SBA Communications Corporation Reports 1st Quarter 2014 Results; Provides 2nd Quarter and Updated Full Year 2014 Outlook

SBA Communications Corporation Reports 1st Quarter 2014 Results; Provides 2nd
Quarter and Updated Full Year 2014 Outlook

BOCA RATON, Fla., May 1, 2014 (GLOBE NEWSWIRE) -- SBA Communications
Corporation (Nasdaq:SBAC) ("SBA" or the "Company") today reported results for
the quarter ended March 31, 2014. Highlights of the results include:

First quarter over year earlier period:

  *Site leasing revenue growth of 13%
  *Tower Cash Flow growth of 21%
  *Net loss decreased from $22 million to net income of $1 million
  *Adjusted EBITDA growth of 21%
  *AFFO Per Share growth of 20%

"We had an excellent first quarter and expect another good year in 2014,"
commented Jeffrey A. Stoops, President and Chief Executive Officer. "Among
many highlights in our first quarter, we are particularly pleased with our
expense performance which produced industry leading Tower Cash Flow and
Adjusted EBITDA margin results. Year-to-date leasing activity and current
backlogs evidence very strong customer activity in all of our markets. As a
result, we are able to make sizeable increases in our 2014 Outlook, which
increases are driven almost entirely by organic activity. With our recently
closed acquisition of 2,007 sites from Oi, Brazil now joins our U.S. and other
markets as fully scaled and capable operations, well-positioned to continue to
participate in the projected growth of wireless in their respective regions.
Our balance sheet and liquidity positions are both sound, and give us plenty
of resources to pursue additional quality portfolio growth opportunities. We
believe 2014 will be another year of material growth in AFFO per share for
SBA."

Operating Results

Total revenues in the first quarter of 2014 were $345.5 million compared to
$313.1 million in the year earlier period, an increase of 10.4%. Site leasing
revenue of $309.3 million increased 13.1% over the year earlier period.
Domestic cash site leasing revenue was $268.7 million in the first quarter of
2014 compared to $238.3 million in the year earlier period, an increase of
12.8%. International cash site leasing revenue was $29.6 million in the first
quarter of 2014 compared to $17.7 million in the year earlier period, an
increase of 67.2%.

Site leasing Segment Operating Profit of $239.6 million increased 16.6% over
the year earlier period. Site leasing contributed 96.5% of the Company's total
Segment Operating Profit in the first quarter of 2014. Site development
revenues were $36.2 million in the first quarter of 2014 compared to $39.6
million in the year earlier period, an 8.4% decrease. Site development Segment
Operating Profit Margin was 24.3% in the first quarter of 2014 compared to
17.6% in the year earlier period.

Tower Cash Flow for the first quarter of 2014 was $237.5 million, a 20.5%
increase over the year earlier period. Tower Cash Flow Margin for the first
quarter of 2014 was 79.6% compared to 77.0% in the year earlier period.

Domestic Tower Cash Flow for the first quarter of 2014 was $214.4 million
compared to $185.0 million in the year earlier period, an increase of 15.9%.
International Tower Cash Flow for the first quarter of 2014 was $23.1 million
compared to $12.1 million in the year earlier period, an increase of 91.9%.

Net income for the first quarter of 2014 was $1.4 million or $0.01 per share
compared to a $22.4 million loss or $(0.18) per share in the year earlier
period. Net income for the quarter was positively impacted by $17.9 million of
gains on the Company's currency hedges entered into in connection with the Oi
acquisition which closed on March 31, 2014.

Adjusted EBITDA in the first quarter of 2014 was $226.7 million compared to
$187.7 million in the year earlier period, an increase of 20.7%. Adjusted
EBITDA Margin was 67.8% in the first quarter of 2014 compared to 63.5% in the
year earlier period.

Net Cash Interest Expense was $65.9 million in the first quarter of 2014
compared to $58.9 million in the year earlier period.

AFFO increased 21.8% to $153.8 million in the first quarter of 2014 compared
to $126.3 million in the year earlier period. AFFO per share increased 20.4%
to $1.18 in the first quarter of 2014 compared to $0.98 in the year earlier
period.

