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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.
CoreSite, a subsidiary of American Tower (NYSE: AMT), has announced enhancements to its Open Cloud Exchange (OCX) platform, aimed at optimizing cloud connectivity and performance. Key service upgrades include automated provisioning in AWS and Microsoft Azure, and enhanced cloud-to-cloud communication through CoreSite’s virtual routers. These improvements address critical digital business needs as demand for secure cloud access rises. CoreSite continues to innovate and plan further service expansions, underscoring its commitment to support diverse customer requirements.
CoreSite, a subsidiary of American Tower (NYSE: AMT), is enhancing City of Hope National Medical Center’s digital connectivity through its Santa Clara SV7 data center. This partnership aims to improve cancer care by providing secure, low-latency hybrid IT solutions, including colocation services and access to the CoreSite Open Cloud Exchange. By reducing costs associated with data management, City of Hope can allocate more resources towards patient care and research.
American Tower Corporation (NYSE: AMT) reported a robust start to 2022 with a 23.2% increase in total revenue, reaching $2,660 million for Q1. Property revenue surged 22.1% to $2,601 million, while net income rose 7.7% to $703 million. Adjusted EBITDA saw a 12.8% increase to $1,624 million. AFFO attributable to AMT common stockholders grew 6.1% to $1,167 million. With strong Organic Tenant Billings Growth and strategic acquisitions, AMT aims for continued growth driven by 5G deployment and enhanced infrastructure.
CoreSite, a subsidiary of American Tower (NYSE: AMT), will participate in the NAB Show 2022 from April 23-27 in Las Vegas. The company aims to showcase its hybrid IT solutions for the media sector. CoreSite will be at Booth W8203 and co-sponsoring a networking event with tech leaders including Microsoft and NVIDIA on April 26. Senior Director Bradley Greenberg will speak on future workflows at the event. The CoreSite Los Angeles data center, known for its connectivity, supports broadcasters and tech firms in rapidly transferring heavy files, crucial for monetization in media.
American Tower Corporation (NYSE: AMT) will release its first quarter 2022 results on April 27, 2022, at 7:00 a.m. ET. A conference call to discuss these results is scheduled for 8:30 a.m. ET on the same day. Interested participants can access the call by dialing (877) 692-8955 in the U.S. or (234) 720-6979 internationally, with the access code 4902790. An audio replay will be available from April 27 at 12:30 p.m. ET until May 11 at 11:59 p.m. ET.
CoreSite, a subsidiary of American Tower (NYSE: AMT), will participate in the Channel Partners Conference and Expo April 11-14, 2022, in Las Vegas. This event aims to connect partners with technology firms to enhance business growth. CoreSite's Core Partner Program enables agents and partners to expand revenue streams by selling data center services. CoreSite will be at Booth #1431, while American Tower will host an informational session on 5G and Edge Computing on April 12. For more details, visit CoreSite.com.
On April 1, Pieter Nel was appointed CEO of American Tower Europe, succeeding Julian Plumstead. Nel, with over 25 years in telecommunications and extensive experience with American Tower, aims to enhance the company's growth strategy in Europe. Since entering the European market in 2012, American Tower has significantly expanded its tower portfolio, increasing from 2,000 to over 30,000 sites. The company now operates across France, Germany, Poland, and Spain, supporting the development of 5G networks in these regions.
CoreSite, a subsidiary of American Tower (NYSE: AMT), has upgraded its Boston data center's cooling system, which is expected to save nearly eight million kilowatt-hours annually. This energy-efficient chiller plant enhances power usage effectiveness (PUE) and supports customer-specific cooling requirements. With 253,000 square feet of space, the BO1 facility provides low-latency connectivity to financial, technological, and educational sectors, featuring direct cloud onramps to AWS and Microsoft Azure.
American Tower Corporation (NYSE: AMT) has elected Kelly C. Chambliss to its Board of Directors. Chambliss, currently Senior Vice President and COO of IBM Consulting, brings extensive experience from her previous leadership roles at IBM and CoreSite Realty Corporation. Tom Bartlett, CEO of American Tower, expressed enthusiasm about her expertise in global services and the data center industry, which aligns with the company’s growth strategy. Additionally, the Board declared a quarterly cash distribution of $1.40 per share, payable on April 29, 2022.
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