SBA Communications Corporation Reports 1st Quarter 2013 Results; Provides 2nd Quarter and Updated 2013 Outlook

SBA Communications Corporation Reports 1st Quarter 2013 Results; Provides 2nd
Quarter and Updated 2013 Outlook

BOCA RATON, Fla., April 29, 2013 (GLOBE NEWSWIRE) -- SBA Communications
Corporation (Nasdaq:SBAC) ("SBA" or the "Company") today reported results for
the quarter ended March 31, 2013. Highlights of the results include:

First quarter over year earlier period:

  *Site leasing revenue growth of 58%
  *Tower Cash Flow growth of 49%
  *Net loss decreased from $23 million to $22 million
  *Adjusted EBITDA growth of 55%
  *AFFO Per Share growth of 46%

"We posted excellent first quarter results, and are off to a strong start for
2013," commented Jeffrey A. Stoops, President and Chief Executive Officer.
"Our customers remain extremely busy with LTE deployments in the U.S. and with
a variety of activity internationally. The combination of organic growth and a
materially larger portfolio of towers drove strong year over year gains in
both our leasing and services segments, as well as in adjusted EBITDA and AFFO
per share. These results, combined with our current backlogs and our positive
views on future customer activity, allow us to increase our 2013 Outlook for
key metrics.In addition, we expect to continue to produce strong year over
year growth in AFFO per share as we move through 2013 and beyond."

Operating Results

Total revenues in the first quarter of 2013 were $313.1 million compared to
$192.5 million in the year earlier period, an increase of 62.6%. Site leasing
revenue of $273.5 million (including $9.9 million of pass through reimbursable
expenses) was up 58.2% over the year earlier period. Site leasing Segment
Operating Profit of $205.4 million was up 49.4% over the year earlier period.
Site leasing contributed 96.7% of the Company's total Segment Operating Profit
in the first quarter of 2013. Site development revenues were $39.6 million in
the first quarter of 2013 compared to $19.6 million in the year earlier
period, a 102.0% increase. Site development Segment Operating Profit Margin
was 17.6% in the first quarter of 2013 compared to 14.2% in the year earlier
period.

Tower Cash Flow for the first quarter of 2013 was $197.1 million, a 48.8%
increase over the year earlier period. Tower Cash Flow Margin for the first
quarter of 2013 was 76.8% compared to 80.4% in the year earlier period.

Net loss attributable to SBA Communications Corporation for the first quarter
of 2013 was $22.4 million or $0.18 per share compared to $22.6 million or
$0.20 per share in the year earlier period.

Adjusted EBITDA in the first quarter of 2013 was $187.7 million compared to
$121.5 million in the year earlier period, an increase of 54.5%. Adjusted
EBITDA Margin was 63.4% in the first quarter of 2013 compared to 65.9% in the
year earlier period.

Net Cash Interest Expense was $58.9 million in the first quarter of 2013
compared to $42.2 million in the year earlier period.

AFFO increased 66.2% to $126.3 million in the first quarter of 2013 compared
to $75.9 million in the first quarter of 2012. AFFO per share increased 46.3%
to $0.98 in the first quarter of 2013 compared to $0.67 in the first quarter
of 2012. AFFO for the first quarter includes a non-recurring benefit of $3.6
million for coupon interest expense not required to be paid upon conversion of
our 1.875% Convertible Senior Notes.

Investing Activities

During the first quarter of 2013, SBA purchased 41 tower sites for $20.2
million in cash. SBA also built 62 towers and decommissioned 55 towers during
the first quarter of 2013.As of March 31, 2013, SBA owned 17,539 towers and
managed or leased approximately 4,900 actual or potential additional
communication sites. In addition, the Company spent $13.6 million to purchase
land and easements and to extend lease terms with respect to land underlying
its towers. Total cash capital expenditures for the first quarter of 2013 were
$245.2 million (including $176.0 million related to our Brazil acquisition
completed in the fourth quarter of 2012), consisting of $4.7 million of
non-discretionary cash capital expenditures (tower maintenance and general
corporate) and $240.5 million of discretionary cash capital expenditures (new
tower builds, tower augmentations, tower acquisitions and related earn-outs,
and purchasing land and easements).

