Earnings call transcript Q4 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower Fourth Quarter and Full Year 2022 Earnings Conference Call.

As a reminder, today's conference call is being recorded.

Following the prepared remarks, we will open the call for questions. [Operator Instructions]

to Senior call Relations. Vice like host, to now Smith, Adam President would turn over the your I of Investor go ahead, Please sir.

Adam Smith

Quarter thank American Earnings and for Call. and Fourth Conference morning, XXXX Full Good Year you Tower's joining

will We our to Relations of prepared which www.americantower.com. Investor throughout our the refer website, have under presentation, posted tab a we remarks,

Treasurer, then will this will these President, update on an morning's will CEO, provide Vice results XXXX call, On our the comments, Executive strategy; discuss Tom for Rod and and and CFO After our Bartlett, questions. your and open our President outlook. call Smith, our XXXX up we

statements that that growth, future our our we Vodafone I'll of collections expectations XXXX uncertainties. number including Before India; and allocation with regarding outlook, associated our facts. will Idea not these matters contain any and performance; our in involve remind future and historical include a that expectations statements are forward-looking operating statements you regarding risks begin, capital of comments other Examples

certain aware forward-looking results the actual in and should from future be us affect cause factors differ expressed may in could statements. materially those these to You that

the obligation subsequent to update urge reflect we no this circumstances. these factors contained consider call filings Such Form year will factors risk include forth earnings to remind XX, XXXX, our We set and that with you December that ended the factors or release, undertake press XX-K other those be make in in you we in events the forth the SEC. set to morning's upcoming for information in and this

over call I'll turn With to Tom. the that,

Tom Bartlett

next-generation across driving years seen when us that leadership. growing the rolled their data our in Deliver extensions platform out rapidly that efficiency, key our assets Stand for emphasized over $XXX following and assets morning. networks industry the Thanks, deploy guide Adam, joining call we've we in business investing capabilities, forward the invest four this time, and augmenting operational global billion pillars: increasing the network carriers to markets. we and through would Since footprint ago, methodically enhancing support served in innovation strategy decade, and and Five demand and over everyone to thanks

on the serve of also Stand and provider needs as Our in strategic execute with infrastructure only context, American it commitment future. our each a aligns to Tower's for not pillar this to position Deliver, of networks but enhances of the critical customers'

moment So over to we'll strategic like XXXX the before have years, from date. the driven in past years five on I'd spend objectives, reviewing focus a key highlighting success next achievements several and the to our that

while strategic the mutually American front, XX,XXX-plus lease signed operational agreements and AT&T, to path nationwide XG predictable recently, growth customers, its DISH master the to in Tower support a demonstrating with beneficial, alignment and and United portfolio site the we've comprehensive criticality also a and most value and between represent network commitment On States. T-Mobile, generations. agreements our These Verizon future XG, of

scaled of application proposition customer hours. and capability across of be processes assets, efficiency mapping set, also standardized to and densification these the the vast To on believe deliver attractive holistic market carriers. with of build the context in we one to XG innovations to global invested our majority extend agreements can data leasing we've in time. over a value a our time accelerated Such will designed leveraged them We technologies can bring bring to US matter particularly a down cycle be be believe footprint simplicity to in times for a eventually benefits, of which cycle type this

on improving nearly and and lithium-ion includes operational efficiency has backup has invested as African $XXX beginning as the performance the power in a of a of This our level well. business international per extended Notably, for which Our since batteries sources site average replacement XXXX, customers' the Africa, and cycles arrays through installation we've program. extended all for has portfolio solar focus on a our million, Power throughout providing consumption of power Service across resulted in delivery, primary over site in our our average sizable fuel networks. critical uptime reduction while XX.X% primarily

established on and down time, to we've material the relationships. organization we've customers, to At centralized vendor all returns price our aims continue practices as solid capital challenging drive against to leveraged critical multi-national our infrastructure shared drive global efficiently able needs chain operator operational disruptions. a By volatility and costs. the these to supply backdrop a our procurement same and And we've that scale deployments a investment strengthen meet functions, best been our of streamlining of

see Today, the fact, sites builds, previous nearly new and new cash in of these these XX%, demonstrating volume attractive approximately contributing are the portfolio opportunities. through two expansion In one more the day since $XXX our start flow international we've period. we XXXX, of NOI tower build the added yields of an sites million XX,XXX to times five-year typically on meaningful double-digit yield already from approximately low than

of just our which network beginning Europe number Africa the InSite in continent. on include Latin portfolio of up investments as in existing in in ahead which the the the our and in transactions markets seeing Spain well investment in results ramp in augmented XG United are provided and America, new leadership and entry Telxius we've to expectations in to front, in we major Germany as cycle, were delivering of the scale States, position as benefits a M&A that additional critical today. have These On been and forward-looking executed of terms transformational scale a

next our performance exposure a by new recently, as returns accretive record efforts basis standalone space resilient provide development, as a we will the CoreSite we a high-demand to as of communications American through an the deliver interconnection demonstrated CoreSite. acquisition which position through network platform signed XXXX platform business, rich and and data market business More expand generation over selectively well entered on-ramp to the a as time. infrastructure cloud our leader strong in delivers on and in believe of Tower architecture center

As our of value distributed Towers the importantly, and assets we proliferates. us positions existing of of CoreSite to platform real enhance American tower as believe the combination estate the edge

organization Finally, Targets, I'm particularly XXX,XXX designed our made program, to countries. people steps as more XXX than we've towards XX made facilitate operations to such through more and our stakeholders our the of our and through initiatives employees we've serves across has augmenting DE&I than now leadership proud an to which communities of several commitment reached initiatives the Organizationally, inclusive Science-Based and localized digital for our areas. growth ESG in communities core

of As and healthcare, year, provides and the Alliance: I education Lives of accessible mentioned Challenge, in also which solutions finance a to EDISON need. we're last the on member X Billion for digital development opportunity communities affordable to us this call the contribute

in Over that of primary, the telehealth we've developed specialty provide preventative past services locations have partnerships teleconsultation in and year, the with launch that areas. providers several resulted healthcare underserved

just collaboration is serve organizations the efforts demonstrates Stand year, more for to believe hope positive clearly believe this XXXX last build Deliver coming of through and we we've and communities accelerate over we're create value thus will these achieved to a us and the over we achieved that While we multi-stakeholder the commitment step, And focus that in join the poised us can our partnerships. one the brings beyond. and we on successes to we've far. years, and We which and like today first

in on key are mentioned focused in teams our opening, Tower American guide next to continue strategic management the our teams the several I and over As will that objectives years. operations

secular of capital both and balance allocation these is drive sheet, framework as first strong as our disciplined we against trends remain demand backdrop that to leverage the new our of premier to business The and our assets recurring to as through seek strong growth, ever. opportunities capture organically platform investment-grade of

