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BOCA RATON, Fla.-SBA Communications Corp. reported it increased its tower portfolio for the first quarter ended March 31 by 449 towers, 182 of which were newly built, and 267 of which were existing towers acquired by SBA.
The 267 towers were acquired in 21 separate transactions for an aggregate price of $91.8 million. With respect to the 2,390 towers owned at the beginning of the first quarter, SBA said it added 303 new tenant leases at an average monthly rental of $1,527.
Steven Bernstein, chief executive officer of SBA, said the quarter was very strong for the company, and more than 90 percent of the quarterly lease up revenues came from broadband installations.
