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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 Corporation (NYSE: AMT) reported strong financial results for Q4 and FY 2021. Total revenue for Q4 reached $2,445 million, a 15.2% increase, while FY revenue was $9,357 million, up 16.4%. Net income for Q4 rose 22.0% to $441 million, and for FY it increased 51.8% to $2,568 million. Adjusted EBITDA grew by 10.2% to $1,515 million in Q4 and 16.0% to $5,983 million for FY. The company also announced a dividend increase and strategic acquisitions aimed at enhancing future growth.
CoreSite, a subsidiary of American Tower (NYSE: AMT), has announced enhancements to its MyCoreSite customer service platform aimed at improving the customer experience and operational agility. Key features include 24/7 access to interconnection solutions via the CoreSite Open Cloud Exchange, enabling dynamic configuration of bandwidth from 50 Mbps to 100 Gbps. Additional improvements focus on user navigation, case resolution visibility, and enhanced profile management. These upgrades are part of CoreSite's commitment to innovation, ensuring customers remain competitive in a rapidly changing market.
American Tower Corporation (NYSE: AMT) will announce its fourth quarter and full year 2021 results on February 24, 2022, at 7:00 a.m. ET. A conference call to discuss these results is scheduled for 8:30 a.m. ET the same day. Investors can join the call by dialing (877) 692-8955 in the U.S. or (234) 720-6979 internationally. An audio replay will be available from February 24, 2022, 11:30 a.m. ET to March 10, 2022, 11:59 p.m. ET. More details can be found on their website.
American Tower Corporation (NYSE: AMT) announced year-end tax reporting information for its 2021 distributions. Stockholders are encouraged to consult personal tax advisors regarding their specific tax treatment. For tax year ending December 31, 2021, no unrecaptured section 1250 gains or non-dividend distributions were reported. The release includes details of cash distributions and taxable dividends per share, highlighting the company's ongoing commitment to keep shareholders informed about their financial entitlements.
CoreSite Realty Corporation, a subsidiary of American Tower, announced tax reporting information for its 2021 distributions. Following the acquisition by American Tower on December 28, 2021, CoreSite's shares ceased trading on the NYSE. Stockholders are advised to consult tax advisors regarding their specific tax treatment. For the year, CoreSite reported cash distributions per share, including ordinary taxable dividends and capital gain distributions, emphasizing that there were no non-dividend distributions for the tax year ending December 28, 2021.
CoreSite, a subsidiary of American Tower (NYSE: AMT), has partnered with Zenlayer to enhance global connectivity. The alliance enables CoreSite customers to utilize Zenlayer's Cloud Networking and Bare Metal Cloud services, facilitating rapid deployment of applications worldwide. This collaboration opens access to high growth markets in Asia-Pacific, Latin America, and Africa, allowing businesses to reduce latency and improve operational efficiency.
CoreSite, a subsidiary of American Tower (NYSE: AMT), announced the appointment of new senior leadership aimed at fostering accelerated growth. Juan Font takes the helm as President, with over 20 years in management and operations. He will steer the company as a standalone entity under U.S. Tower. The new leadership team includes seasoned executives overseeing areas like Data Center Operations, Sales and Marketing, and IT. Font emphasized the importance of adapting to the convergence of wireline and wireless networks, especially with the rise of 5G technology, to support customers' digital transformation strategies.
American Tower Corporation (NYSE: AMT) announced that its CEO, Tom Bartlett, will present at Citi’s AppsEconomy Conference on January 5, 2022, at 12:00 p.m. ET. The presentation will be accessible via a live audio webcast on the company’s website. As one of the largest global REITs, American Tower operates a portfolio of approximately 219,000 communications sites and has a robust footprint of U.S. data center facilities. For more details, visit www.americantower.com.
American Tower Corporation (NYSE: AMT) has successfully completed its acquisition of CoreSite Realty Corporation (NYSE: COR) following a tender offer for CoreSite's outstanding shares. The acquisition was financed through borrowings under American Tower’s credit facilities and term loans. CEO Tom Bartlett expressed optimism about leveraging CoreSite's data centers to enhance growth opportunities amidst the rise of 5G and cloud services. The acquisition is expected to be modestly accretive to American Tower’s AFFO per Share initially, with potential for increased accretion over time.
American Tower Corporation (NYSE: AMT) announced the expiration of its tender offer for CoreSite Realty Corporation (NYSE: COR) shares, completing the acquisition via a merger with its subsidiary, Appleseed Merger Sub LLC. The tender offer, which ended on December 27, 2021, resulted in 31,443,126 shares tendered, accounting for approximately 71.15% of CoreSite's outstanding shares. CoreSite will merge into American Tower on December 28, 2021, with its shares ceasing to trade on the NYSE. Each CoreSite share will convert to $170.00 in cash, matching the tender offer price.
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