“Churn is offset by relatively consistent colocation and amendment activity of approximately 3% and contributions from escalators of approximately 4%.”

In context

“tributions of approximately 7%, along with escalator growth of 8% to 9%, partially offset by churn of around 4%, which would represent a notable year-over-year improvement after incurring the largest impacts from carrier consolidation in 2023. Turning to Europe. 2024 organic tenant billings growth is expected to be 5% to 6%. On the colocation and amendment front, we anticipate growth of 3% to 4%, an acceleration as compared to 2023, while growth from escalators stand at roughly 3%, consistent with 2023, churn is expected to remain low at around 1%. In Latin America, consistent with our previous messaging, we expect organic tenant billings growth to stepdown as compared to 2023 to approximately 2% for the year, as churn will remain elevated at around 5%, primarily due to Oi (ph) in Brazil. Churn is offset by relatively consistent colocation and amendment activity of approximately 3% and contributions from escalators of approximately 4%. Finally, in Asia Pacific, we are guiding to approximately 2% organic tenant billings growth in 2024, including colocation and amendment growth of approximately 3.5%, roughly 2.5% from escalators and churn of around 4%. Moving on to Slide 9. At the midpoint of our outlook, we expect adjusted EBITDA growth of less than 1% and approximately 2.5% on an FX neutral basis, while absorbing a negative impact of over 3% associated with net straight line. Complementing the strong revenue growth trends I mentioned earlier, we're planning to reduce cash SG&A by approximately $30 million as compared to 2023, contributing to cash adjusted EBITDA margin expansion of around 30 basis points. Additionally, our outlook includes an expectation for approximately $17 million in year-over-year gross margin growt”