SBA Communications Corporation Reports First Quarter 2021 Results; Updates Full Year 2021 Outlook; and Declares Quarterly Cash Dividend

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SBA Communications Corporation (SBAC) reported a net loss of $11.7 million for Q1 2021, reflecting a significant improvement from a loss of $127.1 million in Q1 2020. The company achieved a 16.2% growth in AFFO per share on a constant currency basis, amounting to $2.58. Total revenues increased to $548.7 million, up 6.1% from the prior year. A quarterly cash dividend of $0.58 per share was declared, payable June 15, 2021. SBA signed a global leasing agreement with Verizon and repurchased 0.7 million shares at an average price of $258.33.

Positive

AFFO per share increased by 16.2% year-over-year, reflecting strong operational performance.
Total revenues rose 6.1% to $548.7 million compared to the previous year, indicating revenue growth.
SBA executed a new global leasing agreement with Verizon, enhancing partnership in 5G network deployment.
The company repurchased 0.7 million shares, demonstrating confidence in its value.

Negative

Net loss of $11.7 million includes a $57.0 million loss due to currency-related remeasurement of intercompany loans.
International site leasing revenue decreased by 3.6% year-over-year, signaling potential challenges in international markets.

04/26/2021 - 04:01 PM

SBA Communications Corporation (Nasdaq: SBAC) ("SBA" or the "Company") today reported results for the quarter ended March 31, 2021.

Highlights of the first quarter include:

Net loss of $11.7 million or $(0.11) per share including a $57.0 million loss, net of taxes, on currency-related remeasurement of intercompany loans
AFFO per share growth of 16.2% over the year earlier period on a constant currency basis
Signed a new global leasing agreement with Verizon subsequent to quarter end
Repurchased 0.7 million shares at an average price per share of $258.33

In addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.58 per share of the Company’s Class A Common Stock. The distribution is payable June 15, 2021 to the shareholders of record at the close of business on May 20, 2021.

“We had a strong start to 2021,” commented Jeffrey A. Stoops, President and Chief Executive Officer. “We produced very solid year-over-year growth in AFFO per share while operationally executing at a very high level. We had several notable accomplishments since the start of the year, including the closing of our exciting PG&E acquisition, the completion of the lowest cost unsecured senior notes offering in our history, and the execution of new master agreements with both Verizon Wireless and Dish. Our new agreement with Verizon cements SBA as a key partner to Verizon in the deployment of their new C-Band spectrum for the build out of their nationwide 5G network, while also extending the committed terms under SBA’s existing Verizon lease agreements. With the completion of the C-Band spectrum auction during the first quarter and the stated network plans of our largest customers, we had a very strong first quarter in our services business, while seeing substantial growth in our backlog of both services business and new lease and amendment applications. This increasing activity level has allowed us to increase our 2021 full year services outlook and gives us tremendous confidence in increased organic leasing growth over the next couple of years. We believe the future is very bright, and we are excited to support our customers in the advancement of wireless networks across all of our markets. The favorable operational environment, low cost of capital and opportunistic allocation of capital into both quality new assets and stock repurchases, should allow us to continue to produce material growth in AFFO per share and total shareholder return.”

Operating Results

The table below details select financial results for the three months ended March 31, 2021 and comparisons to the prior year period.


									% Change
									excluding
	Q1 2021		Q1 2020		$ Change		% Change		FX ⁽¹⁾

*Consolidated*	($ in millions, except per share amounts)
Site leasing revenue	$	505.1	$	492.3	$	12.8		2.6%		5.1%
Site development revenue		43.6		24.7		18.9		76.6%		76.6%
Tower cash flow ⁽¹⁾		411.8		398.1		13.7		3.5%		5.6%
Net loss		(11.7)		(127.1)		115.4		90.8%		80.4%
Earnings per share - diluted		(0.11)		(1.14)		1.03		90.4%		86.4%
Adjusted EBITDA ⁽¹⁾		390.1		369.9		20.2		5.4%		7.6%
AFFO ⁽¹⁾		286.3		259.9		26.4		10.2%		13.3%
AFFO per share ⁽¹⁾		2.58		2.28		0.30		13.2%		16.2%

(1) See the reconciliations and other disclosures under “Non-GAAP Financial Measures” later in this press release.

