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)
| Delaware | 001-14195 | 65-0723837 | |||||||||||||||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
116 Huntington Avenue
Boston, Massachusetts 02116
(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):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Common Stock, $0.01 par value | AMT | New York Stock Exchange | ||||||
| 1.375% Senior Notes due 2025 | AMT 25A | New York Stock Exchange | ||||||
| 1.950% Senior Notes due 2026 | AMT 26B | New York Stock Exchange | ||||||
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 | |||||||||||||||||