American Tower Corporation Reports Third Quarter and Year to Date 2012 Financial Results

  American Tower Corporation Reports Third Quarter and Year to Date 2012
  Financial Results

CONSOLIDATED HIGHLIGHTS

Third Quarter 2012

  *Total revenue increased 13.2% to $713.3 million
  *Operating income increased 29.5% to $295.6 million
  *Cash provided by operating activities increased 21.7% to $353.7 million

Year to Date 2012

  *Total revenue increased 17.7% to $2,107.6 million
  *Operating income increased 25.0% to $840.5 million
  *Cash provided by operating activities increased 31.4% to $1,116.5 million

SEGMENT HIGHLIGHTS

Third Quarter 2012

  *Domestic rental and management segment revenue increased 10.0% to $480.4
    million
  *International rental and management segment revenue increased 22.0% to
    $217.2 million
  *Network development services segment revenue was $15.8 million

Year to Date 2012

  *Domestic rental and management segment revenue increased 12.6% to $1,440.8
    million
  *International rental and management segment revenue increased 33.7% to
    $623.0 million
  *Network development services segment revenue was $43.8 million

Business Wire

BOSTON -- October 31, 2012

American Tower Corporation (NYSE: AMT)  today reported financial results for
the quarter ended September 30, 2012.

Jim Taiclet, American Tower’s Chief Executive Officer stated, “During the
third quarter, our disciplined investments in portfolio growth and
industry-leading operational efficiency once again yielded strong results,
with Core Growth in revenue, Adjusted EBITDA and AFFO all over 18%.

We expect a strong finish to 2012, given the robust business momentum we are
seeing both in the U.S. and our international markets. Looking forward, we are
focused on providing our investors with a compelling total return opportunity,
supported by solid growth in both AFFO per share and our dividend.”

THIRD QUARTER 2012 OPERATING RESULTS OVERVIEW

American Tower generated the following operating results for the quarter ended
September 30, 2012 (unless otherwise indicated, all comparative information is
presented against the quarter ended September 30, 2011).

Total revenue increased 13.2% to $713.3 million and total rental and
management revenue increased 13.5% to $697.6 million. Total rental and
management revenue Core Growth was approximately 18.4%. Please refer to the
selected statement of operations detail on page 14, which highlights the items
affecting all Core Growth percentages for the quarter ended September 30,
2012.

Total rental and management Gross Margin increased 14.2% to $524.0 million.
Total selling, general, administrative and development expense was $81.5
million, including approximately $12.6 million of stock-based compensation
expense. Adjusted EBITDA increased 15.7% to $463.6 million, Core Growth in
Adjusted EBITDA was approximately 19.1% and the Adjusted EBITDA Margin was
65%.

Adjusted Funds From Operations (AFFO) increased 10.2% to $284.1 million, Core
Growth in AFFO was approximately 20.2% and AFFO per Share increased 9.2% to
$0.71.

Operating income increased 29.5% to $295.6 million, and net income
attributable to American Tower Corporation increased to $232.1 million. Net
income attributable to American Tower Corporation per basic and diluted common
share increased to $0.59 and $0.58, respectively.

Cash provided by operating activities increased 21.7% to $353.7 million.

Segment Results

Domestic Rental and Management Segment – Domestic rental and management
segment revenue increased 10.0% to $480.4 million, which represented 67% of
total revenue. In addition, domestic rental and management segment Gross
Margin increased 12.3% to $388.3 million, while domestic rental and management
segment Operating Profit increased 13.2% to $368.1 million.  Domestic rental
and management segment Operating Profit Margin was 77%.

International Rental and Management Segment – International rental and
management segment revenue increased 22.0% to $217.2 million, which
represented 31% of total revenue. International rental and management segment
pass-through revenues increased 6.5% to $57.2 million. In addition,
international rental and management segment Gross Margin increased 19.9% to
$135.7 million, while international rental and management segment Operating
Profit increased 20.9% to $110.7 million.  International rental and management
segment Operating Profit Margin was 51% (69%, excluding the impact of $57.2
million of pass-through revenues).

Network Development Services Segment – Network development services segment
revenue was $15.8 million, which represented 2% of total revenue. Network
development services segment Gross Margin was $8.5 million, and network
development services segment Operating Profit was $6.3 million. Network
development services segment Operating Profit Margin was 40%.

YEAR TO DATE 2012 OPERATING RESULTS OVERVIEW

American Tower generated the following operating results for the nine months
ended September 30, 2012 (unless otherwise indicated, all comparative
information is presented against the nine months ended September 30, 2011).

Total revenue increased 17.7% to $2,107.6 million and total rental and
management revenue increased 18.2% to $2,063.8 million. Total rental and
management revenue Core Growth was approximately 21.7%. Please refer to the
selected statement of operations detail on page 14, which highlights the items
affecting all Core Growth percentages for the nine months ended September 30,
2012.

Total rental and management Gross Margin increased 18.5% to $1,569.0 million.
Total selling, general, administrative and development expense was $237.9
million, including approximately $38.3 million of stock-based compensation
expense. Adjusted EBITDA increased 19.3% to $1,391.8 million, Core Growth in
Adjusted EBITDA was approximately 21.9% and the Adjusted EBITDA Margin was
66%.

AFFO increased 16.6% to $908.4 million, Core Growth in AFFO was approximately
22.1%, and AFFO per Share increased 16.9% to $2.28.

Operating income increased 25.0% to $840.5 million, and net income
attributable to American Tower Corporation increased to $501.6 million. Net
income attributable to American Tower Corporation per basic and diluted common
share increased to $1.27 and $1.26, respectively.

Cash provided by operating activities increased 31.4% to $1,116.5 million.

Segment Results

Domestic Rental and Management Segment – Domestic rental and management
segment revenue increased 12.6% to $1,440.8 million, which represented 68% of
total revenue. In addition, domestic rental and management segment Gross
Margin increased 14.8% to $1,167.6 million, while domestic rental and
management segment Operating Profit increased 15.2% to $1,107.0 million. 
Domestic rental and management segment Operating Profit Margin was 77%.

International Rental and Management Segment – International rental and
management segment revenue increased 33.7% to $623.0 million, which
represented 30% of total revenue. International rental and management segment
pass-through revenues increased 27.2% to $161.2 million. In addition,
international rental and management segment Gross Margin increased 30.8% to
$401.4 million, while international rental and management segment Operating
Profit increased 35.2% to $332.9 million.  International rental and management
segment Operating Profit Margin was 53% (72%, excluding the impact of $161.2
million of pass-through revenues).

Network Development Services Segment – Network development services segment
revenue was $43.8 million, which represented 2% of total revenue. Network
development services segment Gross Margin was $22.4 million, and network
development services segment Operating Profit was $18.0 million. Network
development services segment Operating Profit Margin was 41%.

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.

INVESTING OVERVIEW

Distributions – On October 15, 2012, the Company paid its third quarter
distribution of $0.23 per share, or a total of approximately $90.9 million, to
stockholders of record at the close of business on October 1, 2012.

During the nine months ended September 30, 2012, the Company declared an
aggregate of $0.66 per share in distributions, or a total of approximately
$260.7 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 third quarter of 2012,  total
capital expenditures of $150.6 million included $78.9 million for capital
projects, including the construction of 64 communications sites, including 2
distributed antenna system networks, domestically and 580 towers
internationally and the installation of 96 shared generators domestically;
$21.3 million to purchase land under the Company’s communications sites; $17.7
million for the redevelopment of existing communications sites to accommodate
new tenant equipment; and $32.7 million for capital improvements and corporate
capital expenditures.

During the nine months ended September 30, 2012, total capital expenditures of
$377.0 million included $192.2 million for capital projects, including the
construction of 157 communications sites, including 9 distributed antenna
system networks, domestically and 1,677 towers internationally and the
installation of 299 shared generators domestically; $48.5 million to purchase
land under the Company’s communications sites; $58.7 million for the
redevelopment of existing communications sites to accommodate new tenant
equipment; and $77.7 million for capital improvements and corporate capital
expenditures.

Cash Paid for Acquisitions – During the third quarter of 2012, the Company
spent $289.9 million for the purchase of 6 domestic towers and 850
international towers. The international towers consisted of those acquired
pursuant to previously announced agreements, including 140 towers in Colombia,
282 towers in Mexico and 236 towers in South Africa, and also included the
acquisition of an additional 192 towers in Brazil.

During the nine months ended September 30, 2012, the Company spent $822.7
million for the purchase of 86 domestic towers and 3,470 international towers.

The Company currently expects to close on up to 700 communications sites
globally during the fourth quarter of 2012.

Stock Repurchase Program – During the third quarter of 2012, the Company
repurchased a total of approximately 0.1 million shares of its common stock
for approximately $5.9 million pursuant to its stock repurchase program.
Between October 1, 2012 and October 18, 2012, the Company repurchased a total
of 16,689 additional shares of its common stock for approximately $1.2
million.

During the nine months ended September 30, 2012, the Company repurchased a
total of approximately 0.3 million shares of its common stock for
approximately $16.7 million pursuant to its stock repurchase program.

FINANCING OVERVIEW

Leverage – For the quarter ended September 30, 2012, the Company’s net
leverage ratio was approximately 3.8x net debt (total debt less cash and cash
equivalents) to third quarter 2012 annualized Adjusted EBITDA.

Liquidity – As of September 30, 2012, the Company had approximately $2.4
billion of total liquidity, comprised of approximately $382.3 million in cash
and cash equivalents, plus the ability to borrow an aggregate of approximately
$2.0 billion under its two revolving credit facilities, net of any outstanding
letters of credit.

FULL YEAR 2012 OUTLOOK

The following estimates are based on a number of assumptions that management
believes to be reasonable and reflect the Company’s expectations as of October
31, 2012. These estimates include the Company’s new contract renegotiation and
extension with one if its major U.S. customers. Actual results may differ
materially from these estimates as a result of various factors and the Company
refers you to the cautionary language regarding “forward-looking” statements
included in this press release when considering this information.

The Company’s outlook is based on the following average foreign currency
exchange rates to 1.00 U.S. Dollar for the fourth quarter of 2012: (a) 2.00
Brazilian Reais; (b) 480.00 Chilean Pesos; (c) 1,800.00 Colombian Pesos; (d)
1.90 Ghanaian Cedi; (e) 53.50 Indian Rupees; (f) 12.80 Mexican Pesos; (g) 2.60
Peruvian Soles; (h) 8.50 South African Rand; and (i) 2,550.00 Ugandan
Schillings.

($ in millions)                                     Midpoint  Midpoint Core
(Totals may not add due to   Full Year 2012           Growth     Growth
rounding.)
Total rental and             $ 2,775  to  $ 2,805   16.9  %    20.3     %
management revenue
Adjusted EBITDA ^(1)         $ 1,850   to   $ 1,880   16.9  %    19.7     %
Adjusted Funds From          $ 1,185   to   $ 1,207   13.3  %    17.5     %
Operations^(1)
Net Income                   $ 625     to   $ 660     68.3  %    N/A
_____
(1) See “Non-GAAP and Defined Financial Measures” below.


The Company’s outlook for total rental and management revenue reflects the
following at the midpoint: (1) domestic rental and management segment revenue
of $1,935 million; and (2) international rental and management segment revenue
of $855 million, which includes approximately $200 million of pass-through
revenue.

