CONSOLIDATED HIGHLIGHTS
First Quarter 2019
- Total revenue increased 4.1% to $1,813 million
- Property revenue increased 4.4% to $1,786 million
- Net income increased 45.4% to $408 million
- Adjusted EBITDA increased 4.9% to $1,114 million
- Consolidated AFFO increased 6.7% to $861 million
BOSTON–(BUSINESS WIRE)–American Tower Corporation (NYSE: AMT) today reported financial results
for the quarter ended March 31, 2019.
Jim Taiclet, American Tower’s Chief Executive Officer, stated, “We began
2019 with a solid quarter of results, highlighted by strong global
leasing activity, 8.2% Organic Tenant Billings Growth in the U.S., the
construction of more than 700 new sites and a 20% dividend increase.
We remain focused on driving operational excellence, prudently deploying
capital and leveraging our innovation program to capitalize on exciting
future opportunities as wireless networks continue to advance. With our
portfolio of more than 170,000 towers, small cell systems and other
communications real estate, we believe we are well positioned to take
advantage of the global demand trends in mobile to continue driving
attractive growth and returns for years to come.”
CONSOLIDATED OPERATING RESULTS OVERVIEW
American Tower generated the following operating results for the quarter
ended March 31, 2019 (all comparative information is presented against
the quarter ended March 31, 2018).
| ($ in millions, except per share amounts.) | Q1 2019(1) | Growth Rate | ||||||||
| Total revenue | $ | 1,813 | 4.1 | % | ||||||
| Total property revenue | $ | 1,786 | 4.4 | % | ||||||
| Total Tenant Billings Growth | $ | 109 | 7.8 | % | ||||||
| Organic Tenant Billings Growth | $ | 50 | 3.5 | % | ||||||
| Property Gross Margin | $ | 1,254 | 3.9 | % | ||||||
| Property Gross Margin % | 70.2 | % | ||||||||
| Net income(2) | $ | 408 | 45.4 | % | ||||||
| Net income attributable to AMT common stockholders(2) | $ | 397 | 44.1 | % | ||||||
| Net income attributable to AMT common stockholders per diluted share(2) | $ | 0.89 | 41.3 | % | ||||||
| Adjusted EBITDA | $ | 1,114 | 4.9 | % | ||||||
| Adjusted EBITDA Margin % | 61.5 | % | ||||||||
|
Nareit Funds From Operations (FFO) attributable to AMT common stockholders |
$ | 770 | 2.9 | % | ||||||
| Consolidated AFFO | $ | 861 | 6.7 | % | ||||||
| Consolidated AFFO per Share | $ | 1.94 | 5.4 | % | ||||||
| AFFO attributable to AMT common stockholders | $ | 818 | 7.7 | % | ||||||
| AFFO attributable to AMT common stockholders per Share | $ | 1.84 | 6.4 | % | ||||||
| Cash provided by operating activities | $ | 785 | (0.8 | )% | ||||||
| Less: total cash capital expenditures(3) | $ | 231 | 11.8 | % | ||||||
| Free Cash Flow | $ | 555 | (5.3 | )% | ||||||
| _______________ | ||
| (1) |
Inclusive of the negative impacts of Indian Carrier Consolidation-Driven Churn (ICCC). For reconciliations of these impacts on key metrics, please see tables below. |
|
| (2) |
Q1 2019 growth rates positively impacted by the nonrecurrence of an impairment charge of approximately $147 million, primarily related to assets in India, partially offset by an income tax benefit in India, both recorded in Q1 2018. The portion of these items attributable to AMT common stockholders in Q1 2018 was approximately $59 million. |
|
| (3) |
Q1 2019 cash capital expenditures include $12.8 million of finance lease and perpetual land easement payments reported in cash flows from financing activities in the condensed consolidated statements of cash flows. |
|
Certain wireless carriers in India are in the process of, or have
recently concluded, merging their operations or exiting the marketplace.
The Company’s operational and financial results during the first quarter
of 2019 were impacted by churn driven by this carrier consolidation
process (Indian Carrier Consolidation-Driven Churn, “ICCC”). We are
disclosing the additional financial metrics below to provide insight
into the underlying long-term trends across the Company’s business
excluding these impacts. We expect ICCC to impact our operational and
financial results at varying rates throughout the remainder of 2019 and
to result in an overall reduction in Indian contracted tenant revenue.
