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 June 30, 2024

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: 107,472,463 shares of Class A common stock as of July 24, 2024.

Table of Contents

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023	1
	Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2024 and 2023	2
	Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 30, 2024 and 2023	3
	Consolidated Statement of Shareholders’ Deficit (unaudited) for the three and six months ended June 30, 2024 and 2023	4
	Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and 2023	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	41
Item 4.	Controls and Procedures	43
PART II – OTHER INFORMATION
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 5.	Other Information	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)

	June 30,		December 31,
	2024		2023
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	220,508	$	208,547
Restricted cash		58,474		38,129
Accounts receivable, net		88,650		182,746
Costs and estimated earnings in excess of billings on uncompleted contracts		19,810		16,252
Prepaid expenses and other current assets		72,564		38,593
Total current assets		460,006		484,267
Property and equipment, net		2,719,810		2,711,719
Intangible assets, net		2,314,238		2,455,597
Operating lease right-of-use assets, net		2,129,244		2,240,781
Acquired and other right-of-use assets, net		1,376,941		1,473,601
Other assets		785,939		812,476
Total assets	$	9,786,178	$	10,178,441
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS,
AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable	$	50,738	$	42,202
Accrued expenses		76,319		92,622
Current maturities of long-term debt		1,806,304		643,145
Deferred revenue		191,325		235,668
Accrued interest		57,928		57,496
Current lease liabilities		262,781		273,464
Other current liabilities		14,170		18,662
Total current liabilities		2,459,565		1,363,259
Long-term liabilities:
Long-term debt, net		10,473,739		11,681,170
Long-term lease liabilities		1,755,101		1,865,686
Other long-term liabilities		373,697		404,161
Total long-term liabilities		12,602,537		13,951,017
Redeemable noncontrolling interests		40,817		35,047
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, 107,471 shares and
108,050 shares issued and outstanding at June 30, 2024 and December 31, 2023,
respectively		1,075		1,080
Additional paid-in capital		2,930,332		2,894,060
Accumulated deficit		(7,546,370)		(7,450,824)
Accumulated other comprehensive loss, net		(701,778)		(615,198)
Total shareholders' deficit		(5,316,741)		(5,170,882)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit	$	9,786,178	$	10,178,441

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 six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Revenues:
Site leasing	$	626,457	$	626,143	$	1,254,733	$	1,243,411
Site development		34,020		52,357		63,606		110,605
Total revenues		660,477		678,500		1,318,339		1,354,016
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion,
and amortization shown below):
Cost of site leasing		114,131		115,014		228,944		235,133
Cost of site development		27,137		39,236		50,315		83,421
Selling, general, and administrative expenses (1)		62,376		63,383		131,074		135,592
Acquisition and new business initiatives related
adjustments and expenses		6,574		4,953		13,991		11,010
Asset impairment and decommission costs		31,610		32,867		75,258		59,257
Depreciation, accretion, and amortization		64,179		181,820		140,929		364,235
Total operating expenses		306,007		437,273		640,511		888,648
Operating income		354,470		241,227		677,828		465,368
Other income (expense):
Interest income		7,046		4,683		14,360		7,498
Interest expense		(97,530)		(101,288)		(193,921)		(202,514)
Non-cash interest expense		(7,080)		(7,518)		(15,523)		(21,757)
Amortization of deferred financing fees		(4,932)		(5,044)		(10,221)		(10,032)
Loss from extinguishment of debt, net		—		—		(4,428)		—
Other (expense) income, net		(104,859)		40,732		(149,511)		78,293
Total other expense, net		(207,355)		(68,435)		(359,244)		(148,512)
Income before income taxes		147,115		172,792		318,584		316,856
Benefit (provision) for income taxes		12,337		29,178		(4,590)		(14,331)
Net income		159,452		201,970		313,994		302,525
Net loss attributable to noncontrolling interests		3,378		1,678		3,378		2,340
Net income attributable to SBA Communications
Corporation	$	162,830	$	203,648	$	317,372	$	304,865
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	1.52	$	1.88	$	2.94	$	2.82
Diluted	$	1.51	$	1.87	$	2.93	$	2.79
Weighted-average number of common shares
Basic		107,462		108,355		107,782		108,244
Diluted		107,679		108,884		108,148		109,078

(1)Includes non-cash compensation of $17,872 and $17,566 for the three months ended June 30, 2024 and 2023, respectively, and $38,645 and $43,094 for the six months ended June 30, 2024 and 2023, 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

(unaudited) (in thousands)

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Net income	$	159,452	$	201,970	$	313,994	$	302,525
Adjustments related to interest rate swaps		(8,237)		15,316		2,630		(7,072)
Foreign currency translation adjustments		(64,130)		25,029		(89,534)		41,555
Comprehensive income		87,085		242,315		227,090		337,008
Comprehensive loss attributable to noncontrolling interests		3,702		2,133		3,702		2,797
Comprehensive income attributable to SBA
Communications Corporation	$	90,787	$	244,448	$	230,792	$	339,805

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, March 31, 2024	107,880	$	1,079	$	2,915,215	$	(7,509,379)	$	(629,735)	$	(5,222,820)
Net income attributable to SBA
Communications Corporation	—		—		—		162,830		—		162,830
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	31		—		3,950		—		—		3,950
Non-cash stock compensation	—		—		19,109		—		—		19,109
Adjustments related to interest rate swaps	—		—		—		—		(8,237)		(8,237)
Repurchase and retirement of common stock	(440)		(4)		—		(93,858)		—		(93,862)
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		(63,806)		(63,806)
Dividends and dividend equivalents
on common stock	—		—		—		(105,963)		—		(105,963)
Adjustment to redemption amount related to
noncontrolling interests	—		—		(7,942)		—		—		(7,942)
BALANCE, June 30, 2024	107,471	$	1,075	$	2,930,332	$	(7,546,370)	$	(701,778)	$	(5,316,741)

								Accumulated
	Class A			Additional				Other		Total
	Common Stock			Paid-In		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Capital		Deficit		Loss, Net		Deficit
BALANCE, December 31, 2023	108,050	$	1,080	$	2,894,060	$	(7,450,824)	$	(615,198)	$	(5,170,882)
Net income attributable to SBA
Communications Corporation	—		—		—		317,372		—		317,372
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	356		4		3,187		—		—		3,191
Non-cash stock compensation	—		—		41,027		—		—		41,027
Adjustments related to interest rate swaps	—		—		—		—		2,630		2,630
Repurchase and retirement of common stock	(935)		(9)		—		(200,010)		—		(200,019)
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		(89,210)		(89,210)
Dividends and dividend equivalents
on common stock	—		—		—		(212,908)		—		(212,908)
Adjustment to redemption amount related to
noncontrolling interests	—		—		(7,942)		—		—		(7,942)
BALANCE, June 30, 2024	107,471	$	1,075	$	2,930,332	$	(7,546,370)	$	(701,778)	$	(5,316,741)

‎

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, Net		Deficit
BALANCE, March 31, 2023	108,326	$	1,083	$	2,800,046	$	(7,473,913)	$	(596,370)	$	(5,269,154)
Net income attributable to SBA
Communications Corporation	—		—		—		203,648		—		203,648
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	55		1		6,646		—		—		6,647
Non-cash stock compensation	—		—		18,624		—		—		18,624
Adjustments related to interest rate swaps	—		—		—		—		15,316		15,316
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		25,484		25,484
Dividends and dividend equivalents
on common stock	—		—		—		(92,573)		—		(92,573)
Adjustment to redemption amount related to
noncontrolling interests	—		—		(322)		—		—		(322)
BALANCE, June 30, 2023	108,381	$	1,084	$	2,824,994	$	(7,362,838)	$	(555,570)	$	(5,092,330)

								Accumulated
	Class A			Additional				Other		Total
	Common Stock			Paid-In		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Capital		Deficit		Loss, Net		Deficit
BALANCE, December 31, 2022	107,997	$	1,080	$	2,795,176	$	(7,482,061)	$	(590,510)	$	(5,276,315)
Net income attributable to SBA
Communications Corporation	—		—		—		304,865		—		304,865
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	384		4		(8,073)		—		—		(8,069)
Non-cash stock compensation	—		—		45,326		—		—		45,326
Adjustments related to interest rate swaps	—		—		—		—		(7,072)		(7,072)
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		42,012		42,012
Dividends and dividend equivalents
on common stock	—		—		—		(185,642)		—		(185,642)
Adjustment to redemption amount related to
noncontrolling interests	—		—		(7,435)		—		—		(7,435)
BALANCE, June 30, 2023	108,381	$	1,084	$	2,824,994	$	(7,362,838)	$	(555,570)	$	(5,092,330)

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 six months ended June 30,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	313,994	$	302,525
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, accretion, and amortization		140,929		364,235
Loss (gain) on remeasurement of U.S. denominated intercompany loans		144,474		(85,268)
Non-cash compensation expense		40,067		44,456
Non-cash asset impairment and decommission costs		64,895		51,784
Loss from extinguishment of debt, net		4,428		—
Deferred and non-cash income tax benefit		(13,126)		(258)
Other non-cash items reflected in the Statements of Operations		31,997		44,089
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of
billings on uncompleted contracts, net		80,359		49,566
Prepaid expenses and other assets		(5,671)		(17,988)
Operating lease right-of-use assets, net		70,045		75,226
Accounts payable and accrued expenses		(23,375)		(24,504)
Accrued interest		643		1,066
Long-term lease liabilities		(73,023)		(68,967)
Other liabilities		(56,590)		62,139
Net cash provided by operating activities		720,046		798,101
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(61,022)		(39,737)
Capital expenditures		(107,844)		(112,583)
Purchase of investments		(681,208)		(627,310)
Proceeds from sale of investments		651,650		606,801
Other investing activities		(8,094)		(85,517)
Net cash used in investing activities		(206,518)		(258,346)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility		195,000		140,000
Repayments under Revolving Credit Facility		(255,000)		(410,000)
Proceeds from issuance of Term Loans, net of fees		2,274,815		—
Repayment of Term Loans		(2,273,750)		(12,000)
Repurchase and retirement of common stock		(200,019)		—
Payment of dividends on common stock		(213,464)		(186,070)
Proceeds from employee stock purchase/stock option plans		21,302		19,308
Payments related to taxes on stock options and restricted stock units		(18,061)		(27,377)
Other financing activities		1,242		1,251
Net cash used in financing activities		(467,935)		(474,888)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(13,395)		1,359
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		32,198		66,226
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period		250,946		189,283
End of period	$	283,144	$	255,509

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 six months ended June 30,
	2024		2023
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	193,195	$	201,424
Income taxes	$	17,214	$	16,158
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	16,133	$	18,570
Operating lease modifications and reassessments	$	33,713	$	13,556
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—	$	1,031

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, 2023 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 and deferrals) 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.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, incremental borrowing rate for lease accounting, fair value of investments, and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material.

During the first quarter of 2024, the Company completed its assessment on the remaining estimated useful lives of its towers and intangible assets. The Company concluded through its assessment that, for U.S. GAAP purposes, it should modify its current estimates for asset lives based on its historical operating experience and the findings obtained by its independent consultant. The Company previously depreciated its towers on a straight-line basis over the shorter of the (i) term of the underlying ground lease (including renewal options) taking into account residual value or (ii) estimated useful life of a tower, which the Company had historically estimated to be 15 years. Based on its assessment, the Company revised the estimated useful lives of its towers and certain related intangible assets (which are amortized on a similar basis to its tower assets, as their useful lives correlate to the useful life of the towers) from 15 years to 30 years, effective January 1, 2024. The Company accounted for the change in estimated useful lives as a change in estimate under ASC 250 “Accounting Changes and Error Corrections.” The impact of the change in estimate was accounted for prospectively effective January 1, 2024, resulting in a reduction in depreciation and amortization expense of approximately $102.7 million ($93.0 million after tax, or an increase of $0.86 per diluted share) and $205.4 million ($186.0 million after tax, or an increase of $1.72 per diluted share) for the three and six months ended June 30, 2024, respectively. This change in useful lives is expected to reduce depreciation and amortization expense by approximately $411.5 million ($372.5 million after tax, or an increase of $3.44 per diluted share) for the year ended December 31, 2024.

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 Statements 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 (expense) income, net in the Consolidated Statements of Operations.

Intercompany Loans Subject to Remeasurement

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other (expense) income, net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $66.2 million loss and a $27.8 million gain, net of taxes, on the remeasurement of intercompany loans for the three months ended June 30, 2024 and 2023, respectively, and a $94.7 million loss

8

and a $55.2 million gain, net of taxes, on the remeasurement of intercompany loans for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024, the Company funded $9.3 million and $79.7 million was repaid under its intercompany loan agreements. As of June 30, 2024 and December 31, 2023, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $1.2 billion and $1.3 billion, respectively.

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 noncontrolling interests.

Items Measured at Fair Value on a Nonrecurring Basis — The Company estimates the fair value of assets subject to impairment using a discounted cash flow (“DCF”) (Level 3 input) analysis. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable earnings and trading multiples. The cash flows employed in the DCF analysis are based on estimates of future revenues, earnings, and cash flows after considering factors such as tower location demographics, timing of additions of new tenants, lease rates, rate and term of renewal, attrition, ongoing cash requirements, and market multiples. Each of the assumptions are applied based on the specific facts and circumstances of the identified assets at the lowest level of identifiable cash flows. The DCF analysis used an average discount rate ranging from 7.8% - 8.8%.

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:

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
	(in thousands)
Asset impairment (1)	$	18,491	$	24,363	$	53,043	$	46,696
Write-off of carrying value of decommissioned towers		7,440		849		11,545		2,802
Other (including tower and equipment decommission costs)		5,679		7,655		10,670		9,759
Total asset impairment and decommission costs	$	31,610	$	32,867	$	75,258	$	59,257

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

The Company’s long-term investments were $19.2 million and $24.5 million as of June 30, 2024 and December 31, 2023, respectively, and are recorded in Other assets on the Consolidated Balance Sheets. 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 less than the carrying amount, an impairment charge will be recorded. The Company did not recognize any impairment loss associated with its investments during the three and six months ended June 30, 2024 and 2023.

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 short maturity of these instruments. The Company’s estimate of its short-term investments is based primarily upon Level 1 reported market values. As of June 30, 2024 and December 31, 2023, the Company had $30.4 million and $1.0 million of short-term investments, respectively. For the six months ended June 30, 2024, the Company purchased and sold $0.7 billion of short-term investments. For the six months ended June 30, 2023, the Company purchased and sold $0.6 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

9

applicable spread to the Eurodollar Rate and Term SOFR 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.

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
	June 30, 2024		December 31, 2023		Included on Balance Sheet
	(in thousands)
Cash and cash equivalents	$	220,508	$	208,547	Cash and cash equivalents
Securitization escrow accounts		51,790		31,852	Restricted cash - current asset
Payment, performance bonds, and other		6,684		6,277	Restricted cash - current asset
Surety bonds and workers compensation		4,162		4,270	Other assets - noncurrent
Total cash, cash equivalents, and restricted cash	$	283,144	$	250,946

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. Other restricted cash includes $6.5 million and $6.1 million held in escrow as of June 30, 2024 and December 31, 2023 related to the Company’s acquisition activities.

Cash is pledged as collateral for 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 June 30, 2024 and December 31, 2023, the Company had $41.7 million and $42.0 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 June 30, 2024 and December 31, 2023, the Company had pledged $2.5 million and $2.4 million, respectively, 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
	June 30, 2024		December 31, 2023
	(in thousands)
Costs incurred on uncompleted contracts	$	62,098	$	98,674
Estimated earnings		26,850		64,589
Billings to date		(72,247)		(152,608)
	$	16,701	$	10,655

‎

10

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

	As of		As of
	June 30, 2024		December 31, 2023
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	19,810	$	16,252
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(3,109)		(5,597)
	$	16,701	$	10,655

At June 30, 2024 and December 31, 2023, the two largest customers comprised 90.5% and 84.6%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.

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
	June 30, 2024		December 31, 2023
		(in thousands)
Short-term investments	$	30,400	$	1,046
Prepaid real estate taxes		2,353		3,522
Interest receivable		7,101		2,102
Prepaid taxes		11,548		9,064
Prepaid ground rent		3,449		3,712
Other current assets		17,713		19,147
Total prepaid expenses and other current assets	$	72,564	$	38,593

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

	As of		As of
	June 30, 2024		December 31, 2023
		(in thousands)
Straight-line rent receivable	$	419,486	$	415,100
Interest rate swap asset (1)		74,573		104,674
Loans receivable (2)		157,580		148,104
Deferred lease costs, net		8,806		8,713
Deferred tax asset - long term		61,597		67,473
Long-term investments		19,247		24,540
Other		44,650		43,872
Total other assets	$	785,939	$	812,476

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

(2)On March 17, 2023 (and as amended on August 25, 2023 and March 31, 2024), the Company entered into a loan with one of its unconsolidated joint ventures (“the Investee”). As part of the loan agreement, the Investee may borrow up to $115.0 million in aggregate principal amount, consisting of a $73.0 million initial term loan and $42.0 million of delayed draw term loans. The final maturity date of the loans is January 31, 2025. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. The loans are collateralized by equity securities in the Investee. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of June 30, 2024, the outstanding principal balance of the loan was $107.4 million and was accruing interest at 10.079%.

‎

11

6.ACQUISITIONS

The following table summarizes the Company’s acquisition activity:

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
	(in thousands)
Acquisitions of towers and related assets	$	27,899	$	9,571	$	38,194	$	22,351
Land buyouts and other assets (1)		13,718		10,237		22,828		17,386
Total cash acquisition capital expenditures	$	41,617	$	19,808	$	61,022	$	39,737

(1)Excludes $3.7 million and $2.7 million spent to extend ground lease terms for the three months ended June 30, 2024 and 2023, respectively, and excludes $9.3 million and $7.9 million spent to extend ground lease terms for the six months ended June 30, 2024 and 2023, respectively. The Company recorded these amounts in prepaid ground rent within prepaid expenses and other current assets on its Consolidated Balance Sheets.

During the six months ended June 30, 2024, the Company acquired 128 towers and related assets and liabilities consisting of $13.4 million of property and equipment, net, $24.3 million of intangible assets, net, $9.5 million of operating lease right-of-use assets, net, $3.4 million of acquisition related holdbacks, $5.3 million of long-term lease liabilities, and $0.2 million of other net liabilities assumed. During the six months ended June 30, 2024, the Company concluded that for all of its tower acquisitions substantially all of the value is concentrated in a group of similar identifiable assets.

Additionally, subsequent to June 30, 2024, the Company purchased or is under contract to purchase 106 communication sites which are expected to close prior to year-end at the time of this report for an aggregate consideration of $49.3 million in cash.

The maximum potential obligation related to contingent consideration for closed acquisitions was $15.1 million and $17.9 million as of June 30, 2024 and December 31, 2023, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets.

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

	As of		As of
	June 30, 2024		December 31, 2023
	(in thousands)
Towers and related assets (1)	$	5,829,692	$	5,850,608
Construction-in-process (2)		125,799		105,627
Furniture, equipment, and vehicles		80,481		76,031
Land, buildings, and improvements		944,644		927,235
Total property and equipment		6,980,616		6,959,501
Less: accumulated depreciation		(4,260,806)		(4,247,782)
Property and equipment, net	$	2,719,810	$	2,711,719

(1)Includes amounts related to the Company’s data centers.

(2)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 $26.2 million and $69.0 million for the three months ended June 30, 2024 and 2023, respectively, and $63.6 million and $138.4 million for the six months ended June 30, 2024 and 2023, respectively. As a result of the Company’s revision of the estimated useful lives of its towers, the Company experienced decreased depreciation expense for the three and six months ended June 30, 2024. At June 30, 2024 and December 31, 2023, unpaid capital expenditures that are included in accounts payable and accrued expenses were $14.1 million and $6.5 million, respectively.

‎

12

8.INTANGIBLE ASSETS, NET

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

	As of June 30, 2024						As of December 31, 2023
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	5,096,739	$	(3,353,509)	$	1,743,230	$	5,253,563	$	(3,394,009)	$	1,859,554
Network location intangibles		1,900,582		(1,329,574)		571,008		1,926,226		(1,330,183)		596,043
Intangible assets, net	$	6,997,321	$	(4,683,083)	$	2,314,238	$	7,179,789	$	(4,724,192)	$	2,455,597

All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $26.3 million and $101.3 million for the three months ended June 30, 2024 and 2023, respectively and $53.5 million and $203.1 million for the six months ended June 30, 2024 and 2023, respectively. As a result of the Company’s revision of the estimated useful lives of its towers, the Company experienced decreased amortization expense for the three and six months ended June 30, 2024.

9.ACCRUED EXPENSES

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

	As of		As of
	June 30, 2024		December 31, 2023
	(in thousands)
Salaries and benefits	$	17,009	$	25,630
Real estate and property taxes		9,531		7,149
Unpaid capital expenditures		14,077		6,477
Acquisition related holdbacks		10,149		16,100
Other		25,553		37,266
Total accrued expenses	$	76,319	$	92,622

10.DEBT

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

		As of						As of
		June 30, 2024						December 31, 2023
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility (1)	Jan. 25, 2029	$	120,000	$	120,000	$	120,000	$	180,000	$	180,000	$	180,000
2018 Term Loan (2)	Apr. 11, 2025		—		—		—		2,268,000		2,273,670		2,263,343
2024 Term Loan (2)	Jan. 25, 2031		2,294,250		2,297,118		2,270,260		—		—		—
2014-2C Tower Securities (3)	Oct. 8, 2024		620,000		615,350		619,684		620,000		606,540		619,145
2019-1C Tower Securities (3)	Jan. 12, 2025		1,165,000		1,138,007		1,163,621		1,165,000		1,115,313		1,162,348
2020-1C Tower Securities (3)	Jan. 9, 2026		750,000		680,460		747,677		750,000		682,350		746,937
2020-2C Tower Securities (3)	Jan. 11, 2028		600,000		520,554		596,844		600,000		520,530		596,419
2021-1C Tower Securities (3)	Nov. 9, 2026		1,165,000		1,016,556		1,159,242		1,165,000		1,015,437		1,158,059
2021-2C Tower Securities (3)	Apr. 9, 2027		895,000		769,986		890,020		895,000		772,125		889,152
2021-3C Tower Securities (3)	Oct. 9, 2031		895,000		684,684		887,809		895,000		686,581		887,365
2022-1C Tower Securities (3)	Jan. 11, 2028		850,000		870,281		842,349		850,000		850,221		841,429
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,429,155		1,491,486		1,500,000		1,438,815		1,489,965
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,348,125		1,491,051		1,500,000		1,338,750		1,490,153
Total debt		$	12,354,250	$	11,490,276	$	12,280,043	$	12,388,000	$	11,480,332	$	12,324,315
Less: current maturities of long-term debt							(1,806,304)						(643,145)
Total long-term debt, net of current maturities						$	10,473,739					$	11,681,170

(1)On January 25, 2024, the Company amended its Revolving Credit Facility to extend the maturity date to January 25, 2029 as

13

well as amend certain other terms and conditions under the Senior Credit Agreement. For further discussion of the amendments, refer to “Terms of the Senior Credit Agreement” below.