Total revenues in the first quarter of 2021 were $548.7 million compared to $517.0 million in the year earlier period, an increase of 6.1%. Site leasing revenue in the quarter of $505.1 million was comprised of domestic site leasing revenue of $403.6 million and international site leasing revenue of $101.5 million. Domestic cash site leasing revenue was $402.2 million in the first quarter of 2021 compared to $383.9 million in the year earlier period, an increase of 4.8%. International cash site leasing revenue was $102.3 million in the first quarter of 2021 compared to $106.1 million in the year earlier period, a decrease of 3.6%, or an increase of 8.4% on a constant currency basis. Site development revenues were $43.6 million in the first quarter of 2021 compared to $24.7 million in the year earlier period, an increase of 76.6%.

Site leasing operating profit was $409.7 million, an increase of 3.3% over the year earlier period. Site leasing contributed 97.8% of the Company’s total operating profit in the first quarter of 2021. Domestic site leasing segment operating profit was $338.5 million, an increase of 5.0% over the year earlier period. International site leasing segment operating profit was $71.3 million, a decrease of 3.8% from the year earlier period.

Tower Cash Flow of $411.8 million for the first quarter of 2021 was comprised of Domestic Tower Cash Flow of $339.3 million and International Tower Cash Flow of $72.5 million. Domestic Tower Cash Flow for the quarter increased 4.9% over the prior year period and International Tower Cash Flow decreased 3.0% from the prior year period, or increased 8.3% on a constant currency basis. Tower Cash Flow Margin was 81.6% for the first quarter of 2021, as compared to 81.2% for the year earlier period.

Net loss for the first quarter of 2021 was $11.7 million, or $(0.11) per share, and included a $57.0 million loss, net of taxes, on the currency-related remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries. Net loss for the first quarter of 2020 was $127.1 million, or $(1.14) per share, and included a $152.8 million loss, net of taxes, on the currency-related remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries.

Adjusted EBITDA for the quarter was $390.1 million, a 5.4% increase over the prior year period. Adjusted EBITDA Margin was 71.2% in the first quarter of 2021 and compared to 71.9% in the first quarter of 2020.

Net Cash Interest Expense was $89.5 million in the first quarter of 2021 compared to $95.0 million in the first quarter of 2020, a decrease of 5.8%.

AFFO for the quarter was $286.3 million, a 10.2% increase over the prior year period. AFFO per share for the first quarter of 2021 was $2.58, a 13.2% increase over the prior year period, and 16.2% on a constant currency basis.

Investing Activities

During the first quarter of 2021, SBA acquired 731 communication sites, including wireless tenant licenses on 697 utility transmission structures from the previously announced PG&E transaction, for total cash consideration of $975.5 million. SBA also built 62 towers during the first quarter of 2021. As of March 31, 2021, SBA owned or operated 33,711 communication sites, 17,259 of which are located in the United States and its territories, and 16,452 of which are located internationally. In addition, the Company spent $6.5 million to purchase land and easements and to extend lease terms. Total cash capital expenditures for the first quarter of 2021 were $1.1 billion, consisting of $8.2 million of non-discretionary cash capital expenditures (tower maintenance and general corporate) and $1.1 billion of discretionary cash capital expenditures (new tower builds, tower augmentations, acquisitions, and purchasing land and easements).

Subsequent to the first quarter of 2021, the Company has purchased or agreed to purchase 413 communication sites for an aggregate consideration of $110.2 million in cash. The Company anticipates that the majority of these acquisitions will be consummated by the end of the third quarter of 2021.

Financing Activities and Liquidity

SBA ended the first quarter of 2021 with $12.1 billion of total debt, $8.0 billion of total secured debt, $240.2 million of cash and cash equivalents, short-term restricted cash, and short-term investments, and $11.9 billion of Net Debt. SBA’s Net Debt and Net Secured Debt to Annualized Adjusted EBITDA Leverage Ratios were 7.6x and 5.0x, respectively.

On January 29, 2021, the Company issued $1.5 billion of unsecured senior notes due February 1, 2029 (the “2021 Senior Notes”). The 2021 Senior Notes accrue interest at a rate of 3.125% per annum. Interest on the 2021 Senior Notes is due semi-annually on February 1 and August 1 of each year, beginning on August 1, 2021. Net proceeds from this offering were used to fully redeem all of the 4.000% Senior Notes (the “2017 Notes”) and to pay all premiums and costs associated with such redemption, repay the amounts outstanding under the Revolving Credit Facility, and for general corporate purposes.

