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SBA Communications: Q1 Earnings Snapshot

BOCA RATON, Fla. (AP) — BOCA RATON, Fla. (AP) — SBA Communications Corp. (SBAC) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Boca Raton, Florida, said it had funds from operations of $319.6 million, or $3.01 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.86 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $184.8 million, or $1.74 per share.

The communications tower operator, based in Boca Raton, Florida, posted revenue of $703.4 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $698.8 million.

SBA Communications expects full-year funds from operations in the range of $11.89 to $12.34 per share, with revenue in the range of $2.84 billion to $2.88 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SBAC at https://www.zacks.com/ap/SBAC

New York enacts nation’s first statewide moratorium on building new data centers

▶ Watch Video: New York enacting statewide moratorium on data centers New York is the first state in the nation to enact a moratorium on data centers, pausing construction on new facilities for one year.An executive order by Gov. Kathy Hochul bans state lawmakers from approving environmental permits for hyperscale data centers. Hochul said Tuesday the pause will give lawmakers time to create a framework to protect residents and the environment. Hyperscale data centers contain thousands of computer servers and typically use 50 or more megawatts of power to operate. They also require a steady supply of water to keep cool."As data center development threatens to hike up utility bills, deplete our natural resources, and create uncertainty for New Yorkers, it's my responsibility to take action and lead," Hochul said. The order comes as the state is experiencing unprecedented growth in the demand for data center development driven by AI and other computing operations, according to the governor's office."New York will lead the way in creating the strongest standards in the nation for data center development, ensuring that when companies succeed because of New York, New Yorkers succeed too," Hochul said. The Department of Public Service will create the guidelines for centers to ensure new facilities meet consistent standards. Hochul said this will take up to a year, prompting the moratorium.Once state officials finalize the standards, the ban will be lifted. 
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