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.
Shares of the Boston, Massachusetts-based company rose about 2.3% in premarket trading.
American Tower, which counts top telecoms such as T-Mobile, AT&T (NYSE:T) and Verizon (NYSE:VZ) 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.
Source: Economy - investing.com
