing revenue |  |  | (1,649) |  |  | (1,065) |  |  | 3 |  |  | (587) |  |  | 55.1%
Non-cash straight-line ground lease expense |  |  | (1,063) |  |  | 945 |  |  | 18 |  |  | (2,026) |  |  | (214.4%)
Non-cash compensation |  |  | 19,323 |  |  | 16,373 |  |  | 68 |  |  | 2,882 |  |  | 17.6%
Other income, net |  |  | (35,595) |  |  | (23,700) |  |  | (12,698) |  |  | 803 |  |  | 161.6%
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 5,156 |  |  | 5,388 |  |  | 15 |  |  | (247) |  |  | (4.6%)
Asset impairment and decommission costs |  |  | 20,322 |  |  | 12,670 |  |  | 328 |  |  | 7,324 |  |  | 57.8%
Interest income |  |  | (5,517) |  |  | (6,999) |  |  | (67) |  |  | 1,549 |  |  | (22.1%)
Interest expense (1) |  |  | 126,198 |  |  | 108,088 |  |  | 55 |  |  | 18,055 |  |  | 16.7%
Depreciation, accretion, and amortization |  |  | 76,883 |  |  | 63,515 |  |  | 512 |  |  | 12,856 |  |  | 20.2%
Provision for income taxes (2) |  |  | 48,813 |  |  | 41,514 |  |  | 4,229 |  |  | 3,070 |  |  | 9.2%
Adjusted EBITDA |  | $ | 493,302 |  | $ | 472,620 |  | $ | 1,719 |  | $ | 18,963 |  |  | 4.0%

|  | For the nine months ended |  |  |  |  |  |  |  | Constant
|  | September 30, |  | Foreign |  | Constant |  | Currency
|  | 2025 |  | 2024 |  | Currency Impact |  | Currency Change |  | % Change
|  | (in thousands) |  |  |
Net income |  | $ | 684,031 |  | $ | 569,886 |  | $ | 164,977 |  | $ | (50,832) |  |  | (7.8%)
Non-cash straight-line leasing revenue |  |  | (3,578) |  |  | (10,623) |  |  | (296) |  |  | 7,341 |  |  | (69.1%)
Non-cash straight-line ground lease expense |  |  | (4,148) |  |  | (5,426) |  |  | (8) |  |  | 1,286 |  |  | (23.7%)
Non-cash compensation |  |  | 56,552 |  |  | 56,439 |  |  | (125) |  |  | 238 |  |  | 0.4%
Loss from extinguishment of debt, net |  |  | — |  |  | 4,428 |  |  | — |  |  | (4,428) |  |  | (100.0%)
Other (income) expense, net |  |  | (111,881) |  |  | 125,811 |  |  | (259,856) |  |  | 22,164 |  |  | (784.6%)
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 18,422 |  |  | 19,379 |  |  | (100) |  |  | (857) |  |  | (4.4%)
Asset impairment and decommission costs |  |  | 102,578 |  |  | 87,928 |  |  | (2,079) |  |  | 16,729 |  |  | 19.0%
Interest income |  |  | (24,452) |  |  | (21,359) |  |  | 415 |  |  | (3,508) |  |  | 16.4%
Interest expense (1) |  |  | 370,433 |  |  | 327,752 |  |  | 10 |  |  | 42,671 |  |  | 13.0%
Depreciation, accretion, and amortization |  |  | 211,894 |  |  | 204,444 |  |  | (3,874) |  |  | 11,324 |  |  | 5.5%
Provision for income taxes (2) |  |  | 126,226 |  |  | 46,436 |  |  | 86,955 |  |  | (7,165) |  |  | (8.1%)
Adjusted EBITDA |  | $ | 1,426,077 |  | $ | 1,405,095 |  | $ | (13,981) |  | $ | 34,963 |  |  | 2.5%

(1)Total interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees.

(2)Includes franchise and gross receipts taxes reflected in selling, general, and administrative expenses on the Consolidated Statements of Operations.

Adjusted EBITDA increased $20.7 million for the three months ended September 30, 2025, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA increased $19.0 million. These changes were primarily due to an increase in site leasing segment and site development segment operating profit, partially offset by an increase in cash selling, general, and administrative expenses.

Adjusted EBITDA increased $21.0 million for the nine months ended September 30, 2025, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA increased $35.0 million. These changes were primarily due to an increase in site leasing segment and site development segment operating profit, partially offset by an increase in cash selling, general, and administrative expenses.

