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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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  "notes": "The slide uses a narrative of 'opacity' and 'leverage' to frame AMT's business model as vulnerable to landlord negotiations.",
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      "text": "AMT has not been forthcoming about its exposure to ground rent increases, which we expect to materially impact AMT’s margins.",
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      "text": "When ground leases come up for renewal, landowners typically have significant amounts of leverage over AMT... The lease agreements for these portfolios, which cover at least 4,250 of its towers (approximately 20% of the US portfolio), provide that if AMT is unable to renew a ground lease, then it lose it lease on the tower.",
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      "text": "The cost to decommission and re-assemble a tower elsewhere generally runs 50% to 100% of the cost of a new tower... Over the past 15 years, the total cash flow from a typical tower has grown by more than 400%, while the typical landlord has seen its share of the tower cash flow fall from approximately 40% to less than 15%.",
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      "text": "AMT has not been forthcoming about its exposure to ground rent increases... TriStar has gained control of the ground beneath over 650 of AMT’s higher yielding towers... AMT is likely faced with a choice to buy TriStar (likely for at least US$400 million to US$500 million) or lose annual revenue purported to be approximately US$77 million.",
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      "text": "110 Investors familiar with TriStar. 111 AMT 2012 10-K, p. F-63. 112 TriStar Second Amended Complaint, para. 34. 113 TriStar Second Amended Complaint, para 2.",
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      "text": "Increasing Ground Rents and the “TriStar Effect”",
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