SBA COMMUNICATIONS CORP, 10-K filed on 2/28/2024
Annual Report
v3.24.0.1
Document And Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 15, 2024
Jun. 30, 2023
Document And Entity Information [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2023    
Document Fiscal Year Focus 2023    
Document Transition Report false    
Entity File Number 001-16853    
Entity Registrant Name SBA COMMUNICATIONS CORPORATION    
Entity Incorporation, State or Country Code FL    
Entity Tax Identification Number 65-0716501    
Entity Address, Address Line One 8051 Congress Avenue    
Entity Address, City or Town Boca Raton    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33487    
City Area Code 561    
Local Phone Number 995-7670    
Title of 12(b) Security Class A Common Stock, $0.01 par value per share    
Trading Symbol SBAC    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 24.9
Entity Common Stock Shares Outstanding   108,108,678  
Documents Incorporated By Reference Portions of the Registrant’s definitive proxy statement for its 2024 annual meeting of shareholders, which proxy statement will be filed no later than 120 days after the close of the Registrant’s fiscal year ended December 31, 2023, are hereby incorporated by reference in Part III of this Annual Report on Form 10-K.    
Document Financial Statement Error Correction [Flag] false    
Amendment Flag false    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001034054    
Auditor Firm ID 42    
Auditor Name Ernst & Young LLP    
Auditor Location Boca Raton, Florida    
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 208,547 $ 143,708
Restricted cash 38,129 41,959
Accounts receivable, net 182,746 184,368
Costs and estimated earnings in excess of billings on uncompleted contracts 16,252 79,549
Prepaid expenses and other current assets 38,593 33,149
Total current assets 484,267 482,733
Property and equipment, net 2,711,719 2,713,727
Intangible assets, net 2,455,597 2,776,472
Operating lease right-of-use assets, net 2,240,781 2,381,955
Acquired and other right-of-use assets, net 1,473,601 1,507,781
Other assets 812,476 722,373
Total assets 10,178,441 10,585,041
Current Liabilities:    
Accounts payable 42,202 51,427
Accrued expenses 92,622 101,484
Current maturities of long-term debt 643,145 24,000
Deferred revenue 235,668 154,553
Accrued interest 57,496 54,173
Current lease liabilities 273,464 262,365
Other current liabilities 18,662 48,762
Total current liabilities 1,363,259 696,764
Long-term liabilities:    
Long-term debt, net 11,681,170 12,844,162
Long-term lease liabilities 1,865,686 2,040,628
Other long-term liabilities 404,161 248,067
Total long-term liabilities 13,951,017 15,132,857
Redeemable noncontrolling interests 35,047 31,735
Shareholders' deficit:    
Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding
Common stock - Class A, par value $0.01, 400,000 shares authorized, 108,050 shares and 107,997 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively 1,080 1,080
Additional paid-in capital 2,894,060 2,795,176
Accumulated deficit (7,450,824) (7,482,061)
Accumulated other comprehensive loss, net (615,198) (590,510)
Total shareholders' deficit (5,170,882) (5,276,315)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit $ 10,178,441 $ 10,585,041
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Consolidated Balance Sheets [Abstract]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 30,000,000 30,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock - Class A, par value $ 0.01 $ 0.01
Common stock - Class A, shares authorized 400,000,000 400,000,000
Common stock - Class A, shares issued 108,050,000 107,997,000
Common stock - Class A, shares outstanding 108,050,000 107,997,000
v3.24.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Site leasing $ 2,516,935 $ 2,336,575 $ 2,104,087
Site development 194,649 296,879 204,747
Total revenues 2,711,584 2,633,454 2,308,834
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):      
Cost of site leasing 472,687 445,685 386,391
Cost of site development 139,935 222,965 159,093
Selling, general, and administrative expenses 267,936 261,853 220,029
Acquisition and new business initiatives related adjustments and expenses 21,671 26,807 27,621
Asset impairment and decommission costs 169,387 43,160 33,044
Depreciation, accretion, and amortization 716,309 707,576 700,161
Total operating expenses 1,787,925 1,708,046 1,526,339
Operating income 923,659 925,408 782,495
Other income (expense):      
Interest income 18,305 10,133 3,448
Interest expense (400,373) (353,784) (352,919)
Non-cash interest expense (35,868) (46,109) (47,085)
Amortization of deferred financing fees (20,273) (19,835) (19,589)
Loss from extinguishment of debt, net   (437) (39,502)
Other income (expense), net 63,053 10,467 (74,284)
Total other expense, net (375,156) (399,565) (529,931)
Income before income taxes 548,503 525,843 252,564
Provision for income taxes (51,088) (66,044) (14,940)
Net income 497,415 459,799 237,624
Net loss attributable to noncontrolling interests 4,397 1,630  
Net income attributable to SBA Communications Corporation $ 501,812 $ 461,429 $ 237,624
Net income per common share attributable to SBA Communications Corporation:      
Basic $ 4.64 $ 4.27 $ 2.17
Diluted $ 4.61 $ 4.22 $ 2.14
Weighted-average number of common shares      
Basic 108,204 107,957 109,328
Diluted 108,907 109,386 111,177
v3.24.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Consolidated Statements of Comprehensive Income [Abstract]      
Net income $ 497,415 $ 459,799 $ 237,624
Adjustments related to interest rate swaps (68,133) 167,423 93,087
Foreign currency translation adjustments 42,546 4,172 (47,814)
Comprehensive income 471,828 631,394 282,897
Comprehensive loss attributable to noncontrolling interests 5,296 1,834  
Comprehensive income attributable to SBA Communications Corporation $ 477,124 $ 633,228 $ 282,897
v3.24.0.1
Consolidated Statements of Shareholders' Deficit - USD ($)
shares in Thousands, $ in Thousands
Common Stock [Member]
Class A Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Common Stock [Member]
Class A Common Stock [Member]
Additional Paid-In Capital [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Loss, Net [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Accumulated Other Comprehensive Loss, Net [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Total
BALANCE at Dec. 31, 2020   $ 1,098   $ 2,586,130   $ (6,604,028)   $ (807,582)   $ (4,824,382)
BALANCE, Shares at Dec. 31, 2020   109,819                
Net income attributable to SBA Communications Corporation           237,624       237,624
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements   $ 10   14,744           14,754
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares   1,017                
Non-cash stock compensation       85,779           85,779
Adjustments related to interest rate swaps               93,087   93,087
Repurchase and retirement of common stock   $ (19)       (582,559)       (582,578)
Repurchase and retirement of common stock, Shares   (1,880)                
Foreign currency translation adjustments attributable to SBA Communications Corporation               (47,814)   (47,814)
Dividends and dividend equivalents on common stock           (254,568)       (254,568)
Contribution from partner for noncontrolling interest       (2,500)           (2,500)
Adjustment to redemption amount related to noncontrolling interests       (2,806)           (2,806)
BALANCE at Dec. 31, 2021 $ 1,089   $ 2,681,347   $ (7,203,531)   $ (762,309)   $ (5,283,404)  
BALANCE, Shares at Dec. 31, 2021 108,956                  
Net income attributable to SBA Communications Corporation           461,429       461,429
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements   $ 3   28,302           28,305
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares   341                
Non-cash stock compensation       101,846           101,846
Adjustments related to interest rate swaps               167,423   167,423
Repurchase and retirement of common stock   $ (12)       (431,654)       (431,666)
Repurchase and retirement of common stock, Shares   (1,300)                
Foreign currency translation adjustments attributable to SBA Communications Corporation               4,376   4,376
Dividends and dividend equivalents on common stock           (308,305)       (308,305)
Adjustment to redemption amount related to noncontrolling interests       (16,319)           (16,319)
BALANCE at Dec. 31, 2022   $ 1,080   2,795,176   (7,482,061)   (590,510)   $ (5,276,315)
BALANCE, Shares at Dec. 31, 2022   107,997               107,997
Net income attributable to SBA Communications Corporation           501,812       $ 501,812
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements   $ 5   16,710           16,715
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares   558                
Non-cash stock compensation       89,582           89,582
Adjustments related to interest rate swaps               (68,133)   (68,133)
Repurchase and retirement of common stock   $ (5)       (100,005)       (100,010)
Repurchase and retirement of common stock, Shares   (505)                
Foreign currency translation adjustments attributable to SBA Communications Corporation               43,445   43,445
Dividends and dividend equivalents on common stock           (370,570)       (370,570)
Adjustment to redemption amount related to noncontrolling interests       (7,408)           (7,408)
BALANCE at Dec. 31, 2023   $ 1,080   $ 2,894,060   $ (7,450,824)   $ (615,198)   $ (5,170,882)
BALANCE, Shares at Dec. 31, 2023   108,050               108,050
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 497,415 $ 459,799 $ 237,624
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, accretion, and amortization 716,309 707,576 700,161
Non-cash asset impairment and decommission costs 154,947 42,807 31,790
Non-cash compensation expense 87,919 99,909 84,402
(Gain) loss on remeasurement of U.S. denominated intercompany loans (81,222) (20,295) 66,285
Loss from extinguishment of debt, net   437 36,718
Deferred income tax expense (benefit) 4,629 32,901 (8,510)
Non-cash interest expense 35,868 46,109 47,085
Amortization of deferred financing fees 20,273 19,835 19,589
Other non-cash items reflected in the Statements of Operations 43,785 9,742 9,881
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net 44,386 (81,351) (38,237)
Prepaid expenses and other assets (35,498) (29,746) (28,243)
Operating lease right-of-use assets, net 141,114 135,473 114,321
Accounts payable and accrued expenses (66,324) 25,118 (473)
Long-term lease liabilities (138,699) (129,471) (113,292)
Other liabilities 119,491 (33,143) 30,795
Net cash provided by operating activities 1,544,393 1,285,700 1,189,896
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions (129,961) (1,176,092) (1,257,704)
Capital expenditures (236,698) (214,443) (133,694)
Purchase of investments (1,339,026) (881,781) (1,731,111)
Proceeds from sale of investments 1,338,354 878,138 1,730,477
Loan to unconsolidated joint venture (100,494)    
Other investing activities (421) 524 (31,228)
Net cash used in investing activities (468,246) (1,393,654) (1,423,260)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings under Revolving Credit Facility 190,000 975,000 1,935,000
Repayments under Revolving Credit Facility (730,000) (605,000) (1,965,000)
Proceeds from issuance of Senior Notes, net of fees     1,485,373
Repayment of Senior Notes     (1,870,909)
Proceeds from issuance of Tower Securities, net of fees   839,885 2,924,005
Repayment of Tower Securities   (640,000) (1,335,000)
Repurchase and retirement of common stock (100,010) (431,666) (582,578)
Payment of dividends on common stock (369,960) (306,766) (253,580)
Proceeds from employee stock purchase/stock option plans 44,196 38,303 86,688
Payments related to taxes on stock options and restricted stock units (27,481) (9,958) (71,904)
Other financing activities (23,963) 4,728 (12,831)
Net cash (used in) provided by financing activities (1,017,218) (135,474) 339,264
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 2,734 (2,915) (13,082)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 61,663 (246,343) 92,818
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:      
Beginning of period 189,283 435,626 342,808
End of period 250,946 189,283 435,626
Cash paid during the period for:      
Interest 396,593 347,659 360,515
Income taxes 25,581 32,320 25,568
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:      
Right-of-use assets obtained in exchange for new operating lease liabilities 55,409 171,203 33,315
Operating lease modifications and reassessments (36,539) 48,946 36,817
Right-of-use assets obtained in exchange for new finance lease liabilities $ 1,954 $ 3,860 $ 2,100
v3.24.0.1
General
 12 Months Ended
Dec. 31, 2023
Basis of Presentation [Abstract]  
General 1.GENERAL

SBA Communications Corporation (the “Company” or “SBAC”) was incorporated in the State of Florida in March 1997. The Company is a holding company that holds all of the outstanding capital stock of SBA Telecommunications, LLC (“Telecommunications”). Telecommunications is a holding company that holds the outstanding capital stock of SBA Senior Finance, LLC (“SBA Senior Finance”), and other operating subsidiaries which are not a party to any loan agreement. SBA Senior Finance is a holding company that holds, directly or indirectly, the equity interest in certain subsidiaries that issued the Tower Securities (see Note 11) and certain subsidiaries that were not involved in the issuance of the Tower Securities. With respect to the subsidiaries involved in the issuance of the Tower Securities, SBA Senior Finance is the sole member of SBA Holdings, LLC and SBA Depositor, LLC. SBA Holdings, LLC is the sole member of SBA Guarantor, LLC. SBA Guarantor, LLC directly or indirectly holds all of the capital stock of the companies referred to as the “Borrowers” under the Tower Securities. With respect to subsidiaries not involved in the issuance of the Tower Securities, SBA Senior Finance holds all of the membership interests in SBA Senior Finance II, LLC (“SBA Senior Finance II”) and certain non-operating subsidiaries. SBA Senior Finance II holds, directly or indirectly, all the capital stock of certain international subsidiaries and certain other tower companies (known as “Tower Companies”). SBA Senior Finance II also holds, directly or indirectly, all the capital stock and/or membership interests of certain other subsidiaries involved in providing services, including SBA Network Services, LLC (“Network Services”) as well as SBA Network Management, Inc. (“Network Management”) which manages and administers the operations of the Borrowers.

As of December 31, 2023, the Company owned and operated wireless towers in the United States and its territories. In addition, the Company owned towers in Brazil, Canada, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Nicaragua, Panama, Peru, South Africa, the Philippines, and Tanzania. The Company sold all of its towers and related assets held in Argentina in the fourth quarter of 2023. Space on these towers is leased primarily to wireless service providers. As of December 31, 2023, the Company owned and operated 39,618 towers of which 17,487 are domestic and 22,131 are international, of which 12,713 are located in Brazil.
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements is as follows:

Principles of Consolidation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company and its majority and wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, incremental borrowing rate for lease accounting, fair value of investments, and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material.

The Company is in the process of reviewing the remaining estimated useful lives of its towers and intangible assets and is considering, for U.S. GAAP purposes, whether it should modify its current estimates for asset lives based on its historical operating experience. The Company has retained an independent consultant to assist in completing this review and analysis. The Company currently depreciates its towers on a straight-line basis over the shorter of the term of the underlying ground lease (including renewal options) taking into account residual value or the estimated useful life of the tower, which the Company has historically estimated to be 15 years. Additionally, certain of the Company’s intangible assets are amortized on a similar basis to its tower assets, as the estimated useful lives of such intangible assets correlate to the useful life of the towers. If the Company concludes that a revision in the estimated useful lives of its towers and intangible assets is appropriate based on its review and analysis, the Company will account for any changes in the useful lives as a change in accounting estimate under Accounting Standards Codification (“ASC”) 250

Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change. Based on preliminary information obtained to date, the Company expects that its estimated asset lives may be extended, which would result in prospective (i) decreases in depreciation and amortization and (ii) increases in the right of use asset and operating lease liability, and such changes could be material to future depreciation and amortization and the Company’s consolidated results of operations. The Company expects to conclude its analysis in the first quarter of 2024.

Cash and Cash Equivalents

Cash and cash equivalents consist primarily of cash in banks, money market funds, commercial paper, highly liquid short-term investments, and other marketable securities with an original maturity of three months or less at the time of purchase. These investments are carried at cost, which approximates fair value.

Restricted Cash

The Company classifies all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. This includes cash held in escrow to fund certain reserve accounts relating to the Tower Securities as well as for payment and performance bonds and surety bonds issued for the benefit of the Company in the ordinary course of business, as well as collateral associated with workers’ compensation plans (see Note 4).

Investments

Investment securities with original maturities of more than three months but less than one year at time of purchase are considered short-term investments and are classified in prepaid expenses and other current assets on the accompanying Consolidated Balance Sheets. The Company’s short-term investments primarily consist of certificates of deposit with maturities of less than a year. Investment securities with maturities of more than a year are considered long-term investments and are classified in other assets on the accompanying Consolidated Balance Sheets. Long-term investments consist of strategic investments in companies and are accounted for under the cost and equity method. Gross purchases and proceeds from sales of the Company’s investments are presented within Cash flows from investing activities on the Company’s Consolidated Statements of Cash Flows. During the year ended December 31, 2023 and 2022, no gain or loss was recorded related to the sale or maturity of investments.

Property and Equipment

Property and equipment are recorded at cost or at estimated fair value (in the case of acquired properties), adjusted for asset impairment and estimated asset retirement obligations. Costs for self-constructed towers include direct materials and labor, indirect costs and capitalized interest. Approximately $0.9 million, $0.6 million, and $0.5 million of interest cost was capitalized in 2023, 2022 and 2021, respectively.

Depreciation on towers and related components is provided using the straight-line method over the estimated useful lives, not to exceed the minimum lease term of the underlying ground lease. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the minimum lease term of the lease. For all other property and equipment, depreciation is provided using the straight-line method over the estimated useful lives.

The Company performs ongoing evaluations of the estimated useful lives of its property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the useful lives of assets are reduced, depreciation may be accelerated in future years. Property and equipment under capital leases are amortized on a straight-line basis over the term of the lease or the remaining estimated life of the leased property, whichever is shorter, and the related amortization is included in depreciation expense. Expenditures for maintenance and repair are expensed as incurred.

Asset classes and related estimated useful lives are as follows:

Towers and related components

3 - 15 years

Furniture, equipment, and vehicles

2 - 7 years

Data Centers, buildings, and leasehold improvements

10 - 30 years

Betterments, improvements, and significant repairs, which increase the value or extend the life of an asset, are capitalized and depreciated over the estimated useful life of the respective asset. Changes in an asset’s estimated useful life are accounted for prospectively, with the book value of the asset at the time of the change being depreciated over the revised remaining useful life. There has been no material impact for changes in estimated useful lives for any years presented.

Deferred Financing Fees

Financing fees related to the issuance of debt have been deferred and are being amortized using the effective interest rate method over the expected duration of the related indebtedness (see Note 11). For all of the Company’s debt, except for the Revolving Credit Facility where the debt issuance costs are being presented as an asset on the accompanying Consolidated Balance Sheets, debt issuance costs are presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset.

Intangible Assets

The Company classifies as intangible assets the fair value of current leases in place at the acquisition date of towers and related assets (referred to as the “Current contract intangibles”), and the fair value of future tenant leases anticipated to be added to the acquired towers (referred to as the “Network location intangibles”). These intangibles are estimated to have a useful life consistent with the useful life of the related tower assets, which is typically 15 years. For all intangible assets, amortization is provided using the straight-line method over the estimated useful lives as the benefit associated with these intangible assets is anticipated to be derived evenly over the life of the asset.

Impairment of Long-Lived Assets

The Company evaluates its individual long-lived and related assets with finite lives for indicators of impairment to determine when an impairment analysis should be performed. The Company evaluates its tower assets and Current contract intangibles at the tower level, which is the lowest level for which identifiable cash flows exists. The Company evaluates its Network location intangibles for impairment at the tower leasing business level. The Company has established a policy to at least annually, or earlier if indicators of impairment arise, evaluate its tower assets and Current contract and Network location intangibles for impairment.

The Company records an impairment charge when an investment in towers or related assets has been impaired, such that future undiscounted cash flows would not recover the then current carrying value of the investment in the tower and related intangible. If the future undiscounted cash flows are lower than the carrying value of the investment in the tower and related intangible, the Company calculates future discounted cash flows and compares those amounts to the carrying value. The Company records an impairment charge for any amounts lower than the carrying value. Estimates and assumptions inherent in the impairment evaluation include, but are not limited to, general market and economic conditions, historical operating results, geographic location, lease-up potential, and expected timing of lease-up. In addition, the Company makes certain assumptions in determining an asset’s fair value for the purpose of calculating the amount of an impairment charge.

The Company recognized impairment charges of $169.4 million, $43.2 million, and $33.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Refer to Note 3 for further detail of these amounts.

Fair Value Measurements

The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs may be used to measure fair value:

Level 1

Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2

Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.


‎

Revenue Recognition and Accounts Receivable

Site leasing revenues

Revenue from site leasing is recognized on a straight-line basis over the current term of the related lease agreements. Receivables recorded related to the straight-line impact of site leases are reflected in other assets on the Consolidated Balance Sheets. Rental amounts received in advance are recorded as deferred revenue on the Consolidated Balance Sheets. Revenues from site leasing represent 93% of the Company’s total revenues for the year ended December 31, 2023. For additional information on tenant leases, refer to the Leases section below.

Site development revenues

Site development projects in which the Company performs consulting services include contracts on a fixed price basis that are billed at contractual rates. Revenue is recognized over time based on milestones achieved, which are determined based on costs incurred. Amounts billed in advance (collected or uncollected) are recorded as deferred revenue on the Consolidated Balance Sheets.

Revenue from construction projects is recognized over time, determined by the percentage of cost incurred to date compared to management’s estimated total cost for each contract. This method is used because management considers total cost to be the best available measure of progress on the contracts. These amounts are based on estimates, and the uncertainty inherent in the estimates initially is reduced as work on the contracts nears completion. Refer to Note 5 for further detail of costs and estimated earnings in excess of billings on uncompleted contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined to be probable.

The site development segment represents approximately 7% of the Company’s total revenues for the year ended December 31, 2023. The Company accounts for site development revenue in accordance with ASC 606, Revenue from Contracts with Customers. Payment terms do not result in any significant financing arrangements. Furthermore, these contracts do not typically include variable consideration; therefore, the transaction price that is recognized over time is generally the amount of the total contract.

Accounts receivable

The accounts receivable balance was $182.7 million and $184.4 million as of December 31, 2023 and 2022, respectively, of which $32.3 million and $59.6 million related to the site development segment as of December 31, 2023 and 2022, respectively. Refer to Note 15 for further detail of the site development segment.

Credit Losses

According to ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, an expected credit loss impairment model is used for financial instruments, including trade receivables, which requires entities to consider forward-looking information to estimate expected credit losses over the lifetime of the asset, resulting in earlier recognition of losses for receivables that are current or not yet due. The Company’s expected credit loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected considers aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition, and macroeconomic conditions. Balances are written off when determined to be uncollectible. ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”) clarified that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. The Company is exposed to credit losses which are subject to this standard primarily through the site development business segment which provides consulting and construction related services.


‎

The following is a rollforward of the allowance for doubtful accounts for the Company’s site leasing and site development businesses:

For the year ended December 31,

2023

2022

2021

(in thousands)

Beginning balance

$

9,166

$

12,135

$

15,693

Provision for doubtful accounts (1)

3,731

632

440

Write-offs

(220)

(1,793)

(1,597)

Recoveries (2)

—

(2,204)

(1,947)

Acquisitions

—

116

—

Currency translation adjustment

161

280

(454)

Ending balance

$

12,838

$

9,166

$

12,135

(1)The year ended December 31, 2023 includes a $3.1 million reserve recorded related to Oi S.A.

(2)Amounts include annual installment payments related to the Oi S.A. reorganization. The fourth and final annual installment payment was received during the year ended December 31, 2022.

Cost of Revenue

Cost of site leasing revenue includes ground lease rent, property taxes, amortization of deferred lease costs, maintenance, fuel, energy, and other tower operating expenses. Cost of site development revenue includes the cost of materials, salaries, and labor costs, including payroll taxes, subcontract labor, vehicle expense, and other costs directly and indirectly related to the projects. All costs related to site development projects are recognized as incurred.

Income Taxes

The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is "more-likely-than-not" that those assets will not be realized. The Company considers many factors when assessing the likelihood of future realization, including the Company’s recent cumulative earnings by taxing jurisdiction, expectations of future taxable income, prudent and feasible tax planning strategies that are available, the carryforward periods available to the Company for tax reporting purposes and other relevant factors.

The Company began operating as a REIT for federal income tax purposes effective January 1, 2016. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the IRS to be treated as a taxable REIT subsidiary (“TRS”) in conjunction with the Company's REIT election. The TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Code. A TRS is subject to federal and state income taxes on the income from these activities. Additionally, the Company has included in TRSs the Company’s tower operations in most foreign jurisdictions; however, the REIT holds selected tower assets in certain foreign jurisdictions. Those operations will continue to be subject to foreign taxes in the jurisdiction in which such assets and operations are located regardless of whether they are included in a TRS.

The Company will continue to file separate federal tax returns for the REIT and TRS for the year ended December 31, 2023. The REIT had taxable income during the year ended December 31, 2023 and paid a dividend and utilized net operating losses (“NOLs”) to offset its remaining 2023 distribution requirement. Some of the Company’s TRSs generated NOLs which will be carried forward to use in future years. A portion of the deferred tax asset generated by the NOLs are reserved by a valuation allowance.

Stock-Based Compensation

The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including stock options, restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and purchases under the Company’s employee stock purchase plans. The Company records compensation expense, for stock options, RSUs, and PSUs on a straight-line basis over the vesting period; however, compensation expense related to certain PSUs are subject to adjustment on performance relative to the established targets. Compensation expense for stock options is based on the estimated fair value of the options on the date of the grant using the Black-Scholes option-pricing model. Compensation expense for RSUs and PSUs

is based on the fair market value of the units awarded at the date of the grant. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.

Asset Retirement Obligations

The Company has entered into ground leases for the land underlying the majority of the Company’s towers. A majority of these leases require the Company to remove improvements only or restore land interests to their original condition upon termination of the ground lease.

In determining the measurement of the asset retirement obligations, the Company considered the nature and scope of the contractual restoration obligations contained in the Company’s ground leases, the historical retirement experience as an indicator of future restoration probabilities, intent in renewing existing ground leases through lease termination dates, current and future value, timing of estimated restoration costs, and the credit adjusted risk-free rate used to discount future obligations.

The Company recognizes asset retirement obligations in the period in which they are incurred, if a reasonable estimate of a fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related tower fixed assets, and over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the estimated useful life of the tower. As of December 31, 2023 and 2022, the asset retirement obligation was $119.3 million and $79.8 million, respectively, and is included in other long-term liabilities on the Consolidated Balance Sheets. Upon settlement of the obligations, any difference between the cost to retire an asset and the recorded liability is recorded in Asset impairment and decommission costs on the Consolidated Statements of Operations.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of net income (loss), foreign currency adjustments, and adjustments related to interest rate swaps designated as cash flow hedges.

Foreign Currency Translation

All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the Consolidated Statement of Shareholders’ Deficit.

For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Remeasurement gains and losses are reported as Other income (expense), net in the Consolidated Statements of Operations.

Intercompany Loans Subject to Remeasurement

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $52.4 million gain, a $12.9 million gain, and a $44.3 million loss, net of taxes, on the remeasurement of intercompany loans for the years ended December 31, 2023, 2022, and 2021, respectively. During the year ended December 31, 2023, the Company funded $4.2 million and repaid $223.4 million under its intercompany loan agreements. As of December 31, 2023 and 2022, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $1.3 billion and $1.5 billion, respectively. Subsequent to year end, the Company repaid an additional $15.0 million under its intercompany loan agreements.

Acquisitions

Under ASU 2017-01, Clarifying the Definition of a Business, the Company’s acquisitions will generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions, the aggregate purchase price is allocated on a relative fair value basis to towers and related intangible assets. The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value

estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets or require acceleration of the amortization expense of intangible assets in subsequent periods. External, direct transaction costs will be capitalized as a component of the cost of the asset acquired. The Company will continue to expense internal acquisition costs as incurred. For business combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. As of December 31, 2023, there were no material acquisitions with purchase price allocations that were preliminary.

In connection with certain acquisitions, the Company may agree to pay contingent consideration (or earnouts) in cash or stock if the communication sites or businesses that are acquired meet or exceed certain performance targets over a period of one year to three years after they have been acquired. Contingent consideration in connection with asset acquisitions will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired.

Leases

ASU No. 2016-02, Leases (“Topic 842”) requires all lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments and any prepaid rent amounts. The Company has elected not to separate nonlease components from the associated lease component for all underlying classes of assets.

The components of the right-of-use lease liabilities as of December 31, 2023 and 2022 are as follows (in thousands):

December 31,

December 31,

2023

2022

(in thousands)

Current operating lease liabilities

$

271,793

$

260,082

Current financing lease liabilities

1,671

2,283

Current lease liabilities

$

273,464

$

262,365

Long-term operating lease liabilities

$

1,862,509

$

2,037,496

Long-term financing lease liabilities

3,177

3,132

Long-term lease liabilities

$

1,865,686

$

2,040,628

Operating Leases

Ground leases. The Company enters into long-term lease contracts for land that underlies its tower structures. Ground lease agreements generally include renewal options which can be exercised exclusively at the Company’s election. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site.

Substantially all leases provide for rent rate escalations. In the United States and the Company’s international markets, ground leases and other property interests typically either (1) contain specific annual rent escalators or (2) escalate annually in accordance with an inflationary index. Increases or decreases in lease payments that result from subsequent changes in the index or rate are accounted for as variable lease payments.

Office leases. The Company’s office leases consist of long-term leases for international, regional, and certain site development office locations. Office leases include a single lease component, lease of the office space, and sometimes nonlease components such as common area maintenance expenses. The lease term for office leases are generally considered to be the contractually committed term.

Finance Leases

Vehicle leases. The Company leases vehicles that are used in its site development business. These leases are accounted for as financing leases and have lease terms that are contractually committed and do not include optional renewal terms.

Acquired right-of-use assets. In connection with certain acquisitions, the Company may acquire the exclusive right to lease and operate communication sites for a period that represents (1) a major part of the remaining economic life of the underlying assets and/or (2) the purchase price represents substantially all of the fair value of the underlying asset. The Company accounts for these arrangements as financing leases. Payments associated with the right-of-use of these assets are typically fully funded at the acquisition date and will be recognized over the respective lease term. The right-of-use assets related to these transactions are recorded in Acquired and other right-of-use assets, net on the Consolidated Balance Sheets.

Discount Rate

When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, the Company’s ground leases generally do not provide a readily determinable implicit rate. Therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement or upon a modification. The Company uses publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates.

Lease Cost

Variable lease payments include escalations based on an inflationary index and are initially recognized using the prevailing index at the date of initial measurement or upon reassessment of the lease term. Subsequent changes in standard cost of living increases are recognized as variable lease costs. Variable lease payments also include contingent rent provisions.

The components of lease cost, lease term, and discount rate as of December 31, 2023 and 2022 are as follows:

For the year ended December 31,

2023

2022

(in thousands)

Amortization of acquired and other right-of-use assets

$

42,312

$

24,733

Interest on finance lease liabilities

211

171

Total finance lease cost

42,523

24,904

Operating lease cost

290,169

275,903

Variable lease cost

63,625

61,128

Total lease cost

$

396,317

$

361,935

Weighted-Average Remaining Lease Term as of 2023 and 2022:

Operating leases

12.9 years

13.7 years

Finance leases

49.3 years

51.3 years

Weighted-Average Discount Rate as of 2023 and 2022:

Operating leases

6.4%

5.7%

Finance leases

4.4%

3.5%

For the year ended

Other information:

December 31, 2023

December 31, 2022

Cash paid for amounts included in measurement of lease liabilities:

Cash flows from operating leases

$

279,194

$

259,788

Cash flows from finance leases

$

2,522

$

2,258

Tenant (Operating) Leases

The Company enters into long-term lease contracts with wireless service providers to lease antenna space on towers that it owns or operates. Each tenant lease relates to the lease or use of space at an individual site. Tenant leases are generally for an initial term of five years to fifteen years with multiple renewal periods, which are at the option of the tenant. Tenant leases typically (1) contain specific annual rent escalators, (2) escalate annually in accordance with an inflationary index, or (3) escalate using a combination of fixed and inflation adjusted escalators, including the renewal option periods.

