Financial Data and Key Metrics Changes - The company reported a strong quarter with an industry-leading AFFO per share and a modest increase in the full-year outlook for new leasing activity and escalations [5][10] - The adjusted timing of the Millicom acquisition negatively impacted the current site leasing revenue outlook by $4 million and tower cash flow by $3 million [13][16] - The total debt at the end of the quarter was $12.8 billion, with a net debt of $12.3 billion, resulting in a leverage ratio of 6.2 times net debt to adjusted EBITDA [21][22] Business Line Data and Key Metrics Changes - The services business saw an 81% increase in revenue in Q3 compared to the prior year, primarily driven by construction-related projects focused on network expansion [5][10] - Domestic organic leasing revenue growth was 5.3% on a gross basis and 1.6% on a net basis, with churn at 3.7% [13][16] - International organic leasing revenue growth was 8.5% on a gross basis, calculated on a constant currency basis [15] Market Data and Key Metrics Changes - The company has a total of over 46,000 tower sites worldwide, representing a 40% increase since 2020 [8] - The backlog of leasing activity remains healthy and steady compared to the previous quarter [5] - The company acquired 447 sites for approximately $143 million during Q3, primarily related to the Millicom acquisition [15] Company Strategy and Development Direction - The company is focusing on being a leading tower company in each market and aligning more directly with leading wireless operators [8] - A new long-term agreement with Verizon supports the company's strategy for network modernization and operational efficiencies [9] - The company is changing its financial policy to reduce the target leverage range to six to seven turns of net debt to adjusted EBITDA, aiming for investment-grade debt [17][20] Management's Comments on Operating Environment and Future Outlook - The macro environment for mobile broadband growth is supportive, with increasing 5G use cases and mobile data traffic driving network investment [11][12] - Management expressed confidence in the future growth potential, particularly with the new agreement with Verizon and ongoing demand for services [5][10] - The company anticipates a significant reduction in international churn over the next couple of years as market consolidations stabilize [71] Other Important Information - The company has $1.3 billion remaining on its share repurchase authorization and has spent $325 million to repurchase 1.6 million shares so far in 2025 [10][21] - A quarterly dividend of $1.11 per share was declared, representing a 13% increase over the previous year's dividend [22][23] - Marc DeRussy, Vice President of Finance, announced his retirement at the end of the year, with Louis Friend set to take over [12][23] Q&A Session Summary Question: Impact of Verizon MLA on new leasing revenue - The Verizon agreement includes components for colocations and amendments, with a minimum commitment for growth over the next 10 years [27][28] Question: Current status of DISH payments - DISH is current on their rents, and the company expects them to honor their agreements [28][29] Question: Structure of the Verizon deal compared to AT&T - The Verizon deal is more linear and tied directly to activity, unlike the AT&T deal [30][31] Question: T-Mobile agreement status - The company has a good relationship with T-Mobile and expects to negotiate a new agreement as the current one expires [98] Question: Sustainability of the services business trend - The services business is expected to continue growing, with potential for broader relationships, particularly with Verizon [100][102] Question: Regulatory delays in acquisitions - Regulatory delays were primarily related to the Millicom acquisition, with challenges in markets where the company has significant market share [81][84]

Financial Data and Key Metrics Changes - The company reported a strong quarter with an industry-leading AFFO per share and a modest increase in the full-year outlook for new leasing activity and escalations [5][10] - Adjusted for the timing of the Millicom acquisition, the third-quarter results were in line with expectations, with domestic organic leasing revenue growth of 5.3% on a gross basis and 1.6% on a net basis [13][21] - Total debt at the end of the quarter was $12.8 billion, with net debt at $12.3 billion, resulting in a leverage ratio of 6.2 times net debt to adjusted EBITDA [21] Business Line Data and Key Metrics Changes - The services business saw a significant revenue increase of 81% in Q3 compared to the prior year, primarily driven by construction-related projects focused on network expansion [5] - The company acquired 447 sites for approximately $143 million during Q3, mainly related to the Millicom acquisition, with an additional 2,000 sites closed post-quarter [15] Market Data and Key Metrics Changes - International organic leasing revenue growth for Q3 was 8.5% on a gross basis, although total international churn remained elevated due to ongoing carrier consolidation [15][21] - The company noted that 80% of consolidated cash site leasing revenue and 85% of adjusted EBITDA was denominated in U.S. dollars [15] Company Strategy and Development Direction - The company is focusing on being a leading tower company in each market and aligning more closely with leading wireless operators [8] - A new long-term agreement with Verizon supports the company's growth strategy and enhances operational efficiencies [9][10] - The company is changing its financial policy to reduce the target leverage range to six to seven turns of net debt to adjusted EBITDA, aiming for investment-grade debt issuance [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment for mobile broadband growth, driven by the proliferation of 5G use cases and increasing mobile data traffic [10][11] - The company anticipates ongoing network investment to meet the demands of new technologies, including 6G [11] - Management acknowledged the challenges posed by regulatory delays in acquisitions but remains confident in future growth opportunities [81] Other Important Information - The company has a remaining $1.3 billion under its stock repurchase authorization, having repurchased $325 million worth of shares in 2025 [10][21] - A quarterly dividend of $1.11 per share was declared, representing a 13% increase over the previous year [22][23] Q&A Session Summary Question: Impact of Verizon MLA on new leasing revenue - Management indicated that the Verizon agreement includes components for colocations and amendments, with a minimum commitment for growth over the next 10 years [27][28] Question: Current status of DISH payments - Management confirmed that DISH is current on their rents and expects them to honor their agreements [28][29] Question: Structure of Verizon deal compared to AT&T - The Verizon deal is described as more linear compared to the AT&T agreement, with growth tied directly to activity [30][31] Question: T-Mobile agreement status - Management expressed confidence in negotiating a new agreement with T-Mobile, given the strong existing relationship [98] Question: Sustainability of services business growth - Management noted that while this year is expected to be the second-best for services, sustainability will depend on the needs of the three main customers [100][101] Question: Regulatory delays in acquisitions - Management acknowledged that regulatory challenges have impacted the timing of acquisitions, particularly in markets where they hold significant market share [81][84]

Financial Data and Key Metrics Changes - The company reported a strong quarter with an increase in Adjusted Funds From Operations (AFFO) per share, leading the industry [4] - Revenue from the services business increased by 81% year-over-year in Q3, primarily driven by construction-related projects [4] - The company ended the quarter with total debt of $12.8 billion and net debt of $12.3 billion, maintaining a leverage ratio of 6.2 times net debt to adjusted EBITDA [19] Business Line Data and Key Metrics Changes - Domestic organic leasing revenue growth was 5.3% on a gross basis and 1.6% on a net basis, with churn at 3.7% [11] - International organic leasing revenue growth was 8.5% on a constant currency basis [12] - The company acquired 447 sites for approximately $143 million during Q3, primarily related to the Millicom acquisition [12] Market Data and Key Metrics Changes - The company noted that 80% of consolidated cash site leasing revenue and 85% of adjusted EBITDA were denominated in U.S. dollars [11] - Total international churn remained elevated due to ongoing carrier consolidation, particularly in Brazil [51] Company Strategy and Development Direction - The company is focusing on being a leading tower company in each market and aligning with leading wireless operators [6] - A new long-term agreement with Verizon was established to support network modernization, enhancing operational efficiencies for both companies [7] - The company is changing its financial policy to reduce the target leverage range to six to seven times net debt to adjusted EBITDA, aiming for investment-grade debt [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment for mobile broadband growth, driven by increasing 5G use cases and federal support for network capacity [9] - The company anticipates continued strong leasing demand and is increasing its full-year outlook for new leasing activity and escalations [4] - Management acknowledged challenges from regulatory delays but remains confident in future growth opportunities [64] Other Important Information - The company completed the acquisition of Central American assets from Millicom and sold its Canadian tower business earlier than expected [5] - A cash dividend of $1.11 per share was declared, representing a 13% increase over the previous year [20] Q&A Session Summary Question: Impact of Verizon MLA on new leasing revenue - Management indicated that the Verizon agreement includes components for colocations and amendments, locking in growth for the next 10 years [24] Question: Current status of DISH payments - Management confirmed that DISH is current on their rents and expects them to honor their agreements [25] Question: Structure of the Verizon deal compared to AT&T - The Verizon deal is more linear and tied directly to activity, differing from the AT&T agreement [34] Question: International churn outlook - Management expects a significant reduction in international churn over the next couple of years as consolidation stabilizes [51] Question: Future leasing opportunities and regulatory challenges - Management is optimistic about mid-single-digit growth in leasing opportunities, despite regulatory challenges in some markets [62]

Core Insights - Global Telecom Engineering announces certification of its TITAN 5000, TITAN 5100, and TITAN 5400 5G FWA devices for T-Priority, T-Mobile's 5G solution for first responders [1] Group 1 - The collaboration between Global Telecom Engineering and T-Mobile aims to enhance reliable, high-performance broadband for critical sectors [1] - The sectors targeted include public safety, utilities, medical services, and rural areas [1]

