...A. Highlights: In line with traditional 1Q practice, comments will primarily focus on core US and Canadian tower business, which together with US-based data center segment, made up approx. 54% of total property revenues and 65% of total property segment operating profit in 1Q. 1. 2. Growth in foundational US and Canadian business continues to be propelled by rapid acceleration in mobile data consumption seen over last decade plus. Back in 2017, avg. smartphone in US was consuming roughly six gigabytes of data per month. a. b. And today, in early stages of 5G uptake by consumers, that number has grown by staggering 240% to over 20 gigabytes on a monthly basis, as both 5G handsets and coverage become increasingly pervasive. c. This upward trend is expected to continue, with industry estimates now forecasting an avg. monthly consumption rate of 54 gigabytes by 2027. d. To meet this expected demand, carriers are aggressively deploying mid-band spectrum to provide ubiquitous 5G mobile services....
