What is the company's aspirational goal for average annual double-digit consolidated AFFO per share growth for the next seven years 
owth.
Importantly, we've not layered in any material assumptions around a potential new entrant outside of Dish and we have assumed only modest contributions from edge computing and other platform-expansion initiatives within these numbers. We are working diligently to unearth additional meaningful opportunities that can drive further upside to our growth rates. Turning to Slide 8, we are also reiterating our aspirational goal of delivering average annual double-digit consolidated AFFO per share growth for the next seven years, including initial guidance of around 8.5% growth for 2021. We expect the U.S.
organic growth I just referenced to to be an important component of our AFFO trajectory. In addition, similar to what we have seen in the past, our expectation is for international organic tenant billings growth rates to be at least 200 basis points higher than the U.S. over the long term, further enhancing our consolidated AFFO per share growth. Many of our international markets who are in earlier stages of technology development have little to no fixed-line penetration and require tremendous incremental investment in their wireless network infrastructure to support future densification.
The criticality of wireless in these locations has been further highlighted during the ongoing pandemic as have the limitations of current network infrastructure. As a result, we expect that as carriers ramp their network investments, our emerging market organic growth rates will continue to be very attractive. Meanwhile, in more advanced markets like Germany, we are now seeing early stages of 5G build-outs which we believe will result in a long pathway of attractive growth as well. Importantly, we expect organic growth in Germany to accelerate meaningfully over the next several years.
Furthermore, we expect recent and future M&A, together with our accelerating newbuild program to drive additional value. This includes our pending Telxius deal, several recently closed transactions in the United States, as well as the nearly 5,900 sites we constructed in 2020, and the roughly 6,500 sites we expect to build in 2021. In fact, based upon the demand we are seeing for new sites across our international business, we are targeting the construction of 40,000 to 50,000new towers over the next five years with day one NOI yields continuing to be extremely attractive. And on the M&A side, we expect there to be numerous additional opportunities for us to deploy capital toward high-quality assets with attractive counterparties and favorable economics.
As in the past, we expect M&A to be a key piece of our future growth story. Enhancing operational efficiency, another pillar of Stand and Deliver, will also be a key area for us as we seek to drive continued double-digit growth in consolidated AFFO per share. As we incrementally globalize the business, we are creating shared service centers, optimizing various back-office processes, sharpening our pencils on site-level services like energy provision, and focusing resources on further enhancing and improving our customers' experience with us, utilizing drone technology, and our instant Colo initiatives are examples of how we are both scaling more efficiently and increasing the value proposition for our customers. We remain laser-focused on driving margin improvement throughout the business which should translate into continued high conversion rates of adjusted EBITDA to consolidated AFFO.
Finally, we continue to believe that our leading investment-grade balance sheet is a key differentiator for the company and expect that it will be an important component in achieving double-digit consolidated AFFO per share growth. The investment-grade debt markets remain extremely attractive from both the rate and access perspective and we feel good about our ability to not only complete value-additive refinancing transactions but also to fund accretive M&A in the future. We remain fully committed to our investment-grade credit rating and expect it to be an important element of our future success. In conclusion, we belie
owth.
Importantly, we've not layered in any material assumptions around a potential new entrant outside of Dish and we have assumed only modest contributions from edge computing and other platform-expansion initiatives within these numbers. We are working diligently to unearth additional meaningful opportunities that can drive further upside to our growth rates. Turning to Slide 8, we are also reiterating our aspirational goal of delivering average annual double-digit consolidated AFFO per share growth for the next seven years, including initial guidance of around 8.5% growth for 2021. We expect the U.S.
organic growth I just referenced to to be an important component of our AFFO trajectory. In addition, similar to what we have seen in the past, our expectation is for international organic tenant billings growth rates to be at least 200 basis points higher than the U.S. over the long term, further enhancing our consolidated AFFO per share growth. Many of our international markets who are in earlier stages of technology development have little to no fixed-line penetration and require tremendous incremental investment in their wireless network infrastructure to support future densification.
The criticality of wireless in these locations has been further highlighted during the ongoing pandemic as have the limitations of current network infrastructure. As a result, we expect that as carriers ramp their network investments, our emerging market organic growth rates will continue to be very attractive. Meanwhile, in more advanced markets like Germany, we are now seeing early stages of 5G build-outs which we believe will result in a long pathway of attractive growth as well. Importantly, we expect organic growth in Germany to accelerate meaningfully over the next several years.
Furthermore, we expect recent and future M&A, together with our accelerating newbuild program to drive additional value. This includes our pending Telxius deal, several recently closed transactions in the United States, as well as the nearly 5,900 sites we constructed in 2020, and the roughly 6,500 sites we expect to build in 2021. In fact, based upon the demand we are seeing for new sites across our international business, we are targeting the construction of 40,000 to 50,000new towers over the next five years with day one NOI yields continuing to be extremely attractive. And on the M&A side, we expect there to be numerous additional opportunities for us to deploy capital toward high-quality assets with attractive counterparties and favorable economics.
 As in the past, we expect M&A to be a key piece of our future growth story. Enhancing operational efficiency, another pillar of Stand and Deliver, will also be a key area for us as we seek to drive continued double-digit growth in consolidated AFFO per share. As we incrementally globalize the business, we are creating shared service centers, optimizing various back-office processes, sharpening our pencils on site-level services like energy provision, and focusing resources on further enhancing and improving our customers' experience with us, utilizing drone technology, and our instant Colo initiatives are examples of how we are both scaling more efficiently and increasing the value proposition for our customers. We remain laser-focused on driving margin improvement throughout the business which should translate into continued high conversion rates of adjusted EBITDA to consolidated AFFO.
Finally, we continue to believe that our leading investment-grade balance sheet is a key differentiator for the company and expect that it will be an important component in achieving double-digit consolidated AFFO per share growth. The investment-grade debt markets remain extremely attractive from both the rate and access perspective and we feel good about our ability to not only complete value-additive refinancing transactions but also to fund accretive M&A in the future. We remain fully committed to our investment-grade credit rating and expect it to be an important element of our future success. In conclusion, we belie