SBA通信-A 2024年度报告

ESSENTIALINFRASTRUCTURE® SBACOMMUNICATIONS LEADERIN THE WIRELESSCOMMUNICATIONSINFRASTRUCTURE INDUSTRY FINANCIALHIGHLIGHTS TOOURSHAREHOLDERS 2024wasanother solid year forSBACommunications.Our towers continued tobethe center of the wirelessecosystem, providing critical infrastructure and a turnkeyoption for our customers to quicklyandefficiently achievetheir network needs. I was pleased with our performanceasboth operating and financial results were in linewith our initial expectations.Wefinished the year withindustry-leading TowerCashFlow and Adjusted EBITDAmargins of 81.3% and 71.0%, respectively,andpostedthe highest absoluteAFFOper share of $13.37 withinthe industry.Wegrew our dividendby15%, the highest not onlyinthe tower industry, but among the highest across allREITsbroadly.Wealso took steps to improve our balance sheet, refinancing over $4 billion ofdebt at attractive rates, hedging floating rate debt to minimize fluctuationsininterest expense,andimproving liquiditybyincreasing thesizeof our revolvingcredit facility to $2 billion.Andlastly, we allocated capital wisely, buying towersandland, building sites, repurchasing our stock and ending the year with ahealthycashreserve. "Our towerscontinued tobethe centerof the wirelessecosystem,providing criticalinfrastructureand a turnkeyoption for ourcustomers toquickly andefficientlyachieve theirnetwork needs. Inthe United States, our customers remained focusedontheir networks, andwebegantoseea shiftinour new business with a higher percentage comingfrom new lease colocations versus amendments to existing leases. This shiftwas a continuation of our carrier customers' goals to expand their5G mid-band coverage, add capacity for fixed wireless access,andextend networkcoverage into underserved areas of the country. New carrier activity steadilyincreased throughout theyear,and we exited 2024 at the highest level ofleasing application backlogs of theyear,settingusup well for 2025. We'reexcited about the potential leasing environmentin2025andbeyond, which weanticipate being busier than that of the last several years.Ourstrong customerrelationshipsandthe end-to-end support we are able to provide them throughboth our leasing and services operations setSBAup very well to beakey partner to the mobile network operators. Regulatory requirements,mobiledata growth consumption and growing dependenceon wireless services all givemegreat confidence that our domestic segmentwill experience solid long-term organic growthandperform very well over time. Internationally,our customers continued investingintheir networks but also focused on addressingtheimplications of recent strategic transactions.In almost all our international markets, the mobilenetwork operators are well behind theU.S.intermsof5Gcoverage,sowe anticipate continued networkinvestment to close thatgap and to broadly expand coverage. During 2024, we did experience slightly elevated lease churn, primarilyasa result of some carrier consolidation.However, we believe this will betemporaryasmarkets rationalize,andultimately, we expect that the survivingcustomers willbestrongerandbetter positioned for ongoing investments neededto competeonnetwork reliability.Oneof our prioritieshasbeento enhance ourinternational portfolio with the goals of increasing the predictabilityandstabilityof our long-termcashflows, growing the core businessandimproving the overallquality of our assets. Webelieve one of theprimaryways that wedothatisbypositioningourselvesasoneof theleadinginfrastructureprovidersinthe marketswhere we operateandaligning ourselves withtheleadingmobilenetworkoperators ineachmarket.We made significant progressinthis regard through our announced agreement to purchaseapproximately 7,000 towers from MillicominCentral America. This transactionisexpected to establishSBAasthe leading tower companyinthe region,aswell asimprove the overall quality and stability of ourcashflows through immediateAFFOaccretion,U.S.dollar denominated revenue streams,and long-termtenant lease commitments.Wealso extended existing lease agreements withMillicomandentered into a new build to suit agreement for a minimum of 2,500 sites over the next seven years, lockinginfuture value enhancing growth. In other markets, wherewedid notseeanopportunity to achieve scale,wetooksteps to exit.These efforts have led to the early 2025sales of our assetsandoperationsinboth the PhilippinesandColombia.Each of the steps taken over the pastyear will help our teamsbe better focused and betterpositioned tomaximize future business opportunities,andwe anticipate making more progressin2025. Looking at 2025 and beyond, the key growth drivers of our business remainrobust.Mobile network consumption continues to grow,and spectrumlimitationsmean more equipment at the cell site.5G applications haveemerged,such as Fixed Wireless Access and next-gen A.I.handsetapplications. The underlying industry tailwinds, paired with the strength ofour balance sheet and significant f