AMERICAN TOWER CORP /MA/ Quarterly Report for Q3 Ended Sep 30, 2010

Summary

American Tower Corporation (AMT) reported strong financial performance for the nine months ended September 30, 2010, with total operating revenues increasing by 13% year-over-year to $1.44 billion. This growth was primarily driven by a robust 14% increase in rental and management revenues, which now represent 97% of total revenues, highlighting the company's core business strength. Net income attributable to American Tower Corporation surged by 59% to $289.4 million. The company also demonstrated solid operational cash flow generation, with cash provided by operating activities increasing by 19% to $774.6 million. Significant strategic investments were made, with cash used in investing activities rising substantially due to acquisitions totaling $584.3 million, alongside ongoing capital expenditures for property and equipment. The company also successfully raised capital through a $700 million offering of 5.05% senior notes.

Key Highlights

• 1Total operating revenues increased by 13% year-over-year to $1.44 billion for the nine months ended September 30, 2010.
• 2Rental and management revenue, the company's primary revenue stream, grew by 14% to $1.40 billion for the same period.
• 3Net income attributable to American Tower Corporation saw a significant increase of 59% to $289.4 million for the nine months ended September 30, 2010.
• 4Cash provided by operating activities increased by 19% to $774.6 million for the nine months ended September 30, 2010.
• 5The company actively pursued growth through acquisitions, spending $584.3 million on acquiring additional towers in various international markets.
• 6American Tower Corporation successfully raised $700 million in net proceeds from a 5.05% senior notes offering to fund acquisitions and general corporate purposes.
• 7Total debt remained significant at $4.8 billion as of September 30, 2010, but the company was in compliance with its debt covenants.

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