Subsequent to March 31, 2013, the Company acquired 7 towers and related assets
and liabilities for an aggregate consideration of $2.8 million in cash. The
Company has agreed to purchase an additional 52 towers and the rights to
manage 17 towers for an aggregate amount of $37.1 million.The Company
anticipates that these acquisitions will be consummated by the end of the
third quarter of 2013.

Financing Activities and Liquidity

SBA ended the first quarter with $5.4 billion of total debt, $153.2 million of
cash and cash equivalents, short-term restricted cash, and short-term
investments, and $5.3 billion of Net Debt (as defined below).SBA's Net Debt
and Net Secured Debt to Annualized Adjusted EBITDA Leverage Ratios were 7.0x
and 3.7x, respectively. During the first quarter, total commitments under the
Revolving Credit Facility were increased by $70 million from $700 million to
$770 million. As of March 31, 2013, the Company had $100.0 million outstanding
under the Revolving Credit Facility, and the amount available under the
facility was $670.0 million, subject to compliance with specified financial
ratios and the satisfaction of other customary conditions to borrowing.

On April 18, 2013, the Company, through its existing SBA Tower Trust, sold
$425 million of Secured Tower Revenue Securities Series 2013-1C which have an
anticipated repayment date of April 2018 and a final maturity date of April
2043, $575 million of Secured Tower Revenue Securities Series 2013-2C which
have an anticipated repayment date of April 2023 and a final maturity date of
April 2048, and $330 million of Secured Tower Revenue Securities Series
2013-1D which have an anticipated repayment date of April 2018 and a final
maturity date of April 2043 (the "2013 Tower Securities"). The aggregate $1.33
billion of 2013 Tower Securities have a blended interest rate of 3.218% and a
weighted average life through the anticipated repayment date of 7.2 years. The
2013-1C Tower Securities have an interest rate of 2.240% per annum, the
2013-2C Tower Securities have an interest rate of 3.722% per annum, and the
2013-1D Tower Securities have an interest rate of 3.598% per annum.

Net proceeds from this offering were used to repay the $100 million
outstanding balance under the Company's Revolving Credit facility and to repay
$500 million of Term Loans under the Company's Senior Credit Agreement. The
rest of the net proceeds will be used to satisfy unhedged obligations required
to be satisfied in connection with the conversion or maturity of the Company's
1.875% Convertible Senior Notes due 2013.

As of the date of this press release, the Company had no amounts outstanding
under the Revolving Credit Facility, and the amount available under the
facility was $770.0 million, subject to compliance with specified financial
ratios and the satisfaction of other customary conditions to borrowing.

During the first quarter, SBA did not repurchase any shares of its Class A
common stock. The Company currently has $150.0 million of repurchase
authorization remaining under its existing $300.0 million stock repurchase
program.

Outlook

The Company is providing its second quarter 2013 Outlook and updating its Full
Year 2013 Outlook for anticipated results. The Outlook provided is based on a
number of assumptions that the Company believes are reasonable at the time of
this press release.Information regarding potential risks that could cause the
actual results to differ from these forward-looking statements is set forth
below and in the Company's filings with the Securities and Exchange
Commission.

The Company's Full Year 2013 Outlook assumes the acquisition of only those
tower assets under contract at the time of this press release.The Company
intends to spend additional capital in 2013 on acquiring revenue producing
assets not yet identified or under contract, the impact of which is not
reflected in the 2013 guidance.The Company's 2013 Outlook includes new tower
builds in the U.S. and internationally of 380 to 400 towers. Finally, the
Company's Outlook also assumes an average foreign currency exchange rate of
2.0 Brazilian Reais to 1.0 U.S. Dollar for the second quarter and full year
2013.

^                         Quarter ending          Full
^                         June 30, 2013           Year 2013
^                         ($'s in millions)
Site leasing revenue^(1)    $275.0    to   $280.0   $1,102.0   to   $1,122.0
Site development revenue^  $30.0     to   $40.0    $125.0     to   $140.0
Total revenues^            $305.0    to   $320.0   $1,227.0   to   $1,262.0
Tower Cash Flow^           $198.0    to   $203.0   $799.0     to   $819.0
Adjusted EBITDA^           $187.0    to   $193.0   $753.0     to   $774.0
Net cash interest           $61.0     to   $63.0    $241.0     to   $251.0
expense^(2)
Non-discretionary cash      $4.0      to   $5.0     $16.0      to   $21.0
capital expenditures^(3)
AFFO^                      $118.5    to   $127.5   $480.0     to   $515.0
Discretionary cash capital  $65.0     to   $75.0    $379.0     to   $409.0
expenditures^(4)
                                                              
