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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "The text discusses specific mechanisms of profit repatriation (loans, management fees, dividends) and mentions SOFOMs in Mexico as a case study.",
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      "text": "We do not believe AMT's international business is compatible with its REIT structure.",
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      "text": "Because AMT is doing business in various overseas jurisdictions, its international cash flows will effectively be inaccessible to AMT investors. The main issue is that many of these jurisdictions impose substantial taxes on transfers of profits out of the country.",
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      "text": "In general, AMT has three ways of expatriating profits from its overseas operations: lending money from offshore parent to onshore operation, charging for management services/IP, or paying dividends.",
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      "text": "We do not believe AMT's international business is compatible with its REIT structure. There are numerous tax barriers to AMT paying dividends to shareholders from its international cash flows.",
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      "text": "THE REIT THAT CAN'T DO IT RIGHT – INTERNATIONAL AFFO IS INACCESSIBLE TO AMT SHAREHOLDERS",
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