10-K 0001034054-26-000002 (2026-02-27) vs 10-K 0001034054-25-000002 (2025-02-26)
| Section | Compared text | Words now | Changed |
| Risk Factors | Item 1A | 11,558 |
11.2% |
| MD&A | Item 7 | 9,584 |
23.5% |
| Legal Proceedings | Item 3, via Note 17 – COMMITMENTS AND CONTINGENCIES | 199 |
1.0% |
| Accounting Policies | 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 5,132 |
10.3% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 232 words changed in this paragraph; it is 59% similar to last year's version.
Improvements or changes in the efficiency, capacity and range with new technologies, architecture, and design of wireless networks or changes in a wireless service provider customer's business model may reduce the demand for our wireless infrastructure. Also, as customers deploy increased capital to develop and implement new technologies, they may allocate less of their budgets to lease space on our towers. For example, new technologies that may promote network sharing, joint development, or resale agreements by our wireless service provider customers, such as signal combining technologies or network functions virtualization, may reduce the need for our wireless infrastructure, or may result in the decommissioning of equipment on certain sites because portions of the customers' networks may become redundant. In addition, other technologies and architectures, such as WiFi, DAS, femtocells, other small cells, or satellite (such as low earth orbiting) and mesh transmission systems orbit) may, in the future, serve as substitutes for, or alternatives to, the traditional macro site communications architecture that is the basis of substantially all of our site leasing business. Certain small cell complementary network technologies or satellite services could shift a portion of our customers’ network investments away from traditional tower-based networks, which may reduce the need for carriers to add more equipment at certain communications sites. The majority of our tower portfolio comprises traditional macro sites and therefore is not as diversified into non-macro sites and other technologies and architectures as some of our competitors. In addition, new technologies that enhance the range, efficiency, and capacity of wireless equipment could reduce demand for our wireless infrastructure. For example, our wireless service provider customers have engaged in increased use of network sharing, roaming, or resale arrangements, resulting in reduced capital spending or a decision to sell or not renew their spectrum licenses or concessions. Any significant reduction in demand for our wireless infrastructure resulting from new technologies or new architectures or changes in a customer's business model may negatively impact our revenues or otherwise have a material adverse effect on our business and results of operations. Any such event may have a disproportionate impact on our business compared to our competitors, whose portfolios may be more technologically and architecturally diversified than ours. In addition, while we are exploring and investing in ancillary services and emerging technologies, including our mobile edge computing initiative and private networks, those investments may not prove to be profitable.
Source: Item 1A, 10-K 0001034054-26-000002 vs Item 1A, 10-K 0001034054-25-000002
MD&A 136 words changed in this paragraph; it is 66% similar to last year's version.
We believe that Management uses Adjusted EBITDA in evaluating, and believes that it is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is evaluating, the primary measure used by management (1) to evaluate the economic productivity profitability of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the to evaluate our performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties to meaningfully evaluate and compare the results of our operations (1) 1) from period to period and (2) compared to our competitors, by excluding removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization, amortization and accretion) from our financial results. In addition, Adjusted EBITDA is a widely used performance measure across the telecommunications real estate sector and management believes that it allows investors to evaluate our comparative performance without regard to items such as depreciation, amortization, and accretion, which can vary across different companies depending upon accounting methods and the book value of assets. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement and the indentures relating to the 2020 Senior Notes and 2021 Senior Notes. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Source: Item 7, 10-K 0001034054-26-000002 vs Item 7, 10-K 0001034054-25-000002
Accounting Policies 102 words changed in this paragraph; it is 56% similar to last year's version.
PSUs The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), stock options, and purchases under the Company’s employee stock purchase plans. The Company records compensation expense for RSUs, PSUs, and stock options 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. 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.
Source: 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001034054-26-000002 vs 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001034054-25-000002
Legal Proceedings 4 words changed in this paragraph; it is 96% similar to last year's version.
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 2025 are as follows (in thousands): follows:
Source: Item 3, via Note 17 – COMMITMENTS AND CONTINGENCIES, 10-K 0001034054-26-000002 vs Item 3, via Note 17 – COMMITMENTS AND CONTINGENCIES, 10-K 0001034054-25-000002
Every change, by type
Sentences and paragraphs of SBAC's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-26.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
(1)The increase in site leasing revenue derived from Tigo was due to the sites purchased from Millicom during the year ended December 31, 2025.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
Our business depends, in part, on the ability of customers to perform under their contractual and financial obligations.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
Adverse changes in a customer’s financial condition or business operations could result in delayed payments, reduced revenues, contract modifications, or nonperformance. For example, in late 2025, EchoStar (f/k/a DISH Wireless) notified us that it would be discontinuing its network business. In December 2025, EchoStar defaulted on its payment obligations to us and such default has continued into 2026. As a result, we currently expect that this churn will represent approximately $56.0 million of cash site leasing revenue during 2026. While EchoStar’s default, has not had, and is not expected to have, a material adverse effect, any failure of other customers to perform under their contractual and financial obligations to us could, individually or in the aggregate, have a material adverse effect on our business, results of operations and financial condition. In addition, we may take certain actions to enforce our
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
rights (including with respect to payment) under our customer contracts, including our contracts with EchoStar, which may be costly, time-consuming and divert management’s attention, and the outcome of any such enforcement is inherently uncertain.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
Our operations, like those of other companies engaged in similar businesses, are subject to the requirements of various federal, state, local, and foreign environmental and occupational safety and health laws and regulations (including climate-related laws
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
From time to time, we may generate REIT taxable income greater than our cash flow as a result of differences in timing between the recognition of taxable income and the actual receipt of cash or the effect of nondeductible capital expenditures, the
Read it in 10-K 2026-02-27 at sec.gov ↗
RemovedRisk Factors
Our domestic and international wireless service providers have and may continue to be subject to consolidation pressures arising from competitive pressures, spectrum limitations, the significant capital expenditures necessary to build out national networks on evolving technology and governmental policies seeking to limit the telecommunications infrastructure footprint within a market. Significant consolidation among our wireless service provider customers has resulted, and is expected to continue to result, in our
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedRisk Factors
if competitors construct towers near our existing towers. Any of these factors could materially and adversely affect our growth rate and our future operations.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedRisk Factors
operational, technical and managerial resources which could adversely affect our business and operations. Additionally, if we are unable to effectively upgrade and improve the efficiency of our information technology systems, we may experience disruptions to our operations and services.
Read it in 10-K 2025-02-26 at sec.gov ↗
RewordedRisk Factors
While Recently, the U.S. wireless service provider market has recently reduced to three nationwide wireless service providers, AT&T Wireless, T-Mobile, and Verizon Wireless, we and most of the industry anticipate that the number of nationwide our dependence on these three wireless service providers will increase to four again if Echostar successfully builds out its nationwide network. for our financial and operational growth has been exacerbated.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
The amount of future distributions will be determined, from time to time, by our Board of Directors to balance our goal of increasing long-term shareholder value and retaining sufficient cash to implement our current capital allocation policy, which prioritizes investment in quality assets through acquisitions to the extent there are opportunities that meet our return criteria, criteria and through the construction of new towers, then stock repurchases, when we believe our stock price is below its intrinsic value. and then cash dividend growth over time.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
For example, our wireless service provider customers have engaged in increased Increased use of network sharing, roaming, or resale arrangements, resulting in reduced capital spending or a decision to sell or not renew their spectrum licenses or concessions. concessions, or network consolidation between operators could also result in reduction in demand for our wireless infrastructure.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
As of December 31, 2024, 2025, we had an interest rate swap agreement agreements on a portion of our 2024 Term Loan (as amended on October 2, 2024) which swaps $1.95 swap $2.0 billion of notional value accruing interest at one month Term SOFR plus 175 basis points for an a blended all-in fixed rate of 1.800% 5.165% per annum through March 31, 2025. April 11, 2028.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
We currently expect that this churn will represent an aggregate of between $115.0 million and $125.0 approximately $75.0 million of cash site leasing revenue from 2025 through 2028. over the next several years.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
For example, certain providers are have been, and may in the future be, financially constrained and are as a result, may not currently investing invest in their wireless networks to or deploy new spectrum.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
For the years ended December 31, 2024 2025 and 2023, 2024, we recorded an $81.6 million gain and a $156.8 million loss and a $52.4 million gain, loss, net of taxes, respectively, on the remeasurement of intercompany loans due to changes in foreign exchange rates.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
In addition, we may, from time to time, upgrade are in the process of upgrading our data processing systems and other operating technologies and take taking other steps to improve the efficiency of our information technology.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
These upgrades may require us to divert financial, operational, technical, and managerial resources which could adversely affect our business and operations.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Moreover, if a connection between exposure to low levels of RF energy and possible negative health effects, including cancer, were demonstrated, we could be subject to numerous claims.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
However, if the accumulation of cash or reinvestment of significant earnings in our TRSs causes the fair market value of our securities in those entities to represent more than 20% 25% of the value of our total assets, assets for our tax year beginning in 2026, as determined for REIT asset testing purposes, we would, absent timely responsive action, fail to remain qualified as a REIT.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
We disagree with the assessment these assessments and have filed an appeal are appealing with the higher appellate taxing authorities.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
Due to inflationary pressures on the U.S. economy and governmental action to combat inflation, interest rates have risen significantly in the past two three years, and interest rates may increase in the future, which will likely increase our interest expense on our variable rate indebtedness and decrease our net income.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
In Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, and Panama, significantly substantially all of our revenue, expenses, and capital expenditures arising from our activities are denominated in U.S. dollars.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
We expect churn to be elevated through 2026 due to churn in some of our markets. In our domestic markets, we currently expect churn to represent an aggregate of between $132.0 million and $136.0 million of cash site leasing revenue due in part to Sprint and EchoStar churn. In our international markets, we currently expect churn to represent an aggregate of between $36.0 million and $40.0 million of cash site leasing revenue due in part to Oi wireline churn.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. We have elected to prospectively adopt the standard, refer to Note 14 in our Consolidated Financial Statements included in this annual report for our Income Tax disclosures.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
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. We are currently evaluating the effect of this standard on our consolidated financial statements and related disclosures.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, modernizing the accounting for costs related to internal-use software. The standard removed the development stage model and requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project and when it is probable that the project will be completed and the software will be used for its intended purposes. The standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. We
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
have elected to adopt the standard as of January 1, 2026. We do not expect that the adoption will have a material impact on our consolidated financial statements and related disclosures.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
general, and administrative expenses, partially offset by higher segment operating profit and a decrease in acquisition and new business initiatives related adjustments and expenses.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
(2)During the year ended December 31, 2025, we purchased 2.5 million shares of our Class A common stock for $497.8 million at an average price per share of $200.73. Amounts reflected in the table are based on the settlement date. Subsequent to December 31, 2025, we purchased 12 thousand shares of our Class A common stock for $2.2 million at an average price per share of $188.66.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
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.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
(in thousands) Revolving Credit Facility (1) $ 25,006 2024 Term Loan (2) 140,508 2020-1C Tower Securities (3) 750,556 2020-2C Tower Securities 14,159 2021-1C Tower Securities 1,181,842 2021-2C Tower Securities 16,752 2021-3C Tower Securities 23,491 2022-1C Tower Securities 56,362 2024-1C Tower Securities 70,510 2024-2C Tower Securities 29,052 2020 Senior Notes 58,125 2021 Senior Notes 46,875 Total debt service for the next 12 months $ 2,413,238
Read it in 10-K 2026-02-27 at sec.gov ↗
RemovedMD&A
We derive site leasing revenues primarily from wireless service provider tenants. Wireless service providers enter into either (1) standalone individual tenant site leases with us, each of which relates to the lease or use of space at an individual site, or (2) master
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
are strategically positioned, we have historically experienced low tenant lease terminations as a percentage of revenue other than in connection with customer consolidation or cessations of a specific technology.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
During the first quarter of 2024, we completed our assessment on the remaining estimated useful lives of our towers and intangible assets. We concluded through our assessment that, for U.S. GAAP purposes, we should modify our current estimates for asset lives based on our historical operating experience and the findings obtained by our independent consultant. We previously depreciated our 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 we had historically estimated to be 15 years. Based on our assessment, we revised the estimated useful lives of our towers and certain related intangible assets (which are amortized on a similar basis to our tower assets, as their useful lives correlate to the useful life of the towers) from 15 years to 30 years, effective January 1, 2024. We 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. There have been no other material changes to our significant accounting policies during the year ended December 31, 2024.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
(2)Includes amounts paid for the purchase of and received from the sale of short-term investments during the years ended December 31, 2024 and 2023.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
(3)Includes $11.1 million and $100.5 million of loans to an unconsolidated joint venture for the years ended December 31, 2024 and 2023, respectively.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
During the fourth quarter of 2024, we 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 MLAs to lease back space on all acquired sites for an initial term of 15 years. The MLAs will also incorporate an extension to our approximately 1,500 existing site leases with Millicom for a new 15-year term. Additionally, as part of the purchase agreement, we have agreed to a seven-year exclusivity right with Millicom for us 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.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
(2)As of the date of this filing, we had $204.7 million remaining under the current authorized share repurchase plan.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
On January 25, 2024, we, through our wholly owned subsidiary SBA Senior Finance II, amended and restated our Senior Credit Agreement to (1) issue a new $2.3 billion Term Loan and retire the 2018 Term Loan, (2) increase the total commitments under the Revolving Credit Facility from $1.5 billion to $1.75 billion, (3) extend the maturity date of the Revolving Credit Facility to January 25, 2029, and (4) amend certain other terms and conditions under the Senior Credit Agreement.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
On February 23, 2024, we, through our 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.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
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.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
On January 25, 2024, we, through our wholly owned subsidiary, SBA Senior Finance II, retired the 2018 Term Loan. In connection with the repayment, we expensed $3.3 million of net deferred financing fees and $1.2 million of original issuance discount related to the debt.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
Each of our senior notes is subject to redemption, at our 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 our 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. We may redeem each of the senior notes during the time periods and at the redemption prices set forth in the indentures.
Read it in 10-K 2025-02-26 at sec.gov ↗
RewordedMD&A
These changes were primarily due to the change in estimated useful lives of our towers and certain related intangible assets from our historical estimate of 15 years to a revised estimate of 30 years (effective January 1, 2024) and the impact of assets that became fully depreciated since the prior year period, partially offset by an increase in the number of towers we acquired and built since January 1, 2023. 2024, partially offset by the impact of assets that became fully depreciated since the prior year period.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
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 23, 2025 March 14, 2024 $0.98 $108.1 13, 2025 $1.11 $122.3 million (1) March 28, 2024 27, 2025 April 29, 2024 27, 2025 May 23, 2024 $0.98 $105.3 22, 2025 $1.11 $119.4 million June 18, 2024 July 28, 2024 17, 2025 August 22, 2024 $0.98 $105.3 3, 2025 August 21, 2025 $1.11 $119.1 million September 18, 2024 October 27, 2024 2025 November 14, 2024 $0.98 $105.4 2, 2025 November 13, 2025 $1.11 $118.2 million December 12, 2024 11, 2025
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
These changes were primarily due to (1) lease early termination fees, revenues from 7,266 towers acquired (including 7,110 towers related to the Millicom transaction) and 904 towers built since January 1, 2024, (2) organic site leasing growth from new leases, amendments, and contractual escalators, and (3) revenues from 147 towers acquired increases in reimbursable pass-through expenses and 783 towers built since January 1, 2023, non-cash straight line revenue, partially offset by lease non-renewals non-renewals, tower divestitures and a decrease in reimbursable pass-through expenses. lease early termination fees.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Domestic site leasing operating income increased $400.3 decreased $83.8 million for the year ended December 31, 2024, 2025, as compared to the prior year, primarily due to decreases increases in depreciation, accretion, and amortization expense and asset impairment and decommission costs and higher segment operating profit, partially offset by increases in selling, general, and administrative expenses and costs, acquisition and new business initiatives related adjustments and expenses, and depreciation, accretion, and amortization expense and lower segment operating profit, partially offset by a decrease in selling, general, and administrative expenses.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
The decrease was primarily due to an increase increases in net interest expense and cash selling, general, and administrative expenses, as well as increases in cash outflows associated with working capital changes related to the timing of customer payments and increases in cash selling, general, and administrative expenses and cash asset impairment and decommission costs as well as a decrease in site development segment operating profit, partially offset by increases in domestic site leasing segment operating profit and interest income. profit.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Domestic site leasing revenues increased $14.9 $4.2 million for the year ended December 31, 2024, 2025, as compared to the prior year, primarily due to (1) organic site leasing growth, primarily growth from monetary lease amendments (due in part to our 2023 MLA with AT&T) and additional equipment added to our towers as well as new leases leases, amendments, and contractual rent escalators and (2) revenues from 130 66 towers acquired and 39 54 towers built since January 1, 2023, 2024, partially offset by Sprint and other lease non-renewals. non-renewals and a decrease in non-cash straight line revenue.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
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.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Other (expense) income, income (expense), net includes a $236.5 $208.4 million loss gain on sale of assets and a $121.5 million gain on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries for the year ended December 31, 2024, 2025, while the prior year period included an $81.2 a $236.5 million gain loss on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries and a $7.6 million loss on the sale of tower assets. subsidiaries.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Management uses Adjusted EBITDA in evaluating, and believes that Adjusted EBITDA helps it is useful to investors or other interested parties to meaningfully evaluate and compare in evaluating, the results profitability of our operations (1) and to evaluate our performance 1) from period to period and (2) compared to our competitors, by excluding removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization, amortization and accretion) from our financial results.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
On August 4, 2020, As of December 31, 2025, we, through our wholly owned subsidiary, SBA Senior Finance II, entered into an had interest rate swap agreements on our 2024 Term Loan which swapped $1.95 swap $2.0 billion of notional value accruing interest at one month LIBOR Term SOFR plus 175 basis points for an a blended all-in fixed rate of 1.874% 5.165% per annum through July 31, 2023. April 11, 2028.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
On January 10, During the year ended December 31, 2025, we sold all of our towers and ended our operations in both the Philippines and on February 20, 2025, we entered into an agreement to sell Colombia and sold substantially all of our towers and related assets held operations in Colombia. Canada.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
(2)Provision for income taxes includes a $0.7 million benefit from (2)Includes franchise and gross receipts taxes for the year ended December 31, 2024 and $0.8 million of franchise taxes for the year ended December 31, 2023 reflected in selling, general, and administrative expenses on the Consolidated Statement Statements of Operations.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesMD&A
In Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, and Panama, significantly substantially all of our revenue, expenses, and capital expenditures arising from our activities are denominated in U.S. dollars.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesMD&A
In Brazil, Canada, Chile, and South Africa, significantly substantially all of our revenue, expenses, and capital expenditures, including tenant leases, ground leases and other property interests, and other tower-related expenses are denominated in local currency.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesMD&A
We Generally, we believe our site leasing business is characterized by stable and long-term recurring revenues, predictable operating costs, and minimal non-discretionary capital expenditures.
Read it in 10-K 2026-02-27 at sec.gov ↗