Today we are breaking down American Tower: the REIT, the communications giant, and the infrastructure asset. To break down American Tower I'm joined by <a href="https://www.linkedin.com/in/william-heard-a8579510/">William Heard</a>, founder and CIO of Heard Capital Management. William founded Heard Capital in 2011. 
Today, the firm manages $2 billion in assets, holds about 15 to 20 names, and has very specific criteria for investing in companies. We cover AMT from all angles—the long life, physical assets that underpin the business, the contracted and highly visible revenue stream, the secular growth story, and some of the micro dynamics. American Tower represents so many things in the economy, so it made for a very interesting and wide-ranging conversation. Please enjoy this Breakdown of American Tower. 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page<a href="https://joincolossus.com/episode/american-tower-s%E2%80%A6ls-and-stability/"> here.</a>
&#8212;-
This episode is brought to you by<a href="https://marketing.tegus.com/free-trial?utm_medium=podcast&utm_source=investwiththebest&utm_campaign=tegus_investwiththebest"> Tegus</a>, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at<a href="http://tegus.com/patrick"> tegus.com/patrick</a>.
—
This episode is brought to you by<a href="https://public.com/businessbreakdowns"> Public</a>: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our<a href="https://public.com/disclosures/fee-schedule"> Fee Schedule</a>.
Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.
&#8212;-
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit<a href="https://www.joincolossus.com/episodes"> joincolossus.com/episodes</a>.
Editing and post-production work for this episode was provided by The Podcast Consultant (<a href="https://thepodcastconsultant.com/">https://thepodcastconsultant.com</a>).
Show Notes
(00:00:00) Welcome to Business Breakdowns 
(00:03:42) Understanding American Tower's Infrastructure
(00:04:41) Market Size and Share
(00:05:44) Ownership and Construction of Towers
(00:06:51) Investment and Growth in Tower Infrastructure
(00:11:32) Data Centers and Their Importance
(00:14:34) Leasing Model and Revenue Structure
(00:17:02) Management and Financial Strategy
(00:18:42) Acquisitions and Growth Strategy
(00:21:39) Management Teams and Strategic Priorities
(00:22:35) Capital Allocation and Dividend Strategy
(00:24:09) REITs and Market Dynamics
(00:26:49) International Operations and Challenges
(00:29:19) Carrier Spending and Revenue Streams
(00:37:57) Risks and Competitive Landscape
(00:38:58) Lessons from Breaking Down American Tower

American Tower: Signals and Stability - [Business Breakdowns, EP.188]

Today we are breaking down American Tower: the REIT, the communications giant, and the infrastructure asset. To break down American Tower I'm joined by William Heard, founder and CIO of Heard Capital Management. William founded Heard Capital in 2011.  Today, the firm manages $2 billion in assets, holds about 15 to 20 names, and has [&hellip;]

Business Breakdowns Episode #188

American Tower: Signals and Stability - [Business Breakdowns, EP.188]