“We ended the year with solid results and strong momentum as we move into 2018,” said Jeffrey A. Stoops, President and Chief Executive Officer of SBA (SBAC).
Highlights of the fourth quarter include:
- Net income of $7.7 million or $0.06 per share
- AFFO per share growth of 9% over the year earlier period
- Added 1,165 sites to portfolio during the quarter
- Repurchased 1.9 million shares during the fourth quarter
“In 2017 we saw steady activity across all our markets and we executed well, with results exceeding our plan and initial guidance,” Stoops said. “FirstNet activity is growing and has begun to produce revenue. We are off to a fast start in terms of portfolio growth, and expect to again achieve our portfolio growth goals of 5% to 10% in 2018. We anticipate staying fully invested to our target net debt leverage range of 7.0x to 7.5x annualized adjusted EBITDA, and to do so through a mix of portfolio growth and stock repurchases. We are optimistic that the anticipated improved organic leasing activity and continued opportunistic capital allocation will keep us on track to achieving our goal of $10 or more of AFFO per share in 2020.”
Amir Rozwadowski, analyst with Barclays said, “For 4Q17, leasing revenues of $414.1M exceeded our $408.6M estimate by 1.3% while site development revenues of $29.0M were well above our $22.7M expectation,” Rozwadowski said. “Adjusted EBITDA of $310.1M was 1.6% above our $305.3M estimate, while AFFO per share of $1.78 was $0.02 above our $1.76 estimate. The company repurchased $311.1M of common stock during the quarter at an average price per share of $160.15 (equating to 1.9 million shares being retired during the quarter). Subsequent to quarter end, the company authorized a new $1.0Bn repurchase program replacing the prior authorization which had a remainder of $150M.”
February 27, 2018
Reader Interactions