American Tower Corporation (AMT) raised the midpoint of its full-year 2026 property revenue outlook by $55 million after a third quarter in which Data Centers cash revenue growth of 16.3% helped offset slower tower leasing.

The global tower and data-center owner now expects full-year 2026 property revenue of $10,785 million to $10,865 million, or 5.0% growth from the prior year. The company said the lift reflects Data Centers segment outperformance. The Adjusted EBITDA midpoint is unchanged. Net income and net income attributable to AMT common stockholders midpoints were lowered by $30 million each, primarily due to unrealized losses on equity securities.

For the quarter ended September 30, 2026, total revenue increased 2.5% to $2,785 million, slower than 4.7% growth in the second quarter and 6.8% growth in the first quarter. Total property revenue increased 4.5% to $2,734 million, after 6.3% growth in the second quarter and 7.3% growth in the first quarter. The company said property revenue was driven by 1.1% Organic Tenant Billings Growth and the 16.3% cash revenue increase in Data Centers.

Organic Tenant Billings Growth was $22 million, or 1.1%, after 1.7% in each of the two prior quarters. Total Tenant Billings Growth was $34 million, or 1.7%. Property gross margin was $2,009 million, or 73.5% of property revenue. Adjusted EBITDA increased 0.9% to $1,832 million, with the Adjusted EBITDA margin at 65.8%.

Net income decreased 14.4% to $781 million. Net income attributable to AMT common stockholders decreased 10.3% to $766 million, or $1.64 a share. The company said those growth rates were impacted by unrealized losses on equity investments of approximately $71.5 million in the current period versus unrealized gains of approximately $10.9 million a year earlier. AFFO attributable to AMT common stockholders increased 2.4% to $1,335 million, or $2.87 a share.

Cash provided by operating activities was $1,393 million. Total cash capital expenditures were $407 million, including $48 million for non-discretionary capital improvements and corporate items. Free cash flow was $986 million.

The company declared a $1.79 a share common distribution, an aggregate $831.0 million, with 5.3% year-over-year per share growth. It repurchased about 1.8 million shares for $315 million in the quarter. Subsequent to quarter-end, through October 20, it repurchased about 0.4 million shares for $68 million. On October 23, the Board authorized an additional $2.0 billion of repurchase capacity. Remaining authorization stood at about $1.1 billion as of October 20.

Through American Towers LLC, the company agreed to sell 100% of its Canadian subsidiaries for about 288 million Canadian dollars, or approximately $202 million, and expects to close in the fourth quarter of 2026. Net leverage was 4.9 times net debt to third-quarter annualized Adjusted EBITDA. Total liquidity was about $10.6 billion. On September 14 it issued $1.6 billion of senior unsecured notes due 2031, 2033 and 2036 to repay maturing 1.450% notes, repay revolving-facility debt and fund general corporate purposes. On October 14 it repaid $1.0 billion of 3.375% notes at maturity.

Chief Executive Officer Steve Vondran said the company delivered another solid quarter supported by leasing demand across the global tower portfolio and continued CoreSite outperformance, and that those results, combined with disciplined capital allocation, enabled a third full-year outlook raise this year.

The full-year 2026 Adjusted EBITDA midpoint remains $7,248 million to $7,303 million. AFFO attributable to AMT common stockholders is expected at $5,148 million to $5,203 million, with the per-share midpoint raised $0.02 to $11.04 to $11.16, primarily due to capital allocation decisions. Segment property revenue midpoints include U.S. & Canada of $5,085 million to $5,095 million, Latin America of $1,813 million to $1,833 million, Africa & APAC of $1,644 million to $1,664 million, Europe of $1,025 million to $1,045 million and Data Centers of $1,218 million to $1,228 million.