SBA Communications Corp. reported 2017 fourth-quarter funds from operations of $170.4 million, a rise in the aggregate from $162.7 million in the 2016 fourth quarter.
The wireless communications infrastructure owner and operator's adjusted FFO for the quarter increased 5.2% on an annual basis to $211.8 million, or $1.78 per share, from $201.3 million, or $1.63 per share.
The S&P Capital IQ consensus estimate for the 2017 fourth quarter FFO is $1.61 per share, with 3 analysts reporting.
For the quarter, total revenues came in at $443.1 million, a 6.4% increase from $416.5 million in the year-ago period. Its full-year 2017 total revenues increased year over year to $1.73 billion from $1.63 billion.
SBA Communications expects AFFO per share in the range of $7.27 to $7.67 for the 2018 full year.
During the 2017 fourth quarter, the company acquired 989 communication sites for $250.2 million, including 941 sites in Brazil, and built 176 towers. SBA also spent $19.6 million to acquire land and easements and to extend lease terms.
Subsequent to the 2017 fourth quarter, the company bought 308 communication sites for $79.5 million in cash. It also agreed to acquire 1,038 communication sites in the U.S. and internationally for $308.5 million, including 811 sites in El Salvador from a Millicom International Cellular SA unit.
SBA's board also authorized, on Feb. 16, a new stock repurchase program, allowing the company to acquire up to $1.0 billion of its outstanding class A common stock from time to time.