American Tower Corporation (AMT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la infraestructura global de telecomunicaciones, American Tower Corporation (AMT) se erige como un jugador fundamental, transformando cómo las redes móviles se expanden y operan en todos los continentes. Al desarrollar estratégicamente, mantener y arrendar torres de comunicación, AMT ha creado ingeniosamente un modelo comercial robusto que conecta miles de millones de personas en todo el mundo, generando ingresos sustanciales a través de soluciones innovadoras de infraestructura digital. Su enfoque único para las bienes raíces de las telecomunicaciones los ha posicionado como un facilitador crítico de la conectividad moderna, uniendo brechas tecnológicas y apoyando el crecimiento exponencial de las redes de comunicación móvil.

American Tower Corporation (AMT) - Modelo de negocios: asociaciones clave

Principales portadores de telecomunicaciones

American Tower Corporation se asocia con operadores de telecomunicaciones clave:

Transportador	Detalles de la asociación	Arrendamientos de torre
Verizon	Contratos de arrendamiento de infraestructura a largo plazo	7.300 sitios de torre
AT&T	Colaboración integral de infraestructura de red	6.500 sitios de torre
T-Mobile	Contratos de intercambio de infraestructura de varios años	5.800 sitios de torre

Empresas de inversión de infraestructura global

Las asociaciones de inversión clave incluyen:

• Grupo de piedra negra
• GIP (Global Infrastructure Partners)
• Brookfield Asset Management

Desarrolladores de bienes raíces y propietarios

Métricas estratégicas de asociación inmobiliaria:

Tipo de asociación	Número de asociaciones	Acuerdos de propiedad totales
Contratos de arrendamiento de tierra	8.700 asociaciones únicas	Gastos anuales de arrendamiento anual de $ 1.2 mil millones

Fabricantes de equipos de red inalámbricos

Socios de fabricación de equipos primarios:

• Ericsson
• Nokia
• Huawei
• Samsung

Agencias reguladoras gubernamentales

Asociaciones de cumplimiento regulatorio:

Agencia	Enfoque de cumplimiento regulatorio
FCC	Asignación de espectro y regulaciones de infraestructura de telecomunicaciones
Comisiones estatales de servicios públicos	Aprobaciones de implementación de infraestructura local

American Tower Corporation (AMT) - Modelo de negocios: actividades clave

Desarrollo y mantenimiento de la infraestructura de la torre

American Tower Corporation opera 226,024 sitios de comunicación a nivel mundial a partir del tercer trimestre de 2023. Total Tower Portfolio incluye:

Región	Número de torres
Estados Unidos	41,287 torres
América Latina	52,549 torres
Asia	76,881 torres
África	55,307 torres

Arrendamiento del sitio a operadores de redes móviles

Ingresos anuales de arrendamiento del sitio: $ 6.8 mil millones en 2022

• Relación promedio de inquilinos por torre: 1.7 inquilinos
• Total de facturación del inquilino: $ 14.4 mil millones
• Crecimiento de facturaciones de inquilinos orgánicos: 5.4%

Expansión de infraestructura de red

Gastos de capital por infraestructura en 2022: $ 3.1 mil millones

Categoría de inversión de infraestructura	Monto de la inversión
Nueva construcción de torres	$ 1.2 mil millones
Actualizaciones de la torre	$ 850 millones
Infraestructura digital	$ 1.05 mil millones

Gestión de infraestructura digital

La cartera de infraestructura digital incluye:

• Implementaciones de celdas pequeñas 5G: 8.500 sitios
• Sistemas de antena distribuidos: 1.200 sistemas
• Cobertura de la red de fibra: 95,000 millas de ruta

Adquisiciones estratégicas del mercado global

Adquisiciones estratégicas totales en 2022: $ 2.5 mil millones

Región de adquisición	Monto de la inversión
América Latina	$ 1.1 mil millones
Asia Pacífico	$ 850 millones
África	$ 550 millones

American Tower Corporation (AMT) - Modelo de negocios: recursos clave

Extensa cartera de torres globales

A partir del cuarto trimestre de 2023, American Tower Corporation posee y opera:

Región	Número de torres
Estados Unidos	42,400 torres
América Latina	41,600 torres
Asia	36,500 torres
África	17,500 torres

Infraestructura de telecomunicaciones

Activos de infraestructura de telecomunicaciones globales totales valorados en $ 57.3 mil millones al 31 de diciembre de 2023.

Experiencia en ingeniería técnica

• Total de empleados: 6.725 a partir de 2023
• Fuerza laboral de ingeniería: aproximadamente 1,200 ingenieros de telecomunicaciones especializados
• Inversión anual de I + D: $ 124 millones en 2023

Capital financiero y capacidad de inversión

Métricas financieras a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 77.4 mil millones
Ingresos anuales	$ 10.2 mil millones
Capitalización de mercado	$ 48.6 mil millones

Tecnologías de gestión de redes

• Plataformas de gestión de infraestructura digital
• Sistemas avanzados de monitoreo en tiempo real
• Software de optimización de red patentada

American Tower Corporation (AMT) - Modelo de negocio: propuestas de valor

Infraestructura de comunicación inalámbrica confiable

A partir del cuarto trimestre de 2023, American Tower Corporation opera 222,326 sitios de comunicaciones a nivel mundial. La compañía mantiene una cartera en 25 países, con el 43% de los sitios ubicados en los Estados Unidos.

Infraestructura métrica	Número total
Sitios de comunicación global totales	222,326
Sitios en Estados Unidos	95,800
Sitios internacionales	126,526

Soluciones de implementación de red rentables

American Tower proporciona soluciones para compartir infraestructura con una tasa de alquiler promedio de $ 39,768 por sitio de comunicación anualmente.

• Ingresos anuales promedio por sitio de comunicación: $ 39,768
• El intercambio de infraestructura reduce los costos de implementación del operador individual en aproximadamente un 40%
• Habilita la utilización de la infraestructura multi-inquilino

Cobertura integral de la torre global

Desglose geográfico de los sitios de comunicación a partir de 2023:

Región	Número de sitios	Porcentaje de total
Estados Unidos	95,800	43%
América Latina	52,026	23.4%
Asia	44,465	20%
África	30,035	13.6%

Bienes raíces de telecomunicaciones escalables

Inversión total de propiedad y equipo: $ 47.8 mil millones al 31 de diciembre de 2023.

• Valor de la cartera de bienes raíces: $ 47.8 mil millones
• Gasto anual de capital: $ 3.2 mil millones
• Costo promedio de expansión del sitio: $ 750,000 por nuevo sitio de comunicación

Servicios de conectividad eficientes para operadores móviles

Ingresos de servicio anuales totales: $ 10.2 mil millones en 2023, con el 92% derivado de los acuerdos de alquiler de torres recurrentes.

Categoría de ingresos por servicio	Cantidad	Porcentaje
Ingresos de servicio anuales totales	$ 10.2 mil millones	100%
Ingresos de alquiler de torre recurrente	$ 9.38 mil millones	92%
Ingresos basados ​​en servicios	$ 820 millones	8%

American Tower Corporation (AMT) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo

American Tower Corporation mantiene una duración promedio del contrato de 10-15 años con grandes operadores de telecomunicaciones. A partir del cuarto trimestre de 2023, la compañía había Aproximadamente 225,000 sitios de comunicaciones a nivel mundial.

Tipo de contrato	Duración promedio	Tasa de renovación
Acuerdos de operador de telecomunicaciones	12-15 años	92%
Arrendamientos de la Torre Internacional	10-12 años	88%

Gestión de cuentas dedicada

American Tower ofrece gestión de cuentas especializada para clientes de primer nivel, que incluyen:

• Comunicaciones de Verizon
• AT&T
• T-Mobile
• Sprint (ahora parte de T-Mobile)

Soporte técnico y servicios de mantenimiento

La compañía ofrece soporte técnico 24/7 con un tiempo de respuesta promedio de Menos de 2 horas para problemas críticos de infraestructura.

Categoría de servicio	Tiempo de respuesta	Costo de mantenimiento anual
Soporte de infraestructura crítica	<2 horas	$ 350 millones
Mantenimiento de rutina	24-48 horas	$ 250 millones

Soluciones de infraestructura personalizadas

American Tower ofrece soluciones de infraestructura a medida en múltiples geografías:

• Estados Unidos: 43% de la cartera total
• Mercados internacionales: 57% de la cartera total
• Mercados emergentes: 33% de la cartera internacional

Asociaciones de expansión de la red colaborativa

La compañía tiene asociaciones estratégicas con:

• Socios de implementación de red 5G
• Proveedores de infraestructura de computación de borde
• Fabricantes de equipos de telecomunicaciones

Tipo de asociación	Número de asociaciones activas	Inversión anual
Colaboraciones de expansión de la red	47	$ 1.2 mil millones
Asociaciones de integración de tecnología	29	$ 750 millones

American Tower Corporation (AMT) - Modelo de negocios: canales

Equipos de ventas directos

American Tower Corporation mantiene una fuerza de ventas directa global de aproximadamente 150 gerentes de cuentas empresariales en 25 países. El equipo de ventas genera ingresos anuales de $ 9.86 mil millones a partir de 2023.

Región	Tamaño del equipo de ventas	Ingresos anuales promedio por equipo
Estados Unidos	45 gerentes	$ 3.2 mil millones
América Latina	35 gerentes	$ 2.1 mil millones
Mercados internacionales	70 gerentes	$ 4.56 mil millones

Sitio web corporativo

El sitio web corporativo de American Tower (www.americantower.com) genera aproximadamente 250,000 visitantes mensuales únicos y facilita la comunicación digital con clientes potenciales e inversores.

• Tráfico del sitio web: 250,000 visitantes únicos mensuales
• Generación de leads digitales: aproximadamente 1,500 consultas mensuales
• Interacciones de relaciones con los inversores en línea: 75,000 compromisos digitales anuales

Conferencias de la industria

American Tower participa en 18-22 conferencias principales de infraestructura de telecomunicaciones anualmente, generando aproximadamente $ 150 millones en posibles oportunidades de contrato.

Tipo de conferencia	Participación anual	Valor de contrato potencial
Conferencias de telecomunicaciones	12	$ 90 millones
Foros de inversión de infraestructura	6	$ 60 millones

Consultas de la red de telecomunicaciones

American Tower realiza más de 500 consultas en la red directa anualmente con los principales proveedores de telecomunicaciones, apoyando estrategias de expansión de infraestructura.

• Consultas de red anuales: más de 500
• Ingresos de consulta: $ 75 millones
• Duración de consulta promedio: 3-5 días

Plataformas de inversión y relaciones con los inversores

La compañía utiliza múltiples canales de relaciones con los inversores, llegando a aproximadamente 12,000 inversores institucionales con $ 350 mil millones en activos administrados.

Plataforma	Alcance de los inversores	Compromiso anual
Llamadas de ganancias	5,000 inversores	4 llamadas trimestrales
Conferencias de inversores	3.000 inversores	6-8 eventos anuales
Plataformas de inversores digitales	4.000 inversores	Compromiso continuo

American Tower Corporation (AMT) - Modelo de negocios: segmentos de clientes

Principales operadores de redes móviles

A partir de 2023, American Tower Corporation sirve a los principales operadores de redes móviles con los siguientes datos clave:

Operador de red móvil	Número de torres	Valor anual del contrato
Verizon	8.500 torres	$ 1.2 mil millones
AT&T	7,200 torres	$ 980 millones
T-Mobile	6.500 torres	$ 850 millones

Proveedores de comunicación inalámbrica

American Tower apoya a diversos proveedores de comunicación inalámbrica:

• Transportistas inalámbricos regionales
• Compañías de telecomunicaciones rurales
• Proveedores de comunicación por satélite

Categoría de proveedor	Total de los clientes atendidos	Cobertura de infraestructura
Transportista regional	42 millones	3.200 torres
Proveedores rurales	18 millones	1.750 torres

Agencias de telecomunicaciones gubernamentales

American Tower proporciona infraestructura para las redes de comunicación gubernamental:

• Sistemas de comunicación del Departamento de Defensa
• Redes de servicios de emergencia
• Infraestructura federal de telecomunicaciones

Segmento gubernamental	Número de contratos	Ingresos anuales
Agencias federales	47 contratos	$ 320 millones
Gobiernos estatales/locales	92 contratos	$ 215 millones

Redes de comunicación empresarial

Clientes empresariales que utilizan infraestructura de la torre americana:

• Grandes redes de telecomunicaciones corporativas
• Sistemas de comunicación privada
• Infraestructura de comunicación industrial

Sector empresarial	Total de clientes empresariales	Valor anual del contrato
Empresas tecnológicas	126 clientes	$ 450 millones
Fabricación	87 clientes	$ 280 millones

Compañías internacionales de telecomunicaciones

Cobertura global de infraestructura de telecomunicaciones:

Región	Número de países	Torres totales	Ingresos internacionales anuales
América Latina	12 países	6.800 torres	$ 1.1 mil millones
Asia Pacífico	8 países	4.500 torres	$ 780 millones
Europa	6 países	2.300 torres	$ 450 millones

American Tower Corporation (AMT) - Modelo de negocios: estructura de costos

Gastos de construcción y mantenimiento de la torre

En 2022, American Tower Corporation informó costos totales de propiedad y equipo de $ 26.3 mil millones. Los gastos anuales de mantenimiento de la torre fueron de aproximadamente $ 1.7 mil millones.

Categoría de costos	Gasto anual ($)
Construcción de torres	1,450,000,000
Mantenimiento de la torre	1,700,000,000
Actualización de la torre	850,000,000

Costos de arrendamiento y adquisición de tierras

Los gastos de arrendamiento de tierras para los sitios de torres en 2022 totalizaron $ 1.2 mil millones. Los costos promedio de adquisición de tierras anuales fueron de $ 350 millones.

• Gastos anuales de arrendamiento de tierras: $ 1,200,000,000
• Costos de adquisición de tierras: $ 350,000,000
• Costo promedio por arrendamiento del sitio de la torre: $ 45,000

Salarios de personal técnico

Los gastos totales de personal para el personal técnico en 2022 fueron de $ 1.1 mil millones. El salario promedio de los empleados técnicos fue de $ 124,500.

Categoría de personal	Salario anual promedio ($)
Ingenieros técnicos	135,000
Técnicos de red	95,000
Personal de soporte de TI	110,000

Inversiones de tecnología de infraestructura

Las inversiones en infraestructura tecnológica en 2022 alcanzaron los $ 750 millones. Las actualizaciones de equipos de red representaron $ 450 millones.

• Inversión de infraestructura de tecnología total: $ 750,000,000
• Actualizaciones de equipos de red: $ 450,000,000
• Inversiones de ciberseguridad: $ 150,000,000

Gastos de cumplimiento regulatorio

Los costos anuales de cumplimiento regulatorio fueron de $ 210 millones en 2022. Los gastos legales y administrativos relacionados con el cumplimiento totalizaron $ 85 millones.

Categoría de cumplimiento	Gasto anual ($)
Costos de presentación regulatoria	65,000,000
Cumplimiento ambiental	45,000,000
Servicios de cumplimiento legal	100,000,000

American Tower Corporation (AMT) - Modelo de negocios: flujos de ingresos

Tarifas de arrendamiento del sitio de la torre

En 2023, American Tower Corporation reportó ingresos totales de $ 10.3 mil millones, con aproximadamente el 70% derivado de las tarifas de arrendamiento del sitio de la torre. La compañía posee y opera aproximadamente 225,000 torres de comunicación a nivel mundial.

Región geográfica	Ingresos de arrendamiento del sitio de la torre (2023)
Estados Unidos	$ 4.2 mil millones
Mercados internacionales	$ 6.1 mil millones

Alquileres de infraestructura de red recurrentes

Los ingresos por alquiler de infraestructura de red totalizaron $ 3.7 mil millones en 2023, lo que representa un crecimiento año tras año de 5.2%.

• Tasa de arrendamiento promedio por torre: $ 45,000 anualmente
• Duración del arrendamiento: típicamente contratos de 5 a 10 años
• Tasa de renovación: 95% en toda la cartera global

Alojamiento de equipos de telecomunicaciones

El alojamiento de equipos generó $ 1.2 mil millones en ingresos durante 2023, con grandes operadores de telecomunicaciones que comprenden clientes primarios.

Tipo portador	Ingresos de alojamiento de equipos
Alojamiento de infraestructura 5G	$ 620 millones
Equipo de red heredado	$ 580 millones

Ingresos de expansión del mercado global

Los ingresos del mercado internacional alcanzaron los $ 6.1 mil millones en 2023, distribuidos en múltiples regiones.

• América Latina: $ 2.3 mil millones
• Asia Pacífico: $ 1.8 mil millones
• África: $ 1.5 mil millones
• Europa: $ 500 millones

Contratos de servicio de infraestructura digital

Los servicios de infraestructura digital contribuyeron con $ 450 millones a los ingresos totales en 2023.

Categoría de servicio	Contribución de ingresos
Servicios de computación de borde	$ 180 millones
Conectividad de red de fibra	$ 270 millones

American Tower Corporation (AMT) - Canvas Business Model: Value Propositions

You're looking at the core value American Tower Corporation (AMT) delivers across its infrastructure portfolio, which spans cell towers and data centers via CoreSite.

Neutral host model enabling multiple tenants per site for efficiency

American Tower Corporation's fundamental value is providing shared, multitenant communications real estate. Over 98% of revenue is generated from leasing this property.

Here's a look at the scale of the infrastructure supporting this model, using the latest available figures:

Metric	Value	Context/Year
Global Digital Infrastructure Network Size	224,669 units	As of 2023 Report Context
U.S. Tower Count (Approximate)	~43,000 sites	As of June 30, 2023
Data Center Locations (CoreSite)	30 data centers	Across 11 US markets
Total CoreSite Space	~4.5 million square feet	As of late 2025

Critical infrastructure for 5G and future 6G network deployment

The demand for capacity-driven new site build activity is a key driver. For the first quarter of 2025, American Tower Corporation saw its highest quarter of services revenue since 2021 in the U.S., supported by accelerating broad-based mid-band deployments.

The company's 2025 outlook reflects this focus, with planned capital investment exceeding $600 million to expand its data center footprint, driven by AI and cloud computing demand, projecting stabilized yields in the mid-teens.

Key 2025 Financial Projections (Midpoint Estimates):

• U.S. & Canada Property Revenue Growth: ~(0.5)%
• International Property Revenue Growth: ~0.8%
• Data Centers Segment Property Revenue Growth: ~11.9%

Low-latency compute and interconnection via CoreSite for AI-ready solutions

CoreSite, an American Tower subsidiary, provides the interconnection backbone for hybrid IT. The company's SV9 data center in Silicon Valley, completed in July 2025, added more than 228,000 square feet, bringing the SV campus total to over 1.4 million square feet across nine data centers.

In April 2025, CoreSite added approximately 3 critical megawatts (CMW) of capacity at its DE1 facility in Denver, nearly doubling that site's space and power footprint.

CoreSite's value proposition is highlighted by market gaps:

• Percentage of organizations moving to a "cloud-smart" hybrid IT architecture: 98%
• Percentage of colocation providers offering interconnection services: Only 19%

The Data Centers segment property revenue outlook for the full year 2025 is between $1,025 million and $1,045 million.

Reliable, maintained infrastructure with high uptime guarantees

While specific 2025 uptime guarantees aren't explicitly stated here, the commitment to the infrastructure is shown through financial performance and investment focus. For the first quarter ended March 31, 2025, Adjusted EBITDA increased 1.9% to $1,744 million, and AFFO attributable to AMT common stockholders, as adjusted, increased 7.1% to $1,290 million.

The company's Net Leverage Ratio as of March 31, 2025, was 5.0x net debt to Q1 2025 annualized Adjusted EBITDA.

Reduced environmental impact through shared infrastructure

The shared infrastructure model inherently reduces the overall environmental footprint for the telecommunications industry by minimizing land use and resource consumption.

Metrics from the latest available Sustainability Report (2024 data):

• Energy storage capacity enhancement: Reached one gigawatt hour across 24,500 sites
• Tower steel waste recycled or reused: 98%, totaling 9,700 tons

For Q1 2025, total revenue was $2,563 million, a 2.0% increase year-over-year.

American Tower Corporation (AMT) - Canvas Business Model: Customer Relationships

You're managing a portfolio where the relationship with the tenant is the entire business, so the structure of those agreements is everything. For American Tower Corporation (AMT), customer relationships are built on long-term contractual commitments that lock in predictable, inflation-adjusted cash flow across its massive global footprint.

The core of this relationship is the lease structure itself. In general, American Tower Corporation (AMT) tenant leases for its communications sites with wireless carriers feature an initial non-cancellable term of five to ten years, followed by multiple renewal options. This structure is designed for stickiness, ensuring the anchor tenants remain committed for the long haul. As of September 30, 2025, American Tower Corporation (AMT) owned and operated over 149,000 communications sites globally, with over 96% of its total revenue for the three months ended September 30, 2025, generated from leasing these properties and its data center assets.

These long-term agreements include contractual rent escalators to protect revenue against rising costs. Most tenant leases have provisions that periodically increase the rent due, typically annually. In the United States, this escalation averages approximately 3% annually, often tied to a fixed percentage. To be fair, in the current environment, some recently renewed carrier accelerators have moved up to 5% annually, reflecting the need to keep pace with inflation. In international markets, the escalation is often tied to an inflation index or a combination of both fixed and variable terms.

The success of this model is evident in the high renewal rates. While the exact 2025 renewal rate isn't published in the latest reports, the historical tendency is for tenants to renew, which secures the stable, recurring cash flow that powers the REIT. For instance, historical data showed 76% of Global Tenant Leases were scheduled for renewal in the 2025+ period. This stability is critical, especially when considering the overall leasing momentum; consolidated organic tenant billings growth for the third quarter of 2025 was 5% year-over-year.

American Tower Corporation (AMT) manages its key relationships with a dedicated focus, especially for large carriers. You see this in the consultative approach for custom solutions, like build-to-suit tower solutions, which cater directly to a carrier's specific capacity needs, such as the midband upgrades and densification activity noted in Q2 2025. This high-touch service helps secure the initial lease and drives future amendments. The company maintains a concentrated customer base, with the majority of revenue coming from a few major mobile carriers in each market. Historically, this concentration was quantified as 53% of revenues derived from four tenants (as of December 31, 2017), underscoring the importance of maintaining strong ties with these anchor tenants.

Here's a quick look at the scale and contractual anchors as of late 2025:

Metric	Value/Term	Source/Context
Total Communications Sites (as of 9/30/2025)	Over 149,000	Global Portfolio Size
Initial Non-Cancellable Lease Term	5 to 10 years	Typical initial term for wireless carrier leases
Average US Fixed Rent Escalator	Approximately 3% Annually	Historical average for fixed escalators
Recent Escalator Trend (Inflationary)	Up to 5% Annually	Observed in more recently renewed contracts
Q3 2025 Organic Tenant Billings Growth	5%	Consolidated year-over-year growth
Q3 2025 US & Canada Organic Growth	3.9%	Excluding straight-line revenue and Sprint churn

The relationship is further solidified by the high volume of leasing activity, including record retail new leasing in the Data Center segment (CoreSite), which saw property revenue grow over 14% year-over-year in Q3 2025. This shows the relationship extends beyond just the tower structure to include advanced digital infrastructure solutions, requiring deep technical partnership.

You need to keep an eye on the U.S. and Canada organic growth, which was 3.9% in Q3 2025, compared to the stronger international performance, to gauge where account management focus might need to shift for the next quarter. Finance: draft 13-week cash view by Friday.

American Tower Corporation (AMT) - Canvas Business Model: Channels

You're looking at how American Tower Corporation (AMT) gets its value proposition-reliable, shared communications infrastructure-out to its customers. It's a multi-pronged approach, blending physical assets with sophisticated digital management tools. Honestly, for a company this size, the physical footprint is the star, but the digital layer is what keeps the revenue flowing smoothly.

Direct sales teams engaging major MNOs and cloud providers

The direct engagement channel relies on seasoned teams to secure and expand the most significant contracts. These teams work directly with the largest mobile network operators (MNOs) and the rapidly growing cloud providers who need access to AMT's physical assets. For instance, the three largest U.S. telecom firms-AT&T, T-Mobile, and Verizon-accounted for the bulk of American Tower Corporation's property segment revenue in the prior year. Richard Rossi, Executive Vice President and President of the U.S. Tower Division, has been integral to the development and implementation of strategic customer agreements, showing the high-level involvement in this channel. This direct sales effort is crucial for securing the large-scale, long-term lease agreements that form the backbone of the company's revenue stability.

Global network of physical tower sites in 22 countries

The core channel is the physical infrastructure itself, which American Tower Corporation deploys and manages across a massive global footprint. As of late 2025, the company offers solutions and services to deploy and support wireless networks in 22 countries across the Americas, Europe, Africa, and Asia. While the total global site count fluctuates, the international portfolio alone, as reported for the quarter ended September 30, 2025, stood at 106,982 communications sites. This physical density is what enables the core value proposition for wireless carriers needing to deploy 5G and other advanced technologies.

Here's a quick look at the geographic spread of the physical assets:

Region	Number of Sites (as of Q3 2025)	% of Q3 2025 Total International Sites
Latin America	47,264	15.9%
Europe	Data not explicitly broken out for Q3 2025 international total	Data not explicitly broken out for Q3 2025 international total
Africa & APAC	Data not explicitly broken out for Q3 2025 international total	Data not explicitly broken out for Q3 2025 international total

The company is actively shifting capital expenditure focus toward developed markets like the U.S. and Europe, aiming for mid-teens U.S. dollar yields there.

CoreSite data centers providing direct interconnection access

The CoreSite subsidiary acts as a specialized channel, focusing on high-density, interconnection-focused data center solutions, which is vital for cloud and AI workloads. This segment provides direct access to cloud on-ramps, addressing the critical need for connectivity in hybrid IT environments. As of the third quarter of 2025, the CoreSite business was experiencing exceptional performance, with property revenue growth over 13% year-over-year in Q2 2025. The platform offers 255.8 megawatts of power capacity across 3.67 million net rentable square feet. Furthermore, the focus on interconnection is evident in the metric of 39,250 cross-connects, which saw a 4.9% year-over-year increase, showing customers are actively using this low-latency channel.

The strategic acquisitions, like the one in April 2025 to acquire the DE1 data center in Denver, are channel enhancements, adding three critical megawatts of capacity to secure a primary interconnection point in the Rocky Mountain region.

Online portals for managing tenant lease agreements and services

To manage the massive volume of tenants efficiently, American Tower Corporation uses online portals for lease management and service requests. This digital channel supports the physical assets by streamlining administrative and operational interactions. The effectiveness of this digital layer is reflected in the growth of the services business, which is directly tied to tenant activity. For example, in the U.S. services business during Q2 2025, total application volumes increased more than 50% year-over-year, indicating heavy usage of the digital tools for requesting tower modifications and services. Management reaffirmed the full-year consolidated organic tenant billings growth outlook for 2025 at approximately 5%, a figure heavily reliant on the smooth processing of these tenant interactions.

Key indicators of tenant activity channeled through these systems include:

• U.S. Services Gross Margin growth of 140% year-over-year in Q1 2025.
• U.S. Services business recording its highest revenue and gross profit since 2021.
• Overall consolidated organic tenant billings growth expectation of approximately 5% for 2025.

If onboarding takes 14+ days, churn risk rises.

American Tower Corporation (AMT) - Canvas Business Model: Customer Segments

You're looking at the core of American Tower Corporation's value capture, which is fundamentally about providing critical, long-term real estate for connectivity across the globe. The customer base is diversified across wireless, data center, and other enterprise needs, which helps smooth out any single sector's volatility.

As of late 2025, American Tower Corporation owned and operated approximately 148,371 towers globally, following Q3 2025 results. The U.S. & Canada segment held 41,821 towers, representing 28 percent of the total tower portfolio, while the international portfolio comprised 106,982 sites. The company reaffirmed its full-year 2025 organic tenant billings growth guidance at approximately 5 percent.

Major Mobile Network Operators (MNOs) and International Telecom Operators

The primary customers are wireless carriers who need space on American Tower Corporation's multitenant communications sites for their equipment. In the U.S. & Canada, the top customers driving demand, especially for midband spectrum upgrades and network densification, include T-Mobile, AT&T, and Verizon. The U.S. & Canada region was expected to see organic growth greater than or equal to 4.3 percent in 2025 (or 5.3 percent when excluding Sprint churn). Internationally, the demand is robust, with organic growth expected to reach 6 percent for the full year 2025.

The international segment serves a wide array of major telecom operators, reflecting American Tower Corporation's global footprint across Latin America, Europe, Africa, and Asia-Pacific.

Geographic Segment	Approximate Site Count (Q3 2025)	Projected International Organic Growth (FY 2025)
U.S. & Canada	41,821	$\ge$ 4.3% (or 5.3% ex-Sprint churn)
International Total	106,982	6%
Latin America (Largest International Market)	47,264	Low single-digit growth
Europe	32,136 (as of Q2 2025)	Steady mid-single-digit growth
Africa & APAC	(Part of Total International)	Double-digit growth

Key international tenants mentioned include:

• Telefónica
• Airtel
• MTN
• Vodafone
• Orange
• AMX
• TIM
• Millicom
• Entel

Cloud and Hyperscale Providers Utilizing CoreSite Data Centers

American Tower Corporation's Data Centers segment, operating under the CoreSite brand, targets customers needing high-performance, interconnected digital ecosystems. This segment delivered double-digit growth in Q2 2025 and was projected for approximately 13 percent growth for the full year 2025. CoreSite property revenue in Q3 2025 was over $267 million, up over 14 percent year-over-year.

The customer strategy here is focused on supporting hybrid IT, with 98 percent of surveyed IT leaders implementing or planning a mix of public/private cloud, on-premises, and colocation services. CoreSite addresses a critical connectivity gap, as only 19 percent of surveyed colocation providers offer the necessary interconnection services.

CoreSite's infrastructure supports these high-value customers:

• AI Workloads: Moving increasing volumes of generative AI applications and recommendation systems to colocation.
• Cloud Onramps: Providing direct connections to major public cloud providers like AWS Direct Connect, Azure ExpressRoute, and Google Cloud Interconnect.
• Capacity: As of Q3 2025, CoreSite had about 296 MW of power available for future development and about 42 MW under construction.

Broadcast and Radio Companies, and Government and Public Safety Entities

American Tower Corporation's primary business involves leasing space on its multitenant communications sites to a variety of tenants beyond just wireless carriers. This includes radio and television broadcast companies leasing tower space for their transmission equipment. Furthermore, government agencies and municipalities are also customers, utilizing the infrastructure for public safety networks. These segments contribute to the overall property revenue, which for Q2 2025 was $2.53 billion. The company employs 4,691 people in fiscal year 2025 to manage this diverse portfolio.

American Tower Corporation (AMT) - Canvas Business Model: Cost Structure

American Tower Corporation's cost base is heavily weighted toward fixed, long-term obligations tied to the real estate assets themselves. These costs are the bedrock of the operating model, underpinning the revenue stream.

The high fixed costs include ground rent, property taxes, and insurance across the global portfolio. For instance, in the first three months of 2025, operating lease costs were reported at $273.2 million, and variable lease costs, which primarily include property tax paid on behalf of the landlord, totaled $86.3 million for the same period.

Capital deployment is a major cost driver, focused on both growth and upkeep. For the full year 2025, American Tower Corporation projected total capital expenditures to be approximately $1.7 billion.

This capital spending is segmented into growth and maintenance. During the third quarter of 2025, non-discretionary capital for maintenance and corporate purposes was $54 million.

You see the scale of the balance sheet commitments reflected in the debt load, which directly translates to interest expense. Here's a look at the key financial figures underpinning these costs as of mid-to-late 2025:

Cost Component Metric	Amount/Value	As of/Period
Net Debt	$35,409 million	June 30, 2025
Total Debt	$37,485 million	June 30, 2025
Net Leverage Ratio	4.9x	September 30, 2025
Projected Full-Year 2025 Capital Expenditures	$1.7 billion	FY 2025 Projection
Q3 2025 Non-discretionary Capital Expenditures	$54 million	Q3 2025

Operating expenses also include costs for site maintenance, utilities, and power/fuel, although American Tower Corporation often notes that expense reimbursement from tenants mitigates the economic impact of fluctuations in power and fuel costs.

The cost structure is heavily influenced by financing costs due to the substantial debt required to acquire and build assets. The interest expense on this debt is a non-negotiable outflow. The company maintained a conservative debt profile with 93% fixed-rate debt as of Q2 2025, which helps manage interest rate risk on a large portion of the $37,485 million total debt.

The structure of these costs drives the need for high recurring revenue, which is why American Tower Corporation focuses on long-term leasing contracts. The primary cost drivers are:

• Ground Rent and Property Taxes: Fixed costs tied to the land leases.
• Capital Expenditures: Significant outlay for new tower builds and data center expansion.
• Interest Expense: Driven by the $35.4 billion net debt position.
• Site Operations: Utilities and maintenance for physical assets.

Finance: draft 13-week cash view by Friday.

American Tower Corporation (AMT) - Canvas Business Model: Revenue Streams

You're looking at the core ways American Tower Corporation brings in cash as of late 2025. It's all about the recurring nature of infrastructure contracts, which is what makes this business model so compelling for long-term investors.

The primary engine is the leasing of space on their global tower portfolio. This revenue is highly predictable, supported by long-term contracts with major wireless carriers who need to expand their networks for 5G and future capacity.

Revenue Component	Projected 2025 Financial Figure (Midpoint/Range)	Context/Source Data Point
Property Leasing Revenue (Total)	Projected midpoint of $10.21 billion for 2025	Full year 2025 total property revenue expected between $10.21 billion and $10.29 billion.
Data Center Revenue (CoreSite)	Projected midpoint of $1,045 million for 2025	Q2 2025 Data Centers segment property revenue outlook midpoint was $1,035 million to $1,055 million.
U.S. Property Leasing Revenue (Segment)	$5,200 million to $5,260 million (Q2 2025 Outlook Midpoint)	International property revenue outlook midpoint for 2025 was $3,900 million to $3,970 million (Q2 2025).
Total Quarterly Revenue (Q3 2025)	$2.717 billion	Total revenue for the quarter ended September 30, 2025.

The recurring nature of the revenue is enhanced by built-in mechanisms that increase cash flow over time, plus the addition of new tenants and upgrades to existing sites.

Recurring Revenue Drivers:

• Contractual rent escalations built into tower leases.
• New tenant additions (colocations) on existing towers.
• Organic tenant billings growth forecast for 2025 at approximately 5%.

American Tower Corporation also generates revenue from services, which reflects the active work being done on their assets to support customer needs. This is distinct from the base rent.

Services Revenue Activity:

You saw the U.S. services business post a near-record quarter in Q2 2025, driven heavily by construction services. This speaks directly to the revenue from site upgrades and network densification efforts by carriers investing in their networks.

• Total application volumes in the U.S. increased more than 50% year-over-year in Q2 2025.
• CoreSite data center services saw a 4.9% year-over-year increase in interconnections as of early 2025.

Regarding fiber assets, the strategy has clearly shifted toward divestiture in certain regions, focusing on higher-quality, core tower and data center earnings. For instance, the South Africa Fiber business was sold, with a gain of $53.6 million recognized in Q1 2025. Still, the CoreSite footprint represents a highly interconnected urban telecommunications asset base, which supports data center revenue and interconnection fees.

If you look at the Q2 2025 results, total revenue was $2.627 billion, with property revenue at $2.527 billion, showing that the remaining portion is services and other revenue. That difference, roughly $100 million in that quarter, is where those services and other non-lease revenues sit. Finance: draft 13-week cash view by Friday.