American Tower Corporation (NYSE: AMT):
CONSOLIDATED HIGHLIGHTS(1)(2)
Fourth Quarter 2024
Full Year 2024
●
Total revenue increased 3.7% to
$2,548 million
●
Total revenue increased 1.1% to
$10,127 million
●
Total property revenue increased
2.0% to $2,484 million
●
Property revenue increased 0.7%
to $9,934 million
●
Net income increased 9,151.9% to
$1,231 million(3)(4)(5)
●
Net income increased 66.8% to
$2,280 million(3)(4)(5)
●
Adjusted EBITDA increased 5.1% to
$1,692 million
●
Adjusted EBITDA increased 1.9% to
$6,812 million
●
Net income attributable to AMT
common stockholders increased 1,348.3% to $1,230
million(3)(4)(5)
●
Net income attributable to AMT
common stockholders increased 52.0% to $2,255 million(3)(4)(5)
●
AFFO attributable to AMT common
stockholders increased 1.7% to $1,088 million
●
AFFO attributable to AMT common
stockholders increased 7.0% to $4,934 million
●
AFFO attributable to AMT common
stockholders, as adjusted, increased 10.7% to $1,088 million(6)
●
AFFO attributable to AMT common
stockholders, as adjusted, increased 6.0% to $4,661 million(6)
American Tower Corporation (NYSE: AMT) today reported financial
results for the quarter and full year ended December 31, 2024.
Steven Vondran, American Tower’s Chief Executive Officer,
stated, “We posted another year of solid results at American Tower,
delivering AFFO per Share growth supportive of our long-term
target, while demonstrating effective execution of the strategic
priorities I laid out a year ago. Our initial expectations for
accelerating activity over the course of the year were validated,
highlighted by mid-band deployments in the U.S. and Europe, 4G
densification and early 5G upgrades in emerging markets, and
another exceptional year of leasing at CoreSite. The contribution
to the margin from these solid demand trends was further
complemented by prudent cost controls and the successful execution
of our globalization initiatives, driving added efficiency to the
already attractive operating leverage inherent to our business.
While the macroeconomic environment remains challenging, demand
for connectivity across our global platform continues unabated. The
strategic steps we’ve taken to enhance the quality of our earnings
through portfolio management, disciplined capital allocation and
balance sheet strength, has us well positioned to navigate
volatility and uncertainty, while meeting the critical needs of our
customers. Taken altogether, our business today is better
positioned to deliver durable, sustained growth and returns for our
shareholders over the long-term.”
CONSOLIDATED OPERATING RESULTS OVERVIEW(1)(2)
American Tower generated the following operating results for the
quarter and full year ended December 31, 2024 (all comparative
information is presented against the quarter and full year ended
December 31, 2023).
($ in millions, except per share
amounts.)
Q4 2024
Growth
Rate
FY 2024
Growth
Rate
Total revenue
$
2,548
3.7
%
$
10,127
1.1
%
Total property revenue
$
2,484
2.0
%
$
9,934
0.7
%
Total Tenant Billings Growth
$
102
5.7
%
$
438
6.1
%
Organic Tenant Billings Growth
$
90
5.0
%
$
381
5.3
%
Property Gross Margin
$
1,861
2.8
%
$
7,452
1.1
%
Property Gross Margin %
74.9
%
75.0
%
Net income(3)(4)(5)
$
1,231
9,151.9
%
$
2,280
66.8
%
Net income attributable to AMT common
stockholders(3)(4)(5)
$
1,230
1,348.3
%
$
2,255
52.0
%
Net income attributable to AMT common
stockholders per diluted share(3)(4)(5)
$
2.62
1,355.6
%
$
4.82
51.6
%
Adjusted EBITDA
$
1,692
5.1
%
$
6,812
1.9
%
Adjusted EBITDA Margin %
66.4
%
67.3
%
Nareit Funds From Operations (FFO)
attributable to AMT common stockholders(4)
$
1,682
96.0
%
$
5,233
13.5
%
AFFO attributable to AMT common
stockholders
$
1,088
1.7
%
$
4,934
7.0
%
AFFO attributable to AMT common
stockholders per Share
$
2.32
1.3
%
$
10.54
6.8
%
AFFO attributable to AMT common
stockholders, as adjusted(6)
$
1,088
10.7
%
$
4,661
6.0
%
AFFO attributable to AMT common
stockholders per Share, as adjusted(6)
$
2.32
10.5
%
$
9.96
5.8
%
Cash provided by operating activities
$
1,199
5.0
%
$
5,291
12.0
%
Less: total cash capital
expenditures(7)
$
453
(14.8
)%
$
1,616
(11.7
)%
Free Cash Flow
$
746
22.2
%
$
3,675
27.0
%
____________
(1)
On September 12, 2024, American Tower
Corporation (the “Company” or “American Tower”) completed the sale
of 100% of the equity interests in its operations in India (“ATC
TIPL” or “ATC India”) to Data Infrastructure Trust, an
Infrastructure Investment Trust sponsored by an affiliate of
Brookfield Asset Management (the “ATC TIPL Transaction”). The ATC
TIPL Transaction qualified for presentation as discontinued
operations. Prior to the divestiture and classification as
discontinued operations, ATC TIPL’s operating results were included
within the Asia-Pacific property segment. Accordingly, the
operating results of ATC TIPL are reported as discontinued
operations for all periods presented. Please refer to the footnotes
and definitions in this release regarding treatment of discontinued
operations.
(2)
Results for total revenue, total property
revenue, total Tenant Billings Growth, Organic Tenant Billings
Growth, Property Gross Margin, Adjusted EBITDA, AFFO attributable
to AMT common stockholders, as adjusted, and AFFO attributable to
AMT common stockholders per Share, as adjusted, exclude the impacts
associated with discontinued operations related to the ATC TIPL
Transaction. Net income, Net income attributable to AMT common
stockholders, Net income attributable to AMT common stockholders
per diluted share, Nareit Funds From Operations (FFO) attributable
to AMT common stockholders, AFFO attributable to AMT common
stockholders, AFFO attributable to AMT common stockholders per
Share, Cash provided by operating activities, total cash capital
expenditures and Free Cash Flow include the impacts associated with
discontinued operations related to the ATC TIPL Transaction.
