SBA Communications Q1 AFFO $3.18/sh, net income $189M; raises FY2025 outlook, declares $1.11 dividend, $1.5B buyback

SBA COMMUNICATIONS CORP

2025-Q1 EPS reported $2.04 revenue$664,248,000

Net income $189M ($1.77 diluted EPS); AFFO $343.9M ($3.18 per share).
Site leasing revenue $616.2M (-1.9% YoY); site development revenue $48.0M (+62.4%).
Adjusted EBITDA $457.3M; net debt/EBITDA leverage 6.4x; cash balance >$600M.
Quarterly dividend of $1.11/share declared; payable June 17, 2025 to holders of record May 22.
Repurchased 583k shares for $122.9M post-quarter; Board approved new $1.5B buyback authorization.

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