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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 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.
Stonepeak and American Tower's subsidiary CoreSite have formed a joint venture called CoreSite DevCo JV to develop an 18 megawatt data center in Denver, Colorado. Stonepeak will hold 85% equity, while CoreSite retains 15%. The project, named DE3, will be constructed in three 6 MW phases with a total estimated cost of over $250 million. Located less than 3.5 miles from CoreSite's existing DE1 and DE2 facilities, DE3 will be CoreSite's third data center in Denver.
The joint venture aims to capitalize on Denver's growing market and CoreSite's established presence as the primary carrier hotel in this key interconnection hub. DE3 will benefit from CoreSite's leading interconnection platform through dedicated dark fiber to existing facilities, providing customers with immediate access to an established ecosystem.
American Tower (NYSE: AMT) reported strong Q2 2024 financial results, with total revenue increasing 4.6% to $2,900 million and net income surging 96.8% to $908 million. The company saw positive momentum across its segments, with U.S. & Canada delivering over 5% Organic Tenant Billings Growth and CoreSite achieving its second-highest quarter of signed new business. AMT raised the midpoints of key financial measures in its updated 2024 outlook.
Highlights include:
- Property revenue up 4.6% to $2,853 million
- Adjusted EBITDA increased 8.1% to $1,890 million
- AFFO attributable to AMT common stockholders rose 13.5% to $1,306 million
The company continues to focus on disciplined capital allocation and strategic priorities, positioning itself for sustained growth and higher quality earnings for shareholders.
American Tower (NYSE: AMT) has released its 2023 Sustainability Executive Report, highlighting progress across its Environment, Social, and Governance pillars. Key achievements include:
- Reduced combined scope 1 and 2 GHG emissions
- Increased on-site renewable energy generation by 40% globally
- Protected nearly 5,000 bird nests and supported planting over 150,000 trees
- Distributed over $4 million through various giving programs
- Opened 144 new Digital Communities, serving over 720,000 people across 15 countries
The company's Power-as-a-Service program has been important in reducing emissions and enhancing environmental efforts. CEO Steve Vondran emphasized the company's commitment to embedding sustainability into core operations and making a positive global impact.
CoreSite, a subsidiary of American Tower (NYSE: AMT), has released its 2024 State of the Data Center Report. The report highlights a significant shift towards hybrid IT models to support modern workloads. Key findings include:
1. An exodus from cloud to colocation and on-premises solutions, driven by resource-intensive AI and HPC workloads.
2. Cloud interconnection is the top reason for choosing colocation services.
3. Growing consensus among IT leaders on the importance of hybrid IT strategies.
This fifth annual report provides valuable insights into data center and cloud computing trends, strategies, and requirements, reflecting the evolving needs of businesses in the digital age.
American Tower (NYSE: AMT) has announced the release date for its second quarter 2024 financial results. The results will be published on July 30, 2024, at 7:00 a.m. ET, followed by a conference call at 8:30 a.m. ET to discuss the performance. The call can be accessed via phone or online, with detailed information available on the American Tower website. A replay of the call will be available from July 30, 2024, 11:30 a.m. ET through August 13, 2024, 11:59 p.m. ET. American Tower, one of the largest global REITs, operates a portfolio of over 224,000 communication sites globally and owns multiple data center facilities across the U.S.
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