AMT / JLL: Takeaways from Barclays 5th Annual Supply Chain Tour

研报英文原文证据摘录

AMT / JLL: Takeaways from Barclays 5th Annual Supply Chain Tour

Equity Research

12 June 2026

AMT / JLL

Takeaways from Barclays 5th

Annual Supply Chain Tour

AMT's CoreSite can generate incremental revenue from its JLL EQUAL WEIGHT

existing power supply via prudent oversubscription. We also U.S. REITs NEUTRAL

see strengthening pricing power as CoreSite expands its LA Price Target USD 366.00

Price (11-Jun-26) USD 297.88

ecosystem. JLL's research highlights an improving industrial Potential Upside/Downside +22.9%

market, reflecting waning supply & incremental demand Source: Bloomberg, Barclays Research

drivers. AMT EQUAL WEIGHT

U.S. Communications NEUTRAL Infrastructure

Price Target USD 195.00

Price (11-Jun-26) USD 189.31

Potential Upside/Downside +3.0%

THE EXTEL SURVEY IS CLOSING SOON Source: Bloomberg, Barclays Research

Support our industry-leading U.S. Communications Infrastructure

Brendan Lynch, CFA analysts with 5-Star votes in

+1 212 526 9428

the 2026 Extel All-America brendan.lynch@barclays.com

Research Survey. BCI, US

Tim Long

+1 212 526 4043

Vote Now View Analysts tim.long@barclays.com BCI, US

Eileen Gao

+1 212 526 7836

Earlier this week we hosted investors at a series of supply chain events and company visits. eileen.gao@barclays.com

Within our real estate coverage, we visited two of AMT/CoreSite's data centers (LA2 & and LA3). BCI, US

CoreSite's Chief Revenue Officer Maile Kaiser and VP of Sales Engineering Erick Dela Pena led Annabelle Ayer

our tour. +1 212 526 7387

annabelle.ayer@barclays.com

Oversubscribing colocation data centers has been a common practice throughout the industry BCI, US

for many years. We learned incremental color on how CoreSite (AMT acquired in 2021) identifies

these opportunities and manages related risks.