How did AMT's property segment perform in 2024?

American Tower's property segment showed a mixed performance in 2024, with strong revenue growth countered by a significant decline in profit for the third quarter.

1. **Revenue Growth**: The property segment's revenue increased in the first half of 2024, with total revenue reaching $2.83 billion by the end of Q1 and $2.9 billion by the end of Q2. This growth was driven by robust demand for American Tower's global portfolio of communications infrastructure assets, supported by carrier rollouts of 5G coverage and network upgrades in emerging markets.
2. **Profit Decline**: However, the property segment reported a net loss of $780.4 million for the third quarter ending September 30, 2024. This loss was attributed to certain non-cash items, including the loss taken upon closing the sale of ATC India. Despite this, the company expected to finish the year strong and be well-positioned to deliver high-quality earnings growth and shareholder returns into 2025 and beyond.
3. **Overall Performance**: The property segment's performance was partly offset by the sale of its India business, which is now reported as discontinued operations. This strategic move allowed American Tower to focus on core growth areas and optimize its capital structure.

In conclusion, while American Tower's property segment experienced strong revenue growth, particularly in the first half of 2024, it faced challenges in the third quarter that resulted in a significant profit decline. The company's strategic decisions, such as the sale of its India business, indicate a proactive approach to managing its portfolio and positioning itself for future growth.