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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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  "notes": "Discusses the impact of market rent abatements and carrier infrastructure sharing on tower company revenue models.",
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      "text": "Based on the problematic Site Sharing portfolio, we believe that the above market rent that AMT is currently receiving, which amounts to 43% of operating revenue, is unsustainable and any average rent metrics based off this will be overstated.",
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      "text": "operating revenue: 43%",
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      "text": "Earlier this year, four of Brazil's largest carriers announced infrastructure sharing agreements, which could severely impact the future growth of tower companies in Brazil.",
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      "text": "Infrastructure sharing is expected to become an increasing trend and focal point for carriers across Latin America which are looking to deal with falling average revenues per user (“ARPU”) by cutting network costs.",
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      "text": "Based on the problematic Site Sharing portfolio, we believe that the above market rent that AMT is currently receiving, which amounts to 43% of operating revenue, is unsustainable and any average rent metrics based off this will be overstated.",
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      "text": "Oi and TIM announced their agreement to share infrastructure... Vivo and Claro announced in March of this year that they had signed a memorandum of understanding to share telecom infrastructure...",
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      "text": "We have discussed this issue with multiple local industry sources... and we are confident that this trend poses a major threat to tower companies in Brazil.",
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      "text": "Market rent abatements will mean that any additional tenants on the Site Sharing towers may not add any discernible revenue growth. Firstly, a new tenant would most definitely not be paying the over market rent that Oi or TIM are...",
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