SBA COMMUNICATIONS CORP

Previous wording

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” or “sites.” Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America, Canada, and Africa. Our primary business line is our site leasing business, which contributed 98.1% of our total segment operating profit for the three months ended March 31, 2025. During the first quarter of 2025, we sold all of our towers in both the Philippines and Colombia and ended our operations in those countries. In our site leasing business, we (1) lease space to wireless service providers and other customers on assets that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of March 31, 2025, we owned 39,709 towers, a substantial portion of which have been built by us or built by other tower owners or operators who, like us, have built such towers to lease space to multiple wireless service providers. Our other business line is our site development business, through which we assist wireless service providers in developing and maintaining their own wireless service networks.

Current wording

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” or “sites.” Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America, Canada, and Africa. Our primary business line is our site leasing business, which contributed 97.7% of our total segment operating profit for the six months ended June 30, 2025. During the first quarter of 2025, we sold all of our towers and ended our operations in both the Philippines and Colombia. On July 21, 2025, we entered into an agreement to sell all of our 369 towers held in Canada which we expect to close during the fourth quarter of 2025. In our site leasing business, we (1) lease space to wireless service providers and other customers on assets that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of June 30, 2025, we owned 44,065 towers, a substantial portion of which have been built by us or built by other tower owners or operators who, like us, have built such towers to lease space to multiple wireless service providers. Our other business line is our site development business, through which we assist wireless service providers in developing and maintaining their own wireless service networks.

Previous wording

Our primary focus is the leasing of antenna space on our multi-tenant towers to a variety of wireless service providers under long-term lease contracts in the United States, South America, Central America, Canada, and Africa. As of March 31, 2025, no U.S. state or territory accounted for more than 10% of our total tower portfolio by tower count, and no U.S. state or territory accounted for more than 10% of our total revenues for the three months ended March 31, 2025. In addition, as of March 31, 2025, approximately 30% of our total towers are located in Brazil and no other international market (each country is considered a market) represented more than 5% of our total towers.

Current wording

Our primary focus is the leasing of antenna space on our multi-tenant towers to a variety of wireless service providers under long-term lease contracts in the United States, South America, Central America, Canada, and Africa. As of June 30, 2025, no U.S. state or territory accounted for more than 10% of our total tower portfolio by tower count, and no U.S. state or territory accounted for more than 10% of our total revenues for the six months ended June 30, 2025. In addition, as of June 30, 2025, approximately 30% and 10% of our total towers are located in Brazil and Guatemala, respectively. No other international market (each country is considered a market) represented more than 5% of our total towers.

Previous wording

We derive site leasing revenues primarily from wireless service provider tenants. Wireless service providers enter into either (1) individual tenant site leases with us, each of which relates to the lease or use of space at an individual site or (2) master lease agreements (“MLA”) with us, which provide for the material terms and conditions that will apply to multiple sites; although, in most cases, each individual site under a MLA is also governed by its own site leasing agreement which sets forth pricing and other site specific terms. Our tenant leases are generally for an initial term of five years to fifteen years with multiple renewal periods at the option of the tenant. Our tenant leases typically either (1) contain specific annual rent escalators, (2) escalate annually in accordance with an inflationary index, or (3) escalate using a combination of fixed and inflation adjusted escalators. In addition, our international site leases may include pass-through charges, such as rent related to ground leases and other property interests, utilities, property taxes, and fuel.

Current wording

We derive site leasing revenues primarily from wireless service provider tenants. Wireless service providers enter into (1) individual tenant site leases with us, each of which relates to the lease or use of space at an individual site or (2) master lease agreements (“MLA”) with us, which provide for the material terms and conditions that will apply to multiple sites; although, in most cases, each individual site under a MLA is also governed by its own site leasing agreement which sets forth pricing and other site specific terms. Our tenant leases are generally for an initial term of five years to fifteen years with multiple renewal periods at the option of the tenant. Our tenant leases typically either (1) contain specific annual rent escalators, (2) escalate annually in accordance with an inflationary index, or (3) escalate using a combination of fixed and inflation adjusted escalators. In addition, our international site leases may include pass-through charges, such as rent related to ground leases and other property interests, utilities, property taxes, and fuel.

