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American Tower (REIT)

NYSE:AMT
Snowflake Description

Solid track record with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AMT
NYSE
$89B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 171,000 communications sites. The last earnings update was 13 days ago. More info.


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AMT Share Price and Events
7 Day Returns
4.1%
NYSE:AMT
0.2%
US REITs
-3.9%
US Market
1 Year Returns
46.5%
NYSE:AMT
13%
US REITs
1.4%
US Market
AMT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
American Tower (REIT) (AMT) 4.1% 4.3% 12.7% 46.5% 93.2% 126.6%
US REITs 0.2% -1.4% 3.2% 13% 8.8% 24%
US Market -3.9% -3.6% 1.8% 1.4% 35.8% 40.8%
1 Year Return vs Industry and Market
  • AMT outperformed the REITs industry which returned 13% over the past year.
  • AMT outperformed the Market in United States of America which returned 1.4% over the past year.
Price Volatility
AMT
Industry
5yr Volatility vs Market

Value

 Is American Tower (REIT) undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of American Tower (REIT) to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for American Tower (REIT).

NYSE:AMT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 18 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:AMT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (31.62%))
0.775
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:AMT using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for American Tower (REIT) is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

American Tower (REIT) is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:AMT DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 3,428.15 Analyst x9 3,189.03
2020 3,789.98 Analyst x9 3,279.72
2021 4,080.66 Analyst x3 3,284.95
2022 4,440.44 Analyst x3 3,325.25
2023 4,933.61 Analyst x2 3,436.87
2024 5,277.87 Est @ 6.98% 3,420.24
2025 5,578.90 Est @ 5.7% 3,363.14
2026 5,847.32 Est @ 4.81% 3,279.10
2027 6,092.15 Est @ 4.19% 3,178.10
2028 6,320.60 Est @ 3.75% 3,067.29
Present value of next 10 years cash flows $32,823.68
NYSE:AMT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $6,320.60 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$136,181.99
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $136,181.99 ÷ (1 + 7.5%)10
$66,086.97
NYSE:AMT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $32,823.68 + $66,086.97
$98,910.65
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $98,910.65 / 442.02
$223.77
NYSE:AMT Discount to Share Price
Calculation Result
Value per share (USD) From above. $223.77
Current discount Discount to share price of $200.47
= -1 x ($200.47 - $223.77) / $223.77
10.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price American Tower (REIT) is available for.
Intrinsic value
10%
Share price is $200.47 vs Future cash flow value of $223.77
Current Discount Checks
For American Tower (REIT) to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • American Tower (REIT)'s share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • American Tower (REIT)'s share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for American Tower (REIT)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are American Tower (REIT)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:AMT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $3.06
NYSE:AMT Share Price ** NYSE (2019-05-15) in USD $200.47
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.37x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of American Tower (REIT).

NYSE:AMT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:AMT Share Price ÷ EPS (both in USD)

= 200.47 ÷ 3.06

65.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • American Tower (REIT) is overvalued based on earnings compared to the US REITs industry average.
  • American Tower (REIT) is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does American Tower (REIT)'s expected growth come at a high price?
Raw Data
NYSE:AMT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 65.58x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts
14.4%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.91x
United States of America Market PEG Ratio Median Figure of 2,113 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:AMT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 65.58x ÷ 14.4%

4.57x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • American Tower (REIT) is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on American Tower (REIT)'s assets?
Raw Data
NYSE:AMT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $12.10
NYSE:AMT Share Price * NYSE (2019-05-15) in USD $200.47
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:AMT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:AMT Share Price ÷ Book Value per Share (both in USD)

= 200.47 ÷ 12.10

16.57x

* Primary Listing of American Tower (REIT).

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • American Tower (REIT) is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess American Tower (REIT)'s value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. American Tower (REIT) has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is American Tower (REIT) expected to perform in the next 1 to 3 years based on estimates from 18 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
14.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is American Tower (REIT) expected to grow at an attractive rate?
  • American Tower (REIT)'s earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • American Tower (REIT)'s earnings growth is expected to exceed the United States of America market average.
  • American Tower (REIT)'s revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:AMT Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:AMT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts 14.4%
NYSE:AMT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts 6.3%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:AMT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:AMT Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 9,733 5,202 2,927 2
2022-12-31 8,919 4,764 2,551 3
2021-12-31 8,343 4,258 2,061 9
2020-12-31 7,818 3,865 1,833 18
2019-12-31 7,369 3,463 1,622 18
NYSE:AMT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 7,512 3,742 1,349
2018-12-31 7,440 3,748 1,227
2018-09-30 7,013 3,274 1,169
2018-06-30 6,908 3,185 1,101
2018-03-31 6,790 3,039 1,138
2017-12-31 6,664 2,926 1,152
2017-09-30 6,499 2,860 1,134
2017-06-30 6,333 2,863 1,074
2017-03-31 6,113 2,816 890
2016-12-31 5,786 2,702 849
2016-09-30 5,526 2,618 853
2016-06-30 5,249 2,458 691

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • American Tower (REIT)'s earnings are expected to grow by 14.4% yearly, however this is not considered high growth (20% yearly).
  • American Tower (REIT)'s revenue is expected to grow by 6.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:AMT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below

All data from American Tower (REIT) Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:AMT Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 6.47 6.56 6.38 2.00
2022-12-31 5.66 5.74 5.58 2.00
2021-12-31 5.05 5.45 4.71 7.00
2020-12-31 4.17 4.67 2.67 16.00
2019-12-31 3.64 3.75 3.45 15.00
NYSE:AMT Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 3.06
2018-12-31 2.79
2018-09-30 2.68
2018-06-30 2.54
2018-03-31 2.65
2017-12-31 2.69
2017-09-30 2.65
2017-06-30 2.52
2017-03-31 2.09
2016-12-31 2.00
2016-09-30 2.01
2016-06-30 1.63

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • American Tower (REIT) is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess American Tower (REIT)'s future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
American Tower (REIT) has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has American Tower (REIT) performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare American Tower (REIT)'s growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • American Tower (REIT)'s year on year earnings growth rate has been positive over the past 5 years.
  • American Tower (REIT)'s 1-year earnings growth exceeds its 5-year average (18.5% vs 15.6%)
  • American Tower (REIT)'s earnings growth has exceeded the US REITs industry average in the past year (18.5% vs 16%).
Earnings and Revenue History
American Tower (REIT)'s revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from American Tower (REIT) Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:AMT Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 7,511.70 1,348.60 726.40
2018-12-31 7,440.10 1,227.00 733.20
2018-09-30 7,012.70 1,169.00 711.80
2018-06-30 6,907.90 1,100.50 681.90
2018-03-31 6,789.50 1,138.00 677.10
2017-12-31 6,663.90 1,151.50 637.00
2017-09-30 6,498.98 1,134.33 604.21
2017-06-30 6,333.13 1,073.65 587.75
2017-03-31 6,112.85 890.22 572.89
2016-12-31 5,785.70 849.30 543.40
2016-09-30 5,526.16 852.80 548.46
2016-06-30 5,249.23 691.29 531.76
2016-03-31 4,981.37 659.79 509.86
2015-12-31 4,771.50 594.90 497.80
2015-09-30 4,537.79 557.56 486.37
2015-06-30 4,338.07 681.24 480.44
2015-03-31 4,195.15 782.02 462.60
2014-12-31 4,100.05 801.02 446.54
2014-09-30 3,995.70 732.43 434.25
2014-06-30 3,765.40 712.66 423.12
2014-03-31 3,542.77 582.43 424.42
2013-12-31 3,361.41 551.33 415.55
2013-09-30 3,187.81 587.03 388.15
2013-06-30 3,093.27 639.00 371.83
2013-03-31 2,982.17 587.38 345.17
2012-12-31 2,875.96 637.28 323.60
2012-09-30 2,760.79 706.71 308.09
2012-06-30 2,677.85 458.92 303.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst American Tower (REIT) has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • American Tower (REIT) used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • American Tower (REIT) has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess American Tower (REIT)'s performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
American Tower (REIT) has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is American Tower (REIT)'s financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up American Tower (REIT)'s finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • American Tower (REIT)'s short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • American Tower (REIT)'s long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of American Tower (REIT)'s finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from American Tower (REIT) Company Filings, last reported 1 month ago.

