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, 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.

Current wording

Our primary business line is our site leasing business, which contributed 98.3% of our total segment operating profit for the nine months ended September 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 September 30, 2026, we owned 45,252 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 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.

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 September 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 nine months ended September 30, 2026. In addition, as of September 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

In Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, and Panama, substantially all of our revenue, expenses, and capital expenditures arising from our activities are denominated in U.S. dollars. Specifically, most of our ground leases and other property interests, tenant leases, and tower-related expenses are paid in U.S. dollars. In most of our Central American markets, our local currency obligations are principally limited to (1) permitting and other local fees, (2) utilities, and (3) taxes. In Brazil, Chile, and South Africa, substantially all of our revenue, expenses, and capital expenditures, including tenant leases, ground leases and other property interests, and other tower-related expenses are denominated in local currency. In Costa Rica, Peru, and Tanzania, our revenue, expenses, and capital expenditures, including tenant leases, ground leases and other property interests, and other tower-related expenses are denominated in a mix of local currency and U.S. dollars.

Current wording

In El Salvador, Guatemala, Honduras, Nicaragua, and Panama, substantially all of our revenue, expenses, and capital expenditures arising from our activities are denominated in U.S. dollars. Specifically, most of our ground leases and other property interests, tenant leases, and tower-related expenses are paid in U.S. dollars. In most of our Central American markets, our local currency obligations are principally limited to (1) permitting and other local fees, (2) utilities, and (3) taxes. In Brazil and South Africa, substantially all of our revenue, expenses, and capital expenditures, including tenant leases, ground leases and other property interests, and other tower-related expenses are denominated in local currency. In Costa Rica, Peru, and Tanzania, our revenue, expenses, and capital expenditures, including tenant leases, ground leases and other property interests, and other tower-related expenses are denominated in a mix of local currency and U.S. dollars.

Previous wording

We expect churn to be elevated through 2026 due to churn in some of our markets. In our domestic markets, we currently expect churn to represent an aggregate of between $132.0 million and $136.0 million of cash site leasing revenue due in part to Sprint and EchoStar churn. In our international markets, we currently expect churn to represent an aggregate of between $36.0 million and $40.0 million of cash site leasing revenue due in part to Oi wireline churn.

Current wording

We expect churn to be elevated through 2026. In our domestic markets, we currently expect churn to represent an aggregate of between $133.0 million and $136.0 million of cash site leasing revenue due in part to Sprint and EchoStar churn. In our international markets, we currently expect churn to represent an aggregate of between $37.0 million and $39.0 million of cash site leasing revenue due in part to Oi wireline churn.

Previous 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.

Current wording

Domestic site leasing revenues decreased $15.9 million for the three months ended September 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, (2) revenues from 29 towers acquired and 32 towers built since July 1, 2025 and (3) increases in non-cash straight line revenue.

Previous 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.

Current wording

International site leasing revenues increased $24.8 million for the three months ended September 30, 2026, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $18.2 million. These changes were primarily due to (1) revenues from 2,467 towers acquired (including 2,466 towers related to the Millicom transaction) and 685 towers built since July 1, 2025, (2) organic site leasing growth from contractual escalators, new leases, and amendments and (3) increases in reimbursable pass-through expenses and non-cash straight line revenue, partially offset by lease non-renewals and tower divestitures. Site leasing revenue in Brazil represented 14.2% 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 $36.0 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.

Current wording

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 July 1, 2025.

Previous wording

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 wording

Selling, general, and administrative expenses increased $2.0 million for the three months ended September 30, 2026, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses increased $1.6 million. These changes were driven primarily by an increase in personnel and other support related costs (as a result of our increased presence in certain markets and entrance into Honduras), partially offset by a decrease in non-cash compensation expense and lower costs associated with our market divestitures since July 1, 2025.

Previous 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.

Current wording

Domestic asset impairment and decommission costs decreased $10.3 million for the three months ended September 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

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 wording

International asset impairment and decommission costs increased $3.0 million for the three months ended September 30, 2026, as compared to the prior year. On a constant currency basis, international asset impairment and decommission costs increased $2.8 million. These changes were primarily as a result of our quarterly impairment analysis requiring a higher impairment than in the prior year period.

Previous wording

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 wording

Depreciation, accretion, and amortization expense increased $7.5 million for the three months ended September 30, 2026, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense increased $6.4 million. These changes were primarily due to an increase in the number of towers we acquired and built since July 1, 2025, (including 2,466 towers acquired related to the Millicom transaction), partially offset by lower costs associated with towers sold since July 1, 2025 and the impact of assets that became fully depreciated since the prior year period.

Previous wording

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 wording

Domestic site leasing operating income decreased $7.9 million, international site leasing operating income increased $7.7 million, site development operating income decreased $2.8 million, and other operating expense, net increased $3.4 million for the three months ended September 30, 2026, as compared to the prior year. On a constant currency basis, international site leasing operating income increased $4.9 million. These changes were primarily due to the factors described above.

Previous wording

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 wording

Interest income increased $2.4 million for the three months ended September 30, 2026, as compared to the prior year. On a constant currency basis, interest income increased $2.1 million. These changes were primarily due to a higher amount of interest-bearing deposits held as compared to the prior year.

Previous wording

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 wording

Interest expense increased $6.7 million for the three months ended September 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 then existing revolving credit facility which accrued interest at a higher rate, partially offset by the subsequent repayment of the amounts outstanding under our then existing revolving credit facility and the 2024 Term Loan on July 23, 2026 using proceeds from the issuance of the 2026 Senior Notes.

Previous 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).

Current wording

Other income, net includes a $2.4 million loss on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries and a $15.6 million gain on sale of assets for the three months ended September 30, 2026 (which is inclusive of $6.2 million non-cash adjustment to realize previously unrecognized accumulated currency translation adjustments arising from the sale of our Chile operations). The prior year period included a $37.9 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries.

Previous 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.

Current wording

Provision for income taxes decreased $26.4 million for the three months ended September 30, 2026, as compared to the prior year. On a constant currency basis, provision for income taxes decreased $13.1 million primarilydue to a decrease in the tax effect of the jurisdictional mix of earnings, partially offset byan increase in withholding taxes.

Previous 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.

Current wording

Net income decreased $8.1 million for the three months ended September 30, 2026, as compared to the prior year. On a constant currency basis, net income increased $15.8 million. These changes were primarily due to the factors described above.

Previous wording

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Current wording

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025

Previous wording

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 wording

Domestic site leasing revenues decreased $43.9 million for the nine months ended September 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, (2) revenues from 36 towers acquired and 44 towers built since January 1, 2025 and (3) increases in non-cash straight line revenue.

Previous wording

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 wording

International site leasing revenues increased $124.9 million for the nine months ended September 30, 2026, as compared to the prior year. On a constant currency basis, international site leasing revenues increased $93.0 million. This change was primarily due to (1) revenues from 7,133 towers acquired (including 7,110 related to the Millicom transaction) and 834 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 14.1% 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 $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 wording

International site leasing segment operating profit increased $92.5 million for the nine months ended September 30, 2026, as compared to the prior year. On a constant currency basis, international site leasing segment operating profit increased $70.8 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 January 1, 2025.

Previous 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.

Current wording

Site development segment operating profit decreased $8.9 million for the nine months ended September 30, 2026, as compared to the prior year, as a result ofdecreased carrier activity.

Previous 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.

Current wording

Selling, general, and administrative expenses increased $12.9 million for the nine months ended September 30, 2026, as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses increased $10.5 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 January 1, 2025 and lower bad debt expense.

Previous wording

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 wording

Domestic asset impairment and decommission costs decreased $5.6 million for the nine months ended September 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

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.

Current wording

International asset impairment and decommission costs decreased $31.9 million for the nine months ended September 30, 2026, as compared to the prior year. On a constant currency basis, international asset impairment and decommission costs decreased $33.1 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

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.

Current wording

Depreciation, accretion, and amortization expense increased $35.2 million for the nine months ended September 30, 2026, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense increased $29.7 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 lower costs associated with towers sold since January 1, 2025 and the impact of assets that became fully depreciated since the prior year period.

