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These instruments arise from transactions entered into in the normal course of business.
−Removed: 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 September 30, 2025:
+Added: 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 March 31, 2026:
(in thousands)
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2024-2C Tower Securities (1)
−Removed: 2024-2C Tower Securities (1)
2020 Senior Notes
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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.
−Removed: We have performed a sensitivity analysis assuming a hypothetical 1% increase in our variable interest rates as of September 30, 2025.
−Removed: As of September 30, 2025, the analysis indicated that such an adverse movement would have caused our interest expense to increase by approximately 1.1% for the nine months ended September 30, 2025.
+Added: We have performed a sensitivity analysis assuming a hypothetical 1% increase in our variable interest rates as of March 31, 2026.
+Added: As of March 31, 2026, the analysis indicated that such an adverse movement would have caused our interest expense to increase by approximately 2.7% for the three months ended March 31, 2026.
We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil, Chile, Peru, South Africa, 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.
−Removed: In addition, in Brazil, Chile, and South Africa, we receive significantly all of our revenue and pay significantly all of our operating expenses in local currency.
+Added: In addition, in Brazil, Chile, and South Africa, we receive significantly all of our revenue and pay substantially all of our operating expenses in local currency.
In Costa Rica, Peru, and Tanzania, we receive our revenue and pay our operating expenses in a mix of local currency and U.S.
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The cumulative translation effect is included in equity as a component of Accumulated other comprehensive loss, net.
−Removed: For the nine months ended September 30, 2025, approximately 19.9% of our revenues and approximately 27.9% of our total operating expenses were denominated in foreign currencies.
−Removed: We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at September 30, 2025.
−Removed: As of September 30, 2025, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.1% and 0.7%, respectively, for the nine months ended September 30, 2025.
−Removed: As of September 30, 2025, we had intercompany debt, which is denominated in a currency other than the functional currency of the subsidiary in which it is recorded.
+Added: For the three months ended March 31, 2026, approximately 20.3% of our revenues and approximately 24.2% of our total operating expenses were denominated in foreign currencies.
+Added: We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at March 31, 2026.
+Added: As of March 31, 2026, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.1% and 1.0%, respectively, for the three months ended March 31, 2026.
+Added: As of March 31, 2026, 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.
−Removed: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at September 30, 2025 would have resulted in approximately $99.0 million of unrealized gains or losses that would have been included in Other income (expense), net in our Consolidated Statements of Operations for the nine months ended September 30, 2025.
+Added: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at March 31, 2026 would have resulted in approximately $92.3 million of unrealized gains or losses that would have been included in Other income, net in our Consolidated Statements of Operations for the three months ended March 31, 2026.
Special Note Regarding Forward-Looking Statements
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Specifically, this quarterly report contains forward-looking statements including our expectations and beliefs regarding:
−Removed: • 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;
−Removed: • our ability to capture and capitalize on industry growth and the impact of such growth on our financial and operational results;
−Removed: • the consolidation of wireless service providers and the impact of such consolidation on our financial and operational results, including churn;
+Added: • the future growth and financial health of the wireless industry and the industry participants and the drivers of such growth, including future spectrum auctions and the roll-out of 5G and fixed wireless;
+Added: • our ability to capture and capitalize on industry growth and the impact of such growth;
+Added: • the consolidation of wireless service providers and the impact of such consolidation on our financial and operational results;
+Added: • churn in our domestic and international markets;
• our intent to grow our tower portfolio domestically and internationally and expand through acquisitions, new builds and organic lease up on existing towers;
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• 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;
−Removed: • 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;
• the timing for closing of pending acquisitions;
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• our expectations regarding dividends and our ability to grow our dividend in the future and the drivers of such growth;
−Removed: • our expectations regarding 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;
• the impact of compliance with applicable laws and regulations, including environmental laws, and various legal proceedings on our financial results and future business prospects;
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• our ability to successfully manage the risks associated with our acquisition initiatives, including our ability to satisfactorily complete due diligence on acquired towers, the amount and quality of due diligence that we are able to complete prior to closing of any acquisition, our ability to accurately anticipate the future performance of the acquired towers, our ability to receive required regulatory approval, the ability and willingness of each party to fulfill their respective closing conditions and their contractual obligations, 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;
−Removed: • the health of the economies and wireless communications markets of the international jurisdictions we operate in, and the willingness of carriers to invest in their networks in such markets;
+Added: • the macroeconomic and industry health of the international jurisdictions we operate in, and the willingness of carriers to invest in their networks in such markets;
• our ability to secure as many site leasing tenants as anticipated and retain current leases on towers as well as our tenants’ ability and willingness to comply with their obligations under such leases;
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• a decrease in demand for our towers;
−Removed: • the impact of EchoStar’s sale of its spectrum;
+Added: • the ability of our customers to perform under their contractual and financial obligations;
• 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;
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.