American Tower Corporation (AMT)

American Tower's stock has risen 19.3% year-to-date, outperforming the industry's growth. The company beat fourth-quarter revenue estimates, which sent shares up 6.7%. American Tower reported solid leasing trends with sustained demand across its global portfolio. The company repaid $650.0 million and $750.0 million of senior unsecured notes in January and March 2025, respectively. American Tower spent approximately $148 million to acquire 242 communication sites. Analysts have shown a bullish outlook, with an average 1-year price target of $248.89. The merger between T-Mobile and Sprint has negatively impacted American Tower's leasing revenues.

Demand for American Tower's products and services is generally not subject to significant seasonality. Demand is driven by mobile data consumption growth, 5G network deployment and densification, increasing wireless penetration globally, and edge computing and data center demand. The long-term nature of its contracts and the essential nature of its infrastructure provide a resilient and stable business model.

American Tower Corporation is a global REIT specializing in owning, operating, and developing multi-tenant communications real estate. Its business model involves leasing space on its infrastructure to various industries and has expanded into data services through strategic acquisitions. The company also offers network development services.

American Tower has a global presence with over 220,000 communications infrastructure assets across five continents. Approximately 43% of its sites are located in the United States. The company has a presence in Latin America with more than 48,000 sites, Europe with over 31,000 sites, Africa with more than 24,000 sites, and Asia-Pacific with nearly 78,000 sites.

American Tower maintains a strong brand reputation as a leading independent owner, operator, and developer of multi-tenant communications real estate. Consistent strong financial results contribute positively to its reputation. The continued acquisition of communication sites and data centers reinforces its commitment to growth. American Tower has a track record of consistent dividend growth. The agreement to sell its operations in India could be viewed as a shift in its global strategy. The ongoing churn from the T-Mobile/Sprint merger has negatively impacted U.S. leasing revenues.

American Tower is primarily owned by institutional shareholders, who hold approximately 91.75% of the company's stock. Vanguard Group Inc is the largest individual shareholder, owning 13.42% of the company. Other major institutional owners include BlackRock, Inc., and State Street Corp.