Sector: Real Estate|Industry: REIT - Specialty|Market Cap: $86.38B|Employees: 5.6K
American Tower Corporation is a leading global real estate investment trust that owns, operates, and develops multitenant communications real estate, primarily leasing space on communications sites to wireless service providers and other industries. The company's portfolio consists of towers, DAS networks, and data centers across the U.S., Asia, Africa, Europe, and Latin America. American Tower's competitive advantage lies in its global scale and ability to add new tenants and equipment to existing sites.
Total operating revenues increased slightly from $2,521.1 million to $2,522.3 million in the three months ended September 30, 2024, a marginal change year-over-year. Property revenues decreased slightly, while services revenues increased.
Operating income increased from $913.0 million to $1,139.2 million in the three months ended September 30, 2024, a significant increase year-over-year, driven by a decrease in operating expenses.
Net loss attributable to American Tower Corporation common stockholders was $792.3 million for the three months ended September 30, 2024, compared to a net income of $586.9 million in the same period of 2023, primarily due to a loss from discontinued operations.