SBA Communications (SBAC) 8-K PROVIDES 3rd QUARTER AND FULL YEAR 2009 OUTLOOK

Exhibit 99.2

Pro Forma Net Secured Debt and Secured Leverage Ratio

The pro forma calculations of Net Secured Debt and Secured Leverage Ratio are as follows:

	Actual June 30, 2009		Debt repurchases 7/1/09 - 7/28/09		$750 MM Offering		Proforma June 30, 2009		Maturity
	(in thousands)
2005 CMBS Certificates	$	381,305	$	(1,120)	$	(380,185)	$	—
2006 CMBS Certificates		1,079,472		(37,290)				1,042,182	November-11
Senior secured revolving credit facility		4,403				(4,403)		—
Optasite credit facility (carrying value of $144,118)		146,000				(146,000)		—
Total secured debt		1,611,180		(38,410)		(530,588)		1,042,182
0.375% Convertible Senior Notes (carrying value of $31,384)		34,403		(4,000)				30,403	December-10
1.875% Convertible Senior Notes (carrying value of $417,772)		550,000						550,000	May-13
4.0% Convertible Senior Notes (carrying value of $331,133)		500,000						500,000	October-14
8% Senior Notes due 2016		—				375,000		375,000	August-16
8.25% Senior Notes due 2019		—				375,000		375,000	August-19
Total unsecured debt		1,084,403		(4,000)		750,000		1,830,403
Total debt	$	2,695,583	$	(42,410)	$	219,412	$	2,877,585
LEVERAGE RATIO
Total debt	$	2,695,583	$	(42,410)	$	219,412	$	2,872,585
Less: Cash and cash equivalents, short-term investments and short-term restricted cash		214,761		(42,166)		185,430		358,025
Net Debt	$	2,480,822	$	(244)	$	33,982	$	2,514,560
Divided by: Annualized Adjusted EBITDA	$	333,104					$	333,104
Leverage Ratio		7.4x						7.5x
SECURED LEVERAGE RATIO
Total secured debt	$	1,611,180					$	1,042,182
Less: Cash and cash equivalents, short-term investments and short-term restricted cash		214,761						358,025
Net Secured Debt	$	1,396,419					$	684,157
Divided by: Annualized Adjusted EBITDA	$	333,104					$	333,104
Secured Leverage Ratio		4.2x					$	2.1x