美國電塔 (AMT) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower second-quarter 2026 earnings conference call. As a reminder, today's conference call is being recorded. (Operator Instructions).

各位女士、先生，感謝您稍候。歡迎參加 American Tower 2026 年第二季財報電話會議。提醒各位，今天的電話會議將被錄音。(接線員指示)。

I would now like to hand the conference over to your host, Spencer Kurn, Senior Vice President of Investor Relations. Please go ahead.

現在我想把電話會議交給今天的主持人——投資人關係資深副總裁 Spencer Kurn。請開始。

Thank you, and good morning. Welcome to our second-quarter 2026 earnings call. I'm Spencer Kurn, Head of Investor Relations for American Tower. Joining me on the call today are Steve Vondran, our President and CEO; and Rod Smith, our Executive Vice President, CFO, and Treasurer. Following our prepared remarks, we will open the call for your questions.

謝謝，各位早安。歡迎參加我們 2026 年第二季財報電話會議。我是 Spencer Kurn，American Tower 投資人關係主管。今天與我一同出席的有：我們的總裁暨執行長 Steve Vondran，以及我們的執行副總裁、財務長兼財務主管（Treasurer）Rod Smith。在我們的準備發言之後，我們將開放提問。

Before we begin, I need to call your attention to our Safe Harbor statement. It says that some of our comments today may be forward-looking. As such, they are subject to risks and uncertainties described in American Tower SEC filings, and results may differ materially. Additional information is available on our Investor Relations website.

在開始之前，我需要提醒各位注意我們的「安全港」聲明。其中指出，我們今天的部分評論可能屬於前瞻性陳述。因此，這些陳述受 American Tower 向美國證券交易委員會（SEC）申報文件中所述之風險與不確定性影響，實際結果可能有重大差異。更多資訊可在我們的投資人關係網站上取得。

I'll now turn the call over to Steve. Steve?

現在我把電話交給 Steve。Steve？

Thanks, Spencer. Good morning, everybody, and thanks for joining today's call. We delivered another strong quarter fueled by robust leasing demand across our global tower portfolio, record leasing activity at CoreSite, and continued operational discipline. The strength and consistency of our execution, combined with the momentum we're seeing across the business enabled us to raise our full-year outlook for the second time this year.

謝謝你，Spencer。各位早安，感謝大家參加今天的電話會議。在全球鐵塔資產組合強勁的租賃需求、CoreSite 創紀錄的租賃活動，以及持續的營運紀律帶動下，我們再度交出亮眼的一季。我們執行力的強度與一致性，加上我們在各項業務看到的動能，使我們今年第二次上調全年展望。

Our performance reinforces what we believe is one of the most compelling long-term growth stories in digital infrastructure. Around the world, mobile data consumption continues to grow at an extraordinary pace. Cloud adoption remains resilient. AI-driven workloads are accelerating, and network architectures are becoming increasingly complex. Together, these trends are driving a growing need for the critical infrastructure that American Tower provides.

我們的表現再次印證：我們相信這是數位基礎建設領域中最具吸引力的長期成長故事之一。在全球各地，行動數據消費仍以驚人的速度成長。雲端採用依然具韌性。AI 驅動的工作負載正在加速，網路架構也日益複雜。綜合而言，這些趨勢正推動市場對 American Tower 所提供之關鍵基礎設施的需求持續增加。

Against this backdrop, we remain focused on the three strategic priorities we outlined at the start of the year, driving durable revenue growth, enhancing operational efficiency, and maintaining disciplined capital allocation.

在此背景下，我們仍聚焦於年初所提出的三項策略重點：推動可持續的營收成長、提升營運效率，以及維持嚴謹的資本配置。

Starting with revenue growth. This year, we remain on track to deliver approximately 4% organic tenant billings growth across our global tower business, excluding one-time disrelated impacts and we're raising our outlook to approximately 15% revenue growth from our data center business. The long-term outlook for wireless infrastructure remains exceptionally strong.

先從營收成長談起。今年，我們仍按計畫在全球鐵塔業務實現約 4% 的有機租戶帳單成長（不含一次性不相關影響），同時我們也將資料中心業務的營收成長展望上調至約 15%。無線基礎設施的長期展望依然格外強勁。

Mobile data usage continues to expand globally, supported by increases in smartphone penetration, 5G adoption, fixed wireless access and a growing range of enterprise and consumer applications that rely on ubiquitous high-quality connectivity. In the US, industry analysts estimate that mobile network capacity will need to at least double over the next five years to meet projected traffic demand.

在智慧型手機滲透率提升、5G 採用、固定無線接取（FWA），以及越來越多仰賴無所不在且高品質連線的企業與消費者應用帶動下，全球行動數據使用量持續擴張。在美國，產業分析師估計，為滿足預期的流量需求，未來五年行動網路容量至少需要倍增。

Notably, these forecasts largely reflect existing use cases and may not fully capture the incremental requirements associated with emerging technologies such as AI native applications, autonomous systems, or the transition to 6G. As carriers work to deliver this capacity, we believe the industry is approaching an inflection point. For the first time in several years, we see a path to four major catalysts creating multiple overlapping demand drivers that could support network investment well into the next decade.

值得注意的是，這些預測多半反映既有使用情境，可能尚未完全納入 AI 原生應用、自主系統，或邁向 6G 等新興技術所帶來的額外需求。隨著電信業者努力提供這些容量，我們認為產業正接近一個拐點。數年來首次，我們看到四項主要催化因素的路徑，將形成多重且相互重疊的需求驅動力，並可能支撐網路投資延續至下一個十年。

First, the industry is entering the next phase of the 5G investment cycle. While early deployments focus primarily on coverage, the next phase is expected to be focused on capacity. Based on our discussions with [Cara] customers, supporting future traffic growth will require meaningful network densification, creating additional opportunities across our portfolio.

第一，產業正進入 5G 投資循環的下一階段。早期部署主要聚焦於覆蓋，下一階段預期將聚焦於容量。根據我們與 [Cara] 客戶的討論，支撐未來流量成長將需要具規模的網路加密（densification），從而在我們的資產組合中創造更多機會。

Second, the industry is preparing for a significant new spectrum deployment cycle. With approximately 800 megahertz of new mobile spectrum expected to become available over the next few years, starting with the upper sea block in 2027, operators will have new opportunities to expand network performance and capacity. Historically, new spectrum deployments have translated into incremental equipment installations and lease amendments and we believe this cycle could represent another meaningful source of growth.

第二，產業正為一個重要的新頻譜部署循環做準備。預期未來幾年將有約 800 兆赫（MHz）的新行動頻譜可供使用，並將於 2027 年從上 C 頻段區塊開始，營運商將有新的機會提升網路效能與容量。歷史上，新頻譜部署往往會帶來額外的設備安裝與租約修訂，我們相信這一循環可能成為另一個具意義的成長來源。

Third, the eventual transition to 6G will bring another meaningful infrastructure investment cycle. Early indications point toward architectures that leverage higher frequency spectrum, greater intelligence at the network edge, and more distributed deployment. These characteristics would likely require both additional equipment and increased site density across wireless networks. And perhaps the most exciting catalyst is the emergence of AI applications.

第三，最終邁向 6G 的轉換將帶來另一個具意義的基礎設施投資循環。初步跡象顯示，相關架構將運用更高頻率的頻譜、在網路邊緣導入更高的智慧化，並採取更分散式的部署。這些特性很可能同時需要更多設備，以及在無線網路中提高站點密度。而或許最令人振奮的催化因素，是 AI 應用的興起。

We believe AI has the potential to fundamentally reshape how people, enterprises, and machines interact with wireless networks. From AI-powered smartphones and smart glasses to connected vehicles, autonomous systems, robotics, and real-time edge computing applications, future traffic patterns are expected to be more persistent, more data-intensive, and increasingly bidirectional to those of today's networks.

我們相信，AI 有潛力從根本上重塑人們、企業與機器與無線網路互動的方式。從 AI 驅動的智慧型手機與智慧眼鏡，到聯網車輛、自主系統、機器人，以及即時邊緣運算應用，未來的流量型態預期將比當今網路更持續、更高數據密度，且雙向傳輸的特性也將更為明顯。

According to Ericsson's most recent mobility report, AI-enabled applications are already contributing to uplink traffic growth rates that, in many cases, exceed downlink traffic growth by more than 50%. This is a significant development because today's networks were primarily designed around downstream consumption.

根據 Ericsson 最新的行動性（mobility）報告，AI 啟用的應用已在多數情況下推動上行流量成長率，且其增幅超過下行流量成長 50% 以上。這是一項重大發展，因為現今的網路主要是以「下行消費」為核心來設計。

As AI adoption accelerates, operators may need to invest beyond their existing network road maps to support these evolving requirements, creating an additional layer of infrastructure demand on top of traditional traffic growth. Taken together, these trends point toward a future that requires significantly more capacity, greater network density, lower latency, and enhanced connectivity.

隨著 AI 採用加速，營運商可能需要在既有網路路線圖之外加碼投資，以支援這些不斷演進的需求，從而在傳統流量成長之上，再增加一層基礎設施需求。綜合來看，這些趨勢指向一個未來：需要顯著更高的容量、更高的網路密度、更低的延遲，以及更強的連線能力。

Terrestrial wireless networks will unquestionably remain the foundation of that future. And our global portfolio of communications infrastructure is exceptionally well positioned to support this next era of wireless innovation and investment. Many of these same secular tailwinds continue to drive exceptional performance at CoreSite.

地面無線網路無疑將仍是該未來的基礎。而我們遍布全球的通訊基礎設施資產組合，具備極佳的定位，可支援無線創新與投資的下一個時代。許多相同的長期結構性順風，也持續推動 CoreSite 的卓越表現。

CoreSite continues to differentiate itself as a premier digital infrastructure platform at the convergence of network connectivity and cloud ecosystems, enterprise workloads, and AI-driven demand. CoreSite remains the fastest-growing segment of our business, and this quarter delivered another record leasing performance reinforcing our conviction that 2026 has the potential to be another record year for the business.

CoreSite 持續展現其差異化優勢，作為位於網路連線與雲端生態系、企業工作負載以及 AI 驅動需求交會點的頂級數位基礎建設平台。CoreSite 仍是我們業務中成長最快的部門，本季再度創下租賃表現新高，強化我們的信念：2026 年有機會成為該業務的另一個創紀錄年度。

Demand remains broad-based, spanning hyperscale cloud providers, enterprises, network operators, AI innovators, and a growing number of cloud-to-cloud connectivity deployments. What we're seeing is not simply an expansion of demand, but an evolution in how customers are architecting their digital infrastructure with CoreSite serving as the central hub.

需求仍呈現廣泛分布，涵蓋超大規模雲端服務供應商、企業、網路營運商、AI 創新者，以及日益增加的雲對雲連線部署。我們所看到的不僅是需求擴張，更是客戶在架構其數位基礎設施方式上的演進，而 CoreSite 正扮演中央樞紐的角色。

CoreSite's campuses have become critical destinations for AI traffic and data exchange. Today, 9 of the top 10 AI companies and 3 of the top 5 Neo clouds are deployed within our facilities. These customers are moving beyond traditional colocation use cases establishing private on-ramps that enable the direct transfer of massive data volumes between cloud and AI environment.

CoreSite 的園區已成為 AI 流量與資料交換的關鍵目的地。目前，前十大 AI 公司中有 9 家，以及前五大新型雲（Neo clouds）中有 3 家已部署於我們的設施內。這些客戶正超越傳統的機房託管（colocation）使用情境，建立私有上雲入口（private on-ramps），以便在雲端與 AI 環境之間直接傳輸海量資料。

As AI inferencing scales, we believe CoreSite's strategic position at the center of these ecosystems will only become more valuable, enhancing both our competitive advantage and long-term returns. The momentum we're seeing at CoreSite continues to exceed our expectations and further strengthens our conviction in its long-term growth trajectory and strategic importance within American Tower.

隨著 AI 推論（inferencing）規模化，我們相信 CoreSite 位於這些生態系中心的策略位置將只會更加珍貴，進一步提升我們的競爭優勢與長期報酬。我們在 CoreSite 看到的動能持續超出預期，也進一步強化我們對其長期成長軌跡與在 American Tower 內部策略重要性的信心。

Since acquiring CoreSite in 2021, we've grown our megawatts in service by 1.5 times, and our development pipeline provides a clear path to nearly triple our capacity from here. We believe these investments create a substantial runway for sustained double-digit revenue growth. And given the strength of customer demand, we continue to evaluate opportunities to expand our development pipeline even further to accelerate value creation for our shareholders.

自 2021 年收購 CoreSite 以來，我們的在役兆瓦數（megawatts in service）已成長至原來的 1.5 倍，而我們的開發管線也提供清晰路徑，讓我們從目前水準將容量提升至接近三倍。我們相信，這些投資為持續的雙位數營收成長創造了可觀的成長跑道。此外，鑑於客戶需求的強勁，我們仍持續評估進一步擴大開發管線的機會，以加速為股東創造價值。

Moving to our second strategic priority, operational efficiency. Operational excellence has long been a defining characteristic of American Tower. Over the past three years, we've expanded Tower cash EBITDA margins by more than 300 basis points while leading the industry in profitability. We continue to identify opportunities to operate our global portfolio more efficiently and we remain on track to deliver an additional 200 to 300 basis points of Tower cash EBITDA margin expansion by 2030.

接著談到我們的第二項策略優先事項：營運效率。營運卓越長期以來一直是 American Tower 的鮮明特質。過去三年，我們將塔台現金 EBITDA 利潤率擴大了超過 300 個基點，同時在獲利能力方面領先同業。我們持續尋找讓全球資產組合運作更有效率的機會，並仍按計畫在 2030 年前再實現額外 200 至 300 個基點的塔台現金 EBITDA 利潤率擴張。

In parallel, we're exploring ways to leverage AI and automation to enhance productivity across the organization. While still early, we believe these technologies have the potential to create meaningful incremental value over time.

同時，我們也在探索運用 AI 與自動化來提升整個組織的生產力。雖然仍處於早期階段，但我們相信這些技術隨時間推進有潛力創造具意義的增量價值。

Our third strategic priority is disciplined capital allocation. We continue to allocate capital with a focus on driving industry-leading AFFO per share growth while generating the highest risk-adjusted returns. Over the last several years, we've deliberately shifted our investment focus toward developed markets and higher quality earnings streams.

我們的第三項策略優先事項是嚴謹的資本配置。我們持續配置資本，聚焦於推動同業領先的每股 AFFO 成長，同時創造最高的風險調整後報酬。過去幾年，我們刻意將投資重心轉向已開發市場與品質更高的獲利來源。

Consistent with that strategy, during the quarter, we completed the sale of our operations in the Philippines and Bangladesh marking our exit from the APAC region. We expect the transaction to be neutral to AFFO per share growth while enhancing the quality and focus of our global tower portfolio. Our balance sheet remains in an excellent position.

與該策略一致，本季我們完成出售在菲律賓與孟加拉的營運，標誌著我們退出亞太（APAC）地區。我們預期該交易對每股 AFFO 成長為中性，同時提升我們全球塔台資產組合的品質與聚焦度。我們的資產負債表仍維持在極佳狀態。

We ended the quarter with leverage within our targeted range of 3 to 5 times, and we continue to maintain one of the strongest credit profiles in our peer group. Combined with our significant cash flow generation, our balance sheet provides substantial flexibility as we evaluate opportunities across M&A, share repurchases, and further deleveraging.

本季結束時，我們的槓桿倍數落在目標區間 3 至 5 倍之內，且我們仍維持同業中最強健的信用體質之一。結合我們可觀的現金流創造能力，我們的資產負債表在評估併購（M&A）、庫藏股回購與進一步去槓桿等機會時，提供了相當大的彈性。

Taken together, we believe American Tower has one of the highest quality growth profiles in the digital infrastructure sector, supported by industry-leading US tower assets, faster-growing international tower assets, and a differentiated data center platform.

綜合而言，我們相信 American Tower 在數位基礎設施領域擁有最高品質的成長輪廓之一，並由同業領先的美國塔台資產、成長更快的國際塔台資產，以及具差異化的資料中心平台所支撐。

In summary, I'm extremely pleased with our performance through the first half of the year. American Tower has never been better positioned to capitalize on the powerful secular trends shaping our industry. Our portfolio of towers and data centers is uniquely positioned to benefit from growing mobile data consumption, expanding cloud adoption, and the accelerating proliferation of AI-driven workloads and applications.

總結來說，我對我們上半年表現感到非常滿意。American Tower 從未像現在這樣，能更好地把握塑造本產業的強勁長期結構性趨勢。我們的塔台與資料中心資產組合具備獨特優勢，可受惠於行動數據用量成長、雲端採用擴大，以及 AI 驅動工作負載與應用加速普及。

I want to thank our employees around the world for their continued dedication and execution as well as our customers, shareholders, and business partners for their ongoing trust and support. With that, I'll turn the call over to Rod to review the financial results and outlook in more detail. Rod?

我要感謝全球員工持續的投入與執行力，也感謝我們的客戶、股東與業務夥伴長期以來的信任與支持。接下來我把電話會議交給 Rod，請他更詳細地回顧財務結果與展望。Rod？

Thanks, Steve, and thank you all for joining the call. As Steve mentioned, we've carried our strong momentum into the second quarter and increased our 2026 outlook for the second time this year. I'll start by reviewing our second-quarter results, and then I'll touch on our revised full-year outlook.

謝謝你，Steve，也謝謝各位參與本次電話會議。如 Steve 所提到的，我們將強勁動能延續到第二季，並在今年第二次上調 2026 年展望。我將先回顧第二季業績，接著談談我們更新後的全年展望。

Slide 7 shows a snapshot of our second-quarter highlights. Consolidated property revenue grew over 5% year over year when excluding noncash straight-line revenue and FX impacts. Normalized for the impact of one-time DISH churn, property revenue grew over 7% on a cash FX-neutral basis. Our growth was primarily driven by organic tenant billings growth of nearly 2% or 4% normalized for the impact of one-time DISH churn and complemented by data center cash revenue growth of approximately 12%.

投影片 7 顯示第二季重點摘要。若排除非現金直線法收入與匯率（FX）影響，合併物業收入年增超過 5%。若就一次性 DISH 流失（churn）的影響進行常態化調整，物業收入在現金、匯率中性基礎下成長超過 7%。我們的成長主要來自有機租戶計費（tenant billings）成長接近 2%（若排除一次性 DISH 流失影響則約為 4%），並由資料中心現金收入約 12% 的成長所補強。

Adjusted EBITDA grew over 3% when excluding net straight-line and FX impacts. Normalized for the impact of one-time DISH churn, adjusted EBITDA grew over 6% on a cash FX-neutral basis. Cash adjusted EBITDA margins declined approximately 40 basis points year over year, primarily due to DISH-related churn and SG&A timing.

若排除淨直線法與匯率影響，調整後 EBITDA 成長超過 3%。若就一次性 DISH 流失影響進行常態化調整，調整後 EBITDA 在現金、匯率中性基礎下成長超過 6%。現金調整後 EBITDA 利潤率年減約 40 個基點，主要因 DISH 相關流失以及 SG&A 時點因素所致。

Excluding DISH-related churn, cash adjusted EBITDA margins expanded approximately 30 basis points. Attributable FFO per share grew approximately 1% when excluding FX impacts. Normalized for the impact of one-time DISH churn and excluding the impact of refinancing costs, attributable AFFO per share grew over 5% on an FX-neutral basis.

若排除 DISH 相關流失，現金調整後 EBITDA 利潤率擴大約 30 個基點。若排除匯率影響，歸屬於股東的每股 FFO 成長約 1%。若就一次性 DISH 流失影響進行常態化調整，並排除再融資成本影響，歸屬於股東的每股 AFFO 在匯率中性基礎下成長超過 5%。

Moving to Q2 organic growth and data center growth on slide 8, we delivered consolidated organic tenant billings growth of nearly 2% or approximately 4% when excluding DISH churn. Across each of our tower segments, organic growth was in line with the expectations we laid out earlier this year, driven by solid demand across our global portfolio.

接著看投影片 8 的第二季有機成長與資料中心成長，我們實現合併有機租戶計費成長接近 2%，若排除 DISH 流失則約為 4%。在各塔台事業分部，有機成長符合我們今年稍早提出的預期，主要由全球資產組合的穩健需求所帶動。

In the US and Canada, organic growth was nearly 1% and approximately 5% when excluding DISH churn, consistent with our expectations for durable growth in the mid-single digits. In Africa and APAC, organic growth was nearly 11%. As a reminder, churn is expected to be back half weighted, resulting in approximately 10% organic growth in the first half of the year and approximately 7% expected in the second half of the year.

在美國與加拿大，有機成長接近 1%，若排除 DISH 流失則約為 5%，與我們對中個位數穩健成長的預期一致。在非洲與亞太（APAC），有機成長接近 11%。提醒一下，流失預期將偏向下半年，因此上半年有機成長約 10%，下半年預期約 7%。

In Europe, organic growth was approximately 4%. And in Latin America, organic growth declined over 2%, primarily driven by elevated churn in Brazil, consistent with our expectations laid out at the start of the year. We remain encouraged by the prospects of an earlier-than-expected market repair in Brazil in the forthcoming acceleration in organic growth in 2027.

在歐洲，有機成長約 4%。在拉丁美洲，有機成長下滑超過 2%，主要因巴西流失偏高所致，與我們年初提出的預期一致。我們仍對巴西市場修復可能早於預期、並在 2027 年帶動有機成長加速的前景感到鼓舞。

Finally, on the right side of the slide, data center property revenue growth was approximately 12% when excluding noncash straight-line revenue. As Steve mentioned, this quarter marked another record quarter of new leasing revenue for CoreSite. In fact, we added more new business this quarter than we did for the entire year of 2021 and the continued strength in underlying demand drove double-digit revenue growth for the fifth consecutive quarter.

