Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 45

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 45
---
 Peer Group . In mid-2023,the Compensation Committee requested that FW Cook reevaluate the companies that comprise the Peer Group to determine if the Peer Group continues to reflect the size and other characteristics of SBA. Based on such review, FW Cook recommended, and the Compensation Committee approved removing Duke Realty as it had been acquired by Prologis and adding Realty Income for the 2024 compensation setting process, while maintaining the remaining peer companies used in 2023 for the 2024 compensation setting process. SBA Communications Corporation | 2025 Proxy Statement 39

| Proxy Summary |     | Proposal 1 |     | Corporate Governance |     | Executive Officers |     | Executive Compensation |     | Security Ownership |     | Proposal 2 |     | Proposal 3 |     | Other Compensation Disclosures |     | Q&A About Voting |     | Other   
 Matters |
|               |     |            |     |                      |     |                    |     | ●                      |     |                    |     |            |     |            |     |                                |     |                  |     |         |

The table below sets forth the companies included within the 2024 Peer Group.

| 2024 Peer Group                                                                                                                                                                                                                                                |     |                                                                                                                                                                                           |
| American Tower Corporation   AvalonBay Communities, Inc.   Camden Property Trust   Crown Castle, Inc.   Digital Realty Trust, Inc.   Equinix, Inc.   Equity Residential   Essex Property Trust, Inc.   Extra Space Storage, Inc.   Healthpeak Properties, Inc. |     | Iron Mountain Inc.   Lamar Advertising Company   OUTFRONT Media, Inc.   Prologis Inc.   Public Storage   Realty Income   Uniti Group Inc.   Ventas, Inc.   Viasat, Inc.   Welltower, Inc. |

The table below reflects SBA’s position compared to the 25th, median and 75th percentile of the 2024 Peer Group with respect to the four measures identified by the Compensation Committee.

|                                |     |         | For the four quarters ended 
               June 30, 2023 |     |        |       |     |            | As of Sept. 30, 2023 |     |            |        |
|:-------------------------------|:----|:--------|----------------------------:|:----|:-------|------:|:----|:-----------|---------------------:|:----|:-----------|-------:|
| Company                        |     | Revenue |                             |     |