SBA COMMUNICATIONS CORP
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
SBAC$189.42-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001034054-26-000009
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001034054-26-000011
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 128 previous paragraphs and 169 current paragraphs.
85 unchanged; 35 reworded; 37 added; 7 removed; 1 previous and 12 current paragraphs rearranged.
Tables are not compared: 21 previous and 30 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (37)
Current report
Site development revenues decreased $15.8 million for the three months ended June 30, 2026, as compared to the prior year, as a result of decreased carrier activity.
Current report
Domestic site leasing segment operating profit decreased $19.4 million for the three months ended June 30, 2026, as compared to the prior year, primarily due to Sprint, EchoStar, and other lease non-renewals.
Current report
International asset impairment and decommission costs decreased $15.7 million for the three months ended June 30, 2026, as compared to the prior year. On a constant currency basis, international asset impairment and decommission costs decreased $16.4 million. These changes were primarily as a result of our quarterly impairment analysis requiring a lower impairment than in the prior year period (primarily in Brazil).
Current report
Domestic site leasing operating income decreased $15.3 million for the three months ended June 30, 2026, as compared to the prior year, primarily due to the factors described above.
Current report
International site leasing operating income increased $42.2 million for the three months ended June 30, 2026, as compared to the prior year. On a constant currency basis, international site leasing operating income increased $37.3 million. These changes were primarily due to the factors described above.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Current report
Revenues and Segment Operating Profit:
Current report
Revenues
Current report
Domestic site leasing revenues decreased $28.1 million for the six months ended June 30, 2026, as compared to the prior year, primarily due to Sprint, EchoStar, and other lease non-renewals, partially offset by (1) organic site leasing growth from contractual escalators, new leases, and amendments and(2) revenues from 29 towers acquired and 41 towers built since January 1, 2025.
Current report
Site development revenues decreased $16.6 million for the six months ended June 30, 2026, as compared to the prior year, as a result of decreased carrier activity.
Current report
Operating Profit
Current report
Domestic site leasing segment operating profit decreased $32.4 million for the six months ended June 30, 2026, as compared to the prior year, primarily due to Sprint, EchoStar, and other lease non-renewals.
Current report
Selling, General, and Administrative Expenses:
Current report
Asset Impairment and Decommission Costs:
Current report
Domestic asset impairment and decommission costs increased $4.7 million for the six months ended June 30, 2026, as compared to the prior year. This change was primarily as a result of an increase in tower and equipment related decommission costs, partially offset by our quarterly impairment analysis requiring a lower impairment than in the prior year period.
Current report
Depreciation, Accretion, and Amortization Expense:
Current report
Operating Income (Expense):
Current report
Domestic site leasing operating income decreased $41.0 million for the six months ended June 30, 2026, as compared to the prior year, primarily due to the factors described above.
Current report
International site leasing operating income increased $80.3 million for the six months ended June 30, 2026, as compared to the prior year. On a constant currency basis, international site leasing operating income increased $70.7 million. These changes were primarily due to the factors described above.
Current report
Site development operating income decreased $7.5 million for the six months ended June 30, 2026, as compared to the prior year, primarily due to the factors described above.
Current report
Other operating expense, net increased $6.9 million for the six months ended June 30, 2026, as compared to the prior year, primarily due to the factors described above.
Current report
Other Income (Expense):
Current report
Provision for Income Taxes:
Current report
Provision for income taxes increased $10.0 million for the six months ended June 30, 2026, as compared to the prior year. On a constant currency basis, provision for income taxes increased $32.1 million primarily due to an increase in withholding taxes, partially offset by a decrease inthe tax effect ofincome before income taxes.
Current report
Net Income:
Current report
Net income decreased $62.2 million for the six months ended June 30, 2026, as compared to the prior year. On a constant currency basis, net income decreased $2.3 million. These changes were primarily due to the factors described above.
