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Item 7. Management’s Discussion and Analysis

2026-02-24 compared with 2025-02-25 · 247 added, 382 removed, 613 unchanged (51% of the section changed)

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

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

During the year ended December 31, 2025, we completed the sale of our fiber assets in South Africa (“South Africa Fiber”).

Prior to the divestiture, the operating results of South Africa Fiber were included within the Africa & APAC property segment.

During the year ended December 31, 2024, we completed the sale of ATC TIPL (as defined below).

The divestiture qualified for presentation as discontinued operations.

See Note 21 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.

Prior to the divestiture and classification as discontinued operations, ATC TIPL’s operating results were included within the Africa & APAC property segment.

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

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

The divestitures did not qualify for presentation as discontinued operations.

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

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

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

We report our results in six segments:

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

In evaluating financial performance in each business segment, management uses, among other factors, segment gross margin and segment operating profit (see note 19 to our consolidated financial statements included in this Annual Report).

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

Executive Overview

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

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

We also offer tower-related services in the United States, including site application, zoning and permitting, structural and mount analyses, and construction management, together with program management offerings that support customer deployment needs from project scoping through construction.

Our services operations primarily support our site leasing business, including the addition of new tenants and equipment on our sites.

The following table details the number of communications sites, excluding managed sites, that we owned or operated as of December 31, 2025:

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Latin America total 44,684 2,069 328

Total 131,597 17,227 862

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

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

As of December 31, 2025, our property portfolio included 30 operating data center facilities across eleven markets in the United States that collectively comprise approximately 3.7 million NRSF of data center space, as detailed below:

Data Centers Total NRSF (1)

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Chicago, IL 2 272

Denver, CO 2 151

Boston, MA 1 124

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Miami, FL 2 90

Denver, CO 2 38

Washington, D.C.

Total 30 3,661

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

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

future periods.

Accordingly, the vast majority of the revenue generated by our property operations during the year ended December 31, 2025 was recurring revenue that we should continue to receive in future periods.

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

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

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

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

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

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

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

See discussion below and Note 22 for further discussion.

Based upon existing customer leases and foreign currency exchange rates as of December 31, 2025, we expect to generate over $54 billion of non-cancellable customer lease revenue over future periods, before the impact of straight-line lease accounting.

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

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& Canada property segment, as discussed below.

We expect that our churn rate in our U.S.

& Canada property segment will remain elevated through 2025 due to contractual lease cancellations and non-renewals by T-Mobile, including legacy Sprint Corporation leases, pursuant to the terms of the T-Mobile MLA entered into in September 2020.

AT&T Mexico Dispute.

We are currently engaged in an Arbitration with AT&T Mexico.

AT&T Mexico, which represented approximately $300 million of tenant revenue in 2025, is challenging the calculation of the monthly lease amount established under the MLA, as well as certain other provisions of the MLA, seeking rent abatement both retroactively and prospectively, and had been withholding tower rents since the start of 2025.

We incurred approximately $30 million of reserves during the year ended December 31, 2025 related to this customer.

We expect to record future reserves until the Arbitration is settled.

We believe we have meritorious defenses to the claims raised in this Arbitration, are vigorously defending the full enforceability of the MLA and remain confident in the terms and conditions of the MLA.

The Arbitration is scheduled for a hearing in August 2026.

On September 23, 2025, we and AT&T Mexico reached an agreement pursuant to which AT&T Mexico will remit payment of the majority of the withheld tower rents and will resume monthly payments of the majority of its owed tower rents.

The remainder of the outstanding receivables and the future monthly tower rent amounts not remitted directly to us will be deposited into an irrevocable escrow account, overseen by an independent trustee, to be released in accordance with a final ruling in the Arbitration or by mutual consent of us and AT&T Mexico.

DISH Dispute.

On September 24, 2025, DISH delivered a notice purporting to be excused from its contractual obligations under the SCA.

DISH has failed to meet its payment obligations, and as of January 2026 is in default under the SCA.

We remain confident that DISH has not been excused from its obligations under the SCA, and that the SCA remains in full force and effect.

On October 20, 2025, we filed a complaint in the U.S.

District Court for the District of Colorado seeking a declaratory judgment that DISH has not been excused from its obligations under the SCA, that the SCA remains in full force and effect, and that DISH remains required to perform all of its obligations under the SCA.

DISH represented approximately 2% and 4% of our total annual property revenue and total annual U.S.

& Canada property revenue, respectively, for 2025.

Property Operations Revenue Growth .

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Our ability to lease additional space on our sites is primarily a function of the rate at which wireless carriers and other tenants deploy capital to improve and expand their wireless networks.

This rate, in turn, is influenced by the growth of wireless services, the penetration of advanced wireless devices, the level of emphasis on network quality and capacity in carrier competition, the financial performance of our tenants and their access to capital and general economic conditions.

This rate of wireless network investment is influenced by the growth of wireless services, the penetration of advanced wireless devices, the level of emphasis on network quality and capacity in carrier competition, the financial performance of our tenants and their access to capital and general economic conditions.

According to industry data, recent aggregate annual wireless capital spending in the United States has averaged at least $30 billion, resulting in consistent demand for our sites.

Based on industry research and projections, we expect that a number of key industry trends will result in incremental revenue opportunities for us:

• In less advanced wireless markets where network deployments are in earlier stages, we expect these deployments to drive demand for our tower space as carriers seek to expand their footprints and increase the scope and density of their networks.

We have established operations in many of these markets at the early stages of wireless development, which we believe will enable us to meaningfully participate in these deployments over the long term.

• Subscribers’ use of mobile data continues to grow rapidly given increasing smartphone and other advanced device penetration, the proliferation of bandwidth-intensive applications on these devices and the continuing evolution of the mobile ecosystem.

• Rapid growth in mobile data consumption continues to be driven by increasing smartphone and other advanced device penetration, the proliferation of bandwidth-intensive applications on these devices and the continuing evolution of the mobile ecosystem.

We believe carriers will be compelled to deploy additional equipment on existing networks while also rolling out more advanced wireless networks to address coverage and capacity needs resulting from this increasing mobile data usage.

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We anticipate increasing network densification over the next several years, as existing network density is anticipated to be insufficient to account for rapidly increasing levels of wireless data usage.

• Wireless service providers continue to acquire additional spectrum, and as a result are expected to add additional sites and equipment to their networks as they seek to optimize their network configuration and utilize additional spectrum.

• Continued spectrum acquisition and deployment by wireless service providers, which is expected to result in additional sites and equipment on existing sites as operators optimize network configuration and utilize the additional spectrum.

We expect this to be particularly relevant in the context of higher-band spectrum such as 2.5 gigahertz (GHz) and C-Band being deployed for 5G, as these spectrum assets tend to have more limited propagation characteristics compared to the lower-band spectrum that has historically been deployed on our towers.

