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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 March 31, 2026:
+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 June 30, 2026:
(in thousands)
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Total debt obligation
+Added: (1) On July 23, 2026, we repaid the aggregate principal amount under the Revolving Credit Facility and the 2024 Term Loan and issued the 2026 Senior Notes.
+Added: For further discussion, refer to “Debt Instruments and Debt Service Requirements” above.
(2) For information on the anticipated repayment date and final maturity date for each tower security, refer to “Debt Instruments and Debt Service Requirements” above.
−Removed: Our current primary market risk exposure is (1) interest rate risk relating to our ability to refinance our debt at commercially reasonable rates, if at all, and (2) interest rate risk relating to the impact of interest rate movements on the variable portion of our 2024 Term Loan, and any borrowings that we may incur under our Revolving Credit Facility, which are at floating rates.
+Added: Our current primary market risk exposure is (1) interest rate risk relating to our ability to refinance our debt at commercially reasonable rates, if at all, and (2) interest rate risk relating to the impact of interest rate movements on any borrowings that we may incur under our Revolving Credit Facility, which are at floating rates.
We manage the interest rate risk on our outstanding debt through our large percentage of fixed rate debt, including interest rate swaps.
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 March 31, 2026.
−Removed: 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.
+Added: We have performed a sensitivity analysis assuming a hypothetical 1% increase in our variable interest rates as of June 30, 2026.
+Added: As of June 30, 2026, the analysis indicated that such an adverse movement would have caused our interest expense to increase by approximately 2.8% for the six months ended June 30, 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 substantially all of our operating expenses in local currency.
+Added: In addition, in Brazil, Chile, and South Africa, we receive significantly all our revenue and pay substantially all 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 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.
−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 March 31, 2026.
−Removed: 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.
−Removed: 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.
+Added: For the six months ended June 30, 2026, approximately 20.7% of our revenues and approximately 25.7% 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 June 30, 2026.
+Added: As of June 30, 2026, the analysis indicated that such an adverse movement
+Added: would have caused our revenues and operating income to decline by approximately 1.2% and 0.9%, respectively, for the six months ended June 30, 2026.
+Added: As of June 30, 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 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.
+Added: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at June 30, 2026 would have resulted in approximately $91.4 million of unrealized gains or losses that would have been included in Other income, net in our Consolidated Statements of Operations for the six months ended June 30, 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:
+Added: • core leasing revenue growth in 2026, on an organic basis, and the drivers contributing to such growth;
• 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;
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• the consolidation of wireless service providers and the impact of such consolidation on our financial and operational results;
−Removed: • churn in our domestic and international markets;
+Added: • elevated churn in 2026 in both 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;
• our strategies for growing, and ability to grow, our cash flows;
−Removed: • core leasing revenue growth, on an organic basis, in our domestic and international segments, and the drivers of such growth;
• our site leasing business being characterized by stable and long-term recurring revenues;
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• our election to be taxed as a REIT, our intent to continue to operate as a REIT and the use of NOLs to reduce REIT taxable income;
−Removed: • our capital allocation strategies and the impact of these strategies on our future financial and operational results including our goal of increasing our Adjusted Funds From Operations per share;
+Added: • our capital allocation strategies and the impact of these strategies on our future financial and operational results
• our expectations regarding dividends and our ability to grow our dividend in the future and the drivers of such growth;
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• developments in, and macroeconomic influences on, the wireless communications industry in general, and for wireless communications infrastructure providers in particular, that may slow growth or affect our customers’ access to sufficient capital, or ability to expend capital to fund network expansion or enhancements;
−Removed: • the impact of churn based on prior and future consolidation among wireless service providers;
+Added: • the impact of prior and future consolidation among wireless service providers and the EchoStar actions on our domestic and international churn rates;
• our ability to successfully manage the risks associated with international operations, including risks relating to competition, political or economic conditions, inflation, potential tariffs, tax laws, currency restrictions, and exchange rate fluctuations, legal or judicial systems, and land ownership, including land ownership risks with respect to towers we do not own;
−Removed: • 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 macroeconomic and industry health of the international jurisdictions we operate in, and the willingness of carriers to invest in their networks in such markets;
+Added: • 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
+Added: 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;
+Added: • the macroeconomic and industry health of the international jurisdictions we operate in, and the willingness and ability of carriers to invest in their networks to deploy additional capacity and increase geographic coverage;
• 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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• our ability to build new towers, including our ability to identify and acquire land that would be attractive for our customers and to successfully and timely address the issues that arise in connection with the building of new towers;
+Added: • our ability to achieve the anticipated levels of site leasing revenue from our new tower builds;
• our ability to compete for the acquisition of towers and other factors that may adversely affect our ability to purchase towers that meet our investment criteria and are available at prices which we believe will be accretive to our shareholders and allow us to maintain our long-term target leverage ratios while achieving our expected portfolio growth levels;
• our capital allocation decisions and the impact on our ability to achieve our expected tower portfolio growth levels;
−Removed: • our ability to protect our rights to the land under our towers, and our ability to acquire land underneath our towers on terms that are accretive;
+Added: • our ability to protect our rights to the land under our towers, enforce our contractual rights arising from our various real and personal property rights, and our ability to acquire land underneath our towers on terms that are accretive;
• our ability to sufficiently increase our revenues and maintain expenses and cash capital expenditures at appropriate levels;
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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.