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BUSINESS SEGMENTS | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | BUSINESS SEGMENTS During the fourth quarter of 2024, following recent divestitures, including the ATC TIPL Transaction, and changes to its organizational structure, the Company reviewed and changed its operating and reportable segments. The Company’s Asia-Pacific 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 the Company’s data center facilities and related assets), Africa & APAC property, Europe property, Latin America property, Data Centers and Services. The change in operating and reportable segments had no impact on the Company’s consolidated financial statements for any periods. Historical financial information included in this Quarterly Report has been adjusted to reflect the change in reportable segments. Property Communications Sites and Related Communications Infrastructure—The Company’s primary business is leasing space on multitenant 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. The Company has historically reported these operations on a geographic basis. Data Centers—The Company’s Data Centers segment relates to data center facilities and related assets that the Company owns and operates in the United States. The Data Centers segment offers different types of leased infrastructure and related services from, and requires different resources, skill sets and marketing strategies than the existing property operating segment in the U.S. & Canada. As of September 30, 2025, the Company’s property operations consisted of the following: •U.S. & Canada: property operations in Canada and the United States; •Africa & APAC: property operations in Bangladesh, Burkina Faso, Ghana, Kenya, Niger, Nigeria, the Philippines, South Africa and Uganda; •Europe: property operations in France, Germany and Spain; •Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru; and •Data Centers: data center property operations in the United States. Services The Company’s Services segment offers tower-related services in the United States, including AZP, structural and mount analyses, and construction management, which primarily support its site leasing business, including the addition of new tenants and equipment on its communications sites. The Services segment is a strategic business unit that offers different services from, and requires different resources, skill sets and marketing strategies than, the property operating segments. The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating expenses. The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. These measures of segment gross margin and segment operating profit are also before Interest income, Interest expense, Gain (loss) on retirement of long-term obligations, Other income (expense), Net income (loss) attributable to noncontrolling interests and Income tax benefit (provision). The categories of expenses indicated above, such as depreciation, have been excluded from segment operating performance as they are not considered in the review of information or the evaluation of results by management. The Company’s definition of segment operating profit aligns with the Company’s definition of Adjusted EBITDA. Adjusted EBITDA is widely used in the telecommunications real estate sector to measure operating performance as depreciation, amortization and accretion may vary significantly among companies depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved. The Company’s chief operating decision maker (the “CODM”) is the Company’s chief executive officer. The CODM uses segment gross margin and segment operating profit to evaluate the segments’ operating performance, in making capital allocation decisions, and in establishing management’s compensation. Additionally, the CODM uses these metrics to monitor budget versus actual results. There are no significant revenues resulting from transactions between the Company’s operating segments. All intercompany transactions are eliminated to reconcile segment results and assets to the consolidated statements of operations and consolidated balance sheets. Summarized financial information concerning the Company’s reportable segments for the three and nine months ended September 30, 2025 and 2024 is shown in the following tables. The “Other” column (i) represents amounts excluded from specific segments, such as business development operations, stock-based compensation expense and corporate expenses included in Selling, general, administrative and development expense; Other operating expenses; Interest income; Interest expense; Gain (loss) on retirement of long-term obligations; and Other income (expense), and (ii) reconciles segment operating profit to Income from continuing operations before income taxes.
|  | Property | Total Property |  | Services |  | Other |  | Total
Three Months Ended September 30, 2025 |  | U.S. & Canada |  | Africa & APAC |  | Europe |  | Latin America |  | Data Centers |
Segment revenues |  | $ | 1,318.8 |  |  | $ | 370.8 |  |  | $ | 243.6 |  |  | $ | 416.5 |  |  | $ | 266.6 |  |  | $ | 2,616.3 |  |  | $ | 101.1 |  |  |  |  | $ | 2,717.4 |
Segment operating expenses |  | 217.4 |  |  | 114.1 |  |  | 89.3 |  |  | 132.3 |  |  | 103.9 |  |  | 657.0 |  |  | 53.8 |  |  |  |  | 710.8 |
Segment gross margin |  | 1,101.4 |  |  | 256.7 |  |  | 154.3 |  |  | 284.2 |  |  | 162.7 |  |  | 1,959.3 |  |  | 47.3 |  |  |  |  | 2,006.6 |
Segment selling, general, administrative and development expense (1) |  | 41.2 |  |  | 18.5 |  |  | 16.8 |  |  | 28.7 |  |  | 22.7 |  |  | 127.9 |  |  | 6.2 |  |  |  |  | 134.1 |
Segment operating profit |  | $ | 1,060.2 |  |  | $ | 238.2 |  |  | $ | 137.5 |  |  | $ | 255.5 |  |  | $ | 140.0 |  |  | $ | 1,831.4 |  |  | $ | 41.1 |  |  |  |  | $ | 1,872.5 |
Stock-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 41.9 |  |  | 41.9 |
Other selling, general, administrative and development expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 57.0 |  |  | 57.0 |
Depreciation, amortization and accretion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 522.9 |  |  | 522.9 |
Other expense (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 300.7 |  |  | 300.7 |
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 950.0 |
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $41.9 million. (2)Primarily includes interest expense, partially offset by gains from foreign currency exchange rate fluctuations and an unrealized gain from equity securities of $10.9 million.
|  | Property | Total Property |  | Services |  | Other |  | Total
Three Months Ended September 30, 2024 |  | U.S. & Canada |  | Africa & APAC (1) |  | Europe |  | Latin America |  | Data Centers |
Segment revenues |  | $ | 1,318.0 |  |  | $ | 302.6 |  |  | $ | 212.8 |  |  | $ | 402.8 |  |  | $ | 233.7 |  |  | $ | 2,469.9 |  |  | $ | 52.4 |  |  |  |  | $ | 2,522.3 |
Segment operating expenses |  | 224.9 |  |  | 94.4 |  |  | 79.2 |  |  | 128.2 |  |  | 100.2 |  |  | 626.9 |  |  | 24.9 |  |  |  |  | 651.8 |
Segment gross margin |  | 1,093.1 |  |  | 208.2 |  |  | 133.6 |  |  | 274.6 |  |  | 133.5 |  |  | 1,843.0 |  |  | 27.5 |  |  |  |  | 1,870.5 |
Segment selling, general, administrative and development expense (2) |  | 41.0 |  |  | 18.0 |  |  | 14.1 |  |  | 28.6 |  |  | 20.5 |  |  | 122.2 |  |  | 5.1 |  |  |  |  | 127.3 |
Segment operating profit |  | $ | 1,052.1 |  |  | $ | 190.2 |  |  | $ | 119.5 |  |  | $ | 246.0 |  |  | $ | 113.0 |  |  | $ | 1,720.8 |  |  | $ | 22.4 |  |  |  |  | $ | 1,743.2 |
Stock-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 43.7 |  |  | 43.7 |
Other selling, general, administrative and development expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56.7 |  |  | 56.7 |
Depreciation, amortization and accretion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 498.5 |  |  | 498.5 |
Other expense (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 593.8 |  |  | 593.8 |
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 550.5 |
_______________ (1)Excludes the operating results of ATC TIPL, which are reported as discontinued operations. See note 16 for further discussion. (2)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $43.7 million. (3)Primarily includes interest expense and losses from foreign currency exchange rate fluctuations, partially offset by an unrealized gain from equity securities of $67.9 million.
|  | Property | Total Property |  | Services |  | Other |  | Total
Nine Months Ended September 30, 2025 |  | U.S. & Canada |  | Africa & APAC |  | Europe |  | Latin America |  | Data Centers |
Segment revenues |  | $ | 3,924.2 |  |  | $ | 1,040.7 |  |  | $ | 689.3 |  |  | $ | 1,205.1 |  |  | $ | 772.6 |  |  | $ | 7,631.9 |  |  | $ | 275.2 |  |  |  |  | $ | 7,907.1 |
Segment operating expenses |  | 641.9 |  |  | 317.9 |  |  | 251.9 |  |  | 379.4 |  |  | 306.1 |  |  | 1,897.2 |  |  | 136.8 |  |  |  |  | 2,034.0 |
Segment gross margin |  | 3,282.3 |  |  | 722.8 |  |  | 437.4 |  |  | 825.7 |  |  | 466.5 |  |  | 5,734.7 |  |  | 138.4 |  |  |  |  | 5,873.1 |
Segment selling, general, administrative and development expense (1) |  | 121.8 |  |  | 57.5 |  |  | 47.2 |  |  | 76.8 |  |  | 64.7 |  |  | 368.0 |  |  | 19.1 |  |  |  |  | 387.1 |
Segment operating profit |  | $ | 3,160.5 |  |  | $ | 665.3 |  |  | $ | 390.2 |  |  | $ | 748.9 |  |  | $ | 401.8 |  |  | $ | 5,366.7 |  |  | $ | 119.3 |  |  |  |  | $ | 5,486.0 |
Stock-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 142.6 |  |  | 142.6 |
Other selling, general, administrative and development expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 174.5 |  |  | 174.5 |
Depreciation, amortization and accretion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,525.7 |  |  | 1,525.7 |
Other expense (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,563.9 |  |  | 1,563.9 |
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,079.3 |
Total assets |  | $ | 26,927.5 |  |  | $ | 4,455.6 |  |  | $ | 12,904.7 |  |  | $ | 8,553.2 |  |  | $ | 10,728.1 |  |  | $ | 63,569.1 |  |  | $ | 147.8 |  |  | $ | 171.8 |  |  | $ | 63,888.7 |
Capital expenditures |  | $ | 256.1 |  |  | $ | 151.7 |  |  | $ | 196.4 |  |  | $ | 97.7 |  |  | $ | 417.2 |  |  | $ | 1,119.1 |  |  | $ | — |  |  | $ | 9.7 |  |  | $ | 1,128.8 |
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $142.6 million. (2)Primarily includes interest expense and losses from foreign currency exchange rate fluctuations, partially offset by an unrealized gain from equity securities of $129.2 million and a gain on the sale of South Africa Fiber of $53.6 million.
|  | Property | Total Property |  | Services |  | Other |  | Total
Nine Months Ended September 30, 2024 |  | U.S. & Canada |  | Africa & APAC (1) |  | Europe |  | Latin America |  | Data Centers |
Segment revenues |  | $ | 3,944.1 |  |  | $ | 898.9 |  |  | $ | 620.5 |  |  | $ | 1,297.0 |  |  | $ | 689.1 |  |  | $ | 7,449.6 |  |  | $ | 130.0 |  |  |  |  | $ | 7,579.6 |
Segment operating expenses |  | 649.8 |  |  | 286.2 |  |  | 225.9 |  |  | 404.9 |  |  | 292.4 |  |  | 1,859.2 |  |  | 60.8 |  |  |  |  | 1,920.0 |
Segment gross margin |  | 3,294.3 |  |  | 612.7 |  |  | 394.6 |  |  | 892.1 |  |  | 396.7 |  |  | 5,590.4 |  |  | 69.2 |  |  |  |  | 5,659.6 |
Segment selling, general, administrative and development expense (2) |  | 117.8 |  |  | 52.7 |  |  | 45.3 |  |  | 78.1 |  |  | 56.6 |  |  | 350.5 |  |  | 14.6 |  |  |  |  | 365.1 |
Segment operating profit |  | $ | 3,176.5 |  |  | $ | 560.0 |  |  | $ | 349.3 |  |  | $ | 814.0 |  |  | $ | 340.1 |  |  | $ | 5,239.9 |  |  | $ | 54.6 |  |  |  |  | $ | 5,294.5 |
Stock-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 150.8 |  |  | 150.8 |
Other selling, general, administrative and development expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 174.4 |  |  | 174.4 |
Depreciation, amortization and accretion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,527.9 |  |  | 1,527.9 |
Other expense (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,122.3 |  |  | 1,122.3 |
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,319.1 |
Total assets |  | $ | 26,928.2 |  |  | $ | 4,306.3 |  |  | $ | 12,051.6 |  |  | $ | 8,388.9 |  |  | $ | 10,460.6 |  |  | $ | 62,135.6 |  |  | $ | 92.7 |  |  | $ | 588.5 |  |  | $ | 62,816.8 |
Capital expenditures (4) |  | $ | 203.4 |  |  | $ | 189.4 |  |  | $ | 169.7 |  |  | $ | 119.9 |  |  | $ | 417.1 |  |  | $ | 1,099.5 |  |  | $ | — |  |  | $ | 63.4 |  |  | $ | 1,162.9 |
_______________ (1)Excludes the operating results of ATC TIPL, which are reported as discontinued operations. See note 16 for further discussion. (2)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $150.8 million. (3)Primarily includes interest expense, partially offset by gains from foreign currency exchange rate fluctuations and an unrealized gain from equity securities of $93.9 million. (4)Other capital expenditures includes capital expenditures associated with discontinued operations.

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