You might also like
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 .
| 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?
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 developments and announcements about AMT.
Earnings
New Earnings (Q4 2024)
·Feb 25, 2025, 3:49 PMView full earnings summary →AMT sees nearly 12% data center revenue growth in 2025, underpinned by strong CoreSite performance and mid-teens yields on new builds. However, Sprint churn of $98–$100M dampens early 2025. Domestic leasing still supports ~5% annual organic growth through 2027.
8-K Filings
8-K Filing
·Feb 19, 2025, 9:34 PMFinancial ExhibitsOther EventsView full 8-K filing →American Tower has priced a registered public offering of senior unsecured notes—$650M of 2030 notes and $350M of 2035 notes. The 2030 notes offer a 4.900% interest rate at 99.846%, and the 2035 notes, 5.350% at 99.724%. Net proceeds are expected to be ~$988.9M.