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 **[0001053507-24-000011_amt-20231231.htm:132]**. 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 **[0001053507-24-000130_amt-20240930.htm:55]** **[0001053507-24-000105_amt-20240630.htm:44]**. AMT's extensive portfolio includes over 224,000 communications sites worldwide, and they also manage data center facilities in the United States **[0001053507-24-000130_amt-20240930.htm:55]** **[0001053507-24-000105_amt-20240630.htm:44]**. Additionally, the company provides tower-related services in the U.S. to support their site leasing business **[0001053507-24-000011_amt-20231231.htm:132]** **[0001053507-24-000130_amt-20240930.htm:55]**.

1. **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 **[0001053507-24-000011_amt-20231231.htm:132]** **[0001053507-24-000130_amt-20240930.htm:55]** **[0001053507-24-000105_amt-20240630.htm:44]**.
2. **Data Centers** - Operates a portfolio of interconnected data center facilities in the United States, supporting various telecommunications infrastructure needs **[0001053507-24-000011_amt-20231231.htm:132]** **[0001053507-24-000130_amt-20240930.htm:55]** **[0001053507-24-000105_amt-20240630.htm:44]**.
3. **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 **[0001053507-24-000011_amt-20231231.htm:132]** **[0001053507-24-000130_amt-20240930.htm:55]** **[0001053507-24-000105_amt-20240630.htm:44]**.

fe0ed8ce931c36c26cee7e05d39402f75903ab7917d015229b655e1b72152db1

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Data Centers         | **198**  **[0001053507-23-000021_pressreleaseq42022.htm:20]**  | **203**  **[0001053507-23-000114_amt-20230331.htm:43]**  | **204.9**  **[0001053507-23-000142_amt-20230630.htm:47]**  | **211.9**  **[0001053507-23-000161_amt-20230930.htm:45]**  | **215**  **[0001053507-24-000009_pressreleaseq42023.htm:20]**  | **224.6**  **[0001053507-24-000084_amt-20240331.htm:37]**  | **231**  **[0001053507-24-000103_pressreleaseq22024.htm:19]**  | **233.7**  **[0001053507-24-000130_amt-20240930.htm:47]**  |
| Services             | **60**  **[0001053507-23-000021_pressreleaseq42022.htm:20]**   | **52.7**  **[0001053507-23-000114_amt-20230331.htm:43]**  | **43.1**  **[0001053507-23-000142_amt-20230630.htm:47]**  | **26.2**  **[0001053507-23-000161_amt-20230930.htm:45]**  | **21**  **[0001053507-24-000009_pressreleaseq42023.htm:20]**   | **30.2**  **[0001053507-24-000084_amt-20240331.htm:37]**  | **47**  **[0001053507-24-000103_pressreleaseq22024.htm:19]**   | **52.4**  **[0001053507-24-000130_amt-20240930.htm:47]**  |

679d9a0863e2b16e4c66531222de41a77ee69c6db5c9420e5b1fb0bb6d37fe1d

d4767d594bb527575c3de81da32b5504616896ac59bdc5b6fc9309496ef98dfc

Number of Owned Towers

Number of Operated Towers

Number of Owned DAS Sites

Anticipated Spend Related to Data Center Assets ($M)

Communications Sites Securing Series Notes

Broadcast and Wireless Towers Securing the Loan

19d32859166ec7563f68abdc39209a8a10a7287ad29f99b4babcf7ef78988fca

| Metric / Quarter                                      | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Number of Owned Towers                                | 223,055  **[0001053507-23-000023_amt-20221231.htm:48]**  | 205,219  **[0001053507-23-000114_amt-20230331.htm:38]**  | 205,226  **[0001053507-23-000142_amt-20230630.htm:42]**  | 204,789  **[0001053507-23-000161_amt-20230930.htm:49]**  | 222,830  **[0001053507-24-000011_amt-20231231.htm:49]**  | 204,595  **[0001053507-24-000084_amt-20240331.htm:39]**  | 204,386  **[0001053507-24-000105_amt-20240630.htm:44]**  | 129,352  **[0001053507-24-000130_amt-20240930.htm:55]**  |
| Number of Operated Towers                              | 15,187  **[0001053507-23-000023_amt-20221231.htm:55]**  | 15,825  **[0001053507-23-000114_amt-20230331.htm:38]**  | 18,793  **[0001053507-23-000142_amt-20230630.htm:42]**  | 15,098  **[0001053507-23-000161_amt-20230930.htm:49]**  | 15,091  **[0001053507-24-000011_amt-20231231.htm:55]**  | 15,082  **[0001053507-24-000084_amt-20240331.htm:39]**  | 15,372  **[0001053507-24-000105_amt-20240630.htm:44]**  | 15,294  **[0001053507-24-000130_amt-20240930.htm:55]**  |
| Number of Owned DAS Sites                              | 1,713  **[0001053507-23-000023_amt-20221231.htm:55]**  | 1,714  **[0001053507-23-000114_amt-20230331.htm:38]**  | 1,677  **[0001053507-23-000142_amt-20230630.htm:42]**  | 1,672  **[0001053507-23-000161_amt-20230930.htm:49]**  | 1,672  **[0001053507-24-000011_amt-20231231.htm:55]**  | 1,657  **[0001053507-24-000084_amt-20240331.htm:39]**  | 1,178  **[0001053507-24-000105_amt-20240630.htm:44]**  | 864  **[0001053507-24-000130_amt-20240930.htm:55]**  |
| Anticipated Spend Related to Data Center Assets ($M)   | 360  **[0001053507-23-000023_amt-20221231.htm:75]**  | 360  **[0001053507-23-000114_amt-20230331.htm:52]**  | 360  **[0001053507-23-000142_amt-20230630.htm:62]**  | 360  **[0001053507-23-000161_amt-20230930.htm:68]**  | 450  **[AMT_3375179_7]**  | 114.9  **[0001053507-24-000084_amt-20240331.htm:56]**  | 480  **[0001053507-24-000105_amt-20240630.htm:65]**  | 480  **[0001053507-24-000130_amt-20240930.htm:77]**  |
| Communications Sites Securing Series Notes             | 3,516  **[0001053507-23-000023_amt-20221231.htm:47]**  | 3,516  **[0001053507-23-000114_amt-20230331.htm:62]**  | 3,344  **[0001053507-23-000142_amt-20230630.htm:71]**  | 3,344  **[0001053507-23-000161_amt-20230930.htm:77]**  | 3,343  **[0001053507-24-000011_amt-20231231.htm:176]**  | 3,340  **[0001053507-24-000084_amt-20240331.htm:64]**  | 3,340  **[0001053507-24-000105_amt-20240630.htm:74]**  | 3,340  **[0001053507-24-000130_amt-20240930.htm:86]**  |
| Broadcast and Wireless Towers Securing the Loan        | 5,102  **[0001053507-23-000023_amt-20221231.htm:178]**  | 5,036  **[0001053507-23-000114_amt-20230331.htm:53]**  | 5,036  **[0001053507-23-000142_amt-20230630.htm:63]**  | 5,035  **[0001053507-23-000161_amt-20230930.htm:19]**  | 5,034  **[0001053507-24-000011_amt-20231231.htm:179]**  | 5,029  **[0001053507-24-000084_amt-20240331.htm:64]**  | 5,029  **[0001053507-24-000105_amt-20240630.htm:74]**  | 5,029  **[0001053507-24-000130_amt-20240930.htm:86]**  |

a53ce4ab0b98914f92c8e70b627ec5030e35682970652b6553b1ebf048ff1032

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

4385ee40bb45e6d9b028a29db340a54e10c322e8f351c7911202355c8637a97d

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

291bbd9d7ea7baa1287103d0a9e26e34cb28a3e1cc3dcae9b79ba3176a4ff238

1. 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?  **[AMT_3394990_2]** **[AMT_3394990_3]** 
2. 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?  **[AMT_3394990_3]** 
3. 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?  **[AMT_3394990_2]** 
4. 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?  **[AMT_3394990_2]** **[AMT_3394990_3]** 
5. 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?  **[AMT_3394990_2]** **[AMT_3394990_21]** 

1748081b4439014a600d5be36b72c3c649974d17b816d4e4dc29dc9c2795f2b9

69d95eab808edc9bd200170a9e1e6b57a8dc1477fd45e1c879360208aec24462

f067f9259109aa383b032cfd43e0856b19371fef853c2d7dc7ed2424df2751e6

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Organic Tenant Billings Growth**:
    - U.S. and Canada: Approximately **4.7%**  **[AMT_3394990_6]** .
    - International: **5.5%** with Africa > **12%**, Europe ~ **6%**, Latin America > **1.5%**  **[AMT_3394990_7]** .
  - **Adjusted EBITDA**: Increased by **$130 million**  **[AMT_3394990_7]** .
  - **AFFO**: Raised by **$85 million** at midpoint, **$0.18** per share, midpoint to **$10.60**  **[AMT_3394990_7]** .
  - **Property Revenue**: Increased by **$20 million**  **[AMT_3394990_7]** .
  - **Dividend Distribution**: Unchanged, subject to Board approval  **[AMT_3394990_7]** .
  - **Capital Program**: Increased by **$55 million**  **[AMT_3394990_7]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Property Revenue**: Increased by **$30 million**  **[AMT_3381498_6]** .
  - **Organic Tenant Billings Growth**: U.S. and Canada **4.7%**, Africa **11%-12%**, Europe **5%-6%**, Latin America and APAC **2%**  **[AMT_3381498_6]** .
  - **Adjusted EBITDA**: Increased by **$40 million**  **[AMT_3381498_6]** .
  - **AFFO**: Raised by **$40 million** at midpoint, **$0.09** per share, midpoint to **$10.42**  **[AMT_3381498_6]** .
  - **Capital Allocation Plans**: Dividend of **$6.48** per share, **$3 billion** in 2024  **[AMT_3381498_6]** .
  - **Net Leverage**: Aim for **5x** by year-end  **[AMT_3381498_6]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  - **FX Headwind**: Nearly **2% or $191 million**  **[AMT_3375179_6]** .
  - **Organic Tenant Billings Growth**: U.S. and Canada **4.7%**, Africa **11%-12%**, Europe **5%-6%**, Latin America and APAC **2%**  **[AMT_3375179_6]** .
  - **Adjusted EBITDA Growth**: Less than **1%**, **2.5%** FX-neutral  **[AMT_3375179_6]** .
  - **Cash SG&A Reduction**: **$30 million**  **[AMT_3375179_6]** .
  - **Attributable AFFO per Share**: **5%** growth to **$10.33**, **6.5%** FX-neutral  **[AMT_3375179_6]** .
  - **Dividend**: **$3 billion**, **$6.48 per share**  **[AMT_3375179_6]** .
  - **Capital Expenditure**: **$1.6 billion**, **90%** discretionary  **[AMT_3375179_7]** .
  - **Property Revenue**: Over **$11.1 billion**, > **1%** growth, **3%** FX-neutral  **[AMT_3375179_5]** .
  - **Data Centers**: **$80 million** growth, **10%** year-over-year  **[AMT_3375179_5]** .
  - **Net Leverage**: Upper end of **3 to 5x** range  **[AMT_3375179_7]** .
  - **India Business**: **$1.16 billion** property revenue, **$360 million** EBITDA, **$285 million** unlevered AFFO  **[AMT_3375179_5]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information about the Q3 2024 earnings call for American Tower (AMT), so I cannot provide the guidance from that specific earnings call.

3e535b4a029b3b13774ca557299132cca86967d24714d0300552f0218b72df16

- Crown Castle International Corp. - Public tower company
- SBA Communications Corporation - Public tower company
- Telesites S.A.B. de C.V. - Public tower company
- Cellnex Telecom, S.A. - Public tower company
- Indus Towers Limited - Wireless carrier tower consortium
- Private tower companies - Compete for new business and acquisition of assets
- Private equity sponsored firms - Compete for new business and acquisition of assets
- Carrier-affiliated tower companies - Compete for new business and acquisition of assets
- Independent wireless carriers - Compete for new business and acquisition of assets
- Tower owners - Compete for new business and acquisition of assets
- Broadcasters - Compete for new business and acquisition of assets
- Owners of non-communications sites, including rooftops, utility towers, water towers, and other alternative structures - Compete for new business and acquisition of assets
- Companies offering similar data center solutions and services - Compete in the data center business, offering space, power, interconnection, and development services
- Site application consultants - Compete in the services business
- Zoning consultants - Compete in the services business
- Real estate firms - Compete in the services business
- Right-of-way consultants - Compete in the services business
- Structural engineering firms - Compete in the services business
- Construction management firms - Compete in the services business
- Telecommunications equipment vendors - Provide turnkey site development services through multiple subcontractors
- Tenants' personnel - Compete in the services business

