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SBA Communications Corporation (SBAC) is a leading independent owner and operator of wireless communications infrastructure, focusing on tower structures, rooftops, and other structures that support antennas used for wireless communications. The company operates primarily in two business segments: site leasing and site development, with site leasing being the primary revenue generator, contributing significantly to the company's operating profit . SBAC leases space to wireless service providers and manages rooftop and tower sites for property owners, while also providing network pre-design, site audits, tower construction, and equipment installation services in the United States . The company owns and operates towers in the United States and several international markets, including South America, Central America, Canada, South Africa, the Philippines, and Tanzania, with a significant presence in Brazil .
- Site Leasing - Leases space to wireless service providers and manages rooftop and tower sites for property owners, both domestically and internationally, contributing the majority of the company's operating profit.
- Domestic Site Leasing - Manages and leases tower and rooftop sites within the United States.
- International Site Leasing - Operates and leases tower sites in international markets, including Brazil, South America, Central America, Canada, South Africa, the Philippines, and Tanzania.
- Site Development - Provides network pre-design, site audits, tower construction, and equipment installation services in the United States, complementing the site leasing business and capturing ancillary revenues.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brendan T. Cavanagh ExecutiveBoard | President and Chief Executive Officer | None | Brendan T. Cavanagh joined SBAC in February 1998 and became CEO on January 1, 2024. He previously served as CFO and EVP. | View Report → |
Jason V. Silberstein Executive | Executive Vice President – Site Leasing | None | Jason V. Silberstein has been with SBAC since 1994 and is set to retire on August 1, 2024. | |
Joshua M. Koenig Executive | Executive Vice President, Chief Administrative Officer, and General Counsel | None | Joshua M. Koenig joined SBAC in January 2010 and became EVP, CAO, and General Counsel on January 1, 2023. | |
Marc Montagner Executive | Executive Vice President and Chief Financial Officer | Board Member at Cogent Communications Holdings, Inc.; Board Member at Intelsat | Marc Montagner joined SBAC in October 2023 and became CFO on January 1, 2024. He has over 30 years of experience in telecommunications and finance. | |
Mark R. Ciarfella Executive | Executive Vice President – U.S. Operations | None | Mark R. Ciarfella joined SBAC in July 2007 and has been EVP – U.S. Operations since January 2014. | |
Richard M. Cane Executive | Executive Vice President and President - International | None | Richard M. Cane has been with SBAC since January 2023, previously serving as SVP - International Operations. | |
Saul Kredi Executive | Vice President and Chief Accounting Officer | None | Saul Kredi joined SBAC in November 2014 and became CAO on January 1, 2025. | |
Amy E. Wilson Board | Independent Director | General Counsel and Corporate Secretary at Dow Inc.; Board Member at U.S. Chamber of Commerce; Board Member at MyMichigan Health; Trustee at Charles J. Strosacker Foundation | Amy E. Wilson joined SBAC's Board in 2023, bringing extensive corporate governance and global transactional experience. | |
George R. Krouse Jr. Board | Director | Board of Visitors at Duke University School of Law; Senior Lecturing Fellow at Duke University School of Law | George R. Krouse Jr. has been a director at SBAC since 2009, with a background in securities and M&A law. | |
Jack Langer Board | Director | Private Investor | Jack Langer has been a director at SBAC since 2004 and serves as Chair of the Compensation Committee. | |
Jay L. Johnson Board | Independent Director | Board Member at Newell Brands, Inc. | Jay L. Johnson joined SBAC's Board in 2022 and has extensive experience in real estate, REITs, and financial services. | |
Laurie Bowen Board | Independent Director | Non-Executive Director at Ricardo PLC; Non-Executive Director at Chemring Group PLC | Laurie Bowen joined SBAC's Board in 2023 and serves on the Compensation and NCG Committees. | |
Mary S. Chan Board | Independent Director | COO of Nikola Corporation; Managing Partner at VectoIQ, LLC; Board Member at Magna International Inc. | Mary S. Chan has been a director at SBAC since 2015, bringing over 25 years of experience in telecommunications and wireless technology. | |
Steven E. Bernstein Board | Director | President of The Steven E. Bernstein Family Foundation; President of General Partner, Bernstein Investment Co. II Inc.; Trustee of the Steven E. Bernstein Revocable Trust | Founder of SBAC in 1989, Steven E. Bernstein has been a Director since its inception. |
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Given your acknowledgment of the advantages of scale and relevance in international markets, can you provide an update on your review of these markets and specify which ones you might consider exiting if scaling up isn't feasible?
