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Item 7. Management’s Discussion and Analysis

2025-02-25 compared with 2024-02-27 · 443 added, 296 removed, 552 unchanged (57% of the section changed)

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This discussion should be read in conjunction with our consolidated financial statements included in this Annual Report and the accompanying notes, and the information set forth under the caption “Critical Accounting Policies and Estimates” below.

We report our results in seven segments – U.S.

& Canada property (which includes all assets in the United States and Canada, other than our data center facilities and related assets), Asia-Pacific property, Africa property, Europe property, Latin America property, Data Centers and Services.

During the year ended December 31, 2024, we completed the sale of ATC TIPL.

The divestiture qualified for presentation as discontinued operations.

See Note 22 for further discussion.

Prior to the divestiture and classification as discontinued operations, ATC TIPL’s operating results were included within the Asia-Pacific property segment.

Historical financial information included in Management’s Discussion and Analysis of Financial Condition and Results of Operations has been adjusted to reflect the operating results of ATC TIPL as discontinued operations for all periods presented.

During the year ended December 31, 2024, we also completed the sales of ATC Australia and ATC New Zealand.

The divestitures did not qualify for presentation as discontinued operations.

During the fourth quarter of 2024, following recent divestitures, including the ATC TIPL Transaction, and changes to our organizational structure, we reviewed and changed our reportable segments.

Our APAC property segment and our Africa property segment were combined into the Africa & APAC property segment.

As a result, we now report our results in six segments:

& Canada property (which includes all assets in the United States and Canada, other than our data center facilities and related assets), Africa & APAC property, Europe property, Latin America property, Data Centers and Services.

In evaluating financial performance in each business segment, management uses, among other factors, segment gross margin and segment operating profit (see note 20 to our consolidated financial statements included in this Annual Report).

Historical financial information included in Management’s Discussion and Analysis of Financial Condition and Results of Operations has been adjusted to reflect the change in reportable segments.

Executive Overview

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We refer to the business encompassing the above as our property operations, which accounted for 98% of our total revenues for the year ended December 31, 2024 and includes our U.S.

& Canada property, Asia-Pacific property, Africa property, Europe property and Latin America property segments and Data Centers segment.

& Canada property, Africa & APAC property, Europe property and Latin America property segments and Data Centers segment.

We also offer tower-related services in the United States, including site application, zoning and permitting, structural and mount analyses, and construction management, which primarily support our site leasing business, including the addition of new tenants and equipment on our sites.

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& Canada total 26,809 14,979 434

Asia-Pacific:

Africa & APAC:

Bangladesh 900 — —

India (3) 75,950 — 763

Philippines 355 — —

Asia-Pacific total 76,884 — 763

Burkina Faso 733 — —

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Nigeria 9,079 — —

Philippines 373 — —

South Africa 2,517 — —

Uganda 4,302 — 25

Africa total 24,160 — 69

Africa & APAC total

France 4,189 303 9

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(1) Approximately 98% of the operated towers are held pursuant to long-term finance leases, including those subject to purchase options.

(2) We also control land under carrier or other third-party communications sites in Australia and New Zealand, which provide recurring cash flows through tenant leasing arrangements.

(3) As further discussed below, in January 2024, we entered into the Pending ATC TIPL Transaction.

(4) During the year ended December 31, 2023, we completed the sale of our subsidiary in Poland.

As of December 31, 2024, our property portfolio included 29 operating data center facilities across ten markets in the United States that collectively comprise approximately 3.3 million NRSF of data center space, as detailed below:

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Orlando, FL 1 104

Miami, FL 2 115

Atlanta, GA 2 95

Miami, FL 2 89

Denver, CO 2 38

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(1) Excludes approximately 0.4 million of office and light-industrial NRSF acquired as part of the CoreSite Acquisition.

(1) Excludes approximately 0.4 million of office and light-industrial NRSF.

In most of our markets, our tenant leases for our communications sites with wireless carriers generally have initial non-cancellable terms of five to ten years with multiple renewal terms.

Accordingly, the vast majority of the revenue generated by our property operations during the year ended December 31, 2023 was recurring revenue that we should continue to receive in future periods.

Most of our tenant leases for our communications sites have provisions that periodically increase or “escalate” the rent due under the lease, typically based on (a) an annual fixed escalation (averaging approximately 3% in the United States) or (b) an inflationary index in most of our international markets, or a combination of both.

Accordingly, the vast majority of the revenue generated by our property operations during the year ended December 31, 2024 was recurring revenue that we should continue to receive in

future periods.

Most of our tenant leases for our communications sites have provisions that periodically increase or “escalate” the rent due under the lease, typically based on (a) an annual fixed escalation (averaging approximately 3% in the United States), (b) an inflationary index in most of our international markets, or (c) a combination of both.

In addition, certain of our tenant leases provide for additional revenue primarily to cover costs, such as ground rent or power and fuel costs.

Based upon existing customer leases and foreign currency exchange rates as of December 31, 2023, we expect to generate over $60 billion of non-cancellable customer lease revenue over future periods, before the impact of straight-line lease accounting.

Following the rulings by the Supreme Court of India regarding carriers’ obligations for the AGR fees and charges prescribed by the court, we have experienced variability and a level of uncertainty in collections in India.

As further discussed in Item 1A of this Annual Report under the caption “Risk Factors—A substantial portion of our current and projected revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers,” in the third quarter of 2022, one of our largest customers in India, VIL, communicated that it would make partial payments.

We recorded reserves in late 2022 and the first half of 2023 for the VIL Shortfall.

In the second half of 2023, VIL began making payments in full of its monthly contractual obligations owed to us.

In February 2023, and as amended in August 2023, VIL issued the VIL OCDs, which are (a) to be repaid by VIL with interest, or (b) convertible into equity of VI L.

If converted, such equity shall be free to trade in the open market beginning on the one year anniversary of the date of issuance of the VIL OCDs.

The VIL OCDs were issued for an aggregate face value of 16.0 billion Indian Rupees (“INR”) (approximately $193.2 million on the date of issuance) and will mature on August 27, 2024.

The fair value of the VIL OCDs at issuance was approximately $116.5 million.

We considered these developments and the uncertainty with respect to amounts owed under our tenant leases when conducting our 2022 annual impairment assessments for long-lived assets and goodwill in India, and, as a result, we determined that certain fixed and intangible assets had been impaired during the year ended December 31, 2022, which resulted in an impairment charge of $508.6 million.

Additionally, in 2023, we initiated a strategic review of our India business, where we evaluated the appropriate level of exposure to the India market within our global portfolio of communications assets, and assessed opportunities to repurpose capital to drive long-term shareholder value and sustained growth.

The strategic review concluded in January 2024 with our signed agreement with DIT for the Pending ATC TIPL Transaction.

During the process, and based on information gathered therein, we updated our estimate on the fair value of the India reporting unit and determined that the carrying value exceeded fair value.

As a result, we recorded a goodwill impairment charge of $322.0 million for the quarter ended September 30, 2023.

On January 4, 2024, we entered into an agreement with DIT for the Pending ATC TIPL Transaction, pursuant to which DIT will acquire a 100% ownership interest in ATC TIPL.

We will retain the full economic benefit associated with the VIL OCDs and rights to payments on certain existing customer receivables.

Total aggregate consideration would potentially represent up to approximately 210 billion INR (approximately $2.5 billion), including the value of the VIL OCDs, payments on certain existing customer receivables, the repayment of existing intercompany debt and the repayment, or assumption, of our existing term loan in India, by DIT.

The Pending ATC TIPL Transaction is expected to close in the second half of 2024, subject to customary closing conditions, including government and regulatory approval.

We will continue to evaluate the carrying value of our Indian assets, which may result in the realization of additional impairment expense or other similar charges.

For more information on impairments in India, please see the information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” included in this Annual Report.

Based upon existing customer leases and foreign currency exchange rates as of December 31, 2024, we expect to generate nearly $54 billion of non-cancellable customer lease revenue over future periods, before the impact of straight-line lease accounting.

In 2023, we initiated a strategic review of our India business, as further discussed below under “Results of Operations—Loss from Discontinued Operations, Net of Taxes.” The strategic review concluded in January 2024 with the signed agreement for the ATC TIPL Transaction.

The ATC TIPL Transaction received all government and regulatory approvals during the three months ended September 30, 2024.

On September 12, 2024, we completed the ATC TIPL Transaction and received total consideration of 182 billion INR (approximately $2.2 billion).

ATC TIPL’s operating results are presented as discontinued operations.

See discussion below and Note 22 for further discussion.

The revenues generated by our property operations may be affected by cancellations of existing tenant leases.

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These technologies may create new and complementary use cases for our communications real estate over time, although these use cases are currently in nascent stages.

• Continued data growth and emerging high-performance, latency-sensitive applications will drive an increased need for reliable, secure and interconnected data center solutions.

• Continued data growth, including through increased use of artificial intelligence, and emerging high-performance, latency-sensitive applications will drive an increased need for reliable, secure and interconnected data center solutions.

We believe these trends will result in incremental utilization and interconnection demand at our data center facilities.

As part of our international expansion initiatives, we have targeted markets in various stages of network development to diversify our international exposure and position us to benefit from a number of different wireless technology deployments over the long term.

In addition, we have focused on building relationships with large multinational carriers to increase the opportunities for growth or mutually beneficial transactional opportunities across common markets.

We believe that consistent carrier network investments across our international markets will, over the long term, position us to generate meaningful organic revenue growth going forward.

In emerging markets, such as Bangladesh, Burkina Faso, Ghana, India, Kenya, Niger, Nigeria, the Philippines and Uganda, wireless networks tend to be significantly less advanced than those in the United States, and initial voice networks continue to be deployed in certain underdeveloped areas.

In emerging markets, such as Bangladesh, Burkina Faso, Ghana, Kenya, Niger, Nigeria, the Philippines and Uganda, wireless networks tend to be significantly less advanced than those in the United States, and initial voice networks continue to be deployed in certain underdeveloped areas.

A majority of consumers in these markets still utilize basic wireless services and advanced device penetration remains low.

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Carriers are focused on completing voice network build-outs while increasing investments in data networks as mobile data usage and smartphone penetration within their customer bases begin to accelerate.

In markets with rapidly evolving network technology, such as South Africa and most of the countries in Latin America where we do business, initial voice networks, for the most part, have already been built out, and carriers are increasingly focused on the early stages of 5G network deployments.

the early stages of 5G network deployments.

Consumers in these regions are increasingly adopting smartphones and other advanced devices, in particular as lower cost smartphones become increasingly available.

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Smartphone penetration and wireless data usage in these markets are advancing rapidly, which typically requires that carriers continue to invest in their networks to maintain and augment their quality of service.

Finally, in markets with more mature network technology, such as Australia, Canada, Germany, France, New Zealand and Spain, carriers are focused on deploying 5G data networks to account for rapidly increasing wireless data usage among their customer base.

Finally, in markets with more mature network technology, such as Canada, Germany, France and Spain, carriers are focused on deploying 5G data networks to account for rapidly increasing wireless data usage among their customer base.

We believe that the network technology migration we have seen in the United States, which has led to significantly denser networks and meaningful new business commencements for us over a number of years, will be replicated in our international markets over time.

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Certain of those master lease agreements are comprehensive in nature and further build and augment strong strategic partnerships with our tenants while significantly reducing colocation cycle times, thereby providing our tenants with the ability to rapidly and efficiently deploy equipment on our sites.

Demand for our communications infrastructure assets could be negatively impacted by a number of factors, including an increase in network sharing or consolidation among our customers, as set forth in Item 1A of this Annual Report under the captions “Risk Factors—If our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected” and “Risk Factors—A substantial portion of our revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers.” In addition, the emergence and growth of new technologies could reduce demand for our sites, as set forth under the caption “Risk Factors—New technologies or changes,or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results.” Further, our customers may be subject to new regulatory policies from time to time that materially and adversely affect the demand for our communications infrastructure assets.

Demand for our communications infrastructure assets could be negatively impacted by a number of factors, including an increase in network sharing or consolidation among our customers and financial difficulties for our customers, as set forth in Item 1A of this Annual Report under the captions “Risk Factors—If our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected” and “Risk Factors—A substantial portion of our current and projected future revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers.” In addition, the emergence and growth of new technologies could reduce demand for our sites, as set forth under the caption “Risk Factors—New technologies or changes, or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results.” Further, our customers may be subject to new regulatory policies from time to time that materially and adversely affect the demand for our communications infrastructure assets.

Property Operations New Site Revenue Growth.

During the year ended December 31, 2024, we grew our portfolio of communications real estate through the acquisition and construction of approximately 2,450 communications sites globally.

In a majority of our Asia-Pacific, Africa, Europe and Latin America markets, the revenue generated from newly acquired or constructed sites resulted in increases in both tenant and pass-through revenues (such as ground rent or power and fuel costs) and expenses.

In a majority of our Africa & APAC, Europe and Latin America markets, the revenue generated from newly acquired or constructed sites resulted in increases in both tenant and pass-through revenues (such as ground rent or power and fuel costs) and expenses.

We continue to evaluate opportunities to acquire communications real estate portfolios, both domestically and internationally, to determine whether they meet our risk-adjusted hurdle rates and whether we believe we can effectively integrate them into our existing portfolio.

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& Canada 15 20 55

Asia-Pacific 975 4,640 3,780

Africa 1,590 1,680 2,355

Africa & APAC (1)

1,660 1,700 2,285

Europe 590 555 690

Latin America 185 215 340

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(1) For the years ended December 31, 2024, 2023 and 2022, excludes approximately 90, 865, and 4,035 new sites in India, respectively.

Property Operations Expenses.

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Non-GAAP Financial Measures

Included in our analysis of our results of operations are discussions regarding earnings before interest, taxes, depreciation, amortization and accretion, as adjusted (“Adjusted EBITDA”), Funds From Operations, as defined by the National Association of Real Estate Investment Trusts (“Nareit FFO”) attributable to American Tower Corporation common stockholders, Consolidated Adjusted Funds From Operations (“Consolidated AFFO”) and AFFO attributable to American Tower Corporation common stockholders.

