Q3 2024 Earnings for American Tower, Crown Castle, and SBA

Cell tower infrastructure companies American Tower, Crown Castle, and SBA released their Q3 2024 financial results.

American Tower

• Divested its operations and assets in India to Brookfield Capital – the sale of over 78,000 cell towers

  • This ends the company’s roughly 17-year presence in India, a market our founder knows from his years on the American Tower team.

• Data Center activity remains robust under CoreSite

Crown Castle

• Analysts had questions about the time that had passed for its strategic review and potential disposition of its fiber business

• Crown Castle agreed to cancel 7,000 small cell nodes, reducing future CAPEX in the

  space

SBA

• Increased its presence in Central America with a cell tower purchase of over 7,000 cell sites from Millicom International Cellular, at an initial cash purchase price of $975 million

  • SBA will leverage its backoffice at its headquarters in Boca Raton to support the integration.

• SBA is seeing less “build-to-relocate” tower development activities

• Inventory of portfolios of cell towers for sale in the United States is relatively low

• SBA has a comprehensive MLA with AT&T and is open to doing the same with others if there is mutual benefit