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 September 30, 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: 126,151,128  sharesof Class A common stock as of October 30, 2015.

Table of Contents

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets as of September 30, 2015 (unaudited) and December 31, 2014	1
	Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2015 and 2014	2
	Consolidated Statements of Comprehensive Loss (unaudited) for the three and nine months ended September 30, 2015 and 2014	3
	Consolidated Statement of Shareholders’ Deficit (unaudited) for the nine months ended September 30, 2015	4
	Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 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	20
Item3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	39
PART II – OTHER INFORMATION
Item2.	Unregistered Sales of Equity Securities and Use of Proceeds	40
Item6.	Exhibits	40
SIGNATURES		41

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except par values)

	September 30,		December 31,
	2015		2014
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	73,271	$	39,443
Restricted cash		46,785		52,519
Short-term investments		702		5,549
Accounts receivable, net of allowance of $1,418 and $889
at September 30, 2015 and December 31, 2014, respectively		73,383		104,268
Costs and estimated earnings in excess of billings on uncompleted contracts		25,800		30,078
Prepaid expenses and other current assets		114,930		95,031
Total current assets		334,871		326,888
Property and equipment, net		2,720,874		2,762,417
Intangible assets, net		3,737,105		4,189,540
Deferred financing fees, net		89,185		95,237
Other assets		514,722		467,043
Total assets	$	7,396,757	$	7,841,125
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable	$	32,197	$	42,851
Accrued expenses		65,642		65,553
Current maturities of long-term debt		40,000		32,500
Deferred revenue		92,242		120,047
Accrued interest		39,184		53,178
Other current liabilities		19,002		16,921
Total current liabilities		288,267		331,050
Long-term liabilities:
Long-term debt		8,446,850		7,828,299
Other long-term liabilities		359,296		342,576
Total long-term liabilities		8,806,146		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, 126,143 and
129,134 shares issued and outstanding at September 30, 2015 and
December 31, 2014, respectively		1,261		1,291
Additional paid-in capital		1,951,657		2,062,775
Accumulated deficit		(3,149,082)		(2,542,380)
Accumulated other comprehensive loss, net		(501,492)		(182,486)
Total shareholders' deficit		(1,697,656)		(660,800)
Total liabilities and shareholders' deficit	$	7,396,757	$	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				For the nine months
	ended September 30,				ended September 30,
	2015		2014		2015		2014
Revenues:
Site leasing	$	371,993	$	349,010	$	1,112,182	$	998,781
Site development		38,742		44,283		119,351		123,481
Total revenues		410,735		393,293		1,231,533		1,122,262
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion,
and amortization shown below):
Cost of site leasing		81,346		77,926		243,298		223,049
Cost of site development		30,387		33,950		91,662		93,432
Selling, general, and administrative (1)		27,872		26,589		86,017		76,707
Acquisition related adjustments and expenses		364		(58)		7,483		10,728
Asset impairment and decommission costs		63,353		5,992		74,185		13,554
Depreciation, accretion, and amortization		164,330		159,410		498,560		464,858
Total operating expenses		367,652		303,809		1,001,205		882,328
Operating income		43,083		89,484		230,328		239,934
Other income (expense):
Interest income		1,276		161		2,284		428
Interest expense		(81,877)		(78,170)		(238,439)		(215,695)
Non-cash interest expense		(449)		(8,236)		(1,051)		(26,832)
Amortization of deferred financing fees		(4,803)		(4,599)		(13,973)		(13,114)
Loss from extinguishment of debt, net		—		(14,893)		—		(25,080)
Other (expense) income, net		(111,250)		611		(178,710)		20,384
Total other expense		(197,103)		(105,126)		(429,889)		(259,909)
Loss before provision for income taxes		(154,020)		(15,642)		(199,561)		(19,975)
Provision for income taxes		(1,926)		(982)		(7,112)		(4,710)
Net loss		(155,946)		(16,624)		(206,673)		(24,685)
Net loss per common share
Basic and diluted	$	(1.23)	$	(0.13)	$	(1.61)	$	(0.19)
Weighted average number of common shares
Basic and diluted		127,170		129,046		128,397		128,854

(1) Includes non-cash compensation of $6,631 and $6,319 for the three months ended September 30, 2015 and 2014, respectively, and $21,604 and $16,951 for the nine months ended September 30, 2015 and 2014, respectively.

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

2

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited) (in thousands)

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2015		2014		2015		2014
Net loss	$	(155,946)	$	(16,624)	$	(206,673)	$	(24,685)
Foreign currency translation adjustments		(171,089)		(128,461)		(319,006)		(60,466)
Comprehensive loss	$	(327,035)	$	(145,085)	$	(525,679)	$	(85,151)

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	—		—		—		(206,673)		—		(206,673)
Common stock issued in connection with
stock purchase/option plans	509		5		17,516		—		—		17,521
Non-cash compensation	—		—		22,240		—		—		22,240
Settlement of common stock warrants	—		—		(150,874)		—		—		(150,874)
Repurchase and retirement of common stock	(3,500)		(35)		—		(400,029)		—		(400,064)
Foreign currency translation adjustments	—		—		—		—		(319,006)		(319,006)
BALANCE, September 30, 2015	126,143	$	1,261	$	1,951,657	$	(3,149,082)	$	(501,492)	$	(1,697,656)

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

4

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) (in thousands)

	For the nine months
	ended September 30,
	2015		2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(206,673)	$	(24,685)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, accretion, and amortization		498,560		464,858
Non-cash interest expense		1,051		26,832
Deferred income tax expense (benefit)		195		(1,043)
Non-cash asset impairment and decommission costs		69,895		9,909
Non-cash compensation expense		21,903		17,231
Amortization of deferred financing fees		13,973		13,114
Loss from extinguishment of debt, net		—		25,080
Loss on remeasurement of U.S. dollar denominated intercompany loan		180,422		—
Gain on foreign currency swap contract		—		(17,891)
Other non-cash items reflected in the Statements of Operations		(5,233)		(1,207)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of
billings on uncompleted contracts, net		24,242		(10,649)
Prepaid and other assets		(52,928)		(43,923)
Accounts payable and accrued expenses		11,129		(6,220)
Accrued interest		(13,994)		(659)
Other liabilities		(7,805)		34,541
Net cash provided by operating activities		534,737		485,288
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(408,711)		(1,048,748)
Capital expenditures		(162,311)		(131,347)
Proceeds from foreign currency swap contract		—		17,891
Other investing activities		4,291		(1,782)
Net cash used in investing activities		(566,731)		(1,163,986)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility		770,000		575,000
Repayments under Revolving Credit Facility		(615,000)		(490,000)
Repayment of Term Loans		(25,000)		(303,000)
Proceeds from Term Loans, net of fees		489,899		1,483,337
Payment for the redemption of 8.25% Notes		—		(253,805)
Proceeds from 4.875% Senior Notes, net of fees		—		732,459
Payments on settlement of convertible debt		—		(132,592)
Payments for settlement of common stock warrants		(150,874)		(602,834)
Repurchase and retirement of common stock		(400,064)		—
Other financing activities		9,552		(18,202)
Net cash provided by financing activities		78,513		990,363
Effect of exchange rate changes on cash and cash equivalents		(12,691)		16,480
NET INCREASE IN CASH AND CASH EQUIVALENTS		33,828		328,145
CASH AND CASH EQUIVALENTS:
Beginning of period		39,443		122,112
End of period	$	73,271	$	450,257

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

5

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	For the nine months
	ended September 30,
	2015		2014
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	252,425	$	216,103
Income taxes	$	7,569	$	6,377
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH
ACTIVITIES:
Assets acquired through capital leases	$	2,627	$	1,290
Issuance of stock for settlement of convertible debt and warrants,
net of hedges	$	—	$	284

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

6

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 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 income (expense), net in the Consolidated Statements of Operations. For the three and nine months ended September 30, 2015, the Company recorded a $112.1 million and $180.4 million foreign exchange loss, respectively, 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. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 for public companies. 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. Early adoption is permitted but not before interim and annual reporting periods beginning after December 15, 2016. 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.

In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. The standard indicates the SEC staff would not object to

7

presenting deferred debt issuance costs for a line of credit arrangement as an asset in the balance sheet. ASU 2015-15 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.

In September 2015, the FASB issued ASU 2015-16 Business Combinations. The standard requires that the acquirer (1) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (2) record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (3) to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 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 and are 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 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. 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 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 of performance targets contained in various acquisitions was $8.8 million and $15.1 million as of September 30, 2015 and December 31, 2014. The maximum potential obligation related to the performance targets was $14.3 million and $23.1 million as of September 30, 2015 and December 31, 2014, respectively.

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		3,228		10,384
Payments		(3,608)		(16,346)
Change in estimate		(5,299)		(1,519)
Foreign currency translation adjustments		(588)		554
Ending balance, September 30, 2015 and September 30, 2014, respectively	$	8,819	$	23,136

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 and nine months ended September 30, 2015, the Company recognized impairment charges of $63.4 million and $74.2 million, respectively. The impairment charges include the write off of $5.3 million and $12.0 million in carrying value of decommissioned towers,  a  $56.7 million impairment charge recorded in the third quarter of 2015 related to fiber assets acquired in the 2012 Mobilitie transaction, and$1.4 million and $4.3 million of other third party decommission costs incurred related to the Company’s long-lived assets and intangiblesfor the three and nine months ended September 30, 2015, respectively.  The impairment review of the fiber assets was triggered by a strategic decision made by the Company during the third quarter. The undiscounted cash flows were not sufficient to recover the carrying amount of the assets and thus a discounted cash flow valuation was used to determine the fair value. Key assumptions used in the valuation include forecasts of revenue and expenses over an extended period of time, and estimated costs of debt and equity capital to discount the projected cash flows. Certain of these assumptions involve significant judgment, are based on management’s estimate of current and forecasted market conditions and are sensitive and susceptible to change.In addition, for the nine months ended September 30, 2015, the impairment charge includes $1.2 million in exit costs related to the Company’s former corporate headquarters building. During the three and nine months ended September 30, 2014, the Company

8

recognized impairment charges of $6.0 million and $13.6 million, respectively. The impairment charges include the write off of $4.7 million and $10.0 million in carrying value of decommissioned towers and $1.3 million and $3.6 million of other third party decommission costs incurred related to the Company’s long-lived assets and intangibles for the three and nine months ended September 30, 2014, respectively. These write offs result from the Company’s analysis that the future cash flows from certain assets would not recover the carrying value of the investment in those assets. 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 $0.5 million and $5.3 million in certificate of deposits, as of September 30, 2015 and December 31, 2014, respectively, and $0.2 million in Treasury securities as of September 30, 2015 and December 31, 2014. 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 September 30, 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 the 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.

3.RESTRICTED CASH

Restricted cash consists of the following:

	As of		As of
	September 30, 2015		December 31, 2014		Included on Balance Sheet
		(in thousands)
Securitization escrow accounts	$	46,381	$	52,117	Restricted cash - current asset
Payment and performance bonds		404		402	Restricted cash - current asset
Surety bonds and workers compensation		4,270		5,934	Other assets - noncurrent
Total restricted cash	$	51,055	$	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 September 30, 2015 andDecember 31, 2014, the Company had $38.0 million and$38.3 million in surety bonds and payment and performance bonds, respectively, for which it was only required to post $0.8 million in collateral. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of September 30, 2015 and December 31, 2014, the Company had also pledged $2.5 millionand $2.6 million, respectively, as collateral related to its workers compensation policy.

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4.OTHER ASSETS

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

	As of		As of
	September 30, 2015		December 31, 2014
		(in thousands)
Long-term investments	$	51,919	$	44,095
Prepaid land rent		149,517		134,148
Straight-line rent receivable		258,534		230,384
Deferred lease costs, net		30,239		28,517
Other		24,513		29,899
Total other assets	$	514,722	$	467,043

5.ACQUISITIONS

The Company acquired 225 communication sites during the three months ended September 30, 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				For the nine months
	ended September 30,				ended September 30,
	2015		2014		2015		2014
	(in thousands)
Towers and related intangible assets	$	76,475	$	71,688	$	358,675	$	1,019,733
Land buyouts (1)		9,154		9,586		50,036		29,015
Total cash acquisition capital expenditures	$	85,629	$	81,274	$	408,711	$	1,048,748

(1) In addition, the Company paid $4.0 million and $2.7 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended September 30, 2015 and 2014, respectively, and paid $12.7 million and $7.8 million for ground lease extensions and term easements on land underlying the Company’s towers during the nine months ended September 30, 2015 and 2014, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

Subsequent to September 30, 2015, the Company acquired 24 towers for $19.8 million in cash.

6.INTANGIBLE ASSETS, NET

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

	As of September 30, 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	$	3,859,057	$	(1,053,959)	$	2,805,098	$	4,090,129	$	(891,374)	$	3,198,755
Network location intangibles		1,406,730		(474,723)		932,007		1,402,704		(411,919)		990,785
Intangible assets, net	$	5,265,787	$	(1,528,682)	$	3,737,105	$	5,492,833	$	(1,303,293)	$	4,189,540

10

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 of15 years. Amortization expense relating to the intangible assets was $91.4 million and$86.2 millionfor the three months ended September 30, 2015  and2014, respectively, and $273.5 million and $250.5 million for the nine months ended September 30, 2015 and 2014, respectively.

7.PROPERTY AND EQUIPMENT, NET

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

	As of		As of
	September 30, 2015		December 31, 2014
	(in thousands)
Towers and related components	$	4,264,917	$	4,194,375
Construction-in-process		29,360		35,855
Furniture, equipment, and vehicles		55,500		51,832
Land, buildings, and improvements		507,131		426,974
Total property and equipment		4,856,908		4,709,036
Less: accumulated depreciation		(2,136,034)		(1,946,619)
Property and equipment, net	$	2,720,874	$	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 $72.8 million and$73.0 millionfor the three months ended September 30, 2015 and2014, respectively, and $224.9 million and $213.7 million for the nine months ended September 30, 2015 and 2014, respectively. At September 30, 2015 and December 31, 2014, non-cash capital expenditures that are included in accounts payable and accrued expenses were $11.4 million and $29.0 million, respectively.

8.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

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

	As of		As of
	September 30, 2015		December 31, 2014
	(in thousands)
Costs incurred on uncompleted contracts	$	79,151	$	113,654
Estimated earnings		22,593		48,949
Billings to date		(86,602)		(143,323)
	$	15,142	$	19,280

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

	As of		As of
	September 30, 2015		December 31, 2014
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	25,800	$	30,078
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(10,658)		(10,798)
	$	15,142	$	19,280

Eight significant customers comprised 93.6%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 September 30, 2015 and December 31, 2014, respectively.

