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Financial report summary
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SBA Communications Corp - Ordinary Shares • Crown Castle • Lamar • Hannon Armstrong Sustainable Infrastructure capitalManagement Discussion
- Our results of operations for all periods presented were affected by asset sales in 2020, and acquisitions made during the year ended December 31, 2020. As of September 30, 2021 and 2020, we had 2,136 and 1,952 available tenant sites with 2,028 and 1,841 leased tenant sites, respectively.
- Rental revenue increased $3.2 million during the three months ended September 30, 2021 primarily due to the full year of rental revenue in 2021 for assets acquired at the end of the quarter ended September 30, 2020 and rent escalations. Revenue generated from our wireless communication, digital infrastructure, outdoor advertising and renewable power generation segments was $6.6 million, $4.9 million, $3.8 million and $2.1 million, or 38%, 28%, 22% and 12% of total rental revenue, respectively, during the three months ended September 30, 2021, compared to $6.5 million, $2.1 million, $3.7 million and $2.0 million or 45% , 15% , 26% and 14% of total rental revenue, respectively, during the three months ended September 30, 2020. The occupancy rates in our wireless communication, digital infrastructure, outdoor advertising and renewable power generation segments were 93%, 100%, 97% and 100%, respectively, at September 30, 2021 compared to 92%, 100%, 97% and 100%, respectively, at September 30, 2020. Additionally, our effective monthly rental rates per tenant site for wireless communication, digital infrastructure, outdoor advertising and renewable power generation segments were $2,080, $116,439, $1,954 and $9,767 respectively, during the three months ended September 30, 2021 compared to $2,022, $73,030, $1,789 and $9,474, respectively, during the three months ended September 30, 2020.
- Property operating expenses increased $0.8 million during the three months ended September 30, 2021 compared to the three months ended September 30, 2020, primarily due to an increase in property taxes and other operating expenses for tenant sites acquired subsequent to September 30, 2021 and operating expenses on development assets placed into service. Substantially all of our tenant sites are subject to triple net or effectively triple net lease arrangements, which require the tenant or the underlying property owner to pay all utilities, property taxes, insurance and repair and maintenance costs. As we deploy our smart enabled infrastructure solution and other projects, we may incur additional operating expenses associated with ground lease payments and other operating expenses.