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TheStreet Open House

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

Stocks in this article: AMT

INVESTING AND FINANCING OVERVIEW

Cash Paid for Capital Expenditures – During the second quarter of 2012, total capital expenditures of $105.4 million included $49.5 million for capital projects, including the construction of 64 communications sites domestically and 500 towers internationally and the installation of 94 shared generators domestically; $12.5 million to purchase land under the Company’s communications sites; $18.1 million for the redevelopment of existing communications sites to accommodate new tenant equipment; and $25.2 million for capital improvements and corporate capital expenditures.

During the first half of 2012, total capital expenditures of $226.4 million included $113.3 million for capital projects, including the construction of 93 communications sites domestically and 1,097 towers internationally and the installation of 203 shared generators domestically; $27.2 million to purchase land under the Company’s communications sites; $40.9 million for the redevelopment of existing communications sites to accommodate new tenant equipment; and $45.0 million for capital improvements and corporate capital expenditures.

Cash Paid for Acquisitions – During the second quarter of 2012, the Company spent $373.5 million on acquisitions, which consisted of the purchase of 45 domestic towers and 1,120 international towers and amounts due for previously closed acquisitions. During the second quarter of 2012, the Company closed and paid for the following international towers, pursuant to previously announced agreements: 29 towers in Colombia, 129 towers in Mexico and 962 towers in Uganda. In addition, at the end of the quarter, the Company acquired 700 towers in Brazil, which were funded subsequent to the second quarter of 2012.

During the first half of 2012, the Company spent $532.9 million on acquisitions, which consisted of the purchase of 80 domestic towers, 1,920 international towers and amounts due for acquisitions that closed in December of 2011.

Stock Repurchase Program – During the second quarter of 2012, the Company repurchased a total of approximately 0.1 million shares of its common stock for approximately $5.9 million pursuant to its stock repurchase program. Between July 1, 2012 and July 20, 2012, the Company repurchased approximately 17,900 additional shares of its common stock for an aggregate of approximately $1.3 million.

During the first half of 2012, the Company repurchased a total of approximately 0.2 million shares of its common stock for approximately $10.8 million pursuant to its stock repurchase program.

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