SBA Communications Corporation (NASDAQ: SBAC) stock rose 0.098% after the company posted better than expected results for the first quarter of FY 21. AFFO in the first quarter was $286.3 million. AFFO per share was $2.58, which represents an increase of 13.2% over the first quarter of 2020, and a 16.2% increase on a constant currency basis.

During the first quarter, the company continued to expand the portfolio, had acquired 731 communication sites, including wireless tenant licenses on 697 utility transmission structures from the previously announced PG&E transaction for total cash consideration for all sites of $975.5 million. The company had also built 62 new sites in the quarter.

Subsequent to quarter end, the company had purchased or agreed to purchase 413 additional sites in the existing markets for the total price of $110.2 million and the company anticipates closing on the majority of the site under contract by the end of the third quarter. In addition to new tower assets, the company had also continued to invest in the land under the segments. During the first quarter, the company had spent an aggregate of $6.5 million to buy land and easements and to extend ground lease terms. At the end of the quarter the company owned or controlled for more than 20 years, the land underneath approximately 71% of the towers and the average remaining life under the ground leases, including renewal options under the control, is approximately 35 years.

Additionally, during the first quarter, the company had repurchased 654,000 shares of the common stock for $168.9 million or average price of $258.33 per share. Currently, the company has $475.1 million of repurchase authorization remaining under the $1 billion stock repurchase plan. The company has declared a second quarter dividend of $0.58 per share payable on June 15, 2021 to shareholders of record as of the close of business on May 20, 2021. SBA has 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.