What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-02-24 compared with 2025-02-25 · 559 added, 731 removed, 2194 unchanged (37% of the section changed)

41 unchanged sentences

Rule 10b5-1 Plans

Dowling , our Executive Vice President, Chief Administrative Officer, General Counsel and Secretary , entered into a pre-arranged stock trading plan on October 29, 2025 .

Dowling’s plan provides for the potential sale of up to 5,679 shares of our common stock between February 27, 2026 and November 2, 2026 .

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

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

Under this trading plan, the individual officer relinquishes control over the transactions once the trading plan is put into place.

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

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.

6 unchanged sentences

Font 57 Senior Vice President, President and CEO, CoreSite

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

Meyer 62 Senior Vice President and Chief Accounting Officer

Noel 57 Executive Vice President, Chief Operating Officer

Olivier Puech 57 Executive Vice President and President, International

Rossi 50 Executive Vice President and President, U.S.

2 unchanged sentences

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

Tower Division, Executive Vice President, U.S.

Tower Division, Executive Vice President and President, U.S.

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

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

Vondran is a member of the Business Roundtable.

Vondran is a member of the Business Roundtable and Nareit Executive Board.

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

Prior to joining us, Mr.

1 unchanged sentence

John Stroud on the Arkansas Court of Appeals.

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

He received his J.D.

1 unchanged sentence

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

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

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

He is also a director of ATC Europe and CoreSite.

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

Tower Division.

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

Prior to joining us, Mr.

4 unchanged sentences

Smith earned his M.B.A from Suffolk University, a Certificate of Accountancy from Bentley University and a Bachelor of Science in Finance from Merrimack College.

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

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

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

She is also the chair of the board of directors of CoreSite.

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

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

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

Prior to joining us, Ms.

1 unchanged sentence

Parker of the United States Second Circuit Court of Appeals.

Dowling earned her law degree from Duke University School of Law and a Bachelor of Arts from the University of North Carolina Chapel Hill.

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

Dowling earned her law degree from Duke University School of Law with high honors and a Bachelor of Arts from the University of North Carolina Chapel Hill with honors.

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

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

He is also a director of ATC Europe and CoreSite.

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

5 unchanged sentences

Font received an M.B.A.

from The Kogod School of Business at

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

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

Goel joined us in March 2021.

Prior to joining us, Mr.

Goel was with Nokia, where he started in the mobile networks division in 2001.

During his time at Nokia, he held various sales and business management positions, including Head of the Managed Services Business Line for Asia Pacific, Japan and India and Vice President of the Global Services Business Unit, APAC and Japan.

Goel also led Nokia’s Global Services business across Asia, the Middle East and Africa, and created a new sales and business development division within Global Services, based in Finland.

Most recently, he served as President of the Global Services business group and Nokia Operations.

Goel began his career at ABB and IBM, prior to joining Nokia.

He holds a Bachelor’s degree in Engineering with specialization in Electronics and Communications from Manipal Institute of Technology.

Meyer is our Senior Vice President and Chief Accounting Officer.

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

Meyer is our Senior Vice President and Chief Accounting Officer and will remain in this role until April 27, 2026, after which he will assist with the transition until his retirement from the Company, which will occur prior to the end of 2026.

Meyer joined us in August 2008 as our Senior Vice President, Finance and Corporate Controller and served in that role until January 2020 when he was appointed to his current position.

5 unchanged sentences

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

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

Noel is our Executive Vice President and Chief Operating Officer.

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

He is also a director of ATC Europe and CoreSite.

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

1 unchanged sentence

Tower Division.

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

Noel has more than 25 years of telecommunications real estate development and operations and network deployment experience.

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

Prior to joining us, he was Vice President of Network Development for LightSquared (now Ligado Networks), with responsibility for the development and implementation of the company’s national network deployment strategy.

1 unchanged sentence

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

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

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

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

Prior to joining us, Mr.

Puech spent 25 years as a senior executive in the telecom and internet sectors of international organizations.

Most recently, he was with Nokia where he held various leadership roles including Senior Vice President Americas, Senior Vice President Asia Pacific and Vice President Latin America.

Before Nokia, Mr.

Puech spent 12 years at Gemalto, where he last held the position of Vice President, Sales and Marketing with responsibility for South Europe, Eastern Europe and Latin America.

Puech holds a Bachelor’s degree in International Business Administration from Ecole Supérieure De Commerce in Marseille, in France.

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

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

2 unchanged sentences

Tower Division, a position he had held since 2018.

He is also a director of CoreSite.

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

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

Rossi serves as the Vice Chair for WIA’s board of directors and is a member of the boards of CTIA and East Cambridge Savings Bank.

Rossi received his J.D.

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

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

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

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

2 unchanged sentences

Insider Trading Policies and Procedures

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

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

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

41 unchanged sentences

4.2 Supplemental Indenture No.

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

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

Bank National Association, as Trustee, for the 4.400% Senior Notes due 2026

8-K 001-14195 May 7, 2015 4.1

8-K 001-14195 January 12, 2016 4.1

Incorporated By Reference

2 unchanged sentences

4.3 Supplemental Indenture No.

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

Bank National Association, as Trustee, for the 4.400% Senior Notes due 2026

8-K 001-14195 January 12, 2016 4.1

4.4 Supplemental Indenture No.

5, dated as of May 13, 2016, to Indenture dated as of May 23, 2013, by and between the Company and U.S.

6 unchanged sentences

4.5 Supplemental Indenture No.

7, dated as of April 6, 2017, to Indenture dated as of May 23, 2013, by and among the Company, U.S.

Bank National Association, as Trustee, and Elavon Financial Services DAC, UK Branch, as Paying Agent, for the 1.375% Senior Notes due 2025

8-K 001-14195 April 6, 2017 4.1

4.7 Supplemental Indenture No.

8, dated as of June 30, 2017, to Indenture dated as of May 23, 2013, by and between the Company and U.S.

18 unchanged sentences

1, dated as of June 13, 2019, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S.

Bank National Association, as Trustee, for the 2.950% Senior Notes due 2025 and the 3.800% Senior Notes due 2029

Bank National Association, as Trustee, for the 3.800% Senior Notes due 2029

8-K 001-14195 June 13, 2019 4.1

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

4.11 Supplemental Indenture No.

4 unchanged sentences

3, dated as of January 10, 2020, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S.

Bank National Association, as Trustee, for the 2.400% Senior Notes due 2025 and the 2.900% Senior Notes due 2030

Bank National Association, as Trustee, for the 2.900% Senior Notes due 2030

8-K 001-14195 January 10, 2020 4.1

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

4.13 Supplemental Indenture No.

4, dated as of June 3, 2020, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S.

Bank National Association, as Trustee, for the 1.300% Senior Notes due 2025, the 2.100% Senior Notes due 2030 and the 3.100% Senior Notes due 2050

Bank National Association, as Trustee, for the 2.100% Senior Notes due 2030 and the 3.100% Senior Notes due 2050

8-K 001-14195 June 3, 2020 4.1

23 unchanged sentences

8-K 001-14195 September 27, 2021 4.1

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

4.20 Supplemental Indenture No.

3 unchanged sentences

4.21 Supplemental Indenture No.

12, dated as of April 1, 2022, by and between American Tower Corporation and U.S.

12, dated as of April 1, 2022, to Indenture da ted as of June 4, 2019 , by and between American Tower Corporation and U.S.

Bank Trust Company, National Association, as Trustee, for the 3.650% Senior Notes due 2027 and the 4.050% Senior Notes due 2032

3 unchanged sentences

S-3ASR 333-265348 June 1, 2022 4.32

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

4.23 Supplemental Indenture No.

22 unchanged sentences

8-K 001-14195 May 29, 2024 4.1

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

4.29 Supplemental Indenture No.

2 unchanged sentences

8-K 001-14195 November 21, 2024 4.1

4.30 Supplemental Indenture No.

8, dated as of March 14, 2025, to Indenture dated as of June 1, 2022, by and between American Tower Corporation and U.S.

Bank Trust Company, National Association, as Trustee, for the 4.900% Senior Notes due 2030 and the 5.350% Senior Notes due 2035

8-K 001-14195 March 14, 2025 4.1

4.31 Supplemental Indenture No.

9, dated as of May 30, 2025, to Indenture dated as of June 1, 2022, by and among the Company, U.S.

Bank Trust Company, National Association, as Trustee, and U.S.

Bank Europe DAC, UK Branch, as Paying Agent, for the 3.625% Senior Notes due 2032

8-K 001-14195 May 30, 2025 4.1

Incorporated By Reference

Description of Document Form File No.

Date of Filing Exhibit No.

4.32 Indenture dated as of June 2, 2025, by and between the Company and U.S.

Bank Trust Company, National Association, as Trustee

S-3ASR 333-287714 June 2, 2025 4.34

4.33 Supplemental Indenture No.

1, dated as of December 5, 2025, to Indenture dated as of June 2, 2025, by and between American Tower Corporation and U.S.

Bank Trust Company, National Association, as Trustee, for the 4.700% Senior Notes due 2032

8-K 001-14195 December 5, 2025 4.1

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

10-Q 001-14195 July 29, 2015 4.2

4.33 Series 2015-2 Supplement, dated May 29, 2015, to the Third Amended and Restated Indenture dated May 29, 2015

10-Q 001-14195 July 29, 2015 4.4

4.35 Description of Registrant’s Securities

89 unchanged sentences

10-K 001-14195 February 27, 2024 10.29

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

10-K 001-14195 February 27, 2024 10.31

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

Filed herewith as Exhibit 10.31 — — —

10-K 001-14195 February 25, 2025 10.31

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

10-K 001-14195 February 25, 2025 10.32

10.32* Letter Agreement, dated as of January 2 6 , 2026, by and between the Company and Paul Blanchett

Filed herewith as Exhibit 10.32 — — —

9 unchanged sentences

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

Filed herewith as Exhibit 10.36 — — —

10-K 001-14195 February 25, 2025 10.36

Incorporated By Reference

8 unchanged sentences

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

Filed herewith as Exhibit 10.39 — — —

10-K 001-14195 February 25, 2025 10.39

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

6 unchanged sentences

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

Filed herewith as Exhibit 10.42 — — —

10-K 001-14195 February 25, 2025 10.42

Incorporated By Reference

35 unchanged sentences

97 American Tower Corporation Compensation Recovery Policy

10-K 001-14195 February 27, 2024 97

Filed herewith as Exhibit 97 — — —

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

39 unchanged sentences

Director February 24, 2026

/ S / JOANN A.

Director February 25, 2025

/ S / PAMELA D.

Chair of the Board, Director February 24, 2026

/ S / EUGENE F.

Director February 24, 2026

TANNER Director February 24, 2026

26 unchanged sentences

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

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

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

Critical Audit Matter Description

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

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

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

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

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

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

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

There was a high degree of auditor judgment in evaluating

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

How the Critical Audit Matter Was Addressed in the Audit

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

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

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

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

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

◦ Performing independent research on the useful life of towers.

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

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

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

Critical audit matters are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

/s/ Deloitte & Touche LLP

11 unchanged sentences

Prepaid and other current assets 486.3 530.6

Current assets of discontinued operations — 729.6

Total current assets 2,741.8 3,178.8

6 unchanged sentences

NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS 876.9 676.9

NON-CURRENT ASSETS OF DISCONTINUED OPERATIONS — 2,820.9

TOTAL $ 63,190.4 $ 61,077.4

7 unchanged sentences

Unearned revenue 325.0 329.2

Current liabilities of discontinued operations — 463.3

Total current liabilities 6,913.8 7,075.6

4 unchanged sentences

OTHER NON-CURRENT LIABILITIES 976.9 1,012.9

NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS — 823.2

Total liabilities 52,835.1 51,428.7

9 unchanged sentences

Accumulated other comprehensive loss ( 4,815.8 ) ( 5,954.6 )

Treasury stock ( 11,004 shares at cost)

Treasury stock ( 13,040 and 11,004 shares at cost, respectively)

( 1,665.8 ) ( 1,301.2 )

26 unchanged sentences

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

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

Other (expense) income (including foreign currency (losses) gains of $( 809.4 ), $ 308.3 , and $( 330.6 ) respectively)

( 576.2 ) 377.6 ( 326.3 )

30 unchanged sentences

1,598.8 ( 1,521.5 ) 60.2

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

Other comprehensive income (loss) 1,598.8 ( 449.2 ) 60.2

Comprehensive income 4,227.3 1,831.0 1,427.3

Comprehensive loss attributable to noncontrolling interests 208.9 34.8 254.7

Comprehensive (income) loss attributable to noncontrolling interests ( 559.0 ) 208.9 34.8

Comprehensive income attributable to American Tower Corporation stockholders $ 3,668.3 $ 2,039.9 $ 1,462.1

13 unchanged sentences

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

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

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

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

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

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

Contributions from noncontrolling interest holders — — — — — — — 12.7 12.7

Distributions to noncontrolling interest holders — — — — — — — ( 146.8 ) ( 146.8 )

Common stock distributions declared — — — — — — ( 3,020.2 ) — ( 3,020.2 )

4 unchanged sentences

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

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

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

1 unchanged sentence

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

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

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

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

1 unchanged sentence

Issuance of common stock—stock purchase plan 90 0.0 — — 14.8 — — — 14.8

Treasury stock activity — — ( 2,036 ) ( 364.6 ) — — — — ( 364.6 )

Foreign currency translation adjustment, net of tax — — — — — 1,138.8 — 460.0 1,598.8

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

Contributions from noncontrolling interest holders — — — — — — — 148.1 148.1

14 unchanged sentences

Stock-based compensation expense 174.2 203.6 195.7

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

Loss (gain) on investments, unrealized foreign currency loss (gain) and other non-cash expense 606.7 ( 380.1 ) 279.0

Impairments, net loss on sale of long-lived assets, non-cash restructuring and merger related expenses 83.0 96.6 739.9

19 unchanged sentences

Deposits and other ( 19.8 ) ( 288.4 ) 253.3

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

Cash (used for) provided by investing activities ( 1,859.8 ) 410.6 ( 1,695.5 )

CASH FLOWS FROM FINANCING ACTIVITIES

9 unchanged sentences

Distributions paid on common stock ( 3,157.2 ) ( 3,074.9 ) ( 2,949.3 )

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

Deferred financing costs and other financing activities ( 233.5 ) ( 218.5 ) ( 144.5 )

1 unchanged sentence

Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash 101.3 ( 233.9 ) 23.2

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

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH ( 503.0 ) 14.8 ( 47.3 )

CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR 2,108.2 2,093.4 2,140.7

9 unchanged sentences

Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations.

These services include site application, zoning and permitting (“AZP”), structural and mount analyses, and construction management, which primarily support the Company’s site leasing business, including the addition of new tenants and equipment on its sites.

These services include site application, zoning and permitting (“AZP”), structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction.

The Company’s services operations primarily support the Company’s site leasing business, including through the addition of new tenants and equipment on its sites.

The Company’s customers include its tenants, licensees and other payers.

21 unchanged sentences

All intercompany accounts and transactions have been eliminated.

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

As of December 31, 2025, the Company holds (i) a 52 % controlling interest in subsidiaries whose holdings consist of the Company’s operations in France, Germany and Spain (such subsidiaries collectively, “ATC Europe”) (Allianz and La Caisse (each as defined in note 14) hold the noncontrolling interests), (ii) a 51 % controlling interest in a joint venture whose holdings consist of the Company’s operations in Bangladesh (Confidence Tower Holdings Ltd.

