Financial Analysis

7 . ACQUISITIONS AND DISPOSALS The following table summarizes the Companys acquisition activity: For the year ended December 31, 2025 2024 2023 Tower acquisitions (number of towers) 7,146 186 91 The following table summarizes the Companys cash acquisition capital expenditures: For the year ended December 31, 2025 2024 2023 (in thousands) Acquisitions of towers and related assets $ 1,009,935 $ 243,635 $ 86,686 Land buyouts and other assets (1) 48,893 56,176 43,275 Total cash acquisition capital expenditures $ 1,058,828 $ 299,811 $ 129,961 (1) Excludes $ 12.2 million, $ 24.9 million, and $ 17.6 million spent to extend ground lease terms for the years ended December 31, 2025, 2024, and 2023, respectively. The company recorded these amounts in prepaid expenses and other assets within the changes in operating assets and liability, net of acquisitions section of its Consolidated Statements of Cash Flows. During the years ended December 31, 2025, 2024, and 2023, the Company acquired 7,146 (including 7,110 towers related to the transaction with Millicom International Cellular S.A. (Millicom)), 186 , and 91 towers and related assets and liabilities, respectively. The table below summarizes the Company's acquisition of towers and related assets and liabilities, by asset class: For the year ended December 31, 2025 2024 2023 (in thousands) Property and equipment, net $ 595,519 $ 28,730 $ 18,762 Intangible assets, net 602,202 217,388 66,616 Operating lease right-of-use assets, net 195,417 …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

17. COMMITMENTS AND CONTINGENCIES The Company is obligated under various non-cancelable operating leases for land, office space, equipment, and site leases. In addition, the Company is obligated under various non-cancelable financing leases for vehicles. The annual minimum lease payments, including fixed rate escalations as of December 31, 2025 are as follows: Finance Leases Operating Leases (in thousands) 2026 $ 2,869 $ 309,764 2027 2,276 306,654 2028 1,978 301,837 2029 1,077 291,756 2030 3 273,512 Thereafter 3,020,519 Total minimum lease payments 8,203 4,504,042 Less: amount representing interest ( 1,233 ) ( 2,092,150 ) Present value of future payments 6,970 2,411,892 Less: current obligations ( 2,489 ) ( 297,115 ) Long-term obligations $ 4,481 $ 2,114,777 Tenant Leases The annual minimum tower lease income to be received for tower space rental under non-cancelable operating leases, including fixed rate escalations, as of December 31, 2025 is as follows: (in thousands) 2026 $ 2,221,703 2027 2,025,952 2028 1,801,133 2029 1,472,341 2030 1,035,148 Thereafter 2,993,522 Total $ 11,549,799 Litigation The Company is involved in various claims, lawsuits, and proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs that may be incurred, management believes the resolution of such uncertainties and the incurrence of such costs will not have a mat …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

11. DEBT The principal balances, fair values, and carrying values of debt consist of the following: As of As of December 31, 2025 December 31, 2024 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value (in thousands) Revolving Credit Facility Jan. 25, 2029 $ 475,000 $ 475,000 $ 475,000 $ $ $ 2024 Term Loan Jan. 25, 2031 2,259,750 2,271,049 2,240,373 2,282,750 2,282,750 2,260,217 2019-1C Tower Securities (1) Jan. 12, 2025 1,165,000 1,128,803 1,164,913 2020-1C Tower Securities (1)(2) Jan. 9, 2026 750,000 722,460 749,945 750,000 726,038 748,425 2020-2C Tower Securities (1) Jan. 11, 2028 600,000 513,798 598,149 600,000 516,342 597,273 2021-1C Tower Securities (1) Nov. 9, 2026 1,165,000 1,003,356 1,162,858 1,165,000 1,008,331 1,160,436 2021-2C Tower Securities (1) Apr. 9, 2027 895,000 852,022 892,677 895,000 763,757 890,896 2021-3C Tower Securities (1) Oct. 9, 2031 895,000 675,797 889,178 895,000 679,144 888,260 2022-1C Tower Securities (1) Jan. 11, 2028 850,000 867,034 845,373 850,000 878,475 843,321 2024-1C Tower Securities (1) Oct. 9, 2029 1,450,000 1,446,129 1,440,007 1,450,000 1,453,292 1,437,978 2024-2C Tower Securities (1) Oct. 8, 2027 620,000 625,425 616,636 620,000 618,698 615,017 2020 Senior Notes Feb. 15, 2027 1,500,000 1,488,615 1,496,240 1,500,000 1,440,270 1,493,039 2021 Senior Notes Feb. 1, 2029 1,500,000 1,434,375 1,493,832 1,500,000 1,353,750 1,491,963 Total debt $ 12,959,750 $ 12,375,060 $ 12,900,268 $ 13,672,750 $ …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

