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Why We Bought More SBA Communications


  • Massive growth in mobile data requires continued investment in infrastructure.
  • Interest expense guidance came in below my projections. That may be because management is looking at using free cash flow to pay down exposure to variable-rate debts.
  • SBAC has a very low dividend payout ratio, resulting in a substantial amount of retained cash flows.
  • Higher interest rates are bringing multiples lower and discouraging the big carriers from expanding their networks as they are still bloated with debt from bad ideas.
  • SBAC is a strong buy for investors willing to wait for the scenario to play out. We're making a prediction over several years, not over the next month.
  • The REIT Forum members get exclusive access to our real-world portfolio. See all our investments here »

Business 3d tablet virtual growth arrow financial graph on digital technology strategy background with finance data marketing chart analysis report or success investment diagram economy screen profit.

Mobile data is going up, like the arrow in this chart. Many of you just used mobile data to load this completely unnecessary chart. Thanks for supporting my investment.

Lemon_tm/iStock via Getty Images

One of the REITs I'm bullish on







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Analyst’s Disclosure: I/we have a beneficial long position in the shares of SBAC, AMT, CCI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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