American Tower

AMT’s revenue base is highly recurring with long‑term, non‑cancellable contracts and substantial backlog exceeding 55 billion dollars. Management raised 2025 guidance for property revenue, EBITDA and AFFO on steady leasing demand, while acknowledging FX can move GAAP net income materially.

Near‑term, U.S. churn tied to the T‑Mobile master lease keeps reported growth modest, but the runway from 5G capacity adds, spectrum upgrades and international 4G/5G rollouts supports continued organic growth. CoreSite’s secular tailwinds from cloud and AI interconnection add another predictable growth vector.

Key unpredictable elements are FX in emerging markets and carrier capex timing.