American Tower Corp /Ma/ (NYSE: AMT)

American Tower Corp /Ma/ is one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Its primary business is leasing space on communications sites to wireless service providers, broadcast companies, data providers, government agencies, municipalities and other tenants. The company also operates a portfolio of highly interconnected data center facilities in the United States for leasing space to enterprises, network operators, cloud providers and supporting service providers.

The company generates revenue primarily from leasing space on its communications sites, which accounted for 97% of total revenues in 2025. Additionally, it provides tower-related services in the United States, including site application, zoning and permitting, structural and mount analyses, construction management and program management, earning fees from tenants, licensees and other payers.

The company operates through the following segments: Data Centers and Services.

• Data Centers: This segment provides leasing of space in highly interconnected data center facilities located in the United States to enterprises, network operators, cloud providers and supporting service providers.

• Services: This segment offers tower-related services in the United States, including site application, zoning and permitting, structural and mount analyses, construction management and program management that support customer deployment from project scoping through construction.

American Tower Corp /Ma/ ranks among the largest global real estate investment trusts and is a leading independent owner, operator and developer of multitenant communications real estate. Its scale, with over 149,000 communications sites worldwide, provides a competitive advantage in serving wireless carriers and other tenants. The company's integrated platform of property leasing and related services strengthens its market position.

The company serves wireless service providers, radio and television broadcasters, wireless data companies, government agencies, municipalities and various other tenants. Its data center business leases space to enterprises, network operators, cloud providers and supporting service providers, while its services operations support tenants, licensees and other payers.