SpectraSite Reports Second Quarter 2005 Results

Business Wire, July 28, 2005

CARY, N.C. -- SpectraSite, Inc. (NYSE: SSI), one of the largest wireless tower operators in the United States, today reported results for the quarter ended June 30, 2005.

Total revenues for the second quarter of 2005 were $97.7 million as compared to revenues of $87.6 million for the second quarter of 2004, representing an increase of 11.6%. Operating income for the second quarter of 2005 was $22.5 million as compared to operating income of $14.7 million for the same period in 2004, representing an increase of 53.5%.

Other expense during the second quarter of 2005 was $10.5 million as compared to other expense of $0.5 million during the second quarter of 2004. Other expense items during the second quarter of 2005 primarily related to a $6.0 million decrease in the fair value of the Company's five-year interest rate hedge agreement and $4.5 million of expense associated with the proposed merger with American Tower Corporation.

The Company's income from continuing operations was $0.4 million for the second quarter of 2005 as compared to income from continuing operations of $2.9 million for the same period in 2004. The Company's net loss was $1.4 million for the second quarter of 2005 versus net income of $2.9 million during the second quarter of 2004. The Company's basic and diluted net loss per share was $0.03 during the second quarter of 2005 versus net income of $0.06 per share during the second quarter of 2004.

In describing the second quarter, Stephen H. Clark, President and CEO, stated, "While we clearly posted strong financial results during the second quarter, I am perhaps even more pleased with the current level of demand we are seeing on our towers. Our backlog of new lease applications continues to remain robust, which bodes well for the remainder of the year and into 2006."

Pursuant to SpectraSite's May 3, 2005, merger agreement with American Tower Corporation, American Tower Corporation has agreed to expand the size of its board of directors from six to ten members and appoint four new board members from the SpectraSite board of directors, effective at the closing of the merger. The nominating and corporate governance committees of each company unanimously recommended that each of Stephen H. Clark, Paul Albert, Jr., Dean Douglas and Samme Thompson be appointed to American Tower Corporation's board at the closing. In the joint proxy statement/prospectus mailed to stockholders in connection with the merger, the companies had previously identified Timothy G. Biltz as an anticipated director nominee. Mr. Biltz has indicated to the companies that, due to personal reasons, he has declined to be nominated as a director.

At June 30, 2005, the Company had $88.6 million of cash on hand and $748 million of debt. The Company owned or operated 7,834 towers and in-building systems as of June 30, 2005.

Conference Call Information

The Company is planning to host a conference call on Thursday, July 28, 2005, at 10:00 a.m. Eastern Daylight Time to discuss second quarter 2005 results. Dial in information is as follows: 800-261-6483, access code 7926293. A replay of the conference call will be available beginning two hours after the call has ended until August 4, 2005. The replay dial in information is as follows: (800) 642-1687, access code 7926293.

About SpectraSite, Inc.

SpectraSite, Inc. (www.spectrasite.com), based in Cary, North Carolina, is one of the largest wireless tower operators in the United States. At June 30, 2005, SpectraSite owned or operated approximately 10,000 revenue producing sites, including 7,834 towers and in-building systems primarily in the top 100 markets in the United States. SpectraSite's customers are leading wireless communications providers, including Cingular, Nextel, Sprint PCS, T-Mobile and Verizon Wireless.

Safe Harbor

This press release and oral statements made from time to time by representatives of the Company may contain "forward-looking statements" concerning the Company's financial and operating outlook, plans and strategies, its share repurchase program, the proposed merger with American Tower Corporation, and the trading markets for its securities. These forward-looking statements are subject to a number of risks and uncertainties. The Company wishes to caution readers that certain factors may impact the Company's actual results and could cause results for subsequent periods to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Such factors include, but are not limited to (i) the Company's ability to consummate its previously announced merger transaction with American Tower Corporation, (ii) the Company's substantial capital requirements and debt, (iii) market conditions, (iv) the Company's dependence on demand for wireless communications and related infrastructure, (v) competition in the communications tower industry, including the impact of technological developments, (vi) consolidation in the wireless industry and the tower industry, (vii) future regulatory actions, (viii) conditions in its operating areas, and (ix) management's estimates and assumptions included in the Company's 2005 outlook. These and other important factors are described in more detail in the "Risk Factors" and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's SEC filings and public announcements. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.