American Tower Corporation

02/24/2025 | Press release | Archived content

Quarterly Supplemental Materials (XLS) (da4d0c)

Cover Page

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americantower.com

Supplemental Financial and Operating Data

December 31, 2024

Table of Contents

Q4 2024 SUPPLEMENTAL DISCLOSURES
TABLE OF CONTENTS: Page
Safe Harbor Statement 3
Corporate Information 4
Analyst Coverage 5
Common Stock Data 6
Dividend Policy; Common Stock Dividend and Stock Repurchase History 7
Section 1: Company & Portfolio Overview
Company Profile 9
U.S. Portfolio 10
International Portfolio 11
Historical Tower Count 12
Tenant and Property Interest Overview 13
Section 2: Historical Financial & Supplemental Data
Consolidated Balance Sheets 15
Consolidated Statements of Operations 16
Condensed Consolidated Statements of Cash Flows 17
Historical Reconciliations 18 - 19
Historical Supplemental Details 20
Illustrative Projections and Outlook Sensitivity Analysis 21
Section 3: Regional Tear Sheets
Segment Disclosures 23-26
U.S. & Canada Portfolio Information 27
U.S. & Canada Tear Sheet 28
Latin America Portfolio Information 29
Latin America Tear Sheet 30
Africa & APAC Portfolio Information 31
Africa & APAC Tear Sheet 32
Europe Portfolio Information 33
Europe Tear Sheet 34
Data Centers Tear Sheet 35
NOI Yield Reconciliations 36
Section 4: Capital Structure
Debt Maturity Schedule and Calculation of Net Leverage 38
Debt Maturity Detail 39
Section 5: Appendix
Definitions 41-43
Cautionary Language Regarding Forward-Looking Statements 44

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AMT Safe Harbor

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This supplemental disclosure package contains forward-looking statements within the meaning of federal securities laws concerning our goals, beliefs, strategies, future operating results and underlying assumptions and other statements that do not relate to historical matters. Examples of these statements include, but are not limited to, statements regarding our full year 2025 outlook and other targets, our expectations for the closing of signed agreements, and the expected impacts of such agreements on our business and factors that could affect our expectations, projected dividend growth, foreign currency exchange rates and our expectations regarding the leasing demand for communications real estate. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those provided in the section entitled "Risk Factors" in our upcoming annual report on Form 10-K, and other risks described in documents subsequently filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update the information contained in this supplemental disclosure package to reflect subsequently occurring events or circumstances. Definitions and reconciliations are provided in this supplemental disclosure package.

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Contact Information

Investor Relations
Adam Smith
Senior Vice President, Investor Relations and FP&A
617-585-7667
Email: [email protected]
Corporate Headquarters Resources
116 Huntington Avenue, 11th Floor Please visit our website to be added to our email distribution list:
Boston, MA 02116 http://www.americantower.com/shareholder-services/
Ph: 617-375-7500 • Fax: 617-375-7575 Investor presentations and other materials can be found at the following link:
Website: www.americantower.com http://www.americantower.com/investor-relations/
Nominating & Corporate Governance
Board of Directors Audit Compensation Executive Management
Pamela D.A. Reeve, Chairperson X >Steven Vondran, President and Chief Executive Officer
Steven Vondran >Rod Smith, Executive Vice President, Chief Financial Officer and Treasurer
Kelly C. Chambliss X >Ruth Dowling, Executive Vice President, Chief Administrative Officer, General Counsel and Secretary
Teresa H. Clarke X >Eugene "Bud" Noel, Executive Vice President, Chief Operating Officer
Kenneth R. Frank X Chair >Richard "Rich" Rossi, Executive Vice President and President, U.S. Tower
Robert D. Hormats X >Olivier Puech, Executive Vice President and President, International
Rajesh Kalathur X >Sanjay Goel, Executive Vice President and President, Asia-Pacific
Grace D. Lieblein Chair >Juan Font, Senior Vice President and President & CEO, CoreSite
Craig Macnab X
Neville R. Ray X
JoAnn A. Reed X
Bruce L. Tanner Chair
Transfer Agent Corporate Counsel Independent Registered Public Accounting Firm
Computershare Cleary Gottlieb Deloitte & Touche LLP
P.O. Box 43006 One Liberty Plaza 115 Federal Street
Providence, RI 02940 New York, NY 10006 Boston, MA 02110
Phone: 866-201-5087 | 781-575-2879 Phone: 212-225-2000 Phone: 617-437-2000

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CORPORATE INFORMATION - CONTACTS

https://protect.checkpoint.com/v2/___http://www.americantower.com/___.YzJ1OnBhdWxiYWtlcm5vdGlmaWVkY29tOmM6bzo5MDllNDdhMmQ1OGU1YTZiZDgwNTRiNjU5ODcxOWM4Yzo2Ojg1Y2Y6OTFjMTFjZWVlNDNhN2NkNTUxMjgxYWQ4NjQxNmRjZTcxZDUzMTQ0MjVhMjM0MDY3YTZlNGM2ODQ0MDcxZmQ4NzpwOkY6Tghttps://protect.checkpoint.com/v2/___http://www.americantower.com/shareholder-services/___.YzJ1OnBhdWxiYWtlcm5vdGlmaWVkY29tOmM6bzo5MDllNDdhMmQ1OGU1YTZiZDgwNTRiNjU5ODcxOWM4Yzo2OmVhN2I6NWQyMzlmNjkwMTc3YzU5MzM5MGUxYzY4NWE1OWIxYjE5NTA0NWYzNmZlY2JhNGY3OTU0NDEwMzVmZjFlMWNmMTpwOkY6Tghttps://protect.checkpoint.com/v2/___http://www.americantower.com/investor-relations/___.YzJ1OnBhdWxiYWtlcm5vdGlmaWVkY29tOmM6bzo5MDllNDdhMmQ1OGU1YTZiZDgwNTRiNjU5ODcxOWM4Yzo2OjIwNTY6ODUzZDM0ZmUwYzY0N2MzMDUzNDNkZDU1ZTg3MGE4MjkzYzhhOGZkOWMxYTZlMDIyYjY2ZDMzZjdhNWRiODAwZTpwOkY6Tg

Analyst Coverage

EQUITY ANALYSTS
David Barden Bank of America Securities 646-855-1320 Brendan Lynch Barclays 212-526-9428 Ari Klein BMO Capital Markets 212-885-4103 Michael Rollins Citigroup 212-816-1116 Matthew Niknam Deutsche Bank 212-250-4711 Jim Schneider Goldman Sachs 212-357-2929
David Guarino Green Street Advisors 949-640-8780 Luigi Minerva HSBC +44 20 7991 6928 Jonathan Petersen Jefferies 212-284-1705 Greg Miller JMP Securities 212-699-2917 Richard Choe J.P. Morgan 212-622-6708 Brandon Nispel KeyBanc Capital Markets 503-821-3871
Walter Piecyk LightShed Partners 646-450-9258 Vikram Malhotra Mizuho Securities 212-282-3827 Nick Del Deo Moffett Nathanson 212-519-0025 Simon Flannery Morgan Stanley 212-761-6432 Jonathan Chaplin New Street Research 212-921-9876 Ric Prentiss Raymond James 727-567-2567
Jonathan Atkin RBC Capital Markets 415-633-8589 Maher Yaghi Scotiabank 437-995-5548 Michael Elias TD Cowen 646-562-1358 Batya Levi UBS 212-713-8824 Eric Luebchow Wells Fargo 312-630-2386 Andrew Rosivach Wolfe Research 646-582-9250
FIXED INCOME ANALYSTS
Jason Kilgariff Bank of America Global Research 646-855-8754 Sandeep Gupta Barclays 212-526-0972 Scott Wipperman Goldman Sachs 212-357-9922 Brian Turner J.P. Morgan 212-834-4035 Doug Colandrea RBC Capital Markets 212-618-5623 Scott Shiffman Stifel 646-376-5305

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ANALYST COVERAGE

Note: Any opinions, estimates or forecasts regarding American Tower Corporation's performance made by the analysts listed above do not represent the opinions, estimates or forecasts of American Tower Corporation or its management. American Tower Corporation does not by its reference above imply its endorsement of, or concurrence with, information, conclusions or recommendations by any of such analysts.

Common Share Data

COMMON STOCK DATA
4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
High closing price for quarter $ 223.39 $ 232.81 $ 211.26 $ 198.36 $ 217.16 $ 218.81 $ 200.41 $ 242.83 $ 232.07
Low closing price for quarter $ 183.79 $ 191.20 $ 182.00 $ 159.69 $ 157.68 $ 186.68 $ 171.00 $ 192.27 $ 179.40
Quarter end closing price $ 211.86 $ 204.34 $ 193.94 $ 164.45 $ 215.88 $ 197.59 $ 194.38 $ 232.56 $ 183.41
Average daily trading volume (millions) 2.1 2.1 2.1 2.1 2.2 2.3 2.5 2.1 2.4
Quarter end shares of common stock outstanding (millions) 465.6 466.0 466.1 466.2 466.3 467.0 467.1 467.3 467.4
Quarter end closing market value of common stock (billions) $ 98.6 $ 95.2 $ 90.4 $ 76.7 $ 100.7 $ 92.3 $ 90.8 $ 108.7 $ 85.7
Note: Quarter end closing market value of common stock is based on quarter end shares of common stock outstanding multiplied by the quarter end closing share price as reported by Bloomberg.
Credit Ratings
Standard & Poor's: Corporate Credit Rating BBB (Stable Outlook)
Fitch: Issuer Default Rating BBB+ (Stable Outlook)
Moody's: Issuer Rating Baa3 (Stable Outlook)

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Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.

American Tower Corporation's common stock is listed on the New York Stock Exchange under the ticker: AMT The following information is based on data reported by Bloomberg:

Dividend Policy

COMMON STOCK (Quarterly Since 2021) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
Distribution per share $ 1.24 $ 1.27 $ 1.31 $ 1.39 $ 1.40 $ 1.43 $ 1.47 $ 1.56 $ 1.56 $ 1.57 $ 1.62 $ 1.70 $ 1.62 $ 1.62 $ 1.62 $ 1.62
Aggregate payment amount (millions) $ 551.5 $ 577.8 $ 596.6 $ 633.5 $ 638.8 $ 665.8 $ 684.4 $ 726.3 $ 727.0 $ 731.8 $ 755.2 $ 792.7 $ 756.5 $ 756.7 $ 757.0 $ 757.1
Year over Year Per Share Growth (Decline) 14.8% 15.5% 14.9% 14.9% 12.9% 12.6% 12.2% 12.2% 11.4% 9.8% 10.2% 9.0% 3.8% 3.2% 0.0% (4.7)%
COMMON STOCK (Annual Totals) 2011(3) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Distribution per share $ 0.35 $ 0.90 $ 1.10 $ 1.40 $ 1.81 $ 2.17 $ 2.62 $ 3.15 $ 3.78 $ 4.53 $ 5.21 $ 5.86 $ 6.45 $ 6.48
Aggregate payment amount (millions) $ 137.8 $ 355.5 $ 434.5 $ 554.6 $ 766.4 $ 924.0 $ 1,122.5 $ 1,389.8 $ 1,672.8 $ 2,010.7 $ 2,359.4 $ 2,715.3 $ 3,006.7 $ 3,027.3
Year over Year Per Share Growth 22.2% 27.3% 29.3% 19.9% 20.7% 20.2% 20.0% 19.8% 15.0% 12.5% 10.1% 0.5%
STOCK REPURCHASE HISTORY Pre-2018 2018 2019 2020 2021 2022 2023 2024
Shares repurchased (thousands) 103,994 1,647 94 264 - 0 90 - 0 - 0
Aggregate repurchase amount (millions) $ 4,764 $ 233 $ 20 $ 56 $ - 0 $ 19 $ - 0 $ - 0
(1) Excludes cumulative total of $60.9 million of distributions paid upon the vesting of restricted stock units.
(2) Paid on February 3, 2025 to common stockholders of record at the close of business on December 27, 2024.
(3) Special distribution paid in Q4 2011 prior to our conversion to a REIT.

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DIVIDEND POLICY

As a real estate investment trust for U.S. federal income tax purposes ("REIT"), we must annually distribute to our stockholders an amount equal to at least 90% of our REIT taxable income (determined before the deduction for distributed earnings and excluding any capital gain). Generally, we have distributed, and expect to continue to distribute, all or substantially all of our REIT taxable income after taking into consideration our utilization of net operating losses ("NOLs"). We will have distributed an aggregate of approximately $20.5 billion(1) to our common stockholders, including the dividend paid on February 3, 2025. These distributions are primarily taxed as ordinary income that may be treated as qualified REIT dividends under Section 199A of the Internal Revenue Code of 1986, as amended, for taxable years beginning before 2026. The amount, timing and frequency of distributions will be at the sole discretion of our Board of Directors and will depend on various factors, many of which are beyond our control, including: our financial condition and operating cash flows; the amount of the distributions required to maintain our qualification for taxation as a REIT and reduce any income and excise taxes that we otherwise would be required to pay; limitations on distributions in our existing and future debt and equity instruments; our ability to utilize NOLs to offset our distribution requirements; limitations on our ability to fund distributions using cash generated through our taxable REIT subsidiaries; and other factors that our Board of Directors may deem relevant. We anticipate that distributions will generally be paid from cash from operations after debt service requirements and non-discretionary capital expenditures. For information regarding risk factors that could materially adversely affect our ability to fund our distributions and our actual results of operations, please see Item 1A entitled "Risk Factors" in our most recent annual report on Form 10-K, and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission.

COMMON STOCK DIVIDEND AND STOCK REPURCHASE HISTORY(1)

(2)

Overview >>>>

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COMPANY & PORTFOLIO OVERVIEW

Company Profile

Operated by American Tower AMT
>Tower structure - constructed of galvanized steel with
the capacity for multiple tenants
>Land parcel - owned or operated pursuant to
long-term leases
>Back-up power - generators and batteries to support
consistent power availability
Operated by Tenant TEN
>Antenna equipment, including microwave equipment
>Tenant shelters containing base-station equipment and
HVAC, which tenants own, operate and maintain
>Coaxial cable

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COMPANY PROFILE

On September 12, 2024, American Tower Corporation (the "Company" or "American Tower") completed the sale of its subsidiary, ATC Telecom Infrastructure Private Limited, which held its operations in India ("ATC TIPL," and the sale, the "ATC TIPL Transaction"). The ATC TIPL portfolio included over 76,000 communication sites at the time of the ATC TIPL Transaction's completion. During the fourth quarter of 2024, following recent divestitures, including the ATC TIPL Transaction, and changes to our organizational structure, we reviewed and changed our reportable segments. Our Asia-Pacific ("APAC") property segment and Africa property segment were combined into the Africa & APAC property segment. As a result, we now have six reportable segments: U.S. & Canada property (which includes all assets in the United States and Canada, other than our data center facilities and related assets), Africa & APAC property, Europe property, Latin America property, Data Centers and Services. This change aligns with the Company's management structure and better aligns the Company's reporting with management's current approach of allocating costs and resources, managing growth and profitability and assessing the operating performance of its business segments. American Tower owns and operates a portfolio of nearly 149,000 communications sites, which we lease to wireless service providers, broadcasters and other communication service providers. As of December 31, 2024, our portfolio included over 42,000 properties in the United States & Canada and nearly 107,000 properties in our international markets. Nearly 98% of our total revenue for the three months ended December 31, 2024 was generated from leasing these properties, as well as fiber, a highly interconnected footprint of U.S. data center facilities and other urban telecommunications assets, to our customers. As illustrated to the right, our tenants typically own, operate and maintain their antenna, backhaul and base station equipment on our communications sites, while we provide the real estate, including the tower structure, to support them. For additional information, please visit our website at www.americantower.com. Historically, our communications site business has generated consistent incremental growth in revenue and cash flows due to the following characteristics: › Long-term tenant leases with contractual rent escalations. In general, our tenant leases for our communications sites with wireless carriers have an initial non-cancellable term of five to ten years with multiple renewal terms. Most of our tenant leases have provisions that periodically increase the rent due under the lease, typically annually, based on a fixed escalation percentage (averaging approximately 3% in the United States) or an inflation index in our international markets, or a combination of both. › High lease renewal rates. Our tenants tend to renew their leases because suitable alternative sites may not exist or be available. In addition, repositioning a site in a tenant's network may be expensive and may affect its network quality. › High operating margins. The incremental operating costs associated with adding tenants to one of our properties are relatively minimal. Therefore, as additional tenants are added, the substantial majority of incremental revenue flows through to Operating Profit. › Low maintenance capital expenditures. On average, we require relatively low amounts of annual capital expenditures to maintain our communications properties. › Growth opportunities. Our portfolio of communications sites provides us with organic growth potential because we have the capacity to add new tenants and new equipment for existing tenants on our sites.

U.S. Portfolio

ü Our U.S. portfolio of over 42,000 sites includes wireless communications towers and distributed antenna system ("DAS") networks.
ü Our top U.S. tenants include T-Mobile, AT&T and Verizon.
ü We also have a portfolio of property interests under third-party communications sites, data center facilities and other communications real estate assets.

