American Tower raises annual forecast for key profit metric on strong leasing demand
👉 Real estate investment trust $AMT (American Tower Corp) raised its forecast for annual adjusted funds from operations (AFFO) and beat second-quarter revenue estimates on Tuesday, helped by strong demand for its leasing business.
👉 Demand for land leases has surged as telecom carriers continue to expand their 5G and mobile network infrastructure to meet mounting customer needs.
👉 AFFO, a key measure of cash flow, rose more than 13% for American Tower to $2.79 per share in the second quarter, helped by strong growth in its U.S. and Canada segment as well as in India. Analysts had estimated an AFFO of $2.53, per LSEG data.
👉 American Tower, which counts top telecoms such as $TMUS (T-Mobile US Inc) , $T (AT&T Inc) and $VZ (Verizon) among its customers, reported total revenue of $2.90 billion, above LSEG expectations of $2.82 billion. Its property revenue rose 4.6% to $2.85 billion.
👉 American Tower raised its full-year AFFO forecast to a range of $10.48 to $10.72 per share from its prior view of $10.30 to $10.53.
👉 It also lifted its net income forecast to $3.20 billion to $3.29 billion from $3.07 billion to $3.16 billion previously.
Read more ❓ finance.yahoo.com/news/american-tower-raises-annual-forecast-130008586.html?
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