American Tower Corporation (NYSE:AMT.PRB) Q2 2016 Earnings Conference Call - Preliminary Transcript

Jul 28, 2016 • 08:30 am ET

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American Tower Corporation (NYSE:AMT.PRB) Q2 2016 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. Welcome to the American tower second quarter earnings calls. [Operator Instructios]

And I like to turn the call over to our host --Leah Stern Senior Vice President, treasurer and Investor Relations. Please go ahead.

Executive
Unidentified Speaker

Thank you. Good morning. And thank you to everyone on the call for joining us this morning to discuss this --second quarter earnings. Our agenda for this morning's call will be as follows. First, I will provide some brief highlights from our financial results. Next, Tom Bartlett, our Executive Vice President and CFO will provide a more detailed review of our financial and operational performance for the second quarter of 2016 as well as our full year outlook for the full year of 2016.

And finally, Jim take with our chairman, President and CEO will provide a brief update on our international business and strategy. After these comments, we will 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 certainty. Examples of these statements include those regarding our expectations for future growth, including our 2016, Outlook, foreign currency exchange rates and future operating performance, technology and industry trends, 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 that force in this morning's press release that was set for centre form 10k for the year ended December 31, 2015. And in other filings we make with the SEC.

We --to consider these factors and remind you that we undertake no obligation to update the information contain in this call to reflect subsequent events or circumstances. In addition to this morning's press release, we have posted a presentation, which we will reference throughout our prepared remarks. Under the investor relations tab on our website.

I'd like to note that we have updated the name of our run rate revenue metric to tenant buildings. As we highlighted for you last quarter when we introduced this metric, it reflects the current tenant buildings which are generated by our global portfolio of communications, real estate, and addition and response to recently issued disclosure guidance by the SEC. After today we will no longer reference our core growth metrics.

So with that, please turn to slide 4, the presentation, which highlights our financial results. During the quarter, property revenue grew approximately 24% to nearly 1.43 billion. total revenues grew approximately 23% to over 1.44 billion and net income attributable to American Power Corporation common stockholders increased by over 24% to 161 million or $0.37 per diluted common share.

Our effective tax rate during the quarter was over 18% and included an income tax reserve related to our via transactions. For the year we now expect our