Company: SBAC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001034054-25-000002
Chunk: 42

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 9B
Chunk 42
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 lease liabilities   (21,399)   (13,458)   (124,872)Other (liabilities) assets assumed, net   (4,426)   (2,300)   245Total acquisitions of towers and related assets $ 243,635 $ 86,686 $ 1,092,462 (1)These amounts include the purchase price allocation for GTS consisting of $23.8 million of property and equipment, net, $142.2 million of intangible assets, net, $48.8 million of operating lease right-of-use assets, net, $529.3 million of acquired and other right-of-use assets, net, $18.3 million of long-term lease liabilities, and $2.4 million of other net assets assumed.  In the year ended December 31, 2024, the Company concluded that for all of its acquisitions, substantially all of the value of its tower acquisitions is concentrated in a group of similar identifiable assets.During the fourth quarter of 2024, the Company entered into an agreement to purchase over 7,000 communication sites in Central America from Millicom International Cellular S.A. (“Millicom”) for approximately $975.0 million in cash. These sites are located in Guatemala, Honduras, Panama, El Salvador, and Nicaragua, with significantly all cash flows denominated in USD. Upon closing, Millicom will enter into country-specific master lease agreements (“MLAs”) to lease back space on all acquired sites for an initial term of 15 years. The MLAs will also incorporate an extension to the Company’s approximately 1,500 existing site leases with Millicom for a new 15-year term. Additionally, as part of the purchase agreement, the Company has agreed to a seven-year exclusivity right with Millicom to build up to 2,500 build-to-suit sites in Central America for Millicom with new leases on any sites built having an initial lease term of 15 years. This transaction has an estimated closing date of September 1, 2025; however, the ultimate closing is dependent upon regulatory approvals and other requirements and may differ from this date.In addition to the Millicom transaction, subsequent to December 31, 2024, the Company purchased or is under contract to purchase 32 communication sites for an aggregate consideration of $14.6 million in cash. The Company anticipates that these acquisitions will be closed by the end of the second quarter of 2025.