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 June 30, 2016

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: 124,615,402  sharesof Class A common stock as of July 31, 2016.

Table of Contents

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets as of June 30, 2016 (unaudited) and December 31, 2015	1
	Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2016 and 2015	2
	Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and six months ended June 30, 2016 and 2015	3
	Consolidated Statement of Shareholders’ Deficit (unaudited) for the six months ended June 30, 2016	4
	Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2016 and 2015	5
	Condensed Notes to Consolidated Financial Statements (unaudited)	7
Item 1A.	Risk Factors	21
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	42
PART II – OTHER INFORMATION
Item2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item6.	Exhibits	43
SIGNATURES		44

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except par values)

	June 30,		December 31,
	2016		2015
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	133,956	$	118,039
Restricted cash		25,449		25,353
Short-term investments		219		706
Accounts receivable, net of allowance of $20,136 and $1,681
at June 30, 2016 and December 31, 2015, respectively		66,117		83,326
Costs and estimated earnings in excess of billings on uncompleted contracts		11,673		16,934
Prepaid expenses and other current assets		53,843		49,602
Total current assets		291,257		293,960
Property and equipment, net		2,805,360		2,782,353
Intangible assets, net		3,788,754		3,735,413
Other assets		550,951		501,254
Total assets	$	7,436,322	$	7,312,980
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable	$	25,524	$	27,105
Accrued expenses		59,117		63,755
Current maturities of long-term debt		568,924		20,000
Deferred revenue		89,652		97,083
Accrued interest		52,441		53,365
Other current liabilities		9,248		12,063
Total current liabilities		804,906		273,371
Long-term liabilities:
Long-term debt, net		7,913,879		8,432,070
Other long-term liabilities		325,114		313,683
Total long-term liabilities		8,238,993		8,745,753
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, 124,566 and
125,743 shares issued and outstanding at June 30, 2016 and
December 31, 2015, respectively		1,246		1,257
Additional paid-in capital		1,987,773		1,962,713
Accumulated deficit		(3,231,735)		(3,168,069)
Accumulated other comprehensive loss, net		(364,861)		(502,045)
Total shareholders' deficit		(1,607,577)		(1,706,144)
Total liabilities and shareholders' deficit	$	7,436,322	$	7,312,980

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

1

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	For the three months				For the six months
	ended June 30,				ended June 30,
	2016		2015		2016		2015
Revenues:
Site leasing	$	381,843	$	370,462	$	756,293	$	740,189
Site development		23,689		40,242		49,008		80,609
Total revenues		405,532		410,704		805,301		820,798
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion,
and amortization shown below):
Cost of site leasing		86,493		81,731		169,255		161,950
Cost of site development		20,074		30,381		39,907		61,274
Selling, general, and administrative (1)(2)		47,664		28,262		78,071		58,145
Acquisition related adjustments and expenses		2,821		5,780		6,003		7,119
Asset impairment and decommission costs		14,691		4,010		20,874		10,832
Depreciation, accretion, and amortization		159,723		162,377		319,524		334,230
Total operating expenses		331,466		312,541		633,634		633,550
Operating income		74,066		98,163		171,667		187,248
Other income (expense):
Interest income		2,737		715		4,603		1,008
Interest expense		(83,682)		(78,908)		(167,486)		(156,562)
Non-cash interest expense		(460)		(322)		(915)		(601)
Amortization of deferred financing fees		(5,325)		(4,626)		(10,590)		(9,170)
Other income (expense), net		47,376		15,507		93,275		(67,461)
Total other expense		(39,354)		(67,634)		(81,113)		(232,786)
Income (loss) before provision for income taxes		34,712		30,529		90,554		(45,538)
Provision for income taxes		(2,001)		(2,224)		(4,206)		(5,187)
Net income (loss)	$	32,711	$	28,305	$	86,348	$	(50,725)
Net income (loss) per common share
Basic	$	0.26	$	0.22	$	0.69	$	(0.39)
Diluted	$	0.26	$	0.22	$	0.69	$	(0.39)
Weighted average number of common shares
Basic		125,125		128,809		125,261		129,021
Diluted		125,783		129,948		125,921		129,021

(1) Includes non-cash compensation of $8,785 and $8,089 for the three months ended June 30, 2016 and 2015, respectively, and $16,471 and $14,972 for the six months ended June 30, 2016 and 2015, respectively.

(2) Includes the impact of the $16,498 Oi reserve for the three and six months ended June 30, 2016.

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

2

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited) (in thousands)

	For the three months				For the six months
	ended June 30,				ended June 30,
	2016		2015		2016		2015
Net income (loss)	$	32,711	$	28,305	$	86,348	$	(50,725)
Foreign currency translation adjustments		76,491		26,533		137,184		(147,917)
Comprehensive income (loss)	$	109,202	$	54,838	$	223,532	$	(198,642)

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

3

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, 2015	125,743	$	1,257	$	1,962,713	$	(3,168,069)	$	(502,045)	$	(1,706,144)
Net income	—		—		—		86,348		—		86,348
Common stock issued in connection with
stock purchase/option plans	352		4		8,134		—		—		8,138
Non-cash compensation	—		—		16,926		—		—		16,926
Repurchase and retirement of common stock	(1,529)		(15)		—		(150,014)		—		(150,029)
Foreign currency translation adjustments	—		—		—		—		137,184		137,184
BALANCE, June 30, 2016	124,566	$	1,246	$	1,987,773	$	(3,231,735)	$	(364,861)	$	(1,607,577)

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 six months
	ended June 30,
	2016		2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	86,348	$	(50,725)
Adjustments to reconcile net income (loss) to net cash provided by operating
activities:
Depreciation, accretion, and amortization		319,524		334,230
Non-cash interest expense		915		601
Deferred income tax (benefit) expense		(627)		192
Non-cash asset impairment and decommission costs		17,752		7,902
Non-cash compensation expense		16,677		15,201
Amortization of deferred financing fees		10,590		9,170
(Gain) loss on remeasurement of U.S. dollar denominated intercompany loan		(92,132)		68,292
Provision for doubtful accounts (1)		17,504		215
Other non-cash items reflected in the Statements of Operations		(955)		(2,584)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of
billings on uncompleted contracts, net		8,769		6,461
Prepaid expenses and other assets		(25,912)		(24,148)
Accounts payable and accrued expenses		(5,310)		4,348
Accrued interest		(924)		(564)
Other liabilities		2,427		6,941
Net cash provided by operating activities		354,646		375,532
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(148,704)		(323,082)
Capital expenditures		(70,661)		(118,392)
Other investing activities		(10,062)		4,864
Net cash used in investing activities		(229,427)		(436,610)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility		140,000		450,000
Repayments under Revolving Credit Facility		(110,000)		(535,000)
Proceeds from Term Loans, net of fees		—		489,899
Repayment of Term Loans		(10,000)		(15,000)
Payments for settlement of common stock warrants		—		(150,874)
Repurchase and retirement of common stock, inclusive of fees		(150,029)		(150,023)
Other financing activities		5,729		4,782
Net cash (used in) provided by financing activities		(124,300)		93,784
Effect of exchange rate changes on cash and cash equivalents		14,998		(2,303)
NET INCREASE IN CASH AND CASH EQUIVALENTS		15,917		30,403
CASH AND CASH EQUIVALENTS:
Beginning of period		118,039		39,443
End of period	$	133,956	$	69,846

(1) Includes the impact of the $16,498 Oi reserve recorded during the second quarter of 2016.

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 six months
	ended June 30,
	2016		2015
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	168,583	$	157,153
Income taxes	$	5,861	$	5,667
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Assets acquired through capital leases	$	1,073	$	1,976

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, 2015 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 U.S. dollar as its functional currency are translated at period-end rates of exchange, while revenues and expenses are translated at monthly average rates of exchange prevailing during the period. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated Other Comprehensive Loss in the accompanying Consolidated Statement of Shareholders’ Deficit.

The functional currency for the Company’s Central American subsidiaries is the U.S. dollar. Monetary assets and liabilities of such subsidiaries which are not denominated in U.S. dollars are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as Other income (expense), net in the Consolidated Statement of Operations.

Intercompany Loans

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations. The Company recorded a $47.4 million gain and a $15.7 million gain on the remeasurement of intercompany loans for the three months ended June 30, 2016 and 2015, respectively, and a $92.1 million gain and a $68.3 million loss on the remeasurement of intercompany loans for the six months ended June 30, 2016 and 2015, respectively.

On July 11, 2016, SBA Torres Brasil, Limitada repaid $22.5 million of the outstanding balance on the intercompany loan with Brazil Shareholder I, LLC, leaving a current outstanding balance of $433.3 million.

Bad Debt Provision

On June 20, 2016, Oi, S.A. (“Oi”), the Company’s largest customer in Brazil, filed a petition for judicial reorganization in Brazil. Prior to the filing of the reorganization petition, Oi was current in all payment obligations to the Company. These obligations related to periods ending on or before April 30, 2016. As a result of the relief provisions available in a judicial reorganization proceeding, obligations of Oi to the Company arising from the periods from May 1, 2016 to June 20, 2016 remain unpaid. Due to the uncertainty surrounding the recoverability of amounts owed by Oi relating to services provided prior to the date of Oi’s petition, the Company has recorded a $16.5 million bad debt provision (the “Oi reserve”) which covers amounts owed or potentially owed by Oi as of the filing date. Under Brazilian law governing judicial reorganizations, the contracts governing post-petition obligations such as tower rents remain unchanged, and debtors do not have the ability to reject or terminate the contracts other than pursuant to their original terms. Since the filing, the Company has received all payments due in connection with obligations of Oi accruing post-petition. The Oi reserve has been recorded in Selling, general, and administrative expense on the accompanying Consolidated Statement of Operations.

7

New Accounting Pronouncements Recently Adopted

In April 2015, theFinancial Accounting Standards Board ("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. The Company adopted ASU 2015-03 effective January 1, 2016 and reclassified $90.2 million from deferred financing fees, net to long-term debt in the December 31, 2015 Consolidated Balance Sheet.

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 debt issuance costs for a line of credit arrangement as an asset in the balance sheet. The Company adopted ASU 2015-15 effective January 1, 2016 and has elected to continue to present debt issuance costs for its Revolving Credit Facility as an asset on the accompanying Consolidated Balance Sheet.

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. The Company adopted ASU 2015-16 effective January 1, 2016. The financial statement impact of adopting this standard was not material for all periods presented.

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which the Company adopted as of January 1, 2016. The standard simplifies several aspects of the accounting for shared-based payment transactions including accounting for income taxes, forfeitures, statutory tax withholding requirements, classification of awards as either equity or a liability, and classification on the statement of cash flows. The financial statement impact of adopting this standard was not material for all periods presented.

Recent Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB released an updated standard regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The new standard is effective for the Company in the first quarter of 2018. Early adoption is permitted but not before the first quarter of 2017. This standard 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 standard and does not expect a material financial statement impact upon adoption.

In February 2016, the FASB issued ASU 2016-02, Leases. The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. This standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 is effective for the Company in the first quarter of 2019. Early adoption is permitted. The Company is evaluating the standard including the impact on its consolidated financial statements.

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 contained in various acquisitions was $4.5 million and $7.2 million as of June 30, 2016 and December 31, 2015, respectively. The maximum potential obligation related to the performance targets was $7.3 million and $10.2 million as of June 30, 2016 and December 31, 2015, respectively.

8

The following summarizes the activity of the accrued earnouts:

	For the six months ended June 30,
	2016		2015
	(in thousands)
Beginning balance	$	7,230	$	15,086
Additions		459		2,664
Payments		(1,910)		(3,088)
Change in estimate		(1,288)		(2,201)
Foreign currency translation adjustments		5		(267)
Ending balance	$	4,496	$	12,194

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 threeand sixmonths ended June 30, 2016, the Company recognized impairment charges of $14.7 million and $20.9 million, respectively, which includes$7.5 million of additional impairment charges for the three and six months period ended June 30, 2016 resulting from the Company’s analysis that the future cash flows would not recover the carrying value of the investment resulting from increased lease terminations, including iDen related terminations, the write off of $3.7 million and $7.9 million, respectively, in carrying value of decommissioned towers,$1.1 million and $3.1 million, respectively, of other third party decommission costs, and $2.3 million in write off and disposal costs related to the Company’s former corporate headquarters building for the three and six months ended June 30, 2016.  During the threeand sixmonths ended June 30, 2015, the Company recognized impairment charges of $4.0 million and $10.8 million, respectively, which includes the write off of $2.8 million and $6.7 million, respectively, in carrying value of decommissioned towers,  $1.1 million and $2.9 million, respectively, of other third party decommission costs, and $0.1 million and $1.2 million, respectively, in disposal costs related to the Company’s former corporate headquarters building.

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 in certificate of deposits as of December 31, 2015, and $0.2 million in Treasury securities as of June 30, 2016 and December 31, 2015. 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 June 30, 2016, the carrying value and fair value of the held-to-maturity investments, including current portion, were $0.9 million. As of December 31, 2015,  the carrying value and fair value of the held-to-maturity investments, including current portion, were $0.8 million and $0.9 million, respectively. These amounts are recorded in Other assets in the accompanying Consolidated Balance Sheets.

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

9

3.RESTRICTED CASH

Restricted cash consists of the following:

	As of		As of
	June 30, 2016		December 31, 2015		Included on Balance Sheet
		(in thousands)
Securitization escrow accounts	$	25,212	$	25,135	Restricted cash - current asset
Payment and performance bonds		237		218	Restricted cash - current asset
Surety bonds and workers compensation		3,231		3,227	Other assets - noncurrent
Total restricted cash	$	28,680	$	28,580

Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by the 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. 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 related to the Company’s tower removal obligations. As of June 30, 2016 and December 31, 2015, the Company had $39.0 million and $38.6 million in surety, payment and performance bonds, respectively, for which it was only required to post $0.5 million and $0.7 million in collateral, respectively. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of June 30, 2016 and December 31, 2015, the Company had also pledged $2.5 million as collateral related to its workers compensation policy.

4.OTHER ASSETS

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

	As of		As of
	June 30, 2016		December 31, 2015
		(in thousands)
Long-term investments	$	8,055	$	8,140
Prepaid land rent		179,791		158,176
Straight-line rent receivable		290,508		267,682
Deferred lease costs, net		30,719		30,577
Deferred financing fees, net		3,444		3,919
Other		38,434		32,760
Total other assets	$	550,951	$	501,254

10

5.ACQUISITIONS

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

	For the three months				For the six months
	ended June 30,				ended June 30,
	2016		2015		2016		2015
	(in thousands)
Towers and related intangible assets	$	38,668	$	220,739	$	113,512	$	263,369
Land buyouts and other assets (1)		18,204		49,064		35,192		59,713
Total cash acquisition capital expenditures	$	56,872	$	269,803	$	148,704	$	323,082

(1) In addition, the Company paid $2.9 million and $5.2 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended June 30, 2016 and 2015, respectively, and paid $6.6 million and $8.7 million for ground lease extensions and term easements on land underlying the Company’s towers during the six months ended June 30, 2016 and 2015, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

During the six months ended June 30, 2016, the Company acquired 159 completed towers and related assets and liabilities for $113.5 million in cash consisting of $31.3 million of property and equipment, $79.6 million of intangible assets, and $2.6 million of working capital adjustments.

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.

Subsequent to June 30, 2016, the Company acquired 12 completed towers and related assets and liabilities for $8.4 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 June 30, 2016						As of December 31, 2015
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	4,112,204	$	(1,270,749)	$	2,841,455	$	3,904,864	$	(1,118,493)	$	2,786,371
Network location intangibles		1,497,913		(550,614)		947,299		1,446,293		(497,251)		949,042
Intangible assets, net	$	5,610,117	$	(1,821,363)	$	3,788,754	$	5,351,157	$	(1,615,744)	$	3,735,413

All intangible assets noted above are included in the Company’s site leasing segment. The Company amortizes its intangible assets using the straight-line method over 15 years. Amortization expense relating to the intangible assets above was $92.7 million and $90.7 million for the three months ended June 30, 2016 and 2015, respectively, and $182.8million and $182.1 million for the six months ended June 30, 2016 and 2015, respectively. 

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7.PROPERTY AND EQUIPMENT, NET

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

	As of		As of
	June 30, 2016		December 31, 2015
	(in thousands)
Towers and related components	$	4,486,598	$	4,370,664
Construction-in-process		36,709		32,730
Furniture, equipment, and vehicles		49,099		48,018
Land, buildings, and improvements		553,078		524,847
Total property and equipment		5,125,484		4,976,259
Less: accumulated depreciation		(2,320,124)		(2,193,906)
Property and equipment, net	$	2,805,360	$	2,782,353

Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s operations. Depreciation expense was $66.9 million and $71.6 million for the three months ended June 30, 2016 and 2015, respectively, and $136.4 million and $152.0 million for the six months ended June 30, 2016 and 2015, respectively. At June 30, 2016 and December 31, 2015, non-cash capital expenditures that are included in accounts payable and accrued expenses were $6.6 million and $9.5 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
	June 30, 2016		December 31, 2015
	(in thousands)
Costs incurred on uncompleted contracts	$	43,004	$	78,849
Estimated earnings		15,120		29,333
Billings to date		(46,997)		(95,055)
	$	11,127	$	13,127

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

	As of		As of
	June 30, 2016		December 31, 2015
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	11,673	$	16,934
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(546)		(3,807)
	$	11,127	$	13,127

Eight significant customers comprised 92.0% and 95.9% of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings at June 30, 2016 and December 31, 2015, respectively.

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9.ACCRUED EXPENSES

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

	As of		As of
	June 30, 2016		December 31, 2015
	(in thousands)
Accrued earnouts	$	4,496	$	7,230
Salaries and benefits		12,356		14,253
Real estate and property taxes		8,888		7,899
Other		33,377		34,373
Total accrued expenses	$	59,117	$	63,755

10.DEBT

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

		As of						As of
		June 30, 2016						December 31, 2015
	Maturity Date	Principal Balance		Fair Value		Carrying Value		Principal Balance		Fair Value		Carrying Value
5.625% Senior Notes	Oct. 1, 2019	$	500,000	$	516,250	$	495,565	$	500,000	$	521,250	$	494,955
5.750% Senior Notes	July 15, 2020		800,000		824,000		792,095		800,000		832,000		791,243
2014 Senior Notes	July 15, 2022		750,000		746,250		735,989		750,000		744,375		735,010
2010-2C Tower Securities	April 11, 2017		550,000		551,078		548,923		550,000		558,223		548,268
2012-1C Tower Securities	Dec. 11, 2017		610,000		612,025		605,681		610,000		611,879		604,229
2013-1C Tower Securities	April 10, 2018		425,000		425,472		421,928		425,000		416,959		421,099
2013-2C Tower Securities	April 11, 2023		575,000		579,014		567,029		575,000		565,541		566,523
2013-1D Tower Securities	April 10, 2018		330,000		335,514		327,565		330,000		332,676		326,918
2014-1C Tower Securities	Oct. 8, 2019		920,000		936,266		910,896		920,000		910,368		909,595
2014-2C Tower Securities	Oct. 8, 2024		620,000		629,474		612,243		620,000		608,084		611,853
2015-1C Tower Securities	Oct. 8, 2020		500,000		510,350		490,238		500,000		489,680		489,496
Revolving Credit Facility	Feb. 5, 2020		30,000		30,000		30,000		—		—		—
2014 Term Loan	Mar. 24, 2021		1,470,000		1,457,137		1,458,392		1,477,500		1,447,950		1,464,774
2015 Term Loan	June 10, 2022		495,000		488,194		486,259		497,500		486,306		488,107
Total debt		$	8,575,000	$	8,641,024	$	8,482,803	$	8,555,000	$	8,525,291	$	8,452,070
Less: current maturities of long-term debt							(568,924)						(20,000)
Total long-term debt, net of current maturities						$	7,913,879					$	8,432,070

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

	For the three months ended June 30,								For the six months ended June 30,
	2016				2015				2016				2015
	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest
	(in thousands)
5.625% Senior Notes	$	7,031	$	—	$	7,031	$	—	$	14,063	$	—	$	14,063		—
5.75% Senior Notes		11,500		—		11,500		—		23,000		—		23,000		—
2014 Senior Notes		9,141		171		9,141		163		18,281		340		18,281		323
2010-2C Tower Securities		7,058		—		7,058		—		14,115		—		14,115		—
2012-1C Tower Securities		4,533		—		4,532		—		9,067		—		9,063		—
2013 Tower Securities		10,804		—		10,804		—		21,609		—		21,609		—
2014 Tower Securities		12,785		—		12,785		—		25,569		—		25,569		—
2015-1C Tower Securities		3,985		—		—		—		7,969				—		—
Revolving Credit Facility		744		—		1,765		—		1,578		—		3,337		—
2012 Term Loan		—		—		1,095		—		—		—		2,248		—
2014 Term Loan		12,107		126		12,230		122		24,245		251		24,356		242
2015 Term Loan		4,077		163		948		37		8,164		324		948		36
Capitalized interest and other		(83)		—		19		—		(174)		—		(27)		—
Total	$	83,682	$	460	$	78,908	$	322	$	167,486	$	915	$	156,562	$	601

Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility is governed by the Senior Credit Agreement.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, based upon specific financial ratios and subject to 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.