We this around representing five-year an an our growth of as to the this in average. organic points relative in acceleration we improvement basis refer prior scale XXX XXXX, end, expect core. To internally to

approximately benefits which co-location our growth, the for be MLAs margin. a record American would our organic $XXX year by Beginning Tower million Canada driving growth amendment for and approximately of comprehensive expectation in including year-over-year with significant ongoing of an tenant a X% billings deployments XG and US and are in segment, XXXX,

We regions densification majority on and benefits by also led activity capturing leases. see Europe a like our of segment, are international upgrade path organic vast Africa, realizing CPI-linked growth of to in our and escalators we're multiple the network where solid cycles from the and

demand backlog, today. record This in our growth, will development and new current to and solid entering an where build drive yet both we XG complemented the through focus for primarily centers we'll markets, be driving expect another to be international XG basis business, continue year strong with to data where increasing activity, of new on on in rollouts that by opportunities network infrastructure. continue XXXX are ongoing organic we're high-yield And what

organization: teams partner hits our key which on on recent within continue another developed growth build are most to Operationally, the many efficiency strategic in years, customers. the to trusted being working initiatives we've objective for and the our

and we're a announced communities the the example programs solutions, accordance the sights targets. and we a new impacts the long-term to concrete kiosks Tower partnership exemplifies joint build front, meaningful agreement a innovative which of deliver continent. enhance in this in recently advancing Africa, most and of commitment sustainability efforts companies' consumption guidelines, long-term agreement ability with low-carbon with on The scale, digital our new includes both American to benefits on multi-market which and both reduction to customers' green and build This probably our fuel fossil our best-in-class operations, pipeline, framework of Airtel emissions calling while

global maximize This our sustainable an opportunities platform on our growth and building returns responsible to extensions. leverage customers includes drive effort execute on shareholder to with continue way. to alignments we'll accelerate forward, and Going our to scale in to work a

a digital demand the previously, leveraging the platforms, remain early and center on-prem migration from by computing in to driven enterprise hybrid data IT by of I space and multi-cloud distributed As stages mentioned trends sustained architectures. robust

returns see exchange open their of of As ecosystem. drive a result, the existing our runway to strong campuses leveraging a in we cloud CoreSite the interconnection-rich investing expansion long extend by and opportunity to

the closer position same our mobile at combined success At working for demand compute the workloads as end edge. and we're time, the to drawn outsized platforms for users functions are to the

And drive to real core opportunities through in to connectivity to the as to continue estate, growth leverage increasing can accelerate focus platform going while returns. forward, and power we delivering extensions value on provision, we shareholder how incremental evaluate competencies our we'll ecosystem

management most team These team, objectives as key together world-class American valuable on most positioning represent maintaining and are critical our the laser-focused teams cultural our growing we're healthy Meanwhile, asset a the in our while Tower. as for a future, foundation. global perhaps members

landscape, evolving members empowering an recognize in to leader market and a diverse a that retaining be our talented to developing, we is team company the company. position fundamental as we As and success

Through our we've institute a to support this designed life and amongst many renewed region-specific our other teams management lens, initiatives. on focus balanced programs for development

We outcomes, business and but only business also drive much inclusive delivering value facilitating the is to their and our that for more to customers importantly, who right a culture of that shareholders. shown and time thing better dedicate to do equitable to is the people in so this not decision-making appreciate it's growing

on remain XXXX and summary, execute In we're energized years And date. as strong, our growth in industry sustainable than on Stand ever trends we of returns to deliver optimally secular the for come. resilient. in more capitalize successes strategy positioned our long-term to to underpinning We the we're and believe many look demand to initiatives Deliver our

the With that, discuss Rod to for and XXXX call our Rod? XXXX. I'll turn expectations to over results

Rod Smith

thank today's for Thanks and joining Tom. you call. morning Good

expectations an the XXXX, Before I since our dive our to accomplishments and highlight key update from earnings and on developments like year in call. a would last results provide for several I few into XXXX India past

portfolio operational QX. as and global over closed as a solid demand and First, billings X% growth amendment ever. tenant We on our the remain in performance with year colocation positive note across of contributions

to sight XXXX, its US quarter strongest and property shortly. of acceleration delivered our which particular, QX a XXXX, and clear have line segment we continued since discuss of into will I In Canada

the the over complemented sites, quarters X,XXX over growth NOI day of level by construction eight yield including in average past was our over X,XXX one American of an sites Organic an Tower XX%. nearly with built record, QX, highest

average, of demand nearly tailwinds American previous for number business, demonstrating from customers, of selling cloud robust transformation first its to ownership Tower, the two-year delivered new digital and full the year record increased interconnection driven secular of rich and ecosystem. on-ramp CoreSite value and hybrid growth by This was compared by of expansions during high demand by double company's quality driven from IT logos existing the the megawatts new the trailing Moreover, solutions.

Furthermore, activities from closer successfully of issuance end to of at on leverage to attractive plan senior well with financing our notes, and three Stonepeak. These XXXX since range terms, end to at through X.X executed common our the the our moved reduced CoreSite financing times times target as of the permanent us our partnership acquisition, strategic equity X.X we the XXXX times. of at five and of announcement including times as

Next, I'd like moment developments take in latest a cover the to to India.

consistent Idea VIL anticipated, million total with around payments and As in XXXX, for revenue for Vodafone our the year. partial of quarter the in reserves outlook, approximately $XX or making resulting QX continued of $XX million

gross the view telecommunications the as stabilized balances revenue a to were critical VIL. pleased commitment government's step we collections towards Indian first support the of of reaffirmation more a in see three-player VIL. We completion private to conversion and government's market the adjusted a possibility carrier equity to the this from interest of Recently, of

had VIL make billings to have they although in to communicated continue and payments. XXXX prior XXXX, partial However, for committed outstanding from early make that balances pay in they in years payments full would their

billings we it obligations $XX is XXXX and which annual against million. at to our reason, assumed reserves we've that prudent believe include revenue For outlook, other their in contracted

on of collecting we the the owed focused remain in course however, full will, are year. We contractually what over

wireless a pending VIL includes have VIL the market. shareholder debentures incrementally receivables optionally also American better the India's convert In support balance, level This into our while convertible $XXX existing Idea of expectation for Tower receivables meantime, in worked to and approximately to we demonstrating position million approval. and Vodafone

receivables our agreement, level established an closing and pre-existing liquid of at collateral we option. Upon this Tower's additional elevated would seniority have the American balance of

our sale positioning we And the options, India the full global outstanding collecting future including stabilizing finally, remain we of receivables India on focused equity an our are our currently and stake in potential business, portfolio, strategic in as and our various assessing exploring business. of

