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Investing22 Dec 2023
A Crash Course in REITs
There are several reasons an investor might choose to invest in a REIT rather than in physical real estate.
American Tower (AMT) investor relations material
American Tower Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Achieved double-digit growth in attributable AFFO per share as adjusted, with robust leasing activity in tower and data center businesses, and strong recurring cash flows.
Q3 2025 total revenue increased 7.7–8% year-over-year to $2.72 billion, with net income from continuing operations at $912.6–$913 million, reversing a prior-year loss due to the India business sale.
Raised full-year 2025 guidance for property revenue, Adjusted EBITDA, and AFFO per share, supported by FX tailwinds, operational outperformance, and robust demand.
Strategic priorities include maximizing organic growth, expanding margins, disciplined capital allocation, and maintaining a strong balance sheet.
Completed the sale of India operations (ATC TIPL) in September 2024, with proceeds used to repay debt.
Financial highlights
Q3 2025 total revenue was $2,717–$2,720 million (+7.7–8% YoY); property revenue up 5.9–6% to $2,616 million.
Adjusted EBITDA for Q3 2025 was $1,816–$1,820 million (+7.6–8% YoY), with a margin of 66.8–67%.
Net income attributable to common stockholders was $853–$853.3 million, or $1.82 per diluted share, compared to a loss of $792–$792.3 million in Q3 2024.
AFFO per share as adjusted for Q3 2025 was $2.78 (+10.3% YoY), with AFFO attributable to common stockholders at $1,303 million (+5.3% YoY).
Data center revenue grew over 14% year-over-year, supported by strong demand and price increases.
Outlook and guidance
Raised 2025 full-year outlook midpoints for property revenue ($10,210–$10,290 million), Adjusted EBITDA ($7,058–$7,113 million), and AFFO per share ($10.60–$10.72, +7% as adjusted).
Expect organic tenant billings growth of approximately 5% and data center growth of approximately 13% year-over-year.
2025 capital plan includes $3.2 billion in dividends and $1.62–$1.73 billion in capital expenditures, with $600 million for data centers.
Management anticipates sufficient liquidity and cash flow to fund distributions, capital expenditures, debt service, and signed acquisitions for the remainder of 2025.
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Next American Tower earnings date
Q4 202523 Feb, 2026
Next American Tower earnings date
Q4 202523 Feb, 2026
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Frequently asked questions
Communications Infrastrucutre
American Tower Corporation, sometimes referred to simply as ATC, is an American company headquartered in Boston, Massachusetts operating globally. The company owns and operates wireless communications infrastructure. The company operates as a Real Estate Investment Trust (REIT), and its shares are listed on the NYSE. The company owns roughly 200,000 communications sites spread across the world, with a majority of the infrastructure being located in Asia and Latin America.
Foundation and Spin-Off
American Tower is a relatively young company. It was founded in 1995 as a unit of American Radio Systems. When American Radio Systems completed its merger with CBS (owned by Paramount) in 1998, American Tower was spun off into a separate company. American Tower then began establishing itself internationally by setting up communications infrastructure in Mexico and Brazil. In the US, American Tower purchased telephone relay towers previously owned by AT&T which they then repurposed for use as cell towers. American Towers' growth journey is one marked primarily by acquisitions, which allowed the company to increase its portfolio of communications infrastructure rapidly.
How American Tower Operates
American Tower’s business idea is, unsurprisingly, to lease out its vast network of communications infrastructure to other companies. This includes cell towers, television broadcasting equipment, broadband infrastructure, and more. Due to the sheer size of American Towers’ network, the company is able to rent out more or less complete connectivity solutions for its customers looking to increase their communications possibilities.
Operating as a REIT
A Real Estate Investment Trust, or REIT, is a company that manages, owns, or funds properties that generate revenue across various real estate categories. These trusts aim to deliver steady income and potential for asset growth, with tax advantages due to the corporate structure. REITs and their shares trade on stock exchanges, but with special rules and regulations governing them. Legally, they are mandated to give a minimum of 90% of their taxable earnings to shareholders as dividends.
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