SBA Communications reports Q1 AFFO $3.13, consensus $3.11

"We are off to a good start to 2023 and as a result are increasing our full year outlook for most key metrics," commented Jeffrey A. Stoops, President and Chief Executive Officer. "We produced solid growth in Adjusted EBITDA and AFFO per share while operationally executing at a very high level. The material number of towers we added to our portfolio in 2022 are performing ahead of plan. We are experiencing continued solid demand in substantially all of our markets. All of our US wireless carrier customers remain actively engaged in building out their 5G networks. Due to that customer activity, our services personnel are staying very busy. Internationally, growth in the first quarter remained strong, driven by organic lease-up, CPI-based escalators and portfolio growth. Domestically and internationally, much additional 5G network deployment from our customers is expected on our assets. Our balance sheet remains very strong, and our net debt/Adjusted EBITDA leverage ratio is near multi-year lows, and we have no refinancing obligations until October of 2024. Our cash flows continue to grow, providing multiple opportunities for the creation of additional shareholder value. We materially increased our cash dividend while maintaining a cash dividend / AFFO per share ratio of only 27%. We believe the future is very bright, and we are excited to support our customers in the advancement of wireless networks across all of our markets."