American Tower Corporation Reports Third Quarter 2009 Financial Results
THIRD QUARTER 2009 HIGHLIGHTS

•Rental and management segment revenue increased to $430.5 million
•Cash provided by operating activities was $240.1 million
•Added over 570 new communications sites to our portfolio
BOSTON--(BUSINESS WIRE)--Nov. 3, 2009-- American Tower Corporation (NYSE: AMT) today reported financial results for the third quarter ended September 30, 2009.

Jim Taiclet, American Tower’s Chief Executive Officer stated, “2009 has been a very successful year thus far for American Tower, both operationally and financially. Our achievements to date include the integration of over 2,650 new communications sites into our portfolio, while maintaining our industry leading Adjusted EBITDA Margin. In addition, the recent upgrades of our credit rating to investment grade enabled us to issue 4.625% senior unsecured notes, by far the lowest cost unsecured notes we have achieved to date. These trends highlight our disciplined capital allocation process and strong balance sheet which we believe will continue to provide a foundation for strong Core Growth beyond 2009.”

Operating Highlights

American Tower generated the following operating results for the quarter ended September 30, 2009 (unless otherwise indicated, all comparative information is presented against the quarter ended September 30, 2008):

Total revenues increased 8.5% to $444.1 million, and rental and management segment revenues increased 9.2% to $430.5 million. Rental and management segment revenue for the quarter ended September 30, 2009 includes $6.7 million of one-time revenue related to a termination agreement with one of the Company’s broadcast customers. In addition, rental and management segment revenue growth was negatively impacted by approximately 2.1% due to foreign currency exchange rate fluctuations and 0.9% due to straight-line revenue recognition. Excluding the impact of foreign currency exchange rate fluctuations, straight-line revenue recognition and the one-time revenue item described above, our Core Growth in rental and management segment revenue was 10.3%. Rental and management segment Gross Margin increased 9.4% to $333.0 million. Network development services revenue and Gross Margin were $13.6 million and $6.1 million, respectively.

Total selling, general, administrative and development expense was $47.9 million. The Company’s selling, general, administrative and development expense for the quarter included $13.0 million of stock-based compensation expense.

Adjusted EBITDA increased 9.6% to $304.2 million, and Adjusted EBITDA Margin was 68%. Adjusted EBITDA growth was negatively impacted by approximately 1.4% due to foreign currency exchange rate fluctuations and 0.8% due to straight-line revenue and expense recognition. Excluding the impact of foreign currency exchange rate fluctuations, straight-line revenue recognition and the one-time revenue item described above, our Core Growth in Adjusted EBITDA was 9.2%.

Operating income was $179.1 million and net income was $67.4 million. Net income per basic and diluted common share was $0.17.

The Company is introducing a new performance metric, Recurring Free Cash Flow, which it believes better measures the performance of its underlying assets and reflects the amount that may be available for the Company to reinvest into the business through discretionary capital expenditures and acquisitions or return to shareholders. During the quarter ended September 30, 2009, Recurring Free Cash Flow increased 16.3% to $206.0 million and Recurring Free Cash Flow per Share increased 18.6% to $0.51.

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