SBA COMMUNICATIONS CORP 10-Q

ITEM 1: FINANCIAL STATEMENTS SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except par values) September 30, December 31, 2025 2024 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 430,306 $ 189,841 Restricted cash 30,467 1,206,653 Accounts receivable, net 158,126 145,695 Costs and estimated earnings in excess of billings on uncompleted contracts 49,564 19,198 Prepaid expenses and other current assets 144,061 417,333 Total current assets 812,524 1,978,720 Property and equipment, net 3,295,621 2,792,084 Intangible assets, net 2,725,045 2,388,707 Operating lease right-of-use assets, net 2,435,273 2,292,459 Acquired and other right-of-use assets, net 1,349,714 1,308,269 Other assets 642,062 657,097 Total assets $ 11,260,239 $ 11,417,336 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable $ 219,725 $ 59,549 Accrued expenses 97,536 81,977 Current maturities of long-term debt 772,562 1,187,913 Deferred revenue 132,336 127,308 Accrued interest 37,845 62,239 Current lease liabilities 291,537 261,017 Other current liabilities 59,427 17,933 Total current liabilities 1,610,968 1,797,936 Long-term liabilities: Long-term debt, net 11,932,919 12,403,825 Long-term lease liabilities 2,019,508 1,903,439 Other long-term liabilities 554,222 367,942 Total long-term liabilities 14,506,649 14,675,206 Redeemable noncontrolling interests 76,605 54,132 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, 106,773 shares and 107,561 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 1,068 1,076 Additional paid-in capital 3,038,027 2,975,455 Accumulated deficit ( 7,284,980 ) ( 7,326,189 ) Accumulated other comprehensive loss, net ( 688,098 ) ( 760,280 ) Total shareholders' deficit ( 4,933,983 ) ( 5,109,938 ) Total liabilities, redeemable noncontrolling interests, and shareholders' deficit $ 11,260,239 $ 11,417,336 The accompanying condensed notes are an integral part of these consolidated financial statements. 1 Table of Contents SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts) For the three months For the nine months ended September 30, ended September 30, 2025 2024 2025 2024 Revenues: Site leasing $ 656,427 $ 625,697 $ 1,904,424 $ 1,880,430 Site development 75,900 41,898 191,132 105,504 Total revenues 732,327 667,595 2,095,556 1,985,934 Operating expenses: Cost of revenues (exclusive of depreciation, accretion, and amortization shown below): Cost of site leasing 127,281 117,948 361,330 346,893 Cost of site development 62,508 32,391 154,222 82,705 Selling, general, and administrative expenses (1) 66,008 60,087 203,249 191,161 Acquisition and new business initiatives related adjustments and expenses 5,156 5,388 18,422 19,379 Asset impairment and decommission costs 20,322 12,670 102,578 87,928 Depreciation, accretion, and amortization 76,883 63,515 211,894 204,444 Total operating expenses 358,158 291,999 1,051,695 932,510 Operating income 374,169 375,596 1,043,861 1,053,424 Other income (expense): Interest income 5,517 6,999 24,452 21,359 Interest expense ( 120,154 ) ( 95,711 ) ( 343,959 ) ( 289,632 ) Non-cash interest expense ( 567 ) ( 7,192 ) ( 10,148 ) ( 22,715 ) Amortization of deferred financing fees ( 5,477 ) ( 5,185 ) ( 16,326 ) ( 15,405 ) Loss from extinguishment of debt, net — — — ( 4,428 ) Other income (expense), net 35,595 23,700 111,881 ( 125,811 ) Total other expense, net ( 85,086 ) ( 77,389 ) ( 234,100 ) ( 436,632 ) Income before income taxes 289,083 298,207 809,761 616,792 Provision for income taxes ( 48,652 ) ( 42,316 ) ( 125,730 ) ( 46,906 ) Net income 240,431 255,891 684,031 569,886 Net (income) loss attributable to noncontrolling interests ( 3,615 ) 2,643 ( 689 ) 6,020 Net income attributable to SBA Communications Corporation $ 236,816 $ 258,534 $ 683,342 $ 575,906 Net income per common share attributable to SBA Communications Corporation: Basic $ 2.21 $ 2.41 $ 6.36 $ 5.35 Diluted $ 2.20 $ 2.40 $ 6.34 $ 5.33 Weighted-average number of common shares Basic 107,257 107,486 107,509 107,683 Diluted 107,559 107,922 107,831 108,072 (1) Includes non-cash compensation of $ 18,655 and $ 15,732 for the three months ended September 30, 2025 and 2024, respectively, and $ 54,569 and $ 54,376 for the nine months ended September 30, 2025 and 2024, respectively. The accompanying condensed notes are an integral part of these consolidated financial statements. 2 Table of Contents SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (in thousands) For the three months For the nine months ended September 30, ended September 30, 2025 2024 2025 2024 Net income $ 240,431 $ 255,891 $ 684,031 $ 569,886 Adjustments related to interest rate swaps ( 2,893 ) ( 45,034 ) ( 49,347 ) ( 42,404 ) Foreign currency translation adjustments 27,314 22,827 121,481 ( 66,708 ) Comprehensive income 264,852 233,684 756,165 460,774 Comprehensive (income) loss attributable to noncontrolling interests ( 4,586 ) 2,980 ( 641 ) 6,682 Comprehensive income attributable to SBA Communications Corporation $ 260,266 $ 236,664 $ 755,524 $ 467,456 The accompanying condensed notes are an integral part of these consolidated financial statements. ‎ 3 Table of Contents SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS ’ DEFICIT (unaudited) (in thousands) Accumulated Class A Additional Other Total Common Stock Paid-In Accumulated Comprehensive Shareholders' Shares Amount Capital Deficit Loss, Net Deficit BALANCE, June 30, 2025 107,487 $ 1,075 $ 3,022,684 $ ( 7,251,106 ) $ ( 711,548 ) $ ( 4,938,895 ) Net income attributable to SBA