SBA Communications Corporation Reports 2nd Quarter 2014 Results; Provides 3rd Quarter and Updated Full Year 2014 Outlook

SBA Communications Corporation Reports 2nd Quarter 2014 Results; Provides 3rd
Quarter and Updated Full Year 2014 Outlook

BOCA RATON, Fla., July 24, 2014 (GLOBE NEWSWIRE) -- SBA Communications
Corporation (Nasdaq:SBAC) ("SBA" or the "Company") today reported results for
the quarter ended June 30, 2014. Highlights of the results include:

Second quarter over year earlier period:

  *Site leasing revenue growth of 22%
  *Tower Cash Flow growth of 27%
  *Net loss decreased from $36 million to $10 million
  *Adjusted EBITDA growth of 28%
  *AFFO Per Share growth of 31%

"We had another excellent quarter and continue to have the strong momentum
that we have experienced since the beginning of the year," commented Jeffrey
A. Stoops, President and Chief Executive Officer. "Year-to-date leasing
activity and current backlogs evidence very strong customer activity in all of
our markets. In the US, 4G network activity levels remain high, while in our
Latin American markets customers are primarily focused on enhancing their 3G
networks. As a result, we are experiencing and expect continued strong organic
revenue growth. We believe our recently announced acquisition of an additional
1,641 sites from Oi, expected to close by year-end, was well-priced and adds
high growth, quality wireless sites to our portfolio. As a result of our
expectations around continued strong organic revenue contributions and our
pending portfolio additions, we are once again able to increase meaningfully
our full year 2014 Outlook."

Operating Results

Total revenues in the second quarter of 2014 were $383.4 million compared to
$324.3 million in the year earlier period, an increase of 18.2%. Site leasing
revenue of $340.5 million increased 21.8% over the year earlier period.
Domestic cash site leasing revenue was $276.6 million in the second quarter of
2014 compared to $244.7 million in the year earlier period, an increase of
13.0%. International cash site leasing revenue was $48.6 million in the second
quarter of 2014 compared to $17.9 million in the year earlier period, an
increase of 171.2%.

Site leasing Segment Operating Profit of $265.1 million increased 25.2% over
the year earlier period. Site leasing contributed 96.0% of the Company's total
Segment Operating Profit in the second quarter of 2014. Domestic site leasing
Segment Operating Profit of $224.9 million increased 13.3% over the year
earlier period. International site leasing Segment Operating Profit of $40.2
million increased 205.1% over the year earlier period. Site development
revenues were $43.0 million in the second quarter of 2014 compared to $44.8
million in the year earlier period, a decrease of 4.1%. Site development
Segment Operating Profit Margin was 25.4% in the second quarter of 2014
compared to 19.8% in the year earlier period.

Tower Cash Flow for the second quarter of 2014 was $259.0 million, a 27.0%
increase over the year earlier period. Tower Cash Flow Margin for the second
quarter of 2014 was 79.6% compared to 77.6% in the year earlier period.

Domestic Tower Cash Flow for the second quarter of 2014 was $224.4 million
compared to $191.5 million in the year earlier period, an increase of 17.2%.
International Tower Cash Flow for the second quarter of 2014 was $34.7 million
compared to $12.4 million in the year earlier period, an increase of 179.7%.

Net loss for the second quarter of 2014 was $9.5 million or $0.07 per share
compared to a net loss of $35.9 million or $0.28 per share in the year earlier
period.

Adjusted EBITDA in the second quarter of 2014 was $251.1 million compared to
$196.4 million in the year earlier period, an increase of 27.8%. Adjusted
EBITDA Margin was 68.2% in the second quarter of 2014 compared to 63.9% in the
year earlier period.

Net Cash Interest Expense was $71.3 million in the second quarter of 2014
compared to $62.4 million in the year earlier period.

AFFO increased 31.8% to $170.6 million in the second quarter of 2014 compared
to $129.5 million in the year earlier period. AFFO per share increased 31.0%
to $1.31 in the second quarter of 2014 compared to $1.00 in the year earlier
period.

Investing Activities

During the second quarter of 2014, SBA purchased 45 communication sites for
$28.5 million in cash. SBA also built 51 towers during the second quarter of
2014. As of June 30, 2014, SBA owned or operated 22,305 communication sites,
15,038 of which are located in the United States and its territories, and
7,267 of which are located internationally. In addition, the Company spent
$13.3 million to purchase land and easements and to extend lease terms with
respect to land underlying its towers. Total cash capital expenditures for the
second quarter of 2014 were $79.1 million, consisting of $6.7 million of
non-discretionary cash capital expenditures (tower maintenance and general
corporate) and $72.4 million of discretionary cash capital expenditures (new
tower builds, tower augmentations, acquisitions, purchasing land and
easements, and capital expenditures associated with the purchase of a new
headquarters building).

Subsequent to the second quarter of 2014, the Company acquired 11
communication sites and related assets and liabilities for aggregate
consideration of $8.1 million in cash. In addition to the Company's previously
announced agreement to purchase 1,641 communication sites in Brazil from Oi SA
for an aggregate amount of R$1.17 billion (approximately $527 million), the
Company has agreed to purchase in the U.S. and internationally 87
communication sites for an aggregate amount of $68.2 million. The Company
anticipates that these acquisitions will be consummated by year end 2014.

Financing Activities and Liquidity

SBA ended the second quarter with $6.9 billion of total debt, $149.9 million
of cash and cash equivalents, short-term restricted cash, and short-term
investments, and $6.7 billion of Net Debt (as defined below). SBA's Net Debt
and Net Secured Debt to Annualized Adjusted EBITDA Leverage Ratios were 6.7x
and 4.8x, respectively.

During the second quarter of 2014, the Company received conversion notices
totaling $127.9 million in principal of the 4.0% Notes and settled $121.5
million in principal of the 4.0% Notes for $121.5 million in cash and 2.7
million shares of its Class A common stock with the remaining to be settled in
the third quarter of 2014. Concurrently with the settlement of its conversion
obligation, the Company settled the convertible note hedges receiving 2.7
million shares of its Class A common stock. As a result, SBA's outstanding
share count has not been and will not be impacted by the conversion of these
notes under the current settlement election. Subsequent to the end of the
second quarter, the Company received additional conversion notices totaling
$4.6 million of principal which will settle in the third quarter of 2014.

During the second quarter, the Company paid $276.2 million to early settle
approximately 30% of the outstanding warrants sold in connection with the
issuance of the 4% Notes, representing approximately 4.9 million underlying
shares of Class A common stock, scheduled to mature in the first quarter of
2015. Subsequent to the second quarter, the Company paid $66.7 million to
early settle approximately 7.5% of the original total outstanding warrants,
representing approximately 1.2 million underlying shares, scheduled to mature
in the first quarter of 2015.

During the second 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.

On July 1, 2014, the Company issued $750.0 million aggregate principal amount
of its 4.875% Senior Notes due 2022 (the "4.875% Notes"). The 4.875% Notes
were issued at 99.178% of par value. Interest on the 4.875% Notes is payable
semi-annually on January 15 and July 15 of each year beginning January 15,
2015. The 4.875% Notes mature on July 15, 2022. Net proceeds from the 4.875%
Notes will be used to redeem all of the 8.25% Notes due 2019 including the
associated call premium and pay the conversion obligations with respect to
approximately $121.0 million aggregate principal amount of our 4.0%
Convertible Senior Notes due 2014 (the 4.0% Notes"). All 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 $770.0 million Revolving Credit Facility, and the amount available
based on specified covenants under the facility was $720.0 million.

Outlook

The Company is providing its third 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 and that the previously announced
Oi acquisition will close December 1, 2014. 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 410 to 430 towers. The Full Year 2014 Outlook
also contemplates approximately $1.1 billion of new financing during the
second half of 2014 at an estimated annual interest rate of 3.75% with
proceeds being used to (i) fund the Oi acquisition and (ii) settle for cash
all of the remaining obligations under the Company's 4.0% Convertible Senior
Notes due October 1, 2014 and the related warrants. 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 third and fourth quarters of 2014.


