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10-Q
 filed this Form 10-Q on 10/31/2017
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AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Stock Repurchase Program—In March 2011, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $1.5 billion of its common stock (the “2011 Buyback”).

During the nine months ended September 30, 2017, the Company resumed the 2011 Buyback and repurchased 5,456,538 shares of its common stock thereunder for an aggregate of $676.9 million (of which $7.2 million was accrued as of September 30, 2017), including commissions and fees. As of September 30, 2017, the Company had repurchased a total of 11,713,442 shares of its common stock under the 2011 Buyback for an aggregate of $1.1 billion, including commissions and fees.
Under the 2011 Buyback, the Company is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices in accordance with securities laws and other legal requirements, and subject to market conditions and other factors. To facilitate repurchases, the Company makes purchases pursuant to trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, which allows the Company to repurchase shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.

The Company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities. Purchases under the 2011 Buyback are subject to the Company having available cash to fund repurchases.

Distributions—During the nine months ended September 30, 2017, the Company declared or paid the following cash distributions:
Declaration Date
 
Payment Date
 
Record Date
 
Distribution per share
 
Aggregate Payment Amount (in millions)
Common Stock
 
 
 
 
 
 
 
 
December 14, 2016
 
January 13, 2017
 
December 28, 2016
 
$
0.58

 
$
247.7

March 9, 2017
 
April 28, 2017
 
April 12, 2017
 
$
0.62

 
$
264.3

June 1, 2017
 
July 14, 2017
 
June 19, 2017
 
$
0.64

 
$
274.7

September 11, 2017
 
October 17, 2017
 
September 29, 2017
 
$
0.66

 
$
283.3

 
 
 
 
 
 
 
 
 
Series A Preferred Stock
 
 
 
 
 
 
 
 
January 13, 2017
 
February 15, 2017
 
February 1, 2017
 
$
1.3125

 
$
7.9

April 13, 2017
 
May 15, 2017
 
May 1, 2017
 
$
1.3125

 
$
7.9

 
 
 
 
 
 
 
 
 
Series B Preferred Stock
 
 
 
 
 
 
 
 
January 13, 2017
 
February 15, 2017
 
February 1, 2017
 
$
13.75

 
$
18.9

April 13, 2017
 
May 15, 2017
 
May 1, 2017
 
$
13.75

 
$
18.9

July 14, 2017
 
August 15, 2017
 
August 1, 2017
 
$
13.75

 
$
18.9

The Company accrues distributions on unvested restricted stock units, which are payable upon vesting. As of September 30, 2017, the amount accrued for distributions payable related to unvested restricted stock units was $8.0 million. During the nine months ended September 30, 2017, the Company paid $2.9 million of distributions upon the vesting of restricted stock units. To maintain its qualification for taxation as a REIT, the Company expects to continue paying distributions, the amount, timing and frequency of which will be determined, and subject to adjustment, by the Company’s Board of Directors.


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