Operating Expenses
Lease Costs
American Tower Lease Costs decreased by 1.8% to $664.80M in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 10.9%, from $599.60M to $664.80M. Over 4 years (FY 2021 to FY 2025), Lease Costs shows relatively stable performance with a -0.1% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementIncome Statement
SectionOperating Expenses
CategoryEfficiency
SignalLower is better
VolatilityModerate
First reportedQ1 2019
Last reportedQ3 2025
How to read this metric
Rising costs relative to revenue may indicate operational inefficiencies or aging assets requiring higher maintenance spend.
Detailed definition
These are the direct operating expenses incurred to maintain and manage leased properties, including property taxes, ins...
Peer comparison
Comparable to property operating expenses (OpEx) reported by other industrial REITs.
Metric ID:
is_wfc_lease_costsHistorical Data
20 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $623.30M | $693.40M | $705.30M | $771.50M | $794.00M | $808.80M | $782.10M | $787.00M | $810.10M | $803.30M | $800.10M | $774.40M | $799.90M | $626.90M | $280.60M | $599.60M | $640.60M | $657.00M | $676.90M | $664.80M |
| QoQ Change | — | +11.2% | +1.7% | +9.4% | +2.9% | +1.9% | -3.3% | +0.6% | +2.9% | -0.8% | -0.4% | -3.2% | +3.3% | -21.6% | -55.2% | +113.7% | +6.8% | +2.6% | +3.0% | -1.8% |
| YoY Change | — | — | — | — | +27.4% | +16.6% | +10.9% | +2.0% | +2.0% | -0.7% | +2.3% | -1.6% | -1.3% | -22.0% | -64.9% | -22.6% | -19.9% | +4.8% | +141.2% | +10.9% |
Range$280.60M – $810.10M
CAGR+1.4%
Avg YoY Growth+5.3%
Median YoY Growth+2.0%
Lease Costs at Other Companies
Frequently Asked Questions
- What is American Tower's lease costs?
- American Tower (AMT) reported lease costs of $664.80M in Q1 2026.
- How has American Tower's lease costs changed year-over-year?
- American Tower's lease costs increased by 10.9% year-over-year, from $599.60M to $664.80M.
- What is the long-term trend for American Tower's lease costs?
- Over 4 years (2021 to 2025), American Tower's lease costs has grown at a -0.1% compound annual growth rate (CAGR), from $2.59B to $2.57B.
- What does lease costs mean?
- The total costs required to operate and maintain the company's leased properties.