The impacts of ICCC on net income are not provided, as the impact on all
components of the net income measure cannot be reasonably calculated.
|
Reconciliation of Indian Carrier Consolidation-Driven Churn |
|||||||||||||||||||||||||||||||||||||||||||
| Q1 2019 Results | Q1 2018 Results | Growth Rates vs. Prior Year | |||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | As Reported |
Impact of |
Normalized | As Reported |
Impact of |
Normalized | As Reported |
Impact of |
Normalized | ||||||||||||||||||||||||||||||||||
| Total property revenue | $ | 1,786 | $ | 89 | $ | 1,875 | $ | 1,710 | $ | 20 | $ | 1,730 | 4.4 | % | 4.0 | % | 8.4 | % | |||||||||||||||||||||||||
| Adjusted EBITDA | 1,114 | 61 | 1,176 | 1,062 | 14 | 1,077 | 4.9 | % | 4.3 | % | 9.2 | % | |||||||||||||||||||||||||||||||
| Consolidated AFFO | 861 | 49 | 910 | 807 | 12 | 819 | 6.7 | % | 4.5 | % | 11.2 | % | |||||||||||||||||||||||||||||||
| Consolidated AFFO per Share | $ | 1.94 | $ | 0.11 | $ | 2.05 | $ | 1.84 | $ | 0.03 | $ | 1.87 | 5.4 | % | 4.2 | % | 9.6 | % | |||||||||||||||||||||||||
| Consolidated Organic Tenant Billings | 50 | 67 | 117 | 75 | 14 | 89 | 3.5 | % | 4.7 | % | 8.2 | % | |||||||||||||||||||||||||||||||
| International Organic Tenant Billings | (23 | ) | 67 | 45 | 23 | 14 | 37 | (4.3 | )% | 12.6 | % | 8.3 | % | ||||||||||||||||||||||||||||||
| _______________ | ||
| (1) | Reflects the cumulative impacts of ICCC since 2017. | |
Please refer to “Non-GAAP and Defined Financial Measures” below for
definitions and other information regarding the Company’s use of
non-GAAP measures. For financial information and reconciliations to GAAP
measures, please refer to the “Unaudited Selected Consolidated Financial
Information” below.
CAPITAL ALLOCATION OVERVIEW
Distributions – During the quarter ended March 31, 2019,
the Company declared the following regular cash distributions to its
common stockholders:
| Common Stock Distributions | Q1 2019(1) | ||||||
| Distributions per share | $ | 0.90 | |||||
| Aggregate amount (in millions) | $ | 398 | |||||
| Year-over-year per share growth | 20.0 | % | |||||
| _______________ | ||
| (1) |
The distribution declared on March 7, 2019 was paid in the second quarter of 2019 to stockholders of record as of the close of business on April 11, 2019. |
|
Capital Expenditures – During the first quarter of
2019, total capital expenditures were $231 million, of which $32 million
was for non-discretionary capital improvements and corporate capital
expenditures. For additional capital expenditure details, please refer
to the supplemental disclosure package available on the Company’s
website.
Acquisitions – During the first quarter of 2019,
the Company spent approximately $91 million for the acquisition of 107
communications sites, located primarily in international markets, and
other communications infrastructure assets.
Other Events – During the first quarter of 2019, the
Company completed its previously disclosed redemption of 50% of Tata
Teleservices Limited (Tata Teleservices) and Tata Sons’ combined
holdings of ATC Telecom Infrastructure Private Limited (ATC TIPL) and
100% of Infrastructure Development Finance Company’s (IDFC) holdings of
ATC TIPL, thereby increasing its ownership interest in ATC TIPL to
approximately 79%.
Subsequent to the end of the first quarter of 2019, Tata Teleservices
served notice of exercise of its put options with respect to 100% of its
remaining combined holdings with Tata Sons in ATC TIPL. The Company
expects to complete the redemption of the remaining put shares in 2019
for total consideration of approximately INR 24.8 billion (approximately
$359 million as of March 31, 2019), subject to regulatory approval.
After the completion of the redemption, the Company will hold an
approximately 92% ownership interest in ATC TIPL.
LEVERAGE AND FINANCING OVERVIEW
Leverage – For the quarter ended March 31, 2019,
the Company’s Net Leverage Ratio was 4.5x net debt (total debt less cash
and cash equivalents) to first quarter 2019 annualized Adjusted EBITDA.
|
Calculation of Net Leverage Ratio |
As of March 31, 2019 | ||||
| Total debt | $ | 21,204 | |||
| Less: Cash and cash equivalents | 1,005 | ||||
| Net Debt | 20,199 | ||||
| Divided By: First quarter annualized Adjusted EBITDA(1) | 4,458 | ||||
| Net Leverage Ratio | 4.5x | ||||
| _______________ | ||
| (1) | Q1 2019 Adjusted EBITDA multiplied by four. | |
Liquidity – As of March 31, 2019, the Company had
$3.6 billion of total liquidity, consisting of $1.0 billion in cash and
cash equivalents plus the ability to borrow an aggregate of $2.6 billion
under its revolving credit facilities, net of any outstanding letters of
credit.
On February 14, 2019, the Company entered into a loan agreement for a
new $1.3 billion unsecured term loan. The Company used the net proceeds
of this new term loan, together with cash on hand, to repay all
outstanding indebtedness under its 2018 term loan.
On March 15, 2019, the Company issued $650.0 million aggregate principal
amount of 3.375% senior unsecured notes due 2024 and $600.0 million
aggregate principal amount of 3.950% senior unsecured notes due 2029.
The Company used the net proceeds to repay existing indebtedness under
its 2013 credit facility and its 2014 credit facility.
Subsequent to the end of the first quarter, on April 22, 2019, the
Company completed its previously announced redemption of all of its
outstanding 5.050% senior unsecured notes due 2020 for an aggregate
principal amount of $700 million.
FULL YEAR 2019 OUTLOOK
The following full year 2019 financial and operational estimates are
based on a number of assumptions that management believes to be
reasonable and reflect the Company’s expectations as of May 3, 2019.
Actual results may differ materially from these estimates as a result of
various factors, and the Company refers you to the cautionary language
regarding “forward-looking” statements included in this press release
when considering this information.
The Company’s outlook is based on the following average foreign currency
exchange rates to 1.00 U.S. Dollar for May 3, 2019 through December 31,
2019: (a) 44.30 Argentinean Pesos; (b) 3.85 Brazilian Reais; (c) 670
Chilean Pesos; (d) 3,130 Colombian Pesos; (e) 0.89 Euros; (f) 5.35
Ghanaian Cedi; (g) 70.20 Indian Rupees; (h) 102 Kenyan Shillings; (i)
19.40 Mexican Pesos; (j) 360 Nigerian Naira; (k) 6,190 Paraguayan
Guarani; (l) 3.30 Peruvian Soles; (m) 14.40 South African Rand; and
(n) 3,750 Ugandan Shillings.
The Company’s outlook reflects estimated unfavorable impacts of foreign
currency exchange rate fluctuations to property revenue, Adjusted EBITDA
and Consolidated AFFO, of approximately $13 million, $14 million and $12
million, respectively, as compared to the Company’s prior 2019 outlook.
The impact of foreign currency exchange rate fluctuations on net income
is not provided, as the impact on all components of the net income
measure cannot be calculated without unreasonable effort.
The Company’s full year 2019 outlook also reflects estimated cumulative
expected unfavorable impacts of ICCC on property revenue, Adjusted
EBITDA and Consolidated AFFO of approximately $380 million, $268 million
and $214 million, respectively, inclusive of an expected reduction in
pass-through revenue of approximately $83 million. These impacts are
unchanged from the Company’s prior outlook and include consolidation
churn experienced through the end of the first quarter of 2019, as well
as the incremental expected impacts of ICCC throughout the remainder of
2019. The expected 2019-specific impacts of ICCC to property revenue,
Adjusted EBITDA and Consolidated AFFO are $191 million, $148 million and
$118 million, respectively, including $22 million in lower pass-through
revenue. At this time, the Company expects the impacts of ICCC to last
throughout 2019 and anticipates that churn rates in India will return to
lower levels in 2020 and beyond. The Company is providing key outlook
measures adjusted to quantify the impacts of ICCC on such measures and
the impact of ICCC and the Company’s settlement with Tata Teleservices
and related entities (Tata) in the fourth quarter of 2018 on growth
rates as it believes that these adjusted measures better reflect the
long-term trajectory of its recurring business and provide investors
with a more comprehensive analysis of the Company’s operations. The
impacts of ICCC and the Tata settlement on net income are not provided,
as the impact on all components of the net income measure cannot be
calculated without unreasonable effort.
