third quarter 2015 earnings conference call

Third Quarter 2015 Earnings Conference Call October 29, 2015

Agenda

Introduction Leah Stearns Senior Vice President, Treasurer and Investor Relations

Financial Results Tom Bartlett Executive Vice President, Chief Financial Officer

Closing Remarks Jim Taiclet Chairman, President and Chief Executive Officer

Q&A

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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, 2014 under the caption “Risk Factors” and other filings we make with the SEC. We undertake no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances. Definitions are provided at the end of the presentation and reconciliations to GAAP measures are available on our website at www.americantower.com.

3

Consolidated Results Highlights(1) $ in millions, except per share data 3Q15 3Q14

Total Rental & Management Revenue $1,213 $1,011

Y/Y change 20.0%

Total Revenue $1,238 $1,038 Y/Y change 19.2%

Adjusted EBITDA $779 $666 Y/Y change 17.0%

Adjusted EBITDA Margin 62.9% 64.2%

Adjusted Funds From Operations $558 $460 Y/Y change 21.4%

Net income attributable to ATC Common Stockholders $76 $200

Per basic share attributable to ATC $0.18 $0.50

Per diluted share attributable to ATC $0.18 $0.50

Definitions are provided at the end of this presentation and reconciliations to GAAP measures can be found at www.americantower.com. 4

(1) Includes the impact of unrealized foreign currency losses of approximately $78 million and a one-time cash tax charge of approximately $93 million as part of the tax election related to the GTP REIT.

Financial Results Tom Bartlett Executive Vice President, CFO

Total Rental & Management Revenue 3Q 2015 Growth

$1,011m

$1,213m

3Q14 3Q15

Rental and Management Revenue

• Solid Organic Core Growth

• International organic core growth 470 basis points above that of the U.S.

• Verizon, Airtel Nigeria and TIM Brazil portfolios contributed 15% to Core Growth

• Large, multinational tenants continue to drive majority of leasing activity

• Nearly 60% of revenue in the quarter from investment-grade tenants

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20.0% Growth 27.4% Core Growth

7.3% Organic Core Growth

Definitions are provided at the end of this presentation and reconciliations to GAAP measures can be found at www.americantower.com.

Strong, Consistent Demand Trends Continue Across Global Footprint

Domestic Rental & Management Performance 3Q 2015 Growth

7

$664m

$808m

3Q14 3Q15

Revenue

$530m

$621m

3Q14 3Q15

Gross Margin

$499m

$589m

3Q14 3Q15

Operating Profit


21.8% Growth ~21% Core Growth

• Organic Core Growth in revenue of 6%

• T-Mobile and Verizon continue to drive majority of new business activity

• Verizon integration on track, with assets performing in-line with expectations

• Organic core gross margin conversion ratio of ~92%



International Rental & Management Performance 3Q 2015 Growth

8

$212m $240m

3Q14 3Q15

Gross Margin

$179m $205m

3Q14 3Q15

Operating Profit


• Organic Core Growth in revenue of 10.7%

• Organic Core Growth in Gross Margin of ~12%

• Signed long-term master lease agreement with AT&T in Mexico, with financial impact beginning in Q4

• Closed on ~4,700 Airtel Nigeria sites on July 1, 2015 and 1,125 TIM Brazil sites on September 30, 2015

• Signed agreement to acquire 51% controlling interest in Viom on October 21, 2015



$348m $405m

3Q14 3Q15

Revenue

Pass-Through Revenue


Adjusted EBITDA and AFFO 3Q 2015 Growth

9

• Adjusted EBITDA margin % excluding pass-through of nearly 70%

• Virtually flat year over year despite adding ~30,000 new sites with average tenancy of 1.3 tenants

• Adjusted EBITDA margin expanded approximately 300 basis points excluding the impact of Verizon, Airtel Nigeria and TIM Brazil portfolios

• Adjusted EBITDA to AFFO Conversion Ratio of ~87%


$460m $558m

3Q14 3Q15

AFFO

$666m $779m

3Q14 3Q15

Adjusted EBITDA

17.0% Growth 26.0% Core Growth

21.4% Growth 13.9% Per Share Growth

32.6% Core Growth

$1.15/share $1.31/share 64.2% Margin 62.9% Margin

~$5 ~$5

~($30)

Prior Outlook Legacy IntlOutperformance

New Intl Assets FX/SL/PT Impact Current Outlook

Rental and Management Revenue(2)

2015 Outlook - Revenue & Adjusted EBITDA(1) ($ in millions)


(1) Prior outlook reflects 2015 outlook midpoints, as reported in the Company’s Form 8-K, dated July 29, 2015. Current outlook reflects 2015 outlook midpoints, as reported in the Company’s Form 8-K, dated October 29, 2015. (2) FX/SL/PT impact includes approximately $56 million in negative impact from foreign exchange translation effects,$16 million in positive impact from straight-line revenues, and $10 million in positive impact from increased pass-through revenue. (3) FX/SL impact includes approximately $30 million in negative impact from foreign exchange translation effects and $12 million in positive impact from net straight-line.

