10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number: 001-16853

SBA COMMUNICATIONS CORPORATION

(Exact name of Registrant as specified in its charter)

Florida	65-0716501
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

8051 Congress Avenue
Boca Raton, Florida	33487
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (561) 995-7670

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par value per share	SBAC	The NASDAQ Stock Market LLC
		(NASDAQ Global Select Market)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  x    No  ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x   No  ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	x	Accelerated Filer	¨
Non-Accelerated Filer	¨	Smaller Reporting Company	¨
		Emerging Growth Company	¨

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes  ¨    No  x

Indicate the number of shares outstanding of each issuer’s classes of common stock, as of the latest practicable date: 108,781,359 shares of Class A common stock as of October 27, 2021.

Table of Contents

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020	1
	Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2021 and 2020	2
	Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and nine months ended September 30, 2021 and 2020	3
	Consolidated Statement of Shareholders’ Deficit (unaudited) for the three and nine months ended September 30, 2021 and 2020	4
	Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2021 and 2020	6
	Condensed Notes to Consolidated Financial Statements (unaudited)	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	44
PART II – OTHER INFORMATION
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 6.	Exhibits	44
SIGNATURES		45

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (in thousands, except par values)

	September 30,		December 31,
	2021		2020
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	187,806	$	308,560
Restricted cash		63,736		31,671
Accounts receivable, net		76,076		74,088
Costs and estimated earnings in excess of billings on uncompleted contracts		40,860		34,796
Prepaid expenses and other current assets		35,310		23,875
Total current assets		403,788		472,990
Property and equipment, net		2,580,262		2,677,326
Intangible assets, net		2,906,855		3,156,150
Operating lease right-of-use assets, net		2,297,372		2,369,358
Acquired and other right-of-use assets, net		965,780		4,202
Other assets		514,025		477,992
Total assets	$	9,668,082	$	9,158,018
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS,
AND SHAREHOLDERS' DEFICIT
Current Liabilities:
Accounts payable	$	34,790	$	109,969
Accrued expenses		69,973		63,031
Current maturities of long-term debt		24,000		24,000
Deferred revenue		184,340		113,117
Accrued interest		26,477		54,350
Current lease liabilities		238,706		236,037
Other current liabilities		13,738		14,297
Total current liabilities		592,024		614,801
Long-term liabilities:
Long-term debt, net		11,822,536		11,071,796
Long-term lease liabilities		2,013,097		2,094,363
Other long-term liabilities		183,553		186,246
Total long-term liabilities		14,019,186		13,352,405
Redeemable noncontrolling interests		15,177		15,194
Shareholders' deficit:
Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding		—		—
Common stock - Class A, par value $0.01, 400,000 shares authorized, 109,480 shares and
109,819 shares issued and outstanding at September 30, 2021 and December 31, 2020,
respectively		1,095		1,098
Additional paid-in capital		2,711,934		2,586,130
Accumulated deficit		(6,890,822)		(6,604,028)
Accumulated other comprehensive loss, net		(780,512)		(807,582)
Total shareholders' deficit		(4,958,305)		(4,824,382)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit	$	9,668,082	$	9,158,018

The accompanying condensed notes are an integral part of these consolidated financial statements.

1

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited) (in thousands, except per share amounts)

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2021		2020		2021		2020
Revenues:
Site leasing	$	535,492	$	486,765	$	1,564,814	$	1,461,523
Site development		53,813		36,175		148,882		85,708
Total revenues		589,305		522,940		1,713,696		1,547,231
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion,
and amortization shown below):
Cost of site leasing		98,666		92,722		289,510		280,120
Cost of site development		41,357		28,797		116,172		68,417
Selling, general, and administrative expenses (1)		51,000		48,152		156,546		146,856
Acquisition and new business initiatives related
adjustments and expenses		5,730		4,124		17,525		12,557
Asset impairment and decommission costs		9,860		8,506		18,560		29,103
Depreciation, accretion, and amortization		170,916		180,302		530,266		541,587
Total operating expenses		377,529		362,603		1,128,579		1,078,640
Operating income		211,776		160,337		585,117		468,591
Other income (expense):
Interest income		945		756		2,124		2,340
Interest expense		(89,199)		(89,791)		(269,839)		(281,329)
Non-cash interest expense		(11,820)		(8,323)		(35,436)		(13,066)
Amortization of deferred financing fees		(4,934)		(4,883)		(14,690)		(15,211)
Loss from extinguishment of debt, net		—		(2,599)		(13,672)		(19,463)
Other expense, net		(69,804)		(42,262)		(49,390)		(300,144)
Total other expense, net		(174,812)		(147,102)		(380,903)		(626,873)
Income (loss) before income taxes		36,964		13,235		204,214		(158,282)
Benefit (provision) for income taxes		10,834		9,441		(15,494)		76,143
Net income (loss)		47,798		22,676		188,720		(82,139)
Net (income) loss attributable to noncontrolling interests		—		(108)		—		461
Net income (loss) attributable to SBA Communications
Corporation	$	47,798	$	22,568	$	188,720	$	(81,678)
Net income (loss) per common share attributable to SBA
Communications Corporation:
Basic	$	0.44	$	0.20	$	1.72	$	(0.73)
Diluted	$	0.43	$	0.20	$	1.70	$	(0.73)
Weighted average number of common shares
Basic		109,577		111,783		109,487		111,809
Diluted		111,565		113,703		111,329		111,809

(1)Includes non-cash compensation of $16,589 and $16,606 for the three months ended September 30, 2021 and 2020, respectively, and $57,249 and $50,291 for the nine months ended September 30, 2021 and 2020, respectively.

The accompanying condensed notes are an integral part of these consolidated financial statements.

2

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited) (in thousands)

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2021		2020		2021		2020
Net income (loss)	$	47,798	$	22,676	$	188,720	$	(82,139)
Adjustments related to interest rate swaps		9,898		1,557		58,251		(114,366)
Foreign currency translation adjustments		(51,415)		(7,196)		(31,181)		(191,389)
Comprehensive income (loss)		6,281		17,037		215,790		(387,894)
Comprehensive (income) loss attributable to noncontrolling interests		—		(204)		—		1,369
Comprehensive income (loss) attributable to SBA
Communications Corporation	$	6,281	$	16,833	$	215,790	$	(386,525)

The accompanying condensed notes are an integral part of these consolidated financial statements.

‎

3

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT

(unaudited) (in thousands)

								Accumulated
	Class A			Additional				Other		Total
	Common Stock			Paid-In		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Capital		Deficit		Loss, Net		Deficit
BALANCE, June 30, 2021	109,534	$	1,095	$	2,657,540	$	(6,759,382)	$	(738,995)	$	(4,839,742)
Net income attributable to SBA
Communications Corporation	—		—		—		47,798		—		47,798
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	283		3		36,984		—		—		36,987
Non-cash stock compensation	—		—		17,410		—		—		17,410
Adjustments related to interest rate swaps	—		—		—		—		9,898		9,898
Repurchase and retirement of common stock	(337)		(3)		—		(115,418)		—		(115,421)
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		(51,415)		(51,415)
Dividends and dividend equivalents
on common stock	—		—		—		(63,820)		—		(63,820)
BALANCE, September 30, 2021	109,480	$	1,095	$	2,711,934	$	(6,890,822)	$	(780,512)	$	(4,958,305)

								Accumulated
	Class A			Additional				Other		Total
	Common Stock			Paid-In		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Capital		Deficit		Loss		Deficit
BALANCE, December 31, 2020	109,819		1,098		2,586,130		(6,604,028)		(807,582)		(4,824,382)
Net income attributable to SBA
Communications Corporation	—		—		—		188,720		—		188,720
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	651		7		64,090		—		—		64,097
Non-cash stock compensation	—		—		60,197		—		—		60,197
Adjustments related to interest rate swaps	—		—		—		—		58,251		58,251
Repurchase and retirement of common stock	(990)		(10)		—		(284,333)		—		(284,343)
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		(31,181)		(31,181)
Dividends and dividend equivalents
on common stock	—		—		—		(191,181)		—		(191,181)
Adjustment to fair value related to
noncontrolling interests	—		—		1,517		—		—		1,517
BALANCE, September 30, 2021	109,480	$	1,095	$	2,711,934	$	(6,890,822)	$	(780,512)	$	(4,958,305)

‎

4

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT

(unaudited) (in thousands)

								Accumulated
	Class A			Additional				Other		Total
	Common Stock			Paid-In		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Capital		Deficit		Loss		Deficit
BALANCE, June 30, 2020	111,918	$	1,119	$	2,534,423	$	(5,972,657)	$	(867,877)	$	(4,304,992)
Net income attributable to SBA
Communications Corporation	—		—		—		22,568		—		22,568
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	105		1		12,810		—		—		12,811
Non-cash stock compensation	—		—		17,387		—		—		17,387
Adjustments related to interest rate swaps	—		—		—		—		1,557		1,557
Repurchase and retirement of common stock	(580)		(6)		—		(175,652)		—		(175,658)
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		(7,292)		(7,292)
Dividends and dividend equivalents
on common stock	—		—		—		(52,138)		—		(52,138)
Adjustment to fair value related to
noncontrolling interests	—		—		(641)		—		—		(641)
BALANCE, September 30, 2020	111,443	$	1,114	$	2,563,979	$	(6,177,879)	$	(873,612)	$	(4,486,398)

								Accumulated
	Class A			Additional				Other		Total
	Common Stock			Paid-In		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Capital		Deficit		Loss		Deficit
BALANCE, December 31, 2019	111,775	$	1,118	$	2,461,335	$	(5,560,695)	$	(568,765)	$	(3,667,007)
Net loss attributable to SBA
Communications Corporation	—		—		—		(81,678)		—		(81,678)
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	1,086		10		50,117		—		—		50,127
Non-cash stock compensation	—		—		53,038		—		—		53,038
Adjustments related to interest rate swaps	—		—		—		—		(114,366)		(114,366)
Repurchase and retirement of common stock	(1,418)		(14)		—		(378,974)		—		(378,988)
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		(190,481)		(190,481)
Dividends on common stock	—		—		—		(156,532)		—		(156,532)
Adjustment to fair value related to
noncontrolling interests	—		—		(511)		—		—		(511)
BALANCE, September 30, 2020	111,443	$	1,114	$	2,563,979	$	(6,177,879)	$	(873,612)	$	(4,486,398)

The accompanying condensed notes are an integral part of these consolidated financial statements.

‎

5

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) (in thousands)

	For the nine months ended September 30,
	2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	188,720	$	(82,139)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, accretion, and amortization		530,266		541,587
Loss on remeasurement of U.S. dollar denominated intercompany loans		42,582		299,913
Non-cash compensation expense		59,175		51,915
Non-cash asset impairment and decommission costs		17,935		28,675
Loss from extinguishment of debt		12,672		19,463
Deferred income tax benefit		(2,711)		(93,104)
Other non-cash items reflected in the Statements of Operations		58,725		28,700
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of
billings on uncompleted contracts, net		(6,371)		48,272
Prepaid expenses and other assets		(25,589)		(2,571)
Operating lease right-of-use assets, net		86,717		88,470
Accounts payable and accrued expenses		8,465		5,672
Accrued interest		(27,873)		(17,010)
Long-term lease liabilities		(83,885)		(75,199)
Other liabilities		32,502		40,264
Net cash provided by operating activities		891,330		882,908
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(1,187,754)		(199,899)
Capital expenditures		(90,407)		(95,371)
Purchase of investments		(755,530)		(1,288,267)
Proceeds from sale of investments		755,280		1,235,000
Other investing activities		589		(4,841)
Net cash used in investing activities		(1,277,822)		(353,378)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility		810,000		515,000
Repayments under Revolving Credit Facility		(1,190,000)		(1,005,000)
Proceeds from issuance of Senior Notes, net of fees		1,485,512		1,479,522
Repayment of Senior Notes		(757,500)		(759,143)
Proceeds from issuance of Tower Securities, net of fees		1,152,437		1,336,003
Repayment of Tower Securities		(760,000)		(1,200,000)
Repurchase and retirement of common stock		(284,343)		(378,988)
Payment of dividends on common stock		(190,456)		(156,199)
Proceeds from employee stock purchase/stock option plans, net of taxes		64,127		50,283
Termination of interest rate swap		—		(176,200)
Other financing activities		(21,165)		(19,528)
Net cash provided by (used in) financing activities		308,612		(314,250)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(10,529)		(20,427)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(88,409)		194,853
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period		342,808		141,120
End of period	$	254,399	$	335,973

The accompanying condensed notes are an integral part of these consolidated financial statements.

6

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) (in thousands)

	For the nine months ended September 30,
	2021		2020
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	298,589	$	298,140
Income taxes	$	20,153	$	14,061
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	27,691	$	21,785
Operating lease modifications and reassessments	$	21,829	$	23,811
Right-of-use assets obtained in exchange for new finance lease liabilities	$	1,765	$	893

The accompanying condensed notes are an integral part of these consolidated financial statements.

‎

7

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.BASIS OF PRESENTATION

The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2020 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While the Company believes that such estimates are fair when considered in conjunction with the consolidated financial statements and accompanying notes, the actual amounts, when known, may vary from these estimates.

Foreign Currency Translation

All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the Consolidated Statement of Shareholders’ Deficit.

For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Remeasurement gains and losses are reported as other income (expense), net in the Consolidated Statements of Operations.

Intercompany Loans Subject to Remeasurement

In accordance with Accounting Standards Codification (ASC) 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $45.0 million loss and a $25.4 million loss, net of taxes, on the remeasurement of intercompany loans for the three months ended September 30, 2021 and 2020, respectively, and a $28.4 million loss and a $198.6 million loss, net of taxes, on the remeasurement of intercompany loans for the nine months ended September 30, 2021 and 2020, respectively, due to changes in foreign exchange rates. During the nine months ended September 30, 2021, the Company repaid $149.9 million of the intercompany loans. As of September 30, 2021 and December 31, 2020, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $788.4 million and $909.8 million, respectively.

Reference Rate Reform

ASU 2020-04 and ASU 2021-01, Reference Rate Reform, provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. An entity may elect to apply the amendments prospectively through December 31, 2022. The ICE Benchmark Administration Limited (“IBA”) intends to cease the publication of USD LIBOR as follows: the 1 week and 2 month tenors on December 31, 2021 and all other tenors on June 30, 2023. On July 7, 2021, the Company amended its Credit Facility to provide mechanics relating to a transition away from LIBOR as a benchmark interest rate and the replacement of LIBOR by an alternative benchmark rate. Refer to Note 10 for further discussion of the Credit Facility. As of September 30, 2021, the Company has not modified any other contracts as a result of reference rate reform and is evaluating the impact this standard may have on its consolidated financial statements.

8

2.FAIR VALUE MEASUREMENTS

Items Measured at Fair Value on a Recurring Basis— The Company’s asset retirement obligations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Other long-term liabilities in the Consolidated Balance Sheets. The fair value of the asset retirement obligations is calculated using a discounted cash flow model.

Refer to Note 16 for discussion of the Company’s redeemable non-controlling interests.

Items Measured at Fair Value on a Nonrecurring Basis— The Company’s long-lived and intangible assets are measured at fair value on a nonrecurring basis using Level 3 inputs. The Company considers many factors and makes certain assumptions when making this assessment, including, but not limited to: general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. The fair value of the long-lived and intangible assets is calculated using a discounted cash flow model.

Asset impairment and decommission costs for all periods presented and the related impaired assets primarily relate to the Company’s site leasing operating segment. The following summarizes the activity of asset impairment and decommission costs (in thousands):

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2021		2020		2021		2020
Asset impairment (1)	$	8,323	$	7,132	$	13,691	$	23,565
Write-off of carrying value of decommissioned towers		1,130		1,187		3,718		4,626
Other (including third party decommission costs)		407		187		1,151		912
Total asset impairment and decommission costs	$	9,860	$	8,506	$	18,560	$	29,103

(1)Represents impairment charges resulting from the Company’s regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers.

The Company’s long-term investments were $48.7 million and $57.6 million as of September 30, 2021 and December 31, 2020, respectively, and are recorded in Other assets on the Consolidated Balance Sheets. Some of these investments provide for the Company to increase their investment in the future through call options exercisable by the Company and put options exercisable by the investee. These put and call options are recorded at fair market value. The estimation of the fair value of the investment involves the use of Level 3 inputs. The Company evaluates these investments for indicators of impairment. The Company considers impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the investment is below the carrying amount, the investment could be impaired.

Fair Value of Financial Instruments— The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the shorter maturity of these instruments. The Company’s estimate of its short-term investments is based primarily upon Level 1 reported market values. As of September 30, 2021 and December 31, 2020, the Company had $0.8 million and $0.7 million of short-term investments, respectively. For the nine months ended September 30, 2021, the Company purchased $755.4 million and sold $755.3 million of short-term investments. For the nine months ended September 30, 2020, the Company purchased and sold $1.2 billion of short-term investments.

The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the Company does not believe its credit risk has changed materially from the date the applicable Eurodollar Rate was set for the Revolving Credit Facility (112.5 to 150.0 basis points). Refer to Note 10 for the fair values, principal balances, and carrying values of the Company’s debt instruments.

For discussion of the Company’s derivatives and hedging activities, refer to Note 17.

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3.CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

The cash, cash equivalents, and restricted cash balances on the Consolidated Statements of Cash Flows consist of the following:

	As of		As of
	September 30, 2021		December 31, 2020		Included on Balance Sheet
	(in thousands)
Cash and cash equivalents	$	187,806	$	308,560
Securitization escrow accounts		62,939		31,507	Restricted cash - current asset
Payment and performance bonds		797		164	Restricted cash - current asset
Surety bonds and workers compensation		2,857		2,577	Other assets - noncurrent
Total cash, cash equivalents, and restricted cash	$	254,399	$	342,808

Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 10) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets.

Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of September 30, 2021 and December 31, 2020, the Company had $42.0 million and $41.8 million in surety and payment and performance bonds, respectively, for which no collateral was required to be posted. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of September 30, 2021 and December 31, 2020, the Company had also pledged $2.3 million as collateral related to its workers’ compensation policy.

4.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following:

	As of		As of
	September 30, 2021		December 31, 2020
	(in thousands)
Costs incurred on uncompleted contracts	$	70,938	$	54,949
Estimated earnings		27,599		21,778
Billings to date		(60,654)		(43,725)
	$	37,883	$	33,002

These amounts are included in the Consolidated Balance Sheets under the following captions:

	As of		As of
	September 30, 2021		December 31, 2020
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	40,860	$	34,796
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(2,977)		(1,794)
	$	37,883	$	33,002

As of September 30, 2021 and December 31, 2020, the eight largest customers comprised 98.2% and 99.4%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.

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5.PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETS

The Company’s prepaid expenses and other current assets are comprised of the following:

	As of		As of
	September 30, 2021		December 31, 2020
		(in thousands)
Prepaid real estate taxes	$	4,562	$	3,153
Prepaid taxes		10,146		8,121
Other current assets		20,602		12,601
Total prepaid expenses and other current assets	$	35,310	$	23,875

The Company’s other assets are comprised of the following:

	As of		As of
	September 30, 2021		December 31, 2020
		(in thousands)
Straight-line rent receivable	$	340,078	$	321,816
Interest rate swap asset (1)		36,710		12,123
Loan receivables		5,387		5,931
Deferred lease costs, net		5,294		4,788
Deferred tax asset - long term		51,331		53,722
Long-term investments		48,719		57,575
Other		26,506		22,037
Total other assets	$	514,025	$	477,992

(1)Refer to Note 17 for more information on the Company’s interest rate swaps.

6.ACQUISITIONS

The following table summarizes the Company’s acquisition activity:

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2021		2020		2021		2020
	(in thousands)
Acquisitions of towers and related intangible assets (1)	$	48,255	$	21,895	$	217,140	$	121,319
Acquisition of right-of-use assets (2)		694		—		948,392		—
Land buyouts and other assets (3)		8,954		58,969		22,222		78,580
Total cash acquisition capital expenditures	$	57,903	$	80,864	$	1,187,754	$	199,899

(1)The nine months ended September 30, 2021 includes $77.1 million of acquisitions completed during the fourth quarter of 2020 which were not funded until the first quarter of 2021.

(2)During the nine months ended September 30, 2021, the Company acquired the exclusive right to lease and operate 710 utility transmission structures, which included existing wireless tenant licenses from PG&E for $969.9 million. The difference between the agreed upon purchase price of $969.9 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 70 years.

(3)In addition, the Company paid $4.1 million and $2.3 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended September 30, 2021 and 2020, respectively, and paid $11.3 million and $5.9 million for ground lease extensions and term easements on land underlying the Company’s towers during the nine months ended September 30, 2021 and 2020, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

During the nine months ended September 30, 2021, in addition to the acquisition of right-of-use assets, the Company allocated the purchase price of 222 acquired towers and related assets and liabilities consisting of $15.2 million of property and

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equipment, $111.0 million of intangible assets, and $13.9 million of other net assets and liabilities assumed. In the nine months ended September 30, 2021, all acquisitions were accounted for as asset acquisitions.

Subsequent to September 30, 2021, the Company purchased or is under contract to purchase approximately 1,700 communication sites for an aggregate consideration of approximately $231.0 million in cash, including approximately 1,400 sites for approximately $175.0 million in cash relating to the previously announced deal to acquire towers from Airtel Tanzania.

The maximum potential obligation related to contingent consideration for acquisitions were $14.8 million and $35.0 million as of September 30, 2021 and December 31, 2020, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheet.

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

	As of		As of
	September 30, 2021		December 31, 2020
	(in thousands)
Towers and related components	$	5,288,343	$	5,213,019
Construction-in-process (1)		38,754		38,065
Furniture, equipment, and vehicles		57,330		54,610
Land, buildings, and improvements		839,107		818,272
Total property and equipment		6,223,534		6,123,966
Less: accumulated depreciation		(3,643,272)		(3,446,640)
Property and equipment, net	$	2,580,262	$	2,677,326

(1)Construction-in-process represents costs incurred related to towers and other assets that are under development and will be used in the Company’s site leasing operations.

Depreciation expense was $66.2 million and $71.8 million for the three months ended September 30, 2021 and 2020, respectively, and $206.0 million and $215.0 million for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021 and December 31, 2020, unpaid capital expenditures that are included in accounts payable and accrued expenses were $7.2 million and $6.1 million, respectively.

8.INTANGIBLE ASSETS, NET

The following table provides the gross and net carrying amounts for each major class of intangible assets:

	As of September 30, 2021						As of December 31, 2020
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	4,907,015	$	(2,686,939)	$	2,220,076	$	4,876,880	$	(2,471,438)	$	2,405,442
Network location intangibles		1,785,135		(1,098,356)		686,779		1,770,944		(1,020,236)		750,708
Intangible assets, net	$	6,692,150	$	(3,785,295)	$	2,906,855	$	6,647,824	$	(3,491,674)	$	3,156,150

All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $100.3 million and $108.2 million for the three months ended September 30, 2021 and 2020, respectively, and $313.2 million and $326.2 million for the nine months ended September 30, 2021 and 2020, respectively.

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9.ACCRUED EXPENSES

The Company’s accrued expenses are comprised of the following:

	As of		As of
	September 30, 2021		December 31, 2020
	(in thousands)
Salaries and benefits	$	23,453	$	20,958
Real estate and property taxes		10,501		9,583
Unpaid capital expenditures		7,179		6,073
Other		28,840		26,417
Total accrued expenses	$	69,973	$	63,031

10.DEBT

The principal values, fair values, and carrying values of debt consist of the following (in thousands):

		As of						As of
		September 30, 2021						December 31, 2020
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility (1)	Jul. 7, 2026	$	—	$	—	$	—	$	380,000	$	380,000	$	380,000
2018 Term Loan	Apr. 11, 2025		2,322,000		2,301,683		2,309,857		2,340,000		2,310,750		2,325,391
2013-2C Tower Securities (2)(3)	Apr. 11, 2023		575,000		586,420		572,993		575,000		599,662		572,063
2014-2C Tower Securities (2)	Oct. 8, 2024		620,000		649,097		616,851		620,000		670,003		616,131
2017-1C Tower Securities (2)	Apr. 11, 2022		—		—		—		760,000		774,410		757,165
2018-1C Tower Securities (2)	Mar. 9, 2023		640,000		654,970		637,364		640,000		671,341		636,045
2019-1C Tower Securities (2)	Jan. 12, 2025		1,165,000		1,186,366		1,156,854		1,165,000		1,218,613		1,155,106
2020-1C Tower Securities (2)	Jan. 9, 2026		750,000		754,163		743,700		750,000		752,910		742,782
2020-2C Tower Securities (2)	Jan. 11, 2028		600,000		609,546		594,574		600,000		597,840		594,081
2021-1C Tower Securities (2)	Nov. 9, 2026		1,165,000		1,160,503		1,153,249		—		—		—
2016 Senior Notes (4)	Sep. 1, 2024		1,100,000		1,113,761		1,091,027		1,100,000		1,127,500		1,088,924
2017 Senior Notes	Oct. 1, 2022		—		—		—		750,000		757,500		746,642
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,553,505		1,483,487		1,500,000		1,567,500		1,481,466
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,455,000		1,486,580		—		—		—
Total debt		$	11,937,000	$	12,025,014	$	11,846,536	$	11,180,000	$	11,428,029	$	11,095,796
Less: current maturities of long-term debt							(24,000)						(24,000)
Total long-term debt, net of current maturities						$	11,822,536					$	11,071,796

(1)On July 7, 2021, the Company amended its Revolving Credit Facility to extend the maturity date to July 7, 2026 as well as amend certain other terms and conditions under the Senior Credit Agreement. As of the date of this filing, $70.0 million was outstanding under the Revolving Credit Facility. For further discussion of the amendments, refer to “Revolving Credit Facility under the Senior Credit Agreement” below.

(2)The maturity date represents the anticipated repayment date for each issuance.

(3)On October 14, 2021, the Company repaid the entire aggregate principal amount of the 2013-2C Tower Securities. For further discussion, refer to “Secured Tower Revenue Securities” below.

(4) On October 27, 2021, the Company issued the 2021-2C Tower Securities and the 2021-3C Tower Securities. Net proceeds from this offering were used to repay amounts outstanding under the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes. For further discussion, refer to “Secured Tower Revenue Securities” and “Senior Notes” below.

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The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

	Interest	For the three months ended September 30,								For the nine months ended September 30,
	Rates as of	2021				2020				2021				2020
	September 30,	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	2021	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest
		(in thousands)
Revolving Credit Facility	1.573%	$	996	$	—	$	711	$	—	$	4,717	$	—	$	5,086	$	—
2018 Term Loan (1)	1.868%		11,156		11,441		14,536		7,962		33,220		34,314		57,688		12,014
2013-2C Tower Securities (2)	3.722%		5,396		—		5,396		—		16,188		—		16,188		—
2014-2C Tower Securities	3.869%		6,046		—		6,046		—		18,138		—		18,138		—
2015-1C Tower Securities	3.156%		—		—		620		—		—		—		8,589		—
2016-1C Tower Securities	2.877%		—		—		792		—		—		—		10,972		—
2017-1C Tower Securities	3.168%		—		—		6,096		—		9,201		—		18,269		—
2018-1C Tower Securities	3.448%		5,570		—		5,570		—		16,711		—		16,711		—
2019-1C Tower Securities	2.836%		8,357		—		8,357		—		25,072		—		25,072		—
2020-1C Tower Securities	1.884%		3,598		—		3,077		—		10,793		—		3,077		—
2020-2C Tower Securities	2.328%		3,540		—		3,028		—		10,619		—		3,028		—
2021-1C Tower Securities	1.631%		4,850		—		—		—		7,401		—		—		—
2014 Senior Notes	4.875%		—		—		—		—		—		—		3,352		112
2016 Senior Notes (3)	4.875%		13,406		293		13,406		279		40,219		869		40,219		826
2017 Senior Notes	4.000%		—		—		7,500		—		2,333		—		22,500		—
2020 Senior Notes	3.875%		14,531		86		14,531		82		43,594		253		32,238		114
2021 Senior Notes	3.125%		11,719		—		—		—		31,510		—		—		—
Other			34		—		125		—		123		—		202		—
Total (3)		$	89,199	$	11,820	$	89,791	$	8,323	$	269,839	$	35,436	$	281,329	$	13,066

(1)The 2018 Term Loan has a blended rate of 1.868%, which includes the impact of the interest rate swap entered into on August 4, 2020, which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 1.840% as of September 30, 2021. Refer to Note 17 for more information on the Company’s interest rate swap.

