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American Tower Corporation (NYSE: AMT) is a leading global real estate investment trust (REIT) and a premier owner and operator of wireless and broadcast communications infrastructure. Headquartered in Boston, Massachusetts, American Tower is ranked 375 on the Fortune 500 list as of 2022. The company manages a vast and diversified portfolio that includes over 220,000 communications sites worldwide, spanning markets in the United States, Asia, Latin America, Europe, and Africa.
As of 2023, American Tower operates more than 40,000 towers in the United States, generating nearly half of its total revenue from this market. The international footprint includes approximately 75,000 towers in India, around 50,000 towers in Latin America (with Brazil being the largest market), 30,000 towers in Europe, and 25,000 towers in Africa. The company also owns and/or operates 28 data centers in 10 U.S. markets following the acquisition of CoreSite, enhancing its data center capabilities.
American Tower’s growth strategy includes solid partnerships with top mobile carriers, which account for a significant portion of its revenue. The company has recently made strides in enhancing its network connectivity solutions through agreements with businesses such as CoreSite and Glo Fiber Business, providing scalable and secure data exchange solutions to enterprises, government entities, and financial institutions. The CoreSite Washington, D.C., data center campus offers robust colocation services, meeting stringent deployment requirements and data sovereignty laws.
Financially, American Tower exhibited robust performance in 2023, with a notable 4.0% increase in total revenue to $11,144 million and a 5.1% rise in property revenue to $11,001 million. The company also saw a significant adjusted EBITDA increase of 6.7% to $7,087 million. Despite a challenging global economic environment, American Tower maintained a strong financial position through cost management and strategic initiatives to reduce net leverage and optimize debt exposure.
Looking forward, American Tower remains focused on leveraging advancements in 5G, artificial intelligence, and distributed compute workloads to drive future demand for its infrastructure. The company's strategic priorities include enhancing shareholder returns, sustaining growth, and offering a unique value proposition by capitalizing on its global scale, best-in-class operating model, and investment-grade balance sheet.
American Tower (NYSE: AMT) has announced pricing for its registered public offering of senior unsecured notes. The offering includes two tranches: $600.0 million in notes due 2030 with a 5.000% interest rate, priced at 99.622% of face value, and $600.0 million in notes due 2035 with a 5.400% interest rate, priced at 99.455% of face value.
The net proceeds, expected to be approximately $1,183.7 million after expenses, will be used to repay existing debt under the company's $6.0 billion and $4.0 billion senior unsecured revolving credit facilities. The offering is being managed by Barclays, Mizuho, RBC Capital Markets, Scotiabank, and TD Securities as Joint Book-Running Managers.
American Tower (NYSE: AMT) reported Q3 2024 financial results, marked by the completion of its India operations sale to Data Infrastructure Trust. Key metrics show total revenue grew marginally to $2,522 million, while property revenue decreased 1.0% to $2,470 million. The company reported a significant net loss of $(780) million, largely due to a $1.2 billion loss on the India sale. Adjusted EBITDA decreased 0.9% to $1,687 million, while AFFO attributable to AMT stockholders increased 2.6% to $1,237 million. The company maintains strong liquidity of $10.9 billion and declared a quarterly distribution of $1.62 per share.
CoreSite, a subsidiary of American Tower (NYSE: AMT), has launched the first Oracle FastConnect 50G multicloud networking capability in three data center markets. This new service on CoreSite's Open Cloud Exchange® (OCX) offers ultra-low-bandwidth connectivity of up to 50 gigabits per second (Gbps) through Oracle Cloud Infrastructure (OCI) FastConnect.
Available in Los Angeles, Chicago, and Northern Virginia data centers, this advancement enables customers to leverage OCI locally, supporting AI and data-intensive applications. The enhanced OCX capabilities allow businesses to provision on-demand, secure bandwidth to OCI with virtual connections up to 50 Gbps, facilitating rapid workload migration between multiple public clouds.
CoreSite's data center campuses in these markets are certified as part of the NVIDIA DGX-Ready Data Center Program, offering network-dense, cloud-connected facilities that enable IT modernization while reducing operational costs.
American Tower (NYSE: AMT) has announced the schedule for its third quarter 2024 earnings release and conference call. The press announcement of Q3 2024 results will be released on Tuesday, October 29, 2024, at 7:00 a.m. ET. A conference call to discuss the results is scheduled for 8:30 a.m. ET on the same day.
