SBA Communications Corporation (SBAC) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome, and thank you all for joining the SBA fourth quarter 2025 results. I'll now turn it over to Louis Friend, Vice President of Finance and Capital Markets. Please go ahead, sir. Good evening, and thank you for joining us for SBA's fourth quarter 2025 earnings conference call. Here with me today are Brendan Cavanaugh, our President and Chief Executive Officer, and Marc Montagnier, our Chief Financial Officer. Some of the information we will discuss on this call is forward-looking, including but not limited to any guidance for 2026 and beyond. In today's press release and in our SEC filings, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, February 26, and we have no obligation to update any forward-looking statements we may make. In addition, our comments will include non-GAAP financial measures and other key operating metrics. The reconciliation of and other information regarding these items can be found in our supplemental financial data package, which is located on the landing page of our investor relations website. With that, I will now turn over the call to Mark to comment on the fourth quarter results in our 2026 outlook. Thank you, Luis. The fourth quarter was a solid finish to the year. Results for the quarter were in line with our estimates, even with higher-than-forecasted bad debt expenses related to Equistar. In the fourth quarter, the FFO per share was $3.19, with a cash dividend of $1.11 per share, an increase of 13% compared to the fourth quarter of 2024. Operationally, we added approximately $10 million of domestic new leases and abandoned buildings. The bulk of the activity continues to come from new co-locations as carriers both intensify and expand their network footpri...