SBA Communications (SBAC) 10-K 26 Feb 25 2024 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 21
Entity Common Stock Shares Outstanding		107,615,241
Documents Incorporated By Reference	Portions of the Registrant’s definitive proxy statement for its 2025 annual meeting of shareholders, which proxy statement will be filed no later than 120 days after the close of the Registrant’s fiscal year ended December 31, 2024, are hereby incorporated by reference in Part III of this Annual Report on Form 10-K.
Document Financial Statement Error Correction [Flag]	false
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0001034054
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Boca Raton, Florida

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 189,841	$ 208,547
Restricted cash	1,206,653	38,129
Accounts receivable, net	145,695	182,746
Costs and estimated earnings in excess of billings on uncompleted contracts	19,198	16,252
Prepaid expenses and other current assets	417,333	38,593
Total current assets	1,978,720	484,267
Property and equipment, net	2,792,084	2,711,719
Intangible assets, net	2,388,707	2,455,597
Operating lease right-of-use assets, net	2,292,459	2,240,781
Acquired and other right-of-use assets, net	1,308,269	1,473,601
Other assets	657,097	812,476
Total assets	11,417,336	10,178,441
Current liabilities:
Accounts payable	59,549	42,202
Accrued expenses	81,977	92,622
Current maturities of long-term debt	1,187,913	643,145
Deferred revenue	127,308	235,668
Accrued interest	62,239	57,496
Current lease liabilities	261,017	273,464
Other current liabilities	17,933	18,662
Total current liabilities	1,797,936	1,363,259
Long-term liabilities:
Long-term debt, net	12,403,825	11,681,170
Long-term lease liabilities	1,903,439	1,865,686
Other long-term liabilities	367,942	404,161
Total long-term liabilities	14,675,206	13,951,017
Redeemable noncontrolling interests	54,132	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, 107,561 shares and 108,050 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	1,076	1,080
Additional paid-in capital	2,975,455	2,894,060
Accumulated deficit	(7,326,189)	(7,450,824)
Accumulated other comprehensive loss, net	(760,280)	(615,198)
Total shareholders' deficit	(5,109,938)	(5,170,882)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit	$ 11,417,336	$ 10,178,441

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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	107,561,000	108,050,000
Common stock - Class A, shares outstanding	107,561,000	108,050,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Site leasing	$ 2,526,765	$ 2,516,935	$ 2,336,575
Site development	152,869	194,649	296,879
Total revenues	2,679,634	2,711,584	2,633,454
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):
Cost of site leasing	462,997	472,687	445,685
Cost of site development	118,730	139,935	222,965
Selling, general, and administrative expenses	258,756	267,936	261,853
Acquisition and new business initiatives related adjustments and expenses	25,946	21,671	26,807
Asset impairment and decommission costs	107,925	169,387	43,160
Depreciation, accretion, and amortization	269,517	716,309	707,576
Total operating expenses	1,243,871	1,787,925	1,708,046
Operating income	1,435,763	923,659	925,408
Other income (expense):
Interest income	41,962	18,305	10,133
Interest expense	(399,778)	(400,373)	(353,784)
Non-cash interest expense	(27,661)	(35,868)	(46,109)
Amortization of deferred financing fees	(21,265)	(20,273)	(19,835)
Loss from extinguishment of debt, net	(5,940)		(437)
Other (expense) income, net	(250,415)	63,053	10,467
Total other expense, net	(663,097)	(375,156)	(399,565)
Income before income taxes	772,666	548,503	525,843
Provision for income taxes	(23,989)	(51,088)	(66,044)
Net income	748,677	497,415	459,799
Net loss attributable to noncontrolling interests	859	4,397	1,630
Net income attributable to SBA Communications Corporation	$ 749,536	$ 501,812	$ 461,429
Net income per common share attributable to SBA Communications Corporation:
Basic	$ 6.96	$ 4.64	$ 4.27
Diluted	$ 6.94	$ 4.61	$ 4.22
Weighted-average number of common shares
Basic	107,644	108,204	107,957
Diluted	108,080	108,907	109,386

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 748,677	$ 497,415	$ 459,799
Adjustments related to interest rate swaps	(617)	(68,133)	167,423
Foreign currency translation adjustments	(143,847)	42,546	4,172
Comprehensive income	604,213	471,828	631,394
Comprehensive loss attributable to noncontrolling interests	241	5,296	1,834
Comprehensive income attributable to SBA Communications Corporation	$ 604,454	$ 477,124	$ 633,228

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, 2021	$ 1,089	$ 2,681,347	$ (7,203,531)	$ (762,309)	$ (5,283,404)
BALANCE, Shares at Dec. 31, 2021	108,956
Net income attributable to SBA Communications Corporation			461,429		461,429
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 3	28,302			28,305
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	341
Non-cash stock compensation		101,846			101,846
Adjustments related to interest rate swaps				167,423	167,423
Repurchase and retirement of common stock	$ (12)		(431,654)		(431,666)
Repurchase and retirement of common stock, Shares	(1,300)
Foreign currency translation adjustments attributable to SBA Communications Corporation				4,376	4,376
Dividends and dividend equivalents on common stock			(308,305)		(308,305)
Adjustment to redemption amount related to noncontrolling interests		(16,319)			(16,319)
BALANCE at Dec. 31, 2022	$ 1,080	2,795,176	(7,482,061)	(590,510)	(5,276,315)
BALANCE, Shares at Dec. 31, 2022	107,997
Net income attributable to SBA Communications Corporation			501,812		501,812
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 5	16,710			16,715
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	558
Non-cash stock compensation		89,582			89,582
Adjustments related to interest rate swaps				(68,133)	(68,133)
Repurchase and retirement of common stock	$ (5)		(100,005)		(100,010)
Repurchase and retirement of common stock, Shares	(505)
Foreign currency translation adjustments attributable to SBA Communications Corporation				43,445	43,445
Dividends and dividend equivalents on common stock			(370,570)		(370,570)
Adjustment to redemption amount related to noncontrolling interests		(7,408)			(7,408)
BALANCE at Dec. 31, 2023	$ 1,080	2,894,060	(7,450,824)	(615,198)	$ (5,170,882)
BALANCE, Shares at Dec. 31, 2023	108,050				108,050
Net income attributable to SBA Communications Corporation			749,536		$ 749,536
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements	$ 5	17,130			17,135
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares	446
Non-cash stock compensation		75,996			75,996
Adjustments related to interest rate swaps				(617)	(617)
Repurchase and retirement of common stock	$ (9)		(200,010)		(200,019)
Repurchase and retirement of common stock, Shares	(935)
Foreign currency translation adjustments attributable to SBA Communications Corporation				(144,465)	(144,465)
Dividends and dividend equivalents on common stock			(424,891)		(424,891)
Adjustment to redemption amount related to noncontrolling interests		(11,731)			(11,731)
BALANCE at Dec. 31, 2024	$ 1,076	$ 2,975,455	$ (7,326,189)	$ (760,280)	$ (5,109,938)
BALANCE, Shares at Dec. 31, 2024	107,561				107,561

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 748,677	$ 497,415	$ 459,799
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, accretion, and amortization	269,517	716,309	707,576
Non-cash asset impairment and decommission costs	91,279	154,947	42,807
Non-cash compensation expense	74,374	87,919	99,909
Loss (gain) on remeasurement of U.S. denominated intercompany loans	236,467	(81,222)	(20,295)
Loss from extinguishment of debt, net	5,940		437
Deferred income tax (benefit) expense	(13,087)	4,629	32,901
Non-cash interest expense	27,661	35,868	46,109
Amortization of deferred financing fees	21,265	20,273	19,835
Other non-cash items reflected in the Statements of Operations	15,829	43,785	9,742
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	18,109	44,386	(81,351)
Prepaid expenses and other assets	(19,480)	(35,498)	(29,746)
Operating lease right-of-use assets, net	127,182	141,114	135,473
Accounts payable and accrued expenses	(4,402)	(66,324)	25,118
Long-term lease liabilities	(141,214)	(138,699)	(129,471)
Other liabilities	(123,251)	119,491	(33,143)
Net cash provided by operating activities	1,334,866	1,544,393	1,285,700
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(299,811)	(129,961)	(1,176,092)
Capital expenditures	(228,149)	(236,698)	(214,443)
Purchase of investments	(1,800,683)	(1,339,026)	(881,781)
Proceeds from sale of investments	1,536,750	1,338,354	878,138
Loan to unconsolidated joint venture	(11,100)	(100,494)
Other investing activities	(6,317)	(421)	524
Net cash used in investing activities	(809,310)	(468,246)	(1,393,654)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility	370,000	190,000	975,000
Repayments under Revolving Credit Facility	(550,000)	(730,000)	(605,000)
Proceeds from issuance of Term Loans, net of fees	2,280,565
Repayment of Term Loans	(2,292,244)	(24,000)	(24,000)
Proceeds from issuance of Tower Securities, net of fees	2,052,136		839,885
Repayment of Tower Securities	(620,269)		(640,000)
Repurchase and retirement of common stock	(200,019)	(100,010)	(431,666)
Payment of dividends on common stock	(424,191)	(369,960)	(306,766)
Proceeds from employee stock purchase/stock option plans	35,986	44,196	38,303
Payments related to taxes on stock options and restricted stock units	(18,801)	(27,481)	(9,958)
Other financing activities	12,579	37	28,728
Net cash provided by (used in) financing activities	645,742	(1,017,218)	(135,474)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(21,587)	2,734	(2,915)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	1,149,711	61,663	(246,343)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of year	250,946	189,283	435,626
End of year	1,400,657	250,946	189,283
Cash paid during the period for:
Interest	395,112	396,593	347,659
Income taxes	42,415	25,581	32,320
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:
Right-of-use assets obtained in exchange for new operating lease liabilities	59,189	55,409	171,203
Operating lease modifications and reassessments	268,531	(36,539)	48,946
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 336	$ 1,954	$ 3,860

General

General	12 Months Ended
	Dec. 31, 2024
General [Abstract]
General	1. GENERAL SBA Communications Corporation (the “Company” or “SBAC”) was incorporated in the State of Florida in March 1997. The Company is a holding company that holds all of the outstanding capital stock of SBA Telecommunications, LLC (“Telecommunications”). Telecommunications is a holding company that holds the outstanding capital stock of SBA Senior Finance, LLC (“SBA Senior Finance”), and other operating subsidiaries which are not a party to any loan agreement. SBA Senior Finance is a holding company that holds, directly or indirectly, the equity interest in certain subsidiaries that issued the Tower Securities (see Note 11) and certain subsidiaries that were not involved in the issuance of the Tower Securities. With respect to the subsidiaries involved in the issuance of the Tower Securities, SBA Senior Finance is the sole member of SBA Holdings, LLC and SBA Depositor, LLC. SBA Holdings, LLC is the sole member of SBA Guarantor, LLC. SBA Guarantor, LLC directly or indirectly holds all of the capital stock of the companies referred to as the “Borrowers” under the Tower Securities. With respect to subsidiaries not involved in the issuance of the Tower Securities, SBA Senior Finance holds all of the membership interests in SBA Senior Finance II, LLC (“SBA Senior Finance II”) and certain non-operating subsidiaries. SBA Senior Finance II holds, directly or indirectly, all the capital stock of certain international subsidiaries and certain other tower companies (known as “Tower Companies”). SBA Senior Finance II also holds, directly or indirectly, all the capital stock and/or membership interests of certain other subsidiaries involved in providing services, including SBA Network Services, LLC (“Network Services”) as well as SBA Network Management, Inc. (“Network Management”) which manages and administers the operations of the Borrowers. As of December 31, 2024, the Company owned and operated wireless towers in the United States and its territories. In addition, the Company owned towers in Brazil, Canada, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Nicaragua, Panama, Peru, South Africa, the Philippines, and Tanzania . Space on these towers is leased primarily to wireless service providers. On January 10, 2025, the Company completed the sale of all its towers and ended its operations in the Philippines and on February 20, 2025, the Company entered into an agreement to sell all of its towers and related assets held in Colombia. As of December 31, 2024, the Company owned and operated 39,749 towers of which 17,464 are domestic and 22,285 are international, of which 12,520 are located in Brazil.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements is as follows: Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company and its majority and wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Reclassification Certain prior year amounts have been reclassified to conform with the current year presentation. 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, for U.S. GAAP purposes, 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 (i) term of the underlying ground lease (including renewal options) taking into account residual value or (ii) estimated useful life of a 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 $ 411.5 million ($ 372.5 million after tax, or an increase of $ 3.45 per diluted share) for the year ended December 31, 2024. Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash in banks, commercial paper, highly liquid short-term investments, and other marketable securities with an original maturity of three months or less at the time of purchase. These investments are carried at cost, which approximates fair value. Restricted Cash The Company classifies all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. This includes cash held in escrow to fund certain reserve accounts relating to the Tower Securities as well as for payment and performance bonds and surety bonds issued for the benefit of the Company in the ordinary course of business, as well as collateral associated with workers’ compensation plans (see Note 4). Investments Investment securities with original maturities of more than three months but less than one year at time of purchase are considered short-term investments and are classified in prepaid expenses and other current assets on the accompanying Consolidated Balance Sheets. The Company’s short-term investments primarily consist of money market funds . Investment securities with maturities of more than a year are considered long-term investments and are classified in other assets on the accompanying Consolidated Balance Sheets. Long-term investments consist of strategic investments in companies and are accounted for under the cost and equity method. Gross purchases and proceeds from sales of the Company’s investments are presented within Cash flows from investing activities on the Company’s Consolidated Statements of Cash Flows. During the years ended December 31, 2024 and 2023, no gain or loss was recorded related to the sale or maturity of investments. Property and Equipment Property and equipment are recorded at cost or at estimated fair value (in the case of acquired properties), adjusted for asset impairment and estimated asset retirement obligations. Costs for self-constructed towers include direct materials and labor, indirect costs and capitalized interest. Approximately $ 0.8 million, $ 0.9 million, and $ 0.6 million of interest cost was capitalized in 2024, 2023 and 2022, respectively. Depreciation on towers and related components is provided using the straight-line method over the estimated useful lives, not to exceed the minimum lease term of the underlying ground lease after consideration of residual value. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the minimum lease term of the lease. For all other property and equipment, depreciation is provided using the straight-line method over the estimated useful lives. The Company performs ongoing evaluations of the estimated useful lives of its property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the useful lives of assets are reduced, depreciation may be accelerated in future years. Property and equipment under capital leases are amortized on a straight-line basis over the term of the lease, after consideration of residual value, or the remaining estimated life of the leased property, whichever is shorter, and the related amortization is included in depreciation expense. Expenditures for maintenance and repair are expensed as incurred. Asset classes and related estimated useful lives are as follows: Towers and related components 3 - 30 years Furniture, equipment, and vehicles 2 - 7 years Data Centers, buildings, and leasehold improvements 10 - 40 years Betterments, improvements, and significant repairs, which increase the value or extend the life of an asset, are capitalized and depreciated over the estimated useful life of the respective asset. Changes in an asset’s estimated useful life are accounted for prospectively, with the book value of the asset at the time of the change being depreciated over the revised remaining useful life. There has been no material impact for changes in estimated useful lives for any years presented other than the change of useful lives of the Company’s towers from 15 years to 30 years effective January 1, 2024, as discussed above. Deferred Financing Fees Financing fees related to the issuance of debt have been deferred and are being amortized using the effective interest rate method over the expected duration of the related indebtedness (see Note 11). For all of the Company’s debt, except for the Revolving Credit Facility where the debt issuance costs are being presented as an asset on the accompanying Consolidated Balance Sheets, debt issuance costs are presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset. Intangible Assets The Company classifies as intangible assets the fair value of current leases in place at the acquisition date of towers and related intangible assets (referred to as the “Current contract intangibles”), and the fair value of future tenant leases anticipated to be added to the acquired towers (referred to as the “Network location intangibles”). These intangibles are estimated to have a useful life consistent with the useful life of the related tower assets, which is typically 30 years. For all intangible assets, amortization is provided using the straight-line method over the estimated useful lives as the benefit associated with these intangible assets is anticipated to be derived evenly over the life of the asset. Impairment of Long-Lived Assets The Company evaluates its individual long-lived and related assets with finite lives for indicators of impairment to determine when an impairment analysis should be performed. The Company evaluates its tower and related assets at the tower level, which is the lowest level for which identifiable cash flows exists. The Company evaluates its Network location intangibles for impairment at the tower leasing business level. The Company has established a policy to at least annually, or earlier if indicators of impairment arise, evaluate its tower assets and Current contract and Network location intangibles for impairment. The Company performs its evaluation for impairment by first calculating the future undiscounted cash flows of its investments in towers and related assets and comparing those amounts to the carrying value of the assets. If the future undiscounted cash flows are lower than the carrying value of the investment in the tower and related assets, the Company calculates the future discounted cash flows and compares those amounts to the carrying value. The Company records an impairment charge for any amounts lower than the carrying value. Estimates and assumptions inherent in the impairment evaluation include, but are not limited to, general market and economic conditions, historical operating results, geographic location, lease-up potential, and expected timing of lease-up. In addition, the Company makes certain assumptions in determining an asset’s fair value for the purpose of calculating the amount of an impairment charge. The Company recognized impairment charges of $ 107.9 million, $ 169.4 million, and $ 43.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Refer to Note 3 for further detail of these amounts. Fair Value Measurements The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Revenue Recognition and Accounts Receivable Site leasing revenues Revenue from site leasing is recognized on a straight-line basis over the current term of the related lease agreements. Receivables recorded related to the straight-line impact of site leases are reflected in other assets on the Consolidated Balance Sheets. Rental amounts received in advance are recorded as deferred revenue on the Consolidated Balance Sheets. Revenues from site leasing represent 94 % of the Company’s total revenues for the year ended December 31, 2024. For additional information on tenant leases, refer to the Leases section below. Site development revenues Site development projects in which the Company performs consulting services include contracts on a fixed price basis that are billed at contractual rates. Revenue is recognized over time based on milestones achieved, which are determined based on costs incurred. Amounts billed in advance (collected or uncollected) are recorded as deferred revenue on the Consolidated Balance Sheets. Revenue from construction projects is recognized over time, determined by the percentage of cost incurred to date compared to management’s estimated total cost for each contract. This method is used because management considers total cost to be the best available measure of progress on the contracts. These amounts are based on estimates, and the uncertainty inherent in the estimates initially is reduced as work on the contracts nears completion. Refer to Note 5 for further detail of costs and estimated earnings in excess of billings on uncompleted contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined to be probable. The site development segment represents approximately 6 % of the Company’s total revenues for the year ended December 31, 2024. The Company accounts for site development revenue in accordance with ASC 606, Revenue from Contracts with Customers. Payment terms do not result in any significant financing arrangements. Furthermore, these contracts do not typically include variable consideration; therefore, the transaction price that is recognized over time is generally the amount of the total contract. Accounts receivable The accounts receivable balance was $ 145.7 million and $ 182.7 million as of December 31, 2024 and 2023, respectively, of which $ 26.4 million and $ 32.3 million related to the site development segment as of December 31, 2024 and 2023, respectively. Refer to Note 15 for further detail of the site development segment. Credit Losses The Company’s expected credit loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected considers aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition, and macroeconomic conditions. Balances are written off when determined to be uncollectible. The Company is exposed to credit losses primarily through the site development business segment which provides consulting and construction related services. The following is a rollforward of the allowance for doubtful accounts for the Company’s site leasing and site development businesses: For the year ended December 31, 2024 2023 2022 (in thousands) Beginning balance $ 12,838 $ 9,166 $ 12,135 Provision for doubtful accounts (1) 3,680 3,731 632 Write-offs ( 637 ) ( 220 ) ( 1,793 ) Recoveries (2) — — ( 2,204 ) Acquisitions — — 116 Currency translation adjustment ( 1,194 ) 161 280 Ending balance $ 14,687 $ 12,838 $ 9,166 (1) The year ended December 31, 2023 includes a $ 3.1 million reserve recorded related to Oi S.A. (2) Amounts include annual installment payments related to the Oi S.A. reorganization. The fourth and final annual installment payment was received during the year ended December 31, 2022. Cost of Revenue Cost of site leasing revenue includes ground lease rent, property taxes, amortization of deferred lease costs, maintenance, fuel, energy, and other tower operating expenses. Cost of site development revenue includes the cost of materials, salaries, and labor costs, including payroll taxes, subcontract labor, vehicle expense, and other costs directly and indirectly related to the projects. All costs related to site development projects are recognized as incurred. Income Taxes The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is "more-likely-than-not" that those assets will not be realized. The Company considers many factors when assessing the likelihood of future realization, including the Company’s recent cumulative earnings by taxing jurisdiction, expectations of future taxable income, prudent and feasible tax planning strategies that are available, the carryforward periods available to the Company for tax reporting purposes and other relevant factors. The Company began operating as a REIT for federal income tax purposes effective January 1, 2016. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the IRS to be treated as a taxable REIT subsidiary (“TRS”) in conjunction with the Company's REIT election. The TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Code. A TRS is subject to federal and state income taxes on the income from these activities. Additionally, the Company has included in TRSs the Company’s tower operations in most foreign jurisdictions; however, the REIT holds selected tower assets in certain foreign jurisdictions. Those operations will continue to be subject to foreign taxes in the jurisdiction in which such assets and operations are located regardless of whether they are included in a TRS. The Company will continue to file separate federal tax returns for the REIT and TRS for the year ended December 31, 2024. The REIT had taxable income during the year ended December 31, 2024 and paid a dividend and utilized net operating losses (“NOLs”) to offset its remaining 2024 distribution requirement. Some of the Company’s TRSs generated NOLs which will be carried forward to use in future years. A portion of the deferred tax asset generated by the NOLs are reserved by a valuation allowance. Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including stock options, restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and purchases under the Company’s employee stock purchase plans. The Company records compensation expense for stock options, RSUs, and PSUs on a straight-line basis over the vesting period; however, compensation expense related to certain PSUs are subject to adjustment on performance relative to the established targets. Compensation expense for stock options is based on the estimated fair value of the options on the date of the grant using the Black-Scholes option-pricing model. Compensation expense for RSUs and PSUs is based on the fair market value of the units awarded at the date of the grant. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model. Asset Retirement Obligations The Company has entered into ground leases for the land underlying the majority of the Company’s towers. A majority of these leases require the Company to remove improvements only or restore land interests to their original condition upon termination of the ground lease. In determining the measurement of the asset retirement obligations, the Company considered the nature and scope of the contractual restoration obligations contained in the Company’s ground leases, the historical retirement experience as an indicator of future restoration probabilities, intent in renewing existing ground leases through lease termination dates, current and future value, timing of estimated restoration costs, and the credit adjusted risk-free rate used to discount future obligations. The Company recognizes asset retirement obligations in the period in which they are incurred, if a reasonable estimate of a fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related tower fixed assets, and over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the estimated useful life of the tower. As of December 31, 2024 and 2023, the asset retirement obligation was $ 140.9 million and $ 119.3 million, respectively, and is included in other long-term liabilities on the Consolidated Balance Sheets. Upon settlement of the obligations, any difference between the cost to retire an asset and the recorded liability is recorded in Asset impairment and decommission costs on the Consolidated Statements of Operations. Comprehensive Income Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of net income, foreign currency translation adjustments, and adjustments related to interest rate swaps designated as cash flow hedges. Foreign Currency Translation All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the Consolidated Statement of Shareholders’ Deficit. For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Remeasurement gains and losses are reported as Other (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 $ 156.8 million loss, a $ 52.4 million gain, and a $ 12.9 million gain, net of taxes, on the remeasurement of intercompany loans for the years ended December 31, 2024, 2023, and 2022, respectively. During the year ended December 31, 2024, the Company funded $ 9.3 million and repaid $ 177.1 million under its intercompany loan agreements. As of December 31, 2024 and 2023, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $ 1.1 billion and $ 1.3 billion, respectively . Subsequent to December 31, 2024, the Company made no repayments under its intercompany loan agreements. Acquisitions The Company’s acquisitions generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805, Business Combinations. For acquisitions, the aggregate purchase price is allocated on a relative fair value basis to towers and related intangible assets. The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets or require acceleration of the amortization expense of intangible assets in subsequent periods. External, direct transaction costs will be capitalized as a component of the cost of the asset acquired. The Company will continue to expense internal acquisition costs as incurred. For business combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. As of December 31, 2024, there were no material acquisitions with purchase price allocations that were preliminary. In connection with certain acquisitions, the Company may agree to pay contingent consideration (or earnouts) in cash or stock if the communication sites or businesses that are acquired meet or exceed certain performance targets over a period of one year to three years after they have been acquire d. Contingent consideration in connection with asset acquisitions will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired. Leases ASC 842, Leases, requires all lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments and any prepaid rent amounts. The Company has elected not to separate nonlease components from the associated lease component for all underlying classes of assets. The components of the right-of-use lease liabilities as of December 31, 2024 and 2023 are as follows (in thousands): December 31, December 31, 2024 2023 (in thousands) Current operating lease liabilities $ 259,765 $ 271,793 Current financing lease liabilities 1,252 1,671 Current lease liabilities $ 261,017 $ 273,464 Long-term operating lease liabilities $ 1,901,554 $ 1,862,509 Long-term financing lease liabilities 1,885 3,177 Long-term lease liabilities $ 1,903,439 $ 1,865,686 Operating Leases Ground leases. The Company enters into long-term lease contracts for land that underlies its tower structures. Ground lease agreements generally include renewal options which can be exercised exclusively at the Company’s election. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. Substantially all leases provide for rent rate escalations. In the United States and the Company’s international markets, ground leases and other property interests typically either (1) contain specific annual rent escalators or (2) escalate annually in accordance with an inflationary index. Increases or decreases in lease payments that result from subsequent changes in the index or rate are accounted for as variable lease payments. Office leases. The Company’s office leases consist of long-term leases for international, regional, and certain site development office locations. Office leases include a single lease component, lease of the office space, and sometimes nonlease components such as common area maintenance expenses. The lease term for office leases are generally considered to be the contractually committed term. Finance Leases Vehicle leases. The Company leases vehicles that are used in its site development business. These leases are generally accounted for as financing leases and have lease terms that are contractually committed and do not include optional renewal terms. Acquired right-of-use assets. In connection with certain acquisitions, the Company may acquire the exclusive right to lease and operate communication sites for a period that represents (1) a major part of the remaining economic life of the underlying assets and/or (2) the purchase price represents substantially all of the fair value of the underlying asset. The Company accounts for these arrangements as financing leases. Payments associated with the right-of-use of these assets are typically fully funded at the acquisition date and will be recognized over the respective lease term. The right-of-use assets related to these transactions are recorded in Acquired and other right-of-use assets, net on the Consolidated Balance Sheets. Discount Rate When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, the Company’s ground leases generally do not provide a readily determinable implicit rate. Therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement or upon a modification. The Company uses publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. Lease Cost Variable lease payments include escalations based on an inflationary index and are initially recognized using the prevailing index at the date of initial measurement or upon reassessment of the lease term. Subsequent changes in standard cost of living increases are recognized as variable lease costs. Variable lease payments also include contingent rent provisions. The components of lease cost, lease term, and discount rate as of December 31, 2024 and 2023 are as follows: For the year ended December 31, 2024 2023 (in thousands) Amortization of acquired and other right-of-use assets $ 38,771 $ 42,312 Interest on finance lease liabilities 177 211 Total finance lease cost 38,948 42,523 Operating lease cost 278,443 290,169 Variable lease cost 60,732 63,625 Total lease cost $ 378,123 $ 396,317 Weighted-Average Remaining Lease Term as of 2024 and 2023: Operating leases 15.8 years 12.9 years Finance leases 50.9 years 49.3 years Weighted-Average Discount Rate as of 2024 and 2023: Operating leases 6.6 % 6.4 % Finance leases 4.9 % 4.4 % For the year ended Other information: December 31, 2024 December 31, 2023 Cash paid for amounts included in measurement of lease liabilities: Cash flows from operating leases $ 277,560 $ 279,194 Cash flows from finance leases $ 2,046 $ 2,522 Tenant Leases The Company enters into long-term lease contracts with wireless service providers to lease antenna space on towers that it owns or operates. Each tenant lease relates to the lease or use of space at an individual site. Tenant leases are generally for an initial term of five years to fifteen years with multiple renewal periods, which are at the option of the tenant. Tenant leases typically (1) contain specific annual rent escalators, (2) escalate annually in accordance with an inflationary index, or (3) escalate using a combination of fixed and inflation adjusted escalators, including the renewal option periods. Tenant lease agreements generally include renewal options which can be exercised exclusively at the tenant’s election. The only common exception is if the Company no longer has a right to the ground underlying the site, the lease agreements permit the Company to terminate the lease. Despite high frequency of renewal of options to extend the lease by its tenants, the Company has concluded that the exercise of a renewal option by a tenant is generally not a reasonably certain occurrence; therefore, only the current commit

