SBAC · 10-Q · 2026Q3 · Full report

Capital Allocation Strategy

SBA COMMUNICATIONS CORP · 2026-11-05 · Importance 27 · Surprise 24

SBA's capital allocation priorities are investment in quality assets through acquisitions and new tower construction, followed by stock repurchases and cash-dividend growth. The company intends to pursue domestic and international tower acquisitions when they meet its return-on-invested-capital criteria, and to construct towers, especially in Central America under its build-to-suit agreement with Millicom International Cellular S.A. The filing reports 7,110 towers acquired in the Millicom transaction during the nine months ended September 30, 2026.

Key facts

• SBA intends to grow its domestic and international asset portfolio through tower acquisitions meeting internal return-on-invested-capital criteria and construction of new towers, especially in Central America under its build-to-suit agreement with Millicom. source
• SBA considers repayment of debt, especially variable-rate debt, a potentially accretive use of excess capital when interest rates are high or expected to remain higher for longer. source
• SBA’s Board of Directors will determine future distributions from time to time, balancing long-term shareholder value with retaining sufficient cash to implement its capital allocation policy. source
• SBA owned 45,252 towers as of September 30, 2026. source