The company acquired 11 towers during the quarter. Subsequent to the quarter, they purchased or are under contract to purchase 271 communication sites for $84.5 million, expected to close by the end of Q3 2024.

Site development revenues decreased by 49.2% YoY, from $58.2 million to $29.6 million, as a result of decreased carrier activity driven primarily by T-Mobile, DISH Wireless, and Verizon Wireless.

Management stated that their priority is to make investments focused on increasing Adjusted Funds From Operations per share. Key elements of our capital allocation strategy include portfolio growth, stock repurchase program and dividend.

The company revised the estimated useful lives of its towers and certain related intangible assets from 15 years to 30 years, effective January 1, 2024. This resulted in a reduction in depreciation and amortization expense of approximately $102.7 million for the three months ended March 31, 2024.

On January 25, 2024, the Company amended its Revolving Credit Facility to extend the maturity date to January 25, 2029 and issued a new $2.3 billion Term Loan to retire the 2018 Term Loan.

As of March 31, 2024, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement and the Borrowers met the debt service coverage ratio required by the mortgage loan agreement.

The impact of rising interest rates, due to actions by the Federal Reserve to combat inflation, has impacted, and is expected to continue to impact, our growth rate and future operating results.

We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil, Canada, Chile, Peru, Colombia, South Africa, the Philippines, Tanzania, and to a lesser extent, our markets in Central America.

In connection with a current assessment in Brazil, the taxing authorities have issued income tax deficiencies related to purchase accounting adjustments for tax years 2016 through 2019. The company disagrees with the assessment and has filed an appeal with the higher appellate taxing authorities.

Developments in, and macroeconomic influences on, the wireless communications industry in general, and for wireless communications infrastructure providers in particular, that may slow growth or affect our customers' access to sufficient capital, or ability to expend capital to fund network expansion or enhancements.

The ability of DISH Wireless to become and compete as a nationwide carrier is a risk factor that could affect the company.

Competition for the acquisition of towers and other factors that may adversely affect our ability to purchase towers that meet our investment criteria and are available at prices which we believe will be accretive to our shareholders and allow us to maintain our long-term target leverage ratios while achieving our expected portfolio growth levels.

The site leasing business is characterized by stable and long-term recurring revenues, reduced exposure to changes in customer spending, predictable operating costs, and minimal non-discretionary capital expenditures.

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.

Site development revenues decreased $28.7 million for the three months ended March 31, 2024, as compared to the prior year, as a result of decreased carrier activity driven primarily by T-Mobile, DISH Wireless, and Verizon Wireless.

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.

The introduction of new technologies or changes in a tenant's business model that may make our tower leasing business less desirable to existing or potential tenants.

The 10Q does not explicitly mention R&D investments. However, the company is focused on accommodating new technologies and upgrades on its existing infrastructure.

Our capital allocation strategy is aimed at increasing shareholder value through investment in quality assets that meet our return criteria, stock repurchases when we believe our stock price is below its intrinsic value, and by returning cash generated by our operations in the form of cash dividends.

We currently utilize stock repurchases as part of our capital allocation policy when we believe our share price is below its intrinsic value. As of the date of this filing, we had $204.7 million of authorization remaining under the Repurchase Plan.

Cash dividends are an additional component of our strategy of returning value to shareholders. Subsequent to March 31, 2024, we declared the following cash dividends: Payable to Shareholders of Record at the Close of Business on May 23, 2024 Cash to be Paid Per Share $0.98 Date to be Paid June 19, 2024

The Revolving Credit Facility incorporates sustainability-linked targets which will adjust the Revolving Credit Facility's applicable interest and commitment fee rates upward or downward based on how the Company performs against those targets.

The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2023.

The 10Q does not explicitly mention other specific ESG initiatives.

Our expectations on the future growth and financial health of the wireless industry and the industry participants, the drivers of such growth, the demand for our towers, the future capital investments of our customers (including with respect to the roll-out of 5G), future spectrum auctions, the trends developing in our industry, and competitive factors.

The impact of rising interest rates, due to actions by the Federal Reserve to combat inflation, has impacted, and is expected to continue to impact, our growth rate and future operating results.

Developments in, and macroeconomic influences on, the wireless communications industry in general, and for wireless communications infrastructure providers in particular, that may slow growth or affect our customers' access to sufficient capital, or ability to expend capital to fund network expansion or enhancements.