and As mix include opportunity consideration careful stakeholders. Tower the the always, and any risk taken optimal decision valuation capital and profile growth portfolio forward, structure going in for its will the American and of market

informed of any certainly forward. as investors We will our keep developments we move

into dive of let's details our results. that, year With the full XXXX

growth X.X%, outlook a expectations, taken an and in from Telxius and at Slide associated X. X% churn to the XX% with VIL revenue nearly approximately XXXX, basis, of which in Full builds respectively. in Organic upper came contribution of growth growth consolidated of impacts full the Turning line reserves with end coming year. our year nearly FX-neutral actual property from XX% CoreSite on volumes range negative the complemented was XX% X% and solid Sprint growth at included and approximately and billings for new of prior with in tenant by year from for revenue

million including organic colocations States X% billings and United and approximately amendments. line with X%, expectations, the in $XXX with tenant nearly growth of In Canada, X.X% or was growth just over revenue from property

offset added course X% growth consistent balance by consisted the churn trends. partially X%, with churn in X%, of Sprint. was by driven of roughly normal another with which around Escalators This historical being

grew Our international property by nearly XX%. revenue

in just by America, escalators, International customer-specific churn, X%, organic and and came in for was Europe and Latin X.X%. America offset Latin around consolidation tenant APAC. APAC X.X% by the Africa Overall, result X.X%, was led at growth over while churn from followed year growth decommissioning colocation partially the at at in X.X%, X% billings of full Africa X.X% at amendment of X.X% agreements and by carrier

a previously our XXXX, mentioned. center data CoreSite revenue to over including business property total of I from $XXX year record our as new in segment contributed Finally, million

were to of EBITDA higher was compared an newly fuel XX% XX% margins management. acquired of pass-through to margin profile and consolidated as reserves Sprint adjusted or on, to VIL and down the year. in meaningful churn drive we CoreSite effective top expansion through lower points on basis adjusted basis Telxius around margin the of basis, achieved over flow-through $X.X due from by XXX XXXX, growth the grew the believe primarily well line EBITDA and assets, to cost over positioned costs to billion around US, are FX-neutral Moving for On revenue contributions strong due the around impacts Growth supported which solid and a rising time.

the of basis right XX% Moving AFFO in per a approximately AFFO the side to slide, and attributable attributable X.X% respectively, grew by and on share per QX. over growth X.X%, share including

in negative despite $X.XX, VIL out laid ago rate-driven over headwinds exceeded FX. both XXXX the metrics Attributable to absorbing included FX year, midpoint initial year outlook AFFO costs interest and incremental with the our impacts the by X% a per associated of reserves, share assumptions. original relative For of $X.XX

our discuss summarizing key XXXX, assumptions. highlights Now I of by and start will details outlook few before the a for I

we Canada communicated, a tenant by driven of as sequential expect comprehensive the with years churn. in backstopped few along over contributions business meaningful escalators, leasing we we step-up most driven by trends, First, billings improvement we've Europe by together contracted expect regions previously year of across have in and continued and growth, strength in organic Sprint with from a Africa. Internationally, in particularly the the organic growth billings in signed an our strong CPI-based last organic US MLAs new acceleration tenant

in quarters, staggered headwinds of associated As growth next we've by in impacts Brazil, and with we'll the where over some communicated over Mexico moderated past churn in the churn years. will continuation Latin a be Telefonica see of couple America churn Oi several

revenue reserves factored expectation we of guide resulting an for our continuation an in volatility, collections the VIL $XX year. in mentioned I have as into and for in a Second, assumption million earlier,

points rise XXX around basis the outsized one-month increased end LIBOR by points the XX-year we treasuries of to XXXX, more increased XXXX basis saw the unprecedented growth course associated with interest the headwinds the given over rates from financing one-time than by beginning to negative XXX which and Third, expect of have year, the in costs.

Key components as lesser on our costs interest the Stonepeak. with and including equity-related initiatives, our issuance our rate impacts the associated maturities common driving XXXX include our incremental our assumption note year and as preferred XXXX well refinancing of distributions to with debt the a extent, this elevated floating partnership and equity full senior of minority

costs a share we together, with financing to have XXXX. in per growth assumed Taken X% attributable associated roughly headwind AFFO

estimated outlook $XXX Next, negative $XX XXXX. FX EBITDA for $XX compared our reflects initial revenue, to for AFFO adjusted and million million for of property impacts million approximately translational attributable as

beyond And rates, the performance looking FX, nearly our reserves core finally, and resiliency, demonstrate double-digit to mentioned challenges the VIL attributable with interest representing I year-over-year at growth associated level. strong AFFO business and continues

With this the through conversion global trends achieved further exceptional While seeing on it's through amplified that, let's AFFO, by by keen leasing we're management dive our cost organic solid business. performance numbers. the portfolio, is across rates fueled into across our a focus

expect billion, XXXX. approximately assumed X% Moving At for on X% growth revenues of reserves VIL of or of representing the X. the in absent of property the our slide nearly details to approximately incremental midpoint total $XX.X outlook, we

reserves guide and FX expected cash neutral includes VIL $XXX of international excluding our in Our US revenue the growth XXXX $XXX in the of million $XX around regions, million. million and Canada, growth of

of to centers data the cash roughly expect $XX in also property segment in growth XXXX. to We contribute revenue million

under to modest my consolidated FX headwind anticipate just remarks, Lastly, mentioned we of growth. X.X% as a I earlier in

X. slide to Turning

Starting the levels organic Canada, includes anticipate of co-location and with meaningfully X% Sprint X% amendment organic property the million, MLA-driven record three-year growth billings growth or in locked churn. compared revenue around and of through US growth and than over excluding to We we year-over-year tenant increase to expect assumptions. expectation levels as approximately This Of commencements growth. right XX% achieved contribute greater to trailing is in million, XX% a a the XXXX $XXX and fee of XX% use average. the growth $XXX nearly carryover over increase our

impact On year, of equation, points basis X% largest represent of in a we last churn in which X% around expect incurring after segment. Sprint, XXX associated of the Sprint would the the churn over an side impact year-over-year the improvement of XXXX, approximate with including churn

to Moving Latin America.

compared inflation greater rate levels, XXXX. represent of from than activity growth approximately billings the step moderate year driven by and This consistent escalator down CPI-based relatively continued for from X%. and tenant does a to as XXXX amendment Brazil organic X% expect markets in in we contributions saw escalators We XXXX like solid co-location of as

what is highlighted, As X% we of of we've churn offsetting be to to growth Oi in expected Brazil. and previously gross the churn Telefonica in Mexico continuation early the around higher due of churn staggered expect partially part

some to as metric. $XX We've captured outside the Mexico year, we last Telefonica over $XX payments XXXX from Telefonica of of organic Brazil billings year, receive we course received XXXX. tenant to do which approximately from in the payments to Similar settlement the will assumed million growth and expect Nextel be in the over million compared