Included in our analysis of our results of operations are discussions regarding earnings before interest, taxes, depreciation, amortization and accretion, as adjusted (“Adjusted EBITDA”), Funds From Operations, as defined by the National Association of Real Estate Investment Trusts (“Nareit FFO”) attributable to American Tower Corporation common stockholders, Adjusted Funds From Operations (“AFFO”) attributable to American Tower Corporation common stockholders (“AFFO attributable to American Tower Corporation common stockholders”) and Segment gross margin.

We define Adjusted EBITDA as Net income before Income (loss) from equity method investments;

Income (loss) from discontinued operations, net of taxes;

Income tax benefit (provision);

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and stock-based compensation expense.

Nareit FFO attributable to American Tower Corporation common stockholders is defined as net income before gains or losses from the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion less dividends to noncontrolling interests, and including adjustments for (i) unconsolidated affiliates and (ii) noncontrolling interests.

Nareit FFO attributable to American Tower Corporation common stockholders is defined as net income before gains or losses from the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and discontinued operations.

In this section, we refer to Nareit FFO attributable to American Tower Corporation common stockholders as “Nareit FFO (common stockholders).”

We define Consolidated AFFO as Nareit FFO (common stockholders) before (i) straight-line revenue and expense;

We define AFFO attributable to American Tower Corporation common stockholders as Nareit FFO (common stockholders) before (i) straight-line revenue and expense;

(ii) stock-based compensation expense;

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(vii) gain (loss) on retirement of long-term obligations;

(viii) other operating income (expense);

and adjustments for (ix) unconsolidated affiliates and (x) noncontrolling interests, less cash payments related to capital improvements and cash payments related to corporate capital expenditures.

We define AFFO attributable to American Tower Corporation common stockholders as Consolidated AFFO, excluding the impact of noncontrolling interests on both Nareit FFO (common stockholders) and the other adjustments included in the calculation of Consolidated AFFO.

and (viii) other operating income (expense);

less cash payments related to capital improvements and cash payments related to corporate capital expenditures and including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations, which includes the impact of noncontrolling interests and discontinued operations on both Nareit FFO and the corresponding adjustments included in AFFO.

In this section, we refer to AFFO attributable to American Tower Corporation common stockholders as “AFFO (common stockholders).”

Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO and AFFO (common stockholders) are not intended to replace net income or any other performance measures determined in accordance with GAAP.

None of Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO or AFFO (common stockholders) represents cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities, as a measure of liquidity or a measure of funds available to fund our cash needs, including our ability to make cash distributions.

Rather, Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO and AFFO (common stockholders) are presented as we believe each is a useful indicator of our current operating performance.

We define Segment gross margin as segment revenue less segment operating expenses, excluding depreciation, amortization and accretion;

selling, general, administrative and development expense;

and other operating expenses.

Adjusted EBITDA, Nareit FFO (common stockholders), AFFO (common stockholders) and Segment gross margin are not intended to replace net income or any other performance measures determined in accordance with GAAP.

None of Adjusted EBITDA, Nareit FFO (common stockholders), AFFO (common stockholders) or Segment gross margin represents cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities, as a measure of liquidity or a measure of funds available to fund our cash needs, including our ability to make cash distributions.

Rather, Adjusted EBITDA, Nareit FFO (common stockholders), AFFO (common stockholders) and Segment gross margin are presented as we believe each is a useful indicator of our current operating performance.

We believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for decision making purposes and for evaluating our operating segments’ performance;

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(3) Adjusted EBITDA is widely used in the telecommunications real estate sector to measure operating performance as depreciation, amortization and accretion may vary significantly among companies depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved;

(4) Consolidated AFFO and AFFO (common stockholders) are widely used in the telecommunications real estate sector to adjust Nareit FFO (common stockholders) for items that may otherwise cause material fluctuations in Nareit FFO (common stockholders) growth from period to period that would not be representative of the underlying performance of property assets in those periods;

(5) each provides investors with a meaningful measure for evaluating our period-to-period operating performance by eliminating items that are not operational in nature;

(4) AFFO (common stockholders) is widely used in the telecommunications real estate sector to adjust Nareit FFO (common stockholders) for items that may otherwise cause material fluctuations in Nareit FFO (common stockholders) growth from period to period that would not be representative of the underlying performance of property assets in those periods;

(5) Segment gross margin provides valuable insight into the site-level profitability of our assets (6) each provides investors with a meaningful measure for evaluating our period-to-period operating performance by eliminating items that are not operational in nature;

and (7) each provides investors with a measure for comparing our results of operations to those of other companies, particularly those in our industry.

Our measurement of Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO and AFFO (common stockholders) may not, however, be fully comparable to similarly titled measures used by other companies.

Reconciliations of Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO and AFFO (common stockholders) to net income, the most directly comparable GAAP measure, have been included below.

Our measurement of Adjusted EBITDA, Nareit FFO (common stockholders), AFFO (common stockholders) and Segment gross margin may not, however, be fully comparable to similarly titled measures used by other companies.

Reconciliations of Adjusted EBITDA, Nareit FFO (common stockholders) and AFFO (common stockholders) to net income and Segment gross margin to gross margin, the most directly comparable GAAP measures, have been included below.

Results of Operations

Year Ended December 31, 2022 Compared to Year Ended December 31, 2021

For a discussion of our 2022 Results of Operations, including a discussion of our financial results for the fiscal year ended December 31, 2022 compared to the fiscal year ended December 31, 2021, refer to Part I, Item 7 of our annual report on Form 10-K filed with the SEC on February 23, 2023 (the “2022 Form 10-K”).

Years Ended December 31, 2024, 2023 and 2022

(in millions, except percentages)

Year Ended December 31, Percent Change 2023 vs 2022

Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022

2024 2023 2022

& Canada $ 5,248.1 $ 5,216.2 $ 5,006.3 1 % 4 %

Asia-Pacific 1,150.8 1,077.0 7

Africa 1,225.6 1,192.5 3

Africa & APAC (1) 1,208.0 1,244.4 1,203.8 (3) 3

Europe 834.7 775.6 735.7 8 5

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Total revenues $ 10,127.2 $ 10,012.2 $ 9,645.4 1 % 4 %

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(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.

See Note 22 for further discussion.

Year ended December 31, 2024

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◦ $49.1 million resulting from contractual escalations, net of churn;

◦ Partially offset by a decrease of $13.2 million from other tenant billings;

• Partially offset by a decrease of $184.1 million in other revenue, which includes a $162.7 million decrease due to straight-line accounting and a decrease due to equipment removal and other fees received in the prior year period.

Segment revenue growth was partially offset by the negative impact of foreign currency translation related to fluctuations in Canadian Dollar (“CAD”).

Africa & APAC property segment revenue decrease of $36.4 million was attributable to:

• A decrease of $157.3 million attributable to the negative impact of foreign currency translation related which included, among others, negative impacts of $131.4 million related to fluctuations in Nigerian Naira (“NGN”), $29.3 million related to fluctuations in Ghanaian Cedi (“GHS”), $1.9 million related to fluctuations in Ugandan Shilling, partially offset by positive impacts of $5.0 million related to fluctuations in Kenyan Shilling (“KES”);

• A decrease of $39.4 million in pass-through revenue, primarily due to a decrease in fuel costs;

• Partially offset by:

▪ a decrease of $8.5 million from other tenant billings;

▪ a decrease of $1.4 million generated from newly acquired or constructed sites, which includes the impact of the disposition in the second quarter of 2022 of certain operations acquired in connection with our acquisition of InSite Wireless Group, LLC;

• Partially offset by a decrease of $22.0 million in other revenue, which includes a $66.9 million decrease due to straight-line accounting, partially offset by equipment removal and other fees.

Segment revenue growth included a decrease of $0.6 million attributable to the negative impact of foreign currency translation related to fluctuations in Canadian Dollar.

Asia-Pacific property segment revenue growth of $73.8 million was attributable to:

• Tenant billings growth of $154.2 million, which was driven by:

◦ $51.7 million due to colocations and amendments;

◦ $49.3 million generated from sites acquired or constructed since the beginning of the prior-year period (“newly acquired or constructed sites”);

◦ $49.2 million resulting from contractual escalations, net of churn;

◦ $4.0 million from other tenant billings;

• An increase of $6.1 million in other revenue.

Europe property segment revenue growth of $59.1 million was attributable to:

• Tenant billings growth of $38.5 million, which was driven by:

◦ $20.4 million due to colocations and amendments;

◦ $11.3 million resulting from contractual escalations, net of churn;

◦ $8.0 million generated from newly acquired or constructed sites;

◦ Partially offset by a decrease of $1.2 million from other tenant billings;

• An increase of $14.3 million in pass-through revenue;

• An increase of $5.5 million in other revenue.

Segment revenue growth included an increase of $0.8 million, primarily attributable to the positive impact of foreign currency translation related to fluctuations in Euro (“EUR”).

Latin America property segment revenue decrease of $80.4 million was attributable to:

• A decrease of $79.9 million, attributable to the impact of foreign currency translation, which included, among others, negative impacts of $58.6 million related to fluctuations in Brazilian Real (“BRL”), $13.4 million related to fluctuations in Mexican Peso (“MXN”) and $13.1 million related to fluctuations in Chilean Peso (“CLP”), partially offset by positive impacts of $6.4 million related to fluctuations in Colombian Peso (“COP”);

• A decrease of $43.9 million in other revenue, primarily attributable to an increase in revenue reserves related to a customer in Colombia, a decrease in tenant settlements in Mexico and the sale of one of our subsidiaries in Mexico that held fiber assets (“Mexico Fiber”) in the prior year period, partially offset by the recognition of previously deferred revenue in Brazil;

• Partially offset by:

• Tenant billings growth of $28.9 million, which was driven by:

◦ $31.8 million due to colocations and amendments;

◦ $1.9 million generated from newly acquired or constructed sites;

◦ Partially offset by decreases of:

◦ $3.2 million from other tenant billings;

◦ Partially offset by a decrease of $8.9 million resulting from churn in excess of contractual escalations;

• An increase of $45.2 million in pass-through revenue, primarily due to a decrease in revenue reserves of $26.6 million as a result of reserves taken in the prior year period related to the VIL Shortfall (as discussed above);

• An increase of $34.6 million in other revenue, primarily due to a decrease in revenue reserves of $31.4 million as a result of reserves taken in the prior year period related to the VIL Shortfall.

Segment revenue decline included a decrease of $57.4 million primarily attributable to the negative impact of foreign currency translation related to fluctuations in INR.

Africa property segment revenue growth of $33.1 million was attributable to:

◦ $1.6 million from churn in excess of contractual escalations;

• An increase of $14.5 million in pass-through revenue.

Data Centers segment revenue growth of $90.1 million was attributable to:

• An increase of $56.9 million in rental, related and other revenue, primarily due to new lease commencements, customer expansions and rent increases upon customer renewals;

• An increase of $30.8 million in power revenue from new lease commencements, increased power consumption and pricing increases from existing customers;

• An increase of $11.9 million in interconnection revenue, primarily due to customer interconnection net additions and set-up fees;

• Partially offset by a decrease of $9.5 million in straight-line revenue.

Services segment revenue growth of $50.7 million was primarily attributable to an increase in construction management and structural and mount analyses services.

Year ended December 31, 2023

& Canada property segment revenue growth of $209.9 million was attributable to:

• Tenant billings growth of $232.5 million, which was driven by:

◦ $229.9 million due to colocations and amendments;

◦ $12.5 million resulting from contractual escalations, net of churn;

◦ Partially offset by:

◦ a decrease of $8.5 million from other tenant billings;

◦ a decrease of $1.4 million generated from newly acquired or constructed sites, which includes the impact of the disposition in the second quarter of 2022 of certain operations acquired in connection with our acquisition of InSite Wireless Group, LLC;

• Partially offset by a decrease of $22.0 million in other revenue, which includes a $66.9 million decrease due to straight-line accounting, partially offset by equipment removal and other fees.

Segment revenue growth included a decrease of $0.6 million attributable to the negative impact of foreign currency translation related to fluctuations in CAD.

Africa & APAC property segment revenue growth of $40.6 million was attributable to:

• Tenant billings growth of $147.9 million, which was driven by:

◦ $58.5 million due to colocations and amendments;

◦ $49.5 million generated from newly acquired or constructed sites;

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• An increase of $2.7 million in other revenue, primarily due to an increase from straight-line accounting, partially offset by an increase in revenue reserves.

Segment revenue growth included a decrease of $235.9 million attributable to the impact of foreign currency translation, which included, among others, negative impacts of $148.2 million related to fluctuations in Nigerian Naira, $45.4 million related to fluctuations in Ghanaian Cedi, $22.3 million related to fluctuations in Kenyan Shilling and $20.4 million related to fluctuations in South African Rand, partially offset by positive impacts of $2.0 million related to fluctuations in West African CFA Franc.

Segment revenue growth was partially offset by a decrease of $236.9 million attributable to the negative impact of foreign currency translation related which included, among others, negative impacts of $148.2 million related to fluctuations in NGN, $45.4 million related to fluctuations in GHS, $22.3 million related to fluctuations in KES and $20.4 million related to fluctuations in South African Rand.

Europe property segment revenue growth of $39.9 million was attributable to:

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• Partially offset by a decrease of $36.4 million in pass-through revenue, primarily due to a decrease in energy costs.

Segment revenue growth included an increase of $19.2 million, primarily attributable to the positive impact of foreign currency translation related to fluctuations in Euro (“EUR”).

Segment revenue growth included an increase of $19.2 million, primarily attributable to the positive impact of foreign currency translation related to fluctuations in EUR.

Latin America property segment revenue growth of $106.4 million was attributable to:

5 unchanged sentences

• An increase of $23.8 million in pass-through revenue, primarily attributable to increased pass-through ground rent costs in Brazil;

• Partially offset by a decrease of $74.0 million in other revenue, primarily attributable to the sale of one of our subsidiaries in Mexico that held fiber assets (“Mexico Fiber”) and a decrease in tenant settlements in Mexico.

