SBA Communications 8K Regulation FD Disclosure | SBAC 16 May 08

SBA Communications Corporation

SBA Communications

Corporation

2007/2008 Review

Exhibit 99.1

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

SEC Disclosures

Statements made in the course of this presentation that state the

Company’s or management’s intentions, beliefs, expectations or

predictions of the future are forward-looking statements. It is

important to note that the Company’s actual results could differ

materially from those projected in such forward-looking

statements. Additional information concerning factors that could

cause actual results to differ materially from those in the forward-

looking statements is contained from time to time in the

Company’s SEC filings, including but not limited to the Company’s

reports on Form 10-K and Form 10-Q. Our comments will include

non-GAAP financial measures, as defined in Regulation G. The

reconciliations of these non-GAAP financial measures to their

most comparable GAAP financial measures and other information

required by Regulation G have been posted on our website –

www.sbasite.com.

Copies

which

may

obtained

contacting

the Company or the SEC.

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

2007 and Q1 2008

In Review

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Our Strategy

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Recent Operating Highlights

Larger portfolio:

6369 towers at April 30, 2008

579 towers under contract to purchase

(1)

Very strong growth metrics (Q1 2008 vs. Q1 2007)

Site leasing tower revenue growth of 16.8%

Tower cash flow growth of 21.4%

Adjusted EBITDA growth of 25.4%

Equity free cash flow per share growth of 52.2%

Rapid deleveraging

March 31, 2008 Net Total Debt / Annualized Adjusted

EBITDA of 7.3x; down from 8.0x at December 31, 2007

(1)

April

30,

2008,

including

estimated

444

towers

acquired

from

TowerCo

LLC.

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

$550 Million Recent Debt Offering

SBA Communications Corporation 1.875% Convertible

Notes due May 2013

Conversion price $41.46 effectively increased to

$67.37 through hedges/warrants

Use of Proceeds ($536.8 million net proceeds):

$81.5 million for hedges/warrants

$120.0 million for stock repurchases (3.473 million

shares repurchased @ $34.55)

$20.0 million to repay senior credit facility

$200.0 million to repay senior credit facility borrowing

for TowerCo acquisition

$115.3 for portfolio expansion and general corporate

purposes

Immediately accretive to equity free cash flow per share

Improves liquidity

Improves refinancing prospects in 2010

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Pro Forma Capitalization

(1)

Reflects

issuance

$550

million

1.875%

convertible

notes

and

net

proceeds

there

from;

excludes

pro-forma

impact

of TowerCo

acquisition.

(2)

Q08

Adjusted

EBITDA

$61.5

million.

(3)

Subsequent to March 31, 2008, $20.0 million of the Senior Credit Facility was repaid with cash on hand.

($ in millions)

3/31/08

Actual

Pro forma

Adjustments

Pro forma as

Adjusted

Multiple of LQA

Adjusted

EBITDA

(2)

Cash and restricted cash

$ 162.7

295.30

(3)

$ 458.0

1st tranche CMBS

405.0

1.6x

tranche CMBS

1,150.0

4.7x

Total CMBS

$1,555.0

6.3x

Senior credit facility

40.0

(40.0)

(3)

0.0

Total secured debt

$1,595.0

$1,555.0

6.3x

Net secured debt

$1,432.3

$1,097.0

4.5x

0.375% convertible

notes

due 2010

$ 350.0

1.4x

New convertible notes

0.0

550.0

2.2x

Total debt

$1,945.0

$2,455.0

10.0x

Net total debt

$1,782.3

$1,997.0

8.1x

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Multi-Year Visibility on

Carrier Activity

AWS 66 Auction Winners –

new market launches into 2009

AT&T -

3G overlay and network improvement to continue

into 2009; 4G through 700 MHZ

Clearwire and Sprint 4G –

multi-year network expansion

starting late 2008

T-Mobile –

3G overlay and network expansion to continue

into 2009

Verizon –

continuous network investment expected; 4G

through 700 MHZ

700 MHZ Auction Winners –

material activity expected 2009

to 2012

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Recent Developments Remain

Very Positive

Data –

wireless data usage steadily increasing

“Open Access”

–

open access networks will highlight

network quality issues

700 MHZ Auction -

additional spectrum to be deployed on an

accelerated basis; 4G/LTE to require new networks

New

“Unlimited”

Plans

–

will

increase

demand

network

capacity

Emerging Carriers –

business plans of Leap, Metro, Clearwire

and Sprint WiMax

all require extensive network builds

“Quadruple Play”

Pressure –

cable and satellite do not have

effective wireless offerings; recent major investment

announced by cable in Sprint/Clearwire

Exploding

Wireless

Ecosystem

–

Google,

Apple,

Yahoo,

Intel

and others all devoting substantial resources to wireless

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Highly Attractive Asset Portfolio

Portfolio concentrated in the United States

Nationwide, strategic footprint with presence in key

markets

Substantial majority built by SBA or other tower

developers

Towers built or acquired with multi-tenant focus

High average capacity of 4 –

5 telephony tenants per

tower

Current use at 2.0 telephony tenants and 2.5

actual tenants per tower

> 77% tower cash flow margins

> 75% lattice or guyed towers

Maintenance capex –

less than $1,000 per tower per

year

Low monthly operating expense per tower

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Solid Tenant Growth

13,103

13,417

13,602

13,866

14,212

14,781

15,429

15,726

$1,675

$1,705

$1,728

$1,752

$1,767

$1,783

$1,807

$1,828

$1,600

$1,625

$1,650

$1,675

$1,700

$1,725

$1,750

$1,775

$1,800

$1,825

$1,850

$1,875

$1,900

$1,925

$1,950

$1,975

$2,000

12,000

12,500

13,000

13,500

14,000

14,500

15,000

15,500

16,000

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Number of Leases

Average Cash Rent Per Month

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

$161.3

$256.2

$321.8

$380.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

2005

2006(1)

2007

2008E(2)

Strong Leasing Revenue Growth

($ in millions)

(1)

Includes

$63.2

million

Leasing

Revenue

associated

with

the

AAT

acquisition.

(2)

Based

the

midpoint

Site

Leasing

Revenue

guidance

given

April

30,

2008.

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

$117.0

$186.5

$236.2

$289.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

2005

2006(1)

2007

2008E(2)

Strong Tower Cash Flow Growth

($ in millions)

(1)

Includes $27.0 million of Tower Cash Flow associated with the AAT acquisition.

(2)

Based on the midpoint of Tower Cash Flow guidance given April 30, 2008.

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Our Portfolio Growth Focus

2007 Portfolio Increase -

12.0% -

added 669

towers in 2007

Built 61 towers; acquired the rest

2008 Portfolio Increase –

target was 5 to 10%

increase –

already at 11.25% owned or under

contract

Thru April 30, 2008

Acquired 128 towers; 579 towers under

contract

Built –

24 towers; goal is 80 to 100 for 2008

Aggressively buying land or extending leases

under our towers

Now own or control for at least 50 years land

under 25% of our portfolio

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Strong Portfolio Growth

Results

3,304

5,551

6,220

6,948

2,500

3,500

4,500

5,500

6,500

7,500

2005

2006(1)

2007

2008YTD-E(2)

(1)

Includes 1,850 towers acquired in the AAT acquisition.

(2)

Includes 579 towers under contract to purchase as of April 30, 2008 (including an estimated 444 towers

to be acquired from TowerCo LLC.)

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

High Quality National Footprint

6,900+ Towers in the U.S. and Puerto Rico

(1)

SBA Towers

(1)

Includes 579 towers under contract to purchase as of April 30, 2008.

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

SBA Communications Corporation

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Appropriate Leverage

Maintain long-term leverage within target range

Maintain target net cash interest coverage ratio

Considerations

Interest rates

Organic growth prospects

Refinancing obligations

Mix of secured and unsecured debt

Mix of markets (CMBS, convertible and bank

markets)

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

9.0x

7.7x

7.8x

8.4x

8.1x

8.0x

7.3x

10x

6/30/2006

9/30/2006

12/31/2006

3/31/2007

6/30/2007

9/30/2007

12/31/2007

3/31/2008

Controlled Net Debt/Annualized

Adjusted EBITDA Ratio

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Net Cash Interest Coverage Ratio

Note:

Includes accretion on zero coupon notes; excludes amortization of deferred financing fees.

}

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

$95.3

$161.8

$209.4

$262.0

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

2005

2006

2007

2008E(1)

($ in millions)

Substantial Growth in Adjusted

EBITDA & Margin

(1)

Based

the

midpoint

Total

Revenue

and

Adjusted

EBITDA

guidance

given

April

30,

2008.

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

($ in millions)

Tremendous Equity Free

Cash Flow Growth

(1)

Based on the midpoint of Equity Free Cash Flow guidance given April 30, 2008.

$24.4

$67.8

$117.2

$158.5

$10.0

$30.0

$50.0

$70.0

$90.0

$110.0

$130.0

$150.0

$170.0

$190.0

2005

2006

2007

2008E(1)

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Strong Equity Free Cash Flow

Per Share Growth

SBA Communications Corporation

…………………………..…………………………………………………………………………………………………………….

Shareholder Rewards

Peer Group Companies

AMERICAN TOWER CORP

CROWN CASTLE INTL CORP

GLOBAL

SIGNAL

INC

(Included

from

6/3/2004

1/12/2007.

Acquired

Crown

Castle

Intl

1/16/2007)

SPECTRASITE

INC

(Included

2/14/2003

8/5/2005.

Acquired

American

Tower

8/8/2005)

SBA Communications Corporation

Questions

SBA Communications (SBAC) 8-KRegulation FD Disclosure