American Tower Corp (AMT.N): AMT Reports Fine 2Q26 Results, As Data Centers Contribute to Upward Guidance Revision

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American Tower Corp (AMT.N): AMT Reports Fine 2Q26 Results, As Data Centers Contribute to Upward Guidance Revision

American Tower Corp (AMT.N)

28 July 2026 Citi Research

Guidance — AMT raised its 2026 outlook, including for total property revenue,

Adjusted EBITDA, AFFO and AFFOPS due to stronger data center performance, FX

and performance. AMT guided up data centers to mid-teens revenue growth in 2026

from double digits previously. The updated outlook also incorporates positive

impacts of FX rate fluctuations to total property revenue, Adjusted EBITDA, AFFO

and AFFOPS of approximately $35 million, $22 million, $29 million and $0.06 per

Share, respectively, compared to the prior guide. Guidance also includes small

divestitures in APAC that were completed in 2Q and represents an exit from the

APAC region. Revised AFFOPS guidance range for 2026 of $11.00 to $11.17 compares

to Citi’s current estimate of $11.05 and consensus of $11.01. We include additional

details below.

Implications — We view results as generally solid, especially since AMT continues to

outperform its competitors on organic domestic leasing growth when excluding

DISH impacts. We believe underlying portfolio results supports the opportunity to

improve annual AFFOPS growth, as AMT gets past elevated consolidation churn in

both the US and Latam, absorbs higher average interest costs from debt refinancing,

and employs its financial flexibility for potentially accretive investments

(repurchases or M&A). However, we recognize a risk that near-term multiple

expansion could be limited by higher rates and uncertainty related to the future

impact of LEO satellites on its customers and their network investments. We view

the strength in CoreSite’s platform as a positive for the retail data center category,