美國電塔 (AMT) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower third 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 年第三季財報電話會議。提醒您，今天的電話會議將進行錄音。(接線員指示)

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

現在我想把電話交給本次會議主持人——投資人關係資深副總裁 Spencer Kurn。請開始。

Thank you, and good morning. Welcome to our third quarter 2026 earnings call. 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 年第三季財報電話會議。今天與我一同出席的有：總裁暨執行長 Steve Vondran，以及執行副總裁、財務長兼財務主管（Treasurer）Rod Smith。在我們的準備發言結束後，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。聲明指出，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，實際結果可能出現重大差異。更多資訊可於我們的投資人關係網站取得。

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

接下來我把電話交給 Steve。Steve？

Thanks, Spencer. Good morning, everybody, and thanks for joining today's call. We delivered another solid quarter with our global tower leasing business performing consistently with expectations and our data center business continuing to outperform. The momentum we're seeing across the company combined with the benefit of our share repurchase activity, gives us confidence to raise our full year outlook for the third time this year.

謝謝你，Spencer。各位早安，感謝大家參加今天的電話會議。我們再度交出穩健的一季：全球鐵塔租賃業務表現符合預期，而資料中心業務持續優於預期。我們在全公司看到的動能，加上股票回購活動帶來的效益，使我們有信心在今年第三度上調全年展望。

Our third-quarter performance reinforces the durability of our business model and the quality of the portfolio we've built. We're operating from a position of strength, supported by resilient tower cash flows, a differentiated and rapidly growing data center platform, a healthy balance sheet, and a more focused portfolio following the actions we've taken over the past several years.

第三季的表現再次印證我們商業模式的韌性，以及我們所建立投資組合的品質。我們正處於有利位置，背後支撐包括：具韌性的鐵塔現金流、具差異化且快速成長的資料中心平台、健康的資產負債表，以及在過去幾年採取相關行動後更聚焦的投資組合。

As we enter the final quarter of the year, our strategic priorities remain unchanged: driving durable revenue growth, enhancing operational efficiency, and allocating capital with discipline.

進入今年最後一季，我們的策略優先事項維持不變：推動具持久性的營收成長、提升營運效率，以及以紀律方式配置資本。

Starting with revenue growth, our tower business remains on track to deliver approximately 4% organic tenant billings growth, excluding one-time disrelated impacts. At the same time, CoreSite's continued outperformance is enabling us to raise our outlook for data center revenue growth to 16%, up from our expectation of 15% last quarter and 13% at the start of the year.

先從營收成長談起，我們的鐵塔業務仍按計畫可達成約 4% 的有機租戶帳單成長（排除一次性不相關影響）。同時，CoreSite 持續優於預期，使我們得以上調資料中心營收成長展望至 16%，高於上季預期的 15%，也高於年初的 13%。

The long-term outlook for wireless infrastructure remains very favorable. Last quarter, I discussed 4 major catalysts that we believe can create overlapping investment cycles and support network demand well into the next decade. The evidence supporting each of those catalysts continues to strengthen.

無線基礎設施的長期展望仍然非常樂觀。上季我談到我們認為可形成重疊投資循環、並在未來十年持續支撐網路需求的 4 大催化因素。支持這些催化因素的證據持續增強。

The first catalyst is the capacity phase of 5G. Early deployments were primarily focused on coverage. The next phase will increasingly be about adding capacity, improving performance and densifying networks as traffic continues to grow. That requires carriers to add equipment to existing sites and increased cell site density where demand is greatest, and we're already beginning to see that activity emerge.

第一個催化因素是 5G 的容量階段。早期部署主要著重於覆蓋。下一階段將愈來愈著重於增加容量、提升效能，並在流量持續成長下加密網路。這需要電信業者在既有站點加掛設備，並在需求最強的區域提高基地台密度，而我們已開始看到這類活動浮現。

Recent industry data reinforces the scale of that opportunity. CTIA reported that Americans consumed a record 159 trillion megabytes of wireless data in 2025, an increase of more than 20% year over year, and projects total wireless demand will grow fourfold by 2032. These trends point to sustained investment simply to keep pace with growing consumer and enterprise demand.

近期產業數據進一步凸顯此一機會的規模。CTIA 指出，美國人在 2025 年消耗了創紀錄的 159 兆 MB 無線數據，年增超過 20%，並預估到 2032 年無線總需求將成長至 4 倍。這些趨勢顯示，僅為了跟上消費者與企業需求的成長，就需要持續投資。

The second catalyst is a new spectrum deployment cycle. Approximately 800 megahertz of additional mobile spectrum is expected to become available over the coming years, beginning with upper C-band in 2027, and potentially followed by additional deployments across bands such as 2.7 gigahertz, 4 gigahertz, and 7 gigahertz. Historically, new spectrum deployments have led to elevated amendment activity and equipment upgrades, and we expect the next cycle to do the same.

第二個催化因素是新的頻譜部署循環。預期未來幾年將有約 800 MHz 的額外行動頻譜釋出，首先是 2027 年的上層 C 頻段（upper C-band），之後可能還會在 2.7 GHz、4 GHz 與 7 GHz 等頻段進行更多部署。歷史上，新頻譜部署往往帶動較高的合約修訂（amendment）活動與設備升級，我們預期下一輪循環亦將如此。

The third catalyst is the transition to 6G. While commercial deployment is still ahead of us, the industry is increasingly aligned around network architectures that will be more intelligent, more distributed, and more reliant on edge computing. Those characteristics point to increased equipment requirements, greater network density, and expanding role for communications infrastructure.

第三個催化因素是向 6G 的轉型。雖然商用部署仍在未來，但產業正愈來愈一致地朝向更智慧、更分散、且更依賴邊緣運算的網路架構。這些特性意味著設備需求增加、網路密度提升，以及通訊基礎設施角色的擴大。

The fourth catalyst is AI, which we believe has the potential to significantly reshape wireless network demand. CTIA expects AI traffic to grow three times faster than traditional wireless traffic and account for nearly one-third of broadband traffic by 2034. Importantly, AI is not simply creating more traffic. AI-powered devices, agents, connected vehicles, robotics and real-time applications are expected to create traffic that's more persistent, more interactive, and increasingly uplink intensive.

第四個催化因素是 AI，我們認為它有潛力顯著重塑無線網路需求。CTIA 預期 AI 流量的成長速度將比傳統無線流量快 3 倍，並在 2034 年前占寬頻流量近三分之一。重要的是，AI 不只是帶來更多流量。AI 驅動的裝置、代理（agents）、聯網車輛、機器人與即時應用，預期將帶來更持續、更具互動性，且上行（uplink）占比更高的流量型態。

Supporting these use cases will require additional spectrum, network capacity, lower latency and greater density. In our view, AI has the potential to extend and deepen the wireless investment cycle beyond what's embedded in traditional traffic forecast today.

要支援這些使用情境，將需要更多頻譜、更高網路容量、更低延遲與更高密度。我們認為，AI 有潛力讓無線投資循環的時間更長、深度更深，超出目前傳統流量預測所隱含的範圍。

Taken together, these catalysts reinforce one another. The capacity phase of 5G, future spectrum deployments, the transition to 6G, and AI-driven traffic growth, all point to a future requiring more capacity, greater density, and increasingly sophisticated digital infrastructure. We believe that American Tower is uniquely positioned to support that evolution.

綜合來看，這些催化因素彼此相互強化。5G 的容量階段、未來頻譜部署、向 6G 的轉型，以及 AI 驅動的流量成長，都指向一個需要更大容量、更高密度、且數位基礎設施日益精密的未來。我們相信 American Tower 具備獨特優勢，能支援這樣的演進。

We're also seeing growing interest from satellite providers seeking to participate more directly in the US wireless market. We view satellite and terrestrial wireless infrastructure as complementary technologies. Satellite can extend coverage and support specific use cases, but delivering broad, reliable and high-capacity wireless service continues to require terrestrial infrastructure.

我們也看到衛星業者對於更直接參與美國無線市場的興趣日益增加。我們認為衛星與地面無線基礎設施是互補的技術。衛星可延伸覆蓋並支援特定使用情境，但要提供廣泛、可靠且高容量的無線服務，仍持續需要地面基礎設施。

Any provider seeking to compete at scale in the US will ultimately require a terrestrial network layer that includes towers, fiber, backhaul, power and edge interconnection. For American Tower, the emergence of additional participants represents an incremental opportunity. Our nation-wide footprint and neutral host operating model allow both existing and emerging providers to deploy quickly, efficiently and at scale.

任何想在美國以規模競爭的業者，最終都需要包含鐵塔、光纖、回程（backhaul）、電力與邊緣互連的地面網路層。對 American Tower 而言，新增參與者的出現代表額外的增量機會。我們全國性的佈局與中立主機（neutral host）的營運模式，使既有與新進業者都能快速、有效率且以規模進行部署。

Many of these same secular trends continue to drive strong performance at CoreSite. CoreSite delivered another strong quarter, with customer demand and pricing, both exceeding our expectations. Momentum remained broad-based across cloud, network, enterprise and AI customers, and demand has continued to accelerate into the fourth quarter.

許多相同的長期結構性趨勢也持續推動 CoreSite 的強勁表現。CoreSite 再度交出亮眼的一季，客戶需求與定價皆超出我們預期。動能在雲端、網路、企業與 AI 客戶間呈現廣泛分布，且需求在第四季持續加速。

As organizations deploy larger and more sophisticated AI workloads, they require greater connectivity between clouds, networks, compute environments and enterprise applications. This is driving increased demand for highly connected campuses and contributing to continued growth in our interconnection business. CoreSite's unique position at the intersection of cloud, network and AI ecosystems remains a key competitive advantage and gives us confidence in the platform's long-term growth trajectory.

隨著組織部署更大且更複雜的 AI 工作負載，他們需要在雲端、網路、運算環境與企業應用之間建立更高程度的連結性。這正帶動對高度互連園區（campuses）的需求增加，並促成我們互連（interconnection）業務的持續成長。CoreSite 位於雲端、網路與 AI 生態系交會點的獨特定位，仍是關鍵競爭優勢，也讓我們對該平台的長期成長軌跡充滿信心。

Given the strength of customer demand and leasing activity, we're once again raising our full year outlook. We remain confident in our ability to execute against a development pipeline that can nearly triple our current capacity, while continuing to evaluate opportunities to accelerate capacity additions where customer demand and expected returns support additional investment.

