Tuesday, October 4, 2016

SBA Board Approves REIT Conversion, Sees No Change in Operations

SBA Communications logoSBA Communications announced yesterday that it has authorized its Board of Directors “to take all necessary steps for it to qualify as a real estate investment trust (“REIT”) for tax purposes.”  SBA intends to be taxed as a REIT commencing with its taxable year ending December 31, 2016.
“We are pleased to announce this plan for conversion because we believe REIT status is the optimal structure for our business given the real estate nature of our assets,” stated Jeffrey A. Stoops, SBA’s President and Chief Executive Officer.  “We believe a REIT structure will provide many opportunities for creating long-term shareholder value.  We have been working on this plan for approximately two years.  We expect our conversion to a REIT to have little to no effect on our operations, as we have been operating in compliance with REIT rules since prior to the beginning of 2016.  We intend to continue our focus on maximizing long-term adjusted funds from operations per share through growth and disciplined capital allocation.”  Continue Reading

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