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) December 3, 2007

SBA Communications Corporation

(Exact name of registrant as specified in its charter)

Florida	000-30110	65-0716501
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

5900 Broken Sound Parkway N.W.
Boca Raton, FL	33487
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (561) 995-7670

(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.

In compliance with Regulation FD, SBA Communications Corporation (the “Company”) is releasing certain operational and financial information which the Company intends on presenting at upcoming meetings. The operational and financial information is furnished as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

As described in Item 7.01 of this Report, the following exhibit is furnished as part of this Current Report on Form 8-K.

Exhibit No.	Description
99.1	Portions of an SBA Communications Corporation presentation.

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.

SBA COMMUNICATIONS CORPORATION
By:	/s/ Anthony J. Macaione
	Anthony J. Macaione
	Chief Financial Officer

Dated: December 3, 2007

EX-99.1

SBA Communications Corporation

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 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 are included in

our press release issued on November 1, 2007 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.

Exhibit 99.1

SBA Communications Corporation

Solid Financials

Solid Financials

2007 projected results*

Total revenues -

$407.8 million

Leasing revenues -

$321.1 million

Adjusted EBITDA -

$208.5 million

Equity Free Cash Flow -

$116.3 million

Industry growth leader

Current market cap $3.8 billion

Current enterprise value $5.5 billion

* Based on midpoint of guidance given November 1, 2007

SBA Communications Corporation

3Q 2007 Highlights

3Q 2007 Highlights

Larger portfolio:

494 towers added year-to-date, now 6,045 towers

(1)

207 towers under contract to purchase

(1)

Very strong growth metrics (Q3 2007 vs. Q3 2006)

Site leasing tower revenue growth of 12.3%

(2)

Tower cash flow growth of 15.2%

(2)

Adjusted EBITDA growth of 16.8%

(2)

Equity free cash flow per share growth of 81.3%

(2)

Leverage at target

8.1x September 30, 2007 Net Debt / Annualized  

Adjusted EBITDA

*(1)

As of November 1, 2007

*(2)

Excludes the effect of a $2.2 million one-time and non-recurring net site leasing revenue benefit in the year earlier period.

SBA Communications Corporation

Strong Leasing Revenue Growth

Strong Leasing Revenue Growth

Strong Leasing Revenue Growth

($ in millions)

( 1)

Includes $63.2 million of Leasing Revenue associated with the AAT acquisition.

(2)

2007 and 2008 estimates are based on the midpoint of Site Leasing Revenue guidance given in our press release dated November 1,

2007.

$365.0

$144.0

$161.3

$256.2

$321.1

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

2004

2005

2006 (1)

2007 (2)

2008 (2)

SBA Communications Corporation

$187.3

$276.0

$235.0

$101.1

$117.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

2004

2005

2006 (1)

2007 (2)

2008 (2)

Strong Tower Cash Flow Growth

Strong Tower Cash Flow Growth

Strong Tower Cash Flow Growth

($ in millions)

(1)

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

(2)

2007 and 2008 estimates are based on the midpoint of Tower Cash

Flow guidance given in our press release dated November 1, 2007.

SBA Communications Corporation

$78.8

$95.3

$151.0

$208.5

$247.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

2004

2005

2006

2007 (1)

2008 (1)

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

($ in millions)

Substantial Growth in EBITDA & Margin

Substantial Growth in EBITDA & Margin

Substantial Growth in EBITDA & Margin

(1)

2007 and 2008 estimates are based on the midpoint of Revenue and EBITDA guidance given in our press release dated November 1, 2007

SBA Communications Corporation

($ in millions)

Tremendous Equity Free

Cash Flow Growth

Tremendous Equity Free

Tremendous Equity Free

Cash Flow Growth

Cash Flow Growth

(1)

2007 and 2008 estimates are based on the midpoint of Equity Free Cash Flow guidance given in our press release dated November 1, 2007. 

$1.6

-

$24.4

$67.8

$116.3

$155.5

-$10.0

$10.0

$30.0

$50.0

$70.0

$90.0

$110.0

$130.0

$150.0

$170.0

2004

2005

2006

2007 (1)

2008 (1)