Tenant lease agreements generally include renewal options which can be exercised exclusively at the tenant’s election. The only common exception is if the Company no longer has a right to the ground underlying the site, the lease agreements permit the

Company to terminate the lease. Despite high frequency of renewal of options to extend the lease by its tenants, the Company has concluded that the exercise of a renewal option by a tenant is not reasonably certain of occurrence; therefore, only the current committed term is included in the determination of the lease term.

Certain tenant leases provide for a reimbursement of costs incurred by the Company. The Company pays these costs directly and is not relieved of the primary obligation for the expenses. These reimbursements are recorded as revenue on the Statements of Operations.

Deferred Lease Costs

ASU 2016-02 defines initial direct costs as incremental costs that would not have been incurred if the lease had not been obtained. These costs, including commissions paid related to the origination of specific tenant leases, are deferred and amortized over the remaining lease term. Initial direct costs were approximately $3.2 million, $3.3 million, and $2.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. Amortization expense related to deferred initial direct costs was $2.3 million, $1.9 million, and $1.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023 and 2022, unamortized deferred initial direct costs were $8.7 million and $7.7 million, respectively, and are included in other assets on the Consolidated Balance Sheets.

Reference Rate Reform

On June 21, 2023, the Company amended its interest rate swap to change from LIBOR as an interest rate benchmark to the replacement benchmark of Term SOFR effective on August 1, 2023. The Company elected the optional expedient which allows companies to change the reference rate and other critical terms related to the reference rate reform in derivative hedge documentation without having to de-designate the hedging relationship, allowing the Company to continue applying hedge accounting to its cash flow hedge. On July 3, 2023, the Company amended its 2018 Term Loan and its Revolving Credit Facility to use Term SOFR as the benchmark rate. The transition from LIBOR to Term SOFR did not have a material impact on the consolidated financial statements. Refer to Notes 11 and 21 for further discussion of the 2018 Term Loan, Revolving Credit Facility, and the Company’s interest rate swap.

Derivatives and Hedging Activities

The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. At inception, the Company evaluates the interest rate swaps to determine whether they qualify for hedge accounting. In accordance with ASU 2017-12 (ASC 815 - Derivatives and Hedging), hedge accounting should be provided only if the derivative hedging instrument is expected to be, and actually is, effective at offsetting changes in fair values or cash flows of the hedged item. The effective portion of the gain or loss is recorded in Accumulated other comprehensive loss, net on the Consolidated Balance Sheets. The ineffective portion of the gain or loss from the interest rate swap is recognized in earnings immediately. On a quarterly basis, the Company evaluates whether the cash flow hedge remains highly effective in offsetting changes in cash flows. Refer to Note 21 for further discussion of the interest rate swaps.
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Measurements [Abstract]  
Fair Value Measurements 3.FAIR VALUE MEASUREMENTS

Items Measured at Fair Value on a Recurring Basis—The Company’s asset retirement obligations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Other long-term liabilities in the Consolidated Balance Sheets. The fair value of the asset retirement obligations is calculated using a discounted cash flow model.

Refer to Note 20 for discussion of the Company’s redeemable noncontrolling interests.

Items Measured at Fair Value on a Nonrecurring Basis— The Company estimates the fair value of assets subject to impairment using a discounted cash flow ("DCF") (Level 3 input) analysis. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable earnings and trading multiples. The cash flows employed in the DCF analysis are based on estimates of future revenues, earnings, and cash flows after considering factors such as tower location demographics, timing of additions of new tenants, lease rates, rate and term of renewal, attrition, ongoing cash requirements, and market multiples. Each of the assumptions are applied based on the specific facts and circumstances of the identified assets at the lowest level of identifiable cash flows. The DCF analysis used an average discount rates ranging from 6.5%- 8.8%.

Asset impairment and decommission costs for all periods presented and the related impaired assets primarily relate to the Company’s site leasing operating segment. The following summarizes the activity of asset impairment and decommission costs (in thousands):

For the year

ended December 31,

2023

2022

2021

Asset Impairment (1)

$

139,466

$

34,734

$

24,813

Write-off of carrying value of decommissioned towers

12,015

8,095

6,349

Other (including tower and equipment decommission costs)

17,906

331

1,882

Total asset impairment and decommission costs

$

169,387

$

43,160

$

33,044

(1)Represents impairment charges resulting from the Company’s regular analysis of whether the anticipated future cash flows from certain towers are sufficient to recover the carrying value of the investment in those towers. Impairment charges for the year ended December 31, 2023 includes the impact of the planned abandonment of identified sites with minimal expectations of future economic benefit (primarily from Sprint and Oi related churn), partially offset by a $45.1 million benefit from the reassessment of the lease terms. The reassessment resulted in an overall shortening of the lease term and a reduction to the lease liability and right-of-use asset.

The Company’s long-term investments were $24.5 million and $40.7 million as of December 31, 2023 and 2022, respectively, and are recorded in Other assets on the Consolidated Balance Sheets. The estimation of the fair value of the investment involves the use of Level 3 inputs. The Company evaluates these investments for indicators of impairment. The Company considers impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the investment is less than the carrying amount, an impairment charge will be recorded. During the year ended December 31, 2023 and 2022, the Company recognized an impairment loss of $4.7 million and $0.9 million, respectively, associated with its investments. The Company did not recognize any impairment loss associated with its investments during the years ended December 31, 2021.

Fair Value of Financial Instruments— The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments. The Company’s estimate of its short-term investments is based primarily upon Level 1 reported market values. As of December 31, 2023 and 2022, the Company had $1.0 million and $1.3 million of short-term investments, respectively. The Company purchased and sold $1.3 billion, $0.9 billion, and $1.7 billion of short-term investments for the years ended December 31, 2023, 2022, and 2021, respectively.

The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the Company does not believe its credit risk has changed materially from the date the applicable Eurodollar Rate (or Term SOFR as amended July 3, 2023) was set for the Revolving Credit Facility (112.5 to 150.0 basis points). Refer to Note 11 for the fair values, principal balances, and carrying values of the Company’s debt instruments.

For discussion of the Company’s derivatives and hedging activities, refer to Note 2 and Note 21.
v3.24.0.1
Cash, Cash Equivalents, and Restricted Cash
 12 Months Ended
Dec. 31, 2023
Cash, Cash Equivalents, and Restricted Cash [Abstract]  
Cash, Cash Equivalents, and Restricted Cash 4.CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

The cash, cash equivalents, and restricted cash balances on the Consolidated Statements of Cash Flows consist of the following:

As of

As of

As of

December 31, 2023

December 31, 2022

December 31, 2021

Included on Balance Sheet

(in thousands)

Cash and cash equivalents

$

208,547 

$

143,708 

$

367,278 

Cash and cash equivalents

Securitization escrow accounts

31,852 

35,820 

64,764 

Restricted cash - current asset

Payment, performance bonds, and other

6,277 

6,139 

797 

Restricted cash - current asset

Surety bonds and workers compensation

4,270 

3,616 

2,787 

Other assets - noncurrent

Total cash, cash equivalents, and restricted cash

$

250,946 

$

189,283 

$

435,626 

Pursuant to the terms of the Tower Securities (see Note 11), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes, and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 11) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets.

Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Other restricted cash includes $6.1 million and $6.0 million held in escrow as of December 31, 2023 and 2022, respectively, related to the Company’s acquisition activities. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of December 31, 2023 and 2022, the Company had $42.0 million and $42.3 million in surety and payment and performance bonds, respectively, for which no collateral was required to be posted. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of December 31, 2023 and 2022, the Company had pledged $2.4 million and $2.3 million, respectively, as collateral related to its workers’ compensation policy.
v3.24.0.1
Costs and Estimated Earnings on Uncompleted Contracts
 12 Months Ended
Dec. 31, 2023
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]  
Costs and Estimated Earnings on Uncompleted Contracts 5.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following:

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Costs incurred on uncompleted contracts

$

98,674

$

137,736

Estimated earnings

64,589

51,287

Billings to date

(152,608)

(134,665)

$

10,655

$

54,358

These amounts are included in the Consolidated Balance Sheets under the following captions:

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Costs and estimated earnings in excess of billings on uncompleted contracts

$

16,252

$

79,549

Billings in excess of costs and estimated earnings on

uncompleted contracts (included in Other current liabilities)

(5,597)

(25,191)

$

10,655

$

54,358

At December 31, 2023 and 2022, the two largest customers comprised 84.6% and 96.7%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.
v3.24.0.1
Prepaid Expenses and Other Current Assets and Other Assets
 12 Months Ended
Dec. 31, 2023
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]  
Prepaid Expenses and Other Current Assets and Other Assets 6.PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETS

The Company’s prepaid expenses and other current assets are comprised of the following:

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Short-term investments

$

1,046

$

1,331

Prepaid real estate taxes

3,522

3,333

Interest receivable

2,102

529

Prepaid taxes

9,064

10,639

Prepaid ground rent

3,712

3,867

Other current assets

19,147

13,450

Total prepaid expenses and other current assets

$

38,593

$

33,149

The Company’s other assets are comprised of the following:

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Straight-line rent receivable

$

415,100

$

388,638

Interest rate swap asset (1)

104,674

182,860

Loans receivable (2)

148,104

39,922

Deferred lease costs, net

8,713

7,747

Deferred tax asset - long term

67,473

16,173

Long-term investments

24,540

40,696

Other

43,872

46,337

Total other assets

$

812,476

$

722,373

 

(1)Refer to Note 21 for more information on the Company’s interest rate swaps.

(2)On March 17, 2023 (and as amended on August 25, 2023), the Company entered into a loan with one of its unconsolidated joint ventures (“the Investee”). As part of the loan agreement, the Investee may borrow up to $120.0 million in aggregate principal amount, consisting of a $73.0 million initial term loan and $47.0 million of delayed draw term loans. The final maturity date of the loans is January 31, 2027. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. Interest on the loans is received monthly. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of December 31, 2023, the outstanding principal balance of the loan was $100.5 million and was accruing interest at 10.093%.
v3.24.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2023
Acquisitions [Abstract]  
Acquisitions 7.ACQUISITIONS

The following table summarizes the Company’s acquisition activity:

For the year ended December 31,

2023

2022

2021

Tower acquisitions (number of towers)

91

4,790

991

The following table summarizes the Company’s cash acquisition capital expenditures:

For the year ended December 31,

2023

2022

2021

(in thousands)

Acquisitions of towers and related intangible assets (1)(2)(3)

$

81,614

$

489,888

$

274,752

Acquisition of right-of-use assets (2)(4)

5,072

602,574

950,536

Land buyouts and other assets (5)(6)

43,275

83,630

32,416

Total cash acquisition capital expenditures

$

129,961

$

1,176,092

$

1,257,704

(1)During the year ended December 31, 2022, the Company closed on 1,445 sites from Airtel Tanzania for $176.1 million.

 

(2)During the year ended December 31, 2022, the Company acquired 2,632 sites from GTS in Brazil for $728.2 million, net of working capital adjustments, of which $168.5 million is included in acquisitions of towers and related intangible assets and $559.8 million is included in acquisition of right of use assets.

(3)The year ended December 31, 2021 includes $77.1 million of acquisitions completed during the fourth quarter of 2020 which were not funded until the first quarter of 2021.

(4)During the year ended December 31, 2021, the Company acquired the exclusive right to lease and operate utility transmission structures, which included existing wireless tenant licenses from PG&E for $950.5 million, net of working capital adjustments.

(5)Excludes $17.6 million, $17.9 million, and $16.3 million spent to extend ground lease terms for the years ended December 31, 2023, 2022, and 2021, respectively.

(6)The year ended December 31, 2022 includes amounts paid related to the acquisitions of a data center.

During the year ended December 31, 2023, the Company acquired 91 towers and related assets and liabilities consisting of $18.8 million of property and equipment, net, $66.6 million of intangible assets, net, $15.9 million of operating lease right-of-use assets, net, $3.7 million of acquired and other right-of-use assets, net, $13.5 million of long-term lease liabilities, $2.5 million of acquisition related holdbacks, and $2.3 million of other net liabilities assumed. In the year ended December 31, 2023, the Company concluded that for all of its acquisitions, substantially all of the value of its tower acquisition is concentrated in a group of similar identifiable assets.

During the year ended December 31, 2022, the purchase price allocation for GTS consisted 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. During the year ended December 31, 2022, in addition to the acquisition of GTS, the Company acquired 2,158 towers and related assets and liabilities consisting of $124.5 million of property and equipment, net, $209.8 million of intangible assets, net, $125.0 million of operating lease right-of-use assets, net, $38.0 million of acquired and other right-of-use assets, net, $106.6 million of long-term lease liabilities, $24.3 million of acquisition related holdbacks, and $2.2 million of other net liabilities assumed.

During the year ended December 31, 2021, in addition to the PG&E acquisition, the Company acquired 278 towers and related assets and liabilities consisting of $26.1 million of property and equipment, net, $135.8 million of intangible assets, net, $18.6 million of operating lease right-of-use assets, net, and $0.8 million of other net liabilities assumed.

Subsequent to the year ended December 31, 2023, the Company purchased or is under contract to purchase 281 communication sites for an aggregate consideration of $87.8 million in cash. The Company anticipates that these acquisitions will be consummated by the end of the third quarter of 2024.

The maximum potential obligation related to contingent consideration for acquisitions were $17.9 million and $10.1 million as of December 31, 2023 and 2022, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets.
v3.24.0.1
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property and Equipment, Net [Abstract]  
Property and Equipment, Net 8.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Towers and related assets (1)

$

5,850,608

$

5,650,902

Construction-in-process (2)

105,627

77,564

Furniture, equipment, and vehicles

76,031

67,403

Land, buildings, and improvements

927,235

889,293

Total property and equipment

6,959,501

6,685,162

Less: accumulated depreciation

(4,247,782)

(3,971,435)

Property and equipment, net

$

2,711,719

$

2,713,727

(1)Includes amounts related to the Company’s data centers.

(2)Construction-in-process represents costs incurred related to towers and other assets that are under development and will be used in the Company’s site leasing operations.

Depreciation expense was $272.3 million, $274.0 million, and $271.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023 and 2022, unpaid capital expenditures that are included in accounts payable and accrued expenses were $6.5 million and $7.5 million, respectively.
v3.24.0.1
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2023
Intangible Assets, Net [Abstract]  
Intangible Assets, Net 9.INTANGIBLE ASSETS, NET

The following table provides the gross and net carrying amounts for each major class of intangible assets:

As of December 31, 2023

As of December 31, 2022

Gross carrying

Accumulated

Net book

Gross carrying

Accumulated

Net book

amount

amortization

value

amount

amortization

value

(in thousands)

Current contract intangibles

$

5,253,563

$

(3,394,009)

$

1,859,554

$

5,170,187

$

(3,060,494)

$

2,109,693

Network location intangibles

1,926,226

(1,330,183)

596,043

1,893,048

(1,226,269)

666,779

Intangible assets, net

$

7,179,789

$

(4,724,192)

$

2,455,597

$

7,063,235

$

(4,286,763)

$

2,776,472

All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $397.0 million, $406.0 million, and $411.9 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Estimated amortization expense on the Company’s intangibles assets is as follows:

For the year ended December 31,

(in thousands)

2024

$

365,258

2025

355,578

2026

340,520

2027

291,666

2028

228,627
v3.24.0.1
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2023
Accrued Expenses and Other Current Liabilities [Abstract]  
Accrued Expenses and Other Current Liabilities 10.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 

The Company’s accrued expenses are comprised of the following:

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Salaries and benefits

$

25,630

$

27,727

Real estate and property taxes

7,149

8,422

Unpaid capital expenditures

6,477

7,476

Acquisition related holdbacks

16,100

25,681

Other

37,266

32,178

Total accrued expenses

$

92,622

$

101,484

The Company’s other current liabilities are comprised of the following:

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Billings in excess of costs and estimated earnings on uncompleted contracts

$

5,597

$

25,191

Taxes payable

9,947

10,641

Other

3,118

12,930

Total other current liabilities

$

18,662

$

48,762
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt [Abstract]  
Debt


‎

11.DEBT

The principal values, fair values, and carrying values of debt consist of the following (in thousands):

As of

As of

December 31, 2023

December 31, 2022

Maturity Date

Principal
‎Balance

Fair Value

Carrying
‎Value

Principal
‎Balance

Fair Value

Carrying
‎Value

Revolving Credit Facility (1)

Jul. 7, 2026

$

180,000 

$

180,000 

$

180,000 

$

720,000 

$

720,000 

$

720,000 

2018 Term Loan (2)

Apr. 11, 2025

2,268,000 

2,273,670 

2,263,343 

2,292,000 

2,280,540 

2,284,007 

2014-2C Tower Securities (3)

Oct. 8, 2024

620,000 

606,540 

619,145 

620,000 

598,480 

618,099 

2019-1C Tower Securities (3)

Jan. 12, 2025

1,165,000 

1,115,313 

1,162,348 

1,165,000 

1,095,776 

1,159,860 

2020-1C Tower Securities (3)

Jan. 9, 2026

750,000 

682,350 

746,937 

750,000 

665,633 

745,480 

2020-2C Tower Securities (3)

Jan. 11, 2028

600,000 

520,530 

596,419 

600,000 

506,574 

595,586 

2021-1C Tower Securities (3)

Nov. 9, 2026

1,165,000 

1,015,437 

1,158,059 

1,165,000 

991,705 

1,155,724 

2021-2C Tower Securities (3)

Apr. 9, 2027

895,000 

772,125 

889,152 

895,000 

756,302 

887,443 

2021-3C Tower Securities (3)

Oct. 9, 2031

895,000 

686,581 

887,365 

895,000 

686,134 

886,495 

2022-1C Tower Securities (3)

Jan. 11, 2028

850,000 

850,221 

841,429 

850,000 

855,899 

840,053 

2020 Senior Notes

Feb. 15, 2027

1,500,000 

1,438,815 

1,489,965 

1,500,000 

1,375,815 

1,487,013 

2021 Senior Notes

Feb. 1, 2029

1,500,000 

1,338,750 

1,490,153 

1,500,000 

1,286,250 

1,488,402 

Total debt

$

12,388,000 

$

11,480,332 

$

12,324,315 

$

12,952,000 

$

11,819,108 

$

12,868,162 

Less: current maturities of long-term debt

(643,145)

(24,000)

Total long-term debt, net of current maturities

$

11,681,170 

$

12,844,162 

(1)On January 25, 2024, the Company amended its Revolving Credit Facility to extend the maturity date to January 25, 2029 as well as amend certain other terms and conditions under the Senior Credit Agreement. For further discussion of the amendments, refer to “Terms of the Senior Credit Agreement” below.

(2)On January 25, 2024, the Company repaid its 2018 Term Loan and issued a new $2.3 billion Term Loan with a maturity date of January 25, 2031. For further discussion of the amendments, refer to “Term Loan under the Senior Credit Agreement” below.

(3)The maturity date represents the anticipated repayment date for each issuance.

The Company’s future principal payment obligations over the next five years (based on the outstanding debt as of December 31, 2023 and assuming the Tower Securities are repaid at their respective anticipated repayment dates) are as follows:

For the year ended December 31,

(in thousands)

2024

$

644,000

2025

3,409,000

2026

2,095,000

2027

2,395,000

2028

1,450,000


‎

The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

For the year ended December 31,

Interest

2023

2022

2021

Rates as of

Cash

Non-cash

Cash

Non-cash

Cash

Non-cash

December 31, 2023

Interest

Interest

Interest

Interest

Interest

Interest

(in thousands)

Revolving Credit Facility

6.435%

$

29,223 

$

—

$

21,862 

$

—

$

6,414 

$

—

2018 Term Loan (1)

2.645%

60,622 

30,508

50,052 

45,756 

44,342 

45,756 

2013-2C Tower Securities

—

—

—

—

—

17,027 

—

2014-2C Tower Securities

3.869%

24,185 

—

24,185 

—

24,185 

—

2017-1C Tower Securities

—

—

—

—

—

9,201 

—

2018-1C Tower Securities

3.448%

—

—

21,291 

—

22,281 

—

2019-1C Tower Securities

2.836%

33,428 

—

33,428 

—

33,428 

—

2020-1C Tower Securities

1.884%

14,391 

—

14,391 

—

14,391 

—

2020-2C Tower Securities

2.328%

14,159 

—

14,159 

—

14,159 

—

2021-1C Tower Securities

1.631%

19,419 

—

19,419 

—

12,255 

—

2021-2C Tower Securities

1.840%

16,782 

—

16,782 

—

2,982 

—

2021-3C Tower Securities

2.593%

23,492 

—

23,492 

—

4,176 

—

2022-1C Tower Securities

6.599%

56,375 

—

5,961 

—

—

—

2016 Senior Notes

—

—

—

—

—

44,092 

990 

2017 Senior Notes

—

—

—

—

—

2,333 

—

2020 Senior Notes

3.875%

58,125 

367 

58,125 

353 

58,125 

339 

2021 Senior Notes

3.125%

46,875 

—

46,875 

—

43,229 

—

Other

3,297 

4,993

3,762 

—

299 

—

Total

$

400,373 

$

35,868

$

353,784 

$

46,109 

$

352,919 

$

47,085 

(1)The 2018 Term Loan has a blended rate of 2.645% which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 7.210% as of December 31, 2023. Refer to Note 21 for more information on the Company’s interest rate swap.

Terms of the Senior Credit Agreement

The Senior Credit Agreement requires SBA Senior Finance II to maintain specific financial ratios, including (1) a ratio of Consolidated Net Debt to Annualized Borrower EBITDA not to exceed 6.5 times for any fiscal quarter, (2) a ratio of Consolidated Net Debt (calculated in accordance with the Senior Credit Agreement) to Annualized Borrower EBITDA for the most recently ended fiscal quarter not to exceed 6.5 times for 30 consecutive days and (3) a ratio of Annualized Borrower EBITDA to Annualized Cash Interest Expense (calculated in accordance with the Senior Credit Agreement) of not less than 2.0 times for any fiscal quarter. The Senior Credit Agreement contains customary affirmative and negative covenants that, among other things, limit the ability of SBA Senior Finance II and its subsidiaries to incur indebtedness, grant certain liens, make certain investments, enter into sale leaseback transactions, merge or consolidate, make certain restricted payments, enter into transactions with affiliates, and engage in certain asset dispositions, including a sale of all or substantially all of their property. The Senior Credit Agreement is also subject to customary events of default. Pursuant to the Second Amended and Restated Guarantee and Collateral Agreement, amounts borrowed under the Revolving Credit Facility, the Term Loans and certain hedging transactions that may be entered into by SBA Senior Finance II or the Subsidiary Guarantors (as defined in the Senior Credit Agreement) with lenders or their affiliates are secured by a first lien on the membership interests of SBA Telecommunications, LLC, SBA Senior Finance, LLC and SBA Senior Finance II and on substantially all of the assets (other than leasehold, easement and fee interests in real property) of SBA Senior Finance II and the Subsidiary Guarantors.

The Senior Credit Agreement permits SBA Senior Finance II, without the consent of the other lenders, to request that one or more lenders provide SBA Senior Finance II with increases in the Revolving Credit Facility or additional term loans provided that after giving effect to the proposed increase in Revolving Credit Facility commitments or incremental term loans the ratio of Consolidated Net Debt to Annualized Borrower EBITDA would not exceed 6.5 times. SBA Senior Finance II’s ability to request such increases in the Revolving Credit Facility or additional term loans is subject to its compliance with customary conditions set forth in the Senior Credit Agreement including compliance, on a pro forma basis, with the financial covenants and ratios set forth therein and, with respect to any additional term loan, an increase in the margin on existing term loans to the extent required by the terms of the Senior Credit Agreement. Upon SBA Senior Finance II’s request, each lender may decide, in its sole discretion, whether to increase all or a portion of its Revolving Credit Facility commitment or whether to provide SBA Senior Finance II with additional term loans and,

if so, upon what terms. As of December 31, 2023, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

On July 3, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II, amended its 2018 Term Loan and Revolving Credit Facility to replace LIBOR with Term SOFR as the benchmark interest rate and make related changes.

On January 25, 2024, the Company, through its wholly owned subsidiary SBA Senior Finance II, amended and restated its Senior Credit Agreement to (1) issue a new $2.3 billion Term Loan, (2) increase the total commitments under its Revolving Credit Facility from $1.5 billion to $1.75 billion, (3) extend the maturity date of its Revolving Credit Facility to January 25, 2029, and (4) amend certain other terms and conditions under the Senior Credit Agreement.

On February 23, 2024 the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC, further increased the total commitments under the Revolving Credit Facility from $1.75 billion to $2.0 billion.

Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility consists of a revolving loan under which up to $1.5 billion ($2.0 billion as amended February 23, 2024) aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing through the maturity date of July 7, 2026 (January 25, 2029 as amended). Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (1) the Eurodollar Rate (or Term SOFR as amended July 3, 2023) plus a margin that ranges from 112.5 basis points to 150.0 basis points or (2) the Base Rate plus a margin that ranges from 12.5 basis points to 50.0 basis points, in each case based on the ratio of Consolidated Net Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of between 0.15% and 0.25% per annum on the amount of unused commitment. Furthermore, 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. Borrowings under the Revolving Credit Facility may be used for general corporate purposes. SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of the period may not be reflective of the total amounts outstanding during such period.

The key terms of the Revolving Credit Facility are as follows:

Unused

Interest Rate

Commitment

as of

Fee as of

December 31, 2023 (1)

December 31, 2023 (2)

Revolving Credit Facility

6.435%

0.140%

(1)

 

(1)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, 2022.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2022.

The table below summarizes the Company’s Revolving Credit Facility activity during the years ended December 31, 2023 and 2022 (in thousands):

For the year

ended December 31,

2023

2022

Beginning outstanding balance

$

720,000

$

350,000

Borrowings

190,000

975,000

Repayments

(730,000)

(605,000)

Ending outstanding balance

$

180,000

$

720,000

Subsequent to December 31, 2023, the Company repaid $110.0 million under the Revolving Credit Facility, and as of the date of this filing, $70.0 million was outstanding.

Term Loan under the Senior Credit Agreement

2018 Term Loan

On April 11, 2018, the Company, through its wholly owned subsidiary, SBA Senior Finance II, issued a term loan (the “2018 Term Loan”) under the amended and restated Senior Credit Agreement. The 2018 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $2.4 billion that matures on April 11, 2025. The 2018 Term Loan accrues interest, at SBA Senior Finance II’s election at either the Base Rate plus 75 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 175 basis points (with a zero Eurodollar Rate floor). The 2018 Term Loan was issued at 99.75% of par value. As of December 31, 2023, the 2018 Term Loan was accruing interest at 7.210% per annum. On July 3, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II, amended its 2018 Term Loan to replace LIBOR with Term SOFR as the benchmark interest rate. The amendment to Term SOFR includes a CSA of 0.10% which the Company includes as part of interest expense. On January 25, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II, retired the 2018 Term Loan.

Principal payments on the 2018 Term Loan were made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $6.0 million. The Company incurred financing fees of approximately $16.8 million in relation to this transaction, which were being amortized through the maturity date.

During the year ended December 31, 2023, the Company repaid an aggregate of $24.0 million of principal on the 2018 Term Loan. As of December 31, 2023, the 2018 Term Loan had a principal balance of $2.3 billion.

2024 Term Loan

On January 25, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II, issued a term loan (the “2024 Term Loan”) under the amended and restated Senior Credit Agreement. The 2024 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $2.3 billion that matures on January 25, 2031. The 2024 Term Loan accrues interest, at SBA Senior Finance II's election, at either the Base Rate plus 100 basis points (with a zero Base Rate floor) or at Term SOFR plus 200 basis points (with a floor of 0%). The 2024 Term Loan was issued at 99.75% of par value. The proceeds from the 2024 Term Loan were used to retire the 2018 Term Loan and to pay related fees and expenses.

Principal payments on the 2024 Term Loan will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $5.75 million beginning on June 30, 2024. The Company incurred financing fees of approximately $19.5 million in relation to this transaction, which are being amortized through the maturity date.

Interest Rate Swaps

On August 4, 2020, the Company, through its wholly owned subsidiary, SBA Senior Finance II, entered into an interest rate swap which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for an all-in fixed rate of 1.874% per annum through July 31, 2023.

On June 21, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II, amended its interest rate swap agreement which swapped $1.95 billion of notional value accruing interest at one month Term SOFR plus 185 basis points (inclusive of a CSA of 0.10%) for an all-in fixed rate of 1.900% per annum from August 1, 2023 through January 25, 2024 (the repayment date of the 2018 Term Loan and issuance date of the 2024 Term Loan). The swap will remain in effect under the 2024 Term Loan and will swap $1.95 billion of notional value accruing interest at one month Term SOFR plus 200 basis points for an all-in fixed rate of 2.050% per annum through March 31, 2025. The Company concluded that the amendment to the interest rate swap qualifies for the relief provided by ASU 2021-01 and ASU 2022-06 and as such, did not de-designate its cash flow hedge.

On November 3, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II, entered into a forward-starting interest rate swap agreement which will swap $1.0 billion of notional value accruing interest at one month Term SOFR plus 200 basis points for an all-in fixed rate of 5.830% per annum. The swap has an effective start date of March 31, 2025 and a maturity date of April 11, 2028.

Secured Tower Revenue Securities

Tower Revenue Securities Terms

As of December 31, 2023, the Company, through a New York common law trust (the “Trust”), had issued and outstanding an aggregate of $6.9 billion of Secured Tower Revenue Securities (“Tower Securities”). The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of certain of the Company’s subsidiaries that are borrowers on the mortgage loan (the “Borrowers”) under which there is a loan tranche for each Tower Security outstanding with the same interest rate and maturity date as the corresponding Tower Security. The mortgage loan will be paid from the operating cash flows from the aggregate 9,892 tower sites owned by the Borrowers as of December 31, 2023. The mortgage loan is secured by (1) mortgages, deeds of trust, and deeds to secure debt on a substantial portion of the tower sites, (2) a security interest in the tower sites and substantially all of the Borrowers’ personal property and fixtures, (3) the Borrowers’ rights under certain tenant leases, and (4) all of the proceeds of the foregoing. For each calendar month, SBA Network Management, Inc., an indirect subsidiary (“Network Management”), is entitled to receive a management fee equal to 4.5% of the Borrowers’ operating revenues for the immediately preceding calendar month.

The Borrowers may prepay any of the mortgage loan components, in whole or in part, with no prepayment consideration, (1) within twelve months (in the case of the component corresponding to the 2019-1C Tower Securities, 2020-1C Tower Securities, 2021-1C Tower Securities, 2021-2C Tower Securities, and 2022-1C Tower Securities) or eighteen months (in the case of the components corresponding to the 2014-2C Tower Securities, 2020-2C Tower Securities, and 2021-3C Tower Securities) of the anticipated repayment date of such mortgage loan component, (2) with proceeds received as a result of any condemnation or casualty of any tower owned by the Borrowers or (3) during an amortization period. In all other circumstances, the Borrowers may prepay the mortgage loan, in whole or in part, upon payment of the applicable prepayment consideration. The prepayment consideration is determined based on the class of the Tower Securities to which the prepaid mortgage loan component corresponds and consists of an amount equal to the net present value associated with the portion of the principal balance being prepaid and calculated in accordance with the formula set forth in the mortgage loan agreement.

To the extent that the mortgage loan components corresponding to the Tower Securities are not fully repaid by their respective anticipated repayment dates, the interest rate of each such component will increase by the greater of (1) 5% and (2) the amount, if any, by which the sum of (x) the 10 year U.S. treasury rate plus (y) the credit-based spread for such component (as set forth in the mortgage loan agreement) plus (z) 5%, exceeds the original interest rate for such component.

Pursuant to the terms of the Tower Securities, all rents and other sums due on any of the towers owned by the Borrowers are directly deposited by the lessees into a controlled deposit account and are held by the indenture trustee. The monies held by the indenture trustee after the release date are classified as short-term restricted cash on the Consolidated Balance Sheets (see Note 4). However, if the Debt Service Coverage Ratio, defined as the net cash flow (as defined in the mortgage loan agreement) divided by the amount of interest on the mortgage loan, servicing fees and trustee fees that the Borrowers are required to pay over the succeeding twelve months, as of the end of any calendar quarter, falls to 1.30x or lower, then all cash flow in excess of amounts required to make debt service payments, to fund required reserves, to pay management fees and budgeted operating expenses and to make other payments required under the loan documents, referred to as “excess cash flow,” will be deposited into a reserve account instead of being released to the Borrowers. The funds in the reserve account will not be released to the Borrowers unless the Debt Service Coverage Ratio exceeds 1.30x for two consecutive calendar quarters. If the Debt Service Coverage Ratio falls below 1.15x as of the end of any calendar quarter, then an “amortization period” will commence and all funds on deposit in the reserve account will be applied to prepay the mortgage loan until such time that the Debt Service Coverage Ratio exceeds 1.15x for a calendar quarter. In addition, if any of the Tower Securities are not fully repaid by their respective anticipated repayment dates, the cash flow from the towers owned by the Borrowers will be trapped by the trustee for the Tower Securities and applied first to repay the interest, at the original interest rates, on the mortgage loan components underlying the Tower Securities, second to fund all reserve accounts and operating expenses associated with those towers, third to pay the management fees due to Network Management, fourth to repay principal of the Tower Securities and fifth to repay the additional interest discussed above. Furthermore, the advance rents reserve requirement states that the Borrowers are required to maintain an advance rents reserve at any time the monthly tenant Debt Service Coverage Ratio is equal to or less than 2:1 and for two calendar months after such coverage ratio again exceeds 2:1. The mortgage loan agreement, as amended, also includes covenants customary for mortgage loans subject to rated securitizations. Among other things, the Borrowers are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets.


‎

The table below sets forth the material terms of the Company’s outstanding Tower Securities as of December 31, 2023:

Security (1)

Issue Date

Amount Outstanding
‎(in millions)

Interest

Rate (2)

Anticipated Repayment Date

Final Maturity Date

2014-2C Tower Securities

Oct. 15, 2014

$620.0

3.869%

Oct. 8, 2024

Oct. 8, 2049

2019-1C Tower Securities

Sep. 13, 2019

$1,165.0

2.836%

Jan. 12, 2025

Jan. 12, 2050

2020-1C Tower Securities

Jul. 14, 2020

$750.0

1.884%

Jan. 9, 2026

Jul. 11, 2050

2020-2C Tower Securities

Jul. 14, 2020

$600.0

2.328%

Jan. 11, 2028

Jul. 9, 2052

2021-1C Tower Securities

May 14, 2021

$1,165.0

1.631%

Nov. 9, 2026

May 9, 2051

2021-2C Tower Securities

Oct. 27, 2021

$895.0

1.840%

Apr. 9, 2027

Oct. 10, 2051

2021-3C Tower Securities

Oct. 27, 2021

$895.0

2.593%

Oct. 9, 2031

Oct. 10, 2056

2022-1C Tower Securities

Nov. 23, 2022

$850.0

6.599%

Jan. 11, 2028

Nov. 9, 2052

 

(1)The Company incurred $9.0 million, $12.8 million, $8.0 million, $6.4 million, $12.9 million, $9.5 million, $9.5 million, and $10.5 million in financing fees relating to the issuances of the 2014-2C Tower Securities, 2019-1C Tower Securities, 2020-1C Tower Securities, 2020-2C Tower Securities, 2021-1C Tower Securities, 2021-2C Tower Securities, 2021-3C Tower Securities, and 2022-1C Tower Securities, respectively. The financing fees are being amortized through the anticipated repayment date of the related Tower Security.

(2)Interest paid monthly.

The table below sets forth the material terms of the Company’s Tower Securities that have been repaid as of December 31, 2023:

Security (1)

Issue Date

Amount Outstanding
‎(in millions)

Interest

Rate (2)

Anticipated Repayment Date

Actual Repayment Date

2013-2C Tower Securities

Apr. 18, 2013

$575.0

3.722%

Apr. 11, 2023

Oct. 14, 2021

2017-1C Tower Securities

Apr. 17, 2017

$760.0

3.168%

Apr. 11, 2022

May 14, 2021

2018-1C Tower Securities

Mar. 9, 2018

$640.0

3.448%

Mar. 9, 2023

Dec. 15, 2022

 

(1)The Company incurred $11.0 million, $10.2 million, and $8.6 million in financing fees relating to the issuances of the 2013-2C Tower Securities, 2017-1C Tower Securities, and 2018-1C Tower Securities, respectively, which were being amortized through the anticipated repayment date of the related Tower Security. In addition, the Company incurred $2.0 million, $2.0 million, and $0.4 million of deferred financing fees and accrued interest related to the repayment of the 2013-2C Tower Securities, 2017-1C Tower Securities, and 2018-1C Tower Securities, respectively, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

(2)Interest was paid monthly.

Risk Retention Tower Securities

The table below sets forth the material terms of the Company’s outstanding Risk Retention Tower Securities as of December 31, 2023:

Security

Issue Date

Amount Outstanding
‎(in millions)

Interest

Rate (1)

Anticipated Repayment Date

Final Maturity Date

2019-1R Tower Securities

Sep. 13, 2019

$61.4

4.213%

Jan. 12, 2025

Jan. 12, 2050

2020-2R Tower Securities

Jul. 14, 2020

$71.1

4.336%

Jan. 11, 2028

Jul. 9, 2052

2021-1R Tower Securities

May 14, 2021

$61.4

3.598%

Nov. 9, 2026

May 9, 2051

2021-3R Tower Securities

Oct. 27, 2021

$94.3

4.090%

Oct. 9, 2031

Oct. 10, 2056

2022-1R Tower Securities

Nov. 23, 2022

$44.8

7.870%

Jan. 11, 2028

Nov. 9, 2052

 

(1)Interest paid monthly.

To satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased the Risk Retention Tower Securities. Principal and interest payments made on the 2019-1R Tower Securities, 2020-2R Tower Securities, 2021-1R Tower Securities, 2021-3R Tower Securities, and 2022-1R Tower Securities eliminate in consolidation.

The table below sets forth the material terms of the Company’s Risk Retention Tower Securities that have been repaid as of December 31, 2023:

Security

Issue Date

Amount Outstanding
‎(in millions)

Interest

Rate (1)

Anticipated Repayment Date

Final Maturity Date

2017-1R Tower Securities

Apr. 17, 2017

$40.0

4.459%

Apr. 11, 2022

May 14, 2021

2018-2R Tower Securities

Mar. 9, 2018

$33.7

4.949%

Mar. 9, 2023

Dec. 15, 2022

 

(1)Interest was paid monthly.

To satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased the Risk Retention Tower Securities. Principal and interest payments made on the 2017-1R Tower Securities and 2018-1R Tower Securities eliminated in consolidation.

Debt Covenants

As of December 31, 2023, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

Senior Notes

Indentures Governing Senior Notes

The Indentures governing the Senior Notes contain customary covenants, subject to a number of exceptions and qualifications, including restrictions on the ability of SBAC and Telecommunications to (1) incur additional indebtedness unless the Consolidated Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio (as defined in the Indenture), pro forma for the additional indebtedness does not exceed, with respect to any fiscal quarter, 9.5x for SBAC, (2) merge, consolidate, or sell assets, (3) make restricted payments, including dividends or other distributions, (4) enter into transactions with affiliates, and (5) enter into sale and leaseback transactions and restrictions on the ability of the Restricted Subsidiaries of SBAC (as defined in the Indentures) to incur liens securing indebtedness.

The table below sets forth the material terms of the Company’s outstanding senior notes as of December 31, 2023:

Senior Notes (1)

Issue Date

Amount Outstanding
‎(in millions)

Interest Rate Coupon

Maturity Date

Interest Due Dates

2020 Senior Notes

Feb. 4, 2020

$1,500.0

3.875%

Feb. 15, 2027

Feb. 15 & Aug. 15

2021 Senior Notes

Jan. 29, 2021

$1,500.0

3.125%

Feb. 1, 2029

Feb. 1 & Aug. 1

 

(1)The Company incurred $18.0 million and $14.8 million in financing fees in relation to the issuance of the 2020 Senior Notes and 2021 Senior Notes, respectively. The financing fees are being amortized through the maturity date of the related senior note.

Each of the senior notes is subject to redemption, at the Company’s option, in whole or in part on or after the date set forth above. During the subsequent three twelve-month periods, the senior notes are redeemable, at the Company’s option, at reducing redemption prices based on the applicable interest rate coupon (as set forth in the indenture) plus accrued and unpaid interest. Subsequent to such date, the senior notes become redeemable until maturity at 100% of the principal plus accrued and unpaid interest. The Company may redeem the 2020 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: February 15, 2024 at 100.969% or February 15, 2025 until maturity at 100.000%, of the principal amount of the 2020 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. The Company may redeem the 2021 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: February 1, 2024 at 101.563%, February 1, 2025 at 100.781%, or February 1, 2026 until maturity at 100.000%, of the principal amount of the 2021 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest.


‎

The table below sets forth the material terms of the Company’s Senior Notes that have been redeemed as of December 31, 2023:

Senior Notes

Issue Date

Amount Outstanding
‎(in millions)

Interest Rate Coupon

Financing fees at issuance (1)
‎(in millions)

Maturity Date

Redemption Date

2016 Senior Notes

Aug. 15, 2016

$1,100.0

4.875%

$12.8

Sep. 1, 2024

Nov. 8, 2021

2017 Senior Notes

Oct. 13, 2017

$750.0

4.000%

$8.9

Oct. 1, 2022

Feb. 11, 2021

(1)Financing fees were being amortized through the maturity date.

In connection with the redemption of the 2016 Senior Notes, the Company paid a $13.4 million call premium and expensed $10.3 million for the write-off of the original issue discount and financing fees. In connection with the redemption of the 2017 Senior Notes, the Company paid a $7.5 million call premium and expensed $4.2 million for the write-off of financing fees. These expenses are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.
v3.24.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Shareholders' Equity [Abstract]  
Shareholders' Equity 12.SHAREHOLDERS’ EQUITY

Common Stock Equivalents

The Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 16).

Registration of Additional Shares

The Company filed a shelf registration statement on Form S-4 with the Securities and Exchange Commission registering 4.0 million shares of its Class A common stock in 2007. These shares may be issued in connection with acquisitions of wireless communication towers or antenna sites and related assets or companies that own wireless communication towers, antenna sites, or related assets. During the years ended December 31, 2023 and 2022, the Company did not issue any shares of Class A common stock under this registration statement. As of December 31, 2023, the Company had approximately 1.2 million shares of Class A common stock remaining under this registration statement.

On February 26, 2021, the Company filed with the Securities and Exchange Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR, which enables the Company to issue shares of its Class A common stock, preferred stock, debt securities, warrants, or depositary shares as well as units that include any of these securities. The Company will file a prospectus supplement containing the amount and type of securities each time it issues securities using its automatic shelf registration statement on Form S-3ASR. For the years ended December 31, 2023 and 2022, the Company did not issue any securities under this automatic shelf registration statement.

On August 6, 2020, the Company filed a registration statement on Form S-8 with the Securities and Exchange Commission registering 3.4 million shares of the Company’s Class A common stock, consisting of 3.0 million shares of Class A common stock issuable under the 2020 Performance and Equity Incentive Plan (the “2020 Plan”) and 400,000 shares of Class A common stock subject to awards granted under the 2010 Performance and Equity Incentive Plan (the “2010 Plan”) that may become available for issuance or reissuance, as applicable, under the 2020 Plan if such awards are forfeited or are settled in cash or otherwise expire or terminate without the delivery of the shares (see Note 13).

Stock Repurchases

The Company’s Board of Directors authorizes the Company to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements, and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Shares repurchased are retired. On October 28, 2021, the Company’s Board of Directors authorized a new $1.0 billion stock repurchase plan, replacing the prior plan. As of the date of this filing, the Company had $404.7 million of authorization remaining under the new plan.


‎

The following is a summary of the Company’s share repurchases:

For the year

ended December 31,

2023

2022

2021

Total number of shares purchased (in millions) (1)

0.5

1.3

1.9

Average price per share (1)

$

197.89

$

332.00

$

309.79

Total purchase price (in millions) (1)

$

100.0

$

431.6

$

582.5

(1)Amounts reflected are based on the trade date and differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.

Dividends

As a REIT, the Company is required to distribute annually at least 90% of its REIT taxable income after the utilization of any available NOLs (determined before the deduction for dividends paid and excluding any net capital gain). As of December 31, 2023, $382.3 million of the federal NOLs are attributes of the REIT. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the Company’s NOLs have been fully utilized. The amount of future distributions will be determined, from time to time, by the Board of Directors to balance the Company’s goal of increasing long-term shareholder value and retaining sufficient cash to implement the Company’s current capital allocation policy, which prioritizes investment in quality assets that meet the Company’s return criteria, and then stock repurchases when the Company believes its stock price is below its intrinsic value. The actual amount, timing, and frequency of future dividends will be at the sole discretion of the Board of Directors and will be declared based upon various factors, many of which are beyond the Company’s control.

For the year ended December 31, 2023, the Company paid the following cash dividends:

Payable to Shareholders

of Record at the Close

Cash Paid

Aggregate Amount

Date Declared

of Business on

Per Share

Paid

Date Paid

February 20, 2023

March 10, 2023

$0.85

$93.9 million

March 24, 2023

April 30, 2023

May 26, 2023

$0.85

$92.1 million

June 21, 2023

July 30, 2023

August 24, 2023

$0.85

$92.1 million

September 20, 2023

November 1, 2023

November 16, 2023

$0.85

$91.8 million

December 14, 2023

Dividends paid in 2023 and 2022 were ordinary taxable dividends.

Subsequent to December 31, 2023, the Company declared the following cash dividends:

Payable to Shareholders

Cash to

of Record at the Close

be Paid

Date Declared

of Business on

Per Share

Date to be Paid

February 26, 2024

March 14, 2024

$0.98

March 28, 2024
v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Stock-Based Compensation [Abstract]  
Stock-Based Compensation 13.STOCK-BASED COMPENSATION

On February 25, 2020, the Company’s 2010 Plan expired by its terms. On May 14, 2020, the Company’s shareholders approved the 2020 Plan which provides for the issuance of up to 3.0 million shares of the Company’s Class A common stock (of which approximately 2.2 million shares remain available for future issuance as of December 31, 2023), plus additional shares of Class A common stock (a) subject to awards granted under the 2010 Plan that may become available for issuance or reissuance, as applicable, under the 2020 Plan if such awards are forfeited or are settled in cash or otherwise expire or terminate without the delivery of the shares or (b) which become issuable under the 2020 Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of outstanding shares of Class A common stock.

Commencing with the 2020 equity award, the Company modified the type of equity granted to certain employees to align long-term compensation with Company performance. Under the new structure, the Company continued to issue RSUs; however, RSUs will now vest ratably over three years rather than four years. The Company further replaced stock options with PSUs which will cliff vest at the end of three years. PSUs have performance metrics for which threshold, target, and maximum parameters are established at the time of the grant. The performance metrics are used to calculate the number of shares that will be issuable when the

awards vest, which may range from zero to 200% of the target amounts. At the end of each three year performance period, the number of shares that vest will depend on the results achieved against the pre-established performance metrics. Furthermore, effective with the 2020 grant, RSUs and PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect to shares that actually vest.

Stock Options

The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility, as well as to estimate the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model:

For the year ended December 31,

2023

2022

Risk free interest rate

3.96%

2.53%

Dividend yield

1.50%

0.9%

Expected volatility

30.0%

27.2%

Expected lives

4.4 years

4.3 years

There were no options granted during the year ended December 31, 2021.

The following table summarizes the Company’s activities with respect to its stock option plans for the years ended December 31, 2023, 2022 and 2021 as follows (dollars and shares in thousands, except for per share data):

Weighted-

Weighted-Average

Average

Remaining

Number

Exercise Price

Contractual

Aggregate

of Shares

Per Share

Life (in years)

Intrinsic Value

Outstanding at December 31, 2020

3,202

$

143.01

Exercised

(1,290)

$

120.90

Forfeited/canceled

(13)

$

179.67

Outstanding at December 31, 2021

1,899

$

157.76

Granted

10

$

328.99

Exercised

(233)

$

141.41

Forfeited/canceled

(3)

$

179.16

Outstanding at December 31, 2022

1,673

$

161.02

Granted

20

$

224.24

Exercised

(339)

$

132.70

Forfeited/canceled

(14)

$

238.10

Outstanding at December 31, 2023

1,340

$

168.32

1.8

$

115,071

Exercisable at December 31, 2023

1,312

$

166.49

1.6

$

114,482

Unvested at December 31, 2023

28

$

254.17

9.1

$

589

The weighted-average per share fair value of options granted during the years ended December 31, 2023 and 2022 was $58.95 and $82.28, respectively.

The total intrinsic value for options exercised during the years ended December 31, 2023, 2022, and 2021 was $40.0 million, $45.2 million, and $287.8 million, respectively. Cash received from option exercises under all plans for the years ended December 31, 2023, 2022, and 2021 was approximately $38.6 million, $31.6 million, and $80.3 million, respectively. The tax benefit realized for the tax deductions from option exercises under all plans was $4.9 million, $18.4 million, and $11.4 million for the years ended December 31, 2023, 2022, and 2021, respectively.

The aggregate intrinsic value for stock options in the preceding table represents the total intrinsic value based on the Company’s closing stock price of $253.69 as of December 31, 2023. The amount represents the total intrinsic value that would have been received by the holders of the stock-based awards had these awards been exercised and sold as of that date.

Additional information regarding options outstanding and exercisable at December 31, 2023 is as follows:

Options Outstanding

Options Exercisable

Weighted-Average

Weighted-

Weighted-

Remaining

Average

Average

Range

Outstanding

Contractual Life

Exercise Price

Exercisable

Exercise Price

(in thousands)

(in years)

(in thousands)

$100.01 - $140.00

130

0.2

$

116.19

130

$

116.19

$140.01 - $180.00

496

1.2

$

156.52

496

$

156.52

$180.01 - $230.00

702

2.4

$

183.88

682

$

182.70

$230.01 - $330.00

12

7.5

$

320.14

4

$

300.25

1,340

1,312

The following table summarizes the activity of options outstanding that had not yet vested:

Weighted-

Average

Number

Fair Value

of Shares

Per Share

(in thousands)

Unvested as of December 31, 2022

266

$

35.91

Options granted

20

$

58.95

Vested

(252)

$

34.33

Forfeited

(6)

$

40.45

Unvested as of December 31, 2023

28

$

65.61

As of December 31, 2023, the total unrecognized compensation expense related to unvested stock options outstanding under the Plans is $1.6 million. That cost is expected to be recognized over a weighted-average period of 4.0 years.

The total fair value of options vested during 2023, 2022, and 2021 was $8.7 million, $15.9 million, and $22.7 million, respectively.

Restricted Stock Units and Performance-Based Restricted Stock Units

The following table summarizes the Company’s RSU and PSU activity for the year ended December 31, 2023:

RSUs

PSUs (1)

Weighted-Average

Weighted-Average

Number of

Grant Date Fair

Number of

Grant Date Fair

Shares

Value per Share

Shares

Value per Share

(in thousands)

(in thousands)

Outstanding at December 31, 2022

222

$

280.66

429

$

332.18

Granted

181

$

253.11

97

$

263.17

PSU adjustment (2)

—

$

—

65

$

302.96

Vested

(119)

$

264.41

(207)

$

345.08

Forfeited/canceled

(17)

$

274.69

(16)

$

299.23

Outstanding at December 31, 2023

267

$

269.08

368

$

298.46

(1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.

(2)PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date.

Employee Stock Purchase Plan

The Board of Directors of the Company adopted the 2018 Employee Stock Purchase Plan (“2018 Purchase Plan”) which reserved 300,000 shares of Class A common stock for purchase. The 2018 Purchase Plan permits eligible employee participants to purchase Class A common stock at a price per share which is equal to 85% of the fair market value of Class A common stock on the last day of an offering period. For the years ended December 31, 2023 and 2022, 27,280 shares and 24,754 shares, respectively, of

Class A common stock were issued under the 2018 Purchase Plan, which resulted in cash proceeds to the Company of approximately $5.6 million and $6.7 million, respectively. At December 31, 2023, 157,697 shares remained available for issuance under the 2018 Purchase Plan.

In addition, the Company recorded $1.0 million, $1.2 million, and $1.1 million of non-cash compensation expense relating to the shares issued under the 2018 Purchase Plan for each of the years ended December 31, 2023, 2022, and 2021, respectively.

Non-Cash Compensation Expense

The table below reflects a breakout by category of the non-cash compensation expense amounts recognized on the Company’s Statements of Operations for the years ended December 31, 2023, 2022, and 2021, respectively:

For the year ended December 31,

2023

2022

2021

(in thousands)

Cost of revenues

$

2,869

$

2,490

$

2,483

Selling, general and administrative

85,050

97,419

81,919

Total cost of non-cash compensation included

in income before provision for income taxes

$

87,919

$

99,909

$

84,402

In addition, the Company capitalized $1.7 million, $1.9 million, and $1.4 million of non-cash compensation for the years ended December 31, 2023, 2022, and 2021, respectively, to fixed assets.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Income Taxes 14.INCOME TAXES

As discussed in Note 2, the Company began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2016. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) except to the extent offset by NOLs. In addition, the Company must meet a number of other organizational and operational requirements. It is management's intention to adhere to these requirements and maintain the Company's REIT status. Most states where the Company operates conform to the federal rules recognizing REITs. Certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company's REIT election; the TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly. A TRS is subject to federal and state income taxes on the income from these activities. A provision for taxes of the TRSs and of foreign branches of the REIT is included in its consolidated financial statements.

Income (loss) before provision for income taxes by geographic area is as follows:

For the year ended December 31,

2023

2022

2021

(in thousands)

Domestic

$

377,150

$

438,116

$

265,636

Foreign

171,353

87,727

(13,072)

Total

$

548,503

$

525,843

$

252,564

The provision for income taxes consists of the following components:

For the year ended December 31,

2023

2022

2021

(in thousands)

Current provision:

State

$

8,099

$

6,115

$

543

Foreign

38,360

27,028

22,907

Total current

46,459

33,143

23,450

Deferred provision (benefit) for taxes:

Federal

8,280

(6,856)

20

State

1,431

(956)

(2,730)

Foreign

52,003

32,780

(9,516)

Change in valuation allowance

(57,085)

7,933

3,716

Total deferred

4,629

32,901

(8,510)

Total provision for income taxes

$

51,088

$

66,044

$

14,940

A reconciliation of the provision for income taxes at the statutory U.S. Federal tax rate (21%) and the effective income tax rate is as follows:

For the year ended December 31,

2023

2022

2021

(in thousands)

Statutory federal expense

$

115,186

$

110,427

$

53,039

Rate and permanent differences on non-U.S. earnings (1)

31,722

20,996

9,586

State and local tax expense

9,288

5,585

(1,539)

REIT adjustment

(75,513)

(86,670)

(56,457)

Permanent differences

11,872

(3,257)

6,105

Uncertain tax positions

14,202

—

—

Property, equipment, and intangible basis differences

—

8,471

—

Other

1,416

2,559

490

Valuation allowance

(57,085)

7,933

3,716

Provision for income taxes

$

51,088

$

66,044

$

14,940

(1)This item includes the effect of foreign exchange rate changes which were previously shown on a separate line.


‎

The components of the net noncurrent deferred income tax asset (liability) accounts are as follows:

As of December 31,

2023

2022

(in thousands)

Deferred tax assets:

Net operating losses

$

42,064

$

46,521

Property, equipment, and intangible basis differences

25,225

13,506

Accrued liabilities

14,945

12,504

Non-cash compensation

29,576

30,501

Operating lease liability

268,107

265,710

Deferred revenue

6,348

5,656

Allowance for doubtful accounts

2,735

1,430

Currency translation

14,467

78,287

Other

14,075

10,518

Valuation allowance

(16,115)

(73,546)

Total deferred tax assets, net (1)

401,427

391,087

Deferred tax liabilities:

Property, equipment, and intangible basis differences

(169,744)

(152,207)

Right of use asset

(254,573)

(254,368)

Straight-line rents

(19,029)

(18,659)

Deferred foreign withholding taxes

(8,322)

(9,088)

Other

(1,495)

(1,531)

Total deferred tax liabilities, net (1)

$

(51,736)

$

(44,766)

(1)Of these amounts, $67,473 and $119,209 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheets as of December 31, 2023. As of December 31, 2022, $16,173 and $60,939 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheet.

A deferred tax asset is reduced by a valuation allowance if based on the weight of all available evidence, including both positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that the value of such assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The realization of deferred tax assets, including carryforwards and deductible temporary differences, depends upon the existence of sufficient taxable income of the same character during the carryback or carryforward period. All sources of taxable income available to realize the deferred tax asset, including the future reversal of existing temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in carryback years and tax-planning strategies, should be considered.

The Company has recorded a valuation allowance for certain deferred tax assets as management believes that it is not “more-likely-than-not” that the Company will generate sufficient taxable income in future periods to recognize the assets. Valuation allowances of $16.1 million and $73.5 million were being carried to offset net deferred income tax assets as of December 31, 2023 and 2022, respectively. The net change in the valuation allowance for the years ended December 31, 2023 and 2022 was a decrease of $57.4 million and an increase of $7.4 million, respectively. The primary reason for the reduction in the valuation allowance was the Company released the valuation allowance related to the deferred tax asset balance of the domestic TRS.

The Company has available at December 31, 2023, a federal NOL carry-forward of approximately $434.5 million. $400.3 million of these NOL carry-forwards will expire between 2026 and 2037, and $34.2 million have an indefinite carry-forward. As of December 31, 2023, $382.3 million of the federal NOLs are attributes of the REIT. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized. The Internal Revenue Code places limitations upon the future availability of NOLs based upon changes in the equity of the Company. If these occur, the ability of the Company to offset future income with existing NOLs may be limited. In addition, the Company has available at December 31, 2023, a foreign NOL carry-forward of $89.4 million and a net state operating tax loss carry-forward of approximately $262.5 million. These net operating tax loss carry-forwards began to expire in 2024.

The tax losses generated in tax years 2006 and forward remain subject to audit adjustment, and tax years 2016 and forward are open to examination by the major jurisdictions in which the Company operates.

The Company is subject to income tax and other taxes in the geographic areas where it holds assets or operates, and the Company periodically receives notifications of audits, assessments, or other actions by taxing authorities. In certain jurisdictions, taxing authorities may issue notices and assessments that may not be reflective of the actual tax liability for which the Company will ultimately be liable. In the process of responding to assessments of taxes that the Company believes are not reflective of the Company’s actual tax liability, the Company avails itself of both administrative and judicial remedies. The Company evaluates the circumstances of each notification or assessment based on the information available and, in those instances in which the Company does not anticipate a successful defense of positions taken in its tax filings, a liability is recorded in the appropriate amount based on the underlying assessment.

The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return if applicable. As of December 31, 2023 and 2022, the total amount of unrecognized tax benefits are $14.2 million and $0.0 million, respectively, all of which would impact the effective rate if recognized. The Company expects the unrecognized tax benefits to change over the next 12 months if the applicable statute of limitations expire and the impact could range from zero to $2.3 million. For the period ended December 31, 2023 the Company recorded penalties and interest expense related to unrecognized tax benefits of $4.5 million as interest expense.

A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:

For the year ended December 31,

2023

2022

2021

(in millions)

Balance, January 1,

$

—

$

—

$

—

Additions based on tax positions related to the current year

5,023

—

—

Additions and reductions for tax positions of prior years

9,179

—

—

Balance, December 31,

$

14,202

$

—

$

—

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 have filed an appeal with the higher appellate taxing authorities. The Company estimates that there is a more likely than not probability that the Company’s position will be sustained upon appeal. Accordingly, no liability has been recorded. The Company will continue to vigorously contest the adjustments and expect to exhaust all administrative and judicial remedies necessary to resolve the matters, which could be a lengthy process. There can be no assurance that these matters will be resolved in the Company’s favor, and an adverse outcome, or any future tax examinations involving similar assertions, could have a material effect on the Company’s results of operations or cash flows in any one period. As of December 31, 2023, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued to be between zero and $97.8 million. This range excludes penalties and interest, which as of such date would have been $104.6 million.

The Company removed the permanent reinvestment assertion as of December 31, 2018 for all foreign earnings of the Company’s foreign jurisdictions. The Company subsequently also removed its permanent reinvestment assertion on the investment in the Company’s Guatemala, El Salvador, and Nicaragua subsidiaries. As a result, the Company has recorded cumulative deferred foreign withholding taxes of $8.3 million at December 31, 2023. No additional income taxes have been provided for any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations except as noted in Guatemala, El Salvador, and Nicaragua. The deferred incomes taxes related to the Guatemala, El Salvador, and Nicaragua subsidiaries are immaterial and determining the amount of unrecognized deferred tax liability for any additional outside basis differences in indefinitely reinvested entities is not practicable.

