SBA Communications Corporation is a leading real estate investment trust (REIT) focused on the ownership and operation of wireless communications infrastructure. The company's core business model revolves around acquiring, developing, and leasing antenna space on multi-tenant towers, rooftops, distributed antenna systems (DAS), and small cells to major wireless carriers. SBA generates revenue through two primary segments: Site Leasing and Site Development. Site Leasing is the dominant revenue driver, accounting for over 94% of total revenues, and involves long-term lease contracts with built-in rent escalators that provide highly predictable, recurring cash flows. The Site Development segment (approximately 6% of revenues) offers network development, zoning, and construction services to assist wireless providers in deploying their equipment. Geographically, the United States is SBA's largest market, contributing over 70% of its site leasing revenue, with major tenants including T-Mobile, AT&T, and Verizon. Internationally, the company operates extensively in Brazil, alongside other markets in South and Central America, Canada, South Africa, and Asia. As one of the largest independent tower operators globally, SBA Communications benefits from high barriers to entry and the continuous expansion of mobile data consumption, 5G network deployments, and wireless network densification.
