American Tower Corporation (AMT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da infraestrutura global de telecomunicações, a American Tower Corporation (AMT) se destaca como um jogador fundamental, transformando como as redes móveis se expandem e operam nos continentes. Ao desenvolver, manter e arrendar estrategicamente o desenvolvimento de torres de comunicação, a AMT criou engenhosamente um modelo de negócios robusto que conecta bilhões de pessoas em todo o mundo, gerando receita substancial por meio de soluções inovadoras de infraestrutura digital. Sua abordagem única para o setor imobiliário de telecomunicações os posicionou como um facilitador crítico da conectividade moderna, preenchendo lacunas tecnológicas e apoiando o crescimento exponencial de redes de comunicação móvel.

American Tower Corporation (AMT) - Modelo de Negócios: Principais Parcerias

Principais operadoras de telecomunicações

A American Tower Corporation faz parceria com as principais operadoras de telecomunicações:

Operadora	Detalhes da parceria	Arrendamentos de torre
Verizon	Acordos de arrendamento de infraestrutura de longo prazo	7.300 locais de torre
AT&T	Colaboração abrangente de infraestrutura de rede	6.500 locais da torre
T-Mobile	Contratos de compartilhamento de infraestrutura de vários anos	5.800 locais da torre

Empresas de investimento de infraestrutura global

As principais parcerias de investimento incluem:

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

Proprietários e proprietários imobiliários

Métricas estratégicas de parceria imobiliária:

Tipo de parceria	Número de parcerias	Acordos totais de propriedade
Acordos de arrendamento de terra	8.700 parcerias únicas	US $ 1,2 bilhão de despesas anuais de arrendamento de terra

Fabricantes de equipamentos de rede sem fio

Parceiros de fabricação de equipamentos primários:

• Ericsson
• Nokia
• Huawei
• Samsung

Agências regulatórias do governo

Parcerias de conformidade regulatória:

Agência	Foco de conformidade regulatória
FCC	Regulamentos de infraestrutura de alocação e telecomunicações de espectro
Comissões de utilidade pública estaduais	Aprovações locais de implantação de infraestrutura

American Tower Corporation (AMT) - Modelo de negócios: Atividades -chave

Desenvolvimento e manutenção da infraestrutura de torre

A American Tower Corporation opera 226.024 sites de comunicação globalmente a partir do terceiro trimestre 2023. O portfólio total de torre inclui:

Região	Número de torres
Estados Unidos	41.287 torres
América latina	52.549 torres
Ásia	76.881 torres
África	55.307 Torres

Leasing de site para operadores de rede móvel

Receita anual de leasing do local: US $ 6,8 bilhões em 2022

• Razão média do inquilino por torre: 1,7 inquilinos
• Total de inquilinos Bateding: US $ 14,4 bilhões
• Crescimento de faturamento de inquilinos orgânicos: 5,4%

Expansão da infraestrutura de rede

Despesas de capital para infraestrutura em 2022: US $ 3,1 bilhões

Categoria de investimento em infraestrutura	Valor do investimento
Construção de novas torre	US $ 1,2 bilhão
Atualizações de torre	US $ 850 milhões
Infraestrutura digital	US $ 1,05 bilhão

Gerenciamento de infraestrutura digital

O portfólio de infraestrutura digital inclui:

• 5G implantações de células pequenas: 8.500 sites
• Sistemas de antena distribuídos: 1.200 sistemas
• Cobertura de rede de fibras: 95.000 milhas de rota

Aquisições estratégicas de mercado global

Aquisições estratégicas totais em 2022: US $ 2,5 bilhões

Região de aquisição	Valor do investimento
América latina	US $ 1,1 bilhão
Ásia -Pacífico	US $ 850 milhões
África	US $ 550 milhões

American Tower Corporation (AMT) - Modelo de negócios: Recursos -chave

Extenso portfólio de torre global

A partir do quarto trimestre 2023, a American Tower Corporation possui e opera:

Região	Número de torres
Estados Unidos	42.400 torres
América latina	41.600 torres
Ásia	36.500 torres
África	17.500 torres

Infraestrutura de telecomunicações

Total de ativos de infraestrutura de telecomunicações globais avaliados em US $ 57,3 bilhões em 31 de dezembro de 2023.

Experiência em engenharia técnica

• Total de funcionários: 6.725 a partir de 2023
• Força de trabalho de engenharia: Aproximadamente 1.200 engenheiros de telecomunicações especializados
• Investimento anual de P&D: US $ 124 milhões em 2023

Capital financeiro e capacidade de investimento

Métricas financeiras a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Total de ativos	US $ 77,4 bilhões
Receita anual	US $ 10,2 bilhões
Capitalização de mercado	US $ 48,6 bilhões

Tecnologias de gerenciamento de rede

• Plataformas de gerenciamento de infraestrutura digital
• Sistemas avançados de monitoramento em tempo real
• Software de otimização de rede proprietário

American Tower Corporation (AMT) - Modelo de Negócios: Proposições de Valor

Infraestrutura de comunicação sem fio confiável

A partir do quarto trimestre de 2023, a American Tower Corporation opera 222.326 locais de comunicação globalmente. A empresa mantém um portfólio em 25 países, com 43% dos locais localizados nos Estados Unidos.

Métrica de infraestrutura	Número total
Sites de comunicação global total	222,326
Sites nos Estados Unidos	95,800
Sites internacionais	126,526

Soluções de implantação de rede econômicas

A American Tower fornece soluções de compartilhamento de infraestrutura com uma taxa média de aluguel de US $ 39.768 por site de comunicação anualmente.

• Receita anual média por comunicação: US $ 39.768
• O compartilhamento de infraestrutura reduz os custos individuais de implantação do operador em aproximadamente 40%
• Ativa a utilização de infraestrutura de vários inquilinos

Cobertura abrangente da torre global

A quebra geográfica dos sites de comunicação a partir de 2023:

Região	Número de sites	Porcentagem de total
Estados Unidos	95,800	43%
América latina	52,026	23.4%
Ásia	44,465	20%
África	30,035	13.6%

Imóveis de telecomunicações escaláveis

Investimento total de propriedades e equipamentos: US $ 47,8 bilhões em 31 de dezembro de 2023.

• Valor do portfólio imobiliário: US $ 47,8 bilhões
• Despesas com capital anual: US $ 3,2 bilhões
• Custo médio de expansão do local: US $ 750.000 por novo site de comunicação

Serviços de conectividade eficientes para operadores móveis

Receita anual total de serviço: US $ 10,2 bilhões em 2023, com 92% derivados de contratos de aluguel de torre recorrentes.

Categoria de receita de serviço	Quantia	Percentagem
Receita anual de serviço anual total	US $ 10,2 bilhões	100%
Receita de aluguel de torre recorrente	US $ 9,38 bilhões	92%
Receita baseada em serviços	US $ 820 milhões	8%

American Tower Corporation (AMT) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo

A American Tower Corporation mantém uma duração média do contrato de 10 a 15 anos com as principais operadoras de telecomunicações. A partir do quarto trimestre 2023, a empresa tinha Aproximadamente 225.000 sites de comunicação globalmente.

Tipo de contrato	Duração média	Taxa de renovação
Acordos de transportadora de telecomunicações	12-15 anos	92%
Arrendamentos internacionais de torre	10-12 anos	88%

Gerenciamento de conta dedicado

A American Tower fornece gerenciamento de contas especializado para clientes de primeira linha, incluindo:

• Comunicações da Verizon
• AT&T
• T-Mobile
• Sprint (agora parte da T-Mobile)

Serviços de Suporte e Manutenção Técnicos

A empresa oferece suporte técnico 24/7 com um tempo de resposta média de Menos de 2 horas Para problemas críticos de infraestrutura.

Categoria de serviço	Tempo de resposta	Custo de manutenção anual
Suporte crítico de infraestrutura	<2 horas	US $ 350 milhões
Manutenção de rotina	24-48 horas	US $ 250 milhões

Soluções de infraestrutura personalizadas

A American Tower fornece soluções de infraestrutura personalizadas em várias geografias:

• Estados Unidos: 43% do portfólio total
• Mercados internacionais: 57% do portfólio total
• Mercados emergentes: 33% do portfólio internacional

Parcerias de expansão de rede colaborativa

A empresa tem parcerias estratégicas com:

• 5G Parceiros de implantação de rede
• Provedores de infraestrutura de computação de borda
• Fabricantes de equipamentos de telecomunicações

Tipo de parceria	Número de parcerias ativas	Investimento anual
Colaborações de expansão de rede	47	US $ 1,2 bilhão
Parcerias de integração de tecnologia	29	US $ 750 milhões

American Tower Corporation (AMT) - Modelo de Negócios: Canais

Equipes de vendas diretas

A American Tower Corporation mantém uma força de vendas diretas globais de aproximadamente 150 gerentes de contas corporativas em 25 países. A equipe de vendas gera receita anual de US $ 9,86 bilhões a partir de 2023.

Região	Tamanho da equipe de vendas	Receita média anual por equipe
Estados Unidos	45 gerentes	US $ 3,2 bilhões
América latina	35 gerentes	US $ 2,1 bilhões
Mercados internacionais	70 gerentes	US $ 4,56 bilhões

Site corporativo

O site corporativo da American Tower (www.americantower.com) gera aproximadamente 250.000 visitantes mensais únicos e facilita a comunicação digital com clientes e investidores em potencial.

• Tráfego do site: 250.000 visitantes únicos mensais
• Geração de leads digitais: aproximadamente 1.500 consultas mensais
• Interações sobre relações com investidores on -line: 75.000 compromissos digitais anuais

Conferências do setor

A American Tower participa de 18-22 principais conferências de infraestrutura de telecomunicações anualmente, gerando cerca de US $ 150 milhões em possíveis oportunidades de contrato.

Tipo de conferência	Participação anual	Valor potencial do contrato
Conferências de telecomunicações	12	US $ 90 milhões
Fóruns de investimento em infraestrutura	6	US $ 60 milhões

Consultas de rede de telecomunicações

A American Tower realiza mais de 500 consultas diretas de rede anualmente com os principais provedores de telecomunicações, apoiando estratégias de expansão de infraestrutura.

• Consultas anuais de rede: 500+
• Receita de consulta: US $ 75 milhões
• Duração média da consulta: 3-5 dias

Plataformas de relações de investimento e investidores

A empresa utiliza vários canais de relações com investidores, atingindo aproximadamente 12.000 investidores institucionais com US $ 350 bilhões em ativos gerenciados.

Plataforma	Alcance do investidor	Engajamento anual
Chamadas de ganhos	5.000 investidores	4 ligações trimestrais
Conferências de investidores	3.000 investidores	6-8 eventos anuais
Plataformas de investidores digitais	4.000 investidores	Engajamento contínuo

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

Principais operadores de rede móvel

A partir de 2023, a American Tower Corporation atende os principais operadores de rede móvel com os seguintes dados -chave:

Operador de rede móvel	Número de torres	Valor anual do contrato
Verizon	8.500 torres	US $ 1,2 bilhão
AT&T	7.200 torres	US $ 980 milhões
T-Mobile	6.500 torres	US $ 850 milhões

Provedores de comunicação sem fio

A American Tower suporta diversos provedores de comunicação sem fio:

• Transportadoras sem fio regionais
• Empresas de telecomunicações rurais
• Provedores de comunicação por satélite

Categoria de provedor	Total de clientes atendidos	Cobertura de infraestrutura
Transportadoras regionais	42 milhões	3.200 torres
Fornecedores rurais	18 milhões	1.750 torres

Agências de telecomunicações do governo

A American Tower fornece infraestrutura para redes de comunicação do governo:

• Sistemas de comunicação do Departamento de Defesa
• Redes de serviços de emergência
• Infraestrutura federal de telecomunicações

Segmento do governo	Número de contratos	Receita anual
Agências federais	47 contratos	US $ 320 milhões
Governos estaduais/locais	92 contratos	US $ 215 milhões

Redes de comunicação corporativa

Clientes corporativos que utilizam infraestrutura de torre americana:

• Grandes redes de telecomunicações corporativas
• Sistemas de comunicação privada
• Infraestrutura de comunicação industrial

Setor corporativo	Total de clientes corporativos	Valor anual do contrato
Empresas de tecnologia	126 clientes	US $ 450 milhões
Fabricação	87 clientes	US $ 280 milhões

Empresas internacionais de telecomunicações

Cobertura de infraestrutura de telecomunicações globais:

Região	Número de países	TOURS TOTAL	Receita Internacional Anual
América latina	12 países	6.800 torres	US $ 1,1 bilhão
Ásia -Pacífico	8 países	4.500 torres	US $ 780 milhões
Europa	6 países	2.300 torres	US $ 450 milhões

American Tower Corporation (AMT) - Modelo de negócios: estrutura de custos

Despesas de construção de torre e manutenção

Em 2022, a American Tower Corporation registrou custos totais de propriedade e equipamento de US $ 26,3 bilhões. As despesas anuais de manutenção da torre foram de aproximadamente US $ 1,7 bilhão.

Categoria de custo	Despesa anual ($)
Construção da torre	1,450,000,000
Manutenção da torre	1,700,000,000
Atualização da torre	850,000,000

Custos de arrendamento de terras e aquisição

As despesas de arrendamento de terras para locais de torre em 2022 totalizaram US $ 1,2 bilhão. Os custos médios anuais de aquisição de terras foram de US $ 350 milhões.

• Despesas anuais de arrendamento de terras: US $ 1.200.000.000
• Custos de aquisição de terras: US $ 350.000.000
• Custo médio por arrendamento do local da torre: US $ 45.000

Salários de pessoal técnico

O total de despesas de pessoal para a equipe técnica em 2022 foi de US $ 1,1 bilhão. O salário médio de funcionários técnicos foi de US $ 124.500.

Categoria de pessoal	Salário médio anual ($)
Engenheiros Técnicos	135,000
Técnicos de rede	95,000
TI de suporte à equipe	110,000

Investimentos de tecnologia de infraestrutura

Os investimentos em infraestrutura tecnológica em 2022 atingiram US $ 750 milhões. As atualizações de equipamentos de rede representaram US $ 450 milhões.

• Investimento total de infraestrutura de tecnologia: US $ 750.000.000
• Atualizações de equipamentos de rede: US $ 450.000.000
• Investimentos de segurança cibernética: US $ 150.000.000

Despesas de conformidade regulatória

Os custos anuais de conformidade regulatória foram de US $ 210 milhões em 2022. As despesas legais e administrativas relacionadas à conformidade totalizaram US $ 85 milhões.

Categoria de conformidade	Despesa anual ($)
Custos de arquivamento regulatório	65,000,000
Conformidade ambiental	45,000,000
Serviços de conformidade legal	100,000,000

American Tower Corporation (AMT) - Modelo de negócios: fluxos de receita

Taxas de leasing do local da torre

Em 2023, a American Tower Corporation registrou receita total de US $ 10,3 bilhões, com aproximadamente 70% derivados das taxas de leasing do local da torre. A empresa possui e opera aproximadamente 225.000 torres de comunicação globalmente.

Região geográfica	Receita de leasing no local da torre (2023)
Estados Unidos	US $ 4,2 bilhões
Mercados internacionais	US $ 6,1 bilhões

Aluguel de infraestrutura de rede recorrente

As receitas de aluguel de infraestrutura de rede totalizaram US $ 3,7 bilhões em 2023, representando um crescimento de 5,2% ano a ano.

• Taxa média de arrendamento por torre: US $ 45.000 anualmente
• Duração do arrendamento: tipicamente contratos de 5 a 10 anos
• Taxa de renovação: 95% em todo o portfólio global

Hospedagem de equipamentos de telecomunicações

A hospedagem de equipamentos gerou US $ 1,2 bilhão em receita durante 2023, com as principais operadoras de telecomunicações compreendendo clientes primários.

Tipo de transportadora	Receita de hospedagem de equipamentos
Hospedagem de infraestrutura 5G	US $ 620 milhões
Equipamento de rede herdado	US $ 580 milhões

Receitas de expansão do mercado global

As receitas do mercado internacional atingiram US $ 6,1 bilhões em 2023, distribuídos por várias regiões.

• América Latina: US $ 2,3 bilhões
• Ásia -Pacífico: US $ 1,8 bilhão
• África: US $ 1,5 bilhão
• Europa: US $ 500 milhões

Contratos de serviço de infraestrutura digital

Os serviços de infraestrutura digital contribuíram com US $ 450 milhões para a receita total em 2023.

Categoria de serviço	Contribuição da receita
Serviços de computação de borda	US $ 180 milhões
Conectividade de rede de fibras	US $ 270 milhões

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.