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U.S. PORTFOLIO

Tower - Wireless/Broadcast Rooftop In-Building DAS Outdoor DAS

International Portfolio

# of Sites(3) % of Q4 2024 % of Q4 2024 International Tenants(5) Telefónica Airtel MTN TIM AT&T AMX Orange Millicom Entel Vodafone
Property Revenue(4) Property Gross Margin(4) % of Total Property Revenue ~11% ~6% ~4% ~3% ~3% ~2% ~1% ~1% ~1% ~1%
Bangladesh 900 0.1% 0.1%
Burkina Faso 733 0.4% 0.4% ü
Ghana 3,514 1.2% 1.0% ü ü
Kenya 4,283 1.7% 1.5% ü ü
Niger 916 0.5% 0.5% ü
Nigeria 9,079 3.9% 3.8% ü ü
Philippines 373 0.1% 0.1%
South Africa 2,517 1.9% 1.7% ü ü
Uganda 4,327 2.6% 2.5% ü ü
Africa & APAC 26,642 12.4% 11.5% ü ü ü ü
France 4,501 1.2% 1.2% ü
Germany 15,204 4.2% 3.9% ü ü
Spain 12,081 3.2% 1.9% ü ü ü
Europe 31,786 8.6% 7.0% ü ü ü
Argentina 509 0.4% 0.4% ü ü ü
Brazil 22,735 8.0% 7.5% ü ü ü ü
Chile 3,822 1.0% 0.9% ü ü ü
Colombia 4,951 1.1% 0.7% ü ü ü ü
Costa Rica 714 0.3% 0.3% ü ü
Mexico 9,698 5.0% 5.3% ü ü ü
Paraguay 1,451 0.2% 0.1% ü ü
Peru 4,427 0.9% 0.8% ü ü ü
Latin America 48,307 16.9% 15.9% ü ü ü ü ü ü
Total International 106,735 38.0% 34.4%
(1) Reflects the Company's Africa & APAC, Europe and Latin America segments.
(2) In many international markets, the Company has non-tower, non-DAS communications infrastructure assets, which are excluded from site counts.
(3) Includes in-building and outdoor DAS networks.
(4) Percentages may not sum to the totals due to rounding.
(5) Represents top 10 international tenants for the quarter ended December 31, 2024.

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INTERNATIONAL PORTFOLIO(1)(2)

Tower Counts

HISTORICAL TOWER COUNT(1)(2)(3)
4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
U.S. & Canada
Beginning Balance 42,836 42,821 42,773 42,702 42,528 42,453 42,427 42,124 41,928 42,857 42,821 42,453
New Builds 4 2 3 1 5 1 1 1 - 0 9 11 3
Acquisitions 10 3 1 1 1 6 1 4 - 0 36 6 11
Sales/Adjustments (29) (53) (75) (176) (81) (33) (305) (201) (140) (81) (385) (679)
Net Activity (15) (48) (71) (174) (75) (26) (303) (196) (140) (36) (368) (665)
Ending Balance 42,821 42,773 42,702 42,528 42,453 42,427 42,124 41,928 41,788 42,821 42,453 41,788
Africa & APAC
Beginning Balance 24,092 24,519 24,816 25,147 24,788 25,094 25,281 25,627 25,873 22,333 24,519 25,094
New Builds 491 427 370 366 530 208 401 345 708 2,261 1,693 1,662
Acquisitions - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 14 - 0 - 0
Sales/Adjustments (64) (130) (39) (725) (224) (21) (55) (99) (12) (89) (1,118) (187)
Net Activity 427 297 331 (359) 306 187 346 246 696 2,186 575 1,475
Ending Balance 24,519 24,816 25,147 24,788 25,094 25,281 25,627 25,873 26,569 24,519 25,094 26,569
Europe
Beginning Balance 30,377 30,712 30,797 30,872 30,959 31,231 31,351 31,481 31,595 30,032 30,712 31,231
New Builds 102 85 101 85 130 104 141 121 175 242 401 541
Acquisitions 239 5 59 - 0 89 - 0 - 0 13 34 449 153 47
Sales/Adjustments (6) (5) (85) 2 53 16 (11) (20) (28) (11) (35) (43)
Net Activity 335 85 75 87 272 120 130 114 181 680 519 545
Ending Balance 30,712 30,797 30,872 30,959 31,231 31,351 31,481 31,595 31,776 30,712 31,231 31,776
Latin America
Beginning Balance 48,246 48,177 48,165 48,170 48,181 48,102 48,081 47,897 47,903 48,535 48,177 48,102
New Builds 117 20 30 46 114 41 30 27 83 328 210 181
Acquisitions - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 10 - 0 - 0
Sales/Adjustments (186) (32) (25) (35) (193) (62) (214) (21) (22) (696) (285) (319)
Net Activity (69) (12) 5 11 (79) (21) (184) 6 61 (358) (75) (138)
Ending Balance 48,177 48,165 48,170 48,181 48,102 48,081 47,897 47,903 47,964 48,177 48,102 47,964
Total
Beginning Balance 145,551 146,229 146,551 146,891 146,456 146,880 147,140 147,129 147,299 143,757 146,229 146,880
New Builds 714 534 504 498 779 354 573 494 966 2,840 2,315 2,387
Acquisitions 249 8 60 1 90 6 1 17 34 509 159 58
Sales/Adjustments (285) (220) (224) (934) (445) (100) (585) (341) (202) (877) (1,823) (1,228)
Net Activity 678 322 340 (435) 424 260 (11) 170 798 2,472 651 1,217
Ending Balance 146,229 146,551 146,891 146,456 146,880 147,140 147,129 147,299 148,097 146,229 146,880 148,097
U.S. & Canada % 29% 29% 29% 29% 29% 29% 29% 28% 28% 29% 29% 28%
Africa & APAC % 17% 17% 17% 17% 17% 17% 17% 18% 18% 17% 17% 18%
Europe % 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21%
Latin America % 33% 33% 33% 33% 33% 33% 33% 33% 32% 33% 33% 32%
(1) Excludes over 800 in-building and outdoor DAS networks, data centers and fiber and fiber-related assets and other urban telecommunications assets in select markets.
(2) Percentages may not sum to 100% due to rounding.
(3) During the fourth quarter of 2024, our APAC property segment and Africa property segment were combined into the Africa & APAC property segment.

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Tenant & Prop Int

TENANT AND PROPERTY INTEREST OVERVIEW(1)
U.S. & Canada Property Interest Highlights
› Nearly 39% of land is owned or operated pursuant to a finance lease or perpetual easement
› Average remaining term of over 30 years for leased land
› Lease term extensions are typically approximately 20 years
› Over 90% of ground leases are held by landlords who own a single land parcel

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Data for the quarter ended December 31, 2024. Percentages may not sum to 100% due to rounding. Named carrier percentages reflect only U.S. & Canada revenue. Revenue derived from international markets is included in international percentage. Other U.S. & Canada includes additional voice/data providers, broadcast companies, government agencies, local municipalities, etc. 2025 includes 2024 carryover leases in the renewal schedules. Reflects effective term commitments. Excludes Data Centers segment.

(3)

Historical Financial Data>>>>

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HISTORICAL FINANCIAL & SUPPLEMENTAL DATA

Balance Sheet

UNAUDITED CONSOLIDATED BALANCE SHEETS
($ in millions. Totals may not add due to rounding.)
December 31, December 31,
2024 2023 2022
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents $ 1,999.6 $ 1,753.7 $ 1,548.9
Restricted cash 108.6 119.7 111.1
Short-term investments - 0 - 0 - 0
Accounts receivable, net 540.0 547.5 537.3
Prepaid and other current assets 530.6 559.5 536.5
Current assets of discontinued operations - 0 729.6 888.5
Total current assets 3,178.8 3,710.0 3,622.3
Property and equipment, net 19,056.8 18,863.2 19,074.2
Goodwill 11,768.1 12,083.5 12,075.1
Other intangible assets, net 14,474.3 15,932.3 17,337.1
Deferred tax asset 122.7 179.1 129.2
Deferred rent asset 3,710.2 3,478.2 3,001.9
Right-of-use asset 8,089.6 8,205.1 8,251.7
Notes receivable and other non-current assets 676.9 755.3 485.6
Non-current assets of discontinued operations - 0 2,820.9 3,217.4
TOTAL $ 61,077.4 $ 66,027.6 $ 67,194.5
LIABILITIES:
CURRENT LIABILITIES:
Accounts payable $ 240.8 $ 251.3 $ 210.9
Accrued expenses 1,082.0 1,052.8 1,128.2
Distributions payable 780.3 906.2 745.3
Accrued interest 373.6 384.2 258.7
Current portion of operating lease liability 576.7 690.4 681.5
Current portion of long-term obligations 3,693.0 3,067.3 4,514.2
Unearned revenue 329.2 433.8 436.3
Current liabilities of discontinued operations - 0 463.3 336.8
Total current liabilities 7,075.6 7,249.3 8,311.9
Long-term obligations 32,808.8 35,734.0 34,156.0
Operating lease liability 6,875.6 6,815.3 6,982.1
Asset retirement obligations 2,393.8 2,080.0 1,973.1
Deferred tax liability 1,262.0 1,310.6 1,426.9
Other non-current liabilities 1,012.9 1,149.8 1,119.6
Non-current liabilities of discontinued operations - 0 823.2 816.4
Total liabilities Total liabilities $ 51,428.7 $ 55,162.2 $ 54,786.0
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS:
EQUITY:
5.50% preferred stock, Series B - 0 - 0 - 0
Common stock 4.8 4.8 4.8
Additional paid-in capital 15,057.3 14,872.9 14,689.0
Distributions in excess of earnings (4,424.1) (3,638.8) (2,101.9)
Accumulated other comprehensive loss (5,954.6) (5,739.5) (5,718.3)
Treasury stock (1,301.2) (1,301.2) (1,301.2)
Total American Tower Corporation equity 3,382.2 4,198.2 5,572.4
Noncontrolling interests 6,266.5 6,667.2 6,836.1
Total equity 9,648.7 10,865.4 12,408.5
TOTAL $ 61,077.4 $ 66,027.6 $ 67,194.5

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Income Statement

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data. Totals may not add due to rounding.)
4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
REVENUES:
Property $ 2,417.4 $ 2,467.7 $ 2,471.5 $ 2,494.9 $ 2,435.1 $ 2,482.4 $ 2,497.3 $ 2,469.9 $ 2,483.9 $ 9,404.3 $ 9,869.2 $ 9,933.5
Services 60.2 52.7 43.1 26.2 21.0 30.2 47.4 52.4 63.7 241.1 143.0 193.7
Total operating revenues 2,477.6 2,520.4 2,514.6 2,521.1 2,456.1 2,512.6 2,544.7 2,522.3 2,547.6 9,645.4 10,012.2 10,127.2
OPERATING EXPENSES:
Costs of operations (exclusive of items shown separately below):
Property 614.0 619.8 631.7 625.5 624.4 605.0 627.3 626.9 622.6 2,461.8 2,501.4 2,481.8
Services 22.9 19.1 17.2 12.5 11.3 13.9 22.0 24.9 31.8 107.4 60.1 92.6
Depreciation, amortization and accretion 768.6 755.4 725.0 723.2 724.9 508.8 520.6 498.5 500.9 3,164.9 2,928.5 2,028.8
Selling, general, administrative and development expense 218.9 254.0 226.5 220.3 245.2 244.3 218.3 227.7 243.1 902.1 946.0 933.4
Other operating expense (income) 162.6 125.1 61.5 26.6 157.5 (0.4) 0.3 5.1 69.1 270.6 370.7 74.1
Goodwill impairment - 0 - 0 - 0 - 0 80.0 - 0 - 0 - 0 - 0 - 0 80.0 - 0
Total operating expenses 1,787.0 1,773.4 1,661.9 1,608.1 1,843.3 1,371.6 1,388.5 1,383.1 1,467.5 6,906.8 6,886.7 5,610.7
OPERATING INCOME 690.6 747.0 852.7 913.0 612.8 1,141.0 1,156.2 1,139.2 1,080.1 2,738.6 3,125.5 4,516.5
OTHER INCOME (EXPENSE):
Interest income 17.4 22.8 28.9 33.3 33.6 31.0 34.4 37.7 32.1 49.1 118.6 135.2
Interest expense (303.3) (338.8) (345.3) (356.5) (347.6) (363.8) (362.7) (356.8) (321.2) (1,136.0) (1,388.2) (1,404.5)
Loss on retirement of long-term obligations - 0 - 0 (0.3) - 0 - 0 - 0 - 0 - 0 - 0 (0.4) (0.3) - 0
Other (expense) income(4) (675.6) (82.6) (110.6) 234.5 (367.6) 113.1 19.4 (269.6) 514.7 434.7 (326.3) 377.6
Total other (expense) income (961.5) (398.6) (427.3) (88.7) (681.6) (219.7) (308.9) (588.7) 225.6 (652.6) (1,596.2) (891.7)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (270.9) 348.4 425.4 824.3 (68.8) 921.3 847.3 550.5 1,305.7 2,086.0 1,529.3 3,624.8
Income tax (provision) benefit (64.5) (44.6) (4.3) (49.5) 7.6 (91.3) (77.4) (122.4) (75.2) (112.8) (90.8) (366.3)
Income on equity method investments - 0 1.0
NET (LOSS) INCOME FROM CONTINUING OPERATIONS (335.4) 303.8 421.1 774.8 (61.2) 830.0 769.9 428.1 1,230.5 1,973.2 1,438.5 3,258.5
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAXES (381.2) 11.2 40.4 (197.5) 74.5 91.7 138.5 (1,208.5) - 0 (276.5) (71.4) (978.3)
NET (LOSS) INCOME (716.6) 315.0 461.5 577.3 13.3 921.7 908.4 (780.4) 1,230.5 1,696.7 1,367.1 2,280.2
Net loss (income) attributable to noncontrolling interests 32.8 20.8 14.2 9.6 71.6 (4.3) (8.1) (11.9) (0.9) 69.1 116.2 (25.2)
NET (LOSS) INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS $ (683.8) $ 335.8 $ 475.7 $ 586.9 $ 84.9 $ 917.4 $ 900.3 $ (792.3) $ 1,229.6 $ 1,765.8 $ 1,483.3 $ 2,255.0
NET (LOSS) INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS $ (302.6) $ 324.6 $ 435.3 $ 784.4 $ 10.4 $ 825.7 761.8 $ 416.2 $ 1,229.6 $ 2,042.3 $ 1,554.7 $ 3,233.3
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS $ (381.2) $ 11.2 $ 40.4 $ (197.5) $ 74.5 $ 91.7 138.5 $ (1,208.5) $ -0 $ (276.5) $ (71.4) $ (978.3)
(LOSS) INCOME PER COMMON SHARE AMOUNTS:
Basic net (loss) income from continuing operations attributable to American Tower Corporation common stockholders $ (0.65) $ 0.70 $ 0.93 $ 1.68 $ 0.02 $ 1.77 $ 1.63 $ 0.89 $ 2.63 $ 4.43 $ 3.34 $ 6.92
Basic net (loss) income from discontinued operations attributable to American Tower Corporation common stockholders (0.82) 0.02 0.09 (0.42) 0.16 0.20 0.30 (2.59) - 0 (0.60) (0.15) (2.09)
Basic net (loss) income attributable to American Tower Corporation common stockholders $ (1.47) $ 0.72 $ 1.02 $ 1.26 $ 0.18 $ 1.97 $ 1.93 $ (1.70) $ 2.63 $ 3.83 $ 3.18 $ 4.83
Diluted net (loss) income from continuing operations attributable to American Tower Corporation common stockholders $ (0.65) $ 0.70 $ 0.93 $ 1.68 $ 0.02 $ 1.77 $ 1.63 $ 0.89 $ 2.62 $ 4.41 $ 3.33 $ 6.91
Diluted net (loss) income from discontinued operations attributable to American Tower Corporation common stockholders (0.82) 0.02 0.09 (0.42) 0.16 0.20 0.30 $ (2.58) $ - 0 (0.60) (0.15) (2.09)
Diluted net (loss) income attributable to American Tower Corporation common stockholders $ (1.47) $ 0.72 $ 1.02 $ 1.26 $ 0.18 $ 1.96 $ 1.92 $ (1.69) $ 2.62 $ 3.82 $ 3.18 $ 4.82
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC 465.6 465.7 466.1 466.2 466.2 466.5 467.0 467.2 467.3 461.5 466.1 467.0
DILUTED 466.7 466.8 467.0 467.2 467.5 467.7 467.8 468.3 468.4 462.8 467.2 468.1
(1) Q4 2022 and full year 2022 results include the impacts of impairment charges of approximately $133 million and $147 million, respectively.
(2) Q1 2023 and full year 2023 results include approximately $80 million related to the loss from the Company's sale of one of its subsidiaries in Mexico that held fiber assets ("Mexico Fiber").
(3) Q4 2023 and full year 2023 results include the impacts of goodwill impairment charges of approximately $80 million recognized for the Spain reporting unit.
(4) Includes foreign currency (losses) gains.
(5) Q3 2024 and full year 2024 results include a loss on the sale of ATC TIPL of $1.2 billion in the current-year period, which primarily included the reclassification of the Company's cumulative translation adjustment of $1.1 billion in India upon exiting the market in
Q3 2024.

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(1)

(1)

(2)

(3)

(2)

(3)

(5)

(5)

Statement of Cash Flows

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in millions, totals may not add due to rounding.)
Twelve Months Ended Twelve Months Ended
December 31, December 31,
2024 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 2,280.2 $ 1,367.1 $ 1,696.7
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization and accretion 2,124.8 3,086.5 3,355.1
Stock-based compensation expense 203.6 195.7 169.3
Loss on early retirement of long-term obligations - 0 0.3 0.4
Loss on sale of ATC TIPL 1,245.5 - 0 - 0
Other non-cash items reflected in statement of operations (177.1) 886.7 93.9
Increase in net deferred rent balances (276.3) (472.0) (499.8)
Right-of-use asset and Operating lease liability, net (20.6) (103.7) (9.3)
Changes in unearned revenue (79.3) (43.4) (818.9)
Increase in assets (70.6) (377.1) (274.7)
Increase (decrease) in liabilities 60.3 182.3 (16.5)
Cash provided by operating activities 5,290.5 4,722.4 3,696.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for purchase of property and equipment and construction activities (1,590.0) (1,798.1) (1,873.6)
Payments for acquisitions, net of cash acquired (123.0) (168.0) (549.0)
Payments for acquisitions of minority interests - 0 - 0 - 0
Proceeds from sales of short-term investments and other non-current assets(1) 253.2 17.3 19.6
Payment for investments in equity securities - 0 - 0
Payment for investments in equity securities
Proceeds from the sale of ATC TIPL 2,158.8 - 0 - 0
Deposits and other (288.4) 253.3 47.8
Cash provided by (used for) investing activities 410.6 (1,695.5) (2,355.2)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings, net 8.8 148.7 28.8
Borrowings under credit facilities 6,932.9 6,120.0 4,190.0
Proceeds from issuance of senior notes, net 3,568.6 5,678.3 1,293.6
Proceeds from term loans - 0 - 0 - 0
Proceeds from other long-term borrowings - 0 - 0 - 0
Proceeds from issuance of securities in securitization transaction - 0 1,300.0 - 0
Repayments of notes payable, credit facilities, senior notes, secured debt, term loans and finance leases(2) (12,429.6) (13,230.3) (9,625.5)
Distributions to noncontrolling interest holders (390.8) (46.5) (10.9)
Contributions from noncontrolling interest holders 104.7 4.1 3,120.8
Purchase of common stock - 0 - 0 (18.8)
Proceeds from stock options and employee stock purchase plan 46.4 22.1 32.4
Proceeds from the issuance of common stock, net - 0 - 0 2,291.7
Deferred financing costs and other financing activities(3) (218.5) (144.5) (94.9)
Proceeds from the issuance of common stock, net - 0 - 0 2,291.7
Payment for early retirement of long-term obligations - 0 - 0 - 0
Purchases of redeemable noncontrolling interests - 0 - 0 - 0
Purchase of noncontrolling interests - 0 - 0
Distributions paid on common stock (3,074.9) (2,949.3) (2,630.4)
Cash used for financing activities (5,452.4) (3,097.4) (1,423.2)
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash (233.9) 23.2 (120.4)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH 14.8 (47.3) (202.6)
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD 2,093.4 2,140.7 2,343.3
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD $ 2,108.2 $ 2,093.4 $ 2,140.7
CASH PAID FOR INCOME TAXES, NET(4) $ 350.8 $ 306.5 $ 322.3
CASH PAID FOR INTEREST $ 1,424.3 $ 1,260.0 $ 1,088.6
(1) Twelve months ended December 31, 2024 includes $238.0 million from the sale of the optionally convertible debentures issued by one of the Company's customers in India, Vodafone Idea Limited ("VIL," and the optionally convertible debentures, the "VIL OCDs"), and associated shares of equity of VIL (the "VIL Shares").
(2) Twelve months ended December 31, 2024, 2023 and 2022 include $4.7 million, $6.2 million and $6.7 million, respectively, of finance lease payments.
(3) Twelve months ended December 31, 2024, 2023 and 2022 include $32.7 million, $38.7 million and $36.7 million, respectively, of perpetual land easement payments.
(4) Twelve months ended December 31, 2024 includes withholding taxes paid in Singapore of $36.4 million, which were incurred as a result of the ATC TIPL Transaction. Twelve months ended December 31, 2022 includes $48.3 million related to the Global Tower Partners ("GTP") one-time cash settlement. In 2015, the Company incurred charges in connection with a tax election pursuant to which MIP Tower Holdings LLC, parent company to GTP, would no longer operate as a separate REIT for federal and state income tax purposes. The Company finalized a settlement related to this tax election in the twelve month period ended December 31, 2022.

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Reconciliations

HISTORICAL RECONCILIATIONS
($ in millions, except per share data. Totals may not add due to rounding.)
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME: 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Net (loss) income $ (717) $ 315 $ 462 $ 577 $ 13 $ 922 $ 908 $ (780) $ 1,231 $ 1,697 $ 1,367 $ 2,280
Loss (income) from discontinued operations, net of taxes 381 (11) (40) 198 (75) (92) (139) 1,209 - 0 277 71 978
Income tax provision (benefit) 65 45 4 50 (8) 91 77 122 75 113 91 366
Other expense (income) 676 83 111 (235) 368 (113) (19) 270 (515) (435) 326 (378)
Loss on retirement of long-term obligations - 0 - 0 0 - 0 - 0 - 0 - 0 - 0 - 0 0 0 - 0
Interest expense 303 339 345 357 348 364 363 357 321 1,136 1,388 1,405
Interest income (17) (23) (29) (33) (34) (31) (34) (38) (32) (49) (119) (135)
Other operating expense (income) 163 125 62 27 158 (0) 0 5 69 271 371 74
Goodwill impairment(1) - 0 - 0 - 0 - 0 80 - 0 - 0 - 0 - 0 - 0 80 - 0
Depreciation, amortization and accretion 769 755 725 723 725 509 521 499 501 3,165 2,929 2,029
Stock-based compensation expense 30 63 47 39 34 63 44 44 42 162 183 193
ADJUSTED EBITDA $ 1,651 $ 1,690 $ 1,686 $ 1,702 $ 1,610 $ 1,712 $ 1,721 $ 1,687 $ 1,692 $ 6,336 $ 6,688 $ 6,812
Divided by total revenues from continuing operations $ 2,478 $ 2,520 $ 2,515 $ 2,521 $ 2,456 $ 2,513 $ 2,545 $ 2,522 $ 2,548 $ 9,645 $ 10,012 $ 10,127
ADJUSTED EBITDA MARGIN 67% 67% 67% 68% 66% 68% 68% 67% 66% 66% 67% 67%
RECONCILIATION OF NAREIT FFO ATTRIBUTABLE TO AMT COMMON STOCKHOLDERS TO NET INCOME: (2) 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Net (loss) income $ (717) $ 315 $ 462 $ 577 $ 13 $ 922 $ 908 $ (780) $ 1,231 $ 1,697 $ 1,367 $ 2,280
Real estate related depreciation, amortization and accretion 708 692 665 661 665 470 483 462 466 2,926 2,683 1,880
Losses from sale or disposal of real estate and real estate related impairment charges(1)(3) 145 120 52 24 219 3 10 10 69 184 415 92
Gain/loss on sale of assets - 0 - 0 - 0 - 0
Adjustments and distributions for unconsolidated affiliates and noncontrolling interests(4) (75) (80) (82) (85) (78) (88) (89) (93) (83) (210) (324) (353)
Adjustments for discontinued operations 551 36 36 358 39 37 38 1,259 - 684 470 1,335
Nareit FFO attributable to AMT common stockholders $ 613 $ 1,083 $ 1,133 $ 1,537 $ 858 $ 1,344 $ 1,350 $ 857 $ 1,682 $ 5,280 $ 4,610 $ 5,233
Divided by weighted average diluted shares outstanding 466.7 466.8 467.0 467.2 467.5 467.7 467.8 468.3 468.4 - 0 462.8 467.2 468.1
Nareit FFO attributable to AMT common stockholders per diluted share $ 1.31 $ 2.32 $ 2.43 $ 3.29 $ 1.84 $ 2.87 $ 2.89 $ 1.83 $ 3.59 $ 11.41 $ 9.87 $ 11.18
CALCULATION OF CONSOLIDATED AFFO AND AFFO ATTRIBUTABLE TO AMERICAN TOWER CORPORATION
COMMON STOCKHOLDERS: 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Nareit FFO attributable to AMT Common Stockholders (from above)(2) $ 613 $ 1,083 $ 1,133 $ 1,537 $ 858 $ 1,344 $ 1,350 $ 857 $ 1,682 $ 5,280 $ 4,610 $ 5,233
Straight-line revenue (160) (112) (120) (108) (125) (79) (74) (69) (56) (509) (465) (278)
Straight-line expense 8 7 6 6 6 11 11 17 8 34 24 47
Stock-based compensation expense 30 63 47 39 34 63 44 44 42 162 183 193
Deferred portion of income tax and other income tax adjustments(5) (20) (9) (53) (2) (99) 53 8 79 (51) (195) (163) 89
GTP one-time cash tax settlement(6) 2 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 48 - 0 - 0
Non-real estate related depreciation, amortization and accretion 60 64 60 62 60 39 38 37 35 239 246 149
Amortization of deferred financing costs, capitalized interest, debt 12 12 13 13 13 13 13 14 14 48 50 54
Other expense (income)(7) 676 83 111 (235) 368 (113) (19) 270 (515) (435) 326 (378)
Loss on retirement of long-term obligations - 0 - 0 0 - 0 - 0 - 0 - 0 - 0 - 0 0 0 - 0
Other operating expense (income)(8) 18 5 9 2 19 (3) (10) (4) 0 87 36 (18)
Capital improvement capital expenditures (64) (33) (40) (44) (70) (24) (28) (37) (69) (165) (187) (157)
Corporate capital expenditures (2) (3) (4) (3) (6) (2) (3) (4) (4) (9) (16) (14)
Adjustments and distributions for unconsolidated affiliates and noncontrolling interests(9) 7 5 5 4 6 (1) 2 1 2 20 19 4
Adjustments for discontinued operations(10) (85) 21 (16) (66) 7 2 (26) 32 - 0 (88) (53) 9
AFFO attributable to AMT common stockholders $ 1,093 $ 1,185 $ 1,151 $ 1,206 $ 1,070 $ 1,303 $ 1,306 $ 1,237 $ 1,088 $ 4,517 $ 4,612 $ 4,934
Divided by weighted average diluted shares outstanding 466.7 466.8 467.0 467.2 467.5 467.7 467.8 468.3 468.4 - 0 462.8 467.2 468.1
AFFO attributable to AMT common stockholders per Share $ 2.34 $ 2.54 $ 2.46 $ 2.58 $ 2.29 $ 2.79 $ 2.79 $ 2.64 $ 2.32 $ 9.76 $ 9.87 $ 10.54
AFFO attributable to AMT common stockholders from continuing operations $ 1,008 $ 1,117 $ 1,090 $ 1,110 $ 950 $ 1,172 $ 1,155 $ 1,154 $ 1,088 $ 4,197 $ 4,266 $ 4,569
AFFO attributable to AMT common stockholders from discontinued operations $ 85 $ 69 $ 61 $ 95 $ 120 $ 131 $ 151 $ 83 - 0 $ 319 $ 345 $ 365
Adjusted for interest expense savings associated with the use of ATC TIPL sale proceeds $ 31 $ 32 $ 34 $ 33 $ 33 $ 33 $ 33 $ 26 - 0 $ 79 $ 131 $ 92
AFFO attributable to AMT common stockholders, as adjusted $ 1,039 $ 1,148 $ 1,123 $ 1,143 $ 983 $ 1,205 $ 1,188 $ 1,181 $ 1,088 $ 4,277 $ 4,398 $ 4,661
AFFO attributable to AMT common stockholders per share, as adjusted $ 2.23 $ 2.46 $ 2.40 $ 2.45 $ 2.10 $ 2.58 $ 2.54 $ 2.52 $ 2.32 $ 9.25 $ 9.41 $ 9.96
RECONCILIATION OF ADJUSTED EBITDA TO AFFO ATTRIBUTABLE TO AMERICAN TOWER CORPORATION
COMMON STOCKHOLDERS: 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Adjusted EBTIDA $ 1,651 $ 1,690 $ 1,686 $ 1,702 $ 1,610 $ 1,712 $ 1,721 $ 1,687 $ 1,692 $ 6,336 $ 6,688 $ 6,812
Straight-line revenue (160) (112) (120) (108) (125) (79) (74) (69) (56) (509) (465) (278)
Straight-line expense 8 7 6 6 6 11 11 17 8 34 24 47
Cash interest expense (292) (327) (333) (344) (335) (351) (349) (343) (307) (1,089) (1,338) (1,350)
Interest Income 17 23 29 33 34 31 34 38 32 49 119 135
Cash paid for income taxes (83) (53) (57) (51) (92) (38) (70) (43) (126) (260) (253) (278)
Capital improvement capital expenditures (64) (33) (40) (44) (70) (24) (28) (37) (69) (165) (187) (157)
Corporate capital expenditures (2) (3) (4) (3) (6) (2) (3) (4) (4) (9) (16) (14)
Adjustments and dividends for non-controlling interests (68) (75) (78) (80) (72) (88) (87) (91) (82) (190) (305) (348)
Adjustments from discontinued operations 85 69 61 95 120 131 151 83 - 318 345 365
AFFO Attributable to Common Stockholders $ 1,093 $ 1,185 $ 1,151 $ 1,206 $ 1,070 $ 1,303 $ 1,306 $ 1,237 $ 1,088 $ 4,517 $ 4,612 $ 4,934
Divided by weighted average diluted shares outstanding 466.7 466.8 467.0 467.2 467.5 467.7 467.8 468.3 468.4 462.8 467.2 468.1
AFFO attributable to AMT common stockholders, per Share $ 2.34 $ 2.54 $ 2.46 $ 2.58 $ 2.29 $ 2.79 $ 2.79 $ 2.64 $ 2.32 $ 9.76 $ 9.87 $ 10.54
Adjusted for interest expense savings associated with the use of ATC TIPL sale proceeds $ 31 $ 32 $ 34 $ 33 $ 33 $ 33 $ 33 $ 26 $ - 0 $ 79 $ 131 $ 92
AFFO attributable to AMT common stockholders, as adjusted $ 1,039 $ 1,148 $ 1,123 $ 1,143 $ 983 $ 1,205 $ 1,188 $ 1,181 $ 1,088 $ 4,277 $ 4,398 $ 4,661
AFFO attributable to AMT common stockholders per share, as adjusted $ 2.23 $ 2.46 $ 2.40 $ 2.45 $ 2.10 $ 2.58 $ 2.54 $ 2.52 $ 2.32 $ 9.25 $ 9.41 $ 9.96
(1) During the three months ended December 31, 2023, the Company recorded goodwill impairment charges of $80 million related to its Spain reporting unit.
(2) Nareit stands for National Association of Real Estate Investment Trusts, while FFO stands for Funds From Operations.
(3) Three months ended March 31, 2023 and full year 2023 include approximately $80 million related to the loss from the sale of Mexico Fiber.
(4) Includes distributions to noncontrolling interest holders, distributions related to the outstanding mandatorily convertible preferred equity in connection with the Company's agreements with certain investment vehicles affiliated with Stonepeak Partners LP (such investment vehicles, collectively, "Stonepeak") and adjustments for the impact of noncontrolling interests on Nareit FFO attributable to American Tower Corporation common stockholders.
(5) The three months ended March 31, 2024, June 30, 2024 and September 30, 2024 and full year 2024 include adjustments for withholding taxes paid in Singapore in the amounts of $11.8 million, $21.7 million, $2.9 million and $36.4 million, respectively, which were incurred as a result of the ATC TIPL Transaction. The Company believes that these withholding tax payments are nonrecurring, and does not believe these are an indication of its operating performance. Accordingly, the Company believes it is more meaningful to present AFFO attributable to American Tower Corporation common stockholders excluding these amounts.
(6) In 2015, the Company incurred charges in connection with a tax election pursuant to which MIP Tower Holdings LLC, parent company to GTP, would no longer operate as a separate REIT for federal and state income tax purposes. The Company finalized a settlement related to this tax election in the twelve month period ended December 31, 2022. The Company believes that these related transactions are nonrecurring, and does not believe it is an indication of its operating performance. Accordingly, the Company believes it is more meaningful to present AFFO attributable to American Tower Corporation common stockholders excluding these amounts.
(7) Primarily includes unrealized losses (gains) on foreign currency exchange rate fluctuations.
(8) Primarily includes acquisition-related costs, integration costs and disposition costs.
(9) Includes adjustments for the impact of noncontrolling interests on other line items, excluding those already adjusted for in Nareit FFO attributable to American Tower Corporation common stockholders.
(10) Includes the impact of discontinued operations associated with other line items, excluding the impact already included in Nareit FFO attributable to American Tower Corporation common stockholders.
Definitions are provided at the end of this document.