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements [Abstract]
Fair Value Measurements	3. FAIR VALUE MEASUREMENTS Items Measured at Fair Value on a Recurring Basis — The Company’s asset retirement obligations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Other long-term liabilities in the Consolidated Balance Sheets. The fair value of the asset retirement obligations is calculated using a discounted cash flow model. Refer to Note 20 for discussion of the Company’s redeemable noncontrolling interests. Items Measured at Fair Value on a Nonrecurring Basis — The Company estimates the fair value of assets subject to impairment using a discounted cash flow ("DCF") (Level 3 input) analysis. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable earnings and trading multiples. The cash flows employed in the DCF analysis are based on estimates of future revenues, earnings, and cash flows after considering factors such as tower location demographics, timing of additions of new tenants, lease rates, rate and term of renewal, attrition, ongoing cash requirements, and market multiples. Each of the assumptions are applied based on the specific facts and circumstances of the identified assets at the lowest level of identifiable cash flows. The DCF analysis used an average discount rate ranging from 7.5 %- 8.8 %. Asset impairment and decommission costs for all periods presented and the related impaired assets primarily relate to the Company’s site leasing operating segment. The following summarizes the activity of asset impairment and decommission costs (in thousands): For the year ended December 31, 2024 2023 2022 Asset impairment (1) $ 73,848 $ 139,466 $ 34,734 Write-off of carrying value of decommissioned towers 15,452 12,015 8,095 Other (including tower and equipment decommission costs) 18,625 17,906 331 Total asset impairment and decommission costs $ 107,925 $ 169,387 $ 43,160 (1) Represents impairment charges resulting from the Company’s regular analysis of whether the anticipated future cash flows from certain towers are sufficient to recover the carrying value of the investment in those towers. Impairment charges for the year ended December 31, 2023 includes the impact of the planned abandonment of identified sites with minimal expectations of future economic benefit (primarily from Sprint and Oi related churn), partially offset by a $ 45.1 million benefit from the reassessment of the lease terms. The reassessment resulted in an overall shortening of the lease term and a reduction to the lease liability and right-of-use asset. The Company’s long-term investments were $ 20.8 million and $ 24.5 million as of December 31, 2024 and 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 not recognize any impairment loss associated with its investments during the year ended December 31, 2024. During the years December 31, 2023 and 2022, the Company recognized an impairment loss of $ 4.7 million and $ 0.9 million, respectively, associated with its investments. Fair Value of Financial Instruments — The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments. The Company’s estimate of its short-term investments is based primarily upon Level 1 reported market values. As of December 31, 2024 and 2023, the Company had $ 254.5 million and $ 1.0 million of short-term investments, respectively. The Company purchased $ 1.8 billion and sold $ 1.5 billion of short-term investments during the year ended December 31, 2024. The Company purchased and sold $ 1.3 billion and $ 0.9 billion of short-term investments during the years ended December 31, 2023 and 2022, respectively. The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the Company does not believe its credit risk has changed materially from the date the applicable Term SOFR Rate was set for the Revolving Credit Facility ( 112.5 to 150.0 basis points). Refer to Note 11 for the fair values, principal balances, and carrying values of the Company’s debt instruments. For discussion of the Company’s derivatives and hedging activities, refer to Note 2 and Note 21.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	12 Months Ended
	Dec. 31, 2024
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Cash, Cash Equivalents, and Restricted Cash	4. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH The cash, cash equivalents, and restricted cash balances on the Consolidated Statements of Cash Flows consist of the following: As of As of As of December 31, 2024 December 31, 2023 December 31, 2022 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 189,841 $ 208,547 $ 143,708 Cash and cash equivalents Securitization escrow accounts 1,200,025 31,852 35,820 Restricted cash - current asset Payment, performance bonds, and other 6,628 6,277 6,139 Restricted cash - current asset Surety bonds and workers compensation 4,163 4,270 3,616 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 1,400,657 $ 250,946 $ 189,283 Pursuant to the terms of the Tower Securities (see Note 11), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes, and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 11) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets. Additionally, securitization escrow accounts include $ 1.165 billion held as of December 31, 2024 which was utilized to repay the 2019-1C Tower Securities on January 15, 2025. Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Other restricted cash includes $ 6.4 million and $ 6.1 million held in escrow as of December 31, 2024 and 2023, respectively, related to the Company’s acquisition activities. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of December 31, 2024 and 2023, the Company had $ 42.5 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 December 31, 2024 and 2023, the Company had pledged $ 2.5 million and $ 2.4 million, respectively, as collateral related to its workers’ compensation policy.

Costs and Estimated Earnings on

Costs and Estimated Earnings on Uncompleted Contracts	12 Months Ended
	Dec. 31, 2024
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Costs and Estimated Earnings on Uncompleted Contracts	5. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following: As of As of December 31, 2024 December 31, 2023 (in thousands) Costs incurred on uncompleted contracts $ 74,474 $ 98,674 Estimated earnings 31,514 64,589 Billings to date ( 92,082 ) ( 152,608 ) $ 13,906 $ 10,655 These amounts are included in the Consolidated Balance Sheets under the following captions: As of As of December 31, 2024 December 31, 2023 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 19,198 $ 16,252 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) ( 5,292 ) ( 5,597 ) $ 13,906 $ 10,655 At December 31, 2024 and 2023, the two largest customers comprised 89.0 % 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	12 Months Ended
	Dec. 31, 2024
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]
Prepaid Expenses and Other Current Assets and Other Assets	6. PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETS The Company’s prepaid expenses and other current assets are comprised of the following: As of As of December 31, 2024 December 31, 2023 (in thousands) Short-term investments $ 254,534 $ 1,046 Short-term loans receivable (1) 115,281 1,026 Prepaid real estate taxes 3,564 3,522 Interest receivable 4,359 2,102 Prepaid insurance 1,704 1,522 Prepaid taxes 11,496 9,064 Prepaid ground rent 3,638 3,712 Other current assets 22,757 16,599 Total prepaid expenses and other current assets $ 417,333 $ 38,593 The Company’s other assets are comprised of the following: As of As of December 31, 2024 December 31, 2023 (in thousands) Straight-line rent receivable $ 417,572 $ 415,100 Interest rate swap asset (2) 50,589 104,674 Loans receivable (1) 59,326 148,104 Deferred lease costs, net 8,836 8,713 Deferred tax asset - long term 53,974 67,473 Long-term investments 20,779 24,540 Other 46,021 43,872 Total other assets $ 657,097 $ 812,476 (1) On March 17, 2023 (as amended through February 18, 2025), the Company entered into a loan agreement with one of its unconsolidated joint ventures (“the Investee”). As part of the loan agreement, as amended, 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 March 7, 2025. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. The loans are collateralized by equity securities in the Investee. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. The outstanding principal balance of the loan was $ 115.0 million and $ 100.5 million as of December 31, 2024 and 2023, respectively. The loan was included within Short-term loans receivable and Loans receivable as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the loan was accruing interest at a blended rate of 9.303 %. (2) Refer to Note 21 for more information on the Company’s interest rate swaps.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2024
Acquisitions [Abstract]
Acquisitions	7 . ACQUISITIONS The following table summarizes the Company’s acquisition activity: For the year ended December 31, 2024 2023 2022 Tower acquisitions (number of towers) 186 91 4,790 The following table summarizes the Company’s cash acquisition capital expenditures: For the year ended December 31, 2024 2023 2022 (in thousands) Acquisitions of towers and related assets (1)(2) $ 243,635 $ 86,686 $ 1,092,462 Land buyouts and other assets (3)(4) 56,176 43,275 83,630 Total cash acquisition capital expenditures $ 299,811 $ 129,961 $ 1,176,092 (1) During the year ended December 31, 2022, the Company closed on 1,445 sites from Airtel Tanzania for $ 176.1 million. (2) During the year ended December 31, 2022, the Company acquired 2,632 sites from GTS in Brazil for $ 728.2 million, net of working capital adjustments. (3) Excludes $ 24.9 million, $ 17.6 million, and $ 17.9 million spent to extend ground lease terms for the years ended December 31, 2024, 2023, and 2022, respectively. (4) The year ended December 31, 2022 includes amounts paid related to the acquisition of a data center. During the years ended December 31, 2024, 2023, and 2022, the Company acquired 186 , 91 , and 4,790 towers and related assets and liabilities, respectively. The table below summarizes the Company's acquisition of towers and related assets, by asset class: For the year ended December 31, 2024 2023 2022 (1) (in thousands) Property and equipment, net $ 28,730 $ 18,762 $ 148,303 Intangible assets, net 217,388 66,616 351,967 Operating lease right-of-use assets, net 28,505 15,863 173,796 Acquired and other right-of-use assets, net 68 3,744 567,303 Acquisition related holdbacks ( 5,231 ) ( 2,541 ) ( 24,280 ) Long-term lease liabilities ( 21,399 ) ( 13,458 ) ( 124,872 ) Other (liabilities) assets assumed, net ( 4,426 ) ( 2,300 ) 245 Total acquisitions of towers and related assets $ 243,635 $ 86,686 $ 1,092,462 (1) These amounts include the purchase price allocation for GTS consisting of $ 23.8 million of property and equipment, net, $ 142.2 million of intangible assets, net, $ 48.8 million of operating lease right-of-use assets, net, $ 529.3 million of acquired and other right-of-use assets, net, $ 18.3 million of long-term lease liabilities, and $ 2.4 million of other net assets assumed. In the year ended December 31, 2024, the Company concluded that for all of its acquisitions, substantially all of the value of its tower acquisitions is concentrated in a group of similar identifiable assets. During the fourth quarter of 2024, the Company entered into an agreement to purchase over 7,000 communication sites in Central America from Millicom International Cellular S.A. (“Millicom”) for approximately $ 975.0 million in cash. These sites are located in Guatemala, Honduras, Panama, El Salvador, and Nicaragua, with significantly all cash flows denominated in USD. Upon closing, Millicom will enter into country-specific master lease agreements (“MLAs”) to lease back space on all acquired sites for an initial term of 15 years. The MLAs will also incorporate an extension to the Company’s approximately 1,500 existing site leases with Millicom for a new 15 -year term. Additionally, as part of the purchase agreement, the Company has agreed to a seven-year exclusivity right with Millicom to build up to 2,500 build-to-suit sites in Central America for Millicom with new leases on any sites built having an initial lease term of 15 years. This transaction has an estimated closing date of September 1, 2025; however, the ultimate closing is dependent upon regulatory approvals and other requirements and may differ from this date. In addition to the Millicom transaction, subsequent to December 31, 2024, the Company purchased or is under contract to purchase 32 communication sites for an aggregate consideration of $ 14.6 million in cash. The Company anticipates that these acquisitions will be closed by the end of the second quarter of 2025. The maximum potential obligation related to contingent consideration for acquisitions were $ 12.1 million and $ 17.9 million as of December 31, 2024 and 2023, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2024
Property and Equipment, Net [Abstract]
Property and Equipment, Net	8. PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: As of As of December 31, 2024 December 31, 2023 (in thousands) Towers and related assets $ 5,902,092 $ 5,836,485 Construction-in-process (1) 72,202 105,627 Furniture, equipment, and vehicles 84,629 76,031 Land, buildings, and improvements (2) 1,013,253 941,358 Total property and equipment 7,072,176 6,959,501 Less: accumulated depreciation ( 4,280,092 ) ( 4,247,782 ) Property and equipment, net $ 2,792,084 $ 2,711,719 (1) 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. (2) Includes amounts related to the Company’s data centers. Depreciation expense was $ 116.3 million, $ 272.3 million, and $ 274.0 million for the years ended December 31, 2024, 2023, and 2022, 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 year ended December 31, 2024 when compared to the prior year. At December 31, 2024 and 2023, unpaid capital expenditures that are included in accounts payable and accrued expenses were $ 14.6 million and $ 6.5 million, respectively.

Intangible Assets, Net

Intangible Assets, Net	12 Months Ended
	Dec. 31, 2024
Intangible Assets, Net [Abstract]
Intangible Assets, Net	9. INTANGIBLE ASSETS, NET The following table provides the gross and net carrying amounts for each major class of intangible assets: As of December 31, 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 $ 5,164,263 $ ( 3,338,705 ) $ 1,825,558 $ 5,253,563 $ ( 3,394,009 ) $ 1,859,554 Network location intangibles 1,896,754 ( 1,333,605 ) 563,149 1,926,226 ( 1,330,183 ) 596,043 Intangible assets, net $ 7,061,017 $ ( 4,672,310 ) $ 2,388,707 $ 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 $ 107.1 million, $ 397.0 million, and $ 406.0 million for the years ended December 31, 2024, 2023, and 2022, respectively. As a result of the Company’s revision of the estimated useful lives of its towers, the Company experienced decreased amortization expense for the year ended December 31, 2024 when compared to the prior years. Estimated amortization expense on the Company’s intangibles assets is as follows: For the year ended December 31, (in thousands) 2025 $ 106,371 2026 106,198 2027 106,177 2028 106,166 2029 106,166

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2024
Accrued Expenses [Abstract]
Accrued Expenses	10. ACCRUED EXPENSES The Company’s accrued expenses are comprised of the following: As of As of December 31, 2024 December 31, 2023 (in thousands) Salaries and benefits $ 24,996 $ 25,630 Real estate and property taxes 7,204 7,149 Unpaid capital expenditures 14,581 6,477 Acquisition related holdbacks 10,896 16,100 Other 24,300 37,266 Total accrued expenses $ 81,977 $ 92,622

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt [Abstract]
Debt	11. DEBT The principal values, fair values, and carrying values of debt consist of the following (in thousands): As of As of December 31, 2024 December 31, 2023 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value Revolving Credit Facility Jan. 25, 2029 $ — $ — $ — $ 180,000 $ 180,000 $ 180,000 2018 Term Loan Apr. 11, 2025 — — — 2,268,000 2,273,670 2,263,343 2024 Term Loan Jan. 25, 2031 2,282,750 2,282,750 2,260,217 — — — 2014-2C Tower Securities (1) Oct. 8, 2024 — — — 620,000 606,540 619,145 2019-1C Tower Securities (1)(2) Jan. 12, 2025 1,165,000 1,128,803 1,164,913 1,165,000 1,115,313 1,162,348 2020-1C Tower Securities (1) Jan. 9, 2026 750,000 726,038 748,425 750,000 682,350 746,937 2020-2C Tower Securities (1) Jan. 11, 2028 600,000 516,342 597,273 600,000 520,530 596,419 2021-1C Tower Securities (1) Nov. 9, 2026 1,165,000 1,008,331 1,160,436 1,165,000 1,015,437 1,158,059 2021-2C Tower Securities (1) Apr. 9, 2027 895,000 763,757 890,896 895,000 772,125 889,152 2021-3C Tower Securities (1) Oct. 9, 2031 895,000 679,144 888,260 895,000 686,581 887,365 2022-1C Tower Securities (1) Jan. 11, 2028 850,000 878,475 843,321 850,000 850,221 841,429 2024-1C Tower Securities (1) Oct. 9, 2029 1,450,000 1,453,292 1,437,978 — — — 2024-2C Tower Securities (1) Oct. 8, 2027 620,000 618,698 615,017 — — — 2020 Senior Notes Feb. 15, 2027 1,500,000 1,440,270 1,493,039 1,500,000 1,438,815 1,489,965 2021 Senior Notes Feb. 1, 2029 1,500,000 1,353,750 1,491,963 1,500,000 1,338,750 1,490,153 Total debt $ 13,672,750 $ 12,849,650 $ 13,591,738 $ 12,388,000 $ 11,480,332 $ 12,324,315 Less: current maturities of long-term debt ( 1,187,913 ) ( 643,145 ) Total long-term debt, net of current maturities $ 12,403,825 $ 11,681,170 (1) The maturity date represents the anticipated repayment date for each issuance. (2) On January 15, 2025, the Company repaid the aggregate principal amount of the 2019-1C Tower Securities which was included in current maturities of long-term debt as of December 31, 2024. The Company’s future principal payment obligations over the next five years (based on the outstanding debt as of December 31, 2024 and assuming the Tower Securities are repaid at their respective anticipated repayment dates) are as follows: For the year ended December 31, (in thousands) 2025 $ 1,188,000 2026 1,938,000 2027 3,038,000 2028 1,473,000 2029 2,973,000 The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented: For the year ended December 31, Interest 2024 2023 2022 Rates as of Cash Non-cash Cash Non-cash Cash Non-cash December 31, 2024 Interest Interest Interest Interest Interest Interest (in thousands) Revolving Credit Facility 5.407 % $ 8,603 $ — $ 29,223 $ — $ 21,862 $ — 2018 Term Loan — 3,253 1,867 60,622 30,508 50,052 45,756 2024 Term Loan (1) 2.428 % 60,252 25,121 — — — — 2014-2C Tower Securities 3.869 % 18,810 — 24,185 — 24,185 — 2018-1C Tower Securities 3.448 % — — — — 21,291 — 2019-1C Tower Securities 2.836 % 33,428 — 33,428 — 33,428 — 2020-1C Tower Securities 1.884 % 14,391 — 14,391 — 14,391 — 2020-2C Tower Securities 2.328 % 14,159 — 14,159 — 14,159 — 2021-1C Tower Securities 1.631 % 19,419 — 19,419 — 19,419 — 2021-2C Tower Securities 1.840 % 16,782 — 16,782 — 16,782 — 2021-3C Tower Securities 2.593 % 23,492 — 23,492 — 23,492 — 2022-1C Tower Securities 6.599 % 56,375 — 56,375 — 5,961 — 2024-1C Tower Securities 4.831 % 15,677 — — — — — 2024-2C Tower Securities (2) 4.654 % 7,091 — — — — — 2020 Senior Notes 3.875 % 58,125 383 58,125 367 58,125 353 2021 Senior Notes 3.125 % 46,875 — 46,875 — 46,875 — Other 3,046 290 3,297 4,993 3,762 — Total $ 399,778 $ 27,661 $ 400,373 $ 35,868 $ 353,784 $ 46,109 (1) The 2024 Term Loan has a blended rate of 2.428 %, 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 6.110 % as of December 31, 2024. Refer to Note 21 for more information on the Company’s interest rate swap. (2) The 2024-2C Tower Securities has an all-in fixed rate of 4.654 %, which includes the impact of the Company’s treasury lock agreement. Excluding the impact of the treasury lock agreement, the 2024-2C Tower Securities accrues interest at 5.115 %. Refer to Note 21 for more information on the Company’s treasury lock agreement. The Senior Credit Agreement On January 25, 2024, the Company, through its wholly owned subsidiary SBA Senior Finance II, amended and restated its Senior Credit Agreement to (1) issue a new $ 2.3 billion Term Loan, (2) increase the total commitments under its Revolving Credit Facility from $ 1.5 billion to $ 1.75 billion, (3) extend the maturity date of its Revolving Credit Facility to January 25, 2029, and (4) amend certain other terms and conditions under the Senior Credit Agreement. On February 23, 2024 the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC, further increased the total commitments under the Revolving Credit Facility from $ 1.75 billion to $ 2.0 billion. On October 2, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II, amended its Senior Credit Agreement to (1) reduce the stated rate of interest of the Initial Term Loans from, at SBA Senior Finance II’s election, the Base Rate plus 100 basis points or Term SOFR plus 200 basis points to, at SBA Senior Finance II’s election, the Base Rate plus 75 basis points or Term SOFR plus 175 basis points, and (2) amend certain other terms and conditions under the Senior Credit Agreement. Terms of the Senior Credit Agreement The Senior Credit Agreement requires SBA Senior Finance II to maintain specific financial ratios, including (1) a ratio of Consolidated Net Debt to Annualized Borrower EBITDA not to exceed 6.5 times for any fiscal quarter, (2) a ratio of Consolidated Net Debt (calculated in accordance with the Senior Credit Agreement) to Annualized Borrower EBITDA for the most recently ended fiscal quarter not to exceed 6.5 times for 30 consecutive days and (3) a ratio of Annualized Borrower EBITDA to Annualized Cash Interest Expense (calculated in accordance with the Senior Credit Agreement) of not less than 2.0 times for any fiscal quarter. The Senior Credit Agreement contains customary affirmative and negative covenants that, among other things, limit the ability of SBA Senior Finance II and its subsidiaries to incur indebtedness, grant certain liens, make certain investments, enter into sale leaseback transactions, merge or consolidate, make certain restricted payments, enter into transactions with affiliates, and engage in certain asset dispositions, including a sale of all or substantially all of their property. The Senior Credit Agreement is also subject to customary events of default. Pursuant to the Second Amended and Restated Guarantee and Collateral Agreement, amounts borrowed under the Revolving Credit Facility, the Term Loans and certain hedging transactions that may be entered into by SBA Senior Finance II or the Subsidiary Guarantors (as defined in the Senior Credit Agreement) with lenders or their affiliates are secured by a first lien on the membership interests of SBA Telecommunications, LLC, SBA Senior Finance, LLC and SBA Senior Finance II and on substantially all of the assets (other than leasehold, easement and fee interests in real property) of SBA Senior Finance II and the Subsidiary Guarantors. The Senior Credit Agreement permits SBA Senior Finance II, without the consent of the other lenders, to request that one or more lenders provide SBA Senior Finance II with increases in the Revolving Credit Facility or additional term loans provided that after giving effect to the proposed increase in Revolving Credit Facility commitments or incremental term loans the ratio of Consolidated Net Debt to Annualized Borrower EBITDA would not exceed 6.5 times. SBA Senior Finance II’s ability to request such increases in the Revolving Credit Facility or additional term loans is subject to its compliance with customary conditions set forth in the Senior Credit Agreement including compliance, on a pro forma basis, with the financial covenants and ratios set forth therein and, with respect to any additional term loan, an increase in the margin on existing term loans to the extent required by the terms of the Senior Credit Agreement. Upon SBA Senior Finance II’s request, each lender may decide, in its sole discretion, whether to increase all or a portion of its Revolving Credit Facility commitment or whether to provide SBA Senior Finance II with additional term loans and, if so, upon what terms. As of December 31, 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 December 31, 2024 (1) December 31, 2024 (2) Revolving Credit Facility 5.407 % 0.140 % (1) (1) The rate reflected includes a 0.050 % reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 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 years ended December 31, 2024 and 2023 (in thousands): For the year ended December 31, 2024 2023 Beginning outstanding balance $ 180,000 $ 720,000 Borrowings 370,000 190,000 Repayments ( 550,000 ) ( 730,000 ) Ending outstanding balance $ — $ 180,000 Subsequent to December 31, 2024, the Company made no borrowings from the Revolving Credit Facility. 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 (the “2024 Term Loan”) under the amended and restated Senior Credit Agreement. The 2024 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $ 2.3 billion that matures on January 25, 2031 . The 2024 Term Loan (as amended on October 2, 2024) accrues interest, at SBA Senior Finance II's election, at either the Base Rate (with a zero Base Rate floor) plus 75 basis points or at Term SOFR (with a floor of 0 %) plus 175 basis points. The 2024 Term Loan was issued at 99.75 % of par value. The proceeds from the 2024 Term Loan were used to retire the 2018 Term Loan and to pay related fees and expenses. Principal payments on the 2024 Term Loan will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $ 5.75 million. The Company incurred financing fees of approximately $ 19.4 million in relation to this transaction, which are being amortized through the maturity date. During the year ended December 31, 2024, the Company repaid an aggregate of $ 17.3 million of principal on the 2024 Term Loan. As of December 31, 2024, the 2024 Term Loan had a principal balance of $ 2.3 billion. 2018 Term Loan The 2018 Term Loan consisted of a senior secured term loan with an initial aggregate principal amount of $ 2.4 billion that was set to mature on April 11, 2025 . The 2018 Term Loan accrued interest, at SBA Senior Finance II’s election at either the Base Rate plus 75 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 175 basis points (with a zero Eurodollar Rate floor). On January 25, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II, retired the 2018 Term Loan. In connection with the repayment, the Company expensed $ 3.3 million of net deferred financing fees and $ 1.2 million of original issuance discount related to the debt. Secured Tower Revenue Securities Tower Revenue Securities Terms As of December 31, 2024, the Company, through a New York common law trust (the “Trust”), had issued and outstanding an aggregate of $ 8.4 billion of Secured Tower Revenue Securities (“Tower Securities”). The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of certain of the Company’s subsidiaries that are borrowers on the mortgage loan (the “Borrowers”) under which there is a loan tranche for each Tower Security outstanding with the same interest rate and maturity date as the corresponding Tower Security. The mortgage loan will be paid from the operating cash flows from the aggregate 9,516 tower sites owned by the Borrowers as of December 31, 2024. The mortgage loan is secured by (1) mortgages, deeds of trust, and deeds to secure debt on a substantial portion of the tower sites, (2) a security interest in the tower sites and substantially all of the Borrowers’ personal property and fixtures, (3) the Borrowers’ rights under certain tenant leases, and (4) all of the proceeds of the foregoing. For each calendar month, SBA Network Management, Inc., an indirect subsidiary (“Network Management”), is entitled to receive a management fee equal to 4.5 % of the Borrowers’ operating revenues for the immediately preceding calendar month. The Borrowers may prepay any of the mortgage loan components, in whole or in part, with no prepayment consideration, (1) within six months (in the case of the component corresponding to the 2024-2C Tower Securities), within twelve months (in the case of the component corresponding to the 2019-1C Tower Securities, 2020-1C Tower Securities, 2021-1C Tower Securities, 2021-2C Tower Securities, and 2022-1C Tower Securities ), eighteen months (in the case of the components corresponding to the 2020-2C Tower Securities and 2021-3C Tower Securities ), or twenty-four months (in the case of the component corresponding to the 2024-1C Tower Security) of the anticipated repayment date of such mortgage loan component, (2) with proceeds received as a result of any condemnation or casualty of any tower owned by the Borrowers or (3) during an amortization period. In all other circumstances, the Borrowers may prepay the mortgage loan, in whole or in part, upon payment of the applicable prepayment consideration. The prepayment consideration is determined based on the class of the Tower Securities to which the prepaid mortgage loan component corresponds and consists of an amount equal to the net present value associated with the portion of the principal balance being prepaid and calculated in accordance with the formula set forth in the mortgage loan agreement. To the extent that the mortgage loan components corresponding to the Tower Securities are not fully repaid by their respective anticipated repayment dates, the interest rate of each such component will increase by the greater of (1) 5 % and (2) the amount, if any, by which the sum of (x) the 10 year U.S. treasury rate plus (y) the credit-based spread for such component (as set forth in the mortgage loan agreement) plus (z) 5 %, exceeds the original interest rate for such component. Pursuant to the terms of the Tower Securities, all rents and other sums due on any of the towers owned by the Borrowers are directly deposited by the lessees into a controlled deposit account and are held by the indenture trustee. The monies held by the indenture trustee after the release date are classified as short-term restricted cash on the Consolidated Balance Sheets (see Note 4). However, if the Debt Service Coverage Ratio, defined as the net cash flow (as defined in the mortgage loan agreement) divided by the amount of interest on the mortgage loan, servicing fees and trustee fees that the Borrowers are required to pay over the succeeding twelve months, as of the end of any calendar quarter, falls to 1.30 x or lower, then all cash flow in excess of amounts required to make debt service payments, to fund required reserves, to pay management fees and budgeted operating expenses and to make other payments required under the loan documents, referred to as “excess cash flow,” will be deposited into a reserve account instead of being released to the Borrowers. The funds in the reserve account will not be released to the Borrowers unless the Debt Service Coverage Ratio exceeds 1.30 x for two consecutive calendar quarters. If the Debt Service Coverage Ratio falls below 1.15 x as of the end of any calendar quarter, then an “amortization period” will commence and all funds on deposit in the reserve account will be applied to prepay the mortgage loan until such time that the Debt Service Coverage Ratio exceeds 1.15 x for a calendar quarter. In addition, if any of the Tower Securities are not fully repaid by their respective anticipated repayment dates, the cash flow from the towers owned by the Borrowers will be trapped by the trustee for the Tower Securities and applied first to repay the interest, at the original interest rates, on the mortgage loan components underlying the Tower Securities, second to fund all reserve accounts and operating expenses associated with those towers, third to pay the management fees due to Network Management, fourth to repay principal of the Tower Securities and fifth to repay the additional interest discussed above. Furthermore, the advance rents reserve requirement states that the Borrowers are required to maintain an advance rents reserve at any time the monthly tenant Debt Service Coverage Ratio is equal to or less than 2 :1 and for two calendar months after such coverage ratio again exceeds 2 :1. The mortgage loan agreement, as amended, also includes covenants customary for mortgage loans subject to rated securitizations. Among other things, the Borrowers are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets. The table below sets forth the material terms of the Company’s outstanding Tower Securities as of December 31, 2024: Security (1) Issue Date Amount Outstanding (in millions) Interest Rate (2) Anticipated Repayment Date Final Maturity Date 2019-1C Tower Securities (3) Sep. 13, 2019 $ 1,165.0 2.836 % Jan. 12, 2025 Jan. 12, 2050 2020-1C Tower Securities Jul. 14, 2020 $ 750.0 1.884 % Jan. 9, 2026 Jul. 11, 2050 2020-2C Tower Securities Jul. 14, 2020 $ 600.0 2.328 % Jan. 11, 2028 Jul. 9, 2052 2021-1C Tower Securities May 14, 2021 $ 1,165.0 1.631 % Nov. 9, 2026 May 9, 2051 2021-2C Tower Securities Oct. 27, 2021 $ 895.0 1.840 % Apr. 9, 2027 Oct. 10, 2051 2021-3C Tower Securities Oct. 27, 2021 $ 895.0 2.593 % Oct. 9, 2031 Oct. 10, 2056 2022-1C Tower Securities Nov. 23, 2022 $ 850.0 6.599 % Jan. 11, 2028 Nov. 9, 2052 2024-1C Tower Securities (3) Oct. 11, 2024 $ 1,450.0 4.831 % Oct. 9, 2029 Oct. 8, 2054 2024-2C Tower Securities (4)(5) Oct. 11, 2024 $ 620.0 4.654 % Oct. 8, 2027 Oct. 8, 2054 (1) The Company incurred $ 12.8 million, $ 8.0 million, $ 6.4 million, $ 12.9 million, $ 9.5 million, $ 9.5 million, $ 10.5 million, $ 12.5 million, and $ 5.4 million in financing fees relating to the issuances of the 2019-1C Tower Securities, 2020-1C Tower Securities, 2020-2C Tower Securities, 2021-1C Tower Securities, 2021-2C Tower Securities, 2021-3C Tower Securities, 2022-1C Tower Securities, 2024-1C Tower Securities, and 2024-2C Tower Securities, respectively. The financing fees are being amortized through the anticipated repayment date of the related Tower Security. (2) Interest paid monthly. (3) The Company used the proceeds from the issuance of the 2024-1C Tower Securities to repay the entire aggregate principal amount of the 2019-1C Tower Securities ($ 1,165.0 million) and the 2019-1R Tower Securities ($ 61.4 million) on January 15, 2025. (4) Net proceeds from this issuance were used to repay the entire aggregate principal amount of the 2014-2C Tower Securities ($ 620.0 million). (5) The interest rate reflected is the all-in interest rate including the impact of the Company’s treasury lock agreement. The table below sets forth the material terms of the Company’s Tower Securities that were repaid during the years ended December 31, 2024, 2023, and 2022: Security (1) Issue Date Amount Outstanding (in millions) Interest Rate (2) Anticipated Repayment Date Actual Repayment Date 2018-1C Tower Securities Mar. 9, 2018 $ 640.0 3.448 % Mar. 9, 2023 Dec. 15, 2022 2014-2C Tower Securities Oct. 15, 2014 $ 620.0 3.869 % Oct. 8, 2024 Oct. 8, 2024 (1) The Company incurred $ 8.6 million and $ 9.0 million in financing fees relating to the issuances of the 2018-1C Tower Securities and the 2014-2C Tower Securities, respectively, which were being amortized through the anticipated repayment date of the related Tower Security. In addition, the Company incurred $ 0.4 million and $ 0.2 million of deferred financing fees and accrued interest related to the repayment of the 2018-1C Tower Securities and 2014-2C Tower Securities, respectively, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations. (2) Interest was paid monthly. Risk Retention Tower Securities The table below sets forth the material terms of the Company’s outstanding Risk Retention Tower Securities as of December 31, 2024: Security Issue Date Amount Outstanding (in millions) Interest Rate (1) Anticipated Repayment Date Final Maturity Date 2019-1R Tower Securities (2) Sep. 13, 2019 $ 61.4 4.213 % Jan. 12, 2025 Jan. 12, 2050 2020-2R Tower Securities Jul. 14, 2020 $ 71.1 4.336 % Jan. 11, 2028 Jul. 9, 2052 2021-1R Tower Securities May 14, 2021 $ 61.4 3.598 % Nov. 9, 2026 May 9, 2051 2021-3R Tower Securities Oct. 27, 2021 $ 94.3 4.090 % Oct. 9, 2031 Oct. 10, 2056 2022-1R Tower Securities Nov. 23, 2022 $ 44.8 7.870 % Jan. 11, 2028 Nov. 9, 2052 2024-1R Tower Securities Oct. 11, 2024 $ 108.7 6.252 % Oct. 9, 2029 Oct. 8, 2054 (1) Interest paid monthly. (2) The 2019-1R Tower Securities were retired on January 15, 2025. To satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased the Risk Retention Tower Securities. Principal and interest payments made on the 2019-1R Tower Securities, 2020-2R Tower Securities, 2021-1R Tower Securities, 2021-3R Tower Securities, 2022-1R Tower Securities, and 2024-1R Tower Securities eliminate in consolidation. The table below sets forth the material terms of the Company’s Risk Retention Tower Securities that were repaid during the years ended December 31, 2024, 2023, and 2022: Security Issue Date Amount Outstanding (in millions) Interest Rate (1) Anticipated Repayment Date Actual Repayment Date 2018-1R Tower Securities Mar. 9, 2018 $ 33.7 4.949 % Mar. 9, 2023 Dec. 15, 2022 (1) Interest was paid monthly. To satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased the Risk Retention Tower Securities. Principal and interest payments made on the 2018-1R Tower Securities eliminated in consolidation. Debt Covenants As of December 31, 2024, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. Senior Notes Indentures Governing Senior Notes The Indentures governing the Senior Notes contain customary covenants, subject to a number of exceptions and qualifications, including restrictions on the ability of SBAC and Telecommunications to (1) incur additional indebtedness unless the Consolidated Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio (as defined in the Indenture), pro forma for the additional indebtedness does not exceed, with respect to any fiscal quarter, 9.5 x for SBAC, (2) merge, consolidate, or sell assets, (3) make restricted payments, including dividends or other distributions, (4) enter into transactions with affiliates, and (5) enter into sale and leaseback transactions and restrictions on the ability of the Restricted Subsidiaries of SBAC (as defined in the Indentures) to incur liens securing indebtedness. The table below sets forth the material terms of the Company’s outstanding senior notes as of December 31, 2024 : Senior Notes (1) Issue Date Amount Outstanding (in millions) Interest Rate Coupon Maturity Date Interest Due Dates 2020 Senior Notes Feb. 4, 2020 $ 1,500.0 3.875 % Feb. 15, 2027 Feb. 15 & Aug. 15 2021 Senior Notes Jan. 29, 2021 $ 1,500.0 3.125 % Feb. 1, 2029 Feb. 1 & Aug. 1 (1) The Company incurred $ 18.0 million and $ 14.8 million in financing fees in relation to the issuance of the 2020 Senior Notes and 2021 Senior Notes, respectively. The financing fees are being amortized through the maturity date of the related senior note. Each of the senior notes is subject to redemption, at the Company’s option, in whole or in part on or after the date set forth above. During the subsequent three twelve-month periods, the senior notes are redeemable, at the Company’s option, at reducing redemption prices based on the applicable interest rate coupon (as set forth in the indenture) plus accrued and unpaid interest. Subsequent to such date, the senior notes become redeemable until maturity at 100% of the principal plus accrued and unpaid interest. The Company may redeem the 2020 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: February 15, 2025 until maturity at 100.000 %, of the principal amount of the 2020 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. The Company may redeem the 2021 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: February 1, 2025 at 100.781 % or February 1, 2026 until maturity at 100.000 %, of the principal amount of the 2021 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2024
Shareholders' Equity [Abstract]
Shareholders' Equity	12. SHAREHOLDERS’ EQUITY Common Stock Equivalents The Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 16). Registration of Additional Shares The Company filed a shelf registration statement on Form S-4 with the Securities and Exchange Commission registering 4.0 million shares of its Class A common stock in 2007. These shares may be issued in connection with acquisitions of wireless communication towers or antenna sites and related assets or companies that own wireless communication towers, antenna sites, or related assets. During the years ended December 31, 2024 and 2023, the Company did no t issue any shares of Class A common stock under this registration statement. As of December 31, 2024, the Company had approximately 1.2 million shares of Class A common stock remaining under this registration statement. 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 year ended December 31, 2024, the Company did no t issue any securities under its automatic shelf registration statement. On August 6, 2020, the Company filed a registration statement on Form S-8 with the Securities and Exchange Commission registering 3.4 million shares of the Company’s Class A common stock, consisting of 3.0 million shares of Class A common stock issuable under the 2020 Performance and Equity Incentive Plan (the “2020 Plan”) and 400,000 shares of Class A common stock subject to awards granted under the 2010 Performance and Equity Incentive Plan (the “2010 Plan”) that may become available for issuance or reissuance, as applicable, under the 2020 Plan if such awards are forfeited or are settled in cash or otherwise expire or terminate without the delivery of the shares (see Note 13). Stock Repurchases The Company’s Board of Directors authorizes the Company to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements, and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Shares repurchased are retired. On October 28, 2021, the Company’s Board of Directors authorized a $ 1.0 billion stock repurchase plan. As of the date of this filing, the Company had $ 204.7 million of authorization remaining under the plan. The following is a summary of the Company’s share repurchases: For the year ended December 31, 2024 2023 2022 Total number of shares purchased (in millions) (1) 0.9 0.5 1.3 Average price per share (1) $ 213.85 $ 197.89 $ 332.00 Total purchase price (in millions) (1) $ 200.0 $ 100.0 $ 431.6 (1) Amounts reflected are based on the trade date and differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date. Dividends As a REIT, the Company is required to distribute annually at least 90% of its REIT taxable income after the utilization of any available NOLs (determined before the deduction for dividends paid and excluding any net capital gain). As of December 31, 2024, $ 337.7 million of the federal NOLs are attributes of the REIT. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the Company’s NOLs have been fully utilized. The amount of future distributions will be determined, from time to time, by the Board of Directors to balance the Company’s goal of increasing long-term shareholder value and retaining sufficient cash to implement the Company’s current capital allocation policy, which prioritizes investment in quality assets that meet the Company’s return criteria, and then stock repurchases when the Company believes its stock price is below its intrinsic value. The actual amount, timing, and frequency of future dividends will be at the sole discretion of the Board of Directors and will be declared based upon various factors, many of which are beyond the Company’s control . For the year ended December 31, 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 (1) March 28, 2024 April 29, 2024 May 23, 2024 $ 0.98 $ 105.3 million June 18, 2024 July 28, 2024 August 22, 2024 $ 0.98 $ 105.3 million September 18, 2024 October 27, 2024 November 14, 2024 $ 0.98 $ 105.4 million December 12, 2024 (1) Amount reflected includes the payment of $ 1.9 million in dividend equivalents. Dividends paid in 2024 and 2023 were ordinary taxable dividends. Subsequent to December 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 February 23, 2025 March 13, 2025 $ 1.11 March 27, 2025

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Stock-Based Compensation [Abstract]
Stock-Based Compensation	13. STOCK-BASED COMPENSATION On February 25, 2020, the Company’s 2010 Plan expired by its terms. On May 14, 2020, the Company’s shareholders approved the 2020 Plan which provides for the issuance of up to 3.0 million shares of the Company’s Class A common stock (of which approximately 1.9 million shares remain available for future issuance as of December 31, 2024), plus additional shares of Class A common stock (a) subject to awards granted under the 2010 Plan that may become available for issuance or reissuance, as applicable, under the 2020 Plan if such awards are forfeited or are settled in cash or otherwise expire or terminate without the delivery of the shares or (b) which become issuable under the 2020 Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of outstanding shares of Class A common stock. Commencing with the 2020 equity award, the Company modified the type of equity granted to certain employees to align long-term compensation with Company performance. Under the new structure, the Company continued to issue RSUs; however, RSUs will now vest ratably over three years rather than four years. The Company further replaced stock options with PSUs which will cliff vest at the end of three year s. PSUs have performance metrics for which threshold, target, and maximum parameters are established at the time of the grant. The performance metrics are used to calculate the number of shares that will be issuable when the awards vest, which may range from zero to 200 % of the target amounts. At the end of each three year performance period, the number of shares that vest will depend on the results achieved against the pre-established performance metrics. Furthermore, effective with the 2020 grant, RSUs and PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect to shares that actually vest. Stock Options The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility, as well as to estimate the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model: For the year ended December 31, 2023 2022 Risk free interest rate 3.96 % 2.53 % Dividend yield 1.50 % 0.9 % Expected volatility 30.0 % 27.2 % Expected lives 4.4 years 4.3 years There were no options granted during the year ended December 31, 2024. The following table summarizes the Company’s activities with respect to its stock option plans for the years ended December 31, 2024, 2023 and 2022 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, 2021 1,899 $ 157.76 Granted 10 $ 328.99 Exercised ( 233 ) $ 141.41 Forfeited/canceled ( 3 ) $ 179.16 Outstanding at December 31, 2022 1,673 $ 161.02 Granted 20 $ 224.24 Exercised ( 339 ) $ 132.70 Forfeited/canceled ( 14 ) $ 238.10 Outstanding at December 31, 2023 1,340 $ 168.32 Exercised ( 250 ) $ 140.18 Forfeited/canceled ( 2 ) $ 197.91 Outstanding at December 31, 2024 1,088 $ 174.74 1.1 $ 33,420 Exercisable at December 31, 2024 1,066 $ 173.12 1.0 $ 33,420 Unvested at December 31, 2024 22 $ 252.81 8.1 $ — The weighted-average per share fair value of options granted during the years December 31, 2023 and 2022 was $ 58.95 and $ 82.28 , respectively. The total intrinsic value for options exercised during the years ended December 31, 2024, 2023, and 2022 was $ 19.5 million, $ 40.0 million, and $ 45.2 million, respectively. Cash received from option exercises under all plans for the years ended December 31, 2024, 2023, and 2022 was approximately $ 29.4 million, $ 38.6 million, and $ 31.6 million, respectively. The tax provision/(benefit) realized for the tax deductions from option exercises under all plans was $ 1.5 million, ($ 4.9 ) million, and ($ 18.4 ) million for the years ended December 31, 2024, 2023, and 2022, respectively. The aggregate intrinsic value for stock options in the preceding table represents the total intrinsic value based on the Company’s closing stock price of $ 203.80 as of December 31, 2024. The amount represents the total intrinsic value that would have been received by the holders of the stock-based awards had these awards been exercised and sold as of that date. Additional information regarding options outstanding and exercisable at December 31, 2024 is as follows: Options Outstanding Options Exercisable Weighted-Average Weighted- Weighted- Remaining Average Average Range Outstanding Contractual Life Exercise Price Exercisable Exercise Price (in thousands) (in years) (in thousands) $ 140.01 - $ 180.00 422 0.2 $ 156.52 422 $ 156.52 $ 180.01 - $ 230.00 654 1.6 $ 183.93 638 $ 182.92 $ 230.01 - $ 330.00 12 6.5 $ 320.14 6 $ 310.59 1,088 1,066 The following table summarizes the activity of options outstanding that had not yet vested: Weighted- Average Number Fair Value of Shares Per Share (in thousands) Unvested as of December 31, 2023 28 $ 65.61 Vested ( 6 ) $ 66.73 Unvested as of December 31, 2024 22 $ 65.31 As of December 31, 2024, the total unrecognized compensation expense related to unvested stock options outstanding under the Plans is $ 1.2 million. That cost is expected to be recognized over a weighted-average period of 3.0 years. The total fair value of options vested during 2024, 2023, and 2022 was $ 0.4 million, $ 8.7 million, and $ 15.9 million, respectively. Restricted Stock Units and Performance-Based Restricted Stock Units The following table summarizes the Company’s RSU and PSU activity for the year ended December 31, 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 272 $ 216.39 59 $ 291.51 PSU adjustment (2) — $ — 11 $ 236.63 Vested ( 121 ) $ 269.29 ( 155 ) $ 236.32 Forfeited/canceled ( 25 ) $ 236.33 ( 8 ) $ 315.38 Outstanding at December 31, 2024 393 $ 234.50 275 $ 314.52 (1) PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model. (2) PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date. Employee Stock Purchase Plan The Board of Directors of the Company adopted the 2018 Employee Stock Purchase Plan (“2018 Purchase Plan”) which reserved 300,000 shares of Class A common stock for purchase. The 2018 Purchase Plan permits eligible employee participants to purchase Class A common stock at a price per share which is equal to 85 % of the fair market value of Class A common stock on the last day of an offering period. For the years ended December 31, 2024 and 2023, 36,675 shares and 27,280 shares, respectively, of Class A common stock were issued under the 2018 Purchase Plan, which resulted in cash proceeds to the Company of approximately $ 6.6 million and $ 5.6 million, respectively. At December 31, 2024, 121,022 shares remained available for issuance under the 2018 Purchase Plan. In addition, the Company recorded $ 1.2 million, $ 1.0 million, and $ 1.2 million of non-cash compensation expense relating to the shares issued under the 2018 Purchase Plan for each of the years ended December 31, 2024, 2023, and 2022, respectively. Non-Cash Compensation Expense The table below reflects a breakout by category of the non-cash compensation expense amounts recognized on the Company’s Statements of Operations for the years ended December 31, 2024, 2023, and 2022, respectively: For the year ended December 31, 2024 2023 2022 (in thousands) Cost of revenues $ 2,737 $ 2,869 $ 2,490 Selling, general and administrative 71,637 85,050 97,419 Total cost of non-cash compensation included in income before provision for income taxes $ 74,374 $ 87,919 $ 99,909 In addition, the Company capitalized $ 1.6 million, $ 1.7 million, and $ 1.9 million of non-cash compensation for the years ended December 31, 2024, 2023, and 2022, respectively, to fixed assets.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Taxes [Abstract]
Income Taxes	14. INCOME TAXES A s discussed in Note 2, the Company began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2016. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) except to the extent offset by NOLs. In addition, the Company must meet a number of other organizational and operational requirements. It is management's intention to adhere to these requirements and maintain the Company's REIT status. Most states where the Company operates conform to the federal rules recognizing REITs. Certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company's REIT election; the TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly. A TRS is subject to federal and state income taxes on the income from these activities. A provision for taxes of the TRSs and of foreign branches of the REIT is included in its consolidated financial statements. Income (loss) before provision for income taxes by geographic area is as follows: For the year ended December 31, 2024 2023 2022 (in thousands) Domestic $ 797,774 $ 377,150 $ 438,116 Foreign ( 25,108 ) 171,353 87,727 Total $ 772,666 $ 548,503 $ 525,843 The provision for income taxes consists of the following components: For the year ended December 31, 2024 2023 2022 (in thousands) Current provision: State $ 2,758 $ 8,099 $ 6,115 Foreign 34,318 38,360 27,028 Total current 37,076 46,459 33,143 Deferred (benefit) provision for taxes: Federal 8,021 8,280 ( 6,856 ) State 1,458 1,431 ( 956 ) Foreign ( 26,540 ) 52,003 32,780 Change in valuation allowance 3,974 ( 57,085 ) 7,933 Total deferred ( 13,087 ) 4,629 32,901 Total provision for income taxes $ 23,989 $ 51,088 $ 66,044 A reconciliation of the provision for income taxes at the statutory U.S. Federal tax rate ( 21 %) and the effective income tax rate is as follows: For the year ended December 31, 2024 2023 2022 (in thousands) Statutory federal expense $ 162,260 $ 115,186 $ 110,427 Rate and permanent differences on non-U.S. earnings (1) ( 1,842 ) 31,722 20,996 State and local tax expense 3,543 9,288 5,585 REIT adjustment ( 163,795 ) ( 75,513 ) ( 86,670 ) Permanent differences 12,868 11,872 ( 3,257 ) Uncertain tax positions ( 293 ) 14,202 — Property, equipment, and intangible basis differences — — 8,471 Other 7,274 1,416 2,559 Valuation allowance 3,974 ( 57,085 ) 7,933 Provision for income taxes $ 23,989 $ 51,088 $ 66,044 (1) This item includes the effect of foreign exchange rate changes which were previously shown on a separate line. The components of the net noncurrent deferred income tax asset (liability) accounts are as follows: As of December 31, 2024 2023 (in thousands) Deferred tax assets: Net operating losses $ 30,942 $ 42,064 Property, equipment, and intangible basis differences 18,217 25,225 Accrued liabilities 14,892 14,945 Non-cash compensation 25,830 29,576 Operating lease liability 254,521 268,107 Deferred revenue 5,735 6,348 Allowance for doubtful accounts 2,854 2,735 Currency translation 64,881 14,467 Other 8,146 14,075 Valuation allowance ( 19,326 ) ( 16,115 ) Total deferred tax assets, net (1) 406,692 401,427 Deferred tax liabilities: Property, equipment, and intangible basis differences ( 171,763 ) ( 169,744 ) Right of use asset ( 240,300 ) ( 254,573 ) Straight-line rents ( 16,877 ) ( 19,029 ) Deferred foreign withholding taxes ( 8,950 ) ( 8,322 ) Other — ( 1,495 ) Total deferred tax liabilities, net (1) $ ( 31,198 ) $ ( 51,736 ) (1) Of these amounts, $ 53,974 and $ 85,172 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheets as of December 31, 2024. As of December 31, 2023, $ 67,473 and $ 119,209 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheet. A deferred tax asset is reduced by a valuation allowance if based on the weight of all available evidence, including both positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that the value of such assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The realization of deferred tax assets, including carryforwards and deductible temporary differences, depends upon the existence of sufficient taxable income of the same character during the carryback or carryforward period. All sources of taxable income available to realize the deferred tax asset, including the future reversal of existing temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in carryback years and tax-planning strategies, should be considered. The Company has recorded a valuation allowance for certain deferred tax assets as management believes that it is not “more-likely-than-not” that the Company will generate sufficient taxable income in future periods to recognize the assets. Valuation allowances of $ 19.3 million and $ 16.1 million were being carried to offset net deferred income tax assets as of December 31, 2024 and 2023, respectively. The net change in the valuation allowance for the years ended December 31, 2024 and 2023 was an increase of $ 3.2 million and a decrease of $ 57.4 million, respectively. The primary reason for the reduction in the valuation allowance in 2023 was the Company released the valuation allowance related to the deferred tax asset balance of the domestic TRS. The Company has available at December 31, 2024, a federal NOL carry-forward of approximately $ 377.9 million. $ 343.7 million of these NOL carry-forwards will expire between 2029 and 2037 , and $ 34.2 million have an indefinite carry-forward. As of December 31, 2024, $ 337.7 million of the federal NOLs are attributes of the REIT. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized. The Internal Revenue Code places limitations upon the future availability of NOLs based upon changes in the equity of the Company. If these occur, the ability of the Company to offset future income with existing NOLs may be limited. In addition, the Company has available at December 31, 2024, a foreign NOL carry-forward of $ 66.5 million and a net state operating tax loss carry-forward of approximately $ 225.6 million. These net operating tax loss carry-forwards began to expire in 2025 . The tax losses generated in tax years 2005 and forward remain subject to audit adjustment, and tax years 2017 and forward are op en to examination by the major jurisdictions in which the Company operates. The Company is subject to income tax and other taxes in the geographic areas where it holds assets or operates, and the Company periodically receives notifications of audits, assessments, or other actions by taxing authorities. In certain jurisdictions, taxing authorities may issue notices and assessments that may not be reflective of the actual tax liability for which the Company will ultimately be liable. In the process of responding to assessments of taxes that the Company believes are not reflective of the Company’s actual tax liability, the Company avails itself of both administrative and judicial remedies. The Company evaluates the circumstances of each notification or assessment based on the information available and, in those instances in which the Company does not anticipate a successful defense of positions taken in its tax filings, a liability is recorded in the appropriate amount based on the underlying assessment. The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return if applicable. As of December 31, 2024 and 2023, the total amount of unrecognized tax benefits are $ 13.9 million and $ 14.2 million, respectively, all of which would impact the effective rate if recognized. The Company expects the unrecognized tax benefits to change over the next 12 months if the applicable statute of limitations expire and the impact could range from zero to $ 3.0 million. For the period ended December 31, 2024 the Company recorded penalties and interest expense related to unrecognized tax benefits of $ 0.3 million as interest expense. A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows: For the year ended December 31, 2024 2023 2022 (in millions) Balance, January 1, $ 14,202 $ — $ — Additions based on tax positions related to the current year 3,557 5,023 — Additions and reductions for tax positions of prior years ( 1,519 ) 9,179 — Reductions for lapse in statute of limitations ( 2,331 ) — — Balance, December 31, $ 13,909 $ 14,202 $ — In connection with a current assessment in Brazil, the taxing authorities have issued income tax deficiencies related to purchase accounting adjustments for tax years 2017 through 2019 . The Company disagrees with the assessment and have filed an appeal with the higher appellate taxing authorities. The Company estimates that there is a more likely than not probability that the Company’s position will be sustained upon appeal. Accordingly, no liability has been recorded. The Company will continue to vigorously contest the adjustments and expect to exhaust all administrative and judicial remedies necessary to resolve the matters, which could be a lengthy process. There can be no assurance that these matters will be resolved in the Company’s favor, and an adverse outcome, or any future tax examinations involving similar assertions, could have a material effect on the Company’s results of operations or cash flows in any one period. As of December 31, 2024, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued to be between zero and $ 49.0 million; excluding penalties and interest of $ 63.1 million. The Company removed the permanent reinvestment assertion as of December 31, 2018 for all foreign earnings of the Company’s foreign jurisdictions. The Company subsequently also removed its permanent reinvestment assertion on the investment in the Company’s Guatemala, El Salvador, and Nicaragua subsidiaries. As a result, the Company has recorded cumulative deferred foreign withholding taxes of $ 8.9 million at December 31, 2024. No additional income taxes have been provided for any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations except as noted in Guatemala, El Salvador, and Nicaragua. The deferred incomes taxes related to the Guatemala, El Salvador, and Nicaragua subsidiaries are immaterial and determining the amount of unrecognized deferred tax liability for any additional outside basis differences in indefinitely reinvested entities is not practicable . The U.S. government enacted comprehensive tax legislation in the form of the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI in the year it is incurred.

Segment Data

Segment Data	12 Months Ended
	Dec. 31, 2024
Segment Data [Abstract]
Segment Data	15. SEGMENT DATA The Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s CODM is the Company’s Chief Executive Officer. The CODM utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region. Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below. Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the year ended December 31, 2024 (in thousands) Revenues (1) $ 1,861,424 $ 665,341 $ 152,869 $ — $ 2,679,634 Cost of revenues (2) 269,168 193,829 118,730 — 581,727 Operating profit 1,592,256 471,512 34,139 — 2,097,907 Selling, general, and administrative expenses 132,627 64,583 13,983 47,563 258,756 Acquisition and new business initiatives related adjustments and expenses 14,954 10,992 — — 25,946 Asset impairment and decommission costs 49,777 57,030 — 1,118 107,925 Depreciation, amortization and accretion 145,041 113,549 3,560 7,367 269,517 Operating income (loss) 1,249,857 225,358 16,596 ( 56,048 ) 1,435,763 Other expense, net (principally interest expense and other income) ( 663,097 ) ( 663,097 ) Income before income taxes 772,666 Cash capital expenditures (3) 374,339 150,345 1,014 2,598 528,296 For the year ended December 31, 2023 Revenues (1) $ 1,846,554 $ 670,381 $ 194,649 $ — $ 2,711,584 Cost of revenues (2) 268,572 204,115 139,935 — 612,622 Operating profit 1,577,982 466,266 54,714 — 2,098,962 Selling, general, and administrative expenses 121,782 66,619 21,316 58,219 267,936 Acquisition and new business initiatives related adjustments and expenses 10,725 10,946 — — 21,671 Asset impairment and decommission costs 138,699 28,089 372 2,227 169,387 Depreciation, amortization and accretion 457,169 248,758 3,704 6,678 716,309 Operating income (loss) 849,607 111,854 29,322 ( 67,124 ) 923,659 Other expense, net (principally interest expense and other income) ( 375,156 ) ( 375,156 ) Income before income taxes 548,503 Cash capital expenditures (3) 244,366 118,972 2,573 2,702 368,613 For the year ended December 31, 2022 Revenues (1) $ 1,777,593 $ 558,982 $ 296,879 $ — $ 2,633,454 Cost of revenues (2) 264,149 181,536 222,965 — 668,650 Operating profit 1,513,444 377,446 73,914 — 1,964,804 Selling, general, and administrative expenses 102,619 62,911 22,911 73,412 261,853 Acquisition and new business initiatives related adjustments and expenses 13,280 13,527 — — 26,807 Asset impairment and decommission costs 33,880 9,280 — — 43,160 Depreciation, amortization and accretion 489,072 209,563 2,521 6,420 707,576 Operating income (loss) 874,593 82,165 48,482 ( 79,832 ) 925,408 Other expense, net (principally interest expense and other income) ( 399,565 ) ( 399,565 ) Income before income taxes 525,843 Cash capital expenditures (3) 235,787 1,148,941 4,057 5,610 1,394,395 Domestic Site Int'l Site Site Leasing Leasing Development Other (4) Total Assets (in thousands) As of December 31, 2024 $ 6,206,748 $ 3,417,981 $ 65,481 $ 1,727,126 $ 11,417,336 As of December 31, 2023 $ 5,876,648 $ 3,871,164 $ 66,001 $ 364,628 $ 10,178,441 (1) For the years ended December 31, 2024, 2023, and 2022, site leasing revenue in Brazil was $ 379.8 million, $ 392.0 million, and $ 299.5 million, respectively. Other than Brazil, no foreign country represented more than 5 % of the Company’s total site leasing revenues in any of the periods presented. (2) Excludes depreciation, amortization, and accretion. Cost of revenues is primarily comprised of rent expense related to the Company’s leases. (3) Includes cash paid for capital expenditures, acquisitions, and right-of-use assets. (4) Assets in Other consist primarily of general corporate assets, short-term investments. Assets in Other for the period ended December 31, 2024 also includes $ 1.165 billion of cash held in escrow which was used to repay the 2019-1C Tower Securities. Total domestic long-lived assets were $ 5.7 billion and $ 5.4 billion as of December 31, 2024 and 2023, respectively. Total international long-lived assets were $ 3.0 billion and $ 3.4 billion as of December 31, 2024 and 2023, respectively. Total long-lived assets in Brazil were $ 1.7 billion and $ 2.1 billion as of December 31, 2024 and 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	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	16. EARNINGS PER SHARE Basic earnings per share was computed by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding adjusted for any dilutive Class A common stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method. The following table sets forth basic and diluted net income per common share attributable to common shareholders for the years ended December 31, 2024, 2023, and 2022 (in thousands, except per share data): For the year ended December 31, 2024 2023 2022 Numerator: Net income attributable to SBA Communications Corporation $ 749,536 $ 501,812 $ 461,429 Denominator: Basic weighted-average shares outstanding 107,644 108,204 107,957 Dilutive impact of stock options, RSUs, and PSUs 436 703 1,429 Diluted weighted-average shares outstanding 108,080 108,907 109,386 Net income per common share attributable to SBA Communications Corporation: Basic $ 6.96 $ 4.64 $ 4.27 Diluted $ 6.94 $ 4.61 $ 4.22 For the years ended December 31, 2024, 2023, and 2022, 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	17. COMMITMENTS AND CONTINGENCIES The Company is obligated under various non-cancelable operating leases for land, office space, equipment, and site leases. In addition, the Company is obligated under various non-cancelable financing leases for vehicles. The annual minimum lease payments, including fixed rate escalations as of December 31, 2024 are as follows (in thousands): Finance Leases Operating Leases 2025 $ 1,921 $ 269,389 2026 1,042 265,258 2027 406 263,250 2028 115 259,080 2029 3 250,750 Thereafter — 2,555,025 Total minimum lease payments 3,487 3,862,752 Less: amount representing interest ( 350 ) ( 1,701,433 ) Present value of future payments 3,137 2,161,319 Less: current obligations ( 1,252 ) ( 259,765 ) Long-term obligations $ 1,885 $ 1,901,554 Tenant Leases The annual minimum tower lease income to be received for tower space rental under non-cancelable operating leases, including fixed rate escalations, as of December 31, 2024 is as follows: (in thousands) 2025 $ 2,105,856 2026 1,858,268 2027 1,616,505 2028 1,333,310 2029 958,933 Thereafter 1,793,532 Total $ 9,666,404 Litigation The Company is involved in various claims, lawsuits, and proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs that may be incurred, management believes the resolution of such uncertainties and the incurrence of such costs will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. Contingent Purchase Obligations From time to time, the Company agrees to pay additional consideration (or earnouts) for acquisitions if the towers or businesses that are acquired meet or exceed certain performance targets in the one year to three years after they have been acquired. Please refer to Note 2 and Note 7.

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2024
Concentration of Credit Risk [Abstract]
Concentration of Credit Risk	18. CONCENTRATION OF CREDIT RISK The Company’s credit risks consist primarily of accounts receivable with national, regional, and local wireless service providers and federal and state government agencies. The Company performs periodic credit evaluations of its customers’ financial condition and provides allowances for doubtful accounts, as required, based upon factors surrounding the credit risk of specific customers, historical trends, and other information. The Company generally does not require collateral. The following is a list of significant customers (representing at least 10% of revenue for any period reported) and the percentage of total revenue for the specified time periods derived from such customers: For the year ended December 31, Percentage of Total Revenues 2024 2023 2022 T-Mobile 30.5 % 32.5 % 36.4 % AT&T Wireless 20.6 % 19.5 % 19.6 % Verizon Wireless 15.1 % 14.6 % 14.5 % The Company’s site leasing and site development segments derive revenue from these customers. Client percentages of total revenue in each of the segments are as follows: For the year ended December 31, Percentage of Domestic Site Leasing Revenue 2024 2023 2022 T-Mobile 38.1 % 40.2 % 40.6 % AT&T Wireless 29.6 % 28.6 % 29.0 % Verizon Wireless 20.1 % 19.7 % 20.1 % For the year ended December 31, Percentage of International Site Leasing Revenue 2024 2023 2022 Telefonica 21.3 % 22.5 % 20.7 % Claro 19.2 % 20.2 % 19.0 % TIM 15.9 % 15.7 % 17.3 % For the year ended December 31, Percentage of Site Development Revenue 2024 2023 2022 T-Mobile 69.9 % 71.5 % 80.1 % Verizon Wireless 20.1 % 16.8 % 7.8 % Five customers comprised 61.4 % and 65.6 % of total gross accounts receivable at December 31, 2024 and 2023, respectively.

Defined Contribution Plan

Defined Contribution Plan	12 Months Ended
	Dec. 31, 2024
Defined Contribution Plan [Abstract]
Defined Contribution Plan	19. DEFINED CONTRIBUTION PLAN The Company has a defined contribution profit sharing plan under Section 401(k) of the Internal Revenue Code that provides for voluntary employee contributions up to the limitations set forth in Section 402(g) of the Internal Revenue Code. Employees have the opportunity to participate following completion of three months of employment and must be 21 years of age. Employer matching begins immediately upon the employee’s participation in the plan. The Company makes a discretionary matching contribution of 75 % (increased to 100 % effective January 1, 2025) of an employee’s contributions up to a maximum of $ 4,000 annually. Company matching contributions were approximately $ 3.3 million, $ 3.4 million, and $ 3.2 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	12 Months Ended
	Dec. 31, 2024
Redeemable Noncontrolling Interests [Abstract]
Redeemable Noncontrolling Interests	20. REDEEMABLE NONCONTROLLING INTERESTS The Company allocates income and losses to its redeemable noncontrolling interest holders based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the greater of (1) the initial carrying amount of the noncontrolling interest as adjusted for accumulated income or loss attributable to the noncontrolling interest holder or (2) the redemption value as of the balance sheet date. Adjustments to the carrying amount of redeemable noncontrolling interest are charged against retained earnings (or additional paid-in capital if there are no retained earnings). The fair value of the redeemable noncontrolling interest is estimated using Level 3 inputs. The components of redeemable noncontrolling interests are as follows (in thousands): December 31, December 31, 2024 2023 Beginning balance $ 35,047 $ 31,735 Net loss attributable to noncontrolling interests ( 859 ) ( 4,397 ) Foreign currency translation adjustments 618 ( 899 ) Purchase of noncontrolling interests 1,865 — Contribution from joint venture partner 5,730 1,200 Adjustment to redemption amount 11,731 7,408 Ending balance $ 54,132 $ 35,047

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2024
Derivatives and Hedging Activities [Abstract]
Derivatives and Hedging Activities	21. DERIVATIVES AND HEDGING ACTIVITIES The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. On August 4, 2020, the Company, through its wholly owned subsidiary, SBA Senior Finance II, entered into an interest rate swap which swapped $ 1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for an all-in fixed rate of 1.874 % per annum through the maturity date of the 2018 Term Loan. The Company designated this interest rate swap as a cash flow hedge as it is expected to be highly effective at offsetting changes in cash flows of the LIBOR based component interest payments of its 2018 Term Loan. On August 4, 2020, the Company also terminated its existing interest rate swaps, which were previously de-designated as cash flow hedges. There was no cash transferred in connection with the termination of these swaps. The Company reclassifies the fair value of its interest rate swaps recorded in Accumulated other comprehensive loss, net on their de-designation date to non-cash interest expense on the Consolidated Statements of Operations over their respective remaining term end dates which range from 2023 to 2025 . On June 21, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II, amended its existing interest rate swap agreement which swapped $ 1.95 billion of notional value accruing interest at one month Term SOFR plus 185 basis points for an all-in fixed rate of 1.900 % per annum from August 1, 2023 through January 25, 2024 (the repayment date of the 2018 Term Loan and issuance date of the 2024 Term Loan). The swap remains in effect under the 2024 Term Loan (as amended on October 2, 2024) and swaps $ 1.95 billion of notional value accruing interest at one month Term SOFR plus 175 basis points for an all-in fixed rate of 1.800 % per annum through March 31, 2025. On November 3, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II, entered into a forward-starting interest rate swap agreement which will swap $ 1.0 billion of notional value accruing interest at one month Term SOFR plus 175 basis points for an all-in fixed rate of 5.580 % per annum. On September 6, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II, entered into an additional forward-starting interest rate swap agreement to swap $ 1.0 billion of notional value accruing interest at one month Term SOFR plus 175 basis points for an all-in fixed rate of 4.750 % per annum (collectively the “forward-starting swaps”). The forward-starting swaps have an effective start date of March 31, 2025 (coinciding with the expiration date of the current 0.050 %, $ 1.95 billion notional value swap) and a maturity date of April 11, 2028. The combined notional value of both forward-starting swaps of $ 2.0 billion will effectively fix one month term SOFR for a blended all-in fixed rate of 5.165 % per annum through April 11, 2028. On September 11, 2024, the Company entered into a treasury lock agreement to fix the three-year treasury rate at 3.3985 % for $ 620.0 million of notional value related to the 2024-2C Tower Securities issued on October 11, 2024. The treasury lock agreement was terminated and settled upon issuance of the 2024-2C Tower Securities, and the Company recognized an $ 8.2 million gain in other comprehensive income which is being amortized to interest expense over the life of the 2024-2C Tower Securities. After consideration of the treasury lock agreement, the all-in fixed rate on the 2024-2C Tower Securities is 4.654 % per annum. As of December 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 December 31, 2024 and 2023. Fair Value as of Balance Sheet December 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 $ 50,589 $ 104,674 Interest rate swap agreement in a fair value liability position Other long-term liabilities $ — $ 19,573 Accumulated other comprehensive loss, net includes an aggregate $ 50.9 million gain and a $ 51.5 million gain as of December 31, 2024 and 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 fiscal years ended December 31, 2024, 2023, and 2022. For the year ended December 31, 2024 2023 2022 Cash Flow Hedge - Interest Rate Swap Agreement (in thousands) Change in fair value recorded in Accumulated other comprehensive loss, net $ ( 34,513 ) $ ( 97,760 ) $ 122,536 Gain on settlement of hedging agreement recorded in Accumulated other comprehensive loss, net 8,187 — — Gain reclassified from Accumulated other comprehensive loss, net into earnings $ ( 608 ) $ — $ — Derivatives Not Designated as Hedges - Interest Rate Swap Agreements Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense $ 26,317 $ 29,627 $ 44,887

Quarterly Financial Data

Quarterly Financial Data	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Data [Abstract]
Quarterly Financial Data	22. QUARTERLY FINANCIAL DATA (unaudited) Quarter Ended December 31, September 30, June 30, March 31, 2024 2024 2024 2024 (in thousands, except per share amounts) Revenues $ 693,700 $ 667,595 $ 660,477 $ 657,862 Operating income 382,339 375,596 354,470 323,358 Depreciation, accretion, and amortization ( 65,073 ) ( 63,515 ) ( 64,179 ) ( 76,750 ) Net income attributable to SBA Communications Corporation 173,629 258,534 162,830 154,543 Net income per common share - basic $ 1.61 $ 2.41 $ 1.52 $ 1.43 Net income per common share - diluted 1.61 2.40 1.51 1.42 Quarter Ended December 31, September 30, June 30, March 31, 2023 2023 2023 2023 (in thousands, except per share amounts) Revenues $ 675,024 $ 682,544 $ 678,500 $ 675,516 Operating income 209,687 248,604 241,227 224,141 Depreciation, accretion, and amortization ( 171,400 ) ( 180,674 ) ( 181,820 ) ( 182,415 ) Net income attributable to SBA Communications Corporation 109,528 87,419 203,648 101,217 Net income per common share - basic $ 1.01 $ 0.81 $ 1.88 $ 0.94 Net income per common share - diluted 1.01 0.80 1.87 0.93 Because net income per share amounts are calculated using the weighted-average number of common and dilutive common shares outstanding during each quarter, the sum of the per share amounts for the four quarters may not equal the total net income per share amounts for the year.

Schedule III - Schedule of Real

Schedule III - Schedule of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract]
Schedule III - Schedule of Real Estate and Accumulated Depreciation	Schedule III—Schedule of Real Estate and Accumulated Depreciation Gross Life on Which Cost Amount Accumulated Depreciation Capitalized Carried Depreciation in Latest Initial Subsequent at Close at Close Income Cost to to of Current of Current Date of Date Statement is Description Encumbrances Company Acquisition Period Period Construction Acquired Computed (in thousands) 39,749 sites (1) $ 10,672,750 (2) (3) (3) $ 8,213,791 (4) $ ( 4,291,860 ) Various Various Up to 70 years (5) (1) No single site exceeds 5 % of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above. (2) As of December 31, 2024, certain assets secure debt of $ 10.7 billion. (3) The Company has omitted this information, as it would be impracticable to compile such information on a site-by-site basis. (4) Does not include those sites under construction. (5) Amounts include the acquisition of the exclusive right to lease and operate utility transmission structures, which included existing wireless tenant licenses from PG&E. 2024 2023 2022 (in thousands) Gross amount at beginning $ 8,231,510 $ 7,993,750 $ 7,068,208 Additions during period: Acquisitions (1) 34,350 22,081 727,863 Construction and related costs on new builds 131,539 59,873 69,384 Augmentation and tower upgrades 54,181 82,917 60,247 Land buyouts and other assets 31,739 32,247 26,588 Tower maintenance 50,182 49,471 42,048 Other (2) 2,942 35,880 23,824 Total additions 304,933 282,469 949,954 Deductions during period: Cost of real estate sold or disposed ( 437 ) ( 8,024 ) ( 610 ) Impairment (3) ( 73,977 ) ( 119,307 ) ( 23,638 ) Other (4) ( 248,238 ) 82,622 ( 164 ) Total deductions ( 322,652 ) ( 44,709 ) ( 24,412 ) Balance at end $ 8,213,791 $ 8,231,510 $ 7,993,750 (1) Inclusive of changes between the final purchase price allocation and the preliminary purchase price allocations. Amounts as of December 31, 2022 include the acquisition of sites from GTS. (2) Represents changes to the Company’s asset retirement obligations. (3) Impairment charges for the year ended December 31, 2023 include the impact of the planned abandonment of identified sites with minimal expectations of future economic benefit (primarily from Sprint and Oi related churn). (4) Primarily represents cumulative translation adjustments related to changes in foreign currency exchange rates. 2024 2023 2022 (in thousands) Gross amount of accumulated depreciation at beginning $ ( 4,232,369 ) $ ( 3,925,893 ) $ ( 3,644,238 ) Additions during period: Depreciation (1) ( 128,548 ) ( 300,458 ) ( 285,918 ) Other (2) ( 693 ) ( 14,339 ) ( 3,382 ) Total additions ( 129,241 ) ( 314,797 ) ( 289,300 ) Deductions during period: Amount of accumulated depreciation for assets sold or disposed 24,210 8,070 7,505 Other (2) 45,540 251 140 Total deductions 69,750 8,321 7,645 Balance at end $ ( 4,291,860 ) $ ( 4,232,369 ) $ ( 3,925,893 ) (1) Amounts as of December 31, 2022 include the depreciation related to the acquisition of sites from GTS. (2) Primarily represents cumulative translation adjustments related to changes in foreign currency exchange rates.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company and its majority and wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications	Reclassification Certain prior year amounts have been reclassified to conform with the current year presentation.
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, for U.S. GAAP purposes, 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 (i) term of the underlying ground lease (including renewal options) taking into account residual value or (ii) estimated useful life of a 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 $ 411.5 million ($ 372.5 million after tax, or an increase of $ 3.45 per diluted share) for the year ended December 31, 2024.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash in banks, commercial paper, highly liquid short-term investments, and other marketable securities with an original maturity of three months or less at the time of purchase. These investments are carried at cost, which approximates fair value.
Restricted Cash	Restricted Cash The Company classifies all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. This includes cash held in escrow to fund certain reserve accounts relating to the Tower Securities as well as for payment and performance bonds and surety bonds issued for the benefit of the Company in the ordinary course of business, as well as collateral associated with workers’ compensation plans (see Note 4).
Investments	Investments Investment securities with original maturities of more than three months but less than one year at time of purchase are considered short-term investments and are classified in prepaid expenses and other current assets on the accompanying Consolidated Balance Sheets. The Company’s short-term investments primarily consist of money market funds . Investment securities with maturities of more than a year are considered long-term investments and are classified in other assets on the accompanying Consolidated Balance Sheets. Long-term investments consist of strategic investments in companies and are accounted for under the cost and equity method. Gross purchases and proceeds from sales of the Company’s investments are presented within Cash flows from investing activities on the Company’s Consolidated Statements of Cash Flows. During the years ended December 31, 2024 and 2023, no gain or loss was recorded related to the sale or maturity of investments.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost or at estimated fair value (in the case of acquired properties), adjusted for asset impairment and estimated asset retirement obligations. Costs for self-constructed towers include direct materials and labor, indirect costs and capitalized interest. Approximately $ 0.8 million, $ 0.9 million, and $ 0.6 million of interest cost was capitalized in 2024, 2023 and 2022, respectively. Depreciation on towers and related components is provided using the straight-line method over the estimated useful lives, not to exceed the minimum lease term of the underlying ground lease after consideration of residual value. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the minimum lease term of the lease. For all other property and equipment, depreciation is provided using the straight-line method over the estimated useful lives. The Company performs ongoing evaluations of the estimated useful lives of its property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the useful lives of assets are reduced, depreciation may be accelerated in future years. Property and equipment under capital leases are amortized on a straight-line basis over the term of the lease, after consideration of residual value, or the remaining estimated life of the leased property, whichever is shorter, and the related amortization is included in depreciation expense. Expenditures for maintenance and repair are expensed as incurred. Asset classes and related estimated useful lives are as follows: Towers and related components 3 - 30 years Furniture, equipment, and vehicles 2 - 7 years Data Centers, buildings, and leasehold improvements 10 - 40 years Betterments, improvements, and significant repairs, which increase the value or extend the life of an asset, are capitalized and depreciated over the estimated useful life of the respective asset. Changes in an asset’s estimated useful life are accounted for prospectively, with the book value of the asset at the time of the change being depreciated over the revised remaining useful life. There has been no material impact for changes in estimated useful lives for any years presented other than the change of useful lives of the Company’s towers from 15 years to 30 years effective January 1, 2024, as discussed above.
Deferred Financing Fees	Deferred Financing Fees Financing fees related to the issuance of debt have been deferred and are being amortized using the effective interest rate method over the expected duration of the related indebtedness (see Note 11). For all of the Company’s debt, except for the Revolving Credit Facility where the debt issuance costs are being presented as an asset on the accompanying Consolidated Balance Sheets, debt issuance costs are presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset.
Intangible Assets	Intangible Assets The Company classifies as intangible assets the fair value of current leases in place at the acquisition date of towers and related intangible assets (referred to as the “Current contract intangibles”), and the fair value of future tenant leases anticipated to be added to the acquired towers (referred to as the “Network location intangibles”). These intangibles are estimated to have a useful life consistent with the useful life of the related tower assets, which is typically 30 years. For all intangible assets, amortization is provided using the straight-line method over the estimated useful lives as the benefit associated with these intangible assets is anticipated to be derived evenly over the life of the asset.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates its individual long-lived and related assets with finite lives for indicators of impairment to determine when an impairment analysis should be performed. The Company evaluates its tower and related assets at the tower level, which is the lowest level for which identifiable cash flows exists. The Company evaluates its Network location intangibles for impairment at the tower leasing business level. The Company has established a policy to at least annually, or earlier if indicators of impairment arise, evaluate its tower assets and Current contract and Network location intangibles for impairment. The Company performs its evaluation for impairment by first calculating the future undiscounted cash flows of its investments in towers and related assets and comparing those amounts to the carrying value of the assets. If the future undiscounted cash flows are lower than the carrying value of the investment in the tower and related assets, the Company calculates the future discounted cash flows and compares those amounts to the carrying value. The Company records an impairment charge for any amounts lower than the carrying value. Estimates and assumptions inherent in the impairment evaluation include, but are not limited to, general market and economic conditions, historical operating results, geographic location, lease-up potential, and expected timing of lease-up. In addition, the Company makes certain assumptions in determining an asset’s fair value for the purpose of calculating the amount of an impairment charge. The Company recognized impairment charges of $ 107.9 million, $ 169.4 million, and $ 43.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Refer to Note 3 for further detail of these amounts.
Fair Value Measurements	Fair Value Measurements The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable Site leasing revenues Revenue from site leasing is recognized on a straight-line basis over the current term of the related lease agreements. Receivables recorded related to the straight-line impact of site leases are reflected in other assets on the Consolidated Balance Sheets. Rental amounts received in advance are recorded as deferred revenue on the Consolidated Balance Sheets. Revenues from site leasing represent 94 % of the Company’s total revenues for the year ended December 31, 2024. For additional information on tenant leases, refer to the Leases section below. Site development revenues Site development projects in which the Company performs consulting services include contracts on a fixed price basis that are billed at contractual rates. Revenue is recognized over time based on milestones achieved, which are determined based on costs incurred. Amounts billed in advance (collected or uncollected) are recorded as deferred revenue on the Consolidated Balance Sheets. Revenue from construction projects is recognized over time, determined by the percentage of cost incurred to date compared to management’s estimated total cost for each contract. This method is used because management considers total cost to be the best available measure of progress on the contracts. These amounts are based on estimates, and the uncertainty inherent in the estimates initially is reduced as work on the contracts nears completion. Refer to Note 5 for further detail of costs and estimated earnings in excess of billings on uncompleted contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined to be probable. The site development segment represents approximately 6 % of the Company’s total revenues for the year ended December 31, 2024. The Company accounts for site development revenue in accordance with ASC 606, Revenue from Contracts with Customers. Payment terms do not result in any significant financing arrangements. Furthermore, these contracts do not typically include variable consideration; therefore, the transaction price that is recognized over time is generally the amount of the total contract. Accounts receivable The accounts receivable balance was $ 145.7 million and $ 182.7 million as of December 31, 2024 and 2023, respectively, of which $ 26.4 million and $ 32.3 million related to the site development segment as of December 31, 2024 and 2023, respectively. Refer to Note 15 for further detail of the site development segment.
Credit Losses	Credit Losses The Company’s expected credit loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected considers aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition, and macroeconomic conditions. Balances are written off when determined to be uncollectible. The Company is exposed to credit losses primarily through the site development business segment which provides consulting and construction related services. The following is a rollforward of the allowance for doubtful accounts for the Company’s site leasing and site development businesses: For the year ended December 31, 2024 2023 2022 (in thousands) Beginning balance $ 12,838 $ 9,166 $ 12,135 Provision for doubtful accounts (1) 3,680 3,731 632 Write-offs ( 637 ) ( 220 ) ( 1,793 ) Recoveries (2) — — ( 2,204 ) Acquisitions — — 116 Currency translation adjustment ( 1,194 ) 161 280 Ending balance $ 14,687 $ 12,838 $ 9,166 (1) The year ended December 31, 2023 includes a $ 3.1 million reserve recorded related to Oi S.A. (2) Amounts include annual installment payments related to the Oi S.A. reorganization. The fourth and final annual installment payment was received during the year ended December 31, 2022.
Cost of Revenue	Cost of Revenue Cost of site leasing revenue includes ground lease rent, property taxes, amortization of deferred lease costs, maintenance, fuel, energy, and other tower operating expenses. Cost of site development revenue includes the cost of materials, salaries, and labor costs, including payroll taxes, subcontract labor, vehicle expense, and other costs directly and indirectly related to the projects. All costs related to site development projects are recognized as incurred.
Income Taxes	Income Taxes The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is "more-likely-than-not" that those assets will not be realized. The Company considers many factors when assessing the likelihood of future realization, including the Company’s recent cumulative earnings by taxing jurisdiction, expectations of future taxable income, prudent and feasible tax planning strategies that are available, the carryforward periods available to the Company for tax reporting purposes and other relevant factors. The Company began operating as a REIT for federal income tax purposes effective January 1, 2016. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the IRS to be treated as a taxable REIT subsidiary (“TRS”) in conjunction with the Company's REIT election. The TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Code. A TRS is subject to federal and state income taxes on the income from these activities. Additionally, the Company has included in TRSs the Company’s tower operations in most foreign jurisdictions; however, the REIT holds selected tower assets in certain foreign jurisdictions. Those operations will continue to be subject to foreign taxes in the jurisdiction in which such assets and operations are located regardless of whether they are included in a TRS. The Company will continue to file separate federal tax returns for the REIT and TRS for the year ended December 31, 2024. The REIT had taxable income during the year ended December 31, 2024 and paid a dividend and utilized net operating losses (“NOLs”) to offset its remaining 2024 distribution requirement. Some of the Company’s TRSs generated NOLs which will be carried forward to use in future years. A portion of the deferred tax asset generated by the NOLs are reserved by a valuation allowance.
Stock-Based Compensation	Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including stock options, restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and purchases under the Company’s employee stock purchase plans. The Company records compensation expense for stock options, RSUs, and PSUs on a straight-line basis over the vesting period; however, compensation expense related to certain PSUs are subject to adjustment on performance relative to the established targets. Compensation expense for stock options is based on the estimated fair value of the options on the date of the grant using the Black-Scholes option-pricing model. Compensation expense for RSUs and PSUs is based on the fair market value of the units awarded at the date of the grant. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.
Asset Retirement Obligations	Asset Retirement Obligations The Company has entered into ground leases for the land underlying the majority of the Company’s towers. A majority of these leases require the Company to remove improvements only or restore land interests to their original condition upon termination of the ground lease. In determining the measurement of the asset retirement obligations, the Company considered the nature and scope of the contractual restoration obligations contained in the Company’s ground leases, the historical retirement experience as an indicator of future restoration probabilities, intent in renewing existing ground leases through lease termination dates, current and future value, timing of estimated restoration costs, and the credit adjusted risk-free rate used to discount future obligations. The Company recognizes asset retirement obligations in the period in which they are incurred, if a reasonable estimate of a fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related tower fixed assets, and over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the estimated useful life of the tower. As of December 31, 2024 and 2023, the asset retirement obligation was $ 140.9 million and $ 119.3 million, respectively, and is included in other long-term liabilities on the Consolidated Balance Sheets. Upon settlement of the obligations, any difference between the cost to retire an asset and the recorded liability is recorded in Asset impairment and decommission costs on the Consolidated Statements of Operations.
Comprehensive Income	Comprehensive Income Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of net income, foreign currency translation adjustments, and adjustments related to interest rate swaps designated as cash flow hedges.
Foreign Currency Translation	Foreign Currency Translation All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the Consolidated Statement of Shareholders’ Deficit. For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Remeasurement gains and losses are reported as Other (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 $ 156.8 million loss, a $ 52.4 million gain, and a $ 12.9 million gain, net of taxes, on the remeasurement of intercompany loans for the years ended December 31, 2024, 2023, and 2022, respectively. During the year ended December 31, 2024, the Company funded $ 9.3 million and repaid $ 177.1 million under its intercompany loan agreements. As of December 31, 2024 and 2023, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $ 1.1 billion and $ 1.3 billion, respectively . Subsequent to December 31, 2024, the Company made no repayments under its intercompany loan agreements.
Acquisitions	Acquisitions The Company’s acquisitions generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805, Business Combinations. For acquisitions, the aggregate purchase price is allocated on a relative fair value basis to towers and related intangible assets. The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets or require acceleration of the amortization expense of intangible assets in subsequent periods. External, direct transaction costs will be capitalized as a component of the cost of the asset acquired. The Company will continue to expense internal acquisition costs as incurred. For business combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. As of December 31, 2024, there were no material acquisitions with purchase price allocations that were preliminary. In connection with certain acquisitions, the Company may agree to pay contingent consideration (or earnouts) in cash or stock if the communication sites or businesses that are acquired meet or exceed certain performance targets over a period of one year to three years after they have been acquire d. Contingent consideration in connection with asset acquisitions will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired.
Leases	Leases ASC 842, Leases, requires all lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments and any prepaid rent amounts. The Company has elected not to separate nonlease components from the associated lease component for all underlying classes of assets. The components of the right-of-use lease liabilities as of December 31, 2024 and 2023 are as follows (in thousands): December 31, December 31, 2024 2023 (in thousands) Current operating lease liabilities $ 259,765 $ 271,793 Current financing lease liabilities 1,252 1,671 Current lease liabilities $ 261,017 $ 273,464 Long-term operating lease liabilities $ 1,901,554 $ 1,862,509 Long-term financing lease liabilities 1,885 3,177 Long-term lease liabilities $ 1,903,439 $ 1,865,686 Operating Leases Ground leases. The Company enters into long-term lease contracts for land that underlies its tower structures. Ground lease agreements generally include renewal options which can be exercised exclusively at the Company’s election. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. Substantially all leases provide for rent rate escalations. In the United States and the Company’s international markets, ground leases and other property interests typically either (1) contain specific annual rent escalators or (2) escalate annually in accordance with an inflationary index. Increases or decreases in lease payments that result from subsequent changes in the index or rate are accounted for as variable lease payments. Office leases. The Company’s office leases consist of long-term leases for international, regional, and certain site development office locations. Office leases include a single lease component, lease of the office space, and sometimes nonlease components such as common area maintenance expenses. The lease term for office leases are generally considered to be the contractually committed term. Finance Leases Vehicle leases. The Company leases vehicles that are used in its site development business. These leases are generally accounted for as financing leases and have lease terms that are contractually committed and do not include optional renewal terms. Acquired right-of-use assets. In connection with certain acquisitions, the Company may acquire the exclusive right to lease and operate communication sites for a period that represents (1) a major part of the remaining economic life of the underlying assets and/or (2) the purchase price represents substantially all of the fair value of the underlying asset. The Company accounts for these arrangements as financing leases. Payments associated with the right-of-use of these assets are typically fully funded at the acquisition date and will be recognized over the respective lease term. The right-of-use assets related to these transactions are recorded in Acquired and other right-of-use assets, net on the Consolidated Balance Sheets. Discount Rate When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, the Company’s ground leases generally do not provide a readily determinable implicit rate. Therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement or upon a modification. The Company uses publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. Lease Cost Variable lease payments include escalations based on an inflationary index and are initially recognized using the prevailing index at the date of initial measurement or upon reassessment of the lease term. Subsequent changes in standard cost of living increases are recognized as variable lease costs. Variable lease payments also include contingent rent provisions. The components of lease cost, lease term, and discount rate as of December 31, 2024 and 2023 are as follows: For the year ended December 31, 2024 2023 (in thousands) Amortization of acquired and other right-of-use assets $ 38,771 $ 42,312 Interest on finance lease liabilities 177 211 Total finance lease cost 38,948 42,523 Operating lease cost 278,443 290,169 Variable lease cost 60,732 63,625 Total lease cost $ 378,123 $ 396,317 Weighted-Average Remaining Lease Term as of 2024 and 2023: Operating leases 15.8 years 12.9 years Finance leases 50.9 years 49.3 years Weighted-Average Discount Rate as of 2024 and 2023: Operating leases 6.6 % 6.4 % Finance leases 4.9 % 4.4 % For the year ended Other information: December 31, 2024 December 31, 2023 Cash paid for amounts included in measurement of lease liabilities: Cash flows from operating leases $ 277,560 $ 279,194 Cash flows from finance leases $ 2,046 $ 2,522 Tenant Leases The Company enters into long-term lease contracts with wireless service providers to lease antenna space on towers that it owns or operates. Each tenant lease relates to the lease or use of space at an individual site. Tenant leases are generally for an initial term of five years to fifteen years with multiple renewal periods, which are at the option of the tenant. Tenant leases typically (1) contain specific annual rent escalators, (2) escalate annually in accordance with an inflationary index, or (3) escalate using a combination of fixed and inflation adjusted escalators, including the renewal option periods. Tenant lease agreements generally include renewal options which can be exercised exclusively at the tenant’s election. The only common exception is if the Company no longer has a right to the ground underlying the site, the lease agreements permit the Company to terminate the lease. Despite high frequency of renewal of options to extend the lease by its tenants, the Company has concluded that the exercise of a renewal option by a tenant is generally not a reasonably certain occurrence; therefore, only the current committed term is included in the determination of the lease term. Certain tenant leases provide for a reimbursement of costs incurred by the Company. The Company pays these costs directly and is not relieved of the primary obligation for the expenses. These reimbursements are recorded as revenue on the Statements of Operations. Deferred Lease Costs ASC 842, Leases, defines initial direct costs as incremental costs that would not have been incurred if the lease had not been obtained. These costs, including commissions paid related to the origination of specific tenant leases, are deferred and amortized over the remaining lease term. Initial direct costs were approximately $ 2.1 million, $ 3.2 million, and $ 3.3 million for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization expense related to deferred initial direct costs was $ 1.9 million, $ 2.3 million, and $ 1.9 million for the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024 and 2023, unamortized deferred initial direct costs were $ 8.8 million and $ 8.7 million, respectively, and are included in Other assets on the Consolidated Balance Sheets.
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. At inception, the Company evaluates the interest rate swaps to determine whether they qualify for hedge accounting. In accordance with ASC 815, Derivatives and Hedging, hedge accounting should be provided only if the derivative hedging instrument is expected to be, and actually is, effective at offsetting changes in fair values or cash flows of the hedged item. The effective portion of the gain or loss is recorded in Accumulated other comprehensive loss, net on the Consolidated Balance Sheets. The ineffective portion of the gain or loss from the interest rate swap is recognized in earnings immediately. On a quarterly basis, the Company evaluates whether the cash flow hedge remains highly effective in offsetting changes in cash flows. Refer to Note 21 for further discussion of the interest rate swaps
Accounting Standards Updates	Accounting Standards Updates Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to enhance reportable segment disclosures, primarily through additional disclosures of significant segment expenses regularly provided to the chief operating decision maker (“CODM”), along with disclosure of the title and position of the CODM. The adoption did not have a significant impact on related disclosures. Refer to Note 15 for the Company’s Segment Data disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring public business entities to provide improved income tax disclosures on an annual basis, primarily through enhanced disclosures related to rate reconciliation and income taxes paid information. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this standard on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring improved expense disclosures, in the notes to the financial statements, of public business entities to provide more detailed information about certain costs and expenses. The standard is effective for annual reporting period beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effect of this standard on its consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract]
Schedule of Asset Classes and Related Estimated Useful Lives	Towers and related components 3 - 30 years Furniture, equipment, and vehicles 2 - 7 years Data Centers, buildings, and leasehold improvements 10 - 40 years
Allowance for Doubtful Accounts	For the year ended December 31, 2024 2023 2022 (in thousands) Beginning balance $ 12,838 $ 9,166 $ 12,135 Provision for doubtful accounts (1) 3,680 3,731 632 Write-offs ( 637 ) ( 220 ) ( 1,793 ) Recoveries (2) — — ( 2,204 ) Acquisitions — — 116 Currency translation adjustment ( 1,194 ) 161 280 Ending balance $ 14,687 $ 12,838 $ 9,166 (1) The year ended December 31, 2023 includes a $ 3.1 million reserve recorded related to Oi S.A. (2) Amounts include annual installment payments related to the Oi S.A. reorganization. The fourth and final annual installment payment was received during the year ended December 31, 2022.
Schedule of Right-of-use Assets and Liabilities	December 31, December 31, 2024 2023 (in thousands) Current operating lease liabilities $ 259,765 $ 271,793 Current financing lease liabilities 1,252 1,671 Current lease liabilities $ 261,017 $ 273,464 Long-term operating lease liabilities $ 1,901,554 $ 1,862,509 Long-term financing lease liabilities 1,885 3,177 Long-term lease liabilities $ 1,903,439 $ 1,865,686
Components of Lease Cost, Lease Term, and Discount Rate	For the year ended December 31, 2024 2023 (in thousands) Amortization of acquired and other right-of-use assets $ 38,771 $ 42,312 Interest on finance lease liabilities 177 211 Total finance lease cost 38,948 42,523 Operating lease cost 278,443 290,169 Variable lease cost 60,732 63,625 Total lease cost $ 378,123 $ 396,317 Weighted-Average Remaining Lease Term as of 2024 and 2023: Operating leases 15.8 years 12.9 years Finance leases 50.9 years 49.3 years Weighted-Average Discount Rate as of 2024 and 2023: Operating leases 6.6 % 6.4 % Finance leases 4.9 % 4.4 % For the year ended Other information: December 31, 2024 December 31, 2023 Cash paid for amounts included in measurement of lease liabilities: Cash flows from operating leases $ 277,560 $ 279,194 Cash flows from finance leases $ 2,046 $ 2,522

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements [Abstract]
Summary of Asset Impairment and Decommission Costs	For the year ended December 31, 2024 2023 2022 Asset impairment (1) $ 73,848 $ 139,466 $ 34,734 Write-off of carrying value of decommissioned towers 15,452 12,015 8,095 Other (including tower and equipment decommission costs) 18,625 17,906 331 Total asset impairment and decommission costs $ 107,925 $ 169,387 $ 43,160 (1) Represents impairment charges resulting from the Company’s regular analysis of whether the anticipated future cash flows from certain towers are sufficient to recover the carrying value of the investment in those towers. Impairment charges for the year ended December 31, 2023 includes the impact of the planned abandonment of identified sites with minimal expectations of future economic benefit (primarily from Sprint and Oi related churn), partially offset by a $ 45.1 million benefit from the reassessment of the lease terms. The reassessment resulted in an overall shortening of the lease term and a reduction to the lease liability and right-of-use asset.

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2024
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	As of As of As of December 31, 2024 December 31, 2023 December 31, 2022 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 189,841 $ 208,547 $ 143,708 Cash and cash equivalents Securitization escrow accounts 1,200,025 31,852 35,820 Restricted cash - current asset Payment, performance bonds, and other 6,628 6,277 6,139 Restricted cash - current asset Surety bonds and workers compensation 4,163 4,270 3,616 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 1,400,657 $ 250,946 $ 189,283

Costs and Estimated Earnings _2

Costs and Estimated Earnings on Uncompleted Contracts (Tables)	12 Months Ended
	Dec. 31, 2024
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Summary of Costs and Estimated Earnings on Uncompleted Contracts	As of As of December 31, 2024 December 31, 2023 (in thousands) Costs incurred on uncompleted contracts $ 74,474 $ 98,674 Estimated earnings 31,514 64,589 Billings to date ( 92,082 ) ( 152,608 ) $ 13,906 $ 10,655
Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets	As of As of December 31, 2024 December 31, 2023 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 19,198 $ 16,252 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) ( 5,292 ) ( 5,597 ) $ 13,906 $ 10,655

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets and Other Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]
Schedule of Prepaid Expense and Other Current Assets	As of As of December 31, 2024 December 31, 2023 (in thousands) Short-term investments $ 254,534 $ 1,046 Short-term loans receivable (1) 115,281 1,026 Prepaid real estate taxes 3,564 3,522 Interest receivable 4,359 2,102 Prepaid insurance 1,704 1,522 Prepaid taxes 11,496 9,064 Prepaid ground rent 3,638 3,712 Other current assets 22,757 16,599 Total prepaid expenses and other current assets $ 417,333 $ 38,593
Schedule of Other Assets	As of As of December 31, 2024 December 31, 2023 (in thousands) Straight-line rent receivable $ 417,572 $ 415,100 Interest rate swap asset (2) 50,589 104,674 Loans receivable (1) 59,326 148,104 Deferred lease costs, net 8,836 8,713 Deferred tax asset - long term 53,974 67,473 Long-term investments 20,779 24,540 Other 46,021 43,872 Total other assets $ 657,097 $ 812,476 (1) On March 17, 2023 (as amended through February 18, 2025), the Company entered into a loan agreement with one of its unconsolidated joint ventures (“the Investee”). As part of the loan agreement, as amended, 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 March 7, 2025. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. The loans are collateralized by equity securities in the Investee. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. The outstanding principal balance of the loan was $ 115.0 million and $ 100.5 million as of December 31, 2024 and 2023, respectively. The loan was included within Short-term loans receivable and Loans receivable as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the loan was accruing interest at a blended rate of 9.303 %. (2) Refer to Note 21 for more information on the Company’s interest rate swaps.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2024
Acquisitions [Abstract]
Schedule of Acquisition Activity	For the year ended December 31, 2024 2023 2022 Tower acquisitions (number of towers) 186 91 4,790
Schedule of Acquisition Capital Expenditures	For the year ended December 31, 2024 2023 2022 (in thousands) Acquisitions of towers and related assets (1)(2) $ 243,635 $ 86,686 $ 1,092,462 Land buyouts and other assets (3)(4) 56,176 43,275 83,630 Total cash acquisition capital expenditures $ 299,811 $ 129,961 $ 1,176,092 (1) During the year ended December 31, 2022, the Company closed on 1,445 sites from Airtel Tanzania for $ 176.1 million. (2) During the year ended December 31, 2022, the Company acquired 2,632 sites from GTS in Brazil for $ 728.2 million, net of working capital adjustments. (3) Excludes $ 24.9 million, $ 17.6 million, and $ 17.9 million spent to extend ground lease terms for the years ended December 31, 2024, 2023, and 2022, respectively. (4) The year ended December 31, 2022 includes amounts paid related to the acquisition of a data center.
Schedule of Acquisition of Towers and Related Asset by Assets Class	For the year ended December 31, 2024 2023 2022 (1) (in thousands) Property and equipment, net $ 28,730 $ 18,762 $ 148,303 Intangible assets, net 217,388 66,616 351,967 Operating lease right-of-use assets, net 28,505 15,863 173,796 Acquired and other right-of-use assets, net 68 3,744 567,303 Acquisition related holdbacks ( 5,231 ) ( 2,541 ) ( 24,280 ) Long-term lease liabilities ( 21,399 ) ( 13,458 ) ( 124,872 ) Other (liabilities) assets assumed, net ( 4,426 ) ( 2,300 ) 245 Total acquisitions of towers and related assets $ 243,635 $ 86,686 $ 1,092,462 (1) These amounts include the purchase price allocation for GTS consisting of $ 23.8 million of property and equipment, net, $ 142.2 million of intangible assets, net, $ 48.8 million of operating lease right-of-use assets, net, $ 529.3 million of acquired and other right-of-use assets, net, $ 18.3 million of long-term lease liabilities, and $ 2.4 million of other net assets assumed.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Property and Equipment, Net [Abstract]
Property and Equipment, Net	As of As of December 31, 2024 December 31, 2023 (in thousands) Towers and related assets $ 5,902,092 $ 5,836,485 Construction-in-process (1) 72,202 105,627 Furniture, equipment, and vehicles 84,629 76,031 Land, buildings, and improvements (2) 1,013,253 941,358 Total property and equipment 7,072,176 6,959,501 Less: accumulated depreciation ( 4,280,092 ) ( 4,247,782 ) Property and equipment, net $ 2,792,084 $ 2,711,719 (1) 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. (2) Includes amounts related to the Company’s data centers.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Intangible Assets, Net [Abstract]
Gross and Net Carrying Amounts for Each Major Class of Intangible Assets	As of December 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 $ 5,164,263 $ ( 3,338,705 ) $ 1,825,558 $ 5,253,563 $ ( 3,394,009 ) $ 1,859,554 Network location intangibles 1,896,754 ( 1,333,605 ) 563,149 1,926,226 ( 1,330,183 ) 596,043 Intangible assets, net $ 7,061,017 $ ( 4,672,310 ) $ 2,388,707 $ 7,179,789 $ ( 4,724,192 ) $ 2,455,597
Estimated Future Amortization Expense	For the year ended December 31, (in thousands) 2025 $ 106,371 2026 106,198 2027 106,177 2028 106,166 2029 106,166

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Accrued Expenses [Abstract]
Schedule of Accrued Expenses	As of As of December 31, 2024 December 31, 2023 (in thousands) Salaries and benefits $ 24,996 $ 25,630 Real estate and property taxes 7,204 7,149 Unpaid capital expenditures 14,581 6,477 Acquisition related holdbacks 10,896 16,100 Other 24,300 37,266 Total accrued expenses $ 81,977 $ 92,622

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Instrument [Line Items]
Schedule of Principal Values, Fair Values, and Carrying Values of Debt	As of As of December 31, 2024 December 31, 2023 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value Revolving Credit Facility Jan. 25, 2029 $ — $ — $ — $ 180,000 $ 180,000 $ 180,000 2018 Term Loan Apr. 11, 2025 — — — 2,268,000 2,273,670 2,263,343 2024 Term Loan Jan. 25, 2031 2,282,750 2,282,750 2,260,217 — — — 2014-2C Tower Securities (1) Oct. 8, 2024 — — — 620,000 606,540 619,145 2019-1C Tower Securities (1)(2) Jan. 12, 2025 1,165,000 1,128,803 1,164,913 1,165,000 1,115,313 1,162,348 2020-1C Tower Securities (1) Jan. 9, 2026 750,000 726,038 748,425 750,000 682,350 746,937 2020-2C Tower Securities (1) Jan. 11, 2028 600,000 516,342 597,273 600,000 520,530 596,419 2021-1C Tower Securities (1) Nov. 9, 2026 1,165,000 1,008,331 1,160,436 1,165,000 1,015,437 1,158,059 2021-2C Tower Securities (1) Apr. 9, 2027 895,000 763,757 890,896 895,000 772,125 889,152 2021-3C Tower Securities (1) Oct. 9, 2031 895,000 679,144 888,260 895,000 686,581 887,365 2022-1C Tower Securities (1) Jan. 11, 2028 850,000 878,475 843,321 850,000 850,221 841,429 2024-1C Tower Securities (1) Oct. 9, 2029 1,450,000 1,453,292 1,437,978 — — — 2024-2C Tower Securities (1) Oct. 8, 2027 620,000 618,698 615,017 — — — 2020 Senior Notes Feb. 15, 2027 1,500,000 1,440,270 1,493,039 1,500,000 1,438,815 1,489,965 2021 Senior Notes Feb. 1, 2029 1,500,000 1,353,750 1,491,963 1,500,000 1,338,750 1,490,153 Total debt $ 13,672,750 $ 12,849,650 $ 13,591,738 $ 12,388,000 $ 11,480,332 $ 12,324,315 Less: current maturities of long-term debt ( 1,187,913 ) ( 643,145 ) Total long-term debt, net of current maturities $ 12,403,825 $ 11,681,170 (1) The maturity date represents the anticipated repayment date for each issuance. (2) On January 15, 2025, the Company repaid the aggregate principal amount of the 2019-1C Tower Securities which was included in current maturities of long-term debt as of December 31, 2024.
Schedule of Future Principal Payment Obligations	For the year ended December 31, (in thousands) 2025 $ 1,188,000 2026 1,938,000 2027 3,038,000 2028 1,473,000 2029 2,973,000
Schedule of Cash and Non-Cash Interest Expense	For the year ended December 31, Interest 2024 2023 2022 Rates as of Cash Non-cash Cash Non-cash Cash Non-cash December 31, 2024 Interest Interest Interest Interest Interest Interest (in thousands) Revolving Credit Facility 5.407 % $ 8,603 $ — $ 29,223 $ — $ 21,862 $ — 2018 Term Loan — 3,253 1,867 60,622 30,508 50,052 45,756 2024 Term Loan (1) 2.428 % 60,252 25,121 — — — — 2014-2C Tower Securities 3.869 % 18,810 — 24,185 — 24,185 — 2018-1C Tower Securities 3.448 % — — — — 21,291 — 2019-1C Tower Securities 2.836 % 33,428 — 33,428 — 33,428 — 2020-1C Tower Securities 1.884 % 14,391 — 14,391 — 14,391 — 2020-2C Tower Securities 2.328 % 14,159 — 14,159 — 14,159 — 2021-1C Tower Securities 1.631 % 19,419 — 19,419 — 19,419 — 2021-2C Tower Securities 1.840 % 16,782 — 16,782 — 16,782 — 2021-3C Tower Securities 2.593 % 23,492 — 23,492 — 23,492 — 2022-1C Tower Securities 6.599 % 56,375 — 56,375 — 5,961 — 2024-1C Tower Securities 4.831 % 15,677 — — — — — 2024-2C Tower Securities (2) 4.654 % 7,091 — — — — — 2020 Senior Notes 3.875 % 58,125 383 58,125 367 58,125 353 2021 Senior Notes 3.125 % 46,875 — 46,875 — 46,875 — Other 3,046 290 3,297 4,993 3,762 — Total $ 399,778 $ 27,661 $ 400,373 $ 35,868 $ 353,784 $ 46,109 (1) The 2024 Term Loan has a blended rate of 2.428 %, 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 6.110 % as of December 31, 2024. Refer to Note 21 for more information on the Company’s interest rate swap. (2) The 2024-2C Tower Securities has an all-in fixed rate of 4.654 %, which includes the impact of the Company’s treasury lock agreement. Excluding the impact of the treasury lock agreement, the 2024-2C Tower Securities accrues interest at 5.115 %. Refer to Note 21 for more information on the Company’s treasury lock agreement.
Schedule of Revolving Credit Facility Key Terms	Unused Interest Rate Commitment as of Fee as of December 31, 2024 (1) December 31, 2024 (2) Revolving Credit Facility 5.407 % 0.140 % (1) (1) The rate reflected includes a 0.050 % reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 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 year ended December 31, 2024 2023 Beginning outstanding balance $ 180,000 $ 720,000 Borrowings 370,000 190,000 Repayments ( 550,000 ) ( 730,000 ) Ending outstanding balance $ — $ 180,000
2024 Tower Securities [Member]
Debt Instrument [Line Items]
Schedule of Material Terms of Outstanding Debt	Security (1) Issue Date Amount Outstanding (in millions) Interest Rate (2) Anticipated Repayment Date Final Maturity Date 2019-1C Tower Securities (3) Sep. 13, 2019 $ 1,165.0 2.836 % Jan. 12, 2025 Jan. 12, 2050 2020-1C Tower Securities Jul. 14, 2020 $ 750.0 1.884 % Jan. 9, 2026 Jul. 11, 2050 2020-2C Tower Securities Jul. 14, 2020 $ 600.0 2.328 % Jan. 11, 2028 Jul. 9, 2052 2021-1C Tower Securities May 14, 2021 $ 1,165.0 1.631 % Nov. 9, 2026 May 9, 2051 2021-2C Tower Securities Oct. 27, 2021 $ 895.0 1.840 % Apr. 9, 2027 Oct. 10, 2051 2021-3C Tower Securities Oct. 27, 2021 $ 895.0 2.593 % Oct. 9, 2031 Oct. 10, 2056 2022-1C Tower Securities Nov. 23, 2022 $ 850.0 6.599 % Jan. 11, 2028 Nov. 9, 2052 2024-1C Tower Securities (3) Oct. 11, 2024 $ 1,450.0 4.831 % Oct. 9, 2029 Oct. 8, 2054 2024-2C Tower Securities (4)(5) Oct. 11, 2024 $ 620.0 4.654 % Oct. 8, 2027 Oct. 8, 2054 (1) The Company incurred $ 12.8 million, $ 8.0 million, $ 6.4 million, $ 12.9 million, $ 9.5 million, $ 9.5 million, $ 10.5 million, $ 12.5 million, and $ 5.4 million in financing fees relating to the issuances of the 2019-1C Tower Securities, 2020-1C Tower Securities, 2020-2C Tower Securities, 2021-1C Tower Securities, 2021-2C Tower Securities, 2021-3C Tower Securities, 2022-1C Tower Securities, 2024-1C Tower Securities, and 2024-2C Tower Securities, respectively. The financing fees are being amortized through the anticipated repayment date of the related Tower Security. (2) Interest paid monthly. (3) The Company used the proceeds from the issuance of the 2024-1C Tower Securities to repay the entire aggregate principal amount of the 2019-1C Tower Securities ($ 1,165.0 million) and the 2019-1R Tower Securities ($ 61.4 million) on January 15, 2025. (4) Net proceeds from this issuance were used to repay the entire aggregate principal amount of the 2014-2C Tower Securities ($ 620.0 million). (5) The interest rate reflected is the all-in interest rate including the impact of the Company’s treasury lock agreement.
Schedule of Material Terms of Debt Repaid	Security (1) Issue Date Amount Outstanding (in millions) Interest Rate (2) Anticipated Repayment Date Actual Repayment Date 2018-1C Tower Securities Mar. 9, 2018 $ 640.0 3.448 % Mar. 9, 2023 Dec. 15, 2022 2014-2C Tower Securities Oct. 15, 2014 $ 620.0 3.869 % Oct. 8, 2024 Oct. 8, 2024 (1) The Company incurred $ 8.6 million and $ 9.0 million in financing fees relating to the issuances of the 2018-1C Tower Securities and the 2014-2C Tower Securities, respectively, which were being amortized through the anticipated repayment date of the related Tower Security. In addition, the Company incurred $ 0.4 million and $ 0.2 million of deferred financing fees and accrued interest related to the repayment of the 2018-1C Tower Securities and 2014-2C Tower Securities, respectively, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations. (2) Interest was paid monthly.
Risk Retention Tower Securities [Member]
Debt Instrument [Line Items]
Schedule of Material Terms of Outstanding Debt	Security Issue Date Amount Outstanding (in millions) Interest Rate (1) Anticipated Repayment Date Final Maturity Date 2019-1R Tower Securities (2) Sep. 13, 2019 $ 61.4 4.213 % Jan. 12, 2025 Jan. 12, 2050 2020-2R Tower Securities Jul. 14, 2020 $ 71.1 4.336 % Jan. 11, 2028 Jul. 9, 2052 2021-1R Tower Securities May 14, 2021 $ 61.4 3.598 % Nov. 9, 2026 May 9, 2051 2021-3R Tower Securities Oct. 27, 2021 $ 94.3 4.090 % Oct. 9, 2031 Oct. 10, 2056 2022-1R Tower Securities Nov. 23, 2022 $ 44.8 7.870 % Jan. 11, 2028 Nov. 9, 2052 2024-1R Tower Securities Oct. 11, 2024 $ 108.7 6.252 % Oct. 9, 2029 Oct. 8, 2054 (1) Interest paid monthly. (2) The 2019-1R Tower Securities were retired on January 15, 2025.
Schedule of Material Terms of Debt Repaid	Security Issue Date Amount Outstanding (in millions) Interest Rate (1) Anticipated Repayment Date Actual Repayment Date 2018-1R Tower Securities Mar. 9, 2018 $ 33.7 4.949 % Mar. 9, 2023 Dec. 15, 2022 (1) Interest was paid monthly.
Senior Notes [Member]
Debt Instrument [Line Items]
Schedule of Material Terms of Outstanding Debt	Senior Notes (1) Issue Date Amount Outstanding (in millions) Interest Rate Coupon Maturity Date Interest Due Dates 2020 Senior Notes Feb. 4, 2020 $ 1,500.0 3.875 % Feb. 15, 2027 Feb. 15 & Aug. 15 2021 Senior Notes Jan. 29, 2021 $ 1,500.0 3.125 % Feb. 1, 2029 Feb. 1 & Aug. 1 (1) The Company incurred $ 18.0 million and $ 14.8 million in financing fees in relation to the issuance of the 2020 Senior Notes and 2021 Senior Notes, respectively. The financing fees are being amortized through the maturity date of the related senior note.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Shareholders' Equity [Abstract]
Summary of Share Repurchases	For the year ended December 31, 2024 2023 2022 Total number of shares purchased (in millions) (1) 0.9 0.5 1.3 Average price per share (1) $ 213.85 $ 197.89 $ 332.00 Total purchase price (in millions) (1) $ 200.0 $ 100.0 $ 431.6 (1) Amounts reflected are based on the trade date and differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.
Schedule of Dividends Paid and Dividends Declared	. For the year ended December 31, 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 (1) March 28, 2024 April 29, 2024 May 23, 2024 $ 0.98 $ 105.3 million June 18, 2024 July 28, 2024 August 22, 2024 $ 0.98 $ 105.3 million September 18, 2024 October 27, 2024 November 14, 2024 $ 0.98 $ 105.4 million December 12, 2024 (1) Amount reflected includes the payment of $ 1.9 million in dividend equivalents. Dividends paid in 2024 and 2023 were ordinary taxable dividends. Subsequent to December 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 February 23, 2025 March 13, 2025 $ 1.11 March 27, 2025

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Stock-Based Compensation [Abstract]
Schedule of Assumptions Used to Estimate Fair Value of Stock Options	For the year ended December 31, 2023 2022 Risk free interest rate 3.96 % 2.53 % Dividend yield 1.50 % 0.9 % Expected volatility 30.0 % 27.2 % Expected lives 4.4 years 4.3 years
Summary of Stock Option Activity	Weighted- Weighted-Average Average Remaining Number Exercise Price Contractual Aggregate of Shares Per Share Life (in years) Intrinsic Value Outstanding at December 31, 2021 1,899 $ 157.76 Granted 10 $ 328.99 Exercised ( 233 ) $ 141.41 Forfeited/canceled ( 3 ) $ 179.16 Outstanding at December 31, 2022 1,673 $ 161.02 Granted 20 $ 224.24 Exercised ( 339 ) $ 132.70 Forfeited/canceled ( 14 ) $ 238.10 Outstanding at December 31, 2023 1,340 $ 168.32 Exercised ( 250 ) $ 140.18 Forfeited/canceled ( 2 ) $ 197.91 Outstanding at December 31, 2024 1,088 $ 174.74 1.1 $ 33,420 Exercisable at December 31, 2024 1,066 $ 173.12 1.0 $ 33,420 Unvested at December 31, 2024 22 $ 252.81 8.1 $ —
Additional Information Regarding Options Outstanding And Exercisable	Options Outstanding Options Exercisable Weighted-Average Weighted- Weighted- Remaining Average Average Range Outstanding Contractual Life Exercise Price Exercisable Exercise Price (in thousands) (in years) (in thousands) $ 140.01 - $ 180.00 422 0.2 $ 156.52 422 $ 156.52 $ 180.01 - $ 230.00 654 1.6 $ 183.93 638 $ 182.92 $ 230.01 - $ 330.00 12 6.5 $ 320.14 6 $ 310.59 1,088 1,066
Summary of Activity of Options Outstanding not yet Vested	Weighted- Average Number Fair Value of Shares Per Share (in thousands) Unvested as of December 31, 2023 28 $ 65.61 Vested ( 6 ) $ 66.73 Unvested as of December 31, 2024 22 $ 65.31
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 272 $ 216.39 59 $ 291.51 PSU adjustment (2) — $ — 11 $ 236.63 Vested ( 121 ) $ 269.29 ( 155 ) $ 236.32 Forfeited/canceled ( 25 ) $ 236.33 ( 8 ) $ 315.38 Outstanding at December 31, 2024 393 $ 234.50 275 $ 314.52 (1) PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model. (2) PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date.
Schedule of Non-Cash Compensation Expense	For the year ended December 31, 2024 2023 2022 (in thousands) Cost of revenues $ 2,737 $ 2,869 $ 2,490 Selling, general and administrative 71,637 85,050 97,419 Total cost of non-cash compensation included in income before provision for income taxes $ 74,374 $ 87,919 $ 99,909

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Taxes [Abstract]
Income (Loss) before Provision for Income Taxes from Continuing Operations by Geographic Area	For the year ended December 31, 2024 2023 2022 (in thousands) Domestic $ 797,774 $ 377,150 $ 438,116 Foreign ( 25,108 ) 171,353 87,727 Total $ 772,666 $ 548,503 $ 525,843
Components of Provision for Income Taxes	For the year ended December 31, 2024 2023 2022 (in thousands) Current provision: State $ 2,758 $ 8,099 $ 6,115 Foreign 34,318 38,360 27,028 Total current 37,076 46,459 33,143 Deferred (benefit) provision for taxes: Federal 8,021 8,280 ( 6,856 ) State 1,458 1,431 ( 956 ) Foreign ( 26,540 ) 52,003 32,780 Change in valuation allowance 3,974 ( 57,085 ) 7,933 Total deferred ( 13,087 ) 4,629 32,901 Total provision for income taxes $ 23,989 $ 51,088 $ 66,044
Income Tax Rate Reconciliation	For the year ended December 31, 2024 2023 2022 (in thousands) Statutory federal expense $ 162,260 $ 115,186 $ 110,427 Rate and permanent differences on non-U.S. earnings (1) ( 1,842 ) 31,722 20,996 State and local tax expense 3,543 9,288 5,585 REIT adjustment ( 163,795 ) ( 75,513 ) ( 86,670 ) Permanent differences 12,868 11,872 ( 3,257 ) Uncertain tax positions ( 293 ) 14,202 — Property, equipment, and intangible basis differences — — 8,471 Other 7,274 1,416 2,559 Valuation allowance 3,974 ( 57,085 ) 7,933 Provision for income taxes $ 23,989 $ 51,088 $ 66,044 (1) This item includes the effect of foreign exchange rate changes which were previously shown on a separate line.
Components of Net Deferred Income Tax Asset and Liability	As of December 31, 2024 2023 (in thousands) Deferred tax assets: Net operating losses $ 30,942 $ 42,064 Property, equipment, and intangible basis differences 18,217 25,225 Accrued liabilities 14,892 14,945 Non-cash compensation 25,830 29,576 Operating lease liability 254,521 268,107 Deferred revenue 5,735 6,348 Allowance for doubtful accounts 2,854 2,735 Currency translation 64,881 14,467 Other 8,146 14,075 Valuation allowance ( 19,326 ) ( 16,115 ) Total deferred tax assets, net (1) 406,692 401,427 Deferred tax liabilities: Property, equipment, and intangible basis differences ( 171,763 ) ( 169,744 ) Right of use asset ( 240,300 ) ( 254,573 ) Straight-line rents ( 16,877 ) ( 19,029 ) Deferred foreign withholding taxes ( 8,950 ) ( 8,322 ) Other — ( 1,495 ) Total deferred tax liabilities, net (1) $ ( 31,198 ) $ ( 51,736 ) (1) Of these amounts, $ 53,974 and $ 85,172 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheets as of December 31, 2024. As of December 31, 2023, $ 67,473 and $ 119,209 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheet.
Reconciliation of Unrecognized Tax Benefits	For the year ended December 31, 2024 2023 2022 (in millions) Balance, January 1, $ 14,202 $ — $ — Additions based on tax positions related to the current year 3,557 5,023 — Additions and reductions for tax positions of prior years ( 1,519 ) 9,179 — Reductions for lapse in statute of limitations ( 2,331 ) — — Balance, December 31, $ 13,909 $ 14,202 $ —

Segment Data (Tables)

Segment Data (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Data [Abstract]
Schedule of Segment Reporting Information	Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the year ended December 31, 2024 (in thousands) Revenues (1) $ 1,861,424 $ 665,341 $ 152,869 $ — $ 2,679,634 Cost of revenues (2) 269,168 193,829 118,730 — 581,727 Operating profit 1,592,256 471,512 34,139 — 2,097,907 Selling, general, and administrative expenses 132,627 64,583 13,983 47,563 258,756 Acquisition and new business initiatives related adjustments and expenses 14,954 10,992 — — 25,946 Asset impairment and decommission costs 49,777 57,030 — 1,118 107,925 Depreciation, amortization and accretion 145,041 113,549 3,560 7,367 269,517 Operating income (loss) 1,249,857 225,358 16,596 ( 56,048 ) 1,435,763 Other expense, net (principally interest expense and other income) ( 663,097 ) ( 663,097 ) Income before income taxes 772,666 Cash capital expenditures (3) 374,339 150,345 1,014 2,598 528,296 For the year ended December 31, 2023 Revenues (1) $ 1,846,554 $ 670,381 $ 194,649 $ — $ 2,711,584 Cost of revenues (2) 268,572 204,115 139,935 — 612,622 Operating profit 1,577,982 466,266 54,714 — 2,098,962 Selling, general, and administrative expenses 121,782 66,619 21,316 58,219 267,936 Acquisition and new business initiatives related adjustments and expenses 10,725 10,946 — — 21,671 Asset impairment and decommission costs 138,699 28,089 372 2,227 169,387 Depreciation, amortization and accretion 457,169 248,758 3,704 6,678 716,309 Operating income (loss) 849,607 111,854 29,322 ( 67,124 ) 923,659 Other expense, net (principally interest expense and other income) ( 375,156 ) ( 375,156 ) Income before income taxes 548,503 Cash capital expenditures (3) 244,366 118,972 2,573 2,702 368,613 For the year ended December 31, 2022 Revenues (1) $ 1,777,593 $ 558,982 $ 296,879 $ — $ 2,633,454 Cost of revenues (2) 264,149 181,536 222,965 — 668,650 Operating profit 1,513,444 377,446 73,914 — 1,964,804 Selling, general, and administrative expenses 102,619 62,911 22,911 73,412 261,853 Acquisition and new business initiatives related adjustments and expenses 13,280 13,527 — — 26,807 Asset impairment and decommission costs 33,880 9,280 — — 43,160 Depreciation, amortization and accretion 489,072 209,563 2,521 6,420 707,576 Operating income (loss) 874,593 82,165 48,482 ( 79,832 ) 925,408 Other expense, net (principally interest expense and other income) ( 399,565 ) ( 399,565 ) Income before income taxes 525,843 Cash capital expenditures (3) 235,787 1,148,941 4,057 5,610 1,394,395 Domestic Site Int'l Site Site Leasing Leasing Development Other (4) Total Assets (in thousands) As of December 31, 2024 $ 6,206,748 $ 3,417,981 $ 65,481 $ 1,727,126 $ 11,417,336 As of December 31, 2023 $ 5,876,648 $ 3,871,164 $ 66,001 $ 364,628 $ 10,178,441 (1) For the years ended December 31, 2024, 2023, and 2022, site leasing revenue in Brazil was $ 379.8 million, $ 392.0 million, and $ 299.5 million, respectively. Other than Brazil, no foreign country represented more than 5 % of the Company’s total site leasing revenues in any of the periods presented. (2) Excludes depreciation, amortization, and accretion. Cost of revenues is primarily comprised of rent expense related to the Company’s leases. (3) Includes cash paid for capital expenditures, acquisitions, and right-of-use assets. (4) Assets in Other consist primarily of general corporate assets, short-term investments. Assets in Other for the period ended December 31, 2024 also includes $ 1.165 billion of cash held in escrow which was used to repay the 2019-1C Tower Securities.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 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 year ended December 31, 2024 2023 2022 Numerator: Net income attributable to SBA Communications Corporation $ 749,536 $ 501,812 $ 461,429 Denominator: Basic weighted-average shares outstanding 107,644 108,204 107,957 Dilutive impact of stock options, RSUs, and PSUs 436 703 1,429 Diluted weighted-average shares outstanding 108,080 108,907 109,386 Net income per common share attributable to SBA Communications Corporation: Basic $ 6.96 $ 4.64 $ 4.27 Diluted $ 6.94 $ 4.61 $ 4.22

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies [Abstract]
Annual Minimum Lease Payments	Finance Leases Operating Leases 2025 $ 1,921 $ 269,389 2026 1,042 265,258 2027 406 263,250 2028 115 259,080 2029 3 250,750 Thereafter — 2,555,025 Total minimum lease payments 3,487 3,862,752 Less: amount representing interest ( 350 ) ( 1,701,433 ) Present value of future payments 3,137 2,161,319 Less: current obligations ( 1,252 ) ( 259,765 ) Long-term obligations $ 1,885 $ 1,901,554
Annual Minimum Lease Income	(in thousands) 2025 $ 2,105,856 2026 1,858,268 2027 1,616,505 2028 1,333,310 2029 958,933 Thereafter 1,793,532 Total $ 9,666,404

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2024
Concentration of Credit Risk [Abstract]
Summary of Significant Customers and Percentage of Total Revenue for Specified Time Periods Derived from such Customers	The following is a list of significant customers (representing at least 10% of revenue for any period reported) and the percentage of total revenue for the specified time periods derived from such customers: For the year ended December 31, Percentage of Total Revenues 2024 2023 2022 T-Mobile 30.5 % 32.5 % 36.4 % AT&T Wireless 20.6 % 19.5 % 19.6 % Verizon Wireless 15.1 % 14.6 % 14.5 % The Company’s site leasing and site development segments derive revenue from these customers. Client percentages of total revenue in each of the segments are as follows: For the year ended December 31, Percentage of Domestic Site Leasing Revenue 2024 2023 2022 T-Mobile 38.1 % 40.2 % 40.6 % AT&T Wireless 29.6 % 28.6 % 29.0 % Verizon Wireless 20.1 % 19.7 % 20.1 % For the year ended December 31, Percentage of International Site Leasing Revenue 2024 2023 2022 Telefonica 21.3 % 22.5 % 20.7 % Claro 19.2 % 20.2 % 19.0 % TIM 15.9 % 15.7 % 17.3 % For the year ended December 31, Percentage of Site Development Revenue 2024 2023 2022 T-Mobile 69.9 % 71.5 % 80.1 % Verizon Wireless 20.1 % 16.8 % 7.8 %

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2024
Redeemable Noncontrolling Interests [Abstract]
Components of Redeemable Noncontrolling Interest	December 31, December 31, 2024 2023 Beginning balance $ 35,047 $ 31,735 Net loss attributable to noncontrolling interests ( 859 ) ( 4,397 ) Foreign currency translation adjustments 618 ( 899 ) Purchase of noncontrolling interests 1,865 — Contribution from joint venture partner 5,730 1,200 Adjustment to redemption amount 11,731 7,408 Ending balance $ 54,132 $ 35,047

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 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 December 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 $ 50,589 $ 104,674 Interest rate swap agreement in a fair value liability position Other long-term liabilities $ — $ 19,573
Schedule of Effect of Derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit	For the year ended December 31, 2024 2023 2022 Cash Flow Hedge - Interest Rate Swap Agreement (in thousands) Change in fair value recorded in Accumulated other comprehensive loss, net $ ( 34,513 ) $ ( 97,760 ) $ 122,536 Gain on settlement of hedging agreement recorded in Accumulated other comprehensive loss, net 8,187 — — Gain reclassified from Accumulated other comprehensive loss, net into earnings $ ( 608 ) $ — $ — Derivatives Not Designated as Hedges - Interest Rate Swap Agreements Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense $ 26,317 $ 29,627 $ 44,887

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	Quarter Ended December 31, September 30, June 30, March 31, 2024 2024 2024 2024 (in thousands, except per share amounts) Revenues $ 693,700 $ 667,595 $ 660,477 $ 657,862 Operating income 382,339 375,596 354,470 323,358 Depreciation, accretion, and amortization ( 65,073 ) ( 63,515 ) ( 64,179 ) ( 76,750 ) Net income attributable to SBA Communications Corporation 173,629 258,534 162,830 154,543 Net income per common share - basic $ 1.61 $ 2.41 $ 1.52 $ 1.43 Net income per common share - diluted 1.61 2.40 1.51 1.42 Quarter Ended December 31, September 30, June 30, March 31, 2023 2023 2023 2023 (in thousands, except per share amounts) Revenues $ 675,024 $ 682,544 $ 678,500 $ 675,516 Operating income 209,687 248,604 241,227 224,141 Depreciation, accretion, and amortization ( 171,400 ) ( 180,674 ) ( 181,820 ) ( 182,415 ) Net income attributable to SBA Communications Corporation 109,528 87,419 203,648 101,217 Net income per common share - basic $ 1.01 $ 0.81 $ 1.88 $ 0.94 Net income per common share - diluted 1.01 0.80 1.87 0.93

General (Narrative) (Details)

General (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024 item
Company owned tower sites	39,749
Domestic [Member]
Company owned tower sites	17,464
International [Member]
Company owned tower sites	22,285
Brazil [Member]
Company owned tower sites	12,520

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares	Sep. 30, 2024 $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Dec. 31, 2023 USD ($) $ / shares	Sep. 30, 2023 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) site $ / shares
Summary of Significant Accounting Policies [Line Items]
Gain (loss) on sale of investments									$ 0	$ 0
Interest cost capitalized									$ 800,000	900,000	$ 600,000
Useful life	30 years								30 years
Impairment charge recognized, related to long-lived assets									$ 107,900,000	169,400,000	43,200,000
Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag									impairment charges
Asset retirement obligation	$ 140,900,000				$ 119,300,000				$ 140,900,000	119,300,000
Accounts receivable, net	145,695,000				182,746,000				145,695,000	182,746,000
Unamortized deferred lease costs	2,100,000				3,200,000				2,100,000	3,200,000	3,300,000
Amortization expense	1,900,000				2,300,000				1,900,000	2,300,000	1,900,000
Deferred lease costs	8,800,000				8,700,000				8,800,000	8,700,000
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan									(156,800,000)	52,400,000	$ 12,900,000
Intercompany loans funded	9,300,000								9,300,000
Repayment of debt									177,100,000
Intercompany foreign currency outstanding balance	$ 1,100,000				$ 1,300,000				$ 1,100,000	$ 1,300,000
Estimated useful lives				15 years
Increase in diluted shares | $ / shares	$ 1.61	$ 2.40	$ 1.51	$ 1.42	$ 1.01	$ 0.80	$ 1.87	$ 0.93	$ 6.94	$ 4.61	$ 4.22
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Acquired intangible assets, useful life									1 year
Operating lease term	5 years								5 years
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Business acquisitions period after closing date to determine additional adjustments									1 year
Acquired intangible assets, useful life									3 years
Operating lease term	15 years								15 years
Site Development Revenue [Member]
Summary of Significant Accounting Policies [Line Items]
Accounts receivable, net	$ 26,400,000				$ 32,300,000				$ 26,400,000	$ 32,300,000
Segment Concentration Risk [Member] | Domestic Site Leasing [Member] | Revenue [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage									94%
Segment Concentration Risk [Member] | Site Development Revenue [Member] | Revenue [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage									6%
Airtel Tanzania [Member]
Summary of Significant Accounting Policies [Line Items]
Number of utility transmission structures acquired | site											1,445
Consideration transferred											$ 176,100,000
ASC 250 [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives				30 years
Reduction in depreciation and amortization expense									$ 411,500,000
Reduction in depreciation and amortization expense after tax									$ 372,500,000
Increase in diluted shares | $ / shares									$ 3.45

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Schedule of Asset Classes and Related Estimated Useful Lives) (Details)	Dec. 31, 2024	Mar. 31, 2024
Property, Plant and Equipment [Line Items]
Estimated useful lives		15 years
Towers and Related Assets [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Towers and Related Assets [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Furniture, Equipment and Vehicles [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Furniture, Equipment and Vehicles [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Data Centers, Buildings, and Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Data Centers, Buildings, and Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	$ 12,838	$ 9,166	$ 12,135
Provision for doubtful accounts	3,680	3,731	632
Write-offs	(637)	(220)	(1,793)
Recoveries			(2,204)
Acquisitions			116
Currency translation adjustment	(1,194)	161	280
Ending balance	$ 14,687	12,838	$ 9,166
Oi S.A. [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for doubtful accounts		$ 3,100

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Schedule of Right-of-use Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Current operating lease liabilities	$ 259,765	$ 271,793
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current lease liabilities	Current lease liabilities
Current financing lease liabilities	$ 1,252	$ 1,671
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current lease liabilities	Current lease liabilities
Current lease liabilities	$ 261,017	$ 273,464
Long-term operating lease liabilities	$ 1,901,554	$ 1,862,509
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term lease liabilities	Long-term lease liabilities
Long-term financing lease liabilities	$ 1,885	$ 3,177
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term lease liabilities	Long-term lease liabilities
Long-term lease liabilities	$ 1,903,439	$ 1,865,686

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Components of Lease Cost, Lease Term, and Discount Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Amortization of acquired and other right-of-use assets	$ 38,771	$ 42,312
Interest on finance lease liabilities	177	211
Total finance lease cost	38,948	42,523
Operating lease cost	278,443	290,169
Variable lease cost	60,732	63,625
Total lease cost	$ 378,123	$ 396,317
Weighted Average Remaining Lease Term Operating leases	15 years 9 months 18 days	12 years 10 months 24 days
Weighted Average Remaining Lease Term Finance leases	50 years 10 months 24 days	49 years 3 months 18 days
Weighted Average Discount Rate: Operating leases	6.60%	6.40%
Weighted Average Discount Rate: Finance leases	4.90%	4.40%
Cash paid for amounts included in measurement of lease liabilities: Cash flows from operating leases	$ 277,560	$ 279,194
Cash paid for amounts included in measurement of lease liabilities: Cash flows from finance leases	$ 2,046	$ 2,522

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments	$ 20,779	$ 24,540
Short-term investments	254,534	1,046
Purchase and sale of short-term investments	254,500	1,000
Purchase of short-term investments	1,800,000
Cost method investment, impairment loss	4,700	900
Proceeds from sale of short-term investments	$ 1,500,000	$ 1,300,000	$ 900,000
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	0.075
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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurements [Abstract]
Asset impairment	$ 73,848	$ 139,466	$ 34,734
Right-of-use asset impairment		45,100
Write-off of carrying value of decommissioned towers	15,452	12,015	8,095
Other (including tower and equipment decommission costs)	18,625	17,906	331
Total asset impairment and decommission costs	$ 107,925	$ 169,387	$ 43,160

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Narrative) (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Surety, Payment and Performance Bonds [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Collateral	$ 0	$ 0
Surety, payment and performance bonds	42,500,000	42,000,000
Workers Compensation Policy [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Collateral	2,500,000	2,400,000
2019-1C Tower Securities [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Collateral	1,165,000,000
Payment and Performance Bonds [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Collateral	$ 6,400,000	$ 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	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash And Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 189,841	$ 208,547	$ 143,708
Restricted cash - current asset	1,206,653	38,129
Total cash, cash equivalents, and restricted cash	1,400,657	250,946	189,283	$ 435,626
Securitization Escrow Accounts [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - current asset	1,200,025	31,852	35,820
Payment, Performance Bonds, and Other [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - current asset	6,628	6,277	6,139
Surety Bonds and Workers Compensation [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - noncurrent asset	$ 4,163	$ 4,270	$ 3,616
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets Noncurrent	Other Assets Noncurrent	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	12 Months Ended
	Dec. 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	89%	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	Dec. 31, 2024	Dec. 31, 2023
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Costs incurred on uncompleted contracts	$ 74,474	$ 98,674
Estimated earnings	31,514	64,589
Billings to date	(92,082)	(152,608)
Costs and estimated earnings on uncompleted contracts	$ 13,906	$ 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	Dec. 31, 2024	Dec. 31, 2023
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 19,198	$ 16,252
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities)	(5,292)	(5,597)
Costs and estimated earnings on uncompleted contracts	$ 13,906	$ 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	Dec. 31, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]
Short-term investments	$ 254,534	$ 1,046
Short-term loans receivable	115,281	1,026
Prepaid real estate taxes	3,564	3,522
Interest receivable	4,359	2,102
Prepaid insurance	1,704	1,522
Prepaid taxes	11,496	9,064
Prepaid ground rent	3,638	3,712
Other current assets	22,757	16,599
Total prepaid expenses and other current assets	$ 417,333	$ 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 17, 2023
Other Assets, Noncurrent [Line Items]
Straight-line rent receivable	$ 417,572	$ 415,100
Interest rate swap asset	$ 50,589	$ 104,674
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Loans receivable	$ 59,326	$ 148,104
Deferred lease costs, net	8,836	8,713
Deferred tax asset - long term	406,692	401,427
Long-term investments	20,779	24,540
Other	46,021	43,872
Total other assets	657,097	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	$ 115,000	100,500
Interest rate	9.303%
Other Assets - Noncurrent [Member]
Other Assets, Noncurrent [Line Items]
Deferred tax asset - long term	$ 53,974	$ 67,473

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands	2 Months Ended	3 Months Ended	12 Months Ended
	Feb. 26, 2025 USD ($) item	Dec. 31, 2024 USD ($) site	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) site item
Business Acquisition [Line Items]
Number of towers acquired | item			186	91	4,790
Performance targets, maximum potential obligation		$ 12,100	$ 12,100	$ 17,900
Airtel Tanzania [Member]
Business Acquisition [Line Items]
Consideration transferred					$ 176,100
GTS [Member]
Business Acquisition [Line Items]
Property and equipment					23,800
Intangible assets					142,200
Operating leases right-of-use assets, net					48,800
Acquired and other right-of-use assets, net					529,300
Long-term lease liabilities assumed					18,300
Other net assets assumed					$ 2,400
Number of communication sites acquired | site					2,632
Consideration transferred					$ 728,200
Other Acquisitions [Member]
Business Acquisition [Line Items]
Number of towers acquired | item			186	91	4,790
Property and equipment		28,730	$ 28,730	$ 18,762	$ 148,303
Intangible assets		217,388	217,388	66,616	351,967
Operating leases right-of-use assets, net		28,505	28,505	15,863	173,796
Acquired and other right-of-use assets, net		68	68	3,744	567,303
Acquisition related holdbacks		5,231	5,231	2,541	24,280
Long-term lease liabilities assumed		$ 21,399	$ 21,399	$ 13,458	$ 124,872
Millicom [Member]
Business Acquisition [Line Items]
Number of communication sites acquired | site		7,000
Master lease agreement, lease term		15 years
Master lease agreement, existing site leases | site		1,500
Number of build-to-suit sites | site		2,500
New leases on sites built, lease term		7 years
Cash paid for acquisition		$ 975,000
Subsequent Event [Member] | Other Acquisitions [Member]
Business Acquisition [Line Items]
Number of communication sites acquired | item	32
Consideration transferred	$ 14,600

Acquisitions (Schedule of Acqui

Acquisitions (Schedule of Acquisition Activity) (Details) - item	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquisitions [Abstract]
Tower acquisitions (number of towers)	186	91	4,790

Acquisitions (Schedule of Acq_2

Acquisitions (Schedule of Acquisition Capital Expenditures) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) site
Business Acquisition [Line Items]
Acquisitions of towers and related assets	$ 243,635	$ 86,686	$ 1,092,462
Land buyouts and other assets	56,176	43,275	83,630
Total cash acquisition capital expenditures	299,811	129,961	1,176,092
Ground lease extensions	$ 24,900	$ 17,600	$ 17,900
Airtel Tanzania [Member]
Business Acquisition [Line Items]
Number of utility transmission structures acquired | site			1,445
Consideration transferred			$ 176,100
GTS [Member]
Business Acquisition [Line Items]
Consideration transferred			$ 728,200

Acquisitions (Schedule of Acq_3

Acquisitions (Schedule of Acquisition of Towers and Related Asset by Assets Class) (Details) - Other Acquisitions [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Property and equipment, net	$ 28,730	$ 18,762	$ 148,303
Intangible assets, net	217,388	66,616	351,967
Operating leases right-of-use assets, net	28,505	15,863	173,796
Acquired and other right-of-use assets, net	68	3,744	567,303
Acquisition related holdbacks	(5,231)	(2,541)	(24,280)
Long-term lease liabilities	(21,399)	(13,458)	(124,872)
Othe assets assumed, net			245
Other (liabilities) assumed, net	(4,426)	(2,300)
Total acquisitions of towers and related assets	$ 243,635	$ 86,686	$ 1,092,462

Property and Equipment, Net (Na

Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment, Net [Abstract]
Depreciation expense	$ 116,300	$ 272,300	$ 274,000
Unpaid capital expenditures	$ 14,581	$ 6,477

Property and Equipment, Net (Pr

Property and Equipment, Net (Property and Equipment, Net) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 7,072,176	$ 6,959,501
Less: accumulated depreciation	(4,280,092)	(4,247,782)
Property and equipment, net	2,792,084	2,711,719
Towers and Related Assets [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	5,902,092	5,836,485
Construction-In-Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	72,202	105,627
Furniture, Equipment and Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	84,629	76,031
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,013,253	$ 941,358

Intangible Assets, Net (Narrati

Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets, Net [Abstract]
Amortization expense	$ 107.1	$ 397	$ 406

Intangible Assets, Net (Gross a

Intangible Assets, Net (Gross and Net Carrying Amounts for each Major Class of Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 7,061,017	$ 7,179,789
Accumulated amortization	(4,672,310)	(4,724,192)
Net book value	2,388,707	2,455,597
Current Contract Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	5,164,263	5,253,563
Accumulated amortization	(3,338,705)	(3,394,009)
Net book value	1,825,558	1,859,554
Network Location Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,896,754	1,926,226
Accumulated amortization	(1,333,605)	(1,330,183)
Net book value	$ 563,149	$ 596,043

Intangible Assets, Net (Estimat

Intangible Assets, Net (Estimated Future Amortization Expense) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Intangible Assets, Net [Abstract]
2025	$ 106,371
2026	106,198
2027	106,177
2028	106,166
2029	$ 106,166

Accrued Expenses (Schedule of A

Accrued Expenses (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Expenses [Abstract]
Salaries and benefits	$ 24,996	$ 25,630
Real estate and property taxes	7,204	7,149
Unpaid capital expenditures	14,581	6,477
Acquisition related holdbacks	10,896	16,100
Other	24,300	37,266
Total accrued expenses	$ 81,977	$ 92,622

Debt (Terms of The Senior Credi

Debt (Terms of The Senior Credit Agreement) (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) item	Feb. 23, 2024 USD ($)	Jan. 25, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt to annualized borrower EBITDA ratio	6.5
Senior Credit Agreement [Member]
Debt Instrument [Line Items]
Debt to annualized borrower EBITDA ratio	6.5
Debt and net hedge exposure to annualized borrower EBITDA	6.5
Consecutive trading days | item	30
Annualized borrower EBITDA to annualized cash interest expense	2
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity | $	$ 2,000	$ 2,000	$ 1,750	$ 1,500

Debt (Revolving Credit Facility

Debt (Revolving Credit Facility under the Senior Credit Agreement) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 23, 2024	Jan. 25, 2024
Line of Credit Facility [Line Items]
Repayments of revolving credit facility	$ 550,000	$ 730,000	$ 605,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maturity Date	Jan. 25, 2029
Line of credit facility, maximum borrowing capacity	$ 2,000,000	1,500,000		$ 2,000,000	$ 1,750,000
Repayments of revolving credit facility	$ 550,000	730,000
Line of credit facility, outstanding		$ 180,000	$ 720,000
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 ($)				12 Months Ended
	Oct. 02, 2024	Jan. 25, 2024	Apr. 11, 2018	Dec. 31, 2024	Feb. 23, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Aggregate principal balance				$ 13,672,750,000		$ 12,388,000,000
2018 Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal balance			$ 2,400,000,000			2,268,000,000
Maturity Date				Apr. 11, 2025
2024 Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal balance		$ 2,300,000,000		$ 2,282,750,000
Repayment of term loans				17,300,000
Percentage of par value price for issuance of term loan		99.75%
Financing fees at issuance		$ 19,400,000		3,300,000
Debt discount				$ 1,200,000
Quarterly payments		$ 5,750,000
Maturity Date		Jan. 25, 2031		Jan. 25, 2031
Base Rate [Member] | 2018 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			0.75%
Base Rate [Member] | 2024 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2024 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate		0.75%
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%
Eurodollar [Member] | 2018 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			1.75%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate principal balance						180,000,000
Line of credit facility, maximum borrowing capacity		$ 1,750,000,000		$ 2,000,000,000	$ 2,000,000,000	$ 1,500,000,000
Maturity Date				Jan. 25, 2029
Revolving Credit Facility [Member] | Base Rate [Member] | 2024 Term Loan [Member]
Debt Instrument [Line Items]
Derivative basis spread on variable interest rate	1%
Basis spread on variable interest rate	0.75%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2024 Term Loan [Member]
Debt Instrument [Line Items]
Derivative basis spread on variable interest rate	2%
Basis spread on variable interest rate	1.75%
Minimum [Member] | Base Rate [Member] | 2018 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			0%
Minimum [Member] | Eurodollar [Member] | 2018 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			0%
Minimum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate				1.125%
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate				0.125%
Minimum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate				1.125%
Maximum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate				1.50%
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate				0.50%
Maximum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate				1.50%

Debt (Secured Tower Revenue Sec

Debt (Secured Tower Revenue Securities) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) site	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal Balance	$ 13,672,750	$ 12,388,000
2024 Tower Securities [Member]
Debt Instrument [Line Items]
Aggregate amount	$ 8,400,000
Property management fee percentage	4.50%
U.S. Treasury rate term	10 years
Additional interest rate for non-compliance	5%
Interest added to Treasury rate and credit-based spread for non-compliance	5%
Tower Securities 2019-1C, 2020-1C, 2021-1C, 2021-2C and 2020-1C [Member]
Debt Instrument [Line Items]
No prepayment consideration period	12 months
Tower Securities 2014-2C, 2020-2C and 2021-3C [Member]
Debt Instrument [Line Items]
No prepayment consideration period	18 months
Minimum [Member] | 2024 Tower Securities [Member]
Debt Instrument [Line Items]
Aggregate number of tower sites owned by Borrowers | site	9,516
Excess Cash Flow Reserve [Member] | Minimum [Member] | 2024 Tower Securities [Member]
Debt Instrument [Line Items]
Debt service coverage ratio	1.30
Amortization Period Prepay [Member] | Maximum [Member] | 2024 Tower Securities [Member]
Debt Instrument [Line Items]
Debt service coverage ratio	1.15
Advance Rents Reserve [Member] | 2024 Tower Securities [Member]
Debt Instrument [Line Items]
Debt service coverage ratio	2
Term required to maintain reserve if debt service coverage ratio is exceeded	2 months

Debt (Senior Notes) (Narrative)

Debt (Senior Notes) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024
2021 Senior Notes [Member] | Redemption, Period Two [Member]
Debt Instrument [Line Items]
Redemption period	Feb. 01, 2025
Redemption price, percentage	100.781%
2021 Senior Notes [Member] | Redemption, Period Three [Member]
Debt Instrument [Line Items]
Redemption period	Feb. 01, 2026
Redemption price, percentage	100%
2020 Senior Notes [Member] | Redemption, Period Three [Member]
Debt Instrument [Line Items]
Redemption period	Feb. 15, 2025
Redemption price, percentage	100%
Senior Notes [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to annualized consolidated adjusted EBITDA	9.5

Debt (Schedule of Principal Val

Debt (Schedule of Principal Values, Fair Values, and Carrying Values of Debt) (Details) - USD ($)		12 Months Ended
	Jan. 25, 2024	Dec. 31, 2024	Dec. 31, 2023	Apr. 11, 2018
Debt Instrument [Line Items]
Principal Balance		$ 13,672,750,000	$ 12,388,000,000
Fair Value		12,849,650,000	11,480,332,000
Carrying Value		13,591,738,000	12,324,315,000
Less: current maturities of long-term debt		(1,187,913,000)	(643,145,000)
Total long-term debt, net of current maturities		$ 12,403,825,000	11,681,170,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity Date		Jan. 25, 2029
Principal Balance			180,000,000
Fair Value			180,000,000
Carrying Value			180,000,000
2018 Term Loan [Member]
Debt Instrument [Line Items]
Maturity Date		Apr. 11, 2025
Principal Balance			2,268,000,000	$ 2,400,000,000
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	Jan. 25, 2031
Principal Balance	$ 2,300,000,000	$ 2,282,750,000
Fair Value		2,282,750,000
Carrying Value		$ 2,260,217,000
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date		Oct. 08, 2024
Principal Balance		$ 620,000,000	620,000,000
Fair Value			606,540,000
Carrying Value			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		1,128,803,000	1,115,313,000
Carrying Value		$ 1,164,913,000	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		726,038,000	682,350,000
Carrying Value		$ 748,425,000	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		516,342,000	520,530,000
Carrying Value		$ 597,273,000	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		1,008,331,000	1,015,437,000
Carrying Value		$ 1,160,436,000	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		763,757,000	772,125,000
Carrying Value		$ 890,896,000	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		679,144,000	686,581,000
Carrying Value		$ 888,260,000	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		878,475,000	850,221,000
Carrying Value		$ 843,321,000	841,429,000
2024-1C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date		Oct. 09, 2029
Principal Balance		$ 1,450,000,000
Fair Value		1,453,292,000
Carrying Value		$ 1,437,978,000
2024-2C Tower Securities [Member]
Debt Instrument [Line Items]
Maturity Date		Oct. 08, 2027
Principal Balance		$ 620,000,000
Fair Value		618,698,000
Carrying Value		$ 615,017,000
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		1,440,270,000	1,438,815,000
Carrying Value		$ 1,493,039,000	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		1,353,750,000	1,338,750,000
Carrying Value		$ 1,491,963,000	$ 1,490,153,000

Debt (Schedule of Future Princi

Debt (Schedule of Future Principal Payment Obligations) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt [Abstract]
2025	$ 1,188,000
2026	1,938,000
2027	3,038,000
2028	1,473,000
2029	$ 2,973,000

Debt (Schedule of Cash and Non-

Debt (Schedule of Cash and Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 11, 2024
Debt Instrument [Line Items]
Cash Interest	$ 399,778	$ 400,373	$ 353,784
Non-cash interest expense	$ 27,661	35,868	46,109
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest Rate	5.407%
Cash Interest	$ 8,603	29,223	21,862
2018 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest	3,253	60,622	50,052
Non-cash interest expense	$ 1,867	30,508	45,756
2024 Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate	2.428%
Cash Interest	$ 60,252
Non-cash interest expense	$ 25,121
Accruing interest rate	6.11%
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	3.869%
Cash Interest	$ 18,810	24,185	24,185
2018-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	3.448%
Cash Interest			21,291
2019-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	2.836%
Cash Interest	$ 33,428	33,428	33,428
2020-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	1.884%
Cash Interest	$ 14,391	14,391	14,391
2020-2C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	2.328%
Cash Interest	$ 14,159	14,159	14,159
2021-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	1.631%
Cash Interest	$ 19,419	19,419	19,419
2021-2C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	1.84%
Cash Interest	$ 16,782	16,782	16,782
2021-3C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	2.593%
Cash Interest	$ 23,492	23,492	23,492
2022-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	6.599%
Cash Interest	$ 56,375	56,375	5,961
2024-1C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	4.831%
Cash Interest	$ 15,677
2024-2C Tower Securities [Member]
Debt Instrument [Line Items]
Interest Rate	4.654%
Cash Interest	$ 7,091
Accruing interest rate	5.115%			4.654%
2020 Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate	3.875%
Cash Interest	$ 58,125	58,125	58,125
Non-cash interest expense	$ 383	367	353
2021 Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate	3.125%
Cash Interest	$ 46,875	46,875	46,875
Other [Member]
Debt Instrument [Line Items]
Cash Interest	3,046	3,297	$ 3,762
Non-cash interest expense	$ 290	$ 4,993

Debt (Schedule of Revolving Cre

Debt (Schedule of Revolving Credit Facility Key Terms) (Details) - Revolving Credit Facility [Member]	12 Months Ended
	Dec. 31, 2024
Line of Credit Facility [Line Items]
Interest Rate	5.407%
Unused Commitment Fee	0.14%
Sustainability Margin Adjustment	0.05%
Sustainability Commitment Fee Adjustment	0.01%

Debt (Summary of Revolving Cred

Debt (Summary of Revolving Credit Facility Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Repayments	$ (550,000)	$ (730,000)	$ (605,000)
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Beginning outstanding balance	180,000	720,000
Borrowings	370,000	190,000
Repayments	$ (550,000)	(730,000)
Ending outstanding balance		$ 180,000	$ 720,000

Debt (Tower Securities - Schedu

Debt (Tower Securities - Schedule of Material Terms of Debt Outstanding) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 13,672,750,000		$ 12,388,000,000
Proceeds from issuance of secured debt	$ 2,052,136,000	$ 839,885,000
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Oct. 15, 2014
Amount Outstanding	$ 620,000,000		620,000,000
Interest Rate	3.869%
Anticipated Repayment Date	Oct. 08, 2024
Deferred financing fees	$ 9,000,000
Repayments of long-term debt	$ 620,000,000
2019-1C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Sep. 13, 2019
Amount Outstanding	$ 1,165,000,000		1,165,000,000
Interest Rate	2.836%
Anticipated Repayment Date	Jan. 12, 2025
Final Maturity Date	Jan. 12, 2050
Deferred financing fees	$ 12,800,000
Proceeds from issuance of secured debt	$ 1,165,000,000
2020-1C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Jul. 14, 2020
Amount Outstanding	$ 750,000,000		750,000,000
Interest Rate	1.884%
Anticipated Repayment Date	Jan. 09, 2026
Final Maturity Date	Jul. 11, 2050
Deferred financing fees	$ 8,000,000
2020-2C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Jul. 14, 2020
Amount Outstanding	$ 600,000,000		600,000,000
Interest Rate	2.328%
Anticipated Repayment Date	Jan. 11, 2028
Final Maturity Date	Jul. 09, 2052
Deferred financing fees	$ 6,400,000
2021-1C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	May 14, 2021
Amount Outstanding	$ 1,165,000,000		1,165,000,000
Interest Rate	1.631%
Anticipated Repayment Date	Nov. 09, 2026
Final Maturity Date	May 09, 2051
Deferred financing fees	$ 12,900,000
2021-2C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Oct. 27, 2021
Amount Outstanding	$ 895,000,000		895,000,000
Interest Rate	1.84%
Anticipated Repayment Date	Apr. 09, 2027
Final Maturity Date	Oct. 10, 2051
Deferred financing fees	$ 9,500,000
2021-3C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Oct. 27, 2021
Amount Outstanding	$ 895,000,000		895,000,000
Interest Rate	2.593%
Anticipated Repayment Date	Oct. 09, 2031
Final Maturity Date	Oct. 10, 2056
Deferred financing fees	$ 9,500,000
2022-1C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Nov. 23, 2022
Amount Outstanding	$ 850,000,000		$ 850,000,000
Interest Rate	6.599%
Anticipated Repayment Date	Jan. 11, 2028
Final Maturity Date	Nov. 09, 2052
Deferred financing fees	$ 10,500,000
2024-1C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Oct. 11, 2024
Amount Outstanding	$ 1,450,000,000
Interest Rate	4.831%
Anticipated Repayment Date	Oct. 09, 2029
Final Maturity Date	Oct. 08, 2054
Deferred financing fees	$ 12,500,000
2024-2C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Oct. 11, 2024
Amount Outstanding	$ 620,000,000
Interest Rate	4.654%
Anticipated Repayment Date	Oct. 08, 2027
Final Maturity Date	Oct. 08, 2054
Deferred financing fees	$ 5,400,000
2018-1C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Mar. 09, 2018
Amount Outstanding	$ 640,000,000
Interest Rate	3.448%
Anticipated Repayment Date	Mar. 09, 2023
Deferred financing fees	$ 8,600,000
2019-1R Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Sep. 13, 2019
Amount Outstanding	$ 61,400,000
Interest Rate	4.213%
Anticipated Repayment Date	Jan. 12, 2025
Final Maturity Date	Jan. 12, 2050
Proceeds from issuance of secured debt	$ 61,400,000

Debt (Tower Securities - Sche_2

Debt (Tower Securities - Schedule of Material Terms of Debt Repaid) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 13,672,750,000	$ 12,388,000,000
2018-1C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Mar. 09, 2018
Amount Outstanding	$ 640,000,000
Interest Rate	3.448%
Anticipated Repayment Date	Mar. 09, 2023
Actual Repayment Date	Dec. 15, 2022
Deferred financing fees	$ 8,600,000
Deferred financing fees and accrued interest	$ 400,000
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Oct. 15, 2014
Amount Outstanding	$ 620,000,000	$ 620,000,000
Interest Rate	3.869%
Anticipated Repayment Date	Oct. 08, 2024
Actual Repayment Date	Oct. 08, 2024
Deferred financing fees	$ 9,000,000
Deferred financing fees and accrued interest	$ 200,000

Debt (Risk Retention Tower Secu

Debt (Risk Retention Tower Securities - Schedule of Material Terms of Debt Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 13,672,750	$ 12,388,000
2019-1R Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Sep. 13, 2019
Amount Outstanding	$ 61,400
Interest Rate	4.213%
Anticipated Repayment Date	Jan. 12, 2025
Final Maturity Date	Jan. 12, 2050
2020-2R Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Jul. 14, 2020
Amount Outstanding	$ 71,100
Interest Rate	4.336%
Anticipated Repayment Date	Jan. 11, 2028
Final Maturity Date	Jul. 09, 2052
2021-1R Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	May 14, 2021
Amount Outstanding	$ 61,400
Interest Rate	3.598%
Anticipated Repayment Date	Nov. 09, 2026
Final Maturity Date	May 09, 2051
2021-3R Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Oct. 27, 2021
Amount Outstanding	$ 94,300
Interest Rate	4.09%
Anticipated Repayment Date	Oct. 09, 2031
Final Maturity Date	Oct. 10, 2056
2022-1R Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Nov. 23, 2022
Amount Outstanding	$ 44,800
Interest Rate	7.87%
Anticipated Repayment Date	Jan. 11, 2028
Final Maturity Date	Nov. 09, 2052
2024-1R Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Oct. 11, 2024
Amount Outstanding	$ 108,700
Interest Rate	6.252%
Anticipated Repayment Date	Oct. 09, 2029
Final Maturity Date	Oct. 08, 2054

Debt (Risk Retention Tower Se_2

Debt (Risk Retention Tower Securities - Schedule of Material Terms of Debt Repaid) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 13,672,750	$ 12,388,000
2018-2R Tower Securities [Member]
Debt Instrument [Line Items]
Issue Date	Mar. 09, 2018
Amount Outstanding	$ 33,700
Interest Rate	4.949%
Anticipated Repayment Date	Mar. 09, 2023
Final Maturity Date	Dec. 15, 2022

Debt (Senior Notes - Schedule o

Debt (Senior Notes - Schedule of Material Terms of Debt Outstanding) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 13,672,750,000	$ 12,388,000,000
2020 Senior Notes [Member]
Debt Instrument [Line Items]
Issue Date	Feb. 04, 2020
Amount Outstanding	$ 1,500,000,000	1,500,000,000
Interest Rate Coupon	3.875%
Maturity Date	Feb. 15, 2027
Interest Due Dates	Feb. 15 & Aug. 15
Deferred financing fees	$ 18,000,000
2021 Senior Notes [Member]
Debt Instrument [Line Items]
Issue Date	Jan. 29, 2021
Amount Outstanding	$ 1,500,000,000	$ 1,500,000,000
Interest Rate Coupon	3.125%
Maturity Date	Feb. 01, 2029
Interest Due Dates	Feb. 1 & Aug. 1
Deferred financing fees	$ 14,800,000

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 26, 2025	Dec. 31, 2023	Oct. 28, 2021	Aug. 06, 2020	Dec. 31, 2007
Class of Stock [Line Items]
Shares registered	400,000,000		400,000,000		3,400,000
Federal net operating loss carry-forward	$ 377.9
Class A Common Stock [Member] | November 16, 2007 Registration Statement [Member]
Class of Stock [Line Items]
Shares reclassified as authorized and unissued	1,200,000
Securities issued	0		0
Shares registered						4,000,000
Class A Common Stock [Member] | February 26,2021 Registration Statement [Member]
Class of Stock [Line Items]
Securities issued	0
2020 Plan [Member]
Class of Stock [Line Items]
Shares registered					3,000,000
2010 Plan [Member]
Class of Stock [Line Items]
Shares registered					400,000
New Plan [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Stock repurchase program, remaining authorization		$ 204.7
New Plan [Member] | Class A Common Stock [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized				$ 1,000
Real Estate Investment Trust [Member]
Class of Stock [Line Items]
Federal net operating loss carry-forward	$ 337.7

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shareholders' Equity [Abstract]
Total number of shares purchased (in millions)	0.9	0.5	1.3
Average price per share	$ 213.85	$ 197.89	$ 332
Total purchase price (in millions)	$ 200	$ 100	$ 431.6

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Dividends Paid and Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 26, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends		$ 424,891	$ 370,570	$ 308,305
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		$ 108,100
Date Paid/Date to be Paid		Mar. 28, 2024
Dividends		$ 1,900
Dividend Two [Member]
Date Declared		Apr. 29, 2024
Payable to Shareholders of Record at the Close of Business on		May 23, 2024
Cash Paid Per Share		$ 0.98
Aggregate Amount Paid		$ 105,300
Date Paid/Date to be Paid		Jun. 18, 2024
Dividend Three [Member]
Date Declared		Jul. 28, 2024
Payable to Shareholders of Record at the Close of Business on		Aug. 22, 2024
Cash Paid Per Share		$ 0.98
Aggregate Amount Paid		$ 105,300
Date Paid/Date to be Paid		Sep. 18, 2024
Dividend Four [Member]
Date Declared		Oct. 27, 2024
Payable to Shareholders of Record at the Close of Business on		Nov. 14, 2024
Cash Paid Per Share		$ 0.98
Aggregate Amount Paid		$ 105,400
Date Paid/Date to be Paid		Dec. 12, 2024
Subsequent Event [Member] | O2025 Q1 Dividends [Member]
Date Declared	Feb. 23, 2025
Payable to Shareholders of Record at the Close of Business on	Mar. 13, 2025
Cash to be Paid Per Share	$ 1.11
Date Paid/Date to be Paid	Mar. 27, 2025

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 23, 2018	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of options granted		$ 58.95	$ 82.28
Total intrinsic value for options exercised		$ 19,500	$ 40,000	$ 45,200
Cash received from option exercises		29,400	38,600	31,600
Tax benefit realized from stock option exercises		$ 1,500	(4,900)	(18,400)
Share price		$ 203.80
Total fair value of shares vested		$ 400	8,700	15,900
Non-cash compensation expense		74,374	87,919	99,909
Non-cash compensation capitalized to fixed assets		1,600	1,700	1,900
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested stock options		$ 1,200
Weighted average period to recognize cost		3 years
Performance Stock Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for future issuance under the plan		121,022
Non-cash compensation expense		$ 1,200	$ 1,000	$ 1,200
2018 Plan [Member] | Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for future issuance under the plan	300,000
Percentage of purchase plan price per share equal to the fair market value	85%
Class A common stock issued under the purchase plan		36,675	27,280
Cash proceeds from issuance of shares under the purchase plan		$ 6,600	$ 5,600
2020 Plan [Member] | Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum issuance of shares					3,000,000
Shares remaining available for future issuance under the plan		1,900,000
Minimum [Member] | Performance Stock Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric, target amount, percentage		0%
Maximum [Member] | Performance Stock Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric, target amount, percentage		200%

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule of Assumptions Used to Estimate Fair Value of Stock Options) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation [Abstract]
Risk free interest rate	3.96%	2.53%
Dividend yield	1.50%	0.90%
Expected volatility	30%	27.20%
Expected lives	4 years 4 months 24 days	4 years 3 months 18 days

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation [Abstract]
Number of Shares, Outstanding	1,340,000	1,673,000	1,899,000
Number of Shares, Granted	0	20,000	10,000
Number of Shares, Exercised	(250,000)	(339,000)	(233,000)
Number of Shares, Forfeited/canceled	(2,000)	(14,000)	(3,000)
Number of Shares, Outstanding	1,088,000	1,340,000	1,673,000
Number of Shares, Exercisable	1,066,000
Number of Shares, Unvested	22,000
Weighted-Average Exercise Price Per Share, Outstanding	$ 168.32	$ 161.02	$ 157.76
Weighted-Average Exercise Price Per Share, Granted		224.24	328.99
Weighted-Average Exercise Price Per Share, Exercised	140.18	132.70	141.41
Weighted-Average Exercise Price Per Share, Forfeited/canceled	197.91	238.10	179.16
Weighted-Average Exercise Price Per Share, Outstanding	174.74	$ 168.32	$ 161.02
Weighted-Average Exercise Price Per Share, Exercisable	173.12
Weighted-Average Exercise Price Per Share, Unvested	$ 252.81
Weighted-Average Remaining Contractual Life (in years), Outstanding	1 year 1 month 6 days
Weighted-Average Remaining Contractual Life (in years), Exercisable	1 year
Weighted-Average Remaining Contractual Life (in years), Unvested	8 years 1 month 6 days
Aggregate Intrinsic Value, Outstanding	$ 33,420
Aggregate Intrinsic Value, Exercisable	$ 33,420

Stock-Based Compensation (Addit

Stock-Based Compensation (Additional Information Regarding Options Outstanding And Exercisable) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number of Shares | shares	1,088
Options Exercisable, Number of Shares | shares	1,066
140.01 - $180.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower limit	$ 140.01
Exercise price range, upper limit	$ 180
Options Outstanding, Number of Shares | shares	422
Options Outstanding, Weighted Average Remaining Contractual Life	2 months 12 days
Options Outstanding, Weighted Average Exercise Price	$ 156.52
Options Exercisable, Number of Shares | shares	422
Options Exercisable, Weighted Average Exercise Price	$ 156.52
$180.01 - $230.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower limit	180.01
Exercise price range, upper limit	$ 230
Options Outstanding, Number of Shares | shares	654
Options Outstanding, Weighted Average Remaining Contractual Life	1 year 7 months 6 days
Options Outstanding, Weighted Average Exercise Price	$ 183.93
Options Exercisable, Number of Shares | shares	638
Options Exercisable, Weighted Average Exercise Price	$ 182.92
$230.01 - $330.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower limit	230.01
Exercise price range, upper limit	$ 330
Options Outstanding, Number of Shares | shares	12
Options Outstanding, Weighted Average Remaining Contractual Life	6 years 6 months
Options Outstanding, Weighted Average Exercise Price	$ 320.14
Options Exercisable, Number of Shares | shares	6
Options Exercisable, Weighted Average Exercise Price	$ 310.59

Stock-Based Compensation (Sum_2

Stock-Based Compensation (Summary of Activity of Options Outstanding not yet Vested) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Stock-Based Compensation [Abstract]
Number of Shares, Unvested as of December 31, 2023 | shares	28
Number of Shares, Vested | shares	(6)
Number of Shares, Unvested as of December 31, 2024 | shares	22
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2023 | $ / shares	$ 65.61
Weighted-Average Fair Value Per Share, Vested | $ / shares	66.73
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2024 | $ / shares	$ 65.31

Stock-Based Compensation (Sum_3

Stock-Based Compensation (Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity) (Details) shares in Thousands	12 Months Ended
	Dec. 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	272
Number of Shares, Vested | shares	(121)
Number of Shares, Forfeited/canceled | shares	(25)
Number of Shares, Outstanding | shares	393
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares	$ 269.08
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares	216.39
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	269.29
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares	236.33
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares	$ 234.50
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	(8)
Number of Shares, Outstanding | shares	275
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	315.38
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares	$ 314.52
Performance period	3 years

Stock-Based Compensation (Sch_2

Stock-Based Compensation (Schedule of Non-Cash Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of non-cash compensation included in income before provision for income taxes	$ 74,374	$ 87,919	$ 99,909
Cost of Revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of non-cash compensation included in income before provision for income taxes	2,737	2,869	2,490
Selling, General And Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of non-cash compensation included in income before provision for income taxes	$ 71,637	$ 85,050	$ 97,419

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019
Schedule Of Income Taxes [Line Items]
Effective income tax rate	21%	21%	21%
Valuation allowance	$ 19,326,000	$ 16,115,000
Net change in valuation allowance	(3,200,000)	57,400,000
Federal net operating loss carry-forward	377,900,000
Net foreign operating loss carry-forward	66,500,000
Net state operating tax loss carry-forward	225,600,000
Deferred foreign withholding taxes	8,950,000	8,322,000
Uncertain tax positions	13,909,000	14,202,000
Unrecognized tax benefits that would impact effective tax rate	0	$ 3,000,000
Penalties and interest expense related to unrecognized tax benefits	300,000
Secretariat of the Federal Revenue Bureau of Brazil [Member]
Schedule Of Income Taxes [Line Items]
Penalties and interest accrued	63,100,000			$ 0
Real Estate Investment Trust [Member]
Schedule Of Income Taxes [Line Items]
Federal net operating loss carry-forward	337,700,000
Expire Between 2026 and 2037 [Member]
Schedule Of Income Taxes [Line Items]
Federal net operating loss carry-forward	343,700,000
Indefinite Carry-forward [Member]
Schedule Of Income Taxes [Line Items]
Federal net operating loss carry-forward	$ 34,200,000
Minimum [Member]
Schedule Of Income Taxes [Line Items]
Operating loss carry-forward, expiration year	2029
Foreign and state operating tax loss carry forwards expiration date	2025
Minimum [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member]
Schedule Of Income Taxes [Line Items]
Year under examination	2017
Estimate of possible loss	$ 0
Maximum [Member]
Schedule Of Income Taxes [Line Items]
Operating loss carry-forward, expiration year	2037
Maximum [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member]
Schedule Of Income Taxes [Line Items]
Year under examination	2019
Estimate of possible loss	$ 49,000,000

Income Taxes (Income (Loss) bef

Income Taxes (Income (Loss) before Provision for Income Taxes from Continuing Operations by Geographic Area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Domestic	$ 797,774	$ 377,150	$ 438,116
Foreign	(25,108)	171,353	87,727
Income before income taxes	$ 772,666	$ 548,503	$ 525,843

Income Taxes (Components of Pro

Income Taxes (Components of Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current provision:
State	$ 2,758	$ 8,099	$ 6,115
Foreign	34,318	38,360	27,028
Total current	37,076	46,459	33,143
Deferred provision (benefit) for taxes:
Federal	8,021	8,280	(6,856)
State	1,458	1,431	(956)
Foreign	(26,540)	52,003	32,780
Change in valuation allowance	3,974	(57,085)	7,933
Total deferred	(13,087)	4,629	32,901
Total provision for income taxes	$ 23,989	$ 51,088	$ 66,044

Income Taxes (Income Tax Rate R

Income Taxes (Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Statutory federal expense	$ 162,260	$ 115,186	$ 110,427
Rate and permanent differences on non-U.S. earnings	(1,842)	31,722	20,996
State and local tax expense	3,543	9,288	5,585
REIT adjustment	(163,795)	(75,513)	(86,670)
Permanent differences	12,868	11,872	(3,257)
Uncertain tax positions	(293)	14,202
Property, equipment, and intangible basis differences			8,471
Other	7,274	1,416	2,559
Valuation allowance	3,974	(57,085)	7,933
Total provision for income taxes	$ 23,989	$ 51,088	$ 66,044

Income Taxes (Components of Net

Income Taxes (Components of Net Deferred Income Tax Asset and Liability) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 30,942	$ 42,064
Property, equipment, and intangible basis differences	18,217	25,225
Accrued liabilities	14,892	14,945
Non-cash compensation	25,830	29,576
Operating lease liability	254,521	268,107
Deferred revenue	5,735	6,348
Allowance for doubtful accounts	2,854	2,735
Currency translation	64,881	14,467
Other	8,146	14,075
Valuation allowance	(19,326)	(16,115)
Total deferred tax assets, net	406,692	401,427
Deferred tax liabilities:
Property, equipment and intangible basis differences	(171,763)	(169,744)
Right of use asset	(240,300)	(254,573)
Straight-line rents	(16,877)	(19,029)
Deferred foreign withholding taxes	(8,950)	(8,322)
Other		(1,495)
Total deferred tax liabilities, net	(31,198)	(51,736)
Other Assets [Member]
Deferred tax assets:
Total deferred tax assets, net	53,974	67,473
Other Long-Term Liabilities [Member]
Deferred tax liabilities:
Total deferred tax liabilities, net	$ (85,172)	$ (119,209)

Income Taxes (Income (Reconcili

Income Taxes (Income (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 14,202
Additions based on tax positions related to the current year	3,557	$ 5,023
Additions and reductions for tax positions of prior years	(1,519)	9,179
Reductions for lapse in statute of limitations	(2,331)
Unrecognized Tax Benefits, Ending Balance	$ 13,909	$ 14,202

Segment Data (Narrative) (Detai

Segment Data (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of business segments | segment	2
Number of reportable segments | segment	2
Number of measures utilized of segment profit to assess performance and allocate resources | item	2
Assets	$ 11,417,336	$ 10,178,441
2019-1C Tower Securities [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Cash held in escrow	1,165,000
Domestic Site Leasing [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	5,700,000	5,400,000
Assets	6,206,748	5,876,648
International Site Leasing [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	3,000,000	3,400,000
Assets	3,417,981	3,871,164
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	$ 1,700,000
Brazil [Member] | International Site Leasing [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets		$ 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%	5%

Segment Data (Schedule of Segme

Segment Data (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 693,700	$ 667,595	$ 660,477	$ 657,862	$ 675,024	$ 682,544	$ 678,500	$ 675,516	$ 2,679,634	$ 2,711,584	$ 2,633,454
Cost of revenues									581,727	612,622	668,650
Operating profit									2,097,907	2,098,962	1,964,804
Selling, general, and administrative expenses									258,756	267,936	261,853
Acquisition and new business initiatives related adjustments and expenses									25,946	21,671	26,807
Asset impairment and decommission costs									107,925	169,387	43,160
Depreciation, amortization and accretion	65,073	63,515	64,179	76,750	171,400	180,674	181,820	182,415	269,517	716,309	707,576
Operating income	382,339	$ 375,596	$ 354,470	$ 323,358	209,687	$ 248,604	$ 241,227	$ 224,141	1,435,763	923,659	925,408
Other expense, net (principally interest expense and other income)									(663,097)	(375,156)	(399,565)
Income before income taxes									772,666	548,503	525,843
Cash capital expenditures									528,296	368,613	1,394,395
Assets	11,417,336				10,178,441				11,417,336	10,178,441
Domestic Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues									1,861,424	1,846,554	1,777,593
Cost of revenues									269,168	268,572	264,149
Operating profit									1,592,256	1,577,982	1,513,444
Selling, general, and administrative expenses									132,627	121,782	102,619
Acquisition and new business initiatives related adjustments and expenses									14,954	10,725	13,280
Asset impairment and decommission costs									49,777	138,699	33,880
Depreciation, amortization and accretion									145,041	457,169	489,072
Operating income									1,249,857	849,607	874,593
Cash capital expenditures									374,339	244,366	235,787
Assets	6,206,748				5,876,648				6,206,748	5,876,648
International Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues									665,341	670,381	558,982
Cost of revenues									193,829	204,115	181,536
Operating profit									471,512	466,266	377,446
Selling, general, and administrative expenses									64,583	66,619	62,911
Acquisition and new business initiatives related adjustments and expenses									10,992	10,946	13,527
Asset impairment and decommission costs									57,030	28,089	9,280
Depreciation, amortization and accretion									113,549	248,758	209,563
Operating income									225,358	111,854	82,165
Cash capital expenditures									150,345	118,972	1,148,941
Assets	3,417,981				3,871,164				3,417,981	3,871,164
Site Development [Member]
Segment Reporting Information [Line Items]
Revenues									152,869	194,649	296,879
Cost of revenues									118,730	139,935	222,965
Operating profit									34,139	54,714	73,914
Selling, general, and administrative expenses									13,983	21,316	22,911
Asset impairment and decommission costs										372
Depreciation, amortization and accretion									3,560	3,704	2,521
Operating income									16,596	29,322	48,482
Cash capital expenditures									1,014	2,573	4,057
Assets	65,481				66,001				65,481	66,001
Other [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative expenses									47,563	58,219	73,412
Asset impairment and decommission costs									1,118	2,227
Depreciation, amortization and accretion									7,367	6,678	6,420
Operating income									(56,048)	(67,124)	(79,832)
Other expense, net (principally interest expense and other income)									(663,097)	(375,156)	(399,565)
Cash capital expenditures									2,598	2,702	5,610
Assets	1,727,126				364,628				1,727,126	364,628
Brazil [Member]
Segment Reporting Information [Line Items]
Assets	$ 1,700,000								1,700,000
Brazil [Member] | International Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues									$ 379,800	392,000	$ 299,500
Assets					$ 2,100,000					$ 2,100,000
Maximum [Member] | Revenue [Member] | Geographic Concentration Risk [Member] | Foreign Countries, Other than Brazil [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage									5%

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								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income attributable to SBA Communications Corporation	$ 173,629	$ 258,534	$ 162,830	$ 154,543	$ 109,528	$ 87,419	$ 203,648	$ 101,217	$ 749,536	$ 501,812	$ 461,429
Basic weighted-average shares outstanding									107,644	108,204	107,957
Dilutive impact of stock options, RSUs, and PSUs									436	703	1,429
Diluted weighted-average shares outstanding									108,080	108,907	109,386
Net income per common share attributable to SBA Communications Corporation:
Basic									$ 6.96	$ 4.64	$ 4.27
Diluted									$ 6.94	$ 4.61	$ 4.22

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024
Minimum [Member]
Schedule Of Commitments And Contingencies [Line Items]
Business acquisitions performance target period	1 year
Maximum [Member]
Schedule Of Commitments And Contingencies [Line Items]
Business acquisitions performance target period	3 years

Commitments and Contingencies_3

Commitments and Contingencies (Annual Minimum Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finance Leases
2025	$ 1,921
2026	1,042
2027	406
2028	115
2029	3
Total minimum lease payments	3,487
Less: amount representing interest	(350)
Present value of future payments	3,137
Less: current obligations	$ (1,252)	$ (1,671)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease, Liability, Current	Lease, Liability, Current
Long-term obligations	$ 1,885	$ 3,177
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease, Liability, Noncurrent	Lease, Liability, Noncurrent
Operating Leases
2025	$ 269,389
2026	265,258
2027	263,250
2028	259,080
2029	250,750
Thereafter	2,555,025
Total minimum lease payments	3,862,752
Less: amount representing interest	(1,701,433)
Present value of future payments	2,161,319
Less: current obligations	$ (259,765)	$ (271,793)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease, Liability, Current	Lease, Liability, Current
Long-term obligations	$ 1,901,554	$ 1,862,509
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease, Liability, Noncurrent	Lease, Liability, Noncurrent

Commitments and Contingencies_4

Commitments and Contingencies (Annual Minimum Lease Income) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies [Abstract]
2025	$ 2,105,856
2026	1,858,268
2027	1,616,505
2028	1,333,310
2029	958,933
Thereafter	1,793,532
Total	$ 9,666,404

Concentration of Credit Risk (N

Concentration of Credit Risk (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Customers [Member]
Concentration Risk [Line Items]
Concentration risk percentage of revenue	61.40%	65.60%

Concentration of Credit Risk (S

Concentration of Credit Risk (Summary of Significant Customers and Percentage of Total Revenue for Specified Time Periods Derived from Such Customers) (Details) - Revenue [Member]	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
T-Mobile [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	30.50%	32.50%	36.40%
AT&T Wireless [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	20.60%	19.50%	19.60%
Verizon Wireless [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	15.10%	14.60%	14.50%
Domestic Site Leasing [Member] | Segment Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	94%
Domestic Site Leasing [Member] | T-Mobile [Member] | Segment Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	38.10%	40.20%	40.60%
Domestic Site Leasing [Member] | AT&T Wireless [Member] | Segment Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	29.60%	28.60%	29%
Domestic Site Leasing [Member] | Verizon Wireless [Member] | Segment Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	20.10%	19.70%	20.10%
International Site Leasing [Member] | Telefonica [Member] | Segment Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	21.30%	22.50%	20.70%
International Site Leasing [Member] | Claro [Member] | Segment Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	19.20%	20.20%	19%
International Site Leasing [Member] | TIM [Member] | Segment Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	15.90%	15.70%	17.30%
Site Development Revenue [Member] | Segment Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	6%
Site Development Revenue [Member] | T-Mobile [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	69.90%	71.50%	80.10%
Site Development Revenue [Member] | Verizon Wireless [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	20.10%	16.80%	7.80%

Defined Contribution Plan (Narr

Defined Contribution Plan (Narrative) (Details)	2 Months Ended	12 Months Ended
	Feb. 26, 2025	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Defined Benefit Plan, Vesting Term		3 months
Defined Benefit Plan, Minimum Age Requirement | item		21
Discretionary matching contribution company percentage		75%
Discretionary matching contribution, employee's contribution, maximum		$ 4,000
Company matching contributions		$ 3,300,000	$ 3,400,000	$ 3,200,000
Subsequent Event [Member]
Discretionary matching contribution company percentage	100%

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Components of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Redeemable Noncontrolling Interests [Abstract]
Beginning balance	$ 35,047	$ 31,735
Net loss attributable to noncontrolling interests	(859)	(4,397)	$ (1,630)
Foreign currency translation adjustments	618	(899)
Purchase of noncontrolling interests	1,865
Contribution from joint venture partner	5,730	1,200
Adjustment to redemption amount	11,731	7,408
Ending balance	$ 54,132	$ 35,047	$ 31,735

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Narrative) (Details) - USD ($)			12 Months Ended
	Sep. 11, 2024	Aug. 04, 2020	Dec. 31, 2024	Dec. 31, 2023	Sep. 06, 2024	Jan. 25, 2024	Nov. 03, 2023	Jun. 21, 2023
Derivative [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount					$ 1,000,000,000
Derivative basis spread on variable interest rate					1.75%
Derivative fixed interest rate					4.75%
Accumulated derivative losses			$ 50,900,000	$ 51,500,000
Interest Rate Swap [Member] | Minimum [Member]
Derivative [Line Items]
Remaining maturity year			2023
Interest Rate Swap [Member] | Maximum [Member]
Derivative [Line Items]
Remaining maturity year			2025
Previously Executed Forward-Starting Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount			$ 2,000,000,000
Derivative fixed interest rate			5.165%
2018 Term Loan [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount								$ 1,950,000,000
Derivative fixed interest rate								1.90%
2024 Term Loan [Member]
Derivative [Line Items]
Accruing interest rate			6.11%
Interest Rate			2.428%
2024 Term Loan [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount			$ 1,950,000,000			$ 1,950,000,000	$ 1,000,000,000
Derivative basis spread on variable interest rate							1.75%
Derivative fixed interest rate						1.80%
Accruing interest rate			0.05%
2024-2C Tower Securities [Member]
Derivative [Line Items]
Notional amount	$ 620,000,000
Derivative fixed interest rate	3.3985%
Gain in other comprehensive income which is being amortized to interest expense	$ 8,200,000
Accruing interest rate	4.654%		5.115%
Interest Rate			4.654%
Cash Flow Hedges [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative fixed interest rate							5.58%
Cash transfer in connection with termination of swaps		$ 0
Cash Flow Hedges [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount		$ 1,950,000,000
Derivative basis spread on variable interest rate		1.75%
Derivative fixed interest rate		1.874%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative basis spread on variable interest rate								1.85%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2024 Term Loan [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative basis spread on variable interest rate						1.75%

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	Dec. 31, 2024	Dec. 31, 2023
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap agreements in a fair value asset position	$ 50,589	$ 104,674
Other Long-Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap agreement in a fair value liability position		$ 19,573

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities (Schedule of Effect of Derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain on settlement of hedging agreement recorded in Accumulated other comprehensive loss, net	$ 8,187
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	(34,513)	$ (97,760)	$ 122,536
Gain reclassified from Accumulated other comprehensive loss, net into earnings	(608)
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 reclassified in Non-cash interest expense	$ 26,317	$ 29,627	$ 44,887

Quarterly Financial Data (Sched

Quarterly Financial Data (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Quarterly Financial Data [Abstract]
Revenues	$ 693,700	$ 667,595	$ 660,477	$ 657,862	$ 675,024	$ 682,544	$ 678,500	$ 675,516	$ 2,679,634	$ 2,711,584	$ 2,633,454
Operating income	382,339	375,596	354,470	323,358	209,687	248,604	241,227	224,141	1,435,763	923,659	925,408
Depreciation, accretion, and amortization	(65,073)	(63,515)	(64,179)	(76,750)	(171,400)	(180,674)	(181,820)	(182,415)	(269,517)	(716,309)	(707,576)
Net income attributable to SBA Communications Corporation	$ 173,629	$ 258,534	$ 162,830	$ 154,543	$ 109,528	$ 87,419	$ 203,648	$ 101,217	$ 749,536	$ 501,812	$ 461,429
Net income per common share - basic	$ 1.61	$ 2.41	$ 1.52	$ 1.43	$ 1.01	$ 0.81	$ 1.88	$ 0.94	$ 6.96	$ 4.64	$ 4.27
Net income per common share - diluted	$ 1.61	$ 2.40	$ 1.51	$ 1.42	$ 1.01	$ 0.80	$ 1.87	$ 0.93	$ 6.94	$ 4.61	$ 4.22

Schedule III - Schedule of Re_2

Schedule III - Schedule of Real Estate and Accumulated Depreciation (Schedule of Real Estate and Accumulated Depreciation) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) site	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Description | site	39,749
Encumbrances	$ 10,672,750
Gross Amount Carried at Close of Current Period	8,213,791	$ 8,231,510	$ 7,993,750	$ 7,068,208
Accumulated Depreciation at Close of Current Period	$ (4,291,860)	$ (4,232,369)	$ (3,925,893)	$ (3,644,238)
Date of Construction	Various
Date Acquired	Various
Secured debt	$ 10,700,000
Maximum [Member]
Life on Which Depreciation in Latest Income Statement is Computed	70 years
Product Concentration Risk [Member] | Minimum [Member] | Real Estate, Gross [Member] | Sites [Member]
Concentration risk percentage	5%

Schedule III - Schedule of Re_3

Schedule III - Schedule of Real Estate and Accumulated Depreciation (Reconciliation of Carrying Amount of Real Estate Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract]
Gross amount at beginning	$ 8,231,510	$ 7,993,750	$ 7,068,208
Acquisitions	34,350	22,081	727,863
Construction and related costs on new builds	131,539	59,873	69,384
Augmentation and tower upgrades	54,181	82,917	60,247
Land buyouts and other assets	31,739	32,247	26,588
Tower maintenance	50,182	49,471	42,048
Other	2,942	35,880	23,824
Total additions	304,933	282,469	949,954
Cost of real estate sold or disposed	(437)	(8,024)	(610)
Impairment	(73,977)	(119,307)	(23,638)
Other	(248,238)	82,622	(164)
Total deductions	(322,652)	(44,709)	(24,412)
Balance at end	$ 8,213,791	$ 8,231,510	$ 7,993,750

Schedule III - Schedule of Re_4

Schedule III - Schedule of Real Estate and Accumulated Depreciation (Reconciliation of Real Estate Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract]
Gross amount of accumulated depreciation at beginning	$ (4,232,369)	$ (3,925,893)	$ (3,644,238)
Depreciation	(128,548)	(300,458)	(285,918)
Other	(693)	(14,339)	(3,382)
Total additions	(129,241)	(314,797)	(289,300)
Amount of accumulated depreciation for assets sold or disposed	24,210	8,070	7,505
Other	45,540	251	140
Total deductions	69,750	8,321	7,645
Balance at end	$ (4,291,860)	$ (4,232,369)	$ (3,925,893)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management & Strategy A cybersecurity threat is any potential unauthorized occurrence, on or conducted through, our information systems that may result in adverse effects on the confidentiality, integrity or availability of our information systems or any information residing therein. We have a comprehensive, cross-functional approach to cybersecurity risk management, driven by our information security management systems and propelled by industry-leading expertise from both our internal information technology security team and top-tier third-party consultants and firms that we engage. Our cyber risk management process is supported by both management and our Board of Directors. Our cybersecurity risk management strategies represent an integral component of our overall approach to enterprise risk management (“ERM”). Our cybersecurity policies, standards, processes, and practices are fully integrated into our ERM program and based on the recognized National Institute of Standards and Technology (NIST) Cybersecurity Framework. We continuously seek to adopt market-leading standards and procedures to protect our tower infrastructure, data, and carrier, vendor, and consumer information. Key elements of our cybersecurity risk management strategy include: (1) System Monitoring and Testing . We work collaboratively with third-party industry experts and consultants to conduct regular vulnerability assessments and penetration testing from both outside and within our system networks. Our information security team utilizes endpoint software together with technology platforms and applications designed to enable it to monitor user and network behavior and origination points in real time both at our corporate headquarters as well as any of our sites globally. In addition, we conduct quarterly phishing campaign simulations which include notification of the respective Executive Vice President in the event of a failure by an employee in their department. (2) Threat Identification & Response . Our internal information security team works collaboratively with our external industry consultants to identify threats utilizing analytics and metrics, which are aligned with the MITRE ATT&CK (Adversarial Tactics, Techniques, and Common Knowledge) Framework, and mitigate attacks across various layers of our enterprise systems. We leverage the core functions of the NIST Cybersecurity Framework (Identify, Protect, Detect, Respond, and Recover) to constantly work toward identifying opportunities for further improvement and development of our risk mitigation strategies. We also build upon the principles of the ISO 27001 standard and have achieved ISO 27001:2013 certification for one of our data centers. As part of our response preparedness, our executive management team participates in comprehensive tabletop exercises annually simulating cybersecurity breaches or other incidents which simulate identifying, responding and reporting of such an incident in accordance with our risk management programs. (3) Defense Procedures & Preparedness . We have established and maintain a data incident response and a business continuity management plan to timely, consistently, and appropriately address cyber threats that may occur despite our safeguards. The response plan is global in scope and covers the major phases of the incident response process, including preparation, detection and analysis, containment and investigation, notification (which may include timely notice to our Board if deemed material or appropriate), eradication and recovery, and incident closure and post-incident analysis. Our response plan is reviewed annually, regularly tested, and updated based on developments in the industry. Our business continuity management system includes targets and objectives, impact analyses and risk assessments, exercise and testing, training and awareness, documentation and standards for data centers and servers. (4) Outside Consultants & Industry Experts . In addition to the broad capabilities of our internal information security team, we also engage various outside consultants, including contractors, security firms, auditors, and other third-party subject matter experts, to among other things, conduct regular testing of our networks and systems to identify vulnerabilities through penetration testing, while also measuring and advising on potential improvements to our cybersecurity programs. We are also members of recognized global industry organizations such as the Information Systems Audit and Control Association (ISACA), International Information System Security Certification Consortium (ISC), and International Association of Privacy Professionals (IAPP). (5) Third-Party Risk Assessments . We maintain a comprehensive risk-based approach to identifying and overseeing potential cybersecurity risks presented by third parties, including our vendors and service providers. We have a dedicated information technology vendor management team that reports to our Chief Information Officer (“CIO”). We conduct initial and regular cybersecurity assessments of third-party vendors that we engage with in our operations and their information security policies and systems in order to identify, evaluate, and address potential vulnerabilities . (6) Team Member Education & Awareness . We remain dedicated to fostering an internal culture of cybersecurity, where all of our team members are trained to identify, respond, and report potential cybersecurity threats that may arise. New hires are required to participate in cybersecurity onboarding training, and current employees are responsible for completing mandatory cybersecurity training annually and phishing awareness training quarterly. Our leadership team participates in advanced, targeted cybersecurity training and exercises to ensure additional security. Our leadership team also participates in table-top exercises and trainings tailored to specific business units. For example, most recently our internal audit and finance teams participated in a successful table-top exercise which simulated cyber-attacks on our payroll and financial systems. All of our table-top exercises are facilitated by a third-party. As part of our cybersecurity risk management strategy, each cyber threat is evaluated for materiality and escalated based upon evaluation of the potential severity and risk impact on our operations. We have not experienced a material cybersecurity breach in the past three years . As such, we have not incurred any material expenses from cybersecurity breaches or any expenses from penalties or settlements related to a cybersecurity breach during that time. For more information regarding cybersecurity-related risks that could materially affect our business strategies, results of operations, or financial condition, please see Item 1A in this Form 10-K under the headings “ Information technology disruptions, including as a result of cybersecurity breaches, could compromise our information, which would cause our business and reputation to suffer .”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management strategies represent an integral component of our overall approach to enterprise risk management (“ERM”). Our cybersecurity policies, standards, processes, and practices are fully integrated into our ERM program and based on the recognized National Institute of Standards and Technology (NIST) Cybersecurity Framework.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	As part of our cybersecurity risk management strategy, each cyber threat is evaluated for materiality and escalated based upon evaluation of the potential severity and risk impact on our operations. We have not experienced a material cybersecurity breach in the past three years . As such, we have not incurred any material expenses from cybersecurity breaches or any expenses from penalties or settlements related to a cybersecurity breach during that time. For more information regarding cybersecurity-related risks that could materially affect our business strategies, results of operations, or financial condition, please see Item 1A in this Form 10-K under the headings “ Information technology disruptions, including as a result of cybersecurity breaches, could compromise our information, which would cause our business and reputation to suffer .”
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board believes a robust cybersecurity strategy is vital to protect our business, customers, and assets.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board has delegated to the Audit Committee responsibility for oversight and review of our cybersecurity and other information technology and data privacy risk management program, controls, strategies, and procedures.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CIO reports to the Audit Committee at every regularly scheduled meeting (or more frequently, as needed) to discuss cybersecurity risk exposure and risk management strategy.
Cybersecurity Risk Role of Management [Text Block]	Our executive leadership team, which includes our CIO, reviews and manages implementation of our cybersecurity strategy and programs through regularly scheduled meetings.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our information security team, led by our CIO and Senior Director, IT Security and Compliance, has over 75 years of collective cybersecurity experience and maintains numerous active industry-recognized cyber certifications, such as Certified Information Security Manager (CISM), Certified Information Systems Security Professional (CISSP), and Certified Information Systems Auditor (CISA).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our information security team undertakes a variety of measures in the daily monitoring and management of cybersecurity risks across our business. For example, the information security team monitors our technology infrastructure with tools designed to detect suspicious behavior and decrypt VPN traffic on our systems globally.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CIO reports to the Audit Committee at every regularly scheduled meeting (or more frequently, as needed) to discuss cybersecurity risk exposure and risk management strategy. Our CIO has over 25 years of experience in the information technology and security industry with global organizations . Our executive leadership team, which includes our CIO, reviews and manages implementation of our cybersecurity strategy and programs through regularly scheduled meetings. Our information security team, led by our CIO and Senior Director, IT Security and Compliance, has over 75 years of collective cybersecurity experience and maintains numerous active industry-recognized cyber certifications, such as Certified Information Security Manager (CISM), Certified Information Systems Security Professional (CISSP), and Certified Information Systems Auditor (CISA). Our information security team undertakes a variety of measures in the daily monitoring and management of cybersecurity risks across our business. For example, the information security team monitors our technology infrastructure with tools designed to detect suspicious behavior and decrypt VPN traffic on our systems globally. The information security team conducts regular internal and external audits with third-party cybersecurity experts to identify and evaluate potential weaknesses in its cybersecurity systems. Some of these third-party monitoring functions continue throughout the year while other third-party security experts are periodically retained to audit specific areas of our cybersecurity program. In addition, our information security team works with our internal audit function to monitor reporting and escalation of cybersecurity incident reports from across our business . Our information security team also works with our Executive Vice President, Chief Administrative Officer and General Counsel on our data privacy program, including with respect to the preservation and protection of the integrity and confidentiality of our data and systems.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true