February 28, 2017 — SBA Communications saw total revenues in the fourth quarter 2016 of $416.5 million compared to $406.9 million in the year earlier period, an increase of 2.4 percent. Site leasing revenue in the quarter of $393.6 million included domestic site leasing revenue of $322.7 million.
“We had a solid finish to 2016,” commented Jeffrey Stoops, president and CEO. “Domestic leasing activity was stable and very consistent with the first three quarters of 2016 in terms of new revenue contracted for per site.”
Adjusted EBITDA for the quarter was $287.0 million, a 4.6 percent increase over the prior year period. Adjusted funds from operations (AFFO) for the quarter was $201.3 million, an 11.2 percent increase versus the prior year period.
“SBAC reported mixed Q4 2016 results, as top line results were a tad light of expectations, but EBITDA and AFFO both beat. Organic leasing trends improved in the U.S. and internationally, as organic leasing grew higher and churn improved year over year, mostly due to iDEN churn being completed,” wrote Jennifer Fritzsche, senior analyst, Wells Fargo.