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American Tower Corporation Reports Second Quarter And First Half 2012 Financial Results

Operating income increased 19.8% to $270.5 million. During the quarter, the Company recognized unrealized non-cash losses of $114.9 million associated with fluctuations in foreign currency exchange rates related to intercompany loans and similar unaffiliated balances. In addition, the Company recorded $47.6 million related to a valuation allowance attributable to net operating losses generated by its international rental and management segment. As a result, net income attributable to American Tower Corporation decreased 58.2% to $48.2 million and net income attributable to American Tower Corporation per basic and diluted common share both decreased 58.6% to $0.12.

Adjusted Funds From Operations (AFFO) increased 14.3% to $300.5 million, and AFFO per Share increased 13.6% to $0.75. Core Growth in AFFO was approximately 23.4%.

Cash provided by operating activities increased 31.0% to $360.9 million.

Segment Results

Domestic Rental and Management Segment – Domestic rental and management segment revenue increased 11.4% to $473.4 million, which represented 68% of total revenues. In addition, domestic rental and management segment Gross Margin increased 14.2% to $385.3 million, while domestic rental and management segment Operating Profit increased 14.0% to $364.2 million. Domestic rental and management segment Operating Profit Margin was 77%.

International Rental and Management Segment – International rental and management segment revenue increased 31.4% to $208.9 million, which represented 30% of total revenues. International rental and management segment pass-through revenues increased 38.9% to $55.3 million. In addition, international rental and management segment Gross Margin increased 28.3% to $135.7 million, while international rental and management segment Operating Profit increased 37.9% to $116.2 million. International rental and management segment Operating Profit Margin was 56% (76%, excluding the impact of $55.3 million of pass-through revenues).

Network Development Services Segment – Network development services segment revenue was $15.5 million, which represented 2% of total revenues. Network development services segment Gross Margin was $8.4 million, and network development services segment Operating Profit was $6.5 million. Network development services segment Operating Profit Margin was 42%.

FIRST HALF 2012 OPERATING RESULTS OVERVIEW

American Tower generated the following operating results for the six months ended June 30, 2012 (unless otherwise indicated, all comparative information is presented against the six months ended June 30, 2011).

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