SBA Communications Corporation (NASDAQ:SBAC), real estate investment trust, stock rose 1.31% (As on Apr 26, 11:18:43 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 22. Site leasing revenue in the first quarter of 2022 of $559.4 million was comprised of domestic site leasing revenue of $433.0 million and international site leasing revenue of $126.4 million. Domestic cash site leasing revenue in the first quarter of 2022 was $423.5 million compared to $402.2 million in the prior year period, an increase of 5.3%. International cash site leasing revenue in the first quarter of 2022 was $127.9 million compared to $102.3 million in the prior year period, an increase of 25.1%, or an increase of 22.8% on a constant currency basis. Site development revenues in the first quarter of 2022 were $60.3 million compared to $43.6 million in the prior year period, an increase of 38.3%. During the first quarter of 2022, SBA acquired 1,807 communication sites for total cash consideration of $215.4 million, including 1,445 sites under the previously announced deal with Airtel Tanzania for $176.1 million.

SBAC in the first quarter of FY 22 has reported the adjusted funds from operations per share of $2.96, beating the analysts’ estimates for the adjusted funds from operations per share of $2.88. AFFO in the first quarter of 2022 was $324.3 million, a 13.3% increase over the prior year period. The company had reported the adjusted revenue growth of 12.9 percent to $619.7 million in the first quarter of FY 22, beating the analysts’ estimates for revenue of $603.51 million. Adjusted EBITDA in the first quarter of 2022 was $423.8 million, an 8.6% increase over the prior year period. Adjusted EBITDA Margin in the first quarter of 2022 was 69.3% compared to 71.2% in the prior year period.

Moreover, Site leasing operating profit in the first quarter of 2022 was $452.3 million, an increase of 10.4% over the prior year period. Site leasing contributed 96.9% of the Company’s total operating profit in the first quarter of 2022. Domestic site leasing segment operating profit in the first quarter of 2022 was $367.2 million, an increase of 8.5% over the prior year period. International site leasing segment operating profit in the first quarter of 2022 was $85.1 million, an increase of 19.4% from the prior year period.

The company expects full-year 2022 total revenues of between $2.49 billion to $2.53 billion, with AFFO per share between $11.72 and $12.09.