During the threeand sixmonths ended June 30, 2016, the Company borrowed $70.0 million and $140.0 million, respectively, and repaid $60.0 million and $110.0 million, respectively, of the outstanding balance under the Revolving Credit Facility. As of June 30, 2016,  $30.0 million was outstanding under the Revolving Credit Facility.As of June 30, 2016, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Subsequent to June 30, 2016, the Company repaid the $30.0 million balance outstanding on the Revolving Credit Facility.

Term Loans under the Senior Credit Agreement

2012 Term Loan

The 2012 Term Loan consisted of a senior secured term loan with an initial aggregate principal amount of $200.0 million that was to mature on May 9, 2017. The 2012 Term Loan accrued 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). The 2012 Term Loan was issued at par. The Company incurred deferred financing fees of$2.7million in relation to this transaction which were being amortized through the maturity date. During 2015, the Company repaid the outstanding principal balance on the 2012 Term Loan.

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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 June 30, 2016, 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. 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 threeand sixmonths ended June 30, 2016, the Company repaid $3.8 million and $7.5 million of principal on the 2014 Term Loan. As of June 30, 2016, the 2014 Term Loan had a principal balance of $1.47 billion.

2015 Term Loan

The 2015 Term Loan consists of a 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 June 30, 2016, 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 are being 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. The Company incurred deferred financing fees of approximately $5.1million in relation to this transaction which are being amortized through the maturity date.

During the threeand sixmonths ended June 30, 2016, the Company repaid $1.3 million and $2.5 million of principal on the 2015 Term Loan. As ofJune 30, 2016, the 2015 Term Loan had a principal balance of $495.0 million.

Secured Tower Revenue Securities

2010-2C 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 “2010-2C Tower Securities”). The 2010-2C Tower Securities have an annual interest rate of 5.101%. The anticipated repayment date and the final maturity date for the 2010-2C 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$8.1million in relation to this transaction which were being amortized through the anticipated repayment date of the 2010-2C Tower Securities.

On July 15, 2016, the Company repaid the full $550.0 million outstanding of the 2010-2C Tower Securities using net proceeds from the 2016-1C Tower Securities (described below).

2012-1C Tower Securities

On August 9, 2012, the Company, through the Trust, issued $610.0 million of Secured Tower Revenue Securities Series 2012-1C (the “2012-1C 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 2012-1C 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 2012-1C 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 (the “2013-1C Tower Securities”),  $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 (the “2013-2C Tower Securities”), 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

15

April 9, 2043(the 2013-1D Tower Securities) (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(the “2014-1C Tower Securities”), 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(the “2014-2C Tower Securities”) (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.

2015-1C 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 “2015-1C Tower Securities”). The fixed interest rate of the 2015-1C Tower Securities is 3.156%per annum, payable monthly. The Company incurred deferred financing fees of $10.9 millionin relation to this transaction which are being amortized through the anticipated repayment date of the 2015-1C Tower Securities.

2016-1C Tower Securities

On July 7, 2016, the Company, through the Trust, issued $700.0 million of Secured Tower Revenue Securities Series 2016-1C which have an anticipated repayment date of July 2021 and a final maturity date of July 2046 (the “2016-1C Tower Securities”). The fixed interest rate of the 2016-1C Tower Securities is 2.877%per annum, payable monthly. Net proceeds from this offering were used to prepay the full $550.0 million outstanding on the 2010-2C Tower Securities and for general corporate purposes. The Company incurred deferred financing fees of $9.2 million to date in relation to this transaction which are being amortized through the anticipated repayment date of the 2016-1C Tower Securities.

Debt Covenants

As of June 30, 2016, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

Senior Notes

5.75% Senior Notes

On July 13, 2012, SBA Telecommunications, LLC (“Telecommunications”) issued $800.0 million of unsecured senior notes due July 15, 2020 (the “5.75% Senior Notes”). The 5.75% Senior Notes accrue interest at a rate of 5.75% and were issued at par. Interest on the 5.75% Senior 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% Senior Notes”). The 5.625% Senior Notes accrue interest at a rate of 5.625% per annum and were issued at par. Interest on the 5.625% Senior 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.

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2014 Senior Notes

On July 1, 2014, the Company issued $750.0 million of unsecured senior notes due July 15, 2022 (the “2014Senior Notes”). The 2014 Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2014Senior 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.

2016 Senior Notes

On August 1, 2016, the Company priced an offering of $1.1 billion of senior notes due September 1, 2024 (the “2016 Senior Notes”). The Company expects the closing of the 2016 Senior Notes to occur on August 15, 2016. The 2016 Senior Notes will accrue interest at a rate of 4.875% and will be issued at a price of 99.178% of par value. Interest on the 2016 Senior Notes will be due semi-annually on March 1 and September 1 of each year, beginning on March 1, 2017. The Company intends to use the net proceeds from the offering and cash on hand to redeem $800.0 million, the aggregate principal amount outstanding, of Telecommunications’ 5.75%Senior Notes and $250.0 million of the Company’s 5.625% Senior Notes and pay the associated call premiums.

11.SHAREHOLDERS’ EQUITY

Common Stock equivalents

The Company has potential common stock equivalents related to its outstanding stock options (see Note 12) and restricted stock units.  These potential common stock equivalents were considered in the Company’s diluted earnings (loss) per share calculation (see Note 15).

Stock Repurchases

On June 4, 2015, the Company announced the authorization of a new $1.0 billion stock repurchase plan. This 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 three months ended June 30, 2016, the Company repurchased 1.0 million shares of its Class A common stock for $100.0 million, at an average price per share of $97.80.  During the six months ended June 30, 2016, the Company repurchased 1.5 million shares of its Class A common stock for $150.0 million, at an average price per share of $98.08.  As of the date of this filing, the Company had$550.0 million of repurchase authorization remaining under its $1.0 billion stock repurchase program.

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 six months ended
	June 30,
	2016	2015
Risk free interest rate	1.18% - 1.43%	1.21% - 1.45%
Dividend yield	0.0%	0.0%
Expected volatility	20.0%	20.0%
Expected lives	4.7 years	4.6 years

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The following table summarizes the Company’s activities with respect to its stock option plans for the sixmonths ended June 30, 2016 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, 2015	3,794	$	84.66
Granted	1,355	$	96.62
Exercised	(267)	$	41.64
Canceled	(70)	$	105.26
Outstanding at June 30, 2016	4,812	$	90.11	4.9	$	102,578
Exercisable at June 30, 2016	1,970	$	72.83	3.5	$	73,384
Unvested at June 30, 2016	2,842	$	102.09	5.8	$	29,194

The weighted-average per share fair value of options granted during the sixmonths ended June 30, 2016 was $19.19. The total intrinsic value for options exercised during the sixmonths ended June 30, 2016 was $14.9 million.

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity for the sixmonths ended June 30, 2016:  

		Weighted-
		Average
		Grant Date
	Number of	Fair Value per
	Units	Share
	(in thousands)
Outstanding at December 31, 2015	277	$	97.14
Granted	137	$	96.74
Vested	(114)	$	84.42
Forfeited/canceled	(6)	$	103.41
Outstanding at June 30, 2016	294	$	101.72

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 principally in two business segments: site leasing and site development.The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s reportable segments are strategic business units that offer different services.They are managed separately based on the fundamental differences in their operations. Thesite leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level.

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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.

	Domestic Site		Int'l Site		Site		Not Identified
	Leasing		Leasing		Development		by Segment		Total
For the three months ended June 30, 2016	(in thousands)
Revenues	$	316,842	$	65,001	$	23,689	$	—	$	405,532
Cost of revenues (2)		66,199		20,294		20,074		—		106,567
Operating profit		250,643		44,707		3,615		—		298,965
Selling, general, and administrative (4)		17,936		21,065		3,295		5,368		47,664
Acquisition related adjustments and expenses		1,355		1,466		—		—		2,821
Asset impairment and decommission costs		11,363		983		—		2,345		14,691
Depreciation, amortization and accretion		126,756		29,781		639		2,547		159,723
Operating income (loss)		93,233		(8,588)		(319)		(10,260)		74,066
Other expense (principally interest expense
and other income (expense))								(39,354)		(39,354)
Income before provision for income taxes										34,712
Cash capital expenditures (3)		74,616		15,688		916		1,053		92,273
For the three months ended June 30, 2015
Revenues	$	307,361	$	63,101	$	40,242	$	—	$	410,704
Cost of revenues (2)		63,563		18,168		30,381		—		112,112
Operating profit		243,798		44,933		9,861		—		298,592
Selling, general, and administrative		16,814		4,064		2,614		4,770		28,262
Acquisition related adjustments and expenses		6,566		(786)		—		—		5,780
Asset impairment and decommission costs		3,962		48		—		—		4,010
Depreciation, amortization and accretion		129,679		31,044		759		895		162,377
Operating income (loss)		86,777		10,563		6,488		(5,665)		98,163
Other expense (principally interest expense
and other income (expense))								(67,634)		(67,634)
Income before provision for income taxes										30,529
Cash capital expenditures (3)		295,694		21,299		900		2,714		320,607

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							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the six months ended June 30, 2016	(in thousands)
Revenues	$	632,072	$	124,221	$	49,008	$	—	$	805,301
Cost of revenues (2)		130,674		38,581		39,907		—		209,162
Operating profit		501,398		85,640		9,101		—		596,139
Selling, general, and administrative (4)		35,935		25,450		6,832		9,854		78,071
Acquisition related adjustments and expenses		3,197		2,806		—		—		6,003
Asset impairment and decommission costs		17,384		1,145		—		2,345		20,874
Depreciation, amortization and accretion		258,149		56,658		1,664		3,053		319,524
Operating income (loss)		186,733		(419)		605		(15,252)		171,667
Other expense (principally interest expense
and other income (expense))								(81,113)		(81,113)
Income before provision for income taxes										90,554
Cash capital expenditures (3)		179,969		37,068		1,472		1,929		220,438
For the six months ended June 30, 2015
Revenues	$	613,311	$	126,878	$	80,609	$	—	$	820,798
Cost of revenues (2)		125,251		36,699		61,274		—		223,224
Operating profit		488,060		90,179		19,335		—		597,574
Selling, general, and administrative		34,468		7,957		4,736		10,984		58,145
Acquisition related adjustments and expenses		7,042		77		—		—		7,119
Asset impairment and decommission costs		10,556		276		—		—		10,832
Depreciation, amortization and accretion		267,139		63,470		1,466		2,155		334,230
Operating income (loss)		168,855		18,399		13,133		(13,139)		187,248
Other expense (principally interest expense
and other income (expense))								(232,786)		(232,786)
Loss before provision for income taxes										(45,538)
Cash capital expenditures (3)		387,096		43,074		2,731		10,549		443,450

	Domestic Site		Int'l Site		Site		Not Identified
	Leasing		Leasing		Development		by Segment (1)		Total
	(in thousands)
Assets
As of June 30, 2016	$	5,509,053	$	1,813,637	$	38,569	$	75,063	$	7,436,322
As of December 31, 2015	$	5,587,476	$	1,564,496	$	56,631	$	104,377	$	7,312,980

(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.

(4) International site leasing includes the impact of the $16,498 Oi reserve for the three and six months ended June 30, 2016.

15.EARNINGS PER SHARE

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

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The following table sets forth basic and diluted net income per common share for the three and six months ended June 30, 2016 and 2015 (in thousands, except per share data):

	For the three months				For the six months
	ended June 30,				ended June 30,
	2016		2015		2016		2015
Numerator:
Net income (loss)	$	32,711	$	28,305	$	86,348	$	(50,725)
Denominator:
Basic weighted-average shares outstanding		125,125		128,809		125,261		129,021
Dilutive impact of stock options and restricted shares		658		1,139		660		—
Diluted weighted-average shares outstanding		125,783		129,948		125,921		129,021
Net income (loss) per common share:
Basic	$	0.26	$	0.22	$	0.69	$	(0.39)
Diluted	$	0.26	$	0.22	$	0.69	$	(0.39)

For the three and sixmonths ended June 30, 2016, the diluted weighted average number of common shares outstanding excluded an additional 0.7 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.

For the three months ended June 30, 2015, the diluted weighted average number of common shares outstanding excluded an additional 1.1 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.For the six months ended June 30, 2015, all potential common stock equivalents, including 4.0 million shares of stock options outstanding and 0.3 million shares of restricted stock outstanding, were excluded as the effect would be anti-dilutive. 

ITEM 1A.  RISK FACTORS

We depend on a relatively small number of customers for most of our revenue, and the loss, consolidation or financial instability of any of our significant customers may materially decrease our revenue and adversely affect our financial condition.

We derive a significant portion of our revenue from a small number of customers. Consequently, a reduction in demand for site leasing, reduced future capital expenditures on the networks, or the complete loss, as a result of bankruptcy or otherwise, of any of our largest customers could materially decrease our revenue and have an adverse effect on our growth.

On June 20, 2016, Oi, S.A. (“Oi”), our largest customer in Brazil, filed a petition for judicial reorganization in Brazil. For the year ended December 31, 2015, Oi comprised approximately 8% of our total site leasing revenue and for the six months ended June 30, 2016, Oi comprised approximately 7% of our total site leasing revenue. Due to the uncertainty surrounding the recoverability of amounts owed by Oi prior to the date of Oi’s petition, we recorded a $16.5 million bad debt provision relating to amounts owed or potentially owed by Oi as of the filing date. While we continue to do business with Oi under our contracts with it in the ordinary course and Oi has stated its intentions to continue normal operations during its judicial reorganization, we cannot assure you that Oi will continue to be willing or able to continue to make payments to us in accordance with the terms of our contracts. Judicial reorganization in Brazil requires the agreement of certain creditors, for which there can be no assurance. If Oi is unable to successfully reorganize, it may be forced to liquidate. If Oi is unable or unwilling to reorganize in a manner that continues to provide us anticipated payments in accordance with our contracts, it could materially decrease our revenues and adversely affect our financial condition.

The following is a list of significant customers (representing at least 10% of revenue in any of the last three years) and the percentage of our total revenues for the specified time periods derived from these customers:

	For the six months ended		For the year ended December 31,
Percentage of Total Revenues	June 30, 2016		2015	2014	2013
AT&T Wireless (1)		25.9%	24.2%	23.0%	20.5%
T-Mobile		17.1%	16.0%	15.5%	17.3%
Sprint		16.5%	19.6%	23.4%	25.0%
Verizon Wireless		15.1%	13.8%	12.0%	11.3%

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We also have client concentrations with respect to revenues in each of our financial reporting segments:

	For the six months ended		For the year ended December 31,
Percentage of Domestic Site Leasing Revenue	June 30, 2016		2015	2014	2013
AT&T Wireless (1)		32.6%	31.9%	30.1%	25.5%
Sprint		20.0%	22.3%	25.6%	30.9%
T-Mobile		19.6%	19.0%	19.2%	20.2%
Verizon Wireless		18.0%	16.3%	14.4%	13.3%
	For the six months ended		For the year ended December 31,
Percentage of International Site Leasing Revenue	June 30, 2016		2015	2014	2013
Oi S.A.		44.1%	48.8%	44.3%	6.3%
Telefonica		26.4%	24.7%	28.8%	44.2%
Digicel		4.6%	4.6%	4.9%	11.2%

	For the six months ended		For the year ended December 31,
Percentage of Site Development Revenue	June 30, 2016		2015	2014	2013
T-Mobile		28.1%	17.6%	8.5%	8.4%
Verizon Wireless		16.5%	14.8%	10.1%	4.8%
Sprint		12.2%	28.5%	36.7%	1.5%
Ericsson, Inc.		5.4%	15.3%	16.8%	34.5%

(1) Prior year amounts have been adjusted to reflect the merger of AT&T Wireless and Leap Wireless (Cricket Wireless).

We derive revenue through numerous site leasing contracts and site development contracts. Each site leasing contract relates to the lease of space at an individual tower and is generally for an initial term of five to ten years in the U.S. and Canada, and renewable for five 5-year periods at the option of the tenant. Site leasing contracts in our Central American and South American markets typically have an initial term of ten years with multiple five year renewal periods. However, if any of our significant site leasing customers were to experience financial difficulty, substantially reduce their capital expenditures or reduce their dependence on leased tower space and fail to renew their leases with us, our revenues, future revenue growth and results of operations would be adversely affected.

Our site development customers engage us on a project-by-project basis, and a customer can generally terminate an assignment at any time without penalty. In addition, a customer’s need for site development services can decrease, and we may not be successful in establishing relationships with new customers. Furthermore, our existing customers may not continue to engage us for additional projects.

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

We are a leading independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” or “sites.” Our principal operations are in the United States and its territories. In addition, we own and operate towers in Canada, Central America, and South America. Our primary business line is our site leasing business, which contributed 98.5% of our total segment operating profit for the sixmonths ended June 30, 2016. 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 June 30, 2016, we owned 25,670 towers, 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 towers, approximately 500 of which were revenue producing as of June 30, 2016. 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.

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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.  As of June 30, 2016, we owned 15,843 towers in the United States and its territories and9,827 towers in our international markets. We receive site leasing revenues primarily from wireless service provider tenants, including AT&T, Sprint, T-Mobile, Verizon Wireless, Claro, Digicel, Oi S.A.,  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 site. 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 multiple five 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 Brazilian operations, significantly all of ourrevenue, 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. As of June 30, 2016, approximately 74% 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.

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 six months ended
	June 30,				June 30,
Segment operating profit as a percentage of total	2016		2015		2016		2015
Domestic site leasing		83.8%		81.7%		84.1%		81.7%
International site leasing		15.0%		15.0%		14.4%		15.1%
Total site leasing		98.8%		96.7%		98.5%		96.8%

We believe that over the long-term, site leasing revenues will continue to grow as wireless service providers increase their use of our towers due to increasing minutes of network use and data transfer, network expansion and network coverage requirements. In the current environment, we expect that this activity will primarily be in the form of amendments to current leases as wireless service

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providers seek to upgrade their antennas, and in the long-term, new leases as these providers continue to expand and upgrade their networks.  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 add or 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 other than in connection with customer consolidation or cessations of service (e.g. iDen).  

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 on a local basis, through regional, territory, and project offices. The regional offices are responsible for all site development operations, including hiring employees and opening or closing project offices, and a substantial portion of the sales in such area.  

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, 2015. 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

This report presents our financial results and other financial metrics after eliminating the impact of changes in foreign currency exchange rates.  We believe that providing these financial results and metrics on a constant currency basis, which are non-GAAP measures, gives management and investors the ability to evaluate the performance of our business without the impact of foreign currency exchange rate fluctuations.  We eliminate the impact of changes in foreign currency exchange rates by dividing the current period’s financial results by the average monthly exchange rates of the prior year period.

Three Months Ended June 30, 2016 Compared to Three Months Ended June 30, 2015

Revenues and Segment Operating Profit:

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
Revenues	(in thousands)
Domestic site leasing	$	316,842	$	307,361	$	—	$	9,481		3.1%
International site leasing		65,001		63,101		(6,412)		8,312		13.2%
Site development		23,689		40,242		—		(16,553)		(41.1%)
Total	$	405,532	$	410,704	$	(6,412)	$	1,240		0.3%
Cost of Revenues
Domestic site leasing	$	66,199	$	63,563	$	—	$	2,636		4.1%
International site leasing		20,294		18,168		(2,225)		4,351		23.9%
Site development		20,074		30,381		—		(10,307)		(33.9%)
Total	$	106,567	$	112,112	$	(2,225)	$	(3,320)		(3.0%)
Operating Profit
Domestic site leasing	$	250,643	$	243,798	$	—	$	6,845		2.8%
International site leasing		44,707		44,933		(4,187)		3,961		8.8%
Site development		3,615		9,861		—		(6,246)		(63.3%)

Revenues

Domestic site leasing revenues increased  $9.5 million for the three months ended June 30, 2016, as compared to the prior year, due to (i) revenues from 784 towers acquired and 127 towers built since April 1, 2015 and (ii) organic site leasing growth, primarily from monetary lease amendments for additional equipment added to our towers as well as new leases and contractual rent escalators, partially offset by lease non-renewals in 2015 primarily related to Sprint, which we expect will impact our year-over-year growth rates during the first three quarters of 2016.

