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SEC Filings

10-Q
 filed this Form 10-Q on 10/31/2017
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Three Months Ended September 30,
 
Percent Increase (Decrease)
Nine Months Ended September 30,
 
Percent Increase (Decrease)
 
2017
 
2016
 
2017
 
2016
 
Net income
$
334,684

 
$
263,735

 
27
 %
$
1,030,584

 
$
737,506

 
40
 %
Real estate related depreciation, amortization and accretion
387,108

 
355,721

 
9

1,117,638

 
1,013,567

 
10

Losses from sale or disposal of real estate and real estate related impairment charges
12,806

 
12,150

 
5

32,546

 
21,882

 
49

Dividends on preferred stock
(18,907
)
 
(26,781
)
 
(29
)
(68,531
)
 
(80,344
)
 
(15
)
Adjustments for unconsolidated affiliates and noncontrolling interests
(47,739
)
 
(27,224
)
 
75

(130,677
)
 
(61,182
)
 
114

NAREIT FFO attributable to American Tower Corporation common stockholders
$
667,952

 
$
577,601

 
16
 %
$
1,981,560

 
$
1,631,429

 
21
 %
Straight-line revenue
(48,644
)
 
(34,645
)
 
40

(151,429
)
 
(101,889
)
 
49

Straight-line expense
14,067

 
17,814

 
(21
)
45,382

 
50,127

 
(9
)
Stock-based compensation expense
24,463

 
20,226

 
21

86,423

 
70,212

 
23

Deferred portion of income tax
6,124

 
582

 
952

(3,517
)
 
22,803

 
(115
)
Non-real estate related depreciation, amortization and accretion
45,246

 
42,278

 
7

132,211

 
123,831

 
7

Amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges
7,340

 
5,578

 
32

21,401

 
17,424

 
23

Other expense (income) (1)
1,114

 
12,260

 
(91
)
(39,970
)
 
25,894

 
(254
)
Loss (gain) on retirement of long-term obligations
14,183

 

 
100

69,897

 
(830
)
 
8,521

Other operating expense (2)
6,736

 
2,848

 
137

12,049

 
15,627

 
(23
)
Capital improvement capital expenditures
(32,574
)
 
(27,975
)
 
16

(77,873
)
 
(70,452
)
 
11

Corporate capital expenditures
(5,747
)
 
(2,508
)
 
129

(12,419
)
 
(9,732
)
 
28

Adjustments for unconsolidated affiliates and noncontrolling interests
47,739

 
27,224

 
75

130,677

 
61,182

 
114

Consolidated AFFO
$
747,999

 
$
641,283

 
17
 %
$
2,194,392

 
$
1,835,626

 
20
 %
Adjustments for unconsolidated affiliates and noncontrolling interests (3)
(43,337
)
 
(29,315
)
 
48
 %
(127,995
)
 
(66,439
)
 
93
 %
AFFO attributable to American Tower Corporation common stockholders
$
704,662

 
$
611,968

 
15
 %
$
2,066,397

 
$
1,769,187

 
17
 %
_______________
(1)
Includes unrealized losses (gains) on foreign currency exchange rate fluctuations of $5.3 million, $8.3 million, ($30.4 million) and $3.5 million, respectively.
(2)
Includes integration and acquisition-related costs. For the nine months ended September 30, 2017, amount also includes refunds for acquisition costs and a charitable contribution.
(3)
Includes adjustments for the impact on both NAREIT FFO attributable to American Tower Corporation common stockholders as well as the other line items included in the calculation of Consolidated AFFO. 

Three Months Ended September 30, 2017
The increase in net income was primarily due to an increase in our operating profit and a decrease in foreign currency losses of $8.1 million included in other expense, partially offset by increases in depreciation, amortization and accretion expense and income tax provision and a loss on retirement of long-term obligations of $14.2 million.

44

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