LIQUIDITY AND CAPITAL RESOURCES

SBA Communications Corporation (“SBAC”) is a holding company with no business operations of its own. SBAC’s only significant asset is 100% of the outstanding capital stock of SBA Telecommunications, LLC (“Telecommunications”), which is also a

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holding company that owns equity interests in entities that directly or indirectly own all of our domestic and international towers and assets. We conduct all of our business operations through Telecommunications’ subsidiaries. Accordingly, our only source of cash to pay our obligations, other than financings, is distributions with respect to our ownership interest in our subsidiaries from the net earnings and cash flow generated by these subsidiaries.

Our capital allocation policy, which is built upon predictable strong cash flows, continues to prioritize opportunistically pursuing investment in quality assets that meet our return criteria while maintaining flexibility to continue our buyback program and increase our dividend growth over-time. Based on our evaluation of market opportunities for portfolio growth and the current interest rate environment, we have also prioritized repayment of debt in the past few years which minimizes interest expense and supports AFFO per share growth and, we believe, creates a path for our move towards issuing investment grade debt. Consequently, in the short-term, we will also focus on reducing our ratio of secured debt to unsecured debt as existing secured debt maturities come due or are within their par call window.

A summary of our cash flows is as follows:

|  | For the nine months ended September 30,
|  | 2025 |  | 2024
|  | (in thousands)
Cash provided by operating activities |  | $ | 987,303 |  | $ | 1,024,697
Cash used in investing activities |  |  | (421,008) |  |  | (480,420)
Cash used in financing activities |  |  | (1,520,215) |  |  | (533,848)
Change in cash, cash equivalents, and restricted cash |  |  | (953,920) |  |  | 10,429
Effect of exchange rate changes on cash, cash equiv., and restricted cash |  |  | 18,657 |  |  | (9,883)
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 1,400,657 |  |  | 250,946
Cash, cash equivalents, and restricted cash, end of period |  | $ | 465,394 |  | $ | 251,492

Operating Activities

Cash provided by operating activities was $987.3 million for the nine months ended September 30, 2025 as compared to $1,024.7 million for the nine months ended September 30, 2024. The decrease was primarily due to increases in net interest expense and cash selling, general, and administrative expenses, as well as increases in cash outflows associated with working capital changes related to the timing of customer payments. The decrease was partially offset by (1) increases in site leasing segment and site development segment operating profit and (2) decreases in tower and equipment decommission costs.

Investing Activities

A detail of our investing activities is as follows:

|  | For the nine months ended September 30,
|  | 2025 |  | 2024
|  | (in thousands)
Acquisitions of towers and related assets (1) |  | $ | (634,751) |  | $ | (234,853)
Land buyouts and other assets (2) |  |  | (29,664) |  |  | (33,556)
Construction and related costs |  |  | (78,233) |  |  | (96,683)
Augmentation and tower upgrades |  |  | (41,362) |  |  | (38,485)
Tower maintenance |  |  | (39,072) |  |  | (33,792)
General corporate |  |  | (3,424) |  |  | (3,640)
Purchase of investments |  |  | (658,004) |  |  | (1,204,628)
Proceeds from sale of investments |  |  | 909,937 |  |  | 1,179,250
Repayment (funding) of loan to unconsolidated joint venture |  |  | 115,000 |  |  | (11,100)
Proceeds from sale of assets |  |  | 40,564 |  |  | —
Other investing activities |  |  | (1,999) |  |  | (2,933)
Net cash used in investing activities |  | $ | (421,008) |  | $ | (480,420)

(1)The nine months ended September 30, 2025 excludes a $139.6 million acquisition completed during the third quarter of 2025 which was not funded until the fourth quarter of 2025 and is recorded in Accounts payable on the Consolidated Balance Sheets as of September 30, 2025.

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(2)Excludes $9.7 million and $17.0 million spent to extend ground lease terms for the nine months ended September 30, 2025 and 2024, respectively. We 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.

Subsequent to quarter end, we closed on the 2,020 sites related to the Millicom transaction that were remaining under contract for approximately $217.4 million in cash. As of the date of this filing, we are under contract to purchase 78 communication sites for an aggregate consideration of $66.9 million in cash. We anticipate that these acquisitions will be closed by the end of the first quarter of 2026.

For 2025, we expect to incur non-discretionary cash capital expenditures associated with tower maintenance and general corporate expenditures of $56.0 million to $60.0 million and discretionary cash capital expenditures, based on current or potential acquisition obligations, planned new tower construction, forecasted tower augmentations, and forecasted ground lease purchases, of $1,290.0 million to $1,300.0 million. We expect to fund these cash capital expenditures from cash on hand, cash flow from operations, and borrowings under the Revolving Credit Facility or new financings. The exact amount of our future cash capital expenditures will depend on a number of factors, including amounts necessary to support our tower portfolio, our new tower build and acquisition programs, and our ground lease purchase program.

