American Tower

AMT

Market cap $89.8B

We added to our senior housing investment theme by purchasing shares of Ventas, Inc. Ventas is an operator of senior housing, life science, and medical office buildings. We began acquiring shares of Champion Homes, Inc. during the quarter. During the quarter, we exited the Fund's position in Vornado Realty Trust, an owner and developer of premier office and street retail properties concentrated in New York City and reallocated the capital to real estate companies that we believe have superior near-term growth.

U.S. equity markets slumped this week - while interest rates tumbled to multi-year lows- as investors weighed unresolved AI questions and a flight to safety sparked by escalating Middle East tensions. The defensive "risk-off" posture took sharper relevance over the weekend after a dramatic U.S.-led strike of Iranian leadership that sought to topple the Islamic regime. The S&P 500 slipped 0.6%, while Small-Caps slid nearly 2%. The policy-sensitive 2-Year Treasury Yield dipped to the lowest level since August 2022. Oil prices swelled to seven-month highs.

DENVER--(BUSINESS WIRE)--CoreSite, an American Tower company (NYSE: AMT) empowering critical business and AI workloads that impact everyday life through interconnected data center solutions, today announced Community IX, the largest member-run Internet Exchange Provider on the East Coast of the U.S., will establish its Florida Internet Exchange (FL-IX) and Northern Virginia Internet Exchange (CIX-NoVA) in the data center operator's Miami (MI1) and Northern Virginia (VA1) facilities to provide e.

We added to our senior housing investment theme by purchasing additional shares of Ventas, Inc. During the quarter, we reacquired shares in best-in-class self-storage REIT Extra Space Storage Inc., which owns or operates a portfolio of over 4,200 properties in the U.S., with 14% total market share by square footage. During the quarter, we exited the Fund's position in Vornado Realty Trust.

American Tower stands out as the superior tower REIT, offering better value and fundamentals than Crown Castle post-carrier consolidation. AMT's AFFO/share growth resumes in 2026 as Sprint churn ends, with projections for 30% growth to $13.82 by 2030. With three major carriers remaining, AMT's organic billings growth is expected to exceed 5% annually, supporting high margins and steady returns.

AMT tops Q4 with AFFO of $2.63 and 7.5% revenue growth, fueled by strong tenant billings, as it issues 2026 outlook.

American Tower Corporation (AMT) Q4 2025 Earnings Call Transcript

While the top- and bottom-line numbers for American Tower (AMT) give a sense of how the business performed in the quarter ended December 2025, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

American Tower (AMT) came out with quarterly funds from operations (FFO) of $2.63 per share, beating the Zacks Consensus Estimate of $2.54 per share. This compares to FFO of $2.32 per share a year ago.

American Tower on Tuesday posted fourth-quarter revenue above Wall Street estimates, lifted by stronger leasing activity from telecom carriers and continued momentum in data-center demand.