• Next generation technologies requiring wireless connectivity have the potential to provide incremental revenue opportunities for us.

These technologies may include edge computing functionality, autonomous vehicle networks and a number of other internet-of-things, or IoT, applications, as well as other potential use cases for wireless services.

• Emerging next generation technologies, such as edge computing functionality, autonomous vehicle networks and a number of other internet-of-things, or IoT, applications and other potential use cases for wireless services requiring wireless connectivity.

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

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

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

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

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

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

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

In more developed urban locations within these markets, mobile data usage tends to be higher and advanced network deployments are further along.

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

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

the early stages of 5G network deployments.

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

As a result, the usage of bandwidth-intensive mobile applications is growing materially.

Recent spectrum auctions in these rapidly evolving markets have allowed incumbent carriers to accelerate their data network deployments and have also enabled new entrants to begin initial investments in data networks.

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

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

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

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

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

Strong industry tailwinds also underpin our data center business.

Our portfolio of highly interconnected data center facilities and related assets in the United States is well positioned to monetize elevated demand for hybrid-cloud and multi-cloud deployments, as well as demand from early-stage AI-related workloads like inferencing, machine learning models and GPU-as-a-Service from neo clouds.

We believe it is important for AI workloads to be collocated with hybrid installations.

Our data center facilities are well-suited for this, as they have a rich ecosystem of network and cloud interconnections coupled with purpose-built capacity designed to support AI and other higher-density deployments.

These positive trends reinforce our expectation for our data centers to deliver long-term growth with attractive returns.

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

Property Operations New Site Revenue Growth.

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We may, however, incur additional segment selling, general, administrative and development expenses as we increase our presence in our existing markets or expand into new markets.

Our profit margin growth is therefore positively impacted by the addition of new customers to our sites or facilities but can be temporarily diluted by our development activities.

Our profit margin growth is therefore positively impacted by the addition of new customers to our sites or facilities but can be temporarily diluted by our development or expansion activities.

Services Segment Revenue Growth .

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and stock-based compensation expense.

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

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

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

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Results of Operations

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

For a discussion of our 2024 Results of Operations, including a discussion of our financial results for the fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023, refer to Part I, Item 7 of our annual report on Form 10-K filed with the SEC on February 25, 2025 (the “2024 Form 10-K”).

Years Ended December 31, 2025 and 2024

(in millions, except percentages)

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

2024 2023 2022

Year Ended December 31, Percent Change 2025 vs 2024

& Canada $ 5,248.7 $ 5,248.1 0 %

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Year ended December 31, 2025

& Canada property segment revenue growth of $31.9 million was attributable to:

& Canada property segment revenue increase of $0.6 million was attributable to:

• Tenant billings growth of $210.0 million, which was driven by:

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◦ $52.8 million resulting from contractual escalations, net of churn;

◦ $5.7 million generated from sites acquired or constructed since the beginning of the prior-year period (“newly acquired or constructed sites”);

◦ Partially offset by a decrease of $7.2 million from other tenant billings;

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

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

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

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

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

• Partially offset by:

• Partially offset by a decrease of $209.1 million in other revenue, which includes a $175.8 million decrease due to straight-line accounting.

Segment revenue growth was partially offset by a decrease of $0.3 million attributable to the negative impact of foreign currency translation related to fluctuations in Canadian Dollar.

Africa & APAC property segment revenue growth of $214.9 million was attributable to:

• Tenant billings growth of $129.7 million, which was driven by:

◦ $53.7 million due to colocations and amendments;

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

◦ $43.5 million resulting from contractual escalations, net of churn;

◦ $23.1 million generated from newly acquired or constructed sites;

◦ $9.4 million from other tenant billings;

• An increase of $6.1 million in other revenue.

• An increase of $24.7 million in other revenue, primarily attributable to a decrease in revenue reserves related to customers in Burkina Faso and Kenya;

• An increase of $15.7 million in pass-through revenue.

Segment revenue growth included an increase of $44.8 million, attributable to the impact of foreign currency translation, which included, among others, positive impacts of $27.6 million related to fluctuations in Ghanaian Cedi, $9.3 million related to fluctuations in Ugandan Shilling, $6.8 million related to fluctuations in Kenyan Shilling and $4.4 million related to fluctuations in West African CFA Franc, partially offset by negative impacts of $7.0 million related to fluctuations in Nigerian Naira.

Europe property segment revenue growth of $103.0 million was attributable to:

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◦ Partially offset by a decrease of $1.4 million from other tenant billings;

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

• An increase of $14.5 million in other revenue;

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

• An increase of $10.1 million in pass-through revenue, primarily attributable to an increase in energy costs.

Segment revenue growth included an increase of $38.6 million attributable to the positive impact of foreign currency translation related to fluctuations in Euro (“EUR”).

Latin America property segment revenue decrease of $75.3 million was attributable to:

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

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

• Partially offset by:

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

◦ $31.8 million due to colocations and amendments;

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

◦ Partially offset by decreases of:

◦ $3.2 million from other tenant billings;

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

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

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

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

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

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

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

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

Year ended December 31, 2023

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

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

◦ $229.9 million due to colocations and amendments;

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

• A decrease of $71.6 million in other revenue, primarily attributable to an increase in revenue reserves related to customers in Brazil and Mexico and a decrease in tenant settlements in Brazil;

• A decrease of $56.2 million, attributable to the impact of foreign currency translation, which included, among others, negative impacts of $32.2 million related to fluctuations in Brazilian Real and $29.1 million related to fluctuations in Mexican Peso, partially offset by positive impacts of $5.6 million related to fluctuations in Peruvian Sol;

• Partially offset by:

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

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

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

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

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

• Tenant billings growth of $36.5 million, which was driven by:

◦ $26.8 million due to colocations and amendments;

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

◦ $35.4 million resulting from contractual escalations, net of churn;

◦ $4.5 million from other tenant billings;

• An increase of $126.9 million in pass-through revenue, primarily due to an increase in energy costs;

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

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

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

• Tenant billings growth of $47.2 million, which was driven by:

◦ $25.8 million resulting from contractual escalations, net of churn;

◦ $13.6 million due to colocations and amendments;

◦ $13.3 million from contractual escalations, net of churn;

◦ $0.7 million generated from newly acquired or constructed sites;

◦ Partially offset by a decrease of $4.3 million from other tenant billings;

• An increase of $9.9 million in other revenue, which includes an increase attributable to our Spain fiber business acquired in the second quarter of 2022;

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

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

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

• Tenant billings growth of $58.0 million, which was driven by:

◦ $35.3 million due to colocations and amendments;

◦ $20.2 million resulting from contractual escalations, net of churn;

◦ $2.2 million generated from newly acquired or constructed sites;

◦ $0.3 million from other tenant billings;

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

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

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

• An increase of $16.0 million in pass-through revenue.

Data Centers segment revenue growth of $128.3 million was attributable to:

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• An increase of $16.2 million in interconnection revenue, primarily due to customer interconnection net additions and set-up fees;

• Partially offset by a decrease of $1.1 million in straight-line revenue.

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

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

2024 2023 2022

• An increase of $0.8 million in straight-line revenue.

Services segment revenue growth of $145.9 million was primarily attributable to increases in construction management services, site application, zoning and permitting services and structural and mount analyses services.

Year Ended December 31, Percent Change 2025 vs 2024

& Canada $ 4,378.7 $ 4,377.2 0 %

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Year ended December 31, 2025

• The increase in U.S.

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

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

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

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

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

& Canada property segment gross margin was relatively consistent as compared to the prior-year period.

• The increase in Africa & APAC property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $48.5 million, primarily due to an increase in costs associated with pass-through revenue, including fuel and utility costs, and an increase in repair and maintenance spending.

Direct expenses were also negatively impacted by $17.5 million from the impact of foreign currency translation.

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

• The increase in Europe property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $20.4 million, primarily due to an increase in costs associated with pass-through revenue, including energy costs and an increase in land rent costs.

Direct expenses were also negatively impacted by $14.4 million from the impact of foreign currency translation.

Direct expenses also benefited by $15.1 million from the impact of foreign currency translation.

• The increase in Data Centers segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $11.6 million, primarily due to an increase in costs associated with power revenue, including utility costs, partially offset by a decrease in property taxes primarily as a result of a one-time benefit of $26.0 million due to final resolution of revised real property valuations related to the CoreSite Acquisition.

Direct expenses also benefited by a legal settlement and resolution of a utility back billing matter.

• The increase in Services segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $81.4 million.

Year ended December 31, 2023

• The increase in U.S.

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

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

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

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

Direct expenses were also negatively impacted by $7.5 million from the impact of foreign currency translation.

• The increase in Latin America property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $15.0 million, primarily due to an increase in costs associated with pass-through revenue, including land rent costs.

Direct expenses were also negatively impacted by $24.3 million from the impact of foreign currency translation.

• The decrease in Services segment gross margin was primarily due to the decrease in revenue described above, partially offset by a decrease in direct expenses of $47.3 million.

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

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

2024 2023 2022

Year Ended December 31, Percent Change 2025 vs 2024

& Canada $ 166.6 $ 161.1 3 %

11 unchanged sentences

Year Ended December 31, 2025

• The decrease in our U.S.

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

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

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

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

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

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

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

Year Ended December 31, 2023

• The decrease in our U.S.

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

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

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

• The increases in our Latin America property and Services segment SG&A were primarily driven by net increases in bad debt expense, partially offset by decreased personnel and related costs.

The Latin America property segment SG&A increase also includes the negative impact of foreign currency translation.

• The increase in other SG&A was primarily attributable to an increase in stock-based compensation expense of $21.6 million, including an increase of $7.6 million related to the change in vesting terms as described in note 13 to our consolidated financial statements included in this Annual Report, and an increase in corporate SG&A, including an increase in personnel and related costs to support our business.

• The increase in our U.S.

& Canada property segment SG&A was primarily driven by increased personnel and related costs to support our business, increased canceled construction costs and a net increase in bad debt expense, partially offset by decreased professional services costs.

• The increase in our Africa & APAC property segment SG&A was primarily driven by increased local tax and professional services costs and increased canceled construction costs, partially offset by decreased personnel and related costs.

• The increase in our Europe property segment SG&A was primarily driven by increased canceled construction costs and the negative impact of foreign currency translation, partially offset by decreased professional services costs.

• The decrease in our Latin America property segment SG&A was primarily driven by a net decrease in bad debt expense of $7.1 million, decreased personnel and related costs, lower canceled construction costs and a benefit from the impact of foreign currency translation, partially offset by increased local tax and professional services costs, including legal fees in Mexico.

• The increase in our Data Centers segment SG&A was primarily driven by increased personnel and related costs to support our business, partially offset by a legal settlement in the period.

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

• The decrease in other SG&A was primarily attributable to a decrease in stock-based compensation expense of $18.5 million, primarily driven by the reversal of previously recognized stock-based compensation expense associated with awards forfeited in connection with the departure of our Executive Vice President and President, APAC due to such role being eliminated, as discussed in note 12 to our consolidated financial statements included in this Annual Report, and a decrease in other corporate SG&A, partially offset by an increase in personnel and related costs to support our business.

Operating Profit

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

2024 2023 2022

Year Ended December 31, Percent Change 2025 vs 2024

& Canada $ 4,212.1 $ 4,216.1 (0) %

9 unchanged sentences

Year Ended December 31, 2025

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

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

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

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

Year Ended December 31, 2023

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

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

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

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

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

& Canada property segment was primarily attributable to an increase in our segment SG&A, partially offset by an increase in our segment gross margin.

• The increases in our Africa & APAC property segment, Europe property segment, Data Centers segment and our Services segment were primarily attributable to increases in our segment gross margin, partially offset by increases in our segment SG&A.

• The decrease in operating profit for our Latin America property segment was primarily attributable to a decrease in our segment gross margin, partially offset by a decrease in our segment SG&A.

Depreciation, Amortization and Accretion

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

2024 2023 2022

Year Ended December 31, Percent Change 2025 vs 2024

Depreciation, amortization and accretion $ 2,041.6 $ 2,028.8 1 %

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

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

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

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

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

Other Operating Expenses

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

2024 2023 2022

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

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

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

Goodwill Impairment

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

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

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

The increase in depreciation, amortization and accretion expense for the year ended December 31, 2025 was primarily attributable to foreign currency exchange rate fluctuations.

Other Operating Expense

Year Ended December 31, Percent Change 2025 vs 2024

Other operating expense $ 68.4 $ 74.1 (8) %

The decrease in other operating expense for the year ended December 31, 2025 was primarily attributable to the gain on the sale of South Africa Fiber of $53.6 million, partially offset by an increase in impairment charges of $32.1 million.

Total Other Expense

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

2024 2023 2022

Year Ended December 31, Percent Change 2025 vs 2024

Total other expense $ 1,801.6 $ 891.7 102 %

1 unchanged sentence

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

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

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

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

The increase in total other expense during the year ended December 31, 2025 was primarily due to foreign currency losses of $809.4 million in the current period, as compared to foreign currency gains of $308.3 million in the prior-year period, partially offset by a decrease in net interest expense of $43.9 million, primarily due to a decrease in our average debt outstanding.