Core Insights - Verizon Communications Inc. has announced a definitive agreement to acquire Starry, a provider of next-generation fixed wireless broadband services, enhancing its ability to deliver high-speed internet to multi-dwelling units (MDUs) and urban communities [2][3] - The acquisition is expected to close by the first quarter of 2026, pending FCC approval and other customary conditions [4][8] Company Overview - Verizon is positioned as the 1 mobility provider and aims to extend its leadership in mobility and broadband through this acquisition [3] - Starry currently serves nearly 100,000 MDU customers across five markets: Boston, New York, Los Angeles, Denver, and Washington, D.C. [4] - Starry's Net Promoter Score (NPS) is nearly double the industry average, indicating strong customer satisfaction [4] Strategic Implications - The integration of Starry's innovative millimeter wave technology will accelerate Verizon's fixed wireless access capabilities, providing a powerful and affordable broadband option to millions of new customers [3] - Verizon's existing fiber backbone and extensive mmWave spectrum holdings are crucial for delivering high capacity and ultra-fast speeds in dense urban environments [3] Market Potential - The acquisition aligns with Verizon's goal to double its fixed wireless subscribers to 8-9 million by 2028 and expand fixed wireless broadband availability to 90 million households within the same timeframe [8]

Summary of SBA Communications (SBAC) 2025 Conference Call Company Overview - **Company**: SBA Communications (SBAC) - **Industry**: Telecommunications Infrastructure Key Points Financial Performance and Capital Allocation - SBA Communications reported an EBITDA of approximately $1 billion, with capital allocation including €425 million for dividends, $435 million for cash interest expenses, €35 million for cash taxes, and about €50 million for maintenance CapEx [4][5] - The company has around $675 million to $700 million available for annual cash allocation, emphasizing the importance of strategic capital allocation to create shareholder value [5] - In 2023, SBA utilized $100 million for share buybacks and $500 million to pay down debt, with a balanced approach in previous years [5] - A significant M&A deal worth $975 million was signed in Central America, expected to enhance long-term value despite a slight increase in leverage [6][10] Strategic Focus and Market Position - The company is focusing on opportunistic capital allocation rather than aggressive expansion into new markets, given the current valuation environment in the U.S. [10][12] - SBA has undergone a strategic portfolio review, optimizing its presence in markets where it can achieve better returns, including the sale of towers in Canada due to challenges in scaling operations there [14][16] - The company is positioned as a leading tower company, with a focus on maintaining strong relationships with operators to support their technology rollouts [13][34] Leasing Activity and Growth Outlook - SBA has seen an increase in leasing activity, with expectations for organic growth in the second half of the year and into 2026 [17][20] - The company anticipates a top-line growth rate of about 3% from escalators and lease-ups, with overall growth projected in the mid-single digits [34][36] - The impact of recent spectrum transactions, such as EchoStar selling spectrum to AT&T, is viewed as a short-term disruption but potentially beneficial for long-term industry health [24][26] International Operations - SBA is optimistic about its operations in Brazil, citing strong economic fundamentals and a growing demand for 5G infrastructure [43][45] - The company is cautious about its exposure to Oi Wireless, anticipating a loss of $20 million in annual revenue as the company is expected to struggle [45][47] - Operations in Africa, particularly in Tanzania and South Africa, are performing well, with growth driven by government initiatives to expand coverage [51][52] Competitive Landscape and Future Opportunities - The company views LEO (Low Earth Orbit) satellite constellations as complementary to existing fixed wireless networks rather than a direct threat [53][54] - SBA's long-term growth is expected to be driven by increasing demand for wireless capacity, with significant opportunities arising from new spectrum becoming available [62][64] - The company emphasizes the importance of maintaining a flexible capital allocation strategy to adapt to changing market conditions and interest rates [60][61] Risks and Considerations - SBA's revenue exposure to EchoStar is approximately $55 million annually, representing about 2% of global revenues, with potential churn expected in the coming years [28][42] - The company is mindful of the impact of interest rates on its operations and stock performance, indicating a need for nimbleness in capital allocation [60][61] Conclusion SBA Communications is strategically focusing on optimizing its capital allocation, enhancing shareholder value through share buybacks and debt reduction, while maintaining a strong market position in the telecommunications infrastructure sector. The company is optimistic about its growth prospects, particularly in international markets, while being cautious of potential disruptions from industry changes and economic conditions.