NYSE:AMT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 6,489.30 28,018.80 1,004.80
2018-12-31 6,904.40 21,159.90 1,208.70
2018-09-30 6,883.50 21,264.20 1,026.50
2018-06-30 7,135.90 21,113.80 834.50
2018-03-31 8,006.50 21,372.00 1,125.40
2017-12-31 7,954.30 20,205.10 802.10
2017-09-30 8,256.41 19,268.76 799.47
2017-06-30 8,200.98 19,241.97 770.02
2017-03-31 8,514.83 18,916.06 712.78
2016-12-31 8,067.50 18,533.50 787.20
2016-09-30 7,874.48 18,679.14 530.36
2016-06-30 7,925.38 18,717.08 410.54
2016-03-31 7,000.22 17,022.10 336.40
2015-12-31 6,712.82 17,119.01 320.69
2015-09-30 6,684.20 17,027.41 287.40
2015-06-30 7,373.16 16,224.69 274.70
2015-03-31 7,431.64 15,721.39 323.40
2014-12-31 4,053.35 14,540.34 313.49
2014-09-30 4,185.31 13,935.34 295.61
2014-06-30 4,408.16 13,976.33 282.96
2014-03-31 3,701.61 14,336.02 333.44
2013-12-31 3,590.04 14,480.46 293.58
2013-09-30 3,611.92 12,647.40 4,040.35
2013-06-30 3,619.87 8,856.69 448.45
2013-03-31 3,781.52 8,854.77 441.71
2012-12-31 3,684.18 8,758.82 368.62
2012-09-30 3,685.98 7,492.02 382.31
2012-06-30 3,486.19 7,466.95 481.94
  • American Tower (REIT)'s level of debt (431.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (386.4% vs 431.8% today).
  • Debt is not well covered by operating cash flow (13.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.6x coverage).
X
Financial health checks
We assess American Tower (REIT)'s financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. American Tower (REIT) has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is American Tower (REIT)'s current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.8%
Current annual income from American Tower (REIT) dividends. Estimated to be 2.28% next year.
If you bought $2,000 of American Tower (REIT) shares you are expected to receive $36 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • American Tower (REIT)'s pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • American Tower (REIT)'s dividend is below the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:AMT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:AMT Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 7.09 2.00
2022-12-31 6.22 3.00
2021-12-31 5.26 10.00
2020-12-31 4.44 17.00
2019-12-31 3.73 17.00
NYSE:AMT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-07 3.600 1.868
2018-12-06 3.360 2.006
2018-09-07 3.160 2.077
2018-05-24 3.080 2.139
2018-03-08 3.000 2.141
2017-12-07 2.800 1.997
2017-09-12 2.640 1.857
2017-06-01 2.560 1.874
2017-03-09 2.480 2.008
2016-12-14 2.320 2.168
2016-09-16 2.200 2.012
2016-06-02 2.120 1.876
2016-03-09 2.040 1.967
2015-12-03 1.960 2.112
2015-09-10 1.840 1.929
2015-05-21 1.760 1.854
2015-03-05 1.680 1.763
2014-12-02 1.520 1.543
2014-09-10 1.440 1.488
2014-05-21 1.360 1.465
2014-03-06 1.280 1.534
2013-12-04 1.160 1.441
2013-09-12 1.120 1.461
2013-05-22 1.080 1.475
2013-03-12 1.040 1.297
2012-12-07 0.960 1.249
2012-09-19 0.920 1.254
2012-06-20 0.880 1.245
2012-03-22 0.840 1.294

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, American Tower (REIT) has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but American Tower (REIT) only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of American Tower (REIT)'s earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (724.6x coverage).
X
Income/ dividend checks
We assess American Tower (REIT)'s dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can American Tower (REIT) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. American Tower (REIT) has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of American Tower (REIT)'s salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jim Taiclet
COMPENSATION $14,307,936
AGE 57
TENURE AS CEO 15.6 years
CEO Bio

