Summary of American Tower Corporation Conference Call Company Overview - **Company**: American Tower Corporation (NYSE: AMT) - **Event**: J.P. Morgan 52nd Annual Global Technology, Media and Communications Conference - **Date**: May 20, 2024 Key Points Strategic Priorities - **Organic Growth**: Focus on maximizing organic growth through enhanced customer service and sales efforts [2] - **Capital Expenditure (CapEx)**: Selective investments in internal CapEx programs, including a healthy build-a-suit program [2] - **Cost Structure Optimization**: Projecting a reduction in SG&A expenses by approximately $30 million year-over-year [2] - **Leverage Ratio Management**: Aiming to reduce leverage ratio below 5.0 [2] Industry Dynamics - **5G Growth**: Anticipated organic tenant building growth in the U.S. of at least 5% from 2023 to 2027, with a 6% growth rate when normalizing for Sprint churn [4] - **Mobile Data Usage**: Continues to increase at a rate of 20% to 30% per year in the U.S., indicating strong demand for infrastructure [4] - **Network Optimization**: Carriers are focusing on optimizing networks while deploying 5G, with a noted uptick in colocation activities [12] Financial Performance - **Rental Revenue**: Supported by comprehensive Master Lease Agreements (MLAs) that smooth revenue fluctuations [8] - **Services Business**: Expected uptick in construction management and engineering services, driven by increased activity levels [8][10] - **CoreSite Acquisition**: Record levels of new business and a robust pipeline, particularly driven by hybrid cloud deployments [17] International Operations - **India Exit**: Definitive agreement to sell the India business for approximately $2.5 billion, with expected closure in the second half of the year [26] - **Europe**: Strong performance with healthy new business and 5G advancements, particularly in Germany and Spain [28] - **Latin America**: Facing challenges due to churn and delays in 5G spectrum allocation, but optimistic for future growth [28] - **Africa**: High demand for assets, with significant new business in local currency terms despite macroeconomic challenges [28] Future Outlook - **CapEx Flexibility**: Ability to adjust CapEx based on market conditions and investment opportunities [21] - **Power Supply Management**: Secured power for current and future developments, mitigating potential capacity issues [22] - **Market Opportunities**: Prepared to capitalize on future M&A opportunities when favorable conditions arise [35] Additional Insights - **Data Center Market**: CoreSite's business is benefiting from AI and hybrid cloud trends, with a focus on the inferencing layer of AI applications [17] - **Long-term Growth**: Anticipated return to high growth rates in Latin America and Africa once macroeconomic conditions stabilize [30][32] Capital Allocation Strategy - **Long-term Shareholder Value**: Future capital allocation will focus on maximizing long-term shareholder value through M&A, internal CapEx, stock buybacks, and dividends [44] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting American Tower Corporation's focus on growth, optimization, and international expansion.

American Tower Corporation (NYSE:AMT) J.P. Morgan 52nd Annual Global Technology, Media and Communications Conference May 20, 2024 3:10 PM ET Company Participants Steve Vondran - President and CEO Conference Call Participants Richard Choe - J.P. Morgan Richard Choe Hi, my name is Richard Choe, I cover communications infrastructure here at JPMorgan. I'd like to thank Steve Vondran, President and CEO of American Tower for joining us today. Steve Vondran Thanks. Great to be here. Question-and-Answer Session Q - ...

RichVintage This article was coproduced with Leo Nelissen. As many of my readers know, I was once a commercial real estate developer, in which I learned how to construct and lease properties from the ground up. I started my career just out of college, first as a leasing agent, and then I became a full-fledged shopping center building stores for a variety of retail chains such as Advance Auto Parts (AAP), PetSmart, Walmart (WMT), and Sherwin-Williams (SHW). The great thing about my career as a developer is t ...

The real estate investment trust (REIT) universe could be worth monitoring this summer as investors hope for the Federal Reserve to deliver the first interest rate cut. Undoubtedly, there’s a lot more to REITs than just where interest rates are headed next. In this piece, we’ll check in with three intriguing REITs that have been taking steps to improve upon aspects within their control.Undoubtedly, higher rates are a negative for many firms, including the REITs. But at the end of the day, you can’t control ...

z1bEarnings season is a great time to pick up stocks that one has been eyeing for some time, as results or guidance that disappoint Wall Street can create opportunities to buy quality companies at discounted prices. This is because market reactions to earnings can often be exaggerated, causing stocks to drop more than they should. In addition, earnings season can also provide insights into the overall health of specific industries and sectors. By analyzing the performance of multiple companies within a ...

Richard DruryWritten by Sam Kovacs Introduction Real estate has been the worst performing sector year to date, with the SPDR Select Real Estate Fund (XLRE) declining 7.5% while the S&P 500 has increased 7.5%. At the beginning of the year, I proclaimed that "2024 would be the year of the REIT". 5 months in, and I'm starting to look like the class clown. But I do not fear, as there are things I know which mean I can sleep well at night buying the highest quality REITs. What things do I know, you may ask? ...

Did you analyze how American Tower (AMT) fared in its international operations for the quarter ending March 2024? Given the widespread global presence of this wireless communications infrastructure company, scrutinizing the trends in international revenues becomes imperative to assess its financial strength and future growth possibilities.In the modern, closely-knit global economic landscape, the capacity of a business to access foreign markets is often a key determinant of its financial well-being and grow ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One): ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended March 31, 2024. ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Commission File Number: 001-14195 AMERICAN TOWER CORPORATION (Exact name of registrant as specified in its charter) Delaware 65-0723837 (State or other jurisdiction of Incorporation or Org ...

Shares of American Tower Corporation (AMT) have declined marginally so far in today’s trading session despite stellar first-quarter results.Adjusted funds from operations (AFFO) per share, attributable to AMT common stockholders, of $2.79 beat the Zacks Consensus Estimate of $2.55 and climbed 9.8% year over year.Results reflect better-than-anticipated revenues, aided by revenue growth across its Property segment. American Tower recorded healthy year-over-year organic tenant billings growth of 5.4% and total ...

American Tower Corporation [AMT] Q1 2024 Earnings Conference Call April 30, 2024 8:30 AM ET Company Participants Steve Vondran - President & CEO Rod Smith - EVP, CFO & Treasurer Adam Smith - SVP, IR and FP&A Conference Call Participants Matt Niknam - Deutsche Bank Michael Rollins - Citigroup Simon Flannery - Morgan Stanley Rick Prentiss - Raymond James David Barden - Bank of America Nick Del Deo - MoffettNathanson Batya Levi - UBS Jon Atkin - RBC Operator Ladies and gentlemen, thank you for standing by. Wel ...