Third quarter 2018 financial results for SBA Communications were ahead of its expectations with domestic cash site leasing revenue topping $350 million compared to $327.9 million in the year earlier period, an increase of 6.9 percent. Domestics site leasing profit rose 8.9 percent year over year, as well.
“Customer activity remained strong both domestically and internationally for SBA Communications in the third quarter, we executed new domestic leasing business at a rate which was well above the year ago period and the highest since 2014. That new business will certainly positively impact future financial results, said Jeffrey A. Stoops, President and CEO.
The Big 4 carriers all contributed to SBA’s growth, with newly signed up domestic leasing revenue coming from 60 percent amendments and 40 percent new leases. And the big four carriers represented 95% of total incremental domestic leasing revenue that was signed up during the quarter.
During the third quarter of 2018, SBA purchased 679 communication sites for $106.9 million. SBA also built 90 towers during the third quarter of 2018. As of September 30, SBA owned or operated 29,357 communication sites, 16,249 of which are located in the United States and its territories, and 13,108 of which are located internationally.
“Our domestic and international backlogs remain very healthy. We continued to allocate capital opportunistically to a mix of portfolio growth and stock repurchases, materially investing in both while staying within our target leverage range,” Stoops said. “We believe the combination of strong customer demand, operational excellence and disciplined yet opportunistic capital allocation will allow us to continue to drive shareholder value through growth in AFFO per share.”