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
                                                                                  
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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 * Ciarfella Mark R 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 - Operations
(Last)         (First)         (Middle)
C/O SBA COMMUNICATIONS CORPORATION, 8051 CONGRESS AVENUE
3. Date of Earliest Transaction (MM/DD/YYYY)
8/11/2021
(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)
Code V Amount (A) or (D) Price
Class A Common Stock  8/11/2021    M    2377  A $115.17  23395.132 (1) D   
Class A Common Stock  8/11/2021    S    2377  D $345.00  21018.132  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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options (Right to Buy)  $115.17  8/11/2021    M        2377    (2) 3/6/2024  Class A Common Stock  2377  $0.00  0  D   
Stock Options (Right to Buy)  $156.50                   (3) 3/6/2025  Class A Common Stock  13519    13519  D   
Restricted Stock Units   (4)                  (5)  (5) Class A Common Stock  705    705  D   
Stock Options (Right to Buy)  $182.30                   (6) 3/6/2026  Class A Common Stock  22758    22758  D   
Restricted Stock Units   (4)                  (7)  (7) Class A Common Stock  1386    1386  D   
Restricted Stock Units   (4)                  (8)  (8) Class A Common Stock  1307    1307  D   
Performance Restricted Stock Units   (9)                  (10)  (10) Class A Common Stock  1960    1960  D   
Performance Restricted Stock Units   (9)                  (11)  (11) Class A Common Stock  1960    1960  D   
Restricted Stock Units   (4)                  (12)  (12) Class A Common Stock  2030    2030  D   
Performance Restricted Stock Units   (9)                  (13)  (13) Class A Common Stock  2030    2030  D   
Performance Restricted Stock Units   (9)                  (14)  (14) Class A Common Stock  2030    2030  D   

Explanation of Responses:
(1)  Includes 38.2067 shares acquired through a dividend reinvestment plan.
(2)  These options are immediately exercisable.
(3)  These options vest in accordance with the following schedule: 6,759 vest on each of the first through third anniversaries of the grant date and 6,760 vest on the fourth anniversary of the grant date (March 6, 2018).
(4)  Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
(5)  These restricted stock units vest in accordance with the following schedule: 704 vest on each of the first and the third anniversaries of the grant date and 705 vest on each of the second and the fourth anniversaries of the grant date (March 6, 2018).
(6)  These options vest in accordance with the following schedule: 7,449 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019).
(7)  These restricted stock units vest in accordance with the following schedule: 692 vest on first anniversary of the grant date and 693 vest on each of the second through fourth anniversaries of the grant date (March 6, 2019).
(8)  These restricted stock units vest in accordance with the following schedule: 653 vest on the first and second anniversaries of the grant date and 654 vest on the third anniversary of the grant date (February 25, 2020).
(9)  Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
(10)  These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on February 25, 2023, which is the third anniversary of the grant date. The number of shares of Class A Common Stock that will be earned at the end of the three-year performance period is subject to increase or decrease based on the results of the performance condition.
(11)  These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on February 25, 2023, which is the third anniversary of the grant date. The number of shares of Class A Common Stock that will be earned at the end of the three-year performance period is subject to increase or decrease based on the results of the performance condition.
(12)  These restricted stock units vest in accordance with the following schedule: 676 vest on the first anniversary of the grant date and 677 vest on each of the second and third anniversaries of the grant date (March 4, 2021).
(13)  These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2024, which is the third anniversary of the grant date. The number of shares of Class A Common Stock that will be earned at the end of the three-year performance period is subject to increase or decrease based on the results of the performance condition.
(14)  These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2024, which is the third anniversary of the grant date. The number of shares of Class A Common Stock that will be earned at the end of the three-year performance period is subject to increase or decrease based on the results of the performance condition.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Ciarfella Mark R
C/O SBA COMMUNICATIONS CORPORATION
8051 CONGRESS AVENUE
BOCA RATON, FL 33487


EVP - Operations

Signatures
/s/ Thomas P. Hunt, Attorney-in-Fact 8/13/2021
**Signature of Reporting Person Date
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