The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: To maybe just set the stage, if you want to recap kind of your top level guidance that you provided around some of the key metrics, organic tenant
billings growth, AFFO per share growth, and then we'll dive into some strategic and operational and balance sheet topics.
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: Great. I'm going to have a chance to circle back on some of the topics that you just elucidated. But maybe just hitting some recent headlines. We've
got the DISH spectrum sale to AT&T. How do you view the impact to your business given that some of AT&T's capacity needs can be met through
software, but in other cases, maybe in the low-band 600 megahertz, they might need to deploy new equipment?
So how do you look at the puts and takes around that as it pertains to tower companies?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: You mentioned just real quick by way of follow-up before I hit the next set of topics. But -- so you get paid by -- for those DISH leases over time. So
what sort of initial lease term are we looking at, 5 years, 10 years, longer?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: SpaceX purchase -- SpaceX purchase of spectrum, even a more recent announcement and thoughts on impacts to the tower industry.
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: Last couple of tower questions, and then maybe we'll hit on data centers. But a lot of folks are kind of thinking for 2026, 5% organic growth given
what's happening with US Cellular, which we won't ask you to answer directly, but everything we just talked about, LatAm, AT&T Mexico, how
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: And then turning to Europe. You talked about developed markets. Any kind of highlights to point out around your particular geographic exposure
within Europe. And then how you see the growth prospects between organic growth around maybe some of the 5G build-outs versus inorganic
growth opportunities?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: You mentioned you like what you see in terms of mobile data growth. So there's mobile data growth and there's growth on terrestrial towers,
which would include FWA. I assume you're excluding FWA when you're talking about mobile data growth?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: You have a technology team just north of Boston. And what are they kind of thinking and seeing as they look at your customers' behavior and also
end users? Is it FWA? Or is it AI applications, which are the two? Or is there a third or fourth category that you would get excited about over the
medium term around traffic growth?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: So last question, we'll go a little bit over, but data centers, the product du jour seems to be triple-digit megawatt or gigawatt plus commitments.
That's not where you play. So if you look at your peer group, you've got one company in their sub-1 megawatt category is seeing a lot of success
with enterprise, one of the bigger peers just recently lowered their financial guidance.
You're putting up 13% year-on-year growth in Q2. So how do you see your segment of the data center space which is different than where a lot of
the capital seems to be flowing -- performing around organic demand drivers? And what's kind of your strategy going forward?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: That's a great overview. Appreciate your taking the time.
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