SBA Q4 2019 Results & 2020 Outlook

By Nick G. Foster

February 20, 2020

SBA Communications (NASDAQ: SBAC) just released their Q4 2019 results. Here are the highlights that may be of interest to cell tower lease landlords:

  • SBA owns or operates 32,403 communication sites internationally. 16,401 of which are located in the United States.
  • CEO Jeffrey A. Stoops acknowledges the industry slowdown that began in August of last year with the quote, “Notwithstanding the pronounced industry slowdown in the U.S. that began in August resulting from the legal challenges to the T-Mobile acquisition of Sprint…”
  • SBA generated total site leasing revenue of approximately $481,000,000 for the quarter ($380,000,000 of which was based in the United States). Their United States site leasing profit was $316,497,000 for the quarter. A profit margin of 83.2%.
  • SBA spent $3,565,000 on cell tower lease rents in the United States in Q4 2019.
  • SBA spent $13,700,000 to purchase land, easements, and to extend lease terms in the the quarter.
  • In the United States SBA constructed 7 cell towers during Q4 2019. Internationally they constructed 163.
  • In the United States SBA acquired 13 sites during Q4 2019. Internationally they acquired 1,336 sites.
  • Out of 16,385 sites in the United States they decommissioned 4 sites during Q4 2019.

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Nick Foster Airwave Advisors

About Nick G. Foster

Since founding Airwave Advisors® in 2014, Mr. Foster has added value to over 400 clients ranging from the State of Nevada, City of Beverly Hills, to Habitat For Humanity. Mr. Foster focuses on cell tower lease renewals, buyouts, new lease negotiation, and cell site lease management. Prior to starting Airwave Advisors® Mr. Foster founded and led the Cell Site Services Group within nationwide commercial real estate services leader Cassidy Turley (now known as Cushman & Wakefield).