Total other expense during the years ended December 31, 2025 and 2024 also include gains from equity securities in the United States of $232.6 million and $70.4 million, respectively.

Income Tax Provision

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

2024 2023 2022

Year Ended December 31, Percent Change 2025 vs 2024

Income tax provision $ 415.7 $ 366.3 13 %

2 unchanged sentences

Consequently, the effective tax rate on income from continuing operations for each of the years ended December 31, 2025 and 2024 differs from the federal statutory rate.

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

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

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

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

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

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

For the year ended December 31, 2025, the increase in the income tax provision was primarily attributable to (i) increased earnings in certain foreign jurisdictions, (ii) taxes incurred as a result of the sale of South Africa Fiber, (iii) additions to reserves for uncertain tax positions, (iv) gains from equity securities in the United States and (v) the reversal of permanent reinvestment assertions in Nigeria, partially offset by a net benefit from the application of tax law changes primarily in Germany and a decrease in withholding taxes from equity distributions due in part to the ATC TIPL Transaction.

Loss from Discontinued Operations, Net of Taxes

On January 4, 2024, we, through our subsidiaries, ATC Asia Pacific Pte.

and ATC Telecom Infrastructure Private Limited (“ATC TIPL”), which held our operations in India, 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 below), 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.

During the year ended December 31, 2024, ATC TIPL distributed approximately 29.6 billion INR (approximately $354.1 million) to us, 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 us at closing.

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

The divestiture qualified for presentation as discontinued operations.

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

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

See Note 22 for further discussion.

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

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

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

During the year ended December 31, 2024, we recorded a loss on the sale of ATC TIPL of $1.2 billion, which primarily included the reclassification of our cumulative translation adjustment in India upon exiting the market of $1.1 billion.

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

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

Year Ended December 31, Percent Change 2025 vs 2024

2025 2024 (1)

5 unchanged sentences

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

Goodwill impairment — (322.0) — (100) 100

Operating loss — (969.5) (100) %

1 unchanged sentence

Interest expense — (7.6) (100)

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

Other income, net — 46.5 (100)

Loss from discontinued operations before taxes $ — $ (899.9) (100) %

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

Income tax provision — (78.4) (100)

Loss from discontinued operations, net of taxes $ — $ (978.3) (100) %

7 unchanged sentences

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

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

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

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

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

We have fully recognized this previously deferred revenue.

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

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

On March 23, 2024, we

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

On March 23, 2024, we converted an aggregate face value of 14.4 billion INR (approximately $172.7 million) of VIL OCDs into 1,440 million shares of equity of VIL (the “VIL Shares”).

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

2 unchanged sentences

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

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

None of the VIL Shares or the VIL OCDs remained outstanding.

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

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

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

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

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

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

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

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

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

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

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

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

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

2024 2023 2022

Year Ended December 31, Percent Change 2025 vs 2024

Net income $ 2,628.5 $ 2,280.2 15 %

1 unchanged sentence

Income tax provision 415.7 366.3 13

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

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

Other expense (income) 576.2 (377.6) (253)

Interest expense 1,359.4 1,404.5 (3)

Interest income (134.0) (135.2) (1)

Other operating expenses 74.1 370.7 270.6 (80) 37

Goodwill impairment — 80.0 — (100) 100

Other operating expense 68.4 74.1 (8)

Depreciation, amortization and accretion 2,041.6 2,028.8 1

4 unchanged sentences

See Note 21 for further discussion.

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

2024 2023 2022

Year Ended December 31, Percent Change 2025 vs 2024

Net income (1) $ 2,628.5 $ 2,280.2 15 %

9 unchanged sentences

150.0 88.7 69

GTP one-time cash tax settlement (6) — — 48.3 — (100)

Non-real estate related depreciation, amortization and accretion 142.0 149.2 (5)

Amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges 54.1 54.1 0

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

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

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

Other expense (income) (6) 576.2 (377.6) (253)

Other operating income (7) (15.1) (17.5) (14)

Capital improvement capital expenditures (185.2) (157.4) 18

6 unchanged sentences

_______________

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

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

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

(1) For the year ended December 31, 2024, includes Loss from discontinued operations, net of taxes of $978.3 million.

(2) For the years ended December 31, 2025 and 2024, includes impairment charges of $100.7 million and $68.6 million, respectively.

For the year ended December 31, 2025, includes a gain on the sale of South Africa Fiber of $53.6 million.

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

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

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

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

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

(5) For the year ended December 31, 2025, includes adjustments for (i) $0.3 million of taxes paid in Singapore related to the ATC TIPL Transaction, (ii) $25.8 million of taxes paid in South Africa, which were incurred as a result of the sale of South Africa Fiber, (iii) $30.4 million of taxes paid related to the sale of equity securities in the U.S.

and (iv) $6.5 million of other tax adjustments.

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

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

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

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

We finalized a settlement related to this tax election during the year ended December 31, 2022.

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

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

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

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

(6) Includes losses (gains) on foreign currency exchange rate fluctuations of $809.4 million and $(308.3) million, respectively.

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

2 unchanged sentences

Year Ended December 31, 2025

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

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

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

Year Ended December 31, 2023

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

The increase in net income was primarily due to losses from discontinued operations, net of tax, as a result of the ATC TIPL Transaction in the prior year.

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

The increase in Adjusted EBITDA was primarily attributable to an increase in our gross margin, partially offset by an increase in SG&A, excluding the impact of stock-based compensation expense of $25.8 million.

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

The increase in AFFO attributable to American Tower Corporation common stockholders was primarily attributable to (i) an increase in our operating profit, excluding the impact of straight-line accounting, and (ii) decreases in cash paid for interest and cash paid for income taxes, partially offset by (x) a decrease in AFFO attributable to American Tower Corporation common stockholders from discontinued operations as a result of the sale of ATC TIPL in the third quarter of 2024, (y) an increase in capital improvement capital expenditures and (z) an increase in distributions and adjustments for noncontrolling interests, including distributions to noncontrolling interest holders in our Data Centers segment.

Segment Gross Margin Reconciliation

8 unchanged sentences

Segment gross margin $ 4,378.7 $ 976.4 $ 593.5 $ 1,131.6 $ 650.7 $ 7,730.9 $ 165.6 $ 7,896.5

______________

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

See note 22 for further discussion.