Mr. James D. Taiclet, Jr., also known as Jim, has been Chairman of the Board at American Tower Corporation since February 13, 2004 and serves as its Director since November 2003. He has been Chief Executive Officer at American Tower Corporation since October 10, 2003 and serves as its President since September 2001. He served as Chief Operating Officer at American Tower Corporation from September 2001 to October 2003. Prior to this, Mr. Taiclet served as President of Honeywell Aerospace Services, a unit of Honeywell International since March 1999 until September 2001 and prior to that as Vice President of Engine Services at Pratt & Whitney, a unit of United Technologies Corporation since March 1996 until March 1999. He was also previously a Consultant at McKinsey & Company since July 1991 until February 1996. Mr. Taiclet began his career as a United States Air Force officer and pilot and served in the Gulf War. He holds a Master in Public Affairs degree from Princeton University, where he was awarded a Fellowship at the Woodrow Wilson School and is a Distinguished Graduate of the United States Air Force Academy with majors in Engineering and International Relations. Mr. Taiclet is a Member of the Council on Foreign Relations, the Business Roundtable and the Commercial Club of Boston. He has been a Director of Lockheed Martin Corp. since January 1, 2018. He also serves as a Member of the Executive Board of The National Association of Real Estate Investment Trusts (NAREIT), the Brigham Health Board of Trustees and the Advisory Council for the Princeton University Woodrow Wilson School of Public and International Affairs. In June 2015, Mr. Taiclet was named as one of seven CEO’s in Forbes Magazine’s "Global 2000 Hall of Fame" and in November 2016, the Harvard Business Review included him on its list of "The 100 Best-Performing CEOs in the World" for the fifth consecutive time. In August 2015 Mr. Taiclet was appointed to the US-India CEO Forum by the US Department of Commerce. He serves on the Timken Company Board.

CEO Compensation
  • Jim's compensation has been consistent with company performance over the past year.
  • Jim's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the American Tower (REIT) management team in years:

10.1
Average Tenure
57
Average Age
  • The average tenure for the American Tower (REIT) management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Jim Taiclet

TITLE
Chairman
COMPENSATION
$14M
AGE
57
TENURE
15.6 yrs

Tom Bartlett

TITLE
Executive VP & CFO
COMPENSATION
$6M
AGE
59
TENURE
10.1 yrs

Ed DiSanto

TITLE
Executive VP
COMPENSATION
$6M
AGE
65

Amit Sharma

TITLE
Executive VP & President of Asia
COMPENSATION
$6M
AGE
68

Igor Khislavsky

TITLE
Senior Director of Investor Relations

Leah Stearns

TITLE
Senior VP & CFO of U.S. Division
TENURE
1.8 yrs

Steve Vondran

TITLE
Executive VP & President of US Tower Division
AGE
47
TENURE
19.3 yrs

Olivier Puech

TITLE
Executive VP & President of Latin America and EMEA
AGE
50
TENURE
6.3 yrs

Bob Meyer

TITLE
Senior VP of Finance & Corporate Controller
AGE
54

Michael Powell

TITLE
Vice President of Financial Planning
Board of Directors Tenure

Average tenure and age of the American Tower (REIT) board of directors in years:

13.3
Average Tenure
68
Average Age
  • The average tenure for the American Tower (REIT) board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Jim Taiclet

TITLE
Chairman
COMPENSATION
$14M
AGE
57
TENURE
15.3 yrs

Stephen Harris

TITLE
Chairman of ATC Europe
TENURE
1.8 yrs

Samme Thompson

TITLE
Director
COMPENSATION
$290K
AGE
72
TENURE
13.8 yrs

David Sharbutt

TITLE
Director
COMPENSATION
$293K
AGE
68
TENURE
12.8 yrs

JoAnn Reed

TITLE
Director
COMPENSATION
$295K
AGE
62
TENURE
12 yrs

Pam Reeve

TITLE
Lead Director
COMPENSATION
$305K
AGE
68
TENURE
15 yrs

Ray Dolan

TITLE
Director
COMPENSATION
$275K
AGE
60
TENURE
16.3 yrs

Gustavo Lara Cantu

TITLE
Director
COMPENSATION
$275K
AGE
68
TENURE
14.5 yrs

Craig Macnab

TITLE
Director
COMPENSATION
$285K
AGE
62
TENURE
4.4 yrs

Bob Hormats

TITLE
Director
COMPENSATION
$275K
AGE
75
TENURE
3.6 yrs
Who owns this company?
Recent Insider Trading
  • American Tower (REIT) insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
10. May 19 Sell David Sharbutt Individual 08. May 19 08. May 19 -2,035 $192.15 $-391,025
08. May 19 Sell William Hess Individual 06. May 19 06. May 19 -12,768 $193.16 $-2,459,091
14. Mar 19 Sell William Hess Individual 13. Mar 19 13. Mar 19 -20,000 $186.97 $-3,739,400
05. Mar 19 Sell David Sharbutt Individual 01. Mar 19 01. Mar 19 -1,009 $174.49 $-176,060
16. Nov 18 Sell David Sharbutt Individual 14. Nov 18 14. Nov 18 -813 $160.88 $-130,795
07. Aug 18 Sell David Sharbutt Individual 03. Aug 18 03. Aug 18 -1,321 $150.48 $-198,784
X
Management checks
We assess American Tower (REIT)'s management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. American Tower (REIT) has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Why American Tower Corporation (REIT) (NYSE:AMT) Is A Top Dividend Stock

