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SBA Communications (SBAC) investor relations material
SBA Communications BofA Securities Leveraged Finance Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.BofA Securities Leveraged Finance Conference 2025 summary2 Dec, 2025
Key business drivers and industry trends
Site development activity is strong, driven by carrier coverage requirements for 2026 and ongoing 5G expansion, with lease-up momentum and rising application levels.
Fixed wireless access (FWA) is significantly increasing network capacity demands, with FWA users consuming 20-25 times more capacity than handset users, and over 10 million new FWA customers expected this year.
Satellite entrants like SpaceX/Starlink are seen as positive for industry competition, potentially pushing carriers to expand rural coverage and driving hybrid network models.
Hybrid wireless-satellite networks provide carriers with new data on coverage gaps, informing macro cell placement and supporting tower demand.
Direct-to-device satellite connectivity is viewed as a long-term industry positive, likely to drive further network expansion and differentiation.
Strategic agreements and U.S. market outlook
Long-term master lease agreements (MLAs) with major carriers provide volume commitments, better pricing, and minimum growth rates, supporting faster capacity and coverage rollouts.
Exposure to DISH is limited, with $55 million annual revenue and short-term contracts, and expected churn of $25 million each in 2027 and 2028.
U.S. organic revenue growth is targeted at mid-single digits, factoring in escalators, lease-up, and churn, with Sprint-related churn expected to abate.
International expansion and portfolio management
Acquisition of Millicom towers in Central America secures a leading regional position, with 15-year USD leases, escalators, and mid to high single-digit growth rates.
No current plans for further M&A in emerging markets; focus remains on Central America and Brazil, with Brazil expected to be a long-term growth market post-churn.
Preference for stable, high-growth assets over entering consolidating or churn-heavy developed markets like Europe.
Ongoing portfolio review has led to divestitures in non-core markets; further sales possible if attractive offers arise.
How does IG status affect future M&A flexibility?
Elaborate on international M&A strategy
What is the timeline for next CapEx cycle impact?
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Next SBA Communications earnings date
UBS Global Media and Communications Conference 20259 Dec, 2025
Next SBA Communications earnings date
UBS Global Media and Communications Conference 20259 Dec, 2025
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Frequently asked questions
Communications Infrastructure REIT
SBA Communications is an American Real Estate Investment Trust (REIT) that owns and operates wireless communications infrastructure. This includes towers, buildings, distributed antenna systems (DAS), small cells, and other related infrastructure. Its operations are primarily found in the Americas, but the company also has activities in Africa and Asia. The company operates in two primary segments: Site Leasing and Site Development. It is headquartered in Boca Raton, Florida, and its shares are listed on the Nasdaq.
Expansion of Services
SBA Communications was founded in 1989 and initially focused on on-site management for wireless service providers. Over time, it expanded its services to include the development and operation of wireless communications towers. The company played a significant role in the expansion and enhancement of wireless networks, particularly in the United States. In the late 1990s, SBA Communications started owning and operating its towers, a diversification that marked a significant evolution in its business model. This move positioned SBA as a key player in the wireless infrastructure industry, especially with the rapid growth of mobile telephony and data services in the early 21st century. The company has provided services for customers such as AT&T, Verizon, T-Mobile, and several other large communications companies.
The two Business Segments
Site Leasing: This involves leasing antenna space on multi-tenant communication towers to a variety of wireless service providers under long-term lease contracts. These tenants typically include cellular, PCS, wireless data, and video companies. The leasing model provides a steady income for SBA, as these spaces are crucial for wireless providers to maintain and expand their network coverage. SBA manages a vast portfolio of tower sites, offering its clients the necessary infrastructure to ensure robust wireless communication services.
Site Development: This segment focuses on offering services related to the development of wireless communication sites. It encompasses activities like site identification, acquiring zoning approvals, and providing construction services for wireless communication towers. SBA's expertise in site development helps in minimizing the challenges and delays often associated with the construction and activation of new sites, thereby facilitating the expansion of wireless networks.
SBA Communications is an REIT
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate. Among other rules, REITs are legally required to distribute at least 90% of their taxable income to shareholders in the form of dividends. This structure allows individual investors to earn dividends from real estate investments without needing to buy, manage, or finance any properties themselves.
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