SBA COMMUNICATIONS Business Summary

SBA Communications Corporation (SBAC) is a premier independent owner and operator of wireless communications infrastructure, structured as a Real Estate Investment Trust (REIT). The company derives approximately 94% of its revenue from long-term site leasing agreements, where wireless service providers pay recurring fees to install equipment on its multi-tenant towers. Its operations are categorized into three primary segments: Domestic Site Leasing (U.S. and territories), International Site Leasing (spanning the Americas and Africa), and Site Development, which provides network design and construction services. As of February 2026, SBAC manages a portfolio of over 46,000 communications sites. It competes directly with American Tower Corporation (AMT), Crown Castle Inc. (CCI), and Vertical Bridge, distinguishing itself through a high-margin operational model and a disciplined approach to international portfolio expansion. Founded in 1989 by Steven E. Bernstein, who remains on the Board of Directors, SBA is currently led by President and CEO Brendan T. Cavanagh. Cavanagh, a veteran of the firm since 1998, assumed the CEO role in 2024 after a 15-year tenure as the company's CFO. The senior leadership team includes EVP and CFO Marc Montagner, a former finance executive at SoftBank and Endurance International, and EVP of Site Leasing Donald E. Day. Other key executives include Richard M. Cane, President of International, and Joshua Koenig, EVP and General Counsel. The company features a strong institutional ownership profile, with major stakes held by The Vanguard Group, BlackRock, and State Street, while the board is further strengthened by the oversight of Lead Independent Director George R. Krouse Jr.