The U.S. government enacted comprehensive tax legislation in the form of the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI in the year it is incurred.
v3.24.0.1
Segment Data
 12 Months Ended
Dec. 31, 2023
Segment Data [Abstract]  
Segment Data 15.SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their

operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region. Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other

Total

For the year ended December 31, 2023

(in thousands)

Revenues (1)

$

1,846,554 

$

670,381 

$

194,649 

$

—

$

2,711,584 

Cost of revenues (2)

268,572 

204,115 

139,935 

—

612,622 

Operating profit

1,577,982 

466,266 

54,714 

—

2,098,962 

Selling, general, and administrative expenses

121,782 

66,619 

21,316 

58,219 

267,936 

Acquisition and new business initiatives

related adjustments and expenses

10,725 

10,946 

—

—

21,671 

Asset impairment and decommission costs

138,699 

28,089 

372 

2,227 

169,387 

Depreciation, amortization and accretion

457,169 

248,758 

3,704 

6,678 

716,309 

Operating income (loss)

849,607 

111,854 

29,322 

(67,124)

923,659 

Other expense, net (principally interest

expense and other income)

(375,156)

(375,156)

Income before income taxes

548,503

Cash capital expenditures (3)

244,366 

118,972 

2,573 

2,702 

368,613 

For the year ended December 31, 2022

Revenues (1)

$

1,777,593 

$

558,982 

$

296,879 

$

—

$

2,633,454 

Cost of revenues (2)

264,149 

181,536 

222,965 

—

668,650 

Operating profit

1,513,444 

377,446 

73,914 

—

1,964,804 

Selling, general, and administrative expenses

102,619 

62,911 

22,911 

73,412 

261,853 

Acquisition and new business initiatives

related adjustments and expenses

13,280 

13,527 

—

—

26,807 

Asset impairment and decommission costs

33,880 

9,280 

—

—

43,160 

Depreciation, amortization and accretion

489,072 

209,563 

2,521 

6,420 

707,576 

Operating income (loss)

874,593 

82,165 

48,482 

(79,832)

925,408 

Other expense, net (principally interest

expense and other income)

(399,565)

(399,565)

Income before income taxes

525,843 

Cash capital expenditures (3)

235,787 

1,148,941 

4,057 

5,610 

1,394,395 

For the year ended December 31, 2021

Revenues (1)

$

1,681,372 

$

422,715 

$

204,747 

$

—

$

2,308,834 

Cost of revenues (2)

258,612 

127,779 

159,093 

—

545,484 

Operating profit

1,422,760 

294,936 

45,654 

—

1,763,350 

Selling, general, and administrative expenses

115,458 

37,768 

20,636 

46,167 

220,029 

Acquisition and new business initiatives

related adjustments and expenses

14,452 

13,169 

—

—

27,621 

Asset impairment and decommission costs

20,135 

12,763 

—

146 

33,044 

Depreciation, amortization and accretion

514,234 

177,059 

2,295 

6,573 

700,161 

Operating income (loss)

758,481 

54,177 

22,723 

(52,886)

782,495 

Other expense, net (principally interest

expense and other income)

(529,931)

(529,931)

Income before income taxes

252,564 

Cash capital expenditures (3)

1,249,075 

135,591 

2,563 

6,269 

1,393,498 

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other (4)

Total

Assets

(in thousands)

As of December 31, 2023

$

5,876,648 

$

3,871,164

$

66,001 

$

364,628

$

10,178,441

As of December 31, 2022

$

6,308,204 

$

3,808,699 

$

158,137 

$

310,001 

$

10,585,041 

(1)For the years ended December 31, 2023, 2022, and 2021, site leasing revenue in Brazil was $392.0 million, $299.5 million, and $233.5 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total site leasing revenues in any of the periods presented.

(2)Excludes depreciation, amortization, and accretion.

(3)Includes cash paid for capital expenditures, acquisitions, and right-of-use assets.

(4)Assets in Other consist primarily of general corporate assets and short-term investments.

Total domestic long-lived assets were $5.4 billion and $5.9 billion as of December 31, 2023 and 2022, respectively. Total international long-lived assets were $3.4 billion and $3.5 billion as of December 31, 2023 and 2022, respectively. Total long-lived assets in Brazil were $2.1 billion and $2.0 billion as of December 31, 2023 and 2022, respectively. Long-lived assets include property and equipment, net, intangible assets, net, operating lease right-of-use assets, net, and acquired and other right-of-use assets, net. Other than Brazil, no foreign country represented more than 5% of the Company’s total long-lived assets in any of the periods presented.
v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share 16.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding adjusted for any dilutive Class A common stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method.

The following table sets forth basic and diluted net income per common share attributable to common shareholders for the years ended December 31, 2023, 2022, and 2021 (in thousands, except per share data):

For the year ended December 31,

2023

2022

2021

Numerator:

Net income attributable to SBA

Communications Corporation

$

501,812

$

461,429

$

237,624

Denominator:

Basic weighted-average shares outstanding

108,204

107,957

109,328

Dilutive impact of stock options, RSUs, and PSUs

703

1,429

1,849

Diluted weighted-average shares outstanding

108,907

109,386

111,177

Net income per common share attributable to SBA

Communications Corporation:

Basic

$

4.64

$

4.27

$

2.17

Diluted

$

4.61

$

4.22

$

2.14

For the years ended December 31, 2023, 2022, and 2021, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies [Abstract]  
Commitments and Contingencies


‎

17.COMMITMENTS AND CONTINGENCIES

The Company is obligated under various non-cancelable operating leases for land, office space, equipment, and site leases. In addition, the Company is obligated under various non-cancelable financing leases for vehicles. The annual minimum lease payments, including fixed rate escalations as of December 31, 2023 are as follows (in thousands):

Finance Leases

Operating Leases

2024

$

2,259

$

307,472

2025

1,900

287,208

2026

1,010

282,103

2027

285

275,342

2028

—

268,622

Thereafter

—

1,959,068

Total minimum lease payments

5,454

3,379,815

Less: amount representing interest

(606)

(1,245,513)

Present value of future payments

4,848

2,134,302

Less: current obligations

(1,671)

(271,793)

Long-term obligations

$

3,177

$

1,862,509

Tenant (Operating) Leases

The annual minimum tower lease income to be received for tower space rental under non-cancelable operating leases, including fixed rate escalations, as of December 31, 2023 is as follows:

(in thousands)

2024

$

2,147,798

2025

1,937,636

2026

1,646,642

2027

1,357,646

2028

1,039,529

Thereafter

2,265,719

Total

$

10,394,970

Litigation

The Company is involved in various claims, lawsuits, and proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs that may be incurred, management believes the resolution of such uncertainties and the incurrence of such costs will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity.

Contingent Purchase Obligations

From time to time, the Company agrees to pay additional consideration (or earnouts) for acquisitions if the towers or businesses that are acquired meet or exceed certain performance targets in the one year to three years after they have been acquired. Please refer to Note 2 and Note 7.
v3.24.0.1
Concentration of Credit Risk
 12 Months Ended
Dec. 31, 2023
Concentration of Credit Risk [Abstract]  
Concentration of Credit Risk 18.CONCENTRATION OF CREDIT RISK

The Company’s credit risks consist primarily of accounts receivable with national, regional, and local wireless service providers and federal and state government agencies. The Company performs periodic credit evaluations of its customers’ financial condition and provides allowances for doubtful accounts, as required, based upon factors surrounding the credit risk of specific customers, historical trends, and other information. The Company generally does not require collateral.


‎

The following is a list of significant customers (representing at least 10% of revenue for any period reported) and the percentage of total revenue for the specified time periods derived from such customers:

For the year ended December 31,

Percentage of Total Revenues

2023

2022

2021

T-Mobile

32.5%

36.4%

36.2%

AT&T Wireless

19.5%

19.6%

22.2%

Verizon Wireless

14.6%

14.5%

14.7%

The Company’s site leasing and site development segments derive revenue from these customers. Client percentages of total revenue in each of the segments are as follows:

For the year ended December 31,

Percentage of Domestic Site Leasing Revenue

2023

2022

2021

T-Mobile

40.2%

40.6%

40.2%

AT&T Wireless

28.6%

29.0%

30.5%

Verizon Wireless

19.7%

20.1%

19.8%

For the year ended December 31,

Percentage of International Site Leasing Revenue

2023 (1)

2022 (1)

2021

Telefonica

22.5%

20.7%

16.3%

Claro

20.2%

19.0%

13.7%

TIM

15.7%

17.3%

7.2%

Oi S.A.

3.5%

3.9%

28.3%

(1)Amounts reflect the sale of Oi S.A.’s wireless assets to Telefonica, Claro, and TIM.

For the year ended December 31,

Percentage of Site Development Revenue

2023

2022

2021

T-Mobile

71.5%

80.1%

78.2%

Verizon Wireless

16.8%

7.8%

3.3%

Five customers comprised 65.6% and 71.6% of total gross accounts receivable at December 31, 2023 and 2022, respectively.
v3.24.0.1
Defined Contribution Plan
 12 Months Ended
Dec. 31, 2023
Defined Contribution Plan [Abstract]  
Defined Contribution Plan 19.DEFINED CONTRIBUTION PLAN

The Company has a defined contribution profit sharing plan under Section 401(k) of the Internal Revenue Code that provides for voluntary employee contributions up to the limitations set forth in Section 402(g) of the Internal Revenue Code. Employees have the opportunity to participate following completion of three months of employment and must be 21 years of age. Employer matching begins immediately upon the employee’s participation in the plan.

The Company makes a discretionary matching contribution of 75% of an employee’s contributions up to a maximum of $4,000 annually. Company matching contributions were approximately $3.4 million, $3.2 million, and $2.9 million for the years ended December 31, 2023, 2022, and 2021, respectively.
v3.24.0.1
Redeemable Noncontrolling Interests
 12 Months Ended
Dec. 31, 2023
Redeemable Noncontrolling Interests [Abstract]  
Redeemable Noncontrolling Interests 20.REDEEMABLE NONCONTROLLING INTERESTS

The Company allocates income and losses to its redeemable noncontrolling interest holders based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the greater of (1) the initial carrying amount of the noncontrolling interest as adjusted for accumulated income or loss attributable to the noncontrolling interest holder or (2) the redemption value as of the balance sheet date. Adjustments to the carrying amount of redeemable noncontrolling interest are charged against retained earnings (or additional paid-in capital if there are no retained earnings). The fair value of the redeemable noncontrolling interest is estimated using Level 3 inputs.


‎

The components of redeemable noncontrolling interests are as follows (in thousands):

December 31,

December 31,

2023

2022

Beginning balance

$

31,735

$

17,250

Net loss attributable to noncontrolling interests

(4,397)

(1,630)

Foreign currency translation adjustments

(899)

(204)

Contribution from joint venture partner

1,200

—

Adjustment to redemption amount

7,408

16,319

Ending balance

$

35,047

$

31,735
v3.24.0.1
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2023
Derivatives and Hedging Activities [Abstract]  
Derivatives and Hedging Activities 21.DERIVATIVES AND HEDGING ACTIVITIES

The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. On August 4, 2020, the Company, through its wholly owned subsidiary, SBA Senior Finance II, terminated an existing $1.95 billion cash flow hedge on a portion of its 2018 Term Loan in exchange for a payment of $176.2 million. On the same date, the Company entered into an interest rate swap which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for an all-in fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. The Company designated this interest rate swap as a cash flow hedge as it is expected to be highly effective at offsetting changes in cash flows of the LIBOR based component interest payments of its 2018 Term Loan.

On August 4, 2020, the Company also terminated its existing interest rate swaps, which were previously de-designated as cash flow hedges. There was no cash transferred in connection with the termination of these swaps. The Company reclassifies the fair value of its interest rate swaps recorded in Accumulated other comprehensive loss, net on their de-designation date to non-cash interest expense on the Consolidated Statements of Operations over their respective remaining term end dates which range from 2023 to 2025.

In order to transition from LIBOR to Term SOFR as a result of Reference Rate Reform, on June 21, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II, amended its existing interest rate swap agreement which swapped $1.95 billion of notional value accruing interest at one month Term SOFR plus 185 basis points (inclusive of a CSA of 0.10%) for an all-in fixed rate of 1.900% per annum from August 1, 2023 through January 25, 2024 (the repayment date of the 2018 Term Loan and issuance date of the 2024 Term Loan). The swap will remain in effect under the 2024 Term Loan and will swap $1.95 billion of notional value accruing interest at one month Term SOFR plus 200 basis points for an all-in fixed rate of 2.050% per annum through March 31, 2025. The Company concluded that the amendment to the interest rate swap qualifies for the relief provided by ASU 2021-01 and ASU 2022- 06 and as such, did not de-designate its cash flow hedge. Refer to Note 2 for further discussion of the expedient adopted under ASU 2021-01 and ASU 2022-06.

On November 3, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II, entered into a forward-starting interest rate swap agreement which will swap $1.0 billion of notional value accruing interest at one month Term SOFR plus 200 basis points for an all-in fixed rate of 5.830% per annum. The swap has an effective start date of March 31, 2025 and a maturity date of April 11, 2028. The Company designated this interest rate swap as a cash flow hedge as it is expected to be highly effective at offsetting changes in cash flows of the SOFR based component interest payments of its 2024 Term Loan.

As of December 31, 2023, the hedges remain highly effective; therefore, changes in fair value are recorded in Accumulated other comprehensive loss, net. The table below outlines the effects of the Company’s interest rate swaps on the Consolidated Balance Sheets as of December 31, 2023 and 2022.

Fair Value as of

Balance Sheet

December 31,

December 31,

Location

2023

2022

Derivatives Designated as Hedging Instruments

(in thousands)

Interest rate swap agreements in a fair value asset position

Other assets

$

104,674 

$

182,860 

Interest rate swap agreement in a fair value liability position

Other long-term liabilities

$

19,573 

$

—

Accumulated other comprehensive loss, net includes an aggregate $51.5 million gain and a $119.6 million gain as of December 31, 2023 and 2022, respectively.

The Company is exposed to counterparty credit risk to the extent that a counterparty fails to meet the terms of a contract. The Company’s exposure is limited to the current value of the contract at the time the counterparty fails to perform.

The cash flows associated with these activities are reported in Net cash provided by operating activities on the Consolidated Statements of Cash Flows.

The table below outlines the effects of the Company’s derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit for the fiscal years ended December 31, 2023, 2022, and 2021.

For the year ended December 31,

2023

2022

2021

Cash Flow Hedge - Interest Rate Swap Agreement

(in thousands)

Change in fair value recorded in Accumulated other comprehensive loss, net

$

(97,760)

$

122,536 

$

48,200 

Derivatives Not Designated as Hedges - Interest Rate Swap Agreements

Amount reclassified from Accumulated other comprehensive

loss, net into Non-cash interest expense

$

29,627 

$

44,887 

$

44,887 
v3.24.0.1
Quarterly Financial Data
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Data [Abstract]  
Quarterly Financial Data

22.QUARTERLY FINANCIAL DATA (unaudited)

Quarter Ended

December 31,

September 30,

June 30,

March 31,

2023

2023

2023

2023

(in thousands, except per share amounts)

Revenues

$

675,024

$

682,544

$

678,500

$

675,516

Operating income

209,687

248,604

241,227

224,141

Depreciation, accretion, and amortization

(171,400)

(180,674)

(181,820)

(182,415)

Net income attributable to SBA Communications Corporation

109,528

87,419

203,648

101,217

Net income per common share - basic

$

1.01

$

0.81

$

1.88

$

0.94

Net income per common share - diluted

1.01

0.80

1.87

0.93

Quarter Ended

December 31,

September 30,

June 30,

March 31,

2022

2022

2022

2022

(in thousands, except per share amounts)

Revenues

$

686,094

$

675,584

$

652,006

$

619,770

Operating income

234,664

242,987

230,978

216,779

Depreciation, accretion, and amortization

(183,036)

(173,825)

(176,392)

(174,323)

Net income attributable to SBA Communications Corporation

103,281

100,009

69,516

188,623

Net income per common share - basic

$

0.96

$

0.93

$

0.64

$

1.75

Net income per common share - diluted

0.94

0.91

0.64

1.72

Because net income per share amounts are calculated using the weighted-average number of common and dilutive common shares outstanding during each quarter, the sum of the per share amounts for the four quarters may not equal the total net income per share amounts for the year.
v3.24.0.1
Schedule III - Schedule of Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2023
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract]  
Schedule III - Schedule of Real Estate and Accumulated Depreciation Schedule III—Schedule of Real Estate and Accumulated Depreciation

Gross

Life on Which

Cost

Amount

Accumulated

Depreciation

Capitalized

Carried

Depreciation

in Latest

Initial

Subsequent

at Close

at Close

Income

Cost to

to

of Current

of Current

Date of

Date

Statement is

Description

Encumbrances

Company

Acquisition

Period

Period

Construction

Acquired

Computed

(in thousands)

39,618 sites

(1)

$

9,388,000 

(2)

(3)

(3)

$

8,231,510 

(4)

$

(4,232,369)

Various

Various

Up to 70 years

(5)

(1)No single site exceeds 5% of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above.

(2)As of December 31, 2023, certain assets secure debt of $9.4 billion.

(3)The Company has omitted this information, as it would be impracticable to compile such information on a site-by-site basis.

(4)Does not include those sites under construction.

(5)Amounts include the acquisition of the exclusive right to lease and operate utility transmission structures, which included existing wireless tenant licenses from PG&E.


‎

2023

2022

2021

(in thousands)

Gross amount at beginning

$

7,993,750 

$

7,068,208 

$

5,963,048 

Additions during period:

Acquisitions (1)

22,081 

727,863 

995,063 

Construction and related costs on new builds

59,873 

69,384 

45,802 

Augmentation and tower upgrades

82,917 

60,247 

32,953 

Land buyouts and other assets

32,247 

26,588 

24,944 

Tower maintenance

49,471 

42,048 

34,611 

Other (2)

35,880 

23,824 

20,052 

Total additions

282,469 

949,954 

1,153,425 

Deductions during period:

Cost of real estate sold or disposed

(8,024)

(610)

(192)

Impairment (3)

(119,307)

(23,638)

(15,552)

Other (4)

82,622 

(164)

(32,521)

Total deductions

(44,709)

(24,412)

(48,265)

Balance at end

$

8,231,510 

$

7,993,750 

$

7,068,208 

(1)Inclusive of changes between the final purchase price allocation and the preliminary purchase price allocations. In addition, amounts as of December 31, 2021 include the acquisition of the exclusive right to lease and operate utility transmission structures, which included existing wireless tenant licenses from PG&E. Amounts as of December 31, 2022 include the acquisition of sites from GTS.

(2)Represents changes to the Company’s asset retirement obligations.

(3)Impairment charges for the year ended December 31, 2023 include the impact of the planned abandonment of identified sites with minimal expectations of future economic benefit (primarily from Sprint and Oi related churn).

(4)Primarily represents cumulative translation adjustments related to changes in foreign currency exchange rates.

2023

2022

2021

(in thousands)

Gross amount of accumulated depreciation at beginning

$

(3,925,893)

$

(3,644,238)

$

(3,383,370)

Additions during period:

Depreciation (1)

(300,458)

(285,918)

(273,655)

Other (2)

(14,339)

(3,382)

(91)

Total additions

(314,797)

(289,300)

(273,746)

Deductions during period:

Amount of accumulated depreciation for assets sold or disposed

8,070 

7,505 

3,638 

Other (2)

251 

140 

9,240 

Total deductions

8,321 

7,645 

12,878 

Balance at end

$

(4,232,369)

$

(3,925,893)

$

(3,644,238)

(1)Amounts as of December 31, 2021 include depreciation related to the acquisition of the exclusive right to lease and operate utility transmission structures, which included existing wireless tenant licenses from PG&E. Amounts as of December 31, 2022 include the depreciation related to the acquisition of sites from GTS.

(2)Primarily represents cumulative translation adjustments related to changes in foreign currency exchange rates.
v3.24.0.1
Summary of Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]  
Principles of Consolidation Principles of Consolidation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company and its majority and wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, incremental borrowing rate for lease accounting, fair value of investments, and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material.

The Company is in the process of reviewing the remaining estimated useful lives of its towers and intangible assets and is considering, for U.S. GAAP purposes, whether it should modify its current estimates for asset lives based on its historical operating experience. The Company has retained an independent consultant to assist in completing this review and analysis. The Company currently depreciates its towers on a straight-line basis over the shorter of the term of the underlying ground lease (including renewal options) taking into account residual value or the estimated useful life of the tower, which the Company has historically estimated to be 15 years. Additionally, certain of the Company’s intangible assets are amortized on a similar basis to its tower assets, as the estimated useful lives of such intangible assets correlate to the useful life of the towers. If the Company concludes that a revision in the estimated useful lives of its towers and intangible assets is appropriate based on its review and analysis, the Company will account for any changes in the useful lives as a change in accounting estimate under Accounting Standards Codification (“ASC”) 250

Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change. Based on preliminary information obtained to date, the Company expects that its estimated asset lives may be extended, which would result in prospective (i) decreases in depreciation and amortization and (ii) increases in the right of use asset and operating lease liability, and such changes could be material to future depreciation and amortization and the Company’s consolidated results of operations. The Company expects to conclude its analysis in the first quarter of 2024.
Cash and Cash Equivalents Cash and Cash Equivalents

Cash and cash equivalents consist primarily of cash in banks, money market funds, commercial paper, highly liquid short-term investments, and other marketable securities with an original maturity of three months or less at the time of purchase. These investments are carried at cost, which approximates fair value.
Restricted Cash Restricted Cash

The Company classifies all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. This includes cash held in escrow to fund certain reserve accounts relating to the Tower Securities as well as for payment and performance bonds and surety bonds issued for the benefit of the Company in the ordinary course of business, as well as collateral associated with workers’ compensation plans (see Note 4).
Investments Investments

Investment securities with original maturities of more than three months but less than one year at time of purchase are considered short-term investments and are classified in prepaid expenses and other current assets on the accompanying Consolidated Balance Sheets. The Company’s short-term investments primarily consist of certificates of deposit with maturities of less than a year. Investment securities with maturities of more than a year are considered long-term investments and are classified in other assets on the accompanying Consolidated Balance Sheets. Long-term investments consist of strategic investments in companies and are accounted for under the cost and equity method. Gross purchases and proceeds from sales of the Company’s investments are presented within Cash flows from investing activities on the Company’s Consolidated Statements of Cash Flows. During the year ended December 31, 2023 and 2022, no gain or loss was recorded related to the sale or maturity of investments.
Property and Equipment Property and Equipment

Property and equipment are recorded at cost or at estimated fair value (in the case of acquired properties), adjusted for asset impairment and estimated asset retirement obligations. Costs for self-constructed towers include direct materials and labor, indirect costs and capitalized interest. Approximately $0.9 million, $0.6 million, and $0.5 million of interest cost was capitalized in 2023, 2022 and 2021, respectively.

Depreciation on towers and related components is provided using the straight-line method over the estimated useful lives, not to exceed the minimum lease term of the underlying ground lease. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the minimum lease term of the lease. For all other property and equipment, depreciation is provided using the straight-line method over the estimated useful lives.

The Company performs ongoing evaluations of the estimated useful lives of its property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the useful lives of assets are reduced, depreciation may be accelerated in future years. Property and equipment under capital leases are amortized on a straight-line basis over the term of the lease or the remaining estimated life of the leased property, whichever is shorter, and the related amortization is included in depreciation expense. Expenditures for maintenance and repair are expensed as incurred.

Asset classes and related estimated useful lives are as follows:

Towers and related components

3 - 15 years

Furniture, equipment, and vehicles

2 - 7 years

Data Centers, buildings, and leasehold improvements

10 - 30 years

Betterments, improvements, and significant repairs, which increase the value or extend the life of an asset, are capitalized and depreciated over the estimated useful life of the respective asset. Changes in an asset’s estimated useful life are accounted for prospectively, with the book value of the asset at the time of the change being depreciated over the revised remaining useful life. There has been no material impact for changes in estimated useful lives for any years presented.
Deferred Financing Fees Deferred Financing Fees

Financing fees related to the issuance of debt have been deferred and are being amortized using the effective interest rate method over the expected duration of the related indebtedness (see Note 11). For all of the Company’s debt, except for the Revolving Credit Facility where the debt issuance costs are being presented as an asset on the accompanying Consolidated Balance Sheets, debt issuance costs are presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset.
Intangible Assets Intangible Assets

The Company classifies as intangible assets the fair value of current leases in place at the acquisition date of towers and related assets (referred to as the “Current contract intangibles”), and the fair value of future tenant leases anticipated to be added to the acquired towers (referred to as the “Network location intangibles”). These intangibles are estimated to have a useful life consistent with the useful life of the related tower assets, which is typically 15 years. For all intangible assets, amortization is provided using the straight-line method over the estimated useful lives as the benefit associated with these intangible assets is anticipated to be derived evenly over the life of the asset.

Impairment of Long-Lived Assets Impairment of Long-Lived Assets

The Company evaluates its individual long-lived and related assets with finite lives for indicators of impairment to determine when an impairment analysis should be performed. The Company evaluates its tower assets and Current contract intangibles at the tower level, which is the lowest level for which identifiable cash flows exists. The Company evaluates its Network location intangibles for impairment at the tower leasing business level. The Company has established a policy to at least annually, or earlier if indicators of impairment arise, evaluate its tower assets and Current contract and Network location intangibles for impairment.

The Company records an impairment charge when an investment in towers or related assets has been impaired, such that future undiscounted cash flows would not recover the then current carrying value of the investment in the tower and related intangible. If the future undiscounted cash flows are lower than the carrying value of the investment in the tower and related intangible, the Company calculates future discounted cash flows and compares those amounts to the carrying value. The Company records an impairment charge for any amounts lower than the carrying value. Estimates and assumptions inherent in the impairment evaluation include, but are not limited to, general market and economic conditions, historical operating results, geographic location, lease-up potential, and expected timing of lease-up. In addition, the Company makes certain assumptions in determining an asset’s fair value for the purpose of calculating the amount of an impairment charge.

The Company recognized impairment charges of $169.4 million, $43.2 million, and $33.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Refer to Note 3 for further detail of these amounts.
Fair Value Measurements Fair Value Measurements

The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs may be used to measure fair value:

Level 1

Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2

Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Revenue Recognition and Accounts Receivable


‎

Revenue Recognition and Accounts Receivable

Site leasing revenues

Revenue from site leasing is recognized on a straight-line basis over the current term of the related lease agreements. Receivables recorded related to the straight-line impact of site leases are reflected in other assets on the Consolidated Balance Sheets. Rental amounts received in advance are recorded as deferred revenue on the Consolidated Balance Sheets. Revenues from site leasing represent 93% of the Company’s total revenues for the year ended December 31, 2023. For additional information on tenant leases, refer to the Leases section below.

Site development revenues

Site development projects in which the Company performs consulting services include contracts on a fixed price basis that are billed at contractual rates. Revenue is recognized over time based on milestones achieved, which are determined based on costs incurred. Amounts billed in advance (collected or uncollected) are recorded as deferred revenue on the Consolidated Balance Sheets.

Revenue from construction projects is recognized over time, determined by the percentage of cost incurred to date compared to management’s estimated total cost for each contract. This method is used because management considers total cost to be the best available measure of progress on the contracts. These amounts are based on estimates, and the uncertainty inherent in the estimates initially is reduced as work on the contracts nears completion. Refer to Note 5 for further detail of costs and estimated earnings in excess of billings on uncompleted contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined to be probable.

The site development segment represents approximately 7% of the Company’s total revenues for the year ended December 31, 2023. The Company accounts for site development revenue in accordance with ASC 606, Revenue from Contracts with Customers. Payment terms do not result in any significant financing arrangements. Furthermore, these contracts do not typically include variable consideration; therefore, the transaction price that is recognized over time is generally the amount of the total contract.

Accounts receivable

The accounts receivable balance was $182.7 million and $184.4 million as of December 31, 2023 and 2022, respectively, of which $32.3 million and $59.6 million related to the site development segment as of December 31, 2023 and 2022, respectively. Refer to Note 15 for further detail of the site development segment.
Credit Losses Credit Losses

According to ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, an expected credit loss impairment model is used for financial instruments, including trade receivables, which requires entities to consider forward-looking information to estimate expected credit losses over the lifetime of the asset, resulting in earlier recognition of losses for receivables that are current or not yet due. The Company’s expected credit loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected considers aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition, and macroeconomic conditions. Balances are written off when determined to be uncollectible. ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”) clarified that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. The Company is exposed to credit losses which are subject to this standard primarily through the site development business segment which provides consulting and construction related services.


‎

The following is a rollforward of the allowance for doubtful accounts for the Company’s site leasing and site development businesses:

For the year ended December 31,

2023

2022

2021

(in thousands)

Beginning balance

$

9,166

$

12,135

$

15,693

Provision for doubtful accounts (1)

3,731

632

440

Write-offs

(220)

(1,793)

(1,597)

Recoveries (2)

—

(2,204)

(1,947)

Acquisitions

—

116

—

Currency translation adjustment

161

280

(454)

Ending balance

$

12,838

$

9,166

$

12,135

(1)The year ended December 31, 2023 includes a $3.1 million reserve recorded related to Oi S.A.

(2)Amounts include annual installment payments related to the Oi S.A. reorganization. The fourth and final annual installment payment was received during the year ended December 31, 2022.
Cost of Revenue Cost of Revenue

Cost of site leasing revenue includes ground lease rent, property taxes, amortization of deferred lease costs, maintenance, fuel, energy, and other tower operating expenses. Cost of site development revenue includes the cost of materials, salaries, and labor costs, including payroll taxes, subcontract labor, vehicle expense, and other costs directly and indirectly related to the projects. All costs related to site development projects are recognized as incurred.
Income Taxes Income Taxes

The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is "more-likely-than-not" that those assets will not be realized. The Company considers many factors when assessing the likelihood of future realization, including the Company’s recent cumulative earnings by taxing jurisdiction, expectations of future taxable income, prudent and feasible tax planning strategies that are available, the carryforward periods available to the Company for tax reporting purposes and other relevant factors.

The Company began operating as a REIT for federal income tax purposes effective January 1, 2016. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the IRS to be treated as a taxable REIT subsidiary (“TRS”) in conjunction with the Company's REIT election. The TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Code. A TRS is subject to federal and state income taxes on the income from these activities. Additionally, the Company has included in TRSs the Company’s tower operations in most foreign jurisdictions; however, the REIT holds selected tower assets in certain foreign jurisdictions. Those operations will continue to be subject to foreign taxes in the jurisdiction in which such assets and operations are located regardless of whether they are included in a TRS.

The Company will continue to file separate federal tax returns for the REIT and TRS for the year ended December 31, 2023. The REIT had taxable income during the year ended December 31, 2023 and paid a dividend and utilized net operating losses (“NOLs”) to offset its remaining 2023 distribution requirement. Some of the Company’s TRSs generated NOLs which will be carried forward to use in future years. A portion of the deferred tax asset generated by the NOLs are reserved by a valuation allowance.
Stock-Based Compensation Stock-Based Compensation

The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including stock options, restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and purchases under the Company’s employee stock purchase plans. The Company records compensation expense, for stock options, RSUs, and PSUs on a straight-line basis over the vesting period; however, compensation expense related to certain PSUs are subject to adjustment on performance relative to the established targets. Compensation expense for stock options is based on the estimated fair value of the options on the date of the grant using the Black-Scholes option-pricing model. Compensation expense for RSUs and PSUs

is based on the fair market value of the units awarded at the date of the grant. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.
Asset Retirement Obligations Asset Retirement Obligations

The Company has entered into ground leases for the land underlying the majority of the Company’s towers. A majority of these leases require the Company to remove improvements only or restore land interests to their original condition upon termination of the ground lease.

