American Tower Corporation (AMT) is a leading global real estate investment trust (REIT) specializing in the ownership, operation, and development of multitenant communications real estate . The company primarily leases space on communications sites to clients such as wireless service providers, broadcast companies, and government agencies, which is a major part of their property operations . AMT's extensive portfolio includes over 224,000 communications sites worldwide, and they also manage data center facilities in the United States . Additionally, the company provides tower-related services in the U.S. to support their site leasing business .
- Property Operations - Manages and leases space on communications sites to wireless service providers, radio and television broadcast companies, and other clients, contributing significantly to the company's revenue .
- Data Centers - Operates a portfolio of interconnected data center facilities in the United States, supporting various telecommunications infrastructure needs .
- Services - Offers tower-related services in the United States, including site application, zoning and permitting, structural and mount analyses, and construction management to support site leasing and tenant additions .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Eugene M. Noel Executive | EVP and Chief Operating Officer (COO) | Board Member: Tower Families Foundation | Joined AMT in 2011; previously President of U.S. Tower Division; became COO in January 2025. | |
Olivier Puech Executive | EVP and President, Latin America and EMEA | None | Joined AMT in 2013; previously CEO of Latin America; oversees operations in Latin America, Europe, Middle East, and Africa. | |
Rich Rossi Executive | EVP and President, U.S. Tower Division | None | Joined AMT in 2001; previously SVP and General Counsel of U.S. Tower; became President of U.S. Tower Division in January 2025. | |
Robert J. Meyer Executive | SVP and Chief Accounting Officer | None | Joined AMT in 2008; previously SVP, Finance and Corporate Controller; became Chief Accounting Officer in January 2020. | |
Rodney M. Smith Executive | EVP, Chief Financial Officer, and Treasurer | Co-Executive Sponsor of AMT's WAATCH employee resource group | Joined AMT in 2009; previously SVP of Corporate Finance and Treasurer; oversees financial operations. | |
Ruth T. Dowling Executive | EVP, Chief Administrative Officer, General Counsel, and Secretary | Board Member: ATC Europe, CoreSite | Joined AMT in 2011; previously SVP and General Counsel for EMEA and Latin America; became EVP in January 2023. | |
Steven O. Vondran Executive | President and Chief Executive Officer (CEO) | Board Member: CTIA, Wireless Infrastructure Association (WIA) | Joined AMT in 2000; held multiple leadership roles, including EVP and President of U.S. Tower Division; became CEO in February 2024. | View Report → |
Craig Macnab Board | Director, Chair of Compensation Committee | Director at Independence Realty Trust, Inc.; Director at VICI Properties, Inc. | Director at AMT since December 2014; former CEO of National Retail Properties, Inc.; extensive REIT and financial expertise. | |
Grace D. Lieblein Board | Director, Compensation Committee Member | Director at Honeywell International, Inc.; Director at Cox Enterprises Inc. | Director at AMT since June 2017; former VP at General Motors; extensive management and engineering expertise. | |
JoAnn A. Reed Board | Director, Chair of Audit Committee | None | Director at AMT since May 2007; former CFO of Medco Health Solutions; extensive financial and healthcare expertise. | |
Kelly C. Chambliss Board | Director, Compensation Committee Member | SVP of IBM Consulting in the Americas | Director at AMT since March 2022; extensive management and cybersecurity experience from IBM. | |
Kenneth R. Frank Board | Director | Partner at Banneker Partners; Director at Orbcomm, Inc. and Calero-MDSL | Director at AMT since January 2021; extensive experience in enterprise software and technology. | |
Neville R. Ray Board | Director | Board Member: Ziff Davis, Inc.; Member: U.S. President’s NSTAC | Elected to AMT's Board in March 2024; former President of Technology at T-Mobile USA; extensive wireless industry experience. | |
Pamela D. A. Reeve Board | Chairperson of the Board | Chair of the Board: The Women's Edge | Director at AMT since 2002; became Chairperson in May 2020; extensive corporate governance expertise. | |
Rajesh Kalathur Board | Director, Audit Committee Member | President of John Deere Financial; CIO of Deere & Company | Elected to AMT's Board in February 2025; extensive experience in finance, IT, and operations at Deere & Company. | |
Robert D. Hormats Board | Director, Chair of Nominating and Corporate Governance Committee | Member: Council on Foreign Relations, Economic Club of New York | Director at AMT since October 2015; former Under Secretary of State for Economic Growth, Energy, and the Environment. | |
Teresa H. Clarke Board | Director | Chair and CEO of Africa.com LLC; Board Member: Arthur J. Gallagher & Co.; Chair: Smithsonian National Museum of African Art Advisory Board | Director at AMT since December 2021; extensive international and financial expertise, particularly in Africa. |
- Steve, given that financial risks in emerging markets have outpaced your original underwriting and contributed to financial results falling short of your standards, how do you plan to further reduce exposure to these markets beyond the anticipated sale of India, and can you provide specifics on potential divestitures or strategic actions in other emerging markets?
