American Tower NYSE:AMT, a real-estate investment trust owning communications towers and data-center properties, raised its 2026 outlook Tuesday after record leasing at CoreSite supported stronger second-quarter results. Total revenue increased 4.7% to $2.75 billion, while property revenue advanced 6.3% to $2.69 billion. Net income rose 133.2% to $888 million, and adjusted earnings before interest, taxes, depreciation and amortization increased 3.2% to $1.81 billion.
Adjusted funds from operations increased 3.8% to $1.26 billion, while adjusted funds from operations per share rose 4.2% to $2.71. Free cash flow increased 19.6% to $1.16 billion. American Tower raised the midpoint of its full-year property-revenue outlook by $110 million and increased the midpoints of its adjusted EBITDA and adjusted-funds-from-operations forecasts by $45 million each. Management attributed the revision to favorable currency movements, stronger data-center performance and certain one-time expense benefits.
The company now expects annual property revenue between $10.70 billion and $10.85 billion and adjusted funds from operations between $5.14 billion and $5.22 billion. Data-center revenue is expected to reach between $1.20 billion and $1.22 billion, representing approximately 14.9% growth at the midpoint, while planned data-center development spending totals approximately $695 million. American Tower ended the quarter with $35.43 billion in net debt and leverage of 4.9 times. The $110 million increase in the property-revenue midpoint translated into a smaller $45 million increase in adjusted funds from operations, showing that only part of the additional anticipated revenue is expected to reach this cash-flow measure.