富国银行将 美国电塔（AMT）目标价从240美元下调至230美元。 ...

智通财经7月30日电，富国银行将美国电塔（AMT）目标价从240美元下调至230美元。 ...

```markdown [PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Unaudited Consolidated and Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Consolidated%20and%20Condensed%20Consolidated%20Financial%20Statements) American Tower Corporation's unaudited consolidated financial statements show decreased net income from foreign currency losses, increased assets and debt, and stable cash flow [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $63.8 billion, liabilities to $53.3 billion, and equity to $10.5 billion Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$63,754.5** | **$61,077.4** | | Property and Equipment, net | $19,799.8 | $19,056.8 | | Goodwill | $12,245.5 | $11,768.1 | | **Total Liabilities** | **$53,275.6** | **$51,428.7** | | Long-Term Obligations | $35,193.7 | $32,808.8 | | **Total Equity** | **$10,478.9** | **$9,648.7** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Operating revenues slightly increased, but net income sharply declined due to foreign currency losses and absence of discontinued operations income Key Operating Results (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenues | $2,626.9 | $2,544.7 | $5,189.7 | $5,057.3 | | Operating Income | $1,197.7 | $1,156.2 | $2,451.8 | $2,297.2 | | Net Income Attributable to AMT | $366.8 | $900.3 | $855.5 | $1,817.7 | | Diluted EPS | $0.78 | $1.92 | $1.83 | $3.89 | - A significant driver for the decrease in net income was a foreign currency loss of **$484.0 million** in **Q2 2025**, compared to a gain of **$21.7 million** in **Q2 2024**[10](index=10&type=chunk) - Net income in **2024** included substantial income from discontinued operations (**$138.5 million** in **Q2** and **$230.2 million** in **H1**), which was absent in **2025** following the sale of the India business (**ATC TIPL**)[10](index=10&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash from operations slightly decreased, with increased cash used for investing (acquisitions) and financing (debt management) Cash Flow Summary (in millions) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cash provided by operating activities | $2,576.5 | $2,622.1 | | Cash used for investing activities | $(841.2) | $(525.3) | | Cash used for financing activities | $(1,750.5) | $(1,418.1) | | **Net increase in cash** | **$101.4** | **$525.2** | - Payments for acquisitions increased to **$332.3 million** in the first six months of **2025**, compared to **$55.0 million** in the same period of **2024**[14](index=14&type=chunk) - The company undertook significant financing activities, including **$1.56 billion** in proceeds from senior notes and **$3.63 billion** in borrowings under credit facilities, which were used for repayments of **$5.32 billion** in various obligations[14](index=14&type=chunk) [Notes to Consolidated and Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20and%20Condensed%20Consolidated%20Financial%20Statements) Accounting policies, segment changes, asset sales, debt management, and discontinued India operations are detailed - The company combined its Asia-Pacific (**APAC**) and Africa property segments into a new 'Africa & **APAC**' property segment in **Q4 2024**. Historical data has been restated[22](index=22&type=chunk)[132](index=132&type=chunk) - On **March 6, 2025**, the company sold its fiber assets in **South Africa** for **$137.7 million**, recognizing a gain of **$53.6 million**[23](index=23&type=chunk) - The sale of the India business (**ATC TIPL**) was completed on **September 12, 2024**. Its results are reported as discontinued operations. The company recognized a gain of **$46.4 million** in **2024** from the sale of **VIL shares** and **OCDs** related to this business[150](index=150&type=chunk)[152](index=152&type=chunk)[209](index=209&type=chunk) - During the first six months of **2025**, the company acquired **242** communications sites and other assets for an aggregate purchase price of **$353.8 million**[130](index=130&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue growth in international and data center segments, FX impact on net income, strong liquidity, and capital expenditure projections are discussed [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Q2 2025 revenues grew from international and data centers, but net income and AFFO declined due to FX losses and discontinued operations Property Segment Revenue Growth (Q2 2025 vs Q2 2024) | Segment | Revenue (in millions) | % Change | | :--- | :--- | :--- | | U.S. & Canada | $1,307.1 | (1)% | | Africa & Asia-Pacific | $336.3 | 12% | | Europe | $232.7 | 15% | | Latin America | $389.4 | (13)% | | Data Centers | $261.9 | 13% | | **Total Property** | **$2,527.4** | **1%** | - The **U.S. & Canada** property segment revenue decline was primarily due to a **$54.5 million** decrease in other revenue, mainly from lower straight-line accounting, partially offset by **$46.2 million** in tenant billings growth from colocations and amendments[180](index=180&type=chunk) - The **Latin America** property segment revenue decrease of **$59.3 million** was primarily driven by a **$35.0 million** negative impact from foreign currency translation and a **$37.7 million** increase in revenue reserves[182](index=182&type=chunk) - Adjusted **EBITDA** increased **2%** to **$1.75 billion** in **Q2 2025**, while **AFFO** attributable to common stockholders decreased **7%** to **$1.22 billion**, reflecting the impact of discontinued operations[210](index=210&type=chunk)[212](index=212&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) Strong liquidity of $10.5 billion maintained, with significant debt repayments, new issuances, and $1.6-1.7 billion in 2025 capital expenditures projected Total Liquidity as of June 30, 2025 (in millions) | Component | Amount | | :--- | :--- | | Available under credit facilities, net | $8,398.9 | | Cash and cash equivalents | $2,076.0 | | **Total liquidity** | **$10,474.9** | - Significant debt repayments in **H1 2025** included the **2.950%**, **2.400%**, **1.375%**, and **4.000%** senior notes, as well as the **Series 2015-2 Secured Tower Revenue Notes**[229](index=229&type=chunk)[240](index=240&type=chunk) - The company issued **$1.6 billion** in new senior notes in **H1 2025**, including **$650M** of **4.900%** notes due **2030**, **$350M** of **5.350%** notes due **2035**, and **€500M** of **3.625%** notes due **2032**[229](index=229&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk) - The company expects total capital expenditures for **2025** to be between **$1,615 million** and **$1,725 million**, including construction of **1,850 to 2,450** new sites and approximately **$600 million** for data center assets[238](index=238&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Interest rate risk on $2.57 billion variable debt and significant foreign currency risk on 30% of revenues and €7.5 billion EUR debt are discussed - As of **June 30, 2025**, variable rate debt totaled **$2.565 billion** (**$750.0M** + **$815.0M** + **$1.0B**). A **10% increase** in interest rates would increase **H1 2025** interest expense by **$6.9 million**[290](index=290&type=chunk) - The company is exposed to foreign currency risk, with **30% of revenues** and **38% of operating expenses** denominated in foreign currencies in **H1 2025**[291](index=291&type=chunk) - The company has **€7.5 billion** **EUR** denominated debt outstanding. An adverse **10% exchange rate change** on the portion not designated as a net investment hedge would result in a **$0.4 billion foreign currency loss**[292](index=292&type=chunk) [Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of **June 30, 2025**[294](index=294&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the quarter ended **June 30, 2025**[295](index=295&type=chunk) [PART II. OTHER INFORMATION](index=61&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) Various legal proceedings, including an arbitration, are ongoing, which management believes will not have a material adverse impact - A customer in **Latin America** has initiated arbitration proceedings against a subsidiary, challenging lease payment calculations and seeking rent abatement[297](index=297&type=chunk) - Management believes it has meritorious defenses and does not expect the outcome of current legal proceedings to have a material adverse impact on its financial condition[297](index=297&type=chunk) [Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors from the **2024 Form 10-K** were reported - No material changes to the risk factors from the **2024 Form 10-K** were reported[298](index=298&type=chunk) [Other Information](index=61&type=section&id=Item%205.%20Other%20Information) Several executive officers, including the CEO and CFO, entered pre-arranged stock trading plans under Rule 10b5-1 - **EVP Olivier Puech** entered a **Rule 10b5-1** trading plan on **April 30, 2025**[299](index=299&type=chunk) - **CEO Steven O. Vondran** entered a **Rule 10b5-1** trading plan on **May 6, 2025**[300](index=300&type=chunk) - **CFO Rodney M. Smith** entered a **Rule 10b5-1** trading plan on **May 22, 2025**[301](index=301&type=chunk) [Exhibits](index=62&type=section&id=Item%206.%20Exhibits) Exhibits filed with the Form 10-Q include CEO and CFO certifications and XBRL data files - The exhibits include **CEO** and **CFO** certifications pursuant to **Section 302** of the **Sarbanes-Oxley Act** and **XBRL** filings[303](index=303&type=chunk) [Signatures](index=63&type=section&id=Signatures) ```