(2)On January 25, 2024, the Company repaid its 2018 Term Loan and issued a new $2.3 billion Term Loan (“2024 Term Loan”) with a maturity date of January 25, 2031. For further discussion of the amendments, refer to “Term Loan under the Senior Credit Agreement” below.

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

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 June 30,								For the six months ended June 30,
	Rates as of	2024				2023				2024				2023
	June 30,	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	2024	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest
		(in thousands)
Revolving Credit Facility	6.415%	$	3,161	$	—	$	8,782	$	—	$	5,630	$	—	$	18,068	$	—
2018 Term Loan	—		—		—		14,920		7,678		3,253		1,867		29,284		16,899
2024 Term Loan (1)	2.845%		16,619		6,679		—		—		29,598		11,626		—		—
2014-2C Tower Securities	3.869%		6,046		—		6,046		—		12,092		—		12,092		—
2019-1C Tower Securities	2.836%		8,357		—		8,357		—		16,714		—		16,714		—
2020-1C Tower Securities	1.884%		3,598		—		3,598		—		7,195		—		7,195		—
2020-2C Tower Securities	2.328%		3,540		—		3,540		—		7,079		—		7,079		—
2021-1C Tower Securities	1.631%		4,851		—		4,851		—		9,697		—		9,697		—
2021-2C Tower Securities	1.840%		4,196		—		4,196		—		8,391		—		8,391		—
2021-3C Tower Securities	2.593%		5,873		—		5,873		—		11,746		—		11,746		—
2022-1C Tower Securities	6.599%		14,094		—		14,094		—		28,187		—		28,187		—
2020 Senior Notes	3.875%		14,531		95		14,531		91		29,063		190		29,063		182
2021 Senior Notes	3.125%		11,719		—		11,719		—		23,438		—		23,438		—
Other			945		306		781		(251)		1,838		1,840		1,560		4,676
Total		$	97,530	$	7,080	$	101,288	$	7,518	$	193,921	$	15,523	$	202,514	$	21,757

(1)The 2024 Term Loan has a blended rate of 2.845%, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swap, the 2024 Term Loan was accruing interest at 7.350% as of June 30, 2024. Refer to Note 17 for more information on the Company’s interest rate swap.

Terms of the Senior Credit Agreement

On January 25, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC (“SBA Senior Finance II”), amended and restated its Senior Credit Agreement to (1) issue a new $2.3 billion Term Loan and retire the 2018 Term Loan, (2) increase the total commitments under its Revolving Credit Facility from $1.5 billion to $1.75 billion, (3) extend the maturity date of its Revolving Credit Facility to January 25, 2029, and (4) amend certain other terms and conditions under the Senior Credit Agreement.

On February 23, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II, further increased the total commitments under the Revolving Credit Facility from $1.75 billion to $2.0 billion.

As of June 30, 2024, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility consists of a revolving loan under which up to $2.0 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 through the maturity date of January 25, 2029. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (1) the Eurodollar Rate or Term SOFR 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. Furthermore, the Revolving Credit Facility incorporates sustainability-linked targets which will adjust the Revolving Credit Facility’s applicable interest and commitment fee rates upward or downward based on how the Company

14

performs against those targets. 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.

The key terms of the Revolving Credit Facility are as follows:

		Unused
	Interest Rate	Commitment
	as of	Fee as of
	June 30, 2024 (1)	June 30, 2024 (2)
Revolving Credit Facility	6.415%	0.140%

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2023.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2023.

The table below summarizes the Company’s Revolving Credit Facility activity during the three and six months ended June 30, 2024 and 2023 (in thousands):

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Beginning outstanding balance	$	195,000	$	675,000	$	180,000	$	720,000
Borrowings		70,000		—		195,000		140,000
Repayments		(145,000)		(225,000)		(255,000)		(410,000)
Ending outstanding balance	$	120,000	$	450,000	$	120,000	$	450,000

Subsequent to June 30, 2024, the Company repaid $90.0 million and borrowed $20.0 million under the Revolving Credit Facility, and as of the date of this filing, $50.0 million was outstanding.

Term Loan under the Senior Credit Agreement

2024 Term Loan

On January 25, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II, issued a term loan under the amended and restated Senior Credit Agreement. The 2024 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $2.3 billion that matures on January 25, 2031. The 2024 Term Loan accrues interest, at SBA Senior Finance II's election, at either the Base Rate plus 100 basis points (with a zero Base Rate floor) or at Term SOFR plus 200 basis points (with a floor of 0%). The 2024 Term Loan was issued at 99.75% of par value. The proceeds from the 2024 Term Loan were used to retire the 2018 Term Loan and to pay related fees and expenses. In connection with the repayment, the Company expensed $3.3 million of net deferred financing fees and $1.2 million of discount related to the debt.

Principal payments on the 2024 Term Loan will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $5.75 million beginning on June 30, 2024. The Company incurred financing fees of approximately $19.4 million in relation to this transaction, which are being amortized through the maturity date.

During the three and six months ended June 30, 2024, the Company repaid an aggregate of $5.75 million of principal on the 2024 Term Loan. As of June 30, 2024, the 2024 Term Loan had a principal balance of $2.3 billion.

Secured Tower Revenue Securities

As of June 30, 2024, 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.

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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 29, 2024, the Company filed with the Securities and Exchange Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR, 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 under its automatic shelf registration statement on Form S-3ASR. During the six months ended June 30, 2024, the Company did not issue any securities under this automatic shelf registration statement.

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 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 $1.0 billion stock repurchase plan. As of the date of this filing, the Company had $204.7 million of authorization remaining under this plan.

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

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Total number of shares purchased (in millions) (1)		0.4		—		0.9		—
Average price per share (1)	$	213.30	$	—	$	213.85	$	—
Total purchase price (in millions) (1)	$	93.9	$	—	$	200.0	$	—

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

Dividends

For the six months ended June 30, 2024, 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 26, 2024	March 14, 2024	$0.98	$108.1 million	March 28, 2024
April 29, 2024	May 23, 2024	$0.98	$105.3 million	June 18, 2024

Dividends paid in 2024 were ordinary taxable dividends.

Subsequent to June 30, 2024, 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
July 28, 2024	August 22, 2024	$0.98	September 18, 2024

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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 six months ended June 30, 2024 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, 2023	1,340	$	168.32
Exercised	(175)	$	130.19
Forfeited/canceled	(2)	$	197.91
Outstanding at June 30, 2024	1,163	$	174.02	1.4	$	27,996
Exercisable at June 30, 2024	1,140	$	172.50	1.3	$	27,996
Unvested at June 30, 2024	23	$	252.81	8.6	$	—

The total intrinsic value for options exercised during the six months ended June 30, 2024 was $15.0 million.

Restricted Stock Units and Performance-Based Restricted Stock Units

The following table summarizes the Company’s RSU and PSU activity for the six months ended June 30, 2024:

	RSUs			PSUs (1)
		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, 2023	267	$	269.08	368	$	298.46
Granted	267	$	216.02	59	$	291.51
PSU adjustment (2)	—	$	—	11	$	236.63
Vested	(116)	$	270.65	(155)	$	236.32
Forfeited/canceled	(9)	$	244.31	(2)	$	377.74
Outstanding at June 30, 2024	409	$	234.49	281	$	314.04

(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.

(2)PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date.

13.INCOME TAXES

The primary reason for the difference between the Company’s effective tax rate and the U.S. statutory rate is the Company’s REIT election. A tax provision is recognized because U.S. taxable REIT subsidiary and 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 U.S. taxable REIT subsidiary. 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 $382.3 million as of December 31, 2023, the Company’s financial condition, earnings, debt covenants,

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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.

The Company is subject to income tax and other taxes in the geographic areas where it holds assets or operates, and the Company periodically receives notifications of audits, assessments, or other actions by taxing authorities. In certain jurisdictions, taxing authorities may issue notices and assessments that may not be reflective of the actual tax liability for which the Company will ultimately be liable. In the process of responding to assessments of taxes that the Company believes are not reflective of the Company’s actual tax liability, the Company avails itself of both administrative and judicial remedies. The Company evaluates the circumstances of each notification or assessment based on the information available and, in those instances in which the Company does not anticipate a successful defense of positions taken in its tax filings, a liability is recorded in the appropriate amount based on the underlying assessment.

In connection with a current assessment in Brazil, the taxing authorities have issued income tax deficiencies related to purchase accounting adjustments for tax years 2017 through 2019. The Company disagrees with the assessment and has filed an appeal with the higher appellate taxing authorities. The Company estimates that there is a more likely than not probability that the Company’s position will be sustained upon appeal. Accordingly, no liability has been recorded. The Company will continue to vigorously contest the adjustments and expects to exhaust all administrative and judicial remedies necessary to resolve the matters, which could be a lengthy process. There can be no assurance that these matters will be resolved in the Company’s favor, and an adverse outcome, or any future tax examinations involving similar assertions, could have a material effect on the Company’s results of operations or cash flows in any one period. As of June 30, 2024, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued to be between zero and $66.8 million. This range excludes penalties and interest, which as of such date would have been $80.7 million.

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.

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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 June 30, 2024	(in thousands)
Revenues (1)	$	463,204	$	163,253	$	34,020	$	—	$	660,477
Cost of revenues (2)		65,489		48,642		27,137		—		141,268
Operating profit		397,715		114,611		6,883		—		519,209
Selling, general, and administrative expenses		33,608		15,775		2,944		10,049		62,376
Acquisition and new business initiatives
related adjustments and expenses		3,089		3,485		—		—		6,574
Asset impairment and decommission costs		13,825		17,362		—		423		31,610
Depreciation, amortization and accretion		33,870		27,457		1,038		1,814		64,179
Operating income (loss)		313,323		50,532		2,901		(12,286)		354,470
Other expense, net (principally interest
expense and other income)								(207,355)		(207,355)
Income before income taxes										147,115
Cash capital expenditures (3)		48,603		41,687		123		1,177		91,590
For the three months ended June 30, 2023
Revenues (1)	$	456,754	$	169,389	$	52,357	$	—	$	678,500
Cost of revenues (2)		64,434		50,580		39,236		—		154,250
Operating profit		392,320		118,809		13,121		—		524,250
Selling, general, and administrative expenses		28,445		18,413		4,471		12,054		63,383
Acquisition and new business initiatives
related adjustments and expenses		2,573		2,380		—		—		4,953
Asset impairment and decommission costs		30,465		2,244		—		158		32,867
Depreciation, amortization and accretion		117,353		61,892		936		1,639		181,820
Operating income (loss)		213,484		33,880		7,714		(13,851)		241,227
Other expense, net (principally interest
expense and other income)								(68,435)		(68,435)
Income before income taxes										172,792
Cash capital expenditures (3)		50,943		32,079		675		335		84,032

‎

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	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total
For the six months ended June 30, 2024	(in thousands)
Revenues (1)	$	924,703	$	330,030	$	63,606	$	—	$	1,318,339
Cost of revenues (2)		131,459		97,485		50,315		—		279,259
Operating profit		793,244		232,545		13,291		—		1,039,080
Selling, general, and administrative expenses		67,956		31,483		7,370		24,265		131,074
Acquisition and new business initiatives
related adjustments and expenses		8,387		5,604		—		—		13,991
Asset impairment and decommission costs		43,738		31,097		—		423		75,258
Depreciation, amortization and accretion		74,215		61,286		1,872		3,556		140,929
Operating income (loss)		598,948		103,075		4,049		(28,244)		677,828
Other expense, net (principally interest
expense and other income)								(359,244)		(359,244)
Income before income taxes										318,584
Cash capital expenditures (3)		89,624		77,289		182		1,771		168,866
For the six months ended June 30, 2023
Revenues (1)	$	911,588	$	331,823	$	110,605	$	—	$	1,354,016
Cost of revenues (2)		134,183		100,950		83,421		—		318,554
Operating profit		777,405		230,873		27,184		—		1,035,462
Selling, general, and administrative expenses		60,188		35,143		10,548		29,713		135,592
Acquisition and new business initiatives
related adjustments and expenses		5,805		5,205		—		—		11,010
Asset impairment and decommission costs		49,900		7,130		—		2,227		59,257
Depreciation, amortization and accretion		236,840		122,304		1,852		3,239		364,235
Operating income (loss)		424,672		61,091		14,784		(35,179)		465,368
Other expense, net (principally interest
expense and other income)								(148,512)		(148,512)
Income before income taxes										316,856
Cash capital expenditures (3)		95,578		55,112		1,070		1,591		153,351

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (4)		Total
Assets	(in thousands)
As of June 30, 2024	$	5,860,164	$	3,502,379	$	44,447	$	379,188	$	9,786,178
As of December 31, 2023	$	5,876,648	$	3,871,164	$	66,001	$	364,628	$	10,178,441

(1)For the three months ended June 30, 2024 and 2023, site leasing revenue in Brazil was $93.1 million and $99.7 million, respectively. For the six months ended June 30, 2024 and 2023, site leasing revenue in Brazil was $190.5 million and $193.6 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total site leasing revenue in any of the periods presented.

(2)Excludes depreciation, amortization, and accretion.

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

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

Total domestic long-lived assets were $5.4 billion as of June 30, 2024 and December 31, 2023. Total international long-lived assets were $3.1 billion and $3.4 billion as of June 30, 2024 and December 31, 2023. Total long-lived assets in Brazil were $1.8 billion and $2.1 billion as of June 30, 2024 and December 31, 2023, respectively. Long-lived assets include property and equipment, net, intangible assets, net, operating lease right-of-use assets, net, and acquired and other right-of-use assets, net. Other than Brazil, no foreign country represented more than 5% of the Company’s total long-lived assets in any of the periods presented.

15.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of

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Class A common stock outstanding adjusted for any dilutive Class A 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 per common share attributable to common shareholders for the three and six months ended June 30, 2024 and 2023 (in thousands, except per share data):

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Numerator:
Net income attributable to SBA
Communications Corporation	$	162,830	$	203,648	$	317,372	$	304,865
Denominator:
Basic weighted-average shares outstanding		107,462		108,355		107,782		108,244
Dilutive impact of stock options, RSUs, and PSUs		217		529		366		834
Diluted weighted-average shares outstanding		107,679		108,884		108,148		109,078
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	1.52	$	1.88	$	2.94	$	2.82
Diluted	$	1.51	$	1.87	$	2.93	$	2.79

For the three and six months ended June 30, 2024 and 2023, 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.

16. REDEEMABLE NONCONTROLLING INTERESTS

The Company allocates income and losses to its redeemable noncontrolling interest holders based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the greater 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 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). The fair value of the redeemable noncontrolling interest is estimated using Level 3 inputs.

The components of redeemable noncontrolling interests as of June 30, 2024 and December 31, 2023 are as follows (in thousands):

	June 30,		December 31,
	2024		2023
Beginning balance	$	35,047	$	31,735
Net loss attributable to noncontrolling interests		(3,378)		(4,397)
Foreign currency translation adjustments		(324)		(899)
Contribution from joint venture partner		1,530		1,200
Adjustment to redemption amount		7,942		7,408
Ending balance	$	40,817	$	35,047

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. As of June 30, 2024, the Company has an interest rate swap agreement on its 2024 Term Loan which swaps $1.95 billion of notional value accruing interest at one month Term SOFR plus 200 basis points for an all-in fixed rate of 2.050% per annum through March 31, 2025. Additionally, the Company has a forward-starting interest rate swap agreement which will swap $1.0 billion of notional value accruing interest at one month Term SOFR plus 200 basis points for an all-in fixed rate of 5.830% per annum. The forward-starting swap has an effective start date of March 31, 2025 and a maturity date of April 11, 2028.

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As of June 30, 2024, the hedges remain highly effective; therefore, changes in fair value are recorded in Accumulated other comprehensive loss, net. The table below outlines the effects of the Company’s interest rate swaps on the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.

		Fair Value as of
	Balance Sheet	June 30,		December 31,
	Location	2024		2023
Derivatives Designated as Hedging Instruments		(in thousands)
Interest rate swap agreements in a fair value asset position	Other assets	$	74,573	$	104,674
Interest rate swap agreement in a fair value liability position	Other long-term liabilities	$	—	$	19,573

Accumulated other comprehensive loss, net includes an aggregate $54.1 million gain and a $51.5 million gain as of June 30, 2024 and December 31, 2023, 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.

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 six months ended June 30, 2024 and 2023.

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Cash Flow Hedge - Interest Rate Swap Agreement	(in thousands)
Change in fair value recorded in Accumulated other comprehensive
loss, net	$	(14,816)	$	7,856	$	(10,528)	$	(23,540)
Derivatives Not Designated as Hedges - Interest Rate Swap Agreements
Amount reclassified from Accumulated other comprehensive
loss, net into Non-cash interest expense	$	6,579	$	7,460	$	13,158	$	16,468

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, South Africa, the Philippines, and Tanzania. Our primary business line is our site leasing business, which contributed 98.7% of our total segment operating profit for the six months ended June 30, 2024. In our site leasing business, we (1) lease space to wireless service providers and other customers on assets that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of June 30, 2024, we owned 39,744 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, South Africa, the Philippines, and Tanzania. As of June 30, 2024, 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 six months ended June 30, 2024. In addition, as of June 30, 2024, approximately 30% of our total towers are located in Brazil and no other international market (each country is considered a market) represented more than 5% of our total towers.

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We derive site leasing revenues primarily from wireless service provider tenants. Wireless service providers enter into (1) individual tenant site leases with us, each of which relates to the lease or use of space at an individual site or (2) master lease agreements (“MLA”) with us, which provide for the material terms and conditions that will apply to multiple sites; although, in most cases, each individual site under a MLA is also governed by its own site leasing agreement which sets forth pricing and other site specific terms. Our tenant leases are generally for an initial term of five years to fifteen years with multiple renewal periods at the option of the tenant. Our tenant leases typically either (1) contain specific annual rent escalators, (2) escalate annually in accordance with an inflationary index, or (3) escalate using a combination of fixed and inflation adjusted escalators. In addition, our international site leases may include pass-through charges, such as rent related to ground leases and other property interests, utilities, property taxes, and fuel.

Cost of site leasing revenue primarily consists of:

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

Property taxes;

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

Utilities;

Property insurance;

Fuel (in those international markets that do not have an available electric grid at our tower sites); and

Lease initial direct cost amortization.

Ground leases and other property interests are generally for an initial term of five years or more with multiple renewal periods, which are at our option. Our ground leases either (1) contain specific annual rent escalators or (2) escalate annually in accordance with an inflationary index. As of June 30, 2024, approximately 71% 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 Ecuador, El Salvador, Guatemala, Nicaragua, and Panama, significantly all of our revenue, expenses, and capital expenditures arising from our 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, South Africa, and the Philippines, 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, Costa Rica, Peru, and Tanzania, 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 to our Consolidated Financial Statements included in this quarterly report.

	For the three months ended				For the six months ended
Segment operating profit as a percentage of	June 30,				June 30,
total operating profit	2024		2023		2024		2023
Domestic site leasing		76.6%		74.8%		76.3%		75.0%
International site leasing		22.1%		22.7%		22.4%		22.4%
Total site leasing		98.7%		97.5%		98.7%		97.4%

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 a lease that is non-renewed, cancelled, or discounted prior to the end of its term) other than in connection with customer consolidation or cessations of specific 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 2024, we expect organic site leasing revenue in both our domestic and international segments to increase over 2023 levels, on a currency neutral basis, 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

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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.

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 to our 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. In addition, in a high interest rate environment and when we believe interest rates may stay higher for longer, we believe that debt repayments, especially of our variable rate debt, may be an accretive use of our excess capital. While the addition of cash dividends and debt repayments have provided us with additional tools to return value to our shareholders, we continue to believe that our priority is to make investments focused on increasing Adjusted Funds From Operations per share. 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.

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 to our Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023. Our preparation of our financial statements requires us to make 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.

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During the first quarter of 2024, we completed our assessment on the remaining estimated useful lives of our towers and intangible assets. We concluded through our assessment that, for U.S. GAAP purposes, we should modify our current estimates for asset lives based on our historical operating experience and the findings obtained by our independent consultant. We previously depreciated our towers on a straight-line basis over the shorter of the (i) term of the underlying ground lease (including renewal options) taking into account residual value or (ii) estimated useful life of a tower, which we had historically estimated to be 15 years. Based on our assessment, we revised the estimated useful lives of our towers and certain related intangible assets (which are amortized on a similar basis to our tower assets, as their useful lives correlate to the useful life of the towers) from 15 years to 30 years, effective January 1, 2024. We accounted for the change in estimated useful lives as a change in estimate under ASC 250 “Accounting Changes and Error Corrections.” The impact of the change in estimate was accounted for prospectively effective January 1, 2024, resulting in a reduction in depreciation and amortization expense of approximately $102.7 million ($93.0 million after tax, or an increase of $0.86 per diluted share) and $205.4 million ($186.0 million after tax, or an increase of $1.72 per diluted share) for the three and six months ended June 30, 2024, respectively. This change in useful lives is expected to reduce depreciation and amortization expense by approximately $411.5 million ($372.5 million after tax, or an increase of $3.44 per diluted share) for the year ended December 31, 2024.

