8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) November 13, 2006

SBA Communications Corporation

(Exact Name of Registrant as Specified in Its Charter)

Florida

(State or Other Jurisdiction of Incorporation)

000-30110	65-0716501
(Commission File Number)	(IRS Employer Identification No.)

5900 Broken Sound Parkway N.W. Boca Raton, Florida	33487
(Address of Principal Executive Offices)	(Zip Code)

(561) 995-7670

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure

SBA Communications Corporation (the “Company”) is releasing the information below which the Company will be presenting at a webcasted presentation today at its Investor/Analyst Day in New York.

• The Company utilizes a criteria of a 15% target five-year internal rate of return for acquisitions.

• The Company estimates top line leasing revenue to be generated by the Managed Sites business for 2006 at approximately $12 million.

• The Company’s guidance for full year 2006 for the amount of positive EBITDA to be contributed by the Services business is $1.5 to $2.0 million.

• The Company’s capital expenditures for new tower builds average $225,000 per tower.

• The Company estimates that decommissioning by Cingular will impact the Company’s 2007 site leasing revenue by $2.5 million.

In addition, the Company is filing with Exhibit 99.1 certain information regarding the Company’s financial guidance for 2007, total acquisitions since the 4^th quarter of 2004, financial performance of acquisitions and ground lease purchases presented today at its Investor/Analyst Day.

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 hereunto duly authorized.

November 13, 2006	SBA COMMUNICATIONS CORPORATION
	/s/ Anthony J. Macaione
	Anthony J. Macaione
	Chief Financial Officer

EX-99.1

Financial Guidance 2007

Financial Guidance  -

2007

Financial Guidance  -

2007

Pro forma growth is calculated from mid-point of 2006 pro forma Outlook to mid-point of 2007 Outlook

assuming AAT acquisition was closed and all anticipated synergies realized as of January 1, 2006. 2006

pro forma Outlook excludes one-time transition, integration, severance and bonus costs incurred

in

connection with the AAT acquisition, $2 mm of site leasing revenue and $3 mm of tower cash flow one-time

benefits realized in 2006.

($ in mm)

2006 – 2007

2007 FY

Pro Forma Growth

Site leasing revenue

$300.0

-

$320.0

11%

Site development revenue

$90.0

-

$100.0

0%

Total revenues

$390.0

-

$420.0

8%

Tower cash flow

$220.0

-

$240.0

14%

Adjusted EBITDA

$200.0

-

$210.0

17%

Net interest expense

$90.0

-

$91.0

(12%)

Non-discretionary cash capital expenditures

$8.0

-

$10.0

34%

Cash taxes

$1.0

-

$2.0

0%

Equity free cash flow

$97.0

-

$111.0

62%

Discretionary cash capital expenditures

$44.0

-

$46.0

NM

Acquisitions Since Q4 2004

Acquisitions Since Q4 2004

$168.5 mm of consideration

63 transactions

Average of $340K per tower

496 towers

Average of 8 towers per transaction

765 tenants

Average of 1.5 tenants per tower

$16 mm of Run Rate Revenue at Closing

$11 mm of Run Rate Tower Cash Flow at Closing

94% telephony revenue at closing

Metrics consistent with or better than existing portfolio

Note: Excludes AAT acquisition.

Financial Performance of Acquisitions

Financial Performance of Acquisitions

Transactions Closed More than One Year Ago

12.45x

15.52x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

Closing TCF Multiple

Current TCF Multiple

All Transactions Since Q4 2004

9.92x

13.50x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Closing TCF Multiple

Current TCF Multiple

27 Transactions

143 Towers

63 Transactions

496 Towers

Highly Accretive

Ground Lease Purchases

Ground Lease Purchases

Program Profile

Program commenced in Q4 2004

Target a minimum 15% five-year IRR

Flexible structure

Purchases

Long-term amendments

Perpetual or long term easements

Purchases since Q4 2004

210 transactions

$16.6 mm of aggregate consideration

9.45x current expense average acquisition multiple

Immediately Accretive to Equity Free Cash Flow Per Share