iHeartMedia 2011 Annual Report Download - page 26

This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative and is not
intended to be exhaustive. Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent
uncertainty.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 2. PROPERTIES
Corporate
Our corporate headquarters and executive offices are located in San Antonio, Texas, where we own an approximately
55,000 square foot executive office building and an approximately 123,000 square foot data and administrative service center. In
addition, certain of our executive and other operations are located in New York, New York.
CCME
Our CCME executive operations are located in our corporate headquarters in San Antonio, Texas and in New York, New
York. The types of properties required to support each of our radio stations include offices, studios, transmitter sites and antenna sites.
We either own or lease our transmitter and antenna sites. These leases generally have expiration dates that range from five to 15
years. A radio station’s studios are generally housed with its offices in downtown or business districts. A radio station’s transmitter
sites and antenna sites are generally located in a manner that provides maximum market coverage.
Americas Outdoor and International Outdoor Advertising
The headquarters of our Americas outdoor operations is in Phoenix, Arizona, and the headquarters of our International
outdoor operations is in London, England. The types of properties required to support each of our outdoor advertising branches
include offices, production facilities and structure sites. An outdoor branch and production facility is generally located in an industrial
or warehouse district.
With respect to each of the Americas outdoor and International outdoor segments, we primarily lease our outdoor display
sites and own or have acquired permanent easements for relatively few parcels of real property that serve as the sites for our outdoor
displays. Our leases generally range from month-to-month to year-to-year and can be for terms of 10 years or longer, and many
provide for renewal options.
There is no significant concentration of displays under any one lease or subject to negotiation with any one landlord. We
believe that an important part of our management activity is to negotiate suitable lease renewals and extensions.
Consolidated
The studios and offices of our radio stations and outdoor advertising branches are located in leased or owned facilities.
These leases generally have expiration dates that range from one to 40 years. We do not anticipate any difficulties in renewing those
leases that expire within the next several years or in leasing other space, if required. We own substantially all of the equipment used
in our CCME and outdoor advertising businesses. For additional information regarding our CCME and outdoor properties, see “Item
1. Business.”
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• risks of doin
g
business in forei
g
n countries;
• fluctuations in exchan
g
e rates and currenc
y
values;
• the outcome of
p
endin
g
and future liti
g
ation;
• chan
g
es in interest rates;
• taxes and tax dis
p
utes;
• shifts in
p
o
p
ulation and other demo
g
ra
p
hics;
• access to ca
p
ital markets and borrowed indebtedness;
• our abilit
y
to im
p
lement our business strate
g
ies;
• the risk that we ma
y
not be able to inte
g
rate the o
p
erations of ac
q
uired businesses successfull
y
;
• the risk that our cost savings initiatives may not be entirely successful or that any cost savings achieved from those
initiatives ma
y
not
p
ersist; and
• certain other factors set forth in our other filin
g
s with the Securities and Exchan
g
e Commission.