American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.
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Here are 1-3 brief analogies for American Tower (AMT):
- Like Prologis, but for wireless communication towers and data centers instead of warehouses.
- Like Simon Property Group, but for wireless carrier antennas instead of retail stores.
- Like Equinix or Digital Realty, but primarily for cell towers that enable mobile communication.
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- Tower Leasing: Leasing space on multi-tenant communications towers to wireless carriers and other communication service providers.
- Managed Networks & In-building Solutions: Providing shared wireless infrastructure and services within venues and buildings for enhanced coverage and capacity.
- Small Cells: Deploying and managing compact, low-power radio access nodes to improve localized wireless coverage and capacity in dense areas.
- Fiber Optic Networks: Offering dark fiber and lit fiber solutions primarily for backhaul connectivity and other network requirements.
- Edge Data Centers: Providing distributed data center capacity located closer to end-users to support low-latency applications and content delivery.
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Major Customers of American Tower (AMT)
American Tower (AMT) primarily sells its services to other companies, specifically wireless service providers, radio and television broadcast companies, government agencies, and other companies that require high-quality, geographically dense wireless and broadcast networks. They do not primarily sell to individuals.
Based on their 2023 annual report, American Tower's largest customers globally, by revenue, include:
- T-Mobile (Symbol: TMUS)
- AT&T (Symbol: T)
- Verizon (Symbol: VZ)
- Vodafone (Symbol: VOD)
- Telefónica (Symbol: TEF)
These five customers collectively accounted for approximately 43% of American Tower's consolidated net revenues for the year ended December 31, 2023.
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Steven Vondran, President and Chief Executive Officer
Mr. Vondran joined American Tower in 2000 and has held various leadership positions, including Executive Vice President and Global Chief Operating Officer (interim), and Executive Vice President and President, U.S. Tower Division, overseeing the U.S. data center business. Prior to American Tower, he was an associate at the law firm of Lewellen & Frazier LLP and a telecommunications consultant with Young & Associates, Inc.
Rodney Smith, Executive Vice President, Chief Financial Officer and Treasurer
Mr. Smith joined American Tower in October 2009. He previously served as Senior Vice President, Corporate Finance and Treasurer, and Chief Financial Officer of American Tower's U.S. Tower Division. Before joining American Tower, Mr. Smith served as Executive Vice President, Chief Financial Officer, and a general Board Member of Lightower, a private equity-backed wireless infrastructure company. He also held roles as Chief Financial Officer and Treasurer for RoweCom, a publicly traded company, and held several leadership positions at Nextel Communications.
Ruth Dowling, Executive Vice President, Chief Administrative Officer, General Counsel and Secretary
Ms. Dowling is a key member of the executive team.
Eugene "Bud" Noel, Executive Vice President and Chief Operating Officer
Mr. Noel joined American Tower in 2011 and brings over 25 years of experience in wireless real estate development and operations, including leadership positions at Sprint Nextel and LightSquared before joining American Tower.
Richard Rossi, Executive Vice President and President, U.S. Tower Division
Mr. Rossi is a key executive leading the U.S. Tower Division.
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The increased leverage of major wireless carriers due to industry consolidation, leading to more aggressive negotiations on lease renewals, lower rental escalators, and potential churn as networks are integrated and rationalized.
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American Tower (AMT) operates primarily in three main product and service areas: communication sites (towers), data centers, and fiber. Here are the addressable market sizes for these segments:
Communication Sites (Towers)
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Global Market: The global telecom tower market was valued at approximately $27.9 billion in 2023 and is projected to reach $35.02 billion by the end of 2030, exhibiting a compound annual growth rate (CAGR) of 3.3% during the forecast period of 2024–2030.
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U.S. Market: The United States Telecom Towers Market is estimated at $7.33 billion in 2025 and is expected to grow to $8.99 billion by 2030, at a CAGR of 4.19% during the forecast period (2025-2030).
Data Centers
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Fiber
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American Tower (AMT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
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Continued 5G Deployment and Mobile Data Consumption Growth: The ongoing global rollout of 5G networks, particularly in the United States and other developed markets, is a significant catalyst for demand in American Tower's communication infrastructure. This deployment, coupled with the exponential increase in mobile data consumption (projected to double every 2 to 3 years), will necessitate further network densification and upgrades, directly boosting leasing activity on AMT's towers. American Tower expects this trend to drive compelling growth in its U.S. Tower portfolio.
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Robust Expansion of the Data Center Segment (CoreSite): American Tower's data center business, CoreSite, has consistently exceeded initial expectations and is a strong contributor to revenue growth. This segment is experiencing significant demand driven by hybrid cloud, multi-cloud deployments, and the burgeoning needs of AI-related workloads like machine learning models and GPU as a Service. Projections indicate continued double-digit revenue growth in the low-to-mid teens for this segment.
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International Market Growth and Portfolio Optimization: American Tower anticipates steady organic tenant billings growth in its international markets, particularly in Africa and Europe. This growth is supported by ongoing 4G densification and early 5G upgrades in emerging markets. While the company has strategically optimized its portfolio, including the sale of its India tower business, to focus on higher-growth, lower-risk markets and developed regions, the remaining international operations are positioned for continued expansion.
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Organic Tenant Billings Growth and Increased Leasing Activity: Underlying all segments is the consistent organic tenant billings growth across American Tower's global portfolio. The company has reported strong leasing activity in its U.S. and international towers, as well as its data center business, contributing to overall revenue expansion. Expectations include a consolidated organic tenant billings growth of approximately 5%.
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Here's a summary of American Tower's capital allocation decisions over the last 3-5 years:
Share Repurchases
- American Tower repurchased approximately $28 million of its common stock since the third quarter of 2025. [cite: 1, 3 (from previous search)]
- The company has an authorized stock repurchase program with approximately $2.0 billion remaining. [cite: 3 (from previous search), 11 (from previous search)]
- In 2022, American Tower's annual share buybacks amounted to $18.8 million. [cite: 4 (from previous search)]
Share Issuance
- In May 2021, American Tower priced a public offering of 9,000,000 shares of common stock, generating approximately $2.1 billion to $2.36 billion in net proceeds to finance the Telxius transaction.
- In June 2022, American Tower announced its intent to offer 8,350,000 shares of common stock in a registered public offering to repay indebtedness related to the CoreSite acquisition.
Inbound Investments
- A subsidiary of American Tower has entered into a non-binding term sheet for a third-party minority equity investment of approximately $2.5 billion in its U.S. data center business.
Outbound Investments
- In September 2024, American Tower completed the sale of 100% of its operations in India to Data Infrastructure Trust. [cite: 3 (from previous search), 5 (from current search)]
- The company has pursued portfolio optimization by divesting fiber assets in Mexico and South Africa, and selling land interests in Australia and New Zealand. [cite: 6 (from previous search), 8 (from previous search), 13 (from previous search)]
Capital Expenditures
- For 2025, American Tower expects total capital expenditures of approximately $1.7 billion, including $1.5 billion for discretionary projects such as building approximately 2,150 new towers and $600 million for data center development. [cite: 1 (from previous search), 2 (from previous search), 6 (from previous search), 10 (from previous search), 15 (from current search), 19 (from previous search)] Over 75% of the discretionary spending is planned for developed markets. [cite: 15 (from current search)]
- Total capital expenditures were approximately $1.6 billion for the full year 2024. [cite: 5 (from current search)]
- For the full year 2023, total capital expenditures were approximately $1.8 billion. [cite: 1 (from current search)]