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With your net debt to adjusted EBITDA leverage ratio at 6.4x, how do you plan to further reduce leverage, and do you have a specific target ratio you aim to achieve in light of the rising cost of capital?
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You mentioned that while your M&A team has been very busy, no major acquisitions have been secured yet; how are higher capital costs influencing your acquisition strategy, and what challenges are you encountering in finding value-enhancing opportunities?
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Could you elaborate on the performance of your recent investments in Tanzania and the Philippines, specifically addressing the early-stage nature of the Philippines sites and how these investments are meeting your initial underwriting expectations?
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Despite believing your stock is undervalued, you've prioritized debt reduction over share repurchases; how are you balancing capital allocation among debt reduction, share buybacks, and potential acquisitions, and what factors are guiding these decisions?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
A large independent tower company that competes in the U.S. site leasing market. | |
Another large independent tower company that is a primary competitor in the U.S. site leasing market. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
T-Mobile | Site leasing & development | All | 30.5% of total revenues (2024) , 38.1% of domestic site leasing (2024) , 69.9% of site development (2024) |
AT&T Wireless | Site leasing | Domestic | 20.6% of total revenues (2024) , 29.6% of domestic site leasing (2024) |
Verizon Wireless | Site leasing & development | All | 15.1% of total revenues (2024) , 20.1% of domestic site leasing (2024) , 20.1% of site development (2024) |
Telefonica | Site leasing | International | 21.3% of international site leasing revenue (2024) |
Claro | Site leasing | International | 19.2% of international site leasing revenue (2024) |
TIM | Site leasing | International | 15.9% of international site leasing revenue (2024) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
51 Communication Sites | 2024 | SBA completed the acquisition of 51 communication sites in Q3 2024 for a total cash consideration of $194.1 million, supporting its portfolio expansion strategy. |
215 Communication Sites | 2024 | Over the first three quarters of 2024, SBA acquired 215 communication sites for a total cash consideration of $234.9 million (across Q1, Q2, and Q3), advancing the company’s goal to broaden its global site portfolio which reached 39,762 sites by Q3 2024. |
11 Communication Sites | 2024 | In Q1 2024, SBA acquired 11 communication sites for $9.2 million, with the deal including a breakdown of property, intangible assets, operating lease right‐of‐use assets, holdbacks, and lease liabilities as part of its strategic expansion efforts. |
68 Towers and Related Assets | 2023 | The 2023 acquisition included 68 towers and related assets with key asset values of $11.0 million in property and equipment, $49.0 million in intangible assets, and further amounts in operating lease and related assets, emphasizing that most of the value was concentrated in identifiable assets. |
2,632 Sites from Grupo TorreSur (Brazil) | 2022 | SBA acquired 2,632 sites from Grupo TorreSur in Brazil for $725.0 million in cash (net of working capital adjustments), funded through its Revolving Credit Facility and cash on hand, with the sites expected to generate approximately $68.0 million in Tower Cash Flow in the first full year and enhancing its owned tower portfolio by about 15%. |
2,148 Towers and Related Assets | 2022 | The acquisition of 2,148 towers and related assets in 2022 involved detailed asset valuations including $117.9 million in property and equipment, $194.5 million in intangible assets, and additional amounts for operating lease rights, holdbacks, and liabilities, with one portion accounted for as a business combination for $49.9 million in cash. |
Recent developments and announcements about SBAC.
Earnings
New Earnings (Q4 2024)
·Feb 25, 2025, 12:01 AMView full earnings summary →SBAC’s Q4: Domestic leasing rises as big 3 carriers boost tower use, driving AFFO to $1.3–$1.4B. Shift from amendments to new colocations signals robust growth. Yet, leverage at 6–6.5x and $50M Sprint churn in 2026 remain concerns. Long-term outlook stays strong.