Previous wording

Ground leases and other property interests are generally for an initial term of five years or more with multiple renewal periods, which are at our option. Our ground leases either (1) contain specific annual rent escalators, or (2) escalate annually in accordance with an inflationary index. As of March 31, 2025, approximately 72% of our tower structures were located on parcels of land that we own, land subject to perpetual easements, or parcels of land in which we have a leasehold interest that extends beyond 20 years. For any given tower, costs are relatively fixed over a monthly or an annual time period. As such, operating costs for owned towers do not generally increase as a result of adding additional customers to the tower. The amount of property taxes varies from site to site depending on the taxing jurisdiction and the height and age of the tower. The ongoing maintenance requirements are typically minimal and include replacing lighting systems, painting a tower, or upgrading or repairing an access road or fencing.

Current wording

Ground leases and other property interests are generally for an initial term of five years or more with multiple renewal periods, which are at our option. Our ground leases either (1) contain specific annual rent escalators or (2) escalate annually in accordance with an inflationary index. As of June 30, 2025, approximately 70% of our tower structures were located on parcels of land that we own, land subject to perpetual easements, or parcels of land in which we have a leasehold interest that extends beyond 20 years. For any given tower, costs are relatively fixed over a monthly or an annual time period. As such, operating costs for owned towers do not generally increase as a result of adding additional customers to the tower. The amount of property taxes varies from site to site depending on the taxing jurisdiction and the height and age of the tower. The ongoing maintenance requirements are typically minimal and include replacing lighting systems, painting a tower, or upgrading or repairing an access road or fencing.

Previous wording

During the remainder of 2025, we expect core leasing revenue in both our domestic and international segments to increase over 2024 levels, on a currency neutral basis, due in part to wireless carriers deploying unused spectrum, the full year impact of towers acquired and built during 2024, and the revenues from towers expected to be acquired and built during 2025. We believe our site leasing business is characterized by stable and long-term recurring revenues, predictable operating costs, and minimal non-discretionary capital expenditures. Due to the nature and mix of our tower portfolio, we expect future expenditures required to maintain these towers to be minimal. Consequently, we expect to grow our cash flows by (1) adding tenants to our towers at minimal incremental costs by using existing tower capacity or requiring wireless service providers to bear all or a portion of the cost of tower modifications and (2) executing monetary amendments as wireless service providers add or upgrade their equipment. Furthermore, because our towers are strategically positioned, we have historically experienced low tenant lease terminations as a percentage of revenue other than in connection with customer consolidation or cessations of a specific technology.

Current wording

During the remainder of 2025, we expect core site leasing revenue in both our domestic and international segments to increase over 2024 levels, on a currency neutral basis, due in part to wireless carriers deploying unused spectrum, the full year impact of towers acquired and built during 2024, and the revenues from towers expected to be acquired and built during 2025. We believe our site leasing business is characterized by stable and long-term recurring revenues, predictable operating costs, and minimal non-discretionary capital expenditures. Due to the nature and mix of our tower portfolio, we expect future expenditures required to maintain these towers to be minimal. Consequently, we expect to grow our cash flows by (1) adding tenants to our towers at minimal incremental costs by using existing tower capacity or requiring wireless service providers to bear all or a portion of the cost of tower modifications and (2) executing monetary amendments as wireless service providers add or upgrade their equipment. Furthermore, because our towers are strategically positioned, we have historically experienced low tenant lease terminations as a percentage of revenue other than in connection with customer consolidation or cessations of a specific technology.

Previous wording

Domestic site leasing revenues decreased $0.5 million for the three months ended March 31, 2025, as compared to the prior year, primarily due to Sprint and other lease non-renewals and a decrease in non-cash straight line revenue, partially offset by (1) organic site leasing growth, primarily from monetary lease amendments, additional equipment added to our towers, new leases, and contractual rent escalators and (2) revenues from 55 towers acquired and 30 towers built since January 1, 2024.

Current wording

Domestic site leasing revenues increased $6.6 million for the three months ended June 30, 2025, as compared to the prior year, primarily due to (1) organic site leasing growth from new leases, amendments, and contractual escalators and (2) revenues from 56 towers acquired and 34 towers built since April 1, 2024, partially offset by Sprint and other lease non-renewals and a decrease in non-cash straight line revenue.

Previous wording

International site leasing revenues decreased $11.6 million for the three months ended March 31, 2025, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $4.5 million. These changes were primarily due to (1) organic site leasing growth from new leases, amendments, and contractual escalators and (2) revenues from 475 towers acquired and 519 towers built since January 1, 2024, partially offset by lease non-renewals. Site leasing revenue in Brazil represented 13.8% of total site leasing revenue for the period. No other individual international market represented more than 5% of our total site leasing revenue.