                                 Total Rental and                
The calculation of midpoint       Management             Adjusted
Core Growth is as follows:
(Totals may not add due to        Revenue                EBITDA       AFFO^(1)
rounding.)
Outlook midpoint Core Growth      20.3%                  19.7%        17.5%
Estimated impact of
fluctuations in foreign           (3.7)%                 (3.0)%       (3.5)%
currency exchange rates
Impact of straight-line
revenue and expense               (0.1)%                 -            -
recognition
Impact of significant             0.5%                   0.3%         (0.7)%
one-time items
Outlook midpoint growth           16.9%                  16.9%        13.3%
_____
(1) Core Growth in AFFO reflects approximately $25 million of one-time
start-up capital improvement capital expenditures related to our joint
ventures in Colombia, Ghana and Uganda.
                                  

Outlook for Capital Expenditures: 
($ in millions)
(Totals may not add due to               Full Year 2012
rounding.)
Capital improvement                      $85            to          $95
Corporate                                16              to           20
Redevelopment                            75              to           85
Ground lease purchases                   70              to           80
Discretionary capital                    254             to           270
projects^(1)
Total                                    $500            to           $550
_____
(1) Includes the construction of approximately 2,000 to 2,200 new
communications sites.


Reconciliations of Outlook for Net Income to Adjusted EBITDA:
($ in millions)                                     
(Totals may not add due to rounding.)                 Full Year 2012
Net income                                            $625     to   $660
Interest expense                                      400        to     395
Depreciation, amortization and accretion              630        to     622
Stock-based compensation expense                      55         to     53
Other, including other operating expenses, interest
income, loss on retirement of long-term
obligations, (income) loss on equity method           140        to     150
investments, other (income) expense and income tax
provision (benefit)
Adjusted EBITDA                                       $1,850     to     $1,880
                                                                        
                                                                        
Reconciliations of Outlook for Net Income to Adjusted Funds From Operations:
($ in millions)
(Totals may not add due to rounding.)                 Full Year 2012
Net income                                            $625       to     $660
Straight-line revenue                                 (166)      -      (166)
Straight-line expense                                 34         -      34
Depreciation, amortization and accretion              630        to     622
Stock-based compensation expense                      55         to     53
Non-cash portion of tax provision                     26         to     30
Other, including other operating expenses, interest
expense, amortization of deferred financing costs,
debt discounts and capitalized interest, loss on      82         to     89
retirement of long-term obligations and other
(income) expense
Capital improvement capital expenditures              (85)       to     (95)
Corporate capital expenditures                        (16)       to     (20)
Adjusted Funds From Operations                        $1,185     to     $1,207
                                                                        

Conference Call Information

American Tower will host a conference call today at 8:30 a.m. ET to discuss
its financial results for the third quarter ended September 30, 2012 and its
outlook for the full year 2012. Supplemental materials for the call will be
available on the Company’s website, www.americantower.com. The conference call
dial-in numbers are as follows:

U.S./Canada dial-in: (866) 740-9153
International dial-in: (706) 645-9644
Passcode: 39720713

When available, a replay of the call can be accessed until 11:59 p.m. ET on
November 14, 2012. The replay dial-in numbers are as follows:

U.S./Canada dial-in: (855) 859-2056
International dial-in: (404) 537-3406
Passcode: 39720713

American Tower will also sponsor a live simulcast and replay of the call on
its website, www.americantower.com.

About American Tower

American Tower is a leading independent global owner, operator and developer
of wireless communications sites. American Tower currently owns and operates
over 50,000 communications sites in the United States, Brazil, Chile,
Colombia, Ghana, India, Mexico, Peru, South Africa and Uganda. For more
information about American Tower, please visit www.americantower.com.

Non-GAAP and Defined Financial Measures

In addition to the results prepared in accordance with generally accepted
accounting principles in the United States (GAAP) provided throughout this
press release, the Company has presented the following non-GAAP and defined
financial measures: 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.

The Company defines Gross Margin as revenues less operating expenses,
excluding stock-based compensation expense. The Company defines Operating
Profit as Gross Margin less selling, general, administrative and development
expense, excluding stock-based compensation expense and corporate expenses.
For reporting purposes, the international rental and management segment
Operating Profit and Gross Margin also include interest income, TV Azteca,
net. These measures of Gross Margin and Operating Profit are also before
interest income, interest expense, loss on retirement of long-term
obligations, other income (expense), net income attributable to
non-controlling interest, income (loss) on equity method investments, income
taxes and discontinued operations. The Company defines Operating Profit Margin
as the percentage that results from dividing Operating Profit by revenue. The
Company defines Adjusted EBITDA as net income before income (loss) from
discontinued operations, net, income (loss) from equity method investments,
income tax provision (benefit), other (income) expense, loss on retirement of
long-term obligations, interest expense, interest income, other operating
expenses, depreciation, amortization and accretion and stock-based
compensation expense. The Company defines Adjusted EBITDA Margin as the
percentage that results from dividing Adjusted EBITDA by total revenue. The
Company defines Funds From Operations as net income before real estate related
depreciation, amortization and accretion. The Company defines Adjusted Funds
From Operations as Funds From Operations before straight-line revenue and
expense, stock-based compensation expense, non-cash portion of tax provision,
non-real estate related depreciation, amortization and accretion, amortization
of deferred financing costs, debt discounts and capitalized interest, other
(income) expense, loss on retirement of long-term obligations, other operating
(income) expense, less cash payments related to capital improvements and cash
payments related to corporate capital expenditures. The Company defines
Adjusted Funds From Operations per Share as Adjusted Funds From Operations
divided by the diluted weighted average common shares outstanding. Funds From
Operations for the three and nine months ended September 30, 2011 are
presented on a pro forma basis and reflect adjustments for income tax
provision as if the REIT conversion had occurred on January 1, 2011. The
Company defines Core Growth in total rental and management revenue, Adjusted
EBITDA and Adjusted Funds From Operations as the increase or decrease,
expressed as a percentage, resulting from a comparison of financial results
for a current period with corresponding financial results for the
corresponding period in a prior year, in each case, excluding the impact of
straight-line revenue and expense recognition, foreign currency exchange rate
fluctuations and significant one-time items. The Company defines Net Leverage
Ratio as net debt (total debt, less cash and cash equivalents) divided by last
quarter annualized Adjusted EBITDA. These measures are not intended to replace
financial performance measures determined in accordance with GAAP. Rather,
they are presented as additional information because management believes they
are useful indicators of the current financial performance of the Company’s
core businesses. The Company believes that these measures can assist in
comparing company performances on a consistent basis irrespective of
depreciation and amortization or capital structure. Depreciation and
amortization can vary significantly among companies depending on accounting
methods, particularly where acquisitions or non-operating factors, including
historical cost bases, are involved. Notwithstanding the foregoing, the
Company’s measures 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 may not be comparable to similarly titled measures used by
other companies.