Segment revenue growth included an increase of $98.6 million, attributable to the impact of foreign currency translation, which included, among others, positive impacts of $69.3 million related to fluctuations in Mexican Peso, $25.4 million related to fluctuations in Brazilian Real and $4.0 million related to fluctuations in Chilean Peso, partially offset by negative impacts of $1.9 million related to fluctuations in Colombian Peso.

• Partially offset by a decrease of $74.0 million in other revenue, primarily attributable to the sale of Mexico Fiber and a decrease in tenant settlements in Mexico.

Segment revenue growth included an increase of $98.6 million, attributable to the impact of foreign currency translation, which included, among others, positive impacts of $69.3 million related to fluctuations in MXN, $25.4 million related to fluctuations in BRL and $4.0 million related to fluctuations in CLP, partially offset by negative impacts of $1.9 million related to fluctuations in COP.

Data Centers segment revenue growth of $68.1 million was attributable to:

4 unchanged sentences

Services segment revenue decrease of $98.1 million was primarily attributable to a decrease in site application, zoning and permitting, structural and mount analyses services and construction management services.

Year Ended December 31, Percent Change 2023 vs 2022

Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022

2024 2023 2022

& Canada $ 4,377.2 $ 4,366.3 $ 4,160.9 0 % 5 %

Asia-Pacific 446.6 379.4 18

Africa 792.3 747.4 6

Africa & APAC (1) 827.5 806.0 755.7 3 7

Europe 525.3 476.1 416.1 10 14

3 unchanged sentences

Services 101.1 82.9 133.7 22 % (38) %

_______________

(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.

See Note 22 for further discussion.

Year ended December 31, 2024

• The increase in U.S.

& Canada property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $4.5 million.

• The increase in Asia-Pacific property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $43.7 million due to an increase in costs associated with pass-through revenue, including fuel costs.

& Canada property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $21.0 million, primarily attributable to impacts of straight-line accounting.

• The increase in Africa & APAC property segment gross margin was primarily attributable to a decrease in direct expenses of $12.9 million, primarily due to a decrease in costs associated with pass-through revenue, including fuel costs, partially offset by an increase in repair and maintenance spending.

The decrease in direct expenses was partially offset by the decrease in revenue described above.

Direct expenses also benefited by $45.0 million from the impact of foreign currency translation.

• The increase in Africa property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $91.1 million, primarily due to an increase in costs associated with pass-through revenue, including energy costs.

• The increase in Europe property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $9.6 million, primarily due to an increase in costs associated with pass-through revenue, including energy costs, an increase in land rent costs and an increase in repair and maintenance spending.

Direct expenses were also negatively impacted by $0.3 million from the impact of foreign currency translation.

• The decrease in Latin America property segment gross margin was primarily attributable to the decrease in revenue described above, partially offset by a decrease in direct expenses of $13.8 million, including a decrease due to the sale of Mexico Fiber in the prior year period, as well as land rent costs.

Direct expenses also benefited by $22.0 million from the impact of foreign currency translation.

• The increase in Data Centers segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $43.2 million, primarily due to an increase in costs associated with power revenue, including utility costs.

• The increase in Services segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $32.5 million.

Year ended December 31, 2023

• The increase in U.S.

& Canada property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $4.5 million.

• The increase in Africa & APAC property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $93.4 million, primarily due to an increase in costs associated with pass-through revenue, including energy costs.

Direct expenses also benefited by $103.1 million from the impact of foreign currency translation.

• The increase in Europe property segment gross margin was primarily attributable to the increase in revenue described above, and a decrease in direct expenses of $27.6 million, primarily due to a decrease in costs associated with pass-through revenue, including energy costs.

5 unchanged sentences

Selling, General, Administrative and Development Expense (“SG&A”)

Year Ended December 31, Percent Change 2023 vs 2022

Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022

2024 2023 2022

& Canada $ 161.1 $ 165.1 $ 183.2 (2) % (10) %

Asia-Pacific 42.1 69.1 (39)

Africa 79.3 80.0 (1)

Africa & APAC (1) 68.0 87.3 86.5 (22) 1

Europe 64.8 65.6 52.4 (1) 25

5 unchanged sentences

Total selling, general, administrative and development expense $ 933.4 $ 946.0 $ 902.1 (1) % 5 %

_______________

(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.

See Note 22 for further discussion.

Year Ended December 31, 2024

• The decrease in our U.S.

& Canada property segment SG&A was primarily driven by decreased personnel and related costs and lower canceled construction costs.

• The decrease in our Africa & APAC property segment SG&A was primarily driven by a benefit from the impact of foreign currency translation of $11.5 million and lower canceled construction costs, partially offset by a net increase in bad debt expense.

• The decrease in our Europe property segment SG&A was primarily driven by decreased professional services costs and decreased personnel and related costs.

• The increase in our Latin America property segment SG&A was primarily driven by a net increase in bad debt expense of $14.1 million, partially offset by decreased professional services costs, decreased personnel and related costs and a benefit from the impact of foreign currency translation.

• The increase in our Data Centers segment SG&A was primarily driven by increased personnel and related costs to support our business.

• The decrease in our Services segment SG&A was primarily driven by decreased personnel and related costs.

• The increase in other SG&A was primarily attributable to an increase in stock-based compensation expense and an increase in personnel and related costs to support our business, partially offset by a decrease in other corporate SG&A.

Year Ended December 31, 2023

• The decrease in our U.S.

& Canada property segment SG&A was primarily driven by decreased personnel and related costs.

• The decrease in our Asia-Pacific property segment SG&A was primarily driven by a net decrease in bad debt expense of $18.8 million and decreased personnel and related costs.

For the year ended December 31, 2023 the impact of the VIL Shortfall is reflected in revenue reserves as described above.

• The decrease in our Africa property segment SG&A was primarily driven by a benefit from the impact of foreign currency translation, partially offset by increased personnel and related costs to support our business, increased costs associated with the cancellation of projects and an increase in bad debt expense.

• The increase in our Africa & APAC property segment SG&A was primarily driven by increased personnel and related costs to support our business, increased costs associated with the cancellation of projects and an increase in bad debt expense, partially offset by a benefit from the impact of foreign currency translation.

• The increases in our Europe property and Data Centers segment SG&A were primarily driven by increased personnel and related costs to support our business.

3 unchanged sentences

Operating Profit

Year Ended December 31, Percent Change 2023 vs 2022

Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022

2024 2023 2022

& Canada $ 4,216.1 $ 4,201.2 $ 3,977.7 0 % 6 %

Asia-Pacific 404.5 310.3 30

Africa 713.0 667.4 7

Africa & APAC (1) 759.5 718.7 669.2 6 7

Europe 460.5 410.5 363.7 12 13

3 unchanged sentences

Services $ 80.1 $ 60.0 $ 111.4 34 % (46) %

_______________

(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.

See Note 22 for further discussion.

Year Ended December 31, 2024

• The increases in operating profit for our U.S.

& Canada, Asia-Pacific and Africa property segments were primarily attributable to increases in our segment gross margin and decreases in our segment SG&A.

• The increases in operating profit for our Europe and Latin America property segments and our Data Centers segment were primarily attributable to increases in our segment gross margin, partially offset by increases in our segment SG&A.

& Canada, Africa & APAC and Europe property segments and our Services segment were primarily attributable to increases in our segment gross margin and decreases in our segment SG&A.

• The decrease in operating profit for Latin America property segment was primarily attributable to a decrease in our segment gross margin and an increase in our segment SG&A.

• The increase in operating profit for our Data Centers segment was primarily attributable to an increase in our segment gross margin, partially offset by an increase in our segment SG&A.

Year Ended December 31, 2023

• The increase in operating profit for our U.S.

& Canada property segment was primarily attributable to an increase in our segment gross margin and a decrease in our segment SG&A.

• The increases in operating profit for our Africa & APAC, Europe and Latin America property segments and our Data Centers segment were primarily attributable to increases in our segment gross margin, partially offset by increases in our segment SG&A.

• The decrease in operating profit for our Services segment was primarily attributable to a decrease in our segment gross margin and an increase in our segment SG&A.

Depreciation, Amortization and Accretion

Year Ended December 31, Percent Change 2023 vs 2022

Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022

2024 2023 2022

Depreciation, amortization and accretion $ 2,028.8 $ 2,928.5 $ 3,164.9 (31) % (7) %

The decrease in depreciation, amortization and accretion expense for the year ended December 31, 2024 was primarily attributable to the change in estimated useful lives of our tower assets.

During the first quarter of 2024, we finalized our reviews of the estimated useful lives of our tower assets and estimated settlement dates for our asset retirement obligations.

Based on information obtained, we determined that our estimated asset lives and our estimated settlement dates should be extended, which resulted in an estimated $730 million decrease in depreciation and amortization expense and an estimated $75 million decrease in accretion expense for the year ended December 31, 2024.

For more information on the change in the estimated useful lives of our tower assets and the change in the estimated settlement dates for our asset retirement obligations, see the information under the captions “Property and Equipment” and “Asset Retirement Obligations” included in note 1 to our consolidated financial statements included in this Annual Report (“Note 1”).

The decrease in depreciation, amortization and accretion expense for the year ended December 31, 2023 was primarily attributable to the decrease in property and equipment and intangible assets subject to amortization as a result of impairments taken and disposals since the beginning of the prior-year period and foreign currency exchange rate fluctuations.

We are in the process of finalizing our review of the estimated useful lives of our tower assets.

Based on preliminary information obtained to date, we expect that our estimated asset lives may be extended, which would result in an estimated $700 million to $800 million decrease in depreciation and amortization for the year ended December 31, 2024.

For more information on the change in the estimated useful lives of our tower assets, see the information under the caption “Property and Equipment” included in note 1 to our consolidated financial statements included in this Annual Report.

Other Operating Expenses

Year Ended December 31, Percent Change 2023 vs 2022

Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022

2024 2023 2022

Other operating expenses $ 74.1 $ 370.7 $ 270.6 (80) % 37 %

The decrease in other operating expenses for the year ended December 31, 2023 was primarily attributable to a decrease in impairment charges, excluding goodwill impairments, of $453.5 million, and a decrease in integration and acquisition related costs, including pre-acquisition contingencies and settlements, of $63.2 million, partially offset by a loss on the sale of Mexico Fiber of $80.0 million and an increase in severance and related costs of $21.8 million.

For the year ended December 31, 2022, impairment charges included $97.0 million related to tower and network location intangible assets and $411.6 million related to tenant-related intangible assets in our India reporting unit related to VIL in India.

For more information on these impairments, see the information under the caption “India Impairments” included in note 16 to our consolidated financial statements included in this Annual Report.

The decrease in other operating expenses for the year ended December 31, 2024 was primarily attributable to a decrease in impairment charges, excluding goodwill impairments, of $131.4 million, a decrease in losses on sales or disposals of assets of $113.4 million, primarily attributable to the loss on the sale of Mexico Fiber of $80.0 million in the prior year period, and a decrease in integration and acquisition related costs, including benefits related to pre-acquisition contingencies and settlements.

The increase in other operating expenses for the year ended December 31, 2023 was primarily attributable to a loss on the sale of Mexico Fiber of $80.0 million, an increase in impairment charges, excluding goodwill impairments, of $52.7 million and an increase in severance and related costs of $21.8 million, partially offset by a decrease in integration and acquisition related costs, including pre-acquisition contingencies and settlements, of $67.2 million.

Goodwill Impairment

Goodwill impairment consists of $402.0 million of impairment charges recorded for our India and Spain reporting units during the year ended December 31, 2023.

There was no Goodwill impairment recorded during the year ended December 31, 2024.

During the year ended December 31, 2023, Goodwill impairment consisted of $80.0 million of an impairment charge recorded for our Spain reporting unit.

For more information on these impairments, see the information under the caption “Goodwill Impairments” included in note 5 to our consolidated financial statements included in this Annual Report.

Total Other Expense

Year Ended December 31, Percent Change 2023 vs 2022

Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022

2024 2023 2022

Total other expense $ 891.7 $ 1,596.2 $ 652.6 (44) % 145 %

1 unchanged sentence

We record unrealized foreign currency gains or losses as a result of foreign currency exchange rate fluctuations primarily associated with our intercompany notes and similar unaffiliated balances denominated in a currency other than the subsidiaries’ functional currencies.

The increase in total other expense during the year ended December 31, 2023 was primarily due to foreign currency losses of $330.8 million in the current period, as compared to foreign currency gains of $449.4 million in the prior-year period, and an increase in net interest expense of $189.9 million, primarily due to increases in our weighted average interest rate, partially offset by an unrealized gains of $76.7 million related to the VIL OCDs held as of December 31, 2023.

The decrease in total other expense during the year ended December 31, 2024 was primarily due to foreign currency gains of $308.3 million in the current period, as compared to foreign currency losses of $330.6 million in the prior-year period.

Total other expense during the year ended December 31, 2024 also includes $70.4 million in unrealized gains from equity securities in the United States.

The increase in total other expense during the year ended December 31, 2023 was primarily due to foreign currency losses of $330.6 million in the current period, as compared to foreign currency gains of $451.4 million in the prior-year period, and an increase in net interest expense of $182.7 million, primarily due to increases in our weighted average interest rate.

Income Tax Provision

Year Ended December 31, Percent Change 2023 vs 2022

Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022

2024 2023 2022

Income tax provision $ 366.3 $ 90.8 $ 112.8 303 % (20) %

2 unchanged sentences

Consequently, the effective tax rate on income from continuing operations for each of the years ended December 31, 2024 and 2023 differs from the federal statutory rate.

The increase in the income tax provision for the year ended December 31, 2023 was primarily attributable to increased earnings in certain foreign jurisdictions in the current year after adjusting for non-deductible amounts, partially offset by a benefit in the current year from the application of a tax law change in Kenya.

The income tax provision for the year ended December 31, 2022 included a reduction in income due to intangible asset impairment charges in India.

The increase in the income tax provision for the year ended December 31, 2024 was primarily attributable to increased earnings in certain foreign jurisdictions, partially due to the impacts of the change in estimated useful lives on depreciation and amortization expense as described in Note 1 and withholding taxes on equity distributions, including those related to the ATC TIPL Transaction, and management fees from certain foreign subsidiaries.