Property Total

22 unchanged sentences

Our significant 2025 financing transactions included:

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

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

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

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

• Redemption of our 2.950% senior unsecured notes due 2025 (the “2.950% Notes”), our 2.400% senior unsecured notes due 2025 (the “2.400% Notes”), our 1.375% senior unsecured notes due 2025 (the “1.375% Notes”), our 4.000% notes due 2025 (the “4.000% Notes”) and our 1.300% senior unsecured notes due 2025 (the “1.300% Notes”);

• Repayment of $525.0 million aggregate principal amount outstanding under our Secured Tower Revenue Notes, Series 2015-2, Class A (the “Series 2015-2 Notes”);

• Registered public offering in an aggregate principal amount of $3.0 billion, including 500.0 million EUR, of senior unsecured notes with maturities ranging from 2030 to 2035;

• Amendment of the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan (as defined below) to, among other things, (i) extend the maturity dates and (ii) update the Applicable Margins (as defined in the loan agreements).

The following table summarizes our liquidity as of December 31, 2025 (in millions):

5 unchanged sentences

Total liquidity $ 11,058.0

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

Subsequent to December 31, 2025, we made additional borrowings of $600.0 million under the 2021 Credit Facility and net borrowings of $135.0 million under the 2021 Multicurrency Credit Facility.

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

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Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash 101.3 (233.9)

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

Net (decrease) increase in cash and cash equivalents, and restricted cash $ (503.0) $ 14.8

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

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

This assessment may result in our decision to divest a portion, or all, of certain assets, including our South Africa Fiber business in 2025, our Australia and New Zealand businesses in 2024, the ATC TIPL Transaction, and our Mexico fiber and Poland businesses in 2023 and repurpose proceeds, and potential future capital, to other capital priorities.

As of December 31, 2025, we had total outstanding indebtedness of $37.4 billion, with a current portion of $3.4 billion.

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

We believe the cash generated by operating activities during the year

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

During the year ended December 31, 2025, we generated sufficient cash flow from operations, together with borrowings under our

credit facilities, proceeds from our debt issuances and cash on hand, to fund our acquisitions, capital expenditures and debt service obligations, as well as our required distributions.

We believe the cash generated by operating activities during the year ending December 31, 2026, together with our borrowing capacity under our credit facilities, will suffice to fund our required distributions, capital expenditures, debt service obligations (interest and principal repayments) and signed acquisitions.

As of December 31, 2025, we had $1.5 billion of cash and cash equivalents held by our foreign subsidiaries.

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The primary factors that impacted cash provided by operating activities as compared to the year ended December 31, 2024, include:

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

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

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

• a decrease in cash required for working capital;

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

• an increase in our operating profit, including the impact of straight-line accounting;

• decreases in cash paid for interest and cash paid for taxes;

partially offset by:

◦ a reduction of cash flows from ATC TIPL as a result of the sale in 2024;

◦ an increase in cash required for working capital, primarily as a result of an increase in prepaid and other assets and a decrease in accounts payable.

Cash Flows from Investing Activities

Our significant investing activities during the year ended December 31, 2025 are highlighted below:

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

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

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

• We spent approximately $454.2 million for acquisitions.

• We received approximately $137.7 million from the sale of South Africa Fiber and approximately $159.6 million from the sale of equity securities in the U.S.

• We spent $1.7 billion for capital expenditures, as follows (in millions):

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

(1) Includes the construction of 1,918 communications sites globally and approximately $608.9 million of spend related to data center assets.

(2) Includes $36.0 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in our consolidated statements of cash flows.

(3) Includes $4.3 million of finance lease payments reported in Repayments of notes payable, credit facilities, senior notes, secured debt, term loans and finance leases in the cash flows from financing activities in our consolidated statements of cash flows.

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

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

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

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

We also regularly review our portfolios as to capital

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

We expect that our 2026 total capital expenditures will be as follows (in millions):

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Proceeds from issuance of senior notes, net $ 3,000.6 $ 3,568.6

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

Borrowings under (repayments of) credit facilities, net 362.2 (2,321.1)

Repayments of term loans (1) — (1,015.4)

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

Repayments of securitized debt (525.0) —

Repayments of senior notes (3,206.2) (2,150.0)

Purchases of common stock (364.6) —

Distributions paid on common stock (3,157.2) (3,074.9)

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

(1) For the year ended December 31, 2024, includes the repayments of the 825.0 million EUR unsecured term loan, as amended in December 2021, and the 10.0 billion INR unsecured term loan in India, which was repaid in connection with the completion of the ATC TIPL Transaction.

Securitization

American Tower Secured Revenue Notes and Repayment of Series 2015-2 Notes —In May 2015, GTP Acquisition Partners I, LLC, one of our wholly owned subsidiaries, refinanced existing debt with cash on hand and proceeds from a private issuance (the “2015 Securitization”) of (i) $350.0 million of American Tower Secured Revenue Notes, Series 2015-1, Class A, which were subsequently repaid on the June 2020 payment date, and (ii) $525.0 million of the Series 2015-2 Notes.

On the June 2025 payment date, we repaid $525.0 million aggregate principal amount outstanding under the Series 2015-2 Notes, pursuant to the terms of the agreements governing such securities.

The repayment was funded with borrowings under the 2021 Multicurrency Credit Facility and cash on hand.

Following such repayment, no notes were outstanding under the 2015 Securitization.

Repayments of Senior Notes

Repayment of 2.950% Senior Notes— On January 14, 2025, we repaid $650.0 million aggregate principal amount of the 2.950% Notes upon their maturity.

The 0.600% 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.

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

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

Repayment of 2.400% Senior Notes— On March 14, 2025, we repaid $750.0 million aggregate principal amount of the 2.400% Notes upon their maturity.

The 2.400% Notes were repaid using proceeds from the issuance of the 4.900% Notes and the 5.350% Notes (each as defined below).

Upon completion of the repayment, none of the 2.400% Notes remained outstanding.

Repayment of 1.375% Senior Notes —On April 3, 2025, we repaid 500.0 million EUR aggregate principal amount of the 1.375% Notes upon their maturity.

The 1.375% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility and cash on hand.

Upon completion of the repayment, none of the 1.375% Notes remained outstanding.

Repayment of 4.000% Senior Notes —On May 30, 2025, we repaid $750.0 million aggregate principal amount of the 4.000% Notes upon their maturity.

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

The 4.000% Notes were repaid using borrowings under the 2021 Credit Facility and cash on hand.

Upon completion of the repayment, none of the 4.000% Notes remained outstanding.

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

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

Repayment of 1.300% Senior Notes —On September 12, 2025, we repaid $500.0 million aggregate principal amount of the 1.300% Notes upon their maturity.

The 1.300% Notes were repaid using borrowings under the 2021 Credit Facility.

Upon completion of the repayment, none of the 1.300% Notes remained outstanding.

Repayment of 4.400% Senior Notes —On February 13, 2026, we repaid $500.0 million aggregate principal amount of our 4.400% senior unsecured notes due 2026 (the “4.400% Notes”) upon their maturity.