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9.ACCRUED EXPENSES

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

	As of		As of
	September 30, 2015		December 31, 2014
	(in thousands)
Accrued earnouts	$	8,819	$	15,086
Salaries and benefits		13,202		13,440
Real estate and property taxes		9,700		5,331
Other		33,921		31,696
Total accrued expenses	$	65,642	$	65,553

10.DEBT

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

		As of						As of
		September 30, 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	$	515,625	$	500,000	$	500,000	$	511,250	$	500,000
5.750% Senior Notes	July 15, 2020		800,000		821,000		800,000		800,000		816,000		800,000
4.875% Senior Notes	July 15, 2022		750,000		733,125		744,639		750,000		721,875		744,150
2010-2C Tower Securities	April 11, 2017		550,000		563,552		550,000		550,000		576,901		550,000
2012-1C Tower Securities	Dec. 11, 2017		610,000		615,435		610,000		610,000		620,175		610,000
2013-1C Tower Securities	April 10, 2018		425,000		422,722		425,000		425,000		420,776		425,000
2013-2C Tower Securities	April 11, 2023		575,000		582,803		575,000		575,000		584,344		575,000
2013-1D Tower Securities	April 10, 2018		330,000		336,059		330,000		330,000		330,551		330,000
2014-1C Tower Securities	Oct. 8, 2019		920,000		923,358		920,000		920,000		920,515		920,000
2014-2C Tower Securities	Oct. 8, 2024		620,000		626,913		620,000		620,000		629,474		620,000
Revolving Credit Facility	Feb. 5, 2020		280,000		280,000		280,000		125,000		125,000		125,000
2012-1 Term Loan	May 9, 2017		160,000		159,800		160,000		172,500		171,422		172,500
2014 Term Loan	Mar. 24, 2021		1,481,250		1,466,438		1,478,265		1,492,500		1,458,919		1,489,149
2015 Term Loan	June 10, 2022		498,750		491,269		493,946		—		—		—
Total debt		$	8,500,000	$	8,538,099	$	8,486,850	$	7,870,000	$	7,887,202	$	7,860,799
Less: current maturities of long-term debt							(40,000)						(32,500)
Total long-term debt, net of current maturities						$	8,446,850					$	7,828,299

12

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

	For the three months ended September 30,								For the nine months ended September 30,
	2015				2014				2015				2014
	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest
	(in thousands)
4.0% Convertible Senior Notes	$	—	$	—	$	3,675	$	7,934		—		—		12,520		26,266
8.25% Senior Notes		—		—		2,458		24		—		—		12,513		121
5.625% Senior Notes		7,031		—		7,031		—		21,094		—		21,094		—
5.75% Senior Notes		11,500		—		11,500		—		34,500		—		34,500		—
4.875% Senior Notes		9,141		165		9,141		157		27,422		488		9,141		157
2010 Tower Securities		7,058		—		14,346		—		21,173		—		43,036		—
2012 Tower Securities		4,525		—		4,521		—		13,588		—		13,564		—
2013 Tower Securities		10,804		—		10,804		—		32,413		—		32,413		—
2014 Tower Securities		12,785		—		—		—		38,354		—		—		—
Revolving Credit Facility		1,378		—		1,007		—		4,714		—		3,279		—
2011 Term Loan		—		—		—		—		—		—		696		7
2012-1 Term Loan		1,135		—		1,222		—		3,384		—		3,336		—
2012-2 Term Loan		—		—		—		—		—		—		424		4
2014 Term Loan		12,333		125		12,458		121		36,690		366		28,911		277
2015 Term Loan		4,153		159		—		—		5,101		197		—		—
Other		34		—		7		—		6		—		268		—
Total	$	81,877	$	449	$	78,170	$	8,236	$	238,439	$	1,051	$	215,695	$	26,832

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 September 30, 2015, the Revolving Credit Facility was accruing interest at 2.28% per annum.

During the three and nine months ended September 30, 2015, the Company borrowed $320.0 million and $770.0 million, respectively, under the Revolving Credit Facility andrepaid $80.0 million and $615.0 million, respectively, of the outstanding balance under the Revolving Credit Facility. As of September 30, 2015,  $280.0 million was outstanding under the Revolving Credit Facility.

Subsequent to September 30, 2015, the Company repaid the $280.0 million balance outstanding on the Revolving Credit Facility with proceeds from the 2015 Tower Securities (as defined below), and as of the date of this filing, no amounts were outstanding under the Revolving Credit Facility.

13

As of September 30, 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 September 30, 2015, the 2012-1 Term Loan was accruing interest at 2.70% 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. 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 and nine months ended September 30, 2015, the Company repaid $5.0 million and $12.5 million, respectively, of principal on the 2012-1 Term Loan. As of September 30, 2015, the 2012-1 Term Loan had a principal balance of $160.0 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 September 30, 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 are being 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 without premium or penalty. The Company incurred deferred financing fees of approximately $12.9 million in relation to this transaction which are being amortized through the maturity date.

During the three and nine months ended September 30, 2015, the Company repaid $3.8 million and $11.3 million, respectively, of principal on the 2014 Term Loan. As of September 30, 2015, the 2014 Term Loan had a principal balance of $1.5 billion.

2015 Term Loan

On June 10, 2015, SBA Senior Finance II obtained a new senior secured term loan with an initial aggregate principal amount of $500.0 million that matures on June 10, 2022 (the “2015 Term Loan”). The 2015 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 2015 Term Loan was issued at 99.0% of par value. As of September 30, 2015, the 2015 Term Loan was accruing interest at 3.25% per annum. Principal payments on the 2015 Term Loan commenced on September 30, 2015 and will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $1.3 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2015 Term Loan. However, to the extent the 2015 Term Loan is prepaid prior to December 10, 2015 from proceeds of certain refinancing or repricing transactions, a prepayment fee equal to 1.0% of the aggregate principal amount of such prepayment will apply.  The Company incurred deferred financing fees of approximately $5.1million to date in relation to this transaction which are being amortized through the maturity date.

During the three and nine months ended September 30, 2015, the Company repaid $1.3 million of principal on the 2015 Term Loan. As ofSeptember 30, 2015, the 2015 Term Loan had a principal balance of $498.8 million.

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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 2010-2C (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 11, 2017 and April 9, 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 2012-1C (the “2012 Tower Securities”) which have an anticipated repayment date of December 11, 2017 and a final maturity date of December 9, 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 10, 2018 and a final maturity date of April 9, 2043,  $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C which have an anticipated repayment date of April 11, 2023 and a final maturity date of April 9, 2048, and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218%per annum, payable monthly. 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 8, 2019 and a final maturity date of October 11, 2044, and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C which have an anticipated repayment date of October 8, 2024 and a final maturity date of October 8, 2049 (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289%per annum, payable monthly. The Company incurred deferred financing fees of $22.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities.

2015 Tower Securities

On October 14, 2015, the Company, through the Trust, issued $500.0 million of Secured Tower Revenue Securities Series 2015-1C which have an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “2015 Tower Securities”). The fixed interest rate of the 2015 Tower Securities is 3.156%per annum, payable monthly. The Company has incurred deferred financing fees of $9.7 million to date in relation to this transaction which are being amortized through the anticipated repayment date of the 2015 Tower Securities.In connection with the issuance of the 2015 Tower Securities, the advance rents reserve requirement was modified such that the Borrowers will only be required to maintain an advance rents reserve at any time the monthly tenant debt service coverage ratio is equal to or less than 2:1 and for two calendar months after such coverage ratio again exceeds 2:1.

As of September 30, 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.

15

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 nine months ended September 30, 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.

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 common stock equivalents related to its outstanding stock options (see Note 12) and restricted stock units.  These common stock equivalents were not included in diluted loss per share because the effect would have been anti-dilutive for each of the three and nine months ended September 30, 2015 and 2014.  

Stock Repurchases

During the second quarter of 2015, the Company repurchased the remaining $150.0 million of Class A common stock authorized under its previously announced$300.0 million stock repurchase plan, completing this plan. The Company repurchased 1.305 million shares at a weighted average price per share of $114.96.  

On June 4, 2015, the Company announced the authorization of a new $1.0 billion stock repurchase plan. This new plan authorizes the Company to purchase from time to time the Company’s outstanding 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. Shares purchased will be retired.

During the third quarter of 2015, the Company repurchased 2.2 million shares of its Class A common stock for $250.0 million, at a weighted average price per share of  $113.87. The Company currently has $750.0 million of repurchase authorization remaining under its $1.0 billion 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 nine months ended
	September 30,
	2015	2014
Risk free interest rate	1.21% - 1.45%	1.15% - 1.37%
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 nine months ended September 30, 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	3,275	$	66.85
Granted	1,071	$	124.28
Exercised	(416)	$	52.04
Canceled	(55)	$	92.84
Outstanding at September 30, 2015	3,875	$	83.93	4.7	$	101,301
Exercisable at September 30, 2015	1,429	$	54.56	3.2	$	71,696
Unvested at September 30, 2015	2,446	$	101.08	5.6	$	29,605

The weighted-average per share fair value of options granted during the nine months ended September 30, 2015 was $24.76. The total intrinsic value for options exercised during the nine months ended September 30, 2015 was $29.0 million.

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity for the nine months ended September 30, 2015:  

		Weighted-
		Average
		Grant Date
	Number of	Fair Value per
	Units	Share
	(in thousands)
Outstanding at December 31, 2014	295	$	73.55
Granted	110	$	123.97
Vested	(122)	$	64.35
Forfeited/canceled	(6)	$	94.25
Outstanding at September 30, 2015	277	$	97.12

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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 are in 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.

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the three months ended September 30, 2015	(in thousands)
Revenues	$	313,131	$	58,862	$	38,742	$	—	$	410,735
Cost of revenues (2)		63,587		17,759		30,387		—		111,733
Operating profit		249,544		41,103		8,355		—		299,002
Selling, general, and administrative		16,601		4,200		2,739		4,332		27,872
Acquisition related adjustments and expenses		253		111		—		—		364
Asset impairment and decommission costs		63,225		128		—		—		63,353
Depreciation, amortization and accretion		134,734		28,166		780		650		164,330
Operating income (loss)		34,731		8,498		4,836		(4,982)		43,083
Other expense (principally interest expense
and other expense)								(197,103)		(197,103)
Loss before provision for income taxes										(154,020)
Cash capital expenditures (3)		92,033		35,353		698		2,115		130,199
For the three months ended September 30, 2014
Revenues	$	293,775	$	55,235	$	44,283	$	—	$	393,293
Cost of revenues (2)		63,108		14,818		33,950		—		111,876
Operating profit		230,667		40,417		10,333		—		281,417
Selling, general, and administrative		16,456		4,413		3,046		2,674		26,589
Acquisition related adjustments and expenses		2,242		(2,300)		—		—		(58)
Asset impairment and decommission costs		5,536		456		—		—		5,992
Depreciation, amortization and accretion		128,781		28,792		660		1,177		159,410
Operating income (loss)		77,652		9,056		6,627		(3,851)		89,484
Other expense (principally interest expense
and other expense)								(105,126)		(105,126)
Loss before provision for income taxes										(15,642)
Cash capital expenditures (3)		113,231		17,514		1,141		8,938		140,824

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							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the nine months ended September 30, 2015	(in thousands)
Revenues	$	926,442	$	185,740	$	119,351	$	—	$	1,231,533
Cost of revenues (2)		188,841		54,457		91,662		—		334,960
Operating profit		737,601		131,283		27,689		—		896,573
Selling, general, and administrative		51,069		12,157		7,475		15,316		86,017
Acquisition related adjustments and expenses		7,295		188		—		—		7,483
Asset impairment and decommission costs		73,781		404		—		—		74,185
Depreciation, amortization and accretion		401,873		91,636		2,246		2,805		498,560
Operating income (loss)		203,583		26,898		17,968		(18,121)		230,328
Other expense (principally interest expense
and other expense)								(429,889)		(429,889)
Loss before provision for income taxes										(199,561)
Cash capital expenditures (3)		479,129		78,427		3,429		12,664		573,649
For the nine months ended September 30, 2014
Revenues	$	854,003	$	144,778	$	123,481	$	—	$	1,122,262
Cost of revenues (2)		185,637		37,412		93,432		—		316,481
Operating profit		668,366		107,366		30,049		—		805,781
Selling, general, and administrative		48,591		12,518		7,047		8,551		76,707
Acquisition related adjustments and expenses		8,878		1,850		—		—		10,728
Asset impairment and decommission costs		12,263		1,291		—		—		13,554
Depreciation, amortization and accretion		384,117		75,160		1,788		3,793		464,858
Operating income (loss)		214,517		16,547		21,214		(12,344)		239,934
Other expense (principally interest expense
and other expense)								(259,909)		(259,909)
Loss before provision for income taxes										(19,975)
Cash capital expenditures (3)		449,874		712,920		3,549		15,042		1,181,385

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment (1)		Total
	(in thousands)
Assets
As of September 30, 2015	$	5,570,376	$	1,557,010	$	61,192	$	208,179	$	7,396,757
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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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, rooftop 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 South America, Central America, and Canada. Our primary business line is our site leasing business, which contributed 96.9% of our total segment operating profit for the nine months ended September 30, 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 September 30, 2015, we owned 25,111 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 5,500 actual or potential sites, approximately 500 of which were revenue producing as of September 30, 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 South America. Site leasing revenues are received primarily from wireless service provider tenants, including AT&T, Sprint, Verizon Wireless, T-Mobile, Oi S.A., Digicel, America Movil, and Telefonica. Wireless service providers enter into 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 South American markets typically have an initial term of ten 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 South America escalate in accordance with a standard cost of living index.

In our Central Americanmarketsand Ecuador, 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 Brazil 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 our South American markets, adjust in accordance with a standard cost of living index. Ground lease rental expense in our South American markets are reimbursed to us by our customers. As of September 30, 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				For the nine months ended
	September 30,				September 30,
Segment operating profit as a percentage of total	2015		2014		2015		2014
Domestic site leasing		83.5%		81.9%		82.3%		83.0%
International site leasing		13.7%		14.4%		14.6%		13.3%
Total site leasing		97.2%		96.3%		96.9%		96.3%

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 on existing towers 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 September 30, 2015 compared to three months ended September 30, 2014

Revenues and Segment Operating Profit:

	For the three months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
Revenues	(in thousands)
Domestic site leasing	$	313,131	$	293,775	$	19,356		6.6%
International site leasing		58,862		55,235		3,627		6.6%
Site development		38,742		44,283		(5,541)		(12.5%)
Total	$	410,735	$	393,293	$	17,442		4.4%
Cost of Revenues
Domestic site leasing	$	63,587	$	63,108	$	479		0.8%
International site leasing		17,759		14,818		2,941		19.8%
Site development		30,387		33,950		(3,563)		(10.5%)
Total	$	111,733	$	111,876	$	(143)		(0.1%)
Operating Profit
Domestic site leasing	$	249,544	$	230,667	$	18,877		8.2%
International site leasing		41,103		40,417		686		1.7%
Site development		8,355		10,333		(1,978)		(19.1%)

Revenues

Totalrevenues increased  $17.4 million for the three months ended September 30, 2015, as compared to the prior year, due largely to (i) revenues from 2,398 towers acquired and 640 towers built since July 1, 2014 and (ii) organic site leasing growth from new leases, contractual rent escalators, and monetary lease amendments for additional equipment added to our towers.The increase in total revenues includes the negative impact of $14.3 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Domestic site leasing revenues increased  $19.4 million for the three months ended September 30, 2015, as compared to the prior year, due largely to (i) revenues from 506 towers acquired and 196 towers built since July 1, 2014 and (ii) organic site leasing growth from new leases, contractual rent escalators, and monetary lease amendments for additional equipment added to our towers.

International site leasing revenues increased  $3.6 million for the three months ended September 30, 2015, as compared to the prior year, due largely to (i) revenues from 1,892 towers acquired, primarily from the acquisition of 1,641 towers fromOi S.A. inDecember 2014, and 444 towers built since July 1, 2014 and (ii) organic site leasing growth from new leases, contractual rent escalators, and monetary lease amendments for additional equipment added to our towers. The increase in international site leasing revenues includes the negative impact of $14.3 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Site development revenues decreased $5.5 million for the three months ended September 30, 2015, as compared to the prior year, as a result of a decreasein the volume of work performed due to the timing of our wireless carrier customers’ initiatives.

Operating Profit

Domestic site leasing segment operating profit increased  $18.9 million for the three months ended September 30, 2015, as compared to the prior year, primarily due to additional profit generated by (i) towers acquired and built since July 1, 2014  and organic site leasing growth as noted above, (ii) improving control of our site leasing cost of revenues, and (iii) the positive impact of our ground lease purchase program.

International site leasing segment operating profit increased  $0.7 million for the three months ended September 30, 2015, as compared to the prior year, primarily due to additional profit generated by (i) towers acquired and built since July 1, 2014 and organic site leasing growth as noted above and (ii) the positive impact of our ground lease purchase program, partially offset by increased

22

costs in the current quarter resulting from the integration of towers acquired in 2014. The increase in international segment operating profit includes the negativeimpact of $10.4 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Site development segment operating profit decreased  $2.0 million for the threemonths ended September 30, 2015 as compared to the prior year, primarily due to a decrease in the volume of work performed due to the timing of our wireless carrier customers’ initiatives.

