SBA Communications

About SBA Communications

In 1989, long before smartphones were in every pocket, Steven E. Bernstein saw a future built on wireless connectivity. He founded Steven Bernstein and Associates, a consulting firm, not with a grand vision of owning infrastructure, but to help the burgeoning wireless carriers build out their networks. The company began by assisting with site acquisition and construction, learning the real estate side of the new cellular industry from the ground up. The major shift in strategy came in June 1997, when the company moved from being a consultant to an owner, acquiring its first 12 towers. This pivot from service to asset ownership was the critical inflection point. Recognizing the power of the landlord model in a capital-intensive industry, the company began acquiring and building more towers, leasing space to multiple carriers on a single structure. This shared infrastructure model became its core business. To fuel this capital-intensive growth, the company, now named SBA Communications, went public. In June 1999, it held its Initial Public Offering (IPO) on the NASDAQ, raising $102 million. This event provided the necessary funds to accelerate its tower acquisition strategy across the United States. Over the next two decades, SBA expanded internationally and grew its portfolio to tens of thousands of towers, cementing its role as a quiet, but essential, landlord for the mobile age.