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.

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.

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.

‎

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)

‎

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.

‎

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.

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.

‎

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.

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 not 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

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

‎

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.

‎

‎

**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

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.

‎

**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		Principal‎Balance			Fair Value			Carrying‎Value			Principal‎Balance			Fair Value			Carrying‎Value
				(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.

‎

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.

‎

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

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.

‎

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

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 million.

**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

‎

		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.

‎

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

Basic 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.

‎

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.

‎

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