15780da14a1df30dd7b45b5d74a23b5cde939830444cf83309fae087495679b2

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

f736b0cf21ccc74a59cce2703d5f9a62c2f709101ac6925e4a15120f7c03436d

| Name              | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                 |
|-------------------|--------------------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Steven O. Vondran | President and Chief Executive Officer                                    | February 1, 2024   | Steven O. Vondran joined AMT in 2000 and has held various leadership roles, including Executive Vice President and President of the U.S. Tower Division. He was previously the Executive Vice President and Global Chief Operating Officer  **[0001053507-24-000075_amt-20240408.htm:34]** . |
| Rodney M. Smith   | Executive Vice President, Chief Financial Officer, and Treasurer         | October 2009       | Rodney M. Smith joined AMT in 2009 and has held positions such as Senior Vice President, Corporate Finance and Treasurer. Before AMT, he was with Lightower and Nextel Communications  **[0001053507-24-000011_amt-20231231.htm:105]** **[0001053507-23-000023_amt-20221231.htm:105]** .                                                   |
| Ruth T. Dowling   | Executive Vice President, Chief Administrative Officer, General Counsel, and Secretary | January 1, 2023    | Ruth T. Dowling joined AMT in 2011 and has served in roles including Senior Vice President, Corporate Legal. She was appointed to her current position in 2023  **[0001053507-24-000011_amt-20231231.htm:106]** **[0001053507-23-000107_amt-20230412.htm:48]** **[0001053507-23-000023_exhibit1021fy2022.htm:0]** .                                                                       |
| Sanjay Goel       | Executive Vice President and President, Asia-Pacific                     | March 2021         | Sanjay Goel joined AMT in 2021. He previously worked at Nokia in various roles, including Head of the Managed Services Business Line for Asia Pacific, Japan, and India  **[0001053507-24-000011_amt-20231231.htm:107]** **[0001053507-23-000023_amt-20221231.htm:107]** .                                                                  |
| Robert J. Meyer   | Senior Vice President and Chief Accounting Officer                       | January 2020       | Robert J. Meyer joined AMT in 2008 as Senior Vice President, Finance and Corporate Controller. He became Chief Accounting Officer in 2020  **[0001053507-24-000011_amt-20231231.htm:107]** **[0001053507-23-000023_amt-20221231.htm:106]** .                                                                                                |
| Eugene M. Noel    | Executive Vice President and President, U.S. Tower Division              | November 1, 2023   | Eugene M. Noel has been with AMT since 2011 and was promoted to his current position in 2023. He has over 25 years of network deployment experience  **[0001053507-24-000011_amt-20231231.htm:107]** **[0001053507-24-000011_exhibit1030fy2023.htm:0]** **[0001053507-24-000075_amt-20240408.htm:34]** .                                                                                  |
| Olivier Puech     | Executive Vice President and President, Latin America and EMEA           | October 2018       | Olivier Puech joined AMT in 2013 as Senior Vice President and CEO of Latin America. He was appointed to his current position in 2018  **[0001053507-24-000011_amt-20231231.htm:107]** **[0001053507-23-000023_amt-20221231.htm:107]** .                                                                                                     |
| Thomas A. Bartlett| Advisor to the Chief Executive Officer                                   | Until May 1, 2024  | Thomas A. Bartlett joined AMT in 2009 as Executive Vice President and Chief Financial Officer. He served as President and CEO from March 2020 until becoming an Advisor to the CEO  **[0001053507-24-000011_amt-20231231.htm:106]** **[0001053507-24-000011_amt-20231231.htm:105]** **[0001053507-24-000075_amt-20240408.htm:34]** .                                                    |
| Neville R. Ray    | Independent Director                                                     | March 2024         | Neville R. Ray joined AMT as an Independent Director in 2024. He was previously President of Technology at T-Mobile US, Inc.  **[0001053507-24-000075_amt-20240408.htm:16]** **[0001053507-24-000075_amt-20240408.htm:7]** .                                                                                                          |
| Adam Smith        | Senior Vice President, Investor Relations and FP&A                       | N/A                | Adam Smith has been with AMT for 14 years as of March 2024  **[AMT_3376565_0]** .                                                                                                                                                                               |

2699c6768dd2e5bc704314b9a6f21c93bb5d4cb3f16d7e92352b366f70b64c5d

| Program Details          | Program 1          | Program 2          |
|--------------------------|--------------------|--------------------|
| Approval Date            | March 2011  **[0001053507-24-000130_amt-20240930.htm:39]**      | December 2017  **[0001053507-24-000130_amt-20240930.htm:39]**   |
| End Date/Duration        | Not specified  **[0001053507-24-000130_amt-20240930.htm:39]**   | Not specified  **[0001053507-24-000130_amt-20240930.htm:39]**   |
| Total additional amount  | **$1.5 billion**  **[0001053507-24-000130_amt-20240930.htm:39]**  | **$2.0 billion**  **[0001053507-24-000130_amt-20240930.htm:39]**  |
| Remaining authorization  | **$0**  **[0001053507-24-000130_amt-20240930.htm:39]**          | **$2.0 billion**  **[0001053507-24-000130_amt-20240930.htm:39]** **[0001053507-24-000130_amt-20240930.htm:81]**  |
| Details                  | Repurchased 14,451,325 shares for $1.5 billion  **[0001053507-24-000130_amt-20240930.htm:39]**  | No repurchases made as of September 30, 2024  **[0001053507-24-000130_amt-20240930.htm:39]** **[0001053507-24-000130_amt-20240930.htm:81]**  |

d50b5cd586683b8b37de514bf3f1052f7ce05d09dd1a954bec79dd8bb7ed56e1

**Annual guidance for FY 2024:**

- **Organic Tenant Billings Growth (International)**: 6%  **[AMT_3404331_10]**  (raised from 5.5%  **[AMT_3404331_8]** )  
- **Organic Tenant Billings Growth (Consolidated)**: 5%  **[AMT_3404331_10]**  (no prior guidance)  
- **Adjusted EBITDA**: +$5 million  **[AMT_3404331_10]**  (raised from prior guidance  **[AMT_3404331_8]** )  
- **Attributable AFFO per Share**: $10.53  **[AMT_3404331_10]**  (lowered from $10.60  **[AMT_3404331_8]** )  
- **Property Revenue**: +$15 million  **[AMT_3404331_10]**  (raised from prior guidance  **[AMT_3404331_8]** )  
- **2024 New Business Levels**: $180M–$190M  **[AMT_3404331_10]**  (no prior guidance)  
- **CoreSite Data Center Growth**: double-digit annual revenue growth  **[AMT_3404331_10]**  (no prior guidance)  
- **Dividend Distribution**: $6.48  **[AMT_3404331_10]**  (no prior guidance)  
- **Capital Expenditures**: removal of $105M for India; CoreSite spend at or above $480M  **[AMT_3404331_10]**  (no prior guidance)  
- **SG&A**: excluding bad debt, down ~2% year-over-year  **[AMT_3404331_10]**  (no prior guidance)  
- **Interest Rate and FX Headwinds**: $25M property revenue impact; $20M EBITDA impact; $17M AFFO impact  **[AMT_3404331_10]**  (no prior guidance)  

4ef2c66e66698087f7207f962b6a04b256c32c148aabd8c143d1abd81a5e84f0

- **Expected Churn and Slow Growth in Latin America Due to Oi Bankruptcy**
- **Impairment and Operational Challenges in European Markets**
- **Exposure to FX Volatility and Macro Challenges in Emerging Markets**