Previous 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.

Current wording

Interest income decreased $5.7 million for the nine months ended September 30, 2026, as compared to the prior year. On a constant currency basis, interest income decreased $6.5 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 $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.

Current wording

Interest expense increased $39.2 million for the nine months ended September 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 then existing revolving credit facility which accrued interest at a higher rate, partially offset by the subsequent repayment of the then existing revolving credit facility and the 2024 Term Loan on July 23, 2026 using proceeds from the issuance of the 2026 Senior Notes.

Previous 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.

Current wording

Non-cash interest expense decreased $23.3 million for the nine months ended September 30, 2026, as compared to the prior year. This change was primarily due to a $19.0 million gain recognized upon the de-designation of our interest rate swaps, reflecting amounts previously recorded in accumulated other comprehensive loss, in connection with the repayment of the 2024 Term Loan and 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

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 wording

Provision for income taxes decreased $16.4 million for the nine months ended September 30, 2026, as compared to the prior year. On a constant currency basis, provision for income taxes increased $19.0 million primarily dueto an increase in withholding taxes, partially offset by a decrease in the tax effect of the jurisdictional mix of earnings.

Previous wording

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 wording

Net income decreased $70.3 million for the nine months ended September 30, 2026, as compared to the prior year. On a constant currency basis, net income decreased $6.8 million. These changes were primarily due to the factors described above.

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 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.

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 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 $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 wording

Adjusted EBITDA decreased $5.2 million for the three months ended September 30, 2026, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA decreased $9.5 million. These changes were primarilydue to decreases in domestic site leasing segment operating profit and site development segment operating profit and an increase in cash selling, general, and administrative expense, partially offset by an increase in international site leasing segment operating profit.

Previous 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.

Current wording

Adjusted EBITDA increased $21.2 million for the nine months ended September 30, 2026, as compared to the prior year period. On a constant currency basis, Adjusted EBITDA increased $0.8 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

Our capital allocation policy, which is built upon predictable strong cash flows, continues to prioritize opportunistically investment in quality assets, through acquisitions to the extent there are opportunities that meet our return criteria and through the construction of new towers, then stock repurchases, and then cash dividend growth over time. In addition, in a high interest rate environment and when we believe interest rates may stay higher for longer, we believe that debt repayments, especially of our variable rate debt, may be an accretive use of our excess capital.

Current wording

Our capital allocation policy, which is built upon predictable strong cash flows, continues to prioritize opportunistic investment in quality assets, through acquisitions to the extent there are opportunities that meet our return criteria and through the construction of new towers, then stock repurchases, and then cash dividend growth over time. In addition, in a high interest rate environment and when we believe interest rates may stay higher for longer, we believe that debt repayments, especially of our variable rate debt, may be an accretive use of our excess capital.

Previous 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.

Current wording

Cash provided by operating activities was $994.1 million for the nine months ended September 30, 2026 as compared to $987.3 million for the nine months ended September 30, 2025. The increase was primarily due to 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. The increase was partially offset by an increase in net interest expense and decreases in domestic site leasing segment operating profit and site development segment operating profit.

Previous wording

(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 wording

(1)During the nine months ended September 30, 2026, we acquired 23 towers and related assets and liabilities, as well as the rights to land underneath approximately 3,900 communication sites in Guatemala. During the nine months ended September 30, 2025, we acquired 5,120 towers and related assets and liabilities, including 5,090 sites related to the Millicom transaction.

Previous 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.

Current wording

(3)Excludes $8.6 million and $9.7 million spent to extend ground lease terms for the nine months ended September 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 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.

Current wording

As of the date of this filing, we, subsequent to September 30, 2026, purchased or are under contract to purchase 69 communication sites for an aggregate consideration of $17.9 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 $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.

Current wording

For 2026, we expect to incur non-discretionary cash capital expenditures associated with tower maintenance and general corporate expenditures of $61.0 million to $65.0 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 $480.0 million to $490.0 million. We expect to fund these cash capital expenditures from cash on hand, cash flow from operations, and borrowings under the Revolving Credit Facility and Commercial Paper Program (as defined below), 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.