Current report
(1)During the six months ended June 30, 2026, we acquired 16 towers and related assets and liabilities, as well as the rights to land underneath approximately 3,900 communication sites in Guatemala. During the six months ended June 30, 2025, we acquired 4,673 towers and related assets and liabilities, including 4,644 sites related to the Millicom transaction.
Current report
Investment Grade Senior Notes and Unsecured Revolving Credit Facility
Current report
On July 23, 2026, we issued an aggregate $3.5 billion of unsecured senior notes (“2026 Senior Notes”) in three tranches: $1.35 billion of 4.875% senior notes due January 15, 2030 (“2026-1 Senior Notes”) were issued at 99.333% of par value, $1.35 billion of 5.150% senior notes due July 15, 2031 (“2026-2 Senior Notes”) were issuedat 99.086% of par value, and $0.8 billion of 5.450% senior notes due July 15, 2033 (“2026-3 Senior Notes”) were issuedat 98.924% of par value. Interest on the 2026 Senior Notes is payable semi-annually beginning January 15, 2027. The 2026 Senior Notes have a blended coupon rate of 5.113% and a weighted average maturity of 4.9 years. We incurred financing fees of $23.5 million in relation to this transaction, which will be amortized through the maturity of the 2026 Senior Notes. Net proceeds from this offering were used to repay the aggregate principal amount outstanding on the Revolving Credit Facility ($1.0 billion), the 2024 Term Loan ($2.2 billion), and for general corporate purposes. In connection with the repayments, we, subsequent to June 30, 2026, expensed $16.1 million of net deferred financing fees and $4.0 million of discount related to the Revolving Credit Facility and the 2024 Term Loan.
Current report
Concurrently with the issuance of the 2026 Senior Notes, we terminated our existing Senior Credit Agreement and entered into a new Senior Credit Agreement providing for an expanded $2.5 billion senior unsecured revolving credit facility (“2026 Revolving Credit Facility”) and requiring compliance with specific financial ratios. The 2026 Revolving Credit Facility has a maturity date of July 23, 2031. Amounts borrowed under the 2026 Revolving Credit Facility accrue interest, at our election, at either (1) Term SOFR plus a margin that ranges from 75.0 basis points to 137.5 basis points or (2) the Base Rate plus a margin that ranges from 0.0 basis points to 37.5 basis points, in each case based on our credit ratings. In addition, we are required to pay a commitment fee of between 0.08% to 0.20% per annum on the amount of unused commitments based on our credit ratings.
Current report
Based on our current credit ratings, borrowings under the 2026 Revolving Credit Facility accrue interest at Term SOFR plus 100.0 basis points and we are required to pay a commitment fee of 0.11% per annum on the amount of unused commitments.
Current report
Revolving Credit Facility
Current report
On July 23, 2026, we repaid the aggregate principal amount outstanding on the Revolving Credit Facility using proceeds from the issuance of the 2026 Senior Notes. As of the date of this filing, there were no amounts outstanding under the 2026 Revolving Credit Facility.
Current report
Term Loan
Current report
On July 23, 2026, we repaid the aggregate principal amount of the 2024 Term Loan using proceeds from the issuance of the 2026 Senior Notes.
Current report
(1)Asof June 30, 2026, $1.1 billion was outstanding under the Revolving Credit Facility. On July 23, 2026, we repaid the aggregate principal amount outstanding on the Revolving Credit Facility, and entered into the 2026 Revolving Credit Facility. This amount reflects the interest that would have been due throughout the twelve month period ended June 30, 2027 had the Revolving Credit Facility remained in place. As of the date of this filing, there were no amounts outstanding under the 2026 Revolving Credit Facility.
Current report
(5)Our total debt service does not include any amounts from the 2026 Senior Notes. Total debt service for the twelve months ended June 30, 2027 related to the 2026 Senior Notes is projected to be $89.5 million, which reflects semi-annual interest payments beginning January 15, 2027.
