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Acquisitions

6 Months Ended

Jun. 30, 2019

5.ACQUISITIONS

The following table summarizes the Company’s acquisition activity:



	For the three months				For the six months
	ended June 30,				ended June 30,
	2019		2018		2019		2018

	(in thousands)
Acquisitions of towers and related intangible assets ⁽¹⁾	$	83,264	$	153,235	$	125,412	$	261,590
Land buyouts and other assets ⁽²⁾		12,631		14,506		25,770		23,773
Total cash acquisition capital expenditures	$	95,895	$	167,741	$	151,182	$	285,363

(1)The six months ended June 30, 2019 excludes $1.7 million of acquisition costs funded through the issuance of 10,000 shares of Class A common stock.

(2)In addition, the Company paid $3.5 million and $3.1 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended June 30, 2019 and 2018, respectively, and paid $6.7 million and $9.6 million for ground lease extensions and term easements on land underlying the Company’s towers during the six months ended June 30, 2019 and 2018, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

As of June 30, 2019, there were no purchase price allocations that were preliminary.

During the six months ended June 30, 2019, the Company acquired 136 completed towers and related assets and liabilities consisting of $21.2 million of property and equipment, $102.1 million of intangible assets, and $2.1 million of other net asset balances. All acquisitions in the three months ended June 30, 2019 were accounted for as asset acquisitions. All but one acquisition in the six months ended June 30, 2019 were accounted for as asset acquisitions. During the three months ended March 31, 2019, the Company consummated an acquisition for $3.0 million in cash and $1.7 million in the Company’s Class A common stock, which was accounted for as a business combination.

Subsequent to June 30, 2019, the Company acquired 59 towers and related assets for $17.9 million in cash.

In the third quarter of 2019, the Company intends to exercise and close on its option to acquire all but 6.0% of a previously unconsolidated joint venture in South Africa. The joint venture is currently operated under the name Atlas Tower South Africa (“Atlas SA”). The Company has been a venture partner, providing investment and operational support for approximately four years. Atlas SA currently owns and operates approximately 900 sites throughout all of South Africa and has a substantial new tower development backlog. Subsequent to the close of the transaction, which the Company expects will occur during the third quarter of 2019, the Company will consolidate the results of Atlas SA into its financial statements.