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10-Q
 filed this Form 10-Q on 10/31/2017
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AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
REVENUES:
 
 
 
 
 
 
 
 
Property
 
$
1,655,349

 
$
1,497,936

 
$
4,887,588

 
$
4,191,779

Services
 
25,417

 
16,909

 
71,850

 
54,340

Total operating revenues
 
1,680,766

 
1,514,845

 
4,959,438

 
4,246,119

 OPERATING EXPENSES:
 
 
 
 
 
 
 
 
Costs of operations (exclusive of items shown separately below):
 
 
 
 
 
 
 
 
Property (including stock-based compensation expense of $476, $426, $1,776 and $1,325, respectively)
 
511,151

 
485,525

 
1,504,552

 
1,280,386

Services (including stock-based compensation expense of $189, $172, $613 and $578, respectively)
 
8,608

 
5,712

 
25,098

 
22,007

Depreciation, amortization and accretion
 
432,354

 
397,999

 
1,249,849

 
1,137,398

Selling, general, administrative and development expense (including stock-based compensation expense of $23,798, $19,628, $84,034 and $68,309, respectively)
 
147,961

 
131,537

 
465,905

 
405,086

Other operating expenses
 
19,541

 
14,998

 
44,595

 
37,509

Total operating expenses
 
1,119,615

 
1,035,771

 
3,289,999

 
2,882,386

OPERATING INCOME
 
561,151

 
479,074

 
1,669,439

 
1,363,733

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
 
Interest income, TV Azteca, net of interest expense of $292, $279, $874 and $846, respectively
 
2,713

 
2,742

 
8,183

 
8,206

Interest income
 
8,313

 
6,376

 
26,551

 
16,378

Interest expense
 
(188,784
)
 
(190,160
)
 
(559,507
)
 
(531,076
)
(Loss) gain on retirement of long-term obligations
 
(14,183
)
 

 
(69,897
)
 
830

Other (expense) income (including unrealized foreign currency (losses) gains of ($5,344), ($8,321), $30,392 and ($3,544), respectively)
 
(1,114
)
 
(12,260
)
 
39,970

 
(25,894
)
Total other expense
 
(193,055
)
 
(193,302
)
 
(554,700
)
 
(531,556
)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
368,096

 
285,772

 
1,114,739

 
832,177

Income tax provision
 
(33,412
)
 
(22,037
)
 
(84,155
)
 
(94,671
)
NET INCOME
 
334,684

 
263,735

 
1,030,584

 
737,506

Net (income) loss attributable to noncontrolling interests
 
(17,416
)
 
774

 
(30,185
)
 
(10,288
)
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION STOCKHOLDERS
 
317,268

 
264,509

 
1,000,399

 
727,218

Dividends on preferred stock
 
(18,907
)
 
(26,781
)
 
(68,531
)
 
(80,344
)
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS
 
$
298,361

 
$
237,728

 
$
931,868

 
$
646,874

NET INCOME PER COMMON SHARE AMOUNTS:
 
 
 
 
 
 
 
 
Basic net income attributable to American Tower Corporation common stockholders
 
$
0.70

 
$
0.56

 
$
2.18

 
$
1.52

Diluted net income attributable to American Tower Corporation common stockholders
 
$
0.69

 
$
0.55

 
$
2.16

 
$
1.51

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
 
 
 
 
 
 
 
 
BASIC
 
429,281

 
425,517

 
427,960

 
424,831

DILUTED
 
432,831

 
429,925

 
431,319

 
429,019

DISTRIBUTIONS DECLARED PER COMMON SHARE
 
$
0.66

 
$
0.55

 
$
1.92

 
$
1.59

See accompanying notes to unaudited consolidated and condensed consolidated financial statements.

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