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Item 9A. Controls and Procedures

2025-02-25 compared with 2024-02-27 · 817 added, 586 removed, 2108 unchanged (40% of the section changed)

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Rule 10b5-1 Plans

Smith , our Executive Vice President, Chief Financial Officer and Treasurer , entered into a pre-arranged stock trading plan on November 9, 2023 .

Smith’s plan provides for the potential exercise of vested stock options and associated sale of up to 23,019 shares of our common stock between March 1, 2024 and March 8, 2024.

Samme Thompson , one of our Director s, entered into a pre-arranged stock trading plan on October 27, 2023 .

Thompson’s plan provides for the potential exercise of vested stock options and associated sale of up to 5,054 shares of our common stock between February 26, 2024 and March 8, 2024.

Each of these trading plans was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1 under the Exchange Act and our policies regarding transactions in our securities.

Generally, these trading plans pre-establish the amounts, prices and dates of future purchases or sales of our stock, including shares issued upon the exercise or vesting of equity awards.

Under these trading plans, the individual director or officer relinquishes control over the transactions once the trading plan is put into place.

Accordingly, sales under these plans may occur at any time, including possibly before, simultaneously with, or immediately after, significant company events.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.

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Smith 59 Executive Vice President, Chief Financial Officer and Treasurer

Bartlett 65 Advisor to the Chief Executive Officer (until May 1, 2024)

Dowling 55 Executive Vice President, Chief Administrative Officer, General Counsel and Secretary

Font 56 Senior Vice President, President and CEO, CoreSite

Sanjay Goel 57 Executive Vice President and President, Asia-Pacific

Meyer 61 Senior Vice President and Chief Accounting Officer

Noel 55 Executive Vice President and President, U.S.

Tower Division

Olivier Puech 56 Executive Vice President and President, Latin America and EMEA

Noel 56 Executive Vice President, Chief Operating Officer

Olivier Puech 57 Executive Vice President and President, International

Rossi 49 Executive Vice President and President, U.S.

Vondran is our President and Chief Executive Officer.

Vondran joined us in 2000 as a member of our corporate legal team and served in a variety of positions until August 2004 when he was appointed Senior Vice President of our U.S.

Leasing Operations.

In August 2010, Mr.

Vondran was appointed Senior Vice President, General Counsel of our U.S.

Tower Division and served in that role until August 2018, when he was appointed Executive Vice President, U.S.

Tower Division, a role that he served in until November 2023.

Vondran joined the Cellular Telecommunications Industry Association (CTIA) Board in September 2018, and, in October 2018, he joined the Board of Directors for the Wireless Infrastructure Association (WIA).

Vondran joined us in 2000 as a member of our corporate legal team and served in a variety of positions, including Senior Vice President, U.S.

Leasing Operations, Senior Vice President and General Counsel, U.S.

Tower Division, Executive Vice President, U.S.

Tower Division, and most recently, Executive Vice President and Chief Operating Officer.

Vondran joined the Cellular Telecommunications Industry Association (CTIA) board in September 2018, and he served on the board of the Wireless Infrastructure Association (WIA) between 2018 and 2024.

Vondran is a member of the Business Roundtable.

Prior to joining us, Mr.

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John Stroud on the Arkansas Court of Appeals.

Vondran currently serves on the board of directors of Ameren Corporation.

He received his J.D.

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Smith is our Executive Vice President, Chief Financial Officer and Treasurer.

He is also chair of the board of directors of ATC Europe.

Smith joined us in October 2009, and previously held the roles of Senior Vice President, Corporate Finance and Treasurer and Senior Vice President and Chief Financial Officer of American Tower’s U.S.

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He also serves as co-Executive Sponsor of American Tower’s employee resource group for women, WAATCH.

Bartlett is currently advisor to the Chief Executive Officer, a role he is expected to hold until his retirement from the Company on May 1, 2024.

Prior to such role, Mr.

Bartlett served as our President and Chief Executive Officer since March 2020.

Bartlett joined us in April 2009 and served as our Executive Vice President and Chief Financial Officer until March 2020, and also served as our Treasurer from February 2012 to December 2013, and again from July 2017 to August 2018.

Prior to joining us, Mr.

Bartlett served as Senior Vice President and Corporate Controller with Verizon Communications.

During his 25-year career with Verizon Communications and its predecessor companies and affiliates, he served in numerous operations and business development roles, including as President and Chief Executive Officer of Bell Atlantic International Wireless from 1995 through 2000, where he was responsible for wireless activities in certain regions of North America, Latin America, Europe and Asia.

In addition, Mr.

Bartlett served as CEO of Iusacell, a publicly traded, nationwide cellular company in Mexico, CEO of Verizon's Global Solutions Inc., a global connectivity business providing lit and dark fiber services primarily to global enterprises, and as an Area President for Verizon’s U.S.

wireless business, where he was responsible for all operational aspects of the business in the Northeast and Mid-Atlantic states.

He began his career at Deloitte, Haskins & Sells.

Bartlett is a member of the World Economic Forum’s Information and Communications Technologies (ICT) Board of Governors, the National Association of Real Estate Investment Trust (NAREIT) Executive Committee and the Business Roundtable.

He currently serves on the Board of Directors of Otis Worldwide Corporation, sits on the Samaritans advisory council, is on the Board of Advisors of the Rutgers Business School and is on the Massachusetts Institute of Technology Presidential CEO Advisory Board.

He earned an M.B.A.

from Rutgers University and a Bachelor of Science degree in Industrial Engineering from Lehigh University.

Dowling is our Executive Vice President, Chief Administrative Officer, General Counsel and Secretary.

She is also a member of the Board of Directors for ATC Europe and CoreSite.

Since joining us in 2011, Ms.

Dowling has served as Senior Vice President, Corporate Legal, and, most recently, as Senior Vice President and General Counsel for the EMEA and Latin

America regions.

She is also a member of the board of directors of ATC Europe and of CoreSite.

Dowling joined us in 2011, and previously held the roles of Senior Vice President, Corporate Legal, and Senior Vice President and General Counsel for the EMEA and Latin America regions.

In addition, she led American Tower’s Global Remobilization Project Team to care for the safety and well-being of employees during the pandemic.

Prior to joining American Tower, Ms.

Prior to joining us, Ms.

Dowling was a partner and co-chair of the 150-member litigation department at Edwards Angell Palmer & Dodge LLP and clerked for the Honorable Fred I.

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She also serves as co-Executive Sponsor of American Tower’s employee resource group for women, WAATCH.

Font is our Senior Vice President and President and CEO, CoreSite.

He is also a member of the board of directors of ATC Europe.

Font is responsible for leading the strategy, innovation and growth to achieve CoreSite’s vision of empowering a more connected future by increasing revenue growth and return on invested capital to the American Tower data center portfolio.

Font joined CoreSite in 2010 and has held positions of increasing responsibility within the organization.

He has more than 25 years of experience in general management, direct sales, business operations, and finance in the data center and telecommunications industries.

Prior to joining CoreSite, Mr.

Font held direct sales contributor roles with Equinix, covering strategic verticals.

He also held positions of increasing responsibility with Teleglobe in financial management and business operations across European markets and increased his understanding of capital-intensive industries at The World Bank Group, where he oversaw investments in the power sector.

Font received an M.B.A.

from The Kogod School of Business at

The American University and a Bachelor of Arts in Business Economics and Finance from the Universidad Complutense of Madrid.

Sanjay Goel is our Executive Vice President and President, Asia-Pacific.

15 unchanged sentences

Meyer earned a Masters in Finance from Bentley University and a Bachelor of Science in Accounting from Marquette University, and is a Certified Public Accountant.

Noel is our Executive Vice President and President, U.S.

Meyer serves as non-executive chair on the board of directors of ATC CSR Foundation in India.

Noel is our Executive Vice President and Chief Operating Officer.

He is also a member of the board of directors of CoreSite.

Noel joined us in 2011, and previously held the roles of Executive Vice President and President, U.S.

Tower Division and Senior Vice President and Chief Operating Officer, U.S.

Tower Division.

Prior to this role, Mr.

Noel served as Senior Vice President and Chief Operating Officer, U.S.

Tower Division, and has been with American Tower since 2011.

Noel has more than 25 years of network deployment experience in the telecommunications industry.

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Noel is a graduate of East Carolina University with a Bachelor of Science in Industrial Engineering and has earned an Executive Certificate from the McDonough School of Business at Georgetown University.

Noel is a board member of the Tower Families Foundation and a former board member of Warriors for Wireless.

Olivier Puech is our Executive Vice President and President, Latin America and EMEA.

Noel is a board member of the WIA and a former board member of the Tower Families Foundation and Warriors4Wireless.

Olivier Puech is our Executive Vice President and President, International.

Puech joined us in 2013 as Senior Vice President and CEO of Latin America and served in that role until October 2018 when he was appointed to his current position.

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He is fluent in English, French, Spanish, Italian and Portuguese.

Rossi is our Executive Vice President and President, U.S.

Prior to this role, Mr.

Rossi served as our Senior Vice President and General Counsel, U.S.

Tower Division, a position he had held since 2018.

Rossi joined us in 2001 and served in various operational and legal roles for U.S.

Tower, including Director of Contract Management and Vice President of Legal.

Rossi received his J.D.

from Boston College Law School and graduated magna cum laude from Providence College with a Bachelor of Arts degree in Political Science.

Rossi serves on the board of directors of East Cambridge Savings Bank.

Rossi also served as the chair for WIA’s Executive Advisory Committee.

The information under “Election of Directors” and “Delinquent Section 16(a) Reports,” if applicable, from the Definitive Proxy Statement is incorporated herein by reference.

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Information regarding our Code of Conduct applicable to our principal executive officer, our principal financial officer, our controller and other senior financial officers appears in Item 1 of this Annual Report under the caption “Business—Available Information.”

Insider Trading Policies and Procedures

We have adopted an Anti-Insider Trading Policy governing the purchase, sale and/or other dispositions of our securities by our directors, officers, employees and contractors, that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations and applicable listing standards.

A copy of our Anti-Insider Trading Policy is filed with this Annual Report as Exhibit 19.1.

EXECUTIVE COMPENSATION

30 unchanged sentences

8-K 001-14195 January 3, 2012 3.2

3.3 Amended and Restated By-Laws of the Company, effective as of December 13, 2023

8-K 001-14195 December 14, 2023 3.1

3.3 Amended and Restated By-Laws of the Company, effective as of January 3, 2025

8-K 001-14195 January 7, 2025 3.1

3.4 Certificate of Designations of the 5.25% Mandatory Convertible Preferred Stock, Series A, of the Company as filed with the Secretary of State of the State of Delaware, effective as of May 12, 2014

6 unchanged sentences

4.2 Supplemental Indenture No.

1, dated as of August 19, 2013, to Indenture dated as of May 23, 2013, by and between the Company and U.S.

3, dated as of May 7, 2015, to Indenture dated as of May 23, 2013, by and between the Company and U.S.

Bank National Association, as Trustee, for the 4.000% Senior Notes due 2025

8-K 001-14195 August 19, 2013 4.1

8-K 001-14195 May 7, 2015 4.1

Incorporated By Reference

2 unchanged sentences

4.3 Supplemental Indenture No.

3, dated as of May 7, 2015, to Indenture dated as of May 23, 2013, by and between the Company and U.S.

Bank National Association, as Trustee, for the 4.000% Senior Notes due 2025

8-K 001-14195 May 7, 2015 4.1

4.4 Supplemental Indenture No.

4, dated as of January 12, 2016, to Indenture dated as of May 23, 2013, by and between the Company and U.S.

27 unchanged sentences

11, dated as of March 15, 2019, to Indenture dated as of May 23, 2013, by and between the Company and U.S.

Bank National Association, as Trustee, for the 3.375% Senior Notes due 2024 and the 3.950% Senior Notes due 2029

Bank National Association, as Trustee, for the 3.950% Senior Notes due 2029

8-K 001-14195 March 15, 2019 4.1

31 unchanged sentences

7, dated as of November 20, 2020, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S.

Bank National Association, as Trustee, for the 0.600% Senior Notes due 2024, the 1.500% Senior Notes due 2028 and the 2.950% Senior Notes due 2051

Bank National Association, as Trustee, for the 1.500% Senior Notes due 2028 and the 2.950% Senior Notes due 2051

8-K 001-14195 November 20, 2020 4.1

41 unchanged sentences

8-K 001-14195 September 15, 2023 4.1

4.29 Supplemental Indenture No.

5, dated as of March 7, 2024, to Indenture dated as of June 1, 2022, by and between the Company and U.S.

Bank Trust Company, National Association, as Trustee, for the 5.200% Senior Notes due 2029 and the 5.450% Senior Notes due 2034

8-K 001-14195 March 7, 2024 4.1

4.30 Supplemental Indenture No.

6, dated as of May 29, 2024, to Indenture dated as of June 1, 2022, by and among the Company, U.S.

Bank Trust Company, National Association, as Trustee, and Elavon Financial Services DAC, UK Branch, as Paying Agent, for the 3.900% Senior Notes due 2030 and the 4.100% Senior Notes due 2034

8-K 001-14195 May 29, 2024 4.1

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

4.31 Supplemental Indenture No.

7, dated as of November 21, 2024, to Indenture dated as of June 1, 2022, by and between American Tower Corporation and U.S.

Bank Trust Company, National Association, as Trustee, for the 5.000% Senior Notes due 2030 and the 5.400% Senior Notes due 2035

8-K 001-14195 November 21, 2024 4.1

4.32 Third Amended and Restated Indenture, dated May 29, 2015, by and between GTP Acquisition Partners I, LLC, ACC Tower Sub, LLC, DCS Tower Sub, LLC, GTP South Acquisitions II, LLC, GTP Acquisition Partners II, LLC, GTP Acquisition Partners, III, LLC, GTP Infrastructure I, LLC, GTP Infrastructure II, LLC, GTP Infrastructure III, LLC, GTP Towers VIII, LLC, GTP Towers I, LLC, GTP Towers II, LLC, GTP Towers IV, LLC, GTP Towers V, LLC, GTP Towers VII, LLC, GTP Towers IX, LLC, PCS Structures Towers, LLC and GTP TRS I LLC, as Obligors, and The Bank of New York Mellon, as Trustee

2 unchanged sentences

10-Q 001-14195 July 29, 2015 4.4

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

4.34 Description of Registrant’s Securities

7 unchanged sentences

10.4* Form of Restricted Stock Unit Agreement (U.S.

Employee / Non-Employee Director) (For grants made beginning March 1, 2019 - December 4, 2022 (Non-Employee Directors) / September 30, 2023 (U.S.

Employee / Non-Employee Director) (For grants made March 1, 2019 - December 4, 2022 (Non-Employee Directors) / September 30, 2023 (U.S.

Employees)) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

1 unchanged sentence

10.5* Form of Restricted Stock Unit Agreement (Non-U.S.

Employee) (For grants made beginning March 1, 2019) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

Employee) (For grants made March 1, 2019 – September 30, 2023) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

10-K 001-14195 February 27, 2019 10.11

10.6* Form of Notice of Grant of Performance-Based Restricted Stock Units Agreement (U.S.

Employee) (For grants made beginning April 11, 2020) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

Employee) (For grants made April 11, 2020 – September 30, 2023) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

8-K/A 001-14195 April 16, 2020 10.1

10.7* Form of Notice of Grant of Performance-Based Restricted Stock Units Agreement (Non-U.S.

Employee) (For grants made beginning June 1, 2021) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

Employee) (For grants made June 1, 2021 – September 30, 2023) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

10-Q 001-14195 July 29, 2021 10.1

10.8* Form of Restricted Stock Unit Agreement (Non-Employee Director) (For grants made beginning December 5, 2022) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

10.8* Form of Restricted Stock Unit Agreement (Non-Employee Director) (For grants made December 5, 2022 – September 30, 2023) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

10-K 001-14195 February 23, 2023 10.9

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10-Q 001-14195 October 26, 2023 10.3

10.12* Form of Notice of Grant of Performance-Based Restricted Stock Units Agreement (U.S.

Employee) (For grants made beginning October 1, 2023) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

10-Q 001-14195 October 26, 2023 10.4

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

10.13* Form of Notice of Grant of Performance-Based Restricted Stock Units Agreement (Non-U.S.

Employee) (For grants made beginning October 1, 2023) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

10-Q 001-14195 October 26, 2023 10.5

10.12* Form of Restricted Stock Units Agreement (U.S.

Employee) (For grants made beginning January 1, 2024) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

Filed herewith as Exhibit 10.14 — — —

10-K 001-14195 February 27, 2024 10.14

10.13* Form of Restricted Stock Units Agreement (Non-U.S.

Employee) (For grants made beginning January 1, 2024) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

Filed herewith as Exhibit 10.15 — — —

10-K 001-14195 February 27, 2024 10.15

10.14* Form of Notice of Grant of Performance-Based Restricted Stock Units Agreement (U.S.

Employee) (For grants made beginning February 28, 2024) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

8-K 001-14195 March 14, 2024 10.1

10.15* Form of Notice of Grant of Performance-Based Restricted Stock Units Agreement (Non-U.S.

Employee) (For grants made beginning February 28, 2024) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended

8-K 001-14195 March 14, 2024 10.2

10.16 Second Amended and Restated Loan and Security Agreement, dated as of March 29, 2018, by and between American Tower Asset Sub, LLC and American Tower Assets Sub II, LLC, as Borrowers, and U.S.

6 unchanged sentences

10-Q 001-14195 May 1, 2013 10.2

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

10.19 Second Amended and Restated Trust and Servicing Agreement, dated as of March 29, 2018, by and among American Tower Depositor Sub, LLC, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Servicer, and U.S.

8 unchanged sentences

10-Q 001-14195 May 2, 2018 10.4

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

10.22 First Amendment dated as of March 13, 2023 to the Second Amended and Restated Cash Management Agreement dated as of March 29, 2018, by and among American Tower Asset Sub, LLC, American Tower Asset Sub II, LLC, the Borrowers party thereto, U.S.

15 unchanged sentences

8-K 001-14195 March 5, 2009 10.4

10.28* American Tower Corporation Severance Plan, as Amended and Restated, as of January 1, 2024

Filed herewith as Exhibit 10.28 — — —

10.29* American Tower Corporation Severance Plan, Program for Executive Vice Presidents and Chief Executive Officer, as of January 1, 2024

Filed herewith as Exhibit 10.29 — — —

10.30* Letter Agreement, dated as of October 25, 2023, by and between the Company and Eugene M.

Filed herewith as Exhibit 10.30 — — —

10.31* Letter Agreement, dated as of February 5, 2024, by and between the Company and Steven O.

Filed herewith as Exhibit 10.31 — — —

Incorporated By Reference

1 unchanged sentence

Date of Filing Exhibit No.

10.32 3-Year Term Loan Agreement, dated as of February 10, 2021, among the Company, as Borrower, Bank of America, N.A., as Administrative Agent, TD Securities (USA), LLC and Mizuho Bank, Ltd.

as Syndication Agents, BofA Securities, Inc., TD Securities (USA), LLC, Mizuho Bank, Ltd., Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., RBC Capital Markets and Morgan Stanley MUFG Loan Partners, LLC as Joint Lead Arrangers and Joint Bookrunners, and Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., Royal Bank of Canada and Morgan Stanley MUFG Loan Partners, LLC, as Co-Documentation Agents

10.28* American Tower Corporation Severance Plan, as Amended and Restated, as of January 1, 2024

10-K 001-14195 February 27, 2024 10.28

10.33 First Amendment to 3-Year Term Loan Agreement, dated as of December 8, 2021, among the Company, as Borrower, Bank of America, N.A., as Administrative Agent, and certain other lenders under the Company’s 3-Year Term Loan Agreement, dated as of February 10, 2021

10.29* American Tower Corporation Severance Plan, Program for Executive Vice Presidents and Chief Executive Officer, as of January 1, 2024

10-K 001-14195 February 27, 2024 10.29

10.30* Letter Agreement, dated as of February 5, 2024, by and between the Company and Steven O.

10-K 001-14195 February 27, 2024 10.31

10.31* Letter Agreement, dated as of January 3, 2025, by and between the Company and Eugene M.

