(State or Other Jurisdiction

of Incorporation)

(IRS Employer

Identification No.)

5900 Broken Sound Parkway N.W.

Boca Raton, FL

clarifies that the senior secured revolving credit facility (the “Senior Credit Facility”) will terminate on January 18, 2011;

confirms that upon the release of any of the borrowers under the mortgage loan underlying the CMBS Certificates, the released entities will become guarantors under the credit facility;

eliminates the ability of SBASF and its subsidiaries to enter into additional securitization arrangements;

amends the definition of Excluded Subsidiaries such that only subsidiaries of SBASF, rather than of SBA (other than SBA Telecommunications, Inc. (“Telecommunications”)), are required to guarantee SBASF’s obligations under the credit facility;

modifies the provision relating to the limitation of asset sales and when the net proceeds of asset sales are required to be used to permanently reduce the credit facility commitments and repay outstanding revolving loans;

amends the definition of Consolidated Adjusted EBITDA to reflect recent changes in GAAP;

reduces the maximum financial ratio of Consolidated Total Debt to Annualized Adjusted EBITDA that SBASF must maintain to 5.0 times; and

expands the approved use of proceeds for borrowings under the credit facility to general corporate purposes, including distributions to Telecommunications.

During the second quarter of 2009, SBA repurchased, for cash, $10.4 million principal amount of the 2005 CMBS Certificates, $10.8 million principal amount of 2006 CMBS Certificates and $51.5 million of the 0.375% Convertible Senior Notes due 2010 for aggregate consideration of $71.0 million. During the second quarter of 2009, SBA also repaid $234.7 million of principal outstanding under the Senior Credit Facility and $1.5 million of principal outstanding under the Optasite Credit Facility. As a result of such repurchases and repayments, as of June 30, 2009, SBA had (1) $381.3 million principal amount outstanding of the 2005 CMBS Certificates, (2) $1,079.5 million principal amount outstanding of the 2006 CMBS Certificates, (3) $4.4 million principal amount outstanding under the Senior Credit Facility and (4) $146.0 million principal amount outstanding under the Optasite Credit Facility. In addition, as of June 30, 2009, SBA had $34.4 million principal amount outstanding of the 0.375% Notes, $550.0 million principal amount outstanding of the 1.875% Notes and $500.0 million principal amount outstanding of the 4.0% Notes.

During the second quarter of 2009, SBA acquired 95 towers, resulting in SBA owning 8,004 towers as of June 30, 2009.

SBA announces its estimates of selected retrospective adjustments that will be required to the results of operations for the years ended December 31, 2007 and December 31, 2008 as a result of SBA’s adoption of FASB Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement) (“FSP APB 14-1”). Specifically, non-cash interest expense is expected to increase by $14.0 million and $34.0 million and amortization of deferred financing fees is expected to decrease by $0.4 million and $0.9 million for the years ended December 31, 2007 and December 31, 2008, respectively. In addition, the gain from write-off of deferred financing fees and extinguishment of debt is expected to increase by $12.6 million for the year ended December 31, 2008 as a result of the retrospective application of FSP APB 14-1.

Exhibit No.

Description