Investing Activities

During the first quarter of 2014, SBA purchased 2,188 communication sites for
$900.6 million in cash, net of currency hedging benefits, which included the
March 31, 2014 acquisition of 2,007 communication sites from Oi S.A. in Brazil
(the "Oi Acquisition"). SBA also built 57 towers during the first quarter of
2014. As of March 31, 2014, SBA owned or operated 22,263 communication sites,
15,034 of which are located in the United States and its territories, and
7,229 of which are located internationally. In addition, the Company spent
$9.3 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 2014 were $947.5 million, consisting of $4.7 million of
non-discretionary cash capital expenditures (tower maintenance and general
corporate) and $942.8 million of discretionary cash capital expenditures net
of currency hedging benefits (new tower builds, tower augmentations,
acquisitions and related earn-outs, purchasing land and easements, and capital
expenditures associated with the purchase of a new headquarters building).

Subsequent to the first quarter of 2014, the Company acquired 12 towers and
related assets and liabilities for aggregate consideration of $8.9 million in
cash. The Company has agreed to purchase 59 towers for an aggregate amount of
$35.5 million. The Company anticipates that these acquisitions will be
consummated by the end of the third quarter of 2014.

Financing Activities and Liquidity

SBA ended the first quarter with $6.9 billion of total debt, $363.2 million of
cash and cash equivalents, short-term restricted cash, and short-term
investments, and $6.5 billion of Net Debt (as defined below). SBA's Net Debt
and Net Secured Debt to Annualized Adjusted EBITDA Leverage Ratios were 7.2x
and 5.0x, respectively.

During the first quarter of 2014, the Company, through its wholly owned
subsidiary, SBA Senior Finance II LLC, obtained a new senior secured Term Loan
with an initial aggregate principal amount of $1.5 billion that was issued at
99.75% of par value and matures on March 24, 2021 ("2014 Term Loan B"). Net
proceeds from the 2014 Term Loan B were used to (1) repay in full the
remaining $180.5 million balance of the 2011 Term Loan B, (2) repay in full
the remaining $110.0 million balance of the 2012-2 Term Loan B, (3) repay the
$390.0 million outstanding balance under the Company's Revolving Credit
Facility, and (4) pay the cash consideration in connection with the Oi
Acquisition. The remaining net proceeds will be used for general corporate
purposes.

As of the date of this press release, the Company had no amounts outstanding
under the $770 million Revolving Credit Facility, and the amount available
based on specified covenants under the facility was $675 million.

Effective March 17, 2014, the Company elected to settle the principal amount
of any conversions on its 4.0% Convertible Senior Notes due 2014 ("4.0%
Notes") in cash and any additional conversion consideration at the conversion
rate then applicable in shares of its Class A common stock. Concurrently with
the settlement of any converted 4.0% Notes, SBA will settle the associated
convertible note hedges and receive an equal number of shares to those issued
to the noteholders. As a result, SBA's outstanding share count will not be
impacted by the early conversion of these notes under the current settlement
election. The Company received conversion notices totaling $259,000 of
principal during the first quarter of 2014 and conversion notices totaling
$121.3 million of principal subsequent to the end of the first quarter, all of
which will settle in the second quarter of 2014.

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 2014 Outlook and updating its Full
Year 2014 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 2014 Outlook assumes approximately $56.7 million of
non-cash straight-line leasing revenue. The 2014 Outlook for site leasing
revenue, Tower Cash Flow, Adjusted EBITDA and AFFO includes an assumed
negative impact of $16 million associated with iDEN lease terminations, which
from a timing perspective have been assumed to occur on the basis least
favorable to SBA pursuant to previously negotiated contractual rights. The
2014 Outlook assumes the acquisitions of only those communication sites under
contract at the time of this press release. The Company intends to spend
additional capital in 2014 on acquiring revenue producing assets not yet
identified or under contract, the impact of which is not reflected in the 2014
guidance. The Company's Full Year 2014 Outlook includes new tower builds in
the U.S. and internationally of 400 to 420 towers. The Full Year 2014 Outlook
also contemplates approximately $1.3 billion of new financing during 2014 at
an estimated annual interest rate of 4.0% with proceeds being used to (i) call
the Company's 8.25% Senior Notes in August 2014, and (ii) settle for cash all
of the obligations under the Company's 4.0% Convertible Senior Notes due
October 1, 2014 and the related warrants upon maturity. Finally, the Company's
Outlook also assumes an average foreign currency exchange rate of 2.30
Brazilian Reais to 1.0 U.S. Dollar for the second, third, and fourth quarters
of 2014.

                      Quarter ending            Full
                      June 30, 2014              Year 2014
                      ($'s in millions)
Site leasing revenue   $333.0   to   $338.0   $1,317.0   to  $ 1,337.0
^(1)
Site development       $32.5    to   $37.5    $130.0     to  $150.0
revenue
Total revenues        $365.5   to   $375.5   $1,447.0   to  $1,487.0
Tower Cash Flow       $248.0   to   $253.0   $989.0     to  $1,009.0
Adjusted EBITDA       $236.5   to   $241.5   $942.0     to  $962.0
Net cash interest      $71.0    to   $73.0    $279.0     to  $289.0
expense ^(2)
Non-discretionary cash
capital expenditures   $7.5     to   $8.5     $24.0      to  $29.0
^(3)
AFFO                  $152.0   to   $161.0   $616.0     to  $652.0
Discretionary cash
capital expenditures   $91.0    to   $101.0   $1,160.0   to  $1,190.0
^(4) (5)
                                                             
(1) The Company's Outlook for site leasing revenue includes revenue associated
with pass through reimbursable expenses.
(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, communication site
acquisitions and related earn-outs, ground lease purchases, and capital
expenditures associated with the purchase of a new corporate headquarters
building. Excludes expenditures for revenue producing assets not under
contract at the date of this press release.
(5)Discretionary cash capital expenditures for the full year 2014 Outlook are
net of a $17.9 million gain recognized in the first quarter of 2014 upon the
settlement of currency hedges entered into in connection with the Oi
acquisition.

Conference Call Information

SBA Communications Corporation will host a conference call on Friday, May 2,
2014 at 10:00 AM (Eastern) to discuss the quarterly results. The call may be
accessed as follows:

When:                Friday, May 2, 2014 at 10:00 AM (Eastern)
Dial-in number:       (800) 230-1092
Conference call name: SBA first quarter results
Replay:               May 2, 2014 at 12:30 PM through May 16, 2014 at 10:59
                      AM(Eastern)
Number:              USA (800) 475-6701, International (320) 365-3844
Access Code:          324818
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) continued
strength in the leasing and services segments for 2014, (ii) portfolio and
organic growth for 2014, both domestically and internationally, (iii) the
Company's financial and operational guidance for the second quarter of 2014
and full year 2014 and the ability to improve upon its full year 2014 Outlook,
(iv) timing of closing for currently pending acquisitions, (v) spending
additional capital in 2014 on acquiring revenue producing assets not yet
identified or under contract, (vi) customer activity levels during 2014, (vii)
Brazil's foreign exchange rates, (viii) the impact associated with iDEN lease
terminations, and (ix) the amount and terms of any future financing and that
such financing will be sufficient for its anticipated uses.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, 2014.

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 communication
sites into its business and to achieve the financial results projected in its
valuation models for the acquired assets; (3) the Company's ability to
refinance its 8.25% Senior Notes, and its 4.0% Notes on expected terms; (4)
the Company's ability to secure and retain as many site leasing tenants as
planned at anticipated lease rates; (5) the impact of continued consolidation
among wireless service providers on the Company's leasing revenue; (6) the
Company's ability to successfully manage the risks associated with
international operations, including risks associated with foreign currency
exchange rates; (7) the Company's ability to secure and deliver anticipated
services business at contemplated margins; (8) the Company's ability to
maintain expenses and cash capital expenditures at appropriate levels for its
business; (9) the Company's ability to acquire land underneath towers on terms
that are accretive; (10) the Company's ability to realize economies of scale
from its tower portfolio; (11) the Company's ability to comply with covenants
and the terms of its credit instruments; (12) the economic climate for the
wireless communications industry in general and the wireless communications
infrastructure providers in particular; (13) the continued dependence on
towers and outsourced site development services by the wireless carriers; and
(14) 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 and regulatory approvals, weather, availability of labor and supplies
and other factors beyond the Company's control that could affect the Company's
ability to build 400 to 420 towers in 2014. With respect to its expectations
regarding the ability to close pending acquisitions, these factors also
include satisfactorily completing due diligence, the ability to receive
required regulatory approval, the ability and willingness of each party to
fulfill their respective closing conditions and their contractual obligations
and the availability of cash on hand or borrowing capacity under the Revolving
Credit Facility to fund the consideration.

This press release contains non-GAAP financial measures. Reconciliation of
each of these non-GAAP financial measures and the other Regulation G
information 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
communication sites 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,
                                                   2014         2013
Revenues:                                                       
Site leasing                                        $309,320   $273,504
Site development                                    36,230       39,567
Total revenues                                      345,550      313,071
                                                               
Operating expenses:                                             
Cost of revenues (exclusive of depreciation,                    
accretion, and amortization shown below):
Cost of site leasing                                69,740       68,101
Cost of site development                            27,427       32,594
Selling, general, and administrative ^(1)           24,676       20,431
Acquisition relatedexpenses                        8,561        5,822
Asset impairment and decommission costs             3,568        3,722
Depreciation, accretion, and amortization           144,442      125,636
Total operating expenses                            278,414      256,306
                                                               
Operating income                                    67,136       56,765
                                                               
Other income (expense):                                         
Interest income                                     86           641
Interest expense                                    (66,027)     (59,465)
Non-cash interest expense                           (10,304)     (17,364)
Amortization of deferred financing fees             (4,237)      (3,604)
Loss from extinguishment of debt, net               (1,951)      (142)
Other income (expense)                              18,390       152
Total other expense                                 (64,043)     (79,782)
                                                               
Income (loss) before provision for income taxes     3,093        (23,017)
                                                               
Benefit (provision) for income taxes                (1,686)      641
                                                               
Net income (loss)                                   $1,407     $(22,376)
                                                               
Income (loss) per common share                                  
Basic                                               $0.01      $(0.18)
Diluted                                             $0.01      $(0.18)
                                                               
Weighted average number of common shares                        
Basic                                               128,560      127,057
Diluted                                             138,356      127,057
                                                               
(1) Includes non-cash compensation of $4,541 and $3,817 for the three months
ended March 31, 2014 and 2013, respectively.


CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
                                                                
                                                                
                                                    March 31,    December 31,
                                                    2014         2013
                                                    (unaudited)  
ASSETS                                                           
Current assets:                                                  
Cash and cash equivalents                            $322,914   $122,112
Restricted cash                                      35,220       47,305
Short-term investments                               5,054        5,446
Accounts receivable, net of allowance of $827 and
$686 at March 31, 2014 and December 31, 2013,        68,102       71,339
respectively
Costs and estimated earnings in excess of billings   22,114       27,864
on uncompleted contracts
Prepaid and other current assets                     62,724       69,586
Total current assets                                 516,128      343,652
                                                                
Property and equipment, net                          2,693,015    2,578,444
Intangible assets, net                               4,081,286    3,387,198
Deferred financing fees, net                         80,578       73,042
Other assets                                         420,335      400,852
Total assets                                         $7,791,342 $6,783,188
                                                                
LIABILITIES AND SHAREHOLDERS' EQUITY                             
Current Liabilities:                                             
Accounts payable                                     $26,310    $24,302
Accrued expenses                                     79,639       86,131
Current maturities of long-term debt                 503,776      481,886
Deferred revenue                                     89,915       94,658
Accrued interest                                     42,205       46,689
Other current liabilities                            14,934       14,007
Total current liabilities                            756,779      747,673
                                                                
Long-term liabilities:                                           
Long-term debt                                       6,365,982    5,394,721
Other long-term liabilities                          272,393      283,828
Total long-term liabilities                          6,638,375    5,678,549
                                                                
Redeemable noncontrolling interests                  —            —
                                                                
Shareholders' equity:                                            
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, 128,788 and 128,432 shares issued 1,288        1,284
and outstanding at March 31, 2014 and December 31,
2013, respectively
Additional paid-in capital                           2,912,250    2,907,446
Accumulated deficit                                  (2,516,678)  (2,518,085)
Accumulated other comprehensive income (loss), net   (672)        (33,679)
Total shareholders' equity                           396,188      356,966
Total liabilities and shareholders' equity           $7,791,342 $6,783,188


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
                                                                 
                                                       For the three months
                                                       ended March 31,
                                                       2014       2013
CASH FLOWS FROM OPERATING ACTIVITIES:                             
Net income (loss)                                       $1,407   $(22,376)
Adjustments to reconcile net income (loss) to net cash            
provided by operating activities:
Depreciation, accretion, and amortization               144,442    125,636
Non-cash interest expense                               10,304     17,364
Deferred income tax (benefit) expense                   474        (1,802)
Non-cash asset impairment and decommission costs        3,213      2,892
Non-cash compensation expense                           4,618      3,874
Amortization of deferred financing fees                 4,237      3,604
Loss from extinguishment of debt, net                   1,951      142
Other non-cash items reflected in the Statements of     (297)      166
Operations
Changes in operating assets and liabilities, net of               
acquisitions:
Accounts receivable and costs and estimated earnings in 8,644      (13,688)
excess of billings on uncompleted contracts, net
Prepaid and other assets                                1,196      (18,434)
Accounts payable and accrued expenses                   657        (400)
Accrued interest                                        (4,485)    (2,094)
Other liabilities                                       2,604      (656)
Net cash provided by operating activities               178,965    94,228
                                                                 
CASH FLOWS FROM INVESTING ACTIVITIES:                             
Acquisitions and related earn-outs                      (933,110)  (209,542)
Capital expenditures                                    (32,238)   (36,423)
Other investing activities                              444        1,308
Net cash used in investing activities                   (964,904)  (244,657)
                                                                 
CASH FLOWS FROM FINANCING ACTIVITIES:                             
Net repayments under Revolving Credit Facility          (215,000)  —
Repayment of Term Loans                                 (293,000)  (4,500)
Proceeds from employee stock purchase/stock option      89         4,325
plans
Proceeds from Term Loans, net of fees                   1,484,213  —
Proceeds from settlement of convertible note hedges     1          45,230
Repayment of BNDES Loans                                (6,105)    —
Principal payments under capital lease obligations      (433)      (395)
Payment of deferred financing fees                      (1,419)    (851)
Payment for purchase of noncontrolling interests        —          (6,008)
Other financing activities                              414        —
Net cash provided by financing activities               968,760    37,801
                                                                 
Effect of exchange rate changes on cash and cash        17,981     1,759
equivalents
                                                                 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS    200,802    (110,869)
CASH AND CASH EQUIVALENTS:                                        
Beginning of period                                     122,112    233,099
End of period                                           $322,914 $122,230

                                                                 
Selected Capital Expenditure Detail                               
                                                                 
                                                  For the three months ended
                                                  March 31,
                                                  2014            2013
                                                  (in thousands)
                                                                 
Tower new build construction                       $16,236       $23,368
Tower upgrades/augmentations                       11,120          8,322
Purchase of headquarters building                  144             —
Non-discretionary capital expenditures:                           
Maintenance/improvement capital                    2,935           3,046
expenditures
General corporate expenditures                     1,803           1,687
Total non-discretionary capital                    4,738           4,733
expenditures
Total capital expenditures                         $32,238       $36,423
                                                                 
                                                                 
Communication Site Portfolio Summary                              
                                                                 
                                          Domestic International   Total
                                                                 
                                                                 
Sites owned at December 31, 2013           14,886   5,193           20,079
Sites acquired during the first quarter    177      2,011           2,188
Sites built during the first quarter       30       27              57
Sites decommissioned during the first      (59)     (2)             (61)
quarter
Sites owned at March 31, 2014              15,034   7,229           22,263

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) Cash Site Leasing Revenue; (iii)
Tower Cash Flow and Tower Cash Flow Margin; (iv) Adjusted EBITDA, Annualized
Adjusted EBITDA, and Adjusted EBITDA Margin; (v) Net Debt, Net Secured Debt,
Leverage Ratio, and Secured Leverage Ratio (collectively, our "Non-GAAP Debt
Measures"); and (vi) 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) Cash Site Leasing Revenue and Tower Cash Flow are indicators 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, Total 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 communication site 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 communication
site 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,
                               2014       2013       2014         2013
                               (in thousands)
                                                               
Segment revenue                 $309,320 $273,504 $36,230    $39,567
Segment cost of revenues
(excluding depreciation,        (69,740)   (68,101)   (27,427)     (32,594)
accretion, and amortization)
Segment operating profit        $239,580 $205,403 $8,803     $6,973
                                                               
Segment operating profit margin 77.5%      75.1%      24.3%        17.6%

Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin

The table below sets forth the reconciliation of Cash Site Leasing Revenue and
Tower Cash Flow to their most comparable GAAP measurement and Tower Cash Flow
Margin, which is calculated by dividing Tower Cash Flow by Cash Site Leasing
Revenue. Tower Cash Flow for each of the periods set forth in the Outlook
section above will be calculated in the same manner.

              Domestic Site Leasing Int'l Site Leasing  Total Site Leasing
              For the three months  For the three       For the three months
                                     months
              ended March 31,       ended March 31,     ended March 31,
              2014       2013       2014      2013      2014       2013
              (in thousands)
Site leasing   $275,061 $254,072 $34,259 $19,432 $309,320 $273,504
revenue
Non-cash
straight-line  (6,394)    (15,732)   (4,633)   (1,727)   (11,027)   (17,459)
leasing
revenue
Cash site
leasing        268,667    238,340    29,626    17,705    298,293    256,045
revenue
Site leasing
cost of
revenues
(excluding     (62,214)   (61,390)   (7,526)   (6,711)   (69,740)   (68,101)
depreciation,
accretion, and
amortization)
Non-cash
straight-line  7,930      8,055      1,043     1,064     8,973      9,119
ground lease
expense
Tower Cash     $214,383 $185,005 $23,143 $12,058 $237,526 $197,063
Flow
Tower Cash     79.8%      77.6%      78.1%     68.1%     79.6%      77.0%
Flow Margin

