AMT: Thoughts following the 1Q25 call
In this brief note we touch on the drivers of tower demand and the implications for the carriers, for spectrum, and for fiber. We also touch briefly on risks associated with Dish and tariffs, the outlook for buybacks and M&A, and thoughts on guidance.American Tower is a holding company. Through its subsidiaries, the company is a real estate investment trusts and an independent owner, operator and developer of multitenant communications real estate. The company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. The company also provides tower-related services, including site acquisition, zoning and permitting and structural analysis, which primarily support the company's site leasing business, including the addition of new tenants and equipment on its sites.
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