<SEC-DOCUMENT>0001415889-25-007300.txt : 20250306
<SEC-HEADER>0001415889-25-007300.hdr.sgml : 20250306
<ACCEPTANCE-DATETIME>20250306183018
ACCESSION NUMBER:		0001415889-25-007300
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250304
FILED AS OF DATE:		20250306
DATE AS OF CHANGE:		20250306

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Cavanagh Brendan Thomas
		CENTRAL INDEX KEY:			0001293293
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16853
		FILM NUMBER:		25716764

	MAIL ADDRESS:	
		STREET 1:		5900 BROKEN SOUND PARKWAY, NW
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33487-2797

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SBA COMMUNICATIONS CORP
		CENTRAL INDEX KEY:			0001034054
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				650716501
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		8051 CONGRESS AVENUE
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33487
		BUSINESS PHONE:		5612269345

	MAIL ADDRESS:	
		STREET 1:		8051 CONGRESS AVENUE
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33487
</SEC-HEADER>
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    <footnotes>
        <footnote id="F1">Shares withheld for payment of tax liability.</footnote>
        <footnote id="F2">These performance restricted stock units (PSUs) were awarded on March 4, 2022 were subject to increase or decrease based on the results of the performance condition. These PSUs vested at 200% of target based on the results of the performance condition, such that 6,930 shares of Class A Common Stock vested.</footnote>
        <footnote id="F3">These shares are owned by Cavanagh Investments, LLC. The Reporting Person is the manager of Cavanagh Investments, LLC and a trust for the benefit of the Reporting Person's spouse owns all of the equity interests in Cavanagh Investments, LLC. The Reporting Person disclaims beneficial ownership of the shares owned by Cavanagh Investments, LLC, except to the extent of his pecuniary interest therein.</footnote>
        <footnote id="F4">These shares are owned by Eagle SC LLC. The Reporting Person's spouse is the manager of Eagle SC LLC and a trust for the benefit of the Reporting Person owns 95.646% of Eagle SC LLC, and the Reporting Person is the trustee of the trust.</footnote>
        <footnote id="F5">These stock options are fully vested and exercisable.</footnote>
        <footnote id="F6">Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.</footnote>
        <footnote id="F7">These restricted stock units vest in accordance with the following schedule: 1,155 vest on the first through third anniversaries of the grant date (March 4, 2022)</footnote>
        <footnote id="F8">Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.</footnote>
        <footnote id="F9">These performance restricted stock units have a three-year performance period and to the extent earned vest on March 4, 2025. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.</footnote>
        <footnote id="F10">The PSUs previously reported as acquired by the reporting person were forfeited because the minimum performance criteria required for vesting was not met.</footnote>
        <footnote id="F11">These performance restricted stock units have a three-year performance period and to the extent earned vest on March 4, 2025. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.</footnote>
        <footnote id="F12">These restricted stock units units vest in accordance with the following schedule: 1,445 vet on the first through third anniversaries of the grant date (March 6, 2023).</footnote>
        <footnote id="F13">These performance restricted stock units have a three-year performance period and to the extent earned vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.</footnote>
        <footnote id="F14">These performance restricted stock units have a three-year performance period and to the extent earned vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.</footnote>
        <footnote id="F15">These restricted stock units vest in accordance with the following schedule: 3,966 vest on the first through third anniversaries of the grant date (March 6, 2024).</footnote>
        <footnote id="F16">These performance restricted stock units will be earned based upon the Issuer's performance on each of three different financial metrics during the three-year performance period.  Once earned, the performance restricted stock units will vest on March 6, 2027. The number of shares of Class A Common Stock that will be earned subject to decrease or increase (up to 200%) based on the results of the performance conditions.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Joshua Koenig, Attorney-in-Fact</signatureName>
        <signatureDate>2025-03-06</signatureDate>
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