Turning to Pacific. Asia

We X%, are tenant around XX to billings organic in approximately X% including is which than churn the around churn growth XXXX XXXX, guiding of lower points rate. basis

of and up growth by XG rollout contributions co-location to X%, amendment expect ramp around in compared networks. XXXX, We the to fueled coming

it for the However, guide in we've this consistent practices. to of note important reside metric, assumed reserves past our with is outside VIL that

Telxius to the last was prior Turning is given to billings realized due expected which only tenant lower year, organic year to X% be year. a mathematical partial the base than in XXXX X%, Europe. benefits slightly to is XXXX growth for

QX this growth of off does around a represents rate XXXX our normalized a suggest acceleration comparison. which more organic However, X%, solid

Telxius escalators the around European On reflecting X% stand Churn is portfolio. from to roughly of majority X%, at and footprint. across anticipate to CPI-linked profile while the decline co-location of reaping to the benefits the recently our growth, amendment growth benefits front, escalators lower our we of churn acquired the X% expected X%, of

way consolidation elevated levels. through metrics. XXXX expected XXX solid amendment X%, as we contributions from than and its includes around increase expected expectation with around carrier point will XXXX, of escalators work organic basis of by Africa, growth the churn This XX% be X%. of of off and of tenant to expect X%, This with approximately in billings an continues of partially acceleration financial Finally, a along offset greater co-location

At slide for the to around X% on Moving EBITDA and incremental in assumed midpoint in approximately absorbing approximately of of XXXX, growth expect our X% nine. FX outlook, the VIL headwinds. we reserves adjusted while X%, absent

this expect another XX% the business the conversion be business. cash result cost growth prudent to the rates year and through solid We for from strong our XX%, expectations across US to of of achieved controls services

to slide Turning XX.

We expect attributable to decrease remaining year-over-year AFFO reported on by VIL absent basis, reserves. share impacts the $X.XX per revenue a while the XXXX flat of

meaningfully As increase mentioned, our by year impact the distributions full to expect cash incremental we minority to and growth impacted be financing with costs, associated interest data of which rate-driven interest include a along with center preferred US business. expense

Together one-time are common headwinds significant provide financing X% approximately in equity with to expected in issuance XXXX. a of XXXX, the costs growth share

earlier, XXXX FX costs, business VIL X%. I the demonstrating the impact solid and growth our financing contributions As mentioned of of around reserves, is absent

dividend. growth to to year. XXXX, rate capital on balance the of the for on to our per Board to slide $X sheet approximately representing Moving XX, distribute continue billion, to upcoming basis. will and share growth And deliver year-on-year through I'll XX% subject plans shareholders a In our progress review we XXXX an expect our approximately we our approval, priorities and returns for

the success spent expect largely which of we discretionary. in XX% midpoint. $X.X our will new be internationally, of construction addition, build billion program of sites around the assumes which to In at will around the X,XXX continuing deploy be CapEx, This

center modestly appropriate capacity in record levels seek maintain the increase to as XXXX to sold replenish of We data and also we sellable expect capital capacity.

of the the slide. to Moving side right

course flexibility agencies, modest path As actually our afforded progress a putting strengthening number QX. to can the our of made in of ahead see, the with we rating we repurchase you committed towards XXXX, over which the balance us the deleveraging shares us sheet to tremendous of

to as we plans. on execute as as needed markets. position leveraging includes XXXX, continue the long-standing we we financial our capital our will maturing our Throughout be refinancing while by liquidity strong remain financing guided debt, the opportunistic access of to This policies

priorities to focus. any rating. over of M&A into course range. see investment-grade not that five time, on would remain and to at our this material sheet the do the our to credit comments, our areas remain pipeline with XXXX back alter times we balance committed these deleveraging Finally, three Consistent recent of our XXXX our in we down And

we face Turning in delivered results to our business of of slide XX. the summary, challenges. customer-specific the resiliency various XXXX, And macro-related model strong in demonstrating in and

of portfolio and XXXX, in business continue prove record global leasing the record we amendment capabilities internationally customers operational of volumes CoreSite and We colocation assets as exited to the our growth a new our they critical and steady meeting into and demands we growing and in acceleration build experienced customers serve. XXXX. within continue Our expect which saw to

to of to come. many look of on expect ahead, we and for years recurring further successes to strong years build we As portfolio on recent our trends the leverage drive the technology growth the back consistent secular

line the operator, open that, questions. we up for With can

Operator

first line from Morgan Please ahead. Simon comes the go of Stanley. from Your question Instructions] [Operator Flannery

Simon Flannery

that. morning. the much. you no Great. you core, Thank in scaling for material pipeline, and M&A very Tom, the about about Rod just Good talked talked thanks

obviously the kind is areas this where color, assets approach not large of of of Just likely But like underexposed? to want? the is today. And you of of And some or monetizing give you us little you about a how India. how feel You've you're you on last? mix doing could, that any this overexposed deals talked long sort see if portfolio bit more potentially

then talked in And about you strong CoreSite. results the

result as that. up potential I've significantly, some there. probably did You your goes buy a pipeline future development noticed quite of land

you larger, Thanks. some us as think something how just there? give see about color given incremental beyond Just capacity, you the opportunities

Tom Bartlett

Simon. Sure, Yes.

the out. that's if question. me really driving One the that on pieces. me long-term that and place just customers large-scale let what carriers critical been three back scale really of But we've expectations saw do we for those it going are beyond, to -- very nature. we relationships with you You I to do organic to put and our in focused then that because and in remind in day, growth. peel got try comes that down servicing States And regards in a is our the really With United XXXX lot on US to every our left core, it anything in as the

predictable now so in really entire very a our we foundation of growth the And path the US business. have US. is And the

we form are always that diversification, some And And methodology predictable that those simply all are because going that build different. different so to because waves the there grow you about going for be use we on said others growth. our the going in get what of rates past. they can are those the grow all that you're to to able I've markets -- layer enjoy all of And are benefits can customers paths, of to some less significantly, sign is talked we've if sign as

so of we're about out XXXX excited strongly. And coming

higher expect and of within in particular, growth the We United XXXX States. in rates

back we Don't be we're We're total portfolio it in of of those for can of from From at we a XX countries today, evaluating value. it. have what there maximize do. speak. perspective, are and constantly assets. number us for peel mind perspectives could as constantly sense markets us in certain looking And there we just where make some kind where may a anything to different we That's

population that is a that continue to India soon. huge to we continue higher able regards be They India, going usage. to market penetration, keep if very in not a there. than to believe where a there like data with would significant to toe because And we they're have huge market China, growth is to our And have it's now,

of asset of extent in the the as other look every capital look can we to that. and we some some that third-party purely It's player that at we'll of kind and the we available To opportunistic, monetize of in opportunity market, parts particular part the a bring at reallocate speak.