Communications Corporation — — — 236,816 — 236,816 Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements 17 — 2,427 — — 2,427 Non-cash stock compensation — — 19,632 — — 19,632 Adjustments related to interest rate swaps — — — — ( 2,893 ) ( 2,893 ) Repurchase and retirement of common stock ( 731 ) ( 7 ) — ( 150,828 ) — ( 150,835 ) Foreign currency translation adjustments attributable to SBA Communications Corporation — — — — 26,343 26,343 Dividends and dividend equivalents on common stock — — — ( 119,862 ) — ( 119,862 ) Adjustment to redemption amount related to noncontrolling interests — — ( 6,716 ) — — ( 6,716 ) BALANCE, September 30, 2025 106,773 $ 1,068 $ 3,038,027 $ ( 7,284,980 ) $ ( 688,098 ) $ ( 4,933,983 ) Accumulated Class A Additional Other Total Common Stock Paid-In Accumulated Comprehensive Shareholders' Shares Amount Capital Deficit Loss, Net Deficit BALANCE, December 31, 2024 107,561 1,076 2,975,455 ( 7,326,189 ) ( 760,280 ) ( 5,109,938 ) Net income attributable to SBA Communications Corporation — — — 683,342 — 683,342 Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements 560 5 26,611 — — 26,616 Non-cash stock compensation — — 57,647 — — 57,647 Adjustments related to interest rate swaps — — — — ( 49,347 ) ( 49,347 ) Repurchase and retirement of common stock ( 1,348 ) ( 13 ) — ( 281,518 ) — ( 281,531 ) Foreign currency translation adjustments attributable to SBA Communications Corporation — — — — 121,529 121,529 Dividends and dividend equivalents on common stock — — — ( 360,615 ) — ( 360,615 ) Adjustment to redemption amount related to noncontrolling interests — — ( 21,686 ) — — ( 21,686 ) BALANCE, September 30, 2025 106,773 $ 1,068 $ 3,038,027 $ ( 7,284,980 ) $ ( 688,098 ) $ ( 4,933,983 ) ‎ 4 Table of Contents SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT (unaudited) (in thousands) Accumulated Class A Additional Other Total Common Stock Paid-In Accumulated Comprehensive Shareholders' Shares Amount Capital Deficit Loss, Net Deficit BALANCE, June 30, 2024 107,471 $ 1,075 $ 2,930,332 $ ( 7,546,370 ) $ ( 701,778 ) $ ( 5,316,741 ) Net income attributable to SBA Communications Corporation — — — 258,534 — 258,534 Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements 35 — 5,715 — — 5,715 Non-cash stock compensation — — 16,728 — — 16,728 Adjustments related to interest rate swaps — — — — ( 45,034 ) ( 45,034 ) Foreign currency translation adjustments attributable to SBA Communications Corporation — — — — 23,164 23,164 Dividends and dividend equivalents on common stock — — — ( 105,963 ) — ( 105,963 ) Adjustment to redemption amount related to noncontrolling interests — — ( 11,255 ) — — ( 11,255 ) BALANCE, September 30, 2024 107,506 $ 1,075 $ 2,941,520 $ ( 7,393,799 ) $ ( 723,648 ) $ ( 5,174,852 ) 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 — — — 575,906 — 575,906 Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements 391 4 8,903 — — 8,907 Non-cash stock compensation — — 57,754 — — 57,754 Adjustments related to interest rate swaps — — — — ( 42,404 ) ( 42,404 ) Repurchase and retirement of common stock ( 935 ) ( 9 ) — ( 200,010 ) — ( 200,019 ) Foreign currency translation adjustments attributable to SBA Communications Corporation — — — — ( 66,046 ) ( 66,046 ) Dividends and dividend equivalents on common stock — — — ( 318,871 ) — ( 318,871 ) Adjustment to redemption amount related to noncontrolling interests — — ( 19,197 ) — — ( 19,197 ) BALANCE, September 30, 2024 107,506 $ 1,075 $ 2,941,520 $ ( 7,393,799 ) $ ( 723,648 ) $ ( 5,174,852 ) The accompanying condensed notes are an integral part of these consolidated financial statements. ‎ 5 Table of Contents SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) For the nine months ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 684,031 $ 569,886 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, accretion, and amortization 211,894 204,444 (Gain) loss on remeasurement of U.S. denominated intercompany loans ( 137,753 ) 119,526 Non-cash compensation expense 56,552 56,439 Non-cash asset impairment and decommission costs 96,094 73,959 Loss from extinguishment of debt, net — 4,428 Deferred and non-cash income tax provision 94,643 17,053 Loss on sale of assets 18,265 803 Other non-cash items reflected in the Statements of Operations 50,586 48,072 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net ( 37,243 ) 53,280 Prepaid expenses and other assets ( 14,533 ) ( 16,998 ) Operating lease right-of-use assets, net 97,110 101,070 Accounts payable and accrued expenses 8,219 ( 6,576 ) Accrued interest ( 24,497 ) ( 24,838 ) Long-term lease liabilities ( 97,323 ) ( 109,074 ) Other liabilities ( 18,742 ) ( 66,777 ) Net cash provided by operating activities 987,303 1,024,697 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions ( 664,415 ) ( 268,409 ) Capital expenditures ( 162,091 ) ( 172,600 ) Purchase of investments ( 658,004 ) ( 1,204,628 ) Proceeds from sale of investments 909,937 1,179,250 Repayment (funding) of loan to unconsolidated joint venture 115,000 ( 11,100 ) Proceeds from sale of assets 40,564 — Other investing activities ( 1,999 ) ( 2,933 ) Net cash used in investing activities ( 421,008 ) ( 480,420 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings under Revolving Credit Facility 375,000 370,000 Repayments under Revolving Credit Facility ( 95,000 ) ( 390,000 ) Proceeds from issuance of Term Loans, net of fees — 2,274,815 Repayment of Term Loans ( 17,250 ) ( 2,279,500 ) Repayment of Tower Securities ( 1,165,000 ) — Repurchase and retirement of common stock ( 281,531 ) ( 200,019 ) Payment of dividends on common stock ( 360,780 ) ( 318,808 ) Proceeds from employee stock purchase/stock option plans 51,491 27,144 Payments related to taxes on stock options and restricted stock units ( 24,875 ) ( 18,187 ) Other financing activities ( 2,270 ) 707 Net cash used in financing activities ( 1,520,215 ) ( 533,848 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 18,657 ( 9,883 ) NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH ( 935,263 ) 546 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Beginning of period 1,400,657 250,946 End of period $ 465,394 $ 251,492 The accompanying condensed notes are an integral part of these consolidated financial statements. 