286451ab28f00531041d0e2b5c0f0cadd0e6c3b37d9d87fa6dffcce23bcecd3b

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 1997  **[0001053507-24-000011_amt-20231231.htm:126]**    | Present  | Current auditor   |

d6048f36a0a6ff51af619703c2ad1d4566111e9e782c74943036a8a64fbec8f9

a2480972fb978bd7c59e0207c27399a718fd79ccc98263fd19f4035ef30697e0

- Total Revenue: $2,522.3 million (-10% YoY)  **[0001053507-24-000130_amt-20240930.htm:3]** **[0001053507-23-000161_amt-20230930.htm:54]**   
- Property Revenue: $2,469.9 million (-12% YoY)  **[0001053507-24-000130_amt-20240930.htm:3]** **[0001053507-23-000161_amt-20230930.htm:54]**   
- Services Revenue: $52.4 million (**+100%** YoY)  **[0001053507-24-000130_amt-20240930.htm:3]** **[0001053507-23-000161_amt-20230930.htm:54]**   
- Asia-Pacific Revenue: $5.7 million (**-98%** YoY)  **[0001053507-24-000130_amt-20240930.htm:18]** **[0001053507-23-000161_amt-20230930.htm:12]**   
- Europe Revenue: $212.8 million (+6% YoY)  **[0001053507-24-000130_amt-20240930.htm:18]** **[0001053507-23-000161_amt-20230930.htm:12]**   
- Latin America Revenue: $402.8 million (-12% YoY)  **[0001053507-24-000130_amt-20240930.htm:18]** **[0001053507-23-000161_amt-20230930.htm:12]**   
- Data Centers Revenue: $233.7 million (+10% YoY)  **[0001053507-24-000130_amt-20240930.htm:18]** **[0001053507-23-000161_amt-20230930.htm:12]**   
- Operating Income: $461.6 million (-30% YoY)  **[0001053507-24-000130_amt-20240930.htm:3]** **[0001053507-24-000130_amt-20240930.htm:49]** **[0001053507-24-000130_amt-20240930.htm:60]** **[0001053507-23-000161_amt-20230930.htm:2]**   
- Net Income: -$792.3 million (**down from $577.3 million** in Q3 2023)  **[0001053507-24-000130_amt-20240930.htm:3]** **[0001053507-24-000130_amt-20240930.htm:49]** **[0001053507-24-000130_amt-20240930.htm:60]** **[0001053507-23-000161_amt-20230930.htm:2]**   
- EPS (Diluted): -$1.70 (from $1.25 in Q3 2023)  **[0001053507-24-000130_amt-20240930.htm:3]** **[0001053507-24-000130_amt-20240930.htm:49]** **[0001053507-24-000130_amt-20240930.htm:60]** **[0001053507-23-000161_amt-20230930.htm:2]**   

6a818d8342703b336d51dbf68bdbdbffd9a24e036d3200b734c2e010561f658a

d1d75b793b56e4350391452db0d885b5c68dab483eb83f723d5e3fbb5888a225

aa8d4b6feefda2017e7ea795a0e4ed14d3f446941b69dafa3271eaf58247faf3

| Year | Amount Due (in millions) | Debt Type                                   | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|------------------------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2025     | 2,975.0  **[0001053507-24-000130_amt-20240930.htm:26]**   **[0001053507-24-000130_amt-20240930.htm:27]**   **[0001053507-24-000130_amt-20240930.htm:28]**      | Senior Notes, Secured Tower Revenue Notes      | 1.300% - 4.000%  **[0001053507-24-000130_amt-20240930.htm:27]**   **[0001053507-24-000130_amt-20240930.htm:26]**   **[0001053507-24-000130_amt-20240930.htm:28]**  | 8.0% = (2,975.0 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                      |
| 2026     | 3,949.6 **[0001053507-24-000130_amt-20240930.htm:27]**              | Senior Notes                                   | 1.450% - 4.400% **[0001053507-24-000130_amt-20240930.htm:27]**         | 10.6% = (3,949.6 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                     |
| 2027     | 4,543.0 **[0001053507-24-000130_amt-20240930.htm:27]**              | Senior Notes                                   | 0.400% - 4.125% **[0001053507-24-000130_amt-20240930.htm:27]**         | 12.2% = (4,543.0 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                     |
| 2028     | 4,559.4 **[0001053507-24-000130_amt-20240930.htm:27]**              | Senior Notes                                   | 0.500% - 5.800% **[0001053507-24-000130_amt-20240930.htm:27]**         | 12.3% = (4,559.4 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                     |
| 2029     | 4,450.8 **[0001053507-24-000130_amt-20240930.htm:27]**              | Senior Notes                                   | 0.875% - 5.200%  **[0001053507-24-000130_amt-20240930.htm:27]**   **[0001053507-24-000130_amt-20240930.htm:79]**   **[0001053507-24-000130_amt-20240930.htm:30]**  | 12.0% = (4,450.8 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                     |
| 2030     | 4,326.0 **[0001053507-24-000130_amt-20240930.htm:27]**              | Senior Notes                                   | 0.950% - 3.900%  **[0001053507-24-000130_amt-20240930.htm:27]**   **[0001053507-24-000130_amt-20240930.htm:79]**   **[0001053507-24-000130_amt-20240930.htm:30]**  | 11.7% = (4,326.0 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                     |
| 2031     | 1,937.5 **[0001053507-24-000130_amt-20240930.htm:27]**              | Senior Notes                                   | 2.300% - 4.625% **[0001053507-24-000130_amt-20240930.htm:27]**         | 5.2% = (1,937.5 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                      |
| 2032     | 1,361.7 **[0001053507-24-000130_amt-20240930.htm:27]**              | Senior Notes                                   | 1.000% - 4.050% **[0001053507-24-000130_amt-20240930.htm:27]**         | 3.7% = (1,361.7 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                      |
| 2033     | 2,183.2 **[0001053507-24-000130_amt-20240930.htm:27]**              | Senior Notes                                   | 1.250% - 5.900% **[0001053507-24-000130_amt-20240930.htm:27]**         | 5.9% = (2,183.2 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                      |
| 2034     | 1,189.9 **[0001053507-24-000130_amt-20240930.htm:27]**              | Senior Notes                                   | 4.100% - 5.450%  **[0001053507-24-000130_amt-20240930.htm:79]**   **[0001053507-24-000130_amt-20240930.htm:30]**      | 3.2% = (1,189.9 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                      |
| 2049     | 592.6 **[0001053507-24-000130_amt-20240930.htm:27]**                | Senior Notes                                   | 3.700% **[0001053507-24-000130_amt-20240930.htm:27]**                  | 1.6% = (592.6 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                        |
| 2050     | 1,038.8 **[0001053507-24-000130_amt-20240930.htm:27]**              | Senior Notes                                   | 3.100% **[0001053507-24-000130_amt-20240930.htm:27]**                  | 2.8% = (1,038.8 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                      |
| 2051     | 1,023.6 **[0001053507-24-000130_amt-20240930.htm:27]**              | Senior Notes                                   | 2.950% **[0001053507-24-000130_amt-20240930.htm:27]**                  | 2.8% = (1,023.6 / 37,100.0) * 100  **[0001053507-24-000130_amt-20240930.htm:76]**   **[0001053507-24-000130_amt-20240930.htm:27]**                                      |

ee374c595a3f714e5e3320f67eaff407dff051015c965bf24b40979e4e6cbe3b

- American Tower is focusing on operational excellence to drive best-in-class margins and optimize organic growth, believing they create more value for their assets than anyone else.  **[AMT_3394990_19]**
- They are targeting returns above **20%** in emerging markets like Africa, with return on invested capital expected to increase over time through organic growth, margin expansion, and disciplined capital expenditure programs.  **[AMT_3394990_19]**
- Strong demand in their CoreSite data center segment, with the **second highest quarter of signed new leasing in the company's history**, driven by enterprise customers deploying hybrid cloud technology and increasing demand from AI-related workloads.  **[AMT_3394990_20]**

