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BOCA RATON, Fla. (AP) — BOCA RATON, Fla. (AP) — SBA Communications Corp. (SBAC) on Tuesday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $339.9 million, or $3.11 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $3.13 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $103.3 million, or 94 cents per share.
The communications tower operator, based in Boca Raton, Florida, posted revenue of $686.1 million in the period, exceeding Street forecasts. Seven analysts surveyed by Zacks expected $681.8 million.
For the year, the company reported funds from operations of $1.34 billion. Revenue was reported as $2.63 billion.
SBA Communications expects full-year funds from operations in the range of $12.46 to $12.83 per share, with revenue in the range of $2.47 billion to $2.49 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a SBAC">Zacks stock report on SBAC at https://www.zacks.com/ap/SBAC