S&P Global Market Intelligence presents a wrap-up of earnings conference calls April 30.
American Tower tenant billings up across all markets in Q1
American Tower Corp. recorded growth in tenant billings across all its markets comprising US and Canada, Latin America, Asia Pacific, Africa and Europe. "Mobile network upgrades and digital transformation trends are driving compelling demand across our tower and data center platforms," CEO Steven Vondran said.
"5G rollouts are contributing to an acceleration in our US application pipeline and another sequential step up in colocation and amendment growth in Europe. Solid demand in Africa continue to drive elevated business growth and retail demand resulted in another quarter of strong sales performance at CoreSite," Vondran added.
Read the call transcript and Dow Jones Newswires coverage.
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SBA says high cost of capital drives clients' elongated spending cycle
"In many of our markets, macroeconomic challenges have continued and, as a result, incremental network investments by our customers have remained measured and largely in line with activity levels that we saw last year," SBA Communications Corp. CEO, President and Director Brendan Thomas Cavanagh said.
"Our customers continue to have significant network needs. A large percentage of our sites still require 5G-related upgrades. And data-heavy use cases, including fixed wireless access, will compel continued investment by our customers over the next several years. I am personally of the belief that the current high cost of capital environment is perhaps the biggest overhang on this spending and is driving the more elongated spending cycle," Cavanagh said.
Read the call transcript and Dow Jones Newswires coverage.
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Welltower: 2024 to be active year for capital deployment
Healthcare real estate investment trust Welltower Inc. said 2024 will be an active year for capital deployment as the capital markets backdrop remains conducive. "Our near-term capital deployment pipeline remains robust, highly visible, actionable and squarely within our circle of confidence where we can bet with the house odds rather than the gamblers' odds," Welltower CEO Shankh Mitra said.
Since the beginning of 2024, the REIT has closed or is under contract to close $2.8 billion in investments across 23 separate transactions.
Read the call transcript and Dow Jones Newswires coverage.
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Brixmor sees increase in transaction activity
Retail REIT Brixmor Property Group Inc. is seeing an increase in transaction activity in the retail property sector in 2024. "We're definitely seeing more attractive opportunities today as sellers that come to the market are much more realistic in terms of pricing given some of the capital market changes," Brixmor Chief Investment Officer Mark Hogan said.
While opportunities for transaction activity is expected to increase, the shopping center owner and operator said it will be disciplined as the high interest rate environment persists and its self-funded internal growth strategy allows Brixmor to be patient on external growth.
Read the call transcript.
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SITE Centers dispositions up in Q1
Retail REIT SITE Centers Corp. said the volume of its disposition activity has increased in the first quarter, resulting in over $1 billion of real estate currently either under contract, in contract negotiation or with executed nonbinding letters of intent. Most of the inventory is primarily submarket dominant power centers.
"Our confidence level of a lot of closings occurring in the next couple of months is pretty high. Having said that, anything that's not awarded as of today is unlikely to close in the next couple of months," SITE President and CEO David Lukes said.
Year-to-date, SITE has closed on $170 million of wholly owned property sales.
Read the call transcript.
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Read the previous earnings calls wrap-up.