As of the date of this press release, the Company had $530.0 million outstanding under the $1.25 billion Revolving Credit Facility.

During the first quarter of 2021, the Company repurchased 0.7 million shares of its Class A common stock for $168.9 million at an average price per share of $258.33 under its $1.0 billion stock repurchase plan. Shares repurchased were retired. As of the date of this filing, the Company has $475.1 million of authorization remaining under the plan.

In the first quarter of 2021, the Company declared and paid a cash dividend of $63.4 million.

Outlook

The Company is updating its full year 2021 Outlook for anticipated results. The Outlook provided is based on a number of assumptions that the Company believes are reasonable at the time of this press release. Information regarding potential risks that could cause the actual results to differ from these forward-looking statements is set forth below and in the Company’s filings with the Securities and Exchange Commission.

The Company’s full year 2021 Outlook reflects the previously announced impact of the Verizon agreement and assumes the acquisitions of only those communication sites under contract and anticipated to close at the time of this press release. The Company may spend additional capital in 2021 on acquiring revenue producing assets not yet identified or under contract, the impact of which is not reflected in the 2021 guidance. The Outlook also does not contemplate any additional repurchases of the Company’s stock during 2021, although the Company may ultimately spend capital to repurchase some of its stock during the year.

The Company’s Outlook assumes an average foreign currency exchange rate of 5.60 Brazilian Reais to 1.0 U.S. Dollar, 1.25 Canadian Dollars to 1.0 U.S. Dollar, and 14.90 South African Rand to 1.0 U.S. Dollar throughout the last three quarters of 2021.


							Change from
							February 22, 2021
(in millions, except per share amounts)	Full Year 2021						Outlook ⁽⁷⁾

Site leasing revenue ⁽¹⁾	$	2,065.0	to	$	2,085.0	$	33.0
Site development revenue	$	155.0	to	$	175.0	$	15.0
Total revenues	$	2,220.0	to	$	2,260.0	$	48.0
Tower Cash Flow ⁽²⁾	$	1,667.0	to	$	1,687.0	$	3.0
Adjusted EBITDA ⁽²⁾	$	1,573.0	to	$	1,593.0	$	11.0
Net cash interest expense ⁽³⁾	$	358.0	to	$	368.0	$	—
Non-discretionary cash capital expenditures ⁽⁴⁾	$	36.0	to	$	46.0	$	(1.0)
AFFO ⁽²⁾	$	1,131.0	to	$	1,177.0	$	14.0
AFFO per share ^{(2) (5)}	$	10.15	to	$	10.57	$	0.155
Discretionary cash capital expenditures ⁽⁶⁾	$	1,225.0	to	$	1,245.0	$	25.0

(1) The Company’s Outlook for site leasing revenue includes revenue associated with pass through reimbursable expenses.
(2) See the reconciliation of this non-GAAP financial measure presented below under “Non-GAAP Financial Measures.”
(3) Net cash interest expense is defined as interest expense less interest income. Net cash interest expense does not include amortization of deferred financing fees or non-cash interest expense.
(4) Consists of tower maintenance and general corporate capital expenditures.
(5) Outlook for AFFO per share is calculated by dividing the Company’s outlook for AFFO by an assumed weighted average number of diluted common shares of 111.4 million. Our Outlook does not include the impact of any potential future repurchases of the Company’s stock during 2021.
(6) Consists of new tower builds, tower augmentations, communication site acquisitions and ground lease purchases. Does not include expenditures for acquisitions of revenue producing assets not under contract at the date of this press release. Amount excludes $77.1 million of cash capital expenditures for acquisitions completed during the fourth quarter of 2020 which were not funded until the first quarter of 2021.
(7) Changes from prior outlook are measured based on the midpoint of outlook ranges provided.

