American Tower (AMT) J.P. Morgan 54th Annual Global Technology, Media and Communications Conference summary

Strategic positioning in digital infrastructure

• Assets in towers and data centers are positioned to benefit from ongoing growth in mobile data consumption, driven by 5G, upcoming 6G, and AI workloads, with a focus on network quality, coverage, and capacity globally.

• U.S. assets are considered best-in-class, with European assets outperforming expectations and African markets growing faster than the U.S.; Latin America is expected to stabilize after peak churn in 2024, returning to normalized growth by 2027-2028.

• Emphasis on the critical role of infrastructure in supporting evolving network demands and enabling edge computing by connecting towers and data centers.

Financial outlook and growth drivers

• Expectation of stable mid-single-digit organic tenant billings growth in the U.S., with higher growth rates in Africa and Europe, and double-digit growth in the data center platform.

• AFFO per share growth is projected to be industry-leading, underpinned by disciplined capital allocation, margin expansion, and a strong balance sheet with reduced floating rate debt exposure.

• FX volatility is expected to be more stable in coming years, with CPI escalators acting as a natural hedge in emerging markets.

Data center strategy and CoreSite integration

• CoreSite acquisition has outperformed initial expectations, delivering record new business and strong demand, with a focus on interconnection, cloud on-ramps, and high GPU density supported by advanced cooling systems.

• Investments in CoreSite have increased, with capital reallocated from emerging markets to U.S. data centers, enabling rapid expansion and the ability to meet growing AI and enterprise demand.

• CoreSite's differentiated offering includes extensive interconnection, power availability, and infrastructure quality, attracting both hyperscalers and enterprises, especially for private AI deployments and hybrid cloud needs.