“Over the next five years, underwritten by projected total mobile network profit growth of over 15% annually given the existing service terms, we expect the required network capacity to more than double, with more connected devices, data-intensive applications and growing uplink transmission requirements while placing significant strength in the networks.”

In context

“billion above the average annual spend in 4G. Now as what I will speak about in a moment, although we anticipate the positive momentum in U.S. activity to continue to 2025 with a solid pipeline supporting it, our outlook for organic tenant billings growth in the U.S. and Canada steps down modestly compared to 2024. This is a function of the cadence of our contracted use fees and also the commencement timing associated with non-contracted new business such as new colocations outside of our MLAs or a customer that may not be under a comprehensive agreement, not a softening in demand. So far, the 5G investment cycle is largely in-line with our expectations, with recent carrier commentary, dialogue and activity further reinforcing our conviction in sustained higher CapEx needs moving forward. Over the next five years, underwritten by projected total mobile network profit growth of over 15% annually given the existing service terms, we expect the required network capacity to more than double, with more connected devices, data-intensive applications and growing uplink transmission requirements while placing significant strength in the networks. Today, we'd expect roughly half of this incremental capacity need to be solved through current spectrum holdings and real-life spectral efficiency. That leaves a sizable capacity gap that can only be resolved through densification, additional spectrum coming to market, or a combination of both. In addition, mainstream use of new applications, such as multi-mobile AI, could further exacerbate capacity shortages and prompt even more activity. Taken all together, we see an attractive addressable market that our portfolio is well equipped to accommodate with equipment upgrades, colocations and selective new site development over the next several years and beyond. Similar trends generally hold true internationally, our true 5G mid-band coverage continues to progress each year and stands at rou”