American Tower Corp. Revenues Rise In First Quarter, Buys Towers From Richland
May 2, 2014 at 4:50 AM (PT)
AMERICAN TOWER CORP. first quarter total revenue rose 22.6% to $984.1 million and total rental and management revenue increased 23.5% to $960.1 million.
CEO JIM TAICLET said, "The technology transition from 3G to 4G wireless services in the U.S. is in full swing. We expect 4G device penetration to expand from 26% to 33% during the course of 2014. This 3G to 4G transition, coupled with even more applications, games, music and video services is putting significant strain on wireless networks and is driving elevated demand for tower space.
"We are experiencing the benefit of this phenomenon, not only on our legacy domestic sites, but also on the GTP assets we acquired last year, which are already exceeding our original expectations. The resulting strong growth in the U.S. business, augmented by our even faster growing international segment has put us firmly on track to achieve double-digit annual growth in AFFO per Share for the foreseeable future."
After the quarter ended, the company bought a portfolio of 60 communications sites and related assets in the U.S from RICHLAND PROPERTIES LLC for $385.9 million, including assumption of about $196.5 million of secured debt.