Financial Data and Key Metrics Changes - The property revenue growth for the year was nearly 1% and 3% on an FX-neutral basis, supported by organic tenant billings growth of over 5% and U.S. data center growth of over 10% [35][36] - Adjusted EBITDA growth was approximately 2% and over 4% on an FX-neutral basis, negatively impacted by a 3.5% reduction in non-cash straight-line revenue [36][37] - Attributable AFFO per share of $10.54 represented nearly 7% growth year-over-year and over 9% on an FX-neutral basis [37] Business Line Data and Key Metrics Changes - The U.S. data center business saw fourth quarter revenue growth of nearly 10%, with demand for interconnection campuses remaining elevated [32] - The construction of nearly 2,400 sites contributed to organic tenant billings growth, with significant volumes in Europe [36][37] - The CoreSite data center business delivered another record year of new leasing, reinforcing demand and pricing durability [21][22] Market Data and Key Metrics Changes - In the U.S. tower business, application activity observed four quarters of sequential acceleration, with major customers upgrading an average of 65% of their sites with mid-band spectrum [16] - Internationally, mid-band coverage stands at approximately 45% in Europe, 15% in Latin America, and 10% in Africa, with data consumption growing at a CAGR of around mid-teens to roughly 20% since 2020 [20] - The 2025 outlook for wireless CapEx spend is expected to return to higher levels, totaling approximately $35 billion, which is roughly $5 billion above the average annual spend in 4G [17] Company Strategy and Development Direction - The company aims to maintain a 5 times leverage target on a recurring basis, focusing on balance sheet strength, efficiency, and capital allocation discipline [9][10] - The strategic priorities include enhancing customer value proposition and strengthening the durability and quality of earnings for shareholders [9][24] - The company plans to direct most discretionary capital towards developed market platforms, reducing emerging market discretionary CapEx to just over $300 million in 2025 [26][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the 5G investment cycle and the need for continued network investments to support coverage, driven by increasing mobile data demand [7][18] - The company is entering 2025 in a stronger position despite global risks, with a focus on higher quality earnings and sustained growth [9][10] - Management highlighted the resilience of consumer demand for connectivity and bandwidth-intensive applications, despite macroeconomic uncertainties [27][50] Other Important Information - The company successfully issued $1.2 billion in senior unsecured notes at an average coupon of 5.2% and average tenor of 7.5 years [34] - The company plans to resume dividend growth in the mid-single-digit range, subject to Board approval, corresponding to an approximately $3.2 billion distribution to shareholders [47] - The liquidity position stands at $12 billion, including $10 billion of bank facility capacity, providing flexibility to manage upcoming maturities [49] Q&A Session Summary Question: Can you provide details on the domestic leasing environment and the mix of COLO versus amendments? - Management indicated a robust pipeline from all carriers, with a healthy mix of amendments and colocations, and noted that the organic tenant billings growth is influenced by contracted use fees and new leases [52][58] Question: What is the outlook for multiyear growth opportunities? - Management reaffirmed long-term guidance, expecting mid-single-digit growth through 2027, with a slight reduction in 2025 due to timing and churn impacts [55][63] Question: How is the data center business performing and what are the integration plans? - Management expressed satisfaction with CoreSite's performance and emphasized the strategic importance of integrating data center connectivity with tower operations, particularly in the context of edge computing [70][73] Question: What are the plans for land purchases in the U.S.? - Management plans to increase investment in land purchases under towers to secure long-term revenue, with a focus on high-quality sites [77][81] Question: How does the company view potential M&A opportunities? - Management stated that there are currently no compelling M&A opportunities, emphasizing the need for strategic fit and value creation before pursuing any acquisitions [118][119]