BOCA RATON, Fla.-SBA Communications Corp. said it increased its portfolio by 210 towers in the third quarter ended Sept. 30, bringing the company’s total tower count to 3,464.
Of the 210 towers added in the third quarter, 133 were newly built and 77 were existing towers acquired by SBA. SBA said it acquired the 77 towers for an aggregate price of $23.8 million, or approximately $309,000 per tower.
With respect to the 3,254 towers owned at the beginning of the third quarter, SBA said it added leasing revenues at an annualized rate of 0.44 tenants per tower on a broadband equivalent basis.
SBA is involved in agreements giving it the right to acquire 270 additional existing towers for an aggregate price of $67.8 million, or approximately $251,000 per tower. These acquisitions are expected to close within the next six months, the company said.
SBA said it also is active in the more than 1,100 tower builds throughout the country, consisting of 600 build-to-suit mandates from wireless carriers and the rest through its own siting efforts.
Bear Stearns said the tower builds were in line with its expectations, which estimated 125 new tower builds, but it appears that SBA is almost completely out of the tower acquisition market.
“SBA closed on the acquisition of 77 towers but appears to have added only nine towers to its acquisition pipeline,” Bear Stearns said.
The firm said that although the operational results were slightly lower than expected, they are solid.