The 4.400% Notes were repaid using borrowings under the 2021 Credit Facility and cash on hand.

Upon completion of the repayment, none of the 4.400% Notes remained outstanding.

Offerings of Senior Notes

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

4.900% Senior Notes and 5.350% Senior Notes Offering— On March 14, 2025, we completed a registered public offering of $650.0 million aggregate principal amount of 4.900% senior unsecured notes due 2030 (the “Initial 4.900% Notes”) and $350.0 million aggregate principal amount of 5.350% senior unsecured notes due 2035 (the “Initial 5.350% Notes”).

The net proceeds from this offering were approximately $988.9 million, after deducting commissions and estimated expenses.

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

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

We used the net proceeds to repay the 2.400% Notes, to repay existing indebtedness under the 2021 Multicurrency Credit Facility and for general corporate purposes.

On September 16, 2025, we completed a registered public offering of $200.0 million aggregate principal amount through a reopening of the Initial 4.900% Notes (the “Reopened 4.900% Notes” and, collectively with the Initial 4.900% Notes, the “4.900% Notes”) and $375.0 million aggregate principal amount through a reopening of the Initial 5.350% Notes (the “Reopened 5.350% Notes” and, collectively with the Initial 5.350% Notes, the “5.350% Notes”).

The net proceeds from this offering were approximately $587.8 million, after deducting commissions and estimated expenses.

We used the net proceeds to repay existing indebtedness under the 2021 Credit Facility and for general corporate purposes.

3.625% Senior Notes Offering— On May 30, 2025, we completed a registered public offering of 500.0 million EUR (approximately $567.4 million at the date of issuance) aggregate principal amount of 3.625% senior unsecured notes due 2032 (the “3.625% Notes).

The net proceeds from this offering were approximately 496.8 million EUR (approximately $563.7 million at the date of issuance), after deducting commissions and estimated expenses.

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

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

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

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

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

4.700% Senior Notes Offering— On December 5, 2025, we completed a registered public offering of $850.0 million aggregate principal amount of 4.700% senior unsecured notes due 2032 (the “4.700% Notes,” and, collectively with the 4.900% Notes, the 5.350% Notes and the 3.625% Notes, the “Notes”).

The net proceeds from this offering were approximately $839.5 million, after deducting commissions and estimated expenses.

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

The key terms of the Notes are as follows:

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

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

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

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

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

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

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

4.900% Notes (3) $ 850.0 March 14, 2025 March 15, 2030 4.900 % September 15, 2025 March 15 and September 15 February 15, 2030

5.350% Notes (3) $ 725.0 March 14, 2025 March 15, 2035 5.350 % September 15, 2025 March 15 and September 15 December 15, 2034

3.625% Notes (4) $ 567.4 May 30, 2025 May 30, 2032 3.625 % May 30, 2026 May 30 March 30, 2032

4.700% Notes $ 850.0 December 5, 2025 December 15, 2032 4.700 % June 15, 2026 June 15 and December 15 October 15, 2032

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If we redeem the Notes on or after the par call date, we will not be required to pay a make-whole premium.

(3) The 3.900% Notes and the 4.100% Notes are denominated in EUR;

(3) The Initial 4.900% Notes and the Initial 5.350% Notes were issued on March 14, 2025.

The Reopened 4.900% Notes and the Reopened 5.350% Notes were issued on September 16, 2025.

The first interest payments made on September 15, 2025 related solely to the Initial 4.900% Notes and the Initial 5.350% Notes.

The first interest payments on the Reopened 4.900% Notes and the Reopened 5.350% Notes are due on March 15, 2026.

(4) The 3.625% Notes are denominated in EUR;

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

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

If we undergo a change of control and corresponding ratings decline, each as defined in the applicable supplemental indenture for the Notes, we may be required to repurchase all of the Notes at a purchase price equal to 101% of the aggregate principal amount of the Notes repurchased, 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 our other senior unsecured debt obligations and are structurally subordinated to all existing and future indebtedness and other obligations of our subsidiaries.

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Bank Facilities

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

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

These amendments, among other things,

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

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

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

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

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

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

2021 Multicurrency Credit Facility— As of December 31, 2025, we had the ability to borrow up to a total of $6.0 billion under the 2021 Multicurrency Credit Facility, which includes a $3.5 billion sublimit for multicurrency borrowings, a $200.0 million sublimit for letters of credit and a $50.0 million sublimit for swingline loans.

During the year ended December 31, 2025, we borrowed an aggregate of $2.4 billion, including 492.0 million EUR ($529.1 million as of the borrowing date) and repaid an aggregate of $2.0 billion, including 492.0 million EUR ($549.9 million as of the repayment date), of revolving indebtedness under the 2021 Multicurrency Credit Facility.

We used the borrowings to repay outstanding indebtedness, including the 2.950% Notes, the 1.375% Notes and the Series 2015-2 Notes, and for general corporate purposes.

As of December 31, 2025, there are no EUR borrowings outstanding under the 2021 Multicurrency Credit Facility.

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

2021 Credit Facility— As of December 31, 2025, we had the ability to borrow up to a total of $4.0 billion under the 2021 Credit Facility, which includes a $2.5 billion sublimit for multicurrency borrowings, $200.0 million sublimit for letters of credit and a $50.0 million sublimit for swingline loans.

During the year ended December 31, 2025, we borrowed an aggregate of $3.7 billion and repaid an aggregate of $3.7 billion of revolving indebtedness under our 2021 Credit Facility.

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

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

We used the borrowings to repay outstanding indebtedness, including the 4.000% Notes and the 1.300% Notes, and for general corporate purposes.

As of December 31, 2025, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan were as follows:

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

2021 Multicurrency Credit Facility (3) $ — July 1, 2026 (4) 0.875% - 1.500% 0.000% - 0.500% 1.125% and 0.125%

2021 Credit Facility (3) — July 1, 2028 (4) 0.875% - 1.500% 0.000% - 0.500% 1.125% and 0.125%

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

2021 Multicurrency Credit Facility (2) $ 380.0 January 28, 2028 (3) 0.750% - 1.375% 0.000% - 0.375% 0.875% and 0.000%

2021 Credit Facility (2) — January 28, 2030 (3) 0.750% - 1.375% 0.000% - 0.375% 0.875% and 0.000%

2021 Term Loan (2) 1,000.0 January 28, 2028 0.750% - 1.375% 0.000% - 0.375% 0.875% and 0.000%

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

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

(2) Currently borrowed at SOFR.

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

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

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

Carrying Value

(Denominated Currency) Carrying Value

(USD) Interest Rate Maturity Date

2024 2023 2024 2023

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

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(1) Denominated in USD.

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

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

Amounts are due 270 days from the date of drawing.

