July 29, 2015 — On top of positive results domestically and internationally, American Tower is experiencing pent up leasing demand for the towers it purchased from Verizon, according to the company’s second quarter earnings call.
“Our second quarter 2015 results reflected yet another quarter of strong demand for our tower space both domestically and abroad,” Jim Taiclet, American Tower’s CEO said. “In the U.S., we are rapidly integrating our Verizon portfolio, which already has more than 900 lease applications in its pipeline.”
Domestic organic growth is expected to be close to the mid-point of American Tower’s long term target range, according to Tom Bartlett, American Tower’s CFO. Domestic tower rental and management segment revenue increased nearly 22 percent to $803 million, with organic core revenue growth of 5.8 percent, or nearly 7 percent excluding the impact of equipment decommissioning revenues.
T-Mobile and Verizon led the way in both new leases and amendments in the second quarter and continue to comprise the bulk of American Tower’s new business pipeline.
“As expected, we saw sequential improvement in signed new business trends in the quarter, with signed new business increasing more than 50 percent from the first quarter,” Bartlett said.