American Tower Sees Four Growth Catalysts Driving Wireless Demand

American Tower's CEO Steven Vondran spoke at the Goldman Sachs Communacopia + Technology Conference, outlining a constructive outlook built on new wireless demand, spectrum additions and data center growth. The company sees four major growth catalysts: 5G densification, 6G deployment, new spectrum and AI-driven traffic needs.

Vondran said these catalysts are reinforcing each other and should support growth over the short, medium and long term. He expects 2026 normalized organic tenant billings growth of about 4.5%, with new leases and amendments contributing about 2.5%. The company is targeting an additional 200 to 300 basis points of margin expansion over several years.

American Tower's interconnection business, CoreSite, posted record leasing and five straight quarters of double-digit revenue growth. Vondran said the segment is being cautious with pre-leasing due to some projects having later delivery dates, but demand remains stronger than the company can currently serve.