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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), announced that three of its female leaders, Maile Kaiser, Megan Ruszkowski, and Sara Anderson, were recognized in CRN's 2024 Women of the Channel list. CRN, a media brand of The Channel Company, acknowledges their channel expertise, vision, and commitment to driving partner and customer success. CoreSite's extensive ecosystem of partners includes technology solution advisors, agents, cloud partners, value-added resellers, and managed service providers. The recognition highlights CoreSite's dedication to delivering interconnected colocation data centers for modern IT infrastructures and supporting partners in creating long-term revenue streams.
American Tower (NYSE: AMT) will participate in several upcoming investor conferences featuring speakers like Adam Smith and Steve Vondran. The company is a leading global REIT in communications real estate, with over 224,000 communications sites and U.S. data center facilities.
American Tower reported strong financial results for the first quarter of 2024 with total revenue increasing by 2.4% to $2,834 million, net income increasing by 192.6% to $922 million, and Adjusted EBITDA increasing by 5.2% to $1,854 million. The company's CEO highlighted robust demand, positive collection trends, and signed leasing agreements as key drivers of growth. Additionally, capital allocation activities and strategic transactions in India were key highlights during the quarter. The company's outlook for 2024 shows promising growth potential.
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