American Tower raises outlook again and adds $2 billion buyback

American Tower raised its full-year outlook for the third time this year and its board authorized another $2.0 billion of share repurchases, as data center growth at CoreSite helped offset modest tower leasing gains in the third quarter.

Total revenue rose 2.5% to $2.785 billion and property revenue increased 4.5% to $2.734 billion, according to the earnings release attached to its 8-K on Tuesday. Organic tenant billings grew 1.1%, while data center cash revenue jumped 16.3%.

Adjusted funds from operations attributable to common stockholders, a key REIT measure, rose 2.4% to $1.335 billion, or $2.87 per share, up 3.2%. Net income fell 14.4% to $781 million, and adjusted EBITDA rose 0.9% to $1.832 billion.

Buybacks

The company allocated $315 million to share repurchases in the quarter. After quarter-end, the board approved an additional $2.0 billion for future buybacks.

CEO Steve Vondran pointed to "consistent leasing demand across our global tower portfolio and continued outperformance from CoreSite," and said demand for digital infrastructure keeps growing with wireless, cloud and AI.

Outlook

American Tower now expects 2026 AFFO attributable to common stockholders of $11.04 to $11.16 per share, total property revenue of $10.785 billion to $10.865 billion and adjusted EBITDA of $7.248 billion to $7.303 billion. The company said capital allocation decisions affected its AFFO per share outlook by $0.02.

By the numbers

• Q3 total revenue: $2.785 billion, up 2.5%
• AFFO per share: $2.87, up 3.2%
• Data center cash revenue growth: 16.3%
• New buyback authorization: $2.0 billion
• 2026 AFFO per share outlook: $11.04 to $11.16

Sources

1. AMERICAN TOWER CORP /MA/, Form 8-K with third quarter 2026 earnings release, filed Oct. 27, 2026 (accession 0001053507-26-000154)

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