10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 000-30110

SBA COMMUNICATIONS CORPORATION

(Exact name of Registrant as specified in its charter)

Florida	65-0716501
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

8051 Congress Avenue
Boca Raton, Florida	33487
(Address of principal executive offices)	(Zip Code)

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

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par value per share	The NASDAQ Stock Market LLC
	(NASDAQ Global Select Market)

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-Accelerated filer	☐	Smaller reporting company	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes  ☐    No  ☒

Indicate the number of shares outstanding of each issuer’s classes of common stock, as of the latest practicable date: 129,454,487 sharesof Class A common stock as of April 30, 2015.

Table of Contents

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets as of March 31, 2015 (unaudited) and December 31, 2014	1
	Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2015 and 2014	2
	Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended March 31, 2015 and 2014	3
	Consolidated Statement of Shareholders’ Deficit (unaudited) for the three months ended March 31, 2015	4
	Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2015 and 2014	5
	Condensed Notes to Consolidated Financial Statements (unaudited)	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	19
Item3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	34
PART II – OTHER INFORMATION
Item6.	Exhibits	34
SIGNATURES		35

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except par values)

	March 31,		December 31,
	2015		2014
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	62,371	$	39,443
Restricted cash		41,438		52,519
Short-term investments		4,816		5,549
Accounts receivable, net of allowance of $1,044 and $889
at March 31, 2015 and December 31, 2014, respectively		91,468		104,268
Costs and estimated earnings in excess of billings on uncompleted contracts		29,209		30,078
Prepaid expenses and other current assets		95,711		95,031
Total current assets		325,013		326,888
Property and equipment, net		2,702,188		2,762,417
Intangible assets, net		3,925,992		4,189,540
Deferred financing fees, net		93,429		95,237
Other assets		480,677		467,043
Total assets	$	7,527,299	$	7,841,125
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities:
Accounts payable	$	33,805	$	42,851
Accrued expenses		55,619		65,553
Current maturities of long-term debt		33,750		32,500
Deferred revenue		108,630		120,047
Accrued interest		37,966		53,178
Other current liabilities		16,706		16,921
Total current liabilities		286,476		331,050
Long-term liabilities:
Long-term debt		7,929,829		7,828,299
Other long-term liabilities		347,781		342,576
Total long-term liabilities		8,277,610		8,170,875
Shareholders' deficit:
Preferred stock - par value $.01,  30,000 shares authorized, no shares issued
or outstanding		—		—
Common stock - Class A, par value $.01,  400,000 shares authorized, 129,428 and
129,134 shares issued and outstanding at March 31, 2015 and
December 31, 2014, respectively		1,294		1,291
Additional paid-in capital		1,940,265		2,062,775
Accumulated deficit		(2,621,410)		(2,542,380)
Accumulated other comprehensive loss, net		(356,936)		(182,486)
Total shareholders' deficit		(1,036,787)		(660,800)
Total liabilities and shareholders' deficit	$	7,527,299	$	7,841,125

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited) (in thousands, except per share amounts)

	For the three months
	ended March 31,
	2015		2014
Revenues:
Site leasing	$	369,727	$	309,320
Site development		40,367		36,230
Total revenues		410,094		345,550
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion, and
amortization shown below):
Cost of site leasing		80,217		69,740
Cost of site development		30,893		27,427
Selling, general, and administrative (1)		29,884		24,676
Acquisition related adjustments and expenses		1,339		8,561
Asset impairment and decommission costs		6,822		3,568
Depreciation, accretion, and amortization		171,853		144,442
Total operating expenses		321,008		278,414
Operating income		89,086		67,136
Other income (expense):
Interest income		293		86
Interest expense		(77,654)		(66,027)
Non-cash interest expense		(280)		(10,304)
Amortization of deferred financing fees		(4,544)		(4,237)
Loss from extinguishment of debt, net		—		(1,951)
Other (expense) income, net		(82,968)		18,390
Total other expense		(165,153)		(64,043)
(Loss) income before provision for income taxes		(76,067)		3,093
Provision for income taxes		(2,963)		(1,686)
Net (loss) income		(79,030)		1,407
Net (loss) income per common share
Basic and diluted	$	(0.61)	$	0.01
Weighted average number of common shares
Basic		129,235		128,560
Diluted		129,235		138,356

(1)Includes non-cash compensation of $6,884 and $4,541 for the three months ended March 31, 2015 and 2014, respectively.

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVEINCOME (LOSS)

(unaudited) (in thousands)

	For the three months
	ended March 31,
	2015		2014
Net (loss) income	$	(79,030)	$	1,407
Foreign currency translation adjustments		(174,450)		33,007
Comprehensive (loss) income	$	(253,480)	$	34,414

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF SHAREHOLDERS’  DEFICIT

(unaudited) (in thousands)

								Accumulated
	Class A			Additional				Other
	Common Stock			Paid-In		Accumulated		Comprehensive
	Shares	Amount		Capital		Deficit		Loss		Total
BALANCE, December 31, 2014	129,134	$	1,291	$	2,062,775	$	(2,542,380)	$	(182,486)	$	(660,800)
Net loss	—		—		—		(79,030)		—		(79,030)
Common stock issued in connection with
stock purchase/option plans	294		3		5,643		—		—		5,646
Non-cash compensation	—		—		7,083		—		—		7,083
Settlement of common stock warrants	—		—		(135,236)		—		—		(135,236)
Foreign currency translation adjustments	—		—		—		—		(174,450)		(174,450)
BALANCE, March 31, 2015	129,428	$	1,294	$	1,940,265	$	(2,621,410)	$	(356,936)	$	(1,036,787)

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) (in thousands)

	For the three months
	ended March 31,
	2015		2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(79,030)	$	1,407
Adjustments to reconcile net (loss) income to net cash provided by operating
activities:
Depreciation, accretion, and amortization		171,853		144,442
Non-cash interest expense		280		10,304
Deferred income tax expense		557		474
Non-cash asset impairment and decommission costs		5,027		2,858
Non-cash compensation expense		6,988		4,618
Amortization of deferred financing fees		4,544		4,237
Loss from extinguishment of debt, net		—		1,951
Non-cash earnout adjustments		1,552		(648)
Loss on remeasurement of U.S. dollar denominated intercompany loan		83,995		—
Gain on foreign currency swap contract		—		(17,891)
Other non-cash items reflected in the Statements of Operations		21		220
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of
billings on uncompleted contracts, net		4,445		8,644
Prepaid and other assets		(6,286)		1,196
Accounts payable and accrued expenses		730		(71)
Accrued interest		(15,212)		(4,485)
Other liabilities		(1,056)		2,959
Net cash provided by operating activities		178,408		160,215
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(53,279)		(927,653)
Capital expenditures		(68,100)		(32,238)
Proceeds from foreign currency swap contract		—		17,891
Other investing activities		(175)		444
Net cash used in investing activities		(121,554)		(941,556)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility		135,000		175,000
Repayments under Revolving Credit Facility		(25,000)		(390,000)
Repayment of Term Loans		(7,500)		(293,000)
Proceeds from Term Loans, net of fees		—		1,483,470
Payments for settlement of common stock warrants		(135,236)		—
Payments for earn-outs		(1,199)		(4,598)
Payment of deferred financing fees		(2,736)		(676)
Other financing activities		5,142		(6,034)
Net cash (used in) provided by financing activities		(31,529)		964,162
Effect of exchange rate changes on cash and cash equivalents		(2,397)		17,981
NET INCREASE IN CASH AND CASH EQUIVALENTS		22,928		200,802
CASH AND CASH EQUIVALENTS:
Beginning of period		39,443		122,112
End of period	$	62,371	$	322,914

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	For the three months
	ended March 31,
	2015		2014
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	92,911	$	70,324
Income taxes	$	1,514	$	1,951
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:
Assets acquired through capital leases	$	1,464	$	115
Issuance of stock for settlement of convertible debt and warrants, net of hedges	$	—	$	34

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.BASIS OF PRESENTATION

The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2014 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. While the Company believes that such estimates are fair when considered in conjunction with the consolidated financial statements and accompanying notes, the actual amounts, when known, may vary from these estimates.

Foreign Currency Translation 

All assets and liabilities of foreign subsidiaries that do not utilize the United States dollar as its functional currency (Brazil and Canada) are translated at period-end rates of exchange, while revenues and expenses are translated at monthly weighted average rates of exchange for the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss in the accompanying Consolidated Statement ofShareholders’ Deficit.

Intercompany Loans

In accordance with Accounting Standards Codification (ASC) 830, the Company remeasures intercompany loans not denominated in the functional currency with the corresponding remeasurement adjustment being recorded in Other (expense) income, net in the Consolidated Statements of Operations. For the three months ended March 31, 2015, the Company recorded an $84.0 million foreign exchange loss on the remeasurement of an intercompany loan with a Brazilian subsidiary.

Recent Accounting Pronouncements Not Yet Adopted

In May 2014, the Financial Accounting Standards Board ("FASB") released updated guidance regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This guidance is effective for the Company as of January 1, 2017. In April 2015, the FASB proposed a one-year deferral of the effective date. Under the proposal, the standard would be required to be adopted by public business entities in annual periods beginning on or after December 15, 2017. The FASB also proposed to permit early adoption at the original effective date.  This guidance is required to be applied (1) retrospectively to each prior reporting period presented, or (2) with the cumulative effect being recognized at the date of initial application. The Company is evaluating the guidance including the impact on its consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest. The standard requires debt issuance costs to be presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset. Once adopted, entities are required to apply the new guidance retrospectively to all prior periods presented. ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 and early application is permitted. The Company has not elected to early adopt the standard.

2.FAIR VALUE MEASUREMENTS

Items Measured at Fair Value on a Recurring Basis— The Company’s earnout liabilities related to acquisitions are measured at fair value on a recurring basis using Level 3 inputs. Level 3 valuations rely on unobservable inputs for the asset or liability, and

7

include situations where there is little, if any, market activity for the asset or liability. The Company determines the fair value of acquisition-related earnouts (contingent consideration) and any subsequent changes in fair value using a discounted probability-weighted approach using Level 3 inputs. The fair value of the earnouts is reviewed quarterly and is based on the payments the Company expects to make based on historical internal observations related to the anticipated performance of the underlying assets. The Company’s estimate of the fair value of its obligation if the performance targets contained in various acquisition agreements were met was $13.4 million and $15.1 million as of March 31, 2015 and December 31, 2014, respectively, which the Company recorded in Accrued expenses in the accompanying Consolidated Balance Sheets. Changes in estimate are recorded in Acquisition related adjustments and expenses in the accompanying Consolidated Statement of Operations. The maximum potential obligation related to the performance targets was $21.4 million as of March 31, 2015.

The following summarizes the activity of the accrued earnouts:

	2015		2014
	(in thousands)
Beginning balance, December 31, 2014 and 2013 , respectively	$	15,086	$	30,063
Additions		1,372		1,048
Payments		(1,234)		(5,019)
Change in estimate		(1,552)		648
Foreign currency translation adjustments		(319)		2,558
Ending balance, March 31, 2015 and March 31, 2014, respectively	$	13,353	$	29,298

Items Measured at Fair Value on a Nonrecurring Basis— The Company’s long-lived assets, intangibles, and asset retirement obligations are measured at fair value on a nonrecurring basis using Level 3 inputs. The Company considers many factors and makes certain assumptions when making this assessment, including but not limited to: general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. The fair value of the long-lived assets, intangibles, and asset retirement obligations is calculated using a discounted cash flow model.

During the three months ended March 31, 2015, the Company recognized an impairment charge of $6.8 million. The impairment charge includes the write off of $3.9 million in carrying value of decommissioned towers and $1.8 million of other third party decommission costs incurred related to the Company’s long-lived assets and intangibles for the three months ended March 31, 2015. In addition, the impairment charge includes $1.1 million in disposal costs related to the Company’s former corporate headquarters building for the three months ended March 31, 2015. During the three months ended March 31, 2014, the Company recognized an impairment charge of $3.6 million. The impairment charge includes the write off of $2.9 million in carrying value of decommissioned towers and $0.7 million of other third party decommission costs incurred related to the Company’s long-lived assets and intangibles for the three months ended March 31, 2014. These write offs result from the Company’s analysis that the future cash flows from certain towers would not recover the carrying value of the investment in those towers. Asset impairment and decommission costs and the related impaired assets relate to the Company’s site leasing operating segment.

Fair Value of Financial Instruments— The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments. Short-term investments consisted of $4.6 million and $5.3 million in certificate of deposits, as of March 31, 2015 and December 31, 2014, respectively. The Company’s estimate of the fair value of its held-to-maturity investments in treasury and corporate bonds, including current portion, are based primarily upon Level 1 reported market values. As of March 31, 2015 and December 31, 2014, the carrying value and fair value of the held-to-maturity investments, including current portion, were $1.0 million and $1.1 million, respectively.

The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the interest payments are based on Eurodollar rates that reset every month. The Company does not believe its credit risk has changed materially from the date the applicable Eurodollar Rate plus 137.5 to 200.0 basis points was set for the Revolving Credit Facility. Refer to Note 10 for the fair values, principal balances, and carrying values of the Company’s debt instruments.

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3.RESTRICTED CASH

Restricted cash consists of the following:

	As of		As of
	March 31, 2015		December 31, 2014		Included on Balance Sheet
		(in thousands)
Securitization escrow accounts	$	41,038	$	52,117	Restricted cash - current asset
Payment and performance bonds		400		402	Restricted cash - current asset
Surety bonds and workers compensation		5,934		5,934	Other assets - noncurrent
Total restricted cash	$	47,372	$	58,453

Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by an indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees and to reserve a portion of advance rents from tenants. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 10) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as Restricted cash on the Company’s Consolidated Balance Sheets.

Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily relates to the Company’s tower removal obligations. As of March 31, 2015 andDecember 31, 2014, the Company had $38.9 million and$38.3 million in surety bonds and payment and performance bonds, respectively, for which it was only required to post $1.7 million in collateral. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of March 31, 2015 and December 31, 2014, the Company had also pledged $2.6 millionas collateral related to its workers compensation policy.

4.OTHER ASSETS

The Company’s other assets are comprised of the following:

	As of		As of
	March 31, 2015		December 31, 2014
		(in thousands)
Restricted cash	$	5,934	$	5,934
Long-term investments		44,105		44,095
Prepaid land rent		136,073		134,148
Straight-line rent receivable		240,450		230,384
Other		54,115		52,482
Total other assets	$	480,677	$	467,043

5.ACQUISITIONS

The Company acquired 59 communication sites during the three months ended March 31, 2015.These acquisitions were not significant to the Company and, accordingly, a preliminary estimate of the fair value of the assets acquired and liabilities assumed has not been presented. The Company evaluates all acquisitions after the applicable closing date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed by major balance sheet caption, as well as the separate recognition of intangible assets from goodwill if certain criteria are met.

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The following table summarizes all of the Company’s cash acquisition capital expenditures:

	For the three months
	ended March 31,
	2015		2014
	(in thousands)
Towers and related intangible assets	$	42,630	$	918,071
Ground lease buyouts (1)		10,649		9,582
Total cash acquisition capital expenditures	$	53,279	$	927,653

(1) In addition, the Company paid $3.3 million and $1.3 million for ground lease extensions and term easements during the three months ended March 31, 2015 and 2014, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

Subsequent to March 31, 2015and through April 23, 2015, the date of the Company’s most recent public earnings press release, the Company acquired 20 towers for $17.6 million in cash. Subsequent to April 23, 2015 and through the date of this filing, the Company did not complete any material acquisitions.

6.INTANGIBLE ASSETS, NET

The following table provides the gross and net carrying amounts for each major class of intangible assets:

	As of March 31, 2015						As of December 31, 2014
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	3,926,022	$	(946,412)	$	2,979,610	$	4,090,129	$	(891,374)	$	3,198,755
Network location intangibles		1,379,832		(433,450)		946,382		1,402,704		(411,919)		990,785
Intangible assets, net	$	5,305,854	$	(1,379,862)	$	3,925,992	$	5,492,833	$	(1,303,293)	$	4,189,540

All intangible assets noted above are included in the Company’s site leasing segments. The Company amortizes its intangible assets using the straight-line method over an estimated economic life of 15 years. Amortization expense relating to the intangible assets was $91.4 million and$74.8 millionfor the three months ended March 31, 2015  and2014, respectively.

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net (including assets held under capital leases) consists of the following:

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Towers and related components	$	4,188,307	$	4,194,375
Construction-in-process		30,111		35,855
Furniture, equipment, and vehicles		55,562		51,832
Land, buildings, and improvements		443,118		426,974
Total property and equipment		4,717,098		4,709,036
Less: accumulated depreciation		(2,014,910)		(1,946,619)
Property and equipment, net	$	2,702,188	$	2,762,417

Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s site leasing operations. Depreciation expense was $80.4 million and$69.0 millionfor the three months ended March 31, 2015 and2014, respectively. At March 31, 2015 and December 31, 2014, non-cash capital expenditures that are included in accounts payable and accrued expenses were $12.7 million and $29.0 million, respectively.

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8.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Costs and estimated earnings on uncompleted contracts consist of the following:

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Costs incurred on uncompleted contracts	$	90,204	$	113,654
Estimated earnings		38,647		48,949
Billings to date		(107,364)		(143,323)
	$	21,487	$	19,280

These amounts are included in the accompanying Consolidated Balance Sheets under the following captions:

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Costs and estimated earnings in excess of billings on
uncompleted contracts	$	29,209	$	30,078
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(7,722)		(10,798)
	$	21,487	$	19,280

Eight significant customers comprised 97.0%and 92.7% of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings on uncompleted contracts at March 31, 2015 and December 31, 2014, respectively.

