Jonathan Schildkraut of Evercore ISI had a chance to meet with American Tower management at NAREIT in New York City this week. Schildkraut noted that American Tower sees a long runway for growth, which is complemented by international investments. “Based on an AMT commissioned study, management believes tower demand in the U.S. is most highly correlated to two factors: (1) absolute growth in consumption – as measured in GBs and (2) carrier capex spending,” Schildkraut wrote. “Against a backdrop of usage expanding 50% per year and ~$30 billion in annual carrier investment – AMT sees several years of consistent 6-8% organic growth (i.e., same store sales).” When it comes to macro sites, American Tower views them as the best use for the capital. Continue reading here.
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