Core Idea - CoreSite, an American Tower company, has announced that Maile Kaiser, its Chief Revenue Officer, has been selected for the 2026 CRN® Channel Chiefs list, recognizing her influence in shaping channel strategy and driving innovation in the IT sector [1] Company Summary - CoreSite provides interconnected data center solutions that support critical business and AI workloads, impacting everyday life [1] - The recognition of Maile Kaiser highlights the company's leadership in the IT vendor and distribution space [1] Industry Summary - The CRN® Channel Chiefs list is an annual recognition that celebrates executives who are influential in the IT channel, indicating the importance of strategic leadership in the technology industry [1]

Core Insights - AI stocks have gained significant attention due to the increasing demand for chips used in AI model and application development [1] - Infrastructure is essential for supporting AI hardware and data transmission, aligning with American Tower's strategy to build data centers for AI workloads [2] Company Overview - American Tower is one of the largest REITs globally, owning and operating over 149,000 multitenant communications sites and a network of U.S. data centers [3] - The company acquired CoreSite for $10.1 billion in 2021, adding 25 data centers across eight major U.S. markets to its portfolio [4] Strategic Developments - The acquisition of CoreSite was initially aimed at supporting 5G deployment, but the focus has shifted to developing data centers for AI applications [5] - CoreSite recently launched 400 Gbps (400G) Amazon Web Services (AWS) Direct Connect at its Chicago campus, enhancing its capability for high-bandwidth AI workloads [5] Market Applications - CoreSite's 400G connectivity is already being utilized by a leading cybersecurity firm for real-time threat analysis [6] - Financial firms are exploring 400G for high-speed trading and quantitative research, positioning American Tower's data centers as a potential asset for enhancing returns [7]

Core Insights - Women We Admire has announced The Top 50 Women Chief Revenue Officers of 2025, highlighting the importance of Chief Revenue Officers in modern organizations as they integrate various revenue-generating functions into a cohesive, data-driven strategy for growth [1] - The recognized leaders demonstrate a strong understanding of market dynamics and utilize both data and intuition to foster sustainable growth [1] Individual Recognitions - Maile Kaiser, Chief Revenue Officer of CoreSite, has over 25 years of experience in sales and management across various industries, focusing on revenue growth and strategy for data centers [2] - Tamara Adams, Chief Revenue Officer for Hexagon's Asset Lifecycle Intelligence division, has over two decades of experience in scaling software businesses and enhancing customer retention through AI and data-driven marketing [3] - Coker Powell, Executive Vice President and Chief Revenue Officer of The Leukemia & Lymphoma Society, has led initiatives that raised over $2.6 billion for health challenges, showcasing her impact in the philanthropic sector [4] Additional Honorees - The list includes notable figures such as Marji Karlin (NYC Health + Hospitals), Elizabeth Herbst-Brady (Condé Nast), and Teri Hatfield (Salesforce), among others, reflecting a diverse range of industries and expertise [6]

