SBAC news just out after-close today, record # of
wireless towers build in the U.S!
SBA Communications Corporation Announces Record
Number Of Tower Additions In 2nd Quarter
BOCA RATON, Fla., July 7 /PRNewswire/ -- SBA
Communications Corporation (Nasdaq:
SBAC - news; ''SBAC'')
announced today that it added 184 towers to its
portfolio of towers owned in the second quarter
ended June 30, 1999, which is
the largest number of towers added by the company in
any quarter in its history. Of the 184 towers
added, 126 were
multi-tenant towers newly built by SBAC, and the
other 58 were existing multi-tenant towers
acquired by SBAC in 13 separate
transactions. Anchor tenants on the towers newly built
by SBAC include AT&T, BellSouth,
Southwestern Bell, Sprint and
VoiceStream. The 58 towers acquired were purchased
for an aggregate cash price of $18.1 million,
which represented a
multiple of current run rate tower cash flow of
approximately 14.5 x. These additions bring the
number of towers owned by
SBAC as of June 30, 1999, to 770, a 31% increase
over the number of towers owned as of March
31, 1999.
SBAC currently has over 500 new tower builds under
various stages of development throughout the
nation which, upon
completion, will be owned by SBAC. In addition, at
June 30, 1999, SBAC had 80 towers pending
acquisition under letters of
intent or definitive agreements in 20 separate
transactions, representing an aggregate cash purchase
price of $22.1 million. The
purchase price represents a multiple of current run rate
tower cash flow of approximately 12.9 x.
SBAC expects to complete
these acquisitions in the third and fourth quarters of
1999.
SBAC is a leading independent owner and operator of
wireless communications infrastructure in the
United States. SBAC
generates revenue from two primary businesses -- site
leasing and site development services. The
primary focus of the company
is the leasing of antenna space on its multi- tenant
towers to a variety of wireless service providers
under long-term lease
contracts. Since it was founded in 1989, SBAC has
participated in the development of over 13,000
antenna sites in the United
States.
Information Concerning Forward-Looking Statements
Some information in this release is forward-looking.
These forward- looking statements may be
affected by the risks and
uncertainties in the company's business. This
information is qualified in its entirety by cautionary
statements and risk factors
disclosure contained in certain of the company's
Securities and Exchange Commission filings. The
company wishes to caution
readers that certain important factors may have
affected and could in the future affect the company's
actual results and could
cause the company's actual results for subsequent
periods to differ materially from those expressed in
any forward-looking
statement made by or on behalf of the company. The
company undertakes no obligation to update
forward-looking statements
to reflect events or circumstances after the date
hereof.
SOURCE: SBA Communications Corporation |
