American Tower Corporation:

Financial and Operational Update

Second Quarter 2016

Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This
presentation contains forward-looking statements concerning our goals, beliefs, strategies,
future operating results and underlying assumptions. Actual results may differ materially from
those indicated by these forward-looking statements as a result of various important factors,
including those described in the appendix attached hereto, Item 1A of our Form 10-K for the year
ended December 31, 2015 under the caption Risk Factors. We undertake no obligation to
update the information contained in this presentation to reflect subsequently occurring events or
circumstances. Definitions and reconciliations are provided at the end of the presentation.

Investment Highlights
Second Quarter 2016 Results and Updated Full Year 2016 Expectations
Solid growth driven by strong customer network investments

Historical Financial Performance

Consistent cash flow based returns Solid balance sheet

Solid Business Model Fundamentals

Long-term revenue stream Secure real estate assets Strong customer base

Global Demand Drivers and Positioning for Growth

Secular growth trends in wireless New high growth assets

Portfolio Summary

Domestic towers

International towers

Distributed Antenna Systems

(DAS)

Asset count

40,000+

~104,000

700+

Types of locations
served

Mainly suburban and rural

locations.

Mix of urban, suburban and rural

locations, typically clustered
around key population centers.

Domestic and international indoor

and outdoor venues with clear
multi-tenant opportunities.

Consolidated Results Highlights

$ in millions, except per share data

2Q16

2Q15

Y/Y Change

Total Property Revenue

$1,426

$1,154

23.6%

Total Revenue

$1,442

$1,174

22.8%

$161

$129

24.4%

$0.37

$0.30

23.3%

$869

$762

14.0%

60.2%

64.9%

Consolidated AFFO

$592

$537

10.3%

Per diluted share

$1.38

$1.26

9.5%

Net income attributable to ATC Common

Stockholders
Per diluted share attributable to ATC
Adjusted EBITDA
Adjusted EBITDA Margin

Definitions and reconciliations are provided at the end of this presentation.

2Q 2016 Property Revenue Growth

Property Revenue

Organic Tenant Billings Growth

$1.43B
~20%

$1.15B
~14%

23.6% Growth
23.1% Tenant Billings Growth
7.7% Organic Tenant Billings Growth

2Q15

2Q16

~12%
~10%

~8%
~6%

Total

U.S. Total Intl. Asia

LatAm

EMEA

Total Property revenue growth of nearly 24%

Consolidated Organic Tenant Billings Growth of nearly 8%

International contribution benefitted consolidated Organic Tenant Billings Growth by ~2%

International delivered double digit Organic Tenant Billings Growth; ~1.7% higher than Q2 2015

Diversification continues to support strong global revenue growth trajectory

6
Definitions and reconciliations are provided at the end of this presentation.

Increasing 2016 Outlook(1)

($ in millions)
Property Revenue

Adjusted EBITDA

Consolidated AFFO

$5,660

$5,650

$3,520

$3,505

$2,440

$2,425

+$10m
+0.2%

Prior Outlook

Current Outlook

~21% year over year Growth

Organic Tenant Billings Growth of ~8%

+$15m
+0.4%

Prior Outlook

+$15m
+0.6%

Current Outlook

~15% year over year Growth

Adjusted EBITDA Margin % of Over 61%

Prior Outlook

Current Outlook

~13% year over year Growth

~12% per share Growth

Projecting continued double digit growth across key metrics

Expect 2016 Net Income of $1.0 Billion; represents year-over-year growth of over 48%
Supported by consistent demand trends across global footprint

(1) Prior outlook reflects 2016 outlook midpoints, as reported in the Companys 8 -K, dated April 29, 2016. Current outlook reflects 2016 outlook midpoints, as
reported in the Companys 8-K, dated July 28, 2016.

7
Definitions and reconciliations are provided at the end of this presentation.

2016 Capital Allocation Priorities(1)

($ in millions)

2016E Capital Expenditures

REIT distribution expected to grow by over

20%(2)

Capital expenditure plan of $700-800 million

Discretionary
Capital Projects
$200

83% discretionary
2,500-3,000 new build towers worldwide,

Ground Lease
Purchases
$150

including ~100 in the U.S.

Corporate &
Capital
Improvement
$130

Redevelopment
$175

Focused on maintaining investment grade

Start-up Capital
Projects
$95

credit rating while funding continued growth

Expect to be at 5x net leverage by year

end 2016

Capital Allocation

(1)
(2)

Distributions

Capex

Target
Leverage
Range

Opportunistic
Acquisitions

Reflects midpoint of 2016 outlook, as reported in the Companys 8-K, dated July 28, 2016.
Subject to the discretion and determination of the Companys Board of Directors.

8
Definitions and reconciliations are provided at the end of this presentation.

Strong Historical Financial Performance

Consolidated Adjusted Funds From
Operations (AFFO)

Return on Invested Capital

$2,440m

9.1%

9.0%

$642m

(1)

(2)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

(1)

2007

2008

2009

2010

2011

2012

(3)

2013

2014

(3)

(4)

2015 2Q16A

Diverse, high quality global portfolio continues to drive AFFO growth and strong ROIC

(1)

2007 cash tax in AFFO and ROIC calculations has been adjusted to exclude a cash tax refund received in 2007 related to the carry back of certain
federal net operating losses.
(2) Reflects Midpoint of 2016 Outlook, as reported on the Companys Form 8-K, dated July 28, 2016. Assumes 2016 weighted average share count of ~429m.
(3) 2013 has been adjusted to reflect a full year contribution from the GTP assets. 2015 reflects Q4 2015 annualized numbers to account for full year impact of the
Verizon transaction
Definitions and reconciliations are provided at the end of this presentation.
(4) Reflects 2Q 2016 annualized results.

Solid Balance Sheet Position

June 30, 2016(1)
$ in millions
$160

$3,840
$2,678
$96
$1,000

$173
$1,300

2018

2019

$500

$64

$162

2016

2017

Senior Notes

$67

$154
$479
$91

U.S. Secured Debt

$31
$37

$1,450

$1,900

2020

2021

Viom Debt

$1,300

$18

$700

$1,000

$1,000

$525
$750

$1,500

2022

2023

2024

2025

2026

$37

Drawn Bank Debt

Revolving Credit Facility Availability

Net Leverage Ratio (LQA)

6.0x
5.0x

5.1x

5.4x

5.3x

5.2x

5.4x

5.2x

5.0x

5.0x

5.3x

Expect to be at or below 5x net leverage by year-end 2016

Liquidity of $~3.2 billion as of 6/30/16

Weighted average debt tenor of over 5 years

1.0x

Weighted average cost of debt of ~4%

0.0x

Committed to maintaining investment grade credit rating

4.0x
3.0x
2.0x

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

(1)

Excludes approximately $469 million of subsidiary and international debt.

10
Definitions and reconciliations are provided at the end of this presentation.

Tenant Base Characteristics(1)

Q2 2016 Property Revenue Distribution
International
Passthrough
Revenue
13%

AT&T(US)
17%

(2)

(2)

(2)

Other
Domestic(2)
8%

(1)
(2)
(3)

79%

Verizon
15%

International
Tenant
Revenue
28%

Global Tenant Lease Renewal Schedule

Sprint
10%

T-Mobile
8%

5%

4%

7%

6%

2016

2017

2018

2019

2020+

Pricing is primarily based on amount and positioning of equipment placed on the tower
Leases are typically non-cancellable

Leases typically include an initial term of 5 to 10 years with multiple 5-year renewal periods

Annual embedded lease escalators:

U.S.: averaging approximately 3%

International: typically based on local inflation indices (3)

Data as of the quarter ended June 30, 2016.

Other Domestic primarily includes: other voice and data customers, broadcast companies including radio and television customers; government agencies;
and other non-national customers.
Excludes escalators in India and Nigeria which are typically fixed.

