American Tower Corporation
 (AMT)

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  • Fri, Jan. 22, 9:20 AM
    • The Spanish-Italian consortium with Cellnex and F2i is the leader in the hunt to buy 45% of Infrastrutture Wireless Italiane, the cell-tower spinoff from Telecom Italia (NYSE:TI), Reuters reports.
    • There still might be a gap to close yet, as the reported Cellnex-F2i bid of €4.35-€4.5/share sits below Inwit's current trade price of €4.56 in Milan -- Inwit is up 0.2% there today -- and TI may need more to part with its 60% ownership. American Tower (NYSE:AMT) has also submitted a non-binding offer, as has Italy's EI Towers (OTC:EITOF).
    • EI Towers has proposed to buy just under 30% of Inwit to avoid triggering a law that mandates a takeover attempt for the whole firm. Cellnex/F2i's plan to take 45% would trigger such a takeover bid.
    • TI has said it would like to seal a deal by the end of June.
    • Previously: Report: Telecom Italia receives three offers for Inwit stake (Jan. 11 2016)
    • Previously: Telecom Italia: No Inwit offers so far (Nov. 27 2015)
    • Previously: Cellnex and F2i nearing $1.2B bid for Inwit stake (Nov. 25 2015)
    | Fri, Jan. 22, 9:20 AM
  • Tue, Jan. 19, 5:04 PM
    • After largely holding up today following a Friday tumble, Sprint (NYSE:S) sank in late afternoon to finish down another 8.5% today and hit another new 52-week low.
    • Sprint fell nearly 10% Friday after a Re/code report detailing an ambitious plan to relocate equipment from private towers to government-owned spaces -- though earlier, analysts like Jonathan Schildkraut noted that there are years left on some contracts.
    • Tower firms largely bounced back after declining along with Sprint Friday; AMT finished up 2.9%; CCI up 0.5%; while SBAC closed down 1.2%.
    • Analysts today lined up with some skepticism: "What is going on and why is Sprint OK with confusion about their network strategy?" asks BTIG's Walter Piecyk. Using wireless backhaul could work, he says, "however, we are highly skeptical of a strategy that cuts the coverage and broad capacity offered by the macro cell site layer ... In addition, the macro cell sites can be important aggregation points to handle the wireless backhaul of small cells."
    • And potential savings might not be what they seem, says Cowen's Colby Synesael -- any real estate costs money: "The cost of land is not from our understanding a key component of what drives the overall cost for tower rental fees."
    • Previously: Cell tower firms bouncing back after declines on Sprint overhaul report (Jan. 19 2016)
    • Previously: Sprint -9.9% as it plans 'radical' network overhaul; tower firms dip (Jan. 15 2016)
    | Tue, Jan. 19, 5:04 PM | 54 Comments
  • Tue, Jan. 19, 11:02 AM
    • American Tower (NYSE:AMT) is up 2.6% and Crown Castle International (NYSE:CCI) up 2.1%, each rebounding from declines they saw on Friday amid news that Sprint was looking to overhaul its network to move from private tower leases to government-owned properties.
    • Evercore's Jonathan Schildkraut says the tower firms still have years to run (5-6 years on average) on contracts with Sprint, which could face a difficult challenge relocating gear.
    • Meanwhile, Pacific Crest's Michael Bowen suggests the tower companies could handle losing revenue from Sprint: "The impact could be most broadly felt by SBA Communications" -- SBAC, down 7.6% Friday but up 0.2% today -- "due to its higher relative exposure to Sprint, with Crown Castle a close second. We expect American Tower to be affected much less because of its lower relative exposure to Sprint and because the company has made significant investments in international markets."
    • Previously: Sprint -9.9% as it plans 'radical' network overhaul; tower firms dip (Jan. 15 2016)
    | Tue, Jan. 19, 11:02 AM | 11 Comments
  • Fri, Jan. 15, 5:32 PM
    • Sprint (S -9.9%) has a "radical" plan to overhaul its cell network that could save up to $1B -- but might result in hiccups along the way.
    • The carrier plans to relocate radio equipment from towers leased from private companies, namely Crown Castle (CCI -5.8%) and American Tower (AMT -4.2%), onto cheaper properties owned by the government, Re/code reports.
    • It's also hoping to reduce its dependency on backhaul from AT&T (T -0.9%) and Verizon (VZ -1%) by using microwave technology a la Clearwire instead. The company cuts annual checks of $1B for backhaul to the two rivals.
    • One source says the company's "Next Generation Network" will result in a new wave of disruptions and could end up with less coverage in regions where Sprint has few subscribers: “Getting there is going to be a nightmare ... It’s going to be very, very disruptive.”
    • Sprint will lease towers from privately held Mobilitie, which will locate where possible on government-owned ROW.
    • “Sprint’s plan is not for the faint of heart,” Wells Fargo's Jennifer Fritzsche writes in a note. “Sprint needs to be solely focused on avoiding mistakes of the past, where network overhauls caused major disruptions in the network’s performance.”
    | Fri, Jan. 15, 5:32 PM | 107 Comments
  • Mon, Jan. 11, 4:14 PM
    • After a quiet start to its sale process, Telecom Italia (TI +0.2%) has received three offers for its 45% stake in Inwit, the towers unit it spun off last year, according to an Italian newspaper.
    • La Stampa reported that Telecom Italia is expecting to wrap a transaction by June and has gotten non-binding offers from Cellnex/F2i (long expected to bid), as well as from Ei Towers and American Tower (AMT +0.3%).
    • Inwit owns 11,500 towers, about 27% of all Italian towers. Cellnex controls 15,000 towers in Spain and Italy.
    • After divesting about 40% of the tower company via the listing, Telecom Italia began investigating a further sale. It expects to keep around 15-20%.
    • Previously: Telecom Italia: No Inwit offers so far (Nov. 27 2015)
    • Previously: Cellnex and F2i nearing $1.2B bid for Inwit stake (Nov. 25 2015)
    • Previously: Bloomberg: Telecom Italia hires DB to work on towers sale (Oct. 09 2015)
    | Mon, Jan. 11, 4:14 PM
  • Fri, Jan. 8, 6:15 PM
    • American Tower (AMT -1.7%) has priced a senior offering of $1.25B in debt.
    • The tower operator priced $750M in senior unsecured notes due 2021 at 3.3%, and issued them at 99.853% of face value. It also priced $500M in senior unsecured notes due 2026 at 4.4%, issued at 99.713% of face value.
    • Proceeds of about $1.237B are expected to be used to repay debt (including a 2013 credit facility) and general corporate purposes.
    | Fri, Jan. 8, 6:15 PM
  • Fri, Jan. 8, 9:46 AM
    • These income favorites are known for having had a tough time of it in 2015, in part thanks to worries about rising interest rates. MKM's Jonathan Krinsky, however, notes REITs have been relatively outperforming the S&P 500 for months and have just broken out to nine-month highs versus the broader market.
    • Krinsky's a technician, so he's staying with the trend and recommending going long REITs (NYSEARCA:IYR) versus the S&P 500.
    • Turning to individual REIT sectors and names, he's overweight apartments (AIV, AVB, ESS, EQR, MAA), UDR), storage (CUBE, EXR, PSA, SSS), and shopping malls (KIM, MAC, FRT, REG, IRM).
    • He's equal weight data centers (buys: CONE, DCT, QTS, sells: EGP), diversified (buys: AMT, CCI, DLR, DRE, PSB, sells: EQIX, LPT, STAG, VNO, WY, WPC).
    • He's underweight office property (buys: EQC, sells: HPP, FSP, GOV, KRC, OFC, PKY, SLG), hotels (sells: AHT, FCH, HPT, HST), mREITs (sells: ARR, STWD, RSO, buy: ABR), healthcare (sells: HCP, MPW, OHI, VTR, buys: DOC, HR, HTA)
    | Fri, Jan. 8, 9:46 AM | 37 Comments
  • Oct. 29, 2015, 2:40 PM
    | Oct. 29, 2015, 2:40 PM
  • Oct. 29, 2015, 9:55 AM
    • American Tower (NYSE:AMT) is up 0.8% after its Q3 report where FFO and EBITDA climbed solidly while net income fell 62% and missed expectations due to impact from currencies and a $93M charge.
    • Adjusted FFO was up 21.4% to $558M and adjusted EBITDA increased 17% to $779M vs. expectations for $770M. The company took a one-time cash charge of $93M related to a tax election in folding Global Tower Partners REIT into the American Tower REIT.