Removed paragraphs (7)
Previous report
Domestic site leasing segment operating profit decreased $13.0 million for the three months ended March 31, 2026, as compared to the prior year, primarily due to Sprint, EchoStar, and other lease non-renewals.
Previous report
Domestic site leasing operating income decreased $25.7 million for the three months ended March 31, 2026, as compared to the prior year, primarily due to lower segment operating profit and an increase in asset impairment and decommission costs.
Previous report
International site leasing operating income increased $38.2 million for the three months ended March 31, 2026, as compared to the prior year. On a constant currency basis, international site leasing operating income increased $33.4 million. These changes were primarily due to higher segment operating profit and a decrease in asset impairment and decommission costs, partially offset by an increase in depreciation, accretion, and amortization expense.
Previous report
Revolving Credit Facility under the Senior Credit Agreement
Previous report
Subsequent to March 31, 2026, we repaid $205.0 million under the Revolving Credit Facility, and as of the date of this filing, $1.1 billion was outstanding.
Previous report
Term Loan under the Senior Credit Agreement
Previous report
(1)Asof March 31, 2026, $1.3 billion was outstanding under the Revolving Credit Facility. Subsequent to March 31, 2026, we repaid $205.0 million under the Revolving Credit Facility, and as of the date of this filing, $1.1 billion was outstanding.
Reworded paragraphs (35)
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, and Africa. Our primary business line is our site leasing business, which contributed 98.5% of our total segment operating profit for the three months ended March 31, 2026. 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, 2026, we owned 46,358 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, and Africa. Our primary business line is our site leasing business, which contributed 98.4% of our total segment operating profit for the six months ended June 30, 2026. 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, 2026, we owned 46,390 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, and Africa. As of March 31, 2026, 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, 2026. In addition, as of March 31, 2026, approximately 30% and 10% of our total towers are located in Brazil and Guatemala, respectively, 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, and Africa. As of June 30, 2026, 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, 2026. In addition, as of June 30, 2026, approximately 30% and 10% of our total towers are located in Brazil and Guatemala, respectively, and no other international market (each country is considered a market) represented more than 5% of our total towers.
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 typically either (1) contain specific annual rent escalators or (2) escalate annually in accordance with an inflationary index. As of March 31, 2026, 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.
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 typically either (1) contain specific annual rent escalators or (2) escalate annually in accordance with an inflationary index. As of June 30, 2026, approximately 71% 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 2026, we expect core leasing revenue to increase over 2025 levels, on a currency neutral basis, due in part to wireless carriers deploying additional capacity and increasing geographical coverage, the full year impact of towers acquired and built during 2025 and 2026, and the revenues from towers expected to be acquired and built during the remainder of 2026, partially offset by increased churn primarily driven by Sprint and EchoStar. Generally, 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 2026, we expect core leasing revenue to increase over 2025 levels, on a currency neutral basis, due in part to contractual escalators and wireless carriers deploying additional capacity and increasing geographical coverage, the full year impact of towers acquired and built during 2025 and 2026, and the revenues from towers expected to be acquired and built during the remainder of 2026, partially offset by increased churn primarily driven by Sprint and EchoStar. Generally, 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
Portfolio Growth. We intend to continue to grow our asset portfolio, domestically and internationally, primarily through tower acquisitions to the extent that opportunities meet our internal return on invested capital criteria and through the construction of new towers.
Current wording
Portfolio Growth. We intend to continue to grow our asset portfolio, domestically and internationally, through tower acquisitions to the extent that opportunities meet our internal return on invested capital criteria and through the construction of new towers, especially in Central America pursuant to our build-to-suit agreement with Millicom International Cellular S.A. (“Millicom”).
Previous wording
Domestic site leasing revenues decreased $10.7 million for the three months ended March 31, 2026, as compared to the prior year, primarily due to Sprint, EchoStar, and other lease non-renewals, partially offset by (1) organic site leasing growth from new leases, amendments, and contractual rent escalators and (2) revenues from 23 towers acquired and 31 towers built since January 1, 2025.
