American Tower Corp (AMT.N): Takeaways from AMT Earnings and Callback

Research evidence excerpt

American Tower Corp (AMT.N): Takeaways from AMT Earnings and Callback

American Tower Corp (AMT.N)

28 July 2026 Citi Research

operations in 2Q26, reflecting management's ongoing effort to simplify the portfolio and reduce exposure to emerging

markets. No update on the arbitration with AT&T Mexico, which is expected to commence in August with no specific

timeframe on resolution.

Data centers - CoreSite continues to benefit from growing demand for AI, cloud services, and data-intensive applications.

Customers increasingly need to move large amounts of data among cloud providers, AI platforms, and enterprise networks,

driving strong growth in interconnection services. The company also discussed the upcoming conversion of Stonepeak’s

convertible instrument into equity, which will adjust ownership levels within the CoreSite joint venture (as previously

expected, and is not expected to materially impact attributable AFFO. Looking ahead, management is evaluating all avenues

for expansion, including new markets, expansion of existing campuses, and selective inorganic opportunities. Since acquiring

CoreSite in 2021, American Tower has increased its operating capacity by 1.5x and believes its current development pipeline

provides a path to nearly triple capacity from present levels

Satellite - Management reiterated that satellite networks should be viewed as complementary rather than competitive to

terrestrial infrastructure. Existing satellite providers are already customers of AMT and maintain some terrestrial network

presence today. The company believes that any satellite operator seeking to become a larger participant in the US wireless

market would ultimately require terrestrial infrastructure to support its services. We view a possible mobile build scenario by a