(2)On October 14, 2021, the Company repaid the entire aggregate principal amount of the 2013-2C Tower Securities. For further discussion, refer to “Secured Tower Revenue Securities” below.

(3)On October 27, 2021, the Company issued the 2021-2C Tower Securities and the 2021-3C Tower Securities accruing interest at 1.840% and 2.593%, respectively. Net proceeds from this offering were used to repay amounts outstanding under the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes. For further discussion, refer to “Secured Tower Revenue Securities” and “Senior Notes” below.

Revolving Credit Facility under the Senior Credit Agreement

On July 7, 2021, the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC, amended its Revolving Credit Facility to (1) increase the total commitments under the Facility from $1.25 billion to $1.5 billion, (2) extend the maturity date of the Facility to July 7, 2026, (3) lower the applicable interest rate margins and commitment fees under the Facility, (4) provide mechanics relating to a transition away from LIBOR as a benchmark interest rate and the replacement of LIBOR by an alternative benchmark rate, (5) incorporate sustainability-linked targets which will adjust the Facility’s applicable interest and commitment fee rates upward or downward based on how the Company performs against those targets, and (6) amend certain other terms and conditions under the Senior Credit Agreement. As amended, the Revolving Credit Facility consists of a revolving loan under which up to $1.5 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (1) the Eurodollar Rate plus a margin that ranges from 112.5 basis points to 150.0 basis points or (2) the Base Rate plus a margin that ranges from 12.5 basis points to 50.0 basis points, in each case based on the ratio of Consolidated Net Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of between 0.15% and 0.25% per annum on the amount of unused commitment.

During the three months ended September 30, 2021, the Company repaid $85.0 million of the outstanding balance under the Revolving Credit Facility. During the nine months ended September 30, 2021, the Company borrowed $810.0 million and repaid $1.2 billion of the outstanding balance under the Revolving Credit Facility. As of September 30, 2021, there was no balance outstanding

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under the Revolving Credit Facility. In addition, SBA Senior Finance II LLC, the Company’s wholly owned subsidiary (“SBA Senior Finance II”) was required to pay a commitment fee of 0.25% per annum on the amount of the unused commitment. As of September 30, 2021, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Subsequent to September 30, 2021, the Company borrowed $825.0 million and repaid $755.0 million of the outstanding balance under the Revolving Credit Facility. As of the date of this filing, $70.0 million was outstanding under the Revolving Credit Facility.

Term Loan under the Senior Credit Agreement

During the three and nine months ended September 30, 2021, the Company repaid an aggregate of $6.0 million and $18.0 million, respectively, of principal on the 2018 Term Loan. As of September 30, 2021, the 2018 Term Loan had a principal balance of $2.3 billion.

Secured Tower Revenue Securities

2021-1C Tower Securities

On May 14, 2021, the Company, through a New York common law trust (the “Trust”), issued $1.165 billion of Secured Tower Revenue Securities Series 2021-1C which have an anticipated repayment date of November 9, 2026 and a final maturity date of May 9, 2051 (the “2021-1C Tower Securities”). The fixed interest rate on the 2021-1C Tower Securities is 1.631% per annum, payable monthly. Net proceeds from this offering were used to repay the entire aggregate principal amount of the 2017-1C Tower Securities ($760.0 million) and the Secured Tower Revenue Securities, Series 2017-1R ($40.0 million) and for general corporate purposes. The Company has incurred deferred financing fees of $12.6 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2021-1C Tower Securities.

In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), SBA Guarantor, LLC, a wholly owned subsidiary, purchased $61.4 million of Secured Tower Revenue Securities Series 2021-1R issued by the Trust. These securities have an anticipated repayment date of November 9, 2026 and a final maturity date of May 9, 2051 (the “2021-1R Tower Securities”). The fixed interest rate on the 2021-1R Tower Securities is 3.625% per annum, payable monthly. Principal and interest payments made on the 2021-1R Tower Securities eliminate in consolidation.

2013-2C Tower Securities

On October 14, 2021, the Company repaid the entire aggregate principal amount of the 2013-2C Tower Securities ($575.0 million) which had an anticipated repayment date of April 11, 2023 using proceeds from the Revolving Credit Facility. Additionally, the Company expensed $2.0 million of deferred financing fees and accrued interest related to the repayment of the 2013-2C Tower Securities, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

2021-2C Tower Securities and 2021-3C Tower Securities

On October 27, 2021, the Company, through the Trust, issued $895.0 million of 1.840% Secured Tower Revenue Securities Series 2021-2C which have an anticipated repayment date of April 9, 2027 and a final maturity date of October 10, 2051 (the “2021-2C Tower Securities”) and $895.0 million of 2.593% Secured Tower Revenue Securities Series 2021-3C which have an anticipated repayment date of October 9, 2031 and a final maturity date of October 10, 2056 (the “2021-3C Tower Securities”). The aggregate $1.79 billion of 2021-2C Tower Securities and 2021-3C Tower Securities have a blended interest rate of 2.217% and a weighted average life through the anticipated repayment date of 7.8 years.

Net proceeds from this offering were used to repay amounts outstanding on the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes ($1.1 billion) and to pay all premiums and costs associated with such redemption. The Company has incurred deferred financing fees of $18.3 million in relation to this transaction, which are being amortized through the anticipated repayment dates of the 2021-2C Tower Securities and 2021-3C Tower Securities.

In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased $94.3 million of Secured Tower Revenue Securities Series 2021-3R issued by

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the Trust. These securities have an anticipated repayment date of October 9, 2031 and a final maturity date of October 10, 2056 (the “2021-3R Tower Securities”). The fixed interest rate on the 2021-3R Tower Securities is 4.090% per annum, payable monthly. Principal and interest payments made on the 2021-3R Tower Securities eliminate in consolidation.

As of September 30, 2021, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers.

Senior Notes

2021 Senior Notes

On January 29, 2021, the Company issued $1.5 billion of unsecured senior notes due February 1, 2029 at par value (the “2021 Senior Notes”). The 2021 Senior Notes accrue interest at a rate of 3.125% per annum. Interest on the 2021 Senior Notes is due semi-annually on February 1 and August 1 of each year, beginning on August 1, 2021. The Company incurred financing fees of $14.5 million to date in relation to this transaction, which are being amortized through the maturity date. Net proceeds from this offering were used to redeem all of the outstanding principal amount of the 2017 Senior Notes, repay the amounts outstanding under the Revolving Credit Facility, and for general corporate purposes.

The 2021 Senior Notes are subject to redemption in whole or in part on or after February 1, 2024 at the redemption prices set forth in the indenture agreement plus accrued and unpaid interest. Prior to February 1, 2024, the Company may, at its option, redeem up to 35% of the aggregate principal amount of the 2021 Senior Notes originally issued at a redemption price of 103.125% of the principal amount of the 2021 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest with the net proceeds of certain equity offerings. The Company may redeem the 2021 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: February 1, 2024 at 101.563%, February 1, 2025 at 100.781%, or February 1, 2026 until maturity at 100.000%, of the principal amount of the 2021 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest.

2017 Senior Notes

On February 11, 2021, the Company redeemed the entire $750.0 million balance of the 2017 Senior Notes with proceeds from the 2021 Senior Notes. In addition, the Company paid a $7.5 million call premium and expensed $4.2 million for the write-off of financing fees related to the redemption of the 2017 Senior Notes, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

11.SHAREHOLDERS’ EQUITY

Common Stock Equivalents

The Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 15).

Registration of Additional Shares

On February 26, 2021, the Company filed with the Securities and Exchange Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3, which enables the Company to issue shares of its Class A common stock, preferred stock, debt securities, warrants, or depositary shares as well as units that include any of these securities. The Company will file a prospectus supplement containing the amount and type of securities each time it issues securities using its automatic shelf registration statement on Form S-3. No securities were issued under this automatic shelf registration statement through the date of this filing.

Stock Repurchases

The Company’s Board of Directors authorizes the Company to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by the Company’s

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Board of Directors at any time in its sole discretion. Shares repurchased are retired. On October 28, 2021, the Company’s Board of Directors authorized a new $1.0 billion stock repurchase plan, replacing the prior plan authorized on November 2, 2020, which had a remaining authorization of $125.1 million. As of the date of this filing, the Company had the full $1.0 billion of authorization remaining under the new plan.

The following is a summary of the Company’s share repurchases:

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2021		2020		2021		2020
Total number of shares purchased (in millions) (1)		0.4		0.6		1.1		1.4
Average price paid per share (1)	$	340.70	$	302.63	$	291.48	$	267.57
Total price paid (in millions) (1)	$	150.0	$	175.6	$	318.9	$	375.6

Subsequent to September 30, 2021, the Company made the following share repurchases:

Total number of shares purchased (in millions) (1)		0.6
Average price paid per share (1)	$	332.72
Total price paid (in millions) (1)	$	200.0

(1)Amounts reflected are based on the trade date and differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.

Dividends

For the nine months ended September 30, 2021, the Company paid the following cash dividends:

	Payable to Shareholders
	of Record at the Close	Cash Paid	Aggregate Amount
Date Declared	of Business on	Per Share	Paid	Date Paid
February 19, 2021	March 10, 2021	$0.58	$63.4 million	March 26, 2021
April 26, 2021	May 20, 2021	$0.58	$63.4 million	June 15, 2021
August 1, 2021	August 26, 2021	$0.58	$63.6 million	September 23, 2021

Dividends paid in 2021 and 2020 were ordinary income.

Subsequent to September 30, 2021, the Company declared the following cash dividends:

	Payable to Shareholders	Cash to
	of Record at the Close	be Paid
Date Declared	of Business on	Per Share	Date to be Paid
November 1, 2021	November 18, 2021	$0.58	December 16, 2021

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12.STOCK-BASED COMPENSATION

Stock Options

The following table summarizes the Company’s activities with respect to its stock option plans for the nine months ended September 30, 2021 as follows (dollars and shares in thousands, except for per share data):

		Weighted-		Weighted-Average
		Average		Remaining
	Number	Exercise Price		Contractual	Aggregate
	of Shares	Per Share		Life (in years)	Intrinsic Value
Outstanding at December 31, 2020	3,202	$	143.01
Exercised	(542)	$	127.11
Forfeited/canceled	(13)	$	179.67
Outstanding at September 30, 2021	2,647	$	146.08	3.1	$	488,077
Exercisable at September 30, 2021	1,913	$	134.67	2.7	$	374,680
Unvested at September 30, 2021	734	$	175.84	4.2	$	113,397

The total intrinsic value for options exercised during the nine months ended September 30, 2021 was $107.9 million.

Restricted Stock Units and Performance-Based Restricted Stock Units

The following table summarizes the Company’s RSU and PSU activity for the nine months ended September 30, 2021:

	RSUs			PSUs
		Weighted-Average			Weighted-Average
	Number of	Grant Date Fair		Number of	Grant Date Fair
	Shares	Value per Share		Shares	Value per Share
	(in thousands)			(in thousands)
Outstanding at December 31, 2020 (1)	274	$	206.48	148	$	376.48
Granted (1)	107	$	240.07	154	$	236.70
Vested	(128)	$	187.29	—	$	—
Forfeited/canceled	(8)	$	234.45	(5)	$	340.32
Outstanding at September 30, 2021	245	$	230.28	297	$	304.47

(1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.

13.INCOME TAXES

The primary reasons for the difference between the Company’s effective tax rate and the U.S. statutory rate are the Company’s REIT election and the Company’s full valuation allowance on the net deferred tax assets of the U.S. taxable REIT subsidiary (“TRS”). The TRS has concluded that it is more likely than not that its deferred tax assets will not be realized and has recorded a full valuation allowance. A foreign tax provision is recognized because certain foreign subsidiaries of the Company have profitable operations or are in a net deferred tax liability position.

The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2016. As a REIT, the Company generally will be entitled to a deduction for dividends that it pays, and therefore, not subject to U.S. federal corporate income tax on that portion of its net income that it distributes to its shareholders. As a REIT, the Company will continue to pay U.S. federal income tax on earnings, if any, from assets and operations held through its TRSs. These assets and operations currently consist primarily of the Company’s site development services and its international operations. The Company’s international operations would continue to be subject, as applicable, to foreign taxes in the jurisdictions in which those operations are located. The Company may also be subject to a variety of taxes, including payroll taxes and state, local, and foreign income, property, and other taxes on its assets and operations. The Company’s determination as to the timing and amount of future dividend distributions will be based on a number of factors, including REIT distribution requirements, its existing federal net operating losses (“NOLs”) of approximately $654.7 million as of December 31, 2020, the Company’s financial condition, earnings, debt covenants, and other possible uses of such funds. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized.

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14.SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region.

Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total
For the three months ended September 30, 2021	(in thousands)
Revenues	$	426,758	$	108,734	$	53,813	$	—	$	589,305
Cost of revenues (1)		65,260		33,406		41,357		—		140,023
Operating profit		361,498		75,328		12,456		—		449,282
Selling, general, and administrative expenses		27,983		9,272		4,791		8,954		51,000
Acquisition and new business initiatives
related adjustments and expenses		2,911		2,819		—		—		5,730
Asset impairment and decommission costs		6,113		3,747		—		—		9,860
Depreciation, amortization and accretion		123,705		45,035		565		1,611		170,916
Operating income (loss)		200,786		14,455		7,100		(10,565)		211,776
Other expense (principally interest
expense and other expense)								(174,812)		(174,812)
Income before income taxes										36,964
Cash capital expenditures (2)		39,062		51,897		221		1,755		92,935
For the three months ended September 30, 2020
Revenues	$	390,961	$	95,804	$	36,175	$	—	$	522,940
Cost of revenues (1)		64,228		28,494		28,797		—		121,519
Operating profit		326,733		67,310		7,378		—		401,421
Selling, general, and administrative expenses		25,466		8,747		4,518		9,421		48,152
Acquisition and new business initiatives
related adjustments and expenses		2,458		1,666		—		—		4,124
Asset impairment and decommission costs		6,129		2,377		—		—		8,506
Depreciation, amortization and accretion		135,350		42,851		578		1,523		180,302
Operating income (loss)		157,330		11,669		2,282		(10,944)		160,337
Other expense (principally interest
expense and other expense)								(147,102)		(147,102)
Income before income taxes										13,235
Cash capital expenditures (2)		89,982		17,971		127		1,176		109,256

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	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total
For the nine months ended September 30, 2021	(in thousands)
Revenues	$	1,249,291	$	315,523	$	148,882	$	—	$	1,713,696
Cost of revenues (1)		194,455		95,055		116,172		—		405,682
Operating profit		1,054,836		220,468		32,710		—		1,308,014
Selling, general, and administrative expenses		85,240		26,553		14,574		30,179		156,546
Acquisition and new business initiatives
related adjustments and expenses		10,839		6,686		—		—		17,525
Asset impairment and decommission costs		12,674		5,740		—		146		18,560
Depreciation, amortization and accretion		390,730		132,900		1,727		4,909		530,266
Operating income (loss)		555,353		48,589		16,409		(35,234)		585,117
Other expense (principally interest
expense and other expense)								(380,903)		(380,903)
Income before income taxes										204,214
Cash capital expenditures (2)		1,186,791		87,572		1,812		3,751		1,279,926
For the nine months ended September 30, 2020
Revenues	$	1,165,322	$	296,201	$	85,708	$	—	$	1,547,231
Cost of revenues (1)		192,226		87,894		68,417		—		348,537
Operating profit		973,096		208,307		17,291		—		1,198,694
Selling, general, and administrative expenses		78,021		25,713		13,468		29,654		146,856
Acquisition and new business initiatives
related adjustments and expenses		8,059		4,498		—		—		12,557
Asset impairment and decommission costs		22,297		6,806		—		—		29,103
Depreciation, amortization and accretion		403,725		131,474		1,791		4,597		541,587
Operating income (loss)		460,994		39,816		2,032		(34,251)		468,591
Other expense (principally interest
expense and other expense)								(626,873)		(626,873)
Loss before income taxes										(158,282)
Cash capital expenditures (2)		229,795		61,605		1,191		3,572		296,163

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (3)		Total
Assets	(in thousands)
As of September 30, 2021	$	6,638,499	$	2,768,258	$	79,432	$	181,893	$	9,668,082
As of December 31, 2020	$	5,893,636	$	2,955,563	$	61,729	$	247,090	$	9,158,018

(1)Excludes depreciation, amortization, and accretion.

(2)Includes cash paid for capital expenditures, acquisitions, and right-of-use assets.

(3)Assets in Other consist primarily of general corporate assets and short-term investments.

For the nine months ended September 30, 2021 and 2020, site leasing revenue in Brazil was $174.5 million and $167.8 million, respectively. Other than Brazil, no foreign country represented a material amount of the Company’s total revenues in any of the periods presented. Total long-lived assets in Brazil were $0.9 billion and $1.0 billion as of September 30, 2021 and December 31, 2020, respectively.

15.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income (loss) attributable to SBA Communications Corporation by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income (loss) attributable to SBA Communications Corporation by the weighted-average number of shares of Common Stock outstanding adjusted for any dilutive Common Stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method.

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The following table sets forth basic and diluted net income (loss) per common share attributable to common shareholders for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share data):

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2021		2020		2021		2020
Numerator:
Net income (loss) attributable to SBA
Communications Corporation	$	47,798	$	22,568	$	188,720	$	(81,678)
Denominator:
Basic weighted-average shares outstanding		109,577		111,783		109,487		111,809
Dilutive impact of stock options, RSUs, and PSUs		1,988		1,920		1,842		—
Diluted weighted-average shares outstanding		111,565		113,703		111,329		111,809
Net income (loss) per common share attributable to SBA
Communications Corporation:
Basic	$	0.44	$	0.20	$	1.72	$	(0.73)
Diluted	$	0.43	$	0.20	$	1.70	$	(0.73)

For the three months ended September 30, 2021 and 2020 and for the nine months ended September 30, 2021, the diluted weighted average number of common shares outstanding excluded an immaterial number of shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.

For the nine months ended September 30, 2020, all potential common stock equivalents, including 3.2 million shares underlying stock options outstanding, 0.3 million shares underlying RSUs outstanding, and 0.1 million shares underlying PSUs outstanding, were excluded as the effect would be anti-dilutive.

16. REDEEMABLE NONCONTROLLING INTERESTS

As a result of its acquisition of additional interests of a previously unconsolidated joint venture in South Africa which operated under the name Atlas Tower South Africa (“Atlas SA”), the Company has consolidated the results of the entity into its financial statements since August 2019. In connection with the acquisition of the additional interest in Atlas SA, the parties agreed to both a put option exercisable by the noncontrolling interest holder and a call option exercisable by the Company for the remaining 6% minority interest based on a formulaic approach. During the third quarter of 2020, the Company noticed its intent to exercise its call option to acquire its remaining 6% interest in the joint venture. On March 25, 2021, the Company remitted $13.7 million to the seller as closing consideration for the remaining 6% interest in the joint venture, subject to an earnout in September 2021 based on the attainment of certain future performance metrics. The parties are currently in litigation regarding various issues arising in connection with the closing of the transaction. Consequently, the Company is retaining the fair value of the acquired 6% noncontrolling interest in Redeemable Noncontrolling Interests until such time as the litigation is resolved.

The fair value assigned to the redeemable noncontrolling interest as of September 30, 2021 is based on the contractually-defined redemption value, which was delivered as closing consideration for the remaining 6% interest. In accordance with the terms of the call option, the amount of closing consideration was fixed upon exercise of the call option. The Company allocates income and losses to the noncontrolling interest holder based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the higher of (1) the initial carrying amount of the noncontrolling interest as adjusted for accumulated income or loss attributable to the noncontrolling interest holder, or (2) the contractually-defined redemption value as of the balance sheet date. Adjustments to the carrying amount of redeemable noncontrolling interest are charged against retained earnings (or additional paid-in capital if there are no retained earnings). For the nine months ended September 30, 2021, the loss attributable to the 6% interest was immaterial.

17.DERIVATIVES AND HEDGING ACTIVITIES

The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. On August 4, 2020, the Company, through its wholly owned subsidiary, SBA Senior Finance II, terminated its existing $1.95 billion cash flow hedge on a portion of its 2018 Term Loan in exchange for a payment of $176.2 million. On the same date, the Company entered into an interest rate swap for $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. The Company designated this interest rate swap as a cash flow hedge as it is expected to be highly effective at offsetting changes in cash flows of the LIBOR based component interest payments of its 2018 Term Loan. As of September 30, 2021, the hedge remains highly effective; therefore, subsequent changes in the fair value are recorded in Accumulated other

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comprehensive loss, net. As of September 30, 2021 and December 31, 2020, the interest rate swap has a fair value of $36.7 million and $12.1 million, respectively, and is recorded in Other assets on the Consolidated Balance Sheets.

On August 4, 2020, the Company also terminated its existing interest rate swaps, which were previously de-designated as cash flow hedges. There was no cash transferred in connection with the termination of these swaps. The Company reclassifies the fair value of its interest rate swaps recorded in Accumulated other comprehensive loss, net on their de-designation date to non-cash interest expense on the Consolidated Statements of Operations over their respective remaining term end dates, which range from 2023 to 2025.

Accumulated other comprehensive loss, net includes an aggregate of $82.7 million and $140.9 million of accumulated derivative net losses as of September 30, 2021 and December 31, 2020, respectively.

The Company is exposed to counterparty credit risk to the extent that a counterparty fails to meet the terms of a contract. The Company’s exposure is limited to the current value of the contract at the time the counterparty fails to perform.

The cash flows associated with these activities are reported in Net cash provided by operating activities on the Consolidated Statements of Cash Flows with the exception of the termination of interest rate swaps, which are recorded in Net cash used in financing activities.

The table below outlines the effects of the Company’s derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit for the three and nine month periods ended September 30, 2021 and 2020.

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2021		2020		2021		2020
Cash Flow Hedge - Interest Rate Swap Agreement	(in thousands)
Change in fair value recorded in Accumulated other comprehensive loss, net	$	(1,324)	$	(7,252)	$	24,586	$	(132,460)
Amount recognized in Non-cash interest expense	$	—	$	(1,062)	$	—	$	(6,707)
Derivatives Not Designated as Hedges - Interest Rate Swap Agreements
Amount reclassified from Accumulated other comprehensive
loss, net into Non-cash interest expense	$	11,222	$	8,809	$	33,665	$	18,094
Change in fair value recorded in Other income (expense), net	$	—	$	(3,192)	$	—	$	—

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” or “sites.” Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America, Canada, and South Africa. Our primary business line is our site leasing business, which contributed 97.5% of our total segment operating profit for the nine months ended September 30, 2021. In our site leasing business, we (1) lease antenna space to wireless service providers on towers that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of September 30, 2021, we owned 34,072 towers, a substantial portion of which have been built by us or built by other tower owners or operators who, like us, have built such towers to lease space to multiple wireless service providers. Our other business line is our site development business, through which we assist wireless service providers in developing and maintaining their own wireless service networks.

Site Leasing

Our primary focus is the leasing of antenna space on our multi-tenant towers to a variety of wireless service providers under long-term lease contracts in the United States, South America, Central America, Canada, and South Africa. As of September 30, 2021, no U.S. state or territory accounted for more than 10% of our total tower portfolio by tower count, and no U.S. state or territory accounted for more than 10% of our total revenues for the nine months ended September 30, 2021. In addition, as of September 30, 2021, approximately 30% of our total towers are located in Brazil and no other international markets (each country is considered a market) represented more than 4% of our total towers. We derive site leasing revenues primarily from wireless service provider tenants, including T-Mobile, AT&T, Verizon Wireless, Oi S.A., Telefonica, Claro, Tigo, and TIM. Wireless service providers enter into tenant leases with us, each of which relates to the lease or use of space at an individual site. In the United States and Canada, our

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tenant leases are generally for an initial term of five years to 10 years with multiple renewal periods at the option of the tenant. These tenant leases typically contain specific rent escalators, which average 3-4% per year, including the renewal option periods. Tenant leases in South Africa and our Central and South American markets typically have an initial term of 10 years with multiple renewal periods. In Central America, we have similar rent escalators to that of leases in the United States and Canada while our leases in South America and South Africa escalate in accordance with a standard cost of living index. Site leases in South America typically provide for a fixed rental amount and a pass through charge for the underlying rent related to ground leases and other property interests.

Cost of site leasing revenue primarily consists of:

Cash and non-cash rental expense on ground leases and other underlying property interests;

Property taxes;

Site maintenance and monitoring costs (exclusive of employee related costs);

Utilities;

Property insurance; and

Lease initial direct cost amortization.

In the United States and our international markets, ground leases and other property interests are generally for an initial term of five years to 10 years with multiple renewal periods, at our option, and provide for rent escalators which typically average 2-3% annually, or in our South American markets and South Africa, adjust in accordance with a standard cost of living index. As of September 30, 2021, approximately 72% of our tower structures were located on parcels of land that we own, land subject to perpetual easements, or parcels of land in which we have a leasehold interest that extends beyond 20 years. For any given tower, costs are relatively fixed over a monthly or an annual time period. As such, operating costs for owned towers do not generally increase as a result of adding additional customers to the tower. The amount of property taxes varies from site to site depending on the taxing jurisdiction and the height and age of the tower. The ongoing maintenance requirements are typically minimal and include replacing lighting systems, painting a tower, or upgrading or repairing an access road or fencing.

In our Central American markets and Ecuador, significantly all of our revenue, expenses, and capital expenditures arising from our new build activities are denominated in U.S. dollars. Specifically, most of our ground leases and other property interests, tenant leases, and tower-related expenses are paid in U.S. dollars. In our Central American markets, our local currency obligations are principally limited to (1) permitting and other local fees, (2) utilities, and (3) taxes. In Brazil, Canada, Chile, and South Africa significantly all of our revenue, expenses, and capital expenditures, including tenant leases, ground leases and other property interests, and other tower-related expenses are denominated in local currency. In Colombia, Argentina, and Peru, our revenue, expenses, and capital expenditures, including tenant leases, ground leases and other property interests, and other tower-related expenses are denominated in a mix of local currency and U.S. dollars.

As indicated in the table below, our site leasing business generates substantially all of our total segment operating profit. For information regarding our operating segments, see Note 14 of our condensed notes to consolidated financial statements included in this quarterly report.