- Rod, recent currency devaluations in certain markets have exceeded your initial underwriting expectations despite CPI escalators helping to mitigate risk; how are you adjusting your underwriting standards to better account for currency and financial risks in emerging markets for future capital deployments?
- You've reduced discretionary capital allocation to emerging markets from around two-thirds in 2021 to less than one-third in your 2024 guidance, while doubling discretionary capital in developed markets; what specific investment opportunities are you pursuing in developed markets to achieve the compelling mid-teens U.S. dollar yields you've mentioned?
- You anticipate savings of over $40 million in SG&A, including bad debt, relative to 2023, with emerging markets being a significant contributor to these cost efficiencies; can you elaborate on the specific cost control measures implemented, and how sustainable are these savings in the long term?
- Regarding the potential for share buybacks alongside other priorities like deleveraging and dividend payments, under what conditions would you prioritize buybacks, and how do you evaluate the trade-offs between buybacks, reinvesting in growth opportunities, and strengthening your balance sheet to ensure long-term shareholder value?
Research analysts who have asked questions during AMERICAN TOWER CORP /MA/ earnings calls.
James Schneider
Goldman Sachs
4 questions for AMT
Ric Prentiss
Raymond James
4 questions for AMT
Batya Levi
UBS
3 questions for AMT
Michael Rollins
Citigroup
3 questions for AMT
Nicholas Del Deo
MoffettNathanson
3 questions for AMT
Benjamin Swinburne
Morgan Stanley
2 questions for AMT
Eric Luebchow
Wells Fargo
2 questions for AMT
Simon Flannery
Morgan Stanley
2 questions for AMT
Ari Klein
BMO Capital Markets
1 question for AMT
Brandon Nispel
KeyBanc Capital Markets
1 question for AMT
David Barden
Bank of America
1 question for AMT
Jonathan Atkin
RBC Capital Markets
1 question for AMT
Matthew Niknam
Deutsche Bank
1 question for AMT
Michael Funk
Bank of America
1 question for AMT
Mike Funk
Bank of America
1 question for AMT
Nick Del Deo
MoffettNathanson LLC
1 question for AMT
Richard Chen
JPMorgan Chase & Co.
1 question for AMT
Richard Choe
JPMorgan Chase & Co.
