In This Article:
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Property Revenue: Slightly positive year-over-year growth, up approximately 3% excluding noncash straight-line revenue, with a 300 basis points FX headwind.
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US and Canada Property Revenue: Declined approximately 1%, grew over 3.5% excluding noncash straight-line, with over 1% negative impact from Sprint churn.
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International Property Revenue: Roughly flat year-over-year, with approximately 8% growth excluding FX impacts.
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Data Center Business Revenue: Grew by approximately 9%.
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Consolidated Organic Tenant Billings Growth: 4.7%, supported by solid demand across the global portfolio.
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US and Canada Organic Tenant Billings Growth: 3.6%, approximately 5% excluding Sprint-related churn.
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International Organic Tenant Billings Growth: 6.7%, a modest acceleration from Q4 2024.
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Adjusted EBITDA: Grew 1.9%, over 5.5% excluding noncash straight-line impacts, with a 300 basis points FX headwind.
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Cash Adjusted EBITDA Margin: Expanded nearly 70 basis points to 68.2%.
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Attributable AFFO and AFFO per Share: Declined approximately 1% and over 1%, respectively, due to prior year contributions from the India business.
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Revised Full Year Outlook: Raised expectations for property revenue, adjusted EBITDA, attributable AFFO, and AFFO per share by $50 million, $30 million, $20 million, and $0.04, respectively, due to updated FX assumptions.
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Projected Attributable AFFO per Share: $10.44, nearly 5% growth year-over-year on an as-adjusted basis.
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Capital Expenditures: Approximately $1.7 billion, including 2,250 newly constructed sites and roughly $610 million for data center development.
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Liquidity: $11.7 billion, with low floating rate debt exposure.
Release Date: April 29, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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American Tower Corp (NYSE:AMT) exceeded initial expectations across property revenue, adjusted EBITDA, and attributable AFFO per share for the quarter.
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The company experienced its fifth consecutive quarter of sequential increases in both application volumes and services revenue, with services revenue growing over 140% year-over-year.
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CoreSite business posted impressive results, fueled by strong leasing and continued processing favorability, adding 11 megawatts of capacity.
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AMT successfully closed the sale of its South African fiber business, marking a key step in reducing its international fiber footprint.
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The company has a strong balance sheet with enhanced financial flexibility, including $11.7 billion in liquidity and low floating rate debt exposure.