In determining the measurement of the asset retirement obligations, the Company considered the nature and scope of the contractual restoration obligations contained in the Company’s ground leases, the historical retirement experience as an indicator of future restoration probabilities, intent in renewing existing ground leases through lease termination dates, current and future value, timing of estimated restoration costs, and the credit adjusted risk-free rate used to discount future obligations.

The Company recognizes asset retirement obligations in the period in which they are incurred, if a reasonable estimate of a fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related tower fixed assets, and over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the estimated useful life of the tower. As of December 31, 2023 and 2022, the asset retirement obligation was $119.3 million and $79.8 million, respectively, and is included in other long-term liabilities on the Consolidated Balance Sheets. Upon settlement of the obligations, any difference between the cost to retire an asset and the recorded liability is recorded in Asset impairment and decommission costs on the Consolidated Statements of Operations.
Comprehensive Income (Loss) Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of net income (loss), foreign currency adjustments, and adjustments related to interest rate swaps designated as cash flow hedges.
Foreign Currency Translation Foreign Currency Translation

All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the Consolidated Statement of Shareholders’ Deficit.

For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Remeasurement gains and losses are reported as Other income (expense), net in the Consolidated Statements of Operations.
Intercompany Loans Subject to Remeasurement Intercompany Loans Subject to Remeasurement

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $52.4 million gain, a $12.9 million gain, and a $44.3 million loss, net of taxes, on the remeasurement of intercompany loans for the years ended December 31, 2023, 2022, and 2021, respectively. During the year ended December 31, 2023, the Company funded $4.2 million and repaid $223.4 million under its intercompany loan agreements. As of December 31, 2023 and 2022, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $1.3 billion and $1.5 billion, respectively. Subsequent to year end, the Company repaid an additional $15.0 million under its intercompany loan agreements.
Acquisitions Acquisitions

Under ASU 2017-01, Clarifying the Definition of a Business, the Company’s acquisitions will generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions, the aggregate purchase price is allocated on a relative fair value basis to towers and related intangible assets. The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value

estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets or require acceleration of the amortization expense of intangible assets in subsequent periods. External, direct transaction costs will be capitalized as a component of the cost of the asset acquired. The Company will continue to expense internal acquisition costs as incurred. For business combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. As of December 31, 2023, there were no material acquisitions with purchase price allocations that were preliminary.

In connection with certain acquisitions, the Company may agree to pay contingent consideration (or earnouts) in cash or stock if the communication sites or businesses that are acquired meet or exceed certain performance targets over a period of one year to three years after they have been acquired. Contingent consideration in connection with asset acquisitions will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired.
Leases Leases

ASU No. 2016-02, Leases (“Topic 842”) requires all lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments and any prepaid rent amounts. The Company has elected not to separate nonlease components from the associated lease component for all underlying classes of assets.

The components of the right-of-use lease liabilities as of December 31, 2023 and 2022 are as follows (in thousands):

December 31,

December 31,

2023

2022

(in thousands)

Current operating lease liabilities

$

271,793

$

260,082

Current financing lease liabilities

1,671

2,283

Current lease liabilities

$

273,464

$

262,365

Long-term operating lease liabilities

$

1,862,509

$

2,037,496

Long-term financing lease liabilities

3,177

3,132

Long-term lease liabilities

$

1,865,686

$

2,040,628

Operating Leases

Ground leases. The Company enters into long-term lease contracts for land that underlies its tower structures. Ground lease agreements generally include renewal options which can be exercised exclusively at the Company’s election. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site.

Substantially all leases provide for rent rate escalations. In the United States and the Company’s international markets, ground leases and other property interests typically either (1) contain specific annual rent escalators or (2) escalate annually in accordance with an inflationary index. Increases or decreases in lease payments that result from subsequent changes in the index or rate are accounted for as variable lease payments.

Office leases. The Company’s office leases consist of long-term leases for international, regional, and certain site development office locations. Office leases include a single lease component, lease of the office space, and sometimes nonlease components such as common area maintenance expenses. The lease term for office leases are generally considered to be the contractually committed term.

Finance Leases

Vehicle leases. The Company leases vehicles that are used in its site development business. These leases are accounted for as financing leases and have lease terms that are contractually committed and do not include optional renewal terms.

Acquired right-of-use assets. In connection with certain acquisitions, the Company may acquire the exclusive right to lease and operate communication sites for a period that represents (1) a major part of the remaining economic life of the underlying assets and/or (2) the purchase price represents substantially all of the fair value of the underlying asset. The Company accounts for these arrangements as financing leases. Payments associated with the right-of-use of these assets are typically fully funded at the acquisition date and will be recognized over the respective lease term. The right-of-use assets related to these transactions are recorded in Acquired and other right-of-use assets, net on the Consolidated Balance Sheets.

Discount Rate

When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, the Company’s ground leases generally do not provide a readily determinable implicit rate. Therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement or upon a modification. The Company uses publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates.

Lease Cost

Variable lease payments include escalations based on an inflationary index and are initially recognized using the prevailing index at the date of initial measurement or upon reassessment of the lease term. Subsequent changes in standard cost of living increases are recognized as variable lease costs. Variable lease payments also include contingent rent provisions.

The components of lease cost, lease term, and discount rate as of December 31, 2023 and 2022 are as follows:

For the year ended December 31,

2023

2022

(in thousands)

Amortization of acquired and other right-of-use assets

$

42,312

$

24,733

Interest on finance lease liabilities

211

171

Total finance lease cost

42,523

24,904

Operating lease cost

290,169

275,903

Variable lease cost

63,625

61,128

Total lease cost

$

396,317

$

361,935

Weighted-Average Remaining Lease Term as of 2023 and 2022:

Operating leases

12.9 years

13.7 years

Finance leases

49.3 years

51.3 years

Weighted-Average Discount Rate as of 2023 and 2022:

Operating leases

6.4%

5.7%

Finance leases

4.4%

3.5%

For the year ended

Other information:

December 31, 2023

December 31, 2022

Cash paid for amounts included in measurement of lease liabilities:

Cash flows from operating leases

$

279,194

$

259,788

Cash flows from finance leases

$

2,522

$

2,258

Tenant (Operating) Leases

The Company enters into long-term lease contracts with wireless service providers to lease antenna space on towers that it owns or operates. Each tenant lease relates to the lease or use of space at an individual site. Tenant leases are generally for an initial term of five years to fifteen years with multiple renewal periods, which are at the option of the tenant. Tenant leases typically (1) contain specific annual rent escalators, (2) escalate annually in accordance with an inflationary index, or (3) escalate using a combination of fixed and inflation adjusted escalators, including the renewal option periods.

Tenant lease agreements generally include renewal options which can be exercised exclusively at the tenant’s election. The only common exception is if the Company no longer has a right to the ground underlying the site, the lease agreements permit the

Company to terminate the lease. Despite high frequency of renewal of options to extend the lease by its tenants, the Company has concluded that the exercise of a renewal option by a tenant is not reasonably certain of occurrence; therefore, only the current committed term is included in the determination of the lease term.

Certain tenant leases provide for a reimbursement of costs incurred by the Company. The Company pays these costs directly and is not relieved of the primary obligation for the expenses. These reimbursements are recorded as revenue on the Statements of Operations.

Deferred Lease Costs

ASU 2016-02 defines initial direct costs as incremental costs that would not have been incurred if the lease had not been obtained. These costs, including commissions paid related to the origination of specific tenant leases, are deferred and amortized over the remaining lease term. Initial direct costs were approximately $3.2 million, $3.3 million, and $2.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. Amortization expense related to deferred initial direct costs was $2.3 million, $1.9 million, and $1.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023 and 2022, unamortized deferred initial direct costs were $8.7 million and $7.7 million, respectively, and are included in other assets on the Consolidated Balance Sheets.
Reference Rate Reform Reference Rate Reform

On June 21, 2023, the Company amended its interest rate swap to change from LIBOR as an interest rate benchmark to the replacement benchmark of Term SOFR effective on August 1, 2023. The Company elected the optional expedient which allows companies to change the reference rate and other critical terms related to the reference rate reform in derivative hedge documentation without having to de-designate the hedging relationship, allowing the Company to continue applying hedge accounting to its cash flow hedge. On July 3, 2023, the Company amended its 2018 Term Loan and its Revolving Credit Facility to use Term SOFR as the benchmark rate. The transition from LIBOR to Term SOFR did not have a material impact on the consolidated financial statements. Refer to Notes 11 and 21 for further discussion of the 2018 Term Loan, Revolving Credit Facility, and the Company’s interest rate swap.
Derivatives and Hedging Activities Derivatives and Hedging ActivitiesThe Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. At inception, the Company evaluates the interest rate swaps to determine whether they qualify for hedge accounting. In accordance with ASU 2017-12 (ASC 815 - Derivatives and Hedging), hedge accounting should be provided only if the derivative hedging instrument is expected to be, and actually is, effective at offsetting changes in fair values or cash flows of the hedged item. The effective portion of the gain or loss is recorded in Accumulated other comprehensive loss, net on the Consolidated Balance Sheets. The ineffective portion of the gain or loss from the interest rate swap is recognized in earnings immediately. On a quarterly basis, the Company evaluates whether the cash flow hedge remains highly effective in offsetting changes in cash flows. Refer to Note 21 for further discussion of the interest rate swaps
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]  
Schedule of Asset Classes and Related Estimated Useful Lives

Towers and related components

3 - 15 years

Furniture, equipment, and vehicles

2 - 7 years

Data Centers, buildings, and leasehold improvements

10 - 30 years
Allowance for Doubtful Accounts

For the year ended December 31,

2023

2022

2021

(in thousands)

Beginning balance

$

9,166

$

12,135

$

15,693

Provision for doubtful accounts (1)

3,731

632

440

Write-offs

(220)

(1,793)

(1,597)

Recoveries (2)

—

(2,204)

(1,947)

Acquisitions

—

116

—

Currency translation adjustment

161

280

(454)

Ending balance

$

12,838

$

9,166

$

12,135

(1)The year ended December 31, 2023 includes a $3.1 million reserve recorded related to Oi S.A.

(2)Amounts include annual installment payments related to the Oi S.A. reorganization. The fourth and final annual installment payment was received during the year ended December 31, 2022.
Schedule of Right-of-use Assets and Liabilities

December 31,

December 31,

2023

2022

(in thousands)

Current operating lease liabilities

$

271,793

$

260,082

Current financing lease liabilities

1,671

2,283

Current lease liabilities

$

273,464

$

262,365

Long-term operating lease liabilities

$

1,862,509

$

2,037,496

Long-term financing lease liabilities

3,177

3,132

Long-term lease liabilities

$

1,865,686

$

2,040,628
Components of Lease Cost, Lease Term, and Discount Rate

For the year ended December 31,

2023

2022

(in thousands)

Amortization of acquired and other right-of-use assets

$

42,312

$

24,733

Interest on finance lease liabilities

211

171

Total finance lease cost

42,523

24,904

Operating lease cost

290,169

275,903

Variable lease cost

63,625

61,128

Total lease cost

$

396,317

$

361,935

Weighted-Average Remaining Lease Term as of 2023 and 2022:

Operating leases

12.9 years

13.7 years

Finance leases

49.3 years

51.3 years

Weighted-Average Discount Rate as of 2023 and 2022:

Operating leases

6.4%

5.7%

Finance leases

4.4%

3.5%

For the year ended

Other information:

December 31, 2023

December 31, 2022

Cash paid for amounts included in measurement of lease liabilities:

Cash flows from operating leases

$

279,194

$

259,788

Cash flows from finance leases

$

2,522

$

2,258
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Measurements [Abstract]  
Summary of Asset Impairment and Decommission Costs

For the year

ended December 31,

2023

2022

2021

Asset Impairment (1)

$

139,466

$

34,734

$

24,813

Write-off of carrying value of decommissioned towers

12,015

8,095

6,349

Other (including tower and equipment decommission costs)

17,906

331

1,882

Total asset impairment and decommission costs

$

169,387

$

43,160

$

33,044

(1)Represents impairment charges resulting from the Company’s regular analysis of whether the anticipated future cash flows from certain towers are sufficient to recover the carrying value of the investment in those towers. Impairment charges for the year ended December 31, 2023 includes the impact of the planned abandonment of identified sites with minimal expectations of future economic benefit (primarily from Sprint and Oi related churn), partially offset by a $45.1 million benefit from the reassessment of the lease terms. The reassessment resulted in an overall shortening of the lease term and a reduction to the lease liability and right-of-use asset.

v3.24.0.1
Cash, Cash Equivalents, and Restricted Cash (Tables)
 12 Months Ended
Dec. 31, 2023
Cash, Cash Equivalents, and Restricted Cash [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash

As of

As of

As of

December 31, 2023

December 31, 2022

December 31, 2021

Included on Balance Sheet

(in thousands)

Cash and cash equivalents

$

208,547 

$

143,708 

$

367,278 

Cash and cash equivalents

Securitization escrow accounts

31,852 

35,820 

64,764 

Restricted cash - current asset

Payment, performance bonds, and other

6,277 

6,139 

797 

Restricted cash - current asset

Surety bonds and workers compensation

4,270 

3,616 

2,787 

Other assets - noncurrent

Total cash, cash equivalents, and restricted cash

$

250,946 

$

189,283 

$

435,626 
v3.24.0.1
Costs and Estimated Earnings on Uncompleted Contracts (Tables)
 12 Months Ended
Dec. 31, 2023
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]  
Summary of Costs and Estimated Earnings on Uncompleted Contracts

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Costs incurred on uncompleted contracts

$

98,674

$

137,736

Estimated earnings

64,589

51,287

Billings to date

(152,608)

(134,665)

$

10,655

$

54,358
Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Costs and estimated earnings in excess of billings on uncompleted contracts

$

16,252

$

79,549

Billings in excess of costs and estimated earnings on

uncompleted contracts (included in Other current liabilities)

(5,597)

(25,191)

$

10,655

$

54,358
v3.24.0.1
Prepaid Expenses and Other Current Assets and Other Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]  
Schedule of Prepaid Expense and Other Current Assets

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Short-term investments

$

1,046

$

1,331

Prepaid real estate taxes

3,522

3,333

Interest receivable

2,102

529

Prepaid taxes

9,064

10,639

Prepaid ground rent

3,712

3,867

Other current assets

19,147

13,450

Total prepaid expenses and other current assets

$

38,593

$

33,149
Schedule of Other Assets

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Straight-line rent receivable

$

415,100

$

388,638

Interest rate swap asset (1)

104,674

182,860

Loans receivable (2)

148,104

39,922

Deferred lease costs, net

8,713

7,747

Deferred tax asset - long term

67,473

16,173

Long-term investments

24,540

40,696

Other

43,872

46,337

Total other assets

$

812,476

$

722,373

 

(1)Refer to Note 21 for more information on the Company’s interest rate swaps.

(2)On March 17, 2023 (and as amended on August 25, 2023), the Company entered into a loan with one of its unconsolidated joint ventures (“the Investee”). As part of the loan agreement, the Investee may borrow up to $120.0 million in aggregate principal amount, consisting of a $73.0 million initial term loan and $47.0 million of delayed draw term loans. The final maturity date of the loans is January 31, 2027. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. Interest on the loans is received monthly. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of December 31, 2023, the outstanding principal balance of the loan was $100.5 million and was accruing interest at 10.093%.
v3.24.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
Acquisitions [Abstract]  
Schedule of Acquisition Activity

For the year ended December 31,

2023

2022

2021

Tower acquisitions (number of towers)

91

4,790

991
Schedule of Acquisition Capital Expenditures

For the year ended December 31,

2023

2022

2021

(in thousands)

Acquisitions of towers and related intangible assets (1)(2)(3)

$

81,614

$

489,888

$

274,752

Acquisition of right-of-use assets (2)(4)

5,072

602,574

950,536

Land buyouts and other assets (5)(6)

43,275

83,630

32,416

Total cash acquisition capital expenditures

$

129,961

$

1,176,092

$

1,257,704

(1)During the year ended December 31, 2022, the Company closed on 1,445 sites from Airtel Tanzania for $176.1 million.

 

(2)During the year ended December 31, 2022, the Company acquired 2,632 sites from GTS in Brazil for $728.2 million, net of working capital adjustments, of which $168.5 million is included in acquisitions of towers and related intangible assets and $559.8 million is included in acquisition of right of use assets.

(3)The year ended December 31, 2021 includes $77.1 million of acquisitions completed during the fourth quarter of 2020 which were not funded until the first quarter of 2021.

(4)During the year ended December 31, 2021, the Company acquired the exclusive right to lease and operate utility transmission structures, which included existing wireless tenant licenses from PG&E for $950.5 million, net of working capital adjustments.

(5)Excludes $17.6 million, $17.9 million, and $16.3 million spent to extend ground lease terms for the years ended December 31, 2023, 2022, and 2021, respectively.

(6)The year ended December 31, 2022 includes amounts paid related to the acquisitions of a data center.
v3.24.0.1
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Property and Equipment, Net [Abstract]  
Property and Equipment, Net (Including Assets Held Under Capital Leases)

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Towers and related assets (1)

$

5,850,608

$

5,650,902

Construction-in-process (2)

105,627

77,564

Furniture, equipment, and vehicles

76,031

67,403

Land, buildings, and improvements

927,235

889,293

Total property and equipment

6,959,501

6,685,162

Less: accumulated depreciation

(4,247,782)

(3,971,435)

Property and equipment, net

$

2,711,719

$

2,713,727

(1)Includes amounts related to the Company’s data centers.

(2)Construction-in-process represents costs incurred related to towers and other assets that are under development and will be used in the Company’s site leasing operations.
v3.24.0.1
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Intangible Assets, Net [Abstract]  
Gross and Net Carrying Amounts for each Major Class of Intangible Assets

As of December 31, 2023

As of December 31, 2022

Gross carrying

Accumulated

Net book

Gross carrying

Accumulated

Net book

amount

amortization

value

amount

amortization

value

(in thousands)

Current contract intangibles

$

5,253,563

$

(3,394,009)

$

1,859,554

$

5,170,187

$

(3,060,494)

$

2,109,693

Network location intangibles

1,926,226

(1,330,183)

596,043

1,893,048

(1,226,269)

666,779

Intangible assets, net

$

7,179,789

$

(4,724,192)

$

2,455,597

$

7,063,235

$

(4,286,763)

$

2,776,472
Estimated Future Amortization Expense

For the year ended December 31,

(in thousands)

2024

$

365,258

2025

355,578

2026

340,520

2027

291,666

2028

228,627
v3.24.0.1
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Accrued Expenses and Other Current Liabilities [Abstract]  
Schedule of Accrued Expenses

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Salaries and benefits

$

25,630

$

27,727

Real estate and property taxes

7,149

8,422

Unpaid capital expenditures

6,477

7,476

Acquisition related holdbacks

16,100

25,681

Other

37,266

32,178

Total accrued expenses

$

92,622

$

101,484
Schedule of Other Current Liabilities

As of

As of

December 31, 2023

December 31, 2022

(in thousands)

Billings in excess of costs and estimated earnings on uncompleted contracts

$

5,597

$

25,191

Taxes payable

9,947

10,641

Other

3,118

12,930

Total other current liabilities

$

18,662

$

48,762
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Instrument [Line Items]  
Schedule of Principal Values, Fair Values, and Carrying Values of Debt

As of

As of

December 31, 2023

December 31, 2022

Maturity Date

Principal
‎Balance

Fair Value

Carrying
‎Value

Principal
‎Balance

Fair Value

Carrying
‎Value

Revolving Credit Facility (1)

Jul. 7, 2026

$

180,000 

$

180,000 

$

180,000 

$

720,000 

$

720,000 

$

720,000 

2018 Term Loan (2)

Apr. 11, 2025

2,268,000 

2,273,670 

2,263,343 

2,292,000 

2,280,540 

2,284,007 

2014-2C Tower Securities (3)

Oct. 8, 2024

620,000 

606,540 

619,145 

620,000 

598,480 

618,099 

2019-1C Tower Securities (3)

Jan. 12, 2025

1,165,000 

1,115,313 

1,162,348 

1,165,000 

1,095,776 

1,159,860 

2020-1C Tower Securities (3)

Jan. 9, 2026

750,000 

682,350 

746,937 

750,000 

665,633 

745,480 

2020-2C Tower Securities (3)

Jan. 11, 2028

600,000 

520,530 

596,419 

600,000 

506,574 

595,586 

2021-1C Tower Securities (3)

Nov. 9, 2026

1,165,000 

1,015,437 

1,158,059 

1,165,000 

991,705 

1,155,724 

2021-2C Tower Securities (3)

Apr. 9, 2027

895,000 

772,125 

889,152 

895,000 

756,302 

887,443 

2021-3C Tower Securities (3)

Oct. 9, 2031

895,000 

686,581 

887,365 

895,000 

686,134 

886,495 

2022-1C Tower Securities (3)

Jan. 11, 2028

850,000 

850,221 

841,429 

850,000 

855,899 

840,053 

2020 Senior Notes

Feb. 15, 2027

1,500,000 

1,438,815 

1,489,965 

1,500,000 

1,375,815 

1,487,013 

2021 Senior Notes

Feb. 1, 2029

1,500,000 

1,338,750 

1,490,153 

1,500,000 

1,286,250 

1,488,402 

Total debt

$

12,388,000 

$

11,480,332 

$

12,324,315 

$

12,952,000 

$

11,819,108 

$

12,868,162 

Less: current maturities of long-term debt

(643,145)

(24,000)

Total long-term debt, net of current maturities

$

11,681,170 

$

12,844,162 

(1)On January 25, 2024, the Company amended its Revolving Credit Facility to extend the maturity date to January 25, 2029 as well as amend certain other terms and conditions under the Senior Credit Agreement. For further discussion of the amendments, refer to “Terms of the Senior Credit Agreement” below.

(2)On January 25, 2024, the Company repaid its 2018 Term Loan and issued a new $2.3 billion Term Loan with a maturity date of January 25, 2031. For further discussion of the amendments, refer to “Term Loan under the Senior Credit Agreement” below.

(3)The maturity date represents the anticipated repayment date for each issuance.
Schedule of Future Principal Payment Obligations

For the year ended December 31,

(in thousands)

2024

$

644,000

2025

3,409,000

2026

2,095,000

2027

2,395,000

2028

1,450,000
Schedule of Cash and Non-Cash Interest Expense

For the year ended December 31,

Interest

2023

2022

2021

Rates as of

Cash

Non-cash

Cash

Non-cash

Cash

Non-cash

December 31, 2023

Interest

Interest

Interest

Interest

Interest

Interest

(in thousands)

Revolving Credit Facility

6.435%

$

29,223 

$

—

$

21,862 

$

—

$

6,414 

$

—

2018 Term Loan (1)

2.645%

60,622 

30,508

50,052 

45,756 

44,342 

45,756 

2013-2C Tower Securities

—

—

—

—

—

17,027 

—

2014-2C Tower Securities

3.869%

24,185 

—

24,185 

—

24,185 

—

2017-1C Tower Securities

—

—

—

—

—

9,201 

—

2018-1C Tower Securities

3.448%

—

—

21,291 

—

22,281 

—

2019-1C Tower Securities

2.836%

33,428 

—

33,428 

—

33,428 

—

2020-1C Tower Securities

1.884%

14,391 

—

14,391 

—

14,391 

—

2020-2C Tower Securities

2.328%

14,159 

—

14,159 

—

14,159 

—

2021-1C Tower Securities

1.631%

19,419 

—

19,419 

—

12,255 

—

2021-2C Tower Securities

1.840%

16,782 

—

16,782 

—

2,982 

—

2021-3C Tower Securities

2.593%

23,492 

—

23,492 

—

4,176 

—

2022-1C Tower Securities

6.599%

56,375 

—

5,961 

—

—

—

2016 Senior Notes

—

—

—

—

—

44,092 

990 

2017 Senior Notes

—

—

—

—

—

2,333 

—

2020 Senior Notes

3.875%

58,125 

367 

58,125 

353 

58,125 

339 

2021 Senior Notes

3.125%

46,875 

—

46,875 

—

43,229 

—

Other

3,297 

4,993

3,762 

—

299 

—

Total

$

400,373 

$

35,868

$

353,784 

$

46,109 

$

352,919 

$

47,085 

(1)The 2018 Term Loan has a blended rate of 2.645% which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 7.210% as of December 31, 2023. Refer to Note 21 for more information on the Company’s interest rate swap.
Schedule of Revolving Credit Facility Key Terms

Unused

Interest Rate

Commitment

as of

Fee as of

December 31, 2023 (1)

December 31, 2023 (2)

Revolving Credit Facility

6.435%

0.140%

(1)

 

(1)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, 2022.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2022.
Summary of Revolving Credit Facility Activity

For the year

ended December 31,

2023

2022

Beginning outstanding balance

$

720,000

$

350,000

Borrowings

190,000

975,000

Repayments

(730,000)

(605,000)

Ending outstanding balance

$

180,000

$

720,000
Tower Securities [Member]  
Debt Instrument [Line Items]  
Schedule of Material Terms of Outstanding Debt

Security (1)

Issue Date

Amount Outstanding
‎(in millions)

Interest

Rate (2)

Anticipated Repayment Date

Final Maturity Date

2014-2C Tower Securities

Oct. 15, 2014

$620.0

3.869%

Oct. 8, 2024

Oct. 8, 2049

2019-1C Tower Securities

Sep. 13, 2019

$1,165.0

2.836%

Jan. 12, 2025

Jan. 12, 2050

2020-1C Tower Securities

Jul. 14, 2020

$750.0

1.884%

Jan. 9, 2026

Jul. 11, 2050

2020-2C Tower Securities

Jul. 14, 2020

$600.0

2.328%

Jan. 11, 2028

Jul. 9, 2052

2021-1C Tower Securities

May 14, 2021

$1,165.0

1.631%

Nov. 9, 2026

May 9, 2051

2021-2C Tower Securities

Oct. 27, 2021

$895.0

1.840%

Apr. 9, 2027

Oct. 10, 2051

2021-3C Tower Securities

Oct. 27, 2021

$895.0

2.593%

Oct. 9, 2031

Oct. 10, 2056

2022-1C Tower Securities

Nov. 23, 2022

$850.0

6.599%

Jan. 11, 2028

Nov. 9, 2052

 

(1)The Company incurred $9.0 million, $12.8 million, $8.0 million, $6.4 million, $12.9 million, $9.5 million, $9.5 million, and $10.5 million in financing fees relating to the issuances of the 2014-2C Tower Securities, 2019-1C Tower Securities, 2020-1C Tower Securities, 2020-2C Tower Securities, 2021-1C Tower Securities, 2021-2C Tower Securities, 2021-3C Tower Securities, and 2022-1C Tower Securities, respectively. The financing fees are being amortized through the anticipated repayment date of the related Tower Security.

(2)Interest paid monthly.
Schedule of Material Terms of Debt Repaid

Security (1)

Issue Date

Amount Outstanding
‎(in millions)

Interest

Rate (2)

Anticipated Repayment Date

Actual Repayment Date

2013-2C Tower Securities

Apr. 18, 2013

$575.0

3.722%

Apr. 11, 2023

Oct. 14, 2021

2017-1C Tower Securities

Apr. 17, 2017

$760.0

3.168%

Apr. 11, 2022

May 14, 2021

2018-1C Tower Securities

Mar. 9, 2018

$640.0

3.448%

Mar. 9, 2023

Dec. 15, 2022

 

(1)The Company incurred $11.0 million, $10.2 million, and $8.6 million in financing fees relating to the issuances of the 2013-2C Tower Securities, 2017-1C Tower Securities, and 2018-1C Tower Securities, respectively, which were being amortized through the anticipated repayment date of the related Tower Security. In addition, the Company incurred $2.0 million, $2.0 million, and $0.4 million of deferred financing fees and accrued interest related to the repayment of the 2013-2C Tower Securities, 2017-1C Tower Securities, and 2018-1C Tower Securities, respectively, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

(2)Interest was paid monthly.

Risk Retention Tower Securities [Member]  
Debt Instrument [Line Items]  
Schedule of Material Terms of Outstanding Debt

Security

Issue Date

Amount Outstanding
‎(in millions)

Interest

Rate (1)

Anticipated Repayment Date

Final Maturity Date

2019-1R Tower Securities

Sep. 13, 2019

$61.4

4.213%

Jan. 12, 2025

Jan. 12, 2050

2020-2R Tower Securities

Jul. 14, 2020

$71.1

4.336%

Jan. 11, 2028

Jul. 9, 2052

2021-1R Tower Securities

May 14, 2021

$61.4

3.598%

Nov. 9, 2026

May 9, 2051

2021-3R Tower Securities

Oct. 27, 2021

$94.3

4.090%

Oct. 9, 2031

Oct. 10, 2056

2022-1R Tower Securities

Nov. 23, 2022

$44.8

7.870%

Jan. 11, 2028

Nov. 9, 2052

 

(1)Interest paid monthly.
Schedule of Material Terms of Debt Repaid

Security

Issue Date

Amount Outstanding
‎(in millions)

Interest

Rate (1)

Anticipated Repayment Date

Final Maturity Date

2017-1R Tower Securities

Apr. 17, 2017

$40.0

4.459%

Apr. 11, 2022

May 14, 2021

2018-2R Tower Securities

Mar. 9, 2018

$33.7

4.949%

Mar. 9, 2023

Dec. 15, 2022

 

(1)Interest was paid monthly.
Senior Notes [Member]  
Debt Instrument [Line Items]  
Schedule of Material Terms of Outstanding Debt

Senior Notes (1)

Issue Date

Amount Outstanding
‎(in millions)

Interest Rate Coupon

Maturity Date

Interest Due Dates

2020 Senior Notes

Feb. 4, 2020

$1,500.0

3.875%

Feb. 15, 2027

Feb. 15 & Aug. 15

2021 Senior Notes

Jan. 29, 2021

$1,500.0

3.125%

Feb. 1, 2029

Feb. 1 & Aug. 1

 

(1)The Company incurred $18.0 million and $14.8 million in financing fees in relation to the issuance of the 2020 Senior Notes and 2021 Senior Notes, respectively. The financing fees are being amortized through the maturity date of the related senior note.
Schedule of Material Terms of Debt Repaid

Senior Notes

Issue Date

Amount Outstanding
‎(in millions)

Interest Rate Coupon

Financing fees at issuance (1)
‎(in millions)

Maturity Date

Redemption Date

2016 Senior Notes

Aug. 15, 2016

$1,100.0

4.875%

$12.8

Sep. 1, 2024

Nov. 8, 2021

2017 Senior Notes

Oct. 13, 2017

$750.0

4.000%

$8.9

Oct. 1, 2022

Feb. 11, 2021

(1)Financing fees were being amortized through the maturity date.
v3.24.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Shareholders' Equity [Abstract]  
Summary of Share Repurchases

For the year

ended December 31,

2023

2022

2021

Total number of shares purchased (in millions) (1)

0.5

1.3

1.9

Average price per share (1)

$

197.89

$

332.00

$

309.79

Total purchase price (in millions) (1)

$

100.0

$

431.6

$

582.5

(1)Amounts reflected are based on the trade date and differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.
Schedule of Dividends Paid and Dividends Declared .

