SBA Communications Sees FY24 AFFO Attributable To SBA Communications $13.03-$13.40; Net Income $7.73-$8.15
SBA Communications Corporation SBAC | 203.57 | +2.69% |
Forecasted AFFO for the Full Year 2024
The tables below set forth the reconciliations of the forecasted AFFO and AFFO per share set forth in the Outlook section to their most comparable GAAP measurements for the full year 2024:
| (in millions, except per share amounts) | Full Year 2024 | |||||||||||||||
| (in millions) | ($ 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.