that in another good data of we our future they're Jersey, runway. of capacity the But pre-leased, actually construction. one-third megawatts a have hopper. out for development. of of We we've under got XXX needed. to XX added megawatts New in amount got regards capacity already some a With we and building capacity record We're where And I course, center terrific needed Denver XXXX in We've land had XXXX. additional business, sales where and replenishing they

year. for for new other creating So heard side. incredible demand we've there's United the an as It's last we're know, an our co-location really refer well we And interconnection States. I in excited added the hub what We about facility. as that's hundred to and in see not logos over really competitors the to market market the business a hubs. from opportunities core in center for logos. that demand, you interconnection data It's opportunity the relative And activity as

Did Simon? I miss anything,

Simon Flannery

deals just years. over Well, the I scale you've of done obviously in of terms the lot a M&A, guess,

back think get to you at into that leverage, about when again? is down three we times larger times you're If five that looking potentially deals

Tom Bartlett

Simon. Interesting,

M&A. demonstrated lot being We secure in the with private really in that different in with of United of States have even capital, our able Europe, with to terms a We we've of capital. ways what done Stonepeak

So I think is the there. capital

of that it leverage. function is is our I to down that us, to five kind yeah, do objective times want For to a get delever. really

last that, business. so And of build But want to top remains We record for that the program. a year. our on feed continue to top build had we priority

program year. have strong build this We a

With the there the there's and compelling And that's it valuations, today. to see nothing the difference M&A, bid significant as regards out we just a ask. there's still between the

we organic continues growth, said, on, every so efficiency. And focus driving to as be day, our I what do driving

expect and see XXXX in program. versus our build margin XXXX improvement supporting You we

we Our customers in active – XX,XXX world sites. the last perspective. years, like a from built think brought we are And very around several build the like I in

so program. a incredibly build compelling and returns there's are that the there, new And significant on opportunity

So keep in head just see continue to M&A we time our terms in of that's out our our an really and build point perspective. And just from said, that as we interesting at funding there down nothing I program this delevering there's business.

Simon Flannery

Thanks a Great. lot.

Tom Bartlett

bet. You

Operator

next ahead. James. Your go comes of Rick question from Raymond the Prentiss from line Please

Rick Prentiss

Thanks, Good everyone. morning,

Tom Bartlett

Rick. Hey

Rick Prentiss

A couple it give questions. part-by-part. to I'll of you

it is XXXX and is figure balanced? the what US, the we year? question as down? US, going it about for trying the to there, think in happening out come and Is with about start should everybody thanks the ramp the year? Is opening Does pacing how pacing But throughout guidance, color First, Canada Canada? through high we in to all the it think in

Tom Bartlett

throughout year. very very to Actually, be Rick, it's the consistent, linear going

that throughout have the And so a very But relationships largely, US function would we in agreements it the the consistent to the it's year. be in we and of place. expect

Rick Prentiss

extrapolate extraordinarily you some Okay. looking ago? at on time, us XXXX, longer-term XXXX, X%. above And How this at Canada XXXX, year XXXX a out from leasing laid are year then -- as above the that above thoughts related question XXXX, US, exiting to or last is gave about the you in XXXX and you equal activity X% XXXX being that through feeling

Tom Bartlett

mean, said, customers. have as relationships I demand in we innings think as same. see that as predicted, strong the XG. I out. early thought, again, have have it – we we're comes with we largely our We down still with it's coming the exactly to and we the Yeah, have really

about average customers sites. on of are half Our our probably on

amount relationships opportunity of arrangements that So our down the there But is and a with to MLAs. also comes regards of it there. the to have significant types we

said underscoring had are a of year out relative XXXX. what really we XXXX ago coming to through we So growth

Rick Prentiss

XXXX onwards? Indian hey, per attributable a about grow look XX%. at costs, XXXX one feeling Okay. reserves. are this XXXX, the had still ability say, XX at time dividend couple that XXXX throw attributable that you some and base AFFO away last as from or financing share that Sprint we FFO XX bottom above above as we've And how share here How the to maybe – think point, taking mentioned tough to new a at We've to we got year do last me, line, of churn. to this share, point with years per just for per

Tom Bartlett

think going a foot there. been this that of at But on at changes got mean, to guide you're couple underwrite anything macro a not I'm you've – letting referring around significant questions environment rolling the in to. not Well, kind But long-term not okay? expect. have point some the We're happened the that what there business, which of is world use that I double-digit to expectation, as in We're we I off time. focused out the changing in would we're gas not this you point,

see rolled growth, going as being of comfort of kind And strong. that out we Rod really have core is through, of in We don't to really kind that remains really for continue. which Our to that, all growth really, walked a footprints, across our any of suggest being XG terms able just XG, growth expectations diminishing. lot of us gives

the I relationships will, customers underpin United lot with to one-off, helps Now, of through do that XXXX. of a we of of of It's kind walked if of that growth. States in the the our also it you rates. having believe rates, XXXX. a kind in reset interest types more in The Rod be a impact

we So remain forward. on bullish going really

I to letting – talk letting at said, about long-term going I'm not As but the the not gas guide, the the foot within business. all gas I'm off

to regards of REIT as dividend a you're know, program, With you – our all expert.

is dividend we of our of And on And – just to the to continue total shareholder been feel for our growth actually, important enjoy able has dividend part be it's of which part is very years We've consistent. our we Our return. continue followed that our policy the supportive. XX better rates last very REIT an been been TI. to double-digit

a continue we not REIT, at overall of the this out REIT, And difficult really in we there. predict obviously, be. of said, exists single as year. looking might about But it's I our grow to we're bit what return. So digits. could It an depends into significantly. talked It to the It's expect to that as XX% important dividend, to piece again, what's bring drop Rod kind what little upon what shareholder M&A total it high

Rick Prentiss

so Thank Great. much. Everybody stay well.

Tom Bartlett

You bet.