Current wording
Domestic site leasing revenues decreased $17.4 million for the three months ended June 30, 2026, as compared to the prior year, primarily due to Sprint, EchoStar, and other lease non-renewals, partially offset by (1) organic site leasing growth from contractual rent escalators, new leases, and amendments and (2) revenues from 27 towers acquired and 39 towers built since April 1, 2025.
Previous wording
International site leasing revenues increased $50.6 million for the three months ended March 31, 2026, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $38.4 million. These changes were primarily due to (1) revenues from 7,133 towers acquired (including 7,110 towers related to the Millicom transaction) and 525 towers built since January 1, 2025, (2) organic site leasing growth from new leases, amendments, and contractual escalators, and (3) increases in non-cash straight line revenue and reimbursable pass-through expenses, partially offset by lease non-renewals and tower divestitures. 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.
Current wording
International site leasing revenues increased $49.5 million for the three months ended June 30, 2026, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $36.3 million. These changes were primarily due to (1) revenues from 6,791 towers acquired (including 6,789 towers related to the Millicom transaction) and 559 towers built since April 1, 2025, (2) organic site leasing growth from contractual escalators, new leases, and amendments and (3) increases in non-cash straight line revenue and reimbursable pass-through expenses, partially offset by lease non-renewals and tower divestitures. Site leasing revenue in Brazil represented 14.5% 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
International site leasing segment operating profit increased $36.5 million for the three months ended March 31, 2026, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $28.3 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, 2025.
Current wording
International site leasing segment operating profit increased $36.0 million for the three months ended June 30, 2026, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $27.1 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 April 1, 2025.
Previous wording
Site development segment operating profit decreased $2.0 million for the three months ended March 31, 2026, as compared to the prior year, as a result of an increase in construction costs and decreased carrier activity.
Current wording
Site development segment operating profit decreased $4.2 million for the three months ended June 30, 2026, as compared to the prior year, as a result of decreased carrier activity and an increase in construction costs as a percentage of revenues.
Previous wording
Selling, general, and administrative expenses increased $4.3 million for the three months ended March 31, 2026, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses increased $3.4 million. These changes were driven primarily by increases in non-cash compensation expense and personnel and other support related costs (as a result of our increased presence in certain markets and entrance into Honduras), partially offset by lower costs associated with our market divestitures since January 1, 2025 and a reduction in bad debt expense.
Current wording
Selling, general, and administrative expenses increased $6.5 million for the three months ended June 30, 2026, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses increased $5.5 million. These changes were driven primarily by increases in non-cash compensation expense and personnel and other support related costs (as a result of our increased presence in certain markets and entrance into Honduras), partially offset by lower costs associated with our market divestitures since April 1, 2025 and lower bad debt expense.
Previous wording
Domestic asset impairment and decommission costs increased $11.8 million for the three months ended March 31, 2026, as compared to the prior year. This change was primarily as a result of increases 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 (due in part to Sprint related churn) and in tower and equipment related decommission costs.
Current wording
Domestic asset impairment and decommission costs decreased $7.1 million for the three months ended June 30, 2026, as compared to the prior year. This change was primarily as a result of our quarterly impairment analysis requiring a lower impairment than in the prior year period, partially offset by an increase in tower and equipment related decommission costs.
Previous wording
Other operating expense, net increased $1.9 million for the three months ended March 31, 2026, as compared to the prior year, primarily due to an increase in selling, general, and administrative expenses.
Current wording
Other operating expense, net increased $4.9 million for the three months ended June 30, 2026, as compared to the prior year, primarily due to the factors described above.
Previous wording
Provision for income taxes increased $9.1 million for the three months ended March 31, 2026, as compared to the prior year. On a constant currency basis, provision for income taxes increased $20.0 million primarilydue to increases in deferred withholding taxes and current taxes, partially offset by a decrease in foreign deferred taxes.
