X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOCA RATON, FL-SBA Communications Corp. added 415 new telecommunications towers to its portfolio during the second quarter this year, spending about $70 million to acquire 206 existing facilities.

The Boca Raton-based developer and operator of telecommunications towers announced Monday evening it now manages a portfolio of 3,254 towers as of the three months ended June 30. That is up from the 1,660 reported for the same period last year.

Announcement of the operational results comes as a consensus of stock analysts tracked by Thompson/First Call recently shaved a penny off the company’s second quarter earnings forecast. The company now is forecast to show a net loss of 47 cents a share for the second quarter.

News of the results had little apparent impact on the SBA’s publicly traded stock, since the company disclosed results after the markets closed. Shares closed up 13 cents at $22.10 on volume of 237,300, well below the 52-week high of $57 a share. The issue has traded as low as $12.69 over the same period.

The tower developer also disclosed it has negotiated rights acquire an additional 407 towers an estimated aggregate purchase price of $107 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.