American Tower Corp Stock Price, News & Analysis

American Tower (NYSE: AMT) reported strong Q2 2024 financial results, with total revenue increasing 4.6% to $2,900 million and net income surging 96.8% to $908 million. The company saw positive momentum across its segments, with U.S. & Canada delivering over 5% Organic Tenant Billings Growth and CoreSite achieving its second-highest quarter of signed new business. AMT raised the midpoints of key financial measures in its updated 2024 outlook.

Highlights include:

• Property revenue up 4.6% to $2,853 million
• Adjusted EBITDA increased 8.1% to $1,890 million
• AFFO attributable to AMT common stockholders rose 13.5% to $1,306 million

The company continues to focus on disciplined capital allocation and strategic priorities, positioning itself for sustained growth and higher quality earnings for shareholders.

American Tower (NYSE: AMT) has released its 2023 Sustainability Executive Report, highlighting progress across its Environment, Social, and Governance pillars. Key achievements include:

• Reduced combined scope 1 and 2 GHG emissions
• Increased on-site renewable energy generation by 40% globally
• Protected nearly 5,000 bird nests and supported planting over 150,000 trees
• Distributed over $4 million through various giving programs
• Opened 144 new Digital Communities, serving over 720,000 people across 15 countries

The company's Power-as-a-Service program has been important in reducing emissions and enhancing environmental efforts. CEO Steve Vondran emphasized the company's commitment to embedding sustainability into core operations and making a positive global impact.

CoreSite, a subsidiary of American Tower (NYSE: AMT), has released its 2024 State of the Data Center Report. The report highlights a significant shift towards hybrid IT models to support modern workloads. Key findings include:

1. An exodus from cloud to colocation and on-premises solutions, driven by resource-intensive AI and HPC workloads.

2. Cloud interconnection is the top reason for choosing colocation services.

3. Growing consensus among IT leaders on the importance of hybrid IT strategies.

This fifth annual report provides valuable insights into data center and cloud computing trends, strategies, and requirements, reflecting the evolving needs of businesses in the digital age.

American Tower (NYSE: AMT) has announced the release date for its second quarter 2024 financial results. The results will be published on July 30, 2024, at 7:00 a.m. ET, followed by a conference call at 8:30 a.m. ET to discuss the performance. The call can be accessed via phone or online, with detailed information available on the American Tower website. A replay of the call will be available from July 30, 2024, 11:30 a.m. ET through August 13, 2024, 11:59 p.m. ET. American Tower, one of the largest global REITs, operates a portfolio of over 224,000 communication sites globally and owns multiple data center facilities across the U.S.

CoreSite, part of American Tower (NYSE: AMT), has announced that its Chicago data center now offers native access to AWS Direct Connect. This service allows for private, low-latency connections to Amazon Web Services (AWS), supporting Dedicated connections from 10 Gbps to 100 Gbps and Hosted connections from 50 Mbps to 25 Gbps. The AWS Direct Connect availability in Chicago complements CoreSite's offerings in Los Angeles, Silicon Valley, Denver, New York, and Northern Virginia. Customers benefit from reduced data transfer costs by up to 60%, enhanced performance, lower latency, increased resilience, and improved security. AWS Direct Connect is ideal for AI, ML, data storage, and production workloads. CoreSite also simplifies management through its Open Cloud Exchange platform, enabling easier network connection management.

American Tower (NYSE: AMT) has declared a quarterly cash distribution of $1.62 per share on its common stock. This distribution will be paid on July 12, 2024, to shareholders who are recorded by the close of business on June 14, 2024. The announcement was made by the company's Board of Directors.

American Tower (NYSE: AMT) announced the pricing of its registered public offering of senior unsecured notes due in 2030 and 2034. The total principal amounts are €500.0 million (approximately $543.5 million) for each set of notes. The 2030 notes will have an interest rate of 3.900% per annum and are priced at 99.622% of their face value, while the 2034 notes will have an interest rate of 4.100% per annum and are priced at 99.306% of their face value.

The net proceeds are expected to be €988.4 million (approximately $1,074.2 million) after deducting underwriting discounts and estimated offering expenses. The proceeds will be used to repay existing indebtedness under its $6.0 billion senior unsecured multicurrency revolving credit facility, and its €825.0 million unsecured term loan. The offering is managed by Banco Santander, S.A., Barclays Bank PLC, Citigroup Global Markets , J.P. Morgan Securities plc, and Mizuho International plc.

CoreSite, a subsidiary of American Tower (NYSE: AMT), announced that three of its female leaders, Maile Kaiser, Megan Ruszkowski, and Sara Anderson, were recognized in CRN's 2024 Women of the Channel list. CRN, a media brand of The Channel Company, acknowledges their channel expertise, vision, and commitment to driving partner and customer success. CoreSite's extensive ecosystem of partners includes technology solution advisors, agents, cloud partners, value-added resellers, and managed service providers. The recognition highlights CoreSite's dedication to delivering interconnected colocation data centers for modern IT infrastructures and supporting partners in creating long-term revenue streams.

American Tower (NYSE: AMT) will participate in several upcoming investor conferences featuring speakers like Adam Smith and Steve Vondran. The company is a leading global REIT in communications real estate, with over 224,000 communications sites and U.S. data center facilities.