M&A Strategy and Leverage Flexibility
Q: Are you pursuing large M&A opportunities given lower leverage?
A: Management stated that with leverage at its lowest point, they now have flexibility to pursue material value-enhancing investments if they arise. They continue to look for opportunities that are accretive and add strategic value, although higher cost of capital affects what they can pay.

Impact of FX Rates and International Exposure
Q: Is currency weakness causing you to rethink international exposure?
A: The weakening of the Brazilian real has led to a reduction in guidance, which management finds disappointing. This impacts how they think about their asset mix, leading them to consider reducing exposure to volatile currencies and increasing investments in more stable markets.

Domestic Carrier Activity and Leasing Outlook
Q: Are you seeing increased domestic carrier activity, and has leasing troughed?
A: Management noted an increase in lease applications over the past quarters, which is a good sign. However, it's premature to say whether leasing has troughed, and they cannot provide next year's numbers yet.

International Markets Scale and Strategy
Q: How are you approaching markets where you are sub-scale?
A: They believe greater scale is advantageous to be more relevant to customers. They aim to expand in markets where they can achieve this; otherwise, they may consider exiting certain markets.

Potential Asset Sales and Capital Allocation
Q: Would you consider selling domestic assets given valuation disparities?
A: While selling assets is not a primary goal, management wouldn't rule it out if valuations are significantly higher than the credit they're receiving for those assets. They also consider share buybacks and debt paydowns as part of their capital allocation strategy.

Financing Market and Interest Rates
Q: How is the current financing market affecting your plans?
A: They observed that the financing market has been improving, with expectations of lower rates benefiting upcoming refinancings. High demand exists for their debt instruments, and they remain flexible in their approach.

Build-to-Suit Opportunities
Q: Are you planning to increase domestic build-to-suit activity?
A: They would like to do more build-to-suit projects but acknowledge that carriers often opt for low-cost providers due to abundant capital in the industry. They focus on securing high-quality locations strategically.

Conversations with DISH Network
Q: Any updates on activity with DISH Network?
A: They continue to have conversations with DISH, who still signs leases, but there hasn't been a material increase in activity. They are ready to support DISH's network needs as they evolve.

Churn Expectations from Mergers
Q: Have churn expectations changed due to industry consolidation?
A: Churn expectations have not changed significantly; slight adjustments were made due to timing, but these are minor. They anticipate churn to trend down over time, excluding major consolidations.

Exposure to U.S. Cellular
Q: How significant is your exposure to U.S. Cellular?
A: Their exposure to U.S. Cellular is limited, with less than $20 million per year in revenue, so any changes are not expected to be overly material.

Operational Review Update
Q: Any findings from your operational review?
A: Management has made significant progress but is not ready to share specifics yet. They expect to provide updates by the end of the year.

International Leasing Activity
Q: What's driving the pickup in international leasing activity?
A: The increase is across several markets, with América Móvil being a significant contributor. Backlogs remain strong, and they hope this trend continues.

Services Revenue Guidance
Q: What's causing the decline in services revenue guidance?
A: The decline is due to a shift in the mix of work toward consulting rather than construction, resulting in lower top-line volume but higher margins. The outlook for the second half is higher than the first half.

Return on Investments in Tanzania and Philippines
Q: How are your recent investments in Tanzania and the Philippines performing?
A: Tanzania has performed extremely well with tremendous growth and attractive returns. The Philippines is in early stages but is going well, with strong leasing on new sites.

América Móvil Leasing Activity
Q: Has América Móvil increased its leasing activity?
A: Yes, América Móvil has been very active and is currently their most active leasing customer internationally. Their percentage of revenue has increased partly due to currency effects in Brazil.