6 Table of Contents SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) For the nine months ended September 30, 2025 2024 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 370,132 $ 314,700 Income taxes $ 33,021 $ 25,978 SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES: Right-of-use assets obtained in exchange for new operating lease liabilities $ 97,843 $ 44,256 Operating lease modifications and reassessments $ 120,853 $ 214,108 Right-of-use assets obtained in exchange for new finance lease liabilities $ 5,589 $ 154 The accompanying condensed notes are an integral part of these consolidated financial statements. ‎ 7 Table of Contents 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, 2024 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 full 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, asset retirement obligations, and accounting for acquisitions of assets. 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. 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 income (expense), 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 income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $ 25.5 million gain and a $ 16.2 million gain, net of taxes, on the remeasurement of intercompany loans for the three months ended September 30, 2025 and 2024, respectively, and a $ 91.8 million gain and a $ 78.5 million loss, net of taxes, on the remeasurement of intercompany loans for the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025, the Company repaid $ 125.0 million under its intercompany loan agreements. As of September 30, 2025 and December 31, 2024, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $ 1.0 billion and $ 1.1 billion, respectively. Accounting Standards Updates In December 2023, the FASB issued 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 standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this standard on its consolidated financial statements and related disclosures. 8 Table of Contents 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. 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 7.4 % - 8.0 %. 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 nine months ended September 30, ended September 30, 2025 2024 2025 2024 (in thousands) Asset impairment (1) $ 20,013 $ 8,920 $ 91,054 $ 61,964 Write-off of carrying value of decommissioned towers 186 698 6,105 12,242 Other (including tower and equipment decommission costs) 123 3,052 5,419 13,722 Total asset impairment and decommission costs $ 20,322 $ 12,670 $ 102,578 $ 87,928 (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 $ 13.5 million and $ 20.8 million as of September 30, 2025 and December 31, 2024, respectively, and are recorded in Other assets on the Consolidated Balance Sheets. 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. The estimation of the fair value of the investment involves the use of Level 3 inputs. 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 no t recognize any impairment loss associated with its investments during the three or nine months ended September 30, 2025 and 2024. 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 September 30, 2025 and December 31, 2024, the Company had $ 0.8 million and $ 254.5 million of short-term investments, respectively. For the nine months ended September 30, 2025, the Company purchased $ 656.2 million and sold $ 909.9 million of short-term investments. For the nine months ended September 30, 2024, the Company purchased $ 1,193.8 million and sold $ 1,178.6 million 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 9 Table of Contents approximate the carrying value because the Company does not believe its credit risk has changed materially from the date the applicable 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 September 30, 2025 December 31, 2024 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 430,306 $ 189,841 Cash and cash equivalents Securitization escrow accounts 20,509 1,200,025 Restricted cash - current asset Payment, performance bonds, and other 9,958 6,628 Restricted cash - current asset Surety bonds and workers compensation 4,621 4,163 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 465,394 $ 1,400,657 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. Additionally, securitization escrow accounts included $ 1.165 billion held as of December 31, 2024, which was utilized to repay the 2019-1C Tower Securities on January 15, 2025. Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Other restricted cash includes $ 7.6 million and $ 6.4 million held in escrow as of September 30, 2025 and December 31, 2024, respectively, related to the Company’s acquisition activities. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of September 30, 2025 and December 31, 2024, the Company had $ 42.4 million and $ 42.5 million, respectively, in surety and payment and performance bonds for which no collateral was required to be posted. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of September 30, 2025 and December 31, 2024, the Company had pledged $ 2.9 million and $ 2.5 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 September 30, 2025 December 31, 2024 (in thousands) Costs incurred on uncompleted contracts $ 139,461 $ 74,474 Estimated earnings 51,207 31,514 Billings to date ( 146,192 ) ( 92,082 ) $ 44,476 $ 13,906 ‎ 10 Table of Contents These amounts are included in the Consolidated Balance Sheets under the following captions: As of As of September 30, 2025 December 31, 2024 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 49,564 $ 19,198 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) ( 5,088 ) ( 5,292 ) $ 44,476 $ 13,906 At September 30, 2025 and December 31, 2024, the two largest customers comprised 97.1 % and 89.0 %, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings on uncompleted contracts. 5. PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETS The Company’s prepaid expenses and other current assets are comprised of the following: As of As of September 30, 2025 December 31, 2024 (in thousands) Short-term investments $ 761 $ 254,534 Assets held for sale (1) 95,783 — Short-term loans receivable (2) 7,072 115,281 Prepaid real estate taxes 5,259 3,564 Interest receivable 4,139 4,359 Prepaid insurance 3,179 1,704 Prepaid taxes 7,065 11,496 Prepaid ground rent 3,142 3,638 Other current assets 17,661 22,757 Total prepaid expenses and other current assets $ 144,061 $ 417,333 The Company’s other assets are comprised of the following: As of As of September 30, 2025 December 31, 2024 (in thousands) Straight-line rent receivable $ 422,309 $ 417,572 Interest rate swap asset (3) 8,289 50,589 Loans receivable 55,311 59,326 Deferred lease costs, net 9,652 8,836 Deferred tax asset - long term 42,711 53,974 Long-term investments 13,536 20,779 Other 90,254 46,021 Total other assets $ 642,062 $ 657,097 (1) Refer to Note 6 for more information on the Company’s assets held for sale. (2) Short-term loans receivable for the period ended December 31, 2024 include a $ 115.0 million loan to one of the Company’s unconsolidated joint ventures. The total outstanding principal balance of the loan was repaid on March 21, 2025. The funding of the loan and the receipt of funds were recorded in Repayment (funding) of loan to unconsolidated joint venture on the Consolidated Statements of Cash Flows. (3) Refer to Note 17 for more information on the Company’s interest rate swaps. ‎ ‎ 11 Table of Contents 6. ACQUISITIONS AND DISPOSALS The following table summarizes the Company’s acquisition activity: For the three months For the nine months ended September 30, ended September 30, 2025 2024 2025 2024 (in thousands) Acquisitions of towers and related assets (1) $ 654 $ 196,659 $ 634,751 $ 234,853 Land buyouts and other assets (2) 11,151 10,728 29,664 33,556 Total cash acquisition capital expenditures $ 11,805 $ 207,387 $ 664,415 $ 268,409 (1) The three and nine months ended September 30, 2025 exclude a $ 139.6 million acquisition completed during the third quarter of 2025 which was not funded until the fourth quarter of 2025 and is recorded in Accounts payable on the Consolidated Balance Sheets as of September 30, 2025. (2) Excludes $ 1.8 million and $ 7.7 million spent to extend ground lease terms for the three months ended September 30, 2025 and 2024, respectively, and excludes $ 9.7 million and $ 17.0 million spent to extend ground lease terms for the nine months ended September 30, 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 nine months ended September 30, 2025, the Company acquired 5,120 towers and related assets and liabilities, including 5,090 sites from the previously announced transaction with Millicom International Cellular S.A. (“Millicom”). During the nine months ended September 30, 2024, the Company acquired 179 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 nine months ended September 30, 2025 2024 (in thousands) Property and equipment, net $ 476,720 $ 27,906 Intangible assets, net 391,685 211,131 Operating lease right-of-use assets, net 82,910 25,251 Acquisition related holdbacks ( 129 ) ( 4,570 ) Long-term lease liabilities ( 57,623 ) ( 18,106 ) Other liabilities assumed, net ( 258,812 ) ( 6,759 ) Total acquisitions of towers and related assets and liabilities $ 634,751 $ 234,853 During the nine months ended September 30, 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 September 30, 2025, there were no acquisitions with purchase price allocations that were preliminary other than for the acquisitions from the Millicom transaction. Subsequent to quarter end, the Company closed on the 2,020 sites related to the Millicom transaction that were remaining under contract for approximately $ 217.4 million in cash. As of the date of this filing, the Company is under contract to purchase 78 communication sites for an aggregate consideration of $ 66.9 million in cash. The Company anticipates that these acquisitions will be closed by the end of the first quarter of 2026. The maximum potential obligation related to contingent consideration for closed acquisitions was $ 47.5 million and $ 12.1 million as of September 30, 2025 and December 31, 2024, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets. During the first quarter of 2025, the