American Tower Corporation (NYSE: AMT) yesterday reported financial results for the quarter ended March 31, 2023.
“We’re off to a strong start in 2023,” said Tom Bartlett, American Tower’s CEO. “In Q1, we saw an acceleration in Organic Tenant Billings Growth, another record quarter of signed new business at CoreSite and our 11th consecutive quarter of delivering over 1,000 built sites, all of which demonstrates resilient demand across our portfolio of distributed real estate assets as carriers continue to invest in their 4G and 5G networks.”
Highlights included:
- Total revenue increased 4.0 percent to $2,767 million
- Property revenue increased 4.4 percent to $2,715 million
- Net income decreased 55.2 percent to $315 million
- Adjusted EBITDA increased 8.6 percent to $1,763 million
- Net income attributable to AMT common stockholders decreased 52.8 percent to $336 million
- AFFO attributable to AMT common stockholders increased 1.5 percent to $1,185 million
“We remain focused on disciplined capital allocation, strengthening our investment grade balance sheet and maximizing returns on our top-line growth through prudent cost controls that will drive meaningful margin expansion,” Bartlett said. “Together with our dividend, which we grew approximately 11 percent year over year in Q1, we believe this approach positions us to maximize growth and total shareholder returns for years to come.”
As of March 31, 2023, the Company had approximately $7.7 billion of total liquidity, consisting of approximately $1.8 billion in cash and cash equivalents plus the ability to borrow an aggregate of approximately $5.9 billion under its revolving credit facilities, net of any outstanding letters of credit.
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