RESULTS OF OPERATIONS

This report presents our financial results and other financial metrics on a GAAP basis and, with respect to our international and consolidated results, 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 June 30, 2024 Compared to Three Months Ended June 30, 2023

Revenues and Segment Operating Profit:

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
Revenues	(in thousands)
Domestic site leasing	$	463,204	$	456,754	$	—	$	6,450		1.4%
International site leasing		163,253		169,389		(7,011)		875		0.5%
Site development		34,020		52,357		—		(18,337)		(35.0%)
Total	$	660,477	$	678,500	$	(7,011)	$	(11,012)		(1.6%)
Cost of Revenues
Domestic site leasing	$	65,489	$	64,434	$	—	$	1,055		1.6%
International site leasing		48,642		50,580		(2,443)		505		1.0%
Site development		27,137		39,236		—		(12,099)		(30.8%)
Total	$	141,268	$	154,250	$	(2,443)	$	(10,539)		(6.8%)
Operating Profit
Domestic site leasing	$	397,715	$	392,320	$	—	$	5,395		1.4%
International site leasing		114,611		118,809		(4,568)		370		0.3%
Site development		6,883		13,121		—		(6,238)		(47.5%)

Revenues

Domestic site leasing revenues increased $6.5 million for the three months ended June 30, 2024, as compared to the prior year, primarily due to (1) organic site leasing growth, primarily from monetary lease amendments, (due in part to our 2023 MLA with AT&T) and additional equipment added to our towers as well as new leases and contractual rent escalators and (2) revenues from 87 towers acquired and 19 towers built since April 1, 2023, partially offset by lease non-renewals.

International site leasing revenues decreased $6.1 million for the three months ended June 30, 2024, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $0.9 million. These changes were primarily due to (1) organic site leasing growth from new leases, amendments, and contractual escalators and (2) revenues from 118 towers acquired and 445 towers built since April 1, 2023, partially offset by lease non-renewals and a decrease in reimbursable pass-through expenses. Site

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leasing revenue in Brazil represented 14.9% of total site leasing revenue for the period. No other individual international market represented more than 5% of our total site leasing revenue.

Site development revenues decreased $18.3 million for the three months ended June 30, 2024, as compared to the prior year, as a result of decreased carrier activity driven primarily by T-Mobile, DISH Wireless, and Verizon Wireless.

Operating Profit

Domestic site leasing segment operating profit increased $5.4 million for the three months ended June 30, 2024, as compared to the prior year, primarily due to additional profit generated by (1) organic site leasing growth as noted above, (2) towers acquired and built since April 1, 2023, and (3) continued control of our site leasing cost of revenue, partially offset by lease non-renewals.

International site leasing segment operating profit decreased $4.2 million for the three months ended June 30, 2024, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $0.4 million. These changes were primarily due to additional profit generated by (1) organic site leasing growth as noted above, (2) towers acquired and built since April 1, 2023, and (3) continued control of our site leasing cost of revenue, partially offset by lease non-renewals.

Site development segment operating profit decreased $6.2 million for the three months ended June 30, 2024, as compared to the prior year, as a result of decreased carrier activity driven primarily by T-Mobile, DISH Wireless, and Verizon Wireless.

Selling, General, and Administrative Expenses:

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	33,608	$	28,445	$	—	$	5,163		18.2%
International site leasing		15,775		18,413		(682)		(1,956)		(10.6%)
Total site leasing	$	49,383	$	46,858	$	(682)	$	3,207		6.8%
Site development		2,944		4,471		—		(1,527)		(34.2%)
Other		10,049		12,054		—		(2,005)		(16.6%)
Total	$	62,376	$	63,383	$	(682)	$	(325)		(0.5%)

Selling, general, and administrative expenses decreased $1.0 million for the three months ended June 30, 2024, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses decreased $0.3 million. These changes were driven primarily by the $3.1 million Oi reserve recorded in the second quarter of 2023, partially offset by increases in personnel and other support related costs and non-cash compensation expense.

Asset Impairment and Decommission Costs:

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	13,825	$	30,465	$	—	$	(16,640)		(54.6%)
International site leasing		17,362		2,244		(258)		15,376		685.2%
Total site leasing	$	31,187	$	32,709	$	(258)	$	(1,264)		(3.9%)
Other		423		158		—		265		167.7%
Total	$	31,610	$	32,867	$	(258)	$	(999)		(3.0%)

Domestic asset impairment and decommission costs decreased $16.6 million for the three months ended June 30, 2024, as compared to the prior year. This change was primarily as a result of decreased 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, partially offset by an increase in tower and equipment related decommission costs.

International asset impairment and decommission costs increased $15.1 for the three months ended June 30, 2024, as compared to the prior year. On a constant currency basis, asset impairment and decommission costs increased $15.4 million. These

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changes were primarily as a result of an 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 an increase in tower decommission costs.

Depreciation, Accretion, and Amortization Expense:

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	33,870	$	117,353	$	—	$	(83,483)		(71.1%)
International site leasing		27,457		61,892		(1,180)		(33,255)		(53.7%)
Total site leasing	$	61,327	$	179,245	$	(1,180)	$	(116,738)		(65.1%)
Site development		1,038		936		—		102		10.9%
Other		1,814		1,639		—		175		10.7%
Total	$	64,179	$	181,820	$	(1,180)	$	(116,461)		(64.1%)

Depreciation, accretion, and amortization expense decreased $117.6 million for the three months ended June 30, 2024, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense decreased $116.5 million. These changes were primarily due to the change in estimated useful lives of our towers and certain related intangible assets from our historical estimate of 15 years to a revised estimate of 30 years and 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 April 1, 2023.

Operating Income (Expense):

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	313,323	$	213,484	$	—	$	99,839		46.8%
International site leasing		50,532		33,880		(2,266)		18,918		55.8%
Total site leasing	$	363,855	$	247,364	$	(2,266)	$	118,757		48.0%
Site development		2,901		7,714		—		(4,813)		(62.4%)
Other		(12,286)		(13,851)		—		1,565		(11.3%)
Total	$	354,470	$	241,227	$	(2,266)	$	115,509		47.9%

Domestic site leasing operating income increased $99.8 million for the three months ended June 30, 2024, as compared to the prior year, primarily due to decreases in depreciation, accretion, and amortization expense and asset impairment and decommission costs and higher segment operating profit, partially offset by an increase in selling, general, and administrative expenses.

International site leasing operating income increased $16.7 million for the three months ended June 30, 2024, as compared to the prior year. On a constant currency basis, international site leasing operating income increased $18.9 million. These changes were primarily due to decreases in depreciation, accretion, and amortization expense and selling, general, and administrative expenses, partially offset by an increase in asset impairment and decommission costs.

Site development operating income decreased $4.8 million for the three months ended June 30, 2024, as compared to the prior year, primarily due to lower segment operating profit driven by less activity from T-Mobile, DISH Wireless, and Verizon Wireless.

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Other Income (Expense):

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Interest income	$	7,046	$	4,683	$	(140)	$	2,503		53.4%
Interest expense		(97,530)		(101,288)		89		3,669		(3.6%)
Non-cash interest expense		(7,080)		(7,518)		—		438		(5.8%)
Amortization of deferred financing fees		(4,932)		(5,044)		—		112		(2.2%)
Other (expense) income, net		(104,859)		40,732		(144,454)		(1,137)		153.6%
Total	$	(207,355)	$	(68,435)	$	(144,505)	$	5,585		(5.1%)

Interest income increased $2.4 million for the three months ended June 30, 2024, as compared to the prior year. On a constant currency basis, interest income increased $2.5 million. These changes were primarily due to a higher amount of interest-bearing deposits held, as well as higher effective interest rates on those deposits as compared to the prior year.

Interest expense decreased $3.8 million for the three months ended June 30, 2024, as compared to the prior year. On a constant currency basis, interest expense decreased $3.7 million. This change was primarily due to a lower average principal amount of cash-interest bearing debt outstanding accruing interest, partially offset by a higher interest rate on said debt as compared to the prior year.

Other (expense) income, net includes a $100.9 million loss on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries for the three months ended June 30, 2024, while the prior year period included a $43.3 million gain.

Benefit for Income Taxes:

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Benefit for income taxes	$	12,337	$	29,178	$	50,843	$	(67,684)		(153.2%)

Benefit for income taxes decreased $16.8 million for the three months ended June 30, 2024, as compared to the prior year. On a constant currency basis, provision for income taxes increased $67.7 million primarily due to an increase in domestic deferred taxes related to the release of the full valuation allowance on the net deferred tax assets of the U.S. taxable REIT subsidiary in the prior year.

Net Income:

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Net income	$	159,452	$	201,970	$	(95,928)	$	53,410		30.4%

Net income decreased $42.5 million for the three months ended June 30, 2024, as compared to the prior year. On a constant currency basis, net income increased $53.4 million. These changes were primarily due to increases in site leasing operating income (inclusive of a $93.0 million benefit related to our revision of the estimated useful lives of our towers and certain intangible assets), interest income, and other (expense) income, net, and a decrease in interest expense, partially offset by an increase in provision for income taxes and a decrease in site development operating income.

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Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023

Revenues and Segment Operating Profit:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
Revenues	(in thousands)
Domestic site leasing	$	924,703	$	911,588	$	—	$	13,115		1.4%
International site leasing		330,030		331,823		(5,068)		3,275		1.0%
Site development		63,606		110,605		—		(46,999)		(42.5%)
Total	$	1,318,339	$	1,354,016	$	(5,068)	$	(30,609)		(2.3%)
Cost of Revenues
Domestic site leasing	$	131,459	$	134,183	$	—	$	(2,724)		(2.0%)
International site leasing		97,485		100,950		(2,442)		(1,023)		(1.0%)
Site development		50,315		83,421		—		(33,106)		(39.7%)
Total	$	279,259	$	318,554	$	(2,442)	$	(36,853)		(11.6%)
Operating Profit
Domestic site leasing	$	793,244	$	777,405	$	—	$	15,839		2.0%
International site leasing		232,545		230,873		(2,626)		4,298		1.9%
Site development		13,291		27,184		—		(13,893)		(51.1%)

Revenues

Domestic site leasing revenues increased $13.1 million for the six months ended June 30, 2024, as compared to the prior year, primarily due to (1) organic site leasing growth, primarily from monetary lease amendments (due in part to our 2023 MLA with AT&T) and additional equipment added to our towers as well as new leases and contractual rent escalators and (2) revenues from 92 towers acquired and 22 towers built since January 1, 2023, partially offset by lease non-renewals.

International site leasing revenues decreased $1.8 million for the six months ended June 30, 2024, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $3.3 million. These changes were primarily due to (1) organic site leasing growth from new leases, amendments, and contractual escalators and (2) revenues from 127 towers acquired and 494 towers built since January 1, 2023, partially offset by lease non-renewals and a decrease in reimbursable pass-through expenses. Site leasing revenue in Brazil represented 15.2% of total site leasing revenue for the period. No other individual international market represented more than 5% of our total site leasing revenue.

Site development revenues decreased $47.0 million for the six months ended June 30, 2024, as compared to the prior year, as a result of decreased carrier activity driven primarily by T-Mobile, DISH Wireless, and Verizon Wireless.

Operating Profit

Domestic site leasing segment operating profit increased $15.8 million for the six months ended June 30, 2024, as compared to the prior year, primarily due to additional profit generated by (1) organic site leasing growth as noted above, (2) towers acquired and built since January 1, 2023, and (3) continued control of our site leasing cost of revenue, partially offset by lease non-renewals.

International site leasing segment operating profit increased $1.7 million for the six months ended June 30, 2024, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $4.3 million. These changes were primarily due to additional profit generated by (1) organic site leasing growth as noted above, (2) towers acquired and built since January 1, 2023, and (3) continued control of our site leasing cost of revenue, partially offset by lease non-renewals.

Site development segment operating profit decreased $13.9 million for the six months ended June 30, 2024, as compared to the prior year, as a result of decreased carrier activity driven primarily by T-Mobile, DISH Wireless, and Verizon Wireless.

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Selling, General, and Administrative Expenses:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	67,956	$	60,188	$	—	$	7,768		12.9%
International site leasing		31,483		35,143		(589)		(3,071)		(8.7%)
Total site leasing	$	99,439	$	95,331	$	(589)	$	4,697		4.9%
Site development		7,370		10,548		—		(3,178)		(30.1%)
Other		24,265		29,713		—		(5,448)		(18.3%)
Total	$	131,074	$	135,592	$	(589)	$	(3,929)		(2.9%)

Selling, general, and administrative expenses decreased $4.5 million for the six months ended June 30, 2024, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses decreased $3.9 million. These changes were driven primarily by a decrease in non-cash compensation expense as well as the $3.1 million Oi reserve recorded in the second quarter of 2023, partially offset by an increase in personnel and other support related costs.

Acquisition and New Business Initiatives Related Adjustments and Expenses:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	8,387	$	5,805	$	—	$	2,582		44.5%
International site leasing		5,604		5,205		(182)		581		11.2%
Total	$	13,991	$	11,010	$	(182)	$	3,163		28.7%

Acquisition and new business initiatives related adjustments and expenses increased $3.0 million for the six months ended June 30, 2024, as compared to the prior year. On a constant currency basis, acquisition and new business initiatives related adjustments and expenses increased $3.2 million. These changes were primarily as a result of an increase in our third party acquisition and integration costs as well as higher new business initiative activity as compared to the prior year.

Asset Impairment and Decommission Costs:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	43,738	$	49,900	$	—	$	(6,162)		(12.3%)
International site leasing		31,097		7,130		(380)		24,347		341.5%
Total site leasing	$	74,835	$	57,030	$	(380)	$	18,185		31.9%
Other		423		2,227		—		(1,804)		(81.0%)
Total	$	75,258	$	59,257	$	(380)	$	16,381		27.6%

Domestic asset impairment and decommission costs decreased $6.2 million for the six months ended June 30, 2024, as compared to the prior year. This change was primarily as a result of a 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, partially offset by an increase in tower and equipment related decommission costs.

International asset impairment and decommission costs increased $24.0 for the six months ended June 30, 2024, as compared to the prior year. On a constant currency basis, asset impairment and decommission costs increased $24.3 million. These changes were primarily as a result of an 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 an increase in tower decommission costs.

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Depreciation, Accretion, and Amortization Expenses:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	74,215	$	236,840	$	—	$	(162,625)		(68.7%)
International site leasing		61,286		122,304		(778)		(60,240)		(49.3%)
Total site leasing	$	135,501	$	359,144	$	(778)	$	(222,865)		(62.1%)
Site development		1,872		1,852		—		20		1.1%
Other		3,556		3,239		—		317		9.8%
Total	$	140,929	$	364,235	$	(778)	$	(222,528)		(61.1%)

Depreciation, accretion, and amortization expense decreased $223.3 million for the six months ended June 30, 2024, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense decreased $222.5 million. These changes were primarily due to the change in estimated useful lives of our towers and certain related intangible assets from our historical estimate of 15 years to a revised estimate of 30 years and 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, 2023.

Operating Income (Expense):

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	598,948	$	424,672	$	—	$	174,276		41.0%
International site leasing		103,075		61,091		(697)		42,681		69.9%
Total site leasing	$	702,023	$	485,763	$	(697)	$	216,957		44.7%
Site development		4,049		14,784		—		(10,735)		(72.6%)
Other		(28,244)		(35,179)		—		6,935		(19.7%)
Total	$	677,828	$	465,368	$	(697)	$	213,157		45.8%

Domestic site leasing operating income increased $174.3 million for the six months ended June 30, 2024, as compared to the prior year, primarily due to decreases in depreciation, accretion, and amortization expense and asset impairment and decommission costs and higher segment operating profit, 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 $42.0 million for the six months ended June 30, 2024, as compared to the prior year. On a constant currency basis, international site leasing operating income increased $42.7 million. These changes were primarily due to decreases in depreciation, accretion, and amortization expense and selling, general, and administrative expenses and higher segment operating profit, partially offset by an increase in asset impairment and decommission costs.

Site development operating income decreased $10.7 million for the six months ended June 30, 2024, as compared to the prior year, primarily due to lower segment operating profit driven by less activity from T-Mobile, DISH Wireless, and Verizon Wireless.

Other operating expense decreased $6.9 million for the six months ended June 30, 2024, as compared to the prior year, primarily due to decreases in selling, general, and administrative expenses and asset impairment and decommission costs.

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Other Income (Expense):

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Interest income	$	14,360	$	7,498	$	(34)	$	6,896		92.0%
Interest expense		(193,921)		(202,514)		159		8,434		(4.2%)
Non-cash interest expense		(15,523)		(21,757)		—		6,234		(28.7%)
Amortization of deferred financing fees		(10,221)		(10,032)		—		(189)		1.9%
Loss from extinguishment of debt, net		(4,428)		—		—		(4,428)		—%
Other (expense) income, net		(149,511)		78,293		(228,318)		514		(12.5%)
Total	$	(359,244)	$	(148,512)	$	(228,193)	$	17,461		(7.6%)

Interest income increased $6.9 million for the six months ended June 30, 2024, as compared to the prior year. This change was primarily due to interest received on a loan to an unconsolidated joint venture and a higher amount of interest-bearing deposits held, as well as higher effective interest rates on those deposits as compared to the prior year.

Interest expense decreased $8.6 million for the six months ended June 30, 2024, as compared to the prior year. On a constant currency basis, interest expense decreased $8.4 million. This change was primarily due to a lower average principal amount of cash-interest bearing debt outstanding accruing interest, partially offset by a higher interest rate on said debt as compared to the prior year.

Non-cash interest expense decreased $6.2 million for the six months ended June 30, 2024, as compared to the prior year. This change was primarily due to lower amortization of accumulated losses related to our interest rate swaps de-designated as cash flow hedges which reached their term end date in 2023.

Loss from extinguishment of debt, net was $4.4 million for the six months ended June 30, 2024 due to the write-off of the original issuance discount and unamortized financing fees associated with the repayment of the 2018 Term Loan in January 2024.

Other (expense) income, net includes a $143.3 million loss on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries for the six months ended June 30, 2024, while the prior year period included an $85.3 million gain.

Provision for Income Taxes:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Provision for income taxes	$	(4,590)	$	(14,331)	$	78,931	$	(69,190)		(463.9%)

Provision for income taxes decreased $9.7 million for the six months ended June 30, 2024, as compared to the prior year. On a constant currency basis, provision for income taxes increased $69.2 million. These changes were primarily due to an increase in domestic deferred taxes related to the release of the full valuation allowance on the net deferred tax assets of the U.S. taxable REIT subsidiary in the prior year.

Net Income:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Net income	$	313,994	$	302,525	$	(149,959)	$	161,428		64.7%

Net income increased $11.5 million for the six months ended June 30, 2024, as compared to the prior year. On a constant currency basis, net income increased $161.4 million. These changes were primarily due to increases in site leasing operating income (inclusive of a $186.0 million benefit related to our revision of the estimated useful lives of our towers and certain intangible assets), interest income, and other (expense) income, net, and decreases in interest expense and non-cash interest expense, partially offset by increases in provision for income taxes and loss from extinguishment of debt, net and a decrease in site development operating income.

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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.

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 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.

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	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Net income	$	159,452	$	201,970	$	(95,928)	$	53,410		30.4%
Non-cash straight-line leasing revenue		(5,466)		(7,480)		(24)		2,038		(27.2%)
Non-cash straight-line ground lease expense		(2,988)		(160)		(48)		(2,780)		1,737.5%
Non-cash compensation		18,598		18,252		(144)		490		2.7%
Loss from extinguishment of debt, net		—		—		—		—		—%
Other expense (income), net		104,859		(40,732)		144,454		1,137		153.6%
Acquisition and new business initiatives
related adjustments and expenses		6,574		4,953		(182)		1,803		36.4%
Asset impairment and decommission costs		31,610		32,867		(258)		(999)		(3.0%)
Interest income		(7,046)		(4,683)		140		(2,503)		53.4%
Interest expense (1)		109,542		113,850		(89)		(4,219)		(3.7%)
Depreciation, accretion, and amortization		64,179		181,820		(1,180)		(116,461)		(64.1%)
Benefit for income taxes (2)		(12,250)		(28,937)		(50,843)		67,530		(153.6%)
Adjusted EBITDA	$	467,064	$	471,720	$	(4,102)	$	(554)		(0.1%)

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2024		2023		Currency Impact		Currency Change		% Change
	(in thousands)
Net income	$	313,994	$	302,525	$	(149,959)	$	161,428		64.7%
Non-cash straight-line leasing revenue		(9,558)		(14,329)		66		4,705		(32.8%)
Non-cash straight-line ground lease expense		(6,371)		564		(60)		(6,875)		(1,219.0%)
Non-cash compensation		40,067		44,456		(120)		(4,269)		(9.6%)
Loss from extinguishment of debt, net		4,428		—		—		4,428		—%
Other expense (income), net		149,511		(78,293)		228,318		(514)		12.5%
Acquisition and new business initiatives
related adjustments and expenses		13,991		11,010		(182)		3,163		28.7%
Asset impairment and decommission costs		75,258		59,257		(380)		16,381		27.6%
Interest income		(14,360)		(7,498)		34		(6,896)		92.0%
Interest expense (1)		219,665		234,303		(159)		(14,479)		(6.2%)
Depreciation, accretion, and amortization		140,929		364,235		(778)		(222,528)		(61.1%)
Provision for income taxes (2)		4,921		14,829		(78,929)		69,021		(478.7%)
Adjusted EBITDA	$	932,475	$	931,059	$	(2,149)	$	3,565		0.4%

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

(2)(Benefit) provision for income taxes includes $0.1 million and $0.2 million of franchise taxes for the three months ended June 30, 2024 and 2023, respectively, and $0.3 million and $0.5 million of franchise taxes for the six months ended June 30, 2024 and 2023, respectively, reflected in selling, general, and administrative expenses on the Consolidated Statements of Operations.