The conference call details include dial-in numbers for U.S./Canada and International participants, along with an access code. A live simulcast will be available during the call, and a replay will be accessible shortly after. The audio replay will be available from October 29, 2024, 11:30 a.m. ET to November 12, 2024, 11:59 p.m. ET.
American Tower is described as one of the largest global REITs, owning and operating a portfolio of nearly 148,000 communications sites (excluding India assets sold) and U.S. data center facilities.
CoreSite, a subsidiary of American Tower (NYSE: AMT), announced that AWS Direct Connect has launched native 400 Gbps (400G) Dedicated Connections at CoreSite's Silicon Valley and Northern Virginia data center campuses. This makes them optimal locations for deploying demanding hybrid applications, offering high-bandwidth connectivity and low latency to AWS regions.
The new 400G connections are particularly beneficial for applications transferring large-scale datasets, such as large language model training and advanced driver assistance systems. CoreSite's Silicon Valley campus will expand with the addition of SV9, a 240,000-square-foot data center expected to be completed in Q4 2024, bringing the total campus size to 1.179 million square feet. The Northern Virginia campus includes three interconnected data centers totaling over 1.3 million square feet.
American Tower (NYSE: AMT) has announced a quarterly cash distribution of $1.62 per share on its common stock. This distribution will be payable on October 25, 2024, to stockholders of record at the close of business on October 9, 2024. The announcement comes from the company's Board of Directors, demonstrating American Tower's commitment to providing regular returns to its shareholders.
As a leading independent owner, operator, and developer of multitenant communications real estate, this distribution reflects American Tower's financial stability and ongoing value creation for investors. The consistent quarterly payouts are likely to be of interest to income-focused investors and those looking for steady returns in the real estate investment trust (REIT) sector.
American Tower (NYSE: AMT) has closed the sale of its India operations to Data Infrastructure Trust (DIT), sponsored by Brookfield Asset Management. The transaction yielded total cash proceeds of approximately $2.5 billion, including $320 million from monetizing Vodafone Idea debentures and receivables, and $2.2 billion in final closing proceeds. American Tower plans to use these funds to repay existing debts, including the India term loan.
As a result of this sale, ATC India's results will now be reported as discontinued operations. The company has provided updated 2024 outlook estimates, adjusting for the transaction's impact on property revenue, Adjusted EBITDA, and AFFO per share. American Tower has also released proforma estimates for continuing operations, factoring in interest expense savings from the sale proceeds.
American Tower (NYSE: AMT) has announced its participation in four upcoming investor conferences in September 2024. These include:
1. Citi's 2024 Global TMT Conference in New York (Sept 4)
2. Bank of America 2024 Media, Communications and Entertainment Conference in New York (Sept 5)
3. Goldman Sachs Communacopia + Technology Conference in San Francisco (Sept 9)
4. Bank of America 2024 Global Real Estate Conference in New York (Sept 10)
The company's President and CEO, Steve Vondran, will speak at the first three events, while Adam Smith, SVP of Investor Relations and FP&A, will present at the fourth. Live webcasts and replays will be available on American Tower's website.
Windstream Wholesale is expanding its presence in Boston through CoreSite's BO1 data center, a 253,000-square-foot facility in Somerville, Mass. This strategic move enhances Windstream's ability to deliver low-latency connectivity solutions to a growing customer base in the region. The expansion, set for early Q4 2024, provides access to the Lynn Cable Landing Station, connecting to the Amitié/AEC-3 Subsea Cable for international market access.
CoreSite's BO1 data center serves as a critical hub for high-performance connectivity, ideally positioned near Boston's central business district to serve financial, technological, and educational sectors. This expansion allows Windstream Wholesale to offer more cost-effective and scalable solutions through its award-winning wave services, reinforcing its commitment to providing robust network solutions in an increasingly interconnected world.
American Tower (NYSE: AMT), a leading global REIT in communications real estate, has announced its participation in two upcoming investor conferences in August 2024. Ed Knapp, Senior VP and CTO, will speak at the KeyBanc Capital Markets Technology Leadership Forum in Vail, Colorado on August 5. Steve Vondran, President and CEO, is scheduled to present at the TD Cowen 10th Annual Communications Infrastructure Summit in Boulder, Colorado on August 13.
Live webcasts and replays of both presentations will be available on American Tower's Investor Relations website. The company boasts a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
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