For the year ended December 31, 2023, the Company paid the following cash dividends:

Payable to Shareholders

of Record at the Close

Cash Paid

Aggregate Amount

Date Declared

of Business on

Per Share

Paid

Date Paid

February 20, 2023

March 10, 2023

$0.85

$93.9 million

March 24, 2023

April 30, 2023

May 26, 2023

$0.85

$92.1 million

June 21, 2023

July 30, 2023

August 24, 2023

$0.85

$92.1 million

September 20, 2023

November 1, 2023

November 16, 2023

$0.85

$91.8 million

December 14, 2023

Dividends paid in 2023 and 2022 were ordinary taxable dividends.

Subsequent to December 31, 2023, the Company declared the following cash dividends:

Payable to Shareholders

Cash to

of Record at the Close

be Paid

Date Declared

of Business on

Per Share

Date to be Paid

February 26, 2024

March 14, 2024

$0.98

March 28, 2024
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Stock-Based Compensation [Abstract]  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options

For the year ended December 31,

2023

2022

Risk free interest rate

3.96%

2.53%

Dividend yield

1.50%

0.9%

Expected volatility

30.0%

27.2%

Expected lives

4.4 years

4.3 years
Summary of Stock Option Activity

Weighted-

Weighted-Average

Average

Remaining

Number

Exercise Price

Contractual

Aggregate

of Shares

Per Share

Life (in years)

Intrinsic Value

Outstanding at December 31, 2020

3,202

$

143.01

Exercised

(1,290)

$

120.90

Forfeited/canceled

(13)

$

179.67

Outstanding at December 31, 2021

1,899

$

157.76

Granted

10

$

328.99

Exercised

(233)

$

141.41

Forfeited/canceled

(3)

$

179.16

Outstanding at December 31, 2022

1,673

$

161.02

Granted

20

$

224.24

Exercised

(339)

$

132.70

Forfeited/canceled

(14)

$

238.10

Outstanding at December 31, 2023

1,340

$

168.32

1.8

$

115,071

Exercisable at December 31, 2023

1,312

$

166.49

1.6

$

114,482

Unvested at December 31, 2023

28

$

254.17

9.1

$

589
Additional Information Regarding Options Outstanding And Exercisable

Options Outstanding

Options Exercisable

Weighted-Average

Weighted-

Weighted-

Remaining

Average

Average

Range

Outstanding

Contractual Life

Exercise Price

Exercisable

Exercise Price

(in thousands)

(in years)

(in thousands)

$100.01 - $140.00

130

0.2

$

116.19

130

$

116.19

$140.01 - $180.00

496

1.2

$

156.52

496

$

156.52

$180.01 - $230.00

702

2.4

$

183.88

682

$

182.70

$230.01 - $330.00

12

7.5

$

320.14

4

$

300.25

1,340

1,312
Summary of Activity of Options Outstanding not yet Vested

Weighted-

Average

Number

Fair Value

of Shares

Per Share

(in thousands)

Unvested as of December 31, 2022

266

$

35.91

Options granted

20

$

58.95

Vested

(252)

$

34.33

Forfeited

(6)

$

40.45

Unvested as of December 31, 2023

28

$

65.61
Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity

RSUs

PSUs (1)

Weighted-Average

Weighted-Average

Number of

Grant Date Fair

Number of

Grant Date Fair

Shares

Value per Share

Shares

Value per Share

(in thousands)

(in thousands)

Outstanding at December 31, 2022

222

$

280.66

429

$

332.18

Granted

181

$

253.11

97

$

263.17

PSU adjustment (2)

—

$

—

65

$

302.96

Vested

(119)

$

264.41

(207)

$

345.08

Forfeited/canceled

(17)

$

274.69

(16)

$

299.23

Outstanding at December 31, 2023

267

$

269.08

368

$

298.46

(1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.

(2)PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date.
Schedule of Non-Cash Compensation Expense

For the year ended December 31,

2023

2022

2021

(in thousands)

Cost of revenues

$

2,869

$

2,490

$

2,483

Selling, general and administrative

85,050

97,419

81,919

Total cost of non-cash compensation included

in income before provision for income taxes

$

87,919

$

99,909

$

84,402
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Income (Loss) before Provision for Income Taxes from Continuing Operations by Geographic Area

For the year ended December 31,

2023

2022

2021

(in thousands)

Domestic

$

377,150

$

438,116

$

265,636

Foreign

171,353

87,727

(13,072)

Total

$

548,503

$

525,843

$

252,564
Components of Provision for Income Taxes

For the year ended December 31,

2023

2022

2021

(in thousands)

Current provision:

State

$

8,099

$

6,115

$

543

Foreign

38,360

27,028

22,907

Total current

46,459

33,143

23,450

Deferred provision (benefit) for taxes:

Federal

8,280

(6,856)

20

State

1,431

(956)

(2,730)

Foreign

52,003

32,780

(9,516)

Change in valuation allowance

(57,085)

7,933

3,716

Total deferred

4,629

32,901

(8,510)

Total provision for income taxes

$

51,088

$

66,044

$

14,940
Income Tax Rate Reconciliation

For the year ended December 31,

2023

2022

2021

(in thousands)

Statutory federal expense

$

115,186

$

110,427

$

53,039

Rate and permanent differences on non-U.S. earnings (1)

31,722

20,996

9,586

State and local tax expense

9,288

5,585

(1,539)

REIT adjustment

(75,513)

(86,670)

(56,457)

Permanent differences

11,872

(3,257)

6,105

Uncertain tax positions

14,202

—

—

Property, equipment, and intangible basis differences

—

8,471

—

Other

1,416

2,559

490

Valuation allowance

(57,085)

7,933

3,716

Provision for income taxes

$

51,088

$

66,044

$

14,940

(1)This item includes the effect of foreign exchange rate changes which were previously shown on a separate line.
Components of Net Deferred Income Tax Asset and Liability

As of December 31,

2023

2022

(in thousands)

Deferred tax assets:

Net operating losses

$

42,064

$

46,521

Property, equipment, and intangible basis differences

25,225

13,506

Accrued liabilities

14,945

12,504

Non-cash compensation

29,576

30,501

Operating lease liability

268,107

265,710

Deferred revenue

6,348

5,656

Allowance for doubtful accounts

2,735

1,430

Currency translation

14,467

78,287

Other

14,075

10,518

Valuation allowance

(16,115)

(73,546)

Total deferred tax assets, net (1)

401,427

391,087

Deferred tax liabilities:

Property, equipment, and intangible basis differences

(169,744)

(152,207)

Right of use asset

(254,573)

(254,368)

Straight-line rents

(19,029)

(18,659)

Deferred foreign withholding taxes

(8,322)

(9,088)

Other

(1,495)

(1,531)

Total deferred tax liabilities, net (1)

$

(51,736)

$

(44,766)

(1)Of these amounts, $67,473 and $119,209 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheets as of December 31, 2023. As of December 31, 2022, $16,173 and $60,939 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheet.
Reconciliation of Unrecognized Tax Benefits

For the year ended December 31,

2023

2022

2021

(in millions)

Balance, January 1,

$

—

$

—

$

—

Additions based on tax positions related to the current year

5,023

—

—

Additions and reductions for tax positions of prior years

9,179

—

—

Balance, December 31,

$

14,202

$

—

$

—
v3.24.0.1
Segment Data (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Data [Abstract]  
Schedule of Segment Reporting Information

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other

Total

For the year ended December 31, 2023

(in thousands)

Revenues (1)

$

1,846,554 

$

670,381 

$

194,649 

$

—

$

2,711,584 

Cost of revenues (2)

268,572 

204,115 

139,935 

—

612,622 

Operating profit

1,577,982 

466,266 

54,714 

—

2,098,962 

Selling, general, and administrative expenses

121,782 

66,619 

21,316 

58,219 

267,936 

Acquisition and new business initiatives

related adjustments and expenses

10,725 

10,946 

—

—

21,671 

Asset impairment and decommission costs

138,699 

28,089 

372 

2,227 

169,387 

Depreciation, amortization and accretion

457,169 

248,758 

3,704 

6,678 

716,309 

Operating income (loss)

849,607 

111,854 

29,322 

(67,124)

923,659 

Other expense, net (principally interest

expense and other income)

(375,156)

(375,156)

Income before income taxes

548,503

Cash capital expenditures (3)

244,366 

118,972 

2,573 

2,702 

368,613 

For the year ended December 31, 2022

Revenues (1)

$

1,777,593 

$

558,982 

$

296,879 

$

—

$

2,633,454 

Cost of revenues (2)

264,149 

181,536 

222,965 

—

668,650 

Operating profit

1,513,444 

377,446 

73,914 

—

1,964,804 

Selling, general, and administrative expenses

102,619 

62,911 

22,911 

73,412 

261,853 

Acquisition and new business initiatives

related adjustments and expenses

13,280 

13,527 

—

—

26,807 

Asset impairment and decommission costs

33,880 

9,280 

—

—

43,160 

Depreciation, amortization and accretion

489,072 

209,563 

2,521 

6,420 

707,576 

Operating income (loss)

874,593 

82,165 

48,482 

(79,832)

925,408 

Other expense, net (principally interest

expense and other income)

(399,565)

(399,565)

Income before income taxes

525,843 

Cash capital expenditures (3)

235,787 

1,148,941 

4,057 

5,610 

1,394,395 

For the year ended December 31, 2021

Revenues (1)

$

1,681,372 

$

422,715 

$

204,747 

$

—

$

2,308,834 

Cost of revenues (2)

258,612 

127,779 

159,093 

—

545,484 

Operating profit

1,422,760 

294,936 

45,654 

—

1,763,350 

Selling, general, and administrative expenses

115,458 

37,768 

20,636 

46,167 

220,029 

Acquisition and new business initiatives

related adjustments and expenses

14,452 

13,169 

—

—

27,621 

Asset impairment and decommission costs

20,135 

12,763 

—

146 

33,044 

Depreciation, amortization and accretion

514,234 

177,059 

2,295 

6,573 

700,161 

Operating income (loss)

758,481 

54,177 

22,723 

(52,886)

782,495 

Other expense, net (principally interest

expense and other income)

(529,931)

(529,931)

Income before income taxes

252,564 

Cash capital expenditures (3)

1,249,075 

135,591 

2,563 

6,269 

1,393,498 

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other (4)

Total

Assets

(in thousands)

As of December 31, 2023

$

5,876,648 

$

3,871,164

$

66,001 

$

364,628

$

10,178,441

As of December 31, 2022

$

6,308,204 

$

3,808,699 

$

158,137 

$

310,001 

$

10,585,041 

(1)For the years ended December 31, 2023, 2022, and 2021, site leasing revenue in Brazil was $392.0 million, $299.5 million, and $233.5 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total site leasing revenues in any of the periods presented.

(2)Excludes depreciation, amortization, and accretion.

(3)Includes cash paid for capital expenditures, acquisitions, and right-of-use assets.

(4)Assets in Other consist primarily of general corporate assets and short-term investments.
v3.24.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Weighted-Average Shares of Common Stock Outstanding used in Calculation of Basic and Diluted Earnings Per Share

For the year ended December 31,

2023

2022

2021

Numerator:

Net income attributable to SBA

Communications Corporation

$

501,812

$

461,429

$

237,624

Denominator:

Basic weighted-average shares outstanding

108,204

107,957

109,328

Dilutive impact of stock options, RSUs, and PSUs

703

1,429

1,849

Diluted weighted-average shares outstanding

108,907

109,386

111,177

Net income per common share attributable to SBA

Communications Corporation:

Basic

$

4.64

$

4.27

$

2.17

Diluted

$

4.61

$

4.22

$

2.14
v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies [Abstract]  
Annual Minimum Lease Payments

Finance Leases

Operating Leases

2024

$

2,259

$

307,472

2025

1,900

287,208

2026

1,010

282,103

2027

285

275,342

2028

—

268,622

Thereafter

—

1,959,068

Total minimum lease payments

5,454

3,379,815

Less: amount representing interest

(606)

(1,245,513)

Present value of future payments

4,848

2,134,302

Less: current obligations

(1,671)

(271,793)

Long-term obligations

$

3,177

$

1,862,509
Annual Minimum Lease Income

(in thousands)

2024

$

2,147,798

2025

1,937,636

2026

1,646,642

2027

1,357,646

2028

1,039,529

Thereafter

2,265,719

Total

$

10,394,970
v3.24.0.1
Concentration of Credit Risk (Tables)
 12 Months Ended
Dec. 31, 2023
Concentration of Credit Risk [Abstract]  
Summary of Significant Customers and Percentage of Total Revenue for Specified Time Periods Derived from such Customers
‎

The following is a list of significant customers (representing at least 10% of revenue for any period reported) and the percentage of total revenue for the specified time periods derived from such customers:

For the year ended December 31,

Percentage of Total Revenues

2023

2022

2021

T-Mobile

32.5%

36.4%

36.2%

AT&T Wireless

19.5%

19.6%

22.2%

Verizon Wireless

14.6%

14.5%

14.7%

The Company’s site leasing and site development segments derive revenue from these customers. Client percentages of total revenue in each of the segments are as follows:

For the year ended December 31,

Percentage of Domestic Site Leasing Revenue

2023

2022

2021

T-Mobile

40.2%

40.6%

40.2%

AT&T Wireless

28.6%

29.0%

30.5%

Verizon Wireless

19.7%

20.1%

19.8%

For the year ended December 31,

Percentage of International Site Leasing Revenue

2023 (1)

2022 (1)

2021

Telefonica

22.5%

20.7%

16.3%

Claro

20.2%

19.0%

13.7%

TIM

15.7%

17.3%

7.2%

Oi S.A.

3.5%

3.9%

28.3%

(1)Amounts reflect the sale of Oi S.A.’s wireless assets to Telefonica, Claro, and TIM.

For the year ended December 31,

Percentage of Site Development Revenue

2023

2022

2021

T-Mobile

71.5%

80.1%

78.2%

Verizon Wireless

16.8%

7.8%

3.3%
v3.24.0.1
Redeemable Noncontrolling Interests (Tables)
 12 Months Ended
Dec. 31, 2023
Redeemable Noncontrolling Interests [Abstract]  
Components of Redeemable Noncontrolling Interest

December 31,

December 31,

2023

2022

Beginning balance

$

31,735

$

17,250

Net loss attributable to noncontrolling interests

(4,397)

(1,630)

Foreign currency translation adjustments

(899)

(204)

Contribution from joint venture partner

1,200

—

Adjustment to redemption amount

7,408

16,319

Ending balance

$

35,047

$

31,735
v3.24.0.1
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2023
Derivatives and Hedging Activities [Abstract]  
Schedule of Effects of Interest Rate Swaps on the Consolidated Balance Sheets

Fair Value as of

Balance Sheet

December 31,

December 31,

Location

2023

2022

Derivatives Designated as Hedging Instruments

(in thousands)

Interest rate swap agreements in a fair value asset position

Other assets

$

104,674 

$

182,860 

Interest rate swap agreement in a fair value liability position

Other long-term liabilities

$

19,573 

$

—
Schedule of Effect of Derivatives on the Consolidated Statements of Operations

For the year ended December 31,

2023

2022

2021

Cash Flow Hedge - Interest Rate Swap Agreement

(in thousands)

Change in fair value recorded in Accumulated other comprehensive loss, net

$

(97,760)

$

122,536 

$

48,200 

Derivatives Not Designated as Hedges - Interest Rate Swap Agreements

Amount reclassified from Accumulated other comprehensive

loss, net into Non-cash interest expense

$

29,627 

$

44,887 

$

44,887 
v3.24.0.1
Quarterly Financial Data (Tables)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Data [Abstract]  
Schedule of Quarterly Financial Information

Quarter Ended

December 31,

September 30,

June 30,

March 31,

2023

2023

2023

2023

(in thousands, except per share amounts)

Revenues

$

675,024

$

682,544

$

678,500

$

675,516

Operating income

209,687

248,604

241,227

224,141

Depreciation, accretion, and amortization

(171,400)

(180,674)

(181,820)

(182,415)

Net income attributable to SBA Communications Corporation

109,528

87,419

203,648

101,217

Net income per common share - basic

$

1.01

$

0.81

$

1.88

$

0.94

Net income per common share - diluted

1.01

0.80

1.87

0.93

Quarter Ended

December 31,

September 30,

June 30,

March 31,

2022

2022

2022

2022

(in thousands, except per share amounts)

Revenues

$

686,094

$

675,584

$

652,006

$

619,770

Operating income

234,664

242,987

230,978

216,779

Depreciation, accretion, and amortization

(183,036)

(173,825)

(176,392)

(174,323)