Current wording

International site leasing revenues decreased $1.3 million for the three months ended June 30, 2025, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $6.6 million. This change was primarily due to (1) organic site leasing growth from new leases, amendments, and contractual escalators, (2) revenues from 4,792 towers acquired (including 4,644 towers under the deal with Millicom) and 533 towers built since April 1, 2024, and (3) an increase in reimbursable pass-through expenses, partially offset by lease non-renewals, tower divestitures, and a decrease in non-cash straight line revenue. Site leasing revenue in Brazil represented 13.5% of total site leasing revenue for the period. No other individual international market represented more than 5% of our total site leasing revenue.

Previous wording

Domestic site leasing segment operating profit decreased $2.8 million for the three months ended March 31, 2025, as compared to the prior year, primarily due to incremental costs associated with towers acquired and built since January 1, 2024 as well as lower domestic site leasing revenue as noted above, partially offset by the positive impact of our ground lease purchase program.

Current wording

Domestic site leasing segment operating profit increased $2.7 million for the three months ended June 30, 2025, as compared to the prior year, primarily due to higher domestic site leasing revenue as noted above and the positive impact of our ground lease purchase program, partially offset by incremental costs associated with towers acquired and built since April 1, 2024.

Previous wording

International site leasing segment operating profit decreased $9.9 million for the three months ended March 31, 2025, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $1.6 million. These changes were primarily due to higher international site leasing revenues as noted above and the positive impact of our ground lease purchase program, partially offset by the incremental costs associated with towers acquired and built since January 1, 2024.

Current wording

International site leasing segment operating profit decreased $1.8 million for the three months ended June 30, 2025, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $3.8 million. This change was primarily due to higher international site leasing revenues as noted above and the positive impact of our ground lease purchase program, partially offset by the incremental costs associated with towers acquired and built since April 1, 2024.

Previous wording

Domestic asset impairment and decommission costs decreased $14.7 million for the three months ended March 31, 2025, as compared to the prior year. This change was primarily as a result of (1) decreased impairment charges resulting from our regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers and (2) a decrease in tower and equipment related decommission costs.

Current wording

Asset impairment and decommission costs increased $13.6 million for the three months ended June 30, 2025, as compared to the prior year. On a constant currency basis, asset impairment and decommission costs increased $14.1 million. This change was primarily as a result of increased impairment charges resulting from our regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers, partially offset by a decrease in tower and equipment related decommission costs.

Previous wording

Site development operating income increased $4.6 million for the three months ended March 31, 2025, as compared to the prior year, primarily due to higher segment operating profit driven by increased carrier activity and a decrease in selling, general, and administrative expenses.

Current wording

Site development operating income increased $6.8 million for the three months ended June 30, 2025, as compared to the prior year, primarily due to higher segment operating profit driven by increased carrier activity.

Previous wording

Interest expense increased $7.8 million for the three months ended March 31, 2025, as compared to the prior year. This change was primarily due to a higher average principal amount of cash-interest bearing debt accruing interest at a higher weighted-average interest rate as compared to the prior year.

Current wording

Interest expense increased $22.1 million for the three months ended June 30, 2025, as compared to the prior year. This change was primarily due to a higher average principal amount of cash-interest bearing debt accruing interest at a higher weighted-average interest rate as compared to the prior year. The higher weighted-average interest rate experienced during the current year period was due to the higher blended rate of the interest rate swap agreements which replaced the previous swap on March 31, 2025.

Previous wording

Provision for income taxes increased $25.1 million for the three months ended March 31, 2025, as compared to the prior year. On a constant currency basis, provision for income taxes decreased $7.2 million primarily due toa decrease in foreign current and deferred taxes.

Current wording

Provision for income taxes increased $47.4 million for the three months ended June 30, 2025, as compared to the prior year. On a constant currency basis, provision for income taxes decreased $3.0 million primarily due toa decrease in foreign current and deferred taxes.

Previous wording

Selling, general, and administrative expenses decreased $2.5 million for the three months ended March 31, 2025, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses decreased $1.1 million. These changes were driven primarily by a decrease in non-cash compensation expense, partially offset by an increase in personnel and other support related costs.

Current wording

Selling, general, and administrative expenses increased $6.2 million for the six months ended June 30, 2025, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses increased $8.1 million. These changes were driven primarily by an increase in personnel and other support related costs and a $4.9 million bad debt reserve recorded in the second quarter of 2025, partially offset by a decrease in non-cash compensation expense.