	For the three months ended				For the nine months ended
Segment operating profit as a percentage of	September 30,				September 30,
total operating profit	2021		2020		2021		2020
Domestic site leasing		80.5%		81.4%		80.6%		81.2%
International site leasing		16.7%		16.8%		16.9%		17.4%
Total site leasing		97.2%		98.2%		97.5%		98.6%

We believe that the site leasing business continues to be attractive due to its long-term contracts, built-in rent escalators, high operating margins, and low customer churn (which refers to when a customer does not renew its lease or cancels its lease prior to the end of its term) other than in connection with customer consolidation or cessation of a particular technology. We believe that over the long-term, site leasing revenues will continue to grow as wireless service providers lease additional antenna space on our towers due to increasing minutes of network use and data transfer, network expansion and network coverage requirements. During the remainder of 2021, we expect organic site leasing revenue in both our domestic and international segments to increase over 2020 levels due in part to wireless carriers deploying unused spectrum. We believe our site leasing business is characterized by stable and long-term recurring revenues, predictable operating costs and minimal non-discretionary capital expenditures. Due to the relatively young age and mix of our tower portfolio, we expect future expenditures required to maintain these towers to be minimal. Consequently, we expect to grow our cash flows by (1) adding tenants to our towers at minimal incremental costs by using existing tower capacity or requiring wireless service providers to bear all or a portion of the cost of tower modifications and (2) executing monetary amendments as wireless service providers add or upgrade their equipment. Furthermore, because our towers are strategically positioned, we have historically experienced low tenant lease terminations as a percentage of revenue other than in connection with customer consolidation or cessations of a specific technology.

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Site Development

Our site development business, which is conducted in the United States only, is complementary to our site leasing business and provides us the ability to keep in close contact with the wireless service providers who generate substantially all of our site leasing revenue and to capture ancillary revenues that are generated by our site leasing activities, such as antenna and equipment installation at our tower locations. Site development revenues are earned primarily from providing a full range of end to end services to wireless service providers or companies providing development or project management services to wireless service providers. Our services include: (1) network pre-design; (2) site audits; (3) identification of potential locations for towers and antennas on existing infrastructure; (4) support in leasing of the location; (5) assistance in obtaining zoning approvals and permits; (6) tower and related site construction; (7) antenna installation; and (8) radio equipment installation, commissioning, and maintenance. We provide site development services at our towers and at towers owned by others on a local basis, through regional, market, and project offices. The market offices are responsible for all site development operations.

For information regarding our operating segments, see Note 14 of our condensed notes to consolidated financial statements in this quarterly report.

Capital Allocation Strategy

Our capital allocation strategy is aimed at increasing shareholder value through investment in quality assets that meet our return criteria, stock repurchases when we believe our stock price is below its intrinsic value, and by returning cash generated by our operations in the form of cash dividends. While the addition of a cash dividend to our capital allocation strategy in 2019 has provided us with a new tool to return value to our shareholders, we will also continue to make investments focused on increasing Adjusted Funds From Operations per share. To achieve this, we expect to continue to deploy capital to portfolio growth and stock repurchases, subject to compliance with REIT distribution requirements, available funds and market conditions, while maintaining our target leverage levels. Key elements of our capital allocation strategy include:

Portfolio Growth. We intend to continue to grow our asset portfolio, domestically and internationally, primarily through tower acquisitions and the construction of new towers that meet our internal return on invested capital criteria. 

Stock Repurchase Program. We currently utilize stock repurchases as part of our capital allocation policy when we believe our share price is below its intrinsic value. We believe that share repurchases, when purchased at the right price, will facilitate our goal of increasing our Adjusted Funds From Operations per share.

Dividend. Cash dividends are an additional component of our strategy of returning value to shareholders. We do not expect our dividend to require any changes in our leverage and believe that due to our low dividend payout ratio, we can continue to focus on building and buying quality assets and opportunistically buying back our stock. While the timing and amount of future dividends will be subject to approval by our Board of Directors, we believe that our future cash flow generation will permit us to grow our cash dividend in the future.

COVID-19 Update

We have experienced minimal impact to our business or results of operations from the coronavirus (COVID-19) pandemic. The extent to which COVID-19 could adversely affect our future business operations will depend on future developments such as the duration of the outbreak, new information on the severity of COVID-19 or its variants, and methods taken to contain or treat the outbreak of COVID-19 including a vaccine distribution program. While the full impact of COVID-19 is not yet known, we will continue to monitor these developments and the potential effects on our business.

Critical Accounting Policies and Estimates

We have identified the policies and significant estimation processes listed below and in our Annual Report on Form 10-K as critical to our business operations and the understanding of our results of operations. The listing is not intended to be a comprehensive list. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management’s judgment in their application. In other cases, management is required to exercise judgment in the application of accounting principles with respect to particular transactions. The impact and any associated risks related to these policies on our business operations is discussed throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations” where such policies affect reported and expected financial results. For a detailed discussion on the application of these and other accounting policies, see Note 2 of our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020. Our preparation of our financial statements requires us to make

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estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. There can be no assurance that actual results will not differ from those estimates and such differences could be significant.

Reference Rate Reform

ASU 2020-04 and ASU 2021-01, Reference Rate Reform, provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. An entity may elect to apply the amendments prospectively through December 31, 2022. The ICE Benchmark Administration Limited (“IBA”) intends to cease the publication of USD LIBOR as follows: the 1 week and 2 month tenors on December 31, 2021 and all other tenors on June 30, 2023. On July 7, 2021, we amended our Credit Facility to provide mechanics relating to a transition away from LIBOR as a benchmark interest rate and the replacement of LIBOR by an alternative benchmark rate. Refer to “Debt Instruments and Debt Service Requirements” below for further discussion of the Credit Facility. As of September 30, 2021, we have not modified any other contracts as a result of reference rate reform and are evaluating the impact this standard may have on our consolidated financial statements.

RESULTS OF OPERATIONS

This report presents our financial results and other financial metrics after eliminating the impact of changes in foreign currency exchange rates. We believe that providing these financial results and metrics on a constant currency basis, which are non-GAAP measures, gives management and investors the ability to evaluate the performance of our business without the impact of foreign currency exchange rate fluctuations. We eliminate the impact of changes in foreign currency exchange rates by dividing the current period’s financial results by the average monthly exchange rates of the prior year period, as well as by eliminating the impact of realized and unrealized gains and losses on our intercompany loans.

Three Months Ended September 30, 2021 Compared to Three Months Ended September 30, 2020

Revenues and Segment Operating Profit:

	For the three months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
Revenues	(in thousands)
Domestic site leasing	$	426,758	$	390,961	$	—	$	35,797		9.2%
International site leasing		108,734		95,804		3,206		9,724		10.1%
Site development		53,813		36,175		—		17,638		48.8%
Total	$	589,305	$	522,940	$	3,206	$	63,159		12.1%
Cost of Revenues
Domestic site leasing	$	65,260	$	64,228	$	—	$	1,032		1.6%
International site leasing		33,406		28,494		1,084		3,828		13.4%
Site development		41,357		28,797		—		12,560		43.6%
Total	$	140,023	$	121,519	$	1,084	$	17,420		14.3%
Operating Profit
Domestic site leasing	$	361,498	$	326,733	$	—	$	34,765		10.6%
International site leasing		75,328		67,310		2,122		5,896		8.8%
Site development		12,456		7,378		—		5,078		68.8%

Revenues

Domestic site leasing revenues increased $35.8 million for the three months ended September 30, 2021, as compared to the prior year, primarily due to (1) revenues from 858 towers acquired (including wireless tenant licenses on 710 utility transmission structures from the PG&E transaction) and 6 towers built since July 1, 2020 and (2) organic site leasing growth, primarily from

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monetary lease amendments for additional equipment added to our towers as well as new leases and contractual rent escalators, partially offset by lease non-renewals.

International site leasing revenues increased $12.9 million for the three months ended September 30, 2021, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $9.7 million. These changes were primarily due to (1) revenues from 222 towers acquired and 422 towers built since July 1, 2020 and (2) organic site leasing growth from new leases, amendments, and contractual escalators, partially offset by lease non-renewals. Site leasing revenue in Brazil represented 11.3% of total site leasing revenue for the period. No other individual international market represented more than 4% of our total site leasing revenue.

Site development revenues increased $17.6 million for the three months ended September 30, 2021, as compared to prior year, as a result of increased carrier activity driven primarily by T-Mobile and DISH.

Operating Profit

Domestic site leasing segment operating profit increased $34.8 million for the three months ended September 30, 2021, as compared to the prior year, primarily due to additional profit generated by (1) towers acquired and built since July 1, 2020 and organic site leasing growth as noted above, (2) continued control of our site leasing cost of revenue, and (3) the positive impact of our ground lease purchase program.

International site leasing segment operating profit increased $8.0 million for the three months ended September 30, 2021, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $5.9 million. These changes were primarily due to additional profit generated by (1) towers acquired and built since July 1, 2020 and organic site leasing growth as noted above, (2) continued control of our site leasing cost of revenue, and (3) the positive impact of our ground lease purchase program.

Site development segment operating profit increased $5.1 million for the three months ended September 30, 2021, as compared to the prior year, as a result of increased carrier activity driven primarily by T-Mobile and DISH.

Selling, General, and Administrative Expenses:

	For the three months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	27,983	$	25,466	$	—	$	2,517		9.9%
International site leasing		9,272		8,747		197		328		3.7%
Total site leasing	$	37,255	$	34,213	$	197	$	2,845		8.3%
Site development		4,791		4,518		—		273		6.0%
Other		8,954		9,421		—		(467)		(5.0%)
Total	$	51,000	$	48,152	$	197	$	2,651		5.5%

Selling, general, and administrative expenses increased $2.8 million for the three months ended September 30, 2021, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses increased $2.7 million. These changes were primarily as a result of an increase in personnel and other support related costs.

Acquisition and New Business Initiatives Related Adjustments and Expenses:

	For the three months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	2,911	$	2,458	$	—	$	453		18.4%
International site leasing		2,819		1,666		1,491		(338)		(20.3%)
Total	$	5,730	$	4,124	$	1,491	$	115		2.8%

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26

Asset Impairment and Decommission Costs:

	For the three months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	6,113	$	6,129	$	—	$	(16)		(0.3%)
International site leasing		3,747		2,377		(39)		1,409		59.3%
Total	$	9,860	$	8,506	$	(39)	$	1,393		16.4%

Asset impairment and decommission costs increased $1.4 million for the three months ended September 30, 2021, as compared to the prior year. This change was primarily as a result of a $1.2 million increase in impairment charges resulting from our regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers and a $0.2 million increase in costs related to sites decommissioned in the third quarter of 2021 compared to the prior year period.

Depreciation, Accretion, and Amortization Expense:

	For the three months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	123,705	$	135,350	$	—	$	(11,645)		(8.6%)
International site leasing		45,035		42,851		1,189		995		2.3%
Total site leasing	$	168,740	$	178,201	$	1,189	$	(10,650)		(6.0%)
Site development		565		578		—		(13)		(2.2%)
Other		1,611		1,523		—		88		5.8%
Total	$	170,916	$	180,302	$	1,189	$	(10,575)		(5.9%)

Depreciation, accretion, and amortization expense decreased $9.4 million for the three months ended September 30, 2021, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense decreased $10.6 million. These changes were primarily due to the impact of assets that became fully depreciated since the prior year period, partially offset by an increase in the number of towers we acquired and built since July 1, 2020.

Operating Income (Expense):

	For the three months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	200,786	$	157,330	$	—	$	43,456		27.6%
International site leasing		14,455		11,669		(716)		3,502		30.0%
Total site leasing	$	215,241	$	168,999	$	(716)	$	46,958		27.8%
Site development		7,100		2,282		—		4,818		211.1%
Other		(10,565)		(10,944)		—		379		(3.5%)
Total	$	211,776	$	160,337	$	(716)	$	52,155		32.5%

Domestic site leasing operating income increased $43.5 million for the three months ended September 30, 2021, as compared to the prior year, primarily due to higher segment operating profit and a decrease in depreciation, accretion, and amortization expense, partially offset by increases in selling, general, and administrative expenses and acquisition and new business initiatives related adjustments and expenses.

International site leasing operating income increased $2.8 million for the three months ended September 30, 2021, as compared to the prior year. On a constant currency basis, international site leasing operating income increased $3.5 million. This change was primarily due to higher segment operating profit, partially offset by increases in asset impairment and decommission costs and depreciation, accretion, and amortization expense.

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Site development operating income increased $4.8 million for the three months ended September 30, 2021, as compared to the prior year, primarily due to higher segment operating profit driven by more activity from T-Mobile and DISH.

Other Income (Expense):

	For the three months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Interest income	$	945	$	756	$	30	$	159		21.0%
Interest expense		(89,199)		(89,791)		7		585		(0.7%)
Non-cash interest expense		(11,820)		(8,323)		—		(3,497)		42.0%
Amortization of deferred financing fees		(4,934)		(4,883)		—		(51)		1.0%
Loss from extinguishment of debt, net		—		(2,599)		—		2,599		(100.0%)
Other expense, net		(69,804)		(42,262)		(29,319)		1,777		(50.0%)
Total	$	(174,812)	$	(147,102)	$	(29,282)	$	1,572		(1.5%)

Non-cash interest expense increased $3.5 million for the three months ended September 30, 2021, as compared to the prior year primarily related to amortization of accumulated losses related to our interest rate swaps de-designated as cash flow hedges.

Loss from extinguishment of debt was $2.6 million for the three months ended September 30, 2020 representing the write-off of unamortized financing fees related to the repayment of the 2015-1C Tower Securities and 2016-1C Tower Securities.

Other expense, net includes a $67.6 million loss on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries for the three months ended September 30, 2021, while the prior year period included a $38.6 million loss.

Benefit for Income Taxes:

	For the three months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Benefit for income taxes	$	10,834	$	9,441	$	9,377	$	(7,984)		210.3%

Benefit for income taxes increased $1.4 million for the three months ended September 30, 2021, as compared to the prior year. On a constant currency basis, benefit for income taxes decreased $8.0 million primarily due to an increase in deferred foreign taxes and deferred state taxes.

Net Income:

	For the three months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Net income	$	47,798	$	22,676	$	(20,621)	$	45,743		95.8%

Net income increased $25.1 million for the three months ended September 30, 2021, as compared to the prior year. On a constant currency basis, net income increased $45.7 million. These changes were primarily due to an increase in operating income and a decrease in the loss on extinguishment of debt. This was partially offset by a decrease in benefit for income taxes and an increase in non-cash interest expense.

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Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020

Revenues and Segment Operating Profit:

	For the nine months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
Revenues	(in thousands)
Domestic site leasing	$	1,249,291	$	1,165,322	$	—	$	83,969		7.2%
International site leasing		315,523		296,201		(5,913)		25,235		8.5%
Site development		148,882		85,708		—		63,174		73.7%
Total	$	1,713,696	$	1,547,231	$	(5,913)	$	172,378		11.1%
Cost of Revenues
Domestic site leasing	$	194,455	$	192,226	$	—	$	2,229		1.2%
International site leasing		95,055		87,894		(2,066)		9,227		10.5%
Site development		116,172		68,417		—		47,755		69.8%
Total	$	405,682	$	348,537	$	(2,066)	$	59,211		17.0%
Operating Profit
Domestic site leasing	$	1,054,836	$	973,096	$	—	$	81,740		8.4%
International site leasing		220,468		208,307		(3,847)		16,008		7.7%
Site development		32,710		17,291		—		15,419		89.2%

Revenues

Domestic site leasing revenues increased $84.0 million for the nine months ended September 30, 2021, as compared to the prior year, primarily due to (1) revenues from 929 towers acquired (including wireless tenant licenses on 710 utility transmission structures from the PG&E transaction) and 16 towers built since January 1, 2020 and (2) organic site leasing growth, primarily from monetary lease amendments for additional equipment added to our towers as well as new leases and contractual rent escalators, partially offset by lease non-renewals.

International site leasing revenues increased $19.3 million for the nine months ended September 30, 2021, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $25.2 million. These changes were primarily due to (1) revenues from 236 towers acquired and 540 towers built since January 1, 2020 and (2) organic site leasing growth from new leases, amendments, and contractual escalators, partially offset by lease non-renewals. Site leasing revenue in Brazil represented 11.2% of total site leasing revenue for the period. No other individual international market represented more than 4% of our total site leasing revenue.

Site development revenues increased $63.2 million for the nine months ended September 30, 2021, as compared to prior year, as a result of increased carrier activity driven primarily by T-Mobile and DISH.

Operating Profit

Domestic site leasing segment operating profit increased $81.7 million for the nine months ended September 30, 2021, as compared to the prior year, primarily due to additional profit generated by (1) towers acquired and built since January 1, 2020 and organic site leasing growth as noted above, (2) continued control of our site leasing cost of revenue, and (3) the positive impact of our ground lease purchase program.

International site leasing segment operating profit increased $12.2 million for the nine months ended September 30, 2021, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $16.0 million. These changes were primarily due to additional profit generated by (1) towers acquired and built since January 1, 2020 and organic site leasing growth as noted above, (2) continued control of our site leasing cost of revenue, and (3) the positive impact of our ground lease purchase program.

Site development segment operating profit increased $15.4 million for the nine months ended September 30, 2021, as compared to the prior year, as a result of increased carrier activity driven primarily by T-Mobile and DISH.

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Selling, General, and Administrative Expenses:

	For the nine months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	85,240	$	78,021	$	—	$	7,219		9.3%
International site leasing		26,553		25,713		288		552		2.1%
Total site leasing	$	111,793	$	103,734	$	288	$	7,771		7.5%
Site development		14,574		13,468		—		1,106		8.2%
Other		30,179		29,654		—		525		1.8%
Total	$	156,546	$	146,856	$	288	$	9,402		6.4%

Selling, general, and administrative expenses increased $9.7 million for the nine months ended September 30, 2021, as compared to the prior year. This change was primarily as a result of an increase in personnel and other support related costs.

Acquisition and New Business Initiatives Related Adjustments and Expenses:

	For the nine months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	10,839	$	8,059	$	—	$	2,780		34.5%
International site leasing		6,686		4,498		2,302		(114)		(2.5%)
Total	$	17,525	$	12,557	$	2,302	$	2,666		21.2%

Acquisition and new business initiatives related adjustments and expenses increased $5.0 million for the nine months ended September 30, 2021, as compared to the prior year. On a constant currency basis, acquisition and new business initiatives related adjustments and expenses increased $2.7 million. These changes were primarily as a result of an increase in third party acquisition and integration costs as well as incremental costs incurred in support of new business initiatives as compared to the prior year.

Asset Impairment and Decommission Costs:

	For the nine months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	12,674	$	22,297	$	—	$	(9,623)		(43.2%)
International site leasing		5,740		6,806		(18)		(1,048)		(15.4%)
Total site leasing	$	18,414	$	29,103	$	(18)	$	(10,671)		(36.7%)
Other		146		—		—		146		—%
Total	$	18,560	$	29,103	$	(18)	$	(10,525)		(36.2%)

Asset impairment and decommission costs decreased $10.5 million for the nine months ended September 30, 2021, as compared to the prior year. This change was primarily as a result of a $9.9 million decrease in impairment charges resulting from our regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers and a $0.7 million decrease related to sites decommissioned in the nine months ended September 30, 2021 compared to the prior year period.

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Depreciation, Accretion, and Amortization Expenses:

	For the nine months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	390,730	$	403,725	$	—	$	(12,995)		(3.2%)
International site leasing		132,900		131,474		(2,792)		4,218		3.2%
Total site leasing	$	523,630	$	535,199	$	(2,792)	$	(8,777)		(1.6%)
Site development		1,727		1,791		—		(64)		(3.6%)
Other		4,909		4,597		—		312		6.8%
Total	$	530,266	$	541,587	$	(2,792)	$	(8,529)		(1.6%)

Depreciation, accretion, and amortization expense decreased $11.3 million for the nine months ended September 30, 2021, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense decreased $8.5 million. This change was primarily due to the impact of assets that became fully depreciated since the prior year period, partially offset by an increase in the number of towers we acquired and built since January 1, 2020.

Operating Income (Expense):

	For the nine months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	555,353	$	460,994	$	—	$	94,359		20.5%
International site leasing		48,589		39,816		(3,627)		12,400		31.1%
Total site leasing	$	603,942	$	500,810	$	(3,627)	$	106,759		21.3%
Site development		16,409		2,032		—		14,377		707.5%
Other		(35,234)		(34,251)		—		(983)		2.9%
Total	$	585,117	$	468,591	$	(3,627)	$	120,153		25.6%

Domestic site leasing operating income increased $94.4 million for the nine months ended September 30, 2021, as compared to the prior year, primarily due to higher segment operating profit and decreases in depreciation, accretion, and amortization expense and asset impairment and decommission costs, partially offset by increases in selling, general, and administrative expenses and acquisition and new business initiatives related adjustments and expenses.

International site leasing operating income increased $8.8 million for the nine months ended September 30, 2021, as compared to the prior year. On a constant currency basis, international site leasing operating income increased $12.4 million. These changes were primarily due to higher segment operating profit and a decrease in asset impairment and decommission costs, partially offset by an increase in depreciation, accretion, and amortization expense.

Site development operating income increased $14.4 million for the nine months ended September 30, 2021, as compared to the prior year, primarily due to higher segment operating profit driven by more activity from T-Mobile and DISH, partially offset by an increase in selling, general, and administrative expenses.

Other Income (Expense):

	For the nine months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Interest income	$	2,124	$	2,340	$	(60)	$	(156)		(6.7%)
Interest expense		(269,839)		(281,329)		15		11,475		(4.1%)
Non-cash interest expense		(35,436)		(13,066)		(1)		(22,369)		171.2%
Amortization of deferred financing fees		(14,690)		(15,211)		—		521		(3.4%)
Loss from extinguishment of debt, net		(13,672)		(19,463)		—		5,791		(29.8%)
Other expense, net		(49,390)		(300,144)		257,355		(6,601)		(5,893.8%)
Total	$	(380,903)	$	(626,873)	$	257,309	$	(11,339)		3.5%

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Interest expense decreased $11.5 million for the nine months ended September 30, 2021, as compared to the prior year primarily due to a lower weighted average interest rate due in part to the interest rate swap entered into during third quarter of 2020, partially offset by a higher average principal amount of cash interest bearing debt outstanding.

Non-cash interest expense increased $22.4 million for the nine months ended September 30, 2021, as compared to the prior year primarily related to amortization of accumulated losses related to our interest rate swaps de-designated as cash flow hedges.

Loss from extinguishment of debt was $13.7 million for the nine months ended September 30, 2021 representing the payment of a $7.5 million call premium and the write-off of $4.2 million of the unamortized financing fees related to the redemption of the 2017 Senior Notes in February 2021, as well as the write-off of $2.0 million of unamortized financing fees related to the repayment of the 2017-1C in May 2021. Loss from extinguishment of debt was $19.5 million for the nine months ended September 30, 2020 representing the payment of a $9.1 million call premium and the write-off of $7.7 million of the original issuance discount and unamortized financing fees related to the redemption of the 2014 Senior Notes in February 2020, as well as the write-off of $2.6 million of unamortized financing fees related to the repayment of the 2015-1C Tower Securities and 2016-1C Tower Securities in July 2020.

Other expense, net includes a $42.6 million loss on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries for the nine months ended September 30, 2021, while the prior year period included a $299.9 million loss.

(Provision) Benefit for Income Taxes:

	For the nine months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
(Provision) benefit for income taxes	$	(15,494)	$	76,143	$	(85,492)	$	(6,145)		24.4%

Provision for income taxes increased $91.6 million for the nine months ended September 30, 2021, as compared to the prior year. On a constant currency basis, provision for income taxes increased $6.1 million. This change was primarily due to increases in deferred foreign taxes as well as current and deferred state taxes.

Net Income (Loss):

	For the nine months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Net income (loss)	$	188,720	$	(82,139)	$	168,190	$	102,669		88.3%

Net income was $188.7 million for the nine months ended September 30, 2021, as compared to net loss of $82.1 million in the prior year period. This change was primarily due to fluctuations in foreign currency exchange rates including changes recorded on the remeasurement of the U.S. dollar denominated intercompany loans with foreign subsidiaries, an increase in operating income, and decreases in cash interest expense related to the interest rate swaps and loss from extinguishment of debt. This was partially offset by increases in non-cash interest expense and provision for income taxes.

NON-GAAP FINANCIAL MEASURES

This report contains information regarding Adjusted EBITDA, a non-GAAP measure. We have provided below a description of Adjusted EBITDA, a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure and an explanation as to why management utilizes this measure. This report also presents our financial results and other financial metrics after eliminating the impact of changes in foreign currency exchange rates. We believe that providing these financial results and metrics on a constant currency basis, which are non-GAAP measures, gives management and investors the ability to evaluate the performance of our business without the impact of foreign currency exchange rate fluctuations. We eliminate the impact of changes in foreign currency exchange rates by dividing the current period’s financial results by the average monthly exchange rates of the prior year period, as well as by eliminating the impact of the remeasurement of our intercompany loans.

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Adjusted EBITDA

We define Adjusted EBITDA as net income excluding the impact of non-cash straight-line leasing revenue, non-cash straight-line ground lease expense, non-cash compensation, net loss from extinguishment of debt, other income and expenses, acquisition and new business initiatives related adjustments and expenses, asset impairment and decommission costs, interest income, interest expenses, depreciation, accretion, and amortization, and income taxes.

We believe that Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties to meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by excluding the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement and the indentures relating to the 2016 Senior Notes, 2020 Senior Notes, and 2021 Senior Notes. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

	For the three months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Net income	$	47,798	$	22,676	$	(20,621)	$	45,743		95.8%
Non-cash straight-line leasing revenue		(10,392)		(635)		27		(9,784)		1,540.8%
Non-cash straight-line ground lease expense		1,734		3,375		21		(1,662)		(49.2%)
Non-cash compensation		17,111		17,057		55		(1)		(0.0%)
Loss from extinguishment of debt, net		—		2,599		—		(2,599)		(100.0%)
Other expense, net		69,804		42,262		29,319		(1,777)		(50.0%)
Acquisition and new business initiatives
related adjustments and expenses		5,730		4,124		1,491		115		2.8%
Asset impairment and decommission costs		9,860		8,506		(39)		1,393		16.4%
Interest income		(945)		(756)		(30)		(159)		21.0%
Total interest expense (1)		105,953		102,997		(7)		2,963		2.9%
Depreciation, accretion, and amortization		170,916		180,302		1,189		(10,575)		(5.9%)
Benefit for income taxes (2)		(10,605)		(9,206)		(9,378)		7,979		197.9%
Adjusted EBITDA	$	406,964	$	373,301	$	2,027	$	31,636		8.5%

‎

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	For the nine months ended								Constant
	September 30,				Foreign		Constant		Currency
	2021		2020		Currency Impact		Currency Change		% Change
	(in thousands)
Net income (loss)	$	188,720	$	(82,139)	$	168,190	$	102,669		88.3%
Non-cash straight-line leasing revenue		(20,483)		(3,323)		(71)		(17,089)		514.3%
Non-cash straight-line ground lease expense		6,383		10,902		68		(4,587)		(42.1%)
Non-cash compensation		59,175		51,915		166		7,094		13.7%
Loss from extinguishment of debt, net		13,672		19,463		—		(5,791)		(29.8%)
Other expense, net		49,390		300,144		(257,355)		6,601		5,893.8%
Acquisition and new business initiatives
related adjustments and expenses		17,525		12,557		2,302		2,666		21.2%
Asset impairment and decommission costs		18,560		29,103		(18)		(10,525)		(36.2%)
Interest income		(2,124)		(2,340)		60		156		(6.7%)
Total interest expense (1)		319,965		309,606		(14)		10,373		3.4%
Depreciation, accretion, and amortization		530,266		541,587		(2,792)		(8,529)		(1.6%)
Provision (benefit) for income taxes (2)		16,178		(75,461)		85,491		6,148		23.7%
Adjusted EBITDA	$	1,197,227	$	1,112,014	$	(3,973)	$	89,186		8.0%

(1)Total interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees.

