Brendan T. Cavanagh
Executive Vice President and Chief Financial Officer at SBA Communications
Thanks, Mark. Good evening. SBA continued building on our strong first quarter with an even better second quarter with across-the-board results ahead of our expectations and backlog supportive of an equally good or possibly even better second half of the year.
Total GAAP site leasing revenues for the second quarter were $580.2 million, and cash site leasing revenues were $570.4 million. Foreign exchange rates were largely in line with our previously forecasted FX rate estimates for the quarter, but were a tailwind on comparisons to the second quarter of 2021, positively impacting revenues by $3.4 million on a year-over-year basis.
Same tower recurring cash leasing revenue growth for the second quarter, which is calculated on a constant currency basis was 4.4% over the second quarter of 2021, including the impact of 3.7% of churn. On a gross basis, same-tower growth was 8.1%.
Domestic same tower recurring cash leasing revenue growth over the second quarter of last year was 7.1% on a gross basis and 4.1% on a net basis, including 3% of churn. Domestic operational leasing activity or bookings representing new revenue placed under contract during the second quarter was very strong again and incrementally higher than the first quarter of this year.
In addition, our domestic new lease and new amendment application backlogs remain very healthy as well. The combination of our strong second quarter leasing activity level and our backlog have allowed us to increase our outlook for new 2022 domestic site leasing revenue from organic lease-up.
During the second quarter, amendment activity represented 66% of our domestic bookings with 34% coming from new leases. The big four carriers of AT&T, T-Mobile, Verizon and DISH represented 96% of total incremental domestic leasing revenue signed up during the quarter.
Internationally, on a constant currency basis, same tower cash leasing revenue growth was 5.6% net, including 7.1% of churn or 12.7% on a gross basis. International leasing activity was very good again, and also higher than we saw in the first quarter. We continue to see strong customer activity levels in many of our markets, as well as increased contributions from inflation-based escalators.
In Brazil, our largest international market, we had another particularly strong quarter. Same tower organic growth in Brazil was 14.2% on a constant currency basis. International churn was elevated in the quarter as anticipated, due primarily to carrier consolidations and other customer financial challenges, mainly in Guatemala and Panama.
During the second quarter, 80.6% of consolidated cash site leasing revenue was denominated in U.S. dollars. The majority of non-U.S. dollar-denominated revenue was from Brazil, with Brazil representing 13.1% of consolidated cash site leasing revenues during the quarter and 9.9% of cash site leasing revenue, excluding revenues from pass-through expenses.
Tower cash flow for the second quarter was $459.6 million. Our tower cash flow margins remain very strong, with a second quarter domestic tower cash flow margin of 84.9% and an international tower cash flow margin of 67.2% or 90.3%, excluding the impact of pass-through reimbursable expenses. International tower margins were impacted on a year-over-year basis by our new, less mature Tanzania assets.
Adjusted EBITDA in the second quarter was $437.8 million. The adjusted EBITDA margin was 68.2% in the quarter. Excluding the impact of revenues from pass-through expenses, adjusted EBITDA margin was 73.3%. Approximately 96% of our total adjusted EBITDA was attributable to our tower leasing business in the second quarter.
During the second quarter, our services business produced record results for the fifth quarter in a row, with $71.8 million in revenue and $17.3 million of segment operating profit. We also continue to replenish and build even higher our services backlogs finishing the quarter once again at a higher level than the prior quarter, notwithstanding our record second quarter results.
Based on this backlog, our strong second quarter and the continuing high activity levels by our customers, we have raised our outlook for full year site development revenue by $40 million.
Adjusted funds from operations or AFFO in the second quarter was $335.3 million. AFFO per share was $3.07, an increase of 16.3% over the second quarter of 2021.
During the second quarter, we continued to expand our portfolio acquiring 210 communication sites and 1 data center in Brazil, which we previously disclosed with our first quarter results for total cash consideration of $127.3 million. We also build 100 new sites in the quarter. Subsequent to quarter end, we have purchased or are under agreement to purchase approximately 200 sites in our existing markets for an aggregate price of $85 million. We anticipate closing on these sites under contract by the end of the year.
In addition, during the quarter, we entered into a contract with Grupo TorreSur, or GTS, to purchase their remaining approximately 2,600 tower sites in Brazil for $725 million. We anticipate closing on this acquisition during the fourth quarter of this year and expect these assets to produce approximately $68 million of tower cash flow during the first full year following closing based on our current estimates of future exchange rates. These are assets we know well in a market we obviously know well, and this acquisition will be immediately accretive to AFFO per share upon closing. Jeff will share a little more about this acquisition in a moment.
In addition to new tower and other assets, we also continue to invest in the land under our sites. During the quarter, we spent an aggregate of $9.9 million to buy land and easements and to extend ground lease terms. At the end of the quarter, we owned or controlled for more than 20 years the land underneath approximately 72% of our towers. And the average remaining life under our ground leases, including renewal options under our control, is approximately 36 years.
Looking ahead now to the rest of the year, this afternoon's earnings press release includes our updated outlook for full year 2022. We have increased our outlook across all of our key metrics based on a combination of outperformance in the second quarter, strengthening activity levels in both services and leasing, lower churn expectations and anticipated contributions from the pending GTS acquisition. These items were partially offset by weaker foreign exchange rates and higher interest costs from the outlook previously provided with our prior quarter earnings release.
We are excited about the current operating environment and pleased with how our team has been able to execute in order to produce better than expected results and support our customers at a high level with all their network initiatives.
With that, I will now turn things over to Mark, who will provide an update on our liquidity position and balance sheet.