SBA Communications (SBAC) Risk Factor Changes

Moreover, if we fail to comply with certain asset ownership tests, at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory…

creation of reserves or required debt or amortization payments.

Qualification as a REIT involves the application of highly technical and complex Code provisions for which only limited judicial and administrative authorities exist.

The U.S.

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 2020.

We are periodically subject to a number of tax examinations by taxing authorities in the states and countries where we do business.

and regulations), including those relating to the management, use, storage, disposal, emission and remediation of, and exposure to, hazardous and non-hazardous substances, materials, and wastes.

As part of our day-to-day operations, we rely on information technology and other computer resources and infrastructure to carry out important business activities and to maintain our business records.

We hold an aggregate of 4,068 towers through right of use agreements, pursuant to which we have the right to use and lease space on the tower to third parties, but do not own the tower.

As of December 31, 2025, the average remaining life under our ground leases and other property interests, including renewal options under our control, was approximately 35 years, and approximately 14.5% of our tower s…

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 dem…

Furthermore, we have intercompany loan agreements with our foreign subsidiaries to borrow in U.S.

For the year ended December 31, 2025, approximately 27.4% of our total site leasing revenue was generated by our international operations, of which 21.9% was generated in non-U.S.

In Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, and Panama, substantially all of our revenue, expenses, and capital expenditures arising from our activities are denominated in U.S.

We are also exposed to risks operating in countries with high levels of inflation, including the risk that inflation rates exceed our fixed escalator percentages in markets where our leases include fixed escalators an…

Our current business operations in developing markets, and our expansion into any other international markets in the future, could result in adverse financial consequences and operational problems not typically experi…

Our industry is highly competitive, and our wireless service provider customers often have alternatives for leasing communications infrastructure assets.

Although we have used interest rate swaps to mitigate our interest rate risk from time to time, we may not maintain interest rate swaps with respect to all of our variable rate indebtedness, and any swaps we enter int…

As a result, we are exposed to interest rate risk.

Our international, and, to a limited degree, our domestic wireless service providers have and may continue to be subject to consolidation pressures arising from competitive pressures, spectrum limitations, the signifi…

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…

or forgo otherwise attractive investments.

Qualification as a REIT involves the application of highly technical and complex Code provisions for which only limited judicial and administrative authorities exist.

are extremely complex and subject to varying interpretations.

operational, technical and managerial resources which could adversely affect our business and operations.

if competitors construct towers near our existing towers.

While the U.S.

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 n…

our variable rate debt, may be an accretive use of our excess capital.

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…

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 nondeduc…

effects, including cancer, were demonstrated, we could be subject to numerous claims.

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 regu…

architectures as some of our competitors.

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.

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 enforc…

Adverse changes in a customer’s financial condition or business operations could result in delayed payments, reduced revenues, contract modifications, or nonperformance.

Our business depends, in part, on the ability of customers to perform under their contractual and financial obligations.

Pursuant to the terms of our Credit Agreement, the interest rate that we pay on indebtedness incurred under the Revolving Credit Facility and the Term Loan varies based on a fixed margin over either a base rate or a E…

(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.

Recently, the U.S.