American Tower Corporation (AMT)

Over the past six months, American Tower's stock price has seen an increase of 19.66%. In Q1 2025, American Tower reported solid financial results, with total revenue increasing 2.0% and adjusted EBITDA increasing 1.9%. The company's data center unit showed strong performance with 9% revenue growth. Management also raised its full-year 2025 Adjusted Funds From Operations (AFFO) per share guidance to $10.44. The company declared a quarterly cash distribution of $1.70 per share on May 15, 2025, payable on July 11, 2025. In the past six months, analysts have upgraded their outlook for American Tower. The merger between T-Mobile and Sprint has resulted in tower site overlap, negatively impacting American Tower's leasing revenues.

Demand for American Tower's products and services is primarily driven by long-term trends in the telecommunications industry rather than significant seasonal fluctuations. The company benefits from the ongoing global deployment of 5G networks, increasing wireless penetration, and spectrum auctions, which drive demand for its communication sites. There is strong and sustained demand across its global portfolio, with accelerating broad-based mid-band deployments and early indications of capacity-driven new site demand in the U.S. The data center segment is experiencing strong industry-wide demand due to the growth in cloud computing, Internet of Things (IoT), Big Data, Artificial Intelligence (AI), autonomous vehicles, and virtual/augmented reality markets. In 2023, American Tower saw strong demand for both its tower and data center platforms. The company has experienced some churn in its U.S. & Canada property segment due to contractual lease cancellations and non-renewals by T-Mobile, which is expected to continue through 2025.

American Tower Corporation is a leading independent owner, operator, and developer of multi-tenant communications real estate globally. The company operates as a Real Estate Investment Trust (REIT). Its core business involves leasing space on its extensive portfolio of communications sites to various industries. The company's major products and services are organized into two main segments: Rental and Management, and Network Development Services. The Rental and Management segment is the primary revenue driver and includes leasing space on various communication towers and data center facilities. The Network Development Services segment offers services such as site acquisition, zoning and permitting, structural and mount analysis, and construction management.

American Tower has a significant global presence, operating in 22 countries across five continents: the Americas, Europe, Africa, and Asia. As of late 2024, the company manages approximately 226,000 communications sites worldwide. Its portfolio includes over 149,000 communications sites and a highly interconnected footprint of U.S. data center facilities. In the U.S. & Canada, there are approximately 43,000 communications infrastructure assets, with about 19,200 tower sites in the U.S. In Asia-Pacific, there are nearly 78,000 sites, with a substantial presence in India, Bangladesh, and the Philippines. In Latin America, there are more than 48,000 sites, with significant operations in Brazil, Mexico, Argentina, Chile, Colombia, Costa Rica, Paraguay, and Peru. In Africa, there are more than 24,000 sites, including operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa, and Uganda. In Europe, there are more than 31,000 sites, with operations in France, Germany, and Spain. The company owns and/or operates 25 data centers in eight U.S. markets after acquiring CoreSite.

American Tower maintains a strong brand reputation, reflected in various recognitions and its integral role in digital infrastructure. The company is a Fortune 500, S&P 500, and Forbes Global 2000 company. American Tower has been recognized on lists such as U.S. News & World Report's "Best Companies to Work For," "Most Responsible Company," "Most Admired Company," and "Best Employers for Diversity." In April 2025, American Tower partnered with Boys & Girls Clubs of America to expand technology and digital literacy resources for youth. Some past reports mention disputes regarding a policy requiring foremen to fire or not rehire line workers who also work for competing cell tower operators within a certain distance. Additionally, some consultancy firms advertise services for landowners to renegotiate land leases with American Tower, suggesting that some landowners may find the lease agreements complex.

American Tower Corporation's ownership is predominantly institutional, with approximately 79.27% to 91.75% of the company's stock held by institutional shareholders. The largest institutional shareholders include Vanguard Group Inc., BlackRock, Inc., State Street Corp, Cohen & Steers, Inc., Geode Capital Management, LLC, Fmr Llc, and Jpmorgan Chase & Co. Retail investors and smaller entities hold approximately 5% to 20.63% of the shares. Insider ownership is relatively small, around 0.10% to 0.57%.