International site leasing revenuesincreased  $1.9 million for the three months ended June 30, 2016, as compared to the prior year. On a constant currency basis, international site leasing revenues increased  $8.3 million. These increases were primarily due to (i) revenues from 209 towers acquired and 378 towers built since April 1, 2015, (ii) organic site leasing growth from new leases and contractual escalators, and (iii) an increase in reimbursable pass-through expenses.

Site development revenues decreased $16.6 million for the three months ended June 30, 2016, as compared to the prior year, as a result of a decreasein the volume of work performed,particularly as it related to Sprint.

Operating Profit

Domestic site leasing segment operating profit increased  $6.8 million for the three months ended June 30, 2016, as compared to the prior year, primarily due to additional operating profit generated by (i) towers acquired and built since April 1, 2015 and organic site leasing growth as noted above, (ii) continued 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 decreased  $0.2 million for the three months ended June 30, 2016, as compared to the prior year. On a constant currency basis,  international site leasing segment operating profit increased$4.0 million.  

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These changes were primarily due to additional operating profit generated by towers acquired and built since April 1, 2015 and organic site leasing growth as noted above, partially offset by increases in cost of revenues.

Site development segment operating profitdecreased  $6.2million for the threemonths ended June 30, 2016,  as compared to the prior year, primarily due to a decrease in the volume of work performed,particularly as it related to Sprint.

Selling, General, and Administrative Expenses:

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Total	$	47,664	$	28,262	$	(272)	$	19,674		69.6%

Selling, general, and administrative expensesincreased  $19.4 million for the three months ended June 30, 2016, as compared to the prior year. On a constant currency basis, selling, general, and administrative expensesincreased  $19.7million. These increases were primarily as a result of the $16.5 million Oi reserve recorded in the second quarter of 2016 and anincreasein personnel, salaries, benefits, non-cash compensation, and other support costs arising principally from our continued portfolio expansion.

Acquisition Related Adjustments and Expenses:

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	1,355	$	6,566	$	—	$	(5,211)		(79.4%)
International site leasing		1,466		(786)		(116)		2,368		(301.3%)
Total	$	2,821	$	5,780	$	(116)	$	(2,843)		(49.2%)

Acquisition related adjustments and expensesdecreased  $3.0 million for the three months ended June 30, 2016, as compared to the prior year.On a constant currency basis,acquisition related adjustments and expensesdecreased  $2.8 million. These decreases were primarily as a result of a decrease in the number of acquisitions and integration related expenses, as well as changes in our estimated pre-acquisition contingencies as compared to the prior year period.

Asset Impairment and Decommission Costs:  

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	11,363	$	3,962	$	—	$	7,401		186.8%
International site leasing		983		48		(95)		1,030		2,145.8%
Total site leasing	$	12,346	$	4,010	$	(95)	$	8,431		210.2%
Not identified by segment		2,345		—		—		2,345		—%
Total	$	14,691	$	4,010	$	(95)	$	10,776		268.7%

Asset impairment and decommission costs increased by $10.7 million for the three months ended June 30, 2016, as compared to the prior year.  On a constant currency basis, asset impairment and decommission costsincreased  $10.8  million. These increases were primarily as a result of $7.5 million of additional impairment charges resulting from the Company’s analysis that the future cash flows would not recover the carrying value of the investment resulting from increased lease terminations, including iDen related terminations, a $0.9 million increase in the impairment charge recorded on decommissioned towers, as well as a $2.2 million increase in write off and disposal costs related to our former corporate headquarters building for the three months ended June 30, 2016.

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Depreciation, Accretion, and Amortization Expenses:  

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	126,756	$	129,679	$	—	$	(2,923)		(2.3%)
International site leasing		29,781		31,044		(2,943)		1,680		5.4%
Total site leasing	$	156,537	$	160,723	$	(2,943)	$	(1,243)		(0.8%)
Site development		639		759		—		(120)		(15.8%)
Not identified by segment		2,547		895		—		1,652		184.6%
Total	$	159,723	$	162,377	$	(2,943)	$	289		0.2%

Depreciation, accretion, and amortization expensedecreased$2.7 million for the three months ended June 30, 2016, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense increased$0.3 million. These changes were primarily due to additional depreciation associated with the increase in the number of towers we acquired and built since April 1, 2015, as well as additional depreciation from our Corporate headquarters building, partially offset by a decrease in depreciation associated with assets that became fully depreciated since the prior year period.

Operating Income (Expense):

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	93,233	$	86,777	$	—	$	6,456		7.4%
International site leasing		(8,588)		10,563		(761)		(18,390)		(174.1%)
Total site leasing	$	84,645	$	97,340	$	(761)	$	(11,934)		(12.3%)
Site development		(319)		6,488		—		(6,807)		(104.9%)
Not identified by segment		(10,260)		(5,665)		—		(4,595)		81.1%
Total	$	74,066	$	98,163	$	(761)	$	(23,336)		(23.8%)

Domestic site leasing operating income increased  $6.5 million for the three months ended June 30, 2016, as compared to the prior year, primarily due to higher segment operating profit and decreases in acquisition related adjustments and expenses and depreciation, accretion, and amortization expense, partially offset by increases in asset impairment and decommission costs and selling, general, and administrative expenses.

International site leasing operating income decreased$19.2 million for the three months ended June 30, 2016, as compared to the prior year. On a constant currency basis, international site leasing operating income decreased  $18.4 million. These decreases were primarily due to the $16.5 million Oi reserve recorded in the second quarter of 2016 and increases inacquisition related adjustments and expenses and asset impairment and decommission costs, partially offset byhigher segment operating profit.

Site development operating incomedecreased  $6.8 million for the three months ended June 30, 2016, as compared to the prior year, primarily due to lower segment operating profit and increases in depreciation, accretion, and amortization expenses and selling, general, and administrative expenses.

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Other Income (Expense):

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Interest income	$	2,737	$	715	$	(341)	$	2,363		330.5%
Interest expense		(83,682)		(78,908)		2		(4,776)		6.1%
Non-cash interest expense		(460)		(322)		—		(138)		42.9%
Amortization of deferred financing fees		(5,325)		(4,626)		—		(699)		15.1%
Other income (expense), net		47,376		15,507		31,662		207		1.3%
Total	$	(39,354)	$	(67,634)	$	31,323	$	(3,043)		4.5%

Interest incomeincreased  $2.0 million for the three months ended June 30, 2016, as compared to the prior year. On a constant currency basis, interest income increased  $2.4 million. These increases were primarily due to a higher amount of investments held and a higher average interest rate on those investments held as compared to the prior year period.

Interest expenseincreased$4.8 million for the three months ended June 30, 2016, as compared to the prior year, due to the higher average principal amount of cash-interest bearing debt outstanding as compared to the prior year, primarily resulting from the issuance of the 2015-1C Tower Securities in October 2015 and the 2015 Term Loan in June 2015, partially offset by the repayment of the 2012 Term Loan in November 2015 and a higher average balance outstanding on the revolving credit facility in the prior year period.

Other income (expense), net includes a  $47.4 million gain on the remeasurement of intercompany loans for the three months ended June 30, 2016, while the prior year period included a  $15.7 million gain.

Net Income:

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Net income	$	32,711	$	28,305	$	30,570	$	(26,164)		(92.4%)

Net income increased$4.4 million for the three months ended June 30, 2016, as compared to the prior year. On a constant currency basis, net incomedecreased$26.2 million. These changes were primarily due to a decrease in operating income and other income (expense).

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Six Months Ended June 30, 2016 Compared to Six Months Ended June 30, 2015

Revenues and Segment Operating Profit:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
Revenues	(in thousands)
Domestic site leasing	$	632,072	$	613,311	$	—	$	18,761		3.1%
International site leasing		124,221		126,878		(20,906)		18,249		14.4%
Site development		49,008		80,609		—		(31,601)		(39.2%)
Total	$	805,301	$	820,798	$	(20,906)	$	5,409		0.7%
Cost of Revenues
Domestic site leasing	$	130,674	$	125,251	$	—	$	5,423		4.3%
International site leasing		38,581		36,699		(7,266)		9,148		24.9%
Site development		39,907		61,274		—		(21,367)		(34.9%)
Total	$	209,162	$	223,224	$	(7,266)	$	(6,796)		(3.0%)
Operating Profit
Domestic site leasing	$	501,398	$	488,060	$	—	$	13,338		2.7%
International site leasing		85,640		90,179		(13,640)		9,101		10.1%
Site development		9,101		19,335		—		(10,234)		(52.9%)

Revenues

Domestic site leasing revenues increased  $18.8 million for the six months ended June 30, 2016, as compared to the prior year, due to (i) revenues from 838 towers acquired and 163 towers built since January 1, 2015 and (ii) organic site leasing growth, primarily from monetary lease amendments for additional equipment added to our towers as well as new leases and contractual rent escalators, partially offset by lease non-renewals in 2015 primarily related to Sprint, which we expect will impact our year-over-year growth rates during the first three quarters of 2016.

International site leasing revenues decreased  $2.7 million for the six months ended June 30, 2016, as compared to the prior year.  On a constant currency basis,  international site leasing revenuesincreased  $18.2 million. These changes were primarily due to (i) revenues from 214 towers acquired and 449 towers built since January 1, 2015,  (ii) organic site leasing growth from new leases and contractual escalators, and (iii) an increase in reimbursable pass-through expenses.

Site development revenues decreased  $31.6 million for the six months ended June 30, 2016, as compared to the prior year, as a result of a  decrease in the volume of work performed, particularly as it related to Sprint.

Operating Profit

Domestic site leasing segment operating profit increased  $13.3 million for the six months ended June 30, 2016, as compared to the prior year, primarily due to additional operating profit generated by (i) towers acquired and built since January 1, 2015 and organic site leasing growth as noted above, (ii) continued 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 decreased  $4.5 millionfor the six months ended June 30, 2016, as compared to the prior year. On a constant currency basis, international site leasing segment operating profitincreased  $9.1 million. These changes were primarily due to towers acquired and built since January 1, 2015 and organic site leasing growth as noted above, partially offset by increases in cost of revenues.

Site development segment operating profit decreased$10.2 million for the six months ended June 30, 2016,  as compared to the prior year, primarily due to a decreasein the volume of work performed, particularly as it related to Sprint.

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Selling, General, and Administrative Expenses:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Total	$	78,071	$	58,145	$	(891)	$	20,817		35.8%

Selling, general, and administrative expensesincreased$19.9 million for the six months ended June 30, 2016,  as compared to the prior year. On a constant currency basis, selling, general, and administrative expenses increased  $20.8 million. These increases were primarily as a result of the$16.5 million Oi reserve recorded in the second quarter of 2016 and an increase in personnel, salaries, benefits, non-cash compensation, and other support costs due in large part to our continued portfolio expansion.

Acquisition Related Adjustments and Expenses:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	3,197	$	7,042	$	—	$	(3,845)		(54.6%)
International site leasing		2,806		77		(372)		3,101		4,027.3%
Total	$	6,003	$	7,119	$	(372)	$	(744)		(10.5%)

Acquisition related adjustments and expenses decreased  $1.1 millionfor the six months ended June 30, 2016, as compared to the prior year. On a constant currency basis, acquisition related adjustments and expenses decreased  $0.7 million. These decreases were primarily as a result of a decrease in the number of acquisitions and integration related expenses, as well as, changes in our estimated pre-acquisition contingencies as compared to the prior year period.

Asset Impairment and Decommission Costs:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	17,384	$	10,556	$	—	$	6,828		64.7%
International site leasing		1,145		276		(100)		969		351.1%
Total site leasing	$	18,529	$	10,832	$	(100)	$	7,797		72.0%
Not identified by segment		2,345		—		—		2,345		—%
Total	$	20,874	$	10,832	$	(100)	$	10,142		93.6%

Asset impairment and decommission costs increased by $10.0 millionfor the six months ended June 30, 2016, as compared to the prior year. On a constant currency basis,asset impairment and decommission costsincreased  $10.1 million. These increases were primarily as a result of $7.5 million of additional impairment charges resulting from the Company’s analysis that the future cash flows would not recover the carrying value of the investment resulting from increased lease terminations, including iDen related terminations,  a$1.3 million  increase in the impairment charge recorded on decommissioned towers, as well as an increase in write off and disposal costs related to our former corporate headquarters building for the six months ended June 30, 2016, as compared to the prior year period.

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Depreciation, Accretion, and Amortization Expenses:

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	258,149	$	267,139	$	—	$	(8,990)		(3.4%)
International site leasing		56,658		63,470		(9,558)		2,746		4.3%
Total site leasing	$	314,807	$	330,609	$	(9,558)	$	(6,244)		(1.9%)
Site development		1,664		1,466		—		198		13.5%
Not identified by segment		3,053		2,155		—		898		41.7%
Total	$	319,524	$	334,230	$	(9,558)	$	(5,148)		(1.5%)

Depreciation, accretion, and amortization expense decreased  $14.7 million for the six months ended June 30, 2016, as compared to the prior year. On a constant currency basis,  depreciation, accretion, and amortization expensedecreased  $5.1million. These decreases were primarily due to a decrease in depreciation associated with assets that became fully depreciated since the prior year period, partially offset by additional depreciation associated with the increase in the number of towers we acquired and built since January 1, 2015.

Operating Income (Expense):  

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	186,733	$	168,855	$	—	$	17,878		10.6%
International site leasing		(419)		18,399		(2,719)		(16,099)		(87.5%)
Total site leasing	$	186,314	$	187,254	$	(2,719)	$	1,779		1.0%
Site development		605		13,133		—		(12,528)		(95.4%)
Not identified by segment		(15,252)		(13,139)		—		(2,113)		16.1%
Total	$	171,667	$	187,248	$	(2,719)	$	(12,862)		(6.9%)

Domestic site leasing operating income increased  $17.9 million for the six months ended June 30, 2016, as compared to the prior year, primarily due to higher segment operating profit and decreases in depreciation, accretion, and amortization expense and acquisition related adjustments and expenses, partially offset by increases in asset impairment and decommission costs and selling, general, and administrative expenses.

International site leasing operating incomedecreased  $18.8 million for the six months ended June 30, 2016, as compared to the prior year. On a constant currency basis, international site leasing operating incomedecreased  $16.1million. These decreases were primarily due the$16.5 million Oi reserve recorded in the second quarter of 2016,  increases in acquisition related adjustments and expenses,  asset impairment and decommission costs, and depreciation, accretion, and amortization expense, partially offset byhigher segment operating profit.

Site development operating incomedecreased  $12.5 million for the six months ended June 30, 2016, as compared to the prior year, primarily due to lower segment operating profit and increases in selling, general, and administrative expenses.

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Other Income (Expense):

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Interest income	$	4,603	$	1,008	$	(946)	$	4,541		450.5%
Interest expense		(167,486)		(156,562)		1		(10,925)		7.0%
Non-cash interest expense		(915)		(601)		—		(314)		52.2%
Amortization of deferred financing fees		(10,590)		(9,170)		—		(1,420)		15.5%
Other income (expense), net		93,275		(67,461)		160,962		(226)		0.3%
Total	$	(81,113)	$	(232,786)	$	160,017	$	(8,344)		3.6%

Interest income increased$3.6 million for the six months ended June 30, 2016, as compared to the prior year. On a constant currency basis, interest income increased  $4.5 million. These increases were primarily due to a higher amount of investments held and a higher average interest rate on those investments held as compared to the prior year period.

Interest expense increased  $10.9 million for the six months ended June 30, 2016, as compared to the prior year, due to the higher average principal amount of cash-interest bearing debt outstanding as compared to the prior year, primarily resulting from the issuance of the 2015-1C Tower Securities in October 2015 and the 2015 Term Loan in June 2015, partially offset by the repayment of the 2012 Term Loan in November 2015 and a higher average balance outstanding on the revolving credit facility in the prior year period.

Other income (expense), net includes a $92.1 million gain on the remeasurement of intercompany loans for the six months ended June 30, 2016, while the prior year period included a $68.3 million loss.

Net Income (Loss):

	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Net income (loss)	$	86,348	$	(50,725)	$	157,311	$	(20,238)		39.9%

Net income (loss)increased  $137.1 million, for the six months ended June 30, 2016, as compared to the prior year. On a constant currency basis, net income (loss) decreased$20.2 million. These changes wereprimarily due to a decrease in operating income and other income (expense).

 

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. This report also presents our financial results and other financial metrics after eliminating the impact of changes in foreign currency exchange rates and the Oi reserve recorded in the second quarter of 2016.  We believe that providing these financial results and metrics on a constant currency basis, which are non-GAAP measures, gives management and investors the ability to evaluate the performance of our business without the impact of foreign currency exchange rate fluctuations.  We eliminate the impact of changes in foreign currency exchange rates by dividing the current period’s financial results by the average monthly exchange rates of the prior year period.We believe that excluding the Oi reserve, which represents a $16.5 million one-time bad debt provision for all amounts owed or potentially owed by Oi prior to the date of Oi’s June 2016 petition for judicial reorganization, provides management and investors the ability to better analyze our core results without the impact of what we believe is a non-recurring event.

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.

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We believe that Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by excluding the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, 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 the 5.625% Senior Notes, 5.75% Senior Notes, and 2014 Senior Notes. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

	For the three months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Net income	$	32,711	$	28,305	$	30,570	$	(26,164)		(92.4%)
Non-cash straight-line leasing revenue		(8,775)		(13,218)		(546)		4,989		(37.7%)
Non-cash straight-line ground lease expense		9,794		8,523		(59)		1,330		15.6%
Non-cash compensation		8,893		8,213		(13)		693		8.4%
Other income		(47,376)		(15,507)		(31,662)		(207)		1.3%
Acquisition related adjustments and expenses		2,821		5,780		(116)		(2,843)		(49.2%)
Asset impairment and decommission costs		14,691		4,010		(95)		10,776		268.7%
Interest income		(2,737)		(715)		341		(2,363)		330.5%
Interest expense (1)		89,467		83,856		(2)		5,613		6.7%
Depreciation, accretion, and amortization		159,723		162,377		(2,943)		289		0.2%
Provision for taxes (2)		2,402		2,627		(8)		(217)		(8.3%)
Adjusted EBITDA	$	261,614	$	274,251	$	(4,533)	$	(8,104)
Oi reserve		16,498		—		—		16,498
Adjusted EBITDA net of the Oi reserve	$	278,112	$	274,251	$	(4,533)	$	8,394

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	For the six months ended								Constant
	June 30,				Foreign		Constant		Currency
	2016		2015		Currency Impact		Currency Change		% Change
	(in thousands)
Net income (loss)	$	86,348	$	(50,725)	$	157,311	$	(20,238)		39.9%
Non-cash straight-line leasing revenue		(17,622)		(27,459)		(1,897)		11,734		(42.7%)
Non-cash straight-line ground lease expense		18,288		17,238		(194)		1,244		7.2%
Non-cash compensation		16,677		15,201		(33)		1,509		9.9%
Other (income) expense		(93,275)		67,461		(160,962)		226		0.3%
Acquisition related adjustments and expenses		6,003		7,119		(372)		(744)		(10.5%)
Asset impairment and decommission costs		20,874		10,832		(100)		10,142		93.6%
Interest income		(4,603)		(1,008)		946		(4,541)		450.5%
Interest expense (1)		178,991		166,333		(1)		12,659		7.6%
Depreciation, accretion, and amortization		319,524		334,230		(9,558)		(5,148)		(1.5%)
Provision for taxes (2)		5,062		6,047		(13)		(972)		(16.1%)
Adjusted EBITDA	$	536,267	$	545,269	$	(14,873)	$	5,871
Oi reserve		16,498		—		—		16,498
Adjusted EBITDA net of the Oi reserve	$	552,765	$	545,269	$	(14,873)	$	22,369

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

(2) Provision for taxes includes $401 and $403 of franchise taxes for the threemonths ended June 30, 2016 and 2015, respectively,and $856 and $860 of franchise taxes for the six months ended June 30, 2016 and 2015, respectively,  reflected in selling, general, and administrative expenses on the Consolidated Statement of Operations.

Adjusted EBITDA net of the Oi reserve increased  $3.9 million for the  three months ended June 30, 2016,  as compared to the prior year period. On a constant currency basis, adjusted EBITDA, net of the Oi reserve increased  $8.4 million. The increases were primarily due to increases in domestic and international site leasing segment operating profit, partially offset by increases in selling, general, and administrative expenses and a  decrease in site development segment operating profit.

