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21:00
Aug 03 ◎
Aug 03 ◎
TIGO
VZ
T
TMUS
SATS
▾
HIGH
The integration of Millicom assets is progressing well, providing SBA with new tower build opportunities in Central America, which is a key driver of international growth.
"Internationally, we continued the solid progress we made last quarter, integrating the Millicom assets and expanding our new tower build capabilities."
TIGO WATCH
Verizon's win in the recent spectrum auction will drive future amendment and deployment activity on SBA's towers, as existing agreements can be modified to accommodate new spectrum.
"Just with the recent DE auction, you know, Verizon came out a winner there. As they deploy that spectrum, is that within your agreements, is that something that you'll be able to modify? Yes."
VZ WATCH
AT&T's deployment of 600 MHz spectrum is identified as a near-term driver for increased amendment volumes on SBA's sites.
"When do you think we'll start to see an uptick in amendment volumes? Is it next year with 600 megahertz for AT&T or lower CBAN for T-Mobile?"
T WATCH
T-Mobile's deployment of lower C-band spectrum is identified as another near-term driver for increased amendment volumes on SBA's towers.
"Is it next year with 600 megahertz for AT&T or lower CBAN for T-Mobile?"
TMUS WATCH
SBA is actively litigating its contractual rights against EchoStar/DISH, which is attempting to reduce claims; the outcome will significantly impact SBA's near-term revenue recovery from this customer.
"With regard to Ecostar, we continue to litigate the matter in federal court and believe strongly in our contractual rights."
SATS WATCH
SBA has had exploratory discussions with various satellite providers about potential terrestrial infrastructure needs, indicating a potential future business opportunity.
"We have talked to many satellite providers, yes."
ANDURIL WATCH
Guidance is modestly raised for the year, driven by improved interest expenses and straight-line revenues. While this is a positive signal, management's tone remains cautious, with future growth tied to longer-term catalysts like new spectrum auctions and share buybacks at current valuations.
"Given the solid performance in the second quarter, we're modestly increasing our full-year outlook for site leasing revenue, FFO, and FFO per share as compared to our prior 2026 guidance."
SBAC WATCH
SBA sees a clear migration towards a distributed edge compute architecture, requiring power and fiber-fed locations at a scale much larger than current tower sites, with about half of its U.S. portfolio deemed suitable for such uses. — This represents a significant new addressable market for tower sites, transforming them from simple cell sites into potential edge computing nodes.
"we see a clear migration towards a distributed architecture with a significant increase in the required number of power and fiber fed locations to improve speed and latency"
DELL WATCH
HPE WATCH
The FCC's stricter build-out requirements for upper C-band spectrum, with automatic license termination for non-compliance, are expected to force spectrum holders to deploy, driving incremental equipment installations on SBA's towers. — This removes optionality for carriers and mandates network deployments, creating a durable multi-year revenue stream for tower operators from amendments and new leases.
"we were very pleased with the stricter build-out requirements established by the FCC, requiring holders to deploy the spectrum or risk forfeiture with no review or waiver process."
AMT WATCH
CCI WATCH
HIGH
21:00
Apr 29 ◎
Apr 29 ◎
TMUS
SBAC
COMM
TIGO
▾
HIGH
SBA's mentions of a major customer increasing activity after a recent agreement hints at a resumption of leasing from T-Mobile, potentially a positive signal for the sector after a period of slowdown.
"We obviously have one customer where we've signed a recent agreement, and so we're starting to see an increase in activity associated with that."
TMUS WATCH
Management's tone is clearly optimistic, driven by strong Q1 performance and expectations of steady growth as carriers continue to densify networks and invest in 5G/6G technologies.
"Given the solid start of the year, we are increasing our full-year outlook for all key metrics, including cycle leasing revenue, tariff cash flow, adjusted EBITDA, ASFO, and ASFO per share."
SBAC WATCH
SBA is seeing early signs of 6G deployment, with carriers installing higher-capacity radios and denser antennas, a trend that is beginning to drive incremental tower leasing. — This could be an early but durable revenue driver for tower REITs like SBA, and indicates sustained capital spending by carriers on radio and antenna upgrades, potentially benefiting equipment vendors.
"Today, we are starting to see the early signs of 6G with higher capacity radios and denser and more intelligent antenna configurations to send and receive growing volumes of data."
COMM WATCH
SBA's acquisition of Millicom assets in Central America is outperforming expectations, suggesting stronger-than-anticipated demand and growth potential for the combined entity in the region.
"We've made tremendous progress integrating the Millicom assets and are seeing healthy co-location demand for these sites, exceeding our NHTSA lease-up projections."
TIGO WATCH
HIGH
22:00
Feb 26 ◎
Feb 26 ◎
AMZN
TMUS
DISH
TIGO
BA
▾
HIGH
The shift of AI to the edge and 6G requirements will require more compute at tower sites, opening an opportunity for SBA to partner with companies like AWS.
"AI is beginning to move from the core to the RAM... true 6G cannot be done with just software. It will also require physical components."
AMZN WATCH
T-Mobile's leasing activity has slowed relative to prior cycles, contributing to a bottom in 2026 domestic organic leasing growth.
"we had some pretty heavy leasing activity with one of the other carriers, T-Mobile, and that has slowed those going cycles a little bit more."
TMUS WATCH
DISH has ceased all lease-up activity with SBA, and its remaining churn in 2026 is now zero.
"we did actually have $2 million of lease-up contribution from DISH last year. So excluding that, which is zero now."
DISH WATCH
Millicom (MediClub) acquisition fully integrated; long-term master lease agreements with leading carriers are driving predictable cash flow.
"our Outlook will effect a full year contribution from the acquisition of sites from MediClub in Central America."
TIGO WATCH
Generic commentary on Brazil's demographics, no direct company signal.
"It has a population of over 200 million and a younger demographic that drives higher mobile data usage."
BA WATCH
SBA has filed a lawsuit against Equistar and removed all future recurring revenue from the outlook, indicating a hard credit default in the tower industry. — This signals that other tower companies (American Tower, Crown Castle) may need to write off similar receivables and pull forward revenue recognition.
"we did actually file a lawsuit just recently. And as part of that, because of their default lack of payment, we did terminate and accelerate the rents that were due under that contract."
EQIX WATCH
CCI WATCH
Guidance is steady as she goes: domestic new lease/amendment activity is flat ex-DISH, with churn elevated due to one-time items (Equistar, US Cellular, Sprint). Long-term growth is maintained at 4-5%.
"we would expect that we'll be contributed perhaps slightly heavier in the beginning of the year, but we expect activity levels with the carriers in terms of new business being signed up to be pretty steady throughout the year."
SBAC WATCH
Brazil's wireless network has only 4 sites per 10,000 people vs 16 in the US, implying a significant co-location growth runway as operators rationalize and densify. — This structural gap suggests Brazil is an under-penetrated market for towers, validating SBA's and American Tower's investments in the region.
"we did actually file a lawsuit just recently. And as part of that, because of their default lack of payment, we did terminate and accelerate the rents that were due under that contract."
AMT WATCH
Verizon is shifting capex to small cells, which SBA does not own, and away from macro towers, but the recent MLA with minimum commitments could offset this. — Verizon's strategic shift to small cells for densification could reduce future macro tower demand, making the minimum commitments in the MLA a key buffer.
"when they talk about the small sales, they're talking about those upgrades with that spectrum or deploying that spectrum through small sales. And that piece, you know, we have not a lot to do with because we're not a small sale company."
VZ WATCH
HIGH
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