American Tower Corporation AMT has reported fourth-quarter 2020 adjusted funds from operations (AFFO) per share of $2.07, missing the Zacks Consensus Estimate of $2.08. Nonetheless, the reported figure improved 6.2% year over year.The company generated total revenues of $2.12 billion, which outpaced the Zacks Consensus Estimate of $2.06 billion. Moreover, the figure improved 10.3% year over year.Declining revenues in the Asia Pacific and Latin America property segments hindered results. Nonetheless, the company witnessed strong organic tenant billing growth.For 2020, American Tower reported AFFO per share of $8.44, up 9.2% year over year. Also, the figure met the Zacks Consensus Estimate. Total revenues of $8 billion increased 6.1% year over year.Quarter in DetailAdjusted EBITDA in the reported quarter was $1.38 billion, up 13% from the prior-year quarter. Adjusted EBITDA margin was 64.8% in the fourth quarter of 2020. Operating income was $674.3 million, up 2% from the year-ago quarter’s figure.In the fourth quarter, the company spent $3.5 billion to acquire 2,629 communication sites, primarily in the United States and Canada.Property SegmentQuarterly revenues grossed $2.1 billion, up 10% year over year. Operating profit was $1.4 billion and operating profit margin was 67% in fourth-quarter 2020.In the Property segment, revenues from the United States totaled $1,217 million, up 10.7% year over year. Further, total international revenues amounted to $882 million, up 9% year over year.Within this, revenues from the Asia Pacific totaled $276 million, declining 6.2 % year over year, while Latin America revenues totaled $326 million, down 1.4% year over year. Africa revenues grossed $239 million, up 58.8% year over year, while Europe revenues of $42 million improved 21.9% from the year-ago period.Services SegmentQuarterly revenues totaled $22.9 million, up 50% year over year. Operating profit was $9 million and operating profit margin was 38% during the December-end quarter.Cash Flow and LiquidityIn the fourth quarter of 2020, American Tower generated $1.1 billion of cash from operating activities, rising 13.9% year over year. Free cash flow during the period was $758 million, up 5.5% year over year.At the end of the fourth quarter, the company had $4.9 billion of total liquidity. This comprised $1.7 billion in cash and cash equivalents, and availability of $3.2 billion under its revolving credit facilities (net of any outstanding letters of credit).Share RepurchasesDuring the year, American Tower repurchased 0.3 million shares of its common stock for around $56 million. As of Dec 31, 2020, it had nearly $2 billion remaining under the existing stock repurchase programs.OutlookFor 2021, American Tower anticipates total property revenues of $8,500-$8,650 million, suggesting a year-over-year improvement of 7.8% at the mid-point. Adjusted EBITDA is projected at $5,590-$5,690 million, indicating a mid-point increase of 9.4% from the prior year. Consolidated AFFO is estimated to be $4,060-$4,160 million, suggesting a year-over-year mid-point expansion of 8.5%.American Tower Corporation Price, Consensus and EPS Surprise American Tower Corporation price-consensus-eps-surprise-chart | American Tower Corporation QuoteCurrently, American Tower carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other REITSVentas, Inc. VTR reported fourth-quarter 2020 normalized FFO per share of 83 cents, surpassing the Zacks Consensus Estimate of 73 cents. However, the figure declined 10%fromthe year-ago quarter’s number.Healthpeak Properties, Inc. PEAK reported fourth-quarter 2020 FFO as adjusted per share of 41 cents, surpassing the Zacks Consensus Estimate of 40 cents. However, the reported figure compared unfavorably with FFO as adjusted of 44 cents per share recorded in the prior-year quarter.Iron Mountain Incorporated IRM reported fourth-quarter 2020 adjusted funds from operations (AFFO) per share of 66 cents, which surpassed the Zacks Consensus Estimate of 60 cents. However, the reported figure was 18% lower than the year-ago quarter’s 81 cents.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American Tower Corporation (AMT): Free Stock Analysis Report Iron Mountain Incorporated (IRM): Free Stock Analysis Report Ventas, Inc. (VTR): Free Stock Analysis Report Healthpeak Properties, Inc. (PEAK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research