11

Commitment to a Secure Real Estate Portfolio(1)

Property interest overview:
Annual escalators: averaging approximately 3% in the U.S. and typically based on local inflation rates internationally
In the United States:
Nearly 28% of land is owned or operated pursuant to a capital lease or perpetual easement
Average remaining term of nearly 25 years for properties under lease
Average lease term extensions are approximately 25 - 30 years or more
Landlord base characteristics:

Our landlord base is highly fragmented

Over 90% of our ground leases are held by landlords who own a single site

87%

Global ground lease expiration schedule:

(1)

3%

3%

3%

4%

2016

2017

2018

2019

2020+

Data as of the quarter ended June 30, 2016.

12

Focused on Partnering with Multinational Wireless Carriers(1)

U.S.

Mexico

Brazil

Colombia

Chile

Peru

Costa Rica

India

South Africa

Ghana

Uganda

Nigeria

Germany

(1)

Over 85% of our revenues are generated from our top 15 tenants
Most of our ~$32 billion of non-cancellable, contracted revenue as of June 30, 2016 is from large,
multinational tenants
Focus on large, established customers has helped to keep historical churn rates between 1-2% per
year

Data as of the quarter ended June 30, 2016.

13

Average Data Usage per Device

U.S. Data Traffic by Device Type
(in MBs / month)

9,306

5,788
5,687

2,590
1,777
618

1,061
111
31

132

2014

2015

Feature Phones

2016

2017

Smartphones

2018

Laptops

2019

Tablets

2020

M2M

Note: 2016-2019 data extrapolated from Cisco 2015 and 2020 estimates
Sources: Cisco VNI 2014-2020 (Feb16), AV&Co Analysis

14

Total US Mobile Data Traffic Growth

U.S. Data Traffic by Device Type
(in petabytes / month)
3,023

+6x

+1.6x 504
315

2014

2015

Feature Phones

2016

2017

Smartphones

2018

Tablets

2019

Laptops

2020

M2M

Note: 2016-2019 data extrapolated from Cisco 2015 and 2020 estimates
Sources: Cisco VNI 2014-2020 (Feb16), AV&Co Analysis

15

Evolution of Fixed to Mobile

Advanced Devices Driving up Total Wireless Capex Spend
US WIRELESS CARRIER CAPEX ($ in BILLIONS)

$35

$30

$25

4G
Media & Content

$20

3G
Internet

$15

$10

$5

2G
Telephony

$2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E

Sources: AV&Co. analysis, CTIA, UBS forecasts

16

Mobile Network Investments

Airlink (RAN)

Fixed Line

MOBILE CORE
Call is switched and routed to
another tower site closest to
receiving device

+ Significant carrier investment in spectrum

Carrier aggregation resulting in the deployment
of multi-band antennas
+ New devices with improved form factor
Projected 4.5x growth in mobile data traffic by
2019

+ Network investments in recent technology

improvements
Self-optimizing networks SON
Software defined networks SDN
Cloud RAN C-RAN
= Reducing future opex / capex costs across the mobile
core

= Additional transmission equipment & locations

70-80% of incremental network traffic carried over the Airlink side of the mobile network
will need to be supported through network equipment densification.
Source: AV&Co. analysis

17

Recent Advancements in Mobile Technology

Increase Signal
Propagation Distance?

Increase Airlink
Capacity?

Network Benefits

Impact Equipment
Configuration on Tower

Software Defined
Networks SDN

Reduce truck rolls ($)

Software Optimized
Networks SON

Reduce truck rolls ($)

Reduce redundant base

station capex/opex
costs ($)

Remote radio head

installed

Increased capacity to
manage higher
bandwidth applications

LTE antennas installed

Ability to pair different

spectrum bands to
provide additional
network capacity

MIMO antennas
installed

Mobile Core

Airlink / Mobile Core Connection

C-RAN

Airlink
3G 4G Spectral
Efficiency

Carrier Aggregation

18

International Markets Poised for Smartphone Growth

Wireless Penetration vs. Mobile Broadband (3G / 4G) Penetration
(Size of bubbles = Number of mobile subscribers)
180%