Selling, General, and Administrative Expenses:

	For the three months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Total	$	27,872	$	26,589	$	1,283		4.8%

Selling, general, and administrative expenses increased  $1.3 million for the three months ended September 30, 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 $0.6 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
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	253	$	2,242	$	(1,989)		(88.7%)
International site leasing		111		(2,300)		2,411		(104.8%)
Total	$	364	$	(58)	$	422		(727.6%)

Acquisition related adjustments and expenses increased  $0.4 million for the three months ended September 30, 2015, as compared to the prior year, primarily as a result of changes in our estimated pre-acquisition contingencies, partially offset by a reduction in the number of acquisitions compared to the prior year period.  

Asset Impairment and Decommission Costs:  

	For the three months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	63,225	$	5,536	$	57,689		1,042.1%
International site leasing		128		456		(328)		(71.9%)
Total	$	63,353	$	5,992	$	57,361		957.3%

Asset impairment and decommission costs increased  $57.4  million for the three months ended September 30, 2015, as compared to the prior year, primarily as a result of a $56.7 million impairment charge recorded in the third quarter of 2015 related to fiber assets acquired in the 2012 Mobilitie transaction resulting from the Company’s analysis that the future cash flows would not recover the carrying value of the investment.  

23

Depreciation, Accretion, and Amortization Expenses:  

	For the three months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	134,734	$	128,781	$	5,953		4.6%
International site leasing		28,166		28,792		(626)		(2.2%)
Total site leasing	$	162,900	$	157,573	$	5,327		3.4%
Site development		780		660		120		18.2%
Not identified by segment		650		1,177		(527)		(44.8%)
Total	$	164,330	$	159,410	$	4,920		3.1%

Depreciation, accretion, and amortization expense increased  $4.9 million for the three months ended September 30, 2015, as compared to the prior year, due to the increase in the number of towers we acquired and built since July 1, 2014. The increase in depreciation, accretion, and amortization expense includes the positiveimpact of $7.6 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Operating Income:

	For the three months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	34,731	$	77,652	$	(42,921)		(55.3%)
International site leasing		8,498		9,056		(558)		(6.2%)
Total site leasing	$	43,229	$	86,708	$	(43,479)		(50.1%)
Site development		4,836		6,627		(1,791)		(27.0%)
Not identified by segment		(4,982)		(3,851)		(1,131)		29.4%
Total	$	43,083	$	89,484	$	(46,401)		(51.9%)

Domestic site leasing operating income decreased  $42.9 million for the three months ended September 30, 2015, as compared to the prior year, primarily due to an increase in asset impairment and decommission costs and depreciation, accretion, and amortization expense, partially offset byhigher segment operating profit and a decrease in acquisition related adjustments and expenses.

International site leasing operating income decreased  $0.6 million for the three months ended September 30, 2015, as compared to the prior year, primarily due to an increase in acquisition related adjustments and expenses, partially offset by higher segment operating profit and decreases in asset impairment and decommission costs and depreciation, accretion, and amortization expense. The decrease in international site leasing operating income includes the negative impact of $3.1 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Site development operating income decreased  $1.8 million for the three months ended September 30, 2015, as compared to the prior year, primarily due to lower segment operating profit and an increase in depreciation, accretion, and amortization expense, partially offset by a decrease in selling, general, and administrative expenses.

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Other Income (Expense):

	For the three months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Interest income	$	1,276	$	161	$	1,115		692.5%
Interest expense		(81,877)		(78,170)		(3,707)		4.7%
Non-cash interest expense		(449)		(8,236)		7,787		(94.5%)
Amortization of deferred financing fees		(4,803)		(4,599)		(204)		4.4%
Loss from extinguishment of debt, net		—		(14,893)		14,893		(100.0%)
Other (expense) income, net		(111,250)		611		(111,861)		(18,307.9%)
Total	$	(197,103)	$	(105,126)	$	(91,977)		87.5%

Interest income increased  $1.1 million due to a higher amount of investments held and a higher average interest rate on those investments held for thethree months ended September 30, 2015as compared to the prior year period.

Interest expense increased  $3.7 million due to the higher average principal amount of cash-interest bearing debt outstanding for the three months ended September 30, 2015 compared to the prior year, primarily resulting from the issuance of the 2014 Tower Securities in October 2014 and the borrowing of the 2015 Term Loan in June 2015, partially offset by the full repayment of the 2010-1C Tower Securities, the full redemption of the 8.25% Notes, and the settlement of a portion of the 4.0% Notes during the prior year period.

Non-cash interest expense decreased  $7.8 million for the three months ended September 30, 2015, as compared to the prior year, primarily due to the maturity of the 4.0% Notes during the prior year period.

Loss from extinguishment of debt decreased  $14.9 million for the three months ended September 30, 2015, as compared to the prior year, primarily due to the early redemption of the 8.25% Notes during the prior year period.

Other expenseincreased by $111.9 million for the three months ended September 30, 2015, as compared to the prior year, primarily due to a  $112.1 million loss related to the remeasurement of an  intercompany loan not denominated in the functional currency during the three months ended September 30, 2015.

Net Loss:

	For the three months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Net loss	$	(155,946)	$	(16,624)	$	(139,322)		838.1%

Net loss was $155.9 million for the three months ended September 30, 2015 as compared to  anet loss of $16.6 million in the prior year,anincrease of $139.3 million.The increase is primarily due to increases in other expense,asset impairment and decommission costs, depreciation, accretion, and amortization expense, and selling, general and administrative expenses, partially offset by an increase in our total segment operating profit as compared to the prior year period. The increase in net loss includes the negative impact of $108.8 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

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Nine months ended September 30, 2015 compared to nine months ended September 30, 2014

Revenues and Segment Operating Profit:

	For the nine months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
Revenues	(in thousands)
Domestic site leasing	$	926,442	$	854,003	$	72,439		8.5%
International site leasing		185,740		144,778		40,962		28.3%
Site development		119,351		123,481		(4,130)		(3.3%)
Total	$	1,231,533	$	1,122,262	$	109,271		9.7%
Cost of Revenues
Domestic site leasing	$	188,841	$	185,637	$	3,204		1.7%
International site leasing		54,457		37,412		17,045		45.6%
Site development		91,662		93,432		(1,770)		(1.9%)
Total	$	334,960	$	316,481	$	18,479		5.8%
Operating Profit
Domestic site leasing	$	737,601	$	668,366	$	69,235		10.4%
International site leasing		131,283		107,366		23,917		22.3%
Site development		27,689		30,049		(2,360)		(7.9%)

Revenues

Totalrevenues increased  $109.3 million for the nine months ended September 30, 2015, as compared to the prior year, due largely to (i) revenues from 4,631 towers acquired and 748 towers built since January 1, 2014 and (ii) organic site leasing growth from new leases, contractual rent escalators, and monetary lease amendments for additional equipment added to our towers. The increase in total revenues includes the negative impact of $29 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Domestic site leasing revenues increased  $72.4 million for the nine months ended September 30, 2015, as compared to the prior year, due largely to (i) revenues from 723 towers acquired and 244 towers built since January 1, 2014 and (ii) organic site leasing growth from new leases, contractual rent escalators, and monetary lease amendments for additional equipment added to our towers.

International site leasing revenues increased  $41.0 million for the nine months ended September 30, 2015, as compared to the prior year, due largely to (i) revenues from 3,908 towers acquired, primarily the acquisition of 3,648 towers from Oi S.A. in March 2014 and December 2014, and 504 towers built since January 1, 2014 and (ii) organic site leasing growth from new leases, contractual rent escalators, and monetary lease amendments for additional equipment added to our towers. The increase in international site leasing revenues includes the negative impact of $29 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Site development revenues decreased  $4.1 million for the nine months ended September 30, 2015, as compared to the prior year, as a result of a decrease in the volume of work performed due to the timing of our wireless carrier customers’ initiatives.

Operating Profit

Domestic site leasing segment operating profit increased  $69.2 million for the nine months ended September 30, 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 revenues, and (iii) the positive impact of our ground lease purchase program.

International site leasing segment operating profit increased  $23.9 million for the nine months ended September 30, 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 and (ii) the positive impact of our ground lease purchase program,partially offset by increased costs resulting from the integration of towers acquired in 2014. The increase in international segment operating profit includes the negativeimpact of $21.3 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

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Site development segment operating profit decreased  $2.4 million for the nine months ended September 30, 2015 as compared to the prior year, primarily due to lowerservices revenue.

Selling, General, and Administrative Expenses:

	For the nine months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Total	$	86,017	$	76,707	$	9,310		12.1%

Selling, general, and administrative expenses increased  $9.3 million for the nine months ended September 30, 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 $1.3 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Acquisition Related Adjustments and Expenses:  

	For the nine months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	7,295	$	8,878	$	(1,583)		(17.8%)
International site leasing		188		1,850		(1,662)		(89.8%)
Total	$	7,483	$	10,728	$	(3,245)		(30.2%)

Acquisition related adjustments and expenses decreased  $3.2 million for the nine months ended September 30, 2015, as compared to the prior year, primarily as a result of a reduction in the number of acquisitions compared to the prior year period, as well as,changes in our estimated pre-acquisition contingencies. The  decrease in acquisition related adjustments and expenses includes the negative impact of $0.4 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Asset Impairment and Decommission Costs:

	For the nine months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	73,781	$	12,263	$	61,518		501.7%
International site leasing		404		1,291		(887)		(68.7%)
Total	$	74,185	$	13,554	$	60,631		447.3%

Asset impairment and decommission costs increased  $60.6 million for the nine months ended September 30, 2015, as compared to the prior year, primarily as a result of a $56.7 million impairment charge recorded in the third quarter of 2015 related to fiber assets acquired in the 2012 Mobilitie transactionresulting from the Company’s analysis that the future cash flows would not recover the carrying value of the investment. In addition, the increase in the asset impairment and decommission costs includes $1.2 million in exit costs related to our former corporate headquarters building.

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Depreciation, Accretion, and Amortization Expenses:  

	For the nine months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	401,873	$	384,117	$	17,756		4.6%
International site leasing		91,636		75,160		16,476		21.9%
Total site leasing	$	493,509	$	459,277	$	34,232		7.5%
Site development		2,246		1,788		458		25.6%
Not identified by segment		2,805		3,793		(988)		(26.0%)
Total	$	498,560	$	464,858	$	33,702		7.2%

Depreciation, accretion, and amortization expense increased  $33.7 million for the nine months ended September 30, 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 $15.3 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Operating Income:

	For the nine months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Domestic site leasing	$	203,583	$	214,517	$	(10,934)		(5.1%)
International site leasing		26,898		16,547		10,351		62.6%
Total site leasing	$	230,481	$	231,064	$	(583)		(0.3%)
Site development		17,968		21,214		(3,246)		(15.3%)
Not identified by segment		(18,121)		(12,344)		(5,777)		46.8%
Total	$	230,328	$	239,934	$	(9,606)		(4.0%)

Domestic site leasing operating income decreased  $10.9 million for the nine months ended September 30, 2015, as compared to the prior year, primarily due to increases in asset impairment and decommission costs, depreciation, accretion, and amortization expense, and selling, general, and administrative expenses, partially offset byhigher segment operating profitand a reduction in acquisition related adjustments and expenses.

International site leasing operating income increased  $10.4million for the nine months ended September 30, 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 an increase in depreciation, accretion, and amortization expense. The increase in international site leasing operating income includes the negative impact of $4.4 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Site development operating income decreased  $3.2 million for the nine months ended September 30, 2015, as compared to the prior year, primarily due to a decrease in segment operating profit, as well as increases in selling, general, and administrative expenses and depreciation, accretion, and amortization expense.

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Other Income (Expense):

	For the nine months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Interest income	$	2,284	$	428	$	1,856		433.6%
Interest expense		(238,439)		(215,695)		(22,744)		10.5%
Non-cash interest expense		(1,051)		(26,832)		25,781		(96.1%)
Amortization of deferred financing fees		(13,973)		(13,114)		(859)		6.6%
Loss from extinguishment of debt, net		—		(25,080)		25,080		(100.0%)
Other (expense) income, net		(178,710)		20,384		(199,094)		(976.7%)
Total	$	(429,889)	$	(259,909)	$	(169,980)		65.4%

Interest income increased  $1.9 million due to a higher amount of investments held and a higher average interest rate on those investments held for thenine months ended September 30, 2015as compared to the prior year period.

Interest expense increased  $22.7 million due to the higher average principal amount of cash-interest bearing debt outstanding for the nine months ended September 30, 2015 compared to the prior year, primarily resulting from the issuance of the 2014 Tower Securities in October 2014, the 2015 Term Loan in June 2015, 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 during the prior year period.

Non-cash interest expense decreased  $25.8 million for the nine months ended September 30, 2015, as compared to the prior year, primarily due to the maturity of the 4.0% Notes during the prior year period.

Loss from extinguishment of debt decreased  $25.1 million for the nine months ended September 30, 2015, as compared to the prior year, primarily due to the repayment of the 2011 Term Loan and the 2012-2 Term Loan, maturity of the 4.0% Notes, and the early redemption of the 8.25% Notes during the prior year period.

Other expense increased by $199.1 million for the nine months ended September 30, 2015, as compared to the prior year, primarily due to a $180.4 million loss related to the remeasurement of an intercompany loan not denominated in the functional currency during the nine months ended September 30, 2015, as well as, a $17.9 million gain realized on the settlement of two foreign currency contracts entered into to hedge the purchase price of the Oi S.A. acquisition in Brazil, which were entered into and settled during the first quarter of 2014.

Net Loss:

	For the nine months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Net loss	$	(206,673)	$	(24,685)	$	(181,988)		737.2%

Net loss was $206.7 million for the nine months ended September 30, 2015 as compared to a net loss of $24.7 million in the prior year, an increase of $182.0 million.The increase is primarily due to increases in other expense, asset impairment and decommission costs, depreciation, accretion, and amortization expense,  and selling, general and administrative expenses, partially 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 period. The increase in net loss includes the negative impact of $175.7 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
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Net loss	$	(155,946)	$	(16,624)	$	(139,322)		838.1%
Non-cash straight-line leasing revenue		(11,642)		(16,489)		4,847		(29.4%)
Non-cash straight-line ground lease expense		8,555		9,225		(670)		(7.3%)
Non-cash compensation		6,702		6,416		286		4.5%
Loss from extinguishment of debt, net		—		14,893		(14,893)		(100.0%)
Other expense (income)		111,250		(611)		111,861		(18,307.9%)
Acquisition related adjustments and expenses		364		(58)		422		(727.6%)
Asset impairment and decommission costs		63,353		5,992		57,361		957.3%
Interest income		(1,276)		(161)		(1,115)		692.5%
Interest expense (1)		87,129		91,005		(3,876)		(4.3%)
Depreciation, accretion, and amortization		164,330		159,410		4,920		3.1%
Provision for taxes (2)		2,369		1,342		1,027		76.5%
Adjusted EBITDA	$	275,188	$	254,340	$	20,848

	For the nine months ended
	September 30,				Dollar		Percentage
	2015		2014		Change		Change
	(in thousands)
Net loss	$	(206,673)	$	(24,685)	$	(181,988)		737.2%
Non-cash straight-line leasing revenue		(39,101)		(42,734)		3,633		(8.5%)
Non-cash straight-line ground lease expense		25,794		27,370		(1,576)		(5.8%)
Non-cash compensation		21,903		17,231		4,672		27.1%
Loss from extinguishment of debt, net		—		25,080		(25,080)		(100.0%)
Other expense (income)		178,710		(20,384)		199,094		(976.7%)
Acquisition related adjustments and expenses		7,483		10,728		(3,245)		(30.2%)
Asset impairment and decommission costs		74,185		13,554		60,631		447.3%
Interest income		(2,284)		(428)		(1,856)		433.6%
Interest expense (1)		253,463		255,641		(2,178)		(0.9%)
Depreciation, accretion, and amortization		498,560		464,858		33,702		7.2%
Provision for taxes (2)		8,415		5,832		2,583		44.3%
Adjusted EBITDA	$	820,455	$	732,063	$	88,392

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

(2) Provision for taxes includes $443 and $360 of franchise taxes for the threemonths ended September 30, 2015 and 2014, respectively, and $1,303 and $1,122 of franchise taxes for the nine months ended September 30, 2015 and 2014, respectively, reflected in selling, general, and administrative expenses on the Consolidated Statement of Operations.

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Adjusted EBITDA was $275.2 million for the three months ended September 30, 2015 as compared to $254.3 million for the three months ended September 30, 2014. The increase of $20.8 million is primarily the result of increased segment operating profit from our domestic site leasing and international site leasing segments, partially offset by the decrease in our site development segment operating profit and the increase in our cash selling, general, and administrative expenses. The increase in Adjusted EBITDA includes the negative impact of $7.8 million from fluctuations in foreign currency exchange rates as compared to the prior year period.

Adjusted EBITDA was $820.5 million for the nine months ended September 30, 2015 as compared to $732.1 million for the nine months ended September 30, 2014. The increase of $88.4 million is primarily the result of increased segment operating profit from our domestic site leasing and international site leasingsegments, partially offset by the decrease in our site development segment operating profit and the increase in our cash selling, general, and administrative expenses. The increase in Adjusted EBITDA includes the negativeimpact of $15.8 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.

A summary of our cash flows is as follows:

	For the nine months ended
	September 30,
	2015		2014
	(in thousands)
Cash provided by operating activities	$	534,737	$	485,288
Cash used in investing activities		(566,731)		(1,163,986)
Cash provided by financing activities		78,513		990,363
Increase in cash and cash equivalents		46,519		311,665
Effect of exchange rate changes on cash and cash equivalents		(12,691)		16,480
Cash and cash equivalents, beginning of the period		39,443		122,112
Cash and cash equivalents, end of the period	$	73,271	$	450,257

Operating Activities

Cash provided by operating activities was $534.7 million for the nine months ended September 30, 2015 as compared to $485.3 million for the nine months ended September 30, 2014. This increase was primarily due to an increase in segment operating profit from domestic site leasing and international site leasingoperating 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 nine months ended September 30, 2015 compared to the nine months ended September 30, 2014.

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Investing Activities

A detail of our cash capital expenditures is as follows:

	For the nine months
	ended September 30,
	2015		2014
	(in thousands)
Acquisitions (1)	$	358,675	$	1,019,733
Construction and related costs on new tower builds		76,688		57,953
Augmentation and tower upgrades		48,693		42,257
Land buyouts (2)		50,036		29,015
Refurbishment of headquarters building		12,288		11,131
Tower maintenance		21,363		14,205
General corporate		3,279		5,801
Total cash capital expenditures	$	571,022	$	1,180,095

(1) Included in our cash capital expenditures for the nine months ended September 30, 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 $12.7 million and $7.8 million spent on ground lease extensions and term easements on landunderlying our towers for the nine months ended September 30, 2015 and 2014, respectively.

Subsequent to September 30, 2015,  we acquired 24 towers for $19.8 million in cash.

During all of 2015, inclusive of the capital expenditures made during the nine months ended September 30, 2015, we expect to incur non-discretionary cash capital expenditures associated with tower maintenance and general corporate expenditures of $32.6 million to $33.6 million and discretionary cash capital expenditures, based on current acquisition obligations, planned new tower construction, forecasted tower augmentations, and forecasted ground lease purchases, of $801.4 million to $811.4 million as well as potential, additional tower acquisitions not yet under contract. We expect to fund these cash capital expenditures from cash on hand, 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 nine months ended September 30, 2015, we borrowed $770.0 million and repaid $615.0 million under the Revolving Credit Facility. As of September 30, 2015, we had $280.0 million outstanding under the $1.0 billion Revolving Credit Facility. Subsequent to September 30, 2015, we repaid the $280.0 million balance outstanding under the Revolving Credit Facility with proceeds from the 2015 Tower Securities (as defined below), and as of the date of this filing, no amounts were outstanding under the Revolving Credit Facility.

On June 10, 2015,  we, through our wholly owned subsidiary, SBA Senior Finance II LLC, obtained a new senior secured Term Loan with an aggregate principal amount of $500.0 million that was issued at 99.0% of par value and matures on June 10, 2022 (the “2015 Term Loan”). Net proceeds from the 2015 Term Loan were used to repay $490.0 million of the outstanding balance under our Revolving Credit Facility.

During the first quarter of 2015,  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.

During the second quarter of 2015, we repurchased the remaining $150.0 million of our Class A common stock authorized under our $300.0 million stock repurchase plan, completing this plan.

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On June 4, 2015, we announced the authorization of a new $1.0 billion stock repurchase plan. This new plan authorizes us to purchase from time to time our outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion. Shares purchased will be retired.

During the third quarter of 2015, we repurchased 2.2 million shares of our Class A common stock for $250.0 million at a weighted average price per share of $113.87. We currently have $750.0 million of repurchase authorization remaining under our $1.0 billion stock repurchase program.Since the beginning of 2015, we have reduced our shares of Class A common stock outstanding from 129.1 million to 126.1 million through stock repurchases.

On October 14, 2015, we, through our existing SBA Tower Trust, issued $500.0 million of 3.156% Secured Tower Revenue Securities Series 2015-1C which have an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “2015 Tower Securities”). Net proceeds from this offering were used to make a cash distribution to SBA Guarantor LLC which were further distributed (1) to repay outstanding amounts on the Revolving Credit Facility of SBA Senior Finance II LLC and (2) for general corporate purposes.

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 nine months ended September 30, 2015, we did not issue any shares of Class A common stock under this registration statement. As of September 30, 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 under this registration statementthrough 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. 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 September 30, 2015, the Revolving Credit Facility was accruing interest at 2.28% per annum.

During the threeand ninemonths ended September 30, 2015, we borrowed $320.0 million and $770.0 million, respectively, under the Revolving Credit Facility and repaid $80.0 million and $615.0 million, respectively, of the outstanding balance under the Revolving Credit Facility. As of September 30, 2015,  $280.0 million was outstanding under the Revolving Credit Facility.

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Subsequent to September 30, 2015, we repaid the $280.0 million balance outstanding on the Revolving Credit Facility with proceeds from the 2015 Tower Securities, and as of the date of this filing, no amounts were outstanding under the Revolving Credit Facility.

As of September 30, 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 September 30, 2015, the 2012-1 Term Loan was accruing interest at 2.70% 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. 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 threeand ninemonths ended September 30, 2015, we repaid $5.0 million and $12.5 million, respectively, of principal on the 2012-1 Term Loan. As of September 30, 2015, the 2012-1 Term Loan had a principal balance of $160.0 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 September 30, 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 are being 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 without premium or penalty. We incurred deferred financing fees of approximately $12.9 million in relation to this transaction which are being amortized through the maturity date.

During thethree andnine months ended September 30, 2015,  we repaid $3.8 million and $11.3 million, respectively, of principal on the 2014 Term Loan. As of September 30, 2015, the 2014 Term Loan had a principal balance of $1.5 billion.

2015 Term Loan

On June 10, 2015, SBA Senior Finance II obtained a new senior secured term loan with an initial aggregate principal amount of $500.0 million that matures on June 10, 2022. The 2015 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 2015 Term Loan was issued at 99.0% of par value. As of September 30, 2015, the 2015 Term Loan was accruing interest at 3.25% per annum. Principal payments on the 2015 Term Loan commenced on September 30, 2015 and will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $1.3 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2015 Term Loan. However, to the extent the 2015 Term Loan is prepaid prior to December 10, 2015 from proceeds of certain refinancing or repricing transactions, a prepayment fee equal to 1.0% of the aggregate principal amount of such prepayment will apply.We incurred deferred financing fees of approximately $5.1 million to date in relation to this transaction which are being amortized through the maturity date.

During the three and nine months ended September 30, 2015, we repaid $1.3 millionof principal on the 2015 Term Loan. As of September 30, 2015, the 2015 Term Loan had a principal balance of $498.8 million.

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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 of Secured Tower Revenue Securities Series 2010-2C(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 11, 2017 and April 9, 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”). 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 2012-1C (the “2012 Tower Securities”) which have an anticipated repayment date of December 11, 2017 and a final maturity date of December 9, 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 10, 2018 and a final maturity date of April 9, 2043, $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C which have an anticipated repayment date of April 11, 2023and a final maturity date of April 9, 2048, and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218% per annum, payable monthly. 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 8, 2019 and a final maturity date of October 11, 2044 and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C which have an anticipated repayment date of October 8, 2024 and a final maturity date of October 8, 2049 (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289% per annum, payable monthly.  We incurred deferred financing fees of $22.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities.

2015 Tower Securities

On October 14, 2015, the Company, through the Trust, issued $500.0 million of Secured Tower Revenue Securities Series 2015-1C which have an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “2015 Tower Securities”). The fixed interest rate of the 2015 Tower Securities is 3.156% per annum, payable monthly. We have incurred deferred financing fees of $9.7 million to date in relation to this transaction which are being amortized through the anticipated repayment date of the 2015 Tower Securities.In connection with the issuance of the 2015 Tower Securities, the advance rents reserve requirement was modified such that the Borrowers will only be required to maintain an advance rents reserve at any time the monthly tenant debt service coverage ratio is equal to or less than 2:1 and for two calendar months after such coverage ratio again exceeds 2:1.

As of September 30, 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.

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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.  

Debt Service

As of September 30, 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 September 30, 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		8,178
2012-1 Term Loan A		24,118
2014 Term Loan B		62,958
2015 Term Loan B		21,148
Total debt service for next 12 months	$	367,760

36

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 September 30, 2015:

	2015		2016		2017		2018		2019		Thereafter		Total		Fair Value
Debt:	(in thousands)
5.625% Senior Notes due 2019	$	—	$	—	$	—	$	—	$	500,000	$	—	$	500,000	$	515,625
5.750% Senior Notes due 2020		—		—		—		—		—		800,000		800,000		821,000
4.875% Senior Notes due 2022		—		—		—		—		—		750,000		750,000		733,125
5.101% 2010-2 Tower
Securities (1)		—		—		550,000		—		—		—		550,000		563,552
2.933% 2012 Tower
Securities (1)		—		—		610,000		—		—		—		610,000		615,435
2.240% 2013-1C Tower
Securities (1)		—		—		—		425,000		—		—		425,000		422,722
3.722% 2013-2C Tower
Securities (1)		—		—		—		—		—		575,000		575,000		582,803
3.598% 2013-1D Tower
Securities (1)		—		—		—		330,000		—		—		330,000		336,059
2.898% 2014-1C Tower
Securities (1)		—		—		—		—		920,000		—		920,000		923,358
3.869% 2014-2C Tower
Securities (1)		—		—		—		—		—		620,000		620,000		626,913
Revolving Credit Facility		—		—		—		—		—		280,000		280,000		280,000
2012-1 Term Loan		5,000		20,000		135,000		—		—		—		160,000		159,800
2014 Term Loan		3,750		15,000		15,000		15,000		15,000		1,417,500		1,481,250		1,466,438
2015 Term Loan		1,250		5,000		5,000		5,000		5,000		477,500		498,750		491,269
Total debt obligation	$	10,000	$	40,000	$	1,315,000	$	775,000	$	1,440,000	$	4,920,000	$	8,500,000	$	8,538,099

(1) The anticipated repayment date and the final maturity date for the 2010-2 Tower Securities is April 11, 2017 and April 9, 2042, respectively.

The anticipated repayment date and the final maturity date for the 2012 Tower Securities is December 11, 2017 and December 9, 2042, respectively.

The anticipated repayment date and the final maturity date for the 2013-1C Tower Securities is April 10, 2018 and April 9, 2043, respectively.

The anticipated repayment date and the final maturity date for the 2013-2C Tower Securities is April 11, 2023 and April 9, 2048, respectively.

The anticipated repayment date and the final maturity date for the 2013-1D Tower Securities is April 10, 2018 and April 9, 2043, respectively.

The anticipated repayment date and the final maturity date for the 2014-1C Tower Securities is October 8, 2019 and October 11, 2044, respectively.

The anticipated repayment date and the final maturity date for the 2014-2C Tower Securities is October 8, 2024 and October 8, 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) the impact of interest rate movements on our 2012-1 Term Loan, 2014 Term Loan, and 2015 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.

37

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 nine months ended September 30, 2015, approximately11.3% of our revenues and approximately12.0%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 September 30, 2015. As of September 30, 2015, the analysis indicated that such an adverse movement would have caused our revenues and operating results to fluctuate by approximately 1.5% and 1.4%, respectively, for the nine months ended September 30, 2015.

As of September 30, 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 September 30, 2015would have resulted in approximately $46.4 million of unrealized gains or losses that would have been included in Other expense in our condensed consolidated statements of operations for thenine months ended September 30, 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 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 foreign currency exchange rates;

· our expectations regarding our future cash capital expenditures, both discretionary and non-discretionary, including expenditures required to acquire or build additional towers, to maintain, improve, and modify our towers, to conduct ground lease purchases, and for 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; and

· our estimates regarding certain accounting and tax matters.

38

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, the availability of sufficient net operating losses to offset future taxable income, and the effect of asset impairment and decommission costs;  

· 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.

ITEM 4. CONTROLS AND PROCEDURES

In order to ensure that the information we must disclose in our filings with the Commission 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 September 30, 2015. Based on such evaluation, such officers have concluded that, as of September 30, 2015, our disclosure controls and procedures were effective.

There have been no changes in our internal control over financial reporting during the quarter ended September 30, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

39

PART II – OTHER INFORMATION

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table presents information related to our repurchases of Class A common stock during the third quarter of 2015:

	Total			Total Number of Shares	Approximate Dollar Value
	Number	Average		Purchased as Part of	of Shares that May Yet Be
	of Shares	Price Paid		Publicly Announced	Purchased Under the
Period	Purchased	Per Share		Plans or Programs (1)	Plans or Programs
7/1/2015 - 7/31/2015	795,720	$	115.50
8/1/2015 - 8/31/2015	506,468	$	114.70
9/1/2015 - 9/30/2015	893,335	$	111.94
Total	2,195,523	$	113.87	2,195,523	$	750,002,750

(1) On June 4, 2015, we announced a new $1.0 billion stock repurchase plan.  This plan authorizes us to purchase from time to time our outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion. Shares purchased will be retired. This plan has no time deadline and will continue until otherwise modified or terminated by our Board at any time in our sole discretion.