鑑於客戶需求與租賃活動的強勁表現，我們再次上調全年展望。我們仍有信心執行開發管線，使目前容量幾乎可增加至三倍；同時也持續評估在客戶需求與預期報酬支持額外投資的情況下，加速擴充容量的機會。

Moving to our second strategic priority, operational efficiency. Our tower operations continue to perform with the consistency and discipline that we expect. We remain focused on simplifying processes, scaling share capabilities, and using technology to improve productivity. These actions support our objective of expanding tower cash EBITDA margins by 200 to 300 basis points by 2030, while maintaining the service quality our customers depend on. We also continue to evaluate practical applications for AI across the organization.

接著談第二項策略優先事項：營運效率。我們的鐵塔營運持續以我們所期望的一致性與紀律表現。我們仍專注於簡化流程、擴大共享能力，並運用科技提升生產力。這些行動支持我們的目標：在維持客戶所依賴的服務品質同時，於 2030 年前將鐵塔現金 EBITDA 利潤率擴大 200 至 300 個基點。我們也持續評估 AI 在全組織的實務應用。

Our focus is on opportunities that improve decision-making, automate repetitive work, and make our teams more effective while maintaining the appropriate controls and oversight. We believe these capabilities can create incremental value over time and reinforce our culture of operational excellence.

我們的重點在於把握能夠改善決策、將重複性工作自動化，並在維持適當控制與監督的同時提升團隊效能的機會。我們相信，這些能力可隨時間推移創造增量價值，並強化我們的營運卓越文化。

Our third strategic priority is disciplined capital allocation. Over the past several years, we have reshaped American Tower around higher-quality assets, developed markets, and businesses with attractive growth and return profiles.

我們的第三項策略優先事項是嚴謹的資本配置。過去幾年，我們已將 American Tower 重新聚焦於更高品質的資產、已開發市場，以及具備吸引人的成長與報酬特徵的業務。

This quarter, we took another meaningful step forward by entering into an agreement to sell our Canada business. The transaction allows us to recycle capital towards opportunities with greater potential to drive long-term AFFO per share growth, including investments in our tower portfolio in CoreSite, debt reduction, and share repurchases.

本季，我們透過簽署出售加拿大業務的協議，再次邁出重要一步。該交易使我們得以將資本再循環投入於更有潛力推動長期每股 AFFO 成長的機會，包括投資於我們的塔台資產組合與 CoreSite、降低負債，以及回購股份。

During the quarter, we repurchased approximately $315 million of common stock. And subsequent to quarter end, our Board approved an increase to our share repurchase authorization. Together, these actions reflect our continued confidence in the value of the company as well as the flexibility provided by our balance sheet and cash flow generation.

本季期間，我們回購了約 3.15 億美元的普通股。且在季末之後，我們的董事會核准提高股份回購授權額度。綜合而言，這些行動反映我們對公司價值的持續信心，以及資產負債表與現金流創造能力所提供的彈性。

We continue to apply a disciplined capital allocation framework. We'll first fund the dividend and attractive organic investment opportunities, maintain leverage within our target range, and then allocate incremental capital across share repurchases, selective M&A, and further deleveraging based on relative returns and market conditions.

我們將持續採行嚴謹的資本配置框架。我們將優先為股利與具吸引力的有機投資機會提供資金，將槓桿維持在目標區間內，之後再依相對報酬與市場狀況，在股份回購、選擇性併購（M&A）與進一步去槓桿之間配置增量資本。

The result is a more focused American Tower with a higher quality earnings base, multiple avenues for growth, and the financial flexibility to invest through the cycle. We believe that combination positions us to deliver durable, industry-leading AFFO per share growth over time.

其結果是 American Tower 更加聚焦，擁有更高品質的獲利基礎、多元的成長途徑，以及可穿越景氣循環進行投資的財務彈性。我們相信，這樣的組合使我們能夠隨時間推移，提供穩健且領先同業的每股 AFFO 成長。

In summary, I am pleased with our performance through the first nine months of the year and encouraged by the momentum that we continue to see across the business. Our premier global tower portfolio, differentiated interconnection-focused data center platform, strong balance sheet, and disciplined approach to capital allocation positions us exceptionally well to capitalize on the next wave of investment in wireless, cloud, and AI infrastructure.

總結而言，我對我們在今年前九個月的表現感到滿意，也對我們在整體業務上持續展現的動能感到鼓舞。我們首屈一指的全球塔台資產組合、以互連為核心且具差異化的資料中心平台、強健的資產負債表，以及嚴謹的資本配置方式，使我們具備極佳條件，把握無線、雲端與 AI 基礎設施下一波投資浪潮。

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.

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。

With that, I'll turn the call over to Rod to review the financial results and outlook in more detail. Rod?

接下來，我把電話交給 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 third quarter and are increasing our 2026 outlook for the third time this year. I'll start by reviewing our third 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至第三季，並在今年第三度上調我們對 2026 年的展望。我將先回顧第三季業績，接著說明我們更新後的全年展望。

Slide 7 shows a snapshot of our third quarter highlights. Consolidated property revenue grew approximately 5% year-over-year when excluding noncash straight line revenue and FX impacts. Normalized for the impact of onetime DISH churn, property revenue grew approximately 7% on a cash FX-neutral basis. Our growth was primarily driven by organic tenant billings growth of approximately 1% and or approximately 4% when normalized for the impact of one-time DISH churn complemented by data center cash revenue growth of approximately 16%.

投影片 7 顯示第三季重點摘要。在排除非現金直線法收入與匯率影響後，合併物業收入年增約 5%。若就一次性 DISH 流失（churn）的影響進行常態化調整，物業收入在現金口徑、匯率中性基礎上成長約 7%。我們的成長主要來自有機租戶計費成長約 1%，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 16% 的成長所補強。

Adjusted EBITDA grew over 2% when excluding net straight line and FX impacts, normalized for the impact of one-time DISH churn, adjusted EBITDA grew over 5% on a cash FX-neutral basis.

在排除淨直線法與匯率影響後，調整後 EBITDA 成長超過 2%；若就一次性 DISH 流失影響進行常態化調整，調整後 EBITDA 在現金口徑、匯率中性基礎上成長超過 5%。

Cash adjusted EBITDA margins declined approximately 50 basis points year-over-year, primarily due to DISH-related churn and lower services contributions. Excluding DISH-related churn, Cash adjusted EBITDA margins grew 10 basis points year-over-year. Attributable AFFO per share grew over 1% when excluding FX impacts. Normalized for the impact of onetime DISH churn and excluding the impact of refinancing costs, attributable AFFO per share grew approximately 6% on an FX-neutral basis.

現金調整後 EBITDA 利潤率年減約 50 個基點，主要由 DISH 相關流失與服務業務貢獻下降所致。若排除 DISH 相關流失，現金調整後 EBITDA 利潤率年增 10 個基點。在排除匯率影響後，歸屬每股 AFFO 成長超過 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，歸屬每股 AFFO 在匯率中性基礎上成長約 6%。

Moving to Q3. Organic growth and data center growth on slide 8. Across each of our tower segments, organic growth was in line with the expectations we laid out earlier this year, supported by solid demand across our global portfolio. In the US and Canada, organic growth was flat and approximately 4% when excluding DISH churn, consistent with our expectations for durable growth in the mid-single digits.

接著看第三季：投影片 8 的有機成長與資料中心成長。在我們各塔台事業分部中，有機成長符合我們今年稍早提出的預期，並受惠於全球資產組合的穩健需求。在美國與加拿大，有機成長持平；若排除 DISH 流失則約為 4%，與我們對中個位數穩健成長的預期一致。

We remain confident that 2026 represents a trough year for US and Canada organic growth and continue to expect organic growth to accelerate in 2027. In Africa and APAC, organic growth was over 8%, modestly ahead of our expectations for organic growth of 7% in the second half of the year.

我們仍有信心 2026 年將是美國與加拿大有機成長的谷底年，並持續預期 2027 年有機成長將加速。在非洲與亞太地區（APAC），有機成長超過 8%，略高於我們對下半年 7% 有機成長的預期。

In Europe, organic growth was over 4%. And in Latin America, organic growth declined approximately 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 and the forthcoming acceleration in Latin America organic growth in 2027.

在歐洲，有機成長超過 4%。在拉丁美洲，有機成長下滑約 2%，主要由巴西較高的流失所驅動，符合我們在年初提出的預期。我們仍對巴西市場修復可能早於預期的前景感到鼓舞，並看好 2027 年拉丁美洲有機成長即將加速。

Finally, on the right side of the slide, data center property revenue growth was over 16% when excluding noncash straight-line revenue. As Steve mentioned, this quarter marked another very strong quarter of new leasing activity for CoreSite, and we remain on track for 2026 to represent another year of record leasing activity.

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超過 16%。如 Steve 所提到的，本季 CoreSite 再度出現非常強勁的新租賃活動，我們仍按計畫推進，預期 2026 年將再度成為創紀錄的租賃活動年度。

Now let's turn to our revised full-year outlook. We are raising guidance for property revenue and AFFO per share while maintaining our adjusted EBITDA outlook, reflecting consistent growth across our global tower portfolio, data center outperformance, and capital allocation decisions.

現在讓我們轉向更新後的全年展望。我們在維持調整後 EBITDA 展望不變的同時，上調物業收入與每股 AFFO 的指引，反映我們全球塔台資產組合的持續成長、資料中心表現優於預期，以及資本配置決策。

Starting with property revenue outlook on slide 9. We are raising our outlook by $55 million at the midpoint representing an increase of approximately 1% relative to our prior outlook. Our revised outlook now implies over 4% year-over-year growth when excluding noncash straight line revenue and FX impacts.

先從投影片 9 的物業收入展望開始。我們在中位數上將展望上調 5,500 萬美元，較先前展望約增加 1%。修正後的展望意味著，在排除非現金直線法收入與匯率影響後，物業收入年增超過 4%。

Normalized for the impact of onetime DISH-related churn, our outlook implies nearly 7% growth on a cash FX-neutral basis. The increase to outlook was primarily driven by approximately $10 million of data center outperformance and $45 million from other items, including pass-through and straight-line revenue.

若就一次性 DISH 相關流失影響進行常態化調整，我們的展望在現金口徑、匯率中性基礎上意味著接近 7% 的成長。本次上調主要由約 1,000 萬美元的資料中心優於預期表現，以及 4,500 萬美元的其他項目所驅動，其他項目包括轉嫁（pass-through）與直線法收入。

We are reiterating our 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 raising our outlook for data center growth to approximately 16% year-over-year.