Wireless
Penetration

150%

Advanced

120%
Rapidly Evolving

90%
60%
Emerging

30%
0%
0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Mobile Broadband (3G / 4G) Penetration

AMTs International Exposure Provides Access to Significantly Less Mature Wireless Markets

Source: Altman Vilandrie & Co. research, Bank of America Merrill Lynch Wireless Matrix 2Q15, GSMA Intelligence

19

Global Scale Leverages Global Demand

American Tower has a global portfolio of over 144,000 communications sites

GERMANY
~2,200

UGANDA
~1,400

U.S.
~40,400

INDIA
~58,100

BRAZIL
MEXICO
~8,900

~18,400

COSTA RICA
~500

CHILE, COLOMBIA & PERU

~5,600

GHANA
~2,100
SOUTH AFRICA
~2,000
Year Market Launched

NIGERIA
~4,700

1995

2015

20

We Have Generated Strong, Consistent Results Over the

Long Term While Maintaining ROIC(1)
Property Segment
Revenue

AFFO

Adjusted EBITDA
$3.5B

$5.7B

$2.4B

$1.0B

$1.4B

2007

2016E

$0.6B

2007

16.6% CAGR

2016E
15.3% CAGR

2007

2016E
16.0% CAGR

Maintained ROIC over 9% despite adding nearly 69,000 sites since the beginning of 2015

(1)

2016E reflects midpoint of 2016 outlook, as reported in the Companys 8 -K, dated July, 28, 2016.

21
Definitions and reconciliations are provided at the end of this presentation.

Definitions
Adjusted EBITDA: Net income before income (loss) from equity method investments, income tax benefit (provision), other income (expense), gain (loss) on retirement of
long-term obligations, interest expense, interest income, other operating income (expense), depreciation, amortization and accretion and stock-based compensation
expense. The Company believes this measure provides valuable insight into the profitability of its operations while at the same time taking into account the central overhead
expenses required to manage its global operations. In addition, it is a widely used performance measure across our telecommunications real estate sector.
Adjusted EBITDA Margin: the percentage that results from dividing Adjusted EBITDA by total revenue.
Consolidated Adjusted Funds From Operations, or Consolidated AFFO: NAREIT FFO attributable to American Tower Corporation common stockholders before (i)
straight-line revenue and expense, (ii) stock-based compensation expense, (iii) the deferred portion of its tax provision, (iv) non-real estate related depreciation,
amortization and accretion, (v) amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges, (vi) other
income (expense), (vii) gain (loss) on retirement of long-term obligations, (viii) other operating income (expense), and adjustments for (ix) unconsolidated affiliates and (x)
noncontrolling interest, less cash payments related to capital improvements and cash payments related to corporate capital expenditures. The Company believes this
measure provides valuable insight into the operating performance of its property assets by further adjusting the NAREIT FFO attributable to American Tower Corporation
common stockholders metric to exclude the factors outlined above, which if unadjusted, may cause material fluctuations in FFO growth from period to period that would not
be representative of the underlying performance of our property assets in those periods. In addition, it is a widely used performance measure across our
telecommunications real estate sector.
Consolidated AFFO per Share: Consolidated AFFO divided by the diluted weighted average common shares outstanding.
Churn: Revenue lost when a tenant cancels or does not renew its lease or, in limited circumstances, when the lease rates on existing leases are reduced.
NAREIT Funds From Operations Attributable to American Tower Corporation Common Stockholders: Net income before gains or losses from the sale or disposal of
real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion and dividends on preferred stock, and including adjustments
for (i) unconsolidated affiliates and (ii) non-controlling interest.
Net Leverage Ratio: Net debt (total debt, less cash and cash equivalents) divided by the quarters annualized Adjusted EBITDA.
NOI Yield: the percentage that results from dividing gross margin by total investment.
New Site Tenant Billings Growth: The portion of Tenant Billings Growth attributable to New Site Tenant Billings. The Company believes this measure provides valuable
insight into the growth attributable to Tenant Billings from recently acquired or constructed properties.
New Site Tenant Billings: Day-one Tenant Billings associated with sites that have been built or acquired since the beginning of the prior year period to Incremental
colocations/amendments, escalations or cancellations that occur on these sites after the date of their initial addition to our portfolio is not included in New Site Tenant
Billings.
Organic Tenant Billings: Tenant Billings on sites that the Company has owned since the beginning of the prior-year period, as well as Tenant Billings activity on new sites
that occurred after the date of their initial addition to the Companys portfolio.
Organic Tenant Billings Growth: The portion of Tenant Billings Growth attributable to Organic Tenant Billings. The Company believes that organic growth is a useful
measure of its ability to add tenancy and incremental revenue to its assets for the reported period, and enables investors and analysts to gain additional insight into the
relative attractiveness, and therefore the value, of the Companys property assets.

22

Definitions
Segment Gross Margin: segment revenue less segment operating expenses, excluding stock-based compensation expense recorded in costs of
operations; depreciation, amortization and accretion; selling, general, administrative and development expense; and other operating expenses. Latin
America Property segment includes interest income, TV Azteca, net.
Segment Operating Profit: Segment gross margin less segment selling, general, administrative and development expense attributable to the segment,
excluding stock-based compensation expense and corporate expenses. Latin America Property segment includes interest income, TV Azteca, net.
International Pass-through Revenues: In several of our international markets we pass through certain operating expenses to our tenants, including in
Latin America where we primarily pass through ground rent expenses, and in India and South Africa, where we primarily pass through fuel costs. We record
pass-through as revenue and a corresponding offsetting expense for these events.
Return on Invested Capital: Adjusted EBITDA less improvement and corporate capital expenditures and cash taxes, divided by gross property, plant and
equipment, goodwill and intangible assets.
Straight-line expenses: We calculate straight-line ground rent expense for our ground leases based on the fixed non-cancellable term of the underlying
ground lease plus all periods, if any, for which failure to renew the lease imposes an economic penalty to us such that renewal appears, at the inception of
the lease, to be reasonably assured. Certain of our tenant leases require us to exercise available renewal options pursuant to the underlying ground lease,
if the tenant exercises its renewal option. For towers with these types of tenant leases at the inception of the ground lease, we calculate our straight-line
ground rent over the term of the ground lease, including all renewal options required to fulfill the tenant lease obligation.
Straight-line revenues: We calculate straight-line rental revenues from our tenants based on the fixed escalation clauses present in non-cancellable lease
agreements, excluding those tied to the Consumer Price Index or other inflation-based indices, and other incentives present in lease agreements with our
tenants. We recognized revenues on a straight-line basis over the fixed, non-cancellable terms of the applicable leases.
Tenant Billings: The majority of the Companys revenue is generated from non-cancellable, long-term tenant leases. Revenue from Tenant Billings reflects
several key aspects of the Companys real estate business: (i) colocations/amendments reflects new tenant leases for space on existing towers and
amendments to existing leases to add additional tenant equipment; (ii) escalations reflects contractual increases in billing rates which are typically tied to
fixed percentages or a variable percentage based on a consumer price index; (iii) cancellations reflects the impact of tenant lease terminations or nonrenewals or, in limited circumstances, when the lease rates on existing leases are reduced; and (iv) new sites reflects the impact of new property
construction and acquisitions.
Tenant Billings Growth: The increase or decrease resulting from a comparison of Tenant Billing results for a current period with Tenant Billing for the
corresponding prior-year period, in each case adjusted for foreign currency exchange fluctuations.

