SBA COMMUNICATIONS CORP SBAC
SBA COMMUNICATIONS CORP is a publicly traded real estate investment trust specializing in Cell Towers properties.
Executive Summary: SBA COMMUNICATIONS CORP (SBAC) Institutional Rating
Quantitative Verdict: SBA COMMUNICATIONS CORP (SBAC) trades at an annualized dividend yield of 3.58% with an AFFO payout ratio of 68.0%, earning a Dividend Safety Score of 87 / 100 (Safe). The stock currently trades at a 8.3% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $201.38, backed by an institutional portfolio of 150 commercial properties operating at 98.2% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
SBA COMMUNICATIONS CORP operates as a Integrated Asset Manager in the Cell Towers real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 98.2%.
Labor & Overhead Efficiency
- • Total Global Employees: 1,844
- • Estimated Market Cap: $19.60 B
- • Capital Per Employee: $10.63M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.54%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.04% | $261.31 | +29.8% | $184.75 | Undervalued |
| 5.54% | $237.73 | +18.1% | $184.75 | Undervalued |
| 6.04% | $218.05 | +8.3% | $184.75 | Undervalued |
| 6.54% Base Case | $201.38 | 0.0% | $184.75 | Undervalued |
| 7.04% | $187.08 | -7.1% | $184.75 | Undervalued |
| 7.54% | $174.67 | -13.3% | $184.75 | Overvalued |
| 8.04% | $163.81 | -18.7% | $184.75 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $1.6525 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| SBA COMMUNICATIONS CORP Core Physical Asset Portfolio | United States (Nationwide Footprint) | 18,000,000 sq ft (implied) | 98.2% | Diversified Commercial Tenants | SEC Schedule III Verified |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: SBAC vs Peers
Institutional CompsDirect peer benchmark comparing SBA COMMUNICATIONS CORP against its top competitors in the Cell Towers industry.
| Metric | SBAC (Current) | AMT | CCI | EQIX |
|---|---|---|---|---|
| Share Price | $184.75 | $188.97 | $85.97 | $955.03 |
| Dividend Yield | 3.58% | 3.43% | 3.90% | 1.78% |
| Dividend Safety Score | 87 / 100 | 89 / 100 | 85 / 100 | 91 / 100 |
| Price / AFFO Multiple | 19.0x | 19.5x | 18.49x | 26.24x |
| NAV Premium / Discount | -8.3% | -8.3% | -8.3% | +3.8% |
| Portfolio Occupancy | 98.2% | 98.4% | 98.0% | 97.4% |
| Commercial Properties | 150 | 150 | 150 | 260 |
Frequently Asked Questions (SBAC FAQ)
SBA COMMUNICATIONS CORP (SBAC) currently pays an annualized dividend of $6.61 per share, representing an annualized dividend yield of 3.58%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 68.0%, earning a Dividend Safety Score of 87/100 with a risk rating of 'Safe'.
Based on REITwave's institutional property-level valuation models, SBA COMMUNICATIONS CORP's consensus base NAV is $201.38 per share. Trading at $184.75, the stock reflects an implied market cap rate of 6.54% and trades at a 8.3% discount to NAV (undervalued).
SBA COMMUNICATIONS CORP owns and operates approximately 150 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 98.2% with a weighted average lease term (WALT) of 6.5 years.
SBA COMMUNICATIONS CORP currently trades at a Price / AFFO multiple of 19.0x based on forward AFFO per share of $9.72. Its Price / FFO multiple stands at 17.6x against forward FFO per share of $10.50.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Brendan T. Cavanagh. Total annual reported compensation was $8,950,000, reflecting a CEO-to-median-worker pay ratio of 88:1.
SBA COMMUNICATIONS CORP maintains a Net Debt-to-EBITDA ratio of 5.1x and carries an investment-grade credit rating of BBB. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.