BOCA RATON, Fla. (AP) _ SBA Communications Corp. (SBAC) on Thursday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $248.8 million, or $2.18 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $2.16 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $67.4 million, or 59 cents per share.
The communications tower operator, based in Boca Raton, Florida, posted revenue of $513.7 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $506.4 million.
For the year, the company reported funds from operations of $972.4 million. Revenue was reported as $2.01 billion.
SBA Communications expects full-year funds from operations in the range of $9.07 to $9.47 per share, with revenue in the range of $2.1 billion to $2.14 billion.
The company's shares have risen 21% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $292.13, a climb of 60% in the last 12 months.