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  "documentTitle": "American Tower (AMT)",
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      "text": "Our opinion as to why AMT refuses to disclose the MLAs is that it views such transparency as an enemy – that if investors had access to more information, they would not be willing to pay anywhere near the current share price.",
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      "text": "AMT disappointingly disagreed that Regulation S-K requires it to file the MLAs. AMT concluded that the MLAs are not \"material contracts\", and thus it does not need to disclose them.",
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      "text": "One of the critical information gaps in AMT's domestic business is how AMT expects to continue to generate 6% to 8% topline growth. AMT recently disclosed that it generated approximately 60% of its US revenue under master lease agreements (\"MLAs\") with three carriers.",
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      "text": "Our opinion as to why AMT refuses to disclose the MLAs is that it views such transparency as an enemy – that if investors had access to more information, they would not be willing to pay anywhere near the current share price.",
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      "text": "The first problem for investors is that it is unclear what 4G network expansion carriers are paying for under the MLA escalators. Without understanding this, how can investors make their own assumptions about AMT's forward revenue growth?",
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      "text": "During the past several years, AMT has grown its domestic top line well in excess of the escalator amounts. The difference largely comes from what AMT calls \"amendments\" to its individual site leases.",
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      "text": "162 AMT Q3 2012 conference call, October 31, 2012. 163 http://www.sec.gov/Archives/edgar/data/1053507/00000000013014244/filename1.pdf 164 http://www.sec.gov/Archives/edgar/data/1053507/000119312513134623/filename1.htm",
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      "text": "Can't Model 6% to 8% Revenue Growth in the US Going Forward? Just Take the Company's Word for it.",
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