American Tower

American Tower completed a public offering of unsecured senior notes totaling $1.6bn ( $500m due 2031 at 5.300%, $500m due 2033 at 5.560%, $600m due 2036 at 5.750%). Net proceeds are approximately $1,579.9 million and will be used, among other things, to repay $600m of senior notes (coupon 1.450%, maturity 2026), to reduce the revolving credit facility and for general corporate purposes. The transaction increases total debt to about $45bn; payment terms, covenants and repurchase provisions are governed by the indenture. » More on de.investing.com

American Tower sees 2026 as the trough for organic rental revenue, with a turnaround to better growth expected from 2027. Management cites long-term drivers: network densification, around 800 MHz of new spectrum, 6G and AI-driven network adjustments. The balance sheet is robust (debt in the high-4x range, below 5x), leaving room for share buybacks or acquisitions; CoreSite continues to grow in double digits. Dish was completely removed from the 2026 outlook; declining service revenues and legal disputes with Dish and AT&T Mexico also weigh on the business. » More on de.investing.com

On the Goldman Sachs conference American Tower names four long-term growth drivers: 5G densification, 6G rollout, additional frequencies and AI-driven data traffic. For 2026 the company expects normalized organic rental revenue growth of about 4.5% and aims for a mid-term margin improvement of 200–300 basis points. CoreSite reports record leasing and the fifth quarter of double-digit revenue growth; the data‑center business is highlighted as a major growth and investment focus. Capital allocation remains dividend- and yield-oriented, share buybacks are opportunistic, and international assets are being selectively realigned. » More on de.investing.com