Annual Statement of Changes in Beneficial Ownership (5)

FORM 5

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
[ ] Form 3 Holdings Reported
[ X ] Form 4 Transactions Reported

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* BAGWELL KURT L	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) EVP; Pres. - International
(Last) (First) (Middle) C/O SBA COMMUNICATIONS CORPORATION, 8051 CONGRESS AVENUE	3. Statement for Issuer's Fiscal Year Ended (MM/DD/YYYY) 12/31/2016
(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	3. Trans. Code (Instr. 8)	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	8/8/2016		M4	2104	A ⁽¹⁾	$47.52	93830	D
Class A Common Stock	8/8/2016		F4	879 ⁽²⁾	D ⁽¹⁾	$113.86	92951	D

*Table II - Derivative Securities Acquired, Disposed of, or 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 (MM/DD/YYYY)		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 at End of Issuer's Fiscal Year (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	4. Trans. Code (Instr. 8)	(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)	$47.52	8/8/2016		M4		2104	⁽³⁾	3/6/2019	Class A Common Stock	2104	$0.00	9123	D
Stock Options (Right to Buy)	$72.99						⁽⁴⁾	3/6/2020	Class A Common Stock	46836		46836	D
Restricted Stock Units							⁽⁶⁾	⁽⁶⁾	Class A Common Stock	2045		2045	D
Stock Options (Right to Buy)	$95.53						⁽⁷⁾	3/6/2021	Class A Common Stock	73062		73062	D
Restricted Stock Units							⁽⁸⁾	⁽⁸⁾	Class A Common Stock	3706		3706	D
Stock Options (Right to Buy)	$124.59						⁽⁹⁾	3/5/2022	Class A Common Stock	64435		64435	D
Restricted Stock Units							⁽¹⁰⁾	⁽¹⁰⁾	Class A Common Stock	4837		4837	D
Stock Options (Right to Buy)	$96.58						⁽¹¹⁾	3/4/2023	Class A Common Stock	80832		80832	D
Restricted Stock Units							⁽¹²⁾	⁽¹²⁾	Class A Common Stock	7901		7901	D

Explanation of Responses:
( 1)	This exercise of stock options and related disposition of shares to pay the option exercise price are reported late due to an inadvertent administrative oversight.
( 2)	Represents shares used to pay option exercise price.
( 3)	These options are immediately exercisable.
( 4)	These options vest in accordance with the following schedule: 15,612 vest on each of the first through fourth anniversaries of the grant date and 2,045 vest on the fourth anniversary of the grant date (March 6, 2013).
( 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: 2,044 vest on the first through third anniversaries of the grant date and 2,045 vest on the fourth anniversary of the grant date (March 6, 2013).
( 7)	These options vest in accordance with the following schedule: 18,265 vest on each of the first and the third anniversary of the grant date and 18,266 vest on each of the second and the fourth anniversary of the grant date (March 6, 2014).
( 8)	These restricted stock units vest in accordance with the following schedule: 1,853 vest on each of the first through fourth anniversaries of the grant date (March 6, 2014).
( 9)	These options vest in accordance with the following schedule: 16,108 vest on the first anniversary of the grant date and 16,109 vest on each of the second through fourth anniversaries of the grant date (March 5, 2015).
( 10)	These restricted stock units vest in accordance with the following schedule: 1,612 vest on each of the first through third anniversaries of the grant date and 1,613 vest on the fourth anniversary of the grant date (March 5, 2015).
( 11)	These options vest in accordance with the following schedule: 20,208 vest on each of the first through fourth anniversaries of the grant date (March 4, 2016).
( 12)	These restricted stock units vest in accordance with the following schedule: 1,975 vest on each of the first through third anniversaries of the grant date and 1,976 vest on the fourth anniversary of the grant date (March 4, 2016).

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
BAGWELL KURT L C/O SBA COMMUNICATIONS CORPORATION 8051 CONGRESS AVENUE BOCA RATON, FL 33487			EVP; Pres. - International

Signatures
/s/ Thomas P. Hunt, Attorney-in-Fact		2/14/2017
^** 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).
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