Financing Activities

A detail of our financing activities is as follows:

|  | For the nine months ended September 30,
|  | 2025 |  | 2024
|  | (in thousands)
Net borrowings (repayments) under Revolving Credit Facility (1) |  | $ | 280,000 |  | $ | (20,000)
Proceeds from issuance of Term Loans, net of fees (1) |  |  | — |  |  | 2,274,815
Repayment of Term Loans (1) |  |  | (17,250) |  |  | (2,279,500)
Repayment of Tower Securities (1) |  |  | (1,165,000) |  |  | —
Repurchase and retirement of common stock (2) |  |  | (281,531) |  |  | (200,019)
Payment of dividends on common stock |  |  | (360,780) |  |  | (318,808)
Proceeds from employee stock purchase/stock option plans |  |  | 51,491 |  |  | 27,144
Payments related to taxes on stock options and restricted stock units |  |  | (24,875) |  |  | (18,187)
Other financing activities |  |  | (2,270) |  |  | 707
Net cash used in financing activities |  | $ | (1,520,215) |  | $ | (533,848)

(1)For additional information regarding our debt instruments and financings, refer to “Debt Instruments and Debt Service Requirements” below.

(2)During the nine months ended September 30, 2025, we purchased 1.4 million shares of our Class A common stock for $284.8 million at an average price per share of $208.61. Amounts reflected in the table are based on the settlement date. Subsequent to September 30, 2025, we purchased 210 thousand shares of our Class A common stock for $40.2 million at an average price per share of $191.21. For additional information regarding our share repurchase activity, refer to Part II Item 2 under “Issuer Purchases of Equity Securities” below.

Dividends

For the nine months ended September 30, 2025, we paid the following cash dividends:

|  | Payable to Shareholders |  |  |  |  |  |
|  | of Record at the Close |  | Cash Paid |  | Aggregate Amount |  |
Date Declared |  | of Business on |  | Per Share |  | Paid |  | Date Paid
February 23, 2025 |  | March 13, 2025 |  | $1.11 |  | $122.3 million (1) |  | March 27, 2025
April 27, 2025 |  | May 22, 2025 |  | $1.11 |  | $119.4 million |  | June 17, 2025
August 3, 2025 |  | August 21, 2025 |  | $1.11 |  | $119.1 million |  | September 18, 2025

(1)Amount reflected includes the payment of $2.4 million in dividend equivalents.

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Dividends paid in 2025 were ordinary taxable dividends.

Subsequent to September 30, 2025, we declared the following cash dividends:

|  | Payable to Shareholders |  | Cash to |  |
|  | of Record at the Close |  | be Paid |  |
Date Declared |  | of Business on |  | Per Share |  | Date to be Paid
November 2, 2025 |  | November 13, 2025 |  | $1.11 |  | December 11, 2025

The amount of future distributions will be determined, from time to time, by our Board of Directors to balance our goal of increasing long-term shareholder value and retaining sufficient cash to implement our current capital allocation policy. The actual amount, timing, and frequency of future dividends will be at the sole discretion of our Board of Directors and will be declared based upon various factors, many of which are beyond our control.

Registration Statements

We have on file with the Securities and Exchange Commission (the “Commission”) a shelf registration statement on Form S-4 registering shares of Class A common stock that we may issue in connection with the acquisition of wireless communication towers or antenna sites and related assets or companies who own wireless communication towers, antenna sites, or related assets. During the nine months ended September 30, 2025, we did not issue any shares of Class A common stock under this registration statement. As of September 30, 2025, we had approximately 1.2 million shares of Class A common stock remaining under this registration statement.

We have on file with the Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR, which enables us to issue shares of our Class A common stock, preferred stock, debt securities, warrants, or depositary shares as well as units that include any of these securities. We will file a prospectus supplement containing the amount and type of securities each time we issue securities under our automatic shelf registration statement on Form S-3ASR. During the nine months ended September 30, 2025, we did not issue any securities under our automatic shelf registration statement.

Debt Instruments and Debt Service Requirements

Senior Credit Agreement

As of September 30, 2025, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Revolving Credit Facility under the Senior Credit Agreement

The key terms of the Revolving Credit Facility are as follows:

|  |  |  | Unused
|  | Interest Rate |  | Commitment
|  | as of |  | Fee as of
|  | September 30, 2025 (1) |  | September 30, 2025 (2)
Revolving Credit Facility |  | 5.235% |  | 0.140%

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2024.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2024.