Cautionary Language Regarding Forward-Looking Statements

This press release contains "forward-looking statements" concerning our goals,
beliefs, expectations, strategies, objectives, plans, future operating results
and underlying assumptions, and other statements that are not necessarily
based on historical facts. Examples of these statements include, but are not
limited to statements regarding our full year 2012 outlook, foreign currency
exchange rates and our expectation regarding the declaration of regular
distributions. Actual results may differ materially from those indicated in
our forward-looking statements as a result of various important factors,
including: (1) decrease in demand for our communications sites would
materially and adversely affect our operating results and we cannot control
that demand; (2) if our tenants consolidate, merge or share site
infrastructure with each other to a significant degree, our growth, revenue
and ability to generate positive cash flows could be materially and adversely
affected; (3) new technologies or changes in a tenant’s business model could
make our tower leasing business less desirable and result in decreasing
revenues; (4) our expansion initiatives may disrupt our operations or expose
us to additional risk if we are not able to successfully integrate operations,
assets and personnel; (5) if we fail to qualify as a REIT or fail to remain
qualified as a REIT, we would be subject to tax at corporate income tax rates,
which would substantially reduce funds available; (6) we could suffer adverse
tax and other financial consequences if taxing authorities do not agree with
our tax positions; (7) failure to make required distributions would subject us
to additional federal corporate income tax, and we may be limited in our
ability to fund these distributions using cash generated through our taxable
REIT subsidiaries (TRSs); (8) certain of our business activities may be
subject to corporate level income tax and foreign taxes, which reduce our cash
flows, and we will have potential deferred and contingent tax liabilities; (9)
complying with REIT requirements may limit our flexibility or cause us to
forego otherwise attractive opportunities; (10) our extensive use of TRSs, in
particular for our international operations, may cause us to fail to qualify
as a REIT; (11) our foreign operations are subject to economic, political and
other risks that could materially and adversely affect our revenues or
financial position, including risks associated with fluctuations in foreign
currency exchange rates; (12) our business is subject to government
regulations and changes in current or future laws or regulations could
restrict our ability to operate our business as we currently do; (13) a
substantial portion of our revenue is derived from a small number of tenants;
(14) due to the long-term expectations of revenue growth from tenant leases,
we are sensitive to changes in the creditworthiness and financial strength of
our tenants; (15) if we are unable to protect our rights to the land under our
towers, it could adversely affect our business and operating results; (16) we
may need additional financing to fund capital expenditures, future growth and
expansion initiatives and to satisfy our REIT distribution requirements; (17)
our leverage and debt service obligations may materially and adversely affect
us; (18) restrictive covenants in the loan agreements related to our
Securitization, the loan agreements for our credit facilities and the
indentures governing our debt securities could materially and adversely affect
our business by limiting flexibility; (19) increasing competition in the tower
industry may create pricing pressures that may materially and adversely affect
us; (20) if we are unable or choose not to exercise our rights to purchase
towers that are subject to lease and sublease agreements at the end of the
applicable period, our cash flows derived from such towers would be
eliminated; (21) we may incur goodwill and other intangible impairment charges
which may require us to record a significant charge to earnings; (22) we have
limited experience operating as a REIT, which may adversely affect our
financial condition, results of operations, cash flow, per share trading price
of our common stock and ability to satisfy debt service obligations; (23)
distributions payable by REITs generally do not qualify for reduced tax rates;
(24) we could have liability under environmental and occupational safety and
health laws; (25) our towers or data centers may be affected by natural
disasters and other unforeseen events for which our insurance may not provide
adequate coverage; and (26) our costs could increase and our revenues could
decrease due to perceived health risks from radio emissions, especially if
these perceived risks are substantiated. For additional information regarding
factors that may cause actual results to differ materially from those
indicated in our forward-looking statements, we refer you to the information
contained in Item 1A of our Form 10-Q for the six months ended June 30, 2012.
We undertake no obligation to update the information contained in this press
release to reflect subsequently occurring events or circumstances.

                                                             
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
                                                                
                                               September 30,    December 31,
                                               2012             2011(1)
ASSETS
Current assets:
Cash and cash equivalents                      $ 382,312        $ 330,191
Restricted cash                                  43,482           42,770
Short-term investments and                       -                22,270
available-for-sale securities
Accounts receivable, net                         148,807          100,792
Prepaid and other current assets                 270,541          254,750
Deferred income taxes                           27,641         29,596     
Total current assets                            872,783        780,369    
Property and equipment, net                      5,242,781        4,901,012
Goodwill                                         2,763,706        2,676,971
Other intangible assets, net                     2,595,059        2,497,611
Deferred income taxes                            233,472          207,044
Deferred rent asset                              731,343          609,529
Notes receivable and other long-term assets     522,160        557,278    
Total                                          $ 12,961,304    $ 12,229,814 
                                                                
LIABILITIES:
Current liabilities:
Accounts payable                               $ 87,380         $ 216,448
Accrued expenses                                 334,034          304,208
Distributions payable                            91,063           -
Accrued interest                                 74,343           65,729
Current portion of long-term obligations         130,209          101,816
Unearned revenue                                133,896        92,708     
Total current liabilities                       850,925        780,909    
Long-term obligations                            7,359,355        7,134,492
Asset retirement obligations                     397,362          344,180
Other long-term liabilities                     667,680        560,091    
Total liabilities                               9,275,322      8,819,672  
                                                                
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock                                     3,956            3,936
Additional paid-in capital                       4,971,181        4,903,800
Distributions in excess of earnings              (1,237,569 )     (1,477,899 )
Accumulated other comprehensive loss             (164,081   )     (142,617   )
Treasury Stock(2)                               (16,733    )    -          
Total American Tower Corporation equity          3,556,754        3,287,220
Non-controlling interest                        129,228        122,922    
Total equity                                    3,685,982      3,410,142  
Total                                          $ 12,961,304    $ 12,229,814 

_____
(1)  December 31, 2011 balances have been revised to reflect purchase
      accounting measurement period adjustments.
      As part of the Company’s reorganization to qualify as a REIT for federal
      income tax purposes, effective December 31, 2011, the Company completed
      the merger with its predecessor, approved by the Company’s stockholders
(2)   in November 2011. At the time of the merger, each share of Class A
      common stock of American Tower held in treasury at December 31, 2011
      ceased to be outstanding, and a corresponding adjustment was recorded to
      additional paid‐in capital and common stock.
      

                                                             
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
                                             
                  Three Months Ended             Nine Months Ended
                  September 30,                  September 30,
                  2012           2011            2012            2011
REVENUES:
Rental and        $ 697,554      $ 614,808       $ 2,063,806     $ 1,745,302
management
Network
development        15,781       15,595        43,780        45,031    
services
Total operating    713,335      630,403       2,107,586     1,790,333 
revenues
OPERATING
EXPENSES:
Costs of
operations
(exclusive of
items shown
separately
below):
Rental and
management
(including
stock-based
compensation        177,336        160,265         506,120         432,454
expense of
$195, $853,
$594 and $853,
respectively)
Network
development
services
(including
stock-based         7,568          8,668           22,153          22,884
compensation
expense of
$245, $910,
$749 and $910,
respectively)
Depreciation,
amortization        144,061        142,113         465,788         411,902
and accretion
Selling,
general,
administrative
and development
expense
(including
stock-based         81,459         76,476          237,891         214,929
compensation
expense of
$12,618,
$10,377,
$38,311 and
$34,422,
respectively)
Other operating    7,359        14,576        35,150        35,770    
expenses
Total operating    417,783      402,098       1,267,102     1,117,939 
expenses
OPERATING          295,552      228,305       840,484       672,394   
INCOME
OTHER INCOME
(EXPENSE):
Interest
income, TV          3,586          3,498           10,715          10,587
Azteca, net
Interest income     1,717          1,822           6,253           6,837
Interest            (102,272 )     (77,796  )      (297,622  )     (226,735  )
expense
Loss on
retirement of       -              -               (398      )     -
long-term
obligations
Other income
(expense)
(including
unrealized
foreign
currency gains     46,294       (150,876 )     (19,468   )    (115,710  )
(losses) of
$46,191,
$(145,144),
$(12,847) and
$(101,505),
respectively)
Total other        (50,675  )    (223,352 )     (300,520  )    (325,021  )
expense
INCOME FROM
CONTINUING
OPERATIONS
BEFORE INCOME
TAXES AND
INCOME ON
EQUITY METHOD       244,877        4,953           539,964         347,373
INVESTMENTS
Income tax          (13,054  )     (24,681  )      (64,117   )     (161,981  )
provision
Income on
equity method      2            2             25            14        
investments
NET INCOME          231,825        (19,726  )      475,872         185,406
(LOSS)
Net loss
attributable to    264          4,025         25,732        5,946     
non-controlling
interest
NET INCOME
(LOSS)
ATTRIBUTABLE TO   $ 232,089      ($15,701 )    $ 501,604      $ 191,352   
AMERICAN TOWER
CORPORATION
                                                                 
NET INCOME
(LOSS) PER
COMMON SHARE
AMOUNTS:
Basic net
income (loss)
attributable to   $ 0.59        $ (0.04    )    $ 1.27         $ 0.48      
American Tower
Corporation
Diluted net
income (loss)
attributable to   $ 0.58        $ (0.04    )    $ 1.26         $ 0.48      
American Tower
Corporation
                                                                 
WEIGHTED
AVERAGE COMMON
SHARES
OUTSTANDING:
BASIC              395,244      395,183       394,626       396,507   
DILUTED            399,487      395,183       399,084       400,467   
DISTRIBUTIONS
DECLARED PER      $ 0.23         $ -             $ 0.66          $ -
SHARE
                                                                             


UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
                                             
                                               Nine Months Ended
                                               September 30,
                                               2012            2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                     $ 475,872        $ 185,406
Adjustment to reconcile net income to cash
provided by operating activities:
Stock-based compensation expense                 39,654           36,185
Depreciation, amortization and accretion         465,788          411,902
Other non-cash items reflected in statements     79,655           287,286
of operations
Increase in net deferred rent asset              (92,296    )     (69,874    )
Increase in restricted cash                      (693       )     (825       )
Increase in assets                               (36,137    )     (58,891    )
Increase in liabilities                         184,704        58,809     
Cash provided by operating activities           1,116,547      849,998    
                                                                
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for purchase of property and            (377,026   )     (397,088   )
equipment and construction activities
Payments for acquisitions, net of cash           (822,714   )     (1,220,572 )
acquired
Proceeds from sale of short-term
investments, available-for-sale securities       358,707          65,223
and other long-term assets
Payments for short-term investments              (330,341   )     (20,412    )
Deposits, restricted cash, investments and      (2,892     )    13,218     
other
Cash used for investing activities              (1,174,266 )    (1,559,631 )
                                                                
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term borrowings, net         20,099           101,128
Borrowings under credit facilities               1,325,000        280,014
Proceeds from issuance of senior notes           698,670          -
Proceeds from term loan credit facility          750,000          -
Proceeds from other long-term borrowings         99,132           80,814
Repayments of notes payable, credit              (2,655,367 )     (207,120   )
facilities and capital leases
Contributions from non-controlling interest      48,500           87,183
holders, net
Purchases of common stock                        (33,436    )     (391,098   )
Proceeds from stock options                      42,825           60,926
Distributions                                    (169,816   )     -
Deferred financing costs and other financing    (13,512    )    (7,582     )
activities
Cash provided by financing activities           112,095        4,265      
                                                                
Net effect of changes in foreign currency       (2,255     )    (1,089     )
exchange rates on cash and cash equivalents
NET INCREASE (DECREASE) IN CASH AND CASH         52,121           (706,457   )
EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF         330,191        883,963    
PERIOD
CASH AND CASH EQUIVALENTS, END OF PERIOD       $ 382,312       $ 177,506    
                                                                
CASH PAID FOR INCOME TAXES                     $ 28,465        $ 48,808     
CASH PAID FOR INTEREST                         $ 265,443       $ 195,877    
                                                                             

UNAUDITED RESULTS OF OPERATIONS, BY SEGMENT
(In thousands, except percentages)
                                                                         
Three Months Ended, September 30, 2012
                                                                 Network
                                                                 Development   Total
                 Rental and Management                           Services
                 Domestic        International   Total                        
Segment          $ 480,351       $  217,203      $ 697,554       $  15,781     $ 713,335
revenues
Segment
operating          92,072           85,069         177,141          7,323        184,464
expenses (1)
Interest
income, TV        -              3,586        3,586          -          3,586     
Azteca, net
Segment Gross     388,279        135,720      523,999        8,458      532,457   
Margin
Segment
selling,
general,
administrative    20,141         25,057       45,198         2,127      47,325    
and
development
expense(1)
Segment
Operating        $ 368,138      $  110,663     $ 478,801      $  6,331     $ 485,132   
Profit
Segment
Operating          77        %      51       %     69        %      40     %     68        %
Profit Margin
                 
Three Months Ended, September 30, 2011
                                                                 Network
                                                                 Development   Total
                 Rental and Management                           Services
                 Domestic        International   Total                        
Segment          $ 436,783       $  178,025      $ 614,808       $  15,595     $ 630,403
revenues
Segment
operating          91,076           68,336         159,412          7,758        167,170
expenses(1)
Interest
income, TV        -              3,498        3,498          -          3,498     
Azteca, net
Segment Gross     345,707        113,187      458,894        7,837      466,731   
Margin
Segment
selling,
general,
administrative    20,516         21,641       42,157         1,918      44,075    
and
development
expense(1)
Segment
Operating        $ 325,191      $  91,546      $ 416,737      $  5,919     $ 422,656   
Profit
Segment
Operating          74        %      51       %     68        %      38     %     67        %
Profit Margin
                                                                               
Nine Months Ended, September 30, 2012
                                                                 Network
                                                                 Development   Total
                 Rental and Management                           Services
                 Domestic        International   Total                        
Segment          $ 1,440,824     $  622,982      $ 2,063,806     $  43,780     $ 2,107,586
revenues
Segment
operating          273,188          232,338        505,526          21,404       526,930
expenses (1)
Interest
income, TV        -              10,715       10,715         -          10,715    
Azteca, net
Segment Gross     1,167,636      401,359      1,568,995      22,376     1,591,371 
Margin
Segment
selling,
general,
administrative    60,638         68,433       129,071        4,410      133,481   
and
development
expense(1)
Segment
Operating        $ 1,106,998    $  332,926     $ 1,439,924    $  17,966    $ 1,457,890 
Profit
Segment
Operating          77        %      53       %     70        %      41     %     69        %
Profit Margin
                                                                               
Nine Months Ended, September 30, 2011
                                                                 Network
                                                                 Development   Total
                 Rental and Management                           Services
                 Domestic        International   Total                        
Segment          $ 1,279,315     $  465,987      $ 1,745,302     $  45,031     $ 1,790,333
revenues
Segment
operating          261,856          169,745        431,601          21,974       453,575
expenses(1)
Interest
income, TV        -              10,587       10,587         -          10,587    
Azteca, net
Segment Gross     1,017,459      306,829      1,324,288      23,057     1,347,345 
Margin
Segment
selling,
general,
administrative
and
development       56,528         60,619       117,147        5,130      122,277   
expense(1)
Segment
Operating        $ 960,931      $  246,210     $ 1,207,141    $  17,927    $ 1,225,068 
Profit
Segment
Operating          75        %      53       %     69        %      40     %     68        %
Profit Margin
_____
(1) Excludes stock-based compensation expense.



UNAUDITED SELECTED FINANCIAL INFORMATION
(In thousands, except where noted. Totals may not add due to rounding.)
                                                         
Selected Balance Sheet Detail:
Long-term obligations summary, including current            September 30, 2012
portion
2011 Credit Facility                                        $     -
2012 Credit Facility                                              -
2012 Term Loan                                                    750,000
4.625% Senior Notes due 2015                                      599,600
7.000% Senior Notes due 2017                                      500,000
4.500% Senior Notes due 2018                                      999,389
7.250% Senior Notes due 2019                                      296,159
5.050% Senior Notes due 2020                                      699,314
5.900% Senior Notes due 2021                                      499,343
4.700% Senior Notes due 2022                                     698,732
Total unsecured debt at American Tower Corporation          $     5,042,537
Commercial Mortgage Pass-Through Certificates, Series             1,750,000
2007-1
Unison Notes (1)                                                  207,627
South African Facility (2)                                        100,338
Colombian short-term credit facility (2)                          74,978
Colombian bridge loans (2)                                        52,215
Colombian loan (3)                                                16,336
Ghana loan (3)                                                    130,951
Uganda loan (3)                                                   61,023
Other debt, including capital leases                             53,559
Total secured, subsidiary or other debt                     $     2,447,027
Total debt                                                  $     7,489,564
Cash and cash equivalents                                        382,312
Net debt (Total debt less cash and cash equivalents)        $     7,107,252

_____
      The Unison Notes are secured debt and were assumed as a result of the
(1)  acquisition of certain legal entities holding a portfolio of property
      interests from Unison Holdings LLC and Unison Site Management II, L.L.C.
(2)   Denominated in local currency.
(3)   Denominated in USD.
      

                                                          
                                                            Three Months Ended
Calculation of Net Leverage Ratio ($ in thousands)          September 30, 2012
Total debt                                                  $     7,489,564
Cash and cash equivalents                                        382,312
Numerator: net debt (total debt less cash and cash          $     7,107,252
equivalents)
                                                            
Adjusted EBITDA                                             $     463,616
Denominator: annualized Adjusted EBITDA                          1,854,464
Net leverage ratio                                          3.8x
                                                            


UNAUDITED SELECTED FINANCIAL INFORMATION
(In thousands, except where noted. Totals may not add due to rounding.)
                                                         
                                       Three Months Ended   Nine Months Ended
Share count rollforward: (in           September 30, 2012   September 30, 2012
millions of shares)
Total common shares, beginning of      395.0                393.6
period
Common shares repurchased              (0.1        )        (0.3        )
Common shares issued                   0.5                 2.1         
Total common shares outstanding, end   395.4               395.4       
of period (1)

_____
      As of September 30, 2012, excludes (a) 3.4 million potentially dilutive
      shares associated with vested and exercisable stock options with an
(1)  average exercise price of $36.88 per share, (b) 2.7 million potentially
      dilutive shares associated with unvested stock options, and (c) 2.0
      million potentially dilutive shares associated with unvested restricted
      stock units.
      

Total rental and management straight-line revenue and expense:
In accordance with GAAP, the Company recognizes consolidated rental and
management revenue and expense related to non-cancellable tenant and ground
lease agreements with fixed escalations on a straight-line basis, over the
applicable lease term. As a result, the Company’s revenue recognized may
differ materially from the amount of cash collected per tenant lease, and the
Company’s expense incurred may differ materially from the amount of cash paid
per ground lease. Additional information regarding straight-line accounting
can be found in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2011 in the section entitled "Revenue Recognition," of note 1,
"Business and Summary of Significant Accounting Policies" within the notes to
the consolidated financial statements. A summary of total rental and
management straight-line revenue and expense, which represents the non-cash
revenue and expense recorded due to straight-line recognition, is as follows:


                                Three Months Ended     Nine Months Ended
                                 September 30,           September 30,
                                 2012       2011        2012       2011
Total rental and management
operations straight-line         $ 40,986    $ 32,687    $ 118,545   $ 92,999
revenue
Total rental and management
operations straight-line           8,118       7,869       26,147      23,125
expense
                                                                     
                                                                     
                                 Three Months Ended      Nine Months Ended
                                 September 30,           September 30,
Selling, general,
administrative and development   2012        2011        2012        2011
expense breakout:
Total rental and management      $ 45,198    $ 42,157    $ 129,071   $ 117,147
overhead
Network development services       2,127       1,918       4,410     $ 5,130
segment overhead
Corporate and development          21,516      22,024      66,099    $ 58,230
expenses
Stock-based compensation          12,618     10,377     38,311     34,422
expense
Total                            $ 81,459    $ 76,476    $ 237,891   $ 214,929
                                                                     
                                 Three Months Ended      Nine Months Ended
                                 September 30,           September 30,
International pass-through       2012        2011        2012        2011
revenue detail:
Pass-through revenue             $ 57,201    $ 53,714    $ 161,171   $ 126,697
                                                                     
SELECTED CASH FLOW DETAIL:
                                 Three Months Ended      Nine Months Ended
                                 September 30,           September 30,
Payments for purchase of
property and equipment and       2012        2011        2012        2011
construction activities:
Discretionary capital projects   $ 78,894    $ 89,875    $ 192,165   $ 221,910
Discretionary ground lease         21,273      31,726      48,462      80,280
purchases
Redevelopment                      17,748      14,412      58,703      37,281
Capital improvements               27,442      19,751      63,503      44,115
Corporate                         5,267      4,744      14,194     13,503
Total                            $ 150,624   $ 160,508   $ 377,026   $ 397,088
                                                                       


UNAUDITED SELECTED FINANCIAL INFORMATION
(In thousands. Totals may not add due to rounding.)

SELECTED STATEMENT OF OPERATIONS DETAIL:
The following table reflects the estimated impact of foreign currency exchange
rate fluctuations, straight-line revenue and expense recognition and material
one-time items on total rental and management revenue, Adjusted EBITDA and
AFFO:


The calculation of Core Growth is  
as follows:
                                 Total Rental                   
                                     and               Adjusted        AFFO
Three Months Ended September 30,     Management        EBITDA
2012                                 Revenue
Core Growth                          18.4       %      19.1      %     20.2  %
Estimated impact of fluctuations     (5.4)      %      (4.4)     %     (5.6) %
in foreign currency exchange rates
Impact of straight-line revenue      0.5        %      1.0       %     -
recognition
Impact of material one-time items    -                -              (4.4) %
Reported growth                      13.5       %      15.7      %     10.2  %
                                                                       
                                     Total Rental
Nine Months Ended September 30,      and               Adjusted        AFFO
2012                                 Management        EBITDA
                                     Revenue
Core Growth                          21.7       %      21.9      %     22.1  %
Estimated impact of fluctuations     (4.6)      %      (3.8)     %     (5.5) %
in foreign currency exchange rates
Impact of straight-line revenue      0.4        %      0.7       %     -
recognition
Impact of material one-time items    0.7        %      0.5       %     (0.0) %
Reported growth                      18.2       %      19.3      %     16.6  %
                                                                             

SELECTED PORTFOLIO DETAIL - OWNED SITES:

Tower Count(1):
              As of                                                   As of
           June     Constructed   Acquired   Adjustments   September
              30,                                                     30, 2012
              2012
United      21,592   62            6          8             21,668
States(2)
Brazil        4,095      27              192          (3     )        4,311
Chile         1,180      1               -            (1     )        1,180
Colombia      2,706      1               140          -               2,847
Ghana         1,895      13              -            -               1,908
India         9,717      399             -            -               10,116
Mexico(3)     5,216      70              282          (6     )        5,562
Peru          475        -               -            -               475
South         1,365      -               236          -               1,601
Africa
Uganda        962      69            -          -            1,031
Total         49,203     642             856          (2     )        50,699
_____
(1) Excludes in-building and outdoor distributed antenna system networks.
(2) United States tower count includes 274 broadcast towers.
(3) Mexico tower count includes 199 broadcast towers.



UNAUDITED RECONCILIATIONS TO GAAP MEASURES AND THE CALCULATION OF DEFINED
FINANCIAL MEASURES
(In thousands, except where noted. Totals may not add due to rounding.)
                                                            
The reconciliation of net income (loss) to Adjusted EBITDA and the calculation
of Adjusted EBITDA Margin are as follows:
                                                                 
                  Three Months Ended             Nine Months Ended
                  September 30,                  September 30,
                  2012             2011          2012            2011
Net income        $  231,825       $ (19,726 )   $ 475,872       $ 185,406
(loss)
Income from
equity method        (2       )      (2      )     (25       )     (14       )
investments
Income tax           13,054          24,681        64,117          161,981
provision
Other (income)       (46,294  )      150,876       19,468          115,710
expense
Loss on
retirement of        -               -             398             -
long-term
obligations
Interest             102,272         77,796        297,622         226,735
expense
Interest             (1,717   )      (1,822  )     (6,253    )     (6,837    )
income
Other
operating            7,359           14,576        35,150          35,770
expenses
Depreciation,
amortization         144,061         142,113       465,788         411,902
and accretion
Stock-based
compensation        13,058        12,140      39,654        36,185    
expense
Adjusted          $  463,616      $ 400,632    $ 1,391,791    $ 1,166,838 
EBITDA
Divided by          713,335       630,403     2,107,586     1,790,333 
total revenue
Adjusted            65       %     64      %    66        %    65        %
EBITDA Margin
                                                                             


UNAUDITED REIT MEASURES AND RECONCILIATIONS TO GAAP MEASURES
(In thousands, except where noted. Totals may not add due to rounding.)
                                                              
The reconciliation of net income to Funds From Operations and the calculation
of Adjusted Funds From Operations and Adjusted Funds From Operations per Share
are presented below:
                                                                   
                  Three Months Ended                Nine Months Ended
                  September 30,                     September 30,
                  2012              2011            2012           2011
Net Income        $  231,825        $  (19,726  )   $ 475,872      $ 185,406
Adjustment for
pro forma           -               8,499        -            123,478 
income tax
provision (1)
Pro forma net        231,825           (11,227  )     475,872        308,885
income (loss)
Real estate
related
depreciation,       122,944         123,715      407,970      356,948 
amortization
and accretion
Funds From          354,769         112,488      883,842      665,833 
Operations
Straight-line        (40,986  )        (32,687  )     (118,545 )     (92,999 )
revenue
Straight-line        8,118             7,869          26,147         23,125
expense
Stock-based
compensation         13,058            12,140         39,654         36,185
expense
Non-cash
portion of tax       (2,635   )        (4,331   )     35,652         (10,305 )
provision
Non-real
estate related
depreciation,        21,117            18,398         57,818         54,954
amortization
and accretion
Amortization
of deferred
financing
costs,               2,254             2,813          6,516          8,278
capitalized
interest and
debt discounts
and premiums
Other (income)       (46,294  )        150,876        19,468         115,710
expense (2)
Loss on
retirement of        -                 -              398            -
long-term
obligations
Other
operating            7,359             14,576         35,150         35,770
expense (3)
Capital
improvement          (27,442  )        (19,751  )     (63,503  )     (44,115 )
capital
expenditures
Corporate
capital             (5,267   )       (4,744   )    (14,194  )    (13,503 )
expenditures
Adjusted Funds
From              $  284,051       $  257,647     $ 908,403     $ 778,933 
Operations
Divided by
weighted
average              399,487           395,183        399,084        400,467
diluted shares
outstanding
Adjusted Funds
From              $  0.71           $  0.65         $ 2.28         $ 1.95
Operations per
Share

_____
      Adjustment for three and nine months ended September 30, 2011 assumes
      the REIT election occurred on January 1, 2011, and that as a result,
      income taxes would no longer be payable on certain of the Company’s
      activities. As a result, on a pro forma basis, income tax expense is
      lower by the amount of the adjustment. For more information, see Note
      (B) to Unaudited Pro Forma Consolidated Financial Statements in the
      Company’s Definitive Proxy Statement, filed with the SEC on October 11,
      2011. The pro forma adjustment set forth in this footnote has been made
(1)  solely for the purpose of this pro forma information. This information
      is not necessarily indicative of the financial position or operating
      results that would have been achieved had the REIT election been
      completed as of January 1, 2011, nor is it necessarily indicative of
      future financial position or operating results. It also does not reflect
      one-time transaction costs related to the REIT election and the
      potential immaterial effect of lower cash balances these transactions
      have on interest income, higher borrowing costs or foregone investment
      opportunities.
(2)   Primarily includes unrealized (gain) loss on foreign currency exchange
      rate fluctuations.
(3)   Primarily includes impairments and transaction related costs.
      

Contact:

American Tower Corporation
Leah Stearns, 617-375-7500
Vice President, Investor Relations & Capital Markets