Filed herewith as Exhibit 10.31 — — —

10.32* Letter Agreement, dated as of January 3, 2025, by and between the Company and Richard Rossi

Filed herewith as Exhibit 10.32 — — —

10.33 Third Amended and Restated Multicurrency Revolving Credit Agreement, dated as of December 8, 2021, among the Company and certain of its subsidiaries, as Borrower, Toronto Dominion (Texas) LLC, as Administrative Agent and Swingline Lender, BofA Securities, Inc., TD Securities (USA) LLC, Mizuho Bank, Ltd., Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., RBC Capital Markets and Morgan Stanley MUFG Loan Partners, LLC, as Joint Lead Arrangers and Joint Bookrunners, Mizuho Bank, Ltd., as Syndication Agent, and BofA Securities, Inc., Barclays Bank PLC, Citibank, N.A, JPMorgan Chase Bank, N.A., Royal Bank of Canada and Morgan Stanley MUFG Loan Partners, LLC, as Co-Documentation Agents

3 unchanged sentences

10-Q 001-14195 July 27, 2023 10.2

10.36 Fourth Amended and Restated Revolving Credit Agreement, dated as of December 8, 2021, among the Company, as Borrower s , Toronto Dominion (Texas) LLC, as Administrative Agent and Swingline Lender, BofA Securities, Inc., TD Securities (USA) LLC, Mizuho Bank, Ltd., Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., RBC Capital Markets and Morgan Stanley MUFG Loan Partners, LLC, as Joint Lead Arrangers and Joint Bookrunners, Mizuho Bank, Ltd., as Syndication Agent, and BofA Securities, Inc., Barclays Bank PLC, Citibank, N.A, JPMorgan Chase Bank, N.A., Royal Bank of Canada and Morgan Stanley MUFG Loan Partners, LLC, as Co-Documentation Agents

10-K 001-14195 February 25, 2022 10.30

10.35 Notice of Benchmark Replacement and Amendment No.

2, dated as of June 27, 2024, to the Third Amended and Restated Multicurrency Revolving Credit Agreement, among the Company and certain of its subsidiaries as borrowers, Toronto Dominion (Texas) LLC, as administrative agent, and a majority of lenders under the Third Amended and Restated Multicurrency Revolving Credit Agreement, dated December 8, 2021, as further amended

10-Q 001-14195 July 30, 2024 10.1

10.36 Amendment No.

3 to the Third Amended and Restated Multicurrency Revolving Credit Agreement, dated as of January 28, 2025, among the Company and certain of its subsidiaries as borrowers, Toronto Dominion (Texas) LLC, as administrative agent, and a majority of lenders under the Third Amended and Restated Multicurrency Revolving Credit Agreement, dated as of December 8, 2021, as further amended

Filed herewith as Exhibit 10.36 — — —

Incorporated By Reference

1 unchanged sentence

Date of Filing Exhibit No.

10.37 Fourth Amended and Restated Revolving Credit Agreement, dated as of December 8, 2021, among the Company, as Borrowers, Toronto Dominion (Texas) LLC, as Administrative Agent and Swingline Lender, BofA Securities, Inc., TD Securities (USA) LLC, Mizuho Bank, Ltd., Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., RBC Capital Markets and Morgan Stanley MUFG Loan Partners, LLC, as Joint Lead Arrangers and Joint Bookrunners, Mizuho Bank, Ltd., as Syndication Agent, and BofA Securities, Inc., Barclays Bank PLC, Citibank, N.A, JPMorgan Chase Bank, N.A., Royal Bank of Canada and Morgan Stanley MUFG Loan Partners, LLC, as Co-Documentation Agents

10-K 001-14195 February 25, 2022 10.30

10.38 Amendment No.

1 unchanged sentence

10-Q 001-14195 July 27, 2023 10.3

10.39 Amendment No.

2 to the Fourth Amended and Restated Revolving Credit Agreement, dated as of January 28, 2025, among the Company and certain of its subsidiaries as borrowers, Toronto Dominion (Texas) LLC, as administrative agent, and a majority of lenders under the Fourth Amended and Restated Revolving Credit Agreement, dated as of December 8, 2021, as further amended

Filed herewith as Exhibit 10.39 — — —

10.40 Second Amended and Restated Term Loan Agreement, dated as of December 8, 2021, among the Company, as Borrower, Mizuho Bank, Ltd., as Administrative Agent;

4 unchanged sentences

10-Q 001-14195 July 27, 2023 10.1

10.42 Amendment No.

2 to the Second Amended and Restated Term Loan Agreement, dated as of January 28, 2025, among the Company, as borrower, Mizuho Bank, Ltd., as administrative agent, and a majority of the lenders under the Second Amended and Restated Term Loan Agreement, dated as of December 8, 2021, as further amended

Filed herewith as Exhibit 10.42 — — —

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

10.43 Master Agreement, dated as of February 5, 2015, among the Company and Verizon Communications Inc.

16 unchanged sentences

10-K 001-14195 February 25, 2021 10.42

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

19.1 American Tower Corporation Anti-Insider Trading Policy

Filed herewith as Exhibit 19.1 — — —

21 Subsidiaries of the Company

6 unchanged sentences

Filed herewith as Exhibit 31.2 — — —

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

32 Certifications filed pursuant to 18.

1 unchanged sentence

97 American Tower Corporation Compensation Recovery Policy

Filed herewith as Exhibit 97 — — —

10-K 001-14195 February 27, 2024 97

101 The following materials from American Tower Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in XBRL (Extensible Business Reporting Language):

26 unchanged sentences

Director February 25, 2025

/ S / RAYMOND P.

Director February 27, 2024

/ S / KENNETH R.

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Director February 25, 2025

/ S / RAJESH KALATHUR

Director February 25, 2025

Rajesh Kalathur

/ S / GRACE D.

2 unchanged sentences

Director February 25, 2025

/S/ NEVILLE R.

Director February 25, 2025

/ S / JOANN A.

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TANNER Director February 25, 2025

THOMPSON Director February 27, 2024

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

27 unchanged sentences

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Determination of fair value of the Spain reporting unit - Refer to Notes 1, 5, 11, and 16 to the financial statements.

Change in estimated useful life of tower assets - Refer to Notes 1, 3, 4, and 5 to the financial statements.

Critical Audit Matter Description

The Company reviews goodwill for impairment at least annually or whenever events or circumstances indicate the carrying value of an asset may not be recoverable.

The Company’s evaluation of recovery of goodwill involves the comparison of the carrying amount of a reporting unit, inclusive of allocated goodwill, to the fair value of the applicable reporting unit.

If goodwill is determined to be impaired, the amount of impairment recognized is the amount by which the carrying amount of the reporting unit exceeds the fair value of the reporting unit.

Fair value is generally determined using discounted forecasted cash flows.

The Company performed its annual impairment test as of December 31, 2023 for the Spain reporting unit.

The resulting fair value was compared to the reporting unit’s carrying amount, which indicated that the carrying amount exceeded the estimated fair value.

Accordingly, the Company recorded an impairment charge of $80.0 million in the consolidated statement of operations.

The remaining goodwill allocated to the Spain reporting unit as of December 31, 2023 was $737.6 million.

We identified the determination of the fair value of the Spain reporting unit, along with the resulting impairment charge, as a critical audit matter due to the significant judgments made by management to estimate the fair value of the reporting unit.

was a high degree of auditor judgment in evaluating management’s assumptions and estimates related to revenue growth rate, margin projections, and discount rate used in the determination of fair value based upon a discounted cash flow model.

As described in Note 1 to the financial statements, the Company finalized its review of the estimated useful lives of its tower assets, effective as of January 1, 2024.

The Company determined that the estimated useful life of its tower assets should be changed from 20 years to 30 years.

Additionally, consistent with the useful life of the tower assets, the Company changed the useful life of certain intangible assets as well as lease terms used to measure the right of use assets and lease liabilities.

The Company accounted for the change in useful life as a change in accounting estimate and applied the change on a prospective basis beginning on January 1, 2024.

Accordingly, the Company began depreciating its tower assets and amortizing certain intangible assets over the extended useful life.

The change in useful life resulted in (i) a $515 million increase to the right of use assets and related lease liabilities as of January 1, 2024 and (ii) an estimated $730 million decrease in depreciation and amortization expense for the year ended December 31, 2024.

We identified the change in estimated useful life of tower assets as a critical audit matter due to the significant judgments made by management to support the useful life of the tower assets.

There was a high degree of auditor judgment in evaluating

management’s assumptions and estimates and required the assistance of valuation specialists to validate the appropriateness of assumptions made by management.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the determination of fair value of the Spain reporting unit and the recording of a goodwill impairment charge included the following, among others:

• We tested the effectiveness of internal controls over management’s goodwill impairment evaluation, including those over the determination of the fair value of the Spain reporting unit.

• We evaluated the reasonableness of management’s future contracted revenue, revenue growth rates, and margin projections used in the discounted cash flow model to:

◦ Historical results.

◦ Internal communications to management and the Board of Directors and external communications to investors.

◦ Forecasted information included in analyst and industry reports for the Company and the Spanish market.

• With the assistance of our business valuation specialists, we evaluated the reasonableness of the discount rate used in the discounted cash flow model.

• We recalculated the carrying amount of the reporting unit.

• We reperformed the comparison of the fair value to the carrying amount and recalculated the amount of the resulting impairment charge.

Our audit procedures related to the change in estimated useful life of tower assets included the following, among others:

• We inquired of management and operations and engineering personnel to understand the process to build, inspect, and maintain tower assets.

• We inquired of management’s independent consultant to understand the processes and procedures that were used to develop the revised estimates of useful life.

• We utilized our fair value specialists that possess relevant engineering expertise to assist us with:

◦ Assessing the technical specifications of the Company’s towers and the Company’s operating procedures, as those specifications and procedures impact the useful life of the towers.

◦ Performing independent research on the useful life of towers.

• For a selection of countries, we tested the completeness and accuracy of the tower data used by the Company in supporting the change in estimated useful life.

• We tested the effectiveness of internal controls over the development of the estimates of the useful life of the tower assets and the controls over measuring and recognizing the financial statement impacts of the change in estimate.

• With the assistance of professionals in our firm having expertise in lease accounting, we evaluated the Company’s conclusions regarding the accounting for the impact of the change in estimated useful life of the tower assets on the right of use assets and operating lease liabilities.

/s/ Deloitte & Touche LLP

11 unchanged sentences

Prepaid and other current assets 530.6 559.5

Current assets of discontinued operations — 729.6

Total current assets 3,178.8 3,710.0

6 unchanged sentences

NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS 676.9 755.3

NON-CURRENT ASSETS OF DISCONTINUED OPERATIONS — 2,820.9

TOTAL $ 61,077.4 $ 66,027.6

7 unchanged sentences

Unearned revenue 329.2 433.8

Current liabilities of discontinued operations — 463.3

Total current liabilities 7,075.6 7,249.3

4 unchanged sentences

OTHER NON-CURRENT LIABILITIES 1,012.9 1,149.8

NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS — 823.2

Total liabilities 51,428.7 55,162.2

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Selling, general, administrative and development expense 933.4 946.0 902.1

Other operating expenses 377.7 767.6 398.7

Other operating expense 74.1 370.7 270.6

Goodwill impairment — 80.0 —

5 unchanged sentences

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

Other (expense) income (including foreign currency (losses) gains of $( 330.8 ), $ 449.4 , and $ 557.9 respectively)

Other income (expense) (including foreign currency gains (losses) of $ 308.3 , $( 330.6 ), and $ 451.4 respectively)

377.6 ( 326.3 ) 434.7

2 unchanged sentences

Income tax provision ( 366.3 ) ( 90.8 ) ( 112.8 )

NET INCOME FROM CONTINUING OPERATIONS 3,258.5 1,438.5 1,973.2

LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES ( 978.3 ) ( 71.4 ) ( 276.5 )

NET INCOME 2,280.2 1,367.1 1,696.7

Net loss attributable to noncontrolling interests 116.2 69.1 0.1

Net (income) loss attributable to noncontrolling interests ( 25.2 ) 116.2 69.1

NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS $ 2,255.0 $ 1,483.3 $ 1,765.8

NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS $ 3,233.3 $ 1,554.7 $ 2,042.3

NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS $ ( 978.3 ) $ ( 71.4 ) $ ( 276.5 )

NET INCOME PER COMMON SHARE AMOUNTS:

Basic net income from continuing operations attributable to American Tower Corporation common stockholders $ 6.92 $ 3.34 $ 4.43

Basic net loss from discontinued operations attributable to American Tower Corporation common stockholders ( 2.09 ) ( 0.15 ) ( 0.60 )

Basic net income attributable to American Tower Corporation common stockholders $ 4.83 $ 3.18 $ 3.83

Diluted net income from continuing operations attributable to American Tower Corporation common stockholders $ 6.91 $ 3.33 $ 4.41

Diluted net loss from discontinued operations attributable to American Tower Corporation common stockholders ( 2.09 ) ( 0.15 ) ( 0.60 )

Diluted net income attributable to American Tower Corporation common stockholders $ 4.82 $ 3.18 $ 3.82

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Other comprehensive (loss) income:

Changes in fair value of cash flow hedges, each net of tax expense of $ 0

Reclassification of unrealized losses on cash flow hedges to net income, each net of tax expense of $ 0

Foreign currency translation adjustments, net of tax expense (benefit) of $ 0.3 , $( 0.8 ), and $( 0.0 ), respectively.

Reclassification of cumulative translation adjustments associated with the sale of ATC TIPL 1,072.3 — —

Foreign currency translation adjustments, net of tax (benefit) expense of $( 0.8 ), $ 0.3 , and $( 0.8 ), respectively.

( 1,521.5 ) 60.2 ( 1,165.0 )

Other comprehensive income (loss) 60.2 ( 1,165.0 ) ( 1,150.1 )

Other comprehensive (loss) income ( 449.2 ) 60.2 ( 1,165.0 )

Comprehensive income 1,831.0 1,427.3 531.7

Comprehensive loss attributable to noncontrolling interests 208.9 34.8 254.7

Allocation of accumulated other comprehensive income resulting from purchases of noncontrolling interest and redeemable noncontrolling interests — — 1.1

Comprehensive income attributable to American Tower Corporation stockholders $ 2,039.9 $ 1,462.1 $ 786.4

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Issuance of common stock 9,185 0.1 — — 2,291.6 — — — 2,291.7

Changes in fair value of cash flow hedges, net of tax — — — — — ( 0.0 ) — — ( 0.0 )

Reclassification of unrealized losses on cash flow hedges to net income, net of tax — — — — — 0.1 — — 0.1

Treasury stock activity — — ( 89 ) ( 18.8 ) — — — — ( 18.8 )

Foreign currency translation adjustment, net of tax — — — — — ( 979.4 ) — ( 185.6 ) ( 1,165.0 )

Adjustment to noncontrolling interest — — — — ( 648.4 ) 47.4 — 601.0 —

Contributions from noncontrolling interest — — — — — — — 3,125.4 3,125.4

Distributions to noncontrolling interest — — — — — — — ( 23.0 ) ( 23.0 )

Redemption of noncontrolling interest 26 0.0 — — 1.7 — — ( 1.7 ) —

Purchases of redeemable noncontrolling interests — — — — 84.2 ( 46.3 ) — — 37.9

Purchase of noncontrolling interest — — — — — — — 10.2 10.2

Common stock distributions declared — — — — — — ( 2,725.3 ) — ( 2,725.3 )

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Issuance of common stock—stock purchase plan 91 0.0 — — 14.3 — — — 14.3

Issuance of common stock 9,185 0.1 — — 2,291.6 — — — 2,291.7

Treasury stock activity — — ( 89 ) ( 18.8 ) — — — — ( 18.8 )

Foreign currency translation adjustment, net of tax — — — — — ( 21.2 ) — 81.4 60.2

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Foreign currency translation adjustment, net of tax — — — — — ( 1,287.4 ) — ( 234.1 ) ( 1,521.5 )

Reclassification of cumulative translation adjustments associated with sale of ATC TIPL — — — — — 1,072.3 — — 1,072.3

Contributions from noncontrolling interest holders — — — — — — — 154.6 154.6

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Common stock distributions declared — — — — — — ( 3,040.3 ) — ( 3,040.3 )

Net income (loss) — — — — — — 1,483.3 ( 116.2 ) 1,367.1

Net income — — — — — — 2,255.0 25.2 2,280.2

BALANCE, DECEMBER 31, 2024 478,388 $ 4.8 ( 11,004 ) $ ( 1,301.2 ) $ 15,057.3 $ ( 5,954.6 ) $ ( 4,424.1 ) $ 6,266.5 $ 9,648.7

_______________

(1) For the year ended December 31, 2021, Additional-Paid in Capital includes $ 17.1 million of consideration related to the fair value of certain equity awards previously granted by CoreSite (as defined in note 6) under its equity plan that the Company assumed and converted into corresponding equity awards with respect to shares of the Company’s common stock (the “CoreSite Replacement Awards”).

See accompanying notes to consolidated financial statements.

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Stock-based compensation expense 203.6 195.7 169.3

Loss on investments, unrealized foreign currency (gain) loss and other non-cash expense 279.0 ( 401.2 ) ( 535.2 )

(Gain) loss on investments, unrealized foreign currency (gain) loss and other non-cash expense ( 380.1 ) 279.0 ( 401.2 )

Impairments, net loss on sale of long-lived assets, non-cash restructuring and merger related expenses 96.6 739.9 684.3

Loss on early retirement of long-term obligations — 0.3 0.4

Loss on sale of ATC TIPL 1,245.5 — —

Amortization of deferred financing costs, debt discounts and premiums and other non-cash interest 54.1 49.8 47.5

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Proceeds from sales of short-term investments and other non-current assets 253.2 17.3 19.6

Payment for investments in equity securities — — ( 25.0 )

Proceeds from the sale of ATC TIPL 2,158.8 — —

Deposits and other ( 288.4 ) 253.3 47.8

Cash used for investing activities ( 1,695.5 ) ( 2,355.2 ) ( 20,692.2 )

Cash provided by (used for) investing activities 410.6 ( 1,695.5 ) ( 2,355.2 )

CASH FLOWS FROM FINANCING ACTIVITIES

2 unchanged sentences

Proceeds from issuance of senior notes, net 3,568.6 5,678.3 1,293.6

Proceeds from term loans — — 7,347.0

Proceeds from issuance of securities in securitization transaction — 1,300.0 —

Repayments of notes payable, credit facilities, senior notes, secured debt, short-term borrowings, term loans and finance leases ( 13,230.3 ) ( 9,625.5 ) ( 13,178.1 )

Repayments of notes payable, credit facilities, senior notes, secured debt, term loans and finance leases ( 12,429.6 ) ( 13,230.3 ) ( 9,625.5 )

Contributions from noncontrolling interest holders 104.7 4.1 3,120.8

4 unchanged sentences

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

Payment for early retirement of long-term obligations — — ( 74.0 )

Deferred financing costs and other financing activities ( 218.5 ) ( 144.5 ) ( 94.9 )

Purchases of redeemable noncontrolling interests — — ( 175.7 )

Cash (used for) provided by financing activities ( 3,097.4 ) ( 1,423.2 ) 16,424.5

Cash used for financing activities ( 5,452.4 ) ( 3,097.4 ) ( 1,423.2 )

Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash ( 233.9 ) 23.2 ( 120.4 )

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH ( 47.3 ) ( 202.6 ) 481.9

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH 14.8 ( 47.3 ) ( 202.6 )

CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR 2,093.4 2,140.7 2,343.3

29 unchanged sentences

tower leasing business, a majority of its U.S.

indoor DAS networks business, its Services and Data Centers segments, as well as most of its operations in Canada, Costa Rica, France, Germany, Ghana, Kenya, Mexico, Nigeria, South Africa and Uganda.

DAS networks business, its Services and Data Centers segments, as well as most of its operations in Canada, Costa Rica, France, Germany, Ghana, Kenya, Mexico, Nigeria, South Africa, Spain and Uganda.

Principles of Consolidation and Basis of Presentation —The accompanying consolidated financial statements include the accounts of the Company and those entities in which it has a controlling interest.

2 unchanged sentences

As of December 31, 2024, the Company holds (i) a 52 % controlling interest in subsidiaries whose holdings consist of the Company’s operations in France, Germany and Spain (such subsidiaries collectively, “ATC Europe”) (Allianz and CDPQ (each as defined in note 15) hold the noncontrolling interests), (ii) a 51 % controlling interest in a joint venture whose holdings consist of the Company’s operations in Bangladesh (Confidence Tower Holdings Ltd.

(“Confidence Group”) holds the noncontrolling interest) and (iii) a common equity interest of approximately 72 % in the Company’s U.S.

(“Confidence Group”) holds the noncontrolling interest) and (iii) a controlling common equity interest of approximately 72 % in the Company’s U.S.

data center business (Stonepeak (as defined and further discussed in note 15) holds approximately 28 % of the outstanding common equity and 100 % of the outstanding mandatorily convertible preferred equity).

4 unchanged sentences

(Tabular amounts in millions, unless otherwise disclosed)

Sale of Mexico Fiber — On March 29, 2023, the Company completed the sale of one of its subsidiaries in Mexico that held fiber assets (“Mexico Fiber”) for total consideration of $ 252.5 million, resulting in a loss on the sale of $ 80.0 million, which was included in Other operating expenses in the accompanying consolidated statements of operations.

As a result of the transaction, the Company disposed of $ 20.7 million of goodwill based on the relative fair value of Mexico Fiber and the portion of the applicable goodwill reporting unit that was retained.

Prior to the divestiture, Mexico Fiber’s operating results were included within the Latin America property segment.

The divestiture did not qualify for presentation as a discontinued operation.

Sale of Poland Subsidiary —On May 31, 2023, the Company completed the sale of its subsidiary in Poland (“ATC Poland”) for total consideration of 6.7 million EUR (approximately $ 7.2 million at the date of closing), resulting in a gain on the sale of $ 1.1 million, which was included in Other operating expenses in the accompanying consolidated statements of operations.

Prior to the divestiture, ATC Poland’s operating results were included within the Europe property segment.

The divestiture did not qualify for presentation as a discontinued operation.

Reportable Segments —The Company reports its results in seven segments – U.S.

& Canada property (which includes all assets in the United States and Canada, other than the Company’s data center facilities and related assets), Asia-Pacific property, Africa property, Europe property, Latin America property, Data Centers and Services, which are discussed further in note 20.

ATC TIPL Transaction— On September 12, 2024, the Company completed the sale of its subsidiary ATC Telecom Infrastructure Private Limited (“ATC TIPL”), which held the Company’s operations in India (the “ATC TIPL Transaction”).

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 this Annual Report on Form 10-K has been adjusted to reflect the operating results of ATC TIPL as discontinued operations for all periods presented.

Australia & New Zealand— During the year ended December 31, 2024, the Company, through its subsidiary, ATC Asia Pacific Pte.

Ltd., entered into agreements to sell 100 % of the ownership interests in its subsidiaries in Australia (“ATC Australia”) and New Zealand (“ATC New Zealand”).

On November 11, 2024, the Company completed the sale of ATC Australia for total consideration of 63.4 million Australian Dollars (approximately $ 41.2 million at the date of closing).

On December 11, 2024, the Company completed the sale of ATC New Zealand for total consideration of 62.5 million New Zealand Dollars (approximately $ 36.4 million at the date of closing).

The Company recorded a gain on the sales of ATC Australia and ATC New Zealand of $ 8.5 million, which is included in Other operating expenses in the accompanying consolidated statements of operations.

Prior to the divestitures, ATC Australia and ATC New Zealand’s operating results were included within the Africa & APAC property segment.

The divestitures did not qualify for presentation as discontinued operations.

Change in Reportable Segments— During the fourth quarter of 2024, following recent divestitures, including the ATC TIPL Transaction, and changes to its organizational structure, the Company reviewed and changed its reportable segments.

The Company’s Asia-Pacific (“APAC”) property segment and its Africa property segment were combined into the Africa & APAC property segment.

As a result, the Company has six reportable segments:

& Canada property (which includes all assets in the United States and Canada, other than the Company’s data center facilities and related assets), Africa & APAC property, Europe property, Latin America property, Data Centers and Services, which are discussed further in note 20.

The change in reportable segments had no impact on the Company’s consolidated financial statements for any periods.

Historical financial information included in this Annual Report on Form 10-K has been adjusted to reflect the change in reportable segments.

Prior to the change in reportable segments in the fourth quarter of 2024, the Company reported its results in seven segments:

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

Significant Accounting Policies and Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.

2 unchanged sentences

The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued as additional evidence for certain estimates or to identify matters that require additional disclosure.

Accounts Receivable and Deferred Rent Asset —The Company derives the largest portion of its revenues and corresponding accounts receivable and the related deferred rent asset from a relatively small number of customers in the telecommunications industry, and 45 % of its current-year revenues are derived from three customers.

Assets Held for Sale —The Company considers 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.

The Company reassesses 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 —The Company classifies 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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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 the Company’s 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.

See note 22 for a discussion of the results of operations classified as discontinued operations as of December 31, 2024.

Accounts Receivable and Deferred Rent Asset —The Company derives the largest portion of its revenues and corresponding accounts receivable and the related deferred rent asset from a relatively small number of customers in the telecommunications industry, and 60 % of its current-year revenues are derived from four customers.

The Company’s deferred rent asset is associated with non-cancellable tenant leases that contain fixed escalation clauses over the terms of the applicable lease for which revenue is recognized on a straight-line basis over the lease term.

The Company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of its borrowers and customers.

The Company mitigates its concentrations of credit risk with respect to trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of its customers.

In recognizing customer revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis.

13 unchanged sentences

Balance as of December 31, $ 404.1 $ 325.2 $ 217.8

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Functional Currency —The functional currency of each of the Company’s foreign operating subsidiaries is normally the respective local currency, except for Costa Rica and Argentina, where the functional currency is the U.S.

Functional Currency —The functional currency of each of the Company’s foreign operating subsidiaries is normally the respective local currency, except for Argentina, Costa Rica, Ghana and Nigeria, where the functional currency is the U.S.

All foreign currency assets and liabilities held by the subsidiaries are translated into U.S.

3 unchanged sentences

However, the effect from fluctuations in foreign currency exchange rates on intercompany debt for which repayment is not anticipated in the foreseeable future is reflected in AOCL in the consolidated balance sheets and included as a component of Comprehensive income.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The Company recorded the following net foreign currency (gains) losses:

1 unchanged sentence

2024 2023 2022

Foreign currency (gains) losses recorded in AOCL $ ( 103.9 ) $ 336.7 $ 466.5

Foreign currency losses (gains) recorded in Other expense 330.8 ( 449.4 ) ( 557.9 )

Foreign currency losses (gains) recorded in AOCL $ 660.8 $ ( 103.9 ) $ 336.7

Foreign currency (gains) losses recorded in Other expense ( 308.3 ) 330.6 ( 451.4 )

Total foreign currency losses (gains) $ 352.5 $ 226.7 $ ( 114.7 )

Adoption of Highly Inflationary Accounting in Ghana— The Ghanaian economy was deemed to be highly inflationary and, as a result, the Company will adopt highly inflationary accounting as of January 1, 2024 for its subsidiary in Ghana.

Under highly inflationary accounting, the functional currency of its subsidiary in Ghana will become the U.S.

All monetary and non-monetary assets and liabilities will be remeasured at the U.S.

Adoption of Highly Inflationary Accounting in Ghana and Nigeria— The Ghanaian economy was deemed to be highly inflationary and, as a result, the Company adopted highly inflationary accounting as of January 1, 2024 for its subsidiary in Ghana.

Under highly inflationary accounting, the functional currency of its subsidiary in Ghana became the U.S.

All monetary and non-monetary assets and liabilities were remeasured at the U.S.

Dollar to Ghanaian Cedis exchange rate of 1 to 11.95 as of December 31, 2023.

These amounts will become the new basis for those assets and liabilities as of January 1, 2024.

These amounts became the new basis for those assets and liabilities as of January 1, 2024.

Non-monetary assets and liabilities, as well as the corresponding income statement activities such as depreciation, amortization and equity, will continue to be measured at the historical exchange rate on December 31, 2023.

The Nigerian economy was deemed to be highly inflationary and, as a result, the Company adopted highly inflationary accounting as of October 1, 2024 for its subsidiary in Nigeria.

Under highly inflationary accounting, the functional currency of its subsidiary in Nigeria became the U.S.

All monetary and non-monetary assets and liabilities were remeasured at the U.S.

Dollar to Nigerian Naira exchange rate of 1 to 1,669 as of September 30, 2024.

These amounts became the new basis for those assets and liabilities as of October 1, 2024.

Gains and losses on foreign currency arising in connection with the remeasurement of local currency denominated monetary assets and liabilities for foreign operating subsidiaries in economies that are deemed to be highly inflationary are reflected in Other expense in the consolidated statements of operations.

This change is not expected to have a material impact on the Company’s financial statements, as Ghana’s assets and revenue are approximately 1 % and 1 % of consolidated assets and revenue, respectively.

These changes are not expected to have a material impact on the Company’s financial statements, as Ghana’s assets and revenue are approximately 1 % and 1 % of consolidated assets and revenue, respectively, and Nigeria’s assets and revenue are approximately 1 % and 4 % of consolidated assets and revenue, respectively.

Cash and Cash Equivalents —Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three months or less.

6 unchanged sentences

Restricted cash 108.6 119.7 111.1

Cash and cash equivalents included in assets of discontinued operations — 219.6 479.5

Restricted cash included in assets of discontinued operations — 0.4 1.2

Total cash, cash equivalents and restricted cash $ 2,108.2 $ 2,093.4 $ 2,140.7

Restricted cash as of December 31, 2021 included advance payments from a customer.

Property and Equipment —Property and equipment is recorded at cost or, in the case of acquired properties, at estimated fair value on the date acquired.

8 unchanged sentences

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

Towers and assets on leased land are depreciated over the estimated useful life of the asset taking into consideration the term of the corresponding ground lease and residual value.

The Company finalized its review of the estimated useful lives of its tower assets during the first quarter of 2024.

The Company now has over 20 years of operating history, and determined that it should modify its current estimates for asset lives based on its historical operating experience.

The Company retained an independent consultant to assist the Company in completing this review and analysis.

The Company previously depreciated its 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 the Company had historically estimated to be 20 years.

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

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

The Company 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, the Company began depreciating its 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.

Towers or assets acquired through finance leases are recorded net at the present value of future minimum lease payments or the fair value of the leased asset at the inception of the lease.

Property and equipment and assets held under finance leases are amortized over the shorter of the applicable lease term or the estimated useful life of the respective assets for periods generally not exceeding twenty years .

The Company reviews its asset portfolio for indicators of impairment on an individual site basis.

2 unchanged sentences

The Company records impairment charges, which are discussed in note 16, in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment.

The Company is in the process of finalizing its review of the estimated useful lives of its tower assets.

The Company now has over 20 years of operating history, and it is considering whether it should modify its current estimates for asset lives based on its historical operating experience.

The Company has retained an independent consultant to assist the Company in completing this review and analysis.

The Company currently depreciates its 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 the Company has historically estimated to be 20 years.

If the Company concludes that a revision in the estimated useful lives of its tower assets is appropriate based on its review and analysis, which the Company expects to conclude in 2024, the Company will account for any changes in the useful lives as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change.

Based on preliminary information obtained to date, the Company expects that its estimated asset lives may be extended, which would result in an estimated (i) $ 700 million to $ 800 million decrease in depreciation and amortization for the year ended December 31, 2024 and (ii) $ 450 million to $ 550 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.

Goodwill and Other Intangible Assets —The Company reviews goodwill for impairment at least annually (as of December 31) or whenever events or circumstances indicate the carrying value of an asset may not be recoverable.

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The result of the Company’s goodwill impairment test indicated that the carrying amount of the Company's India reporting unit exceeded its estimated fair value.

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

The Company also performed its annual goodwill impairment test as of December 31, 2023.

The results of the annual goodwill impairment test indicated that the carrying amount of the Company’s Spain reporting unit exceeded its estimated fair value.

As a result, the Company recorded a goodwill impairment charge of $ 322.0 million during the quarter ended September 30, 2023, which is recorded in Loss from discontinued operations in the accompanying consolidated statements of operations for the year ended December 31, 2023.

The results of the annual goodwill impairment test as of December 31, 2023 indicated that the carrying amount of the Company’s Spain reporting unit exceeded its estimated fair value.

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

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

The goodwill impairment charge for the Spain reporting unit is recorded in Goodwill impairment in the accompanying consolidated statements of operations for the year ended December 31, 2023.

During the years ended December 31, 2024, 2023 and 2022, no other goodwill impairment was identified, as the fair value of each of the reporting units was in excess of its carrying amount.

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(Tabular amounts in millions, unless otherwise disclosed)

Intangible assets that are separable from goodwill and are deemed to have a definite life are amortized over their useful lives, generally ranging from two to twenty years and are evaluated separately for impairment at least annually or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable.

Intangible assets that are separable from goodwill and are deemed to have a definite life are amortized over their useful lives, generally ranging from two to thirty years and are evaluated separately for impairment at least annually or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable.

The Company reviews its network location intangible assets for indicators of impairment on an individual tower basis.

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and credit-adjusted, risk-free interest rates that approximate the Company’s incremental borrowing rate.

The Company is in the process of finalizing its review of the estimated settlement dates for its asset retirement obligations.

The Company now has over 20 years of operating history, and it is considering whether it should modify its current estimated settlement dates based on its historical operating experience, management’s intent with respect to the assets, and the assets’ estimated useful lives.

The Company expects to complete its review of estimated settlement dates in the first quarter of 2024.

If the Company concludes that a revision in the estimated settlement dates for its asset retirement obligations is appropriate based on its review and analysis, the Company will account for any changes in the estimated settlement dates as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change.

Based on preliminary information obtained to date, the Company expects that its estimated settlement dates may be extended.

The extension in the estimated settlement dates would result in an estimated (i) $ 400 million to $ 500 million increase in the asset retirement obligation liability, with an offsetting adjustment made to the related long-lived tangible asset, (ii) $ 800 million to $ 900 million increase in the estimated undiscounted future cash outlay for asset retirement obligations, and (iii) $ 50 million to $ 100 million decrease in estimated accretion expense for the year ended December 31, 2024.

The Company finalized its review of the estimated settlement dates for its asset retirement obligations during the first quarter of 2024.

The Company now has over 20 years of operating history, and determined that it should modify its current estimated settlement dates based on its historical operating experience, management’s intent with respect to the assets, and the assets’ estimated useful lives.

Based on its review and analysis, the Company concluded that a revision in the estimated settlement dates for its asset retirement obligations was appropriate.

The Company accounted for the change in estimated settlement dates as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections , which was recorded prospectively beginning on January 1, 2024.

The extension in the estimated settlement dates (i) resulted in a $ 470 million increase in the asset retirement obligation liability, with an offsetting adjustment made to the related long-lived tangible asset and an $ 875 million increase in the estimated undiscounted future cash outlay for asset retirement obligations, and (ii) resulted in an estimated $ 75 million decrease in accretion expense for the year ended December 31, 2024.

Income Taxes —As a REIT, the Company generally is not subject to U.S.

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The Company periodically reviews its deferred tax assets, and provides valuation allowances if, based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

Management assesses the

Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets.

Valuation allowances would be reversed as a reduction to the provision for income taxes if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets’ recoverability.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets.

The Company estimates the liabilities from uncertain tax positions, which are recorded in Other non-current liabilities in the consolidated balance sheet, unless expected to be paid within one year.

The Company reports penalties and tax-related interest expense as a component of the income tax provision and interest income from tax refunds as a component of Interest income in the consolidated statements of operations.

The Company reports penalties and tax-related interest expense and interest income from tax refunds as a component of the income tax provision in the consolidated statements of operations.

Other Comprehensive Income (Loss) —Other comprehensive income (loss) refers to items excluded from net income that are recorded as an adjustment to equity, net of tax.

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

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

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

Most of the Company’s 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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Total property straight-line revenues for the years ended December 31, 2024, 2023 and 2022 were $ 277.6 million, $ 465.4 million and $ 508.5 million, respectively.

Non-lease property revenue— Non-lease property revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue.

DAS networks and fiber arrangements generally require that the Company provide the tenant the right to use available capacity on the applicable communications infrastructure.

Performance obligations are satisfied

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

Non-lease property revenue— Non-lease property revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue.

DAS networks and fiber arrangements generally require that the Company provide the tenant the right to use available capacity on the applicable communications infrastructure.

Performance obligations are satisfied over time for the duration of the arrangements.

over time for the duration of the arrangements.

Non-lease property revenue also includes revenue generated from interconnection offerings in the Company’s data center facilities.

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Some of the Company’s contracts with customers contain multiple performance obligations.

For these arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price, which is typically based on the price charged to customers.

For these arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price, which is typically based on the price charged to customers in a stand-alone transaction.

Since most of the Company’s contracts are leases, costs to enter into lease arrangements are capitalized under the applicable lease accounting guidance.

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Year Ended December 31, 2024

& Canada Asia-Pacific Africa Europe Latin

& Canada Africa & APAC (1) Europe Latin

America Data Centers Total

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Total revenue $ 5,441.8 $ 1,208.0 $ 834.7 $ 1,717.9 $ 924.8 $ 10,127.2

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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, 2023

& Canada Asia-Pacific Africa Europe Latin

& Canada Africa & APAC (1) Europe Latin

America Data Centers Total

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Total revenue $ 5,359.2 $ 1,244.4 $ 775.6 $ 1,798.3 $ 834.7 $ 10,012.2

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

See note 22 for further discussion.

Year Ended December 31, 2022

& Canada Asia-Pacific Africa Europe Latin

& Canada Africa & APAC (1) Europe Latin

America Data Centers Total

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Total revenue $ 5,247.4 $ 1,203.8 $ 735.7 $ 1,691.9 $ 766.6 $ 9,645.4

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

See note 22 for further discussion.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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The Company recorded an immaterial change in unbilled receivables attributable to non-lease property revenue recognized during each of the years ended December 31, 2024 and 2023.

The change in contract assets attributable to revenue recognized during the years ended December 31, 2023 and 2022 was $ 0.6 million and $( 0.3 ) million, respectively.

The changes in contract assets attributable to revenue recognized during the years ended December 31, 2024 and 2023 were immaterial.

The Company does not disclose the value of unsatisfied performance obligations for agreements (i) with an original expected length of one year or less or (ii) for which it recognizes revenue at the amount to which it has the right to invoice for services performed.

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The straight-line component of ground rent expense for the years ended December 31, 2024, 2023 and 2022 was $ 46.8 million, $ 24.4 million and $ 34.0 million, respectively.

Selling, General, Administrative and Development Expense —Selling, general and administrative expense consists of overhead expenses related to the Company’s property and services operations and corporate overhead costs not specifically allocable to

Development expense consists of costs related to the Company’s acquisition efforts, costs associated with new business initiatives and project cancellation costs.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

any of the Company’s individual business operations.

Development expense consists of costs related to the Company’s acquisition efforts, costs associated with new business initiatives and project cancellation costs.

Stock-Based Compensation —Stock-based compensation expense is measured at the accounting measurement date based on the fair value of the award and is generally recognized as an expense over the service period, which typically represents the vesting period.

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The Company recognizes compensation expense for PSUs over the three-year vesting period, subject to adjustment based on the date the employee becomes eligible for retirement benefits as well as performance relative to grant parameters.

The Company’s PSUs granted in 2024 also include a market condition component.

The fair value of stock options is determined using the Black-Scholes option-pricing model and the fair value of RSUs and PSUs is based on the fair value of the Company’s common stock on the date of grant.

For the component of the PSUs subject to a market condition, fair value is determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements.

The Company recognizes all stock-based compensation expense in Selling, general, administrative and development expense.

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For the years ended December 31, 2024, 2023 and 2022, the Company contributed $ 15.0 million, $ 15.6 million and $ 15.8 million to the plan, respectively.

Accounting Standards Updates —In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses.

