American Tower stock leans on CoreSite after outlook raise

American Tower raised its full-year 2026 outlook for the third time when it reported third-quarter results on October 27, 2026, for the period ended September 30. The company said stronger performance at its CoreSite data-center business supported the increase. The American Tower financial release also pointed to steady leasing demand across its global tower portfolio and disciplined capital allocation.

American Tower stock traded at 171.75 euros on Lang & Schwarz at 13:01 CET on Friday, November 13, 2026.

CoreSite remains the growth engine

Total revenue increased 2.5 percent year over year to 2.785 billion US dollars in the third quarter. Total property revenue rose 4.5 percent to 2.734 billion US dollars, while organic tenant billings growth was 1.1 percent.

The clearest operating momentum came from the data-center segment. Cash revenue there grew 16.3 percent, and American Tower's full-year forecast puts data-center property revenue at 1.218 billion to 1.228 billion US dollars. That range implies midpoint growth of 16.1 percent and keeps CoreSite at the center of the company's expansion profile.

Adjusted EBITDA increased 0.9 percent to 1.832 billion US dollars, but net income fell 14.4 percent to 781 million US dollars. Net income attributable to common stockholders declined 10.3 percent to 766 million US dollars. The company said the comparison was affected by unrealized losses on equity investments of about 71.5 million US dollars, against unrealized gains of about 10.9 million US dollars a year earlier.

Higher revenue, steady EBITDA view

American Tower lifted the midpoint of its full-year property-revenue outlook by 55 million US dollars to a range of 10.785 billion to 10.865 billion US dollars. The midpoint of adjusted EBITDA remained unchanged, with the forecast range at 7.248 billion to 7.303 billion US dollars.

The company kept its full-year AFFO outlook midpoint unchanged while raising the AFFO-per-share range to 11.04 to 11.16 US dollars. Management attributed the per-share improvement mainly to capital-allocation decisions. The revised outlook also lowers the midpoints for net income and net income attributable to common stockholders by 30 million US dollars each, primarily because of unrealized investment losses.

Quarterly AFFO attributable to common stockholders rose 2.4 percent to 1.335 billion US dollars, and AFFO per share increased 3.2 percent to 2.87 US dollars. American Tower repurchased about 1.8 million shares for 315 million US dollars during the quarter. After quarter-end, the board authorized up to another 2.0 billion US dollars for repurchases.

Investor focus shifts to execution

The outlook creates a mixed operating picture for investors. CoreSite offers faster growth through data-center demand, while the tower portfolio remains exposed to uneven tenant activity and accounting effects from straight-line revenue recognition. The company expects U.S. and Canada property revenue of 5.085 billion to 5.095 billion US dollars, with the forecast including a negative effect from lower non-cash straight-line revenue recognition.

The capital program also remains significant. American Tower expects total 2026 capital expenditures of 1.765 billion to 1.875 billion US dollars, including 695 million US dollars of development spending in its data-center segment. As a result, the key question for the stock is whether CoreSite's leasing momentum can continue to offset slower growth in parts of the tower portfolio and support future AFFO expansion.

Broader market conditions for US infrastructure and real-estate shares can be followed in the S&P 500 market environment.

Further company-specific developments are available in More news and analyses on American Tower stock.

American Tower Corporation

• ISIN: US03027X1000
• Ticker: AMT
• Home exchange: NYSE
• Lang & Schwarz quote: 171.75 euros at 13:01 CET on Friday, November 13, 2026
• Third-quarter period: ended September 30, 2026