SBA Communications (SBAC) 10-Q 6 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		107,443,014
Amendment Flag	false
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001034054

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 240,309	$ 208,547
Restricted cash	19,892	38,129
Accounts receivable, net	126,525	182,746
Costs and estimated earnings in excess of billings on uncompleted contracts	16,535	16,252
Prepaid expenses and other current assets	44,335	38,593
Total current assets	447,596	484,267
Property and equipment, net	2,709,681	2,711,719
Intangible assets, net	2,403,849	2,455,597
Operating lease right-of-use assets, net	2,185,851	2,240,781
Acquired and other right-of-use assets, net	1,441,750	1,473,601
Other assets	806,539	812,476
Total assets	9,995,266	10,178,441
Current Liabilities:
Accounts payable	45,761	42,202
Accrued expenses	77,035	92,622
Current maturities of long-term debt	1,805,395	643,145
Deferred revenue	161,127	235,668
Accrued interest	32,605	57,496
Current lease liabilities	270,318	273,464
Other current liabilities	21,048	18,662
Total current liabilities	2,413,289	1,363,259
Long-term liabilities:
Long-term debt, net	10,550,553	11,681,170
Long-term lease liabilities	1,806,278	1,865,686
Other long-term liabilities	411,389	404,161
Total long-term liabilities	12,768,220	13,951,017
Redeemable noncontrolling interests	36,577	35,047
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, 107,880 shares and 108,050 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	1,079	1,080
Additional paid-in capital	2,915,215	2,894,060
Accumulated deficit	(7,509,379)	(7,450,824)
Accumulated other comprehensive loss, net	(629,735)	(615,198)
Total shareholders' deficit	(5,222,820)	(5,170,882)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit	$ 9,995,266	$ 10,178,441

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	107,880,000	108,050,000
Common stock - Class A, shares outstanding	107,880,000	108,050,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenues:
Site leasing		$ 628,276	$ 617,268
Site development		29,586	58,248
Total revenues		657,862	675,516
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):
Cost of site leasing		114,813	120,119
Cost of site development		23,178	44,185
Selling, general, and administrative expenses	[1]	68,698	72,209
Acquisition and new business initiatives related adjustments and expenses		7,417	6,057
Asset impairment and decommission costs		43,648	26,390
Depreciation, accretion, and amortization		76,750	182,415
Total operating expenses		334,504	451,375
Operating income		323,358	224,141
Other income (expense):
Interest income		7,314	2,816
Interest expense		(96,390)	(101,226)
Non-cash interest expense		(8,443)	(14,239)
Amortization of deferred financing fees		(5,289)	(4,988)
Loss from extinguishment of debt, net		(4,428)
Other (expense) income, net		(44,652)	37,558
Total other expense, net		(151,888)	(80,079)
Income before income taxes		171,470	144,062
Provision for income taxes		(16,927)	(43,508)
Net income		154,543	100,554
Net loss attributable to noncontrolling interests			663
Net income attributable to SBA Communications Corporation		$ 154,543	$ 101,217
Net income per common share attributable to SBA Communications Corporation:
Basic		$ 1.43	$ 0.94
Diluted		$ 1.42	$ 0.93
Weighted-average number of common shares
Basic		108,102	108,132
Diluted		108,616	109,271
[1] Includes non-cash compensation of $ 20,773 and $ 25,529 for the three months ended March 31, 2024 and 2023, respectively.

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Non-cash compensation expense	$ 21,469	$ 26,206
Selling, General And Administrative [Member]
Non-cash compensation expense	$ 20,773	$ 25,529

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 154,543	$ 100,554
Adjustments related to interest rate swaps	10,868	(22,389)
Foreign currency translation adjustments	(25,405)	16,529
Comprehensive income	140,006	94,694
Comprehensive loss attributable to noncontrolling interests		663
Comprehensive income attributable to SBA Communications Corporation	$ 140,006	$ 95,357

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Deficit - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member] Class A Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss, Net [Member]	Total
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
Net income attributable to SBA Communications Corporation			101,217		101,217
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 3	(14,719)			(14,716)
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	329
Non-cash stock compensation		26,701			26,701
Adjustments related to interest rate swaps				(22,389)	(22,389)
Foreign currency translation adjustments attributable to SBA Communications Corporation				16,529	16,529
Dividends and dividend equivalents on common stock			(93,069)		(93,069)
Adjustment to redemption amount related to noncontrolling interests		(7,112)			(7,112)
BALANCE at Mar. 31, 2023	$ 1,083	2,800,046	(7,473,913)	(596,370)	(5,269,154)
BALANCE, Shares at Mar. 31, 2023	108,326
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
Net income attributable to SBA Communications Corporation			154,543		$ 154,543
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 3	(762)			(759)
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	325
Non-cash stock compensation		21,917			21,917
Adjustments related to interest rate swaps				10,868	10,868
Repurchase and retirement of common stock	$ (4)		(106,153)		(106,157)
Repurchase and retirement of common stock, Shares	(495)
Foreign currency translation adjustments attributable to SBA Communications Corporation				(25,405)	(25,405)
Dividends and dividend equivalents on common stock			(106,945)		(106,945)
BALANCE at Mar. 31, 2024	$ 1,079	$ 2,915,215	$ (7,509,379)	$ (629,735)	$ (5,222,820)
BALANCE, Shares at Mar. 31, 2024	107,880				107,880

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 154,543	$ 100,554
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, accretion, and amortization	76,750	182,415
Loss (gain) on remeasurement of U.S. denominated intercompany loans	42,980	(41,932)
Non-cash compensation expense	21,469	26,206
Non-cash asset impairment and decommission costs	38,944	26,417
Loss from extinguishment of debt, net	4,428
Deferred and non-cash income tax provision	8,283	36,320
Other non-cash items reflected in the Statements of Operations	16,661	23,883
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	51,093	9,103
Prepaid expenses and other assets	(722)	(4,235)
Operating lease right-of-use assets, net	34,694	37,452
Accounts payable and accrued expenses	(20,395)	(8,904)
Accrued interest	(24,783)	(25,958)
Long-term lease liabilities	(37,055)	(34,475)
Other liabilities	(72,437)	(15,678)
Net cash provided by operating activities	294,453	311,168
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(19,405)	(19,929)
Capital expenditures	(57,871)	(49,135)
Purchase of investments	(311,839)	(213,371)
Proceeds from sale of investments	311,000	213,003
Other investing activities	(7,195)	(77,329)
Net cash used in investing activities	(85,310)	(146,761)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility	125,000	140,000
Repayments under Revolving Credit Facility	(110,000)	(185,000)
Proceeds from issuance of Term Loans, net of fees	2,274,825
Repayment of Term Loans	(2,268,000)	(6,000)
Repurchase and retirement of common stock	(106,157)
Payment of dividends on common stock	(108,135)	(93,933)
Proceeds from employee stock purchase/stock option plans	17,091	11,942
Payments related to taxes on stock options and restricted stock units	(17,800)	(26,658)
Other financing activities	1,764	(1,079)
Net cash used in financing activities	(191,412)	(160,728)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(4,345)	220
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	13,386	3,899
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period	250,946	189,283
End of period	264,332	193,182
Cash paid during the period for:
Interest	121,143	127,094
Income taxes	7,417	7,000
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:
Right-of-use assets obtained in exchange for new operating lease liabilities	4,861	7,733
Operating lease modifications and reassessments	$ 13,520	12,859
Right-of-use assets obtained in exchange for new finance lease liabilities		$ 256

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Basis of Presentation [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals and deferrals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year. 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. During the first quarter of 2024, the Company completed its assessment on the remaining estimated useful lives of its towers and intangible assets. The Company concluded through its assessment that it should modify its current estimates for asset lives based on its historical operating experience and the findings obtained by its independent consultant. The Company previously depreciated 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 had historically estimated to be 15 years. Based on its assessment, the Company revised the estimated useful lives of its towers and certain related intangible assets (which are amortized on a similar basis to its tower assets, as their useful lives correlate to the useful life of the towers) from 15 years to 30 years, effective January 1, 2024. The Company accounted for the change in estimated useful lives as a change in estimate under ASC 250 “Accounting Changes and Error Corrections.” The impact of the change in estimate was accounted for prospectively effective January 1, 2024, resulting in a reduction in depreciation and amortization expense of approximately $ 102.7 million ($ 93.0 million after tax, or an increase of $ 0.86 per diluted share) for the three months ended March 31, 2024. The change in useful lives is expected to reduce depreciation expense by approximately $ 411.5 million ($ 372.5 million after tax, or an increase of $ 3.43 per diluted share) for the year ended December 31, 2024. 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 period. 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 (expense) income, 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 (expense) income, net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $ 28.5 million loss and a $ 27.4 million gain, net of taxes, on the remeasurement of intercompany loans for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024, the Company funded $ 8.3 million and repaid $ 50.7 million under its intercompany loan agreements. As of March 31, 2024 and December 31, 2023, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $ 1.2 billion and $ 1.3 billion, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements [Abstract]
Fair Value Measurements	2. 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 16 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 rate ranging from 7.8 % - 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 : For the three months ended March 31, 2024 2023 (in thousands) Asset impairment (1) $ 34,552 $ 22,332 Write-off of carrying value of decommissioned towers 4,102 1,954 Other (including tower and equipment decommission costs) 4,994 2,104 Total asset impairment and decommission costs $ 43,648 $ 26,390 (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 . As a result of increased churn, the Company experienced increased asset impairment charges for the three months ended March 31, 2024. The Company’s long-term investments were $ 22.0 million and $ 24.5 million as of March 31, 2024 and December 31, 2023, 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. The Company did no t recognize any impairment loss associated with its investments during the three months ended March 31, 2024 and 2023. 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 March 31, 2024 and December 31, 2023, the Company had $ 1.6 million and $ 1.0 million of short-term investments, respectively. For the three months ended March 31, 2024, the Company purchased and sold $ 0.3 billion of short-term investments. For the three months ended March 31, 2023, the Company purchased and sold $ 0.2 billion of short-term investments. 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 spread to the Eurodollar Rate and Term SOFR Rate was set for the Revolving Credit Facility ( 112.5 to 150.0 basis points). Refer to Note 10 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 17.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	3 Months Ended
	Mar. 31, 2024
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Cash, Cash Equivalents, and Restricted Cash	3. 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 March 31, 2024 December 31, 2023 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 240,309 $ 208,547 Cash and cash equivalents Securitization escrow accounts 13,587 31,852 Restricted cash - current asset Payment, performance bonds, and other 6,305 6,277 Restricted cash - current asset Surety bonds and workers compensation 4,131 4,270 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 264,332 $ 250,946 Pursuant to the terms of the Tower Securities (see Note 10), 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 10) 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 held in escrow as of March 31, 2024 and December 31, 2023 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 March 31, 2024 and December 31, 2023, the Company had $ 41.9 million and $ 42.0 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 March 31, 2024 and December 31, 2023, the Company had pledged $ 2.4 million as collateral related to its workers’ compensation policy.

Costs and Estimated Earnings on

Costs and Estimated Earnings on Uncompleted Contracts	3 Months Ended
	Mar. 31, 2024
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Costs and Estimated Earnings on Uncompleted Contracts	4. 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 March 31, 2024 December 31, 2023 (in thousands) Costs incurred on uncompleted contracts $ 66,022 $ 98,674 Estimated earnings 30,418 64,589 Billings to date ( 83,167 ) ( 152,608 ) $ 13,273 $ 10,655 These amounts are included in the Consolidated Balance Sheets under the following captions: As of As of March 31, 2024 December 31, 2023 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 16,535 $ 16,252 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) ( 3,262 ) ( 5,597 ) $ 13,273 $ 10,655 At March 31, 2024 and December 31, 2023, the two largest customers comprised 83.9 % and 84.6 %, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets and Other Assets	3 Months Ended
	Mar. 31, 2024
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]
Prepaid Expenses and Other Current Assets and Other Assets	5. 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 March 31, 2024 December 31, 2023 (in thousands) Short-term investments $ 1,585 $ 1,046 Prepaid real estate taxes 3,666 3,522 Interest receivable 4,223 2,102 Prepaid taxes 8,747 9,064 Prepaid ground rent 2,832 3,712 Other current assets 23,282 19,147 Total prepaid expenses and other current assets $ 44,335 $ 38,593 The Company’s other assets are comprised of the following: As of As of March 31, 2024 December 31, 2023 (in thousands) Straight-line rent receivable $ 417,597 $ 415,100 Interest rate swap asset (1) 93,514 104,674 Loans receivable (2) 155,580 148,104 Deferred lease costs, net 8,706 8,713 Deferred tax asset - long term 64,593 67,473 Long-term investments 22,020 24,540 Other 44,529 43,872 Total other assets $ 806,539 $ 812,476 (1) Refer to Note 17 for more information on the Company’s interest rate swaps. (2) On March 17, 2023 (and as amended on August 25, 2023 and March 31, 2024), 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 $ 115.0 million in aggregate principal amount, consisting of a $ 73.0 million initial term loan and $ 42.0 million of delayed draw term loans. The final maturity date of the loans is January 31, 2025. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of March 31, 2024, the outstanding principal balance of the loan was $ 106.4 million and was accruing interest at 10.076 %.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Acquisitions [Abstract]
Acquisitions	6. ACQUISITIONS The following table summarizes the Company’s acquisition activity: For the three months ended March 31, 2024 2023 (in thousands) Acquisitions of towers and related assets $ 10,295 $ 12,780 Land buyouts and other assets (1) 9,110 7,149 Total cash acquisition capital expenditures $ 19,405 $ 19,929 (1) Excludes $ 4.6 million and $ 5.1 million spent to extend ground lease terms for the three months ended March 31, 2024 and 2023, respectively. The Company recorded these amounts in prepaid ground rent within prepaid expenses and other current assets on its Consolidated Balance Sheets. During the three months ended March 31, 2024, the Company acquired 11 towers and related assets and liabilities consisting of $ 1.6 million of property and equipment, net, $ 9.6 million of intangible assets, net, $ 1.6 million of operating lease right-of-use assets, net, $ 2.3 million of acquisition related holdbacks, and $ 0.2 million of long-term lease liabilities. During the three months ended March 31, 2024 , 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 . Additionally, subsequent to March 31, 2024, the Company purchased or is under contract to purchase 271 communication sites for an aggregate consideration of $ 84.5 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 was $ 16.4 million and $ 17.9 million as of March 31, 2024 and December 31, 2023, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2024
Property and Equipment, Net [Abstract]
Property and Equipment, Net	7. PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: As of As of March 31, 2024 December 31, 2023 (in thousands) Towers and related assets (1) $ 5,833,745 $ 5,850,608 Construction-in-process (2) 124,306 105,627 Furniture, equipment, and vehicles 78,260 76,031 Land, buildings, and improvements 933,483 927,235 Total property and equipment 6,969,794 6,959,501 Less: accumulated depreciation ( 4,260,113 ) ( 4,247,782 ) Property and equipment, net $ 2,709,681 $ 2,711,719 (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 $ 37.5 million and $ 69.4 million for the three months ended March 31, 2024 and 2023, respectively. As a result of the Company’s revision of the estimated useful lives of its towers, the Company experienced decreased depreciation expense for the three months ended March 31, 2024. At March 31, 2024 and December 31, 2023, unpaid capital expenditures that are included in accounts payable and accrued expenses were $ 6.5 million.

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Mar. 31, 2024
Intangible Assets, Net [Abstract]
Intangible Assets, Net	8. INTANGIBLE ASSETS, NET The following table provides the gross and net carrying amounts for each major class of intangible assets: As of March 31, 2024 As of December 31, 2023 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands) Current contract intangibles $ 5,211,395 $ ( 3,393,680 ) $ 1,817,715 $ 5,253,563 $ ( 3,394,009 ) $ 1,859,554 Network location intangibles 1,919,174 ( 1,333,040 ) 586,134 1,926,226 ( 1,330,183 ) 596,043 Intangible assets, net $ 7,130,569 $ ( 4,726,720 ) $ 2,403,849 $ 7,179,789 $ ( 4,724,192 ) $ 2,455,597 All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $ 27.1 million and $ 101.8 million for the three months ended March 31, 2024 and 2023, respectively. As a result of the Company’s revision of the estimated useful lives of certain intangible assets, the Company experienced decreased amortization expense for the three months ended March 31, 2024.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2024
Accrued Expenses [Abstract]
Accrued Expenses	9. ACCRUED EXPENSES The Company’s accrued expenses are comprised of the following: As of As of March 31, 2024 December 31, 2023 (in thousands) Salaries and benefits $ 14,671 $ 25,630 Real estate and property taxes 7,961 7,149 Unpaid capital expenditures 6,524 6,477 Acquisition related holdbacks 14,295 16,100 Other 33,584 37,266 Total accrued expenses $ 77,035 $ 92,622

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt [Abstract]
Debt	10. DEBT The principal values, fair values, and carrying values of debt consist of the following (in thousands): As of As of March 31, 2024 December 31, 2023 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value Revolving Credit Facility (1) Jan. 25, 2029 $ 195,000 $ 195,000 $ 195,000 $ 180,000 $ 180,000 $ 180,000 2018 Term Loan (2) Apr. 11, 2025 — — — 2,268,000 2,273,670 2,263,343 2024 Term Loan (2) Jan. 25, 2031 2,300,000 2,305,750 2,275,581 — — — 2014-2C Tower Securities (3) Oct. 8, 2024 620,000 612,560 619,413 620,000 606,540 619,145 2019-1C Tower Securities (3) Jan. 12, 2025 1,165,000 1,115,779 1,162,982 1,165,000 1,115,313 1,162,348 2020-1C Tower Securities (3) Jan. 9, 2026 750,000 680,753 747,306 750,000 682,350 746,937 2020-2C Tower Securities (3) Jan. 11, 2028 600,000 520,776 596,631 600,000 520,530 596,419 2021-1C Tower Securities (3) Nov. 9, 2026 1,165,000 1,016,987 1,158,649 1,165,000 1,015,437 1,158,059 2021-2C Tower Securities (3) Apr. 9, 2027 895,000 770,318 889,585 895,000 772,125 889,152 2021-3C Tower Securities (3) Oct. 9, 2031 895,000 684,979 887,587 895,000 686,581 887,365 2022-1C Tower Securities (3) Jan. 11, 2028 850,000 870,655 841,893 850,000 850,221 841,429 2020 Senior Notes Feb. 15, 2027 1,500,000 1,425,690 1,490,721 1,500,000 1,438,815 1,489,965 2021 Senior Notes Feb. 1, 2029 1,500,000 1,327,500 1,490,600 1,500,000 1,338,750 1,490,153 Total debt $ 12,435,000 $ 11,526,747 $ 12,355,948 $ 12,388,000 $ 11,480,332 $ 12,324,315 Less: current maturities of long-term debt ( 1,805,395 ) ( 643,145 ) Total long-term debt, net of current maturities $ 10,550,553 $ 11,681,170 (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 (“2024 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 table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented: Interest For the three months ended March 31, Rates as of 2024 2023 March 31, Cash Non-cash Cash Non-cash 2024 Interest Interest Interest Interest (in thousands) Revolving Credit Facility 6.395 % $ 2,469 $ — $ 9,286 $ — 2018 Term Loan — 3,253 4,947 14,363 9,223 2024 Term Loan (1) 2.855 % 12,979 1,867 — — 2014-2C Tower Securities 3.869 % 6,046 — 6,046 — 2019-1C Tower Securities 2.836 % 8,357 — 8,357 — 2020-1C Tower Securities 1.884 % 3,598 — 3,598 — 2020-2C Tower Securities 2.328 % 3,540 — 3,540 — 2021-1C Tower Securities 1.631 % 4,846 — 4,846 — 2021-2C Tower Securities 1.840 % 4,196 — 4,196 — 2021-3C Tower Securities 2.593 % 5,873 — 5,873 — 2022-1C Tower Securities 6.599 % 14,093 — 14,093 — 2020 Senior Notes 3.875 % 14,531 95 14,531 88 2021 Senior Notes 3.125 % 11,719 — 11,719 — Other 890 1,534 778 4,928 Total $ 96,390 $ 8,443 $ 101,226 $ 14,239 (1) The 2024 Term Loan has a blended rate of 2.855 %, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swap, the 2024 Term Loan was accruing interest at 7.340 % as of March 31, 2024. Refer to Note 17 for more information on the Company’s interest rate swap . Terms of the Senior Credit Agreement On January 25, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC (“SBA Senior Finance II”), amended and restated its Senior Credit Agreement to (1) issue a new $ 2.3 billion Term Loan and retire the 2018 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, further increased the total commitments under the Revolving Credit Facility from $ 1.75 billion to $ 2.0 billion. As of March 31, 2024, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement. Revolving Credit Facility under the Senior Credit Agreement The Revolving Credit Facility consists of a revolving loan under which up to $ 2.0 billion 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 January 25, 2029. 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 Rate 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 March 31, 2024 (1) March 31, 2024 (2) Revolving Credit Facility 6.395 % 0.140 % (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, 2023. (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, 2023. The table below summarizes the Company’s Revolving Credit Facility activity during the three months ended March 31, 2024 and 2023 (in thousands): For the three months ended March 31, 2024 2023 Beginning outstanding balance $ 180,000 $ 720,000 Borrowings 125,000 140,000 Repayments ( 110,000 ) ( 185,000 ) Ending outstanding balance $ 195,000 $ 675,000 Subsequent to March 31, 2024, the Company repaid $ 50.0 million and borrowed $ 50.0 million under the Revolving Credit Facility, and as of the date of this filing, $ 195.0 million was outstanding. Term Loan under the Senior Credit Agreement 2024 Term Loan On January 25, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II, issued a 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. In connection with the repayment, the Company expensed $ 3.3 million of net deferred financing fees and $ 1.2 million of discount related to the debt. 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 $ 19.4 million in relation to this transaction, which are being amortized through the maturity date. Secured Tower Revenue Securities As of March 31, 2024, the entities that are borrowers on the mortgage loan (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. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers .

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2024
Shareholders' Equity [Abstract]
Shareholders' Equity	11. 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 15). Registration of Additional Shares On February 29, 2024, 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 under its automatic shelf registration statement on Form S-3ASR. During the three months ended March 31, 2024, the Company did no t issue any securities under this automatic shelf registration statement. 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 $ 1.0 billion stock repurchase plan. As of the date of this filing, the Company had $ 204.7 million of authorization remaining under this plan. The following is a summary of the Company’s share repurchases: For the three months ended March 31, 2024 2023 Total number of shares purchased (in millions) (1) 0.5 — Average price per share (1) $ 214.33 $ — Total purchase price (in millions) (1) $ 106.1 $ — Subsequent to March 31, 2024, the Company made the following share repurchases: Total number of shares purchased (in millions) (1) 0.4 Average price per share (1) $ 213.30 Total purchase price (in millions) (1) $ 93.9 (1) Amounts reflected are based on the trade date and may differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date. Dividends For the three months ended March 31, 2024, 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 26, 2024 March 14, 2024 $ 0.98 $ 108.1 million March 28, 2024 Dividends paid in 2024 were ordinary taxable dividends. Subsequent to March 31, 2024, 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 April 29, 2024 May 23, 2024 $ 0.98 June 19, 2024

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Stock-Based Compensation [Abstract]
Stock-Based Compensation	12. STOCK-BASED COMPENSATION Stock Options The following table summarizes the Company’s activities with respect to its stock option plans for the three months ended March 31, 2024 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, 2023 1,340 $ 168.32 Exercised ( 153 ) $ 125.67 Outstanding at March 31, 2024 1,187 $ 173.82 1.7 $ 52,211 Exercisable at March 31, 2024 1,161 $ 172.14 1.5 $ 52,211 Unvested at March 31, 2024 26 $ 248.41 8.9 $ — The total intrinsic value for options exercised during the three months ended March 31, 2024 was $ 14.2 million. Restricted Stock Units and Performance-Based Restricted Stock Units The following table summarizes the Company’s RSU and PSU activity for the three months ended March 31, 2024: 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, 2023 267 $ 269.08 368 $ 298.46 Granted 257 $ 217.02 59 $ 291.51 PSU adjustment (2) — $ — 11 $ 236.63 Vested ( 110 ) $ 271.27 ( 155 ) $ 236.32 Forfeited/canceled ( 5 ) $ 254.56 ( 2 ) $ 376.76 Outstanding at March 31, 2024 409 $ 235.91 281 $ 314.08 (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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Taxes [Abstract]
Income Taxes	13. INCOME TAXES The primary reason for the difference between the Company’s effective tax rate and the U.S. statutory rate is the Company’s REIT election. A tax provision is recognized because U.S. taxable REIT subsidiary and certain foreign subsidiaries of the Company have profitable operations or are in a net deferred tax liability position. The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2016. As a REIT, the Company generally will be entitled to a deduction for dividends that it pays, and therefore, not subject to U.S. federal corporate income tax on that portion of its net income that it distributes to its shareholders. As a REIT, the Company will continue to pay U.S. federal income tax on earnings, if any, from assets and operations held through its TRS. These assets and operations currently consist primarily of the Company’s site development services and its international operations. The Company’s international operations would continue to be subject, as applicable, to foreign taxes in the jurisdictions in which those operations are located. The Company may also be subject to a variety of taxes, including payroll taxes and state, local, and foreign income, property, and other taxes on its assets and operations. The Company’s determination as to the timing and amount of future dividend distributions will be based on a number of factors, including REIT distribution requirements, its existing federal net operating losses (“NOLs”) of approximately $ 382.3 million as of December 31, 2023, the Company’s financial condition, earnings, debt covenants, and other possible uses of such funds. 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 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. In connection with a current assessment in Brazil, the taxing authorities have issued income tax deficiencies related to purchase accounting adjustments for tax years 2016 through 2019. The Company disagrees with the assessment and has filed an appeal with the higher appellate taxing authorities. 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 expects 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 March 31, 2024, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued to be between zero and $ 94.6 million. This range excludes penalties and interest, which as of such date would have been $ 103.7 million.

Segment Data

Segment Data	3 Months Ended
	Mar. 31, 2024
Segment Data [Abstract]
Segment Data	14. 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 three months ended March 31, 2024 (in thousands) Revenues (1) $ 461,499 $ 166,777 $ 29,586 $ — $ 657,862 Cost of revenues (2) 65,970 48,843 23,178 — 137,991 Operating profit 395,529 117,934 6,408 — 519,871 Selling, general, and administrative expenses 34,348 15,708 4,426 14,216 68,698 Acquisition and new business initiatives related adjustments and expenses 5,298 2,119 — — 7,417 Asset impairment and decommission costs 29,913 13,735 — — 43,648 Depreciation, amortization and accretion 40,345 33,829 834 1,742 76,750 Operating income (loss) 285,625 52,543 1,148 ( 15,958 ) 323,358 Other expense, net (principally interest expense and other income) ( 151,888 ) ( 151,888 ) Income before income taxes 171,470 Cash capital expenditures (3) 41,021 35,602 59 594 77,276 For the three months ended March 31, 2023 Revenues (1) $ 454,833 $ 162,435 $ 58,248 $ — $ 675,516 Cost of revenues (2) 69,750 50,369 44,185 — 164,304 Operating profit 385,083 112,066 14,063 — 511,212 Selling, general, and administrative expenses 31,743 16,730 6,077 17,659 72,209 Acquisition and new business initiatives related adjustments and expenses 3,232 2,825 — — 6,057 Asset impairment and decommission costs 19,435 4,886 — 2,069 26,390 Depreciation, amortization and accretion 119,487 60,412 916 1,600 182,415 Operating income (loss) 211,186 27,213 7,070 ( 21,328 ) 224,141 Other expense, net (principally interest expense and other income) ( 80,079 ) ( 80,079 ) Income before income taxes 144,062 Cash capital expenditures (3) 44,636 23,033 395 1,256 69,320 Domestic Site Int'l Site Site Leasing Leasing Development Other (4) Total Assets (in thousands) As of March 31, 2024 $ 5,832,986 $ 3,743,958 $ 42,665 $ 375,657 $ 9,995,266 As of December 31, 2023 $ 5,876,648 $ 3,871,164 $ 66,001 $ 364,628 $ 10,178,441 (1) For the three months ended March 31, 2024 and 2023, site leasing revenue in Brazil was $ 97.5 million and $ 93.8 million, respectively. Other than Brazil, no foreign country represented more than 5 % of the Company’s total site leasing revenue 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 as of March 31, 2024 and December 31, 2023. Total international long-lived assets were $ 3.3 billion and $ 3.4 billion as of March 31, 2024 and December 31, 2023. Total long-lived assets in Brazil were $ 2.0 billion and $ 2.1 billion as of March 31, 2024 and December 31, 2023, 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	15. EARNINGS PER SHARE B asic 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 three months ended March 31, 2024 and 2023 (in thousands, except per share data): For the three months ended March 31, 2024 2023 Numerator: Net income attributable to SBA Communications Corporation $ 154,543 $ 101,217 Denominator: Basic weighted-average shares outstanding 108,102 108,132 Dilutive impact of stock options, RSUs, and PSUs 514 1,139 Diluted weighted-average shares outstanding 108,616 109,271 Net income per common share attributable to SBA Communications Corporation: Basic $ 1.43 $ 0.94 Diluted $ 1.42 $ 0.93 For the three months ended March 31, 2024 and 2023, 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.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	3 Months Ended
	Mar. 31, 2024
Redeemable Noncontrolling Interests [Abstract]
Redeemable Noncontrolling Interests	16. 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 as of March 31, 2024 and December 31, 2023 are as follows (in thousands): March 31, December 31, 2024 2023 Beginning balance $ 35,047 $ 31,735 Net loss attributable to noncontrolling interests — ( 4,397 ) Foreign currency translation adjustments — ( 899 ) Contribution from joint venture partner 1,530 1,200 Adjustment to redemption amount — 7,408 Ending balance $ 36,577 $ 35,047

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2024
Derivatives and Hedging Activities [Abstract]
Derivatives and Hedging Activities	17. 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. As of March 31, 2024, the Company has an interest rate swap agreement on its 2024 Term Loan which swaps $ 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. Additionally, the Company has 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 forward-starting swap has an effective start date of March 31, 2025 and a maturity date of April 11, 2028. As of March 31, 2024, 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 March 31, 2024 and December 31, 2023. Fair Value as of Balance Sheet March 31, December 31, Location 2024 2023 Derivatives Designated as Hedging Instruments (in thousands) Interest rate swap agreements in a fair value asset position Other assets $ 93,514 $ 104,674 Interest rate swap agreement in a fair value liability position Other long-term liabilities $ 4,125 $ 19,573 Accumulated other comprehensive loss, net includes an aggregate $ 62.3 million gain and a $ 51.5 million gain as of March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024 and 2023. For the three months ended March 31, 2024 2023 Cash Flow Hedge - Interest Rate Swap Agreement (in thousands) Change in fair value recorded in Accumulated other comprehensive loss, net $ 4,289 $ ( 31,396 ) Derivatives Not Designated as Hedges - Interest Rate Swap Agreements Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense $ 6,579 $ 9,007

Basis of Presentation (Policy)

Basis of Presentation (Policy)	3 Months Ended
	Mar. 31, 2024
Basis of Presentation [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals and deferrals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year.
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. During the first quarter of 2024, the Company completed its assessment on the remaining estimated useful lives of its towers and intangible assets. The Company concluded through its assessment that it should modify its current estimates for asset lives based on its historical operating experience and the findings obtained by its independent consultant. The Company previously depreciated 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 had historically estimated to be 15 years. Based on its assessment, the Company revised the estimated useful lives of its towers and certain related intangible assets (which are amortized on a similar basis to its tower assets, as their useful lives correlate to the useful life of the towers) from 15 years to 30 years, effective January 1, 2024. The Company accounted for the change in estimated useful lives as a change in estimate under ASC 250 “Accounting Changes and Error Corrections.” The impact of the change in estimate was accounted for prospectively effective January 1, 2024, resulting in a reduction in depreciation and amortization expense of approximately $ 102.7 million ($ 93.0 million after tax, or an increase of $ 0.86 per diluted share) for the three months ended March 31, 2024. The change in useful lives is expected to reduce depreciation expense by approximately $ 411.5 million ($ 372.5 million after tax, or an increase of $ 3.43 per diluted share) for the year ended December 31, 2024.
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 period. 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 (expense) income, 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 (expense) income, net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $ 28.5 million loss and a $ 27.4 million gain, net of taxes, on the remeasurement of intercompany loans for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024, the Company funded $ 8.3 million and repaid $ 50.7 million under its intercompany loan agreements. As of March 31, 2024 and December 31, 2023, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $ 1.2 billion and $ 1.3 billion, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements [Abstract]
Summary of Asset Impairment and Decommission Costs	: For the three months ended March 31, 2024 2023 (in thousands) Asset impairment (1) $ 34,552 $ 22,332 Write-off of carrying value of decommissioned towers 4,102 1,954 Other (including tower and equipment decommission costs) 4,994 2,104 Total asset impairment and decommission costs $ 43,648 $ 26,390 (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 . As a result of increased churn, the Company experienced increased asset impairment charges for the three months ended March 31, 2024.

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2024
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	As of As of March 31, 2024 December 31, 2023 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 240,309 $ 208,547 Cash and cash equivalents Securitization escrow accounts 13,587 31,852 Restricted cash - current asset Payment, performance bonds, and other 6,305 6,277 Restricted cash - current asset Surety bonds and workers compensation 4,131 4,270 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 264,332 $ 250,946

Costs and Estimated Earnings _2

Costs and Estimated Earnings on Uncompleted Contracts (Tables)	3 Months Ended
	Mar. 31, 2024
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Summary of Costs and Estimated Earnings on Uncompleted Contracts	As of As of March 31, 2024 December 31, 2023 (in thousands) Costs incurred on uncompleted contracts $ 66,022 $ 98,674 Estimated earnings 30,418 64,589 Billings to date ( 83,167 ) ( 152,608 ) $ 13,273 $ 10,655
Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets	As of As of March 31, 2024 December 31, 2023 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 16,535 $ 16,252 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) ( 3,262 ) ( 5,597 ) $ 13,273 $ 10,655

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]
Schedule of Prepaid Expense and Other Current Assets	As of As of March 31, 2024 December 31, 2023 (in thousands) Short-term investments $ 1,585 $ 1,046 Prepaid real estate taxes 3,666 3,522 Interest receivable 4,223 2,102 Prepaid taxes 8,747 9,064 Prepaid ground rent 2,832 3,712 Other current assets 23,282 19,147 Total prepaid expenses and other current assets $ 44,335 $ 38,593
Schedule of Other Assets	As of As of March 31, 2024 December 31, 2023 (in thousands) Straight-line rent receivable $ 417,597 $ 415,100 Interest rate swap asset (1) 93,514 104,674 Loans receivable (2) 155,580 148,104 Deferred lease costs, net 8,706 8,713 Deferred tax asset - long term 64,593 67,473 Long-term investments 22,020 24,540 Other 44,529 43,872 Total other assets $ 806,539 $ 812,476 (1) Refer to Note 17 for more information on the Company’s interest rate swaps. (2) On March 17, 2023 (and as amended on August 25, 2023 and March 31, 2024), 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 $ 115.0 million in aggregate principal amount, consisting of a $ 73.0 million initial term loan and $ 42.0 million of delayed draw term loans. The final maturity date of the loans is January 31, 2025. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of March 31, 2024, the outstanding principal balance of the loan was $ 106.4 million and was accruing interest at 10.076 %.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2024
Acquisitions [Abstract]
Schedule of Acquisition Capital Expenditures	For the three months ended March 31, 2024 2023 (in thousands) Acquisitions of towers and related assets $ 10,295 $ 12,780 Land buyouts and other assets (1) 9,110 7,149 Total cash acquisition capital expenditures $ 19,405 $ 19,929 (1) Excludes $ 4.6 million and $ 5.1 million spent to extend ground lease terms for the three months ended March 31, 2024 and 2023, respectively. The Company recorded these amounts in prepaid ground rent within prepaid expenses and other current assets on its Consolidated Balance Sheets.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property and Equipment, Net [Abstract]
Property and Equipment, Net (Including Assets Held Under Capital Leases)	As of As of March 31, 2024 December 31, 2023 (in thousands) Towers and related assets (1) $ 5,833,745 $ 5,850,608 Construction-in-process (2) 124,306 105,627 Furniture, equipment, and vehicles 78,260 76,031 Land, buildings, and improvements 933,483 927,235 Total property and equipment 6,969,794 6,959,501 Less: accumulated depreciation ( 4,260,113 ) ( 4,247,782 ) Property and equipment, net $ 2,709,681 $ 2,711,719 (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.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Intangible Assets, Net [Abstract]
Gross and Net Carrying Amounts for each Major Class of Intangible Assets	As of March 31, 2024 As of December 31, 2023 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands) Current contract intangibles $ 5,211,395 $ ( 3,393,680 ) $ 1,817,715 $ 5,253,563 $ ( 3,394,009 ) $ 1,859,554 Network location intangibles 1,919,174 ( 1,333,040 ) 586,134 1,926,226 ( 1,330,183 ) 596,043 Intangible assets, net $ 7,130,569 $ ( 4,726,720 ) $ 2,403,849 $ 7,179,789 $ ( 4,724,192 ) $ 2,455,597

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Accrued Expenses [Abstract]
Schedule of Accrued Expenses	As of As of March 31, 2024 December 31, 2023 (in thousands) Salaries and benefits $ 14,671 $ 25,630 Real estate and property taxes 7,961 7,149 Unpaid capital expenditures 6,524 6,477 Acquisition related holdbacks 14,295 16,100 Other 33,584 37,266 Total accrued expenses $ 77,035 $ 92,622

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt [Abstract]
Schedule of Principal Values, Fair Values, and Carrying Values of Debt	As of As of March 31, 2024 December 31, 2023 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value Revolving Credit Facility (1) Jan. 25, 2029 $ 195,000 $ 195,000 $ 195,000 $ 180,000 $ 180,000 $ 180,000 2018 Term Loan (2) Apr. 11, 2025 — — — 2,268,000 2,273,670 2,263,343 2024 Term Loan (2) Jan. 25, 2031 2,300,000 2,305,750 2,275,581 — — — 2014-2C Tower Securities (3) Oct. 8, 2024 620,000 612,560 619,413 620,000 606,540 619,145 2019-1C Tower Securities (3) Jan. 12, 2025 1,165,000 1,115,779 1,162,982 1,165,000 1,115,313 1,162,348 2020-1C Tower Securities (3) Jan. 9, 2026 750,000 680,753 747,306 750,000 682,350 746,937 2020-2C Tower Securities (3) Jan. 11, 2028 600,000 520,776 596,631 600,000 520,530 596,419 2021-1C Tower Securities (3) Nov. 9, 2026 1,165,000 1,016,987 1,158,649 1,165,000 1,015,437 1,158,059 2021-2C Tower Securities (3) Apr. 9, 2027 895,000 770,318 889,585 895,000 772,125 889,152 2021-3C Tower Securities (3) Oct. 9, 2031 895,000 684,979 887,587 895,000 686,581 887,365 2022-1C Tower Securities (3) Jan. 11, 2028 850,000 870,655 841,893 850,000 850,221 841,429 2020 Senior Notes Feb. 15, 2027 1,500,000 1,425,690 1,490,721 1,500,000 1,438,815 1,489,965 2021 Senior Notes Feb. 1, 2029 1,500,000 1,327,500 1,490,600 1,500,000 1,338,750 1,490,153 Total debt $ 12,435,000 $ 11,526,747 $ 12,355,948 $ 12,388,000 $ 11,480,332 $ 12,324,315 Less: current maturities of long-term debt ( 1,805,395 ) ( 643,145 ) Total long-term debt, net of current maturities $ 10,550,553 $ 11,681,170 (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 (“2024 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 Cash and Non-Cash Interest Expense	Interest For the three months ended March 31, Rates as of 2024 2023 March 31, Cash Non-cash Cash Non-cash 2024 Interest Interest Interest Interest (in thousands) Revolving Credit Facility 6.395 % $ 2,469 $ — $ 9,286 $ — 2018 Term Loan — 3,253 4,947 14,363 9,223 2024 Term Loan (1) 2.855 % 12,979 1,867 — — 2014-2C Tower Securities 3.869 % 6,046 — 6,046 — 2019-1C Tower Securities 2.836 % 8,357 — 8,357 — 2020-1C Tower Securities 1.884 % 3,598 — 3,598 — 2020-2C Tower Securities 2.328 % 3,540 — 3,540 — 2021-1C Tower Securities 1.631 % 4,846 — 4,846 — 2021-2C Tower Securities 1.840 % 4,196 — 4,196 — 2021-3C Tower Securities 2.593 % 5,873 — 5,873 — 2022-1C Tower Securities 6.599 % 14,093 — 14,093 — 2020 Senior Notes 3.875 % 14,531 95 14,531 88 2021 Senior Notes 3.125 % 11,719 — 11,719 — Other 890 1,534 778 4,928 Total $ 96,390 $ 8,443 $ 101,226 $ 14,239 (1) The 2024 Term Loan has a blended rate of 2.855 %, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swap, the 2024 Term Loan was accruing interest at 7.340 % as of March 31, 2024. Refer to Note 17 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 March 31, 2024 (1) March 31, 2024 (2) Revolving Credit Facility 6.395 % 0.140 % (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, 2023. (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, 2023.
Summary of Revolving Credit Facility Activity	For the three months ended March 31, 2024 2023 Beginning outstanding balance $ 180,000 $ 720,000 Borrowings 125,000 140,000 Repayments ( 110,000 ) ( 185,000 ) Ending outstanding balance $ 195,000 $ 675,000

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Shareholders' Equity [Abstract]
Summary of Share Repurchases	The following is a summary of the Company’s share repurchases: For the three months ended March 31, 2024 2023 Total number of shares purchased (in millions) (1) 0.5 — Average price per share (1) $ 214.33 $ — Total purchase price (in millions) (1) $ 106.1 $ — Subsequent to March 31, 2024, the Company made the following share repurchases: Total number of shares purchased (in millions) (1) 0.4 Average price per share (1) $ 213.30 Total purchase price (in millions) (1) $ 93.9 (1) Amounts reflected are based on the trade date and may 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 three months ended March 31, 2024, 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 26, 2024 March 14, 2024 $ 0.98 $ 108.1 million March 28, 2024 Dividends paid in 2024 were ordinary taxable dividends. Subsequent to March 31, 2024, 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 April 29, 2024 May 23, 2024 $ 0.98 June 19, 2024

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Stock-Based Compensation [Abstract]
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, 2023 1,340 $ 168.32 Exercised ( 153 ) $ 125.67 Outstanding at March 31, 2024 1,187 $ 173.82 1.7 $ 52,211 Exercisable at March 31, 2024 1,161 $ 172.14 1.5 $ 52,211 Unvested at March 31, 2024 26 $ 248.41 8.9 $ —
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, 2023 267 $ 269.08 368 $ 298.46 Granted 257 $ 217.02 59 $ 291.51 PSU adjustment (2) — $ — 11 $ 236.63 Vested ( 110 ) $ 271.27 ( 155 ) $ 236.32 Forfeited/canceled ( 5 ) $ 254.56 ( 2 ) $ 376.76 Outstanding at March 31, 2024 409 $ 235.91 281 $ 314.08 (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.

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Data [Abstract]
Schedule of Segment Reporting Information	Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the three months ended March 31, 2024 (in thousands) Revenues (1) $ 461,499 $ 166,777 $ 29,586 $ — $ 657,862 Cost of revenues (2) 65,970 48,843 23,178 — 137,991 Operating profit 395,529 117,934 6,408 — 519,871 Selling, general, and administrative expenses 34,348 15,708 4,426 14,216 68,698 Acquisition and new business initiatives related adjustments and expenses 5,298 2,119 — — 7,417 Asset impairment and decommission costs 29,913 13,735 — — 43,648 Depreciation, amortization and accretion 40,345 33,829 834 1,742 76,750 Operating income (loss) 285,625 52,543 1,148 ( 15,958 ) 323,358 Other expense, net (principally interest expense and other income) ( 151,888 ) ( 151,888 ) Income before income taxes 171,470 Cash capital expenditures (3) 41,021 35,602 59 594 77,276 For the three months ended March 31, 2023 Revenues (1) $ 454,833 $ 162,435 $ 58,248 $ — $ 675,516 Cost of revenues (2) 69,750 50,369 44,185 — 164,304 Operating profit 385,083 112,066 14,063 — 511,212 Selling, general, and administrative expenses 31,743 16,730 6,077 17,659 72,209 Acquisition and new business initiatives related adjustments and expenses 3,232 2,825 — — 6,057 Asset impairment and decommission costs 19,435 4,886 — 2,069 26,390 Depreciation, amortization and accretion 119,487 60,412 916 1,600 182,415 Operating income (loss) 211,186 27,213 7,070 ( 21,328 ) 224,141 Other expense, net (principally interest expense and other income) ( 80,079 ) ( 80,079 ) Income before income taxes 144,062 Cash capital expenditures (3) 44,636 23,033 395 1,256 69,320 Domestic Site Int'l Site Site Leasing Leasing Development Other (4) Total Assets (in thousands) As of March 31, 2024 $ 5,832,986 $ 3,743,958 $ 42,665 $ 375,657 $ 9,995,266 As of December 31, 2023 $ 5,876,648 $ 3,871,164 $ 66,001 $ 364,628 $ 10,178,441 (1) For the three months ended March 31, 2024 and 2023, site leasing revenue in Brazil was $ 97.5 million and $ 93.8 million, respectively. Other than Brazil, no foreign country represented more than 5 % of the Company’s total site leasing revenue 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Weighted-Average Shares of Common Stock Outstanding used in Calculation of Basic and Diluted Earnings Per Share	For the three months ended March 31, 2024 2023 Numerator: Net income attributable to SBA Communications Corporation $ 154,543 $ 101,217 Denominator: Basic weighted-average shares outstanding 108,102 108,132 Dilutive impact of stock options, RSUs, and PSUs 514 1,139 Diluted weighted-average shares outstanding 108,616 109,271 Net income per common share attributable to SBA Communications Corporation: Basic $ 1.43 $ 0.94 Diluted $ 1.42 $ 0.93

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2024
Redeemable Noncontrolling Interests [Abstract]
Components of Redeemable Noncontrolling Interest	March 31, December 31, 2024 2023 Beginning balance $ 35,047 $ 31,735 Net loss attributable to noncontrolling interests — ( 4,397 ) Foreign currency translation adjustments — ( 899 ) Contribution from joint venture partner 1,530 1,200 Adjustment to redemption amount — 7,408 Ending balance $ 36,577 $ 35,047

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2024
Derivatives and Hedging Activities [Abstract]
Schedule of Effects of Interest Rate Swaps on the Consolidated Balance Sheets	Fair Value as of Balance Sheet March 31, December 31, Location 2024 2023 Derivatives Designated as Hedging Instruments (in thousands) Interest rate swap agreements in a fair value asset position Other assets $ 93,514 $ 104,674 Interest rate swap agreement in a fair value liability position Other long-term liabilities $ 4,125 $ 19,573
Schedule of Effect of Derivatives on the Consolidated Statements of Operations	For the three months ended March 31, 2024 2023 Cash Flow Hedge - Interest Rate Swap Agreement (in thousands) Change in fair value recorded in Accumulated other comprehensive loss, net $ 4,289 $ ( 31,396 ) Derivatives Not Designated as Hedges - Interest Rate Swap Agreements Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense $ 6,579 $ 9,007

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Basis of Presentation [Line Items]
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan	$ (28.5)	$ 27.4
Repayment of debt	50.7
Intercompany foreign currency outstanding balance	$ 1,200			$ 1,300
Useful life	15 years
Increase in diluted shares	$ 1.42	$ 0.93
ASC 250 [Member]
Basis of Presentation [Line Items]
Useful life	30 years
Reduction in depreciation and amortization expense after tax	$ 93
Reduction in depreciation and amortization expense	$ 102.7
Increase in diluted shares	$ 0.86
ASC 250 [Member] | Scenario, Forecast [Member]
Basis of Presentation [Line Items]
Reduction in depreciation and amortization expense after tax			$ 372.5
Reduction in depreciation and amortization expense			$ 411.5
Increase in diluted shares			$ 3.43
Related Party [Member]
Basis of Presentation [Line Items]
Intercompany loans funded	$ 8.3

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments	$ 22,020,000		$ 24,540,000
Short-term investments	1,585,000		$ 1,046,000
Purchase of short-term investments	300,000,000
Cost method investment, impairment loss	$ 0	$ 0
Proceeds from sale of short-term investments		$ 200,000
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	0.078
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%

Fair Value Measurements (Summar

Fair Value Measurements (Summary of Asset Impairment and Decommission Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Measurements [Abstract]
Asset impairment	$ 34,552	$ 22,332
Write-off of carrying value of decommissioned towers	4,102	1,954
Other (including tower and equipment decommission costs)	4,994	2,104
Total asset impairment and decommission costs	$ 43,648	$ 26,390

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Narrative) (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Restricted Cash And Cash Equivalents Items [Line Items]
Surety, payment and performance bonds	$ 41,900,000	$ 42,000,000
Collateral payment for performance bonds	0	0
Workers Compensation Policy [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Collateral	2,400,000	2,400,000
Payment and Performance Bonds [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Collateral	$ 6,100,000	$ 6,100,000

Cash, Cash Equivalents, and R_4

Cash, Cash Equivalents, and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Restricted Cash And Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 240,309	$ 208,547
Restricted cash - current asset	19,892	38,129
Total cash, cash equivalents, and restricted cash	264,332	250,946	$ 193,182	$ 189,283
Securitization Escrow Accounts [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - current asset	13,587	31,852
Payment, Performance Bonds, and Other [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - current asset	6,305	6,277
Surety Bonds and Workers Compensation [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - noncurrent asset	$ 4,131	$ 4,270
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets Noncurrent

Costs and Estimated Earnings _3

Costs and Estimated Earnings on Uncompleted Contracts (Narrative) (Details) - Customer Concentration Risk [Member] - Contract with Customer [Member] - customer	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Number of significant customers	2	2
Two Largest Customers [Member]
Concentration Risk [Line Items]
Concentration risk percentage	83.90%	84.60%

Costs and Estimated Earnings _4

Costs and Estimated Earnings on Uncompleted Contracts (Summary of Costs and Estimated Earnings on Uncompleted Contracts) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Costs incurred on uncompleted contracts	$ 66,022	$ 98,674
Estimated earnings	30,418	64,589
Billings to date	(83,167)	(152,608)
Costs and estimated earnings on uncompleted contracts	$ 13,273	$ 10,655

Costs and Estimated Earnings _5

Costs and Estimated Earnings on Uncompleted Contracts (Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 16,535	$ 16,252
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities)	(3,262)	(5,597)
Costs and estimated earnings on uncompleted contracts	$ 13,273	$ 10,655

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Prepaid Expense and Other Current Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]
Short-term investments	$ 1,585	$ 1,046
Prepaid real estate taxes	3,666	3,522
Interest receivable	4,223	2,102
Prepaid taxes	8,747	9,064
Prepaid ground rent	2,832	3,712
Other current assets	23,282	19,147
Total prepaid expenses and other current assets	$ 44,335	$ 38,593

Prepaid Expenses and Other Cu_4

Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 17, 2023
Other Assets, Noncurrent [Line Items]
Straight-line rent receivable	$ 417,597	$ 415,100
Interest rate swap asset	93,514	104,674
Loans receivable	155,580	148,104
Deferred lease costs, net	8,706	8,713
Long-term investments	22,020	24,540
Other	44,529	43,872
Total other assets	806,539	812,476
Unconsolidated Joint Venture [Member]
Other Assets, Noncurrent [Line Items]
Loan agreement, maximum borrowing capacity			$ 115,000
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			$ 42,000
Unconsolidated Joint Venture [Member] | Related Party [Member]
Other Assets, Noncurrent [Line Items]
Outstanding principal	$ 106,400
Interest rate	10.076%
Other Assets - Noncurrent [Member]
Other Assets, Noncurrent [Line Items]
Deferred tax asset - long term	$ 64,593	$ 67,473

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Millions	1 Months Ended	3 Months Ended
	May 06, 2024 USD ($) item	Mar. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Performance targets, maximum potential obligation		$ 16.4	$ 17.9
Other Acquisitions [Member]
Business Acquisition [Line Items]
Number of towers acquired | item		11
Property and equipment		$ 1.6
Intangible assets		9.6
Operating leases right-of-use assets, net		1.6
Acquisition related holdbacks		2.3
Long-term lease liabilities assumed		$ 0.2
Subsequent Event [Member] | Other Acquisitions [Member]
Business Acquisition [Line Items]
Number of communication sites acquired | item	271
Cash paid for acquisition	$ 84.5

Acquisitions (Schedule of Acqui

Acquisitions (Schedule of Acquisition Capital Expenditures) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Acquisitions [Abstract]
Acquisitions of towers and related intangible assets	$ 10,295	$ 12,780
Land buyouts and other assets	9,110	7,149
Total cash acquisition capital expenditures	19,405	19,929
Ground lease extensions	$ 4,600	$ 5,100

Property and Equipment, Net (Na

Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property and Equipment, Net [Abstract]
Depreciation expense	$ 37,500	$ 69,400
Unpaid capital expenditures	$ 6,524		$ 6,477

Property and Equipment, Net (Pr

Property and Equipment, Net (Property and Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 6,969,794	$ 6,959,501
Less: accumulated depreciation	(4,260,113)	(4,247,782)
Property and equipment, net	2,709,681	2,711,719
Towers and Related Assets [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	5,833,745	5,850,608
Construction-In-Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	124,306	105,627
Furniture, Equipment and Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	78,260	76,031
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 933,483	$ 927,235

Intangible Assets, Net (Narrati

Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Intangible Assets, Net [Abstract]
Amortization expense	$ 27.1	$ 101.8

Intangible Assets, Net (Gross a

Intangible Assets, Net (Gross and Net Carrying Amounts for each Major Class of Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 7,130,569	$ 7,179,789
Accumulated amortization	(4,726,720)	(4,724,192)
Net book value	2,403,849	2,455,597
Current Contract Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	5,211,395	5,253,563
Accumulated amortization	(3,393,680)	(3,394,009)
Net book value	1,817,715	1,859,554
Network Location Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,919,174	1,926,226
Accumulated amortization	(1,333,040)	(1,330,183)
Net book value	$ 586,134	$ 596,043

Accrued Expenses (Schedule of A

Accrued Expenses (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Expenses [Abstract]
Salaries and benefits	$ 14,671	$ 25,630
Real estate and property taxes	7,961	7,149
Unpaid capital expenditures	6,524	6,477
Acquisition related holdbacks	14,295	16,100
Other	33,584	37,266
Total accrued expenses	$ 77,035	$ 92,622

Debt (Revolving Credit Facility

Debt (Revolving Credit Facility under the Senior Credit Agreement) (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 06, 2024	Mar. 31, 2024	Mar. 31, 2023	Jan. 25, 2024	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Repayments of revolving credit facility		$ 110,000	$ 185,000
Borrowings under Revolving Credit Facility		125,000	140,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		2,000,000		$ 1,750,000	$ 1,500,000
Repayments of revolving credit facility		110,000	185,000
Line of credit facility, outstanding		$ 195,000	$ 675,000		$ 180,000	$ 720,000
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Repayments of revolving credit facility	$ 50,000
Borrowings under Revolving Credit Facility	50,000
Line of credit facility, outstanding	$ 195,000
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%

Debt (Term Loan under the Senio

Debt (Term Loan under the Senior Credit Agreement) (Narrative) (Details) - USD ($)		3 Months Ended
	Jan. 25, 2024	Mar. 31, 2024	Feb. 23, 2024	Dec. 31, 2023	Nov. 03, 2023
Debt Instrument [Line Items]
Aggregate principal balance		$ 12,435,000,000		$ 12,388,000,000
2018 Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal balance				2,268,000,000
Accruing interest rate		7.34%
Financing fees at issuance	$ 3,300,000
Debt discount	1,200,000
Maturity Date		Apr. 11, 2025
2024 Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal balance	$ 2,300,000,000	$ 2,300,000,000
Percentage of par value price for issuance of term loan	99.75%
Line of credit facility, maximum borrowing capacity	$ 2,300,000,000
Financing fees at issuance	19,400,000
Quarterly payments	5,750,000
Maturity Date		Jan. 25, 2031
Interest Rate		2.855%
2024 Term Loan [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notional amount	$ 1,950,000,000				$ 1,000,000,000
Derivative fixed interest rate	2.05%				5.83%
Base Rate [Member] | 2024 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	1%
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%
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%				2%
Secured Overnight Financing Rate (SOFR) Inclusive of Credit Spread Adjustment [Member] | 2024 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	0%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate principal balance		$ 195,000,000		180,000,000
Line of credit facility, maximum borrowing capacity	$ 1,750,000,000	$ 2,000,000,000		$ 1,500,000,000
Maturity Date		Jan. 25, 2029
Interest Rate		6.395%
Revolving Credit Facility [Member] | 2024 Term Loan [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,750,000,000		$ 2,000,000,000
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%

Debt (Schedule of Principal Val

Debt (Schedule of Principal Values, Fair Values, and Carrying Values of Debt) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Jan. 25, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Balance	$ 12,435,000,000		$ 12,388,000,000
Fair Value	11,526,747,000		11,480,332,000
Carrying Value	12,355,948,000		12,324,315,000
Less: current maturities of long-term debt	(1,805,395,000)		(643,145,000)
Total long-term debt, net of current maturities	$ 10,550,553,000		11,681,170,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity Date	Jan. 25, 2029
Principal Balance	$ 195,000,000		180,000,000
Fair Value	195,000,000		180,000,000
Carrying Value	$ 195,000,000		180,000,000
2018 Term Loan [Member]
Debt Instrument [Line Items]
Maturity Date	Apr. 11, 2025
Principal Balance			2,268,000,000
Fair Value			2,273,670,000
Carrying Value			2,263,343,000
2024 Term Loan [Member]
Debt Instrument [Line Items]
Maturity Date	Jan. 25, 2031
Principal Balance	$ 2,300,000,000	$ 2,300,000,000
Fair Value	2,305,750,000
Carrying Value	$ 2,275,581,000
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date	Oct. 08, 2024
Principal Balance	$ 620,000,000		620,000,000
Fair Value	612,560,000		606,540,000
Carrying Value	$ 619,413,000		619,145,000
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	1,115,779,000		1,115,313,000
Carrying Value	$ 1,162,982,000		1,162,348,000
2020-1C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date	Jan. 09, 2026
Principal Balance	$ 750,000,000		750,000,000
Fair Value	680,753,000		682,350,000
Carrying Value	$ 747,306,000		746,937,000
2020-2C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date	Jan. 11, 2028
Principal Balance	$ 600,000,000		600,000,000
Fair Value	520,776,000		520,530,000
Carrying Value	$ 596,631,000		596,419,000
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	1,016,987,000		1,015,437,000
Carrying Value	$ 1,158,649,000		1,158,059,000
2021-2C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date	Apr. 09, 2027
Principal Balance	$ 895,000,000		895,000,000
Fair Value	770,318,000		772,125,000
Carrying Value	$ 889,585,000		889,152,000
2021-3C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date	Oct. 09, 2031
Principal Balance	$ 895,000,000		895,000,000
Fair Value	684,979,000		686,581,000
Carrying Value	$ 887,587,000		887,365,000
2022-1C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date	Jan. 11, 2028
Principal Balance	$ 850,000,000		850,000,000
Fair Value	870,655,000		850,221,000
Carrying Value	$ 841,893,000		841,429,000
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	1,425,690,000		1,438,815,000
Carrying Value	$ 1,490,721,000		1,489,965,000
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	1,327,500,000		1,338,750,000
Carrying Value	$ 1,490,600,000		$ 1,490,153,000

Debt (Schedule of Cash and Non-

Debt (Schedule of Cash and Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Cash Interest	$ 96,390	$ 101,226
Non-cash interest expense	$ 8,443	14,239
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest Rate	6.395%
Cash Interest	$ 2,469	9,286
2018 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest	3,253	14,363
Non-cash interest expense	$ 4,947	9,223
Blended rate	2.855%
Accruing interest rate	7.34%
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	3.869%
Cash Interest	$ 6,046	6,046
2019-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	2.836%
Cash Interest	$ 8,357	8,357
2020-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	1.884%
Cash Interest	$ 3,598	3,598
2020-2C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	2.328%
Cash Interest	$ 3,540	3,540
2021-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	1.631%
Cash Interest	$ 4,846	4,846
2021-2C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	1.84%
Cash Interest	$ 4,196	4,196
2021-3C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	2.593%
Cash Interest	$ 5,873	5,873
2022-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	6.599%
Cash Interest	$ 14,093	14,093
2020 Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate	3.875%
Cash Interest	$ 14,531	14,531
Non-cash interest expense	$ 95	88
2021 Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate	3.125%
Cash Interest	$ 11,719	11,719
Other [Member]
Debt Instrument [Line Items]
Cash Interest	890	778
Non-cash interest expense	$ 1,534	$ 4,928
2024 Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate	2.855%
Cash Interest	$ 12,979
Non-cash interest expense	$ 1,867

Debt (Schedule of Revolving Cre

Debt (Schedule of Revolving Credit Facility Key Terms) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Sustainability Margin Adjustment		0.05%
Sustainability Commitment Fee Adjustment		0.01%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest Rate	6.395%
Unused Commitment Fee	0.14%

Debt (Summary of Revolving Cred

Debt (Summary of Revolving Credit Facility Activity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Line of Credit Facility [Line Items]
Repayments under Revolving Credit Facility	$ (110,000)	$ (185,000)
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Beginning outstanding balance	180,000	720,000
Borrowings	125,000	140,000
Repayments under Revolving Credit Facility	(110,000)	(185,000)
Ending outstanding balance	$ 195,000	$ 675,000

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions	May 06, 2024	Mar. 31, 2024	Oct. 28, 2021
Subsequent Event [Member]
Class of Stock [Line Items]
Stock repurchase program, remaining authorization	$ 204.7
Class A Common Stock [Member]
Class of Stock [Line Items]
Securities issued		0
New Plan [Member] | Class A Common Stock [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized			$ 1,000

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	May 06, 2024	Mar. 31, 2024
Total number of shares purchased (in millions)		0.5
Average price per share		$ 214.33
Total purchase price (in millions)		$ 106.1
Subsequent Event [Member]
Total number of shares purchased (in millions)	0.4
Average price per share	$ 213.30
Total purchase price (in millions)	$ 93.9

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Dividends Paid and Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	May 06, 2024	Mar. 31, 2024
Dividend One [Member]
Date Declared		Feb. 26, 2024
Payable to Shareholders of Record at the Close of Business on		Mar. 14, 2024
Cash Paid Per Share		$ 0.98
Aggregate Amount Paid		$ 108.1
Date Paid/Date to be Paid		Mar. 28, 2024
Subsequent Event [Member] | Dividend Two [Member]
Date Declared	Apr. 29, 2024
Payable to Shareholders of Record at the Close of Business on	May 23, 2024
Cash to be Paid Per Share	$ 0.98
Date Paid/Date to be Paid	Jun. 19, 2024

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Stock-Based Compensation [Abstract]
Total intrinsic value for options exercised	$ 14.2

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Stock-Based Compensation [Abstract]
Number of Shares, Outstanding | shares	1,340
Number of Shares, Exercised | shares	(153)
Number of Shares, Outstanding | shares	1,187
Number of Shares, Exercisable | shares	1,161
Number of Shares, Unvested | shares	26
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares	$ 168.32
Weighted-Average Exercise Price Per Share, Exercised | $ / shares	125.67
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares	173.82
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares	172.14
Weighted-Average Exercise Price Per Share, Unvested | $ / shares	$ 248.41
Weighted-Average Remaining Contractual Life (in years), Outstanding	1 year 8 months 12 days
Weighted-Average Remaining Contractual Life (in years), Exercisable	1 year 6 months
Weighted-Average Remaining Contractual Life (in years), Unvested	8 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding | $	$ 52,211
Aggregate Intrinsic Value, Exercisable | $	$ 52,211

Stock-Based Compensation (Sum_2

Stock-Based Compensation (Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding | shares	267
Number of Shares, Granted | shares	257
Number of Shares, Vested | shares	(110)
Number of Shares, Forfeited/canceled | shares	(5)
Number of Shares, Outstanding | shares	409
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares	$ 269.08
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares	217.02
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	271.27
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares	254.56
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares	$ 235.91
Performance Stock Units (PSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding | shares	368
Number of Shares, Granted | shares	59
Number of Shares, Adjustment | shares	11
Number of Shares, Vested | shares	(155)
Number of Shares, Forfeited/canceled | shares	(2)
Number of Shares, Outstanding | shares	281
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares	$ 298.46
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares	291.51
Weighted-Average Grant Date Fair Value per Share, Adjustment | $ / shares	236.63
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	236.32
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares	376.76
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares	$ 314.08
Performance period	3 years

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Income Taxes [Line Items]
Federal net operating loss carry-forward		$ 382,300,000
Secretariat of the Federal Revenue Bureau of Brazil [Member]
Schedule Of Income Taxes [Line Items]
Penalties and interest accrued	$ 103,700,000
Minimum [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member]
Schedule Of Income Taxes [Line Items]
Estimate of possible loss	0
Maximum [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member]
Schedule Of Income Taxes [Line Items]
Estimate of possible loss	$ 94,600,000

Segment Data (Narrative) (Detai

Segment Data (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023	Dec. 31, 2023 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of business segments | segment	2
Number of reportable segments | segment	2
Assets	$ 9,995,266		$ 10,178,441
Domestic Site Leasing [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	5,400,000		5,400,000
Assets	5,832,986		5,876,648
International Site Leasing [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	3,300,000		3,400,000
Assets	3,743,958		3,871,164
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 2,000,000		$ 2,100,000
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%	5%

Segment Data (Schedule of Segme

Segment Data (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues		$ 657,862	$ 675,516
Cost of revenues		137,991	164,304
Operating profit		519,871	511,212
Selling, general, and administrative expenses	[1]	68,698	72,209
Acquisition and new business initiatives related adjustments and expenses		7,417	6,057
Asset impairment and decommission costs		43,648	26,390
Depreciation, amortization and accretion		76,750	182,415
Operating income		323,358	224,141
Other expense, net (principally interest expense and other income)		(151,888)	(80,079)
Income before income taxes		171,470	144,062
Cash capital expenditures		77,276	69,320
Assets		9,995,266		$ 10,178,441
Domestic Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues		461,499	454,833
Cost of revenues		65,970	69,750
Operating profit		395,529	385,083
Selling, general, and administrative expenses		34,348	31,743
Acquisition and new business initiatives related adjustments and expenses		5,298	3,232
Asset impairment and decommission costs		29,913	19,435
Depreciation, amortization and accretion		40,345	119,487
Operating income		285,625	211,186
Cash capital expenditures		41,021	44,636
Assets		5,832,986		5,876,648
International Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues		166,777	162,435
Cost of revenues		48,843	50,369
Operating profit		117,934	112,066
Selling, general, and administrative expenses		15,708	16,730
Acquisition and new business initiatives related adjustments and expenses		2,119	2,825
Asset impairment and decommission costs		13,735	4,886
Depreciation, amortization and accretion		33,829	60,412
Operating income		52,543	27,213
Cash capital expenditures		35,602	23,033
Assets		3,743,958		3,871,164
Site Development [Member]
Segment Reporting Information [Line Items]
Revenues		29,586	58,248
Cost of revenues		23,178	44,185
Operating profit		6,408	14,063
Selling, general, and administrative expenses		4,426	6,077
Depreciation, amortization and accretion		834	916
Operating income		1,148	7,070
Cash capital expenditures		59	395
Assets		42,665		66,001
Other [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative expenses		14,216	17,659
Asset impairment and decommission costs			2,069
Depreciation, amortization and accretion		1,742	1,600
Operating income		(15,958)	(21,328)
Other expense, net (principally interest expense and other income)		(151,888)	(80,079)
Cash capital expenditures		594	1,256
Assets		375,657		$ 364,628
Brazil [Member] | International Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues		$ 97,500	$ 93,800
Maximum [Member] | Revenue [Member] | Geographic Concentration Risk [Member] | Foreign Countries, Other than Brazil [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage		5%	5%
[1] Includes non-cash compensation of $ 20,773 and $ 25,529 for the three months ended March 31, 2024 and 2023, respectively.

Earnings Per Share (Weighted-Av

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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to SBA Communications Corporation	$ 154,543	$ 101,217
Basic weighted-average shares outstanding	108,102	108,132
Dilutive impact of stock options, RSUs, and PSUs	514	1,139
Diluted weighted-average shares outstanding	108,616	109,271
Net income per common share attributable to SBA Communications Corporation:
Basic	$ 1.43	$ 0.94
Diluted	$ 1.42	$ 0.93

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Components of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Redeemable Noncontrolling Interests [Abstract]
Beginning balance	$ 35,047	$ 31,735	$ 31,735
Net loss attributable to noncontrolling interests		$ (663)	(4,397)
Foreign currency translation adjustments			(899)
Contribution from joint venture partner	1,530		1,200
Adjustment to redemption amount			7,408
Ending balance	$ 36,577		$ 35,047

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Narrative) (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jan. 25, 2024	Nov. 03, 2023
Derivative [Line Items]
Accumulated derivative losses	$ 62.3	$ 51.5
2024 Term Loan [Member]
Derivative [Line Items]
Notional amount			$ 1,950	$ 1,000
Derivative fixed interest rate			2.05%	5.83%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2024 Term Loan [Member]
Derivative [Line Items]
Derivative basis spread on variable interest rate			2%	2%

Derivatives and Hedging Activ_4

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	Mar. 31, 2024	Dec. 31, 2023
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap agreements in a fair value asset position	$ 93,514	$ 104,674
Other Long-Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap agreements in a fair value liability position	$ 4,125	$ 19,573

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities (Schedule of Effect of Derivatives on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	$ 4,289	$ (31,396)
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	$ 6,579	$ 9,007

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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