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,
                                         2014              2013
                                         (in thousands)
Net income (loss)                         $1,407          $(22,376)
Non-cash straight-line leasing revenue    (11,027)          (17,459)
Non-cash straight-line ground lease       8,973             9,119
expense
Non-cash compensation                     4,618             3,874
Loss from extinguishment of debt, net     1,951             142
Other (income) expense                    (18,390)          (152)
Acquisition related expenses              8,561             5,822
Asset impairment and decommission costs   3,568             3,722
Interest income                           (86)              (641)
Total interest expense ^(1)               80,568            80,433
Depreciation, accretion, and amortization 144,442           125,636
Provision (benefit) for taxes ^(2)        2,084             (400)
Adjusted EBITDA                           $226,669        $187,720
Annualized Adjusted EBITDA ^(3)           $906,676        $750,880
                                                          
(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, 2014 and 2013, these amounts
included $398 and $241, 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,
                                                        2014       2013
                                                        (in thousands)
Total revenues                                           $345,550 $313,071
Non-cash straight-line leasing revenue                   (11,027)   (17,459)
Total revenues minus non-cash straight-line leasing      $334,523 $295,612
revenue
Adjusted EBITDA                                          $226,669 $187,720
Adjusted EBITDA Margin                                   67.8%      63.5%

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,
                                           2014             2013
                                           (in thousands)
Net income (loss)                           $1,407         $(22,376)
Adjusted tax provision ^(1)                 (110)            (1,957)
Real estate related depreciation,           142,957          124,540
amortization, and accretion
FFO                                         $144,254       $100,207
                                                           
Adjustments to FFO:                                         
Non-cash straight-line leasing revenue      (11,027)         (17,459)
Non-cash straight-line ground lease expense 8,973            9,119
Non-cash compensation                       4,618            3,874
Non-real estate related depreciation,       1,485            1,096
amortization, and accretion
Amortization of deferred financing costs    14,541           20,968
and debt discounts
Interest deemed paid upon conversion of     —                3,646
convertible notes
Loss from extinguishment of debt, net       1,951            142
Other (income) expense                      (18,390)         (152)
Acquisition related expenses                8,561            5,822
Asset impairment and decommission costs     3,568            3,722
Non-discretionary cash capital expenditures (4,738)          (4,733)
AFFO                                        $153,796       $126,252
                                                           
Weighted average number of common shares    129,822          128,409
^(2)
                                                           
AFFO per share                              $1.18          $0.98
                                                           
(1) 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.
(2) For purposes of the AFFO per share calculation, the basic 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 Net Debt and Leverage calculations are as follows:

                                                               March 31,
                                                               2014
                                                               (in thousands)
2010-1 Tower Securities                                         $680,000
2010-2 Tower Securities                                         550,000
2012-1 Tower Securities                                         610,000
2013-1C Tower Securities                                        425,000
2013-2C Tower Securities                                        575,000
2013-1D Tower Securities                                        330,000
2012-1 Term Loan A                                              182,500
2014 Term Loan B (carrying value of $1,496,047)                 1,500,000
BNDES Loans                                                     212
Total secured debt                                              4,852,712
                                                               
4.0% Convertible Senior Notes (carrying value of $478,564)      499,910
8.25% 2019 Senior Notes (carrying value of $242,435)            243,750
5.625% 2019 Senior Notes                                        500,000
5.75% 2020 Senior Notes                                         800,000
Total unsecured debt                                            2,043,660
Total debt                                                      $6,896,372
                                                               
Leverage Ratio                                                  
Total debt                                                      $6,896,372
Less: Cash and cash equivalents, short-term restricted cash and (363,188)
short-term investments
Net debt                                                        $6,533,184
                                                               
Divided by: Annualized Adjusted EBITDA                          $906,676
                                                               
Leverage Ratio                                                  7.2x
                                                               
Secured Leverage Ratio                                          
Total secured debt                                              $4,852,712
Less: Cash and cash equivalents, short-term restricted cash and (363,188)
short-term investments
Net Secured Debt                                                $4,489,524
                                                               
Divided by: Annualized Adjusted EBITDA                          $906,676
                                                               
Secured Leverage Ratio                                          5.0x

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