SBA Communications: Q1 Earnings Snapshot

BOCA RATON, Fla. (AP) — BOCA RATON, Fla. (AP) — SBA Communications Corp. (SBAC) on Monday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.

The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $357.4 million, or $3.29 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $3.30 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.