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12:30
Jul 28 ◎

AMT FY2026 Q2 Watch

American Tower Corporation (REIT) (AMT) FY2026 Q2 Earnings Call

DISH AMT ▾

Rod Smith

One-time DISH-related churn is presenting a headwind to reported growth, though the company is guiding to normalized growth that excludes this impact.

"Normalized for the impact of one-time dish churn, property revenue grew over 7% on a cash FX neutral basis"

DISH WATCH

Rod Smith

Management raised full-year guidance for the second time, citing robust demand, and framed 2026 as a trough with a clear path to mid-high single-digit AFFO growth in 2027.

"We believe this year represents a trough for attributable AFFO per share growth. As these headwinds ease heading into 2027, we're confident that we can deliver a meaningful inflection in growth"

AMT WATCH

HIGH

12:30
Apr 28 ◎

AMT FY2026 Q1 Watch

American Tower Corporation (REIT) (AMT) FY2026 Q1 Earnings Call

AMT EQIX SBAC CCI ▾

Steve Vondran

Management raised full-year guidance across all key consolidated metrics, reflecting strong top-line growth, positive FX tailwinds, and confident positioning for continued secular growth in towers and data centers.

"Our performance through the early part of the year, combined with favorable FX and straight-line dynamics, led us to raise our full-year outlook."

AMT WATCH

Steve Vondran

CoreSite is seeing an 'inflection in interconnection activity', which management believes marks the beginning of a durable trend that compounds its competitive moat and captures a high-margin revenue stream. — This signals potential for CoreSite to gain share in the interconnection market, possibly at the expense of peers like Equinix, as demand for AI-driven workloads accelerates.

"Importantly, this quarter marked a clear inflection in interconnection activity, enhancing both the profitability of the platform and the long-term durability of customer relationships."

EQIX WATCH

Steve Vondran

The US tower market is seeing a 'disconnect' between private and public market valuations, with private players valuing towers higher, which may reflect a long-term view of secular growth drivers like 6G and AI. — This suggests that private market participants see sustained, multi-year growth in tower demand, which could indicate that public market valuations for tower REITs like SBA and Crown Castle are undervalued.

"I think what it does reflect is that there's a disconnect, and there has been for years, in the multiples that private players will value towers out versus the public markets. And we really think the reason that They value them in a higher"

SBAC WATCH CCI WATCH

HIGH

13:30
Feb 24 ◎

AMT FY2025 Q4 Watch

American Tower Corporation (REIT) (AMT) FY2025 Q4 Earnings Call

DISH T TEF AMT CCI ▾

Steve Vondran

DISH is in default, removed from growth numbers, and is being pursued legally for recovery; this represents a significant but managed churn event.

"As you saw in our 8K forum from January, DISH has defaulted on its payment obligations."

DISH WATCH

Steve Vondran

Ongoing arbitration with AT&T Mexico could impact organic growth, but management remains confident in its legal position.

"we still have an ongoing arbitration with AT&T Mexico."

T WATCH

Steve Vondran

Telefonica is viewed as a stable anchor customer in Europe, providing confidence in the region's growth and insulating from consolidation risks.

"we have a strong portfolio anchored by Telefonica that's largely insulated from some of the potential consolidation that is out there."

TEF WATCH

Rod Smith

Guidance for 2026 is held back by one-time DISH churn and elevated LATAM churn, but normalized growth of ~5% and expectations for acceleration in 2027 suggest a neutral-to-cautiously-optimistic tone.

"Normalized for the impact of one-time dish-related churn and excluding the impact of FX and refinancing costs, our outlook for attributable FFO per share growth implies approximately 5% growth."

AMT WATCH

Steve Vondran

The U.S. tower market is shifting from 5G coverage overlays to capacity densification, with carriers signing new agreements (collocations) at a higher rate, which generate higher revenue per transaction. — Indicates a move to a more favorable revenue mix for tower operators, signaling a potential industry-wide uptick in leasing economics.

"we are seeing a higher incidence of new co-locations coming in, but we still have a pretty healthy amendment pipeline as well."

CCI WATCH SBAC WATCH

Rod Smith

American Tower's 2026 CapEx plan directs over $700 million to data centers (CoreSite) to replenish capacity, and a shift in capital allocation is favoring developed markets (US, Europe) over emerging ones. — Signals sustained high demand for interconnection-rich data centers and a strategic bet on the US data center market, potentially intensifying competition with peers like Equinix and Digital Realty.

"over $700 million in success-based investments in our data center portfolio to replenish elevated levels of capacity sold over the past several years"

EQIX WATCH DLR WATCH

Rod Smith

Reduced stake in ASTS to recycle capital via buybacks, but retained a board seat to stay close to satellite technology which is seen as complementary, not disruptive.

"we sold half of our stake in AST Mobile. That was just a modest investment."

ASTS WATCH

HIGH

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