Good morning. My name is Brooke, and I'll be your conference operator today. At this time, I would like to welcome everyone to the American Tower Full Year Fourth Quarter 2011 Earnings Conference Call. [Operator Instructions] I will now turn the call over to Leah Stearns, Director of Investor Relations. Ms. Stearns, you may begin your conference.

Thank you. Good morning, and thank you for joining American Tower's Fourth Quarter 2011 and Full Year Earnings Conference Call. We have posted a presentation which we will refer to throughout our prepared remarks under the Investors tab of our website, www.americantower.com. Our agenda for this morning's call will be as follows: First, I will provide a brief overview of our fourth quarter and full year results. Then Tom Bartlett, our Executive Vice President, CFO and Treasurer, will review our financial and operational performance for the fourth quarter and full year 2011, as well as our outlook for 2012. Finally, Jim Taiclet, our Chairman, President and CEO, will provide closing remarks. After these comments, we'll open up the call for your questions. Before I begin, I would like to remind you that this call will contain forward-looking statements that involve a number of risks and uncertainties. Examples of these statements include those regarding our 2012 outlook and future operating performance, our pending acquisition and any other statements regarding matters that are not historical facts. You should be aware that certain factors may affect us in the future and could cause actual results to differ materially from those expressed in these forward-looking statements. Such factors include the risk factors set forth in this morning's press release, those set forth in our Form 10-Q for the quarter ended September 30, 2011 and in our other filings with the SEC. We urge you to consider these factors and remind you that we undertake no obligation to update the information contained in this call to reflect subsequent events or circumstances. And with that, please turn to Slide 4 of the presentation, which provides a summary of our fourth quarter and full year 2011 results. During the quarter, our rental and management business accounted for over 98% of our total revenues, which were generated from leasing income-producing real estate, primarily to investment grade corporate tenants. This revenue grew 19.5% to nearly $641 million from the fourth quarter of 2011. In addition, our adjusted EBITDA increased 17.3% to approximately $429 million. Operating income increased 21.8% to approximately $248 million and net income attributable to American Tower Corporation was approximately $201 million or $0.51 per basic and diluted common share. Please note that our tax provision for the quarter reflects the positive net impact of approximately $121 million due to the reversal of certain deferred tax assets and liabilities as a result of our REIT conversion. For the full year 2011, our rental and management business grew 23.2% to nearly $2.4 billion. Our adjusted EBITDA increased 18.4% to approximately $1.6 billion and operating income increased 17.3% to approximately $920 million. Finally, net income attributable to American Tower Corporation was approximately $393 million or $0.99 per basic and $0.98 per diluted common share. And with that, I'd like to turn the call over to Tom, who will discuss our results in more detail.

Thanks, Leah, and good morning, everyone. I'm pleased to report that our business continued to produce solid operational and financial results during the fourth quarter, building on our performance from the first 3 quarters of the year. These operating results exceeded the midpoint of our latest outlook for the full year 2011 and have positioned us well for 2012. What I'd like to do this morning is first discuss our fourth quarter results, then full year 2011 and finally conclude with a discussion of our current expectations for 2012. If you'll please turn to Slide 5. You will see that for the fourth quarter, our total rental and management reported revenue increased by 19.5% to $641 million or 17.3% when you exclude the impact of our international segments pass-through revenues. This increase in pass-through revenue was attributable to the more than 11,000 new sites we have constructed or acquired in our international markets since the beginning of the fourth quarter of 2010. In addition, on a core basis, which we will reference throughout this presentation as reported results excluding the impacts of foreign currency exchange rate fluctuations, noncash straight-line lease accounting and significant onetime items, our consolidated rental revenue growth was 23%. Of this 23% core growth, over 9% was attributable to organic growth with the balance attributable to growth from new sites. The key drivers of our consolidated organic growth in the quarter include new business commitments in the U.S. with AT&T and Verizon's LTE network deployments, continuing to drive the majority of our U.S. leasing volume in the quarter. In addition, we experienced similar demand trends in our international markets. In Latin America, for example, we are seeing sustained new business momentum as customers continue to roll out 3G services, a newly acquired spectrum. In our other foreign…

Thanks, Tom, and good morning, and welcome to everyone joining us on the call today. I'd like to begin by expressing our appreciation to our investors for your continued confidence in our company and to our employees, from Boston to Mumbai, for delivering the results that Tom just described. We're also fortunate to have a dynamic and vibrant global customer base. Several of those have joined us in building extensive and growing partnerships, as you just heard. This morning, I'll be taking a few moments to update you on the 3 strategic pillars of American Tower. I introduced these 3 strategic pillars to you nearly 10 years ago, and we have been pursuing them diligently ever since. The first pillar is to focus on achieving meaningful scale and leasing communication site real estate. The second pillar is to bring operational excellence to our leasing business to maximize return on investment. And the third is to maintain a strong balance sheet to support our capital allocation priorities through all phases of the business cycle. These 3 strategic pillars have held us in good stead for the better part of a decade, and we plan to keep advancing them for years to come. Hopefully, you can appreciate the continuity of our strategic banking in the 2012 guidance that Tom just laid out. In the U.S., we expect ongoing strong performance from our nearly 22,000 communication sites, augmented by the approximately 1,700 third-party property interests that we acquired last year. Internationally, we will achieve outsized growth due to the combination of relatively high lease upgrades and fast-growing wireless markets and a full year contribution from the over 10,000 sites that we built or acquired in 2011. Plus an additional 2,300 international sites that we've already agreed to purchase and plan to close in…

[Operator Instructions] Your first question comes from Simon Flannery with Morgan Stanley.

I wondered if you could just talk about the acquisition environment. You've obviously taken your leverage up to 4x, it will come down over time, but there's been a lot of speculation that Deutsche Telekom might also put the U.S. towers on the block again. What's your interest in your capacity to do something like that? And you did say that, I think, that Clearwire and T-Mobile are not in your numbers. But clearly, both of them are now very explicit about their build plans for this year. So given your conversations, do you think that's something we'll start to see in Q3 or Q4 coming into your numbers?

Sure, Simon. Thanks for the questions there. First of all, in the acquisition environment, we're positioned, as I said, both operationally and financially, to look at every asset opportunity that comes available, and that would include T-Mobile. In that case, it's a fairly sizable portfolio, and we would reserve the right to potentially use a mix of cash and stock if we were to go forward with something like that. But again, we're going to use the same disciplined approach we always have. And as I've said in the past, that we've said no to more deals than we've actually said yes to. And we'll apply that same discipline if the T-Mobile towers come up. Secondly, with respect to T-Mobile, we are pleased to see in their earnings release just last night that Deutsche Telekom indicated a formal commitment to deploy LTE in the U.S. But as Tom said, and has been our practice, we haven't included any impact from that in our guidance. And we'll introduce it when and if we have a clear picture of T-Mobile's rollout schedule and site configuration later, sometime this year. With respect to Clearwire, same story. We don't have a plan that we're working through with them at the detail level yet. And if we do, we'll include that in the guidance and we'll let you know.

Your next question comes from David Barden with Bank of America. Your next question comes from Batya Levi with UBS.

You mentioned that you expect the organic tower revenue growth to be about 8% this year. Can you talk a little bit about how we should think about the trajectory into the year? Do you expect it to be more streamlined or more back-end loaded like we have seen in '11?

Yes. Actually, Batya, I mean in the quarter, as we talked about, we're kind of in the 8% to 9% from existing sites, revenue from existing sites. 2011 was probably around the 9% level. And in 2012, we're kind of in that 7-plus percent range. I would expect that to be pretty evenly distributed throughout the year, kind of on a 50-50 basis, if you will, from a commence basis. And as Jim just indicated on the last question, I mean, to the extent that there is some new business activity coming in from Clearwire or T-Mobile, I would expect that to be back half end loaded. So that could impact the trajectory, if you will, going into 2013.

Your next question comes from David Barden with Bank of America.

If I could, maybe 2. First, just Tom, for you, to clarify in the CapEx outlook, you've got about $260 million to $330 million of discretionary capital projects, and you're expecting to build about 1,800 to 2,200 new sites. I know you excluded the yet-to-be-closed acquisitions from guidance. Are those new tower build expectations that are in the CapEx guidance in there or...

They are, Dave. So the capital is in the plan for 2012 and the expected benefit from those towers is also in the plan. And they are pretty spread out throughout -- pretty evenly spread out throughout the year. As opposed to the 2,300 sites that we have yet to close, we identified what the revenue on a full year basis would look like, as well as the adjusted EBITDA. But those are not included in our guidance. And when we, in fact, close those and have certainty as to the timing and what the impact will be for the year then we would, as we've done in the past, include them in our guidance going forward.

Perfect. And then, Jim, more on the strategy side. Obviously, we've seen a couple deals that have fairly large DAS components to them from some of your tower peers. It seems like there's an expectation that as LTE builds out that there's going to be an increasing focus on smaller cell sites, disproportionately. I know you mentioned in your prepared remarks that there's an expectation that macro sites are really going to be the focus going forward. Could you kind of elaborate a little bit how you see network architectures in your position in macro versus DAS in the market?

Sure, Dave. I mean, you have to look at the geography and the topology of the overall network, right? So again, the majority -- and this is our customers speaking to us as we understand it, the majority of that topology is going to be covered by the macro site network, including rooftops, right. And the complement to the areas where the towers or the rooftops can't quite reach, can be DAS systems, indoor or outdoor, by the way. And we, at American Tower, are in the business of having a complete, what we call, suite of solutions for the customer. So we feel really comfortable right now with what we've done, developing that suite, which is the tower position we have with the classic towers we've got, the leading Indoor DAS business in the country. And we've also got an organically developed and efficiently developed, I would say, Outdoor DAS capacity that we're able to branch right off from the indoor team. So we can offer all those solutions and we have put in Outdoor DAS systems selectively, and we're actively offering it. We've got 270 DAS systems up and running today in 3 countries, actually. And still, our customers are telling us it's a complementary solution.

Your next question comes from Jason Armstrong with Goldman Sachs.

A couple of questions. First, maybe just on REIT benchmarks that you've been excluded from some of the more common REIT benchmarks. How are you -- or what are you hearing as far as the reasons for exclusion? And are there things you've been directed to do, whether it's higher land ownership or something else, that might drive some sort of difference in your business activity over the course of the year? And then second question, just on India, there's been news out recently on potential foreign ownership caps for tower companies. Just how you're thinking about how real this ultimately is, and if it is real, what the solution might be.

Yes. Sure, Jason. I mean, from a REIT perspective, as we've stated all along, the reason we're becoming a REIT, it's the best global tax strategy to us on the planet for us in the United States. And relative to all of the REIT index inclusions, I know there's been a lot of speculation over the past 6 to 9 months as we've embarked on this process of what indexes would we be in. And it's very difficult to kind of read, if you will, the indexes, given some of the -- or lack of transparency that they may have in their definitions. I mean, from our perspective, 97%, 98% of our revenues is real estate-related. And if you look at the benchmark and what's in there kind of white papers of what would be required to be included, and I think we fit right down the middle. I have been told by some that it's our sheer size that has actually kept us out of some of the indexes. And I don't know if that's the case entirely, but it seems to be kind of a common theme that I've heard of. But again, we continue to embark on this strategy that Jim just laid down. And we think that regardless of whether we're in one index or another, there's good value that can be created in our business.

Jason, it's Jim. Regarding India, earlier this morning, I just spoke to our India leader for an update. And essentially, with the ownership task, that decision has been put on hold, as it's called in India. Which means that higher level government officials have deferred any discussion of this particular topic for sometime in the future. And as a result, I think this is unlikely to ultimately pass and won't be any kind of a near-term issue for American Tower.

Your next question comes from Michael Rollins with Citi.

I have 2 questions. First, as you're looking at the pace of international acquisitions and where you've been doing them, do you see it getting tougher to get sizable deals done? And I guess the other part of that is, is it tougher to get sizable deals done in the countries that you really want to expand in? And then if I could just ask a question about the guidance. So if I looked at the EBITDA growth of, like, $170 million I think was the midpoint. You multiply that by like 3x the leverage and you add that to the AFFO guidance at the midpoint, you get about $1.7 billion. But on that slide, I think it was 15. If I'm adding up the piece parts correctly, there's only about $1.2 billion of expected capital allocation. So if there's some room in that Slide 15 in terms of the dollars of capital allocation, even removing the idea of like an outsized deal coming around like a national tower portfolio or something like that, but just looking at sort of the basic blocking and tackling of what you do, is there some more room in that pie chart to get a little bit bigger as the year unfolds?

Michael, maybe I'll take the first one and Jim can then come back on the other one. I mean, that chart was not meant to be what our total available capital would be to be able to spend on items, if you will, or allocate during 2012. It was really just meant to represent what we know today in terms of the major allocation elements for 2012. So don't think of that pie as the total cash available to reinvest back into our business to stay within our stated leverage ranges.

And that takes us right to the pace of opportunities, Mike. And frankly, it takes 2 or 3 years to be in region to get credibility with the counterparties in the countries that you want to deal with. And so we paid our dues in that way in India. We paid our dues in that way in Latin America for 10 years. And we paid our dues for 3 or 4 years in EMEA and, specifically, in Sub-Saharan Africa. Getting to know them, get credibility with these customers, who then in turn are willing to do large transactions with you, which we have absolutely just completed a couple of, what I would consider, top-shelf deals with some really attractive carriers. 2,500 towers in Mexico, as I said, with Telefónica. We've just recently agreed to do a joint venture with Millicom. Again, 2,000 towers plus in Colombia, which we think is a very attractive place. Our Ghana operation that we started with MTN, I'm very optimistic about because of the leasing opportunity and the strength of MTN's position there as far as their portfolio. And we went ahead and expanded that partnership to Uganda already. So we feel that we're getting the deals we want with the counterparties that we like the best in the countries that we're targeting. It takes time, and you have to be deliberate and disciplined about it. But we don't necessarily see a dearth of opportunities, but we're going to keep that discipline and only take the ones we really think are right.

