American Tower Corporation (AMT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'infrastructure mondiale des télécommunications, American Tower Corporation (AMT) est un acteur pivot, transformant comment les réseaux mobiles se développent et fonctionnent sur les continents. En développant, en maintenant et en louant des tours de communication stratégiquement, AMT a créé ingénieusement un modèle commercial robuste qui relie des milliards de personnes dans le monde, générant des revenus substantiels grâce à des solutions d'infrastructure numérique innovantes. Leur approche unique de l'immobilier des télécommunications les a positionnés comme un catalyseur critique de la connectivité moderne, combler les lacunes technologiques et soutenant la croissance exponentielle des réseaux de communication mobile.

American Tower Corporation (AMT) - Modèle d'entreprise: partenariats clés

Principaux transporteurs de télécommunications

American Tower Corporation s'associe aux principaux transporteurs de télécommunications:

Transporteur	Détails du partenariat	Baux de la tour
Verizon	Accords de location à long terme des infrastructures	7 300 sites de tour
AT&T	Collaboration complète des infrastructures de réseau	6 500 sites de tour
T-mobile	Contrats de partage d'infrastructures pluriannuelles	5 800 sites de tour

Sociétés d'investissement mondial sur les infrastructures

Les principaux partenariats d'investissement comprennent:

• Groupe Blackstone
• GIP (Global Infrastructure Partners)
• Brookfield Asset Management

Promoteurs immobiliers et propriétaires

Métriques de partenariat immobilier stratégique:

Type de partenariat	Nombre de partenariats	Accords de propriété totale
Accords de location au sol	8 700 partenariats uniques	Frais de location annuelle de 1,2 milliard de dollars

Fabricants d'équipements de réseau sans fil

Partners de fabrication d'équipements primaires:

• Éricson
• Nokia
• Huawei
• Samsung

Agences de réglementation gouvernementales

Partenariats de conformité réglementaire:

Agence	Focus de la conformité réglementaire
FCC	Règlement sur les infrastructures d'allocation et de télécommunications du spectre
Commissions des services publics publics	Approbations locales du déploiement des infrastructures

American Tower Corporation (AMT) - Modèle d'entreprise: activités clés

Développement et entretien des infrastructures de tour

American Tower Corporation exploite 226 024 sites de communication dans le monde au cours du troisième trimestre 2023. Le portefeuille Total Tower comprend:

Région	Nombre de tours
États-Unis	41 287 tours
l'Amérique latine	52 549 tours
Asie	76 881 tours
Afrique	55 307 tours

Laison du site aux opérateurs de réseaux mobiles

Revenus de location de sites annuels: 6,8 milliards de dollars en 2022

• Ratio du locataire moyen par tour: 1,7 locataire
• Total des factures de locataire: 14,4 milliards de dollars
• Croissance des factures des locataires biologiques: 5,4%

Expansion des infrastructures de réseau

Dépenses en capital pour les infrastructures en 2022: 3,1 milliards de dollars

Catégorie d'investissement dans l'infrastructure	Montant d'investissement
Nouvelle construction de tour	1,2 milliard de dollars
Améliorations de la tour	850 millions de dollars
Infrastructure numérique	1,05 milliard de dollars

Gestion des infrastructures numériques

Le portefeuille d'infrastructures numériques comprend:

• Déploiements de petites cellules 5G: 8 500 sites
• Systèmes d'antenne distribués: 1 200 systèmes
• Couverture du réseau de fibres: 95 000 miles de route

Acquisitions stratégiques du marché mondial

Acquisitions stratégiques totales en 2022: 2,5 milliards de dollars

Région d'acquisition	Montant d'investissement
l'Amérique latine	1,1 milliard de dollars
Asie-Pacifique	850 millions de dollars
Afrique	550 millions de dollars

American Tower Corporation (AMT) - Modèle d'entreprise: Ressources clés

Portfolio mondial de tour étendue

Au quatrième trimestre 2023, American Tower Corporation possède et exploite:

Région	Nombre de tours
États-Unis	42 400 tours
l'Amérique latine	41 600 tours
Asie	36 500 tours
Afrique	17 500 tours

Infrastructure de télécommunications

Les actifs totaux de l'infrastructure mondiale des télécommunications d'une valeur de 57,3 milliards de dollars au 31 décembre 2023.

