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SBA Communications Updates 2019 Outlook; Declares First Cash Dividend

SBA Communications Corp. (SBAC) increased 2019 outlook for revenue, and AFFO per share. Also, the company's Board declared its first cash dividend of $0.37 per share of Class A common stock, payable September 25, 2019, to shareholders of record on August 28, 2019. The company believes it can grow dividend by at least 20% annually for the next several years.

For 2019, the company now expects: AFFO per share in a range of $8.20 to $8.60; and total revenues of $1.97 billion to $2.01 billion.

For the second-quarter, AFFO per share was $2.09, a 14.2% increase over the prior year period. Second-quarter total revenues were $500.1 million compared to $456.3 million in the year earlier period, an increase of 9.6%.

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