Seeking Alpha

American Tower Corporation (AMT)

  • Tue, Apr. 21, 3:54 PM
    • The REITs are down about 8% from their January highs while the homebuilders have posted gains, bringing the ratio of homebuilders to REITs to long-term resistance, says MKM Partners' Jonathan Krinsky, who suggests fading the move.
    • Most vulnerable to tactical pullbacks are those homebuilders/suppliers showing the weakest relative strength: Beazer Homes (NYSE:BZH), Lennar (NYSE:LEN), Louisiana-Pacific (NYSE:LPX), Taylor Morrisn (NYSE:TMHC), Toll Brothers (NYSE:TOL), and TRI Pointe Homes (NYSE:TPH).
    • The best long REIT ideas are those showing the best relative strength: AvalonBay (NYSE:AVB), Crown Castle (NYSE:CCI), Essex Property (NYSE:ESS), Extra Space Storage (NYSE:EXR), Federal Realty (NYSE:FRT), General Growth (NYSE:GGP), SL Green (NYSE:SLG), and UDR.
    • Those REITs showing poor relative strength or to be avoided or sold: American Tower (NYSE:AMT), American Realty Capital (NASDAQ:ARCP), Brixmor (NYSE:BRX), Host Hotels (NYSE:HST), and Omega Healthcare (NYSE:OHI).
    • Source: Barron's
  • Wed, Apr. 1, 5:07 PM
    • American Tower (NYSE:AMT) gained 2.5% as Raymond James upgraded shares to Strong Buy, from Outperform.
    • Rollout of wireless companies' new spectrum should restart revenue growth in 2016, RJ's Ric Prentiss says, pointing to "second-half 2015 and 2016 leasing trends" with T-Mobile deploying its low-band spectrum, Sprint expanding its high-band, and AT&T and Verizon "spending a steady amount of wireless capex."
    • It's a bit of a rebound for a stock that's down 8% from its November high.
    • The analysts set a slightly lower price target on the stock, to $112 from $114. Shares closed today at $96.46.
  • Mon, Mar. 30, 10:03 AM
    • American Tower (NYSE:AMT) says it's closed its $5.06B transaction to take over tower sites from Verizon (NYSE:VZ) -- which sought to sell off tower and wireline assets after bidding heavily in the FCC's AWS-3 wireless spectrum auction.
    • AMT drew funds from its offering of 25.85M shares of common stock and 13.75M depositary shares, as well as revolving credit and cash on hand.
    • American Tower reported $313.5M in cash in its most recent quarter.
    • AMT up 0.5%; VZ up 0.8%.
    • Previously: Verizon reaches $5B sale of towers to American Tower (Feb. 05 2015)
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  • Fri, Feb. 27, 7:31 PM
    • Wind Telecomunicazioni -- the Italian unit of Russian telecom VimpelCom (NASDAQ:VIP) -- may be selling its wireless towers to Spain's Abertis Infraestructuras (OTCPK:ABRTY) as soon as the coming week.
    • The companies are talking about 6,000 towers that Wind values at as much as €700M ($786M), though other observers peg the value even higher, at €800M ($914M).
    • An additional 1,700 towers under discussion could easily boost the deal to that latter figure or even to €900M ($1B).
    • Abertis -- chiefly in toll-road management -- is reportedly considering transferring the towers into a unit to be listed on the Madrid exchange, in order to get more cash to shareholders.
    • The Spanish firm is winning the deal over competition from American Tower (NYSE:AMT), Mediaset's (OTCPK:MDIUY) EI Towers and a coalition of investment fund F2i SGR and Providence Equity Partners.
    • Shares of VimpelCom closed the day up 4.8%; they tracked lower in after-hours trading, -1.5%.
  • Tue, Feb. 24, 4:58 PM
    • American Tower (NYSE:AMT) declined 2.8% today in its first day of trading after an earnings report where the firm guided lower than expectations, as well as announcing a stock offering in connection with its planned $5B purchase of Verizon's cell towers.
    • The company will offer 23.5M shares of common stock and 12.5M depositary shares (representing a 1/10 interest in a share of Mandatory Convertible Preferred Stock, Series B).
    • The offerings will be separate, but concurrent. Goldman Sachs acts as lead book-runner.
    • Proceeds will go to financing the Verizon transaction and associated fees.
    • Previously: Verizon reaches $5B sale of towers to American Tower (Feb. 05 2015)
    | 1 Comment
  • Mon, Feb. 23, 6:28 PM
    • American Tower (NYSE:AMT) is off a bit after hours, -0.9%, after posting Q4 EBITDA of $661M (up 10.2%, but which missed expectations of $669.6M).
    • Overall revenue was up 11.5%. Revenue breakouts: domestic rental and management, $681M (up 9.3%); international rental and management, $349M (up 15.9%); network development services, $16M.
    • Total rental and management gross margin increased to $763M (gross margin percentage of 74%). Cash from operating activities was $565M, up 24.3%.
    • The company expects to close its transactions with Verizon, Telecom Italia and Bharti Airtel in 1H15, to "further enhance our strategic positioning in the U.S., Latin America and Africa."
    • The company guided for full-year 2015 revenues (rental and management) of $4.25B-$4.33B vs. an expected $4.6B, and for adjusted EBITDA of $2.82B-$2.9B vs. expectations of $2.987B.
    • Press release
    • Previously: Verizon reaches $5B sale of towers to American Tower (Feb. 05 2015)
  • Mon, Feb. 23, 5:30 PM
  • Mon, Feb. 23, 4:49 PM
    • American Tower (NYSE:AMT): Q4 AFFO of $1.10 misses by $0.01.
    • Revenue of $1.05B (+11.5% Y/Y) in-line.
    • Press Release
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  • Thu, Feb. 5, 4:19 PM
    | 1 Comment
  • Mon, Jan. 26, 7:05 PM
    • American Tower's (NYSE:AMT) Q4 results will arrive at 7AM on Tuesday, Feb. 24. CC at 8:30AM ET.
    • Consensus is for revenue of $1.05B (+11.5% Y/Y, boosted by acquisitions), and AFFO/share of $0.51. AMT is up 7% since posting mixed Q3 results and hiking full-year AFFO guidance on Oct. 30.
    | Comment!
  • Thu, Jan. 22, 2:24 PM
    • American Tower (AMT +1.8%) and (especially) SBA (SBAC +4.2%) are rallying after fellow tower owner Crown Castle beat Q4 revenue estimates (while slightly missing AFFO forecasts) and hiked its 2015 guidance. The S&P is up 0.9%.
    • AMT (1.6% dividend yield) is $8 away from a high of $106.31. SBA is $6 away from a high of $122.79.
    | Comment!
  • Dec. 2, 2014, 6:24 PM
    • American Tower's (NYSE:AMT) new quarterly distribution is $0.02 above a prior $0.36/share, and good for a 1.5% yield. The distribution is payable on Jan. 13 to shareholders on record as of Dec. 16.
    • The tower owner has also declared a $1.3125/share distribution for its 5.25% convertible preferred stock. It's payable on Feb. 16 to shareholders on record as of Feb. 1.
    • Earlier: AMT, CCI hit by Raymond James downgrades
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  • Dec. 2, 2014, 10:53 AM
    • Raymond James has downgraded American Tower (AMT -2.5%) to Outperform from Strong Buy, and Crown Castle (CCI -2.3%) to Market Perform from Outperform. Peer SBA (SBAC -2.2%) is off in sympathy.
    • AMT and SBAC have rallied strongly this year; CCI has seen more moderate gains.
    • A month ago: Goldman, Macquarie downgrade AMT; CCI receives upgrade and downgrades
    | Comment!
  • Nov. 24, 2014, 11:27 AM
    • American Tower (AMT +0.2%) hasn't disclosed how much it's paying to buy Airtel's Nigerian tower portfolio. Airtel's Nigerian unit will act as the portfolio's anchor tenant, courtesy of a 10-year lease. (PR)
    • AMT CEO Jim Taiclet: "With the largest population and economy in Africa and relatively underdeveloped wireless infrastructure, we view Nigeria as a tremendous growth opportunity. Further, we expect this investment to support our long-term objective of generating double-digit AFFO per share growth for our stockholders."
    • The agreement comes on the heels of a $1.2B deal to buy 6,480 Brazilian towers from TIM Participacoes.
    • Update: AMT discloses in an 8-K it's paying $1.05B for the Nigerian towers.
    | Comment!
  • Nov. 21, 2014, 6:36 PM
    • American Tower (NYSE:AMT) is buying 6,480 towers from TIM Participacoes (NYSE:TSU) for R$3B ($1.2B), slightly more than the ~$1.1B previously reported by Reuters. AMT "intends to finance the acquisition in a manner consistent with its previously announced leverage targets."
    • The towers are expected to produce R$435M/year ($171M/year) in revenue, and R$191M/year ($75M/year) in gross margin. TIM has agreed to 20-year leases for the towers, and will act as their anchor tenant.
    • AMT has already bought Brazilian towers from NII Holdings, and acquired local tower owner BR Towers. The company also bought 666 Brazilian towers in 2011, a transaction Muddy Waters took aim at.
    • Altogether, AMT owned/operated 69.5K towers at the end of Q3.
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  • Nov. 21, 2014, 3:48 AM
    • Telecom Italia (NYSE:TI) will likely sell the mobile phone towers of its Brazilian unit TIM Participacoes (NYSE:TSU) to American Tower (NYSE:AMT) for almost €900M ($1.1B), says Reuters quoting two sources.
    • Yesterday, Telecom Italia was reported to be weighing a deal between TIM and Brazil's Oi (NYSE:OIBR), saying it would ask its board for support today to "explore a potential transaction".
    • Previously: Oi, PT rally; Telecom Italia reportedly weighing deal
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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.