SBA Communications saw a strong finish to 2020, producing material growth in AFFO per share that was ahead its plan,” according to Jeffrey A. Stoops, president and CEO.
“The fourth quarter was our strongest of the year in terms of customer activity, and we continued to execute very well notwithstanding the ongoing impact of Covid-19 to varying degrees across all of our markets,” Stoops said. “I want to express my continued gratitude to our employees, customers and vendors for their extraordinary efforts during these difficult times.”
Stoops expects operational activity and demand for SBA’s infrastructure to increase again beginning in the second half of 2021 and continue for years thereafter, with the completion Citizens Broadband Radio Service and C-Band auctions, master lease agreement with Dish Network and future global spectrum auctions planned for our international markets over the next two years.
“We are extremely confident and excited about our future,” he said. “Together with these favorable business prospects, we find ourselves in a low-interest rate environment with a low cost of capital and abundant sources of financing. As a result, we have stayed fully invested and intend to stay fully invested in our business, repurchasing since our last earnings release 1.8 million shares of our stock and just last week closing on our very exciting transaction with PG&E, among other portfolio growth transactions we have consummated.”
Highlights of the fourth quarter included: