Item 8.01 Other Events

On November 20, 2008, SBA Communications Corporation (the "Company") announced that, since the filing of its Quarterly Report on Form 10-Q on November 5, 2008, it had repurchased or agreed to repurchase an aggregate of $37.6 million in principal amount of its 0.375% Convertible Senior Notes due 2010 (the "0.375% Convertible Notes"), an aggregate of $6.2 million of the Series 2005-1 CMBS Certificates (the "2005 CMBS Certificates") and an aggregate of $11.5 million of the Series 2006-1 CMBS Certificates (the "2006 CMBS Certificates"). The Company paid an aggregate of $42.9 million in the privately negotiated transactions. Giving effect to these transactions, the Company has repurchased in the aggregate $203.794 million of indebtedness for cash payments of $107.845 million and 2.735 million shares of the Company's common stock. As a result of these transactions, the Company has outstanding $163.9 million of its 0.375% Convertible Notes, $398.8 million of its 2005 CMBS Certificates and $1,138.5 million of its 2006 CMBS Certificates.

From time to time, in order to optimize its liquidity and leverage and take advantage of certain market opportunities, the Company has and may in the future repurchase, for cash or equity, its outstanding indebtedness, including its 0.375% Convertible Notes, its 1.875% Convertible Senior Notes due 2013, its 2005 CMBS Certificates and 2006 CMBS Certificates in privately-negotiated transactions or in open market transactions.

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