The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The amendments should be applied retrospectively to all prior periods presented in the financial statements.

The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Stonepeak Development Partnership— During the year ended December 31, 2024, the Company entered into an agreement with Stonepeak (as defined in note 15) to form a joint venture to construct a new data center in Denver, CO (the “Stonepeak Development Partnership”).

At formation, the Company contributed assets with a value of $ 14.6 million to the Stonepeak Development Partnership and acquired a minority ownership interest (Stonepeak holds the controlling interests).

The Company accounts for the Stonepeak Development Partnership as an equity method investment.

Under this method, investments are

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

recorded at cost, and are adjusted for the Company’s share of the entities’ income or loss and for distributions and contributions.

The investment is recorded in Other non-current assets in the consolidated balance sheets.

The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The amendments should be applied retrospectively to all prior periods presented in the financial statements.

The Company adopted this guidance for the fiscal year ended December 31, 2024.

The adoption of this guidance did not have a material impact on the Company’s financial statements and related disclosures.

In December 2023, the FASB issued guidance which requires public entities to provide enhanced income tax disclosures on an annual basis.

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The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued guidance which is intended to improve the disclosures about a public business entity’s expenses, primarily through additional disclosures about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in each relevant expense caption presented on the face of the income statement within continuing operations.

The guidance is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted.

The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

PREPAID AND OTHER CURRENT ASSETS

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Prepaid and other current assets $ 530.6 $ 559.5

_______________

(1) Includes the VIL OCDs (as defined and further discussed in note 11).

PROPERTY AND EQUIPMENT

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_______________

(1) Assets on leased land are depreciated over the estimated useful life of the asset taking into consideration the corresponding ground lease term and residual value.

(1) Beginning on January 1, 2024, towers are amortized over the remaining estimated useful life of the tower, taking into account residual value, generally up to 30 years.

Prior to January 1, 2024, towers were amortized over the shorter of the term of the corresponding ground lease, taking into consideration residual value, or the estimated useful life of the tower, generally up to 20 years.

(2) Includes fiber, DAS and data center related assets.

(3) Estimated useful lives apply to improvements only.

Total depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $ 1.5 billion, $ 1.6 billion and $ 1.0 billion, respectively.

Depreciation expense includes amounts related to finance lease assets for the years ended December 31, 2023, 2022 and 2021 of $ 138.5 million, $ 145.4 million and $ 146.8 million, respectively.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

Total depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $ 1.1 billion, $ 1.4 billion and $ 1.5 billion, respectively.

Depreciation expense includes amounts related to finance lease assets for the years ended December 31, 2024, 2023 and 2022 of $ 86.5 million, $ 138.5 million and $ 145.4 million, respectively.

Information about finance lease-related balances is as follows:

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Property and equipment, net $ 23.6 $ 28.3

_______________

(1) As of December 31, 2022, included $ 23.1 million of finance lease-related equipment assets associated with Mexico Fiber, which was sold during the year ended December 31, 2023.

The Company determines if an arrangement is a lease at the inception of the agreement.

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Accordingly, the Company has minimal risk with respect to the residual value of its leased assets.

Communications infrastructure assets are depreciated over their estimated useful lives, which generally do not exceed twenty years .

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

Communications infrastructure assets are depreciated over their estimated useful lives, which generally do not exceed thirty years .

As of December 31, 2024, the Company does not have any material related party leases as a lessor.

To the extent there are any intercompany leases, these are eliminated in consolidation.

The Company generally does not enter into sales-type leases or direct financing leases.

If incentives are present in the Company’s 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.

As of December 31, 2023, the remaining weighted average amortization period of the Company’s lease incentives wa s 10 years .

As of December 31, 2023, Other current assets and Other non-current assets include $ 31.8 million and $ 345.7 million, respectively, for lease incentives.

In addition, the Company’s leases do not include any lessee purchase options.

Historically, the Company has been able to successfully renew its applicable leases as needed to ensure continuation of its revenue.

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(2) Balances represent contractual amounts owned with no adjustments made for expected collectibility.

The Company generally does not enter into sales-type leases or direct financing leases.

As of December 31, 2024, the remaining weighted average amortization period of the Company’s lease incentives wa s 10 years .

As of December 31, 2024, Other current assets and Other non-current assets include $ 36.7 million and $ 328.7 million, respectively, for lease incentives.

In addition, the Company’s leases do not include any lessee purchase options.

Lessee —The Company enters into arrangements as a lessee primarily for ground space underneath its communications sites.

These arrangements are typically long-term lease agreements with initial non-cancellable terms of approximately five to ten years with one or more automatic or exercisable renewal periods and specified increases in lease payments upon exercise of the renewal options.

The Company typically exercises its ground lease renewal options in order to provide ongoing tenant space on or in its communications sites through the end of the tenant lease term.

The Company typically exercises its ground lease renewal options in order to utilize the assets used and provide ongoing tenant space on or in its communications sites through the end of the tenant lease term.

Escalation clauses present in operating leases, excluding those tied to CPI or other inflation-based indices, are recognized on a straight-line basis over the estimated lease term of the applicable lease as a component of rent expense.

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These transactions are further described in note 18.

During the year ended December 31, 2024, as a result of the change in estimated useful lives of its assets as described in note 1, the Company reviewed its lease portfolio to determine whether additional renewal options were likely to be exercised.

The Company concluded that these incremental renewals were lease modifications and has accounted for them accordingly.

The extension of the asset lives 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.

The Company’s lease liability is the present value of the remaining minimum rental payments to be made over the remaining lease term, including renewal options reasonably certain to be exercised.

The Company also considers termination options and factors those into the determination of lease payments when appropriate.

To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life (generally twenty years ) and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site.

To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

communications site’s estimated economic life (generally thirty years ) and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site.

The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1.

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The Company does not have any sale-leaseback arrangements as lessee and typically does not enter into leveraged leases.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases.

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Weighted-average incremental borrowing rate 7.9 % 7.4 %

_______________

(1) As of December 31, 2024, reflects the change in estimated useful lives as described in note 1.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The following table sets forth the components of lease cost for the years ended December 31,:

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Assets held under finance leases are recorded in property and equipment and are depreciated over the lesser of the remaining lease term or the remaining useful life.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Supplemental cash flow information is as follows for the years ended December 31,:

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Operating lease modifications and reassessments (2) $ 859.9 $ 405.9 $ 80.5

Reduction of operating lease liability due to the ATC TIPL Transaction $ ( 766.4 ) $ — $ —

_______________

(1) Amount includes new operating leases and leases acquired in connection with acquisitions.

For the year ended December 31, 2021, includes $ 1.4 billion related to the Telxius Acquisition (as defined in note 6).

(2) For the year ended December 31, 2024, reflects the change in estimated useful lives as described in note 1.

As of December 31, 2024, the Company does not have material operating or financing leases that have not yet commenced.

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(1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

GOODWILL AND OTHER INTANGIBLE ASSETS

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Property Services Total

& Canada Asia-Pacific Africa Europe Latin America Data Centers

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

Balance as of December 31, 2022 $ 4,637.5 $ 556.1 $ 3,044.0 $ 915.5 $ 2,920.0 $ 2.0 $ 12,075.1

Adjustments (1) — — — 3.6 ( 16.9 ) ( 58.4 ) — ( 71.7 )

Impairments (2) — — ( 80.0 ) — — — ( 80.0 )

Other (3) — — — ( 20.7 ) — — ( 20.7 )

1 unchanged sentence

Balance as of December 31, 2023 $ 4,638.6 $ 504.9 $ 3,051.9 $ 966.1 $ 2,920.0 $ 2.0 $ 12,083.5

Other (3) — — — — ( 20.7 ) — — ( 20.7 )

Impairments (4) — ( 322.0 ) — ( 80.0 ) — — — ( 402.0 )

Effect of foreign currency translation ( 3.9 ) 11.6 ( 189.6 ) ( 133.5 ) — — ( 315.4 )

1 unchanged sentence

_______________

(1) Europe and Latin America consist of measurement period adjustments related to the Telxius Acquisition (as defined in note 6) .

Data Centers consists of measurement period adjustments related to the CoreSite Acquisition (as defined in note 6).

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

(2) Other represents the goodwill associated with certain operations acquired in connection with the acquisition of InSite Wireless Group, LLC (the “InSite Acquisition”).

These business operations were sold during the year ended December 31, 2022.

(3) Other represents the goodwill associated with Mexico Fiber, which was sold during the year ended December 31, 2023.

(4) Includes $ 322.0 million and $ 80.0 million of goodwill impairments associated with the India and Spain reporting units, respectively.

(1) Excludes goodwill associated with the India reporting unit, which is reported as discontinued operations.

See note 22 for further discussion.

(2) Includes $ 80.0 million of goodwill impairments associated with the Spain reporting unit.

(3) Other represents the goodwill associated with the sale of one of our subsidiaries in Mexico that held fiber assets (“Mexico Fiber”), which was sold during the year ended December 31, 2023.

Goodwill Impairments

The Company reviews goodwill for impairment annually (as of December 31) or whenever events or circumstances indicate the carrying amount of an asset may not be recoverable, as further discussed in note 1.

The Company concluded that a triggering event occurred during the year ended December 31, 2023 with respect to its India reporting unit primarily due to indications of value received from third parties in connection with the Company’s review of various strategic alternatives for its India operations, which concluded in the Pending ATC TIPL Transaction (as defined in note 22) in January 2024 .

As a result, the Company performed a goodwill impairment test using, among other things, the information obtained from third parties to compare the estimated fair value of the India reporting unit to its carrying amount, including goodwill.

The result of the Company’s goodwill impairment test indicated that the carrying amount of the Company's India reporting unit exceeded its estimated fair value.

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

The Company also performed its annual goodwill impairment test as of December 31, 2023.

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

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

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

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.

The key assumptions utilized in the discounted cash flow analysis included 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.

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

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

The goodwill impairment charge is recorded in Goodwill impairment in the consolidated statements of operations for the year ended December 31, 2023.

The Company’s other intangible assets subject to amortization consisted of the following:

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_______________

(1) Acquired network location intangibles are amortized over the shorter of the term of the corresponding ground lease, taking into consideration lease renewal options and residual value, generally up to 20 years, as the Company considers these intangibles to be directly related to the tower assets.

(1) As of December 31, 2024, reflects the change in estimated useful lives as described in note 1.

(2) Beginning January 1, 2024, acquired network location intangibles are amortized over the remaining estimated useful life of the tower, taking into account residual value, generally up to 30 years, as the Company considers these intangibles to be directly related to the tower assets.

Prior to January 1, 2024, acquired network location intangibles were amortized over the shorter of the term of the corresponding ground lease, taking into consideration lease renewal options and residual value, or the estimated useful life of the tower, generally up to 20 years.

The acquired network location intangibles represent the value to the Company 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 to the Company of tenant contracts and relationships in place at the time of an acquisition or similar transaction, including assumptions regarding estimated renewals.

The acquired tenant-related intangibles typically represent the value to the Company of tenant contracts and relationships in place at the time of an

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

acquisition or similar transaction, including assumptions regarding estimated renewals.

Other intangibles represent the value of acquired licenses, trade name and in place leases.

3 unchanged sentences

As of December 31, 2024, the remaining weighted average amortization period of the Company’s intangible assets wa s 20 years .

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Amortization of intangible assets for the years ended December 31, 2023, 2022 and 2021 was $ 1.4 billion, $ 1.7 billion and $ 1.2 billion, respectively.

Amortization of intangible assets for the years ended December 31, 2024, 2023 and 2022 was $ 892.0 million, $ 1.4 billion and $ 1.6 billion, respectively.

Based on current exchange rates, the Company expects to record amortization expense as follows over the next five years:

Fiscal Year Amount

2024 $ 1,334.1

The Company evaluates each of its acquisitions under the accounting guidance framework to determine whether to treat an acquisition as an asset acquisition or a business combination.

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The Company records acquisition, disposition and merger related expenses not subject to capitalization, as well as integration costs for all transactions, in Other operating expenses in the consolidated statements of operations.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

During the years ended December 31, 2024, 2023 and 2022, the Company recorded acquisition, disposition and merger related expenses for business combinations, dispositions and non-capitalized asset acquisition costs and integration costs as follows:

3 unchanged sentences

Integration costs $ 8.9 $ 16.3 $ 45.0

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

During the years ended December 31, 2024, 2023 and 2022, the Company recorded net benefits of $ 23.4 million, $ 10.3 million and $ 11.9 million related to pre-acquisition contingencies and settlements, respectively.

The year ended December 31, 2022 included acquisition and merger related costs associated with the Stonepeak Transaction (as defined in note 15).

The year ended December 31, 2021 included acquisition and merger related costs associated with the Telxius Acquisition and the CoreSite Acquisition (each as defined below).

2024 Transactions

The estimated aggregate impact of the acquisitions completed in 2024 on the Company’s revenues and gross margin for the year ended December 31, 2024 was not material to the Company’s operating results.

Acquisitions completed in 2023 were included in the applicable Company property segments.

Other Acquisitions— During the year ended December 31, 2023, the Company acquired a total of 159 communications sites, as well as other communications infrastructure assets, in the United States, Canada, France, Poland and Spain for an aggregate purchase price of $ 109.4 million.

Acquisitions completed in 2024 were included in the Company’s U.S.

& Canada and Europe property segments.

Other Acquisitions— During the year ended December 31, 2024, the Company acquired a total of 55 communications sites, as well as other communications infrastructure assets, in the United States, Canada and France for an aggregate purchase price of $ 51.5 million.

Of the aggregate purchase price, $ 11.9 million, inclusive of value-added tax, is reflected as a payable in the consolidated balance sheet as of December 31, 2024.

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In addition to the acquisitions discussed above, during the year ended December 31, 2024, the Company purchased 80 towers in connection with the AT&T transaction described in note 18 for an aggregate purchase price of $ 59.1 million.

Telxius and CoreSite Acquisitions

Telxius Acquisition —On January 13, 2021, the Company entered into two agreements with Telxius Telecom, S.A.

(“Telxius”), a subsidiary of Telefónica, S.A., pursuant to which the Company agreed to acquire Telxius’ European and Latin American tower divisions, comprising approximately 31,000 communications sites in Argentina, Brazil, Chile, Germany, Peru and Spain, for approximately 7.7 billion EUR (approximately $ 9.4 billion at the date of signing) (the “Telxius Acquisition”), subject to certain adjustments.

In June 2021, the Company completed the acquisition of nearly 20,000 communications sites in Germany and Spain, for total consideration of approximately 6.3 billion EUR (approximately $ 7.7 billion at the date of closing), subject to certain post-closing adjustments and over 7,000 communications sites in Brazil, Peru, Chile and Argentina, for total consideration of approximately 0.9 billion EUR (approximately $ 1.1 billion at the date of closing), subject to certain post-closing adjustments.

On August 2, 2021, the Company completed the acquisition of the approximately 4,000 remaining communications sites in Germany pursuant to the Telxius Acquisition for 0.6 billion EUR (approximately $ 0.7 billion at the date of closing), subject to certain post-closing adjustments.

The acquired operations in Germany and Spain are included in the Europe property segment and the acquired operations in Brazil, Peru, Chile and Argentina are included in the Latin America property segment.

During the year ended December 31, 2024, the Company made 88.6 million EUR (approximately $ 92.8 million) of deferred payments, including post-closing adjustments, associated with the Company’s acquisition of the European and Latin American tower divisions from Telxius Telecom, S.A.

in 2021 (the “Telxius Acquisition”), which is included in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

CoreSite Acquisition —On November 14, 2021, the Company entered into an agreement with CoreSite Realty Corporation (“CoreSite”) to acquire all issued and outstanding shares of CoreSite common stock at $ 170.00 per share (the “CoreSite Acquisition”).

CoreSite’s portfolio consisted of 24 data center facilities and related assets in eight United States markets.

On December 28, 2021, the Company completed the CoreSite Acquisition for total consideration of approximately $ 10.4 billion, including the assumption and repayment of CoreSite’s existing debt.

The acquired assets and operations are included in the Data Centers segment.

The CoreSite Acquisition was accounted for as a business combination.

ACCRUED EXPENSES

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Accrued expenses $ 1,082.0 $ 1,052.8

_______________

(1) As of December 31, 2024 includes $ 94.9 million of deferred payments, including post-closing adjustments, associated with the Telxius Acquisition due in 2025.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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LONG-TERM OBLIGATIONS

Outstanding amounts under the Company’s long-term obligations, reflecting discounts, premiums, debt issuance costs and fair value adjustments due to interest rate swaps consisted of the following:

Outstanding amounts under the Company’s long-term obligations, reflecting discounts, premiums and debt issuance costs, consisted of the following:

December 31, 2024 December 31, 2023 Contractual Interest Rate (1) Maturity Date (1)

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2021 Credit Facility (2) — 1,603.4 — % July 1, 2028

2021 EUR Three Year Delayed Draw Term Loan (2) (3) 910.7 882.9 4.985 % May 28, 2024

2021 USD Two Year Delayed Draw Term Loan (2) (4) — 1,499.3 N/A N/A

2021 EUR Three Year Delayed Draw Term Loan (3) (4) — 910.7 N/A N/A

0.600 % senior notes (5)

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3.375 % senior notes (7)

500.0 498.9 0.600 % January 15, 2024

5.00 % senior notes (8)

1,000.1 1,000.5 5.000 % February 15, 2024

3.375 % senior notes

649.7 648.3 3.375 % May 15, 2024

— 649.7 N/A N/A

2.950 % senior notes (8)

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5.200 % senior notes

643.7 — 5.200 % February 15, 2029

3.950 % senior notes

594.8 593.7 3.950 % March 15, 2029

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5.000 % senior notes

593.2 — 5.000 % January 31, 2030

3.900 % senior notes (9)

512.9 — 3.900 % May 16, 2030

2.100 % senior notes

744.1 743.1 2.100 % June 15, 2030

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791.4 790.6 5.650 % March 15, 2033

1.250 % senior notes (9)

512.1 545.8 1.250 % May 21, 2033

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

2 unchanged sentences

5.550 % senior notes

545.8 528.5 1.250 % May 21, 2033

5.550 % senior notes

841.4 840.6 5.550 % July 15, 2033

2 unchanged sentences

5.450 % senior notes

640.6 — 5.450 % February 15, 2034

4.100 % senior notes (9)

510.5 — 4.100 % May 16, 2034

5.400 % senior notes

591.9 — 5.400 % January 31, 2035

3.700 % senior notes

592.6 592.4 3.700 % October 15, 2049

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Total American Tower Corporation debt 34,174.9 36,472.0

Series 2013-2A Securities (10) — 1,299.7 N/A N/A

Series 2015-2 Notes (10) 524.7 524.1 3.482 % June 16, 2025

Series 2018-1A Securities (11) 497.6 496.8 3.652 % March 15, 2028

Series 2023-1A Securities (12) 1,288.0 1,284.4 5.490 % March 15, 2028

Series 2015-2 Notes (13) 524.1 523.4 3.482 % June 16, 2025

Other subsidiary debt (13) (14) — 3.4 Various Various

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(2) Accrues interest at a variable rate.

(3) Reflects borrowings denominated in EUR and, for the 2021 Multicurrency Credit Facility (as defined below), reflects borrowings denominated in both EUR and U.S.

(3) As of December 31, 2023, reflects borrowings denominated in Euro (“EUR”) and, for the 2021 Multicurrency Credit Facility (as defined below), reflects borrowings denominated in both EUR and U.S.

Dollars (“USD”).

(4) Repaid in full on June 27, 2023 using borrowings under the 2021 Multicurrency Credit Facility.

(5) Repaid in full on January 31, 2023 using borrowings under the 2021 Credit Facility (as defined below).

(6) Repaid in full on June 15, 2023 using borrowings under the 2021 Credit Facility.

(4) Repaid in full on May 21, 2024 using borrowings under the 2021 Multicurrency Credit Facility.

(5) Repaid in full on January 12, 2024 using borrowings under the 2021 Multicurrency Credit Facility.

(6) Repaid in full on February 14, 2024 using borrowings under the 2021 Multicurrency Credit Facility.

(7) Repaid in full on May 15, 2024 using borrowings under the 2021 Credit Facility (as defined below).

