American Tower Corporation (NYSE: AMT) today reported financial results for the fourth quarter and full year ended December 31, 2011. Jim Taiclet, American Tower’s Chief Executive Officer stated, “In 2007, we set out to achieve a goal of simultaneously doubling the size of our communications site portfolio and our Adjusted EBITDA over a five year time horizon. Based on the outlook we have provided today, we expect to accomplish these strategic objectives in 2012, primarily due to our extension of the tower leasing business model into select international markets and the continued growth of our U.S. business. In addition, at the beginning of 2012, we completed another key milestone, with our successful conversion to a real estate investment trust. We intend to sustain our focus on disciplined asset growth and operational excellence as the global leader in wireless communications real estate leasing.” FOURTH QUARTER 2011 OPERATING RESULTS OVERVIEW American Tower generated the following operating results for the quarter ended December 31, 2011 (unless otherwise indicated, all comparative information is presented against the quarter ended December 31, 2010). Total revenue increased 19.3% to $653.2 million and total rental and management revenue increased 19.5% to $640.9 million. Total rental and management Gross Margin increased 17.7% to $486.9 million. Total selling, general, administrative and development expense was $73.9 million, including $10.7 million of stock-based compensation expense. Adjusted EBITDA increased 17.3% to $428.6 million, and the Adjusted EBITDA Margin was 66%. Total rental and management revenue Core Growth was approximately 23.0% and Core Growth in Adjusted EBITDA was approximately 18.2%. The selected statement of operations detail on page 14 highlights the items that affected these Core Growth percentages. Operating income increased 21.8% to $247.7 million, while net income attributable to American Tower Corporation increased 141.1% to $201.3 million. Net income attributable to American Tower Corporation per basic and diluted common share both increased 142.9% to $0.51. Net income attributable to American Tower Corporation reflects the positive net impact of approximately $121.0 million due to the reversal of certain deferred tax assets and liabilities resulting from the Company’s conversion to a real estate investment trust (REIT).