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

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

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

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

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

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

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

In December 2017, our Board approved an additional stock repurchase program, pursuant to which we are authorized to repurchase up to $2.0 billion of our common stock (the “2017 Buyback,” and, together with the 2011 Buyback, the “Buyback Programs”).

During the year ended December 31, 2024, there were no repurchases under either of the Buyback Programs.

Under each program, we are 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, we 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 us to repurchase shares during periods when we may otherwise be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.

These programs may be discontinued at any time.

We have repurchased a total of 14.5 million shares of our common stock under the 2011 Buyback for an aggregate of $1.5 billion, including commissions and fees.

We expect to continue managing the pacing of the remaining approximately $2.0 billion under the Buyback Programs in response to general market conditions and other relevant factors.

Other Subsidiary Debt— 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.

Bangladesh Term Loan— In March 2025, we entered into a 400.0 million BDT (approximately $3.3 million) term loan with a maturity date that is eight years from the date of the first draw thereunder (the “Bangladesh Term Loan”).

On March 24, 2025, we borrowed 150.0 million BDT (approximately $1.2 million) under the Bangladesh Term Loan.

The Bangladesh Term Loan bears interest at 13.50% per annum, subject to quarterly resets.

Interest is payable quarterly.

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

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

CoreSite DE1 Note— On April 1, 2025, in connection with our acquisition of a multi-tenant data center facility in Denver, Colorado, in which we previously leased space (“DE1”), we entered into an agreement to pay $5.0 million of purchase price to the seller in monthly installments through March 31, 2028 (the “CoreSite DE1 Note”).

The CoreSite DE1 Note accrues interest at the prime rate as announced by Bank of America, N.A plus 200 basis points.

As of December 31, 2025, the interest rate was 9.50% per annum.

Interest is payable monthly in arrears.

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

The CoreSite DE1 Note may be paid prior to maturity in whole or in part at our option without penalty or premium, provided that if such prepayment is made prior to April 1, 2027, we are required to pay any additional interest which would have accrued under the CoreSite DE1 Note in the ordinary course through April 1, 2027.

Stock Repurchase Programs —During the year ended December 31, 2025, we repurchased 2,036,100 shares of our common stock for an aggregate of $364.6 million, including commissions and fees, under both the 2011 Buyback and the 2017 Buyback.

As of December 31, 2025, we have no amounts remaining under the 2011 Buyback.

Under the 2017 Buyback, we are 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, we 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 us 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.

Subsequent to December 31, 2025, through February 17, 2026, we repurchased 312,352 shares of our common stock for an aggregate of approximately $53.0 million, including commissions and fees, under the 2017 Buyback.

Through February 17, 2026, we have repurchased a total of 2,253,664 shares of our common stock under the 2017 Buyback for an aggregate of $400.0 million, including commissions and fees.

We expect to continue to manage the pacing of the remaining $1.6 billion under the 2017 Buyback in response to general market conditions and other relevant factors.

We expect to fund any further repurchases of our common stock through a combination of cash on hand, cash generated by operations and borrowings under our credit facilities.

Repurchases under the Buyback Programs are subject to, among other things, us having available cash to fund the repurchases.

Purchases under the 2017 Buyback are subject to our having available cash to fund repurchases.

Sales of Equity Securities —We receive proceeds from sales of our equity securities pursuant to our employee stock purchase plan (the “ESPP”) and upon exercise of stock options granted under our equity incentive plan, as amended (the “2007 Plan”).

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Generally, we have distributed, and expect to continue to distribute, all or substantially all of our REIT taxable income after taking into consideration our utilization of NOLs.

We have distributed an aggregate of approximately $20.5 billion to our common stockholders, including the dividend paid in February 2025, primarily classified as ordinary income that may be treated as qualified REIT dividends under Section 199A of the Code for taxable years beginning before 2026.

We have distributed an aggregate of approximately $23.7 billion to our common stockholders, including the dividend paid in February 2026.

The dividends paid to common stockholders in 2025 were primarily classified as ordinary income that may be treated as qualified REIT dividends under Section 199A of the Code and we currently expect the 2026 dividends to be similarly classified.

During the year ended December 31, 2025, we paid $6.72 per share, or $3.1 billion, to our common stockholders of record.

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For more details on the cash distributions paid to our common stockholders during the year ended December 31, 2025, see note 13 to our consolidated financial statements included in this Annual Report.

We utilize notional cash pooling arrangements with financial institutions for cash management purposes.

These arrangements allow for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution.

Material Cash Requirements — The following table summarizes material cash requirements from known contractual and other obligations as of December 31, 2025 (in millions):

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

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

In addition, our ability to increase cash flow from operating activities depends upon the demand for our

communications infrastructure and our related services and our ability to increase the utilization of our existing communications infrastructure.

Restrictions Under Loan Agreements Relating to Our Credit Facilities —Each Bank Loan Agreement contains certain financial and operating covenants and other restrictions applicable to us and our subsidiaries that are not designated as unrestricted subsidiaries on a consolidated basis.

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

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

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

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

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

Restrictions Under Agreements Relating to the Trust Securitization— The indenture and related supplemental indenture governing the loan agreement related to the securitization transactions completed in March 2018 (the “2018 Securitization”) and March 2023 (the “2023 Securitization” and, together with the 2018 Securitization, the “Trust Securitization”) (the “Securitization Loan Agreements”) include certain financial ratios and operating covenants and other restrictions customary for transactions subject to rated securitizations.

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

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

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

As of December 31, 2025, $69.0 million held in such reserve accounts was classified as restricted cash.

Certain information with respect to the 2015 Securitization and the Trust Securitizations is set forth below.

The debt service coverage ratio (“DSCR”) is generally calculated as the ratio of the net cash flow (as defined in the applicable agreement) to the amount of interest, servicing fees and trustee fees required to be paid over the succeeding 12 months on the principal amount of the Series 2015-2 Notes or the Loan, as applicable, that will be outstanding on the payment date following such date of determination.

Certain information with respect to the Trust Securitization is set forth below.

The debt service coverage ratio (“DSCR”) is generally calculated as the ratio of the net cash flow (as defined in the applicable agreement) to the amount of interest, servicing

fees and trustee fees required to be paid over the succeeding 12 months on the principal amount of the Loan that will be outstanding on the payment date following such date of determination.

