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Exhibit 99.1
NEWS
FOR IMMEDIATE RELEASE
SBA COMMUNICATIONS CORPORATION ANNOUNCES THIRD QUARTER
OPERATIONAL RESULTS
BOCA RATON, FLORIDA, October 10, 2000 (NASDAQ NM: SBAC) - SBA Communications
Corporation ("SBA") reported that in the third quarter it increased its tower
portfolio by 290 towers to 1,950 total towers. Of the 290 towers added in the
third quarter, 215 were newly-built and 75 were existing towers acquired by SBA.
The 75 towers were acquired in 26 separate transactions for an aggregate price
of $35.4 million. Based on tenant leases executed as of September 30, 2000, same
tower revenue growth for the trailing twelve months on the 956 towers SBA owned
as of September 30, 1999 was 35%. With respect to the 1,660 towers owned at the
beginning of the third quarter, SBA added 245 new tenant leases at an average
initial monthly rental of $1,498, which is an annualized rate of .59 new tenants
per tower.
At September 30, 2000, SBA had agreements to acquire 419 additional existing
towers in 37 separate transactions for an aggregate purchase price of $141.2
million, including the previously announced agreement to acquire 275 towers from
Telecorp PCS for $90.1 million. These acquisitions are anticipated to close
within the next six months. SBA is currently involved in projects for over 1,600
tower builds for its ownership throughout the nation, consisting of over 600
build-to-suit mandates from wireless carriers and over 1,000 sites SBA is
developing through its strategic siting efforts.
"We continue to be very pleased with our operational progress," commented Steven
E. Bernstein, Chief Executive Officer. "Towers built and tenants added were once
again ahead of plan, and we ended the quarter with our highest backlog ever of
new tower build projects, towers to be acquired and pending tenant leases."
SBA is a leading independent owner and operator of wireless communications
infrastructure in the United States. SBA's primary focus is the construction of
new towers and acquisition of existing towers for its own account. Since it was
founded in 1989, SBA has participated in the development of over 14,000 antenna
sites in the United States.
For additional information, please contact Jeffrey A. Stoops, President, at
561-995-7670.
SBA will hold a conference call to discuss these results on Wednesday, October
11, 2000 at 10:00 AM EDT. The dial-in number is 800-230-1096. The name of the
conference call is "SBA Third Quarter Operational Results." The replay will be
available from October 11, 2000 at 2:30 PM through October 18, 2000 at 11:59 PM.
The replay number is 800-475-6701. The access code is 543201.
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Information Concerning Forward-Looking Statements
Some information in this release is forward looking. These forward-looking
statements may be affected by the risks and uncertainties in the company's
business. This information is qualified in its entirety by cautionary
statements and risk factors disclosure contained in certain of the company's
Securities and Exchange Commission filings. The company wishes to caution
readers that certain important factors may have affected and could in the
future affect the company's actual results and could cause the company's
actual results for subsequent periods to differ materially from those
expressed in any forward-looking statement made by or on behalf of the
company. Such factors include, but are not limited to, (1) our ability to
secure as many site leasing tenants as planned; (2) our ability to expand our
site leasing business and maintain or expand our site development business;
(3) our ability to complete construction of new towers on a timely and
cost-efficient basis, including our ability to successfully address zoning
issues, carrier design changes, changing local market conditions and the
impact of adverse weather conditions; (4) our ability to identify and acquire
new towers, including our capability to timely complete due diligence and
obtain third party consents; (5) our ability to retain current lessees on
newly acquired towers; (6) our ability to realize economies of scale for
newly acquired towers; (7) the continued dependence on towers and outsourced
site development services by the wireless communications industry; (8) our
ability to compete effectively for new tower opportunities and site
development services in light of increased competition, and (9) our ability
to raise substantial additional financing to expand our tower holdings. With
respect to proposed acquisitions, a number of factors including without
limitation ongoing due diligence, third party consents and the lack of
definitive documentation will affect the timing of consummation or whether
such acquisitions are ever consummated (of which there can be no assurance).
With respect to pending new tower build projects, a number of factors will
affect the timing and number of new build completions, including without
limitation zoning difficulty, carrier design changes, changing local market
conditions and weather. The company undertakes no obligation to update
forward-looking statements to reflect events or circumstances after the date
hereof.