Financial Data and Key Metrics Changes - The company exceeded internal projections for the second quarter of 2025, leading to an increase in full-year guidance across all key metrics [6][17] - Domestic organic leasing revenue growth was 5% on a gross basis and 1% on a net basis, with $11 million of churn related to Sprint consolidation [17][18] - The company ended the quarter with $12.6 billion of total debt and $12.3 billion of net debt, with a leverage ratio of 6.3 times net debt to adjusted EBITDA [23] Business Line Data and Key Metrics Changes - The services business outperformed expectations, with a nearly 20% increase in full-year services revenue guidance, primarily driven by construction services [7][8] - International organic leasing revenue growth was 0.8% net, including 7.5% churn, while total international churn remained elevated due to ongoing carrier consolidation [19] Market Data and Key Metrics Changes - The U.S. market showed sustained activity levels, marking the sixth consecutive quarter of increased bookings, with carriers investing in wireless networks [6][7] - International markets continued to perform well, with new leases signed and ongoing densification, although challenges were noted in Brazil with one carrier customer [10][11] Company Strategy and Development Direction - The company is focused on expanding its presence in key markets while exiting subscale markets, as evidenced by the sale of its tower business in Canada [14][15] - The company plans to continue deploying capital towards share repurchases and debt reduction, maintaining a balanced approach to capital allocation [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about domestic organic growth opportunities due to initiatives from major customers and the growth of fixed wireless access subscribers [8][9] - The reinstatement of the FCC's Spectrum Auction Authority is seen as a positive development for network capacity and investment [9] Other Important Information - The company declared a quarterly dividend of $1.11 per share, representing a 13% increase over the previous year [24] - S&P upgraded the company's corporate credit rating to BBB investment grade, reflecting stable cash flows and anticipated revenue growth [21][22] Q&A Session Summary Question: Durability of demand drivers for FWA and densification - Management feels confident about the long-term demand drivers, including fixed wireless access and new spectrum auctions, which are expected to require continued investment in networks [28][29] Question: Activity levels and revenue timing - Management noted an increase in activity but acknowledged that new colocations may delay revenue recognition compared to amendments [35][36] Question: Drivers of services business growth - The growth in services is linked to increased leasing activity and construction work, particularly in rural areas [38][39] Question: Domestic activity slowdown in Q2 - Management indicated that the slowdown was mostly rounding and not indicative of a trend, with expectations for increased activity in the second half of the year [45][46] Question: AI application growth as a driver - Management sees AI applications as a potential driver of increased activity, although specifics are hard to quantify [52][53] Question: Canadian asset sale and scaling challenges - The company faced challenges in scaling its Canadian operations due to market dynamics and the decision to sell was based on realizing a better valuation [56][58] Question: Exposure to U.S. Cellular and DISH - Management indicated limited planned churn from U.S. Cellular and ongoing operations with DISH, with total revenues of $20 million and $55 million respectively [68][70] Question: Millicom Towers feedback - Initial feedback from carriers regarding the Millicom Towers acquisition has been positive, suggesting better-than-expected lease-up opportunities [74][75] Question: Use of proceeds from Canadian sale - Proceeds from the Canadian sale will be used flexibly for various purposes, including debt reduction and share buybacks [78][79] Question: Long-term AFFO per share growth rate - Management anticipates a mid to high single-digit growth rate for AFFO per share, contingent on interest rate normalization [105][106] Question: Investment grade debt considerations - Management is exploring the balance between maintaining flexibility and the potential benefits of moving to investment grade debt [112][113]