Conference Call Information

SBA Communications Corporation will host a conference call on Monday, April 26, 2021 at 5:00 PM (EDT) to discuss the quarterly results. The call may be accessed as follows:

When: Monday, April 26, 2021 at 5:00 PM (EDT), please dial-in by 4:45 PM
Dial-in Number: (877) 692-8955
Access Code: 5907785
Conference Name: SBA First quarter 2021 results
Replay Available: April 26, 2021 at 11:00 PM to May 10, 2021 at 12:00 AM (TZ: Eastern)
Replay Number: (866) 207-1041 – Access Code: 6037760
Internet Access: www.sbasite.com

Information Concerning Forward-Looking Statements

This press release and our earnings call include forward-looking statements, including statements regarding the Company’s expectations or beliefs regarding (i) customer activity and demand for the Company’s wireless communications infrastructure during 2021 and thereafter, (ii) the Company’s role in the continued advancement of wireless networks; (iii) the Company’s future capital allocation, including with respect to stock repurchases, acquisition of new assets and its availability of capital for additional investment; (iv) the Company’s financial and operational performance in 2021, including the Company’s revised financial and operational guidance, the assumptions and drivers contributing to its full year guidance, and the ability to deliver material growth in total shareholder return, (v) the timing of closing for currently pending acquisitions, and (vi) foreign exchange rates and their impact on the Company’s financial and operational guidance.

The Company wishes to caution readers that these forward-looking statements may be affected by the risks and uncertainties in the Company’s business as well as other important factors may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. With respect to the Company’s expectations regarding all of these statements, including its financial and operational guidance, such risk factors include, but are not limited to: (1) the ability and willingness of wireless service providers to maintain or increase their capital expenditures; (2) the Company’s ability to identify and acquire sites at prices and upon terms that will provide accretive portfolio growth; (3) the Company’s ability to accurately identify and manage any risks associated with its acquired sites, to effectively integrate such sites into its business and to achieve the anticipated financial results; (4) the Company’s ability to secure and retain as many site leasing tenants as planned at anticipated lease rates, including its ability to realize anticipated benefits under the new Verizon agreement; (5) the impact of continued consolidation among wireless service providers in the U.S. and internationally, including the impact of the completed T-Mobile and Sprint merger, on the Company’s leasing revenue; (6) the Company’s ability to successfully manage the risks associated with international operations, including risks associated with foreign currency exchange rates; (7) the Company’s ability to secure and deliver anticipated services business at contemplated margins; (8) the Company’s ability to maintain expenses and cash capital expenditures at appropriate levels for its business while seeking to attain its investment goals; (9) the Company’s ability to acquire land underneath towers on terms that are accretive; (10) the economic climate for the wireless communications industry in general and the wireless communications infrastructure providers in particular in the United States, Brazil, South Africa and in other international markets; (11) the ability of Dish to become and compete as a nationwide carrier; (12) the Company’s ability to obtain future financing at commercially reasonable rates or at all; (13) the ability of the Company to achieve its long-term stock repurchases strategy, which will depend, among other things, on the trading price of the Company’s common stock, which may be positively or negatively impacted by the repurchase program, market and business conditions; (14) the Company’s ability to achieve the new builds targets included in its anticipated annual portfolio growth goals, which will depend, among other things, on obtaining zoning and regulatory approvals, weather, availability of labor and supplies and other factors beyond the Company’s control that could affect the Company’s ability to build additional towers in 2021; (15) the extent and duration of the impact of the COVID-19 crisis on the global economy, on the Company’s business and results of operations, and on foreign currency exchange rates; and (16) the Company’s ability to meet its total portfolio growth, which will depend, in addition to the new build risks, on the availability of sufficient towers for sale to meet our targets, competition from third parties for such acquisitions and our ability to negotiate the terms of, and acquire, these potential tower portfolios on terms that meet our internal return criteria. With respect to its expectations regarding the ability to close pending acquisitions, these factors also include satisfactorily completing due diligence, the amount and quality of due diligence that the Company is able to complete prior to closing of any acquisition and its ability to accurately anticipate the future performance of the acquired towers, the ability to receive required regulatory approval, the ability and willingness of each party to fulfill their respective closing conditions and their contractual obligations and the availability of cash on hand or borrowing capacity under the Revolving Credit Facility to fund the consideration. With respect to the repurchases under the Company’s stock repurchase program, the amount of shares repurchased, if any, and the timing of such repurchases will depend on, among other things, the trading price of the Company’s common stock, which may be positively or negatively impacted by the repurchase program, market and business conditions, the availability of stock, the Company’s financial performance or determinations following the date of this announcement in order to use the Company’s funds for other purposes. Furthermore, the Company’s forward-looking statements and its 2021 outlook assumes that the Company continues to qualify for treatment as a REIT for U.S. federal income tax purposes and that the Company’s business is currently operated in a manner that complies with the REIT rules and that it will be able to continue to comply with and conduct its business in accordance with such rules. In addition, these forward-looking statements and the information in this press release is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s Annual Report on Form 10-K filed with the Commission on February 25, 2021.