Core Insights - American Tower Corporation (AMT) shares are experiencing a decline following the release of its second-quarter results, which showed a total revenue increase of 3.2% to $2.63 billion and an adjusted EBITDA increase of 1.8% to $1.75 billion [1] - Analyst James Schneider from Goldman Sachs indicates that the stock is likely to remain range-bound as the results and 2025 guidance align with market expectations [1][4] Financial Performance - The second-quarter results revealed a total revenue of $2.63 billion, marking a 3.2% increase [1] - Adjusted EBITDA for the quarter reached $1.75 billion, reflecting a 1.8% increase [1] Market Sentiment - Investors are optimistic about American Tower due to stronger domestic organic growth anticipated towards year-end and the potential for a cost-cutting update in the second half of 2025 [2] - The company is noted for leading in Adjusted Funds From Operations (AFFO) per share growth within the sector [2] Guidance and Expectations - American Tower's 2025 core guidance is largely in line with market expectations, with a slight improvement in the international outlook but a small decline in U.S. organic growth projections [4] - The company has indirectly benefited from macro trends such as a weaker U.S. dollar and currency movements, which are reflected in the revised guidance [3] Competitive Landscape - Crown Castle (CCI) has reported better-than-expected results and raised its 2025 domestic activity outlook, leading to expectations for similarly positive commentary from American Tower's earnings call [3] Price Action - AMT shares are currently trading lower by 3.51% at $216.28 [5]

Core Insights - American Tower Corporation (AMT) reported Q2 2025 adjusted funds from operations (AFFO) per share of $2.60, matching the Zacks Consensus Estimate and showing an increase from $2.54 in the prior year [1][8] - The stock experienced a decline of 4.09% in early trading due to significant foreign currency losses reported for the quarter [1][8] Financial Performance - Total revenues for Q2 were $2.63 billion, exceeding the Zacks Consensus Estimate of $2.59 billion and reflecting a 3.2% increase year-over-year [2][8] - Organic tenant billings grew by 4.7%, while total tenant billings increased by 5.2% [2] - Adjusted EBITDA was reported at $1.75 billion, up 1.8% from the previous year, with an adjusted EBITDA margin of 66.7% [4] Segment Analysis - Property Operations generated revenues of $2.53 billion, a 1.2% year-over-year increase, with total operating profit at $1.77 billion and an operating profit margin of 70% [6] - Revenues from the United States and Canada were $1.31 billion, showing a slight decline, while international revenues rose to $958 million [6] - Data Centers contributed $262 million to Property revenues, marking a 13.4% increase from the prior year [6] - Service Operations revenues reached $100 million, significantly up from $47 million in the previous year, with an operating profit margin of 45% [7] Cash Flow and Liquidity - Cash generated from operating activities was $1.28 billion, down 4.3% year-over-year, while free cash flow was $969 million, a decrease of 4.1% [8] - As of June 30, 2025, total liquidity stood at $10.5 billion, comprising $2.1 billion in cash and cash equivalents and $8.4 billion available under revolving credit facilities [8] Guidance Update - The company raised its 2025 guidance for total property revenues to a range of $10,135-$10,285 million, up from $9,970-$10,120 million [10] - Adjusted EBITDA guidance was revised to $7,005-$7,075 million, an increase from the previous range of $6,885-$6,955 million [10] - AFFO attributable to AMT common stockholders is now expected to be in the range of $4,905-$4,995 million, up from $4,850-$4,940 million [10][11]

