“we do view this as an inflection year where we will be driving higher AFFO per share growth going forward.”

In context

“Rodney Smith (Executive Vice President, Chief Financial Officer and Treasurer): It's great having you on the call. I would just like to add one additional piece to that. When you think about the growth in the U.S., certainly the word consistency is important. I talked a little bit ago about that contribution from new business of about 2.5%. But I do want to highlight the fact that as we transition through 2026, we do view this as an inflection year where we will be driving higher AFFO per share growth going forward. And there's a couple of components that I'd call out, even with steady consistent activity and organic tenant billings growth from the carriers in 2026, we are guiding our outlook towards a 0% growth on an FX-neutral basis. Certainly, FX is about a 300 basis point tailwind to that number. But on an FX-neutral basis, it's about 0%; that includes a couple of nonrecurring headwinds. Most notably, it's DISH churn, which is meaningful at about a 400 basis point headwind. We also have the refinancing headwinds, which this year in '26 in that 0% FX-neutral outlook is about a 150 basis point headwind and the step-down in services from $340 million in revenue down to $245 million in the corresponding earnings that come off of that represents about a 1% headwind. So if you normalize for those nonrecurring headwinds, we would be at around 7% AFFO per share growth on an FX-neutral basis. So we know that we are on the other side of the DISH churn issue, and we won't have DISH churn next year. That is what gives us the confidence that this really is an inflection point, a trough year in terms of AFFO per share earnings. And we expect to be in line and on track on average and over time to be in that aspirational range of mid-single digits to upper-single-digit AFFO per share growth going forward.”