Additionally, the income tax provision for the year ended December 31, 2024 included the reversal of valuation allowances of $20.5 million in foreign and domestic jurisdictions as compared to the reversal of valuation allowances of $87.2 million for the year ended December 31, 2023.

The income tax provision for the year ended December 31, 2023 also included a benefit from the application of a tax law change in Kenya.

For more information on the change in the estimated useful lives of our tower assets, see the information under the caption “Property and Equipment” included in Note 1.

The decrease in the income tax provision for the year ended December 31, 2023 was primarily attributable to a benefit in 2023 from the application of a tax law change in Kenya.

The income tax provision for the year ended December 31, 2023 included the reversal of valuation allowances of $87.2 million in certain foreign jurisdictions as compared to the reversal of valuation allowances of $76.5 million for the year ended December 31, 2022.

Net Income / Adjusted EBITDA and Net Income / Nareit FFO attributable to American Tower Corporation common stockholders / Consolidated AFFO / AFFO attributable to American Tower Corporation common stockholders

Year Ended December 31, Percent Change 2023 vs 2022

Loss from Discontinued Operations, Net of Taxes

The ATC TIPL Transaction received all government and regulatory approvals during the three months ended September 30, 2024.

The divestiture qualified for presentation as discontinued operations.

Accordingly, the operating results of ATC TIPL are reported as discontinued operations for all periods presented.

Prior to the divestiture and classification as discontinued operations, ATC TIPL’s operating results were included within the Asia-Pacific property segment.

See Note 22 for further discussion.

On September 12, 2024, we completed the ATC TIPL Transaction and received total consideration of 182 billion INR (approximately $2.2 billion).

We used the proceeds from the ATC TIPL Transaction to repay existing indebtedness under the 2021 Multicurrency Credit Facility.

We recorded a loss on the sale of ATC TIPL of $1.2 billion, which primarily included the reclassification of our cumulative translation adjustment in India upon exiting the market of $1.1 billion.

The following table presents key components of Loss from discontinued operations, net of taxes in the consolidated statements of operations:

Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022

2024 (1) 2023 2022

Revenue $ 911.2 $ 1,132.0 $ 1,065.7 (20) % 6 %

Cost of operations (473.8) (699.1) (694.6) (32) 1

Depreciation, amortization and accretion (96.0) (158.0) (190.2) (39) (17)

Selling, general, administrative and development expense (58.7) (46.5) (70.2) 26 (34)

Other operating expense (6.7) (7.0) (497.0) (4) (99)

Loss on sale of ATC TIPL (1,245.5) — — 100 —

Goodwill impairment — (322.0) — (100) 100

Operating loss $ (969.5) $ (100.6) $ (386.3) 864 % (74) %

Interest income 30.7 24.8 22.5 24 10

Interest expense (7.6) (10.0) (0.5) (24) 1,900

Other income (expense), net 46.5 77.8 (1.0) (40) (7,880)

Loss from discontinued operations before taxes $ (899.9) $ (8.0) $ (365.3) 11,149 % (98) %

Income tax provision (benefit) 78.4 63.4 (88.8) 24 (171)

Loss from discontinued operations, net of taxes $ (978.3) $ (71.4) $ (276.5) 1,270 % (74) %

_______________

(1) Includes the results of operations for ATC TIPL through September 12, 2024.

Following the rulings by the Supreme Court of India regarding carriers’ obligations for the adjusted gross revenue fees and charges prescribed by the court, we experienced variability and a level of uncertainty in collections in India.

In the third quarter of 2022, one of our largest customers in India, Vodafone Idea Limited (“VIL”), communicated that it would make partial payments of its contractual amounts owed to us (the “VIL Shortfall”).

We recorded reserves in late 2022 and the first half of 2023 for the VIL Shortfall.

In the second half of 2023, VIL began making payments in full of its monthly contractual obligations owed to us.

During the year ended December 31, 2023, we deferred recognition of revenue of approximately $27.3 million, net of recoveries, related to VIL in India.

During the year ended December 31, 2024, we recognized approximately $95.7 million of this previously deferred revenue.

As of December 31, 2024, we have fully recognized this previously deferred revenue.

In 2023, we initiated a strategic review of our India business.

During the process, and based on information gathered therein, we updated our estimate on the fair value of the India reporting unit and determined that the carrying value exceeded fair value.

As a result, we recorded a goodwill impairment charge of $322.0 million in the third quarter of 2023 for our India reporting unit.

In February 2023, and as amended in August 2023, VIL issued optionally convertible debentures (the “VIL OCDs”) to ATC TIPL in exchange for VIL’s payment of certain amounts towards accounts receivables.

The VIL OCDs were issued for an aggregate face value of 16.0 billion INR (approximately $193.2 million on the date of issuance).

On March 23, 2024, we

converted an aggregate face value of 14.4 billion INR (approximately $172.7 million) of VIL OCDs into 1,440 million shares of equity of VIL (the “VIL Shares”).

On April 29, 2024, we completed the sale of 1,440 million VIL Shares at a price of 12.78 INR per share.

The net proceeds for this transaction were approximately 18.0 billion INR (approximately $216.0 million at the date of settlement) after deducting commissions and fees.

On June 5, 2024, we completed the sale of the remaining aggregate face value of 1.6 billion INR (approximately $19.2 million) of the VIL OCDs.

The net proceeds for this transaction, excluding accrued interest, were approximately 1.8 billion INR (approximately $22.0 million at the date of settlement) after deducting fees.

As of December 31, 2024, none of the VIL Shares or the VIL OCDs remained outstanding.

During the year ended December 31, 2024, we recognized a gain of $46.4 million on the sale of the VIL Shares and the VIL OCDs.

The gains on the sales of the VIL Shares and the VIL OCDs are recorded in Loss from discontinued operations, net of taxes in the consolidated statements of operations in the current period.

During the year ended December 31, 2023, we recognized an unrealized gain of $76.7 million related to the VIL OCDs.

Gains related to the VIL Shares and the VIL OCDs are included in Other income, net in the table above.

During the year ended December 31, 2022, we recorded impairment charges of $97.0 million related to tower and network location intangible assets and $411.6 million related to tenant-related intangible assets related to a customer of ATC TIPL in India.

Impairment changes are included in Other operating expense in the able above.

For more information on these impairments, see the information under the caption “India Impairments” included in Note 22.

Net Income / Adjusted EBITDA and Net Income / Nareit FFO attributable to American Tower Corporation common stockholders / AFFO attributable to American Tower Corporation common stockholders

During the year ended December 31, 2024, we updated our presentation of Nareit FFO attributable to American Tower Corporation common stockholders and AFFO attributable to American Tower Corporation common stockholders to remove the separate presentation of Consolidated AFFO.

We believe this presentation better aligns our reporting with management’s current approach of allocating capital and resources, managing growth and profitability and assessing the operating performance of our business.

The change in presentation has no impact on our Nareit FFO attributable to American Tower Corporation common stockholders or AFFO attributable to American Tower Corporation common stockholders for any periods.

Historical financial information included below has been adjusted to reflect the change in presentation.

Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022

2024 2023 2022

Net income $ 2,280.2 $ 1,367.1 $ 1,696.7 67 % (19) %

Loss from discontinued operations, net of taxes 978.3 71.4 276.5 1,270 (74)

Income tax provision 366.3 90.8 112.8 303 (20)

Other expense (income) 248.5 (433.7) (157)

Other (income) expense (377.6) 326.3 (434.7) (216) (175)

Loss on retirement of long-term obligations — 0.3 0.4 (100) (25)

6 unchanged sentences

Adjusted EBITDA (1) $ 6,812.1 $ 6,688.0 $ 6,335.8 2 % 6 %

Year Ended December 31, Percent Change 2023 vs 2022

_______________

(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.

See Note 22 for further discussion.

Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022

2024 2023 2022

Net income (1) $ 2,280.2 $ 1,367.1 $ 1,696.7 67 % (19) %

1 unchanged sentence

Losses from sale or disposal of real estate and real estate related impairment charges (2) 91.6 414.6 184.0 (78) 125

Dividends to noncontrolling interests (2) (137.8) (22.2) 521

Adjustments for unconsolidated affiliates and noncontrolling interests (186.2) (188.2) (1)

Adjustments and distributions for unconsolidated affiliates and noncontrolling interests (3) (352.7) (324.0) (210.4) 9 54

Adjustments for discontinued operations (4) 1,334.5 469.6 683.7 184 (31)

Nareit FFO attributable to American Tower Corporation common stockholders $ 5,233.2 $ 4,610.0 $ 5,279.5 14 % (13) %

6 unchanged sentences

Non-real estate related depreciation, amortization and accretion 149.2 245.8 239.4 (39) 3

Amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges 49.8 47.5 5

Other expense (income) (4) 248.5 (433.7) (157)

Amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges 54.1 49.8 47.5 9 5

Other (income) expense (7) (377.6) 326.3 (434.7) (216) (175)

Loss on retirement of long-term obligations — 0.3 0.4 (100) (25)

Other operating expenses (5) 46.9 83.3 (44)

Other operating (income) expenses (8) (17.5) 36.1 86.6 (148) (58)

Capital improvement capital expenditures (157.4) (186.6) (164.8) (16) 13

Corporate capital expenditures (13.9) (16.2) (9.4) (14) 72

Adjustments for unconsolidated affiliates and noncontrolling interests 186.2 188.2 (1)

Consolidated AFFO $ 4,778.3 $ 4,684.9 2 %

Adjustments for unconsolidated affiliates and noncontrolling interests (6) (166.8) (168.2) (1)

Adjustments and distributions for unconsolidated affiliates and noncontrolling interests (9) 4.4 19.4 20.0 (77) (3)

Adjustments for discontinued operations (10) 9.0 (53.1) (87.9) (117) (40)

AFFO attributable to American Tower Corporation common stockholders $ 4,934.1 $ 4,611.5 $ 4,516.7 7 % 2 %

AFFO attributable to American Tower Corporation common stockholders from continuing operations $ 4,568.9 $ 4,266.4 $ 4,197.4 7 % 2 %

AFFO attributable to American Tower Corporation common stockholders from discontinued operations $ 365.2 $ 345.1 $ 319.3 6 % 8 %

_______________

(1) Included in these amounts are impairment charges of $202.4 million and $655.9 million for the years ended December 31, 2023 and 2022, respectively.

For the year ended December 31, 2023, also includes goodwill impairment charges of $402.0 million recorded for the India and Spain reporting units and a loss on the sale of Mexico Fiber of $80.0 million.

(2) For the year ended December 31, 2023, primarily includes distributions related to the outstanding mandatorily convertible preferred equity in connection with our agreements with certain investment vehicles affiliated with Stonepeak Partners LP (such investment vehicles, collectively, “Stonepeak,” and the distributions, the “Stonepeak Preferred Distributions”) and common dividends payable to us and Stonepeak in proportion to our equity interests in our U.S.

data center business (the “Stonepeak Common Dividend”).

For the year ended December 31, 2023, the amount included for the Stonepeak Common Dividend was $91.7 million.

(1) For the years ended December 31, 2024, 2023 and 2022, includes Loss from discontinued operations, net of taxes of $978.3 million, $71.4 million and $276.5 million, respectively.

(2) For the years ended December 31, 2024, 2023 and 2022, includes impairment charges of $68.6 million, $200.0 million and $147.3 million, respectively.

For the year ended December 31, 2023, also includes a goodwill impairment charge of $80.0 million recorded for the Spain reporting unit and a loss on the sale of Mexico Fiber of $80.0 million.

(3) Includes distributions to noncontrolling interest holders, distributions related to the outstanding mandatorily convertible preferred equity in connection with our agreements with certain investment vehicles affiliated with Stonepeak Partners LP and adjustments for the impact of noncontrolling interests on Nareit FFO attributable to American Tower Corporation common stockholders.

(4) For the years ended December 31, 2024, 2023 and 2022, includes (i) real estate related depreciation, amortization and accretion for discontinued operations of $91.3 million, $151.4 million and $183.4 million, respectively, and (ii) losses from the sale or disposal of real estate and real estate related impairment charges for discontinued operations of $1.2 billion, $318.2 million and $500.3 million, respectively.

For the year ended December 31, 2024, includes a loss on the sale of ATC TIPL of $1.2 billion.

For the year ended December 31, 2023, includes goodwill impairment charges of $322.0 million recorded for the India reporting unit.

(5) For the year ended December 31, 2024, includes adjustments for withholding taxes paid in Singapore of $36.4 million, which were incurred as a result of the ATC TIPL Transaction.

We believe that these withholding tax payments are nonrecurring, and do not believe these are an indication of our operating performance.

Accordingly, we believe it is more meaningful to present AFFO attributable to American Tower Corporation common stockholders excluding these amounts.

(6) In 2015, we incurred charges in connection with certain tax elections wherein MIP Tower Holdings LLC, parent company to Global Tower Partners (“GTP”), would no longer operate as a separate REIT for federal and state income tax purposes.

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We believe that these related transactions are nonrecurring, and do not believe it is an indication of our operating performance.

Accordingly, we believe it is more meaningful to present Consolidated AFFO excluding these amounts.

(4) Includes (losses) gains on foreign currency exchange rate fluctuations of $(330.8) million and $449.4 million, respectively.

Accordingly, we believe it is more meaningful to present AFFO attributable to American Tower Corporation common stockholders excluding these amounts.

(7) Includes (gains) losses on foreign currency exchange rate fluctuations of $(308.3) million, $330.6 million and $(451.4) million, respectively.

(8) Primarily includes acquisition-related costs, integration costs and disposition costs.

(6) Includes adjustments for the impact on both Nareit FFO attributable to American Tower Corporation common stockholders as well as the other line items included in the calculation of Consolidated AFFO.

(9) Includes adjustments for the impact of noncontrolling interests on other line items, excluding those already adjusted for in Nareit FFO attributable to American Tower Corporation common stockholders.

(10) Includes the impact of discontinued operations associated with other line items, excluding the impact already included in Nareit FFO attributable to American Tower Corporation common stockholders.

Year Ended December 31, 2024

The decrease in net income was primarily due to (i) changes in other expense (income) primarily due to foreign currency exchange rate fluctuations, (ii) an increase in goodwill impairment expense, (iii) an increase in net interest expense and (iv) an increase in the income tax provision, partially offset by (a) an increase in segment operating profit, (b) a decrease in other operating expenses and (c) a decrease in depreciation, amortization and accretion expense.

The increase in net income from continuing operations was primarily due to (i) a decrease in depreciation, amortization and accretion expense, (ii) changes in other (income) expense, primarily due to foreign currency exchange rate fluctuations, (iii) a decrease in other operating expense, (iv) an increase in segment operating profit and (v) a decrease in goodwill impairment, partially offset by an increase in the income tax provision.

The increase in Adjusted EBITDA was primarily attributable to an increase in our gross margin and a decrease in SG&A, excluding the impact of stock-based compensation expense of $22.0 million.

The increases in Consolidated AFFO and AFFO attributable to American Tower Corporation common stockholders were primarily attributable to the increase in our operating profit, excluding the impact of straight-line accounting, partially offset by (i) increases in net cash paid for interest, (ii) increases in dividends to noncontrolling interests, including the Stonepeak

Preferred Distributions and the Stonepeak Common Dividend, (iii) increases in cash paid for income taxes and (iv) increases in capital improvement capital expenditures.

The increase in AFFO attributable to American Tower Corporation common stockholders was primarily attributable to (i) an increase in our operating profit, excluding the impact of straight-line accounting, (ii) a decrease in capital improvement capital expenditures and (iii) an increase in AFFO attributable to American Tower Corporation common stockholders from discontinued operations, partially offset by distributions and adjustments for noncontrolling interests, including distributions to noncontrolling interest holders in our Europe property segment and Data Centers segment.

Year Ended December 31, 2023

The decrease in net income from continuing operations was primarily due to (i) changes in other expense (income) primarily due to foreign currency exchange rate fluctuations, (ii) an increase in net interest expense, (iii) an increase in other operating expenses and (iv) an increase in goodwill impairment expense, partially offset by (x) an increase in segment operating profit, (y) a decrease in depreciation, amortization and accretion expense and (z) a decrease in the income tax provision.

The increase in Adjusted EBITDA was primarily attributable to an increase in our gross margin, partially offset by an increase in SG&A, excluding the impact of stock-based compensation expense, of $22.3 million.

The increase in AFFO attributable to American Tower Corporation common stockholders was primarily attributable to (i) an increase in our operating profit, excluding the impact of straight-line accounting, and (ii) an increase in AFFO attributable to American Tower Corporation common stockholders from discontinued operations, partially offset by (x) an increase in net cash paid for interest, (y) distributions and adjustments for noncontrolling interests, including distributions to noncontrolling interest holders in our Data Centers segment and (z) increases in cash paid for income taxes and capital improvement capital expenditures.

Segment Gross Margin Reconciliation

Gross margin is defined as revenue less costs of operations inclusive of real estate related depreciation, amortization and accretion.

Segment gross margin excludes depreciation, amortization and accretion.

Property Total

Services Total

Year ended December 31, 2024 U.S.

& Canada Africa & APAC (1) Europe Latin America Data Centers

Gross margin $ 3,790.6 $ 610.9 $ 240.9 $ 985.9 $ (56.2) $ 5,572.1 $ 101.1 $ 5,673.2

Real estate related depreciation, amortization and accretion 586.6 216.6 284.4 201.8 590.2 1,879.6 — 1,879.6

Segment gross margin $ 4,377.2 $ 827.5 $ 525.3 $ 1,187.7 $ 534.0 $ 7,451.7 $ 101.1 $ 7,552.8

______________

(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.

See note 22 for further discussion.

Property Total

Services Total

Year ended December 31, 2023 U.S.

& Canada Africa & APAC (1) Europe Latin America Data Centers

Gross margin $ 3,362.7 $ 505.0 $ 122.9 $ 890.5 $ (196.0) $ 4,685.1 $ 82.9 $ 4,768.0

Real estate related depreciation, amortization and accretion 1,003.6 301.0 353.2 341.8 683.1 2,682.7 — 2,682.7

Segment gross margin $ 4,366.3 $ 806.0 $ 476.1 $ 1,232.3 $ 487.1 $ 7,367.8 $ 82.9 $ 7,450.7

______________

(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.

See note 22 for further discussion.

Property Total

Services Total

Year ended December 31, 2022 U.S.

& Canada Africa & APAC (1) Europe Latin America Data Centers

Gross margin $ 3,136.3 $ 433.7 $ 71.0 $ 803.0 $ (427.0) $ 4,017.0 $ 133.7 $ 4,150.7

Real estate related depreciation, amortization and accretion 1,024.6 322.0 345.1 362.2 871.6 2,925.5 — 2,925.5

Segment gross margin $ 4,160.9 $ 755.7 $ 416.1 $ 1,165.2 $ 444.6 $ 6,942.5 $ 133.7 $ 7,076.2

______________

(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.

See note 22 for further discussion.

Liquidity and Capital Resources

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Our significant 2024 financing transactions included:

• Redemption of our 3.50% senior unsecured notes due 2023 (the “3.50% Notes”) and our 3.000% senior unsecured notes due 2023 (the “3.000% Notes”) upon their maturity;

• Registered public offering in an aggregate amount of $5.7 billion, including 1.1 billion EUR, of senior unsecured notes with maturities ranging from 2027 to 2033;

• Securitization transactions, including the repayment of $1.3 billion aggregate principal amount outstanding under our Secured Tower Revenue Securities, Series 2013-2A due 2023 (the “Series 2013-2A Securities”) and the issuance of $1.3 billion aggregate principal amount of the Series 2023-1A Securities (as defined below);

• Repayment of $1.5 billion under our $1.5 billion unsecured term loan entered into in December 2021 (the “2021 USD Two Year Delayed Draw Term Loan”);

• Amendment of the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan (each as defined below) to, among other things, (i) extend the maturity dates under each of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility and (ii) adopt an Adjusted Term SOFR (as defined in the amendment agreements) pricing benchmark.

• Redemption of our 0.600% senior unsecured notes due 2024 (the “0.600% Notes”), our 5.00% senior unsecured notes due 2024 (the “5.00% Notes”) and our 3.375% senior unsecured notes due 2024 (the “3.375% Notes”) upon their maturity;

• Registered public offering in an aggregate principal amount of $3.6 billion, including 1.0 billion EUR, of senior unsecured notes with maturities ranging from 2029 to 2035;

• Repayment of 825.0 million EUR ($895.5 million as of the repayment date) unsecured term loan, as amended in December 2021 (the “2021 EUR Three Year Delayed Draw Term Loan”);

• Repayment of indebtedness under the 2021 Multicurrency Credit Facility using proceeds from the ATC TIPL Transaction.

The following table summarizes our liquidity as of December 31, 2024 (in millions):

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Total liquidity $ 11,964.0

Subsequent to December 31, 2023, we made additional net borrowings of $485.0 million under the 2021 Credit Facility (as defined below) and $1.8 billion under the 2021 Multicurrency Credit Facility (as defined below).

Subsequent to December 31, 2024, we made additional borrowings of $610.0 million under the 2021 Credit Facility (as defined below) and net borrowings of $210.0 million under the 2021 Multicurrency Credit Facility.

The borrowings were used to repay existing indebtedness and for general corporate purposes.

On January 4, 2024, we entered into an agreement with DIT for the Pending ATC TIPL Transaction, pursuant to which DIT will acquire a 100% ownership interest in ATC TIPL.

We will retain the full economic benefit associated with the VIL OCDs and rights to payments on certain existing customer receivables.

Subject to certain pre-closing terms, total aggregate consideration would potentially represent up to 210 billion INR (approximately $2.5 billion), including the value of the VIL OCDs, payments on certain existing customer receivables, the repayment of existing intercompany debt and the repayment, or assumption, of our existing term loan in India, by DIT.

The Pending ATC TIPL Transaction is expected to close in the second half of 2024, subject to customary closing conditions, including government and regulatory approval.

We expect to use the proceeds from the Pending ATC TIPL Transaction to repay existing indebtedness, including under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility.

Summary cash flow information is set forth below for the years ended December 31, (in millions):

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Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash (233.9) 23.2

Net decrease in cash and cash equivalents, and restricted cash $ (47.3) $ (202.6)

Net increase (decrease) in cash and cash equivalents, and restricted cash $ 14.8 $ (47.3)

_______________

(1) For the year ended December 31, 2024, includes $2.2 billion of proceeds from the ATC TIPL Transaction.

We use our cash flows to fund our operations and investments in our business, including maintenance and improvements, communications site and data center construction, managed network installations and acquisitions.

Additionally, we use our cash flows to make distributions, including distributions of our REIT taxable income to maintain our qualification for taxation

as a REIT under the Code.

Additionally, we use our cash flows to make distributions, including distributions of our REIT taxable income to maintain our qualification for taxation as a REIT under the Code.

We may also periodically repay or repurchase our existing indebtedness or equity.

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On an on-going basis, we also perform a comprehensive assessment of our global operations to ensure our portfolio is positioned to drive sustained growth and achieve our risk-adjusted return objectives.

This assessment may result in our decision to divest a portion, or all, of certain assets, including our Mexico fiber and Poland businesses in 2023, and our signed agreement in January 2024 with DIT for the Pending ATC TIPL Transaction, and repurpose proceeds, and potential future capital, to other capital priorities.

This assessment may result in our decision to divest a portion, or all, of certain assets, including our Australia and New Zealand businesses in 2024, and the ATC TIPL Transaction, and repurpose proceeds, and potential future capital, to other capital priorities.

As of December 31, 2024, we had total outstanding indebtedness of $36.8 billion, with a current portion of $3.7 billion.

During the year ended December 31, 2023, we generated sufficient cash flow from operations, together with borrowings under our credit facilities, proceeds from our equity and debt issuances and cash on hand, to fund our acquisitions, capital expenditures and debt service obligations, as well as our required distributions.

We believe the cash generated by operating activities during the year ending December 31, 2024, together with our borrowing capacity under our credit facilities, will suffice to fund our required distributions, capital expenditures, debt service obligations (interest and principal repayments) and signed acquisitions.

During the year ended December 31, 2024, we generated sufficient cash flow from operations, together with borrowings under our credit facilities, proceeds from our debt issuances and cash on hand, to fund our acquisitions, capital expenditures and debt service obligations, as well as our required distributions.

We believe the cash generated by operating activities during the year

ending December 31, 2025, together with our borrowing capacity under our credit facilities, will suffice to fund our required distributions, capital expenditures, debt service obligations (interest and principal repayments) and signed acquisitions.

As of December 31, 2024, we had $1.1 billion of cash and cash equivalents held by our foreign subsidiaries.

As of December 31, 2024, we had $228.2 million of cash and cash equivalents held by our joint ventures, of which $211.6 million was held by our foreign joint ventures.

While certain subsidiaries may pay us interest or principal on intercompany debt, we have historically not repatriated earnings from our foreign subsidiaries.

However, in the event that we do repatriate any funds, we may be required to accrue and pay certain taxes.

Certain foreign subsidiaries may pay us interest or principal on intercompany debt.

Additionally, in the event that we repatriate funds from our foreign subsidiaries, we may be required to accrue and pay certain taxes.

Cash Flows from Operating Activities

For the year ended December 31, 2023, cash provided by operating activities increased $1.0 billion as compared to the year ended December 31, 2022.

For the year ended December 31, 2024, cash provided by operating activities increased $568.1 million as compared to the year ended December 31, 2023.

The primary factors that impacted cash provided by operating activities as compared to the year ended December 31, 2023, include:

• Changes in unearned revenue, as the prior year ended December 31, 2022 included the impact of advance payments from a customer during the year ended December 31, 2021;

• An increase in our property segment operating profit of $510.9 million;

• Partially offset by an increase of approximately $171.4 million in cash paid for interest.

• increases in the operating profits of our U.S.

& Canada, Africa & APAC and Europe property segments, our Data Centers segment, our Services segment and in India, excluding the loss on sale of ATC TIPL;

• a decrease in the impact of straight-line revenue;

• a decrease in cash required for working capital;

• Partially offset by increases in cash paid for interest and cash paid for taxes.

Cash Flows from Investing Activities

Our significant investing activities during the year ended December 31, 2024 are highlighted below:

• We spent approximately $168.0 million for acquisitions, including payments made for acquisitions completed in 2022.

• We spent approximately $123.0 million for acquisitions, including $25.7 million in payments made for acquisitions completed in 2023, $59.1 million in payments for sites acquired in connection with the AT&T transaction described in note 18 to our consolidated financial statements included in this Annual Report.

• We received $238.0 million from the sales of the VIL Shares and the VIL OCDs.

• We received $2.2 billion from the ATC TIPL Transaction.

• We spent $1.6 billion for capital expenditures, as follows (in millions):

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_______________

(1) Includes the construction of 3,198 communications sites globally and approximately $395 million of spend related to data center assets.

(1) Includes the construction of 2,391 communications sites globally, the construction of 90 communications sites in India, which are reported as discontinued operations, and approximately $491.6 million of spend related to data center assets.

(2) Includes $32.7 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in our consolidated statements of cash flows.

(3) Includes $6.2 million of finance lease payments reported in Repayments of notes payable, credit facilities, term loans, senior notes, secured debt and finance leases in the cash flows from financing activities in our consolidated statements of cash flows.

(4) Net of purchase credits of $13.2 million on certain assets, which are reported in investing activities in our consolidated statements of cash flows.

(3) Includes $4.7 million of finance lease payments reported in Repayments of notes payable, credit facilities, senior notes, secured debt, term loans and finance leases in the cash flows from financing activities in our consolidated statements of cash flows.

(4) Net of purchase credits of $11.6 million on certain assets, which are recorded in investing activities in our consolidated statements of cash flows.

We plan to continue to allocate our available capital, after satisfying our distribution requirements, among investment alternatives that meet our return on investment criteria, while maintaining our commitment to our long-term financial policies.