(3)
Q4 2024 and FY 2024 growth rates
positively impacted by the Company’s extension of the estimated
useful lives of its tower assets and the estimated settlement dates
for its asset retirement obligations, which the Company estimates
resulted in a decrease of approximately $730 million in
depreciation and amortization expense and a decrease of
approximately $75 million in accretion expense for the twelve
months ended December 31, 2024, as compared to the twelve months
ended December 31, 2023. Such decreases were relatively evenly
distributed by quarter throughout 2024.
(4)
Q4 2024 and FY 2024 growth rates impacted
by foreign currency gains of approximately $539.7 million and
$308.3 million, respectively, in the current periods as compared to
foreign currency losses of approximately $(377.7) million and
$(330.6) million, respectively, in the prior-year periods.
(5)
FY 2024 growth rates were impacted by 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 in India upon exiting
the market of $1.1 billion. The loss on sale of ATC TIPL is
included in Loss from discontinued operations, net of taxes in the
consolidated statements of operations. Q4 and FY 2024 growth rates
were also impacted by impairment charges, including goodwill
impairments, of $205.3 and $604.4 million recognized in the
prior-year periods, respectively.
(6)
Represents AFFO attributable to AMT 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 (as defined below), 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 Company’s unsecured term loan in India, as
amended in January 2024 (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.
(7)
Q4 2024 and FY 2024 cash capital
expenditures include $9.5 million and $37.4 million, respectively,
of finance lease and perpetual land easement payments reported in
cash flows from financing activities in the condensed consolidated
statements of cash flows.
Please refer to “Non-GAAP and Defined Financial Measures” below
for definitions and other information regarding the Company’s use
of non-GAAP measures. For financial information and reconciliations
to GAAP measures, please refer to the “Unaudited Selected
Consolidated Financial Information” below.
CAPITAL ALLOCATION OVERVIEW
Distributions – During the quarter and full year ended
December 31, 2024, the Company declared the following regular cash
distributions to its common stockholders:
Common Stock Distributions
Q4 2024(1)
FY 2024
Distributions per share
$
1.62
$
6.48
Aggregate amount (in millions)
$
757.1
$
3,027.3
Year-over-year per share growth
(4.7
)%
0.5
%
_____________
(1)
The distribution declared on December 5,
2024 was paid on February 3, 2025 to stockholders of record as of
the close of business on December 27, 2024.
Capital Expenditures – During the fourth quarter of 2024,
total capital expenditures were approximately $453 million, of
which $74 million was for non-discretionary capital improvements
and corporate capital expenditures. For the full year 2024, total
capital expenditures were approximately $1.6 billion, of which $189
million was for non-discretionary capital improvements and
corporate capital expenditures. For additional capital expenditure
details, please refer to the supplemental disclosure package
available on the Company’s website.
Other Events – During the three months ended December 31,
2024, the Company completed the previously announced sales of 100%
of its ownership interests of its subsidiaries in Australia and New
Zealand for total aggregate consideration of approximately $77.6
million.
The Company entered into an agreement, which received government
approval on February 13, 2025, pursuant to which it expects to sell
one of its subsidiaries in South Africa that holds fiber assets for
total aggregate consideration of 2.5 billion South African Rand
(approximately $132.7 million) subject to certain adjustments. The
Company expects to complete the sale during the first quarter of
2025.
LEVERAGE AND FINANCING OVERVIEW
Leverage – For the quarter ended December 31, 2024, the
Company’s Net Leverage Ratio was 5.1x net debt (total debt less
cash and cash equivalents) to fourth quarter 2024 annualized
Adjusted EBITDA.
Calculation of Net Leverage
Ratio
($ in millions, totals may not add due to
rounding.)
As of December 31,
2024
Total debt
$
36,502
Less: Cash and cash equivalents
2,000
Net Debt
$
34,502
Divided By: Fourth quarter annualized
Adjusted EBITDA(1)
6,768
Net Leverage Ratio
5.1x
_____________
(1)
Q4 2024 Adjusted EBITDA multiplied by
four.
Liquidity and Financing Activities – As of December 31,
2024, the Company had approximately $12.0 billion of total
liquidity, consisting of approximately $2.0 billion in cash and
cash equivalents plus the ability to borrow an aggregate of
approximately $10.0 billion under its revolving credit facilities,
net of any outstanding letters of credit.
On November 21, 2024, the Company issued an aggregate of $1.2
billion in senior unsecured notes. The net proceeds of the offering
were used to repay existing indebtedness under its $6.0 billion
senior unsecured multicurrency revolving credit facility, as
amended and restated in December 2021, as further amended (the
“2021 Multicurrency Credit Facility”), and its $4.0 billion senior
unsecured revolving credit facility, as amended and restated in
December 2021, as further amended (the “2021 Credit Facility”).
On January 28, 2025, the Company amended the 2021 Multicurrency
Credit Facility, the 2021 Credit Facility and its $1.0 billion term
loan, as amended and restated in December 2021, as further amended
(collectively, the “Loans”), to, among other things, extend the
maturity dates under the Loans, and to update the Applicable
Margins (as defined in the loan agreements) thereunder.
FULL YEAR 2025 OUTLOOK
The following full year 2025 estimates are based on a number of
assumptions that management believes to be reasonable and reflect
the Company’s expectations as of February 25, 2025. Actual results
may differ materially from these estimates as a result of various
factors, and the Company refers you to the cautionary language
regarding “forward-looking statements” included in this press
release when considering this information.
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.
The Company’s outlook reflects estimated negative impacts of
foreign currency exchange rate fluctuations to total property
revenue, Adjusted EBITDA and AFFO attributable to AMT common
stockholders of approximately $229 million, $152 million and $126
million, respectively, relative to the Company’s 2024 results. The
impact of foreign currency exchange rate fluctuations on net income
metrics is not provided, as the impact on all components of the net
income measure cannot be calculated without unreasonable
effort.
The Company’s 2024 results, for the purposes of the growth rates
described below, are presented on a continuing operations basis,
with the exception of Net Income, Net Income attributable to AMT
common stockholders, AFFO attributable to AMT common stockholders
and AFFO attributable to AMT common stockholders per Share.
Additional information pertaining to the impact of foreign
currency and Secured Overnight Financing Rate fluctuations on the
Company’s outlook has been provided in the supplemental disclosure
package available on the Company’s website.
2025 Outlook: ($ in millions,
except per share amounts.)
Full Year 2025
Midpoint
Growth Rates
vs. Prior Year
Midpoint
Growth Rates
vs. Prior Year,
As Adjusted
Total property revenue(1)(2)
$
9,920
to
$
10,070
0.6
%
N/A
Net income
2,930
to
3,020
30.5
%
N/A
Net income attributable to AMT common
stockholders
2,960
to
3,050
33.3
%
N/A
Adjusted EBITDA(3)
6,855
to
6,925
1.1
%
N/A
AFFO attributable to AMT common
stockholders
4,830
to
4,920
(1.2
)%
4.6
%
AFFO attributable to AMT common
stockholders per Share
$
10.31
to
$
10.50
(1.3
)%
4.4
%
____________
(1)
Includes U.S. & Canada segment
property revenue of $5,190 million to $5,250 million, international
property revenue of $3,705 million to $3,775 million and Data
Centers segment property revenue of $1,025 million to $1,045
million, reflecting midpoint growth rates of (0.5)%, (0.6)% and
11.9%, respectively. The U.S. & Canada growth rate includes an
estimated negative impact of approximately 4% associated with a
decrease in non-cash straight-line revenue recognition. The
international growth rate includes an estimated negative impact of
over 6% from the translational effects of foreign currency exchange
rate fluctuations. International property revenue reflects the
Company’s Africa & APAC, Europe and Latin America segments.
Data Centers segment property revenue reflects revenue from the
Company’s data center facilities and related assets.
(2)
Property revenue growth rate includes an
estimated negative impact of approximately 2% associated with
straight-line revenue recognition.
(3)
Adjusted EBITDA growth rate includes an
estimated negative impact of approximately 3% associated with
straight-line revenue recognition.
2025 Outlook for Total Property
revenue, at the midpoint, includes the following
components(1):
($ in millions, totals may not add due to
rounding.)
U.S. & Canada
Property(2)
International
Property(3)
Data Centers
Property(4)
Total Property
International pass-through revenue
N/A
$
1,020
N/A
$
1,020
Straight-line revenue
28
24
10
62
____________
(1)
For additional discussion regarding these
components, please refer to “Revenue Components” below.
(2)
U.S. & Canada property revenue
includes revenue from all assets in the United States and Canada,
other than data center facilities and related assets.
(3)
International property revenue reflects
the Company’s Africa & APAC, Europe and Latin America
segments.
(4)
Data Centers property revenue reflects
revenue from the Company’s data center facilities and related
assets.
2025 Outlook for Total Tenant Billings
Growth, at the midpoint, includes the following
components(1):
(Totals may not add due to rounding.)
U.S. & Canada
Property
International
Property(2)
Total Property
Organic Tenant Billings
≥4.3%
~6%
~5%
New Site Tenant Billings
~0%
~1%
~0.5%
Total Tenant Billings Growth
≥4.3%
~7%
~5.5%
____________
(1)
For additional discussion regarding the
component growth rates, please refer to “Revenue Components” below.
Tenant Billings Growth is not applicable to the Data Centers
segment. For additional details related to the Data Centers
segment, please refer to the supplemental disclosure package
available on the Company’s website.
(2)
International property Tenant Billings
Growth reflects the Company’s Africa & APAC, Europe and Latin
America segments.
Outlook for Capital
Expenditures:
($ in millions, totals may not add due to
rounding.)
Full Year 2025
Discretionary capital projects(1)
$
880
to
$
910
Ground lease purchases
190
to
210
Start-up capital projects
50
to
70
Redevelopment
360
to
390
Capital improvement
145
to
155
Corporate
10
—
10
Total
$
1,635
to
$
1,745
____________
(1)
Includes the construction of 1,950 to
2,550 communications sites globally and $610 million of development
spend in the Company’s Data Centers segment.
Reconciliation of Outlook for Adjusted
EBITDA to Net income:
($ in millions, totals may not add due to
rounding.)
Full Year 2025
Net income
$
2,930
to
$
3,020
Interest expense
1,375
to
1,355
Depreciation, amortization and
accretion
1,985
to
1,995
Income tax provision
345
to
335
Stock-based compensation expense
178
—
178
Other, including other operating expenses,
interest income, (gain) loss on retirement of long-term obligations
and other (income) expense
42
—
42
Adjusted EBITDA
$
6,855
to
$
6,925
Reconciliation of Outlook for AFFO
attributable to AMT common stockholders to Net income:
($ in millions, except share and per share
data, totals may not add due to rounding.)
Full Year 2025
Net income
$
2,930
to
$
3,020
Straight-line revenue
(62
)
—
(62
)
Straight-line expense
39
—
39
Depreciation, amortization and
accretion
1,985
to
1,995
Stock-based compensation expense
178
—
178
Deferred portion of income tax and other
income tax adjustments
77
—
77
Other, including other operating expense,
amortization of deferred financing costs, debt discounts and
premiums, (gain) loss on retirement of long-term obligations, other
(income) expense and long-term deferred interest charges
203
—
203
Capital improvement capital
expenditures
(145
)
to
(155
)
Corporate capital expenditures
(10
)
—
(10
)
Adjustments and distributions for
unconsolidated affiliates and noncontrolling interests
(365
)
—
(365
)
AFFO attributable to AMT common
stockholders
$
4,830
to
$
4,920
Divided by weighted average diluted shares
outstanding (in thousands)
468,700
—
468,700
AFFO attributable to AMT common
stockholders per Share
$
10.31
to
$
10.50
Reconciliation of Outlook for EBITDA to
AFFO attributable to AMT common stockholders and AFFO attributable
to American Tower Corporation common stockholders per
Share:
($ in millions, except share and per share
data, totals may not add due to rounding.)
Full Year 2025
Adjusted EBITDA
$
6,855
to
$
6,925
Straight-line revenue
(62
)
—
(62
)
Straight-line expense
39
—
39
Cash interest expense
(1,319
)
to
(1,299
)
Interest income
105
—
105
Cash paid for income taxes
(268
)
to
(258
)
Capital improvement capital
expenditures
(145
)
to
(155
)
Corporate capital expenditures
(10
)
—
(10
)
Adjustments and dividends from
non-controlling interest
(365
)
—
(365
)
AFFO Attributable to Common
Stockholders
$
4,830
to
$
4,920
Divided by weighted average shares
outstanding
468,700
—
468,700
AFFO attributable to AMT common
stockholders per Share
$
10.31
to
$
10.50
Conference Call Information
American Tower will host a conference call today at 8:30 a.m. ET
to discuss its financial results for the quarter and full year
ended December 31, 2024 and its outlook for 2025. Supplemental
materials for the call will be available on the Company’s website,
www.americantower.com. The conference call dial-in numbers are as
follows:
U.S./Canada dial-in: (877) 692-8955
International dial-in: (234) 720-6979 Passcode: 7716853
When available, a replay of the call can be accessed until 11:59
p.m. ET on March 11, 2025. The replay dial-in numbers are as
follows:
U.S./Canada dial-in: (866) 207-1041
International dial-in: (402) 970-0847 Passcode: 6390626
American Tower will also sponsor a live simulcast and replay of
the call on its website, www.americantower.com.
About American Tower
American Tower, one of the largest global REITs, is a leading
independent owner, operator and developer of multitenant
communications real estate with a portfolio of nearly 149,000
communications sites and a highly interconnected footprint of U.S.
data center facilities. For more information about American Tower,
please visit the “Earnings Materials” and “Investor Presentations”
sections of our investor relations hub at
www.americantower.com.
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 press release, 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, as adjusted,
AFFO attributable to American Tower Corporation common stockholders
per Share, 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 common 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 AMT
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.
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.
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.
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.
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 Segment Operating Profit by revenue.
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.
Cautionary Language Regarding
Forward-Looking Statements
This press release 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 press release to reflect subsequently occurring events or
circumstances.
UNAUDITED CONSOLIDATED BALANCE
SHEETS
(In millions)
December 31, 2024
December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
1,999.6
$
1,753.7
Restricted cash
108.6
119.7
Accounts receivable, net
540.0
547.5
Prepaid and other current assets
530.6
559.5
Current assets of discontinued
operations
—
729.6
Total current assets
3,178.8
3,710.0
PROPERTY AND EQUIPMENT, net
19,056.8
18,863.2
GOODWILL
11,768.1
12,083.5
OTHER INTANGIBLE ASSETS, net
14,474.3
15,932.3
DEFERRED TAX ASSET
122.7
179.1
DEFERRED RENT ASSET
3,710.2
3,478.2
RIGHT-OF-USE ASSET
8,089.6
8,205.1
NOTES RECEIVABLE AND OTHER NON-CURRENT
ASSETS
676.9
755.3
NON-CURRENT ASSETS OF DISCONTINUED
OPERATIONS
—
2,820.9
TOTAL
$
61,077.4
$
66,027.6
LIABILITIES
CURRENT LIABILITIES:
Accounts payable
$
240.8
$
251.3
Accrued expenses
1,082.0
1,052.8
Distributions payable
780.3
906.2
Accrued interest
373.6
384.2
Current portion of operating lease
liability
576.7
690.4
Current portion of long-term
obligations
3,693.0
3,067.3
Unearned revenue
329.2
433.8
Current liabilities of discontinued
operations
—
463.3
Total current liabilities
7,075.6
7,249.3
LONG-TERM OBLIGATIONS
32,808.8
35,734.0
OPERATING LEASE LIABILITY
6,875.6
6,815.3
ASSET RETIREMENT OBLIGATIONS
2,393.8
2,080.0
DEFERRED TAX LIABILITY
1,262.0
1,310.6
OTHER NON-CURRENT LIABILITIES
1,012.9
1,149.8
NON-CURRENT LIABILITIES OF DISCONTINUED
OPERATIONS
—
823.2
Total liabilities
51,428.7
55,162.2
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock
4.8
4.8
Additional paid-in capital
15,057.3
14,872.9
Distributions in excess of earnings
(4,424.1
)
(3,638.8
)
Accumulated other comprehensive loss
(5,954.6
)
(5,739.5
)
Treasury stock
(1,301.2
)
(1,301.2
)
Total American Tower Corporation
equity
3,382.2
4,198.2
Noncontrolling interests
6,266.5
6,667.2
Total equity
9,648.7
10,865.4
TOTAL
$
61,077.4
$
66,027.6
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In millions, except share and per share
data)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
REVENUES:
Property
$
2,483.9
$
2,435.1
$
9,933.5
$
9,869.2
Services
63.7
21.0
193.7
143.0
Total operating revenues
2,547.6
2,456.1
10,127.2
10,012.2
OPERATING EXPENSES:
Costs of operations (exclusive of items
shown separately below):
Property
622.6
624.4
2,481.8
2,501.4
Services
31.8
11.3
92.6
60.1
Depreciation, amortization and
accretion
500.9
724.9
2,028.8
2,928.5
Selling, general, administrative and
development expense(1)
243.1
245.2
933.4
946.0
Other operating expense
69.1
157.5
74.1
370.7
Goodwill impairment
—
80.0
—
80.0
Total operating expenses
1,467.5
1,843.3
5,610.7
6,886.7
OPERATING INCOME
1,080.1
612.8
4,516.5
3,125.5
OTHER INCOME (EXPENSE):
Interest income
32.1
33.6
135.2
118.6
Interest expense
(321.2
)
(347.6
)
(1,404.5
)
(1,388.2
)
Loss on retirement of long-term
obligations
—
—
—
(0.3
)
Other income (expense) (including foreign
currency gains (losses) of $539.7, ($377.7), $308.3, and ($330.6),
respectively
514.7
(367.6
)
377.6
(326.3
)
Total other expense
225.6
(681.6
)
(891.7
)
(1,596.2
)
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES
1,305.7
(68.8
)
3,624.8
1,529.3
Income tax (provision) benefit
(75.2
)
7.6
(366.3
)
(90.8
)
NET INCOME (LOSS) FROM CONTINUING
OPERATIONS
$
1,230.5
$
(61.2
)
$
3,258.5
$
1,438.5
INCOME (LOSS) FROM DISCONTINUED
OPERATIONS, NET OF TAXES
$
—
$
74.5
$
(978.3
)
$
(71.4
)
NET INCOME
1,230.5
13.3
2,280.2
1,367.1
Net (income) loss attributable to
noncontrolling interests
(0.9
)
71.6
(25.2
)
116.2
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER
CORPORATION COMMON STOCKHOLDERS
$
1,229.6
$
84.9
$
2,255.0
$
1,483.3
NET INCOME FROM CONTINUING OPERATIONS
ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS
$
1,229.6
$
10.4
$
3,233.3
$
1,554.7
NET INCOME (LOSS) FROM DISCONTINUED
OPERATIONS ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON
STOCKHOLDERS
$
—
$
74.5
$
(978.3
)
$
(71.4
)
NET INCOME PER COMMON SHARE AMOUNTS:
Basic net income from continuing
operations attributable to American Tower Corporation common
stockholders
$
2.63
$
0.02
$
6.92
$
3.34
Basic net income (loss) from discontinued
operations attributable to American Tower Corporation common
stockholders
$
—
$
0.16
$
(2.09
)
$
(0.15
)
Basic net income attributable to American
Tower Corporation common stockholders
$
2.63
$
0.18
$
4.83
$
3.18
Diluted net income from continuing
operations attributable to American Tower Corporation common
stockholders
$
2.62
$
0.02
$
6.91
$
3.33
Diluted net income (loss) from
discontinued operations attributable to American Tower Corporation
common stockholders
$
—
$
0.16
$
(2.09
)
$
(0.15
)
Diluted net income attributable to
American Tower Corporation common stockholders
$
2.62
$
0.18
$
4.82
$
3.18
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
(in thousands):
BASIC
467,337
466,249
467,011
466,063
DILUTED
468,418
467,453
468,120
467,162
___________
(1)
Selling, general, administrative and
development expense includes stock-based compensation expense in
aggregate amounts of $41.9 million and $192.7 million for the three
and twelve months ended December 31, 2024, respectively, and $34.3
million and $183.3 million for the three and twelve months ended
December 31, 2023, respectively.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
Twelve Months Ended December
31,
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
2,280.2
$
1,367.1
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation, amortization and
accretion
2,124.8
3,086.5
Stock-based compensation expense
203.6
195.7
Loss on early retirement of long-term
obligations
—
0.3
Loss on sale of ATC TIPL
1,245.5
—
Other non-cash items reflected in
statements of operations
(177.1
)
886.7
Increase in net deferred rent balances
(276.3
)
(472.0
)
Right-of-use asset and Operating lease
liability, net
(20.6
)
(103.7
)
Changes in unearned revenue
(79.3
)
(43.4
)
Increase in assets
(70.6
)
(377.1
)
Increase in liabilities
60.3
182.3
Cash provided by operating activities
5,290.5
4,722.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for purchase of property and
equipment and construction activities
(1,590.0
)
(1,798.1
)
Payments for acquisitions, net of cash
acquired
(123.0
)
(168.0
)
Proceeds from sales of short-term
investments and other non-current assets(1)
253.2
17.3
Proceeds from the sale of ATC TIPL
2,158.8
—
Deposits and other
(288.4
)
253.3
Cash provided by (used for) investing
activities
410.6
(1,695.5
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term borrowings,
net
8.8
148.7
Borrowings under credit facilities
6,932.9
6,120.0
Proceeds from issuance of senior notes,
net
3,568.6
5,678.3
Proceeds from issuance of securities in
securitization transaction
—
1,300.0
Repayments of notes payable, credit
facilities, senior notes, secured debt, term loans and finance
leases(2)
(12,429.6
)
(13,230.3
)
Contributions from noncontrolling interest
holders
104.7
4.1
Distributions to noncontrolling interest
holders
(390.8
)
(46.5
)
Proceeds from stock options and employee
stock purchase plan
46.4
22.1
Distributions paid on common stock
(3,074.9
)
(2,949.3
)
Deferred financing costs and other
financing activities(3)
(218.5
)
(144.5
)
Cash used for financing activities
(5,452.4
)
(3,097.4
)
Net effect of changes in foreign currency
exchange rates on cash and cash equivalents, and restricted
cash
(233.9
)
23.2
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS, AND RESTRICTED CASH
14.8
(47.3
)
CASH AND CASH EQUIVALENTS, AND RESTRICTED
CASH, BEGINNING OF PERIOD
2,093.4
2,140.7
CASH AND CASH EQUIVALENTS, AND RESTRICTED
CASH, END OF PERIOD
$
2,108.2
$
2,093.4
CASH PAID FOR INCOME TAXES, NET(4)
$
350.8
$
306.5
CASH PAID FOR INTEREST
$
1,424.3
$
1,260.0
__________
(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 associated shares of equity of
VIL.
(2)
Twelve months ended December 31, 2024 and
December 31, 2023 include $4.7 million and $6.2 million of finance
lease payments, respectively.
(3)
Twelve months ended December 31, 2024 and
December 31, 2023 include $32.7 million and $38.7 million of
perpetual land easement payments, respectively.
(4)
Twelve months ended December 31, 2024
includes withholding taxes paid in Singapore of $36.4 million,
which were incurred as a result of the ATC TIPL Transaction.
UNAUDITED CONSOLIDATED RESULTS FROM OPERATIONS, BY
SEGMENT
($ in millions, totals may not add due to rounding.)
During the fourth quarter of 2024, following recent
divestitures, including the ATC TIPL Transaction, and changes to
the Company’s organizational structure, the Company reviewed and
changed its reportable segments. The Asia-Pacific (“APAC”) property
segment and Africa property segment were combined into the Africa
& APAC property segment. As a result, the Company now has six
reportable segments: U.S. & Canada property (which includes all
assets in the United States and Canada, other than its 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.