Core Insights - American Tower (AMT) reported a revenue of $2.63 billion for the quarter ended June 2025, reflecting a year-over-year decline of 9.4% [1] - The earnings per share (EPS) for the same period was $2.60, compared to $1.92 a year ago, indicating a positive growth in EPS [1] - The reported revenue exceeded the Zacks Consensus Estimate of $2.59 billion, resulting in a surprise of +1.5% [1] - The company did not deliver an EPS surprise, as the consensus EPS estimate was also $2.60 [1] Financial Performance Metrics - American Tower's shares returned +1.4% over the past month, while the Zacks S&P 500 composite increased by +3.6% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3] Geographic Revenue Breakdown - Total International Geographic Revenues were reported at $958 million, surpassing the three-analyst average estimate of $942.78 million, but showing a year-over-year decline of -26.7% [4] - U.S. & Canada Geographic Revenues reached $1.31 billion, slightly above the three-analyst average estimate of $1.3 billion, with a year-over-year change of -0.6% [4] - European Geographic Revenues were $233 million, exceeding the two-analyst average estimate of $224.06 million, reflecting a year-over-year increase of +14.8% [4] - Latin America Geographic Revenues totaled $389 million, below the two-analyst average estimate of $398.55 million, with a year-over-year decline of -13.4% [4] Operating Revenues - Total operating revenues from Data Centers were $262 million, exceeding the three-analyst average estimate of $257.71 million, with a year-over-year increase of +13.4% [4] - Total operating revenues from Services reached $100 million, significantly above the estimated $74.89 million, representing a year-over-year growth of +112.8% [4] - Total Property operating revenues were reported at $2.53 billion, slightly above the three-analyst average estimate of $2.5 billion, but reflecting a year-over-year decline of -11.4% [4]

Financial Data and Key Metrics Changes - The company raised its outlook for property revenue, EBITDA, and AFFO due to strong demand and favorable FX tailwinds [4][19] - Consolidated property revenue grew 1.2% year over year, with a more than 3% increase when excluding non-cash straight-line revenue [15] - Adjusted EBITDA grew 1.8% year over year, approximately 4.5% when excluding non-cash straight-line revenue [16] Business Line Data and Key Metrics Changes - The U.S. services business had a near-record quarter, with application volumes among the big three customers up over 50% year over year [12][13] - The data center business, particularly CoreSite, saw over 13% revenue growth, driven by hybrid cloud demand and AI-related use cases [15][16] - Colocations increased by 200% year over year, indicating a shift towards densification [12][97] Market Data and Key Metrics Changes - In developed markets (U.S., Canada, Europe), mobile traffic growth rates are expected to slightly outpace global averages over the next five years [6] - The Africa business showed robust growth due to stabilized lower churn and better consumer pricing, while Latin America is expected to see low single-digit growth through 2027 [8][9] - The company anticipates a modest increase in its outlook for Brazil due to market stabilization and improved carrier economics [9] Company Strategy and Development Direction - The company aims to benefit from the durability of tower leasing and growing mobile data demand trends, focusing on capital allocation and maintaining a high-quality balance sheet [11] - The strategic focus includes prioritizing funding for CoreSite and maintaining a disciplined approach to capital allocation [10][11] - The company plans to continue enhancing its service offerings and expanding its tower footprint to capture new business opportunities [5][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth through the second half of the year, driven by resilient demand across the global portfolio [12] - The company noted that while there are timing delays in customer commencements, the overall leasing pipeline remains healthy [30][31] - Management expects churn to trend down as the company moves past the final year of Sprint churn [52] Other Important Information - The company issued €500 million in senior unsecured notes to strengthen its balance sheet, with net leverage standing at 5.1 times [14] - The revised capital plans for 2025 include approximately $1.7 billion in capital expenditures, reflecting a slight decrease from prior expectations [23] Q&A Session Summary Question: Can you elaborate on the domestic leasing observations and the impact of delays in commencements? - Management indicated that while application volumes are healthy, one customer is experiencing a slower conversion to commencements, which may affect the second half of the year but does not indicate a pullback in overall demand [26][29][30] Question: What is the exposure to US Cellular and DISH? - US Cellular represents less than 0.5% of global property revenues, while DISH accounts for over 2% of global revenues. Management remains optimistic about DISH's recent positive developments [45][48] Question: Can you provide insights on CoreSite's supply chain risk management? - Management has proactively secured long lead-time items and built contractual mitigations to manage potential tariff impacts, ensuring stability in their development pipeline [66][68] Question: What are the expectations for the Latin America business? - The company anticipates low single-digit growth in Latin America through 2027, with significant improvements expected around 2028 [80][81] Question: How does the company view direct-to-device satellite connectivity? - Management views direct-to-device satellite technology as complementary to macro cell networks, particularly in low-density areas where building towers is not economically viable [55][56]

Financial Data and Key Metrics Changes - The company raised its outlook for property revenue, EBITDA, and AFFO due to strong demand and favorable FX tailwinds [4][20] - Consolidated property revenue grew 1.2% year over year, with a more than 3% increase when excluding non-cash straight-line revenue [16] - Adjusted EBITDA grew 1.8% year over year, approximately 4.5% when excluding non-cash net straight-line revenue [17] Business Line Data and Key Metrics Changes - The US services business had a near-record quarter, with application volumes among the big three customers up over 50% year over year, driven by amendment upgrades and a 200% increase in colocations [14][16] - The data center business, particularly CoreSite, saw over 13% revenue growth, driven by hybrid cloud demand and AI-related use cases [10][14] - International property revenue grew approximately 1% year over year, with a 3% increase when excluding FX impacts [16] Market Data and Key Metrics Changes - In developed markets (US, Canada, Europe), mobile traffic growth rates are expected to slightly outpace global averages over the next five years [6] - The Africa business showed robust growth due to stabilized lower churn and better consumer pricing, while Latin America is expected to see low single-digit growth through 2027 [9][10] - The company anticipates a modest increase in its outlook for Latin America due to improved market conditions, although challenges remain [10][78] Company Strategy and Development Direction - The company remains focused on capital allocation strategies, prioritizing funding for CoreSite and maintaining a disciplined approach to capital expenditures [11][12] - The strategic long-term focus is on benefiting from the durability of tower leasing and growing mobile data demand trends [12] - The company is optimistic about the future, with a strong pipeline of applications and a healthy leasing environment [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth through the second half of the year, driven by resilient demand across the global portfolio [13] - The company noted that while there are timing delays in customer commencements, the overall pipeline remains healthy and supportive of long-term guidance [30][32] - Management highlighted the importance of maintaining a strong balance sheet and financial flexibility, with plans to reduce leverage to below five times [102] Other Important Information - The company issued €500 million in senior unsecured notes to pay down existing debt, with net leverage standing at 5.1 times [15] - The company expects to distribute approximately $3.2 billion to shareholders as a common dividend, unchanged from prior expectations [24] Q&A Session Summary Question: Can you elaborate on the domestic leasing observations and the impact on the second half of the year? - Management noted an increase in application volume but acknowledged a slower conversion from one customer, which may affect the timing of revenue recognition [30][32] Question: What is the exposure to US Cellular and DISH? - US Cellular represents