Adjusted EBITDA net of the Oi reserve increased  $7.5 million for the six months ended June 30, 2016, as compared to the prior year period. On a constant currency basis, adjusted EBITDA net of the Oi reserve increased  $22.4million. The increases wereprimarily due toincreases in domestic and international site leasing segment operating profit, partially offset byan increase in selling, general, and administrative expenses and a decrease in site development segment operating profit.

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 100% of the outstanding capital stock of SBA Telecommunications, LLC (“Telecommunications”), which is also a holding company that owns equity interests in entities that directly or indirectly own all of our domestic and international towers and assets. We conduct all of our business operations through Telecommunications’ subsidiaries. Accordingly, our only source of cash to pay our obligations, other than financings, is distributions with respect to our ownership interest in our subsidiaries from the net earnings and cash flow generated by these subsidiaries.

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A summary of our cash flows is as follows:

	For the six months ended
	June 30, 2016		June 30, 2015
	(in thousands)
Cash provided by operating activities	$	354,646	$	375,532
Cash used in investing activities		(229,427)		(436,610)
Cash (used in) provided by financing activities		(124,300)		93,784
Increase in cash and cash equivalents		919		32,706
Effect of exchange rate changes on cash and cash equivalents		14,998		(2,303)
Cash and cash equivalents, beginning of the period		118,039		39,443
Cash and cash equivalents, end of the period	$	133,956	$	69,846

Operating Activities

Cash provided by operating activities was $354.6 million for the sixmonths ended June 30, 2016 as compared to $375.5 million for the sixmonths ended June 30, 2015. Thedecreaseof $20.9 million was primarily due to increases in cash outflows associated with working capital changes, decreased site development segment operating profit, increased selling, general, and administrative expenses, increased cash interest payments relating to the higher average amount of cash-interest bearing debt outstanding, and the negative impact of changes in foreign currency exchange rates on cash flows from operating activities, partially offset by an increase in segment operating profit from domestic site leasing and international site leasingoperating segments.

Investing Activities

A detail of our cash capital expenditures is as follows:

	For the six months
	ended June 30,
	2016		2015
	(in thousands)
Acquisitions	$	113,512	$	263,369
Construction and related costs on new tower builds		34,692		55,104
Augmentation and tower upgrades		19,396		37,199
Land buyouts and other assets (1)		35,192		59,713
Refurbishment of headquarters building		—		10,174
Tower maintenance		14,049		13,925
General corporate		2,524		1,990
Total cash capital expenditures	$	219,365	$	441,474

(1) Excludes $6.6 million and $8.7 million spent on ground lease extensions and term easements on landunderlying our towers for the sixmonths ended June 30, 2016 and 2015, respectively.

Subsequent to June 30, 2016, we acquired 12completed towers and related assets and liabilities for $8.4 million in cash.

During all of 2016, inclusive of the capital expenditures made during the sixmonths ended June 30, 2016, we expect to incur non-discretionary cash capital expenditures associated with tower maintenance and general corporate expenditures of $32.0 million to $37.0 million and discretionary cash capital expenditures, based on current acquisition obligations, planned new tower construction, forecasted tower augmentations, and forecasted ground lease purchases, of $295.0 million to $315.0 million as well as potential, additional tower acquisitions not yet under contract. We expect to fund these cash capital expenditures from cash on hand, 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.

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Financing Activities

During the sixmonths ended June 30, 2016, we borrowed $140.0 million and repaid $110.0 million under the Revolving Credit Facility. As of June 30, 2016, we had $30.0 million outstanding under the $1.0 billion Revolving Credit Facility. Subsequent to June 30, 2016, we repaid the $30.0 million balance outstanding under the Revolving Credit Facility.

During the six months ended June 30, 2016,  we repurchased1.5 million shares of our Class A common stock for$150.0 million at a weighted average price per share of $98.08.  As of the date of this filing, we had$550.0 million of repurchase authorization remaining under our $1.0 billion stock repurchase program.

On July 7, 2016, we, through our existing SBA Tower Trust, issued $700.0 million of 2.877% Secured Tower Revenue Securities Series 2016-1C which have an anticipated repayment date of July 2021 and a final maturity date of July 2046 (the “2016-1C Tower Securities”). Net proceeds from this offering were used to prepay the full $550.0 million outstanding on the 2010-2C Tower Securities and for general corporate purposes.

On August 1, 2016, we priced an offering of $1.1 billion of senior notes due 2024 (the “2016 Senior Notes”). We expect the closing of the 2016 Senior Notes to occur on August 15, 2016. The 2016 Senior Notes will have an interest coupon of 4.875% and will be issued at a price of 99.178% of their face value. We intend to use the net proceeds from the offering and cash on hand to redeem $800.0 million, the aggregate principal amount outstanding, of Telecommunications’ 5.75% Senior Notes and $250.0 million of our 5.625% Senior Notes and pay the associated call premiums.

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 sixmonths ended June 30, 2016, we did not issue any shares of Class A common stock under this registration statement. As of June 30, 2016, 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. 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, based upon specific financial ratios and subject to 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.

During thethree andsix months ended June 30, 2016, we borrowed$70.0 million and$140.0 million, respectively, and repaid$60.0 million and$110.0 million, respectively, of the outstanding balance under the Revolving Credit Facility. As of June 30, 2016,  $30.0 million was outstanding under the Revolving Credit Facility. Subsequent to June 30, 2016, we repaid the $30.0 million balance outstanding on the Revolving Credit Facility.

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As of June 30, 2016, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Term Loans under the Senior Credit Agreement

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 June 30, 2016, 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. 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 and sixmonths ended June 30, 2016,  we repaid $3.8 million and $7.5 million of principal on the 2014 Term Loan. As of June 30, 2016, the 2014 Term Loan had a principal balance of $1.47 billion.

2015 Term Loan

The 2015 Term Loan consists of a 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 June 30, 2016, 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 are being 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.We incurred deferred financing fees of approximately $5.1 million in relation to this transaction which are being amortized through the maturity date.

During thethree andsixmonths ended June 30, 2016, we repaid$1.3 million and$2.5 millionof principal on the 2015 Term Loan. As of June 30, 2016, the 2015 Term Loan had a principal balance of $495.0 million.

Secured Tower Revenue Securities

2010-2C 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 “2010-2C Tower Securities”). The 2010-2C Tower Securities have an annual interest rate of 5.101%. The anticipated repayment date and the final maturity date for the 2010-2C 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 were being amortized through the anticipated repayment date of the 2010-2C Tower Securities.

On July 15, 2016, we repaid the full $550.0 million outstanding of the 2010-2C Tower Securities using net proceeds from the 2016-1C Tower Securities (described below).

2012-1C Tower Securities

On August 9, 2012, we, through the Trust, issued $610.0 million of Secured Tower Revenue Securities Series 2012-1C (the “2012-1C 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 2012-1C 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 2012-1C Tower Securities.

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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 (the “2013-1C Tower Securities”), $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 (the “2013-2C Tower Securities”), 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 (the “2013-1D Tower Securities”) (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 (the “2014-1C Tower Securities”) 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 (the “2014-2C Tower Securities”) (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.

2015-1C Tower Securities

On October 14, 2015, we, 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 “2015-1C Tower Securities”). The fixed interest rate of the 2015-1C Tower Securities is 3.156% per annum, payable monthly. We have incurred deferred financing fees of $10.9 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2015-1C Tower Securities.

2016-1C Tower Securities

On July 7, 2016, we, through the Trust, issued $700.0 million of Secured Tower Revenue Securities Series 2016-1C which have an anticipated repayment date of July 2021 and a final maturity date of July 2046 (the “2016-1C Tower Securities”). The fixed interest rate of the 2016-1C Tower Securities is 2.877%per annum, payable monthly. Net proceeds from this offering were used to prepay the full $550.0 million outstanding on the 2010-2C Tower Securities and for general corporate purposes. We incurred deferred financing fees of $9.2 million to date in relation to this transaction which are being amortized through the anticipated repayment date of the 2016-1C Tower Securities.

Debt Covenants

As of June 30, 2016, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

Senior Notes

5.75% Senior Notes

On July 13, 2012, Telecommunications issued $800.0 million of unsecured senior notes due July 15, 2020 (the “5.75% Senior Notes”). The 5.75% Senior Notes accrue interest at a rate of 5.75% and were issued at par. Interest on the 5.75% Senior 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. SBAC has fully and unconditionally guaranteed the Senior Notes issued by Telecommunications.

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5.625% Senior Notes

On September 28, 2012, we issued $500.0 million of unsecured senior notes due October 1, 2019 (the “5.625% Senior Notes”). The 5.625% Senior Notes accrue interest at a rate of 5.625% per annum and were issued at par. Interest on the 5.625% Senior 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.

2014 Senior Notes

On July 1, 2014, we issued $750.0 million of unsecured senior notes due July 15, 2022 (the “2014Senior Notes”). The 2014Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2014Senior 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.  

2016 Senior Notes

On August 1, 2016, we priced an offering of $1.1 billion of senior notes due September 1, 2024 (the “2016 Senior Notes”). We expect the closing of the 2016 Senior Notes to occur on August 15, 2016. The 2016 Senior Notes will accrue interest at a rate of 4.875% and will be issued at a price of 99.178% of par value. Interest on the 2016 Senior Notes will be due semi-annually on March 1 and September 1 of each year, beginning on March 1, 2017. We intend to use the net proceeds from the offering and cash on hand to redeem $800.0 million, the aggregate principal amount outstanding, of Telecommunications’ 5.75% Senior Notes and $250.0 million of our 5.625% Senior Notes and pay the associated call premiums.

Debt Service

As of June 30, 2016, 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 June 30, 2016 and the interest rates accruing on those amounts on such date (in thousands):

5.625% Senior Notes	$	28,125
5.750% Senior Notes		46,000
2014 Senior Notes		36,563
2010-2C Tower Securities (1)		573,554
2012-1C Tower Securities		18,085
2013-1C Tower Securities		9,655
2013-2C Tower Securities		21,584
2013-1D Tower Securities		11,978
2014-1C Tower Securities		26,954
2014-2C Tower Securities		24,185
2015-1C Tower Securities		15,938
Revolving Credit Facility		3,159
2014 Term Loan		62,592
2015 Term Loan		21,027
Total debt service for next twelve months (2)	$	899,399

(1) On July 15, 2016, we repaid in full the 2010-2C Tower Securities with proceeds from the 2016-1C Tower Securities.

(2) Our total debt service does not include any amounts for the 2016-1C Tower Securities issued July 7, 2016. Total debt service for the next twelve months related to the 2016-1C Tower Securities is $19.9 million.

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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 June 30, 2016:

	2016		2017		2018		2019		2020		Thereafter		Total		Fair Value
Debt:	(in thousands)
5.625% Senior Notes	$	—	$	—	$	—	$	500,000	$	—	$	—	$	500,000	$	516,250
5.750% Senior Notes		—		—		—		—		800,000		—		800,000		824,000
2014 Senior Notes		—		—		—		—		—		750,000		750,000		746,250
2010-2C Tower Securities (1)(2)		—		550,000		—		—		—		—		550,000		551,078
2012-1C Tower Securities (1)		—		610,000		—		—		—		—		610,000		612,025
2013-1C Tower Securities (1)		—		—		425,000		—		—		—		425,000		425,472
2013-2C Tower Securities (1)		—		—		—		—		—		575,000		575,000		579,014
2013-1D Tower Securities (1)		—		—		330,000		—		—		—		330,000		335,514
2014-1C Tower Securities (1)		—		—		—		920,000		—		—		920,000		936,266
2014-2C Tower Securities (1)		—		—		—		—		—		620,000		620,000		629,474
2015-1C Tower Securities (1)		—		—		—		—		500,000		—		500,000		510,350
Revolving Credit Facility		—		—		—		—		30,000		—		30,000		30,000
2014 Term Loan		7,500		15,000		15,000		15,000		15,000		1,402,500		1,470,000		1,457,137
2015 Term Loan		2,500		5,000		5,000		5,000		5,000		472,500		495,000		488,194
Total debt obligation	$	10,000	$	1,180,000	$	775,000	$	1,440,000	$	1,350,000	$	3,820,000	$	8,575,000	$	8,641,024

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

The anticipated repayment date and the final maturity date for the 2012-1C 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.

The anticipated repayment date and the final maturity date for the 2015-1C Tower Securities is October 8, 2020 and October 10, 2045, respectively.

(2)On July 15, 2016, the 2010-2C Tower Securities were repaid in full with proceeds from the 2016-1C Tower Securities.

Our current primary market risk exposure is interest rate risk relating to (1) our ability to refinance our debt at commercially reasonable rates, if at all, and (2) interest rate risk relating to the impact of interest rate movements on our 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.

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, our markets in Central America. In each of these markets, 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 significantly all of our revenue and pay significantly 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

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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 sixmonths ended June 30, 2016, approximately11.0% of our revenues and approximately14.9%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 Real from the quoted foreign currency exchange rates at June 30, 2016. As of June 30, 2016, the analysis indicated that such an adverse movement would have caused our revenues and operating income to fluctuate by approximately 0.9% and 2.9%, respectively, for the sixmonths ended June 30, 2016.

As of June 30, 2016, wehad 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 June 30, 2016would have resulted in approximately $43.0 million of unrealized gains or losses that would have been included in Other income (expense), net in our condensed consolidated statements of operations for thesixmonths ended June 30, 2016.

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, the drivers of such growth, the demand for our towers, and the trends developing in our industry;

· 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 belief that over the long-term, site leasing revenues will continue to grow as wireless service providers increase their use of our towers due to increasing minutes of network use and data transfer, network expansion and network coverage requirements, on an organic basis, in our domestic and international segments;

· our expectation that customer activity will primarily be in the form of, in the current environment, amendments to current leases as wireless service providers seek to upgrade their antennas and, in the long-term, new leases as these providers continue to expand and upgrade their networks;

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

· our expectations regarding the impact of the Oi reorganization;

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

· our intended use of our liquidity;

· our expectations regarding our annual debt service in 2016 and thereafter, and our belief that our cash on hand, capacity 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;

· our belief regarding our credit risk; and

· our estimates regarding certain accounting and tax matters.

These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement. The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements

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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 and exchange rate fluctuations, legal or judicial systems, and land ownership;

· 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 customers and to successfully and timely address zoning, permitting, weather, availability of labor and supplies and other issues that arise in connection with the building of new towers;

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

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

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

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

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

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

· a decrease in demand for our towers;

· the willingness and ability of Oi to continue to make payments to us in accordance with the terms of our contracts; 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 June 30, 2016. Based on such evaluation, such officers have concluded that, as of June 30, 2016, our disclosure controls and procedures were effective.

There have been no changes in our internal control over financial reporting during the quarter ended June 30, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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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 second quarter of 2016

	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
4/1/2016 - 4/30/2016	—	$	—	—	$	650,002,883
5/1/2016 - 5/31/2016	869,528	$	97.43	869,528	$	565,283,848
6/1/2016 - 6/30/2016	152,949	$	99.91	152,949	$	550,002,951
Total	1,022,477	$	97.80	1,022,477	$	550,002,951

(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
*10.15	Amendment to Management Agreement, dated as of July 7, 2016, by and among SBA Properties, LLC, SBA Sites, LLC, SBA Structures, LLC, SBA Infrastructure, LLC, SBA Monarch Towers III, LLC, SBA Towers USVI, Inc., SBA 2012 TC Assets PR, LLC, SBA 2012 TC Assets, LLC, SBA Towers IV, LLC, SBA Monarch Towers I, LLC, SBA GC Towers, LLC, SBA Towers VII, LLC, SBA Towers V, LLC and SBA Towers VI, LLC, and SBA Network Management, Inc. and SBA Senior Finance, LLC.
*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

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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
August 9, 2016	/s/ Jeffrey A. Stoops
	Jeffrey A. Stoops
	Chief Executive Officer
	(Duly Authorized Officer)
August 9, 2016	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	Chief Financial Officer
	(Principal Financial Officer)

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EX-10.15

Execution Version

AMENDMENT TO
MANAGEMENT AGREEMENT

by and among

SBA PROPERTIES, LLC,

SBA SITES, LLC,

SBA STRUCTURES, LLC,

SBA INFRASTRUCTURE, LLC,

SBA MONARCH TOWERS III, LLC

SBA TOWERS USVI, INC.,

SBA 2012 TC ASSETS PR, LLC,

SBA 2012 TC ASSETS, LLC,

SBA TOWERS IV, LLC,

SBA MONARCH TOWERS I, LLC,

SBA GC TOWERS, LLC,

SBA TOWERS VII, LLC,

SBA TOWERS V, LLC

and

SBA TOWERS VI, LLC

as Existing Owners

and

SBA NETWORK MANAGEMENT, INC.,
as Manager,

and

SBA SENIOR FINANCE, LLC,
solely in its capacity as owner of the Manager

Dated as of July 7, 2016

AMENDMENT TO MANAGEMENT AGREEMENT

AMENDMENT TO MANAGEMENT AGREEMENT (this “Agreement”), dated as of July 7, 2016, by and among SBA PROPERTIES, LLC, a Delaware limited liability company (the “Initial Owner”), SBA SITES, LLC, a Delaware limited liability company (“SBA Sites”), SBA STRUCTURES, LLC, a Delaware limited liability company (“SBA Structures”), SBA INFRASTRUCTURE, LLC, a Delaware limited liability company (“SBA Infrastructure”), SBA MONARCH TOWERS III, LLC, a Delaware limited liability company (“SBA Monarch III”), SBA 2012 TC ASSETS PR, LLC, a Delaware limited liability company (“SBA TC PR”), SBA 2012 TC ASSETS, LLC, a Delaware limited liability company (“SBA TC”), SBA TOWERS IV, LLC, a Delaware limited liability company (“SBA Towers IV”), SBA MONARCH TOWERS I, LLC, a Delaware limited liability company (“SBA Monarch I”), SBA TOWERS USVI, INC., a U.S. Virgin Islands corporation (“SBA USVI”), SBA GC TOWERS, LLC, a Delaware limited liability company (“SBA GC”), SBA TOWERS VII, LLC, a Delaware limited liability company (“SBA Towers VII”), SBA TOWERS V, LLC, a Delaware limited liability company (“SBA Towers V”), and SBA TOWERS VI, LLC, a Delaware limited liability company (“SBA Towers VI” and, collectively with the Initial Owner, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA USVI, SBA GC, SBA Towers VII and SBA Towers V, the “Existing Owners”), SBA Network Management, Inc., a Florida corporation (the “Manager”), and SBA Senior Finance, LLC, a Delaware limited liability company (“SBA Finance”), solely in its capacity as owner of the Manager and solely with regard to Sections 18(b) and 23(a),(b),(d),(e),(f),(g),(h),(l) and (m) of the Management Agreement (as hereinafter defined).

W I T N E S S E T H:

WHEREAS, the Existing Owners, the Manager and SBA Finance are parties to a Management Agreement, dated as of November 18, 2005, as amended, supplemented or modified by (i) the Joinder and Amendment to the Management Agreement dated as of November 6, 2006 among the Initial Owner, SBA Sites, SBA Structures, SBA Towers, Inc., SBA Puerto Rico, Inc., SBA USVI, the Manager and SBA Finance, (ii) the Joinder and Amendment to the Management Agreement dated as of August 9, 2012 among the Initial Owner, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA Towers USVI II, Inc., a Florida corporation (predecessor in interest by way of merger into SBA USVI), the Manager and SBA Finance, (iii) the Joinder and Amendment to the Management Agreement dated as of April 18, 2013 among the Initial Owner, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA USVI, the Manager and SBA Finance, (iv) the Joinder and Amendment to the Management Agreement dated as of October 15, 2014 among the Initial Owner, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA USVI, SBA GC, SBA Towers VII, the Manager and SBA Finance and (v) the Joinder and Amendment to the Management Agreement dated as of October 14, 2015 among the Existing Owners, the Manager and SBA Finance (as so amended, supplemented or otherwise modified from time to time, the “Management Agreement”);

WHEREAS, the Existing Owners are borrowers under the Second Amended and Restated Loan and Security Agreement dated as of October 15, 2014, as supplemented by the

First Loan and Security Agreement Supplement and Amendment thereto dated as of October 14, 2015 (the “Existing Loan Agreement”) among the Existing Owners and Midland Loan Services, a Division of PNC Bank, National Association, as Servicer (the “Servicer”), on behalf of Deutsche Bank Trust Company Americas, as trustee (the “Trustee”) under that certain Amended and Restated Trust and Servicing Agreement dated as of October 15, 2014 (as amended, restated, supplemented or otherwise modified from time to time), among SBA Depositor LLC (the “Depositor”), the Servicer, and the Trustee, as assignee of the Depositor (the “Lender”);

WHEREAS, on the date hereof, the Existing Owners and the Servicer, on behalf of the Trustee, are entering into a Second Loan and Security Agreement Supplement to provide for a Loan Increase (the “Second Loan Agreement Supplement”, and the Existing Loan Agreement, as amended by the Second Loan Agreement Supplement and together with all other extensions, renewals, modifications, substitutions and amendments thereof, the “Loan Agreement”);

WHEREAS, the Existing Owners and the Manager have determined that it is in their best interests to authorize and approve a proposed amendment to the Management Agreement; and

WHEREAS, Section 23(a) of the Management Agreement provides that the Owner Representative, SBA Finance and the Manager may, pursuant to a writing executed and delivered by all parties thereto, amend the Management Agreement; provided that a Rating Agency Confirmation and the consent of the Lender are also obtained.

NOW, THEREFORE, for and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, it is mutually covenanted and agreed, as follows:

Section 1. Defined Terms.

Capitalized terms used in this Agreement but not defined herein shall have the respective meanings ascribed to them in the Management Agreement.

Section 2. Amendment to Section 1.

The parties hereto hereby agree that Section 1 of the Management Agreement shall be amended by adding the following definition in the appropriate alphabetical order:

““Annualized Run Rate Revenue” has the meaning specified in the Loan Agreement.”

Section 3. Amendment to Section 10.

The parties hereto hereby agree that the first sentence of Section 10 of the Management Agreement shall be amended and restated to read in its entirety as set forth below:

“In consideration of the Manager’s agreement to perform the Services described herein, during the Term hereof, the Owners hereby jointly and severally agree to pay to

the Manager a fee (the “Management Fee”), on each Due Date, equal to 4.5% of the Operating Revenues (excluding Operating Revenue received from a Tenant as reimbursement for Operating Expenses) for the immediately preceding calendar month, unless a replacement Manager is appointed and such replacement is not an affiliate of SBA Network Management, Inc., in which case the Management Fee on each Due Date will be such amount not to exceed 5.0% of the Operating Revenues (excluding Operating Revenue received from a Tenant as reimbursement for Operating Expenses) for the immediately preceding calendar month that is agreed to by the replacement Manager; provided,  however, that if the aggregate Annualized Run Rate Revenue of all Sites is less than $500,000,000 on the date that such successor Manager is appointed, the Management Fee on each Due Date will be such amount not to exceed 7.5% of the Operating Revenues (excluding Operating Revenue received from a Tenant as reimbursement for Operating Expenses) for the immediately preceding calendar month that is agreed to by the replacement Manager.”

Section 4. Ratification of Agreement.

Except as modified and expressly amended by this Agreement, the Management Agreement is in all respects ratified and confirmed, and all the terms, provisions and conditions thereof shall be and remain in full force and effect.  The execution of this Agreement shall in no manner constitute a waiver or extinguishment of any rights of the Owners, the Manager or SBA Finance under the Management Agreement and all such rights are hereby reserved.

Section 5. Counterparts.

This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Agreement.

Section 6. Governing Law.

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

/s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and          General Counsel	/s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel
SBA NETWORK MANAGEMENT, INC., as Manager By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel	SBA PROPERTIES, LLC, as Initial Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel
SITES, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel	SBA STRUCTURES, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel
SBA INFRASTRUCTURE, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel	SBA MONARCH TOWERS III, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel
SBA TOWERS USVI, INC., as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel	SBA 2012 TC ASSETS PR, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel

[Signature Page to Amendment to Management Agreement]

SBA TOWERS IV, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel	SBA MONARCH TOWERS I, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel
SBA 2012 TC ASSETS, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel	SBA GC TOWERS, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel
SBA TOWERS VII, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel	SBA TOWERS V, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel
SBA TOWERS VI, LLC, as Existing Owner By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel	SBA SENIOR FINANCE, LLC, as owner of Manager By: /s/ Thomas P. Hunt Name:  Thomas P. Hunt Title:    Executive Vice President and General Counsel

[Signature Page to Amendment to Management Agreement]

Consented to By:

MIDLAND LOAN SERVICES, A DIVISION
OF PNC BANK, NATIONAL
ASSOCIATION

By: /s/ David A. Eckels
Name:  David A. Eckels
Title:  Senior Vice President

[Signature Page to Amendment to Management Agreement]

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: August 9, 2016	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: August 9, 2016	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 June 30, 2016, 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: August 9, 2016	/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 June 30, 2016, 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: August 9, 2016	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	Chief Financial Officer

XML

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
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		124,615,402
Trading Symbol	SBAC

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 133,956	$ 118,039
Restricted cash	25,449	25,353
Short-term investments	219	706
Accounts receivable, net of allowance of $20,136 and $1,681 at June 30, 2016 and December 31, 2015, respectively	66,117	83,326
Costs and estimated earnings in excess of billings on uncompleted contracts	11,673	16,934
Prepaid expenses and other current assets	53,843	49,602
Total current assets	291,257	293,960
Property and equipment, net	2,805,360	2,782,353
Intangible assets, net	3,788,754	3,735,413
Other assets	550,951	501,254
Total assets	7,436,322	7,312,980
Current liabilities:
Accounts payable	25,524	27,105
Accrued expenses	59,117	63,755
Current maturities of long-term debt	568,924	20,000
Deferred revenue	89,652	97,083
Accrued interest	52,441	53,365
Other current liabilities	9,248	12,063
Total current liabilities	804,906	273,371
Long-term liabilities:
Long-term debt, net	7,913,879	8,432,070
Other long-term liabilities	325,114	313,683
Total long-term liabilities	8,238,993	8,745,753
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, 124,566 and 125,743 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	1,246	1,257
Additional paid-in capital	1,987,773	1,962,713
Accumulated deficit	(3,231,735)	(3,168,069)
Accumulated other comprehensive loss, net	(364,861)	(502,045)
Total shareholders' deficit	(1,607,577)	(1,706,144)
Total liabilities and shareholders' deficit	$ 7,436,322	$ 7,312,980

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounts receivable, allowance	$ 20,136	$ 1,681
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	124,566,000	125,743,000
Common stock - Class A, shares outstanding	124,566,000	125,743,000

XML

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Site leasing		$ 381,843	$ 370,462	$ 756,293	$ 740,189
Site development		23,689	40,242	49,008	80,609
Total revenues		405,532	410,704	805,301	820,798
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):
Cost of site leasing		86,493	81,731	169,255	161,950
Cost of site development		20,074	30,381	39,907	61,274
Selling, general, and administrative	[1],[2]	47,664	28,262	78,071	58,145
Acquisition related adjustments and expenses		2,821	5,780	6,003	7,119
Asset impairment and decommission costs		14,691	4,010	20,874	10,832
Depreciation, accretion, and amortization		159,723	162,377	319,524	334,230
Total operating expenses		331,466	312,541	633,634	633,550
Operating income		74,066	98,163	171,667	187,248
Other income (expense):
Interest income		2,737	715	4,603	1,008
Interest expense		(83,682)	(78,908)	(167,486)	(156,562)
Non-cash interest expense		(460)	(322)	(915)	(601)
Amortization of deferred financing fees		(5,325)	(4,626)	(10,590)	(9,170)
Other income (expense), net		47,376	15,507	93,275	(67,461)
Total other expense		(39,354)	(67,634)	(81,113)	(232,786)
Income (loss) before provision for income taxes		34,712	30,529	90,554	(45,538)
Provision for income taxes		(2,001)	(2,224)	(4,206)	(5,187)
Net income (loss)		$ 32,711	$ 28,305	$ 86,348	$ (50,725)
Net income (loss) per common share
Basic		$ 0.26	$ 0.22	$ 0.69	$ (0.39)
Diluted		$ 0.26	$ 0.22	$ 0.69	$ (0.39)
Weighted average number of common shares
Basic		125,125	128,809	125,261	129,021
Diluted		125,783	129,948	125,921	129,021

[1] Includes non-cash compensation of $8,785 and $8,089 for the three months ended June 30, 2016 and 2015, respectively, and $16,471 and $14,972 for the six months ended June 30, 2016 and 2015, respectively.

[2] Includes the impact of the $16,498 Oi reserve for the three and six months ended June 30, 2016.

XML

Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Non-cash compensation expense				$ 16,677	$ 15,201
Provision for doubtful accounts	[1]			17,504	215
Oi S.A. [Member]
Provision for doubtful accounts		$ 16,498		16,498
Selling, General And Administrative [Member]
Non-cash compensation expense		8,785	$ 8,089	16,471	$ 14,972
Selling, General And Administrative [Member] | Oi S.A. [Member]
Provision for doubtful accounts		$ 16,498		$ 16,498

[1] Includes the impact of the $16,498 Oi reserve recorded during the second quarter of 2016.

XML

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statements Of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ 32,711	$ 28,305	$ 86,348	$ (50,725)
Foreign currency translation adjustments	76,491	26,533	137,184	(147,917)
Comprehensive income (loss)	$ 109,202	$ 54,838	$ 223,532	$ (198,642)

XML

Consolidated Statement Of Shareholders' Deficit - 6 months ended Jun. 30, 2016 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member] Class A Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Total
BALANCE, Amount at Dec. 31, 2015	$ 1,257	$ 1,962,713	$ (3,168,069)	$ (502,045)	$ (1,706,144)
BALANCE, Shares at Dec. 31, 2015	125,743
Net income			86,348		86,348
Common stock issued in connection with stock purchase/option plans, Amount	$ 4	8,134			8,138
Common stock issued in connection with stock purchase/option plans, Shares	352
Non-cash compensation		16,926			16,926
Repurchase and retirement of common stock, Amount	$ (15)		(150,014)		(150,029)
Repurchase and retirement of common stock, Shares	(1,529)
Foreign currency translation adjustments				137,184	137,184
BALANCE, Amount at Jun. 30, 2016	$ 1,246	$ 1,987,773	$ (3,231,735)	$ (364,861)	$ (1,607,577)
BALANCE, Shares at Jun. 30, 2016	124,566

XML

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ 86,348	$ (50,725)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, accretion, and amortization		319,524	334,230
Non-cash interest expense		915	601
Deferred income tax (benefit) expense		(627)	192
Non-cash asset impairment and decommission costs		17,752	7,902
Non-cash compensation expense		16,677	15,201
Amortization of deferred financing fees		10,590	9,170
(Gain) loss on remeasurement of U.S. dollar denominated intercompany loan		(92,132)	68,292
Provision for doubtful accounts	[1]	17,504	215
Other non-cash items reflected in the Statements of Operations		(955)	(2,584)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net		8,769	6,461
Prepaid expenses and other assets		(25,912)	(24,148)
Accounts payable and accrued expenses		(5,310)	4,348
Accrued interest		(924)	(564)
Other liabilities		2,427	6,941
Net cash provided by operating activities		354,646	375,532
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(148,704)	(323,082)
Capital expenditures		(70,661)	(118,392)
Other investing activities		(10,062)	4,864
Net cash used in investing activities		(229,427)	(436,610)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility		140,000	450,000
Repayments under Revolving Credit Facility		(110,000)	(535,000)
Proceeds from Term Loans, net of fees			489,899
Repayment of Term Loans		(10,000)	(15,000)
Payments for settlement of common stock warrants			(150,874)
Repurchase and retirement of common stock, inclusive of fees		(150,029)	(150,023)
Other financing activities		5,729	4,782
Net cash (used in) provided by financing activities		(124,300)	93,784
Effect of exchange rate changes on cash and cash equivalents		14,998	(2,303)
NET INCREASE IN CASH AND CASH EQUIVALENTS		15,917	30,403
CASH AND CASH EQUIVALENTS:
Beginning of period		118,039	39,443
End of period		133,956	69,846
Cash paid during the period for:
Interest		168,583	157,153
Income taxes		5,861	5,667
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Assets acquired through capital leases		$ 1,073	$ 1,976

[1] Includes the impact of the $16,498 Oi reserve recorded during the second quarter of 2016.

XML

Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Provision for doubtful accounts	[1]		$ 17,504	$ 215
Oi S.A. [Member]
Provision for doubtful accounts		$ 16,498	$ 16,498

[1] Includes the impact of the $16,498 Oi reserve recorded during the second quarter of 2016.

XML

Basis Of Presentation

6 Months Ended

Jun. 30, 2016

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, 2015 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 U.S. dollar as its functional currency are translated at period-end rates of exchange, while revenues and expenses are translated at monthly average rates of exchange prevailing during the period. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated Other Comprehensive Loss in the accompanying Consolidated Statement of Shareholders’ Deficit.

The functional currency for the Company’s Central American subsidiaries is the U.S. dollar. Monetary assets and liabilities of such subsidiaries which are not denominated in U.S. dollars are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as Other income (expense), net in the Consolidated Statement of Operations.

Intercompany Loans

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations. The Company recorded a $47.4 million gain and a $15.7 million gain on the remeasurement of intercompany loans for the three months ended June 30, 2016 and 2015, respectively, and a $92.1 million gain and a $68.3 million loss on the remeasurement of intercompany loans for the six months ended June 30, 2016 and 2015, respectively.

On July 11, 2016, SBA Torres Brasil, Limitada repaid $22.5 million of the outstanding balance on the intercompany loan with Brazil Shareholder I, LLC, leaving a current outstanding balance of $433.3 million.

Bad Debt Provision

On June 20, 2016, Oi, S.A. (“Oi”), the Company’s largest customer in Brazil, filed a petition for judicial reorganization in Brazil. Prior to the filing of the reorganization petition, Oi was current in all payment obligations to the Company. These obligations related to periods ending on or before April 30, 2016. As a result of the relief provisions available in a judicial reorganization proceeding, obligations of Oi to the Company arising from the periods from May 1, 2016 to June 20, 2016 remain unpaid. Due to the uncertainty surrounding the recoverability of amounts owed by Oi relating to services provided prior to the date of Oi’s petition, the Company has recorded a $16.5 million bad debt provision (the “Oi reserve”) which covers amounts owed or potentially owed by Oi as of the filing date. Under Brazilian law governing judicial reorganizations, the contracts governing post-petition obligations such as tower rents remain unchanged, and debtors do not have the ability to reject or terminate the contracts other than pursuant to their original terms. Since the filing, the Company has received all payments due in connection with obligations of Oi accruing post-petition. The Oi reserve has been recorded in Selling, general, and administrative expense on the accompanying Consolidated Statement of Operations.

New Accounting Pronouncements Recently Adopted

In April 2015, theFinancial Accounting Standards Board ("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. The Company adopted ASU 2015-03 effective January 1, 2016 and reclassified $90.2 million from deferred financing fees, net to long-term debt in the December 31, 2015 Consolidated Balance Sheet.

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 debt issuance costs for a line of credit arrangement as an asset in the balance sheet. The Company adopted ASU 2015-15 effective January 1, 2016 and has elected to continue to present debt issuance costs for its Revolving Credit Facility as an asset on the accompanying Consolidated Balance Sheet.

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. The Company adopted ASU 2015-16 effective January 1, 2016. The financial statement impact of adopting this standard was not material for all periods presented.

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which the Company adopted as of January 1, 2016. The standard simplifies several aspects of the accounting for shared-based payment transactions including accounting for income taxes, forfeitures, statutory tax withholding requirements, classification of awards as either equity or a liability, and classification on the statement of cash flows. The financial statement impact of adopting this standard was not material for all periods presented.

Recent Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB released an updated standard regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The new standard is effective for the Company in the first quarter of 2018. Early adoption is permitted but not before the first quarter of 2017. This standard 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 standard and does not expect a material financial statement impact upon adoption.

In February 2016, the FASB issued ASU 2016-02, Leases. The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. This standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 is effective for the Company in the first quarter of 2019. Early adoption is permitted. The Company is evaluating the standard including the impact on its consolidated financial statements.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2016

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 contained in various acquisitions was $4.5 million and $7.2 million as of June 30, 2016 and December 31, 2015, respectively. The maximum potential obligation related to the performance targets was $7.3 million and $10.2 million as of June 30, 2016 and December 31, 2015, respectively.

The following summarizes the activity of the accrued earnouts:

	For the six months ended June 30,
	2016		2015
	(in thousands)
Beginning balance	$	7,230	$	15,086
Additions		459		2,664
Payments		(1,910)		(3,088)
Change in estimate		(1,288)		(2,201)
Foreign currency translation adjustments		5		(267)
Ending balance	$	4,496	$	12,194

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 threeand sixmonths ended June 30, 2016, the Company recognized impairment charges of $14.7 million and $20.9 million, respectively, which includes$7.5 million of additional impairment charges for the three and six months period ended June 30, 2016 resulting from the Company’s analysis that the future cash flows would not recover the carrying value of the investment resulting from increased lease terminations, including iDen related terminations, the write off of $3.7 million and $7.9 million, respectively, in carrying value of decommissioned towers,$1.1 million and $3.1 million, respectively, of other third party decommission costs, and $2.3 million in write off and disposal costs related to the Company’s former corporate headquarters building for the three and six months ended June 30, 2016.  During the threeand sixmonths ended June 30, 2015, the Company recognized impairment charges of $4.0 million and $10.8 million, respectively, which includes the write off of $2.8 million and $6.7 million, respectively, in carrying value of decommissioned towers,  $1.1 million and $2.9 million, respectively, of other third party decommission costs, and $0.1 million and $1.2 million, respectively, in disposal costs related to the Company’s former corporate headquarters building.

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 in certificate of deposits as of December 31, 2015, and $0.2 million in Treasury securities as of June 30, 2016 and December 31, 2015. 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 June 30, 2016, the carrying value and fair value of the held-to-maturity investments, including current portion, were $0.9 million. As of December 31, 2015,  the carrying value and fair value of the held-to-maturity investments, including current portion, were $0.8 million and $0.9 million, respectively. These amounts are recorded in Other assets in the accompanying Consolidated Balance Sheets.

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

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Restricted Cash

6 Months Ended

Jun. 30, 2016

Restricted Cash [Abstract]

Restricted Cash

3.RESTRICTED CASH

Restricted cash consists of the following:

	As of		As of
	June 30, 2016		December 31, 2015		Included on Balance Sheet
		(in thousands)
Securitization escrow accounts	$	25,212	$	25,135	Restricted cash - current asset
Payment and performance bonds		237		218	Restricted cash - current asset
Surety bonds and workers compensation		3,231		3,227	Other assets - noncurrent
Total restricted cash	$	28,680	$	28,580

Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by the 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. 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 related to the Company’s tower removal obligations. As of June 30, 2016 and December 31, 2015, the Company had $39.0 million and $38.6 million in surety, payment and performance bonds, respectively, for which it was only required to post $0.5 million and $0.7 million in collateral, respectively. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of June 30, 2016 and December 31, 2015, the Company had also pledged $2.5 million as collateral related to its workers compensation policy.

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Other Assets

6 Months Ended

Jun. 30, 2016

Other Assets [Abstract]

Other Assets

4.OTHER ASSETS

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

	As of		As of
	June 30, 2016		December 31, 2015
		(in thousands)
Long-term investments	$	8,055	$	8,140
Prepaid land rent		179,791		158,176
Straight-line rent receivable		290,508		267,682
Deferred lease costs, net		30,719		30,577
Deferred financing fees, net		3,444		3,919
Other		38,434		32,760
Total other assets	$	550,951	$	501,254

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Acquisitions

6 Months Ended

Jun. 30, 2016

Acquisitions [Abstract]

Acquisitions

5.ACQUISITIONS

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

	For the three months				For the six months
	ended June 30,				ended June 30,
	2016		2015		2016		2015
	(in thousands)
Towers and related intangible assets	$	38,668	$	220,739	$	113,512	$	263,369
Land buyouts and other assets (1)		18,204		49,064		35,192		59,713
Total cash acquisition capital expenditures	$	56,872	$	269,803	$	148,704	$	323,082

(1) In addition, the Company paid $2.9 million and $5.2 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended June 30, 2016 and 2015, respectively, and paid $6.6 million and $8.7 million for ground lease extensions and term easements on land underlying the Company’s towers during the six months ended June 30, 2016 and 2015, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

During the six months ended June 30, 2016, the Company acquired 159 completed towers and related assets and liabilities for $113.5 million in cash consisting of $31.3 million of property and equipment, $79.6 million of intangible assets, and $2.6 million of working capital adjustments.

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.

Subsequent to June 30, 2016, the Company acquired 12 completed towers and related assets and liabilities for $8.4 million in cash.