348a578a370ae7a75c47913a6291c136845c9a19ff0aaa043fb3cb136d2d2474

2b306897c36c7ef8a25a7fb14ef70523150dff79b8a5187a8d10d6cbafaf78bd

- **American Tower anticipates increased leasing activity in the U.S. in the second half of the year**, supported by an uptick in carrier applications and conversations, indicating **solid organic growth** ahead.  **[AMT_3375179_12]** ,  **[AMT_3375179_9]**
- The company is experiencing **strong growth in Europe**, with continued colocation demand, and the **Spain market is performing very well, hitting its metrics and milestones**.  **[AMT_3375179_15]**
- **Investment in data centers is increasing due to record sales**, with American Tower expecting **mid-teens stabilized returns** and maintaining **flexibility in capital allocation towards high-return opportunities** in developed markets.  **[AMT_3375179_11]** ,  **[AMT_3375179_16]**

77ddaad6f42d530da27d4ece2354e5079fc117e1a691929adfa2f649bc65d947

1. **Dividend Policy and AFFO Growth Outlook**  
   **Q:** What's your dividend policy outlook post-2024?  
   **A:** Rodney Smith stated that although the dividend was held flat in 2024 to prioritize balance sheet strength and deleveraging, they expect dividend growth to resume in 2025. Dividend growth is anticipated to align with AFFO per share growth over time, aiming for **upper single-digit AFFO per share growth**, thus supporting long-term total shareholder returns.  **[AMT_3394990_11]** **[AMT_3394990_24]** 

2. **Emerging Markets Exposure and Capital Allocation**  
   **Q:** How will emerging markets impact your capital allocation strategy?  
   **A:** Management plans to reduce emerging markets exposure, currently at **roughly 25% of AFFO per share** pro forma for the India transaction, by focusing discretionary capital on developed markets. They will selectively invest in emerging markets but aim to pivot toward developed markets to reduce exposure over time.  **[AMT_3394990_17]** **[AMT_3394990_18]** 

3. **International Strategy and Asset Dispositions**  
   **Q:** Will you dispose of non-core emerging market assets?  
   **A:** While always reviewing their portfolio, management currently believes they can create more value by operating these assets rather than selling them, focusing on operational excellence to drive margins and organic growth. However, they remain open to dispositions if they believe others can create more value, as demonstrated with the India sale.  **[AMT_3394990_19]** **[AMT_3394990_20]** 

4. **U.S. Leasing Environment and MLAs**  
   **Q:** How is the U.S. leasing environment and status of MLAs?  
   **A:** The U.S. leasing environment is proceeding as expected for 2024, with a modest increase in application volumes and carriers continuing 5G upgrades. Over **half** of their sites are now upgraded with mid-band 5G. One major customer is off their holistic MLA, which may lead to more variability in activity, but they are confident in their ability to monetize either way.  **[AMT_3394990_10]** **[AMT_3394990_11]** **[AMT_3394990_16]** 

5. **Mid-Band Deployment and International 5G Rollout**  
   **Q:** What's the progress on mid-band and 5G deployments domestically and internationally?  
   **A:** In the U.S., over **half** of sites are upgraded with mid-band 5G, with one carrier over **80%** and another over **60%**. Internationally, 5G deployment varies; Europe is ahead with **high 80s to low 90s%** coverage, while Africa and Latin America are further behind, still focusing on 4G with nascent 5G deployments.  **[AMT_3394990_11]** **[AMT_3394990_13]** 

6. **Deleveraging Path and Potential Buybacks**  
   **Q:** Will you consider share buybacks after deleveraging?  
   **A:** Upon achieving their target leverage below **5x**, expected in the second half of the year or early next year, they will consider all capital allocation options, including share buybacks. They will remain disciplined, ensuring any buybacks create more shareholder value than other uses of capital.  **[AMT_3394990_21]** 

7. **Data Center Demand and CoreSite Performance**  
   **Q:** What is driving demand for CoreSite data centers?  
   **A:** Demand is broad-based, primarily from enterprises deploying hybrid cloud technologies. They recorded their **second-highest bookings** quarter, remaining selective in leasing to customers that enhance the ecosystem. Emerging AI demand, particularly in the inferencing layer suitable for their interconnected ecosystem, is also contributing to growth.  **[AMT_3394990_21]** **[AMT_3394990_22]** 

8. **India Transaction Status**  
   **Q:** What's the status of the India transaction approval?  
   **A:** They are awaiting approval and anticipate closing in the second half of the year. Closing is expected to occur **4 to 6 weeks** after approval. No specific update on exact timing is available.  **[AMT_3394990_12]** 

9. **Cost Management and Site Decommissioning**  
   **Q:** How is site decommissioning impacting costs?  
   **A:** Decommissioning underperforming assets is contributing to cost savings and margin improvement. They took down about **300 sites** in the U.S. and **250 sites** in Latin America as part of normal portfolio pruning, enhancing their margin profile through direct cost reductions.  **[AMT_3394990_14]** **[AMT_3394990_15]** 

e62fa0d08eff8941e3e8b786d868b9bb50ef08cfc6e03510acea66da4c557e73

- **Underperformance in Emerging Markets**: AMT's return on invested capital in key emerging markets like Africa and Latin America is currently below their target levels. In Africa, returns are expected to be in the **high teens to over 20%**, but **today we're below that**. In Latin America, returns are in the **low teens**, while the requirements are **more in the mid-teens**. This suggests potential challenges in achieving desired profitability in these regions.  **[AMT_3394990_19]**
- **Decommissioning Underperforming Sites**: AMT is decommissioning a significant number of underperforming assets to save operational expenses, including about **250 sites in Latin America** and **300 in the U.S.** This indicates potential issues with asset performance and could impact future revenue growth.  **[AMT_3394990_15]**
- **Uncertainty in India Asset Sale**: There is ongoing uncertainty regarding the approval process for the sale of AMT's India business, with **no update** on the timing of approvals. Delays in the sale could impact the company's ability to repatriate approximately **$2.1 billion** in proceeds and affect their financial position.  **[AMT_3394990_12]**

c2ba5993f43591ef3fcfc657aff39c1e64cad8393fe2c55845e6f4517f15a132

1. **2025 U.S. Lease Activity**  
   **Q:** Directionally, how should we think about '25 new lease activity versus '24 in North America?  
   **A:** Management expects the U.S. growth rate for next year to be in the **mid-4% range**.  **[AMT_3404331_10]**  This considers the final Sprint churn hitting in October, which will weigh on results by about **100 basis points**.  **[AMT_3404331_10]**  Without the Sprint churn, growth would be in the **mid-5% range**.  **[AMT_3404331_10]**  They are beginning to see the densification phase from customers, which aligns with expectations.  **[AMT_3404331_10]**  There are still some uncertainties with one customer not on a comprehensive agreement and potential new colocations outside of MLAs.  **[AMT_3404331_10]** 