(1) The Company's Outlook for site leasing revenue reflects $10.0 and $40.0
million of pass through reimbursable expenses, at the midpoint, for the
quarter ending June 30, 2013 and full year 2013 Outlook, respectively.
(2) Net cash interest expense is defined as interest expense less interest
income. Net cash interest expense does not include amortization of deferred
financing fees or non-cash interest expense.
(3) Consists of tower maintenance and general corporate capital expenditures.
(4) Consists of new tower builds, tower augmentations, tower acquisitions and
related earn-outs and ground lease purchases. Excludes expenditures for
revenue producing assets not under contract at the date of this press release.

Conference Call Information

SBA Communications Corporation will host a conference call on Tuesday, April
30, 2013 at 10:00 AM (EDT) to discuss the quarterly results. The call may be
accessed as follows:

When:                Tuesday, April 30, 2013 at 10:00 AM (EDT)
Dial-in number:       (800) 230-1093
Conference call name: SBA First Quarter Results
Replay:               April 30, 2013 at 1:00 PM (EDT) through May 14, 2013 at
                      11:59 PM (EDT)
Number:              (800) 475-6701
Access Code:          287241
Internet access:      www.sbasite.com

Information Concerning Forward-Looking Statements

This press release includes forward-looking statements, including statements
regarding the Company's expectations or beliefs regarding (i) the Company's
financial and operational guidance for the second quarter of 2013 and full
year 2013, (ii) the Company's belief that pending acquisitions will close by
the end of the third quarter of 2013, (iii) spending additional capital in
2013 on acquiring revenue producing assets not yet identified or under
contract, (iv) customer activity levels during the remainder of 2013, (v) the
Company's assumptions regarding Brazil's foreign exchange rates, and (vi) the
Company's expectation that it will continue to produce strong year over year
growth in AFFO per share. These forward-looking statements may be affected by
the risks and uncertainties in the Company's business. This information is
qualified in its entirety by cautionary statements and risk factor disclosures
contained in the Company's Securities and Exchange Commission filings,
including the Company's annual report on Form 10-K filed with the Commission
on February 27, 2013.

The Company wishes to caution readers that certain important factors may have
affected and could in the future affect the Company's actual results and could
cause the Company's actual results for subsequent periods to differ materially
from those expressed in any forward-looking statement made by or on behalf of
the Company. With respect to the Company's expectations regarding all of these
statements, including its financial and operational guidance, such risk
factors include, but are not limited to: (1) the ability and willingness of
wireless service providers to maintain or increase their capital expenditures;
(2) the Company's ability to effectively integrate acquired towers into its
business and to achieve the financial results projected in its valuation
models for the acquired towers; (3) the Company's ability to secure and retain
as many site leasing tenants as planned at anticipated lease rates; (4) the
impact of continued consolidation among wireless service providers on the
Company's leasing revenue; (5) the Company's ability to successfully manage
the risks associated with international operations, including risks associated
with foreign currency exchange rates; (6) the Company's ability to secure and
deliver anticipated services business at contemplated margins; (7) the
Company's ability to maintain expenses and cash capital expenditures at
appropriate levels for its business; (8) the Company's ability to acquire land
underneath towers on terms that are accretive; (9) the Company's ability to
realize economies of scale from its tower portfolio; (10) the Company's
ability to comply with covenants and the terms of its credit instruments; (11)
the economic climate for the wireless communications industry in general and
the wireless communications infrastructure providers in particular, (12) the
continued dependence on towers and outsourced site development services by the
wireless carriers, and (13) the Company's ability to protect its rights to
land under its towers. With respect to the Company's plan for new builds,
these factors also include zoning approvals, weather, availability of labor
and supplies and other factors beyond the Company's control that could affect
the Company's ability to build 380 to 400 towers in 2013. With respect to its
expectations regarding the ability to close pending tower acquisitions, these
factors also include satisfactorily completing due diligence, the ability and
willingness of each party to fulfill their respective closing conditions and
the availability of cash on hand, borrowing capacity under the Revolving
Credit Facility or shares of the Company's Class A common stock to pay the
anticipated consideration.

This press release contains non-GAAP financial measures. Reconciliation of
each of these non-GAAP financial measures is presented below under "Non-GAAP
Financial Measures."

