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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-08-01 00:00:00",
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  "notes": "This is a text-heavy research note page detailing grievances against AMT management.",
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      "kind": "callout",
      "text": "The Company has thus far failed to respond to the following issues we raised in our initial report, even with management speaking for over 20 minutes on its international business.",
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      "text": "Frequent underperformance of AMT's international investments relative to local sovereign bonds; Transaction reporting discrepancies in transactions in Mexico and Ghana; Corporate governance issues; AMT's de facto lending business; Currency bets; REIT structure issues.",
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      "text": "The Company has thus far failed to respond to the following issues we raised in our initial report, even with management speaking for over 20 minutes on its international business:",
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      "kind": "paragraph",
      "text": "traditional RETIT does) is therefore inappropriate. Further, AMT does not subtract ground lease purchases, maintenance capital expenditures, and redevelopment capital expenditures from its AFFO calculations...",
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      "kind": "paragraph",
      "text": "Finally, we left messages with both of AMT's investor relations personnel yesterday, asking them to return our call to discuss their results. They failed to respond.",
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      "text": "AMT's Evasions",
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