

	For the three months
	ended March 31,
	2025		2024

	(in thousands)
Acquisitions of towers and related assets	$	54,183	$	10,295
Land buyouts and other assets ⁽¹⁾		9,205		9,110
Total cash acquisition capital expenditures	$	63,388	$	19,405

(1)Excludes $3.2 million and $4.6 million spent to extend ground lease terms for the three months ended March 31, 2025 and 2024, respectively. The Company recorded these amounts in prepaid expenses and other assets within the changes in operating assets and liabilities, net of acquisitions section of its Consolidated Statements of Cash Flows.

During the three months ended March 31, 2025, the Company acquired 344 towers and related assets and liabilities, including 321 sites from the previously announced transaction with Millicom International Cellular S.A. (“Millicom”). During the three months ended March 31, 2024, the Company acquired 11 towers and related assets and liabilities. The table below summarizes the Company’s acquisition of towers and related assets and liabilities, by asset class:



	For the three months
	ended March 31,
	2025		2024

	(in thousands)
Property and equipment, net	$	27,110	$	1,622
Intangible assets, net		30,484		9,639
Operating lease right-of-use assets, net		14,120		1,572
Acquisition related holdbacks		(129)		(2,305)
Long-term lease liabilities		(11,991)		(204)
Other liabilities assumed, net		(5,411)		(29)
Total acquisitions of towers and related assets and liabilities	$	54,183	$	10,295

During the three months ended March 31, 2025, the Company concluded that for each of its acquisitions, substantially all of the value of its tower acquisitions is concentrated in a group of similar identifiable assets.

As of the date of this filing, approximately 6,700 sites related to the Millicom transaction remain under contract for approximately $925.0 million in cash. The remaining sites under contract have an estimated closing date of September 1, 2025; however, the ultimate closing is dependent upon regulatory approvals and other requirements and may differ from this date. In addition to the Millicom sites, the Company is under contract to purchase 18 communication sites for an aggregate consideration of $10.0 million in cash. The Company anticipates that these acquisitions will be closed by the end of the third quarter of 2025.