Current wording
Provision for income taxes increased $0.9 million for the three months ended June 30, 2026, as compared to the prior year. On a constant currency basis, provision for income taxes increased $12.1 million primarilydue to an increase in withholding taxes, partially offset by a decrease in the tax effect of income before income taxes.
Previous wording
Net income decreased $33.0 million for the three months ended March 31, 2026, as compared to the prior year. On a constant currency basis, net income decreased $12.3 million. These changes were primarily due to the factors described above.
Current wording
Net income decreased $29.2 million for the three months ended June 30, 2026, as compared to the prior year. On a constant currency basis, net income decreased $10.2 million. These changes were primarily due to the factors as described above.
Previous wording
Site development operating income decreased $2.6 million for the three months ended March 31, 2026, as compared to the prior year, primarily due to lower segment operating profit driven byan increase in construction costs and decreased carrier activity.
Current wording
Site development segment operating profit decreased $6.2 million for the six months ended June 30, 2026, as compared to the prior year, as a result ofdecreased carrier activity and an increase in construction costs as a percentage of revenues.
Previous wording
International asset impairment and decommission costs decreased $19.2 million for the three months ended March 31, 2026, as compared to the prior year. On a constant currency basis, international asset impairment and decommission costs decreased $19.4 million. These changes were primarily as a result of decreases 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 (primarily in Brazil) and in tower and equipment related decommission costs.
Current wording
International asset impairment and decommission costs decreased $34.9 million for the six months ended June 30, 2026, as compared to the prior year. On a constant currency basis, international asset impairment and decommission costs decreased $35.8 million. These changes were primarily as a result of our quarterly impairment analysis requiring a lower impairment than in the prior year period (primarily in Brazil) and a decrease in tower and equipment related decommission costs.
Previous wording
These changes were primarily due to an increase in the number of towers we acquired and built since January 1, 2025 (including 7,110 towers acquired related to the Millicom transaction), partially offset by the impact of assets that became fully depreciated since the prior year period.
Current wording
Depreciation, accretion, and amortization expense increased $27.7 million for the six months ended June 30, 2026, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense increased $23.2 million. These changes were primarily due to an increase in the number of towers we acquired and built (including 7,110 towers acquired related to the Millicom transaction) since January 1, 2025, partially offset by the impact of assets that became fully depreciated since the prior year period.
Previous wording
Interest income decreased $5.6 million for the three months ended March 31, 2026, as compared to the prior year. On a constant currency basis, interest income decreased $5.8 million. These changes were primarily due to a lower amount of interest-bearing deposits held as compared to the prior year and a decrease in interest received on a loan to an unconsolidated joint venture as the loan was repaid on March 21, 2025.
Current wording
Interest income decreased $8.1 million for the six months ended June 30, 2026, as compared to the prior year. On a constant currency basis, interest income decreased $8.6 million. These changes were primarily due to a lower amount of interest-bearing deposits held as compared to the prior year and a decrease in interest received on a loan to an unconsolidated joint venture as the loan was repaid on March 21, 2025.
Previous wording
Interest expense increased $24.4 million for the three months ended March 31, 2026, as compared to the prior year. This change was primarily due a higher average principal amount of our 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 primarily due to the higher blended rate of the interest rate swap agreements which replaced the previous swap on March 31, 2025 and the impact from the repayment of the 2020-1C Tower Securities on January 9, 2026 using borrowings from the Revolving Credit Facility which accrue interest at a higher rate.
Current wording
Interest expense increased $32.5 million for the six months ended June 30, 2026, as compared to the prior year. This change was primarily due to a higher average principal amount of our 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 primarily due to the higher blended rate of the interest rate swap agreements which replaced the previous swap on March 31, 2025 and the impact from the repayment of the 2020-1C Tower Securities on January 9, 2026 using borrowings from the Revolving Credit Facility which accrued interest at a higher rate.