This press release contains non-GAAP financial measures. Reconciliation of each of these non-GAAP financial measures and the other Regulation G information is presented below under “Non-GAAP Financial Measures.”

This press release will be available on our website at www.sbasite.com.

About SBA Communications Corporation

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By “Building Better Wireless,” SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts. For more information please visit: www.sbasite.com.


	For the three months
	ended March 31,
	2021		2020
Revenues:
Site leasing	$	505,103	$	492,356
Site development		43,636		24,711
Total revenues		548,739		517,067
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):
Cost of site leasing		95,368		95,799
Cost of site development		34,406		19,715
Selling, general, and administrative expenses ⁽¹⁾		51,601		49,617
Acquisition and new business initiatives related adjustments and expenses		5,001		3,799
Asset impairment and decommission costs		4,903		14,355
Depreciation, accretion, and amortization		183,881		182,579
Total operating expenses		375,160		365,864
Operating income		173,579		151,203
Other income (expense):
Interest income		632		885
Interest expense		(90,095)		(95,851)
Non-cash interest expense		(11,804)		(2,406)
Amortization of deferred financing fees		(4,891)		(5,139)
Loss from extinguishment of debt, net		(11,652)		(16,864)
Other expense, net		(88,436)		(226,299)
Total other expense, net		(206,246)		(345,674)
Loss before income taxes		(32,667)		(194,471)
Benefit for income taxes		20,922		66,538
Net loss		(11,745)		(127,933)
Net loss attributable to noncontrolling interests		—		875
Net loss attributable to SBA Communications Corporation	$	(11,745)	$	(127,058)
Net loss per common share attributable to SBA Communications Corporation:
Basic	$	(0.11)	$	(1.14)
Diluted	$	(0.11)	$	(1.14)
Weighted average number of common shares
Basic		109,469		111,908
Diluted		109,469		111,908

(1) Includes non-cash compensation of $19,584 and $15,553 for the three months ended March 31, 2021 and 2020, respectively.


CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par values)

	March 31,		December 31,
	2021		2020
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	176,622	$	308,560
Restricted cash		62,926		31,671
Accounts receivable, net		86,165		74,088
Costs and estimated earnings in excess of billings on uncompleted contracts		38,574		34,796
Prepaid expenses and other current assets		25,640		23,875
Total current assets		389,927		472,990
Property and equipment, net		2,608,526		2,677,326
Intangible assets, net		2,984,098		3,156,150
Operating lease right-of-use assets, net		2,303,070		2,369,358
PG&E and other right-of-use assets, net		956,945		4,202
Other assets		520,894		477,992
Total assets	$	9,763,460	$	9,158,018
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' DEFICIT
Current Liabilities:
Accounts payable	$	33,610	$	109,969
Accrued expenses		57,218		63,031
Current maturities of long-term debt		24,000		24,000
Deferred revenue		174,351		113,117
Accrued interest		27,003		54,350
Current lease liabilities		231,952		236,037
Other current liabilities		12,630		14,297
Total current liabilities		560,764		614,801
Long-term liabilities:
Long-term debt, net		12,019,757		11,071,796
Long-term lease liabilities		2,035,371		2,094,363
Other long-term liabilities		179,068		186,246
Total long-term liabilities		14,234,196		13,352,405
Redeemable noncontrolling interests		13,677		15,194
Shareholders' deficit:
Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding		—		—
Common stock - Class A, par value $0.01, 400,000 shares authorized, 109,331 shares and 109,819 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively		1,093		1,098
Additional paid-in capital		2,610,472		2,586,130
Accumulated deficit		(6,848,313)		(6,604,028)
Accumulated other comprehensive loss, net		(808,429)		(807,582)
Total shareholders' deficit		(5,045,177)		(4,824,382)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit	$	9,763,460	$	9,158,018


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited) (in thousands)

