

	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