American Tower Corporation (REIT) Q3 2025 Earnings Recap

American Tower reported a strong third quarter with double-digit growth in attributable AFFO per share, driven by robust leasing activity in both tower and data center segments. The company raised its guidance for the year, highlighting the solid fundamentals of its core operating model.

Key Takeaways

• Attributable AFFO per share growth projected at approximately 7%, with a 9% growth outlook net of foreign exchange and financing costs.
• Record levels of leasing activity, particularly in 5G upgrades, driving increased demand for tower capacity amidst rising mobile data consumption.
• Significant momentum in CoreSite with record retail leasing revenue and strong demand for facilities supporting AI-related workloads and hybrid cloud deployments.
• Continued emphasis on operational excellence, with 300 basis points of adjusted EBITDA margin expansion since 2020 and further improvements expected.