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 April 18, 2001
SBA COMMUNICATIONS CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 000-30110 65-0716501
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(State or other jurisdiction of Commission (I.R.S. Employer
incorporation or organization) File Number 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)
Item 5 Other Information
SBA Communications Corporation ("SBA") reported that in the first
quarter of 2001 it increased its tower portfolio by 449 towers to a
total of 2,839 towers. Of the 449 towers added in the first quarter,
182 were newly-built and 267 were existing towers acquired by SBA. The
267 towers were acquired in 21 separate transactions for an aggregate
price of $91.8 million. Based on tenant leases executed as of March
31, 2001, same tower revenue growth for the trailing twelve months on
the 1,351 towers SBA owned as of March 31, 2000 was 34%. With respect
to the 2,390 towers owned at the beginning of the first quarter, SBA
added 303 new tenant leases at an average initial monthly rental of
$1,527, which is an annualized rate of .52 new tenants per tower on a
broadband equivalent basis.
At March 31, 2001, SBA had agreements providing it with the right to
acquire 306 additional existing towers in 29 separate transactions for
an aggregate purchase price of $101.8 million. These acquisitions are
expected to close within the next six months. These numbers include
the remaining portions of previously announced transactions to acquire
towers from TeleCorp PCS (up to 72 remaining towers for $23.6 million)
and from US Unwired (up to 159 towers for $49.8 million). These
numbers do not include an option to purchase up to 100 additional
towers from US Unwired later in the year. SBA is currently involved in
projects for over 1,600 tower builds for its ownership throughout the
nation, consisting of over 550 build-to-suit mandates from wireless
carriers and over 1,050 sites SBA is developing through its strategic
siting efforts.
A conference call discussing these results was scheduled for April 12,
2001 and was available via webcast. Replay will be available through
April 26, 2001.
Item 7 Financial Statements and Exhibits
99.1 Press release dated April 11, 2001.
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.
April 18, 2001 /s/ Pamela J. Kline
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Pamela J. Kline
Chief Accounting Officer