Company sold all of its towers in both the Philippines and Colombia and ended its operations in those countries. Proceeds from the sale of these towers were $ 40.3 million and are included in Proceeds from sale of assets on the Consolidated Statements of Cash Flows. The Company recorded an $ 18.0 million loss on the sale of these towers which is included in Other income (expense), net on the Consolidated Statements of Operations and in Loss on sale of assets on the Consolidated Statements of Cash Flows. On October 15, 2025, the Company sold its 365 towers held in Canada for CAD$ 446.0 million. Assets held for sale in the amount of $ 95.8 million were primarily comprised of $ 43.2 million of Property and equipment, net, $ 28.9 million of Operating lease 12 Table of Contents right-of-use assets, net, and $ 21.5 million of Intangible assets, net and are recorded with Prepaid expenses and other current assets on the Consolidated Balance Sheets as of September 30, 2025. Liabilities held for sale in the amount of $ 42.5 million were primarily comprised of $ 26.0 million of long-term lease liabilities, $ 12.1 million of Other long-term liabilities, and $ 3.1 million of Current lease liabilities and are recorded within Other current liabilities on the Consolidated Balance Sheets as of September 30, 2025. These amounts were all included as part of the International site leasing segment as of September 30, 2025 . 7. PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: As of As of September 30, 2025 December 31, 2024 (in thousands) Towers and related assets $ 6,451,935 $ 5,902,092 Construction-in-process (1) 76,409 72,202 Furniture, equipment, and vehicles 95,048 84,629 Land, buildings, and improvements (2) 1,006,318 1,013,253 Total property and equipment 7,629,710 7,072,176 Less: accumulated depreciation ( 4,334,089 ) ( 4,280,092 ) Property and equipment, net $ 3,295,621 $ 2,792,084 (1) Construction-in-process represents costs incurred related to towers and other assets that are under development and will be used in the Company’s site leasing operations. (2) Includes amounts related to the Company’s data centers. Depreciation expense was $ 35.7 million and $ 25.8 million for the three months ended September 30, 2025 and 2024, respectively, and $ 94.7 million and $ 89.4 million for the nine months ended September 30, 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, unpaid capital expenditures that are included in accounts payable and accrued expenses were $ 11.3 million and $ 14.6 million, respectively. 8. INTANGIBLE ASSETS, NET The following table provides the gross and net carrying amounts for each major class of intangible assets: As of September 30, 2025 As of December 31, 2024 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands) Current contract intangibles $ 5,516,275 $ ( 3,430,160 ) $ 2,086,115 $ 5,164,263 $ ( 3,338,705 ) $ 1,825,558 Network location intangibles 2,000,979 ( 1,362,049 ) 638,930 1,896,754 ( 1,333,605 ) 563,149 Intangible assets, net $ 7,517,254 $ ( 4,792,209 ) $ 2,725,045 $ 7,061,017 $ ( 4,672,310 ) $ 2,388,707 All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $ 29.6 million and $ 26.4 million for the three months ended September 30, 2025 and 2024, respectively and $ 83.5 million and $ 79.8 million for the nine months ended September 30, 2025 and 2024, respectively. ‎ 13 Table of Contents 9. ACCRUED EXPENSES The Company’s accrued expenses are comprised of the following: As of As of September 30, 2025 December 31, 2024 (in thousands) Salaries and benefits $ 27,576 $ 24,996 Real estate and property taxes 9,429 7,204 Unpaid capital expenditures 11,273 14,581 Acquisition related holdbacks 9,803 10,896 Other 39,455 24,300 Total accrued expenses $ 97,536 $ 81,977 10. DEBT The principal balances, fair values, and carrying values of debt consist of the following: As of As of September 30, 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 $ 280,000 $ 280,000 $ 280,000 $ — $ — $ — 2024 Term Loan Jan. 25, 2031 2,265,500 2,273,996 2,245,303 2,282,750 2,282,750 2,260,217 2019-1C Tower Securities (1)(2) Jan. 12, 2025 — — — 1,165,000 1,128,803 1,164,913 2020-1C Tower Securities (1) Jan. 9, 2026 750,000 722,858 749,562 750,000 726,038 748,425 2020-2C Tower Securities (1) Jan. 11, 2028 600,000 514,080 597,928 600,000 516,342 597,273 2021-1C Tower Securities (1) Nov. 9, 2026 1,165,000 1,003,915 1,162,248 1,165,000 1,008,331 1,160,436 2021-2C Tower Securities (1) Apr. 9, 2027 895,000 852,488 892,228 895,000 763,757 890,896 2021-3C Tower Securities (1) Oct. 9, 2031 895,000 676,164 888,946 895,000 679,144 888,260 2022-1C Tower Securities (1) Jan. 11, 2028 850,000 867,510 844,847 850,000 878,475 843,321 2024-1C Tower Securities (1) Oct. 9, 2029 1,450,000 1,446,926 1,439,433 1,450,000 1,453,292 1,437,978 2024-2C Tower Securities (1) Oct. 8, 2027 620,000 624,340 616,197 620,000 618,698 615,017 2020 Senior Notes Feb. 15, 2027 1,500,000 1,477,635 1,495,427 1,500,000 1,440,270 1,493,039 2021 Senior Notes Feb. 1, 2029 1,500,000 1,410,000 1,493,362 1,500,000 1,353,750 1,491,963 Total debt $ 12,770,500 $ 12,149,912 $ 12,705,481 $ 13,672,750 $ 12,849,650 $ 13,591,738 Less: current maturities of long-term debt ( 772,562 ) ( 1,187,913 ) Total long-term debt, net of current maturities $ 11,932,919 $ 12,403,825 (1) The maturity date represents the anticipated repayment date for each issuance. (2) On January 15, 2025, the Company repaid the aggregate principal amount of the 2019-1C Tower Securities. ‎ 14 Table of Contents