SBA Communications (NASDAQ: SBAC) reported Q4 EPS of $0.94, $0.42 better than the analyst estimate of $0.52. Revenue for the quarter came in at $536 million versus the consensus estimate of $528.96 million.

Highlights of the fourth quarter include:

• Net income of $105.8 million or $0.94 per share and site leasing revenue of $493.0 million
• AFFO per share growth of 18.8% over the year earlier period on a constant currency basis
• Repurchased 2.2 million shares cumulatively in the fourth quarter and subsequent to quarter end
• Signed a new master lease agreement with Dish subsequent to quarter end

“We had a very strong finish to 2020, producing material growth in AFFO per share well ahead of plan,” commented Jeffrey A. Stoops, President and Chief Executive Officer. “The fourth quarter was our strongest of the year in terms of customer activity, and we continued to execute very well notwithstanding the ongoing impact of Covid-19 to varying degrees across all of our markets. I want to express my continued gratitude to our employees, customers and vendors for their extraordinary efforts during these difficult times. With the CBRS and C-Band auctions now a reality in the US, our recently-announced master agreement with Dish, and important spectrum auctions planned for our international markets over the next two years, we believe we are on the cusp of another increase in operational activity and demand for our infrastructure likely to begin in the second half of 2021 and continue for years thereafter. Together with these favorable business prospects, we find ourselves in a low-interest rate environment with a low cost of capital and abundant sources of financing. As a result, we have stayed fully invested and intend to stay fully invested in our business, repurchasing since our last earnings release 1.8 million shares of our stock and just last week closing on our very exciting transaction with PG&E, among other portfolio growth transactions we have consummated. We are extremely confident and excited about our future, so much so that we have just approved an increase to our quarterly dividend of approximately 25%. While a substantial increase, this dividend on an annual basis represents less than 23% of the midpoint of our AFFO in our 2021 Outlook, leaving us substantial capital for additional investment. We believe we will continue to produce material growth in AFFO per share and, including the dividend, total shareholder return.”

For earnings history and earnings-related data on SBA Communications (SBAC) click here.