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American Tower Corp (NYSE: AMT) reported financial results Thursday for the quarter ended September 30, 2014.
Total revenue was $1.038 billion, slightly above estimates and an increase of 28.5 percent compared to the same period in 2013.
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Total rental and management revenue increased 26.9 percent compared to the third quarter of 2013 to $1.011 billion.
Adjusted Funds From Operations (AFFO) increased 25.2 percent to $460 million compared to the third quarter of 2013.
AFFO per Share increased 25.0 percent to $1.15, above estimates of $1.07, and Core Growth in AFFO was approximately 28.2 percent compared to the same period in 2013.
Jim Taiclet, American Tower’s Chief Executive Officer stated, "Our combined domestic and diversified international portfolio delivered nearly 12 percent Organic Core Growth in the third quarter. Consumer adoption of increasingly advanced mobile devices and services, which ultimately drives our organic growth, continues unabated in both the U.S. and in our other served markets."
American Tower Corp recently traded at $98.28, up 3.4 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.