	For the three months
	ended March 31,
	2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(11,745)	$	(127,933)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, accretion, and amortization		183,881		182,579
Loss on remeasurement of U.S. dollar denominated intercompany loans		86,251		230,132
Non-cash compensation expense		20,422		16,278
Non-cash asset impairment and decommission costs		4,791		13,997
Loss from extinguishment of debt		10,652		16,864
Deferred income tax benefit		(26,837)		(72,204)
Other non-cash items reflected in the Statements of Operations		17,413		1,402
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net		(4,523)		19,712
Prepaid expenses and other assets		3,517		(1,643)
Operating lease right-of-use assets, net		29,865		30,181
Accounts payable and accrued expenses		(4,667)		(4,725)
Accrued interest		(27,347)		(18,197)
Long-term lease liabilities		(26,393)		(24,712)
Other liabilities		30,237		16,011
Net cash provided by operating activities		285,517		277,742
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(1,052,676)		(89,531)
Capital expenditures		(24,536)		(39,291)
Other investing activities		628		(3,190)
Net cash used in investing activities		(1,076,584)		(132,012)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings (repayments) under Revolving Credit Facility		210,000		(5,000)
Proceeds from issuance of Senior Notes, net of fees		1,485,670		988,516
Repayment of Senior Notes		(757,500)		(759,143)
Repurchase and retirement of common stock		(168,923)		(203,330)
Payment of dividends on common stock		(63,412)		(52,201)
Other financing activities		(4,492)		(12,177)
Net cash provided by (used in) financing activities		701,343		(43,335)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(10,899)		(13,900)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(100,623)		88,495
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period		342,808		141,120
End of period	$	242,185	$	229,615


Selected Capital Expenditure Detail

	For the three months ended March 31,
	2021		2020

	(in thousands)
Construction and related costs on new builds	$	8,823	$	17,031
Augmentation and tower upgrades		7,560		13,031
Non-discretionary capital expenditures:
Tower maintenance		7,313		8,194
General corporate		840		1,035
Total non-discretionary capital expenditures		8,153		9,229
Total capital expenditures	$	24,536	$	39,291

Communication Site Portfolio Summary

	Domestic	International	Total

Sites owned at December 31, 2020	16,546	16,377	32,923
Sites acquired during the first quarter	712	19	731
Sites built during the first quarter	2	60	62
Sites decommissioned/reclassified during the first quarter	(1)	(4)	(5)
Sites owned at March 31, 2021	17,259	16,452	33,711

Segment Operating Profit and Segment Operating Profit Margin

Domestic site leasing and International site leasing are the two segments within our site leasing business. Segment operating profit is a key business metric and one of our two measures of segment profitability. The calculation of Segment operating profit for each of our segments is set forth below.

Domestic Site Leasing

Int'l Site Leasing

Site Development

For the three months

ended March 31,

2021

2020

2021

2020

2021

2020

(in thousands)

Segment revenue

403,579

386,345

101,524

106,011

43,636

{ "@context": "https://schema.org", "@type": "FAQPage", "name": "SBA Communications Corporation Reports First Quarter 2021 Results; Updates Full Year 2021 Outlook; and Declares Quarterly Cash Dividend FAQs", "mainEntity": [ { "@type": "Question", "name": "What is the dividend amount and payment date for SBAC?", "acceptedAnswer": { "@type": "Answer", "text": "SBA Communications has declared a quarterly cash dividend of $0.58 per share, payable on June 15, 2021 to shareholders of record by May 20, 2021." } }, { "@type": "Question", "name": "How did SBAC perform financially in Q1 2021?", "acceptedAnswer": { "@type": "Answer", "text": "In Q1 2021, SBA Communications reported a net loss of $11.7 million but achieved a revenue increase of 6.1% to $548.7 million." } }, { "@type": "Question", "name": "What are the recent business developments for SBAC?", "acceptedAnswer": { "@type": "Answer", "text": "SBA signed a new global leasing agreement with Verizon and repurchased shares as part of its stock repurchase plan." } }, { "@type": "Question", "name": "What was SBAC's AFFO per share in Q1 2021?", "acceptedAnswer": { "@type": "Answer", "text": "SBA Communications reported an AFFO per share of $2.58 for Q1 2021, a 16.2% increase compared to the previous year." } } ] }