EX-99.1 2 dex991.htm PRESENTATION PRESENTATION
SBA Communications
SBA Communications
Corporation
Corporation
Exhibit 99.1

2
SEC Disclosures
SEC Disclosures
SEC Disclosures
Statements
made
in
the
course
of
this
presentation
that
state
the
Company’s
or
management’s
intentions,
hopes,
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
report
on
Form
10-K
dated
March
16,
2005
and
10-Q
dated
November
9,
2005.
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
are
included
in
our
press
release
issued
on
February
20,
2006
and
prior
press
releases,
and
have
been
posted
on
our
website
–
www.sbasite.com.
Copies
of
which
may
be
obtained
by
contacting
the
Company
or
the
SEC.

3
Why SBAC?
Why SBAC?
Why SBAC?
Wireless is the fastest growing segment of Telecom
Exclusive tower assets of high quality protected by high
barriers to entry
Strong organic tower cash flow and adjusted EBITDA growth
Potential for accelerated growth through adding new assets  
at accretive prices
Value creation through continuous use of appropriate
leverage, reinvestment and return to shareholders
The Answer is High Quality Growth
The Answer is High Quality Growth

4
1,169
1,306
1,427
1,477
1,217
1,060
1,052
1,051
1,026
1,008
991
1,006
1,089
0
200
400
600
800
1,000
1,200
1,400
1,600
'93
'94
'95
'96
'97
'98
'99
'00
'01
'02
'03
'04
'05
(1)
Kagan
Tower Investor, December 2005.
(2)
CTIA, 2005 Semi-Annual Wireless Industry Survey.
Demand Drivers
Demand Drivers
Summary
Summary
Wireless
Subscriber
Growth
(1)(2)
Wireless
Subscriber
Growth
(1)(2)
Historical
Subs
per
Cell
Site
(1)(2)
Historical
Historical
Subs
Subs
per
per
Cell
Cell
Site
Site
(1)(2)
(1)(2)
Historical
MOUs
and
Cell
Sites
(1)(2)
Historical
MOUs
and
Cell
Sites
(1)(2)
~25
mm
net
adds
in
2005
Over
1
trillion
MOUs
in
2004
and
over
2
trillion
projected
by
2008
(1)
~70%
wireless
penetration
today
and
78%
projected
by
2008
(1)
182
mm
subscribers
in
2004
(2)
and
239
mm
projected
by
2008
(1)
Cell Site = 1,038 Subscribers (r²
= 99%)
Avg. Cell Sites (thousands)
Total MOUs (billions)
Avg. Subs / Avg. Cell Site
19
27
38
148
1389
89
63
52
830
1101
620
259
457
12
15
20
26
41
59
74
151
169
178
133
116
93
0
200
400
600
800
1,000
1,200
1,400
'93
'94
'95
'96
'97
'98
'99
'00
'01
'02
'03
'04
'05
0
20
40
60
80
100
120
140
160
180
MOUs
Average Cell Sites
16
24
34
44
55
69
86
109
128
141
159
182
206
0
50
100
150
200
'93
'94
'95
'96
'97
'98
'99
'00
'01
'02
'03
'04
'05

5
Future Expectations
Future Expectations
Increased subscribers and minutes of use
Increased
penetration
rates
–
U.S.
(70%)
still
well
below
Europe
and
Japan
(95%+)
Basic voice network enhancements
Data network rollouts and enhancements
Additional spectrum deployments
New market entrants as tower customers
New wireless products and technologies from current
customers
Towers are essential to delivery of wireless
Towers are essential to delivery of wireless

6
SBA Tower Portfolio
SBA Tower Portfolio
SBA Tower Portfolio

7
Asset Quality –
Key Strength
Asset Quality –
Asset Quality –
Key Strength
Key Strength
Substantial majority of portfolio built by SBA or other tower
developers
All towers built or bought with multi-tenant focus
Average capacity –
4+ telephony tenants
Ample remaining capacity -
current use –
2.5 tenants per
tower
Maintenance capex –
less than $1,000 per tower per year
Average remaining ground lease term (with renewal options)
–
36 years
Average height –
approximately 228’
Structure –
74% guyed or lattice towers
Low monthly operating expense per tower

Solid Tenant Growth
Solid Tenant Growth
Solid Tenant Growth
5,000
6,000
7,000
8,000
4Q 04
Q1 05
Q2 05
Q3 05
Q4 05
$1,400
$1,500
$1,600
$1,700
$1,800
Number of Leases
Average Cash Rent Per Month
8
Results Driven by Strong New Tenant Rents
Results Driven by Strong New Tenant Rents
Results Driven by Strong New Tenant Rents
$1,649
7,449
7,640
$1,668
7,823
$1,694
8,086
$1,711
$1,741
8,278

9
Per
Tower
Revenue
Growth
(1)
Per
Per
Tower
Tower
Revenue
Revenue
Growth
Growth
(1)
(1)
$44,751
$46,573
$48,588
$49,682
$49,836
$51,557
$52,643
$49,218
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
1Q 04
2Q 04
3Q 04
4Q 04
1Q 05
2Q  05
3Q 05
4Q 05
Leasing Revenue Per Tower
(1)
Revenue as reported divided by average number of towers.

Consistent Tower Cash Flow Growth
Consistent Tower Cash Flow Growth
Consistent Tower Cash Flow Growth
1Q 04
2Q 04
3Q 04
4Q 04
10
1Q 05
2Q O5
3Q O5
4Q 05
$33.6
$35.2
$37.3
$37.9
$38.7
$40.6
$42.3
$10.2
$10.6
$10.5
$10.5
$10.7
$10.4
$10.8
$10.7
$23.5
$24.6
$26.2
$26.8
$27.3
$36.7
$29.8
$31.5
$28.4
$5
$15
$25
$35
$45
Cash Leasing Revenue
Cash Leasing Expenses
Tower Cash Flow

11
Strong TCF Margin Expansion
Strong TCF Margin Expansion
Strong TCF Margin Expansion
69.8%
69.9%
71.4%
72.0%
71.9%
74.6%
73.5%
73.3%
$0
$10
$20
$30
$40
Q1 04
Q2 04
Q3 04
Q4 04
Q1 05
Q2 05
Q3 05
Q4 05
60%
65%
70%
75%
80%
85%
Tower Cash Flow
Tower Cash Flow Margin

12
Low Non-Discretionary Capex
(1)
Low Non-Discretionary Capex
Low Non-Discretionary Capex
(1)
(1)
(1)  
Includes maintenance and general corporate capital expenditures.
Does not include discretionary capital expenditures.
(2) 
Based on mid-point of guidance given February 20, 2006     
(2)
$4.5
$4.4
$3.5
$4.2
$0
$2
$4
$6
$8
$10
2003
2004
2005
2006(E)

13
Strong Adjusted EBITDA Growth
Strong Adjusted EBITDA Growth
(1)
(1)
(1)
From continuing operations
(2)
Mid-point of guidance given February 20, 2006
(2)
$61.0
$78.8
$95.3
$111.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
$100.0
$110.0
$120.0
2003
2004
2005
2006(E)

14
New Asset Growth
New Asset Growth
New Asset Growth
5
36
90
10
164
208
0
25
50
75
100
125
150
175
200
225
250
275
2004
2005
2006
Constructed
Acquired
(2)
(1)
15
244
254
(1)
Mid point of guidance given
February 20, 2006
(2)
Acquisitions announced in February 20, 2006 press release

15
Adding Towers
Adding Towers
Highly competent at identifying, buying and building 
quality towers
Discretionary portfolio growth while maintaining 
comfortable liquidity position within target leverage
range
Criteria for new tower builds
-
One tenant on day one at fair market rent
-
Second tenant expectation within one year
-
Five-year IRR greater than 20%
15% target five-year IRR for acquisitions
Accretive Transactions
Accretive Transactions
Accretive Transactions

16
Rapid Deleveraging
Rapid Deleveraging
Rapid Deleveraging
0
5
10
15
Q1 04
Q2 04
Q3 04
Q4 04
Q1 05
Q2 05
Q3 05
Q4 05
60%
65%
70%
75%
80%
85%
(1)
Net debt divided by Annualized Adjusted EBITDA
12.6x
11.0x
10.3x
9.7x
10.3x
8.9x
8.3x
6.5x
Target Leverage Range 6.0x –
8.0x
Target Leverage Range 6.0x –
Target Leverage Range 6.0x –
8.0x
8.0x

17
Where We Are Heading
Where We Are Heading
Where We Are Heading
Continued Growth
•
Organic
•
New Assets
•
Acquisitions
•
New builds
•
Ground lease purchases
Continued operational excellence
Further interest rate reductions
Appropriate leverage
Accelerated equity free cash flow growth

SBA Communications
Corporation
SBA Communications
SBA Communications
Corporation
Corporation