SBA Communications Corporation reported net income of $240.4 million, or $2.20 per share, for the third quarter of 2025. The company posted AFFO per share of $3.30. During the quarter, SBA acquired 447 communication sites, primarily from the previously announced Millicom transaction, for $142.8 million, and built 151 towers. SBA completed the sale of its towers in Canada after the quarter ended and repurchased 958,000 shares for $194 million during and after the quarter. The company entered into a long-term master lease agreement with Verizon and declared a quarterly cash dividend of $1.11 per share. As of September 30, 2025, SBA owned or operated 44,581 communication sites, with 17,409 in the United States and 27,172 internationally. Total cash capital expenditures for the quarter were $71.9 million. The company revised its target leverage range to 6.0x to 7.0x net debt to LQA Adjusted EBITDA.