The following excerpt is from the company's SEC filing.

Telephone: (617) 375-7500

AMERICAN TOWER CORPORATION REPORTS

THIRD QUARTER

FINANCIAL RESULTS

THIRD QUARTER 2015 HIGHLIGHTS

Consolidated Results

Segment Results

Total revenue increased 19.2% to $1,238 million

Domestic rental and management segment revenue increased 21.8%, or 21.2% on a core basis

Adjusted EBITDA increased 17.0% to $779 million

International rental and management segment revenue increased 16.5%, or 43.5% on a core basis

AFFO increased 21.4% to $558 million

Network development services segment revenue was $25 million

Boston, Massachusetts – October 29, 2015:

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

September 30, 2015

Jim Taiclet, American Tower's Chief Executive Officer stated, "Our nearly 14% growth in AFFO per Share in the third quarter was fueled by continuing exponential growth in mobile data demand in both the U.S. and in our international markets. We believe that this growth in demand will go on for many years to come, driven by a combination of lower cost smartphones proliferating around the world, additional spectrum being deployed for mobile data and the competitive imperative for mobile operators to steadily invest in their networks.

Our strategic objective is to capture this long-term growth opportunity by building strong positions in the world’s largest free market economies with attractive wireless industry structures. So far in 2015, we have made tremendous progress on expanding American Tower’s global growth platform through our acquisitions of rights to the Verizon towers in the U.S., Telecom Italia’s towers in Brazil, Airtel’s portfolio in Nigeria and our recently announced Viom transaction in India. We expect that these strategically located assets will further lengthen and strengthen our AFFO per Share growth trajectory well into the future."

2015 OPERATING RESULTS OVERVIEW

American Tower generated the following operating results for the quarter ended

(unless otherwise indicated, all comparative information is presented against the quarter ended

September 30, 2014

, and total rental and management revenue increased

$1,213 million

Total rental and management revenue Core Growth was approximately

, and total rental and management Organic Core Growth was approximately

Total rental and management Gross Margin increased

$860 million

, and total rental and management Gross Margin percentage was

, Core Growth in Adjusted EBITDA was

, and Adjusted EBITDA Margin was

Adjusted Funds From Operations (AFFO) increased

, AFFO per Share increased

, and Core Growth in AFFO was approximately

, each of which excludes the impact of the one-time GTP cash tax payment described below.

The Company incurred one-time cash costs of approximately $93 million in the third quarter in connection with its previously disclosed tax election, pursuant to which Global Tower Partners (GTP) REIT was folded into the American Tower REIT and no longer operates as a separate REIT for federal and state income tax purposes.

Net income attributable to American Tower common stockholders decreased

$76 million

, and Net income attributable to American Tower common stockholders per both basic and diluted common share decreased to

. The decreases were primarily attributable to the one-time GTP cash tax item as well as the non-cash impacts of unfavorable foreign currency exchange rate fluctuations on intercompany balances.

Cash provided by operating activities decreased

$1,544 million

for the first nine months of 2015.

Domestic Rental and Management Segment

Revenue increased

$808 million

Organic Core Growth in revenue was

$621 million

Operating Profit increased

$589 million

, which represented

of total Operating Profit; and

Operating Profit Margin was

International Rental and Management Segment

$405 million

, and Core Growth in revenue was

$240 million

excluding the impact of

$119 million

of pass-through revenues);

$205 million

excluding the impact of pass-through revenues).

Network Development Services Segment

Revenue was

Gross Margin was

$16 million

Operating Profit was

$12 million

Please refer to “Non-GAAP and Defined Financial Measures” below for definitions of Gross Margin, Operating Profit, Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, NAREIT Funds From Operations, AFFO, AFFO per Share, Core Growth, Organic Core Growth, New Property Core Growth and Net Leverage Ratio. For additional financial information, including reconciliations to GAAP measures, please refer to the unaudited selected financial information below.

CAPITAL ALLOCATION OVERVIEW

Common Stock Distributions

– During the third quarter of 2015, the Company paid its

second quarter

2015 distribution of

per share, or a total of approximately

$186 million

, to common stockholders. Subsequent to the end of the third quarter, the Company paid its

$195 million

Mandatory Convertible Preferred Stock Dividends

of 2015, the Company paid an aggregate amount of approximately $27 million in Series A and Series B preferred stock dividends. Subsequent to the end of the third quarter, the Company declared dividends on its Series A and Series B preferred stock in an aggregate amount of approximately $27 million, payable on November 16, 2015 to such stockholders of record at the close of business on November 1, 2015.

Cash Paid for Capital Expenditures

, total capital expenditures of

$207 million

included:

$71 million

for discretionary capital projects, including spending to complete the construction of 22 towers and the installation of two distributed antenna system networks domestically and the construction of 737 towers and the installation of nine distributed antenna system networks internationally;

$38 million

to purchase land under the Company’s communications sites;

$28 million

for start-up capital projects;

$43 million

for the redevelopment of existing communications sites to accommodate new tenant equipment; and

for capital improvements and corporate capital expenditures.

Cash Paid for Acquisitions

, the Company spent approximately $946 million to acquire

five sites in the U.S. and 6,206 sites internationally.

This included the Company’s acquisition of 4,700 communications sites in Nigeria in the third quarter, as part of its previously announced transaction with Bharti Airtel, for a total consideration of approximately $1.1 billion, including VAT. Of the purchase price, approximately $807 million of the consideration has been paid, with the remainder to be paid prior to January 15, 2016.

Further, on September 30, 2015, the Company closed on an additional 1,125 communications sites in Brazil as part of a previously announced transaction with TIM Celular S.A., for an aggregate purchase price of approximately BRL 517 million (approximately $131 million at the date of acquisition).

Subsequent to the end of the third quarter, the Company announced that one of its wholly owned subsidiaries had entered into a definitive agreement to acquire a 51% controlling interest in Viom Networks Limited, which owns and operates approximately 42,200 wireless

communications towers and 200 indoor distributed antenna systems across India, for a total cash consideration of approximately INR 76 billion (approximately $1,157 million assuming an exchange rate of 66 INR per USD). The Company expects the transaction to close in mid-2016.

FINANCING OVERVIEW

For the quarter ended

, the Company’s Net Leverage Ratio was approximately

net debt (total debt less cash and cash equivalents) to

2015 annualized Adjusted EBITDA.

Liquidity

As of

, the Company had approximately

$2.0 billion

of total liquidity, comprised of the ability to borrow up to an aggregate of approximately

$1.7 billion

under its revolving credit facilities, net of outstanding letters of credit, and approximately $0.3 billion in cash and cash equivalents.

Subsequent to the end of the quarter, the Company extended the maturity dates of its 2014 Credit Facility, 2013 Credit Facility and Term Loan to January 29, 2021, June 28, 2019 and January 29, 2021, respectively.

FULL YEAR

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 29,

. 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 current outlook reflects unfavorable impacts of foreign currency fluctuations of approximately $56 million for total rental and management revenue, $30 million for Adjusted EBITDA and $28 million for AFFO, relative to the foreign exchange rate assumptions used in the Company's prior outlook.

After incorporating these impacts, the Company has reduced the midpoint of its full year 2015 outlook for total rental and management revenue by

$20 million

, and raised the midpoint for Adjusted EBITDA by $5 million and AFFO by $10 million.

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 2015: (a) 

Brazilian Reais; (b)

Chilean Pesos; (c) 

Colombian Pesos; (d) 

Euros; (e) 

Ghanaian Cedi; (f) 

Indian Rupees; (g) 

Mexican Pesos; (h)

Nigerian Naira; (i) 

Peruvian Soles; (j) 

South African Rand; and (k) 

Ugandan Shillings. These assumptions are based on the more conservative of: (a) the 30-day average spot rate; or (b) the average Bloomberg forecast for each currency.

($ in millions)

Full Year 2015

Midpoint

Midpoint Core

See “Non-GAAP and Defined Financial Measures” below.

The Company’s outlook for total rental and management revenue reflects the following at the midpoint:

Domestic rental and management segment revenue of

$3,145 million

and Organic Core Growth of approximately 7%; and

International rental and management segment revenue of $

1,505 million

and Organic Core Growth of nearly 11%. International rental and management segment revenue includes approximately

$413 million

of pass-through revenue.

The calculation of midpoint Core Growth is as follows:

(Totals may not add due to rounding)

Total Rental and

Outlook midpoint Core Growth

Impact of pass-through revenues

Estimated impact of fluctuations in foreign currency exchange rates

Impact of straight-line revenue and expense recognition

Impact of significant one-time items

Outlook midpoint growth

Total Rental and Management Revenue Core Growth Components

Reflects growth at the midpoint of outlook ranges. Excludes pass-through revenue.

Revenue growth attributable to sites added to the portfolio on or after January 1, 2014.

Outlook for Capital Expenditures:

Discretionary capital projects

Ground lease purchases

Start-up capital projects

Redevelopment

Capital improvement

Corporate

Includes the construction of approximately

communications sites.

Reconciliations of Outlook for Net Income to Adjusted EBITDA:

Interest expense

Depreciation, amortization and accretion

Income tax provision

Stock-based compensation expense

Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations, (income) loss on equity method investments and other expense (income)

Includes approximately $93 million one-time cash tax charge as part of the tax election related to the GTP REIT.

Reconciliations of Outlook for Net Income to AFFO:

Straight-line revenue

Straight-line expense

Non-cash portion of tax provision

GTP REIT one-time cash tax charge

Other, including other operating expenses, amortization of deferred financing costs, capitalized interest, debt discounts and premiums, (gain) loss on retirement of long-term obligations, other expense (income), non-cash interest related to joint venture shareholder loans and dividends on preferred stock

Capital improvement capital expenditures

Corporate capital expenditures

Conference Call Information

American Tower will host a conference call today at 8:30 a.m. ET to discuss its financial results for the quarter ended September 30, 2015 and its outlook for

. 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: (877) 586-5042 

International dial-in: (706) 645-9644

Passcode: 54299144

When available, a replay of the call can be accessed until 11:59 p.m. ET on November 5,

. The replay dial-in numbers are as follows:

U.S./Canada dial-in: (855) 859-2056

International dial-in: (404) 537-3406

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

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 99,000 communications sites. For more information about American Tower, please visit the “Earnings Materials” and “Company & Industry Resources” sections of our investor relations website at

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, AFFO, AFFO per Share, Core Growth, Organic Core Growth, New Property 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, gain (loss) on retirement of long-term obligations, other income (expense), net income (loss) attributable to non-controlling interest, income (loss) on equity method investments and income tax benefit (provision). 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 benefit (provision), other income (expense), gain (loss) on retirement of long-term obligations, interest expense, interest income, other operating income (expense), 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, real estate related depreciation, amortization and accretion and dividends on preferred stock, and including adjustments for (i) unconsolidated affiliates and (ii) noncontrolling interest. The Company defines AFFO 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) gain (loss) on retirement of long-term obligations, (viii) other operating income (expense), and adjustments 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 AFFO per Share as AFFO divided by the diluted weighted average common shares outstanding. The Company defines Core Growth in total rental and management revenue, Adjusted EBITDA and AFFO 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 pass-through revenue (expense), where applicable, straight-line revenue and expense recognition, foreign currency exchange rate fluctuations and significant one-time items. The Company defines Organic Core Growth in rental and management revenue 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 pass-through revenue (expense), straight-line revenue and expense recognition, foreign currency exchange rate fluctuations, significant one-time items and revenue associated with new properties that the Company has added to the portfolio since the beginning of the prior period. The Company defines New Property Core Growth in rental and management revenue as the increase or decrease, expressed as a percentage, on the properties the Company has added to its portfolio since the beginning of the prior period, in each case excluding the impact of pass-through revenue (expense), 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, AFFO, AFFO per Share, Core Growth, Organic Core Growth, New Property 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 2015 outlook, foreign currency exchange rates, our expectation regarding the leasing demand for communications real estate and the anticipated closing of acquisitions. 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 share site infrastructure to a significant degree or consolidate or merge, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected; (3) increasing competition for tenants in the tower industry may materially and adversely affect our pricing; (4) competition for assets could adversely affect our ability to achieve our return on investment criteria; (5) 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; (6) our leverage and debt service obligations may materially and adversely affect us; (7) failure to successfully and efficiently integrate acquired or leased assets, including those leased from Verizon, into our operations may adversely affect our business, operations and financial condition; (8) 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; (9) 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; (10) 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; (11) new technologies or changes in a tenant’s business model could make our tower leasing business less desirable and result in decreasing revenues; (12) if we fail to remain qualified as a REIT, we will be subject to tax at corporate income tax rates, which may

substantially reduce funds otherwise available; (13) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (14) certain of our business activities may be subject to corporate level income tax and foreign taxes, which reduce our cash flows and may create deferred and contingent tax liabilities; (15) we may need additional financing to fund capital expenditures, future growth and expansion initiatives and to satisfy our REIT distribution requirements; (16) if we are unable to protect our rights to the land under our towers, it could adversely affect our business and operating results; (17) 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 will be eliminated; (18) restrictive covenants in the agreements related to our securitization transactions, our credit facilities and our debt securities could materially and adversely affect our business by limiting flexibility, and we may be prohibited from paying dividends on our common stock if we fail to pay scheduled dividends on our preferred stock, which may jeopardize our qualification for taxation as a REIT; (19) our costs could increase and our revenues could decrease due to perceived health risks from radio emissions, especially if these perceived risks are substantiated; (20) we could have liability under environmental and occupational safety and health laws; and (21) our towers, data centers or computer systems may be affected by natural disasters and other unforeseen events for which our insurance may not provide adequate coverage. 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-K for the year ended December 31, 2014. 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)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

287,404

313,492

Restricted cash

137,926

160,206

Short-term investments

14,485

Accounts receivable, net

206,154

199,074

Prepaid and other current assets

282,068

264,793

Deferred income taxes

12,318

14,000

Total current assets

940,355

957,867

PROPERTY AND EQUIPMENT, NET

9,806,190

7,590,112

GOODWILL

4,055,171

4,032,174

OTHER INTANGIBLE ASSETS, NET

10,012,397

6,900,162

DEFERRED INCOME TAXES

200,885

253,186

DEFERRED RENT ASSET

1,123,009

1,030,707

NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS

788,781

567,724

26,926,788

21,331,932

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Accounts payable

99,590

90,366

Accrued expenses

743,256

417,836

Distributions payable

196,833

159,864

Accrued interest

80,682

130,265

Current portion of long-term obligations

45,852

897,624

Unearned revenue

203,295

233,819

Total current liabilities

1,369,508

1,929,774

LONG-TERM OBLIGATIONS

16,981,556

13,711,084

ASSET RETIREMENT OBLIGATIONS

811,620

609,035

OTHER NON-CURRENT LIABILITIES

1,079,902

1,028,687

Total liabilities

20,242,586

17,278,580

COMMITMENTS AND CONTINGENCIES

EQUITY:

5.25%, Series A Preferred Stock

5.50%, Series B Preferred Stock

Common stock

Additional paid-in capital

9,650,129

5,788,786

Distributions in excess of earnings

(995,932

(837,320

Accumulated other comprehensive loss

(1,832,903

(794,221

Treasury stock

(207,740

Total American Tower Corporation equity

6,617,891

3,953,560

Noncontrolling interest

66,311

99,792

Total equity

6,684,202

4,053,352

December 31, 2014 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

 REVENUES:

Rental and management

1,212,849

1,011,119

3,429,264

2,977,000

25,061

27,069

62,211

76,734

Total operating revenues

1,237,910

1,038,188

3,491,475

3,053,734

OPERATING EXPENSES:

Costs of operations (exclusive of items shown separately below):

Rental and management (including stock-based compensation expense of $396, $344, $1,218 and $1,059, respectively)

356,082

272,355

929,624

786,374

Network development services (including stock-based compensation expense of $99, $101, $336 and $343, respectively)

11,847

22,863

30,872

341,096

249,066

932,972

740,256

Selling, general, administrative and development expense (including stock-based compensation expense of $17,850, $17,824, $70,697 and $60,306, respectively)

114,832

108,909

354,460

317,437

Other operating expenses

15,668

11,204

40,891

37,852

Total operating expenses

836,985

653,381

2,280,810

1,912,791

OPERATING INCOME

400,925

384,807

1,210,665

1,140,943

OTHER INCOME (EXPENSE):

Interest income, TV Azteca, net

11,871

(149,787

(143,212

(446,228

(432,753

Gain (loss) on retirement of long-term obligations

(78,793

Other expense (including unrealized foreign currency losses of $77,864, $36,998, $107,871 and $62,556, respectively)

(66,659

(34,019

(123,291

(54,225

Total other expense

(208,950

(167,751

(628,190

(469,464

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

191,975

217,056

582,475

671,479

(94,235

(10,426

(132,063

(49,877

NET INCOME

97,740

206,630

450,412

621,602

Net loss attributable to noncontrolling interest

22,921

NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION STOCKHOLDERS

102,999

207,593

452,372

644,523

Dividends on preferred stock

(26,781

(7,700

(63,382

(12,075

NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS

76,218

199,893

388,990

632,448

NET INCOME PER COMMON SHARE AMOUNTS:

Basic net income attributable to American Tower Corporation common stockholders

Diluted net income attributable to American Tower Corporation common stockholders

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

423,375

396,243

417,280

395,758

427,227

400,397

421,352

399,806

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Nine Months Ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

Adjustments to reconcile net income to cash provided by operating activities:

72,251

61,708

Loss (gain) on early retirement of long-term obligations

(1,447

Other non-cash items reflected in statements of operations

143,412

73,825

Increase in net deferred rent asset

(69,019

(65,460

Decrease in restricted cash

19,971

23,560

Increase in assets

(106,535

(42,931

Increase in liabilities

21,358

158,493

1,543,615

1,569,606

CASH FLOWS FROM INVESTING ACTIVITIES:

Payments for purchase of property and equipment and construction activities

(518,018

(723,353

Payments for acquisitions, net of cash acquired

(1,616,205

(324,936

Payment for Verizon transaction

(5,058,895

Proceeds from sale of assets, net of cash

15,464

Proceeds from sale of short-term investments and other non-current assets

1,002,214

453,396

Payments for short-term investments

(1,011,320

(460,686

Deposits, restricted cash and other

(2,053

(63,295

Cash used for investing activities

(7,204,277

(1,103,410

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from short-term borrowings, net

Borrowings under credit facilities

5,727,831

785,000

Proceeds from issuance of senior notes, net

1,492,298

1,415,844

Proceeds from term loan

500,000

Proceeds from other long-term borrowings

Proceeds from issuance of securities in securitization transaction

875,000

Repayments of notes payable, credit facilities, senior notes and capital leases

(6,092,710

(2,928,434

Contributions from noncontrolling interest holders, net

Proceeds from stock options and stock purchase plan

29,324

47,938

Proceeds from the issuance of common stock, net

2,440,327

Proceeds from the issuance of preferred stock, net

1,337,946

583,105

Payment for early retirement of long-term obligations

(86,107

(6,767

Deferred financing costs and other financing activities

(30,314

(32,129

Purchase of noncontrolling interest

(64,822

Distributions paid on common stock

(516,012

(261,913

Distributions paid on preferred stock

(57,866

(8,138

Cash provided by (used for) financing activities

5,632,448

(461,837

Net effect of changes in foreign currency exchange rates on cash and cash equivalents

(2,322

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

(26,088

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

293,576

CASH AND CASH EQUIVALENTS, END OF PERIOD

295,613

CASH PAID FOR INCOME TAXES, NET

130,231

52,379

CASH PAID FOR INTEREST

472,079

438,404

UNAUDITED RESULTS FROM OPERATIONS, BY SEGMENT

(In thousands, except percentages. Totals may not add due to rounding.)

Three Months Ended September 30, 2015

Segment revenues

807,978

404,871

Segment operating expenses

187,368

168,318

355,686

364,894

Segment Gross Margin

620,610

239,546

860,156

15,853

876,009

Segment selling, general, administrative and development expense

31,374

34,737

66,111

69,841

Segment Operating Profit

589,236

204,809

794,045

12,123

806,168

Segment Operating Profit Margin

Percent of total Operating Profit

Three Months Ended September 30, 2014

663,570

347,549

133,951

138,060

272,011

11,746

283,757

529,619

212,150

741,769

15,323

757,092

30,955

33,441

64,396

67,416

498,664

178,709

677,373

12,303

689,676

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 portion

1,080,000

2013 Term Loan

2,000,000

1,980,000

2.800% senior notes due 2020

748,560

3.40% senior notes due 2019

1,004,553

3.450% senior notes due 2021

646,757

3.50% senior notes due 2023

993,779

4.000% senior notes due 2025

744,555

4.500% senior notes due 2018

999,717

4.70% senior notes due 2022

699,077

5.00% senior notes due 2024

1,010,106

5.050% senior notes due 2020

699,561

5.900% senior notes due 2021

499,522

7.25% senior notes due 2019

297,669

Total unsecured debt at American Tower Corporation

13,403,856

Secured Tower Revenue Securities, Series 2013-1A

Secured Tower Revenue Securities, Series 2013-2A

1,300,000

American Tower Secured Revenue Notes, Series 2015-1 Class A

350,000

American Tower Secured Revenue Notes, Series 2015-2 Class A

525,000

Secured Tower Cellular Side Revenue Notes, Series, 2012-1 Class A, Series 2012-2 Class A, Series 2012-2 Class B and Series 2012-2 Class C

284,250

Unison Notes

202,368

South African facility

57,600

Colombian credit facility

61,660

BR Towers debentures

(2)(3)

82,647

Brazil credit facility

12,535

Shareholder loans

137,839

Other debt, including capital leases

109,653

Total secured or subsidiary debt

3,623,552

Total debt

17,027,408

Net debt (total debt less cash and cash equivalents)

16,740,004

Secured debt assumed in connection with an acquisition.

Denominated in local currency.

Assumed in connection with an acquisition.

Reflects balances attributable to minority shareholder loans in the Company's joint ventures in Ghana and Uganda. The Ghana shareholder loan is denominated in Ghanaian Cedi and the Uganda shareholder loan is denominated in USD.

SELECTED BALANCE SHEET DETAIL (CONTINUED):

Calculation of Net Leverage Ratio

($ in thousands)

Numerator: net debt (total debt less cash and cash equivalents)

779,027

Denominator: annualized Adjusted EBITDA

3,116,108

Share count rollforward:

(in millions of shares)

Total common shares, beginning of period

Common shares repurchased

Common shares issued

Total common shares outstanding, end of period

As of September 30, 2015, excludes (a) 

million potentially dilutive common shares associated with vested and exercisable stock options with an average exercise price of $

per common share, (b)

million potentially dilutive common shares associated with unvested stock options, (c)

million potentially dilutive common shares associated with unvested restricted stock units and (d) the potentially dilutive common shares associated with the Company’s preferred stock.

SELECTED STATEMENT OF OPERATIONS DETAIL:

Rental and management segment straight-line revenue and expense

Domestic straight-line revenue and expense detail:

32,327

23,788

14,750

International straight-line revenue and expense detail:

In accordance with GAAP, the Company recognizes 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, 2014 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.

($ in thousands. Totals may not add due to rounding.)

SELECTED STATEMENT OF OPERATIONS DETAIL (CONTINUED):

International pass-through revenue detail:

Pass-through revenue

118,592

93,386

Pre-paid rent detail

(1)(2)

Beginning balance

498,404

399,510

25,892

62,490

Amortization

(22,732

(18,118

Ending balance

501,565

443,881

(1) Reflects cash received for capital contributions and prepayments associated with long-term tenant leases and amortization of GAAP revenue associated with the leases corresponding to the capital contributions or prepayments.

(2) Excludes the impacts of decommissioning revenues and termination fees.

(3) Includes the impact of foreign currency exchange rate fluctuations.

Selling, general, administrative and development expense breakout:

Total rental and management overhead

Network development services segment overhead

Corporate and development expenses

27,141

23,669

The following table reflects the estimated impact of foreign currency exchange rate fluctuations, pass-through revenue (expense), 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:

Estimated Impact of straight-line revenue recognition

Estimated Impact of material one-time items

Reported growth

The components of Core Growth in rental and management revenue are as follows:

(1) Revenue growth attributable to sites added to the portfolio on or after July 1, 2014.

SELECTED CASH FLOW DETAIL:

Payments for purchase of property and equipment and construction activities:

Discretionary - capital projects

71,375

154,914

Discretionary - ground lease purchases

37,700

23,131

27,853

43,423

53,203

Capital improvements

22,202

15,845

206,896

257,106

200,081

421,487

95,862

90,826

42,268

13,974

111,092

131,942

58,835

50,301

14,824

723,354

SELECTED PORTFOLIO DETAIL – OWNED AND OPERATED SITES:

Tower Count

As of June 30, 2015

Constructed

Acquired

40,064

40,066

16,327

17,699

Costa Rica

Germany

13,883

14,618

Mexico

92,275

99,135

Excludes in-building and outdoor distributed antenna system networks.

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:

Gain on retirement of long-term obligations

(2,969

(4,503

(3,850

18,345

18,269

666,007

Divided by total revenue

The reconciliation of net income to NAREIT Funds From Operations and the calculation of AFFO and AFFO per Share are presented below:

Real estate related depreciation, amortization and accretion

297,263

219,977

Losses from sale or disposal of real estate and real estate related impairment charges

Adjustments for unconsolidated affiliates and noncontrolling interest

(4,049

370,226

415,484

(38,798

(31,942

16,433

12,364

(6,085

(6,177

Non-real estate related depreciation, amortization and accretion

43,833

29,089

Amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges

(1,460

GTP REIT one-time charge

93,044

14,468

10,578

(22,202

(15,845

(4,343

(5,661

558,068

459,798

Divided by weighted average diluted shares outstanding

In the third quarter, the Company filed a tax election, pursuant to which GTP no longer operates as a REIT for federal and state income tax purposes. In connection with this election, the Company incurred a one-time cash tax charge during the third quarter of 2015. As this charge is non-recurring, the Company does not believe it is an indication of operating performance and believes it is more meaningful to reflect AFFO excluding its impact. Accordingly, the Company presents AFFO for the three months ended September 30, 2015 excluding this charge.   

Primarily includes unrealized losses on foreign currency exchange rate fluctuations.

Primarily includes acquisition related costs, integration costs, losses from sale of assets and impairment charges.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here. American Tower Corporation (REIT) next reports earnings on October 29, 2015.

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Other recent filings from the company include the following:

Entry into a Material Definitive - Dec. 8, 2017
American Tower Corporation Declares Quarterly Distribution AND ANNOUNCES NEW STOCK REPURCHASE PROGRAM - Dec. 7, 2017
American Tower Corporation (REIT) just filed a prospectus, suggesting it plans to soon issue some securities - Dec. 6, 2017
American Tower Corporation Prices Senior Notes Offering - Dec. 5, 2017
Filing under Securities Act Rules 163/433 of free writing prospectuses - Dec. 5, 2017

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