American Tower Corp Stock Price, News & Analysis

CoreSite, a subsidiary of American Tower Corporation (NYSE: AMT), announced enhancements to its Open Cloud Exchange (OCX) platform, enabling automated provisioning for hybrid architectures within Google Cloud. These upgrades foster secure, low-latency connectivity across data centers, cloud providers, and service integrators, facilitating market expansion and IT modernization. CoreSite aims to support evolving customer demands and reduce total cost of operation. Future enhancements to the OCX, including cloud service capabilities, are anticipated.

CoreSite, a subsidiary of American Tower (NYSE: AMT), announced an additional investment of $570 million from Stonepeak, which, combined with a previous $2.5 billion investment made in August 2022, gives Stonepeak a 36% ownership stake in CoreSite's U.S. data center business. The transaction was completed on October 20, 2022 and involves both common and mandatorily convertible preferred equity at the same valuation as the initial investment. Stonepeak's involvement aligns with its core infrastructure investment strategy.

American Tower (AMT) announced third-quarter 2022 results, reporting an 8.8% increase in total revenue to $2,672 million and a 12.9% rise in net income to $820 million. Property revenue grew by 10.2%, with tenant billings climbing 3.9%. Despite these improvements, consolidated AFFO decreased 1.2% to $1,144 million. The company remains optimistic about the 5G rollout and its cash distribution grew by 12.2% year-over-year. American Tower also revealed a Net Leverage Ratio of 5.5x and maintains a substantial liquidity of $7 billion.

CoreSite, in collaboration with Ericsson and Heavy Reading, released a research report titled “Artificial Intelligence: Charting the Way Forward for AI”. The report highlights trends in AI adoption among IT leaders and service providers. Key findings indicate that 82% of surveyed companies anticipate an increase in AI usage within five years. The study emphasizes the importance of hybrid IT solutions and low-latency networks for successful AI deployment in data centers, showcasing opportunities for enhanced customer experience and potential revenue growth.

American Tower Corporation (NYSE: AMT) will announce its third quarter 2022 results on October 27, 2022, at 7:00 a.m. ET. A conference call is scheduled for the same day at 8:30 a.m. ET to discuss the results. Investors can join the call by dialing (877) 692-8955 in the U.S. or (234) 720-6979 internationally, using access code 1779930. An audio replay will be available from October 27, 2022, 11:30 a.m. ET to November 10, 2022. For more details, visit American Tower's Investor Relations page.

CoreSite, part of American Tower Corporation (NYSE: AMT), has launched a new metro inter-site ethernet product with bandwidth options up to 100 Gbps. This offering enhances CoreSite's interconnection portfolio, allowing businesses to securely and efficiently connect networks, applications, and data in the same market. The service aims to address capacity constraints and facilitate regional expansion. CoreSite's interconnection solutions serve a diverse ecosystem of over 775 networks and cloud providers, promising improved performance and reduced total cost of ownership.

American Tower Corporation (NYSE: AMT) announced senior management changes effective January 1, 2023. Ed DiSanto will step down as Executive Vice President, Chief Administrative Officer, General Counsel, and Secretary, a position he has held since 2007. Ruth Dowling, with over ten years at American Tower, will succeed him in this role. DiSanto will transition to a new position as Executive Vice President, Special Advisor and Counsel to the CEO. This change comes as American Tower continues its growth strategy, expanding its footprint to nearly 222,000 communications sites across 25 markets.

American Tower Corporation (NYSE: AMT) announced that Ed Knapp, Senior Vice President and Chief Technology Officer, will present at the Citi Global Digital Infrastructure Seminar on Monday, October 3, 2022, at 10:50 a.m. ET. The seminar will be accessible via live webcast and replay on American Tower's Investor Relations website. American Tower, a leader in multitenant communications real estate, maintains approximately 222,000 communications sites and a network of U.S. data center facilities, highlighting its significant role in digital infrastructure.