On February 20, 2025, the company entered into an agreement to sell all of its towers and related assets held in Colombia. This indicates a strategic shift in the company's international portfolio.

In the third quarter of 2024, the company entered into a purchase agreement with Millicom International Cellular S.A. for over 7,000 sites throughout Central America. This transaction supports the company's desire to secure its position as a leader in international markets.

As part of the Millicom transaction, the company has agreed to a seven-year exclusivity right for it to build up to 2,500 build-to-suit sites in Central America with each site built having an initial lease term of 15 years. This provides a guaranteed growth opportunity in the region.

As of December 31, 2024, the company owned 39,749 towers, a substantial portion of which have been built by them or built by other tower owners or operators. This demonstrates continued expansion of their asset base.

As of December 31, 2024, the company had an average of 1.9 tenants per site. This metric is important for revenue growth, as more tenants per site translates to higher revenue per tower.

As of December 31, 2024, approximately 72% of the company's tower structures were located on land that they own or control for more than 20 years and the average remaining life under their ground leases and other property interests, including renewal options under their control, was 36 years. This strategy reduces exposure to rent increases.

Significant consolidation among wireless service provider customers has resulted, and is expected to continue to result, in customers failing to renew existing leases for tower space as a result of overlapping coverage, nearby locations, or reducing future capital expenditures in the aggregate because their existing networks and expansion plans may overlap or be very similar.

The wireless industry in international markets has come under competitive pressures arising from an increase in the number of industry participants (both wireless service providers and tower owners), increased cost of capital and capital expenditure requirements, declining discretionary income and changing technology requirements.

The company derives a significant portion of its revenue from a small number of customers. In the United States and in most of our international markets, there are only two to three primary wireless carriers. Consequently, a reduction in demand for site leasing, reduced future capital expenditures or operating expenses on the networks, or the loss, as a result of bankruptcy, merger with other customers of ours or otherwise, of any of our largest customers could materially decrease our revenue and have an adverse effect on our growth.

In the U.S., primary competitors for site leasing activities are large independent tower companies, regional independent tower owners, wireless service providers that own and operate their own towers, and owners and operators of alternative facilities such as rooftops and indoor distributed antenna systems.

The company believes that tower location and capacity, quality of service, density within a geographic market, and price historically have been, and will continue to be, the most significant competitive factors affecting the domestic and international site leasing business.

The site development business is competitive and price sensitive. The market includes participants from a variety of market segments offering individual, or combinations of, competing services. Providers base their decisions for site development services on a number of criteria, including company experience, price, track record, local reputation, geographic reach, and time for completion of a project.

The company believes that the site leasing business is characterized by stable and long-term recurring revenues, predictable operating costs, and minimal non-discretionary capital expenditures.

The company generally constructs or acquires towers that accommodate multiple tenants and a majority of their towers are high capacity tower structures. Most of their towers have significant capacity available for additional antennas, and they believe that increased use of their towers' structural capacity can generate additional lease revenue and be achieved at a low incremental cost.

The company has broad field organizations across the U.S. and in international markets that allow it to develop and capitalize on experience, expertise, and relationships in each of their local markets which in turn enhances customer relationships.

In addition to traditional tower-related services, the company continues to explore ancillary services and evolving technologies that they believe will allow them to create additional value by leveraging current assets, capabilities, and relationships with wireless service providers and others by expanding SBA's business within the growing communications ecosystem.

The company is exploring ways to participate in edge computing infrastructure to support existing and future customers' increasing need to deploy computing capabilities to locations closer to their end users, such as regional data centers and smaller local data centers located at the base of their towers.

The company is exploring opportunities to leverage tower assets and infrastructure to provide energy as a service, including through the deployment of on-site battery backup systems and solar energy solutions.

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

In a high interest rate environment and when they believe interest rates may stay higher for longer, the company believes that debt repayments, especially of variable rate debt, may be an accretive use of their excess capital.

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 their internal return on invested capital criteria.

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.

In 2013, the company opened its central training facility "Tower U" which provides a rigorous safety certification program that is required for their tower technicians. They are proud that their average lost-day incident rate in the U.S. for 2024 was below the 2023 Bureau of Labor benchmark.

As an owner and operator of real property, the company is subject to certain environmental laws that impose strict, joint and several liability for the cleanup of on-site or off-site contamination and related personal injury or property damage. The company believes that it is in substantial compliance with and has no material liability under any applicable environmental laws.

The company believes that growing wireless data traffic will require wireless service providers to continue to increase the capacity of their networks, and they believe that the continued capacity increases will require their customers to install equipment at new sites and add new equipment at existing sites.

The velocity of spectrum development is expected to remain dynamic as carriers continue to deploy new bands and optimize bands that are currently in service, both of which activities the company expects will require carriers to install equipment at new sites and add new equipment at existing sites.

Consumers list network quality as a key contributor when terminating or changing service. To remain competitive and to decrease subscriber churn rates, wireless carriers have made substantial capital investments into their wireless networks to improve service quality and expand coverage.