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Investing22 Dec 2023
A Crash Course in REITs
There are several reasons an investor might choose to invest in a REIT rather than in physical real estate.
American Tower
American Tower (AMT) investor relations material
American Tower Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
Q3 total revenue rose 2.5% to $2.785B; Adjusted EBITDA increased 0.9% to $1.832B and attributable AFFO per share rose 3.2% to $2.87.
2026 property revenue outlook midpoint rose $55M and AFFO per-share outlook rose $0.02; Adjusted EBITDA outlook was unchanged.
Data center outperformance and international growth offset U.S. & Canada and Services pressure; management expects tower and AFFO/share growth to improve from 2027.
Financial highlights
Q3 property revenue was $2,734M, up 4.5% reported; excluding straight-line revenue, growth was 6.5% reported and 5.0% FX-neutral.
Q3 Adjusted EBITDA was $1,832M, up 0.9% reported and 2.3% FX-neutral; cash margin was 66.3%, down from 66.8% a year earlier.
Q3 attributable AFFO per share was $2.87, up 3.2% reported and 1.4% FX-neutral; attributable AFFO rose 2.4% to $1,335M.
Net income was $780.8M, down 14%, and diluted EPS was $1.64 versus $1.82; unrealized equity-security losses and higher taxes weighed on results.
Nine-month revenue grew 5% to $8.272B and attributable net income rose to $2.493B, aided by favorable FX results versus prior-year losses.
Outlook and guidance
2026 property revenue outlook midpoint rose $55M to $10,825M; expected growth is ~5% reported and ~7% cash FX-neutral excluding DISH churn.
2026 Adjusted EBITDA outlook midpoint remained $7,275M, implying ~2% growth and ~5% cash FX-neutral growth excluding DISH churn.
Attributable AFFO per-share outlook midpoint rose $0.02 to $11.10, implying ~3% growth; expected FX-neutral growth is ~5% excluding DISH churn and refinancing costs.
Outlook assumes ~4% tower organic tenant billings growth excluding DISH and ~16% data center revenue growth; services revenue outlook was reduced to ~$220M after delayed projects.
2026 is expected to be a trough year for organic tenant billings and AFFO/share growth, with long-term AFFO/share growth returning to mid-to-high single digits from 2027.
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Latest events from American Tower
- Growth to accelerate post-2026, driven by network catalysts and disciplined financial strategy.AMT
Citi’s 2026 Global TMT Conference - Growth is fueled by 5G/6G, spectrum, and AI, with CoreSite and Europe as standout performers.AMTGoldman Sachs Communacopia + Technology Conference 2026
- 5G densification, spectrum expansion, and edge computing drive sustained growth and future opportunities.AMTTD Cowen 12th Annual Communications Infrastructure Summit
- Q2 2026 net income up 133.2% on strong leasing, data center growth, and FX gains; outlook raised.AMTQ2 2026
- All management proposals passed, with director elections, pay, and auditor ratification approved.AMTAGM 2025
- Organic growth, 5G expansion, and data center demand drive strategy amid global capital pivot.AMTTD Cowen 10th Annual Communications Infrastructure Summit
- Strong fundamentals and growth prospects driven by mobile data, AI, and 6G adoption.AMTNareit REITweek: 2026 Investor Conference
- Organic growth, AI-driven demand, and disciplined capital allocation support durable mid to upper single-digit growth.AMTGoldman Sachs Communicopia + Technology Conference 2025
- Q2 2025 revenue up 3.2%, net income down 58.1% on FX losses; data centers show strong growth.AMTQ2 2025
Next American Tower earnings date
Q4 202623 Feb, 2027
American Tower
Next American Tower earnings date
Q4 202623 Feb, 2027
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Frequently asked questions
Communications Infrastrucutre
American Tower Corporation, sometimes referred to simply as ATC, is an American company headquartered in Boston, Massachusetts operating globally. The company owns and operates wireless communications infrastructure. The company operates as a Real Estate Investment Trust (REIT), and its shares are listed on the NYSE. The company owns roughly 200,000 communications sites spread across the world, with a majority of the infrastructure being located in Asia and Latin America.
Foundation and Spin-Off
American Tower is a relatively young company. It was founded in 1995 as a unit of American Radio Systems. When American Radio Systems completed its merger with CBS (owned by Paramount) in 1998, American Tower was spun off into a separate company. American Tower then began establishing itself internationally by setting up communications infrastructure in Mexico and Brazil. In the US, American Tower purchased telephone relay towers previously owned by AT&T which they then repurposed for use as cell towers. American Towers' growth journey is one marked primarily by acquisitions, which allowed the company to increase its portfolio of communications infrastructure rapidly.
How American Tower Operates
American Tower’s business idea is, unsurprisingly, to lease out its vast network of communications infrastructure to other companies. This includes cell towers, television broadcasting equipment, broadband infrastructure, and more. Due to the sheer size of American Towers’ network, the company is able to rent out more or less complete connectivity solutions for its customers looking to increase their communications possibilities.
Operating as a REIT
A Real Estate Investment Trust, or REIT, is a company that manages, owns, or funds properties that generate revenue across various real estate categories. These trusts aim to deliver steady income and potential for asset growth, with tax advantages due to the corporate structure. REITs and their shares trade on stock exchanges, but with special rules and regulations governing them. Legally, they are mandated to give a minimum of 90% of their taxable earnings to shareholders as dividends.