Valued at a market cap of $21.6 billion, SBA Communications Corporation (SBAC) is a real estate investment trust (REIT) that owns and operates wireless communications infrastructure, primarily cell towers, leased to mobile network operators. Headquartered in Boca Raton, Florida, the company generates recurring revenue by renting antenna space on its towers and related sites to carriers such as AT&T, Verizon, and T-Mobile under long-term contracts with built-in escalators.
This specialty REIT has considerably underperformed the broader market over the past 52 weeks. Shares of SBAC have declined 4.3% over this time frame, while the broader S&P 500 Index ($SPX) has gained 12.3%. However, on a YTD basis, the stock is up 2.1%, compared to SPX’s marginal uptick.