The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented: Interest For the three months ended September 30, For the nine months ended September 30, Rates as of 2025 2024 2025 2024 September 30, Cash Non-cash Cash Non-cash Cash Non-cash Cash Non-cash 2025 Interest Interest Interest Interest Interest Interest Interest Interest (in thousands) (in thousands) Revolving Credit Facility 5.235 % $ 1,480 $ — $ 1,982 $ — $ 3,107 $ — $ 7,611 $ — 2018 Term Loan — — — — — — — 3,253 1,867 2024 Term Loan (1) 5.253 % 30,625 183 16,072 6,747 74,885 7,844 45,670 18,381 2014-2C Tower Securities 3.869 % — — 6,046 — — — 18,138 — 2019-1C Tower Securities 2.836 % — — 8,357 — 1,306 — 25,072 — 2020-1C Tower Securities 1.884 % 3,598 — 3,598 — 10,793 — 10,793 95 — 2020-2C Tower Securities 2.328 % 3,540 — 3,540 — 10,619 — 10,619 — 2021-1C Tower Securities 1.631 % 4,870 — 4,870 — 14,567 — 14,567 — 2021-2C Tower Securities 1.840 % 4,196 — 4,196 — 12,587 — 12,587 — 2021-3C Tower Securities 2.593 % 5,873 — 5,873 — 17,619 — 17,619 — 2022-1C Tower Securities 6.599 % 14,094 — 14,094 — 42,281 — 42,281 — 2024-1C Tower Securities 4.831 % 17,636 — — — 52,907 — — — 2024-2C Tower Securities (2) 4.654 % 7,977 — — — 23,932 — — — 2020 Senior Notes 3.875 % 14,531 100 14,531 92 43,594 296 43,594 274 2021 Senior Notes 3.125 % 11,719 — 11,719 — 35,156 — 35,156 — Other 15 284 833 353 606 2,008 2,672 2,193 Total $ 120,154 $ 567 $ 95,711 $ 7,192 $ 343,959 $ 10,148 $ 289,632 $ 22,715 (1) The 2024 Term Loan has a blended rate of 5.253 %, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swaps, the 2024 Term Loan was accruing interest at 5.920 % as of September 30, 2025. Refer to Note 17 for more information on the Company’s interest rate swaps . (2) The 2024-2C Tower Securities has an all-in fixed rate of 4.654 %, which includes the impact of the Company’s treasury lock agreement which settled upon issuance of the notes. Excluding the impact of the treasury lock agreement, the 2024-2C Tower Securities accrues interest at 5.115 %. Refer to Note 17 for more information on the Company’s treasury lock agreement. Senior Credit Agreement As of September 30, 2025, 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 key terms of the Revolving Credit Facility are as follows: Unused Interest Rate Commitment as of Fee as of September 30, 2025 (1) September 30, 2025 (2) Revolving Credit Facility 5.235 % 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, 2024. (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, 2024. ‎ 15 Table of Contents The table below summarizes the Company’s Revolving Credit Facility activity during the three and nine months ended September 30, 2025 and 2024: For the three months For the nine months ended September 30, ended September 30, 2025 2024 2025 2024 (in thousands) Beginning outstanding balance $ 80,000 $ 120,000 $ — $ 180,000 Borrowings 295,000 175,000 375,000 370,000 Repayments ( 95,000 ) ( 135,000 ) ( 95,000 ) ( 390,000 ) Ending outstanding balance $ 280,000 $ 160,000 $ 280,000 $ 160,000 Subsequent to September 30, 2025, the Company borrowed $ 165.0 million and repaid $ 60.0 million under the Revolving Credit Facility, and as of the date of this filing, $ 385.0 million was outstanding. Term Loan under the Senior Credit Agreement 2024 Term Loan During the three and nine months ended September 30, 2025, the Company repaid an aggregate of $ 11.5 million and $ 17.3 million of principal on the 2024 Term Loan, respectively. As of September 30, 2025, the 2024 Term Loan had a principal balance of $ 2.3 billion. Secured Tower Revenue Securities On January 15, 2025, the Company repaid the entire aggregate principal amount of the 2019-1C Tower Securities ($ 1,165.0 million) and the 2019-1R Tower Securities ($ 61.4 million). As of September 30, 2025, 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 . 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). Stock Repurchases On April 27, 2025, the Company’s Board of Directors authorized a new $ 1.5 billion share repurchase plan, replacing the prior plan authorized on October 28, 2021 which had a remaining authorization of $ 81.8 million. This new plan authorizes the Company to purchase, from time to time, up to $ 1.5 billion of its 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. Shares repurchased will be retired. The new 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. As of the date of this filing, the Company had $ 1.3 billion of authorization remaining under the new plan. The following is a summary of the Company’s share repurchases: For the three months For the nine months ended September 30, ended September 30, 2025 2024 2025 2024 Total number of shares purchased (in millions) (1) 0.7 — 1.4 0.9 Average price per share (1) $ 206.13 $ — $ 208.61 $ 213.85 Total purchase price (in millions) (1) $ 154.1 $ — $ 284.8 $ 200.0 16 Table of Contents Subsequent to September 30, 2025, the Company made the following share repurchases: Total number of shares purchased (in millions) (1) 0.2 Average price per share (1) $ 191.21 Total purchase price (in millions) (1) $ 40.2 (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 nine months ended September 30, 2025, 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 23, 2025 March 13, 2025 $ 1.11 $ 122.3 million (1) March 27, 2025 April 27, 2025 May 22, 2025 $ 1.11 $ 119.4 million June 17, 2025 August 3, 2025 August 21, 2025 $ 1.11 $ 119.1 million September 18, 2025 (1) Amount reflected includes the payment of $ 2.4 million in dividend equivalents. Dividends