Previous wording

International asset impairment and decommission costs increased $7.6 million for the three months ended March 31, 2025, as compared to the prior year. On a constant currency basis, asset impairment and decommission costs increased $9.5 million. These changes were primarily as a result of an increase in impairment charges resulting from our regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers.

Current wording

International asset impairment and decommission costs increased $15.3 million for the six months ended June 30, 2025, as compared to the prior year. On a constant currency basis, asset impairment and decommission costs increased $17.7 million. These changes were primarily as a result of an increase in impairment charges resulting from our regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers, partially offset by a decrease in tower and equipment related decommission costs.

Previous wording

Depreciation, accretion, and amortization expense decreased $11.7 million for the three months ended March 31, 2025, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense decreased $8.8 million. These changes were primarily due to the impact of assets that became fully depreciated since the prior year period, partially offset by an increase in the number of towers we acquired and built since January 1, 2024.

Current wording

Depreciation, accretion, and amortization expense decreased $5.9 million for the six months ended June 30, 2025, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense decreased $1.5 million. These changes were primarily due to the impact of assets that became fully depreciated since the prior year period, partially offset by an increase in the number of towers we acquired and built since January 1, 2024.

Previous wording

Domestic site leasing operating income increased $18.3 million for the three months ended March 31, 2025, as compared to the prior year, primarily due to decreases in asset impairment and decommission costs, depreciation, accretion, and amortization expense, and selling, general, and administrative expenses, partially offset by lower segment operating profit.

Current wording

Domestic site leasing operating income increased $12.4 million for the six months ended June 30, 2025, as compared to the prior year, primarily dueto decreases in asset impairment and decommission costs and selling, general, and administrative expenses.

Previous wording

Interest income increased $3.5 million for the three months ended March 31, 2025, as compared to the prior year. On a constant currency basis, interest income increased $3.7 million. These changes were primarily due to a higher balance of interest-bearing deposits held and a higher effective interest rate on those deposits as compared to the prior year, partially offset by a decrease in interest received on a loan to an unconsolidated joint venture.

Current wording

Interest income increased $4.6 million for the six months ended June 30, 2025, as compared to the prior year. On a constant currency basis, interest income increased $5.1 million. These changes were primarily due to a higher balance of interest-bearing deposits held and a higher effective interest rate on those deposits as compared to the prior year, partially offset by a decrease in interest received on a loan to an unconsolidated joint venture.

Previous wording

Loss from extinguishment of debt, net was $4.4 million for the three months ended March 31, 2024 which primarily represents the write-off of $3.3 million of unamortized financing fees and $1.2 million of the original issuance discount associated with the repayment of the 2018 Term Loan in January 2024.

Current wording

Loss from extinguishment of debt, net was $4.4 million for the six months ended June 30, 2024 which primarily represents the write-off of $3.3 million of unamortized financing fees and $1.2 million of the original issuance discount associated with the repayment of the 2018 Term Loan in January 2024.

Previous wording

Other income (expense), net includes a $54.6 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries and a $18.8 million loss on sale of assets for the three months ended March 31, 2025 (which is inclusive of $28.9 million non-cash adjustment to realize previously unrecognized accumulated currency translation adjustments arising from the sales of our Philippines and Colombia operations). The prior year period included a $42.3 million loss on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries.

Current wording

Other income (expense), net includes a $99.9 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries and a $18.3 million loss on sale of assets for the six months ended June 30, 2025 (which is inclusive of a $29.1 million non-cash adjustment to realize previously unrecognized accumulated currency translation adjustments arising from the sales of our Philippines and Colombia operations). The prior year period included a $143.3 million loss on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries.

Previous wording

Net income increased $63.4 million for the three months ended March 31, 2025, as compared to the prior year. This change (which is inclusive of a non-cash adjustment to realize previously unrecognized accumulated currency translation adjustments arising from the sales of our Philippines and Colombia operations) was primarily due to increases in other income, net, domestic site leasing operating income, site development operating income, and interest income, partially offset by increases in provision for income taxes and in interest expense and the impact of foreign currency exchange rates on those items. On a constant currency basis, net income increased $1.6 million. This change (which is inclusive of a non-cash adjustment to realize previously unrecognized accumulated currency translation adjustments arising from the sales of our Philippines and Colombia operations) was primarily due to increases in domestic site leasing operating income, site development operating income, and interest income and decreases in provision for income taxes and loss from extinguishment of debt, net, partially offset by increases in other expense, net and interest expense and a decrease in international site leasing operating income.