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Segment GM Reconciliations

HISTORICAL RECONCILIATIONS
($ in millions, except per share data. Totals may not add due to rounding.)
RECONCILIATION OF SEGMENT GROSS MARGIN:
Three Months Ended December 31, 2024
Property
U.S. & Canada Latin America Africa & APAC(1) Europe Total International(2) Data Centers Total Property Services Total
Gross margin $ 935.9 $ 245.5 $ 159.2 $ 59.9 $ 464.6 $ (4.7) $ 1,395.8 $ 31.9 $ 1,427.7
Real estate related depreciation, amortization, and accretion 147.0 50.1 55.6 70.8 176.5 142.0 465.5 - 0 465.5
Segment gross margin $ 1,082.9 $ 295.6 $ 214.8 $ 130.7 $ 641.1 $ 137.3 $ 1,861.3 $ 31.9 $ 1,893.2
Three Months Ended December 31, 2023
Property
U.S. & Canada Latin America Africa & APAC(1) Europe Total International(2) Data Centers Total Property Services Total
Gross margin $ 836.1 $ 204.9 $ 119.4 $ 22.2 $ 346.5 $ (36.6) $ 1,146.0 $ 9.7 $ 1,155.7
Real estate related depreciation, amortization, and accretion 251.4 86.3 72.7 92.8 251.8 161.5 664.7 - 0 664.7
Segment gross margin $ 1,087.5 $ 291.2 $ 192.1 $ 115.0 $ 598.3 $ 124.9 $ 1,810.7 $ 9.7 $ 1,820.4
Twelve Months Ended December 31, 2024
Property
U.S. & Canada Latin America Africa & APAC(1) Europe Total International(2) Data Centers Total Property Services Total
Gross margin $ 3,790.6 $ 985.9 $ 610.9 $ 240.9 $ 1,837.7 $ (56.2) $ 5,572.1 $ 101.1 $ 5,673.2
Real estate related depreciation, amortization, and accretion 586.6 201.8 216.6 284.4 702.8 590.2 1,879.6 - 0 1,879.6
Segment gross margin $ 4,377.2 $ 1,187.7 $ 827.5 $ 525.3 $ 2,540.5 $ 534.0 $ 7,451.7 $ 101.1 $ 7,552.8
Twelve Months Ended December 31, 2023
Property
U.S. & Canada Latin America Africa & APAC(1) Europe Total International(2) Data Centers Total Property Services Total
Gross margin $ 3,362.7 $ 890.5 $ 505.0 $ 122.9 $ 1,518.4 $ (196.0) $ 4,685.1 $ 82.9 $ 4,768.0
Real estate related depreciation, amortization, and accretion 1,003.6 341.8 301.0 353.2 996.0 683.1 2,682.7 - 0 2,682.7
Segment gross margin $ 4,366.3 $ 1,232.3 $ 806.0 $ 476.1 $ 2,514.4 $ 487.1 $ 7,367.8 $ 82.9 $ 7,450.7
(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.
(2) Total International reflects the Company's international operations excluding Canada.

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Other Supp Details

HISTORICAL SUPPLEMENTAL DETAILS(1)
CAPITAL EXPENDITURE TYPES
Cash Flow Generating Capital Expenditures:
Discretionary Capital Projects: capital spending primarily on the construction of new sites, new ground-up data center facilities and expansion within existing data centers, including power installations and customer specific space fit-outs, data center deferred expansion capital that may be required to support existing or future customer utilization, the installation of shared generators, finance leases and other capital projects.
Ground Lease Purchases: capital spending to purchase land underneath communications infrastructure assets, including payments on perpetual land lease easements reported in the cash flows from financing activities in our condensed consolidated statements of cash flows. Also includes acquisition of buildings to reduce lease payments.
Start-Up Capital Projects: non-recurring expenditures contemplated in acquisitions, new market launch business cases or initial deployment of new technologies or platform expansion initiatives that lead to an increase in site-level cash flow generation.
Redevelopment: capital spending to increase capacity of tower sites, including height extension, foundation strengthening, extension of ground space, etc., which results in new incremental tenant revenue.
Non-Cash Flow Generating Capital Expenditures:
Capital Improvements: capital spending to maintain the tower site, including lighting system and fence repair, ground upkeep, etc., and capital to upgrade or extend the useful life of existing data centers, including recurring maintenance capital and equipment upgrades, upgrades to existing office and light-industrial spaces, and non-recurring investments including upgrades to existing data centers that are ancillary to revenue generation (e.g. lobby remodels, company-wide branding). Figures include finance and capital lease payments reported in the cash flows from financing activities in our condensed consolidated statements of cash flows.
Corporate: capital spending primarily on IT infrastructure and system-wide security upgrades.
Capital Expenditures:
($ in millions, totals may not add due to rounding.)
4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Discretionary capital projects $ 302 $ 246 $ 175 $ 168 $ 229 $ 233 $ 154 $ 256 $ 200 $ 786 $ 819 $ 844
Ground lease purchases 49 35 40 30 49 28 28 33 55 196 154 144
Start-up capital projects 109 25 38 37 28 15 23 19 25 257 128 81
Redevelopment 106 83 100 99 131 74 74 75 100 366 414 323
Capital improvements 64 33 40 44 70 23 28 37 69 165 187 157
Corporate 2 3 4 3 6 2 3 4 4 9 16 14
Total $ 633 $ 425 $ 398 $ 382 $ 514 $ 376 $ 310 $ 424 $ 453 $ 1,779 $ 1,718 $ 1,564
Pre-Paid Rent Detail(2)(3):
($ in millions. Totals may not add due to rounding.)
4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Beginning balance $ 506 $ 520 $ 529 547 $ 526 $ 533 $ 545 $ 538 $ 537 $ 540 $ 520 $ 533
Cash 37 36 46 8 33 44 24 27 44 96 123 139
Amortization(4) (24) (27) (27) (30) (26) (32) (31) (28) (39) (117) (110) (129)
Ending balance $ 520 $ 529 $ 547 $ 526 $ 533 $ 545 $ 538 $ 537 $ 541 $ 520 $ 533 $ 541
Selling, general, administrative and development expense breakout:
($ in millions. Totals may not add due to rounding.)
4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Total Property overhead $ 119 $ 126 $ 120 $ 117 $ 136 $ 112 $ 116 $ 122 $ 133 $ 494 $ 498 $ 484
Services segment overhead 6 6 5 6 6 5 5 5 6 22 23 21
Corporate and development expenses 65 60 55 58 69 62 56 57 62 225 242 236
Stock-based compensation expense 30 63 47 39 34 65 42 44 42 162 183 193
Total $ 219 $ 254 $ 227 $ 220 $ 245 $ 244 $ 218 $ 228 $ 243 $ 902 $ 946 $ 933
International Pass-Through Revenues by Geographic Segment(5)
($ in millions. Totals may not add due to rounding.)
4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Africa & APAC 118 117 113 86 94 89 89 88 87 396 410 353
Europe 49 51 54 55 41 53 51 56 56 232 201 215
Latin America 106 113 117 123 118 122 120 114 108 426 471 463
Total $ 273 $ 281 $ 285 $ 264 $ 253 $ 263 $ 259 $ 258 $ 252 $ 1,054 $ 1,082 $ 1,032
.
(1) Excludes the operating results of ATC TIPL.
(2) Reflects cash received for capital contributions and prepayments associated with long-term tenant agreements and amortization of GAAP revenue associated with the agreements corresponding to such capital contributions or prepayments.
(3) Excludes the impacts of decommissioning revenues and termination fees.
(4) Includes the impact of fluctuations in foreign currency exchange rates.
(5) Presented as reported. Differs from pass-through revenue presented on top portion of tear sheets, which is presented on an FX-neutral basis.
Definitions are provided at the end of this document.

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Projections

ILLUSTRATIVE PROJECTIONS AND OUTLOOK SENSITIVITY ANALYSIS
($ in millions, totals may not add due to rounding.)
Straight-Line Revenue Projections(1) 2025 2026 2027 2028 2029
U.S. & Canada Property $28 ($119) ($289) ($184) ($293)
International Property(2) 24 25 (10) (41) (40)
Data Centers 10 (1) (5) (8) (12)
Total $62 ($96) ($304) ($233) ($345)
Minimum Non-Cancellable Revenue Projections(3)(4) 2025 2026 2027 2028 2029 & Thereafter Total
Total $7,749 $7,345 $7,197 $5,889 $25,577 $53,757
Minimum Non-Cancellable Ground Lease Commitments(3)(5) 2025 2026 2027 2028 2029 & Thereafter Total
Total $987 $925 $886 $843 $7,890 $11,531
Estimated FX Fluctuation Impact to 2025 Outlook: Total Property Revenue Adjusted EBITDA AFFO Attributable to AMT Common Stockholders
5% fluctuation in foreign currency exchange rates(6) $ 170 to 190 $100 to $120 $ 70 to 90
Interest Rate Sensititvity Analysis: 2025
Current Outlook average outstanding floating rate debt(7) ~$2,400
Current Outlook interest expense on floating rate debt(8) ~$150
0.25% fluctuation in SOFR/EURIBOR(9) ~$6-7
(1) 2025 figures represent the midpoints of the Company's 2025 outlook. Projections in later years assume a status quo scenario under which no new leases are signed and no lease extensions occur over the indicated time period(s). The projections are likely to change materially if lease extensions do occur.
(2) Excludes the operating results of ATC TIPL.
(3) Amounts (i) reflect undiscounted future commitments, (ii) are translated at foreign currency exchange rates as of December 31, 2024 and (iii) do not include escalations based on local Consumer Price Indices.
(4) Amounts do not include new agreements or extensions signed after December 31, 2024. Balances represent contractual amounts owed with no adjustments made for expected collectibility.
(5) Reflects the inclusion of additional renewal options as a result of the change in estimated useful lives of the Company's tower assets.
(6) The Company's outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for February 25, 2025 through December 31, 2025: (a) 1,202 Argentinean Pesos; (b) 124.10 Bangladeshi Taka; (c) 5.90 Brazilian Reais; (d) 1.44 Canadian Dollars; (e) 1,000 Chilean Pesos; (f) 4,410 Colombian Pesos; (g) 0.97 Euros; (h) 15.50 Ghanaian Cedis; (i) 131 Kenyan Shillings; (j) 20.90 Mexican Pesos; (k) 1,620 Nigerian Naira; (l) 7,900 Paraguayan Guarani; (m) 3.75 Peruvian Soles; (n) 59.60 Philippine Pesos; (o) 18.75 South African Rand; (p) 3,720 Ugandan Shillings; and (q) 630 West African CFA Francs. Appreciation of U.S. dollar relative to other currencies would result in negative impact to property revenue, Adjusted EBITDA and AFFO attributable to AMT Common Stockholders, while a weaker U.S. dollar would result in a positive impact. Impact to net income is not provided, as this cannot be calculated without unreasonable effort.
(7) Represents average outstanding floating rate debt in 2024 Outlook as reported on the Company's Form 8-K dated February 25, 2025.
(8) Represents current interest expense on floating rate debt in 2024 Outlook as reported on the Company's Form 8-K dated February 25, 2025.
(9) Represents the interest expense increase for every 25 bps of increase in the Secured Overnight Financing Rate (SOFR) / Euro Interbank Offered Rate (EURIBOR) compared to existing 2025 Outlook SOFR/EURIBOR assumptions.
Definitions are provided at the end of this document.

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REGIONAL TEARSHEETS >>>>

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REGIONAL TEAR SHEETS

Segment Disclosures

SEGMENT DISCLOSURES
($ in millions, totals may not add due to rounding)
Three Months Ended December 31, 2024
Property Services Total
U.S. & Canada Latin America Africa & APAC(1) Europe Total International(2) Data Centers Total Property
Segment revenues $ 1,304 $ 421 $ 309 $ 214 $ 944 $ 236 $ 2,484 $ 64 $ 2,548
Segment operating expenses 221 125 94 83 303 98 623 32 654
Segment Gross Margin $ 1,083 $ 296 $ 215 $ 131 $ 641 $ 137 $ 1,861 $ 32 $ 1,893
Segment selling, general, administrative and development expense(3) 43 33 15 20 68 22 133 6 140
Segment Operating Profit $ 1,040 $ 263 $ 200 $ 111 $ 573 $ 115 $ 1,728 $ 25 $ 1,754
Segment Operating Profit Margin 80% 62% 65% 52% 61% 49% 70% 40% 69%
Growth Metrics
Revenue Growth 0.2% (3.3)% 3.4% 15.6% 2.7% 9.7% 2.0% 203.3% ERROR:#DIV/0! 3.7%
Total Tenant Billings Growth 4.2% 2.6% 18.3% 7.3% 8.5% N/A 5.7%
Organic Tenant Billings Growth 4.2% 2.5% 13.3% 5.7% 6.5% N/A 5.0%
Revenue Components(4)
Prior-Year Tenant Billings $ 1,163 $ 300 $ 197 $ 133 $ 629 $ - 0 $ 1,793
Colocations/Amendments 45 7 12 5 25 - 0 70
Escalations 35 12 16 4 32 - 0 67
Cancellations (28) (11) (3) (1) (16) - 0 (44)
Other (3) (1) 2 (0) 0 - 0 (3)
Organic Tenant Billings $ 1,212 $ 307 $ 223 $ 140 $ 671 $ - 0 $ 1,882
New Site Tenant Billings 0 0 10 2 12 - 0 12
Total Tenant Billings $ 1,212 $ 308 $ 233 $ 142 $ 683 $ - 0 $ 1,895
Foreign Currency Exchange Impact(5) (0) (35) (21) (1) (56) - 0 (56)
Total Tenant Billings (Current Period) $ 1,212 $ 273 $ 212 $ 142 $ 627 $ - 0 $ 1,838
Straight-Line Revenue 43 (2) 14 2 14 1 58
Pre-paid Amortization Revenue 21 0 1 8 9 - 0 30
Other Revenue 28 47 (3) 7 51 235 314
International Pass-Through Revenue - 0 122 90 57 269 - 0 269
Foreign Currency Exchange Impact(6) 0 (20) (5) (0) (26) - 0 (26)
Total Property Revenue (Current Period) $ 1,304 $ 421 $ 309 $ 214 $ 944 $ 236 $ 2,484
(1) Countries included: Bangladesh, Burkina Faso, Ghana, Kenya, Niger, Nigeria, the Philippines, South Africa and Uganda. Includes results of Australia and New Zealand through dates of sale.
(2) Total International reflects the Company's international operations excluding Canada.
(3) Excludes stock-based compensation expense.
(4) All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.
(5) Reflects foreign currency exchange impact on all components of Total Tenant Billings.
(6) Reflects foreign currency exchange impact on components of revenue, other than Total Tenant Billings.
Definitions are provided at the end of this document.
Three Months Ended December 31, 2023
Property
U.S. & Canada Latin America Africa & APAC(1) Europe Total International(2) Data Centers Total Property Services Total
Segment revenues $ 1,301 $ 435 $ 299 $ 185 $ 919 $ 215 $ 2,435 $ 21 $ 2,456
Segment operating expenses 213 144 107 70 321 90 624 11 636
Segment Gross Margin $ 1,087 $ 291 $ 192 $ 115 $ 598 $ 125 $ 1,811 $ 10 $ 1,820
Segment selling, general, administrative and development expense(3) 42 26 28 21 75 18 136 6 142
Segment Operating Profit $ 1,045 $ 265 $ 164 $ 94 $ 523 $ 107 $ 1,675 $ 4 $ 1,679
Segment Operating Profit Margin 80% 61% 55% 51% 57% 50% 69% 19% 68%
Growth Metrics
Revenue Growth 1.7% 1.9% (12.0)% 6.2% (2.3)% 8.8% 0.7% (65.1)% (0.9)%
Total Tenant Billings Growth 5.1% 4.3% 20.5% 10.0% 10.8% N/A 7.0%
Organic Tenant Billings Growth 5.1% 4.1% 13.2% 8.5% 8.0% N/A 6.1%
Revenue Components(4)
Prior-Year Tenant Billings $ 1,107 $ 265 $ 186 $ 114 $ 566 $ - 0 $ 1,672
Colocations/Amendments 53 8 15 4 28 - 0 80
Escalations 34 18 17 7 42 - 0 76
Cancellations (28) (15) (9) (1) (26) - 0 (54)
Other (2) 0 1 (0) 1 - 0 (0)
Organic Tenant Billings $ 1,163 $ 276 $ 211 $ 124 $ 611 $ - 0 $ 1,774
New Site Tenant Billings (0) 0 14 2 16 - 0 15
Total Tenant Billings $ 1,163 $ 276 $ 225 $ 125 $ 627 $ - 0 $ 1,790
Foreign Currency Exchange Impact(5) (0) 23 (28) 7 3 - 0 3
Total Tenant Billings (Current Period) $ 1,163 $ 300 $ 197 $ 133 $ 629 $ - 0 $ 1,793
Straight-Line Revenue 107 (1) 18 1 18 4 129
Pre-paid Amortization Revenue 23 1 0 5 6 - 0 30
Other Revenue 7 17 (6) 5 16 211 234
International Pass-Through Revenue - 0 110 133 39 281 - 0 281
Foreign Currency Exchange Impact(6) (0) 9 (43) 3 (31) - 0 (31)
Total Property Revenue (Current Period) $ 1,301 $ 435 $ 299 $ 185 $ 919 $ 215 $ 2,435
(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.
(2) Total International reflects the Company's international operations excluding Canada.
(3) Excludes stock-based compensation expense.
(4) All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.
(5) Reflects foreign currency exchange impact on all components of Total Tenant Billings.
(6) Reflects foreign currency exchange impact on components of revenue, other than Total Tenant Billings.
Definitions are provided at the end of this document.

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Segment Disclosures Full Year

SEGMENT DISCLOSURES
($ in millions. Totals may not add due to rounding)
Twelve Months Ended December 31, 2024
Property Services Total
U.S. & Canada Latin America Africa & APAC(1)(2) Europe Total International(3) Data Centers Total Property
Segment revenues $ 5,248 $ 1,718 $ 1,208 $ 835 $ 3,761 $ 925 $ 9,934 $ 194 $ 10,127
Segment operating expenses 871 530 381 309 1,220 391 2,482 93 2,574
Segment Gross Margin $ 4,377 $ 1,188 $ 828 $ 525 $ 2,541 $ 534 $ 7,452 $ 101 $ 7,553
Segment selling, general, administrative and development expense(4) 161 111 68 65 244 79 484 21 505
Segment Operating Profit $ 4,216 $ 1,077 $ 760 $ 461 $ 2,297 $ 455 $ 6,968 $ 80 $ 7,048
Segment Operating Profit Margin 80% 63% 63% 55% 61% 49% 70% 41% 70%
Growth Metrics
Revenue Growth 0.6% (4.5)% (2.9)% 7.6% (1.5)% 10.8% 0.7% 35.5% 1.1%
Total Tenant Billings Growth 4.7% 2.4% 19.3% 7.3% 8.8% N/A 6.1%
Organic Tenant Billings Growth 4.7% 2.3% 13.1% 5.8% 6.4% N/A 5.3%
Revenue Components(5)
Prior-Year Tenant Billings $ 4,649 $ 1,194 $ 800 $ 525 $ 2,520 $ - 0 $ 7,168
Colocations/Amendments 180 32 52 20 104 - 0 284
Escalations 140 50 73 16 139 - 0 279
Cancellations (91) (51) (24) (4) (80) - 0 (171)
Other (11) (3) 4 (1) (0) - 0 (11)
Organic Tenant Billings $ 4,867 $ 1,221 $ 905 $ 556 $ 2,682 $ - 0 $ 7,549
New Site Tenant Billings (2) 2 49 8 59 - 0 57
Total Tenant Billings $ 4,865 $ 1,223 $ 955 $ 564 $ 2,741 $ - 0 $ 7,606
Foreign Currency Exchange Impact(6) (0) (46) (131) 1 (176) - 0 (176)
Total Tenant Billings (Current Period) $ 4,865 $ 1,177 $ 824 $ 564 $ 2,566 $ - 0 $ 7,430
Straight-Line Revenue 231 (13) 56 5 48 10 289
Pre-paid Amortization Revenue 83 2 4 24 30 - 0 114
Other Revenue 69 100 (21) 26 105 915 1,090
International Pass-Through Revenue - 0 486 370 215 1,072 - 0 1,072
Foreign Currency Exchange Impact(7) 0 (34) (27) 0 (60) - 0 (60)
Total Property Revenue (Current Period) $ 5,248 $ 1,718 $ 1,208 $ 835 $ 3,761 $ 925 $ 9,934
(1) Countries included: Bangladesh, Burkina Faso, Ghana, Kenya, Niger, Nigeria, the Philippines, South Africa and Uganda. Includes results of Australia and New Zealand through dates of sale.
(2) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.
(3) Total International reflects the Company's international operations excluding Canada.
(4) Excludes stock-based compensation expense.
(5) All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.
(6) Reflects foreign currency exchange impact on all components of Total Tenant Billings.
(7) Reflects foreign currency exchange impact on components of revenue, other than Total Tenant Billings.
Definitions are provided at the end of this document.
Twelve Months Ended December 31, 2023
Property
U.S. & Canada Latin America Africa & APAC(1) Europe Total International(2) Data Centers Total Property Services Total
Segment revenues $ 5,216 $ 1,798 $ 1,244 $ 776 $ 3,818 $ 835 $ 9,869 $ 143 $ 10,012
Segment operating expenses 850 566 438 300 1,304 348 2,501 60 2,562
Segment Gross Margin $ 4,366 $ 1,232 $ 806 $ 476 $ 2,514 $ 487 $ 7,368 $ 83 $ 7,451
Segment selling, general, administrative and development expense(3) 165 108 87 66 261 72 498 23 521
Segment Operating Profit $ 4,201 $ 1,124 $ 719 $ 411 $ 2,254 $ 415 $ 6,869 $ 60 $ 6,929
Segment Operating Profit Margin 81% 63% 58% 53% 59% 50% 70% 42% 69%
Growth Metrics
Revenue Growth 4.2% 6.3% 3.4% 5.4% 5.1% 8.9% 4.9% (40.7)% 3.8%
Total Tenant Billings Growth 5.3% 5.4% 19.1% 10.1% 11.0% N/A 7.2%
Organic Tenant Billings Growth 5.3% 5.2% 12.7% 8.3% 8.4% N/A 6.3%
Revenue Components(4)
Prior-Year Tenant Billings $ 4,416 $ 1,068 $ 773 $ 465 $ 2,306 $ - 0 $ 6,723
Colocations/Amendments 230 35 59 14 107 - 0 337
Escalations 132 82 79 29 190 - 0 322
Cancellations (119) (61) (44) (3) (108) - 0 (228)
Other (8) 0 4 (1) 4 - 0 (5)
Organic Tenant Billings $ 4,650 $ 1,124 $ 872 $ 504 $ 2,499 $ - 0 $ 7,150
New Site Tenant Billings (1) 2 49 9 60 - 0 59
Total Tenant Billings $ 4,649 $ 1,126 $ 921 $ 512 $ 2,559 $ - 0 $ 7,208
Foreign Currency Exchange Impact(5) (0) 68 (121) 13 (40) - 0 (40)
Total Tenant Billings (Current Period) $ 4,649 $ 1,194 $ 800 $ 525 $ 2,520 $ - 0 $ 7,168
Straight-Line Revenue 394 (7) 68 3 65 19 478
Pre-paid Amortization Revenue 89 2 1 19 22 - 0 110
Other Revenue 86 130 (33) 26 123 815 1,024
International Pass-Through Revenue - 449 523 196 1,168 - 0 1,168
Foreign Currency Exchange Impact(6) (0) 30 (116) 6 (79) - 0 (79)
Total Property Revenue (Current Period) $ 5,216 $ 1,798 $ 1,244 $ 776 $ 3,818 $ 835 $ 9,869
(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.
(2) Total International reflects the Company's international operations excluding Canada.
(3) Excludes stock-based compensation expense.
(4) All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.
(5) Reflects foreign currency exchange impact on all components of Total Tenant Billings.
(6) Reflects foreign currency exchange impact on components of revenue, other than Total Tenant Billings.
Definitions are provided at the end of this document.

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U.S. & Canada Portfolio Info

U.S. & Canada Portfolio Information(1)
Number of Sites by Vintage NOI Yield by Vintage Invested Capital per Site by Vintage
BAR GRAPH BAR GRAPH
LQA Property Revenue per Site by Vintage LQA Property Gross Margin per Site by Vintage
BAR GRAPH BAR GRAPH
(1) Includes the allocation of non-site specific financial information and excludes data center assets. (2) Net Operating Income ("NOI") Yield reflects the percentage that results from dividing cash gross margin by gross property, plant and equipment, goodwill and intangible assets. (3) Invested capital reflects the total amount of gross property, plant and equipment, goodwill and intangibles. (4) Includes amounts attributable to non-tower, non-DAS assets, which are excluded from the site count. (5) Property revenue and gross margin reflects cash revenue and direct expenses.
Sites by U.S. State LQA Property Revenue by U.S. State

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(5)

(2)

(3)(4)

(4)(5)

(4)(5)

U.S. & Canada

Key Metrics Tear Sheet - U.S. & Canada
($ in millions, totals may not add due to rounding.)
Financial Metrics 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Revenue Components
Prior-Year Tenant Billings(1) $ 1,064.9 $ 1,099.5 $ 1,101.4 $ 1,109.0 $ 1,106.6 $ 1,159.3 $ 1,157.3 $ 1,168.7 $ 1,163.2 $ 4,368.8 $ 4,416.5 $ 4,648.5
Colocations/Amendments 43.2 59.9 59.1 58.1 52.7 45.3 45.3 44.9 44.8 148.7 229.9 180.3
Escalations 31.3 32.4 32.4 33.3 33.9 34.7 34.7 35.3 35.3 131.9 132.0 140.0
Cancellations (28.8) (28.1) (32.9) (30.2) (28.1) (24.5) (18.7) (19.3) (28.4) (224.4) (119.5) (90.9)
Other (1.9) (2.2) (2.4) (2.3) (1.6) (2.0) (2.5) (3.0) (3.2) (6.2) (8.5) (10.8)
Organic Tenant Billings $ 1,108.7 $ 1,161.4 $ 1,157.6 $ 1,167.9 $ 1,163.5 $ 1,212.8 $ 1,216.1 $ 1,226.5 $ 1,211.7 $ 4,418.9 $ 4,650.4 $ 4,867.1
New Site Tenant Billings (1.9) (1.9) (0.1) 0.9 (0.3) (0.8) (0.8) (0.9) 0.1 (2.0) (1.4) (2.4)
Total Tenant Billings (Current Period) $ 1,106.8 $ 1,159.5 $ 1,157.5 $ 1,168.8 $ 1,163.2 $ 1,212.0 $ 1,215.3 $ 1,225.6 $ 1,211.8 $ 4,416.9 $ 4,649.0 $ 4,864.8
Foreign Currency Exchange Impact(2) (0.2) (0.2) (0.2) (0.1) (0.0) 0.0 (0.0) (0.1) (0.1) (0.5) (0.5) (0.2)
Total Tenant Billings (Current Period) $ 1,106.6 $ 1,159.3 $ 1,157.3 $ 1,168.7 $ 1,163.2 $ 1,212.0 $ 1,215.3 $ 1,225.5 $ 1,211.7 $ 4,416.5 $ 4,648.5 $ 4,864.6
Straight-Line Revenue 144.1 94.4 101.2 90.7 107.4 66.4 63.2 58.6 42.8 460.6 393.6 230.9
Pre-paid Amortization Revenue 24.5 23.5 21.1 20.9 23.2 20.2 20.0 22.2 21.0 99.8 88.6 83.3
Other Revenue 3.6 10.4 23.6 44.2 7.3 12.1 16.9 11.9 28.4 29.5 85.5 69.3
Foreign Currency Exchange Impact(3) (0.0) (0.0) (0.0) 0.0 (0.0) (0.0) 0.0 (0.0) 0.0 (0.0) (0.0) 0.0
Total Property Revenue (Current Period) $ 1,278.8 $ 1,287.6 $ 1,303.2 $ 1,324.5 $ 1,300.9 $ 1,310.7 $ 1,315.4 $ 1,318.0 $ 1,304.0 $ 5,006.3 $ 5,216.2 $ 5,248.1
Organic Tenant Billings Growth 4.1% 5.6% 5.1% 5.3% 5.1% 4.6% 5.1% 5.0% 4.2% 1.1% 5.3% 4.7%
Direct Expense $ 214.0 $ 205.3 $ 216.9 $ 214.3 $ 213.4 $ 204.3 $ 220.6 $ 224.9 $ 221.1 $ 845.4 $ 849.9 $ 870.9
Straight-Line Expense(4) $ 4.7 $ 3.6 $ 3.3 $ 2.7 $ 2.3 $ 6.7 $ 6.7 $ 13.6 $ 4.9 $ 20.0 $ 12.0 $ 31.8
SG&A $ 48.9 $ 40.8 $ 41.7 $ 40.2 $ 42.4 $ 36.6 $ 40.2 $ 41.0 $ 43.3 $ 183.2 $ 165.1 $ 161.1
Gross Margin $ 1,064.8 $ 1,082.3 $ 1,086.3 $ 1,110.2 $ 1,087.5 $ 1,106.4 $ 1,094.8 $ 1,093.1 $ 1,082.9 $ 4,160.9 $ 4,366.3 $ 4,377.2
Gross Margin % 83.3% 84.1% 83.4% 83.8% 83.6% 84.4% 83.2% 82.9% 83.0% 83.1% 83.7% 83.4%
Operating Profit(5) $ 1,015.9 $ 1,041.5 $ 1,044.6 $ 1,070.0 $ 1,045.1 $ 1,069.8 $ 1,054.6 $ 1,052.1 $ 1,039.6 $ 3,977.7 $ 4,201.2 $ 4,216.1
Operating Profit % 79.4% 80.9% 80.2% 80.8% 80.3% 81.6% 80.2% 79.8% 79.7% 79.5% 80.5% 80.3%
Ending site count 43,275 43,229 43,158 42,983 42,905 42,869 42,564 42,365 42,222 43,275 42,905 42,222
(1) All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.
(2) Reflects foreign currency exchange impact on all components of Total Tenant Billings.
(3) Reflects foreign currency exchange impact on other components of revenue, other than Total Tenant Billings.
(4) Excludes straight-line expense related to office leases.
(5) Regional operating profit includes the allocation of certain regional headquarter SG&A expenses.
Definitions are provided at the end of this document.

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Latam Portfolio Info

Latin America Portfolio Information(1)
Number of Sites by Vintage NOI Yield by Vintage Invested Capital per Site by Vintage
LQA Revenue per Site by Vintage LQA Gross Margin per Site by Vintage
(1) All data, except for LQA property revenue by country, excludes other telecommunications infrastructure and fiber and fiber-related assets. (2) NOI Yield reflects the percentage that results from dividing cash gross margin by gross property, plant and equipment, goodwill and intangible assets. Numerator translated at average period foreign currency exchange rates. Denominator translated at spot rates at time of acquisition or at average period foreign currency exchange rates for constructed sites. (3) Invested capital reflects the total amount of gross property, plant and equipment, goodwill and intangibles. Translated at spot rates at time of acquisition or at average period foreign currency exchange rates for constructed sites. (4) Property revenue and gross margin reflects cash revenue and direct expenses. Translated at average period foreign currency exchange rates.
Sites by Country LQA Property Revenue by Country
PIE CHART PIE CHART

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LatAm

Key Metrics Tear Sheet - Latin America
($ in millions, totals may not add due to rounding.)
Financial Metrics 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Revenue Components(1)
Prior-Year Tenant Billings $ 243.9 $ 262.4 $ 275.6 $ 264.8 $ 265.1 $ 285.4 $ 299.4 $ 309.6 $ 299.7 $ 959.0 $ 1,067.9 $ 1,194.2
Colocations/Amendments 8.2 8.4 9.7 8.9 8.4 9.2 7.7 7.5 7.4 35.4 35.3 31.8
Escalations 22.2 23.2 21.9 18.6 17.8 12.0 12.3 12.9 12.4 86.8 81.5 49.6
Cancellations (15.1) (15.4) (16.9) (13.7) (15.3) (13.1) (12.8) (13.8) (11.4) (48.3) (61.3) (51.2)
Other 0.3 (0.0) 0.1 0.0 0.0 (0.2) (0.6) (1.2) (1.1) 1.8 0.2 (3.1)
Organic Tenant Billings $ 259.4 $ 278.5 $ 290.5 $ 278.7 $ 276.0 $ 293.3 $ 306.0 $ 314.9 $ 307.1 $ 1,034.7 $ 1,123.7 $ 1,221.2
New Site Tenant Billings 0.6 0.7 0.6 0.5 0.5 0.5 0.5 0.5 0.4 31.7 2.2 1.9
Total Tenant Billings $ 260.1 $ 279.2 $ 291.1 $ 279.2 $ 276.4 $ 293.8 $ 306.5 $ 315.3 $ 307.5 $ 1,066.5 $ 1,125.9 $ 1,223.1
Foreign Currency Exchange Impact(2) 5.0 6.2 8.4 30.4 23.3 18.6 (1.4) (28.7) (34.5) 1.5 68.3 (46.0)
Total Tenant Billings (Current Period) $ 265.1 $ 285.4 $ 299.4 $ 309.6 $ 299.7 $ 312.4 $ 305.1 $ 286.6 $ 273.0 $ 1,067.9 $ 1,194.2 $ 1,177.1
Straight-Line Revenue (1.6) (1.6) (1.8) (2.1) (1.5) (3.3) (3.3) (4.9) (1.7) (2.6) (7.0) (13.1)
Pre-paid Amortization Revenue 0.1 0.3 0.3 0.3 0.7 0.5 0.6 0.5 0.5 2.6 1.6 2.1
Other Revenue 55.2 62.6 23.3 26.6 17.2 14.7 29.6 8.4 47.2 196.2 129.8 99.9
International Pass-Through Revenue 104.1 111.2 115.9 112.1 110.3 116.0 121.9 125.6 122.3 425.0 449.5 485.8
Foreign Currency Exchange Impact(3) 4.2 6.2 2.3 13.1 8.7 5.1 (5.2) (13.5) (20.4) 2.8 30.3 (33.9)
Total Property Revenue (Current Period) $ 427.0 $ 464.1 $ 439.4 $ 459.6 $ 435.2 $ 445.5 $ 448.7 $ 402.8 $ 420.9 $ 1,691.9 $ 1,798.3 $ 1,717.9
Organic Tenant Billings Growth 6.4% 6.1% 5.4% 5.2% 4.1% 2.8% 2.2% 1.7% 2.5% 7.9% 5.2% 2.3%
Direct Expense $ 131.7 $ 137.9 $ 139.8 $ 144.3 $ 144.0 $ 140.3 $ 136.4 $ 128.2 $ 125.3 $ 526.7 $ 566.0 $ 530.2
Straight-Line Expense $ (0.2) $ (0.0) $ 0.2 $ 0.3 $ 0.3 $ 0.4 $ 0.3 $ 0.1 $ 0.2 $ 0.3 $ 0.7 $ 1.0
SG&A $ 26.2 $ 29.7 $ 23.5 $ 28.9 $ 25.8 $ 27.8 $ 21.7 $ 28.6 $ 32.9 $ 107.6 $ 107.9 $ 111.0
Gross margin $ 295.3 $ 326.2 $ 299.6 $ 315.3 $ 291.2 $ 305.2 $ 312.3 $ 274.6 $ 295.6 $ 1,165.2 $ 1,232.3 $ 1,187.7
Gross margin % 69.2% 70.3% 68.2% 68.6% 66.9% 68.5% 69.6% 68.2% 70.2% 68.9% 68.5% 69.1%
Operating profit(4) $ 269.1 $ 296.5 $ 276.1 $ 286.4 $ 265.4 $ 277.4 $ 290.6 $ 246.0 $ 262.7 $ 1,057.6 $ 1,124.4 $ 1,076.7
Operating profit margin % 63.0% 63.9% 62.8% 62.3% 61.0% 62.3% 64.8% 61.1% 62.4% 62.5% 62.5% 62.7%
Pass-through revenue, as reported(5) $ 106.1 $ 112.8 $ 117.4 $ 122.8 $ 118.4 $ 121.7 $ 119.5 $ 113.6 $ 108.2 $ 425.6 $ 471.3 $ 463.0
Straight-line revenue, as reported(5) $ (1.9) $ (1.8) $ (2.0) $ (2.5) $ (1.7) $ (3.6) $ (3.4) $ (4.6) $ (1.5) $ (3.9) $ (7.9) $ (13.1)
Ending site count 48,548 48,537 48,542 48,559 48,480 48,458 48,242 48,247 48,307 48,548 48,480 48,307
(1) All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.
(2) Reflects foreign currency exchange impact on all components of Total Tenant Billings.
(3) Reflects foreign currency exchange impact on other components of revenue, other than Total Tenant Billings.
(4) Regional operating profit includes the allocation of certain regional headquarter SG&A expenses.
(5) Presented as reported. Differs from pass-through revenue and straight-line revenue presented on top portion of tear sheets, which are presented on an FX-neutral basis.
Countries included: Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru.
Definitions are provided at the end of this document.

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Africa & APAC Portfolio Info

Africa & APAC Portfolio Information(1)(2)
Number of Sites by Vintage NOI Yield by Vintage Invested Capital per Site by Vintage
BAR GRAPH BAR GRAPH BAR GRAPH
LQA Revenue per Site by Vintage LQA Gross Margin per Site by Vintage
(1) All data, except for LQA property revenue by country, excludes fiber and fiber-related assets. (2) Excludes the operating results of ATC TIPL. (3) NOI Yield reflects the percentage that results from dividing cash gross margin by gross property, plant and equipment, goodwill and intangible assets. Numerator translated at average period foreign currency exchange rates. Denominator translated at spot rates at time of acquisition or at average period foreign currency exchange rates for constructed sites. (4) Invested capital reflects the total amount of gross property, plant and equipment, goodwill and intangibles. Translated at spot rates at time of acquisition or at average period foreign currency exchange rates for constructed sites. (5) Property revenue and gross margin reflects cash revenue and direct expenses. Translated at average period foreign currency exchange rates.
Sites by Country LQA Property Revenue by Country

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Africa & APAC

Key Metrics Tear Sheet - Africa & APAC(1)
($ in millions, totals may not add due to rounding.)
Financial Metrics 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Revenue Components(2)
Prior-Year Tenant Billings 188.5 195.9 198.5 192.6 186.5 201.0 205.2 197.3 $ 196.9 737.8 773.4 800.5
Colocations/Amendments 14.2 13.3 14.1 15.7 15.4 15.6 13.7 10.4 12.0 55.4 58.5 51.7
Escalations 10.4 20.2 22.8 19.1 17.0 22.6 19.0 16.1 15.5 40.0 79.1 73.2
Cancellations (11.5) (10.3) (12.5) (11.6) (9.3) (10.1) (6.3) (4.3) (3.3) (38.9) (43.7) (24.1)
Other 0.1 0.4 1.2 1.4 1.5 1.0 0.4 0.6 2.0 0.2 4.4 3.9
Organic Tenant Billings $ 201.6 $ 219.5 $ 224.0 $ 217.1 $ 211.1 $ 230.1 $ 232.1 $ 220.0 $ 223.2 $ 794.4 $ 871.8 $ 905.3
New Site Tenant Billings 12.2 12.0 11.7 12.3 13.5 14.9 14.0 10.6 9.8 52.4 49.5 49.3
Total Tenant Billings $ 213.9 $ 231.5 $ 235.7 $ 229.4 $ 224.7 $ 245.0 $ 246.1 $ 230.6 $ 232.9 $ 846.8 $ 921.3 $ 954.7
Foreign Currency Exchange Impact(3) (27.4) (30.6) (30.4) (32.1) (27.7) (44.5) (41.9) (23.2) (21.0) (73.4) (120.8) (130.5)
Total Tenant Billings (Current Period) $ 186.5 $ 201.0 $ 205.2 $ 197.3 $ 196.9 $ 200.6 $ 204.1 $ 207.4 $ 212.0 $ 773.4 $ 800.5 $ 824.1
Straight-Line Revenue 11.3 14.0 17.7 18.4 18.4 14.8 13.4 13.9 14.3 29.4 68.5 56.5
Pre-paid Amortization Revenue 0.3 0.4 0.4 0.3 0.4 3.2 (0.1) 0.5 0.8 1.3 1.4 4.5
Other Revenue 33.8 (13.3) (14.4) 1.0 (6.2) (9.5) (5.3) (3.0) (3.0) 13.3 (32.9) (20.9)
International Pass-Through Revenue 136.8 134.9 134.1 121.4 132.6 94.1 94.6 91.8 89.9 438.2 523.0 370.5
Foreign Currency Exchange Impact(4) (29.0) (15.5) (17.3) (39.9) (43.3) (6.1) (7.6) (8.1) (4.8) (51.7) (116.1) (26.6)
Total Property Revenue (Current Period) $ 339.7 $ 321.3 $ 325.8 $ 298.5 $ 298.8 $ 297.1 $ 299.2 $ 302.6 $ 309.1 $ 1,203.8 $ 1,244.4 $ 1,208.0
Organic Tenant Billings Growth 7.0% 12.0% 12.9% 12.8% 13.2% 14.5% 13.1% 11.5% 13.3% 7.7% 12.7% 13.1%
Direct Expense $ 116.6 $ 119.7 $ 114.0 $ 98.0 $ 106.7 $ 94.0 $ 97.8 $ 94.4 $ 94.3 $ 448.1 $ 438.4 $ 380.5
Straight-Line Expense $ 1.7 $ 1.7 $ 1.6 $ 1.5 $ 1.3 $ 2.1 $ 2.3 $ 2.3 $ 1.9 $ 7.3 $ 6.1 $ 8.6
SG&A $ 16.6 $ 23.1 $ 20.7 $ 15.0 $ 28.5 $ 17.1 $ 17.6 $ 18.0 $ 15.3 $ 86.5 $ 87.3 $ 68.0
Gross margin $ 223.1 $ 201.6 $ 211.8 $ 200.5 $ 192.1 $ 203.1 $ 201.4 $ 208.2 $ 214.8 $ 755.7 $ 806.0 $ 827.5
Gross margin % 65.7% 62.7% 65.0% 67.2% 64.3% 68.4% 67.3% 68.8% 69.5% 62.8% 64.8% 68.5%
Operating profit(5) $ 206.5 $ 178.5 $ 191.1 $ 185.5 $ 163.6 $ 186.0 $ 183.8 $ 190.2 $ 199.5 $ 669.2 $ 718.7 $ 759.5
Operating profit margin % 60.8% 55.6% 58.7% 62.1% 54.8% 62.6% 61.4% 62.9% 64.5% 55.6% 57.8% 62.9%
Pass-through revenue, as reported(6) $ 118.3 $ 116.5 $ 113.4 $ 86.4 $ 93.6 $ 88.6 $ 89.3 $ 88.2 $ 87.4 $ 396.1 $ 409.9 $ 353.4
Straight-line revenue, as reported(6) $ 10.7 $ 12.5 $ 15.6 $ 14.5 $ 14.4 $ 11.6 $ 10.3 $ 11.9 $ 11.7 $ 27.6 $ 57.0 $ 45.4
Ending site count 24,576 24,873 25,206 24,847 25,163 25,350 25,694 25,946 26,642 24,576 25,163 26,642
(1) All periods exclude the operating results of ATC TIPL which are reported as discontinued operations.
(2) All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.
(3) Reflects foreign currency exchange impact on all components of Total Tenant Billings.
(4) Reflects foreign currency exchange impact on other components of revenue, other than Total Tenant Billings.
(5) Regional operating profit includes the allocation of certain regional headquarter SG&A expenses.
(6) Presented as reported. Differs from pass-through revenue and straight-line revenue presented on top portion of tear sheets, which are presented on an FX-neutral basis.
Countries included: Australia, Bangladesh, Burkina Faso, Ghana, Kenya, New Zealand, Niger, Nigeria, the Philippines, South Africa and Uganda. During the three months ended September 30, 2024, the Company completed the sale of its operations in India. During the three months ended December 31, 2024, the Company completed the sales of its subsidiaries in Australia and New Zealand.
Definitions are provided at the end of this document.

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Europe Portfolio Info

Europe Portfolio Information(1)
Number of Sites by Vintage NOI Yield by Vintage Invested Capital per Site by Vintage
BAR GRAPH BAR GRAPH BAR GRAPH
LQA Revenue per Site by Vintage LQA Gross Margin per Site by Vintage
(1) All data, except for LQA property revenue by country, excludes fiber and fiber-related assets. (2) NOI Yield reflects the percentage that results from dividing cash gross margin by gross property, plant and equipment, goodwill and intangible assets. Numerator translated at average period foreign currency exchange rates. Denominator translated at spot rates at time of acquisition or at average period foreign currency exchange rates for constructed sites. (3) Invested capital reflects the total amount of gross property, plant and equipment, goodwill and intangibles. Translated at spot rates at time of acquisition or at average period foreign currency exchange rates for constructed sites. (4) Property revenue and gross margin reflects cash revenue and direct expenses. Translated at average period foreign currency exchange rates.
Sites by Country LQA Property Revenue by Country

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Europe

Key Metrics Tear Sheet - Europe
($ in millions, totals may not add due to rounding.)
Financial Metrics 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Revenue Components(1)
Prior-Year Tenant Billings $ 118.5 $ 122.2 $ 117.2 $ 111.7 $ 114.0 $ 128.8 $ 131.4 $ 132.3 $ 132.7 $ 330.6 $ 465.1 $ 525.2
Colocations/Amendments 3.3 3.4 3.2 3.1 3.8 4.5 5.0 5.6 5.3 12.7 13.6 20.4
Escalations 4.9 7.8 7.4 7.0 7.0 3.9 4.0 4.0 3.9 19.5 29.3 15.7
Cancellations (1.1) (0.8) (0.7) (0.9) (1.0) (1.2) (1.2) (1.0) (1.1) (4.7) (3.4) (4.5)
Other (0.1) (0.3) (0.3) (0.1) (0.1) (0.1) (0.3) (0.3) (0.4) 0.0 (0.8) (1.2)
Organic Tenant Billings $ 125.6 $ 132.3 $ 126.9 $ 120.8 $ 123.7 $ 135.9 $ 138.8 $ 140.6 $ 140.3 $ 358.2 $ 503.7 $ 555.7
New Site Tenant Billings 2.9 2.6 2.2 2.0 1.7 1.7 2.0 2.1 2.2 158.1 8.5 8.0
Total Tenant Billings $ 128.5 $ 134.9 $ 129.1 $ 122.8 $ 125.5 $ 137.6 $ 140.9 $ 142.8 $ 142.5 $ 516.3 $ 512.3 $ 563.7
Foreign Currency Exchange Impact(2) (14.5) (6.1) 2.2 9.5 7.3 1.8 (1.4) 1.0 (0.7) (51.1) 12.9 0.7
Total Tenant Billings (Current Period) $ 114.0 $ 128.8 $ 131.4 $ 132.3 $ 132.7 $ 139.4 $ 139.5 $ 143.8 $ 141.7 $ 465.1 $ 525.2 $ 564.4
Straight-Line Revenue 1.4 0.8 0.7 0.9 0.9 1.4 0.9 0.6 1.8 4.3 3.2 4.6
Pre-paid Amortization Revenue 3.6 4.5 4.4 4.4 5.3 3.4 4.9 7.7 7.8 12.3 18.6 23.8
Other Revenue 8.1 6.7 7.6 7.2 4.7 7.5 7.6 4.6 6.8 19.8 26.2 26.5
International Pass-Through Revenue 55.2 53.8 52.9 50.8 38.5 52.1 51.0 55.6 56.7 251.6 196.0 215.3
Foreign Currency Exchange Impact(3) (7.9) (3.0) 1.2 4.9 3.2 0.8 (0.6) 0.5 (0.5) (17.4) 6.3 0.2
Total Property Revenue (Current Period) $ 174.4 $ 191.7 $ 198.2 $ 200.4 $ 185.3 $ 204.5 $ 203.2 $ 212.8 $ 214.2 $ 735.7 $ 775.6 $ 834.7
Organic Tenant Billings Growth 5.9% 8.2% 8.3% 8.2% 8.5% 5.5% 5.7% 6.3% 5.7% 8.4% 8.3% 5.8%
Direct Expense $ 69.0 $ 73.1 $ 77.3 $ 78.8 $ 70.3 $ 73.5 $ 73.2 $ 79.2 $ 83.5 $ 319.6 $ 299.5 $ 309.4
Straight-Line Expense $ 0.4 $ 0.3 $ 0.2 $ 0.3 $ 0.3 $ 0.1 $ 0.3 $ 0.3 $ 0.4 $ 1.7 $ 1.2 $ 1.1
SG&A $ 11.0 $ 14.6 $ 15.1 $ 15.1 $ 20.8 $ 15.8 $ 15.4 $ 14.1 $ 19.5 $ 52.4 $ 65.6 $ 64.8
Gross margin $ 105.4 $ 118.6 $ 120.9 $ 121.6 $ 115.0 $ 131.0 $ 130.0 $ 133.6 $ 130.7 $ 416.1 $ 476.1 $ 525.3
Gross margin % 60.4% 61.9% 61.0% 60.7% 62.1% 64.1% 64.0% 62.8% 61.0% 56.6% 61.4% 62.9%
Operating profit(4) $ 94.4 $ 104.0 $ 105.8 $ 106.5 $ 94.2 $ 115.2 $ 114.6 $ 119.5 $ 111.2 $ 363.7 $ 410.5 $ 460.5
Operating profit margin % 54.1% 54.3% 53.4% 53.1% 50.8% 56.3% 56.4% 56.2% 51.9% 49.4% 52.9% 55.2%
Pass-through revenue, as reported(5) $ 48.8 $ 51.4 $ 53.8 $ 54.7 $ 41.0 $ 52.8 $ 50.5 $ 55.9 $ 56.3 $ 232.4 $ 201.0 $ 215.5
Straight-line revenue, as reported(5) $ 1.2 $ 0.7 $ 0.7 $ 0.9 $ 0.9 $ 1.4 $ 0.9 $ 0.6 $ 1.7 $ 3.9 $ 3.3 $ 4.6
Ending site count 30,721 30,806 30,881 30,969 31,241 31,361 31,491 31,605 31,786 30,721 31,241 31,786
(1) All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.
(2) Reflects foreign currency exchange impact on all components of Total Tenant Billings.
(3) Reflects foreign currency exchange impact on other components of revenue, other than Total Tenant Billings.
(4) Regional operating profit includes the allocation of certain regional headquarter SG&A expenses.
(5) Presented as reported. Differs from pass-through revenue and straight-line revenue presented on top portion of tear sheets, which are presented on an FX-neutral basis.
Countries included: France, Germany, Poland and Spain. During the three months ended June 30, 2023, the Company completed the sale of its subsidiary in Poland.
Definitions are provided at the end of this document.

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Data Centers

Key Metrics Tear Sheet - Data Centers
($ in millions (except Monthly Recurring Revenue per Cabinet Equivalent Billed), totals may not add due to rounding.)
Financial Metrics 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2022 2023 2024
Revenue Components
Rental, Related and Other Revenue(1) $ 105.9 $ 108.5 $ 110.1 $ 112.9 $ 115.6 $ 122.1 $ 126.0 $ 126.6 $ 129.4 $ 415.1 $ 447.1 $ 504.1
Power Revenue 59.7 62.0 62.9 66.6 67.4 70.0 71.8 74.3 73.6 231.2 258.9 289.7
Interconnection Revenue 25.8 26.6 26.8 28.0 28.0 29.1 29.9 30.8 31.5 100.0 109.5 121.3
Straight-Line Revenue 6.1 5.9 5.0 4.4 3.9 3.4 3.1 2.0 1.2 20.3 19.2 9.7
Total Operating Revenues $ 197.5 $ 203.0 $ 204.9 $ 211.9 $ 214.9 $ 224.6 $ 230.8 $ 233.7 $ 235.7 $ 766.6 $ 834.7 $ 924.8
Direct Expense $ 82.7 $ 83.8 $ 83.7 $ 90.1 $ 90.0 $ 92.9 $ 99.3 $ 100.2 $ 98.4 $ 322.0 $ 347.6 $ 390.8
Straight-Line Expense $ 1.0 $ 1.0 $ 0.9 $ 0.9 $ 0.8 $ 0.8 $ 0.8 $ 0.7 $ 0.8 $ 4.6 $ 3.6 $ 3.1
SG&A $ 16.2 $ 17.5 $ 18.6 $ 17.9 $ 18.4 $ 17.2 $ 18.9 $ 20.5 $ 22.2 $ 63.9 $ 72.4 $ 78.8
Gross Margin $ 114.8 $ 119.2 $ 121.2 $ 121.8 $ 124.9 $ 131.7 $ 131.5 $ 133.5 $ 137.3 $ 444.6 $ 487.1 $ 534.0
Gross Margin % 58.1% 58.7% 59.1% 57.5% 58.1% 58.6% 57.0% 57.1% 58.3% 58.0% 58.4% 57.7%
Operating Profit $ 98.6 $ 101.7 $ 102.6 $ 103.9 $ 106.5 $ 114.5 $ 112.6 $ 113.0 $ 115.1 $ 380.7 $ 414.7 $ 455.2
Operating Profit % 49.9% 50.1% 50.2% 49.0% 49.5% 51.0% 48.8% 48.4% 48.8% 49.7% 49.7% 49.2%
Operating Metrics
Ending interconnection count 36,849 37,072 37,427 38,134 38,387 38,763 39,250 39,639 40,196 36,849 38,387 40,196
Ending data center facilities count 28 28 28 28 28 28 28 28 29 28 28 29
Ending total portfolio net rentable square feet (NRSF) 3,501,743 3,519,550 3,554,650 3,617,271 3,674,747 3,674,747 3,674,747 3,650,285 3,747,690 3,501,743 3,674,747 3,747,690
Ending total portfolio megawatts (MW) 235 241 247 253 256 256 256 255 273 235 256 273
Ending stabilized portfolio occupancy 86.5% 86.4% 85.4% 85.4% 85.7% 86.2% 86.7% 86.4% 87.7% 86.5% 85.7% 87.7%
Ending pre-stabilized portfolio occupancy 53.2% 48.6% 47.2% 41.8% 43.0% 48.5% 46.5% 48.6% 8.8% 53.2% 43.0% 8.8%
Ending total portfolio occupancy 84.2% 83.2% 81.8% 81.2% 84.0% 85.1% 85.5% 85.2% 83.8% 84.2% 84.0% 83.8%
Ending total portfolio leased percentage 85.5% 84.4% 84.6% 83.3% 85.8% 85.9% 86.1% 86.7% 86.7% 85.5% 85.8% 86.7%
Monthly Recurring Revenue per Cabinet Equivalent Billed (MRR per CabE)(2) $ 1,612.1 $ 1,634.2 $ 1,658.6 $ 1,699.8 $ 1,745.8 $ 1,785.2 $ 1,799.0 $ 1,841.0 $ 1,868.3 N/A N/A N/A
Development Summary
MW under construction 31 27 23 26 32 40 44 45 32 31 32 32
NRSF under construction 235,666 198,248 166,648 242,811 238,270 294,454 317,819 342,282 264,923 235,666 238,270 264,923
Percentage leased 32.0% 44.2% 36.4% 40.4% 39.7% 34.5% 61.0% 58.0% 54.4% 32.0% 39.7% 54.4%
Costs incurred to-date $ 161.3 $ 185.1 $ 216.5 $ 264.2 $ 292.9 $ 347.9 $ 436.4 $ 507.8 $ 275.7 $ 161.3 $ 292.9 $ 275.7
Estimated total costs for under construction $ 507.5 $ 516.0 $ 483.0 $ 560.6 $ 609.7 $ 672.3 $ 745.9 $ 745.9 $ 433.8 $ 507.5 $ 609.7 $ 433.8
MW held for future development(3) 224 222 222 214 205 223 202 226 223 224 205 223
NRSF held for future development(3) 2,085,815 2,072,341 2,068,841 1,957,138 1,904,123 2,117,939 1,914,574 2,177,534 2,169,416 2,085,815 1,904,123 2,169,416
Estimated total costs for future development(3) $ 2,626.0 $ 2,593.1 $ 2,649.8 $ 2,567.2 $ 2,486.9 $ 2,754.9 $ 2,539.2 $ 2,970.2 $ 2,987.7 $ 2,626.0 $ 2,486.9 $ 2,987.7
Capital Expenditures
Discretionary capital projects $ 192.6 $ 70.5 $ 68.7 $ 112.7 $ 142.6 $ 114.9 $ 76.9 $ 202.3 $ 112.2 $ 327.8 $ 394.6 $ 506.3
Redevelopment - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Capital improvements 7.6 6.6 6.4 9.1 11.4 6.2 7.8 9.0 15.8 25.9 33.5 38.8
Corporate - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Total $ 200.2 $ 77.1 $ 75.1 $ 121.8 $ 154.1 $ 121.1 $ 84.7 $ 211.3 $ 128.0 $ 353.7 $ 428.1 $ 545.0
(1) Rental, related and other revenue includes data center rental, customer reimbursement, and other revenue, and office, light-industrial and other revenue.
(2) MRR per CabE is a calculated on same-store (SS) basis. During the first quarter of 2024, the SS pool was updated to include all turn-key data center space that was leased or available to be leased as of December 31, 2022, and excludes powered shell data center space, office space, and space for which development was completed and became available to be leased after December 31, 2022. The MRR per CabE for all periods was updated to reflect the new SS pool.
(3) During Q2 2024, the Company entered into an agreement with Stonepeak to form a joint venture to construct a new data center in Denver, CO (the "Stonepeak Development Partnership"). At formation, the Company contributed assets with a value of $14.6 million to the Stonepeak Development Partnership and acquired a minority ownership interest (Stonepeak holds the controlling interests). Stonepeak will fund 100% of development needs until their ownership reaches 85%, and the Company will own a 15% noncontrolling interest. The Stonepeak Development Partnership represents 18 MWs, 181,000 NRSF (which are excluded from the development summary above due to the Company's noncontrolling interest in the Stonepeak Development Partnership), and approximately $271.9 million of estimated total costs for future development.
(4) Q3 2024, 2024 and 2022 include approximately $96 million, $96 million and $62 million, respectively, related to land parcel purchases for future data center development.
Definitions are provided at the end of this document.

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NOI Reconciliations

4Q24 NOI Yield Reconciliation by Region(1)(2)(3)
($ in thousands, totals may not add due to rounding)
Vintage
U.S. & Canada(4) Pre-2010 2010-2014 2015-2019 2020-2024
4Q24 annualized Property Revenue per Site 157 124 67 93
4Q24 annualized Property Direct Expenses per Site (22) (20) (19) (22)
4Q24 annualized Property Gross Margin per Site 135 104 49 71
Divided by: Invested Capital per Site 662 1,029 593 2,015
NOI Yield 20% 10% 8% 4%
Vintage
Africa & APAC(5) 2010-2014 2015-2019 2020-2024
4Q24 annualized Property Revenue per Site 46 47 38
4Q24 annualized Property Direct Expenses per Site (15) (14) (13)
4Q24 annualized Property Gross Margin per Site 31 32 24
Divided by: Invested Capital per Site 230 319 103
NOI Yield 13% 10% 23%
Vintage
Europe(5) 2010-2014 2015-2019 2020-2024
4Q24 annualized Property Revenue per Site 39 31 25
4Q24 annualized Property Direct Expenses per Site (8) (7) (11)
4Q24 annualized Property Gross Margin per Site 31 25 14
Divided by: Invested Capital per Site 271 390 376
NOI Yield 11% 6% 4%
Vintage
Latin America(6) Pre-2010 2010-2014 2015-2019 2020-2024
4Q24 annualized Property Revenue per Site 65 29 24 28
4Q24 annualized Property Direct Expenses per Site (12) (8) (9) (11)
4Q24 annualized Property Gross Margin per Site 52 21 15 17
Divided by: Invested Capital per Site 148 218 175 209
NOI Yield 35% 10% 9% 8%
(1) NOI Yield reflects the percentage that results from dividing cash gross margin by gross property, plant and equipment, goodwill and intangible assets. Numerator translated at average period foreign currency
exchange rates. Denominator translated at spot rates at time of acquisition or at average period foreign currency exchange rates for constructed sites.
(2) Invested capital reflects the total amount of gross property, plant and equipment, goodwill and intangibles. Translated at spot rates at time of acquisition or at average period foreign currency exchange rates for
constructed sites.
(3) Property revenue and gross margin reflects cash revenue and direct expenses. Translated at average period foreign currency exchange rates.
(4) Excludes data center assets.
(5) Excludes fiber and fiber-related assets.
(6) Excludes other telecommunications infrastructure, fiber and fiber-related assets.

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CAPITAL STRUCTURE >>>>

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CAPITAL STRUCTURE

Net Leverage Ratio

HISTORICAL NET LEVERAGE RATIO
($ in millions. Totals may not add due to rounding.)
4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2020 2021 2022 2023 2024(4)
Total debt $ 38,670 $ 38,542 $ 38,795 $ 38,600 $ 38,922 $ 39,260 $ 38,968 $ 37,098 $ 36,502 $ 29,287 $ 43,254 $ 38,670 $ 38,922 $ 36,502
Cash and cash equivalents 2,028 1,803 2,016 2,119 1,973 2,389 2,492 2,150 2,000 1,746 1,950 2,028 1,973 2,000
Net debt 36,642 36,739 36,779 36,481 36,948 36,870 36,476 34,948 34,502 27,541 41,304 36,642 36,948 34,502
The quarter's annualized (LQA) Adjusted EBITDA 6,828 7,051 6,998 7,256 7,043 7,415 7,562 6,746 6,768 5,502 6,061 6,828 7,043 6,768
LQA Net Leverage Ratio 5.4x 5.2x 5.3x 5.0x 5.2x 5.0x 4.8x 5.2x 5.1x 5.0x 6.8x 5.4x 5.2x 5.1x
Percent of Fixed Rate Debt 78% 79% 85% 89% 89% 87% 89% 94% 97% 83% 69% 78% 89% 97%
Weighted Average Remaining Term (years) 5.6 5.8 6.1 6.1 5.8 5.8 5.8 5.8 5.7 7.0 5.7 5.6 5.8 5.7
(1) Excludes approximately $17 million of finance lease obligations. Euro-denominated notes shown at the dollar equivalent of the aggregate principal amount of the notes based on the euro/U.S. dollar exchange rate as of December 31, 2024.
(2) On January 14, 2025, the Company repaid its $650.0 million 2.950% senior unsecured notes due 2025 (the "2.950% Notes") upon their maturity.
(3) Subsequent to December 31, 2024, we amended our 2021 Multicurrency Credit Facility, 2021 Credit Facility and 2021 Term Loan to, among other items, extend the maturity dates to 2028, 2030, and 2028, respectively.
(4) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.
Definitions are provided at the end of this document.

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DEBT MATURITY SCHEDULE AND CALCULATION OF NET LEVERAGE

($ in millions)

>>

(4)

(3)

(2)

(3)

(3)

Debt Maturity Detail

AMERICAN TOWER DEBT MATURITY DETAIL(1)
As of December 31, 2024
($ in millions, totals may not add due to rounding.)
Debt Instrument Currency Interest Rate Maturity Date Outstanding Amount(2)(3)
2021 Term Loan (4) USD 5.562% 1/31/27 $ 997.9
2.950% senior notes(5) USD 2.950% 1/15/25 $ 650.0
2.400% senior notes USD 2.400% 3/15/25 $ 749.7
1.375% senior notes EUR 1.375% 4/4/25 $ 517.3
4.000% senior notes USD 4.000% 6/1/25 $ 749.4
1.300% senior notes USD 1.300% 9/15/25 $ 499.3
4.400% senior notes USD 4.400% 2/15/26 $ 499.3
1.600% senior notes USD 1.600% 4/15/26 $ 698.5
1.950% senior notes EUR 1.950% 5/22/26 $ 516.4
1.450% senior notes USD 1.450% 9/15/26 $ 597.4
3.375% senior notes USD 3.375% 10/15/26 $ 996.6
3.125% senior notes USD 3.125% 1/15/27 $ 399.3
2.750% senior notes USD 2.750% 1/15/27 $ 748.0
0.450% senior notes EUR 0.450% 1/15/27 $ 774.1
0.400% senior notes EUR 0.400% 2/15/27 $ 515.0
3.650% senior notes USD 3.650% 3/15/27 $ 646.4
4.125% senior notes EUR 4.125% 5/16/27 $ 618.5
3.55% senior notes USD 3.550% 7/15/27 $ 747.9
3.600% senior notes USD 3.600% 1/15/28 $ 697.0
0.500% senior notes EUR 0.500% 1/15/28 $ 772.6
1.500% senior notes USD 1.500% 1/31/28 $ 647.8
5.500% senior notes USD 5.500% 3/15/28 $ 695.0
5.250% senior notes USD 5.250% 7/15/28 $ 645.2
5.800% senior notes USD 5.800% 11/15/28 $ 744.6
5.200% senior notes USD 5.200% 2/15/29 $ 643.7
3.950% senior notes USD 3.950% 3/15/29 $ 594.8
0.875% senior notes EUR 0.875% 5/21/29 $ 773.0
3.800% senior notes USD 3.800% 8/15/29 $ 1,640.5
2.900% senior notes USD 2.900% 1/15/30 $ 745.1
5.000% senior notes USD 5.000% 1/31/30 $ 593.2
3.900% senior notes EUR 3.900% 5/16/30 $ 512.9
2.100% senior notes USD 2.100% 6/15/30 $ 744.1
0.950% senior notes EUR 0.950% 10/5/30 $ 512.6
1.875% senior notes USD 1.875% 10/15/30 $ 794.3
2.700% senior notes USD 2.700% 4/15/31 $ 695.6
4.625% senior notes EUR 4.625% 5/16/31 $ 511.7
2.300% senior notes USD 2.300% 9/15/31 $ 693.6
1.000% senior notes EUR 1.000% 1/15/32 $ 667.6
4.050% senior notes USD 4.050% 3/15/32 $ 643.7
5.650% senior notes USD 5.650% 3/15/33 $ 791.4
1.250% senior notes EUR 1.250% 5/21/33 $ 512.1
5.550% senior notes USD 5.550% 7/15/33 $ 841.4
5.900% senior notes USD 5.900% 11/15/33 $ 742.2
5.450% senior notes USD 5.450% 2/15/34 $ 640.6
4.100% senior notes EUR 4.100% 5/16/34 $ 510.5
5.400% senior notes USD 5.400% 1/31/35 $ 591.9
3.700% senior notes USD 3.700% 10/15/49 $ 592.6
3.100% senior notes USD 3.100% 6/15/50 $ 1,038.8
2.950% senior notes USD 2.950% 1/15/51 $ 1,023.8
Series 2015-2 notes (6) USD 3.482% 6/16/25 $ 524.7
Series 2018-1A securities (7) USD 3.652% 3/15/28 $ 497.6
Series 2023-1A securities (8) USD 5.490% 3/15/28 $ 1,288.0
Weighted Average Rate 3.4% Total Outstanding $36.5 Billion
(1) Excludes approximately $17 million of finance lease obligations.
(2) Outstanding amounts under the Company's long-term obligations reflect discounts, premiums and issuance costs.
(3) EUR denominated balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
(4) Accrues interest at a variable rate.
(5) On January 14, 2025, the Company repaid the 2.950% Notes upon their maturity.
(6) Maturity date reflects the anticipated repayment date; final legal maturity is June 15, 2050.
(7) Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2048.
(8) Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2053.

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APPENDIX >>>>

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APPENDIX

Definitions

DEFINITIONS
Non-GAAP and Defined Financial Measures:
In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this document, the Company has presented the following Non-GAAP and Defined Financial Measures: Segment Gross Margin, Segment Operating Profit, Segment Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Nareit Funds From Operations (FFO) attributable to American Tower Corporation common stockholders, Adjusted Funds From Operations (AFFO) attributable to American Tower Corporation common stockholders, AFFO attributable to American Tower Corporation common stockholders per Share, AFFO attributable to American Tower Corporation common stockholders, as adjusted, AFFO attributable to American Tower Corporation common stockholders per Share, as adjusted, Free Cash Flow, Net Debt, and Net Leverage Ratio. In addition, the Company presents: Tenant Billings, Tenant Billings Growth, Organic Tenant Billings Growth and New Site Tenant Billings Growth. These measures are not intended to replace financial performance measures determined in accordance with GAAP. Rather, they are presented as additional information because management believes they are useful indicators of the current financial performance of the Company's core businesses and are commonly used across its industry peer group. As outlined in detail below, the Company believes that these measures can assist in comparing company performance on a consistent basis irrespective of depreciation and amortization or capital structure, while also providing valuable incremental insight into the underlying operating trends of its business. Depreciation and amortization can vary significantly among companies depending on accounting methods, particularly where acquisitions or non-operating factors, including historical cost basis, are involved. The Company's Non-GAAP and Defined Financial Measures may not be comparable to similarly titled measures used by other companies.
Revenue components:
In addition to reporting total revenue, the Company believes that providing transparency around the components of its revenue provides investors with insight into the indicators of the underlying demand for, and operating performance of, its real estate portfolio. Accordingly, the Company has provided disclosure of the following revenue components: (i) Tenant Billings, (ii) New Site Tenant Billings; (iii) Organic Tenant Billings; (iv) International pass-through revenue; (v) Straight-line revenue; (vi) Pre-paid amortization revenue; (vii) Foreign currency exchange impact; and (viii) Other revenue.
Tenant Billings: The majority of the Company's revenue is generated from non-cancellable, long-term tenant leases. Revenue from Tenant Billings reflects several key aspects of the Company's real estate business: (i) "colocations/amendments" reflects new tenant leases for space on existing sites and amendments to existing leases to add additional tenant equipment; (ii) "escalations" reflects contractual increases in billing rates, which are typically tied to fixed percentages or a variable percentage based on a consumer price index; (iii) "cancellations" reflects the impact of tenant lease terminations or non-renewals or, in limited circumstances, when the lease rates on existing leases are reduced; and (iv) "new sites" reflects the impact of new property construction and acquisitions.
New Site Tenant Billings: Day-one Tenant Billings associated with sites that have been built or acquired since the beginning of the prior-year period. Incremental colocations/amendments, escalations or cancellations that occur on these sites after the date of their addition to our portfolio are not included in New Site Tenant Billings. In certain cases, this could also include the net impact of certain divestitures. The Company believes providing New Site Tenant Billings enhances an investor's ability to analyze the Company's existing real estate portfolio growth as well as its development program growth, as the Company's construction and acquisition activities can drive variability in growth rates from period to period.
Organic Tenant Billings: Tenant Billings on sites that the Company has owned since the beginning of the prior-year period, as well as Tenant Billings activity on new sites that occurred after the date of their addition to the Company's portfolio.
International pass-through revenue: A portion of the Company's pass-through revenue is based on power and fuel expense reimbursements and therefore subject to fluctuations in fuel prices. As a result, revenue growth rates may fluctuate depending on the market price for fuel in any given period, which is not representative of the Company's real estate business and its economic exposure to power and fuel costs. Furthermore, this expense reimbursement mitigates the economic impact associated with fluctuations in operating expenses, such as power and fuel costs and land rents in certain of the Company's markets. As a result, the Company believes that it is appropriate to provide insight into the impact of pass-through revenue on certain revenue growth rates.
Straight-line revenue: Under GAAP, the Company recognizes revenue on a straight-line basis over the term of the contract for certain of its tenant leases. Due to the Company's significant base of non-cancellable, long-term tenant leases, this can result in significant fluctuations in growth rates upon tenant lease signings and renewals (typically increases), when amounts billed or received upfront upon these events are initially deferred. These signings and renewals are only a portion of the Company's underlying business growth and can distort the underlying performance of our Tenant Billings Growth. As a result, the Company believes that it is appropriate to provide insight into the impact of straight-line revenue on certain growth rates in revenue and select other measures.
Pre-paid amortization revenue: The Company recovers a portion of the costs it incurs for the redevelopment and development of its properties from its tenants. These upfront payments are then amortized over the initial term of the corresponding tenant lease. Given this amortization is not necessarily directly representative of underlying leasing activity on its real estate portfolio (i.e.: does not have a renewal option or escalation as our tenant leases do), the Company believes that it is appropriate to provide insight into the impact of pre-paid amortization revenue on certain revenue growth rates to provide transparency into the underlying performance of our real estate business.
Foreign currency exchange impact: The majority of the Company's international revenue and operating expenses are denominated in each country's local currency. As a result, foreign currency fluctuations may distort the underlying performance of our real estate business from period to period, depending on the movement of foreign currency exchange rates versus the U.S. Dollar. The Company believes it is appropriate to quantify the impact of foreign currency exchange rate fluctuations on its reported growth to provide transparency into the underlying performance of its real estate business.
Other Revenue: Other revenue represents revenue not captured by the above listed items and can include items such as customer settlements, fiber solutions revenue and data centers revenue.
Non-GAAP and Defined Financial Measure Definitions:
Adjusted EBITDA: Net income before Income (loss) from equity method investments; Income (loss) from discontinued operations, net of taxes; Income tax benefit (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other operating income (expense), including Goodwill impairment; Depreciation, amortization and accretion; and stock-based compensation expense. The Company believes this measure provides valuable insight into the profitability of its operations while at the same time taking into account the central overhead expenses required to manage its global operations. In addition, it is a widely used performance measure across the telecommunications real estate sector.
Adjusted EBITDA Margin: The percentage that results from dividing Adjusted EBITDA by total revenue.
Adjusted Funds From Operations (AFFO) attributable to American Tower Corporation common stockholders: Nareit FFO attributable to American Tower Corporation common stockholders before (i) straight-line revenue and expense, (ii) stock-based compensation expense, (iii) the deferred portion of income tax and other income tax adjustments, (iv) non-real estate related depreciation, amortization and accretion, (v) amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges, (vi) other income (expense), (vii) gain (loss) on retirement of long-term obligations, and (viii) other operating income (expense), less cash payments related to capital improvements and cash payments related to corporate capital expenditures and including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations, which includes the impact of noncontrolling interests and discontinued operations on both Nareit FFO and the corresponding adjustments included in AFFO. The Company believes this measure provides valuable insight into the operating performance of its assets by further adjusting the Nareit AFFO attributable to American Tower Corporation common stockholders metric to exclude the factors outlined above, which if unadjusted, may otherwise cause material fluctuations in Nareit FFO attributable to American Tower Corporation stockholders growth from period to period that would not be representative of the underlying performance of the Company's property assets in those periods. In addition, it is a widely used performance measure across the telecommunications real estate sector. The Company believes providing this metric, excluding the impacts of noncontrolling interests, enhances transparency, given the minority interests in its Europe business and its U.S. data center business.
AFFO attributable to American Tower Corporation common stockholders, as adjusted: Represents AFFO attributable to American Tower Corporation common stockholders from continuing operations adjusted for a full period of interest expense savings associated with the use of approximately $2.0 billion of proceeds from the ATC TIPL Transaction to pay down existing indebtedness under the 2021 Multicurrency Credit Facility, at the applicable historical borrowing cost for the respective period. No additional adjustments are required related to the repayment of approximately $120 million under the India Term Loan, as the historical interest expense associated with the India Term Loan is already considered as part of AFFO attributable to AMT common stockholders from discontinued operations when deriving AFFO attributable to AMT common stockholders from continued operations.
AFFO attributable to American Tower Corporation common stockholders per Share, as adjusted: AFFO attributable to American Tower Corporation common stockholders, as adjusted, divided by the diluted weighted average common shares outstanding.
AFFO attributable to American Tower Corporation common stockholders per Share: AFFO attributable to American Tower Corporation common stockholders divided by the diluted weighted average common shares outstanding.
Free Cash Flow: Cash provided by operating activities less total cash capital expenditures, including the impacts associated with discontinued operations and payments on finance leases and perpetual land easements. The Company believes that Free Cash Flow is useful to investors as the basis for comparing our performance and coverage ratios with other companies in its industry, although this measure of Free Cash Flow may not be directly comparable to similar measures used by other companies.
Megawatts (MW) Under Construction: Represents MW for which substantial activities are ongoing to prepare the property for its intended use following development.
Monthly Recurring Revenue per Cabinet Equivalent Billed: Represents the same-store turn-key monthly recurring colocation revenue ("MRR") per cabinet equivalent billed. We define MRR as recurring contractual revenue, including rental, power, and interconnection revenue and operating expense reimbursement, under existing commenced customer leases. MRR per cabinet equivalent is calculated as (current quarter MRR/3) divided by average monthly billed cabinet equivalents. Cabinet equivalents are calculated as cage-usable square feet (turn-key leased NRSF/NRSF factor) divided by 25.
MW Held for Future Development: Represents incremental data center power capacity that may be provided in existing facilities that requires significant capital investment in order to develop new data center facilities. The estimates are based on current construction plans and expectations regarding entitlements, and they are subject to change based on current economic conditions, final zoning approvals, and the supply and demand of the market. The estimated MW for new development projects is based on the entire building size. MW placed into service may change depending on the final construction and utilization of the built space.
Nareit Funds From Operations (FFO), as defined by the National Association of Real Estate Investment Trusts (Nareit), attributable to American Tower Corporation common stockholders: Net income before gains or losses from the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and discontinued operations. The Company believes this measure provides valuable insight into the operating performance of its property assets by excluding the charges described above, particularly depreciation expenses, given the high initial, up-front capital intensity of the Company's operating model. In addition, it is a widely used performance measure across the telecommunications real estate sector.
Net Debt: Total long-term debt, including current portion and for periods beginning in the first quarter of 2019, finance lease liabilities, less cash and cash equivalents.
Net Leverage Ratio: Net debt (total long-term debt, including current portion, and for periods beginning in the first quarter of 2019, finance lease liabilities, less cash and cash equivalents) divided by the quarter's annualized Adjusted EBITDA (the quarter's Adjusted EBITDA multiplied by four). The Company believes that including this calculation is important for investors and analysts given it is a critical component underlying its credit agency ratings.
Net Rentable Square Feet (NRSF): Data center NRSF includes a factor based on management's estimate of space to account for a customer's proportionate share of the required data center support space (such as the mechanical, telecommunications and utility rooms) and building common areas, which may be updated on a periodic basis to reflect the most current build-out of the Company's properties.
New Site Tenant Billings Growth: The portion of Tenant Billings Growth attributable to New Site Tenant Billings. The Company believes this measure provides valuable insight into the growth attributable to Tenant Billings from recently acquired or constructed properties.
NRSF Held for Future Development: Represents incremental data center capacity that may be constructed in existing facilities that requires significant capital investment in order to develop new data center facilities. The estimates are based on current construction plans and expectations regarding entitlements, and they are subject to change based on current economic conditions, final zoning approvals, and the supply and demand of the market. The estimated NRSF for new development projects is based on the entire building size. NRSF placed into service may change depending on the final construction and utilization of the built space.
NRSF Under Construction: Represents NRSF for which substantial activities are ongoing to prepare the property for its intended use following development. The NRSF reflects management's estimate of engineering drawings and required support space and is subject to change based on final demising of space. Turn-key data center estimated development costs include two components: 1) general construction to ready the NRSF as data center space and 2) power, cooling and other infrastructure to provide the designed amount of power capacity for the project. Following development completion, incremental capital, referred to as Deferred Expansion Capital, may be invested to support existing or anticipated future customer utilization of NRSF within the Company's operating data centers.
Occupancy Percentage: Includes customer leases that have commenced as of current period.
Organic Tenant Billings Growth: The portion of Tenant Billings Growth attributable to Organic Tenant Billings. The Company believes that organic growth is a useful measure of its ability to add tenancy and incremental revenue to its assets for the reported period, which enables investors and analysts to gain additional insight into the relative attractiveness, and therefore the value, of the Company's property assets.
Percentage Leased: Represents the percentage occupied if all leases signed during the current and prior periods had commenced.
Segment Gross Margin: Revenues less operating expenses, excluding depreciation, amortization and accretion, selling, general, administrative and development expense and other operating expenses. The Company believes this measure provides valuable insight into the site-level profitability of its assets.
Segment Operating Profit: Segment Gross Margin less selling, general, administrative and development expense, excluding stock-based compensation expense and corporate expenses. The Company believes this measure provides valuable insight into the site-level profitability of its assets while also taking into account the overhead expenses required to manage each of its operating segments.
Segment Operating Profit and Segment Gross Margin are before interest income, interest expense, gain (loss) on retirement of long-term obligations, other income (expense), net income (loss) attributable to noncontrolling interest and income tax benefit (provision).
Segment Operating Profit Margin: The percentage that results from dividing Operating Profit by revenue.
Stabilized and Pre-Stabilized: Data center facilities that recently have been developed and are in the initial lease-up phase are classified as pre-stabilized until they reach 85% occupancy or have been in service for 24 months. Pre-stabilized projects and facilities become stabilized operating properties at the earlier of achieve of 85% occupancy or 24 months after development completion and are included in the stabilized occupancy.
Tenant Billings Growth: The increase or decrease resulting from a comparison of Tenant Billings for a current period with Tenant Billings for the corresponding prior-year period, in each case adjusted for foreign currency exchange rate fluctuations. The Company believes this measure provides valuable insight into the growth in recurring Tenant Billings and underlying demand for its real estate portfolio.
Turn-Key Same-Store: Includes turn-key data center space that was leased or available to be leased to our colocation customers as of December 31, 2020, at each of our properties, and excludes powered shell data center space, office and light industrial space and space for which development was completed and became available to be leased after December 31, 2020. The turn-key same-store space as of December 31, 2020 is 2,598,776 NRSF. We track same-store on a computer room basis within each data center facility.
Unlevered AFFO attributable to American Tower Corporation common stockholders: AFFO attributable to American Tower Corporation common stockholders before deducting net interest charges. The Company believes this measure provides valuable insight into the India business' contributions to the Company's AFFO attributable to AMT common stockholders metric, before making assumptions on the use of proceeds for the ATC TIPL Transaction.

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Risk Factors

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Cautionary Language Regarding Forward-Looking Statements: This document contains "forward-looking statements" concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Examples of these statements include, but are not limited to, statements regarding our full year 2025 outlook and other targets, foreign currency exchange rates, the creditworthiness and financial strength of our customers, the expected impacts of strategic partnerships on our business, our expectations for the closing of signed agreements and the expected impacts of such agreements on our business, and our expectations regarding the leasing demand for communications real estate. Actual results may differ materially from those indicated in our forward-looking statements as a result of various important factors, including: (1) a significant decrease in leasing demand for our communications infrastructure would materially and adversely affect our business and operating results, and we cannot control that demand; (2) a substantial portion of our current and projected future revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers; (3) if our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected; (4) increasing competition within our industries may materially and adversely affect our revenue; (5) competition to build or purchase assets could adversely affect our ability to achieve our return on investment criteria; (6) new technologies or changes, or lack thereof, in our or a customer's business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results; (7) divestitures and strategic partnerships may materially and adversely affect our financial condition, results of operations or cash flows; (8) our leverage and debt service obligations, including during a rising interest rates environment, may materially and adversely affect our ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives and may reduce funds available to satisfy our distribution requirements; (9) high inflation may adversely affect us by increasing costs beyond what we can recover through price increases; (10) restrictive covenants in the agreements related to our securitization transactions, our credit facilities and our debt securities could materially and adversely affect our business by limiting flexibility, and we may be prohibited from paying dividends on our common stock, which may jeopardize our qualification for taxation as a REIT; (11) our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates; (12) our business, and that of our customers, is subject to laws, regulations and administrative and judicial decisions, and changes thereto, that could restrict our ability to operate our business as we currently do or impact our competitive landscape; (13) we may be adversely affected by regulations related to climate change; (14) if we fail to remain qualified for taxation as a REIT, we will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available, and even if we qualify for taxation as a REIT, we may face tax liabilities that impact earnings and available cash flow; (15) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (16) we could have liability under environmental and occupational safety and health laws; (17) if we are unable to protect our rights to the land under our towers and buildings in which our data centers are located, it could adversely affect our business and operating results; (18) if we, or third parties on which we rely, experience technology failures, including cybersecurity incidents or the loss of personally identifiable information, we may incur substantial costs and suffer other negative consequences, which may include reputational damage; (19) our expansion and operational initiatives involve a number of risks and uncertainties, including those related to integrating acquired or leased assets, that could adversely affect our operating results, disrupt our operations or expose us to additional risk; (20) our towers, fiber networks, data centers or computer systems may be affected by natural disasters (including as a result of climate change) and other unforeseen events for which our insurance may not provide adequate coverage or result in increased insurance premiums; and (21) if we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from those towers will be eliminated. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information that is provided in the section entitled "Risk Factors" in our upcoming annual report on Form 10-K, and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission. We undertake no obligation to update the information contained in this document to reflect subsequently occurring events or circumstances.

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American Tower Corporation published this content on February 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on January 15, 2026 at 17:23 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]