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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": "Our expectation is that a larger number of the Brazilian towers will need to be redeveloped in order to add more tenants to towers and that the total cost will be approximately US$100 million.",
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      "text": "The Brazilian Real has depreciated significantly against the US Dollar since AMT accelerated its investments in Brazil. The BRL has deprecated by over 30% in the last 2 years, and 12% in the last 3 months.",
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      "text": "We understand from local sources that the poor condition and quality of the 1,692 towers acquired in the 2012 Vivo acquisitions, will require AMT to invest substantial capital expenditure to strengthen the towers...",
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      "text": "Based on local knowledge we gathered, we estimate that the redevelopment of these sites will cost US$30,000 to US$40,000 per tower. If only 50% of the Vivo towers are ultimately redeveloped... total cost of approximately US$100 million.",
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