Sector: Real Estate|Industry: REIT - Specialty|Market Cap: $21.70B|Employees: 1.8K
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure, primarily cell towers. The company's core business is site leasing, where it leases space on its towers to wireless service providers and other customers. SBA has a significant presence in the United States and its territories, as well as in South America, Central America, Canada, South Africa, the Philippines, and Tanzania.
Total revenues increased to $664.248 million, a 3.4% increase compared to $657.862 million in the same period last year. The growth was primarily driven by a 62.4% increase in site development revenue, while domestic site leasing revenue saw a slight decrease of 0.1%.
Operating income increased to $334.910 million from $323.358 million in the prior year, primarily due to decreases in depreciation, accretion, amortization expense, and selling, general and administrative expenses. However, domestic site leasing operating profit decreased slightly.
Net income increased to $217.906 million from $154.543 million in the prior year, primarily due to increases in other income, net, domestic site leasing operating income, and site development operating income. However, the increase was partially offset by higher income taxes and interest expense.