1 question for AMT
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company competes with this public tower company for new business and the acquisition of assets in the highly competitive industry. | |
This public tower company is another competitor in the industry, vying for new business and asset acquisitions. | |
Telesites S.A.B. de C.V. | This public tower company is mentioned as a competitor in the market for communications sites. |
Cellnex Telecom, S.A. | This public tower company competes with the company in the communications infrastructure sector. |
Indus Towers Limited | This wireless carrier tower consortium is listed as a competitor in the industry. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
T-Mobile | Leases tower space from AMT | All | 19% of consolidated operating revenues in 2024. |
AT&T | Leases tower space from AMT | All | 18% of consolidated operating revenues in 2024. |
Verizon Wireless | Leases tower space from AMT | All | 13% of consolidated operating revenues in 2024. |
Telefónica | Leases tower space from AMT (primarily in Europe) | All | 10% of consolidated operating revenues in 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
56 towers (AT&T transaction) | 2023 | Completed on September 29, 2023 as part of the broader AT&T transaction, acquiring 56 towers for $39.0 million. |
69 communications sites & assets | 2023 | Completed acquisition of communications sites in the US, Canada, France, Poland, and Spain for an aggregate purchase price of $65.7 million, with detailed allocations across current assets, property and equipment, and intangibles, treated as an asset acquisition. |
68 communications sites & assets | 2023 | Completed during the six months ended June 30, 2023, this asset acquisition totaled $51.7 million (with $9.3 million as a payable), covering sites in the US, Canada, France, Poland, and Spain with defined allocation across asset classes. |
8 communications sites & assets | 2023 | Completed in the three months ended March 31, 2023, this acquisition involved communications sites in the US, Canada, Poland, and Spain for $17.5 million (including $8.4 million as a payable) and was considered immaterial to the period’s operating results. |
Fiber assets from Telefónica de España | 2022 | Completed the acquisition of fiber assets connected to its Spanish communications sites for 120.1 million EUR ($128.8 million), with 73.2 million EUR recorded as a payable as of June 30, 2022, and accounted for as an asset acquisition. |
208 communications sites from Orange S.A. | 2022 | Completed as part of a broader agreement (signed in 2019 for up to 2,000 sites), this acquisition of 208 communications sites in France was executed during the nine months ended September 30, 2022 and included in an aggregate purchase price of $174.2 million for multiple acquisitions. |
258 communications sites & assets | 2022 | Completed the acquisition of 258 communications sites and related infrastructure assets across the US, Canada, France, Mexico, Nigeria, and Poland for $174.2 million, with a detailed allocation to current assets, property and equipment, and both tenant-related and network location intangible assets, supporting the company's global expansion strategy. |
Recent press releases and 8-K filings for AMT.
- Board declares quarterly cash distribution of $1.70 per share, payable October 20, 2025, to shareholders of record as of September 30, 2025.
- Olivier Puech to retire as Executive Vice President and President, International, effective January 2, 2026.
- Announcements made via Form 8-K filed September 18, 2025.
- Completed $200 million 4.900% Senior Notes due 2030 and $375 million 5.350% Senior Notes due 2035, generating net proceeds of approximately $587.8 million.
- Notes are fungible with the Company’s outstanding March 14, 2025 series and were issued under the June 1, 2022 indenture, as supplemented by Supplemental Indenture No. 8.
- Net proceeds will be used to repay borrowings under its $4.0 billion senior unsecured revolving credit facility and for general corporate purposes.
- Both series mature on March 15, 2030 and March 15, 2035, respectively, pay interest semi-annually and include customary covenants and redemption provisions.
- Cleary Gottlieb Steen & Hamilton LLP opines that the Securities are valid, binding and enforceable obligations of the Company.
- 2025 organic tenant billings growth guidance of ~4.3%, supported by U.S. 5G rollouts and rising mobile data demand, alongside AFFO per share growth targets.
- Capital allocation focused on developed markets, with increased investments in the U.S., Europe, and CoreSite data centers, reduced emerging-market spend, and a BBB+ balance sheet with no 2025 refinancing needs remaining.
- DISH lease obligations represent only 2% of global and 4% of U.S. revenues, limited to minimum contractual payments, with no expected impact on the 2025 outlook.
- European operations (France, Germany, Spain) delivering mid-single-digit organic revenue growth, outperforming original acquisition targets, though contributing modestly to overall AFFO.
- CoreSite data centers achieving double-digit economic growth; interconnection services account for 15–20% of revenues, with disciplined expansion in multi-tenant, edge-focused sites and no hyperscale commitments.
- On September 11, 2025, American Tower priced $200.0 million of 4.900% senior unsecured notes due 2030 at 102.452% of face value.
- Concurrently, it priced $375.0 million of 5.350% senior unsecured notes due 2035 at 103.567% of face value.
- The combined net proceeds of approximately $587.8 million will be used to repay borrowings under its $4.0 billion revolving credit facility and for general corporate purposes.
- Both series will be consolidated and fully fungible with the Company’s outstanding notes issued on March 14, 2025.
- Emphasis on maximizing organic growth, selective capital deployment in developed markets, disciplined cost control to expand margins, and optimizing the balance sheet for volatility resilience.
