📊 REIT Earnings Quick Takes SBA Communications (SBAC) - the third-largest cell tower REIT - is lower by 1% today after reporting a mixed quarter in which a modest increase to full-year AFFO guidance was offset by softer domestic leasing activity and continued near-term churn pressures. SBAC raised its 2026 FFO/share to imply a -4.6% year-over-year decline compared with a -5.3% previously, but its EBITDA and Revenue targets moved modestly lower, reflecting FX impacts and the sale of its Chile and Ecuador tower portfolios. Domestic leasing was soft, with $8M of new lease and amendment billings, and SBAC noted that customer activity slowed from first-half levels. SBAC now expects roughly $34M-$35M of domestic leasing for the year, implying another softer quarter to finish 2026. Meanwhile, elevated Sprint and DISH churn continues to weigh on same-tower growth, with SBAC expecting roughly $55M-$56M of Sprint churn and another $56M from DISH this year. Management expects Sprint churn to drop sharply in 2027, but international churn is likely to remain elevated until 2028. The longer-term outlook was more upbeat, with SBAC highlighting the April 2027 upper C-band auction, additional spectrum deployments, edge computing, and the SpaceX potential. Notably, SBAC now owns the abandoned equipment from roughly 3,000 terminated DISH leases, creating a potential path for repurposing those sites for a future entrant such as SpaceX. SBAC also repurchased $300M of stock during Q3 at an average price of $179.68, while leverage ended the quarter at 6.4x, within its 6x-7x target range. $SBAC | @AllTheREITNews | @DailyREITBeat | @ReitAcademy | @bradthomas | #REITs #Dividends #Investing
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