2. **AFFO per Share Guidance**  
   **Q:** How should we think about stepping down from $10.60 to $10.48 to $9.95 in AFFO per share, and is $9.95 our jump-off point for 2025 growth?  
   **A:** The original AFFO per share outlook was **$10.60**.  **[AMT_3404331_11]**  Selling India in Q4 removed **$0.12** per share, bringing it to **$10.48**.  **[AMT_3404331_11]**  India outperformed by **$22 million**, offset by a **$17 million** FX headwind, leading to **$10.53** AFFO per share.  **[AMT_3404331_11]**  Excluding India's contributions and accounting for interest savings from debt repayment reduces AFFO per share by **$0.58** to **$9.95**.  **[AMT_3404331_11]**  This **$9.95** is the best representation of continuing operations and serves as a starting point for 2025, which they expect to grow to around **$10.50**.  **[AMT_3404331_11]** 

3. **AFFO Growth Rate Outlook**  
   **Q:** Is AFFO per share now a mid-single-digit growing business? Can you get back to high single digits? What tailwinds or headwinds could affect this?  
   **A:** Management believes achieving a **mid-single-digit AFFO per share growth rate** is possible and getting above that is absolutely possible.  **[AMT_3404331_11]**  They are pleased with the portfolio's strength and increased earnings quality after selling India.  **[AMT_3404331_11]**  The U.S. business can grow in the mid-single digits, aligning with their long-term guide of at least **5%** growth.  **[AMT_3404331_11]**  Latin America can grow faster but expects **low single-digit growth** in the next few years due to churn from carrier consolidation.  **[AMT_3404331_11]**  Factors like **FX** volatility and **interest rates** are headwinds to watch.  **[AMT_3404331_11]**  Over time, they can get beyond mid-single-digit growth.  **[AMT_3404331_11]** 

4. **CoreSite Record Leasing**  
   **Q:** What are the leasing numbers for CoreSite, and how does the pipeline support double-digit revenue growth?  
   **A:** While specific numbers aren't provided, current leasing is significantly higher than before the acquisition.  **[AMT_3404331_12]**  They have over **40 megawatts** of construction ongoing, about **60% pre-leased**.  **[AMT_3404331_12]**  The backlog is around **$70 million**, with most revenue commencing between now and the first half of 2025.  **[AMT_3404331_12]**  They expect **double-digit growth** for several years due to continued strong demand.  **[AMT_3404331_12]** 

5. **Reporting Adjusted AFFO**  
   **Q:** Will adjusted attributable AFFO be reported ongoing as the anchor for 2025 growth discussions?  
   **A:** Yes, they will discuss this metric for as long as it's applicable until they lap the India sale.  **[AMT_3404331_12]** 

6. **Dividend Growth Outlook**  
   **Q:** Is mid-single-digit AFFO growth the right way to think about dividend growth, and how does it affect payout ratios and leverage?  
   **A:** Management expects dividend growth to resume in 2025 and anticipates it will closely mirror the **mid-single-digit AFFO per share growth rate** over time.  **[AMT_3404331_14]**  The dividend payout ratio would remain around **60% to mid-60%**, leaving **$1.5 to $2 billion** for capital deployment.  **[AMT_3404331_14]** 

7. **CoreSite CapEx Plans**  
   **Q:** Would you increase CoreSite CapEx beyond $480 million, and what are the parameters for capital commitment to data centers?  
   **A:** They are not constraining CoreSite's capital and could see CapEx grow into the **$600 to $700 million** range.  **[AMT_3404331_14]**  They can underwrite **mid-teens or better development yields**, and high pre-leasing levels make it low risk.  **[AMT_3404331_14]**  They will continue to fund developments aggressively and will provide 2025 expectations later.  **[AMT_3404331_14]**  The numbers suggested are reasonable.  **[AMT_3404331_14]** 

8. **European Tower Acquisitions**  
   **Q:** Would you consider acquiring European tower assets if they become available?  
   **A:** They are open to replicating what they did with Telxius but don't feel compelled to do so.  **[AMT_3404331_15]**  They have adequate scale in Germany and Spain, and would like more in France.  **[AMT_3404331_15]**  They are patient and disciplined and will not buy assets that don't meet their investment criteria or have unfavorable terms.  **[AMT_3404331_15]** 

9. **CoreSite Expansion and Inference**  
   **Q:** Is the large land purchase for CoreSite's new development, and can you elaborate on inferencing progress?  
   **A:** Yes, the land purchase in L.A. is to expand CoreSite's campus and continue serving customers.  **[AMT_3404331_15]**  They see robust demand for inferencing and are writing contracts, but are selective about counterparty risk.  **[AMT_3404331_15]**  While the edge is developing slower than expected, the inferencing layer shows strong demand.  **[AMT_3404331_15]** 

10. **Domestic Colocation Trends**  
    **Q:** Are you seeing changes in colocation versus amendment mix, and will network expansion be included in current agreements or offer upside?  
    **A:** The mix is consistent but there's increased interest in new colocations as customers enter the densification phase.  **[AMT_3404331_16]**  Some MLAs include limited colocations; once maximums are reached, additional colocations will be incremental.  **[AMT_3404331_16]**  They expect new colocations outside of comprehensive agreements to contribute to growth in the coming years.  **[AMT_3404331_16]** 

11. **Domestic Gross Margins**  
    **Q:** Domestic gross margins were down year-on-year; is there anything to highlight?  
    **A:** Reported margins decreased by about **50 basis points**, primarily due to a **90 basis point** negative impact from non-cash straight-line adjustments.  **[AMT_3404331_16]**  On a cash basis, margins actually increased **40-50 basis points**.  **[AMT_3404331_16]**  Some non-recurring items affected prior year comparisons.  **[AMT_3404331_16]** 

12. **Mobile Edge Opportunities**  
    **Q:** What increases your conviction that mobile edge computing will be an opportunity despite delays?  
    **A:** They have proof of concepts with partners and see a trend toward **decentralization** and **distributed architectures**.  **[AMT_3404331_17]**  Cloud and AI providers are diversifying to more regions, and carriers are moving to **5G stand-alone infrastructure**, which supports mobile edge compute.  **[AMT_3404331_17]**  Both wireline and wireless trends suggest a need for more compute at the edge.  **[AMT_3404331_17]** 