Three Months Ended December
31, 2024
Property
Services
Total
U.S. &
Canada
Latin
America
Africa &
APAC(1)
Europe
Total
International(2)
Data
Centers(3)
Total
Property
Segment revenues
$
1,304
$
421
$
309
$
214
$
944
$
236
$
2,484
$
64
$
2,548
Segment operating expenses
221
125
94
84
303
98
623
32
654
Segment Gross Margin
$
1,083
$
296
$
215
$
131
$
641
$
137
$
1,861
$
32
$
1,893
Segment SG&A(4)
43
33
15
20
68
22
133
6
140
Segment Operating Profit
$
1,040
$
263
$
200
$
111
$
573
$
115
$
1,728
$
26
$
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
%
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(5)
Prior-Year Tenant Billings
$
1,163
$
300
$
197
$
133
$
629
$
—
$
1,793
Colocations/Amendments
45
7
12
5
25
—
70
Escalations
35
12
16
4
32
—
67
Cancellations
(28
)
(11
)
(3
)
(1
)
(16
)
—
(44
)
Other
(3
)
(1
)
2
(0
)
0
—
(3
)
Organic Tenant Billings
$
1,212
$
307
$
223
$
140
$
671
$
—
$
1,882
New Site Tenant Billings
0
0
10
2
12
—
12
Total Tenant Billings
$
1,212
$
308
$
233
$
142
$
683
$
—
$
1,895
Foreign Currency Exchange Impact(6)
(0
)
(35
)
(21
)
(1
)
(56
)
—
(56
)
Total Tenant Billings (Current Period)
$
1,212
$
273
$
212
$
142
$
627
$
—
$
1,838
Straight-Line Revenue
43
(2
)
14
2
14
1
58
Pre-paid Amortization Revenue
21
0
1
8
9
—
30
Other Revenue
28
47
(3
)
7
51
235
314
International Pass-Through Revenue
—
122
90
57
269
—
269
Foreign Currency Exchange Impact(7)
0
(20
)
(5
)
(0
)
(26
)
—
(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)
For additional details related to the Data
Centers segment, please refer to the supplemental disclosure
package available on the Company’s website.
(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.
UNAUDITED CONSOLIDATED RESULTS FROM
OPERATIONS, BY SEGMENT (CONTINUED)
($ in millions, totals may not add due to
rounding.)
Three Months Ended December
31, 2023
Property
Services
Total
U.S. &
Canada
Latin
America
Africa &
APAC(1)(2)
Europe
Total
International(3)
Data
Centers(4)
Total
Property
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
$
1,088
$
291
$
192
$
115
$
598
$
125
$
1,811
$
10
$
1,820
Segment SG&A(5)
42
26
29
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(6)
Prior-Year Tenant Billings
$
1,107
$
265
$
186
$
114
$
566
$
—
$
1,672
Colocations/Amendments
53
8
15
4
28
—
80
Escalations
34
18
17
7
42
—
76
Cancellations
(28
)
(15
)
(9
)
(1
)
(26
)
—
(54
)
Other
(2
)
0
1
(0
)
1
—
(0
)
Organic Tenant Billings
$
1,163
$
276
$
211
$
124
$
611
$
—
$
1,774
New Site Tenant Billings
(0
)
0
14
2
16
—
15
Total Tenant Billings
$
1,163
$
276
$
225
$
125
$
627
$
—
$
1,790
Foreign Currency Exchange Impact(7)
(0
)
23
(28
)
7
3
—
3
Total Tenant Billings (Current Period)
$
1,163
$
300
$
197
$
133
$
629
$
—
$
1,793
Straight-Line Revenue
107
(1
)
18
1
18
4
129
Pre-paid Amortization Revenue
23
1
0
5
6
—
30
Other Revenue
7
17
(6
)
5
16
211
234
International Pass-Through Revenue
—
110
133
39
281
—
281
Foreign Currency Exchange Impact(8)
(0
)
9
(43
)
3
(31
)
—
(31
)
Total Property Revenue (Current
Period)
$
1,301
$
435
$
299
$
185
$
919
$
215
$
2,435
______________
(1)
Countries included: Australia, Bangladesh,
Burkina Faso, Ghana, Kenya, New Zealand, Niger, Nigeria, the
Philippines, South Africa and Uganda.
(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)
For additional details related to the Data
Centers segment, please refer to the supplemental disclosure
package available on the Company’s website.
(5)
Excludes stock-based compensation
expense.
(6)
All components of revenue, except those
labeled current period, have been translated at prior-period
foreign currency exchange rates.
(7)
Reflects foreign currency exchange impact
on all components of Total Tenant Billings.
(8)
Reflects foreign currency exchange impact
on components of revenue, other than Total Tenant Billings.
UNAUDITED CONSOLIDATED RESULTS FROM
OPERATIONS, BY SEGMENT
($ 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(4)
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 SG&A(5)
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(6)
Prior-Year Tenant Billings
$
4,649
$
1,194
$
800
$
525
$
2,520
$
—
$
7,168
Colocations/Amendments
180
32
52
20
104
—
284
Escalations
140
50
73
16
139
—
279
Cancellations
(91
)
(51
)
(24
)
(4
)
(80
)
—
(171
)
Other
(11
)
(3
)
4
(1
)
(0
)
—
(11
)
Organic Tenant Billings
$
4,867
$
1,221
$
905
$
556
$
2,682
$
—
$
7,549
New Site Tenant Billings
(2
)
2
49
8
59
—
57
Total Tenant Billings
$
4,865
$
1,223
$
955
$
564
$
2,741
$
—
$
7,606
Foreign Currency Exchange Impact(7)
(0
)
(46
)
(131
)
1
(176
)
—
(176
)
Total Tenant Billings (Current Period)
$
4,865
$
1,177
$
824
$
564
$
2,566
$
—
$
7,430
Straight-Line Revenue
231
(13
)
56
5
48
10
289
Pre-paid Amortization Revenue
83
2
4
24
30
—
114
Other Revenue
69
100
(21
)
26
105
915
1,090
International Pass-Through Revenue
—
486
370
215
1,072
—
1,072
Foreign Currency Exchange Impact(8)
0
(34
)
(27
)
0
(60
)
—
(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)
For additional details related to the Data
Centers segment, please refer to the supplemental disclosure
package available on the Company’s website.
(5)
Excludes stock-based compensation
expense.
(6)
All components of revenue, except those
labeled current period, have been translated at prior-period
foreign currency exchange rates.
(7)
Reflects foreign currency exchange impact
on all components of Total Tenant Billings.
(8)
Reflects foreign currency exchange impact
on components of revenue, other than Total Tenant Billings.
UNAUDITED CONSOLIDATED RESULTS FROM
OPERATIONS, BY SEGMENT
($ in millions, totals may not add due to
rounding.)
Twelve Months Ended December
31, 2023
Property
Services
Total
U.S. &
Canada
Latin
America
Africa &
APAC(1)(2)
Europe
Total
International(3)
Data
Centers(4)
Total
Property
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 SG&A(5)
165
108
87
66
261
72
498
23
521
Segment Operating Profit
$
4,201
$
1,124
$
719
$
411
$
2,254
$
415
$
6,870
$
60
$
6,930
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(6)
Prior-Year Tenant Billings
$
4,416
$
1,068
$
773
$
465
$
2,306
$
—
$
6,723
Colocations/Amendments
230
35
59
14
107
—
337
Escalations
132
82
79
29
190
—
322
Cancellations
(119
)
(61
)
(44
)
(3
)
(108
)
—
(228
)
Other
(8
)
0
4
(1
)
4
—
(5
)
Organic Tenant Billings
$
4,650
$
1,124
$
872
$
504
$
2,499
$
—
$
7,150
New Site Tenant Billings
(1
)
2
49
9
60
—
59
Total Tenant Billings
$
4,649
$
1,126
$
921
$
512
$
2,559
$
—
$
7,208
Foreign Currency Exchange Impact(7)
(0
)
68
(121
)
13
(40
)
—
(40
)
Total Tenant Billings (Current Period)
$
4,649
$
1,194
$
800
$
525
$
2,520
$
—
$
7,168
Straight-Line Revenue
394
(7
)
68
3
65
19
478
Pre-paid Amortization Revenue
89
2
1
19
22
—
110
Other Revenue
86
130
(33
)
26
123
815
1,024
International Pass-Through Revenue
—
449
523
196
1,168
—
1,168
Foreign Currency Exchange Impact(8)
(0
)
30
(116
)
6
(79
)
—
(79
)
Total Property Revenue (Current
Period)
$
5,216
$
1,798
$
1,244
$
776
$
3,818
$
835
$
9,869
_____________
(1)
Countries included: Australia, Bangladesh,
Burkina Faso, Ghana, Kenya, New Zealand, Niger, Nigeria, the
Philippines, South Africa and Uganda.
(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)
For additional details related to the Data
Centers segment, please refer to the supplemental disclosure
package available on the Company’s website.
(5)
Excludes stock-based compensation
expense.
(6)
All components of revenue, except those
labeled current period, have been translated at prior-period
foreign currency exchange rates.
(7)
Reflects foreign currency exchange impact
on all components of Total Tenant Billings.
(8)
Reflects foreign currency exchange impact
on components of revenue, other than Total Tenant Billings.
UNAUDITED SELECTED CONSOLIDATED
FINANCIAL INFORMATION
($ in millions, except share and per share
data, totals may not add due to rounding.)
The reconciliation of Adjusted EBITDA
to net income and the calculation of Adjusted EBITDA Margin are as
follows(1):
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net income
$
1,230.5
$
13.3
$
2,280.2
$
1,367.1
(Income) loss from discontinued
operations, net of taxes
—
(74.5
)
978.3
71.4
Income tax provision (benefit)
75.2
(7.6
)
366.3
90.8
Other (income) expense
(514.7
)
367.6
(377.6
)
326.3
Loss on retirement of long-term
obligations
—
—
—
0.3
Interest expense
321.2
347.6
1,404.5
1,388.2
Interest income
(32.1
)
(33.6
)
(135.2
)
(118.6
)
Other operating expense
69.1
157.5
74.1
370.7
Goodwill impairment
—
80.0
—
80.0
Depreciation, amortization and
accretion
500.9
724.9
2,028.8
2,928.5
Stock-based compensation expense
41.9
34.3
192.7
183.3
Adjusted EBITDA
$
1,692.0
$
1,609.5
$
6,812.1
$
6,688.0
Total revenue
$
2,547.6
$
2,456.1
$
10,127.2
$
10,012.2
Adjusted EBITDA Margin
66
%
66
%
67
%
67
%
___________
(1)
All line items, except for Net income and
(Income) loss from discontinued operations, net of taxes, exclude
discontinued operations.
The reconciliation of Nareit FFO
attributable to American Tower Corporation common stockholders to
net income and the calculation of AFFO attributable to American
Tower Corporation common stockholders and AFFO attributable to
American Tower Corporation common stockholders per Share are as
follows:
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net income (loss)(1)
$
1,230.5
$
13.3
$
2,280.2
$
1,367.1
Real estate related depreciation,
amortization and accretion
465.5
664.7
1,879.6
2,682.7
Losses from sale or disposal of real
estate and real estate related impairment charges(2)
68.7
218.6
91.6
414.6
Adjustments and distributions for
unconsolidated affiliates and noncontrolling interests(3)
(83.1
)
(77.7
)
(352.7
)
(324.0
)
Adjustments for discontinued
operations(4)
—
39.0
1,334.5
469.6
Nareit FFO attributable to AMT common
stockholders
$
1,681.6
$
857.9
$
5,233.2
$
4,610.0
Straight-line revenue
(55.9
)
(125.0
)
(277.6
)
(465.4
)
Straight-line expense
8.0
5.5
46.8
24.4
Stock-based compensation expense
41.9
34.3
192.7
183.3
Deferred portion of income tax and other
income tax adjustments(5)
(51.1
)
(99.3
)
88.7
(162.6
)
Non-real estate related depreciation,
amortization and accretion
35.4
60.2
149.2
245.8
Amortization of deferred financing costs,
debt discounts and premiums and long-term deferred interest
charges
14.1
12.9
54.1
49.8
Other (income) expense (6)
(514.7
)
367.6
(377.6
)
326.3
Loss on retirement of long-term
obligations
—
—
—
0.3
Other operating expense (income) (7)
0.4
18.9
(17.5
)
36.1
Capital improvement capital
expenditures
(69.4
)
(69.7
)
(157.4
)
(186.6
)
Corporate capital expenditures
(4.1
)
(5.8
)
(13.9
)
(16.2
)
Adjustments and distributions for
unconsolidated affiliates and noncontrolling interests(8)
1.6
5.9
4.4
19.4
Adjustments for discontinued
operations(9)
—
6.6
9.0
(53.1
)
AFFO attributable to AMT common
stockholders
$
1,087.8
$
1,070.0
$
4,934.1
$
4,611.5
Divided by weighted average diluted shares
outstanding (in thousands)
468,418
467,453
468,120
467,162
AFFO attributable to AMT common
stockholders per Share
$
2.32
$
2.29
$
10.54
$
9.87
As Adjusted:
AFFO attributable to AMT common
stockholders from discontinued operations
—
120.1
365.2
345.1
AFFO attributable to American Tower
Corporation common stockholders from continuing operations
1,087.8
$
949.9
$
4,568.9
$
4,266.4
Adjustment for interest expense savings
associated with the use of ATC TIPL Transaction proceeds
—
33.0
92.2
131.1
AFFO attributable to AMT common
stockholders, as adjusted(10)
$
1,087.8
$
983.0
$
4,661.1
$
4,397.5
AFFO attributable to AMT common
stockholders per Share, as adjusted(10)
$
2.32
$
2.10
$
9.96
$
9.41
______________
(1)
For the three months ended December 31,
2023 and twelve months ended December 31, 2024 and 2023, includes
Income (loss) from discontinued operations, net of taxes of $74.5
million, $(978.3) million, and $(71.4) million, respectively.
(2)
For the three and twelve months ended
December 31, 2024 and 2023, includes impairment charges of
approximately $68.6 million, $123.1 million, $68.6 million, and
$200.0 million, respectively. For the three and twelve months ended
December 31, 2023, also includes a goodwill impairment charge of
$80.0 million recorded for the Spain reporting unit and for the
twelve months ended December 31, 2023, a loss on the sale of Mexico
Fiber of $80.0 million.
(3)
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 and adjustments for the impact of
noncontrolling interests on Nareit FFO attributable to American
Tower Corporation common stockholders.
(4)
For the three months ended December 31,
2023 and twelve months ended December 31, 2024 and 2023, includes
(i) real estate related depreciation, amortization and accretion
for discontinued operations of $38.4 million, $91.3 million, and
$151.4 million, respectively, and (ii) losses from the sale or
disposal of real estate and real estate related impairment charges
for discontinued operations of $0.6 million, $1.2 billion, and
$318.2 million, respectively. For the year ended December 31, 2024,
includes a loss on the sale of ATC TIPL of $1.2 billion. For the
year ended December 31, 2023, includes goodwill impairment charges
of $322.0 million recorded for the India reporting unit.
(5)
For the year ended December 31, 2024,
includes adjustments for withholding taxes paid in Singapore of
$36.4 million, which were incurred as a result of the ATC TIPL
Transaction. We believe that these withholding tax payments are
nonrecurring, and do not believe these are an indication of our
operating performance. Accordingly, we believe it is more
meaningful to present AFFO attributable to American Tower
Corporation common stockholders excluding these amounts.
(6)
For the three and twelve months ended
December 31, 2024 and 2023, includes gains (losses) on foreign
currency exchange rate fluctuations of $539.7 million, $(377.7)
million, $308.3 million, and $(330.6) million, respectively.
(7)
Primarily includes acquisition-related
costs, integration costs and disposition costs.
(8)
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.
(9)
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.
(10)
Represents AFFO attributable to AMT 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.
The reconciliation of Adjusted EBITDA
to AFFO attributable to American Tower Corporation common
stockholders and AFFO attributable to American Tower Corporation
common stockholders per Share and AFFO attributable to American
Tower Corporation common stockholders per Share, as adjusted are as
follows:
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Adjusted EBITDA
$
1,692.0
$
1,609.5
$
6,812.1
$
6,688.0
Straight-line revenue
(55.9
)
(125.0
)
(277.6
)
(465.4
)
Straight-line expense
8.0
5.5
46.8
24.4
Cash interest expense
(307.1
)
(334.7
)
(1,350.4
)
(1,338.4
)
Interest income
32.1
33.6
135.2
118.6
Cash paid for income taxes
(126.3
)
(91.7
)
(277.6
)
(253.4
)
Capital improvement capital
expenditures
(69.4
)
(69.7
)
(157.4
)
(186.6
)
Corporate capital expenditures
(4.1
)
(5.8
)
(13.9
)
(16.2
)
Adjustments and dividends for
non-controlling interests
(81.5
)
(71.8
)
(348.3
)
(304.6
)
Adjustments from discontinued
operations
—
120.1
365.2
345.1
AFFO Attributable to Common
Stockholders
$
1,087.8
$
1,070.0
$
4,934.1
$
4,611.5
Divided by weighted average diluted shares
outstanding
468.4
467.5
468.1
467.2
AFFO Attributable to Common Stockholders
per Share
$
2.32
$
2.29
$
10.54
$
9.87
AFFO attributable to AMT common
stockholders, as adjusted
$
1,087.8
$
983.0
$
4,661.1
$
4,397.5
AFFO attributable to AMT common
stockholders per Share, as adjusted
$
2.32
$
2.10
$
9.96
$
9.41
The reconciliations of segment gross
margins are as follows:
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
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
—
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
_______________
(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.
Three Months Ended December
31, 2023
Property
Services
Total
U.S. &
Canada
Latin
America
Africa &
APAC(1)
Europe
Total
International(2)
Data
Centers
Total
Property
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
—
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
_______________
(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.
Twelve Months Ended December
31, 2024
Property
Services
Total
U.S. &
Canada
Latin
America
Africa &
APAC(1)
Europe
Total
International(2)
Data
Centers
Total
Property
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
—
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
_______________
(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.
Twelve Months Ended December
31, 2023
Property
Services
Total
U.S. &
Canada
Latin
America
Africa &
APAC(1)
Europe
Total
International(2)
Data
Centers
Total
Property
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
—
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250225731064/en/
Adam Smith Senior Vice President, Investor Relations and
FP&A Telephone: (617) 375-7500
American Tower (NYSE:AMT)
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American Tower (NYSE:AMT)
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