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SBA Communications @SBAC, one of our largest allocations, reported Q1 2025 earnings recently. AFFO per share came in at $3.16, exactly matching consensus estimates. Management raised full-year guidance, with the new midpoint for 2025 AFFO at $12.66 - up 1.16% from the prior $12.51.

In response to recent weakness in the share price, SBAC repurchased roughly 583,000 shares for $122.9 million at an average price near $211 without taking on new debt. The company also announced a new $1.5 billion share repurchase authorization.

SBAC completed the sale of its assets in the Philippines and Colombia, markets which management had previously flagged as unlikely to reach the scale needed for attractive returns. Reallocating capital away from lower-return regions is a move we fully support.

Peers like @AMT and @CCI have taken different capital allocation approaches, but SBAC repurchasing shares and improving guidance are things we like to see. Overall, a solid quarter.

Disclosure: Long SBAC, AMT, CCI

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This article was compiled by my assistant. If there are any mistakes, blame him - I certainly will.