Issuer or Borrower Notes/Securities Issued Conditions Limiting Distributions of Excess Cash Excess Cash Distributed During Year Ended December 31, 2025 DSCR as of

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(in millions) (in millions) (in millions)

2015 Securitization GTP Acquisition Partners American Tower Secured Revenue Notes, Series 2015-2 1.30x, Tested Quarterly (2) (3)(4) $354.0 18.10x $309.1 $311.9

Trust Securitizations AMT Asset Subs Secured Tower Revenue Securities, Series 2023-1, Subclass A, Secured Tower Revenue Securities, Series 2023-1, Subclass R, Secured Tower Revenue Securities, Series 2018-1, Subclass A and Secured Tower Revenue Securities, Series 2018-1, Subclass R 1.30x, Tested Quarterly (2) (3)(5) $540.1 7.14x $526.4 $540.0

Trust Securitization AMT Asset Subs Secured Tower Revenue Securities, Series 2023-1, Subclass A, Secured Tower Revenue Securities, Series 2023-1, Subclass R, Secured Tower Revenue Securities, Series 2018-1, Subclass A and Secured Tower Revenue Securities, Series 2018-1, Subclass R 1.30x, Tested Quarterly (2) (3)(4) $563.2 6.38x $457.2 $470.7

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(1) Based on the net cash flow of the applicable issuer or borrower as of December 31, 2024 and the expenses payable over the next 12 months on the Series 2015-2 Notes or the Loan, as applicable.

(1) Based on the net cash flow of the issuer or borrower as of December 31, 2025 and the expenses payable over the next 12 months on the Loan.

(2) If the DSCR were equal to or below 1.30x (the “Cash Trap DSCR”) for any quarter, 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 applicable issuer or borrower.

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

(4) No amortization period is triggered if the outstanding principal amount of a series has not been repaid in full on the applicable anticipated repayment date.

However, in that event, additional interest will accrue on the unpaid principal balance of the applicable series, and that series will begin to amortize on a monthly basis from excess cash flow.

(4) An amortization period exists if the outstanding principal amount has not been paid in full on the applicable anticipated repayment date and continues to exist until the principal has been repaid in full.

A failure to meet the noted DSCR tests could prevent GTP Acquisition Partners or the AMT Asset Subs from distributing excess cash flow to us, which could affect our ability to fund our capital expenditures, including tower construction and acquisitions and to meet REIT distribution requirements.

During an “amortization period,” all excess cash flow and any amounts then in the applicable Cash Trap Reserve Account would be applied to pay the principal of the Series 2015-2 Notes or the Loan, as applicable, on each monthly payment date, and so would not be available for distribution to us.

Further, additional interest will begin to accrue with respect to the Series 2015-2 Notes or subclass of the Loan from and after the anticipated repayment date at a per annum rate determined in accordance with the applicable agreement.

With respect to the Series 2015-2 Notes, upon the occurrence of, and during, an event of default, the applicable trustee may, in its discretion or at the direction of holders of more than 50% of the aggregate outstanding principal of the Series 2015-2 Notes, declare the Series 2015-2 Notes immediately due and payable, in which case any excess cash flow would need to be used to pay holders of those notes.

Furthermore, if GTP Acquisition Partners or the AMT Asset Subs were to default on the Series 2015-2 Notes or the Loan, the applicable trustee may seek to foreclose upon or otherwise convert the ownership of all or any portion of the 3,338 communications sites that secure the Series 2015-2 Notes or the 5,029 broadcast and wireless communications towers and related assets that secure the Loan, respectively, in which case we could lose those sites and their associated revenue.

A failure to meet the noted DSCR tests could prevent the AMT Asset Subs from distributing excess cash flow to us, which could affect our ability to fund our capital expenditures, including tower construction and acquisitions and to meet REIT distribution requirements.

During an “amortization period,” all excess cash flow and any amounts then in the applicable Cash Trap Reserve Account would be applied to pay the principal of the Loan on each monthly payment date, and so would not be available for distribution to us.

Further, additional interest will begin to accrue with respect to the Loan from and after the anticipated repayment date at a per annum rate determined in accordance with the applicable agreement.

Furthermore, if the AMT Asset Subs were to default on the Loan, the trustee may seek to foreclose upon or otherwise convert the ownership of all or any portion of the 5,023 broadcast and wireless communications towers and related assets that secure the Loan, in which case we could lose those sites and their associated revenue.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

estimated to be 20 years.

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

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

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

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

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

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

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

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

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

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

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

We review long-lived assets for impairment at least annually or whenever events, changes in circumstances or other indicators or evidence indicate that the carrying amount of our assets may not be recoverable.

We review our tower portfolio, network location intangible and right-of-use assets for indicators of impairment at the lowest level of identifiable cash flows, typically at an individual tower basis.

Possible indicators include a tower not having current tenant leases or having expenses in excess of revenues.

A cash flow modeling approach is utilized to assess recoverability and incorporates, among other items, the tower location, the tower location demographics, the timing of additions of new tenants, lease rates and estimated length of tenancy and ongoing cash requirements.

We review our tower and data center portfolios, network location intangible and right-of-use assets for indicators of impairment at the lowest level of identifiable cash flows, typically at an individual tower or data center basis.

Possible indicators include a site not having current tenant leases or having expenses in excess of revenues.

A cash flow modeling approach is utilized to assess recoverability and incorporates, among other items, the location, the location demographics, the timing of additions of new tenants, lease rates and estimated length of tenancy and ongoing cash requirements.

We review our tenant-related intangible assets on a tenant by tenant basis for indicators of impairment, such as high levels of turnover or attrition, non-renewal of a significant number of contracts or the cancellation or termination of a relationship.

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

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

During the year ended December 31, 2025, we estimated the fair value of the Bangladesh reporting unit using, among other things, indications of value received from third parties in connection with the review of various strategic alternatives for our Bangladesh operations.

As a result, we recorded a goodwill impairment charge of $6.5 million.

goodwill impairment charge is recorded in Other operating expense in the consolidated statements of operations for the year ended December 31, 2025.

During the year ended December 31, 2025, no other potential goodwill impairment was identified as the fair value of each of our reporting units was in excess of its carrying amount.

• Revenue Recognition:

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Our revenue from leasing arrangements, including fixed escalation clauses present in non-cancellable lease arrangements, is reported on a straight-line basis over the term of the respective leases when collectibility is probable.

Escalation clauses tied to a consumer price index or other inflation-based indices, and other incentives present in lease agreements with our tenants, are excluded from the straight-line calculation.

Escalation clauses tied to a consumer price index or other inflation-based indices, and other variable incentives present in lease agreements with our tenants, are excluded from the straight-line calculation.

Total property straight-line revenues for the years ended December 31, 2025, 2024 and 2023 were $101.0 million, $277.6 million and $465.4 million, respectively.

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Accounting for income taxes requires us to estimate the timing and impact of amounts recorded in our financial statements that may be recognized differently for tax purposes.

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

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

expected to be recovered or settled.

To the extent that the timing of amounts

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

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

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

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

What changed 10-K

Item 7. Management’s Discussion and Analysis