The following table details the number of communications sites, excluding managed sites, that we owned or operated as of September 30, 2017:
Owned DAS Sites
Latin America total
Approximately 95% of the operated towers are held pursuant to long-term capital leases, including those subject to purchase options.
In Argentina, we also own or operate urban telecommunications assets, fiber and the rights to utilize certain existing utility infrastructure for future telecommunications equipment installation.
We operate in five reportable segments: U.S. property, Asia property, EMEA property, Latin America property and services. In evaluating operating performance in each business segment, management uses, among other factors, segment gross margin and segment operating profit (see note 14 to our consolidated and condensed consolidated financial statements included in this Quarterly Report on Form 10-Q).
In the section that follows, we provide information regarding management’s expectations of long-term drivers of demand for our communications sites, as well as our current results of operations, financial position and sources and uses of liquidity. In addition, we highlight key trends, which management believes provide valuable insight into our operating and financial resource allocation decisions.
Revenue Growth. The primary factors affecting the revenue growth in our property segments are:
•Growth in tenant billings, including:
New revenue attributable to leases in place on day one on sites acquired or constructed since the beginning of the prior-year period;
New revenue attributable to leasing additional space on our sites (“colocations”) and lease amendments; and
Contractual rent escalations on existing tenant leases, net of churn (as defined below).