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Strong Core Trends Mostly Offset Negative Incremental Effects of Foreign Currency Translation

$4,670 $4,650 ~$9

~$14

~($18)

Prior Outlook Domestic CoreOutperformance

Intl CoreOutperformance

FX/SL Impact Current Outlook

Adjusted EBITDA(3)

$3,040 $3,045

Core Growth flat vs. Prior Outlook of ~23% Core Growth up 0.9% vs. Prior Outlook to Over 22%

Increasing 2015 Outlook - AFFO(1) ($ in millions)

(1) Prior outlook reflects 2015 outlook midpoints, as reported in the Company’s Form 8-K, dated July 29, 2015. Current outlook reflects 2015 outlook midpoints, as reported in the Company’s Form 8-K, dated October 29, 2015.

(2) Adjusted to exclude foreign exchange impact.


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$2,115

~$23 ~$9

~$5 ~($27)

Prior Outlook

Cash EBITDA from Core

Outperformance

Reduced Capital Improvement

Capex(2)

Reduced Net Cash Interest /

Taxes(2)

FX Impact

Current Outlook

AFFO Growth Components

Core AFFO Growth up 2.0% vs. Prior Outlook to Nearly 27%

Core Business Outperformance More Than Offsets Incremental Effects of Foreign Currency Translation

$2,125

2015 Capital Allocation Priorities(1)

› ~30% LTM common dividend per share growth

› Capital expenditure plan of $750-800m

› 87% discretionary spending, primarily on 2,750-3,250 new build towers

› Focused on maintaining investment grade credit rating

› Continuing to target ~5x net leverage by 4Q16

Capital Allocation Distributions Capex Target

Leverage Range

Opportunistic Acquisitions

Corporate & Capital

Improvement $100

Redevelopment $165

Start-up Capital Projects

$90

Ground Lease Purchases

$135

Discretionary Capital Projects

$285

2015E Capital Expenditures ($ in millions)


(1) Reflects midpoint of 2015 outlook, as reported in the Company’s Form 8-K, dated October 29,2015.

Consistent Capital Allocation Continues to Drive Strong Total Stockholder Returns

In Summary 3Q 2015 Highlights

› Solid growth in revenue, Adjusted EBITDA and AFFO

› Strong Organic Core Growth across global portfolio

› Declared common stock distribution of $0.46 per share, or ~$195 million

› Signed long-term master lease agreement with AT&T in Mexico

› Announced acquisition of 51% controlling stake in Viom subsequent to end of quarter

Full Year 2015 Expectations

› Raising Outlook for Adjusted EBITDA and AFFO

› Strong demand trends across global footprint on both new and legacy assets

› Anticipate ending 2015 at mid 5x net debt to Adjusted EBITDA

13 Definitions are provided at the end of this presentation and reconciliations to GAAP measures can be found at www.americantower.com.

Technology Discussion Jim Taiclet Chairman and CEO

Average Data Usage per Device

15

129 883

7,698

4,556

8,114

1,332

13,171

76 440

2012 2013 2014 2015 2016 2017 2018 2019

Feature Phones Smartphones Laptops Tablets M2M

Note: 2015-2018 data extrapolated from Cisco 2014 and 2019 estimates Sources: Cisco VNI 2012-2017, 2013-2018, 2014-2019, E-Marketer, CTIA Wireless Industry Survey 2013, AV&Co Analysis

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

Total US Mobile Data Traffic Growth

16

2012 2013 2014 2015 2016 2017 2018 2019

Feature Phones Smartphones Laptops Tablets M2M

3,379

757

+4.5x

206

Note: 2015-2018 data extrapolated from Cisco 2014 and 2019 estimates Sources: Cisco VNI 2012-2017, 2013-2018, 2014-2019, E-Marketer, CTIA Wireless Industry Survey 2013, AV&Co Analysis

+3.6x

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

$-

$5

$10

$15

$20

$25

$30

$35

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

US

WIR

ELES

S C

ARR

IER

CAP

EX (

$ in

BIL

LIO

NS)

Evolution of Fixed to Mobile Advanced Devices Driving up Total Wireless Capex Spend

2G Telephony

3G Internet

4G Media & Content

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

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Mobile Network Investments

MOBILE CORE Call is “switched” and routed to

another tower site closest to receiving device

Airlink (RAN) Fixed Line

+ 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 = 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.

