Statement of Changes of Beneficial Ownership

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* Lazarus Brian D	2. Issuer Name and Ticker or Trading Symbol SBA COMMUNICATIONS CORP [ SBAC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __ X __ Officer (give title below) _____ Other (specify below) VP & Chief Accounting Officer
(Last) (First) (Middle) C/O SBA COMMUNICATIONS CORPORATION, 5900 BROKEN SOUND PARKWAY, NW	3. Date of Earliest Transaction (MM/DD/YYYY) 3/9/2012
(Street) BOCA RATON, FL 33487 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	3/9/2012		M		1189	A	$19.68	2542	D
Class A Common Stock	3/9/2012		M		2814	A	$28.54	5356	D
Class A Common Stock	3/9/2012		S		1189	D	$49.7	4167	D
Class A Common Stock	3/9/2012		S		2814	D	$49.71	1353	D

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options (Right to Buy)	$19.68	3/9/2012		M			1189	⁽¹⁾	3/5/2016	Class A Common Stock	1189	$ 0	18935	D
Stock Options (Right to Buy)	$26.20							⁽²⁾	10/9/2016	Class A Common Stock	722		722	D
Stock Options (Right to Buy)	$28.54	3/9/2012		M			2814	⁽²⁾	2/26/2014	Class A Common Stock	2814	$ 0	0	D
Stock Options (Right to Buy)	$32.39							⁽²⁾	2/28/2015	Class A Common Stock	5675		5675	D
Stock Options (Right to Buy)	$31.09							⁽³⁾	9/12/2015	Class A Common Stock	5985		5985	D
Stock Options (Right to Buy)	$35.71							⁽⁴⁾	3/4/2017	Class A Common Stock	12626		12626	D
Restricted Stock Units	⁽⁵⁾							⁽⁶⁾	⁽⁶⁾	Class A Common Stock	1441		1441	D
Stock Options (Right to Buy)	$42.15							⁽⁷⁾	3/4/2018	Class A Common Stock	12011		12011	D
Restricted Stock Units	⁽⁵⁾							⁽⁸⁾	⁽⁸⁾	Class A Common Stock	2073		2073	D
Stock Options (Right to Buy)	$47.52							⁽⁹⁾	3/6/2019	Class A Common Stock	12640		12640	D
Restricted Stock Units	⁽⁵⁾							⁽¹⁰⁾	⁽¹⁰⁾	Class A Common Stock	2795		2795	D

Explanation of Responses:
( 1)	These options vest in accordance with the following schedule: 7,303 vest on each of the first through the third anniversaries of the grant date and 7,304 vest on the fourth anniversary of the grant date (March 5, 2009).
( 2)	These options are immediately exercisable.
( 3)	These options vest in accordance with the following schedule: 2,500 vest on each of the first through fourth anniversaries of the grant date (September 12, 2008).
( 4)	These options vest in accordance with the following schedule: 3,156 vest on each of the first and the third anniversary of the grant date and 3,157 vest on each of the second and the fourth anniversary of the grant date (March 4, 2010).
( 5)	Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
( 6)	These restricted stock units vest in accordance with the following schedule: 720 vest on each of the first through the third anniversaries of the grant date and 721 vest on the fourth anniversary of the grant date (March 4, 2010).
( 7)	These options vest in accordance with the following schedule: 3,002 vest on the first anniversary of the grant date and 3,003 vest on each of the third through fourth anniversaries of the grant date (March 4, 2011).
( 8)	These restricted stock units vest in accordance with the following schedule: 691 vest on each of the first through fourth anniversaries of the grant date (March 4, 2011).
( 9)	These options vest in accordance with the following schedule: 3,160 vest on each of the first through fourth anniversaries of the grant date (March 6, 2012).
( 10)	These restricted stock units vest in accordance with the following schedule: 698 vest on the first anniversary of the grant date and 699 vest on each of the second through fourth anniversaries of the grant date (March 6, 2012).

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Lazarus Brian D C/O SBA COMMUNICATIONS CORPORATION 5900 BROKEN SOUND PARKWAY, NW BOCA RATON, FL 33487			VP & Chief Accounting Officer

Signatures
/s/ Joshua M. Koenig, Attorney-in-Fact		3/9/2012
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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