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$AMT formed a strategic joint venture with PGGM in Europe. This JV will help the company to explore, evaluate, and potentially invest in new market opportunities in Europe. At closing, $AMT will contribute its German assets into ATC Europe, and PGGM will acquire a 49% interest in this entity. $AMT will retain operational control of the business.
$AMT said its operations in Germany and France are performing at or above their business plans. Germany has been successful as 4G has rolled out at a greater pace than modeled. $AMT expects the business in France to perform well due to regulatory requirements on 4G coverage and as these sites are macro sites, they could be good growth assets.
$AMT expects significant consolidation among mobile operators in the India market, which is coming to fruition. The company expects between four and six mobile operators in India to be well capitalized at a significant scale with the ability to roll out 4G across the entire 1.2Bil population of the country. $AMT sees this as a growth opportunity.
During 3Q17, $AMT’s property revenue grew 10.5% to $1.66Bil. Consolidated organic tenant billings growth in 3Q17 was over 7%, including 6.3% in the US. In the early stages of 4Q17, $AMT acquired over 500 sites in the US and signed an agreement to acquire additional assets in Mexico. These transactions are expected to be accretive to AFFO per share.
$AMT reported net income attributable to common stockholders of $298MM or $0.69 per share for 3Q17, up 25.5% compared to 3Q16. Total revenues grew 11% to $1.68Bil versus the prior-year period. Consolidated AFFO increased 16% to $748MM or $1.73 per share versus last year.
$AMT said it looks at each investment opportunity uniquely and in terms of how it impacts the business overall. In the first six months, $AMT took a balanced approach in terms of buying back shares as well as deals done in the marketplace. The company will continue to assess the value opportunity for both available assets and stock buybacks.
$AMT's consolidated property revenue grew by nearly 15% in 2Q17 including tenant billings growth of about 12% and organic tenant billings growth of around 8%. US property segment revenue growth was 8.1% including organic tenant billings growth of 6.2%. Consolidated organic tenant billings growth was nearly 8% in 2Q17.
For FY17, $AMT expects total property revenue to be $6.48-6.58Bil, with a midpoint growth rate of 14.3%. Net income was $1.35-1.40Bil with a midpoint growth rate of 42.2%. Consolidated AFFO is expected to be $2.83-2.88Bil, with a midpoint growth rate of 14.8%.
$AMT reported net income of $344MM in 2Q17, up 114% compared to 2Q16. Diluted EPS grew 116.2% to $0.80 per share. Total revenue increased 15.3% to $1.66Bil versus last year. AFFO attributable to common stockholders rose 19.4% to $681MM and AFFO per share grew 18.8% to $1.58 during 2Q17.
For FY17, $AMT raised its outlook for property revenue, net income, adjusted EBITDA and adjusted FFO. It now expects property revenue between $6.41Bil and $6.59Bil, and net income in the range of $1.30-1.38Bil. While adjusted EBITDA is expected between $3.98Bil and $4.08Bil, adjusted FFO is predicted to be in the range of $2.76-2.85Bil.
$AMT posted 25.4% increase in 1Q17 revenue to $1.61Bil, helped by 25% growth in property revenue. Net income rose to $289.3MM, or $0.67 per share, compared to $248.3MM, or $0.58 per share in 1Q16. Adjusted EBITDA increased 19.8% to $998MM and Adjusted FFO rose 19.7% to $721MM.
$AMT projects CapEx for 2017 to be $850MM at the midpoint. The company expects to build around 3,000 sites during 2017, primarily in international markets. The company said it will build around 1,000 site more than 2016, and expects new site construction to accelerate compared to the prior year across nearly all of its international markets.
For 2017, $AMT expects organic Tenant Billings on a dollar basis to increase by more than 15%, resulting in re-acceleration of U.S. organic Tenant Billings growth rate to approx. 6%. In international market, the company projects organic Tenant Billings growth of around 10% for 2017.
$AMT's international organic Tenant Billings growth more than doubled than U.S. in 4Q16, coming in at about 13.5%. This was the seventh consecutive quarter of double-digit international organic Tenant Billings growth, supported by significant network spending by tenants across portfolio, said the company.