American Tower

American Tower Corporation (NYSE: AMT) operates as one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. The company's website is www.americantower.com.

The company's primary business involves leasing space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities. Property operations account for approximately 97 percent of total revenues, while services operations comprise the remaining 3 percent. As of December 31, 2025, American Tower's communications real estate portfolio includes 149,686 communications sites distributed across the United States and Canada (42,224 sites), Africa and Asia-Pacific (27,857 sites), Europe (32,524 sites), and Latin America (47,081 sites), along with 30 operating data center facilities across eleven United States markets.

The company operates through six reportable segments: U.S. & Canada property (49 percent of revenue), Africa and Asia-Pacific property (13 percent), Europe property (9 percent), Latin America property (15 percent), Data Centers (10 percent), and Services (3 percent). The portfolio consists of owned towers, towers operated under long-term lease arrangements, distributed antenna system networks, rooftop and tower sites managed for third parties, and other telecommunications infrastructure including fiber and property interests.

American Tower's property operations generate consistent revenue through long-term tenant leases with contractual rent escalations, typically averaging 3 percent annually in the United States. The company expects to generate over $54 billion in non-cancellable tenant lease revenue over future periods. Major customers include AT&T, T-Mobile, Verizon Wireless, Bharti Airtel, MTN Group, Telefónica, and América Móvil.

The services segment provides tower-related offerings including site application, zoning and permitting, structural and mount analyses, and construction management services, primarily supporting the site leasing business. As of December 31, 2025, the company employed 4,866 full-time individuals across more than 20 countries, with 2,388 employees based in the United States and 2,478 based internationally. The company qualifies as a real estate investment trust for United States federal income tax purposes and maintains investment-grade credit ratings.