American Tower Sees Good Second Quarter

August 4, 2016

August 4, 2016 — American Tower recently reported strong financial results for the second quarter 2016 with solid domestic organic leasing driving property revenue growth.

“Our Company’s strong second quarter total property revenue growth of nearly 24 percent was powered by solid U.S. organic tenant billings growth of nearly 6 percent, and more than double that level in our international markets, at approximately 14 percent,” said Jim Taiclet, American Tower’s CEO.

Total Organic Tenant Billings grew by 8 percent in the quarter and were further enhanced by 15 percent contribution in New Site Tenant Billings associated primarily with the Viom transaction in India and sites acquired from Bharti Airtel in Nigeria and TIM in Brazil.

Total capital expenditures were $169 million. The Company spent $1.2 billion primarily to acquire 42,975 sites internationally, which included the closing of the Company’s previously announced acquisition of a controlling ownership interest in Viom Networks Limited (Viom).

Here are the highlights of the quarter:

Total revenue increased 22.8% to $1,442 million
Property revenue increased 23.6% to $1,426 million
Net income increased 22.4% to $192 million
Adjusted EBITDA increased 14.0% to $869 million
Consolidated AFFO increased 10.3% to $592 million

The Company is raising the midpoint of its full year 2016 outlook for property revenue, Adjusted EBITDA and Consolidated AFFO by $10 million, $15 million and $15 million, respectively. This includes a $7 million negative impact on all three metrics from the revenue reserve recorded in Brazil in the second quarter as well as the impacts of foreign currency exchange fluctuations.