Total revenue at American Tower Corporation increased 11.2 percent in the first quarter of 2010 to $454.4 million, indicating that the demand for broadcast and wireless vertical real estate remains strong.
"During the first quarter of 2010 we remained focused on both maximizing the utilization of our legacy portfolio and making investments in further expanding our portfolio of assets," said Jim Taiclet, American Tower. "Our operational performance during the quarter provided us the ability to reinvest $55 million in capital expenditures and $89 million in acquisitions, while also returning $52 million to shareholders through our stock repurchase program."
He added that beginning in the first quarter of 2009, the company has added some 4,000 new sites to its portfolio and made investments in both personnel and systems to support its assets.
American Tower expects to close on its acquisition of Indian company Essar Telecom Infrastructure Private Limited in the second quarter of 2010.
American Tower acquired two new broadcast sites in the first quarter of 2010. It constructed 232 new wireless sites and acquired 162 wireless sites. American Tower owns 232 broadcast tower sites in the United States and 199 in Mexico.