paid in 2025 were ordinary taxable dividends. Subsequent to September 30, 2025, the Company declared the following cash dividends: Payable to Shareholders Cash to of Record at the Close be Paid Date Declared of Business on Per Share Date to be Paid November 2, 2025 November 13, 2025 $ 1.11 December 11, 2025 12. STOCK-BASED COMPENSATION Stock Options The following table summarizes the Company’s activities with respect to its stock option plans for the nine months ended September 30, 2025 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, 2024 1,088 $ 174.74 Exercised ( 524 ) $ 161.64 Forfeited/canceled ( 1 ) $ 198.72 Outstanding at September 30, 2025 563 $ 186.90 0.8 $ 5,818 Exercisable at September 30, 2025 547 $ 185.04 0.6 $ 5,818 Unvested at September 30, 2025 16 $ 250.43 7.4 $ — The total intrinsic value for options exercised during the nine months ended September 30, 2025 was $ 27.3 million. ‎ 17 Table of Contents Restricted Stock Units and Performance-Based Restricted Stock Units The following table summarizes the Company’s RSU and PSU activity for the nine months ended September 30, 2025: 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, 2024 393 $ 234.50 275 $ 314.52 Granted 290 $ 218.96 66 $ 237.91 PSU adjustment (2) — $ — 10 $ 386.22 Vested ( 169 ) $ 247.65 ( 137 ) $ 339.43 Forfeited/canceled ( 24 ) $ 223.72 ( 8 ) $ 246.05 Outstanding at September 30, 2025 490 $ 221.29 206 $ 245.29 (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 status. 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 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 $ 377.9 million as of December 31, 2024, 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 2020. In addition, the taxing authorities have issued income tax deficiencies related to the deductibility of foreign exchange losses on our intercompany loan for the 2020 tax year. The Company disagrees with these assessments and is appealing 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 the date of this filing, the Company 18 Table of Contents estimates the aggregate range of reasonably possible losses in excess of amounts accrued to be between zero and $ 112.5 million, excluding penalties and interest of $ 186.5 millio n. 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 (“CODM”) is the Company’s Chief Executive Officer. The Company’s 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 management’s review of information and performance evaluations of the individual markets in this region. Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below. Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the three months ended September 30, 2025 (in thousands) Revenues (1) $ 470,251 $ 186,176 $ 75,900 $ — $ 732,327 Cost of revenues (2) 70,251 57,030 62,508 — 189,789 Operating profit 400,000 129,146 13,392 — 542,538 Selling, general, and administrative expenses 30,889 16,706 3,394 15,019 66,008 Acquisition and new business initiatives related adjustments and expenses 4,295 861 — — 5,156 Asset impairment and decommission costs 18,182 2,140 — — 20,322 Depreciation, amortization and accretion 37,085 36,765 960 2,073 76,883 Operating income (loss) 309,549 72,674 9,038 ( 17,092 ) 374,169 Other expense, net (principally interest expense and other income) ( 85,086 ) ( 85,086 ) Income before income taxes 289,083 Cash capital expenditures (3) 43,344 26,754 2,390 2,234 74,722 For the three months ended September 30, 2024 Revenues (1) $ 464,860 $ 160,837 $ 41,898 $ — $ 667,595 Cost of revenues (2) 68,908 49,040 32,391 — 150,339 Operating profit 395,952 111,797 9,507 — 517,256 Selling, general, and administrative expenses 32,114 15,258 2,849 9,866 60,087 Acquisition and new business initiatives related adjustments and expenses 3,496 1,892 — — 5,388 Asset impairment and decommission costs 1,337 10,989 — 344 12,670 Depreciation, amortization and accretion 34,636 26,098 895 1,886 63,515 Operating income (loss) 324,369 57,560 5,763 ( 12,096 ) 375,596 Other expense, net (principally interest expense and other income) ( 77,389 ) ( 77,389 ) Income before income taxes 298,207 Cash capital expenditures (3) 234,962 36,317 428 590 272,297 ‎ 19 Table of Contents Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the nine months ended September 30, 2025 (in thousands) Revenues (1) $ 1,401,052 $ 503,372 $ 191,132 $ — $ 2,095,556 Cost of revenues (2) 207,944 153,386 154,222 — 515,552 Operating profit 1,193,108 349,986 36,910 — 1,580,004 Selling, general, and administrative expenses 93,411 54,933 9,674 45,231 203,249 Acquisition and new business initiatives related adjustments and expenses 14,823 3,599 — — 18,422 Asset impairment and decommission costs 53,322 48,546 — 710 102,578 Depreciation, amortization and accretion 110,668 92,537 2,681 6,008 211,894 Operating income (loss) 920,884 150,371 24,555 ( 51,949 ) 1,043,861 Other expense, net (principally interest expense and other income) ( 234,100 ) ( 234,100 ) Income before income taxes 809,761 Cash capital expenditures (3) 127,629 695,876 4,690 3,900 832,095 For the nine months ended September 30, 2024 Revenues (1) $ 1,389,563 $ 490,867 $ 105,504 $ — $ 1,985,934 Cost of revenues (2) 200,368 146,525 82,705 — 429,598 Operating profit 1,189,195 344,342 22,799 — 1,556,336 Selling, general, and administrative expenses 100,070 46,741 10,219 34,131 191,161 Acquisition and new business initiatives related adjustments and expenses 11,883 7,496 — — 19,379 Asset impairment and decommission costs 45,075 42,086 — 767 87,928 Depreciation, amortization