Acquisitions

3 Months Ended

Mar. 31, 2024

Acquisitions [Abstract]

Acquisitions

6.ACQUISITIONS

The following table summarizes the Company’s acquisition activity:

	For the three months
	ended March 31,
	2024		2023
	(in thousands)
Acquisitions of towers and related assets	$	10,295	$	12,780
Land buyouts and other assets (1)		9,110		7,149
Total cash acquisition capital expenditures	$	19,405	$	19,929

(1)Excludes $4.6 million and $5.1 million spent to extend ground lease terms for the three months ended March 31, 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 three months ended March 31, 2024, the Company acquired 11 towers and related assets and liabilities consisting of $1.6 million of property and equipment, net, $9.6 million of intangible assets, net, $1.6 million of operating lease right-of-use assets, net, $2.3 million of acquisition related holdbacks, and $0.2 million of long-term lease liabilities. During the three months ended

March 31, 2024, the Company concluded that for all of its acquisitions substantially all of the value of its tower acquisition is concentrated in a group of similar identifiable assets.

Additionally, subsequent to March 31, 2024, the Company purchased or is under contract to purchase 271 communication sites for an aggregate consideration of $84.5 million in cash. The Company anticipates that these acquisitions will be consummated by the end of the third quarter of 2024.

The maximum potential obligation related to contingent consideration for acquisitions was $16.4 million and $17.9 million as of March 31, 2024 and December 31, 2023, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets.