INVESTING OVERVIEW

Distributions – On December 31, 2012, the Company paid its fourth quarter distribution of $0.24 per share, or a total of approximately $94.8 million, to stockholders of record at the close of business on December 17, 2012.

During the twelve months ended December 31, 2012, the Company paid an aggregate of $0.90 per share in distributions, or a total of approximately $355.6 million, to its stockholders. Subject to the discretion of the Company’s Board of Directors, the Company expects to continue paying regular distributions, the amount and timing of which will be determined by the Board.

Cash Paid for Capital Expenditures During the fourth quarter of 2012, total capital expenditures of $191.0 million included $86.9 million for discretionary capital projects, including spending to complete the construction of 87 towers and the installation of 6 distributed antenna system networks and 304 shared generators domestically and the construction of 432 towers and the installation of 2 distributed antenna system networks internationally; $33.9 million to purchase land under the Company’s communications sites; $28.0 million for the redevelopment of existing communications sites to accommodate new tenant equipment; and $42.3 million for capital improvements and corporate capital expenditures.

During the twelve months ended December 31, 2012, total capital expenditures of $568.0 million included $279.0 million for discretionary capital projects, including spending to complete the construction of 235 towers and the installation of 15 distributed antenna system networks and 603 shared generators domestically and the construction of 2,109 towers and the installation of 2 distributed antenna system networks internationally; $82.3 million to purchase land under the Company’s communications sites; $86.7 million for the redevelopment of existing communications sites to accommodate new tenant equipment; and $120.0 million for capital improvements and corporate capital expenditures.

Cash Paid for Acquisitions During the fourth quarter of 2012, the Company spent $1,175.2 million for the purchase of 627 domestic towers, 24 domestic property interests under third-party communications sites and 2,263 international towers. The international towers consisted of those acquired pursuant to previously announced agreements, including 2,031 towers in Germany, 190 towers in Mexico and 42 towers in Colombia. Subsequent to the end of the fourth quarter of 2012, the Company acquired an additional 883 towers in Mexico for an aggregate purchase price of $248.5 million, subject to post-closing adjustments and value added tax.

During the twelve months ended December 31, 2012, the Company spent $1,998.0 million for the purchase of 713 domestic towers, 24 domestic property interests under third-party communications sites, 5,733 international towers and amounts due for acquisitions completed in December of 2011.

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