American Tower Corporation (NYSE:AMT) J.P. Morgan 52nd Annual Global Technology, Media and Communications Conference May 20, 2024 3:10 PM ET Company Participants Steve Vondran - President and CEO Conference Call Participants Richard Choe - J.P. Morgan Richard Choe Hi, my name is Richard Choe, I cover communications infrastructure here at JPMorgan. I'd like to thank Steve Vondran, President and CEO of American Tower for joining us today. Steve Vondran Thanks. Great to be here. Question-and-Answer Session Q - ...

RichVintage This article was coproduced with Leo Nelissen. As many of my readers know, I was once a commercial real estate developer, in which I learned how to construct and lease properties from the ground up. I started my career just out of college, first as a leasing agent, and then I became a full-fledged shopping center building stores for a variety of retail chains such as Advance Auto Parts (AAP), PetSmart, Walmart (WMT), and Sherwin-Williams (SHW). The great thing about my career as a developer is t ...

The real estate investment trust (REIT) universe could be worth monitoring this summer as investors hope for the Federal Reserve to deliver the first interest rate cut. Undoubtedly, there’s a lot more to REITs than just where interest rates are headed next. In this piece, we’ll check in with three intriguing REITs that have been taking steps to improve upon aspects within their control. Undoubtedly, higher rates are a negative for many firms, including the REITs. But at the end of the day, you can’t control ...

z1b Earnings season is a great time to pick up stocks that one has been eyeing for some time, as results or guidance that disappoint Wall Street can create opportunities to buy quality companies at discounted prices. This is because market reactions to earnings can often be exaggerated, causing stocks to drop more than they should. In addition, earnings season can also provide insights into the overall health of specific industries and sectors. By analyzing the performance of multiple companies within a par ...

Richard Drury Written by Sam Kovacs Introduction Real estate has been the worst performing sector year to date, with the SPDR Select Real Estate Fund (XLRE) declining 7.5% while the S&P 500 has increased 7.5%. At the beginning of the year, I proclaimed that "2024 would be the year of the REIT". 5 months in, and I'm starting to look like the class clown. But I do not fear, as there are things I know which mean I can sleep well at night buying the highest quality REITs. What things do I know, you may ask? I k ...

Did you analyze how American Tower (AMT) fared in its international operations for the quarter ending March 2024? Given the widespread global presence of this wireless communications infrastructure company, scrutinizing the trends in international revenues becomes imperative to assess its financial strength and future growth possibilities. In the modern, closely-knit global economic landscape, the capacity of a business to access foreign markets is often a key determinant of its financial well-being and gro ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One): ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended March 31, 2024. ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Commission File Number: 001-14195 AMERICAN TOWER CORPORATION (Exact name of registrant as specified in its charter) Delaware 65-0723837 (State or other jurisdiction of (I.R.S. Employer Inc ...

Shares of American Tower Corporation (AMT) have declined marginally so far in today’s trading session despite stellar first-quarter results. Adjusted funds from operations (AFFO) per share, attributable to AMT common stockholders, of $2.79 beat the Zacks Consensus Estimate of $2.55 and climbed 9.8% year over year. Results reflect better-than-anticipated revenues, aided by revenue growth across its Property segment. American Tower recorded healthy year-over-year organic tenant billings growth of 5.4% and tot ...

财务数据和关键指标变化 - 2024年第一季度合并物业收入增长3.3%,剔除非现金直线收入后增长超过4.5%,受到约100个基点的汇率负面影响 [17] - 美国和加拿大物业收入增长约1.8%,剔除直线收入后增长超过4%,其中包括1%以上的Sprint退租影响 [17] - 国际物业收入增长约3.7%,剔除汇率影响后增长约6%,其中包括印度收款改善带来的利好,但被墨西哥光纤业务出售和拉美终止费用减少的负面影响所抵消 [17] - 数据中心业务收入增长10.6%,持续超出最初的预测,得益于混合云和多云IT架构需求持续增长,以及过去两年签约的新业务开始大规模落地 [17] 各条业务线数据和关键指标变化 - 合并有机租户计费增长5.4%,美国和加拿大业务有机租户计费增长4.6%,剔除Sprint退租影响后增长超过5.5% [18] - 国际业务有机租户计费增长6.5%,较2023年第四季度的7.7%有所回落,主要是由于CPI联动租金增长有所放缓 [18] - 共址和租赁修改业务持续强劲,欧洲业务环比加速,非洲业务贡献率维持在约8%的高位 [18] 各个市场数据和关键指标变化 - 美国和加拿大业务有机租户计费增长略低于全年4.7%的指引,主要是由于2023年第二季度开始的Sprint退租影响,预计第二、三季度将加速至约5%,第四季度将有所回落 [18] - 非洲和欧洲业务有机租户计费增长保持强劲,分别为11%-12%和5%-6%,拉美和亚太业务增长则维持在2%左右 [21] 公司战略和发展方向及行业竞争 - 公司长期以来专注于资产质量、运营卓越和合同结构,通过长期价值创造的视角来实现移动数据消费增长的货币化,并在多个网络投资周期中保持行业领先的资产表现 [7][8][10] - 公司在美国和加拿大拥有约43,000个塔站资产,通过有选择性地收购高质量的运营商自建塔站资产以及独立塔站运营商资产,形成了规模优势 [8] - 公司在资产选择、运营模式和合同结构等方面的专业能力,使其能够在4G和5G网络投资周期中持续实现强劲增长和价值创造 [7][9][10][11][12] 管理层对经营环境和未来前景的评论 - 公司美国塔站资产组合在5G网络部署、移动数据消费增长和相关运营商投资中处于有利地位,有望持续推动强劲增长 [12] - 公司将利用在美国积累的专业能力,在全球范围内复制类似的增长模式,为客户提供差异化的体验和价值主张 [12] - 公司将继续专注于提高运营效率和成本控制,以进一步提升现金EBITDA利润率,创造更多股东价值 [12] - 公司对2024年的业务前景保持信心,预计有机租户计费增长约5%,共址和租赁修改带来180-190百万美元的同比增长 [12] 问答环节重要的提问和回答 问题1 **Matt Niknam 提问** 询问公司在美国市场看到的活动加速是否代表整个行业的上升趋势,还是公司正在从竞争对手那里获得更多份额 [39] **Steve Vondran 回答** 公司看到的活动加速反映了行业整体的趋势,而不是公司从竞争对手那里获得更多份额。公司预计未来几年5G网络部署和移动数据消费增长将继续推动行业整体的需求增长,公司有望受益于此 [40][41] 问题2 **Michael Rollins 提问** 询问公司是否看到美国市场新增租赁和共址业务的占比发生变化,是否会影响平均租金水平 [56] **Steve Vondran 回答** 公司确实看到从覆盖网络和租赁修改向新增租赁的转变,新增租赁的平均租金通常会高于租赁修改。但新增租赁的数量相对较少,整体来看两者的平衡会影响平均租金水平 [58][59] 问题3 **Rick Prentiss 提问** 询问运营商资本支出是否是公司业务增长的完美指标 [56] **Steve Vondran 回答** 运营商资本支出并非公司业务增长的完美指标,因为运营商资本支出并非全部用于塔站网络建设,还包括核心网络和光纤等其他用途。公司更关注运营商在塔站网络上的具体投入,这需要结合市场情报和一线团队的反馈来判断 [57]

For the quarter ended March 2024, American Tower (AMT) reported revenue of $2.83 billion, up 2.4% over the same period last year. EPS came in at $2.79, compared to $0.72 in the year-ago quarter. The reported revenue represents a surprise of +1.12% over the Zacks Consensus Estimate of $2.8 billion. With the consensus EPS estimate being $2.55, the EPS surprise was +9.41%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine thei ...