Besides constructing 133 new sites, the Boca Raton-based developer acquired 77 sites during the reporting period at a total of cost of $23.8 million, or about $309,000 each.
The company estimates it added gross site leasing revenues at an annual rate of .44 new tenants per tower on a broadband equivalent basis, based on the 3,254 towers the company owned as of Sept. 30. It estimates that same-tower revenue from tenant leases executed on 1,950 towers owned as of Sept. 30, 2000, increased by 26%.
The company also disclosed it owns the rights to acquire 270 other towers for about $67.8 million, or about $251,000 each. It is also working on plans to build another 1,100 towers.
The company estimates that it will post a $24.4 million non-recurring developmental charge in the third quarter. Of the total, about $22 million reflects the write-down of new tower build projects carried on SBA's balance sheet as of June 30, 2001.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
