AMERICAN TOWER CORP /MA/

Previous wording

In 2023, we initiated a strategic review of our India business, as further discussed below under “Results of Operations—Income from Discontinued Operations, Net of Taxes.” The strategic review concluded in January 2024 with the signed agreement for the ATC TIPL Transaction. The ATC TIPL Transaction received all government and regulatory approvals during the three months ended September 30, 2024. On September 12, 2024, we completed the ATC TIPL Transaction and received total consideration of 182 billion INR (approximately $2.2 billion). ATC TIPL’s operating results are presented as discontinued operations. See discussion below and note 16 to our consolidated and condensed consolidated financial statements included in this Quarterly Report (“Note 16”) for further discussion. Historical financial information included in Management’s Discussion and Analysis of Financial Condition and Results of Operations has been adjusted to reflect the operating results of ATC TIPL as discontinued operations for all periods presented.

Current wording

In 2023, we initiated a strategic review of our India business, as further discussed below under “Results of Operations—Loss from Discontinued Operations, Net of Taxes.” The strategic review concluded in January 2024 with the signed agreement for the ATC TIPL Transaction. The ATC TIPL Transaction received all government and regulatory approvals during the three months ended September 30, 2024. On September 12, 2024, we completed the ATC TIPL Transaction and received total consideration of 182 billion INR (approximately $2.2 billion). ATC TIPL’s operating results are presented as discontinued operations. See discussion below and note 16 to our consolidated and condensed consolidated financial statements included in this Quarterly Report (“Note 16”) for further discussion. Historical financial information included in Management’s Discussion and Analysis of Financial Condition and Results of Operations has been adjusted to reflect the operating results of ATC TIPL as discontinued operations for all periods presented.

Previous wording

We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Our primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. In addition to the communications sites in our portfolio, we manage rooftop and tower sites for property owners under various contractual arrangements. We also hold other telecommunications infrastructure and property interests that we lease primarily to communications service providers and third-party tower operators, and, as discussed further below, we hold a portfolio of highly interconnected data center facilities and related assets in the United States. Our customers include our tenants, licensees and other payers. We refer to the business encompassing the above as our property operations, which accounted for 96% and 97% of our total revenues for the three and six months ended June 30, 2025, respectively, and includes our U.S. & Canada property, Africa & APAC property, Europe property and Latin America property segments and Data Centers segment.

Current wording

We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Our primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. In addition to the communications sites in our portfolio, we manage rooftop and tower sites for property owners under various contractual arrangements. We also hold other telecommunications infrastructure and property interests that we lease primarily to communications service providers and third-party tower operators, and, as discussed further below, we hold a portfolio of highly interconnected data center facilities and related assets in the United States. Our customers include our tenants, licensees and other payers. We refer to the business encompassing the above as our property operations, which accounted for 96% and 97% of our total revenues for the three and nine months ended September 30, 2025, respectively, and includes our U.S. & Canada property, Africa & APAC property, Europe property and Latin America property segments and Data Centers segment.

Previous wording

In most of our markets, our tenant leases for our communications sites with wireless carriers generally have initial non-cancellable terms of five to ten years with multiple renewal terms. Accordingly, the vast majority of the revenue generated by our property operations during the six months ended June 30, 2025 was recurring revenue that we should continue to receive in future periods. Most of our tenant leases for our communications sites have provisions that periodically increase or “escalate” the rent due under the lease, typically based on (a) an annual fixed escalation (averaging approximately 3% in the United States), (b) an inflationary index in most of our international markets, or (c) a combination of both. In addition, certain of our tenant leases provide for additional revenue primarily to cover costs (pass-through revenue), such as ground rent or power and fuel costs.

Current wording

In most of our markets, our tenant leases for our communications sites with wireless carriers generally have initial non-cancellable terms of five to ten years with multiple renewal terms. Accordingly, the vast majority of the revenue generated by our property operations during the nine months ended September 30, 2025 was recurring revenue that we should continue to receive in future periods. Most of our tenant leases for our communications sites have provisions that periodically increase or “escalate” the rent due under the lease, typically based on (a) an annual fixed escalation (averaging approximately 3% in the United States), (b) an inflationary index in most of our international markets, or (c) a combination of both. In addition, certain of our tenant leases provide for additional revenue primarily to cover costs (pass-through revenue), such as ground rent or power and fuel costs.

Previous wording

Based upon existing customer leases and foreign currency exchange rates as of June 30, 2025, we expect to generate over $55 billion of non-cancellable customer lease revenue over future periods, before the impact of straight-line lease accounting.

