Welcome to our dedicated page for American Tower Corporation news (Ticker: AMT), a resource for investors and traders seeking the latest updates and insights on American Tower Corporation stock.
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 launched connectivity services to Oracle Cloud Infrastructure (OCI) via FastConnect at its Chicago data center. This offering enables low-latency, high-bandwidth integration, supporting up to 10 Gbps for data-intensive applications. The solution is designed for industries like financial services and e-commerce, allowing customers to bypass public internet for more secure connections. Oracle emphasizes the importance of reliable connectivity for high-performance workloads, promising improved data handling and security.
CoreSite, a subsidiary of American Tower Corporation (NYSE: AMT), will present at the Gartner IT Infrastructure, Operations and Cloud Strategies Conference 2022 in Las Vegas on December 7. The session, titled “How to Optimize Your Digital Supply Chain: Create an Interconnection Strategy to Increase Revenue Opportunities”, is scheduled from 4:45 p.m. to 5:05 p.m. PST. CoreSite will also exhibit at Booth #216 from December 6-8, providing opportunities for attendees to engage with their team.
CoreSite, a subsidiary of American Tower Corporation (NYSE: AMT), announced enhancements to its Open Cloud Exchange (OCX) platform, enabling automated provisioning for hybrid architectures within Google Cloud. These upgrades foster secure, low-latency connectivity across data centers, cloud providers, and service integrators, facilitating market expansion and IT modernization. CoreSite aims to support evolving customer demands and reduce total cost of operation. Future enhancements to the OCX, including cloud service capabilities, are anticipated.
CoreSite, a subsidiary of American Tower (NYSE: AMT), announced an additional investment of $570 million from Stonepeak, which, combined with a previous $2.5 billion investment made in August 2022, gives Stonepeak a 36% ownership stake in CoreSite's U.S. data center business. The transaction was completed on October 20, 2022 and involves both common and mandatorily convertible preferred equity at the same valuation as the initial investment. Stonepeak's involvement aligns with its core infrastructure investment strategy.
American Tower (AMT) announced third-quarter 2022 results, reporting an 8.8% increase in total revenue to $2,672 million and a 12.9% rise in net income to $820 million. Property revenue grew by 10.2%, with tenant billings climbing 3.9%. Despite these improvements, consolidated AFFO decreased 1.2% to $1,144 million. The company remains optimistic about the 5G rollout and its cash distribution grew by 12.2% year-over-year. American Tower also revealed a Net Leverage Ratio of 5.5x and maintains a substantial liquidity of $7 billion.
CoreSite, in collaboration with Ericsson and Heavy Reading, released a research report titled “Artificial Intelligence: Charting the Way Forward for AI”. The report highlights trends in AI adoption among IT leaders and service providers. Key findings indicate that 82% of surveyed companies anticipate an increase in AI usage within five years. The study emphasizes the importance of hybrid IT solutions and low-latency networks for successful AI deployment in data centers, showcasing opportunities for enhanced customer experience and potential revenue growth.
American Tower Corporation (NYSE: AMT) will announce its third quarter 2022 results on October 27, 2022, at 7:00 a.m. ET. A conference call is scheduled for the same day at 8:30 a.m. ET to discuss the results. Investors can join the call by dialing (877) 692-8955 in the U.S. or (234) 720-6979 internationally, using access code 1779930. An audio replay will be available from October 27, 2022, 11:30 a.m. ET to November 10, 2022. For more details, visit American Tower's Investor Relations page.
CoreSite, part of American Tower Corporation (NYSE: AMT), has launched a new metro inter-site ethernet product with bandwidth options up to 100 Gbps. This offering enhances CoreSite's interconnection portfolio, allowing businesses to securely and efficiently connect networks, applications, and data in the same market. The service aims to address capacity constraints and facilitate regional expansion. CoreSite's interconnection solutions serve a diverse ecosystem of over 775 networks and cloud providers, promising improved performance and reduced total cost of ownership.
FAQ
What is the current stock price of American Tower Corporation (AMT)?
What is the market cap of American Tower Corporation (AMT)?
What does American Tower Corporation do?
Where is American Tower Corporation headquartered?
How many towers does American Tower Corporation operate in the United States?
What regions does American Tower Corporation have a presence in?
What recent business agreements has American Tower Corporation announced?
How did American Tower Corporation perform financially in 2023?
What are American Tower Corporation’s strategic priorities?
What is the significance of American Tower Corporation's data center acquisition?
Who are American Tower Corporation's main customers?
What is the importance of the CoreSite Washington, D.C., data center campus?