Financial Data and Key Metrics Changes - Total revenue grew nearly 8% year over year, driven by steady consolidated organic growth in the mid-single digits and strong contributions from U.S. services and CoreSite [18][19] - Adjusted EBITDA also grew nearly 8% year over year, complemented by 20 basis points of cash margin expansion [18] - Attributable AFFO per share as adjusted grew approximately 10% year over year, supported by robust EBITDA growth and disciplined management of below-the-line costs [18][20] Business Line Data and Key Metrics Changes - Consolidated property revenue grew nearly 6% year over year, with U.S. and Canada property revenue flat year over year but growing approximately 5% when excluding non-cash straight-line revenue and Sprint churn [19][20] - International property revenue grew approximately 12% year over year, and data center property revenue grew over 14%, driven by record retail new leasing and consistent pricing growth [19][20] Market Data and Key Metrics Changes - Mobile data consumption in the U.S. increased approximately 35% year over year, indicating a strong demand for mobile data and necessitating a doubling of overall network capacity over the next five years [10][11] - Approximately 75% of the company's towers have been upgraded with 5G equipment, with significant growth opportunities remaining as carriers complete their 5G rollouts [12] Company Strategy and Development Direction - The company focuses on four strategic priorities: optimizing long-term value creation, maximizing organic growth, expanding margins, and disciplined capital allocation [14][16] - The company is well-positioned to benefit from demand drivers across its tower and data center businesses, with a strong emphasis on operational excellence and cost efficiency [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the industry landscape, highlighting the benefits of carrier consolidation and the increasing demand for mobile data [9][10] - The company raised its full-year outlook across key financial metrics, supported by FX tailwinds, U.S. services outperformance, and net interest benefits [19][21] Other Important Information - The company has executed $28 million in share repurchases since the quarter-end and maintains a strong balance sheet with net leverage below five times [16][25] - The company expects to distribute approximately $3.2 billion to shareholders as a common dividend in 2025, subject to board approval [25] Q&A Session Summary Question: Services revenue performance and deployment expectations - Management noted a healthy pipeline of activity in services, indicating robust carrier activity and a positive outlook for 2026 [33][34] Question: Impact of new spectrum auctions on tower portfolio - Management expressed excitement about new spectrum bands coming to market, emphasizing that towers will be essential for deploying these higher frequency bands [36][37] Question: CoreSite pre-leasing share decline - Management clarified that the decline in pre-leasing was due to transitioning construction projects into service, not a slowdown in demand [41][43] Question: Cost optimization program details - Management highlighted ongoing efforts to improve cost efficiencies, with expectations for incremental improvements rather than a step function change [51][52] Question: EchoStar contract and future contributions - Management confirmed that EchoStar is current on payments and emphasized the importance of defending the contract through 2036 [69][70] Question: Capital allocation strategy - Management reiterated a disciplined approach to capital allocation, prioritizing dividends, internal CapEx, and evaluating M&A opportunities against share buybacks [71][74]

Group 1 - American Tower (NYSE:AMT) is recognized as a strong investment for the next three years, particularly due to its subsidiary CoreSite's recent developments [1] - CoreSite has launched its new data center facility, NY3, located in Secaucus, New Jersey, which enhances its data center capacity in the New York metropolitan area [1][2] - The NY3 facility adds over 138,000 square feet to CoreSite's existing footprint, bringing the total New York market footprint to more than 442,000 square feet across three facilities [2] Group 2 - The New York campus provides direct cloud connections to AWS and serves a diverse range of clients, including global financial services and educational institutions [3] - CoreSite's NY2 and NY3 facilities are equipped to support high-performance and AI-driven workloads with advanced liquid cooling solutions for improved thermal efficiency [3] - American Tower operates approximately 150,000 communications sites and maintains a highly interconnected network of data center facilities in the U.S. [4]

Core Insights - American Tower Corporation is focusing on transforming its business model from a passive tower operation to a more technical and integrated approach, including investments in data centers and satellite technology [3][4]. Company Strategy - The company has successfully acquired CoreSite in 2021, which is now a significant part of its capital plan, indicating a strategic shift towards data center operations [3]. - Investments in AST SpaceMobile highlight the company's commitment to integrating satellite technology with terrestrial networks, reflecting a trend towards convergence in telecommunications [4]. - The introduction of Power-as-a-Service in Africa demonstrates the company's innovative approach to addressing energy needs and enhancing operational efficiency [4]. Technological Development - The company is working on virtualized platforms that will transform tower operations into small data centers, emphasizing the importance of edge computing in its future strategy [4].