最後，在投影片右側，若排除非現金直線法收入，資料中心物業收入成長約 12%。如 Steve 所提到的，本季 CoreSite 再度創下新租賃收入的單季紀錄。事實上，我們本季新增的新業務量超過 2021 年全年的水準，而基礎需求持續強勁，推動營收連續第五季維持雙位數成長。

Now, let's turn to our revised full-year outlook. We are raising guidance across all of our key consolidated financial metrics primarily driven by consistent growth across our global tower portfolio, data center outperformance, operating expense benefits, and FX tailwinds.

現在讓我們來看更新後的全年展望。我們上調所有關鍵合併財務指標的指引，主要由全球塔台資產組合的持續成長、資料中心優於預期、營運費用效益，以及匯率順風所帶動。

In addition, as Steve mentioned, we completed the divestiture of our Philippines and Bangladesh portfolios this quarter. The divestitures occurred in mid to late June and our revised outlook now excludes contributions from Bangladesh and Philippines for the remainder of the year.

此外，如 Steve 所提到的，我們本季完成出售菲律賓與孟加拉的資產組合。該等出售於 6 月中下旬完成，我們更新後的展望已排除孟加拉與菲律賓在今年剩餘期間的貢獻。

Starting with property revenue outlook on slide 9. We are raising our outlook by $110 million at the midpoint, representing a 1% increase to our prior outlook. Our revised outlook now implies nearly 4% year-over-year growth when excluding noncash straight-line revenue and FX impacts. Normalized for the impact of one-time DISH-related churn, our outlook implies approximately 6% growth on a cash FX-neutral basis.

先從投影片 9 的物業收入展望開始。我們將展望中位數上調 1.10 億美元，較先前展望增加 1%。我們更新後的展望意味著，若排除非現金直線法收入與匯率影響，物業收入年增接近 4%。若就一次性 DISH 相關流失影響進行常態化調整，展望在現金、匯率中性基礎下意味著約 6% 的成長。

The increase to outlook was primarily driven by approximately $35 million of FX tailwinds, $25 million of data center outperformance, and $65 million from other items, including pass-through and straight-line revenue, partially offset by approximately $15 million related to Philippines and Bangladesh divestitures.

本次上調主要來自約 3,500 萬美元的匯率順風、2,500 萬美元的資料中心優於預期，以及其他項目貢獻 6,500 萬美元（包括轉嫁（pass-through）與直線法收入），部分被約 1,500 萬美元的菲律賓與孟加拉出售影響所抵銷。

Our underlying operating trends remain consistent with the assumptions embedded in our prior outlook. We are reiterating organic growth assumptions across all regions and continue to expect organic tenant billings growth of approximately 1% or approximately 4% when excluding DISH churn and data center growth of approximately 15% year over year, which represents a significant acceleration versus our prior outlook of 13% growth.

我們的基本營運趨勢仍與先前展望所內含的假設一致。我們重申各區域的有機成長假設，並仍預期有機租戶計費成長約 1%（若排除 DISH 流失則約 4%），以及資料中心年增約 15%，相較於先前展望的 13% 成長，代表顯著加速。

Moving to adjusted EBITDA on slide 10. We are raising our adjusted EBITDA outlook by $45 million at the midpoint, representing an approximately 1% increase to our prior outlook. Our revised outlook now implies over 2% growth year over year, excluding noncash net straight line and FX impacts.

接著看第10頁的調整後 EBITDA。我們將調整後 EBITDA 展望在中點上調 4,500 萬美元，較先前展望約增加 1%。我們修訂後的展望顯示，在排除非現金淨直線法（straight-line）與外匯（FX）影響後，年增率超過 2%。

Normalized for one-time impact of DISH-related churn, our outlook for adjusted EBITDA implies approximately 5% growth on a cash FX-neutral basis. The increase to outlook was driven by approximately $20 million of FX tailwinds, $30 million of data center outperformance and approximately $35 million of one-time benefits.

若就 DISH 相關一次性流失（churn）的影響進行常態化調整，我們的調整後 EBITDA 展望在以現金、外匯中性（cash FX-neutral）基礎計算下，約意味著 5% 的成長。展望上調主要來自約 2,000 萬美元的外匯順風、3,000 萬美元的資料中心超預期表現，以及約 3,500 萬美元的一次性利益。

Primarily related to an indirect tax recovery in Latin America, partially offset by approximately $10 million related to the Philippines and Bangladesh divestitures and $30 million of other items, primarily comprised of noncash straight-line impacts.

上述一次性利益主要與拉丁美洲的間接稅回收有關；部分被約 1,000 萬美元（與菲律賓與孟加拉撤資相關）以及 3,000 萬美元的其他項目所抵銷，而其他項目主要由非現金直線法影響所構成。

Turning to AFFO on slide 11. We are raising our attributable AFFO outlook by $0.09 per share, representing a 1% increase to our prior outlook. Our revised outlook now implies growth of approximately 3% year over year.

接著看第11頁的 AFFO。我們將可歸屬（attributable）AFFO 展望上調每股 0.09 美元，較先前展望增加 1%。修訂後的展望目前意味著年增約 3%。

Normalized for the impact of one-time DISH-related churn and excluding the impact of refinancing costs, our outlook for attributable AFFO per share growth implies nearly 6% growth on an FX-neutral basis. The increase to outlook was primarily driven by adjusted EBITDA outperformance of approximately $0.12 and FX tailwinds of approximately $0.06.

若就一次性 DISH 相關流失的影響進行常態化調整，並排除再融資成本的影響，我們對可歸屬 AFFO 每股成長的展望在外匯中性基礎下意味著接近 6% 的成長。展望上調主要由調整後 EBITDA 超預期約 0.12 美元，以及外匯順風約 0.06 美元所帶動。

Higher cash taxes related to the EBITDA outperformance represent approximately $0.04 of downside and higher net interest expense also represents approximately $0.04 of downside. Finally, the Philippines and Bangladesh divestitures represent $0.01 of downside.

與 EBITDA 超預期表現相關的較高現金稅負帶來約 0.04 美元的下行影響，而較高的淨利息費用同樣帶來約 0.04 美元的下行影響。最後，菲律賓與孟加拉撤資帶來 0.01 美元的下行影響。

As a reminder, we continue to expect our services business growth to represent an approximately 100 basis point headwind to attributable AFFO per share growth this year. Due to higher interest rates, we now expect our debt refinancings to be an approximately 150 basis point headwind to attributable AFFO per share growth this year, up from an approximately 100 basis point headwind in our prior outlook.

提醒一下，我們仍預期今年服務業務的成長將對可歸屬 AFFO 每股成長造成約 100 個基點的逆風。由於利率較高，我們現在預期債務再融資將對今年可歸屬 AFFO 每股成長造成約 150 個基點的逆風，高於先前展望中的約 100 個基點逆風。

Our ability to raise outlook while absorbing an additional 50 basis point headwind from higher interest rates highlights the strength of our underlying business and the benefits of the proactive steps we've taken to reduce floating rate debt.

我們在吸收因利率上升而新增的 50 個基點逆風之下仍能上調展望，凸顯我們核心業務的韌性，以及我們先前主動採取措施降低浮動利率債務所帶來的效益。

We believe this year represents a trough for attributable AFFO per share growth. As these headwinds ease heading into 2027, we're confident that we can deliver a meaningful inflection in growth and return to our long-term expectation of AFFO per share growth in the mid- to high-single-digit range.

我們認為今年將是可歸屬 AFFO 每股成長的谷底。隨著這些逆風在邁向 2027 年時逐步緩解，我們有信心能帶來顯著的成長拐點，並回到我們長期預期的 AFFO 每股成長中至高個位數區間。

Turning to capital allocation and our balance sheet on slide 12. Our capital allocation strategy remained focused on balance sheet strength, disciplined investment, and long-term value creation. The work we've done over the past several years to strengthen our financial position, has created significant flexibility. We ended the quarter with leverage of 4.9 times, within our target range of 3 to 5 times, and the highest credit rating among our peer group.

接著看第12頁的資本配置與資產負債表。我們的資本配置策略仍聚焦於強化資產負債表、紀律性投資，以及創造長期價值。過去幾年我們為強化財務體質所做的工作，帶來了顯著的彈性。本季末我們的槓桿倍數為 4.9 倍，位於 3 到 5 倍的目標區間內，且在同業中擁有最高的信用評等。

In today's environment, where opportunities across digital infrastructure continue to expand. Balance sheet capacity remains an important competitive advantage. In 2026, our growth capital plan remains consistent with our prior outlook.

在當前環境下，數位基礎設施領域的機會持續擴大。資產負債表的承載能力仍是重要的競爭優勢。在 2026 年，我們的成長資本計畫仍與先前展望一致。

We continue to expect to spend approximately 85% of our discretionary capital within our developed markets platforms, including over $700 million to develop more capacity in our data center portfolio, approximately $370 million to construct new towers globally, and approximately $210 million to purchase land beneath our towers. In addition, year to date, we have allocated over $230 million to acquisitions of towers and data center land and over $200 million to share repurchases.

我們仍預期將約 85% 的可自由支配資本投入已開發市場平台，其中包括投入超過 7 億美元以在資料中心組合中開發更多容量、約 3.7 億美元在全球興建新鐵塔，以及約 2.1 億美元購買鐵塔下方土地。此外，截至目前為止，我們已配置超過 2.3 億美元用於收購鐵塔與資料中心土地，並投入超過 2 億美元進行庫藏股回購。

Turning to slide 13. Our second-quarter results reflect the durability of our business model and the consistent execution of our strategy. We continue to see resilient demand trends, supported by increasing mobile data consumption, ongoing network investments, and growing requirements for highly interconnected digital infrastructure.

接著看第13頁。我們第二季的結果反映了商業模式的耐久性，以及策略執行的一貫性。我們持續看到具韌性的需求趨勢，受惠於行動數據使用量增加、持續的網路投資，以及對高度互聯的數位基礎設施需求提升。

Combined with our disciplined approach to capital allocation and strong financial position, these trends provide confidence in our ability to continue generating sustainable earnings growth and long-term shareholder value.

再加上我們在資本配置上的紀律作法與強健的財務狀況，這些趨勢讓我們對持續創造可持續的獲利成長與長期股東價值的能力更具信心。

With that, operator, please open the line for questions.

接下來，請接線員開放提問。

(Operator Instructions) Michael, Goldman Sachs.

(接線員指示) Michael，高盛。

I just had one and one follow up. First on capital allocation. AMT is clearly on better strategic footing given the delevering and reduced emerging market exposure.

我只有一個問題以及一個追問。首先談資本配置。鑑於去槓桿以及降低新興市場曝險，AMT 顯然在策略上站得更穩。

Now that AMT's leverages in the target range, APAC has been exited. What's next? What are the best investment opportunities today? Any comments on how we should think about the rest of the year in terms of buybacks or potential domestic M&A?

現在 AMT 的槓桿已在目標區間內，且已退出亞太（APAC）。接下來呢？目前最好的投資機會是什麼？能否談談我們應如何看待今年剩餘時間的庫藏股回購或潛在的國內併購（M&A）？

And then second, just as a housekeeping item. I was just wondering if you could talk a little bit more about the data center upside? Was it more from lease rate expansion or improvements in occupancy?

