Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 46

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 46
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 FFO(1) |       |     | Market Cap |                      |     | Ent. Value |        |
| 75th Percentile                |     | $       |                       5,469 |     | $      | 2,286 |     | $          |               40,557 |     | $          | 57,843 |
| Median                         |     |         |                       3,253 |     |        | 1,423 |     |            |               23,306 |     |            | 31,585 |
| 25th Percentile                |     |         |                       2,076 |     |        |   818 |     |            |               10,085 |     |            | 16,412 |
| SBA Communications Corporation |     | $       |                       2,716 |     | $      | 1,306 |     | $          |               21,965 |     | $          | 36,442 |
| — Percentile Rank              |     |         |                        37th |     |        |  46th |     |            |                 47th |     |            |   58th |

Data Source: S&P’s Capital IQ ($M)

| (1) | Excludes Viasat as it does not report FFO. |

Once the 2024 Peer Group had been selected, the Compensation Committee began the 2024 executive compensation setting process by reviewing historical compensation data and estimated 2024 target compensation levels of the 2024 Peer Group. The Compensation Committee sets target compensation in January and February of each year. Therefore, the historical compensation data available to the Compensation Committee is based principally upon the data available from each company’s prior year’s proxy statement (which reflects compensation paid for two years prior). Estimated 2024 compensation levels were based on an assumed four percent increase to prior year base salaries and target total cash compensation and a nine percent increase to long term incentive awards, unless a company had actually disclosed a different increase or reduction prior to the time that the estimated target compensation levels were calculated. The assumed rates of annual increases were based on a multi-year analysis of Peer Group compensation increases. Based upon the factors set forth above, FW Cook prepared a review of the compensation data for the 2024 Peer Group for the Compensation Committee. The Compensation Committee compared (1) base salaries, (2) target total cash compensation (salary plus annual bonus target), (3) long-term