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The table below summarizes our Revolving Credit Facility activity during the three and nine months ended September 30, 2025 and 2024:

|  | For the three months |  | For the nine months
|  | ended September 30, |  | ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in thousands)
Beginning outstanding balance |  | $ | 80,000 |  | $ | 120,000 |  | $ | — |  | $ | 180,000
Borrowings |  |  | 295,000 |  |  | 175,000 |  |  | 375,000 |  |  | 370,000
Repayments |  |  | (95,000) |  |  | (135,000) |  |  | (95,000) |  |  | (390,000)
Ending outstanding balance |  | $ | 280,000 |  | $ | 160,000 |  | $ | 280,000 |  | $ | 160,000

Subsequent to September 30, 2025, we borrowed $165.0 million and repaid $60.0 million under the Revolving Credit Facility, and as of the date of this filing, $385.0 million was outstanding.

Term Loan under the Senior Credit Agreement

2024 Term Loan

During the three and nine months ended September 30, 2025, we repaid an aggregate of $11.5 million and $17.3 million of principal on the 2024 Term Loan, respectively. As of September 30, 2025, the 2024 Term Loan had a principal balance of $2.3 billion.

Secured Tower Revenue Securities

Tower Revenue Securities Terms

As of September 30, 2025, we, through the Trust, had issued and outstanding an aggregate of $7.2 billion of Secured Tower Revenue Securities (“Tower Securities”). The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of certain of our subsidiaries that are borrowers on the mortgage loan (the “Borrowers”) under which there is a loan tranche for each Tower Security outstanding with the same interest rate and maturity date as the corresponding Tower Security. The mortgage loan will be paid from the operating cash flows from the aggregate 9,505 tower sites owned by the Borrowers as of September 30, 2025. The mortgage loan is secured by (1) mortgages, deeds of trust, and deeds to secure debt on a substantial portion of the tower sites, (2) a security interest in the tower sites and substantially all of the Borrowers’ personal property and fixtures, (3) the Borrowers’ rights under certain tenant leases, and (4) all of the proceeds of the foregoing. For each calendar month, SBA Network Management, Inc., an indirect subsidiary (“Network Management”), is entitled to receive a management fee equal to 4.5% of the Borrowers’ operating revenues for the immediately preceding calendar month.

The table below sets forth the material terms of our outstanding Tower Securities as of September 30, 2025:

Security |  | Issue Date |  |  | Amount Outstanding ‎(in millions) |  |  | Interest ‎ Rate (1) |  |  | Anticipated Repayment Date |  |  | Final Maturity Date
2020-1C Tower Securities |  | Jul. 14, 2020 |  |  | $750.0 |  |  | 1.884% |  |  | Jan. 9, 2026 |  |  | Jul. 11, 2050
2020-2C Tower Securities |  | Jul. 14, 2020 |  |  | $600.0 |  |  | 2.328% |  |  | Jan. 11, 2028 |  |  | Jul. 9, 2052
2021-1C Tower Securities |  | May 14, 2021 |  |  | $1,165.0 |  |  | 1.631% |  |  | Nov. 9, 2026 |  |  | May 9, 2051
2021-2C Tower Securities |  | Oct. 27, 2021 |  |  | $895.0 |  |  | 1.840% |  |  | Apr. 9, 2027 |  |  | Oct. 10, 2051
2021-3C Tower Securities |  | Oct. 27, 2021 |  |  | $895.0 |  |  | 2.593% |  |  | Oct. 9, 2031 |  |  | Oct. 10, 2056
2022-1C Tower Securities |  | Nov. 23, 2022 |  |  | $850.0 |  |  | 6.599% |  |  | Jan. 11, 2028 |  |  | Nov. 9, 2052
2024-1C Tower Securities |  | Oct. 11, 2024 |  |  | $1,450.0 |  |  | 4.831% |  |  | Oct. 9, 2029 |  |  | Oct. 8, 2054
2024-2C Tower Securities (2) |  | Oct. 11, 2024 |  |  | $620.0 |  |  | 4.654% |  |  | Oct. 8, 2027 |  |  | Oct. 8, 2054

(1)Interest paid monthly.

(2)The interest rate reflected is the all-in fixed rate which includes the impact of the treasury lock agreement entered on September 11, 2024 which settled upon issuance of the notes. The treasury lock agreement fixed the three-year treasury rate at 3.3985% for $620.0 million of notional value related to the 2024-2C Tower Securities issued on October 11, 2024. Excluding the impact of the treasury lock agreement, the 2024-2C Tower Securities accrue interest at 5.115%.

