SBA Communications Corporation reported a total revenue of $2.68 billion for the fiscal year ended December 31, 2024, a slight decrease of 1.2% from $2.71 billion in 2023. The company's site leasing segment, which constitutes the majority of its operations, generated $2.53 billion, reflecting a marginal increase from the previous year. The company’s net income rose significantly to $748.7 million, compared to $497.4 million in 2023, largely due to a reduction in depreciation and amortization expenses following a change in the estimated useful life of its towers from 15 years to 30 years, which resulted in a $372.5 million benefit.
In terms of operational metrics, SBA Communications owned 39,749 towers as of December 31, 2024, with an average of 1.9 tenants per site. The company has been actively expanding its portfolio, acquiring 186 towers during the year and entering into a significant agreement to purchase over 7,000 sites in Central America from Millicom for approximately $975 million, expected to close in September 2025. This acquisition is anticipated to enhance the company’s international presence, particularly in markets with growing demand for wireless infrastructure.
The company’s site development segment, however, experienced a decline in revenue, dropping to $152.9 million from $194.6 million in 2023, attributed to decreased carrier activity. Despite this, the overall site leasing business remains stable, characterized by long-term contracts and built-in rent escalators, which are expected to support future revenue growth. The company anticipates core leasing revenue to increase in 2025, driven by the deployment of unused spectrum and the full-year impact of recent acquisitions.
SBA Communications reported a total debt of approximately $13.67 billion as of December 31, 2024, an increase from $12.39 billion in the previous year. The company has been managing its debt levels through a combination of refinancing and strategic acquisitions. As part of its capital allocation strategy, SBA Communications plans to continue investing in quality assets while also returning value to shareholders through dividends and stock repurchases. The company declared a cash dividend of $1.11 per share for the first quarter of 2025, reflecting its commitment to shareholder returns.
Looking ahead, SBA Communications remains focused on expanding its tower portfolio both domestically and internationally, while navigating challenges such as competitive pressures and market conditions. The company’s management believes that the ongoing demand for wireless connectivity will drive growth in the site leasing business, positioning it well for future performance.
About SBA COMMUNICATIONS CORP
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