The accompanying consolidated and condensed consolidated financial statements have been prepared by American Tower Corporation (together with its subsidiaries, “ATC” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial information included herein is unaudited. However, the Company believes that all adjustments, which are of a normal and recurring nature, considered necessary for a fair presentation of its financial position and results of operations for such periods have been included herein. The consolidated and condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the entire year.

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

As of September 30, 2022, the Company holds (i) a 52% controlling interest in subsidiaries whose holdings consist of the Company’s operations in France, Germany, Poland and Spain (such subsidiaries collectively, “ATC Europe”) (Allianz and CDPQ (each as defined in note 11) hold the noncontrolling interests), (ii) a 51% controlling interest in a joint venture whose holdings consist of the Company’s operations in Bangladesh (Confidence Tower Holdings Ltd. (“Confidence Group”) holds the noncontrolling interest) and (iii) a common equity interest of approximately 77% in the Company’s U.S. data center business (Stonepeak (as defined and further discussed in note 11) holds approximately 23% of the outstanding common equity and 100% of the outstanding mandatorily convertible preferred equity). As of September 30, 2022, ATC Europe holds an 87% and an 83% controlling interest in subsidiaries that consist of the Company’s operations in Germany and Spain, respectively (PGGM holds the noncontrolling interests). See note 11 for a discussion of changes to the Company’s noncontrolling interests during the nine months ended September 30, 2022 and 2021.

Change in Reportable Segments—During the fourth quarter of 2021, as a result of the Company’s acquisition of CoreSite Realty Corporation (“CoreSite,” and the acquisition, the “CoreSite Acquisition”), the Company updated its reportable segments to add a Data Centers segment. The Data Centers segment is within the Company’s property operations. The Company now reports its results in seven segments – U.S. & Canada property, Asia-Pacific property, Africa property, Europe property, Latin America property, Data Centers and Services, which are discussed further in note 15. The change in reportable segments had no impact on the Company’s consolidated financial statements for any prior periods. Historical financial information included in this Quarterly Report on Form 10-Q (this “Quarterly Report”) has been adjusted to reflect the change in reportable segments.

Significant Accounting Policies—The Company’s significant accounting policies are described in note 1 to the Company’s consolidated financial statements included in the 2021 Form 10-K. There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2022.

Revenue—The Company’s revenue is derived from leasing the right to use its communications sites, the land on which the sites are located and the space in its data center facilities (the “lease component”) and from the reimbursement of costs incurred by the Company in operating the communications sites and data center facilities and supporting its

customers’ equipment as well as other services and contractual rights (the “non-lease component”). Most of the Company’s revenue is derived from leasing arrangements and is accounted for as lease revenue unless the timing and pattern of revenue recognition of the non-lease component differs from the lease component. If the timing and pattern of the non-lease component revenue recognition differs from that of the lease component, the Company separately determines the stand-alone selling prices and pattern of revenue recognition for each performance obligation. Revenue related to distributed antenna system (“DAS”) networks and fiber and other related assets results from agreements with customers that are generally not accounted for as leases.

Non-lease property revenue—Non-lease property revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue. DAS networks and fiber arrangements generally require that the Company provide the tenant the right to use available capacity on the applicable communications infrastructure. Performance obligations are satisfied over time for the duration of the arrangements. Non-lease property revenue also includes revenue generated from interconnection offerings in the Company’s data center facilities. Interconnection offerings are generally contracted on a month-to-month basis and are cancellable by the Company or the data center customer at any time. Performance obligations are satisfied over time for the duration of the arrangements. Other property related revenue streams, which include site inspections, are not material on either an individual or consolidated basis. There were no material changes in the receivables, contract assets and contract liabilities from contracts with customers for the three and nine months ended September 30, 2022.

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


Three Months Ended September 30, 2022	U.S. & Canada		Asia-Pacific		Africa		Europe		Latin America		Data Centers (1)		Total
Non-lease property revenue	$	74.3	$	4.1	$	6.5	$	8.3	$	39.0	$	26.8	$	159.0
Services revenue	61.6		—		—		—		—		—		61.6
Total non-lease revenue	$	135.9	$	4.1	$	6.5	$	8.3	$	39.0	$	26.8	$	220.6
Property lease revenue	1,184.9		245.1		296.9		175.7		381.4		166.9		2,450.9
Total revenue	$	1,320.8	$	249.2	$	303.4	$	184.0	$	420.4	$	193.7	$	2,671.5


Three Months Ended September 30, 2021	U.S. & Canada		Asia-Pacific		Africa		Europe		Latin America		Data Centers (1)		Total
Non-lease property revenue	$	73.2	$	2.6	$	6.3	$	2.1	$	35.1	$	—	$	119.3
Services revenue	85.4		—		—		—		—		—		85.4
Total non-lease revenue	$	158.6	$	2.6	$	6.3	$	2.1	$	35.1	$	—	$	204.7
Property lease revenue	1,155.3		310.9		251.1		173.7		355.9		2.7		2,249.6
Total revenue	$	1,313.9	$	313.5	$	257.4	$	175.8	$	391.0	$	2.7	$	2,454.3


Nine Months Ended September 30, 2022	U.S. & Canada		Asia-Pacific		Africa		Europe		Latin America		Data Centers (1)		Total
Non-lease property revenue	$	222.3	$	12.0	$	20.7	$	17.5	$	114.9	$	78.6	$	466.0
Services revenue	180.9		—		—		—		—		—		180.9
Total non-lease revenue	$	403.2	$	12.0	$	20.7	$	17.5	$	114.9	$	78.6	$	646.9
Property lease revenue	3,505.2		833.7		836.0		543.8		1,150.0		490.5		7,359.2
Total revenue	$	3,908.4	$	845.7	$	856.7	$	561.3	$	1,264.9	$	569.1	$	8,006.1


Nine Months Ended September 30, 2021	U.S. & Canada		Asia-Pacific		Africa		Europe		Latin America		Data Centers (1)		Total
Non-lease property revenue	$	214.9	$	6.8	$	17.5	$	6.0	$	100.9	$	—	$	346.1
Services revenue	180.1		—		—		—		—		—		180.1
Total non-lease revenue	$	395.0	$	6.8	$	17.5	$	6.0	$	100.9	$	—	$	526.2
Property lease revenue	3,473.3		886.3		723.6		302.2		992.4		7.7		6,385.5
Total revenue	$	3,868.3	$	893.1	$	741.1	$	308.2	$	1,093.3	$	7.7	$	6,911.7

(1)Data Centers consists of the Company’s data center facilities located in the United States. For the three and nine months ended September 30, 2021, revenue attributable to the Company’s data center assets previously reported in the U.S. & Canada property segment is now shown in the Data Centers segment.

Property revenue for the three months ended September 30, 2022 and 2021 includes straight-line revenue of $127.7 million and $99.6 million, respectively. Property revenue for the nine months ended September 30, 2022 and 2021 includes straight-line revenue of $350.4 million and $324.3 million, respectively.

The Company actively monitors the creditworthiness of its customers. In recognizing customer revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, revenue recognition is deferred until such point as collectibility is determined to be reasonably assured. During the three months ended September 30, 2022, the Company deferred recognition of revenue of approximately $48 million related to a customer in India.

In March 2020, the Financial Accounting Standards Board (the “FASB”) issued guidance to provide optional expedients and exceptions for applying accounting principles generally accepted in the United States to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The guidance applies only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients that are retained through the end of the hedging relationship. In January 2021, the FASB issued additional guidance that clarifies that certain practical expedients and exceptions for contract modifications and hedge accounting apply to derivatives that are affected by reference rate reform. As of September 30, 2022, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its financial statements.