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Intangible Assets, Net

6 Months Ended

Jun. 30, 2016

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 June 30, 2016						As of December 31, 2015
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	4,112,204	$	(1,270,749)	$	2,841,455	$	3,904,864	$	(1,118,493)	$	2,786,371
Network location intangibles		1,497,913		(550,614)		947,299		1,446,293		(497,251)		949,042
Intangible assets, net	$	5,610,117	$	(1,821,363)	$	3,788,754	$	5,351,157	$	(1,615,744)	$	3,735,413

All intangible assets noted above are included in the Company’s site leasing segment. The Company amortizes its intangible assets using the straight-line method over 15 years. Amortization expense relating to the intangible assets above was $92.7 million and $90.7 million for the three months ended June 30, 2016 and 2015, respectively, and $182.8million and $182.1 million for the six months ended June 30, 2016 and 2015, respectively. 

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Property And Equipment, Net

6 Months Ended

Jun. 30, 2016

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
	June 30, 2016		December 31, 2015
	(in thousands)
Towers and related components	$	4,486,598	$	4,370,664
Construction-in-process		36,709		32,730
Furniture, equipment, and vehicles		49,099		48,018
Land, buildings, and improvements		553,078		524,847
Total property and equipment		5,125,484		4,976,259
Less: accumulated depreciation		(2,320,124)		(2,193,906)
Property and equipment, net	$	2,805,360	$	2,782,353

Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s operations. Depreciation expense was $66.9 million and $71.6 million for the three months ended June 30, 2016 and 2015, respectively, and $136.4 million and $152.0 million for the six months ended June 30, 2016 and 2015, respectively. At June 30, 2016 and December 31, 2015, non-cash capital expenditures that are included in accounts payable and accrued expenses were $6.6 million and $9.5 million, respectively.

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Costs And Estimated Earnings On Uncompleted Contracts

6 Months Ended

Jun. 30, 2016

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
	June 30, 2016		December 31, 2015
	(in thousands)
Costs incurred on uncompleted contracts	$	43,004	$	78,849
Estimated earnings		15,120		29,333
Billings to date		(46,997)		(95,055)
	$	11,127	$	13,127

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

	As of		As of
	June 30, 2016		December 31, 2015
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	11,673	$	16,934
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(546)		(3,807)
	$	11,127	$	13,127

Eight significant customers comprised 92.0% and 95.9% of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings at June 30, 2016 and December 31, 2015, respectively.

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Accrued Expenses

6 Months Ended

Jun. 30, 2016

Accrued Expenses [Abstract]

Accrued Expenses

9.ACCRUED EXPENSES

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

	As of		As of
	June 30, 2016		December 31, 2015
	(in thousands)
Accrued earnouts	$	4,496	$	7,230
Salaries and benefits		12,356		14,253
Real estate and property taxes		8,888		7,899
Other		33,377		34,373
Total accrued expenses	$	59,117	$	63,755

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Debt

6 Months Ended

Jun. 30, 2016

Debt [Abstract]

Debt

10.DEBT

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

		As of						As of
		June 30, 2016						December 31, 2015
	Maturity Date	Principal Balance		Fair Value		Carrying Value		Principal Balance		Fair Value		Carrying Value
5.625% Senior Notes	Oct. 1, 2019	$	500,000	$	516,250	$	495,565	$	500,000	$	521,250	$	494,955
5.750% Senior Notes	July 15, 2020		800,000		824,000		792,095		800,000		832,000		791,243
2014 Senior Notes	July 15, 2022		750,000		746,250		735,989		750,000		744,375		735,010
2010-2C Tower Securities	April 11, 2017		550,000		551,078		548,923		550,000		558,223		548,268
2012-1C Tower Securities	Dec. 11, 2017		610,000		612,025		605,681		610,000		611,879		604,229
2013-1C Tower Securities	April 10, 2018		425,000		425,472		421,928		425,000		416,959		421,099
2013-2C Tower Securities	April 11, 2023		575,000		579,014		567,029		575,000		565,541		566,523
2013-1D Tower Securities	April 10, 2018		330,000		335,514		327,565		330,000		332,676		326,918
2014-1C Tower Securities	Oct. 8, 2019		920,000		936,266		910,896		920,000		910,368		909,595
2014-2C Tower Securities	Oct. 8, 2024		620,000		629,474		612,243		620,000		608,084		611,853
2015-1C Tower Securities	Oct. 8, 2020		500,000		510,350		490,238		500,000		489,680		489,496
Revolving Credit Facility	Feb. 5, 2020		30,000		30,000		30,000		—		—		—
2014 Term Loan	Mar. 24, 2021		1,470,000		1,457,137		1,458,392		1,477,500		1,447,950		1,464,774
2015 Term Loan	June 10, 2022		495,000		488,194		486,259		497,500		486,306		488,107
Total debt		$	8,575,000	$	8,641,024	$	8,482,803	$	8,555,000	$	8,525,291	$	8,452,070
Less: current maturities of long-term debt							(568,924)						(20,000)
Total long-term debt, net of current maturities						$	7,913,879					$	8,432,070

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

	For the three months ended June 30,								For the six months ended June 30,
	2016				2015				2016				2015
	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest
	(in thousands)
5.625% Senior Notes	$	7,031	$	—	$	7,031	$	—	$	14,063	$	—	$	14,063		—
5.75% Senior Notes		11,500		—		11,500		—		23,000		—		23,000		—
2014 Senior Notes		9,141		171		9,141		163		18,281		340		18,281		323
2010-2C Tower Securities		7,058		—		7,058		—		14,115		—		14,115		—
2012-1C Tower Securities		4,533		—		4,532		—		9,067		—		9,063		—
2013 Tower Securities		10,804		—		10,804		—		21,609		—		21,609		—
2014 Tower Securities		12,785		—		12,785		—		25,569		—		25,569		—
2015-1C Tower Securities		3,985		—		—		—		7,969				—		—
Revolving Credit Facility		744		—		1,765		—		1,578		—		3,337		—
2012 Term Loan		—		—		1,095		—		—		—		2,248		—
2014 Term Loan		12,107		126		12,230		122		24,245		251		24,356		242
2015 Term Loan		4,077		163		948		37		8,164		324		948		36
Capitalized interest and other		(83)		—		19		—		(174)		—		(27)		—
Total	$	83,682	$	460	$	78,908	$	322	$	167,486	$	915	$	156,562	$	601

Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility is governed by the Senior Credit Agreement.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, based upon specific financial ratios and subject to 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.

During the threeand sixmonths ended June 30, 2016, the Company borrowed $70.0 million and $140.0 million, respectively, and repaid $60.0 million and $110.0 million, respectively, of the outstanding balance under the Revolving Credit Facility. As of June 30, 2016,  $30.0 million was outstanding under the Revolving Credit Facility.As of June 30, 2016, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Subsequent to June 30, 2016, the Company repaid the $30.0 million balance outstanding on the Revolving Credit Facility.

Term Loans under the Senior Credit Agreement

2012 Term Loan

The 2012 Term Loan consisted of a senior secured term loan with an initial aggregate principal amount of $200.0 million that was to mature on May 9, 2017. The 2012 Term Loan accrued 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). The 2012 Term Loan was issued at par. The Company incurred deferred financing fees of$2.7million in relation to this transaction which were being amortized through the maturity date. During 2015, the Company repaid the outstanding principal balance on the 2012 Term Loan.

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 June 30, 2016, 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. 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 threeand sixmonths ended June 30, 2016, the Company repaid $3.8 million and $7.5 million of principal on the 2014 Term Loan. As of June 30, 2016, the 2014 Term Loan had a principal balance of $1.47 billion.

2015 Term Loan

The 2015 Term Loan consists of a 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 June 30, 2016, 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 are being 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. The Company incurred deferred financing fees of approximately $5.1million in relation to this transaction which are being amortized through the maturity date.

During the threeand sixmonths ended June 30, 2016, the Company repaid $1.3 million and $2.5 million of principal on the 2015 Term Loan. As ofJune 30, 2016, the 2015 Term Loan had a principal balance of $495.0 million.

Secured Tower Revenue Securities

2010-2C 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 “2010-2C Tower Securities”). The 2010-2C Tower Securities have an annual interest rate of 5.101%. The anticipated repayment date and the final maturity date for the 2010-2C 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$8.1million in relation to this transaction which were being amortized through the anticipated repayment date of the 2010-2C Tower Securities.

On July 15, 2016, the Company repaid the full $550.0 million outstanding of the 2010-2C Tower Securities using net proceeds from the 2016-1C Tower Securities (described below).

2012-1C Tower Securities

On August 9, 2012, the Company, through the Trust, issued $610.0 million of Secured Tower Revenue Securities Series 2012-1C (the “2012-1C 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 2012-1C 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 2012-1C 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 (the “2013-1C Tower Securities”),  $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 (the “2013-2C Tower Securities”), 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(the 2013-1D Tower Securities) (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(the “2014-1C Tower Securities”), 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(the “2014-2C Tower Securities”) (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.

2015-1C 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 “2015-1C Tower Securities”). The fixed interest rate of the 2015-1C Tower Securities is 3.156%per annum, payable monthly. The Company incurred deferred financing fees of $10.9 millionin relation to this transaction which are being amortized through the anticipated repayment date of the 2015-1C Tower Securities.

2016-1C Tower Securities

On July 7, 2016, the Company, through the Trust, issued $700.0 million of Secured Tower Revenue Securities Series 2016-1C which have an anticipated repayment date of July 2021 and a final maturity date of July 2046 (the “2016-1C Tower Securities”). The fixed interest rate of the 2016-1C Tower Securities is 2.877%per annum, payable monthly. Net proceeds from this offering were used to prepay the full $550.0 million outstanding on the 2010-2C Tower Securities and for general corporate purposes. The Company incurred deferred financing fees of $9.2 million to date in relation to this transaction which are being amortized through the anticipated repayment date of the 2016-1C Tower Securities.

Debt Covenants

As of June 30, 2016, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

Senior Notes

5.75% Senior Notes

On July 13, 2012, SBA Telecommunications, LLC (“Telecommunications”) issued $800.0 million of unsecured senior notes due July 15, 2020 (the “5.75% Senior Notes”). The 5.75% Senior Notes accrue interest at a rate of 5.75% and were issued at par. Interest on the 5.75% Senior 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% Senior Notes”). The 5.625% Senior Notes accrue interest at a rate of 5.625% per annum and were issued at par. Interest on the 5.625% Senior 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.

2014 Senior Notes

On July 1, 2014, the Company issued $750.0 million of unsecured senior notes due July 15, 2022 (the “2014Senior Notes”). The 2014 Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2014Senior 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.

2016 Senior Notes

On August 1, 2016, the Company priced an offering of $1.1 billion of senior notes due September 1, 2024 (the “2016 Senior Notes”). The Company expects the closing of the 2016 Senior Notes to occur on August 15, 2016. The 2016 Senior Notes will accrue interest at a rate of 4.875% and will be issued at a price of 99.178% of par value. Interest on the 2016 Senior Notes will be due semi-annually on March 1 and September 1 of each year, beginning on March 1, 2017. The Company intends to use the net proceeds from the offering and cash on hand to redeem $800.0 million, the aggregate principal amount outstanding, of Telecommunications’ 5.75%Senior Notes and $250.0 million of the Company’s 5.625% Senior Notes and pay the associated call premiums.

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Shareholders' Equity

6 Months Ended

Jun. 30, 2016

Shareholders' Equity [Abstract]

Shareholders' Equity

11.SHAREHOLDERS’ EQUITY

Common Stock equivalents

The Company has potential common stock equivalents related to its outstanding stock options (see Note 12) and restricted stock units.  These potential common stock equivalents were considered in the Company’s diluted earnings (loss) per share calculation (see Note 15).

Stock Repurchases

On June 4, 2015, the Company announced the authorization of a new $1.0 billion stock repurchase plan. This 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 three months ended June 30, 2016, the Company repurchased 1.0 million shares of its Class A common stock for $100.0 million, at an average price per share of $97.80.  During the six months ended June 30, 2016, the Company repurchased 1.5 million shares of its Class A common stock for $150.0 million, at an average price per share of $98.08.  As of the date of this filing, the Company had$550.0 million of repurchase authorization remaining under its $1.0 billion stock repurchase program.

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2016

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 six months ended
	June 30,
	2016	2015
Risk free interest rate	1.18% - 1.43%	1.21% - 1.45%
Dividend yield	0.0%	0.0%
Expected volatility	20.0%	20.0%
Expected lives	4.7 years	4.6 years

The following table summarizes the Company’s activities with respect to its stock option plans for the sixmonths ended June 30, 2016 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, 2015	3,794	$	84.66
Granted	1,355	$	96.62
Exercised	(267)	$	41.64
Canceled	(70)	$	105.26
Outstanding at June 30, 2016	4,812	$	90.11	4.9	$	102,578
Exercisable at June 30, 2016	1,970	$	72.83	3.5	$	73,384
Unvested at June 30, 2016	2,842	$	102.09	5.8	$	29,194

The weighted-average per share fair value of options granted during the sixmonths ended June 30, 2016 was $19.19. The total intrinsic value for options exercised during the sixmonths ended June 30, 2016 was $14.9 million.

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity for the sixmonths ended June 30, 2016:  

		Weighted-
		Average
		Grant Date
	Number of	Fair Value per
	Units	Share
	(in thousands)
Outstanding at December 31, 2015	277	$	97.14
Granted	137	$	96.74
Vested	(114)	$	84.42
Forfeited/canceled	(6)	$	103.41
Outstanding at June 30, 2016	294	$	101.72

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Income Taxes

6 Months Ended

Jun. 30, 2016

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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Segment Data

6 Months Ended

Jun. 30, 2016

Segment Data [Abstract]

Segment Data

14.SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development.The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s reportable segments are strategic business units that offer different services.They are managed separately based on the fundamental differences in their operations. Thesite leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level.

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.

	Domestic Site		Int'l Site		Site		Not Identified
	Leasing		Leasing		Development		by Segment		Total
For the three months ended June 30, 2016	(in thousands)
Revenues	$	316,842	$	65,001	$	23,689	$	—	$	405,532
Cost of revenues (2)		66,199		20,294		20,074		—		106,567
Operating profit		250,643		44,707		3,615		—		298,965
Selling, general, and administrative (4)		17,936		21,065		3,295		5,368		47,664
Acquisition related adjustments and expenses		1,355		1,466		—		—		2,821
Asset impairment and decommission costs		11,363		983		—		2,345		14,691
Depreciation, amortization and accretion		126,756		29,781		639		2,547		159,723
Operating income (loss)		93,233		(8,588)		(319)		(10,260)		74,066
Other expense (principally interest expense
and other income (expense))								(39,354)		(39,354)
Income before provision for income taxes										34,712
Cash capital expenditures (3)		74,616		15,688		916		1,053		92,273
For the three months ended June 30, 2015
Revenues	$	307,361	$	63,101	$	40,242	$	—	$	410,704
Cost of revenues (2)		63,563		18,168		30,381		—		112,112
Operating profit		243,798		44,933		9,861		—		298,592
Selling, general, and administrative		16,814		4,064		2,614		4,770		28,262
Acquisition related adjustments and expenses		6,566		(786)		—		—		5,780
Asset impairment and decommission costs		3,962		48		—		—		4,010
Depreciation, amortization and accretion		129,679		31,044		759		895		162,377
Operating income (loss)		86,777		10,563		6,488		(5,665)		98,163
Other expense (principally interest expense
and other income (expense))								(67,634)		(67,634)
Income before provision for income taxes										30,529
Cash capital expenditures (3)		295,694		21,299		900		2,714		320,607

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the six months ended June 30, 2016	(in thousands)
Revenues	$	632,072	$	124,221	$	49,008	$	—	$	805,301
Cost of revenues (2)		130,674		38,581		39,907		—		209,162
Operating profit		501,398		85,640		9,101		—		596,139
Selling, general, and administrative (4)		35,935		25,450		6,832		9,854		78,071
Acquisition related adjustments and expenses		3,197		2,806		—		—		6,003
Asset impairment and decommission costs		17,384		1,145		—		2,345		20,874
Depreciation, amortization and accretion		258,149		56,658		1,664		3,053		319,524
Operating income (loss)		186,733		(419)		605		(15,252)		171,667
Other expense (principally interest expense
and other income (expense))								(81,113)		(81,113)
Income before provision for income taxes										90,554
Cash capital expenditures (3)		179,969		37,068		1,472		1,929		220,438
For the six months ended June 30, 2015
Revenues	$	613,311	$	126,878	$	80,609	$	—	$	820,798
Cost of revenues (2)		125,251		36,699		61,274		—		223,224
Operating profit		488,060		90,179		19,335		—		597,574
Selling, general, and administrative		34,468		7,957		4,736		10,984		58,145
Acquisition related adjustments and expenses		7,042		77		—		—		7,119
Asset impairment and decommission costs		10,556		276		—		—		10,832
Depreciation, amortization and accretion		267,139		63,470		1,466		2,155		334,230
Operating income (loss)		168,855		18,399		13,133		(13,139)		187,248
Other expense (principally interest expense
and other income (expense))								(232,786)		(232,786)
Loss before provision for income taxes										(45,538)
Cash capital expenditures (3)		387,096		43,074		2,731		10,549		443,450

	Domestic Site		Int'l Site		Site		Not Identified
	Leasing		Leasing		Development		by Segment (1)		Total
	(in thousands)
Assets
As of June 30, 2016	$	5,509,053	$	1,813,637	$	38,569	$	75,063	$	7,436,322
As of December 31, 2015	$	5,587,476	$	1,564,496	$	56,631	$	104,377	$	7,312,980

(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.

(4) International site leasing includes the impact of the $16,498 Oi reserve for the three and six months ended June 30, 2016.

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Earnings Per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share

15.EARNINGS PER SHARE

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

The following table sets forth basic and diluted net income per common share for the three and six months ended June 30, 2016 and 2015 (in thousands, except per share data):

	For the three months				For the six months
	ended June 30,				ended June 30,
	2016		2015		2016		2015
Numerator:
Net income (loss)	$	32,711	$	28,305	$	86,348	$	(50,725)
Denominator:
Basic weighted-average shares outstanding		125,125		128,809		125,261		129,021
Dilutive impact of stock options and restricted shares		658		1,139		660		—
Diluted weighted-average shares outstanding		125,783		129,948		125,921		129,021
Net income (loss) per common share:
Basic	$	0.26	$	0.22	$	0.69	$	(0.39)
Diluted	$	0.26	$	0.22	$	0.69	$	(0.39)

For the three and sixmonths ended June 30, 2016, the diluted weighted average number of common shares outstanding excluded an additional 0.7 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.

For the three months ended June 30, 2015, the diluted weighted average number of common shares outstanding excluded an additional 1.1 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.For the six months ended June 30, 2015, all potential common stock equivalents, including 4.0 million shares of stock options outstanding and 0.3 million shares of restricted stock outstanding, were excluded as the effect would be anti-dilutive. 

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Basis Of Presentation (Policy)

6 Months Ended

Jun. 30, 2016

Basis Of Presentation [Abstract]

Foreign Currency Translation

Foreign Currency Translation 

All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end rates of exchange, while revenues and expenses are translated at monthly average rates of exchange prevailing during the period. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated Other Comprehensive Loss in the accompanying Consolidated Statement of Shareholders’ Deficit.

The functional currency for the Company’s Central American subsidiaries is the U.S. dollar. Monetary assets and liabilities of such subsidiaries which are not denominated in U.S. dollars are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as Other income (expense), net in the Consolidated Statement of Operations.

Intercompany Loans

Intercompany Loans

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations. The Company recorded a $47.4 million gain and a $15.7 million gain on the remeasurement of intercompany loans for the three months ended June 30, 2016 and 2015, respectively, and a $92.1 million gain and a $68.3 million loss on the remeasurement of intercompany loans for the six months ended June 30, 2016 and 2015, respectively.

On July 11, 2016, SBA Torres Brasil, Limitada repaid $22.5 million of the outstanding balance on the intercompany loan with Brazil Shareholder I, LLC, leaving a current outstanding balance of $433.3 million.

Bad Debt Provision

Bad Debt Provision

On June 20, 2016, Oi, S.A. (“Oi”), the Company’s largest customer in Brazil, filed a petition for judicial reorganization in Brazil. Prior to the filing of the reorganization petition, Oi was current in all payment obligations to the Company. These obligations related to periods ending on or before April 30, 2016. As a result of the relief provisions available in a judicial reorganization proceeding, obligations of Oi to the Company arising from the periods from May 1, 2016 to June 20, 2016 remain unpaid. Due to the uncertainty surrounding the recoverability of amounts owed by Oi relating to services provided prior to the date of Oi’s petition, the Company has recorded a $16.5 million bad debt provision (the “Oi reserve”) which covers amounts owed or potentially owed by Oi as of the filing date. Under Brazilian law governing judicial reorganizations, the contracts governing post-petition obligations such as tower rents remain unchanged, and debtors do not have the ability to reject or terminate the contracts other than pursuant to their original terms. Since the filing, the Company has received all payments due in connection with obligations of Oi accruing post-petition. The Oi reserve has been recorded in Selling, general, and administrative expense on the accompanying Consolidated Statement of Operations.