Net income attributable to SBA Communications Corporation

103,281

100,009

69,516

188,623

Net income per common share - basic

$

0.96

$

0.93

$

0.64

$

1.75

Net income per common share - diluted

0.94

0.91

0.64

1.72
v3.24.0.1
General (Narrative) (Details)
 12 Months Ended
Dec. 31, 2023
item
Company owned tower sites 39,618
Domestic [Member]  
Company owned tower sites 17,487
International [Member]  
Company owned tower sites 22,131
Brazil [Member]  
Company owned tower sites 12,713
v3.24.0.1
Summary of Significant Accounting Policies (Narrative) (Details)
 2 Months Ended 12 Months Ended
Feb. 28, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
site
Dec. 31, 2021
USD ($)
Summary of Significant Accounting Policies [Line Items]        
Gain (loss) on sale of investments   $ 0 $ 0  
Interest cost capitalized   $ 900,000 600,000 $ 500,000
Intangible assets, useful life   15 years    
Impairment charge recognized, related to long-lived assets   $ 169,400,000 43,200,000 33,000,000.0
Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag   impairment charges    
Asset retirement obligation   $ 119,300,000 79,800,000  
Accounts receivable, net   182,746,000 184,368,000  
Unamortized deferred lease costs   3,200,000 3,300,000 2,900,000
Amortization expense   2,300,000 1,900,000 1,400,000
Deferred lease costs   8,700,000 7,700,000  
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan   52,400,000 (12,900,000) (44,300,000)
Intercompany loans funded   4,200,000    
Repayment of debt   223,400,000    
Intercompany foreign currency outstanding balance   $ 1,300,000 1,500,000  
Minimum [Member]        
Summary of Significant Accounting Policies [Line Items]        
Acquired intangible assets, useful life   1 year    
Operating lease term   5 years    
Minimum [Member] | Towers and Related Assets [Member]        
Summary of Significant Accounting Policies [Line Items]        
Estimated useful lives   3 years    
Maximum [Member]        
Summary of Significant Accounting Policies [Line Items]        
Business acquisitions period after closing date to determine additional adjustments   1 year    
Acquired intangible assets, useful life   3 years    
Operating lease term   15 years    
Maximum [Member] | Towers and Related Assets [Member]        
Summary of Significant Accounting Policies [Line Items]        
Estimated useful lives   15 years    
Site Development Revenue [Member]        
Summary of Significant Accounting Policies [Line Items]        
Accounts receivable, net   $ 32,300,000 $ 59,600,000  
Segment Concentration Risk [Member] | Domestic Site Leasing [Member] | Revenue [Member]        
Summary of Significant Accounting Policies [Line Items]        
Concentration risk percentage   93.00%    
Segment Concentration Risk [Member] | Site Development Revenue [Member] | Revenue [Member]        
Summary of Significant Accounting Policies [Line Items]        
Concentration risk percentage   7.00%    
Exclusive Right to Lease and Operate Utility Transmission Structures [Member]        
Summary of Significant Accounting Policies [Line Items]        
Consideration transferred       $ 950,500,000
Airtel Tanzania [Member]        
Summary of Significant Accounting Policies [Line Items]        
Number of utility transmission structures acquired | site     1,445  
Consideration transferred     $ 176,100,000  
Subsequent Event [Member]        
Summary of Significant Accounting Policies [Line Items]        
Repayment of debt $ 15,000,000.0      
v3.24.0.1
Summary of Significant Accounting Policies (Schedule of Asset Classes and Related Estimated Useful Lives) (Details)
Dec. 31, 2023
Towers and Related Assets [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 3 years
Towers and Related Assets [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 15 years
Furniture, Equipment and Vehicles [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 2 years
Furniture, Equipment and Vehicles [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 7 years
Data Centers, Buildings, and Leasehold Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 10 years
Data Centers, Buildings, and Leasehold Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 30 years
v3.24.0.1
Summary of Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance $ 9,166 $ 12,135 $ 15,693
Provision for doubtful accounts 3,731 632 440
Write-offs (220) (1,793) (1,597)
Recoveries   (2,204) (1,947)
Acquisitions   116  
Currency translation adjustment 161 280 (454)
Ending balance 12,838 $ 9,166 $ 12,135
Oi S.A. [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Provision for doubtful accounts $ 3,100    
v3.24.0.1
Summary of Significant Accounting Policies (Schedule of Right-of-use Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]    
Current operating lease liabilities $ 271,793 $ 260,082
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current lease liabilities Current lease liabilities
Current financing lease liabilities $ 1,671 $ 2,283
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current lease liabilities Current lease liabilities
Current lease liabilities $ 273,464 $ 262,365
Long-term operating lease liabilities $ 1,862,509 $ 2,037,496
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term lease liabilities Long-term lease liabilities
Long-term financing lease liabilities $ 3,177 $ 3,132
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term lease liabilities Long-term lease liabilities
Long-term lease liabilities $ 1,865,686 $ 2,040,628
v3.24.0.1
Summary of Significant Accounting Policies (Components of Lease Cost, Lease Term, and Discount Rate) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]    
Amortization of acquired and other right-of-use assets $ 42,312 $ 24,733
Interest on finance lease liabilities 211 171
Total finance lease cost 42,523 24,904
Operating lease cost 290,169 275,903
Variable lease cost 63,625 61,128
Total lease cost $ 396,317 $ 361,935
Weighted Average Remaining Lease Term Operating leases 12 years 10 months 24 days 13 years 8 months 12 days
Weighted Average Remaining Lease Term Finance leases 49 years 3 months 18 days 51 years 3 months 18 days
Weighted Average Discount Rate: Operating leases 6.40% 5.70%
Weighted Average Discount Rate: Finance leases 4.40% 3.50%
Cash paid for amounts included in measurement of lease liabilities: Cash flows from operating leases $ 279,194 $ 259,788
Cash paid for amounts included in measurement of lease liabilities: Cash flows from finance leases $ 2,522 $ 2,258
v3.24.0.1
Fair Value Measurements (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term investments $ 24,540 $ 40,696  
Short-term investments 1,046 1,331  
Purchase and sale of short-term investments 1,000 1,300  
Cost method investment, impairment loss 4,700 900  
Proceeds from sale of short-term investments $ 1,300,000 $ 900,000 $ 1,700,000
Minimum [Member] | Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Average discount rate | item 0.065    
Maximum [Member] | Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Average discount rate | item 0.088    
Revolving Credit Facility [Member] | Minimum [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Basis spread on variable interest rate 1.125%    
Revolving Credit Facility [Member] | Maximum [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Basis spread on variable interest rate 1.50%    
v3.24.0.1
Fair Value Measurements (Summary of Asset Impairment and Decommission Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value Measurements [Abstract]      
Asset impairment $ 139,466 $ 34,734 $ 24,813
Right-of-use asset impairment 45,100    
Write-off of carrying value of decommissioned towers 12,015 8,095 6,349
Other (including tower and equipment decommission costs) 17,906 331 1,882
Total asset impairment and decommission costs $ 169,387 $ 43,160 $ 33,044
v3.24.0.1
Cash, Cash Equivalents, and Restricted Cash (Narrative) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Surety, Payment and Performance Bonds [Member]    
Restricted Cash And Cash Equivalents Items [Line Items]    
Collateral $ 0 $ 0
Surety, payment and performance bonds 42,000,000.0 42,300,000
Workers Compensation Policy [Member]    
Restricted Cash And Cash Equivalents Items [Line Items]    
Collateral 2,400,000 2,300,000
Payment and Performance Bonds [Member]    
Restricted Cash And Cash Equivalents Items [Line Items]    
Collateral $ 6,100,000 $ 6,000,000.0
v3.24.0.1
Cash, Cash Equivalents, and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restricted Cash And Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 208,547 $ 143,708 $ 367,278  
Restricted cash - current asset 38,129 41,959    
Total cash, cash equivalents, and restricted cash 250,946 189,283 435,626 $ 342,808
Securitization Escrow Accounts [Member]        
Restricted Cash And Cash Equivalents Items [Line Items]        
Restricted cash - current asset 31,852 35,820 64,764  
Payment, Performance Bonds, and Other [Member]        
Restricted Cash And Cash Equivalents Items [Line Items]        
Restricted cash - current asset 6,277 6,139 797  
Surety Bonds and Workers Compensation [Member]        
Restricted Cash And Cash Equivalents Items [Line Items]        
Restricted cash - noncurrent asset $ 4,270 $ 3,616 $ 2,787  
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Assets Noncurrent Other Assets Noncurrent Other Assets Noncurrent  
v3.24.0.1
Costs and Estimated Earnings on Uncompleted Contracts (Narrative) (Details) - Customer Concentration Risk [Member] - Contract with Customer [Member] - customer
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Concentration Risk [Line Items]    
Number of significant customers 2 2
Two Largest Customers [Member]    
Concentration Risk [Line Items]    
Concentration risk percentage 84.60% 96.70%
v3.24.0.1
Costs and Estimated Earnings on Uncompleted Contracts (Summary of Costs and Estimated Earnings on Uncompleted Contracts) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]    
Costs incurred on uncompleted contracts $ 98,674 $ 137,736
Estimated earnings 64,589 51,287
Billings to date (152,608) (134,665)
Costs and estimated earnings on uncompleted contracts $ 10,655 $ 54,358
v3.24.0.1
Costs and Estimated Earnings on Uncompleted Contracts (Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]    
Costs and estimated earnings in excess of billings on uncompleted contracts $ 16,252 $ 79,549
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) (5,597) (25,191)
Costs and estimated earnings on uncompleted contracts $ 10,655 $ 54,358
v3.24.0.1
Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Prepaid Expense and Other Current Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]    
Short-term investments $ 1,046 $ 1,331
Prepaid real estate taxes 3,522 3,333
Interest receivable 2,102 529
Prepaid taxes 9,064 10,639
Prepaid ground rent 3,712 3,867
Other current assets 19,147 13,450
Total prepaid expenses and other current assets $ 38,593 $ 33,149
v3.24.0.1
Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Other Assets) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Mar. 17, 2023
Dec. 31, 2022
Other Assets, Noncurrent [Line Items]      
Straight-line rent receivable $ 415,100   $ 388,638
Interest rate swap asset $ 104,674   182,860
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Total other assets    
Loans receivable $ 148,104   39,922
Deferred lease costs, net 8,713   7,747
Deferred tax asset - long term 401,427   391,087
Long-term investments 24,540   40,696
Other 43,872   46,337
Total other assets 812,476   722,373
Unconsolidated Joint Venture [Member]      
Other Assets, Noncurrent [Line Items]      
Loan agreement, maximum borrowing capacity   $ 120,000  
Unconsolidated Joint Venture [Member] | Initial Term Loans [Member]      
Other Assets, Noncurrent [Line Items]      
Loan agreement, maximum borrowing capacity   73,000  
Unconsolidated Joint Venture [Member] | Delayed Draw Term Loans [Member]      
Other Assets, Noncurrent [Line Items]      
Loan agreement, maximum borrowing capacity   $ 47,000  
Unconsolidated Joint Venture [Member] | Related Party [Member]      
Other Assets, Noncurrent [Line Items]      
Outstanding principal $ 100,500    
Interest rate 10.093%    
Other Assets - Noncurrent [Member]      
Other Assets, Noncurrent [Line Items]      
Deferred tax asset - long term $ 67,473   $ 16,173
v3.24.0.1
Acquisitions (Narrative) (Details)
$ in Thousands
 2 Months Ended 12 Months Ended
Feb. 28, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
site
item
Dec. 31, 2021
USD ($)
item
Business Acquisition [Line Items]        
Number of towers acquired | item   91 4,790 991
Performance targets, maximum potential obligation   $ 17,900 $ 10,100  
Exclusive Right to Lease and Operate Utility Transmission Structures [Member]        
Business Acquisition [Line Items]        
Consideration transferred       $ 950,500
Airtel Tanzania [Member]        
Business Acquisition [Line Items]        
Consideration transferred     176,100  
GTS [Member]        
Business Acquisition [Line Items]        
Property and equipment     23,800  
Intangible assets     142,200  
Operating leases right-of-use assets, net     48,800  
Acquired and other right-of-use assets, net     529,300  
Long-term lease liabilities assumed     18,300  
Other net assets assumed     $ 2,400  
Number of communication sites acquired | site     2,632  
Consideration transferred     $ 728,200  
Other Acquisitions [Member]        
Business Acquisition [Line Items]        
Number of towers acquired | item   91 2,158 278
Property and equipment   $ 18,800 $ 124,500 $ 26,100
Intangible assets   66,600 209,800 135,800
Operating leases right-of-use assets, net   15,900 125,000 18,600
Acquired and other right-of-use assets, net   3,700 38,000  
Other net liabilities assumed   2,300 2,200 $ 800
Acquisition related holdbacks   2,500 24,300  
Long-term lease liabilities assumed   $ 13,500 $ 106,600  
Subsequent Event [Member] | Other Acquisitions [Member]        
Business Acquisition [Line Items]        
Number of communication sites acquired | item 281      
Consideration transferred $ 87,800      
v3.24.0.1
Acquisitions (Schedule of Acquisition Activity) (Details) - item
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Acquisitions [Abstract]      
Tower acquisitions (number of towers) 91 4,790 991
v3.24.0.1
Acquisitions (Schedule of Acquisition Capital Expenditures) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
site
Dec. 31, 2021
USD ($)
Business Acquisition [Line Items]        
Acquisitions of towers and related intangible assets $ 77,100 $ 81,614 $ 489,888 $ 274,752
Acquisition of right-of-use assets   5,072 602,574 950,536
Land buyouts and other assets   43,275 83,630 32,416
Total cash acquisition capital expenditures   129,961 1,176,092 1,257,704
Ground lease extensions   $ 17,600 $ 17,900 16,300
Airtel Tanzania [Member]        
Business Acquisition [Line Items]        
Number of utility transmission structures acquired | site     1,445  
Consideration transferred     $ 176,100  
GTS [Member]        
Business Acquisition [Line Items]        
Acquisitions of towers and related intangible assets     168,500  
Acquisition of right-of-use assets     $ 559,800  
Number of communication sites acquired | site     2,632  
Consideration transferred     $ 728,200  
Exclusive Right to Lease and Operate Utility Transmission Structures [Member]        
Business Acquisition [Line Items]        
Consideration transferred       $ 950,500
v3.24.0.1
Property and Equipment, Net (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property and Equipment, Net [Abstract]      
Depreciation expense $ 272,300 $ 274,000 $ 271,800
Unpaid capital expenditures $ 6,477 $ 7,476  
v3.24.0.1
Property and Equipment, Net (Property and Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 6,959,501 $ 6,685,162
Less: accumulated depreciation (4,247,782) (3,971,435)
Property and equipment, net 2,711,719 2,713,727
Towers and Related Assets [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 5,850,608 5,650,902
Construction-In-Process [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 105,627 77,564
Furniture, Equipment and Vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 76,031 67,403
Land, Buildings and Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 927,235 $ 889,293
v3.24.0.1
Intangible Assets, Net (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Intangible Assets, Net [Abstract]      
Amortization expense $ 397.0 $ 406.0 $ 411.9
v3.24.0.1
Intangible Assets, Net (Gross and Net Carrying Amounts for each Major Class of Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount $ 7,179,789 $ 7,063,235
Accumulated amortization (4,724,192) (4,286,763)
Net book value 2,455,597 2,776,472
Current Contract Intangibles [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 5,253,563 5,170,187
Accumulated amortization (3,394,009) (3,060,494)
Net book value 1,859,554 2,109,693
Network Location Intangibles [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 1,926,226 1,893,048
Accumulated amortization (1,330,183) (1,226,269)
Net book value $ 596,043 $ 666,779
v3.24.0.1
Intangible Assets, Net (Estimated Future Amortization Expense) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Intangible Assets, Net [Abstract]  
2024 $ 365,258
2025 355,578
2026 340,520
2027 291,666
2028 $ 228,627
v3.24.0.1
Accrued Expenses and Other Current Liabilities (Schedule of Accrued Expenses) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accrued Expenses and Other Current Liabilities [Abstract]    
Salaries and benefits $ 25,630 $ 27,727
Real estate and property taxes 7,149 8,422
Unpaid capital expenditures 6,477 7,476
Acquisition related holdbacks 16,100 25,681
Other 37,266 32,178
Total accrued expenses $ 92,622 $ 101,484
v3.24.0.1
Accrued Expenses and Other Current Liabilities (Schedule of Other Current Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accrued Expenses and Other Current Liabilities [Abstract]    
Billings in excess of costs and estimated earnings on uncompleted contracts $ 5,597 $ 25,191
Taxes payable 9,947 10,641
Other 3,118 12,930
Total other current liabilities $ 18,662 $ 48,762
v3.24.0.1
Debt (Terms of The Senior Credit Agreement) (Narrative) (Details)
$ in Billions
 12 Months Ended
Dec. 31, 2023
USD ($)
item
Debt Instrument [Line Items]  
Debt to annualized borrower EBITDA ratio 6.5
Senior Credit Agreement [Member]  
Debt Instrument [Line Items]  
Debt to annualized borrower EBITDA ratio 6.5
Debt and net hedge exposure to annualized borrower EBITDA 6.5
Consecutive trading days | item 30
Annualized borrower EBITDA to annualized cash interest expense 2.0
Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Line of credit facility, maximum borrowing capacity | $ $ 1.5
v3.24.0.1
Debt (Revolving Credit Facility under the Senior Credit Agreement) (Narrative) (Details) - USD ($)
$ in Thousands
 2 Months Ended 12 Months Ended
Feb. 28, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Feb. 23, 2024
Jan. 25, 2024
Line of Credit Facility [Line Items]            
Repayments of revolving credit facility   $ 730,000 $ 605,000 $ 1,965,000    
Revolving Credit Facility [Member]            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity   1,500,000        
Repayments of revolving credit facility $ 110,000 730,000 605,000      
Line of credit facility, outstanding $ 70,000 $ 180,000 $ 720,000 $ 350,000    
Revolving Credit Facility [Member] | Subsequent Event [Member]            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity         $ 2,000,000 $ 1,750,000
Minimum [Member] | Revolving Credit Facility [Member]            
Line of Credit Facility [Line Items]            
Line of credit facility, commitment fee   0.15%        
Basis spread on variable interest rate   1.125%        
Minimum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member]            
Line of Credit Facility [Line Items]            
Basis spread on variable interest rate   1.125%        
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]            
Line of Credit Facility [Line Items]            
Basis spread on variable interest rate   0.125%        
Maximum [Member] | Revolving Credit Facility [Member]            
Line of Credit Facility [Line Items]            
Line of credit facility, commitment fee   0.25%        
Basis spread on variable interest rate   1.50%        
Maximum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member]            
Line of Credit Facility [Line Items]            
Basis spread on variable interest rate   1.50%        
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]            
Line of Credit Facility [Line Items]            
Basis spread on variable interest rate   0.50%        
v3.24.0.1
Debt (Term Loan under the Senior Credit Agreement) (Narrative) (Details) - USD ($)
 12 Months Ended
Jan. 25, 2024
Nov. 03, 2023
Apr. 11, 2018
Dec. 31, 2023
Feb. 23, 2024
Jul. 03, 2023
Jun. 21, 2023
Dec. 31, 2022
Aug. 04, 2020
Debt Instrument [Line Items]                  
Aggregate principal balance       $ 12,388,000,000       $ 12,952,000,000  
2018 Term Loan [Member]                  
Debt Instrument [Line Items]                  
Aggregate principal balance     $ 2,400,000,000 2,268,000,000       2,292,000,000  
Repayment of term loans       $ 24,000,000.0          
Percentage of par value price for issuance of term loan     99.75%            
Accruing interest rate       7.21%          
Financing fees at issuance     $ 16,800,000            
Aggregate amount       $ 2,300,000,000          
Quarterly payments       $ 6,000,000.0          
Maturity Date       Apr. 11, 2025          
2018 Term Loan [Member] | Interest Rate Swap [Member]                  
Debt Instrument [Line Items]                  
Notional amount             $ 1,950,000,000   $ 1,950,000,000
Derivative basis spread on variable interest rate                 1.75%
Credit spread adjustment           0.10% 0.10%    
Derivative fixed interest rate             1.90%   1.874%
2024 Term Loan [Member] | Interest Rate Swap [Member]                  
Debt Instrument [Line Items]                  
Notional amount   $ 1,000,000,000.0              
Base Rate [Member] | 2018 Term Loan [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate     0.75%            
Eurodollar [Member] | 2018 Term Loan [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate     1.75%            
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member]                  
Debt Instrument [Line Items]                  
Derivative basis spread on variable interest rate             1.85%    
Credit spread adjustment             0.10%    
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2024 Term Loan [Member] | Interest Rate Swap [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate   2.00%              
Secured Overnight Financing Rate (SOFR) Inclusive of Credit Spread Adjustment [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member]                  
Debt Instrument [Line Items]                  
Derivative fixed interest rate             1.90%    
Secured Overnight Financing Rate (SOFR) Inclusive of Credit Spread Adjustment [Member] | 2024 Term Loan [Member] | Interest Rate Swap [Member]                  
Debt Instrument [Line Items]                  
Derivative fixed interest rate   5.83%              
Minimum [Member] | Base Rate [Member] | 2018 Term Loan [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate     0.00%            
Minimum [Member] | Eurodollar [Member] | 2018 Term Loan [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate     0.00%            
Subsequent Event [Member] | 2024 Term Loan [Member]                  
Debt Instrument [Line Items]                  
Aggregate principal balance $ 2,300,000,000                
Percentage of par value price for issuance of term loan 99.75%                
Financing fees at issuance $ 19,500,000                
Quarterly payments $ 5,750,000                
Maturity Date Jan. 25, 2031                
Subsequent Event [Member] | 2024 Term Loan [Member] | Interest Rate Swap [Member]                  
Debt Instrument [Line Items]                  
Notional amount $ 1,950,000,000                
Derivative fixed interest rate 2.05%                
Subsequent Event [Member] | Base Rate [Member] | 2024 Term Loan [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate 1.00%                
Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2024 Term Loan [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate 2.00%                
Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2024 Term Loan [Member] | Interest Rate Swap [Member]                  
Debt Instrument [Line Items]                  
Derivative basis spread on variable interest rate 2.00%                
Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Inclusive of Credit Spread Adjustment [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate 0.00%                
Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Inclusive of Credit Spread Adjustment [Member] | 2024 Term Loan [Member] | Interest Rate Swap [Member]                  
Debt Instrument [Line Items]                  
Derivative fixed interest rate 2.05%                
Revolving Credit Facility [Member]                  
Debt Instrument [Line Items]                  
Aggregate principal balance       $ 180,000,000       $ 720,000,000  
Line of credit facility, maximum borrowing capacity       $ 1,500,000,000          
Maturity Date       Jul. 07, 2026          
Revolving Credit Facility [Member] | Minimum [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate       1.125%          
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate       0.125%          
Revolving Credit Facility [Member] | Minimum [Member] | Eurodollar [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate       1.125%          
Revolving Credit Facility [Member] | Maximum [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate       1.50%          
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate       0.50%          
Revolving Credit Facility [Member] | Maximum [Member] | Eurodollar [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable interest rate       1.50%          
Revolving Credit Facility [Member] | Subsequent Event [Member]                  
Debt Instrument [Line Items]                  
Aggregate principal balance         $ 2,000,000,000.0        
Line of credit facility, maximum borrowing capacity $ 1,750,000,000       $ 2,000,000,000.0        
v3.24.0.1
Debt (Secured Tower Revenue Securities) (Narrative) (Details)
$ in Billions
 12 Months Ended
Dec. 31, 2023
USD ($)
site
Tower Securities [Member]  
Debt Instrument [Line Items]  
Aggregate amount | $ $ 6.9
Property management fee percentage 4.50%
U.S. Treasury rate term 10 years
Additional interest rate for non-compliance 5.00%
Interest added to Treasury rate and credit-based spread for non-compliance 5.00%
Tower Securities 2019-1C, 2020-1C, 2021-1C, 2021-2C and 2020-1C [Member]  
Debt Instrument [Line Items]  
No prepayment consideration period 12 months
Tower Securities 2014-2C, 2020-2C and 2021-3C [Member]  
Debt Instrument [Line Items]  
No prepayment consideration period 18 months
Minimum [Member] | Tower Securities [Member]  
Debt Instrument [Line Items]  
Aggregate number of tower sites owned by Borrowers | site 9,892
Excess Cash Flow Reserve [Member] | Minimum [Member] | Tower Securities [Member]  
Debt Instrument [Line Items]  
Debt service coverage ratio 1.30
Amortization Period Prepay [Member] | Maximum [Member] | Tower Securities [Member]  
Debt Instrument [Line Items]  
Debt service coverage ratio 1.15
Advance Rents Reserve [Member] | Tower Securities [Member]  
Debt Instrument [Line Items]  
Debt service coverage ratio 2
Term required to maintain reserve if debt service coverage ratio is exceeded 2 months
v3.24.0.1
Debt (Senior Notes) (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
2021 Senior Notes [Member] | Redemption, Period One [Member]  
Debt Instrument [Line Items]  
Redemption period Feb. 01, 2024
Redemption price, percentage 101.563%
2021 Senior Notes [Member] | Redemption, Period Two [Member]  
Debt Instrument [Line Items]  
Redemption period Feb. 01, 2025
Redemption price, percentage 100.781%
2021 Senior Notes [Member] | Redemption, Period Three [Member]  
Debt Instrument [Line Items]  
Redemption period Feb. 01, 2026
Redemption price, percentage 100.00%
2020 Senior Notes [Member] | Redemption, Period Two [Member]  
Debt Instrument [Line Items]  
Redemption period Feb. 15, 2024
Redemption price, percentage 100.969%
2020 Senior Notes [Member] | Redemption, Period Three [Member]  
Debt Instrument [Line Items]  
Redemption period Feb. 15, 2025
Redemption price, percentage 100.00%
2016 Senior Notes [Member]  
Debt Instrument [Line Items]  
Redemption period Nov. 08, 2021
Debt call premium $ 13.4
Write-off of deferred financing fees $ 10.3
2017 Senior Notes [Member]  
Debt Instrument [Line Items]  
Redemption period Feb. 11, 2021
Debt call premium $ 7.5
Write-off of deferred financing fees $ 4.2
Senior Notes [Member]  
Debt Instrument [Line Items]  
Ratio of indebtedness to annualized consolidated adjusted EBITDA 9.5
v3.24.0.1
Debt (Schedule of Principal Values, Fair Values, and Carrying Values of Debt) (Details) - USD ($)
 12 Months Ended
Jan. 25, 2024
Dec. 31, 2023
Feb. 23, 2024
Dec. 31, 2022
Apr. 11, 2018
Debt Instrument [Line Items]          
Principal Balance   $ 12,388,000,000   $ 12,952,000,000  
Fair Value   11,480,332,000   11,819,108,000  
Carrying Value   12,324,315,000   12,868,162,000  
Less: current maturities of long-term debt   (643,145,000)   (24,000,000)  
Total long-term debt, net of current maturities   $ 11,681,170,000   12,844,162,000  
Revolving Credit Facility [Member]          
Debt Instrument [Line Items]          
Maturity Date   Jul. 07, 2026      
Principal Balance   $ 180,000,000   720,000,000  
Fair Value   180,000,000   720,000,000  
Carrying Value   $ 180,000,000   720,000,000  
2018 Term Loan [Member]          
Debt Instrument [Line Items]          
Maturity Date   Apr. 11, 2025      
Principal Balance   $ 2,268,000,000   2,292,000,000 $ 2,400,000,000
Fair Value   2,273,670,000   2,280,540,000  
Carrying Value   $ 2,263,343,000   2,284,007,000  
2013-2C Tower Securities [Member]          
Debt Instrument [Line Items]          
Maturity Date   Apr. 11, 2023      
Principal Balance   $ 575,000,000.0      
2014-2C Tower Securities [Member]          
Debt Instrument [Line Items]          
Maturity Date   Oct. 08, 2024      
Principal Balance   $ 620,000,000   620,000,000  
Fair Value   606,540,000   598,480,000  
Carrying Value   $ 619,145,000   618,099,000  
2017-1C Tower Securities [Member]          
Debt Instrument [Line Items]          
Maturity Date   Apr. 11, 2022      
Principal Balance   $ 760,000,000.0      
2018-1C Tower Securities [Member]          
Debt Instrument [Line Items]          
Maturity Date   Mar. 09, 2023      
Principal Balance   $ 640,000,000.0      
2019-1C Tower Securities [Member]          
Debt Instrument [Line Items]          
Maturity Date   Jan. 12, 2025      
Principal Balance   $ 1,165,000,000   1,165,000,000  
Fair Value   1,115,313,000   1,095,776,000  
Carrying Value   $ 1,162,348,000   1,159,860,000  
2020-1C Tower Securities [Member]          
Debt Instrument [Line Items]          
Maturity Date   Jan. 09, 2026      
Principal Balance   $ 750,000,000   750,000,000  
Fair Value   682,350,000   665,633,000  
Carrying Value   $ 746,937,000   745,480,000  
2020-2C Tower Securities [Member]          
Debt Instrument [Line Items]          
Maturity Date   Jan. 11, 2028      
Principal Balance   $ 600,000,000   600,000,000  
Fair Value   520,530,000   506,574,000  
Carrying Value   $ 596,419,000   595,586,000  
2021-1C Tower Securities [Member]          
Debt Instrument [Line Items]          
Maturity Date   Nov. 09, 2026      
Principal Balance   $ 1,165,000,000   1,165,000,000  
Fair Value   1,015,437,000   991,705,000  
Carrying Value   $ 1,158,059,000   1,155,724,000  
2021-2C Tower Securities [Member]          
Debt Instrument [Line Items]          
Maturity Date   Apr. 09, 2027      
Principal Balance   $ 895,000,000   895,000,000  
Fair Value   772,125,000   756,302,000  
Carrying Value   $ 889,152,000   887,443,000  
2021-3C Tower Securities [Member]          
Debt Instrument [Line Items]          
Maturity Date   Oct. 09, 2031      
Principal Balance   $ 895,000,000   895,000,000  
Fair Value   686,581,000   686,134,000  
Carrying Value   $ 887,365,000   886,495,000  
2022-1C Tower Securities [Member]          
Debt Instrument [Line Items]          
Maturity Date   Jan. 11, 2028      
Principal Balance   $ 850,000,000   850,000,000  
Fair Value   850,221,000   855,899,000  
Carrying Value   $ 841,429,000   840,053,000  
2020 Senior Notes [Member]          
Debt Instrument [Line Items]          
Maturity Date   Feb. 15, 2027      
Principal Balance   $ 1,500,000,000   1,500,000,000  
Fair Value   1,438,815,000   1,375,815,000  
Carrying Value   $ 1,489,965,000   1,487,013,000  
2021 Senior Notes [Member]          
Debt Instrument [Line Items]          
Maturity Date   Feb. 01, 2029      
Principal Balance   $ 1,500,000,000   1,500,000,000  
Fair Value   1,338,750,000   1,286,250,000  
Carrying Value   $ 1,490,153,000   $ 1,488,402,000  
Subsequent Event [Member] | Revolving Credit Facility [Member]          
Debt Instrument [Line Items]          
Principal Balance     $ 2,000,000,000.0    
Subsequent Event [Member] | 2024 Term Loan [Member]          
Debt Instrument [Line Items]          
Maturity Date Jan. 25, 2031        
Principal Balance $ 2,300,000,000        
v3.24.0.1
Debt (Schedule of Future Principal Payment Obligations) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Debt [Abstract]  
2024 $ 644,000
2025 3,409,000
2026 2,095,000
2027 2,395,000
2028 $ 1,450,000
v3.24.0.1
Debt (Schedule of Cash and Non-Cash Interest Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jul. 03, 2023
Jun. 21, 2023
Aug. 04, 2020
Debt Instrument [Line Items]            
Cash Interest $ 400,373 $ 353,784 $ 352,919      
Non-cash interest expense $ 35,868 46,109 47,085      
Revolving Credit Facility [Member]            
Debt Instrument [Line Items]            
Interest Rate 6.435%          
Cash Interest $ 29,223 21,862 6,414      
2018 Term Loan [Member]            
Debt Instrument [Line Items]            
Interest Rate 2.645%          
Cash Interest $ 60,622 50,052 44,342      
Non-cash interest expense $ 30,508 45,756 45,756      
Blended rate 2.645%          
Accruing interest rate 7.21%          
2013-2C Tower Securities [Member]            
Debt Instrument [Line Items]            
Interest Rate 3.722%          
Cash Interest     17,027      
2014-2C Tower Securities [Member]            
Debt Instrument [Line Items]            
Interest Rate 3.869%          
Cash Interest $ 24,185 24,185 24,185      
2017-1C Tower Securities [Member]            
Debt Instrument [Line Items]            
Interest Rate 3.168%          
Cash Interest     9,201      
2018-1C Tower Securities [Member]            
Debt Instrument [Line Items]            
Interest Rate 3.448%          
Cash Interest   21,291 22,281      
2019-1C Tower Securities [Member]            
Debt Instrument [Line Items]            
Interest Rate 2.836%          
Cash Interest $ 33,428 33,428 33,428      
2020-1C Tower Securities [Member]            
Debt Instrument [Line Items]            
Interest Rate 1.884%          
Cash Interest $ 14,391 14,391 14,391      
2020-2C Tower Securities [Member]            
Debt Instrument [Line Items]            
Interest Rate 2.328%          
Cash Interest $ 14,159 14,159 14,159      
2021-1C Tower Securities [Member]            
Debt Instrument [Line Items]            
Interest Rate 1.631%          
Cash Interest $ 19,419 19,419 12,255      
2021-2C Tower Securities [Member]            
Debt Instrument [Line Items]            
Interest Rate 1.84%          
Cash Interest $ 16,782 16,782 2,982      
2021-3C Tower Securities [Member]            
Debt Instrument [Line Items]            
Interest Rate 2.593%          
Cash Interest $ 23,492 23,492 4,176      
2022-1C Tower Securities [Member]            
Debt Instrument [Line Items]            
Interest Rate 6.599%          
Cash Interest $ 56,375 5,961        
2016 Senior Notes [Member]            
Debt Instrument [Line Items]            
Interest Rate 4.875%          
Cash Interest     44,092      
Non-cash interest expense     990      
2017 Senior Notes [Member]            
Debt Instrument [Line Items]            
Interest Rate 4.00%          
Cash Interest     2,333      
2020 Senior Notes [Member]            
Debt Instrument [Line Items]            
Interest Rate 3.875%          
Cash Interest $ 58,125 58,125 58,125      
Non-cash interest expense $ 367 353 339      
2021 Senior Notes [Member]            
Debt Instrument [Line Items]            
Interest Rate 3.125%          
Cash Interest $ 46,875 46,875 43,229      
Other [Member]            
Debt Instrument [Line Items]            
Cash Interest 3,297 $ 3,762 $ 299      
Non-cash interest expense $ 4,993          
Interest Rate Swap [Member] | 2018 Term Loan [Member]            
Debt Instrument [Line Items]            
Notional amount         $ 1,950,000 $ 1,950,000
Derivative basis spread on variable interest rate           1.75%
Derivative fixed interest rate         1.90% 1.874%
Credit spread adjustment       0.10% 0.10%  
Interest Rate Swap [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2018 Term Loan [Member]            
Debt Instrument [Line Items]            
Derivative basis spread on variable interest rate         1.85%  
Credit spread adjustment         0.10%  
Interest Rate Swap [Member] | Secured Overnight Financing Rate (SOFR) Inclusive of Credit Spread Adjustment [Member] | 2018 Term Loan [Member]            
Debt Instrument [Line Items]            
Derivative fixed interest rate         1.90%  
v3.24.0.1
Debt (Schedule of Revolving Credit Facility Key Terms) (Details) - Revolving Credit Facility [Member]
 12 Months Ended
Dec. 31, 2023
Line of Credit Facility [Line Items]  
Interest Rate 6.435%
Unused Commitment Fee 0.14%
Sustainability Margin Adjustment 0.05%
Sustainability Commitment Fee Adjustment 0.01%
v3.24.0.1
Debt (Summary of Revolving Credit Facility Activity) (Details) - USD ($)
$ in Thousands
 2 Months Ended 12 Months Ended
Feb. 28, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Line of Credit Facility [Line Items]        
Repayments under Revolving Credit Facility   $ (730,000) $ (605,000) $ (1,965,000)
Revolving Credit Facility [Member]        
Line of Credit Facility [Line Items]        
Beginning outstanding balance $ 720,000 720,000 350,000  
Borrowings   190,000 975,000  
Repayments under Revolving Credit Facility (110,000) (730,000) (605,000)  
Ending outstanding balance $ 70,000 $ 180,000 $ 720,000 $ 350,000
v3.24.0.1
Debt (Tower Securities - Schedule of Material Terms of Debt Outstanding) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Amount Outstanding $ 12,388,000,000 $ 12,952,000,000
2014-2C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Oct. 15, 2014  
Amount Outstanding $ 620,000,000 620,000,000
Interest Rate 3.869%  
Anticipated Repayment Date Oct. 08, 2024  
Final Maturity Date Oct. 08, 2049  
Financing fees $ 9,000,000.0  
2019-1C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Sep. 13, 2019  
Amount Outstanding $ 1,165,000,000 1,165,000,000
Interest Rate 2.836%  
Anticipated Repayment Date Jan. 12, 2025  
Final Maturity Date Jan. 12, 2050  
Financing fees $ 12,800,000  
2020-1C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Jul. 14, 2020  
Amount Outstanding $ 750,000,000 750,000,000
Interest Rate 1.884%  
Anticipated Repayment Date Jan. 09, 2026  
Final Maturity Date Jul. 11, 2050  
Financing fees $ 8,000,000.0  
2020-2C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Jul. 14, 2020  
Amount Outstanding $ 600,000,000 600,000,000
Interest Rate 2.328%  
Anticipated Repayment Date Jan. 11, 2028  
Final Maturity Date Jul. 09, 2052  
Financing fees $ 6,400,000  
2021-1C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date May 14, 2021  
Amount Outstanding $ 1,165,000,000 1,165,000,000
Interest Rate 1.631%  
Anticipated Repayment Date Nov. 09, 2026  
Final Maturity Date May 09, 2051  
Financing fees $ 12,900,000  
2021-2C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Oct. 27, 2021  
Amount Outstanding $ 895,000,000 895,000,000
Interest Rate 1.84%  
Anticipated Repayment Date Apr. 09, 2027  
Final Maturity Date Oct. 10, 2051  
Financing fees $ 9,500,000  
2021-3C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Oct. 27, 2021  
Amount Outstanding $ 895,000,000 895,000,000
Interest Rate 2.593%  
Anticipated Repayment Date Oct. 09, 2031  
Final Maturity Date Oct. 10, 2056  
Financing fees $ 9,500,000  
2022-1C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Nov. 23, 2022  
Amount Outstanding $ 850,000,000 $ 850,000,000
Interest Rate 6.599%  
Anticipated Repayment Date Jan. 11, 2028  
Final Maturity Date Nov. 09, 2052  
Financing fees $ 10,500,000  
2018-1C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Mar. 09, 2018  
Amount Outstanding $ 640,000,000.0  
Interest Rate 3.448%  
Anticipated Repayment Date Mar. 09, 2023  
Financing fees $ 8,600,000  
v3.24.0.1
Debt (Tower Securities - Schedule of Material Terms of Debt Repaid) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Amount Outstanding $ 12,388,000 $ 12,952,000
2013-2C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Apr. 18, 2013  
Amount Outstanding $ 575,000  
Interest Rate 3.722%  
Anticipated Repayment Date Apr. 11, 2023  
Actual Repayment Date Oct. 14, 2021  
Financing fees $ 11,000  
Deferred financing fees and accrued interest $ 2,000  
2017-1C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Apr. 17, 2017  
Amount Outstanding $ 760,000  
Interest Rate 3.168%  
Anticipated Repayment Date Apr. 11, 2022  
Actual Repayment Date May 14, 2021  
Financing fees $ 10,200  
Deferred financing fees and accrued interest $ 2,000  
2018-1C Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Mar. 09, 2018  
Amount Outstanding $ 640,000  
Interest Rate 3.448%  
Anticipated Repayment Date Mar. 09, 2023  
Actual Repayment Date Dec. 15, 2022  
Financing fees $ 8,600  
Deferred financing fees and accrued interest $ 400  
v3.24.0.1
Debt (Risk Retention Tower Securities - Schedule of Material Terms of Debt Outstanding) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Amount Outstanding $ 12,388,000 $ 12,952,000
2019-1R Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Sep. 13, 2019  
Amount Outstanding $ 61,400  
Interest Rate 4.213%  
Anticipated Repayment Date Jan. 12, 2025  
Final Maturity Date Jan. 12, 2050  
2020-2R Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Jul. 14, 2020  
Amount Outstanding $ 71,100  
Interest Rate 4.336%  
Anticipated Repayment Date Jan. 11, 2028  
Final Maturity Date Jul. 09, 2052  
2021-1R Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date May 14, 2021  
Amount Outstanding $ 61,400  
Interest Rate 3.598%  
Anticipated Repayment Date Nov. 09, 2026  
Final Maturity Date May 09, 2051  
2021-3R Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Oct. 27, 2021  
Amount Outstanding $ 94,300  
Interest Rate 4.09%  
Anticipated Repayment Date Oct. 09, 2031  
Final Maturity Date Oct. 10, 2056  
2022-1R Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Nov. 23, 2022  
Amount Outstanding $ 44,800  
Interest Rate 7.87%  
Anticipated Repayment Date Jan. 11, 2028  
Final Maturity Date Nov. 09, 2052  
v3.24.0.1
Debt (Risk Retention Tower Securities - Schedule of Material Terms of Debt Repaid) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Amount Outstanding $ 12,388,000 $ 12,952,000
2017-1R Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Apr. 17, 2017  
Amount Outstanding $ 40,000  
Interest Rate 4.459%  
Anticipated Repayment Date Apr. 11, 2022  
Final Maturity Date May 14, 2021  
2018-2R Tower Securities [Member]    
Debt Instrument [Line Items]    
Issue Date Mar. 09, 2018  
Amount Outstanding $ 33,700  
Interest Rate 4.949%  
Anticipated Repayment Date Mar. 09, 2023  
Final Maturity Date Dec. 15, 2022  
v3.24.0.1
Debt (Senior Notes - Schedule of Material Terms of Debt Outstanding) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Amount Outstanding $ 12,388,000,000 $ 12,952,000,000
2020 Senior Notes [Member]    
Debt Instrument [Line Items]    
Issue Date Feb. 04, 2020  
Amount Outstanding $ 1,500,000,000 1,500,000,000
Interest Rate Coupon 3.875%  
Maturity Date Feb. 15, 2027  
Interest Due Dates Feb. 15 & Aug. 15  
Financing fees $ 18,000,000.0  
2021 Senior Notes [Member]    
Debt Instrument [Line Items]    
Issue Date Jan. 29, 2021  
Amount Outstanding $ 1,500,000,000 $ 1,500,000,000
Interest Rate Coupon 3.125%  
Maturity Date Feb. 01, 2029  
Interest Due Dates Feb. 1 & Aug. 1  
Financing fees $ 14,800,000  
v3.24.0.1
Debt (Senior Notes - Schedule of Material Terms of Debt Repaid) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Amount Outstanding $ 12,388,000 $ 12,952,000
2016 Senior Notes [Member]    
Debt Instrument [Line Items]    
Issue Date Aug. 15, 2016  
Amount Outstanding $ 1,100,000  
Interest Rate Coupon 4.875%  
Financing fees at issuance $ 12,800  
Maturity Date Sep. 01, 2024  
Redemption Date Nov. 08, 2021  
2017 Senior Notes [Member]    
Debt Instrument [Line Items]    
Issue Date Oct. 13, 2017  
Amount Outstanding $ 750,000  
Interest Rate Coupon 4.00%  
Financing fees at issuance $ 8,900  
Maturity Date Oct. 01, 2022  
Redemption Date Feb. 11, 2021  
v3.24.0.1
Shareholders' Equity (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Feb. 28, 2024
Dec. 31, 2022
Oct. 28, 2021
Aug. 06, 2020
Dec. 31, 2007
Class of Stock [Line Items]            
Shares registered 400,000,000   400,000,000   3,400,000  
Federal net operating loss carry-forward $ 4.0          
Class A Common Stock [Member] | November 16, 2007 Registration Statement [Member]            
Class of Stock [Line Items]            
Shares reclassified as authorized and unissued 1,200,000          
Shares registered           4,000,000.0
Class A Common Stock [Member] | February 26,2021 Registration Statement [Member]            
Class of Stock [Line Items]            
Securities issued 0   0      
2020 Plan [Member]            
Class of Stock [Line Items]            
Shares registered         3,000,000.0  
2010 Plan [Member]            
Class of Stock [Line Items]            
Shares registered         400,000  
New Plan [Member] | Subsequent Event [Member]            
Class of Stock [Line Items]            
Stock repurchase program, remaining authorization   $ 404.7        
New Plan [Member] | Class A Common Stock [Member]            
Class of Stock [Line Items]            
Stock repurchase program, authorized       $ 1,000.0    
Real Estate Investment Trust [Member]            
Class of Stock [Line Items]            
Federal net operating loss carry-forward $ 382.3          
v3.24.0.1
Shareholders' Equity (Summary of Share Repurchases) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Shareholders' Equity [Abstract]      
Total number of shares purchased (in millions) 0.5 1.3 1.9
Average price per share $ 197.89 $ 332.00 $ 309.79
Total purchase price (in millions) $ 100.0 $ 431.6 $ 582.5
v3.24.0.1
Shareholders' Equity (Schedule of Dividends Paid and Dividends Declared) (Details) - USD ($)
$ / shares in Units, $ in Millions
 2 Months Ended 12 Months Ended
Feb. 28, 2024
Dec. 31, 2023
February 20,2023 [Member]    
Date Declared   Feb. 20, 2023
Payable to Shareholders of Record at the Close of Business on   Mar. 10, 2023
Cash Paid Per Share   $ 0.85
Aggregate Amount Paid   $ 93.9
Date Paid/Date to be Paid   Mar. 24, 2023
April 30, 2023 [Member]    
Date Declared   Apr. 30, 2023
Payable to Shareholders of Record at the Close of Business on   May 26, 2023
Cash Paid Per Share   $ 0.85
Aggregate Amount Paid   $ 92.1
Date Paid/Date to be Paid   Jun. 21, 2023
July 30, 2023 [Member]    
Date Declared   Jul. 30, 2023
Payable to Shareholders of Record at the Close of Business on   Aug. 24, 2023
Cash Paid Per Share   $ 0.85
Aggregate Amount Paid   $ 92.1
Date Paid/Date to be Paid   Sep. 20, 2023
November 1, 2023 [Member]    
Date Declared   Nov. 01, 2023
Payable to Shareholders of Record at the Close of Business on   Nov. 16, 2023
Cash Paid Per Share   $ 0.85
Aggregate Amount Paid   $ 91.8
Date Paid/Date to be Paid   Dec. 14, 2023
Subsequent Event [Member] | February 26, 2024 [Member]    
Date Declared Feb. 26, 2024  
Payable to Shareholders of Record at the Close of Business on Mar. 14, 2024  
Cash to be Paid Per Share $ 0.98  
Date Paid/Date to be Paid Mar. 28, 2024  
v3.24.0.1
Stock-Based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
May 23, 2018
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
May 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Weighted-average fair value of options granted   $ 58.95 $ 82.28    
Total intrinsic value for options exercised   $ 40,000 $ 45,200 $ 287,800  
Cash received from option exercises   38,600 31,600 80,300  
Tax benefit realized from stock option exercises   $ 4,900 18,400 11,400  
Share price   $ 253.69      
Total fair value of shares vested   $ 8,700 15,900 22,700  
Non-cash compensation expense   87,919 99,909 84,402  
Non-cash compensation capitalized to fixed and intangible assets   1,700 1,900 1,400  
Stock Options [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total unrecognized compensation cost related to unvested stock options   $ 1,600      
Weighted average period to recognize cost   4 years      
Performance Stock Units (PSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period   3 years      
2018 Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares remaining available for future issuance under the plan   157,697      
Non-cash compensation expense   $ 1,000 $ 1,200 $ 1,100  
2018 Plan [Member] | Class A Common Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares remaining available for future issuance under the plan 300,000        
Percentage of purchase plan price per share equal to the fair market value 85.00%        
Class A common stock issued under the purchase plan   27,280 24,754    
Cash proceeds from issuance of shares under the purchase plan   $ 5,600 $ 6,700    
2020 Plan [Member] | Class A Common Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum issuance of shares         3,000,000.0
Shares remaining available for future issuance under the plan   2,200,000      
Minimum [Member] | Performance Stock Units (PSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Performance metric, target amount, percentage   0.00%      
Maximum [Member] | Performance Stock Units (PSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Performance metric, target amount, percentage   200.00%      
v3.24.0.1
Stock-Based Compensation (Schedule of Assumptions Used to Estimate Fair Value of Stock Options) (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2021
Stock-Based Compensation [Abstract]    
Risk free interest rate 3.96% 2.53%
Dividend yield 1.50% 0.90%
Expected volatility 30.00% 27.20%
Expected lives 4 years 4 months 24 days 4 years 3 months 18 days
v3.24.0.1
Stock-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Stock-Based Compensation [Abstract]      
Number of Shares, Outstanding 1,673,000 1,899,000 3,202,000
Number of Shares, Granted 20,000 10,000 0
Number of Shares, Exercised (339,000) (233,000) (1,290,000)
Number of Shares, Forfeited/canceled (14,000) (3,000) (13,000)
Number of Shares, Outstanding 1,340,000 1,673,000 1,899,000
Number of Shares, Exercisable 1,312,000    
Number of Shares, Unvested 28,000    
Weighted-Average Exercise Price Per Share, Outstanding $ 161.02 $ 157.76 $ 143.01
Weighted-Average Exercise Price Per Share, Granted 224.24 328.99  
Weighted-Average Exercise Price Per Share, Exercised 132.70 141.41 120.90
Weighted-Average Exercise Price Per Share, Forfeited/canceled 238.10 179.16 179.67
Weighted-Average Exercise Price Per Share, Outstanding 168.32 $ 161.02 $ 157.76
Weighted-Average Exercise Price Per Share, Exercisable 166.49    
Weighted-Average Exercise Price Per Share, Unvested $ 254.17    
Weighted-Average Remaining Contractual Life (in years), Outstanding 1 year 9 months 18 days    
Weighted-Average Remaining Contractual Life (in years), Exercisable 1 year 7 months 6 days    
Weighted-Average Remaining Contractual Life (in years), Unvested 9 years 1 month 6 days    
Aggregate Intrinsic Value, Outstanding $ 115,071    
Aggregate Intrinsic Value, Exercisable 114,482    
Aggregate Intrinsic Value, Unvested $ 589    
v3.24.0.1
Stock-Based Compensation (Additional Information Regarding Options Outstanding And Exercisable) (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Options Outstanding, Number of Shares | shares 1,340
Options Exercisable, Number of Shares | shares 1,312
$100.01 - $140.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit $ 100.01
Exercise price range, upper limit $ 140.00
Options Outstanding, Number of Shares | shares 130
Options Outstanding, Weighted Average Remaining Contractual Life 2 months 12 days
Options Outstanding, Weighted Average Exercise Price $ 116.19
Options Exercisable, Number of Shares | shares 130
Options Exercisable, Weighted Average Exercise Price $ 116.19
140.01 - $180.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit 140.01
Exercise price range, upper limit $ 180.00
Options Outstanding, Number of Shares | shares 496
Options Outstanding, Weighted Average Remaining Contractual Life 1 year 2 months 12 days
Options Outstanding, Weighted Average Exercise Price $ 156.52
Options Exercisable, Number of Shares | shares 496
Options Exercisable, Weighted Average Exercise Price $ 156.52
$180.01 - $230.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit 180.01
Exercise price range, upper limit $ 230.00
Options Outstanding, Number of Shares | shares 702
Options Outstanding, Weighted Average Remaining Contractual Life 2 years 4 months 24 days
Options Outstanding, Weighted Average Exercise Price $ 183.88
Options Exercisable, Number of Shares | shares 682
Options Exercisable, Weighted Average Exercise Price $ 182.70
$230.01 - $330.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit 230.01
Exercise price range, upper limit $ 330.00
Options Outstanding, Number of Shares | shares 12
Options Outstanding, Weighted Average Remaining Contractual Life 7 years 6 months
Options Outstanding, Weighted Average Exercise Price $ 320.14
Options Exercisable, Number of Shares | shares 4
Options Exercisable, Weighted Average Exercise Price $ 300.25
v3.24.0.1
Stock-Based Compensation (Summary of Activity of Options Outstanding not yet Vested) (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Stock-Based Compensation [Abstract]  
Number of Shares, Unvested as of December 31, 2021 | shares 266
Number of Shares, Granted | shares 20
Number of Shares, Vested | shares (252)
Number of Shares, Forfeited | shares (6)
Number of Shares, Unvested as of December 31, 2022 | shares 28
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2021 | $ / shares $ 35.91
Weighted-Average Fair Value Per Share, Granted | $ / shares 58.95
Weighted-Average Fair Value Per Share, Vested | $ / shares 34.33
Weighted-Average Fair Value Per Share, Forfeited | $ / shares 40.45
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2022 | $ / shares $ 65.61
v3.24.0.1
Stock-Based Compensation (Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity) (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Restricted Stock Units (RSUs) [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of Shares, Outstanding | shares 222
Number of Shares, Granted | shares 181
Number of Shares, Vested | shares (119)
Number of Shares, Forfeited/canceled | shares (17)
Number of Shares, Outstanding | shares 267
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares $ 280.66
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares 253.11
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares 264.41
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares 274.69
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares $ 269.08
Performance Stock Units (PSUs) [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of Shares, Outstanding | shares 429
Number of Shares, Granted | shares 97
Number of Shares, Adjustment | shares 65
Number of Shares, Vested | shares (207)
Number of Shares, Forfeited/canceled | shares (16)
Number of Shares, Outstanding | shares 368
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares $ 332.18
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares 263.17
Weighted-Average Grant Date Fair Value per Share, Adjustment | $ / shares 302.96
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares 345.08
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares 299.23
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares $ 298.46
Performance period 3 years
v3.24.0.1
Stock-Based Compensation (Schedule of Non-Cash Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total cost of non-cash compensation included in income before provision for income taxes $ 87,919 $ 99,909 $ 84,402
Cost of Revenues [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total cost of non-cash compensation included in income before provision for income taxes 2,869 2,490 2,483
Selling, General And Administrative [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total cost of non-cash compensation included in income before provision for income taxes $ 85,050 $ 97,419 $ 81,919
v3.24.0.1
Income Taxes (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2019
Schedule Of Income Taxes [Line Items]      
Effective income tax rate   21.00%  
Valuation allowance $ 16,115,000 $ 73,546,000  
Net change in valuation allowance (57,400,000) 7,400,000  
Federal net operating loss carry-forward 4,000,000    
Net foreign operating loss carry-forward 89,400,000    
Net state operating tax loss carry-forward 2,000,000    
Deferred foreign withholding taxes 8,322,000 9,088,000  
Uncertain tax positions 14,202,000 $ 0.0  
Penalties and interest expense related to unrecognized tax benefits 4,500,000    
Secretariat of the Federal Revenue Bureau of Brazil [Member]      
Schedule Of Income Taxes [Line Items]      
Penalties and interest accrued 104,600,000   $ 0
Real Estate Investment Trust [Member]      
Schedule Of Income Taxes [Line Items]      
Federal net operating loss carry-forward 382,300,000    
Expire Between 2025 and 2037 [Member]      
Schedule Of Income Taxes [Line Items]      
Federal net operating loss carry-forward 4,000,000    
Indefinite Carry-forward [Member]      
Schedule Of Income Taxes [Line Items]      
Federal net operating loss carry-forward $ 34,200,000    
Minimum [Member]      
Schedule Of Income Taxes [Line Items]      
Operating loss carry-forward, expiration year 2026    
Foreign and state operating tax loss carry forwards expiration date 2024    
Unrecognized tax benefits that would impact effective tax rate $ 0    
Minimum [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member]      
Schedule Of Income Taxes [Line Items]      
Year under examination 2016    
Estimate of possible loss $ 0    
Maximum [Member]      
Schedule Of Income Taxes [Line Items]      
Operating loss carry-forward, expiration year 2037    
Unrecognized tax benefits that would impact effective tax rate $ 2,300,000    
Maximum [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member]      
Schedule Of Income Taxes [Line Items]      
Year under examination 2019    
Estimate of possible loss $ 97,800,000    
v3.24.0.1
Income Taxes (Income (Loss) before Provision for Income Taxes from Continuing Operations by Geographic Area) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Taxes [Abstract]      
Domestic $ 377,150 $ 438,116 $ 265,636
Foreign 171,353 87,727 (13,072)
Income before income taxes $ 548,503 $ 525,843 $ 252,564
v3.24.0.1
Income Taxes (Components of Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current provision:      
State $ 8,099 $ 6,115 $ 543
Foreign 38,360 27,028 22,907
Total current 46,459 33,143 23,450
Deferred provision (benefit) for taxes:      
Federal 8,280 (6,856) 20
State 1,431 (956) (2,730)
Foreign 52,003 32,780 (9,516)
Change in valuation allowance (57,085) 7,933 3,716
Total deferred 4,629 32,901 (8,510)
Total provision for income taxes $ 51,088 $ 66,044 $ 14,940
v3.24.0.1
Income Taxes (Income Tax Rate Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Taxes [Abstract]      
Statutory federal expense $ 115,186 $ 110,427 $ 53,039
Rate and permanent differences on non-U.S. earnings 31,722 20,996 9,586
State and local tax expense 9,288 5,585 (1,539)
REIT adjustment (75,513) (86,670) (56,457)
Uncertain tax positions 14,202 0  
Permanent differences 11,872 (3,257) 6,105
Uncertain tax positions 14,202    
Property, equipment, and intangible basis differences   8,471  
Other 1,416 2,559 490
Valuation allowance (57,085) 7,933 3,716
Total provision for income taxes $ 51,088 $ 66,044 $ 14,940
v3.24.0.1
Income Taxes (Components of Net Deferred Income Tax Asset and Liability) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Net operating losses $ 42,064 $ 46,521
Property, equipment and intangible basis differences 25,225 13,506
Accrued liabilities 14,945 12,504
Non-cash compensation 29,576 30,501
Operating lease liability 268,107 265,710
Deferred revenue 6,348 5,656
Allowance for doubtful accounts 2,735 1,430
Currency translation 14,467 78,287
Other 14,075 10,518
Valuation allowance (16,115) (73,546)
Total deferred tax assets, net 401,427 391,087
Deferred tax liabilities:    
Property, equipment and intangible basis differences (169,744) (152,207)
Right of use asset (254,573) (254,368)
Straight-line rents (19,029) (18,659)
Deferred foreign withholding taxes (8,322) (9,088)
Other (1,495) (1,531)
Total deferred tax liabilities, net (51,736) (44,766)
Other Assets [Member]    
Deferred tax assets:    
Total deferred tax assets, net 67,473 16,173
Other Long-Term Liabilities [Member]    
Deferred tax liabilities:    
Total deferred tax liabilities, net $ (119,209) $ (60,939)
v3.24.0.1
Income Taxes (Income (Reconciliation of Unrecognized Tax Benefits) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Income Taxes [Abstract]  
Unrecognized Tax Benefits, Beginning Balance $ 0
Additions based on tax positions related to the current year 5,023
Additions and reductions for tax positions of prior years 9,179
Unrecognized Tax Benefits, Ending Balance $ 14,202
v3.24.0.1
Segment Data (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
segment
item
Dec. 31, 2022
USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]    
Number of business segments | segment 2  
Number of reportable segments | segment 2  
Number of measures utilized of segment profit to assess performance and allocate resources | item 2  
Assets $ 10,178,441 $ 10,585,041
Domestic Site Leasing [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 5,400,000 5,900,000
Assets 5,876,648 6,308,204
International Site Leasing [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 3,400,000 3,500,000
Assets 3,871,164 3,808,699
Brazil [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Assets $ 2,100,000  
Brazil [Member] | International Site Leasing [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Assets   $ 2,000,000
Foreign Countries, Other than Brazil [Member] | Long-Lived Assets [Member] | Maximum [Member] | Geographic Concentration Risk [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk percentage 5.00% 5.00%
v3.24.0.1
Segment Data (Schedule of Segment Reporting Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]                      
Revenues $ 675,024 $ 682,544 $ 678,500 $ 675,516 $ 686,094 $ 675,584 $ 652,006 $ 619,770 $ 2,711,584 $ 2,633,454 $ 2,308,834
Cost of revenues                 612,622 668,650 545,484
Operating profit                 2,098,962 1,964,804 1,763,350
Selling, general, and administrative expenses                 267,936 261,853 220,029
Acquisition and new business initiatives related adjustments and expenses                 21,671 26,807 27,621
Asset impairment and decommission costs                 169,387 43,160 33,044
Depreciation, amortization and accretion 171,400 180,674 181,820 182,415 183,036 173,825 176,392 174,323 716,309 707,576 700,161
Operating income 209,687 $ 248,604 $ 241,227 $ 224,141 234,664 $ 242,987 $ 230,978 $ 216,779 923,659 925,408 782,495
Other expense, net (principally interest expense and other income)                 (375,156) (399,565) (529,931)
Income before income taxes                 548,503 525,843 252,564
Cash capital expenditures                 368,613 1,394,395 1,393,498
Assets 10,178,441       10,585,041       10,178,441 10,585,041  
Domestic Site Leasing [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 1,846,554 1,777,593 1,681,372
Cost of revenues                 268,572 264,149 258,612
Operating profit                 1,577,982 1,513,444 1,422,760
Selling, general, and administrative expenses                 121,782 102,619 115,458
Acquisition and new business initiatives related adjustments and expenses                 10,725 13,280 14,452
Asset impairment and decommission costs                 138,699 33,880 20,135
Depreciation, amortization and accretion                 457,169 489,072 514,234
Operating income                 849,607 874,593 758,481
Cash capital expenditures                 244,366 235,787 1,249,075
Assets 5,876,648       6,308,204       5,876,648 6,308,204  
International Site Leasing [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 670,381 558,982 422,715
Cost of revenues                 204,115 181,536 127,779
Operating profit                 466,266 377,446 294,936
Selling, general, and administrative expenses                 66,619 62,911 37,768
Acquisition and new business initiatives related adjustments and expenses                 10,946 13,527 13,169
Asset impairment and decommission costs                 28,089 9,280 12,763
Depreciation, amortization and accretion                 248,758 209,563 177,059
Operating income                 111,854 82,165 54,177
Cash capital expenditures                 118,972 1,148,941 135,591
Assets 3,871,164       3,808,699       3,871,164 3,808,699  
Site Development [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 194,649 296,879 204,747
Cost of revenues                 139,935 222,965 159,093
Operating profit                 54,714 73,914 45,654
Selling, general, and administrative expenses                 21,316 22,911 20,636
Asset impairment and decommission costs                 372    
Depreciation, amortization and accretion                 3,704 2,521 2,295
Operating income                 29,322 48,482 22,723
Cash capital expenditures                 2,573 4,057 2,563
Assets 66,001       158,137       66,001 158,137  
Other [Member]                      
Segment Reporting Information [Line Items]                      
Selling, general, and administrative expenses                 58,219 73,412 46,167
Asset impairment and decommission costs                 2,227   146
Depreciation, amortization and accretion                 6,678 6,420 6,573
Operating income                 (67,124) (79,832) (52,886)
Other expense, net (principally interest expense and other income)                 (375,156) (399,565) (529,931)
Cash capital expenditures                 2,702 5,610 6,269
Assets 364,628       310,001       364,628 310,001  
Brazil [Member]                      
Segment Reporting Information [Line Items]                      
Assets $ 2,100,000               2,100,000    
Brazil [Member] | International Site Leasing [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 $ 392,000 299,500 $ 233,500
Assets         $ 2,000,000         $ 2,000,000  
Maximum [Member] | Revenue [Member] | Geographic Concentration Risk [Member] | Foreign Countries, Other than Brazil [Member]                      
Segment Reporting Information [Line Items]                      
Concentration risk percentage                 5.00%    
v3.24.0.1
Earnings Per Share (Weighted-Average Shares of Common Stock Outstanding used in Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]                      
Net income attributable to SBA Communications Corporation $ 109,528 $ 87,419 $ 203,648 $ 101,217 $ 103,281 $ 100,009 $ 69,516 $ 188,623 $ 501,812 $ 461,429 $ 237,624
Basic weighted-average shares outstanding                 108,204 107,957 109,328
Dilutive impact of stock options, RSUs, and PSUs                 703 1,429 1,849
Diluted weighted-average shares outstanding                 108,907 109,386 111,177
Net income per common share attributable to SBA Communications Corporation:                      
Basic                 $ 4.64 $ 4.27 $ 2.17
Diluted                 $ 4.61 $ 4.22 $ 2.14
v3.24.0.1
Commitments and Contingencies (Narrative) (Details)
 12 Months Ended
Dec. 31, 2023
Minimum [Member]  
Schedule Of Commitments And Contingencies [Line Items]  
Business acquisitions performance target period 1 year
Maximum [Member]  
Schedule Of Commitments And Contingencies [Line Items]  
Business acquisitions performance target period 3 years
v3.24.0.1
Commitments and Contingencies (Annual Minimum Lease Payments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finance Leases    
2024 $ 2,259  
2025 1,900  
2026 1,010  
2027 285  
Total minimum lease payments 5,454  
Less: amount representing interest (606)  
Present value of future payments 4,848  
Less: current obligations $ (1,671) $ (2,283)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Lease, Liability, Current Lease, Liability, Current
Long-term obligations $ 3,177 $ 3,132
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Lease, Liability, Noncurrent Lease, Liability, Noncurrent
Operating Leases    
2024 $ 307,472  
2025 287,208  
2026 282,103  
2027 275,342  
2028 268,622  
Thereafter 1,959,068  
Total minimum lease payments 3,379,815  
Less: amount representing interest (1,245,513)  
Present value of future payments 2,134,302  
Less: current obligations $ (271,793) $ (260,082)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Lease, Liability, Current Lease, Liability, Current
Long-term obligations $ 1,862,509 $ 2,037,496
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Lease, Liability, Noncurrent Lease, Liability, Noncurrent
v3.24.0.1
Commitments and Contingencies (Annual Minimum Lease Income) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Commitments and Contingencies [Abstract]  
2024 $ 2,147,798
2025 1,937,636
2026 1,646,642
2027 1,357,646
2028 1,039,529
Thereafter 2,265,719
Total $ 10,394,970
v3.24.0.1
Concentration of Credit Risk (Narrative) (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Customers [Member]    
Concentration Risk [Line Items]    
Concentration risk percentage of revenue 65.60% 71.60%
v3.24.0.1
Concentration of Credit Risk (Summary of Significant Customers and Percentage of Total Revenue for Specified Time Periods Derived from Such Customers) (Details) - Revenue [Member]
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
T-Mobile [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 32.50% 36.40% 36.20%
AT&T Wireless [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 19.50% 19.60% 22.20%
Verizon Wireless [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 14.60% 14.50% 14.70%
Domestic Site Leasing [Member] | Segment Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 93.00%    
Domestic Site Leasing [Member] | T-Mobile [Member] | Segment Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 40.20% 40.60% 40.20%
Domestic Site Leasing [Member] | AT&T Wireless [Member] | Segment Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 28.60% 29.00% 30.50%
Domestic Site Leasing [Member] | Verizon Wireless [Member] | Segment Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 19.70% 20.10% 19.80%
International Site Leasing [Member] | Telefonica [Member] | Segment Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 22.50% 20.70% 16.30%
International Site Leasing [Member] | Claro [Member] | Segment Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 20.20% 19.00% 13.70%
International Site Leasing [Member] | TIM [Member] | Segment Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 15.70% 17.30% 7.20%
International Site Leasing [Member] | Oi S.A. [Member] | Segment Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 3.50% 3.90% 28.30%
Site Development Revenue [Member] | Segment Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 7.00%    
Site Development Revenue [Member] | T-Mobile [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 71.50% 80.10% 78.20%
Site Development Revenue [Member] | Verizon Wireless [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 16.80% 7.80% 3.30%
v3.24.0.1
Defined Contribution Plan (Narrative) (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Defined Contribution Plan [Abstract]      
Defined Benefit Plan, Vesting Term 3 months    
Defined Benefit Plan, Minimum Age Requirement | item 21    
Discretionary matching contribution company percentage 75.00%    
Discretionary matching contribution, employee's contribution, maximum $ 4,000    
Company matching contributions $ 3,400,000 $ 3,200,000 $ 2,900,000
v3.24.0.1
Redeemable Noncontrolling Interests (Components of Redeemable Noncontrolling Interest) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Redeemable Noncontrolling Interests [Abstract]    
Beginning balance $ 31,735 $ 17,250
Net loss attributable to noncontrolling interests (4,397) (1,630)
Foreign currency translation adjustments (899) (204)
Contribution from joint venture partner 1,200  
Adjustment to redemption amount 7,408 16,319
Ending balance $ 35,047 $ 31,735
v3.24.0.1
Derivatives and Hedging Activities (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 04, 2020
Dec. 31, 2023
Dec. 31, 2022
Jan. 25, 2024
Nov. 03, 2023
Jul. 03, 2023
Jun. 21, 2023
Interest Rate Swap [Member]              
Derivative [Line Items]              
Accumulated derivative losses   $ 51,500 $ 119,600        
Interest Rate Swap [Member] | Minimum [Member]              
Derivative [Line Items]              
Remaining maturity year   2023          
Interest Rate Swap [Member] | Maximum [Member]              
Derivative [Line Items]              
Remaining maturity year   2025          
2018 Term Loan [Member] | Interest Rate Swap [Member]              
Derivative [Line Items]              
Notional amount $ 1,950,000           $ 1,950,000
Derivative basis spread on variable interest rate 1.75%            
Credit spread adjustment           0.10% 0.10%
Derivative fixed interest rate 1.874%           1.90%
2024 Term Loan [Member] | Interest Rate Swap [Member]              
Derivative [Line Items]              
Notional amount         $ 1,000,000    
2024 Term Loan [Member] | Interest Rate Swap [Member] | Subsequent Event [Member]              
Derivative [Line Items]              
Notional amount       $ 1,950,000      
Derivative fixed interest rate       2.05%      
Cash Flow Hedges [Member] | Interest Rate Swap [Member]              
Derivative [Line Items]              
Derivative fixed interest rate         5.83%    
Cash Flow Hedges [Member] | 2018 Term Loan [Member]              
Derivative [Line Items]              
Notional amount $ 1,950,000            
Payment to terminate 176,200            
Cash Flow Hedges [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member]              
Derivative [Line Items]              
Notional amount $ 1,950,000            
Derivative basis spread on variable interest rate 1.75%            
Derivative fixed interest rate 1.874%            
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member]              
Derivative [Line Items]              
Derivative basis spread on variable interest rate             1.85%
Credit spread adjustment             0.10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2024 Term Loan [Member] | Interest Rate Swap [Member] | Subsequent Event [Member]              
Derivative [Line Items]              
Derivative basis spread on variable interest rate       2.00%      
v3.24.0.1
Derivatives and Hedging Activities (Schedule of Effects of Interest Rate Swaps on the Consolidated Balance Sheets) (Details) - Interest Rate Swap [Member] - Qualifying Hedges [Member] - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Other Assets [Member]    
Derivatives, Fair Value [Line Items]    
Interest rate swap agreements in a fair value asset position $ 104,674 $ 182,860
Other Long-Term Liabilities [Member]    
Derivatives, Fair Value [Line Items]    
Interest rate swap agreements in a fair value liability position $ 19,573  
v3.24.0.1
Derivatives and Hedging Activities (Schedule of Effect of Derivatives on the Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest Rate Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Change in fair value of cash flow hedge $ (97,760) $ 122,536 $ 48,200
Derivatives Not Designated as Hedges - Interest Rate Swap Agreements [Member] | Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount recognized/reclassified in Non-cash interest expense $ 29,627 $ 44,887 $ 44,887
v3.24.0.1
Quarterly Financial Data (Schedule of Quarterly Financial Information) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Quarterly Financial Data [Abstract]                      
Revenues $ 675,024 $ 682,544 $ 678,500 $ 675,516 $ 686,094 $ 675,584 $ 652,006 $ 619,770 $ 2,711,584 $ 2,633,454 $ 2,308,834
Operating income 209,687 248,604 241,227 224,141 234,664 242,987 230,978 216,779 923,659 925,408 782,495
Depreciation, accretion, and amortization (171,400) (180,674) (181,820) (182,415) (183,036) (173,825) (176,392) (174,323) (716,309) (707,576) (700,161)
Net income attributable to SBA Communications Corporation $ 109,528 $ 87,419 $ 203,648 $ 101,217 $ 103,281 $ 100,009 $ 69,516 $ 188,623 $ 501,812 $ 461,429 $ 237,624
Basic $ 1.01 $ 0.81 $ 1.88 $ 0.94 $ 0.96 $ 0.93 $ 0.64 $ 1.75 $ 4.64 $ 4.27 $ 2.17
Net income (loss) per common share - basic 1.01 0.81 1.88 0.94 0.96 0.93 0.64 1.75 4.64 4.27 2.17
Net income (loss) per common share - diluted $ 1.01 $ 0.80 $ 1.87 $ 0.93 $ 0.94 $ 0.91 $ 0.64 $ 1.72 $ 4.61 $ 4.22 $ 2.14
v3.24.0.1
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Schedule of Real Estate and Accumulated Depreciation) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
site
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Description | site 39,618      
Encumbrances $ 9,388,000      
Gross Amount Carried at Close of Current Period 8,231,510 $ 7,993,750 $ 7,068,208 $ 5,963,048
Accumulated Depreciation at Close of Current Period $ (4,232,369) $ (3,925,893) $ (3,644,238) $ (3,383,370)
Date of Construction Various      
Date Acquired Various      
Secured debt $ 9,400,000      
Maximum [Member]        
Life on Which Depreciation in Latest Income Statement is Computed 70 years      
Product Concentration Risk [Member] | Minimum [Member] | Real Estate, Gross [Member] | Sites [Member]        
Concentration risk percentage 5.00%      
v3.24.0.1
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Reconciliation of Carrying Amount of Real Estate Investments) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract]      
Gross amount at beginning $ 7,993,750 $ 7,068,208 $ 5,963,048
Acquisitions 22,081 727,863 995,063
Construction and related costs on new builds 59,873 69,384 45,802
Augmentation and tower upgrades 82,917 60,247 32,953
Land buyouts and other assets 32,247 26,588 24,944
Tower maintenance 49,471 42,048 34,611
Other 35,880 23,824 20,052
Total additions 282,469 949,954 1,153,425
Cost of real estate sold or disposed (8,024) (610) (192)
Impairment (119,307) (23,638) (15,552)
Other 82,622 (164) (32,521)
Total deductions (44,709) (24,412) (48,265)
Balance at end $ 8,231,510 $ 7,993,750 $ 7,068,208
v3.24.0.1
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Reconciliation of Real Estate Accumulated Depreciation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract]      
Gross amount of accumulated depreciation at beginning $ (3,925,893) $ (3,644,238) $ (3,383,370)
Depreciation (300,458) (285,918) (273,655)
Other (14,339) (3,382) (91)
Total additions (314,797) (289,300) (273,746)
Amount of accumulated depreciation for assets sold or disposed 8,070 7,505 3,638
Other 251 140 9,240
Total deductions 8,321 7,645 12,878
Balance at end $ (4,232,369) $ (3,925,893) $ (3,644,238)
v3.24.0.1
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2023
Insider Trading Arrangements [Line Items]  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false