Additional information pertaining to the impact of foreign currency,
London Interbank Offered Rate (LIBOR) fluctuations and ICCC on the
Company’s outlook has been provided in the supplemental disclosure
package available on the Company’s website.
| 2019 Outlook ($ in millions) | Full Year 2019 |
Midpoint
Growth |
||||||||||||||
| Total property revenue(1) | $ | 7,135 | to | $ | 7,285 | (1.4)% | ||||||||||
| Net income | 1,560 | to | 1,660 | 27.3% | ||||||||||||
| Adjusted EBITDA | 4,420 | to | 4,520 | (4.2)% | ||||||||||||
| Consolidated AFFO | 3,375 | to | 3,475 | (3.2)% | ||||||||||||
| _______________ | ||
| (1) |
Includes U.S. property revenue of $3,925 million to $4,015 million and international property revenue of $3,210 million to $3,270 million, reflecting midpoint growth rates of 3.9% and (7.2)%, respectively. The U.S. growth rate includes a negative impact of nearly 3% associated with a decrease in non-cash straight-line revenue recognition. The international growth rate includes estimated negative impacts of approximately 15% attributable to ICCC and the non-recurrence of the Tata settlement, and approximately 3% from the translational effects of foreign currency exchange rate fluctuations. International property revenue reflects the Company’s Latin America, EMEA and Asia segments. |
|
|
2019 Outlook for Total Property revenue, at the midpoint, |
U.S. Property |
International |
Total Property | |||||||||||
| International pass-through revenue | N/A | $ | 980 | $ | 980 | |||||||||
| Straight-line revenue | (28) | 37 | 9 | |||||||||||
| _______________ | ||
| (1) |
For additional discussion regarding these components, please refer to “Revenue Components” below. |
|
| (2) |
International property revenue reflects the Company’s Latin America, EMEA and Asia segments. |
|
|
2019 Outlook for Total Tenant Billings Growth, at the midpoint, |
U.S. Property |
International |
Total Property | |||||||
| Organic Tenant Billings | ~7% | (~2)% | ~3-4% | |||||||
| New Site Tenant Billings | <0.5% | ~5-6% | >2% | |||||||
| Total Tenant Billings Growth | >7% | ~3-4% | ~5-6% | |||||||
| _______________ | ||
| (1) |
For additional discussion regarding the component growth rates, please refer to “Revenue Components” below. |
|
| (2) |
International property revenue reflects the Company’s Latin America, EMEA and Asia segments. |
|
|
Reconciliation of Indian Carrier Consolidation-Driven Churn |
|||||||||||||||||||||||||||||||||||||||||||||
| FY 2018 Results | 2019 Outlook, at the Midpoint |
Midpoint Growth Rates |
|||||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | As Reported |
Impact of |
Impact of |
Normalized | As Reported |
Impact of |
Normalized | As Reported |
Impact of |
Normalized | |||||||||||||||||||||||||||||||||||
| Total property revenue(4) | $ | 7,315 | $ | (334 | ) | $ | 189 | $ | 7,170 | $ | 7,210 | $ | 380 | $ | 7,590 | (1.4)% | 7.3% | 5.9% | |||||||||||||||||||||||||||
| Adjusted EBITDA | 4,667 | (327 | ) | 120 | $ | 4,459 | $ | 4,470 | $ | 268 | 4,738 | (4.2)% | 10.5% | 6.2% | |||||||||||||||||||||||||||||||
| Consolidated AFFO | 3,539 | (313 | ) | 96 | 3,322 | $ | 3,425 | $ | 214 | 3,639 |
(3.2)% |
12.8% | 9.6% | ||||||||||||||||||||||||||||||||
| Consolidated AFFO per Share(5) | $ | 7.99 | $ | (0.71 | ) | $ | 0.22 | $ | 7.50 | $ | 7.70 | $ | 0.48 | $ | 8.18 |
(3.6)% |
12.7% | 9.1% | |||||||||||||||||||||||||||
| Consolidated Organic Tenant Billings | 275 | — | 128 | 403 | $ | 204 | $ | 211 | 416 | ~3-4% | ~3.5% | ~7% | |||||||||||||||||||||||||||||||||
| International Organic Tenant Billings | 32 | — | 128 | 160 | $ | (46 | ) | $ | 211 | 166 | (~2)% | ~9-10% | ~7-8% | ||||||||||||||||||||||||||||||||
| _______________ | ||
| (1) |
Includes the one-time net positive impacts to 2018 property revenue, Adjusted EBITDA and Consolidated AFFO related to the Company’s settlement with Tata. Churn associated with the settlement is reflected in the ICCC column. |
|
| (2) | Reflects the cumulative impacts of ICCC since 2017. | |
| (3) |
Reflects the cumulative impacts of ICCC since 2017 and the 2018 impacts of the Tata settlement. |
|
| (4) |
Expected ICCC impacts include a cumulative decline of approximately $61 million and $83 million in pass-through revenue for 2018 and 2019, respectively. |
|
| (5) |
Assumes 2019 weighted average diluted share count of 445 million shares. |
|
|
Outlook for Capital Expenditures: |
||||||||||||
| Full Year 2019 | ||||||||||||
| Discretionary capital projects(1) | $ | 315 | to | $ | 355 | |||||||
| Ground lease purchases | 150 | to | 160 | |||||||||
| Start-up capital projects | 70 | to | 90 | |||||||||
| Redevelopment | 255 | to | 265 | |||||||||
| Capital improvement | 150 | to | 170 | |||||||||
| Corporate | 10 | — | 10 | |||||||||
| Total | $ | 950 | to | $ | 1,050 | |||||||
| _______________ | ||
| (1) |
Includes the construction of 2,750 to 3,750 communications sites globally. |
|
|
Reconciliation of Outlook for Adjusted EBITDA to Net income: |
||||||||||||
| Full Year 2019 | ||||||||||||
| Net income | $ | 1,560 | to | $ | 1,660 | |||||||
| Interest expense | 840 | to | 810 | |||||||||
| Depreciation, amortization and accretion | 1,765 | to | 1,805 | |||||||||
| Income tax provision | 125 | to | 135 | |||||||||
| Stock-based compensation expense | 100 | to | 110 | |||||||||
|
Other, including other operating expenses, interest income, gain |
||||||||||||
|
obligations and other income (expense) |
30 | to | — | |||||||||
| Adjusted EBITDA | $ | 4,420 | to | $ | 4,520 | |||||||
|
Reconciliation of Outlook for Consolidated AFFO to Net income: |
||||||||||||||
| Full Year 2019 | ||||||||||||||
| Net income | $ | 1,560 | to | $ | 1,660 | |||||||||
| Straight-line revenue | (9 | ) | — | (9 | ) | |||||||||
| Straight-line expense | 35 | — | 35 | |||||||||||
| Depreciation, amortization and accretion | 1,765 | to | 1,805 | |||||||||||
| Stock-based compensation expense | 100 | to | 110 | |||||||||||
| Deferred portion of income tax | 5 | to | 11 | |||||||||||
|
Other, including other operating expense, amortization of deferred |
||||||||||||||
|
interest, debt discounts and premiums, gain (loss) on retirement |
||||||||||||||
|
income (expense), long-term deferred interest charges and |
79 | to | 43 | |||||||||||
| Capital improvement capital expenditures | (150 | ) | to | (170 | ) | |||||||||
| Corporate capital expenditures | (10 | ) | — | (10 | ) | |||||||||
| Consolidated AFFO | $ | 3,375 | to | $ | 3,475 | |||||||||
Conference Call Information
American Tower will host a conference call today at 8:30 a.m. ET to
discuss its financial results for the quarter ended March 31, 2019 and
its updated outlook for 2019. Supplemental materials for the call will
be available on the Company’s website, www.americantower.com.
The conference call dial-in numbers are as follows:
U.S./Canada dial-in: (800) 260-0718
International dial-in: (651)
291-1246
Passcode: 465582
When available, a replay of the call can be accessed until 11:59 p.m. ET
on May 17, 2019. The replay dial-in numbers are as follows:
U.S./Canada dial-in: (800) 475-6701
International dial-in: (320)
365-3844
Passcode: 465582
American Tower will also sponsor a live simulcast and replay of the call
on its website, www.americantower.com.
