American Tower Sees 2026 Growth Trough Before 5G, AI and 6G Catalysts Lift Demand

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2026 is expected to be American Tower's organic growth trough , with tenant billings growth projected to accelerate in 2027 as Dish Network churn fades and carrier network investment improves.

Future demand could be supported by 5G capacity expansion, higher-band spectrum, AI-driven uplink traffic and eventual 6G deployments . CoreSite's data-center business is also benefiting from rising bandwidth and cloud-interconnection demand.

American Tower is targeting 200–300 basis points of tower-business margin expansion and mid- to upper-mid-single-digit long-term AFFO-per-share growth, while Dish litigation and a Mexico arbitration could provide additional upside if resolved favorably.

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American Tower (NYSE:AMT) CFO Rod Smith said the company expects 2026 to represent a trough year for organic tenant billings growth, with growth expected to accelerate in 2027 as customer churn moderates and wireless-network investment catalysts emerge.

Speaking at a Citi event with analyst Mike Rollins, Smith said American Tower's near-term focus includes protecting the value of its tower contracts, controlling operating expenses and positioning its U.S., European and emerging-market assets to benefit from future network upgrades.

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