American Tower Corporation - Seeking Alpha€¦ · 10/02/2016 · American Tower Corporation 2015 Investor Day Introduction Jim Taiclet, CEO . Our Growth Thesis is Predicated on

American Tower

Corporation

2015 Investor Day December 10, 2015

Forward-Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This

presentation contains forward-looking statements concerning our goals, beliefs, strategies,

future operating results and underlying assumptions. Actual results may differ materially from

those indicated by these forward-looking statements as a result of various important factors,

including those described at the end of this presentation, Item 1A of our Form 10-K for the year

ended December 31, 2014, as updated in our Form 10-Q for the quarter ended September 30,

2015, under the caption “Risk Factors” and other filings we make with the SEC. We undertake

no obligation to update the information contained in this presentation to reflect subsequently

occurring events or circumstances. Definitions are provided at the end of the presentation and

reconciliations to GAAP measures are available on our website at www.americantower.com.

2

Event Agenda

3

Lunch and Introduction with Jim Taiclet, CEO

Presentation and Q&A - India

12:00pm-1:00pm

1:00pm-1:45pm

Coffee Break 1:45pm-2:00pm

Presentation and Q&A – Latin America 2:00pm-2:45pm

Presentation and Q&A - EMEA 2:45pm-3:30pm

Coffee Break 3:30pm-3:45pm

Presentation and Q&A – U.S. 3:45pm-4:30pm

Closing Remarks with Tom Bartlett, CFO 4:30pm-5:00pm

Cocktail Reception in Lobby Lounge 5:00pm-6:30pm

American Tower Corporation 2015 Investor Day Introduction

Jim Taiclet, CEO

Our Growth Thesis is Predicated on Three Key Themes

5

› The Global Mobile

Revolution is in Full

Swing and Will

Continue for a

Number of Years to

Come

1 2 3

› Our Current

Quantitative Analysis

Suggests Macro

Towers Represent

the Best Opportunity

to Generate

Compelling Returns

› International Markets

Will Grow Faster

than the U.S., for a

Longer Period of

Time

Theme 1: The Global Mobile Revolution

6

United States

International Markets

› Total mobile data usage growing at ~50%

per year

› Average monthly mobile plan usage of

~3GB for smartphone users

› The internet of things is just scratching the

surface

› 5G is coming!

30%

57%

2011 2012 2013 2014 2015E

U.S. Smartphone Penetration

› Most consumers are still on 2G/3G

networks

› Increasingly affordable smartphones are

only now penetrating the market

› Demand for mobile technology just as

strong as in the U.S., if not higher

› 4G is coming!

<5%

16%

2011 2012 2013 2014 2015E

International Smartphone Penetration(1)

(1) Reflects average of Brazil, Mexico, India and Nigeria, weighted based on population size.

95% of the World’s Population Resides Outside of the U.S. and Has a Growing Thirst for Mobile

Sources: AV&Co. analysis & research, BofA Merrill Lynch Global Research, eMarketer, GSMA Intelligence

Theme 2: Macro Towers Remain the Focus of our Business

7

Best Source for Signal

Transmission in Most Areas

Macro Towers Offer the Best Opportunities

Preferred by Carriers

Proven Collocation

Opportunities

Limited Technology Risk

Minimal Maintenance Capex

Higher Expected Returns

Theme 2a: We Are Selectively Investing in Macro Tower

Supplements

8

Can we make the collocation model work?

What are the upfront and

ongoing capital costs?

What is the technology

risk?

Can we earn a sufficiently

attractive risk-adjusted return?

All Investment Decisions With Respect to Macro Supplements Are Predicated on Expected Returns

Theme 3: International Operations will Lengthen and

Strengthen our Growth Profile

9

› ~60% of revenue from

investment grade tenants

› Long-tenured, non-

cancellable contracts

› CPI-linked escalators in

most markets

› Carrier profitability

encourages incremental

investment

› Most markets 5-10 years

behind the U.S. in terms

of wireless technology

› Predominantly 2G or 3G

› Extremely limited fixed

line infrastructure

› Networks not dense

enough to support

3G/4G

› Predominantly young,

upwardly mobile

populations

› Emerging middle classes

interested in mobile

connectivity

› Rising incomes aligning

with decreasing handset

prices

Networks

Today Networks in

5-10 Yrs

Sources: AV&Co. analysis & research

Strong Customer Base Less Mature Networks Favorable Demographics

Attain Attractive Levels of Scale

Our Strategic Planning Framework

10

• Focus on high-quality, well-located assets worldwide

• Emphasize location, structural quality and lease-up potential

• Utilize expanded asset base to build mutually beneficial relationships with carriers

Drive Superior Operational Execution to

Expand Margins

• Hire the best people at all levels of the organization

• Optimize processes and procedures and build best-in-class systems

• Focus on driving highest possible margin flow-through of organic revenue growth

Maintain a Strong Financial

Position to Support

Inorganic Growth

• Prudent financial policies to support investment grade rating

• Substantial liquidity to support capital deployment

• Disciplined asset evaluation processes

All Decisions Are Made to Create Long Term Shareholder Value

We Have Built a Leading Global Business(1)

11 (1) As of September 30, 2015.

(2) Excludes DAS networks. Pro forma for Viom transaction. Tower count as of 9/30/15 of over 99,000.

~140,000 Towers(2)

~3,300 Global Employees

13 Countries

With a Focused Commitment to:

› Asset Quality

› Partnering with Multi-National, High Quality Counterparties

› Geographical Diversification

› Creating Diverse Mix of Legacy and Newer Assets to Drive Growth

We Have Hired the Best People Worldwide and

Empowered Them

12

World-Class Executive Team With Proven Track Record of Success

14 Years with AMT Executive Vice President,

International Operations &

President, Latin America

& EMEA

8 Years with AMT Executive Vice President

& President, U.S. Tower

Division


& President, Asia

Hal Hess Amit Sharma Steven Marshall

Constant Focus on Continuous Improvement at All Levels in Organization

Ed DiSanto Tom Bartlett


and Chief Financial Officer

8 Years with AMT Executive Vice President,

Chief Administrative

Officer, General Counsel

and Secretary

We Continue our Focus on Prudent Capital Deployment

13

Consistent, Proven Process

Extensive Standardized Market Evaluation

• Focus on large, free market democracies with stable macro

environments

• Seek large, growing wireless markets with multiple well-capitalized

and competitive carriers

Risk-Adjusted Return Hurdles for All Investments Account for:

• FX, inflation, country and counterparty risk

• Asset-specific considerations

10 Year DCF Model Used for All Investment Evaluations

• Extensive set of assumptions developed over 15 years

• Every investment compared against stock repurchase program

• Models include PPP Adjustments to compensate for long-term

international FX risk

We Have Maintained an Investment-Grade Balance Sheet

14

Balance Sheet Strength has Been a Key Component of our Expansion Initiatives

Prudent Leverage Range Solid Liquidity Laddered Maturities

Increasing Local Currency Borrowing

4.8%

3.4%

2011 2012 2013 2014 3Q15

4.4

5.6

2011 2012 2013 2014 3Q15

Cost of Debt(1) Average Maturity

(Years)

› Investment grade rated

since 2009

› Approximately $2 billion

of available liquidity

› Target Leverage

continues to be 3-5x(2)

(1)

(1) 3Q15 pro forma for the impact of amendment agreements effective October 28, 2015, which extended the maturity dates of the 2013 Credit Facility, the 2014 Credit

Facility and the Term Loan to June 28, 2019, January 29, 2021 and January 29, 2021, respectively.

(2) Net leverage as of Q3 2015 was 5.4x, and we are targeting ~5x net leverage on a last quarter annualized basis by Q4 2016.

Down ~140 basis points Up ~1.2 years

Key Considerations

15

Definitions are provided at the end of this presentation.

(1) Pro forma for Viom transaction. Tower count as of 9/30/15 of over 99,000.

We are Now Positioned to Build on our Track Record

› Unmatched Global Portfolio of

~140,000 towers(1)

› Exceptional Worldwide Talent Pool

› Solid Balance Sheet and

Significant Liquidity

› Significant Tower Capacity to Meet

Tenancy Demand

› Long-tenured, Mutually Beneficial

Partnerships with Premier Global

Carriers

› Global Acquisition Platform

Current Positioning Expected Results

We Expect Global Growth in Mobile to Fuel Exciting Growth for AMT

› Continued Solid Growth in

Revenue, Adjusted EBITDA and

AFFO per Share

› Material Increase in Global

Tenancy Through Organic Growth

› Significant Expansion of Existing

Asset ROIC, Led by International

Markets

› Continued Evaluation of Inorganic

Growth Opportunities

› Compelling Dividend Growth and

Total Stockholder Returns

Thank you

We Will now Begin Our Regional

Presentations with India

India Strategic Overview

Amit Sharma, President, Asia

Attractive Macro

Backdrop

The Foundations of Our Investments in India

18

• Legacy British rule of law

• Solid property rights

• One of the largest economies in the world

Rapidly Growing Wireless Markets

• Multiple carriers investing in networks with recent and expected future spectrum auctions

• World’s second largest telecom market, in early stages of development

• Total mobile services market revenue expected to reach $37B by 2017

Partnerships with Large,

Well-Funded Carriers

• Bharti, Vodafone, Idea, Tata and others

• Well positioned to capture significant market share in greenfield Reliance-Jio launch

The Indian Market Satisfies Our Requirements for Capital Deployment

India Socioeconomic Trends

19

› World’s second largest

population, with nearly

1.3 billion people

› Median age of Indians

today is ~26 years

› 130 million moved above

poverty line between

2001-2011

› ~40% of population has at

least basic handsets

today(1)

Large Population with Increasing Economic

Mobility

Data-Hungry

Demographic

Large Economy with Strong

Expected Growth

› Minimal fixed line

penetration means only

option for social apps,

texting, etc. is mobile

› Mobile app usage is

growing by 100%+, driven

mostly by young people

› ~12% of population have

smartphones today;

~26% projected to have

smartphones by 2019(1)

› Seventh largest economy in

the world

› Expected to be third-largest

by 2030

› IMF expects GDP growth of

over 7% annually through at

least 2020

› Significant emphasis on

modernization driven by

technological innovation

› Digital India initiative

expected to help drive

growth in wireless sector

India is Poised to Modernize its Economy and Social Structure

Sources: AV&Co. analysis & research, Pew Research, July 2015, GFK, August 2015, Telecom Regulatory Authority of India, August 2015, BofA Merrill Lynch Global

Research, Cisco VNI 201

(1) Estimated based on current mobile penetration and current/future smartphone penetration, adjusting for average number of SIM cards per person (~1.84). Sources: AV&Co.

analysis & research, BAS-ML Global Research, Cisco VNI 2014 (India), The Broadband Commission for Digital Development- The State of Broadband 2015

India Technology Trends

20

Low Current Smartphone Penetration Rapidly Falling Smartphone Prices(1)

Recent Spectrum Auctions Provide Critical Bandwidth Exponential Projected Mobile Data Usage Growth

90%

74% 74% 70% 70% 70%

55% 50%

43% 35%

30% 25%

20%

1.1

13.7

2014 2019E

Total Data Traffic (in petabytes)

149

1,262

2014 2019E

Mobile Data per User (in megabytes)

Sources: Cisco VNI 2014, BofA Merrill Lynch Global Research, Jana.com: Smartphone trends in India, Jan15, IDC, Strategy Analytics Group

› $17B in proceeds. 900 MHz spectrum ideal

for efficient 3G and 4G deployments

› Major carriers are well-positioned to deploy

new spectrum assets

› R-Jio greenfield launch has generated

significant demand

› Incumbents need to invest & compete to

maintain market share, particularly 4G

244 254

223

174

138 132 127 123 120

6 11 21

50

82

107 126

145

161

0

20

40

60

80

100

120

140

160

180

0

50

100

150

200

250

300

2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E

ASP of smartphone (US$) Smartphone shipments (mn) - RHS

(1) ASP = Average Selling Price.

Our India Presence (Pro Forma for Viom)

Diverse, Nationwide Footprint of ~57,000 Towers(1)

VIOM

Legacy AMT

(1) As of 9/30/15, pro forma for Viom transaction.

› A leading independent tower company in

India

› Strategically positioned for incremental

tenancy opportunities with urban-centric

portfolio

› Expect to facilitate extensive 3G/4G

network deployments for major carriers in

the market

› Average tenancy of ~2.2 tenants per tower

› Opportunity to achieve significant revenue

growth by meeting network needs of

incumbents

Portfolio Highlights

21

AMT’s History in India

Enter market through 175-

site build-to-suit agreement

Market Entry Follows Years of Due Diligence

Acquire ~2k towers from

Transcend and XCEL

Acquire ~4.6k towers from

Essar

Reach 10k tower mark

through active BTS program

Announce ~42k site Viom

Transaction

2008

2009

2010

2015

2012

High Quality

Partners

High Quality

Towers

Experienced

Local

Management

Teams

Operational and

Service

Excellence

22

India Leadership

23

• EVP and President,

Asia

• 8 Years with

American Tower

• Extensive

Background in

Global Telecom,

including at Motorola

Amit Sharma

• Chief Operating Officer Ashwani

Khillan

• Chief Financial Officer Vijay Agarwal

• Chief Sales Officer Sudhir

Agarwal

• VP, Business Development Nitin

Doddihal

Experienced Leadership Team Focused on Operational Excellence

23

$15

$145

2009 2010 2011 2012 2013 2014 2015E

Revenue (in USD millions)(2)

Pass-through

revenue

24

2009 2010 2011 2012 2013 2014 2015E

Operating Profit (in USD millions)

~2.6k

~15k

2009 2010 2011 2012 2013 2014 2015E

Tower Count

Up Nearly 6X

Strong Organic Growth Complemented by New Builds and Acquisitions

2009 2015 2009 2015 2009 2015

45% Tenant Revenue

CAGR 82% CAGR

India Operating Results(1)

$22

$246 Tenant

revenue

$3

$92

(1) 2015 data reflects Q3 2015 ending tower count and annualized Q3 2015 revenue and operating profit.

(2) Solid bar represents tenant revenue and dotted bar represents pass-through revenue contribution.


Aircel 10%

Reliance-Jio

10%

Vodafone 15%

Bharti Airtel 19%

Idea 32%

Other 14%

Aircel 8%

Bharti Airtel 9%

Uninor 9%

Vodafone 12%

Idea 14%

Tata 30%

Other 18%

India Revenue Overview(1)

Revenue by Tenant(1) Signed New Business by Customer(2)

Majority of Revenues and New Business Are from Large, Incumbent Wireless Carriers

(1) Reflects Q3 2015 AMT India operating results, pro forma for Q2 2015 Viom operating results.

(2) Reflects collocation and amendment activity for first nine months of 2015. Excludes BTS revenues.

25

India Growth History(1)(2)

(1) 2014 and 2015 Organic Core Growth excludes the impact of pass-through revenues.

(2) 2015 Organic Core Growth is year-to-date organic core growth as of the quarter ended September 30, 2015.

(3) For sites constructed in 2010 and earlier.

(4) Includes Viom transaction announced on October 21, 2015. Transaction expected to close in mid-2016.

Organic Growth

New Build Program

Acquisitions(4)

All Investments Evaluated Using Risk Adjusted, DCF-Based Analysis

1,602 1,257

1,548 ~2,000

2012 2013 2014 2015E

New Builds per Year

› Driven primarily by new

business from large, well-

funded tenants

› With increased rollout of

3G/4G, Organic Core

Growth has accelerated

over last twelve months

2012 2013 2014 2015E

Organic Core Growth

Average of over 9%

› Day 1 returns of 10%+

› Tenancy on legacy new build

portfolio of ~2 tenants(3)

› Most builds for large carriers

like Airtel and Vodafone

› >80% of pro forma portfolio

composed of acquired sites

› Acquired portfolios have

typically performed at or

above initial expectations

~6,600

~42,600

Pre-2010 2010-2014 YTD 2015

Acquired Sites per Year

-

26


Key Transaction – Essar

27

2.2 2.2

2.3

2013 2014 2015

Tenancy Per Tower

3,100

3,250

3,400

2013 2014 2015

Tenant Revenue(2)

(INR in millions)

› ~4,600 towers in August 2010 for

~$430 million

› ~1.9 tenants per tower on day

one

› Day 1 gross margin % of ~75%(1)

› Tenancy of 2.3 tenants per tower

› Gross margin % of ~85%(1)

› NOI Yield of ~11%

Transaction Overview Current Operating Performance

9% 10%

11%

2013 2014 2015

NOI Yield(3)

(1) Excludes pass-through

(2) 2015 based on annualizing results from the quarter ended 9/30/15. All years exclude straight-line revenue.

(3) 2015 based on Q3 2015 annualized data. NOI yield reflects local currency. Definitions are provided at the end of this presentation.

Proven History of Driving Increasing Yields on Acquired Portfolios

India New Build Program – Overview(1)

28

1.7 1.9

2.0

2013 2014 2015

Average Tenancy

14%

18% 21%

2013 2014 2015

NOI Yield(2)

550 610

670

2013 2014 2015

Average Annual Tenant Revenue per Tower(2)

(INR in thousands)

Operating Highlights for 2010 and Prior New Builds

› Key driver of growth in India, with favorable economics

› More than half of current portfolio comprised of AMT builds

› Current average construction cost between $25k-$30k USD

› Day 1 Returns of 10%+, much higher with additional tenants

› Anchor tenants are typically large incumbent carriers

New Build Program Highlights

(1) As of the quarter ended 9/30/15.

(2) 2015 based on Q3 2015 annualized data. All periods exclude straight-line revenue. NOI yield reflects local currency.


India New Build Program – Overview

29

› Innovative products with reduced time to market - NPP (Non-Penetrating Pole) reduced

to 3 from 7 days, QBS (Quick Build Solution) reduced to 18 days from 40 days

› Lighter towers to bring in cost optimization – NBT (Narrow Base Tower), reduces capex

up to 12-15% of overall site cost

› Implementation of Standard Quality Assurance & Quality Control processes, ensuring

quality construction

› Provision of Fiber ducts – to support OFC requirement of Carriers for 3G/4G. Results in

additional revenue & marketability of towers

New Build Program Highlights

QBS – Steel Foundation 6.0m NPP with Camouflage Camouflaged GBM GBM with Street Lights

Abbreviations: QBS = Quick Build Solution NPP = Non-penetrating Pole GBM = Ground Based Mast OFC = Optical Fiber Cable

American Tower’s Competitive Advantage in India

Presence

› Leading, well-positioned

independent portfolio in

India(1)

› Proven history of driving

lease-up on both

constructed and acquired

sites

› Significant presence in

urban areas seeing more

activity due to 3G/4G

rollouts and coverage gaps

› Able to leverage portfolio

and existing relationships

with key tenants

› Veteran leadership team in

place from day one

› Strong regional organization

of nearly 450 employees

› Will be focused on

seamlessly integrating Viom

portfolio once transaction is

closed

› Expect to decrease SG&A

as % of revenue after

closing Viom transaction

9% 8% 8% 9%

2012 2013 2014 YTD 2015

SG&A as % of Revenue(2)

› Industry-leading systems and

processes developed over 15

years of international

operations

› Efficient site uptime

performance makes portfolio

more attractive for collocation

› Focus on renewable energy

helped us move ~4,500

towers to zero diesel mode

› Mobile based workforce

management for efficiency in

operations and billing

99.7% 99.8%

99.8%

99.9%

2012 2013 2014 YTD 2015

Site Uptime %(2)

(1) Pro forma for pending Viom transaction.

(2) Figures represent annual averages except for 2015 which is YTD 2015.

Metros

A Circle

Locations

Rural and

Suburban

30

People Operational Efficiency

Key Opportunities

1 Viom Assets are Well-Positioned to Drive Revenue Growth and Yield

Operating Synergies

Capitalize on Carrier Network Investments as Multi-Year Deployments

of 3G and 4G accelerate

Evaluate Macro Supplements (WiFi, DAS, Small cells, limited

backhaul)

We Are Focused on Generating Recurring, Long-Term Growth in India

31

Evaluate Other Potential Opportunities in Asia

2

3

4

India Q&A

India Appendix

Supplementary India Data(1)

Country

Years

Operating

in Market

Avg

Tenancy

Avg Years in

AMT

Portfolio

% of AMT

Rental

Revenue

# of Towers # of DAS

Systems

India 8 1.9 4.7 years 5.1% 14,618 25

Country

3 Yr Avg

Organic

Core

Growth

Consolidated

ROIC(2)

India 9.0% 8.2%


(2) Based on year-to-date annualized figures as of 9/30/15. 34


India Tower Vintage Analysis(1)(2)

(1) Reflects average years in AMT portfolio, as of 9/30/15. Vintage reflects years in AMT portfolio.


(3) 2015 based on Q3 2015 annualized data and. NOI yield reflects local currency.

(4) Younger vintage have highest NOI yield due to highest proportion of built sites, which have a lower initial investment than acquired sites.

2.2 2.0

1.5

>5 years 3-5 years <3 years

Tenancy

12%

22%

17%


NOI Yield(3)(4)

750

613

443


Tenant Revenue per Tower Ex Straight-line(3)

(INR ‘000)

50%

17%

33%

>5 Years 3-5 Years <3 Years

% of Portfolio By Ownership Length

35 Definitions are provided at the end of this presentation.

LatAm Strategic Overview

Hal Hess, EVP and President, Latin America and EMEA

Olivier Puech, CEO Latin America

Attractive Macro

Backdrop

The Foundations of Our Investments in LatAm

37

• Legacy European rules of law

• Solid property rights throughout footprint

• Large, growing economies

Competitive Wireless Markets

• Multiple carriers investing in networks

• Recent and future spectrum auctions

• Significant growth in mobile data usage and smartphones


Multinational Carriers

• AT&T, Telefónica, América Móvil, Telecom Italia and others

Our Latin American Markets Fit our Comprehensive Investment Evaluation Methodology

LatAm Socioeconomic Trends(1)

38

› Middle class population of

~200 million

› Significant portion under

the age of 40

› More than half use social

media

› Data consumption among

this demographic

increasingly driven by

video

Young, Increasingly Connected Middle Class

Increasing Focus on

Digitalization

Solid Economic Outlook

Despite Near Term

Headwinds

› Digitalization in LatAm

has generated nearly 1

million jobs and 4.3% to

regional GDP

› Even so, more than 40%

of people in region still

don’t have internet

access

› Local governments

implementing numerous

digitalization programs

› Near term economic

volatility expected to ease

over time

› FX trends currently ~2-3

standard deviations

outside historical range

Latin America Is Positioned for Strong Long-Term Growth

Sources: Brookings Institute, February 2015, GSMA intelligence, May 2015, Development Bank of Latin America, July 2015, Kharas, OCED, 2010 , GSMA Mobile

Economy, Latin America 2014, WEO IMP, April 2015, IMF World Economic Outlook.

3.8% 3.6%

2013 2014 2015 2016 2017 2018 2019 2020

Projected GDP Growth (2)

(1) Reflects AMT’s Latin American markets.

(2) Reflects average of AMT’s Latin American markets, on a constant price basis.

LatAm Technology Trends

39

Mix of Connections Rapidly Shifting to 3G/4G(1)

Rapidly Falling Smartphone Prices(2)

Mobile Data Traffic Expected to Grow Exponentially(3) Very High # of Subscribers Per Cell Site in Major Markets(4)

~$150

Xiaomi Redmi 2

2G

2G

3G

3G

4G 4G

2014 2019E

% of Connections by Technology

3G/4G expected to be ~80% by 2019

4.3 4.2

3.1

1.6

Mexico Brazil Colombia U.S.

~$50

BLU Dash JR K

(1) AV&Co. research

(2) AV&Co. research – online prices in Brazil, converted from Brazilian Reals to U.S. Dollars

(3) GSMA Mobile Economy, Latin America, 2014

(4) AV&Co. estimate of the number of subs per unique site location (e.g. towers) in a country based on GSMA Intelligence and CTIA Annual Wireless Industry Survey

(in thousands)

90

1,131

2013 2014 2015E 2016E 2017E 2018E

LatAm Mobile Data Traffic (in petabytes/month)

Our LatAm Presence(1)

(1) As of September 30, 2015.

Brazil

~17,700 sites

Mexico

~8,800 sites

Chile

~1,200 sites

Peru

~600 sites

› More than 32,000 towers and

approximately 100 DAS systems

› #1 or #2 independent tower

operator in all six markets where

we operate

› Key regional customers include

AT&T, Telefónica and América

Móvil

› Existing average tenancy of ~1.5

tenants per tower

› Strong organic growth with select

opportunities for additional

portfolio expansion

› Especially strong presence in key

markets like Mexico and Brazil

Latin American Portfolio Colombia

~3,700 sites

Costa Rica

~500 sites

40

AMT’s History in LatAm

Enter Mexico and Brazil through

small acquisitions and BTS

programs

Market Entries Follow Years of Due Diligence

Enter Colombia, Chile and Peru by

Acquiring ~1,600 TEF towers

Acquire ~2,400 TEF towers in

Mexico; Acquired ~2,400 towers

from VIVO and Sitesharing in Brazil

Acquire NII Mexico & Brazil tower

portfolios and Axtel towers in

Mexico

BR Towers and TIM Brazil

transactions

1999

2000

2010

2013

High Quality

Partners

An Industry

Leader Experienced Local

Management

Teams

Focus on

Operational and

Service

Excellence

2011/12

2014/15

41

LatAm Leadership

42


Latam and EMEA

• 14 Years with

American Tower

• Extensive

Background in

Global Tower

Business

Hal Hess

• CEO, LatAm Olivier Puech

• CFO, LatAm and EMEA Katherine

Motlagh

• SVP Finance, LatAm Alejandro

Messmacher

• Director General, Mexico Guillermo

Cordera

• Director General, Brazil Flavio

Cardoso


42

$188

$875

2007 2008 2009 2010 2011 2012 2013 2014 2015E

Revenue(2)

(in USD millions)

$140

$517



~3,200

~32,000

2007 2008 2009 2010 2011 2012 2013 2014 2015E

Tower Count



Up 10x

Profitable Organic Growth Complemented by New Builds and Acquisitions

2007 2015 2007 2015 2007 2015

20% Tenant Revenue

CAGR 18% CAGR

LatAm Operating Results(1)

Pass-through

revenue

Tenant

revenue

43

$146

$630

LatAm Revenue Overview


More than Half of Regional Revenues from Investment-Grade Tenants

América Móvil 7% Oi

9%

Nextel Brazil 11%

TIM 13%

AT&T 22%

Telefónica 23%

Other 15%

América Móvil 11%

TIM 14%

Telefónica 19% AT&T

28%

Other 28%

Brazil 48%

Mexico 37%

Colombia 8%

Other 7%

Revenue by Country(1)

(1) Reflects Q3 2015.


44

LatAm Growth History

(1) 2014 and 2015 organic core growth excludes the impact of pass-through revenues.

(2) 2015 Organic Core Growth is year-to-date organic core growth as of the quarter ended September 30, 2015.

Organic Growth

New Build Program

Acquisitions


370 507

722 ~900

2012 2013 2014 2015E

New Builds per Year

› Incremental Margins of

90%+ on organic revenue

growth

› Significant base of young

assets expected to drive

long-term organic core

growth

2012 2013 2014 2015

Organic Core Growth(1)

Average of ~13%

› High single digit % day one

returns from the anchor

tenant with the ability to

expand returns with future

collocations

› Focus on quality

counterparties such as

Telefónica and AT&T

› >80% of regional portfolio




above initial expectations in

local currency terms

2,504

5,519 5,050 5,310

2012 2013 2014 YTD 2015

Acquired Sites per Year

45

(2)


Key Transaction #1 – Site Sharing(1)

46

› ~700 towers in Brazil in 2011

› 13.4x day-1 tower cash flow multiple,

implying a 7.5% NOI yield

› 1.7 tenants per tower on day 1

› Current tenancy of 2.2 tenants per site

› YTD 2015 portfolio organic core

growth of ~9%

› NOI yield nearly 11%


1.7

2.1 2.2

Day 1 2013 2015

Tenancy

7%

9%

11%

Day 1 2013 2015

NOI Yield(2)

109

132

162

Day 1 2013 2015

Tenant Revenue per Site Ex Straight-line(2)

(BRL in 000s)


(2) 2015 reflects annualized YTD 2015 results as of 9/30/15. NOI yield reflects local currency. Definitions are provided at the end of this presentation.

Key Transaction #2 – Telefonica Mexico(1)

47

1.0

1.2 1.3

Day 1 2013 2015

Tenancy

5%

6%

8%

Day 1 2013 2015

NOI Yield(2)

143

172

230

Day 1 2013 2015

Tenant Revenue per Site Ex Straight-line(2)

(MXN in 000s)

› ~2,600 towers acquired from

Telefonica with the first closing

occurring in 2011

› Initial tenancy of 1.0 per tower

› 21.4x day 1 tower cash flow multiple

› Current tenancy of 1.3 tenants per

tower

› 8% Core Organic growth YTD in 2015

despite a slow environment in Mexico

over the past two years

› NOI yield now over 8%



(2) 2015 reflects annualized YTD 2015 results as of 9/30/15. NOI yield reflects local currency.

American Tower’s LatAm Competitive Advantage

48

Presence

› Most extensive regional

footprint in LatAm

› A leader in key strategic

markets

› Long-tenured

relationships with major

carriers in region

› Veteran LatAm leadership

team with extensive

industry experience

› Robust regional

organization of more than

700 employees

› Expect to primarily utilize

existing SG&A base for

future expansion,

including M&A integration

10% 11% 9%

7%

2012 2013 2014 3Q15

SG&A as % of Revenue

› Average tenancy of just

~1.5

› Have owned majority of

LatAm sites for <3 years

› Compelling opportunity to

drive lease-up on

previously under-utilized,

under-marketed assets

15%

29%

56%

>5 yrs 3-5 yrs <3 yrs

Site Ownership Length(1)

32

11 9 6

AMT Telesites SBAC GrupoTorresur

# of Latam Towers(1)

(000’s)


People Young Portfolio

Key Opportunities

1

2

3

Dynamic Mexican & Brazilian Mobile Markets

Poised to Produce Significant Growth

Mobile Internet Still in Early Stages

Tremendous Need for Denser, Stronger Networks

We Are Focused on Generating Recurring, Long-Term Growth in Latin America

49

LatAm Q&A

LatAm Appendix

Supplementary LatAm Data(1)

Country

Years

Operating

in Market

Avg

Tenancy

Avg Years in

AMT

Portfolio

% of AMT

Rental

Revenue


Systems

Mexico 15 1.5 5.6 6.7% 8,733 44

Brazil 14 1.4 2.1 8.6% 17,699 47

Colombia 5 1.6 3.9 1.5% 3,676 1

Other LatAm 2-5 1.5 4.1 1.2% 2,224 6

Country

3 Yr Avg

Organic

Core

Growth

Consolidated

ROIC(2)

Mexico 8.9% 14.3%

Brazil 12.0% 9.0%

Colombia 25.1% 5.4%

Other LatAm 14.2% 7.4%

(1) Reflects data as of September 30, 2015.

(2) Based on year-to-date annualized figures as of 9/30/15.

52


Mexico Tower Vintage Analysis(1)

(1) As of the quarter ended 9/30/15. Vintage reflects years in AMT portfolio.

(2) Tenancy reflects legacy Iusacell and Nextel Mexico equipment installations as one tenant per site.

(3) 2015 based on Q3 2015 annualized data. NOI yield reflects local currency.

2.1 2.0

1.1


Tenancy(2)

37% 35%

12%


NOI Yield(3)

809

624

268



(MXP ‘000)

20%

8%

72%


% of Assets by Vintage

53


Brazil Tower Vintage Analysis(1)



2.8

1.9

1.2


Tenancy

50%

32%

7%


NOI Yield(2)

234

100

38



(BRL ‘000)

3% 6%

91%



54


EMEA Strategic Overview

Hal Hess, EVP and President, Latin America and EMEA

Stephen Harris, SVP and CEO, EMEA

Attractive Macro

Backdrop

The Foundations of Our Investments in EMEA

56

• Legacy European rules of law

• Solid property rights throughout footprint

• Large, growing economies

Competitive Wireless Markets



• Significant growth in mobile usage and penetration


Multinational Carriers

• Bharti, Vodafone, MTN, Telefónica and others

Our EMEA Presence Is Predicated on Our Disciplined Investment Evaluation Methodology

Africa Socioeconomic Trends(1)

57

› Total population of ~300

million

› ~60% of population under

the age of 25

› Mobile is absolutely

critical for daily life

• Basic communication

• Banking

• Social media

• Entertainment

Young, Increasingly Connected Middle Class

Strong Incentives for

Continued Wireless

Network Development

Solid Economic Outlook

› Fixed-line penetration

virtually non-existent in

most African markets

› Economic development of

region can be accelerated

through use of mobile

technologies

› Governments have

prioritized mobile

development as key goal

in numerous initiatives

› Historically

underdeveloped markets

› Foreign direct investment

accelerating

› Stable expected growth

EMEA Is Positioned for Strong Long-Term Growth

Sources: Brookings Institute, February 2015, CIA World Factbook, African Economic Outlook Report, 2015, IMF World Economic Outlook, October 2015

(1) Reflects Nigeria, South Africa, Ghana and Uganda.

(2) Reflects average of Nigeria, South Africa, Ghana and Uganda, on a constant price basis.

4.7% 4.4%

2013 2014 2015 2016 2017 2018 2019 2020

Projected GDP Growth(2)

Africa Technology Trends(1)

58

Smartphone Penetration Expected to Rise Quickly(3)

13%

41%

2014 2015 2016 2017 2018 2019

Projected Smartphone Penetration

Mix of Connections Expected to Shift to 3G/4G(2)

2G

2G

3G

3G

4G 4G

2014 2019E

% of Connections by Technology

3G/4G expected to be ~70% by 2020

Wireless Penetration Still Relatively Low

87%

73% 66% 63% 59%

45% 43% 38% 36%

SouthAfrica

Morocco Ghana Egypt Algeria Nigeria Kenya Uganda Tanzania

Wireless Capex Trends Are Solid(4)

$8

$14

2012 2013 2014 2015 2016 2017 2018 2019 2020

Projected Wireless Capex Spending (In $billions)

(1) Sources: AV&Co. analysis & research, GSMA Intelligence, Broadband Commission for Digital Development- The State of Broadband 2015 (2) For Africa only; Sources: AV&Co. analysis & research, Cisco VNI (2014-2019, Middle East & Africa) (3) For Africa only; Sources: AV&Co. analysis & research, Cisco VNI (MEA) (4) For Sub-Saharan Africa (excludes N. Africa). Sources: AV&Co. analysis & research, GSMA Mobile Economy Sub-Saharan Africa October 2015

AMT Markets

Our EMEA Presence(1)


Germany

~2,000 sites

Ghana

~2,100 sites

Nigeria

~4,700 sites South Africa

~1,900 sites

Uganda

~1,400 sites

› More than 12,000 towers

› #1 or #2 independent tower

operator in each of our chosen

markets

› Key regional customers include

Airtel, MTN and Vodafone

› Existing average tenancy of ~1.5

tenants per tower

› Strong Organic Growth with

meaningful opportunities for

additional portfolio expansion

› Positions in key African markets

and a strategic European base in

Germany

EMEA Portfolio

59

AMT’s History in EMEA

Enter Ghana through JV with

MTN

Market Entries Follow Years of Due Diligence

Establish 75% stake in Cell C

Portfolio in South Africa

Acquire KPN towers in Germany

Enter Uganda through JV with

MTN

Enter Nigeria through

acquisition of Airtel towers

2010

2010

2012

2015

2012

High Quality

Partners

High Quality

Towers Experienced

Management Teams

Focus on

Operational

Excellence

60

EMEA Leadership

61


Latam and EMEA

• 14 Years with

American Tower

• Extensive

Background in

Global Tower

Business

Hal Hess

• CEO, EMEA Stephen

Harris

• CFO, LatAm and EMEA Katherine

Motlagh

• COO, EMEA Pieter Nel


62

$58

$371

2011 2008 2009 2010 Q315

Revenue(2)

(in USD millions) $498

$21

$216

2011 2012 2013 2014 2015E



~3,200

~12,100

2007 2008 2009 2010 2011

Tower Count



Up Nearly 4x

Profitable Organic Growth Complemented by New Builds and Acquisitions

2011 2015 2011 2015 2011 2015

60% Tenant Revenue

CAGR 80% CAGR

EMEA Operating Results(1)

Pass-through

revenue

Tenant

revenue

$85

EMEA Revenue Overview


More than 80% of Regional Revenues from Investment-Grade Tenants

Vodafone 7%

Telefonica 8%

Cell C 9%

MTN 28%

Airtel 41%

Other 7%

DFMG 5%

Millicom 5%

Vodafone 11%

MTN 25%

Airtel 33%

Other 22%

Uganda 10%

Germany 11%

South Africa 16%

Ghana 17%

Nigeria 44%

Revenue by Country(1)

(1) Reflects Q3 2015.


63

EMEA Growth History(1)(2)

(1) 2014 and 2015 Organic Core Growth excludes the impact of pass-through revenues.

(2) 2015 Organic Core Growth is year-to-date Organic Core Growth as of the quarter ended September 30, 2015.

Organic Growth

New Build Program

Acquisitions


137

227

171 ~200

2012 2013 2014 2015E

New Builds Per Year

› Driven primarily by new

business from large

multinational tenants

› Incremental margins of

90%+ on organic revenue

growth

2012 2013 2014 YTD 2015

Organic Core Growth

Average of ~16%

› Double digit % day one

returns from anchor tenant

with materially higher

returns after collocations

› Focus on quality

counterparties such as

MTN, Airtel and Vodafone

› >90% of regional portfolio




above initial expectations in

local currency terms

~3,200

252 19

~4,700

2012 2013 2014 YTD 2015

Acquired Sites Per Year

64


South Africa Operating History(1)

65

1.5

1.8 1.9

Day 1 2013 2015

Tenancies per Site

18%

22%

29%

Day 1 2013 2015

NOI Yield(2)

276

381

495

Day 1 2013 2015

Tenant Revenue per Site Ex

Straight-line(2)

(ZAR in 000s)

› ~1,800 towers purchased from Cell C

and ~100 towers built subsequently

for several carriers

› 2.5bn ZAR invested since inception

› 5.7x day-1 tower cash flow multiple,

implying an NOI yield of ~18%

› 1.5 tenants per site at closing

(1) 2015 reflects annualized YTD 2015 results as of 9/30/15.

› Current tenancy of 1.9 tenants per site

› 10% Organic Core growth for YTD

2015 vs. the same period in 2014

› NOI yield now ~29%




Ghana Operating History(1)

66

1.0

1.5 1.6

Day 1 2013 2015

Tenancies per Site

8%

12%

19%

Day 1 2013 2015

NOI Yield(2)

39

66

112

Day 1 2013 2015

Tenant Revenue per Site Ex

Straight-line(2)

(GHS in 000s)

› ~1,900 towers purchased from MTN

in 2011 as part of JV and

approximately 200 built subsequent

to the initial acquisition

› Approximately 950M GHS invested

since inception

› 12.8x Day 1 tower cash flow multiple,

implying an NOI yield of 7.8%

› Current tenancy of 1.6 tenants per

tower

› 22% Core Organic growth excluding

pass thru for YTD 2015 vs. the same

period in 2014

› NOI yield now ~19%




American Tower’s EMEA Competitive Advantage

67

Presence

› Unique footprint in key

Sub-Saharan African

markets and anchor

market in Europe

› #1 or #2 tower operator in

every EMEA market we

operate in

› Able to leverage portfolio

and existing relationships

with key tenants

› Veteran EMEA leadership

team in place from day

one

› Robust regional

organization of more than

500 employees

› Able to substantially

leverage existing SG&A

base for future expansion,

including M&A integration

17% 14% 14%

11%

2012 2013 2014 3Q15

SG&A as % of Revenue

› Leading systems and

processes developed

over 15 years of

international operations

› Efficient fuel management

and site uptime

performance makes

portfolio more attractive

for collocation

› Fuel management

programs focus on

reducing fuel

consumption, improving

site uptime, and reducing

costs, for both AMT and

the operator

12

21

15

7 5

AMT IHS Cellnex Eaton Helios

# of EMEA Towers(1)

(000’s)

People Operational Efficiency

(1) As of 9/30/15.

Key Opportunities

1

2

3

Mobile is in Extremely Early Stages in Most of Africa, with Huge Potential for

Future Development

Recent and Upcoming Spectrum Auctions are Expected to Catalyze

Incremental Investments

Regional Scale and Strong Carrier Relationships Expected to Drive Strong

Growth in Profitability

We Are Focused on Generating Recurring, Long-Term Growth in EMEA

68

EMEA Q&A

EMEA Appendix

Supplementary EMEA Data(1)

Country

Years

Operating

in Market

Avg

Tenancy

Avg Years in

AMT

Portfolio

% of AMT

Rental

Revenue


Systems

South Africa 4.8 1.9 4 1.8% 1,917 -

Nigeria <1 1.2 <1 4.5% 4,700 -

Germany 3 1.8 3 1.1% 2,030 -

Ghana/Uganda 4.5 and 3.5 1.5 3.5 2.8% 3,472 14

Country

3 Yr Avg

Organic

Core

Growth

Consolidated

ROIC(3)

South Africa 14.4% 23.8%

Nigeria N/A 6.2%

Germany(2) 4.0% 8.4%

Ghana/Uganda(2) 20.5% 10.6%

(1) Reflects data for quarter ended September 30, 2015.

(2) 2 year average due to more limited operating history.

(3) Based on year-to-date annualized figures as of 9/30/15.

71


South Africa Tower Vintage Analysis(1)

31%

9%

3-5 Years <3 Years

NOI Yield(2)

2.0

1.2

3-5 Years <3 Years

Tenancy

536

276

3-5 Years <3 Years


(ZAR ‘000)

81%

19%

3-5 Years <3 Years




72


U.S. Strategic Overview

Steven Marshall, EVP and President, United States

Rod Smith, SVP and CFO, United States

Attractive Macro

Backdrop

The Foundations of our Investments in the U.S.

74

• Largest economy in the world

• Constructive legal, property rights and regulatory framework

• Good, stable, long-term growth prospects

Competitive Wireless Market



• Significant growth in mobile data usage and smartphones


National Carriers

• AT&T, Verizon Wireless, T-Mobile and Sprint

Our Home U.S. Market Fits Squarely Within Our Investment Requirements

Key U.S. Demand Driver: Mobile Data

75

0.02 3 10 8

276

Sending an email 3 minutesong

3 minute video clip 30 minutes Internetbrowsing

30 minuteTV show

Average Data Used by Activity (in megabytes)

150x 500x

400x

13,800x

Note: 1 MB equals 1024 KB

Sources: Altman Vilandrie & Co. research, Verizon, AT&T

More Advanced Devices = Access to More Advanced Applications

More Advanced Applications = More Mobile Data Consumption

= Incremental Demand for Towers

2012 2013 2014 2015E 2016E 2017E 2018E 2019E

U.S. Data Traffic by Device Type (in exabytes)

Feature Phones Smartphones Computing Devices M2M Wearables

43.4

2.2

Sources: Altman Vilandrie & Co. analysis integrating multiple sources (eMarketer, BIA/Kelsey, CTIA, Yankee Group/451 Research, Cisco VNI, Frost & Sullivan, company 10Ks)

(2)

(1)

(1) 1 exabyte is equivalent to 1 billion gigabytes.

(2) Computing devices represent tablets and laptops.

Key U.S. Demand Driver: Mobile Data (Continued)

76

~3.2B(1)

Total Revenue

56% In Top 100 BTA

~40K Sites

Our U.S. Presence(1)

328 DAS sites

~2.2 Tenants per Tower

1,300+

Employees

77%(1)

Gross Margin

(1) Reflects 2015 outlook midpoints, as reported in the Company’s Form 8-K, dated October 29, 2015 and/or metrics as of 9/30/15.

(2) Invested Capital 2012 to 9/30/15 77

U.S. Leadership

78


US Tower Division

• 8 Years with

American Tower

• Prior to joining AMT,

CEO, National Grid

Wireless

Steven Marshall

• SVP & CFO Rodney

Smith

• SVP & General Counsel Steve

Vondran

• SVP Engineering & Operations Bud

Noel

• SVP Sales & Marketing Phillip

Rosenthall

• SVP Managed Networks Gerard

Ainsztein

Experienced Team Focused on Accretive Investments & Operational and Service Excellence

U.S. Strategic Overview

79

› Invested total of ~$12.4B

› Acquired over 17,000 towers(1) and constructed ~1,200

› Deployed over 3,000 shared generators

› Built 70+ DAS and small cell networks

› Acquired more than 3,000 ground leases

› Acquired Global Tower Partners

› Acquired rights to Verizon Tower Portfolio

› Active program in place to continue evaluating

additional asset portfolios

› Disciplined approach to customer contracts

› Mutually beneficial long-term master lease

agreements

› Increase growth visibility and minimize churn

› Enhanced systems and processes, including

HR, IT and Operational systems

› Continual focus on application cycle times and

optimization

(1) Includes the acquisition of rights to ~11,500-tower Verizon portfolio.

Contract Negotiations Capital Deployment 2012-2015

M&A Transactions People and Systems

U.S. Operating Results(1)

80

› Double digit revenue growth driven by organic growth and new assets

› Focused on driving sustainable, profitable growth

› Organic core gross margin conversion ratio of over 90% expected in 2015

$1.24B

$3.15B

2007 2015E

$0.89B

$2.33B

2007 2015E

~19.5k

~40k

2007 2015E

~12.8% CAGR ~12.4% CAGR

~9.6% CAGR

Rental & Management Revenue Tower Count Operating Profit

(1) 2015E Rental and Management Revenue and Operating Profit Reflects 2015 outlook midpoints, as reported in the Company’s Form 8-K, dated October 29, 2015.

Total Revenue(1) Executed New Business Revenue by Product(2)

U.S. Revenue Overview

~87% of Total Revenue in 2015 from the Big 4 Carriers

(1) Reflects YTD 2015 as of September 30, 2015.

(2) Reflects YTD mix as of September 30, 2015.

29%

23% 15%

20%

13%

AT&T Verizon T-Mobile Sprint Other

Collocations 22% 44% 67% 24% 74%

Amendments 78% 56% 33% 76% 26%

Other

(2)

81

36% 21%

11% 19%

9%

8%

9%

32%

24%

21% 34%

36%

29%

47% 45%

11%

2% 3% 1% 2%

2012 2013 2014 2015 YTD

Other T-Mobile Verizon AT&T Sprint

92%

5% 3%

Towers

Managed Networks

Generators, Ground & Other

Managed Networks Opportunity

82

Rooftops

› Unique asset base concentrated in

densely populated urban areas

throughout the U.S.

› Part of AMT’s comprehensive suite

of network solutions for our

customers

Indoor

› Portfolio centered on exclusive

locations in casinos, malls,

convention centers and sports

arenas

› Due to signal propagation

limitations, 80% of future small cell

deployments are expected to be

indoors

Backhaul / Technology

› AMT selectively deploys fiber to

support small cell projects today

› Technology risks are considered in

project-based hurdle rates

› SDN, SON, wireless backhaul

technology developments and WDM

Managed Networks Round Out Our Full Suite of Infrastructure Solutions for Carriers

~300 networks ~17,000 antennas

~2.1 tenants

~30 networks ~560 nodes ~1.1 tenants

Abbreviations: SDN = Software Defined Network SON = Self-Optimizing Network WDM = Wavelength-division multiplexing

Outdoor

› Portfolios centered in dense urban

and challenging macro tower

zoning environments

› Due to high capital intensity, 80% of

small cell capex is expected to be

spent outdoors

› Solid trends supported by

growth in mobile data

usage

› Focus on long-term

contracts and churn

minimization has yielded

strong, consistent growth

U.S. Growth History

Organic Growth(1)

New Builds(1)

Comprehensive Growth Strategy Has More than Doubled U.S. Business in 6 Years

8.4% 7.3%

8.7% 9.6%

~7%

2011 2012 2013 2014 2015E

U.S. Organic Core Growth

245 249

331

657

~100

2011 2012 2013 2014 2015E

U.S. New Builds

› New build strategy

complements organic

growth and M&A program

› Important portion of our

overall value proposition for

carrier customers

(1) Reflects 2015 outlook midpoints, as reported in the Company’s Form 8-K, dated October 29, 2015 and/or metrics as of 9/30/15. Organic core growth metric is net

of all churn.

Average of ~8%

Acquisitions

› 44% of current domestic

tower count added through

acquisition since 2011

› Younger, less mature

portfolio provides

compelling incremental

collocation opportunity

204 716

4,928

242

~11,500

2011 2012 2013 2014 2015E

U.S. # of Towers Acquired

83


Deal Highlights

› ~7,800 sites

› Day one tenancy of ~1.7

› Exclusive rights for >300 In-

building locations

› ~2/3 of revenue from “Big 4”

Financial Performance

› Current ROIC of ~17%

U.S. M&A Overview

(1) Reflects acquisition of rights for ~11,500 towers.

(2) Reflects average expected annual growth over first 10 years in AMT portfolio.

(3) 2015E.

(4) Wireless & Broadcast Towers only.

Spectrasite Merger (2005)

Global Tower Partners (2013)

Verizon Towers (2015)(1)

Deal Highlights

› ~11,500 sites


› 10yr Verizon anchor term

› ~95% of revenue from Big 4


› Expected annual revenue

growth of 9-10% over 10 year

period (2)

Deal Highlights

› ~4,800 U.S. sites


› 70% of revenue from Big 4


› Gross Margin%(3) : 74.4%

› SG&A synergies ahead of plan

1.7

2.6 2.9

Year 1 2010 Q315

Spectrasite Tower Tenancy

$188m

9.2% $205m

Q1-Q3 '14Revenue

Organic CoreGrowth

Q1-Q3 '15Revenue

GTP Organic Core Growth(4)

97%

% of VZ Site Audits Completed

84


85

› Drive customer

connectivity

› Maintain efficient cycle

times and provide best

possible customer

experience

› Invest in people,

processes and systems

› Continue to focus on

cost efficiency at all

levels of organization

› Evaluate all accretive

investment

opportunities, both in

macro towers and

other complementary

areas

› Maintain focus on

investments that

generate the best risk-

adjusted returns

› Support international

activities

Key Priorities Looking Forward

› Utilize expanded

nationwide portfolio to

drive organic growth

› Continue to employ

disciplined contract

structures to drive

additional value

› Manage operating

expenses and reduce

SG&A as a % of

revenue

› Proactively extend and

purchase ground leases

Enhance Margins Operational Excellence Investment in Assets

Key Opportunities

1

2

3

Renew/Establish NPV-Accretive Master Lease Agreements

Utilize Upcoming Public Safety Build and New Spectrum Assets Expected

to Come to Market to Drive Incremental Growth

We Are Focused on Generating Recurring, Long-Term Growth in the U.S.

Drive Strong Leasing Growth on Previously Under-Utilized Verizon Tower

Portfolio

86

U.S. Q&A

U.S. Appendix

Supplementary U.S. Data(1)

(1) As of 9/30/15.


Country

Years

Operating in

Market(2)

Avg Years in

AMT

Portfolio(1)

% of AMT

Rental

Revenue(2)

# of

Towers

Avg

Tenancy

# of DAS

Systems Consolidated ROIC

U.S. 20 7.0 66.6% 40,066 2.2 328 9.3%

89

U.S. Tower Vintage Analysis(1)

(1) Tenant Revenue per Tower represents annualized Q3 2015 results. Vintage reflects years in AMT portfolio.

(2) Rental revenue excludes straight-line and services revenue.

(3) % of Towers and Tenancy per Tower is only for wireless and broadcast assets.

2.9

1.8 1.6


Tenancy per Tower(3)

19%

13%

5%


NOI Yield

103

57

43


49%

6%

46%


% of Towers by Vintage(3)

Tenant Rental Revenue per Tower(1)(2)

(USD in thousands)

90

American Tower Corporation 2015 Investor Day Closing Remarks

Tom Bartlett, CFO

92

$1.0B

$3.0B

2007 2008 2009 2010 2011 2012 2013 2014 2015E

Adjusted EBITDA

$0.6B

$2.1B

AFFO

Definitions are provided at the end of this presentation and reconciliations to GAAP measures can be found at www.americantower.com.

$1.4B

$4.7B

2007 2008 2009 2010 2011 2012 2013 2014 2015E

Rental and Management Segment Revenue

(1) 2015E reflects midpoint of 2015 outlook, as reported in the Company’s 8-K, dated October 29, 2015.

15.9% CAGR

2007 2015E 2007 2015E 2007 2015E

15.2% CAGR 16.2% CAGR

We Have Generated Strong, Consistent Results Over the

Long Term While Distributing Cash to Stockholders(1)

Definitions and reconciliations to GAAP measures are provided at the end of this presentation.

$3.6B Share

Repurchases

$2.1B Common

Stock

Dividend

$22B Capex and

Acquisitions

Since 2007, we have

deployed nearly

$30 Billion

$1.52

$5.02

2007 2008 2009 2010 2011 2012 2013 2014 2015E

AFFO Per Share

9.0% 9.6%

2007 2008 2009 2010 2011 2012 2013 2014 3Q15A

Return on Invested Capital

We Have Simultaneously Grown Our Global Portfolio, AFFO

per Share, and Return on Invested Capital

93

(1) Reflects Midpoint of 2015 Outlook, as reported on the Company’s Form 8-K, dated October 29, 2015. AFFO per share calculation assumes 2015 weighted average share count of 423m.

(2) 2007 cash tax in ROIC calculation has been adjusted to exclude a cash tax refund received in 2007 related to the carry back of certain federal net operating losses. Q3 2015 cash tax has been

adjusted to exclude a one-time cash tax payment associated with folding the GTP REIT into the American Tower REIT.

(3) 2013 has been adjusted to reflect a full year contribution from the GTP assets.

(4) 3Q15A reflects annualized 3Q15 results.

(2) (3)

~23k

~100k

2007 2008 2009 2010 2011 2012 2013 2014 2015E

Global Tower Count

(1)

Key Considerations

› Consolidated ROIC up despite the

addition of nearly 80,000 new

assets

› Strong ROIC trends reflect 90%+

gross margin conversion rates for

organic leasing revenue growth

› ROIC on assets in the portfolio

since 2007 of ~17%

› We expect to meaningfully expand

ROIC on our existing assets over

time

(1)

Definitions and reconciliations to GAAP measures are provided at the end of this presentation.

(4)

13%

13% 11% 11%

10%

2011 2012 2013 2014 3Q15A

U.S. Rental and Management Segment NOI Yield

Legacy Sites

Total

We Have Been Extremely Disciplined With Our Investments

Across Our Global Footprint

13% 12% 12%

14%

2011 2012 2013 2014 3Q15A

Major International Market NOI Yield(1)

Legacy Sites

Total

14%

94

21%

16%

› Legacy NOI yield expansion has been driven by

strong organic revenue growth

› Excellent opportunity to drive similar results on

GTP and Verizon portfolios

› NOI yields on legacy assets up ~50% in less

than five years

› Positioned to replicate this type of NOI yield

expansion on new assets

Definitions are provided at the end of this presentation

(2) (2)

(1) Major international markets include Brazil, Mexico, India and South Africa. FX rates for numerator and denominator have been re-measured at each period.

(2) Legacy sites reflect sites in the portfolio since 2011.

(3) 3Q15A reflects annualized 3Q15 results.

(4) 2013 reflects annualized impact of GTP portfolio.

(3) (3) (4)

We Have Positioned Ourselves to Benefit from Growth in

Broadband Wireless in a Diverse Array of Markets

95

Region Population(1) # of AMT

Sites

Average

Tenancy

2015 YTD

Organic Core

Growth

U.S. ~0.3B ~40k ~2.2 ~7%

LatAm ~0.4B ~32k ~1.5 ~10%

India(2) ~1.3B ~57k ~2.0 ~10%

EMEA ~0.4B ~12k ~1.5 ~13%

Total ~2.4B ~140k ~1.9 ~8%

(1) Reflects markets in which American Tower operates.

(2) Pro forma for Viom transaction, except for YTD organic core growth.

Source: CIA World Factbook

We Expect to Benefit from Our Global Diversification for Many Years to Come

96

We Have Managed Our Investment-Grade Balance Sheet to

Position Us for Success in Varied Interest Rate Environments

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Debt Balances as of September 30, 2015(1)(2)

$ in millions

Senior Notes U.S. Secured Debt Drawn Bank Debt

Key Balance Sheet Takeaways

› Weighted average debt tenor of over 5 years, with weighted average cost of debt of ~3.4%(2)

› ~70% of balance sheet is composed of fixed-rate debt

› Laddered maturities, with continued focus on opportunistic refinancing at attractive rates

› Minimal near-term maturities

› Liquidity of nearly $2 Billion

(1) Excludes approximately $462 million of subsidiary and international debt.

(2) Includes the impact of amendment agreements effective October 28, 2015 that extended the maturity dates of the 2013 Credit Facility, the 2014 Credit

Facility and the Term Loan to June 28, 2019, January 29, 2021 and January 29, 2021, respectively.

$0.2B

$1.5B

$5.1B

$0.7B

$2.3B

$1.0B $1.3B

$1.9B

$2.6B

Financial Policy Long Term Target

Net Leverage 3-5x (LQA)

Fixed Rate Debt 80% of Debt

Secured Debt 25% of Debt

Local Financing Opportunistic

Liquidity $150m cash

$1B total

Our Embedded Operational FX Hedges Have Been Effective

Over the Long Term

97

20

60

100

140

180

1995 1999 2003 2007 2011 2015

CPI and FX Adjusted FX Only Adjusted

Day 1 = 100 USD

Historical Value of Hypothetical Brazilian Lease

40

100

160

220

280

1995 1999 2003 2007 2011 2015

CPI and FX Adjusted FX Only Adjusted

Day 1 = 100 USD

Historical Value of Hypothetical Mexican Lease

Key Takeaways

› CPI-linked contractual escalators in our international markets have substantially compensated for

currency devaluation over the long term

› We have put USD-denominated leases into place in select international markets (Nigeria)

› We are continuing to increase our local currency debt as an additional layer of hedging FX

› We utilize conservative future FX assumptions as part of our evaluation of international transactions

Looking Forward

We Are Focused on Continuing Our Prudent

Capital Deployment Strategy

99

$0.90 $1.10

$1.40

$1.81

2012 2013 2014 2015

Common Dividend

73%

14%

2% 12%

2012-2015 Capital Deployment(1)

Acquisitions

Discretionary Capex

Non-DiscretionaryCapexCommon Dividends /Buybacks

Nearly $20B Deployed Since 2012

› Dividend has more than doubled since

2012

› Expect payout ratio to increase as

NOLs are utilized and depreciation tax

shield declines

› Have deployed approximately $3B in

capex, over $14B for acquisitions, and

over $2B in dividends since 2012

› ~87% of spending has been for

discretionary growth initiatives

› Focused on maintaining investment grade

credit rating

› Continuing to target ~5x net leverage by

4Q16

(1) 2015 spending reflects midpoint of 2015 outlook for capex, as reported in the Company’s Form 8-K, dated October 29, 2015, and acquisitions closed year to date as of 9/30/15..

Disciplined Capital Allocation Continues to Drive Strong Total Stockholder Returns

Our Business Is Built for Long-Term

Success

100

Diversified Global Portfolio

Secular Demand Trends

Disciplined Capital

Allocation Process

Prudent Balance Sheet

Deep Talent Pool

› Meaningful Organic

Growth

› Global New Build and

Acquisition Programs

› Strong AFFO per Share

growth

› Robust Growth in

Common Share Dividend

We Expect to Drive Compelling Total Stockholder Returns over the Long Term


Thank You

Q&A

Definitions Adjusted EBITDA: Net income before Income (loss) on 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.

Adjusted EBITDA Margin: the percentage that results from dividing Adjusted EBITDA by total revenue.

Adjusted Funds From Operations, or AFFO: 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.

AFFO per Share: Adjusted Funds From Operations divided by the diluted weighted average common shares outstanding.

Churn: Revenue lost when a tenant cancels or does not renew its lease, and in limited circumstances, such as a tenant bankruptcy, reductions in lease rates on existing leases.

Core Growth: (Rental and management revenue, Adjusted EBITDA, Gross Margin and Operating Profit) 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 and material one-time items.

NAREIT Funds From Operations: 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.

Net Leverage Ratio: Net debt (total debt, less cash and cash equivalents) divided by last quarter annualized Adjusted EBITDA.

NOI Yield: the percentage that results from dividing gross margin by gross property, plant and equipment, goodwill and intangible assets.

New Property Core Growth: (Rental and management revenue) 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 (expense), foreign currency exchange rate fluctuations and significant one-time items.

102

Definitions Organic Core Growth: (Rental and management revenue) 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.

Pass-through Revenues: In several of our international markets we pass through certain operating expenses to our tenants, including in Latin America where we primarily pass through ground rent expenses, and in India and South Africa, where we primarily pass through fuel costs. We record pass-through as revenue and a corresponding offsetting expense for these events.

Return on Invested Capital: Adjusted EBITDA less improvement and corporate capital expenditures and cash taxes, divided by gross property, plant and equipment, goodwill and intangible assets.

Segment Gross Margin: segment revenue less segment 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. International rental and management segment includes interest income, TV Azteca, net.

Segment Gross Margin Conversion Rate: the percentage that results from dividing the change in gross margin by the change in revenue.

Segment Operating Profit: Segment gross margin less segment selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. International rental and management segment includes interest income, TV Azteca, net.

Straight-line expenses: We calculate straight-line ground rent expense for our ground leases based on the fixed non-cancellable term of the underlying ground lease plus all periods, if any, for which failure to renew the lease imposes an economic penalty to us such that renewal appears, at the inception of the lease, to be reasonably assured. Certain of our tenant leases require us to exercise available renewal options pursuant to the underlying ground lease, if the tenant exercises its renewal option. For towers with these types of tenant leases at the inception of the ground lease, we calculate our straight-line ground rent over the term of the ground lease, including all renewal options required to fulfill the tenant lease obligation.

Straight-line revenues: We calculate straight-line rental revenues from our tenants based on the fixed escalation clauses present in non-cancellable lease agreements, excluding those tied to the Consumer Price Index or other inflation-based indices, and other incentives present in lease agreements with our tenants. We recognized revenues on a straight-line basis over the fixed, non-cancellable terms of the applicable leases.

103

(1) Calculation of AFFO excludes start-up related capital spending.

(2) 2007 cash tax included in AFFO calculation has been adjusted to exclude a cash tax refund received in 2007 related to the carry back of certain federal net

operating losses.

In millions, totals may not add due to rounding

Historical Reconciliations ($ in millions. Totals may not add due to rounding.)

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

2007 2008 2009 2010 2011 2012 2013 2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Net income $56.6 $347.4 $247.1 $373.6 $381.8 $594.0 $482.2 $803.2 $193.3 $221.7 $206.6 $181.6 $195.5 $157.2 $97.7

Loss (income) from discontinued operations , net 36.4 (111.0) (8.2) (0.0) - - - - - - - - - - -

Income from continuing operations $93.0 $236.4 $238.9 $373.6 $381.8 $594.0 $482.2 $803.2 $193.3 $221.7 $206.6 $181.6 $195.5 $157.2 $97.7

Income from equity method investments (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) - - - - - - - - -

Income tax provis ion 59.8 135.5 182.6 182.5 125.1 107.3 59.5 62.5 17.6 21.8 10.4 12.6 23.9 14.0 94.2

Other (income) expense (20.7) (6.0) (1.3) (0.3) 123.0 38.3 207.5 62.1 3.7 16.5 34.0 7.8 54.5 2.1 66.7

Loss (ga in) on reti rement of long-term obl igations 35.4 4.9 18.2 1.9 0.0 0.4 38.7 3.5 0.2 1.3 (3.0) 4.9 3.7 75.1 0.0

Interest expense 235.8 253.6 249.8 246.0 311.9 401.7 458.3 580.2 143.3 146.2 143.2 147.5 147.9 148.5 149.8

Interest income (10.8) (3.4) (1.7) (5.0) (7.4) (7.7) (9.7) (14.0) (2.0) (2.3) (3.9) (5.9) (3.0) (4.4) (4.5)

Other operating expenses 9.2 11.2 19.2 35.9 58.1 62.2 71.5 68.5 13.9 12.8 11.2 30.7 7.8 17.4 15.7

Depreciation, amortization and accretion 522.9 405.3 414.6 460.7 555.5 644.3 800.1 1,003.8 245.8 245.4 249.1 263.5 263.5 328.4 341.1

Stock-based compensation expense 54.6 54.8 60.7 52.6 47.4 52.0 68.1 80.2 24.6 18.8 18.3 18.4 29.9 24.0 18.3

ADJUSTED EBITDA $979.3 $1,092.3 $1,180.9 $1,347.7 $1,595.4 $1,892.4 $2,176.4 $2,649.9 $640.5 $682.2 $666.0 $661.3 $723.7 $762.3 $779.0

Divided by total revenue $1,456.6 $1,593.5 $1,724.1 $1,985.3 $2,443.5 $2,876.0 $3,361.4 $4,100.0 $984.1 $1,031.5 $1,038.2 $1,046.3 $1,079.2 $1,174.4 $1,237.9

ADJUSTED EBITDA MARGIN 67% 69% 68% 68% 65% 66% 65% 65% 65% 66% 64% 63% 67% 65% 63%

AFFO RECONCILIATION (1)

2007 2008 2009 2010 2011 2012 2013 2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Adjusted EBITDA $979.3 $1,092.3 $1,180.9 $1,347.7 $1,595.4 $1,892.4 $2,176.4 $2,649.9 $640.5 $682.2 $666.0 $661.3 $723.7 $762.3 $779.0

Stra ight-l ine revenue (69.7) (50.4) (36.3) (105.2) (144.0) (165.8) (147.7) (123.7) (31.2) (33.1) (31.9) (27.4) (33.8) (35.5) (38.8)

Stra ight-l ine expense 26.7 27.6 26.6 22.3 31.0 33.7 29.7 38.4 9.5 7.9 12.4 8.7 8.8 14.0 16.4

Cash interest (227.5) (244.0) (240.4) (237.6) (300.8) (380.6) (435.3) (571.6) (139.9) (143.1) (144.7) (144.0) (144.3) (143.2) (142.5)

Interest Income 10.8 3.4 1.7 5.0 7.4 7.7 9.7 14.0 2.0 2.3 3.9 5.9 3.0 4.4 4.5

Cash received (paid) for income taxes (2) (35.3) (35.1) (40.2) (36.4) (53.9) (69.3) (51.7) (69.2) (19.1) (16.7) (16.6) (16.8) (14.7) (15.2) (7.3)

Dividends on preferred s tock - - - - - - - (23.9) - (4.4) (7.7) (11.8) (9.8) (26.8) (26.8)

Capita l Improvement Capex (29.2) (32.5) (32.5) (31.4) (60.8) (75.4) (81.2) (75.0) (17.2) (17.2) (15.8) (24.7) (16.8) (19.8) (22.2)

Corporate Capex (12.7) (5.6) (8.1) (11.6) (18.7) (20.0) (30.4) (24.1) (5.2) (3.9) (5.7) (9.3) (2.3) (3.2) (4.3)

AFFO $642.4 $755.8 $851.7 $952.8 $1,055.5 $1,222.6 $1,469.5 $1,814.7 $439.3 $473.9 $459.8 $441.7 $513.6 $536.8 $558.1

104

2015 Outlook Reconciliations

(1) As reported in the Company's 8-K filed on October 29, 2015

(2) 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) 3.95 Brazilian Reais; (b) 695 Chilean

Pesos; (c) 3,100 Colombian Pesos; (d) 0.91 Euros; (e) 4.10 Ghanaian Cedi; (f) 66.00 Indian Rupees; (g) 16.80 Mexican Pesos; (h) 200 Nigerian Naira; (i) 3.25 Peruvian Soles; (j) 13.75

South African Rand; and (k) 3,700 Ugandan Shillings.

(3) 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.

105

Reconciliations of Outlook for Net Income to Adjusted EBITDA:

($ in millions)

Net income $670 to $690

Interest expense 593 to 610

Depreciation, amortization and accretion 1,262 to 1,272

Income Tax Provision(3)170 to 140

Stock based compensation expense 90 - 90

Other, including other operating expenses, interest income, loss on retirement of long-term

obligations, income (loss) on equity method investments and other income (expense) 251 - 254

Adjusted EBITDA 3,035$ to 3,055$

Reconciliations of Outlook for Net Income to Adjusted Funds From Operations:

($ in millions)

Net income $670 to $690

Straight-line revenue (152) - (152)

Straight-line expense 55 - 55

Depreciation, amortization and accretion 1,262 to 1,272

Non-cash stock based compensation expense 90 - 90

Non-cash portion of tax provision (6) to (9)

GTP REIT One-Time Charge 93 - 93

Non-cash portion of interest expense 22 - 22

Other, including other operating expenses, loss on retirement of long-term obligations

and other expense (income) 266 to 269

Dividends on preferred stock (90) - (90)

Capital improvement capital expenditures (80) to (90)

Corporate capital expenditures (15) - (15)

Adjusted Funds From Operations 2,115$ 2,135$

Divided by Weighted Average Shares Outstanding 423 - 423

Adjusted Funds From Operations per Share $5.00 to $5.05

Full Year 2015

Full Year 2015

In millions, except per share amounts. totals may not add due to rounding

Risk Factors This presentation 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 contributions

of recently signed and closed 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;

106

Risk Factors (continued)

(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 presentation to reflect subsequently occurring events or circumstances.

107

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American Tower Corporation - Seeking Alpha€¦ · 10/02/2016 · American Tower Corporation 2015 Investor Day Introduction Jim Taiclet, CEO . Our Growth Thesis is Predicated on