- Strategic pivot from emerging to developed markets: emerging-market AFFO contribution cut from 40% to 25% post-India divestiture; Latin America growth expected in low single digits amid carrier consolidation and a $300 million AT &T Mexico rent arbitration.
- US leasing momentum remains strong: pipeline growth with a 200% increase in colocations, ~90% amendments, supporting mid-single-digit organic tenant billings growth driven by network densification.
- Long-term financial targets include mid-to-upper single-digit AFFO per share growth, underpinned by global tower demand, CoreSite’s double-digit data-center expansion, a $3.2 billion dividend, and opportunistic share buybacks.
- American Tower completed a full refresh of its U.S. leadership, with Steve as CEO and Bud Noel as COO in early 2024 and new appointments across the U.S. division, creating a team of industry veterans averaging ~20 years’ tenure in new roles.
- The company set its U.S. new leasing commencements guidance at ~$160 million for 2025, expecting ~4.3% organic growth, though timing variability in customer commencements remains an execution risk.
- 5G roll-out is unfolding in coverage, quality (halftime pause), and capacity phases, with carriers at different upgrade stages but converging on similar endpoints; amendment activity dominates, while colocation requests are up 200% year-to-date.
- American Tower sees AI-driven mobile data demand and edge computing as future growth catalysts, noting increased network consumption from AI applications and advancing Metro Edge facility deployments to capture this opportunity.
- Its services business differentiates front-end permitting (AZP) as a leading indicator for lease applications and construction services as a lagging indicator, and reports that end-to-end deployments can be completed in ~9 months, versus ~12 months for standalone projects.
- American Tower is extending its passive tower business into edge data centers, having acquired CoreSite in 2021 and piloting a modular Raleigh facility with 1 MW increments targeting AI/GPU workloads; the company has ~30 additional sites pre-zoned and permitted for similar deployments.
- The firm identifies power availability as the primary driver for edge adoption, offering higher rack power densities and liquid-cooling modules deployable in 12–18 months versus 3+ years for large central data centers.
- American Tower holds a strategic stake in AST Space Mobile, viewing satellite-to-cellular services as fully complementary infrastructure to expand coverage in underserved and rural areas.
- The recent tax bill reviving FCC spectrum auction authority—starting with an upper C-band auction within two years—should spur new radio deployments and subsequent tower colocation and site densification.
- Global organic growth and operational efficiency are top priorities, with management focusing on expanding margin and reducing floating rate exposure to strengthen balance sheet performance.
- Sprint churn issues are on track to be resolved, with the business expecting no Sprint churn impact by Q4 2025, which will normalize revenue churn levels.
- A strategic shift to developed markets is underway, including a purposeful exit from lower-growth regions and leveraging the CoreSite data center platform to enhance edge computing capabilities.
- The company is optimizing capital allocation by reinvesting free cash flow in targeted CapEx programs, resuming dividend growth, and maintaining flexibility for potential M&A or share buybacks.
- Portfolio management focus: The company is actively managing its asset portfolio by divesting its India business to reduce emerging market volatility and reposition exposure toward developed markets.
- Capital allocation flexibility: American Tower emphasized its disciplined approach with multiple uses of investable cash—including M&A, CapEx, deleveraging, stock buybacks, and dividends—to create sustainable long‐term shareholder value.
- Digital infrastructure growth: The firm highlighted its strategic expansion in data centers through the CoreSite acquisition, underlining the strong performance of this segment and its potential to drive future growth as edge computing evolves.
- Resilient growth fundamentals: Despite macroeconomic challenges such as FX headwinds and refinancing at higher interest rates, the company projects a sustainable mid to high single-digit AFFO per share growth, with plans to resume dividend growth aligned with this performance.
- American Tower Corporation completed a registered public offering of 500.0 million euros in senior unsecured notes due 2032, generating net proceeds of approximately 496.8 million euros (at an exchange rate of 1.00 EUR = $1.1240).
- The net proceeds will be used to repay part of its $6.0 billion revolving credit facility and for general corporate purposes.
- Key terms such as a 3.625% interest rate, interest accrual beginning May 30, 2025, and detailed redemption and default provisions are outlined in the associated Base and Supplemental Indentures.