Operator

from of go ahead. from Rollins comes line question Your Michael Please Citi. next the

Michael Rollins

good Thanks morning. and

couple of Just follow-ups. a

a maybe slightly percentage both you the as US where in XXXX business. organic is first, leasing revenue environment. forward So unpack on the I'm flex performance, you different maybe if to tied of the US the just of leasing growth the be deals. question and US curious comprehensive But going in and potential about think can this outlined you could

thinking percent that of bit And the more a comprehensive then deals. you little about to tied have revenue

certain the Can you couple last other of with over lot the with the shaping share been of revenue a years comprehensive how aspirations US how on terms that shared on has that fit in us You front. there that in regions percent are to markets different deals? up tied have customers, of you Thanks. you over time? as your And levels to get work to

Rod Smith

can Good in. morning. Tom join Hey, here, start Rod. and is Michael. certainly This I'll

in So through the to the -- about US, is everyone billings seen in to really we've underpinned the from contributions amendments our But rise And refer activity revenue is we agreements, very to think million but with. in and a organic holistic our strong. leasing US what $XXX about the is as X% I familiar contribution That million $XXX colocations XXXX, tenant in up growth. from XXXX. drives which

or holistic activity, of underlying the to greater target previous of as revenue locked XXXX. are equal see that the in is that Tom about, Rick than growth, X% as continuing of both mentioned his the And locked fair we guidance revenue XXXX. long-term we for between to about in amount deals. the XXXX out part and XX% And in a asked answer, that And to

down we chances so function some just come as a to that agreements, in getting some will move sort two-thirds along will course, get be time by XX% of you XXXX, the Now that's or outer about and the the the years. of closer of beyond the agreements end way. of rewritten to of maybe are And

way market, we because of and So strength seeing agreements. US about the we feel drive we're we that visibility these and US the in have the particularly assets really the that the market our into good leasing

upside certainly to question your the there is And potential that flex. upside? potential to what faster where of extent the you US. colocations And the mean we is course, that refers Now quicker, a carriers I upside. that requires on to is forward, provide the And if uptake see amendments kind could going think there a of there's densify and for some little conversion in and bit utilization fewer faster XG networks a

to network a the greenfield commitments mind their build well. they as build the some minimum they to that the certainly, go And as of extent with comes then And certainly that DISH of some be depending us, carriers. could beyond on upside just

would utilization. really -- I of see and watch DISH. would XG certainly I So other kind carriers the watch watch the

end come XG, new out on these when see networks that we'll of what happening. densification applications network kind and And may some for bandwidth up constraints of puts

when pretty But US applications and a down particularly it's XG the time you the coming the market, potential networks in exciting look pike. at

points of don't off green, So the about US. same the leasing. a much pay I material carte, think business, of the around fashion as globe. are kind more holistic our of have we that an around covers the you la deals a more traditional When in think international outside kind go the you US They in way

So, point, that's what I would say Michael. about that

Michael Rollins

much. very Thanks

Rod Smith

welcome. You're

Operator

Your go next America. question of Bank comes from the ahead. Barden of line Please David from

David Barden

Thanks very guys. the much Hey taking for questions.

there,' on significant thank guess said differences be, I and commitment Tom, commentary the would for And that first compelling kind ask side the buy around between you 'there's to you So, think of one I out your equation. of nothing deleveraging. the bid

that expensive of the buy, too now is it's to time to sale things as that an an of pieces the make maybe to exclusive what's that monetize are the India America So, that India Latin look the at or equity time market? market, now could informing if your to is or extent to And you that? to across maybe that openness argument the Meaning right looking the true, that, is portfolio, other sell. you interesting is same

think Part we then an this until is time situation two right to equity or itself should be would and wait with sale? that think resolve given that situation maybe of about we the the now about VIL,

for to going Thanks. Is think to could be to for attributable that is if on I -- VIL, calculation underlying financing across might for the X% the for that that world out aside AFFO we is -- growth Rod, business. Absent XXXX, XXXX fundamentals AFFO the then, X% you X% mention other the impact growth your to your way starting went per point provisions and how AFFO be the so we an thinking an our the X% X% of about about per seeing obviously, FFO share. And absent things and about takeaway our that that year.

Tom Bartlett

packed got Okay. stuff bunch you a in Dave, of there.

decisions. to for direct conversation of kind India, to over start of somewhat becomes, between it not no. Relative again, in of terms me part the we connect exclusive Let really mutually portfolio two. the may portfolio And there's sense what types are a value a make time. to in the M&A driving broader relative -- think They of further

time. in there growth of perhaps of the further A point. to otherwise than really we India kind more a even would can at not mode thought extent really, us, things creation it for point of to of number of the the including more is, utilize And is continue an the enjoy just market thing. have this using opportunity the again, at is -- kind bad that a and this capital it's world, we're quickly opportunistic going exploration we that -- on in de-lever, there. to And parts other value in

separate. I them understand not kind really connection I'm are -- the of way. that looking really And there, there do paths So, believe the that the I drawing you're in but

Rod Smith

one I'll growth. AFFO the take the on David per here Good morning next share

on chart down see per laid $X.XX you that an to out, from share going $X.XX FFO the So, attributable to basis. in can we really we have

about represents growth. our an including or As coming that chart our $X.XX the cost we is mentioned, a businesses, million headwind. the X% what's corporate centers. about the about that financing regional X% there, And costs, XXX you can from XXX The represents see on $XXX of

decline of FX stay and year, That would headwind in down really be X% expect then from a headwind the become core we next that X% to and they flat a you year on extent that certainly to together, it we expect, to then a good or that And when generating kind trend towards all remove next year is VIL which could even us. operating. the of our middle a here financing And X%. maybe that this -- X% this assuming headwind. about represents year. of get tailwind and interest peak kind fact. But growth So The But we're put the growth. one-time, negative you about rate that's impacts are

single-digit that single-digit in But And FX see maybe But places, both unpredictable. about in that our the operating to our VIL this if the aside, mobile good globe we and we of And absent uncertainties we'll course, in driven the rate feel India, in put consumption for and underpinned that. just and upper the units. from all good volatility growth portfolio with operating growth rate business positioned unfolds. and you the our really FX around the And environment. a India, financing watch from tower upper data space. US very benefit is feel that's growth these are an global sort other around headwinds, and need of and and situation recessions about in really well somewhat by in those FX the how absent

David Barden

Okay. Great. Thank you guys. Appreciate it.

Rod Smith

Yes. Thanks. David.

Tom Bartlett

Thanks.

Operator

of Your JPMorgan. next Please comes Phil question from from the go line Cusick ahead.

Richard Choe

Hi. Richard This for Phil. is

follow-up Just wanted builds. the on to

see So right what internationally? markets do now you attractive most as the

Rod Smith

XXX. each sites to here come Africa America, I When biggest under from India to in about the just and In maybe this expectation. the range program, really chunks Richard, sites. in just X,XXX, of those build it comes sites X,XXX areas. over mean, going X,XXX Europe, to XXX our The we're build In year. we're drive Latin going That's

And board. markets. get markets in in these So across there's NOI really yields we these an opportunity kind of to good all of build the

sites. just more particular, the there Europe, idea quality credit with of customers in Certainly, highly we attractive it's like about very the So not economies. in builds of our driving footprint increasing volume really

XXX to build plus, attractive the to we'll very So us. XXX sites XXX there are

CapEx management talked about can yields, where customers for NOI creates long-term. teams assets internal and our the and It's assets high our anywhere the well. shareholders But to good have lot through value as add as an program we for extent we a it customers, Tom core, with with scaling of

attractive build terms of these So new markets we think all assets. are in our of ability to

Tom Bartlett

building to years. that we've the really really with fuel in market. solar on competencies because doing parts and X sites. XX,XXX brought over of in over reduced in We've green on the build that the adding really Just We Africa a sites. diesel in we're several liters of interesting, million Airtel lot focused over we're created Africa, leveraging that, last think, and to XX,XXX of is power of in brought We one sites what lithium-ion the I over

And so in that -- on a regards in to sites Power that to that And with competency to we're those our agreement there an marketplace. able building we're is we're Service bring that Airtel. then green with with as with incredible building conjunction the

over about So really we're particular couple years. the that that's next a interest of excited

Richard Choe

next back coming of at XX% I carriers are US, to of about guess, activity? about into the can your more or you you sites year Do we the think are end said year? the coming When densification see, XG. And this that's

Tom Bartlett

certain are already certain I'm United States we're where in marketplace. seeing the on the densification that there pockets of some going

best in it's in carrier's would out to And continue as deploy penetration cost overall of so XG lower that service. the providing mind, to going expect continues it's their with to XG, Keep sets. interest I because

And to start drive continue to to so you'll densification. continues as as get deployed, applications activity and see that and develop

using see And carriers next years, in the the the it expect think spectrum But slightly that market. keep already I would so I going to are even densification bands. over within higher is increase Also -- two that on. mind we'll three in an

they're of And so higher that propagation of the a result well. as going requiring characteristics, levels as to given be densification

Richard Choe

you. Thank

Operator

question of Wells Your ahead. next the line Fargo. Luebchow from Eric from comes Please go

Eric Luebchow

squeezing in. for Thanks me Great.

back you to Obviously, of Oi could some the impacts we of churn you So your events organic some business. as wanted Maybe ranges? and this from Telefonica could have check and historical type growth what I out just in see may churn break And resolve beyond guide? visibility in these XXXX on impact LATAM the go year. you mentioned, when single-digit to on upper

some year in floating secondly, can balance this just given to or fixed about increase the that the drive or balance possibility of the you're mix, for question thinking about sheet out in else sheet floating debt a rate there's inverted interest terms looking down? Rod, you yield a anything you. whether talk of how managing expense. then accessing the obviously, big additional help you're at Maybe secured market Thank terming And curve

Rod Smith

Yeah.

Sounds Eric. good,

X%. going organic comes a guide America, tenant our is in when a business little the guess So around bit on the comes do would what to X% higher growth in mid-single digits, X%. also pieces. at about pieces is seeing point it than let's billings The so. Latin higher I few to X% That I rate. of be call new to is churn That's a terms bits around as getting And and have into that or it, headwind of of gross We're escalators growth in we well.

when our when guide the a comes specifically, the really look Telefonica to So you is more churn it in the biggest market. here compelling and think get years the number overall the pieces do high. to piece. work out it's it and you we see fairly over can growth churn do We couple next in of is think back And XXXX, it will in temporary, through

Telefonica to AT&T think want MVNO an knows don't too in I of And happening get joining then everyone as terms But there. I what's Mexico in and detailed with customers.

amount in churn the bigger it's the churn, that's also seeing from We're really are customers that the American were and a Movil two purchased in Brazil. smaller Those other the piece. smaller remaining some But of So than Nextel Telefonica the Nextel fair throughout driving things region. really down the assets the through churn.

to the going really Oi then is over be And out piece time.

of of overall revenue is will landline with say Oi in there's Oi. About X% those couple the about expect in tied for a of total keep sites one-third business million I business. things their of our over of we which $XXX landline It fully about time. us. about Oi is So that would that that business, represents

other the to remaining average, length there. two-thirds, on years six The five on have, we

see multiyear negotiate the we're seeing, period extend terms up is be getting a of not impact in and year players Oi as Oi. will It today time, carved next unfolding that but we significant that into start over the of through -- with may that three probably So kind a into this of Oi. kind we'll will who

relative kind that's in happening America issues. what's So of the to churn Yes. Latin

mean, of floating. it we balance when policies percentage say. the fixed sheet, have things a I On comes longstanding to couple I would that and

We pretty the XXXX. run end much at XX-XX. there We're of

around stay to and in we range. mean, that expect be We I can opportunistic.

of fairly out closer think rate We in at to terming I to you terms before floating floating rate percentage balances. got We XX%. rates aggressive down it XXXX just very interest were end began of saw rise. our the to

market. take XXXX. With rates, the about that over euro US December or the fixed, bond both the did and purchasing XX% just ahead to And XX, data was low purposefully of XX% business center that on of advantage the on very we market just in

be can there. flexible we So

in we'll the sheet managing of short-term about have rates. do of this US year. can markets that terms opportunities of forward, European of at we'll the in or a that. we that parts $X the course, balancing the capital going We'll markets. refinance balance In long-term come in billion into variety that be look And to and bonds form getting do of that we That could

are of perspective sheet more extent stay as with from then years, We of balance some the the in the and well. carve We go the the when out curve that's also can refinance come may to rates we some rates maybe the and attractive. that that end on secure next and down could off savings debt we on shorter expectation the it of the couple longer

expect the year. comments, front going in a the even continue looking terms the expect the that have of watch the in lot we'll happening terms we to the we in So as the at economy last and curve all earlier to later very here to we'll maybe there year. rates And next are best opportunities market. markets rates of But at forward. of what this peak make in But I consider drift capital in full and opportunities one of looking expect to head. in be we to do us different down to my interest see and US rates a said lot decisions be we where probably of year, will that There's

Eric Luebchow

Great. Thanks, Rod.

Rod Smith

You’re welcome.

Operator

the Your UBS. go from Levi comes from next question ahead. Please line of Batya

Batya Levi

you. Thank Great.

underwrite if back versus the been the pacing? been for that Can a growth How going specifically pricing a but Vodafone. long-term strategic you evaluating following adjustments on just their sort and Just take do for options you potentially is to valuation It's of size you -- any your would improvement. in are if payments challenging region? some in there the you. Thank partial And India assumptions right India. there up market, what And the contract making now, to that they're change there's of with you?

Rod Smith

Batya, I'll reserve Hey, take the question. India

So That's can a little I don't will revenue us and we get see XXXX, things. from they on that specific VIL XXXX, they're us those than But the out really in revenue million. they're want to reserve bit of tell the outlook percentage for XXXX. in against highlight two January, $XX can of for I paying I our more XXXX. for a of into are paying million the calling What sorts percentages is, close of a you in paying that basis end were -- we reserve to reserved up about in last $XXX you quarters

seeing in So improvement the terms of some collections we are VIL. through

out more of look kind their even the XXXX. the to that expect will do end do balance we'll as their that, the a closer payments towards getting be a us collect variety little we increasing over And We of and to back continue, us to expect commitments of year. to and improvement from bit we them of

to what So would direction. of improvements That's we in say. some kind that do expect I see going

leasing contracts terms contracts, them. MLAs the really In haven't with any of or written we

fees sorts time around also debenture, and MLAs entered call leasing million and the conditions terms have also with out that It current some which due. things. are $XXX of it some convertible and have those into conditions periods the terms within We in has embedded specific staying when in terms payments additional of

belts there's of that So which or few safety additional safety agreement, kind a us additional here. nets gives

of government forward. in that was? volatile. what creation long-term India And the in we're We better second period. But VIL And support to by can this focused think partner as term. of VIL me trying could on there and the encouraged question, remind We were beginning raising maybe be VIL a is on on your conversion. things the additional through you capital very value focused for the long going having situation We're over it terms

Batya Levi

in improvement region? is Yes. for in strategic look right to India, time With why the the this options

Rod Smith

I our would that. little Certainly, even maybe looking really of, Yes, and India prepared constant say, at has assets being basis years globe remarks, we than and longer portfolio the around opportunities, kind said and a opportunistic, in the of a we last volatile as been few at of on it's the just other bit over But evaluate things. valuations look market. the kind growth all

the are at of looking options in process we India. So strategic in

And We really evaluating any in opportunistic. we haven't around made process but it's of through kind things. decisions going this are being a point, at

is a but We that have hold amount do an there's the Indian also market upside, believe volatility of experienced. we interesting that market and some does fair

we'll of let decisions, and be So know. everybody when certainly we any looking and at we'll a And things. conclude if make number

Batya Levi

Okay. Thank you.

Rod Smith

welcome. You’re

Operator

of line Please, Nick Del go question from SVB ahead. the next Deo comes MoffettNathanson. Your from

Nick Del Deo

guys. taking Hey, Thanks questions. good my morning, for

how a question. in outlook follow-up looks growth with primarily plan you down site the is to a the your build your just step there's get Obviously, new Tom, India builds the versus important XXXX, you've emphasized are and in First, returns them. on and XXXX India. driver it like

that that tie into or your view India appealing is once So, less explicitly something more potentially is driving believed, than else that you I market guess, does downshift? volatile,

Tom Bartlett

really it's not. No,

candidly. saw ratchet higher, you of that look it's opportunity we the matter and we they most what from the of to at a significantly I can do there. what drive expected terms if back value And at where in fact, in what the is, field and look coming we numbers As build, the --

regards pullback with there on So there's to going sites. the nothing on

like levels the anything read terms new are build we of see just the But and now see will in amendments wouldn't By what in different for like. of looking XXXX. each in levels what of the carriers builds the we colos, upon on of like countries, India site way, looks different pullback densification one depending I

Nick Del Deo

Okay.

want deep I to CoreSite, that And work had you've could like helpful. and things customers year. even little you together? learnings them a refinements or chance integrate guess, that ago how And the about plan then guess bit generally, key since you'd discussions I your a maybe assets with any That's a to a highlight? highlight now or consistent tower had have for a year bigger than CoreSite's more maybe those your you've to any vision better. versus picture, it more with your you'd Okay. underwriting, customers turning of seems for It have are adaptations going

Tom Bartlett

fair significant well service as them. the to for driving compete able what for of Yes. No, in to kind how and cloud part that and -- demand I operators, their we barrier customers with that terms of for was in CoreSite delivering be the the value of was mean, that nothing We particular in customers specific. amount against have significant continues. business. I of a others history and it's And the as their interconnection model knew a was infrastructure entry on to

and think think impressed incredibly returns they the relationships and with with the I'm they about the how customers. continually team about how

the because but process. thought that -- I surprise, wasn't through entire So that due diligence candidly

the of and And group. I to We which in value enjoy that significant So strength that XXXX quality the the XXXX, strength strong another their they're be to proposition we growth offering think the just I year. customers. of is knew of did goes team believe the going

amount a ultimately you like. edge of expect, energy what will still around look as the significant have, We would

created an advisory board. We have

have lab We a up. set

in itself business that site. some within really and a to and and look going CoreSite to that a like is meg have to has start And to ownership we able handle through drive barrier cloud, We've to of we're States be to plans can United really capacity. look up is relationships have the with capacity. the we've about We opportunity through of the out to the optimistic land about incremental strong able that sites how our that that given tower building site, identified been of to what which of X,XXX remain at develop competitive of the we going over the

that about guide activity. from And so coming excited relative There's very we're nothing it. our in to performance

it's And as be uniquely our we as part edge that But of assets, be think assets we've continues meaningful CoreSite result develop. multi-year well a to said, of a the to as really we're positioned to as going a as rollout. puzzle the tower the

that I trying said, as to would working we terms of underscore that just had what in linchpin thought, we So think for continually and to rolling become of capability. we're out kind I continue very methodically originally

Nick Del Deo

Thank Tom. you, Okay.

Rod Smith

And I'll -- to Tom maybe just said on Nick, complement what add here.

edge to the for business performing the or line in is our develop, expectations. CoreSite As work and well for exceptionally we edge wait right with the

the earlier key business A those achieved from of we here. have XXXX. about You talk metrics in that heard on we us the see center assets around customers country. few enterprise that data new record core the strong We demand

rental escalations is seeing right our our right which range. in on are space, X% We target around

We in XXXX see mark-to-market where cash they up go beyond for adjustments XXXX. were

from gone X.X%. X% about maybe they've So, up to X% to

a certainly that's good factor. So,

our where X% it expect X% to kind be Interconnection to for range, on of right to the expect is which the low at our end $XXX Churn around is with continues X.X%, we to we range. in And development in be. XXXX. line of around in in and in would CapEx XXXX growth be coming million

is that replace And sold Replacing that deploying to capacity those XXXX capacity we XXXX will where being through much really deployed. business numbers of we be in is XXXX. the that and is that in new record CapEx

seeing that very to develop demand results look work from business, we CoreSite the good as to again, and really we're edge. So,

Nick Del Deo

great color. both. thank That’s you

Operator

today. for the would that's questions to And speakers conference any for remarks. back your turn like I have the all time closing we now to

Adam Smith

everybody joining appreciate the I call.

the If team. myself free questions, everyone. Thanks please to reach feel Investor out any to Relations you or have

Operator

for your for Thank conference AT&T your conclude for does using that gentlemen, and you and Ladies participation today. Teleconference.

You may now disconnect.

American Tower (AMT) 23 Feb 232022 Q4 Earnings call transcript