Current wording

Net income increased $129.6 million for the six months ended June 30, 2025, as compared to the prior year. This change (which is inclusive of a non-cash adjustment to realize previously unrecognized accumulated currency translation adjustments arising from the sales of our Philippines and Colombia operations) was primarily due to increases in other income, net, domestic site leasing operating income, site development operating income, and interest income and decreases in non-cash interest expense and loss from extinguishment of debt, partially offset by increases in provision for income taxes, interest expense, and other operating expense and the impact of foreign currency exchange rates on those items.

Previous wording

Adjusted EBITDA decreased $8.1 million for the three months ended March 31, 2025, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA increased $2.3 million. These changes were primarilydue to increases in international site leasing segment operating profit and site development segment operating profit, partially offset by an increase in cash selling, general, and administrative expenses and a decrease in domestic site leasing segment operating profit.

Current wording

Adjusted EBITDA increased $8.4 million for the three months ended June 30, 2025, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA increased $13.7 million. These changes were primarilydue to increases in site leasing segment and site development segment operating profit, partially offset by an increase in cash selling, general, and administrative expenses.

Previous wording

Cash provided by operating activities was $301.2 million for the three months ended March 31, 2025 as compared to $294.5 million for the three months ended March 31, 2024. The increase was primarily due to increases in cash inflows associated with working capital changes related to the timing of customer payments, increases in interest income and site development operating profit and a decrease in cash asset impairment and decommission costs, partially offset by a decrease in site leasing segment operating profit and increases in interest expense and cash selling, general, and administrative expenses.

Current wording

Cash provided by operating activities was $669.3 million for the six months ended June 30, 2025 as compared to $720.0 million for the six months ended June 30, 2024. The decrease was primarily due to (1) increases in cash outflows associated with working capital changes related to the timing of customer payments, as well as increases in interest expense and cash selling, general, and administrative expenses and (2) a decrease in cash international site leasing segment operating profit. The decrease was partially offset by (1) increases in site development segment operating profit and interest income and (2) a decrease in tower and equipment decommission costs.

Previous wording

(1)Excludes $3.2 million and $4.6 million spent to extend ground lease terms for the three months ended March 31, 2025 and 2024, respectively. We recorded these amounts in prepaid expenses and other current assets within the changes in operating assets and liabilities, net of acquisitions section of our Consolidated Statements of Cash Flows.

Current wording

(1)Excludes $7.8 million and $9.3 million spent to extend ground lease terms for the six months ended June 30, 2025 and 2024, respectively. We recorded these amounts in prepaid expenses and other current assets within the changes in operating assets and liabilities, net of acquisitions section of its Consolidated Statements of Cash Flows.

Previous wording

As of the date of this filing, approximately 6,700 sites related to the previously announced transaction with Millicom International Cellular S.A. (“Millicom”) remain under contract for approximately $925.0 million in cash. The remaining sites under contract have an estimated closing date of September 1, 2025; however, the ultimate closing is dependent upon regulatory approvals and other requirements and may differ from this date. In addition to the Millicom sites, we are under contract to purchase 18 communication sites for an aggregate consideration of $10.0 million in cash. We anticipate that these acquisitions will be closed by the end of the third quarter of 2025.

Current wording

As of the date of this filing, approximately 2,500 sites related to the previously announced transaction with Millicom International Cellular S.A. (“Millicom”) remain under contract for approximately $391.0 million in cash. The remaining sites under contract have an estimated closing date of September 1, 2025; however, the ultimate closing is dependent upon regulatory approvals and other requirements and may differ from this date. In addition to the Millicom sites, we are under contract to purchase 13 communication sites for an aggregate consideration of $5.5 million in cash. We anticipate that these acquisitions will be closed by the end of the fourth quarter of 2025.

Previous wording

For the three months ended March 31, 2025, we paid the following cash dividends:

Current wording

For the six months ended June 30, 2025, we paid the following cash dividends:

Previous wording

We have on file with the Securities and Exchange Commission (the “Commission”) a shelf registration statement on Form S-4 registering shares of Class A common stock that we may issue in connection with the acquisition of wireless communication towers or antenna sites and related assets or companies who own wireless communication towers, antenna sites, or related assets. During the three months ended March 31, 2025, we did not issue any shares of Class A common stock under this registration statement. As of March 31, 2025, we had approximately 1.2 million shares of Class A common stock remaining under this registration statement.