9.ACCRUED EXPENSES

The Company’s accrued expenses are comprised of the following:

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Accrued earnouts	$	13,353	$	15,086
Salaries and benefits		8,879		13,440
Real estate and property taxes		5,794		5,331
Other		27,593		31,696
Total accrued expenses	$	55,619	$	65,553

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10.     DEBT

The carrying and principal values of debt consist of the following (in thousands):

		As of						As of
		March 31, 2015						December 31, 2014
	Maturity Date	Principal Balance		Fair Value		Carrying Value		Principal Balance		Fair Value		Carrying Value
5.625% Senior Notes	Oct. 1, 2019	$	500,000	$	526,250	$	500,000	$	500,000	$	511,250	$	500,000
5.750% Senior Notes	July 15, 2020		800,000		839,000		800,000		800,000		816,000		800,000
4.875% Senior Notes	July 15, 2022		750,000		731,250		744,311		750,000		721,875		744,150
2010 Tower Securities	April 17, 2017		550,000		573,359		550,000		550,000		576,901		550,000
2012 Tower Securities	Dec. 15, 2017		610,000		620,547		610,000		610,000		620,175		610,000
2013-1C Tower Securities	April 17, 2018		425,000		424,681		425,000		425,000		420,776		425,000
2013-2C Tower Securities	April 17, 2023		575,000		593,941		575,000		575,000		584,344		575,000
2013-1D Tower Securities	April 17, 2018		330,000		329,987		330,000		330,000		330,551		330,000
2014-1C Tower Securities	Oct. 15, 2019		920,000		933,349		920,000		920,000		920,515		920,000
2014-2C Tower Securities	Oct. 15, 2024		620,000		646,034		620,000		620,000		629,474		620,000
Revolving Credit Facility	Feb. 5, 2020		235,000		235,000		235,000		125,000		125,000		125,000
2012-1 Term Loan	May 9, 2017		168,750		168,539		168,750		172,500		171,422		172,500
2014 Term Loan	Mar. 24, 2021		1,488,750		1,481,306		1,485,518		1,492,500		1,458,919		1,489,149
Total debt		$	7,972,500	$	8,103,243	$	7,963,579	$	7,870,000	$	7,887,202	$	7,860,799
Less: current maturities of long-term debt							(33,750)						(32,500)
Total long-term debt, net of current maturities						$	7,929,829					$	7,828,299

The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

	For the three months ended March 31,
	2015				2014
	Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest
	(in thousands)
4.0% Convertible Senior Notes	$	—	$	—	$	4,998	$	10,202
8.25% Senior Notes		—		—		5,027		48
5.625% Senior Notes		7,031		—		7,031		—
5.75% Senior Notes		11,500		—		11,500		—
4.875% Senior Notes		9,141		161		—		—
2010 Tower Securities		7,058		—		14,345		—
2012 Tower Securities		4,531		—		4,521		—
2013 Tower Securities		10,804		—		10,804		—
2014 Tower Securities		12,785		—		—		—
Revolving Credit Facility		1,571		—		1,332		—
2011 Term Loan		—		—		696		7
2012-1 Term Loan		1,153		—		1,000		—
2012-2 Term Loan		—		—		424		4
2014 Term Loan		12,125		119		4,130		43
Other		(45)		—		219		—
Total	$	77,654	$	280	$	66,027	$	10,304

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Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility is governed by the Senior Credit Agreement. On February 5, 2015, SBA Senior Finance II entered into the 2015 Revolving Refinancing Amendment with several banks and other financial institutions or entities from time to time parties to the Senior Credit Agreement to, among other things, (i) increase the availability under the Company’s Revolving Credit Facility from $770.0 million to $1.0 billion, (ii) extend the maturity date of the Revolving Credit Facility to February 5, 2020, (iii) provide for the ability to borrow in U.S. dollars and certain designated foreign currencies, and (iv) lower the applicable interest rate margins and commitment fees under the Revolving Credit Facility.

As amended February 2015, the Revolving Credit Facility consists of a revolving loan under which up to $1.0 billion aggregate principal amount may be borrowed, repaid and redrawn, subject to compliance with specific financial ratios and the satisfaction of other customary conditions to borrowing.  Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (i) the Eurodollar Rate plus a margin that ranges from 137.5 basis points to 200.0 basis points or (ii) the Base Rate plus a margin that ranges from 37.5 basis points to 100.0 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement.  In addition, SBA Senior Finance II is required to pay a commitment fee of 0.25% per annum on the amount of unused commitment.  If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, February 5, 2020.  The proceeds available under the Revolving Credit Facility may be used for general corporate purposes.  SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of a period may not be reflective of the total amounts outstanding during such period. As of March 31, 2015, the Revolving Credit Facility was accruing interest at 1.93% per annum.

During the three months ended March 31, 2015, the Company borrowed $135.0 million and repaid $25.0 million of the outstanding balance under the Revolving Credit Facility. As of March 31, 2015, $235.0 million was outstanding under the Revolving Credit Facility.

Subsequent to March 31, 2015, there have been no borrowings or repayments under the Revolving Credit Facility. As of the date of this filing, $235.0 million was outstanding under the Revolving Credit Facility, and the amount available based on specified covenants under the facility was $765.0 million.

As of March 31, 2015, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Term Loans under the Senior Credit Agreement

2012-1 Term Loan

The 2012-1 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $200.0 million that matures on May 9, 2017. The 2012-1 Term Loan accrues interest, at SBA Senior Finance II’s election, at either the Base Rate plus a margin that ranges from 100 to 150 basis points or the Eurodollar Rate plus a margin that ranges from 200 to 250 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA (calculated in accordance with the Senior Credit Agreement). As of March 31, 2015, the 2012-1 Term Loan was accruing interest at 2.43% per annum. Principal payments on the 2012-1 Term Loan commenced on September 30, 2012 and are being made in quarterly installments on the last day of each March, June, September, and December, in an amount equal to $2.5 million for each of the first eight quarters, $3.8 million for the next four quarters and $5.0 million for each quarter thereafter. SBA Senior Finance II has the ability to prepay any or all amounts under the 2012-1 Term Loan without premium or penalty. To the extent not previously repaid, the 2012-1 Term Loan will be due and payable on the maturity date. The 2012-1 Term Loan was issued at par. The Company incurred deferred financing fees of $2.7 million in relation to this transaction which are being amortized through the maturity date.

During the three months ended March 31, 2015, the Company repaid $3.8 million of principal on the 2012-1 Term Loan. As of March 31, 2015, the 2012-1 Term Loan had a principal balance of $168.8 million.

2014 Term Loan

The 2014 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $1.5 billion that matures on March 24, 2021. The 2014 Term Loan accrues interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75%) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%). The 2014 Term Loan was issued at 99.75% of par value. As of March 31, 2015, the 2014 Term Loan was accruing interest at

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3.25% per annum. Principal payments on the 2014 Term Loan commenced on September 30, 2014 and will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $3.8 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2014 Term Loan. The Company incurred deferred financing fees of approximately $12.9 million to date in relation to this transaction which are being amortized through the maturity date.

During the three months ended March 31, 2015, the Company repaid $3.8 million of principal on the 2014 Term Loan. As of March 31, 2015, the 2014 Term Loan had a principal balance of $1.5 billion.

Secured Tower Revenue Securities

2010 Tower Securities

On April 16, 2010, the Company, through a New York common law trust (the “Trust”), issued $550.0 million of Secured Tower Revenue Securities Series 2010-2 (the “2010 Tower Securities”). The 2010 Tower Securities have an annual interest rate of 5.101%. The anticipated repayment date and the final maturity date for the 2010 Tower Securities are April 17, 2017 and April 15, 2042, respectively. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on the mortgage loan (the “Borrowers”). The Company incurred deferred financing fees of $8.1 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2010 Tower Securities.

2012 Tower Securities

On August 9, 2012, the Company, through the Trust, issued $610.0 million of Secured Tower Revenue Securities Series 2012 (the “2012 Tower Securities”) which have an anticipated repayment date of December 15, 2017 and a final maturity date of December 15, 2042. The fixed interest rate of the 2012 Tower Securities is 2.933% per annum, payable monthly. The Company incurred deferred financing fees of $14.9 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2012 Tower Securities.

2013 Tower Securities

On April 18, 2013, the Company, through the Trust, issued $425.0 million of 2.240% Secured Tower Revenue Securities Series 2013-1C which have an anticipated repayment date of April 17, 2018 and a final maturity date of April 17, 2043,  $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C which have an anticipated repayment date of April 17, 2023 and a final maturity date of April 17, 2048, and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D which have an anticipated repayment date of April 17, 2018 and a final maturity date of April 17, 2043 (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218% and a weighted average life through the anticipated repayment date of 7.2 years. The Company incurred deferred financing fees of $25.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2013 Tower Securities.

2014 Tower Securities

On October 15, 2014, the Company, through the Trust, issued $920.0 million of 2.898% Secured Tower Revenue Securities Series 2014-1C which have an anticipated repayment date of October 15, 2019 and a final maturity date of October 17, 2044, and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C which have an anticipated repayment date of October 15, 2024 and a final maturity date of October 15, 2049 (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289% and a weighted average life through the anticipated repayment date of 7.0 years. The Company incurred deferred financing fees of $22.4 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities.

As of March 31, 2015, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

4.0% Convertible Senior Notes due 2014

The 4.0% Convertible Senior Notes (the “4.0% Notes”) matured and were repaid on October 1, 2014. During the three months ended March 31, 2015, the Company settled the remaining outstanding warrants originally sold in connection with its 4.0% Notes. The warrants represented approximately 2.1 million underlying shares of Class A common stock, and the Company satisfied its obligations by paying $150.9 million in cash, of which $15.6 million was paid in the second quarter of 2015.

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Senior Notes

5.75% Senior Notes

On July 13, 2012, SBA Telecommunications, LLC (“Telecommunications”) issued $800.0 million of unsecured senior notes due July 15, 2020 (the “5.75% Notes”). The 5.75% Notes accrue interest at a rate of 5.75% and were issued at par. Interest on the 5.75% Notes is due semi-annually on July 15 and January 15 of each year. The Company incurred deferred financing fees of $14.0 million in relation to this transaction which are being amortized through the maturity date.

SBA Communications Corporation (“SBAC”) is a holding company with no business operations of its own and its only significant asset is the outstanding capital stock of Telecommunications. Telecommunications is 100% owned by SBAC.  SBAC has fully and unconditionally guaranteed the Senior Notes issued by Telecommunications.

5.625% Senior Notes

On September 28, 2012, the Company issued $500.0 million of unsecured senior notes due October 1, 2019 (the “5.625% Notes”). The 5.625% Notes accrue interest at a rate of 5.625% per annum and were issued at par. Interest on the 5.625% Notes is due semi-annually on April 1 and October 1 of each year. The Company incurred deferred financing fees of $8.6 million in relation to this transaction which are being amortized through the maturity date.

4.875% Senior Notes

On July 1, 2014, the Company issued $750.0 million of unsecured senior notes due July 15, 2022 (the “4.875% Notes”). The 4.875% Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 4.875% Notes is due semi-annually on January 15 and July 15 of each year. The Company incurred deferred financing fees of $11.6 million in relation to this transaction which are being amortized through the maturity date.

11.SHAREHOLDERS’ EQUITY

Common Stock equivalents

The Company has potential common stock equivalents related to its outstanding stock options (see Note 12), restricted stock units, the warrants related to the4.0% Notes(see Note 10), and for the first quarter of 2014, the 4.0% Notes. These potential common stock equivalents were considered in the Company’s diluted earnings (loss) per share calculation (see Note 15).

Stock Repurchases

The Company’s Board of Directors authorized a stock repurchase program on April 27, 2011. This program authorizes the Company to purchase, from time to time, up to $300.0 million of the Company’s outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. This program became effective on April 28, 2011 and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in the Company’s sole discretion.

During the three months ended March 31, 2015, the Company did not repurchase any shares in conjunction with the stock repurchase program. As of March 31, 2015, the Company had a remaining authorization to repurchase an additional $150.0 million of its common stock under its current $300.0 million stock repurchase program. 

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12.STOCK-BASED COMPENSATION

Stock Options

The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility. Historical data is used to estimate the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model:

	For the three months ended
	March 31,
	2015	2014
Risk free interest rate	1.31% - 1.45%	1.15%
Dividend yield	0.0%	0.0%
Expected volatility	20.0%	22.0%
Expected lives	4.6 years	4.4 years

The following table summarizes the Company’s activities with respect to its stock option plans for the three months ended March 31, 2015 as follows (dollars and number of shares in thousands, except for per share data):

				Weighted-
		Weighted-		Average
		Average		Remaining
	Number	Exercise Price		Contractual	Aggregate
	of Shares	Per Share		Life (in years)	Intrinsic Value
Outstanding at December 31, 2014	3,276	$	66.85
Granted	1,038	$	124.56
Exercised	(217)	$	46.91
Canceled	(12)	$	102.71
Outstanding at March 31, 2015	4,085	$	82.53	5.1	$	148,878
Exercisable at March 31, 2015	1,591	$	54.58	3.7	$	99,482
Unvested at March 31, 2015	2,494	$	100.38	6.0	$	49,396

The weighted-average fair value of options granted during the three months ended March 31, 2015 and 2014 was $24.76 and $19.48, respectively. The total intrinsic value for options exercised during the three months ended March 31, 2015 and 2014 was $16.2 million and $23.0 million, respectively.

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity for the three months ended March 31, 2015:

		Weighted-
		Average
		Grant Date
	Number of	Fair Value per
	Units	Share
	(in thousands)
Outstanding at December 31, 2014	295	$	73.55
Granted	104	$	124.56
Vested	(112)	$	64.01
Forfeited/canceled	(1)	$	102.59
Outstanding at March 31, 2015	286	$	95.60

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13.INCOME TAXES

The primary reason for the difference in the Company’s effective tax rate and the US statutory rate is a result of the Company having a full valuation allowance on its US net deferred tax assets.The Company has concluded that it is not more likely than not that its deferred tax assets will be realized and has recorded a full valuation allowance. A foreign tax provision is recognized because certain international subsidiaries of the Company have profitable operations or a net deferred tax liability position.

14.SEGMENT DATA

The Company operates in two business segments  (site leasing and site development) and hasthree reportable segments (domestic site leasing, international site leasing, and site development).  The Company’s site leasing segments offer different services than its site development segment, and each are strategic business units.They are managed separately based on the fundamental differences in their operations. The domestic and international site leasing segments include results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities.

Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.

Commencing in the second quarter of 2014, the Company revised the presentation of its site leasing business into two reportable segments, domestic site leasing and international site leasing as a result of its international site leasing revenues exceeding 10% of total revenues. All prior periods have been recast to conform to the current year presentation.

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment (1)		Total
For the three months ended March 31, 2015	(in thousands)
Revenues	$	305,950	$	63,777	$	40,367	$	—	$	410,094
Cost of revenues (2)		61,686		18,531		30,893		—		111,110
Operating profit		244,264		45,246		9,474		—		298,984
Selling, general, and administrative		17,655		3,893		2,122		6,214		29,884
Acquisition related adjustments and expenses		476		863		—		—		1,339
Asset impairment and decommission costs		6,594		228		—		—		6,822
Depreciation, amortization and accretion		137,460		32,426		707		1,260		171,853
Operating income (loss)		82,079		7,836		6,645		(7,474)		89,086
Other expense (principally interest expense
and other expense)								(165,153)		(165,153)
Loss before provision for income taxes										(76,067)
Cash capital expenditures (3)		91,402		21,775		1,831		7,835		122,843
For the three months ended March 31, 2014
Revenues	$	275,061	$	34,259	$	36,230	$	—	$	345,550
Cost of revenues (2)		62,214		7,526		27,427		—		97,167
Operating profit		212,847		26,733		8,803		—		248,383
Selling, general, and administrative		16,852		3,725		1,956		2,143		24,676
Acquisition related adjustments and expenses		4,513		4,048		—		—		8,561
Asset impairment and decommission costs		2,777		791		—		—		3,568
Depreciation, amortization and accretion		125,418		17,017		519		1,488		144,442
Operating income (loss)		63,287		1,152		6,328		(3,631)		67,136
Other expense (principally interest expense
and other expense)								(64,043)		(64,043)
Income before provision for income taxes										3,093
Cash capital expenditures (3)		274,140		683,559		759		1,548		960,006

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							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment (1)		Total
	(in thousands)
Assets
As of March 31, 2015	$	5,485,484	$	1,735,673	$	68,195	$	237,947	$	7,527,299
As of December 31, 2014	$	5,554,753	$	1,989,571	$	78,633	$	218,168	$	7,841,125

(1)Assets not identified by segment consist primarily of general corporate assets.

(2)Excludes depreciation, amortization, and accretion.

(3)Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions.

15.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding and any dilutive Common Stock equivalents, including unvested restricted stock and shares issuable upon exercise of stock options as determined under the “If-Converted” method and also Common Stock warrants as determined under the “Treasury Stock” method.

The following table sets forth basic and diluted income from continuing operations per common share for the three months ended March 31, 2015 and 2014 (in thousands, except per share data):

	For the three months
	ended March 31,
	2015		2014
Numerator:
Net (loss) income	$	(79,030)	$	1,407
Denominator:
Basic weighted-average shares outstanding		129,235		128,560
Dilutive impact of stock options and restricted shares		—		1,262
Dilutive impact of common stock warrants		—		8,534
Diluted weighted-average shares outstanding		129,235		138,356
Earnings (loss) per share attributable to continuing operations:
Basic	$	(0.61)	$	0.01
Diluted	$	(0.61)	$	0.01

For the three months ended March 31, 2015, all potential common stock equivalents, including 4.1 million shares of stock options outstanding and 0.3 million shares of restricted stock outstanding, were excluded as the effect would be anti-dilutive.For the three months ended March 31, 2014, the diluted weighted average number of common shares outstanding excluded 0.3 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive. For the three months ended March 31, 2014, 16.5 million common share equivalents related to the 4.0% Notes were excluded from the dilutive common shares because the impact would be anti-dilutive.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We are a leading independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” or “sites.” Our principal operations are in the United States and its territories. In addition, we own and operate towers in Brazil, Canada, and Central America. Our primary business line is our site leasing business, which contributed 96.8% of our total segment operating profit for the three months ended March 31, 2015. In our site leasing business, we (1) lease antenna space to wireless service providers on towers that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of March 31, 2015, we owned 24,393 sites, a substantial portion of which have been built by us or built by other tower owners or operators who, like us, have built such towers to lease space to multiple wireless service providers. We also managed or leased approximately 5,000 actual or potential sites, approximately 500 of which were revenue producing as of March 31, 2015. Our other business line is our site development business, through which we assist wireless service providers in developing and maintaining their own wireless service networks.

Site Leasing Services

Our primary focus is the leasing of antenna space on our multi-tenant towers to a variety of wireless service providers under long-term lease contracts in the United States, Canada, Central America, and Brazil. Site leasing revenues are received primarily from wireless service provider tenants, including AT&T, Sprint, Verizon Wireless, T-Mobile, Oi S.A., Digicel, Claro, and Telefonica. Wireless service providers enter into different tenant leases with us, each of which relates to the lease or use of space at an individual tower. In the United States and Canada, our tenant leases are generally for an initial term of five to ten years with five 5-year renewal periods at the option of the tenant. These tenant leases typically contain specific rent escalators, which average 3-4% per year, including the renewal option periods. Tenant leases in our Central American and Brazilian markets typically have an initial term of 10 years with 5-year renewal periods. In Central America, we have similar rent escalators to that of leases in the United States and Canada while our leases in Brazil escalate in accordance with a standard cost of living index.

In our Central American markets, significantly all of our revenue, expenses, and capital expenditures arising from our new build activities are denominated in U.S. dollars. Specifically, most of our ground leases, tenant leases, and tower-related expenses are due and paid in U.S. dollars. In our Central American markets, our local currency obligations are principally limited to (1) permitting and other local fees, (2) utilities, and (3) taxes. In our Canadian and Brazilian operations, significantly all of our revenue, expenses, and capital expenditures, including tenant leases, ground leases, and other tower-related expenses are denominated in local currency.

Cost of site leasing revenue primarily consists of:

· Rental payments on ground leases and other underlying property interests;

· Straight-line rent adjustment for the difference between rental payments made and the expense recorded as if the payments had been made evenly throughout the lease term (which may include renewal terms) of the underlying property interests;

· Property taxes;

· Site maintenance and monitoring costs (exclusive of employee related costs);

· Utilities;

· Property insurance; and

· Deferred lease origination cost amortization.

Ground leases are generally for an initial term of five years or more with multiple renewal terms of five year periods at our option and provide for rent escalators which typically average 2-3% annually, or in Brazil adjust in accordance with a standard cost of living index. As of March 31, 2015, approximately 73% of our tower structures were located on parcels of land that we own, land subject to perpetual easements, or parcels of land in which we have a leasehold interest that extends beyond 20 years. For any given tower, costs are relatively fixed over a monthly or an annual time period. As such, operating costs for owned towers do not generally increase as a result of adding additional customers to the tower. The amount of direct costs associated with operating a tower varies from site to site depending on the taxing jurisdiction and the height and age of the tower. The ongoing maintenance requirements are typically minimal and include replacing lighting systems, painting a tower, or upgrading or repairing an access road or fencing.

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As indicated in the table below, our site leasing business generates substantially all of our total segment operating profit. For information regarding our operating segments, see Note 14 of our Condensed Notes to Consolidated Financial Statements included in this quarterly report.

	For the three months ended
	March 31,
Segment operating profit as a percentage of total	2015		2014
Domestic site leasing		81.7%		85.7%
International site leasing		15.1%		10.8%
Total site leasing		96.8%		96.5%

We believe that over the long-term, site leasing revenues will continue to grow as wireless service providers lease additional antenna space on our towers due to increasing minutes of network use and data transfer, network expansion and network coverage requirements. We believe our site leasing business is characterized by stable and long-term recurring revenues, predictable operating costs and minimal non-discretionary capital expenditures. Due to the relatively young age and mix of our tower portfolio, we expect future expenditures required to maintain these towers to be minimal. Consequently, we expect to grow our cash flows by (1) adding tenants to our towers at minimal incremental costs by using existing tower capacity or requiring wireless service providers to bear all or a portion of the cost of tower modifications and (2) executing monetary amendments as wireless service providers upgrade their equipment. Furthermore, because our towers are strategically positioned and our customers typically do not relocate, we have historically experienced low tenant lease terminations as a percentage of revenue.

Site Development Services

Our site development business, which is conducted in the United States only, is complementary to our site leasing business and provides us the ability to keep in close contact with the wireless service providers who generate substantially all of our site leasing revenue and to capture ancillary revenues that are generated by our site leasing activities, such as antenna and equipment installation at our tower locations. Site development services revenues are earned primarily from providing a full range of end to end services to wireless service providers or companies providing development or project management services to wireless service providers. Our services include: (1) network pre-design; (2) site audits; (3) identification of potential locations for towers and antennas; (4) support in buying or leasing of the location; (5) assistance in obtaining zoning approvals and permits; (6) tower and related site construction; (7) antenna installation; and (8) radio equipment installation, commissioning, and maintenance. We provide site development services at our towers and at towers owned by others.

Critical Accounting Policies and Estimates

We have identified the policies and significant estimation processes listed in the Annual Report on Form 10-K as critical to our business operations and the understanding of our results of operations. The listing is not intended to be a comprehensive list. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management’s judgment in their application. In other cases, management is required to exercise judgment in the application of accounting principles with respect to particular transactions. The impact and any associated risks related to these policies on our business operations is discussed throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations” where such policies affect reported and expected financial results. For a detailed discussion on the application of these and other accounting policies, see Note 2 of our Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2014. Our preparation of our financial statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. There can be no assurance that actual results will not differ from those estimates and such differences could be significant.

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RESULTS OF OPERATIONS

Three months ended March 31, 2015 compared to three months ended March 31, 2014

Revenues and Segment Operating Profit:

	For the three months ended
	March 31,				Dollar		Percentage
	2015		2014		Change		Change
Revenues	(in thousands)
Domestic site leasing	$	305,950	$	275,061	$	30,889		11.2%
International site leasing		63,777		34,259		29,518		86.2%
Site development		40,367		36,230		4,137		11.4%
Total	$	410,094	$	345,550	$	64,544		18.7%
Cost of Revenues
Domestic site leasing	$	61,686	$	62,214	$	(528)		(0.8%)
International site leasing		18,531		7,526		11,005		146.2%
Site development		30,893		27,427		3,466		12.6%
Total	$	111,110	$	97,167	$	13,943		14.3%
Operating Profit
Domestic site leasing	$	244,264	$	212,847	$	31,417		14.8%
International site leasing		45,246		26,733		18,513		69.3%
Site development		9,474		8,803		671		7.6%

Revenues

Totalrevenues increased $64.5 million for the three months ended March 31, 2015, as compared to the prior year, due largely to (i) revenues from 4,089 towers acquired and 504 towers built since January 1, 2014 and (ii) organic site leasing growth from new leases, contractual rent escalators, and lease amendments which increased the related rent to compensate for additional equipment added to our towers.The increase in total revenues includes the negative impact of $3.5 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Domestic site leasing revenues increased $30.9 million for the three months ended March 31, 2015, as compared to the prior year, due largely to (i) revenues from 377 towers acquired and 164 towers built since January 1, 2014 and (ii) organic site leasing growth from new leases, contractual rent escalators, and lease amendments which increased the related rent to compensate for additional equipment added to our towers.

International site leasing revenues increased $29.5 million for the three months ended March 31, 2015, as compared to the prior year, due largely to (i) revenues from 3,712 towers acquired, primarily the acquisition of 3,648 towers from two Oi S.A. acquisitions in March 2014 and December 2014, and 340 towers built since January 1, 2014 and (ii) organic site leasing growth from new leases, contractual rent escalators, and lease amendments which increased the related rent to compensate for additional equipment added to our towers. The increase in international site leasing revenues includes the negative impact of $3.5 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Site development revenues increased $4.1 million for the three months ended March 31, 2015, as compared to the prior year, as a result of an increase in the volume of work performed due to the timing of our wireless carrier customers’ initiatives, in particular the Sprint 2.5 GHz initiative.

Operating Profit

Domestic site leasing segment operating profit increased  $31.4 million for the three months ended March 31, 2015, as compared to the prior year, primarily due to additional profit generated by (i) towers acquired and built since January 1, 2014  and organic site leasing growth as noted above, (ii) improving control of our site leasing cost of revenue, and (iii) the positive impact of our ground lease purchase program.

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International site leasing segment operating profit increased  $18.5 million for the three months ended March 31, 2015, as compared to the prior year, primarily due to additional profit generated by (i) towers acquired and built since January 1, 2014  and organic site leasing growth as noted above, (ii) improving control of our site leasing cost of revenue, and (iii) the positive impact of our ground lease purchase program. The increase in international segment operating profit includes the negative impact of $2.8 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Site development segment operating profit increased  $0.7 million for the threemonths ended March 31, 2015 as compared to the prior year, primarily due to higher margin carrier direct work performed in the current year, in particular the Sprint 2.5 GHz initiative.

Selling, General, and Administrative Expenses:

	For the three months ended
	March 31,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Total	$	29,884	$	24,676	$	5,208		21.1%

Selling, general, and administrative expenses increased  $5.2 million for the three months ended March 31, 2015, as compared to the prior year, primarily as a result of an increase in personnel, salaries, benefits, non-cash compensation, and other support costs due in large part to our continued portfolio expansion. The increase in selling, general, and administrative expenses includes the positive impact of $0.3 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Acquisition Related Adjustments and Expenses:  

	For the three months ended
	March 31,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	476	$	4,513	$	(4,037)		(89.5%)
International site leasing		863		4,048		(3,185)		(78.7%)
Total	$	1,339	$	8,561	$	(7,222)		(84.4%)

Acquisition related adjustments and expenses decreased  $7.2 million for the three months ended March 31, 2015, as compared to the prior year, primarily as a result of a reduction in the number of acquisitions compared to the prior year which included 2,007 towers acquired from Oi S.A., as well as, $2.2 million related to the reduction of estimated pre-acquisition contingencies. The decrease in acquisition related adjustments and expenses includes the positive impact of $0.9 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Asset Impairment and Decommission Costs:

	For the three months ended
	March 31,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	6,594	$	2,777	$	3,817		137.5%
International site leasing		228		791		(563)		(71.2%)
Total	$	6,822	$	3,568	$	3,254		91.2%

Asset impairment and decommission costs increased $3.3 million for the three months ended March 31, 2015, as compared to the prior year, primarily as a result of a  $2.2 million increase related to the disposition of higher net book value towers and an increase in other third party decommission costs. In addition, the increase in the asset impairment and decommission costs includes $1.1 million in disposal costs related to our former corporate headquarters building for the three months ended March 31, 2015. 

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Depreciation, Accretion, and Amortization Expenses:  

	For the three months ended
	March 31,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	137,460	$	125,418	$	12,042		9.6%
International site leasing		32,426		17,017		15,409		90.6%
Total site leasing	$	169,886	$	142,435	$	27,451		19.3%
Site development		707		519		188		36.2%
Not identified by segment		1,260		1,488		(228)		(15.3%)
Total	$	171,853	$	144,442	$	27,411		19.0%

Depreciation, accretion, and amortization expense increased  $27.4 million for the three months ended March 31, 2015, as compared to the prior year, due to the increase in the number of towers we acquired and built since January 1, 2014. The increase in depreciation, accretion, and amortization expense includes the positive impact of $1.6 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Operating Income:

	For the three months ended
	March 31,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	82,079	$	63,287	$	18,792		29.7%
International site leasing		7,836		1,152		6,684		580.2%
Total site leasing	$	89,915	$	64,439	$	25,476		39.5%
Site development		6,645		6,328		317		5.0%
Not identified by segment		(7,474)		(3,631)		(3,843)		105.8%
Total	$	89,086	$	67,136	$	21,950		32.7%

Domestic site leasing operating income increased $18.8 million for the three months ended March 31, 2015, as compared to the prior year, primarily due to higher segment operating profit and a reduction in acquisition related adjustments and expenses, partially offset by increases in asset impairment and decommission costs and depreciation, accretion, and amortization expense.

International site leasing operating income increased $6.7 million for the three months ended March 31, 2015, as compared to the prior year, primarily due to higher segment operating profit and a reduction in acquisition related adjustments and expenses, partially offset by increases in depreciation, accretion, and amortization expense. Fluctuations in foreign currency exchange rates had an immaterial impact for the three months ended March 31, 2015 when compared to the prior year.

Site development operating income increased $0.3 million for the three months ended March 31, 2015, as compared to the prior year, primarily due to higher segment operating profit, partially offset by increases in selling, general, and administrative expenses and depreciation, accretion, and amortization expense.

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Other Income (Expense):

	For the three months ended
	March 31,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Interest income	$	293	$	86	$	207		240.7%
Interest expense		(77,654)		(66,027)		(11,627)		17.6%
Non-cash interest expense		(280)		(10,304)		10,024		(97.3%)
Amortization of deferred financing fees		(4,544)		(4,237)		(307)		7.2%
Loss from extinguishment of debt, net		—		(1,951)		1,951		(100.0%)
Other (expense) income		(82,968)		18,390		(101,358)		(551.2%)
Total	$	(165,153)	$	(64,043)	$	(101,110)		157.9%

Interest expense increased  $11.6 million due to the higher average principal amount of cash-interest bearing debt outstanding for the three months ended March 31, 2015 compared to the prior year, primarily resulting from the issuance of the 2014 Tower Securities and the 4.875% Notes, partially offset by the full repayment of the 2010-1C Tower Securities, the full redemption of the 8.25% Notes, and the settlement of the 4.0% Notes.

Non-cash interest expense decreased  $10.0 million for the three months ended March 31, 2015, as compared to the prior year, primarily due to the maturity of the 4.0% Notes as well as the full redemption of the 8.25% Notes.

Loss from extinguishment of debt decreased  $2.0 million for the three months ended March 31, 2015, as compared to the prior year, primarily due to the repayment of the 2011 Term Loan and the 2012-2 Term Loan during the prior year quarter.

Otherexpense increased by $101.4 million for the three months ended March 31, 2015, as compared to the prior year, primarily due to a $84.0 million loss related to the remeasurement of an  intercompany loannot denominated in the functional currency during the three months ended March 31, 2015 as compared to a $17.9 million gain realized on the settlement of two foreign currency contracts which were entered into and settled during the first quarter of 2014 in order to hedge the purchase price of the Oi S.A. acquisition in Brazil which closed March 31, 2014.

Net (Loss) Income:  

	For the three months ended
	March 31,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Net (loss) income	$	(79,030)	$	1,407	$	(80,437)		(5,716.9%)

Net loss was $79.0 million for the three months ended March 31, 2015 as compared to net income of $1.4 million in the prior year,anincrease of $80.4 million.The increase is primarily due to anincrease in other expense, selling, general and administrative expenses,  depreciation, accretion, and amortization expense, and interest expense, offset by an increase in our total segment operating profit and a decrease in acquisition related adjustments and expenses as compared to the prior year quarter. The increase in net loss includes the positive impact of $0.1 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

NON-GAAP FINANCIAL MEASURES

This report contains information regarding a non-GAAP measure, Adjusted EBITDA. We have provided below a description of Adjusted EBITDA, a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure and an explanation as to why management utilizes this measure.

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Adjusted EBITDA

We define Adjusted EBITDA as net (loss) income excluding the impact of non-cash straight-line leasing revenue, non-cash straight-line ground lease expense, non-cash compensation, net loss from extinguishment of debt, other income and expenses, acquisition related adjustments and expenses, asset impairment and decommission costs, interest income, interest expenses, depreciation, accretion, and amortization, and provision for or benefit from taxes.

We believe that Adjusted EBITDA is an indicator of the financial performance of our core businesses. Adjusted EBITDA is a component of the calculation that has been used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement and the indentures relating to our 5.625% Notes, 5.75% Notes, and 4.875% Notes. Adjusted EBITDA is not intended to be an alternative measure of operating income or gross profit margin as determined in accordance with GAAP.

	For the three months ended
	March 31,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Net (loss) income	$	(79,030)	$	1,407	$	(80,437)		(5,716.9%)
Non-cash straight-line leasing revenue		(14,235)		(11,027)		(3,208)		29.1%
Non-cash straight-line ground lease expense		8,716		8,973		(257)		(2.9%)
Non-cash compensation		6,988		4,618		2,370		51.3%
Loss from extinguishment of debt, net		—		1,951		(1,951)		(100.0%)
Other expense (income)		82,968		(18,390)		101,358		(551.2%)
Acquisition related adjustments and expenses		1,339		8,561		(7,222)		(84.4%)
Asset impairment and decommission costs		6,822		3,568		3,254		91.2%
Interest income		(293)		(86)		(207)		240.7%
Interest expense (1)		82,478		80,568		1,910		2.4%
Depreciation, accretion, and amortization		171,853		144,442		27,411		19.0%
Provision for taxes (2)		3,420		2,084		1,336		64.1%
Adjusted EBITDA	$	271,026	$	226,669	$	44,357

(1)Interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees.

(2)Provision for taxes includes $457 and $398 of franchise taxes reflected in selling, general, and administrative expenses on the Consolidated Statement of Operations for the three months ended March 31, 2015 and2014, respectively.

Adjusted EBITDA was $271.0 million for the three months ended March 31, 2015 as compared to $226.7 million for the three months ended March 31, 2014. The increase of $44.4 million is primarily the result of increased segment operating profit from our domestic site leasing, international site leasing, and site development segments offset partially by the increase in our cash selling, general, and administrative expenses. The increase in Adjusted EBITDA includes the negative impact of $2.0 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

LIQUIDITY AND CAPITAL RESOURCES

SBA Communications Corporation (“SBAC”) is a holding company with no business operations of its own. SBAC’s only significant asset is the outstanding capital stock of SBA Telecommunications, LLC (“Telecommunications”), which is also a holding company that owns equity interests in entities that directly or indirectly own all of our domestic and international towers and assets. We conduct all of our business operations through Telecommunications’ subsidiaries. Accordingly, our only source of cash to pay our obligations, other than financings, is distributions with respect to our ownership interest in our subsidiaries from the net earnings and cash flow generated by these subsidiaries.

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A summary of our cash flows is as follows:

	For the three months ended
	March 31,
	2015		2014
	(in thousands)
Cash provided by operating activities	$	178,408	$	160,215
Cash used in investing activities		(121,554)		(941,556)
Cash (used in) provided by financing activities		(31,529)		964,162
Increase in cash and cash equivalents		25,325		182,821
Effect of exchange rate changes on cash and cash equivalents		(2,397)		17,981
Cash and cash equivalents, beginning of the period		39,443		122,112
Cash and cash equivalents, end of the period	$	62,371	$	322,914

Operating Activities

Cash provided by operating activities was $178.4 million for the three months ended March 31, 2015 as compared to $160.2 million for the three months ended March 31, 2014. This increase was primarily due to an increase in segment operating profit from domestic site leasing, international site leasing, and site development operating segments and a decrease in acquisition related adjustments and expenses partially offset by increases in cash outflows associated with working capital changes, increased selling, general, and administrative expenses, and increased cash interest payments relating to the higher average amount of cash-interest bearing debt outstanding for the three months ended March 31, 2015 compared to the three months ended March 31, 2014 and the timing of interest payments related to our 4.875% Notes.

Investing Activities

A detail of our cash capital expenditures is as follows:

	For the three months
	ended March 31,
	2015		2014
	(in thousands)
Acquisitions (1)	$	42,630	$	918,071
Construction and related costs on new tower builds		31,037		16,236
Augmentation and tower upgrades		22,232		11,120
Ground lease buyouts (2)		10,649		9,582
Purchase/refurbishment of headquarters building		7,455		144
Tower maintenance		6,421		2,965
General corporate		955		1,773
Total cash capital expenditures	$	121,379	$	959,891

(1) Included in our cash capital expenditures for the three months ended March 31, 2014 is $673.9 million related to our acquisition of 2,007 towers from Oi S.A. which closed on March 31, 2014.

(2) Excludes $3.3 million and $1.3 million spent on ground lease extensions and term easements for the three months ended March 31, 2015 and 2014, respectively.

Subsequent to March 31, 2015 and through April 23, 2015, the date of our most recent public earnings press release, we acquired 20 towers for $17.6 million in cash.Subsequent to April 23, 2015 and through the date of this filing, we did not complete any material acquisitions.

During all of 2015, inclusive of the capital expenditures made during the three months ended March 31, 2015, we expect to incur non-discretionary cash capital expenditures associated with tower maintenance and general corporate expenditures of $29.0 million to $39.0 million and discretionary cash capital expenditures, based on current acquisition obligations, planned new tower construction, forecasted tower augmentations, and forecasted ground lease purchases, of $540.0 million to $560.0 million as well as potential, additional tower acquisitions not yet under contract. We expect to fund these cash capital expenditures from cash on hand,

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cash flow from operations, and borrowings under the Revolving Credit Facility or new financings. The exact amount of our future cash capital expenditures will depend on a number of factors including amounts necessary to support our tower portfolio, our new tower build and acquisition programs, and our ground lease purchase program.

Financing Activities

On February 5, 2015, we entered into an amendment to our Revolving Credit Facility to (1) increase the size of the facility by $230.0 million to $1.0 billion, (2) extend the maturity date to February 5, 2020, and (3) lower the applicable interest rate margins and commitment fees depending on Borrower leverage (as defined in the Senior Credit Agreement).

