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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One):
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended September 30, 2023.
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Commission File Number: 001-14195
AMERICAN TOWER CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 65-0723837
(State or other jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
116 Huntington Avenue
Boston, Massachusetts 02116
(Address of principal executive offices)
Telephone Number (617375-7500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class Trading Symbol(s)Name of exchange on which registered
Common Stock, $0.01 par value AMTNew York Stock Exchange
1.375% Senior Notes due 2025AMT 25ANew York Stock Exchange
1.950% Senior Notes due 2026AMT 26BNew York Stock Exchange
0.450% Senior Notes due 2027AMT 27CNew York Stock Exchange
0.400% Senior Notes due 2027AMT 27DNew York Stock Exchange
4.125% Senior Notes due 2027AMT 27FNew York Stock Exchange
0.500% Senior Notes due 2028AMT 28ANew York Stock Exchange
0.875% Senior Notes due 2029AMT 29BNew York Stock Exchange
0.950% Senior Notes due 2030AMT 30CNew York Stock Exchange
4.625% Senior Notes due 2031AMT 31BNew York Stock Exchange
1.000% Senior Notes due 2032AMT 32New York Stock Exchange
1.250% Senior Notes due 2033AMT 33New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes      No  
As of October 19, 2023, there were 466,165,118 shares of common stock outstanding.



AMERICAN TOWER CORPORATION
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2023

 
 Page Nos.
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 5.
Item 6.



PART I.FINANCIAL INFORMATION
ITEM 1.UNAUDITED CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except share count and per share data)
September 30, 2023December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$2,118.9 $2,028.4 
Restricted cash112.7 112.3 
Accounts receivable, net647.7 758.3 
Prepaid and other current assets970.6 723.3 
Total current assets3,849.9 3,622.3 
PROPERTY AND EQUIPMENT, net19,612.1 19,998.3 
GOODWILL12,569.7 12,956.7 
OTHER INTANGIBLE ASSETS, net16,655.1 17,983.3 
DEFERRED TAX ASSET126.8 129.2 
DEFERRED RENT ASSET3,383.3 3,039.1 
RIGHT-OF-USE ASSET8,801.0 8,918.9 
NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS655.1 546.7 
TOTAL$65,653.0 $67,194.5 
LIABILITIES
CURRENT LIABILITIES:
Accounts payable$216.2 $218.6 
Accrued expenses1,222.8 1,344.2 
Distributions payable775.9 745.3 
Accrued interest244.2 261.0 
Current portion of operating lease liability779.6 788.9 
Current portion of long-term obligations3,157.5 4,514.2 
Unearned revenue472.5 439.7 
Total current liabilities6,868.7 8,311.9 
LONG-TERM OBLIGATIONS35,442.4 34,156.0 
OPERATING LEASE LIABILITY7,436.7 7,591.9 
ASSET RETIREMENT OBLIGATIONS2,113.0 2,047.4 
DEFERRED TAX LIABILITY1,422.6 1,492.0 
OTHER NON-CURRENT LIABILITIES1,135.1 1,186.8 
Total liabilities54,418.5 54,786.0 
COMMITMENTS AND CONTINGENCIES
EQUITY (shares in thousands):
Common stock: $.01 par value; 1,000,000 shares authorized; 477,164 and 476,623 shares issued; and 466,160 and 465,619 shares outstanding, respectively
4.8 4.8 
Additional paid-in capital14,823.0 14,689.0 
Distributions in excess of earnings(2,927.4)(2,101.9)
Accumulated other comprehensive loss(6,065.9)(5,718.3)
Treasury stock (11,004 shares at cost)
(1,301.2)(1,301.2)
Total American Tower Corporation equity4,533.3 5,572.4 
Noncontrolling interests6,701.2 6,836.1 
Total equity11,234.5 12,408.5 
TOTAL$65,653.0 $67,194.5 
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.
1


AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share and per share data)
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
REVENUES:
Property$2,792.4 $2,609.9 $8,235.5 $7,825.2 
Services26.2 61.6 122.0 180.9 
Total operating revenues2,818.6 2,671.5 8,357.5 8,006.1 
 OPERATING EXPENSES:
Costs of operations (exclusive of items shown separately below):
 Property803.3 808.8 2,400.4 2,374.3 
 Services12.5 27.7 48.8 84.5 
Depreciation, amortization and accretion762.9 898.1 2,321.6 2,540.4 
Selling, general, administrative and development expense231.9 231.2 740.2 748.0 
Other operating expenses27.3 52.8 216.5 98.6 
Goodwill impairment322.0  322.0  
Total operating expenses2,159.9 2,018.6 6,049.5 5,845.8 
OPERATING INCOME658.7 652.9 2,308.0 2,160.3 
OTHER INCOME (EXPENSE):
Interest income45.7 18.8 107.1 43.0 
Interest expense(359.2)(294.0)(1,047.5)(833.0)
Loss on retirement of long-term obligations (0.4)(0.3)(0.4)
Other income (including foreign currency gains of $238.6, $474.5, $46.9 and $1,111.3, respectively)
297.8 478.5 118.8 1,109.4 
Total other (expense) income(15.7)202.9 (821.9)319.0 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES643.0 855.8 1,486.1 2,479.3 
Income tax provision(65.7)(36.1)(132.3)(66.0)
NET INCOME577.3 819.7 1,353.8 2,413.3 
Net loss attributable to noncontrolling interests9.6 20.0 44.6 36.3 
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS$586.9 $839.7 $1,398.4 $2,449.6 
NET INCOME PER COMMON SHARE AMOUNTS:
Basic net income attributable to American Tower Corporation common stockholders$1.26 $1.80 $3.00 $5.32 
Diluted net income attributable to American Tower Corporation common stockholders$1.26 $1.80 $2.99 $5.31 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in thousands):
BASIC466,168 465,594 466,000 460,141 
DILUTED467,161 466,801 467,034 461,360 
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.
2


AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Net income$577.3 $819.7 $1,353.8 $2,413.3 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax (benefit) expense of $(0.2), $(0.8), $0.0 and $(1.0), respectively
(624.6)(1,075.9)(406.1)(2,117.9)
Other comprehensive loss(624.6)(1,075.9)(406.1)(2,117.9)
Comprehensive (loss) income(47.3)(256.2)947.7 295.4 
Comprehensive loss attributable to noncontrolling interests128.9 225.9 103.1 494.9 
Comprehensive income (loss) attributable to American Tower Corporation stockholders$81.6 $(30.3)$1,050.8 $790.3 
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.


3


AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 Nine Months Ended September 30,
 20232022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,353.8 $2,413.3 
Adjustments to reconcile net income to cash provided by operating activities
Depreciation, amortization and accretion2,321.6 2,540.4 
Stock-based compensation expense158.0 138.1 
Loss on early retirement of long-term obligations0.3 0.4 
Other non-cash items reflected in statements of operations413.9 (1,112.2)
Increase in net deferred rent balances(341.4)(350.4)
Right-of-use asset and Operating lease liability, net(60.5)0.6 
Changes in unearned revenue0.0 (710.9)
Increase in assets(268.1)(309.3)
Increase (decrease) in liabilities2.9 (98.8)
Cash provided by operating activities3,580.5 2,511.2 
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for purchase of property and equipment and construction activities(1,273.5)(1,215.4)
Payments for acquisitions, net of cash acquired(151.9)(359.1)
Proceeds from sale of short-term investments and other non-current assets13.0 16.0 
Deposits and other246.8 52.3 
Cash used for investing activities(1,165.6)(1,506.2)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings, net147.3 13.5 
Borrowings under credit facilities5,370.0 3,500.0 
Proceeds from issuance of senior notes, net5,678.3 1,293.6 
Proceeds from issuance of securities in securitization transaction1,300.0  
Repayments of notes payable, credit facilities, senior notes, secured debt, term loans and finance leases(12,437.1)(8,595.7)
Distributions to noncontrolling interest holders(34.4)(3.2)
Contributions from noncontrolling interest holders3.0 2,548.5 
Proceeds from stock options and employee stock purchase plan12.3 21.0 
Distributions paid on common stock(2,193.2)(1,945.9)
Proceeds from the issuance of common stock, net 2,291.7 
Deferred financing costs and other financing activities(127.7)(84.0)
Cash used for financing activities(2,281.5)(960.5)
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash(42.5)(138.2)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH90.9 (93.7)
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD2,140.7 2,343.3 
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD$2,231.6 $2,249.6 
CASH PAID FOR INCOME TAXES (NET OF REFUNDS OF $27.5 AND $7.1, RESPECTIVELY)
$197.4 $244.5 
CASH PAID FOR INTEREST$1,054.8 $852.5 
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment under finance leases and perpetual easements    $22.6 $19.4 
Decrease in accounts payable and accrued expenses for purchases of property and equipment and construction activities$(56.8)$(26.5)
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.
4


AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, share counts in thousands)
 Common StockTreasury StockAdditional
Paid-in
Capital
Accumulated Other
Comprehensive
Loss
Distributions
in Excess of
Earnings
Noncontrolling
Interests
Total
Equity
Three Months Ended September 30, 2022 and 2023Issued
Shares
AmountSharesAmount
BALANCE, JULY 1, 2022476,500 $4.8 (10,915)$(1,282.4)$14,606.8 $(5,528.2)$(842.3)$3,767.5 $10,726.2 
Stock-based compensation related activity17 0.0 — — 40.1 — — — 40.1 
Foreign currency translation adjustment, net of tax— — — — — (870.0)— (205.9)(1,075.9)
Contributions from noncontrolling interest holders— — — — — — — 2,504.2 2,504.2 
Distributions to noncontrolling interest holders— — — — — — — (9.0)(9.0)
Common stock distributions declared— — — — — — (686.7)— (686.7)
Net income (loss)— — — — — — 839.7 (20.0)819.7 
BALANCE, SEPTEMBER 30, 2022476,517 $4.8 (10,915)$(1,282.4)$14,646.9 $(6,398.2)$(689.3)$6,036.8 $12,318.6 
BALANCE, JULY 1, 2023477,138 $4.8 (11,004)$(1,301.2)$14,779.2 $(5,560.6)$(2,755.8)$6,840.8 $12,007.2 
Stock-based compensation related activity26 0.0 — — 43.8 — — — 43.8 
Foreign currency translation adjustment, net of tax— — — — — (505.3)— (119.3)(624.6)
Contributions from noncontrolling interest holders— — — — — — — 1.1 1.1 
Distributions to noncontrolling interest holders— — — — — — — (11.8)(11.8)
Common stock distributions declared— — — — — — (758.5)— (758.5)
Net income (loss)— — — — — — 586.9 (9.6)577.3 
BALANCE, SEPTEMBER 30, 2023477,164 $4.8 (11,004)$(1,301.2)$14,823.0 $(6,065.9)$(2,927.4)$6,701.2 $11,234.5 
5


 Common StockTreasury StockAdditional
Paid-in
Capital
Accumulated Other
Comprehensive
Loss
Distributions
in Excess of
Earnings
Noncontrolling
Interests
Total
Equity
Nine Months Ended September 30, 2022 and 2023Issued
Shares
AmountSharesAmount
BALANCE, JANUARY 1, 2022466,687 $4.7 (10,915)$(1,282.4)$12,240.2 $(4,738.9)$(1,142.4)$3,988.4 $9,069.6 
Stock-based compensation related activity607 0.0 — — 106.8 — — — 106.8 
Issuance of common stock- stock purchase plan38 0.0 — — 8.3 — — — 8.3 
Issuance of common stock9,185 0.1 — — 2,291.6 — — — 2,291.7 
Foreign currency translation adjustment, net of tax— — — — — (1,659.3)— (458.6)(2,117.9)
Contributions from noncontrolling interest— — — — — — 2,552.6 2,552.6 
Distributions to noncontrolling interest holders— — — — — — — (9.3)(9.3)
Common stock distributions declared— — — — — — (1,996.5)— (1,996.5)
Net income (loss)— — — — — — 2,449.6 (36.3)2,413.3 
BALANCE, SEPTEMBER 30, 2022476,517 $4.8 (10,915)$(1,282.4)$14,646.9 $(6,398.2)$(689.3)$6,036.8 $12,318.6 
BALANCE, JANUARY 1, 2023476,623 $4.8 (11,004)$(1,301.2)$14,689.0 $(5,718.3)$(2,101.9)$6,836.1 $12,408.5 
Stock-based compensation related activity489 0.0 — — 125.8 — — — 125.8 
Issuance of common stock- stock purchase plan52 0.0 — — 8.2 — — — 8.2 
Foreign currency translation adjustment, net of tax— — — — — (347.6)— (58.5)(406.1)
Contributions from noncontrolling interest holders— — — — — — — 11.6 11.6 
Distributions to noncontrolling interest holders— — — — — — — (43.4)(43.4)
Common stock distributions declared— — — — — — (2,223.9)— (2,223.9)
Net income (loss)— — — — — — 1,398.4 (44.6)1,353.8 
BALANCE, SEPTEMBER 30, 2023477,164 $4.8 (11,004)$(1,301.2)$14,823.0 $(6,065.9)$(2,927.4)$6,701.2 $11,234.5 
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.




6

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)

1.    BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
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, 2022 (the “2022 Form 10-K”). The results of operations for the three and nine months ended September 30, 2023 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, 2023, the Company holds (i) a 52% controlling interest in subsidiaries whose holdings consist of the Company’s operations in France, Germany and Spain (such subsidiaries, collectively, “ATC Europe”) (Allianz and 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 interests) and (iii) a common equity interest of approximately 72% in the Company’s U.S. data center business (Stonepeak (as defined and further discussed in note 11) holds approximately 28% of the outstanding common equity and 100% of the outstanding mandatorily convertible preferred equity). As of September 30, 2023, 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 three and nine months ended September 30, 2023 and 2022.
Sale of Mexico Fiber— On March 29, 2023, the Company completed the sale of one of its subsidiaries in Mexico that held fiber assets (“Mexico Fiber”) for total consideration of $252.5 million, resulting in a loss on the sale of $80.0 million, which was included in Other operating expenses in the accompanying consolidated statements of operations. As a result of the transaction, the Company disposed of $20.7 million of goodwill based on the relative fair value of Mexico Fiber and the portion of the applicable goodwill reporting unit that was retained. Prior to the divestiture, Mexico Fiber’s operating results were included within the Latin America property segment. The divestiture did not qualify for presentation as a discontinued operation.
Sale of Poland Subsidiary—On May 31, 2023, the Company completed the sale of its subsidiary in Poland (“ATC Poland”) for total consideration of 6.7 million EUR (approximately $7.2 million at the date of closing), resulting in a gain on the sale of $1.1 million, which was included in Other operating expenses in the accompanying consolidated statements of operations. Prior to the divestiture, ATC Poland’s operating results were included within the Europe property segment. The divestiture did not qualify for presentation as a discontinued operation.
Reportable Segments—The Company 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.
Significant Accounting Policies—The Company’s significant accounting policies are described in note 1 to the Company’s consolidated financial statements included in the 2022 Form 10-K. There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2023.
The Company is in the process of reviewing the remaining estimated useful lives of its tower assets. The Company now has over 20 years of operating history, and it is considering whether it should modify its current estimates for asset lives based on its historical operating experience. The Company has retained an independent consultant to assist the Company in completing this review and analysis. The Company currently depreciates its towers on a straight-line basis over the shorter of the term of the underlying ground lease (including renewal options) taking into account residual value or the estimated useful life of the tower, which the Company has historically estimated to be 20 years. Additionally, certain of
7

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)
the Company’s intangible assets are amortized on a similar basis to its tower assets, as the estimated useful lives of such intangible assets correlate to the useful life of the towers. If the Company concludes that a revision in the estimated useful lives of its tower assets is appropriate based on its review and analysis, which the Company expects to conclude in 2024, the Company will account for any changes in the useful lives as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change. Based on preliminary information obtained to date, the Company expects that its estimated asset lives may be extended, which would result in prospective (i) decreases in depreciation and amortization and (ii) increases in the right of use asset and operating lease liability, and such changes could be material to future depreciation and amortization and the Company’s consolidated results of operations.
Cash and Cash Equivalents and Restricted CashThe reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statements of cash flows is as follows:
Nine Months Ended September 30,
20232022
Cash and cash equivalents$2,118.9 $2,121.8 
Restricted cash112.7 127.8 
Total cash, cash equivalents and restricted cash$2,231.6 $2,249.6 
Revenue—The Company’s revenue is derived from leasing the right to use its communications sites, land on which 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, 2023.
Services revenue—The Company offers tower-related services in the United States. These services include site application, zoning and permitting (“AZP”), structural analysis and construction management. 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.
A summary of revenue disaggregated by source and geography is as follows:
8

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)
Three Months Ended September 30, 2023U.S. & CanadaAsia-PacificAfricaEuropeLatin AmericaData CentersTotal
Non-lease property revenue$91.3 $2.4 $5.8 $3.0 $29.8 $29.6 $161.9 
Services revenue26.2      26.2 
Total non-lease revenue$117.5 $2.4 $5.8 $3.0 $29.8 $29.6 $188.1 
Property lease revenue1,233.2 299.9 287.9 197.4 429.8 182.3 2,630.5 
Total revenue$1,350.7 $302.3 $293.7 $200.4 $459.6 $211.9 $2,818.6 

Three Months Ended September 30, 2022U.S. & CanadaAsia-PacificAfricaEuropeLatin AmericaData CentersTotal
Non-lease property revenue$74.3 $4.1 $6.5 $8.3 $39.0 $26.8 $159.0 
Services revenue61.6