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TheStreet Open House

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

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).

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