By Michael Dabaie

 

Real estate investment trust SBA Communications Corp. said it entered into an agreement with tenant Verizon Wireless for extended terms under existing lease agreements.

The agreement also provides equipment-specific pricing and terms for upgrades to Verizon's existing leased sites, parameters for new site leases, and streamlined leasing processes and procedures, SBA said in a Securities and Exchange Commission filing.

As a result of the term extensions on the leases, the company said it now expects to recognize at least $22.5 million in additional straight-line revenue during 2021 beyond its previous outlook.

The company said it doesn't expect its full-year 2021 outlook for other measures to be materially impacted.

Shares were up 1% to $278.40 in morning trading.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

April 12, 2021 11:30 ET (15:30 GMT)

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