CLAIM #6850 · American Tower Corp (AMT) · 2024Q2 earnings call · Jul 30, 2024

“We also have our eye on the timing and scale of any potential churn from US cellular. Over the next couple of years in the event that deal is approved and closes. We'd expect the overlap to be modest, but the timing and the scale of that churn could put some pressure on rates temporarily.”

Steven Vondran · CEO

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“here as well. So we're encouraged by that. When we look out into the future, we do have a level of contractually locked in growth for 2025 via our comprehensive MLA and that's similar to what we see in 2024 as well as consistent growth from the escalator of about 3%. On the churn side, in 2025, we're going to continue to see a level of elevated spread churn. The final tranche of that spread churn commenced in Q4 of this year, that's about $70 million of annualized monthly run rate. That will impact our growth rates through Q3 of next year. In terms of kind of the swing factors that you would see in terms of 2025, there's a portion the growth that's not locked in via the conference of MLAs. Again, I mentioned one of the big three carriers and the vertical markets. So that's a swing factor. We also have our eye on the timing and scale of any potential churn from US cellular. Over the next couple of years in the event that deal is approved and closes. We'd expect the overlap to be modest, but the timing and the scale of that churn could put some pressure on rates temporarily. And who knows, we could end up signing another conference of MLA or agreement that would also potentially impact what that number looks like. So there's a number of swing factors for 2025, and that's why we can't really give guidance until we get to February. But at the end of day, we're still confident that we're going to have continued growth supportive of our longer-term guide. David Barden: Thanks, Steve. Very helpful. Appreciate it. Operator: Your next question comes from the line of Matt Niknam from Deutsche Bank. Please go ahead. Matt Niknam: Hey, guys. Thanks so much for taking the questions. One question, one follow-up. First, Steve, you spoke a little bit about emerging markets making up roughly 25% of AFFO per share today. Where do you see that going over time? And how does tha”

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SEC filings for AMT ↗ · Quote is verbatim from the 2024Q2 earnings call.