13. **Emerging Markets CapEx Strategy**  
    **Q:** Have customers reacted to your decision to reduce CapEx in emerging markets?  
    **A:** Customers understand the need to manage capital and are working with them to find solutions.  **[AMT_3404331_18]**  They continue to support Tier 1 MNOs globally but are reducing capital spend in emerging markets while focusing more on developed markets.  **[AMT_3404331_18]**  Customers have been receptive and collaborative.  **[AMT_3404331_18]** 

14. **MLA Contracted Growth**  
    **Q:** Why does contracted growth under your MLAs step down next year? Is another customer ending their MLA?  
    **A:** No customer is rolling off a comprehensive agreement.  **[AMT_3404331_19]**  Agreements are structured to align revenue with activity levels, leading to a small step down next year.  **[AMT_3404331_19]**  This corresponds with an expected increase in new colocations as customers enter the densification phase.  **[AMT_3404331_19]** 

15. **Churn Assumptions in U.S. Growth**  
    **Q:** Does the mid-4% U.S. growth assumption for next year include churn excluding Sprint remaining below 1%?  
    **A:** They expect churn to be at the lower end of the historical **1-2%** range.  **[AMT_3404331_19]**  It's too early to provide specific numbers, but they are still assessing this.  **[AMT_3404331_19]** 

16. **Cost Management and Divestitures**  
    **Q:** Can you update on cost management initiatives and potential divestitures in markets lacking scale?  
    **A:** They continue cost management efforts, reducing cash SG&A by about **$17 million or 3%** year-over-year excluding bad debt.  **[AMT_3404331_20]**  Regarding divestitures, they have nothing specific to announce similar to India.  **[AMT_3404331_20]**  They sold some third-party land in Australia and New Zealand and continue to evaluate the portfolio, but there's no active process.  **[AMT_3404331_20]** 

50bbdc57a69e17f33b3fbd7140adec85b7b48818f69947e4152e22a6e9bb559f

1. **Leasing Activity Outlook**  
   **Q:** Will leasing activity improve in the second half?  
   **A:** We anticipate an uptick in leasing activity in the second half of the year, based on increased conversations and applications from carriers. Although one of our major MLAs has shifted to an a la carte model, our property revenue growth remains largely locked in due to our comprehensive MLAs. Our services business is also expecting increased activity, particularly in construction services, despite lower margins due to a higher construction mix.  **[AMT_3375179_9]** **[AMT_3375179_10]** 

2. **Impact of India Exit on AFFO**  
   **Q:** How will India's exit affect AFFO per share?  
   **A:** The India transaction is expected to close in the second half of 2024, potentially reducing AFFO per share by **$0.30 to $0.40** for the year, or about **$0.09** per quarter. The dilution reflects the difference between unlevered AFFO from India and interest savings from using the proceeds (roughly **$2 to $2.5 billion**) to pay down revolving debt.  **[AMT_3375179_10]** **[AMT_3375179_14]** 

3. **Dividend Policy and Potential Cut**  
   **Q:** Will the dividend decrease in 2024?  
   **A:** We plan to hold the dividend flat in 2024, which may result in a decrease from **$1.70** paid in Q4 2023 to approximately **$1.62** per quarter in 2024. This step-down is due to our commitment to a certain dividend level in 2023 and our decision to maintain a flat dividend moving forward.  **[AMT_3375179_13]** 

4. **M&A Environment and Capital Allocation**  
   **Q:** Any plans for M&A or European expansion?  
   **A:** Currently, we are monitoring the M&A landscape but see a dislocation between public and private multiples. No portfolios are available that meet our strategic and investment criteria. We are focusing on deleveraging and investing in developed markets, preparing to capitalize on future opportunities that align with our objectives.  **[AMT_3375179_14]** 

5. **Latin America Growth and Churn**  
   **Q:** When will LatAm organic growth normalize?  
   **A:** Our 2024 guide for Latin America shows **2%** organic tenant billings growth, affected by a **5%** churn, nearly half from the **Oi churn** in Brazil. We expect to return to normalized mid to upper mid-single-digit growth after working through churn events over the next few years.  **[AMT_3375179_9]** 

6. **European Leasing and Spain Impairment**  
   **Q:** What's the outlook for Europe and Spain's write-down?  
   **A:** In Europe, we see solid growth in colocations as carriers continue 5G deployments, though with some permitting delays in markets like Germany. The **$80 million** impairment in Spain was due to rising cost of capital impacting discounted cash flow models, not operational performance, as the market is performing well against our business case.  **[AMT_3375179_15]** 

7. **Data Center Investment and AI Opportunities**  
   **Q:** How is AI affecting data center strategy?  
   **A:** Demand in our CoreSite data centers remains driven by enterprises moving to hybrid cloud, with AI inferencing picking up. We see opportunities in niche edge deployments but believe that micro data centers at tower sites for AI are still further out. Capital spending on data centers in 2024 does not commit us to higher levels beyond that, and we retain flexibility in capital allocation.  **[AMT_3375179_16]** **[AMT_3375179_17]** 

8. **Nigeria Exposure and Portfolio Quality**  
   **Q:** How are you managing risks in Nigeria?  
   **A:** We continuously assess our portfolios, including Nigeria, raising the bar for required returns due to macroeconomic challenges like FX devaluation. Our contract structures protect us, with only about **30%** of Nigeria's **$400 million** in property revenue directly exposed to FX fluctuations. We are rebalancing our portfolio towards developed markets while maintaining some exposure to emerging markets for growth.  **[AMT_3375179_8]** 

9. **Extension of Tower Asset Useful Lives**  
   **Q:** Why extend tower asset useful lives?  
   **A:** We have increased the book useful life of our tower assets from **20 to 30 years** to better reflect their actual realized longevity. This change aligns the depreciation expense with the assets' enduring value.  **[AMT_3375179_16]** 

10. **India Transaction Regulatory Approval**  
    **Q:** Any concerns with India deal approval?  
    **A:** We are confident the India transaction will be approved and close in the second half of 2024, though some divestitures may be required by the Competition Commission. We have conducted thorough due diligence and anticipate a successful outcome.  **[AMT_3375179_11]** 

132b226793980b8604d94d8037b1c0ffc705883c2aa4718a4fc8d22642b5680f

- **American Tower is experiencing a significant acceleration in domestic activity**, with a **70% increase in its application pipeline in Q1 compared to Q4**, indicating strong demand for its tower assets.  **[AMT_3381498_7]**
- The company expects **at least 5% organic tenant billings growth on average between 2023 and 2027**, underpinned by broad-based activity from all major U.S. customers and supportive of its long-term guidance.  **[AMT_3381498_8]**
- **CoreSite, AMT's data center business, continues to outperform with record levels of new business**, leading to higher revenue growth; the **backlog of signed deals positions CoreSite well for high levels of growth over the next couple of years**.  **[AMT_3381498_7]**

a85c936fd82defb0adc5ef068a330cf5049f102f27ee28bb82f0c0dae2d1cd69

- **American Tower's leverage remains high at around 5x, and the company aims to reduce it, potentially impacting capital allocation and growth initiatives.**  **[AMT_3362121_28]**
- **Growth in certain international regions is driven by delayed churn, which may not be sustainable and could reverse in future periods.**  **[AMT_3362121_15]**
- **Services revenue dropped significantly in Q3, with uncertainty about its trajectory into Q4 and beyond, indicating potential weakness in that segment.**  **[AMT_3362121_21]**

bd27f03457a5b2a0c598fc0e140f97ea6c4ea0028f4759f6754dfdbb5344338f

- **AMT expects elevated consolidation churn in Latin America over the next few years, limiting growth in that region to low single digits.**  **[AMT_3381498_18]**
- **Uncertainty around economic conditions, interest rates, and the timing of the India transaction may impede AMT's ability to reduce leverage to its target, potentially delaying stock buybacks and affecting financial flexibility.**  **[AMT_3381498_13]** **[AMT_3381498_18]**
- **A major U.S. customer has rolled off a comprehensive Master Lease Agreement, moving to "pay by the drink," introducing more seasonality and revenue volatility for AMT.**  **[AMT_3381498_8]**

90be1d9e3800be70374a2f6f5d18dab6f419b528e8c84592366770bc82ffcc32

1. **US Activity Acceleration**  
   **Q:** What is driving the acceleration in US activity and its implications?  
   **A:** The company is seeing an acceleration in US activity, with application pipelines in Q1 about **70% higher** than in Q4.  **[AMT_3381498_7]**  This uptick is broad-based across all major customers.  **[AMT_3381498_7]**  However, this increased activity does not change their guidance for the year, as they are still expecting organic tenant billings growth of approximately **4.7%** in the US.  **[AMT_3381498_7]** 

2. **Long-term Growth Guidance**  
   **Q:** How does increased activity affect long-term organic tenant billings growth guidance?  
   **A:** The company maintains its long-term guidance of at least **5%** organic tenant billings growth on average from 2023 to 2027, or **6%** excluding Sprint churn.  **[AMT_3381498_8]**  The recent acceleration supports this guidance, and they remain confident about the activity levels underpinning their long-term outlook.  **[AMT_3381498_8]** 

3. **M&A and India Sale Timing**  
   **Q:** Any updates on M&A activity and the India sale timing?  
   **A:** The company is not seeing any compelling M&A opportunities that would alter their capital allocation priorities.  **[AMT_3381498_9]**  The sale of their India business is expected in the second half of the year, with total proceeds up to **$2.5 billion**.  **[AMT_3381498_9]** 

4. **Dividend Payout Ratio**  
   **Q:** What payout ratio are you aiming for in dividends?  
   **A:** The company aims to maintain a payout ratio of around **60% to 65%**, allowing for growth in AFFO per share and providing financial flexibility.  **[AMT_3381498_10]** 

5. **Potential for Stock Buybacks**  
   **Q:** When might stock buybacks become an option?  
   **A:** Stock buybacks may be considered after achieving a sustained net leverage of **5x** or below, likely towards the end of the year, depending on economic certainty and interest rates.  **[AMT_3381498_13]** 

6. **Carrier CapEx vs. Leasing Activity**  
   **Q:** How does carrier CapEx correlate with leasing activity?  
   **A:** Carrier CapEx is not a perfect indicator of tower leasing activity because it funds various areas, including core networks and fiber.  **[AMT_3381498_11]**  While carrier CapEx for 5G is around **$35–36 billion** per year, up **$5–6 billion** from 4G, it doesn't directly translate to tower leasing growth.  **[AMT_3381498_11]** 

7. **Latin America Trends**  
   **Q:** What are the trends and expected churn in Latin America?  
   **A:** Latin America is expected to have around **2%** organic tenant billings growth in 2024, with churn moderating to about **5%**, down from close to 6% last year.  **[AMT_3381498_17]**  Churn is impacted by the Oi (OA) acquisition, which will take a couple more years to work through.  **[AMT_3381498_17]** 

8. **Foreign Currency Impact**  
   **Q:** How are FX movements affecting your outlook and hedging strategy?  
   **A:** FX headwinds are present, particularly in Africa, leading to a **$15 million** decrease in property revenue outlook.  **[AMT_3381498_14]**  The company hedges through debt diversification and reinvesting cash flows locally but notes that hedging options are limited in some markets.  **[AMT_3381498_14]** 

9. **Cost-Cutting Measures**  
   **Q:** What specific actions are you taking to keep costs down?  
   **A:** The company is focusing on operational excellence, automating processes, and exporting best practices across markets to drive efficiency without impacting customer service.  **[AMT_3381498_16]** 

10. **CoreSite Performance**  
    **Q:** What is driving CoreSite's strong MMR per cabinet growth?  
    **A:** Strong pricing is driven by supply-demand dynamics, with constrained supply leading to higher prices across all markets.  **[AMT_3381498_15]**  There's a healthy mix of retail and scale customers, and the company remains selective to maintain industry-leading returns.  **[AMT_3381498_15]** 

11. **Fixed Wireless Access Contribution**  
    **Q:** How does fixed wireless access contribute to your growth outlook?  
    **A:** Fixed wireless is growing, with about **10 million** subscribers in the US.  **[AMT_3381498_14]**  Current builds are utilizing excess capacity, and while standalone fixed wireless builds could drive additional activity, this is not included in the long-term guidance and would be upside if it occurs.  **[AMT_3381498_14]** 

12. **International Use of MLAs**  
    **Q:** To what extent do you use MLAs internationally?  
    **A:** The company uses a variety of contract structures internationally, including some holistic MLAs, but these agreements are not as common outside the US.  **[AMT_3381498_18]** 

2dab0d051d91a0f5ec3a88b6e5a06897bd9de2aa26ddae93c420b8d5feda7b70

- **Strong international growth**, particularly in Africa, where **organic tenant billings growth increased to approximately 12%**, driven by higher levels of new business activity that are **durable and lasting**.  **[AMT_3362121_8]**
- The company is **focused on deleveraging**, aiming to reduce net leverage to **5x in 2024**, enhancing balance sheet strength and financial flexibility. **Underlying core operating performance is driving double-digit growth** without headwinds.  **[AMT_3362121_5]**
- Despite a moderation in services revenue, **5G capital spend remains higher than in the 4G cycle**, and the company is **optimistic about long-term growth prospects** due to ongoing 5G deployments.  **[AMT_3362121_12]** **[AMT_3362121_4]**

119b4bcc5c741f9bef22b538c58fb68a2c956ba26bf865165c03e665caa0b1e7

American Tower Corp (AMT)

Financials