(8) Repaid in full on January 14, 2025 using cash on hand and borrowings under the 2021 Multicurrency Credit Facility.

(9) Notes are denominated in EUR.

(10) Repaid in full on the March 2023 repayment date using proceeds from the 2023 Securitization (as defined below).

(10) Maturity date reflects the anticipated repayment date;

final legal maturity is March 15, 2048.

final legal maturity is June 15, 2050.

(11) Maturity date reflects the anticipated repayment date;

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(12) Maturity date reflects the anticipated repayment date;

final legal maturity is June 15, 2050.

(14) Includes amounts drawn under letters of credit in Nigeria, which are denominated in USD, and the India Term Loan (as defined below), which is denominated in Indian Rupee (“INR”).

Current portion of long-term obligations — The Company’s current portion of long-term obligations primarily includes (i) $ 500.0 million aggregate principal amount of the Company’s 0.600 % senior unsecured notes due January 15, 2024, (ii) $ 1.0 billion aggregate principal amount of the Company’s 5.00 % senior unsecured notes due February 15, 2024, (iii) $ 650.0 million aggregate principal amount of the Company’s 3.375 % senior unsecured notes due May 15, 2024 and (iv) 825.0 million EUR in borrowings under the 2021 EUR Three Year Delayed Draw Term Loan (as defined below ).

final legal maturity is March 15, 2053.

(13) As of December 31, 2023, includes amounts drawn under letters of credit in Nigeria, which are denominated in USD.

(14) As of December 31, 2023, excludes borrowings under the India Term Loan (as defined in note 22), which is included within Current liabilities of discontinued operations in the consolidated balance sheets.

Current portion of long-term obligations — The Company’s current portion of long-term obligations primarily includes (i) $ 650.0 million aggregate principal amount of the Company’s 2.950 % senior unsecured notes due January 15, 2025 (the “ 2.950 % Notes”), (ii) $ 750.0 million aggregate principal amount of the Company’s 2.400 % senior unsecured notes due March 15, 2025, (iii) 500.0 million EUR aggregate principal amount of the Company’s 1.375 % senior unsecured notes due April 4, 2025, (iv) $ 750.0 million aggregate principal amount of the Company’s 4.000 % senior unsecured notes due June 1, 2025, (v) $ 500.0 million aggregate principal amount of the Company’s 1.300 % senior unsecured notes due September 15, 2025 and (vi) $ 525.0 million aggregate principal amount of the Company’s Secured Tower Revenue Notes, Series 2015-2, Class A due June 16, 2025.

American Tower Corporation Debt

Bank Facilities

Amendments to Bank Facilities— On June 29, 2023, the Company amended its (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

2021 Multicurrency Credit Facility— During the year ended December 31, 2024, the Company 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 its $ 6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated on December 8, 2021, as further amended (the “2021 Multicurrency Credit Facility”).

The Company 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 (each as defined below), and for general corporate purposes.

The Company used the proceeds from the ATC TIPL Transaction to repay existing indebtedness under the

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

Credit Facility”) and (iii) $ 1.0 billion unsecured term loan, as previously amended and restated on December 8, 2021, (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.

2021 Multicurrency Credit Facility— During the year ended December 31, 2023, the Company 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 Company’s 2021 Multicurrency Credit Facility.

The Company used the borrowings to repay outstanding indebtedness, including the 2021 USD Two Year Delayed Draw Term Loan (as defined below), and for general corporate purposes.

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

The Company used the borrowings to repay outstanding indebtedness, including the 3.50 % Notes and the 3.000 % Notes (each as defined below), and for general corporate purposes.

Repayment of 2021 USD Two Year Delayed Draw Term Loan— On June 27, 2023, the Company repaid all amounts outstanding under its $ 1.5 billion unsecured term loan entered into in December 2021 (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 the Company’s 825.0 million EUR unsecured term loan, as amended in December 2021 (the “2021 EUR Three Year Delayed Draw Term Loan”) were as follows:

2021 Multicurrency Credit Facility.

As of December 31, 2024, there were no amounts outstanding under the 2021 Multicurrency Credit Facility.

2021 Credit Facility— During the year ended December 31, 2024, the Company borrowed an aggregate of $ 1.5 billion and repaid an aggregate of $ 3.1 billion of revolving indebtedness under its $ 4.0 billion senior unsecured revolving credit facility, as amended and restated on December 8, 2021, as further amended (the “2021 Credit Facility”).

The Company used the borrowings to repay outstanding indebtedness, including the 3.375 % Notes (as defined below), and for general corporate purposes.

As of December 31, 2024, there were no amounts outstanding under the 2021 Credit Facility.

Repayment of 2021 EUR Three Year Delayed Draw Term Loan— On May 21, 2024, the Company repaid all amounts outstanding under its 825 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”) 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 Company’s $ 1.0 billion unsecured term loan, as amended and restated in December 2021, as further amended (the “2021 Term Loan”) were as follows:

Outstanding Principal Balance Undrawn letters of credit Maturity Date Current margin over SOFR or EURIBOR (1) Current commitment fee (2)

2 unchanged sentences

2021 Term Loan $ 1,000.0 N/A January 31, 2027 1.125 % N/A

2021 EUR Three Year Delayed Draw Term Loan 910.7 N/A May 28, 2024 1.125 % N/A

_______________

(1) SOFR applies to the USD denominated borrowings under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan.

Euro Interbank Offer Rate (“EURIBOR”) applies to the EUR denominated borrowings under the 2021 Multicurrency Credit Facility and all of the borrowings under the 2021 EUR Three Year Delayed Draw Term Loan.

(1) Secured Overnight Financing Rate (“SOFR”) applies to the USD denominated borrowings under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan.

(2) Fee on undrawn portion of each credit facility.

(3) Subject to two optional renewal periods.

The loan agreements for each of the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan and the 2021 EUR Three Year Delayed Draw Term Loan contain certain reporting, information, financial and operating covenants and other restrictions (including limitations on additional debt, guaranties, sales of assets and liens) with which the Company must comply.

Subsequent to December 31, 2024, the Company amended the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan, as further discussed in note 24.

The loan agreements for each of the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, and the 2021 Term Loan contain certain reporting, information, financial and operating covenants and other restrictions (including limitations on additional debt, guaranties, sales of assets and liens) with which the Company must comply.

Failure to comply with the financial and operating covenants of the loan agreements could not only prevent the Company 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.

Repayments of Senior Notes

Repayment of 3.50 % Senior Notes— On January 31, 2023, the Company repaid $ 1.0 billion aggregate principal amount of the Company’s 3.50 % senior unsecured notes due 2023 (the “ 3.50 % Notes”) upon their maturity.

The 3.50 % Notes were repaid

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

using borrowings under the 2021 Credit Facility.

Repayment of 0.600 % Senior Notes— On January 12, 2024, the Company repaid $ 500.0 million aggregate principal amount of the Company’s 0.600 % senior unsecured notes due 2024 (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 3.000 % Senior Notes— On June 15, 2023, the Company repaid $ 700.0 million aggregate principal amount of the Company’s 3.000 % senior unsecured notes due 2023 (the “ 3.000 % Notes”) upon their maturity.

Repayment of 5.00 % Senior Notes— On February 14, 2024, the Company repaid $ 1.0 billion aggregate principal amount of the Company’s 5.00 % senior unsecured notes due 2024 (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, the Company repaid $ 650.0 million aggregate principal amount of the Company’s 3.375 % senior unsecured notes due 2024 (the “ 3.375 % Notes”) upon their maturity.

The 3.375 % Notes were repaid using borrowings under the 2021 Credit Facility.

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Offerings of Senior Notes

1 unchanged sentence

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

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

The Company 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, the Company 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.

The Company used the net proceeds 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, the Company 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.

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

5.800 % Senior Notes and 5.900 % Senior Notes Offering— On September 15, 2023, the Company 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”).

The Company 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, the Company 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 “Notes”).

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

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

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

The following table outlines key terms related to the Company ’ s outstanding senior notes as of December 31, 2024:

3 unchanged sentences

2.950 % Notes

500.0 ( 0.0 ) ( 1.1 ) January 15 and July 15 November 20, 2020 N/A

5.00 % Notes (4)

1,000.0 0.1 0.5 February 15 and August 15 August 19, 2013 N/A

3.375 % Notes

650.0 ( 0.3 ) ( 1.7 ) May 15 and November 15 March 15, 2019 April 15, 2024

2.950 % Notes

$ 650.0 — ( 1.8 ) January 15 and July 15 June 13, 2019 December 15, 2024

19 unchanged sentences

400.0 ( 0.7 ) ( 1.1 ) January 15 and July 15 September 30, 2016 October 15, 2026

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

2.750 % Notes

19 unchanged sentences

650.0 ( 4.8 ) ( 6.1 ) January 15 and July 15 May 25, 2023 June 15, 2028

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

5.800 % Notes

1 unchanged sentence

5.200 % Notes

650.0 ( 6.3 ) — February 15 and August 15 March 7, 2024 January 15.

3.950 % Notes

600.0 ( 5.2 ) ( 6.3 ) March 15 and September 15 March 15, 2019 December 15, 2028

6 unchanged sentences

5.000 % Notes

600.0 ( 6.8 ) — January 31 and July 31 November 21, 2024 December 31, 2029

3.900 % Notes (4)

517.7 ( 4.8 ) — May 16 May 29, 2024 February 16, 2030

2.100 % Notes

750.0 ( 5.9 ) ( 6.9 ) June 15 and December 15 June 3, 2020 March 15, 2030

22 unchanged sentences

5.450 % Notes

650.0 ( 9.4 ) — February 15 and August 15 March 7, 2024 November 15.

4.100 % Notes (4)

517.7 ( 7.2 ) — May 16 May 29, 2024 February 16.

5.400 % Notes

600.0 ( 8.1 ) — January 31 and July 31 November 21, 2024 October 31, 2034

3.700 % Notes

600.0 ( 7.4 ) ( 7.6 ) April 15 and October 15 October 3, 2019 April 15, 2049

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If the Company redeems the notes on or after the par call date, the Company will not be required to pay a make-whole premium.

(4) The original issue date for the initial 5.00 % Notes was August 19, 2013.

The issue date for the reopened 5.00 % Notes was January 10, 2014.

(4) Notes are denominated in EUR.

3 unchanged sentences

The issue date for the reopened 2.950 % Notes was September 27, 2021.

The Company may redeem each series of senior notes at any time, subject to the terms of the applicable supplemental indenture, in whole or in part, at a redemption price equal to 100 % of the principal amount of the notes plus a make-whole premium, as applicable, together with accrued interest to the redemption date.

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

The notes rank equally in right of payment with all of the Company’s other senior unsecured debt obligations and are structurally subordinated to all existing and future indebtedness and other obligations of its subsidiaries.

Each applicable supplemental indenture for the notes contains certain covenants that restrict the Company’s ability to merge, consolidate or sell assets and its (together with its subsidiaries’) ability to incur liens.

These covenants are subject to a number of exceptions, including that the Company and its subsidiaries may incur certain liens on assets, mortgages or other liens securing indebtedness if the aggregate amount of indebtedness secured by such liens does not exceed 3.5 x Adjusted EBITDA,

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

In addition, if the Company undergoes a change of control and corresponding ratings decline, each as defined in the applicable supplemental indenture for the notes, the Company may be required to repurchase all of the applicable notes at a purchase price equal to 101 % of the principal amount of such notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date.

The notes rank equally with all of the Company’s other senior unsecured debt and are structurally subordinated to all existing and future indebtedness and other obligations of its subsidiaries.

as defined in the applicable supplemental indenture.

As of December 31, 2024, the Company was in compliance with each of these covenants.

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American Tower Holding Sub II, LLC, whose only material assets are its equity interests in GTP Acquisition Partners, has guaranteed repayment of the Series 2015-2 Notes and pledged its equity interests in GTP Acquisition Partners as security for such payment obligations.

Repayment of Series 2013-2A Securities —On the March 2023 repayment date, the Company repaid the entire $ 1.3 billion aggregate principal amount outstanding under the Company’s Secured Tower Revenue Securities, Series 2013-2A due 2023 (the “Series 2013-2A Notes”), 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, Series 2018-1, Subclass A and Series 2018-1, Subclass R —On March 13, 2023, the Company 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 the Company’s 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.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

On March 29, 2018, the Company completed a securitization transaction (the “2018 Securitization,” and, together with the 2023 Securitization, the “Trust Securitizations”), in which the Trust issued $ 500.0 million aggregate principal amount of Secured Tower Revenue Securities, Series 2018-1, Subclass A (the “Series 2018-1A Securities”).

3 unchanged sentences

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”).

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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.

12 unchanged sentences

If the DSCR were equal to or below 1.30 x (the “Cash Trap DSCR”) for any quarter, then all cash flow in excess of amounts required to make debt service payments, fund required reserves, pay management fees and budgeted operating expenses and make other payments required under the applicable transaction documents, referred to as excess cash flow, will be deposited into a reserve account (the “Cash Trap Reserve Account”) instead of being released to the AMT Asset Subs or GTP Acquisition Partners, as applicable.

The funds in the Cash Trap Reserve

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Account will not be released to the AMT Asset Subs or GTP Acquisition Partners, as applicable, unless 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.

The funds in the Cash Trap Reserve Account will not be released to the AMT Asset Subs or GTP Acquisition Partners, as applicable, unless the DSCR exceeds the Cash Trap DSCR for two consecutive calendar quarters.

Additionally, an “amortization period” commences if, as of the end of any calendar quarter, the DSCR is equal to or below 1.15 x (the “Minimum DSCR”) and will continue to exist until the DSCR exceeds the Minimum DSCR for two consecutive calendar quarters.

4 unchanged sentences

If the prepayment occurs within (i) 18 months of the anticipated repayment date with respect to the Series 2015-2 Notes, (ii) 36 months of the anticipated repayment date with respect to the Series 2018 Securities, and (iii) 12 months of the anticipated repayment date for the 2023 Securities, no prepayment consideration is due.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The Loan Agreement and the 2015 Indenture include operating covenants and other restrictions customary for transactions subject to rated securitizations.

8 unchanged sentences

The $ 53.9 million held in the reserve accounts with respect to the Trust Securitizations and the $ 6.9 million held in the reserve accounts with respect to the 2015 Securitization as of December 31, 2024 are classified as Restricted cash on the Company’s accompanying consolidated balance sheets.

India Credit Facilities — The India credit facilities include several working capital facilities, most of which are subject to annual renewal.

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, the Company increased the borrowing capacity of its working capital facilities in India by 2.8 billion INR (approximately $ 33.7 million).

As of December 31, 2023, the Company has not borrowed under these facilities.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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)

— $ — 8.33 % - 9.30 %

February 4, 2024 - October 23, 2024

_______________

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

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

Other Subsidiary Debt — The Company’s other subsidiary debt as of December 31, 2023 includes (i) drawn letters of credit in Nigeria (the “Nigeria Letters of Credit”) and (ii) the India Term Loan (as defined below).

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

On February 17, 2023, the Company 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 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 the Company’s option without penalty or premium.

Other Subsidiary Debt —As of December 31, 2023, the Company’s 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):

4 unchanged sentences

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

India Term Loan (2) 10,000.0 — $ 120.2 $ — 8.89 % February 16, 2024

_______________

(1) Denominated in USD.

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

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.

(2) Denominated in INR.

Subsequent to December 31, 2023, the Company amended the India Term Loan to extend the maturity date to December 31, 2024.

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.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Finance Lease Obligations —The Company’s finance lease obligations appro ximated $ 16.6 million and $ 20.6 million as of December 31, 2024 and 2023, respective ly.

7 unchanged sentences

Balance as of December 31, 2024 $ 36,501.8

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

OTHER NON-CURRENT LIABILITIES

13 unchanged sentences

_______________

(1) Revisions in estimates include an increase to the liability of $ 22.3 million and a decrease to the liability of $ 24.6 million related to foreign currency translation for the years ended December 31, 2023 and 2022, respectively.

(1) For the year ended December 31, 2024 reflects an estimated $ 75.0 million decrease in accretion expense related to the extension in the estimated settlement dates, as discussed in note 1.

(2) Revisions in estimates include a decrease to the liability of $ 125.0 million and an increase to the liability of $ 22.8 million related to foreign currency translation for the years ended December 31, 2024 and 2023, respectively.

For the year ended December 31, 2024 includes a $ 470.0 million increase in the asset retirement obligation liability related to the extension in the estimated settlement dates, as discussed in note 1.

As of December 31, 2024, the estimated undiscounted future cash outlay for asset retirement obligations was $ 4.5 billion.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

FAIR VALUE MEASUREMENTS

12 unchanged sentences

VIL OCDs (2) — — — — $ 192.3 —

Interest rate swap agreements — — — — $ 6.2 —

Fair value of debt related to interest rate swap agreements (2) — — — $ ( 4.9 ) — —

_______________

(1) Investments in equity securities are recorded in Notes receivable and other non-current assets in the consolidated balance sheet at fair value.

(1) Investments in equity securities are recorded in Notes receivable and other non-current assets in the consolidated balance sheets at fair value.

Unrealized holding gains and losses for equity securities are recorded in Other income (expense) in the consolidated statements of operations in the current period.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

During the years ended December 31, 2023 and 2022 , the Company recognized unrealized gains (losses) of $ 4.3 million and $( 16.7 ) million, respectively, for equity securities held as of December 31, 2023.

(2) Included in the carrying values of the corresponding debt obligations as of December 31, 2022.

As of December 31, 2023, the interest rate swap agreements under the 3.000 % Notes were settled.

Interest Rate Swap Agreements

The fair value of the Company’s interest rate swap agreements is determined using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data.

For derivative instruments that are designated and qualify as fair value hedges, changes in the value of the derivatives are recognized in the consolidated statements of operations in the current period, along with the offsetting gain or loss on the hedged item attributable to the hedged risk.

For derivative instruments that are designated and qualify as cash flow hedges, the Company records the change in fair value for the effective portion of the cash flow hedges in AOCL in the consolidated balance sheets and reclassifies a portion of the value from AOCL into Interest expense on a quarterly basis as the cash flows from the hedged item affects earnings.

The Company records the settlement of interest rate swap agreements in (Loss) gain on retirement of long-term obligations in the consolidated statements of operations in the period in which the settlement occurs.

The Company entered into three interest rate swap agreements with an aggregate notional value of $ 500.0 million related to the 3.000 % Notes.

These interest rate swaps, which were designated as fair value hedges at inception, were entered into to hedge against changes in fair value of the 3.000 % Notes resulting from changes in interest rates.

The interest rate swap agreements required the Company to pay interest at a variable interest rate of one-month LIBOR plus applicable spreads and to receive fixed interest at a rate of 3.000 % through June 15, 2023.

The interest rate swap agreements expired upon repayment of the 3.000 % Notes in full on June 15, 2023 upon maturity.

As of December 31, 2023, there were no amounts outstanding under the interest rate swap agreements under the 3.000 % Notes.

During the year ended December 31, 2023, there were no material fair value adjustments related to interest rate swaps.

VIL Optionally Convertible Debentures —In February 2023, one of the Company’s customers in India, Vodafone Idea Limited (“VIL”), issued optionally convertible debentures (the “VIL OCDs”) to the Company’s subsidiary, ATC Telecom Infrastructure Private Limited (“ATC TIPL”), in exchange for VIL’s payment of certain amounts towards accounts receivables.

The VIL OCDs are (a) to be repaid by VIL with interest or (b) convertible into equity of VIL.

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.

During the years ended December 31, 2024 and 2023 , the Company recognized unrealized gains of $ 70.4 million and $ 4.3 million, respectively, for equity securities held as of December 31, 2024.

(2) As of December 31, 2023, included within Current assets of discontinued operations in the consolidated balance sheets.

VIL Optionally Convertible Debentures —In February 2023, and as amended in August 2023, one of the Company’s customers in India, Vodafone Idea Limited (“VIL”), issued optionally convertible debentures (the “VIL OCDs”) to the Company’s subsidiary, ATC TIPL, in exchange for VIL’s payment of certain amounts towards accounts receivables.

The VIL OCDs were (a) to be repaid by VIL with interest or (b) convertible into equity of VIL.

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

2 unchanged sentences

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

The VIL OCDs accrue interest at a rate of 11.2 % annually.

Interest is payable to ATC TIPL semi-annually, with the first payment received in September 2023.

The VIL OCDs are recorded in Prepaid and other current assets in the consolidated balance sheet at fair value.

The significant input to the fair value of the VIL OCDs is the lesser of the (i) VIL equity share price underlying the instruments, less a liquidity discount, and (ii) redemption value.

Unrealized holding gains and losses for the VIL OCDs are recorded in Other income (expense) in the consolidated statements of operations in the current period.

During the year ended December 31, 2023, the Company recognized unrealized gains of $ 76.7 million for the VIL OCDs held as of December 31, 2023.

The VIL OCDs accrued interest at a rate of 11.2 % annually.

Interest was payable to ATC TIPL semi-annually, with the first payment received in September 2023.

On March 23, 2024, the Company 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, the Company 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, the Company 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.

During the year ended December 31, 2024, the Company recognized a gain of $ 46.4 million on the sales 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.

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Items Measured at Fair Value on a Nonrecurring Basis

Assets Held and Used —The Company’s long-lived assets are recorded at amortized cost and, if impaired, are adjusted to fair value using Level 3 inputs.

During the year ended December 31, 2023, long-lived assets held and used with a carrying value of $ 35.2 billion, included assets of approximately $ 0.2 billion that were written down to their net realizable value of less than $ 0.1 billion as a result of an asset impairment charge of $ 202.4 million.

During the year ended December 31, 2022, long-lived assets held and used with a carrying value of $ 46.1 billion, included assets of approximately $ 0.8 billion that were written down to their net realizable value of approximately $ 0.2 billion as a result of an asset impairment charge of $ 655.9 million.

The asset impairment charges are recorded in Other operating expenses in the accompanying consolidated statements of operations .

During the year ended December 31, 2024, long-lived assets held and used with a carrying value of $ 32.3 billion included assets of less than $ 0.1 billion that were written down to their net realizable value of less than $ 0.1 billion as a result of an asset impairment charge of $ 68.6 million.

During the year ended December 31, 2023, long-lived assets held and used, including amounts presented as discontinued operations, with a carrying value of $ 35.2 billion, included assets of approximately $ 0.2 billion that were written down to their net realizable value of less than $ 0.1 billion as a result of an asset impairment charge of $ 202.4 million.

The asset impairment charges are recorded in Other operating expenses and Loss from discontinued operations, net of taxes in the accompanying consolidated statements of operations.

These adjustments were determined by comparing the estimated fair value of the subject assets utilizing projected future discounted cash flows to be provided from the long-lived assets to the asset’s carrying value.

The significant unobservable inputs used to determine the fair value of the individual tower and acquired network location intangible assets subject to impairment in 2024 and 2023 included the following:

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Year Ended December 31,

6 unchanged sentences

Due to the underlying economic characteristics of the markets the Company operates in, the weighted average cost of capital may vary significantly from market to market.

The majority of the tenant relationships measured at fair value for impairment purposes in 2022 utilized a weighted average cost of capital of 11 %;

however, terminal growth rates are not used in the valuation of acquired tenant-related intangible assets.

The table below indicates the percentages of the asset class that were subject to fair value measurement and subsequently impaired for the years ended December 31, 2024 and 2023:

3 unchanged sentences

The Company believes any reasonable change in the significant unobservable inputs utilized would not have a material impact on the fair value of the assets used in connection with the impairment recorded.

During the year ended December 31, 2023, the Company undertook a process to evaluate various strategic alternatives with respect to its India operations, which resulted in the Pending ATC TIPL Transaction (as defined in note 22) in January 2024.

During the year ended December 31, 2023, the Company undertook a process to evaluate various strategic alternatives with respect to its India operations, which resulted in the ATC TIPL Transaction.

As part of this process, the Company received indications of value from third parties, which were less than the carrying value of the India reporting unit.

The Company incorporated this information as a significant input used to determine the fair value of the India reporting unit.

The Company performed its annual goodwill impairment test as of December 31, 2023.

The Company determined that the carrying amount of the Spain reporting unit exceeded its fair value, as calculated under an income approach using future discounted cash flows.

The Company incorporated this information as a significant input used to determine the fair value of the India reporting unit during the year ended December 31, 2023.

During the year ended December 31, 2023, the Company recorded a goodwill impairment of $ 322.0 million, as discussed further in note 22.

The Company performed its annual goodwill impairment test as of December 31, 2023 and determined that the carrying amount of the Spain reporting unit exceeded its fair value, as calculated under an income approach using future discounted cash flows.

The significant unobservable inputs used to determine the fair value of the Spain reporting until as of December 31, 2023 included the following:

1 unchanged sentence

Weighted average cost of capital 7 %

During the year ended December 31, 2023, the Company recorded goodwill impairments of $ 322.0 million related to India and $ 80.0 million related to Spain, for a total of $ 402.0 million, as discussed further in note 5.

There were no other items measured at fair value on a nonrecurring basis during the year ended December 31, 2023.

During the year ended December 31, 2023, the Company recorded a goodwill impairment of $ 80.0 million related to Spain, as discussed further in note 5.

There were no other items measured at fair value on a nonrecurring basis during the years ended December 31, 2024 and 2023.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Fair Value of Financial Instruments —The Company’s financial instruments for which the carrying value reasonably approximates fair value at December 31, 2024 and 2023 include cash and cash equivalents, restricted cash, accounts receivable and accounts payable.

2 unchanged sentences

As of December 31, 2024, the carrying value and fair value of long-term obligations, including the current portion, were $ 36.5 billion and $ 34.6 billion, respectively, of which $ 31.3 billion was measured using Level 1 inputs and $ 3.3 billion was measured using Level 2 inputs.

As of December 31, 2022, the carrying value and fair value of long-term obligations, including the current portion, were $ 38.7 billion and $ 35.1 billion, respectively, of which $ 24.5 billion was measured using Level 1 inputs and $ 10.6 billion was measured using Level 2 inputs.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

As of December 31, 2023, the carrying value and fair value of long-term obligations, including the current portion, and amounts presented as discontinued operations, were $ 38.9 billion and $ 36.7 billion, respectively, of which $ 30.0 billion was measured using Level 1 inputs and $ 6.7 billion was measured using Level 2 inputs.

Beginning in the taxable year ended December 31, 2012, the Company has filed, and intends to continue to file, U.S.

15 unchanged sentences

As a REIT, the Company may deduct earnings distributed to stockholders against the income generated by its REIT operations.

For the year ended December 31, 2023, the increase in the income tax provision 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 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.

For the year ended December 31, 2024, the increase in the income tax provision 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.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Reconciliation between the U.S.

12 unchanged sentences

(1) As a result of the ability to utilize the dividends paid deduction to offset the Company’s REIT income and gains.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The domestic and foreign components of income from continuing operations before income taxes are as follows:

25 unchanged sentences

_______________

(1) As of December 31, 2023 includes amounts related to the sale of Mexico Fiber.

(1) As of December 31, 2024 includes foreign tax credits determined to be available for use against taxable income.

(2) As of December 31, 2024 and 2023 includes amounts related to the sale of Mexico Fiber.

As of December 31, 2024 also includes amounts related to the sale of ATC TIPL.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The Company provides valuation allowances if, based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

4 unchanged sentences

The amount of deferred tax assets considered realizable, however, could be adjusted if objective evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as the Company’s projections for growth.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

A summary of the activity in the valuation allowance is as follows:

6 unchanged sentences

_______________

(1) Includes net charges to expense and allowances established due to acquisition.

(1) Includes net charges to expense and allowances established due to acquisition and divestitures.

The recoverability of the Company’s deferred tax assets has been assessed utilizing projections based on its current operations.

1 unchanged sentence

Based on its current outlook of future taxable income during the carryforward period, the Company believes that deferred tax assets, other than those for which a valuation allowance has been recorded, will be realized.

The Company intends to reinvest foreign earnings indefinitely outside of the U.S., except for earnings in certain entities in Brazil, Burkina Faso, Costa Rica, Jersey, Mexico, Netherlands, Singapore, South Africa and the United Kingdom.

Any tax consequences for future distributions have been recorded as deferred tax liabilities.

12 unchanged sentences

The impact of the amount of such changes to previously recorded uncertain tax positions could range from zero to $ 20.9 million.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:

8 unchanged sentences

Balance at December 31 $ 101.3 $ 116.9 $ 78.1

_______________

(1) Year ended December 31, 2021 includes adjustments of $( 16.6 ) million due to a reclassification of unrecognized tax benefits to penalties and income tax-related interest expense.

During the year ended December 31, 2024, the statute of limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, including effective settlements and revisions of prior year positions, which resulted in a decrease of $ 12.8 million in the liability for unrecognized tax benefits.

During the year ended December 31, 2022, the statute of

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, including effective settlements and revisions of prior year positions, which resulted in a decrease of $ 23.1 million in the liability for unrecognized tax benefits.

During the year ended December 31, 2021, the statute of limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, including effective settlements and revisions of prior year positions related to the Eaton Towers Acquisition, which resulted in a decrease in the liability for unrecognized tax benefits of $ 54.2 million.

During the year ended December 31, 2023, the statute of limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, including effective settlements and revisions of prior year positions, which resulted in a decrease of $ 15.5 million in the liability for unrecognized tax benefits.

During the year ended December 31, 2022, the statute of limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, including effective settlements and revisions of prior year positions, which resulted in a decrease of $ 23.1 million in the liability for unrecognized tax benefits.

The Company recorded penalties and tax-related interest expense to the tax provision of $ 28.6 million, $ 21.8 million and $ 15.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

During the year ended December 31, 2023, the Company reduced its liability for penalties and income tax-related interest expense related to uncertain tax positions by $ 9.7 million due to the expiration of the statute of limitations in certain jurisdictions and certain positions that were effectively settled.

During the years ended December 31, 2022 and 2021, the Company reduced its liability for penalties and income tax-related interest expense related to uncertain tax positions by $ 19.9 million and $ 14.6 million, respectively, due to the expiration of the statute of limitations in certain jurisdictions and certain positions that were effectively settled.

In addition, as a result of a settlement in the United States, $ 45.8 million was reclassified to Accrued income tax payable as of December 31, 2021.

During the years ended December 31, 2024, 2023 and 2022, the Company reduced its liability for penalties and income tax-related interest expense related to uncertain tax positions by $ 10.4 million, $ 9.7 million and $ 19.9 million, respectively, due to the expiration of the statute of limitations in certain jurisdictions and certain positions that were effectively settled.

As of December 31, 2024 and 2023, the total amount of accrued income tax-related interest and penalties included in the consolidated balance sheets were $ 58.5 million and $ 49.1 million, respectively.

9 unchanged sentences

Exercise prices for non-qualified and incentive stock options are not less than the fair value of the underlying common stock on the date of grant.

Awards of RSUs and stock options granted prior to March 10, 2023 generally vest over four years .

Equity awards typically vest ratably.

Awards granted prior to March 10, 2023 generally vest over four years for RSUs and stock options.

In December 2022, the Company’s Compensation Committee changed the terms of its awards to generally vest over three years .

The change in vesting terms is applicable for new awards granted beginning on March 10, 2023 and does not change the vesting terms applicable to grants awarded prior to March 10, 2023.

The impact of the change in vesting terms was $ 7.9 million for the year ended December 31, 2023.

Performance-based restricted stock units (“PSUs”) generally vest over three years .

PSUs generally vest over three years .

Stock options generally expire ten years from the date of grant.

1 unchanged sentence

In addition, the Company maintains an employee stock purchase plan (the “ESPP”) pursuant to which eligible employees may purchase shares of the Company’s common stock on the last day of each bi-annual offering period at a 15 % discount from the lower of the closing market value on the first or last day of such offering period.

The offering periods run from June 1 through

November 30 and from December 1 through May 31 of each year.

The offering periods run from June 1 through November 30 and from December 1 through May 31 of each year.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

During the years ended December 31, 2024, 2023 and 2022, the Company recorded the following stock-based compensation expenses in selling, general, administrative and development expense:

2 unchanged sentences

_______________

(1) For the year ended December 31, 2023, excludes $ 7.6 million of stock-based compensation expenses related to severance recorded in Other operating expense in the accompanying consolidated statements of operations.

(1) For the years ended December 31, 2024, 2023 and 2022, excludes $ 10.9 million, $ 12.4 million, and $ 7.6 million, respectively, of stock-based compensation expense related to ATC TIPL, which is included in Loss from discontinued operations, net of taxes in the accompanying consolidated statements of operations.

(2) For the year ended December 31, 2024, includes $ 11.5 million of accelerated stock-based compensation expense related to unvested and outstanding awards for certain former employees that vested upon termination in accordance with the Company’s severance plan.

(3) For the year ended December 31, 2023, excludes $ 7.6 million of stock-based compensation expense related to severance incurred as part of the Company’s restructuring plan as discussed in note 16 recorded in Other operating expense in the accompanying consolidated statements of operations.

Stock Options —There were no options granted during the years ended December 31, 2024, 2023 and 2022.

1 unchanged sentence

The intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $ 43.3 million, $ 9.3 million and $ 34.3 million, respectively.

As of December 31, 2023, there was no unrecognized compensation expense

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

related to unvested stock options.

As of December 31, 2024, there was no unrecognized compensation expense related to unvested stock options.

The amount of cash received from the exercise of stock options was $ 31.3 million during the year ended December 31, 2024.

10 unchanged sentences

Vested as of December 31, 2024 416,672 $ 94.79 0.75 $ 36.9

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The following table sets forth information regarding options outstanding at December 31, 2024 (share and per share data disclosed in full amounts):

28 unchanged sentences

_______________

(1) PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2022 PSUs and the 2021 PSUs (each as defined below), or 98,542 shares and 98,694 shares, respectively, and the shares issuable at the end of the three-year performance period for the PSUs granted in 2020 (the “2020 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 79,232 shares.

(2) PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2023 PSUs (as defined below), or 118,684 shares, and target number of shares issuable at the end of the one-year performance period for the Retention PSUs (as defined below), or 19,132 shares.

PSUs also includes the shares above target that are issuable for the 2021 PSUs at the end of the three-year performance cycle based on exceeding the performance metric for the three-year performance period, or 28,624 shares.

(3) PSUs consist of shares vested pursuant to the 2020 PSUs.

There are no additional shares to be earned related to the 2020 PSUs.

(1) PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2023 PSUs and the 2022 PSUs (each as defined below), or 118,684 shares and 98,542 shares, respectively, the shares issuable at the end of the three-year performance period for the PSUs granted in 2021 (the “2021 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 127,318 shares and the target remaining number of shares issuable at the end of the one-year performance period for PSUs granted to certain non-executive employees during the year ended December 31, 2023, net of forfeitures, or 18,944 shares (the “Retention PSUs”).

(2) PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2024 PSUs (as defined below), or 87,550 shares.

PSUs also include the shares above target that are issuable for the 2022 PSUs at the end of the three-year performance cycle based on exceeding the performance metric for the three-year performance period, or 34,492 shares.

(3) RSUs include 63,905 shares accelerated related to the ATC TIPL Transaction.

PSUs consist of shares vested pursuant to the 2021 PSUs and the Retention PSUs.

There are no additional shares to be earned related to the 2021 PSUs or the Retention PSUs.

(4) Vested and deferred RSUs are related to deferred compensation for certain former employees.

The total fair value of RSUs and PSUs that vested during the year ended December 31, 2024 was $ 201.8 million.

Restricted Stock Units— As of December 31, 2023, total unrecognized compensation expense related to unvested RSUs granted under the 2007 Plan was $ 172.4 million and is expected to be recognized over a weighted average period of approximately two

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Restricted Stock Units— As of December 31, 2024, total unrecognized compensation expense related to unvested RSUs granted under the 2007 Plan was $ 138.9 million and is expected to be recognized over a weighted average period of approximately two years .

Vesting of RSUs is subject generally to the employee’s continued employment or death, disability or qualified retirement (each as defined in the applicable RSU award agreement).

Performance-Based Restricted Stock Units— During the year ended December 31, 2023, the Company’s Compensation Committee (the “Compensation Committee”) granted an aggregate of 118,684 PSUs (the “2023 PSUs”) to its executive officers and established the performance metrics for these awards.

During the years ended December 31, 2022 and 2021, the Company’s Compensation Committee granted an aggregate of 98,542 PSUs (the “2022 PSUs”), 98,694 PSUs (the “2021 PSUs”), respectively, to its executive officers and established the performance metrics for these awards.

Performance-Based Restricted Stock Units— During the year ended December 31, 2024, the Company’s Compensation Committee (the “Compensation Committee”) granted an aggregate of 87,550 PSUs (the “2024 PSUs”) to its executive officers and established the performance and market metrics for these awards.

During the years ended December 31, 2023 and 2022, the Company’s Compensation Committee granted an aggregate of 118,684 PSUs (the “2023 PSUs”) and 98,542 PSUs (the “2022 PSUs”), respectively, to its executive officers and established the performance metrics for these awards.

Threshold, target and maximum parameters were established for the metrics for a three-year performance period with respect to each of the 2024 PSUs, the 2023 PSUs and the 2022 PSUs and will be used to calculate the number of shares that will be issuable when each award vests, which may range from zero to 200 % of the target amounts.

At the end of each three-year performance period, the number of shares that vest will depend on the degree of achievement against the pre-established performance goals.

At the end of each three-year performance period, the number of shares that vest will depend on the degree of achievement against the pre-established goals.

PSUs will be paid out in common stock at the end of each performance period, subject generally to the executive’s continued employment or death, disability or qualified retirement (each as defined in the applicable PSU award agreement).

PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect of shares that actually vest.

During the year ended December 31, 2023, the Company’s Compensation Committee granted an aggregate of 19,132 PSUs to certain non-executive employees (the “Retention PSUs”) and established the performance metrics for these awards.

Target parameters were established for a one-year performance period and will be used to calculate the number of shares that will be issuable when the awards vest, which may be either zero or 100 % of the target amount.

At the end of the one-year performance period, the number of shares that vest will depend on the achievement against the pre-established performance goals.

The Retention PSUs will be paid out in common stock at the end of performance period, subject generally to the employee’s continued employment, death or disability (each as defined in the applicable award agreement).

The Retention PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect of shares that actually vest.

The Company recognized $ 3.5 million in stock-based compensation expense related to the Retention PSUs.

As of December 31, 2023, there was no unrecognized compensation expense related to the Retention PSUs.

The 2024 PSUs include a market condition component based on relative total shareholder return as measured against the REIT constituents included in the S&P 500 Index.

For the component of the 2024 PSUs subject to a market condition, fair value is

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements.

The grant date fair value of the market condition component of the 2024 PSUs is $ 216.11 .

Key assumptions used to apply this pricing model were as follows:

Year Ended December 31, 2024

Expected term (years) 2.81

Risk-free interest rate 4.31 %

Annualized volatility 26.75 %

During the year ended December 31, 2024, the Company recorded $ 33.7 million in stock-based compensation expense for equity awards in which the performance goals have been established and were probable of being achieved.

The remaining unrecognized compensation expense related to these awards at December 31, 2024 was $ 4.4 million based on the Company’s current assessment of the probability of achieving the performance goals.

The weighted-average period over which the cost will be recognized is approximately two years .

The weighted-average period over which the cost will be recognized is less than one year .

ATC TIPL Transaction — Upon completion of the ATC TIPL Transaction, RSUs granted to certain employees in India that were unvested and outstanding immediately vested.

The Company recognized $ 5.3 million of accelerated stock-based compensation expense for these awards during the year ended December 31, 2024, which is included in Loss from discontinued operations, net of taxes.

Dividends —The Company may pay dividends in cash or, subject to certain limitations, in shares of common stock or any combination of cash and shares of common stock.

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Under the Buyback Programs, the Company is authorized to purchase shares from time to time through open market purchases or in privately negotiated transactions not to exceed market prices and subject to market conditions and other factors.

With respect to open market purchases, the Company may use plans adopted in accordance with Rule 10b5-1 under the Exchange Act in accordance with securities laws and other legal requirements, which allows the Company to repurchase shares during periods when it may otherwise be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.

The Company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities.

Repurchases under the Buyback Programs are subject to, among other things, the Company having available cash to fund the repurchases.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

periods when it may otherwise be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.

The Company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities.

Repurchases under the Buyback Programs are subject to, among other things, the Company having available cash to fund the repurchases.

Distributions — During the years ended December 31, 2024, 2023 and 2022, the Company declared the following cash distributions (per share data reflects actual amounts):

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(2) Excludes dividend declared on December 13, 2023 of $ 1.70 per share, which was paid on February 1, 2024 to common stockholders of record at the close of business on December 28, 2023 and which applied to the 2024 tax year.

(3) Includes dividend declared on December 15, 2021 of $ 1.39 per share, which was paid on January 14, 2022 to common stockholders of record at the close of business on December 27, 2021.

Also includes dividend declared on December 3, 2020 of $ 1.21 per share, which was paid on February 2, 2021 to common stockholders of record at the close of business on December 28, 2020 and which applied to the 2021 tax year.

Includes dividend declared on December 7, 2022 of $ 1.56 per share, which was paid on February 2, 2023 to common stockholders of record at the close of business on December 28, 2022 and which applied to the 2023 tax year.

(3) Excludes dividend declared on December 7, 2022 of $ 1.56 per share, which was paid on February 2, 2023 to common stockholders of record at the close of business on December 28, 2022 and which applied to the 2023 tax year.

The Company accrues distributions on unvested restricted stock units, which are payable upon vesting.

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NONCONTROLLING INTERESTS

European Interests— In 2021 , PGGM converted its previously held noncontrolling interest in a subsidiary that primarily consisted of the Company’s operations in France, Germany and Poland (“Former ATC Europe”) into noncontrolling interests in subsidiaries, consisting of the Company's operations in Germany and Spain.

In 2021, Caisse de dépôt et placement du Québec (“CDPQ”) and Allianz insurance companies and funds managed by Allianz Capital Partners GmbH, including the Allianz European Infrastructure Fund (collectively, “Allianz”) acquired 30 % and 18 % noncontrolling interests, respectively, in ATC Europe (the “ATC Europe Transactions”) for total aggregate consideration of 2.6 billion EUR (approximately $ 3.1 billion at the date of closing).

European Interests— In 2021 , PGGM converted its previously held noncontrolling interest in a subsidiary that primarily consisted of the Company’s operations in France, Germany and Poland into noncontrolling interests in subsidiaries, consisting of the Company's operations in Germany and Spain.

In 2021, Caisse de dépôt et placement du Québec (“CDPQ”) and Allianz insurance companies and funds managed by Allianz Capital Partners GmbH, including the Allianz European Infrastructure Fund (collectively, “Allianz”) acquired 30 % and 18 % noncontrolling interests, respectively, in ATC Europe for total aggregate consideration of 2.6 billion EUR (approximately $ 3.1 billion at the date of closing).

As of December 31, 2024, ATC Europe consists of the Company’s operations in France, Germany and Spain.

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ATC Europe holds a 100 % interest in the subsidiaries that consist of the Company’s operations in France and an 87 % and an 83 % controlling interest in the subsidiaries that consist of the Company’s operations in Germany and Spain, respectively, with PGGM holding a 13 % and a 17 % noncontrolling interest in each respective subsidiary.

Bangladesh Partnership —In August 2021, the Company acquired a 51 % controlling interest in Kirtonkhola Tower Bangladesh Limited (“KTBL”) for 900 million BDT (approximately $ 10.6 million at the date of closing).

Confidence Group holds a 49 % noncontrolling interest in KTBL.

Stonepeak Transaction —In 2022, the Company entered into agreements pursuant to which certain investment vehicles affiliated with Stonepeak Partners LP (such investment vehicles, collectively, “Stonepeak”) acquired a noncontrolling ownership interest in the Company’s U.S.

data center business for total aggregate consideration of $ 3.1 billion, through an investment in common equity and mandatorily convertible preferred equity (the “Stonepeak Transaction”).

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

Bangladesh Partnership —In August 2021, the Company acquired a 51 % controlling interest in in Kirtonkhola Tower Bangladesh Limited (“KTBL”) for 900 million BDT (approximately $ 10.6 million at the date of closing).

Confidence Group holds a 49 % noncontrolling interest in KTBL.

Stonepeak Transaction —In July 2022, the Company entered into an agreement pursuant to which certain investment vehicles affiliated with Stonepeak Partners LP (such investment vehicles, collectively, “Stonepeak”) acquired a noncontrolling ownership interest in the Company’s U.S.

data center business.

The transaction was completed in August 2022 for total aggregate consideration of $ 2.5 billion, through an investment in common equity of $ 1,750.0 million and mandatorily convertible preferred equity of $ 750.0 million.

In October 2022, the Company entered into an agreement with Stonepeak for Stonepeak to acquire additional common equity and mandatorily preferred equity interests in the Company’s U.S.

data center business for total aggregate consideration of $ 570.0 million (together with the August 2022 closing, the “Stonepeak Transaction”).

As of December 31, 2024, the Company holds a common equity interest of approximately 72 % in its U.S.

data center business, with Stonepeak holding approximately 28 % of the outstanding common equity and 100 % of the outstanding mandatorily convertible preferred equity.

On a fully converted basis, which is expected to occur four years from the date of the initial closing in August 2022, and on the basis of the currently outstanding equity, the Company will hold a controlling ownership interest of approximately 64 %, with Stonepeak holding approximately 36 %.

The mandatorily convertible preferred equity, which accrues dividends at 5.0 %, will convert into common equity on a one for one basis, subject to adjustment that will be measured on the conversion date.

On a fully converted basis, which is expected to occur four years from August 2022, and on the basis of the currently outstanding equity, the Company will hold a controlling ownership interest of approximately 64 %, with Stonepeak holding approximately 36 %.

The mandatorily convertible preferred equity, which accrues dividends at 5.0 %, will convert into common equity on a one for one basis, subject to adjustment that will be measured upon conversion.

Dividends to noncontrolling interests— Certain of the Company’s subsidiaries may, from time to time, declare dividends.

During the year ended December 31, 2024, the Company’s U.S.

data center business had distributions of $ 46.1 million related to the outstanding Stonepeak mandatorily convertible preferred equity (the “Stonepeak Preferred Distributions”).

data center business declared distributions of $ 46.2 million related to the outstanding Stonepeak mandatorily convertible preferred equity (the “Stonepeak Preferred Distributions”).

As of December 31, 2024, the amount accrued for Stonepeak Preferred Distributions was $ 11.6 million.

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

As of December 31, 2023, the amount accrued for the Stonepeak Common Dividend was $ 91.7 million.

During the year ended December 31, 2023, AT Iberia C.V., one of the Company’s subsidiaries in Spain, declared and paid a dividend of 48.0 million EUR (approximately $ 53.0 million at the date of payment), pursuant to the terms of the ownership agreements, to ATC Europe and PGGM in proportion to their respective equity interests in AT Iberia C.V.

During the year ended December 31, 2024, the Company’s U.S.

data center business made distributions of $ 91.7 million related to the Stonepeak Common Dividend for the period from the initial closing of the Stonepeak Transaction in August 2022 through December 31, 2023, which was accrued for as of December 31, 2023.

The $ 91.7 million distribution during the year ended December 31, 2024 included a noncash distribution of $ 37.5 million made in lieu of a common equity contribution from Stonepeak.

Additionally, during the year ended December 31, 2024, the Company’s U.S.

data center business declared and paid distributions of $ 47.4 million, related to the Stonepeak Common Dividend.

During the year ended December 31, 2024 , pursuant to the terms of the ownership agreements, ATC Europe C.V., one of the Company’s subsidiaries in the Netherlands, declared and paid aggregate dividends of 422.5 million EUR (approximately $ 465.1 million at the dates of payment), pursuant to the terms of the ownership agreements, to the Company, CDPQ and Allianz in proportion to their respective equity interests in ATC Europe C.V.

During the year ended December 31, 2024, pursuant to the terms of the ownership agreements, AT Rhine C.V., one of the Company’s subsidiaries in Germany, declared and paid aggregate dividends of 105.0 million EUR (approximately $ 115.6 million at the dates of payment), pursuant to the terms of the ownership agreements, to ATC Europe and PGGM in proportion to their respective equity interests in AT Rhine C.V.

During the year ended December 31, 2024, pursuant to the terms of the ownership agreements, AT Iberia C.V., one of the Company’s subsidiaries in Spain, declared and paid aggregate dividends of 92.4 million EUR (approximately $ 98.9 million at the dates of payment), pursuant to the terms of the ownership agreements, to ATC Europe and PGGM in proportion to their respective equity interests in AT Iberia C.V.

The changes in noncontrolling interests were as follows:

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Balance as of January 1, $ 6,667.2 $ 6,836.1

Stonepeak Transaction (1) — 3,070.0

Net loss attributable to noncontrolling interests ( 116.2 ) ( 69.1 )

Net income (loss) attributable to noncontrolling interests 25.2 ( 116.2 )

Foreign currency translation adjustment attributable to noncontrolling interests, net of tax ( 234.1 ) 81.4

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_______________

(1) Represents the impact of contributions received from Stonepeak described above on Noncontrolling interests.

Reflected within Contributions from noncontrolling interest holders in the consolidated statements of equity.

(2) For the year ended December 31, 2023, primarily includes the Stonepeak Common Dividend and the Stonepeak Preferred Distributions.

For the year ended December 31, 2022, includes $ 16.7 million of Stonepeak Preferred Distributions and dividends of $ 5.5 million paid to PGGM.

(1) For the year ended December 31, 2024 includes contributions from Stonepeak of $ 137.3 million, including a noncash contribution of $ 37.5 million made in lieu of Stonepeak’s receipt of the Stonepeak Common Dividend and a noncash contribution from PGGM of $ 12.4 million made in lieu of PGGM’s receipt of a distribution.

OTHER OPERATING EXPENSE

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The Company records impairment charges to write down certain assets to their net realizable value after an indicator of impairment is identified and subsequent analysis determines that the asset is either partially recoverable or not recoverable.

These assets consist primarily of those related to the Company’s tower locations, and included towers and related assets included in property and equipment, network location intangible assets and right-of-use assets, all of which are typically

These assets consist primarily of those related to the Company’s tower locations, and included towers and related

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

assessed on an individual location or site basis.

assets included in property and equipment, network location intangible assets and right-of-use assets, all of which are typically assessed on an individual location or site basis.

The assets subject to impairment also include tenant-related intangibles, which are assessed on a tenant basis.

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Net losses on sales or disposals of assets (1) 17.9 131.3 36.8

Other operating expenses (3) 49.9 83.3 202.3

Other operating (income) expense (2) ( 12.4 ) 39.4 86.5

Total Other operating expenses $ 74.1 $ 370.7 $ 270.6

_______________

(1) For the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below.

(1) For the year ended December 31, 2024, includes a gain on the sales of ATC Australia and ATC New Zealand of $ 8.5 million.

For the year ended December 31, 2023, includes a net loss of $ 78.9 million on the sales of Mexico Fiber and ATC Poland.

(2) During the years ended December 31, 2024, 2023 and 2022, the Company recorded net benefits of $ 23.4 million, $ 10.3 million and $ 11.9 million related to pre-acquisition contingencies and settlements, respectively.

For the year ended December 31, 2023, includes severance and related costs as discussed below.

For the year ended December 31, 2021, includes acquisition and merger related expenses associated with the Telxius Acquisition and the CoreSite Acquisition.

Impairment charges included the following for the years ended December 31,:

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_______________

(1) During the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below.

(2) During the year ended December 31, 2023, impairment charges relate to impaired tenant relationships in Africa.

During the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below, and impaired tenant relationships related to fiber in Mexico.

During the year ended December 31, 2021, impairment charges relate to a fully impaired tenant relationship in Africa.

(1) During the year ended December 31, 2023, impairment charges related to impaired tenant relationships in Africa.

During the year ended December 31, 2022, impairment charges primarily related to impaired tenant relationships related to fiber in Mexico.

(2) Includes impairment charges related to right-of-use assets.

(4) During the year ended December 31, 2023, includes goodwill impairment associated with the India and Spain reporting units (as discussed in note 5).

India Impairments

The Company reviews long-lived assets for impairment annually (as of December 31) or whenever events or circumstances indicate the carrying amount of an assets may not be recoverable, as further discussed in note 1.

In the third quarter of 2022, VIL, communicated that it would make partial payments of its contractual amounts owed to the Company 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 the Company 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 the Company, and that it would instead continue to make partial payments.

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

The Company considered these developments and the uncertainty with respect to amounts owed under its tenant leases when conducting its 2022 annual impairment assessments for long-lived assets in India.

A probability weighted assessment was performed, incorporating current and expected industry and market conditions and trends and, as a result, the Company determined that certain fixed and intangible assets had been impaired during the year ended December 31, 2022.

• An impairment of $ 97.0 million was taken on tower and network location intangible assets in India.

• The Company also impaired the tenant-related intangible assets for VIL, which resulted in an impairment of $ 411.6 million.

The Company recorded a goodwill impairment charge of $ 322.0 million in India during the year ended December 31, 2023 as discussed in note 5.

The goodwill impairment charge is recorded in Goodwill impairment in the accompanying consolidated statements of operations for the year ended December 31, 2023.

(3) During the year ended December 31, 2023, includes goodwill impairment associated with the Spain reporting unit (as discussed in note 5).

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(1) Includes corporate expenses .

Unpaid obligations for severance and related costs as of December 31, 2023, are included in Payroll and related withholdings within Accrued expenses in the consolidated balance sheet as of December 31, 2023:

Unpaid obligations for severance and related costs as of December 31, 2023, were included in Payroll and related withholdings within Accrued expenses in the consolidated balance sheet as of December 31, 2023.

There are no amounts outstanding related to the 2023 restructuring plan as of December 31, 2024.

The changes in the unpaid obligations for severance and related costs for the year ended December 31, 2023 were as follows:

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Balance as of December 31, $ 1.9

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

EARNINGS PER COMMON SHARE

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2024 2023 2022

Net income from continuing operations attributable to American Tower common stockholders $ 3,233.3 $ 1,554.7 $ 2,042.3

Net loss from discontinued operations attributable to American Tower common stockholders ( 978.3 ) ( 71.4 ) ( 276.5 )

Net income attributable to American Tower Corporation common stockholders $ 2,255.0 $ 1,483.3 $ 1,765.8

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Diluted weighted average common shares outstanding 468,120 467,162 462,750

Basic net income from continuing operations attributable to American Tower Corporation common stockholders $ 6.92 $ 3.34 $ 4.43

Basic net loss from discontinued operations attributable to American Tower Corporation common stockholders per common share ( 2.09 ) ( 0.15 ) ( 0.60 )

Basic net income attributable to American Tower Corporation common stockholders per common share 4.83 3.18 3.83

Diluted net income from continuing operations attributable to American Tower Corporation common stockholders $ 6.91 $ 3.33 $ 4.41

Diluted net loss from discontinued operations attributable to American Tower Corporation common stockholders $ ( 2.09 ) $ ( 0.15 ) $ ( 0.60 )

Diluted net income attributable to American Tower Corporation common stockholders per common share 4.82 3.18 3.82

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Litigation —The Company periodically becomes involved in various claims, lawsuits and proceedings that are incidental to its business.

In the opinion of Company management, after consultation with counsel, there are no matters currently pending that

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

would, in the event of an adverse outcome, materially impact the Company’s consolidated financial position, results of operations or liquidity.

In the opinion of Company management, after consultation with counsel, there are no matters currently pending that would, in the event of an adverse outcome, materially impact the Company’s consolidated financial position, results of operations or liquidity.

Verizon Transaction —In March 2015, the Company entered into an agreement with various operating entities of Verizon Communications Inc.

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Substantially all of the towers are part of the Trust Securitizations.

The average term of the lease or sublease for all sites at the inception of the agreement was approximately 27 years, assuming renewals or extensions of the underlying ground leases for the sites.

The average term of the lease or sublease for all sites at the inception of the agreement was approximately 27 years, assuming renewals or extensions of

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

the underlying ground leases for the sites.

The Company has the option to purchase the sites subject to the applicable lease or sublease upon its expiration.

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Guaranties and Indemnifications —The Company enters into agreements from time to time in the ordinary course of business pursuant to which it agrees to guarantee or indemnify third parties for certain claims.

The Company has also entered into purchase and sale agreements relating to the sale or acquisition of assets containing customary indemnification provisions.

The Company has also entered into purchase and sale or disposal agreements relating to the sale or acquisition of assets containing customary indemnification provisions.

The Company’s indemnification obligations under these agreements generally are limited solely to damages resulting from breaches of representations and warranties or covenants under the applicable agreements.

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The Company has not historically made any material payments under these agreements and, as of December 31, 2024, is not aware of any agreements that could result in a material payment.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

SUPPLEMENTAL CASH FLOW INFORMATION

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Purchases of property and equipment under finance leases, perpetual easements and capital leases 21.7 31.5 33.6

Fair value of debt assumed through acquisitions (1) — — 955.1

Settlement of third-party debt — — ( 7.4 )

Replacement awards (2) — — 17.1

Distributions to noncontrolling interest holders ( 49.9 ) — —

Contributions from noncontrolling interest holders 49.9 — —

Contribution to equity method investment 14.6 — —

Transfer of tower sites (1) 35.8 — —

_______________

(1) For the year ended December 31, 2021, consists of repayment of debt assumed in connection with the CoreSite Acquisition, including senior unsecured notes previously entered into by CoreSite.

(2) For the year ended December 31, 2021, consists of CoreSite Acquisition purchase consideration related to CoreSite Replacement Awards.

(1) The Company received 575 tower sites from a customer in Brazil in exchange for settling certain future contractual obligations owed to the Company in accordance with the customer’s judicial recovery plan.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

BUSINESS SEGMENTS

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

The Company’s Asia-Pacific (“APAC”) property segment and Africa property segment were combined into the Africa & APAC property segment.

As a result, the Company now has six reportable segments:

The change in operating and reportable segments had no impact on the Company’s consolidated financial statements for any periods.

Historical financial information included in this Annual Report on Form 10-K has been adjusted to reflect the change in reportable segments.

Prior to the change in reportable segments in the fourth quarter of 2024, the Company reported its results in seven segments:

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

Communications Sites and Related Communications Infrastructure —The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries.

The Company has historically reported these operations on a geographic basis.

Data Centers — In December 2021, the Company completed the CoreSite Acquisition, through which it acquired over 20 data center facilities and related assets in eight United States markets.

As a result of the CoreSite Acquisition, the Company established the Data Centers segment as a reportable segment in the fourth quarter of 2021.

Data Centers — The Company operates 29 data center facilities across ten markets in the United States.

The Company’s Data Centers segment relates to data center facilities and related assets that the Company owns and operates in the United States.

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property operations in Canada and the United States;

• Asia-Pacific:

property operations in Australia, Bangladesh, India, New Zealand and the Philippines;

property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda;

• Africa & APAC:

property operations in Bangladesh, Burkina Faso, Ghana, Kenya, Niger, Nigeria, the Philippines, South Africa and Uganda;

property operations in France, Germany and Spain;

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and Other operating expenses.

The Company defines segment operating profit as segment gross margin less Selling, general, administrative and

The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses.

These measures of segment gross margin and segment operating profit are also before Interest income, Interest expense, Gain (loss) on retirement of long-term obligations, Other income (expense), Net income (loss) attributable to noncontrolling interests and Income tax benefit (provision).

The categories of expenses indicated above, such as depreciation, have been excluded from segment operating performance as they are not considered in the review of information or the evaluation of results by management.

The Company’s definition of segment operating profit aligns with the Company’s definition of Adjusted EBITDA.

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.

The Company’s chief operating decision maker (the “CODM”) is the Company’s chief executive officer.

The CODM uses segment gross margin and segment operating profit to evaluate the segments’ operating performance, in making capital allocation decisions, and in establishing management’s compensation.

Additionally, the CODM uses these metrics to monitor

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

1 unchanged sentence

(Tabular amounts in millions, unless otherwise disclosed)

development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses.

budget versus actual results.