第二個是例行性問題。我想請你多談一點資料中心的上行空間（upside）。這更多是來自租金單價提升，還是入住率改善？

Thanks, Michael. Rod, I'll take the first part of the question, and you can jump in.

謝謝你，Michael。Rod，我先回答問題的第一部分，你也可以補充。

Okay.

好的。

When we think about the opportunities to invest capital, I kind of refer you back to the four major catalysts that I talked about in my prepared remarks that we think are setting towers up for a good front of growth going forward.

當我們思考資本投資機會時，我想請你回到我在事先準備的發言中提到的四個主要催化因素；我們認為這些因素正讓鐵塔業務在未來具備良好的成長前景。

Starting with the densification phase of 5G, the additional spectrum that's coming to market, some starting in 2027, some a little bit later. AI applications starting to put more traffic on the networks and then that leading into the 6G technology cycle.

首先是 5G 的加密（densification）階段，以及即將釋出的額外頻譜，有些從 2027 年開始，有些會更晚一些。AI 應用開始為網路帶來更多流量，並進一步引導進入 6G 的技術循環。

So when we look at our portfolio and the other areas where we can invest capital, we think that investing in towers in domestic markets and also developed markets is a really good use of our capital. Those same factors will provide benefits in the emerging markets. They'll be a little bit later in the cycle.

因此，當我們檢視自身投資組合以及其他可投入資本的領域時，我們認為在國內市場以及其他已開發市場投資鐵塔，是非常好的資本運用方式。同樣的因素也會為新興市場帶來效益。只是它們會在週期中稍晚發生。

But as we've said about our capital allocation strategy, we are allocating more of our capital toward developed markets. We'll continue to do that. And so really, the amount of those investments in towers will depend on the opportunities, we have had the opportunity to invest more capital in Europe by doing build-to-suits in that market.

但如同我們對資本配置策略所說，我們正把更多資本配置到已開發市場。我們會持續這麼做。因此，鐵塔投資的規模將取決於機會；我們曾透過在歐洲市場進行客製化建置（build-to-suit）而有機會投入更多資本。

And we like that business. We've got some good day one yields, and we see some good growth prospects there. And we haven't been able to invest as much in the US just because we haven't had the opportunities that met our financial criteria that we felt were actionable in the US. But certainly, if those opportunities come to market, that's kind of our first priority is towers because we think towers are poised for another good growth cycle going forward.

而我們喜歡那門生意。我們取得了不錯的首日收益率（day one yields），也看到良好的成長前景。至於美國市場，我們之所以無法投入那麼多，主要是因為尚未出現符合我們財務標準、且我們認為可執行的機會。但若這些機會進入市場，我們的第一優先仍是鐵塔，因為我們認為鐵塔正蓄勢待發，將迎來下一個良好的成長週期。

The other area where we are investing more capital, and we would like to continue to accelerate the investment is CoreSite, it is a rapidly growing segment of our business, and we're able to continue to underwrite mid-teens or better stabilized yields on all our incremental new investments there. So to the extent that we can continue to find opportunities to invest in CoreSite, expanding that model, and earning those types of returns, we'll do it.

另一個我們正在投入更多資本、且希望持續加速投資的領域是 CoreSite。它是我們業務中成長非常快速的板塊；對於所有新增的增量投資，我們仍能承作（underwrite）中十位數（mid-teens）或更高的穩定化收益率（stabilized yields）。因此，只要我們能持續找到投資 CoreSite 的機會、擴大該模式並賺取這類報酬，我們就會去做。

So from my perspective, the top priorities are domestic and developed market towers and data centers. Our internal CapEx program has provided us a lot of opportunities to invest, and that's been through build-to-suits and this organic builds in the CoreSite.

從我的角度來看，最優先的重點是國內以及已開發市場的鐵塔與資料中心。我們內部的資本支出（CapEx）計畫為我們提供了許多投資機會，這些機會來自量身打造（build-to-suit）專案，以及 CoreSite 的有機自建案。

Rob, anything you want to add to that?

Rob，你還有什麼想補充的嗎？

Thank you for the question, and it's great having you on the call. Just a couple of things that I would add to Steve's comments relative to capital allocation.

謝謝你的提問，也很高興你能參與這通電話會議。關於資本配置，我想在 Steve 的評論基礎上再補充幾點。

Number one is I'll just highlight our long-standing, consistent and disciplined approach to capital allocation. It really is designed to optimize long-term shareholder value. And I like Michael, the way you brought a couple of things in there, certainly subset for us of optimizing long-term shareholder value is driving purposely the quality of our earnings and our balance sheet strength. And you kind of picked that up on the rotation out of Bangladesh and Philippines and in the way we allocate capital. So that is a couple of keys for us.

第一點，我想強調我們長期以來一貫且嚴謹自律的資本配置方法。這套方法的設計目的，確實是為了最大化長期股東價值。而且 Michael，我也很認同你提到的幾個面向；對我們而言，最大化長期股東價值的一個重要子集合，就是有意識地提升獲利品質以及強化資產負債表。你也從我們退出孟加拉與菲律賓，以及我們配置資本的方式中看到了這一點。所以，這些是我們的幾個關鍵重點。

When we think about our capital allocation approach, first and foremost, it's supporting the dividend and a growing dividend, we think that is a very important part of our business in relationship with our shareholders. And with that, we aim to dividend out 100% of our REIT taxable income each year. This year, that will equal about $3.3 million billion and represent roughly a 5% growth.

當我們思考資本配置策略時，首要之務是支持股利，以及持續成長的股利；我們認為這是我們與股東關係中非常重要的一環。在此之下，我們的目標是每年配發 100% 的 REIT 應稅所得。今年這將約等於 33 億美元，並代表約 5% 的成長。

Of course, those two numbers are full year, and they will be subject to approval by our Board on a quarterly basis. We then next look at internal uses of capital. We have a capital program and an outlook this year that is nearly $1.9 billion. We have allocated -- we expect to allocate nearly 85% of that towards developed markets with nearly $700 million of that into data centers, as Steve talked about.

當然，這兩個數字都是全年口徑，且將按季度提交董事會核准。接著我們會看資金的內部用途。我們今年的資本計畫與展望接近 19 億美元。我們已配置——並預期將其中近 85% 配置到已開發市場，其中約 7 億美元投入資料中心，如同 Steve 所提到的。

That is purposeful, of course, and it relates to driving that quality of earnings and achieving stability in our cash flows and our cash flow growth. After the internal CapEx programs, as Steve said, we look at M&A opportunities, we always scan the market there. Our goal there is not to be bigger in terms of assets, but bigger in terms of AFFO and AFFO per share growth over the long term, really with a keen eye on driving total shareholder return over the long term.

這當然是有意為之，目的在於提升獲利品質，並讓我們的現金流與現金流成長更具穩定性。在完成內部 CapEx 計畫之後，如 Steve 所說，我們會再看併購（M&A）機會，我們一直都在掃描市場。我們的目標不是在資產規模上變得更大，而是從長期來看，在 AFFO 以及每股 AFFO 成長上變得更大，並且以推動長期總股東報酬為核心。

We're happy to continue to reduce debt. We are below our target range of 5 times at the moment, which puts us in a really strong position relative to other companies (technical difficulty) with limited exposure to floating rate debt in our industry-leading credit rating really is a strategic benefit for us as we move forward -- (technical difficulty)

我們也樂於持續降低負債。目前我們低於 5 倍的目標區間，這讓我們相較其他公司處於非常強勢的位置（技術問題），同時我們在本產業對浮動利率負債的曝險有限，而我們領先同業的信用評等確實是我們未來前進的一項策略優勢--（技術問題）

Rod was talking about our capital allocation priorities. I'll assume that we got through that question that you guys heard most of the answer on that. Michael, I'll pick up with your question on the data center upside. And the outperformance in Q2 and really the growth that we're seeing in CoreSite is broad-based.

Rod 剛才在談我們的資本配置優先順序。我先假設我們已經把那個問題講完了，你們也聽到了大部分的回答。Michael，接著我來回應你關於資料中心上行空間的問題。第二季的超預期表現，以及我們在 CoreSite 看到的成長，來源相當多元、是全面性的。

In Q2, we saw another record quarter, and that was driven by strong sales in both traditional customers and retail customers. It's the hybrid multi-cloud installation, and we were -- AI use cases. Also, we saw very strong trends in mark-to-market and an inflection in interconnection activity, a big inflection of interconnection activity. So it's really everything in that business is seeing positive tailwinds that are driving that outperformance.

在第二季，我們又創下單季新高，主要由傳統客戶與零售客戶兩端的強勁銷售所帶動。這包括混合式多雲（hybrid multi-cloud）部署，以及——AI 的使用案例。此外，我們也看到非常強勁的市價調整（mark-to-market）趨勢，以及互連（interconnection）活動出現拐點，而且是很大的拐點。因此，這項業務幾乎各個面向都受惠於正向順風，推動了這次的超預期表現。

Great. Wonderful. Thanks, Steve. Thanks, Rod.

很好。太棒了。謝謝你，Steve。謝謝你，Rod。

Michael Rollins, Citi.

Citi 的 Michael Rollins。

So first, Steve and Rod, I was curious if you could talk a little bit more about what you're seeing from the carriers in terms of their interest to densify along this 5G cycle in the US? And if that's something where you're already in conversations for densification later this year, next year?

首先，Steve 和 Rod，我想請你們再多談一點：在美國這一輪 5G 週期中，你們看到電信業者在加密（densify）方面的興趣如何？以及你們是否已經就今年稍晚或明年的加密需求展開對話？

And that's something where the carriers may want to enter into comprehensive deals for colocation, may be different in the ways where they more predominantly did that for amendment activity. And if I just have two quick follow ups on the data center side. Just curious, you mentioned an acceleration of interconnection. I'm curious where that's coming from and what you're seeing as maybe the catalyst for that?

另外，電信業者可能希望就共置（colocation）簽訂更全面性的合約，這可能不同於他們過去較常用於修約（amendment）活動的方式。我還有兩個關於資料中心的快速追問。你提到互連正在加速。我想了解這股加速主要來自哪裡？你們認為可能的催化因素是什麼？

And then just related to the upcoming convertible for the data center business with your financial partner. Curious if that's something where if you could walk us through the mechanics -- and how you're thinking about your ownership position in these assets over time? Is that something you actually may want to increase your ownership over time, given what you discussed in terms of the growth of the business.

然後，關於你們與金融合作夥伴在資料中心業務即將到期的可轉換工具（convertible）。想請你們說明一下運作機制——以及你們如何看待未來在這些資產上的持股比例？鑑於你們談到的業務成長，這是否是你們實際上可能會隨時間提高持股比例的安排？

I'll take the first two, and then Ron, you can talk about the last one. In terms of the carrier trends, this is something we've been talking about for over a year now. It's something that we've been seeing in our conversations with carriers and it's translated into our application pipeline. So we're already seeing the benefit of more co-locations in our new business pipeline with the carriers. And it's exactly what we expected to see at this point in the network evolution.