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Risk Retention Tower Securities

The table below sets forth the material terms of our outstanding Risk Retention Tower Securities as of September 30, 2025:

Security |  | Issue Date |  |  | Amount Outstanding ‎(in millions) |  |  | Interest ‎ Rate (1) |  |  | Anticipated Repayment Date |  |  | Final Maturity Date
2020-2R Tower Securities |  | Jul. 14, 2020 |  |  | $71.1 |  |  | 4.336% |  |  | Jan. 11, 2028 |  |  | Jul. 9, 2052
2021-1R Tower Securities |  | May 14, 2021 |  |  | $61.4 |  |  | 3.598% |  |  | Nov. 9, 2026 |  |  | May 9, 2051
2021-3R Tower Securities |  | Oct. 27, 2021 |  |  | $94.3 |  |  | 4.090% |  |  | Oct. 9, 2031 |  |  | Oct. 10, 2056
2022-1R Tower Securities |  | Nov. 23, 2022 |  |  | $44.8 |  |  | 7.870% |  |  | Jan. 11, 2028 |  |  | Nov. 9, 2052
2024-1R Tower Securities |  | Oct. 11, 2024 |  |  | $108.7 |  |  | 6.252% |  |  | Oct. 9, 2029 |  |  | Oct. 8, 2054

(1)Interest paid monthly.

To satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased the Risk Retention Tower Securities. Principal and interest payments made on the 2020-2R Tower Securities, 2021-1R Tower Securities, 2021-3R Tower Securities, 2022-1R Tower Securities, and 2024-1R Tower Securities eliminate in consolidation.

Debt Covenants

As of September 30, 2025, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

Senior Notes

The table below sets forth the material terms of our outstanding senior notes as of September 30, 2025:

Senior Notes |  | Issue Date |  | Amount Outstanding ‎(in millions) |  | Interest Rate Coupon |  | Maturity Date |  | Interest Due Dates |  | Optional Redemption Date
2020 Senior Notes |  | Feb. 4, 2020 |  | $1,500.0 |  | 3.875% |  | Feb. 15, 2027 |  | Feb. 15 & Aug. 15 |  | Feb. 15, 2025
2021 Senior Notes |  | Jan. 29, 2021 |  | $1,500.0 |  | 3.125% |  | Feb. 1, 2029 |  | Feb. 1 & Aug. 1 |  | Feb. 1, 2025

Each of our senior notes is subject to redemption, at our option, in whole or in part on or after the date set forth above. We may redeem each of the senior notes during the time periods and at the redemption prices set forth in the indentures.

Debt Service

As of September 30, 2025, we believe that our cash on hand, capacity available under our Revolving Credit Facility, and cash flows from operations for the next twelve months will be sufficient to service our outstanding debt during the next twelve months.

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The following table illustrates our estimate of our debt service requirement over the next twelve months ended September 30, 2026 based on the amounts outstanding as of September 30, 2025 and the interest rates accruing on those amounts on such date:

|  | (in thousands)
Revolving Credit Facility (1) |  | $ | 17,066
2024 Term Loan (2) |  |  | 141,677
2020-1C Tower Securities |  |  | 754,108
2020-2C Tower Securities |  |  | 14,159
2021-1C Tower Securities |  |  | 19,371
2021-2C Tower Securities |  |  | 16,752
2021-3C Tower Securities |  |  | 23,491
2022-1C Tower Securities |  |  | 56,362
2024-1C Tower Securities |  |  | 70,510
2024-2C Tower Securities |  |  | 29,052
2020 Senior Notes |  |  | 58,125
2021 Senior Notes |  |  | 46,875
Total debt service for the next 12 months |  | $ | 1,247,548

(1)As of September 30, 2025, $280.0 million was outstanding under the Revolving Credit Facility. Subsequent to September 30, 2025, we borrowed $165.0 million and repaid $60.0 million under the Revolving Credit Facility, and as of the date of this filing, $385.0 million was outstanding.

(2)Total debt service on the 2024 Term Loan (as amended on October 2, 2024) includes the impact of the interest rate swaps which collectively swap $2.0 billion of notional value accruing interest at Term SOFR plus 175 basis points for a blended all-in fixed rate of 5.165%.

Inflation

The impact of inflation on our operations has not been material to date. However, the impact of higher interest rates has impacted, and is expected to continue to impact, our growth rate and future operating results. Higher interest rates have impacted, and are expected to continue to impact, the ability and willingness of wireless service providers to incur capital expenditures at prior levels to expand their networks, which could adversely affect our future revenue growth rates. In addition, increased interest rates may adversely affect our costs to refinance our indebtedness at maturity. In addition, persistent high rates of inflation could adversely affect our future operating results particularly in light of the fact that our site leasing revenues are governed by long-term contracts with pre-determined pricing that we will not be able to increase in response to increases in inflation other than our contracts in South America and Africa, which have inflationary index-based rent escalators.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to certain market risks that are inherent in our financial instruments. These instruments arise from transactions entered into in the normal course of business.

The following table presents the future principal payment obligations and fair values associated with our long-term debt instruments assuming our actual level of long-term indebtedness as of September 30, 2025:

|  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total |  | Fair Value
|  | (in thousands)
Revolving Credit Facility |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 280,000 |  | $ | — |  | $ | 280,000 |  | $ | 280,000
2024 Term Loan |  |  | 5,750 |  |  | 23,000 |  |  | 23,000 |  |  | 23,000 |  |  | 23,000 |  |  | 2,167,750 |  |  | 2,265,500 |  |  | 2,273,996
2020-1C Tower Securities (1) |  |  | — |  |  | 750,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 722,858
2020-2C Tower Securities (1) |  |  | — |  |  | — |  |  | — |  |  | 600,000 |  |  | — |  |  | — |  |  | 600,000 |  |  | 514,080
2021-1C Tower Securities (1) |  |  | — |  |  | 1,165,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,165,000 |  |  | 1,003,915
2021-2C Tower Securities (1) |  |  | — |  |  | — |  |  | 895,000 |  |  | — |  |  | — |  |  | — |  |  | 895,000 |  |  | 852,488
2021-3C Tower Securities (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 895,000 |  |  | 895,000 |  |  | 676,164
2022-1C Tower Securities (1) |  |  | — |  |  | — |  |  | — |  |  | 850,000 |  |  | — |  |  | — |  |  | 850,000 |  |  | 867,510
2024-1C Tower Securities (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,450,000 |  |  | — |  |  | 1,450,000 |  |  | 1,446,926
2024-2C Tower Securities (1) |  |  | — |  |  | — |  |  | 620,000 |  |  | — |  |  | — |  |  | — |  |  | 620,000 |  |  | 624,340
2020 Senior Notes |  |  | — |  |  | — |  |  | 1,500,000 |  |  | — |  |  | — |  |  | — |  |  | 1,500,000 |  |  | 1,477,635
2021 Senior Notes |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,500,000 |  |  | — |  |  | 1,500,000 |  |  | 1,410,000
Total debt obligation |  | $ | 5,750 |  | $ | 1,938,000 |  | $ | 3,038,000 |  | $ | 1,473,000 |  | $ | 3,253,000 |  | $ | 3,062,750 |  | $ | 12,770,500 |  | $ | 12,149,912

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(1)For information on the anticipated repayment date and final maturity date for each tower security, refer to “Debt Instruments and Debt Service Requirements” above.

Our current primary market risk exposure is (1) interest rate risk relating to our ability to refinance our debt at commercially reasonable rates, if at all, and (2) interest rate risk relating to the impact of interest rate movements on the variable portion of our 2024 Term Loan, and any borrowings that we may incur under our Revolving Credit Facility, which are at floating rates. We manage the interest rate risk on our outstanding debt through our large percentage of fixed rate debt, including interest rate swaps. While we cannot predict our ability to refinance existing debt or the impact interest rate movements will have on our existing debt, we continue to evaluate our financial position on an ongoing basis.

We have performed a sensitivity analysis assuming a hypothetical 1% increase in our variable interest rates as of September 30, 2025. As of September 30, 2025, the analysis indicated that such an adverse movement would have caused our interest expense to increase by approximately 1.1% for the nine months ended September 30, 2025.

We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil, Chile, Peru, South Africa, Tanzania, and to a lesser extent, our markets in Central America. In each of these countries, we pay most of our selling, general, and administrative expenses and a portion of our operating expenses, such as taxes and utilities incurred in the country in local currency. In addition, in Brazil, Chile, and South Africa, we receive significantly all of our revenue and pay significantly all of our operating expenses in local currency. In Costa Rica, Peru, and Tanzania, we receive our revenue and pay our operating expenses in a mix of local currency and U.S. dollars. All transactions denominated in currencies other than the U.S. Dollar are reported in U.S. Dollars at the applicable exchange rate. All assets and liabilities are translated into U.S. Dollars at exchange rates in effect at the end of the applicable fiscal reporting period, and all revenues and expenses are translated at average rates for the period. The cumulative translation effect is included in equity as a component of Accumulated other comprehensive loss, net. For the nine months ended September 30, 2025, approximately 19.9% of our revenues and approximately 27.9% of our total operating expenses were denominated in foreign currencies.

We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at September 30, 2025. As of September 30, 2025, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.1% and 0.7%, respectively, for the nine months ended September 30, 2025.

As of September 30, 2025, we had intercompany debt, which is denominated in a currency other than the functional currency of the subsidiary in which it is recorded. As settlement of this debt is anticipated or planned in the foreseeable future, any changes in the foreign currency exchange rates will result in unrealized gains or losses, which will be included in our determination of net income. A change of 10% in the underlying exchange rates of our unsettled intercompany debt at September 30, 2025 would have resulted in approximately $99.0 million of unrealized gains or losses that would have been included in Other income (expense), net in our Consolidated Statements of Operations for the nine months ended September 30, 2025.

Special Note Regarding Forward-Looking Statements

This quarterly report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Specifically, this quarterly report contains forward-looking statements including our expectations and beliefs regarding:

•the future growth and financial health of the wireless industry and the industry participants, the drivers of such growth, including future spectrum auctions and the roll-out of 5G and fixed wireless;

•our ability to capture and capitalize on industry growth and the impact of such growth on our financial and operational results;

•the consolidation of wireless service providers and the impact of such consolidation on our financial and operational results, including churn;

•our intent to grow our tower portfolio domestically and internationally and expand through acquisitions, new builds and organic lease up on existing towers;

•our strategies for growing, and ability to grow, our cash flows;

•core leasing revenue growth, on an organic basis, in our domestic and international segments, and the drivers of such growth;

•our site leasing business being characterized by stable and long-term recurring revenues;

•our future cash capital expenditures, both discretionary and non-discretionary, including expenditures required for new builds and to maintain, improve, and modify our towers, ground lease purchases, and general corporate expenditures, and the source of funds for these expenditures;

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•that we will be able to continue to secure rights to the land underlying our towers, and the impact of such strategy on our financial and operational results;

•the timing for closing of pending acquisitions;

•our future liquidity requirements, including our debt service in 2024, and our ability to meet such requirements with cash on hand, capacity under our Revolving Credit Facility, and our cash flows from operations for the next twelve months will be sufficient to service our outstanding debt during the next twelve months;

•our election to be taxed as a REIT, our intent to continue to operate as a REIT and the use of NOLs to reduce REIT taxable income;

•our capital allocation strategies and the impact of these strategies on our future financial and operational results including our goal of increasing our Adjusted Funds From Operations per share;

•our expectations regarding dividends and our ability to grow our dividend in the future and the drivers of such growth;

•our expectations regarding our future cash capital expenditures, both discretionary and non-discretionary, including expenditures required for new builds and to maintain, improve, and modify our towers, ground lease purchases, and general corporate expenditures, and the source of funds for these expenditures;

•the impact of compliance with applicable laws and regulations, including environmental laws, and various legal proceedings on our financial results and future business prospects; and

•the impact of certain tax and accounting matters on our financial statements.

These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, unless otherwise required by law. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement. The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following:

•developments in, and macroeconomic influences on, the wireless communications industry in general, and for wireless communications infrastructure providers in particular, that may slow growth or affect our customers’ access to sufficient capital, or ability to expend capital to fund network expansion or enhancements;

•the impact of churn based on prior and future consolidation among wireless service providers;

•our ability to successfully manage the risks associated with international operations, including risks relating to competition, political or economic conditions, inflation, potential tariffs, tax laws, currency restrictions and exchange rate fluctuations, legal or judicial systems, and land ownership, including land ownership risks with respect to towers we do not own;

•our ability to successfully manage the risks associated with our acquisition initiatives, including our ability to satisfactorily complete due diligence on acquired towers, the amount and quality of due diligence that we are able to complete prior to closing of any acquisition, our ability to accurately anticipate the future performance of the acquired towers, our ability to receive required regulatory approval, the ability and willingness of each party to fulfill their respective closing conditions and their contractual obligations, and, once acquired, our ability to effectively integrate acquired towers into our business and to achieve the financial results projected in our valuation models for the acquired towers;

•the health of the economies and wireless communications markets of the international jurisdictions we operate in, and the willingness of carriers to invest in their networks in such markets;

•our ability to secure as many site leasing tenants as anticipated and retain current leases on towers as well as our tenants’ ability and willingness to comply with their obligations under such leases;

•our ability to meet our operational and capital expenditure goals, including expected economies of scale arising from new tenants on our existing towers,

•our ability to secure and deliver anticipated services business at contemplated margins;

•our ability to build new towers, including our ability to identify and acquire land that would be attractive for our customers and to successfully and timely address the issues that arise in connection with the building of new towers;

•our ability to compete for the acquisition of towers and other factors that may adversely affect our ability to purchase towers that meet our investment criteria and are available at prices which we believe will be accretive to our shareholders and allow us to maintain our long-term target leverage ratios while achieving our expected portfolio growth levels;

•our capital allocation decisions and the impact on our ability to achieve our expected tower portfolio growth levels;

•our ability to protect our rights to the land under our towers, and our ability to acquire land underneath our towers on terms that are accretive;

•our ability to sufficiently increase our revenues and maintain expenses and cash capital expenditures at appropriate levels;

•our ability to successfully estimate the impact of regulatory and litigation matters;

•natural disasters and other unforeseen damage for which our insurance may not provide adequate coverage;

•a decrease in demand for our towers;

•the impact of EchoStar’s sale of its spectrum;

•the introduction of new technologies or changes in a tenant’s business model that may make our tower leasing business less desirable to existing or potential tenants;

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•the impact of interest rates on our results of operations and our ability to refinance our existing indebtedness at commercially reasonable rates or at all;

•our ability to continue to comply with covenants and the terms of our credit instruments and our ability to obtain additional financing to fund our capital expenditures;

•our ability to qualify for treatment as a REIT for U.S. federal income tax purposes and to comply with and conduct our business in accordance with such rules and to utilize available NOLs to reduce REIT taxable income;

•our ability to successfully estimate the impact of certain accounting and tax matters, including the ability to successfully utilize like-kind exchanges, the effect of adopting certain accounting pronouncements and the availability of sufficient NOLs to offset future REIT taxable income; and

•other risks, including those described in Item 1A. – Risk Factors in our Annual Report on Form 10-K and those described from time to time in our other filings with the SEC.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

In order to ensure that the information we must disclose in our filings with the Commission is recorded, processed, summarized and reported on a timely basis, we have formalized our disclosure controls and procedures. Our principal executive officer and principal financial officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rule 13a-15(e) as of September 30, 2025. Based on such evaluation, such officers have concluded that, as of September 30, 2025, our disclosure controls and procedures were effective.

PART II – OTHER INFORMATION

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table presents information related to our repurchases of Class A common stock during the third quarter of 2025:

|  | Total |  |  |  | Total Number of Shares |  | Approximate Dollar Value
|  | Number |  | Average |  | Purchased as Part of |  | of Shares that May Yet Be
|  | of Shares |  | Price Paid |  | Publicly Announced |  | Purchased Under the
Period |  | Purchased |  | Per Share |  | Plans or Programs (1) |  | Plans or Programs
7/1/2025 - 7/31/2025 |  | 159,742 |  | $ | 227.80 |  | 159,742 |  | $ | 1,455,810,492
8/1/2025 - 8/31/2025 |  | 92,484 |  | $ | 216.25 |  | 92,484 |  | $ | 1,435,810,987
9/1/2025 - 9/30/2025 |  | 495,460 |  | $ | 197.25 |  | 495,460 |  | $ | 1,338,082,263
Total |  | 747,686 |  | $ | 206.13 |  | 747,686 |  | $ | 1,338,082,263

(1)On April 27, 2025, our Board of Directors authorized a stock repurchase plan authorizing us to repurchase, from time to time, up to $1.5 billion of our outstanding Class A common stock (the “Repurchase Plan”). As of the date of this filing, we had $1.3 billion of authorization remaining under the Repurchase Plan. The Repurchase Plan has no expiration and will continue until otherwise modified or terminated by our Board of Directors at any time in its sole discretion.

ITEM 5. OTHER INFORMATION

10b5-1 Trading Plans

During the three months ended September 30, 2025, none of our officers (as defined in Rule 16a-1(f) of the Exchange Act) or directors adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS

Exhibit No. | Description of Exhibits
31.1 | Certification by Brendan T. Cavanagh, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2 | Certification by Marc Montagner, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1 | Certification by Brendan T. Cavanagh, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2 | Certification by Marc Montagner, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.*
101.SCH | XBRL Taxonomy Extension Schema Document.*
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document.*
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document.*
101.LAB | XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.*
104 | Cover Page Interactive File (formatted in Inline XBRL and contained in Exhibit 101).*

* Filed herewith

** Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

| SBA COMMUNICATIONS CORPORATION
November 6, 2025 | /s/ Brendan T. Cavanagh
| Brendan T. Cavanagh
| Chief Executive Officer
| (Duly Authorized Officer)
November 6, 2025 | /s/ Marc Montagner
| Marc Montagner
| Chief Financial Officer
| (Principal Financial Officer)

s

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