UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
Date of Report November 13, 2001
SBA COMMUNICATIONS CORPORATION
------------------------------
(Exact name of registrant as specified in its charter)
Florida 000-30110 65-0716501
--------------------------------------------------------------------------------
(State or other jurisdiction Commission File Number (I.R.S. Employer
of incorporation or Identification No.)
organization)
One Town Center Road, Boca Raton, Florida 33486
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
(561) 995-7670
--------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Item 5 Other Information
SBA Communications Corporation ("SBA") provided today the following
additional operational information during its third quarter earnings
release conference call.
Growth in Leasing:
Annualized
Leasing
Revenues(1) Owned Tenants on Owned Annual Revenue/
($ in thousands) Towers Towers(2) Tower
----------------- --------- -------------------- ---------------------
June 30, 2001 Reported $100,423 3,254 7,202 $30,861
Adjustments (510)
----------------- --------- -------------------- ---------------------
June 30, 2001 Adjusted $100,423 3,254 6,692 $30,861
From Added Towers(3) 3,883 210 228
Organic(4) 6,620 257(5)
Terminations (574) (52)(6)
----------------- --------- -------------------- ---------------------
September 30, 2001 $110,352 3,464 7,125 $31,857
(1) Run-rate leasing revenues as of end of quarter; reported on an
operational basis, some of which has not yet begun to be recorded as
revenue for financial statement purposes; excludes lease-sublease
revenues of approximately $5.5 million per year.
(2) Adjusted to reflect as one tenant multiple leases with the same user on
a tower regardless of the amount of equipment, additional equipment,
microwave, etc.
(3) Reflects revenues and tenants on acquired sites at time of acquisition
as well as first tenants on new builds when contracted for upon
completion date.
(4) Includes all other leasing revenue growth beyond that reflected from
added towers, including first-time tenants and all increased revenues
from existing tenants, such as rent escalators, amendments, microwave,
generators, etc.
(5) Reflects first-time tenants which were added at an average rate above
$1,700 per month.
(6) Includes 14 leases with Metricom and 8 leases with TSR Wireless.
Portfolio Aging:
Average
Date Added Age Tower Cash Flow
to Portfolio Owned Towers (Mths) Average Revenue(1) Margin
--------------- ------------ ----- --------------- ---------------
1998 and prior 496 39.2 $48,396 78.5%
1999 667 25.8 $39,668 72.4%
2000 1,226 13.3 $28,998 65.0%
2001 1,075 4.5 $22,639 53.4%
Combined 3,464 16.7 $31,857 67.1%
(1) Run-rate leasing revenues as of end of quarter; reported on an
operational basis, some of which has not yet begun to be recorded as
revenue for financial statement purposes; excludes lease-sublease
revenues of approximately $5.5 million per year.
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.
November 13, 2001 /s/ John F. Fiedor
------------------------
Jack Fiedor
Chief Accounting Officer