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Carson Block / Muddy Waters short. Disclaimer states MW is short AMT but does not quantify the position, so stake_disclosed_pct is null. Sector coded as real_estate because AMT operates as a REIT and the deck attacks REIT-investor assumptions, though tower industry could equally be classified as communications. Peer-gap chart is the international per-tower acquisition price scatter (p.10) showing the Brazil deal as a clear outlier; sum-of-parts shows up as regional segment EBITDA build (Appendix A.3-A.4). The 'TriStar Effect' and ground-rent aggregator section provide additional structural critiques. Famous early example of MW expanding from China-fraud shorts to a US large-cap REIT.", "kpisCited": [ { "detail": "$44.57 target vs $74.71 stock price = 40.3% downside", "metric": "Target price vs market price" }, { "detail": "$585.4M disclosed vs ~$335M actual = ~$250M gap on 666 towers", "metric": "Brazil acquisition discrepancy" }, { "detail": "$879,000/tower vs ~$656,000 US comparable", "metric": "Per-tower price paid in Brazil" }, { "detail": "James Taiclet sells ~90% of shares received from option exercises", "metric": "CEO option-exercise sell-through" }, { "detail": "~4% vs 2% German government bond yield (only 200 bps spread)", "metric": "Germany IRR" }, { "detail": "9.5% discount rate, 3% perpetual growth, 13.6x EV/EBITDA implied at target", "metric": "DCF assumptions" }, { "detail": "~US$8.4 billion on the balance sheet", "metric": "Net debt" }, { "detail": "63% LTM, projected to drift to ~61% over forecast horizon", "metric": "EBITDA margin" } ], "closingAsk": "Sell American Tower; we have provided our findings on the Brazil discrepancy to the SEC and call on AMT's board to investigate the transaction transparently.", "extraction": { "at": "2026-04-22 19:08:32+00", "model": "unknown-legacy", "runId": null, "seconds": 127.22033, "promptVersion": null }, "scqaReward": "Discounted-cash-flow analysis at a 9.5% discount rate and 3% terminal growth values AMT at US$44.57 per share versus US$74.71 trading price, implying ~40% downside on a Strong Sell rating.", "thesisTypes": [ "fraud_exposure", "strategic_pivot" ], "top3Reasons": [ "$250M discrepancy in AMT's $585M Brazil tower acquisition could amount to fraud", "International segment is a de facto lending business that artificially inflates EBITDA and AFFO", "Wi-Fi and new antennae make cellular towers the most expensive option of last resort" ], "scqaSituation": "American Tower is a wireless tower REIT that investors prize as a compounder of US tower cash flow plus rapid expansion into India, Brazil, Ghana and Germany, supposedly riding mobile data growth and emerging-market middle classes.", "thesisSummary": "American Tower (AMT) trades like a clean REIT compounder, but Muddy Waters argues it is a deteriorating tower business masking trouble with offshore financial engineering. AMT paid roughly US$335M for Brazil's Site Sharing portfolio yet booked US$585M, a US$250M discrepancy Muddy Waters has reported to the SEC and which, if knowingly recorded, would amount to fraud. The international business is a de facto lending operation that overpays for towers in exchange for inflated rents, booking principal repayments as revenue and artificially boosting EBITDA, AFFO and apparent growth. Foreign IRRs in India, Brazil and Ghana are below local sovereign yields, currency exposure is unhedged, and only Mexico sits inside the REIT, leaving overseas cash flow trapped. With CEO James Taiclet selling ~90% of his option exercises and Wi-Fi commoditizing tower demand, Muddy Waters values AMT at US$44.57, ~40% below the US$74.71 market price.", "primaryDemands": [ "Sell AMT shares (Strong Sell rating, $44.57 target, ~40% downside)", "AMT's board should thoroughly and transparently investigate the Brazil Site Sharing acquisition", "SEC should review the $250M accounting discrepancy in the Brazil tower transaction" ], "scqaResolution": "Sell the stock; the SEC and AMT's board should investigate the Brazil transaction, and analysts should rebuild models that strip out the lending boost to EBITDA/AFFO and reflect inaccessible overseas cash flow.", "thesisOneLiner": "AMT is a Strong Sell at $44.57 (40% downside): a $250M Brazil accounting discrepancy hints at fraud, international growth is a disguised lending/carry trade, and Wi-Fi will erode tower economics.", "precedentsCited": [ "Paging companies forced into bankruptcy by technological obsolescence", 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THE MATERIAL MISSTATEMENT COULD AMOUNT TO FRAUD...8\nTRANSACTION BACKGROUND...8\nTHE PROBLEM...10\nDODGY VALUATION FIRM...14\nSOMETHING TO KEEP IN MIND...16\nIS UNETHICAL (EVEN ILLEGAL) BEHAVIOR IN AMT'S CORPORATE DNA? AT THE LEAST, WE SEE A CORPORATE CULTURE THAT REWARDS UNMANAGED RISKS...16\nAMT'S POOR CORPORATE GOVERNANCE DNA...17\nAMT'S COMPENSATION INCENTIVIZES VALUE DESTRUCTION; CCI IS MORE PRUDENT...20\nAMT'S INTERNATIONAL BUSINESS IS A DE FACTO LENDING BUSINESS, AND ARTIFICIALLY BOOSTS AMT'S REVENUE, EBITDA, AND PROFIT, WHILE SHARPLY CURTAILING GROWTH PROSPECTS...22\nAMT'S DE FACTO LENDING BUSINESS EXPLAINED...22\nHOW LENDING DISTORTS AMT'S INCOME STATEMENT...23\nLENDING MODEL IS INHERENTLY LOWER GROWTH...24\nHOW PREVALENT IS LENDING?...26\nLENDING BUSINESS'S EFFECT ON EBITDA...27\nPOTENTIALLY ADVERSE TAX TREATMENT DUE TO BOOKING PRINCIPAL REPAYMENTS AS REVENUE...27\nCONCLUSION...28\nAMT'S INTERNATIONAL BUSINESS IS PART CARRY TRADE AND PART LEVERED DIRECTIONAL CURRENCY BET...28\nPOOR INTERNATIONAL IRR AND NECESSARY IMPAIRMENTS...31\nINDIA...32\nBRAZIL...39\nGHANA...43\nGERMANY...45\nCELLULAR TOWERS ARE SOON TO BECOME THE MOST EXPENSIVE OPTION OF LAST RESORT; THE HALCYON DAYS ARE OVER...47\nIMPEDIMENTS SPECIFIC TO US GROWTH...60\nINCREASING GROUND RENTS AND THE \"TRISTAR EFFECT\"...61\nTHE REIT THAT CAN'T DO IT RIGHT - INTERNATIONAL AFFO IS INACCESSIBLE TO AMT SHAREHOLDERS...62\nAMERICAN JAMES AND THE TOWER OF DOOM (AND OTHER TALES OF VALUE DESTRUCTION IN EMERGING MARKETS)...64\nMEXICO: AN AMIGO IN NEED IS AN AMIGO INDEED - SALE AND LEASEBACKS WITH DISTRESSED TELECOMS...67\nSOVEREIGN EXTORTION...71\nCORRUPTION STILL REMAINS A PART OF LOCAL CULTURE...71", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:46.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "367cbae4-b4b5-44f2-8853-749162e31ad9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.75, "y": 0.94 }, "kind": "source-note", "text": "Page 3 of 118", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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JUST TAKE THE\nCOMPANY’S WORD FOR IT. .................................................................................................................................... 75\nAPPENDIX A.1: VALUATION................................................................................................................................... 77\nEXHIBIT A.2: CONSOLIDATED HISTORICAL AND PROJECTED FINANCIAL STATEMENTS\n...................................................................................................................................................................................... 86\nEXHIBIT A.3: COMBINED AND REGIONAL HISTORICAL AND PROJECTED SEGMENT\nEBITA ........................................................................................................................................................................ 91\nEXHIBIT A.4: DETAILED REGIONAL EBITDA HISTORICAL AND PROJECTED FINANCIAL\nDATA ........................................................................................................................................................................ 95\nAPPENDIX A.5: COST OF CAPITAL...................................................................................................................... 108\nAPPENDIX A.6: AFFO ............................................................................................................................................. 112", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:45.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "416d0675-cae8-49b8-9225-2470113490d7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "tension", "title": "This is a short-seller research note introduction.", "function": "frame_problem", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 7, "textChars": 1201, "nDataPoints": 2, "notes": "This is a short-seller research note introduction.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:51:47.019+00", "seconds": 3.741, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-1aee342c3a73/5", "deck": "/decks/019dd923-622c-750b-8b96-1aee342c3a73", "deckAnchor": "/decks/019dd923-622c-750b-8b96-1aee342c3a73#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b96-1aee342c3a73.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "AMT pulls the wool over investors' eyes by operating a de facto lending business overseas, often entering into transactions where it will overpay for towers in exchange for carriers overpaying rent.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:49:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6f0-72b6-8694-b0e9016ca8b6", "parentComponentId": null }, { "bbox": { "h": 0.054, "w": 0.714, "x": 0.143, "y": 0.375 }, "kind": "paragraph", "text": "The reality is disappointing. 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AMT’s model is to fund in US dollars and invest in high yielding countries... This bet has resoundingly gone south this year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:46.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7de7cb91-d0c6-4e63-8cba-3218593f8ab6", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.28 }, "kind": "paragraph", "text": "AMT’s international IRRs are generally poor, and far below the cost of capital... 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We understand that it is rare that a carrier renews above market. The carriers understand that they have repaid the loan, and are reluctant to pay more than market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:50.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5eecd4e1-4f61-4f10-88bf-b5db2d73e766", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.72, "x": 0.14, "y": 0.39 }, "kind": "paragraph", "text": "Overseas, the leverage is firmly on the carriers' side. This is an important point for US investors to understand not only in the context of the de facto lending business, but in all aspects of the international business. The third party tower operator came into being in the US right at the transition from analog to digital, and before the cell phone became ubiquitous. The transition to independent operators happened quickly, and in their haste, the US carriers ceded too much leverage to the tower operators. As we discuss infra, this pendulum is now finally swinging back the other way. However, we believe that foreign carriers have learned valuable lessons at the expense of the US carriers about how to work with the tower operators and not lose the advantage. Jay Brown of Crown Castle, Inc. (NYSE: CCI) hit the nail on the head when he talked about overseas moats:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:50.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7219cefd-8b54-420a-997a-248a22b4e7e5", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.72, "x": 0.14, "y": 0.69 }, "kind": "paragraph", "text": "In practice when AMT's overseas above market leases have come up for renewal, the carriers have usually negotiated the rents downward. AMT might get some build to suit business in return for ignoring the specified renewal rate. AMT cannot muscle the overseas carriers around - it has too few towers in these markets, and is dependent on a limited number of customers. That factor is particularly acute with Telefónica and American Movil, which are its customers in multiple markets. If push really came to shove, we have no doubt that the carriers would win, and we believe AMT knows that. Cellular phone service is a utility, and particularly given that most carriers in AMT's markets are struggling, consumers and governments recognize that if costs are high,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:50.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eaceb97d-d6be-4423-840a-c9679e6fdfb7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.18, "y": 0.58 }, "kind": "quote", "text": "\"...as we look at emerging markets, we just have not gotten comfortable that the moats around the business are anywhere close to as good as the U.S. and the credit quality of the tenants who are willing to co-locate or to sell their assets in those markets, at least up until this point has not been, to us, has not had the right risk reward ratio there.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:50.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec673f31-43f7-42d8-a6cf-abdc621aa6c9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "…as we look at emerging markets, we just have not gotten comfortable that the moats around the business are anywhere close to as good as the U.S. and the credit quality of the tenants who are willing to co-locate or to sell their assets in those markets, at least up until this point has not been, to us, has not had the right risk reward ratio there. — Jay Brown, CFO, SVP Crown Castle International", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:49:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ef-7018-b1f1-76ef189f654c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.86 }, "kind": "source-note", "text": "54 Jay Brown, CFO, SVP Crown Castle International at Deutsche Bank Securities Inc. Media and Telecom Conference, Palm Beach Apr 11, 2011.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:50.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c9eb4cb-d589-41e7-894a-d95dbd101c27", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.26, "x": 0.37, "y": 0.145 }, "kind": "table", "text": "Year 11 Revenue Growth: Market 8.4%, 1.25x Market -4.2%, 1.5x Market -14.2%. 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Previously that number was about $50,000. It appears as though at least five to six of the 12 to 13 carrier sale and leasebacks are financing deals, based on the premium over tower steel book values.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:49.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e0f15b3-4623-45c9-a39a-062d5913f837", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.228 }, "kind": "paragraph", "text": "To illustrate how much of AMT's international business consists of financing revenue (i.e. return of principal and interest), the below graphs by region of carrier sale and leaseback transactions make several points clear.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:49.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f19dcbeb-566e-4fbb-b4ce-f2933e09247f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.44, "x": 0.28, "y": 0.668 }, "kind": "source-note", "text": "Note: This graph excludes the Site Sharing acquisition.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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AMT states that it does not hedge its currency exposure because hedges for these currencies are expensive. We estimate that AMT has exposure to emerging and frontier market currencies of approximately US$4.2 billion, or 36% of its long-lived asset base. The chart below shows the performance since 2010 of four of the EM currencies to which AMT has directional exposure, the Brazilian Real, Indian Rupee, Ghana Cedis, and the South African Rand – a hedge fund using leverage for this trade would have been unhappy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:50.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4772fda0-153b-466e-b96c-ea0acc0eb768", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.54 }, "kind": "paragraph", "text": "The table below compares the ask prices for one-year non-deliverable forwards on AMT's currencies versus the USD.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:50.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2667f8c-ee3a-4488-9b65-48c5029ec9d8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.48 }, "kind": "paragraph", "text": "None of the five sell-side analyst models we have reviewed have FX forecasts. Yet, in two of AMT's major currencies, Indian Rupees and Brazilian Reals, exchange rates have already moved substantially from prior year numbers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:50.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb601536-a214-4ad8-ae20-a649546f9cd8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.88 }, "kind": "source-note", "text": "58 One analyst projected the next two quarters currency exchange rates, and held currency constant thereafter.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:50.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5928fb0a-8cf2-410e-8230-70709a010038", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.14, "y": 0.45 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:50.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b95c40f7-086c-46bb-9c25-c95840d5c518", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.52, "x": 0.24, "y": 0.6 }, "kind": "table", "text": "FX rates as of July 12, 2013", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:50.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b60f11a-dcbb-4884-bb90-cca1c5012eba", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 40, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Struggle", "beatId": "7e3c52c2-f559-41d8-a93f-84ccf2558966", "matchId": "2a6d9c5c-d04f-4216-932f-206c4047f170", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights several issues with AMT's international business practices", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 40, "from": 21, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null }, "matchId": "6f6b6973-bc46-4657-b055-a785308b56f3", "evidence": "The document highlights several issues with AMT's international business practices", "position": 1, "objective": "Highlighting issues with AMT's international business practices", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:57:46.685443+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 30, "type": "analysis", "title": "The text critiques AMT's reliance on CPI-linked escalators as a substitute for currency hedging, specifically highlighting the mismatch in Brazil, South Africa,", "function": "analyze_data", "rawType": "research-note", "block": null, "metadata": { "slideType": "research-note", "slideTypeCanon": null, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 8, "textChars": 3187, "nDataPoints": 12, "notes": "The text critiques AMT's reliance on CPI-linked escalators as a substitute for currency hedging, specifically highlighting the mismatch in Brazil, South Africa, and India.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:51:56.503+00", "seconds": 9.712, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-1aee342c3a73/30", "deck": "/decks/019dd923-622c-750b-8b96-1aee342c3a73", "deckAnchor": "/decks/019dd923-622c-750b-8b96-1aee342c3a73#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b96-1aee342c3a73.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This is one more reason why the perception that AMT's cash flow is stable is incorrect.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:49:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ef-7018-b1f2-ec2bcf3b985a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.11 }, "kind": "paragraph", "text": "It is clear from the table above that it is expensive to hedge all the currencies in which AMT does business, except for the EUR. However, the hedging costs are functions of currency volatility. The more expensive it is to hedge a given currency, the more likely it is that currency movements will impact asset valuations. This is one more reason why the perception that AMT's cash flow is stable is incorrect.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ef102bb-135a-42ea-8872-f47e44e69012", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.49 }, "kind": "paragraph", "text": "CPI escalators are poor substitutes for currency hedges because the movements are not highly inversely correlated. This year, Brazil's official CPI has been 6.2%. However, the Brazilian Real has weakened 9.8%. South Africa's CPI has been 5.8% YTD, yet the Rand has weakened to 16.3%. In India, the relationship has actually been more direct, with CPI at 9.3% and the Rupee only weakening 9.1% YTD.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f82b9d6-7728-4b25-91db-661b4acf89fa", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.23 }, "kind": "paragraph", "text": "AMT has a small amount of local currency debt that is a very partial offset to its exposures. It has US$144 million in Colombia, out of US$351.8 million invested; and, US$90 million in South Africa, out of US$249.5 million invested. On July 1, 2013, AMT announced that it had entered into a multi-currency credit facility with rates linked to LIBOR rates. This facility appears not to hedge AMT's currency exposures, save for that to EUR. There are no LIBOR rates for any of AMT's other currencies (beside dollars).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b807e4b-365c-4c5a-8da1-d73998d7ded8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.59 }, "kind": "paragraph", "text": "Currencies do not necessarily move in an inverse correlation to inflation. Currency movements are relative to one another, while CPI measures inflation in one market. (Albeit currency movements affect inflation and vice-versa.) The factors determining the relative demand for currencies are highly complex, and beyond the scope of this report. Suffice to say, AMT largely funds in US dollars, AMT's shareholders buy and sell AMT's shares in US dollars, and receive dividends from AMT in US dollars. CPI escalators overseas do not hedge these risks.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "640fa444-1580-452c-a5a7-fef50ee041ea", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.36 }, "kind": "paragraph", "text": "AMT's use of inflation-linked escalators in its overseas businesses is a poor hedge against currency fluctuations. Further, we believe that AMT's business in its largest overseas market by towers, India, operates with fixed escalators, rather than those linked to CPI. Even though market practice in Brazil is to use inflation-linked escalators, AMT's average rents have been dropping year-over-year since 2008, despite the country generally experiencing inflation approximating 6%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9942cb18-ab36-42e2-b4e5-5af468386d31", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.72 }, "kind": "paragraph", "text": "AMT is likely not using inflation-linked escalators in India, which is its largest international market by towers and accounts for 32.9% of AMT's international tower base. According to a competitor of AMT and an India-based analyst who covers another competitor, Bharti Infratel (BHIN:IN), it would be unusual for a tower operator to have inflation-linked escalators; rather, contracts usually provide fixed escalators of approximately 3%. India's CPI rose at 8.9% and 9.3% in 2011 and 2012, respectively. To the best of these individuals' knowledge, AMT utilizes fixed escalators. Our calculations below confirm our thesis that AMT is not using inflation-linked escalators in India.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df36d337-5bbc-4a35-9c5c-ae1d59683768", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.14, "y": 0.88 }, "kind": "source-note", "text": "59 Based on FY2012 tower numbers shown in AMT FY2012 10-K, p. 30.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Our calculations below illustrate the paradox.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:49.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90d962d6-7be6-49e6-811b-80f6652293bd", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.71, "x": 0.145, "y": 0.758 }, "kind": "paragraph", "text": "Much of the value that is associated with AMT arises from the excitement over ATL's growth compared to other REITs. With growth in the US tower market slowing, the market is expecting the double digit growth to be coming from ATL's international subsidiaries. We have investigated a number of ATL's international operations and instead of finding double digit growth we found disappointing markets with significant headwinds, risks and overpriced acquisitions leading to substantial value destruction. This section will specifically address the issues in India, Brazil, Germany, and Ghana and demonstrate that AMT has destroyed at least US$1 billion of shareholder value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:49.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef860d91-bc57-4d63-b5d3-1820f6f3c7d3", "parentComponentId": null }, { "bbox": { "h": 0.052, "w": 0.664, "x": 0.168, "y": 0.175 }, "kind": "table", "text": "Mexico and Brazil Average Rents per Site", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:49.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "644dc480-39b2-46fc-a55a-3f7bf29df3f0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.145, "y": 0.345 }, "kind": "title", "text": "Overstated International Growth and Value Destruction", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": 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The revelations of the 2G scandal in 2011 brought deep uncertainty to the market, which was further rocked by the Supreme Court quashing 122 of the spectrum licenses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.143+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19fefd1d-9a3c-42bd-83f3-7b673e725ee5", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.23 }, "kind": "paragraph", "text": "We estimate that international entities generate a consolidated segment EBITDA of US$482 million as of the latest twelve month period ending March 31, 2013. The market multiple for the Company as a whole is 21x EBITDA. Our analysis shows the market trends, revenue growth, profitability, return on investment, and risk factors do not support anywhere near a 21x EBITDA multiple for the international business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.143+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e322963-3763-4620-b9c2-94ca53b14ca2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.81 }, "kind": "paragraph", "text": "Nevertheless, despite all this news, India is seen by both management and analysts as a high growth market for ATL. As we discuss in the report, AMT is valued at such a high multiple due to the growth prospects of the international portfolio as the US growth is limited.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.143+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f925edac-7ce2-4c3f-b654-a8449cdf9e0f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.42 }, "kind": "quote", "text": "Relative to India, you have to be careful about what you read out of all the press and all the things that are going on in India. But stepping back, we view, as we've always viewed India, is a very, very important market, a market that fits nicely within a diversified portfolio in American Tower.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.143+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "362d422e-1822-49cc-b4c6-9e49d6c537b3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Relative to India, you have to be careful about what you read out of all the press and all the things that are going on in India. 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The contract escalators it negotiated with the telecom carriers were set at 3%, compared to CPI of 9%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:52.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9a0f29c-c355-4be5-adf1-97c5e1e96827", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.28 }, "kind": "paragraph", "text": "We also fundamentally disagree with Mr. Bartlett’s assertion that shareholders “have to be careful about what you read out of all the press and all the things that are going on in India”.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:52.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc76b971-9174-421a-a964-4c6677559fca", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.72, "x": 0.14, "y": 0.66 }, "kind": "paragraph", "text": "The revenue growth is also not what it seems. Approximately 35% of total India revenue is reimbursements from carriers for energy costs... India revenue increased from US$171 million in 2011 to US$182 million in 2012, an increase of only 6.5%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:52.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e98375c9-fd82-44ff-aaf9-75ae32d6f51d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The worst is over for this industry. 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In our discussion with local lawyers we understand that the fee is currently in abeyance and a date for its introduction is yet to be set. 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With Indus and Bharti Infratel having substantial access to the three largest carriers (62% market share) it means that smaller tower companies, such as AMT, may be more reliant on smaller operators that have greater counterparty risk.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:51.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "593e126b-6def-4a42-b59a-2ffaad35f113", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.72, "x": 0.14, "y": 0.27 }, "kind": "paragraph", "text": "Another issue facing smaller tower companies is the lack of stringent zoning laws in India. Tower companies are free to build towers close to a competitor's tower, which has led to a large number of towers being situated in close proximity to each other. As a result, the carrier has stronger pricing power as it can move towers without a material effect on its network. Additionally, one can see a number of towers that have no tenants. We understand that some of these are AMT towers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:51.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66dc4ad1-f822-43c3-b948-36f07456f596", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.69 }, "kind": "paragraph", "text": "Tower companies including American Tower have recently been given notice by the National Green Tribunal that its towers may have been constructed in violation of stipulated guidelines. We understand from local lawyers that due to the gravity of the allegations and potential health hazard, the Tribunal has directed that there should be no construction of towers without following the mandatory provisions of law, and without", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:51.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f875e7e-1483-4a84-a6ab-765c2e87860e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.18 }, "kind": "paragraph", "text": "We understand from local industry sources that there is talk the tower companies may also face increased competition from power transmission operators, such as Power Grid Corporation of India Limited, which might let its existing infrastructure be utilized by wireless telecommunications service providers for installation of their active telecommunications equipment.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:51.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7abec24b-13e3-437f-a6d2-9d6d20089d35", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.49 }, "kind": "paragraph", "text": "We understand from Bharti Infratel's management that it offers additional discounts on top of this rent abatement in order to attract more tenants. We do not believe that ATL, with only 10,000 towers, can compete with Bharti and Indus, which own approximately 150,000 towers between them.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:51.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2846307-e6d4-4543-910f-ddf566e8e444", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.39 }, "kind": "paragraph", "text": "There are also significant rent abatements in India, that come into effect when an additional tenant co-locates to a tower. We understand that a carrier can save up to 15% if there is one other tenant on the tower and this discount will increase with any additional tenants. This means that even when additional tenants co-locate to an AMT tower, there is a heavy discount on the rent, and revenue growth is not linear with tenant growth.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:51.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd3c82be-ca32-4e36-b9d2-7792282fac76", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.8 }, "kind": "source-note", "text": "62 http://www.business-standard.com/article/economy-policy/govt-considering-8-licence-fee-on-telecom-tower-firms-113021300776_1.html\n63 http://www.indianexpress.com/news/green-tribunal-issues-notice-to-american-tower-corp-on-mobile-towers/1050137/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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From 2007 to 2012, ARPUs in India have fallen at a 13% CAGR and there has been intense competition in a market that is oversaturated with carriers. These sources have informed us, that to combat falling margins carriers are starting to pressure tower companies to cut the costs that are passed through to them, fuel being the main component. We understand that carriers are willing to move equipment from their current towers to any tower that offers the greatest cost savings. In order to retain their tenants, tower companies will be forced to invest significant capital expenditure to achieve the required cost savings. Unfortunately for shareholders, these large expenditures will have little if any benefit on ATL's margins.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e31736c-4f8e-41d9-8082-30cff293d2f1", "parentComponentId": null }, { "bbox": { "h": 0.089, "w": 0.704, "x": 0.148, "y": 0.373 }, "kind": "paragraph", "text": "Carriers are suffering from margin squeezes and have been looking to decrease the rents they pay on towers. We have heard from a number of local industry experts that the rents in some of the contracts coming up for renegotiation are as low as half of what they use to be pre the 2011 crisis. This has not come through in ATL's revenue yet as leases have not come up for renewal yet but once they do they will find significant pressures on rental prices received.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "607f3b02-e4f4-41b1-9940-2f0cad127531", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.704, "x": 0.148, "y": 0.164 }, "kind": "paragraph", "text": "The Indian government has recently approved the Telecom Regulatory Authority of India's recent suggestions to reduce the carbon footprint of the telecom sector by mandating the reduction of dependence on diesel.64 We understand from local sources that Indus is expecting that it will cost INR1 million per 5KW tower to come in line with government expectations. Based on this and assuming that AMT have a 50:50 split between rural and urban towers, we believe that the India operation will have additional capital expenditures of approximately $128m over the next ten years. It should be noted that this expenditure will not improve ATL's margins as energy costs are all passed through to carriers who will solely benefit from this expenditure.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f2e742e-76c7-43eb-a026-ae2d384abf6e", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.704, "x": 0.148, "y": 0.094 }, "kind": "paragraph", "text": "obtaining necessary permission from the competent authority. The hearings are currently in process and we are not able to assess the potential impact, however, this could be significant if the Tribunal require towers to be pulled down.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7056ee6-d7aa-4a08-9c52-2e155b65ef34", "parentComponentId": null }, { "bbox": { "h": 0.056, "w": 0.704, "x": 0.148, "y": 0.686 }, "kind": "paragraph", "text": "The smaller tower companies, including ATL, had been hoping to benefit from Reliance Industries' 4G roll out on their towers, however, Reliance has recently made a deal with Reliance Communications to collocate on their towers only to the exclusion of any other tower company.65", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f75fd296-7a0f-4d29-b266-d217dc04f755", "parentComponentId": null }, { "bbox": { "h": 0.033, "w": 0.698, "x": 0.148, "y": 0.868 }, "kind": "source-note", "text": "64 http://www.igovernment.in/site/telecom-towers-be-powered-renewable-energy\n65 http://in.reuters.com/article/2013/06/07/reliance-industries-reliancecomm-towers-idINDEE95603P20130607", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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From our discussions with local industry sources with firsthand knowledge of this transaction, AMT were far from happy with the outcome of this transaction but attempted to only show the positives to investors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:52.244+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21729617-8fb2-42bd-81ba-b54599b0886c", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.147, "y": 0.65 }, "kind": "paragraph", "text": "The Site Sharing sites were leased to Oi and TIM at well above market rates, we have been informed by local sources that these were as high as 2.0x to 3.0x over market rents. It is unclear why these towers were at such a premium. However we understand that the deal was made between Site Sharing and Oi and TIM to build these towers on which they would be the only tenants and in return Site Sharing would be given disproportionately high rents. This most certainly benefited Site Sharing management when they sold it on to AMT for 12 to 13x cash flow. We believe this higher than market rents are contributing US$66 million to EBITDA.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:52.244+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5118c204-98ea-4642-a2f8-f668bd4bc305", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.147, "y": 0.805 }, "kind": "paragraph", "text": "Unfortunately for shareholders, these cash flows are unsustainable. We understand that on the acquisition of these sites there was only an average three to five years left on many of the leases. We understand from sources close to the transaction these carriers are already strongly pushing to renegotiate their rent even prior to the termination of the contract. Oi and Tim are using their network size as leverage to bring down the cost of the Site Sharing portfolio in line with market rent.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:52.244+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5761f9f-bf0a-4fad-909f-5da8b2539095", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.147, "y": 0.35 }, "kind": "paragraph", "text": "We believe that AMT has placed such an extreme emphasis on growth that they went for quantity over quality and this is evident in acquisitions such as Vivo in 2012. AMT are also guilty of using flawed models to justify other acquisitions, as in the case of the Site Sharing acquisition in 2011. These mistakes have led AMT to overstating growth and destroying shareholder value in Brazil. ATL’s Brazil is really just a story of two acquisitions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:52.244+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef5f2b3b-9cdc-45e2-966c-737911f0d42c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.147, "y": 0.25 }, "kind": "quote", "text": "The strategy among our leadership team at the moment is to sort of consolidate and integrate and heavy up in the countries that we are at today. And so in Brazil, for example, Hal and his team accomplished 600 plus Tower acquisition. Grew the portfolio by over 1/3 in a country that we are already in this year", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:52.244+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b18edfe9-63e8-42f0-aa67-df3ea7091a22", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The strategy among our leadership team at the moment is to sort of consolidate and integrate and heavy up in the countries that we are at today. And so in Brazil, for example, Hal and his team accomplished 600 plus Tower acquisition. Grew the portfolio by over 1/3 in a country that we are already in this year\" — Jim Taiclet, JPMorgan Technology, Media and Telecom Conference 16-May-11", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:49:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6f0-72b6-8694-6a5accdf23fd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.05, "x": 0.147, "y": 0.214 }, "kind": "title", "text": "Brazil", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:52.244+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "349170b7-b772-49e8-8d02-27fd089cc0ef", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.147, "y": 0.475 }, "kind": "title", "text": "Site Sharing", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:52.244+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14799482-ffe1-4f6d-8c40-484553045611", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.147, "y": 0.615 }, "kind": "title", "text": "Growth Based on Unsustainable Cash Flows", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": 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In Ghana there are three main carriers, AMT have a deal with the largest, MTN whilst the other two have deals with Eaton Towers and Helios Towers, which means there is less chance of collocation.\nb. We also understand that new tower companies are entering the Ghana market which is increasing competition and will lead to further dilution of tenants and potentially reducing prices of any additional tenants.\nc. We have also heard that all future expansion in Ghana is likely to be rural which will require extensive capital expenditure and will require the operation of linking towers in order to increase coverage and few tenants per tower.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.668+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a477f6d2-14f1-4c5e-ba04-50c955fcd89a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.11 }, "kind": "paragraph", "text": "Our View of ATL's Operations in Brazil\nAMT have shown little regard for shareholder value when investing in the Brazilian market, its two main investments appear to be classic cases of knee jerk acquisitions with no regard to potential risks and minimal due diligence.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.668+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d440fee-5657-4a91-8f0a-009201040a0d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.33 }, "kind": "paragraph", "text": "Ghana\nGrowth Ceiling\nWe understand both from sources operating in Ghana and from an AT Kearny article on Tower Xchange that the tower companies in Ghana and Africa in general should only expect to achieve a maximum of two tenants per tower.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.668+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97d91cdc-a0ca-4add-91df-663797f99a82", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.81 }, "kind": "paragraph", "text": "Loss Making\nAt this point in time, the Ghana joint venture is loss making. We understand from the MTN conference call that this loss is below the EBITDA line, nevertheless, after", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.668+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f508dfcd-f05e-4ad9-9cc0-9d99f3c8812f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.89 }, "kind": "source-note", "text": "77 http://www.towerxchange.com/why-tenancy-ratios-above-two-will-be-difficult-to-achieve-in-africa/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Why would MTN sell AMT 51% of the assets for just 42% of the value, it does not appear that they were desperate to do so as there would have been other bidders? 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We estimate that AMT has made acquisitions totaling US$518 million and those investments are now worth US$246 million. We believe the market conditions and the outlook for ATL’s business prospects in Ghana are uncertain given the extremely high inflation in the country, high government bond yields, high business risk and questionable joint venture structure. 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Once the final tranche of towers were transferred on December 23, 2011, the joint venture paid $518m for 1,856 towers. No reason has been provided for the increase in purchase price.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:53.917+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42b2058a-b038-46ac-8327-15468dabdde6", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.82 }, "kind": "paragraph", "text": "We project that ATL’s existing Ghanaian investment will only generate an IRR of 11%. Ghanaian government bonds yield 17 %, and are rated B. We use a WACC of 25% in Ghana, and an exit multiple of 6.0x EBITDA. Such discount rates might sound high to", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:53.917+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "496de97e-a88a-4c30-8282-97a27cedd3c4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.16 }, "kind": "paragraph", "text": "We understand from industry experts in Ghana that a significant amount of capital expenditure is required in Ghana. Whilst, they did not have direct information regarding ATL/MTN joint venture in Ghana, they have looked at newer tower portfolios and have found that at least 25% of towers built by local carriers were only strong enough for one carrier, another 15% needed refurbishment and a further 10% needed to be fully replaced. We believe that as the MTN’s tower portfolio is older, it is likely to minimally require this amount of capital expenditure.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:53.917+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2aaa049-a1a6-4c88-89f7-ce968944db71", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.3 }, "kind": "paragraph", "text": "This raises questions over the level of due diligence that AMT have put into assessing their acquisitions, at a significant cost to shareholders. This cash drain also raises questions over the value of the transaction itself.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:53.917+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0b1102a-dfbb-4c21-b8f1-c24749451ed8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "investing in a US$517.7 million joint venture it is surprising that it is loss making.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:53.917+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce24645d-233d-4f27-bb95-45311c282377", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.55 }, "kind": "paragraph", "text": "This anomaly raises a number of questions, not least as to what is the true value of the assets? Why would MTN sell AMT 51% of the assets for just 42% of the value, it does not appear that they were desperate to do so as there would have been other bidders? 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A major risk for AMT is the possibility of a merger between E-Plus and Telefónica...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:52.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf721f3b-5a3d-4f87-9c2c-b0cc3c55681c", "parentComponentId": null }, { "bbox": { "h": 0.235, "w": 0.704, "x": 0.148, "y": 0.338 }, "kind": "paragraph", "text": "Value Destruction. As a result of the above, we performed a calculation to assess ATL's investments in the country. 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Carriers will be focusing their network densification in areas in which AMT has relatively few towers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:28:28.188+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "623e97b6-d69c-4039-ac3c-cfcbb930ddc3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.303 }, "kind": "paragraph", "text": "VZ and SpectrumCo are awaiting FCC approval for Verizon's purchase of 122 spectrum licenses for US 3.6 billion. 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The lease agreements for these portfolios, which cover at least 4,250 of its towers (approximately 20% of the US portfolio), provide that if AMT is unable to renew a ground lease, then it lose it lease on the tower.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.2+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33ff3e3e-409b-427a-b936-d64b0a2d7aa4", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.72, "x": 0.14, "y": 0.51 }, "kind": "paragraph", "text": "The cost to decommission and re-assemble a tower elsewhere generally runs 50% to 100% of the cost of a new tower... Over the past 15 years, the total cash flow from a typical tower has grown by more than 400%, while the typical landlord has seen its share of the tower cash flow fall from approximately 40% to less than 15%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.2+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "547c4e77-40bc-42ba-b06d-7ccd62baf1e8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.13 }, "kind": "paragraph", "text": "AMT has not been forthcoming about its exposure to ground rent increases... TriStar has gained control of the ground beneath over 650 of AMT’s higher yielding towers... AMT is likely faced with a choice to buy TriStar (likely for at least US$400 million to US$500 million) or lose annual revenue purported to be approximately US$77 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.2+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8ef5ee7-1a7b-438b-a2f7-37ab54905961", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.35, "x": 0.14, "y": 0.87 }, "kind": "source-note", "text": "110 Investors familiar with TriStar. 111 AMT 2012 10-K, p. 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There are no withholding taxes on dividends. In Colombia, withholding taxes on interest paid to foreign entities can range from 14% to 33%. Dividends to offshore shareholders are generally taxed at 25% to 33%. In Ghana, withholding taxes on interest paid is 10%. The withholding tax on dividends to offshore shareholders is 15%. In Germany, there is no withholding tax on interest. Dividends to US shareholders are generally taxed at a total rate of 26.375%. (We do not have the rate applicable to Dutch shareholders.) In South Africa, there are no withholding taxes on interest. The withholding tax on dividends is 15%, but can be recoverable under certain circumstances. In India, withholding taxes on interest payments are generally 20%. There is no dividend withholding tax. In Uganda, interest paid to foreign lenders is taxed at 15%. Dividends are also taxed at 15%.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d1a36a0-2279-4102-8f7a-3e13f3c33161", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "the onshore subsidiary to the parent are often subject to “withholding” tax. The following highlights some of the withholding taxes that could be applicable to interest and dividend payments to AMT’s parent companies from the operating entities.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6ad33b3-4d1f-4f66-bddf-c2389b46c39e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.48 }, "kind": "paragraph", "text": "At the risk of this report seeming to be a love letter to Jay Brown, we quote him regarding the incompatibility of the REIT structure with the risks of emerging and frontier market cash flows:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cce0c148-9cca-4a9c-a88e-48ecf039e25c", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.72, "x": 0.14, "y": 0.54 }, "kind": "quote", "text": "Brett Feldman, Deutsche Bank - Analyst: “Does that have anything to do with, as you noted, you see being a REIT as kind of the end game? Do you feel like as a REIT you would be better off not having that exposure to international markets or particularly to emerging markets? Is that part of it in terms of thinking about how investors will value your cash flows?” Jay Brown, Crown Castle International - SVP & CFO: “It is. I think the point in time in which we are paying a dividend, I think our dividend payment will look very much like a bond payment. In essence you have got secured cash flows under long-term leases from very high-grade tenants in the US business...Today the public market doesn’t seem to make a valuation difference between cash flows that are bought in a developing country or Verizon Wireless. My own view and our firm view is that there is a big difference in terms of the credit quality of those cash flows, the sustainability of those cash flows, and predictability of those cash flows.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:55.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18cd8861-64c1-4031-a6a5-6dabe7e676b5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“It is. I think the point in time in which we are paying a dividend, I think our dividend payment will look very much like a bond payment. In essence you have got secured cash flows under long-term leases from very high-grade tenants in the US business... Today the public market doesn't seem to make a valuation difference between cash flows that are bought in a developing country or Verizon Wireless. My own view and our firm view is that there is a big difference in terms of the credit quality of those cash flows, the sustainability of those cash flows, and predictability of those cash flows.” — Jay Brown, Crown Castle International - SVP & CFO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:49:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6f0-72b6-8695-2cd43f9b0eda", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.72, "x": 0.14, "y": 0.83 }, "kind": "source-note", "text": "114 Many foreign jurisdictions impose “withholding” taxes on interest and dividends, which are not refundable. Thus “withholding” usually has a different meaning in international jurisdictions’ tax law than it does in the US. 115 There is a 5% rate that can apply, but only to borrowings on or after July 1, 2012. 116 Crown Castle International at Deutsche Bank Securities Inc. Media and Telecommunications Conference, Miami November 17, 2010.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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For one, we believe that AMT's typical on site due diligence is to only visit about 10% of the towers it plans to acquire.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.091+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e18c77f-c8b8-429a-b831-6fbf007e883d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.63 }, "kind": "paragraph", "text": "AMT's transaction-focused compensation has undoubtedly contributed to AMT putting the pedal to the metal – simultaneously growing by 8.0x, or approximately 27,800 towers in nine emerging and frontier markets in four years.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.091+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73bafcb7-17b5-4dcc-b666-c77f087941b7", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.72, "x": 0.14, "y": 0.11 }, "kind": "paragraph", "text": "Traditional REITs generally invest in real estate assets that generally hold their values... We therefore suspect that many REIT investors who own AMT are unfamiliar with some of these dynamics.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.091+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df296230-3301-4096-a39b-7e583df0071a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.54 }, "kind": "paragraph", "text": "AMT is destroying billions of investor dollars through its international (ad)ventures. This section is a discussion of both AMT's practices and why the markets in which it is committing hundreds of millions of dollars at a time require care and diligence.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.091+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f51b6a21-725c-4cd6-9adc-7c57501f04e6", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.41 }, "kind": "quote", "text": "\"We think there are a lot of risks associated with the emerging markets...\" – Jay Brown, Chief Financial Officer, Crown Castle International Corp.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.091+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "887d476c-9af3-43ba-9471-a3a0c8c7ff12", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.37 }, "kind": "quote", "text": "\"Urgh.\" – former AMT executive when asked about AMT's India investments.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.091+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c62de053-888f-4d7f-a033-d43c97070425", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Urgh.\" — former AMT executive when asked about AMT's India investments. \"We think there are a lot of risks associated with the emerging markets that are not maybe necessarily completely appreciated. The US has a fantastic environment of very high barriers to entry that we haven't seen in other countries. And then, as we think about some of the things like currency risk and taxes and the ultimate ability to take cash flow and distribute it out to the shareholders longer term, those become hurdles for us to get over in order to make an investment outside of the US.\" — Jay Brown, Chief Financial Officer, Crown Castle International Corp.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:49:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6f0-72b6-8695-14d641bc5021", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.91 }, "kind": "source-note", "text": "117 Notwithstanding the global financial crisis’ effects on traditional real estate values. 118 2013 Access Media, Internet & Telecom Conference, March 6, 2013.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Further, some transactions in these markets turn out to require significant CapEx in order to extend their lives or permit colocations. 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The period approaching the holidays is an unusual time of year in Mexico to move quickly on a deal.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fb8fbd0-81c9-486a-865c-227973ce9950", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.38 }, "kind": "paragraph", "text": "AMT exhibits a casual attitude toward its investments, seemingly feeling investments are justified because they are made at lower price to EBITDA multiples than its EV / EBITDA multiple.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a12159e-7e1d-43c8-aacc-10a0c97d1600", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.55 }, "kind": "paragraph", "text": "AMT is putting good assumptions into its models in deciding how much to pay for a given portfolio. 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As opposed to being a case study in success, it has proved to be a case study in under-appreciated market risk in would-be opportunistic acquisitions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:57.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09a463fc-e14e-4ebb-97ad-769c2a6f1184", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.72, "x": 0.14, "y": 0.47 }, "kind": "paragraph", "text": "By the end of 2009, AMT's net accounts receivable related to Grupo Iusacell stood at $28.2 million, and one Iusacell subsidiary had discontinued debt service payments. In 2010, AMT and Grupo Iusacell negotiated new lease terms, which resulted in lease cancellations, restructuring of A/R into a five-year note, and redenomination of the transaction currency from dollars to pesos. The aggregate impact of the restructuring to AMT was a loss of US $33.6 million \"of certain non-monetary assets and liabilities.\" Despite such initiatives, Grupo Iusacell nearly entered formal bankruptcy in 2011 and was considered close to going under entirely. Despite having received a massive investment from a new investor in 2012, it may be again falling behind on its repayments of the debt restructured in 2010.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:57.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76449712-c459-4134-b16a-725f10c1e370", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.72, "x": 0.14, "y": 0.3 }, "kind": "paragraph", "text": "Grupo Iusacell was financially weak when AMT entered into a sale and leaseback transaction in 2002-2004 for US$30.6 million and 137 towers. Its weakness was reported publicly in 2004, should have been evident to management when they entered into the transaction, and did not improve after the liquidity injection. Instead Grupo Iusacell twice filed for \"Concurso Mercantil,\" a restructuring similar to U.S. Chapter 11 bankruptcy. The first filing came in 2006, the same year as the closing of the sale and leaseback. Grupo Iusacell returned to file for \"Concurso Mercantil\" again in 2010. This time the situation was more serious.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:57.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d79c161b-1a13-4443-be79-0e01cf771740", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.72, "x": 0.14, "y": 0.68 }, "kind": "source-note", "text": "Footnotes 119-130 detailing SEC filings and news sources.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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In April of 2013, NII's CEO reported being close to a deal. 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In Mexico, where market rents are generally close to US$1,000 per month per site or sometimes even much lower, Axtel reports that is will be paying approximately US$1,888/month per site (US$20 million per year).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:56.307+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82cf9a5c-264e-45d6-9535-741b501f70b7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.32 }, "kind": "paragraph", "text": "These above market rates might be great for AMT's top-line and the acquisitions can show as being immediately accretive, but they come with risks that the average REIT investor probably fails to appreciate. 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First, the carriers have already completed the vast majority of their network upgrades that will take place on towers. VZ’s CEO has said that VZ is 95% done with its 4G upgrades. Second, as explained supra carriers are now using alternatives to macro towers (including network equipment sharing), and these alternatives can have much lower lifetime costs to the carriers than does the tower model. Both VZ and T will be densifying their networks largely with “small cells” (see Cellular Towers Are Soon To Become the Most Expensive Option of Last Resort; The Halcyon Days Are Over supra). T-Mobile US, Inc. (NYSE: TMUS) is only 50% finished with its network upgrades, but it expects to only increasing network service spending 2% in 2013, after which it should be substantially done with its 4G upgrades.165 We see the days of carriers blowing through their built-in escalators as largely a phenomenon of the past.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:57.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c41b408-d952-4f73-8d03-c5b03411633b", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.704, "x": 0.148, "y": 0.094 }, "kind": "paragraph", "text": "Destruction; CCI Is More Prudent supra). 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Our due diligence shows that the AMT growth story is overstated.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:58.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9fb9a3ae-b44c-4ee9-9312-3813edc9658a", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.704, "x": 0.148, "y": 0.273 }, "kind": "paragraph", "text": "As more fully discussed in Appendix A.6, applying a multiple to AFFO is not an appropriate valuation 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"runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee35-7258-b4cb-7efcc9518eb2", "parentComponentId": null }, { "bbox": { "h": 0.165, "w": 0.704, "x": 0.148, "y": 0.113 }, "kind": "paragraph", "text": "Pass through Sales/Costs\nPass through sales are costs associated with ground leases and / or fuel costs. Typically, fuel costs are passed through in India and EMEA, while ground leases are passed through in Latin America. Pass through costs do not have a cash flow impact on the business. Carriers reimburse the Company for such costs. Pass through costs present a particularly high risk for tower companies because carriers are looking for ways to push costs onto tower companies. This will force tower companies to invest more heavily into alternative energy and cost saving technologies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:59.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53845f73-4dcf-4615-a4b9-1136da98ff4c", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.704, "x": 0.148, "y": 0.481 }, "kind": "paragraph", "text": "Direct SG&A\nDirect SG&A costs include selling, general and administrative costs associated with the region, and exclude corporate level SG&A. For purposes of our analysis, direct SG&A costs were estimated to be partially fixed and partially variable.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:59.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "660d3fb4-e817-47d3-9bee-148aa2680e2e", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.704, "x": 0.148, "y": 0.288 }, "kind": "paragraph", "text": "Direct COGS\nDirect cost of goods sold includes ground rent, monitoring, insurance, real estate taxes, utilities, site maintenance, and other costs. We have projected direct COGS as a fixed cost per tower. Per tower direct COGS were estimated to grow by the contractual escalator, which is typically inflation based. The single largest operating cost is ground lease expense. As we have discussed in the report, land aggregators and the market's increasing awareness that tower companies will pay much higher prices to ensure they have the land will continue to put upward pressure on ground lease costs. As ground leases expire, the costs will grow at a faster rate than inflation in the US market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:59.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bab0cce-b168-40fe-b846-4e64027c8220", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.704, "x": 0.148, "y": 0.583 }, "kind": "paragraph", "text": "Regional Segment EBITDA\nRegional Segment EBITDA was based on each country's sales minus direct operating expenses. We also factored in Year 1 foreign currency impacts to reflect the current view of currency rates relative to the most recent reporting period. After Year 1, we have assumed a constant currency. In the constant currency scenario, we estimated CPI escalators will be between 2%-3%, depending on the region.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:59.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1388f9a-9ef1-4042-aa89-45fc4ccf3259", "parentComponentId": null }, { "bbox": { "h": 0.165, "w": 0.704, "x": 0.148, "y": 0.721 }, "kind": "paragraph", "text": "Regional Capital Expenditures\nWe projected capital expenditures by region based on the number of new tower builds, the projected new tower cost, maintenance costs per tower, improvement costs per tower, and refurbishment costs per tower. Our diligence included discussions with tower company manufacturers who have direct experience in AMT's markets. We assessed the quality of the towers and the ability to add tenants to existing towers, given the existing tower condition. The Company will need to make significant improvements in many of its towers to meet tenant per tower projections. 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But, the majority of debt was assumed to be rolled over into new debt upon maturity at comparable interest rates. A sharp rise in interest rates poses a risk to equity investors as the Company currently has approximately US$8.4 billion of net debt on its balance sheet.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:00.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12222054-aca8-468a-9a85-5cdaeeaf75a9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.88 }, "kind": "paragraph", "text": "Changes in Operating Assets and Liabilities", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:00.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e0cd258-a1ea-4e11-b595-3ffe1e7b9970", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.6 }, "kind": "paragraph", "text": "Capital expenditure: Capital expenditures were based on regional direct capital expenditures estimates, plus corporate level capital expenditures. We have estimated new tower capital expenditures, maintenance and improvements, redevelopment, ground lease purchases, and other corporate level capital expenditures.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:00.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0304b31-2d80-4497-9915-1a710102844c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.43 }, "kind": "paragraph", "text": "Depreciation: Depreciation was calculated using an 11-year life for existing assets and a 20-year life for new capital additions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:00.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dbf176f0-c300-4593-8975-ef75fb5b150a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.5 }, "kind": "paragraph", "text": "Minority Interest: We have excluded non-wholly owned income and cash flows from our valuation. Based on our analysis, we believe the Company consolidates approximately US$40 million to US$50 million of non-wholly owned EBITDA.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:00.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e16349d8-5896-422e-8a6f-2777d89fac5e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.71 }, "kind": "paragraph", "text": "Foreign Currency Gains and Losses: Foreign currency gains and losses relate to the currency impact on intercompany loans and certain cash balances. Given the substantial declines in the foreign currencies in which the Company operates, we expect significant losses on intercompany loan and cash balances. 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