And Tom, just to follow-up, to figure out -- if investors want to figure out the size of the pie for 2012 or any given year, is that the right logic stream to apply? You take your target leverage ratio range wherever it should fall, times the EBITDA growth, plus the AFFO as a starting point for the base case of cash available to invest or distribute to shareholders over the course of the year?

Yes, Michael. I think that's a very good way of doing it.

Your next question comes from Lukas Hartwich with Green Street Advisors.

Jim, this is a question for you. As of today, American Tower has something like 2.5 tenants per tower in the U.S. and something like 1.5 tenants per tower internationally. I'm just curious what you think those numbers will eventually stabilize at and kind of what kind of time frame do you think that'll play out?

Lukas, stabilization isn't something we've seen yet in wireless infrastructure real estate, frankly. These towers, if they're well located and they have the capacity in the tower and on the ground, can be up to 7, 8, 9 customers per tower. Now that's not the endpoint for the whole portfolio, But there really isn't necessarily a limitation that you can identify as sort of an asymptotic ending to the growth curve. So our goal is to keep the pacing going of what we call lease-up and add incremental tenants and amendments to the towers at the most robust rate we can. And again, I don't think there's a asymptotic end stage to the growth rate in any of the countries.

Right. There may not be like an endpoint, so to speak, but is there a target that you're kind of targeting over, let's say, the next 5 years or something that?

Well, we have a business model for each and every acquisition or build that we do. And specific to individual towers, what we do, Lukas, briefly is, we get an understanding of who's on the tower when we build or buy it. So some of their launch tenants or the base tenants we have. And then we look at how many licenses are in the area that aren't on the tower and how strong is the signal strength, if there is any signal at all with those other licensees. And so as licensees have to have denser networks, they may end up on our tower some day. As the original customers need more equipment, there'll be amendments. And as new licenses get distributed from the governments, you're going to have new entrants and they're going to need space, too. So we have assumptions in our business models on all those dimensions and they're very specific, in some cases, by individual tower. And that's how we run the business. So for us, the annual guidance is really the best way to look at the company and saying, okay, given this time frame of, say, 2012, all those assumptions rolled across 45,000 towers gives us the guidance that Tom laid out. And next year, we'll try to maximize it again. And the year after that, we'll try to maximize it again. But a lot of those parts are moving. The technology is moving. The signal density requirements are moving. The number of iPads and iPhones is moving in each market and the number of licenses is often moving. So these are things that we need to refresh every year for you and we do.

Your next question comes from Jonathan Schildkraut with Evercore.

So listen, a lot of my questions have been asked and answered, but maybe we could focus a little bit on some of the spectrum legislation that came out at the end of last week. And in particular, there was an interesting provision regarding the ability of tower operators to add incremental equipment to existing sites, kind of preventing states and municipalities maybe from slowing down that process. And I was wondering how you felt that, that could impact your business and whether it would change the company's perspective on, say, building new sites versus acquiring new sites in the U.S.

Jonathan, the ability to forego zoning to colocate or augment a customer's existing space on the tower was our #1 regulatory priority, for say, 3 or 4 years. And I'm really proud of PCIA, which is our industry association, and Steve Marshall, who's our representative on there to help get that included in the legislation. Having said that, it's going to accelerate our ability to colocate on our existing sites. That will be a good thing. Time lines will be shorter. Amendments will come on quicker. And so that will be therapeutic to our growth rate as will it be therapeutic to other tower companies' growth prospects. It's not going to change our capital allocation process, though. If we see in practice that there's acceleration of colos and amendments, which we fully expect from this, will weave that into both acquisition and new build decisions, and we'll treat them similarly with those new assumptions.

And our last question comes from Phil Cusick with JPMorgan. Richard Choe - JP Morgan Chase & Co, Research Division: This is Richard for Phil. I just wanted to follow-up on that with the legislation passing in kind of seeing a long potential, long-term potential of a public safety network. What are you hearing? And could we actually start seeing something in the next few years?

Well, advocating the public safety network was our second highest regulatory priority over the last few years. And again, with the joint effort with the other tower companies in our association, hopefully, we're a little bit helpful in getting that approved. That's a long-term project, however, and probably will not have immediate impact on 2012. But if something happens quickly we'll, again, update you over the course of the year. But it indeed could be another national network. It'll probably be done in, I would expect, in partnership with some existing wireless carrier, so it would be efficiently rolled out on behalf of the government, and we'll be fully participating in that when it happens.

I will now turn it back to the presenters for closing remarks.

That's great, everybody. We appreciate all of your attention. If you have any follow-on questions, please give Leah and/or I and her team a call. We will, obviously, be here all day, and we really appreciate your attention. Thanks very much.

Thank you. This concludes the conference. You may now disconnect.