Acquisitions (Tables)

3 Months Ended

Mar. 31, 2021

Acquisitions [Abstract]

Schedule of Acquisition Capital Expenditures

	For the three months
	ended March 31,
	2021		2020
	(in thousands)
Acquisitions of towers and related intangible assets	$	101,630	$	82,274
Acquisition of right-of-use assets (1)		945,915		—
Land buyouts and other assets (2)		5,131		7,257
Total cash acquisition capital expenditures	$	1,052,676	$	89,531

(1)On February 16, 2021, the Company acquired the exclusive right to lease and operate 697 utility transmission structures, which included existing wireless tenant licenses from PG&E for $954.0 million. The difference between the agreed upon purchase price of $954.0 million and the cash acquisition amount is due to working capital adjustments. The Company accounted for the payment with respect to these sites as a right-of-use asset, which is recorded in Acquired and other right of use assets, net on its Consolidated Balance Sheets. The payments associated with the right of use of these structures has been fully funded and will be recognized over a weighted-average period of approximately 70 years.

(2)In addition, the Company paid $2.8 million and $1.7 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended March 31, 2021 and 2020, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.