BOCA RATON, Fla. (AP) 鈥� BOCA RATON, Fla. (AP) 鈥� SBA Communications Corp. (SBAC) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Boca Raton, Florida, said it had funds from operations of $319.6 million, or $3.01 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.86 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 $184.8 million, or $1.74 per share.
The communications tower operator, based in Boca Raton, Florida, posted revenue of $703.4 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $698.8 million.
SBA Communications expects full-year funds from operations in the range of $11.89 to $12.34 per share, with revenue in the range of $2.84 billion to $2.88 billion.
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