By Everdeen Mason
American Tower REIT (AMT) said its fourth-quarter revenue rose
as its rental and management segment improved, but higher expenses
weighed on the company's bottom line.
American Tower, with celltower sites in the U.S. and abroad, has
steadily posted double-digit revenue growth amid strong demand for
broadband-data services in the U.S. The company converted to a
real-estate investment trust in late 2011.
American Tower reported earnings of $100 million, or 25 cents a
share, down from $135.7 million, or 34 cents a share, a year
earlier. Adjusted funds from operations rose to 95 cents from 74
cents a share, in line with analyst expectations.
Operating revenue climbed 23% to $942 million, above the $920.1
million expected by analysts polled by Thomson Reuters.
The REIT's rental and management revenue climbed 25%. Meanwhile,
operating expenses rose 33%, mainly on high rental and management
costs and selling, general administrative and development
expenses.
The company projected adjusted funds from operations--a key
metric for real-estate investment trusts--to be between $1.68
billion and $1.74 billion for the just-started year, versus the
$1.47 billion posted in 2013.
Write to Everdeen Mason at everdeen.mason@wsj.com
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