Shares of American Tower (AMT) surged 5.15% intraday on Tuesday, after the communications infrastructure REIT reported second-quarter results that handily topped Wall Street expectations and boosted its full-year forecast.

The company posted adjusted funds from operations (AFFO) of $2.71 per share, exceeding the consensus estimate of $2.70. Total revenue rose 4.7% to $2.75 billion, beating the analyst forecast of $2.70 billion. Net income more than doubled to $888 million, driven by robust global tower leasing demand and record leasing activity at its CoreSite data center business. CEO Steve Vondran highlighted that strong leasing demand across the company’s global tower portfolio and the record CoreSite performance supported a second increase to its full-year outlook this year.

American Tower raised its 2026 guidance, now expecting AFFO per share of $11.00 to $11.17, above the FactSet consensus of $10.97, and property revenue growth of 4.5% at the midpoint, topping analyst estimates of 3.7%. The upbeat results and raised outlook reinforced investor confidence in the company’s ability to capitalize on growing digital infrastructure needs driven by mobile, cloud, and artificial intelligence.