New Accounting Pronouncements Recently Adopted

New Accounting Pronouncements Recently Adopted

In April 2015, theFinancial Accounting Standards Board ("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. The Company adopted ASU 2015-03 effective January 1, 2016 and reclassified $90.2 million from deferred financing fees, net to long-term debt in the December 31, 2015 Consolidated Balance Sheet.

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 debt issuance costs for a line of credit arrangement as an asset in the balance sheet. The Company adopted ASU 2015-15 effective January 1, 2016 and has elected to continue to present debt issuance costs for its Revolving Credit Facility as an asset on the accompanying Consolidated Balance Sheet.

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. The Company adopted ASU 2015-16 effective January 1, 2016. The financial statement impact of adopting this standard was not material for all periods presented.

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which the Company adopted as of January 1, 2016. The standard simplifies several aspects of the accounting for shared-based payment transactions including accounting for income taxes, forfeitures, statutory tax withholding requirements, classification of awards as either equity or a liability, and classification on the statement of cash flows. The financial statement impact of adopting this standard was not material for all periods presented.

Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB released an updated standard regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The new standard is effective for the Company in the first quarter of 2018. Early adoption is permitted but not before the first quarter of 2017. This standard 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 standard and does not expect a material financial statement impact upon adoption.

In February 2016, the FASB issued ASU 2016-02, Leases. The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. This standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 is effective for the Company in the first quarter of 2019. Early adoption is permitted. The Company is evaluating the standard including the impact on its consolidated financial statements.

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Measurements [Abstract]

Summary Of Accrued Earnout Activity

	For the six months ended June 30,
	2016		2015
	(in thousands)
Beginning balance	$	7,230	$	15,086
Additions		459		2,664
Payments		(1,910)		(3,088)
Change in estimate		(1,288)		(2,201)
Foreign currency translation adjustments		5		(267)
Ending balance	$	4,496	$	12,194

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Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2016

Restricted Cash [Abstract]

Schedule Of Restricted Cash

	As of		As of
	June 30, 2016		December 31, 2015		Included on Balance Sheet
		(in thousands)
Securitization escrow accounts	$	25,212	$	25,135	Restricted cash - current asset
Payment and performance bonds		237		218	Restricted cash - current asset
Surety bonds and workers compensation		3,231		3,227	Other assets - noncurrent
Total restricted cash	$	28,680	$	28,580

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Other Assets (Tables)

6 Months Ended

Jun. 30, 2016

Other Assets [Abstract]

Schedule Of Other Assets

	As of		As of
	June 30, 2016		December 31, 2015
		(in thousands)
Long-term investments	$	8,055	$	8,140
Prepaid land rent		179,791		158,176
Straight-line rent receivable		290,508		267,682
Deferred lease costs, net		30,719		30,577
Deferred financing fees, net		3,444		3,919
Other		38,434		32,760
Total other assets	$	550,951	$	501,254

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2016

Acquisitions [Abstract]

Schedule Of Acquisition Capital Expenditures

	For the three months				For the six months
	ended June 30,				ended June 30,
	2016		2015		2016		2015
	(in thousands)
Towers and related intangible assets	$	38,668	$	220,739	$	113,512	$	263,369
Land buyouts and other assets (1)		18,204		49,064		35,192		59,713
Total cash acquisition capital expenditures	$	56,872	$	269,803	$	148,704	$	323,082

(1) In addition, the Company paid $2.9 million and $5.2 million for ground lease extensions and term easements on land underlying the Company’s towers during the three months ended June 30, 2016 and 2015, respectively, and paid $6.6 million and $8.7 million for ground lease extensions and term easements on land underlying the Company’s towers during the six months ended June 30, 2016 and 2015, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

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Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2016

Intangible Assets, Net [Abstract]

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

	As of June 30, 2016						As of December 31, 2015
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	4,112,204	$	(1,270,749)	$	2,841,455	$	3,904,864	$	(1,118,493)	$	2,786,371
Network location intangibles		1,497,913		(550,614)		947,299		1,446,293		(497,251)		949,042
Intangible assets, net	$	5,610,117	$	(1,821,363)	$	3,788,754	$	5,351,157	$	(1,615,744)	$	3,735,413

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Property And Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2016

Property And Equipment, Net [Abstract]

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

	As of		As of
	June 30, 2016		December 31, 2015
	(in thousands)
Towers and related components	$	4,486,598	$	4,370,664
Construction-in-process		36,709		32,730
Furniture, equipment, and vehicles		49,099		48,018
Land, buildings, and improvements		553,078		524,847
Total property and equipment		5,125,484		4,976,259
Less: accumulated depreciation		(2,320,124)		(2,193,906)
Property and equipment, net	$	2,805,360	$	2,782,353

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Costs And Estimated Earnings On Uncompleted Contracts (Tables)

6 Months Ended

Jun. 30, 2016

Costs And Estimated Earnings On Uncompleted Contracts [Abstract]

Summary Of Costs And Estimated Earnings On Uncompleted Contracts

	As of		As of
	June 30, 2016		December 31, 2015
	(in thousands)
Costs incurred on uncompleted contracts	$	43,004	$	78,849
Estimated earnings		15,120		29,333
Billings to date		(46,997)		(95,055)
	$	11,127	$	13,127

Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets

	As of		As of
	June 30, 2016		December 31, 2015
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	11,673	$	16,934
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(546)		(3,807)
	$	11,127	$	13,127

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Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2016

Accrued Expenses [Abstract]

Schedule Of Accrued Expenses

	As of		As of
	June 30, 2016		December 31, 2015
	(in thousands)
Accrued earnouts	$	4,496	$	7,230
Salaries and benefits		12,356		14,253
Real estate and property taxes		8,888		7,899
Other		33,377		34,373
Total accrued expenses	$	59,117	$	63,755

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Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt [Abstract]

Carrying And Principal Values Of Debt

		As of						As of
		June 30, 2016						December 31, 2015
	Maturity Date	Principal Balance		Fair Value		Carrying Value		Principal Balance		Fair Value		Carrying Value
5.625% Senior Notes	Oct. 1, 2019	$	500,000	$	516,250	$	495,565	$	500,000	$	521,250	$	494,955
5.750% Senior Notes	July 15, 2020		800,000		824,000		792,095		800,000		832,000		791,243
2014 Senior Notes	July 15, 2022		750,000		746,250		735,989		750,000		744,375		735,010
2010-2C Tower Securities	April 11, 2017		550,000		551,078		548,923		550,000		558,223		548,268
2012-1C Tower Securities	Dec. 11, 2017		610,000		612,025		605,681		610,000		611,879		604,229
2013-1C Tower Securities	April 10, 2018		425,000		425,472		421,928		425,000		416,959		421,099
2013-2C Tower Securities	April 11, 2023		575,000		579,014		567,029		575,000		565,541		566,523
2013-1D Tower Securities	April 10, 2018		330,000		335,514		327,565		330,000		332,676		326,918
2014-1C Tower Securities	Oct. 8, 2019		920,000		936,266		910,896		920,000		910,368		909,595
2014-2C Tower Securities	Oct. 8, 2024		620,000		629,474		612,243		620,000		608,084		611,853
2015-1C Tower Securities	Oct. 8, 2020		500,000		510,350		490,238		500,000		489,680		489,496
Revolving Credit Facility	Feb. 5, 2020		30,000		30,000		30,000		—		—		—
2014 Term Loan	Mar. 24, 2021		1,470,000		1,457,137		1,458,392		1,477,500		1,447,950		1,464,774
2015 Term Loan	June 10, 2022		495,000		488,194		486,259		497,500		486,306		488,107
Total debt		$	8,575,000	$	8,641,024	$	8,482,803	$	8,555,000	$	8,525,291	$	8,452,070
Less: current maturities of long-term debt							(568,924)						(20,000)
Total long-term debt, net of current maturities						$	7,913,879					$	8,432,070

Schedule Of Cash And Non-Cash Interest Expense

	For the three months ended June 30,								For the six months ended June 30,
	2016				2015				2016				2015
	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest
	(in thousands)
5.625% Senior Notes	$	7,031	$	—	$	7,031	$	—	$	14,063	$	—	$	14,063		—
5.75% Senior Notes		11,500		—		11,500		—		23,000		—		23,000		—
2014 Senior Notes		9,141		171		9,141		163		18,281		340		18,281		323
2010-2C Tower Securities		7,058		—		7,058		—		14,115		—		14,115		—
2012-1C Tower Securities		4,533		—		4,532		—		9,067		—		9,063		—
2013 Tower Securities		10,804		—		10,804		—		21,609		—		21,609		—
2014 Tower Securities		12,785		—		12,785		—		25,569		—		25,569		—
2015-1C Tower Securities		3,985		—		—		—		7,969				—		—
Revolving Credit Facility		744		—		1,765		—		1,578		—		3,337		—
2012 Term Loan		—		—		1,095		—		—		—		2,248		—
2014 Term Loan		12,107		126		12,230		122		24,245		251		24,356		242
2015 Term Loan		4,077		163		948		37		8,164		324		948		36
Capitalized interest and other		(83)		—		19		—		(174)		—		(27)		—
Total	$	83,682	$	460	$	78,908	$	322	$	167,486	$	915	$	156,562	$	601

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2016

Stock-Based Compensation [Abstract]

Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options

	For the six months ended
	June 30,
	2016	2015
Risk free interest rate	1.18% - 1.43%	1.21% - 1.45%
Dividend yield	0.0%	0.0%
Expected volatility	20.0%	20.0%
Expected lives	4.7 years	4.6 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, 2015	3,794	$	84.66
Granted	1,355	$	96.62
Exercised	(267)	$	41.64
Canceled	(70)	$	105.26
Outstanding at June 30, 2016	4,812	$	90.11	4.9	$	102,578
Exercisable at June 30, 2016	1,970	$	72.83	3.5	$	73,384
Unvested at June 30, 2016	2,842	$	102.09	5.8	$	29,194

Company's Restricted Stock Unit Activity

		Weighted-
		Average
		Grant Date
	Number of	Fair Value per
	Units	Share
	(in thousands)
Outstanding at December 31, 2015	277	$	97.14
Granted	137	$	96.74
Vested	(114)	$	84.42
Forfeited/canceled	(6)	$	103.41
Outstanding at June 30, 2016	294	$	101.72

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Segment Data (Tables)

6 Months Ended

Jun. 30, 2016

Segment Data [Abstract]

Segment Reporting Information Disclosure

	Domestic Site		Int'l Site		Site		Not Identified
	Leasing		Leasing		Development		by Segment		Total
For the three months ended June 30, 2016	(in thousands)
Revenues	$	316,842	$	65,001	$	23,689	$	—	$	405,532
Cost of revenues (2)		66,199		20,294		20,074		—		106,567
Operating profit		250,643		44,707		3,615		—		298,965
Selling, general, and administrative (4)		17,936		21,065		3,295		5,368		47,664
Acquisition related adjustments and expenses		1,355		1,466		—		—		2,821
Asset impairment and decommission costs		11,363		983		—		2,345		14,691
Depreciation, amortization and accretion		126,756		29,781		639		2,547		159,723
Operating income (loss)		93,233		(8,588)		(319)		(10,260)		74,066
Other expense (principally interest expense
and other income (expense))								(39,354)		(39,354)
Income before provision for income taxes										34,712
Cash capital expenditures (3)		74,616		15,688		916		1,053		92,273
For the three months ended June 30, 2015
Revenues	$	307,361	$	63,101	$	40,242	$	—	$	410,704
Cost of revenues (2)		63,563		18,168		30,381		—		112,112
Operating profit		243,798		44,933		9,861		—		298,592
Selling, general, and administrative		16,814		4,064		2,614		4,770		28,262
Acquisition related adjustments and expenses		6,566		(786)		—		—		5,780
Asset impairment and decommission costs		3,962		48		—		—		4,010
Depreciation, amortization and accretion		129,679		31,044		759		895		162,377
Operating income (loss)		86,777		10,563		6,488		(5,665)		98,163
Other expense (principally interest expense
and other income (expense))								(67,634)		(67,634)
Income before provision for income taxes										30,529
Cash capital expenditures (3)		295,694		21,299		900		2,714		320,607

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the six months ended June 30, 2016	(in thousands)
Revenues	$	632,072	$	124,221	$	49,008	$	—	$	805,301
Cost of revenues (2)		130,674		38,581		39,907		—		209,162
Operating profit		501,398		85,640		9,101		—		596,139
Selling, general, and administrative (4)		35,935		25,450		6,832		9,854		78,071
Acquisition related adjustments and expenses		3,197		2,806		—		—		6,003
Asset impairment and decommission costs		17,384		1,145		—		2,345		20,874
Depreciation, amortization and accretion		258,149		56,658		1,664		3,053		319,524
Operating income (loss)		186,733		(419)		605		(15,252)		171,667
Other expense (principally interest expense
and other income (expense))								(81,113)		(81,113)
Income before provision for income taxes										90,554
Cash capital expenditures (3)		179,969		37,068		1,472		1,929		220,438
For the six months ended June 30, 2015
Revenues	$	613,311	$	126,878	$	80,609	$	—	$	820,798
Cost of revenues (2)		125,251		36,699		61,274		—		223,224
Operating profit		488,060		90,179		19,335		—		597,574
Selling, general, and administrative		34,468		7,957		4,736		10,984		58,145
Acquisition related adjustments and expenses		7,042		77		—		—		7,119
Asset impairment and decommission costs		10,556		276		—		—		10,832
Depreciation, amortization and accretion		267,139		63,470		1,466		2,155		334,230
Operating income (loss)		168,855		18,399		13,133		(13,139)		187,248
Other expense (principally interest expense
and other income (expense))								(232,786)		(232,786)
Loss before provision for income taxes										(45,538)
Cash capital expenditures (3)		387,096		43,074		2,731		10,549		443,450

	Domestic Site		Int'l Site		Site		Not Identified
	Leasing		Leasing		Development		by Segment (1)		Total
	(in thousands)
Assets
As of June 30, 2016	$	5,509,053	$	1,813,637	$	38,569	$	75,063	$	7,436,322
As of December 31, 2015	$	5,587,476	$	1,564,496	$	56,631	$	104,377	$	7,312,980

(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.

(4) International site leasing includes the impact of the $16,498 Oi reserve for the three and six months ended June 30, 2016.

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

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

	For the three months				For the six months
	ended June 30,				ended June 30,
	2016		2015		2016		2015
Numerator:
Net income (loss)	$	32,711	$	28,305	$	86,348	$	(50,725)
Denominator:
Basic weighted-average shares outstanding		125,125		128,809		125,261		129,021
Dilutive impact of stock options and restricted shares		658		1,139		660		—
Diluted weighted-average shares outstanding		125,783		129,948		125,921		129,021
Net income (loss) per common share:
Basic	$	0.26	$	0.22	$	0.69	$	(0.39)
Diluted	$	0.26	$	0.22	$	0.69	$	(0.39)

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Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
		Jul. 11, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Basis Of Presentation [Line Items]
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan			$ 47,400	$ 15,700	$ 92,132	$ (68,292)
Debt instrument, carrying value			8,482,803		8,482,803		$ 8,452,070
Reclassified amount from deferred financing fees							$ 90,200
Provision for doubtful accounts	[1]				17,504	$ 215
SBA Torres Brasil, Limitada [Member] | Subsequent Event [Member] | Intercompany Loan with Brazil Shareholder I, LLC. [Member]
Basis Of Presentation [Line Items]
Repayment of debt		$ 22,500
Debt instrument, carrying value		$ 433,300
Oi S.A. [Member]
Basis Of Presentation [Line Items]
Provision for doubtful accounts			$ 16,498		$ 16,498

[1] Includes the impact of the $16,498 Oi reserve recorded during the second quarter of 2016.

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Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Accrued earnouts	$ 4,496	$ 12,194	$ 4,496	$ 12,194	$ 7,230	$ 15,086
Performance targets, maximum potential obligation	7,300		7,300		10,200
Impairment charge recognized, related to long-lived assets	14,700	4,000	20,900	10,800
Impairment charge recognized, related to long-lived assets, additions	7,500		7,500
Write-offs relating to long-lived assets and intangibles	3,700	2,800	7,900	6,700
Write-offs and disposal costs relating to long-lived assets and intangibles	2,300		2,300
Disposal costs		100		1,200
Certificate of deposits					500
Treasury securities	200		200		200
Held-to-maturity investments, carrying value	900		900		800
Held-to-maturity investments, fair value	900		900		$ 900
Not Identified by Segment [Member]
Write-offs relating to long-lived assets and intangibles	$ 1,100		$ 3,100
Site Leasing Revenue [Member]
Write-offs relating to long-lived assets and intangibles		$ 1,100		$ 2,900
Revolving Credit Facility [Member] | Minimum [Member]
Basis spread on variable interest rate			1.375%
Revolving Credit Facility [Member] | Maximum [Member]
Basis spread on variable interest rate			2.00%

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Fair Value Measurements (Summary Of Accrued Earnout Activity) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Fair Value Measurements [Abstract]
Beginning balance	$ 7,230	$ 15,086
Additions	459	2,664
Payments	(1,910)	(3,088)
Change in estimate	(1,288)	(2,201)
Foreign currency translation adjustments	5	(267)
Ending balance	$ 4,496	$ 12,194

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Restricted Cash (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Restricted Cash [Abstract]
Surety, payment and performance bonds	$ 39.0	$ 38.6
Collateral payment for performance bonds	0.5	0.7
Collateral related to workers compensation policy	$ 2.5	$ 2.5

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Restricted Cash (Schedule Of Restricted Cash) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 28,680	$ 28,580
Restricted Cash - Current Asset [Member] | Securitization Escrow Accounts [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	25,212	25,135
Restricted Cash - Current Asset [Member] | Payment and Performance Bonds [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	237	218
Other Assets - Noncurrent [Member] | Surety Bonds and Workers Compensation [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 3,231	$ 3,227

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Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Assets [Abstract]
Long-term investments	$ 8,055	$ 8,140
Prepaid land rent	179,791	158,176
Straight-line rent receivable	290,508	267,682
Deferred lease costs, net	30,719	30,577
Deferred financing fees, net	3,444	3,919
Other	38,434	32,760
Total other assets	$ 550,951	$ 501,254

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Acquisitions (Narrative) (Details) $ in Millions	1 Months Ended	6 Months Ended
	Jul. 28, 2016 USD ($) item	Jun. 30, 2016 USD ($) item
Other Acquisitions [Member]
Business Acquisition [Line Items]
Number of towers acquired | item		159
Cash paid for acquisition		$ 113.5
Property and equipment		31.3
Intangible assets		79.6
Working capital adjustments		$ 2.6
Subsequent Event [Member]
Business Acquisition [Line Items]
Number of towers acquired | item	12
Cash paid for acquisition	$ 8.4

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Acquisitions (Schedule Of Acquisition Capital Expenditures) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Acquisitions [Abstract]
Towers and related intangible assets	$ 38,668	$ 220,739	$ 113,512	$ 263,369
Land buyouts and other assets	18,204	49,064	35,192	59,713
Total cash acquisition capital expenditures	56,872	269,803	148,704	323,082
Ground lease extensions	$ 2,900	$ 5,200	$ 6,600	$ 8,700

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Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Intangible Assets, Net [Abstract]
Intangible assets, useful life			15 years
Amortization expense	$ 92.7	$ 90.7	$ 182.8	$ 182.1

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Intangible Assets, Net (Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 5,610,117	$ 5,351,157
Accumulated amortization	(1,821,363)	(1,615,744)
Net book value	3,788,754	3,735,413
Current Contract Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,112,204	3,904,864
Accumulated amortization	(1,270,749)	(1,118,493)
Net book value	2,841,455	2,786,371
Network Location Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,497,913	1,446,293
Accumulated amortization	(550,614)	(497,251)
Net book value	$ 947,299	$ 949,042

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Property And Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Property And Equipment, Net [Abstract]
Depreciation expense	$ 66.9	$ 71.6	$ 136.4	$ 152.0
Non-cash capital expenditures			$ 6.6		$ 9.5

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Property And Equipment, Net (Property And Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 5,125,484	$ 4,976,259
Less: accumulated depreciation	(2,320,124)	(2,193,906)
Property and equipment, net	2,805,360	2,782,353
Towers And Related Components [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	4,486,598	4,370,664
Construction-In-Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	36,709	32,730
Furniture, Equipment and Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	49,099	48,018
Land, Buildings, and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 553,078	$ 524,847