13. STOCK-BASED COMPENSATION On February 25, 2020, the Companys 2010 Plan expired by its terms. On May 14, 2020, the Companys shareholders approved the 2020 Plan which provides for the issuance of up to 3.0 million shares of the Companys Class A common stock (of which approximately 1.6 million shares remain available for future issuance as of December 31, 2025), plus additional shares of Class A common stock (a) subject to awards granted under the 2010 Plan that may become available for issuance or reissuance, as applicable, under the 2020 Plan if such awards are forfeited or are settled in cash or otherwise expire or terminate without the delivery of the shares or (b) which become issuable under the 2020 Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of outstanding shares of Class A common stock. Commencing with the 2020 equity award, the Company modified the type of equity granted to certain employees to align long-term compensation with Company performance. Under the new structure, the Company continued to issue RSUs; however, RSUs will now vest ratably over three years rather than four years. The Company further replaced stock options with PSUs which will cliff vest at the end of three year s. PSUs have performance metrics for which threshold, target, and maximum parameters are established at the time of the grant. The performance metr …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"3. FAIR VALUE MEASUREMENTS Items Measured at Fair Value on a Recurring Basis The Companys 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 20 for discussion of the Companys 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 7.1 %- 8.0 %. Asset impairment and decommission costs for all periods presented and the related impa …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

14. INCOME TAXES A s discussed in Note 2, the Company began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2016. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) except to the extent offset by NOLs. In addition, the Company must meet a number of other organizational and operational requirements. It is management's intention to adhere to these requirements and maintain the Company's REIT status. Most states where the Company operates conform to the federal rules recognizing REITs. Certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company's REIT election; the TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly. A TRS is subject to federal and state income taxes on the income from these activities. A provision for taxes of the TRSs and of foreign branches of the REIT is included in its consolidated financial statements. Income (loss) before provision for income taxes by geographic area is as follows: For the year ended December 31, 2025 2024 2023 (in thousands) Domestic $ 703,863 $ 797,774 $ 377,150 Foreign 538,175 ( 25,108 ) 171,353 Total $ 1,242,038 $ 772,666 $ 548,503 The provision for income taxes consists of the following components: For the year ended December 31, 2025 2024 2023 (in thousands) Current provision: State $ 2,052 $ …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Accounting Standards Updates Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , requiring public business entities to provide improved income tax disclosures on an annual basis, primarily through enhanced disclosures related to rate reconciliation and income taxes paid information. The Company has elected to prospectively adopt the standard effective January 1, 2025. Refer to Note 14 for the Companys Income Tax disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , requiring improved expense disclosures, in the notes to the financial statements, of public business entities to provide more detailed information about certain costs and expenses. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effect of this standard on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

19. DEFINED CONTRIBUTION PLAN The Company has a defined contribution profit sharing plan under Section 401(k) of the Internal Revenue Code that provides for voluntary employee contributions up to the limitations set forth in Section 402(g) of the Internal Revenue Code. Employees have the opportunity to participate following completion of three months of employment and must be 21 years of age. Employer matching begins immediately upon the employees participation in the plan. The Company makes a discretionary matching contribution of 100% of an employees contributions up to a maximum of $ 4,000 annually. Company matching contributions were approximately $ 3.8 million, $ 3.3 million, and $ 3.4 million for the years ended December 31, 2025, 2024, and 2023, respectively. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

15. SEGMENT DATA The Company operates principally in two business segments: site leasing and site development. The Companys site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Companys 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 Companys chief operating decision maker (CODM) is the Companys Chief Executive Officer. The CODM 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 managements 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 Companys 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 Ot …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements is as follows: Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and include the Company and its majority and wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Reclassification Certain prior year amounts have been reclassified to conform with the current year presentation. 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 Companys 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, asset retirement obligations, uncertain tax positions, and accounting for acquisitions of assets. Management develops estimates based …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

12. SHAREHOLDERS EQUITY Common Stock Equivalents The Company has outstanding time-based restricted stock units (RSUs), performance-based restricted stock units (PSUs), and stock options which were considered in the Companys diluted earnings per share calculation (see Note 16). Registration of Additional Shares The Company filed a shelf registration statement on Form S-4 with the Securities and Exchange Commission registering 4.0 million shares of its Class A common stock in 2007. These shares may be issued in connection with acquisitions of wireless communication towers or antenna sites and related assets or companies that own wireless communication towers, antenna sites, or related assets. During the years ended December 31, 2025 and 2024, the Company did no t issue any shares of Class A common stock under this registration statement. As of December 31, 2025, the Company had approximately 1.2 million shares of Class A common stock remaining under this registration statement. 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 sh …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing