November 18 th, Company: SBA Communications Action: Long Price Target: $130 Students: Athena Zhao, Pat Moran and Breed Randall

Transcription

1 November 18 th, 2016 Company: SBA Communications Action: Long Price Target: $130 Students: Athena Zhao, Pat Moran and Breed Randall

2 SBA Communications Business Overview SBA Communications Corporation leases antenna space on multi-tenant towers to a variety of wireless service providers under long-term lease contracts. SBA owns and operates over 25,000 towers across North, Central and South America. SBA generates revenue from two primary businesses - site leasing and site development services. SBAC SBA Communications Corporation Current Price: $98.93 Target: $ Upside: 31.5% Total Return: 33.5% Market Cap: $12,451,579.4 EV/EBITDA(current): 15.7x ROIC(15A): 4.3% Revenue Growth(16E): -0.3% Net Debt: $8,488,079.1 EV/EBITDA(target): 18.7x ROIC(16E): 5.3% Revenue Growth(17E): 1.1% 52wk Range: $ $ AFFO/share(16E): $6.04 ROIC(17E): 6.9% EBITDA Growth(15A): 12.5% EBITDA(17E): $1,156,404.6 AFFO/share(17E): $6.70 EBITDA Margin(15A): 73.3% EBITDA Growth(16E): 3.0% Revenues(16E): $1,634,224.9 P/AFFO(current): 14.8x EBITDA Margin(16E): 73.4% EBITDA Growth(17E): 15.2% Revenues(17E): $1,652,227.0 P/AFFO(target): 19.4x EBITDA Margin(17E): 76.2% Yield(17E): 1.9% Source: [Investor Relations, Estimates, Company Data, Google Images ]

3 Long: SBAC Investment Thesis Overview Unparalleled Business Model with Sustained Long Term Drivers 5G Invest in the next major upgrade cycle Will drive double digit leasing growth FirstNet New Federal Network to benefit US towers Network build-out to commence in 2017E Business Model Essential Infrastructure for wireless industry Effective US oligopoly, with sustained LT growth drivers Multi-Year contracts w/ the best incremental economic returns Capital Return Repurchased $1bln in Stock since 2009, 12% of current FDSO REIT conversion will shift capital return to dividends ~$14/share through 2020E done in conjunction with share repurchases

4 Thesis #1: 5G Invest in the Next Cycle Timeline Verizon Beta Deployments 4Q16 AT&T Beta Deployment 3Q16 T-Mobile Beta Deployments 2016 Sprint Beta Deployments 1Q16 Reached Speeds > 4GBps 5G will require another major round of network investment by the wireless carriers driving organic leasing activity for the Towers 4G CAPEX & Stock Returns 40,000.0 $ , , , , , , , E $120.0 $100.0 $80.0 $60.0 $40.0 $20.0 $0.0 Total AMT CCI SBAC Source: [American Tower, Goldman Sachs Equity Research, Company Filings]

5 Thesis #1: 5G 5G What is It & Financial Driver to SBAC Network Characteristics FCC has allocated 3,850 MHz of spectrum(28ghz, 37GHz, 39GHz, 64-71GHz Bands) for 5G roughly 6x the current spectrum allocated The 5G spectrum is high bandwidth, low latency and low propagation This(limited propagation) will drive a 50% increase in cell sites(densification) Network Density And with the additional sites required to support use of the millimeter wave spectrum, that percentage(gross Cell Sites) is likely to increase, to as much as 50 percent. - The Future of Wireless: A Vision for U.S. Leadership in a 5G World, Federal Communication Commission Financial Impact to SBA: 5G Financial Impact Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Nationwide Coverage: 100,000 Sites 50% Growth on 110,000 * 2(Tenancy) Deployment Schedule: 2.5% 10.0% 20.0% 32.5% 47.5% 60.0% 67.5% SBA Sites(assumption - Industry Share (-50% DAS)) 1,250 5,000 10,000 16,250 23,750 30,000 33,750 MRR E & 3.5% Escalators $2,748 $2,830 $2,915 $3,002 $3,093 $3,185 $3,281 Net Cash Flow - 96% Incremental Margins(CCI) $39,567 $163,015 $335,811 $562,064 $846,122 $1,100,849 $1,275,609 AFFO Contribution $0.31 $1.29 $2.64 $4.40 $6.60 $8.56 $9.92 Source: [ The Future of Wireless: A Vision for U.S. Leadership in a 5G World FCC, CommScope 5G White Paper]

6 Thesis #1: 5G Details Requirement for Increased Densification 5G Data Speeds will lead to a 70x increase in data capacity/speed, but the higher frequency higher bandwidth spectrum of 5G mandates a significant increase in network densification Source: [American Tower Investor Presentation, Goldman Sachs Equity Research]

7 Thesis #2: FirstNet First Responder Network FirstNet Federally mandated (and funded) First Responder Safety Cellular Network FirstNet was born post 9/11 to fund and create a nationwide network to be used by first responders and safety professional After years of political process, FirstNet finally sent out RFP s and will be awarding the network contracts November 2016 The government has allocated the spectrum, and has already committed the funding Funding: $7bln to Construct the Network, and $5.625bln to be paid out annually over 25years to support the network Nationwide(56 States and Territories) Coverage: 80% by 2020 and 100% by 2022 Financial Impact to SBA: FirstNet Nationwide Deployment 2018E 2019E 2020E 2021E 2022E 2023E 2024E Nationwide Coverage: 30,000 Sites Deployment Schedule(assumption) 15.0% 40.0% 65.0% 80.0% 85.0% 90.0% 95.0% SBA Sites(assumption - Industry Share) 741 1,977 3,213 3,954 4,201 4,448 4,696 MRR E & 3.5% Escalators $2,748 $2,830 $2,915 $3,002 $3,093 $3,185 $3,281 Net Cash Flow - 96% Incremental Margins(CCI) $23,468 $64,460 $107,890 $136,771 $149,678 $163,238 $177,476 AFFO Contribution $0.19 $0.51 $0.85 $1.07 $1.17 $1.27 $1.38 Source: [FirstNet by Numbers FirstNet.gov, ]

8 Thesis #2: FirstNet First Responder Network Details FirstNet RFP Details Geographical Coverage of 95% must be obtainable within 6 months of contract award Nationwide obligation implies Verizon, AT&T, Sprint, or T-Mobile support is essential Agreements with rural carriers may also be used to meet rural coverage goals Winning contractor will guarantee priority access to public safety on the 20MHz(Band 14) of spectrum capacity Spectrum buildout requirements are 20% population coverage within first year, 60% within the second year and 80% by the fourth year FirstNet will make available $6.5 billion of federal funding for the buildout Total cost to buildout network approximates $30 billion over next 10 years, federal source: industry experts Successful bidder will sign a contract for 25 years, expiring in FY2042 Annual payments totaling at least $5.625 billion to be paid over the period Bid may be awarded as early as November 2016 Source: [Congressional Research Service - First Responder Network and Next-Generation Communications, Coverage Objectives - FirstNet.gov]

9 Thesis #3: REIT Conversion Timing & Impact October 3, 2016: SBA elects to be taxed as a REIT commencing taxable year 2016 $1.15 billion in NOLs will offset future REIT Taxable Income, and no purging dividend is required with conversion Impact REIT Conversion, in conjunction with MSCI & S&P changes, will drive Index Inclusion and broaden investor base MSCI & S&P reclassified REITs as a standalone sector, versus sub-industry within financials The indexes were officially rebalanced on September 16, 2016 Approximately $100bln of index rebalancing required This will drive upside via multiple expansion as SBA will now be valued on REIT metrics REIT s are valued on a combination of AFFO and Yield Towers are a far superior business model, and offer higher and more sustainable growth metrics Given those dynamics SBAC should be valued at 19x 17E AFFO P/AFFO 18 Yield 19 Yield Dividend Growth SBAC 14.8x 3.0% 4.1% 34.3% CAGR Average: 16.2x 5.7% 5.8% 5.5% Infrastructure: 13.4x 6.5% 6.9% 11.8% Data Centers: 18.1x 3.9% 4.4% 11.5% Office: 15.2x 4.3% 4.4% 7.4% Industrial: 18.2x 9.2% 9.2% 0.0% Retail: 15.7x 4.7% 4.5% 2.0% Residential: 21.0x 4.1% 4.3% 2.0% Diversified: 14.0x 6.4% 6.4% 4.9% Lodging/Resorts: 8.2x 5.9% 5.7% 2.3% Self Storage: 19.0x 4.3% 4.7% 11.1% Health Care: 12.8x 6.7% 7.0% 2.6% Specialty: 22.9x 6.3% 6.6% 4.4% Source: [ NAREIT, Reuters JPM & Cohen & Steers, FTSE NA REIT Index Constituents Broken Down by Subsector, Estimates]

10 Spectrum Capacity Densification may delay the crunch by a year or two, but sooner or later the company(verizon) will need more Spectrum. If over the next two years subs continue to move to LTE and usage grows at 30% per year, total LTE traffic would more than double. -Jonathan Chaplin, New Street Research, July 2015 National Weighted Average Spectrum Depth (MHz) Detailed by Band Class 250 Verizon & others are short on Spectrum deployments need to continue irrespective of 5G(supports 5%+ organic growth in addition to 3.5% contribution from escalators) High Band Mid Band Low Band Verizon AT&T T-Mobile Sprint Dish USCellular C Spire FCC Wireless Source: [allnet insights & analytics Spectrum Analysis Tool - Ericsson, Goldman Sachs Equity Research]

11 Historical Performance Drivers, Customer Concentration, and Geographic Composition Historic Business Drivers Model Inputs: SBA Business Metrics Towers 10,524 17,491 20,079 24,292 25,465 Domestic ,886 15,124 15,778 International - - 5,193 9,168 9,687 Tower Tenancy Revenue $954,084.0 $1,304,866.0 $1,526,996.0 $1,638,474.0 EBITDA Margin 67.2% 69.5% 70.4% 71.5% 73.9% AFFO/Share $2.37 $3.14 $4.14 $5.27 $5.74 Historic Customer Concentration: Percentage of Total Revenues AT&T Wireless (1) 23.8% 20.4% 23.8% 20.3% 20.5% 23.0% 24.2% Sprint 21.9% 21.2% 21.9% 23.9% 25.0% 23.4% 19.6% T-Mobile 13.7% 12.7% 13.5% 17.2% 17.3% 15.5% 16.0% Verizon Wireless 15.4% 12.7% 14.8% 12.7% 11.3% 12.0% 13.8% Historic Site Leasing Operating Profit & Geographic Breakdown: Percentage of Site Leasing Operating Profit 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Overall 96.7% 96.0% 95.9% 96.1% 96.5% 96.0% 96.3% 96.7% 96.8% 96.7% 97.2% 96.5% 98.2% 98.8% 98.7% Domestic 93.1% 91.0% 91.4% 87.5% 90.1% 84.8% 83.8% 85.3% 84.4% 84.4% 85.9% 85.9% 86.0% 84.9% 84.1% International 6.9% 9.0% 8.6% 12.5% 9.9% 15.2% 16.2% 14.7% 15.6% 15.6% 14.1% 14.1% 14.0% 15.1% 15.9% Domestic(mln) $ 238 $ 199 $ 206 $ 208 $ 269 $ 225 $ 231 $ 242 $ 244 $ 244 $ 250 $ 247 $ 251 $ 251 $ 254 International(mln) $ 18 $ 20 $ 19 $ 30 $ 30 $ 40 $ 45 $ 42 $ 45 $ 45 $ 41 $ 40 $ 41 $ 45 $ 48 Source: [Company Filings, Estimates]

12 Capital Return on & Return of History and future share repurchases combined with REIT dividend Return on Capital E 2017E 2018E 2019E 2020E 2021E 2022E 2023E ROIC 4.3% 5.3% 6.9% 9.4% 12.2% 15.3% 19.2% 23.3% 27.4% NOPAT $312,456 $378,719 $479,180 $642,880 $812,391 $1,008,656 $1,254,281 $1,519,604 $1,806,230 Invested Capital $7,308,071 $7,162,054 $6,946,878 $6,804,893 $6,679,008 $6,577,194 $6,528,674 $6,535,235 $6,598,867 mfcf/invested Capital(OCF - maintenance CAPEX / IC) 9.7% 11.0% 13.7% 16.4% 19.5% 22.9% 26.3% 29.8% Return of Capital E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Share Repurchases $542,939,065 $342,576 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 Dividends $0 $0 $241,987 $372,767 $518,133 $696,542 $905,517 $1,148,408 $1,428,424 Dividends Per Share $1.92 $2.95 $4.09 $5.47 $7.09 $8.96 $11.10 Source: [Company Filings, Estimates]

13 Executive Compensation Strategy, Incentives and Ownership Minimum Equity Ownership Rules: NEO s annual incentive compensation is set at 50% SBA Sets annual incentive target performance on Adjusted EBITDA If SBA achieves Annualized Adjusted EBITDA at the maximum level, (thereby earning 75% of the annual bonus opportunity), then the achievement of the subjective component at target would only entitle an NEO with a 100% target bonus opportunity to 25% of his annual bonus opportunity (100% minus 75%). Therefore, an NEO will only be entitled to receive his full annual bonus opportunity if he achieves 100% of his subjective component. Source: [SBA 2016 Proxy Statement]

14 Valuation Methodologies Terminal DC Inputs Assumed Terminal Growth Rate 1.5% WACC 5.5% Implied Enterprise Value $25,070,257 Less Debt ($8,692,305) Implied Equity Value $16,377,952 Diluted Shares Outstanding 125,863 Impled Value Per Share $ Price Upside 31.5% Total Return 33.5% Impled AFFO (2017) 19x Impled AFFO (2018) 16x Bear Case: $90 Base Case: $130 Bull Case : $157 Implied downside: (9%) Key Assumptions Data demand stops increasing exponentially Tower and tenancy growth slows well below historical levels MRR escalators drop to 1.5% Implied upside: 31% Key Assumptions Domestic 2017 tower growth equal to 2016, 4 fewer towers per year though 2023 International tower growth held flat at 2016 level Tenancy increases 10% (domestic), 15% (international) MRR increases 5% (domestic), 3.5% (international) Implied upside: 58% Key Assumptions 5G implementation comes sooner and faster than anticipated Network density increases, driving tenancy growth

15 Debunking Myths Wireless Capital Intensity is Increasing and Carriers can t support Costs Wireless Carriers vs. Total CAPEX Intensity 250, % 200, , , , % 15.5% 15.0% 14.5% 14.0% Verizon Revenues T-Mobile Revenues Sprint Revenues 13.5% AT&T Revenues Total CAPEX False - Wireless carrier domestic revenues have grown at a 7% CAGR(10-15CY) as connections have grown at a 7% CAGR vs. 3% CAGR in wireless CAPEX Source: [Goldman Sachs, US Carrier Filings, Tower Filings]

16 Debunking Myths Towers can easily be replaced by Wi-Fi Google: Sunnyvale Wi-Fi Shutdown Comcast, Optimum have launched local Wi-Fi networks, but the economic model is not clear and a pure Wi-Fi(unlicensed) network is not sufficient to replicate a secured macro network. The attraction of mobile coverage is exactly that, mobility. To be clear, we firmly believe that Wi-Fi is necessary and will complement Cellular Macro Networks Wi-Fi traffic growth(offloading) will continue, it is necessary given network constraints 5G Network Dynamics will require denser mesh networks, which Wi-Fi will help support However, further investment in Macro Networks is Critical to keep pace with untethered data demand growth Source: [

17 Data Demand Still Growing 4G connections represented only 14 percent of mobile connections in account for 47 percent of mobile data traffic 3G connections represented 34 percent of mobile account for 43 percent of the traffic. In 2015, a 4G connection generated six times more traffic on average than a non 4G connection. Mobile video traffic accounted for 55 percent of total mobile data traffic in 2015 Mobile data traffic will grow at a compound annual growth rate (CAGR) of 53 percent from 2015 to 2020, reaching 30.6 exabytes per month by Source: [Cisco Minutes Used, Cisco Projected IPv6 Mobile Data Traffic, Verizon Summary of Data Consumption]

18 Core Business Economics Two Critical Observations Shared Infrastructure is far cheaper and the best option for Wireless Carriers(why Verizon, T-Mobile and AT&T have sold all of their ~20,000 towers to the tower companies in the past several years) Towers offer some of the best return on capital dynamics, and in a consolidated oligopoly with regulatory hurdles, these margins are defensible Source: [American Tower Investor Presentations]

19 Model DCF DCF for SBA Communications Corporation Dollars in Thousands, except per share Data Revenue $1,634,224.9 $1,652,227.0 $1,828,024.5 $2,013,723.7 $2,227,195.5 $2,459,610.0 $2,712,401.6 $2,987, % 10.2% 10.6% 9.1% 7.6% 6.1% OCF 723, , , ,115, ,306, ,514, ,740,166.6 Capex (503,648.2) (422,265.5) (438,942.3) (456,779.4) (477,889.5) (501,227.6) (526,962.6) NoL Tax Offset FCF 220, , , , , ,013, ,213, ,785, FCF Margin 13.3% 19.8% 25.4% 29.6% 33.7% 37.3% 40.6% WACC 5.50% Long Term Growth Rate 2% Terminal Value 30,785, Present Value of FCF $3,703, Present Value of TV 21,162,777.6 Implied Firm Value 24,866,031.0 Plus Cash 204,225.9 Less Debt (8,692,305.0) Implied Equity Value $16,377, FDSO 125,863 Equity Price $ Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

20 Model Annual Income Statement Income Statement for SBA Communications Corporation Dollars in Thousands, except per share Data E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Site Leasing $846,094.0 $1,133,013.0 $1,360,202.0 $1,480,634.0 $1,538,065.9 $1,575,067.0 $1,748,181.6 $1,931,068.4 $2,141,591.7 $2,370,914.6 $2,620,463.9 $2,891,767.3 Site Development 107, , , , , , , , , , , ,338.7 Total Revenues 954, ,304, ,526, ,638, ,634, ,652, ,828, ,013, ,227, ,459, ,712, ,987,106.0 Cost of Site Leasing 188, , , , , , , , , , , ,372.6 Cost of Site Development 90, , , , , , , , , , , ,713.8 Selling, General & Administrative 72, , , , , , , , , , , ,973.7 Acquisition Related Adjustments & Expenses 40, , , , , , , , , , , ,558.8 Asset Impairment and Decomission Expenses 6, , , , , , , , , , , ,725.1 Depreciation, Accrection, and Amortization 408, , , , , , , , , , , ,532.2 Total operating expenses 806, ,075, ,190, ,326, ,255, ,173, ,185, ,201, ,218, ,205, ,192, ,180,876.3 Income from operations 147, , , , , , , , ,008, ,254, ,519, ,806,229.8 Interest Income (1,128.0) (1,794.0) (677.0) (3,894.0) (4,028.4) (6,256.6) (9,356.9) (12,808.4) (16,241.8) (19,281.8) (21,472.2) (22,294.2) Interest Expense 196, , , , , , , , , , , ,132.6 Non-cash Interest Expense 70, , , , , , , , , , , ,954.0 Amortization of Deferred Financing Fees 12, , , , , , , , , , , ,284.2 Loss from Extinguishment of Debt, net 51, , , , Other (Expense)/Income, net (5,654.0) (31,138.0) (10,628.0) 139,137.0 (92,137.0) Income before provision for income taxes (177,092.0) (57,218.0) (15,660.0) (166,595.0) 74, , , , , , ,216, ,504,391.3 Provision/(Benefit) for income taxes 6,594.0 (1,309.0) 8, , , , , , , , , ,219.6 Income from Discontinued Operations 2, Net Income Attributable to NCI Net income (181,037.0) (55,909.0) (24,295.0) (175,656.0) 69, , , , , , ,156, ,429,171.8 Basic and Diluted Shares Outstanding 120, , , , , , , , , , , , EPS ($1.51) ($0.44) ($0.19) ($1.37) $0.55 $1.03 $2.46 $3.75 $5.23 $7.06 $9.02 $11.11 Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

21 Model Quarterly Income Statement Income Statement for SBA Communications Corporation Dollars in Thousands, except per share Data Fiscal Year Ended December 31, 2016 Fiscal Year Ended December 31, Q 2Q 3Q 4QE 2016E 1QE 2QE 3QE 4QE 2017E Site Leasing $1,480,634.0 $374,450.0 $381,843.0 $388,168.0 $393,604.9 $1,538,065.9 $391,213.3 $392,943.9 $394,632.1 $396,277.7 $1,575,067.0 Site Development 157, , , , , , , , , , ,160.0 Total Revenues 1,638, , , , , ,634, , , , , ,652,227.0 Cost of Site Leasing 324, , , , , , , , , , ,786.9 Cost of Site Development 119, , , , , , , , , , ,705.1 Selling, General & Administrative 114, , , , , , , , , , ,524.6 Acquisition Related Adjustments & Expenses 11, , , , , , , , , , ,680.3 Asset Impairment and Decomission Expenses 94, , , , , , , , ,526.7 Depreciation, Accrection, and Amortization 660, , , , , , , , , , ,823.5 Total operating expenses 1,326, , , , , ,255, , , , , ,173,047.0 Income from operations 312, , , , , , , , , , ,180.0 Interest Income (3,894.0) (1,866.0) (2,737.0) (3,101.0) 3,675.6 (4,028.4) (1,564.1) (1,564.1) (1,564.1) (1,564.1) (6,256.6) Interest Expense 322, , , , , , , , , , ,132.6 Non-cash Interest Expense 1, , ,954.0 Amortization of Deferred Financing Fees 19, , , , , , , , , , ,012.6 Loss from Extinguishment of Debt, net , , Other (Expense)/Income, net 139,137.0 (45,900.0) (47,376.0) 1, (92,137.0) Income before provision for income taxes (166,595.0) 55, ,712.0 (13,796.0) (1,831.6) 74, , , , , ,337.4 Provision/(Benefit) for income taxes 9, , , ,574.0 (91.6) 5, , , , , ,866.9 Income from Discontinued Operations Net Income Attributable to NCI Net income (175,656.0) 53, ,711.0 (15,370.0) (1,740.0) 69, , , , , ,470.5 Basic and Diluted Shares Outstanding 127, , , , , , , , , , , EPS ($1.37) $0.43 $0.26 ($0.12) ($0.01) $0.55 $0.29 $0.22 $0.30 $0.22 $1.03 Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

22 Model Non-GAAP Adjustments EBITDA & AFFO Non-GAAP Adj E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Net loss (181,037.0) (55,909.0) (24,295.0) (175,656.0) 69, , , , , , ,156, ,429,171.8 Non-cash straight-line leasing revenue (52,009.0) (65,611.0) (56,867.0) (49,064.0) (34,919.0) (34,919.0) (34,919.0) (34,919.0) (34,919.0) (34,919.0) (34,919.0) (34,919.0) Non-cash straight-line ground lease expense 22, , , , , , , , , , , ,021.0 Non-cash compensation 13, , , , , , , , , , , ,472.4 Other expense (income) (5,654.0) (31,138.0) (10,628.0) 139,137.0 (92,137.0) Acquisition related adjustments and expenses 25, , , , , , , , , , , ,558.8 Asset impairment and decommission costs 21, , , , , , , , , , , ,725.1 Interest income (1,128.0) (1,794.0) (677.0) (3,894.0) (4,028.4) (6,256.6) (9,356.9) (12,808.4) (16,241.8) (19,281.8) (21,472.2) (22,294.2) Interest expense (1) 279, , , , , , , , , , , ,784.6 Depreciation, accretion, and amortization 408, , , , , , , , , , , ,532.2 Provision (benefit) for taxes (2) 7,689.0 (492.0) 10, , , , , , , , , ,580.0 Loss from extinguishment of debt, net 51, , , , Oi Reserve (2,297.0) , Adj. EBITDA 588, , , ,093, ,127, ,156, ,332, ,494, ,682, ,886, ,109, ,352,632.7 Margin 69.5% 70.4% 71.5% 73.9% 73.3% 73.4% 76.2% 77.4% 78.6% 79.6% 80.5% 81.4% Net Loss (179,235.0) (62,410.0) (21,591.0) (173,877.0) 69, , , , , , ,156, ,429,171.8 Real Estate related DA and accretion 404, , , , , , , , , , , ,204.5 FFO 225, , , , , , , ,129, ,325, ,568, ,829, ,109,376.3 Non-cash straight-line leasing revenue (52,009.0) (64,935.0) (56,866.0) (49,058.0) (34,919.0) (34,919.0) (34,919.0) (34,919.0) (34,919.0) (34,919.0) (34,919.0) (34,919.0) Non-cash straight-line ground lease expense 22, , , , , , , , , , , ,021.0 Non-cash compensation 13, , , , , , , , , , , ,472.4 Adjustment for non-cash portion of tax provision (1,163.0) Non-real estate related DA and accretion 3, , , , , , , , , , , ,412.0 Amortization of deferred financing costs and debt discounts 82, , , , , , , , , , , ,380.0 Loss from extinguishment of debt, net 51, , , , Other expense (income) (5,655.0) (31,138.0) (10,627.0) 139,139.0 (92,137.0) Acquisition related adjustments and expenses 25, , , , , , , , , , , ,558.8 Asset impairment and decommission costs 21, , , , , , , , , , , ,725.1 Non-discretionary cash capital expenditures (12,286.0) (18,981.0) (27,244.0) (33,600.0) (29,929.0) (20,227.9) (20,531.4) (20,839.3) (21,151.9) (21,469.2) (21,791.2) (22,118.1) Adjustment for Oi Reserve , AFFO 377, , , , , , ,030, ,203, ,402, ,648, ,912, ,194,908.5 AFFO per Share $ 3.14 $ 4.14 $ 5.27 $ 5.74 $ 6.04 $ 6.70 $ 8.15 $ 9.49 $ $ $ $ Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

23 Model Revenue Driver Revenue & Expense Driver for SBA Communications Corporation Dollars in Thousands, except per share Data 2016E 1QE 2QE 3QE 4QE 2017E 2018E 2019E 2020E 2021E 2022E 2023E Total Revenues $410,503.3 $412,233.9 $413,922.1 $415,567.7 $1,828,024.5 $2,013,723.7 $2,227,195.5 $2,459,610.0 $2,712,401.6 $2,987,106.0 Site Leasing Revenues 391, , , , ,748, ,931, ,141, ,370, ,620, ,891, Domestic 337, , , , ,476, ,600, ,737, ,882, ,036, ,199,659.6 MRR $2,949.8 $2,949.8 $2,949.8 $2,949.8 $3,053.0 $3,159.8 $3,270.4 $3,384.9 $3,503.4 $3,626.0 Tenancy International 53, , , , , , , , , ,107.7 MRR 1, , , ,575.0 $1,653.8 $1,736.4 $1,823.3 $1,914.4 $2,010.1 $2,110.7 Tenancy Site Development Revenues 19, , , , , , , , , ,338.7 Domestic 4, , , , , , , , , ,541.1 Development Fee International 14, , , , , , , , , ,797.6 Development Fee Domestic Towers owned at beginning of period 15,778 15,887 15,934 15,979 16,022 15,887 16,063 16,233 16,397 16,555 16,707 16,853 Towers acquired Towers constructed Towers reclassified/disposed of (1) (154) Towers owned at end of period 15,887 15,934 15,979 16,022 16,063 16,063 16,233 16,397 16,555 16,707 16,853 16,993 International Towers owned at beginning of period 9,687 10,183 10,328 10,473 10,618 10,183 10,763 11,343 11,923 12,503 13,083 13,663 Towers acquired Towers constructed Towers reclassified/disposed of (1) (3) Towers owned at end of period 10,183 10,328 10,473 10,618 10,763 10,763 11,343 11,923 12,503 13,083 13,663 14,243 Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

24 Model Balance Sheet Balance Sheet for SBA Communications Corporation Dollars in Thousands, except per share Data E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Cash and cash equivalents $118,039.0 $178,166.9 $281,875.8 $406,131.6 $535,664.7 $658,583.9 $759,196.9 $819,639.4 $819,639.4 Restricted cash 25, , , , , , , , ,353.0 Short-term investments Accounts receivable, net of allowance of $1,681 and $88 83, , , , , , , , ,668.5 Costs and Earnings in Excess of Billings on Uncompleted 16, , , , , , , , ,228.5 Prepaid expenses and other current assets 49, , , , , , , , ,238.9 Total current assets 293, , , , , , , , ,834.3 Property and equipment, net 2,782, ,981, ,149, ,334, ,538, ,763, ,012, ,286, ,590,233.1 Intangible Assets, net 3,735, ,377, ,021, ,665, ,310, ,955, ,633, ,342, ,083,778.0 Deferred Financing Fees, net 94, , , , , , , , ,152.0 Other assets 497, , , , , , , , ,317.0 Total assets 7,403, ,311, ,195, ,178, ,182, ,204, ,257, ,324, ,389,314.5 Accounts payable 27, , , , , , , , ,808.3 Accrued expenses 63, , , , , , , , ,825.1 Current maturities of long-term debt 20, , , , , , , , ,000.0 Deferred revenue 97, , , , , , , , ,901.9 Accrued interest 53, , , , , , , , ,365.0 Other current liabilities 12, , , , , , , , ,063.0 Total current liabilities 273, , , , , , , , ,963.3 Long-term debt 8,522, ,672, ,672, ,672, ,672, ,672, ,672, ,672, ,672,305.0 Other long-term liabiliteis 313, , , , , , , , ,135.7 Total liabilities 9,109, ,207, ,187, ,211, ,234, ,259, ,284, ,308, ,331,404.0 Total Equity (1,706,144.0) (1,896,464.0) (1,991,962.2) (2,033,408.1) (2,052,107.0) (2,055,496.6) (2,027,409.0) (1,983,624.4) (1,942,089.6) Total liabilities and Equity 7,403, ,311, ,195, ,178, ,182, ,204, ,257, ,324, ,389,314.5 Parity check(a=l+e) Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

25 Model Cash Flow Statement Cash Flow Statement for SBA Communications Corporation Dollars in Thousands, except per share Data Fiscal Year Ending December 31, 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Operating Activities Net Income $69,240.0 $130,470.5 $311,699.5 $476,013.1 $665,727.3 $901,958.5 $1,156,096.2 $1,429,171.8 Income from Discontinued Operations Depreciation and Accretion 304, , , , , , , ,912.2 Amortization of Intangibles 357, , , , , , , ,620.0 Non-cash interest expense Deferred income tax (benefit) expense Non-cash asset impairment and decommission Non-cash compensation expense 30, , , , , , , ,472.4 Amortization of deferred financing fees Changes in Other Items 3, ,386.8 (2,036.7) (816.2) (293.3) 1, , ,350.9 Loss from extinguishment of debt, net Gain on sale/settlement of bankruptcy claim on convertible hedge Loss on remeasurement of U.S. denominated intercompany loan Gain on sale of cost method investments Other non-cash items reflected in the Statement of Operations Changes in Working Capital (41,030.2) 5,262.4 (3,133.5) (2,544.9) (2,774.8) (2,338.2) (1,798.4) (1,142.9) Cash Flow from operating activities 723, , , ,115, ,306, ,514, ,740, ,985,384.4 NoL for Model OCF for Model 723, , , ,115, ,306, ,514, ,740, ,985,384.4 Investing Activities Acquisitions (291,820.0) (215,762.5) (211,662.5) (207,562.5) (203,462.5) (199,362.5) (195,262.5) (191,162.5) Capital expenditures (211,828.2) (206,503.0) (227,279.8) (249,216.9) (274,427.0) (301,865.1) (331,700.1) (364,112.6) Proceeds from sale of DAS networks Return of principal on long-term notes Proceeds from sale of cost method investments Other investing activities Cash Flow from investing activities (503,648.2) (422,265.5) (438,942.3) (456,779.4) (477,889.5) (501,227.6) (526,962.6) (555,275.1) Cash Flow Available for Financing Activities 220, , , , , ,013, ,213, ,430,109.3 Financing Activities Borrowings under Revolving Credit Facility Repayments under Revolving Credit Facility Borrowings of Long Term Debt 700, Repayments of Long Term Debt (550,000.0) Other Financing Activities Option Proceeds 32, , , , , , , ,314.3 Repurchase of Common Stock (342,575.7) (50,000.0) (50,000.0) (50,000.0) (50,000.0) (50,000.0) (50,000.0) (50,000.0) Dividends 0.0 (241,987.4) (372,767.4) (518,132.5) (696,541.9) (905,517.2) (1,148,407.6) (1,428,423.7) Cash Flow from financing activities (160,159.3) (257,662.3) (386,423.7) (529,654.1) (705,806.2) (912,394.7) (1,152,761.5) (1,430,109.3) Effects of Exchange Rates on Cash Net change in cash 60, , , , , , , Beginning Cash Balance 118, , , , , , , ,639.4 Ending Cash Balance 178, , , , , , , ,639.4 Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

26 Model Working Capital Schedule Working Capital Schedule for SBA Communications Corporation Dollars in Thousands, except per share Data Fiscal Year nding December 31, Fiscal Year Ending December 31, E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Sales $1,480,634.0 $1,538,065.9 $1,575,067.0 $1,748,181.6 $1,931,068.4 $2,141,591.7 $2,370,914.6 $2,620,463.9 $2,891,767.3 Cost of goods sold 157, , , , , , , , ,338.7 Working Capital balances Accounts receivable, net 83,326.0 $ 95,273.7 $ 93,250.4 $ 98,709.9 $ 103,745.9 $ 109,188.8 $ 114,385.2 $ 119,245.4 $ 123,668.5 Costs and Earnings in Excess of Billings on Uncompleted Contr 16, , , , , , , , ,228.5 Prepaid expenses and other current assets 49, , , , , , , , ,238.9 Total non-cash current assets $ 149,862.0 $ 159,860.3 $ 140,848.1 $ 143,587.8 $ 145,675.5 $ 147,923.4 $ 149,658.7 $ 150,770.7 $ 151,135.9 Accounts payable 27,105.0 $ 20,987.4 $ 16,840.7 $ 17,426.3 $ 18,040.1 $ 18,683.6 $ 19,358.4 $ 20,066.1 $ 20,808.3 Accrued Expenses 63,755.0 $ 38,840.7 $ 29,237.6 $ 28,258.2 $ 27,187.1 $ 26,016.8 $ 24,739.1 $ 23,345.0 $ 21,825.1 Total non-debt current liabilities $ 90,860.0 $ 59,828.1 $ 46,078.3 $ 45,684.4 $ 45,227.2 $ 44,700.5 $ 44,097.5 $ 43,411.1 $ 42,633.4 Net Working capital $ 59,002.0 $ 100,032.2 $ 94,769.8 $ 97,903.3 $ 100,448.2 $ 103,223.0 $ 105,561.2 $ 107,359.6 $ 108,502.5 (Increase)/Decrease in working capital $61,971.0 ($41,030.2) $5,262.4 ($3,133.5) ($2,544.9) ($2,774.8) ($2,338.2) ($1,798.4) ($1,142.9) Ratios and assumptions Numbers of days in the period 365 Accounts receivable, net(collection period in days) Cost and Earnings in Excess of Billings Inventories(days outstanding) Accounts payable(days outstanding) Accrued Expenses & Other liabilities(as a % of cost of goods s 40.4% 40.4% 37.9% 35.4% 32.9% 30.4% 27.9% 25.4% 22.9% Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

27 Model Depreciation Schedule Depreciation Schedule for SBA Communications Corporation Dollars in Thousands, except per share Data ear Ending Decem Fiscal Year Ending December 31, E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Sales $1,480,634.0 $1,538,065.9 $1,575,067.0 $1,748,181.6 $1,931,068.4 $2,141,591.7 $2,370,914.6 $2,620,463.9 $2,891,767.3 Acquisitions 525, , , , , , , , ,162.5 Discrectionary CAPEX 175, , , , , , , , ,994.5 Non-Discretionary CAPEX 33, , , , , , , , ,118.1 Capital expenditures(non M&A) as % of sales 14.1% 13.8% 13.1% 13.0% 12.9% 12.8% 12.7% 12.7% 12.6% Depreciation expense $296, , , , , , , , , Depreciation as % of CAPEX 40.4% 60.4% 60.4% 57.9% 55.4% 52.9% 50.4% 47.9% 45.4% Beginning PP&E, net $2,782,353.0 $2,981,963.4 $3,149,319.4 $3,334,258.6 $3,538,132.4 $3,763,375.6 $4,012,149.4 $4,286,870.3 Acquisitions 291, , , , , , , ,162.5 Capital expenditures 211, , , , , , , ,112.6 (Depreciation expense) (304,037.8) (254,909.5) (254,003.2) (252,905.5) (252,646.3) (252,453.8) (252,241.7) (251,912.2) (Asset sales and write-offs) Ending PP&E, net $2,782,353.0 $2,981,963.4 $3,149,319.4 $3,334,258.6 $3,538,132.4 $3,763,375.6 $4,012,149.4 $4,286,870.3 $4,590,233.1 CAPEX Build Acquisitions Domestic Tower Price $1,000.0 $1,025.0 $1,025.0 $1,025.0 $1,025.0 $1,025.0 $1,025.0 $1,025.0 International Tower Price $315.0 $322.9 $322.9 $322.9 $322.9 $322.9 $322.9 $322.9 Discretionary 11.8% 11.8% 11.8% 11.8% 11.8% 11.8% 11.8% 11.8% 11.8% Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

28 Model Amortization Schedule Amortization Schedule for SBA Communications Corporation Dollars in Millions, except per share Data Year Ending Decem Fiscal Year Ending December 31, E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Sales $1,480,634.0 $1,538,065.9 $1,575,067.0 $1,748,181.6 $1,931,068.4 $2,141,591.7 $2,370,914.6 $2,620,463.9 $2,891,767.3 Additions to Intangibles (90,606.0) Additions as a % of sales -6.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Amortization expense $363,521.0 $357,963.0 $355,914.0 $355,811.0 $355,467.0 $354,620.0 $322,620.0 $290,620.0 $258,620.0 Amortization as % of definite life intangibles, net Beginning Intangibles, net $3,735,413.0 $3,377,450.0 $3,021,536.0 $2,665,725.0 $2,310,258.0 $1,955,638.0 $1,633,018.0 $1,342,398.0 Additions to definite life intangibles (Amortization Expense) (357,963.0) (355,914.0) (355,811.0) (355,467.0) (354,620.0) (322,620.0) (290,620.0) (258,620.0) (Write-Offs) Ending Intangibles, net $3,735,413.0 $3,377,450.0 $3,021,536.0 $2,665,725.0 $2,310,258.0 $1,955,638.0 $1,633,018.0 $1,342,398.0 $1,083,778.0 Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

29 Model Other Long Term Items Other Long Term Items for SBA Communications Corporation Dollars in Thousands, except per share Data Year Ending Decemb Fiscal Year Ending December 31, E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Sales $1,480,634.0 $1,538,065.9 $1,575,067.0 $1,748,181.6 $1,931,068.4 $2,141,591.7 $2,370,914.6 $2,620,463.9 $2,891,767.3 Assets Other Assets 497, , , , , , , , ,317.0 Total other long-term assets $497,337.0 $493,557.1 $481,804.5 $508,536.6 $532,771.4 $558,729.8 $582,995.1 $605,051.0 $624,317.0 (Increase)/decrease in other long-term assets (30,294.0) 3, ,752.5 (26,732.1) (24,234.8) (25,958.4) (24,265.4) (22,055.9) (19,266.0) Liabilities Deferred Revenue 76, , , , , , , , ,901.9 Other Long Term Liabilities 313, , , , , , , , ,135.7 Total other long-term liabilities $390,351.0 $390,111.6 $383,745.8 $408,441.2 $431,859.8 $457,524.8 $482,807.7 $507,420.7 $531,037.6 Increase/(decrease) in other long-term liabilities (2,004.0) (239.4) (6,365.8) 24, , , , , ,616.9 Changes in other long-term assets and liabilities ($32,298.0) $3,540.5 $5,386.8 ($2,036.7) ($816.2) ($293.3) $1,017.5 $2,557.1 $4,350.9 % of Sales Other Assets 33.6% 32.1% 30.6% 29.1% 27.6% 26.1% 24.6% 23.1% 21.6% Deferred Revenue 5.2% 4.9% 4.7% 4.4% 4.2% 3.9% 3.7% 3.4% 3.2% Other Long Term Liabilities 21.2% 20.4% 19.7% 18.9% 18.2% 17.4% 16.7% 15.9% 15.2% Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

30 Model Shareholder Equity Schedule for SBA Communications Corporation Dollars in Thousands, except per share Data Shareholder Equity Schedule ear Ending Decem Fiscal Year Ending December 31, E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Beginning equity Balance ($1,706,144.0) ($1,916,879.0) ($2,012,377.2) ($2,053,823.1) ($2,072,522.0) ($2,075,911.6) ($2,047,824.0) ($2,004,039.4) Net Income 69, , , , , , ,156, ,429,171.8 Stock-based compensation expense , , , , , , , ,472.4 Repurchase of equity (342,575.7) (50,000.0) (50,000.0) (50,000.0) (50,000.0) (50,000.0) (50,000.0) (50,000.0) Dividends - (241,987.4) (372,767.4) (518,132.5) (696,541.9) (905,517.2) (1,148,407.6) (1,428,423.7) Option proceeds 32, , , , , , , ,314.3 Ending equity balance ($1,706,144.0) ($1,916,879.0) ($2,012,377.2) ($2,053,823.1) ($2,072,522.0) ($2,075,911.6) ($2,047,824.0) ($2,004,039.4) ($1,962,504.6) Share repurchase assumptions Current Year AFFO $ 6.04 $ 6.70 $ 8.15 $ 9.49 $ $ $ $ Assumed Current year P/E Multiple 22.5x 22.5x 22.5x 22.5x 22.5x 22.5x 22.5x 22.5x Projected share price $135.8 $150.7 $183.4 $213.6 $248.1 $290.5 $335.7 $383.9 Shares repurchased - millions 4, , $ amount repurchased $542,939.1 $342,575.7 $50,000.0 $50,000.0 $50,000.0 $50,000.0 $50,000.0 $50,000.0 $50,000.0 New shares from excersized options New shares issued from options Average strike price $54.85 $57.6 $60.5 $63.5 $66.7 $70.0 $73.5 $77.2 Option proceeds $0.0 $32,416.4 $34,325.1 $36,343.7 $38,478.4 $40,735.7 $43,122.5 $45,646.1 $48,314.3 Dividend Assumptions Dividends $0.0 $241,987.4 $372,767.4 $518,132.5 $696,541.9 $905,517.2 $1,148,407.6 $1,428,423.7 CCF 60, , , , , ,006, ,208, ,428,423.7 Divided payout ratio 0.0% 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0% DPS $0.00 $1.92 $2.96 $4.11 $5.52 $7.18 $9.08 $11.26 Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

31 Model Shares Outstanding Table Shares Outstanding Table for SBA Communications Corporation Dollars in Thousands, except per share Data ear Ending Decem Fiscal Year Ending December 31, E 2017E 2018E 2019E 2020E 2021E 2022E 2022E Beginning balance - Diluted 127, , , , , , , , Shares issued from options Shares repurchased (2, ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Ending Diluted Shares 127, , , , , , , , , Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]

32 Model Debt Schedule Debt and Interest Schedule for SBA Communications Corporation Dollars in Thousands, except per share Data ear Ending Decem Fiscal Year Ending December 31, E 2020E 2016E 2017E 2018E 2021E 2022E 2023E Cash Flow from Financing Activities ($160,159.3) ($257,662.3) ($386,423.7) ($529,654.1) ($705,806.2) ($912,394.7) ($1,152,761.5) ($1,430,109.3) Purchases of common stock (342,575.7) (50,000.0) (50,000.0) (50,000.0) (50,000.0) (50,000.0) (50,000.0) (50,000.0) Dividends Paid 0.0 (241,987.4) (372,767.4) (518,132.5) (696,541.9) (905,517.2) (1,148,407.6) (1,428,423.7) Option Proceeds 32, , , , , , , ,314.3 Plus: beginning cash balance 118, , , , , , , ,639.4 Less: minimum cash balance (100,000.0) (100,000.0) (100,000.0) (100,000.0) (100,000.0) (100,000.0) (100,000.0) (100,000.0) Cash vailable for debt repayment ($452,279.7) ($437,157.7) ($590,971.6) ($753,176.6) ($975,947.6) ($1,266,205.6) ($1,646,326.1) ($2,140,579.3) Credit Facility Borrowing Credit Facility (repayment) Long-Term Debt Borrowing 700, Long-Term Debt (repayment) (550,000.0) Excess cash available for Senior Secured Debt ($302,279.7) ($437,157.7) ($590,971.6) ($753,176.6) ($975,947.6) ($1,266,205.6) ($1,646,326.1) ($2,140,579.3) BOLD = Unsecured Debt Carrying Value - GAAP Total Debt $8,542,305.0 $8,692,305.0 $8,692,305.0 $8,692,305.0 $8,692,305.0 $8,692,305.0 $8,692,305.0 $8,692,305.0 $8,692, % Senior Notes 2019 Beginning balance $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 Issuance Repayment Ending balance $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500, % Senior Notes 2020 Beginning balance $800,000.0 $800,000.0 $800,000.0 $800,000.0 $800,000.0 $800,000.0 $800,000.0 $800,000.0 Issuance Repayment Ending balance $800,000.0 $800,000.0 $800,000.0 $800,000.0 $800,000.0 $800,000.0 $800,000.0 $800,000.0 $800, % Senior Notes 2022 Beginning balance $744,806.0 $744,806.0 $744,806.0 $744,806.0 $744,806.0 $744,806.0 $744,806.0 $744,806.0 Issuance Repayment Ending balance $744,806.0 $744,806.0 $744,806.0 $744,806.0 $744,806.0 $744,806.0 $744,806.0 $744,806.0 $744, C Tower Securities 2017 Beginning Balance $550,000.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Issuance Repayment (550,000.0) Ending balance $550,000.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $ C Tower Securities 2017 Beginning balance $610,000.0 $610,000.0 $610,000.0 $610,000.0 $610,000.0 $610,000.0 $610,000.0 $610,000.0 Issuance Repayment Ending balance $610,000.0 $610,000.0 $610,000.0 $610,000.0 $610,000.0 $610,000.0 $610,000.0 $610,000.0 $610, C Tower Securities 2018 Beginning balance $425,000.0 $425,000.0 $425,000.0 $425,000.0 $425,000.0 $425,000.0 $425,000.0 $425,000.0 Issuance Repayment Ending balance $425,000.0 $425,000.0 $425,000.0 $425,000.0 $425,000.0 $425,000.0 $425,000.0 $425,000.0 $425, C Tower Securities 2023 Beginning balance $575,000.0 $575,000.0 $575,000.0 $575,000.0 $575,000.0 $575,000.0 $575,000.0 $575,000.0 Issuance Repayment Ending balance $575,000.0 $575,000.0 $575,000.0 $575,000.0 $575,000.0 $575,000.0 $575,000.0 $575,000.0 $575, D Tower Securities 2018 Beginning balance $330,000.0 $330,000.0 $330,000.0 $330,000.0 $330,000.0 $330,000.0 $330,000.0 $330,000.0 Issuance Repayment Ending balance $330,000.0 $330,000.0 $330,000.0 $330,000.0 $330,000.0 $330,000.0 $330,000.0 $330,000.0 $330, C Tower Securities 2019 Beginning Balance $920,000.0 $920,000.0 $920,000.0 $920,000.0 $920,000.0 $920,000.0 $920,000.0 $920,000.0 Issuance Repayment Ending balance $920,000.0 $920,000.0 $920,000.0 $920,000.0 $920,000.0 $920,000.0 $920,000.0 $920,000.0 $920, C Tower Securities 2024 Beginning balance $620,000.0 $620,000.0 $620,000.0 $620,000.0 $620,000.0 $620,000.0 $620,000.0 $620,000.0 Issuance Repayment Ending balance $620,000.0 $620,000.0 $620,000.0 $620,000.0 $620,000.0 $620,000.0 $620,000.0 $620,000.0 $620, C Tower Securities 2020 Beginning balance $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 Issuance Repayment Ending balance $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500,000.0 $500, C Tower Securities 2046 Beginning balance $0.0 $700,000.0 $700,000.0 $700,000.0 $700,000.0 $700,000.0 $700,000.0 $700,000.0 Issuance 700, Repayment Ending balance $0.0 $700,000.0 $700,000.0 $700,000.0 $700,000.0 $700,000.0 $700,000.0 $700,000.0 $700,000.0 Revolving Credit Facility 2017 Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Issuance Repayment Ending balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $ Term Loan 2021 Beginning balance $1,474,641.0 $1,474,641.0 $1,474,641.0 $1,474,641.0 $1,474,641.0 $1,474,641.0 $1,474,641.0 $1,474,641.0 Issuance Repayment Ending balance $1,474,641.0 $1,474,641.0 $1,474,641.0 $1,474,641.0 $1,474,641.0 $1,474,641.0 $1,474,641.0 $1,474,641.0 $1,474, Term Loan 2022 Beginning balance $492,858.0 $492,858.0 $492,858.0 $492,858.0 $492,858.0 $492,858.0 $492,858.0 $492,858.0 Issuance Repayment Ending balance $492,858.0 $492,858.0 $492,858.0 $492,858.0 $492,858.0 $492,858.0 $492,858.0 $492,858.0 $492,858.0 Source: [Company Filings, Industry Filings, Competitor Filings and Estimates]