SBA Communications: Q4 Earnings Snapshot

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BOCA RATON, Fla. (AP) — BOCA RATON, Fla. (AP) — SBA Communications Corp. (SBAC) on Monday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.

The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $375.1 million, or $3.47 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $3.37 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $173.6 million, or $1.61 per share.

The communications tower operator, based in Boca Raton, Florida, posted revenue of $693.7 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $681.6 million.

For the year, the company reported funds from operations of $1.35 billion. Revenue was reported as $2.68 billion.

SBA Communications expects full-year funds from operations in the range of $12.40 to $12.76 per share.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SBAC at https://www.zacks.com/ap/SBAC