American Tower Corporation Reports Fourth Quarter and Full Year 2012 Financial Results

Before you go, we thought you'd like these...
Before you go close icon

American Tower Corporation Reports

Fourth Quarter and Full Year 2012 Financial Results

CONSOLIDATED HIGHLIGHTS


Fourth Quarter 2012

  • Total revenue increased 17.6% to $768.4 million
  • Operating income increased 12.7% to $279.2 million
  • Cash provided by operating activities decreased 5.7% to $297.8 million

Full Year 2012

  • Total revenue increased 17.7% to $2,876.0 million
  • Operating income increased 21.7% to $1,119.7 million
  • Cash provided by operating activities increased 21.3% to $1,414.4 million

SEGMENT HIGHLIGHTS

Fourth Quarter 2012

  • Domestic rental and management segment revenue increased 7.5% to $499.9 million
  • International rental and management segment revenue increased 36.3% to $239.8 million
  • Network development services segment revenue was $28.7 million

Full Year 2012

  • Domestic rental and management segment revenue increased 11.3% to $1,940.7 million
  • International rental and management segment revenue increased 34.4% to $862.8 million
  • Network development services segment revenue was $72.5 million

BOSTON--(BUSINESS WIRE)-- American Tower Corporation (NYS: AMT) today reported financial results for the fourth quarter and full year ended December 31, 2012.

Jim Taiclet, American Tower's Chief Executive Officer stated, "2012 represented another strong year of performance, as we remained focused on two primary aspirations: strengthening our core U.S. business by securing extended customer agreements to enable robust, sustained organic growth; and leveraging the rapid global adoption of wireless services to drive our international market expansion. As a result, we were able to achieve Core Growth in rental revenue and Adjusted EBITDA of over 21% and Core Growth in AFFO of nearly 19%.

"Our Outlook for 2013 reflects continued mid-teen Core Growth in rental revenue, Adjusted EBITDA and AFFO, and we are focused on pursuing our disciplined global investment strategy to sustain these levels of growth into the future."

FOURTH QUARTER 2012 OPERATING RESULTS OVERVIEW

American Tower generated the following operating results for the quarter ended December 31, 2012 (unless otherwise indicated, all comparative information is presented against the quarter ended December 31, 2011).

Total revenue increased 17.6% to $768.4 million and total rental and management revenue increased 15.4% to $739.7 million. Total rental and management revenue Core Growth was approximately 19.3%. Please refer to the selected statement of operations detail on page 14, which highlights the items affecting all Core Growth percentages for the quarter ended December 31, 2012.

Total rental and management Gross Margin increased 15.6% to $562.9 million, which includes the impact of a one-time favorable expense item attributable to the domestic rental and management segment, as further described below. Total selling, general, administrative and development expense was $89.4 million, including $11.9 million of stock-based compensation expense. Adjusted EBITDA increased 16.8% to $500.6 million, Core Growth in Adjusted EBITDA was 19.6%, and Adjusted EBITDA Margin was 65%.

Adjusted Funds From Operations (AFFO) increased 4.7% to $289.7 million, which includes the negative impact of two non-recurring international tax payments of approximately $15.5 million in aggregate and new market start-up capital expenditures of approximately $5.6 million. Core Growth in AFFO was approximately 11.6%, and AFFO per Share increased 2.9% to $0.72.

Operating income increased 12.7% to $279.2 million, while net income attributable to American Tower Corporation decreased 33.9% to $135.7 million. The decrease was primarily attributable to a one-time positive net impact of approximately $121.0 million during the fourth quarter of 2011, as a result of the reversal of certain deferred tax assets and liabilities resulting from the Company's conversion to a real estate investment trust (REIT). In addition, contributing to the decrease was the negative impact of approximately $39.4 million that the Company recorded during the fourth quarter of 2012 in relation to valuation allowances attributable to net operating losses generated by its international rental and management segment. Net income attributable to American Tower Corporation per both basic and diluted common share decreased 34.6% to $0.34.

Cash provided by operating activities decreased 5.7% to $297.8 million.