我先回答前兩個，然後 Ron 你可以談最後一個。就電信業者的趨勢而言，這是我們已經談了一年多的事情。我們在與電信業者的對話中一直看到這個趨勢，也已反映在我們的申請案（application）管線中。因此，我們已經在與電信業者的新業務管線中看到更多共置帶來的效益。而這正是我們在網路演進到這個階段時所預期會看到的情況。

Just a reminder, the first phase is a coverage phase. It's largely amendment-driven and then you enter into a phase where they're working on the quality of their network, and then you come to a capacity phase. And that's where we are today. And so it's exactly what we thought we would see at this point and there is a change in the volume of new colocations that we're seeing.

提醒一下，第一階段是覆蓋（coverage）階段。這個階段主要由修約（amendment）所驅動，接著會進入他們著重提升網路品質的階段，然後才會來到容量（capacity）階段。而我們今天正處於這個容量階段。所以這完全符合我們對此時點的預期，而且我們確實看到新共置的量出現變化。

With respect to the comprehensive agreements, we're pretty agnostic about whether we're in a comprehensive agreement or a pay by the drink agreement, that contractual construct is really designed to speed the deployment and the operational efficiency.

至於全面性協議（comprehensive agreements），我們其實相當中立，不論是全面性協議或按用量計費（pay by the drink）協議都可以；這種合約架構的設計，主要是為了加快部署並提升營運效率。

And that's something we're always open to with our customers, and it's really kind of up to them to define how they want to operate in those frameworks. And we're always having those discussions. So we may or may not end up with one of those, and it's okay, either way because we're going to see the new business from that.

這也是我們一向願意與客戶討論的方向，而最終其實取決於客戶想要在這些框架下如何運作。我們一直都有在進行這些討論。所以我們可能會、也可能不會採用其中一種；無論如何都沒問題，因為我們都會因此看到新業務。

In terms of the interconnections at CoreSite, it's really -- it's pretty broad-based. But what I would say that we're seeing, it's partially driven by AI. It's partially driven by the continued adoption of cloud tools. And so what we see is more and more data that needs to be moved between these large customers of ours. And it's why CoreSite is such a key part of their IT infrastructure.

至於 CoreSite 的互連，確實——相當廣泛、來源很多元。但我會說，我們看到的部分動能來自 AI。部分動能來自雲端工具的持續採用。因此我們看到，越來越多資料需要在我們的大型客戶之間移動。這也是為什麼 CoreSite 會成為他們 IT 基礎架構中如此關鍵的一環。

Using the Internet to move petabytes of data is just not practical. And that's why people come to CoreSite is to be natively co-located with their cloud providers with their inferencing providers. So they can connect their data sets, their enterprise data sets to these large models.

透過網際網路來搬移 PB 等級（petabytes）的資料並不實際。這也是為什麼大家會來到 CoreSite，與他們的雲端供應商、推論（inferencing）供應商原生共置（natively co-located）。如此一來，他們就能把自己的資料集、企業資料集連接到這些大型模型上。

And that's really the virtuous cycle that we have in terms of CoreSite and why it's a value driver. It's why we can get the types of returns that we're getting there is because we're creating the environment where they can exchange those huge data sets. So we think it's right in line with our traditional business. It's accelerating because people are trading more data.

而這正是我們在 CoreSite 上所擁有的良性循環，也是它為何能驅動價值。我們之所以能在那裡取得目前這類報酬，是因為我們正在打造一個環境，讓他們能夠交換那些龐大的資料集。因此我們認為這與我們的傳統業務非常一致。而且它正在加速，因為人們正在交易更多的資料。

I'll address your question around the data center business and our joint venture there. So as you know, as of today, we own -- American Tower owns about 72% of that business. We are clearly the in-control shareholder. And Stonepeak as our partner owns about 28%. They also have that convertible note where we give them a preferred dividend.

我來回應你關於資料中心業務以及我們在那裡的合資企業的問題。如你所知，截至今天，我們持有——American Tower 持有該業務約 72%。我們顯然是具控制權的股東。而我們的合作夥伴 Stonepeak 持有約 28%。他們也持有那筆可轉換票據，我們會支付給他們一項優先股息。

The cost of that is actually reflected in our AFFO and the distributions. So our attributable AFFO per share to American Tower already includes that distribution for that convertible note. In Q3, we will expect -- we expect that to convert to equity. So that will move the ownership percentage of Stonepeak up to about 36% or move ours down to about 64%. That ownership split will then be reflected in our attributable AFFO per share.

其成本其實已反映在我們的 AFFO 與配發中。因此，歸屬於 American Tower 的每股 AFFO 已經包含了那筆可轉換票據的配發。在第三季，我們預期——我們預期該票據將轉換為股權。因此 Stonepeak 的持股比例將上升至約 36%，或我們的持股將下降至約 64%。之後，該持股分拆將反映在我們歸屬的每股 AFFO 中。

We really don't expect a material difference from the way that it -- the result of that, those numbers compared to what we've had in the past. So we've always had the charge for that convertible note instead of being a distribution, now it will be an attributable piece of AFFO. That's the way that will work. You'll see that happen in Q3.

我們其實不預期相較於過去會有重大的差異。所以我們一直以來都有那筆可轉換票據的費用；過去是以配發的形式呈現，現在則會變成歸屬的 AFFO 份額。運作方式就是如此。你會在第三季看到這個變化。

The other thing that I'll address here just briefly is jumping back to your question about carrier activity and highlight the fact that in our US business, the pipeline and the demand for our sites continues to be very healthy and consistent and largely driven, as Steve said, by late-stage 5G amendments as well as the early-stage densification that we're seeing.

另外我也想在這裡簡短補充一下，回到你關於電信商活動的問題，並強調在我們的美國業務中，站點需求與案源管線仍然非常健康且一致，而且如 Steve 所說，主要由後期的 5G 修約（amendments）以及我們看到的早期加密（densification）所驅動。

As a result of that, in 2026, we expect the carrier network investments to drive revenue growth for us that contribution to organic tenant billings that comes from new business of about 250 basis points. That is very consistent with what we experienced last year on an ex DISH basis. So from an apples-to-apples standpoint, we see that being very consistent.

因此，在 2026 年，我們預期電信商的網路投資將帶動我們的營收成長；其中來自新業務、對有機租戶帳單（organic tenant billings）的貢獻約為 250 個基點。這與我們去年在排除 DISH 影響（ex DISH）後的經驗非常一致。所以以同口徑（apples-to-apples）的角度來看，我們認為會非常一致。

Because of the drivers that Steve also articulated in his prepared remarks, and the comments around the questioning there, we expect that demand to continue going forward. That means we have that 2.5% new business contribution. We can -- we add to that 3% from the escalator that we have. Our churn is running 1% to 2%. We've been at the lower end of that, ex DISH and expert in prior years.

基於 Steve 在其事先準備的發言中也闡述的驅動因素，以及在問答中的相關評論，我們預期這股需求將在未來持續。這意味著我們有 2.5% 的新業務貢獻。我們還可以——再加上我們擁有的 3% 調升條款（escalator）。我們的流失率（churn）約在 1% 到 2%。在過去幾年排除 DISH 以及 expert 的影響後，我們一直處於該區間的較低端。

So you put all that together, you end up with an organic growth rate of -- in the mid-single digits, maybe 4.5% for 2026. That is very constructive and supportive of our aspirational intention to deliver mid-single-digit to upper-single-digit AFFO per share growth going forward.

把這些加總起來，你會得到一個——中個位數的有機成長率，2026 年可能約 4.5%。這非常具有建設性，也支持我們未來實現每股 AFFO 中個位數到高個位數成長的目標性意圖。

Thanks very much.

非常感謝。

Nick Del Deo, MoffettNathanson.

Nick Del Deo，MoffettNathanson。

First, I guess I was wondering if you've been in contact with any satellite providers that might be exploring terrestrial deployments to augment their offerings.

首先，我想知道你們是否有與任何可能正在探索以地面部署來補強其服務的衛星業者接觸。

And then second, Steve, in your prepared remarks, and you also emphasized it in some prior response prior questions, you said that you continue to evaluate opportunities to expand your CoreSite development pipeline even further. Looks like you have a couple of new markets that you're looking to enter. Can you talk about other levers you might pull to expand the pipeline?

第二，Steve，在你事先準備的發言中，以及你在先前一些回覆前面問題時也強調過，你提到你們仍在評估進一步擴大 CoreSite 開發管線的機會。看起來你們正在考慮進入幾個新市場。你能談談還有哪些槓桿可以用來擴大這條管線嗎？

Sure. Thanks, Nick. All the existing satellite providers are current customers of ours on their existing networks. They do have some terrestrial presence there. And we're always talking to all of our customers.

當然。謝謝，Nick。所有現有的衛星業者都是我們在其既有網路上的現有客戶。他們在地面端也確實有一些布局。而我們也一直與所有客戶保持溝通。

When you think about the aspiration to participate in the US wireless market, as we said before, so I'd like to complementary to terrestrial networks. So if you want to be a player in that market, you would need terrestrial infrastructure. And so if they decide to go that route, we are confident that we would be a good partner for them.

當你思考參與美國無線市場的願景時，如我們之前所說，衛星是對地面網路的互補。因此如果你想成為該市場的參與者，你就需要地面基礎設施。所以如果他們決定走這條路，我們有信心我們會是他們很好的合作夥伴。

And if you look at how other market entrants have looked at entering the market, most recently, DISH, even though that they've exited the market now, their path to a large-scale build in the US was to partner with American Tower. And we're confident that the satellite providers, if they decide to go that route and decide to build terrestrial infrastructure will come to us and partner with us to build, that's the most efficient and quickest way to build.

而如果你看其他市場進入者是如何進入市場的，最近的例子是 DISH，儘管他們現在已退出市場，他們在美國進行大規模建設的路徑是與 American Tower 合作。我們也有信心，衛星業者若決定走這條路並建設地面基礎設施，會來找我們並與我們合作建設，因為那是最有效率、也最快速的建設方式。

So when it comes to those customers, they are customers today, we always talk to our customers and we're there to support them in whatever they decide to do, but I'd refer you back to them in terms of what their plans are.

因此就這些客戶而言，他們今天就是我們的客戶，我們一直與客戶保持對話，也會支持他們做出任何決定；但就他們的計畫是什麼，我會請你回到他們那邊去了解。

In terms of CoreSite, we're looking at all options, everything is on the table in terms of expansion there. We are looking at some new market expansions. We also will continue to seek to expand our existing campuses. That's where we have the best investment opportunities. And then if there was something inorganic that made sense, we would look at that.

至於 CoreSite，我們正在評估所有選項，就擴張而言一切都在考量範圍內。我們正在看一些新市場的擴張。我們也會持續尋求擴大我們既有園區（campuses）。那是我們擁有最佳投資機會的地方。此外，如果有任何具備合理性的非有機（inorganic）機會，我們也會評估。

We bought a small data center in Miami a few years ago. We have a couple of data centers at American Tower bought pre the CoreSite acquisition. Those have worked out very well for us. So those are things that we would consider. We just have to have the right opportunity to do that.

幾年前我們在邁阿密買了一座小型資料中心。在收購 CoreSite 之前，American Tower 也買過幾座資料中心。那些對我們而言運作得非常好。所以這些都是我們會考慮的事情。我們只是需要有合適的機會才能去做。

But I do want to reinforce that we will continue to pursue our business model. It's a highly interconnected ecosystem that generates that virtuous cycle I talked about in the last call. So we're not interested in going into hyperscale or what I call undifferentiated colo facilities that don't have interconnection systems. And so for us, there's a limited universe that we're willing to invest in, but that universe has a lot of opportunity in it. And we're going to continue to look to invest that.

但我確實想再次強調，我們會持續推進我們的商業模式。這是一個高度互聯的生態系，會產生我在上次電話會議中提到的那種良性循環。因此我們不打算進入超大規模（hyperscale），或我所稱的、沒有互連系統的同質化機房（colo）設施。所以對我們而言，我們願意投資的標的範圍是有限的，但在那個範圍內有很多機會。而我們將持續尋求投資於此。

And again, I'll just repeat what I said in my prepared remarks. We've expanded CoreSite's capacity by 1.5 times since we bought it. And we have a good runway to triple that going forward, just in what we've got today, and we're going to continue to seek opportunities to go even further and expand that more.

另外我再重申一次我在事先準備的發言中所說的。自從我們收購 CoreSite 以來，我們已將其容量擴大到 1.5 倍。而僅就我們目前既有的資產而言，未來我們有很好的跑道可以把它擴大到三倍；同時我們也會持續尋找機會走得更遠、擴張得更多。

Thanks, Steve.

謝謝，Steve。

Rick Prentiss, Raymond James & Associates.

Rick Prentiss，Raymond James & Associates。

A couple of questions. I appreciate the details on kind of the catalyst. As I always say, you got to follow the spectrum for the tower fundamentals. I wanted to probe a little further on that. AT&T getting the 600 megahertz stuff, low band frequency, it seems like that's heavy but more amendment type style.

有幾個問題。我很感謝你們提供關於催化因素的細節。就像我一直說的，你必須追蹤頻譜，才能掌握鐵塔基本面。我想就此再深入追問一下。AT&T 拿到 600 兆赫的那些資源，屬於低頻段頻譜，看起來量很大，但似乎更偏向修約（amendment）類型的風格。

Upper C-band auction that we've gotten a lot of good information with the FCC and good to have that scheduled. Walk us through a little bit about what that means to add upper C-band on top of lower C-band? Can the radios and antennas handle it? Does it mean some carriers need to actually get deploying and back to the densification question.

我們已就上層 C 頻段拍賣與 FCC 取得了許多有用資訊，也很高興看到該拍賣已排定時程。請帶我們稍微了解一下：在下層 C 頻段之上再加入上層 C 頻段，這代表什麼？無線電設備與天線能夠支援嗎？這是否意味著某些電信業者其實需要開始部署，並回到網路加密（densification）這個問題？

And of course, we have other blocks that are being targeted. Do you think those blocks will actually show up on towers as we keep going up a higher gigahertz range?

當然，我們還有其他正在鎖定的頻段區塊。你認為隨著我們持續往更高的 GHz 範圍推進，那些區塊真的會出現在基地台鐵塔上嗎？

And the final piece of spectrum is the DISH wireless bankruptcy process is moving forward. Hopefully, you get the escrow fund that equipment, is it still on your towers? And do you know what frequency bands are up on that DISH equipment as they kind of go through that bankruptcy process and maybe look to sell that equipment to somebody?

最後一塊頻譜是 DISH Wireless 的破產程序正在推進。希望你們能拿到那筆用於設備的託管資金；那些設備現在還在你們的鐵塔上嗎？另外，當 DISH 在破產程序中、可能考慮把設備賣給其他人時，你知道那些 DISH 設備上使用的是哪些頻段嗎？

Yeah, Rick, there's a lot there, so I'll dive right in. So let's start with spectrum. And we are excited about the 800 megahertz spectrum that was identified as a big beautiful bill and you've referenced some of the spectrum that's in there.

是的，Rick，內容很多，我直接切入。先從頻譜談起。我們對被納入那項「大而美法案」並被識別出的 800 兆赫頻譜感到很振奮，你也提到了其中一些頻譜。

With respect to the lower band spectrum, what we've seen is that the carriers have been using that as a very good complement to the higher bench spectrum in their network. And it's the layer cake of spectrum that I think people have talked about as part of 5G in terms of how they're meeting that need. And so we absolutely expect those lower bands to be deployed, and that will generate some revenue for us just like every spectrum deployment does.

就低頻段頻譜而言，我們看到電信業者一直把它作為其網路中較高頻段頻譜的非常好的互補。這就是大家在談 5G 時常說的「頻譜千層蛋糕」概念，用來說明他們如何滿足需求。因此我們完全預期這些低頻段會被部署，而這也會像每一次頻譜部署一樣，為我們帶來一些營收。

In terms of the upper C-band, that will go on to ours, and we do expect that over time that we will get significant activity as a result of that. And when you talk about radios, what they can handle and things like that, no radio can handle an infant amount of spectrum and infant number of traffic going through it. So the real driver for us is mobile data growth. And so the carriers will continue to deploy spectrum as the mobile data growth goes up, they're going to need to add more equipment with that to meet that demand.

至於上層 C 頻段，它會部署到我們的鐵塔上，而且我們確實預期隨著時間推進，這將帶來相當顯著的活動量。你提到無線電設備能承載多少之類的問題，沒有任何一套無線電設備能夠承載無限量的頻譜與無限量的流量。所以對我們而言，真正的驅動因素是行動數據成長。因此，隨著行動數據成長上升，電信業者會持續部署頻譜；他們將需要搭配新增更多設備來滿足需求。

And just a reminder, we've talked about the need for the carriers to double their capacity by 2030. And that's some of the projections we've seen by numerous industry analysts. And we've said for years now that we thought that that would be met half from new spectrum and new technology upgrades, but half from densification.

再提醒一下，我們談過電信業者到 2030 年需要將容量翻倍的需求。這是我們從多位產業分析師看到的一些預測。而我們多年來一直表示，我們認為其中一半會由新頻譜與新技術升級來滿足，另一半則來自網路加密（densification）。

And so we've always anticipated that more spectrum will come to market that will get deployed. That will meet some of the capacity needs, but they're going to need to densify and they're going to need to add more equipment to deploy that spectrum over time as well.

因此我們一直預期會有更多頻譜進入市場並被部署。這會滿足部分容量需求，但他們也需要進行加密，並且隨著時間推進，為了部署這些頻譜也需要新增更多設備。

And when you talk about the higher frequency blocks, the 6, 7, 8 gigahertz blocks, those are the frequencies that are being talked about for 6G. We're very excited about that. They will absolutely go on towers. Towers will be the backbone of 6G, just like it was the backbone of 5G, 4G, and 3G. And we think that, that will drive significant activity on towers over time as those bans become available, but we also think that's going to require more densification.

至於更高頻率的區塊，也就是 6、7、8 GHz 的區塊，這些就是大家在談 6G 時提到的頻率。我們對此非常興奮。它們一定會部署在鐵塔上。鐵塔將會是 6G 的骨幹，就像它一直是 5G、4G 與 3G 的骨幹一樣。我們認為，隨著這些頻段可用，長期而言會在鐵塔上帶來顯著的活動量，但我們也認為這將需要更多的網路加密。

Those higher frequencies won't propagate as far as easily as the lower bands do. And that's part of the densification story that we see playing out for 6G and some of the plans that that we see carriers making that we're engaged in talks about is how do you deploy those frequencies in the future? What does the network look like?

這些更高頻率的傳播距離不會像低頻段那樣遠、也不那麼容易。這也是我們看到 6G 的加密故事正在展開的一部分；而我們與電信業者就其規劃所進行的討論之一，就是未來要如何部署這些頻率？網路會長成什麼樣子？

So we're excited about all of that frequency. Again, there's 800 megahertz it's been identified and a big beautiful bill. We're anxious for them to get allocated, auctioned, and start working with our customers on that. And we think that that's going to be a good story for towers for the next several years as that comes to market.

所以我們對所有這些頻率都感到興奮。再次強調，那項「大而美法案」中已識別出 800 兆赫的頻譜。我們很期待它們能被分配、拍賣，並開始就此與我們的客戶合作。我們認為，隨著它們進入市場，未來幾年這會是對鐵塔很好的故事。

And (inaudible)?

以及(聽不清楚)？

Yeah. On your specific question on the DISH equipment, I don't want to get into the details of our customer contracts on that. The equipment is still up on the towers, and that's kind of all I really want to say about that at this point. Everything else is kind of subject to the litigation, Rick.

是的。關於你針對 DISH 設備的具體問題，我不想深入我們與客戶合約的細節。設備仍然在鐵塔上，這大概就是我目前想說的全部。其他一切都還牽涉到訴訟程序，Rick。

Okay. And going back to Michael Ng's question, you did cut out -- I'm not sure we got the full answer, particularly on stock buybacks. Last quarter, you did about $150 million worth of buyback. Obviously, 2Q, you had a dislocation event with SpaceX IPO occurring.

好的。回到 Michael Ng 的問題，你剛才有斷線——我不確定我們是否聽到完整答案，特別是關於股票回購。上季你們回購了大約 1.5 億美元。顯然在第二季，你們遇到 SpaceX IPO 發生所帶來的錯位事件（dislocation event）。

As we look at the subsequent to second quarter, where the stock is trading, M&A, inorganic and data centers, but stock buyback, maybe finish that answer because Rod, you did cut off. I'm not sure if we got the full answer on kind of how stock buyback fits into it that Michael first asked.

當我們看第二季之後、目前股價的交易水準，以及併購、非有機成長與資料中心等議題時，但就股票回購而言，也許你可以把答案補完，因為 Rod 你剛才確實中斷了。我不確定我們是否聽到完整答案，也就是股票回購在其中扮演什麼角色——這是 Michael 一開始問的。

Yeah. Great. Thanks for the opportunity, Rick. And not knowing exactly where I cut out, this -- a little bit of this may be redundant, but we do follow a very consistent and disciplined capital allocation approach, and it really is targeted to drive long-term shareholder value.

好的。很好。謝謝你給我這個機會，Rick。我不確定我是在什麼地方斷掉的——所以接下來有些內容可能會重複——但我們確實遵循一套非常一致且嚴謹的資本配置方法，而其目標就是推動長期股東價值。

And as subsets of that, quality of earnings is significantly important in that as well as balance sheet strength. And we've been driving those very successfully over the last several years and even longer. With that said, I think everyone knows we prioritize the dividend. We then look at internal capital programs. Those programs are being allocated roughly 80% towards developed markets with a big chunk of that going towards data centers.

在這之下，獲利品質也非常重要，另外還有資產負債表的強度。過去幾年、甚至更長時間以來，我們在這些方面都推動得非常成功。在此基礎上，我想大家都知道我們優先考量股利。接著我們會看內部資本計畫。這些計畫的資金配置大約有 80% 投向已開發市場，其中很大一部分投向資料中心。

Then we look at M&A, we look at share buybacks and debt repurchases and all of those options are available to us. We will consider all of those options at any time and all the time and make the right decisions at the moment relative to our priority of driving long-term shareholder value, driving quality of earnings and maintaining a strong balance sheet.

然後我們會看併購（M&A），也會看股票回購與債務回購，而這些選項我們都具備。我們會在任何時間、一直都會評估所有這些選項，並在當下做出正確決策，以符合我們推動長期股東價值、提升獲利品質並維持強健資產負債表的優先順序。

And at times, there's uncertainty around rates. That's why you've seen us really drive down our exposure to floating rate debt. And at times, that may also require us to preserve cash and maybe delever a little bit further, which we're comfortable doing in certain environments.

有時候，利率存在不確定性。這也是為什麼你看到我們確實在降低對浮動利率債務的曝險。而在某些時候，這也可能需要我們保留現金，並可能再進一步去槓桿（delever）一些；在特定環境下我們對此是可以接受的。

Share buybacks are in the toolkit. We do have a program approved by our Board of Directors. That was a $2 billion program that we're working through today. I think we've spent or invested about $600 million of that program. So we have a little less than $1.5 billion, maybe $1.4 billion. This year, we've allocated $200 million towards share buybacks in 2026 year to date.

股票回購是工具箱中的一項工具。我們確實有一項經董事會核准的計畫。那是一項 20 億美元的計畫，我們目前正在執行中。我想我們已經花掉或投入了大約 6 億美元。所以我們還剩不到 15 億美元，可能是 14 億美元。今年截至目前為止，我們在 2026 年度已配置 2 億美元用於股票回購。

So we're active in that program. We think it's an important part of our toolkit. We're happy that we have the program approved by our Board of Directors, and we'll continue to balance our capital allocation and keep it consistent with our kind of overall disciplined, consistent philosophy.

所以我們積極參與該計畫。我們認為這是我們工具箱中很重要的一部分。我們很高興該計畫已獲董事會核准，並將持續在資本配置上取得平衡，並使其與我們整體一貫的審慎、穩健理念保持一致。

Great. Thanks, guys. Steve, see you in a couple of weeks.

很好。謝謝各位。Steve，幾週後見。

Eric Luebchow, Wells Fargo.

Eric Luebchow，富國銀行。

Just two, if I could. So first, we've heard that headcount reductions at some of the US carriers has perhaps caused a little bit of a slowdown in activity levels this year. So are you seeing any impact from that, whether that's in the services business or perhaps new bookings for colos and amendments that could inform growth rates going into next year.

如果可以的話，我有兩個問題。首先，我們聽說部分美國電信業者的人力縮減，可能導致今年的活動水準略有放緩。那你們是否看到任何影響，不論是在服務業務上，或是新進駐（colos）與合約修訂（amendments）的新訂單，這些是否能為明年的成長率提供一些線索？

And then secondly, we also read that Vodafone in Spain is moving some infrastructure of competitor sites to you in 2028. Maybe you could comment a little bit on that and what that could do to growth rates in the EMEA region in a couple of years.

第二，我們也讀到 Vodafone 在西班牙將於 2028 年把競爭對手站點的一些基礎設施移轉到你們這邊。也許你可以稍微評論一下這件事，以及這在幾年後可能對 EMEA 區域的成長率帶來什麼影響。

Yeah. Thanks, Eric. In terms of our business, we're very confident that our customers are very good at running their businesses. They're very good at planning what they're trying to do. And so I wouldn't point to anything that's happening on their side as a slowdown or impacting our results.

是的。謝謝你，Eric。就我們的業務而言，我們非常有信心，我們的客戶非常擅長經營他們的業務。他們也很擅長規劃他們想做的事情。因此，我不會把他們那邊發生的任何事情視為放緩或對我們的業績造成影響。

Again, if you go back to the way we've talked about the 5G investment cycle over time, it's playing out exactly the way we thought it would. And we always know there's going to be a first push where you do an overlay network. That will be the busiest time.

同樣地，如果你回頭看我們過去談到 5G 投資循環隨時間的演進，它的發展完全符合我們的預期。而且我們一直知道，會先有第一波推進，也就是先做覆蓋式（overlay）網路。那會是最忙碌的時期。

There will be a short pullback as they get through that first wave of investment as the looking at the networks and trying to make sense of what they're doing there and then they go into a much more consistent phase of investing in both quality and capacity.

在他們完成第一波投資後，會有一段短暫的回落期，因為他們會檢視網路並試著釐清自己在做什麼，接著就會進入一個更為穩定的投資階段，同時投資於品質與容量。

And as Rod referenced in his remarks, our new business levels are pretty consistent year over year. And we expect that investment cycle by the carriers to be consistent at this part of 5G or accelerate if some of the catalysts with AI and other things create higher demand than what we originally thought there. So there's nothing that's happening on the carrier side that I would point to that's concerning us in terms of the cadence of their builds on that.

而且如 Rod 在致詞中提到的，我們的新業務水準年對年相當一致。我們預期電信業者在 5G 這個階段的投資循環會保持一致；若 AI 等催化因素帶來的需求高於我們原先的預期，投資也可能加速。所以在電信業者端，沒有任何事情會讓我覺得他們建設節奏有什麼值得擔憂之處。

With respect to the rumors you're talking about in Spain, we don't talk about individual customer agreements. What I would say is that Europe continues to be a good region for us, and we feel confident in the growth that we're seeing there. We were very disciplined when we entered that market, and we made sure that we didn't enter that market until we had an agreement in place that gave us good, reliable protection on the downside and good growth prospects going forward.

至於你提到西班牙的傳聞，我們不評論個別客戶協議。我想說的是，歐洲對我們而言仍然是一個表現良好的區域，我們對那裡看到的成長很有信心。我們進入該市場時非常自律，並確保在進入之前就已簽訂協議，讓我們在下行風險上有良好、可靠的保護，同時也具備未來良好的成長前景。

And it's driving mid-single-digit growth for us. We see a lot of potential to continue that as those carriers continue to invest. Our portfolio is anchored largely by Telefonica and we're largely insulated from the negative impacts of some of the smaller carrier consolidation that you're seeing there.

而這正推動我們達到中個位數的成長。隨著這些電信業者持續投資，我們看到很大的潛力可以延續這樣的成長。我們的資產組合主要以 Telefónica 為核心，因此在一定程度上可隔離你所看到的一些較小電信業者整併所帶來的負面影響。

And so we view what's happening in Europe as a little bit of a market correction as you're seeing some of those smaller carriers merge out of existence or enter into agreements with each other. And we think that we're well poised to benefit from that because we have an exceptionally strong tower portfolio that we acquired as part of that deal.

因此，我們把歐洲正在發生的事情視為一種市場修正：一些較小的電信業者透過合併而消失，或彼此簽訂合作協議。我們認為我們很有利於從中受益，因為我們擁有一個非常強大的鐵塔資產組合，這是我們在那筆交易中取得的一部分。

So again, we're confident that we're going to continue to see that kind of mid-single-digit growth and we're going to get that broad based from a variety of sources there.

所以再次強調，我們有信心會持續看到這種中個位數的成長，而且這將由多元來源廣泛支撐。

And Eric, I would just add a couple of quick comments. One is on our services revenue. We have not reduced our outlook for services revenue. So we are maintaining that $245 million of services revenue. That is really underpinned by the broad base of services that we provide to our customers, which really include end-to-end solutions as well as continued strong contributions from our services and acquisition in zoning and permitting.

Eric，我再補充幾點簡短的說明。第一是關於我們的服務營收。我們並未下調服務營收的展望。因此我們維持 2.45 億美元的服務營收目標。這主要由我們為客戶提供的廣泛服務所支撐，其中包括端到端解決方案，以及我們在分區（zoning）與許可（permitting）等服務與收購業務上的持續強勁貢獻。

So that's pretty consistent. There has been a step down in '26 from 2025. But in '26, we are seeing very consistent -- we have a very consistent outlook over time. Now with that said, it is slightly front-end loaded. So we do expect a small step down in the back half of the year in services, but we are maintaining the $245 million of services revenue.

所以這部分相當一致。2026 年相較 2025 年確實有一個下台階。但在 2026 年，我們看到的是非常一致——我們對長期的展望非常一致。不過話說回來，它在時間分布上略偏向前期。因此我們預期今年下半年服務業務會小幅下滑，但我們仍維持 2.45 億美元的服務營收。

And then I would just highlight what Steve says, in Europe -- our European business is performing exceptionally well for us, solid mid-single-digit organic tenant billings growth it performs -- it has performed better than our original underwriting when we did the Telefonica transaction.

另外我也想呼應 Steve 在歐洲的看法——我們的歐洲業務對我們而言表現非常出色，租戶計費（tenant billings）的有機成長穩健維持在中個位數——其表現優於我們在進行 Telefónica 交易時的原始承作假設（underwriting）。

And the key to that really is that it's a differentiated portfolio compared to other portfolios in Europe. And what that really means is that the counterparty and the way the customer contracts work of a steady mid-single digit to better growth.

而其關鍵在於，與歐洲其他資產組合相比，這是一個具差異化的資產組合。這實際上意味著：交易對手（counterparty）以及客戶合約的運作方式，能帶來穩定的中個位數、甚至更高的成長。

We have very limited churn. There's not a lot of consolidation risk within our portfolio. We are covered off on inflation and CPI with uncapped CPI, local CPI-based escalators. So it really is a very well performing, very stable, very much a differentiated portfolio than others you may see in Europe.

我們的流失率（churn）非常有限。在我們的資產組合中，整併風險不大。我們在通膨與 CPI 方面也有保障，採用不設上限的 CPI、以當地 CPI 為基礎的調價條款（escalators）。因此，這確實是一個表現非常好、非常穩定、且相較你在歐洲可能看到的其他資產組合更具差異化的投資組合。

Thanks, guys.

謝謝各位。

Cameron McVeigh, from Morgan Stanley.

Cameron McVeigh，摩根士丹利。

Just had a couple. First, just curious what you've learned from the rail deployment from -- about the AI inference and edge computing opportunity and what might be the primary bottleneck to greater adoption of edge computing at this point in time?

我有兩個問題。第一，我想了解你們從 Raleigh 的部署中——關於 AI 推論與邊緣運算機會——學到了什麼？以及在目前這個時間點，邊緣運算更大規模採用的主要瓶頸可能是什麼？

And then secondly, I saw that CoreSite ended the quarter with 36 megawatts under construction of which, I think around 8% was leased. Given the robust demand environment that we're seeing, can you discuss the current preleasing pipeline and opportunity to extend that preleasing window going forward?

第二，我看到 CoreSite 在本季末有 36 兆瓦正在建置中，其中我想大約 8% 已出租。在我們看到需求環境強勁的情況下，你能否談談目前的預租（preleasing）管線，以及未來延長預租窗口期的機會？

Sure. I'll take those. In terms of our deployment in Raleigh, it's part of our overall edge strategy -- and we continue to work with multiple partners in trying to help evolve that edge ecosystem. And I'd say that the biggest learning we've got from Raleigh so far is there is demand out there for capacity. And so we've seen a lot of interest in that facility.

當然。我來回答。就我們在 Raleigh 的部署而言，它是我們整體邊緣策略的一部分——我們也持續與多個合作夥伴合作，協助推動邊緣生態系的演進。我想我們目前從 Raleigh 得到的最大收穫是：市場確實存在對容量的需求。因此我們看到對該設施有很高的興趣。

And that was probably a little bit more of a surprise to me given that we were kind of building that as a test bed for innovation, but we have people who want to put their equipment in there. So there's demand there. In terms of the overall edge, we're excited to see other people talking about finally, and we're encouraged to hear our carrier customers starting to experiment on the edge and working with various providers. AI-RAN could be a driver of that as we work with various partners to figure out what that's going to look like.

這點對我來說可能有點出乎意料，因為我們原本把它當作創新測試平台來建置，但確實有人想把他們的設備放進去。所以那裡有需求。就整體邊緣而言，我們很高興看到終於有其他人開始談論這件事，也很受鼓舞地聽到我們的電信業者客戶開始在邊緣端做實驗，並與各種供應商合作。AI-RAN 可能會成為推動因素之一，我們正與不同合作夥伴一起研究它會是什麼樣子。

And we continue to think that we're positioned very well for the edge as it evolves, because it's not just about having power, it's also about having connectivity. And that's the reason why we bought CoreSite in the first place is to have that connection between towers and a highly interconnected ecosystem so that you can exchange data with various players in there.

我們也持續認為，隨著邊緣的演進，我們的定位非常有利，因為這不只是有電力而已，也關乎連接性（connectivity）。這也是我們當初收購 CoreSite 的原因：建立鐵塔與高度互聯的生態系之間的連結，讓你能與其中的各方參與者交換資料。

And we're continuing to see that evolve. So we're excited about it. We're excited other people are working on it, and we'll continue to innovate in that space. and we'll keep you guys up-to-date as there are developments that happen there.

而我們也持續看到這個領域在演進。所以我們對此感到振奮。我們也很高興看到其他人正在投入這方面的工作，而我們也會持續在這個領域創新。並且一旦那裡有任何進展，我們會持續向各位更新。

In terms of the pre-leasing, we're in a demand environment today where there is a lot of demand, and we could increase that pre-leasing if we wanted to. There are two reasons that it's a little bit lower than it's been in prior quarters. The first is some of those deployments are a little bit further out right now, that kind of 2027, maybe early 2028 is on some of that.

就預租（pre-leasing）而言，我們目前所處的需求環境需求非常強勁，如果我們想要的話，其實可以提高預租比例。之所以比前幾季略低，有兩個原因。第一是其中一些部署的時間點目前更往後，約在2027年，部分可能到2028年初。

And we are choosing not to necessarily pre-lease everything because the demand environment is so robust and pricing is so dynamic, we don't want to end up underpricing it. So we're being careful in terms of the deals we are signing up on preleasing.

另外，我們也選擇不一定要把所有項目都先預租出去，因為需求環境非常強、價格也非常動態，我們不希望最後把價格訂得太低。因此，在預租簽約的交易上，我們會更審慎。

It doesn't mean we won't sign up releases. We will, over time, as those get closer to coming live, but we're going to be disciplined to make sure that we're maximizing the yield that we get on those facilities.

這不代表我們不會簽預租。我們會的，隨著時間推進、當那些項目更接近啟用時，我們會逐步簽下來，但我們會保持紀律，確保把這些設施能取得的收益率最大化。

Great. Thank you.

很好。謝謝。

Batya Levi, UBS.

Batya Levi，瑞銀（UBS）。

A follow up on activity levels that you're seeing in the US. Can you provide maybe a little bit more color on when you expect that activity to inflect. But based on your conversations with the carriers, you mentioned strong application volumes, would you expect next year's domestic leasing to be higher than the 2.5% this year?

我想追問一下你們在美國看到的活動水準。你能否再多提供一些細節，說明你們預期活動何時會出現拐點（inflect）。另外，根據你們與電信業者的對話，你提到申請量很強勁，那你是否預期明年的美國國內租賃（domestic leasing）會高於今年的2.5%？

Good try. I'm not going to give guidance for next year yet, but nice try. What I would say is we're in that steady investment phase by the carriers. And the shift into densification is a reallocation of priorities by them. So today, we're expecting to see that kind of consistent steady demand environment that we have projected all along on this.

問得不錯。我現在還不會提供明年的指引，但你問得很好。我想說的是，電信業者正處於穩定的投資階段。而轉向網路加密（densification）是他們在優先順序上的重新配置。所以就目前而言，我們預期會看到我們一直以來所預測的那種一致且穩定的需求環境。

The inflection would come if there are demands on the network that are different from what those long-term plans have been. And so if you see AI becoming a more prevalent use case, if you see uplink taking a larger share of the network as the Ericsson Mobility Report has indicated is starting to happen. If you see some of those types of activities, you might see the carriers starting to invest different from the road map that they've laid out before.

如果網路面臨的需求與既有長期規劃不同，才可能出現拐點。因此，如果你看到AI成為更普遍的使用情境，如果你看到上行（uplink）在網路中的占比提高，正如愛立信《行動趨勢報告》（Ericsson Mobility Report）所指出的那樣已開始發生。如果出現這類活動，你可能會看到電信業者的投資行為開始偏離他們先前制定的路線圖。

But in terms of what we see happening on the ground, we're already seeing some densification happening as their not in the coverage phase. So you're seeing a little bit less coming in from amendments more coming in from new colocations and that's a trend that we'd expect to see going forward.

但就我們在第一線看到的情況而言，當他們不再處於覆蓋（coverage）階段時，我們已經看到一些加密化正在發生。因此，你會看到來自合約修訂（amendments）的貢獻稍微少一些，而來自新的共址（new colocations）的貢獻更多一些，這也是我們預期未來會延續的趨勢。

It's great having you on the call. I would just like to add one additional piece to that. When you think about the growth in the US, certainly the word consistency there, I think, is important. I talked a little bit ago about that contribution from new business of about 2.5%. But I do want to highlight the fact that as we transition through 2026, we do view this as an inflection year where we will be driving higher AFFO per share growth going forward.

很高興你參與這通電話會議。我想再補充一點。當你思考美國的成長時，我認為「一致性」這個詞確實很重要。我先前提到，新業務的貢獻大約是2.5%。但我也想強調，隨著我們邁入2026年，我們確實把它視為一個拐點年份，未來我們將推動更高的每股AFFO成長。

And there's a couple of components that I'd call out, even with steady consistent activity and organic tenant billings growth from the carriers in 2026, we are guiding our outlook towards a 0% growth on an FX-neutral basis. Certainly, the FX is about a 300 basis point tailwind to that number. But on an FX-neutral basis, it's about 0%, that includes a couple of nonrecurring headwinds.

我想點出幾個組成因素：即使在2026年電信業者的活動維持穩定一致、且租戶帳單（tenant billings）的有機成長也維持穩定，我們的展望指引在匯率中性（FX-neutral）基礎上仍是0%成長。當然，匯率對該數字約有300個基點的順風。但在匯率中性基礎上約為0%，其中包含幾項一次性（nonrecurring）的逆風因素。

Most notably, it's DISH churn, which is meaningful at about 400 basis points of headwind. We also have the refinancing headwinds, which this year in '26 in that 0% FX-neutral outlook, that is about a 150 basis point headwind and the step-down in services from $340 million in revenue down to $240 million in the corresponding earnings that come off of that, that represents about a 1% headwind.

最主要的是DISH的流失（churn），影響顯著，約帶來400個基點的逆風。我們也有再融資（refinancing）逆風；在今年、也就是2026年這個匯率中性0%展望中，約是150個基點的逆風；另外，服務收入從3.40億美元降至2.40億美元，對應的獲利也會隨之減少，這約代表1%的逆風。

So if you normalize for those, what we view as nonrecurring headwinds, we would be at around 7% AFFO per share growth on an FX-neutral basis. So we know that we are on the other side of the DISH churn issue, and we won't have DISH churn next year. That is what gives us the confidence that this really is an inflection point, a trough year in terms of AFFO per share earnings.

因此，如果把這些我們視為一次性的逆風因素做正常化調整，在匯率中性基礎上，我們的每股AFFO成長大約會在7%左右。我們知道我們已經度過DISH流失問題的最艱難階段，而且明年不會再有DISH流失。這也是我們有信心認為這確實是一個拐點、也是就每股AFFO獲利而言的谷底年份的原因。

And we expect to be in line and on track on average and over time to be in that aspirational range of mid-single digits to upper-single digit AFFO per share growth going forward.

我們預期未來平均而言、隨時間推進，將能符合並維持在我們所期望的區間：每股AFFO成長介於中個位數到高個位數。

Right. Thank you.

好的。謝謝。

Madison Rezaei, Bernstein.

Madison Rezaei，Bernstein。

Quick one here. So CoreSite is clearly now a key growth driver and an excellent asset. But candidly, given that scale investors are not giving you a ton of credit for it, really kind of following you as a pure tower REIT. Any incremental strategies you guys are considering to better unlock that CoreSite value.

我這邊快速問一個。CoreSite顯然已經是關鍵的成長驅動因素，也是非常優質的資產。但坦白說，考量到規模，投資人並沒有因此給你們太多估值上的加分，反而更像是把你們當作純粹的鐵塔REIT來看。你們是否在考慮任何額外策略，以更好地釋放CoreSite的價值？

We certainly consider CoreSite to be a core asset, and we're excited about the growth that we're seeing there. And in terms of the valuation being given it, I'll leave that up to you guys as you're doing the analysis to figure out the relative weighting of that. We are growing it faster than a lot of other segments in our business right now.

我們確實把CoreSite視為核心資產，也對我們在那裡看到的成長感到振奮。至於市場給它的估值，我就留給各位在做分析時自行判斷其相對權重。就目前而言，我們在這項業務的成長速度，確實快於我們公司內其他許多業務板塊。

And we do have that pathway to triple the capacity in the existing portfolio, and we're going to consider other opportunities to expand even beyond that. So we think that as we continue to grow that business and it becomes a larger component of our AFFO per share over time that it becomes more visible, it's more apparent the value that we're driving to our shareholders in that asset.

而且我們有一條明確路徑，可以在既有投資組合中把容量擴增到三倍；同時我們也會評估其他機會，進一步在此基礎上擴張。因此我們認為，隨著我們持續擴大這項業務，且它隨時間推進在每股AFFO中的占比變得更大，它的能見度會提高，也會更清楚地呈現我們透過這項資產為股東創造的價值。

Makes sense. Thank you.

了解。謝謝。

Thank you. This concludes the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。問答環節到此結束。感謝各位參與今天的電話會議。本次會議到此結束。各位現在可以斷線。