Expertise en génie technique

• Total des employés: 6 725 en 2023
• Travail d'ingénierie: environ 1 200 ingénieurs de télécommunications spécialisées
• Investissement annuel de R&D: 124 millions de dollars en 2023

Capital financier et capacité d'investissement

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Montant
Actif total	77,4 milliards de dollars
Revenus annuels	10,2 milliards de dollars
Capitalisation boursière	48,6 milliards de dollars

Technologies de gestion du réseau

• Plateformes de gestion des infrastructures numériques
• Systèmes de surveillance avancés en temps réel
• Logiciel d'optimisation du réseau propriétaire

American Tower Corporation (AMT) - Modèle d'entreprise: propositions de valeur

Infrastructure de communication sans fil fiable

Au quatrième trimestre 2023, American Tower Corporation exploite 222 326 sites de communication dans le monde. La société maintient un portefeuille dans 25 pays, avec 43% des sites situés aux États-Unis.

Métrique d'infrastructure	Nombre total
Sites de communication mondiaux totaux	222,326
Sites aux États-Unis	95,800
Sites internationaux	126,526

Solutions de déploiement réseau rentables

American Tower fournit des solutions de partage d'infrastructures avec un taux de location moyen de 39 768 $ par site de communication par an.

• Revenu annuel moyen par site de communication: 39 768 $
• Le partage des infrastructures réduit les coûts de déploiement des opérateurs individuels d'environ 40%
• Permet l'utilisation d'infrastructures multi-locataires

Couverture complète de la tour mondiale

Déchange géographique des sites de communication en 2023:

Région	Nombre de sites	Pourcentage du total
États-Unis	95,800	43%
l'Amérique latine	52,026	23.4%
Asie	44,465	20%
Afrique	30,035	13.6%

Immobilier des télécommunications évolutives

Investissement total de propriété et d'équipement: 47,8 milliards de dollars au 31 décembre 2023.

• Valeur du portefeuille immobilier: 47,8 milliards de dollars
• Dépenses en capital annuelles: 3,2 milliards de dollars
• Coût moyen d'expansion du site: 750 000 $ par nouveau site de communication

Services de connectivité efficaces pour les opérateurs mobiles

Revenus de services annuels totaux: 10,2 milliards de dollars en 2023, avec 92% dérivé des accords de location de tour récurrents.

Catégorie de revenus de service	Montant	Pourcentage
Revenus de services annuels totaux	10,2 milliards de dollars	100%
Revenus de location de tours récurrents	9,38 milliards de dollars	92%
Revenus basés sur les services	820 millions de dollars	8%

American Tower Corporation (AMT) - Modèle d'entreprise: relations clients

Accords contractuels à long terme

American Tower Corporation maintient une durée de contrat moyenne de 10 à 15 ans avec les principaux transporteurs de télécommunications. Depuis le quatrième trimestre 2023, la société avait Environ 225 000 sites de communication dans le monde.

Type de contrat	Durée moyenne	Taux de renouvellement
Accords de transport de télécommunications	12-15 ans	92%
Baux de la tour internationale	10-12 ans	88%

Gestion de compte dédiée

American Tower fournit une gestion des comptes spécialisée pour les clients de haut niveau, notamment:

• Verizon Communications
• AT&T
• T-mobile
• Sprint (qui fait maintenant partie de T-Mobile)

Services de support technique et de maintenance

La société offre un support technique 24/7 avec un temps de réponse moyen de Moins de 2 heures pour les problèmes d'infrastructure critiques.

Catégorie de service	Temps de réponse	Coût de maintenance annuel
Support d'infrastructure critique	<2 heures	350 millions de dollars
Maintenance de routine	24-48 heures	250 millions de dollars

Solutions d'infrastructure personnalisées

American Tower fournit des solutions d'infrastructure sur mesure dans plusieurs géographies:

• États-Unis: 43% du portefeuille total
• Marchés internationaux: 57% du portefeuille total
• Marchés émergents: 33% du portefeuille international

Partenariats d'étendue de réseau collaboratif

L'entreprise a des partenariats stratégiques avec:

• Partners de déploiement du réseau 5G
• Fournisseurs d'infrastructures informatiques Edge
• Fabricants d'équipements de télécommunications

Type de partenariat	Nombre de partenariats actifs	Investissement annuel
Collaborations d'expansion du réseau	47	1,2 milliard de dollars
Partenariats d'intégration technologique	29	750 millions de dollars

American Tower Corporation (AMT) - Modèle d'entreprise: canaux

Équipes de vente directes

American Tower Corporation maintient une force de vente directe mondiale d'environ 150 gestionnaires de comptes d'entreprise dans 25 pays. L'équipe commerciale génère un chiffre d'affaires annuel de 9,86 milliards de dollars en 2023.

Région	Taille de l'équipe de vente	Revenu annuel moyen par équipe
États-Unis	45 gestionnaires	3,2 milliards de dollars
l'Amérique latine	35 gestionnaires	2,1 milliards de dollars
Marchés internationaux	70 gestionnaires	4,56 milliards de dollars

Site Web de l'entreprise

Le site Web d'entreprise d'American Tower (www.americantower.com) génère environ 250 000 visiteurs mensuels uniques et facilite la communication numérique avec des clients et des investisseurs potentiels.

• Trafic de site Web: 250 000 visiteurs uniques mensuels
• Génération de leads numériques: environ 1 500 demandes mensuelles
• Interactions des relations avec les investisseurs en ligne: 75 000 engagements numériques annuels

Conférences de l'industrie

American Tower participe à 18-22 de grandes conférences d'infrastructures de télécommunications chaque année, générant environ 150 millions de dollars de possibilités de contrat potentielles.

Type de conférence	Participation annuelle	Valeur de contrat potentiel
Conférences de télécommunications	12	90 millions de dollars
Forums d'investissement en infrastructure	6	60 millions de dollars

Consultations du réseau de télécommunications

American Tower mène plus de 500 consultations en réseau direct par an avec les principaux fournisseurs de télécommunications, soutenant les stratégies d'expansion des infrastructures.

• Consultations en réseau annuelles: 500+
• Revenus de consultation: 75 millions de dollars
• Durée moyenne de la consultation: 3-5 jours

Plateformes d'investissement et de relations avec les investisseurs

La société utilise plusieurs canaux de relations avec les investisseurs, atteignant environ 12 000 investisseurs institutionnels avec 350 milliards de dollars d'actifs gérés.

Plate-forme	Investisseur Reach	Engagement annuel
Appels de gains	5 000 investisseurs	4 appels trimestriels
Conférences d'investisseurs	3 000 investisseurs	6-8 événements annuels
Plateformes d'investisseurs numériques	4 000 investisseurs	Engagement continu

American Tower Corporation (AMT) - Modèle d'entreprise: segments de clientèle

Opérateurs de réseaux mobiles majeurs

En 2023, American Tower Corporation dessert les meilleurs opérateurs de réseaux mobiles avec les données clés suivantes:

Opérateur de réseau mobile	Nombre de tours	Valeur du contrat annuel
Verizon	8 500 tours	1,2 milliard de dollars
AT&T	7 200 tours	980 millions de dollars
T-mobile	6 500 tours	850 millions de dollars

Fournisseurs de communication sans fil

American Tower prend en charge divers fournisseurs de communication sans fil:

• Opérateurs sans fil régionaux
• Sociétés de télécommunications rurales
• Fournisseurs de communication par satellite

Catégorie de prestataires	Les clients totaux ont servi	Couverture des infrastructures
Transporteurs régionaux	42 millions	3 200 tours
Fournisseurs ruraux	18 millions	1 750 tours

Agences de télécommunications gouvernementales

American Tower fournit des infrastructures pour les réseaux de communication gouvernementaux:

• Systèmes de communication du ministère de la Défense
• Réseaux de services d'urgence
• Infrastructure fédérale de télécommunications

Segment du gouvernement	Nombre de contrats	Revenus annuels
Agences fédérales	47 contrats	320 millions de dollars
Gouvernements étatiques / locaux	92 contrats	215 millions de dollars

Réseaux de communication d'entreprise

Les clients d'entreprise utilisant l'infrastructure de la tour américaine:

• Grands réseaux de télécommunications d'entreprise
• Systèmes de communication privés
• Infrastructure de communication industrielle

Secteur des entreprises	Total des clients d'entreprise	Valeur du contrat annuel
Entreprises technologiques	126 clients	450 millions de dollars
Fabrication	87 clients	280 millions de dollars

Sociétés internationales de télécommunications

Couverture des infrastructures mondiales de télécommunications:

Région	Nombre de pays	Total Towers	Revenus internationaux annuels
l'Amérique latine	12 pays	6 800 tours	1,1 milliard de dollars
Asie-Pacifique	8 pays	4 500 tours	780 millions de dollars
Europe	6 pays	2 300 tours	450 millions de dollars

American Tower Corporation (AMT) - Modèle d'entreprise: Structure des coûts

Frais de construction et d'entretien de la tour

En 2022, American Tower Corporation a déclaré un coût total de propriété et d'équipement de 26,3 milliards de dollars. Les dépenses annuelles d'entretien de la tour étaient d'environ 1,7 milliard de dollars.

Catégorie de coûts	Dépenses annuelles ($)
Construction de tour	1,450,000,000
Entretien de la tour	1,700,000,000
Mise à niveau de la tour	850,000,000

Coûts de location foncière et d'acquisition

Les frais de location foncière pour les sites de la tour en 2022 ont totalisé 1,2 milliard de dollars. Les coûts annuels moyens d'acquisition des terres étaient de 350 millions de dollars.

• Frais de location foncière annuels: 1 200 000 000 $
• Coûts d'acquisition des terres: 350 000 000 $
• Coût moyen par location du site de la tour: 45 000 $

Salaires du personnel technique

Les dépenses totales du personnel pour le personnel technique en 2022 étaient de 1,1 milliard de dollars. Le salaire technique moyen des employés était de 124 500 $.

Catégorie de personnel	Salaire annuel moyen ($)
Ingénieurs techniques	135,000
Techniciens de réseau	95,000
Personnel de soutien informatique	110,000

Investissements technologiques d'infrastructure

Infrastructure technologique Les investissements en 2022 ont atteint 750 millions de dollars. Les améliorations de l'équipement de réseautage ont représenté 450 millions de dollars.

• Investissement total d'infrastructure technologique: 750 000 000 $
• Mises à niveau des équipements de réseautage: 450 000 000 $
• Investissements en cybersécurité: 150 000 000 $

Frais de conformité réglementaire

Les coûts annuels de conformité réglementaire étaient de 210 millions de dollars en 2022. Les dépenses juridiques et administratives liées à la conformité ont totalisé 85 millions de dollars.

Catégorie de conformité	Dépenses annuelles ($)
Coûts de dépôt réglementaire	65,000,000
Conformité environnementale	45,000,000
Services de conformité juridique	100,000,000

American Tower Corporation (AMT) - Modèle d'entreprise: Strots de revenus

Frais de location du site de la tour

En 2023, American Tower Corporation a déclaré un chiffre d'affaires total de 10,3 milliards de dollars, avec environ 70% dérivés des frais de location du site de la tour. La société possède et exploite environ 225 000 tours de communication dans le monde.

Région géographique	Revenus de location du site de la tour (2023)
États-Unis	4,2 milliards de dollars
Marchés internationaux	6,1 milliards de dollars

Location récurrente des infrastructures de réseau

Les revenus de location des infrastructures réseau ont totalisé 3,7 milliards de dollars en 2023, ce qui représente une croissance de 5,2% en glissement annuel.

• Taux de location moyen par tour: 45 000 $ par an
• Durée du bail: contrats généralement de 5 à 10 ans
• Taux de renouvellement: 95% sur le portefeuille mondial

Équipement de télécommunications Hébergement

L'hébergement d'équipement a généré 1,2 milliard de dollars de revenus en 2023, les principaux opérateurs de télécommunications comprenant des clients principaux.

Type de transporteur	Revenus d'hébergement d'équipement
Hébergement d'infrastructure 5G	620 millions de dollars
Équipement de réseau hérité	580 millions de dollars

Revenus d'expansion du marché mondial

Les revenus du marché international ont atteint 6,1 milliards de dollars en 2023, distribué dans plusieurs régions.

• Amérique latine: 2,3 milliards de dollars
• Asie-Pacifique: 1,8 milliard de dollars
• Afrique: 1,5 milliard de dollars
• Europe: 500 millions de dollars

Contrats de services d'infrastructure numérique

Les services d'infrastructure numérique ont contribué 450 millions de dollars au total des revenus en 2023.

Catégorie de service	Contribution des revenus
Services informatiques Edge	180 millions de dollars
Connectivité du réseau de fibres	270 millions de dollars

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.