The accompanying consolidated and condensed consolidated financial statements have been prepared by American Tower Corporation (together with its subsidiaries, “ATC” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial information included herein is unaudited. However, the Company believes that all adjustments, which are of a normal and recurring nature, considered necessary for a fair presentation of its financial position and results of operations for such periods have been included. The consolidated and condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the entire year.

Principles of Consolidation and Basis of Presentation—The accompanying consolidated and condensed consolidated financial statements include the accounts of the Company and those entities in which it has a controlling interest. Investments in entities that the Company does not control are accounted for using the equity method or as investments in equity securities, depending upon the Company’s ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions have been eliminated.

As of June 30, 2025, the Company holds (i) a 52% controlling interest in subsidiaries whose holdings consist of the Company’s operations in France, Germany and Spain (such subsidiaries collectively, “ATC Europe”) (Allianz and La Caisse (each as defined in note 11) hold the noncontrolling interests), (ii) a 51% controlling interest in a joint venture whose holdings consist of the Company’s operations in Bangladesh (Confidence Tower Holdings Ltd. (“Confidence Group”) holds the noncontrolling interest) and (iii) a controlling common equity interest of approximately 71% in the Company’s U.S. data center business (Stonepeak (as defined and further discussed in note 11) holds approximately 29% of the outstanding common equity and 100% of the outstanding mandatorily convertible preferred equity). As of June 30, 2025, ATC Europe holds an 87% and an 83% controlling interest in subsidiaries that consist of the Company’s operations in Germany and Spain, respectively (PGGM holds the noncontrolling interests). See note 11 for a discussion of changes to the Company’s noncontrolling interests during the six months ended June 30, 2025 and 2024.

Change in Reportable Segments— During the fourth quarter of 2024, following recent divestitures, including the ATC TIPL Transaction (as defined in note 16), and changes to its organizational structure, the Company’s Asia-Pacific (“APAC”) property segment and its Africa property segment were combined into the Africa & APAC property segment. As a result, the Company has six reportable segments: U.S. & Canada property (which includes all assets in the United States and Canada, other than the Company’s data center facilities and related assets), Africa & APAC property, Europe property, Latin America property, Data Centers and Services, which are discussed further in note 15. The change in reportable segments had no impact on the Company’s consolidated financial statements for any periods. Historical financial information included in this Quarterly Report on Form 10-Q (this “Quarterly Report”) has been adjusted to reflect the change in reportable segments.

Sale of South Africa Fiber—On March 6, 2025, the Company, through its subsidiary ATC South Africa Wireless Infrastructure Proprietary Limited, completed the sale of its fiber assets in South Africa (“South Africa Fiber”) for total consideration of 2.5 billion South African Rand (“ZAR”) (approximately $137.7 million at the date of closing), resulting in a gain on the sale of approximately $53.6 million, which was included in Other operating income in the accompanying consolidated statements of operations. As a result of the transaction, the Company disposed of $6.1 million of goodwill based on the relative fair value of South Africa Fiber and the portion of the applicable goodwill reporting unit that was expected to be retained. Prior to the divestiture, South Africa Fiber’s operating results were included within the Africa & APAC property segment.

Significant Accounting Policies—The Company’s significant accounting policies are described in note 1 to the Company’s consolidated financial statements included in the 2024 Form 10-K. There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2025, other than those noted below.

Cash and Cash Equivalents and Restricted Cash—The reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statements of cash flows is as follows:


	Six Months Ended June 30,
	2025		2024
Cash and cash equivalents	$	2,076.0	$	2,158.3
Restricted cash	133.6		126.1
Cash and cash equivalents included in assets of discontinued operations	—		333.8
Restricted cash included in assets of discontinued operations	—		0.4
Total cash, cash equivalents and restricted cash	$	2,209.6	$	2,618.6

Revenue—The Company’s revenue is derived from leasing the right to use its communications sites, the land on which the sites are located, the land underlying its customers’ sites and the space in its data center facilities (the “lease component”) and from the reimbursement of costs incurred by the Company in operating the communications sites and data center facilities and supporting its customers’ equipment as well as other services and contractual rights (the “non-lease component”). Most of the Company’s revenue is derived from leasing arrangements and is accounted for as lease revenue unless the timing and pattern of revenue recognition of the non-lease component differs from the lease component. If the timing and pattern of the non-lease component revenue recognition differs from that of the lease component, the Company separately determines the stand-alone selling prices and pattern of revenue recognition for each performance obligation. Revenue related to distributed antenna system (“DAS”) networks and fiber and other related assets results from agreements with customers that are generally not accounted for as leases.

Non-lease property revenue—Non-lease property revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue. DAS networks and fiber arrangements generally require that the Company provide the tenant the right to use available capacity on the applicable communications infrastructure. Performance obligations are satisfied over time for the duration of the arrangements. Non-lease property revenue also includes revenue generated from interconnection offerings in the Company’s data center facilities. Interconnection offerings are generally contracted on a month-to-month basis and are cancellable by the Company or the data center customer at any time. Performance obligations are satisfied over time for the duration of the arrangements. Other property related revenue streams, which include site inspections, are not material on either an individual or consolidated basis. There were no material changes in the receivables, contract assets and contract liabilities from contracts with customers for the three and six months ended June 30, 2025.

Services revenue—The Company offers tower-related services in the United States. These services include site application, zoning and permitting (“AZP”), structural and mount analyses, and construction management. There is a single performance obligation related to AZP and construction management, and revenue is recognized over time based on milestones achieved, which are determined based on costs expected to be incurred. Structural and mount analyses services may have more than one performance obligation, contingent upon the number of contracted services. Revenue is recognized at the point in time the services are completed.


Three Months Ended June 30, 2025	U.S. & Canada		Africa & APAC		Europe		Latin America		Data Centers		Total
Non-lease property revenue	$	72.5	$	3.4	$	3.4	$	28.1	$	36.8	$	144.2
Services revenue	99.5		—		—		—		—		99.5
Total non-lease revenue	$	172.0	$	3.4	$	3.4	$	28.1	$	36.8	$	243.7
Property lease revenue	1,234.6		332.9		229.3		361.3		225.1		2,383.2
Total revenue	$	1,406.6	$	336.3	$	232.7	$	389.4	$	261.9	$	2,626.9


Three Months Ended June 30, 2024	U.S. & Canada		Africa & APAC (1)		Europe		Latin America		Data Centers		Total
Non-lease property revenue	$	77.2	$	6.2	$	5.2	$	27.6	$	32.8	$	149.0
Services revenue	47.4		—		—		—		—		47.4
Total non-lease revenue	$	124.6	$	6.2	$	5.2	$	27.6	$	32.8	$	196.4
Property lease revenue	1,238.2		293.0		198.0		421.1		198.0		2,348.3
Total revenue	$	1,362.8	$	299.2	$	203.2	$	448.7	$	230.8	$	2,544.7


Six Months Ended June 30, 2025	U.S. & Canada		Africa & APAC		Europe		Latin America		Data Centers		Total
Non-lease property revenue	$	147.2	$	15.4	$	6.2	$	54.1	$	72.7	$	295.6
Services revenue	174.1		—		—		—		—		174.1
Total non-lease revenue	$	321.3	$	15.4	$	6.2	$	54.1	$	72.7	$	469.7
Property lease revenue	2,458.2		654.5		439.5		734.5		433.3		4,720.0
Total revenue	$	2,779.5	$	669.9	$	445.7	$	788.6	$	506.0	$	5,189.7


Six Months Ended June 30, 2024	U.S. & Canada		Africa & APAC (1)		Europe		Latin America		Data Centers		Total
Non-lease property revenue	$	150.1	$	12.3	$	8.7	$	56.3	$	64.4	$	291.8
Services revenue	77.6		—		—		—		—		77.6
Total non-lease revenue	$	227.7	$	12.3	$	8.7	$	56.3	$	64.4	$	369.4
Property lease revenue	2,476.0		584.0		399.0		837.9		391.0		4,687.9
Total revenue	$	2,703.7	$	596.3	$	407.7	$	894.2	$	455.4	$	5,057.3

_______________

Property revenue for the three months ended June 30, 2025 and 2024 includes straight-line revenue of $28.2 million and $74.1 million, respectively. Property revenue for the six months ended June 30, 2025 and 2024 includes straight-line revenue of $45.3 million and $153.2 million, respectively.

The Company actively monitors the creditworthiness of its customers. In recognizing customer revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, revenue recognition is deferred until such point as collectibility is determined to be reasonably assured.

Accounting Standards Updates—In December 2023, the FASB issued guidance which requires public entities to provide enhanced income tax disclosures on an annual basis. The new guidance requires an expanded rate reconciliation and the disaggregation of cash taxes paid by U.S. federal, U.S. state and foreign jurisdictions. The updated guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued guidance which is intended to improve the disclosures about a public business entity’s expenses, primarily through additional disclosures about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in each relevant expense caption presented on the face of the income statement within continuing operations. The guidance is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.