American Tower lifts property revenue outlook and adds $2.0 billion to buybacks

The company also agreed to sell its Canadian subsidiaries for about $202 million.

American Tower reported third-quarter results before the market opened. Earnings were $1.64 per share on a GAAP basis, the standard US accounting measure. That was $0.02 below expectations. Revenue was $2.79 billion, in line with expectations.

The company raised the midpoint of its full-year 2026 property revenue outlook by $55 million, to a range of $10,785 million to $10,865 million. It credited outperformance at Data Centers. Steve Vondran, Chief Executive Officer, said leasing demand across the tower portfolio remained steady and that CoreSite continued to outperform. That allowed the company to raise its full-year outlook for the third time this year.

In July, the midpoint of the same outlook rose $110 million, on favorable currency movements, data center outperformance and one-time expense benefits. This raise is smaller. It rests on the data centers, where CoreSite leasing is now the main variable behind the outlook. Adjusted EBITDA guidance is unchanged, at $7,248 million to $7,303 million, so the higher property revenue has not yet lifted that measure. The midpoint of the full-year net income outlook fell $30 million. That reflects unrealized losses on equity investments rather than operations.

The board authorized an additional $2.0 billion for share repurchases, on top of the $1.1 billion still remaining under the program. The midpoint of the full-year AFFO outlook, a cash measure of earnings, was maintained, and the AFFO per share midpoint rose $0.02. The sale of the Canadian subsidiaries is expected to close in the fourth quarter of 2026.