SBA Communications Corporation reported a solid finish to 2024 on February 24, 2025, with fourth-quarter site leasing revenue increasing by 1.6% to $646.3 million, or 4.6% excluding foreign currency impacts, compared to Q4 2023. Site development revenue saw significant growth, rising 21.5% to $47.4 million. Net income for the quarter was $178.8 million, or $1.61 per diluted share, up from $109.5 million, or $1.01 per share, in the prior-year period.
The company's Board of Directors declared a quarterly cash dividend of $1.11 per share, representing a 13% increase over the dividend paid in the fourth quarter of 2024. This dividend increase reflects SBA's strong balance sheet, which ended 2024 with its lowest-ever net debt to Adjusted EBITDA leverage ratio of 6.1x, and significant free cash flow generation. The company also provided its initial full-year 2025 outlook, projecting site leasing revenue between $2,530.0 million and $2,555.0 million, and AFFO per share between $12.40 and $12.76.
SBA continued its strategic portfolio optimization by exiting subscale markets. Subsequent to year-end, the company sold all its towers and related assets in the Philippines on January 10, 2025, and entered an agreement to sell its operations in Colombia on February 20, 2025. These divestitures allow SBA to focus on growing and operating in key markets, while the 2025 outlook includes discretionary capital expenditures of $1,255.0 million to $1,275.0 million, primarily for the Millicom acquisition and new tower construction.
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