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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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  "notes": "The text critiques the reliability of AFFO as a comparative metric for AMT due to non-standardized calculation methods and uncounted cash outflows.",
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      "text": "AFFO has become the metric of choice in comparing AMT with other REITs, however, it cannot be stressed enough that, as per NAREIT, there is no one methodology of calculating AFFO and rarely will one be comparing apples to apples.",
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      "text": "AFFO: US$150 million",
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      "text": "In total these items would decrease AFFO by US$150 million in 2013.",
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      "text": "AMT has openly stated that it is not seeking to repatriate cash from its foreign subsidiaries; however, as the international segment grows and AMT has to convert more of its Taxable REIT Subsidiaries into Qualified REIT Subsidiaries in order to satisfy the REIT tests, it will need to start paying dividends from its cash abroad. Shareholders should, therefore, be aware that there will be significant costs and taxes incurred in repatriating this cash, which are not accounted for in the AFFO.",
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      "text": "AFFO has become the metric of choice in comparing AMT with other REITs, however, it cannot be stressed enough that, as per NAREIT, there is no one methodology of calculating AFFO and rarely will one be comparing apples to apples. In light of this, valuations based on ATL’s AFFO compared to those of traditional REITs are misleading and inaccurate. Additionally, ATL’s current AFFO methodology does not truly reflect the Company’s cash position, and not enough cash outflows have been accounted for.",
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      "text": "173 Per management guidance, 1Q 2013 financial press release p. 4.",
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