                                    Quarter ending     Full
                                    September 30, 2014 Year 2014
                                    ($'s in millions)
Site leasing revenue ^(1)            $ 343.0 to $ 348.0 $ 1,345.0 to $ 1,355.0
Site development revenue             $37.5  to $ 42.5  $ 155.0   to $ 165.0
Total revenues                       $380.5 to $ 390.5 $ 1,500.0 to $ 1,520.0
Tower Cash Flow                      $258.5 to $ 263.5 $ 1,021.0 to $ 1,031.0
Adjusted EBITDA                      $248.5 to $ 253.5 $ 982.0   to $ 992.0
Net cash interest expense ^(2)       $77.0  to $ 79.0  $ 292.0   to $ 302.0
Non-discretionary cash capital       $7.5   to $ 8.5   $ 24.0    to $ 29.0
expenditures ^(3)
AFFO                                 $158.5 to $ 167.5 $ 642.0   to $ 669.0
Discretionary cash capital           $ 142.0 to $ 152.0 $ 1,732.0 to $ 1,762.0
expenditures ^(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, 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 closed March 31, 2014.

Conference Call Information

SBA Communications Corporation will host a conference call on Friday, July 25,
2014 at 10:00 AM (Eastern) to discuss the quarterly results. The call may be
accessed as follows:

When:                 Friday, July 25, 2014 at 10:00 AM (Eastern)
Dial-in number:       (800) 230-1085
Conference call name: SBA second quarter results
Replay:               July 25, 2014 at 12:30 PM through August 9, 2014 at
                      10:59 AM
                     (Eastern)
Number:               USA (800) 475-6701, International (320) 365-3844
Access Code:          330338
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 third quarter of 2014 and
full year 2014 and the ability to improve upon its full year 2014 Outlook,
(iv) the Company's position as a top operator of communications sites in
Brazil and strong growth in this market for the next decade, (v) timing of
closing for currently pending acquisitions, (vi) the pricing of the Company's
recently announced Oi transaction and the quality of the towers the Company is
acquiring, (vii) spending additional capital in 2014 on acquiring revenue
producing assets not yet identified or under contract, (viii) customer
activity levels during 2014, (ix) Brazil's foreign exchange rates, (x) the
impact associated with iDEN lease terminations, and (xi) 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 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 in the
United States, Brazil, and internationally; (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 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 410 to 430 towers in 2014. With respect to its expectations
regarding the ability to close pending acquisitions, these factors also
include satisfactorily completing due diligence, the amount and quality of due
diligence that the Company is able to complete prior to closing of any
acquisition and its ability to accurately anticipate the future performance of
the acquired towers, 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 For the six months
                                  ended June 30,       ended June 30,
                                  2014      2013       2014       2013
Revenues:                                                       
Site leasing                       $ 340,452 $ 279,501  $ 649,771  $ 553,005
Site development                   42,968   44,804    79,198    84,372
Total revenues                     383,420  324,305   728,969   637,377
Operating expenses:                                             
Cost of revenues (exclusive of
depreciation, accretion, and                                    
amortization shown below):
Cost of site leasing               75,382   67,784    145,122   135,885
Cost of site development           32,056   35,941    59,483    68,535
Selling, general, and              25,441   21,507    50,118    41,938
administrative ^(1)
Acquisition related expenses       2,225    1,957     10,786    7,779
Asset impairment and decommission  3,994    6,493     7,562     10,215
costs
Depreciation, accretion, and       161,005  141,089   305,447   266,725
amortization
Total operating expenses           300,103  274,771   578,518   531,077
Operating income                   83,317   49,534    150,451   106,300
                                                               
Other income (expense):                                         
Interest income                    180      697       266       1,338
Interest expense                   (71,498) (63,117)  (137,525) (122,582)
Non-cash interest expense          (8,293)  (12,144)  (18,596)  (29,509)
Amortization of deferred financing (4,278)  (3,923)   (8,516)   (7,527)
fees
Loss from extinguishment of debt,  (8,236)  (5,618)   (10,187)  (5,760)
net
Other income, net                  1,384    547       19,774    699
Total other expense                (90,741) (83,558)  (154,784) (163,341)
Loss before provision for income   (7,424)  (34,024)  (4,333)   (57,041)
taxes
Provision for income taxes         (2,043)  (1,875)   (3,728)   (1,234)
Net loss                           $ (9,467) $ (35,899) $ (8,061) $ (58,275)
                                                               
Net loss per common share          $ (0.07)  $ (0.28)   $ (0.06)  $ (0.46)
                                                               
Weighted average number of common                               
shares
Basic and diluted                  128,950  127,713   128,756   127,387

(1) Includes non-cash compensation of $6,090 and $4,874 for the three months
ended June 30, 2014 and 2013, respectively, and $10,631 and $8,691 for the six
months ended June 30, 2014 and 2013, respectively.

                                                               

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

                                                  June          December 31,
                                                   30,
                                                  2014          2013
                                                  (unaudited)   
ASSETS                                                          
Current assets:                                                 
Cash and cash equivalents                          $ 107,652     $ 122,112
Restricted cash                                    36,419       47,305
Short-term investments                             5,828        5,446
Accounts receivable, net of allowance of $833 and
$686 at June 30, 2014 and December 31, 2013,       72,782       71,339
respectively
Costs and estimated earnings in excess of billings 25,704       27,864
on uncompleted contracts
Prepaid and other current assets                   65,633       69,586
Total current assets                               314,018      343,652
                                                               
Property and equipment, net                        2,691,302    2,578,444
Intangible assets, net                             4,041,190    3,387,198
Deferred financing fees, net                       75,241       73,042
Other assets                                       442,832      400,852
Total assets                                       $ 7,564,583   $ 6,783,188
                                                               
LIABILITIES AND SHAREHOLDERS' EQUITY                            
Current Liabilities:                                            
Accounts payable                                   $ 27,502      $ 24,302
Accrued expenses                                   76,431       86,131
Current maturities of long-term debt               1,080,200    481,886
Deferred revenue                                   91,020       94,658
Accrued interest                                   54,021       46,689
Other current liabilities                          10,836       14,007
Total current liabilities                          1,340,010    747,673
                                                               
Long-term liabilities:                                          
Long-term debt                                     5,778,891    5,394,721
Other long-term liabilities                        286,394      283,828
Total long-term liabilities                        6,065,285    5,678,549
                                                               
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, 129,104 and 128,432 shares      1,291        1,284
issued and outstanding at June 30, 2014 and
December 31, 2013, respectively
Additional paid-in capital                         2,649,827    2,907,446
Accumulated deficit                                (2,526,146)  (2,518,085)
Accumulated other comprehensive income (loss), net 34,316       (33,679)
Total shareholders' equity                         159,288      356,966
Total liabilities and shareholders' equity         $ 7,564,583   $ 6,783,188
                                                               


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)

                                                       For the three months
                                                       ended June 30,
                                                       2014       2013
CASH FLOWS FROM OPERATING ACTIVITIES:                             
Net loss                                                $ (9,467)  $ (35,899)
Adjustments to reconcile net loss to net cash provided            
by operating activities:
Depreciation, accretion, and amortization               161,005  141,089
Non-cash interest expense                               8,293    12,144
Deferred income tax expense (benefit)                   (437)     406
Non-cash asset impairment and decommission costs        2,556    4,534
Non-cash compensation expense                           6,196    4,930
Amortization of deferred financing fees                 4,278    3,923
Loss from extinguishment of debt, net                   8,236    5,618
Other non-cash items reflected in the Statements of     89       (1,373)
Operations
Changes in operating assets and liabilities, net of               
acquisitions:
Accounts receivable and costs and estimated earnings in (9,300)   (6,588)
excess of billings on uncompleted contracts, net
Prepaid and other assets                                (22,368)  (15,222)
Accounts payable and accrued expenses                   (567)     2,816
Accrued interest                                        11,816   6,495
Other liabilities                                       8,664    11,058
Net cash provided by operating activities               168,994  133,931
                                                                 
CASH FLOWS FROM INVESTING ACTIVITIES:                             
Acquisitions                                            (39,161)  (47,177)
Capital expenditures                                    (39,913)  (33,779)
Other investing activities                              (687)     (1,095)
Net cash used in investing activities                   (79,761)  (82,051)
                                                                 
CASH FLOWS FROM FINANCING ACTIVITIES:                             
Net borrowings (repayments) under Revolving Credit      100,000  (100,000)
Facility
Repayment of Term Loans                                 (2,500)   (502,500)
Proceeds from employee stock purchase/stock option      5,535    1,780
plans
Proceeds from settlement of convertible note hedges     3        137,623
Proceeds from issuance of Tower Securities              —         1,305,935
Payments for settlement of convertible debt             (121,289) (794,996)
Payments for settlement of common stock warrants        (276,227) (23,648)
Payment of restricted cash relating to SBA Tower Trust  —         (7,333)
Other financing activities                              (10,286)  (354)
Net cash provided by (used in) financing activities     (304,764) 16,507
                                                                 
Effect of exchange rate changes on cash and cash        269      (1,175)
equivalents
                                                                 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS    (215,262) 67,212
CASH AND CASH EQUIVALENTS:                                        
Beginning of period                                     322,914  122,230
End of period                                           $ 107,652 $ 189,442

Selected Capital Expenditure Detail

                                            For the three For the six
                                            months ended  months ended
                                            June 30, 2014 June 30, 2014
                                            (in thousands)
                                                         
Tower new build construction                 $ 17,428      $ 33,664
Tower upgrades/augmentations                 12,405       23,525
Purchase of headquarters building            3,394        3,538
Non-discretionary capital expenditures:                   
Maintenance/improvement capital expenditures 4,829        7,764
General corporate expenditures               1,857        3,660
Total non-discretionary capital expenditures 6,686        11,424
Total capital expenditures                   $ 39,913      $ 72,151

Communication Site Portfolio Summary

                                              Domestic International Total
                                                                   
Sites owned at March 31, 2014                  15,034  7,229        22,263
Sites acquired during the second quarter       40      5            45
Sites built during the second quarter          18      33           51
Sites decommissioned during the second quarter (54)    —            (54)
Sites owned at June 30, 2014                   15,038  7,267        22,305

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, 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 and indentures
relating to our 8.25% Notes, 5.625% Notes, 5.75% Notes, and 4.875% 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:

                        Domestic Site       Int'l Site Leasing Total Site Leasing
                         Leasing
                        For the three       For the three      For the three
                         months              months             months
                        ended June 30,      ended June 30,     ended June 30,
                        2014      2013      2014      2013     2014      2013
                        (in thousands)
                                                                    
Segment revenue          $ 285,168 $ 259,754 $ 55,284  $ 19,747 $ 340,452 $ 279,501
Segment cost of revenues
(excluding               (60,314) (61,220) (15,068) (6,564) (75,382) (67,784)
depreciation,accretion,
and amortization)
Segment operating profit $ 224,854 $ 198,534 $ 40,216  $ 13,183 $ 265,070 $ 211,717
                                                                    
Segment operating profit 78.8%     76.4%     72.7%     66.8%    77.9%     75.7%
margin


                                                         Site Development
                                                         For the three months
                                                         ended June 30,
                                                         2014       2013
                                                         (in thousands)
                                                                   
Segment revenue                                           $ 42,968   $ 44,804
Segment cost of revenues (excluding                       (32,056)  (35,941)
depreciation,accretion, and amortization)
Segment operating profit                                  $ 10,912   $ 8,863
                                                                   
Segment operating profit margin                           25.4%      19.8%

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

The tables below set 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 months For the three
                                                           months
               ended June 30,        ended June 30,       ended June 30,
               2014       2013       2014       2013      2014      2013
               (in thousands)
Site leasing    $ 285,168  $ 259,754  $ 55,284   $ 19,747  $ 340,452 $ 279,501
revenue
Non-cash
straight-line   (8,562)   (15,018)  (6,655)   (1,815)  (15,217) (16,833)
leasing revenue
Cash site       276,606   244,736   48,629    17,932   325,235  262,668
leasing revenue
Site leasing
cost of
revenues
(excluding      (60,314)  (61,220)  (15,068)  (6,564)  (75,382) (67,784)
depreciation,
accretion, and
amortization)
Non-cash
straight-line   8,079     7,986     1,093     1,023    9,172    9,009
ground lease
expense
Tower Cash Flow $ 224,371  $ 191,502  $ 34,654   $ 12,391  $ 259,025 $ 203,893
Tower Cash Flow 81.1%      78.2%      71.3%      69.1%     79.6%     77.6%
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 June 30,
                                           2014        2013
                                           (in thousands)
Net loss                                    $ (9,467)   $ (35,899)
Non-cash straight-line leasing revenue      (15,217)   (16,833)
Non-cash straight-line ground lease expense 9,172      9,009
Non-cash compensation                       6,196      4,930
Loss from extinguishment of debt, net       8,236      5,618
Other income                                (1,384)    (547)
Acquisition related expenses                2,225      1,957
Asset impairment and decommission costs     3,994      6,493
Interest income                             (180)      (697)
Total interest expense ^(1)                 84,069     79,184
Depreciation, accretion, and amortization   161,005    141,089
Provision for taxes ^(2)                    2,407      2,085
Adjusted EBITDA                             $ 251,056   $ 196,389
Annualized Adjusted EBITDA ^(3)             $ 1,004,224 $ 785,556

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

(2) For the three months ended June 30, 2014 and 2013, these amounts included
$364 and $210, respectively, of franchise and gross receipts 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 June 30,
                                                         2014       2013
                                                         (in thousands)
Total revenues                                            $ 383,420  $ 324,305
Non-cash straight-line leasing revenue                    (15,217)  (16,833)
Total revenues minus non-cash straight-line leasing       $ 368,203  $ 307,472
revenue
Adjusted EBITDA                                           $ 251,056  $ 196,389
Adjusted EBITDA Margin                                    68.2%      63.9%

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 June 30,
                                                         2014      2013
                                                         (in thousands)
Net loss                                                  $ (9,467) $ (35,899)
Adjusted tax provision (benefit) ^(1)                     (218)    966
Real estate related depreciation, amortization, and       159,637  139,923
accretion
FFO                                                       $ 149,952 $ 104,990
                                                                  
Adjustments to FFO:                                                
Non-cash straight-line leasing revenue                    (15,217) (16,833)
Non-cash straight-line ground lease expense               9,172    9,009
Non-cash compensation                                     6,196    4,930
Non-real estate related depreciation, amortization, and   1,368    1,166
accretion
Amortization of deferred financing costs and debt         12,571   16,067
discounts
Interest deemed paid upon conversion of convertible notes 145      549
Loss from extinguishment of debt, net                     8,236    5,618
Other income                                              (1,384)  (547)
Acquisition related expenses                              2,225    1,957
Asset impairment and decommission costs                   3,994    6,493
Non-discretionary cash capital expenditures               (6,686)  (3,947)
AFFO                                                      $ 170,572 $ 129,452
                                                                  
Weighted average number of common shares ^(2)             130,034  128,916
                                                                  
AFFO per share                                            $ 1.31    $ 1.00

(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, Net Secured 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:

                                                               June 30,
                                                               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
Revolving Credit Facility                                       100,000
2012-1 Term Loan A                                              180,000
2014 Term Loan B (carrying value of $1,496,407)                 1,500,000
Total secured debt                                              4,950,000
                                                               
4.0% Convertible Senior Notes (carrying value of $370,200)      378,370
8.25% 2019 Senior Notes (carrying value of $242,484)            243,750
5.625% 2019 Senior Notes                                        500,000
5.75% 2020 Senior Notes                                         800,000
Total unsecured debt                                            1,922,120
Total debt                                                      $ 6,872,120
                                                               
Leverage Ratio                                                  
Total debt                                                      $ 6,872,120
Less: Cash and cash equivalents, short-term restricted cash and (149,899)
short-term investments
Net debt                                                        $ 6,722,221
                                                               
Divided by: Annualized Adjusted EBITDA                          $ 1,004,224
                                                               
Leverage Ratio                                                  6.7x
                                                               
Secured Leverage Ratio                                          
Total secured debt                                              $ 4,950,000
Less: Cash and cash equivalents, short-term restricted cash and (149,899)
short-term investments
Net Secured Debt                                                $ 4,800,101
                                                               
Divided by: Annualized Adjusted EBITDA                          $ 1,004,224
                                                               
Secured Leverage Ratio                                          4.8x

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