Segment Results

Domestic Rental and Management Segment - Domestic rental and management segment revenue increased 7.5% to $499.9 million, which represented 65% of total revenues. Domestic rental and management segment Gross Margin increased 11.3% to $415.5 million, which includes the favorable one-time impact of approximately $5.7 million related to land rent expense. Domestic rental and management segment Operating Profit increased 10.7% to $390.5 million, and domestic rental and management segment Operating Profit Margin was 78%.

International Rental and Management Segment - International rental and management segment revenue increased 36.3% to $239.8 million, which represented 31% of total revenues. International rental and management segment Gross Margin increased 29.7% to $147.4 million, while international rental and management segment Operating Profit increased 30.5% to $120.2 million.International rental and management segment Operating Profit Margin was 50% (70%, excluding the impact of $67.9 million of pass-through revenues).

Network Development Services Segment - Network development services segment revenue was $28.7 million, which represented 4% of total revenues. Network development services segment Gross Margin was $15.3 million, and network development services segment Operating Profit was $12.9 million. Network development services segment Operating Profit Margin was 45%.

FULL YEAR 2012 OPERATING RESULTS OVERVIEW

American Tower generated the following operating results for the full year ended December 31, 2012 (unless otherwise indicated, all comparative information is presented against the full year ended December 31, 2011).

Total revenue increased 17.7% to $2,876.0 million and total rental and management revenue increased 17.5% to $2,803.5 million. Total rental and management revenue Core Growth was approximately 21.1%. Please refer to the selected statement of operations detail on page 14, which highlights the items affecting all Core Growth percentages for the year ended December 31, 2012.

Total rental and management Gross Margin increased 17.7% to $2,131.9 million. Total selling, general, administrative and development expense was $327.3 million, including $50.2 million of stock-based compensation expense. Adjusted EBITDA increased 18.6% to $1,892.4 million, Core Growth in Adjusted EBITDA was 21.3%, and the Adjusted EBITDA Margin was 66%.

AFFO increased 13.5% to $1,198.1 million, Core Growth in AFFO was approximately 18.8%, and AFFO per Share increased 13.6% to $3.00.

Operating income increased 21.7% to $1,119.7 million, while net income attributable to American Tower Corporation increased 60.7% to $637.3 million. Net income attributable to American Tower Corporation per basic common share increased 61.0% to $1.61, and net income attributable to American Tower Corporation per diluted common share increased 61.6% to $1.60.

Cash provided by operating activities increased 21.3% to $1,414.4 million.

Segment Results

Domestic Rental and Management Segment - Domestic rental and management segment revenue increased 11.3% to $1,940.7 million, which represented 67% of total revenues. Domestic rental and management segment Gross Margin increased 13.8% to $1,583.1 million, while domestic rental and management segment Operating Profit increased 14.0% to $1,497.5 million. Domestic rental and management segment Operating Profit Margin was 77%.

International Rental and Management Segment - International rental and management segment revenue increased 34.4% to $862.8 million, which represented 30% of total revenues. International rental and management segment Gross Margin increased 30.5% to $548.7 million, while international rental and management segment Operating Profit increased 33.9% to $453.1 million. International rental and management segment Operating Profit Margin was 53% (72%, excluding the impact of $229.1 million of pass-through revenues).

Network Development Services Segment - Network development services segment revenue was $72.5 million, which represented 3% of total revenues. Network development services segment Gross Margin was $37.6 million, and network development services segment Operating Profit was $30.9 million. Network development services segment Operating Profit Margin was 43%.

Please refer to "Non-GAAP and Defined Financial Measures" on pages 6 and 7 for definitions of Gross Margin, Operating Profit, Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Funds From Operations, Adjusted Funds From Operations, Adjusted Funds From Operations per Share, Core Growth and Net Leverage Ratio. For additional financial information, including reconciliations to GAAP measures, please refer to the unaudited selected financial information on pages 12 through 16.

INVESTING OVERVIEW

Distributions - On December 31, 2012, the Company paid its fourth quarter distribution of $0.24 per share, or a total of approximately $94.8 million, to stockholders of record at the close of business on December 17, 2012.

During the twelve months ended December 31, 2012, the Company paid an aggregate of $0.90 per share in distributions, or a total of approximately $355.6 million, to its stockholders. Subject to the discretion of the Company's Board of Directors, the Company expects to continue paying regular distributions, the amount and timing of which will be determined by the Board.

Cash Paid for Capital Expenditures - During the fourth quarter of 2012,total capital expenditures of $191.0 million included $86.9 million for discretionary capital projects, including spending to complete the construction of 87 towers and the installation of 6 distributed antenna system networks and 304 shared generators domestically and the construction of 432 towers and the installation of 2 distributed antenna system networks internationally; $33.9 million to purchase land under the Company's communications sites; $28.0 million for the redevelopment of existing communications sites to accommodate new tenant equipment; and $42.3 million for capital improvements and corporate capital expenditures.

During the twelve months ended December 31, 2012,total capital expenditures of $568.0 million included $279.0 million for discretionary capital projects, including spending to complete the construction of 235 towers and the installation of 15 distributed antenna system networks and 603 shared generators domestically and the construction of 2,109 towers and the installation of 2 distributed antenna system networks internationally; $82.3 million to purchase land under the Company's communications sites; $86.7 million for the redevelopment of existing communications sites to accommodate new tenant equipment; and $120.0 million for capital improvements and corporate capital expenditures.

Cash Paid for Acquisitions - During the fourth quarter of 2012, the Company spent $1,175.2 million for the purchase of 627 domestic towers, 24 domestic property interests under third-party communications sites and 2,263 international towers. The international towers consisted of those acquired pursuant to previously announced agreements, including 2,031 towers in Germany, 190 towers in Mexico and 42 towers in Colombia. Subsequent to the end of the fourth quarter of 2012, the Company acquired an additional 883 towers in Mexico for an aggregate purchase price of $248.5 million, subject to post-closing adjustments and value added tax.

During the twelve months ended December 31, 2012, the Company spent $1,998.0 million for the purchase of 713 domestic towers, 24 domestic property interests under third-party communications sites, 5,733 international towers and amounts due for acquisitions completed in December of 2011.

Stock Repurchase Program - During the fourth quarter of 2012, the Company repurchased a total of approximately 0.6 million shares of its common stock for approximately $46.0 million pursuant to its stock repurchase program. Between January 1, 2013 and January 21, 2013, the Company repurchased an additional 15,790 shares of its common stock for an aggregate of $1.2 million.

During the twelve months ended December 31, 2012, the Company repurchased a total of approximately 0.9 million shares of its common stock for approximately $62.7 million pursuant to its stock repurchase program.

FINANCING UPDATE

Leverage - For the quarter ended December 31, 2012, the Company's net leverage ratio was approximately 4.2x net debt (total debt less cash and cash equivalents) to fourth quarter 2012 annualized Adjusted EBITDA.

Liquidity - As of December 31, 2012, the Company had approximately $1.1 billion of total liquidity, comprised of approximately $368.6 million in cash and cash equivalents, plus the ability to borrow an aggregate of approximately $734.6 million under its two revolving credit facilities, net of any outstanding letters of credit.

Subsequent to the end of the fourth quarter of 2012, the Company increased its liquidity by approximately $1.0 billion through the issuance of 3.50% senior unsecured notes due 2023, the net proceeds of which were used to repay borrowings under the Company's revolving credit facilities.

FULL YEAR 2013 OUTLOOK

The following estimates are based on a number of assumptions that management believes to be reasonable and reflect the Company's expectations as of February 26, 2013. These estimates include the impact of the Company's acquisition of 883 towers in Mexico, which closed subsequent to the end of the fourth quarter of 2012 and the construction of between 2,250 to 2,750 new sites. Actual results may differ materially from these estimates as a result of various factors, and the Company refers you to the cautionary language regarding "forward-looking" statements included in this press release when considering this information.

The Company's outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for the full year 2013: (a) 2.00 Brazilian Reais; (b) 475.00 Chilean Pesos; (c) 1,800.00 Colombian Pesos; (d) 0.78 Euros; (e) 1.90 Ghanaian Cedi; (f) 53.00 Indian Rupees; (g) 12.50 Mexican Pesos; (h) 2.55 Peruvian Soles; (i) 8.70 South African Rand; and (j) 2,650.00 Ugandan Schillings.

($ in millions)  Full Year 2013 

Midpoint
Growth

 

Midpoint Core
Growth

Total rental and management revenue$3,160 to $3,21013.6%16.5%
Adjusted EBITDA (1)$2,080to$2,13011.2%14.8%
Adjusted Funds From Operations(1)$1,360to$1,41015.6%16.3%
Net Income$765to$84035.1%N/A
________
(1) See "Non-GAAP and Defined Financial Measures" below.

The Company's outlook for total rental and management revenue reflects the following at the midpoint: (1) domestic rental and management segment revenue of $2,080 million; and (2) international rental and management segment revenue of $1,105 million, which includes approximately $285 million of pass-through revenue.

The calculation of midpoint Core Growth is as follows:

(Totals may not add due to rounding.)

 

Total Rental and
Management
Revenue

Adjusted
EBITDA

 AFFO
Outlook midpoint Core Growth16.5%14.8%16.3%
Estimated impact of fluctuations in foreign currency exchange rates(0.2)%(0.0)%0.0%
Impact of straight-line revenue and expense recognition(2.0)%(2.4)%-
Impact of significant one-time items(1)(0.6)%(1.1)%(0.8)%

Outlook midpoint growth

13.6%11.2%15.6%

___

(1) Attributable to 2012 one-time items and new market start-up capital expenditures of approximately $20 million in 2013.
 
Outlook for Capital Expenditures:

($ in millions)

(Totals may not add due to rounding.)

Full Year 2013
Discretionary capital projects(1)$240 to $300
Ground lease purchases85to105
Redevelopment95to105
Capital improvement(2)105to115
Corporate25

-

25
Total$550to$650

___

(1) Includes the construction of approximately 2,250 to 2,750 new communications sites.
(2) Includes new market start-up capital expenditures of approximately $20 million and spending related to a lighting system upgrade in the U.S of approximately $15 million.

Reconciliations of Outlook for Net Income to Adjusted EBITDA:

($ in millions)

(Totals may not add due to rounding.)

 Full Year 2013
Net income$765 to $840
Interest expense460to450
Depreciation, amortization and accretion755to725
Income tax provision63to73
Stock-based compensation expense65-65
Other, including other operating expenses, interest income, loss on retirement of long-term obligations, (income) loss on equity method investments and other (income) expense(28)to(23)
Adjusted EBITDA$2,080to$2,130
 

Reconciliations of Outlook for Net Income to Adjusted Funds From Operations:

($ in millions)

(Totals may not add due to rounding.)

Full Year 2013
Net income$765to$840
Straight-line revenue(135)-(135)
Straight-line expense31-31
Depreciation, amortization and accretion755to725
Stock-based compensation expense65-65
Non-cash portion of tax provision5to10

Other, including other operating expenses, interest expense, amortization of deferred financing costs, debt discounts and capitalized interest, loss on retirement of long-term obligations, other (income) expense and non-cash interest related to joint venture shareholder loans

4to14
Capital improvement capital expenditures(105)to(115)
Corporate capital expenditures(25)-(25)
Adjusted Funds From Operations$1,360to$1,410

Conference Call Information

American Tower will host a conference call today at 8:30 a.m. ET to discuss its financial results for the fourth quarter and full year ended December 31, 2012 and its outlook for 2013. Supplemental materials for the call will be available on the Company's website, www.americantower.com. The conference call dial-in numbers are as follows:

U.S./Canada dial-in: (866) 740-9153

International dial-in: (706) 645-9644

Passcode: 94770658

When available, a replay of the call can be accessed until 11:59 p.m. ET on March 12, 2013. The replay dial-in numbers are as follows:

U.S./Canada dial-in: (855) 859-2056

International dial-in: (404) 537-3406

Passcode: 94770658

American Tower will also sponsor a live simulcast and replay of the call on its website, www.americantower.com.

About American Tower

American Tower is a leading independent owner, operator and developer of wireless and broadcast communications real estate. American Tower currently owns and operates over 54,000 communications sites in the United States, Brazil, Chile, Colombia, Germany, Ghana, India, Mexico, Peru, South Africa and Uganda. For more information about American Tower, please visit www.americantower.com.

Non-GAAP and Defined Financial Measures

In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this press release, the Company has presented the following non-GAAP and defined financial measures: Gross Margin, Operating Profit, Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Funds From Operations, Adjusted Funds From Operations, Adjusted Funds From Operations per Share, Core Growth and Net Leverage Ratio.

The Company defines Gross Margin as revenues less operating expenses, excluding stock-based compensation expense. The Company defines Operating Profit as Gross Margin less selling, general, administrative and development expense, excluding stock-based compensation expense and corporate expenses. For reporting purposes, the international rental and management segment Operating Profit and Gross Margin also include interest income, TV Azteca, net. These measures of Gross Margin and Operating Profit are also before interest income, interest expense, loss on retirement of long-term obligations, other income (expense), net income attributable to non-controlling interest, income (loss) on equity method investments, income taxes and discontinued operations. The Company defines Operating Profit Margin as the percentage that results from dividing Operating Profit by revenue. The Company defines Adjusted EBITDA as net income before income (loss) from discontinued operations, net, income (loss) from equity method investments, income tax provision (benefit), other (income) expense, loss on retirement of long-term obligations, interest expense, interest income, other operating expenses, depreciation, amortization and accretion and stock-based compensation expense. The Company defines Adjusted EBITDA Margin as the percentage that results from dividing Adjusted EBITDA by total revenue. The Company defines Funds From Operations as net income before real estate related depreciation, amortization and accretion. The Company defines Adjusted Funds From Operations as Funds From Operations before straight-line revenue and expense, stock-based compensation expense, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of deferred financing costs, debt discounts and capitalized interest, other (income) expense, loss on retirement of long-term obligations, other operating (income) expense, less cash payments related to capital improvements and cash payments related to corporate capital expenditures. The Company defines Adjusted Funds From Operations per Share as Adjusted Funds From Operations divided by the diluted weighted average common shares outstanding. Funds From Operations for the three and twelve months ended December 31, 2011 are presented on a pro forma basis and reflect adjustments for income tax provision as if the REIT conversion had occurred on January 1, 2011. The Company defines Core Growth in total rental and management revenue, Adjusted EBITDA and Adjusted Funds From Operations as the increase or decrease, expressed as a percentage, resulting from a comparison of financial results for a current period with corresponding financial results for the corresponding period in a prior year, in each case, excluding the impact of straight-line revenue and expense recognition, foreign currency exchange rate fluctuations and significant one-time items. The Company defines Net Leverage Ratio as net debt (total debt, less cash and cash equivalents) divided by last quarter annualized Adjusted EBITDA. These measures are not intended to replace financial performance measures determined in accordance with GAAP. Rather, they are presented as additional information because management believes they are useful indicators of the current financial performance of the Company's core businesses. The Company believes that these measures can assist in comparing company performances on a consistent basis irrespective of depreciation and amortization or capital structure. Depreciation and amortization can vary significantly among companies depending on accounting methods, particularly where acquisitions or non-operating factors, including historical cost bases, are involved. Notwithstanding the foregoing, the Company's measures of Gross Margin, Operating Profit, Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Funds From Operations, Adjusted Funds From Operations, Adjusted Funds From Operations per Share, Core Growth and Net Leverage Ratio may not be comparable to similarly titled measures used by other companies.

