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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": "2013-07-17 00:00:00",
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  "notes": "The slide uses a craps table metaphor to characterize AMT's international investments as a gamble.",
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      "kind": "callout",
      "text": "Even though AMT should be using inflation-linked escalators in Brazil, which accounts for 13.8% of AMT's international tower base, its average rents are declining in local currency terms.",
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      "text": "Even though AMT should be using inflation-linked escalators in Brazil, which accounts for 13.8% of AMT's international tower base, its average rents are declining in local currency terms. Our calculations below illustrate the paradox.",
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      "text": "Much of the value that is associated with AMT arises from the excitement over ATL's growth compared to other REITs. With growth in the US tower market slowing, the market is expecting the double digit growth to be coming from ATL's international subsidiaries. We have investigated a number of ATL's international operations and instead of finding double digit growth we found disappointing markets with significant headwinds, risks and overpriced acquisitions leading to substantial value destruction. This section will specifically address the issues in India, Brazil, Germany, and Ghana and demonstrate that AMT has destroyed at least US$1 billion of shareholder value.",
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      "kind": "table",
      "text": "Mexico and Brazil Average Rents per Site",
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      "text": "Overstated International Growth and Value Destruction",
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      "kind": "title",
      "text": "Poor International IRR and Necessary Impairments",
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