(2)Provision (benefit) for taxes includes $229 and $235 of franchise taxes for the three months ended September 30, 2021 and 2020, respectively, and $684 and $682 of franchise taxes for the nine months ended September 30, 2021 and 2020, respectively, reflected in selling, general, and administrative expenses on the Consolidated Statements of Operations.

Adjusted EBITDA increased $33.7 million for the three months ended September 30, 2021, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA increased $31.6 million. These changes were primarily due to an increase in segment operating profit, partially offset by an increase in cash selling, general, and administrative expenses.

Adjusted EBITDA increased $85.2 million for the nine months ended September 30, 2021, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA increased $89.2 million. These changes were primarily due to an increase in segment operating profit, partially offset by an increase in cash selling, general, and administrative expenses.

LIQUIDITY AND CAPITAL RESOURCES

SBA Communications Corporation (“SBAC”) is a holding company with no business operations of its own. SBAC’s only significant asset is 100% of the outstanding capital stock of SBA Telecommunications, LLC (“Telecommunications”), which is also a holding company that owns equity interests in entities that directly or indirectly own all of our domestic and international towers and assets. We conduct all of our business operations through Telecommunications’ subsidiaries. Accordingly, our only source of cash to pay our obligations, other than financings, is distributions with respect to our ownership interest in our subsidiaries from the net earnings and cash flow generated by these subsidiaries.

A summary of our cash flows is as follows:

	For the nine months ended September 30,
	2021		2020
	(in thousands)
Cash provided by operating activities	$	891,330	$	882,908
Cash used in investing activities		(1,277,822)		(353,378)
Cash provided by (used in) financing activities		308,612		(314,250)
Change in cash, cash equivalents, and restricted cash		(77,880)		215,280
Effect of exchange rate changes on cash, cash equiv., and restricted cash		(10,529)		(20,427)
Cash, cash equivalents, and restricted cash, beginning of period		342,808		141,120
Cash, cash equivalents, and restricted cash, end of period	$	254,399	$	335,973

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Operating Activities

Cash provided by operating activities was $891.3 million for the nine months ended September 30, 2021 as compared to $882.9 million for the nine months ended September 30, 2020. The increase was primarily due to an increase in segment operating profit, partially offset by an increase in cash outflows associated with working capital changes.

Investing Activities

A detail of our cash capital expenditures is as follows:

	For the nine months ended September 30,
	2021		2020
	(in thousands)
Acquisitions of towers and related intangible assets	$	(217,140)	$	(121,319)
Acquisition of right-of-use assets (1)		(948,392)		—
Land buyouts and other assets (2)		(22,222)		(78,580)
Construction and related costs on new builds		(39,182)		(40,126)
Augmentation and tower upgrades		(22,886)		(29,712)
Tower maintenance		(25,243)		(22,162)
General corporate		(3,096)		(3,371)
Other investing activities		339		(58,108)
Net cash used in investing activities	$	(1,277,822)	$	(353,378)

(1)During the nine months ended September 30, 2021, we acquired the exclusive right to lease and operate 710 utility transmission structures, which included existing wireless tenant licenses from PG&E. The difference between the agreed upon purchase price of $969.9 million and the cash acquisition amount is due to working capital adjustments.

(2)Excludes $11.3 million and $5.9 million spent to extend ground lease terms for the nine months ended September 30, 2021 and 2020, respectively. The nine months ended September 30, 2020 includes amounts paid related to the acquisition of data centers.

Subsequent to September 30, 2021, we purchased or are under contract to purchase approximately 1,700 communication sites for an aggregate consideration of approximately $231.0 million in cash, including approximately 1,400 sites for approximately $175.0 million in cash relating to the previously announced deal to acquire towers from Airtel Tanzania.

For 2021, we expect to incur non-discretionary cash capital expenditures associated with tower maintenance and general corporate expenditures of $36.0 million to $42.0 million and discretionary cash capital expenditures, based on current or potential acquisition obligations, planned new tower construction, forecasted tower augmentations, and forecasted ground lease purchases, of $1,425.0 million to $1,435.0 million. We expect to fund these cash capital expenditures from cash on hand, cash flow from operations, and borrowings under the Revolving Credit Facility or new financings. The exact amount of our future cash capital expenditures will depend on a number of factors, including amounts necessary to support our tower portfolio, our new tower build and acquisition programs, and our ground lease purchase program.

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Financing Activities

A detail of our financing activities is as follows:

	For the nine months ended September 30,
	2021		2020
	(in thousands)
Net repayments under Revolving Credit Facility (1)	$	(380,000)	$	(490,000)
Proceeds from issuance of Senior Notes, net of fees (1)		1,485,512		1,479,522
Repayment of Senior Notes (1)		(757,500)		(759,143)
Proceeds from issuance of Tower Securities, net of fees (1)		1,152,437		1,336,003
Repayment of Tower Securities (1)		(760,000)		(1,200,000)
Repurchase and retirement of common stock (2)		(284,343)		(378,988)
Payment of dividends on common stock		(190,456)		(156,199)
Proceeds from employee stock purchase/stock option plans, net of taxes		64,127		50,283
Termination of interest rate swap		—		(176,200)
Other financing activities		(21,165)		(19,528)
Net cash provided by (used in) financing activities	$	308,612	$	(314,250)

(1)For additional information regarding our debt instruments and financings, refer to “Debt Instruments and Debt Service Requirements” below.

(2)On October 28, 2021, our Board of Directors authorized a new $1.0 billion stock repurchase plan, replacing the prior plan authorized on November 2, 2020. For additional information, refer to Item 2. Issuer Purchases of Equity Securities.

Dividends

For the nine months ended September 30, 2021, we paid the following cash dividends:

	Payable to Shareholders
	of Record at the Close	Cash Paid	Aggregate Amount
Date Declared	of Business on	Per Share	Paid	Date Paid
February 19, 2021	March 10, 2021	$0.58	$63.4 million	March 26, 2021
April 26, 2021	May 20, 2021	$0.58	$63.4 million	June 15, 2021
August 1, 2021	August 26, 2021	$0.58	$63.6 million	September 23, 2021

Dividends paid in 2021 and 2020 were ordinary dividends.

Subsequent to September 30, 2021, we declared the following cash dividends:

	Payable to Shareholders	Cash to
	of Record at the Close	be Paid
Date Declared	of Business on	Per Share	Date to be Paid
November 1, 2021	November 18, 2021	$0.58	December 16, 2021

The amount of future distributions will be determined, from time to time, by our Board of Directors to balance our goal of increasing long-term shareholder value and retaining sufficient cash to implement our current capital allocation policy, which prioritizes investment in quality assets that meet our return criteria, and then stock repurchases when we believe our stock price is below its intrinsic value. The actual amount, timing, and frequency of future dividends will be at the sole discretion of our Board of Directors and will be declared based upon various factors, many of which are beyond our control.

Registration Statements

We have on file with the Securities and Exchange Commission (the “Commission”) a shelf registration statement on Form S-4 registering shares of Class A common stock that we may issue in connection with the acquisition of wireless communication towers or antenna sites and related assets or companies who own wireless communication towers, antenna sites, or related assets. During the

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nine months ended September 30, 2021, we did not issue any shares of Class A common stock under this registration statement. As of September 30, 2021, we had approximately 1.2 million shares of Class A common stock remaining under this registration statement.

On February 26, 2021, we filed with the Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3, which enables us to issue shares of our Class A common stock, preferred stock, debt securities, warrants, or depositary shares as well as units that include any of these securities. We will file a prospectus supplement containing the amount and type of securities each time we issue securities under our automatic shelf registration statement on Form S-3. No securities were issued under this registration statement through the date of this filing.

Debt Instruments and Debt Service Requirements

Revolving Credit Facility under the Senior Credit Agreement

On July 7, 2021, we, through our wholly owned subsidiary, SBA Senior Finance II LLC, amended our Revolving Credit Facility to (1) increase the total commitments under the Facility from $1.25 billion to $1.5 billion, (2) extend the maturity date of the Facility to July 7, 2026, (3) lower the applicable interest rate margins and commitment fees under the Facility, (4) provide mechanics relating to a transition away from LIBOR as a benchmark interest rate and the replacement of LIBOR by an alternative benchmark rate, (5) incorporate sustainability-linked targets which will adjust the Facility’s applicable interest and commitment fee rates upward or downward based on how we perform against those targets, and (6) amend certain other terms and conditions under the Senior Credit Agreement. As amended, the Revolving Credit Facility consists of a revolving loan under which up to $1.5 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (1) the Eurodollar Rate plus a margin that ranges from 112.5 basis points to 150.0 basis points or (2) the Base Rate plus a margin that ranges from 12.5 basis points to 50.0 basis points, in each case based on the ratio of Consolidated Net Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of between 0.15% and 0.25% per annum on the amount of unused commitment. Borrowings under the Revolving Credit Facility may be used for general corporate purposes. SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of the period may not be reflective of the total amounts outstanding during such period.

During the three months ended September 30, 2021, we repaid $85.0 million of the outstanding balance under the Revolving Credit Facility. During the nine months ended September 30, 2021, we borrowed $810.0 million and repaid $1.2 billion of the outstanding balance under the Revolving Credit Facility. As of September 30, 2021, there was no balance outstanding under the Revolving Credit Facility. In addition, SBA Senior Finance II was required to pay a commitment fee of 0.25% per annum on the amount of the unused commitment. As of September 30, 2021, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Subsequent to September 30, 2021, we borrowed $825.0 million and repaid $755.0 million of the outstanding balance under the Revolving Credit Facility. As of the date of this filing, $70.0 million was outstanding under the Revolving Credit Facility.

Term Loan under the Senior Credit Agreement

2018 Term Loan

On April 11, 2018, we, through our wholly owned subsidiary, SBA Senior Finance II LLC, obtained a term loan (the “2018 Term Loan”) under the amended and restated Senior Credit Agreement. The 2018 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $2.4 billion that matures on April 11, 2025. The 2018 Term Loan accrues interest, at SBA Senior Finance II’s election at either the Base Rate plus 75 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 175 basis points (with a zero Eurodollar Rate floor). The 2018 Term Loan was issued at 99.75% of par value. As of September 30, 2021, the 2018 Term Loan was accruing interest at 1.840% per annum. Principal payments on the 2018 Term Loan are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $6.0 million.

During the three and nine months ended September 30, 2021, we repaid an aggregate of $6.0 million and $18.0 million of principal on the 2018 Term Loan, respectively. As of September 30, 2021, the 2018 Term Loan had a principal balance of $2.3 billion.

On August 4, 2020, we, through our wholly owned subsidiary, SBA Senior Finance II, entered into an interest rate swap for $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan.

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Secured Tower Revenue Securities

2021-1C Tower Securities

On May 14, 2021, we, through a New York common law trust (the “Trust”), issued $1.165 billion of Secured Tower Revenue Securities Series 2021-1C, which have an anticipated repayment date of November 9, 2026 and a final maturity date of May 9, 2051 (the “2021-1C Tower Securities”). The fixed interest rate on the 2021-1C Tower Securities is 1.631% per annum, payable monthly. Net proceeds from this offering were used to repay the entire aggregate principal amount of the 2017-1C Tower Securities ($760.0 million) and the Secured Tower Revenue Securities, Series 2017-1R ($40.0 million) and for general corporate purposes. We have incurred deferred financing fees of $12.6 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2021-1C Tower Securities.

2013-2C Tower Securities

On October 14, 2021, we repaid the entire aggregate principal amount of the 2013-2C Tower Securities ($575.0 million) which had an anticipated repayment date of April 11, 2023. Additionally, we expensed $2.0 million of deferred financing fees and accrued interest related to the repayment of the 2013-2C Tower Securities, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

2021-2C Tower Securities and 2021-3C Tower Securities

On October 27, 2021, we, through the Trust, issued $895.0 million of 1.840% Secured Tower Revenue Securities Series 2021-2C which have an anticipated repayment date of April 9, 2027 and a final maturity date of October 10, 2051 (the “2021-2C Tower Securities”) and $895.0 million of 2.593% Secured Tower Revenue Securities Series 2021-3C which have an anticipated repayment date of October 9, 2031 and a final maturity date of October 10, 2056 (the “2021-3C Tower Securities”). The aggregate $1.79 billion of 2021-2C Tower Securities and 2021-3C Tower Securities have a blended interest rate of 2.217% and a weighted average life through the anticipated repayment date of 7.8 years.

Net proceeds from this offering were used to repay amounts outstanding under the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes ($1.1 billion) and to pay all premiums and costs associated with such redemption. We have incurred deferred financing fees of $18.3 million in relation to this transaction, which are being amortized through the anticipated repayment dates of the 2021-2C Tower Securities and 2021-3C Tower Securities.

Tower Revenue Securities Terms

As of September 30, 2021, we, through the Trust, had issued and outstanding an aggregate of $5.5 billion of Secured Tower Revenue Securities (“Tower Securities”). The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of certain of our subsidiaries that are borrowers on the mortgage loan (the “Borrowers”) under which there is a loan tranche for each Tower Security outstanding with the same interest rate and maturity date as the corresponding Tower Security. The mortgage loan will be paid from the operating cash flows from the aggregate 9,929 tower sites owned by the Borrowers as of September 30, 2021. The mortgage loan is secured by (1) mortgages, deeds of trust, and deeds to secure debt on a substantial portion of the tower sites, (2) a security interest in the tower sites and substantially all of the Borrowers’ personal property and fixtures, (3) the Borrowers’ rights under certain tenant leases, and (4) all of the proceeds of the foregoing. For each calendar month, SBA Network Management, Inc., an indirect subsidiary (“Network Management”), is entitled to receive a management fee equal to 4.5% of the Borrowers’ operating revenues for the immediately preceding calendar month.

‎

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The table below sets forth the material terms of our outstanding Tower Securities as of the date of this filing:

Security	Issue Date	Amount Outstanding	Interest Rate	Anticipated Repayment Date	Final Maturity Date
2013-2C Tower Securities (1)	Apr. 18, 2013	$575.0 million	3.722%	Apr. 11, 2023	Apr. 9, 2048
2014-2C Tower Securities	Oct. 15, 2014	$620.0 million	3.869%	Oct. 8, 2024	Oct. 8, 2049
2018-1C Tower Securities	Mar. 9, 2018	$640.0 million	3.448%	Mar. 9, 2023	Mar. 9, 2048
2019-1C Tower Securities	Sep. 13, 2019	$1.165 billion	2.836%	Jan. 12, 2025	Jan. 12, 2050
2020-1C Tower Securities	Jul. 14, 2020	$750.0 million	1.884%	Jan. 9, 2026	Jul. 11, 2050
2020-2C Tower Securities	Jul. 14, 2020	$600.0 million	2.328%	Jan. 11, 2028	Jul. 9, 2052
2021-1C Tower Securities	May 14, 2021	$1.165 billion	1.631%	Nov. 9, 2026	May 9, 2051
2021-2C Tower Securities (2)	Oct. 27, 2021	$895.0 million	1.840%	Apr. 9, 2027	Oct. 10, 2051
2021-3C Tower Securities (2)	Oct. 27, 2021	$895.0 million	2.593%	Oct. 9, 2031	Oct. 10, 2056

(1)On October 14, 2021, we repaid the entire aggregate principal amount of the 2013-2C Tower Securities. For further discussion, refer to “Secured Tower Revenue Securities” above.

(2)On October 27, 2021, we issued the 2021-2C Tower Securities and the 2021-3C Tower Securities. Net proceeds were used to repay amounts outstanding under the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes. For further discussion, refer to “Secured Tower Revenue Securities” above and “Senior Notes” below.

Risk Retention Tower Securities

In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), SBA Guarantor, LLC, a wholly owned subsidiary, purchased (1) $33.7 million of Secured Tower Revenue Securities Series 2018-1R (the “2018-1R Tower Securities”) issued by the Trust with a fixed interest rate of 4.949% per annum, payable monthly, and with the same anticipated repayment date and final maturity date as the 2018-1C Tower Securities, (2) $61.4 million of Secured Tower Revenue Securities Series 2019-1R (the “2019-1R Tower Securities”) issued by the Trust with a fixed interest rate of 4.213% per annum, payable monthly, and with the same anticipated repayment date and final maturity date as the 2019-1C Tower Securities, (3) $71.1 million of Secured Tower Revenue Securities Series 2020-2R (the “2020-2R Tower Securities”) issued by the Trust with a fixed interest rate of 4.336% per annum, payable monthly, and with the same anticipated repayment date and final maturity date as the 2020-2C Tower Securities, (4) $61.4 million of Secured Tower Revenue Securities Series 2021-1R (the “2021-1R Tower Securities”) issued by the Trust with a fixed interest rate of 3.625% per annum, payable monthly, and with the same anticipated repayment date and final maturity date as the 2021-1C Tower Securities, and (5) $94.3 million of Secured Tower Revenue Securities Series 2021-3R (the “2021-3R Tower Securities”) issued by the Trust with a fixed interest rate of 4.090% per annum, payable monthly, and with the same anticipated repayment date and final maturity date as the 2021-3C Tower Securities. Principal and interest payments made on the 2018-1R Tower Securities, 2019-1R Tower Securities, 2020-2R Tower Securities, 2021-1R Tower Securities, and 2021-3R Tower Securities eliminate in consolidation.

As of September 30, 2021, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

Senior Notes

On January 29, 2021, we issued $1.5 billion of unsecured senior notes due February 1, 2029 at par value (the “2021 Senior Notes”). The 2021 Senior Notes accrue interest at a rate of 3.125% per annum. Interest on the 2021 Senior Notes is due semi-annually on February 1 and August 1 of each year, beginning on August 1, 2021. We incurred financing fees of $14.5 million to date in relation to this transaction, which are being amortized through the maturity date. Net proceeds from this offering were used to redeem all of the outstanding principal amount of the 2017 Senior Notes, repay the amounts outstanding under the Revolving Credit Facility, and for general corporate purposes.

The 2021 Senior Notes are subject to redemption in whole or in part on or after February 1, 2024 at the redemption prices set forth in the indenture agreement plus accrued and unpaid interest. Prior to February 1, 2024, we may, at our option, redeem up to 35% of the aggregate principal amount of the 2021 Senior Notes originally issued at a redemption price of 103.125% of the principal amount of the 2021 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest with the net proceeds of certain equity offerings. We may redeem the 2021 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: February 1, 2024 at 101.563%, February 1, 2025 at 100.781%, or February 1, 2026 until maturity at 100.000%, of the principal amount of the 2021 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest.

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The table below sets forth the material terms of our outstanding senior notes as of September 30, 2021:

Senior Notes	Issue Date	Amount Outstanding	Interest Rate Coupon	Maturity Date	Interest Due Dates	Optional Redemption Date
2016 Senior Notes (1)	Aug. 15, 2016	$1.1 billion	4.875%	Sep. 1, 2024	Mar. 1 & Sep. 1	Sep. 1, 2019
2020 Senior Notes	Feb. 4, 2020	$1.5 billion	3.875%	Feb. 15, 2027	Feb. 15 & Aug. 15	Feb. 15, 2023
2021 Senior Notes	Jan. 29, 2021	$1.5 billion	3.125%	Feb. 1, 2029	Feb. 1 & Aug. 1	Feb. 1, 2024

(1)Proceeds from the issuance of the 2021-2C Tower Securities and 2021-3C Tower Securities will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes.

The unsecured senior notes are subject to redemption in whole or in part at the redemption prices set forth in the indenture agreement plus accrued and unpaid interest. We may redeem each of the senior notes during the time periods and at the redemption prices set forth in the indentures.

Debt Service

As of September 30, 2021, we believe that our cash on hand, capacity available under our Revolving Credit Facility, and cash flows from operations for the next twelve months will be sufficient to service our outstanding debt during the next twelve months.

The following table illustrates our estimate of our debt service requirement over the next twelve months based on the amounts outstanding as of September 30, 2021 and the interest rates accruing on those amounts on such date (in thousands):

Revolving Credit Facility (1)	$	3,750
2018 Term Loan (2)		67,386
2013-2C Tower Securities (3)		21,585
2014-2C Tower Securities		24,185
2018-1C Tower Securities		22,270
2019-1C Tower Securities		33,409
2020-1C Tower Securities		14,368
2020-2C Tower Securities		14,159
2021-1C Tower Securities		19,371
2016 Senior Notes (4)		53,625
2020 Senior Notes		58,125
2021 Senior Notes		46,875
Total debt service for the next 12 months (2)(4)	$	379,108

(1)As of September 30, 2021, no amount was outstanding under the Revolving Credit Facility. Subsequent to September 30, 2021, we borrowed $825.0 million and repaid $755.0 million of the outstanding balance under the Revolving Credit Facility. As of the date of this filing, $70.0 million was outstanding under the Revolving Credit Facility.

(2)Total debt service on the 2018 Term Loan includes the impact of the interest rate swap entered into on August 4, 2020, which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan.

(3)On October 14, 2021, we repaid the entire aggregate principal amount of the 2013-2C Tower Securities ($575.0 million). For further discussion, refer to “Secured Tower Revenue Securities” above.

(4)Total debt service excludes interest payments on the $895.0 million 2021-2C Tower Securities and the $895.0 million 2021-3C Tower Securities issued October 27, 2021, proceeds from which were used to repay amounts outstanding under the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes ($1.1 billion).

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to certain market risks that are inherent in our financial instruments. These instruments arise from transactions entered into in the normal course of business.

‎

40

The following table presents the future principal payment obligations and fair values associated with our long-term debt instruments assuming our actual level of long-term indebtedness as of September 30, 2021:

	2021		2022		2023		2024		2025		Thereafter		Total		Fair Value
	(in thousands)
2018 Term Loan	$	6,000	$	24,000	$	24,000	$	24,000	$	2,244,000	$	—	$	2,322,000	$	2,301,683
2013-2C Tower Securities (1)(2)		—		—		575,000		—		—		—		575,000		586,420
2014-2C Tower Securities (1)		—		—		—		620,000		—		—		620,000		649,097
2018-1C Tower Securities (1)		—		—		640,000		—		—		—		640,000		654,970
2019-1C Tower Securities (1)		—		—		—		—		1,165,000		—		1,165,000		1,186,366
2020-1C Tower Securities (1)		—		—		—		—		—		750,000		750,000		754,163
2020-2C Tower Securities (1)		—		—		—		—		—		600,000		600,000		609,546
2021-1C Tower Securities (1)		—		—		—		—		—		1,165,000		1,165,000		1,160,503
2016 Senior Notes (3)		—		—		—		1,100,000		—		—		1,100,000		1,113,761
2020 Senior Notes		—		—		—		—		—		1,500,000		1,500,000		1,553,505
2021 Senior Notes		—		—		—		—		—		1,500,000		1,500,000		1,455,000
Total debt obligation (3)	$	6,000	$	24,000	$	1,239,000	$	1,744,000	$	3,409,000	$	5,515,000	$	11,937,000	$	12,025,014

(1)For information on the anticipated repayment date and final maturity date for each tower security, refer to “Debt Instruments and Debt Service Requirements” above.

(2)On October 14, 2021, we repaid the entire aggregate principal amount of the 2013-2C Tower Securities ($575.0 million). For further discussion, refer to “Secured Tower Revenue Securities” above.

(3)Total debt service excludes interest payments on the $895.0 million 2021-2C Tower Securities and the $895.0 million 2021-3C Tower Securities issued October 27, 2021, proceeds from which were used to repay amounts outstanding under the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes ($1.1 billion). For further discussion, refer to “Debt Instruments and Debt Service Requirements” above.

Our current primary market risk exposure is (1) interest rate risk relating to our ability to refinance our debt at commercially reasonable rates, if at all, and (2) interest rate risk relating to the impact of interest rate movements on the variable portion of our 2018 Term Loan and any borrowings that we may incur under our Revolving Credit Facility, which are at floating rates. We manage the interest rate risk on our outstanding debt through our large percentage of fixed rate debt, including interest rate swaps. On August 4, 2020, we, through our wholly owned subsidiary, SBA Senior Finance II, entered into an interest rate swap for $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. While we cannot predict our ability to refinance existing debt or the impact interest rate movements will have on our existing debt, we continue to evaluate our financial position on an ongoing basis. The IBA intends to cease the publication of USD LIBOR as follows: the 1 week and 2 month tenors on December 31, 2021 and all other tenors on June 30, 2023. The discontinuation of LIBOR and the replacement with an alternative reference rate may adversely impact interest rates and our interest expense could increase. On July 7, 2021, we amended our Revolving Credit Facility to provide mechanics relating to a transition away from LIBOR as a benchmark interest rate and the replacement of LIBOR by an alternative benchmark rate.

We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil, Canada, Chile, Peru, Argentina, Colombia, South Africa, and to a lesser extent, our markets in Central America. In each of these countries, we pay most of our selling, general, and administrative expenses and a portion of our operating expenses, such as taxes and utilities incurred in the country in local currency. In addition, in Brazil, Canada, Chile, and South Africa, we receive significantly all of our revenue and pay significantly all of our operating expenses in local currency. In Colombia, Argentina, and Peru, we receive our revenue and pay our operating expenses in a mix of local currency and U.S. dollars. All transactions denominated in currencies other than the U.S. Dollar are reported in U.S. Dollars at the applicable exchange rate. All assets and liabilities are translated into U.S. Dollars at exchange rates in effect at the end of the applicable fiscal reporting period, and all revenues and expenses are translated at average rates for the period. The cumulative translation effect is included in equity as a component of Accumulated other comprehensive income (loss). For the nine months ended September 30, 2021, approximately 13.5% of our revenues and approximately 17.7% of our total operating expenses were denominated in foreign currencies.

We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at September 30, 2021. As of September 30, 2021, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 0.9% and 0.5%, respectively, for the nine months ended September 30, 2021.

As of September 30, 2021, we had intercompany debt, which is denominated in a currency other than the functional currency of the subsidiary in which it is recorded. As settlement of this debt is anticipated or planned in the foreseeable future, any changes in the foreign currency exchange rates will result in unrealized gains or losses, which will be included in our determination of net

41

income. A change of 10% in the underlying exchange rates of our unsettled intercompany debt at September 30, 2021 would have resulted in approximately $81.2 million of unrealized gains or losses that would have been included in Other income (expense), net in our Consolidated Statements of Operations for the nine months ended September 30, 2021.

Special Note Regarding Forward-Looking Statements

This quarterly report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Specifically, this quarterly report contains forward-looking statements regarding:

our expectations on the future growth and financial health of the wireless industry and the industry participants, the drivers of such growth, the demand for our towers, the future capital investments of our customers, future spectrum auctions, the trends developing in our industry, and competitive factors;

our ability to capture and capitalize on industry growth and the impact of such growth on our financial and operational results;

our expectations regarding consolidation of wireless service providers and the impact of such consolidation on our financial and operational results;

our intent to grow our tower portfolio domestically and internationally and expand through acquisitions, new builds, and organic lease up on existing towers;

our belief that over the long-term, site leasing revenues will continue to grow as wireless service providers increase their use of our towers due to increasing minutes of network use and data transfer, network expansion and network coverage requirements;

our expectation regarding site leasing revenue growth, on an organic basis, in our domestic and international segments, and the drivers of such growth;

our focus on our site leasing business and belief that our site leasing business is characterized by stable and long-term recurring revenues, reduced exposure to changes in customer spending, predictable operating costs, and minimal non-discretionary capital expenditures; 

our expectation that, due to the relatively young age and mix of our tower portfolio, future expenditures required to maintain these towers will be minimal;

our expectation that we will grow our cash flows by adding tenants to our towers at minimal incremental costs and executing monetary amendments;

our expectations regarding churn rates;

our election to be subject to tax as a REIT and our intent to continue to operate as a REIT; 

our belief that our business is currently operated in a manner that complies with the REIT rules and our intent to continue to do so;

our plans regarding our distribution policy, and the amount and timing of, and source of funds for, any such distributions;

our expectations regarding the use of NOLs to reduce REIT taxable income;

our expectations regarding our capital allocation strategy, including future allocation decisions among portfolio growth, stock repurchases and dividends, the impact of our election to be taxed as a REIT on that strategy, and our goal of increasing our Adjusted Funds From Operations per share;

our expectations regarding dividends and our ability to grow our dividend in the future and the drivers of such growth;

our expectations regarding our future cash capital expenditures, both discretionary and non-discretionary, including expenditures required for new builds and to maintain, improve, and modify our towers, ground lease purchases, and general corporate expenditures, and the source of funds for these expenditures;

our expectations regarding the timing for closing of refinancing transactions;

our expectations regarding our business strategies, including our strategy for securing rights to the land underlying our towers, and the impact of such strategies on our financial and operational results;

our intended use of our liquidity;

our intent to maintain our target leverage levels, including in light of our dividend;

our expectations regarding our debt service in 2021 and our belief that our cash on hand, capacity under our Revolving Credit Facility, and our cash flows from operations for the next twelve months will be sufficient to service our outstanding debt during the next twelve months; and

our expectations and estimates regarding certain tax and accounting matters, including the impact on our financial statements.

These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement. The most

42

important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following:

the impact of consolidation among wireless service providers, including the impact of T-Mobile and Sprint;

the ability of DISH Network to become and compete as a nationwide carrier;

our ability to continue to comply with covenants and the terms of our credit instruments and our ability to obtain additional financing to fund our capital expenditures;

our ability to successfully manage the risks associated with international operations, including risks relating to political or economic conditions, inflation, tax laws, currency restrictions and exchange rate fluctuations, legal or judicial systems, and land ownership;

our ability to successfully manage the risks associated with our acquisition initiatives, including our ability to satisfactorily complete due diligence on acquired towers, the amount and quality of due diligence that we are able to complete prior to closing of any acquisition, our ability to accurately anticipate the future performance of the acquired towers, our ability to receive required regulatory approval, the ability and willingness of each party to fulfill their respective closing conditions and their contractual obligations, and, once acquired, our ability to effectively integrate acquired towers into our business and to achieve the financial results projected in our valuation models for the acquired towers;

the health of the South Africa economy and wireless communications market, and the willingness of carriers to invest in their networks in that market;

developments in the wireless communications industry in general, and for wireless communications infrastructure providers in particular, that may slow growth or affect the willingness or ability of the wireless service providers to expend capital to fund network expansion or enhancements;

our ability to secure as many site leasing tenants as anticipated, recognize our expected economies of scale with respect to new tenants on our towers, and retain current leases on towers;

our ability to secure and deliver anticipated services business at contemplated margins;

our ability to build new towers, including our ability to identify and acquire land that would be attractive for our customers and to successfully and timely address zoning, permitting, weather, availability of labor and supplies and other issues that arise in connection with the building of new towers;

competition for the acquisition of towers and other factors that may adversely affect our ability to purchase towers that meet our investment criteria and are available at prices which we believe will be accretive to our shareholders and allow us to maintain our long-term target leverage ratios while achieving our expected portfolio growth levels;

our capital allocation decisions and the impact on our ability to achieve our expected tower portfolio growth levels;

our ability to protect our rights to the land under our towers, and our ability to acquire land underneath our towers on terms that are accretive; 

our ability to sufficiently increase our revenues and maintain expenses and cash capital expenditures at appropriate levels to permit us to meet our anticipated uses of liquidity for operations, debt service and estimated portfolio growth;

the impact of rising interest rates on our results of operations and our ability to refinance our existing indebtedness at commercially reasonable rates or at all;

the extent and duration of the impact of the COVID-19 crisis on the global economy, on our business and results of operations, and on foreign currency exchange rates;

our ability to successfully estimate the impact of regulatory and litigation matters;

natural disasters and other unforeseen damage for which our insurance may not provide adequate coverage;

a decrease in demand for our towers;

the introduction of new technologies or changes in a tenant’s business model that may make our tower leasing business less desirable to existing or potential tenants;

our ability to qualify for treatment as a REIT for U.S. federal income tax purposes and to comply with and conduct our business in accordance with such rules;

our ability to utilize available NOLs to reduce REIT taxable income; and

our ability to successfully estimate the impact of certain accounting and tax matters, including the effect on our company of adopting certain accounting pronouncements and the availability of sufficient NOLs to offset future REIT taxable income.

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ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

In order to ensure that the information we must disclose in our filings with the Commission is recorded, processed, summarized and reported on a timely basis, we have formalized our disclosure controls and procedures. Our principal executive officer and principal financial officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rule 13a-15(e) as of September 30, 2021. Based on such evaluation, such officers have concluded that, as of September 30, 2021, our disclosure controls and procedures were effective.

PART II – OTHER INFORMATION

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table presents information related to our repurchases of Class A common stock during the third quarter of 2021:

	Total			Total Number of Shares	Approximate Dollar Value
	Number	Average		Purchased as Part of	of Shares that May Yet Be
	of Shares	Price Paid		Publicly Announced	Purchased Under the
Period	Purchased	Per Share		Plans or Programs (1)	Plans or Programs
7/1/2021 - 7/31/2021	—	$	—	—	$	475,132,492
8/1/2021 - 8/31/2021	158,055	$	347.27	158,055	$	420,245,455
9/1/2021 - 9/30/2021	282,219	$	337.02	282,219	$	325,132,548
Total	440,274	$	340.70	440,274	$	325,132,548

(1)Our Board of Directors authorizes us to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements, and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by our Board of Directors at any time in its sole discretion. Shares repurchased are retired.

ITEM 6. EXHIBITS

Exhibit No.	Description of Exhibits
31.1	Certification by Jeffrey A. Stoops, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification by Brendan T. Cavanagh, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification by Jeffrey A. Stoops, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification by Brendan T. Cavanagh, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive File (formatted in Inline XBRL and contained in Exhibit 101).

‎

44

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SBA COMMUNICATIONS CORPORATION
November 5, 2021	/s/ Jeffrey A. Stoops
	Jeffrey A. Stoops
	Chief Executive Officer
	(Duly Authorized Officer)
November 5, 2021	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	Chief Financial Officer
	(Principal Financial Officer)

45

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jeffrey A. Stoops, Chief Executive Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of SBA Communications Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2021	By:	/s/ Jeffrey A. Stoops
	Name:	Jeffrey A. Stoops
	Title:	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Brendan T. Cavanagh, Chief Financial Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of SBA Communications Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2021	By:	/s/ Brendan T. Cavanagh
	Name:	Brendan T. Cavanagh
	Title:	Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification Required by 18 U.S.C. Section 1350

(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Quarterly Report of SBA Communications Corporation (the “Company”), on Form 10-Q for the period ended September 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeffrey A. Stoops, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act, that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2021	/s/ Jeffrey A. Stoops
	Jeffrey A. Stoops
	Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification Required by 18 U.S.C. Section 1350

(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Quarterly Report of SBA Communications Corporation (the “Company”), on Form 10-Q for the period ended September 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brendan T. Cavanagh, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act, that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2021	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	Chief Financial Officer

XML

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 27, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Transition Report	false
Entity File Number	001-16853
Entity Registrant Name	SBA COMMUNICATIONS CORPORATION
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0716501
Entity Address, Address Line One	8051 Congress Avenue
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33487
City Area Code	561
Local Phone Number	995-7670
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	SBAC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		108,781,359
Amendment Flag	false
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001034054

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 187,806	$ 308,560
Restricted cash	63,736	31,671
Accounts receivable, net	76,076	74,088
Costs and estimated earnings in excess of billings on uncompleted contracts	40,860	34,796
Prepaid expenses and other current assets	35,310	23,875
Total current assets	403,788	472,990
Property and equipment, net	2,580,262	2,677,326
Intangible assets, net	2,906,855	3,156,150
Operating lease right-of-use assets, net	2,297,372	2,369,358
Acquired and other right-of-use assets, net	965,780	4,202
Other assets	514,025	477,992
Total assets	9,668,082	9,158,018
Current Liabilities:
Accounts payable	34,790	109,969
Accrued expenses	69,973	63,031
Current maturities of long-term debt	24,000	24,000
Deferred revenue	184,340	113,117
Accrued interest	26,477	54,350
Current lease liabilities	238,706	236,037
Other current liabilities	13,738	14,297
Total current liabilities	592,024	614,801
Long-term liabilities:
Long-term debt, net	11,822,536	11,071,796
Long-term lease liabilities	2,013,097	2,094,363
Other long-term liabilities	183,553	186,246
Total long-term liabilities	14,019,186	13,352,405
Redeemable noncontrolling interests	15,177	15,194
Shareholders' deficit:
Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding
Common stock - Class A, par value $0.01, 400,000 shares authorized, 109,480 shares and 109,819 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	1,095	1,098
Additional paid-in capital	2,711,934	2,586,130
Accumulated deficit	(6,890,822)	(6,604,028)
Accumulated other comprehensive loss, net	(780,512)	(807,582)
Total shareholders' deficit	(4,958,305)	(4,824,382)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit	$ 9,668,082	$ 9,158,018

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Consolidated Balance Sheets [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock - Class A, par value	$ 0.01	$ 0.01
Common stock - Class A, shares authorized	400,000,000	400,000,000
Common stock - Class A, shares issued	109,480,000	109,819,000
Common stock - Class A, shares outstanding	109,480,000	109,819,000

XML

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Site leasing		$ 535,492	$ 486,765	$ 1,564,814	$ 1,461,523
Site development		53,813	36,175	148,882	85,708
Total revenues		589,305	522,940	1,713,696	1,547,231
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):
Cost of site leasing		98,666	92,722	289,510	280,120
Cost of site development		41,357	28,797	116,172	68,417
Selling, general, and administrative expenses	[1]	51,000	48,152	156,546	146,856
Acquisition and new business initiatives related adjustments and expenses		5,730	4,124	17,525	12,557
Asset impairment and decommission costs		9,860	8,506	18,560	29,103
Depreciation, accretion, and amortization		170,916	180,302	530,266	541,587
Total operating expenses		377,529	362,603	1,128,579	1,078,640
Operating income (loss)		211,776	160,337	585,117	468,591
Other income (expense):
Interest income		945	756	2,124	2,340
Interest expense		(89,199)	(89,791)	(269,839)	(281,329)
Non-cash interest expense		(11,820)	(8,323)	(35,436)	(13,066)
Amortization of deferred financing fees		(4,934)	(4,883)	(14,690)	(15,211)
Loss from extinguishment of debt, net			(2,599)	(13,672)	(19,463)
Other expense, net		(69,804)	(42,262)	(49,390)	(300,144)
Total other expense, net		(174,812)	(147,102)	(380,903)	(626,873)
Income (loss) before income taxes		36,964	13,235	204,214	(158,282)
Benefit (provision) for income taxes		10,834	9,441	(15,494)	76,143
Net income (loss)		47,798	22,676	188,720	(82,139)
Net (income) loss attributable to noncontrolling interests			(108)		461
Net income (loss) attributable to SBA Communications Corporation		$ 47,798	$ 22,568	$ 188,720	$ (81,678)
Net income (loss) per common share attributable to SBA Communications Corporation:
Basic		$ 0.44	$ 0.20	$ 1.72	$ (0.73)
Diluted		$ 0.43	$ 0.20	$ 1.70	$ (0.73)
Weighted average number of common shares
Basic		109,577	111,783	109,487	111,809
Diluted		111,565	113,703	111,329	111,809

[1] Includes non-cash compensation of $16,589 and $16,606 for the three months ended September 30, 2021 and 2020, respectively, and $57,249 and $50,291 for the nine months ended September 30, 2021 and 2020, respectively.

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Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Non-cash compensation expense			$ 59,175	$ 51,915
Selling, General And Administrative [Member]
Non-cash compensation expense	$ 16,589	$ 16,606	$ 57,249	$ 50,291

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ 47,798	$ 22,676	$ 188,720	$ (82,139)
Adjustments related to interest rate swaps	9,898	1,557	58,251	(114,366)
Foreign currency translation adjustments	(51,415)	(7,196)	(31,181)	(191,389)
Comprehensive income (loss)	6,281	17,037	215,790	(387,894)
Comprehensive (income) loss attributable to noncontrolling interests		(204)		1,369
Comprehensive income (loss) attributable to SBA Communications Corporation	$ 6,281	$ 16,833	$ 215,790	$ (386,525)

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Consolidated Statements of Shareholders' Deficit - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member] Class A Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
BALANCE at Dec. 31, 2019	$ 1,118	$ 2,461,335	$ (5,560,695)	$ (568,765)	$ (3,667,007)
BALANCE, Shares at Dec. 31, 2019	111,775
Net income (loss) attributable to SBA Communications Corporation			(81,678)		(81,678)
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 10	50,117			50,127
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	1,086
Non-cash stock compensation		53,038			53,038
Adjustments related to interest rate swaps				(114,366)	(114,366)
Repurchase and retirement of common stock	$ (14)		(378,974)		(378,988)
Repurchase and retirement of common stock, Shares	(1,418)
Foreign currency translation adjustments attributable to SBA Communications Corporation				(190,481)	(190,481)
Dividends and dividend equivalents on common stock			(156,532)		(156,532)
Adjustment to fair value related to noncontrolling interests		(511)			(511)
BALANCE at Sep. 30, 2020	$ 1,114	2,563,979	(6,177,879)	(873,612)	(4,486,398)
BALANCE, Shares at Sep. 30, 2020	111,443
BALANCE at Jun. 30, 2020	$ 1,119	2,534,423	(5,972,657)	(867,877)	(4,304,992)
BALANCE, Shares at Jun. 30, 2020	111,918
Net income (loss) attributable to SBA Communications Corporation			22,568		22,568
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 1	12,810			12,811
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	105
Non-cash stock compensation		17,387			17,387
Adjustments related to interest rate swaps				1,557	1,557
Repurchase and retirement of common stock	$ (6)		(175,652)		(175,658)
Repurchase and retirement of common stock, Shares	(580)
Foreign currency translation adjustments attributable to SBA Communications Corporation				(7,292)	(7,292)
Dividends and dividend equivalents on common stock			(52,138)		(52,138)
Adjustment to fair value related to noncontrolling interests		(641)			(641)
BALANCE at Sep. 30, 2020	$ 1,114	2,563,979	(6,177,879)	(873,612)	(4,486,398)
BALANCE, Shares at Sep. 30, 2020	111,443
BALANCE at Dec. 31, 2020	$ 1,098	2,586,130	(6,604,028)	(807,582)	$ (4,824,382)
BALANCE, Shares at Dec. 31, 2020	109,819				109,819
Net income (loss) attributable to SBA Communications Corporation			188,720		$ 188,720
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 7	64,090			64,097
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	651
Non-cash stock compensation		60,197			60,197
Adjustments related to interest rate swaps				58,251	58,251
Repurchase and retirement of common stock	$ (10)		(284,333)		(284,343)
Repurchase and retirement of common stock, Shares	(990)
Foreign currency translation adjustments attributable to SBA Communications Corporation				(31,181)	(31,181)
Dividends and dividend equivalents on common stock			(191,181)		(191,181)
Adjustment to fair value related to noncontrolling interests		1,517			1,517
BALANCE at Sep. 30, 2021	$ 1,095	2,711,934	(6,890,822)	(780,512)	$ (4,958,305)
BALANCE, Shares at Sep. 30, 2021	109,480				109,480
BALANCE at Jun. 30, 2021	$ 1,095	2,657,540	(6,759,382)	(738,995)	$ (4,839,742)
BALANCE, Shares at Jun. 30, 2021	109,534
Net income (loss) attributable to SBA Communications Corporation			47,798		47,798
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 3	36,984			36,987
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	283
Non-cash stock compensation		17,410			17,410
Adjustments related to interest rate swaps				9,898	9,898
Repurchase and retirement of common stock	$ (3)		(115,418)		(115,421)
Repurchase and retirement of common stock, Shares	(337)
Foreign currency translation adjustments attributable to SBA Communications Corporation				(51,415)	(51,415)
Dividends and dividend equivalents on common stock			(63,820)		(63,820)
BALANCE at Sep. 30, 2021	$ 1,095	$ 2,711,934	$ (6,890,822)	$ (780,512)	$ (4,958,305)
BALANCE, Shares at Sep. 30, 2021	109,480				109,480

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 188,720	$ (82,139)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, accretion, and amortization	530,266	541,587
Loss on remeasurement of U.S. dollar denominated intercompany loans	42,582	299,913
Non-cash compensation expense	59,175	51,915
Non-cash asset impairment and decommission costs	17,935	28,675
Loss from extinguishment of debt	12,672	19,463
Deferred income tax benefit	(2,711)	(93,104)
Other non-cash items reflected in the Statements of Operations	58,725	28,700
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	(6,371)	48,272
Prepaid expenses and other assets	(25,589)	(2,571)
Operating lease right-of-use assets, net	86,717	88,470
Accounts payable and accrued expenses	8,465	5,672
Accrued interest	(27,873)	(17,010)
Long-term lease liabilities	(83,885)	(75,199)
Other liabilities	32,502	40,264
Net cash provided by operating activities	891,330	882,908
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(1,187,754)	(199,899)
Capital expenditures	(90,407)	(95,371)
Purchase of investments	(755,530)	(1,288,267)
Proceeds from sale of investments	755,280	1,235,000
Other investing activities	589	(4,841)
Net cash used in investing activities	(1,277,822)	(353,378)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility	810,000	515,000
Repayments under Revolving Credit Facility	(1,190,000)	(1,005,000)
Proceeds from issuance of Senior Notes, net of fees	1,485,512	1,479,522
Repayment of Senior Notes	(757,500)	(759,143)
Proceeds from issuance of Tower Securities, net of fees	1,152,437	1,336,003
Repayment of Tower Securities	(760,000)	(1,200,000)
Repurchase and retirement of common stock	(284,343)	(378,988)
Payment of dividends on common stock	(190,456)	(156,199)
Proceeds from employee stock purchase/stock option plans, net of taxes	64,127	50,283
Termination of interest rate swap		(176,200)
Other financing activities	(21,165)	(19,528)
Net cash provided by (used in) financing activities	308,612	(314,250)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(10,529)	(20,427)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(88,409)	194,853
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period	342,808	141,120
End of period	254,399	335,973
Cash paid during the period for:
Interest	298,589	298,140
Income taxes	20,153	14,061
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:
Right-of-use assets obtained in exchange for new operating lease liabilities	27,691	21,785
Operating lease modifications and reassessments	21,829	23,811
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 1,765	$ 893

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Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Basis of Presentation [Abstract]
Basis of Presentation	1.BASIS OF PRESENTATIONThe accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2020 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year.The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While the Company believes that such estimates are fair when considered in conjunction with the consolidated financial statements and accompanying notes, the actual amounts, when known, may vary from these estimates.Foreign Currency TranslationAll assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the Consolidated Statement of Shareholders’ Deficit.For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Remeasurement gains and losses are reported as other income (expense), net in the Consolidated Statements of Operations.Intercompany Loans Subject to RemeasurementIn accordance with Accounting Standards Codification (ASC) 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $45.0 million loss and a $25.4 million loss, net of taxes, on the remeasurement of intercompany loans for the three months ended September 30, 2021 and 2020, respectively, and a $28.4 million loss and a $198.6 million loss, net of taxes, on the remeasurement of intercompany loans for the nine months ended September 30, 2021 and 2020, respectively, due to changes in foreign exchange rates. During the nine months ended September 30, 2021, the Company repaid $149.9 million of the intercompany loans. As of September 30, 2021 and December 31, 2020, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $788.4 million and $909.8 million, respectively.Reference Rate ReformASU 2020-04 and ASU 2021-01, Reference Rate Reform, provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. An entity may elect to apply the amendments prospectively through December 31, 2022. The ICE Benchmark Administration Limited (“IBA”) intends to cease the publication of USD LIBOR as follows: the 1 week and 2 month tenors on December 31, 2021 and all other tenors on June 30, 2023. On July 7, 2021, the Company amended its Credit Facility to provide mechanics relating to a transition away from LIBOR as a benchmark interest rate and the replacement of LIBOR by an alternative benchmark rate. Refer to Note 10 for further discussion of the Credit Facility. As of September 30, 2021, the Company has not modified any other contracts as a result of reference rate reform and is evaluating the impact this standard may have on its consolidated financial statements.

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Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements [Abstract]
Fair Value Measurements	2.FAIR VALUE MEASUREMENTSItems Measured at Fair Value on a Recurring Basis— The Company’s asset retirement obligations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Other long-term liabilities in the Consolidated Balance Sheets. The fair value of the asset retirement obligations is calculated using a discounted cash flow model. Refer to Note 16 for discussion of the Company’s redeemable non-controlling interests.Items Measured at Fair Value on a Nonrecurring Basis— The Company’s long-lived and intangible assets are measured at fair value on a nonrecurring basis using Level 3 inputs. The Company considers many factors and makes certain assumptions when making this assessment, including, but not limited to: general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. The fair value of the long-lived and intangible assets is calculated using a discounted cash flow model. Asset impairment and decommission costs for all periods presented and the related impaired assets primarily relate to the Company’s site leasing operating segment. The following summarizes the activity of asset impairment and decommission costs (in thousands): For the three months For the nine months ended September 30, ended September 30, 2021 2020 2021 2020 Asset impairment (1) $ 8,323 $ 7,132 $ 13,691 $ 23,565Write-off of carrying value of decommissioned towers 1,130 1,187 3,718 4,626Other (including third party decommission costs) 407 187 1,151 912Total asset impairment and decommission costs $ 9,860 $ 8,506 $ 18,560 $ 29,103 (1)Represents impairment charges resulting from the Company’s regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers.The Company’s long-term investments were $48.7 million and $57.6 million as of September 30, 2021 and December 31, 2020, respectively, and are recorded in Other assets on the Consolidated Balance Sheets. Some of these investments provide for the Company to increase their investment in the future through call options exercisable by the Company and put options exercisable by the investee. These put and call options are recorded at fair market value. The estimation of the fair value of the investment involves the use of Level 3 inputs. The Company evaluates these investments for indicators of impairment. The Company considers impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the investment is below the carrying amount, the investment could be impaired.Fair Value of Financial Instruments— The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the shorter maturity of these instruments. The Company’s estimate of its short-term investments is based primarily upon Level 1 reported market values. As of September 30, 2021 and December 31, 2020, the Company had $0.8 million and $0.7 million of short-term investments, respectively. For the nine months ended September 30, 2021, the Company purchased $755.4 million and sold $755.3 million of short-term investments. For the nine months ended September 30, 2020, the Company purchased and sold $1.2 billion of short-term investments.The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the Company does not believe its credit risk has changed materially from the date the applicable Eurodollar Rate was set for the Revolving Credit Facility (112.5 to 150.0 basis points). Refer to Note 10 for the fair values, principal balances, and carrying values of the Company’s debt instruments.For discussion of the Company’s derivatives and hedging activities, refer to Note 17.

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Cash, Cash Equivalents, and Restricted Cash	9 Months Ended
	Sep. 30, 2021
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Cash, Cash Equivalents, and Restricted Cash	‎ 3.CASH, CASH EQUIVALENTS, AND RESTRICTED CASHThe cash, cash equivalents, and restricted cash balances on the Consolidated Statements of Cash Flows consist of the following: As of As of September 30, 2021 December 31, 2020 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 187,806  $ 308,560  Securitization escrow accounts 62,939  31,507  Restricted cash - current assetPayment and performance bonds 797  164  Restricted cash - current assetSurety bonds and workers compensation 2,857  2,577  Other assets - noncurrentTotal cash, cash equivalents, and restricted cash $ 254,399  $ 342,808  Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 10) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets. Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of September 30, 2021 and December 31, 2020, the Company had $42.0 million and $41.8 million in surety and payment and performance bonds, respectively, for which no collateral was required to be posted. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of September 30, 2021 and December 31, 2020, the Company had also pledged $2.3 million as collateral related to its workers’ compensation policy.

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Costs and Estimated Earnings on Uncompleted Contracts	9 Months Ended
	Sep. 30, 2021
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Costs and Estimated Earnings on Uncompleted Contracts	4.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following: As of As of September 30, 2021 December 31, 2020 (in thousands)Costs incurred on uncompleted contracts $ 70,938 $ 54,949Estimated earnings 27,599 21,778Billings to date (60,654) (43,725) $ 37,883 $ 33,002 These amounts are included in the Consolidated Balance Sheets under the following captions: As of As of September 30, 2021 December 31, 2020 (in thousands)Costs and estimated earnings in excess of billings on uncompleted contracts $ 40,860 $ 34,796Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) (2,977) (1,794) $ 37,883 $ 33,002As of September 30, 2021 and December 31, 2020, the eight largest customers comprised 98.2% and 99.4%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.

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Prepaid Expenses and Other Current Assets and Other Assets	9 Months Ended
	Sep. 30, 2021
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]
Prepaid Expenses and Other Current Assets and Other Assets	‎ 5.PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETSThe Company’s prepaid expenses and other current assets are comprised of the following: As of As of September 30, 2021 December 31, 2020 (in thousands)Prepaid real estate taxes $ 4,562 $ 3,153Prepaid taxes 10,146 8,121Other current assets 20,602 12,601Total prepaid expenses and other current assets $ 35,310 $ 23,875 The Company’s other assets are comprised of the following: As of As of September 30, 2021 December 31, 2020 (in thousands)Straight-line rent receivable $ 340,078 $ 321,816Interest rate swap asset (1) 36,710 12,123Loan receivables 5,387 5,931Deferred lease costs, net 5,294 4,788Deferred tax asset - long term 51,331 53,722Long-term investments 48,719 57,575Other 26,506 22,037Total other assets $ 514,025 $ 477,992 (1)Refer to Note 17 for more information on the Company’s interest rate swaps.

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Acquisitions	9 Months Ended
	Sep. 30, 2021
Acquisitions [Abstract]
Acquisitions	6.ACQUISITIONSThe following table summarizes the Company’s acquisition activity: For the three months For the nine months ended September 30, ended September 30, 2021 2020 2021 2020 (in thousands)Acquisitions of towers and related intangible assets (1) $ 48,255 $ 21,895 $ 217,140 $ 121,319Acquisition of right-of-use assets (2) 694 — 948,392 —Land buyouts and other assets (3) 8,954 58,969 22,222 78,580Total cash acquisition capital expenditures $ 57,903 $ 80,864 $ 1,187,754 $ 199,899 (1)The nine months ended September 30, 2021 includes $77.1 million of acquisitions completed during the fourth quarter of 2020 which were not funded until the first quarter of 2021.(2)During the nine months ended September 30, 2021, the Company acquired the exclusive right to lease and operate 710 utility transmission structures, which included existing wireless tenant licenses from PG&E for $969.9 million. The difference between the agreed upon purchase price of $969.9 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 70 years.(3)In addition, the Company paid $4.1 million and $2.3 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended September 30, 2021 and 2020, respectively, and paid $11.3 million and $5.9 million for ground lease extensions and term easements on land underlying the Company’s towers during the nine months ended September 30, 2021 and 2020, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.During the nine months ended September 30, 2021, in addition to the acquisition of right-of-use assets, the Company allocated the purchase price of 222 acquired towers and related assets and liabilities consisting of $15.2 million of property and equipment, $111.0 million of intangible assets, and $13.9 million of other net assets and liabilities assumed. In the nine months ended September 30, 2021, all acquisitions were accounted for as asset acquisitions.Subsequent to September 30, 2021, the Company purchased or is under contract to purchase approximately 1,700 communication sites for an aggregate consideration of approximately $231.0 million in cash, including approximately 1,400 sites for approximately $175.0 million in cash relating to the previously announced deal to acquire towers from Airtel Tanzania.The maximum potential obligation related to contingent consideration for acquisitions were $14.8 million and $35.0 million as of September 30, 2021 and December 31, 2020, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheet.

