SBA Communications is a leading independent owner and operator of wireless communications infrastructure, principally tower structures and rooftop sites that house antennas for wireless service providers. The company operates a diversized portfolio of approximately 46,000 towers across the United States and its territories, South America, Central America, and Africa, with its core revenue derived from long-term lease agreements with major wireless carriers such as T-Mobile, AT&T, and Verizon, typically spanning five to fifteen years with annual rent escalators. A complementary site development business provides network design, site identification, and tower construction services exclusively in the domestic market. The company generates growth through maximizing tenant capacity on existing sites, strategic acquisitions and new tower construction, and geographic expansion in markets with multiple quality carriers and supportive regulatory conditions, supported by ownership or long-term control of approximately 71% of its tower land.