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Costs And Estimated Earnings On Uncompleted Contracts (Narrative) (Details) - customer	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
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	92.00%	95.90%
Number of significant customers	8	8

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Costs And Estimated Earnings On Uncompleted Contracts (Summary Of Costs And Estimated Earnings On Uncompleted Contracts) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Costs And Estimated Earnings On Uncompleted Contracts [Abstract]
Costs incurred on uncompleted contracts	$ 43,004	$ 78,849
Estimated earnings	15,120	29,333
Billings to date	(46,997)	(95,055)
Costs and estimated earnings on uncompleted contracts	$ 11,127	$ 13,127

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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	Jun. 30, 2016	Dec. 31, 2015
Costs And Estimated Earnings On Uncompleted Contracts [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 11,673	$ 16,934
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities)	(546)	(3,807)
Costs and estimated earnings on uncompleted contracts	$ 11,127	$ 13,127

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Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accrued Expenses [Abstract]
Accrued earnouts	$ 4,496	$ 7,230
Salaries and benefits	12,356	14,253
Real estate and property taxes	8,888	7,899
Other	33,377	34,373
Total accrued expenses	$ 59,117	$ 63,755

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Debt (Revolving Credit Facility Under The Senior Credit Agreement) (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 01, 2016	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Line of Credit Facility [Line Items]
Repayments of revolving credit facility			$ 110,000	$ 535,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,000,000	$ 1,000,000
Line of credit facility, commitment fee			0.25%
Revolving credit facility, maturity date			Feb. 05, 2020
Borrowings on the revolving credit facility		70,000	$ 140,000
Repayments of revolving credit facility		60,000	110,000
Line of credit facility, outstanding		$ 30,000	$ 30,000
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Repayments of revolving credit facility	$ 30,000
Minimum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			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%
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			1.00%

XML

Debt (Term Loans Under The Senior Credit Agreement) (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Repayment of term loans			$ 10,000,000	$ 15,000,000
Deferred financing fees, expensed	$ 5,325,000	$ 4,626,000	10,590,000	$ 9,170,000
Debt instrument, principal balance	8,575,000,000		8,575,000,000		$ 8,555,000,000
2012 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	200,000,000		$ 200,000,000
Debt instrument, maturity date			May 09, 2017
Deferred financing fees	2,700,000		$ 2,700,000
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		7,500,000
Debt instrument, principal balance	1,470,000,000		1,470,000,000		1,477,500,000
2015 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000		$ 500,000,000
Debt instrument, maturity date			Jun. 10, 2022
Term Loan, percentage of par value	99.00%		99.00%
Coupon rate of notes	3.25%		3.25%
Quarterly payments			$ 1,300,000
Repayment of term loans	$ 1,300,000		2,500,000
Deferred financing fees, expensed			5,100,000
Debt instrument, principal balance	$ 495,000,000		$ 495,000,000		$ 497,500,000
Base Rate [Member] | 2014 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			1.50%
Base rate floor			1.75%
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 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			1.00%
Minimum [Member] | Eurodollar [Member] | 2012 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			2.00%
Maximum [Member] | Base Rate [Member] | 2012 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			1.50%
Maximum [Member] | Eurodollar [Member] | 2012 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			2.50%

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Debt (Secured Tower Revenue Securities) (Narrative) (Details) - USD ($)								1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 15, 2016	Jul. 07, 2016	Oct. 14, 2015	Oct. 15, 2014	Apr. 18, 2013	Aug. 09, 2012	Apr. 16, 2010	Aug. 08, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Deferred financing fees, expensed									$ 5,325,000	$ 4,626,000	$ 10,590,000	$ 9,170,000
Aggregate debt									8,482,803,000		$ 8,482,803,000		$ 8,452,070,000
2010-2C 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				Apr. 11, 2017
Deferred financing fees							$ 8,100,000
Aggregate debt									548,923,000		$ 548,923,000		548,268,000
2012-1C 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					Dec. 11, 2017
Deferred financing fees, expensed						$ 14,900,000
Aggregate debt									605,681,000		$ 605,681,000		604,229,000
2013 Tower Securities [Member]
Debt Instrument [Line Items]
Deferred financing fees, expensed					$ 25,500,000
Debt instrument, weighted average interest rate					3.218%
Aggregate debt					$ 1,330,000,000
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						Apr. 10, 2018
Aggregate debt									421,928,000		$ 421,928,000		421,099,000
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						Apr. 11, 2023
Aggregate debt									567,029,000		$ 567,029,000		566,523,000
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						Apr. 10, 2018
Aggregate debt									327,565,000		$ 327,565,000		326,918,000
2014 Tower Securities [Member]
Debt Instrument [Line Items]
Deferred financing fees, expensed				$ 22,500,000
Debt instrument, weighted average interest rate				3.289%
Aggregate debt				$ 1,540,000,000
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							Oct. 08, 2019
Aggregate debt									910,896,000		$ 910,896,000		909,595,000
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							Oct. 08, 2024
Aggregate debt									612,243,000		$ 612,243,000		611,853,000
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								Oct. 08, 2020
Deferred financing fees, expensed			$ 10,900,000
Aggregate debt									$ 490,238,000		$ 490,238,000		$ 489,496,000
2016-1C Tower Securities [Member]
Debt Instrument [Line Items]
Deferred financing fees, expensed								$ 9,200,000
Subsequent Event [Member] | 2010 Tower Securities [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	$ 550,000,000
Subsequent Event [Member] | 2016-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 700,000,000
Debt instrument, interest rate, stated percentage		2.877%
Repayment date of debt instrument		Jul. 01, 2021
Debt instrument, maturity date		Jul. 01, 2046

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Debt (Senior Notes) (Narrative) (Details) - USD ($) $ in Thousands						3 Months Ended		6 Months Ended
	Aug. 15, 2016	Aug. 01, 2016	Jul. 01, 2014	Sep. 28, 2012	Jul. 13, 2012	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Deferred financing fees, expensed						$ 5,325	$ 4,626	$ 10,590	$ 9,170
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%
Deferred financing fees, expensed					$ 14,000
Interest payable dates								July 15 and January 15
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%
Deferred financing fees, expensed				$ 8,600
Interest payable dates								April 1 and October 1
2014 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%
Percentage of face value price for issuance of senior notes			99.178%
Deferred financing fees, expensed			$ 11,600
Interest payable dates								January 15 and July 15
2016 Senior Notes [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Unsecured senior notes		$ 1,100
Debt instrument, maturity date		Sep. 01, 2024
Debt instrument, interest rate, stated percentage		4.875%
Percentage of face value price for issuance of senior notes		99.178%
Interest payable dates		March 1 and September 1
Scenario, Forecast [Member] | 5.75% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.75%
Repayments of unsecured debt	$ 800,000
Scenario, Forecast [Member] | 5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.625%
Repayments of unsecured debt	$ 250,000

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Debt (Carrying And Principal Values Of Debt) (Details) - USD ($)						6 Months Ended
	Oct. 14, 2015	Oct. 15, 2014	Apr. 18, 2013	Aug. 09, 2012	Apr. 16, 2010	Jun. 30, 2016	Dec. 31, 2015	Jul. 01, 2014	Sep. 28, 2012	Jul. 13, 2012
Debt Instrument [Line Items]
Principal Balance						$ 8,575,000,000	$ 8,555,000,000
Fair Value						8,641,024,000	8,525,291,000
Carrying Value						8,482,803,000	8,452,070,000
Less: current maturities of long-term debt						(568,924,000)	(20,000,000)
Total long-term debt, net of current maturities						7,913,879,000	8,432,070,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal Balance						30,000,000
Fair Value						30,000,000
Carrying Value						$ 30,000,000
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						516,250,000	521,250,000
Carrying Value						$ 495,565,000	494,955,000
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						824,000,000	832,000,000
Carrying Value						$ 792,095,000	791,243,000
Debt instrument, maturity date						Jul. 15, 2020
Debt instrument, interest rate, stated percentage						5.75%				5.75%
2014 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Balance						$ 750,000,000	750,000,000
Fair Value						746,250,000	744,375,000
Carrying Value						$ 735,989,000	735,010,000
Debt instrument, maturity date						Jul. 15, 2022
Debt instrument, interest rate, stated percentage								4.875%
2010-2C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 550,000,000	550,000,000
Fair Value						551,078,000	558,223,000
Carrying Value						$ 548,923,000	548,268,000
Debt instrument, maturity date					Apr. 09, 2042	Apr. 11, 2017
Debt instrument, interest rate, stated percentage					5.101%
2012-1C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 610,000,000	610,000,000
Fair Value						612,025,000	611,879,000
Carrying Value						$ 605,681,000	604,229,000
Debt instrument, maturity date				Dec. 09, 2042		Dec. 11, 2017
Debt instrument, interest rate, stated percentage				2.933%
2013-1C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 425,000,000	425,000,000
Fair Value						425,472,000	416,959,000
Carrying Value						$ 421,928,000	421,099,000
Debt instrument, maturity date			Apr. 09, 2043			Apr. 10, 2018
Debt instrument, interest rate, stated percentage			2.24%
2013-2C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 575,000,000	575,000,000
Fair Value						579,014,000	565,541,000
Carrying Value						$ 567,029,000	566,523,000
Debt instrument, maturity date			Apr. 09, 2048			Apr. 11, 2023
Debt instrument, interest rate, stated percentage			3.722%
2013-1D Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 330,000,000	330,000,000
Fair Value						335,514,000	332,676,000
Carrying Value						$ 327,565,000	326,918,000
Debt instrument, maturity date			Apr. 09, 2043			Apr. 10, 2018
Debt instrument, interest rate, stated percentage			3.598%
2014-1C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 920,000,000	920,000,000
Fair Value						936,266,000	910,368,000
Carrying Value						$ 910,896,000	909,595,000
Debt instrument, maturity date		Oct. 11, 2044				Oct. 08, 2019
Debt instrument, interest rate, stated percentage		2.898%
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 620,000,000	620,000,000
Fair Value						629,474,000	608,084,000
Carrying Value						$ 612,243,000	611,853,000
Debt instrument, maturity date		Oct. 08, 2049				Oct. 08, 2024
Debt instrument, interest rate, stated percentage		3.869%
2015-1C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 500,000,000	500,000,000
Fair Value						510,350,000	489,680,000
Carrying Value						$ 490,238,000	489,496,000
Debt instrument, maturity date	Oct. 10, 2045					Oct. 08, 2020
Debt instrument, interest rate, stated percentage	3.156%
2012 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date						May 09, 2017
2014 Term Loan [Member]
Debt Instrument [Line Items]
Principal Balance						$ 1,470,000,000	1,477,500,000
Fair Value						1,457,137,000	1,447,950,000
Carrying Value						$ 1,458,392,000	1,464,774,000
Debt instrument, maturity date						Mar. 24, 2021
2015 Term Loan [Member]
Debt Instrument [Line Items]
Principal Balance						$ 495,000,000	497,500,000
Fair Value						488,194,000	486,306,000
Carrying Value						$ 486,259,000	$ 488,107,000
Debt instrument, maturity date						Jun. 10, 2022

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Debt (Schedule Of Cash And Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Oct. 14, 2015	Jul. 01, 2014	Sep. 28, 2012	Aug. 09, 2012	Jul. 13, 2012	Apr. 16, 2010
Debt Instrument [Line Items]
Cash Interest	$ 83,682	$ 78,908	$ 167,486	$ 156,562
Non-cash Interest	460	322	915	601
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Cash Interest	744	1,765	1,578	3,337
5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest	$ 7,031	7,031	$ 14,063	14,063
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	$ 23,000	23,000
Debt instrument, interest rate, stated percentage	5.75%		5.75%						5.75%
2014 Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest	$ 9,141	9,141	$ 18,281	18,281
Non-cash Interest	171	163	340	323
Debt instrument, interest rate, stated percentage						4.875%
2010-2C Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	7,058	7,058	14,115	14,115
Debt instrument, interest rate, stated percentage										5.101%
2012-1C Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	4,533	4,532	9,067	9,063
Debt instrument, interest rate, stated percentage								2.933%
2013 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	10,804	10,804	21,609	21,609
2014 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	12,785	12,785	25,569	25,569
2015-1C Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	3,985		7,969
Debt instrument, interest rate, stated percentage					3.156%
2012 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest		1,095		2,248
2014 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest	12,107	12,230	24,245	24,356
Non-cash Interest	126	122	251	242
2015 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest	4,077	948	8,164	948
Non-cash Interest	163	37	324	36
Capitalized Interest And Other [Member]
Debt Instrument [Line Items]
Cash Interest	$ (83)	$ 19	$ (174)	$ (27)

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Shareholders' Equity (Details) - Class A Common Stock [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 04, 2015
Class of Stock [Line Items]
Stock repurchased, shares	1.0	1.5
Stock repurchased, value	$ 100.0	$ 150.0
Weighted average price per share	$ 97.80	$ 98.08
Current Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized	$ 1,000.0	$ 1,000.0
Stock repurchase program, remaining authorization	$ 550.0	$ 550.0
New Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized			$ 1,000.0

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Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($) $ / shares
Stock-Based Compensation [Abstract]
Weighted-average fair value of options granted | $ / shares	$ 19.19
Total intrinsic value for options exercised | $	$ 14.9

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Stock-Based Compensation (Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options) (Details)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Stock-Based Compensation [Abstract]
Risk free interest rate, Minimum	1.18%	1.21%
Risk free interest rate, Maximum	1.43%	1.45%
Dividend yield	0.00%	0.00%
Expected volatility	20.00%	20.00%
Expected lives	4 years 8 months 12 days	4 years 7 months 6 days

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Stock-Based Compensation (Company's Activities With Respect To Its Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2016 USD ($) $ / shares shares
Stock-Based Compensation [Abstract]
Number of Shares Outstanding, Beginning Balance | shares	3,794
Number of Shares, Granted | shares	1,355
Number of Shares, Exercised | shares	(267)
Number of Shares, Canceled | shares	(70)
Number of Shares Outstanding, Ending Balance | shares	4,812
Number of Shares Exercisable, Ending Balance | shares	1,970
Number of Shares Unvested, Ending Balance | shares	2,842
Weighted-Average Exercise Price Per Share, Outstanding, Beginning Balance | $ / shares	$ 84.66
Weighted-Average Exercise Price Per Share, Granted | $ / shares	96.62
Weighted-Average Exercise Price Per Share, Exercised | $ / shares	41.64
Weighted-Average Exercise Price Per Share, Canceled | $ / shares	105.26
Weighted-Average Exercise Price Per Share, Outstanding, Ending Balance | $ / shares	90.11
Weighted-Average Exercise Price Per Share, Exercisable, Ending Balance | $ / shares	72.83
Weighted-Average Exercise Price Per Share, Unvested, Ending Balance | $ / shares	$ 102.09
Weighted-Average Remaining Contractual Life (in years), Outstanding at June 30, 2016	4 years 10 months 24 days
Weighted-Average Remaining Contractual Life (in years), Exercisable at June 30, 2016	3 years 6 months
Weighted-Average Remaining Contractual Life (in years), Unvested at June 30, 2016	5 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding at June 30, 2016 | $	$ 102,578
Aggregate Intrinsic Value, Exercisable at June 30, 2016 | $	73,384
Aggregate Intrinsic Value, Unvested at June 30, 2016 | $	$ 29,194

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Stock-Based Compensation (Restricted Stock Unit Activity) (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2016 $ / shares shares
Stock-Based Compensation [Abstract]
Number of Units Outstanding, at December 31, 2015 | shares	277
Number of Units, Granted | shares	137
Number of Units, Vested | shares	(114)
Number of Units, Forfeited/Canceled | shares	(6)
Number of Units Outstanding, at June 30, 2016 | shares	294
Weighted-Average Grant Date Fair Value per Share Outstanding, at December 31, 2015 | $ / shares	$ 97.14
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares	96.74
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	84.42
Weighted-Average Grant Date Fair Value per Share, Forfeited/Canceled | $ / shares	103.41
Weighted-Average Grant Date Fair Value per Share Outstanding, atJune 30, 2016 | $ / shares	$ 101.72

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Segment Data (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016 segment
Segment Data [Abstract]
Number of business segments	2

XML

Segment Data (Segment Reporting Information Disclosure) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Revenues		$ 405,532	$ 410,704	$ 805,301	$ 820,798
Cost of revenues		106,567	112,112	209,162	223,224
Operating profit		298,965	298,592	596,139	597,574
Selling, general, and administrative	[1],[2]	47,664	28,262	78,071	58,145
Acquisition related adjustments and expenses		2,821	5,780	6,003	7,119
Asset impairment and decommission costs		14,691	4,010	20,874	10,832
Depreciation, amortization and accretion		159,723	162,377	319,524	334,230
Operating income		74,066	98,163	171,667	187,248
Other expense (principally interest expense and other income (expense))		(39,354)	(67,634)	(81,113)	(232,786)
Income (loss) before provision for income taxes		34,712	30,529	90,554	(45,538)
Cash capital expenditures		92,273	320,607	220,438	443,450
Assets		7,436,322		7,436,322		$ 7,312,980
Provision for doubtful accounts	[3]			17,504	215
Domestic Site Leasing Revenue [Member]
Segment Reporting Information [Line Items]
Revenues		316,842	307,361	632,072	613,311
Cost of revenues		66,199	63,563	130,674	125,251
Operating profit		250,643	243,798	501,398	488,060
Selling, general, and administrative		17,936	16,814	35,935	34,468
Acquisition related adjustments and expenses		1,355	6,566	3,197	7,042
Asset impairment and decommission costs		11,363	3,962	17,384	10,556
Depreciation, amortization and accretion		126,756	129,679	258,149	267,139
Operating income		93,233	86,777	186,733	168,855
Cash capital expenditures		74,616	295,694	179,969	387,096
Assets		5,509,053		5,509,053		5,587,476
International Site Leasing Revenue [Member]
Segment Reporting Information [Line Items]
Revenues		65,001	63,101	124,221	126,878
Cost of revenues		20,294	18,168	38,581	36,699
Operating profit		44,707	44,933	85,640	90,179
Selling, general, and administrative		21,065	4,064	25,450	7,957
Acquisition related adjustments and expenses		1,466	(786)	2,806	77
Asset impairment and decommission costs		983	48	1,145	276
Depreciation, amortization and accretion		29,781	31,044	56,658	63,470
Operating income		(8,588)	10,563	(419)	18,399
Cash capital expenditures		15,688	21,299	37,068	43,074
Assets		1,813,637		1,813,637		1,564,496
Site Development [Member]
Segment Reporting Information [Line Items]
Revenues		23,689	40,242	49,008	80,609
Cost of revenues		20,074	30,381	39,907	61,274
Operating profit		3,615	9,861	9,101	19,335
Selling, general, and administrative		3,295	2,614	6,832	4,736
Depreciation, amortization and accretion		639	759	1,664	1,466
Operating income		(319)	6,488	605	13,133
Cash capital expenditures		916	900	1,472	2,731
Assets		38,569		38,569		56,631
Not Identified by Segment [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative		5,368	4,770	9,854	10,984
Asset impairment and decommission costs		2,345		2,345
Depreciation, amortization and accretion		2,547	895	3,053	2,155
Operating income		(10,260)	(5,665)	(15,252)	(13,139)
Other expense (principally interest expense and other income (expense))		(39,354)	(67,634)	(81,113)	(232,786)
Cash capital expenditures		1,053	$ 2,714	1,929	$ 10,549
Assets		75,063		75,063		$ 104,377
Oi S.A. [Member]
Segment Reporting Information [Line Items]
Provision for doubtful accounts		$ 16,498		$ 16,498

[1] Includes non-cash compensation of $8,785 and $8,089 for the three months ended June 30, 2016 and 2015, respectively, and $16,471 and $14,972 for the six months ended June 30, 2016 and 2015, respectively.

[2] Includes the impact of the $16,498 Oi reserve for the three and six months ended June 30, 2016.

[3] Includes the impact of the $16,498 Oi reserve recorded during the second quarter of 2016.

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Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from earnings per share calculation	0.7	1.1	0.7	4.0
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from earnings per share calculation				0.3

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Earnings Per Share (Weighted-Average Shares of Common Stock Outstanding Used in Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net income (loss)	$ 32,711	$ 28,305	$ 86,348	$ (50,725)
Basic weighted-average shares outstanding	125,125	128,809	125,261	129,021
Dilutive impact of stock options and restricted shares	658	1,139	660
Diluted weighted-average shares outstanding	125,783	129,948	125,921	129,021
Net income (loss) per common share:
Basic	$ 0.26	$ 0.22	$ 0.69	$ (0.39)
Diluted	$ 0.26	$ 0.22	$ 0.69	$ (0.39)