23

Risk Factors
This presentation contains forward-looking statements concerning our goals, beliefs, expectations, strategies, objectives, plans,
future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts.
Examples of these statements include, but are not limited to, statements regarding our full year 2016 outlook, foreign currency
exchange rates, our expectation regarding the leasing demand for communications real estate and our expectations regarding
dividend growth. Actual results may differ materially from those indicated in our forward-looking statements as a result of various
important factors, including: (1) decrease in demand for our communications sites would materially and adversely affect our
operating results, and we cannot control that demand; (2) if our tenants share site infrastructure to a significant degree or
consolidate or merge, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected;
(3) increasing competition for tenants in the tower industry may materially and adversely affect our pricing; (4) competition for
assets could adversely affect our ability to achieve our return on investment criteria; (5) our business is subject to government
and tax regulations and changes in current or future laws or regulations could restrict our ability to operate our business as we
currently do; (6) our leverage and debt service obligations may materially and adversely affect us, including our ability to raise
additional financing to fund capital expenditures, future growth and expansion initiatives and to satisfy our distribution
requirements; (7) our expansion initiatives involve a number of risks and uncertainties, including those related to integration of
acquired or leased assets, that could adversely affect our operating results, disrupt our operations or expose us to additional risk;
(8) our foreign operations are subject to economic, political and other risks that could materially and adversely affect our
revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates; (9) new
technologies or changes in a tenants business model could make our tower leasing business less desirable and result in
decreasing revenues; (10) a substantial portion of our revenue is derived from a small number of tenants, and we are sensitive to
changes in the creditworthiness and financial strength of our tenants; (11) if we fail to remain qualified for taxation as a REIT, we
will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available, and even if we
qualify for taxation as a REIT, we may face tax liabilities that impact earnings and available cash flow; (12) complying with REIT
requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (13) if we are unable to protect our
rights to the land under our towers, it could adversely affect our business and operating results; (14) if we are unable or choose
not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable
period, our cash flows derived from such towers will be eliminated;

24

Risk Factors
(continued)
(15) restrictive covenants in the agreements related to our securitization transactions, our credit facilities and our debt securities
and the terms of our preferred stock could materially and adversely affect our business by limiting flexibility, and we may be
prohibited from paying dividends on our common stock, which may jeopardize our qualification for taxation as a REIT; (16) our
costs could increase and our revenues could decrease due to perceived health risks from radio emissions, especially if these
perceived risks are substantiated; (17) we could have liability under environmental and occupational safety and health laws; and
(18) our towers, data centers or computer systems may be affected by natural disasters and other unforeseen events for which
our insurance may not provide adequate coverage. For additional information regarding factors that may cause actual results to
differ materially from those indicated in our forward-looking statements, we refer you to the information contained in Item 1A of
our Form 10-K for the year ended December 31, 2015, under the caption Risk Factors. We undertake no obligation to update
the information contained in this presentation to reflect subsequently occurring events or circumstances.

25

Historical Reconciliations
$ in Millions, totals may not add due to rounding
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
2Q15
Net i ncome

3Q15

$157.2

Los s (i ncome) from di s conti nued opera ti ons , net

Income from conti nui ng opera ti ons
Income from equi ty method i nves tments
Income ta x provi s i on
Other (i ncome) expens e
Los s (ga i n) on reti rement of l ong-term obl i ga ti ons
Interes t expens e

4Q15

$97.7

1Q16

$221.6

2Q16

$281.3

$192.5

$157.2

$97.7

$221.6

$281.3

$192.5

14.0

94.2

25.9

29.1

43.5
25.8

2.1

66.7

11.7

(12.2)

75.1

0.8

0.0

(0.8)

148.5

149.8

149.7

159.9

181.0

Interes t i ncome

(4.4)

(4.5)

(4.6)

(3.5)

(6.5)

Other opera ti ng expens es

17.4

15.7

25.8

8.8

13.7

328.4

341.1

352.4

341.6

397.8

24.0

18.3

18.3

28.1

21.9

$762.3

$779.0

$801.5

$833.1

$868.9

$1,174.4

$1,237.9

$1,280.0

$1,289.0

$1,442.2

65%

63%

63%

65%

60%

Depreci a ti on, a morti za ti on a nd a ccreti on

Stock-ba s ed compens a ti on expens e
ADJUSTED EBITDA
Di vi ded by tota l revenue
ADJUSTED EBITDA MARGIN

AFFO RECONCILIATION (1)

2Q15
Adjus ted EBITDA

4Q15

1Q16

2Q16

$779.0

$801.5

$833.1

$868.9

Stra i ght-l i ne revenue

(35.5)

(38.8)

(46.8)

