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  "docSlug": "10dc4f9f3e31",
  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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  "pageCount": 118,
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  "notes": "The slide uses a 'fraud-exposure' or 'expose_contradiction' narrative to challenge the company's reported financial metrics.",
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      "kind": "callout",
      "text": "Because AMT books these loan repayments (i.e. return legs of financial round trips) as rent revenue, the repayments artificially inflate AMT’s revenue, gross profit, EBITDA, and AFFO.",
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      "text": "The carrier shows more cash on its balance sheet. The carrier's liability is off balance sheet. AMT shows more assets. AMT engineers more revenue, and at a 100% pretax profit margin, thereby making its income metrics more impressive in the short-term.",
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      "text": "AMT's international business is part tower operator and part lender to its anchor tenants. This presents several significant issues. Because AMT books these loan repayments (i.e. return legs of financial round trips) as rent revenue, the repayments artificially inflate AMT's revenue, gross profit, EBITDA, and AFFO.",
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      "kind": "paragraph",
      "text": "The typical monthly market rent in emerging markets is now about US$1,000 per tenant per tower. (Industry sources state that carrier rents can be as low as US$300 per month where there is a single antenna and no ground space required.)",
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      "kind": "title",
      "text": "AMT'S INTERNATIONAL BUSINESS IS A DE FACTO LENDING BUSINESS, AND ARTIFICIALLY BOOSTS AMT'S REVENUE, EBITDA, AND PROFIT, WHILE SHARPLY CURTAILING GROWTH PROSPECTS.",
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      "text": "AMT's De Facto Lending Business Explained",
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