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AMERICAN TOWER® CORPORATION Contact : Igor Khislavsky Vice President , Investor Relations Telephone : ( 617 ) 375-7500 AMERICAN TOWER CORPORATION REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS CONSOLIDATED HIGHLIGHTS First Quarter 2021 • Total revenue increased 8.3 % to $ 2,159 million Property revenue increased 7.9 % to $ 2,130 million Net income increased 55.8 % to $ 652 million Adjusted EBITDA increased 13.3 % to $ 1,440 million Consolidated AFFO increased 23.8 % to $ 1,123 million Boston , Massachusetts - April 29 , 2021 : American Tower Corporation ( NYSE : AMT ) today reported financial results for the quarter ended March 31 , 2021 . Tom Bartlett , American Tower's Chief Executive Officer , stated , " We began 2021 by entering into the Telxius Towers transaction , which we expect to be transformational for our European business . Our global teams followed that by delivering a strong quarter , highlighted by elevated demand for our sites , the construction of nearly 2,000 new towers and highly attractive growth in Consolidated AFFO per Share . Looking forward , in the U.S. , we expect that the gathering 5G momentum will enable us to leverage our extensive site portfolio and mutually beneficial relationships with key tenants to drive sustainable , predictable , recurring long - term growth in cash flows . Internationally , large multinational carriers are aggressively investing in their wireless networks to keep pace with rapidly growing mobile data usage as smartphone penetration accelerates and network technologies advance . On a global basis , we believe we are optimally positioned to drive strong growth and compelling total returns for years to come while helping connect billions of people . " CONSOLIDATED OPERATING RESULTS OVERVIEW American Tower generated the following operating results for the quarter ended March 31 , 2021 ( all comparative information is presented against the quarter ended March 31 , 2020 ) . ( $ in millions , except per share amounts . ) Total revenue .. Total property revenue . Total Tenant Billings Growth . Organic Tenant Billings Growth Property Gross Margin . Property Gross Margin % . Net income ( 1 ) Q1 2021 Growth Rate 2,159 8.3 % $ 2,130 7.9 % $ 124 7.8 % $ 64 4.1 % $ 1,566 9.6 % 73.6 % $ 652 55.8 % Net income attributable to AMT common stockholders ( 1 ) $ 645 55.4 % Net income attributable to AMT common stockholders per diluted share ( ¹ ) . $ 1.45 55.9 % Adjusted EBITDA $ 1,440 13.3 % Adjusted EBITDA Margin % . 66.7 % Nareit Funds From Operations ( FFO ) attributable to AMT common stockholders $ 1,105 34.9 % Consolidated AFFO ( 2 ) . $ 1,123 23.8 % Consolidated AFFO per Share ( 2 ) . $ 2.52 24.1 % AFFO attributable to AMT common stockholders . $ 1,100 16.3 % AFFO attributable to AMT common stockholders per Share . $ 2.46 16.0 % Cash provided by operating activities . Less : total cash capital expenditures ( 3 ) . $ 1,093 $ 335 36.6 % 48.6 % Free Cash Flow $ 758 31.9 % ( 1 ) Q1 2021 growth rates positively impacted by approximately $ 95 million of foreign currency gains in the current period as compared to foreign currency losses of approximately $ 66 million in the prior - year period . ( 2 ) ( 3 ) Q1 2021 growth rates positively impacted by a one - time cash interest charge of approximately $ 63 million related to a payment in Q1 2020 to acquire MTN Group Limited's ( " MTN " ) redeemable noncontrolling interests in each of the Company's joint ventures in Ghana and Uganda . Q1 2021 cash capital expenditures include $ 10.9 million of finance lease and perpetual land easement payment reported in cash flows from financing activities in the condensed consolidated statements of cash flows .