(32.0)

(35.2)

Stra i ght-l i ne expens e

14.0

16.4

16.9

15.8

16.5

(143.2)

(142.5)

(143.3)

(152.5)

(176.6)

Ca s h i nteres t
Interes t Income
Ca s h recei ved (pa i d) for i ncome ta xes

(2)

4.4

4.5

4.6

3.5

6.5

(15.2)

(7.3)

(26.8)

(19.4)

(31.0)

Di vi dends on preferred s tock

(26.8)

(26.8)

(26.8)

(26.8)

(26.8)

Ca pi ta l Improvement Ca pex

(19.8)

(22.2)

(31.0)

(16.7)

(25.8)

Corpora te Ca pex
Consolidated AFFO

(3.2)

(4.3)

(6.6)

(2.7)

(4.6)

$536.8

$558.1

$541.7

$602.5

$591.9

Adjus tments for noncontrol l i ng i nteres ts

($12.6)

($5.8)

($2.5)

($15.7)

($21.4)

AFFO Attributable to Common Stockholders

$524.3

$552.2

$539.2

$586.8

$570.5

426.9

Di vi ded by wei ghted a vera ge di l uted s ha res outs ta ndi ng

(1)
(2)

3Q15

$762.3

427.2

427.8

427.9

429.0

Consolidated AFFO Per diluted share

1.26

1.31

1.27

1.41

1.38

AFFO attributable to AMT common stockholders per diluted share

1.23

1.29

1.26

1.37

1.33

Calculation of Consolidated AFFO excludes start-up related capital spending in 2015-2016.

Excludes one-time GTP cash tax charge incurred during the third quarter of 2015.

26

2016 Outlook Reconciliations(1)(2)

$ in Millions, totals may not add due to rounding
Reconciliations of Outlook for Net Income to Adjusted EBITDA:

Full Year 2016

($ in millions)
Net income
Interest expense
Depreciation, amortization and accretion
Income Tax Provision
Stock based compensation expense

$965

to

$1,025

740

to

710

1,500

to

1,530

142

to

131

90

90

Other, including other operating expenses, interest income, gain (loss) on retirement of long-term
obligations and other income (expense)
Adjusted EBITDA

63

to

3,500

to

54
$

3,540

Reconciliations of Outlook for Net Income to Consolidated Adjusted Funds From Operations:

Full Year 2016

($ in millions)
Net income

$965

to

Straight-line revenue

(124)

Straight-line expense
Depreciation, amortization and accretion

$1,025
(124)

66

66

1,500

to

1,530

Non-cash stock based compensation expense

90

90

Deferred portion of income tax

47

to

34

30

to

12

78

to

69

Amortizationofdeferredfinancingcosts,capitalizedinterest and debt discounts and premiums and

long-term deferred interest charges
Other, including other operating expenses, loss on retirement of long-term obligations
and other expense (income)
Dividends on preferred stock

(107)

(107)

Capital improvement capital expenditures

(110)

to

(120)

(15)

Corporate capital expenditures

Consolidated Adjusted Funds From Operations

2,420

(15)
$

(1) As reported in the Company's 8-K filed on July 28, 2016.

(2) The Companys outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for the remainder of 2016: (a) 3.50 Brazilian
Reais; (b) 670 Chilean Pesos; (c) 3,100 Colombian Pesos; (d) 0.92 Euros; (e) 4.00 Ghanaian Cedi; (f) 68.40 Indian Rupees; (g) 18.90 Mexican Pesos; (h) 300
Nigerian Naira; (i) 3.40 Peruvian Soles; (j) 15.75 South African Rand; and (k) 3,400 Ugandan Shillings.

2,460

27

Q2 2016 Net Leverage Ratio Reconciliation

$ in Millions, totals may not add due to rounding

Total Debt
Less: Cash and cash equivalents
Net Debt
Divided By: Second quarter annualized Adjusted EBITDA(1)
Net Leverage Ratio

(1)

$18,717
411
18,306
3,476
5.3x

Q2 2016 Adjusted EBITDA multiplied by four.

28