Company: SBAC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001034054-25-000002
Chunk: 66

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 9B
Chunk 66
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 a price per share which is equal to 85% of the fair market value of Class A common stock on the last day of an offering period. For the years ended December 31, 2024 and 2023, 36,675 shares and 27,280 shares, respectively, of Class A common stock were issued under the 2018 Purchase Plan, which resulted in cash proceeds to the Company of approximately $6.6 million and $5.6 million, respectively. At December 31, 2024, 121,022 shares remained available for issuance under the 2018 Purchase Plan.In addition, the Company recorded $1.2 million, $1.0 million, and $1.2 million of non-cash compensation expense relating to the shares issued under the 2018 Purchase Plan for each of the years ended December 31, 2024, 2023, and 2022, respectively.Non-Cash Compensation ExpenseThe table below reflects a breakout by category of the non-cash compensation expense amounts recognized on the Company’s Statements of Operations for the years ended December 31, 2024, 2023, and 2022, respectively:                        For the year ended December 31,   2024 2023 2022  (in thousands)Cost of revenues $ 2,737 $ 2,869 $ 2,490Selling, general and administrative   71,637   85,050   97,419Total cost of non-cash compensation included         in income before provision for income taxes $ 74,374 $ 87,919 $ 99,909In addition, the Company capitalized $1.6 million, $1.7 million, and $1.9 million of non-cash compensation for the years ended December 31, 2024, 2023, and 2022, respectively, to fixed assets.‎

F-33Table of Contents

14.INCOME TAXESAs discussed in Note 2, the Company began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2016. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) except to the extent offset by NOLs. In addition, the Company must meet a number of other organizational and operational requirements. It is management's intention to adhere to these requirements and maintain the Company's REIT status