SBA Communications Corporation Reports 3rd Quarter 2016 Results; Provides 4th Quarter Outlook And Updated Full Year 2016 Outlook

BOCA RATON, Fla., Nov. 01, 2016 (GLOBE NEWSWIRE) -- SBA Communications Corporation (Nasdaq:SBAC) ("SBA" or the "Company") today reported results for the quarter ended September 30, 2016.

"The third quarter was another solid quarter for SBA," commented Jeffrey A. Stoops, President and Chief Executive Officer.  "Organic leasing demand was steady, consistent with both the type and amount of customer activity experienced all year.  Amendment activity in the U.S. was very strong, with our customers adding to or modifying existing macro sites to refarm 2G and 3G uses to 4G LTE or to add new spectrum to their networks.  In our international markets, customer activity was more balanced between new macro sites and additions or modifications to existing macro sites.  Our Outlook for the Fourth Quarter of 2016 assumes customer activity remains materially the same as we have experienced during the first three quarters of the year.  We executed very well in the third quarter, producing once again industry-leading operating margins.  We allocated capital in the quarter opportunistically and in our opinion very attractively, spread among portfolio growth, stock repurchases and ground purchases. We ended the quarter within our target leverage range.  Finally, we completed a refinancing of a material portion of our indebtedness on very favorable terms, substantially reducing our interest costs on that portion of our capital structure.  AFFO continues to increase, and our share count continues to decrease. We expect this same trend to continue in the fourth quarter. Our third quarter success in each of these areas, organic growth, operating performance, asset growth, stock repurchases and financing, positively contributes to our long term goal of producing AFFO of $10 or more per share in 2020."

Operating Results

Total revenues in the third quarter of 2016 were $411.3 million compared to $410.7 million in the year earlier period, an increase of 0.1%. Site leasing revenue of $388.2 million increased 4.3% over the year earlier period. Domestic site leasing revenue and International site leasing revenue were $319.1 million and $69.1 million, respectively, in the third quarter of 2016. Domestic cash site leasing revenue was $316.8 million in the third quarter of 2016 compared to $306.9 million in the year earlier period, an increase of 3.2%. International cash site leasing revenue was $64.0 million in the third quarter of 2016 compared to $53.5 million in the year earlier period, an increase of 19.7%. Eliminating the impact of changes in foreign currency exchange rates, total site leasing revenue and International cash site leasing revenue would have increased 3.3% and 13.2%, respectively, over the year earlier period. Site development revenues were $23.2 million in the third quarter of 2016 compared to $38.7 million in the year earlier period, a decrease of 40.2%.

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