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SBAC

SBA Communications

$111.78

-0.38 (-0.34%)

16:03
10/03/16
10/03
16:03
10/03/16
16:03

SBA Communications board approves REIT conversion

SBA Communications announced that its Board of Directors has authorized SBA to take all necessary steps for it to qualify as a real estate investment trust, REIT, for tax purposes. SBA intends to elect to be taxed as a REIT commencing with its taxable year ending December 31."We are pleased to announce this plan for conversion because we believe REIT status is the optimal structure for our business given the real estate nature of our assets," stated Jeffrey A. Stoops, SBA's President and Chief Executive Officer. "We believe a REIT structure will provide many opportunities for creating long-term shareholder value. We have been working on this plan for approximately two years. We expect our conversion to a REIT to have little to no effect on our operations, as we have been operating in compliance with REIT rules since prior to the beginning of 2016. We intend to continue our focus on maximizing long-term adjusted funds from operations per share through growth and disciplined capital allocation." In connection with its REIT conversion, SBA proposes to merge with and into a newly formed, wholly owned subsidiary to ensure the effective adoption of certain charter provisions that implement standard REIT-related ownership limitations and transfer restrictions related to its capital stock. SBA expects to hold a special meeting of shareholders in the fourth quarter of 2016 for the purpose of voting on the proposed merger. SBA will file a proxy statement/prospectus on Form S-4 with the Securities and Exchange Commission, which will describe the merger and REIT conversion. The REIT election is subject to the completion of all necessary steps of the aforementioned conversion plan. SBA's determination as to the timing and amount of future dividend distributions will be based on a number of factors, including REIT distribution requirements, investment opportunities around its core business and its existing federal net operating losses of approximately $1.15 billion as of December 31, 2015. SBA may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized. SBA does not expect that it will be required to make any distribution of accumulated earnings and profits in connection with its REIT conversion.

SBAC SBA Communications
$111.78

-0.38 (-0.34%)

07/12/16
LBOW
07/12/16
NO CHANGE
LBOW
CommScope seeing lower revenue from AT&T, says Longbow
Longbow says that AT&T's (T) spending on CommScope's (COMM) solutions unexpectedly slowed in late Q2 and into Q3. The firm says its source estimates that AT&T's spending has dropped by three percentage points. As a result, Longbow estimates that Commscope's North American 2016 revenue is now flat to up low single digits versus its previous outlook of up low single digits. However, the firm keeps a Buy rating on the shares. It adds that Crown Castle (CCI), American Tower (AMT), SBA Communications (SBAC), and Ericsson (ERIC) have a negative read through from the news.
07/14/16
JPMS
07/14/16
NO CHANGE
Target $135
JPMS
Overweight
American Tower, SBA estimates and targets raised at JPMorgan
JPMorgan analyst Philip Cusick raised his leasing revenue estimates for American Tower (AMT) and SBA Communications (SBAC) to reflect positive currency impacts. American Tower receives about 40% of its of revenue from international assets and SBA around 16%-17%, Cusick tells investors in a research note. The analyst upped his price target for Overweight-rated American Tower to $135 from $112 and for Neutral-rated SBA to $130 from $115.
09/12/16
RHCO
09/12/16
INITIATION
Target $129
RHCO
Buy
SBA Communications initiated with a Buy at SunTrust
SunTrust analyst Greg Miller initiated SBA Communications with a Buy and a $129 price target.
09/13/16
RHCO
09/13/16
NO CHANGE
RHCO
Wireless tower stocks initiated at SunTrust
As noted earlier, SunTrust initiated coverage of wireless tower operators American Tower (AMT), Crown Castle (CCI), and SBA Communications (SBAC) with Buy ratings. Analyst Greg Miller expects the companies to benefit from huge jumps in mobile data usage over the next four years. He adds that the companies have very strong business models,. while their foreign exchange headwinds are lessening. He recommends Crown Castle for more risk averse investors, and says that American Tower is a good stock for more risk tolerant investors looking for a growth name. SBA also has good growth prospects and could become an acquisition target over the longer term ,according to the analyst. He set a $128 price target on American Tower, a $107 price target on Crown Castle. and a $129 price target on SBA.

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