less than 0.5% of global property revenues, while DISH accounts for over 2% of global revenues, with management optimistic about recent positive developments [46][48] Question: What is the outlook for the Latin America business? - The company anticipates low single-digit growth in Latin America through 2027, with significant improvements expected around 2028 [78][79] Question: How is the company managing supply chain challenges for CoreSite? - The company has proactively secured long lead-time items and built contractual mitigations to manage potential tariff impacts [64][66] Question: What are the capital allocation priorities moving forward? - The company prioritizes funding dividends, capital expenditures for internal projects, and considers options for debt reduction or M&A based on market conditions [102][104]

Q2 2025 Financial Performance - Total property revenue increased by 1.2% year-over-year to $2.527 billion, with a 1.9% increase on an FX-neutral basis[5] - Total revenue increased by 3.2% year-over-year to $2.627 billion, with a 3.9% increase on an FX-neutral basis[5] - Net income attributable to AMT common stockholders decreased by 59.3% to $367 million, with a per diluted share of $0.78[5] - Adjusted EBITDA increased by 1.8% year-over-year to $1.752 billion, with a 2.6% increase on an FX-neutral basis; Adjusted EBITDA margin was 66.7%[5] - AFFO attributable to AMT common stockholders decreased by 6.7% to $1.218 billion, with a per diluted share of $2.60; As adjusted, AFFO increased by 2.6% to $1.218 billion, with a per diluted share of $2.60[5] 2025 Outlook Revisions - The company raised the 2025 property revenue outlook by $165 million to $10.21 billion, representing ~3% year-over-year growth[20] - The company raised the 2025 Adjusted EBITDA outlook by $120 million to $7.04 billion, representing >3% year-over-year growth[27] - The company raised the 2025 Attributable AFFO outlook by $55 million to $4.95 billion, or $10.56 per share, representing ~6% year-over-year per share growth (as adjusted)[31] Capital Allocation - The company plans to deploy $1.5 billion in discretionary capital projects, with approximately 40% allocated to U.S. Data Centers, 25% to U.S. & Canada, 15% to Europe, and 20% to Emerging Markets[36] - The company targets a common dividend declaration of approximately $3.2 billion[39]

[Q2 2025 Financial Results Overview](index=1&type=section&id=Q2%202025%20Financial%20Results%20Overview) American Tower reported mixed Q2 2025 results, with revenue growth driven by U.S. demand and CoreSite, offset by a net income decrease due to foreign currency losses [Consolidated Highlights](index=1&type=section&id=CONSOLIDATED%20HIGHLIGHTS) American Tower reported mixed Q2 2025 results, with revenue up 3.2% to $2.63 billion, but net income down 58.1% due to foreign currency losses - CEO Steven Vondran highlighted strong demand for the company's global portfolio, driven by midband upgrades, densification in the U.S., and double-digit growth at CoreSite[2](index=2&type=chunk) - The significant decrease in net income was primarily attributed to foreign currency losses of approximately **$(484.0) million** in Q2 2025, compared to losses of $(21.7) million in the prior-year period[4](index=4&type=chunk)[6](index=6&type=chunk) - The financial results reflect the sale of the company's operations in India (ATC TIPL), now reported as discontinued operations, with prior period results adjusted for comparability[5](index=5&type=chunk)[7](index=7&type=chunk)[12](index=12&type=chunk) Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Growth Rate | | :--- | :--- | :--- | | Total Revenue (in millions) | $2,627 | 3.2% | | Net Income (in millions) | $381 | (58.1)% | | Adjusted EBITDA (in millions) | $1,752 | 1.8% | | AFFO per Share ($) | $2.60 | (6.8)% | | Adjusted AFFO per Share ($) | $2.60 | 2.4% | [Capital Allocation & Leverage](index=2&type=section&id=CAPITAL%20ALLOCATION%20%26%20LEVERAGE) The company managed capital through shareholder distributions, strategic acquisitions, and debt management, maintaining a Net Leverage Ratio of 5.1x [Capital Allocation Overview](index=2&type=section&id=CAPITAL%20ALLOCATION%20OVERVIEW) In Q2 2025, capital was allocated to $1.70 per share distributions, $313 million in capital expenditures, and $185 million in acquisitions Q2 2025 Common Stock Distributions | Metric | Value | | :--- | :--- | | Distributions per share ($) | $1.70 | | Aggregate amount (in millions) | $796.0 | | Year-over-year per share growth | 4.9% | - Total capital expenditures were approximately **$313 million**, with **$40 million** designated for non-discretionary capital improvements and corporate capital expenditures[10](index=10&type=chunk) - The company spent approximately **$185 million** on acquisitions, primarily for a multi-tenant data center facility in Denver (DE1), adding incremental customer leases and capacity for future development[11](index=11&type=chunk) [Leverage and Financing Overview](index=3&type=section&id=LEVERAGE%20AND%20FINANCING%20OVERVIEW) As of June 30, 2025, American Tower maintained a Net Leverage Ratio of 5.1x and total liquidity of approximately $10.5 billion, actively managing its debt Net Leverage Ratio as of June 30, 2025 | Metric | Value (in millions) | | :--- | :--- | | Total debt | $37,485 | | Less: Cash and cash equivalents | $2,076 | | **Net Debt** | **$35,409** | | Second quarter annualized Adjusted EBITDA | $7,007 | | **Net Leverage Ratio** | **5.1x** | - Total liquidity stood at approximately **$10.5 billion**, comprising **$2.1 billion** in cash and **$8.4 billion** available under revolving credit facilities[15](index=15&type=chunk) - Key financing activities during the quarter included repayment of **€500.0 million** and **$750.0 million** of senior unsecured notes, issuance of **€500.0 million** of **3.625%** senior unsecured notes due 2032, and repayment of **$525.0 million** outstanding under the 2015 Securitization[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [Full Year 2025 Outlook](index=3&type=section&id=FULL%20YEAR%202025%20OUTLOOK) American Tower updated its full-year 2025 outlook, raising property revenue and Adjusted EBITDA guidance while reducing net income due to foreign currency impacts [Updated Guidance and Assumptions](index=3&type=section&id=Updated%20Guidance%20and%20Assumptions) The company raised its 2025 outlook for property revenue and Adjusted EBITDA, but reduced net income guidance due to unrealized foreign currency losses - The company is raising the midpoints of its full-year 2025 outlook for property revenue (by **$165M**), Adjusted EBITDA (by **$120M**), and AFFO per share (by **$0.12**), driven by core outperformance and favorable foreign currency exchange rates[23](index=23&type=chunk) - The midpoint for net income outlook is being reduced by **$400 million**, primarily due to unrealized foreign currency losses[23](index=23&type=chunk) - Midpoint property revenue growth expectations by segment are: **U.S. & Canada** at **(0.3)%**, **International** at **4.6%**, and **Data Centers** at **13.0%**[25](index=25&type=chunk) Full Year 2025 Outlook (Midpoint) | Metric | Midpoint | Midpoint Growth vs. Prior Year | | :--- | :--- | :--- | | Total property revenue (in millions) | $10,210 | 2.8% | | Net income (in millions) | $2,390 | 4.8% | | Adjusted EBITDA (in millions) | $7,040 | 3.3% | | AFFO per Share ($) | $10.555 | 0.2% | | Adjusted AFFO per Share ($) | $10.555 | 6.0% | 2025 Outlook for Capital Expenditures (Midpoint) | Category | Amount (in millions) | | :--- | :--- | | Discretionary capital projects | $880 | | Ground lease purchases | $210 | | Start-up capital projects | $75 | | Redevelopment | $335 | | Capital improvement | $160 | | Corporate | $10 | | **Total** | **$1,670** | [Unaudited Financial Statements and Reconciliations](index=10&type=section&id=Unaudited%20Financial%20Statements%20and%20Reconciliations) This section presents unaudited consolidated financial statements and reconciliations of GAAP to non-GAAP measures for Q2 2025 [Consolidated Balance Sheets](index=10&type=section&id=UNAUDITED%20CONSOLIDATED%20BALANCE%20SHEETS) The balance sheet as of June 30, 2025, shows total assets of $63.8 billion and total liabilities of $53.3 billion, both increasing since year-end 2024, with total equity growing to $10.5 billion Selected Balance Sheet Items (in millions) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $3,601.4 | $3,178.8 | | Property and Equipment, net | $19,799.8 | $19,056.8 | | **Total Assets** | **$63,754.5** | **$61,077.4** | | Total current liabilities | $5,863.6 | $7,075.6 | | Long-term obligations | $35,193.7 | $32,808.8 | | **Total Liabilities** | **$53,275.6** | **$51,428.7** | | **Total Equity** | **$10,478.9** | **$9,648.7** | [Consolidated Statements of Operations](index=11&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For the three months ended June 30, 2025, total operating revenues increased to $2.63 billion, but net income attributable to common stockholders fell sharply to $366.8 million due to a $484.0 million unrealized foreign currency loss Statement of Operations Highlights - Three Months Ended June 30 (in millions) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total operating revenues | $2,626.9 | $2,544.7 | | Operating Income | $1,197.7 | $1,156.2 | | Net Income | $380.5 | $908.4 | | Net Income Attributable to AMT Common Stockholders | $366.8 | $900.3 | | Diluted Net Income per Share | $0.78 | $1.92 | [Consolidated Statements of Cash Flows](index=12&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, cash provided by operating activities was $2.58 billion, while cash used for investing activities increased to $841.2 million and financing activities used $1.75 billion Cash Flow Summary - Six Months Ended June 30 (in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Cash provided by operating activities | $2,576.5 | $2,622.1 | | Cash used for investing activities | $(841.2) | $(525.3) | | Cash used for financing activities | $(1,750.5) | $(1,418.1) | | Net increase in cash | $101.4 | $525.2 | [Consolidated Results by Segment](index=13&type=section&id=UNAUDITED%20CONSOLIDATED%20RESULTS%20FROM%20OPERATIONS%2C%20BY%20SEGMENT) Q2 2025 segment performance showed strong revenue growth in Europe, Africa & APAC, and Data Centers, with international organic tenant billings growth at 6.5% Q2 2025 Revenue Growth by Segment (vs. Q2 2024) | Segment | Revenue Growth (%) | | :--- | :--- | | U.S. & Canada | (0.6) | | Latin America | (13.2) | | Africa & APAC | 12.4 | | Europe | 14.5 | | Data Centers | 13.5 | Q2 2025 Organic Tenant Billings Growth by Segment | Segment | Growth Rate (%) | | :--- | :--- | | U.S. & Canada | 3.7 | | Latin America | 2.9 | | Africa & APAC | 13.0 | | Europe | 5.1 | | **Total International** | **6.5** | | **Total Property** | **4.7** | [Non-GAAP Reconciliations](index=15&type=section&id=UNAUDITED%20SELECTED%20CONSOLIDATED%20FINANCIAL%20INFORMATION) This section provides detailed reconciliations for key non-GAAP metrics, including Net Income to Adjusted EBITDA and AFFO, demonstrating adjustments for non-cash items and financing costs Reconciliation of Net Income to Adjusted EBITDA - Q2 2025 (in millions) | Item | Amount | | :--- | :--- | | Net income | $380.5 | | Adjustments (Taxes, Interest, D&A, etc.) | $1,371.3 | | **Adjusted EBITDA** | **$1,751.8** | Reconciliation of Net Income to AFFO - Q2 2025 (in millions) | Item | Amount | | :--- | :--- | | Net income | $380.5 | | Nareit FFO Adjustments | $384.2 | | **Nareit FFO attributable to AMT common stockholders** | **$764.7** | | AFFO Adjustments | $453.6 | | **AFFO attributable to AMT common stockholders** | **$1,218.3** | [Other Information](index=6&type=section&id=Other%20Information) This section defines non-GAAP financial measures and includes cautionary language regarding forward-looking statements [Non-GAAP and Defined Financial Measures](index=6&type=section&id=Non-GAAP%20and%20Defined%20Financial%20Measures) This section defines non-GAAP and other financial measures like Adjusted EBITDA, AFFO, and Tenant Billings, which management believes provide useful insights into core business performance beyond GAAP measures - The company presents non-GAAP measures like Adjusted EBITDA, AFFO, and Free Cash Flow, as well as defined metrics like Tenant Billings Growth, to provide investors with additional insight into underlying operating trends[40](index=40&type=chunk)[41](index=41&type=chunk) - Key revenue components are broken down to provide transparency, including Tenant Billings, Straight-line revenue, and International pass-through revenue, to help investors analyze the performance of the real estate portfolio[43](index=43&type=chunk) [Cautionary Language Regarding Forward-Looking Statements](index=9&type=section&id=Cautionary%20Language%20Regarding%20Forward-Looking%20Statements) This section contains the standard safe harbor statement, warning that forward-looking statements, including the 2025 outlook, are subject to numerous risks and uncertainties that could cause actual results to differ materially - The report identifies several key risk factors that could impact future results, including decreased leasing demand, customer concentration, increased competition, leverage risks, and foreign operations risks like currency fluctuations[69](index=69&type=chunk)