According to Boston-based American Tower Corp., total revenue increased 6.2% to $1.7 billion. The firm’s Jim Taiclet, CEO, said that in the third quarter, the REIT’s US property segment delivered strong Organic Tenant Billings Growth of 7.4%, “reflecting ongoing investments in 4G technology by our tenants to meet ever-increasing data and video demand.”
He adds that “Our International property segment also experienced strong demand for tower space, especially in Latin America. Normalizing for Indian Carrier Consolidation Churn, International Organic Tenant Billings Growth was 8%.”
They also pointed out that during the third quarter of 2018, the company repurchased a total of approximately 0.6 million shares of its common stock under its stock repurchase program for approximately $89 million. Subsequent to the end of the third quarter, through October 23, 2018, the company repurchased approximately 0.3 million additional shares of its common stock pursuant to the program, for approximately $44 million, and had approximately $2.1 billion remaining under its existing stock repurchase programs.
During the third quarter of 2018, total capital expenditures were $192 million, of which $34 million was for non-discretionary capital improvements and corporate capital expenditures.
As for acquisitions, during the third quarter of 2018, the company spent approximately $101 million to acquire 353 sites, primarily in international markets. The company also entered into an agreement with Cia Energetica de Minas Gerais SA during the quarter, pursuant to which it will acquire a portfolio of fiber assets and the right to use certain telecommunication poles in Brazil for total consideration of approximately 571 million Brazilian Reais.