我們重申各地區的有機成長假設，並持續預期有機租戶計費成長約 1%，若排除 DISH 流失則約為 4%；同時將資料中心成長展望上調至年增約 16%。

As Steve mentioned, we recently entered into an agreement to sell our Canada portfolio for approximately $202 million, which is expected to close in the fourth quarter at an implied multiple of approximately 26 times 2026 expected EBITDA. The transaction underscores the significant value embedded within our North America tower portfolio. Combined with the opportunity to recycle proceeds into share repurchases, debt reduction and other higher growth investments, we expect the transaction to be immediately accretive to AFFO per share while enhancing our long-term AFFO per share growth profile.

如 Steve 所提到的，我們近期已簽署協議，以約 2.02 億美元出售我們的加拿大資產組合，預計於第四季完成交割；按 2026 年預期 EBITDA 計算，其隱含倍數約為 26 倍。該交易凸顯我們北美塔台資產組合中蘊含的顯著價值。再加上可將所得款項再循環用於股份回購、降低負債及其他更高成長投資的機會，我們預期該交易將立即增厚每股 AFFO，同時提升我們長期每股 AFFO 的成長輪廓。

Consistent with our outlook policy, the impact of the transaction will be reflected in outlook once it closes. Our 2026 outlook, therefore, includes full contribution from our Canada portfolio, including $13 million of revenue, $8 million of adjusted EBITDA, and $8 million of AFFO.

依照我們的展望政策，該交易的影響將在完成交割後反映於展望之中。因此，我們的 2026 年展望仍包含加拿大資產組合的完整貢獻，包括 1,300 萬美元收入、800 萬美元調整後 EBITDA，以及 800 萬美元 AFFO。

Moving to adjusted EBITDA on slide 10. We are holding our adjusted EBITDA outlook flat to our prior outlook. Compared to our prior outlook, outperformance of approximately $10 million in data centers and approximately $5 million in other items, including straight line, was offset by approximately $15 million of lower network services contribution, reflecting timing shifts in certain customer projects that we had expected to commence in the second half of the year.

接著看第10頁投影片的調整後EBITDA。我們維持調整後EBITDA展望與先前展望持平。相較於先前展望，資料中心約1,000萬美元的優於預期表現，以及其他項目（包含直線法）約500萬美元的優於預期表現，被網路服務貢獻約1,500萬美元的下滑所抵銷；該下滑反映我們原先預期於下半年啟動的部分客戶專案時程出現遞延。

Our outlook continues to apply over 2% growth year over year, excluding noncash net straight-line and FX impacts. Normalized for onetime impact of DISH-related churn, our outlook for adjusted EBITDA implies over 5% growth on a cash FX-neutral basis.

我們的展望仍假設在排除非現金的淨直線法與匯率影響後，年增超過2%。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、匯率中性基礎衡量下，隱含年增超過5%。

Turning to AFFO on slide 11. We are raising our attributable AFFO outlook by $0.02 per share, primarily reflecting share repurchase activity during the quarter. Our revised outlook now implies growth of over 3% year-over-year. Normalized for the impact of onetime DISH-related churn and excluding the impact of refinancing costs, our outlook for attributable AFFO per share growth implies approximately 6% growth on an FX-neutral basis.

接著看第11頁投影片的AFFO。我們將可歸屬AFFO展望上調每股0.02美元，主要反映本季的庫藏股回購活動。修正後的展望目前隱含年增超過3%。若就DISH相關一次性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每股成長的展望在匯率中性基礎下，隱含約6%的成長。

We continue to expect our services business growth to represent an approximately 1% headwind to attributable AFFO per share growth this year. Similarly, we expect debt refinancings to represent an approximately 1% headwind to attributable AFFO per share growth this year. We continue to believe this year represents a trough for attributable AFFO per share growth. 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1%的逆風。同樣地，我們預期債務再融資今年也將對可歸屬AFFO每股成長造成約1%的逆風。我們仍相信今年是可歸屬AFFO每股成長的谷底。展望2027年，我們有信心能帶來顯著的成長拐點，並回到我們長期對AFFO每股成長的預期：中到高個位數區間。

Turning to capital allocation and our balance sheet on slide 12. Our capital allocation strategy remains focused on balance sheet strength, disciplined investment and long-term value creation. In 2026, our growth capital plan remains largely consistent with our prior outlook. We continue to expect to spend approximately 85% of our discretionary capital within our developed markets platforms, including over $700 million in success-based investments in our data center portfolio to replenish elevated levels of capacity, purchase of land beneath our tower sites, and continued investment in our European newbuild program.

接著看第12頁投影片的資本配置與資產負債表。我們的資本配置策略仍聚焦於資產負債表強度、紀律投資與長期價值創造。在2026年，我們的成長資本計畫大致與先前展望一致。我們仍預期將約85%的可裁量資本投入於已開發市場平台，包括在資料中心組合中超過7億美元的成功導向投資，以補充偏高的容量水位、購買我們鐵塔站點下方土地，以及持續投資於歐洲新建計畫。

Relative to our prior outlook, we are reducing discretionary capital spending by approximately $40 million, primarily reflecting the timing of certain international tower development projects. This adjustment does not reflect any change in our long-term investment priorities or demand outlook.

相較於先前展望，我們將可裁量資本支出下調約4,000萬美元，主要反映部分國際鐵塔開發專案的時程調整。此項調整並不代表我們長期投資優先順序或需求展望有任何改變。

As Steve mentioned, during the quarter, we entered into an agreement to sell our Canada business as we continue to simplify our portfolio and support our strategy of recycling capital into higher growth opportunities across the business. We also repurchased approximately $315 million of American Tower stock during the quarter, plus an additional $68 million through October 20, bringing our total share repurchases, since we started buying back stock in Q4 of 2025 to over $950 million.

如Steve所提及，本季我們達成協議出售加拿大業務，持續簡化投資組合，並支持我們將資本回收再投入至公司內更高成長機會的策略。我們本季亦回購約3.15億美元的American Tower股票，並在10月20日前額外回購6,800萬美元，使得自2025年第四季開始回購以來的累計庫藏股回購金額超過9.5億美元。

And as Steve mentioned, subsequent to quarter end, our Board authorized an additional $2 billion under our share repurchase program, bringing remaining repurchase capacity to approximately $3.1 billion.

此外，如Steve所提及，在季末之後，我們董事會核准在股票回購計畫下再增加20億美元額度，使剩餘回購容量約為31億美元。

The actions we've taken over the last several years have positioned us with significant financial flexibility. We ended the quarter with leverage of 4.9 times, comfortably within our target range of 3 to 5 times, while maintaining the highest credit rating among our peer group. As demand for digital infrastructure continues to grow, our balance sheet remains a key strategic asset that enables us to pursue opportunities from a position of strength.

過去幾年我們採取的行動，使我們具備顯著的財務彈性。本季結束時，我們的槓桿倍數為4.9倍，舒適地落在我們3至5倍的目標區間內，同時維持同業中最高的信用評等。隨著數位基礎建設需求持續成長，我們的資產負債表仍是關鍵策略資產，使我們能以更有利的態勢把握機會。

Turning to slide 13. Our third-quarter results reflect the durability of our business model and the consistent execution of our strategy we continue to see favorable demand trends supported by rising mobile data usage, sustained investment in communications networks and the increasing need for critical digital infrastructure.

接著看第13頁投影片。我們第三季的結果反映了商業模式的韌性與策略執行的一致性；我們持續看到有利的需求趨勢，受惠於行動數據使用量上升、通訊網路投資維持，以及對關鍵數位基礎建設需求日益增加。

Together, with our high-quality portfolio, disciplined capital allocation strategy, and financial flexibility, these trends reinforce our confidence in our ability to generate durable growth and create long-term value for our shareholders.

結合我們高品質的投資組合、紀律的資本配置策略與財務彈性，這些趨勢進一步強化我們對於創造穩健成長並為股東創造長期價值的信心。

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

接下來，接線員，請開放提問。

(Operator Instructions) Batya Levi, UBS.

(接線員指示) UBS的Batya Levi。

Can you provide a bit more color on the application volume you're seeing in the US today? There was a bit of a step down in new leasing in the quarter. What would you attribute that to? And how should we expect new leasing to pace as we exit the year and into '27?

能否請你們多分享一些目前在美國看到的申請量（application volume）情況？本季新租賃（new leasing）似乎有些下滑。你們會把這歸因於什麼？而在今年結束以及進入'27年時，新租賃的節奏應該如何看待？

And maybe another question on -- we're hearing a lot of discussions on potential Starlink terrestrial wireless network build. Can you provide maybe a bit more color in terms of the level of engagement you're seeing from them today. And how would you characterize how you're positioned to capture this opportunity? Do you anticipate new business to follow all the tower companies in the US or maybe be positioned to one or two, and when would you expect that opportunity to be meaningful?

另外也想問一題——我們聽到很多關於Starlink可能建置地面無線網路的討論。能否請你們多談一些目前與他們互動的程度？以及你們會如何描述自身在掌握這個機會上的布局？你們是否預期新業務會跟隨美國所有鐵塔公司，或可能集中在一兩家？以及你們預期這個機會何時會變得具有實質意義？

Batya, this is Rod. I'll take the first part of that question, and then Steve will address the second part relative to Starlink.

Batya，我是Rod。我先回答問題的第一部分，接著Steve會就Starlink相關的第二部分進行回應。

So in terms of our new business level, you're correct in seeing that our new business contribution numbers have stepped down in Q3, and I'll talk about that in just a bit. I'd first highlight that the activity level that we're seeing and the new business levels that we're seeing for the year remain at very healthy levels. We continue to see the carriers deploying 5G -- kind of the late stages of 5G, and they're also transitioning to the early stages of network densification.

就我們的新業務水準而言，你的觀察沒錯：我們第三季的新業務貢獻數字確實有所下滑，我稍後會說明。我首先要強調的是，我們今年看到的活動量與新業務水準仍然非常健康。我們持續看到電信商在部署5G——可說是5G的後期階段，同時也正轉向網路加密（densification）的早期階段。

I'd also highlight that not all carriers are active at the moment. And I would highlight here that, that means that what you are seeing is that the new business as it paces through the year is front-end loaded, and we are experiencing a step down in the second half of the year. That is entirely consistent with the outlook that we put out at the very beginning of the year. So it's in line with our expectation without a doubt.