+ 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

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Recent Advancements in Mobile Technology Increase Signal

Propagation Distance? Increase Airlink

Capacity? Network Benefits Impact Equipment Configuration on Tower

Mobile Core

Software Defined Networks “SDN” X X Reduce truck rolls ($) X

Software Optimized Networks “SON” X X Reduce truck rolls ($) X

Airlink / Mobile Core Connection

C-RAN X X Reduce redundant base

station capex/opex costs ($)

Remote radio head installed

Airlink

3G 4G Spectral Efficiency X

Increased capacity to manage higher

bandwidth applications LTE antennas installed

Carrier Aggregation X Ability to pair different

spectrum bands to provide additional network capacity

MIMO antennas installed

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Wireless Penetration vs. Mobile Broadband (3G / 4G) Penetration

(Size of bubbles = Number of mobile subscribers)

International Markets Poised for Smartphone Growth

20

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

AMT’s International Exposure Provides Access to Significantly Less Mature Wireless Markets

0%

30%

60%

90%

120%

150%

180%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Wire

less

Pe

netr

atio

n

Mobile Broadband (3G / 4G) Penetration

Emerging

Rapidly Evolving

Advanced

Supplementary Slides

3Q14Revenue

Escalations Existing SiteRevenue Growth

(Co-location,Amendment)

New SiteRevenue Growth(Build-to-Suit &

Acquisition)

Churn Non Core 3Q15Revenue

Total Rental and Management Revenue(1) 3Q 2015 Revenue Growth

$1,011m ~3.3% ~5.9%

~20.1% ~(1.9)%

~(7)% $1,213m

Organic Core Growth of 7.3%

Core Growth of 27.4%

(1) Core growth percentages on chart calculated as a percent of cash revenue growth. (2) Non core reflects a ~8% negative impact of foreign currency exchange rate fluctuations, a ~1% positive impact of pass-through revenue, and a less

than 1% positive impact of straight-line revenue accounting .

(2)


Reported Growth of 20.0%

Solid Balance Sheet Position

› Expect to be in mid-5x leverage range at year-end 2015

› Liquidity of nearly $2 billion

› Weighted average debt tenor of nearly 6 years(2)

› Weighted average cost of debt of ~3.4%

› Committed to maintaining investment grade credit rating

(1) Excludes approximately $462 million of subsidiary and international debt. (2) Includes the impact of amendment agreements effective October 28, 2015 that extended the maturity dates of the 2013 Credit Facility, the 2014 Credit

Facility and the Term Loan to June 28, 2019, January 29, 2021 and January 29, 2021, respectively.


$1,000 $1,300 $1,450 $1,150 $700 $1,000 $1,000 $750 $171 $500 $186 $479 $1,300

$525

$1,080

$3,980 $1,670

$20

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

September 30, 2015(1)(2)

$ in millions

Senior Notes U.S. Secured Debt Drawn Bank Debt Revolving Credit Facility Availability

5.9x 5.5x

5.0x 5.1x 5.4x 5.3x 5.2x 5.4x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Net Leverage Ratio

2015 Outlook(1) Adjusted EBITDA and AFFO

24 Definitions are provided at the end of this presentation and reconciliations to GAAP measures can be found at www.americantower.com.

$1.81B $2.13B

2014 2015 Outlook Midpoint

AFFO

$2.65B $3.05B

2014 2015 Outlook Midpoint

Adjusted EBITDA

14.9% Outlook Growth 22.4% Core Growth

17.1% Outlook Growth 10.6% Per Share Growth(2)

26.6% Core Growth

64.6% Margin 64.2% Margin

› Growth of over $395 million, at the midpoint

› Core Growth of over 22%, at the midpoint

› Growth supported by organic core Adjusted EBITDA conversion ratio of over 90%

› Growth driven by rental and management segments

› Growth of over $310 million, at the midpoint › Core Growth of nearly 27%, at the midpoint

› Reflects weighted average cost of debt of under 4%

› Non-core predominantly driven by unfavorable impact of foreign currency exchange rate fluctuations

(1) 2015 outlook, as reported in the Company’s Form 8-K, dated October 29, 2015. (2) Assumes full year 2015 weighted average diluted share count of ~423 million.

2015 Outlook(1) Rental and Management Segment Revenue

2014 2015 OutlookMidpoint

Domestic Revenue

2014 2015 OutlookMidpoint

International Revenue(2)

› Domestic revenue outlook reflects:

› Organic Core Growth of ~7%

› Continued strong 4G network investment activity by U.S. carriers

› Annualized churn of ~2%

› New Property Core Growth primarily driven by Verizon transaction and 2014 new builds

› International revenue outlook reflects:

› Organic Core Growth of nearly 11%

› Vast majority of new business commencements expected to be driven by large multinational carriers

› Annualized churn of <1.5%

$1.37B $1.51B $2.64B

$3.15B

(1) 2015 outlook, as reported in the Company’s Form 8-K, dated October 29, 2015, excludes the impact of the TIM Brazil sites we have not yet closed on. (2) Includes approximately $413m in expected pass-through revenue in 2015 and approximately $363m in pass-through revenue in 2014.


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Outlook and Core Growth of ~19%

~10% Outlook Growth ~34% Core Growth

Pass-Through Revenue

Consolidated Reported Growth of Over 16% and Core Growth of Nearly 23%

Definitions Adjusted EBITDA: Net income before Income (loss) on discontinued operations, net; 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.

Adjusted EBITDA Margin: the percentage that results from dividing Adjusted EBITDA by total revenue.

Adjusted Funds From Operations, or AFFO: NAREIT Funds From Operations before (i) straight-line revenue and expense, (ii) stock-based compensation expense, (iii) the non-cash portion of our 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. AFFO per Share: Adjusted Funds From Operations divided by the diluted weighted average common shares outstanding. Churn: Revenue lost when a tenant cancels or does not renew its lease, and in limited circumstances, such as a tenant bankruptcy, reductions in lease rates on existing leases.

Core Growth: (Rental and management revenue, Adjusted EBITDA, Gross Margin and Operating Profit) the increase or decrease, expressed as a percentage, resulting from a comparison of financial results for a current period with corresponding financial results for the corresponding period in a prior year, in each case, excluding the impact of pass-through revenue (expense), straight-line revenue and expense recognition, foreign currency exchange rate fluctuations and material one-time items.

NAREIT Funds From Operations: 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) noncontrolling interest. Net Leverage Ratio: Net debt (total debt, less cash and cash equivalents) divided by last quarter annualized Adjusted EBITDA.

NOI Yield: the percentage that results from dividing gross margin by total investment

New Property Core Growth: (Rental and management revenue) the increase or decrease, expressed as a percentage, on the properties the Company has added to its portfolio since the beginning of the prior period, in each case, excluding the impact of pass-through revenue (expense), straight-line revenue (expense), foreign currency exchange rate fluctuations and significant one-time items.

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Definitions Organic Core Growth: (Rental and management revenue) the increase or decrease, expressed as a percentage, resulting from a comparison of financial results for a current period with corresponding financial results for the corresponding period in a prior year, in each case, excluding the impact of pass-through revenue (expense), straight-line revenue and expense recognition, foreign currency exchange rate fluctuations, significant one-time items and revenue associated with new properties that the Company has added to the portfolio since the beginning of the prior period.

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. International rental and management segment includes interest income, TV Azteca, net.

Segment Gross Margin Conversion Rate: the percentage that results from dividing the change in gross margin by the change in revenue.

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. International rental and management segment includes interest income, TV Azteca, net.

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.

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.

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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 2015 outlook, foreign currency exchange rates, our expectation regarding the leasing demand for communications real estate and the anticipated contributions of recently closed acquisitions. 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 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; (7) failure to successfully and efficiently integrate acquired or leased assets, including those leased from Verizon, into our operations may adversely affect our business, operations and financial condition; (8) our expansion initiatives involve a number of risks and uncertainties that could adversely affect our operating results, disrupt our operations or expose us to additional risk; (9) 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; (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) new technologies or changes in a tenant’s business model could make our tower leasing business less desirable and result in decreasing revenues; (12) if we fail to remain qualified as a REIT, we will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available; (13) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (14) certain of our business activities may be subject to corporate level income tax and foreign taxes, which reduce our cash flows and may create deferred and contingent tax liabilities;

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Risk Factors (continued)

(15) we may need additional financing to fund capital expenditures, future growth and expansion initiatives and to satisfy our REIT distribution requirements; (16) if we are unable to protect our rights to the land under our towers, it could adversely affect our business and operating results; (17) 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; (18) restrictive covenants in the agreements related to our securitization transactions, our credit facilities and our debt securities could materially and adversely affect our business by limiting flexibility, and we may be prohibited from paying dividends on our common stock if we fail to pay scheduled dividends on our preferred stock, which may jeopardize our qualification for taxation as a REIT; (19) our costs could increase and our revenues could decrease due to perceived health risks from radio emissions, especially if these perceived risks are substantiated; (20) we could have liability under environmental and occupational safety and health laws; and (21) 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, 2014. We undertake no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances.

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third quarter 2015 earnings conference call

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