During the three months ended March 31, 2015, we borrowed $135.0 million and repaid $25.0 million under the Revolving Credit Facility. As of March 31, 2015, we had $235.0 million outstanding under the $1.0 billion Revolving Credit Facility. As of the date of this filing, $235.0 million was outstanding under the Revolving Credit Facility, and the amount available based on specified covenants under the facility was $765.0 million.

During the first quarter, we settled the remaining outstanding warrants originally sold in connection with the 4.0% Notes. The warrants represented approximately 2.1 million underlying shares of Class A common stock, and we satisfied our obligations by paying $150.9 million in cash, of which $15.6 million was paid in the second quarter of 2015.

During the three months ended March 31, 2015, we did not repurchase any shares of our Class A common stock under our stock repurchase program. As of March 31, 2015, we had a remaining authorization to repurchase $150.0 million of Class A common stock under our current $300.0 million stock repurchase program.

Registration Statements

We have on file with the Commission a shelf registration statement on Form S-4 registering shares of Class A common stock that we may issue in connection with the acquisition of wireless communication towers or antenna sites and related assets or companies who own wireless communication towers, antenna sites, or related assets. During the three months ended March 31, 2015, we did not issue any shares of Class A common stock under this registration statement. As of March 31, 2015, we had approximately 1.7 million shares of Class A common stock remaining under this shelf registration statement.

On March 3, 2015, we filed with the Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR. This registration statement enables us to issue shares of our Class A common stock, preferred stock or debt securities either separately or represented by warrants, or depositary shares as well as units that include any of these securities. Under the rules governing automatic shelf registration statements, we will file a prospectus supplement and advise the Commission of the amount and type of securities each time we issue securities under this registration statement. No shares were issued in 2014 or through the date of this filing.

Debt Instruments and Debt Service Requirements

Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility is governed by the Senior Credit Agreement. On February 5, 2015, SBA Senior Finance II entered into the 2015 Revolving Refinancing Amendment with several banks and other financial institutions or entities from time to time parties to the Senior Credit Agreement to, among other things, (i) increase the availability under our Revolving Credit Facility from $770.0 million to $1.0 billion, (ii) extend the maturity date of the Revolving Credit Facility to February 5, 2020, (iii) provide for the ability to borrow in U.S. dollars and certain designated foreign currencies, and (iv) lower the applicable interest rate margins and commitment fees under the Revolving Credit Facility.

As amended February 2015, the Revolving Credit Facility consists of a revolving loan under which up to $1.0 billion aggregate principal amount may be borrowed, repaid and redrawn, subject to compliance with specific financial ratios and the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (i) the Eurodollar Rate plus a margin that ranges from 137.5 basis points to 200.0 basis points or (ii) the Base Rate plus a margin that ranges from 37.5 basis points to 100.0 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of 0.25% per annum on the amount of unused commitment. If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, February 5, 2020. The proceeds available under the Revolving Credit Facility may be used for general corporate purposes.

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SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of a period may not be reflective of the total amounts outstanding during such period. As of March 31, 2015, the Revolving Credit Facility was accruing interest at 1.93% per annum.

During the three months ended March 31, 2015, we borrowed $135.0 million and repaid $25.0 million of the outstanding balance under the Revolving Credit Facility. As of March 31, 2015, $235.0 million was outstanding under the Revolving Credit Facility.

Subsequent to March 31, 2015, there have been no borrowings or repayments under the Revolving Credit Facility. As of the date of this filing, $235.0 million was outstanding under the Revolving Credit Facility, and the amount available based on specified covenants under the facility was $765.0 million.

As of March 31, 2015, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Term Loans under the Senior Credit Agreement

2012-1 Term Loan

The 2012-1 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $200.0 million that matures on May 9, 2017. The 2012-1 Term Loan accrues interest, at SBA Senior Finance II’s election, at either the Base Rate plus a margin that ranges from 100 to 150 basis points or the Eurodollar Rate plus a margin that ranges from 200 to 250 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA (calculated in accordance with the Senior Credit Agreement). As of March 31, 2015, the 2012-1 Term Loan was accruing interest at 2.43% per annum. Principal payments on the 2012-1 Term Loan commenced on September 30, 2012 and are being made in quarterly installments on the last day of each March, June, September and December, in an amount equal to $2.5 million for each of the first eight quarters, $3.8 million for the next four quarters and $5.0 million for each quarter thereafter. SBA Senior Finance II has the ability to prepay any or all amounts under the 2012-1 Term Loan without premium or penalty. To the extent not previously repaid, the 2012-1 Term Loan will be due and payable on the maturity date. The 2012-1 Term Loan was issued at par. We incurred deferred financing fees of $2.7 million in relation to this transaction which are being amortized through the maturity date.

During the three months ended March 31, 2015, we repaid $3.8 million of principal on the 2012-1 Term Loan. As of March 31, 2015, the 2012-1 Term Loan had a principal balance of $168.8 million.

2014 Term Loan

The 2014 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $1.5 billion that matures on March 24, 2021. The 2014 Term Loan accrues interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75%) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%). The 2014 Term Loan was issued at 99.75% of par value. As of March 31, 2015, the 2014 Term Loan was accruing interest at 3.25% per annum.  Principal payments on the 2014 Term Loan commenced on September 30, 2014 and will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $3.8 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2014 Term Loan. We incurred deferred financing fees of approximately $12.9 million to date in relation to this transaction which are being amortized through the maturity date.

During the three months ended March 31, 2015, we repaid $3.8 million of principal on the 2014 Term Loan. As of March 31, 2015, the 2014 Term Loan had a principal balance of $1.5 billion.

Secured Tower Revenue Securities

2010 Tower Securities

On April 16, 2010, we, through a New York common law trust (the “Trust”), issued $550.0 million ofSecured Tower Revenue Securities Series 2010-2 (the “2010 Tower Securities”). The 2010 Tower Securities have an annual interest rate of 5.101%. The anticipated repayment date and the final maturity date for the 2010 Tower Securities are April 17, 2017 and April 15, 2042, respectively. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on

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the mortgage loan (the “Borrowers”). We incurred deferred financing fees of $8.1 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2010 Tower Securities.

2012 Tower Securities

On August 9, 2012, we, through the Trust, issued $610.0 million of Secured Tower Revenue Securities Series 2012 (the “2012 Tower Securities”) which have an anticipated repayment date of December 15, 2017 and a final maturity date of December 15, 2042. The fixed interest rate of the 2012 Tower Securities is 2.933% per annum, payable monthly. We incurred deferred financing fees of $14.9 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2012 Tower Securities.

2013 Tower Securities

On April 18, 2013, we, through the Trust, issued $425.0 million of 2.240% Secured Tower Revenue Securities Series 2013-1C which have an anticipated repayment date of April 17, 2018 and a final maturity date of April 17, 2043, $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C which have an anticipated repayment date of April 17, 2023and a final maturity date of April 17, 2048, and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D which have an anticipated repayment date of April 17, 2018 and a final maturity date of April 17, 2043 (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218% and a weighted average life through the anticipated repayment date of 7.2 years. We incurred deferred financing fees of $25.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2013 Tower Securities.

2014 Tower Securities

On October 15, 2014, we, through the Trust, issued $920.0 million of 2.898% Secured Tower Revenue Securities Series 2014-1C which have an anticipated repayment date of October 15, 2019 and a final maturity date of October 17, 2044 and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C which have an anticipated repayment date of October 15, 2024 and a final maturity date of October 15, 2049 (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289% and a weighted average life through the anticipated repayment date of 7.0 years. We have incurred deferred financing fees of $22.4 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities.

As of March 31, 2015, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

Senior Notes

5.75% Senior Notes

On July 13, 2012, Telecommunications issued $800.0 million of unsecured senior notes due July 15, 2020 (the “5.75% Notes”). The 5.75% Notes accrue interest at a rate of 5.75% and were issued at par. Interest on the 5.75% Notes is due semi-annually on July 15 and January 15 of each year. We incurred deferred financing fees of $14.0 million in relation to this transaction which are being amortized through the maturity date.

5.625% Senior Notes

On September 28, 2012, we issued $500.0 million of unsecured senior notes due October 1, 2019 (the “5.625% Notes”). The 5.625% Notes accrue interest at a rate of 5.625% per annum and were issued at par. Interest on the 5.625% Notes is due semi-annually on April 1 and October 1 of each year. We incurred deferred financing fees of $8.6 million in relation to this transaction which are being amortized through the maturity date.

4.875% Senior Notes

On July 1, 2014, we issued $750.0 million of unsecured senior notes due July 15, 2022 (the “4.875% Notes”). The 4.875% Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 4.875% Notes is due semi-annually on January 15 and July 15 of each year. We incurred deferred financing fees of $11.6 million in relation to this transaction which are being amortized through the maturity date.  

29

Debt Service

As of March 31, 2015, we believe that our cash on hand, capacity available under our Revolving Credit Facility, our cash flows from operations for the next twelve months, and future financings will be sufficient to service our outstanding debt during the next twelve months.

The following table illustrates our estimate of our debt service requirement over the next twelve months based on the amounts outstanding as of March 31, 2015 and the interest rates accruing on those amounts on such date (in thousands):

5.625% Senior Notes due 2019	$	28,125
5.750% Senior Notes due 2020		46,000
4.875% Senior Notes due 2022		36,563
5.101% Secured Tower Revenue Securities Series 2010-2		28,230
2.933% Secured Tower Revenue Securities Series 2012		18,085
2.240% Secured Tower Revenue Securities Series 2013-1C		9,655
3.722% Secured Tower Revenue Securities Series 2013-2C		21,584
3.598% Secured Tower Revenue Securities Series 2013-1D		11,978
2.898% Secured Tower Revenue Securities Series 2014-1C		26,954
3.869% Secured Tower Revenue Securities Series 2014-2C		24,185
Revolving Credit Facility		6,448
2012-1 Term Loan A		22,691
2014 Term Loan B		63,202
Total debt service for next 12 months	$	343,699

30

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to certain market risks that are inherent in our financial instruments. These risks arise from transactions entered into in the normal course of business.

The following table presents the future principal payment obligations and fair values associated with our long-term debt instruments assuming our actual level of long-term indebtedness as of March 31, 2015:

	2015		2016		2017		2018		2019		Thereafter		Total		Fair Value
Debt:	(in thousands)
5.625% Senior Notes due 2019	$	—	$	—	$	—	$	—	$	500,000	$	—	$	500,000	$	526,250
5.750% Senior Notes due 2020		—		—		—		—		—		800,000		800,000		839,000
4.875% Senior Notes due 2022		—		—		—		—		—		750,000		750,000		731,250
5.101% 2010-2 Tower
Securities (1)		—		—		550,000		—		—		—		550,000		573,359
2.933% 2012 Tower
Securities (1)		—		—		610,000		—		—		—		610,000		620,547
2.240% 2013-1C Tower
Securities (1)		—		—		—		425,000		—		—		425,000		424,681
3.722% 2013-2C Tower
Securities (1)		—		—		—		—		—		575,000		575,000		593,941
3.598% 2013-1D Tower
Securities (1)		—		—		—		330,000		—		—		330,000		329,987
2.898% 2014-1C Tower
Securities (1)		—		—		—		—		920,000		—		920,000		933,349
3.869% 2014-2C Tower
Securities (1)		—		—		—		—		—		620,000		620,000		646,034
Revolving Credit Facility		—		—		—		—		—		235,000		235,000		235,000
2012-1 Term Loan		13,750		20,000		135,000		—		—		—		168,750		168,539
2014 Term Loan		11,250		15,000		15,000		15,000		15,000		1,417,500		1,488,750		1,481,306
Total debt obligation	$	25,000	$	35,000	$	1,310,000	$	770,000	$	1,435,000	$	4,397,500	$	7,972,500	$	8,103,243

(1) The anticipated repayment date and the final maturity date for the 2010-2 Tower Securities is April 17, 2017 and April 15, 2042, respectively.

The anticipated repayment date and the final maturity date for the 2012 Tower Securities is December 15, 2017 and December 15, 2042, respectively.

The anticipated repayment date and the final maturity date for the 2013-1C Tower Securities is April 17, 2018 and April 17, 2043, respectively.

The anticipated repayment date and the final maturity date for the 2013-2C Tower Securities is April 17, 2023 and April 17, 2048, respectively.

The anticipated repayment date and the final maturity date for the 2013-1D Tower Securities is April 17, 2018 and April 17, 2043, respectively.

The anticipated repayment date and the final maturity date for the 2014-1C Tower Securities is October 15, 2019 and October 17, 2044, respectively.

The anticipated repayment date and the final maturity date for the 2014-2C Tower Securities is October 15, 2024 and October 15, 2049, respectively.

Our current primary market risk exposure is interest rate risk relating to (1) our ability to refinance our debt at commercially reasonable rates, if at all, and (2) interest rate risk relating to the impact of interest rate movements on our 2012-1 Term Loan and 2014 Term Loan and any borrowings that we may incur under our Revolving Credit Facility, which are at floating rates. We manage the interest rate risk on our outstanding debt through our large percentage of fixed rate debt. While we cannot predict our ability to refinance existing debt or the impact interest rate movements will have on our existing debt, we continue to evaluate our financial position on an ongoing basis.

31

We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil and Canada and to a lesser extent in Costa Rica, Guatemala, Nicaragua, El Salvador, and Panama. In each of these countries, we pay most of our selling, general, and administrative expenses and a portion of our operating expenses, such as taxes and utilities incurred in the country in local currency. In addition, in Brazil and Canada, we receive all of our revenue and pay all of our operating expenses in local currency. All transactions denominated in currencies other than the U.S. Dollar are reported in U.S. Dollars at the applicable exchange rate. All assets and liabilities are translated into U.S. Dollars at exchange rates in effect at the end of the applicable fiscal reporting period and all revenues and expenses are translated at average rates for the period. The cumulative translation effect is included in equity as a component of Accumulated other comprehensive income (loss). For the three months ended March 31, 2015, approximately 12.0% of our revenues and approximately 13.5% of our total operating expenses were denominated in foreign currencies.

We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Reais from the quoted foreign currency exchange rates at March 31, 2015. As of March 31, 2015, the analysis indicated that such an adverse movement would have caused our revenues and operating results to fluctuate by approximately 1% for the three months ended March 31, 2015.

As of March 31, 2015, we have incurred intercompany debt, which is denominated in a currency other than the functional currency of the subsidiary in which it is recorded. As this debt had not been designated as being a long-term investment in nature, any changes in the foreign currency exchange rates will result in unrealized gains or losses, which will be included in our determination of net income. A change of 10% in the underlying exchange rates of our unsettled intercompany debt at March 31, 2015 would have resulted in approximately $46.6 million of unrealized gains or losses that would have been included in Other expense in our condensed consolidated statements of operations for the three months ended March 31, 2015.

Special Note Regarding Forward-Looking Statements

This quarterly report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Specifically, this quarterly report contains forward-looking statements regarding:

· our expectations on the future growth and financial health of the wireless industry and the industry participants, and the drivers of such growth;

· our beliefs regarding our ability to capture and capitalize on industry growth and the impact of such growth on our financial and operational results; 

· our expectations regarding the opportunities in the international wireless markets in which we currently operate or have targeted for growth, our beliefs regarding how we can capitalize on such opportunities, and our intent to continue expanding internationally through new builds and acquisitions;

· our expectation that over the long-term, site leasing revenues will continue to grow as wireless service providers lease additional antenna space on our towers due to increasing minutes of network use and data transfer, network expansion and network coverage requirements and the rate of such growth, on an organic basis, in our domestic and international segments;

· our belief that our site leasing business is characterized by stable and long-term recurring revenues, predictable operating costs, and minimal non-discretionary capital expenditures;

· our expectation that, due to the relatively young age and mix of our tower portfolio, future expenditures required to maintain these towers will be minimal;

· our expectation that we will grow our cash flows by adding tenants to our towers at minimal incremental costs and executing monetary amendments;

· our expectations regarding the churn rate of our non-iDEN tenant leases;

· our intent to grow our tower portfolio, domestically and internationally, and our expectations regarding the pace of such growth;

· our expectations regarding foreign currency exchange rates;

· our expectation that we will continue our ground lease purchase program and the estimates of the impact of such program on our financial results;

· our expectation that we will continue to incur losses;

32

· our expectations regarding our future cash capital expenditures, both discretionary and non-discretionary, including expenditures required to maintain, improve, and modify our towers, ground lease purchases, and general corporate expenditures, and the source of funds for these expenditures;

· our intended use of our liquidity;

· our expectations regarding our annual debt service in 2015 and thereafter, and our belief that our cash on hand, cash flows fromoperations for the next twelve months and availability under our Revolving Credit Facility will be sufficient to service our outstanding debt during the next twelve months;

· our belief regarding our credit risk; and

· our estimates regarding certain accounting and tax matters.

These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement. The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following:

· the impact of consolidation among wireless service providers on our leasing revenue;

· our ability to continue to comply with covenants and the terms of our credit instruments and our ability to obtain additional financing to fund our capital expenditures;

· our ability to successfully manage the risks associated with international operations, including risks relating to political or economic conditions, tax laws, currency restrictions, legal or judicial systems, land ownership, and foreign currency exchange rates;  

· our ability to successfully manage the risks associated with our acquisition initiatives, including our ability to effectively integrate acquired towers into our business and to achieve the financial results projected in our valuation models for the acquired towers;

· developments in the wireless communications industry in general, and for wireless communications infrastructure providers in particular, that may slow growth or affect the willingness or ability of the wireless service providers to expend capital to fund network expansion or enhancements;

· our ability to secure as many site leasing tenants as anticipated, recognize our expected economies of scale with respect to new tenants on our towers, and retain current leases on towers; 

· our ability to secure and deliver anticipated services business at contemplated margins;

· our ability to build new towers, including our ability to identify and acquire land that would be attractive for our clients and to successfully and timely address zoning, permitting, weather, availability of labor and supplies and other issues that arise in connection with the building of new towers;

· competition for the acquisition of towers and other factors that may adversely affect our ability to purchase towers that meet our investment criteria and are available at prices which we believe will be accretive to our shareholders and allow us to maintain our long-term target leverage ratios;

· our ability to protect our rights to the land under our towers, and our ability to acquire land underneath our towers on terms that are accretive;

· our ability to sufficiently increase our revenues and maintain expenses and cash capital expenditures at appropriate levels to permit us to meet our anticipated uses of liquidity for operations, debt service and estimated portfolio growth;

· our ability to successfully estimate the impact of regulatory and litigation matters;

· our ability to successfully estimate the impact of certain accounting and tax matters, including the effect on our company of adopting certain accounting pronouncements and the availability of sufficient net operating losses to offset future taxable income;

· natural disasters and other unforeseen damage for which our insurance may not provide adequate coverage;

· a decrease in demand for our towers; and

· the introduction of new technologies or changes in a tenant’s business model that may make our tower leasing business less desirable to potential tenants.

