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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2013-08-12 00:00:00",
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      "text": "The transaction appears to be another de facto lending transaction, making AMT management’s pronouncements about growth potential misleading because additional tenants will not move the needle much.",
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      "text": "The transaction appears to be another de facto lending transaction, making AMT management’s pronouncements about growth potential misleading because additional tenants will not move the needle much.",
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      "text": "The aforementioned counterparty risks are heightened because AMT appears to be paying above the market and standalone economic values of the towers.",
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      "text": "Additional tenants, which will be paying approximately $1,000 per tower per month, will not cause the towers to generate growth rates that meet investors’ expectations.",
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      "text": "NIHD (Moody’s: B3, six notches below investment grade) presents counterparty risks because it is possible the company could enter bankruptcy for a second time, which could lead to restructuring or abrogation of the contracts.",
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      "text": "Another feasible (and more likely) outcome is that NIHD will need to sell itself in order to avert failure. The likely buyer in that scenario would be an existing significant customer of AMT (e.g., American Movil, Telefonica).",
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      "text": "This assumes that the tenancy ratio is 1.1 tenants / tower, and pass through expenses represent 25% of the $149 million of expected revenue.",
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