6.ACQUISITIONS

The following table summarizes the Company’s acquisition activity:



	For the year ended December 31,
	2017		2016		2015
Tower acquisitions (number of towers)		1,425		531		893

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



	For the year ended December 31,
	2017		2016		2015

		(in thousands)
Acquisitions of towers and related intangible assets (1)	$	392,902	$	214,686	$	525,802
Land buyouts and other assets (2)		48,645		62,149		83,728
Total cash acquisition capital expenditures	$	441,547	$	276,835	$	609,530

(1)

The year ended December 31, 2017 excludes $63.3 million of acquisition costs funded through the issuance of 487,963 shares of Class A common stock.

(2)

In addition, the Company paid $18.8 million, $14.1 million, and $16.3 million for ground lease extensions and term easements on land underlying the Company’s towers during the years ending December 31, 2017, 2016, and 2015, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

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 year ended December 31, 2017, the Company acquired 1,425 completed towers and related assets and liabilities consisting of $114.7 million of property and equipment, $345.3 million of intangible assets, and $3.8 million of working capital adjustments.

During the year ended December 31, 2016, the Company acquired 531 completed towers and related assets and liabilities for $214.7 million in cash consisting of $72.8 million of property and equipment, $144.4 million of intangible assets, and $2.5 million of working capital adjustments.

During the year ended December 31, 2015, the Company acquired 893 completed towers and related assets and liabilities for $525.8 million in cash consisting of $176.3 million of property and equipment, $351.0 million of intangible assets, and $1.5 million of working capital adjustments.

Subsequent to December 31, 2017, the Company acquired 308 towers and related assets for $79.5 million in cash.