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• Public Storage for cellular antennas and equipment
• Prologis for cell towers and other wireless infrastructure

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• Communications Site Leasing: American Tower leases space on its extensive portfolio of communications sites, primarily towers, to wireless carriers, broadcasters, and other communication service providers.
• Site Development Services: The company develops new communications infrastructure, including site acquisition, zoning, permitting, and construction of new towers or other communication facilities.
• Site Operations and Management: American Tower operates and maintains its communications real estate portfolio, ensuring the infrastructure is functional, secure, and available for its tenants.

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• AT&T Inc. (NYSE: T)
• Verizon Communications Inc. (NYSE: VZ)
• T-Mobile US, Inc. (NASDAQ: TMUS)

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Steven Vondran, President and Chief Executive Officer

Steven Vondran became President and Chief Executive Officer of American Tower Corporation in February 2024, succeeding Thomas A. Bartlett. He joined American Tower in 2000 and has held numerous leadership roles, including Executive Vice President and Global Chief Operating Officer, and Executive Vice President and President, U.S. Tower Division, overseeing the U.S. data center business. Prior to joining American Tower, Mr. Vondran was an associate at the law firm of Lewellen & Frazier LLP and served as a telecommunications consultant with Young & Associates, Inc. He also served as a Law Clerk to the Hon. John Stroud on the Arkansas Court of Appeals. Mr. Vondran is a member of the Business Roundtable and Nareit Executive Board, and has served on the boards of the Wireless Infrastructure Association (WIA) and the Cellular Telecommunications Industry Association (CTIA). He joined the Ameren Corporation board of directors in January 2025.

Rod Smith, Executive Vice President, Chief Financial Officer and Treasurer

Rodney Smith is the Executive Vice President, Chief Financial Officer, and Treasurer of American Tower. He joined the company in October 2009, previously serving as Senior Vice President, Corporate Finance and Treasurer, and Senior Vice President and Chief Financial Officer of American Tower's U.S. Tower Division. Before joining American Tower, Mr. Smith held the position of Executive Vice President, Chief Financial Officer, and a general Board Member of Lightower, a private equity-backed wireless infrastructure company. He also served as Chief Financial Officer and Treasurer (and earlier as Vice President and Controller) for RoweCom, a publicly traded company. Earlier in his career, Mr. Smith held several leadership positions at Nextel Communications.

Ruth Dowling, Executive Vice President, Chief Administrative Officer, General Counsel and Secretary

Ruth Dowling is American Tower's Executive Vice President, Chief Administrative Officer, General Counsel, and Secretary. She joined American Tower in July 2011. Since joining, Ms. Dowling has served as Senior Vice President, Corporate Legal, and most recently as Senior Vice President and General Counsel for the EMEA and Latin America regions. Before American Tower, she spent 13 years at Edwards Angell Palmer & Dodge LLP, where she was a partner and co-chair of the firm's litigation department. She also clerked for the Honorable Fred I. Parker of the United States Second Circuit Court of Appeals.

Bud Noel, Executive Vice President and Chief Operating Officer

Bud Noel is the Executive Vice President and Chief Operating Officer of American Tower, a global position he assumed on January 13, 2025. He joined the company in 2011 as Senior Vice President, U.S. Tower Operations. Prior to his current role, he served as Chief Operating Officer, U.S. Tower, and Executive Vice President and President of the U.S. Tower Division in 2023. Mr. Noel brings over 25 years of experience in telecommunications real estate development and operations and network deployment. Before American Tower, he was Vice President of Network Development for LightSquared (now Ligado Networks) and spent 11 years with Sprint Nextel in various leadership roles.

Richard Rossi, Executive Vice President and President, U.S. Tower Division

Richard Rossi is American Tower's Executive Vice President and President, U.S. Tower Division, a role he was named to in January 2025. He joined American Tower in 2001, initially working on divestitures and mergers and acquisitions for the Corporate business development team. He has since held various U.S. Tower operational and legal roles, including Director of Contract Management and Vice President of Legal. Prior to his current position, he served as Senior Vice President and General Counsel for the U.S. Tower legal organization from 2018. Mr. Rossi serves on the board of directors for the Wireless Infrastructure Association (WIA), the Cellular Telecommunications Industry Association (CTIA), and East Cambridge Savings Bank.

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The key risks to American Tower's business include:

1. Financial Leverage and Interest Rate Risk: As a Real Estate Investment Trust (REIT), American Tower operates with a substantial debt load and a high debt-to-equity ratio. For example, as of September 2025, the company reported long-term debt of approximately $42 billion and a debt-to-equity ratio of about 11.39. A high net leverage ratio, such as 4.9x net debt to annualized Adjusted EBITDA in Q3 2025, is typical for a REIT but can elevate risk, especially in a rising interest rate environment. Elevated interest rates increase borrowing costs and can affect the company's ability to acquire or develop real estate, impacting its financial health.
2. Customer Concentration and Carrier Consolidation/Churn: A significant portion of American Tower's revenue is derived from a limited number of major wireless carriers. For instance, in Q1 2025, T-Mobile (16%), AT&T (15%), and Verizon Wireless (13%) were the top three customers in its U.S. & Canada segment. The loss of any of these major customers, further consolidation among carriers, or reductions in their network spending could materially impact the company's revenue. The merger between T-Mobile and Sprint, for example, has already resulted in site decommissioning and an elevated churn rate in American Tower's U.S. & Canada property segment, expected to continue through 2025.
3. International Volatility and Currency Exposure: American Tower's extensive global presence exposes it to economic instability, geopolitical risks, and foreign currency fluctuations in various international markets. Currency fluctuations have significantly impacted the company's profitability, leading to substantial foreign exchange losses, such as $484 million in Q2 2025. Economic instability in regions like Latin America has also led to declines in property revenue and slow growth projections. The company is actively managing this risk by strategically reducing its exposure to some emerging markets and focusing on investments in developed economies due to higher perceived risk.