Summary of American Tower Conference Call Company Overview - **Company**: American Tower Corporation - **Event**: KeyBank Technology Leadership Forum - **Date**: August 11, 2025 Key Points Industry and Company Strategy - American Tower is transitioning from a passive tower business to a more technical role, focusing on data centers and satellite investments [4][5] - The acquisition of CoreSite in 2021 is a significant part of the capital plan, emphasizing the convergence of satellite and terrestrial networks [5][6] - The company is exploring "power as a service" in Africa, indicating a shift towards more integrated services [5] Data Centers and Edge Computing - The company is developing edge facilities, with a focus on the Raleigh data center, which aims to prove the concept of distributed computing [8][10] - Initial investments in small edge facilities did not meet expectations, leading to a reevaluation of strategies [12][13] - Power constraints in centralized locations are driving the need for distributed edge facilities, with Raleigh designed to accommodate modular power increments [14][15] AI and Technological Transformation - The company is in the early stages of AI adoption, focusing on improving productivity and harmonizing datasets from various acquisitions [27][28] - AI is seen as a game changer for operational efficiency, with a focus on orchestrating AI agents across use cases [30] Satellite and Tower Business - Investments in AST Space Mobile are viewed as complementary to the tower business, enhancing connectivity in underserved areas [32][34] - The company believes that towers will remain essential infrastructure, even with the rise of satellite technology [34][36] Spectrum Opportunities - The recent tax bill allows the FCC to auction spectrum, which is seen as a significant opportunity for American Tower [42][43] - Key spectrum bands of interest include upper C band and six gigahertz, which are crucial for future growth [46][48] - The company anticipates that the auction process will enhance capacity and drive new deployments [51][52] Future Outlook - The transition to 5G has been slower than expected, but the new tax incentives may accelerate carrier investments [56][57] - The integration of telecommunications and computing at the edge is expected to enhance user experiences and drive future growth [61] Additional Insights - The company is focusing on modular data center designs to meet the growing demand for power and efficiency [15][21] - There is a recognition of the need for shared resources in the community to support local tech companies [24] - The potential for AI to transform business operations is acknowledged, with ongoing efforts to leverage AI for better decision-making [28][30]

Summary of American Tower's Conference Call Company Overview - **Company**: American Tower - **Industry**: Telecommunications Infrastructure Key Points and Arguments 1. Strategic Focus and Investments - American Tower aims to transition from a passive tower business to a more technical and integrated infrastructure model, including investments in data centers and satellite technology [4][5] - The acquisition of CoreSite in 2021 is a significant part of the capital plan, focusing on data centers and edge computing [5][8] 2. Edge Computing and Data Centers - The company is developing edge facilities, with a notable project in Raleigh, to support the growing demand for localized data processing [9][12] - Initial investments in small edge facilities did not meet expectations, leading to a strategic pivot towards larger, modular facilities that can support higher power densities [14][16] - The focus on power as a service is critical, especially in regions like Africa, where power constraints drive the need for localized solutions [5][16] 3. Convergence of Wireless and Wireline Networks - The convergence of wireless and wireline networks is seen as essential for future growth, particularly with the advent of 5G and anticipated 6G technologies [11][12] - The company believes that distributed computing will become increasingly important as data gravity shifts towards edge locations [12][22] 4. Satellite Technology and Competitive Landscape - American Tower views its investment in AST Space Mobile as complementary to its tower business, enhancing connectivity in underserved areas without replacing existing infrastructure [31][32] - The company anticipates that satellite technology will provide a thin layer of coverage, particularly in rural areas where building towers is economically unfeasible [32][36] 5. Spectrum Opportunities - The recent tax bill granting the FCC auction authority is expected to create new opportunities for American Tower, particularly in acquiring spectrum for future deployments [40][41] - The company is focused on several key frequency bands, including the upper C band, which is anticipated to drive new deployments and enhance capacity [43][44] 6. Future of 5G and 6G - The rollout of 5G has been slower than expected, but the company sees potential for monetization as new devices and applications emerge [53][56] - The transition to 6G is viewed as a necessary evolution, integrating telecommunications and computing at the edge to enhance user experiences [57][58] Additional Important Insights - The company is actively harmonizing datasets from various global operations to improve efficiency and productivity through AI [27][28] - There is a recognition of the challenges in transforming legacy systems to meet modern requirements, particularly in terms of power and cooling [22][23] - The need for shared infrastructure and community-based solutions is emphasized, particularly in academic and research settings [24][30] This summary encapsulates the key themes and insights from the conference call, highlighting American Tower's strategic direction, industry challenges, and future opportunities.