This press release will be available on our website at www.sbasite.com.

About SBA Communications Corporation

SBA Communications Corporation is a first choice provider and leading owner
and operator of wireless communications infrastructure in North, Central, and
South America. By "Building Better Wireless," SBA generates revenue from two
primary businesses – site leasing and site development services. The primary
focus of the Company is the leasing of antenna space on its multi-tenant
towers to a variety of wireless service providers under long-term lease
contracts. For more information please visit: www.sbasite.com.


CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
                                                               
                                                  For the three months
                                                  ended March 31,
                                                  2013          2012
                                                               
Revenues:^                                                     
Site leasing^                                     $273,504    $172,923
Site development^                                 39,567        19,567
Total revenues^                                   313,071       192,490
Operating expenses:^                                           
Cost of revenues (exclusive of depreciation,                    
accretion and amortization shown below):^
Cost of site leasing^                             68,101        35,407
Cost of site development^                         32,594        16,786
Selling, general and administrative^(1)            20,431        17,215
Asset impairment and decommission costs^          3,722         349
Acquisition related expenses^                     5,822         344
Depreciation, accretion, and amortization^        125,636       82,100
Total operating expenses^                         256,306       152,201
Operating income^                                 56,765        40,289
Other income (expense):^                                       
Interest income^                                  641           47
Interest expense ^                                (59,465)      (42,248)
Non-cash interest expense^                        (17,364)      (16,991)
Amortization of deferred financing fees^          (3,604)       (2,433)
Loss from extinguishment of debt, net^            (142)         --
Other income (expense)^                           152           12
Total other income (expense)^                     (79,782)      (61,613)
Loss before provision for income taxes^           (23,017)      (21,324)
Benefit (Provision) for income taxes^             641           (1,327)
Net loss^                                         (22,376)      (22,651)
Plus: Net loss attributable to the noncontrolling  --          20
interest^
Net loss attributable to SBA Communications        $(22,376)   $(22,631)
Corporation^
Net loss per common share attributable to SBA                   
Communications Corporation:^
Basic and diluted ^                               $(0.18)     $(0.20)
                                                               
Basic and diluted weighted average number of       127,068       111,431
common shares^
                                                               
                                                               
(1) Includes non-cash compensation of $3,817 and $3,010 for the three months
ended March 31, 2013 and 2012, respectively.


CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
                                                           
                                             March 31, 2013 December 31, 2012
                                             (unaudited)
ASSETS                                                      
Current assets:                                             
Cash and cash equivalents                     $122,230     $233,099
Restricted cash                               26,880         27,708
Short-term investments                        4,166          5,471
Accounts receivable, net of allowance of $529
and $419 at March 31, 2013 and December 31,   49,463         39,099
2012, respectively
Other current assets                          67,205         63,186
Total current assets                          269,944        368,563
                                                           
Property and equipment, net                   2,655,409      2,671,317
Intangible assets, net                        3,085,459      3,134,133
Other long-term assets                        439,073        421,604
Total assets                                  $6,449,885   $6,595,617
                                                           
LIABILITIES AND SHAREHOLDERS' EQUITY                        
Current liabilities:                                        
Current maturities of long-term debt and      478,454        475,351
short-term debt
Accounts payable and accrued expenses         62,127         69,746
Accrued interest                              44,140         46,233
Other current liabilities                     90,417         272,358
Total current liabilities                     675,138        863,688
                                                           
Long-term liabilities:                                      
Long-term debt, net                           4,885,339      4,880,752
Other long-term liabilities                   192,763        186,475
Total long-term liabilities                   5,078,102      5,067,227
Redeemable noncontrolling interests           --           11,711
                                                           
Shareholders' equity                          696,645        652,991
Total liabilities and shareholders' equity    $6,449,885   $6,595,617


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
                                                                 
                                                      For the three months
                                                      ended March 31,
                                                      2013        2012
CASH FLOWS FROM OPERATING ACTIVITIES:                             
Net loss                                               $(22,376) $(22,651)
Adjustments to reconcile net loss to net cash provided            
by operating activities:
Depreciation, accretion and amortization               125,636     82,100
Non-cash interest expense                              17,364      16,991
Deferred income tax expense (benefit)                  (1,820)     17
Asset impairment and decommission costs                3,722       349
Non-cash compensation expense                          3,874       3,057
Provision for doubtful accounts                        168         149
Amortization of deferred financing fees               3,604       2,433
Loss from extinguishment of debt, net                  142         --
Other non-cash items reflected in the Statements of    (630)       (83)
Operations
Changes in operating assets and liabilities, net of               
acquisitions:
Accounts receivable and costs and estimated earnings   (11,384)    (1,259)
in excess of billings on uncompleted contracts, net
Prepaid and other assets                               (18,253)    (10,143)
Accounts payable and accrued expenses                  (3,033)     (3,293)
Accrued interest                                       (2,094)     (7,681)
Other liabilities                                      (1,468)     6,054
Net cash provided by operating activities              93,452      66,040
CASH FLOWS FROM INVESTING ACTIVITIES:                             
Acquisitions and related earn-outs                     (209,567)   (51,148)
Capital expenditures                                   (35,621)    (24,852)
Other investing activities                             1,308       110
Net cash used in investing activities                  (243,880)   (75,890)
CASH FLOWS FROM FINANCING ACTIVITIES:                             
Proceeds from issuance of common stock                 --         283,902
Net borrowings (repayments) under Revolving Credit     --         200,000
Facility
Principal payment under capital lease obligations      (395)       (291)
Proceeds from partial settlement of convertible bond   45,230      --
hedge
Purchase of non-controlling interests                  (6,008)     --
Repayments of Term Loans                               (4,500)     (1,250)
Proceeds from employee stock purchase/stock option     4,324       5,763
plans
Payment of deferred financing fees                     (851)       (33)
Net cash provided by financing activities              37,800      488,091
                                                                 
Effect of exchange rate changes on cash and cash       1,759       (3)
equivalents
                                                                 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   (110,869)  478,238
CASH AND CASH EQUIVALENTS:                                        
Beginning of period                                    233,099     47,316
End of period                                          $122,230  $525,554

                                                           
                                             For the three For the three
                                             months ended  months ended
                                             March 31, 2013 March 31, 2012
                                                           
                                             (in thousands)
                                                           
SELECTED CAPITAL EXPENDITURE DETAIL:                        
                                                           
Tower new build construction                  $22,556      $17,639
Tower upgrades/augmentations                  8,332          4,423
                                                           
Non-discretionary capital expenditures:                     
Maintenance/improvement capital expenditures  3,046          2,099
General corporate expenditures                1,687          691
Total non-discretionary capital expenditures 4,733          2,790
Total capital expenditures                    $35,621      $24,852

Non-GAAP Financial Measures

The press release contains non-GAAP financial measures, including (i) Site
Leasing Segment Operating Profit, Site Development Segment Operating Profit
and Segment Operating Profit Margin, (ii) Tower Cash Flow and Tower Cash Flow
Margin, (iii) Adjusted EBITDA, Annualized Adjusted EBITDA and Adjusted EBITDA
Margin, (iv) Net Debt, Net Secured Debt, Leverage Ratio and Secured Leverage
Ratio (collectively, our "Non-GAAP Debt Measures"), and (v) Funds from
Operations ("FFO"), Adjusted Funds from Operations ("AFFO") and AFFO per
share.

We have included these non-GAAP financial measures because we believe that
they provide investors additional tools in understanding our financial
performance and condition.Specifically, we believe that:

  (1) Segment Operating Profit is an indicator of the operating performance of
  our site leasing and site development segments;

  (2) Tower Cash Flow is an indicator of the performance of our site leasing
  operations;

  (3) Adjusted EBITDA, FFO, AFFO and AFFO per share are useful indicators of
  the financial performance of our core businesses; and

  (4) our Non-GAAP Debt Measures provide investors a more complete
  understanding of our net debt and leverage position as they include the full
  principal amount of our debt which will be due at maturity.

In addition, Tower Cash Flow, Adjusted EBITDA and our Non-GAAP Debt Measures
are components of the calculations used by our lenders to determine compliance
with certain covenants under our Senior Credit Agreement, 8.25% Notes, 5.625%
Notes and 5.75% Notes.These non-GAAP financial measures are not intended to
be an alternative to any of the financial measures provided in our results of
operations or our balance sheet as determined in accordance with GAAP.

We believe that FFO, AFFO and AFFO per share, which are also being used by
American Tower Corporation and Crown Castle International (our two public
company peers in the tower industry), provide investors useful indicators of
the financial performance of our core business and permit investors an
additional tool to evaluate the performance of our business against those of
our two principal competitors.FFO, AFFO and AFFO per share are not
necessarily indicative of the operating results that would have been achieved
had we converted to a REIT.In addition, our FFO, AFFO and AFFO per share may
not be comparable to those reported in accordance with National Association of
Real Estate Investment Trusts or by the other tower companies as the
calculation of these non-GAAP measures requires us to estimate the impact had
we converted to a REIT, including estimates of the tax provision adjustment to
reflect our estimate of our cash taxes had we been a REIT.

Segment Operating Profit and Segment Operating Profit Margin

The reconciliation of Site Leasing Segment Operating Profit and Site
Development Segment Operating Profit and the calculation of Segment Operating
Profit Margin are as follows:

                                                   
                              Site Leasing Segment  Site Development Segment
                              For the three months  For the three months
                              ended March 31,       ended March 31,
                              2013       2012       2013          2012
                                                               
                              (in thousands)        (in thousands)
                                                               
Segment revenue                 $273,504 $172,923 $39,567     $ 19,567
Segment cost of revenues
(excluding depreciation,       (68,101)   (35,407)   (32,594)      (16,786)
accretion and amortization)
Segment operating profit        $205,403 $137,516 $6,973      $ 2,781
                                                               
Segment operating profit margin 75.1%      79.5%      17.6%         14.2%

Tower Cash Flow and Tower Cash Flow Margin

The tables below set forth the reconciliation of Tower Cash Flow to its most
comparable GAAP measurement and the calculation of Tower Cash Flow Margin.
Tower Cash Flow for each of the periods set forth in the Outlook section above
will be calculated in the same manner.

                                                        
                                                        For the three months
                                                        ended March 31,
                                                        2013       2012
                                                                  
                                                        (in thousands)
                                                                  
Site leasing revenue                                     $273,504 $172,923
                                                                  
Site leasing cost of revenue (excluding depreciation,    (68,101)   (35,407)
accretion, and amortization)
Site leasing segment operating profit                    205,403    137,516
Non-cash straight-line leasing revenue                   (16,783)   (8,156)
Non-cash straight-line ground lease expense              8,443      3,073
Tower Cash Flow                                          $197,063 $132,433
                                                                  
                                                                  
The calculation of Tower Cash Flow Margin is as follows:           
                                                                  
                                                        For the three months
                                                        ended March 31,
                                                        2013       2012
                                                                  
                                                        (in thousands)
                                                                  
Site leasing revenue                                     $273,504 $172,923
Non-cash straight-line leasing revenue                   (16,783)   (8,156)
Site leasing revenue minus non-cash straight-line        $256,721 $164,767
leasing revenue
Tower Cash Flow                                          $197,063 $132,433
Tower Cash Flow Margin                                   76.8%      80.4%

Adjusted EBITDA, Annualized Adjusted EBITDA and Adjusted EBITDA Margin

The table below sets forth the reconciliation of Adjusted EBITDA to its most
comparable GAAP measurement.Adjusted EBITDA for each of the periods set forth
in the Outlook section above will be calculated in the same manner:

                                          
                                          For the three months
                                          ended March 31,
                                          2013              2012
                                                           
                                          (in thousands)
                                                           
Net loss^                                 $(22,376)       $(22,651)
Interest income^                          (641)             (47)
Total interest expense ^(1)                80,433            61,672
Depreciation, accretion, and               125,636           82,100
amortization^
Asset impairment and decommission costs^  3,722             349
(Benefit) Provision for taxes ^(2)         (400)             1,760
Loss from extinguishment of debt, net^    142               --
Non-cash compensation^                    3,874             3,057
Non-cash straight-line leasing revenue^   (16,783)          (8,156)
Non-cash straight-line ground lease        8,443             3,073
expense^
Acquisition related expenses^             5,822             344
Other (income) expense^                   (152)             (12)
Adjusted EBITDA^                          $187,720        $121,489
Annualized Adjusted EBITDA ^(3)            $750,880        $485,956
                                                           
^(1)^ Total interest expense includes interest expense, non-cash interest
expense and amortization of deferred financing fees.
^(2)^ For the three months ended March 31, 2013 and 2012, these amounts
included $241 and $433, respectively, of franchise taxes reflected in the
Statements of Operations in selling, general and administrative expenses.
^(3)^ Annualized Adjusted EBITDA is calculated as Adjusted EBITDA for the
most recent quarter multiplied by four.

