American Tower Corporation Reports Third Quarter and Year to Date 2013 Financial Results

  American Tower Corporation Reports Third Quarter and Year to Date 2013
  Financial Results

CONSOLIDATED HIGHLIGHTS

Third Quarter 2013

  *Total revenue increased 13.3% to $807.9 million
  *Operating income increased 4.5% to $308.9 million
  *Cash provided by operating activities increased 1.8% to $359.9 million

Year to Date 2013

  *Total revenue increased 14.8% to $2,419.4 million
  *Operating income increased 9.6% to $921.4 million
  *Cash provided by operating activities increased 2.5% to $1,144.4 million

SEGMENT HIGHLIGHTS

Third Quarter 2013

  *Domestic rental and management segment revenue increased 10.3% to $529.9
    million
  *International rental and management segment revenue increased 22.8% to
    $266.6 million
  *Network development services segment revenue was $11.3 million

Year to Date 2013

  *Domestic rental and management segment revenue increased 8.7% to $1,566.7
    million
  *International rental and management segment revenue increased 27.9% to
    $796.5 million
  *Network development services segment revenue was $56.2 million

Business Wire

BOSTON -- October 30, 2013

American Tower Corporation (NYSE:AMT) today reported financial results for the
quarter ended September30, 2013.

Jim Taiclet, American Tower's Chief Executive Officer stated, “Consumers in
the U.S. and around the world love their smartphones and tablets, continuously
upgrading devices and using more applications and bandwidth.Leading mobile
operators are aggressively upgrading their networks to capture this business,
further driving demand for tower space. Consequently, strong leasing activity
across our global portfolio led to core organic growth of over 9% in the U.S.
and 14% in our international segment in the third quarter.

We anticipate strong leasing demand for communications site real estate going
forward, and through our recently announced acquisitions of Global Tower
Partners and portfolios from Nextel International, we have reweighted our
asset base toward our three original markets, the U.S., Mexico and
Brazil.These investments, coupled with the diversification and growth
prospects of our tower assets in Europe, Africa, and Asia, provide the
strategic positioning to achieve our long-term objective of driving mid-teen
annual growth in AFFO per share.”

THIRD QUARTER 2013 OPERATING RESULTS OVERVIEW

American Tower generated the following operating results for the quarter ended
September30, 2013 (unless otherwise indicated, all comparative information is
presented against the quarter ended September30, 2012).

Total revenue increased 13.3% to $807.9 million and total rental and
management revenue increased 14.2% to $796.6 million. Total rental and
management revenue Core Growth was approximately 18.5%. 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 September30,
2013.

Total rental and management Gross Margin increased 15.3% to $604.4 million.
Total selling, general, administrative and development expense was $97.8
million, including $14.7 million of stock-based compensation expense. Adjusted
EBITDA increased 13.9% to $527.9 million, Core Growth in Adjusted EBITDA was
17.4%, and Adjusted EBITDA Margin was 65%.

Adjusted Funds From Operations (AFFO) increased 24.4% to $367.3 million, AFFO
per Share increased 24.3% to $0.92, and Core Growth in AFFO was approximately
25.9%.

Operating income increased 4.5% to $308.9 million, and net income attributable
to American Tower Corporation decreased 22.4% to $180.1 million. The decrease
was primarily attributable to the Company's recognition of unrealized non-cash
losses of $30.9 million associated with fluctuations in foreign currency
exchange rates related to intercompany loans and similar unaffiliated
balances. Net income attributable to American Tower Corporation per basic
common share decreased 22.0% to $0.46, and net income attributable to American
Tower Corporation per diluted common share decreased 22.4% to $0.45.

Cash provided by operating activities increased 1.8% to $359.9 million.

Segment Results

Domestic Rental and Management Segment – Domestic rental and management
segment revenue increased 10.3% to $529.9 million, which represented 66% of
total revenues, and domestic rental and management segment Gross Margin
increased 12.0% to $434.7 million. Domestic rental and management segment
Operating Profit increased 11.4% to $410.2 million, and domestic rental and
management segment Operating Profit Margin was 77%.

International Rental and Management Segment – International rental and
management segment revenue increased 22.8% to $266.6 million, which
represented 33% of total revenues. International rental and management segment
Gross Margin increased 25.0% to $169.7 million, while international rental and
management segment Operating Profit increased 24.7% to $138.0 million.
International rental and management segment Operating Profit Margin was 52%
(71%, excluding the impact of $71.3 million of pass-through revenues).

Network Development Services Segment – Network development services segment
revenue was $11.3 million, which represented 1% of total revenues. Network
development services segment Gross Margin was $6.5 million, and network
development services segment Operating Profit was $4.6 million. Network
development services segment Operating Profit Margin was 41%.

YEAR TO DATE 2013 OPERATING RESULTS OVERVIEW

American Tower generated the following operating results for the nine months
ended September 30, 2013 (unless otherwise indicated, all comparative
information is presented against the nine months ended September 30, 2012).

Total revenue increased 14.8% to $2,419.4 million and total rental and
management revenue increased 14.5% to $2,363.2 million. Total rental and
management revenue Core Growth was approximately 18.9%. Please refer to the
selected statement of operations detail on page 13, which highlights the items
affecting all Core Growth percentages for the nine months ended September 30,
2013.

Total rental and management Gross Margin increased 14.0% to $1,789.2 million.
Total selling, general, administrative and development expense was $298.7
million, including $52.0 million of stock-based compensation expense. Adjusted
EBITDA increased 13.3% to $1,576.2 million, Core Growth in Adjusted EBITDA was
17.2%, and the Adjusted EBITDA Margin was 65%.

AFFO increased 17.7% to $1,091.4 million, AFFO per Share increased 17.7% to
$2.73, and Core Growth in AFFO was approximately 21.7%.

Operating income increased 9.6% to $921.4 million, while net income
attributable to American Tower Corporation decreased 10.0% to $451.4 million.
The decrease was primarily attributable to the Company's recognition of
unrealized non-cash losses of $151.7 million associated with fluctuations in
foreign currency exchange rates related to intercompany loans and similar
unaffiliated balances. Net income attributable to American Tower Corporation
per basic common share decreased 10.2% to $1.14, and net income attributable
to American Tower Corporation per diluted common share decreased 10.3% to
$1.13.

Cash provided by operating activities increased 2.5% to $1,144.4 million.

Segment Results

Domestic Rental and Management Segment – Domestic rental and management
segment revenue increased 8.7% to $1,566.7 million, which represented 65% of
total revenues. Domestic rental and management segment Gross Margin increased
10.0% to $1,284.4 million, while domestic rental and management segment
Operating Profit increased 9.6% to $1,212.7 million. Domestic rental and
management segment Operating Profit Margin was 77%.

International Rental and Management Segment – International rental and
management segment revenue increased 27.9% to $796.5 million, which
represented 33% of total revenues. International rental and management segment
Gross Margin increased 25.8% to $504.8 million, while international rental and
management segment Operating Profit increased 23.5% to $411.0 million.
International rental and management segment Operating Profit Margin was 52%
(70%, excluding the impact of $212.2 million of pass-through revenues).

Network Development Services Segment – Network development services segment
revenue was $56.2 million, which represented 2% of total revenues. Network
development services segment Gross Margin was $33.8 million, and network
development services segment Operating Profit was $26.7 million. Network
development services segment Operating Profit Margin was 48%.

Please refer to “Non-GAAP and Defined Financial Measures” on pages 5 and 6 for
definitions of Gross Margin, Operating Profit, Operating Profit Margin,
Adjusted EBITDA, Adjusted EBITDA Margin, NAREIT 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 11 through 14.

INVESTING OVERVIEW

Distributions – On October 7, 2013, the Company paid its third quarter
distribution of $0.28 per share, or a total of approximately $110.5 million,
to stockholders of record at the close of business on September 23, 2013.

During the nine months ended September 30, 2013, the Company declared an
aggregate of $0.81 per share in distributions, or a total of approximately
$320.0 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 2013, total
capital expenditures of $167.6 million included $80.7 million for
discretionary capital projects, including spending to complete the
construction of 48 towers and the installation of 2 distributed antenna system
networks and 509 shared generators domestically and the construction of 417
towers and the installation of 3 distributed antenna system networks
internationally; $22.7 million to purchase land under the Company’s
communications sites; $7.6 million for start-up capital projects in recently
launched markets; $30.0 million for the redevelopment of existing
communications sites to accommodate new tenant equipment; and $26.7 million
for capital improvements and corporate capital expenditures.

During the nine months ended September 30, 2013, total capital expenditures of
$448.2 million included $210.9 million for discretionary capital projects,
including spending to complete the construction of 192 towers and the
installation of 8 distributed antenna system networks and 857 shared
generators domestically and the construction of 1,113 towers and the
installation of 28 distributed antenna system networks internationally; $54.5
million to purchase land under the Company’s communications sites; $22.1
million for start-up capital projects in recently launched markets; $75.1
million for the redevelopment of existing communications sites to accommodate
new tenant equipment; and $85.7 million for capital improvements and corporate
capital expenditures.

Cash Paid for Acquisitions – During the third quarter of 2013, the Company
spent $54.5 million for the purchase of 3 domestic towers and 513
international towers. The international towers consisted of those acquired
pursuant to previously announced agreements, including 294 towers in Colombia,
189 towers in South Africa and 9 towers in Ghana. In addition, the Company
acquired 20 towers in Mexico during the third quarter of 2013.

During the nine months ended September 30, 2013, the Company spent $365.7
million for the purchase of 59 domestic towers and 1,530 international towers.

As previously announced, subsequent to the end of the third quarter of 2013,
the Company completed its acquisition of MIP Tower Holdings LLC, a private
real estate investment trust, which is the parent company of Global Tower
Partners (GTP) in which it acquired over 5,000 towers, the rights to over
9,000 rooftop sites and over 800 managed towers domestically, and
approximately 550 towers in Central America. As consideration for the
acquisition, American Tower assumed approximately$1.5 billionof existing GTP
debt and paid approximately $3.3 billionin cash.

During the third quarter, the Company entered into an agreement with NII
Holdings, Inc. to acquire up to 2,790 communications sites in Brazil and 1,666
communications sites in Mexico in two separate transactions, for approximately
945 million Brazilian Reais (approximately $423.8 million) and 5,025 million
Mexican Pesos (approximately $382.3 million), respectively.

In addition, during the third quarter, the Company entered into an agreement
to acquire up to 236 communications sites in Brazil for an aggregate purchase
price of up to approximately 283 million Brazilian Reais (approximately $127.1
million), which are expected to close during the first quarter of 2014.

Stock Repurchase Program – During the third quarter of 2013, the Company
repurchased a total of approximately 1.0 million shares of its common stock
for approximately $70.4 million pursuant to its stock repurchase program. On
September 6, 2013, the Company temporarily suspended repurchases following the
signing of its agreement to acquire GTP.

During the nine months ended September 30, 2013, the Company repurchased a
total of approximately 1.9million shares of its common stock for
approximately $145.0 million pursuant to its stock repurchase program.

FINANCING OVERVIEW

Leverage – For the quarter ended September30, 2013, the Company’s Net
Leverage Ratio was approximately 4.1x net debt (total debt less cash and cash
equivalents) to third quarter 2013 annualized Adjusted EBITDA. On October 1,
2013, the Company’s Net Leverage Ratio increased as a result of its
acquisition of GTP.

Liquidity – As of September30, 2013, the Company had approximately $5.2
billion of total liquidity, comprised of approximately $4.0 billion in cash
and cash equivalents, plus the ability to borrow an aggregate of approximately
$1.2 billion under its revolving credit facilities, net of any outstanding
letters of credit. On October 1, 2013, the Company utilized $3.3 billion of
its cash on hand to fund the acquisition of GTP.

Subsequent to the end of the third quarter of 2013, the Company entered into a
new $1.5 billion term loan, the proceeds of which, along with cash on hand,
were used to repay its existing $750 million 2012 term loan and $800 million
under its 2012 revolving credit facility. As a result, the Company’s total
liquidity was approximately $2.6 billion as of October 30, 2013.

FULL YEAR 2013 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
30, 2013. 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.

As reflected in the table below, the Company has raised the midpoint of its
full year 2013 outlook for total rental and management revenue by $80 million,
Adjusted EBITDA by $55 million and AFFO by $10 million. These estimates
include the impact of the Company's acquisition of sites from GTP, which
closed on October 1, 2013 and the Company's pending acquisition of sites from
NII Holdings in Mexico, which is scheduled to close in November 2013.

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 2013: (a)2.25
Brazilian Reais; (b)505.00 Chilean Pesos; (c)1,900.00 Colombian Pesos;
(d)0.75 Euros; (e)2.15 Ghanaian Cedi; (f)63.00 Indian Rupees; (g)12.90
Mexican Pesos; (h)2.75 Peruvian Soles; (i)10.00 South African Rand; and
(j)2,550.00 Ugandan Schillings.


                                                         Midpoint     Midpoint
($ in millions)      Full Year 2013                Growth     Core
                                                                      Growth
Total rental and
management              $3,250  to     $3,280      16.5%        21.2%
revenue
Adjusted                $2,150   to         $2,180       14.4%        19.4%
EBITDA^(1)
Adjusted Funds
From                    $1,455   to         $1,475       19.8%        22.4%
Operations^(1)
Net Income              $580     to         $620         1.0%         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 $2,180 million; and (2)international rental and management segment revenue
of $1,085 million, which includes approximately $286 million of pass-through
revenue.

                                                                
The calculation of midpoint
Core Growth is as follows:
(Totals may not add due to
rounding.)
                                      Total Rental and     Adjusted
                                      Management           EBITDA       AFFO
                                      Revenue
Outlook midpoint Core Growth          21.2%                19.4%        22.4%
Estimated impact of
fluctuations in foreign               (2.1)%               (1.4)%       (1.9)%
currency exchange rates
Impact of straight-line revenue       (1.9)%               (2.4)%       —
and expense recognition
Impact of significant one-time        (0.7)%               (1.1)%       (0.6)%
items
Outlook midpoint growth               16.5%                14.4%        19.8%



Outlook for Capital Expenditures:                  
($ in millions)
(Totals may not add due to rounding.)
                                           Full Year 2013
Discretionary capital projects^(1)          $ 305   to   $ 315
Ground lease purchases                      85      to   105
Start-up capital projects                   20      —    20
Redevelopment                               100     to   110
Capital improvement^(2)                     85      to   95
Corporate                                   30     —    30
Total                                       $ 625  to   $ 675


(1)  Includes the construction of approximately 1,900 to 2,100 new
      communications sites.
(2)   Includes spending related to a lighting system upgrade in the U.S. of
      approximately $15 million.


Reconciliations of Outlook for Net Income to Adjusted EBITDA:
($ in millions)                                   
(Totals may not add due to rounding.)                 Full Year 2013
Net income                                            $ 580     to  $ 620
Interest expense                                      465         to   455
Depreciation, amortization and accretion              805         to   785
Income tax provision                                  30          to   40
Stock-based compensation expense                      65          to   70
Other, including other operating expenses,
interest income, loss on retirement of long-
term obligations, (income) loss on equity             205        to   210
method investments and other (income) expense
Adjusted EBITDA                                       $ 2,150    to   $ 2,180



Reconciliations of Outlook for Net Income to Adjusted Funds From Operations:
($ in millions)                                 
(Totals may not add due to rounding.)               Full Year 2013
Net income                                          $ 580      to  $ 620
Straight-line revenue                               (144    )   —    (144    )
Straight-line expense                               33          —    33
Depreciation, amortization and accretion            805         to   785
Stock-based compensation expense                    65          to   70
Non-cash portion of tax provision                   (12     )   —    (12     )
Other, including other operating expenses,
interest expense, amortization of deferred
financing costs, capitalized interest, debt
discounts and premiums and long-term
deferred interest charges, loss on retirement
of long-term obligations, other (income)
expense and non-cash interest related to            243         to   248
joint venture shareholder loans
Capital improvement capital expenditures            (85     )   to   (95     )
Corporate capital expenditures                      (30     )   —    (30     )
Adjusted Funds From Operations                      $ 1,455    to   $ 1,475 


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 and nine months ended September
30, 2013 and its full year 2013 outlook. 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: 87346738

When available, a replay of the call can be accessed until 11:59 p.m. ET on
November 13, 2013. The replay dial-in numbers are as follows:

U.S./Canada dial-in: (855) 859-2056
International dial-in: (404) 537-3406
Passcode: 87346738

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 owner, operator and developer of
wireless and broadcast communications real estate. American Tower currently
owns and operates over 61,000 communications sites in the United States,
Brazil, Chile, Colombia, Costa Rica, Germany, Ghana, India, Mexico, Panama,
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, NAREIT Funds From Operations,
Adjusted Funds From Operations, Adjusted Funds From Operations per Share, Core
Growth and Net Leverage Ratio. The Company uses Funds From Operations as
defined by the National Association of Real Estate Investment Trusts (NAREIT),
referred to herein as NAREIT Funds From Operations.

The Company defines Gross Margin as revenues less operating expenses,
excluding stock-based compensation expense recorded in costs of operations,
depreciation, amortization and accretion, selling, general, administrative and
development expense, and other operating expenses. 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 and
income taxes. 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 income
(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. NAREIT
Funds From Operations is defined as net income before gains or losses from the
sale or disposal of real estate, real estate related impairment charges and
real estate related depreciation, amortization and accretion, and including
adjustments for (i) unconsolidated affiliates and (ii) noncontrolling
interest. The Company defines Adjusted Funds From Operations as NAREIT Funds
From Operations before (i) straight-line revenue and expense, (ii) stock-based
compensation expense, (iii) the non-cash portion of our tax provision, (iv)
non-real estate related depreciation, amortization and accretion, (v)
amortization of deferred financing costs, capitalized interest, debt discounts
and premiums and long-term deferred interest charges, (vi) other (income)
expense, (vii) loss on retirement of long-term obligations, (viii) other
operating (income) expense, and adjusted for (ix) unconsolidated affiliates,
and (x) noncontrolling interest, 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. 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, NAREIT 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 2013 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) new technologies or changes in a tenant's business model
could make our tower leasing business less desirable and result in decreasing
revenues; (3) 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; (4) 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; (5) we could suffer adverse tax or other financial
consequences if taxing authorities do not agree with our tax positions; (6)
our expansion initiatives involve a number of risks and uncertainties that
could adversely affect our operating results, disrupt our operations or expose
us to additional risk if we are not able to successfully integrate operations,
assets and personnel; (7) 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; (8) our leverage and debt service
obligations may materially and adversely affect us; (9) we may fail to realize
the growth prospects and cost savings anticipated as a result of our
acquisition of GTP; (10) we will incur significant transaction and
acquisition-related integration costs in connection with the acquisition of
GTP; (11) a substantial portion of our revenue is derived from a small number
of tenants, and we are sensitive to changes in the creditworthiness and
financial strength of our tenants; (12) if we are unable to protect our rights
to the land under our towers, it could adversely affect our business and
operating results; (13) increasing competition in the tower industry may
create pricing pressures that may materially and adversely affect us; (14) 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; (15) if we fail
to remain qualified as a REIT, we would be subject to tax at corporate income
tax rates, which would substantially reduce funds otherwise available; (16) we
may be limited in our ability to fund required distributions using cash
generated through our TRSs; (17) complying with REIT requirements may limit
our flexibility or cause us to forego otherwise attractive opportunities; (18)
certain of our business activities may be subject to corporate level income
tax and foreign taxes, which reduce our cash flows, and may have deferred and
contingent tax liabilities; (19) we may need additional financing to fund
capital expenditures, future growth and expansion initiatives and to satisfy
our REIT distribution requirements; (20) restrictive covenants in the Loan
Agreement related to our Securitization and indentures related to the GTP
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; (21) we may incur goodwill and other
intangible asset impairment charges which could result in a significant
reduction to our earnings; (22) we have limited experience operating as a
REIT, which may adversely affect our financial condition, results of
operations, cash flow and ability to satisfy debt service obligations; (23) we
could have liability under environmental and occupational safety and health
laws; (24) our towers or data centers may be affected by natural disasters and
other unforeseen events for which our insurance may not provide adequate
coverage; (25) 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 quarter ended June 30, 2013. 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, 2013   December 31, 2012^(1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents         $   4,040,353          $    368,618
Restricted cash                   132,019                69,316
Short-term investments            27,381                 6,018
Accounts receivable, net          152,560                143,772
Prepaid and other current         365,792                222,999
assets
Deferred income taxes             23,931                25,754            
Total current assets              4,742,036             836,477           
Property and equipment, net       5,878,826              5,766,150
Goodwill                          2,815,271              2,842,717
Other intangible assets,          3,195,106              3,205,496
net
Deferred income taxes             219,373                209,589
Deferred rent asset               878,124                776,201
Notes receivable and other        452,584               452,788           
non-current assets
TOTAL                             $   18,181,320        $    14,089,418   
                                                         
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable                  $   90,845             $    89,578
Accrued expenses                  331,311                286,962
Distributions payable             110,937                189
Accrued interest                  84,528                 71,271
Current portion of                67,276                 60,031
long-term obligations
Unearned revenue                  138,422               124,147           
Total current liabilities         823,319               632,178           
Long-term obligations             12,578,532             8,693,345
Asset retirement                  461,586                435,613
obligations
Other non-current                 705,966               644,101           
liabilities
Total liabilities                 14,569,403            10,405,237        
                                                         
COMMITMENTS AND
CONTINGENCIES
EQUITY:
Common stock                      3,973                  3,959
Additional paid-in capital        5,097,325              5,012,124
Distributions in excess of        (1,066,580      )      (1,196,907        )
earnings
Accumulated other                 (298,015        )      (183,347          )
comprehensive loss
Treasury stock                    (207,740        )      (62,728           )
Total American Tower              3,528,963              3,573,101
Corporation equity
Noncontrolling interest           82,954                111,080           
Total equity                      3,611,917             3,684,181         
TOTAL                             $   18,181,320        $    14,089,418   


(1) December31, 2012 balances have been revised to reflect purchase
accounting measurement period adjustments.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)



                  Three Months Ended            Nine Months Ended
                     September 30,                   September 30,
                     2013          2012            2013            2012
REVENUES:
Rental and           $ 796,575       $ 697,554       $ 2,363,207       $ 2,063,806
management
Network
development          11,305         15,781         56,231           43,780      
services
Total
operating            807,880        713,335        2,419,438        2,107,586   
revenues
OPERATING
EXPENSES:
Costs of
operations
(exclusive of
items shown
separately
below):
Rental and
management
(including
stock-based
compensation
expense of
$248, $195,          195,953         177,336         585,465           506,120
$751 and $594,
respectively)
Network
development
services
(including
stock-based
compensation
expense of
$99, $245,           4,876           7,568           22,839            22,153
$440 and $749,
respectively)
Depreciation,
amortization         184,922         144,061         555,334           465,788
and accretion
Selling,
general,
administrative
and
development
expense
(including
stock-based
compensation
expense of
$14,711,
$12,618,
$51,964 and
$38,311,             97,781          81,459          298,737           237,891
respectively)
Other
operating            15,469         7,359          35,686           35,150      
expenses
Total
operating            499,001        417,783        1,498,061        1,267,102   
expenses
OPERATING            308,879        295,552        921,377          840,484     
INCOME
OTHER INCOME
(EXPENSE):
Interest
income, TV           3,544           3,586           10,673            10,715
Azteca, net
Interest             2,342           1,717           5,468             6,253
income
Interest             (106,335  )     (102,272  )     (318,916    )     (297,622    )
expense
Loss on
retirement of        —               —               (37,967     )     (398        )
long-term
obligations
Other
(expense)
income
(including
unrealized
foreign
currency
(losses)
gains of
$(30,907),
$46,191,             (29,622   )     46,294         (148,991    )     (19,468     )
$(151,673),
and $(12,847),
respectively)
Total other          (130,071  )     (50,675   )     (489,733    )     (300,520    )
expense
INCOME FROM
CONTINUING
OPERATIONS
BEFORE INCOME        178,808         244,877         431,644           539,964
TAXES
AND INCOME ON
EQUITY METHOD
INVESTMENTS
Income tax           (15,586   )     (13,054   )     (23,361     )     (64,117     )
provision
Income on
equity method        —              2              —                25          
investments
NET INCOME           163,222         231,825         408,283           475,872
Net loss
attributable
to                   16,901         264            43,068           25,732      
noncontrolling
interest
NET INCOME
ATTRIBUTABLE
TO AMERICAN          $ 180,123      $ 232,089      $ 451,351        $ 501,604   
TOWER
CORPORATION
NET INCOME PER
COMMON SHARE
AMOUNTS:
Basic net
income
attributable         $ 0.46         $ 0.59         $ 1.14           $ 1.27      
to American
Tower
Corporation
Diluted net
income
attributable         $ 0.45         $ 0.58         $ 1.13           $ 1.26      
to American
Tower
Corporation
WEIGHTED
AVERAGE COMMON
SHARES
OUTSTANDING:
Basic                394,759        395,244        395,138          394,626     
Diluted              398,348        399,487        399,275          399,084     
DISTRIBUTIONS
DECLARED PER         $ 0.28          $ 0.23          $ 0.81            $ 0.66
SHARE



UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS                     
(In thousands)
                                                Nine Months Ended
                                                 September 30,
                                                 2013           2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                       $  408,283       $  475,872
Adjustments to reconcile net income to
cash provided by operating activities:
Stock-based compensation expense                 53,155           39,654
Depreciation, amortization and accretion         555,334          465,788
Loss on early retirement of securitized          35,288           —
debt
Other non-cash items reflected in                164,406          79,655
statements of operations
Increase in net deferred rent asset              (83,694    )     (92,296    )
Increase in restricted cash                      (62,703    )     (693       )
Increase in assets                               (59,267    )     (36,137    )
Increase in liabilities                          133,641         184,704    
Cash provided by operating activities            1,144,443       1,116,547  
                                                                  
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for purchase of property and            (448,249   )     (377,026   )
equipment and construction activities
Payments for acquisitions, net of cash           (365,658   )     (822,714   )
acquired
Proceeds from sale of short-term                 27,889           358,707
investments and other non-current assets
Payments for short-term investments              (50,224    )     (330,341   )
Deposits, restricted cash, investments and       (122,396   )     (2,892     )
other
Cash used for investing activities               (958,638   )     (1,174,266 )
                                                                  
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term borrowings, net         7,544            20,099
Borrowings under credit facilities               3,507,000        1,325,000
Proceeds from issuance of senior notes,          2,221,792        698,670
net
Proceeds from issuance of Securities in          1,778,496        —
securitization transaction, net
Proceeds from term loan credit facility          —                750,000
Proceeds from other long-term borrowings         27,971           99,132
Repayments of notes payable, credit              (3,705,454 )     (2,655,367 )
facilities and capital leases
Contributions from noncontrolling interest       17,584           48,500
holders, net
Purchases of common stock                        (145,012   )     (16,733    )
Proceeds from stock options                      32,973           42,825
Distributions                                    (209,711   )     (169,816   )
Payment for early retirement of                  (29,234    )     —
securitized debt
Deferred financing costs and other               (9,190     )     (30,215    )
financing activities
Cash provided by financing activities            3,494,759       112,095    
                                                                  
Net effect of changes in foreign currency
exchange rates on cash and cash                  (8,829     )     (2,255     )
equivalents
NET INCREASE IN CASH AND CASH EQUIVALENTS        3,671,735       52,121     
CASH AND CASH EQUIVALENTS, BEGINNING OF          368,618         330,191    
PERIOD
CASH AND CASH EQUIVALENTS, END OF PERIOD         4,040,353       382,312    
                                                                  
CASH PAID FOR INCOME TAXES, NET OF REFUNDS       $  23,172       $  28,465  
CASH PAID FOR INTEREST                           $  283,145      $  265,443 



UNAUDITED RESULTS FROM OPERATIONS, BY SEGMENT
(In thousands, except percentages)

Three months ended September 30, 2013
                  Rental and Management                                Network     
                                                                          Development    Total
                     Domestic        International   Total             Services
Segment              $ 529,941         $  266,634        $ 796,575         $  11,305       $ 807,880
revenues
Segment
operating            95,232            100,473           195,705           4,777           200,482
expenses (1)
Interest
income, TV           —                3,544            3,544            —              3,544       
Azteca, net
Segment Gross        434,709          169,705          604,414          6,528          610,942     
Margin
Segment
selling,
general,
administrative
and
development          24,523           31,728           56,251           1,880          58,131      
expense (1)
Segment
Operating            $ 410,186        $  137,977       $ 548,163        $  4,648       $ 552,811   
Profit
Segment
Operating            77          %     52          %     69          %     41        %     68          %
Profit Margin
                                                                                           
Three months ended September 30, 2012
                     Rental and Management                                 Network
                                                                           Development     Total
                     Domestic          International     Total             Services
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
and
development          20,141           25,057           45,198           2,127          47,325      
expense (1)
Segment
Operating            $ 368,138        $  110,663       $ 478,801        $  6,331       $ 485,132   
Profit
Segment
Operating            77          %     51          %     69          %     40        %     68          %
Profit Margin
                                                                                           
Nine months ended September 30, 2013
                     Rental and Management                                 Network
                                                                           Development     Total
                     Domestic          International     Total             Services
Segment              $ 1,566,660       $  796,547        $ 2,363,207       $  56,231       $ 2,419,438
revenues
Segment
operating            282,273           302,441           584,714           22,399          607,113
expenses (1)
Interest
income, TV           —                10,673           10,673           —              10,673      
Azteca, net
Segment Gross        1,284,387        504,779          1,789,166        33,832         1,822,998   
Margin
Segment
selling,
general,
administrative
and
development          71,664           93,753           165,417          7,105          172,522     
expense (1)
Segment
Operating            $ 1,212,723      $  411,026       $ 1,623,749      $  26,727      $ 1,650,476 
Profit
Segment
Operating            77          %     52          %     69          %     48        %     68          %
Profit Margin
                                                                                           
Nine months ended September 30, 2012
                     Rental and Management                                 Network
                                                                           Development     Total
                     Domestic          International     Total             Services
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
and
development          60,638           68,433           129,071          4,410          133,481     
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


(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,    September 30, 2013   September 30, 2013
including current portion                                   Pro Forma^(1)
2012 Credit Facility (2)             $   963,000            $    163,000
2013 Credit Facility                 1,853,000              1,853,000
2012 Term Loan                       750,000                —
2013 Term Loan (2)                   —                      1,500,000
4.625% Senior Notes due 2015         599,754                599,754
7.000% Senior Notes due 2017         500,000                500,000
4.500% Senior Notes due 2018         999,493                999,493
3.400% Senior Notes due 2019         749,346                749,346
7.250% Senior Notes due 2019         296,626                296,626
5.050% Senior Notes due 2020         699,393                699,393
5.900% Senior Notes due 2021         499,399                499,399
4.700% Senior Notes due 2022         698,842                698,842
3.500% Senior Notes due 2023         992,347                992,347
5.000% Senior Notes due 2024         499,445               499,445
Total unsecured debt at              $   10,100,645        $    10,050,645
American Tower Corporation
Secured Tower Revenue                500,000                500,000
Securities, Series 2013-1A
Secured Tower Revenue                1,300,000              1,300,000
Securities, Series 2013-2A
GTP Securitizations (3)              —                      1,543,586
Unison Notes (4)                     205,874                205,874
South African Facility (5)           94,798                 94,798
Colombian long-term credit           70,509                 70,509
facility (5)
Colombian bridge loans (5)           56,415                 56,415
GTP Costa Rica loan (6)              —                      32,600
Shareholder loans (7)                251,667                251,667
Indian Working Capital               —                      —
Facility
Capital leases                       65,900                65,900
Total secured or subsidiary          $   2,545,163         $    4,121,349
debt
Total debt                           $   12,645,808        $    14,171,994
Cash and cash equivalents            4,040,353       
Net debt (total debt less cash       $   8,605,455   
and cash equivalents)


    
(1)   Pro Forma for the close of the acquisition of GTP and the close of the
      Company's 2013 Term Loan.
      On October 29, 2013, the Company used net proceeds from borrowings under
(2)   the 2013 Term Loan and cash on hand to repay the 2012 Term Loan and $800
      million under the 2012 Credit Facility.
      The GTP Securitizations were assumed in connection with the acquisition
(3)   of GTP and include approximately $1.5 billion of existing indebtedness
      from GTP and a fair value adjustment of approximately $53.0 million.
      The Unison Notes are secured debt and were assumed as a result of the
(4)   acquisition of certain legal entities holding a portfolio of property
      interests from Unison Holdings LLC and Unison Site Management II, L.L.C.
(5)   Denominated in local currency.
(6)   The GTP Costa Rica loan was assumed in connection with the acquisition
      of GTP and is denominated in USD.
      Denominated in USD, reflects balances attributable to minority
(7)   shareholder loans in the Company’s joint ventures in Colombia, Ghana and
      Uganda.
      

                                                        
Calculation of Net Leverage Ratio ($ in thousands)          September 30, 2013
Total debt                                                  $    12,645,808
Cash and cash equivalents                                       4,040,353
Numerator: net debt (total debt less cash and cash          $    8,605,455
equivalents)
                                                            
Adjusted EBITDA                                             $    527,872
Denominator: annualized Adjusted EBITDA                     2,111,488
Net Leverage Ratio(1)                                       4.1x


      Subsequent to the end of the third quarter of 2013, the Company utilized
(1)  $3.3 billion of cash on hand to fund the acquisition of GTP and assumed
      $1.5 billion of existing indebtedness from GTP. As a result, the
      Company’s Net Leverage Ratio increased.


UNAUDITED SELECTED FINANCIAL INFORMATION
(In thousands, except where noted. Totals may not add due to rounding.)
SELECTED BALANCE SHEET DETAIL (CONTINUED):

Share count rollforward: (in      Three Months Ended   Nine Months Ended
millions of shares)                  September 30, 2013     September 30, 2013
Total common shares, beginning       395.1                  395.1
of period
Common shares repurchased            (1.0        )          (1.9        )
Common shares issued                 0.4                   1.3         
Total common shares                  394.5                 394.5       
outstanding, end of period (1)
                                                                        

      As of September 30, 2013, excludes (a) 3.5 million potentially dilutive
      shares associated with vested and exercisable stock options with an
(1)  average exercise price of $40.05 per share, (b) 2.9 million potentially
      dilutive shares associated with unvested stock options, and (c) 1.8
      million potentially dilutive shares associated with unvested restricted
      stock units.


SELECTED STATEMENT OF OPERATIONS DETAIL:

Total rental and management straight-line revenue and expense (1):

                       Three Months Ended        Nine Months Ended
                          September 30,               September 30,
                          2013        2012          2013         2012
Total rental and
management
operations                $ 37,286      $ 40,986      $ 105,968      $ 118,545
straight-line
revenue
Total rental and
management
operations                $ 6,293       $ 8,118       $ 21,319       $ 26,147
straight-line
expense
                                                                       

    In accordance with GAAP, the Company recognizes consolidated rental and
    management revenue and expense related to non-cancellable customer 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
(1) 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, 2012 in the section
    entitled “Revenue Recognition,” in note 1, “Business and Summary of
    Significant Accounting Policies” within the notes to the consolidated
    financial statements. The above table sets forth 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.


                       Three Months Ended        Nine Months Ended
                          September 30,               September 30,
International
pass-through              2013        2012          2013         2012
revenue detail:
Pass-through              $ 71,280      $ 57,201      $ 212,210      $ 161,171
revenue



                Three Months Ended            Nine Months Ended
                   September 30,                   September 30,
Pre-paid           2013          2012            2013          2012
rent detail:
Beginning          $ 216,649       $ 158,536       $ 198,792       $ 156,678
balance
Cash               42,950          48,397          87,993          73,868
Amortization       (15,561   )     (8,359    )     (42,748   )     (31,972   )
(1)
Ending             $ 244,037      $ 198,574      $ 244,037      $ 198,574 
balance


(1)  Includes the impact of fluctuations in foreign currency exchange rates.


                   Three Months Ended          Nine Months Ended
                       September 30,                 September 30,
Selling,
general,
administrative         2013         2012           2013          2012
and development
expense
breakout:
Total rental and
management             $ 56,251       $ 45,198       $ 165,417       $ 129,071
overhead
Network
development            1,880          2,127          7,105           4,410
services segment
overhead
Corporate and
development            24,939         21,516         74,251          66,099
expenses
Stock-based
compensation           14,711        12,618        51,964         38,311
expense
Total                  $ 97,781      $ 81,459      $ 298,737      $ 237,891


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

SELECTED STATEMENT OF OPERATIONS DETAIL (CONTINUED):

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:

                                                                
Three Months Ended September          Total Rental and     Adjusted
30, 2013                              Management           EBITDA       AFFO
                                      Revenue
Core Growth                           18.5%                17.4%        25.9%
Estimated impact of
fluctuations in foreign               (2.8)%               (1.9)%       (2.7)%
currency exchange rates
Impact of straight-line revenue       (1.4)%               (1.5)%       —
recognition
Impact of material one-time           —                    —            1.2%
items
Reported growth                       14.2%                13.9%        24.4%
                                                                      
Nine Months Ended September 30,
2013
Core Growth                           18.9%                17.2%        21.7%
Estimated impact of
fluctuations in foreign               (1.8)%               (1.2)%       (1.9)%
currency exchange rates
Impact of straight-line revenue       (1.6)%               (1.6)%       —
recognition
Impact of material one-time           (0.9)%               (1.0)%       (2.0)%
items
Reported growth                       14.5%                13.3%        17.7%
                                                                             


SELECTED CASH FLOW DETAIL:

                  Three Months Ended            Nine Months Ended
                     September 30,                   September 30,
Payments for
purchase of
property and         2013          2012            2013          2012
equipment and
construction
activities:
Discretionary
- capital            $ 80,733        $ 78,894        $ 210,860       $ 192,165
projects
Discretionary
- ground lease       22,656          21,273          54,516          48,462
purchases
Start-up
capital              7,597           11,253          22,133          18,915
projects
Redevelopment        30,004          17,748          75,087          58,703
Capital              18,724          16,189          61,048          44,587
improvements
Corporate            7,930          5,267          24,605         14,194
Total                $ 167,644      $ 150,624      $ 448,249      $ 377,026



SELECTED PORTFOLIO DETAIL – OWNED SITES:
                                                                   
Tower          As of                                                   As of
Count       June     Constructed   Acquired   Adjustments   September
(1):           30,                                                     30, 2013
               2013
United
States         22,720     48              3            (17)            22,754
(2)
Brazil         4,482      29              —            —               4,511
Chile          1,182      2               1            (36)            1,149
Colombia       3,104      47              294          (16)            3,429
Germany        2,031      —               —            —               2,031
Ghana          1,931      14              9            —               1,954
India          10,774     215             —            (30)            10,959
Mexico         6,721      65              20           —               6,806
(3)
Peru           499        —               —            —               499
South          1,629      10              189          —               1,828
Africa
Uganda         1,120      35              —            (7)             1,148
Total          56,193     465             516          (106)           57,068
                                                                   

(1)  Excludes in-building and outdoor distributed antenna system networks.
(2)   Includes 274 broadcast towers.
(3)   Includes 199 broadcast towers.

UNAUDITED RECONCILIATIONS TO GAAP MEASURES AND THE CALCULATION OF DEFINED
FINANCIAL MEASURES
(In thousands, except per share data and percentages. Totals may not add due
to rounding.)

The reconciliation of net income to Adjusted EBITDA and the calculation of
Adjusted EBITDA Margin are as follows:

                 Three Months Ended            Nine Months Ended
                    September 30,                   September 30,
                    2013          2012            2013            2012
Net income          $ 163,222       $ 231,825       $ 408,283         $ 475,872
Income from
equity method       —               (2        )     —                 (25         )
investments
Income tax          15,586          13,054          23,361            64,117
provision
Other expense       29,622          (46,294   )     148,991           19,468
(income)
Loss on
retirement of       —               —               37,967            398
long-term
obligations
Interest            106,335         102,272         318,916           297,622
expense
Interest            (2,342    )     (1,717    )     (5,468      )     (6,253      )
income
Other
operating           15,469          7,359           35,686            35,150
expenses
Depreciation,
amortization        184,922         144,061         555,334           465,788
and accretion
Stock-based
compensation        15,058         13,058         53,155           39,654      
expense
Adjusted            $ 527,872      $ 463,616      $ 1,576,225      $ 1,391,791 
EBITDA
Divided by          807,880        713,335        2,419,438        2,107,586   
total revenue
Adjusted            65        %     65        %     65          %     66          %
EBITDA Margin
                                                                                  

The reconciliation of net income to NAREIT 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,
                     2013          2012            2013            2012
Net Income           $ 163,222       $ 231,825       $ 408,283         $ 475,872
Real estate
related
depreciation,        160,976         122,944         485,328           407,970
amortization
and accretion
Losses from
sale or
disposal of
real estate
and real
estate
related
impairment           6,160           1,901           8,830             7,911
charges
Adjustments
for
unconsolidated
affiliates and
noncontrolling
interest             10,516         (6,338    )     22,159           10,135    
NAREIT Funds
From                 $ 340,874      $ 350,332      $ 924,600        $ 901,888 
Operations
Straight-line        (37,286   )     (40,986   )     (105,968    )     (118,545  )
revenue
Straight-line        6,293           8,118           21,319            26,147
expense
Stock-based
compensation         15,058          13,058          53,155            39,654
expense
Non-cash
portion of tax       9,567           (2,635    )     189               35,652
provision
Non-real
estate related
depreciation,
amortization
and
accretion            23,946          21,117          70,006            57,818
Amortization
of deferred
financing
costs,
capitalized
interest,
debt discounts
and premiums
and long-term
deferred
interest
charges              7,127           2,254           22,049            6,516
Other expense        29,622          (46,294   )     148,991           19,468
(income) (1)
Loss on
retirement of        —               —               37,967            398
long-term
obligations
Other
operating            9,309           5,458           26,856            27,239
expense (2)
Capital
improvement
capital              (18,724   )     (16,189   )     (61,048     )     (44,587   )
expenditures
(3)
Corporate
capital              (7,930    )     (5,268    )     (24,605     )     (14,194   )
expenditures
Adjustments
for
unconsolidated
affiliates and
noncontrolling
interest              (10,516 )      6,338         (22,159   )      (10,135 )
Adjusted Funds
From                 $ 367,340      $ 295,303      $ 1,091,352      $ 927,319 
Operations
Divided by
weighted
average              398,348         399,487         399,275           399,084
diluted shares
outstanding
Adjusted Funds
From                 $ 0.92          $ 0.74          $ 2.73            $ 2.32
Operations per
Share


(1)  Primarily includes unrealized (gain) loss on foreign currency exchange
      rate fluctuations.
(2)   Primarily includes transaction related costs.
(3)   2012 amounts adjusted to exclude the category of capital expenditures,
      start-up capital projects.

Contact:

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