There are no significant revenues resulting from transactions between the Company’s operating segments.

7 unchanged sentences

and Other income (expense), and (ii) reconciles segment operating profit to Income from continuing operations before income taxes.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Property Total

1 unchanged sentence

Year ended December 31, 2024 U.S.

& Canada Asia-Pacific Africa Europe Latin America Data Centers

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

Segment revenues $ 5,248.1 $ 1,208.0 $ 834.7 $ 1,717.9 $ 924.8 $ 9,933.5 $ 193.7 $ 10,127.2

10 unchanged sentences

_______________

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

See note 22 for further discussion.

(2) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $ 192.7 million.

(2) Primarily includes interest expense, $ 202.4 million in impairment charges, $ 402.0 million of goodwill impairment charges in India and Spain, as further discussed in note 5, and losses from foreign currency exchange rate fluctuations.

The year ended December 31, 2023 also includes a net loss of $ 78.9 million on the sales of Mexico Fiber and ATC Poland.

(3) Primarily includes interest expense and $ 68.6 million in impairment charges, as further discussed in note 16, partially offset by gains from foreign currency exchange rate fluctuations and an unrealized gain from equity securities of $ 70.4 million .

The year ended December 31, 2024 also includes a net gain of $ 8.5 million on the sales of ATC Australia and ATC New Zealand.

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

(5) 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 the Company’s consolidated statements of cash flows.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

(6) Other capital expenditures includes capital expenditures associated with discontinued operations.

Property Total

1 unchanged sentence

Year ended December 31, 2023 U.S.

& Canada Asia-Pacific Africa Europe Latin America Data Centers

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

Segment revenues $ 5,216.2 $ 1,244.4 $ 775.6 $ 1,798.3 $ 834.7 $ 9,869.2 $ 143.0 $ 10,012.2

10 unchanged sentences

_______________

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

See note 22 for further discussion.

(2) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $ 183.3 million.

(2) Primarily includes interest expense and $ 655.9 million in impairment charges, partially offset by gains from foreign currency exchange rate fluctuations.

(3) Primarily includes interest expense and $ 200.0 million in impairment charges, $ 80.0 million of goodwill impairment charges in Spain, as further discussed in note 5, and losses from foreign currency exchange rate fluctuations.

The year ended December 31, 2023 also includes a net loss of $ 78.9 million on the sales of Mexico Fiber and ATC Poland.

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

(5) Includes $ 38.7 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

(6) Other capital expenditures includes capital expenditures associated with discontinued operations.

Property Total

1 unchanged sentence

Year ended December 31, 2022 U.S.

& Canada Asia-Pacific Africa Europe Latin America Data Centers

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

Segment revenues $ 5,006.3 $ 1,203.8 $ 735.7 $ 1,691.9 $ 766.6 $ 9,404.3 $ 241.1 $ 9,645.4

9 unchanged sentences

Capital expenditures (4) (5) (6) $ 481.7 $ 536.1 $ 165.7 $ 229.4 $ 353.7 $ 1,766.6 $ — $ 135.9 $ 1,902.5

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

_______________

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

See note 22 for further discussion.

(2) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $ 161.7 million.

(3) Primarily includes interest expense and $ 147.3 million in impairment charges, partially offset by gains from foreign currency exchange rate fluctuations.

(3) Includes $ 5.4 million of finance lease payments included in Repayments of notes payable, credit facilities, term loan, senior notes, secured debt and finance leases in the cash flows from financing activities in the Company’s consolidated statements of cash flows.

(4) Includes $ 6.7 million of finance lease payments included in Repayments of notes payable, credit facilities, term loans, senior notes, secured debt and finance leases in the cash flows from financing activities in the Company’s consolidated statements of cash flows.

(5) Includes $ 36.7 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows.

(6) Other capital expenditures includes capital expenditures associated with discontinued operations.

Additional information relating to the total assets of the Company’s operating segments is as follows for the years ended December 31,:

1 unchanged sentence

& Canada property $ 26,750.1 $ 26,325.1

Asia-Pacific property 3,758.1 4,276.9

Africa property 4,031.2 4,759.4

Africa & APAC property

3,993.1 4,238.8

Europe property 11,267.2 11,769.3

7 unchanged sentences

(2) Balances include corporate assets such as cash and cash equivalents, certain tangible and intangible assets and income tax accounts that have not been allocated to specific segments.

As of December 31, 2023, includes $ 3.6 billion of total assets of discontinued operations.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

6 unchanged sentences

United States (2) 6,353.3 6,182.2 6,001.5

Asia-Pacific (1):

Africa & APAC (1)(3):

Australia (4) 2.6 2.6 1.8

Bangladesh 7.9 5.7 3.9

India 1,132.0 1,065.7 1,196.6

New Zealand (4) 1.6 1.6 0.3

24 unchanged sentences

(2) Balances include revenue from the Company’s Services and Data Centers segments.

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

See note 22 for further discussion.

(4) During the year ended December 31, 2024, the Company completed the sales of ATC Australia and ATC New Zealand.

(5) During the year ended December 31, 2023, the Company completed the sale of ATC Poland.

5 unchanged sentences

United States (3) 28,214.3 28,337.4

Asia-Pacific (2):

Africa & APAC (2):

Australia — 10.6

Bangladesh 30.2 25.3

India 2,069.6 2,452.2

New Zealand — 37.5

29 unchanged sentences

Verizon Wireless 13 % 14 % 13 %

Telefónica 10 % 10 % 10 %

RELATED PARTY TRANSACTIONS

3 unchanged sentences

(Tabular amounts in millions, unless otherwise disclosed)

DISCONTINUED OPERATIONS

In 2023, the Company undertook a strategic review of its India operations, where the Company evaluated the appropriate level of exposure to the India market within its 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 the signed agreement for the ATC TIPL Transaction (as defined below).

On January 4, 2024, the Company, through ATC TIPL, entered into an agreement with Data Infrastructure Trust (“DIT”), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management, pursuant to which DIT agreed to acquire a 100 % ownership interest in ATC TIPL (the “ATC TIPL Transaction”).

Per the terms of the agreement, total aggregate consideration represented up to approximately 210 billion Indian Rupees (“INR”) (approximately $ 2.5 billion), including the value of the VIL OCDs and the VIL Shares (each as defined and further discussed in note 11), payments on certain existing customer receivables, the repayment of existing intercompany debt and the repayment, or assumption, of the Company’s existing term loan in India, by DIT.

During the year ended December 31, 2024, ATC TIPL distributed approximately 29.6 billion INR (approximately $ 354.1 million) to the Company, which included the value of the VIL Shares and the VIL OCDs and the satisfaction of the economic benefit associated with the rights to payments on certain existing customer receivables.

The distributions were deducted from the total aggregate consideration received by the Company at closing.

The ATC TIPL Transaction received all government and regulatory approvals during the three months ended September 30, 2024, and on September 12, 2024, the Company completed the sale of ATC TIPL and received total consideration of 182 billion INR (approximately $ 2.2 billion).

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

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

The loss on sale of ATC TIPL is included in Loss from discontinued operations, net of taxes in the consolidated statements of operations for year ended December 31, 2024.

Proceeds received at closing $ 2,158.8

Net assets at closing ( 2,257.6 )

Loss on sale $ ( 98.8 )

Deal costs ( 20.5 )

Contingent liability for tax indemnification ( 53.9 )

Reclassification of cumulative translation adjustment ( 1,072.3 )

Total loss on sale included in loss from discontinued operations, net of taxes $ ( 1,245.5 )

Under the terms of the Company’s agreement with DIT, the Company is obligated to indemnify DIT with respect to certain tax-related liabilities that may arise from activities prior to the completion of the sale.

The Company has recorded a $ 53.9 million contingent indemnification liability related to uncertain tax positions taken by ATC TIPL prior to the completion of the sale.

The contingent indemnification liability is recorded in Other non-current liabilities in the consolidated balance sheets as of December 31, 2024.

The Company recorded a deferred tax asset related to the loss incurred on the sale of ATC TIPL which can only be utilized against future nonresident long-term India capital gains earned by ATC Asia Pacific Pte.

The Company believes that it is more likely than not that the benefit from this will not be realized and has recorded a full valuation allowance against this deferred tax asset of approximately $ 140 million.

For the year ended December 31, 2023, ATC TIPL represented approximately 23 %, 15 % and 15 %, respectively, of the Company’s international property revenue, international gross margin and international operating profit and 10 %, 6 % and 5 %, respectively, of the Company’s total property revenue, total segment gross margin and total segment operating profit.

Prior to the completion of the ATC TIPL Transaction, ATC TIPL represented approximately 42 % of the Company’s international communications sites and 34 % of the Company’s total communications sites.

The Company believes that the sale of ATC TIPL represents a strategic shift that will have a major impact on its operations and financial results, and as such, the divestiture qualified for presentation as discontinued operations.

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

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Assets of discontinued operations consisted of the following:

December 31, 2024 December 31, 2023

Cash and cash equivalents $ — $ 219.6

Restricted cash — 0.4

Accounts receivable, net — 122.2

Prepaid and other current assets (1) — 387.4

Total current assets of discontinued operations $ — $ 729.6

Property and equipment, net $ — $ 925.6

Goodwill — 555.5

Other intangible assets, net — 588.4

Deferred rent — 43.6

Right-of-use asset — 673.7

Notes receivable and other non-current assets 34.1

Total non-current assets of discontinued operations $ — $ 2,820.9

Total assets of discontinued operations $ — $ 3,550.5

_______________

(1) As of December 31, 2023, includes the VIL OCDs.

Liabilities of discontinued operations consisted of the following:

December 31, 2024 December 31, 2023

Accounts payable $ — $ 7.4

Accrued expenses — 227.8

Accrued interest — 2.8

Current portion of operating lease liability — 104.2

Current portion of long-term obligations — 120.2

Unearned revenue — 0.9

Total current liabilities of discontinued operations $ — $ 463.3

Operating lease liability — 623.4

Asset retirement obligation — 78.2

Deferred tax liability — 50.8

Other non-current liabilities — 70.8

Total non-current liabilities of discontinued operations $ — $ 823.2

Total liabilities of discontinued operations $ — $ 1,286.5

Current portion of long-term obligations— Long-term obligations, including the current portion, includes the India Term Loan (as defined below).

Interest expense associated with the India Term Loan is included within Loss from discontinued operations, net of taxes in the consolidated statements of operations for the years ended December 31, 2024 and 2023.

On February 17, 2023, ATC TIPL 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 was one year from the date of the first draw thereunder, and which was subsequently extended to December 31, 2024 (the “India Term Loan”).

The India Term Loan was repaid on September 12, 2024, in connection with the completion of the ATC TIPL Transaction.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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

Year Ended December 31,

2024 (1) 2023 2022

Revenue $ 911.2 $ 1,132.0 $ 1,065.7

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

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

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

Other operating expense (2) ( 6.7 ) ( 7.0 ) ( 497.0 )

Loss on sale of ATC TIPL (3) ( 1,245.5 ) — —

Goodwill impairment — ( 322.0 ) —

Operating loss ( 969.5 ) ( 100.6 ) ( 386.3 )

Interest income 30.7 24.8 22.5

Interest expense ( 7.6 ) ( 10.0 ) ( 0.5 )

Other income (expense), net 46.5 77.8 ( 1.0 )

Loss from discontinued operations before taxes $ ( 899.9 ) $ ( 8.0 ) $ ( 365.3 )

Income tax provision (benefit) 78.4 63.4 ( 88.8 )

Loss from discontinued operations, net of taxes $ ( 978.3 ) $ ( 71.4 ) $ ( 276.5 )

_______________

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

(2) For the year ended December 31, 2022, primarily includes impairment charges, as discussed below.

(3) Primarily includes the reclassification of the Company’s cumulative translation adjustment in India upon exiting the market of $ 1.1 billion.

India Impairments

In the third quarter of 2022, VIL communicated that it would make partial payments of its contractual amounts owed to the Company 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 the Company beginning on January 1, 2023.

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

• An impairment of $ 97.0 million was taken on tower and network location intangible assets in India.

• The Company also impaired the tenant-related intangible assets for VIL, which resulted in an impairment of $ 411.6 million.

Goodwill Impairments

As a result, the Company performed an interim quantitative goodwill impairment test as of September 30, 2023, using, among other things, the information obtained from third parties to compare the estimated fair value of the India reporting unit to its carrying amount, including goodwill.

The result of the Company’s interim goodwill impairment test as of September 30, 2023

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

indicated that the carrying amount of the Company's India reporting unit exceeded its estimated fair value.

As a result, the Company recorded a goodwill impairment charge of $ 322.0 million during the three months ended September 30, 2023.

The cash flows related to discontinued operations have not been segregated and are included in the consolidated statements of cash flows.

The following table presents key cash flow and non-cash information related to discontinued operations:

Year Ended December 31,

2024 (1) 2023 2022

Proceeds from the sale of ATC TIPL $ 2,158.8 $ — $ —

Capital expenditures ( 52.3 ) ( 111.9 ) ( 123.0 )

Significant non-cash items:

Depreciation, amortization and accretion 96.0 158.0 190.2

Stock-based compensation expense 10.9 12.4 7.6

Impairments, net loss on sale of long-lived assets, non-cash restructuring and merger related expenses ( 2.3 ) 318.2 500.3

(Gain) loss on investments, unrealized foreign currency (gain) loss and other non-cash expense ( 30.7 ) ( 82.5 ) 14.0

Loss on sale of ATC TIPL (2) 1,245.5 — —

_______________

(1) Includes the cash flows for ATC TIPL through September 12, 2024.

(2) Primarily includes the reclassification of the Company’s cumulative translation adjustment in India upon exiting the market of $ 1.1 billion.

Transition Services Agreement— In connection with the ATC TIPL Transaction, the Company entered into a Transition Services Agreement (the “TSA”) with DIT, pursuant to which the Company agreed to provide certain information technology, finance, accounting and human resources services to support DIT in the ongoing operation of the business for a period of time post-closing.

Income and expenses recognized under the TSA were not significant for the year ended December 31, 2024.

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

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

The divestiture qualified for presentation as discontinued operations.

See Note 22 for further discussion.

Historical financial information included in this Annual Report on Form 10-K has been adjusted to reflect the operating results of ATC TIPL as discontinued operations for all periods presented.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Selected quarterly financial data for the years ended December 31, 2024 and 2023 is as follows (in millions, except per share data):

Three Months Ended Year Ended

March 31, June 30, September 30, December 31,

Operating revenues $ 2,512.6 $ 2,544.7 $ 2,522.3 $ 2,547.6 $ 10,127.2

Operating income 1,141.0 1,156.2 1,139.2 1,080.1 4,516.5

Net income from continuing operations attributable to American Tower common stockholders 825.7 761.8 416.2 1,229.6 3,233.3

Net income (loss) from discontinued operations attributable to American Tower common stockholders 91.7 138.5 ( 1,208.5 ) — ( 978.3 )

Net income (loss) attributable to American Tower Corporation common stockholders 917.4 900.3 ( 792.3 ) 1,229.6 2,255.0

Earnings per Share:

Basic net income from continuing operations attributable to American Tower Corporation common stockholders $ 1.77 $ 1.63 $ 0.89 $ 2.63 $ 6.92

Basic net income (loss) from discontinued operations attributable to American Tower Corporation common stockholders per common share 0.20 0.30 ( 2.59 ) — ( 2.09 )

Basic net income (loss) attributable to American Tower Corporation common stockholders per common share $ 1.97 $ 1.93 $ ( 1.70 ) $ 2.63 $ 4.83

Diluted net income from continuing operations attributable to American Tower Corporation common stockholders $ 1.77 $ 1.63 $ 0.89 $ 2.62 $ 6.91

Diluted net income (loss) from discontinued operations attributable to American Tower Corporation common stockholders 0.20 0.30 ( 2.58 ) — ( 2.09 )

Diluted net income (loss) attributable to American Tower Corporation common stockholders per common share $ 1.96 $ 1.92 $ ( 1.69 ) $ 2.62 $ 4.82

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Three Months Ended Year Ended

March 31, June 30, September 30, December 31,

Operating revenues $ 2,520.4 $ 2,514.6 $ 2,521.1 $ 2,456.1 $ 10,012.2

Operating income 747.0 852.7 913.0 612.8 3,125.5

Net income from continuing operations attributable to American Tower common stockholders 324.6 435.3 784.4 10.4 1,554.7

Net income (loss) from discontinued operations attributable to American Tower common stockholders 11.2 40.4 ( 197.5 ) 74.5 ( 71.4 )

Net income attributable to American Tower Corporation common stockholders 335.8 475.7 586.9 84.9 1,483.3

Earnings per Share:

Basic net income from continuing operations attributable to American Tower Corporation common stockholders $ 0.70 $ 0.93 $ 1.68 $ 0.02 $ 3.34

Basic net income (loss) from discontinued operations attributable to American Tower Corporation common stockholders per common share 0.02 0.09 ( 0.42 ) 0.16 ( 0.15 )

Basic net income attributable to American Tower Corporation common stockholders per common share $ 0.72 $ 1.02 $ 1.26 $ 0.18 $ 3.18

Diluted net income from continuing operations attributable to American Tower Corporation common stockholders $ 0.70 $ 0.93 $ 1.68 $ 0.02 $ 3.33

Diluted net income (loss) from discontinued operations attributable to American Tower Corporation common stockholders 0.02 0.09 ( 0.42 ) 0.16 ( 0.15 )

Diluted net income attributable to American Tower Corporation common stockholders per common share $ 0.72 $ 1.02 $ 1.26 $ 0.18 $ 3.18

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

SUBSEQUENT EVENTS

Pending ATC TIPL Transaction —On January 4, 2024, the Company, through its subsidiaries, ATC Asia Pacific Pte.

and ATC Telecom Infrastructure Private Limited (“ATC TIPL”), entered into an agreement with Data Infrastructure Trust (“DIT”), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management, pursuant to which DIT will acquire a 100 % ownership interest in ATC TIPL (the “Pending ATC TIPL Transaction”) for total aggregate consideration of 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 Company will retain the full economic benefit associated with the VIL OCDs, and rights to payments on certain existing customer receivables.

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.

Repayment of 2.950 % Senior Notes— On January 14, 2025, the Company repaid $ 650.0 million aggregate principal amount of the Company’s 2.950 % senior unsecured notes due 2025 (the “ 2.950 % 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, the Company repaid $ 1.0 billion aggregate principal amount of the Company’s 5.00 % senior unsecured notes due 2024 (the “ 5.00 % Notes”) upon their maturity.

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

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.

Amendments to Bank Facilities— On January 28, 2025, the Company amended its (i) 2021 Multicurrency Credit Facility, (ii) 2021 Credit Facility and (iii) 2021 Term Loan.

These amendments, among other things,

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).

Sale of South Africa Fiber— The Company, through its subsidiary ATC South Africa Wireless Infrastructure Proprietary Limited, entered into an agreement, which received government approval on February 13, 2025, pursuant to which it expects to sell one of its subsidiaries in South Africa that holds fiber assets (“South Africa Fiber”) for total aggregate consideration of 2.5 billion South African Rand (approximately $ 132.7 million) subject to certain adjustments.

The Company expects to complete the sale during the first quarter of 2025.

South Africa Fiber’s operating results are included within the Africa & APAC property segment.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

39 unchanged sentences

Balance at end $ 27,582.5 $ 28,239.2 $ 27,060.9

Amounts related to discontinued operations $ — $ 1,516.6 $ 1,435.5

2024 2023 2022

8 unchanged sentences

Balance at end $ ( 9,683.6 ) $ ( 9,820.6 ) $ ( 8,669.5 )

Amounts related to discontinued operations $ — $ ( 598.7 ) $ ( 528.1 )

_______________

10 unchanged sentences

(8) Primarily includes foreign currency exchange rate fluctuations and other deductions.

For the year ended December 31, 2024, includes the impact of the sales of ATC TIPL, ATC Australia and ATC New Zealand.

For the year ended December 31, 2023, includes the impact of the sales of Mexico Fiber and ATC Poland.

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 9A. Controls and Procedures