The calculation of Adjusted EBITDA Margin is as follows:

                                                        For the three months
                                                        ended March 31,
                                                        2013       2012
                                                                  
                                                        (in thousands)
                                                                  
Total revenues                                           $313,071 $192,490
Non-cash straight-line leasing revenue                   (16,783)   (8,156)
Total revenues minus non-cash straight-line leasing      $296,288 $184,242
revenue
Adjusted EBITDA                                          $187,720 $121,489
Adjusted EBITDA Margin                                   63.4%      65.9%

Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")

The tables below set forth the reconciliations of FFO and AFFO to their most
comparable GAAP measurement. AFFO for each of the periods set forth in the
Outlook section above will be calculated in the same manner:

                                      
                                      For the three months ended March 31,
                                      2013                 2012
                                      (in thousands)
Net loss^                             $(22,376)          $(22,651)
Adjusted tax provision^(a)             (1,957)              1,206
Real estate related depreciation,      124,641              81,263
amortization and accretion^
FFO^                                  $100,308           $59,818
                                                          
Adjustments to FFO:^                                      
Non-cash straight-line leasing         (16,783)             (8,156)
revenue^
Non-cash straight-line ground lease    8,443                3,073
expense^
Non-cash compensation^                3,874                3,057
Non-real estate related depreciation,  995                  837
amortization and accretion^
Amortization of deferred financing     20,968               19,424
costs and debt discounts^
Interest deemed paid upon conversion   3,646                --
of convertible notes
Loss from extinguishment of debt,      141                  --
net^
Other (income) expense^               (152)                (12)
Acquisition related expenses^         5,822                344
Asset impairment and decommission      3,722                349
costs^
Non-discretionary cash capital         (4,733)              (2,790)
expenditures^
AFFO^                                 $126,251           $75,944
                                                          
Weighted average number of common      128,420              112,729
shares^(b)
                                                          
AFFO per share^                       $0.98              $0.67
                                                          
(a) Adjusts the income tax provision during the period, to reflect our
estimate of cash income taxes (primarily foreign taxes) that would have been
payable had we been a REIT.
(b) For purposes of the AFFO per share calculation, the weighted average
number of common shares has been adjusted to include the dilutive effect of
stock options and restricted stock units.

Net Debt, Leverage Ratio, and Secured Leverage Ratio

Net Debt is calculated using the notional principal amount of outstanding
debt. Under GAAP policies, the notional principal amount of the Company's
outstanding debt is not necessarily reflected on the face of the Company's
financial statements.

The Debt and Leverage calculations are as follows:

                                                               March 31, 2013
                                                               (in thousands)
                                                               
2010-1 Tower Securities                                         $680,000
2010-2 Tower Securities                                         550,000
2012-1 Tower Securities                                         610,000
2011 Term Loan (carrying value of $490,313)                     491,250
2012-1 Term Loan                                                192,500
2012-2 Term Loan (carrying value of $298,554)                   299,250
Revolving Credit Facility                                       100,000
Total secured debt                                              2,923,000
                                                               
1.875% Convertible Senior Notes (carrying value of $460,454)    463,514
4.0% Convertible Senior Notes (carrying value of $439,021)      499,983
8.25% 2019 Senior Notes (carrying value of $242,249)            243,750
5.625% 2019 Senior Notes                                        500,000
5.75% 2020 Senior Notes                                         800,000
Total unsecured debt                                            2,507,247
Total debt                                                      $5,430,247
                                                               
Leverage Ratio                                                  
                                                               
Total debt                                                      $5,430,247
Less: Cash and cash equivalents, short-term restricted cash and (153,276)
short-term investments
                                                               
Net debt                                                        $5,276,971
                                                               
Divided by: Annualized Adjusted EBITDA                          $750,880
                                                               
Leverage Ratio                                                  7.0x
                                                               
Secured Leverage Ratio                                          
                                                               
Total secured debt                                              $ 2,923,000
Less: Cash and cash equivalents, short-term restricted cashand (153,276)
short-term investments
Net Secured Debt                                                $2,769,724
                                                               
Divided by: Annualized Adjusted EBITDA                          $750,880
                                                               
Secured Leverage Ratio                                          3.7x

CONTACT: Mark DeRussy, CFA
         Capital Markets
         561-226-9531
        
         Lynne Hopkins
         Media Relations
         561-226-9431
 
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