The company acquired 128 towers and related assets and liabilities during the six months ended June 30, 2024. Additionally, subsequent to June 30, 2024, the Company purchased or is under contract to purchase 106 communication sites.

Site development revenues decreased $47.0 million for the six months ended June 30, 2024, as compared to the prior year, as a result of decreased carrier activity driven primarily by T-Mobile, DISH Wireless, and Verizon Wireless.

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

The company amended and restated its Senior Credit Agreement to issue a new $2.3 billion Term Loan and retire the 2018 Term Loan, and increased the total commitments under its Revolving Credit Facility from $1.5 billion to $2.0 billion.

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 change resulted in a reduction in depreciation and amortization expense.

As of June 30, 2024, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement and the entities that are borrowers on the mortgage loan met the debt service coverage ratio required by the mortgage loan agreement.

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

The company's primary market risk exposure is interest rate risk relating to its ability to refinance debt at commercially reasonable rates and the impact of interest rate movements on the variable portion of its 2024 Term Loan and any borrowings under its Revolving Credit Facility.

At June 30, 2024 and December 31, 2023, the two largest customers comprised 90.5% and 84.6%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.

The company believes that the site leasing business continues to be attractive due to its long-term contracts, built-in rent escalators, high operating margins, and low customer churn.

Domestic site leasing revenues increased $6.5 million for the three months ended June 30, 2024, as compared to the prior year, primarily due to organic site leasing growth, primarily from monetary lease amendments, and additional equipment added to our towers as well as new leases and contractual rent escalators.

Operating costs for owned towers do not generally increase as a result of adding additional customers to the tower. The company expects to grow cash flows by adding tenants to towers at minimal incremental costs by using existing tower capacity.

Domestic site leasing segment operating profit increased $5.4 million for the three months ended June 30, 2024, as compared to the prior year, primarily due to continued control of our site leasing cost of revenue.

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 ongoing maintenance requirements are typically minimal and include replacing lighting systems, painting a tower, or upgrading or repairing an access road or fencing.

The filing does not provide specific details on R&D investments, technological capabilities, digital transformation efforts, or intellectual property position.

The company intends to continue to grow its asset portfolio, domestically and internationally, primarily through tower acquisitions and the construction of new towers that meet internal return on invested capital criteria.

The company currently utilizes stock repurchases as part of its capital allocation policy when it believes its share price is below its intrinsic value.

Cash dividends are an additional component of the company's strategy of returning value to shareholders. The company does not expect its dividend to require any changes in its leverage.

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 company's future performance is tied to the future growth and financial health of the wireless industry and the industry participants, the drivers of such growth, including future spectrum auctions and the roll-out of 5G and fixed wireless.

The consolidation of domestic and international wireless service providers impacts the company's financial and operational results, including churn.

Increasing interest rates has impacted, and is expected to continue to impact, the ability and willingness of wireless service providers to incur capital expenditures at prior levels to expand their networks, which could adversely affect our future revenue growth rates.