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American Tower Corporation (AMT) operates in the multitenant communications real estate sector, primarily focusing on communications sites (towers) and data centers. The addressable markets for their main products and services are significant globally and regionally.

Communications Sites (Telecom Towers)

The global telecom towers market is a key addressable market for American Tower.

• One estimate valued the global telecom towers market size at approximately USD 61.46 billion in 2024, projected to increase to around USD 165.61 billion by 2034, growing at a compound annual growth rate (CAGR) of 10.42% from 2025 to 2034.
• Another source reported the global telecom towers market size as USD 49.29 billion in 2024, expecting it to grow from USD 51.81 billion in 2025 to USD 77.13 billion by 2033, at a CAGR of 5.1% during 2026–2033.
• A third perspective indicated the global telecom towers market size was USD 30.41 billion in 2025 and is projected to reach USD 42.65 billion by 2034, with a CAGR of 3.83% during 2026–2034.

Regionally, insights into the telecom tower market include:

• North America accounted for 40% of the global telecom towers market in 2024.
• The Asia Pacific market size for telecom towers surpassed USD 27.66 billion in 2024 and is projected to reach approximately USD 75.35 billion by 2034, growing at a CAGR of 10.54% from 2025 to 2034. The Asia Pacific region is also noted as the dominant region in the global telecom tower market.

Data Centers

American Tower expanded into the data center market with its acquisition of CoreSite. While specific addressable market sizes directly linked to American Tower's data center offerings (colocation, interconnection) were not precisely quantified as a standalone global market in the search results, the company has highlighted strong performance in this segment.

• American Tower's data center platform delivered double-digit growth.
• CoreSite continues to experience double-digit revenue growth, driven by significant demand for cloud and AI workloads.
• Approximately $700 million in success-based investments were directed towards the data center portfolio, primarily in developed markets.

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Here are 3-5 expected drivers of future revenue growth for American Tower (AMT) over the next 2-3 years:

1. Surging Mobile Data Consumption and 5G/6G Network Investments: American Tower anticipates robust revenue growth driven by the continuous surge in mobile data consumption, an increasing number of mobile customers, and the ongoing global adoption of 5G technology. This secular demand for wireless network capacity, including the future rollout of 6G and 5G-Advanced (5G-A) supporting IoT and AI agents, is projected to necessitate a doubling of wireless network capacity by 2030, fueling demand for American Tower's communication sites.
2. Expansion and Growth in International Markets: The company expects revenue growth from its international operations, particularly in Europe, Africa, and Asia-Pacific. International revenues have shown significant year-over-year increases, with strong organic growth anticipated in these regions due to ongoing 5G rollouts and new business activity. European markets are benefiting from CPI-linked escalators and new leasing, while Africa and Asia-Pacific are projected to see faster organic growth compared to the U.S.
3. Robust Data Center Demand (CoreSite) Driven by AI and Hybrid Cloud: American Tower's data center business, notably CoreSite, is a significant driver of revenue growth, exhibiting impressive double-digit year-over-year increases. This growth is propelled by the escalating demand for hybrid and multi-cloud deployments and emerging AI-related use cases, which require substantial bandwidth, lower latency, and enhanced uplink capacity.
4. Contractual Escalators and Pricing Power: American Tower benefits from contractual escalators, often linked to the Consumer Price Index (CPI), embedded in its leasing agreements. This allows the company to effectively pass on inflationary costs to tenants, ensuring a stable and growing revenue stream. This pricing power is a key feature that helps maintain consistent revenue growth and is notably observed in its European, African, and Latin American operations.

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Capital Allocation Decisions (2021-2025)

Share Repurchases

• American Tower repurchased approximately $365 million of its common stock during the fourth quarter of 2025.
• Subsequent to the fourth quarter of 2025, through February 17, 2026, the company repurchased an additional approximately $53 million in common stock.
• A share repurchase authorization of approximately $1.6 billion remains available for future deployment.

Share Issuance

• American Tower's shares outstanding increased to 0.469 billion in 2025, a 0.14% increase from 2024.
• Shares outstanding also saw a 0.21% increase in 2024 from 2023, and a 0.95% increase in 2023 from 2022.

Outbound Investments

• In November 2021, American Tower acquired CoreSite for $10.1 billion, significantly expanding its data center portfolio.
• The company divested its India operations (ATC TIPL Transaction) and fiber assets in Mexico and South Africa as part of a strategy to pivot investments towards developed markets and optimize its portfolio.

Capital Expenditures

• Total capital expenditures for the full year 2025 were approximately $1.7 billion, which included $196 million for non-discretionary capital improvements and corporate capital expenditures.
• For 2026, planned capital deployments are expected to be $1.9 billion, with $1.8 billion designated as discretionary, including the construction of approximately 2,000 new sites globally.
• Approximately 85% of the 2026 discretionary capital expenditures are allocated to developed market platforms, with over $700 million specifically for success-based investments in the data center portfolio.