Dividend paying stocks like American Tower Corporation (REIT) (NYSE:AMT) tend to be popular with investors, and for good reason - some research shows that a significant amount of all stock market returns come from reinvested dividends. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. … With a 1.9% yield and a seven-year payment history, investors probably think American Tower (REIT) looks like a reliable dividend stock.

Simply Wall St -

You May Have Been Looking At American Tower Corporation (REIT) (NYSE:AMT) All Wrong

American Tower Corporation (REIT) is a US$85b. … See our latest analysis for American Tower (REIT) … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

How Do Analysts See American Tower Corporation (REIT) (NYSE:AMT) Performing In The Next 12 Months?

After American Tower Corporation (REIT)'s (NYSE:AMT) earnings announcement in December 2018,. … as a 27% increase in profits is expected in the upcoming year, … the past 5-year average growth rate of 15%

Simply Wall St -

Announcing: American Tower (REIT) (NYSE:AMT) Stock Increased An Energizing 137% In The Last Five Years

For example, the American Tower Corporation (REIT) (NYSE:AMT) share price has soared 137% in the last half decade. … Over half a decade, American Tower (REIT) managed to grow its earnings per share at 15% a year. … This EPS growth is slower than the share price growth of 19% per year, over the same period.

Simply Wall St -

Is American Tower Corporation (REIT)'s (NYSE:AMT) Future Growth Already Accounted For In Today's Price?

Growth expectations for American Tower Corporation (REIT) (NYSE:AMT) are high, but many investors are starting to ask whether its last close at $185.16 can still be rationalized by the future potential. … See our latest analysis for American Tower (REIT)? … Investors in American Tower (REIT) have been patiently waiting for the uptick in earnings.

Simply Wall St -

Is American Tower Corporation (REIT)'s (NYSE:AMT) 17% Better Than Average?

We'll use ROE to examine American Tower Corporation (REIT) (NYSE:AMT), by way of a worked example. … American Tower (REIT) has a ROE of 17%, based on the last twelve months. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Many Insiders Sold American Tower Corporation (REIT) (NYSE:AMT) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in American Tower Corporation (REIT) (NYSE:AMT). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … The Last 12 Months Of Insider Transactions At American Tower (REIT).

Simply Wall St -

How Should You Analyze REIT Stock American Tower Corporation (REIT) (NYSE:AMT)?

American Tower Corporation (REIT) is a US$70b. … View our latest analysis for American Tower (REIT) … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

What Do Analysts Think About American Tower Corporation (REIT)'s (NYSE:AMT) Future?

In September 2018, American Tower Corporation (REIT) (NYSE:AMT) announced its earnings update. … with profits predicted to increase by 28% next year … the past 5-year average growth rate of 15%

Simply Wall St -

Is Now An Opportune Moment To Examine American Tower Corporation (REIT) (NYSE:AMT)?

Today we're going to take a look at the well-established American Tower Corporation (REIT) (NYSE:AMT). … maintained its current share price over the past couple of month on the NYSE, with a relatively tight range of $140.38 to $153.51? … Let’s take a look at American Tower (REIT)’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Company Info

Description

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 171,000 communications sites.

Details
Name: American Tower Corporation (REIT)
AMT
Exchange: NYSE
Founded: 1995
$88,612,438,014
442,023,435
Website: http://www.americantower.com
Address: American Tower Corporation (REIT)
116 Huntington Avenue,
11th Floor,
Boston,
Massachusetts, 02116,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE AMT New Common Stock New York Stock Exchange US USD 05. Jun 1998
DB A0T New Common Stock Deutsche Boerse AG DE EUR 05. Jun 1998
LSE 0HEU New Common Stock London Stock Exchange GB USD 05. Jun 1998
BMV AMT * New Common Stock Bolsa Mexicana de Valores MX MXN 05. Jun 1998
Number of employees
Current staff
Staff numbers
5,026
American Tower (REIT) employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/16 02:27
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.