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Property and Equipment, Net	9 Months Ended
	Sep. 30, 2021
Property and Equipment, Net [Abstract]
Property and Equipment, Net	7.PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: As of As of September 30, 2021 December 31, 2020 (in thousands)Towers and related components $ 5,288,343 $ 5,213,019Construction-in-process (1) 38,754 38,065Furniture, equipment, and vehicles 57,330 54,610Land, buildings, and improvements 839,107 818,272Total property and equipment 6,223,534 6,123,966Less: accumulated depreciation (3,643,272) (3,446,640)Property and equipment, net $ 2,580,262 $ 2,677,326 (1)Construction-in-process represents costs incurred related to towers and other assets that are under development and will be used in the Company’s site leasing operations. Depreciation expense was $66.2 million and $71.8 million for the three months ended September 30, 2021 and 2020, respectively, and $206.0 million and $215.0 million for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021 and December 31, 2020, unpaid capital expenditures that are included in accounts payable and accrued expenses were $7.2 million and $6.1 million, respectively.

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Intangible Assets, Net	9 Months Ended
	Sep. 30, 2021
Intangible Assets, Net [Abstract]
Intangible Assets, Net	8.INTANGIBLE ASSETS, NET The following table provides the gross and net carrying amounts for each major class of intangible assets: As of September 30, 2021 As of December 31, 2020 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands)Current contract intangibles $ 4,907,015 $ (2,686,939) $ 2,220,076 $ 4,876,880 $ (2,471,438) $ 2,405,442Network location intangibles 1,785,135 (1,098,356) 686,779 1,770,944 (1,020,236) 750,708Intangible assets, net $ 6,692,150 $ (3,785,295) $ 2,906,855 $ 6,647,824 $ (3,491,674) $ 3,156,150All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $100.3 million and $108.2 million for the three months ended September 30, 2021 and 2020, respectively, and $313.2 million and $326.2 million for the nine months ended September 30, 2021 and 2020, respectively.

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Accrued Expenses	9 Months Ended
	Sep. 30, 2021
Accrued Expenses [Abstract]
Accrued Expenses	‎ 9.ACCRUED EXPENSESThe Company’s accrued expenses are comprised of the following: As of As of September 30, 2021 December 31, 2020 (in thousands)Salaries and benefits $ 23,453 $ 20,958Real estate and property taxes 10,501 9,583Unpaid capital expenditures 7,179 6,073Other 28,840 26,417Total accrued expenses $ 69,973 $ 63,031

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Debt	9 Months Ended
	Sep. 30, 2021
Debt [Abstract]
Debt	10.DEBTThe principal values, fair values, and carrying values of debt consist of the following (in thousands): As of As of September 30, 2021 December 31, 2020 Maturity Date Principal ‎Balance Fair Value Carrying ‎Value Principal ‎Balance Fair Value Carrying ‎ValueRevolving Credit Facility (1) Jul. 7, 2026 $ — $ — $ — $ 380,000  $ 380,000  $ 380,000 2018 Term Loan Apr. 11, 2025 2,322,000  2,301,683  2,309,857  2,340,000  2,310,750  2,325,391 2013-2C Tower Securities (2)(3) Apr. 11, 2023 575,000  586,420  572,993  575,000  599,662  572,063 2014-2C Tower Securities (2) Oct. 8, 2024 620,000  649,097  616,851  620,000  670,003  616,131 2017-1C Tower Securities (2) Apr. 11, 2022 — — — 760,000  774,410  757,165 2018-1C Tower Securities (2) Mar. 9, 2023 640,000  654,970  637,364  640,000  671,341  636,045 2019-1C Tower Securities (2) Jan. 12, 2025 1,165,000  1,186,366  1,156,854  1,165,000  1,218,613  1,155,106 2020-1C Tower Securities (2) Jan. 9, 2026 750,000  754,163  743,700  750,000  752,910  742,782 2020-2C Tower Securities (2) Jan. 11, 2028 600,000  609,546  594,574  600,000  597,840  594,081 2021-1C Tower Securities (2) Nov. 9, 2026 1,165,000  1,160,503  1,153,249  — — —2016 Senior Notes (4) Sep. 1, 2024 1,100,000  1,113,761  1,091,027  1,100,000  1,127,500  1,088,924 2017 Senior Notes Oct. 1, 2022 — — — 750,000  757,500  746,642 2020 Senior Notes Feb. 15, 2027 1,500,000  1,553,505  1,483,487  1,500,000  1,567,500  1,481,466 2021 Senior Notes Feb. 1, 2029 1,500,000  1,455,000  1,486,580  — — —Total debt $ 11,937,000  $ 12,025,014  $ 11,846,536  $ 11,180,000  $ 11,428,029  $ 11,095,796 Less: current maturities of long-term debt (24,000) (24,000)Total long-term debt, net of current maturities $ 11,822,536  $ 11,071,796  (1)On July 7, 2021, the Company amended its Revolving Credit Facility to extend the maturity date to July 7, 2026 as well as amend certain other terms and conditions under the Senior Credit Agreement. As of the date of this filing, $70.0 million was outstanding under the Revolving Credit Facility. For further discussion of the amendments, refer to “Revolving Credit Facility under the Senior Credit Agreement” below.(2)The maturity date represents the anticipated repayment date for each issuance.(3)On October 14, 2021, the Company repaid the entire aggregate principal amount of the 2013-2C Tower Securities. For further discussion, refer to “Secured Tower Revenue Securities” below.(4) On October 27, 2021, the Company issued the 2021-2C Tower Securities and the 2021-3C Tower Securities. Net proceeds from this offering were used to repay amounts outstanding under the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes. For further discussion, refer to “Secured Tower Revenue Securities” and “Senior Notes” below. ‎ The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented: Interest For the three months ended September 30, For the nine months ended September 30, Rates as of 2021 2020 2021 2020 September 30, Cash Non-cash Cash Non-cash Cash Non-cash Cash Non-cash 2021 Interest Interest Interest Interest Interest Interest Interest Interest (in thousands)Revolving Credit Facility 1.573% $ 996  $ — $ 711  $ — $ 4,717  $ — $ 5,086  $ —2018 Term Loan (1) 1.868% 11,156  11,441  14,536  7,962  33,220  34,314  57,688  12,014 2013-2C Tower Securities (2) 3.722% 5,396  — 5,396  — 16,188  — 16,188  —2014-2C Tower Securities 3.869% 6,046  — 6,046  — 18,138  — 18,138  —2015-1C Tower Securities 3.156% — — 620  — — — 8,589  —2016-1C Tower Securities 2.877% — — 792  — — — 10,972  —2017-1C Tower Securities 3.168% — — 6,096  — 9,201  — 18,269  —2018-1C Tower Securities 3.448% 5,570  — 5,570  — 16,711  — 16,711  —2019-1C Tower Securities 2.836% 8,357  — 8,357  — 25,072  — 25,072  —2020-1C Tower Securities 1.884% 3,598  — 3,077  — 10,793  — 3,077  —2020-2C Tower Securities 2.328% 3,540  — 3,028  — 10,619  — 3,028  —2021-1C Tower Securities 1.631% 4,850  — — — 7,401  — — —2014 Senior Notes 4.875% — — — — — — 3,352  112 2016 Senior Notes (3) 4.875% 13,406  293  13,406  279  40,219  869  40,219  826 2017 Senior Notes 4.000% — — 7,500  — 2,333  — 22,500  —2020 Senior Notes 3.875% 14,531  86  14,531  82  43,594  253  32,238  114 2021 Senior Notes 3.125% 11,719  — — — 31,510  — — —Other 34  — 125  — 123  — 202  —Total (3) $ 89,199  $ 11,820  $ 89,791  $ 8,323  $ 269,839  $ 35,436  $ 281,329  $ 13,066  (1)The 2018 Term Loan has a blended rate of 1.868%, which includes the impact of the interest rate swap entered into on August 4, 2020, which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 1.840% as of September 30, 2021. Refer to Note 17 for more information on the Company’s interest rate swap.(2)On October 14, 2021, the Company repaid the entire aggregate principal amount of the 2013-2C Tower Securities. For further discussion, refer to “Secured Tower Revenue Securities” below.(3)On October 27, 2021, the Company issued the 2021-2C Tower Securities and the 2021-3C Tower Securities accruing interest at 1.840% and 2.593%, respectively. Net proceeds from this offering were used to repay amounts outstanding under the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes. For further discussion, refer to “Secured Tower Revenue Securities” and “Senior Notes” below.Revolving Credit Facility under the Senior Credit AgreementOn July 7, 2021, the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC, amended its Revolving Credit Facility to (1) increase the total commitments under the Facility from $1.25 billion to $1.5 billion, (2) extend the maturity date of the Facility to July 7, 2026, (3) lower the applicable interest rate margins and commitment fees under the Facility, (4) provide mechanics relating to a transition away from LIBOR as a benchmark interest rate and the replacement of LIBOR by an alternative benchmark rate, (5) incorporate sustainability-linked targets which will adjust the Facility’s applicable interest and commitment fee rates upward or downward based on how the Company performs against those targets, and (6) amend certain other terms and conditions under the Senior Credit Agreement. As amended, the Revolving Credit Facility consists of a revolving loan under which up to $1.5 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (1) the Eurodollar Rate plus a margin that ranges from 112.5 basis points to 150.0 basis points or (2) the Base Rate plus a margin that ranges from 12.5 basis points to 50.0 basis points, in each case based on the ratio of Consolidated Net Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of between 0.15% and 0.25% per annum on the amount of unused commitment.During the three months ended September 30, 2021, the Company repaid $85.0 million of the outstanding balance under the Revolving Credit Facility. During the nine months ended September 30, 2021, the Company borrowed $810.0 million and repaid $1.2 billion of the outstanding balance under the Revolving Credit Facility. As of September 30, 2021, there was no balance outstanding under the Revolving Credit Facility. In addition, SBA Senior Finance II LLC, the Company’s wholly owned subsidiary (“SBA Senior Finance II”) was required to pay a commitment fee of 0.25% per annum on the amount of the unused commitment. As of September 30, 2021, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.Subsequent to September 30, 2021, the Company borrowed $825.0 million and repaid $755.0 million of the outstanding balance under the Revolving Credit Facility. As of the date of this filing, $70.0 million was outstanding under the Revolving Credit Facility.Term Loan under the Senior Credit AgreementDuring the three and nine months ended September 30, 2021, the Company repaid an aggregate of $6.0 million and $18.0 million, respectively, of principal on the 2018 Term Loan. As of September 30, 2021, the 2018 Term Loan had a principal balance of $2.3 billion. Secured Tower Revenue Securities2021-1C Tower SecuritiesOn May 14, 2021, the Company, through a New York common law trust (the “Trust”), issued $1.165 billion of Secured Tower Revenue Securities Series 2021-1C which have an anticipated repayment date of November 9, 2026 and a final maturity date of May 9, 2051 (the “2021-1C Tower Securities”). The fixed interest rate on the 2021-1C Tower Securities is 1.631% per annum, payable monthly. Net proceeds from this offering were used to repay the entire aggregate principal amount of the 2017-1C Tower Securities ($760.0 million) and the Secured Tower Revenue Securities, Series 2017-1R ($40.0 million) and for general corporate purposes. The Company has incurred deferred financing fees of $12.6 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2021-1C Tower Securities.In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), SBA Guarantor, LLC, a wholly owned subsidiary, purchased $61.4 million of Secured Tower Revenue Securities Series 2021-1R issued by the Trust. These securities have an anticipated repayment date of November 9, 2026 and a final maturity date of May 9, 2051 (the “2021-1R Tower Securities”). The fixed interest rate on the 2021-1R Tower Securities is 3.625% per annum, payable monthly. Principal and interest payments made on the 2021-1R Tower Securities eliminate in consolidation.2013-2C Tower SecuritiesOn October 14, 2021, the Company repaid the entire aggregate principal amount of the 2013-2C Tower Securities ($575.0 million) which had an anticipated repayment date of April 11, 2023 using proceeds from the Revolving Credit Facility. Additionally, the Company expensed $2.0 million of deferred financing fees and accrued interest related to the repayment of the 2013-2C Tower Securities, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.2021-2C Tower Securities and 2021-3C Tower SecuritiesOn October 27, 2021, the Company, through the Trust, issued $895.0 million of 1.840% Secured Tower Revenue Securities Series 2021-2C which have an anticipated repayment date of April 9, 2027 and a final maturity date of October 10, 2051 (the “2021-2C Tower Securities”) and $895.0 million of 2.593% Secured Tower Revenue Securities Series 2021-3C which have an anticipated repayment date of October 9, 2031 and a final maturity date of October 10, 2056 (the “2021-3C Tower Securities”). The aggregate $1.79 billion of 2021-2C Tower Securities and 2021-3C Tower Securities have a blended interest rate of 2.217% and a weighted average life through the anticipated repayment date of 7.8 years.Net proceeds from this offering were used to repay amounts outstanding on the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes ($1.1 billion) and to pay all premiums and costs associated with such redemption. The Company has incurred deferred financing fees of $18.3 million in relation to this transaction, which are being amortized through the anticipated repayment dates of the 2021-2C Tower Securities and 2021-3C Tower Securities.In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased $94.3 million of Secured Tower Revenue Securities Series 2021-3R issued by the Trust. These securities have an anticipated repayment date of October 9, 2031 and a final maturity date of October 10, 2056 (the “2021-3R Tower Securities”). The fixed interest rate on the 2021-3R Tower Securities is 4.090% per annum, payable monthly. Principal and interest payments made on the 2021-3R Tower Securities eliminate in consolidation.As of September 30, 2021, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers.Senior Notes 2021 Senior NotesOn January 29, 2021, the Company issued $1.5 billion of unsecured senior notes due February 1, 2029 at par value (the “2021 Senior Notes”). The 2021 Senior Notes accrue interest at a rate of 3.125% per annum. Interest on the 2021 Senior Notes is due semi-annually on February 1 and August 1 of each year, beginning on August 1, 2021. The Company incurred financing fees of $14.5 million to date in relation to this transaction, which are being amortized through the maturity date. Net proceeds from this offering were used to redeem all of the outstanding principal amount of the 2017 Senior Notes, repay the amounts outstanding under the Revolving Credit Facility, and for general corporate purposes.The 2021 Senior Notes are subject to redemption in whole or in part on or after February 1, 2024 at the redemption prices set forth in the indenture agreement plus accrued and unpaid interest. Prior to February 1, 2024, the Company may, at its option, redeem up to 35% of the aggregate principal amount of the 2021 Senior Notes originally issued at a redemption price of 103.125% of the principal amount of the 2021 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest with the net proceeds of certain equity offerings. The Company may redeem the 2021 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: February 1, 2024 at 101.563%, February 1, 2025 at 100.781%, or February 1, 2026 until maturity at 100.000%, of the principal amount of the 2021 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest.2017 Senior NotesOn February 11, 2021, the Company redeemed the entire $750.0 million balance of the 2017 Senior Notes with proceeds from the 2021 Senior Notes. In addition, the Company paid a $7.5 million call premium and expensed $4.2 million for the write-off of financing fees related to the redemption of the 2017 Senior Notes, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

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Shareholders' Equity	9 Months Ended
	Sep. 30, 2021
Shareholders' Equity [Abstract]
Shareholders' Equity	11.SHAREHOLDERS’ EQUITYCommon Stock EquivalentsThe Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 15).Registration of Additional SharesOn February 26, 2021, the Company filed with the Securities and Exchange Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3, which enables the Company to issue shares of its Class A common stock, preferred stock, debt securities, warrants, or depositary shares as well as units that include any of these securities. The Company will file a prospectus supplement containing the amount and type of securities each time it issues securities using its automatic shelf registration statement on Form S-3. No securities were issued under this automatic shelf registration statement through the date of this filing.Stock RepurchasesThe Company’s Board of Directors authorizes the Company to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Shares repurchased are retired. On October 28, 2021, the Company’s Board of Directors authorized a new $1.0 billion stock repurchase plan, replacing the prior plan authorized on November 2, 2020, which had a remaining authorization of $125.1 million. As of the date of this filing, the Company had the full $1.0 billion of authorization remaining under the new plan.The following is a summary of the Company’s share repurchases: For the three months For the nine months ended September 30, ended September 30, 2021 2020 2021 2020 Total number of shares purchased (in millions) (1) 0.4 0.6 1.1 1.4Average price paid per share (1) $ 340.70 $ 302.63 $ 291.48 $ 267.57Total price paid (in millions) (1) $ 150.0 $ 175.6 $ 318.9 $ 375.6 Subsequent to September 30, 2021, the Company made the following share repurchases: Total number of shares purchased (in millions) (1) 0.6Average price paid per share (1) $ 332.72Total price paid (in millions) (1) $ 200.0 (1)Amounts reflected are based on the trade date and differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.DividendsFor the nine months ended September 30, 2021, the Company paid the following cash dividends: Payable to Shareholders of Record at the Close Cash Paid Aggregate Amount Date Declared of Business on Per Share Paid Date Paid February 19, 2021 March 10, 2021 $0.58 $63.4 million March 26, 2021April 26, 2021 May 20, 2021 $0.58 $63.4 million June 15, 2021August 1, 2021 August 26, 2021 $0.58 $63.6 million September 23, 2021 Dividends paid in 2021 and 2020 were ordinary income. Subsequent to September 30, 2021, the Company declared the following cash dividends: Payable to Shareholders Cash to of Record at the Close be Paid Date Declared of Business on Per Share Date to be Paid November 1, 2021 November 18, 2021 $0.58 December 16, 2021

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Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Stock-Based Compensation [Abstract]
Stock-Based Compensation	‎ 12.STOCK-BASED COMPENSATION Stock Options The following table summarizes the Company’s activities with respect to its stock option plans for the nine months ended September 30, 2021 as follows (dollars and shares in thousands, except for per share data): Weighted- Weighted-Average Average Remaining Number Exercise Price Contractual Aggregate of Shares Per Share Life (in years) Intrinsic ValueOutstanding at December 31, 2020 3,202 $143.01 Exercised (542) $127.11 Forfeited/canceled (13) $179.67 Outstanding at September 30, 2021 2,647 $146.08 3.1 $ 488,077Exercisable at September 30, 2021 1,913 $134.67 2.7 $ 374,680Unvested at September 30, 2021 734 $175.84 4.2 $ 113,397The total intrinsic value for options exercised during the nine months ended September 30, 2021 was $107.9 million.Restricted Stock Units and Performance-Based Restricted Stock UnitsThe following table summarizes the Company’s RSU and PSU activity for the nine months ended September 30, 2021: RSUs PSUs Weighted-Average Weighted-Average Number of Grant Date Fair Number of Grant Date Fair Shares Value per Share Shares Value per Share (in thousands) (in thousands) Outstanding at December 31, 2020 (1) 274 $ 206.48 148 $ 376.48Granted (1) 107 $ 240.07 154 $ 236.70Vested (128) $ 187.29 — $ —Forfeited/canceled (8) $ 234.45 (5) $ 340.32Outstanding at September 30, 2021 245 $ 230.28 297 $ 304.47 (1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.

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Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Taxes [Abstract]
Income Taxes	13.INCOME TAXESThe primary reasons for the difference between the Company’s effective tax rate and the U.S. statutory rate are the Company’s REIT election and the Company’s full valuation allowance on the net deferred tax assets of the U.S. taxable REIT subsidiary (“TRS”). The TRS has concluded that it is more likely than not that its deferred tax assets will not be realized and has recorded a full valuation allowance. A foreign tax provision is recognized because certain foreign subsidiaries of the Company have profitable operations or are in a net deferred tax liability position.The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2016. As a REIT, the Company generally will be entitled to a deduction for dividends that it pays, and therefore, not subject to U.S. federal corporate income tax on that portion of its net income that it distributes to its shareholders. As a REIT, the Company will continue to pay U.S. federal income tax on earnings, if any, from assets and operations held through its TRSs. These assets and operations currently consist primarily of the Company’s site development services and its international operations. The Company’s international operations would continue to be subject, as applicable, to foreign taxes in the jurisdictions in which those operations are located. The Company may also be subject to a variety of taxes, including payroll taxes and state, local, and foreign income, property, and other taxes on its assets and operations. The Company’s determination as to the timing and amount of future dividend distributions will be based on a number of factors, including REIT distribution requirements, its existing federal net operating losses (“NOLs”) of approximately $654.7 million as of December 31, 2020, the Company’s financial condition, earnings, debt covenants, and other possible uses of such funds. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized.

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Segment Data	9 Months Ended
	Sep. 30, 2021
Segment Data [Abstract]
Segment Data	14.SEGMENT DATAThe Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region.Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below. Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the three months ended September 30, 2021 (in thousands)Revenues $ 426,758  $ 108,734  $ 53,813  $ — $ 589,305 Cost of revenues (1) 65,260  33,406  41,357  — 140,023 Operating profit 361,498  75,328  12,456  — 449,282 Selling, general, and administrative expenses 27,983  9,272  4,791  8,954  51,000 Acquisition and new business initiatives related adjustments and expenses 2,911  2,819  — — 5,730 Asset impairment and decommission costs 6,113  3,747  — — 9,860 Depreciation, amortization and accretion 123,705  45,035  565  1,611  170,916 Operating income (loss) 200,786  14,455  7,100  (10,565) 211,776 Other expense (principally interest expense and other expense) (174,812) (174,812)Income before income taxes 36,964 Cash capital expenditures (2) 39,062  51,897  221  1,755  92,935  For the three months ended September 30, 2020 Revenues $ 390,961  $ 95,804  $ 36,175  $ — $ 522,940 Cost of revenues (1) 64,228  28,494  28,797  — 121,519 Operating profit 326,733  67,310  7,378  — 401,421 Selling, general, and administrative expenses 25,466  8,747  4,518  9,421  48,152 Acquisition and new business initiatives related adjustments and expenses 2,458  1,666  — — 4,124 Asset impairment and decommission costs 6,129  2,377  — — 8,506 Depreciation, amortization and accretion 135,350  42,851  578  1,523  180,302 Operating income (loss) 157,330  11,669  2,282  (10,944) 160,337 Other expense (principally interest expense and other expense) (147,102) (147,102)Income before income taxes 13,235 Cash capital expenditures (2) 89,982  17,971  127  1,176  109,256  ‎ Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the nine months ended September 30, 2021 (in thousands)Revenues $ 1,249,291  $ 315,523  $ 148,882  $ — $ 1,713,696 Cost of revenues (1) 194,455  95,055  116,172  — 405,682 Operating profit 1,054,836  220,468  32,710  — 1,308,014 Selling, general, and administrative expenses 85,240  26,553  14,574  30,179  156,546 Acquisition and new business initiatives related adjustments and expenses 10,839  6,686  — — 17,525 Asset impairment and decommission costs 12,674  5,740  — 146  18,560 Depreciation, amortization and accretion 390,730  132,900  1,727  4,909  530,266 Operating income (loss) 555,353  48,589  16,409  (35,234) 585,117 Other expense (principally interest expense and other expense) (380,903) (380,903)Income before income taxes 204,214 Cash capital expenditures (2) 1,186,791  87,572  1,812  3,751  1,279,926  For the nine months ended September 30, 2020 Revenues $ 1,165,322  $ 296,201  $ 85,708  $ — $ 1,547,231 Cost of revenues (1) 192,226  87,894  68,417  — 348,537 Operating profit 973,096  208,307  17,291  — 1,198,694 Selling, general, and administrative expenses 78,021  25,713  13,468  29,654  146,856 Acquisition and new business initiatives related adjustments and expenses 8,059  4,498  — — 12,557 Asset impairment and decommission costs 22,297  6,806  — — 29,103 Depreciation, amortization and accretion 403,725  131,474  1,791  4,597  541,587 Operating income (loss) 460,994  39,816  2,032  (34,251) 468,591 Other expense (principally interest expense and other expense) (626,873) (626,873)Loss before income taxes (158,282)Cash capital expenditures (2) 229,795  61,605  1,191  3,572  296,163  Domestic Site Int'l Site Site Leasing Leasing Development Other (3) Total Assets (in thousands)As of September 30, 2021 $ 6,638,499  $ 2,768,258  $ 79,432  $ 181,893  $ 9,668,082 As of December 31, 2020 $ 5,893,636  $ 2,955,563  $ 61,729  $ 247,090  $ 9,158,018  (1)Excludes depreciation, amortization, and accretion.(2)Includes cash paid for capital expenditures, acquisitions, and right-of-use assets.(3)Assets in Other consist primarily of general corporate assets and short-term investments.For the nine months ended September 30, 2021 and 2020, site leasing revenue in Brazil was $174.5 million and $167.8 million, respectively. Other than Brazil, no foreign country represented a material amount of the Company’s total revenues in any of the periods presented. Total long-lived assets in Brazil were $0.9 billion and $1.0 billion as of September 30, 2021 and December 31, 2020, respectively.

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Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	15.EARNINGS PER SHAREBasic earnings per share was computed by dividing net income (loss) attributable to SBA Communications Corporation by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income (loss) attributable to SBA Communications Corporation by the weighted-average number of shares of Common Stock outstanding adjusted for any dilutive Common Stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method. ‎ The following table sets forth basic and diluted net income (loss) per common share attributable to common shareholders for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share data): For the three months For the nine months ended September 30, ended September 30, 2021 2020 2021 2020Numerator: Net income (loss) attributable to SBA Communications Corporation $ 47,798 $ 22,568 $ 188,720 $ (81,678)Denominator: Basic weighted-average shares outstanding 109,577 111,783 109,487 111,809Dilutive impact of stock options, RSUs, and PSUs 1,988 1,920 1,842 —Diluted weighted-average shares outstanding 111,565 113,703 111,329 111,809Net income (loss) per common share attributable to SBA Communications Corporation: Basic $ 0.44 $ 0.20 $ 1.72 $ (0.73)Diluted $ 0.43 $ 0.20 $ 1.70 $ (0.73) For the three months ended September 30, 2021 and 2020 and for the nine months ended September 30, 2021, the diluted weighted average number of common shares outstanding excluded an immaterial number of shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.For the nine months ended September 30, 2020, all potential common stock equivalents, including 3.2 million shares underlying stock options outstanding, 0.3 million shares underlying RSUs outstanding, and 0.1 million shares underlying PSUs outstanding, were excluded as the effect would be anti-dilutive.