Financial Data and Key Metrics Changes - The company exceeded internal projections for Q2 2025, leading to an increase in full-year guidance across all key metrics, both in total and on a constant currency basis [5][6] - Domestic organic leasing revenue growth for Q2 was 5% on a gross basis and 1% on a net basis, with $11 million of churn related to Sprint consolidation [16][17] - International organic leasing revenue growth for Q2 was 0.8% net, including 7.5% churn [18] Business Line Data and Key Metrics Changes - The services business outperformed expectations, with full-year services revenue guidance increased by almost 20%, primarily driven by construction services [6][7] - The company added approximately 4,300 sites through the Millicom transaction, enhancing its strategic positioning in Central America [12] - The backlog remains healthy, indicating positive momentum for the remainder of the year and into 2026 [6][10] Market Data and Key Metrics Changes - The U.S. market showed improved activity levels, marking the sixth consecutive quarter of increased bookings [5][6] - International markets continue to perform well, with a growing number of new leases signed, although some markets face elevated churn levels [10][11] - The company anticipates increased international churn of $5 million primarily related to Oi in Brazil [11] Company Strategy and Development Direction - The company is focused on expanding its presence in key markets while exiting subscale markets, as evidenced by the sale of its Canadian tower business [14][52] - The reinstatement of the FCC's Spectrum Auction Authority is viewed as a positive development, expected to boost network capacity and support next-generation wireless technologies [8] - The company plans to continue deploying capital towards share repurchases and debt reduction, maintaining a balanced approach to capital allocation [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about domestic organic growth opportunities due to initiatives from major customers and the growth of fixed wireless access subscribers [7][8] - The company is closely monitoring the situation with Oi in Brazil, which has filed for judicial reorganization, impacting revenue expectations [11] - Management believes that the demand drivers for fixed wireless access and densification will remain strong through 2025 and 2026 [29][30] Other Important Information - The company ended the quarter with $12.6 billion of total debt and a leverage ratio of 6.3 times net debt to adjusted EBITDA [22] - A quarterly dividend of $1.11 per share was declared, representing a 13% increase over the previous year [23] - The company received an upgrade to BBB investment grade from S&P, reflecting stable cash flows and anticipated revenue growth [20][21] Q&A Session Summary Question: Durability of demand drivers for FWA and densification - Management feels confident about the durability of demand drivers, including fixed wireless access and new spectrum bands being auctioned [29][30] Question: Activity levels and revenue timing - Management noted an increase in activity but acknowledged that new colocations may delay revenue recognition compared to amendments [34][36] Question: Domestic activity and bookings growth - The slight slowdown in Q2 was attributed to rounding, with expectations for increased activity and revenue in the second half of the year [42][44] Question: AI application growth as a driver - Management sees AI applications as a potential driver of increased activity, although specifics are hard to quantify [49][50] Question: Canadian asset sale and scaling challenges - The company decided to exit Canada due to challenges in growing its portfolio and realized a favorable valuation on the assets [52][54] Question: Fixed wireless activity among multiple customers - Management confirmed that activity has broadened among multiple customers, not just one [60][61] Question: Planned churn and revenue profile changes - No planned churn is expected, with total revenue from U.S. Cellular and DISH being manageable [64][66] Question: Feedback on Millicom Towers and lease-up assumptions - Initial feedback from carriers regarding Millicom Towers has been positive, suggesting better opportunities than anticipated [70][71] Question: Use of proceeds from Canadian sale - Proceeds from the Canadian sale will be used flexibly for various purposes, including debt reduction and share buybacks [74][75] Question: Sprint churn expectations - Management clarified that the total expected churn from Sprint is $50 million in 2026 and $20 million thereafter, not annual [82][83] Question: Domestic leasing outlook for 2026 - While it's premature to discuss 2026, management expects a higher run rate at the end of the year based on current trends [108][110]

Financial Performance - Revenue increased by 9.9% year-over-year, from $57298 thousand in 2024 to $62943 thousand in 2025[52] - Net profit increased by 13.4% year-over-year, from $19103 thousand in 2024 to $21665 thousand in 2025[52] - Software Licenses revenue saw a significant increase of 33.8% year-over-year, driven by strong growth of software subscriptions[53] - Recurring revenue increased by 12.5% year-over-year, from $15732 thousand in 2024 to $17698 thousand in 2025, accounting for 28.1% of total sales[58, 62] Business Growth and Partnerships - The number of Authorized Peplink & Starlink Solution Providers (ASPs) increased by 33%[22, 23] - The company is collaborating with Starlink, providing access to Starlink's product suite and user base[16] - The company entered into an agreement with Iridium to cross-promote solutions, opening opportunities for technical collaboration and cross-selling[21] Market Trends and Product Development - The company is focusing on edge computing, evolving routers into "intelligent edge nodes" for data processing[32, 33] - The company is developing new FWA-centric products and subscriptions to capitalize on the growing Fixed Wireless Access market[37, 38] Ecosystem and Verticals - The number of devices under subscription increased by 17.7% year-over-year[50] - The subscription take-up rate increased to 36.5% as of June 30, 2025, compared to 34.1% in December 2024[50, 62] - Top verticals by number of deals won include Enterprise (25%), Public Services (18%), and Maritime (10%)[45]

