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

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.

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