UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): September 15, 2020
AMERICAN TOWER CORPORATION
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of Principal Executive Offices) (Zip Code)
(617 ) 375-7500
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Item 7.01 Regulation FD Disclosure.
Subsequent to the issuance of its full year 2020 outlook on July 30, 2020, American Tower Corporation (the “Company”) entered into a new master lease agreement with T-Mobile U.S. Inc. (the “MLA”). Based on the MLA, the Company now expects to recognize approximately $95 million in additional straight-line revenue for the full year. The Company has therefore revised its outlook for the full year 2020 and now expects total property revenue of $7,750 to $7,880 million, net income of $1,845 to $1,925 million and Adjusted EBITDA of $4,985 to $5,065 million. The Company’s full year expectations for other measures, including Organic Tenant Billings Growth and Consolidated AFFO, remain unchanged from its full year 2020 outlook issued on July 30, 2020.
The MLA provides for an average non-cancellable term of nearly 15 years on leases included in the MLA, thereby securing approximately $17 billion in expected incremental contractually committed revenue over the contract term.
On September 15, 2020, the Company issued a press release (the “Press Release”) announcing the MLA. A copy of the Press Release is furnished herewith as Exhibit 99.1.
The information in this Current Report on Form 8-K and Exhibit 99.1 are being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information or exhibit be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICAN TOWER CORPORATION | |||||||||||
| (Registrant) | |||||||||||
| Date: | September 15, 2020 | By: | /s/ Rodney M. Smith | ||||||||
| Rodney M. Smith | |||||||||||
| Executive Vice President, Chief Financial Officer and Treasurer | |||||||||||
Exhibit 99.1
 |  | ||||
T-Mobile and American Tower Sign New Milestone Multiyear Agreement
Bellevue, WA and Boston, MA—September 15, 2020—T-Mobile (NASDAQ: TMUS) and American Tower Corporation (NYSE: AMT) announced today that the companies have signed a new long-term agreement designed to drive significant value for both parties over its nearly 15-year term. The new agreement enhances T-Mobile’s access to American Tower’s U.S. sites while locking in synergies and facilitating T-Mobile’s continued rapid, efficient deployment of broad and deep nationwide 5G. The agreement also provides long-term revenue growth visibility to American Tower.
“Wireless mobility has never been more critical for consumers and businesses alike, and as technology continues to advance into 5G and beyond, that will only increase,” said Neville Ray, President of Technology at T-Mobile. “Through our multiyear agreement with American Tower, we’ve secured T-Mobile’s ability not only to accelerate our aggressive 5G build, but also to continue to deliver connectivity for our customers well into the future.”
The new agreement ensures T-Mobile can serve Americans’ wireless needs for years to come and allows T-Mobile to increase momentum on its rapid 5G deployment, adding coverage and enhancing speed in thousands of cities and towns across the country.
“We look forward to strengthening our valued partnership with T-Mobile through this mutually beneficial, long-term agreement,” said Tom Bartlett, CEO, American Tower Corporation. “We’re excited to help T-Mobile deploy next-generation 5G service across the country quickly and efficiently by utilizing our extensive nationwide portfolio of communications sites.”
About T-Mobile US, Inc.
T-Mobile U.S. Inc. (NASDAQ: TMUS) is America’s supercharged Un-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. T-Mobile’s customers benefit from its unmatched combination of value and quality, unwavering obsession with offering them the best possible service experience and undisputable drive for disruption that creates competition and innovation in wireless and beyond. Based in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Sprint. For more information please visit: http://www.t-mobile.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 approximately 181,000 communications sites. For more information about American Tower, please visit www.americantower.com.
For more information, contact:
T-Mobile US, Inc.
Media Contact
T-Mobile US, Inc. Media Relations
MediaRelations@t-mobile.com
Investor Relations Contact
investor.relations@t-mobile.com
http://investor.t-mobile.com
American Tower
Igor Khislavsky
Vice President, Investor Relations
Telephone: (617) 375-7500
Email: Investor.relations@americantower.com