American Tower Corporation (AMT): Business Model Canvas [Dec-2025 Updated]

You're digging into the business model of American Tower Corporation (AMT), and honestly, the core idea is simple: they own the land and lease space on nearly 149,000 global communications sites, locking in predictable cash flow with built-in rent escalators. But the real analyst question for late-2025 is how they balance that stability-with projected Property Leasing Revenue hitting $10.21 billion-against the heavy capital expenditures, like the projected $1.7 billion for the full year, needed to densify for 5G and expand their CoreSite data center footprint. If you want the precise breakdown of how they manage $63.889 billion in assets while keeping their Net Leverage Ratio at 4.9x, check out the nine essential blocks below.

American Tower Corporation (AMT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep American Tower Corporation running and growing in late 2025. These aren't just vendor agreements; they are deep, structural dependencies that drive revenue and future CapEx decisions.

Major Mobile Network Operators (MNOs) like Verizon, AT&T, and T-Mobile remain the bedrock. While the exact 2025 revenue split isn't public, historically, these top carriers represent a massive portion of the leasing revenue. What we do know from Q2 2025 activity is that the demand from the 'big three' carriers for network densification is intense; application volumes among them were up over 50% year-over-year, specifically driven by amendment upgrades and a staggering 200% year-over-year increase in collocations. This partnership is about capacity expansion, not just maintenance.

The shift to AI and cloud is cemented through strategic cloud and AI partners like AWS and NVIDIA. American Tower Corporation is actively positioning its CoreSite data center assets to serve this demand. CoreSite itself posted double-digit revenue growth in Q2 2025, directly fueled by hybrid cloud demand and AI-related workloads. The certification of facilities, like the Raleigh edge data center, as NVIDIA DGX-Ready is a concrete action point showing this partnership is about high-density, low-latency infrastructure required for generative AI processing.

For wireless network equipment manufacturers (Ericsson, Nokia), the partnership is less about direct financial contribution and more about ensuring the ecosystem supporting AMT's tenants is modern. These firms provide the hardware that necessitates the tenants to upgrade and add more equipment to AMT's towers, driving organic growth. The partnership is implicit in the continued 5G buildout that American Tower Corporation facilitates.

Regarding global infrastructure investment firms for joint ventures, American Tower Corporation uses these relationships to selectively deploy capital and manage risk in specific international markets or specialized asset classes, like data centers. While specific 2025 joint venture financials aren't detailed in the latest reports, the strategy involves using this partnership type to maintain balance sheet strength while pursuing growth.

The foundation of the entire tower business rests on ground lease providers and property owners for site access. This is a critical cost and risk factor. As of late 2019, approximately 90% of American Tower Corporation's then-reported 177,746 towers were located on land that American Tower leased. Furthermore, 43% of those ground leases had a final expiration date of 2029 and beyond, showing long-term planning. For Q3 2025, cash capital expenditures included $10.4 million specifically for finance lease and perpetual land easement payments, illustrating the ongoing financial commitment to securing the physical land rights.

Here's a quick look at the quantifiable elements of these key relationships:

The reliance on MNOs for tenant volume is clear, but the growth engine is increasingly powered by the data center ecosystem.

• The company raised its full-year 2025 AFFO per Share midpoint by $0.10.
• Net Leverage stood at 5.1x as of June 30, 2025.
• Total revenue for Q3 2025 reached $2,717 million.
• Q3 2025 Adjusted EBITDA was $1,816 million.
• The company expects to distribute approximately $3.2 billion to shareholders in 2025.

Finance: review the Q4 2025 ground lease acquisition budget against the 2026 CapEx forecast by January 15th.

American Tower Corporation (AMT) - Canvas Business Model: Key Activities

You're looking at the core engine of American Tower Corporation, the day-to-day work that generates that reliable, long-term cash flow. It's all about infrastructure deployment, management, and maximizing the tenancy on those assets. Here's the quick math on what they are actively doing as of late 2025.

Leasing space on communications sites via long-term contracts.

The primary activity is securing and managing long-term contracts to lease space on their assets. This is the bedrock of their recurring revenue model. The property segment, which is essentially the site leasing business, is the overwhelming revenue driver.

• Property segment accounted for 97% of total revenue in the first quarter of 2025.
• For the second quarter of 2025, total property revenue reached $2.53 billion.
• Revenue from the property segment in the third quarter of 2025 rose by around 6% to $2.62 billion.
• The full-year 2025 property revenue outlook midpoint is now between $10.14 billion and $10.29 billion.
• In the U.S. and Canada, the top three telecom firms-AT&T, T-Mobile, and Verizon-accounted for 86% of the property segment revenue in 2024.

Developing and maintaining a global portfolio of ~149,000 sites.

American Tower Corporation is actively developing and managing a massive, geographically diverse footprint. Maintaining this scale requires constant capital deployment and operational oversight across continents. As of June 30, 2025, the global count was approximately 148,800 communications sites. The company's overall portfolio is stated as over 149,000 sites.

Here is a breakdown of that global footprint based on the latest figures:

The company is also strategically shifting its focus, aiming to reduce emerging market exposure to below 25%.

Executing 5G network densification and mid-band spectrum upgrades.

A major driver for new leasing activity is the ongoing wireless carrier investment in next-generation networks. This means adding more equipment to existing sites (densification) and deploying new spectrum bands.

• U.S. leasing activity had increased for five consecutive quarters as of the June 2025 conference presentation.
• In the U.S., accelerating broad-based mid-band deployments supported the highest quarter of Services revenue since 2021 in the first quarter of 2025.
• The company is focused on helping operators deploy 4G and 5G spectrum with a fast time-to-market.

Expanding the CoreSite data center platform for edge computing.

American Tower Corporation is actively expanding its digital infrastructure footprint through its CoreSite subsidiary, which is benefiting from the demand for AI and hybrid cloud solutions.

• CoreSite delivered double-digit growth in the second quarter of 2025.
• The platform now includes 30 data centers across 11 strategic U.S. markets.
• The total operating footprint comprises approximately 4.5 million square feet.
• Power capacity across the platform stands at 255.8 megawatts.
• The company has a full-year 2025 development spend outlook of $600 million for the Data Centers segment.
• The recent launch of the NY3 facility in Secaucus, New Jersey, added more than 138,000 square feet to the New York footprint.
• CoreSite data centers saw an increase in interconnections to 39,250, a 4.9% year-over-year rise.
• Monthly Recurring Revenue (MRR) per Cabinet rose 8.5% year-over-year to $1,799, with total occupancy at 85.5%.

Disciplined capital allocation and global cost control for margin expansion.

Managing expenses and allocating capital efficiently is key to maintaining strong profitability metrics, especially given macroeconomic uncertainty.

• Adjusted EBITDA for the second quarter of 2025 was $1.75 billion, representing a healthy EBITDA margin of 67 percent.
• Third quarter 2025 Adjusted EBITDA reached $1,816 million.
• The company raised its full-year 2025 Adjusted EBITDA midpoint outlook by $45 million.
• Cost-saving efforts resulted in $35 million in SG&A savings last year, with an additional $20 million expected this year (as of June 2025).
• As of June 30, 2025, the Net Leverage Ratio was 5.1x net debt to second quarter 2025 annualized Adjusted EBITDA.

American Tower Corporation (AMT) - Canvas Business Model: Key Resources

The foundation of American Tower Corporation's business model rests on its massive, geographically diverse physical infrastructure and its growing digital assets. You're looking at the core tangible and intangible assets that drive their recurring revenue.

The physical backbone is the extensive global portfolio of communications sites. As of the end of Q3 2025, American Tower Corporation owned a global portfolio totaling 148,371 towers. This figure reflects a net increase from the prior year, resulting from 2,271 new tower builds, primarily in Europe and Africa, and 293 acquired towers, offset by the sale or decommissioning of 1,492 towers, mainly in Latin America. The company views this portfolio as composed of towers in advanced, evolving, and developing wireless markets globally. The U.S. & Canada region accounted for 41,821 towers, or 28 percent of the total portfolio, in Q3 2025.

Complementing the tower assets is the CoreSite data center platform, which is positioned to capture demand from hybrid-cloud and AI workloads. This platform provides a highly interconnected footprint of U.S. data center facilities. Here are some key metrics for the CoreSite segment as of the latest data available:

This data center segment showed strong momentum, with property revenue growing over 14 percent year-over-year in Q3 2025.

The scale of the operation is reflected in the balance sheet. American Tower Corporation's total assets stood at approximately $63.889 billion as of Q3 2025. This asset base supports a business model heavily reliant on predictable cash flows derived from long-term, non-cancellable tenant leases with built-in escalators. The overall health of the tenant billing stream is evidenced by the consolidated organic tenant billings growth of 5 percent year-over-year in Q3 2025.

Finally, the company maintains significant financial strength to support its capital allocation priorities, including dividends and opportunistic investments. As of September 30, 2025, American Tower Corporation reported a Net Leverage Ratio of 4.9x (net debt to third quarter 2025 annualized Adjusted EBITDA). Furthermore, the company reported total liquidity of approximately $10.7 billion as of that same date, consisting of cash and cash equivalents plus the ability to borrow under revolving credit facilities.

You should note the following operational statistics related to the resource base:

• Total Revenue (Q3 2025): $2.717 billion.
• Adjusted EBITDA (Q3 2025): $1.816 billion.
• Total Capital Expenditures expected for Full Year 2025: $1.7 billion.

American Tower Corporation (AMT) - Canvas Business Model: Value Propositions

You're looking at the core value American Tower Corporation (AMT) delivers across its infrastructure portfolio, which spans cell towers and data centers via CoreSite.

Neutral host model enabling multiple tenants per site for efficiency

American Tower Corporation's fundamental value is providing shared, multitenant communications real estate. Over 98% of revenue is generated from leasing this property.

Here's a look at the scale of the infrastructure supporting this model, using the latest available figures:

Critical infrastructure for 5G and future 6G network deployment

The demand for capacity-driven new site build activity is a key driver. For the first quarter of 2025, American Tower Corporation saw its highest quarter of services revenue since 2021 in the U.S., supported by accelerating broad-based mid-band deployments.

The company's 2025 outlook reflects this focus, with planned capital investment exceeding $600 million to expand its data center footprint, driven by AI and cloud computing demand, projecting stabilized yields in the mid-teens.

Key 2025 Financial Projections (Midpoint Estimates):

• U.S. & Canada Property Revenue Growth: ~(0.5)%
• International Property Revenue Growth: ~0.8%
• Data Centers Segment Property Revenue Growth: ~11.9%

Low-latency compute and interconnection via CoreSite for AI-ready solutions

CoreSite, an American Tower subsidiary, provides the interconnection backbone for hybrid IT. The company's SV9 data center in Silicon Valley, completed in July 2025, added more than 228,000 square feet, bringing the SV campus total to over 1.4 million square feet across nine data centers.

In April 2025, CoreSite added approximately 3 critical megawatts (CMW) of capacity at its DE1 facility in Denver, nearly doubling that site's space and power footprint.

CoreSite's value proposition is highlighted by market gaps:

• Percentage of organizations moving to a "cloud-smart" hybrid IT architecture: 98%
• Percentage of colocation providers offering interconnection services: Only 19%

The Data Centers segment property revenue outlook for the full year 2025 is between $1,025 million and $1,045 million.

Reliable, maintained infrastructure with high uptime guarantees

While specific 2025 uptime guarantees aren't explicitly stated here, the commitment to the infrastructure is shown through financial performance and investment focus. For the first quarter ended March 31, 2025, Adjusted EBITDA increased 1.9% to $1,744 million, and AFFO attributable to AMT common stockholders, as adjusted, increased 7.1% to $1,290 million.

The company's Net Leverage Ratio as of March 31, 2025, was 5.0x net debt to Q1 2025 annualized Adjusted EBITDA.

Reduced environmental impact through shared infrastructure

The shared infrastructure model inherently reduces the overall environmental footprint for the telecommunications industry by minimizing land use and resource consumption.

Metrics from the latest available Sustainability Report (2024 data):

• Energy storage capacity enhancement: Reached one gigawatt hour across 24,500 sites
• Tower steel waste recycled or reused: 98%, totaling 9,700 tons

For Q1 2025, total revenue was $2,563 million, a 2.0% increase year-over-year.

American Tower Corporation (AMT) - Canvas Business Model: Customer Relationships

You're managing a portfolio where the relationship with the tenant is the entire business, so the structure of those agreements is everything. For American Tower Corporation (AMT), customer relationships are built on long-term contractual commitments that lock in predictable, inflation-adjusted cash flow across its massive global footprint.

The core of this relationship is the lease structure itself. In general, American Tower Corporation (AMT) tenant leases for its communications sites with wireless carriers feature an initial non-cancellable term of five to ten years, followed by multiple renewal options. This structure is designed for stickiness, ensuring the anchor tenants remain committed for the long haul. As of September 30, 2025, American Tower Corporation (AMT) owned and operated over 149,000 communications sites globally, with over 96% of its total revenue for the three months ended September 30, 2025, generated from leasing these properties and its data center assets.

These long-term agreements include contractual rent escalators to protect revenue against rising costs. Most tenant leases have provisions that periodically increase the rent due, typically annually. In the United States, this escalation averages approximately 3% annually, often tied to a fixed percentage. To be fair, in the current environment, some recently renewed carrier accelerators have moved up to 5% annually, reflecting the need to keep pace with inflation. In international markets, the escalation is often tied to an inflation index or a combination of both fixed and variable terms.

The success of this model is evident in the high renewal rates. While the exact 2025 renewal rate isn't published in the latest reports, the historical tendency is for tenants to renew, which secures the stable, recurring cash flow that powers the REIT. For instance, historical data showed 76% of Global Tenant Leases were scheduled for renewal in the 2025+ period. This stability is critical, especially when considering the overall leasing momentum; consolidated organic tenant billings growth for the third quarter of 2025 was 5% year-over-year.

American Tower Corporation (AMT) manages its key relationships with a dedicated focus, especially for large carriers. You see this in the consultative approach for custom solutions, like build-to-suit tower solutions, which cater directly to a carrier's specific capacity needs, such as the midband upgrades and densification activity noted in Q2 2025. This high-touch service helps secure the initial lease and drives future amendments. The company maintains a concentrated customer base, with the majority of revenue coming from a few major mobile carriers in each market. Historically, this concentration was quantified as 53% of revenues derived from four tenants (as of December 31, 2017), underscoring the importance of maintaining strong ties with these anchor tenants.

Here's a quick look at the scale and contractual anchors as of late 2025:

The relationship is further solidified by the high volume of leasing activity, including record retail new leasing in the Data Center segment (CoreSite), which saw property revenue grow over 14% year-over-year in Q3 2025. This shows the relationship extends beyond just the tower structure to include advanced digital infrastructure solutions, requiring deep technical partnership.

You need to keep an eye on the U.S. and Canada organic growth, which was 3.9% in Q3 2025, compared to the stronger international performance, to gauge where account management focus might need to shift for the next quarter. Finance: draft 13-week cash view by Friday.

American Tower Corporation (AMT) - Canvas Business Model: Channels

You're looking at how American Tower Corporation (AMT) gets its value proposition-reliable, shared communications infrastructure-out to its customers. It's a multi-pronged approach, blending physical assets with sophisticated digital management tools. Honestly, for a company this size, the physical footprint is the star, but the digital layer is what keeps the revenue flowing smoothly.

Direct sales teams engaging major MNOs and cloud providers

The direct engagement channel relies on seasoned teams to secure and expand the most significant contracts. These teams work directly with the largest mobile network operators (MNOs) and the rapidly growing cloud providers who need access to AMT's physical assets. For instance, the three largest U.S. telecom firms-AT&T, T-Mobile, and Verizon-accounted for the bulk of American Tower Corporation's property segment revenue in the prior year. Richard Rossi, Executive Vice President and President of the U.S. Tower Division, has been integral to the development and implementation of strategic customer agreements, showing the high-level involvement in this channel. This direct sales effort is crucial for securing the large-scale, long-term lease agreements that form the backbone of the company's revenue stability.

Global network of physical tower sites in 22 countries

The core channel is the physical infrastructure itself, which American Tower Corporation deploys and manages across a massive global footprint. As of late 2025, the company offers solutions and services to deploy and support wireless networks in 22 countries across the Americas, Europe, Africa, and Asia. While the total global site count fluctuates, the international portfolio alone, as reported for the quarter ended September 30, 2025, stood at 106,982 communications sites. This physical density is what enables the core value proposition for wireless carriers needing to deploy 5G and other advanced technologies.

Here's a quick look at the geographic spread of the physical assets:

The company is actively shifting capital expenditure focus toward developed markets like the U.S. and Europe, aiming for mid-teens U.S. dollar yields there.

CoreSite data centers providing direct interconnection access

The CoreSite subsidiary acts as a specialized channel, focusing on high-density, interconnection-focused data center solutions, which is vital for cloud and AI workloads. This segment provides direct access to cloud on-ramps, addressing the critical need for connectivity in hybrid IT environments. As of the third quarter of 2025, the CoreSite business was experiencing exceptional performance, with property revenue growth over 13% year-over-year in Q2 2025. The platform offers 255.8 megawatts of power capacity across 3.67 million net rentable square feet. Furthermore, the focus on interconnection is evident in the metric of 39,250 cross-connects, which saw a 4.9% year-over-year increase, showing customers are actively using this low-latency channel.

The strategic acquisitions, like the one in April 2025 to acquire the DE1 data center in Denver, are channel enhancements, adding three critical megawatts of capacity to secure a primary interconnection point in the Rocky Mountain region.

Online portals for managing tenant lease agreements and services

To manage the massive volume of tenants efficiently, American Tower Corporation uses online portals for lease management and service requests. This digital channel supports the physical assets by streamlining administrative and operational interactions. The effectiveness of this digital layer is reflected in the growth of the services business, which is directly tied to tenant activity. For example, in the U.S. services business during Q2 2025, total application volumes increased more than 50% year-over-year, indicating heavy usage of the digital tools for requesting tower modifications and services. Management reaffirmed the full-year consolidated organic tenant billings growth outlook for 2025 at approximately 5%, a figure heavily reliant on the smooth processing of these tenant interactions.

Key indicators of tenant activity channeled through these systems include:

• U.S. Services Gross Margin growth of 140% year-over-year in Q1 2025.
• U.S. Services business recording its highest revenue and gross profit since 2021.
• Overall consolidated organic tenant billings growth expectation of approximately 5% for 2025.

If onboarding takes 14+ days, churn risk rises.

American Tower Corporation (AMT) - Canvas Business Model: Customer Segments

You're looking at the core of American Tower Corporation's value capture, which is fundamentally about providing critical, long-term real estate for connectivity across the globe. The customer base is diversified across wireless, data center, and other enterprise needs, which helps smooth out any single sector's volatility.

As of late 2025, American Tower Corporation owned and operated approximately 148,371 towers globally, following Q3 2025 results. The U.S. & Canada segment held 41,821 towers, representing 28 percent of the total tower portfolio, while the international portfolio comprised 106,982 sites. The company reaffirmed its full-year 2025 organic tenant billings growth guidance at approximately 5 percent.

Major Mobile Network Operators (MNOs) and International Telecom Operators

The primary customers are wireless carriers who need space on American Tower Corporation's multitenant communications sites for their equipment. In the U.S. & Canada, the top customers driving demand, especially for midband spectrum upgrades and network densification, include T-Mobile, AT&T, and Verizon. The U.S. & Canada region was expected to see organic growth greater than or equal to 4.3 percent in 2025 (or 5.3 percent when excluding Sprint churn). Internationally, the demand is robust, with organic growth expected to reach 6 percent for the full year 2025.

The international segment serves a wide array of major telecom operators, reflecting American Tower Corporation's global footprint across Latin America, Europe, Africa, and Asia-Pacific.

Key international tenants mentioned include:

• Telefónica
• Airtel
• MTN
• Vodafone
• Orange
• AMX
• TIM
• Millicom
• Entel

Cloud and Hyperscale Providers Utilizing CoreSite Data Centers

American Tower Corporation's Data Centers segment, operating under the CoreSite brand, targets customers needing high-performance, interconnected digital ecosystems. This segment delivered double-digit growth in Q2 2025 and was projected for approximately 13 percent growth for the full year 2025. CoreSite property revenue in Q3 2025 was over $267 million, up over 14 percent year-over-year.

The customer strategy here is focused on supporting hybrid IT, with 98 percent of surveyed IT leaders implementing or planning a mix of public/private cloud, on-premises, and colocation services. CoreSite addresses a critical connectivity gap, as only 19 percent of surveyed colocation providers offer the necessary interconnection services.

CoreSite's infrastructure supports these high-value customers:

• AI Workloads: Moving increasing volumes of generative AI applications and recommendation systems to colocation.
• Cloud Onramps: Providing direct connections to major public cloud providers like AWS Direct Connect, Azure ExpressRoute, and Google Cloud Interconnect.
• Capacity: As of Q3 2025, CoreSite had about 296 MW of power available for future development and about 42 MW under construction.

Broadcast and Radio Companies, and Government and Public Safety Entities

American Tower Corporation's primary business involves leasing space on its multitenant communications sites to a variety of tenants beyond just wireless carriers. This includes radio and television broadcast companies leasing tower space for their transmission equipment. Furthermore, government agencies and municipalities are also customers, utilizing the infrastructure for public safety networks. These segments contribute to the overall property revenue, which for Q2 2025 was $2.53 billion. The company employs 4,691 people in fiscal year 2025 to manage this diverse portfolio.

American Tower Corporation (AMT) - Canvas Business Model: Cost Structure

American Tower Corporation's cost base is heavily weighted toward fixed, long-term obligations tied to the real estate assets themselves. These costs are the bedrock of the operating model, underpinning the revenue stream.

The high fixed costs include ground rent, property taxes, and insurance across the global portfolio. For instance, in the first three months of 2025, operating lease costs were reported at $273.2 million, and variable lease costs, which primarily include property tax paid on behalf of the landlord, totaled $86.3 million for the same period.

Capital deployment is a major cost driver, focused on both growth and upkeep. For the full year 2025, American Tower Corporation projected total capital expenditures to be approximately $1.7 billion.

This capital spending is segmented into growth and maintenance. During the third quarter of 2025, non-discretionary capital for maintenance and corporate purposes was $54 million.

You see the scale of the balance sheet commitments reflected in the debt load, which directly translates to interest expense. Here's a look at the key financial figures underpinning these costs as of mid-to-late 2025:

Operating expenses also include costs for site maintenance, utilities, and power/fuel, although American Tower Corporation often notes that expense reimbursement from tenants mitigates the economic impact of fluctuations in power and fuel costs.

The cost structure is heavily influenced by financing costs due to the substantial debt required to acquire and build assets. The interest expense on this debt is a non-negotiable outflow. The company maintained a conservative debt profile with 93% fixed-rate debt as of Q2 2025, which helps manage interest rate risk on a large portion of the $37,485 million total debt.

The structure of these costs drives the need for high recurring revenue, which is why American Tower Corporation focuses on long-term leasing contracts. The primary cost drivers are:

• Ground Rent and Property Taxes: Fixed costs tied to the land leases.
• Capital Expenditures: Significant outlay for new tower builds and data center expansion.
• Interest Expense: Driven by the $35.4 billion net debt position.
• Site Operations: Utilities and maintenance for physical assets.

Finance: draft 13-week cash view by Friday.

American Tower Corporation (AMT) - Canvas Business Model: Revenue Streams

You're looking at the core ways American Tower Corporation brings in cash as of late 2025. It's all about the recurring nature of infrastructure contracts, which is what makes this business model so compelling for long-term investors.

The primary engine is the leasing of space on their global tower portfolio. This revenue is highly predictable, supported by long-term contracts with major wireless carriers who need to expand their networks for 5G and future capacity.

The recurring nature of the revenue is enhanced by built-in mechanisms that increase cash flow over time, plus the addition of new tenants and upgrades to existing sites.

Recurring Revenue Drivers:

• Contractual rent escalations built into tower leases.
• New tenant additions (colocations) on existing towers.
• Organic tenant billings growth forecast for 2025 at approximately 5%.

American Tower Corporation also generates revenue from services, which reflects the active work being done on their assets to support customer needs. This is distinct from the base rent.

Services Revenue Activity:

You saw the U.S. services business post a near-record quarter in Q2 2025, driven heavily by construction services. This speaks directly to the revenue from site upgrades and network densification efforts by carriers investing in their networks.

• Total application volumes in the U.S. increased more than 50% year-over-year in Q2 2025.
• CoreSite data center services saw a 4.9% year-over-year increase in interconnections as of early 2025.

Regarding fiber assets, the strategy has clearly shifted toward divestiture in certain regions, focusing on higher-quality, core tower and data center earnings. For instance, the South Africa Fiber business was sold, with a gain of $53.6 million recognized in Q1 2025. Still, the CoreSite footprint represents a highly interconnected urban telecommunications asset base, which supports data center revenue and interconnection fees.

If you look at the Q2 2025 results, total revenue was $2.627 billion, with property revenue at $2.527 billion, showing that the remaining portion is services and other revenue. That difference, roughly $100 million in that quarter, is where those services and other non-lease revenues sit. Finance: draft 13-week cash view by Friday.