American Tower Corporation (REIT)

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower first quarter 2026 earnings conference call. As a reminder, today's conference call is being recorded. Following the prepared remarks, we will open the call for questions. If you'd like to ask a question, please press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. I would now like to turn the call over to your host, Spencer Kern, Senior Vice President of Investor Relations. Please go ahead.

Thank you, and good morning. Welcome to our first quarter 2026 earnings call. I'm Spencer Kern, Head of Investor Relations for American Tower. Joining me on the call today are Steve Vondran, our President and CEO, and Rod Smith, our Executive Vice President, CFO, and Treasurer. Following our prepared remarks, we will open the call for your questions. Before we begin, I need to call your attention to our Safe Harbor Statement. It says that some of our comments today may be forward-looking. As such, they are subject to risks and uncertainties described in American Tower SEC filings, and results may differ materially. Additional information is available on our Investor Relations website. I'll now turn the call over to Steve. Steve?

Thanks, Spencer. Good morning, everybody, and thanks for joining the call. I'm extremely pleased with our start to 2026. Our performance through the early part of the year, combined with favorable FX and straight-line dynamics, led us to raise our full-year outlook. The growth drivers shaping our industry continue to strengthen. Rising wireless data consumption, accelerating cloud adoption, rapidly expanding AI-driven workloads, and future generational technology shifts all point towards sustained investment and high-quality digital infrastructure. These trends are global, structural, and long-duration in nature, and they play directly to American Tower's core strengths. Over the past several years, we've taken decisive steps to ensure that we're optimally positioned for this next phase of growth. We've strengthened our balance sheet, refined our portfolio, shifted our capital toward developed markets, and aligned our revenue base with the highest quality carriers in each of our markets. As a result, I believe that American Tower is on its strongest strategic footing in at least a decade. Against that backdrop, I'd like to revisit the three strategic priorities for 2026 that I introduced last quarter, which are summarized on slide five of today's presentation. First, driving durable revenue growth, including approximately 4% organic tenant buildings growth across our global tower portfolio, but adjusting for one-time disrelated impacts, and double-digit growth from our data center business. Our fundamental growth drivers are compounding. Mobile data consumption is growing at a rapid pace, supported by increasing smartphone penetration, continued 5G adoption, fixed wireless access, and expanding enterprise use cases. In the U.S., industry analysts project that mobile data traffic will double over the next five years, requiring a commensurate increase in network capacity. Notably, those projections don't fully capture the potential incremental upside from the transition to 6G or AI-enabled applications. While still early, the engineering principles guiding 6G point toward denser networks, more distributed compute, and materially higher throughput requirements, each of which should translate into increased activity across our tower portfolio. At the same time, AI investment's exploding. History suggests that technological revolutions tend to expand well beyond our initial use cases, and we expect that new AI applications are going to place meaningfully greater demands on wireless networks, both in terms of throughput and complexity. All these trends are inherently supportive of macro towers. Terrestrial wireless networks are the only scalable solution capable of meeting this demand, and towers remain the most efficient, economical, and flexible means of delivering network capacity, advantages that we believe will only become more pronounced over time. These demand dynamics extend across our international footprint as well. In our European markets, mobile data traffic is expected to more than double by the end of the decade. which is expected to drive significant amendment and collocation activity. There are emerging markets. Mobile data traffic is expected to nearly triple by the end of the decade, providing a long runway for growth as these less mature markets develop. Over the long term, we continue to expect our international markets, and our emerging markets in particular, to grow faster than the U.S. These same secular tailwinds are translating into accelerating momentum at core sites. Demand is scaling rapidly on top of an already strong foundation, with sustained growth in hybrid and multi-cloud deployments, and even sharper ramp in AI-driven workloads, including inferencing. Importantly, this quarter marked a clear inflection in interconnection activity, enhancing both the profitability of the platform and the long-term durability of customer relationships. CoreSight continues to stand apart as a uniquely differentiated digital infrastructure platform, positioning its convergence of network connectivity, cloud on-ramps, and enterprise ecosystems, CoreSight drives resilient leasing demand while capturing a high-margin interconnection revenue stream. This powerful combination delivers structurally higher returns and positions the business to outperform traditional single-tenant hyperscale data center models, especially as demand for interconnected AI-enabled infrastructure continues to grow. After more than four years leading CoreSight, my conviction of the platform is stronger than ever. The business has meaningfully exceeded our expectations, and we're increasingly enthusiastic about accelerating CoreSight's expansion as a core driver of long-term value within our portfolio. Our second strategic priority is driving operational efficiency. Operational excellence has long been a core strength of American Tower, and we continue to build on that foundation. In the first quarter, we made progress on reducing direct tower costs, particularly in areas such as land expense, maintenance, sourcing, and internal technology platforms. And we remain confident in our ability to deliver 200 to 300 basis points of cash adjusted EBITDA margin expansion in our tower business by 2030. In parallel, we're evaluating how AI can further accelerate efficiency gains across the organization. We believe this opportunity represents meaningful upside in future years. Our third strategic priority is disciplined capital allocation. We remain in a strong financial position with significant flexibility. During the quarter, we continue to prioritize growth capital toward our highest return opportunities in our developed tower markets and at core site, while also allocating capital toward share repurchases. Our capital allocation framework remains unchanged. After funding the dividend, we'll continue to evaluate the full range of options, including M&A, opportunistic share repurchases, and further deleveraging, guided by a consistent mandate to generate durable cash flow growth and attractive long-term returns on invested capital. In summary, our first quarter results reflect a company that, throughout heightened industry volatility, has emerged stronger, more focused, and better positioned for the future. The long-term opportunities ahead are extraordinary, and few companies are as well positioned as American Tower to support and benefit from the next wave of digital infrastructure investment. I'd like to thank our employees around the world for their execution and commitment, and our customers and shareholders for their continued trust. With that, I'll turn the call over to Rod. to walk through the financial results and outlook in more detail. Rod?