About American Tower
American Tower, one of the largest global REITs, is a leading
independent owner, operator and developer of multitenant communications
real estate with a portfolio of over 170,000 communications sites. For
more information about American Tower, please visit the “Earnings
Materials” and “Company & Industry Resources” sections of our investor
relations website at www.americantower.com.
Non-GAAP and Defined Financial Measures
In addition to the results prepared in accordance with generally
accepted accounting principles in the United States (GAAP) provided
throughout this press release, the Company has presented the following
Non-GAAP and Defined Financial Measures: Gross Margin, Operating Profit,
Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Nareit
Funds From Operations (FFO) attributable to American Tower Corporation
common stockholders, Consolidated Adjusted Funds From Operations (AFFO),
AFFO attributable to American Tower Corporation common stockholders,
Consolidated AFFO per Share, AFFO attributable to American Tower
Corporation common stockholders per Share, Free Cash Flow, Net Debt, Net
Leverage Ratio and Indian Carrier Consolidation-Driven Churn (ICCC). In
addition, the Company presents: Tenant Billings, Tenant Billings Growth,
Organic Tenant Billings Growth and New Site Tenant Billings Growth.
These measures are not intended to replace financial performance
measures determined in accordance with GAAP. Rather, they are presented
as additional information because management believes they are useful
indicators of the current financial performance of the Company’s core
businesses and are commonly used across its industry peer group. As
outlined in detail below, the Company believes that these measures can
assist in comparing company performance on a consistent basis
irrespective of depreciation and amortization or capital structure,
while also providing valuable incremental insight into the underlying
operating trends of its business.
Depreciation and amortization can vary significantly among companies
depending on accounting methods, particularly where acquisitions or
non-operating factors, including historical cost basis, are involved.
The Company’s Non-GAAP and Defined Financial Measures may not be
comparable to similarly titled measures used by other companies.
Revenue Components
In addition to reporting total revenue, the Company believes that
providing transparency around the components of its revenue provides
investors with insight into the indicators of the underlying demand for,
and operating performance of, its real estate portfolio. Accordingly,
the Company has provided disclosure of the following revenue components:
(i) Tenant Billings, (ii) New Site Tenant Billings; (iii) Organic Tenant
Billings; (iv) International pass-through revenue; (v) Straight-line
revenue; (vi) Pre-paid amortization revenue; (vii) Foreign currency
exchange impact; and (viii) Other revenue.
Tenant Billings: The majority of the Company’s revenue is
generated from non-cancellable, long-term tenant leases. Revenue from
Tenant Billings reflects several key aspects of the Company’s real
estate business: (i) “colocations/amendments” reflects new tenant leases
for space on existing towers and amendments to existing leases to add
additional tenant equipment; (ii) “escalations” reflects contractual
increases in billing rates, which are typically tied to fixed
percentages or a variable percentage based on a consumer price index;
(iii) “cancellations” reflects the impact of tenant lease terminations
or non-renewals or, in limited circumstances, when the lease rates on
existing leases are reduced; and (iv) “new sites” reflects the impact of
new property construction and acquisitions.
New Site Tenant Billings: Day-one Tenant Billings associated with
sites that have been built or acquired since the beginning of the
prior-year period. Incremental colocations/amendments, escalations or
cancellations that occur on these sites after the date of their addition
to our portfolio are not included in New Site Tenant Billings. The
Company believes providing New Site Tenant Billings enhances an
investor’s ability to analyze the Company’s existing real estate
portfolio growth as well as its development program growth, as the
Company’s construction and acquisition activities can drive variability
in growth rates from period to period.
Organic Tenant Billings: Tenant Billings on sites that the
Company has owned since the beginning of the prior-year period, as well
as Tenant Billings activity on new sites that occurred after the date of
their addition to the Company’s portfolio.
International pass-through revenue: A portion of the Company’s
pass-through revenue is based on power and fuel expense reimbursements
and therefore subject to fluctuations in fuel prices. As a result,
revenue growth rates may fluctuate depending on the market price for
fuel in any given period, which is not representative of the Company’s
real estate business and its economic exposure to power and fuel costs.
Furthermore, this expense reimbursement mitigates the economic impact
associated with fluctuations in operating expenses, such as power and
fuel costs and land rents in certain of the Company’s markets.
Contacts
Igor Khislavsky
Vice President, Investor Relations
Telephone:
(617) 375-7500
