Manager, Investor Relations I/we have a beneficial long position in the shares of AMT either through stock ownership, options, or other derivatives. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements, including but not limited to the ability of the parties to consummate the proposed transaction, uncertainties as to the timing of the tender offer and merger, uncertainties as to how many of CoreSites stockholders will tender their stock in the offer, the possibility that competing offers will be made, the possibility that various closing conditions for the transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transaction, the effects of the transaction on relationships with employees, other business partners or governmental entities, the difficulty of predicting the timing or outcome of regulatory approvals or actions and the ability of American Tower to realize the benefits it expects from the transaction. By combining the capabilities, talent and resources of American Tower and CoreSite, the combined company will be even better equipped to deliver superior service and expanded solutions to customers. 2021 FFO per share for Extra Space Storage is expected to increase 29.9% year over year.The Zacks Consensus Estimate for EXRs 2021 FFO per share has been revised 2.1% upward in a month.The Zacks Consensus Estimate for Rexford Industrials ongoing-year FFO per share has moved 1.2% north to $1.63 over the past two months.The Zacks Consensus Estimate for Rexford Industrials 2021 FFO per share suggests an increase of 23.5% year over year. We expect the combination of our leading global distributed real estate portfolio and CoreSites high quality, interconnection-focused data center business to help position American Tower to lead in the 5G world. This marks American Towers second acquisition deal this year. With increased scale and a broadened, more comprehensive offering, American Tower and CoreSite expect the combined company to be well-positioned to address evolving customer needs through an enhanced value proposition for network and cloud providers, service integrators and enterprise customers. Create your Watchlist to save your favorite quotes on Nasdaq.com. Our expansion in the communications infrastructure ecosystem will accelerate advanced applications, and we are excited for our growing role in helping customers usher in a more connected world. This website is using a security service to protect itself from online attacks. As the convergence of wireless and wireline networks accelerates and classes of communications infrastructure further align, we anticipate the emergence of attractive value creation opportunities within the digital infrastructure ecosystem. Through a selective process and consideration of market dynamics, we aim to construct portfolios for rising streams of dividend income and capital appreciation. Tower Site Acquisition: Sell Your Sites to American Tower All rights reserved. At Portfolio Income Solutions we do the rigorous analysis to determine which stocks will work and which wont. It does seem odd that they buy COR at a high 3s cap rate after turning down small cell type investments at 5-7% cap rates for years. November 15, 2021 07:00 AM Eastern Standard Time. All transactions are fast and efficient. Knocking almost $5B off the market cap in response to a $10B merger could only be correct if AMT overpaid by double its present value. Large, well-capitalized, companies are no longer allocating capital based on which of their options is best. An error has occurred, please try again later. The Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, will be sent to all stockholders of CoreSite at no expense to them. Light Reading on Twitter: "American Tower & IBM execs join us to AMT is likely to be soaking up a significant portion of new developments both domestically and internationally. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Binance founder Changpeng Zhao doesnt have much to look forward to. As a state registered investment advisor, 2MCAC is a fiduciary to our advisory clients. See here for a complete list of exchanges and delays. When you choose to work with American Tower, we want to ensure you feel continually supported. Call 877-ATC-SITE (877-282-7483) | Legal | Privacy|Cookie Settings|Media Relations|Vendors | Site Map | Regulatory Status. Our teams take customer service seriously, and we are committed to providing a positive experience to every customer, every time. 2MCSC is a separate entity but related under common ownership to 2nd Market Capital Advisory Corporation (2MCAC), a Wisconsin registered investment advisor. The difference now is that this experienced data center team will be backed by the AMT cost of capital. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Tom Bartlett, American Towers Chief Executive Officer stated, We are in the early stages of a cloud-based, connected and globally distributed digital transformation that will evolve over the next decade and beyond. I see the dip as a nice buying opportunity. American Tower Buys CoreSite - How It Affects Shareholders - Seeking Alpha According to American Tower's November press release, AMT was slated to acquire CoreSite for $170.00 per share in cash. American Tower Completes Acquisition of CoreSite Realty Corporation I think AMT is going to do both. View the full release here: https://www.businesswire.com/news/home/20211115005478/en/. Our teams take customer service seriously, and we are committed to providing a positive experience to every customer, every time. American Tower (AMT) Announces Deal to Buy CoreSite for $10.1B While that is true, I dont think it is an either/or. Cautionary Statement Regarding Forward-Looking Statements. At the time the tender offer is commenced, American Tower will file a Tender Offer Statement on Schedule TO with the SEC, and CoreSite will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. In brief, AMT is willing to take the weak going in yield of the COR acquisition because it unlocks a category of future investment that will be at double-digit cap rates. Zacks->. However, the math still looks quite good with it being accretive near and long term. CoreSites NAV is $130 per share so AMT clearly paid more than the assets are worth and significantly more than the assets initially cost to build. CoreSite plans to declare and pay its fourth quarter dividend during the fourth quarter of 2021 and no later than the close of the transaction. Neither American Tower nor CoreSite undertake any obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances except as may be required by law. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. A wealth of resources for individual investors is available at www.zacks.com. Tom Bartlett, American Towers Chief Executive Officer stated, We are in the early stages of a cloud-based, connected and globally distributed digital transformation that will evolve over the next decade and beyond. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. ET to discuss this transaction. And I think you've seen it in the return on invested capital that the core site management has been able to drive over a long period of time in solidly in the double digits, approaching [ even over ] 20%. American Tower's CoreSite acquisition was driven by the company's view on the importance of interconnection capabilities, cloud on-ramps, and the future network relationships between the cloud, Edge, and mobile. BOSTON & DENVER--(BUSINESS WIRE)--American Tower Corporation (NYSE: AMT) (American Tower) and CoreSite Realty Corporation (NYSE: COR) (CoreSite) today announced that they have entered into a definitive agreement through which American Tower will acquire CoreSite for $170.00 per share in cash. All quotes delayed a minimum of 15 minutes. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Sell your towers to us and well lease them back to you at attractive rates. In particular, I want to look at 5 things: Valuation is probably the worst aspect of the merger for AMT. CoreSite facilities are designed and constructed using industry best practices. We've detected you are on Internet Explorer. When we use words such as projects, anticipates, intends, plans, believes, estimates, expects, forecasts, should, would, could, may or similar expressions, we are making forward-looking statements. ET on November 29, 2021. CORESITES STOCKHOLDERS AND OTHER INVESTORS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. We have based these forward-looking statements on managements current expectations and assumptions and not on historical facts. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Commentary may contain forward looking statements which are by definition uncertain. https://www.barrons.com/articles/american-tower-coresite-acquisition-5g-51636981089. As the convergence of wireless and wireline networks accelerates and classes of communications infrastructure further align, we anticipate the emergence of attractive value creation opportunities within the digital infrastructure ecosystem. For more information, visit www.CoreSite.com. Readers should verify all claims and do their own due diligence before investing in any securities, including those mentioned in the article. Our scalable, flexible solutions and 480+ dedicated employees consistently deliver unmatched data center options all of which leads to a best-in-class customer experience and lasting relationships. Sign In. American Tower will acquire data center management company CoreSite in a deal valued at $10. Grab a free trial. Please. I have no business relationship with any company whose stock is mentioned in this article. American Tower Corporation AMT has announced the completion of the acquisition of CoreSite Realty Corporation. This transaction brings together American Towers wireless connectivity at the mobile edge and CoreSites highly interconnected data center facilities at the core edge to create an extended edge for our customers that can seamlessly support high performance, low-latency applications. When we use words such as projects, anticipates, intends, plans, believes, estimates, expects, forecasts, should, would, could, may or similar expressions, we are making forward-looking statements. As 5G matures and critical applications materializesuch as autonomous vehicles, augmented and virtual reality, next-generation healthcare and manufacturing, and morethe network must be equipped to handle large data volumes, with ultra-low latency, for localized decision-making. When we use words such as projects, anticipates, intends, plans, believes, estimates, expects, forecasts, should, would, could, may or similar expressions, we are making forward-looking statements. In June, it closed the first tranche of this previously announced acquisition, which comprised roughly 20,000 communications sites in Germany and Spain. Additional Information and Where to Find It. American Towers and CoreSites filings with the SEC are also available for free to the public from commercial document-retrieval services and at the website maintained by the SEC at www.sec.gov. Nov 15 (Reuters) - American Tower Corp (AMT.N) on Monday agreed to buy U.S. data center operator CoreSite Realty Corp (COR.N) for $7.51 billion in cash to tap into a sector that has seen a boom in demand during the COVID-19 pandemic. You can email the site owner to let them know you were blocked. Neither American Tower nor CoreSite undertake any obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances except as may be required by law. Also, over the weekend, KKR (KKR) bought CyrusOne (CONE) for $15B. Cautionary Statement Regarding Forward-Looking Statements. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Towers, Rooftops, and Backup Power Support. We look forward to welcoming CoreSites talented team to American Tower and working together to capitalize on those opportunities to drive enhanced long-term value creation for our customers and shareholders as we continue to connect billions of people across the globe., CoreSites Chief Executive Officer, Paul Szurek, stated, We are excited to partner with American Tower to expand its communications infrastructure ecosystem and accelerate its edge computing strategy through the addition of CoreSites differentiated portfolio of U.S. metro data center campuses. The total consideration for the transaction, including the assumption and/or repayment of CoreSites existing debt at closing, is approximately $10.1 billion. BOSTON--(BUSINESS WIRE)--Dec. 28, 2021-- American Tower Corporation (NYSE: AMT) (American Tower) announced today that it has closed its acquisition of CoreSite Realty Corporation (NYSE: COR) (CoreSite) following the completion of its previously announced tender offer for all outstanding shares of common stock of CoreSite. ATC Contact: Adam Smith In addition, we expect the enhanced scale and further geographic reach to provide a platform for the combined company to accelerate its growth trajectory and expand into additional U.S. metro areas, as well as internationally, leveraging American Towers extensive presence across the globe. For additional important factors that may cause actual results to differ materially from those indicated in these forward-looking statements, we refer you to the information contained in Item 1A of American Towers and CoreSites annual reports on Forms 10-K for the year ended December 31, 2020, each under the caption Risk Factors and in other periodic filings American Tower and CoreSite make with the Securities and Exchange Commission (the SEC), including current reports on Form 8-K and quarterly reports on Form 10-Q, as well as the Schedule TO and related tender offer documents to be filed by American Tower and the Schedule 14D-9 to be filed by CoreSite. CoreSite delivers secure, reliable, high-uptime data center campuses with high-performance cloud access and interconnection solutions to a growing customer ecosystem across eight key North American markets. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of CoreSite nor is it a substitute for any tender offer materials that American Tower, Appleseed Merger Sub LLC, Appleseed Holdco LLC or CoreSite will file with the SEC. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. 2nd Market Capital Advisory specializes in the analysis and trading of real estate securities. The tender offer is subject to the tender of at least a majority of the outstanding shares of common stock of CoreSite and certain other customary conditions. Investing in publicly held securities is speculative and involves risk, including the possible loss of principal. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. This was reasonably short term with a 2024 maturity. These forward-looking statements involve a number of risks and. By combining collocation and native cloud access, we provide a highly modernized environment, designed for growth. Watch a video, read a customer testimonial, reference white paper research and review collateral covering our data center facilities and industry topics.
Motorcraft Thermostat F150, Articles A