SBA Communications Sees FY24 AFFO Attributable To SBA Communications $13.03-$13.40; Net Income $7.73-$8.15

SBA Communications Corporation -1.72%

SBA Communications Corporation

SBAC

199.38

-1.72%

Forecasted AFFO for the Full Year 2024

The tables below set forth the reconciliations of the forecasted AFFO and AFFO per share set forth in the Outlook section to their most comparable GAAP measurements for the full year 2024:

(in millions, except per share amounts)   Full Year 2024
                         
    (in millions)   ($ per share)
Net income   $ 835.5   to $ 880.5     $ 7.73   to $ 8.15  
Real estate related depreciation, amortization, and accretion     262.5   to   257.5       2.43   to   2.38  
Asset impairment and decommission costs     136.5   to   131.5       1.26   to   1.22  
FFO   $ 1,234.5   to $ 1,269.5     $ 11.42   to $ 11.75  
Adjustments to FFO:                        
Non-cash straight-line leasing revenue     (5.0 ) to         (0.05 ) to    
Non-cash straight-line ground lease expense     (12.5 ) to   (7.5 )     (0.12 ) to   (0.07 )
Non-cash compensation     76.0   to   71.0       0.70   to   0.66  
Adjustment for non-cash portion of tax provision     9.0   to   9.0       0.08   to   0.08  
Non-real estate related depreciation, amortization, and accretion     12.5   to   7.5       0.12   to   0.07  
Amortization of deferred financing costs and debt discounts and non-cash interest expense     54.5   to   54.5       0.50   to   0.50  
Loss from extinguishment of debt, net     4.5   to   4.5       0.04   to   0.04  
Other expense, net     76.0   to   76.0       0.70   to   0.70  
Acquisition and new business initiatives related adjustments and expenses     26.5   to   21.5       0.25   to   0.20  
Non-discretionary cash capital expenditures     (61.0 ) to   (51.0 )     (0.55 ) to   (0.47 )
AFFO   $ 1,415.0   to $ 1,455.0     $ 13.09   to $ 13.46  
Adjustments for joint venture partner interest     (6.0 ) to   (6.0 )     (0.06 ) to   (0.06 )
AFFO attributable to SBA Communications                        
Corporation   $ 1,409.0   to $ 1,449.0     $ 13.03   to $ 13.40  
                         
Diluted weighted average number of common shares (1)                 108.1   to   108.1  
(1) Our assumption for weighted average number of common shares does not contemplate any additional repurchases of the Company's stock during 2024.

Net Debt, Net Secured Debt, Leverage Ratio, and Secured Leverage Ratio

Net Debt is calculated using the notional principal amount of outstanding debt. Under GAAP policies, the notional principal amount of the Company's outstanding debt is not necessarily reflected on the face of the Company's financial statements.

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