American Tower Corp. Revenues, Income Increase In Second Quarter
July 31, 2014 at 4:13 AM (PT)
AMERICAN TOWER second quarter total revenue increased 27.5% to $1,031 million, with total rental and management revenue up 27.4% to $1,006 million. Domestic rental and management revenue increased 26.6% to $660 million, and international rental and management revenue increased 29.0% to $346 million. Net income attributable to common stockholders increased 130.5% to $230 million (58 cents/share).
CEO JIM TAICLET said, "Our second quarter 2014 results exceeded our expectations across all key metrics due to strong global demand for our tower space. 4G coverage and densification initiatives by our major tenants drove Organic Core Growth of over 11% in the U.S., and significant investment levels by tenants internationally drove Organic Core Growth of nearly 18%. These strong Organic Core Growth trends, in combination with contributions from new assets, led to record AFFO per share growth in the quarter of over 29%.
"We expect favorable leasing demand for communications real estate to continue and accordingly, we are raising our full year outlook for total rental and management revenue, Adjusted EBITDA and AFFO by $45 million, $55 million and $30 million, respectively."