Cautionary Language Regarding Forward-Looking Statements

This press release contains "forward-looking statements" concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts. Examples of these statements include, but are not limited to statements regarding our full year 2013 outlook, foreign currency exchange rates and our expectation regarding the declaration of regular distributions. Actual results may differ materially from those indicated in our forward-looking statements as a result of various important factors, including: (1) decrease in demand for our communications sites would materially and adversely affect our operating results and we cannot control that demand; (2) new technologies or changes in a tenant's business model could make our tower leasing business less desirable and result in decreasing revenues; (3) our business is subject to government regulations and changes in current or future laws or regulations could restrict our ability to operate our business as we currently do; (4) if our tenants consolidate, merge or share site infrastructure with each other to a significant degree, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected; (5) we could suffer adverse tax or other financial consequences if taxing authorities do not agree with our tax positions; (6) a substantial portion of our revenue is derived from a small number of tenants, and we are sensitive to changes in the creditworthiness and financial strength of our tenants; (7) our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates; (8) our expansion initiatives involve a number of risks and uncertainties that could adversely affect our operating results, disrupt our operations or expose us to additional risk if we are not able to successfully integrate operations, assets and personnel; (9) if we are unable to protect our rights to the land under our towers, it could adversely affect our business and operating results; (10) increasing competition in the tower industry may create pricing pressures that may materially and adversely affect us; (11) if we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from such towers would be eliminated; (12) if we fail to qualify as a REIT or fail to remain qualified as a REIT, we would be subject to tax at corporate income tax rates, which would substantially reduce funds otherwise available; (13) we may be limited in our ability to fund required distributions using cash generated through our TRSs; (14) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (15) certain of our business activities may be subject to corporate level income tax and foreign taxes, which reduce our cash flows, and may have deferred and contingent tax liabilities; (16) we may need additional financing to fund capital expenditures, future growth and expansion initiatives and to satisfy our REIT distribution requirements;(17) our leverage and debt service obligations may materially and adversely affect us; (18) restrictive covenants in the loan agreements related to our securitization transaction, the loan agreements for our credit facilities and the indentures governing our debt securities could materially and adversely affect our business by limiting flexibility; (19) we may incur goodwill and other intangible asset impairment charges which could result in a significant reduction to our earnings; (20) we have limited experience operating as a REIT, which may adversely affect our financial condition, results of operations, cash flow and ability to satisfy debt service obligations; (21) we could have liability under environmental and occupational safety and health laws; (22) our towers or data centers may be affected by natural disasters and other unforeseen events for which our insurance may not provide adequate coverage; and (23) our costs could increase and our revenues could decrease due to perceived health risks from radio emissions, especially if these perceived risks are substantiated. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information contained in Item 1A of our Form 10-Q for the nine months ended September 30, 2012. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
      
December 31,December 31,

2012

2011(1)
ASSETS:
Current assets:
Cash and cash equivalents$368,618$330,191
Restricted cash69,31642,215
Short-term investments and available-for-sale securities6,01822,270
Accounts receivable, net136,971100,610
Prepaid and other current assets222,851250,273
Deferred income taxes25,75429,596
Total current assets829,528775,155
Property and equipment, net5,789,9954,981,722
Goodwill2,912,0462,676,290
Other intangible assets, net3,115,0532,495,053
Deferred income taxes213,518209,031
Deferred rent asset776,201609,529
Notes receivable and other non-current assets452,788495,615
Total$14,089,129$12,242,395
 
LIABILITIES AND EQUITY:
Current liabilities:
Accounts payable$89,578$215,931
Accrued expenses286,962305,538
Distributions payable189-
Accrued interest71,27165,729
Current portion of long-term obligations60,031101,816
Unearned revenue124,14792,483
Total current liabilities632,178781,497
Long-term obligations8,693,3457,134,492
Asset retirement obligations435,724344,180
Other non-current liabilities643,701572,084
Total liabilities10,404,9488,832,253
 
COMMITMENTS AND CONTINGENCIES
EQUITY :
Common stock3,9593,936
Additional paid-in capital5,012,1244,903,800
Distributions in excess of earnings(1,196,907)(1,477,899)
Accumulated other comprehensive loss(183,347)(142,617)
Treasury stock(2)(62,728)-
Total American Tower Corporation equity3,573,1013,287,220
Noncontrolling interest111,080122,922
Total equity3,684,1813,410,142
Total$14,089,129$12,242,395
 
(1) December 31, 2011 balances have been revised to reflect purchase accounting measurement period adjustments.
(2) As part of the Company's reorganization to qualify as a REIT for federal income tax purposes, effective December 31, 2011, the Company completed the merger with its predecessor, approved by the Company's stockholders in November 2011. At the time of the merger, each share of Class A common stock of American Tower held in treasury at December 31, 2011 ceased to be outstanding, and a corresponding adjustment was recorded to additional paid‐in capital and common stock.
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Gift Finder Promo
More to Explore
Sat, Dec 03
Set Your Location
City, State, or Zip
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS