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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2013-07-17 00:00:00",
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      "text": "AMT’s compensation structure goes a long way toward explaining why it is destroying value through poor quality and risky international acquisitions.",
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      "text": "If AMT has not yet finalized its expected purchase of approximately 4,500 towers in Brazil and Mexico from NIHD, we encourage the independent, disinterested directors to take a critical look at this transaction.",
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      "text": "It is inappropriate that AMT adjusts management's financial performance goals for currency fluctuations. As we detail infra, AMT's international business model is part levered currency bet because it does not hedge its FX exposure.",
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      "text": "NII has been disclosing its retention of the towers on its balance sheet every year since 2002, and in subsequent years NII has expanded the level of detail and increased the thoroughness of the description.",
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      "text": "Regardless of controls and culture, AMT's compensation structure goes a long way toward explaining why it is destroying value through poor quality and risky international acquisitions.",
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      "text": "44 NII, 2003 10-K, p. 4... 51 AMT, 2013, Proxy Statement, p.27.",
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      "text": "AMT's Compensation Incentivizes Value Destruction; CCI is More Prudent",
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