American Tower reported strong fourth quarter and full year 2023 results, exceeding their prior outlook midpoints across property revenue, adjusted EBITDA, and attributable AFFO per share.
The company achieved over 6% consolidated organic tenant billings growth in 2023, with record colocation and amendment growth in both the U.S. & Canada and International segments.
American Tower is focused on operating the highest quality portfolio by investing in assets in attractive geographies with long-term sustained growth potential and securing business with market leaders.
They are committed to delivering the most efficient global operating model through cost discipline, margin expansion, and increasing returns on invested capital. They plan to reduce SG&A and improve cash adjusted EBITDA margin by approximately 200 basis points since 2022.
The company aims to strengthen its balance sheet as a strategic asset and prioritize resiliency and flexibility in the evolving economic environment. They will hold the dividend relatively flat in 2024 and focus on reducing gross debt balance and achieving their net leverage target.
American Tower plans to allocate capital between their tower and data center platforms based on the highest risk-adjusted rates of return. They expect to invest more in developed markets and expand existing CoreSite data center campuses while being open to selective opportunities for international expansion.
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Overvalued by 2.3% based on the discounted cash flow analysis.
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About American Tower Corp.
CEO: Thomas Bartlett
American Tower Corporation is an American real estate investment trust and an owner and operator of wireless and broadcast communications infrastructure in several countries worldwide and is headquartered in Boston, Massachusetts. As of...