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

40

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
November 9, 2015	/s/ Jeffrey A. Stoops
	Jeffrey A. Stoops
	Chief Executive Officer
	(Duly Authorized Officer)
November 9, 2015	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	Chief Financial Officer
	(Principal Financial Officer)

41

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: November 9, 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: November 9, 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 September 30, 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: November 9, 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 September 30, 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: November 9, 2015	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	Chief Financial Officer

XML

Restricted Cash (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Restricted Cash [Abstract]
Surety, payment and performance bonds	$ 38.0	$ 38.3
Collateral payment for performance bonds	0.8
Collateral related to workers compensation policy	$ 2.5	$ 2.6

XML

Debt (Secured Tower Revenue Securities) (Narrative) (Details)						3 Months Ended		9 Months Ended
	Oct. 14, 2015 USD ($)	Oct. 15, 2014 USD ($)	Apr. 18, 2013 USD ($)	Aug. 09, 2012 USD ($)	Apr. 16, 2010 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Deferred financing fees						$ 4,803,000	$ 4,599,000	$ 13,973,000	$ 13,114,000
Aggregate debt						$ 8,486,850,000		$ 8,486,850,000		$ 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. 11, 2017
Debt instrument, maturity date								Apr. 09, 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. 11, 2017
Debt instrument, maturity date								Dec. 09, 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%
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. 10, 2018
Debt instrument, maturity date								Apr. 09, 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. 10, 2018
Debt instrument, maturity date								Apr. 09, 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. 11, 2023
Debt instrument, maturity date								Apr. 09, 2048
2014 Tower Securities [Member]
Debt Instrument [Line Items]
Deferred financing fees		$ 22,500,000
Aggregate debt		$ 1,540,000,000
Debt instrument, weighted average interest rate		3.289%
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. 08, 2019
Debt instrument, maturity date								Oct. 11, 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. 08, 2024
Debt instrument, maturity date								Oct. 08, 2049
Subsequent Event [Member] | 2015-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000
Debt instrument, interest rate, stated percentage	3.156%
Repayment date of debt instrument	Oct. 08, 2020
Debt instrument, maturity date	Oct. 10, 2045
Deferred financing fees	$ 9,700,000
Debt service coverage ratio	2
Term required to maintain reserve if debt service coverage ratio is exceeded	2 months

XML

Costs And Estimated Earnings On Uncompleted Contracts (Narrative) (Details) - customer	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
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 contracts, percentage comprised by significant customers	93.60%	92.70%
Number of significant customers	8	8

XML

Property And Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Property And Equipment, Net [Abstract]
Depreciation expense	$ 72.8	$ 73.0	$ 224.9	$ 213.7
Non-cash capital expenditures			$ 11.4		$ 29.0

XML

Debt (Tables)

9 Months Ended

Sep. 30, 2015

Debt [Abstract]

Carrying And Principal Values Of Debt

		As of						As of
		September 30, 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	$	515,625	$	500,000	$	500,000	$	511,250	$	500,000
5.750% Senior Notes	July 15, 2020		800,000		821,000		800,000		800,000		816,000		800,000
4.875% Senior Notes	July 15, 2022		750,000		733,125		744,639		750,000		721,875		744,150
2010-2C Tower Securities	April 11, 2017		550,000		563,552		550,000		550,000		576,901		550,000
2012-1C Tower Securities	Dec. 11, 2017		610,000		615,435		610,000		610,000		620,175		610,000
2013-1C Tower Securities	April 10, 2018		425,000		422,722		425,000		425,000		420,776		425,000
2013-2C Tower Securities	April 11, 2023		575,000		582,803		575,000		575,000		584,344		575,000
2013-1D Tower Securities	April 10, 2018		330,000		336,059		330,000		330,000		330,551		330,000
2014-1C Tower Securities	Oct. 8, 2019		920,000		923,358		920,000		920,000		920,515		920,000
2014-2C Tower Securities	Oct. 8, 2024		620,000		626,913		620,000		620,000		629,474		620,000
Revolving Credit Facility	Feb. 5, 2020		280,000		280,000		280,000		125,000		125,000		125,000
2012-1 Term Loan	May 9, 2017		160,000		159,800		160,000		172,500		171,422		172,500
2014 Term Loan	Mar. 24, 2021		1,481,250		1,466,438		1,478,265		1,492,500		1,458,919		1,489,149
2015 Term Loan	June 10, 2022		498,750		491,269		493,946		—		—		—
Total debt		$	8,500,000	$	8,538,099	$	8,486,850	$	7,870,000	$	7,887,202	$	7,860,799
Less: current maturities of long-term debt							(40,000)						(32,500)
Total long-term debt, net of current maturities						$	8,446,850					$	7,828,299

Schedule Of Cash And Non-Cash Interest Expense

	For the three months ended September 30,								For the nine months ended September 30,
	2015				2014				2015				2014
	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest
	(in thousands)
4.0% Convertible Senior Notes	$	—	$	—	$	3,675	$	7,934		—		—		12,520		26,266
8.25% Senior Notes		—		—		2,458		24		—		—		12,513		121
5.625% Senior Notes		7,031		—		7,031		—		21,094		—		21,094		—
5.75% Senior Notes		11,500		—		11,500		—		34,500		—		34,500		—
4.875% Senior Notes		9,141		165		9,141		157		27,422		488		9,141		157
2010 Tower Securities		7,058		—		14,346		—		21,173		—		43,036		—
2012 Tower Securities		4,525		—		4,521		—		13,588		—		13,564		—
2013 Tower Securities		10,804		—		10,804		—		32,413		—		32,413		—
2014 Tower Securities		12,785		—		—		—		38,354		—		—		—
Revolving Credit Facility		1,378		—		1,007		—		4,714		—		3,279		—
2011 Term Loan		—		—		—		—		—		—		696		7
2012-1 Term Loan		1,135		—		1,222		—		3,384		—		3,336		—
2012-2 Term Loan		—		—		—		—		—		—		424		4
2014 Term Loan		12,333		125		12,458		121		36,690		366		28,911		277
2015 Term Loan		4,153		159		—		—		5,101		197		—		—
Other		34		—		7		—		6		—		268		—
Total	$	81,877	$	449	$	78,170	$	8,236	$	238,439	$	1,051	$	215,695	$	26,832

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Debt (Carrying And Principal Values Of Debt) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Jul. 01, 2014	Sep. 28, 2012	Jul. 13, 2012
Debt Instrument [Line Items]
Principal Balance	$ 8,500,000,000	$ 7,870,000,000
Fair Value	8,538,099,000	7,887,202,000
Carrying Value	8,486,850,000	7,860,799,000
Less: current maturities of long-term debt	(40,000,000)	(32,500,000)
Total long-term debt, net of current maturities	8,446,850,000	7,828,299,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal Balance	280,000,000	125,000,000
Fair Value	280,000,000	125,000,000
Carrying Value	$ 280,000,000	125,000,000
Debt instrument, maturity date	Feb. 05, 2020
5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Principal Balance	$ 500,000,000	500,000,000
Fair Value	515,625,000	511,250,000
Carrying Value	$ 500,000,000	500,000,000
Debt instrument, maturity date	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	821,000,000	816,000,000
Carrying Value	$ 800,000,000	800,000,000
Debt instrument, maturity date	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	733,125,000	721,875,000
Carrying Value	$ 744,639,000	744,150,000
Debt instrument, maturity date	Jul. 15, 2022
Debt instrument, interest rate, stated percentage	4.875%		4.875%
2010-2C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance	$ 550,000,000	550,000,000
Fair Value	563,552,000	576,901,000
Carrying Value	$ 550,000,000	550,000,000
Debt instrument, maturity date	Apr. 11, 2017
2012-1C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance	$ 610,000,000	610,000,000
Fair Value	615,435,000	620,175,000
Carrying Value	$ 610,000,000	610,000,000
Debt instrument, maturity date	Dec. 11, 2017
2013-1C Tower Securities
Debt Instrument [Line Items]
Principal Balance	$ 425,000,000	425,000,000
Fair Value	422,722,000	420,776,000
Carrying Value	$ 425,000,000	425,000,000
Debt instrument, maturity date	Apr. 10, 2018
2013-2C Tower Securities
Debt Instrument [Line Items]
Principal Balance	$ 575,000,000	575,000,000
Fair Value	582,803,000	584,344,000
Carrying Value	$ 575,000,000	575,000,000
Debt instrument, maturity date	Apr. 11, 2023
2013-1D Tower Securities
Debt Instrument [Line Items]
Principal Balance	$ 330,000,000	330,000,000
Fair Value	336,059,000	330,551,000
Carrying Value	$ 330,000,000	330,000,000
Debt instrument, maturity date	Apr. 10, 2018
2014-1C Tower Securities
Debt Instrument [Line Items]
Principal Balance	$ 920,000,000	920,000,000
Fair Value	923,358,000	920,515,000
Carrying Value	$ 920,000,000	920,000,000
Debt instrument, maturity date	Oct. 08, 2019
2014-2C Tower Securities
Debt Instrument [Line Items]
Principal Balance	$ 620,000,000	620,000,000
Fair Value	626,913,000	629,474,000
Carrying Value	$ 620,000,000	620,000,000
Debt instrument, maturity date	Oct. 08, 2024
2012-1 Term Loan [Member]
Debt Instrument [Line Items]
Principal Balance	$ 160,000,000	172,500,000
Fair Value	159,800,000	171,422,000
Carrying Value	$ 160,000,000	172,500,000
Debt instrument, maturity date	May 09, 2017
2014 Term Loan [Member]
Debt Instrument [Line Items]
Principal Balance	$ 1,481,250,000	1,492,500,000
Fair Value	1,466,438,000	1,458,919,000
Carrying Value	$ 1,478,265,000	$ 1,489,149,000
Debt instrument, maturity date	Mar. 24, 2021
2015 Term Loan [Member]
Debt Instrument [Line Items]
Principal Balance	$ 498,750,000
Fair Value	491,269,000
Carrying Value	$ 493,946,000
Debt instrument, maturity date	Jun. 10, 2022

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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		3,228		10,384
Payments		(3,608)		(16,346)
Change in estimate		(5,299)		(1,519)
Foreign currency translation adjustments		(588)		554
Ending balance, September 30, 2015 and September 30, 2014, respectively	$	8,819	$	23,136

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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	Sep. 30, 2015	Dec. 31, 2014
Costs And Estimated Earnings On Uncompleted Contracts [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 25,800	$ 30,078
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities)	(10,658)	(10,798)
Costs and estimated earnings on uncompleted contracts	$ 15,142	$ 19,280

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Acquisitions (Narrative) (Details) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2015 USD ($) item	Sep. 30, 2015 item
Other Acquisitions [Member]
Business Acquisition [Line Items]
Number of towers acquired		225
Subsequent Event [Member]
Business Acquisition [Line Items]
Number of towers acquired	24
Cash paid for acquisition | $	$ 19.8

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Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 05, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Accrued earnouts		$ 8,819	$ 23,136	$ 8,819	$ 23,136	$ 15,086	$ 30,063
Performance targets, maximum potential obligation		14,300		14,300		23,100
Impairment charge recognized, related to long-lived assets		63,400	6,000	74,200	13,600
Write-offs relating to long-lived assets and intangibles		5,300	4,700	12,000	10,000
Certificate of deposits		500		500		5,300
Treasury securities		200		200		200
Held-to-maturity investments, carrying value		1,000		1,000
Held-to-maturity investments, fair value						$ 1,100
Not Identified by Segment [Member]
Write-offs relating to long-lived assets and intangibles		$ 1,400		4,300
Former Corporate Headquarters Building [Member]
Write-offs relating to long-lived assets and intangibles				$ 1,200
Site Leasing Revenue [Member]
Write-offs relating to long-lived assets and intangibles			$ 1,300		$ 3,600
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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Debt (Revolving Credit Facility Under The Senior Credit Agreement) (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 05, 2015	Oct. 31, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Nov. 05, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Repayments of revolving credit facility				$ 615,000,000	$ 490,000,000
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			$ 320,000,000	$ 770,000,000
Repayments of revolving credit facility			80,000,000	615,000,000
Line of credit facility, outstanding			$ 280,000,000	$ 280,000,000
Revolving credit facility, effective interest rate			2.28%	2.28%
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Repayments of revolving credit facility		$ 280,000,000
Line of credit facility, outstanding		$ 0				$ 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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Stock-Based Compensation (Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options) (Details)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Stock-Based Compensation [Abstract]
Risk free interest rate, Minimum	1.21%	1.15%
Risk free interest rate, Maximum	1.45%	1.37%
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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Property And Equipment, Net (Property And Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,856,908	$ 4,709,036
Less: accumulated depreciation	(2,136,034)	(1,946,619)
Property and equipment, net	2,720,874	2,762,417
Towers and Related Components [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	4,264,917	4,194,375
Construction-In-Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	29,360	35,855
Furniture, Equipment and Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	55,500	51,832
Land, Buildings, and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 507,131	$ 426,974

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Consolidated Statements Of Cash Flows (Parenthetical)	Sep. 30, 2015	Jul. 01, 2014
8.25% Senior Notes [Member]
Debt instrument stated percentage	8.25%
4.875% Senior Notes [Member]
Debt instrument stated percentage	4.875%	4.875%

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Stock-Based Compensation (Activities With Respect To Its Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2015 USD ($) $ / shares shares
Stock-Based Compensation [Abstract]
Number of Shares Outstanding, Beginning Balance	3,275
Number of Shares, Granted	1,071
Number of Shares, Exercised	(416)
Number of Shares, Canceled	(55)
Number of Shares Outstanding, Ending Balance	3,875
Number of Shares Exercisable, Ending Balance	1,429
Number of Shares Unvested, Ending Balance	2,446
Weighted-Average Exercise Price Per Share Outstanding, Beginning Balance | $ / shares	$ 66.85
Weighted-Average Exercise Price Per Share, Granted | $ / shares	124.28
Weighted-Average Exercise Price Per Share, Exercised | $ / shares	52.04
Weighted-Average Exercise Price Per Share, Canceled | $ / shares	92.84
Weighted-Average Exercise Price Per Share Outstanding, Ending Balance | $ / shares	83.93
Weighted-Average Exercise Price Per Share Exercisable, Ending Balance | $ / shares	54.56
Weighted-Average Exercise Price Per Share Unvested, Ending Balance | $ / shares	$ 101.08
Weighted-Average Remaining Contractual Life (in years) Outstanding at September 30, 2015	4 years 8 months 12 days
Weighted-Average Remaining Contractual Life (in years) Exercisable at September 30, 2015	3 years 2 months 12 days
Weighted-Average Remaining Contractual Life (in years) Unvested at September 30, 2015	5 years 7 months 6 days
Aggregate Intrinsic Value Outstanding at September 30, 2015 | $	$ 101,301
Aggregate Intrinsic Value Exercisable at September 30, 2015 | $	71,696
Aggregate Intrinsic Value Unvested at September 30, 2015 | $	$ 29,605

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Acquisitions (Schedule Of Acquisition Capital Expenditures) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Acquisitions [Abstract]
Towers and related intangible assets		$ 76,475	$ 71,688	$ 358,675	$ 1,019,733
Land buyouts	[1]	9,154	9,586	50,036	29,015
Total cash acquisition capital expenditures		85,629	81,274	408,711	1,048,748
Ground lease extensions		$ 4,000	$ 2,700	$ 12,700	$ 7,800

[1] In addition, the Company paid $4.0 million and $2.7 million for ground lease extensions and term easements on land underlying the Company's towers during the three months ended September 30, 2015 and 2014, respectively, and paid $12.7 million and $7.8 million for ground lease extensions and term easements on land underlying the Company's towers during the nine months ended September 30, 2015 and 2014, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

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Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2015

Intangible Assets, Net [Abstract]

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

	As of September 30, 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	$	3,859,057	$	(1,053,959)	$	2,805,098	$	4,090,129	$	(891,374)	$	3,198,755
Network location intangibles		1,406,730		(474,723)		932,007		1,402,704		(411,919)		990,785
Intangible assets, net	$	5,265,787	$	(1,528,682)	$	3,737,105	$	5,492,833	$	(1,303,293)	$	4,189,540

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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

Acquisitions [Abstract]

Schedule Of Acquisition Capital Expenditures

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2015		2014		2015		2014
	(in thousands)
Towers and related intangible assets	$	76,475	$	71,688	$	358,675	$	1,019,733
Land buyouts (1)		9,154		9,586		50,036		29,015
Total cash acquisition capital expenditures	$	85,629	$	81,274	$	408,711	$	1,048,748

(1) In addition, the Company paid $4.0 million and $2.7 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended September 30, 2015 and 2014, respectively, and paid $12.7 million and $7.8 million for ground lease extensions and term easements on land underlying the Company’s towers during the nine months ended September 30, 2015 and 2014, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

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Debt (Senior Notes) (Narrative) (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended
	Jul. 01, 2014	Sep. 28, 2012	Jul. 13, 2012	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Deferred financing fees				$ 4,803	$ 4,599	$ 13,973	$ 13,114
5.75% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes			$ 800,000
Debt instrument, maturity date						Jul. 15, 2020
Debt instrument, interest rate, stated percentage			5.75%	5.75%		5.75%
Interest payable dates						July 15 and January 15
Deferred financing fees			$ 14,000
5.75% Senior Notes [Member] | Telecommunications [Member]
Debt Instrument [Line Items]
Ownership interest				100.00%		100.00%
5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes		$ 500,000
Debt instrument, maturity date						Oct. 01, 2019
Debt instrument, interest rate, stated percentage		5.625%		5.625%		5.625%
Interest payable dates						April 1 and October 1
Deferred financing fees		$ 8,600
4.875% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes	$ 750,000
Debt instrument, maturity date						Jul. 15, 2022
Debt instrument, interest rate, stated percentage	4.875%			4.875%		4.875%
Interest payable dates						January 15 and July 15
Deferred financing fees	$ 11,600
Percentage of face value price for issuance of senior notes	99.178%

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Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Intangible Assets, Net [Abstract]
Intangible assets, useful life			15 years
Amortization expense	$ 91.4	$ 86.2	$ 273.5	$ 250.5

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Property And Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2015

Property And Equipment, Net [Abstract]

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

	As of		As of
	September 30, 2015		December 31, 2014
	(in thousands)
Towers and related components	$	4,264,917	$	4,194,375
Construction-in-process		29,360		35,855
Furniture, equipment, and vehicles		55,500		51,832
Land, buildings, and improvements		507,131		426,974
Total property and equipment		4,856,908		4,709,036
Less: accumulated depreciation		(2,136,034)		(1,946,619)
Property and equipment, net	$	2,720,874	$	2,762,417

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Costs And Estimated Earnings On Uncompleted Contracts (Tables)

9 Months Ended

Sep. 30, 2015

Costs And Estimated Earnings On Uncompleted Contracts [Abstract]

Summary Of Costs And Estimated Earnings On Uncompleted Contracts

	As of		As of
	September 30, 2015		December 31, 2014
	(in thousands)
Costs incurred on uncompleted contracts	$	79,151	$	113,654
Estimated earnings		22,593		48,949
Billings to date		(86,602)		(143,323)
	$	15,142	$	19,280

Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets

	As of		As of
	September 30, 2015		December 31, 2014
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	25,800	$	30,078
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(10,658)		(10,798)
	$	15,142	$	19,280

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Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (206,673)	$ (24,685)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, accretion, and amortization	498,560	464,858
Non-cash interest expense	1,051	26,832
Deferred income tax expense (benefit)	195	(1,043)
Non-cash asset impairment and decommission costs	69,895	9,909
Non-cash compensation expense	21,903	17,231
Amortization of deferred financing fees	13,973	13,114
Loss from extinguishment of debt, net		25,080
Loss on remeasurement of U.S. dollar denominated intercompany loan	180,422
Gain on foreign currency swap contract		(17,891)
Other non-cash items reflected in the Statements of Operations	(5,233)	(1,207)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	24,242	(10,649)
Prepaid and other assets	(52,928)	(43,923)
Accounts payable and accrued expenses	11,129	(6,220)
Accrued interest	(13,994)	(659)
Other liabilities	(7,805)	34,541
Net cash provided by operating activities	534,737	485,288
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(408,711)	(1,048,748)
Capital expenditures	(162,311)	(131,347)
Proceeds from foreign currency swap contract		17,891
Other investing activities	4,291	(1,782)
Net cash used in investing activities	(566,731)	(1,163,986)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility	770,000	575,000
Repayments under Revolving Credit Facility	(615,000)	(490,000)
Repayment of Term Loans	(25,000)	(303,000)
Proceeds from Term Loans, net of fees	489,899	1,483,337
Payments on settlement of convertible debt		(132,592)
Payments for settlement of common stock warrants	(150,874)	(602,834)
Payment for the redemption of 8.25% Notes		(253,805)
Proceeds from 4.875% Senior Notes, net of fees		732,459
Repurchase and retirement of common stock	(400,064)
Other financing activities	9,552	(18,202)
Net cash provided by financing activities	78,513	990,363
Effect of exchange rate changes on cash and cash equivalents	(12,691)	16,480
NET INCREASE IN CASH AND CASH EQUIVALENTS	33,828	328,145
CASH AND CASH EQUIVALENTS:
Beginning of period	39,443	122,112
End of period	73,271	450,257
Cash paid during the period for:
Interest	252,425	216,103
Income taxes	7,569	6,377
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:
Assets acquired through capital leases	$ 2,627	1,290
Issuance of stock for settlement of convertible debt and warrants, net of hedges		$ 284

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Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2015

Accrued Expenses [Abstract]

Schedule Of Accrued Expenses

	As of		As of
	September 30, 2015		December 31, 2014
	(in thousands)
Accrued earnouts	$	8,819	$	15,086
Salaries and benefits		13,202		13,440
Real estate and property taxes		9,700		5,331
Other		33,921		31,696
Total accrued expenses	$	65,642	$	65,553

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Restricted Cash (Schedule Of Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 51,055	$ 58,453
Restricted Cash - Current Asset [Member] | Securitization Escrow Accounts [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	46,381	52,117
Restricted Cash - Current Asset [Member] | Payment and Performance Bonds [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	404	402
Other Assets - Noncurrent [Member] | Surety Bonds and Workers Compensation [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 4,270	$ 5,934

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Debt (Term Loans Under The Senior Credit Agreement) (Narrative) (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jun. 10, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Repayment of term loans				$ 25,000,000	$ 303,000,000
Deferred financing fees		$ 4,803,000	$ 4,599,000	13,973,000	$ 13,114,000
Debt instrument, principal balance		8,500,000,000		8,500,000,000		$ 7,870,000,000
2012-1 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 200,000,000		$ 200,000,000
Debt instrument, maturity date				May 09, 2017
Coupon rate of notes		2.70%		2.70%
Deferred financing fees		$ 2,700,000		$ 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		5,000,000		12,500,000
Debt instrument, principal balance		160,000,000		160,000,000		172,500,000
2014 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,500,000,000		$ 1,500,000,000
Debt instrument, maturity date				Mar. 24, 2021
Term Loan, percentage of par value		99.75%		99.75%
Coupon rate of notes		3.25%		3.25%
Deferred financing fees		$ 12,900,000		$ 12,900,000
Quarterly payments				3,800,000
Repayment of term loans		3,800,000		11,300,000
Debt instrument, principal balance		1,481,250,000		1,481,250,000		$ 1,492,500,000
2015 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000	$ 498,800,000		$ 498,800,000
Debt instrument, maturity date				Jun. 10, 2022
Term Loan, percentage of par value	99.00%
Coupon rate of notes		3.25%		3.25%
Repayment of term loans		$ 1,300,000		$ 1,300,000
Deferred financing fees				5,100,000
Debt instrument, principal balance		$ 498,750,000		$ 498,750,000
Date after which no prepayment fee will be assessed				Dec. 10, 2015
Percentage fee charged for prepayment equal to aggregate principal amount				1.00%
Base Rate [Member] | 2014 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate				1.50%
Base rate floor				1.75%
Base Rate [Member] | 2015 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%
Eurodollar [Member] | 2015 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%

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Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 73,271	$ 39,443
Restricted cash	46,785	52,519
Short-term investments	702	5,549
Accounts receivable, net of allowance of $1,418 and $889 at September 30, 2015 and December 31, 2014, respectively	73,383	104,268
Costs and estimated earnings in excess of billings on uncompleted contracts	25,800	30,078
Prepaid expenses and other current assets	114,930	95,031
Total current assets	334,871	326,888
Property and equipment, net	2,720,874	2,762,417
Intangible assets, net	3,737,105	4,189,540
Deferred financing fees, net	89,185	95,237
Other assets	514,722	467,043
Total assets	7,396,757	7,841,125
Current liabilities:
Accounts payable	32,197	42,851
Accrued expenses	65,642	65,553
Current maturities of long-term debt	40,000	32,500
Deferred revenue	92,242	120,047
Accrued interest	39,184	53,178
Other current liabilities	19,002	16,921
Total current liabilities	288,267	331,050
Long-term liabilities:
Long-term debt	8,446,850	7,828,299
Other long-term liabilities	359,296	342,576
Total long-term liabilities	$ 8,806,146	$ 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, 126,143 and 129,134 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 1,261	$ 1,291
Additional paid-in capital	1,951,657	2,062,775
Accumulated deficit	(3,149,082)	(2,542,380)
Accumulated other comprehensive loss, net	(501,492)	(182,486)
Total shareholders' deficit	(1,697,656)	(660,800)
Total liabilities and shareholders' deficit	$ 7,396,757	$ 7,841,125

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Intangible Assets, Net (Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 5,265,787	$ 5,492,833
Accumulated amortization	(1,528,682)	(1,303,293)
Net book value	3,737,105	4,189,540
Current Contract Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross amount	3,859,057	4,090,129
Accumulated amortization	(1,053,959)	(891,374)
Net book value	2,805,098	3,198,755
Network Location Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross amount	1,406,730	1,402,704
Accumulated amortization	(474,723)	(411,919)
Net book value	$ 932,007	$ 990,785

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Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Consolidated Statements Of Comprehensive Income (Loss) [Abstract]
Net loss	$ (155,946)	$ (16,624)	$ (206,673)	$ (24,685)
Foreign currency translation adjustments	(171,089)	(128,461)	(319,006)	(60,466)
Comprehensive loss	$ (327,035)	$ (145,085)	$ (525,679)	$ (85,151)

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Shareholders' Equity (Narrative) (Details) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Jun. 04, 2015
Current Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized	$ 1,000.0
Stock repurchased, shares		1,305,000.000
Stock repurchased, value		$ 150.0
Stock repurchase program, remaining authorization	$ 750.0
Common stock value per share		$ 114.96
Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchased, shares	2,200,000.0
Stock repurchased, value	$ 250.0
Common stock value per share	$ 113.87
New Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized			$ 1,000.0
Previous Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized		$ 300.0

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Segment Data (Tables)

9 Months Ended

Sep. 30, 2015

Segment Data [Abstract]

Segment Reporting Information Disclosure

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the three months ended September 30, 2015	(in thousands)
Revenues	$	313,131	$	58,862	$	38,742	$	—	$	410,735
Cost of revenues (2)		63,587		17,759		30,387		—		111,733
Operating profit		249,544		41,103		8,355		—		299,002
Selling, general, and administrative		16,601		4,200		2,739		4,332		27,872
Acquisition related adjustments and expenses		253		111		—		—		364
Asset impairment and decommission costs		63,225		128		—		—		63,353
Depreciation, amortization and accretion		134,734		28,166		780		650		164,330
Operating income (loss)		34,731		8,498		4,836		(4,982)		43,083
Other expense (principally interest expense
and other expense)								(197,103)		(197,103)
Loss before provision for income taxes										(154,020)
Cash capital expenditures (3)		92,033		35,353		698		2,115		130,199
For the three months ended September 30, 2014
Revenues	$	293,775	$	55,235	$	44,283	$	—	$	393,293
Cost of revenues (2)		63,108		14,818		33,950		—		111,876
Operating profit		230,667		40,417		10,333		—		281,417
Selling, general, and administrative		16,456		4,413		3,046		2,674		26,589
Acquisition related adjustments and expenses		2,242		(2,300)		—		—		(58)
Asset impairment and decommission costs		5,536		456		—		—		5,992
Depreciation, amortization and accretion		128,781		28,792		660		1,177		159,410
Operating income (loss)		77,652		9,056		6,627		(3,851)		89,484
Other expense (principally interest expense
and other expense)								(105,126)		(105,126)
Loss before provision for income taxes										(15,642)
Cash capital expenditures (3)		113,231		17,514		1,141		8,938		140,824

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the nine months ended September 30, 2015	(in thousands)
Revenues	$	926,442	$	185,740	$	119,351	$	—	$	1,231,533
Cost of revenues (2)		188,841		54,457		91,662		—		334,960
Operating profit		737,601		131,283		27,689		—		896,573
Selling, general, and administrative		51,069		12,157		7,475		15,316		86,017
Acquisition related adjustments and expenses		7,295		188		—		—		7,483
Asset impairment and decommission costs		73,781		404		—		—		74,185
Depreciation, amortization and accretion		401,873		91,636		2,246		2,805		498,560
Operating income (loss)		203,583		26,898		17,968		(18,121)		230,328
Other expense (principally interest expense
and other expense)								(429,889)		(429,889)
Loss before provision for income taxes										(199,561)
Cash capital expenditures (3)		479,129		78,427		3,429		12,664		573,649
For the nine months ended September 30, 2014
Revenues	$	854,003	$	144,778	$	123,481	$	—	$	1,122,262
Cost of revenues (2)		185,637		37,412		93,432		—		316,481
Operating profit		668,366		107,366		30,049		—		805,781
Selling, general, and administrative		48,591		12,518		7,047		8,551		76,707
Acquisition related adjustments and expenses		8,878		1,850		—		—		10,728
Asset impairment and decommission costs		12,263		1,291		—		—		13,554
Depreciation, amortization and accretion		384,117		75,160		1,788		3,793		464,858
Operating income (loss)		214,517		16,547		21,214		(12,344)		239,934
Other expense (principally interest expense
and other expense)								(259,909)		(259,909)
Loss before provision for income taxes										(19,975)
Cash capital expenditures (3)		449,874		712,920		3,549		15,042		1,181,385

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment (1)		Total
	(in thousands)
Assets
As of September 30, 2015	$	5,570,376	$	1,557,010	$	61,192	$	208,179	$	7,396,757
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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Segment Data (Segment Reporting Information Disclosure) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenues		$ 410,735	$ 393,293	$ 1,231,533	$ 1,122,262
Cost of revenues	[1]	111,733	111,876	334,960	316,481
Operating profit		299,002	281,417	896,573	805,781
Selling, general, and administrative	[2]	27,872	26,589	86,017	76,707
Acquisition related adjustments and expenses		364	(58)	7,483	10,728
Asset impairment and decommission costs		63,353	5,992	74,185	13,554
Depreciation, amortization and accretion		164,330	159,410	498,560	464,858
Operating income		43,083	89,484	230,328	239,934
Other expense (principally interest expense and other expense)		(197,103)	(105,126)	(429,889)	(259,909)
Loss before provision for income taxes		(154,020)	(15,642)	(199,561)	(19,975)
Cash capital expenditures	[3]	130,199	140,824	573,649	1,181,385
Assets		7,396,757		7,396,757		$ 7,841,125
Domestic Site Leasing Revenue [Member]
Segment Reporting Information [Line Items]
Revenues		313,131	293,775	926,442	854,003
Cost of revenues	[1]	63,587	63,108	188,841	185,637
Operating profit		249,544	230,667	737,601	668,366
Selling, general, and administrative		16,601	16,456	51,069	48,591
Acquisition related adjustments and expenses		253	2,242	7,295	8,878
Asset impairment and decommission costs		63,225	5,536	73,781	12,263
Depreciation, amortization and accretion		134,734	128,781	401,873	384,117
Operating income		34,731	77,652	203,583	214,517
Cash capital expenditures	[3]	92,033	113,231	479,129	449,874
Assets		5,570,376		5,570,376		5,554,753
International Site Leasing Revenue [Member]
Segment Reporting Information [Line Items]
Revenues		58,862	55,235	185,740	144,778
Cost of revenues	[1]	17,759	14,818	54,457	37,412
Operating profit		41,103	40,417	131,283	107,366
Selling, general, and administrative		4,200	4,413	12,157	12,518
Acquisition related adjustments and expenses		111	(2,300)	188	1,850
Asset impairment and decommission costs		128	456	404	1,291
Depreciation, amortization and accretion		28,166	28,792	91,636	75,160
Operating income		8,498	9,056	26,898	16,547
Cash capital expenditures	[3]	35,353	17,514	78,427	712,920
Assets		1,557,010		1,557,010		1,989,571
Site Development [Member]
Segment Reporting Information [Line Items]
Revenues		38,742	44,283	119,351	123,481
Cost of revenues	[1]	30,387	33,950	91,662	93,432
Operating profit		8,355	10,333	27,689	30,049
Selling, general, and administrative		2,739	3,046	7,475	7,047
Depreciation, amortization and accretion		780	660	2,246	1,788
Operating income		4,836	6,627	17,968	21,214
Cash capital expenditures	[3]	698	1,141	3,429	3,549
Assets		61,192		61,192		78,633
Not Identified by Segment [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative		4,332	2,674	15,316	8,551
Depreciation, amortization and accretion		650	1,177	2,805	3,793
Operating income		(4,982)	(3,851)	(18,121)	(12,344)
Other expense (principally interest expense and other expense)		(197,103)	(105,126)	(429,889)	(259,909)
Cash capital expenditures	[3]	2,115	$ 8,938	12,664	$ 15,042
Assets	[4]	$ 208,179		$ 208,179		$ 218,168

[1] Excludes depreciation, amortization, and accretion.

[2] Includes non-cash compensation of $6,631 and $6,319 for the three months ended September 30, 2015 and 2014, respectively, and $21,604 and $16,951 for the nine months ended September 30, 2015 and 2014, respectively.

[3] Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions.

[4] Assets not identified by segment consist primarily of general corporate assets.

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Income Taxes

9 Months Ended

Sep. 30, 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 are in a net deferred tax liability position.

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Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Basis Of Presentation [Abstract]
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan	$ 112,100	$ (180,422)

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Basis Of Presentation (Policy)

9 Months Ended

Sep. 30, 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 income (expense), net in the Consolidated Statements of Operations. For the three and nine months ended September 30, 2015, the Company recorded a $112.1 million and $180.4 million foreign exchange loss, respectively, 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. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 for public companies. 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. Early adoption is permitted but not before interim and annual reporting periods beginning after December 15, 2016. 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.

In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. The standard indicates the SEC staff would not object to presenting deferred debt issuance costs for a line of credit arrangement as an asset in the balance sheet. ASU 2015-15 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.

In September 2015, the FASB issued ASU 2015-16 Business Combinations. The standard requires that the acquirer (1) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (2) record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (3) to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 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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Consolidated Statement Of Shareholders' Equity (Deficit) - 9 months ended Sep. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member] Class A [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
Net loss				(206,673)			(206,673)
Common stock issued in connection with stock purchase/option plans	$ 5		17,516				17,521
Common stock issued in connection with stock purchase/option plans, Shares	509
Non-cash compensation			22,240				22,240
Settlement of common stock warrants		$ (150,874)				$ (150,874)
Repurchase and retirement of common stock, Amount	$ (35)			(400,029)			(400,064)
Repurchase and retirement of common stock, Shares	(3,500)
Foreign currency translation adjustments					(319,006)		(319,006)
BALANCE, Amount at Sep. 30, 2015	$ 1,261		$ 1,951,657	$ (3,149,082)	$ (501,492)		$ (1,697,656)
BALANCE, Shares at Sep. 30, 2015	126,143

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accounts receivable, allowance	$ 1,418	$ 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
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	126,143,000	129,134,000
Common stock - Class A, shares outstanding	126,143,000	129,134,000

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Costs And Estimated Earnings On Uncompleted Contracts

9 Months Ended

Sep. 30, 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
	September 30, 2015		December 31, 2014
	(in thousands)
Costs incurred on uncompleted contracts	$	79,151	$	113,654
Estimated earnings		22,593		48,949
Billings to date		(86,602)		(143,323)
	$	15,142	$	19,280

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

	As of		As of
	September 30, 2015		December 31, 2014
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	25,800	$	30,078
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(10,658)		(10,798)
	$	15,142	$	19,280

Eight significant customers comprised 93.6% 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 September 30, 2015 and December 31, 2014, respectively.

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Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
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		126,151,128
Trading Symbol	SBAC

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Accrued Expenses

9 Months Ended

Sep. 30, 2015

Accrued Expenses [Abstract]

Accrued Expenses

9.ACCRUED EXPENSES

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

	As of		As of
	September 30, 2015		December 31, 2014
	(in thousands)
Accrued earnouts	$	8,819	$	15,086
Salaries and benefits		13,202		13,440
Real estate and property taxes		9,700		5,331
Other		33,921		31,696
Total accrued expenses	$	65,642	$	65,553

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Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Site leasing		$ 371,993	$ 349,010	$ 1,112,182	$ 998,781
Site development		38,742	44,283	119,351	123,481
Total revenues		410,735	393,293	1,231,533	1,122,262
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):
Cost of site leasing		81,346	77,926	243,298	223,049
Cost of site development		30,387	33,950	91,662	93,432
Selling, general, and administrative	[1]	27,872	26,589	86,017	76,707
Acquisition related adjustments and expenses		364	(58)	7,483	10,728
Asset impairment and decommission costs		63,353	5,992	74,185	13,554
Depreciation, accretion, and amortization		164,330	159,410	498,560	464,858
Total operating expenses		367,652	303,809	1,001,205	882,328
Operating income		43,083	89,484	230,328	239,934
Other income (expense):
Interest income		1,276	161	2,284	428
Interest expense		(81,877)	(78,170)	(238,439)	(215,695)
Non-cash interest expense		(449)	(8,236)	(1,051)	(26,832)
Amortization of deferred financing fees		(4,803)	(4,599)	(13,973)	(13,114)
Loss from extinguishment of debt, net			(14,893)		(25,080)
Other (expense) income, net		(111,250)	611	(178,710)	20,384
Total other expense		(197,103)	(105,126)	(429,889)	(259,909)
Loss before provision for income taxes		(154,020)	(15,642)	(199,561)	(19,975)
Provision for income taxes		(1,926)	(982)	(7,112)	(4,710)
Net loss		$ (155,946)	$ (16,624)	$ (206,673)	$ (24,685)
Basic and diluted		$ (1.23)	$ (0.13)	$ (1.61)	$ (0.19)
Weighted average number of common shares
Basic and diluted		127,170	129,046	128,397	128,854

[1] Includes non-cash compensation of $6,631 and $6,319 for the three months ended September 30, 2015 and 2014, respectively, and $21,604 and $16,951 for the nine months ended September 30, 2015 and 2014, respectively.

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Restricted Cash

9 Months Ended

Sep. 30, 2015

Restricted Cash [Abstract]

Restricted Cash

3.RESTRICTED CASH

Restricted cash consists of the following:

	As of		As of
	September 30, 2015		December 31, 2014		Included on Balance Sheet
		(in thousands)
Securitization escrow accounts	$	46,381	$	52,117	Restricted cash - current asset
Payment and performance bonds		404		402	Restricted cash - current asset
Surety bonds and workers compensation		4,270		5,934	Other assets - noncurrent
Total restricted cash	$	51,055	$	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 September 30, 2015 and December 31, 2014, the Company had $38.0 million and $38.3 million in surety bonds and payment and performance bonds, respectively, for which it was only required to post $0.8 million in collateral. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of September 30, 2015 and December 31, 2014, the Company had also pledged $2.5 million and $2.6 million, respectively, as collateral related to its workers compensation policy.

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Fair Value Measurements

9 Months Ended

Sep. 30, 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 and are 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 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. 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 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 of performance targets contained in various acquisitions was $8.8 million and $15.1 million as of September 30, 2015 and December 31, 2014. The maximum potential obligation related to the performance targets was $14.3 million and $23.1 million as of September 30, 2015 and December 31, 2014, respectively.

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		3,228		10,384
Payments		(3,608)		(16,346)
Change in estimate		(5,299)		(1,519)
Foreign currency translation adjustments		(588)		554
Ending balance, September 30, 2015 and September 30, 2014, respectively	$	8,819	$	23,136

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 and nine months ended September 30, 2015, the Company recognized impairment charges of $63.4 million and $74.2 million, respectively. The impairment charges include the write off of $5.3 million and $12.0 million in carrying value of decommissioned towers,  a  $56.7 million impairment charge recorded in the third quarter of 2015 related to fiber assets acquired in the 2012 Mobilitie transaction, and$1.4 million and $4.3 million of other third party decommission costs incurred related to the Company’s long-lived assets and intangiblesfor the three and nine months ended September 30, 2015, respectively.  The impairment review of the fiber assets was triggered by a strategic decision made by the Company during the third quarter. The undiscounted cash flows were not sufficient to recover the carrying amount of the assets and thus a discounted cash flow valuation was used to determine the fair value. Key assumptions used in the valuation include forecasts of revenue and expenses over an extended period of time, and estimated costs of debt and equity capital to discount the projected cash flows. Certain of these assumptions involve significant judgment, are based on management’s estimate of current and forecasted market conditions and are sensitive and susceptible to change. In addition, for the nine months ended September 30, 2015, the impairment charge includes $1.2 million in exit costs related to the Company’s former corporate headquarters building. During the three and nine months ended September 30, 2014, the Company recognized impairment charges of $6.0 million and $13.6 million, respectively. The impairment charges include the write off of $4.7 million and $10.0 million in carrying value of decommissioned towers and $1.3 million and $3.6 million of other third party decommission costs incurred related to the Company’s long-lived assets and intangibles for the three and nine months ended September 30, 2014, respectively. These write offs result from the Company’s analysis that the future cash flows from certain assets would not recover the carrying value of the investment in those assets. 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 $0.5 million and $5.3 million in certificate of deposits, as of September 30, 2015 and December 31, 2014, respectively, and $0.2 million in Treasury securities as of September 30, 2015 and December 31, 2014. 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 September 30, 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 the 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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Segment Data

9 Months Ended

Sep. 30, 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.

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the three months ended September 30, 2015	(in thousands)
Revenues	$	313,131	$	58,862	$	38,742	$	—	$	410,735
Cost of revenues (2)		63,587		17,759		30,387		—		111,733
Operating profit		249,544		41,103		8,355		—		299,002
Selling, general, and administrative		16,601		4,200		2,739		4,332		27,872
Acquisition related adjustments and expenses		253		111		—		—		364
Asset impairment and decommission costs		63,225		128		—		—		63,353
Depreciation, amortization and accretion		134,734		28,166		780		650		164,330
Operating income (loss)		34,731		8,498		4,836		(4,982)		43,083
Other expense (principally interest expense
and other expense)								(197,103)		(197,103)
Loss before provision for income taxes										(154,020)
Cash capital expenditures (3)		92,033		35,353		698		2,115		130,199
For the three months ended September 30, 2014
Revenues	$	293,775	$	55,235	$	44,283	$	—	$	393,293
Cost of revenues (2)		63,108		14,818		33,950		—		111,876
Operating profit		230,667		40,417		10,333		—		281,417
Selling, general, and administrative		16,456		4,413		3,046		2,674		26,589
Acquisition related adjustments and expenses		2,242		(2,300)		—		—		(58)
Asset impairment and decommission costs		5,536		456		—		—		5,992
Depreciation, amortization and accretion		128,781		28,792		660		1,177		159,410
Operating income (loss)		77,652		9,056		6,627		(3,851)		89,484
Other expense (principally interest expense
and other expense)								(105,126)		(105,126)
Loss before provision for income taxes										(15,642)
Cash capital expenditures (3)		113,231		17,514		1,141		8,938		140,824

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the nine months ended September 30, 2015	(in thousands)
Revenues	$	926,442	$	185,740	$	119,351	$	—	$	1,231,533
Cost of revenues (2)		188,841		54,457		91,662		—		334,960
Operating profit		737,601		131,283		27,689		—		896,573
Selling, general, and administrative		51,069		12,157		7,475		15,316		86,017
Acquisition related adjustments and expenses		7,295		188		—		—		7,483
Asset impairment and decommission costs		73,781		404		—		—		74,185
Depreciation, amortization and accretion		401,873		91,636		2,246		2,805		498,560
Operating income (loss)		203,583		26,898		17,968		(18,121)		230,328
Other expense (principally interest expense
and other expense)								(429,889)		(429,889)
Loss before provision for income taxes										(199,561)
Cash capital expenditures (3)		479,129		78,427		3,429		12,664		573,649
For the nine months ended September 30, 2014
Revenues	$	854,003	$	144,778	$	123,481	$	—	$	1,122,262
Cost of revenues (2)		185,637		37,412		93,432		—		316,481
Operating profit		668,366		107,366		30,049		—		805,781
Selling, general, and administrative		48,591		12,518		7,047		8,551		76,707
Acquisition related adjustments and expenses		8,878		1,850		—		—		10,728
Asset impairment and decommission costs		12,263		1,291		—		—		13,554
Depreciation, amortization and accretion		384,117		75,160		1,788		3,793		464,858
Operating income (loss)		214,517		16,547		21,214		(12,344)		239,934
Other expense (principally interest expense
and other expense)								(259,909)		(259,909)
Loss before provision for income taxes										(19,975)
Cash capital expenditures (3)		449,874		712,920		3,549		15,042		1,181,385

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment (1)		Total
	(in thousands)
Assets
As of September 30, 2015	$	5,570,376	$	1,557,010	$	61,192	$	208,179	$	7,396,757
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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Debt

9 Months Ended

Sep. 30, 2015

Debt [Abstract]

Debt

10.DEBT

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

		As of						As of
		September 30, 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	$	515,625	$	500,000	$	500,000	$	511,250	$	500,000
5.750% Senior Notes	July 15, 2020		800,000		821,000		800,000		800,000		816,000		800,000
4.875% Senior Notes	July 15, 2022		750,000		733,125		744,639		750,000		721,875		744,150
2010-2C Tower Securities	April 11, 2017		550,000		563,552		550,000		550,000		576,901		550,000
2012-1C Tower Securities	Dec. 11, 2017		610,000		615,435		610,000		610,000		620,175		610,000
2013-1C Tower Securities	April 10, 2018		425,000		422,722		425,000		425,000		420,776		425,000
2013-2C Tower Securities	April 11, 2023		575,000		582,803		575,000		575,000		584,344		575,000
2013-1D Tower Securities	April 10, 2018		330,000		336,059		330,000		330,000		330,551		330,000
2014-1C Tower Securities	Oct. 8, 2019		920,000		923,358		920,000		920,000		920,515		920,000
2014-2C Tower Securities	Oct. 8, 2024		620,000		626,913		620,000		620,000		629,474		620,000
Revolving Credit Facility	Feb. 5, 2020		280,000		280,000		280,000		125,000		125,000		125,000
2012-1 Term Loan	May 9, 2017		160,000		159,800		160,000		172,500		171,422		172,500
2014 Term Loan	Mar. 24, 2021		1,481,250		1,466,438		1,478,265		1,492,500		1,458,919		1,489,149
2015 Term Loan	June 10, 2022		498,750		491,269		493,946		—		—		—
Total debt		$	8,500,000	$	8,538,099	$	8,486,850	$	7,870,000	$	7,887,202	$	7,860,799
Less: current maturities of long-term debt							(40,000)						(32,500)
Total long-term debt, net of current maturities						$	8,446,850					$	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 September 30,								For the nine months ended September 30,
	2015				2014				2015				2014
	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest
	(in thousands)
4.0% Convertible Senior Notes	$	—	$	—	$	3,675	$	7,934		—		—		12,520		26,266
8.25% Senior Notes		—		—		2,458		24		—		—		12,513		121
5.625% Senior Notes		7,031		—		7,031		—		21,094		—		21,094		—
5.75% Senior Notes		11,500		—		11,500		—		34,500		—		34,500		—
4.875% Senior Notes		9,141		165		9,141		157		27,422		488		9,141		157
2010 Tower Securities		7,058		—		14,346		—		21,173		—		43,036		—
2012 Tower Securities		4,525		—		4,521		—		13,588		—		13,564		—
2013 Tower Securities		10,804		—		10,804		—		32,413		—		32,413		—
2014 Tower Securities		12,785		—		—		—		38,354		—		—		—
Revolving Credit Facility		1,378		—		1,007		—		4,714		—		3,279		—
2011 Term Loan		—		—		—		—		—		—		696		7
2012-1 Term Loan		1,135		—		1,222		—		3,384		—		3,336		—
2012-2 Term Loan		—		—		—		—		—		—		424		4
2014 Term Loan		12,333		125		12,458		121		36,690		366		28,911		277
2015 Term Loan		4,153		159		—		—		5,101		197		—		—
Other		34		—		7		—		6		—		268		—
Total	$	81,877	$	449	$	78,170	$	8,236	$	238,439	$	1,051	$	215,695	$	26,832

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 September 30, 2015, the Revolving Credit Facility was accruing interest at 2.28% per annum.

During the three and nine months ended September 30, 2015, the Company borrowed $320.0 million and $770.0 million, respectively, under the Revolving Credit Facility and repaid $80.0 million and $615.0 million, respectively, of the outstanding balance under the Revolving Credit Facility. As of September 30, 2015,  $280.0 million was outstanding under the Revolving Credit Facility.

Subsequent to September 30, 2015, the Company repaid the $280.0 million balance outstanding on the Revolving Credit Facility with proceeds from the 2015 Tower Securities (as defined below), and as of the date of this filing, no amounts were outstanding under the Revolving Credit Facility.

As of September 30, 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 September 30, 2015, the 2012-1 Term Loan was accruing interest at 2.70% 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. 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 and nine months ended September 30, 2015, the Company repaid $5.0 million and $12.5 million, respectively, of principal on the 2012-1 Term Loan. As of September 30, 2015, the 2012-1 Term Loan had a principal balance of $160.0 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 September 30, 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 are being 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 without premium or penalty. The Company incurred deferred financing fees of approximately $12.9 million in relation to this transaction which are being amortized through the maturity date.

During the three and nine months ended September 30, 2015, the Company repaid $3.8 million and $11.3 million, respectively, of principal on the 2014 Term Loan. As of September 30, 2015, the 2014 Term Loan had a principal balance of $1.5 billion.

2015 Term Loan

On June 10, 2015, SBA Senior Finance II obtained a new senior secured term loan with an initial aggregate principal amount of $500.0 million that matures on June 10, 2022 (the “2015 Term Loan”). The 2015 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 2015 Term Loan was issued at 99.0% of par value. As of September 30, 2015, the 2015 Term Loan was accruing interest at 3.25% per annum. Principal payments on the 2015 Term Loan commenced on September 30, 2015 and will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $1.3 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2015 Term Loan. However, to the extent the 2015 Term Loan is prepaid prior to December 10, 2015 from proceeds of certain refinancing or repricing transactions, a prepayment fee equal to 1.0% of the aggregate principal amount of such prepayment will apply.  The Company incurred deferred financing fees of approximately $5.1million to date in relation to this transaction which are being amortized through the maturity date.

During the three and nine months ended September 30, 2015, the Company repaid $1.3 million of principal on the 2015 Term Loan. As ofSeptember 30, 2015, the 2015 Term Loan had a principal balance of $498.8 million.

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 2010-2C (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 11, 2017 and April 9, 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 2012-1C (the “2012 Tower Securities”) which have an anticipated repayment date of December 11, 2017 and a final maturity date of December 9, 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 10, 2018 and a final maturity date of April 9, 2043,  $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C which have an anticipated repayment date of April 11, 2023 and a final maturity date of April 9, 2048, and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218%per annum, payable monthly. 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 8, 2019 and a final maturity date of October 11, 2044, and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C which have an anticipated repayment date of October 8, 2024 and a final maturity date of October 8, 2049 (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289%per annum, payable monthly. The Company incurred deferred financing fees of $22.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities.

2015 Tower Securities

On October 14, 2015, the Company, through the Trust, issued $500.0 million of Secured Tower Revenue Securities Series 2015-1C which have an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “2015 Tower Securities”). The fixed interest rate of the 2015 Tower Securities is 3.156%per annum, payable monthly. The Company has incurred deferred financing fees of $9.7 million to date in relation to this transaction which are being amortized through the anticipated repayment date of the 2015 Tower Securities.In connection with the issuance of the 2015 Tower Securities, the advance rents reserve requirement was modified such that the Borrowers will only be required to maintain an advance rents reserve at any time the monthly tenant debt service coverage ratio is equal to or less than 2:1 and for two calendar months after such coverage ratio again exceeds 2:1.

As of September 30, 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 nine months ended September 30, 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.

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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Intangible Assets, Net

9 Months Ended

Sep. 30, 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 September 30, 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	$	3,859,057	$	(1,053,959)	$	2,805,098	$	4,090,129	$	(891,374)	$	3,198,755
Network location intangibles		1,406,730		(474,723)		932,007		1,402,704		(411,919)		990,785
Intangible assets, net	$	5,265,787	$	(1,528,682)	$	3,737,105	$	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 $86.2 million for the three months ended September 30, 2015 and 2014, respectively, and $273.5 million and $250.5 million for the nine months ended September 30, 2015 and 2014, respectively. 

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Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($) $ / shares
Stock-Based Compensation [Abstract]
Weighted-average fair value of options granted | $ / shares	$ 24.76
Total intrinsic value for options exercised	$ 29.0

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Other Assets

9 Months Ended

Sep. 30, 2015

Other Assets [Abstract]

Other Assets

4.OTHER ASSETS

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

	As of		As of
	September 30, 2015		December 31, 2014
		(in thousands)
Long-term investments	$	51,919	$	44,095
Prepaid land rent		149,517		134,148
Straight-line rent receivable		258,534		230,384
Deferred lease costs, net		30,239		28,517
Other		24,513		29,899
Total other assets	$	514,722	$	467,043

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Acquisitions

9 Months Ended

Sep. 30, 2015

Acquisitions [Abstract]

Acquisitions

5.ACQUISITIONS

The Company acquired 225 communication sites during the three months ended September 30, 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				For the nine months
	ended September 30,				ended September 30,
	2015		2014		2015		2014
	(in thousands)
Towers and related intangible assets	$	76,475	$	71,688	$	358,675	$	1,019,733
Land buyouts (1)		9,154		9,586		50,036		29,015
Total cash acquisition capital expenditures	$	85,629	$	81,274	$	408,711	$	1,048,748

(1) In addition, the Company paid $4.0 million and $2.7 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended September 30, 2015 and 2014, respectively, and paid $12.7 million and $7.8 million for ground lease extensions and term easements on land underlying the Company’s towers during the nine months ended September 30, 2015 and 2014, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

Subsequent to September 30, 2015, the Company acquired 24 towers for $19.8 million in cash.

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Property And Equipment, Net

9 Months Ended

Sep. 30, 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
	September 30, 2015		December 31, 2014
	(in thousands)
Towers and related components	$	4,264,917	$	4,194,375
Construction-in-process		29,360		35,855
Furniture, equipment, and vehicles		55,500		51,832
Land, buildings, and improvements		507,131		426,974
Total property and equipment		4,856,908		4,709,036
Less: accumulated depreciation		(2,136,034)		(1,946,619)
Property and equipment, net	$	2,720,874	$	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 $72.8 million and $73.0 million for the three months ended September 30, 2015 and 2014, respectively, and $224.9 million and $213.7 million for the nine months ended September 30, 2015 and 2014, respectively. At September 30, 2015 and December 31, 2014, non-cash capital expenditures that are included in accounts payable and accrued expenses were $11.4 million and $29.0 million, respectively.

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Segment Data (Narrative) (Details)	9 Months Ended
	Sep. 30, 2015 segment
Segment Data [Abstract]
Number of business segments	2
Number of reportable segments	3

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Stock-Based Compensation (Restricted Stock Unit Activity) (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2015 $ / shares shares
Stock-Based Compensation [Abstract]
Number of Units Outstanding, at December 31, 2014	295
Number of Units, Granted	110
Number of Units, Vested	(122)
Number of Units, Forfeited/Canceled	(6)
Number of Units Outstanding, at September 30, 2015	277
Weighted-Average Grant Date Fair Value per Share Outstanding, at December 31, 2014 | $ / shares	$ 73.55
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares	123.97
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	64.35
Weighted-Average Grant Date Fair Value per Share, Forfeited/Canceled | $ / shares	94.25
Weighted-Average Grant Date Fair Value per Share Outstanding, at September 30, 2015 | $ / shares	$ 97.12

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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Stock-Based Compensation [Abstract]

Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options

	For the nine months ended
	September 30,
	2015	2014
Risk free interest rate	1.21% - 1.45%	1.15% - 1.37%
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	3,275	$	66.85
Granted	1,071	$	124.28
Exercised	(416)	$	52.04
Canceled	(55)	$	92.84
Outstanding at September 30, 2015	3,875	$	83.93	4.7	$	101,301
Exercisable at September 30, 2015	1,429	$	54.56	3.2	$	71,696
Unvested at September 30, 2015	2,446	$	101.08	5.6	$	29,605

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	110	$	123.97
Vested	(122)	$	64.35
Forfeited/canceled	(6)	$	94.25
Outstanding at September 30, 2015	277	$	97.12

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Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accrued Expenses [Abstract]
Accrued earnouts	$ 8,819	$ 15,086
Salaries and benefits	13,202	13,440
Real estate and property taxes	9,700	5,331
Other	33,921	31,696
Total accrued expenses	$ 65,642	$ 65,553

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Stock-Based Compensation

9 Months Ended

Sep. 30, 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 nine months ended
	September 30,
	2015	2014
Risk free interest rate	1.21% - 1.45%	1.15% - 1.37%
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 nine months ended September 30, 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	3,275	$	66.85
Granted	1,071	$	124.28
Exercised	(416)	$	52.04
Canceled	(55)	$	92.84
Outstanding at September 30, 2015	3,875	$	83.93	4.7	$	101,301
Exercisable at September 30, 2015	1,429	$	54.56	3.2	$	71,696
Unvested at September 30, 2015	2,446	$	101.08	5.6	$	29,605

The weighted-average per share fair value of options granted during the nine months ended September 30, 2015 was $24.76. The total intrinsic value for options exercised during the nine months ended September 30, 2015 was $29.0 million.

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity for the nine months ended September 30, 2015:  

		Weighted-
		Average
		Grant Date
	Number of	Fair Value per
	Units	Share
	(in thousands)
Outstanding at December 31, 2014	295	$	73.55
Granted	110	$	123.97
Vested	(122)	$	64.35
Forfeited/canceled	(6)	$	94.25
Outstanding at September 30, 2015	277	$	97.12

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Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2015

Restricted Cash [Abstract]

Schedule Of Restricted Cash

	As of		As of
	September 30, 2015		December 31, 2014		Included on Balance Sheet
		(in thousands)
Securitization escrow accounts	$	46,381	$	52,117	Restricted cash - current asset
Payment and performance bonds		404		402	Restricted cash - current asset
Surety bonds and workers compensation		4,270		5,934	Other assets - noncurrent
Total restricted cash	$	51,055	$	58,453

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Costs And Estimated Earnings On Uncompleted Contracts (Summary Of Costs And Estimated Earnings On Uncompleted Contracts) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Costs And Estimated Earnings On Uncompleted Contracts [Abstract]
Costs incurred on uncompleted contracts	$ 79,151	$ 113,654
Estimated earnings	22,593	48,949
Billings to date	(86,602)	(143,323)
Costs and estimated earnings on uncompleted contracts	$ 15,142	$ 19,280

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Other Assets (Schedule Of Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other Assets [Abstract]
Long-term investments	$ 51,919	$ 44,095
Prepaid land rent	149,517	134,148
Straight-line rent receivable	258,534	230,384
Deferred lease costs, net	30,239	28,517
Other	24,513	29,899
Total other assets	$ 514,722	$ 467,043

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Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Non-cash compensation expense			$ 21,903	$ 17,231
Selling, General And Administrative Expenses [Member]
Non-cash compensation expense	$ 6,631	$ 6,319	$ 21,604	$ 16,951

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Basis Of Presentation

9 Months Ended

Sep. 30, 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 income (expense), net in the Consolidated Statements of Operations. For the three and nine months ended September 30, 2015, the Company recorded a $112.1 million and $180.4 million foreign exchange loss, respectively, 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. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 for public companies. 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. Early adoption is permitted but not before interim and annual reporting periods beginning after December 15, 2016. 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.

In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. The standard indicates the SEC staff would not object to presenting deferred debt issuance costs for a line of credit arrangement as an asset in the balance sheet. ASU 2015-15 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.

In September 2015, the FASB issued ASU 2015-16 Business Combinations. The standard requires that the acquirer (1) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (2) record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (3) to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 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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Debt (Schedule Of Cash And Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jul. 01, 2014	Sep. 28, 2012	Jul. 13, 2012
Debt Instrument [Line Items]
Cash Interest	$ 81,877	$ 78,170	$ 238,439	$ 215,695
Non-cash Interest	449	8,236	1,051	26,832
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Cash Interest	$ 1,378	1,007	$ 4,714	3,279
4.0% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest		3,675		12,520
Non-cash Interest		7,934		26,266
Debt instrument, interest rate, stated percentage	4.00%		4.00%
8.25% Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest		2,458		12,513
Non-cash Interest		24		121
Debt instrument, interest rate, stated percentage	8.25%		8.25%
5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest	$ 7,031	7,031	$ 21,094	21,094
Debt instrument, interest rate, stated percentage	5.625%		5.625%			5.625%
5.75% Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest	$ 11,500	11,500	$ 34,500	34,500
Debt instrument, interest rate, stated percentage	5.75%		5.75%				5.75%
4.875% Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest	$ 9,141	9,141	$ 27,422	9,141
Non-cash Interest	$ 165	157	$ 488	157
Debt instrument, interest rate, stated percentage	4.875%		4.875%		4.875%
2010 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	$ 7,058	14,346	$ 21,173	43,036
2012 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	4,525	4,521	13,588	13,564
2013 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	10,804	10,804	32,413	32,413
2014 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	12,785		38,354
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	1,135	1,222	3,384	3,336
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	12,333	12,458	36,690	28,911
Non-cash Interest	125	121	366	277
2015 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest	4,153		5,101
Non-cash Interest	159		197
Other [Member]
Debt Instrument [Line Items]
Cash Interest	$ 34	$ 7	$ 6	$ 268

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Other Assets (Tables)

9 Months Ended

Sep. 30, 2015

Other Assets [Abstract]

Schedule Of Other Assets

	As of		As of
	September 30, 2015		December 31, 2014
		(in thousands)
Long-term investments	$	51,919	$	44,095
Prepaid land rent		149,517		134,148
Straight-line rent receivable		258,534		230,384
Deferred lease costs, net		30,239		28,517
Other		24,513		29,899
Total other assets	$	514,722	$	467,043

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Fair Value Measurements (Summary Of Accrued Earnout Activity) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Fair Value Measurements [Abstract]
Beginning balance, December 31,	$ 15,086	$ 30,063
Additions	3,228	10,384
Payments	(3,608)	(16,346)
Change in estimate	(5,299)	(1,519)
Foreign currency translation adjustments	(588)	554
Ending balance, September 30,	$ 8,819	$ 23,136

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Shareholders' Equity

9 Months Ended

Sep. 30, 2015

Shareholders' Equity [Abstract]

Shareholders' Equity

11.SHAREHOLDERS’ EQUITY

Common Stock equivalents

The Company has common stock equivalents related to its outstanding stock options (see Note 12) and restricted stock units.  These common stock equivalents were not included in diluted loss per share because the effect would have been anti-dilutive for each of the three and nine months ended September 30, 2015 and 2014.  

Stock Repurchases

During the second quarter of 2015, the Company repurchased the remaining $150.0 million of Class A common stock authorized under its previously announced$300.0 million stock repurchase plan, completing this plan. The Company repurchased 1.305 million shares at a weighted average price per share of $114.96.  

On June 4, 2015, the Company announced the authorization of a new $1.0 billion stock repurchase plan. This new plan authorizes the Company to purchase from time to time the Company’s outstanding 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. Shares purchased will be retired.

During the third quarter of 2015, the Company repurchased 2.2 million shares of its Class A common stock for $250.0 million, at a weighted average price per share of $113.87. The Company currently has $750.0 million of repurchase authorization remaining under its $1.0 billion stock repurchase program.