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 * 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)
SVP & Chief Accounting Officer
(Last)         (First)         (Middle)
C/O SBA COMMUNICATIONS CORPORATION, 8051 CONGRESS AVENUE
3. Date of Earliest Transaction (MM/DD/YYYY)
9/3/2021
(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  9/3/2021    M    24263  A $115.17  44590.349 (1) D   
Class A Common Stock  9/3/2021    S    13534  D $365.86 (2) 31056.349  D   
Class A Common Stock  9/3/2021    S    10729  D $366.57 (3) 20327.349  D   
Class A Common Stock  9/7/2021    M    868  A $115.17  21195.349  D   
Class A Common Stock  9/7/2021    F    273 (4) D $366.48  20922.349  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  9/3/2021    M        24263    (5) 3/6/2024  Class A Common Stock  24263  $0.00  868  D   
Stock Options (Right to Buy)  $115.17  9/7/2021    M        868    (5) 3/6/2024  Class A Common Stock  868  $0.00  0  D   
Stock Options (Right to Buy)  $156.50                   (6) 3/6/2025  Class A Common Stock  21243    21243  D   
Restricted Stock Units   (7)                  (8)  (8) Class A Common Stock  554    554  D   
Stock Options (Right to Buy)  $182.30                   (9) 3/6/2026  Class A Common Stock  23512    23512  D   
Restricted Stock Units   (7)                  (10)  (10) Class A Common Stock  1093    1093  D   
Restricted Stock Units   (7)                  (11)  (11) Class A Common Stock  1037    1037  D   
Performance Restricted Stock Units   (12)                  (13)  (13) Class A Common Stock  1555    1555  D   
Performance Restricted Stock Units   (12)                  (14)  (14) Class A Common Stock  1555    1555  D   
Restricted Stock Units   (7)                  (15)  (15) Class A Common Stock  1624    1624  D   
Performance Restricted Stock Units   (12)                  (16)  (16) Class A Common Stock  1624    1624  D   
Performance Restricted Stock Units   (12)                  (17)  (17) Class A Common Stock  1624    1624  D   

Explanation of Responses:
(1)  Includes 74.53 shares acquired through a dividend reinvestment plan.
(2)  Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $365.26 and $366.25 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
(3)  Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $366.27 and $367.08 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
(4)  Represents shares used to pay option exercise price or withheld for payment of tax liability.
(5)  These options are immediately exercisable.
(6)  These options vest in accordance with the following schedule: 5,310 vest on the first anniversary of the grant date and 5,311 vest on each of the second through fourth anniversaries of the grant date (March 6, 2018).
(7)  Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
(8)  These restricted stock units vest in accordance with the following schedule: 553 vest on each of the first and third anniversaries of the grant date and 554 vest on each of the second and fourth anniversaries of the grant date (March 6, 2018).
(9)  These options vest in accordance with the following schedule: 5,878 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019).
(10)  These restricted stock units vest in accordance with the following schedule: 546 vest on each of the first and third anniversaries of the grant date and 547 vest on each of the second and fourth anniversaries of the grant date (March 6, 2019).
(11)  These restricted stock units vest in accordance with the following schedule: 518 vest on the first and second anniversaries of the grant date and 519 vest on the third anniversary of the grant date (February 25, 2020).
(12)  Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
(13)  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.
(14)  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.
(15)  These restricted stock units vest in accordance with the following schedule: 541 vest on each of the first and second anniversaries of the grant date and 542 vest on the third anniversary of the grant date (March 4, 2021).
(16)  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.
(17)  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
Lazarus Brian D
C/O SBA COMMUNICATIONS CORPORATION
8051 CONGRESS AVENUE
BOCA RATON, FL 33487


SVP & Chief Accounting Officer

Signatures
/s/ Thomas P. Hunt, Attorney-in-Fact 9/8/2021
**Signature of Reporting Person Date
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