Current wording

Based upon existing customer leases and foreign currency exchange rates as of September 30, 2025, we expect to generate over $54 billion of non-cancellable customer lease revenue over future periods, before the impact of straight-line lease accounting.

Previous wording

The revenues generated by our property operations may be affected by cancellations of existing tenant leases. As discussed above, most of our tenant leases with wireless carriers and broadcasters are multiyear contracts, which typically are non-cancellable; however, in some instances, a lease may be cancelled upon the payment of a termination fee. Revenue lost from either tenant lease cancellations or the non-renewal of leases or rent renegotiations, which we refer to as churn, has historically not had a material adverse effect on the revenues generated by our consolidated property operations. During the six months ended June 30, 2025, churn was approximately 2% of our tenant billings, primarily driven by churn in our U.S. & Canada property segment, as discussed below.

Current wording

The revenues generated by our property operations may be affected by cancellations of existing tenant leases. As discussed above, most of our tenant leases with wireless carriers and broadcasters are multiyear contracts, which typically are non-cancellable; however, in some instances, a lease may be cancelled upon the payment of a termination fee. Revenue lost from either tenant lease cancellations or the non-renewal of leases or rent renegotiations, which we refer to as churn, has historically not had a material adverse effect on the revenues generated by our consolidated property operations. During the nine months ended September 30, 2025, churn was approximately 2% of our tenant billings, primarily driven by churn in our U.S. & Canada property segment, as discussed below.

Previous wording

•$38.6 million due to leasing additional space on our sites (“colocations”) and amendments;

Current wording

•$40.5 million due to leasing additional space on our sites (“colocations”) and amendments;

Previous wording

•$1.6 million generated from sites acquired or constructed since the beginning of the prior-year period (“newly acquired or constructed sites”);

Current wording

•$1.5 million generated from sites acquired or constructed since the beginning of the prior-year period (“newly acquired or constructed sites”);

Previous wording

•A decrease of $111.0 million in other revenue, primarily due to a decrease of $101.5 million due to straight-line accounting;

Current wording

•Partially offset by a decrease of $48.9 million in other revenue, primarily due to a decrease of $41.9 million due to straight-line accounting.

Previous wording

•$5.1 million generated from newly acquired or constructed sites;

Current wording

•$5.1 million generated from newly acquired or constructed sites; and

Previous wording

Segment revenue growth included an increase of $5.9 million, attributable to the impact of foreign currency translation, which included, among others, positive impacts of $5.3 million related to fluctuations in Ghanaian Cedi (“GHS”), $2.1 million related to fluctuations in Ugandan Shilling (“UGX”) and $1.1 million related to fluctuations in West African CFA Franc, partially offset by negative impacts of $4.0 million related to fluctuations in Nigerian Naira (“NGN”).

Current wording

Segment revenue growth included an increase of $21.7 million, attributable to the impact of foreign currency translation, which included, among others, positive impacts of $15.1 million related to fluctuations in Ghanaian Cedi (“GHS”), $2.4 million related to fluctuations in Ugandan Shilling (“UGX”), $2.1 million related to fluctuations in West African CFA Franc (“XOF”) and $1.3 million related to fluctuations in Nigerian Naira (“NGN”).

Previous wording

•An increase of $9.3 million in pass-through revenue, primarily attributable to an increase in energy costs; and

Current wording

•An increase of $2.3 million in pass-through revenue, primarily attributable to an increase in energy costs.

Previous wording

Segment revenue growth included an increase of $11.1 million attributable to the positive impact of foreign currency translation related to fluctuations in Euro (“EUR”).

Current wording

Segment revenue growth included an increase of $14.6 million attributable to the positive impact of foreign currency translation related to fluctuations in Euro (“EUR”).

Previous wording

•$3.7 million from contractual escalations, net of churn; and

Current wording

•$3.3 million from contractual escalations, net of churn; and

Previous wording

•Partially offset by a decrease of $3.5 million in other revenue, primarily attributable to an increase in revenue reserves.

Current wording

•An increase of $3.5 million in pass-through revenue;

Previous wording

•An increase of $4.4 million in other revenue.

Current wording

•Partially offset by a decrease of $4.4 million in other revenue, primarily attributable to an increase in revenue reserves related to customers in Brazil and Mexico.

Previous wording

•A decrease of $35.0 million, attributable to the impact of foreign currency translation, which included, among others, negative impacts of $16.8 million related to fluctuations in Mexican Peso (“MXN”), $16.4 million related to fluctuations in Brazilian Real (“BRL”) and $2.0 million related to fluctuations in Colombian Peso (“COP”);

Current wording

Segment revenue growth included an increase of $5.4 million, attributable to the impact of foreign currency translation, which included, among others, positive impacts of $2.6 million related to fluctuations in Brazilian Real (“BRL”), $1.5 million related to fluctuations in Mexican Peso (“MXN”) and $1.3 million related to fluctuations in Peruvian Sol.

Previous wording

•An increase of $18.7 million in rental, related and other revenue, primarily due to new lease commencements, customer expansions and rent increases upon customer renewals;

Current wording

•An increase of $18.3 million in rental, related and other revenue, primarily due to new lease commencements, customer expansions and rent increases upon customer renewals;

Previous wording

•An increase of $15.4 million in power revenue from new lease commencements, increased power consumption and pricing increases from existing customers; and

Current wording

•An increase of $9.6 million in power revenue from new lease commencements, increased power consumption and pricing increases from existing customers;

Previous wording

•An increase of $7.6 million in interconnection revenue, primarily due to customer interconnection net additions and pricing increases from existing cross connects;

Current wording

•An increase of $3.9 million in interconnection revenue, primarily due to customer interconnection net additions and pricing increases from existing cross connects; and

Previous wording

Services segment revenue growth of $96.5 million was primarily attributable to an increase in construction management services, site application, zoning and permitting services and structural and mount analyses services.

Current wording

Services segment revenue growth of $48.7 million was primarily attributable to an increase in construction management and site application, zoning and permitting services, partially offset by a decrease in structural and mount analyses services.

Previous wording

•A decrease of $54.5 million in other revenue, primarily due to a decrease of $44.8 million due to straight-line accounting;

Current wording

•A decrease of $159.9 million in other revenue, primarily due to a decrease of $143.4 million due to straight-line accounting;

Previous wording

•Partially offset by tenant billings growth of $46.2 million, which was driven by:

Current wording

•Partially offset by tenant billings growth of $140.2 million, which was driven by:

Previous wording

Segment revenue growth was partially offset by a decrease of $1.7 million, attributable to the impact of foreign currency translation, which included, among others, negative impacts of $12.2 million related to fluctuations in NGN and $2.4 million related to fluctuations in GHS, offset by positive impacts of $6.7 million related to fluctuations in Kenyan Shilling, $4.7 million related to fluctuations in UGX and $1.5 million related to fluctuations in South African Rand.

Current wording

Segment revenue growth included an increase of $20.0 million, attributable to the impact of foreign currency translation, which included, among others, positive impacts of $12.7 million related to fluctuations in GHS, $7.1 million related to fluctuations in UGX, $6.8 million related to fluctuations in Kenyan Shilling and $2.4 million related to fluctuations in XOF, partially offset by negative impacts of $10.9 million related to fluctuations in NGN.

Previous wording

•An increase of $5.9 million in pass-through revenue, primarily attributable to an increase in energy costs; and

Current wording

•An increase of $11.5 million in pass-through revenue, primarily attributable to an increase in energy costs; and

Previous wording

Segment revenue growth included an increase of $3.7 million attributable to the positive impact of foreign currency translation related to fluctuations in EUR.

Current wording

Segment revenue growth included an increase of $18.4 million attributable to the positive impact of foreign currency translation related to fluctuations in EUR.

Previous wording

•A decrease of $93.8 million, attributable to the impact of foreign currency translation, which included, among others, negative impacts of $47.8 million related to fluctuations in BRL, $41.8 million related to fluctuations in MXN and $4.2 million related to fluctuations in COP; and

Current wording

•A decrease of $88.4 million, attributable to the impact of foreign currency translation, which included, among others, negative impacts of $45.3 million related to fluctuations in BRL and $40.3 million related to fluctuations in MXN; and

Previous wording

•A decrease of $37.7 million in other revenue, primarily attributable to an increase in revenue reserves related to customers in Brazil, Mexico and Peru;

Current wording

•A decrease of $41.9 million in other revenue, primarily attributable to an increase in revenue reserves related to customers in Brazil, Mexico and Peru;

Previous wording

•An increase of $31.6 million in rental, related and other revenue, primarily due to new lease commencements, customer expansions and rent increases upon customer renewals;

Current wording

•An increase of $49.9 million in rental, related and other revenue, primarily due to new lease commencements, customer expansions and rent increases upon customer renewals;

Previous wording

•An increase of $9.0 million in power revenue from new lease commencements, increased power consumption and pricing increases from existing customers; and

Current wording

•An increase of $25.0 million in power revenue from new lease commencements, increased power consumption and pricing increases from existing customers; and

Previous wording

•An increase of $4.2 million in interconnection revenue, primarily due to customer interconnection net additions and pricing increases from existing cross connects;

Current wording

•An increase of $11.5 million in interconnection revenue, primarily due to customer interconnection net additions and pricing increases from existing cross connects;

Previous wording

Services segment revenue growth of $52.1 million was primarily attributable to an increase in construction management services, site application, zoning and permitting services and structural and mount analyses services.

Current wording

Services segment revenue growth of $145.2 million was primarily attributable to an increase in construction management services, site application, zoning and permitting services and structural and mount analyses services.

Previous wording

•The decrease in U.S. & Canada property segment gross margin was primarily attributable to the decrease in revenue described above and an increase in direct expenses of $1.6 million.

Current wording

•The increase in U.S. & Canada property segment gross margin was primarily attributable to the increase in revenue described above and a decrease in direct expenses of $7.5 million primarily driven by a decrease in straight-line expense.

Previous wording

•The increase in Africa & APAC property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $11.3 million, primarily due to an increase in repair and maintenance spending and an increase in costs associated with pass-through revenue, including fuel and utility costs. Direct expenses also were negatively impacted by $0.7 million from the impact of foreign currency translation.

Current wording

•The increase in Africa & APAC property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $12.1 million, primarily due to an increase in costs associated with pass-through revenue, including fuel and utility costs. Direct expenses were also negatively impacted by $7.6 million from the impact of foreign currency translation.

Previous wording

•The increase in Europe property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $14.4 million, primarily due to an increase in costs associated with pass-through revenue, including energy costs and an increase in land rent costs. Direct expenses also were negatively impacted by $1.5 million from the impact of foreign currency translation.

Current wording

•The increase in Europe property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $4.7 million, primarily due to an increase in costs associated with pass-through revenue, including energy costs and an increase in land rent costs. Direct expenses were also negatively impacted by $5.4 million from the impact of foreign currency translation.

Previous wording

•The increase in Data Centers segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $10.0 million, primarily due to an increase in costs associated with power revenue, including utility costs. Direct expenses were benefited by a legal settlement and resolution of a utility back billing matter.

Current wording

•The increase in Data Centers segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $3.7 million, primarily due to an increase in costs associated with power revenue, including utility costs, partially offset by a decrease in property taxes.

Previous wording

•The increase in Services segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $26.1 million.

Current wording

•The increase in Services segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $28.9 million.

Previous wording

•The decrease in U.S. & Canada property segment gross margin was primarily attributable to the decrease in revenue described above, partially offset by a decrease in direct expenses of $0.4 million.

Current wording

•The decrease in U.S. & Canada property segment gross margin was primarily attributable to the decrease in revenue described above, partially offset by a decrease in direct expenses of $7.9 million, primarily driven by a decrease in straight-line expense.

Previous wording

•The increase in Africa & APAC property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $4.1 million, primarily due to an increase in repair and maintenance spending and an increase in costs associated with pass-through revenue, including fuel and utility costs. Direct expenses were also negatively impacted by $2.6 million from the impact of foreign currency translation.

Current wording

•The increase in Africa & APAC property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $23.4 million, primarily due to an increase in repair and maintenance spending and an increase in costs associated with pass-through revenue, including fuel and utility costs. Direct expenses also were negatively impacted by $8.3 million from the impact of foreign currency translation.

Previous wording

•The increase in Europe property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $9.3 million, primarily due to an increase in costs associated with pass-through revenue, including energy costs. Direct expenses were also negatively impacted by $4.1 million from the impact of foreign currency translation.

Current wording

•The increase in Europe property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $19.1 million, primarily due to an increase in costs associated with pass-through revenue, including energy costs and an increase in land rent costs. Direct expenses also were negatively impacted by $6.9 million from the impact of foreign currency translation.

Previous wording

•The decrease in Latin America property segment gross margin was primarily attributable to the decrease in revenue described above, partially offset by a decrease in direct expenses of $2.6 million. Direct expenses also benefited by $9.4 million from the impact of foreign currency translation.

Current wording

•The decrease in Latin America property segment gross margin was primarily attributable to the decrease in revenue described above, partially offset by a decrease in direct expenses of $0.9 million. Direct expenses also benefited by $24.6 million from the impact of foreign currency translation.