33

ITEM 4. CONTROLS AND PROCEDURES

In order to ensure that the information we must disclose in our filings with the SEC is recorded, processed, summarized and reported on a timely basis, we have formalized our disclosure controls and procedures. Our principal executive officer and principal financial officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures, as defined in Securities and Exchange Act Rule 13a-15(e) as of March 31, 2015. Based on such evaluation, such officers have concluded that, as of March 31, 2015, our disclosure controls and procedures were effective.

There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 6. EXHIBITS

Exhibit No.	Description of Exhibits
*31.1	Certification by Jeffrey A. Stoops, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
*31.2	Certification by Brendan T. Cavanagh, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
*32.1	Certification by Jeffrey A. Stoops, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
*32.2	Certification by Brendan T. Cavanagh, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
**101.INS	XBRL Instance Document.
**101.SCH	XBRL Taxonomy Extension Schema Document.
**101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
**101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
**101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
**101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

*Filed herewith

**Furnished herewith

34

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, thereunto duly authorized.

	SBA COMMUNICATIONS CORPORATION
May8, 2015	/s/ Jeffrey A. Stoops
	Jeffrey A. Stoops
	Chief Executive Officer
	(Duly Authorized Officer)
May 8, 2015	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	Chief Financial Officer
	(Principal Financial Officer)

35

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jeffrey A. Stoops, Chief Executive Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of SBA Communications Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2015	By:	/s/ Jeffrey A. Stoops
	Name:	Jeffrey A. Stoops
	Title:	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Brendan T. Cavanagh, Chief Financial Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of SBA Communications Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

ren
Date: May 8, 2015	By:	/s/ Brendan T. Cavanagh
	Name:	Brendan T. Cavanagh
	Title:	Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification Required by 18 U.S.C. Section 1350

(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Quarterly Report of SBA Communications Corporation (the “Company”), on Form 10-Q for the period ended March 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeffrey A. Stoops, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act, that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 8, 2015	/s/ Jeffrey A. Stoops
	Jeffrey A. Stoops
	Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification Required by 18 U.S.C. Section 1350

(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Quarterly Report of SBA Communications Corporation (the “Company”), on Form 10-Q for the period ended March 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brendan T. Cavanagh, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act, that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 8, 2015	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	Chief Financial Officer

XML

Fair Value Measurements (Summary Of Accrued Earnout Activity) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Fair Value Measurements [Abstract]
Beginning balance, December 31,	$ 15,086	$ 30,063
Additions	1,372	1,048
Payments	(1,234)	(5,019)
Change in estimate	(1,552)	648
Foreign currency translation adjustments	319	(2,558)
Ending balance, March 31,	$ 13,353	$ 29,298

XML

Debt (Term Loans Under The Senior Credit Agreement) (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Repayment of term loans	$ 7,500,000	$ 293,000,000
Deferred financing fees	4,544,000	4,237,000
Debt instrument, principal balance	7,972,500,000		7,870,000,000
2012-1 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	200,000,000
Debt instrument, maturity date	May 09, 2017
Coupon rate of notes	2.43%
Deferred financing fees	2,700,000
Quarterly payments, first eight quarters	2,500,000
Quarterly payments, next four quarters	3,800,000
Quarterly payments, thereafter	5,000,000
Repayment of term loans	3,800,000
Debt instrument, principal balance	168,750,000		172,500,000
2014 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	1,500,000,000
Debt instrument, maturity date	Mar. 24, 2021
Term Loan, percentage of par value	99.75%
Coupon rate of notes	3.25%	3.25%
Deferred financing fees	12,900,000
Quarterly payments	3,800,000
Repayment of term loans	3,800,000
Debt instrument, principal balance	$ 1,488,750,000		$ 1,492,500,000
Base Rate [Member] | 2014 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.50%
Base rate floor	1.75%
Eurodollar [Member] | 2014 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.50%
Eurodollar rate floor	0.75%
Minimum [Member] | Base Rate [Member] | 2012-1 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.00%
Minimum [Member] | Eurodollar [Member] | 2012-1 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.00%
Maximum [Member] | Base Rate [Member] | 2012-1 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.50%
Maximum [Member] | Eurodollar [Member] | 2012-1 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.50%

XML

Property And Equipment, Net (Property And Equipment, Net (Including Assets Held Under Capital Leases)) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,717,098	$ 4,709,036
Less: accumulated depreciation	(2,014,910)	(1,946,619)
Property and equipment, net	2,702,188	2,762,417
Towers and Related Components [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	4,188,307	4,194,375
Construction-In-Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	30,111	35,855
Furniture, Equipment and Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	55,562	51,832
Land, Buildings, and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 443,118	$ 426,974

XML

Debt (Secured Tower Revenue Securities) (Narrative) (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Apr. 16, 2010	Aug. 09, 2012	Apr. 18, 2013	Oct. 15, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Deferred financing fees	$ 4,544,000	$ 4,237,000
Aggregate debt	7,963,579,000						7,860,799,000
5.101% 2010-2 Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			550,000,000
Debt instrument, interest rate, stated percentage			5.101%
Repayment date of debt instrument			Apr. 17, 2017
Debt instrument, maturity date			Apr. 15, 2042
Deferred financing fees			8,100,000
2.933% 2012-1 Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				610,000,000
Debt instrument, interest rate, stated percentage				2.933%
Repayment date of debt instrument				Dec. 15, 2017
Debt instrument, maturity date				Dec. 15, 2042
Deferred financing fees				14,900,000
2013 Tower Securities [Member]
Debt Instrument [Line Items]
Deferred financing fees					25,500,000
Aggregate debt					1,330,000,000
Debt instrument, weighted average interest rate					3.218%
Weighted average life of debt instrument through the anticipated repayment date					7 years 2 months 12 days
2.240% 2013-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount					425,000,000
Debt instrument, interest rate, stated percentage					2.24%
Repayment date of debt instrument					Apr. 17, 2018
Debt instrument, maturity date					Apr. 17, 2043
3.598% 2013-1D Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount					330,000,000
Debt instrument, interest rate, stated percentage					3.598%
Repayment date of debt instrument					Apr. 17, 2018
Debt instrument, maturity date					Apr. 17, 2043
3.722% 2013-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount					575,000,000
Debt instrument, interest rate, stated percentage					3.722%
Repayment date of debt instrument					Apr. 17, 2023
Debt instrument, maturity date					Apr. 17, 2048
2014 Tower Securities [Member]
Debt Instrument [Line Items]
Deferred financing fees						22,400,000
Aggregate debt						1,540,000,000
Debt instrument, weighted average interest rate						3.289%
Weighted average life of debt instrument through the anticipated repayment date						7 years
2.898% 2014-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount						920,000,000
Debt instrument, interest rate, stated percentage						2.898%
Repayment date of debt instrument						Oct. 15, 2019
Debt instrument, maturity date						Oct. 17, 2044
3.869% 2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount						$ 620,000,000
Debt instrument, interest rate, stated percentage						3.869%
Repayment date of debt instrument						Oct. 15, 2024
Debt instrument, maturity date						Oct. 15, 2049

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Intangible Assets, Net (Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 5,305,854	$ 5,492,833
Accumulated amortization	(1,379,862)	(1,303,293)
Net book value	3,925,992	4,189,540
Current Contract Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross amount	3,926,022	4,090,129
Accumulated amortization	(946,412)	(891,374)
Net book value	2,979,610	3,198,755
Network Location Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross amount	1,379,832	1,402,704
Accumulated amortization	(433,450)	(411,919)
Net book value	$ 946,382	$ 990,785

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Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt [Abstract]

Carrying And Principal Values Of Debt

		As of						As of
		March 31, 2015						December 31, 2014
	Maturity Date	Principal Balance		Fair Value		Carrying Value		Principal Balance		Fair Value		Carrying Value
5.625% Senior Notes	Oct. 1, 2019	$	500,000	$	526,250	$	500,000	$	500,000	$	511,250	$	500,000
5.750% Senior Notes	July 15, 2020		800,000		839,000		800,000		800,000		816,000		800,000
4.875% Senior Notes	July 15, 2022		750,000		731,250		744,311		750,000		721,875		744,150
2010 Tower Securities	April 17, 2017		550,000		573,359		550,000		550,000		576,901		550,000
2012 Tower Securities	Dec. 15, 2017		610,000		620,547		610,000		610,000		620,175		610,000
2013-1C Tower Securities	April 17, 2018		425,000		424,681		425,000		425,000		420,776		425,000
2013-2C Tower Securities	April 17, 2023		575,000		593,941		575,000		575,000		584,344		575,000
2013-1D Tower Securities	April 17, 2018		330,000		329,987		330,000		330,000		330,551		330,000
2014-1C Tower Securities	Oct. 15, 2019		920,000		933,349		920,000		920,000		920,515		920,000
2014-2C Tower Securities	Oct. 15, 2024		620,000		646,034		620,000		620,000		629,474		620,000
Revolving Credit Facility	Feb. 5, 2020		235,000		235,000		235,000		125,000		125,000		125,000
2012-1 Term Loan	May 9, 2017		168,750		168,539		168,750		172,500		171,422		172,500
2014 Term Loan	Mar. 24, 2021		1,488,750		1,481,306		1,485,518		1,492,500		1,458,919		1,489,149
Total debt		$	7,972,500	$	8,103,243	$	7,963,579	$	7,870,000	$	7,887,202	$	7,860,799
Less: current maturities of long-term debt							(33,750)						(32,500)
Total long-term debt, net of current maturities						$	7,929,829					$	7,828,299

Schedule Of Cash And Non-Cash Interest Expense

	For the three months ended March 31,
	2015				2014
	Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest
	(in thousands)
4.0% Convertible Senior Notes	$	—	$	—	$	4,998	$	10,202
8.25% Senior Notes		—		—		5,027		48
5.625% Senior Notes		7,031		—		7,031		—
5.75% Senior Notes		11,500		—		11,500		—
4.875% Senior Notes		9,141		161		—		—
2010 Tower Securities		7,058		—		14,345		—
2012 Tower Securities		4,531		—		4,521		—
2013 Tower Securities		10,804		—		10,804		—
2014 Tower Securities		12,785		—		—		—
Revolving Credit Facility		1,571		—		1,332		—
2011 Term Loan		—		—		696		7
2012-1 Term Loan		1,153		—		1,000		—
2012-2 Term Loan		—		—		424		4
2014 Term Loan		12,125		119		4,130		43
Other		(45)		—		219		—
Total	$	77,654	$	280	$	66,027	$	10,304

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Debt (Senior Notes) (Narrative) (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jul. 13, 2012	Sep. 28, 2012	Jul. 01, 2014
Debt Instrument [Line Items]
Deferred financing fees	$ 4,544,000	$ 4,237,000
8.25% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.25%
5.75% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes			800,000,000
Debt instrument, maturity date	Jul. 15, 2020		Jul. 15, 2020
Debt instrument, interest rate, stated percentage	5.75%		5.75%
Interest payable dates			July 15 and January 15
Deferred financing fees			14,000,000
5.75% Senior Notes [Member] | Telecommunications [Member]
Debt Instrument [Line Items]
Ownership interest	100.00%
5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes				500,000,000
Debt instrument, maturity date	Oct. 01, 2019			Oct. 01, 2019
Debt instrument, interest rate, stated percentage	5.625%			5.625%
Interest payable dates				April 1 and October 1
Deferred financing fees				8,600,000
4.875% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes					750,000,000
Debt instrument, maturity date	Jul. 15, 2022				Jul. 15, 2022
Debt instrument, interest rate, stated percentage	4.875%				4.875%
Interest payable dates					January 15 and July 15
Deferred financing fees					$ 11,600,000
Percentage of face value price for issuance of senior notes					99.178%

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Measurements [Abstract]

Summary Of Accrued Earnout Activity

	2015		2014
	(in thousands)
Beginning balance, December 31, 2014 and 2013 , respectively	$	15,086	$	30,063
Additions		1,372		1,048
Payments		(1,234)		(5,019)
Change in estimate		(1,552)		648
Foreign currency translation adjustments		(319)		2,558
Ending balance, March 31, 2015 and March 31, 2014, respectively	$	13,353	$	29,298

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Costs And Estimated Earnings On Uncompleted Contracts (Summary Of Costs And Estimated Earnings On Uncompleted Contracts) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Costs And Estimated Earnings On Uncompleted Contracts [Abstract]
Costs incurred on uncompleted contracts	$ 90,204	$ 113,654
Estimated earnings	38,647	48,949
Billings to date	(107,364)	(143,323)
Costs and estimated earnings on uncompleted contracts	$ 21,487	$ 19,280

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Other Assets (Schedule Of Other Assets) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Other Assets [Abstract]
Restricted cash	$ 5,934	$ 5,934
Long-term investments	44,105	44,095
Prepaid land rent	136,073	134,148
Straight-line rent receivable	240,450	230,384
Other	54,115	52,482
Total other assets	$ 480,677	$ 467,043

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Basis of Presentation (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Basis Of Presentation [Abstract]
Loss on remeasurement of U.S. dollar denominated intercompany loan	$ 83,995

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Accrued Expenses (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accrued Expenses [Abstract]
Accrued earnouts	$ 13,353	$ 15,086
Salaries and benefits	8,879	13,440
Real estate and property taxes	5,794	5,331
Other	27,593	31,696
Total accrued expenses	$ 55,619	$ 65,553

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Earnings Per Share (Narrative) (Details) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from earnings per share calculation	4.1	0.3
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from earnings per share calculation	0.3
4.0% Convertible Senior Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from earnings per share calculation		16.5
Debt instrument, interest rate, stated percentage	4.00%

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Stock-Based Compensation (Narrative) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock-Based Compensation [Abstract]
Weighted-average fair value of options granted	$ 24.76	$ 19.48
Total intrinsic value for options exercised	$ 16.2	$ 23.0

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Property And Equipment, Net (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Property And Equipment, Net [Abstract]
Depreciation expense	$ 80.4	$ 69.0
Non-cash capital expenditures	$ 12.7		$ 29.0

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Basis Of Presentation

3 Months Ended

Mar. 31, 2015

Basis Of Presentation [Abstract]

Basis of Presentation

1.BASIS OF PRESENTATION

The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2014 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. While the Company believes that such estimates are fair when considered in conjunction with the consolidated financial statements and accompanying notes, the actual amounts, when known, may vary from these estimates.

Foreign Currency Translation 

All assets and liabilities of foreign subsidiaries that do not utilize the United States dollar as its functional currency (Brazil and Canada) are translated at period-end rates of exchange, while revenues and expenses are translated at monthly weighted average rates of exchange for the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss in the accompanying Consolidated Statement of Shareholders’ Deficit.

Intercompany Loans

In accordance with Accounting Standards Codification (ASC) 830, the Company remeasures intercompany loans not denominated in the functional currency with the corresponding remeasurement adjustment being recorded in Other (expense) income, net in the Consolidated Statements of Operations. For the three months ended March 31, 2015, the Company recorded an $84.0 million foreign exchange loss on the remeasurement of an intercompany loan with a Brazilian subsidiary.

Recent Accounting Pronouncements Not Yet Adopted

In May 2014, the Financial Accounting Standards Board ("FASB") released updated guidance regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This guidance is effective for the Company as of January 1, 2017. In April 2015, the FASB proposed a one-year deferral of the effective date. Under the proposal, the standard would be required to be adopted by public business entities in annual periods beginning on or after December 15, 2017. The FASB also proposed to permit early adoption at the original effective date.  This guidance is required to be applied (1) retrospectively to each prior reporting period presented, or (2) with the cumulative effect being recognized at the date of initial application. The Company is evaluating the guidance including the impact on its consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest. The standard requires debt issuance costs to be presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset. Once adopted, entities are required to apply the new guidance retrospectively to all prior periods presented. ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 and early application is permitted. The Company has not elected to early adopt the standard.

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Stock-Based Compensation (Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options) (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock-Based Compensation [Abstract]
Risk free interest rate		1.15%
Risk free interest rate, Minimum	1.31%
Risk free interest rate, Maximum	1.45%
Dividend yield	0.00%	0.00%
Expected volatility	20.00%	22.00%
Expected lives	4 years 7 months 6 days	4 years 4 months 24 days

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Acquisitions (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	1 Months Ended
	Mar. 31, 2015 item	Apr. 23, 2015 item
Other Acquisitions [Member]
Business Acquisition [Line Items]
Number of towers acquired	59
Subsequent Event [Member]
Business Acquisition [Line Items]
Number of towers acquired		20
Cash paid for acquisition		$ 17.6

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Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2015

Intangible Assets, Net [Abstract]

Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets

	As of March 31, 2015						As of December 31, 2014
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	3,926,022	$	(946,412)	$	2,979,610	$	4,090,129	$	(891,374)	$	3,198,755
Network location intangibles		1,379,832		(433,450)		946,382		1,402,704		(411,919)		990,785
Intangible assets, net	$	5,305,854	$	(1,379,862)	$	3,925,992	$	5,492,833	$	(1,303,293)	$	4,189,540

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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2015

Acquisitions [Abstract]

Schedule Of Acquisition Capital Expenditures

	For the three months
	ended March 31,
	2015		2014
	(in thousands)
Towers and related intangible assets	$	42,630	$	918,071
Ground lease buyouts (1)		10,649		9,582
Total cash acquisition capital expenditures	$	53,279	$	927,653

(1) In addition, the Company paid $3.3 million and $1.3 million for ground lease extensions and term easements during the three months ended March 31, 2015 and 2014, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

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Debt (4.0% Convertible Senior Notes Due 2014) (Narrative) (Details) (USD $) In Thousands, except Share data in Millions, unless otherwise specified	3 Months Ended	1 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Debt Instrument [Line Items]
Company paid in cash to settle warrants	$ 135,236
4.0% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.00%
Debt instrument, maturity date	Oct. 01, 2014
4.0% Convertible Senior Notes [Member] | Class A Common Stock [Member]
Debt Instrument [Line Items]
Common stock received from conversion settlement	2.1
Company paid in cash to settle warrants	150,900
Subsequent Event [Member] | 4.0% Convertible Senior Notes [Member] | Class A Common Stock [Member]
Debt Instrument [Line Items]
Company paid in cash to settle warrants		$ 15,600

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Acquisitions (Schedule Of Acquisition Capital Expenditures) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Acquisitions [Abstract]
Towers and related intangible assets	$ 42,630,000	$ 918,071,000
Ground lease land purchases	10,649,000	9,582,000
Total cash acquisition capital expenditures	53,279,000	927,653,000
Ground lease extensions	$ 3,300,000	$ 1,300,000

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Property And Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2015

Property And Equipment, Net [Abstract]

Property And Equipment, Net (Including Assets Held Under Capital Leases)

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Towers and related components	$	4,188,307	$	4,194,375
Construction-in-process		30,111		35,855
Furniture, equipment, and vehicles		55,562		51,832
Land, buildings, and improvements		443,118		426,974
Total property and equipment		4,717,098		4,709,036
Less: accumulated depreciation		(2,014,910)		(1,946,619)
Property and equipment, net	$	2,702,188	$	2,762,417

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Costs And Estimated Earnings On Uncompleted Contracts (Tables)

3 Months Ended

Mar. 31, 2015

Costs And Estimated Earnings On Uncompleted Contracts [Abstract]

Summary Of Costs And Estimated Earnings On Uncompleted Contracts

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Costs incurred on uncompleted contracts	$	90,204	$	113,654
Estimated earnings		38,647		48,949
Billings to date		(107,364)		(143,323)
	$	21,487	$	19,280

Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Costs and estimated earnings in excess of billings on
uncompleted contracts	$	29,209	$	30,078
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(7,722)		(10,798)
	$	21,487	$	19,280

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Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (79,030)	$ 1,407
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, accretion, and amortization	171,853	144,442
Non-cash interest expense	280	10,304
Deferred income tax expense	557	474
Non-cash asset impairment and decommission costs	5,027	2,858
Non-cash compensation expense	6,988	4,618
Amortization of deferred financing fees	4,544	4,237
Loss from extinguishment of debt, net		1,951
Non-cash earnout adjustments	1,552	(648)
Loss on remeasurement of U.S. dollar denominated intercompany loan	83,995
Gain on foreign currency swap contract		(17,891)
Other non-cash items reflected in the Statements of Operations	21	220
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	4,445	8,644
Prepaid expenses and other assets	(6,286)	1,196
Accounts payable and accrued expenses	730	(71)
Accrued interest	(15,212)	(4,485)
Other liabilities	(1,056)	2,959
Net cash provided by operating activities	178,408	160,215
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(53,279)	(927,653)
Capital expenditures	(68,100)	(32,238)
Proceeds from foreign currency swap contract		17,891
Other investing activities	(175)	444
Net cash used in investing activities	(121,554)	(941,556)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility	135,000	175,000
Repayments under Revolving Credit Facility	(25,000)	(390,000)
Repayment of Term Loans	(7,500)	(293,000)
Proceeds from Term Loans, net of fees		1,483,470
Payments for settlement of common stock warrants	(135,236)
Payment for earn-outs	(1,199)	(4,598)
Payment of deferred financing fees	(2,736)	(676)
Other financing activities	5,142	(6,034)
Net cash (used in) provided by financing activities	(31,529)	964,162
Effect of exchange rate changes on cash and cash equivalents	(2,397)	17,981
NET INCREASE IN CASH AND CASH EQUIVALENTS	22,928	200,802
CASH AND CASH EQUIVALENTS:
Beginning of period	39,443	122,112
End of period	62,371	322,914
Cash paid during the period for:
Interest	92,911	70,324
Income taxes	1,514	1,951
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:
Assets acquired through capital leases	1,464	115
Issuance of stock for settlement of convertible debt and warrants, net of hedges		$ 34

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Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2015

Accrued Expenses [Abstract]

Schedule Of Accrued Expenses

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Accrued earnouts	$	13,353	$	15,086
Salaries and benefits		8,879		13,440
Real estate and property taxes		5,794		5,331
Other		27,593		31,696
Total accrued expenses	$	55,619	$	65,553

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Restricted Cash (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Restricted Cash [Abstract]
Surety, payment and performance bonds	$ 38.9	$ 38.3
Collateral payment for performance bonds	1.7	1.7
Collateral related to workers compensation policy	$ 2.6	$ 2.6

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Debt (Revolving Credit Facility Under The Senior Credit Agreement) (Narrative) (Details) (USD $)	3 Months Ended		0 Months Ended	1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Feb. 05, 2015	Apr. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Repayments of revolving credit facility	$ 25,000,000	$ 390,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			1,000,000,000		770,000,000
Line of credit facility, commitment fee			0.25%
Revolving credit facility, maturity date	Feb. 05, 2020
Borrowings on the revolving credit facility	135,000,000
Repayments of revolving credit facility	25,000,000
Line of credit facility, outstanding	235,000,000
Revolving credit facility, effective interest rate	1.93%
Line of credit facility, remaining borrowing capacity	765,000,000
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Borrowings on the revolving credit facility				0
Repayments of revolving credit facility				$ 0
Minimum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	1.375%		1.375%
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			0.375%
Maximum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.00%		2.00%
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			1.00%

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 62,371	$ 39,443
Restricted cash	41,438	52,519
Short-term investments	4,816	5,549
Accounts receivable, net of allowance of $1,044 and $889 at March 31, 2015 and December 31, 2014, respectively	91,468	104,268
Costs and estimated earnings in excess of billings on uncompleted contracts	29,209	30,078
Prepaid expenses and other current assets	95,711	95,031
Total current assets	325,013	326,888
Property and equipment, net	2,702,188	2,762,417
Intangible assets, net	3,925,992	4,189,540
Deferred financing fees, net	93,429	95,237
Other assets	480,677	467,043
Total assets	7,527,299	7,841,125
Current Liabilities:
Accounts payable	33,805	42,851
Accrued expenses	55,619	65,553
Current maturities of long-term debt	33,750	32,500
Deferred revenue	108,630	120,047
Accrued interest	37,966	53,178
Other current liabilities	16,706	16,921
Total current liabilities	286,476	331,050
Long-term liabilities:
Long-term debt	7,929,829	7,828,299
Other long-term liabilities	347,781	342,576
Total long-term liabilities	8,277,610	8,170,875
Shareholders' deficit:
Preferred stock - par value $.01, 30,000 shares authorized, no shares issued or outstanding
Common stock - Class A, par value $.01, 400,000 shares authorized, 129,428 and 129,134 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	1,294	1,291
Additional paid-in capital	1,940,265	2,062,775
Accumulated deficit	(2,621,410)	(2,542,380)
Accumulated other comprehensive loss, net	(356,936)	(182,486)
Total shareholders' deficit	(1,036,787)	(660,800)
Total liabilities and shareholders' deficit	$ 7,527,299	$ 7,841,125

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Intangible Assets, Net (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Intangible Assets, Net [Abstract]
Intangible assets, useful life	15 years
Amortization expense	$ 91.4	$ 74.8

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Consolidated Statements Of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements Of Comprehensive Income (Loss) [Abstract]
Net (loss) income	$ (79,030)	$ 1,407
Foreign currency translation adjustments	(174,450)	33,007
Comprehensive (loss) income	$ (253,480)	$ 34,414

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Debt (Schedule Of Cash And Non-Cash Interest Expense) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Sep. 28, 2012	Jul. 13, 2012	Jul. 01, 2014
Debt Instrument [Line Items]
Cash Interest	$ 77,654	$ 66,027
Non-cash Interest	280	10,304
4.0% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest		4,998
Non-cash Interest		10,202
Debt instrument, interest rate, stated percentage	4.00%
8.25% Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest		5,027
Non-cash Interest		48
Debt instrument, interest rate, stated percentage	8.25%
5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest	7,031	7,031
Debt instrument, interest rate, stated percentage	5.625%		5.625%
5.75% Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest	11,500	11,500
Debt instrument, interest rate, stated percentage	5.75%			5.75%
4.875% Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest	9,141
Non-cash Interest	161
Debt instrument, interest rate, stated percentage	4.875%				4.875%
2010 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	7,058	14,345
2012 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	4,531	4,521
2013 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	10,804	10,804
2014 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	12,785
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Cash Interest	1,571	1,332
2011 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest		696
Non-cash Interest		7
2012-1 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest	1,153	1,000
2012-2 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest		424
Non-cash Interest		4
2014 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest	12,125	4,130
Non-cash Interest	119	43
Other [Member]
Debt Instrument [Line Items]
Cash Interest	$ (45)	$ 219

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Segment Data (Tables)

3 Months Ended

Mar. 31, 2015

Segment Data [Abstract]

Segment Reporting Information Disclosure

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment (1)		Total
For the three months ended March 31, 2015	(in thousands)
Revenues	$	305,950	$	63,777	$	40,367	$	—	$	410,094
Cost of revenues (2)		61,686		18,531		30,893		—		111,110
Operating profit		244,264		45,246		9,474		—		298,984
Selling, general, and administrative		17,655		3,893		2,122		6,214		29,884
Acquisition related adjustments and expenses		476		863		—		—		1,339
Asset impairment and decommission costs		6,594		228		—		—		6,822
Depreciation, amortization and accretion		137,460		32,426		707		1,260		171,853
Operating income (loss)		82,079		7,836		6,645		(7,474)		89,086
Other expense (principally interest expense
and other expense)								(165,153)		(165,153)
Loss before provision for income taxes										(76,067)
Cash capital expenditures (3)		91,402		21,775		1,831		7,835		122,843
For the three months ended March 31, 2014
Revenues	$	275,061	$	34,259	$	36,230	$	—	$	345,550
Cost of revenues (2)		62,214		7,526		27,427		—		97,167
Operating profit		212,847		26,733		8,803		—		248,383
Selling, general, and administrative		16,852		3,725		1,956		2,143		24,676
Acquisition related adjustments and expenses		4,513		4,048		—		—		8,561
Asset impairment and decommission costs		2,777		791		—		—		3,568
Depreciation, amortization and accretion		125,418		17,017		519		1,488		144,442
Operating income (loss)		63,287		1,152		6,328		(3,631)		67,136
Other expense (principally interest expense
and other expense)								(64,043)		(64,043)
Income before provision for income taxes										3,093
Cash capital expenditures (3)		274,140		683,559		759		1,548		960,006

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment (1)		Total
	(in thousands)
Assets
As of March 31, 2015	$	5,485,484	$	1,735,673	$	68,195	$	237,947	$	7,527,299
As of December 31, 2014	$	5,554,753	$	1,989,571	$	78,633	$	218,168	$	7,841,125

(1)Assets not identified by segment consist primarily of general corporate assets.

(2)Excludes depreciation, amortization, and accretion.

(3)Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions.

XML

Segment Data (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015 segment
Segment Data [Abstract]
Number of business segments	2
Number of reportable segments	3

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Segment Data

3 Months Ended

Mar. 31, 2015

Segment Data [Abstract]

Segment Data

14.SEGMENT DATA

The Company operates in two business segments (site leasing and site development) and hasthree reportable segments (domestic site leasing, international site leasing, and site development). The Company’s site leasing segments offer different services than its site development segment, and each are strategic business units.They are managed separately based on the fundamental differences in their operations. The domestic and international site leasing segments include results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities.

Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.

Commencing in the second quarter of 2014, the Company revised the presentation of its site leasing business into two reportable segments, domestic site leasing and international site leasing as a result of its international site leasing revenues exceeding 10% of total revenues. All prior periods have been recast to conform to the current year presentation.

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment (1)		Total
For the three months ended March 31, 2015	(in thousands)
Revenues	$	305,950	$	63,777	$	40,367	$	—	$	410,094
Cost of revenues (2)		61,686		18,531		30,893		—		111,110
Operating profit		244,264		45,246		9,474		—		298,984
Selling, general, and administrative		17,655		3,893		2,122		6,214		29,884
Acquisition related adjustments and expenses		476		863		—		—		1,339
Asset impairment and decommission costs		6,594		228		—		—		6,822
Depreciation, amortization and accretion		137,460		32,426		707		1,260		171,853
Operating income (loss)		82,079		7,836		6,645		(7,474)		89,086
Other expense (principally interest expense
and other expense)								(165,153)		(165,153)
Loss before provision for income taxes										(76,067)
Cash capital expenditures (3)		91,402		21,775		1,831		7,835		122,843
For the three months ended March 31, 2014
Revenues	$	275,061	$	34,259	$	36,230	$	—	$	345,550
Cost of revenues (2)		62,214		7,526		27,427		—		97,167
Operating profit		212,847		26,733		8,803		—		248,383
Selling, general, and administrative		16,852		3,725		1,956		2,143		24,676
Acquisition related adjustments and expenses		4,513		4,048		—		—		8,561
Asset impairment and decommission costs		2,777		791		—		—		3,568
Depreciation, amortization and accretion		125,418		17,017		519		1,488		144,442
Operating income (loss)		63,287		1,152		6,328		(3,631)		67,136
Other expense (principally interest expense
and other expense)								(64,043)		(64,043)
Income before provision for income taxes										3,093
Cash capital expenditures (3)		274,140		683,559		759		1,548		960,006

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment (1)		Total
	(in thousands)
Assets
As of March 31, 2015	$	5,485,484	$	1,735,673	$	68,195	$	237,947	$	7,527,299
As of December 31, 2014	$	5,554,753	$	1,989,571	$	78,633	$	218,168	$	7,841,125

(1)Assets not identified by segment consist primarily of general corporate assets.

(2)Excludes depreciation, amortization, and accretion.

(3)Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Weighted-Average Shares of Common Stock Outstanding Used in Calculation of Basic and Diluted Earnings Per Share

	For the three months
	ended March 31,
	2015		2014
Numerator:
Net (loss) income	$	(79,030)	$	1,407
Denominator:
Basic weighted-average shares outstanding		129,235		128,560
Dilutive impact of stock options and restricted shares		—		1,262
Dilutive impact of common stock warrants		—		8,534
Diluted weighted-average shares outstanding		129,235		138,356
Earnings (loss) per share attributable to continuing operations:
Basic	$	(0.61)	$	0.01
Diluted	$	(0.61)	$	0.01

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Basis Of Presentation (Policy)

3 Months Ended

Mar. 31, 2015

Basis Of Presentation [Abstract]

Foreign Currency Translation

Foreign Currency Translation 

All assets and liabilities of foreign subsidiaries that do not utilize the United States dollar as its functional currency (Brazil and Canada) are translated at period-end rates of exchange, while revenues and expenses are translated at monthly weighted average rates of exchange for the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss in the accompanying Consolidated Statement of Shareholders’ Deficit.

Intercompany Loans

Intercompany Loans

In accordance with Accounting Standards Codification (ASC) 830, the Company remeasures intercompany loans not denominated in the functional currency with the corresponding remeasurement adjustment being recorded in Other (expense) income, net in the Consolidated Statements of Operations. For the three months ended March 31, 2015, the Company recorded an $84.0 million foreign exchange loss on the remeasurement of an intercompany loan with a Brazilian subsidiary.

Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Not Yet Adopted

In May 2014, the Financial Accounting Standards Board ("FASB") released updated guidance regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This guidance is effective for the Company as of January 1, 2017. In April 2015, the FASB proposed a one-year deferral of the effective date. Under the proposal, the standard would be required to be adopted by public business entities in annual periods beginning on or after December 15, 2017. The FASB also proposed to permit early adoption at the original effective date.  This guidance is required to be applied (1) retrospectively to each prior reporting period presented, or (2) with the cumulative effect being recognized at the date of initial application. The Company is evaluating the guidance including the impact on its consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest. The standard requires debt issuance costs to be presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset. Once adopted, entities are required to apply the new guidance retrospectively to all prior periods presented. ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 and early application is permitted. The Company has not elected to early adopt the standard.

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Earnings Per Share (Weighted-Average Shares of Common Stock Outstanding Used in Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net (loss) income	$ (79,030)	$ 1,407
Basic weighted-average shares outstanding	129,235	128,560
Dilutive impact of stock options and restricted shares		1,262
Dilutive impact of common stock warrants		8,534
Diluted weighted-average shares outstanding	129,235	138,356
Earnings (loss) per share attributable to continuing operations:
Basic	$ (0.61)	$ 0.01
Diluted	$ (0.61)	$ 0.01

XML

Consolidated Statement Of Shareholders' Equity (Deficit) (USD $) In Thousands, except Share data	Class A Common Stock [Member]	Additional Paid-In Capital [Member] Shares - Warrant [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Shares - Warrant [Member]	Total
BALANCE, Amount at Dec. 31, 2014	$ 1,291		$ 2,062,775	$ (2,542,380)	$ (182,486)		$ (660,800)
BALANCE, Shares at Dec. 31, 2014	129,134,000
Net loss				(79,030)			(79,030)
Common stock issued in connection with stock purchase/option plans	3		5,643				5,646
Common stock issued in connection with stock purchase/option plans, Shares	294,000
Non-cash compensation			7,083				7,083
Settlement of common stock warrants		(135,236)				(135,236)
Foreign currency translation adjustments					(174,450)		(174,450)
BALANCE, Amount at Mar. 31, 2015	$ 1,294		$ 1,940,265	$ (2,621,410)	$ (356,936)		$ (1,036,787)
BALANCE, Shares at Mar. 31, 2015	129,428,000

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accounts receivable, allowance	$ 1,044	$ 889
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock [Member]
Common stock - Class A, par value	$ 0.01	$ 0.01
Common stock - Class A, shares authorized	400,000,000	400,000,000
Common stock - Class A, shares issued	129,428,000	129,134,000
Common stock - Class A, shares outstanding	129,428,000	129,134,000

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Accrued Expenses

3 Months Ended

Mar. 31, 2015

Accrued Expenses [Abstract]

Accrued Expenses

9.ACCRUED EXPENSES

The Company’s accrued expenses are comprised of the following:

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Accrued earnouts	$	13,353	$	15,086
Salaries and benefits		8,879		13,440
Real estate and property taxes		5,794		5,331
Other		27,593		31,696
Total accrued expenses	$	55,619	$	65,553

XML

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	SBA COMMUNICATIONS CORP
Entity Central Index Key	0001034054
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		129,454,487
Trading Symbol	SBAC

XML

Debt

3 Months Ended

Mar. 31, 2015

Debt [Abstract]

Debt

10.     DEBT

The carrying and principal values of debt consist of the following (in thousands):

		As of						As of
		March 31, 2015						December 31, 2014
	Maturity Date	Principal Balance		Fair Value		Carrying Value		Principal Balance		Fair Value		Carrying Value
5.625% Senior Notes	Oct. 1, 2019	$	500,000	$	526,250	$	500,000	$	500,000	$	511,250	$	500,000
5.750% Senior Notes	July 15, 2020		800,000		839,000		800,000		800,000		816,000		800,000
4.875% Senior Notes	July 15, 2022		750,000		731,250		744,311		750,000		721,875		744,150
2010 Tower Securities	April 17, 2017		550,000		573,359		550,000		550,000		576,901		550,000
2012 Tower Securities	Dec. 15, 2017		610,000		620,547		610,000		610,000		620,175		610,000
2013-1C Tower Securities	April 17, 2018		425,000		424,681		425,000		425,000		420,776		425,000
2013-2C Tower Securities	April 17, 2023		575,000		593,941		575,000		575,000		584,344		575,000
2013-1D Tower Securities	April 17, 2018		330,000		329,987		330,000		330,000		330,551		330,000
2014-1C Tower Securities	Oct. 15, 2019		920,000		933,349		920,000		920,000		920,515		920,000
2014-2C Tower Securities	Oct. 15, 2024		620,000		646,034		620,000		620,000		629,474		620,000
Revolving Credit Facility	Feb. 5, 2020		235,000		235,000		235,000		125,000		125,000		125,000
2012-1 Term Loan	May 9, 2017		168,750		168,539		168,750		172,500		171,422		172,500
2014 Term Loan	Mar. 24, 2021		1,488,750		1,481,306		1,485,518		1,492,500		1,458,919		1,489,149
Total debt		$	7,972,500	$	8,103,243	$	7,963,579	$	7,870,000	$	7,887,202	$	7,860,799
Less: current maturities of long-term debt							(33,750)						(32,500)
Total long-term debt, net of current maturities						$	7,929,829					$	7,828,299

The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

	For the three months ended March 31,
	2015				2014
	Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest
	(in thousands)
4.0% Convertible Senior Notes	$	—	$	—	$	4,998	$	10,202
8.25% Senior Notes		—		—		5,027		48
5.625% Senior Notes		7,031		—		7,031		—
5.75% Senior Notes		11,500		—		11,500		—
4.875% Senior Notes		9,141		161		—		—
2010 Tower Securities		7,058		—		14,345		—
2012 Tower Securities		4,531		—		4,521		—
2013 Tower Securities		10,804		—		10,804		—
2014 Tower Securities		12,785		—		—		—
Revolving Credit Facility		1,571		—		1,332		—
2011 Term Loan		—		—		696		7
2012-1 Term Loan		1,153		—		1,000		—
2012-2 Term Loan		—		—		424		4
2014 Term Loan		12,125		119		4,130		43
Other		(45)		—		219		—
Total	$	77,654	$	280	$	66,027	$	10,304

Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility is governed by the Senior Credit Agreement. On February 5, 2015, SBA Senior Finance II entered into the 2015 Revolving Refinancing Amendment with several banks and other financial institutions or entities from time to time parties to the Senior Credit Agreement to, among other things, (i) increase the availability under the Company’s Revolving Credit Facility from $770.0 million to $1.0 billion, (ii) extend the maturity date of the Revolving Credit Facility to February 5, 2020, (iii) provide for the ability to borrow in U.S. dollars and certain designated foreign currencies, and (iv) lower the applicable interest rate margins and commitment fees under the Revolving Credit Facility.

As amended February 2015, the Revolving Credit Facility consists of a revolving loan under which up to $1.0 billion aggregate principal amount may be borrowed, repaid and redrawn, subject to compliance with specific financial ratios and the satisfaction of other customary conditions to borrowing.  Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (i) the Eurodollar Rate plus a margin that ranges from 137.5 basis points to 200.0 basis points or (ii) the Base Rate plus a margin that ranges from 37.5 basis points to 100.0 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement.  In addition, SBA Senior Finance II is required to pay a commitment fee of 0.25% per annum on the amount of unused commitment.  If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, February 5, 2020.  The proceeds available under the Revolving Credit Facility may be used for general corporate purposes.  SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of a period may not be reflective of the total amounts outstanding during such period. As of March 31, 2015, the Revolving Credit Facility was accruing interest at 1.93% per annum.

During the three months ended March 31, 2015, the Company borrowed $135.0 million and repaid $25.0 million of the outstanding balance under the Revolving Credit Facility. As of March 31, 2015,  $235.0 million was outstanding under the Revolving Credit Facility.

Subsequent to March 31, 2015, there have been no borrowings or repayments under the Revolving Credit Facility. As of the date of this filing, $235.0 million was outstanding under the Revolving Credit Facility, and the amount available based on specified covenants under the facility was $765.0 million.

As of March 31, 2015, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Term Loans under the Senior Credit Agreement

2012-1 Term Loan

The 2012-1 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $200.0 million that matures on May 9, 2017. The 2012-1 Term Loan accrues interest, at SBA Senior Finance II’s election, at either the Base Rate plus a margin that ranges from 100 to 150 basis points or the Eurodollar Rate plus a margin that ranges from 200 to 250 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA (calculated in accordance with the Senior Credit Agreement). As of March 31, 2015, the 2012-1 Term Loan was accruing interest at 2.43% per annum. Principal payments on the 2012-1 Term Loan commenced on September 30, 2012 and are being made in quarterly installments on the last day of each March, June, September, and December, in an amount equal to $2.5 million for each of the first eight quarters, $3.8 million for the next four quarters and $5.0 million for each quarter thereafter. SBA Senior Finance II has the ability to prepay any or all amounts under the 2012-1 Term Loan without premium or penalty. To the extent not previously repaid, the 2012-1 Term Loan will be due and payable on the maturity date. The 2012-1 Term Loan was issued at par. The Company incurred deferred financing fees of $2.7 million in relation to this transaction which are being amortized through the maturity date.

During the three months ended March 31, 2015, the Company repaid $3.8 million of principal on the 2012-1 Term Loan. As of March 31, 2015, the 2012-1 Term Loan had a principal balance of $168.8 million.

2014 Term Loan

The 2014 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $1.5 billion that matures on March 24, 2021. The 2014 Term Loan accrues interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75%) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%). The 2014 Term Loan was issued at 99.75% of par value. As of March 31, 2015, the 2014 Term Loan was accruing interest at 3.25% per annum. Principal payments on the 2014 Term Loan commenced on September 30, 2014 and will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $3.8 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2014 Term Loan. The Company incurred deferred financing fees of approximately $12.9 million to date in relation to this transaction which are being amortized through the maturity date.

During the three months ended March 31, 2015, the Company repaid $3.8 million of principal on the 2014 Term Loan. As of March 31, 2015, the 2014 Term Loan had a principal balance of $1.5 billion.

Secured Tower Revenue Securities

2010 Tower Securities

On April 16, 2010, the Company, through a New York common law trust (the “Trust”), issued $550.0 million of Secured Tower Revenue Securities Series 2010-2 (the “2010 Tower Securities”). The 2010 Tower Securities have an annual interest rate of 5.101%. The anticipated repayment date and the final maturity date for the 2010 Tower Securities are April 17, 2017 and April 15, 2042, respectively. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on the mortgage loan (the “Borrowers”). The Company incurred deferred financing fees of $8.1 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2010 Tower Securities.

2012 Tower Securities

On August 9, 2012, the Company, through the Trust, issued $610.0 million of Secured Tower Revenue Securities Series 2012 (the “2012 Tower Securities”) which have an anticipated repayment date of December 15, 2017 and a final maturity date of December 15, 2042. The fixed interest rate of the 2012 Tower Securities is 2.933% per annum, payable monthly. The Company incurred deferred financing fees of $14.9 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2012 Tower Securities.

2013 Tower Securities

On April 18, 2013, the Company, through the Trust, issued $425.0 million of 2.240% Secured Tower Revenue Securities Series 2013-1C which have an anticipated repayment date of April 17, 2018 and a final maturity date of April 17, 2043,  $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C which have an anticipated repayment date of April 17, 2023 and a final maturity date of April 17, 2048, and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D which have an anticipated repayment date of April 17, 2018 and a final maturity date of April 17, 2043 (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218% and a weighted average life through the anticipated repayment date of 7.2 years. The Company incurred deferred financing fees of $25.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2013 Tower Securities.

2014 Tower Securities

On October 15, 2014, the Company, through the Trust, issued $920.0 million of 2.898% Secured Tower Revenue Securities Series 2014-1C which have an anticipated repayment date of October 15, 2019 and a final maturity date of October 17, 2044, and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C which have an anticipated repayment date of October 15, 2024 and a final maturity date of October 15, 2049 (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289% and a weighted average life through the anticipated repayment date of 7.0 years. The Company incurred deferred financing fees of $22.4 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities.

As of March 31, 2015, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

4.0% Convertible Senior Notes due 2014

The 4.0% Convertible Senior Notes (the “4.0% Notes”) matured and were repaid on October 1, 2014. During the three months ended March 31, 2015, the Company settled the remaining outstanding warrants originally sold in connection with its 4.0% Notes. The warrants represented approximately 2.1 million underlying shares of Class A common stock, and the Company satisfied its obligations by paying $150.9 million in cash, of which $15.6 million was paid in the second quarter of 2015.

Senior Notes

5.75% Senior Notes

On July 13, 2012, SBA Telecommunications, LLC (“Telecommunications”) issued $800.0 million of unsecured senior notes due July 15, 2020 (the “5.75% Notes”). The 5.75% Notes accrue interest at a rate of 5.75% and were issued at par. Interest on the 5.75% Notes is due semi-annually on July 15 and January 15 of each year. The Company incurred deferred financing fees of $14.0 million in relation to this transaction which are being amortized through the maturity date.

SBA Communications Corporation (“SBAC”) is a holding company with no business operations of its own and its only significant asset is the outstanding capital stock of Telecommunications. Telecommunications is 100% owned by SBAC.  SBAC has fully and unconditionally guaranteed the Senior Notes issued by Telecommunications.

5.625% Senior Notes

On September 28, 2012, the Company issued $500.0 million of unsecured senior notes due October 1, 2019 (the “5.625% Notes”). The 5.625% Notes accrue interest at a rate of 5.625% per annum and were issued at par. Interest on the 5.625% Notes is due semi-annually on April 1 and October 1 of each year. The Company incurred deferred financing fees of $8.6 million in relation to this transaction which are being amortized through the maturity date.

4.875% Senior Notes

On July 1, 2014, the Company issued $750.0 million of unsecured senior notes due July 15, 2022 (the “4.875% Notes”). The 4.875% Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 4.875% Notes is due semi-annually on January 15 and July 15 of each year. The Company incurred deferred financing fees of $11.6 million in relation to this transaction which are being amortized through the maturity date.

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Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Revenues:
Site leasing	$ 369,727		$ 309,320
Site development	40,367		36,230
Total revenues	410,094		345,550
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):
Cost of site leasing	80,217		69,740
Cost of site development	30,893		27,427
Selling, general, and administrative	29,884	[1]	24,676	[1]
Acquisition related adjustments and expenses	1,339		8,561
Asset impairment and decommission costs	6,822		3,568
Depreciation, accretion, and amortization	171,853		144,442
Total operating expenses	321,008		278,414
Operating income	89,086		67,136
Other income (expense):
Interest income	293		86
Interest expense	(77,654)		(66,027)
Non-cash interest expense	(280)		(10,304)
Amortization of deferred financing fees	(4,544)		(4,237)
Loss from extinguishment of debt, net			(1,951)
Other (expense) income, net	(82,968)		18,390
Total other expense	(165,153)		(64,043)
(Loss) income before provision for income taxes	(76,067)		3,093
Provision for income taxes	(2,963)		(1,686)
Net (loss) income	$ (79,030)		$ 1,407
Basic and diluted	$ (0.61)		$ 0.01
Weighted average number of common shares
Basic	129,235		128,560
Diluted	129,235		138,356

[1] Includes non-cash compensation of $6,884 and $4,541 for the three months ended March 31, 2015 and 2014, respectively.

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Other Assets

3 Months Ended

Mar. 31, 2015

Other Assets [Abstract]

Other Assets

4.OTHER ASSETS

The Company’s other assets are comprised of the following:

	As of		As of
	March 31, 2015		December 31, 2014
		(in thousands)
Restricted cash	$	5,934	$	5,934
Long-term investments		44,105		44,095
Prepaid land rent		136,073		134,148
Straight-line rent receivable		240,450		230,384
Other		54,115		52,482
Total other assets	$	480,677	$	467,043

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Restricted Cash

3 Months Ended

Mar. 31, 2015

Restricted Cash [Abstract]

Restricted Cash

3.RESTRICTED CASH

Restricted cash consists of the following:

	As of		As of
	March 31, 2015		December 31, 2014		Included on Balance Sheet
		(in thousands)
Securitization escrow accounts	$	41,038	$	52,117	Restricted cash - current asset
Payment and performance bonds		400		402	Restricted cash - current asset
Surety bonds and workers compensation		5,934		5,934	Other assets - noncurrent
Total restricted cash	$	47,372	$	58,453

Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by an indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees and to reserve a portion of advance rents from tenants. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 10) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as Restricted cash on the Company’s Consolidated Balance Sheets.

Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily relates to the Company’s tower removal obligations. As of March 31, 2015 and December 31, 2014, the Company had $38.9 million and $38.3 million in surety bonds and payment and performance bonds, respectively, for which it was only required to post $1.7 million in collateral. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of March 31, 2015 and December 31, 2014, the Company had also pledged $2.6 million as collateral related to its workers compensation policy.

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Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

15.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding and any dilutive Common Stock equivalents, including unvested restricted stock and shares issuable upon exercise of stock options as determined under the “If-Converted” method and also Common Stock warrants as determined under the “Treasury Stock” method.

The following table sets forth basic and diluted income from continuing operations per common share for the three months ended March 31, 2015 and 2014 (in thousands, except per share data):

	For the three months
	ended March 31,
	2015		2014
Numerator:
Net (loss) income	$	(79,030)	$	1,407
Denominator:
Basic weighted-average shares outstanding		129,235		128,560
Dilutive impact of stock options and restricted shares		—		1,262
Dilutive impact of common stock warrants		—		8,534
Diluted weighted-average shares outstanding		129,235		138,356
Earnings (loss) per share attributable to continuing operations:
Basic	$	(0.61)	$	0.01
Diluted	$	(0.61)	$	0.01

For the three months ended March 31, 2015, all potential common stock equivalents, including 4.1 million shares of stock options outstanding and 0.3 million shares of restricted stock outstanding, were excluded as the effect would be anti-dilutive.For the three months ended March 31, 2014, the diluted weighted average number of common shares outstanding excluded 0.3 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive. For the three months ended March 31, 2014, 16.5 million common share equivalents related to the 4.0% Notes were excluded from the dilutive common shares because the impact would be anti-dilutive.

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Shareholders' Equity

3 Months Ended

Mar. 31, 2015

Shareholders' Equity [Abstract]

Shareholders' Equity

11.SHAREHOLDERS’ EQUITY

Common Stock equivalents

The Company has potential common stock equivalents related to its outstanding stock options (see Note 12), restricted stock units, the warrants related to the 4.0% Notes (see Note 10), and for the first quarter of 2014, the 4.0% Notes. These potential common stock equivalents were considered in the Company’s diluted earnings (loss) per share calculation (see Note 15).

Stock Repurchases

The Company’s Board of Directors authorized a stock repurchase program on April 27, 2011. This program authorizes the Company to purchase, from time to time, up to $300.0 million of the Company’s outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. This program became effective on April 28, 2011 and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in the Company’s sole discretion.

During the three months ended March 31, 2015, the Company did not repurchase any shares in conjunction with the stock repurchase program. As of March 31, 2015, the Company had a remaining authorization to repurchase an additional $150.0 million of its common stock under its current $300.0 million stock repurchase program. 

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Property And Equipment, Net

3 Months Ended

Mar. 31, 2015

Property And Equipment, Net [Abstract]

Property And Equipment, Net

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net (including assets held under capital leases) consists of the following:

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Towers and related components	$	4,188,307	$	4,194,375
Construction-in-process		30,111		35,855
Furniture, equipment, and vehicles		55,562		51,832
Land, buildings, and improvements		443,118		426,974
Total property and equipment		4,717,098		4,709,036
Less: accumulated depreciation		(2,014,910)		(1,946,619)
Property and equipment, net	$	2,702,188	$	2,762,417

Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s site leasing operations. Depreciation expense was $80.4 million and $69.0 million for the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015 and December 31, 2014, non-cash capital expenditures that are included in accounts payable and accrued expenses were $12.7 million and $29.0 million, respectively.

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Shareholders' Equity (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Apr. 27, 2011
4.0% Convertible Senior Notes [Member]
Class of Stock [Line Items]
Debt instrument stated percentage	4.00%
Current Stock Repurchase Program [Member] | Class A Common Stock [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized	$ 300.0	$ 300.0
Stock repurchase program, remaining authorization	$ 150.0

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Acquisitions

3 Months Ended

Mar. 31, 2015

Acquisitions [Abstract]

Acquisitions

5.ACQUISITIONS

The Company acquired 59 communication sites during the three months ended March 31, 2015.These acquisitions were not significant to the Company and, accordingly, a preliminary estimate of the fair value of the assets acquired and liabilities assumed has not been presented. The Company evaluates all acquisitions after the applicable closing date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed by major balance sheet caption, as well as the separate recognition of intangible assets from goodwill if certain criteria are met.

The following table summarizes all of the Company’s cash acquisition capital expenditures:

	For the three months
	ended March 31,
	2015		2014
	(in thousands)
Towers and related intangible assets	$	42,630	$	918,071
Ground lease buyouts (1)		10,649		9,582
Total cash acquisition capital expenditures	$	53,279	$	927,653

(1) In addition, the Company paid $3.3 million and $1.3 million for ground lease extensions and term easements during the three months ended March 31, 2015 and 2014, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

Subsequent to March 31, 2015and through April 23, 2015, the date of the Company’s most recent public earnings press release, the Company acquired 20 towers for $17.6 million in cash. Subsequent to April 23, 2015 and through the date of this filing, the Company did not complete any material acquisitions.

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Intangible Assets, Net

3 Months Ended

Mar. 31, 2015

Intangible Assets, Net [Abstract]

Intangible Assets, Net

6.INTANGIBLE ASSETS, NET

The following table provides the gross and net carrying amounts for each major class of intangible assets:

	As of March 31, 2015						As of December 31, 2014
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	3,926,022	$	(946,412)	$	2,979,610	$	4,090,129	$	(891,374)	$	3,198,755
Network location intangibles		1,379,832		(433,450)		946,382		1,402,704		(411,919)		990,785
Intangible assets, net	$	5,305,854	$	(1,379,862)	$	3,925,992	$	5,492,833	$	(1,303,293)	$	4,189,540

All intangible assets noted above are included in the Company’s site leasing segments. The Company amortizes its intangible assets using the straight-line method over an estimated economic life of 15 years. Amortization expense relating to the intangible assets was $91.4 million and $74.8 million for the three months ended March 31, 2015 and 2014, respectively.

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Costs And Estimated Earnings On Uncompleted Contracts

3 Months Ended

Mar. 31, 2015

Costs And Estimated Earnings On Uncompleted Contracts [Abstract]

Costs And Estimated Earnings On Uncompleted Contracts

8.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Costs and estimated earnings on uncompleted contracts consist of the following:

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Costs incurred on uncompleted contracts	$	90,204	$	113,654
Estimated earnings		38,647		48,949
Billings to date		(107,364)		(143,323)
	$	21,487	$	19,280

These amounts are included in the accompanying Consolidated Balance Sheets under the following captions:

	As of		As of
	March 31, 2015		December 31, 2014
	(in thousands)
Costs and estimated earnings in excess of billings on
uncompleted contracts	$	29,209	$	30,078
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(7,722)		(10,798)
	$	21,487	$	19,280

Eight significant customers comprised 97.0% and 92.7% of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings on uncompleted contracts at March 31, 2015 and December 31, 2014, respectively.

