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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
Date of Report January 10, 2000
SBA COMMUNICATIONS CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 333-50219 65-0716501
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(State or other jurisdiction Commission File Number (I.R.S.
of incorporation or organization) Employer
Identification No.)
One Town Center Road, Boca Raton, Florida 33486
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(Address of principal executive offices) (Zip code)
(561) 995-7670
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(Registrant's telephone number, including area code)
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Item 2 Other Events
SBA Communications Corporation reported that in the fourth
quarter it increased its tower portfolio by 207 towers, or 22%,
to 1,163 total towers. The number of towers added was a record
for the company, its third successive quarterly record for towers
added. SBA acquired 57 towers in nine separate transactions at an
aggregate price of $16.6 million, representing a 16.7 times
multiple of current tower cash flow. Based on tenant leases
executed as of December 31, 1999, same tower revenue growth for
the full year on the 494 towers SBA owned as of December 31, 1998
was 33%.
At December 31, 1999, SBA was involved in projects for over 1,000
new tower builds throughout the nation, consisting of
approximately 335 build-to-suit mandates from wireless carriers
and over 700 sites SBA is developing through its strategic siting
efforts. At year end, SBA had agreements to acquire 94 additional
existing towers in 23 separate transactions for an aggregate
purchase price of $39.2 million, representing a 16.7 times
multiple of current tower cash flow. These acquisitions are
anticipated to close within the next six months.
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 13,000
antenna sites in the United States.
Item 7 Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated January 5, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
January 10, 2000 /s/ Jeffrey A. Stoops
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Jeffrey A. Stoops
Chief Financial Officer
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[LOGO OF SBA]
NEWS
For additional information:
Jeffrey A. Stoops
Chief Financial Officer
(561) 995-7670
FOR IMMEDIATE RELEASE
SBA COMMUNICATIONS CORPORATION ANNOUNCES
FOURTH QUARTER TOWER RESULTS
BOCA RATON, FLORIDA, January 5, 2000 (NASDAQ: SBAC) - SBA Communications
Corporation ("SBA") reported that in the fourth quarter it increased its tower
portfolio by 207 towers, or 22%, to 1,163 total towers. The number of towers
added was a record for the company, its third successive quarterly record for
towers added. Of the 207 towers added in the fourth quarter, 150 were newly-
built and 57 were acquisitions of existing towers. The 57 towers were acquired
in nine separate transactions at an aggregate price of $16.6 million,
representing a 16.7 times multiple of current tower cash flow. Based on tenant
leases executed as of December 31, 1999, same tower revenue growth for the full
year on the 494 towers SBA owned as of December 31, 1998 was 33%.
At December 31, 1999, SBA was involved in projects for over 1,000 new tower
builds throughout the nation, consisting of approximately 335 build-to-suit
mandates from wireless carriers and over 700 sites SBA is developing through its
strategic siting efforts. At year end, SBA had agreements to acquire 94
additional existing towers in 23 separate transactions for an aggregate purchase
price of $39.2 million, representing a 16.7 times multiple of current tower cash
flow. These acquisitions are anticipated to close within the next six months.
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 13,000 antenna
sites in the United States.
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. 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.