Financial Data and Key Metrics Changes - The company reported a solid start to 2025, with results broadly in line with estimates and a healthy level of growth in activity levels [4] - The full-year outlook for key metrics including site leasing revenue, tower cash flow, adjusted EBITDA, AFFO, and FFO per share has been increased due to strong first-quarter results and improved service outlook [13][20] - First-quarter domestic organic leasing revenue growth was 5.2% on a gross basis and 1% on a net basis, with churn at 4.2% [13] - International organic leasing revenue growth for the first quarter was 1.6% net, including 5.6% churn [15] Business Line Data and Key Metrics Changes - The U.S. leasing business saw a significant increase in new lease co-locations compared to amendments to existing leases, indicating a positive trend in new business [5][6] - The U.S.-based services business exceeded expectations, with a growing backlog for services during the quarter [6] - The company acquired 344 sites for $58 million, primarily related to the acquisition of sites for Minicom in Nicaragua [15] Market Data and Key Metrics Changes - Elevated CPI rates in some international markets have the potential for better existing lease escalations during the year [7] - The company has not experienced direct impacts from current tariff policies, maintaining steady cash flow and robust customer needs [10] Company Strategy and Development Direction - The company is focused on operational execution, driving efficiencies through new technologies, and enhancing relationships with major customers [11] - The exit from The Philippines and the formal sale of Colombian operations have improved resource allocation and market focus [8][9] - The company plans to continue exploring opportunities for additional early closings on acquisitions [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's stability and future, citing strong cash flow generation and robust customer needs [10] - The management noted that the current macroeconomic environment has not negatively impacted sales or leasing discussions with customers [80] - Future leasing activity is expected to increase as carriers focus on network development and investment [75] Other Important Information - The company repurchased 583,000 shares at an average price of $210.87 and announced a new $1.5 billion share repurchase plan [10][20] - A quarterly dividend of $1.11 per share was declared, representing a 13% increase over the previous year [20] Q&A Session Summary Question: Updates on carrier plans in the U.S. and capital allocation - Management noted a positive carrier environment with increased leasing activity and a growing backlog, indicating ongoing network investment needs [26][27] - The company remains flexible in capital allocation, balancing buybacks, asset investments, and debt repayments [30] Question: Visibility on U.S. leasing run rate and bilateral contracting relationships - Management expects to end the year with a higher leasing run rate than the first quarter, with a focus on new leases rather than amendments [34] - The company has not typically had holistic master lease agreements but remains open to such arrangements [39] Question: Drivers of higher network services business and churn dynamics - The growth in services is attributed to one customer operating at a faster pace than expected, with churn dynamics remaining in line with expectations [45][46] - Management anticipates elevated churn in Brazil due to ongoing consolidation impacts [75] Question: Insights on international growth and straight-line revenue - Management expects organic growth to improve as carriers invest in their networks post-consolidation, although some markets may experience elevated churn [72][75] - Straight-line revenue is negative due to the maturity of contracts, but new leases may help stabilize this in the future [68] Question: Impact of regulatory requirements on colocation and leasing activity - Regulatory requirements are driving some of the colocation activity, with a mix of commercial and regulatory needs influencing leasing decisions [98] - The company expects continued growth in colocation activity as carriers densify their networks [128] Question: M&A opportunities and market valuations - Management indicated that private multiples for tower acquisitions remain higher than public multiples, particularly in the U.S. market [130] - The company is open to pursuing M&A opportunities if they present value at competitive prices [48]