Previous wording
Non-cash interest expense decreased $7.6 million for the three months ended March 31, 2026, as compared to the prior year. This change was primarily due to lower amortization of accumulated losses related to our interest rate swaps de-designated as cash flow hedges which reached their term end date in 2025.
Current wording
Non-cash interest expense decreased $6.3 million for the six months ended June 30, 2026, as compared to the prior year. This change was primarily due to lower amortization of accumulated losses related to our interest rate swaps de-designated as cash flow hedges which reached their term end date in 2025.
Previous wording
Other income, net includes a $16.3 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries for the three months ended March 31, 2026. The prior year period included a $54.6 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries and an $18.8 million loss on sale of assets (which is inclusive of a $28.9 million non-cash adjustment to realize previously unrecognized accumulated currency translation adjustments arising from the sales of our Philippines and Colombia operations).
Current wording
Other income, net includes a $28.3 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries for the six months ended June 30, 2026. The prior year period included a $99.9 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries and an $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).
Previous wording
Management uses Adjusted EBITDA in evaluating, and believes that it is useful to investors in evaluating, the profitability of our operations and to evaluate our performance 1) from period to period and (2) compared to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. In addition, Adjusted EBITDA is a widely used performance measure across the telecommunications real estate sector and management believes that it allows investors to evaluate our comparative performance without regard to items such as depreciation, amortization, and accretion, which can vary across different companies depending upon accounting methods and the book value of assets. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement and the indentures relating to the 2020 Senior Notes and 2021 Senior Notes. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Current wording
Management uses Adjusted EBITDA in evaluating, and believes that it is useful to investors in evaluating, the profitability of our operations and to evaluate our performance 1) from period to period and (2) compared to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. In addition, Adjusted EBITDA is a widely used performance measure across the telecommunications real estate sector and management believes that it allows investors to evaluate our comparative performance without regard to items such as depreciation, amortization, and accretion, which can vary across different companies depending upon accounting methods and the book value of assets. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used by our lenders to determine compliance with certain covenants under the existing Senior Credit Agreement, 2026 Senior Credit Agreement and the indentures relating to the 2020 Senior Notes, 2021 Senior Notes, and 2026 Senior Notes. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Previous wording
Adjusted EBITDA increased $18.1 million for the three months ended March 31, 2026, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA increased $10.3 million. These changes were primarilydue to an increase in international site leasing segment operating profit, partially offset by decreases in domestic site leasing segment operating profit and site development segment operating profit and an increase in cash selling, general, and administrative expenses.
Current wording
Adjusted EBITDA increased $26.4 million for the six months ended June 30, 2026, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA increased $10.3 million. These changes were primarilydue to an increase in international site leasing segment operating profit, partially offset by decreases in domestic site leasing segment operating profit and site development segment operating profit and an increase in cash selling, general, and administrative expense.
Previous wording
Cash provided by operating activities was $255.1 million for the three months ended March 31, 2026 as compared to $301.2 million for the three months ended March 31, 2025. The decrease was primarily due to increases in cash outflows associated with working capital changes related to the timing of tax and customer payments, increases in interest expense and cash selling, general, and administrative expenses and decreases in domestic site leasing segment operating profit and site development segment operating profit. The decrease was partially offset by increases in international site leasing segment operating profit.
Current wording
Cash provided by operating activities was $662.3 million for the six months ended June 30, 2026 as compared to $669.3 million for the six months ended June 30, 2025. The decrease was primarily due toincreases in net interest expense and decreases in domestic site leasing segment operating profit and site development segment operating profit. The decrease was partially offset by an increase in international site leasing segment operating profit and decreases in cash outflows associated with working capital changes related to the timing of tax and customer payments.
Previous wording
(1)Excludes $2.0 million and $3.2 million spent to extend ground lease terms for the three months ended March 31, 2026 and 2025, respectively. We recorded these amounts in prepaid expenses and other assets within the changes in operating assets and liabilities, net of acquisitions section of our Consolidated Statements of Cash Flows.
Current wording
(2)Excludes $6.4 million and $7.8 million spent to extend ground lease terms for the six months ended June 30, 2026 and 2025, respectively. We recorded these amounts in prepaid expenses and other assets within the changes in operating assets and liabilities, net of acquisitions section of our Consolidated Statements of Cash Flows.
Previous wording
As of the date of this filing, we, subsequent to quarter end, purchased or are under contract to purchase 56 communication sites for an aggregate consideration of $36.9 million in cash. We anticipate that these acquisitions will be closed by the end of the third quarter of 2026.
Current wording
As of the date of this filing, we, subsequent to June 30, 2026, purchased or are under contract to purchase 58 communication sites for an aggregate consideration of $28.8 million in cash. We anticipate that these acquisitions will be closed by the end of the fourth quarter of 2026.
Previous wording
For 2026, we expect to incur non-discretionary cash capital expenditures associated with tower maintenance and general corporate expenditures of $67.0 million to $77.0 million and discretionary cash capital expenditures, based on current or potential acquisition obligations, planned new tower construction, forecasted tower augmentations, and forecasted ground lease purchases, of $430.0 million to $450.0 million. We expect to fund these cash capital expenditures from cash on hand, cash flow from operations, and borrowings under the Revolving Credit Facility or new financings. The exact amount of our future cash capital expenditures will depend on a number of factors, including amounts necessary to support our tower portfolio, our new tower build and acquisition programs, and our ground lease purchase program.
Current wording
For 2026, we expect to incur non-discretionary cash capital expenditures associated with tower maintenance and general corporate expenditures of $65.0 million to $75.0 million and discretionary cash capital expenditures, based on current or potential acquisition obligations, planned new tower construction, forecasted tower augmentations, and forecasted ground lease purchases, of $455.0 million to $475.0 million. We expect to fund these cash capital expenditures from cash on hand, cash flow from operations, and borrowings under the Revolving Credit Facility or new financings. The exact amount of our future cash capital expenditures will depend on a number of factors, including amounts necessary to support our tower portfolio, our new tower build and acquisition programs, and our ground lease purchase program.
Previous wording
For the three months ended March 31, 2026, we paid the following cash dividends:
Current wording
For the six months ended June 30, 2026, 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, 2026, we did not issue any shares of Class A common stock under this registration statement. As of March 31, 2026, 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, 2026, we did not issue any shares of Class A common stock under this registration statement. As of June 30, 2026, 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, 2026, 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, 2026, we did not issue any securities under our automatic shelf registration statement. On July 23, 2026, we issued the 2026 Senior Notes (as defined below) under our automatic shelf registration statement on Form S-3. For more information, refer to "Debt Instruments and Debt Service Requirements" below.
Previous wording
The key terms of the Revolving Credit Facility are as follows:
Current wording
The key terms of the Revolving Credit Facility were as follows:
Previous wording
The table below summarizes our Revolving Credit Facility activity during the three months ended March 31, 2026 and 2025:
Current wording
The table below summarizes our Revolving Credit Facility activity during the three and six months ended June 30, 2026 and 2025:
Previous wording
During the three months ended March 31, 2026, we repaid an aggregate of $5.8 million of principal on the 2024 Term Loan. As of March 31, 2026, the 2024 Term Loan had a principal balance of $2.3 billion.
Current wording
During the three and six months ended June 30, 2026, we repaid an aggregate of $5.8 million and $11.5 million of principal on the 2024 Term Loan, respectively. As of June 30, 2026, the 2024 Term Loan had a principal balance of $2.2 billion.
Previous wording
As of March 31, 2026, we, through a New York common law trust (“the Trust”), had issued and outstanding an aggregate of $6.5 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 8,623 tower sites owned by the Borrowers as of March 31, 2026. 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, 2026, we, through a New York common law trust (“the Trust”), had issued and outstanding an aggregate of $6.5 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 8,611 tower sites owned by the Borrowers as of June 30, 2026. 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 reflects a blended rate of 5.194%, 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 5.420% as of March 31, 2026.
Current wording
(2)Total debt service on the 2024 Term Loan reflects a blended rate of 5.194%, 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 5.400% as of June 30, 2026. On July 23, 2026, we repaid the aggregate principal amount of the 2024 Term Loan. This amount reflects the interest that would have been due throughout the twelve month period ended June 30, 2027 had the 2024 Term Loan remained in place.
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
On a quarterly basis, we analyze whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers. Based on this analysis, our impairment charges may vary from quarter to quarter.
Current report — wording carried from elsewhere
Depreciation, accretion, and amortization expense increased $11.4 million for the three months ended June 30, 2026, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense increased $9.1 million. These changes were primarily due to an increase in the number of towers we acquired and built since April 1, 2025, (including 6,789 towers acquired related to the Millicom transaction), partially offset by the impact of assets that became fully depreciated since the prior year period.
Current report — wording carried from elsewhere
Site development operating income decreased $4.9 million for the three months ended June 30, 2026, as compared to the prior year, primarily due to the factors described above.
Current report — wording carried from elsewhere
Interest income decreased $2.5 million for the three months ended June 30, 2026, as compared to the prior year. On a constant currency basis, interest income decreased $2.8 million. These changes were primarily due to a lower amount of interest-bearing deposits held as compared to the prior year.
Current report — wording carried from elsewhere
Interest expense increased $8.1 million for the three months ended June 30, 2026, as compared to the prior year. This change was primarily due to a higher average principal amount of our 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 primarily due to the impact from the repayment of the 2020-1C Tower Securities on January 9, 2026 using borrowings from the Revolving Credit Facility which accrued interest at a higher rate.
Current report — wording carried from elsewhere
Other income, net includes a $12.0 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries for the three months ended June 30, 2026. The prior year period included a $45.3 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries.
Current report — wording carried from elsewhere
International site leasing revenues increased $100.1 million for the six months ended June 30, 2026, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $74.7 million. This change was primarily due to (1) revenues from 7,133 towers acquired (including 7,110 related to the Millicom transaction) and 624 towers built since January 1, 2025, (2) organic site leasing growth from contractual escalators, new leases, and amendments and (3) increases in non-cash straight line revenue and reimbursable pass-through expenses, partially offset by lease non-renewals and tower divestitures. Site leasing revenue in Brazil represented 14.0% of total site leasing revenue for the period. No other individual international market represented more than 5% of our total site leasing revenue.
Current report — wording carried from elsewhere
International site leasing segment operating profit increased $72.5 million for the six months ended June 30, 2026, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $55.4 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 January 1, 2025.
Current report — wording carried from elsewhere
Selling, general, and administrative expenses increased $10.9 million for the six months ended June 30, 2026, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses increased $8.9 million. These changes were driven primarily by increases in non-cash compensation expense and personnel and other support related costs (as a result of our increased presence in certain markets and entrance into Honduras), partially offset by lower costs associated with our market divestitures since January 1, 2025 and lower bad debt expense.
Current report — wording carried from elsewhere
On a quarterly basis, we analyze whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers. Based on this analysis, our impairment charges may vary from quarter to quarter.
Current report — wording carried from elsewhere
Adjusted EBITDA increased $8.3 million for the three months ended June 30, 2026, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA remained flat. These changes were primarilydue to an increase in international site leasing segment operating profit, partially offset by decreases in domestic site leasing segment operating profit and site development segment operating profit.
Current report — wording carried from elsewhere
(4)Amount includes $895.0 million of outstanding debt on the 2021-2C Tower Securities based on the anticipated repayment date of April 9, 2027; however, we are not required to pay the balance until the final maturity date of October 10, 2051.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Depreciation, accretion, and amortization expense increased $16.3 million for the three months ended March 31, 2026, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense increased $14.1 million.