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Redeemable Noncontrolling Interests	9 Months Ended
	Sep. 30, 2021
Redeemable Noncontrolling Interests [Abstract]
Redeemable Noncontrolling Interests	16. REDEEMABLE NONCONTROLLING INTERESTSAs a result of its acquisition of additional interests of a previously unconsolidated joint venture in South Africa which operated under the name Atlas Tower South Africa (“Atlas SA”), the Company has consolidated the results of the entity into its financial statements since August 2019. In connection with the acquisition of the additional interest in Atlas SA, the parties agreed to both a put option exercisable by the noncontrolling interest holder and a call option exercisable by the Company for the remaining 6% minority interest based on a formulaic approach. During the third quarter of 2020, the Company noticed its intent to exercise its call option to acquire its remaining 6% interest in the joint venture. On March 25, 2021, the Company remitted $13.7 million to the seller as closing consideration for the remaining 6% interest in the joint venture, subject to an earnout in September 2021 based on the attainment of certain future performance metrics. The parties are currently in litigation regarding various issues arising in connection with the closing of the transaction. Consequently, the Company is retaining the fair value of the acquired 6% noncontrolling interest in Redeemable Noncontrolling Interests until such time as the litigation is resolved.The fair value assigned to the redeemable noncontrolling interest as of September 30, 2021 is based on the contractually-defined redemption value, which was delivered as closing consideration for the remaining 6% interest. In accordance with the terms of the call option, the amount of closing consideration was fixed upon exercise of the call option. The Company allocates income and losses to the noncontrolling interest holder based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the higher of (1) the initial carrying amount of the noncontrolling interest as adjusted for accumulated income or loss attributable to the noncontrolling interest holder, or (2) the contractually-defined redemption value as of the balance sheet date. Adjustments to the carrying amount of redeemable noncontrolling interest are charged against retained earnings (or additional paid-in capital if there are no retained earnings). For the nine months ended September 30, 2021, the loss attributable to the 6% interest was immaterial.

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Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2021
Derivatives and Hedging Activities [Abstract]
Derivatives and Hedging Activities	17.DERIVATIVES AND HEDGING ACTIVITIESThe Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. On August 4, 2020, the Company, through its wholly owned subsidiary, SBA Senior Finance II, terminated its existing $1.95 billion cash flow hedge on a portion of its 2018 Term Loan in exchange for a payment of $176.2 million. On the same date, the Company entered into an interest rate swap for $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. The Company designated this interest rate swap as a cash flow hedge as it is expected to be highly effective at offsetting changes in cash flows of the LIBOR based component interest payments of its 2018 Term Loan. As of September 30, 2021, the hedge remains highly effective; therefore, subsequent changes in the fair value are recorded in Accumulated other comprehensive loss, net. As of September 30, 2021 and December 31, 2020, the interest rate swap has a fair value of $36.7 million and $12.1 million, respectively, and is recorded in Other assets on the Consolidated Balance Sheets.On August 4, 2020, the Company also terminated its existing interest rate swaps, which were previously de-designated as cash flow hedges. There was no cash transferred in connection with the termination of these swaps. The Company reclassifies the fair value of its interest rate swaps recorded in Accumulated other comprehensive loss, net on their de-designation date to non-cash interest expense on the Consolidated Statements of Operations over their respective remaining term end dates, which range from 2023 to 2025.Accumulated other comprehensive loss, net includes an aggregate of $82.7 million and $140.9 million of accumulated derivative net losses as of September 30, 2021 and December 31, 2020, respectively.The Company is exposed to counterparty credit risk to the extent that a counterparty fails to meet the terms of a contract. The Company’s exposure is limited to the current value of the contract at the time the counterparty fails to perform.The cash flows associated with these activities are reported in Net cash provided by operating activities on the Consolidated Statements of Cash Flows with the exception of the termination of interest rate swaps, which are recorded in Net cash used in financing activities.The table below outlines the effects of the Company’s derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit for the three and nine month periods ended September 30, 2021 and 2020. For the three months For the nine months ended September 30, ended September 30, 2021 2020 2021 2020 Cash Flow Hedge - Interest Rate Swap Agreement (in thousands)Change in fair value recorded in Accumulated other comprehensive loss, net $ (1,324) $ (7,252) $ 24,586  $ (132,460)Amount recognized in Non-cash interest expense $ — $ (1,062) $ — $ (6,707) Derivatives Not Designated as Hedges - Interest Rate Swap Agreements Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense $ 11,222  $ 8,809  $ 33,665  $ 18,094 Change in fair value recorded in Other income (expense), net $ — $ (3,192) $ — $ —

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Basis of Presentation (Policy)	9 Months Ended
	Sep. 30, 2021
Basis of Presentation [Abstract]
Basis of Presentation	The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2020 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year.The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While the Company believes that such estimates are fair when considered in conjunction with the consolidated financial statements and accompanying notes, the actual amounts, when known, may vary from these estimates.
Foreign Currency Translation	Foreign Currency TranslationAll assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the Consolidated Statement of Shareholders’ Deficit.For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Remeasurement gains and losses are reported as other income (expense), net in the Consolidated Statements of Operations.
Intercompany Loans Subject to Remeasurement	Intercompany Loans Subject to RemeasurementIn accordance with Accounting Standards Codification (ASC) 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $45.0 million loss and a $25.4 million loss, net of taxes, on the remeasurement of intercompany loans for the three months ended September 30, 2021 and 2020, respectively, and a $28.4 million loss and a $198.6 million loss, net of taxes, on the remeasurement of intercompany loans for the nine months ended September 30, 2021 and 2020, respectively, due to changes in foreign exchange rates. During the nine months ended September 30, 2021, the Company repaid $149.9 million of the intercompany loans. As of September 30, 2021 and December 31, 2020, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $788.4 million and $909.8 million, respectively.
Reference Rate Reform	Reference Rate ReformASU 2020-04 and ASU 2021-01, Reference Rate Reform, provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. An entity may elect to apply the amendments prospectively through December 31, 2022. The ICE Benchmark Administration Limited (“IBA”) intends to cease the publication of USD LIBOR as follows: the 1 week and 2 month tenors on December 31, 2021 and all other tenors on June 30, 2023. On July 7, 2021, the Company amended its Credit Facility to provide mechanics relating to a transition away from LIBOR as a benchmark interest rate and the replacement of LIBOR by an alternative benchmark rate. Refer to Note 10 for further discussion of the Credit Facility. As of September 30, 2021, the Company has not modified any other contracts as a result of reference rate reform and is evaluating the impact this standard may have on its consolidated financial statements.

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Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements [Abstract]
Summary of Asset Impairment and Decommission Costs	For the three months For the nine months ended September 30, ended September 30, 2021 2020 2021 2020 Asset impairment (1) $ 8,323 $ 7,132 $ 13,691 $ 23,565Write-off of carrying value of decommissioned towers 1,130 1,187 3,718 4,626Other (including third party decommission costs) 407 187 1,151 912Total asset impairment and decommission costs $ 9,860 $ 8,506 $ 18,560 $ 29,103 (1)Represents impairment charges resulting from the Company’s regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers.

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Cash, Cash Equivalents, and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2021
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	As of As of September 30, 2021 December 31, 2020 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 187,806  $ 308,560  Securitization escrow accounts 62,939  31,507  Restricted cash - current assetPayment and performance bonds 797  164  Restricted cash - current assetSurety bonds and workers compensation 2,857  2,577  Other assets - noncurrentTotal cash, cash equivalents, and restricted cash $ 254,399  $ 342,808

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Costs and Estimated Earnings on Uncompleted Contracts (Tables)	9 Months Ended
	Sep. 30, 2021
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Summary of Costs and Estimated Earnings on Uncompleted Contracts	As of As of September 30, 2021 December 31, 2020 (in thousands)Costs incurred on uncompleted contracts $ 70,938 $ 54,949Estimated earnings 27,599 21,778Billings to date (60,654) (43,725) $ 37,883 $ 33,002
Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets	As of As of September 30, 2021 December 31, 2020 (in thousands)Costs and estimated earnings in excess of billings on uncompleted contracts $ 40,860 $ 34,796Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) (2,977) (1,794) $ 37,883 $ 33,002

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Prepaid Expenses and Other Current Assets and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]
Schedule of Prepaid Expense and Other Current Assets	As of As of September 30, 2021 December 31, 2020 (in thousands)Prepaid real estate taxes $ 4,562 $ 3,153Prepaid taxes 10,146 8,121Other current assets 20,602 12,601Total prepaid expenses and other current assets $ 35,310 $ 23,875
Schedule of Other Assets	As of As of September 30, 2021 December 31, 2020 (in thousands)Straight-line rent receivable $ 340,078 $ 321,816Interest rate swap asset (1) 36,710 12,123Loan receivables 5,387 5,931Deferred lease costs, net 5,294 4,788Deferred tax asset - long term 51,331 53,722Long-term investments 48,719 57,575Other 26,506 22,037Total other assets $ 514,025 $ 477,992 (1)Refer to Note 17 for more information on the Company’s interest rate swaps.

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Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Acquisitions [Abstract]
Schedule of Acquisition Capital Expenditures	For the three months For the nine months ended September 30, ended September 30, 2021 2020 2021 2020 (in thousands)Acquisitions of towers and related intangible assets (1) $ 48,255 $ 21,895 $ 217,140 $ 121,319Acquisition of right-of-use assets (2) 694 — 948,392 —Land buyouts and other assets (3) 8,954 58,969 22,222 78,580Total cash acquisition capital expenditures $ 57,903 $ 80,864 $ 1,187,754 $ 199,899 (1)The nine months ended September 30, 2021 includes $77.1 million of acquisitions completed during the fourth quarter of 2020 which were not funded until the first quarter of 2021.(2)During the nine months ended September 30, 2021, the Company acquired the exclusive right to lease and operate 710 utility transmission structures, which included existing wireless tenant licenses from PG&E for $969.9 million. The difference between the agreed upon purchase price of $969.9 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 70 years.(3)In addition, the Company paid $4.1 million and $2.3 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended September 30, 2021 and 2020, respectively, and paid $11.3 million and $5.9 million for ground lease extensions and term easements on land underlying the Company’s towers during the nine months ended September 30, 2021 and 2020, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

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Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Property and Equipment, Net [Abstract]
Property and Equipment, Net (Including Assets Held Under Capital Leases)	As of As of September 30, 2021 December 31, 2020 (in thousands)Towers and related components $ 5,288,343 $ 5,213,019Construction-in-process (1) 38,754 38,065Furniture, equipment, and vehicles 57,330 54,610Land, buildings, and improvements 839,107 818,272Total property and equipment 6,223,534 6,123,966Less: accumulated depreciation (3,643,272) (3,446,640)Property and equipment, net $ 2,580,262 $ 2,677,326 (1)Construction-in-process represents costs incurred related to towers and other assets that are under development and will be used in the Company’s site leasing operations.

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Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Intangible Assets, Net [Abstract]
Gross and Net Carrying Amounts for each Major Class of Intangible Assets	As of September 30, 2021 As of December 31, 2020 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands)Current contract intangibles $ 4,907,015 $ (2,686,939) $ 2,220,076 $ 4,876,880 $ (2,471,438) $ 2,405,442Network location intangibles 1,785,135 (1,098,356) 686,779 1,770,944 (1,020,236) 750,708Intangible assets, net $ 6,692,150 $ (3,785,295) $ 2,906,855 $ 6,647,824 $ (3,491,674) $ 3,156,150

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Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Accrued Expenses [Abstract]
Schedule of Accrued Expenses	As of As of September 30, 2021 December 31, 2020 (in thousands)Salaries and benefits $ 23,453 $ 20,958Real estate and property taxes 10,501 9,583Unpaid capital expenditures 7,179 6,073Other 28,840 26,417Total accrued expenses $ 69,973 $ 63,031

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Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt [Abstract]
Schedule of Principal Values, Fair Values, and Carrying Values of Debt	As of As of September 30, 2021 December 31, 2020 Maturity Date Principal ‎Balance Fair Value Carrying ‎Value Principal ‎Balance Fair Value Carrying ‎ValueRevolving Credit Facility (1) Jul. 7, 2026 $ — $ — $ — $ 380,000  $ 380,000  $ 380,000 2018 Term Loan Apr. 11, 2025 2,322,000  2,301,683  2,309,857  2,340,000  2,310,750  2,325,391 2013-2C Tower Securities (2)(3) Apr. 11, 2023 575,000  586,420  572,993  575,000  599,662  572,063 2014-2C Tower Securities (2) Oct. 8, 2024 620,000  649,097  616,851  620,000  670,003  616,131 2017-1C Tower Securities (2) Apr. 11, 2022 — — — 760,000  774,410  757,165 2018-1C Tower Securities (2) Mar. 9, 2023 640,000  654,970  637,364  640,000  671,341  636,045 2019-1C Tower Securities (2) Jan. 12, 2025 1,165,000  1,186,366  1,156,854  1,165,000  1,218,613  1,155,106 2020-1C Tower Securities (2) Jan. 9, 2026 750,000  754,163  743,700  750,000  752,910  742,782 2020-2C Tower Securities (2) Jan. 11, 2028 600,000  609,546  594,574  600,000  597,840  594,081 2021-1C Tower Securities (2) Nov. 9, 2026 1,165,000  1,160,503  1,153,249  — — —2016 Senior Notes (4) Sep. 1, 2024 1,100,000  1,113,761  1,091,027  1,100,000  1,127,500  1,088,924 2017 Senior Notes Oct. 1, 2022 — — — 750,000  757,500  746,642 2020 Senior Notes Feb. 15, 2027 1,500,000  1,553,505  1,483,487  1,500,000  1,567,500  1,481,466 2021 Senior Notes Feb. 1, 2029 1,500,000  1,455,000  1,486,580  — — —Total debt $ 11,937,000  $ 12,025,014  $ 11,846,536  $ 11,180,000  $ 11,428,029  $ 11,095,796 Less: current maturities of long-term debt (24,000) (24,000)Total long-term debt, net of current maturities $ 11,822,536  $ 11,071,796  (1)On July 7, 2021, the Company amended its Revolving Credit Facility to extend the maturity date to July 7, 2026 as well as amend certain other terms and conditions under the Senior Credit Agreement. As of the date of this filing, $70.0 million was outstanding under the Revolving Credit Facility. For further discussion of the amendments, refer to “Revolving Credit Facility under the Senior Credit Agreement” below.(2)The maturity date represents the anticipated repayment date for each issuance.(3)On October 14, 2021, the Company repaid the entire aggregate principal amount of the 2013-2C Tower Securities. For further discussion, refer to “Secured Tower Revenue Securities” below.(4) On October 27, 2021, the Company issued the 2021-2C Tower Securities and the 2021-3C Tower Securities. Net proceeds from this offering were used to repay amounts outstanding under the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes. For further discussion, refer to “Secured Tower Revenue Securities” and “Senior Notes” below.
Schedule of Cash and Non-Cash Interest Expense	Interest For the three months ended September 30, For the nine months ended September 30, Rates as of 2021 2020 2021 2020 September 30, Cash Non-cash Cash Non-cash Cash Non-cash Cash Non-cash 2021 Interest Interest Interest Interest Interest Interest Interest Interest (in thousands)Revolving Credit Facility 1.573% $ 996  $ — $ 711  $ — $ 4,717  $ — $ 5,086  $ —2018 Term Loan (1) 1.868% 11,156  11,441  14,536  7,962  33,220  34,314  57,688  12,014 2013-2C Tower Securities (2) 3.722% 5,396  — 5,396  — 16,188  — 16,188  —2014-2C Tower Securities 3.869% 6,046  — 6,046  — 18,138  — 18,138  —2015-1C Tower Securities 3.156% — — 620  — — — 8,589  —2016-1C Tower Securities 2.877% — — 792  — — — 10,972  —2017-1C Tower Securities 3.168% — — 6,096  — 9,201  — 18,269  —2018-1C Tower Securities 3.448% 5,570  — 5,570  — 16,711  — 16,711  —2019-1C Tower Securities 2.836% 8,357  — 8,357  — 25,072  — 25,072  —2020-1C Tower Securities 1.884% 3,598  — 3,077  — 10,793  — 3,077  —2020-2C Tower Securities 2.328% 3,540  — 3,028  — 10,619  — 3,028  —2021-1C Tower Securities 1.631% 4,850  — — — 7,401  — — —2014 Senior Notes 4.875% — — — — — — 3,352  112 2016 Senior Notes (3) 4.875% 13,406  293  13,406  279  40,219  869  40,219  826 2017 Senior Notes 4.000% — — 7,500  — 2,333  — 22,500  —2020 Senior Notes 3.875% 14,531  86  14,531  82  43,594  253  32,238  114 2021 Senior Notes 3.125% 11,719  — — — 31,510  — — —Other 34  — 125  — 123  — 202  —Total (3) $ 89,199  $ 11,820  $ 89,791  $ 8,323  $ 269,839  $ 35,436  $ 281,329  $ 13,066  (1)The 2018 Term Loan has a blended rate of 1.868%, which includes the impact of the interest rate swap entered into on August 4, 2020, which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 1.840% as of September 30, 2021. Refer to Note 17 for more information on the Company’s interest rate swap.(2)On October 14, 2021, the Company repaid the entire aggregate principal amount of the 2013-2C Tower Securities. For further discussion, refer to “Secured Tower Revenue Securities” below.(3)On October 27, 2021, the Company issued the 2021-2C Tower Securities and the 2021-3C Tower Securities accruing interest at 1.840% and 2.593%, respectively. Net proceeds from this offering were used to repay amounts outstanding under the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes. For further discussion, refer to “Secured Tower Revenue Securities” and “Senior Notes” below.

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Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Shareholders' Equity [Abstract]
Summary of Share Repurchases	The following is a summary of the Company’s share repurchases: For the three months For the nine months ended September 30, ended September 30, 2021 2020 2021 2020 Total number of shares purchased (in millions) (1) 0.4 0.6 1.1 1.4Average price paid per share (1) $ 340.70 $ 302.63 $ 291.48 $ 267.57Total price paid (in millions) (1) $ 150.0 $ 175.6 $ 318.9 $ 375.6 Subsequent to September 30, 2021, the Company made the following share repurchases: Total number of shares purchased (in millions) (1) 0.6Average price paid per share (1) $ 332.72Total price paid (in millions) (1) $ 200.0 (1)Amounts reflected are based on the trade date and differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.
Schedule of Dividends Paid and Dividends Declared	For the nine months ended September 30, 2021, the Company paid the following cash dividends: Payable to Shareholders of Record at the Close Cash Paid Aggregate Amount Date Declared of Business on Per Share Paid Date Paid February 19, 2021 March 10, 2021 $0.58 $63.4 million March 26, 2021April 26, 2021 May 20, 2021 $0.58 $63.4 million June 15, 2021August 1, 2021 August 26, 2021 $0.58 $63.6 million September 23, 2021 Dividends paid in 2021 and 2020 were ordinary income. Subsequent to September 30, 2021, the Company declared the following cash dividends: Payable to Shareholders Cash to of Record at the Close be Paid Date Declared of Business on Per Share Date to be Paid November 1, 2021 November 18, 2021 $0.58 December 16, 2021

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Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Stock-Based Compensation [Abstract]
Summary of Stock Option Activity	Weighted- Weighted-Average Average Remaining Number Exercise Price Contractual Aggregate of Shares Per Share Life (in years) Intrinsic ValueOutstanding at December 31, 2020 3,202 $143.01 Exercised (542) $127.11 Forfeited/canceled (13) $179.67 Outstanding at September 30, 2021 2,647 $146.08 3.1 $ 488,077Exercisable at September 30, 2021 1,913 $134.67 2.7 $ 374,680Unvested at September 30, 2021 734 $175.84 4.2 $ 113,397
Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity	RSUs PSUs Weighted-Average Weighted-Average Number of Grant Date Fair Number of Grant Date Fair Shares Value per Share Shares Value per Share (in thousands) (in thousands) Outstanding at December 31, 2020 (1) 274 $ 206.48 148 $ 376.48Granted (1) 107 $ 240.07 154 $ 236.70Vested (128) $ 187.29 — $ —Forfeited/canceled (8) $ 234.45 (5) $ 340.32Outstanding at September 30, 2021 245 $ 230.28 297 $ 304.47 (1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.

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Segment Data (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Data [Abstract]
Schedule of Segment Reporting Information	Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the three months ended September 30, 2021 (in thousands)Revenues $ 426,758  $ 108,734  $ 53,813  $ — $ 589,305 Cost of revenues (1) 65,260  33,406  41,357  — 140,023 Operating profit 361,498  75,328  12,456  — 449,282 Selling, general, and administrative expenses 27,983  9,272  4,791  8,954  51,000 Acquisition and new business initiatives related adjustments and expenses 2,911  2,819  — — 5,730 Asset impairment and decommission costs 6,113  3,747  — — 9,860 Depreciation, amortization and accretion 123,705  45,035  565  1,611  170,916 Operating income (loss) 200,786  14,455  7,100  (10,565) 211,776 Other expense (principally interest expense and other expense) (174,812) (174,812)Income before income taxes 36,964 Cash capital expenditures (2) 39,062  51,897  221  1,755  92,935  For the three months ended September 30, 2020 Revenues $ 390,961  $ 95,804  $ 36,175  $ — $ 522,940 Cost of revenues (1) 64,228  28,494  28,797  — 121,519 Operating profit 326,733  67,310  7,378  — 401,421 Selling, general, and administrative expenses 25,466  8,747  4,518  9,421  48,152 Acquisition and new business initiatives related adjustments and expenses 2,458  1,666  — — 4,124 Asset impairment and decommission costs 6,129  2,377  — — 8,506 Depreciation, amortization and accretion 135,350  42,851  578  1,523  180,302 Operating income (loss) 157,330  11,669  2,282  (10,944) 160,337 Other expense (principally interest expense and other expense) (147,102) (147,102)Income before income taxes 13,235 Cash capital expenditures (2) 89,982  17,971  127  1,176  109,256  ‎ Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the nine months ended September 30, 2021 (in thousands)Revenues $ 1,249,291  $ 315,523  $ 148,882  $ — $ 1,713,696 Cost of revenues (1) 194,455  95,055  116,172  — 405,682 Operating profit 1,054,836  220,468  32,710  — 1,308,014 Selling, general, and administrative expenses 85,240  26,553  14,574  30,179  156,546 Acquisition and new business initiatives related adjustments and expenses 10,839  6,686  — — 17,525 Asset impairment and decommission costs 12,674  5,740  — 146  18,560 Depreciation, amortization and accretion 390,730  132,900  1,727  4,909  530,266 Operating income (loss) 555,353  48,589  16,409  (35,234) 585,117 Other expense (principally interest expense and other expense) (380,903) (380,903)Income before income taxes 204,214 Cash capital expenditures (2) 1,186,791  87,572  1,812  3,751  1,279,926  For the nine months ended September 30, 2020 Revenues $ 1,165,322  $ 296,201  $ 85,708  $ — $ 1,547,231 Cost of revenues (1) 192,226  87,894  68,417  — 348,537 Operating profit 973,096  208,307  17,291  — 1,198,694 Selling, general, and administrative expenses 78,021  25,713  13,468  29,654  146,856 Acquisition and new business initiatives related adjustments and expenses 8,059  4,498  — — 12,557 Asset impairment and decommission costs 22,297  6,806  — — 29,103 Depreciation, amortization and accretion 403,725  131,474  1,791  4,597  541,587 Operating income (loss) 460,994  39,816  2,032  (34,251) 468,591 Other expense (principally interest expense and other expense) (626,873) (626,873)Loss before income taxes (158,282)Cash capital expenditures (2) 229,795  61,605  1,191  3,572  296,163  Domestic Site Int'l Site Site Leasing Leasing Development Other (3) Total Assets (in thousands)As of September 30, 2021 $ 6,638,499  $ 2,768,258  $ 79,432  $ 181,893  $ 9,668,082 As of December 31, 2020 $ 5,893,636  $ 2,955,563  $ 61,729  $ 247,090  $ 9,158,018  (1)Excludes depreciation, amortization, and accretion.(2)Includes cash paid for capital expenditures, acquisitions, and right-of-use assets.(3)Assets in Other consist primarily of general corporate assets and short-term investments.

