SBAC: 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.
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