Current wording

We have on file with the Securities and Exchange Commission (the “Commission”) a shelf registration statement on Form S-4 registering shares of Class A common stock that we may issue in connection with the acquisition of wireless communication towers or antenna sites and related assets or companies who own wireless communication towers, antenna sites, or related assets. During the six months ended June 30, 2025, we did not issue any shares of Class A common stock under this registration statement. As of June 30, 2025, we had approximately 1.2 million shares of Class A common stock remaining under this registration statement.

Previous wording

We have on file with the Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR, which enables us to issue shares of our Class A common stock, preferred stock, debt securities, warrants, or depositary shares as well as units that include any of these securities. We will file a prospectus supplement containing the amount and type of securities each time we issue securities under our automatic shelf registration statement on Form S-3ASR. During the three months ended March 31, 2025, we did not issue any securities under our automatic shelf registration statement.

Current wording

We have on file with the Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR, which enables us to issue shares of our Class A common stock, preferred stock, debt securities, warrants, or depositary shares as well as units that include any of these securities. We will file a prospectus supplement containing the amount and type of securities each time we issue securities under our automatic shelf registration statement on Form S-3ASR. During the six months ended June 30, 2025, we did not issue any securities under our automatic shelf registration statement.

Previous wording

The table below summarizes our Revolving Credit Facility activity during the three months ended March 31, 2025 and 2024:

Current wording

The table below summarizes our Revolving Credit Facility activity during the three and six months ended June 30, 2025 and 2024:

Previous wording

During the three months ended March 31, 2025, we repaid an aggregate of $5.75 million of principal on the 2024 Term Loan. As of March 31, 2025, the 2024 Term Loan had a principal balance of $2.3 billion.

Current wording

During the six months ended June 30, 2025, we repaid an aggregate of $5.75 million of principal on the 2024 Term Loan. As of June 30, 2025, the 2024 Term Loan had a principal balance of $2.3 billion.

Previous wording

As of March 31, 2025, we, through the Trust, had issued and outstanding an aggregate of $7.2 billion of Secured Tower Revenue Securities (“Tower Securities”). The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of certain of our subsidiaries that are borrowers on the mortgage loan (the “Borrowers”) under which there is a loan tranche for each Tower Security outstanding with the same interest rate and maturity date as the corresponding Tower Security. The mortgage loan will be paid from the operating cash flows from the aggregate 9,514 tower sites owned by the Borrowers as of March 31, 2025. The mortgage loan is secured by (1) mortgages, deeds of trust, and deeds to secure debt on a substantial portion of the tower sites, (2) a security interest in the tower sites and substantially all of the Borrowers’ personal property and fixtures, (3) the Borrowers’ rights under certain tenant leases, and (4) all of the proceeds of the foregoing. For each calendar month, SBA Network Management, Inc., an indirect subsidiary (“Network Management”), is entitled to receive a management fee equal to 4.5% of the Borrowers’ operating revenues for the immediately preceding calendar month.

Current wording

As of June 30, 2025, we, through the Trust, had issued and outstanding an aggregate of $7.2 billion of Secured Tower Revenue Securities (“Tower Securities”). The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of certain of our subsidiaries that are borrowers on the mortgage loan (the “Borrowers”) under which there is a loan tranche for each Tower Security outstanding with the same interest rate and maturity date as the corresponding Tower Security. The mortgage loan will be paid from the operating cash flows from the aggregate 9,510 tower sites owned by the Borrowers as of June 30, 2025. The mortgage loan is secured by (1) mortgages, deeds of trust, and deeds to secure debt on a substantial portion of the tower sites, (2) a security interest in the tower sites and substantially all of the Borrowers’ personal property and fixtures, (3) the Borrowers’ rights under certain tenant leases, and (4) all of the proceeds of the foregoing. For each calendar month, SBA Network Management, Inc., an indirect subsidiary (“Network Management”), is entitled to receive a management fee equal to 4.5% of the Borrowers’ operating revenues for the immediately preceding calendar month.

Previous wording

(2)Total debt service on the 2024 Term Loan (as amended on October 2, 2024) includes the impact of theinterest rate swaps which collectively swap $2.0 billion of notional value accruing interest at Term SOFR plus 175 basis points for a blended all-in fixed rate of 5.165%.

Current wording

(2)Total debt service on the 2024 Term Loan (as amended on October 2, 2024) includes the impact of the interest rate swaps which collectively swap $2.0 billion of notional value accruing interest at Term SOFR plus 175 basis points for a blended all-in fixed rate of 5.165%.