5.ACQUISITIONS

The following table summarizes the Company’s cash acquisition capital expenditures:



	For the three months				For the six months
	ended June 30,				ended June 30,
	2017		2016		2017		2016

	(in thousands)
Towers and related intangible assets (1) (2)	$	26,991	$	38,668	$	58,138	$	113,512
Land buyouts and other assets (3)		12,539		18,204		24,043		35,192
Total cash acquisition capital expenditures	$	39,530	$	56,872	$	82,181	$	148,704

(1)

2017 excludes $63.3 million of acquisition costs paid through the issuance of 487,963 shares of Class A common stock.

(2)

Excludes $39.6 million of acquisitions completed during the second quarter of 2017 which were not funded as of June 30, 2017.

(3)

In addition, the Company paid $5.0 million and $2.9 million for ground lease extensions during the three months ended June 30, 2017 and 2016, respectively, and paid $8.1 million and $6.6 million for ground lease extensions during the six months ended June 30, 2017 and 2016, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

The Company’s acquisitions generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions which qualify as asset acquisitions, the aggregate purchase price is allocated on a relative fair value basis to towers and related intangible assets. The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets, or require acceleration of the amortization expense of intangible assets in subsequent periods.

For business combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, including contingent consideration and any related tax impact.

During the six months ended June 30, 2017, the Company acquired 318 completed towers and related assets and liabilities consisting of $36.0 million of property and equipment, $116.1 million of intangible assets, and $9.0 million of working capital adjustments.