AMT Filings — American Tower Corp /ma/ - FilingSpy
AMT
American Tower Corp /ma/
A global owner and operator of wireless communications towers and data centers, leasing space on its sites to carriers like AT&T, T-Mobile, Verizon, and Airtel. It grew out of a broadcasting company founded in Boston in 1995, when its founder realized wireless carriers were each building duplicate towers—so he built shared ones instead, and spun the business off as its own company in 1998. It later expanded into data centers by buying CoreSite in 2021, and converted to a REIT in 2012.
Q2 2026 revenue rose 6.8% to $2.74B as international and Data Centers growth offset U.S. & Canada decline
DISH's default ended its U.S. lease in Q2 2026, extending the domestic decline that started the year. rose 6.8% to $2,737.5M and rose 76.9% to $1.84 as foreign currency moved to gains, while was 45.3% and Data Centers grew 13%. The portfolio now leans on international and data-center demand after the DISH exit.
Key takeaways
DISH defaulted on payments by January 2026 and the company terminated its spectrum lease effective June 2, 2026, with DISH filing Chapter 11 on June 30, 2026, after accounting for about 2% of total property in 2025.
rose 6.8% to $2,737.5M and was flat sequentially, with Africa & APAC property up 23% to $415.3M, Latin America property up 13% to $441.6M on a $44.0M FX benefit and lower reserves, and Data Centers up 13% to $297.1M on new leases and power revenue.
Section summaries
Management's Discussion and Analysis
Total revenue rose 5% YoY to $2.75B in Q2 2026, driven by international and Data Centers growth, while U.S. & Canada declined 3% due to DISH churn and lower straight-line revenue.
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U.S. & Canada property fell 3% to $1.27B, as $24.6M in (mainly DISH) and a $44.0M drop in offset $33.8M from .
U.S. & Canada property fell 3% to $1.27B as $24.6M in mainly from DISH and a $44.0M drop in offset $33.8M from colocations.
rose 76.2% to $878.5M and rose 76.9% to $1.84, largely from a swing to foreign currency gains versus prior-year losses, a non-operating move.
was $1,239.2M, down 1.2% , with at 45.3%; increased 3% to $1.81B and rose 4% to $1.26B.
The company recorded about $20M in additional reserves in H1 2026 for the dispute, on top of $30M in 2025, with an August 2026 arbitration hearing pending.
What changed
Q1 2026 flagged DISH driving a 3% U.S. & Canada decline; Q2 confirmed it with the lease termination June 2 and DISH bankruptcy June 30, extending the domestic drop.
Q1 2026 asked whether Latin America's +20% would hold; Q2 came in at +13% to $441.6M, still up but decelerating as the FX and reserve easing faded.
FY 2025 flagged arbitration and reserves beyond $30M; Q2 reports an added ~$20M in H1 2026, with hearing still set for August 2026.
FY 2025 guided 2026 at $1.8B–$1.9B with $695M data centers; Q1 repeated the guide and Q2 was $951.1M, down 1.3% against that spend.
comparison vs Q2 2025 (when $462.3M FX losses hit) flips to gains this quarter, repeating the Q1 2026 swing and confirming FX as the driver, not operations.
What to watch
arbitration outcome and any further reserves beyond the ~$50M total recorded, with hearing set for August 2026.
Q3 2026 U.S. & Canada property to see if the DISH termination produces a deeper drop after the 3% Q2 decline.
Latin America property to confirm whether the +13% Q2 holds or reverts toward the 4% full-year 2025 decline as FX benefits fade.
Q3 2026 against the $951.1M Q2 figure as 2026 executes within the $1.80B–$1.91B guide.
Africa & APAC property grew 23% to $415.3M, boosted by $18.3M in colocations/amendments, $9.4M from new sites, $12.6M in , and $23.7M in favorable FX.
Europe property increased 11% to $259.4M, with $4.7M from colocations/amendments, $6.5M from capital contribution , and a $7.1M FX .
Latin America property rose 13% to $441.6M, largely from a $44.0M FX benefit and $14.1M in lower revenue reserves, partially offset by $13.5M in in Brazil.
Data Centers grew 13% to $297.1M, driven by $20.3M in rental revenue from new leases and expansions, $8.2M in power revenue, and $3.5M in interconnection revenue.
increased 3% to $1.81B, and AFFO attributable to common stockholders rose 4% to $1.26B, supported by higher and lower .
Quantitative and Qualitative Disclosures About Market Risk
The company faces interest rate risk on $2.8B variable-rate debt and foreign currency risk from 33% of revenues in non-USD currencies, with EUR debt and intercompany balances creating material sensitivity.
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A 10% rise in interest rates would increase by $6.2 million for the six months ended June 30, 2026, based on $2.8 billion in variable-rate debt.
33% of revenues and 42% of operating expenses were denominated in foreign currencies for the six months ended June 30, 2026, exposing results to exchange rate fluctuations.
A 10% adverse change in exchange rates on unsettled intercompany debt and similar unaffiliated balances would cause $43.3 million in unrealized losses in .
The company has €7.5 billion in EUR-denominated debt, with €4.7 billion designated as a ; a 10% adverse move on the unhedged portion would result in $0.4 billion in foreign currency losses.
The company may use additional foreign currency financial instruments to minimize exchange rate impacts on future transactions.
Company faces two material disputes: an arbitration with AT&T Mexico over lease calculations and a lawsuit against DISH for contract breaches, with DISH now in bankruptcy.
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AT&T Mexico, representing ~$300M in 2025 tenant , is challenging monthly lease calculations under the and had been withholding rents since early 2025.
An interim agreement requires AT&T Mexico to pay most withheld and future rents, with the remainder held in escrow pending the August 2026 arbitration hearing.
The company recorded ~$30M in in 2025 and an additional ~$20M in H1 2026 related to AT&T Mexico, with more expected until settlement.
DISH purported to be excused from the , leading the company to sue for and later add claims for damages and against EchoStar.
DISH defaulted on payments by January 2026, and the company terminated the effective June 2, 2026; DISH filed for on June 30, 2026.
DISH accounted for ~2% of total property and ~4% of U.S. & Canada property revenue in 2025.