我也要強調，目前並非所有電信商都在積極行動。因此你看到的是，新業務在年度節奏上偏向前段集中，而我們在下半年確實經歷了下滑。這與我們在年初一開始提出的展望完全一致。所以毫無疑問，這符合我們的預期。

And it also for the full year, new business is expected to contribute about 250 basis points towards organic tenant billings growth in the US. And that is consistent with the level of new business contribution to organic tenant billings growth we saw in 2025 ex-DISH, so there is an element of consistency there regarding the new biz as well as its contribution to organic tenant billings growth. With that said, we're firmly on track regarding the full year OTBG in the US that we expect as well as, again, that new business contribution.

此外，就全年而言，預期新業務將為美國的有機承租戶帳單成長（OTBG）貢獻約250個基點。這與我們在2025年（排除DISH）所看到的新業務對有機承租戶帳單成長的貢獻水準一致，因此在新業務本身及其對OTBG的貢獻方面，都具有一定的一致性。在此基礎上，我們在美國全年預期的OTBG以及上述新業務貢獻方面，仍然穩步按計畫推進。

And that puts our US full year OTBG outlook at about 50 basis points. And I'll just highlight that, that includes about 400 basis points of headwind from DISH churn. Relative to going forward, I'm not going to address '27 specifically at all, of course, as you would expect. But looking beyond 2026, we do expect OTBG in the US to increase to more normal levels as we move forward.

這也使我們對美國全年OTBG的展望約為50個基點。我也要補充說明，這其中包含約400個基點來自DISH流失的逆風。至於未來，我當然不會特別談'27年的細節，這也符合你的預期。但展望2026年之後，隨著我們持續往前推進，我們確實預期美國的OTBG將回升至較為正常的水準。

This is primarily two broad reasons. One is the elimination of the nonrecurrence of the DISH churn and the corresponding headwind it has on OTBG as well as we anticipate increased carrier activity in an environment going forward where all carriers would be active in the future as well as some of the catalysts that Steve mentioned earlier in the call and in the prior call, that could be catalyst for upside from that.

這主要有兩個廣泛的原因。其一是消除 DISH 客戶流失（churn）不再重複發生的影響，以及其對 OTBG 造成的相應逆風；同時，我們也預期在未來的環境中，所有電信業者都會更積極投入並保持活躍，此外還有 Steve 在本次電話會議以及前一次電話會議中較早提到的一些催化因素，這些都可能成為帶來上行的催化劑。

So as a result, you put all this together, we are confident that 2026 represents a trough year for both organic tenant billings growth as well as AFFO per share growth and that our portfolio, global portfolio of tower assets and data center assets are well positioned to have an inflection point up in both of those metrics going forward.

因此，把這些因素綜合起來，我們有信心 2026 年將是有機租戶計費成長以及每股 AFFO 成長的谷底年；而我們的投資組合——涵蓋全球的電塔資產與資料中心資產——在未來於這兩項指標上都具備良好條件迎來向上的拐點。

Yeah. And Batya, I would just add, when you kind of zoom out and think about the carrier environment and what's going on today, I focus back on the mobile data growth that you're seeing in the US. And when you look at those numbers that are coming out of CTIA and the growth that we saw year-over-year in total mobile data growth consumption going up about 20% year-over-year this year and projecting that to accelerate even further in the next few years. That really tells you that the carriers will have to continue investing in their networks to provide more capacity.

是的。Batya，我再補充一點：當你把視角拉遠、思考電信業者的環境以及當前正在發生的事情時，我會回到你在美國看到的行動數據成長。當你看 CTIA 公布的數據，今年行動數據總消耗量年增約 20%，並且預測未來幾年還會進一步加速。這其實清楚告訴你，電信業者必須持續投資其網路，以提供更多容量。

And that's exactly what we thought we would see at this stage of that evolution. And we are seeing them start to evolve more into a capacity play. We're seeing all the carriers becoming more interested in densification, adding more sites. And so we believe that we'll see the back half of 5G play out just as we talked about in the past on that.

而這正是我們認為在這個演進階段會看到的情況。我們也看到他們開始更朝向「容量」的策略演進。我們看到所有電信業者對網路加密（densification）、新增更多站點的興趣都在提升。因此，我們相信 5G 的後半場將會如同我們過去所談到的那樣展開。

And then when you think about the other catalyst that could accelerate that even further, you've got the spectrum auctions that are coming up, and the deployment of that spectrum plus there's some other spectrum out there being held in private hands that could come into play as well. So you've got a lot of spectrum that could come on board. Traditionally, more spectrum means more equipment and more leasing for towers.

再來，若思考可能讓這個趨勢進一步加速的其他催化因素，你會看到即將到來的頻譜拍賣，以及該頻譜的部署；此外，還有一些掌握在民間私人手中的其他頻譜也可能投入使用。因此，可能會有大量頻譜加入。傳統上，更多頻譜意味著更多設備，以及電塔更多的租賃需求。

And then pretty soon, we're going to be talking about 6G transitioning into that. And we haven't even started seeing a lot of equipment going on site yet for AI. And we think as AI becomes more prevalent, you're going to see an uptick in that as well. So when you zoom out as to what's going on in the overall ecosystem, there are a lot of positive tailwinds on that really make us feel confident that you're going to see that new leasing environment continue to be healthy like it is today, but actually increase over time as well.

而且很快地，我們就會開始談到向 6G 的過渡。我們甚至還沒有看到太多為了 AI 而在站點上架設的設備；我們認為隨著 AI 越來越普及，你也會看到這方面的需求上升。所以，當你從整體生態系統的角度來看，存在許多正向的順風，讓我們很有信心：新的租賃環境不僅會像今天一樣保持健康，還會隨時間推移而進一步增強。

And then I'll address your questions on Starlink. We are really excited about the prospect of maybe having a new customer at scale in the US. And we're really encouraged by their public statements and what they're saying that they plan to do and also by the concrete steps that they're taking to build that layer cake of spectrum that you need to be a viable player in the US market. So those are all really encouraging signs that we're seeing there.

接著我來回應你關於 Starlink 的問題。我們對於在美國可能出現一位具規模的新客戶的前景感到非常興奮。我們也對他們的公開聲明——他們表示計畫要做的事情——以及他們為了建立在美國市場成為可行參與者所需的「分層頻譜」（layer cake of spectrum）而採取的具體行動感到非常鼓舞。因此，我們看到的這些都是非常令人振奮的跡象。

It also reinforces what we've been saying all along, which is, satellites are a complementary technology to terrestrial networks that you need a terrestrial presence if you're going to try to operate in the wireless space in the US. And so this again, it's playing out the way we thought it was going to. You're seeing some positive momentum there.

這也再次印證了我們一直以來所說的：衛星是地面網路的互補技術；如果你要在美國的無線領域營運，就需要具備地面網路的存在。所以這再次按照我們原先的預期在發展，你也看到一些正向動能。

In terms of specifics with us with Starlink, we're not going to get into any specific discussions that we're having. But you should assume that anybody who wants to build a network in the US at scale is going to come to American Tower as one of their premier tower vendors, if not the premier tower vendor. We have an unmatched portfolio in the US in terms of where our sites are located, the quality of those sites, and we can get them on air faster than anybody else.

至於我們與 Starlink 之間的具體細節，我們不會談論任何正在進行的特定討論。但你可以假設，任何想在美國大規模建網的業者，都會把 American Tower 視為其首選的電塔供應商之一，甚至是首選供應商。我們在美國擁有無可匹敵的資產組合，無論是站點位置、站點品質，而且我們能比任何人更快讓站點上線（on air）。

So we should be the first call that everybody makes. So you should assume that that's what's happening there. And again, we're excited about the prospect. And in terms of timing and things like that, we'll let them speak to what their network plans and their deployment cadence would be.

因此，我們應該是所有人第一通會打的電話。所以你可以假設那邊正在發生的就是這樣。我們也再次強調，我們對這個前景感到興奮。至於時程等事項，我們會讓他們自行說明其網路規劃與部署節奏。

Rick Prentiss, Raymond James.

Rick Prentiss，Raymond James。

Appreciate the questions. First, I want to follow up on Batya's comments a little bit. How many sites did you guys have out of the 24,000 sites that DISH has on air?

感謝讓我提問。首先，我想稍微追問一下 Batya 的評論。在 DISH 已上線（on air）的 24,000 個站點中，你們有多少個站點？

Yeah, Rick, we're not going to put out specific numbers on that. We were a significant player in their build and very proud of our contribution to that. And it was a significant piece of that, but we're not going to put out specific numbers on that.

是的，Rick，我們不會公布那方面的具體數字。我們在他們的建設中扮演了重要角色，也為我們的貢獻感到非常自豪。那是其中相當重要的一部分，但我們不會提供具體數字。

Okay. But to use your revenue maybe as a guide, but you've already reported when you took DISH out.

好的。但也許可以用你們的營收作為指引，因為你們已經在把 DISH 剔除時做過報告。

We got a bunch of sites, Rick.

我們拿到了不少站點，Rick。

Yeah. Okay. Cool. Who owns that DISH equipment that's sitting on the towers? Obviously, the DISH had it, you terminated the agreement then it got it in bankruptcy court. Has it been officially abandoned, and could that be of interest to some potential players, the equipment that's on the towers because we think the 800 spectrum might actually already beyond some of them.

是的。好的，很好。那放在電塔上的那些 DISH 設備現在是誰擁有？顯然原本是 DISH 擁有，你們終止協議後，這些設備進入破產法院程序。它是否已被正式視為放棄（abandoned）？而塔上的設備是否可能引起一些潛在參與者的興趣？因為我們認為 800MHz 頻譜可能在其中一些站點上其實已經……

There is an abandonment order in the bankruptcy. So yes, we own that equipment as of the date of that order. As to the interest, the other people may have that equipment. I'll let them speak to what they want to do with that. But we do own it, and we can provide access to that to all interested parties.

破產程序中有一份放棄命令（abandonment order）。所以是的，自該命令日期起，我們就擁有那些設備。至於其他人是否對那些設備有興趣，我會讓他們自行說明他們想怎麼處理。但我們確實擁有它，而且我們可以向所有有興趣的各方提供對該設備的存取。

Great. That makes sense. And as we think about your earlier comments that satellite providers need terrestrial, we've seen a lot of satellite companies, amazon has their LEO, ASTS -- you've got even Rocket Lab buying Iridium, ASTS -- are you having discussions with a broader universe of satellite companies that might want terrestrial beyond just what's been mentioned about Starlink SpaceX?

很好。這很合理。另外，回到你先前提到衛星業者需要地面網路：我們看到很多衛星公司，Amazon 有他們的 LEO，ASTS——甚至還有 Rocket Lab 收購 Iridium，ASTS——你們是否也在與更廣泛的衛星公司群體討論？他們可能想要地面網路，不僅僅是先前提到的 Starlink/SpaceX。

Rick, you can assume that anybody who wants to play in the wireless space is exploring all their available options including building, buying or renting a network and that we're talking to all those parties. So anybody who has wireless ambitions is probably somebody that we're talking to.

Rick，你可以假設，任何想在無線領域有所作為的業者，都在探索所有可用選項，包括自建、收購或租用網路，而我們也正在與所有這些對象洽談。所以，任何有無線雄心的業者，可能都是我們正在對話的對象。

Great. And last one for me. Obviously, the data center business continues to outperform. You raised guides because of data centers, revenue growth rate there. Can you help us understand a little bit about the return on capital that you're seeing from spending that almost $700 million to continue to increase the supply out there?

很好。我最後一個問題。顯然，資料中心業務持續超出預期。你們因為資料中心那邊的營收成長率而上調了指引。能否協助我們理解一下：你們投入將近 7 億美元以持續增加供給時，所看到的資本報酬率（return on capital）大概是什麼樣的？

Yeah. Thanks, Rick. I'll touch on some of the demand drivers and if Rod wants to give any specifics, he can on this. But when you think about that CoreSite business, again, I want to distinguish it from other types of data centers. It is an interconnection platform that brings together clouds, networks, enterprises and now AI companies so that they can communicate together.

好的，謝謝你，Rick。我會先談一些需求驅動因素；如果 Rod 想補充任何具體細節，他也可以說明。但當你思考 CoreSite 這項業務時，我再次想把它與其他類型的資料中心區分開來。它是一個互連（interconnection）平台，把雲端、網路、企業，以及現在的 AI 公司聚集在一起，讓它們能彼此通訊。

And what that allows us to do is be very specific in curating our customer mix, but it also gives us the ability to price the way we need to, to continue to underwrite mid-teens or better stabilized yields on the incremental capital that we're investing. And so we continue to underwrite that, quite frankly. We're outperforming it in many instances. But that's the baseline assumption that we have for all the capital that we're deploying in CoreSite is in that range for all of our organic builds.

而這讓我們能夠在客戶組合的篩選上非常精準，但同時也賦予我們依照所需方式定價的能力，以便持續對我們所投入的新增資本承作中十幾％或更高的穩定化收益率。因此，坦白說，我們仍持續以此作為承作基準。在許多情況下，我們的表現甚至優於該水準。但這就是我們對於在 CoreSite 部署的所有資本（涵蓋所有自建的有機擴建專案）所採用的基準假設，亦即落在該區間。

And Rick, I would just add a couple of metrics. You've seen our double-digit revenue growth that we posted for the quarter and the outlook continues to look at double-digit revenue growth expectations for CoreSite. That also comes with expanding margins and some really interesting results and cash mark-to-markets, which is also double digit, which is a significant increase from the traditional 3% to 4% increase.

Rick，我再補充幾個指標。你已看到我們本季公布的雙位數營收成長，而展望仍預期 CoreSite 將維持雙位數營收成長。這也伴隨著利潤率擴張，以及一些非常有意思的現金租金重估（cash mark-to-market）成果，同樣是雙位數，較傳統的 3% 到 4% 增幅有顯著提升。

So we are having a fantastic Q2 and Q3 relative to cash mark-to-market. I would just caution you that for the full year, we do expect that to be more in the mid-single-digit range in the 6% range. We're also -- we're experiencing low churn in the second half of the year here. And the business is performing exceptionally well. And just as Steve said, the capital that we're putting out in this business, we expect mid-teens stabilized returns.

因此，就現金租金重估而言，我們在第二季與第三季的表現非常出色。但我也要提醒你，若以全年來看，我們預期會較偏向中個位數區間，大約 6% 左右。另外——我們在今年下半年正經歷較低的流失率（churn）。而業務表現也非常強勁。正如 Steve 所說，我們投入在這項業務的資本，預期可帶來中十幾％的穩定化報酬。

And as the environment, if the environment continues to drive the way it is and stabilized yields, we get beyond that and have more utilization and continue to have the pricing leverage, there's certainly upside from there.

而且如果環境持續以目前的方式推動穩定化收益率，我們在此之上還能進一步提升——隨著使用率提高並持續具備定價槓桿，確實還有上行空間。

Cameron McVeigh, Morgan Stanley.

Cameron McVeigh，摩根士丹利。

Just had a couple. First, on the US services, so there was a $15 million headwind to EBITDA this year versus the prior outlook. Can you just give any more color on the timing shifts you had mentioned, and I might have missed it, but is there a services revenue outlook?

我有幾個問題。首先，關於美國服務業務（US services），相較於先前展望，今年 EBITDA 有 1,500 萬美元的不利因素（headwind）。你能否就你提到的時程變動再多提供一些說明？另外我可能漏聽了，服務營收是否有展望指引？

And then secondly, on the CoreSite cross connects, it looks like there was a step up in cross connects this quarter, is that just lumpiness or do you think AI is driving an increasing level of cross connections going forward?

第二，關於 CoreSite 的交叉連接（cross connects），看起來本季交叉連接有一個台階式上升，這只是季節性/一次性波動（lumpiness），還是你認為 AI 正在推動未來交叉連接水準持續提高？

Cameron, thanks for joining the call. I'll start with the services piece. As you see in our outlook, we did update our outlook that reflects now a modest pullback in services revenue down to about $220 million of revenue. The first thing I would highlight is that number is still a very compelling strong number up against historical standards. It wasn't that long ago that our services revenue was typically in the $100 million range.

Cameron，感謝加入本次電話會議。我先從服務部分開始。如你在我們的展望中所見，我們更新了展望，反映服務營收小幅回落至約 2.2 億美元。我首先要強調的是，與歷史標準相比，這個數字仍然非常強勁且具吸引力。不久之前，我們的服務營收通常大約在 1 億美元左右。

The pullback itself is related to the timing of certain activity projects from a certain customer that we now expect to be delayed and not happening in Q3 and potentially not in Q4. So that $220 million pullback in revenue, it does have roughly a $15 million reduction in the EBITDA levels that within our outlook.

這次回落本身與某一位客戶的部分活動型專案（activity projects）時程有關；我們目前預期將延後，第三季不會發生，第四季也可能不會發生。因此，這個降至 2.2 億美元的營收回落，在我們的展望中大約對 EBITDA 水準造成約 1,500 萬美元的下修。

The one thing that I would also highlight here is that the services revenue pullback is not directly related to any organic new business reduction. Those two metrics at this point really are decoupled in the services is activity exactly at the site services work where our new business is more tied to terms and conditions within holistic agreements that we have in other MLA types.

另外我也要強調，服務營收的回落並非直接源自任何有機新業務的減少。目前這兩個指標其實是脫鉤的：服務主要是現場服務（site services）相關的工作量活動；而新業務則更多與我們在其他 MLA 類型的整體協議中之條款與條件相關。

Over the years, we have expanded our network services operations to now include end-to-end solutions, including zoning, permitting and construction management. And the increase in revenue that we've seen in the services business over the years really reflects and demonstrates the value of our network services capability to our customers in terms of helping them get new equipment deployed on our sites efficiently and quickly.

多年來，我們已擴大網路服務營運，現在涵蓋端到端解決方案，包括分區（zoning）、許可申請（permitting）與施工管理。而我們多年來在服務業務所看到的營收成長，確實反映並證明了我們的網路服務能力對客戶的價值——協助他們在我們的站點上更有效率、更快速地部署新設備。

And just touching on the interconnection. We are absolutely seeing an increase in interconnection quarter-over-quarter. I don't think it's lumpiness. I think that you're seeing a different demand characteristic. And it's definitely driven partially by AI, but it's not just AI.

再談到互連（interconnection）。我們確實看到互連呈現逐季增加。我不認為這只是波動。我認為你看到的是不同的需求特性。這當然部分是由 AI 驅動，但不僅僅是 AI。

You're seeing an increase in these ecosystems where more and more customers are talking to each other. And so it's enterprise to cloud, it's enterprise to AI. It's AI to cloud. It's network to AI. It's really all of those different components are seeing an increase in cross connects.

你會看到這些生態系正在擴大，越來越多客戶彼此互通。因此有企業到雲端、企業到 AI、AI 到雲端、網路到 AI。基本上，所有這些不同組成面向都在推動交叉連接數量增加。

Michael Rollins, Citi.

Michael Rollins，花旗。

Just a few follow-ups, if I could. So first, Rod, going back to some of your comments on domestic leasing. So if it's 250 basis points of core leasing contribution this year, and you take that against the nearly $5.1 million you ended with last year, that's about $127 million, and you did $93 million to date.

如果可以的話，我有幾個追問。首先，Rod，回到你對美國國內租賃（domestic leasing）的一些評論。如果今年核心租賃貢獻是 250 個基點，對照你去年年底接近 51 億美元的基數，約等於 1.27 億美元，而你目前累計做到 9,300 萬美元。

So is your indication that these dollars are expected to bounce back towards that $34 million level just by that math, that you saw quarterly in the first half of the year? And then I'll just after that follow-up with a couple of others, if I could, please.

所以你的意思是，依照這個數學推算，這些金額預期會回升到約 3,400 萬美元的水準，也就是你在上半年每季看到的水準嗎？然後我之後還想再追問幾個問題，如果可以的話。

Yeah, Michael, thanks for the question. I would just highlight that the new business is in line with our expectations. You are correct in terms of the math that you're laying out when you look at the new business numbers in our full-year expectations. So we continue to believe that we'll be broadly in that range of the 2.5% contribution from new business.

好的，Michael，謝謝你的問題。我想先強調，新業務符合我們的預期。就你所做的數學推算而言，當你把新業務數字放到我們全年預期中來看，你的計算是正確的。因此，我們仍然相信新業務對全年貢獻大致會落在 2.5% 的區間。

In terms of the actual new business number for Q4, I mean you know we've moved away from guiding to a new business dollar amount. But we do expect that new business to be consistent in Q4 as we saw in Q3 and that is where it's consistent with our original outlook that we provided, which is we did expect the second half to be lower than the first half.

至於第四季實際的新業務金額，你也知道我們已不再提供新業務美元金額的指引。但我們確實預期第四季的新業務會與第三季所見一致；而這也符合我們原先提供的展望，也就是我們確實預期下半年會低於上半年。

I appreciate the extra color on that.

我很感謝你補充的細節。

Secondly, I was just curious if there's more of an update on just some of the litigation processes that you're going through. So the situation in Mexico with AT&T Mexico and if the pending divestiture by AT&T has any impact on that process?

第二，我想了解你們正在進行的一些訴訟程序是否有更多更新。例如墨西哥那邊與 AT&T Mexico 的情況，以及 AT&T 擬議中的資產剝離（divestiture）是否會對該程序造成任何影響？

And then also, in terms of the potential mediation that you're in with DISH, is there just a range of outcomes that you can update us on in terms of like what the high watermark is and like maybe where the downside risk is just to range bound what could develop on that front?

另外，就你們與 DISH 之間可能進行的調解（mediation）而言，你能否就可能結果的區間提供更新？例如最高可能水位（high watermark）以及下行風險大概在哪裡，以便界定這方面可能的發展範圍？

Sure. Well, there's really not much new to report. So we did -- as we had told you guys, we had the arbitration hearing in Q3. We don't expect a ruling on that until 2027 -- early 2027, and so there's really no update on that. And the potential sale of that business doesn't really affect that at all.

當然。不過其實沒有太多新的內容可報告。如同我們先前告訴各位的，我們在第三季進行了仲裁聽證會（arbitration hearing）。我們預期要到 2027 年——2027 年初——才會有裁決，因此目前沒有更新。而該業務可能的出售也不會對此造成任何影響。

In terms of DISH, there is a mediation which is common in these types of scenarios for that to happen. I'm not going to speculate on a range of outcomes on that. I think the range of outcomes is consistently been the same options that are out there. I will just remind everyone that we have derisked our business by taking DISH completely out of all of our numbers and projections and things like that.

至於 DISH，進行調解在這類情境中很常見。我不會就可能結果的區間做推測。我認為可能結果的範圍一直都是外界所知的那些選項。我也提醒大家，我們已透過把 DISH 完全排除在所有數字、預測等之中，來降低我們業務的風險（derisk）。

And so whatever happens there would be incremental to any of the projections and the numbers that we've given you guys. And just a reminder to everyone that this churn that we saw this year is what has been weighing on OTBG. And so that will be gone next year. So we will see an inflection in growth next year as a result of the nonrecurrence of that churn. And so those processes will just keep playing out. And when there's a resolution, we'll let you guys know.

因此，那裡無論發生什麼，都會是在我們給各位的任何預測與數字之上的增量。也提醒大家一下，我們今年看到的這個流失（churn）一直在拖累 OTBG。因此，明年這個因素就會消失。所以，由於該流失不再重複發生，明年我們將看到成長出現拐點。這些流程會持續推進；一旦有結果，我們會告訴各位。

And Michael, I would just ask you to keep in mind, too, that relative to AT&T in Mexico, we did make a reserve of about $30 million in 2025, up for the revenue there. In 2026, we're currently reserving $8 million to $10 million per quarter. So think about '26 is adding about $40 million to that reserve. So at the end of this year, we expect revenue reserves regarding AT&T Mexico to be at about $70 million. So you can think about that in terms of run rates and eventual resolution here and how that may fit into the picture.

另外，Michael，我也想請你記得，相較於 AT&T 在墨西哥的情況，我們在 2025 年已就那裡的收入提列了約 3,000 萬美元的準備。在 2026 年，我們目前每季提列 800 萬到 1,000 萬美元。所以你可以把 2026 年視為在該準備上再增加約 4,000 萬美元。因此在今年年底，我們預期與 AT&T 墨西哥相關的收入準備金約為 7,000 萬美元。你可以從這個角度去思考其對應的運行水準（run rates）、最終解決的可能性，以及它如何融入整體圖像。

That's helpful. And one last one, if I could, please. And this may be a tougher question. I appreciate the opportunity to ask it. So you mentioned earlier that part of what was happening with the services business was a delay from a customer.

這很有幫助。如果可以的話，最後再問一個。這可能是個比較難的問題。感謝你讓我有機會提問。你先前提到，服務業務發生的部分原因是某位客戶的延遲。

And another tower company talked about a customer delay where that customer was purchasing low-band spectrum that process got delayed in terms of approvals. Is that a similar delay that you're experiencing? And does that also then infer some conviction on the ramp for 2027?

另一家鐵塔公司談到一個客戶延遲，原因是該客戶正在購買低頻段頻譜，而該流程在核准方面有所延宕。你們遇到的是類似的延遲嗎？而這是否也意味著你們對 2027 年的爬坡（ramp）更有把握？

If we get too specific about our customer builds, they get very grumpy with me. So we're not going to touch too much on what that was. But what I will say is, the delay that we're seeing is just a change in timing, not expectations. So we fully expect to get that business, both the services and the rental revenue associated with that when the customer builds, not if the customer builds.

如果我們把客戶建置（builds）講得太具體，他們會對我很不高興。所以我們不會太多觸及那到底是什麼。但我可以說的是，我們看到的延遲只是時點的改變，不是預期的改變。因此，我們完全預期在客戶進行建置時（when the customer builds），而不是如果客戶建置（not if the customer builds），我們會拿到那筆業務，包括服務收入以及與之相關的租賃收入。

Nick Del Deo, MoffettNathanson.

Nick Del Deo，MoffettNathanson。

First, you've been experimenting with some smaller multi-megawatt purpose-built data centers at some of your tower sites. One of your peers has talked about potentially supporting deployments in order of magnitude smaller, maybe a couple of hundred kilowatts or so per site. I guess have you received any interest from potential customers about the latter concept? And how would you view its appeal versus the model that you've been developing in recent years?

首先，你們一直在部分鐵塔站點嘗試一些較小、數兆瓦等級、為特定用途打造的資料中心。你們的一位同業談到，可能支援規模小一個數量級的部署，也許每個站點幾百千瓦左右。我想問的是，你們是否收到潛在客戶對後者概念的興趣？以及相較於你們近年來所發展的模式，你們如何看待它的吸引力？

Yeah. Thanks for the question, Nick. We're excited about everyone by getting excited about Edge. It's something that we've been working on for a few years now. And edge means something different every person you talk to. And so there are a number of proof of concepts that are going on with various parties and various sizes. So yeah, we're seeing interest from various parties for smaller deployments on sites as well.

是的。謝謝你的問題，Nick。我們很高興看到大家都開始對邊緣（Edge）感到興奮，這也是我們已經投入好幾年的事情。而且你跟不同的人談，「邊緣」對每個人代表的意思都不一樣。因此，目前有許多與不同夥伴、不同規模的概念驗證（proof of concepts）正在進行。所以是的，我們也看到各方對在站點上進行較小規模部署的興趣。

Our Raleigh facility, which is kind of the first that we've built of its kind. I'm happy to say that the first megawatt leased up already, and we're about to go live on the second megawatt and it's almost completely early step as well. So we're absolutely seeing demand for a little bit larger scale deployments as well at the edge as well as the smaller scale deployments.

我們在 Raleigh 的設施，算是我們打造的第一個同類型案子。我很高興地說，第一個兆瓦已經出租完畢，而我們即將讓第二個兆瓦上線，且也幾乎在非常早期階段就接近滿租。所以我們確實也看到在邊緣端對稍大規模部署的需求，同時也有較小規模部署的需求。

And so when you think about the edge ecosystem, the momentum is very positive. And that's something that we're excited about. We think the TAM is expanding because our multiple parties interested in different models there. And we continue to believe in our thesis that connecting those edge data centers back to CoreSite gives us a right to win in that space, and it makes us a more interesting partner.

因此，當你思考邊緣生態系時，動能非常正向。這也是我們感到興奮的地方。我們認為可服務市場總量（TAM）正在擴大，因為有多方對不同模式感興趣。我們也持續相信我們的論點：把這些邊緣資料中心連回 CoreSite，能讓我們在這個領域具備勝出的優勢（right to win），也讓我們成為更有吸引力的合作夥伴。

So we'll continue to iterate on that. And when there's something more material to announce, we'll tell you guys that, and we'll keep you up to date on our efforts with Raleigh, and if we decide to build a couple more of those small ones to iterate on that concept. We're confident those are going to lease up as well because we are seeing a lot of demand in that space.

所以我們會持續迭代。當有更具實質性的事項可以宣布時，我們會告訴各位；我們也會持續更新 Raleigh 的進展，以及如果我們決定再建幾個這類小型設施來持續迭代這個概念。我們有信心這些也會出租完畢，因為我們在這個領域看到非常強的需求。

Okay. That's great to hear. Maybe pivoting a bit to capital allocation. You've obviously been leaning more heavily into share repurchases. I think for reasons that you've described in your past calls, I guess I was wondering if you've been seeing any changes in seller expectations in the M&A market, given rising interest rates and whatnot, that might suggest that the relative positioning of opportunities with capital work might be shifted at all in your priority list?

好的。很高興聽到。也許稍微轉到資本配置。你們顯然更偏重股票回購。我想基於你們在過去電話會議中提到的原因；我想問的是，鑑於利率上升等因素，你們是否看到併購市場中賣方預期有任何變化，可能使得資本運用機會的相對位置在你們的優先順序中有所調整？

What I would say is, we haven't seen material opportunities where you had a willing counterparty, the constructive regulatory environment, and the economics all came together for us. And you really have to have those three for more material M&A. In some of the smaller tower deals in the US, we're seeing a little bit of rationality in some of the multiples, but nothing that's been of scale and nothing that we've actioned on recently -- have up to scale in that space.

我會說的是，我們尚未看到具實質性的機會，能同時具備願意交易的對手方、具建設性的監管環境，以及對我們而言可行的經濟性三者齊備。而要做更具規模的併購，這三點缺一不可。在美國一些較小的鐵塔交易中，我們看到估值倍數（multiples）稍微回歸理性，但沒有任何具規模的案子，也沒有我們近期已採取行動的案子——在那個領域尚未有達到規模的機會。

So I'd say that there are opportunities out there. There are people talking about things, but we haven't been able to bring those three components together on anything material.

所以我會說，市場上確實有機會。也有人在談一些事情，但我們還沒能在任何具實質性的案子上把那三個要素同時湊齊。

And Nick, I would just add to that and maybe update the listeners here on our overall capital allocation strategy and approach. And I think that entire process is underpinned by management. Steve and I and the executive team as well as the Board being very disciplined in terms of our approach to capital allocation. And I think you've seen that.

Nick，我也補充一下，並向聽眾更新我們整體的資本配置策略與做法。我認為整個流程的基礎在於管理層——Steve、我、整個高階團隊以及董事會——在資本配置上都非常自律。我想你也看得到這一點。

First and foremost, we do allocate capital towards our dividend. As a REIT, we are required to dividend out about 90% of our REIT taxable income. We choose to dividend out about 100%. And we think that's most efficient for our shareholders. And we enjoy returning capital to our shareholders.

第一優先，我們會把資本配置在股利上。作為 REIT，我們依法必須配發約 90% 的 REIT 應稅所得。我們選擇配發約 100%。我們認為這對股東而言是最有效率的做法。我們也樂於把資本回饋給股東。

Next, we look at internal capital programs and you see us this year investing between $1.8 billion and $1.9 billion pretty consistent level. Within that, 85% of that is being allocated towards developed markets, which is exactly in line with the strategy that Steve outlined a couple of years ago in terms of leaning into developed markets, high-quality economies with high-quality counterparties, which gives us a more stable return outlook and an easier, clearer path to value creation for our shareholders.

接著，我們會看內部資本計畫；你會看到我們今年投資約 18 億到 19 億美元，水準相當一致。其中有 85% 配置在已開發市場，這完全符合 Steve 幾年前所提出的策略：加碼已開發市場、具高品質經濟體與高品質對手方，讓我們的報酬前景更穩定，並為股東創造價值提供更容易、更清晰的路徑。

Next, we look at M&A. And in the US, we're doing some small M&A. You'll see that tucked into our cash flow statement and our balance sheet, but nothing material. But we do look at M&A in the US and in Europe and CoreSite and towers. But we're very disciplined. So we don't feel a need to jump in, in a way that would be undisciplined.

接著，我們會看併購（M&A）。在美國，我們有做一些小型併購；你會在現金流量表與資產負債表中看到，但沒有任何具實質性的案子。不過我們確實會在美國與歐洲、在 CoreSite 與鐵塔領域評估併購。但我們非常自律。因此，我們不覺得有必要以不夠自律的方式貿然進場。

We don't mind allocating capital towards continued debt reduction in this environment. And we also don't mind buying back shares. We actually like that and at certain times, it can be -- it can be the best use of capital depending on all the factors that come into play.

在目前這樣的環境下，我們不介意將資本配置用於持續降低負債。我們也不介意回購股票。事實上我們喜歡這麼做，而且在某些時點，視所有相關因素而定，這可能——這可能是資本的最佳用途。

So we're constantly scanning the dashboard when it comes to capital allocation, being very disciplined. We have multiple levers to pull. So that is good. We have a lot of flexibility, and it allows us to make really good decisions on behalf of our shareholders.

因此在資本配置方面，我們會持續檢視儀表板，並保持高度紀律。我們有多個槓桿可以運用。所以這是好事。我們有很大的彈性，這讓我們能代表股東做出非常好的決策。

With that said, even with the nearly a little over $900 million that we've allocated back to share repurchases, the $1.8 billion to $1.9 billion that we look to deploy in internal CapEx this year as well as the $3.3 billion we're dividending back to our shareholders. We have an incredibly strong balance sheet, stronger than all of our peers. We have a BBB+ credit rating. The lowest leverage out there. And we do view that as a strategic asset that puts us in a really strong position to be flexible and opportunistic as we go forward.

話雖如此，即便我們已配置將近、略高於9億美元用於股票回購，今年也計畫投入18億至19億美元於內部資本支出（CapEx），以及向股東發放33億美元股利回饋。我們仍擁有極其強健的資產負債表，比所有同業都更強。我們的信用評等為BBB+。槓桿水準是市場上最低之一。我們也將此視為一項策略性資產，使我們在未來能保持高度彈性並把握機會。

Michael Funk, Bank of America.

Michael Funk，美國銀行。

Thank you again for the question. So want to go back to a potential LEO terrestrial build and get your thoughts on time required to build out nation-wide network using existing equipment, if possible, versus doing more of a greenfield build using your expertise, I think about timing around that.

再次感謝你的提問。我想回到一個潛在的LEO地面網路建置，想請教你們對於建置時間的看法：若可能使用既有設備來建置全國性網路，所需時間相較於利用你們的專業進行較多的綠地（greenfield）建置會如何？我在思考這方面的時程。

And then looking at the cost line and the services business, didn't come down as much as they would have expected given the drop-off in revenue there. So what does that tell us about anticipation of maybe increased work in the services side?

另外看成本線與服務業務，鑑於那邊營收下滑，成本並沒有如預期下降那麼多。那這是否反映你們預期服務端可能會有更多工作量增加？

Sure, I'll take the first part, and Rod, you can take the second part. We do not want to speculate on the scope of what people are going to do in terms of their network. So it's very hard to guess at what a time line would be for deployment on that. So again on that, I think I have to direct you back to the parties who might build it. There's just too many variables for us to start speculating on timelines.

好的，我先回答第一部分，Rod，你可以回答第二部分。我們不想就他人將如何規劃其網路的範圍進行臆測。因此很難推估其部署時程會是什麼樣子。所以在這點上，我想我必須請你回到可能會建置該網路的相關方去詢問。變數太多，我們無法開始對時程做出推測。

What I can tell you is that American Tower can get them on air faster than anybody else, and we can offer them services, which leads into your second question. Part of what we do for our customers is take them from application and zoning all the way through construction. And that will lead into the second question with Rod.

我能告訴你的是，美國鐵塔（American Tower）能比任何人都更快讓他們上線（on air），而且我們也能提供他們服務，這也連結到你的第二個問題。我們為客戶所做的一部分工作，是從申請與分區（zoning）一路到施工建置。接下來就交由Rod回答第二個問題。

Yeah, Michael, what I would say about the services is that you really have to consider the mix, and I don't want to get into too much detail there in terms of all the different end-to-end services that we provide in the different margins but of course, you can imagine construction management is a much different margin profile than the zoning and permitting we do with the engineering.

是的，Michael，關於服務業務我會說，你必須真正考量組合（mix）。我不想在我們提供的各種端到端服務及其不同毛利方面講得太細，但你可以想像，施工管理的毛利結構與我們在工程中所做的分區與許可（permitting）是非常不同的。

So it is a mix of the services revenue and particularly where the reduction came primarily. And I would just highlight that we now have construction management runs at about half of our overall services revenue. So that's been increasing quite a bit. And you'll see that reflected in the overall margins from services to gross margins, which are running now north of 40% from a level that used to be around 50%. That is primarily the mix and the increase in volume that we're seeing in the construction management.

因此這取決於服務營收的組合，尤其是營收下滑主要發生在哪些項目。我也想強調，我們目前施工管理約占整體服務營收的一半。所以這部分一直在顯著增加。你會在服務的整體毛利率中看到反映：目前毛利率在40%以上，而過去大約在50%左右。這主要就是組合因素，以及我們在施工管理看到的量能增加所致。

Richard Choe, JPMorgan.

Richard Choe，摩根大通。

Great. I wanted to follow up on the data center opportunity. What are you seeing in terms of your pipeline of deals? And then in terms of the renewals, you mentioned the 6% mark-to-market. But are you seeing different customers asking for different things in terms of terms and conditions that you think is a good sign going forward for your existing base?

很好。我想追問資料中心的機會。你們在交易管線（pipeline）方面看到什麼情況？另外在續約方面，你提到6%的市價調整（mark-to-market）。但你是否看到不同客戶在條款與條件上提出不同要求，而你認為這對既有客戶基礎的未來是一個好訊號？

Sure. Well, the demand is really higher than we've ever seen before in terms of CoreSite. And that's giving us a lot of flexibility in terms of curating the customer mix and making sure that we're optimizing the yield on those assets.

當然。就CoreSite而言，需求確實是我們前所未見地高。這讓我們在挑選客戶組合、並確保我們能最佳化這些資產的收益率方面，擁有很大的彈性。

The mark-to-market is -- and remember, that's on top of annual escalators that we get in that business. So that's just a reflection of pricing in the industry going up, which is a factor of the supply and demand dynamics that are there.

至於市價調整（mark-to-market）——請記得，那是在該業務我們每年可取得的調價（annual escalators）之上。所以這只是反映產業價格上升，而這是由供需動態所驅動的。

And so when you look at our pipeline, Richard, it's very robust. And again, we try to curate that customer mix. We want people who build the ecosystem who have a lot of cross-connects who are going to be there for the long term. And because of the demand cycle that we're in, we're able to be very selective on our counterparties and curate that customer makes even better than we have in the past.

因此當你看我們的管線，Richard，它非常強勁。同樣地，我們會嘗試精選客戶組合。我們希望引入能建立生態系、擁有大量交叉連接（cross-connects）、並會長期留在那裡的客戶。而由於我們所處的需求循環，我們能對交易對手非常挑剔，並把客戶組合打造得比過去更好。

So we're very confident in the long-term trajectory and the durability of both that revenue and the ability to grow it. When you think about the growth that we're seeing, what we've been very confident in saying is we still see double-digit growth for the foreseeable future in terms of revenue in CoreSite. And that's not coming at the expense of the quality.

因此我們對長期走勢、以及該營收的韌性與成長能力都非常有信心。談到我們看到的成長，我們一直很有信心地表示：在可預見的未來，CoreSite的營收仍將維持雙位數成長。而這並不是以犧牲品質為代價。

We're increasing the quality of the earnings there, we're putting better counterparties in. So I would say it's a very healthy environment, and we're excited to be growing and investing in that business.

我們正在提升那裡的獲利品質，導入更好的交易對手。所以我會說這是一個非常健康的環境，我們也很期待在這項業務中持續成長並加碼投資。

And one follow-up on the interconnection side. You talked about it a little bit, but how are you seeing interconnection evolve or connectivity evolve? And then with your more AI-centric customers or enterprises that are adopting it? Is there some question on how many cross-connects would end up taking? How would you monetize it? Can you give us a sense of what you're seeing?

另外追問互連（interconnection）方面。你稍微提到一些，但你們如何看互連或連線能力（connectivity）的演進？以及面對更以AI為核心的客戶或正在採用AI的企業，是否存在一個問題：最終他們會採用多少條交叉連接（cross-connects）？你們會如何將其變現（monetize）？能否分享一下你們目前看到的情況？

We're just seeing an explosion in growth when you -- there are massive cross-connects to people who are operating LLMs. But it's really -- the way to think about it is everyone is becoming more connected to each other. And so you're seeing these cross connects between parties that historically didn't cross connect in the past, because they're transferring petabyte of data back and forth. And you just can't backhaul that across the country over the internet and things like that. And that's really what's driving demand.

我們看到成長呈爆發式——當你看到那些在運行大型語言模型（LLM）的人，他們需要大量的交叉連接（cross-connects）。但真正的思考方式是：每個人彼此之間都變得更互聯。因此你會看到一些過去歷史上不會互連的各方之間出現交叉連接，因為他們正在來回傳輸PB等級（petabyte）的資料。而你根本無法把這些資料透過網際網路之類的方式在全國範圍內回程（backhaul）傳輸。這正是需求的主要驅動因素。

People want to be in a neutral host colocation facility next to other people where they can get direct cross connects and that's really what's feeding this ecosystem growth and the cross-connect growth.

人們希望在中立主機（neutral host）的共置（colocation）設施中，與其他人相鄰，這樣就能取得直接的交叉連接；而這正是推動生態系成長與交叉連接成長的關鍵。

Brendan Lynch, Barclays.

Brendan Lynch，巴克萊。

Rod, you remain confident that 2026 is going to be the trough year in organic growth and also mentioned that AFFO per share should be accelerating in 2027. Is that dependent on contribution from the satellite operators that could deploy traditional networks? Or would that be incremental?

Rod，你仍然有信心2026年會是內生成長（organic growth）的谷底年，並且也提到2027年每股AFFO應該會加速成長。這是否取決於可能部署傳統網路的衛星營運商所帶來的貢獻？還是那會是額外的增量（incremental）？

Yeah. Thanks for the question, Brendan. I would say -- let me step back and just look at our AFFO per share growth algorithm that we've laid out in prior calls. I'll start by just highlighting that this year for 2026, in our most recent outlook, that has a 3% AFFO per share growth rate. On an FX neutral basis, that's much tighter to 0%.

是的。謝謝你的提問，Brendan。我會說——讓我先退一步，回頭看一下我們在先前電話會議中所闡述的每股 AFFO 成長算法。我先強調，今年針對 2026 年，在我們最新的展望中，每股 AFFO 成長率為 3%。以排除匯率影響（FX neutral）的基礎來看，這就更接近 0%。

That includes contributions from DISH headwind of about 400 basis points. It also includes about 100 basis points of headwind from refinancing costs and the services step down is another 100 basis points of headwind.

其中包含來自 DISH 的逆風約 400 個基點。也包含約 100 個基點的再融資成本逆風，而服務業務下滑（step down）則是另外 100 個基點的逆風。

So if you look at that approximately 0% FX-neutral reported AFFO per share growth for 2026, and you look at DISH churn as being nonrecurring, that adds 400 basis points going forward on an average run rate basis, we are moving through the refinancing curve and the refinancing headwind is becoming muted relative to where it was a couple of years ago. So we're growing into the higher interest rate environment, but that's another 100 basis points. And then the services reduction is another 100 basis points.

所以，如果你看 2026 年約 0%（排除匯率影響、按報告口徑）的每股 AFFO 成長，並將 DISH 的流失（churn）視為一次性、非經常性因素，那麼往後以平均運行率（run rate）來看，將增加 400 個基點；我們也正在走過再融資曲線，再融資逆風相較於幾年前已趨於緩和。因此，我們是在較高利率環境中成長，但那仍是另外 100 個基點。而服務縮減則是另外 100 個基點。

That puts us at an AFFO per share number equivalent to approximately 7% if you think of those items as nonrecurring and going forward. So outside of those items, our global portfolio of assets is really well positioned for that mid-single to better than mid-single-digit AFFO per share growth. And that comes with a few distinct expectations.

如果你把這些項目視為非經常性、且往後不再發生，那麼我們的每股 AFFO 數字大約相當於 7%。因此，撇除這些項目，我們的全球資產組合在每股 AFFO 中段單位數、甚至優於中段單位數的成長方面，確實處於非常有利的位置。而這也伴隨著幾項明確的預期。

One is the developed markets, both US and Europe, we expect revenue growth in the mid-single digits from those businesses, very high-quality economies, very consistent activity levels. We expect higher growth from our emerging market tower businesses, and we expect double-digit growth from CoreSite as we move forward into the next few years.

其一是在已開發市場，包括美國與歐洲，我們預期這些業務的營收成長為中段單位數；這些都是高品質經濟體，活動水準非常穩定。我們預期新興市場的鐵塔業務成長更高；而隨著未來幾年前進，我們預期 CoreSite 將有雙位數成長。

You combine that revenue growth with our high operating leverage, our high financial leverage and very smart capital allocation and disciplined capital allocation, that makes it very attainable to have an AFFO per share growth in that mid- to upper mid-single-digit rates before you account for the impacts of FX and interest rates.

把這樣的營收成長，與我們高營運槓桿、高財務槓桿，以及非常聰明且嚴謹的資本配置結合起來，在尚未計入匯率與利率影響之前，要達成每股 AFFO 中段到中高段單位數的成長率，是非常可達成的。

So that algorithm is fully intact. And I would say when you think of satellite players, we're not really building any of that into the long term. So there could be some upside there. If that's modest, I wouldn't expect a lot of changes to our overall algorithm. But depending on the nature of those investments and the ambition of any particular satellite carriers, some of that could certainly represent upside.

所以，這套算法完全維持不變。而我會說，當你想到衛星業者時，我們其實沒有把任何這類因素納入長期假設。因此，那裡可能會有一些上行空間。如果幅度不大，我不預期我們整體算法會有太多變化。但視這些投資的性質，以及任何特定衛星電信商的企圖心而定，其中一些確實可能代表上行空間。

Great. And Steve, just to follow up on your comment about the DISH equipment. I understand that you own it now. But is there any dispute about that in the legal proceedings with DISH? Or are you free and clear to sell that equipment to whoever you choose right now?

很好。Steve，接著追問你剛才關於 DISH 設備的評論。我理解你們現在擁有它。但在與 DISH 的法律程序中，對此是否有任何爭議？或者你們目前是否已完全無瑕疵、可自由選擇把該設備賣給任何人？

No, we are good. We can do whatever we want to do with it.

沒有，我們沒問題。我們可以對它做任何我們想做的事。

Eric Luebchow, Wells Fargo.

Wells Fargo 的 Eric Luebchow。

I wanted to touch on the data center CoreSite business a little bit. Maybe you can talk about any steps or things you're evaluating to get the higher multiple data center business even more reflected in your stock price today. Are there opportunities to ramp CapEx spending even further as we look into '27 or '28? Are there any inorganic opportunities out there, whether it's portfolios or specific assets that could drive an even higher contribution to your attributable AFFO?

我想稍微談一下資料中心 CoreSite 業務。也許你可以談談，你們正在評估哪些步驟或作法，以便讓這個估值倍數較高的資料中心業務，在今天的股價中得到更充分的反映。展望到 2027 或 2028 年，是否有機會進一步加速資本支出（CapEx）？另外，是否存在任何非有機（inorganic）的機會，不論是投資組合或特定資產，能夠讓你們的應占（attributable）AFFO 貢獻更高？

Sure. Thanks for the question. We are continuing to look for opportunities to invest in CoreSite. And if you reflect back on what we said about our pipeline, we have line of sight into almost tripling the megawatts under service that we have today over time. And we'll continue to look at adding scale there.

當然。謝謝你的提問。我們持續在尋找投資 CoreSite 的機會。如果你回顧我們對管線的說法，我們已能清楚看到，隨時間推進，我們目前在役（under service）的兆瓦數有機會接近成長到將近三倍。我們也會持續尋求在那裡擴大規模。

We are exploring some new market entries there from an organic build perspective. We haven't announced any yet because we're still working through the process of making sure that we've got all the entitlements on those before we announce that. But we do think that that's an avenue. We will continue to invest in our existing campuses.

我們也在從有機自建（organic build）的角度，探索一些新的市場進入。我們尚未宣布任何項目，因為我們仍在推進流程，確保在宣布之前已取得所有必要的核准與權利（entitlements）。但我們確實認為這是一條可行的途徑。我們也會持續投資於既有園區（campuses）。

We're pushing the teams to accelerate that build pipeline. We have all the entitlements we need for our near-term build. But as you may have heard, it's a little bit difficult to accelerate some of the timelines where you don't have permits. So we're working hard on that. And we've got a 30-year track record on the tower side of navigating those headwinds. So we think we're better positioned than anybody else to do that.

我們正推動團隊加速這條建置管線。我們已具備近期建置所需的所有核准與權利（entitlements）。但如你可能聽說的，在沒有許可（permits）的情況下，要加速某些時程確實有點困難。所以我們正在為此努力。而在鐵塔業務方面，我們有 30 年穿越並因應這些逆風的紀錄。因此我們認為，我們比任何人都更有條件做到這點。

But we are trying to accelerate that investment, and we do think that, that will be something that gains a little bit more attention for CoreSite. When it comes to inorganic opportunities, like we would do on the tower side, we'll always evaluate what's out there. And if we can find an opportunity that makes sense, then we'll take action on it. But nothing to announce on that front today. But we certainly believe in the business.

但我們確實正嘗試加速這項投資，也確實認為這會讓 CoreSite 獲得更多關注。至於非有機機會，就像我們在鐵塔端會做的一樣，我們永遠都會評估市場上有哪些機會。如果我們能找到合理的機會，我們就會採取行動。但目前在這方面沒有任何可宣布的事項。不過我們確實看好這項業務。

We believe in the connection between towers and data centers. And we think that that's going to continue to evolve and become more apparent, and we think it's a great asset that we intend to continue growing. So thanks for the question.

我們相信鐵塔與資料中心之間的連結。我們認為這種連結將持續演進並變得更為明顯，而我們也認為這是一項很棒的資產，我們打算持續擴大成長。所以謝謝你的提問。

This concludes our question-and-answer session and today's conference call. Thank you for participating, and you may now disconnect.

以上為我們的問答環節以及今天的電話會議。感謝各位參與，現在可以掛線。