Accordingly, we expect to continue to deploy capital through our annual capital expenditure program, including land purchases and new site and data center facility construction, and through acquisitions.

We also regularly review our portfolios as to capital

expenditures required to upgrade our infrastructure to our structural standards or address capacity, structural or permitting issues.

We also regularly review our portfolios as to capital expenditures required to upgrade our infrastructure to our structural standards or address capacity, structural or permitting issues.

We expect that our 2025 total capital expenditures will be as follows (in millions):

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Proceeds from issuance of senior notes, net $ 3,568.6 $ 5,678.3

Proceeds from issuance of common stock, net — 2,291.7

Repayments of credit facilities, net (2,321.1) (2,563.8)

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Repayments of senior notes (2,150.0) (1,700.0)

Contributions from noncontrolling interest holders (2) 4.1 3,120.8

Distributions to noncontrolling interest holders (46.5) (10.9)

Purchases of common stock — (18.8)

Distributions paid on common stock (3,074.9) (2,949.3)

_______________

(1) For the year ended December 31, 2022, included payment in full of $875.0 million aggregate principal amount and a fair value adjustment of $80.1 million of debt assumed in connection with the CoreSite Acquisition.

(2) For the year ended December 31, 2022, included $3.1 billion of contributions received in connection with Stonepeak’s acquisition of a noncontrolling ownership interest in our U.S.

data center business.

Securitizations

Repayment of Series 2013-2A Securities —On the March 2023 repayment date, we repaid the entire $1.3 billion aggregate principal amount outstanding under the Series 2013-2A Securities, pursuant to the terms of the agreements governing such securities.

The repayment was funded with proceeds from the 2023 Securitization (as defined below).

Secured Tower Revenue Securities, Series 2023-1, Subclass A and Series 2023-1, Subclass R —On March 13, 2023, we completed a securitization transaction (the “2023 Securitization”), in which American Tower Trust I (the “Trust”) issued $1.3 billion aggregate principal amount of Secured Tower Revenue Securities, Series 2023-1, Subclass A (the “Series 2023-1A Securities”).

To satisfy the applicable risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act” and, such requirements, the “Risk Retention Rules”), the Trust issued, and one of our affiliates purchased, $68.5 million aggregate principal amount of Secured Tower Revenue Securities, Series 2023-1, Subclass R (the “Series 2023-1R Securities” and, together with the Series 2023-1A Securities, the “2023 Securities”) to retain an “eligible horizontal residual interest” (as defined in the Risk Retention Rules) in an amount equal to at least 5% of the fair value of the 2023 Securities.

The assets of the Trust consist of a nonrecourse loan broken into components or “componentized” (the “Loan”), which also secures each of (i) the Secured Tower Revenue Securities, Series 2018-1, Subclass A (the “Series 2018-1A Securities”) and (ii) the Secured Tower Revenue Securities, Series 2018-1, Subclass R (the “Series 2018-1R Securities” and, together with the Series 2018-1A Securities, the “2018 Securities”) issued in a securitization transaction in March 2018 (the “2018 Securitization” and, together with the 2023 Securitization, the “Trust Securitizations”) made by the Trust to American Tower Asset Sub, LLC and American Tower Asset Sub II, LLC (together, the “AMT Asset Subs”).

The AMT Asset Subs are jointly and severally liable under the Loan, which is secured primarily by mortgages on the AMT Asset Subs’ interests in 5,034 broadcast and wireless communications towers and related assets (the “Trust Sites”).

The 2023 Securities correspond to components of the Loan made to the AMT Asset Subs pursuant to the Second Supplement and Amendment dated as of March 13, 2023 (the “2023 Supplement”) to the Second Amended and Restated Loan and Security Agreement dated as of March 29, 2018 (the “Loan Agreement,” which continues to govern the 2018 Securities, and collectively, the “Trust Loan Agreement”).

The 2023 Securities (a) represent a pass-through interest in the components of the Loan corresponding to the 2023 Securities and (b) have an expected life of approximately five years with a final repayment date in March 2053.

The Series 2023-1A Securities and the Series 2023-1R Securities have interest rates of 5.490% and 5.735%, respectively.

The debt service on the Loan will be paid solely from the cash flows generated from the operation of the Trust Sites held by the AMT Asset Subs.

The AMT Asset Subs are required to make monthly payments of interest on the Loan.

Subject to certain limited exceptions described below, no payments of principal will be required to be made on the components of the Loan corresponding to the 2023 Securities prior to the monthly payment date in March 2028, which is the anticipated repayment date for such components.

The AMT Asset Subs may prepay the Loan at any time, provided that prepayment is accompanied by applicable prepayment consideration.

If the prepayment occurs within twelve months of the anticipated repayment date for the 2023 Securities, no prepayment consideration is due.

The entire unpaid principal balance of the components of the Loan corresponding to the 2023 Securities will be due in March 2053.

(1) For the year ended December 31, 2024, includes the repayments of the 2021 EUR Three Year Delayed Draw Term Loan and the India Term Loan (as defined below).

Repayments of Senior Notes

Repayment of 3.50% Senior Notes— On January 31, 2023, we repaid $1.0 billion aggregate principal amount of our 3.50% Notes upon their maturity.

The 3.50% Notes were repaid using borrowings under the 2021 Credit Facility.

Upon completion of the repayment, none of the 3.50% Notes remained outstanding.

Repayment of 3.000% Senior Notes— On June 15, 2023, we repaid $700.0 million aggregate principal amount of our 3.000% Notes upon their maturity.

The 3.000% Notes were repaid using borrowings under the 2021 Credit Facility.

Upon completion of the repayment, none of the 3.000% Notes remained outstanding.

Repayment of 0.600% Senior Notes —On January 12, 2024, we repaid $500.0 million aggregate principal amount of our 0.600% senior unsecured notes due 2024 (the “0.600% Notes”) upon their maturity.

Repayment of 0.600% Senior Notes— On January 12, 2024, we repaid $500.0 million aggregate principal amount of the 0.600% Notes upon their maturity.

The 0.600% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility.

Upon completion of the repayment, none of the 0.600% Notes remained outstanding.

Repayment of 5.00% Senior Notes —On February 14, 2024, we repaid $1.0 billion aggregate principal amount of our 5.00% senior unsecured notes due 2024 (the “5.00% Notes”) upon their maturity.

Repayment of 5.00% Senior Notes— On February 14, 2024, we repaid $1.0 billion aggregate principal amount of the 5.00% Notes upon their maturity.

The 5.00% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility.

Upon completion of the repayment, none of the 5.00% Notes remained outstanding.

Repayment of 3.375% Senior Notes —On May 15, 2024, we repaid $650.0 million aggregate principal amount of the 3.375% Notes upon their maturity.

The 3.375% Notes were repaid using borrowings under the 2021 Credit Facility (as defined below).

Upon completion of the repayment, none of the 3.375% Notes remained outstanding.

Repayment of 2.950% Senior Notes— On January 14, 2025, we repaid $650.0 million aggregate principal amount of our 2.950% senior unsecured notes due 2025 (the “2.950% Notes”) upon their maturity.

The 2.950% Notes were repaid using cash on hand and borrowings under the 2021 Multicurrency Credit Facility.

Upon completion of the repayment, none of the 2.950% Notes remained outstanding.

Offerings of Senior Notes

5.200% Senior Notes and 5.450% Senior Notes Offering— On March 7, 2024, we completed a registered public offering of $650.0 million aggregate principal amount of 5.200% senior unsecured notes due 2029 (the “5.200% Notes”) and $650.0 million aggregate principal amount of 5.450% senior unsecured notes due 2034 (the “5.450% Notes”).

The net proceeds from this offering were approximately $1,480.9 million, after deducting commissions and estimated expenses, which we used to repay existing indebtedness under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility.

4.125% Senior Notes and 4.625% Senior Notes Offering— On May 16, 2023, we completed a registered public offering of 600.0 million EUR ($652.1 million at the date of issuance) aggregate principal amount of 4.125% senior unsecured notes due 2027 (the “4.125% Notes”) and 500.0 million EUR ($543.4 million at the date of issuance) aggregate principal amount of

4.625% senior unsecured notes due 2031 (the “4.625% Notes”).

The net proceeds from this offering were approximately 1,089.5 million EUR (approximately $1,184.1 million at the date of issuance), after deducting commissions and estimated expenses, which we used to repay existing indebtedness under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility.

5.250% Senior Notes and 5.550% Senior Notes Offering— On May 25, 2023, we completed a registered public offering of $650.0 million aggregate principal amount of 5.250% senior unsecured notes due 2028 (the “5.250% Notes”) and $850.0 million aggregate principal amount of 5.550% senior unsecured notes due 2033 (the “5.550% Notes”).

The net proceeds from this offering were approximately $1,481.9 million, after deducting commissions and estimated expenses, which we used to repay existing indebtedness under the 2021 Multicurrency Credit Facility.

5.800% Senior Notes and 5.900% Senior Notes Offering— On September 15, 2023, we completed a registered public offering of $750.0 million aggregate principal amount of 5.800% senior unsecured notes due 2028 (the “5.800% Notes”) and $750.0 million aggregate principal amount of 5.900% senior unsecured notes due 2033 (the “5.900% Notes” and, together with the 5.500% Notes, the 5.650% Notes, the 4.125% Notes, the 4.625% Notes, the 5.250% Notes, the 5.550% Notes and the 5.800% Notes, the “2023 Notes”).

The net proceeds from this offering were approximately $1,482.8 million, after deducting commissions and estimated expenses, which we used to repay existing indebtedness under the 2021 Multicurrency Credit Facility.

The net proceeds from this offering were approximately $1,281.3 million, after deducting commissions and estimated expenses.

We used the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility.

3.900% Senior Notes and 4.100% Senior Notes Offering— On May 29, 2024, we completed a registered public offering of 500.0 million EUR ($540.1 million at the date of issuance) aggregate principal amount of 3.900% senior unsecured notes due 2030 (the “3.900% Notes”) and 500.0 million EUR ($540.1 million at the date of issuance) aggregate principal amount of 4.100% senior unsecured notes due 2034 (the “4.100% Notes”).

The net proceeds from this offering were approximately 988.4 million EUR (approximately $1,067.5 million at the date of issuance), after deducting commissions and estimated expenses.

We used the net proceeds to repay existing EUR indebtedness under the 2021 Multicurrency Credit Facility.

5.000% Senior Notes and 5.400% Senior Notes Offering— On November 21, 2024, we completed a registered public offering of $600.0 million aggregate principal amount of 5.000% senior unsecured notes due 2030 (the “5.000% Notes”) and $600.0 million aggregate principal amount of 5.400% senior unsecured notes due 2035 (the “5.400% Notes” and, collectively with the 5.200% Notes, the 5.450% Notes, the 3.900% Notes, the 4.100% Notes and the 5.000% Notes, the “2024 Notes”).

net proceeds from this offering were approximately $1,183.7 million, after deducting commissions and estimated expenses.

We used the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility.

The key terms of the 2024 Notes are as follows:

Senior Notes Aggregate Principal Amount (in millions) Issue Date and Interest Accrual Date Maturity Date Contractual Interest Rate First Interest Payment Interest Payments Due (1) Par Call Date (2)

5.500% Notes $ 700.0 March 3, 2023 March 15, 2028 5.500 % September 15, 2023 March 15 and September 15 February 15, 2028

5.650% Notes $ 800.0 March 3, 2023 March 15, 2033 5.650 % September 15, 2023 March 15 and September 15 December 15, 2032

4.125% Notes (3) $ 652.1 May 16, 2023 May 16, 2027 4.125 % May 16, 2024 May 16 March 16, 2027

5.200% Notes $ 650.0 March 7, 2024 February 15, 2029 5.200 % August 15, 2024 February 15 and August 15 January 15.

5.450% Notes $ 650.0 March 7, 2024 February 15, 2034 5.450 % August 15, 2024 February 15 and August 15 November 15.

3.900% Notes (3) $ 540.1 May 29, 2024 May 16, 2030 3.900 % May 16, 2025 May 16 February 16, 2030

5.250% Notes $ 650.0 May 25, 2023 July 15, 2028 5.250 % January 15, 2024 January 15 and July 15 June 15, 2028

5.550% Notes $ 850.0 May 25, 2023 July 15, 2033 5.550 % January 15, 2024 January 15 and July 15 April 15, 2033

5.800% Notes $ 750.0 September 15, 2023 November 15, 2028 5.800 % May 15, 2024 May 15 and November 15 October 15, 2028

5.900% Notes $ 750.0 September 15, 2023 November 15, 2033 5.900 % May 15, 2024 May 15 and November 15 August 15, 2033

4.100% Notes (3) $ 540.1 May 29, 2024 May 16, 2034 4.100 % May 16, 2025 May 16 February 16.

5.000% Notes $ 600.0 November 21, 2024 January 31, 2030 5.000 % July 31, 2025 January 31 and July 31 December 31, 2029

5.400% Notes $ 600.0 November 21, 2024 January 31, 2035 5.400 % July 31, 2025 January 31 and July 31 October 31, 2034

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dollar amounts represent the aggregate principal amount at the issuance date.

If we undergo a change of control and corresponding ratings decline, each as defined in the applicable supplemental indenture for the 2023 Notes, we may be required to repurchase all of the 2023 Notes at a purchase price equal to 101% of the principal amount of those 2023 Notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date.

The 2023 Notes rank equally with all of our other senior unsecured debt and are structurally subordinated to all existing and future indebtedness and other obligations of our subsidiaries.

If we undergo a change of control and corresponding ratings decline, each as defined in the applicable supplemental indenture for the 2024 Notes, we may be required to repurchase all of the 2024 Notes at a purchase price equal to 101% of the aggregate principal amount of those 2024 Notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date.

The 2024 Notes rank equally in right of payment with all of our other senior unsecured debt obligations and are structurally subordinated to all existing and future indebtedness and other obligations of our subsidiaries.

Each applicable supplemental indenture contains certain covenants that restrict our ability to merge, consolidate or sell assets and our (together with our subsidiaries’) ability to incur liens.

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Bank Facilities

Amendments to Bank Facilities— On June 29, 2023, we amended our (i) $6.0 billion senior unsecured multicurrency revolving credit facility, as previously amended and restated on December 8, 2021 (the “2021 Multicurrency Credit Facility”), (ii) $4.0 billion senior unsecured revolving credit facility, as previously amended and restated on December 8, 2021, (the “2021 Credit Facility”) and (iii) $1.0 billion unsecured term loan, as previously amended and restated on December 8, 2021, (the “2021 Term Loan”).

Amendments to Bank Facilities— On January 28, 2025, we amended our (i) 2021 Multicurrency Credit Facility, (ii) $4.0 billion senior unsecured revolving credit facility, as amended and restated on December 8, 2021, as further amended (the “2021 Credit Facility”) and (iii) $1.0 billion unsecured term loan, as amended and restated on December 8, 2021, as further amended (the “2021 Term Loan”).

These amendments, among other things,

extend the maturity dates of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility to July 1, 2026 and July 1, 2028, respectively;

commemorate commitments under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility of $6.0 billion and $4.0 billion, respectively;

replace the London Interbank Offered Rate (“LIBOR”) pricing benchmark with an Adjusted Term Secured Overnight Financing Reserve (“SOFR”) pricing benchmark.

extend the maturity dates of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility to January 28, 2028 and January 28, 2030, respectively;

extend the maturity date of the 2021 Term Loan to January 28, 2028;

update the Applicable Margins (as defined in the loan agreements).

2021 Multicurrency Credit Facility— As of December 31, 2024, we had the ability to borrow up to $6.0 billion under the 2021 Multicurrency Credit Facility, which includes a $3.5 billion sublimit for multicurrency borrowings, a $200.0 million sublimit for letters of credit and a $50.0 million sublimit for swingline loans.

During the year ended December 31, 2023, we borrowed an aggregate of $3.0 billion and repaid an aggregate of $6.1 billion, including 842.6 million EUR ($919.1 million as of the repayment date), of revolving indebtedness under the 2021 Multicurrency Credit Facility.

We used the borrowings to repay outstanding indebtedness, including the 2021 USD Two Year Delayed Draw Term Loan, and for general corporate purposes.

During the year ended December 31, 2024, we borrowed an aggregate of $5.4 billion, including 0.9 billion EUR ($1.0 billion as of the borrowing date) and repaid an aggregate of $6.1 billion, including 1.1 billion EUR ($1.2 billion as of the repayment date), of revolving indebtedness under the 2021 Multicurrency Credit Facility.

We used the borrowings to repay outstanding indebtedness, including the 0.600% Notes, the

5.00% Notes and the 2021 EUR Three Year Delayed Draw Term Loan, and for general corporate purposes.

We used the proceeds from the ATC TIPL Transaction to repay existing indebtedness under the 2021 Multicurrency Credit Facility.

As of December 31, 2024, there are no EUR borrowings outstanding under the 2021 Multicurrency Credit Facility.

2021 Credit Facility— As of December 31, 2024, we had the ability to borrow up to $4.0 billion under the 2021 Credit Facility, which includes a $2.5 billion sublimit for multicurrency borrowings, $200.0 million sublimit for letters of credit and a $50.0 million sublimit for swingline loans.

During the year ended December 31, 2023, we borrowed an aggregate of $3.1 billion and repaid an aggregate of $2.6 billion of revolving indebtedness under the 2021 Credit Facility.

We used the borrowings to repay outstanding indebtedness, including the 3.50% Notes and the 3.000% Notes, and for general corporate purposes.

Repayment of 2021 USD Two Year Delayed Draw Term Loan— On June 27, 2023, we repaid all amounts outstanding under the 2021 USD Two Year Delayed Draw Term Loan with borrowings under the 2021 Multicurrency Credit Facility.

As of December 31, 2023, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan and our 825.0 million EUR unsecured term loan, as amended in December 2021 (the “2021 EUR Three Year Delayed Draw Term Loan”) were as follows:

During the year ended December 31, 2024, we borrowed an aggregate of $1.5 billion and repaid an aggregate of $3.1 billion of revolving indebtedness under our 2021 Credit Facility.

We used the borrowings to repay outstanding indebtedness, including the 3.375% Notes, and for general corporate purposes.

Repayment of 2021 EUR Three Year Delayed Draw Term Loan— On May 21, 2024, we repaid all amounts outstanding under the 2021 EUR Three Year Delayed Draw Term Loan using borrowings under the 2021 Multicurrency Credit Facility.

As of December 31, 2024, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan were as follows:

Bank Facility Outstanding Principal Balance Maturity Date SOFR or EURIBOR borrowing interest rate range (1) Base rate borrowing interest rate range (1) Current margin over SOFR or EURIBOR and the base rate, respectively (2)

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2021 Term Loan (3) 1,000.0 January 31, 2027 0.875% - 1.750% 0.000% - 0.750% 1.125% and 0.125%

2021 EUR Three Year Delayed Draw Term Loan (5) 910.7 May 28, 2024 0.875% - 1.625% 0.000% - 0.625% 1.125% and 0.125%

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(1) Represents interest rate above:

(a) SOFR for SOFR based borrowings, (b) Euro Interbank Offer Rate (“EURIBOR”) for EURIBOR based borrowings and (c) the defined base rate for base rate borrowings, in each case based on our debt ratings.

(2) Currently borrowed at SOFR for USD denominated borrowings and at EURIBOR for EUR denominated borrowings.

(3) Subject to two optional renewal periods.

(a) Secured Overnight Financing Rate (“SOFR”) for SOFR based borrowings, (b) Euro Interbank Offer Rate (“EURIBOR”) for EURIBOR based borrowings and (c) the defined base rate for base rate borrowings, in each case based on our debt ratings.

(2) As further discussed above, on January 28, 2025, we amended the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan to update the current margin over SOFR or EURIBOR and the base rate to 1.000% and 0.000%, respectively.

(3) Currently borrowed at SOFR.

(5) Currently borrowed at EURIBOR.

(4) Subject to two optional renewal periods.

We must pay a quarterly commitment fee on the undrawn portion of each of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility.

The commitment fee for the 2021 Multicurrency Credit Facility and the 2021 Credit Facility ranges from 0.080% to 0.200% per annum, based upon our debt ratings, and is currently 0.110%.

The 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan and the 2021 EUR Three Year Delayed Draw Term Loan and the associated loan agreements (the “Bank Loan Agreements”) do not require amortization of principal

and may be paid prior to maturity in whole or in part at our option without penalty or premium.

The 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan and the associated loan agreements (the “Bank Loan Agreements”) do not require amortization of principal and may be paid prior to maturity in whole or in part at our option without penalty or premium.

We have the option of choosing either a defined base rate, SOFR or EURIBOR as the applicable base rate for borrowings under these bank facilities.

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Failure to comply with the financial and operating covenants of the loan agreements could not only prevent us from being able to borrow additional funds under the revolving credit facilities, but may constitute a default, which could result in, among other things, the amounts outstanding under the applicable agreement, including all accrued interest and unpaid fees, becoming immediately due and payable.

India Term Loan— On February 16, 2023, we entered into a 12.0 billion INR (approximately $145.1 million at the date of signing) unsecured term loan with a maturity date that is one year from the date of the first draw thereunder (the “India Term Loan”).

On February 17, 2023, we borrowed 10.0 billion INR (approximately $120.7 million at the date of borrowing) under the India Term Loan.

The India Term Loan bears interest at the three month treasury bill rate as announced by the Financial Benchmarks India Private Limited at the time of borrowing plus a margin of 1.95%.

Any outstanding principal and accrued but unpaid interest will be due and payable in full at maturity.

The India Term Loan does not require amortization of principal and may be paid prior to maturity in whole or in part at our option without penalty or premium.

In January 2024, we amended the India Term Loan to extend the maturity date to December 31, 2024.

India Working Capital Facilities —The working capital facilities bear interest at rates that consist of the applicable bank’s Marginal Cost of Funds based Lending Rate or Market Benchmark (as defined in the applicable agreement), plus a spread.

Generally, the working capital facilities are payable on demand prior to maturity.

During the year ended December 31, 2023, we increased the borrowing capacity of our working capital facilities in India by 2.8 billion INR (approximately $33.7 million).

During the year ended December 31, 2023, we did not borrow under these facilities.

Amounts outstanding and key terms of the India credit facilities consisted of the following as of December 31, 2023 (in millions, except percentages):

Amount Outstanding (INR) Amount Outstanding (USD) Interest Rate (Range) Maturity Date (Range)

Working capital facilities (1)

Other Subsidiary Debt— As of December 31, 2023, our other subsidiary debt included drawn letters of credit in Nigeria (the “Nigeria Letters of Credit”).

Amounts outstanding and key terms of other subsidiary debt consisted of the following as of December 31, (in millions, except percentages):

Carrying Value

(Denominated Currency) Carrying Value

(USD) Interest Rate Maturity Date

2024 2023 2024 2023

February 4, 2024 - October 23, 2024

Nigeria Letters of Credit (1) $ — $ 3.4 $ — $ 3.4 Various Various

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(1) 10.7 billion INR ($128.7 million) of borrowing capacity as of December 31, 2023.

We have 0.2 billion INR (approximately $2.7 million) of bank guarantees outstanding included within the overall borrowing capacity.

(1) Denominated in USD.

During the years ended December 31, 2024 and 2023, we drew on letters of credit in Nigeria.

The drawn amounts bear interest at a rate equal to the SOFR at the time of drawing plus a spread.

Amounts are due 270 days from the date of drawing.

Each of the agreements governing the other subsidiary debt contains contractual covenants and other restrictions.

Failure to comply with certain of the financial and operating covenants could constitute a default under the applicable debt agreement,

which could result in, among other things, the amounts outstanding, including all accrued interest and unpaid fees, becoming immediately due and payable.

India Term Loan —On February 17, 2023, we borrowed 10.0 billion INR (approximately $120.7 million at the date of borrowing) under an unsecured term loan in India with a maturity date that is one year from the date of the first draw thereunder (the “India Term Loan”).

In January 2024, we amended the India Term Loan to extend the maturity date to December 31, 2024.

On September 12, 2024, in connection with the completion of the ATC TIPL Transaction, we repaid the India Term Loan.

Stock Repurchase Programs —In March 2011, our Board approved a stock repurchase program, pursuant to which we are authorized to repurchase up to $1.5 billion of our common stock (the “2011 Buyback”).

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Internally Generated Funds —Because the majority of our customer leases are multiyear contracts, a significant majority of the revenues generated by our property operations as of the end of 2024 is recurring revenue that we should continue to receive in future periods.

Accordingly, a key factor affecting our ability to generate cash flow from operating activities is to maintain this recurring revenue and to convert it into operating profit by minimizing operating costs and fully achieving our operating

efficiencies.

In addition, our ability to increase cash flow from operating activities depends upon the demand for our communications infrastructure and our related services and our ability to increase the utilization of our existing communications infrastructure.

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Based upon our current expectations, we believe our operating results during the next 12 months will be sufficient to comply with these covenants.

Among other things, GTP Acquisition Partners and the AMT Asset Subs are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets, subject to customary carve-outs for ordinary course trade payables and permitted encumbrances (as defined in the applicable agreements).

Under the Securitization Loan Agreements, amounts due will be paid from the cash flows generated by the assets securing the Series 2015-2 Notes or the assets securing the Loan, as applicable, which must be deposited into certain reserve accounts, and thereafter distributed, solely pursuant to the terms of the applicable agreement.

Restrictions Under Agreements Relating to the 2015 Securitization and the Trust Securitizations— The indenture and related supplemental indenture governing the American Tower Secured Revenue Notes, Series 2015-2, Class A (the “Series 2015-2 Notes”) issued by GTP Acquisition Partners I, LLC (“GTP Acquisition Partners”) in a private securitization transaction in May 2015 (the “2015 Securitization”) and the loan agreement related to the securitization transactions completed in March 2018 (the “2018 Securitization”) and March 2023 (the “2023 Securitization” and, together with the 2018 Securitization, the “Trust Securitizations”) (collectively, the “Securitization Loan Agreements”) include certain financial ratios and operating covenants and other restrictions customary for transactions subject to rated securitizations.

Among other things, GTP Acquisition Partners and American Tower Asset Sub, LLC and American Tower Asset Sub II, LLC (together, the “AMT Asset Subs”) are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets, subject to customary carve-outs for ordinary course trade payables and permitted encumbrances (as defined in the applicable agreements).

Under the Securitization Loan Agreements, amounts due will be paid from the cash flows generated by the assets securing the Series 2015-2 Notes or the assets securing the nonrecourse loan that secures the Secured Tower Revenue Securities, Series 2018-1, Subclass A (the “Series 2018-1A Securities”), the Secured Tower Revenue Securities, Series 2018-1, Subclass R (the “Series 2018-1R Securities” and, together with the Series 2018-1A Securities, the “2018 Securities”), the Secured Tower Revenue Securities 2023-1, Subclass A (the “Series 2023-1A Securities”), the Secured Tower Revenue Securities, Series 2023-1, Subclass R (the “Series 2023-1R Securities” and, together with the Series 2023-1A Securities, the “2023 Securities”) issued in the Trust Securitizations (the “Loan”), as applicable, which must be deposited into certain reserve accounts, and thereafter distributed, solely pursuant to the terms of the applicable agreement.

On a monthly basis, after paying all required amounts under the applicable agreement, subject to the conditions described in the table below, the excess cash flows generated from the operation of these assets are released to GTP Acquisition Partners or the AMT Asset Subs, as applicable, which can then be distributed to us for use.

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Once triggered, a Cash Trap DSCR condition continues to exist until the DSCR exceeds the Cash Trap DSCR for two consecutive calendar quarters.

Additionally, if the borrower under the 2023 Securitization does not meet certain title insurance policy requirements within the specified time period under the agreements, excess cash flow will also be deposited into the Cash Trap Reserve Account.

(3) An amortization period commences if the DSCR is equal to or below 1.15x (the “Minimum DSCR”) at the end of any calendar quarter and continues to exist until the DSCR exceeds the Minimum DSCR for two consecutive calendar quarters.

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As discussed above, we use our available liquidity and seek new sources of liquidity to fund capital expenditures, future growth and expansion initiatives, satisfy our distribution requirements and repay or repurchase our debt.

If we determine that it is desirable or necessary to raise additional capital, we may be unable to do so, or such additional financing may be prohibitively

expensive or restricted by the terms of our outstanding indebtedness.

Further, as further discussed under Item 1A of this Annual Report under the caption “Risk Factors,” market volatility and disruption caused by inflation, rising interest rates and supply chain disruptions may impact our ability to raise additional capital through debt financing activities or our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations.

If we determine that it is desirable or necessary to raise additional capital, we may be unable to do so, or such additional financing may be prohibitively expensive or restricted by the terms of our outstanding indebtedness.

Further, as discussed under Item 1A of this Annual Report

under the caption “Risk Factors,” market volatility and disruption caused by inflation, high interest rates and supply chain disruptions may impact our ability to raise additional capital through debt financing activities or our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations.

If we are unable to raise capital when our needs arise, we may not be able to fund capital expenditures, future growth and expansion initiatives, satisfy our REIT distribution requirements and debt service obligations, or refinance our existing indebtedness.

In addition, our liquidity depends on our ability to generate cash flow from operating activities.

As set forth under Item 1A of this Annual Report under the caption “Risk Factors,” we derive a substantial portion of our revenues from a small number of customers and, consequently, a failure by a significant customer to perform its contractual obligations to us could adversely affect our cash flow and liquidity.

As set forth under Item 1A of this Annual Report under the caption “Risk Factors,” we derive a substantial portion of our current and projected future revenue from a small number of customers and, consequently, a failure by a significant customer to perform its contractual obligations to us could adversely affect our cash flow and liquidity.

Critical Accounting Policies and Estimates

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There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result.

• Assets Held for Sale —We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria:

(a) management commits to a plan to sell an asset (or group of assets), (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated, (d) the sale of the asset is probable and transfer of the asset is expected to be completed within one year, (e) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Typically, these criteria are all met when the relevant assets are under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer and there are no contingencies related to the sale that may prevent the transaction from closing.

Assets classified as held for sale are reported at the lesser of the carrying value, or estimated fair value, less estimated costs to sell and are not depreciated.

We reassess the fair value less costs to sell of assets held for sale in each reporting period in which they are classified as held for sale.

Gains (losses) on held for sale assets are recorded in Other operating income in the accompanying consolidated statements of operations.

• Discontinued Operations —We classify the results of operations related to a disposal of assets and liabilities (“the disposal group”) in discontinued operations in the consolidated statements of operations if all of the following criteria are met:

(a) the operations and cash flows of the disposal group can be clearly distinguished from the rest of the Company, (b) the disposal group meets the criteria to be classified as held for sale (as described above) or has been sold or disposed of by other means and (c) the disposal represents a strategic shift that has or will have a major effect on our operations and financial results.

The results of operations classified as discontinued operations are reported in Loss from discontinued operations, net of taxes in the accompanying consolidated statements of operations for all periods presented.

Historical financial information included in the notes to the consolidated financial statements is adjusted to reflect the classification of results of operations as discontinued operations.

• Accounting for Long-Lived Assets—Change in Useful Lives:

We finalized our review of the estimated useful lives of our tower assets during the first quarter of 2024.

We now have over 20 years of operating history, and determined that we should modify our current estimates for asset lives based on our historical operating experience.

We previously depreciated our towers on a straight-line basis over the shorter of the term of the underlying ground lease (including renewal options) taking into account residual value or the estimated useful life of the tower, which we had historically

estimated to be 20 years.

We determined that the estimated useful life of our tower assets is 30 years, before taking into account residual value.

Depreciation expense is recorded using the straight-line method over the assets’ estimated useful lives.

Additionally, certain of our intangible assets are amortized on a similar basis to our tower assets, as the estimated useful lives of such intangible assets correlate to the useful life of the towers.

The acquired network location intangibles represent the value of the incremental revenue growth that could potentially be obtained from leasing the excess capacity on acquired tower communications infrastructure.

The acquired tenant-related intangibles typically represent the value of tenant contracts and relationships in place at the time of an acquisition or similar transaction, including assumptions regarding estimated renewals.

Amortization expense for intangible assets is computed using the straight-line method over the estimated useful life of each of the intangible assets.

The useful lives of our intangible assets are estimated based on the period over which the intangible asset is expected to benefit us.

We accounted for the changes in the useful lives as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections , which were recorded prospectively beginning on January 1, 2024.

On January 1, 2024, we began depreciating our towers and related intangible assets on a straight-line basis over the remaining estimated useful life of the tower, taking into account the extended useful life and residual value.

The extension of the asset lives (i) resulted in an approximately $515 million increase in the right of use asset, as additional renewal options may be included, with an offsetting adjustment made to increase the related operating lease liability and (ii) resulted in an estimated $730 million ($649 million after tax, or an increase of $1.39 per diluted share) decrease in depreciation and amortization expense for the year ended December 31, 2024.

• Impairment of Assets—Assets Subject to Depreciation and Amortization :

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We record any related impairment charge in the period in which we identify such impairment.

In October 2019, the Supreme Court of India issued a ruling regarding the definition of AGR and associated fees and charges, which was reaffirmed in both March 2020 and July 2021 with respect to the total charges, which may (a) have a material financial impact on certain of our customers and (b) affect their ability to perform their obligations under agreements with us.

In September 2020, the Supreme Court of India defined the expected timeline of ten years for payments owed under the ruling.

In September 2021, the government of India approved a relief package that, among other things, included (i) a four-year moratorium on the payment of AGR fees owed and (ii) a prospective change in the definition of AGR.

In the third quarter of 2022, one of our largest customers in India, VIL, communicated that it would make partial payments of its contractual amounts owed to us and indicated that it would continue to make partial payments for the remainder of 2022.

In late 2022, VIL had communicated its intent to resume payments in full under its contractual obligations owed to us beginning on January 1, 2023.

However, in early 2023, VIL communicated that it would not be able to resume payments in full of its contractual obligations owed to us, and that it

would instead continue to make partial payments, for which we recorded reserves in late 2022 and the first half of 2023.

In the second half of 2023, VIL began making payments in full of its monthly contractual obligations owed to us.

We determined that certain fixed and intangible assets had been impaired during the year ended December 31, 2022.

During the year ended December 31, 2022, an impairment of $97.0 million was taken on tower and network location intangible assets in India.

We also impaired the tenant-related intangible assets for VIL, which resulted in an impairment of $411.6 million during the year ended December 31, 2022.

We will continue to monitor the status of these developments, as it is possible that the estimated future cash flows may differ from current estimates and changes in estimated cash flows from customers in India could have further negative effects on previously recorded tangible and intangible assets, including amounts originally recorded as tenant-related intangible assets, resulting in additional impairments.

Events that could negatively affect our India reporting unit’s financial results include increased tenant attrition exceeding our forecast, additional VIL payment shortfalls, carrier tenant bankruptcies and other factors set forth in Item 1A of this Annual Report under the caption “Risk Factors.”

The carrying value of tenant-related intangible assets in India was $344.8 million as of December 31, 2023, which represents 3% of our consolidated balance of $12.2 billion.

Additionally, a significant reduction in customer-related cash flows in India could also impact our tower portfolio and network location intangible assets.

The carrying values of our tower portfolio and network location intangible assets in India were $916.2 million and $243.6 million, respectively, as of December 31, 2023, which represent 10% and 8% of our consolidated balances of $8.8 billion and $3.2 billion, respectively.

• Impairment of Assets—Goodwill:

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Goodwill is recorded in the applicable segment and assessed for impairment at the reporting unit level.

We employ a discounted cash flow analysis when testing goodwill.

We employ a discounted cash flow analysis when testing goodwill for impairment.

The key assumptions utilized in the discounted cash flow analysis include current operating performance, terminal revenue growth rate, management’s expectations of future operating results and cash requirements, the current weighted average cost of capital and an expected tax rate.

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The loss recognized is limited to the total amount of goodwill allocated to that reporting unit.

In 2023, we initiated a strategic review of our India business, where we evaluated the appropriate level of exposure to the India market within our global portfolio of communications assets, and assessed opportunities to repurpose capital to drive long-term shareholder value and sustained growth.

The strategic review concluded in January 2024 with our signed agreement with DIT for the Pending ATC TIPL Transaction.

During the process, and based on information gathered therein, we updated our estimate on the fair value of the India reporting unit and determined that the carrying value exceeded fair value.

We performed a quantitative goodwill impairment test for the quarter ended September 30, 2023 using, among other things, the information obtained from third parties to compare the fair value of the India reporting unit to its carrying amount, including goodwill.

The result of our goodwill impairment test indicated that the carrying amount of our India reporting unit exceeded our estimated fair value.

As a result, we recorded a goodwill impairment charge of $322.0 million.

We also performed our annual goodwill impairment test as of December 31, 2023.

The results of the annual goodwill impairment test indicated that the carrying amount of our Spain reporting unit exceeded its estimated fair value, as calculated under an income approach using future discounted cash flows.

During the year ended December 31, 2023, the results of our annual goodwill impairment test indicated that the carrying amount of our Spain reporting unit exceeded its estimated fair value, as calculated under an income approach using future discounted cash flows.

As a result, we recorded a goodwill impairment charge of $80.0 million.

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The reduction in the fair value of the Spain reporting unit was due to an increase in the weighted average cost of capital.

The goodwill impairment charges in India and Spain are recorded in Goodwill impairment in the accompanying consolidated statements of operations.

During the year ended December 31, 2023, no other goodwill impairment was identified as the fair value of each of our reporting units was in excess of its carrying amount.

• Acquisitions :

We evaluate each of our acquisitions under the accounting guidance framework to determine whether to treat an acquisition as an asset acquisition or a business combination.

For those transactions treated as asset acquisitions, the purchase price is allocated to the assets acquired, with no recognition of goodwill.

For those acquisitions that meet the definition of a business combination, we apply the acquisition method of accounting where assets acquired and liabilities assumed are recorded at fair value at the date of each acquisition, and the results of

operations are included with our results from the dates of the respective acquisitions.

Any excess of the purchase price paid over the amounts recognized for assets acquired and liabilities assumed is recorded as goodwill.

We continue to evaluate acquisitions accounted for as business combinations for a period not to exceed one year after the applicable acquisition date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed.

The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods.

When determining the fair value of tangible assets acquired, we must estimate the cost to replace the asset with a new asset taking into consideration such factors as age, condition and the economic useful life of the asset.

When determining the fair value of intangible assets acquired, we must estimate the applicable discount rate and the timing and amount of future tenant cash flows, including rate and terms of renewal and attrition.

The goodwill impairment charge in Spain was recorded in Goodwill impairment in the accompanying consolidated statements of operations.

During the year ended December 31, 2024, no potential goodwill impairment was identified as the fair value of each of our reporting units was in excess of its carrying amount.

• Revenue Recognition:

Our revenue is derived from leasing the right to use our communications sites, the land on which the sites are located and our data center facilities (the “lease component”) and from the reimbursement of costs incurred in operating the communications sites and supporting the tenants’ equipment as well as other services and contractual rights (the “non-lease component”).

Our revenue is derived from leasing the right to use our communications sites, the land on which the sites are located, the land underlying our customers’ sites and the space in our data center facilities (the “lease component”) and from the reimbursement of costs incurred in operating the communications sites and data center facilities and supporting the customers’ equipment as well as other services and contractual rights (the “non-lease component”).

Most of our revenue is derived from leasing arrangements and is accounted for as lease revenue unless the timing and pattern of revenue recognition of the non-lease component differs from the lease component.

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If incentives are present in our leases, they are evaluated to determine proper treatment and, to the extent present, are recorded in Other current assets and Other non-current assets in the consolidated balance sheets and amortized on a straight line basis over the corresponding lease term as a non-cash reduction to revenue.

We derive the largest portion of our revenues, corresponding trade receivables and the related deferred rent asset from a small number of tenants in the telecommunications industry, with 45% of our revenues derived from three tenants.

We derive the largest portion of our revenues, corresponding trade receivables and the related deferred rent asset from a small number of customers in the telecommunications industry, with 60% of our revenues derived from four customers.

In addition, we have concentrations of credit risk in certain geographic areas.

We mitigate the concentrations of credit risk with respect to notes and trade receivables by actively monitoring the creditworthiness of our borrowers and tenants.

In recognizing tenant revenue we assess the collectibility of both the amounts billed and the portion recognized on a straight-line basis.

This assessment takes tenant credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed.

We mitigate the concentrations of credit risk with respect to trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of our customers.

In recognizing customer revenue we assess the collectibility of both the amounts billed and the portion recognized on a straight-line basis.

This assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed.

To the extent the amounts, based on management’s estimates, may not be collectible, recognition is deferred until such point as the uncertainty is resolved.

Any amounts that were previously recognized as revenue and are subsequently determined to present a risk of collection are reserved as bad debt expense.

Accounts receivable are reported net of allowances for doubtful accounts related to estimated losses resulting from a tenant’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured.

Accounts receivable are reported net of allowances for doubtful accounts related to estimated losses resulting from a customer’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured.

• Rent Expense and Lease Accounting:

4 unchanged sentences

The right-of-use asset is measured as the sum of the lease liability, prepaid or accrued lease payments, any initial direct costs incurred and any other applicable amounts.

The calculation of the lease liability requires us to make certain assumptions for each lease, including lease term and discount rate implicit in each lease, which could significantly impact the gross lease obligation, the duration and the

present value of the lease liability.

When calculating the lease term, we consider the renewal, cancellation and termination rights available to us and the lessor.

3 unchanged sentences

To the extent that the timing of amounts recognized for financial reporting purposes differs from the timing of recognition for tax reporting purposes, deferred tax assets or liabilities are required to be recorded.

We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled.

We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are

expected to be recovered or settled.

The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date.

10 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis