MELANY's data-driven read on American Tower Corporation · Real Estate Investment Trusts.
American Tower owns and operates about 150,000 wireless towers across the US, Asia, Latin America, Europe, and Africa, and through its CoreSite segment also owns and/or operates 30 data centers in 11 US markets. Its tower customer base is highly concentrated, with most revenue in each market from the top three or four mobile carriers. Its 42,000 US towers accounted for about half of total revenue in 2025.
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