and accretion 108,851 87,384 2,767 5,442 204,444 Operating income (loss) 923,316 160,635 9,813 ( 40,340 ) 1,053,424 Other expense, net (principally interest expense and other income) ( 436,632 ) ( 436,632 ) Income before income taxes 616,792 Cash capital expenditures (3) 324,586 113,606 610 2,361 441,163 Domestic Site Int'l Site Site Leasing Leasing Development Other (4) Total Assets (in thousands) As of September 30, 2025 $ 6,241,281 $ 4,627,565 $ 104,821 $ 286,572 $ 11,260,239 As of December 31, 2024 $ 6,206,748 $ 3,417,981 $ 65,481 $ 1,727,126 $ 11,417,336 (1) For the three months ended September 30, 2025 and 2024, site leasing revenue in Brazil was $ 87.3 million and $ 89.3 million, respectively. For the nine months ended September 30, 2025 and 2024, site leasing revenue in Brazil was $ 257.4 million and $ 279.9 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. Cost of revenues is primarily comprised of rent expense related to the Company’s ground leases. (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. Assets in Other for the period ended December 31, 2024 also includes $ 1.165 billion of cash held in escrow which was used to repay the 2019-1C Tower Securities. ‎ 20 Table of Contents 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. The Company’s long-lived assets by geographic areas representing more than 5% of the Company’s total long-lived assets is presented below: As of As of September 30, 2025 December 31, 2024 (in thousands) Domestic $ 5,769,412 $ 5,741,882 Brazil 1,880,234 1,681,925 Guatemala 578,383 50,686 Other international 1,577,625 1,307,026 Total $ 9,805,654 $ 8,781,519 15. EARNINGS PER SHARE B asic 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 nine months ended September 30, 2025 and 2024: For the three months For the nine months ended September 30, ended September 30, 2025 2024 2025 2024 (in thousands, except per share data) Numerator: Net income attributable to SBA Communications Corporation $ 236,816 $ 258,534 $ 683,342 $ 575,906 Denominator: Basic weighted-average shares outstanding 107,257 107,486 107,509 107,683 Dilutive impact of stock options, RSUs, and PSUs 302 436 322 389 Diluted weighted-average shares outstanding 107,559 107,922 107,831 108,072 Net income per common share attributable to SBA Communications Corporation: Basic $ 2.21 $ 2.41 $ 6.36 $ 5.35 Diluted $ 2.20 $ 2.40 $ 6.34 $ 5.33 For the three and nine months ended September 30, 2025 and 2024, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable related to the Company’s stock options, RSUs, and PSUs 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. ‎ 21 Table of Contents The components of redeemable noncontrolling interests as of September 30, 2025 and December 31, 2024 are as follows: September 30, December 31, 2025 2024 (in thousands) Beginning balance $ 54,132 $ 35,047 Net income (loss) attributable to noncontrolling interests 689 ( 859 ) Foreign currency translation adjustments ( 48 ) 618 Purchase of noncontrolling interests 146 1,865 Contribution from joint venture partner — 5,730 Adjustment to redemption amount 21,686 11,731 Ending balance $ 76,605 $ 54,132 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 September 30, 2025, the Company has interest rate swap agreements on its 2024 Term Loan which swap $ 2.0 billion of notional value accruing interest at one month Term SOFR plus 175 basis points for a blended all-in fixed rate of 5.165 % per annum through April 11, 2028. On September 11, 2024, the Company entered into a treasury lock agreement to fix the three-year treasury rate at 3.3985 % for $ 620.0 million of notional value related to the 2024-2C Tower Securities issued on October 11, 2024. The treasury lock agreement was terminated and settled upon issuance of the 2024-2C Tower Securities, and the Company recognized an $ 8.2 million gain in other comprehensive income which is being amortized to interest expense over the life of the 2024-2C Tower Securities. After consideration of the treasury lock agreement, the all-in fixed rate on the 2024-2C Tower Securities is 4.654 % per annum. As of September 30, 2025, 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 September 30, 2025 and December 31, 2024. Fair Value as of Balance Sheet September 30, December 31, Location 2025 2024 Derivatives Designated as Hedging Instruments (in thousands) Interest rate swap agreements in a fair value asset position Other assets $ 8,289 $ 50,589 Interest rate swap agreement in a fair value liability position Other long-term liabilities $ 12,304 $ — Accumulated other comprehensive loss, net includes an aggregate $ 1.5 million gain and a $ 50.9 million gain as of September 30, 2025 and December 31, 2024, 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 . ‎ 22 Table of Contents The table below outlines the effects of the Company’s derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit for the three and nine months ended September 30, 2025 and 2024. For the three months For the nine months ended September 30, ended September 30, 2025 2024 2025 2024 Cash Flow Hedge - Interest Rate Swap Agreement (in thousands) Change in fair value recorded in Accumulated other comprehensive loss, net $ ( 2,209 ) $ ( 51,613 ) $ ( 54,605 ) $ ( 62,141 ) Gain reclassified from Accumulated other comprehensive loss, net into earnings $ ( 684 ) $ — $ ( 2,052 ) $ — Derivatives Not Designated as Hedges - Interest Rate Swap Agreements Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense $ — $ 6,579 $ 7,310 $ 19,737