SBA COMMUNICATIONS CORP

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as "towers" or "sites." Our principal operations are in the United States and its territories, and we also own and operate towers in South America, Central America, and Africa. During the year ended December 31, 2025, we sold all of our towers and ended our operations in both the Philippines and Colombia and sold substantially all of our operations in Canada. As of December 31, 2025, we owned 46,328 towers. Our primary business line is site leasing, which contributed 97.9% of our total segment operating profit for the year ended December 31, 2025. In this business, we lease space on our owned or operated assets to wireless service providers and other customers. We also manage rooftop and tower sites for property owners under various contractual arrangements. Our other business line is site development, where we assist wireless service providers in developing and maintaining their own wireless service networks. Our strategy focuses on expanding our site leasing business through organic growth and expanding our tower portfolio.