Richard Choe
JPMorgan Chase & Co, Research Division

Hi. My name is Richard Choe. I cover communications infrastructure for JPMorgan. I'd like to welcome Marc Montagner. I'd like to welcome Marc Montagner, EVP and CFO, SBA Communications. Thanks for being with us today.

Richard Choe
JPMorgan Chase & Co, Research Division

I just wanted to start off for people that don't know, you have 46,000 tower sites, most of them in the U.S. but also internationally. When you look at your portfolio, how should we view kind of the growth opportunities for both the domestic and international assets?

Marc Montagner
Executive VP & CFO

Yes. So in the U.S., we always talk about 3 plus 3, minus 1% or 3 plus 2.5, minus 1. 3% growth from escalators that are in our long-term contract, then about 2.5%, 3% growth rate from new lease activity from the big 3 MNOs, minus 1% churn from non-DISH and non-Sprint. So you get to 4.5%, 5% growth rate.

And international markets are all very different. In Central America, we just bought 7,000 towers from Millicom. They gave us a 2,500 new build commitment over multiple years. So between, I think, colocation, new BTS, we are looking at a high single-digit growth rate. The agreement is all U.S. dollars. It's indexed to CPI, all in U.S. dollars.

Tanzania, that's a growth market. We're growing to be over 200 sites. The government is really pushing for additional coverage. That's growing in a double digit.

And our largest international market is Brazil. Brazil