American Tower Corporation AMT is scheduled to release second-quarter 2022 results before the opening bell on Jul 28. The company’s results are likely to highlight year-over-year growth in revenues and funds from operations (FFO) per share.In the last quarter, the operator of wireless communication towers surpassed adjusted funds from operations per share estimates by 0.39%. The quarterly results reflected an improvement in revenues across the Property and Service operations.Over the preceding four quarters, American Tower topped FFO per share estimates on each occasion, the average beat being 2.79%. The graph below depicts this surprise history:American Tower Corporation Price and EPS Surprise American Tower Corporation price-eps-surprise | American Tower Corporation QuoteFactors to NoteThe advancement in 5G mobile technology and the rapid growth of bandwidth-intensive applications have increased mobile data usage globally. Wireless connectivity usage has significantly risen in the recent past owing to the advent of next-generation technologies, rampant usage of network-intensive applications for video conferencing and cloud services and the present flexible-working environment. As a result, to address the growing demand, wireless service providers and carriers are likely to have continued spending on network deployments to harness spectrum abilities and improve and densify their network capacity and coverage.As for AMT, the company’s unmatched geographically diversified portfolio of distributed sites has been attracting businesses from carriers seeking network expansion and densification amid the growing mobile data scenario. This trend is expected to have continued in the second quarter.Moreover, AMT is known to have a resilient and stable business model and generates most of its revenues from non-cancellable, long-term (typically 5-10 year) tower leases with major wireless carriers with multiple renewal period options. This is expected to have played a key role in AMT’s second-quarter revenue growth.The robust demand from enterprises, the cloud, network and IT service providers operating in the major markets of the United States is anticipated to have benefited American Tower’s highly interconnected data center facilities and critical cloud on-ramps during the quarter.The Zacks Consensus Estimate for operating revenues from the Property segment is pegged at $2.6 billion, indicating growth from $2.2 billion reported in the year-ago period.However, the operating revenues from the Service segment are expected to be on the lower side in the to-be-reported quarter. The Zacks Consensus Estimate for the same is pegged at $57 million, indicating a decline from $66 million reported in the prior-year quarter.The Zacks Consensus Estimate for second-quarter 2022 revenues is pegged at $2.65 billion, indicating a rise of 15.2% from the year-earlier period.Further, American Tower’s financial position and liquidity are expected to have been strong during the to-be-reported quarter. This is also reflected in its announcement to increase the quarterly dividend by 2.1%, sequentially, to $1.43 per share in May 2022.Prior to the second-quarter earnings release, American Tower’s activities were adequate to gain analysts’ confidence. The Zacks Consensus Estimate for quarterly FFO per share has been revised marginally upward to $2.43 over the past month. Also, it suggests a year-over-year increase of 0.4%.However, tower operations in the emerging markets are not as profitable as in the mature U.S. markets. Operating profit margins from international businesses might have been less compared with the U.S. segment. Moreover, the elevated churn in certain markets where the company operates is expected to have been a deterrent.What Our Quantitative Model PredictsOur proven model predicts an FFO beat for AMT this time. The right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or higher — increases the odds of an FFO beat.Earnings ESP: American Tower has an Earnings ESP of +1.65%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Zacks Rank: American Tower currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other Stocks That Warrant a LookHere are some other stocks that are worth considering from the REIT sector, as our model shows that these have the right combination of elements to deliver a surprise this reporting cycle:Essex Property Trust ESS is scheduled to report quarterly figures on Jul 26. ESS has an Earnings ESP of +1.21% and a Zacks Rank of 2 (Buy) currently.Equity Residential EQR is slated to report quarterly numbers on Jul 26. EQR has an Earnings ESP of +1.11% and carries a Zacks Rank of 3.SBA Communications SBAC is slated to release second-quarter earnings on Aug 1. SBAC has an Earnings ESP of +1.40% and a Zacks Rank of 3 at present.Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.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. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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 Equity Residential (EQR): Free Stock Analysis Report SBA Communications Corporation (SBAC): Free Stock Analysis Report Essex Property Trust, Inc. (ESS): Free Stock Analysis Report To read this article on Zacks.com click here.