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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 (AMT) investor relations material
American Tower UBS Global Media and Communications Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.UBS Global Media and Communications Conference 2025 summary9 Dec, 2025
Strategic priorities and growth outlook
Focus on maximizing organic growth, especially in developed markets, with disciplined cost management and selective investments to drive industry-leading AFFO per share growth through 2026 and beyond.
U.S. mobile data growth remains robust, with expectations for continued network densification and 5G/6G preparation, supporting a long runway for new colocations and amendments.
Investment strategy has shifted toward developed markets (U.S., Europe, CoreSite), with reduced but ongoing investment in emerging markets.
Maintaining an investment-grade balance sheet and disciplined capital allocation, including options for stock buybacks and debt refinancing, are key pillars.
Long-term guidance anticipates mid-single-digit organic growth in developed markets, with industry consolidation seen as a long-term positive despite short-term headwinds.
Market trends and technology drivers
Mobile data usage is up 35% annually, driven by 5G adoption, video streaming, fixed wireless, and emerging AI and AR applications, with no signs of deceleration.
Densification for 5G is underway and is seen as foundational for 6G, with carriers needing to deploy more equipment and spectrum to meet rising demand.
Spectrum availability is not expected to delay tower activity in the medium or long term, as carriers require all solutions to address data growth.
Network services business is cyclical but serves as a proxy for healthy ecosystem activity, though not a direct predictor of leasing growth.
Competition from private tower companies is longstanding, but barriers to entry and portfolio scale limit their impact on organic growth.
Regional performance and strategy
Europe: Well-insulated from carrier consolidation due to selective portfolio acquisition; mid-single-digit growth expected, with further expansion considered only for the right opportunities.
Latin America: Market reset ongoing, with low growth expected through 2027; positive leasing trends in Brazil may lead to accretive growth from 2028 onward.
Mexico: 5G deployment lags due to spectrum policy issues; investment expected once spectrum is allocated.
Africa: Double-digit growth in new business, with stable revenues from top carriers; FX volatility remains a challenge, prompting a gradual reduction in investment exposure.
DISH litigation: What's the path to resolution?
Emerging markets: What's the long-term strategy?
CoreSite: How will edge computing drive growth?
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Next American Tower earnings date
Q4 202523 Feb, 2026
Next American Tower earnings date
Q4 202523 Feb, 2026
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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.
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