American Tower reports Q1 2025 results: revenue up 2 percent, net income down 46 percent, adjusted AFFO up 7.1 percent

Main points:

- Revenue:
- Total revenue increased 2.0 percent to 2.563 billion dollars.
- Total property revenue increased 0.2 percent to 2.488 billion dollars.

- Profitability:
- Net income fell 45.9 percent to 499 million dollars, mainly due to a 345.7 million dollar foreign currency loss compared to a gain in the prior year.
- Net income attributable to common stockholders decreased 46.7 percent to 489 million dollars.
- Adjusted EBITDA increased 1.9 percent to 1.744 billion dollars.
- AFFO attributable to common stockholders decreased 1.0 percent to 1.290 billion dollars, but adjusted AFFO increased 7.1 percent.

- Per share metrics:
- AFFO per share was 2.75 dollars, down 1.4 percent year-over-year, but adjusted AFFO per share rose 6.6 percent.

- Cash flow and investments:
- Free cash flow rose 8.3 percent to 955 million dollars.
- Capital expenditures were 340 million dollars, down 15.4 percent.
- Spent 148 million dollars to acquire 242 communication sites, including 145 in the U.S. and 97 in Europe.
- Completed the acquisition of a multi-tenant data center in Denver, Colorado (DE1).

- Balance sheet and liquidity:
- Net leverage ratio remained 5.0 times.
- Total liquidity of approximately 11.7 billion dollars, consisting of 2.1 billion dollars in cash and 9.6 billion dollars in available credit.
- Repaid 1.4 billion dollars of maturing debt and issued 1.0 billion dollars of new senior unsecured notes with interest rates of 4.9 percent and 5.35 percent.

- Dividends:
- Declared a first quarter dividend of 1.70 dollars per share, reflecting 4.9 percent growth year-over-year.

- Asset sales:
- Sold South Africa fiber assets for approximately 137.7 million dollars, recognizing a 53.6 million dollar gain.

Outlook for full year 2025:

- Total property revenue is expected between 9.97 billion and 10.12 billion dollars.
- AFFO attributable to common stockholders is expected between 4.85 billion and 4.94 billion dollars, showing approximately 5 percent growth on an adjusted basis.
- AFFO per share is expected between 10.35 dollars and 10.54 dollars.
- Capital expenditures are forecast between 1.635 billion and 1.745 billion dollars

American Tower Board Member JoAnn A. Reed to Retire at 2025 Annual Meeting

BOSTON, MA – March 17, 2025 – American Tower Corporation (NYSE: AMT) announced that JoAnn A. Reed, a member of the company’s Board of Directors and Audit Committee, has notified the Company that she will not stand for re-election at the upcoming 2025 Annual Meeting of Stockholders.

Ms. Reed will continue to serve on the Audit Committee until the meeting. The company confirmed that her decision was not due to any disagreement with American Tower regarding its operations, policies, or practices.

American Tower Corporation Declares Quarterly Cash Distribution of $1.70 Per Share
BOSTON, MA – March 6, 2025 – American Tower Corporation (NYSE: AMT) today announced that its Board of Directors has declared a quarterly cash distribution of $1.70 per share on the company’s common stock.

Payment Date: April 28, 2025
Record Date: April 11, 2025
Stockholders of record as of the close of business on April 11, 2025, will be eligible to receive the declared dividend.

This announcement reflects American Tower’s continued commitment to delivering value to shareholders through consistent cash distributions.

For further details, please refer to the press release filed as Exhibit 99.1 with the Securities and Exchange Commission.

American Tower Corporation announced executive compensation details for 2025, as determined by its Compensation Committee. CEO Steven O. Vondran's base salary is set at $1 million, with a target cash bonus potential of $2 million (200% of base salary). Other executives, including CFO Rodney M. Smith and International President Olivier Puech, have base salaries ranging from $600,000 to $660,000, with cash bonus potentials of 125% of their base salaries. The departing Executive Vice President and President of Asia-Pacific, Sanjay Goel, will receive prorated salary and bonus payments until his departure on March 31, 2025. Bonus payments will be based on company and individual performance, with a maximum possible payout of 200% of target amounts.

American Tower Corporation reported solid financial results for Q4 and full-year 2024, with total revenue increasing 3.7% to $2.55 billion in the quarter and 1.1% to $10.13 billion for the year. Property revenue saw modest growth, rising 2.0% in Q4 and 0.7% for the full year.

Net income surged dramatically, up 9,151.9% in Q4 to $1.23 billion and 66.8% for the full year to $2.28 billion, driven by operational efficiency and portfolio management. Adjusted EBITDA increased 5.1% in Q4 to $1.69 billion and 1.9% for the year to $6.81 billion. AFFO attributable to common stockholders grew 10.7% in Q4 and 6.0% for the full year.

CEO Steven Vondran highlighted strong leasing trends, especially from mid-band deployments in the U.S. and Europe, 4G densification, early 5G upgrades in emerging markets, and exceptional performance at CoreSite. Despite macroeconomic challenges, American Tower remains well-positioned for sustained growth through disciplined capital allocation and portfolio optimization.

source: American Tower Corporation, February 25, 2025.

American Tower Corporation announced amendments to its credit agreements, extending the maturity dates of its multicurrency senior unsecured revolving credit facility to 2028, its senior unsecured revolving credit facility to 2030, and its unsecured term loan to 2028. The amendments also update the applicable margins, while all other material terms remain unchanged. These amendments were made with Toronto Dominion (Texas) LLC and Mizuho Bank, Ltd. as administrative agents.