美国电塔 2024年度报告

Company Profile Founded in 1995, American Tower is one of the largest global real estate investmenttrusts (REITs) and a leading independent owner, operator and developer of multitenantcommunications real estate. Our primary business is the leasing of space oncommunications sites to wireless service providers, radio and television broadcastcompanies, wireless data providers, government agencies and municipalities, andtenants in a number of other industries. In addition, we offer tower-related services in theU.S., including site application, zoning and permitting, structural and mount analyses, andconstruction management, which primarily support our site leasing business, includingthe addition of new tenants and equipment on our sites. Our portfolioprimarily consists of towers that we own and towers that we operatepursuant to long-term lease arrangements, as well as Distributed Antenna System(DAS) networks, which provide seamless coverage solutions in certain in-building andoutdoor wireless environments. In addition to the communications sites in our portfolio,we manage rooftop and tower sites for property owners under various contractualarrangements. We also hold other telecommunications infrastructure and propertyinterests that we lease primarily to communications service providers and third-partytower operators, and we hold a portfolio of 29 highly interconnected data center facilitiesand related assets across 11 markets in the U.S. that provide for the leasing of spaceprimarily to enterprises, network operators, cloud providers and supporting serviceproviders. Our communications real estate portfolio of nearly 149,000 communicationsinfrastructure assets includes over 42,000 in the U.S. & Canada, nearly 27,000 in Africa& Asia-Pacific1(APAC), nearly 32,000 in Europe and more than 48,000 in Latin America. To our shareholders, I am optimistic about the opportunities ahead for American Tower. When I joined thecompany 25 years ago, the first commercial 3G networks were being launched in the U.S.Although this third generation of network technology provided significant performanceenhancements over 2G, it wasn’t yet known that the improved data speeds and multimediacapabilities would spur innovation, appeal to the mass market, and ultimately change howwe work, play and live. Although we were at the advent of what became an explosion in dataconsumption and broad connectivity, the future for digital infrastructure was uncertain.Today it is clear—mobile data consumption continues to rise, requiring ubiquitous densenetworks to be deployed and enhanced across our global portfolio. The devices that wereluxuries and conveniences 25 years ago are now essential, and the availability and reliabilityof mobile networks have become critical to how we live our lives. In North America alone, the number of connected devices spanning smartphones,wearables, Internet of Things (IoT) sensors, telehealth equipment, security, automotive,fixed wireless and more has soared to over 700 million, up from roughly 500 million onlyfive years ago, and that number is expected to approach roughly one billion devicesby the end of the decade. Together with rapidly growing consumption per device, totalmobile network traffic is expected to grow over 15% annually, off an already massivebase, which we expect to more than double the required wireless network capacityover the next five years. That doesn’t even take into consideration incremental usecases, such as Artificial Intelligence (AI), that may materially increase demands on thenetwork. As a result, our customers will be required to deploy a combination of newspectrum, new technology and new sites, with similar trends generally holding trueinternationally. This means our customers will deploy additional equipment on sites theycurrently occupy and will continue to deploy additional new sites. Our global portfolioand talented teams are well-equipped to accommodate these needs over the nextseveral years and beyond, and we will be able to grow our revenue base by monetizingthese demand trends. In addition, CoreSite’s performance continues to exceed ourexpectations, delivering a third consecutive year of record signed new leasing in 2024,which backstops our double-digit, top-line growth expectations and further supportselevated discretionary capital expectations for data centers in order to replenish capacityand continue to drive compelling, mid-teens stabilized yields. While I stand firm behind the catalysts for demand, I also recognize that the globalmacroeconomic and carrier landscape is dynamic. Higher interest rates, unfavorableforeign currency exchange rates and churn related to carrier consolidation have weighedon our results in recent years—including 2024. Although we have little control overthose macroeconomic conditions, we recognize it’s our job to actively manage our globalportfolio and priorities, respond and adapt to an evolving outlook, and deliver premiumgrowth and returns relativ