    • Revenue by segment: Domestic rental and management, $808M (up 21.8%); International rental and management, $405M (up 16.5%); Network Development Services, $25M.
    • Taking into account various currency fluctuations, the company cut the midpoint of its 2015 guidance for rental and management revenue by $20M (now $4.635B-$4.665B) and raised the midpoint for adjusted EBITDA by $5M (now $3.035B-$3.055B vs. an expected $3.035B) and for AFFO by $10M (now $2.115B-$2.135B). It's forecasting full-year net income of $670M-$690M.
    | Oct. 29, 2015, 9:55 AM | 1 Comment
  • Oct. 29, 2015, 7:04 AM
    • American Tower (NYSE:AMT): Q3 AFFO of $1.33 beats by $0.10.
    • Revenue of $1.24B (+19.2% Y/Y) beats by $20M.
    | Oct. 29, 2015, 7:04 AM
  • Oct. 28, 2015, 5:30 PM
  • Oct. 21, 2015, 8:59 AM
    • American Tower (NYSE:AMT) is up 1.4% premarket after taking a controlling interest in Viom Networks, which owns and runs a portfolio of 42,200 towers and 200 antenna systems across India, for 76B rupees ($1.17B).
    • The move adds substantially to American Tower's holdings of about 97,000 communications sites. American Tower may acquire the rest, or be required to acquire the rest under some conditions.
    • Also, after merging its existing 14,000 Indian towers with Viom's, some adjustments may be required for ownership in country. Tata Teleservices and private-equity firms will retain some minority holdings.
    • American Tower expects the deal to be immediately accretive to its AFFO/share. In its last quarter, Viom drew about 50B rupees ($767M) in revenue and had about 21B rupees ($322M) in gross margin.
    • The deal's expected to close in mid-2016. American Tower says it intends to maintain its investment grade rating while financing the deal.
    | Oct. 21, 2015, 8:59 AM | 1 Comment
  • Oct. 19, 2015, 4:33 PM
    • American Tower (NYSE:AMT) has named Robert Hormats to the board, to serve until the next annual meeting or until a successor is qualified and elected.
    • Hormats is vice chairman of Kissinger Associates, and was previously in the State Dept. and a veteran of Goldman Sachs, where he served as vice chairman (International) and managing director.
    | Oct. 19, 2015, 4:33 PM
  • Sep. 25, 2015, 10:32 AM
    • American Tower (NYSE:AMT) is up 1.3% as Macquarie's Kevin Smithen reiterates an Outperform rating after a visit to HQ.
    • Smithen has a price target on the company of $114; shares are currently trading at $89.15, implying 28% upside.
    • “We view AMT as one of the highest-quality companies in the market trading at near trough valuations and we urge value and growth investors to aggressively buy this blue-chip tower bellwether at current levels," he writes.
    • Some fears should be alleviated by S&P bumping its outlook on American Tower to stable, from negative, and upcoming analyst-day updates on specific international markets should resolve some worries about emerging-market exposure.
    | Sep. 25, 2015, 10:32 AM | 2 Comments
  • Sep. 10, 2015, 4:43 PM
    • American Tower (NYSE:AMT) declares $0.46/share quarterly dividend, 9.5% increase from prior dividend of $0.42.
    • Forward yield 2.08%
    • Payable Oct. 7; for shareholders of record Sept. 23; ex-div Sept. 21.
    | Sep. 10, 2015, 4:43 PM
  • Sep. 4, 2015, 12:58 PM
    • Posting a total return of 2.38% as of August 18, the FTSE NAREIT All Equity REIT index ended up the month with a loss of 5.82%, a slim 18 basis points better than the S&P 500.
    • The least-bad sectors were infrastructure REITs - American Tower (NYSE:AMT) and Crown Castle (NYSE:CCI) come to mind - down 1.4% in August and 1.5% YTD, and self-storage REITs - PSA, SSS, CUBE, EXRdown 1.9% in August, but up a big 13.4% YTD (best in sector).
    • Hardest hit last month were office REITs - GOV, EQC, BXP, WRE are examples - falling 8.65%.
    • Source: REIT Cafe
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    | Sep. 4, 2015, 12:58 PM | 4 Comments
Company Description
American Tower Corp is an owner, operator and developer of wireless and broadcast communications real estate. The Company's main business is leasing antenna space on multi-tenant communications sites to different providers.