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Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Weighted-Average Shares of Common Stock Outstanding used in Calculation of Basic and Diluted Earnings Per Share	For the three months For the nine months ended September 30, ended September 30, 2021 2020 2021 2020Numerator: Net income (loss) attributable to SBA Communications Corporation $ 47,798 $ 22,568 $ 188,720 $ (81,678)Denominator: Basic weighted-average shares outstanding 109,577 111,783 109,487 111,809Dilutive impact of stock options, RSUs, and PSUs 1,988 1,920 1,842 —Diluted weighted-average shares outstanding 111,565 113,703 111,329 111,809Net income (loss) per common share attributable to SBA Communications Corporation: Basic $ 0.44 $ 0.20 $ 1.72 $ (0.73)Diluted $ 0.43 $ 0.20 $ 1.70 $ (0.73)

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Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2021
Derivatives and Hedging Activities [Abstract]
Schedule of Effect of Derivatives on the Consolidated Statements of Operations	For the three months For the nine months ended September 30, ended September 30, 2021 2020 2021 2020 Cash Flow Hedge - Interest Rate Swap Agreement (in thousands)Change in fair value recorded in Accumulated other comprehensive loss, net $ (1,324) $ (7,252) $ 24,586  $ (132,460)Amount recognized in Non-cash interest expense $ — $ (1,062) $ — $ (6,707) Derivatives Not Designated as Hedges - Interest Rate Swap Agreements Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense $ 11,222  $ 8,809  $ 33,665  $ 18,094 Change in fair value recorded in Other income (expense), net $ — $ (3,192) $ — $ —

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Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Basis of Presentation [Abstract]
Loss on remeasurement of U.S. dollar denominated intercompany loan	$ (45.0)	$ (25.4)	$ (28.4)	$ (198.6)
Repayment of debt			149.9
Intercompany foreign currency outstanding balance	$ 788.4		$ 788.4		$ 909.8

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Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments	$ 48,719		$ 57,575
Short-term investments	800		$ 700
Purchase of short-term investments	755,400	$ 1,200,000
Proceeds from sale of short-term investments	$ 755,300	$ 1,200,000
Revolving Credit Facility [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable interest rate	1.125%
Revolving Credit Facility [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable interest rate	1.50%

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Fair Value Measurements (Summary of Asset Impairment and Decommission Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value Measurements [Abstract]
Asset impairment	$ 8,323	$ 7,132	$ 13,691	$ 23,565
Write-off of carrying value of decommissioned towers	1,130	1,187	3,718	4,626
Other (including third party decommission costs)	407	187	1,151	912
Total asset impairment and decommission costs	$ 9,860	$ 8,506	$ 18,560	$ 29,103

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Cash, Cash Equivalents, and Restricted Cash (Narrative) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Restricted Cash And Cash Equivalents Items [Line Items]
Surety, payment and performance bonds	$ 42,000,000.0	$ 41,800,000
Collateral payment for performance bonds	0	0
Workers Compensation Policy [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Collateral	$ 2,300,000	$ 2,300,000

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Cash, Cash Equivalents, and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Restricted Cash And Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 187,806	$ 308,560
Restricted cash - current asset	63,736	31,671
Total cash, cash equivalents, and restricted cash	254,399	342,808	$ 335,973	$ 141,120
Securitization Escrow Accounts [Member] | Restricted Cash - Current Asset [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - current asset	62,939	31,507
Payment and Performance Bonds [Member] | Restricted Cash - Current Asset [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - current asset	797	164
Surety Bonds and Workers Compensation [Member] | Other Assets - Noncurrent [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - noncurrent asset	$ 2,857	$ 2,577

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Costs and Estimated Earnings on Uncompleted Contracts (Narrative) (Details) - Customer Concentration Risk [Member] - Contract with Customer [Member] - customer	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Number of significant customers	8	8
Eight Largest Customers [Member]
Concentration Risk [Line Items]
Concentration risk percentage	98.20%	99.40%

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Costs and Estimated Earnings on Uncompleted Contracts (Summary of Costs and Estimated Earnings on Uncompleted Contracts) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Costs incurred on uncompleted contracts	$ 70,938	$ 54,949
Estimated earnings	27,599	21,778
Billings to date	(60,654)	(43,725)
Costs and estimated earnings on uncompleted contracts	$ 37,883	$ 33,002

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Costs and Estimated Earnings on Uncompleted Contracts (Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 40,860	$ 34,796
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities)	(2,977)	(1,794)
Costs and estimated earnings on uncompleted contracts	$ 37,883	$ 33,002

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Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Prepaid Expense and Other Current Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]
Prepaid real estate taxes	$ 4,562	$ 3,153
Prepaid taxes	10,146	8,121
Other current assets	20,602	12,601
Total prepaid expenses and other current assets	$ 35,310	$ 23,875

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Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]
Straight-line rent receivable	$ 340,078	$ 321,816
Interest rate swap asset	36,710	12,123
Loan receivables	5,387	5,931
Deferred lease costs, net	5,294	4,788
Deferred tax asset - long term	51,331	53,722
Long-term investments	48,719	57,575
Other	26,506	22,037
Total other assets	$ 514,025	$ 477,992

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Acquisitions (Narrative) (Details) $ in Millions	1 Months Ended	9 Months Ended
	Nov. 05, 2021 USD ($) item	Sep. 30, 2021 USD ($) item	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Performance targets, maximum potential obligation		$ 14.8	$ 35.0
Other Acquisitions [Member]
Business Acquisition [Line Items]
Number of towers acquired | item		222
Property and equipment		$ 15.2
Intangible assets		111.0
Other net assets and liabilities assumed		$ 13.9
Subsequent Event [Member] | Airtel Tanzania [Member]
Business Acquisition [Line Items]
Cash paid for acquisition	$ 231.0
Number of communication sites acquired | item	1,700
Subsequent Event [Member] | Airtel Tanzania [Member] | Previously Announced [Member]
Business Acquisition [Line Items]
Cash paid for acquisition	$ 175.0
Number of communication sites acquired | item	1,400

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Acquisitions (Schedule of Acquisition Capital Expenditures) (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) item	Sep. 30, 2020 USD ($)
Business Acquisition [Line Items]
Acquisitions of towers and related intangible assets	$ 48,255	$ 77,100	$ 21,895	$ 217,140	$ 121,319
Acquisition of right-of-use assets	694			948,392
Land buyouts and other assets	8,954		58,969	22,222	78,580
Total cash acquisition capital expenditures	57,903		80,864	1,187,754	199,899
Ground lease extensions	$ 4,100		$ 2,300	$ 11,300	$ 5,900
Exclusive Right to Lease and Operate Utility Transmission Structures [Member]
Business Acquisition [Line Items]
Number of utility transmission structures acquired | item				710
Consideration transferred				$ 969,900
Lease term	70 years			70 years

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Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property and Equipment, Net [Abstract]
Depreciation expense	$ 66,200	$ 71,800	$ 206,000	$ 215,000
Unpaid capital expenditures	$ 7,179		$ 7,179		$ 6,073

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Property and Equipment, Net (Property and Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 6,223,534	$ 6,123,966
Less: accumulated depreciation	(3,643,272)	(3,446,640)
Property and equipment, net	2,580,262	2,677,326
Towers and Related Components [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	5,288,343	5,213,019
Construction-In-Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	38,754	38,065
Furniture, Equipment and Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	57,330	54,610
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 839,107	$ 818,272

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Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Intangible Assets, Net [Abstract]
Amortization expense	$ 100.3	$ 108.2	$ 313.2	$ 326.2

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Intangible Assets, Net (Gross and Net Carrying Amounts for each Major Class of Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 6,692,150	$ 6,647,824
Accumulated amortization	(3,785,295)	(3,491,674)
Net book value	2,906,855	3,156,150
Current Contract Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,907,015	4,876,880
Accumulated amortization	(2,686,939)	(2,471,438)
Net book value	2,220,076	2,405,442
Network Location Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,785,135	1,770,944
Accumulated amortization	(1,098,356)	(1,020,236)
Net book value	$ 686,779	$ 750,708

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Accrued Expenses (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued Expenses [Abstract]
Salaries and benefits	$ 23,453	$ 20,958
Real estate and property taxes	10,501	9,583
Unpaid capital expenditures	7,179	6,073
Other	28,840	26,417
Total accrued expenses	$ 69,973	$ 63,031

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Debt (Revolving Credit Facility under the Senior Credit Agreement) (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 07, 2021	Nov. 05, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Line of Credit Facility [Line Items]
Repayments of revolving credit facility				$ 1,190,000,000	$ 1,005,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000		$ 1,250,000,000	$ 1,250,000,000
Revolving credit facility, maturity date	Jul. 07, 2026
Line of credit facility, commitment fee				0.25%
Borrowings on the revolving credit facility				$ 810,000,000.0
Repayments of revolving credit facility			85,000,000.0	1,200,000,000
Line of credit facility, outstanding			$ 0	$ 0
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Borrowings on the revolving credit facility		$ 825,000,000.0
Repayments of revolving credit facility		755,000,000.0
Line of credit facility, outstanding		$ 70,000,000.0
Minimum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate				1.125%
Line of credit facility, commitment fee	0.15%
Minimum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	1.125%
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.125%
Maximum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate				1.50%
Line of credit facility, commitment fee	0.25%
Maximum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	1.50%
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.50%

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Debt (Term Loan under the Senior Credit Agreement) (Narrative) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 11,937,000,000	$ 11,937,000,000	$ 11,180,000,000
2018 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount	2,322,000,000	2,322,000,000	$ 2,340,000,000
Repayment of term loans	$ 6,000,000.0	$ 18,000,000.0

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Debt (Secured Tower Revenue Securities) (Narrative) (Details) - USD ($)				9 Months Ended
	Oct. 27, 2021	Oct. 14, 2021	May 14, 2021	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt instrument, principal amount				$ 11,937,000,000	$ 11,180,000,000
2021-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount			$ 1,165,000,000	$ 1,165,000,000
Debt instrument, interest rate, stated percentage				1.631%
Repayment date of debt instrument				Nov. 09, 2026
Debt instrument, maturity date				May 09, 2051
Financing fees			12,600,000
2013-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount				$ 575,000,000	575,000,000
Debt instrument, maturity date				Apr. 11, 2023
2016 Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount				$ 1,100,000,000	1,100,000,000
Debt instrument, interest rate, stated percentage				4.875%
Debt instrument, maturity date				Sep. 01, 2024
2017-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount					$ 760,000,000
Debt instrument, interest rate, stated percentage				3.168%
Debt instrument, maturity date				Apr. 11, 2022
Repayments of long-term debt			760,000,000.0
2017-1R Tower Securities [Member]
Debt Instrument [Line Items]
Repayments of long-term debt			40,000,000.0
2021-1R Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount			$ 61,400,000
Debt instrument, interest rate, stated percentage				3.625%
Repayment date of debt instrument				Nov. 09, 2026
Debt instrument, maturity date				May 09, 2051
Subsequent Event [Member] | 2021-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 895,000,000.0
Debt instrument, interest rate, stated percentage	1.84%
Repayment date of debt instrument	Apr. 09, 2027
Debt instrument, final maturity date	Oct. 10, 2051
Subsequent Event [Member] | 2013-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 575,000,000.0
Repayment date of debt instrument		Apr. 11, 2023
Financing fees		$ 2,000,000.0
Subsequent Event [Member] | 2021-3C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 895,000,000.0
Debt instrument, interest rate, stated percentage	2.593%
Repayment date of debt instrument	Oct. 09, 2031
Debt instrument, final maturity date	Oct. 10, 2056
Subsequent Event [Member] | 2021- 2C & 3C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 1,790,000,000
Financing fees	$ 18,300,000
Weighted average life of debt instrument through the anticipated repayment date	7 years 9 months 18 days
Subsequent Event [Member] | 2021- 2C & 3C Tower Securities [Member] | Blended [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.217%
Subsequent Event [Member] | 2021-3R Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 94,300,000
Debt instrument, interest rate, stated percentage	4.09%
Repayment date of debt instrument	Oct. 09, 2031
Debt instrument, final maturity date	Oct. 10, 2056

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Debt (Senior Notes) (Narrative) (Details) - USD ($)		9 Months Ended
	Feb. 11, 2021	Sep. 30, 2021	Jan. 29, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 11,937,000,000		$ 11,180,000,000
Aggregate redemption price, percentage		35.00%
2021 Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 1,500,000,000	$ 1,500,000,000
Debt instrument, maturity date		Feb. 01, 2029
Debt instrument, interest rate, stated percentage		3.125%
Interest payable dates		February 1 and August 1
Financing fees		$ 14,500,000
Redemption period		Feb. 01, 2024
Redemption price, percentage		103.125%
2021 Senior Notes [Member] | Redemption, Period One [Member]
Debt Instrument [Line Items]
Redemption period		Feb. 01, 2024
Redemption price, percentage		101.563%
2021 Senior Notes [Member] | Redemption, Period Two [Member]
Debt Instrument [Line Items]
Redemption period		Feb. 01, 2025
Redemption price, percentage		100.781%
2021 Senior Notes [Member] | Redemption, Period Three [Member]
Debt Instrument [Line Items]
Redemption period		Feb. 01, 2026
Redemption price, percentage		100.00%
2017 Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount				$ 750,000,000
Debt instrument, maturity date		Oct. 01, 2022
Debt instrument, interest rate, stated percentage		4.00%
Repayments of unsecured debt	$ 750,000,000.0
Debt call premium	7,500,000
Write-off of deferred financing fees	$ 4,200,000

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Debt (Schedule of Principal Values, Fair Values, and Carrying Values of Debt) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Nov. 05, 2021	Oct. 14, 2021	May 14, 2021	Jan. 29, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal Balance	$ 11,937,000,000					$ 11,180,000,000
Fair Value	12,025,014,000					11,428,029,000
Carrying Value	11,846,536,000					11,095,796,000
Less: current maturities of long-term debt	(24,000,000)					(24,000,000)
Total long-term debt, net of current maturities	$ 11,822,536,000					11,071,796,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Jul. 07, 2026
Principal Balance						380,000,000
Fair Value						380,000,000
Carrying Value						380,000,000
Line of credit facility, outstanding	$ 0
2018 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Apr. 11, 2025
Principal Balance	$ 2,322,000,000					2,340,000,000
Fair Value	2,301,683,000					2,310,750,000
Carrying Value	$ 2,309,857,000					2,325,391,000
2013-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Apr. 11, 2023
Principal Balance	$ 575,000,000					575,000,000
Fair Value	586,420,000					599,662,000
Carrying Value	$ 572,993,000					572,063,000
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 08, 2024
Principal Balance	$ 620,000,000					620,000,000
Fair Value	649,097,000					670,003,000
Carrying Value	$ 616,851,000					616,131,000
2017-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Apr. 11, 2022
Principal Balance						760,000,000
Fair Value						774,410,000
Carrying Value						757,165,000
2018-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Mar. 09, 2023
Principal Balance	$ 640,000,000					640,000,000
Fair Value	654,970,000					671,341,000
Carrying Value	$ 637,364,000					636,045,000
2019-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Jan. 12, 2025
Principal Balance	$ 1,165,000,000					1,165,000,000
Fair Value	1,186,366,000					1,218,613,000
Carrying Value	$ 1,156,854,000					1,155,106,000
2020-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Jan. 09, 2026
Principal Balance	$ 750,000,000					750,000,000
Fair Value	754,163,000					752,910,000
Carrying Value	$ 743,700,000					742,782,000
2020-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Jan. 11, 2028
Principal Balance	$ 600,000,000					600,000,000
Fair Value	609,546,000					597,840,000
Carrying Value	$ 594,574,000					594,081,000
2021-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	May 09, 2051
Principal Balance	$ 1,165,000,000			$ 1,165,000,000
Fair Value	1,160,503,000
Carrying Value	$ 1,153,249,000
2016 Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Sep. 01, 2024
Principal Balance	$ 1,100,000,000					1,100,000,000
Fair Value	1,113,761,000					1,127,500,000
Carrying Value	$ 1,091,027,000					1,088,924,000
2017 Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 01, 2022
Principal Balance						750,000,000
Fair Value						757,500,000
Carrying Value						746,642,000
2020 Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Feb. 15, 2027
Principal Balance	$ 1,500,000,000					1,500,000,000
Fair Value	1,553,505,000					1,567,500,000
Carrying Value	$ 1,483,487,000					$ 1,481,466,000
2021 Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Feb. 01, 2029
Principal Balance	$ 1,500,000,000				$ 1,500,000,000
Fair Value	1,455,000,000
Carrying Value	$ 1,486,580,000
Subsequent Event [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, outstanding		$ 70,000,000.0
Subsequent Event [Member] | 2013-2C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance			$ 575,000,000.0

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Debt (Schedule of Cash and Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Oct. 27, 2021
Debt Instrument [Line Items]
Cash Interest	$ 89,199	$ 89,791	$ 269,839	$ 281,329
Non-cash Interest	$ 11,820	8,323	$ 35,436	13,066
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	1.573%		1.573%
Cash Interest	$ 996	711	$ 4,717	5,086
2018 Term Loan [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	1.868%		1.868%
Cash Interest	$ 11,156	14,536	$ 33,220	57,688
Non-cash Interest	$ 11,441	7,962	$ 34,314	12,014
Blended rate			1.868%
Accruing interest rate	1.84%		1.84%
2013 Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	3.722%		3.722%
Cash Interest	$ 5,396	5,396	$ 16,188	16,188
2014 Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	3.869%		3.869%
Cash Interest	$ 6,046	6,046	$ 18,138	18,138
2015-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	3.156%		3.156%
Cash Interest		620		8,589
2016-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	2.877%		2.877%
Cash Interest		792		10,972
2017-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	3.168%		3.168%
Cash Interest		6,096	$ 9,201	18,269
2018-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	3.448%		3.448%
Cash Interest	$ 5,570	5,570	$ 16,711	16,711
2019-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	2.836%		2.836%
Cash Interest	$ 8,357	8,357	$ 25,072	25,072
2020-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	1.884%		1.884%
Cash Interest	$ 3,598	3,077	$ 10,793	3,077
2020-2C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	2.328%		2.328%
Cash Interest	$ 3,540	3,028	$ 10,619	3,028
2021-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	1.631%		1.631%
Cash Interest	$ 4,850		$ 7,401
2021-2C Tower Securities [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021					1.84%
Accruing interest rate					1.84%
2021-3C Tower Securities [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021					2.593%
Accruing interest rate					2.593%
2014 Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	4.875%		4.875%
Cash Interest				3,352
Non-cash Interest				112
2016 Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	4.875%		4.875%
Cash Interest	$ 13,406	13,406	$ 40,219	40,219
Non-cash Interest	$ 293	279	$ 869	826
2017 Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	4.00%		4.00%
Cash Interest		7,500	$ 2,333	22,500
2020 Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	3.875%		3.875%
Cash Interest	$ 14,531	14,531	$ 43,594	32,238
Non-cash Interest	$ 86	82	$ 253	114
2021 Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rates as of March 31, 2021	3.125%		3.125%
Cash Interest	$ 11,719		$ 31,510
Other [Member]
Debt Instrument [Line Items]
Cash Interest	34	$ 125	123	$ 202
Interest Rate Swap [Member] | 2018 Term Loan [Member]
Debt Instrument [Line Items]
Notional amount	$ 1,950,000		$ 1,950,000
Derivative fixed interest rate	1.874%		1.874%
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2018 Term Loan [Member]
Debt Instrument [Line Items]
Derivative basis spread on variable interest rate	1.75%		1.75%

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Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions	Oct. 28, 2021	Sep. 30, 2021	Nov. 02, 2020
New Plan [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized		$ 1,000.0
New Plan [Member] | Class A Common Stock [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized	$ 1,000.0
Prior Plan [Member] | Class A Common Stock [Member]
Class of Stock [Line Items]
Stock repurchase program, remaining authorization			$ 125.1

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Shareholders' Equity (Summary of Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 05, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Total number of shares purchased (in millions)		0.4	0.6	1.1	1.4
Average price paid per share		$ 340.70	$ 302.63	$ 291.48	$ 267.57
Total price paid (in millions)		$ 150.0	$ 175.6	$ 318.9	$ 375.6
Subsequent Event [Member]
Total number of shares purchased (in millions)	0.6
Average price paid per share	$ 332.72
Total price paid (in millions)	$ 200.0

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Shareholders' Equity (Schedule of Dividends Paid and Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Nov. 05, 2021	Sep. 30, 2021
February 19, 2021 [Member]
Date Declared		Feb. 19, 2021
Payable to Shareholders of Record at the Close of Business on		Mar. 10, 2021
Cash Paid Per Share		$ 0.58
Aggregate Amount Paid		$ 63.4
Date Paid/Date to be Paid		Mar. 26, 2021
April 26, 2021 [Member]
Date Declared		Apr. 26, 2021
Payable to Shareholders of Record at the Close of Business on		May 20, 2021
Cash Paid Per Share		$ 0.58
Aggregate Amount Paid		$ 63.4
Date Paid/Date to be Paid		Jun. 15, 2021
August 1, 2021 [Member]
Date Declared		Aug. 01, 2021
Payable to Shareholders of Record at the Close of Business on		Aug. 26, 2021
Cash Paid Per Share		$ 0.58
Aggregate Amount Paid		$ 63.6
Date Paid/Date to be Paid		Sep. 23, 2021
Subsequent Event [Member] | October 31, 2021 [Member]
Date Declared	Nov. 01, 2021
Payable to Shareholders of Record at the Close of Business on	Nov. 18, 2021
Cash to be Paid Per Share	$ 0.58
Date Paid/Date to be Paid	Dec. 16, 2021

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Stock-Based Compensation (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value for options exercised	$ 107.9
Performance Stock Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years

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Stock-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Stock-Based Compensation [Abstract]
Number of Shares, Outstanding at December 31, 2020 | shares	3,202
Number of Shares, Exercised | shares	(542)
Number of Shares, Forfeited/canceled | shares	(13)
Number of Shares, Outstanding at September 30, 2021 | shares	2,647
Number of Shares, Exercisable at September 30, 2021 | shares	1,913
Number of Shares, Unvested at September 30, 2021 | shares	734
Weighted-Average Exercise Price Per Share, Outstanding at December 31, 2020 | $ / shares	$ 143.01
Weighted-Average Exercise Price Per Share, Exercised | $ / shares	127.11
Weighted-Average Exercise Price Per Share, Forfeited/canceled | $ / shares	179.67
Weighted-Average Exercise Price Per Share, Outstanding at September 30, 2021 | $ / shares	146.08
Weighted-Average Exercise Price Per Share, Exercisable at September 30, 2021 | $ / shares	134.67
Weighted-Average Exercise Price Per Share, Unvested at September 30, 2021 | $ / shares	$ 175.84
Weighted-Average Remaining Contractual Life (in years), Outstanding at September 30, 2021	3 years 1 month 6 days
Weighted-Average Remaining Contractual Life (in years), Exercisable at September 30, 2021	2 years 8 months 12 days
Weighted-Average Remaining Contractual Life (in years), Unvested at September 30, 2021	4 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding at September 30, 2021 | $	$ 488,077
Aggregate Intrinsic Value, Exercisable at September 30, 2021 | $	374,680
Aggregate Intrinsic Value, Unvested at September 30, 2021 | $	$ 113,397

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Stock-Based Compensation (Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity) (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding at December 31, 2020 | shares	274
Number of Shares, Granted | shares	107
Number of Shares, Vested | shares	(128)
Number of Shares, Forfeited/canceled | shares	(8)
Number of Shares, Outstanding at September 30, 2021 | shares	245
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2020 | $ / shares	$ 206.48
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares	240.07
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	187.29
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares	234.45
Weighted-Average Grant Date Fair Value per Share, Outstanding at September 30, 2021 | $ / shares	$ 230.28
Performance Stock Units (PSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding at December 31, 2020 | shares	148
Number of Shares, Granted | shares	154
Number of Shares, Vested | shares
Number of Shares, Forfeited/canceled | shares	(5)
Number of Shares, Outstanding at September 30, 2021 | shares	297
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2020 | $ / shares	$ 376.48
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares	236.70
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares	340.32
Weighted-Average Grant Date Fair Value per Share, Outstanding at September 30, 2021 | $ / shares	$ 304.47
Performance period	3 years

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Income Taxes (Narrative) (Details) $ in Millions	Dec. 31, 2020 USD ($)
Income Taxes [Abstract]
Federal net operating loss carry-forward	$ 654.7

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Segment Data (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) segment	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of business segments | segment			2
Site leasing	$ 535,492	$ 486,765	$ 1,564,814	$ 1,461,523
Total assets	9,668,082		$ 9,668,082		$ 9,158,018
Site Leasing Revenue [Member]
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Brazil [Member]
Segment Reporting Information [Line Items]
Site leasing			$ 174,500	$ 167,800
Total assets	$ 900,000		$ 900,000		$ 1,000,000

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Segment Data (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues		$ 589,305	$ 522,940	$ 1,713,696	$ 1,547,231
Cost of revenues		140,023	121,519	405,682	348,537
Operating profit		449,282	401,421	1,308,014	1,198,694
Selling, general, and administrative expenses	[1]	51,000	48,152	156,546	146,856
Acquisition and new business initiatives related adjustments and expenses		5,730	4,124	17,525	12,557
Asset impairment and decommission costs		9,860	8,506	18,560	29,103
Depreciation, amortization and accretion		170,916	180,302	530,266	541,587
Operating income (loss)		211,776	160,337	585,117	468,591
Other income (expense) (principally interest expense and other expense)		(174,812)	(147,102)	(380,903)	(626,873)
Income (loss) before income taxes		36,964	13,235	204,214	(158,282)
Cash capital expenditures		92,935	109,256	1,279,926	296,163
Assets		9,668,082		9,668,082		$ 9,158,018
Domestic Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues		426,758	390,961	1,249,291	1,165,322
Cost of revenues		65,260	64,228	194,455	192,226
Operating profit		361,498	326,733	1,054,836	973,096
Selling, general, and administrative expenses		27,983	25,466	85,240	78,021
Acquisition and new business initiatives related adjustments and expenses		2,911	2,458	10,839	8,059
Asset impairment and decommission costs		6,113	6,129	12,674	22,297
Depreciation, amortization and accretion		123,705	135,350	390,730	403,725
Operating income (loss)		200,786	157,330	555,353	460,994
Cash capital expenditures		39,062	89,982	1,186,791	229,795
Assets		6,638,499		6,638,499		5,893,636
International Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues		108,734	95,804	315,523	296,201
Cost of revenues		33,406	28,494	95,055	87,894
Operating profit		75,328	67,310	220,468	208,307
Selling, general, and administrative expenses		9,272	8,747	26,553	25,713
Acquisition and new business initiatives related adjustments and expenses		2,819	1,666	6,686	4,498
Asset impairment and decommission costs		3,747	2,377	5,740	6,806
Depreciation, amortization and accretion		45,035	42,851	132,900	131,474
Operating income (loss)		14,455	11,669	48,589	39,816
Cash capital expenditures		51,897	17,971	87,572	61,605
Assets		2,768,258		2,768,258		2,955,563
Site Development [Member]
Segment Reporting Information [Line Items]
Revenues		53,813	36,175	148,882	85,708
Cost of revenues		41,357	28,797	116,172	68,417
Operating profit		12,456	7,378	32,710	17,291
Selling, general, and administrative expenses		4,791	4,518	14,574	13,468
Depreciation, amortization and accretion		565	578	1,727	1,791
Operating income (loss)		7,100	2,282	16,409	2,032
Cash capital expenditures		221	127	1,812	1,191
Assets		79,432		79,432		61,729
Other [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative expenses		8,954	9,421	30,179	29,654
Asset impairment and decommission costs				146
Depreciation, amortization and accretion		1,611	1,523	4,909	4,597
Operating income (loss)		(10,565)	(10,944)	(35,234)	(34,251)
Other income (expense) (principally interest expense and other expense)		(174,812)	(147,102)	(380,903)	(626,873)
Cash capital expenditures		1,755	$ 1,176	3,751	$ 3,572
Assets		$ 181,893		$ 181,893		$ 247,090

[1] Includes non-cash compensation of $16,589 and $16,606 for the three months ended September 30, 2021 and 2020, respectively, and $57,249 and $50,291 for the nine months ended September 30, 2021 and 2020, respectively.

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Earnings Per Share (Narrative) (Details) shares in Millions	9 Months Ended
	Sep. 30, 2020 shares
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from earnings per share calculation	3.2
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from earnings per share calculation	0.3
Performance Stock Units (PSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from earnings per share calculation	0.1

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Earnings Per Share (Weighted-Average Shares of Common Stock Outstanding used in Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to SBA Communications Corporation	$ 47,798	$ 22,568	$ 188,720	$ (81,678)
Basic weighted-average shares outstanding	109,577	111,783	109,487	111,809
Dilutive impact of stock options, RSUs, and PSUs	1,988	1,920	1,842
Diluted weighted-average shares outstanding	111,565	113,703	111,329	111,809
Net income (loss) per common share attributable to SBA Communications Corporation:
Basic	$ 0.44	$ 0.20	$ 1.72	$ (0.73)
Diluted	$ 0.43	$ 0.20	$ 1.70	$ (0.73)

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Redeemable Noncontrolling Interests (Narrative) (Details) - Atlas Tower South Africa [Member] - USD ($) $ in Millions	Mar. 25, 2021	Sep. 30, 2021
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership percentage		6.00%
Acquired additional interest value	$ 13.7

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Derivatives and Hedging Activities (Narrative) (Details) - USD ($)		9 Months Ended	12 Months Ended
	Aug. 04, 2020	Sep. 30, 2021	Dec. 31, 2020
Interest Rate Swap [Member]
Derivative [Line Items]
Accumulated derivative losses		$ 82,700,000	$ 140,900,000
Interest Rate Swap [Member] | Minimum [Member]
Derivative [Line Items]
Remaining maturity year		2023
Interest Rate Swap [Member] | Maximum [Member]
Derivative [Line Items]
Remaining maturity year		2025
2018 Term Loan [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount		$ 1,950,000,000
Derivative fixed interest rate		1.874%
Derivative asset, fair value		$ 36,700,000	$ 12,100,000
Cash Flow Hedges [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Cash transfer in connection with termination of swaps	$ 0
Cash Flow Hedges [Member] | 2018 Term Loan [Member]
Derivative [Line Items]
Notional amount		1,950,000,000
Payment to terminate		$ 176,200,000
London Interbank Offered Rate (LIBOR) [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative basis spread on variable interest rate		1.75%

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Derivatives and Hedging Activities (Schedule of Effect of Derivatives the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value recorded in Other income (expense), net	$ (69,804)	$ (42,262)	$ (49,390)	$ (300,144)
Interest Rate Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of cash flow hedge	(1,324)	(7,252)	24,586	(132,460)
Interest Rate Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount recognized/reclassified in Non-cash interest expense		(1,062)		(6,707)
Derivatives Not Designated as Hedges - Interest Rate Swap Agreements [Member] | Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value recorded in Other income (expense), net		(3,192)
Derivatives Not Designated as Hedges - Interest Rate Swap Agreements [Member] | Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount recognized/reclassified in Non-cash interest expense	$ 11,222	$ 8,809	$ 33,665	$ 18,094