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American Tower Corporation (NYSE: AMT) today reported financial results for the quarter ended June 30, 2013.
Jim Taiclet, American Tower’s Chief Executive Officer stated, “During the second quarter of 2013, our Core results significantly outperformed our internal expectations as demand for tower space drove robust leasing activity across our global portfolio. The combination of our extensive, high quality asset base and long-term master lease agreements with leading mobile operators resulted in strong growth in each of our key operating metrics.
"We expect the favorable leasing trends we have seen so far this year to continue generating solid Core performance, offsetting potential headwinds from the translation of foreign currency exchange rates. As a result, we are reaffirming our full year outlook for total rental and management revenue and raising our full year outlook for Adjusted EBITDA by $5 million and AFFO by $10 million.”
SECOND QUARTER 2013 OPERATING RESULTS OVERVIEW
American Tower generated the following operating results for the quarter ended June 30, 2013 (unless otherwise indicated, all comparative information is presented against the quarter ended June 30, 2012).
Total revenue increased 15.9% to $808.8 million and total rental and management revenue increased 15.7% to $789.2 million. Total rental and management revenue Core Growth was approximately 18.1%. Please refer to the selected statement of operations detail on page 13, which highlights the items affecting all Core Growth percentages for the quarter ended June 30, 2013.
Total rental and management Gross Margin increased 14.2% to $594.8 million. Total selling, general, administrative and development expense was $99.8 million, including $16.6 million of stock-based compensation expense. Adjusted EBITDA increased 12.5% to $524.0 million, Core Growth in Adjusted EBITDA was 14.7%, and Adjusted EBITDA Margin was 65%.
As previously disclosed, during the second quarter of 2012, the Company's results were positively impacted by the reversal of approximately $4.9 million of revenue reserves and approximately $3.8 million of bad debt expense reserves, attributable to one of the Company's tenants in Mexico.