{
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  "docSlug": "10dc4f9f3e31",
  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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  "pageNumber": 26,
  "pageCount": 118,
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  "nextPage": 27,
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  "density": "dense",
  "nDataPoints": 13,
  "notes": "The slide uses a stacked bar chart to decompose the value of tower acquisitions into PP&E, Customer Relationship, Network Location, and Goodwill components to identify 'lending' behavior.",
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      "bbox": null,
      "kind": "callout",
      "text": "Thus, we assume that transactions in which intangible assets approach (or exceed) 100% of the PP&E value are lending transactions.",
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    {
      "bbox": {
        "h": 0.35,
        "w": 0.72,
        "x": 0.14,
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      "kind": "chart",
      "text": "LatAm Ex. SS Acquisitons",
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    {
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      "kind": "metric",
      "text": "Avg.$/Site: $100,000",
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      "subkind": "primary",
      "toolName": "Quantification",
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      "componentId": "019dd952-e6ef-7018-b1f2-5d12319d3957",
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      "kind": "paragraph",
      "text": "In Latin America, it appears as though the tower steel is generally worth approximately US$100,000 in more recent transactions. 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.",
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      },
      "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.",
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        "x": 0.28,
        "y": 0.668
      },
      "kind": "source-note",
      "text": "Note: This graph excludes the Site Sharing acquisition.",
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      "kind": "source-note",
      "text": "55 We do not know whether the undisclosed seller was a carrier.",
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      "kind": "title",
      "text": "How Prevalent is Lending?",
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      "evidence": "Decomposing acquisition value into PP&E, Customer Relationship, Network Location, and Goodwill to identify financing components.",
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