Adjusted EBITDA decreased $4.7 million for the three months ended June 30, 2024, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA decreased $0.6 million. These changes were primarily due to a decrease in site development segment operating profit, partially offset by an increase in site leasing segment operating profit and a decrease in cash selling, general, and administrative expenses.

Adjusted EBITDA increased $1.4 million for the six months ended June 30, 2024, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA increased $3.6 million. These changes were primarily due to an increase in site leasing segment operating profit and a decrease in cash selling, general, and administrative expenses, partially offset by a decrease in site development segment operating profit.

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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 six months ended June 30,
	2024		2023
	(in thousands)
Cash provided by operating activities	$	720,046	$	798,101
Cash used in investing activities		(206,518)		(258,346)
Cash used in financing activities		(467,935)		(474,888)
Change in cash, cash equivalents, and restricted cash		45,593		64,867
Effect of exchange rate changes on cash, cash equiv., and restricted cash		(13,395)		1,359
Cash, cash equivalents, and restricted cash, beginning of period		250,946		189,283
Cash, cash equivalents, and restricted cash, end of period	$	283,144	$	255,509

Operating Activities

Cash provided by operating activities was $720.0 million for the six months ended June 30, 2024 as compared to $798.1 million for the six months ended June 30, 2023. The decrease was primarily due to increases in cash outflows associated with working capital changes related to the timing of customer payments and cash asset impairment and decommission costs as well as a decrease in site development segment operating profit, partially offset by an increase in site leasing segment operating profit and interest income and a decrease in interest expense.

Investing Activities

A detail of our cash capital expenditures is as follows:

	For the six months ended June 30,
	2024		2023
	(in thousands)
Acquisitions of towers and related assets	$	(38,194)	$	(22,351)
Land buyouts and other assets (1)		(22,828)		(17,386)
Construction and related costs		(57,884)		(46,579)
Augmentation and tower upgrades		(26,841)		(39,492)
Tower maintenance		(20,800)		(24,139)
General corporate		(2,319)		(2,373)
Other investing activities (2)(3)		(37,652)		(106,026)
Net cash used in investing activities	$	(206,518)	$	(258,346)

(1)Excludes $9.3 million and $7.9 million spent to extend ground lease terms for the six months ended June 30, 2024 and 2023, respectively.

(2)Includes amounts paid for the purchase of and received from the sale of short-term investments during the six months ended June 30, 2024 and 2023.

(3)The six months ended June 30, 2024 and 2023 includes $5.5 million and $83.0 million of loans to an unconsolidated joint venture, respectively.

Additionally, subsequent to June 30, 2024, we purchased or are under contract to purchase 106 communication sites which are expected to close prior to year-end at the time of this report for an aggregate consideration of $49.3 million in cash.

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For 2024, we expect to incur non-discretionary cash capital expenditures associated with tower maintenance and general corporate expenditures of $51.0 million to $61.0 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 $335.0 million to $355.0 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.

Financing Activities

A detail of our financing activities is as follows:

	For the six months ended June 30,
	2024		2023
	(in thousands)
Net repayments under Revolving Credit Facility (1)	$	(60,000)	$	(270,000)
Proceeds from issuance of Term Loans, net of fees (1)		2,274,815		—
Repayment of Term Loans (1)		(2,273,750)		(12,000)
Repurchase and retirement of common stock (2)		(200,019)		—
Payment of dividends on common stock		(213,464)		(186,070)
Proceeds from employee stock purchase/stock option plans		21,302		19,308
Payments related to taxes on stock options and restricted stock units		(18,061)		(27,377)
Other financing activities		1,242		1,251
Net cash used in financing activities	$	(467,935)	$	(474,888)

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

(2)For additional information regarding our share repurchase activity, refer to Part II Item 2 under “Issuer Purchases of Equity Securities” below.

Dividends

For the six months ended June 30, 2024, 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 26, 2024	March 14, 2024	$0.98	$108.1 million	March 28, 2024
April 29, 2024	May 23, 2024	$0.98	$105.3 million	June 18, 2024

Dividends paid in 2024 were ordinary taxable dividends.

Subsequent to June 30, 2024, 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
July 28, 2024	August 22, 2024	$0.98	September 18, 2024

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.

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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 six months ended June 30, 2024, we did not issue any shares of Class A common stock under this registration statement. As of June 30, 2024, we had approximately 1.2 million shares of Class A common stock remaining under this registration statement.

On February 29, 2024, we filed with the Securities and Exchange Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR, 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-3ASR. During the six months ended June 30, 2024, we did not issue any securities under this automatic shelf registration statement.

Debt Instruments and Debt Service Requirements

Terms of the Senior Credit Agreement

On January 25, 2024, we, through our wholly owned subsidiary SBA Senior Finance II LLC (“SBA Senior Finance II”), amended and restated our Senior Credit Agreement to (1) issue a new $2.3 billion Term Loan and retire the 2018 Term Loan, (2) increase the total commitments under the Revolving Credit Facility from $1.5 billion to $1.75 billion, (3) extend the maturity date of the Revolving Credit Facility to January 25, 2029, and (4) amend certain other terms and conditions under the Senior Credit Agreement. The proceeds from the 2024 Term Loan were used to retire our 2018 Term Loan and to pay related fees and expenses.

On February 23, 2024, we, through our wholly owned subsidiary, SBA Senior Finance II, further increased the total commitments under the Revolving Credit Facility from $1.75 billion to $2.0 billion.

As of June 30, 2024, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility consists of a revolving loan under which up to $2.0 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 through the maturity date of January 25, 2029. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (1) the Eurodollar Rate or Term SOFR 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. Furthermore, the Revolving Credit Facility incorporates sustainability-linked targets which will adjust the Revolving Credit Facility’s applicable interest and commitment fee rates upward or downward based on how we perform against those targets. 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.

The key terms of the Revolving Credit Facility are as follows:

		Unused
	Interest Rate	Commitment
	as of	Fee as of
	June 30, 2024 (1)	June 30, 2024 (2)
Revolving Credit Facility	6.415%	0.140%

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2023.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2023.

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The table below summarizes our Revolving Credit Facility activity during the three and six months ended June 30, 2024 and 2023 (in thousands):

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Beginning outstanding balance	$	195,000	$	675,000	$	180,000	$	720,000
Borrowings		70,000		—		195,000		140,000
Repayments		(145,000)		(225,000)		(255,000)		(410,000)
Ending outstanding balance	$	120,000	$	450,000	$	120,000	$	450,000

Subsequent to June 30, 2024, we repaid $90.0 million and borrowed $20.0 million under the Revolving Credit Facility, and as of the date of this filing, $50.0 million was outstanding.

Term Loan under the Senior Credit Agreement

2024 Term Loan

On January 25, 2024, we, through our wholly owned subsidiary, SBA Senior Finance II, issued a term loan (the “2024 Term Loan”) under the amended and restated Senior Credit Agreement. The 2024 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $2.3 billion that matures on January 25, 2031. The 2024 Term Loan accrues interest, at SBA Senior Finance II's election, at either the Base Rate plus 100 basis points (with a zero Base Rate floor) or at Term SOFR plus 200 basis points (with a floor of 0%). The 2024 Term Loan was issued at 99.75% of par value. The proceeds from the 2024 Term Loan were used to retire the 2018 Term Loan and to pay related fees and expenses. In connection with the repayment, we expensed $3.3 million of net deferred financing fees and $1.2 million of discount related to the debt. As of June 30, 2024, the 2024 Term Loan was accruing interest at 7.350% per annum.

Principal payments on the 2024 Term Loan will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $5.75 million beginning on June 30, 2024. We incurred financing fees of approximately $19.4 million in relation to this transaction, which are being amortized through the maturity date.

During the three and six months ended June 30, 2024, we repaid an aggregate of $5.75 million of principal on the 2024 Term Loan. As of June 30, 2024, the 2024 Term Loan had a principal balance of $2.3 billion.

Secured Tower Revenue Securities

Tower Revenue Securities Terms

As of June 30, 2024, we, through a New York common law trust (the “Trust”), had issued and outstanding an aggregate of $6.9 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 9,877 tower sites owned by the Borrowers as of June 30, 2024. 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 June 30, 2024:

Security	Issue Date	Amount Outstanding ‎(in millions)	Interest ‎ Rate (1)	Anticipated Repayment Date	Final Maturity Date
2014-2C Tower Securities	Oct. 15, 2014	$620.0	3.869%	Oct. 8, 2024	Oct. 8, 2049
2019-1C Tower Securities	Sep. 13, 2019	$1,165.0	2.836%	Jan. 12, 2025	Jan. 12, 2050
2020-1C Tower Securities	Jul. 14, 2020	$750.0	1.884%	Jan. 9, 2026	Jul. 11, 2050
2020-2C Tower Securities	Jul. 14, 2020	$600.0	2.328%	Jan. 11, 2028	Jul. 9, 2052
2021-1C Tower Securities	May 14, 2021	$1,165.0	1.631%	Nov. 9, 2026	May 9, 2051
2021-2C Tower Securities	Oct. 27, 2021	$895.0	1.840%	Apr. 9, 2027	Oct. 10, 2051
2021-3C Tower Securities	Oct. 27, 2021	$895.0	2.593%	Oct. 9, 2031	Oct. 10, 2056
2022-1C Tower Securities	Nov. 23, 2022	$850.0	6.599%	Jan. 11, 2028	Nov. 9, 2052

(1)Interest paid monthly.

Risk Retention Tower Securities

The table below sets forth the material terms of our outstanding Risk Retention Tower Securities as of June 30, 2024:

Security	Issue Date	Amount Outstanding ‎(in millions)	Interest ‎ Rate (1)	Anticipated Repayment Date	Final Maturity Date
2019-1R Tower Securities	Sep. 13, 2019	$61.4	4.213%	Jan. 12, 2025	Jan. 12, 2050
2020-2R Tower Securities	Jul. 14, 2020	$71.1	4.336%	Jan. 11, 2028	Jul. 9, 2052
2021-1R Tower Securities	May 14, 2021	$61.4	3.598%	Nov. 9, 2026	May 9, 2051
2021-3R Tower Securities	Oct. 27, 2021	$94.3	4.090%	Oct. 9, 2031	Oct. 10, 2056
2022-1R Tower Securities	Nov. 23, 2022	$44.8	7.870%	Jan. 11, 2028	Nov. 9, 2052

(1)Interest paid monthly.

To satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased the Risk Retention Tower Securities. Principal and interest payments made on the 2019-1R Tower Securities, 2020-2R Tower Securities, 2021-1R Tower Securities, 2021-3R Tower Securities, and 2022-1R Tower Securities eliminate in consolidation.

Debt Covenants

As of June 30, 2024, 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

The table below sets forth the material terms of our outstanding senior notes as of June 30, 2024:

Senior Notes	Issue Date	Amount Outstanding ‎(in millions)	Interest Rate Coupon	Maturity Date	Interest Due Dates	Optional Redemption Date
2020 Senior Notes	Feb. 4, 2020	$1,500.0	3.875%	Feb. 15, 2027	Feb. 15 & Aug. 15	Feb. 15, 2024
2021 Senior Notes	Jan. 29, 2021	$1,500.0	3.125%	Feb. 1, 2029	Feb. 1 & Aug. 1	Feb. 1, 2024

Each of our senior notes is subject to redemption, at our option, in whole or in part on or after the date set forth above. 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 June 30, 2024, 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.

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The following table illustrates our estimate of our debt service requirement over the next twelve months ended June 30, 2025 based on the amounts outstanding as of June 30, 2024 and the interest rates accruing on those amounts on such date (in thousands):

Revolving Credit Facility (1)	$	10,330
2024 Term Loan (2)		110,315
2014-2C Tower Securities		632,982
2019-1C Tower Securities		1,198,409
2020-1C Tower Securities		14,368
2020-2C Tower Securities		14,159
2021-1C Tower Securities		19,371
2021-2C Tower Securities		16,752
2021-3C Tower Securities		23,491
2022-1C Tower Securities		56,362
2020 Senior Notes		58,125
2021 Senior Notes		46,875
Total debt service for the next 12 months	$	2,201,539

(1)As of June 30, 2024, $120.0 million was outstanding under the Revolving Credit Facility. Subsequent to June 30, 2024, we repaid $90.0 million and borrowed $20.0 million under the Revolving Credit Facility, and as of the date of this filing, $50.0 million was outstanding.

(2)Total debt service on the 2024 Term Loan includes the impact of the interest rate swap which swaps $1.95 billion of notional value accruing interest at Term SOFR plus 200 basis points for an all-in fixed rate of 2.050% per annum through March 31, 2025 and the forward-starting interest rate swap, which will swap $1.0 billion of notional value accruing interest at Term SOFR plus 200 basis points for an all-in fixed rate of 5.830% per annum beginning March 31, 2025 through April 11, 2028.

Inflation

The impact of inflation on our operations has not been material to date. However, the impact of rising interest rates, due to actions by the Federal Reserve to combat inflation, has impacted, and is expected to continue to impact, our growth rate and future operating results. Increasing interest rates has impacted, and is expected to continue to impact, the ability and willingness of wireless service providers to incur capital expenditures at prior levels to expand their networks, which could adversely affect our future revenue growth rates. In addition, increased interest rates may adversely affect our costs to refinance our indebtedness at maturity. In addition, persistent high rates of inflation could adversely affect our future operating results particularly in light of the fact that our site leasing revenues are governed by long-term contracts with pre-determined pricing that we will not be able to increase in response to increases in inflation other than our contracts in South America, South Africa, the Philippines, and Tanzania which have inflationary index based rent escalators.

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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.

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 June 30, 2024:

	2024		2025		2026		2027		2028		Thereafter		Total		Fair Value
	(in thousands)
Revolving Credit Facility	$	—	$	—	$	—	$	—	$	—	$	120,000	$	120,000	$	120,000
2024 Term Loan		11,500		23,000		23,000		23,000		23,000		2,190,750		2,294,250		2,297,118
2014-2C Tower Securities (1)		620,000		—		—		—		—		—		620,000		615,350
2019-1C Tower Securities (1)		—		1,165,000		—		—		—		—		1,165,000		1,138,007
2020-1C Tower Securities (1)		—		—		750,000		—		—		—		750,000		680,460
2020-2C Tower Securities (1)		—		—		—		—		600,000		—		600,000		520,554
2021-1C Tower Securities (1)		—		—		1,165,000		—		—		—		1,165,000		1,016,556
2021-2C Tower Securities (1)		—		—		—		895,000		—		—		895,000		769,986
2021-3C Tower Securities (1)		—		—		—		—		—		895,000		895,000		684,684
2022-1C Tower Securities (1)		—		—		—		—		850,000		—		850,000		870,281
2020 Senior Notes		—		—		—		1,500,000		—		—		1,500,000		1,429,155
2021 Senior Notes		—		—		—		—		—		1,500,000		1,500,000		1,348,125
Total debt obligation	$	631,500	$	1,188,000	$	1,938,000	$	2,418,000	$	1,473,000	$	4,705,750	$	12,354,250	$	11,490,276

(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.

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 2024 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. 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.

We have performed a sensitivity analysis assuming a hypothetical 1% increase in our variable interest rates as of June 30, 2024. As of June 30, 2024, the analysis indicated that such an adverse movement would have caused our interest expense to increase by approximately 1.3% for the six months ended June 30, 2024.

We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil, Canada, Chile, Peru, Colombia, South Africa, the Philippines, Tanzania, 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, South Africa, and the Philippines, we receive significantly all of our revenue and pay significantly all of our operating expenses in local currency. In Colombia, Costa Rica, Peru, and Tanzania, 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), net. For the six months ended June 30, 2024, approximately 22.0% of our revenues and approximately 31.2% 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 June 30, 2024. As of June 30, 2024, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.3% and 1.0%, respectively, for the six months ended June 30, 2024.

As of June 30, 2024, 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 income. A change of 10% in the underlying exchange rates of our unsettled intercompany debt at June 30, 2024 would have resulted in

41

approximately $125.7 million of unrealized gains or losses that would have been included in Other (expense) income, net in our Consolidated Statements of Operations for the six months ended June 30, 2024.

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 including our expectations and beliefs regarding:

the future growth and financial health of the wireless industry and the industry participants, the drivers of such growth, including future spectrum auctions and the roll-out of 5G and fixed wireless;

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

the consolidation of domestic and international wireless service providers and the impact of such consolidation on our financial and operational results, including churn;

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

that our site leasing business is characterized by stable and long-term recurring revenues;

that we will be able to continue to secure rights to the land underlying our towers, and the impact of such strategy on our financial and operational results;

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 capital allocation strategies and the impact of these strategies on our future financial and operational results including our goal of increasing our Adjusted Funds From Operations per share;

future our future liquidity requirements, including our debt service in 2024, and our ability to meet such requirements with 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;

our ability to refinance in the near term a portion of our outstanding debt facility as well as the interest rates at which we will be able to refinance;

the impact of our election to be taxed as a REIT on that strategy,

that we will be able to grow our dividend rate in the future;

the timing for closing of pending acquisitions;

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

the use of NOLs to reduce REIT taxable income;

the impact of compliance with applicable laws and regulations, including environmental laws, and various legal proceedings on our financial results and future business prospects; and

the impact of certain tax and accounting matters on our financial statements.

These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, unless otherwise required by law. 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 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:

developments in, and macroeconomic influences on, the wireless communications industry in general, and for wireless communications infrastructure providers in particular, in the domestic and international markets in which we operate ;

the ability and willingness of carriers to invest in their networks in such markets;

the impact of consolidation among wireless service providers, including on our churn rates;

the increasing competitive environment in the markets in which we operate and the impact on our ability (i) to retain and renew at anticipated lease rates our current customers and (ii) to identify and close sufficient volume of tower acquisitions that satisfy our investment criteria to meet our portfolio growth expectations;

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

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

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;

42

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 acquisitions, including our ability to satisfactorily complete due diligence on acquired towers, our ability to accurately anticipate the future performance of the acquired towers, our ability to receive required regulatory approval, 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;

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;

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 successfully estimate the impact of regulatory and litigation matters;

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

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;

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; and

other risks, including those described in Item 1A. – Risk Factors in our Annual Report on Form 10-K and those described from time to time in our other filings with the SEC.

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 June 30, 2024. Based on such evaluation, such officers have concluded that, as of June 30, 2024, 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 second quarter of 2024:

	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
4/1/2024 - 4/30/2024	439,988	$	213.30	439,988	$	204,727,149
5/1/2024 - 5/31/2024	—	$	—	—	$	204,727,149
6/1/2024 - 6/30/2024	—	$	—	—	$	204,727,149
Total	439,988	$	213.30	439,988	$	204,727,149

43

(1)On October 28, 2021, our Board of Directors authorized a stock repurchase plan authorizing us to repurchase, from time to time, up to $1.0 billion of our outstanding Class A common stock (the “Repurchase Plan”). As of the date of this filing, we had $204.7 million of authorization remaining under the Repurchase Plan. The Repurchase Plan has no expiration and will continue until otherwise modified or terminated by our Board of Directors at any time in its sole discretion.

ITEM 5. OTHER INFORMATION

10b5-1 Trading Plans

During the three months ended June 30, 2024, none of our officers (as defined in Rule 16a-1(f) of the Exchange Act) or directors adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

ITEM 6. EXHIBITS

Exhibit No.	Description of Exhibits
31.1	Certification by Brendan T. Cavanagh, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification by Marc Montagner, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification by Brendan T. Cavanagh, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2	Certification by Marc Montagner, 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).*

* Filed herewith

** Furnished herewith

‎

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
August 2, 2024	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	Chief Executive Officer
	(Duly Authorized Officer)
August 2, 2024	/s/ Marc Montagner
	Marc Montagner
	Chief Financial Officer
	(Principal Financial Officer)

s

45

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Brendan T. Cavanagh, 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: August 2, 2024	By:	/s/ Brendan T. Cavanagh
	Name:	Brendan T. Cavanagh
	Title:	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Marc Montagner, 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: August 2, 2024	By:	/s/ Marc Montagner
	Name:	Marc Montagner
	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 June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brendan T. Cavanagh, 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: August 2, 2024	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	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 June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Marc Montagner, 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: August 2, 2024	/s/ Marc Montagner
	Marc Montagner
	Chief Financial Officer

XML

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 24, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
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		107,472,463
Amendment Flag	false
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001034054

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 220,508	$ 208,547
Restricted cash	58,474	38,129
Accounts receivable, net	88,650	182,746
Costs and estimated earnings in excess of billings on uncompleted contracts	19,810	16,252
Prepaid expenses and other current assets	72,564	38,593
Total current assets	460,006	484,267
Property and equipment, net	2,719,810	2,711,719
Intangible assets, net	2,314,238	2,455,597
Operating lease right-of-use assets, net	2,129,244	2,240,781
Acquired and other right-of-use assets, net	1,376,941	1,473,601
Other assets	785,939	812,476
Total assets	9,786,178	10,178,441
Current Liabilities:
Accounts payable	50,738	42,202
Accrued expenses	76,319	92,622
Current maturities of long-term debt	1,806,304	643,145
Deferred revenue	191,325	235,668
Accrued interest	57,928	57,496
Current lease liabilities	262,781	273,464
Other current liabilities	14,170	18,662
Total current liabilities	2,459,565	1,363,259
Long-term liabilities:
Long-term debt, net	10,473,739	11,681,170
Long-term lease liabilities	1,755,101	1,865,686
Other long-term liabilities	373,697	404,161
Total long-term liabilities	12,602,537	13,951,017
Redeemable noncontrolling interests	40,817	35,047
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, 107,471 shares and 108,050 shares issued and outstanding at June 30, 2024 and December 31, 2023,	1,075	1,080
Additional paid-in capital	2,930,332	2,894,060
Accumulated deficit	(7,546,370)	(7,450,824)
Accumulated other comprehensive loss, net	(701,778)	(615,198)
Total shareholders' deficit	(5,316,741)	(5,170,882)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit	$ 9,786,178	$ 10,178,441

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	107,471,000	108,050,000
Common stock - Class A, shares outstanding	107,471,000	108,050,000

XML

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Site leasing		$ 626,457	$ 626,143	$ 1,254,733	$ 1,243,411
Site development		34,020	52,357	63,606	110,605
Total revenues		660,477	678,500	1,318,339	1,354,016
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):
Cost of site leasing		114,131	115,014	228,944	235,133
Cost of site development		27,137	39,236	50,315	83,421
Selling, general, and administrative expenses	[1]	62,376	63,383	131,074	135,592
Acquisition and new business initiatives related adjustments and expenses		6,574	4,953	13,991	11,010
Asset impairment and decommission costs		31,610	32,867	75,258	59,257
Depreciation, accretion, and amortization		64,179	181,820	140,929	364,235
Total operating expenses		306,007	437,273	640,511	888,648
Operating income		354,470	241,227	677,828	465,368
Other income (expense):
Interest income		7,046	4,683	14,360	7,498
Interest expense		(97,530)	(101,288)	(193,921)	(202,514)
Non-cash interest expense		(7,080)	(7,518)	(15,523)	(21,757)
Amortization of deferred financing fees		(4,932)	(5,044)	(10,221)	(10,032)
Loss from extinguishment of debt, net				(4,428)
Other (expense) income, net		(104,859)	40,732	(149,511)	78,293
Total other expense, net		(207,355)	(68,435)	(359,244)	(148,512)
Income before income taxes		147,115	172,792	318,584	316,856
Benefit (provision) for income taxes		12,337	29,178	(4,590)	(14,331)
Net income		159,452	201,970	313,994	302,525
Net loss attributable to noncontrolling interests		3,378	1,678	3,378	2,340
Net income attributable to SBA Communications Corporation		$ 162,830	$ 203,648	$ 317,372	$ 304,865
Net income per common share attributable to SBA Communications Corporation:
Basic		$ 1.52	$ 1.88	$ 2.94	$ 2.82
Diluted		$ 1.51	$ 1.87	$ 2.93	$ 2.79
Weighted-average number of common shares
Basic		107,462	108,355	107,782	108,244
Diluted		107,679	108,884	108,148	109,078

[1] Includes non-cash compensation of $17,872 and $17,566 for the three months ended June 30, 2024 and 2023, respectively, and $38,645 and $43,094 for the six months ended June 30, 2024 and 2023, respectively.

XML

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Non-cash compensation expense			$ 40,067	$ 44,456
Selling, General And Administrative [Member]
Non-cash compensation expense	$ 17,872	$ 17,566	$ 38,645	$ 43,094

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 159,452	$ 201,970	$ 313,994	$ 302,525
Adjustments related to interest rate swaps	(8,237)	15,316	2,630	(7,072)
Foreign currency translation adjustments	(64,130)	25,029	(89,534)	41,555
Comprehensive income	87,085	242,315	227,090	337,008
Comprehensive loss attributable to noncontrolling interests	3,702	2,133	3,702	2,797
Comprehensive income attributable to SBA Communications Corporation	$ 90,787	$ 244,448	$ 230,792	$ 339,805

XML

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, Net [Member]	Total
BALANCE at Dec. 31, 2022	$ 1,080	$ 2,795,176	$ (7,482,061)	$ (590,510)	$ (5,276,315)
BALANCE, Shares at Dec. 31, 2022	107,997
Net income attributable to SBA Communications Corporation			304,865		304,865
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 4	(8,073)			(8,069)
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	384
Non-cash stock compensation		45,326			45,326
Adjustments related to interest rate swaps				(7,072)	(7,072)
Foreign currency translation adjustments attributable to SBA Communications Corporation				42,012	42,012
Dividends and dividend equivalents on common stock			(185,642)		(185,642)
Adjustment to redemption amount related to noncontrolling interests		(7,435)			(7,435)
BALANCE at Jun. 30, 2023	$ 1,084	2,824,994	(7,362,838)	(555,570)	(5,092,330)
BALANCE, Shares at Jun. 30, 2023	108,381
BALANCE at Mar. 31, 2023	$ 1,083	2,800,046	(7,473,913)	(596,370)	(5,269,154)
BALANCE, Shares at Mar. 31, 2023	108,326
Net income attributable to SBA Communications Corporation			203,648		203,648
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 1	6,646			6,647
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	55
Non-cash stock compensation		18,624			18,624
Adjustments related to interest rate swaps				15,316	15,316
Foreign currency translation adjustments attributable to SBA Communications Corporation				25,484	25,484
Dividends and dividend equivalents on common stock			(92,573)		(92,573)
Adjustment to redemption amount related to noncontrolling interests		(322)			(322)
BALANCE at Jun. 30, 2023	$ 1,084	2,824,994	(7,362,838)	(555,570)	(5,092,330)
BALANCE, Shares at Jun. 30, 2023	108,381
BALANCE at Dec. 31, 2023	$ 1,080	2,894,060	(7,450,824)	(615,198)	$ (5,170,882)
BALANCE, Shares at Dec. 31, 2023	108,050				108,050
Net income attributable to SBA Communications Corporation			317,372		$ 317,372
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 4	3,187			3,191
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	356
Non-cash stock compensation		41,027			41,027
Adjustments related to interest rate swaps				2,630	2,630
Repurchase and retirement of common stock	$ (9)		(200,010)		(200,019)
Repurchase and retirement of common stock, Shares	(935)
Foreign currency translation adjustments attributable to SBA Communications Corporation				(89,210)	(89,210)
Dividends and dividend equivalents on common stock			(212,908)		(212,908)
Adjustment to redemption amount related to noncontrolling interests		(7,942)			(7,942)
BALANCE at Jun. 30, 2024	$ 1,075	2,930,332	(7,546,370)	(701,778)	$ (5,316,741)
BALANCE, Shares at Jun. 30, 2024	107,471				107,471
BALANCE at Mar. 31, 2024	$ 1,079	2,915,215	(7,509,379)	(629,735)	$ (5,222,820)
BALANCE, Shares at Mar. 31, 2024	107,880
Net income attributable to SBA Communications Corporation			162,830		162,830
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements		3,950			3,950
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	31
Non-cash stock compensation		19,109			19,109
Adjustments related to interest rate swaps				(8,237)	(8,237)
Repurchase and retirement of common stock	$ (4)		(93,858)		(93,862)
Repurchase and retirement of common stock, Shares	(440)
Foreign currency translation adjustments attributable to SBA Communications Corporation				(63,806)	(63,806)
Dividends and dividend equivalents on common stock			(105,963)		(105,963)
Adjustment to redemption amount related to noncontrolling interests		(7,942)			(7,942)
BALANCE at Jun. 30, 2024	$ 1,075	$ 2,930,332	$ (7,546,370)	$ (701,778)	$ (5,316,741)
BALANCE, Shares at Jun. 30, 2024	107,471				107,471

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 313,994	$ 302,525
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, accretion, and amortization	140,929	364,235
Loss (gain) on remeasurement of U.S. denominated intercompany loans	144,474	(85,268)
Non-cash compensation expense	40,067	44,456
Non-cash asset impairment and decommission costs	64,895	51,784
Loss from extinguishment of debt, net	4,428
Deferred and non-cash income tax benefit	(13,126)	(258)
Other non-cash items reflected in the Statements of Operations	31,997	44,089
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	80,359	49,566
Prepaid expenses and other assets	(5,671)	(17,988)
Operating lease right-of-use assets, net	70,045	75,226
Accounts payable and accrued expenses	(23,375)	(24,504)
Accrued interest	643	1,066
Long-term lease liabilities	(73,023)	(68,967)
Other liabilities	(56,590)	62,139
Net cash provided by operating activities	720,046	798,101
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(61,022)	(39,737)
Capital expenditures	(107,844)	(112,583)
Purchase of investments	(681,208)	(627,310)
Proceeds from sale of investments	651,650	606,801
Other investing activities	(8,094)	(85,517)
Net cash used in investing activities	(206,518)	(258,346)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility	195,000	140,000
Repayments under Revolving Credit Facility	(255,000)	(410,000)
Proceeds from issuance of Term Loans, net of fees	2,274,815
Repayment of Term Loans	(2,273,750)	(12,000)
Repurchase and retirement of common stock	(200,019)
Payment of dividends on common stock	(213,464)	(186,070)
Proceeds from employee stock purchase/stock option plans	21,302	19,308
Payments related to taxes on stock options and restricted stock units	(18,061)	(27,377)
Other financing activities	1,242	1,251
Net cash used in financing activities	(467,935)	(474,888)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(13,395)	1,359
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	32,198	66,226
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period	250,946	189,283
End of period	283,144	255,509
Cash paid during the period for:
Interest	193,195	201,424
Income taxes	17,214	16,158
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:
Right-of-use assets obtained in exchange for new operating lease liabilities	16,133	18,570
Operating lease modifications and reassessments	$ 33,713	13,556
Right-of-use assets obtained in exchange for new finance lease liabilities		$ 1,031

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Basis of Presentation

6 Months Ended

Jun. 30, 2024

Basis of Presentation [Abstract]

Basis of Presentation

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, 2023 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 and deferrals) 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.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, incremental borrowing rate for lease accounting, fair value of investments, and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material.

During the first quarter of 2024, the Company completed its assessment on the remaining estimated useful lives of its towers and intangible assets. The Company concluded through its assessment that, for U.S. GAAP purposes, it should modify its current estimates for asset lives based on its historical operating experience and the findings obtained by its independent consultant. The Company previously depreciated its towers on a straight-line basis over the shorter of the (i) term of the underlying ground lease (including renewal options) taking into account residual value or (ii) estimated useful life of a tower, which the Company had historically estimated to be 15 years. Based on its assessment, the Company revised the estimated useful lives of its towers and certain related intangible assets (which are amortized on a similar basis to its tower assets, as their useful lives correlate to the useful life of the towers) from 15 years to 30 years, effective January 1, 2024. The Company accounted for the change in estimated useful lives as a change in estimate under ASC 250 “Accounting Changes and Error Corrections.” The impact of the change in estimate was accounted for prospectively effective January 1, 2024, resulting in a reduction in depreciation and amortization expense of approximately $102.7 million ($93.0 million after tax, or an increase of $0.86 per diluted share) and $205.4 million ($186.0 million after tax, or an increase of $1.72 per diluted share) for the three and six months ended June 30, 2024, respectively. This change in useful lives is expected to reduce depreciation and amortization expense by approximately $411.5 million ($372.5 million after tax, or an increase of $3.44 per diluted share) for the year ended December 31, 2024.

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 Statements 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 (expense) income, net in the Consolidated Statements of Operations.

Intercompany Loans Subject to Remeasurement

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other (expense) income, net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $66.2 million loss and a $27.8 million gain, net of taxes, on the remeasurement of intercompany loans for the three months ended June 30, 2024 and 2023, respectively, and a $94.7 million loss

and a $55.2 million gain, net of taxes, on the remeasurement of intercompany loans for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024, the Company funded $9.3 million and $79.7 million was repaid under its intercompany loan agreements. As of June 30, 2024 and December 31, 2023, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $1.2 billion and $1.3 billion, respectively.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Measurements [Abstract]

Fair Value Measurements

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 noncontrolling interests.

Items Measured at Fair Value on a Nonrecurring Basis — The Company estimates the fair value of assets subject to impairment using a discounted cash flow (“DCF”) (Level 3 input) analysis. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable earnings and trading multiples. The cash flows employed in the DCF analysis are based on estimates of future revenues, earnings, and cash flows after considering factors such as tower location demographics, timing of additions of new tenants, lease rates, rate and term of renewal, attrition, ongoing cash requirements, and market multiples. Each of the assumptions are applied based on the specific facts and circumstances of the identified assets at the lowest level of identifiable cash flows. The DCF analysis used an average discount rate ranging from 7.8% - 8.8%.

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:

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
	(in thousands)
Asset impairment (1)	$	18,491	$	24,363	$	53,043	$	46,696
Write-off of carrying value of decommissioned towers		7,440		849		11,545		2,802
Other (including tower and equipment decommission costs)		5,679		7,655		10,670		9,759
Total asset impairment and decommission costs	$	31,610	$	32,867	$	75,258	$	59,257

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

The Company’s long-term investments were $19.2 million and $24.5 million as of June 30, 2024 and December 31, 2023, respectively, and are recorded in Other assets on the Consolidated Balance Sheets. 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 less than the carrying amount, an impairment charge will be recorded. The Company did not recognize any impairment loss associated with its investments during the three and six months ended June 30, 2024 and 2023.

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 short maturity of these instruments. The Company’s estimate of its short-term investments is based primarily upon Level 1 reported market values. As of June 30, 2024 and December 31, 2023, the Company had $30.4 million and $1.0 million of short-term investments, respectively. For the six months ended June 30, 2024, the Company purchased and sold $0.7 billion of short-term investments. For the six months ended June 30, 2023, the Company purchased and sold $0.6 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 spread to the Eurodollar Rate and Term SOFR 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

6 Months Ended

Jun. 30, 2024

Cash, Cash Equivalents, and Restricted Cash [Abstract]

Cash, Cash Equivalents, and Restricted Cash

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
	June 30, 2024		December 31, 2023		Included on Balance Sheet
	(in thousands)
Cash and cash equivalents	$	220,508	$	208,547	Cash and cash equivalents
Securitization escrow accounts		51,790		31,852	Restricted cash - current asset
Payment, performance bonds, and other		6,684		6,277	Restricted cash - current asset
Surety bonds and workers compensation		4,162		4,270	Other assets - noncurrent
Total cash, cash equivalents, and restricted cash	$	283,144	$	250,946

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. Other restricted cash includes $6.5 million and $6.1 million held in escrow as of June 30, 2024 and December 31, 2023 related to the Company’s acquisition activities.

Cash is pledged as collateral for 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 June 30, 2024 and December 31, 2023, the Company had $41.7 million and $42.0 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 June 30, 2024 and December 31, 2023, the Company had pledged $2.5 million and $2.4 million, respectively, as collateral related to its workers’ compensation policy.

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Costs and Estimated Earnings on Uncompleted Contracts

6 Months Ended

Jun. 30, 2024

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
	June 30, 2024		December 31, 2023
	(in thousands)
Costs incurred on uncompleted contracts	$	62,098	$	98,674
Estimated earnings		26,850		64,589
Billings to date		(72,247)		(152,608)
	$	16,701	$	10,655

‎

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

	As of		As of
	June 30, 2024		December 31, 2023
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	19,810	$	16,252
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(3,109)		(5,597)
	$	16,701	$	10,655

At June 30, 2024 and December 31, 2023, the two largest customers comprised 90.5% and 84.6%, 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

6 Months Ended

Jun. 30, 2024

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 ASSETS

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

	As of		As of
	June 30, 2024		December 31, 2023
		(in thousands)
Short-term investments	$	30,400	$	1,046
Prepaid real estate taxes		2,353		3,522
Interest receivable		7,101		2,102
Prepaid taxes		11,548		9,064
Prepaid ground rent		3,449		3,712
Other current assets		17,713		19,147
Total prepaid expenses and other current assets	$	72,564	$	38,593

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

	As of		As of
	June 30, 2024		December 31, 2023
		(in thousands)
Straight-line rent receivable	$	419,486	$	415,100
Interest rate swap asset (1)		74,573		104,674
Loans receivable (2)		157,580		148,104
Deferred lease costs, net		8,806		8,713
Deferred tax asset - long term		61,597		67,473
Long-term investments		19,247		24,540
Other		44,650		43,872
Total other assets	$	785,939	$	812,476

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

(2)On March 17, 2023 (and as amended on August 25, 2023 and March 31, 2024), the Company entered into a loan with one of its unconsolidated joint ventures (“the Investee”). As part of the loan agreement, the Investee may borrow up to $115.0 million in aggregate principal amount, consisting of a $73.0 million initial term loan and $42.0 million of delayed draw term loans. The final maturity date of the loans is January 31, 2025. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. The loans are collateralized by equity securities in the Investee. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of June 30, 2024, the outstanding principal balance of the loan was $107.4 million and was accruing interest at 10.079%.

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Acquisitions

6 Months Ended

Jun. 30, 2024

Acquisitions [Abstract]

Acquisitions

‎

6.ACQUISITIONS

The following table summarizes the Company’s acquisition activity:

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
	(in thousands)
Acquisitions of towers and related assets	$	27,899	$	9,571	$	38,194	$	22,351
Land buyouts and other assets (1)		13,718		10,237		22,828		17,386
Total cash acquisition capital expenditures	$	41,617	$	19,808	$	61,022	$	39,737

(1)Excludes $3.7 million and $2.7 million spent to extend ground lease terms for the three months ended June 30, 2024 and 2023, respectively, and excludes $9.3 million and $7.9 million spent to extend ground lease terms for the six months ended June 30, 2024 and 2023, respectively. The Company recorded these amounts in prepaid ground rent within prepaid expenses and other current assets on its Consolidated Balance Sheets.

During the six months ended June 30, 2024, the Company acquired 128 towers and related assets and liabilities consisting of $13.4 million of property and equipment, net, $24.3 million of intangible assets, net, $9.5 million of operating lease right-of-use assets, net, $3.4 million of acquisition related holdbacks, $5.3 million of long-term lease liabilities, and $0.2 million of other net liabilities assumed. During the six months ended June 30, 2024, the Company concluded that for all of its tower acquisitions substantially all of the value is concentrated in a group of similar identifiable assets.

Additionally, subsequent to June 30, 2024, the Company purchased or is under contract to purchase 106 communication sites which are expected to close prior to year-end at the time of this report for an aggregate consideration of $49.3 million in cash.

The maximum potential obligation related to contingent consideration for closed acquisitions was $15.1 million and $17.9 million as of June 30, 2024 and December 31, 2023, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets.

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Property and Equipment, Net

6 Months Ended

Jun. 30, 2024

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
	June 30, 2024		December 31, 2023
	(in thousands)
Towers and related assets (1)	$	5,829,692	$	5,850,608
Construction-in-process (2)		125,799		105,627
Furniture, equipment, and vehicles		80,481		76,031
Land, buildings, and improvements		944,644		927,235
Total property and equipment		6,980,616		6,959,501
Less: accumulated depreciation		(4,260,806)		(4,247,782)
Property and equipment, net	$	2,719,810	$	2,711,719

(1)Includes amounts related to the Company’s data centers.

(2)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 $26.2 million and $69.0 million for the three months ended June 30, 2024 and 2023, respectively, and $63.6 million and $138.4 million for the six months ended June 30, 2024 and 2023, respectively. As a result of the Company’s revision of the estimated useful lives of its towers, the Company experienced decreased depreciation expense for the three and six months ended June 30, 2024. At June 30, 2024 and December 31, 2023, unpaid capital expenditures that are included in accounts payable and accrued expenses were $14.1 million and $6.5 million, respectively.

‎

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Intangible Assets, Net

6 Months Ended

Jun. 30, 2024

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 June 30, 2024						As of December 31, 2023
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	5,096,739	$	(3,353,509)	$	1,743,230	$	5,253,563	$	(3,394,009)	$	1,859,554
Network location intangibles		1,900,582		(1,329,574)		571,008		1,926,226		(1,330,183)		596,043
Intangible assets, net	$	6,997,321	$	(4,683,083)	$	2,314,238	$	7,179,789	$	(4,724,192)	$	2,455,597

All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $26.3 million and $101.3 million for the three months ended June 30, 2024 and 2023, respectively and $53.5 million and $203.1 million for the six months ended June 30, 2024 and 2023, respectively. As a result of the Company’s revision of the estimated useful lives of its towers, the Company experienced decreased amortization expense for the three and six months ended June 30, 2024.

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Accrued Expenses

6 Months Ended

Jun. 30, 2024

Accrued Expenses [Abstract]

Accrued Expenses

9.ACCRUED EXPENSES

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

	As of		As of
	June 30, 2024		December 31, 2023
	(in thousands)
Salaries and benefits	$	17,009	$	25,630
Real estate and property taxes		9,531		7,149
Unpaid capital expenditures		14,077		6,477
Acquisition related holdbacks		10,149		16,100
Other		25,553		37,266
Total accrued expenses	$	76,319	$	92,622

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Debt

6 Months Ended

Jun. 30, 2024

Debt [Abstract]

Debt

10.DEBT

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

		As of						As of
		June 30, 2024						December 31, 2023
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility (1)	Jan. 25, 2029	$	120,000	$	120,000	$	120,000	$	180,000	$	180,000	$	180,000
2018 Term Loan (2)	Apr. 11, 2025		—		—		—		2,268,000		2,273,670		2,263,343
2024 Term Loan (2)	Jan. 25, 2031		2,294,250		2,297,118		2,270,260		—		—		—
2014-2C Tower Securities (3)	Oct. 8, 2024		620,000		615,350		619,684		620,000		606,540		619,145
2019-1C Tower Securities (3)	Jan. 12, 2025		1,165,000		1,138,007		1,163,621		1,165,000		1,115,313		1,162,348
2020-1C Tower Securities (3)	Jan. 9, 2026		750,000		680,460		747,677		750,000		682,350		746,937
2020-2C Tower Securities (3)	Jan. 11, 2028		600,000		520,554		596,844		600,000		520,530		596,419
2021-1C Tower Securities (3)	Nov. 9, 2026		1,165,000		1,016,556		1,159,242		1,165,000		1,015,437		1,158,059
2021-2C Tower Securities (3)	Apr. 9, 2027		895,000		769,986		890,020		895,000		772,125		889,152
2021-3C Tower Securities (3)	Oct. 9, 2031		895,000		684,684		887,809		895,000		686,581		887,365
2022-1C Tower Securities (3)	Jan. 11, 2028		850,000		870,281		842,349		850,000		850,221		841,429
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,429,155		1,491,486		1,500,000		1,438,815		1,489,965
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,348,125		1,491,051		1,500,000		1,338,750		1,490,153
Total debt		$	12,354,250	$	11,490,276	$	12,280,043	$	12,388,000	$	11,480,332	$	12,324,315
Less: current maturities of long-term debt							(1,806,304)						(643,145)
Total long-term debt, net of current maturities						$	10,473,739					$	11,681,170

(1)On January 25, 2024, the Company amended its Revolving Credit Facility to extend the maturity date to January 25, 2029 as

well as amend certain other terms and conditions under the Senior Credit Agreement. For further discussion of the amendments, refer to “Terms of the Senior Credit Agreement” below.

(2)On January 25, 2024, the Company repaid its 2018 Term Loan and issued a new $2.3 billion Term Loan (“2024 Term Loan”) with a maturity date of January 25, 2031. For further discussion of the amendments, refer to “Term Loan under the Senior Credit Agreement” below.

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

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 June 30,								For the six months ended June 30,
	Rates as of	2024				2023				2024				2023
	June 30,	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	2024	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest
		(in thousands)
Revolving Credit Facility	6.415%	$	3,161	$	—	$	8,782	$	—	$	5,630	$	—	$	18,068	$	—
2018 Term Loan	—		—		—		14,920		7,678		3,253		1,867		29,284		16,899
2024 Term Loan (1)	2.845%		16,619		6,679		—		—		29,598		11,626		—		—
2014-2C Tower Securities	3.869%		6,046		—		6,046		—		12,092		—		12,092		—
2019-1C Tower Securities	2.836%		8,357		—		8,357		—		16,714		—		16,714		—
2020-1C Tower Securities	1.884%		3,598		—		3,598		—		7,195		—		7,195		—
2020-2C Tower Securities	2.328%		3,540		—		3,540		—		7,079		—		7,079		—
2021-1C Tower Securities	1.631%		4,851		—		4,851		—		9,697		—		9,697		—
2021-2C Tower Securities	1.840%		4,196		—		4,196		—		8,391		—		8,391		—
2021-3C Tower Securities	2.593%		5,873		—		5,873		—		11,746		—		11,746		—
2022-1C Tower Securities	6.599%		14,094		—		14,094		—		28,187		—		28,187		—
2020 Senior Notes	3.875%		14,531		95		14,531		91		29,063		190		29,063		182
2021 Senior Notes	3.125%		11,719		—		11,719		—		23,438		—		23,438		—
Other			945		306		781		(251)		1,838		1,840		1,560		4,676
Total		$	97,530	$	7,080	$	101,288	$	7,518	$	193,921	$	15,523	$	202,514	$	21,757

(1)The 2024 Term Loan has a blended rate of 2.845%, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swap, the 2024 Term Loan was accruing interest at 7.350% as of June 30, 2024. Refer to Note 17 for more information on the Company’s interest rate swap.

Terms of the Senior Credit Agreement

On January 25, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC (“SBA Senior Finance II”), amended and restated its Senior Credit Agreement to (1) issue a new $2.3 billion Term Loan and retire the 2018 Term Loan, (2) increase the total commitments under its Revolving Credit Facility from $1.5 billion to $1.75 billion, (3) extend the maturity date of its Revolving Credit Facility to January 25, 2029, and (4) amend certain other terms and conditions under the Senior Credit Agreement.

On February 23, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II, further increased the total commitments under the Revolving Credit Facility from $1.75 billion to $2.0 billion.

As of June 30, 2024, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility consists of a revolving loan under which up to $2.0 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 through the maturity date of January 25, 2029. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (1) the Eurodollar Rate or Term SOFR 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. Furthermore, the Revolving Credit Facility incorporates sustainability-linked targets which will adjust the Revolving Credit Facility’s applicable interest and commitment fee rates upward or downward based on how the Company

performs against those targets. 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.

The key terms of the Revolving Credit Facility are as follows:

		Unused
	Interest Rate	Commitment
	as of	Fee as of
	June 30, 2024 (1)	June 30, 2024 (2)
Revolving Credit Facility	6.415%	0.140%

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2023.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2023.

The table below summarizes the Company’s Revolving Credit Facility activity during the three and six months ended June 30, 2024 and 2023 (in thousands):

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Beginning outstanding balance	$	195,000	$	675,000	$	180,000	$	720,000
Borrowings		70,000		—		195,000		140,000
Repayments		(145,000)		(225,000)		(255,000)		(410,000)
Ending outstanding balance	$	120,000	$	450,000	$	120,000	$	450,000

Subsequent to June 30, 2024, the Company repaid $90.0 million and borrowed $20.0 million under the Revolving Credit Facility, and as of the date of this filing, $50.0 million was outstanding.

Term Loan under the Senior Credit Agreement

2024 Term Loan

On January 25, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II, issued a term loan under the amended and restated Senior Credit Agreement. The 2024 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $2.3 billion that matures on January 25, 2031. The 2024 Term Loan accrues interest, at SBA Senior Finance II's election, at either the Base Rate plus 100 basis points (with a zero Base Rate floor) or at Term SOFR plus 200 basis points (with a floor of 0%). The 2024 Term Loan was issued at 99.75% of par value. The proceeds from the 2024 Term Loan were used to retire the 2018 Term Loan and to pay related fees and expenses. In connection with the repayment, the Company expensed $3.3 million of net deferred financing fees and $1.2 million of discount related to the debt.

Principal payments on the 2024 Term Loan will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $5.75 million beginning on June 30, 2024. The Company incurred financing fees of approximately $19.4 million in relation to this transaction, which are being amortized through the maturity date.

During the three and six months ended June 30, 2024, the Company repaid an aggregate of $5.75 million of principal on the 2024 Term Loan. As of June 30, 2024, the 2024 Term Loan had a principal balance of $2.3 billion.

Secured Tower Revenue Securities

As of June 30, 2024, 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.

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Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Shareholders' Equity [Abstract]

Shareholders' Equity

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 29, 2024, the Company filed with the Securities and Exchange Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR, 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 under its automatic shelf registration statement on Form S-3ASR. During the six months ended June 30, 2024, the Company did not issue any securities under this automatic shelf registration statement.

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 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 $1.0 billion stock repurchase plan. As of the date of this filing, the Company had $204.7 million of authorization remaining under this plan.

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

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Total number of shares purchased (in millions) (1)		0.4		—		0.9		—
Average price per share (1)	$	213.30	$	—	$	213.85	$	—
Total purchase price (in millions) (1)	$	93.9	$	—	$	200.0	$	—

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

Dividends

For the six months ended June 30, 2024, 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 26, 2024	March 14, 2024	$0.98	$108.1 million	March 28, 2024
April 29, 2024	May 23, 2024	$0.98	$105.3 million	June 18, 2024

Dividends paid in 2024 were ordinary taxable dividends.

Subsequent to June 30, 2024, 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
July 28, 2024	August 22, 2024	$0.98	September 18, 2024

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 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, 2023	1,340	$	168.32
Exercised	(175)	$	130.19
Forfeited/canceled	(2)	$	197.91
Outstanding at June 30, 2024	1,163	$	174.02	1.4	$	27,996
Exercisable at June 30, 2024	1,140	$	172.50	1.3	$	27,996
Unvested at June 30, 2024	23	$	252.81	8.6	$	—

The total intrinsic value for options exercised during the six months ended June 30, 2024 was $15.0 million.

Restricted Stock Units and Performance-Based Restricted Stock Units

The following table summarizes the Company’s RSU and PSU activity for the six months ended June 30, 2024:

	RSUs			PSUs (1)
		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, 2023	267	$	269.08	368	$	298.46
Granted	267	$	216.02	59	$	291.51
PSU adjustment (2)	—	$	—	11	$	236.63
Vested	(116)	$	270.65	(155)	$	236.32
Forfeited/canceled	(9)	$	244.31	(2)	$	377.74
Outstanding at June 30, 2024	409	$	234.49	281	$	314.04

(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.

(2)PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date.

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Income Taxes

6 Months Ended

Jun. 30, 2024

Income Taxes [Abstract]

Income Taxes

13.INCOME TAXES

The primary reason for the difference between the Company’s effective tax rate and the U.S. statutory rate is the Company’s REIT election. A tax provision is recognized because U.S. taxable REIT subsidiary and 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 U.S. taxable REIT subsidiary. 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 $382.3 million as of December 31, 2023, 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.

The Company is subject to income tax and other taxes in the geographic areas where it holds assets or operates, and the Company periodically receives notifications of audits, assessments, or other actions by taxing authorities. In certain jurisdictions, taxing authorities may issue notices and assessments that may not be reflective of the actual tax liability for which the Company will ultimately be liable. In the process of responding to assessments of taxes that the Company believes are not reflective of the Company’s actual tax liability, the Company avails itself of both administrative and judicial remedies. The Company evaluates the circumstances of each notification or assessment based on the information available and, in those instances in which the Company does not anticipate a successful defense of positions taken in its tax filings, a liability is recorded in the appropriate amount based on the underlying assessment.

In connection with a current assessment in Brazil, the taxing authorities have issued income tax deficiencies related to purchase accounting adjustments for tax years 2017 through 2019. The Company disagrees with the assessment and has filed an appeal with the higher appellate taxing authorities. The Company estimates that there is a more likely than not probability that the Company’s position will be sustained upon appeal. Accordingly, no liability has been recorded. The Company will continue to vigorously contest the adjustments and expects to exhaust all administrative and judicial remedies necessary to resolve the matters, which could be a lengthy process. There can be no assurance that these matters will be resolved in the Company’s favor, and an adverse outcome, or any future tax examinations involving similar assertions, could have a material effect on the Company’s results of operations or cash flows in any one period. As of June 30, 2024, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued to be between zero and $66.8 million. This range excludes penalties and interest, which as of such date would have been $80.7 million.

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Segment Data

6 Months Ended

Jun. 30, 2024

Segment Data [Abstract]

Segment Data

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 June 30, 2024	(in thousands)
Revenues (1)	$	463,204	$	163,253	$	34,020	$	—	$	660,477
Cost of revenues (2)		65,489		48,642		27,137		—		141,268
Operating profit		397,715		114,611		6,883		—		519,209
Selling, general, and administrative expenses		33,608		15,775		2,944		10,049		62,376
Acquisition and new business initiatives
related adjustments and expenses		3,089		3,485		—		—		6,574
Asset impairment and decommission costs		13,825		17,362		—		423		31,610
Depreciation, amortization and accretion		33,870		27,457		1,038		1,814		64,179
Operating income (loss)		313,323		50,532		2,901		(12,286)		354,470
Other expense, net (principally interest
expense and other income)								(207,355)		(207,355)
Income before income taxes										147,115
Cash capital expenditures (3)		48,603		41,687		123		1,177		91,590
For the three months ended June 30, 2023
Revenues (1)	$	456,754	$	169,389	$	52,357	$	—	$	678,500
Cost of revenues (2)		64,434		50,580		39,236		—		154,250
Operating profit		392,320		118,809		13,121		—		524,250
Selling, general, and administrative expenses		28,445		18,413		4,471		12,054		63,383
Acquisition and new business initiatives
related adjustments and expenses		2,573		2,380		—		—		4,953
Asset impairment and decommission costs		30,465		2,244		—		158		32,867
Depreciation, amortization and accretion		117,353		61,892		936		1,639		181,820
Operating income (loss)		213,484		33,880		7,714		(13,851)		241,227
Other expense, net (principally interest
expense and other income)								(68,435)		(68,435)
Income before income taxes										172,792
Cash capital expenditures (3)		50,943		32,079		675		335		84,032

‎

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total
For the six months ended June 30, 2024	(in thousands)
Revenues (1)	$	924,703	$	330,030	$	63,606	$	—	$	1,318,339
Cost of revenues (2)		131,459		97,485		50,315		—		279,259
Operating profit		793,244		232,545		13,291		—		1,039,080
Selling, general, and administrative expenses		67,956		31,483		7,370		24,265		131,074
Acquisition and new business initiatives
related adjustments and expenses		8,387		5,604		—		—		13,991
Asset impairment and decommission costs		43,738		31,097		—		423		75,258
Depreciation, amortization and accretion		74,215		61,286		1,872		3,556		140,929
Operating income (loss)		598,948		103,075		4,049		(28,244)		677,828
Other expense, net (principally interest
expense and other income)								(359,244)		(359,244)
Income before income taxes										318,584
Cash capital expenditures (3)		89,624		77,289		182		1,771		168,866
For the six months ended June 30, 2023
Revenues (1)	$	911,588	$	331,823	$	110,605	$	—	$	1,354,016
Cost of revenues (2)		134,183		100,950		83,421		—		318,554
Operating profit		777,405		230,873		27,184		—		1,035,462
Selling, general, and administrative expenses		60,188		35,143		10,548		29,713		135,592
Acquisition and new business initiatives
related adjustments and expenses		5,805		5,205		—		—		11,010
Asset impairment and decommission costs		49,900		7,130		—		2,227		59,257
Depreciation, amortization and accretion		236,840		122,304		1,852		3,239		364,235
Operating income (loss)		424,672		61,091		14,784		(35,179)		465,368
Other expense, net (principally interest
expense and other income)								(148,512)		(148,512)
Income before income taxes										316,856
Cash capital expenditures (3)		95,578		55,112		1,070		1,591		153,351

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (4)		Total
Assets	(in thousands)
As of June 30, 2024	$	5,860,164	$	3,502,379	$	44,447	$	379,188	$	9,786,178
As of December 31, 2023	$	5,876,648	$	3,871,164	$	66,001	$	364,628	$	10,178,441

(1)For the three months ended June 30, 2024 and 2023, site leasing revenue in Brazil was $93.1 million and $99.7 million, respectively. For the six months ended June 30, 2024 and 2023, site leasing revenue in Brazil was $190.5 million and $193.6 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total site leasing revenue in any of the periods presented.

(2)Excludes depreciation, amortization, and accretion.

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

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

Total domestic long-lived assets were $5.4 billion as of June 30, 2024 and December 31, 2023. Total international long-lived assets were $3.1 billion and $3.4 billion as of June 30, 2024 and December 31, 2023. Total long-lived assets in Brazil were $1.8 billion and $2.1 billion as of June 30, 2024 and December 31, 2023, respectively. Long-lived assets include property and equipment, net, intangible assets, net, operating lease right-of-use assets, net, and acquired and other right-of-use assets, net. Other than Brazil, no foreign country represented more than 5% of the Company’s total long-lived assets in any of the periods presented.

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Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

15.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of

Class A common stock outstanding adjusted for any dilutive Class A 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 per common share attributable to common shareholders for the three and six months ended June 30, 2024 and 2023 (in thousands, except per share data):

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Numerator:
Net income attributable to SBA
Communications Corporation	$	162,830	$	203,648	$	317,372	$	304,865
Denominator:
Basic weighted-average shares outstanding		107,462		108,355		107,782		108,244
Dilutive impact of stock options, RSUs, and PSUs		217		529		366		834
Diluted weighted-average shares outstanding		107,679		108,884		108,148		109,078
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	1.52	$	1.88	$	2.94	$	2.82
Diluted	$	1.51	$	1.87	$	2.93	$	2.79

For the three and six months ended June 30, 2024 and 2023, 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.

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Redeemable Noncontrolling Interests

6 Months Ended

Jun. 30, 2024

Redeemable Noncontrolling Interests [Abstract]

Redeemable Noncontrolling Interests

16. REDEEMABLE NONCONTROLLING INTERESTS

The Company allocates income and losses to its redeemable noncontrolling interest holders based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the greater 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 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). The fair value of the redeemable noncontrolling interest is estimated using Level 3 inputs.

The components of redeemable noncontrolling interests as of June 30, 2024 and December 31, 2023 are as follows (in thousands):

	June 30,		December 31,
	2024		2023
Beginning balance	$	35,047	$	31,735
Net loss attributable to noncontrolling interests		(3,378)		(4,397)
Foreign currency translation adjustments		(324)		(899)
Contribution from joint venture partner		1,530		1,200
Adjustment to redemption amount		7,942		7,408
Ending balance	$	40,817	$	35,047

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Derivatives and Hedging Activities

6 Months Ended

Jun. 30, 2024

Derivatives and Hedging Activities [Abstract]

Derivatives and Hedging Activities

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. As of June 30, 2024, the Company has an interest rate swap agreement on its 2024 Term Loan which swaps $1.95 billion of notional value accruing interest at one month Term SOFR plus 200 basis points for an all-in fixed rate of 2.050% per annum through March 31, 2025. Additionally, the Company has a forward-starting interest rate swap agreement which will swap $1.0 billion of notional value accruing interest at one month Term SOFR plus 200 basis points for an all-in fixed rate of 5.830% per annum. The forward-starting swap has an effective start date of March 31, 2025 and a maturity date of April 11, 2028.

As of June 30, 2024, the hedges remain highly effective; therefore, changes in fair value are recorded in Accumulated other comprehensive loss, net. The table below outlines the effects of the Company’s interest rate swaps on the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.

		Fair Value as of
	Balance Sheet	June 30,		December 31,
	Location	2024		2023
Derivatives Designated as Hedging Instruments		(in thousands)
Interest rate swap agreements in a fair value asset position	Other assets	$	74,573	$	104,674
Interest rate swap agreement in a fair value liability position	Other long-term liabilities	$	—	$	19,573

Accumulated other comprehensive loss, net includes an aggregate $54.1 million gain and a $51.5 million gain as of June 30, 2024 and December 31, 2023, 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.

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 six months ended June 30, 2024 and 2023.

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Cash Flow Hedge - Interest Rate Swap Agreement	(in thousands)
Change in fair value recorded in Accumulated other comprehensive
loss, net	$	(14,816)	$	7,856	$	(10,528)	$	(23,540)
Derivatives Not Designated as Hedges - Interest Rate Swap Agreements
Amount reclassified from Accumulated other comprehensive
loss, net into Non-cash interest expense	$	6,579	$	7,460	$	13,158	$	16,468

 

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Basis of Presentation (Policy)

6 Months Ended

Jun. 30, 2024

Basis of Presentation [Abstract]

Basis of Presentation

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, 2023 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 and deferrals) 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.

Use of Estimates

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, incremental borrowing rate for lease accounting, fair value of investments, and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material.

During the first quarter of 2024, the Company completed its assessment on the remaining estimated useful lives of its towers and intangible assets. The Company concluded through its assessment that, for U.S. GAAP purposes, it should modify its current estimates for asset lives based on its historical operating experience and the findings obtained by its independent consultant. The Company previously depreciated its towers on a straight-line basis over the shorter of the (i) term of the underlying ground lease (including renewal options) taking into account residual value or (ii) estimated useful life of a tower, which the Company had historically estimated to be 15 years. Based on its assessment, the Company revised the estimated useful lives of its towers and certain related intangible assets (which are amortized on a similar basis to its tower assets, as their useful lives correlate to the useful life of the towers) from 15 years to 30 years, effective January 1, 2024. The Company accounted for the change in estimated useful lives as a change in estimate under ASC 250 “Accounting Changes and Error Corrections.” The impact of the change in estimate was accounted for prospectively effective January 1, 2024, resulting in a reduction in depreciation and amortization expense of approximately $102.7 million ($93.0 million after tax, or an increase of $0.86 per diluted share) and $205.4 million ($186.0 million after tax, or an increase of $1.72 per diluted share) for the three and six months ended June 30, 2024, respectively. This change in useful lives is expected to reduce depreciation and amortization expense by approximately $411.5 million ($372.5 million after tax, or an increase of $3.44 per diluted share) for the year ended December 31, 2024.

Foreign Currency Translation

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 Statements 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 (expense) income, net in the Consolidated Statements of Operations.

Intercompany Loans Subject to Remeasurement

Intercompany Loans Subject to Remeasurement

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other (expense) income, net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $66.2 million loss and a $27.8 million gain, net of taxes, on the remeasurement of intercompany loans for the three months ended June 30, 2024 and 2023, respectively, and a $94.7 million loss

and a $55.2 million gain, net of taxes, on the remeasurement of intercompany loans for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024, the Company funded $9.3 million and $79.7 million was repaid under its intercompany loan agreements. As of June 30, 2024 and December 31, 2023, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $1.2 billion and $1.3 billion, respectively.

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements [Abstract]

Summary of Asset Impairment and Decommission Costs

:

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
	(in thousands)
Asset impairment (1)	$	18,491	$	24,363	$	53,043	$	46,696
Write-off of carrying value of decommissioned towers		7,440		849		11,545		2,802
Other (including tower and equipment decommission costs)		5,679		7,655		10,670		9,759
Total asset impairment and decommission costs	$	31,610	$	32,867	$	75,258	$	59,257

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

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Cash, Cash Equivalents, and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2024

Cash, Cash Equivalents, and Restricted Cash [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

	As of		As of
	June 30, 2024		December 31, 2023		Included on Balance Sheet
	(in thousands)
Cash and cash equivalents	$	220,508	$	208,547	Cash and cash equivalents
Securitization escrow accounts		51,790		31,852	Restricted cash - current asset
Payment, performance bonds, and other		6,684		6,277	Restricted cash - current asset
Surety bonds and workers compensation		4,162		4,270	Other assets - noncurrent
Total cash, cash equivalents, and restricted cash	$	283,144	$	250,946

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Costs and Estimated Earnings on Uncompleted Contracts (Tables)

6 Months Ended

Jun. 30, 2024

Costs and Estimated Earnings on Uncompleted Contracts [Abstract]

Summary of Costs and Estimated Earnings on Uncompleted Contracts

	As of		As of
	June 30, 2024		December 31, 2023
	(in thousands)
Costs incurred on uncompleted contracts	$	62,098	$	98,674
Estimated earnings		26,850		64,589
Billings to date		(72,247)		(152,608)
	$	16,701	$	10,655

Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets

	As of		As of
	June 30, 2024		December 31, 2023
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	19,810	$	16,252
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(3,109)		(5,597)
	$	16,701	$	10,655

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Prepaid Expenses and Other Current Assets and Other Assets (Tables)

6 Months Ended

Jun. 30, 2024

Prepaid Expenses and Other Current Assets and Other Assets [Abstract]

Schedule of Prepaid Expense and Other Current Assets

	As of		As of
	June 30, 2024		December 31, 2023
		(in thousands)
Short-term investments	$	30,400	$	1,046
Prepaid real estate taxes		2,353		3,522
Interest receivable		7,101		2,102
Prepaid taxes		11,548		9,064
Prepaid ground rent		3,449		3,712
Other current assets		17,713		19,147
Total prepaid expenses and other current assets	$	72,564	$	38,593

Schedule of Other Assets

	As of		As of
	June 30, 2024		December 31, 2023
		(in thousands)
Straight-line rent receivable	$	419,486	$	415,100
Interest rate swap asset (1)		74,573		104,674
Loans receivable (2)		157,580		148,104
Deferred lease costs, net		8,806		8,713
Deferred tax asset - long term		61,597		67,473
Long-term investments		19,247		24,540
Other		44,650		43,872
Total other assets	$	785,939	$	812,476

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

(2)On March 17, 2023 (and as amended on August 25, 2023 and March 31, 2024), the Company entered into a loan with one of its unconsolidated joint ventures (“the Investee”). As part of the loan agreement, the Investee may borrow up to $115.0 million in aggregate principal amount, consisting of a $73.0 million initial term loan and $42.0 million of delayed draw term loans. The final maturity date of the loans is January 31, 2025. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. The loans are collateralized by equity securities in the Investee. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of June 30, 2024, the outstanding principal balance of the loan was $107.4 million and was accruing interest at 10.079%.

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Acquisitions [Abstract]

Schedule of Acquisition Capital Expenditures

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
	(in thousands)
Acquisitions of towers and related assets	$	27,899	$	9,571	$	38,194	$	22,351
Land buyouts and other assets (1)		13,718		10,237		22,828		17,386
Total cash acquisition capital expenditures	$	41,617	$	19,808	$	61,022	$	39,737

(1)Excludes $3.7 million and $2.7 million spent to extend ground lease terms for the three months ended June 30, 2024 and 2023, respectively, and excludes $9.3 million and $7.9 million spent to extend ground lease terms for the six months ended June 30, 2024 and 2023, respectively. The Company recorded these amounts in prepaid ground rent within prepaid expenses and other current assets on its Consolidated Balance Sheets.

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Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property and Equipment, Net [Abstract]

Property and Equipment, Net (Including Assets Held Under Capital Leases)

	As of		As of
	June 30, 2024		December 31, 2023
	(in thousands)
Towers and related assets (1)	$	5,829,692	$	5,850,608
Construction-in-process (2)		125,799		105,627
Furniture, equipment, and vehicles		80,481		76,031
Land, buildings, and improvements		944,644		927,235
Total property and equipment		6,980,616		6,959,501
Less: accumulated depreciation		(4,260,806)		(4,247,782)
Property and equipment, net	$	2,719,810	$	2,711,719

(1)Includes amounts related to the Company’s data centers.

(2)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)

6 Months Ended

Jun. 30, 2024

Intangible Assets, Net [Abstract]

Gross and Net Carrying Amounts for each Major Class of Intangible Assets

	As of June 30, 2024						As of December 31, 2023
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	5,096,739	$	(3,353,509)	$	1,743,230	$	5,253,563	$	(3,394,009)	$	1,859,554
Network location intangibles		1,900,582		(1,329,574)		571,008		1,926,226		(1,330,183)		596,043
Intangible assets, net	$	6,997,321	$	(4,683,083)	$	2,314,238	$	7,179,789	$	(4,724,192)	$	2,455,597

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Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Accrued Expenses [Abstract]

Schedule of Accrued Expenses

	As of		As of
	June 30, 2024		December 31, 2023
	(in thousands)
Salaries and benefits	$	17,009	$	25,630
Real estate and property taxes		9,531		7,149
Unpaid capital expenditures		14,077		6,477
Acquisition related holdbacks		10,149		16,100
Other		25,553		37,266
Total accrued expenses	$	76,319	$	92,622

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Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt [Abstract]

Schedule of Principal Values, Fair Values, and Carrying Values of Debt

		As of						As of
		June 30, 2024						December 31, 2023
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility (1)	Jan. 25, 2029	$	120,000	$	120,000	$	120,000	$	180,000	$	180,000	$	180,000
2018 Term Loan (2)	Apr. 11, 2025		—		—		—		2,268,000		2,273,670		2,263,343
2024 Term Loan (2)	Jan. 25, 2031		2,294,250		2,297,118		2,270,260		—		—		—
2014-2C Tower Securities (3)	Oct. 8, 2024		620,000		615,350		619,684		620,000		606,540		619,145
2019-1C Tower Securities (3)	Jan. 12, 2025		1,165,000		1,138,007		1,163,621		1,165,000		1,115,313		1,162,348
2020-1C Tower Securities (3)	Jan. 9, 2026		750,000		680,460		747,677		750,000		682,350		746,937
2020-2C Tower Securities (3)	Jan. 11, 2028		600,000		520,554		596,844		600,000		520,530		596,419
2021-1C Tower Securities (3)	Nov. 9, 2026		1,165,000		1,016,556		1,159,242		1,165,000		1,015,437		1,158,059
2021-2C Tower Securities (3)	Apr. 9, 2027		895,000		769,986		890,020		895,000		772,125		889,152
2021-3C Tower Securities (3)	Oct. 9, 2031		895,000		684,684		887,809		895,000		686,581		887,365
2022-1C Tower Securities (3)	Jan. 11, 2028		850,000		870,281		842,349		850,000		850,221		841,429
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,429,155		1,491,486		1,500,000		1,438,815		1,489,965
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,348,125		1,491,051		1,500,000		1,338,750		1,490,153
Total debt		$	12,354,250	$	11,490,276	$	12,280,043	$	12,388,000	$	11,480,332	$	12,324,315
Less: current maturities of long-term debt							(1,806,304)						(643,145)
Total long-term debt, net of current maturities						$	10,473,739					$	11,681,170

(1)On January 25, 2024, the Company amended its Revolving Credit Facility to extend the maturity date to January 25, 2029 as

well as amend certain other terms and conditions under the Senior Credit Agreement. For further discussion of the amendments, refer to “Terms of the Senior Credit Agreement” below.

(2)On January 25, 2024, the Company repaid its 2018 Term Loan and issued a new $2.3 billion Term Loan (“2024 Term Loan”) with a maturity date of January 25, 2031. For further discussion of the amendments, refer to “Term Loan under the Senior Credit Agreement” below.

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

Schedule of Cash and Non-Cash Interest Expense

	Interest	For the three months ended June 30,								For the six months ended June 30,
	Rates as of	2024				2023				2024				2023
	June 30,	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	2024	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest
		(in thousands)
Revolving Credit Facility	6.415%	$	3,161	$	—	$	8,782	$	—	$	5,630	$	—	$	18,068	$	—
2018 Term Loan	—		—		—		14,920		7,678		3,253		1,867		29,284		16,899
2024 Term Loan (1)	2.845%		16,619		6,679		—		—		29,598		11,626		—		—
2014-2C Tower Securities	3.869%		6,046		—		6,046		—		12,092		—		12,092		—
2019-1C Tower Securities	2.836%		8,357		—		8,357		—		16,714		—		16,714		—
2020-1C Tower Securities	1.884%		3,598		—		3,598		—		7,195		—		7,195		—
2020-2C Tower Securities	2.328%		3,540		—		3,540		—		7,079		—		7,079		—
2021-1C Tower Securities	1.631%		4,851		—		4,851		—		9,697		—		9,697		—
2021-2C Tower Securities	1.840%		4,196		—		4,196		—		8,391		—		8,391		—
2021-3C Tower Securities	2.593%		5,873		—		5,873		—		11,746		—		11,746		—
2022-1C Tower Securities	6.599%		14,094		—		14,094		—		28,187		—		28,187		—
2020 Senior Notes	3.875%		14,531		95		14,531		91		29,063		190		29,063		182
2021 Senior Notes	3.125%		11,719		—		11,719		—		23,438		—		23,438		—
Other			945		306		781		(251)		1,838		1,840		1,560		4,676
Total		$	97,530	$	7,080	$	101,288	$	7,518	$	193,921	$	15,523	$	202,514	$	21,757

(1)The 2024 Term Loan has a blended rate of 2.845%, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swap, the 2024 Term Loan was accruing interest at 7.350% as of June 30, 2024. Refer to Note 17 for more information on the Company’s interest rate swap.

Schedule of Revolving Credit Facility Key Terms

		Unused
	Interest Rate	Commitment
	as of	Fee as of
	June 30, 2024 (1)	June 30, 2024 (2)
Revolving Credit Facility	6.415%	0.140%

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2023.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2023.

Summary of Revolving Credit Facility Activity

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Beginning outstanding balance	$	195,000	$	675,000	$	180,000	$	720,000
Borrowings		70,000		—		195,000		140,000
Repayments		(145,000)		(225,000)		(255,000)		(410,000)
Ending outstanding balance	$	120,000	$	450,000	$	120,000	$	450,000

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Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Shareholders' Equity [Abstract]

Summary of Share Repurchases

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

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Total number of shares purchased (in millions) (1)		0.4		—		0.9		—
Average price per share (1)	$	213.30	$	—	$	213.85	$	—
Total purchase price (in millions) (1)	$	93.9	$	—	$	200.0	$	—

(1)Amounts reflected are based on the trade date and may 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 six months ended June 30, 2024, 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 26, 2024	March 14, 2024	$0.98	$108.1 million	March 28, 2024
April 29, 2024	May 23, 2024	$0.98	$105.3 million	June 18, 2024

Dividends paid in 2024 were ordinary taxable dividends.

Subsequent to June 30, 2024, 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
July 28, 2024	August 22, 2024	$0.98	September 18, 2024

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

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 Value
Outstanding at December 31, 2023	1,340	$	168.32
Exercised	(175)	$	130.19
Forfeited/canceled	(2)	$	197.91
Outstanding at June 30, 2024	1,163	$	174.02	1.4	$	27,996
Exercisable at June 30, 2024	1,140	$	172.50	1.3	$	27,996
Unvested at June 30, 2024	23	$	252.81	8.6	$	—

Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity

	RSUs			PSUs (1)
		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, 2023	267	$	269.08	368	$	298.46
Granted	267	$	216.02	59	$	291.51
PSU adjustment (2)	—	$	—	11	$	236.63
Vested	(116)	$	270.65	(155)	$	236.32
Forfeited/canceled	(9)	$	244.31	(2)	$	377.74
Outstanding at June 30, 2024	409	$	234.49	281	$	314.04

(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.

(2)PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date.

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Segment Data (Tables)

6 Months Ended

Jun. 30, 2024

Segment Data [Abstract]

Schedule of Segment Reporting Information

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total
For the three months ended June 30, 2024	(in thousands)
Revenues (1)	$	463,204	$	163,253	$	34,020	$	—	$	660,477
Cost of revenues (2)		65,489		48,642		27,137		—		141,268
Operating profit		397,715		114,611		6,883		—		519,209
Selling, general, and administrative expenses		33,608		15,775		2,944		10,049		62,376
Acquisition and new business initiatives
related adjustments and expenses		3,089		3,485		—		—		6,574
Asset impairment and decommission costs		13,825		17,362		—		423		31,610
Depreciation, amortization and accretion		33,870		27,457		1,038		1,814		64,179
Operating income (loss)		313,323		50,532		2,901		(12,286)		354,470
Other expense, net (principally interest
expense and other income)								(207,355)		(207,355)
Income before income taxes										147,115
Cash capital expenditures (3)		48,603		41,687		123		1,177		91,590
For the three months ended June 30, 2023
Revenues (1)	$	456,754	$	169,389	$	52,357	$	—	$	678,500
Cost of revenues (2)		64,434		50,580		39,236		—		154,250
Operating profit		392,320		118,809		13,121		—		524,250
Selling, general, and administrative expenses		28,445		18,413		4,471		12,054		63,383
Acquisition and new business initiatives
related adjustments and expenses		2,573		2,380		—		—		4,953
Asset impairment and decommission costs		30,465		2,244		—		158		32,867
Depreciation, amortization and accretion		117,353		61,892		936		1,639		181,820
Operating income (loss)		213,484		33,880		7,714		(13,851)		241,227
Other expense, net (principally interest
expense and other income)								(68,435)		(68,435)
Income before income taxes										172,792
Cash capital expenditures (3)		50,943		32,079		675		335		84,032

‎

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total
For the six months ended June 30, 2024	(in thousands)
Revenues (1)	$	924,703	$	330,030	$	63,606	$	—	$	1,318,339
Cost of revenues (2)		131,459		97,485		50,315		—		279,259
Operating profit		793,244		232,545		13,291		—		1,039,080
Selling, general, and administrative expenses		67,956		31,483		7,370		24,265		131,074
Acquisition and new business initiatives
related adjustments and expenses		8,387		5,604		—		—		13,991
Asset impairment and decommission costs		43,738		31,097		—		423		75,258
Depreciation, amortization and accretion		74,215		61,286		1,872		3,556		140,929
Operating income (loss)		598,948		103,075		4,049		(28,244)		677,828
Other expense, net (principally interest
expense and other income)								(359,244)		(359,244)
Income before income taxes										318,584
Cash capital expenditures (3)		89,624		77,289		182		1,771		168,866
For the six months ended June 30, 2023
Revenues (1)	$	911,588	$	331,823	$	110,605	$	—	$	1,354,016
Cost of revenues (2)		134,183		100,950		83,421		—		318,554
Operating profit		777,405		230,873		27,184		—		1,035,462
Selling, general, and administrative expenses		60,188		35,143		10,548		29,713		135,592
Acquisition and new business initiatives
related adjustments and expenses		5,805		5,205		—		—		11,010
Asset impairment and decommission costs		49,900		7,130		—		2,227		59,257
Depreciation, amortization and accretion		236,840		122,304		1,852		3,239		364,235
Operating income (loss)		424,672		61,091		14,784		(35,179)		465,368
Other expense, net (principally interest
expense and other income)								(148,512)		(148,512)
Income before income taxes										316,856
Cash capital expenditures (3)		95,578		55,112		1,070		1,591		153,351

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (4)		Total
Assets	(in thousands)
As of June 30, 2024	$	5,860,164	$	3,502,379	$	44,447	$	379,188	$	9,786,178
As of December 31, 2023	$	5,876,648	$	3,871,164	$	66,001	$	364,628	$	10,178,441

(1)For the three months ended June 30, 2024 and 2023, site leasing revenue in Brazil was $93.1 million and $99.7 million, respectively. For the six months ended June 30, 2024 and 2023, site leasing revenue in Brazil was $190.5 million and $193.6 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total site leasing revenue in any of the periods presented.

(2)Excludes depreciation, amortization, and accretion.

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

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

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Numerator:
Net income attributable to SBA
Communications Corporation	$	162,830	$	203,648	$	317,372	$	304,865
Denominator:
Basic weighted-average shares outstanding		107,462		108,355		107,782		108,244
Dilutive impact of stock options, RSUs, and PSUs		217		529		366		834
Diluted weighted-average shares outstanding		107,679		108,884		108,148		109,078
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	1.52	$	1.88	$	2.94	$	2.82
Diluted	$	1.51	$	1.87	$	2.93	$	2.79

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Redeemable Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2024

Redeemable Noncontrolling Interests [Abstract]

Components of Redeemable Noncontrolling Interest

	June 30,		December 31,
	2024		2023
Beginning balance	$	35,047	$	31,735
Net loss attributable to noncontrolling interests		(3,378)		(4,397)
Foreign currency translation adjustments		(324)		(899)
Contribution from joint venture partner		1,530		1,200
Adjustment to redemption amount		7,942		7,408
Ending balance	$	40,817	$	35,047

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Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

Derivatives and Hedging Activities [Abstract]

Schedule of Effects of Interest Rate Swaps on the Consolidated Balance Sheets

		Fair Value as of
	Balance Sheet	June 30,		December 31,
	Location	2024		2023
Derivatives Designated as Hedging Instruments		(in thousands)
Interest rate swap agreements in a fair value asset position	Other assets	$	74,573	$	104,674
Interest rate swap agreement in a fair value liability position	Other long-term liabilities	$	—	$	19,573

Schedule of Effect of Derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit

	For the three months				For the six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Cash Flow Hedge - Interest Rate Swap Agreement	(in thousands)
Change in fair value recorded in Accumulated other comprehensive
loss, net	$	(14,816)	$	7,856	$	(10,528)	$	(23,540)
Derivatives Not Designated as Hedges - Interest Rate Swap Agreements
Amount reclassified from Accumulated other comprehensive
loss, net into Non-cash interest expense	$	6,579	$	7,460	$	13,158	$	16,468

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Basis of Presentation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Basis of Presentation [Line Items]
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan	$ (66.2)	$ 27.8	$ 94.7	$ 55.2
Repayment of debt			79.7
Intercompany foreign currency outstanding balance	$ 1,200.0		$ 1,200.0				$ 1,300.0
Useful life						15 years
Increase in diluted shares	$ 1.51	$ 1.87	$ 2.93	$ 2.79
ASC 250 [Member]
Basis of Presentation [Line Items]
Useful life						30 years
Reduction in depreciation and amortization expense after tax	$ 93.0		$ 186.0
Reduction in depreciation and amortization expense	$ 102.7		$ 205.4
Increase in diluted shares	$ 0.86		$ 1.72
ASC 250 [Member] | Scenario, Forecast [Member]
Basis of Presentation [Line Items]
Reduction in depreciation and amortization expense after tax					$ 372.5
Reduction in depreciation and amortization expense					$ 411.5
Increase in diluted shares					$ 3.44
Related Party [Member]
Basis of Presentation [Line Items]
Intercompany loans funded	$ 9.3		$ 9.3

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Fair Value Measurements (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments	$ 19,247		$ 19,247		$ 24,540
Short-term investments	30,400		30,400		$ 1,046
Purchase of short-term investments			700,000
Cost method investment, impairment loss	$ 0	$ 0	$ 0	$ 0
Proceeds from sale of short-term investments				$ 600
Minimum [Member] | Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Average discount rate | item	0.078		0.078
Maximum [Member] | Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Average discount rate | item	0.088		0.088
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Measurements [Abstract]
Asset impairment	$ 18,491	$ 24,363	$ 53,043	$ 46,696
Write-off of carrying value of decommissioned towers	7,440	849	11,545	2,802
Other (including tower and equipment decommission costs)	5,679	7,655	10,670	9,759
Total asset impairment and decommission costs	$ 31,610	$ 32,867	$ 75,258	$ 59,257

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Cash, Cash Equivalents, and Restricted Cash (Narrative) (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Restricted Cash And Cash Equivalents Items [Line Items]
Surety, payment and performance bonds	$ 41,700,000	$ 42,000,000.0
Collateral payment for performance bonds	0	0
Workers Compensation Policy [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Collateral	2,500,000	2,400,000
Payment and Performance Bonds [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Collateral	$ 6,500,000	$ 6,100,000

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Cash, Cash Equivalents, and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Restricted Cash And Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 220,508	$ 208,547
Restricted cash - current asset	58,474	38,129
Total cash, cash equivalents, and restricted cash	283,144	250,946	$ 255,509	$ 189,283
Securitization Escrow Accounts [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - current asset	51,790	31,852
Payment, Performance Bonds, and Other [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - current asset	6,684	6,277
Surety Bonds and Workers Compensation [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - noncurrent asset	$ 4,162	$ 4,270
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets Noncurrent	Other Assets Noncurrent

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Costs and Estimated Earnings on Uncompleted Contracts (Narrative) (Details) - Customer Concentration Risk [Member] - Contract with Customer [Member] - customer	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Number of significant customers	2	2
Two Largest Customers [Member]
Concentration Risk [Line Items]
Concentration risk percentage	90.50%	84.60%

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Costs and Estimated Earnings on Uncompleted Contracts (Summary of Costs and Estimated Earnings on Uncompleted Contracts) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Costs incurred on uncompleted contracts	$ 62,098	$ 98,674
Estimated earnings	26,850	64,589
Billings to date	(72,247)	(152,608)
Costs and estimated earnings on uncompleted contracts	$ 16,701	$ 10,655

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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	Jun. 30, 2024	Dec. 31, 2023
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 19,810	$ 16,252
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities)	(3,109)	(5,597)
Costs and estimated earnings on uncompleted contracts	$ 16,701	$ 10,655

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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	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]
Short-term investments	$ 30,400	$ 1,046
Prepaid real estate taxes	2,353	3,522
Interest receivable	7,101	2,102
Prepaid taxes	11,548	9,064
Prepaid ground rent	3,449	3,712
Other current assets	17,713	19,147
Total prepaid expenses and other current assets	$ 72,564	$ 38,593

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Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Mar. 17, 2023
Other Assets, Noncurrent [Line Items]
Straight-line rent receivable	$ 419,486	$ 415,100
Interest rate swap asset	74,573	104,674
Loans receivable	157,580	148,104
Deferred lease costs, net	8,806	8,713
Long-term investments	19,247	24,540
Other	44,650	43,872
Total other assets	785,939	812,476
Unconsolidated Joint Venture [Member]
Other Assets, Noncurrent [Line Items]
Loan agreement, maximum borrowing capacity			$ 115,000
Unconsolidated Joint Venture [Member] | Initial Term Loans [Member]
Other Assets, Noncurrent [Line Items]
Loan agreement, maximum borrowing capacity			73,000
Unconsolidated Joint Venture [Member] | Delayed Draw Term Loans [Member]
Other Assets, Noncurrent [Line Items]
Loan agreement, maximum borrowing capacity			$ 42,000
Unconsolidated Joint Venture [Member] | Related Party [Member]
Other Assets, Noncurrent [Line Items]
Outstanding principal	$ 107,400
Interest rate	10.079%
Other Assets - Noncurrent [Member]
Other Assets, Noncurrent [Line Items]
Deferred tax asset - long term	$ 61,597	$ 67,473

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Acquisitions (Narrative) (Details) $ in Millions		6 Months Ended
	Aug. 02, 2024 USD ($) item	Jun. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Performance targets, maximum potential obligation		$ 15.1	$ 17.9
Other Acquisitions [Member]
Business Acquisition [Line Items]
Number of towers acquired | item		128
Property and equipment		$ 13.4
Intangible assets		24.3
Operating leases right-of-use assets, net		9.5
Other net liabilities assumed		0.2
Acquisition related holdbacks		3.4
Long-term lease liabilities assumed		$ 5.3
Subsequent Event [Member] | Other Acquisitions [Member]
Business Acquisition [Line Items]
Number of communication sites acquired | item	106
Cash paid for acquisition	$ 49.3

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Acquisitions (Schedule of Acquisition Capital Expenditures) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Acquisitions [Abstract]
Acquisitions of towers and related assets	$ 27,899	$ 9,571	$ 38,194	$ 22,351
Land buyouts and other assets	13,718	10,237	22,828	17,386
Total cash acquisition capital expenditures	41,617	19,808	61,022	39,737
Ground lease extensions	$ 3,700	$ 2,700	$ 9,300	$ 7,900

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Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property and Equipment, Net [Abstract]
Depreciation expense	$ 26,200	$ 69,000	$ 63,600	$ 138,400
Unpaid capital expenditures	$ 14,077		$ 14,077		$ 6,477

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Property and Equipment, Net (Property and Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 6,980,616	$ 6,959,501
Less: accumulated depreciation	(4,260,806)	(4,247,782)
Property and equipment, net	2,719,810	2,711,719
Towers and Related Assets [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	5,829,692	5,850,608
Construction-In-Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	125,799	105,627
Furniture, Equipment and Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	80,481	76,031
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 944,644	$ 927,235

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Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Intangible Assets, Net [Abstract]
Amortization expense	$ 26.3	$ 101.3	$ 53.5	$ 203.1

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Intangible Assets, Net (Gross and Net Carrying Amounts for each Major Class of Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 6,997,321	$ 7,179,789
Accumulated amortization	(4,683,083)	(4,724,192)
Net book value	2,314,238	2,455,597
Current Contract Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	5,096,739	5,253,563
Accumulated amortization	(3,353,509)	(3,394,009)
Net book value	1,743,230	1,859,554
Network Location Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,900,582	1,926,226
Accumulated amortization	(1,329,574)	(1,330,183)
Net book value	$ 571,008	$ 596,043

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Accrued Expenses (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Expenses [Abstract]
Salaries and benefits	$ 17,009	$ 25,630
Real estate and property taxes	9,531	7,149
Unpaid capital expenditures	14,077	6,477
Acquisition related holdbacks	10,149	16,100
Other	25,553	37,266
Total accrued expenses	$ 76,319	$ 92,622

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Debt (Term Loan under the Senior Credit Agreement) (Narrative) (Details) - USD ($)		3 Months Ended	6 Months Ended
	Jan. 25, 2024	Jun. 30, 2024	Jun. 30, 2024	Feb. 23, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Aggregate principal balance		$ 12,354,250,000	$ 12,354,250,000		$ 12,388,000,000
2018 Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal balance	$ 2,300,000,000				2,268,000,000
Financing fees at issuance	3,300,000
Debt discount	1,200,000
Maturity Date			Apr. 11, 2025
2024 Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal balance	$ 2,300,000,000	2,294,250,000	$ 2,294,250,000
Repayment of term loans		5,750,000	$ 5,750,000
Percentage of par value price for issuance of term loan	99.75%
Line of credit facility, maximum borrowing capacity	$ 2,300,000,000
Financing fees at issuance	19,400,000
Quarterly payments	$ 5,750,000
Maturity Date	Jan. 25, 2031		Jan. 25, 2031
Base Rate [Member] | 2024 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.00%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2024 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.00%
Secured Overnight Financing Rate (SOFR) Inclusive of Credit Spread Adjustment [Member] | 2024 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	0.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate principal balance		120,000,000	$ 120,000,000		180,000,000
Line of credit facility, maximum borrowing capacity	$ 1,750,000,000	$ 2,000,000,000.0	$ 2,000,000,000.0		$ 1,500,000,000
Maturity Date			Jan. 25, 2029
Revolving Credit Facility [Member] | 2024 Term Loan [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,750,000,000			$ 2,000,000,000.0
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			1.125%
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			0.125%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			1.50%
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			0.50%

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Debt (Revolving Credit Facility under the Senior Credit Agreement) (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 02, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Jan. 25, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Repayments of revolving credit facility				$ 255,000	$ 410,000
Borrowings under Revolving Credit Facility				$ 195,000	140,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maturity Date				Jan. 25, 2029
Line of credit facility, maximum borrowing capacity		$ 2,000,000		$ 2,000,000			$ 1,750,000	$ 1,500,000
Repayments of revolving credit facility		145,000	$ 225,000	255,000	410,000
Line of credit facility, outstanding		$ 120,000	$ 450,000	$ 120,000	$ 450,000	$ 195,000		$ 180,000	$ 675,000	$ 720,000
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Repayments of revolving credit facility	$ 90,000
Borrowings under Revolving Credit Facility	20,000
Line of credit facility, outstanding	$ 50,000
Minimum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee				0.15%
Basis spread on variable interest rate				1.125%
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]
Line of credit facility, commitment fee				0.25%
Basis spread on variable interest rate				1.50%
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%

XML

Debt (Schedule of Principal Values, Fair Values, and Carrying Values of Debt) (Details) - USD ($)		6 Months Ended
	Jan. 25, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Balance		$ 12,354,250,000	$ 12,388,000,000
Fair Value		11,490,276,000	11,480,332,000
Carrying Value		12,280,043,000	12,324,315,000
Less: current maturities of long-term debt		(1,806,304,000)	(643,145,000)
Total long-term debt, net of current maturities		$ 10,473,739,000	11,681,170,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity Date		Jan. 25, 2029
Principal Balance		$ 120,000,000	180,000,000
Fair Value		120,000,000	180,000,000
Carrying Value		$ 120,000,000	180,000,000
2018 Term Loan [Member]
Debt Instrument [Line Items]
Maturity Date		Apr. 11, 2025
Principal Balance	$ 2,300,000,000		2,268,000,000
Fair Value			2,273,670,000
Carrying Value			2,263,343,000
2024 Term Loan [Member]
Debt Instrument [Line Items]
Maturity Date	Jan. 25, 2031	Jan. 25, 2031
Principal Balance	$ 2,300,000,000	$ 2,294,250,000
Fair Value		2,297,118,000
Carrying Value		$ 2,270,260,000
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date		Oct. 08, 2024
Principal Balance		$ 620,000,000	620,000,000
Fair Value		615,350,000	606,540,000
Carrying Value		$ 619,684,000	619,145,000
2019-1C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date		Jan. 12, 2025
Principal Balance		$ 1,165,000,000	1,165,000,000
Fair Value		1,138,007,000	1,115,313,000
Carrying Value		$ 1,163,621,000	1,162,348,000
2020-1C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date		Jan. 09, 2026
Principal Balance		$ 750,000,000	750,000,000
Fair Value		680,460,000	682,350,000
Carrying Value		$ 747,677,000	746,937,000
2020-2C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date		Jan. 11, 2028
Principal Balance		$ 600,000,000	600,000,000
Fair Value		520,554,000	520,530,000
Carrying Value		$ 596,844,000	596,419,000
2021-1C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date		Nov. 09, 2026
Principal Balance		$ 1,165,000,000	1,165,000,000
Fair Value		1,016,556,000	1,015,437,000
Carrying Value		$ 1,159,242,000	1,158,059,000
2021-2C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date		Apr. 09, 2027
Principal Balance		$ 895,000,000	895,000,000
Fair Value		769,986,000	772,125,000
Carrying Value		$ 890,020,000	889,152,000
2021-3C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date		Oct. 09, 2031
Principal Balance		$ 895,000,000	895,000,000
Fair Value		684,684,000	686,581,000
Carrying Value		$ 887,809,000	887,365,000
2022-1C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date		Jan. 11, 2028
Principal Balance		$ 850,000,000	850,000,000
Fair Value		870,281,000	850,221,000
Carrying Value		$ 842,349,000	841,429,000
2020 Senior Notes [Member]
Debt Instrument [Line Items]
Maturity Date		Feb. 15, 2027
Principal Balance		$ 1,500,000,000	1,500,000,000
Fair Value		1,429,155,000	1,438,815,000
Carrying Value		$ 1,491,486,000	1,489,965,000
2021 Senior Notes [Member]
Debt Instrument [Line Items]
Maturity Date		Feb. 01, 2029
Principal Balance		$ 1,500,000,000	1,500,000,000
Fair Value		1,348,125,000	1,338,750,000
Carrying Value		$ 1,491,051,000	$ 1,490,153,000

XML

Debt (Schedule of Cash and Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Cash Interest	$ 97,530	$ 101,288	$ 193,921	$ 202,514
Non-cash interest expense	$ 7,080	7,518	$ 15,523	21,757
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest Rate	6.415%		6.415%
Cash Interest	$ 3,161	8,782	$ 5,630	18,068
2018 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest		14,920	3,253	29,284
Non-cash interest expense		7,678	$ 1,867	16,899
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	3.869%		3.869%
Cash Interest	$ 6,046	6,046	$ 12,092	12,092
2019-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	2.836%		2.836%
Cash Interest	$ 8,357	8,357	$ 16,714	16,714
2020-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	1.884%		1.884%
Cash Interest	$ 3,598	3,598	$ 7,195	7,195
2020-2C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	2.328%		2.328%
Cash Interest	$ 3,540	3,540	$ 7,079	7,079
2021-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	1.631%		1.631%
Cash Interest	$ 4,851	4,851	$ 9,697	9,697
2021-2C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	1.84%		1.84%
Cash Interest	$ 4,196	4,196	$ 8,391	8,391
2021-3C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	2.593%		2.593%
Cash Interest	$ 5,873	5,873	$ 11,746	11,746
2022-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	6.599%		6.599%
Cash Interest	$ 14,094	14,094	$ 28,187	28,187
2020 Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate	3.875%		3.875%
Cash Interest	$ 14,531	14,531	$ 29,063	29,063
Non-cash interest expense	$ 95	91	$ 190	182
2021 Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate	3.125%		3.125%
Cash Interest	$ 11,719	11,719	$ 23,438	23,438
Other [Member]
Debt Instrument [Line Items]
Cash Interest	945	781	1,838	1,560
Non-cash interest expense	$ 306	$ (251)	$ 1,840	$ 4,676
2024 Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate	2.845%		2.845%
Cash Interest	$ 16,619		$ 29,598
Non-cash interest expense	$ 6,679		$ 11,626
Blended rate			2.845%
Accruing interest rate	7.35%		7.35%

XML

Debt (Schedule of Revolving Credit Facility Key Terms) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Sustainability Margin Adjustment		0.05%
Sustainability Commitment Fee Adjustment		0.01%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest Rate	6.415%
Unused Commitment Fee	0.14%

XML

Debt (Summary of Revolving Credit Facility Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Line of Credit Facility [Line Items]
Repayments			$ (255,000)	$ (410,000)
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Beginning outstanding balance	$ 195,000	$ 675,000	180,000	720,000
Borrowings	70,000		195,000	140,000
Repayments	(145,000)	(225,000)	(255,000)	(410,000)
Ending outstanding balance	$ 120,000	$ 450,000	$ 120,000	$ 450,000

XML

Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions	Aug. 02, 2024	Jun. 30, 2024	Oct. 28, 2021
Subsequent Event [Member]
Class of Stock [Line Items]
Stock repurchase program, remaining authorization	$ 204.7
Class A Common Stock [Member]
Class of Stock [Line Items]
Securities issued		0
New Plan [Member] | Class A Common Stock [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized			$ 1,000.0

XML

Shareholders' Equity (Summary of Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Shareholders' Equity [Abstract]
Total number of shares purchased (in millions)	0.4	0.9
Average price per share	$ 213.30	$ 213.85
Total purchase price (in millions)	$ 93.9	$ 200.0

XML

Shareholders' Equity (Schedule of Dividends Paid and Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Aug. 02, 2024	Jun. 30, 2024
Dividend One [Member]
Date Declared		Feb. 26, 2024
Payable to Shareholders of Record at the Close of Business on		Mar. 14, 2024
Cash Paid Per Share		$ 0.98
Aggregate Amount Paid		$ 108.1
Date Paid/Date to be Paid		Mar. 28, 2024
Dividend Two [Member]
Date Declared		Apr. 29, 2024
Payable to Shareholders of Record at the Close of Business on		May 23, 2024
Cash Paid Per Share		$ 0.98
Aggregate Amount Paid		$ 105.3
Date Paid/Date to be Paid		Jun. 18, 2024
Subsequent Event [Member] | Dividends Three [Member]
Date Declared	Jul. 28, 2024
Payable to Shareholders of Record at the Close of Business on	Aug. 22, 2024
Cash to be Paid Per Share	$ 0.98
Date Paid/Date to be Paid	Sep. 18, 2024

XML

Stock-Based Compensation (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Stock-Based Compensation [Abstract]
Total intrinsic value for options exercised	$ 15.0

XML

Stock-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Stock-Based Compensation [Abstract]
Number of Shares, Outstanding | shares	1,340
Number of Shares, Exercised | shares	(175)
Number of Shares, Forfeited/canceled | shares	(2)
Number of Shares, Outstanding | shares	1,163
Number of Shares, Exercisable | shares	1,140
Number of Shares, Unvested | shares	23
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares	$ 168.32
Weighted-Average Exercise Price Per Share, Exercised | $ / shares	130.19
Weighted-Average Exercise Price Per Share, Forfeited/canceled | $ / shares	197.91
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares	174.02
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares	172.50
Weighted-Average Exercise Price Per Share, Unvested | $ / shares	$ 252.81
Weighted-Average Remaining Contractual Life (in years), Outstanding	1 year 4 months 24 days
Weighted-Average Remaining Contractual Life (in years), Exercisable	1 year 3 months 18 days
Weighted-Average Remaining Contractual Life (in years), Unvested	8 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding | $	$ 27,996
Aggregate Intrinsic Value, Exercisable | $	$ 27,996

XML

Stock-Based Compensation (Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity) (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding | shares	267
Number of Shares, Granted | shares	267
Number of Shares, Vested | shares	(116)
Number of Shares, Forfeited/canceled | shares	(9)
Number of Shares, Outstanding | shares	409
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares	$ 269.08
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares	216.02
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	270.65
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares	244.31
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares	$ 234.49
Performance Stock Units (PSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding | shares	368
Number of Shares, Granted | shares	59
Number of Shares, Adjustment | shares	11
Number of Shares, Vested | shares	(155)
Number of Shares, Forfeited/canceled | shares	(2)
Number of Shares, Outstanding | shares	281
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares	$ 298.46
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares	291.51
Weighted-Average Grant Date Fair Value per Share, Adjustment | $ / shares	236.63
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	236.32
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares	377.74
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares	$ 314.04
Performance period	3 years

XML

Income Taxes (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule Of Income Taxes [Line Items]
Federal net operating loss carry-forward		$ 382,300,000
Secretariat of the Federal Revenue Bureau of Brazil [Member]
Schedule Of Income Taxes [Line Items]
Penalties and interest accrued	$ 80,700,000
Minimum [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member]
Schedule Of Income Taxes [Line Items]
Estimate of possible loss	0
Maximum [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member]
Schedule Of Income Taxes [Line Items]
Estimate of possible loss	$ 66,800,000

XML

Segment Data (Narrative) (Details) $ in Billions	6 Months Ended
	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023	Dec. 31, 2023 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of business segments | segment	2
Number of reportable segments | segment	2
Domestic Site Leasing [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 5.4		$ 5.4
International Site Leasing [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	3.1		3.4
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1.8		$ 2.1
Foreign Countries, Other than Brazil [Member] | Long-Lived Assets [Member] | Maximum [Member] | Geographic Concentration Risk [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk percentage	5.00%	5.00%

XML

Segment Data (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues		$ 660,477	$ 678,500	$ 1,318,339	$ 1,354,016
Cost of revenues		141,268	154,250	279,259	318,554
Operating profit		519,209	524,250	1,039,080	1,035,462
Selling, general, and administrative expenses	[1]	62,376	63,383	131,074	135,592
Acquisition and new business initiatives related adjustments and expenses		6,574	4,953	13,991	11,010
Asset impairment and decommission costs		31,610	32,867	75,258	59,257
Depreciation, amortization and accretion		64,179	181,820	140,929	364,235
Operating income		354,470	241,227	677,828	465,368
Other expense, net (principally interest expense and other income)		(207,355)	(68,435)	(359,244)	(148,512)
Income before income taxes		147,115	172,792	318,584	316,856
Cash capital expenditures		91,590	84,032	168,866	153,351
Assets		9,786,178		9,786,178		$ 10,178,441
Domestic Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues		463,204	456,754	924,703	911,588
Cost of revenues		65,489	64,434	131,459	134,183
Operating profit		397,715	392,320	793,244	777,405
Selling, general, and administrative expenses		33,608	28,445	67,956	60,188
Acquisition and new business initiatives related adjustments and expenses		3,089	2,573	8,387	5,805
Asset impairment and decommission costs		13,825	30,465	43,738	49,900
Depreciation, amortization and accretion		33,870	117,353	74,215	236,840
Operating income		313,323	213,484	598,948	424,672
Cash capital expenditures		48,603	50,943	89,624	95,578
Assets		5,860,164		5,860,164		5,876,648
International Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues		163,253	169,389	330,030	331,823
Cost of revenues		48,642	50,580	97,485	100,950
Operating profit		114,611	118,809	232,545	230,873
Selling, general, and administrative expenses		15,775	18,413	31,483	35,143
Acquisition and new business initiatives related adjustments and expenses		3,485	2,380	5,604	5,205
Asset impairment and decommission costs		17,362	2,244	31,097	7,130
Depreciation, amortization and accretion		27,457	61,892	61,286	122,304
Operating income		50,532	33,880	103,075	61,091
Cash capital expenditures		41,687	32,079	77,289	55,112
Assets		3,502,379		3,502,379		3,871,164
Site Development [Member]
Segment Reporting Information [Line Items]
Revenues		34,020	52,357	63,606	110,605
Cost of revenues		27,137	39,236	50,315	83,421
Operating profit		6,883	13,121	13,291	27,184
Selling, general, and administrative expenses		2,944	4,471	7,370	10,548
Depreciation, amortization and accretion		1,038	936	1,872	1,852
Operating income		2,901	7,714	4,049	14,784
Cash capital expenditures		123	675	182	1,070
Assets		44,447		44,447		66,001
Other [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative expenses		10,049	12,054	24,265	29,713
Asset impairment and decommission costs		423	158	423	2,227
Depreciation, amortization and accretion		1,814	1,639	3,556	3,239
Operating income		(12,286)	(13,851)	(28,244)	(35,179)
Other expense, net (principally interest expense and other income)		(207,355)	(68,435)	(359,244)	(148,512)
Cash capital expenditures		1,177	335	1,771	1,591
Assets		379,188		379,188		$ 364,628
Brazil [Member] | International Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues		$ 93,100	$ 99,700	$ 190,500	$ 193,600
Maximum [Member] | Revenue [Member] | Geographic Concentration Risk [Member] | Foreign Countries, Other than Brazil [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage				5.00%	5.00%

[1] Includes non-cash compensation of $17,872 and $17,566 for the three months ended June 30, 2024 and 2023, respectively, and $38,645 and $43,094 for the six months ended June 30, 2024 and 2023, respectively.

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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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to SBA Communications Corporation	$ 162,830	$ 203,648	$ 317,372	$ 304,865
Basic weighted-average shares outstanding	107,462	108,355	107,782	108,244
Dilutive impact of stock options, RSUs, and PSUs	217	529	366	834
Diluted weighted-average shares outstanding	107,679	108,884	108,148	109,078
Net income per common share attributable to SBA Communications Corporation:
Basic	$ 1.52	$ 1.88	$ 2.94	$ 2.82
Diluted	$ 1.51	$ 1.87	$ 2.93	$ 2.79

XML

Redeemable Noncontrolling Interests (Components of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Redeemable Noncontrolling Interests [Abstract]
Beginning balance			$ 35,047	$ 31,735	$ 31,735
Net loss attributable to noncontrolling interests	$ (3,378)	$ (1,678)	(3,378)	$ (2,340)	(4,397)
Foreign currency translation adjustments			(324)		(899)
Contribution from joint venture partner			1,530		1,200
Adjustment to redemption amount			7,942		7,408
Ending balance	$ 40,817		$ 40,817		$ 35,047

XML

Derivatives and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jan. 25, 2024
Derivative [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate Sofr Overnight Index Swap Rate [Member]
Interest Rate Swap [Member]
Derivative [Line Items]
Accumulated derivative losses	$ 54.1	$ 51.5
2024 Term Loan [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount	$ 1,950.0		$ 1,000.0
Derivative basis spread on variable interest rate	2.00%		2.00%
Derivative fixed interest rate	2.05%		5.83%

XML

Derivatives and Hedging Activities (Schedule of Effects of Interest Rate Swaps on the Consolidated Balance Sheets) (Details) - Interest Rate Swap [Member] - Qualifying Hedges [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap agreements in a fair value asset position	$ 74,573	$ 104,674
Other Long-Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap agreements in a fair value liability position		$ 19,573

XML

Derivatives and Hedging Activities (Schedule of Effect of Derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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	$ (14,816)	$ 7,856	$ (10,528)	$ (23,540)
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	$ 6,579	$ 7,460	$ 13,158	$ 16,468

XML

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false