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Stock-Based Compensation (Restricted Stock Unit Activity) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation [Abstract]
Number of Units Outstanding, at December 31, 2014	295
Number of Units, Granted	104
Number of Units, Vested	(112)
Number of Units, Forfeited/Canceled	(1)
Number of Units Outstanding, at March 31, 2015	286
Weighted-Average Grant Date Fair Value per Share Outstanding, at December 31, 2014	$ 73.55
Weighted-Average Grant Date Fair Value per Share, Granted	$ 124.56
Weighted-Average Grant Date Fair Value per Share, Vested	$ 64.01
Weighted-Average Grant Date Fair Value per Share, Forfeited/Canceled	$ 102.59
Weighted-Average Grant Date Fair Value per Share Outstanding, at March 31, 2015	$ 95.60

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Segment Data (Segment Reporting Information Disclosure) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenues	$ 410,094		$ 345,550
Cost of revenues	111,110		97,167
Operating profit	298,984		248,383
Selling, general, and administrative	29,884	[1]	24,676	[1]
Acquisition related adjustments and expenses	1,339		8,561
Asset impairment and decommission costs	6,822		3,568
Depreciation, amortization and accretion	171,853		144,442
Operating income	89,086		67,136
Other expense (principally interest expense and other expense)	(165,153)		(64,043)
(Loss) income before provision for income taxes	(76,067)		3,093
Cash capital expenditures	122,843		960,006
Assets	7,527,299				7,841,125
Domestic Site Leasing Revenue [Member]
Segment Reporting Information [Line Items]
Revenues	305,950		275,061
Cost of revenues	61,686		62,214
Operating profit	244,264		212,847
Selling, general, and administrative	17,655		16,852
Acquisition related adjustments and expenses	476		4,513
Asset impairment and decommission costs	6,594		2,777
Depreciation, amortization and accretion	137,460		125,418
Operating income	82,079		63,287
Cash capital expenditures	91,402		274,140
Assets	5,485,484				5,554,753
International Site Leasing Revenue [Member]
Segment Reporting Information [Line Items]
Revenues	63,777		34,259
Cost of revenues	18,531		7,526
Operating profit	45,246		26,733
Selling, general, and administrative	3,893		3,725
Acquisition related adjustments and expenses	863		4,048
Asset impairment and decommission costs	228		791
Depreciation, amortization and accretion	32,426		17,017
Operating income	7,836		1,152
Cash capital expenditures	21,775		683,559
Assets	1,735,673				1,989,571
Site Development [Member]
Segment Reporting Information [Line Items]
Revenues	40,367		36,230
Cost of revenues	30,893		27,427
Operating profit	9,474		8,803
Selling, general, and administrative	2,122		1,956
Depreciation, amortization and accretion	707		519
Operating income	6,645		6,328
Cash capital expenditures	1,831		759
Assets	68,195				78,633
Not Identified by Segment [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative	6,214		2,143
Depreciation, amortization and accretion	1,260		1,488
Operating income	(7,474)		(3,631)
Other expense (principally interest expense and other expense)	(165,153)		(64,043)
Cash capital expenditures	7,835		1,548
Assets	$ 237,947				$ 218,168

[1] Includes non-cash compensation of $6,884 and $4,541 for the three months ended March 31, 2015 and 2014, respectively.

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Stock-Based Compensation (Activities With Respect To Its Stock Options) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation [Abstract]
Number of Shares Outstanding, Beginning Balance	3,276
Number of Shares, Granted	1,038
Number of Shares, Exercised	(217)
Number of Shares, Canceled	(12)
Number of Shares Outstanding, Ending Balance	4,085
Number of Shares Exercisable, Ending Balance	1,591
Number of Shares Unvested, Ending Balance	2,494
Weighted-Average Exercise Price Per Share Outstanding, Beginning Balance	$ 66.85
Weighted-Average Exercise Price Per Share, Granted	$ 124.56
Weighted-Average Exercise Price Per Share, Exercised	$ 46.91
Weighted-Average Exercise Price Per Share, Canceled	$ 102.71
Weighted-Average Exercise Price Per Share Outstanding, Ending Balance	$ 82.53
Weighted-Average Exercise Price Per Share Exercisable, Ending Balance	$ 54.58
Weighted-Average Exercise Price Per Share Unvested, Ending Balance	$ 100.38
Weighted-Average Remaining Contractual Life (in years) Outstanding at March 31, 2015	5 years 1 month 6 days
Weighted-Average Remaining Contractual Life (in years) Exercisable at March 31, 2015	3 years 8 months 12 days
Weighted-Average Remaining Contractual Life (in years) Unvested at March 31, 2015	6 years
Aggregate Intrinsic Value Outstanding at March 31, 2015	$ 148,878
Aggregate Intrinsic Value Exercisable at March 31, 2015	99,482
Aggregate Intrinsic Value Unvested at March 31, 2015	$ 49,396

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Stock-Based Compensation [Abstract]

Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options

	For the three months ended
	March 31,
	2015	2014
Risk free interest rate	1.31% - 1.45%	1.15%
Dividend yield	0.0%	0.0%
Expected volatility	20.0%	22.0%
Expected lives	4.6 years	4.4 years

Company's Activities With Respect To Its Stock Options

				Weighted-
		Weighted-		Average
		Average		Remaining
	Number	Exercise Price		Contractual	Aggregate
	of Shares	Per Share		Life (in years)	Intrinsic Value
Outstanding at December 31, 2014	3,276	$	66.85
Granted	1,038	$	124.56
Exercised	(217)	$	46.91
Canceled	(12)	$	102.71
Outstanding at March 31, 2015	4,085	$	82.53	5.1	$	148,878
Exercisable at March 31, 2015	1,591	$	54.58	3.7	$	99,482
Unvested at March 31, 2015	2,494	$	100.38	6.0	$	49,396

Company's Restricted Stock Unit Activity

		Weighted-
		Average
		Grant Date
	Number of	Fair Value per
	Units	Share
	(in thousands)
Outstanding at December 31, 2014	295	$	73.55
Granted	104	$	124.56
Vested	(112)	$	64.01
Forfeited/canceled	(1)	$	102.59
Outstanding at March 31, 2015	286	$	95.60

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Costs And Estimated Earnings On Uncompleted Contracts (Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Costs And Estimated Earnings On Uncompleted Contracts [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 29,209	$ 30,078
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities)	(7,722)	(10,798)
Costs and estimated earnings on uncompleted contracts	$ 21,487	$ 19,280

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Income Taxes

3 Months Ended

Mar. 31, 2015

Income Taxes [Abstract]

Income Taxes

13.INCOME TAXES

The primary reason for the difference in the Company’s effective tax rate and the US statutory rate is a result of the Company having a full valuation allowance on its US net deferred tax assets. The Company has concluded that it is not more likely than not that its deferred tax assets will be realized and has recorded a full valuation allowance. A foreign tax provision is recognized because certain international subsidiaries of the Company have profitable operations or a net deferred tax liability position.

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Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2015

Restricted Cash [Abstract]

Schedule Of Restricted Cash

	As of		As of
	March 31, 2015		December 31, 2014		Included on Balance Sheet
		(in thousands)
Securitization escrow accounts	$	41,038	$	52,117	Restricted cash - current asset
Payment and performance bonds		400		402	Restricted cash - current asset
Surety bonds and workers compensation		5,934		5,934	Other assets - noncurrent
Total restricted cash	$	47,372	$	58,453

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Costs And Estimated Earnings On Uncompleted Contracts (Narrative) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2015 customer	Dec. 31, 2014 customer
Costs And Estimated Earnings On Uncompleted Contracts [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts net of billings in excess of costs and estimated earnings on uncompleted, percentage comprised by significant customers	97.00%	92.70%
Number of significant customers	8	8

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Restricted Cash (Schedule Of Restricted Cash) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 47,372	$ 58,453
Restricted Cash - Current Asset [Member] | Securitization Escrow Accounts [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	41,038	52,117
Restricted Cash - Current Asset [Member] | Payment and Performance Bonds [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	400	402
Other Assets - Noncurrent [Member] | Surety Bonds and Workers Compensation [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 5,934	$ 5,934

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Consolidated Statements Of Operations (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Non-cash compensation expense	$ 6,988	$ 4,618
Selling, General And Administrative Expenses [Member]
Non-cash compensation expense	$ 6,884	$ 4,541

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Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Fair Value Measurements [Abstract]

Fair Value Measurements

2.FAIR VALUE MEASUREMENTS

Items Measured at Fair Value on a Recurring Basis— The Company’s earnout liabilities related to acquisitions are measured at fair value on a recurring basis using Level 3 inputs. Level 3 valuations rely on unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The Company determines the fair value of acquisition-related earnouts (contingent consideration) and any subsequent changes in fair value using a discounted probability-weighted approach using Level 3 inputs. The fair value of the earnouts is reviewed quarterly and is based on the payments the Company expects to make based on historical internal observations related to the anticipated performance of the underlying assets. The Company’s estimate of the fair value of its obligation if the performance targets contained in various acquisition agreements were met was $13.4 million and $15.1 million as of March 31, 2015 and December 31, 2014, respectively, which the Company recorded in Accrued expenses in the accompanying Consolidated Balance Sheets. Changes in estimate are recorded in Acquisition related adjustments and expenses in the accompanying Consolidated Statement of Operations. The maximum potential obligation related to the performance targets was $21.4 million as of March 31, 2015.

The following summarizes the activity of the accrued earnouts:

	2015		2014
	(in thousands)
Beginning balance, December 31, 2014 and 2013 , respectively	$	15,086	$	30,063
Additions		1,372		1,048
Payments		(1,234)		(5,019)
Change in estimate		(1,552)		648
Foreign currency translation adjustments		(319)		2,558
Ending balance, March 31, 2015 and March 31, 2014, respectively	$	13,353	$	29,298

Items Measured at Fair Value on a Nonrecurring Basis— The Company’s long-lived assets, intangibles, and asset retirement obligations are measured at fair value on a nonrecurring basis using Level 3 inputs. The Company considers many factors and makes certain assumptions when making this assessment, including but not limited to: general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. The fair value of the long-lived assets, intangibles, and asset retirement obligations is calculated using a discounted cash flow model.

During the three months ended March 31, 2015, the Company recognized an impairment charge of $6.8 million. The impairment charge includes the write off of $3.9 million in carrying value of decommissioned towers and $1.8 million of other third party decommission costs incurred related to the Company’s long-lived assets and intangibles for thethree months ended March 31, 2015. In addition, the impairment charge includes $1.1 million in disposal costs related to the Company’s former corporate headquarters building for the three months ended March 31, 2015. During the three months ended March 31, 2014, the Company recognized an impairment charge of $3.6 million. The impairment charge includes the write off of $2.9 million in carrying value of decommissioned towers and $0.7 million of other third party decommission costs incurred related to the Company’s long-lived assets and intangibles for the three months ended March 31, 2014. These write offs result from the Company’s analysis that the future cash flows from certain towers would not recover the carrying value of the investment in those towers. Asset impairment and decommission costs and the related impaired assets relate to the Company’s site leasing operating segment.

Fair Value of Financial Instruments— The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments. Short-term investments consisted of $4.6 million and $5.3 million in certificate of deposits, as of March 31, 2015 and December 31, 2014, respectively. The Company’s estimate of the fair value of its held-to-maturity investments in treasury and corporate bonds, including current portion, are based primarily upon Level 1 reported market values. As of March 31, 2015 and December 31, 2014, the carrying value and fair value of the held-to-maturity investments, including current portion, were $1.0 million and $1.1 million, respectively.

The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the interest payments are based on Eurodollar rates that reset every month. The Company does not believe its credit risk has changed materially from the date the applicable Eurodollar Rate plus 137.5 to 200.0 basis points was set for the Revolving Credit Facility. Refer to Note 10 for the fair values, principal balances, and carrying values of the Company’s debt instruments.

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Debt (Carrying And Principal Values Of Debt) (Details) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Sep. 28, 2012	Jul. 13, 2012	Jul. 01, 2014	Apr. 16, 2010	Aug. 09, 2012	Apr. 18, 2013	Oct. 15, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Principal Balance	7,972,500,000								$ 7,870,000,000
Fair Value	8,103,243,000								7,887,202,000
Carrying Value	7,963,579,000								7,860,799,000
Less: current maturities of long-term debt	(33,750,000)								(32,500,000)
Total long-term debt, net of current maturities	7,929,829,000								7,828,299,000
4.0% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 01, 2014
Debt instrument, interest rate, stated percentage	4.00%
8.25% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.25%
5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Principal Balance	500,000,000								500,000,000
Fair Value	526,250,000								511,250,000
Carrying Value	500,000,000								500,000,000
Debt instrument, maturity date	Oct. 01, 2019	Oct. 01, 2019
Debt instrument, interest rate, stated percentage	5.625%	5.625%
5.75% Senior Notes [Member]
Debt Instrument [Line Items]
Principal Balance	800,000,000								800,000,000
Fair Value	839,000,000								816,000,000
Carrying Value	800,000,000								800,000,000
Debt instrument, maturity date	Jul. 15, 2020		Jul. 15, 2020
Debt instrument, interest rate, stated percentage	5.75%		5.75%
4.875% Senior Notes [Member]
Debt Instrument [Line Items]
Principal Balance	750,000,000								750,000,000
Fair Value	731,250,000								721,875,000
Carrying Value	744,311,000								744,150,000
Debt instrument, maturity date	Jul. 15, 2022			Jul. 15, 2022
Debt instrument, interest rate, stated percentage	4.875%			4.875%
2010 Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance	550,000,000								550,000,000
Fair Value	573,359,000								576,901,000
Carrying Value	550,000,000								550,000,000
Debt instrument, maturity date	Apr. 17, 2017
2012 Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance	610,000,000								610,000,000
Fair Value	620,547,000								620,175,000
Carrying Value	610,000,000								610,000,000
Debt instrument, maturity date	Dec. 15, 2017
2013-1C Tower Securities
Debt Instrument [Line Items]
Principal Balance	425,000,000								425,000,000
Fair Value	424,681,000								420,776,000
Carrying Value	425,000,000								425,000,000
Debt instrument, maturity date	Apr. 17, 2018
2013-2C Tower Securities
Debt Instrument [Line Items]
Principal Balance	575,000,000								575,000,000
Fair Value	593,941,000								584,344,000
Carrying Value	575,000,000								575,000,000
Debt instrument, maturity date	Apr. 17, 2023
2013-1D Tower Securities
Debt Instrument [Line Items]
Principal Balance	330,000,000								330,000,000
Fair Value	329,987,000								330,551,000
Carrying Value	330,000,000								330,000,000
Debt instrument, maturity date	Apr. 17, 2018
2014-1C Tower Securities
Debt Instrument [Line Items]
Principal Balance	920,000,000								920,000,000
Fair Value	933,349,000								920,515,000
Carrying Value	920,000,000								920,000,000
Debt instrument, maturity date	Oct. 15, 2019
2014-2C Tower Securities
Debt Instrument [Line Items]
Principal Balance	620,000,000								620,000,000
Fair Value	646,034,000								629,474,000
Carrying Value	620,000,000								620,000,000
Debt instrument, maturity date	Oct. 15, 2024
5.101% 2010-2 Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date					Apr. 15, 2042
Debt instrument, interest rate, stated percentage					5.101%
2.933% 2012-1 Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date						Dec. 15, 2042
Debt instrument, interest rate, stated percentage						2.933%
2.240% 2013-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date							Apr. 17, 2043
Debt instrument, interest rate, stated percentage							2.24%
3.722% 2013-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date							Apr. 17, 2048
Debt instrument, interest rate, stated percentage							3.722%
3.598% 2013-1D Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date							Apr. 17, 2043
Debt instrument, interest rate, stated percentage							3.598%
2.898% 2014-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date								Oct. 17, 2044
Debt instrument, interest rate, stated percentage								2.898%
3.869% 2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date								Oct. 15, 2049
Debt instrument, interest rate, stated percentage								3.869%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal Balance	235,000,000								125,000,000
Fair Value	235,000,000								125,000,000
Carrying Value	235,000,000								125,000,000
Debt instrument, maturity date	Feb. 05, 2020
2012-1 Term Loan [Member]
Debt Instrument [Line Items]
Principal Balance	168,750,000								172,500,000
Fair Value	168,539,000								171,422,000
Carrying Value	168,750,000								172,500,000
Debt instrument, maturity date	May 09, 2017
2014 Term Loan [Member]
Debt Instrument [Line Items]
Principal Balance	1,488,750,000								1,492,500,000
Fair Value	1,481,306,000								1,458,919,000
Carrying Value	1,485,518,000								$ 1,489,149,000
Debt instrument, maturity date	Mar. 24, 2021

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Other Assets (Tables)

3 Months Ended

Mar. 31, 2015

Other Assets [Abstract]

Schedule Of Other Assets

	As of		As of
	March 31, 2015		December 31, 2014
		(in thousands)
Restricted cash	$	5,934	$	5,934
Long-term investments		44,105		44,095
Prepaid land rent		136,073		134,148
Straight-line rent receivable		240,450		230,384
Other		54,115		52,482
Total other assets	$	480,677	$	467,043

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Fair Value Measurements (Narrative) (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Feb. 05, 2015	Dec. 31, 2014	Dec. 31, 2013
Accrued earnouts	$ 13,353,000	$ 29,298,000		$ 15,086,000	$ 30,063,000
Performance targets, maximum potential obligation	21,400,000
Impairment charge recognized, related to long-lived assets	6,800,000	3,600,000
Write-offs relating to long-lived assets and intangibles	3,900,000	2,900,000
Certificate of deposits	4,600,000			5,300,000
Held-to-maturity investments, carrying value	1,000,000
Held-to-maturity investments, fair value	1,100,000
Not Identified by Segment [Member]
Write-offs relating to long-lived assets and intangibles	1,800,000
Former Corporate Headquarters Building [Member]
Write-offs relating to long-lived assets and intangibles	1,100,000
Site Leasing Revenue [Member]
Write-offs relating to long-lived assets and intangibles		$ 700,000
Revolving Credit Facility [Member] | Minimum [Member]
Basis spread on variable interest rate	1.375%		1.375%
Revolving Credit Facility [Member] | Maximum [Member]
Basis spread on variable interest rate	2.00%		2.00%

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2015

Stock-Based Compensation [Abstract]

Stock-Based Compensation

12.STOCK-BASED COMPENSATION

Stock Options

The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility. Historical data is used to estimate the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model:

	For the three months ended
	March 31,
	2015	2014
Risk free interest rate	1.31% - 1.45%	1.15%
Dividend yield	0.0%	0.0%
Expected volatility	20.0%	22.0%
Expected lives	4.6 years	4.4 years

The following table summarizes the Company’s activities with respect to its stock option plans for the three months ended March 31, 2015 as follows (dollars and number of shares in thousands, except for per share data):

				Weighted-
		Weighted-		Average
		Average		Remaining
	Number	Exercise Price		Contractual	Aggregate
	of Shares	Per Share		Life (in years)	Intrinsic Value
Outstanding at December 31, 2014	3,276	$	66.85
Granted	1,038	$	124.56
Exercised	(217)	$	46.91
Canceled	(12)	$	102.71
Outstanding at March 31, 2015	4,085	$	82.53	5.1	$	148,878
Exercisable at March 31, 2015	1,591	$	54.58	3.7	$	99,482
Unvested at March 31, 2015	2,494	$	100.38	6.0	$	49,396

The weighted-average fair value of options granted during the three months ended March 31, 2015 and 2014 was $24.76 and $19.48, respectively. The total intrinsic value for options exercised during the three months ended March 31, 2015 and 2014 was $16.2 million and $23.0 million, respectively.

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity for the three months ended March 31, 2015:  

		Weighted-
		Average
		Grant Date
	Number of	Fair Value per
	Units	Share
	(in thousands)
Outstanding at December 31, 2014	295	$	73.55
Granted	104	$	124.56
Vested	(112)	$	64.01
Forfeited/canceled	(1)	$	102.59
Outstanding at March 31, 2015	286	$	95.60