(“Confidence Group”) holds the noncontrolling interest) and (iii) a controlling common equity interest of approximately 71 % in the Company’s U.S.

data center business (Stonepeak (as defined and further discussed in note 14) holds approximately 29 % of the outstanding common equity and 100 % of the outstanding mandatorily convertible preferred equity).

As of December 31, 2024, ATC Europe holds an 87 % and an 83 % controlling interest in subsidiaries that consist of the Company’s operations in Germany and Spain, respectively (PGGM holds the noncontrolling interests).

See note 15 for a discussion of changes to the Company’s noncontrolling interests during the years ended December 31, 2024 and 2023.

As of December 31, 2025, ATC Europe holds an 87 % and an 83 % controlling interest in subsidiaries that consist of the Company’s operations in Germany and Spain, respectively

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

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

The divestiture qualified for presentation as discontinued operations.

See note 22 for further discussion.

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

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

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

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

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

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

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

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

The divestitures did not qualify for presentation as discontinued operations.

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

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

As a result, the Company has six reportable segments:

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

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

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

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

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

(PGGM holds the noncontrolling interests).

See note 14 for a discussion of changes to the Company’s noncontrolling interests during the years ended December 31, 2025 and 2024.

Sale of South Africa Fiber —On March 6, 2025, the Company, through its subsidiary ATC South Africa Wireless Infrastructure Proprietary Limited, completed the sale of its fiber assets in South Africa (“South Africa Fiber”) for total consideration of 2.5 billion South African Rand (“ZAR”) (approximately $ 137.7 million at the date of closing), resulting in a gain on the sale of approximately $ 53.6 million, which is included in Other operating income in the accompanying consolidated statements of operations.

As a result of the transaction, the Company disposed of $ 6.1 million of goodwill based on the relative fair value of South Africa Fiber and the portion of the applicable goodwill reporting unit that was expected to be retained.

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

Proceeds received at closing $ 137.7

Net assets at closing ( 84.1 )

Total gain on sale included in Other operating expenses (1) $ 53.6

_______________

(1) Excludes 348.7 million ZAR (approximately $ 19.2 million at the date of closing) of taxes.

Reportable Segments— The Company reports its results in six segments:

& Canada property (which includes all assets in the United States and Canada, other than the Company’s data center facilities and related assets), Africa & Asia-Pacific (“APAC”) property, Europe property, Latin America property, Data Centers and Services, which are discussed further in note 19.

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

Actual results may differ from those estimates, and such differences could be material to the accompanying consolidated financial statements.

The significant estimates in the accompanying consolidated financial statements include impairment of long-lived assets (including goodwill), revenue recognition, rent expense and lease accounting, income taxes and accounting for business combinations and acquisitions of assets.

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

Assets Held for Sale —The Company considers long-lived assets to be “held for sale” upon satisfaction of the following criteria:

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

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

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

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

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

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

(a) the operations and cash flows of the disposal group can be clearly distinguished from the rest of the Company, (b) the

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

disposal group meets the criteria to be classified as held for sale (as described above) or has been sold or disposed of by other means and (c) the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results.

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

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

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

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

Accounts Receivable and Deferred Rent Asset —The Company derives the largest portion of its revenues, corresponding trade receivables and the related deferred rent asset from a relatively small number of customers in the telecommunications industry, and 59 % of its current-year revenues were derived from four customers.

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

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

To the extent the amounts, based on management’s estimates, may not be collectible, revenue recognition is deferred until such point as collectibility is determined to be reasonably assured.

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

Any amounts that were previously recognized as revenue and are subsequently determined to present a risk of collection are reserved as bad debt expense included in Selling, general, administrative and development expense in the accompanying consolidated statements of operations.

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Changes in the allowances were as follows:

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Year Ended December 31,

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Balance as of December 31, $ 430.4 $ 404.1 $ 325.2

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(1) For the year ended December 31, 2025, primarily relates to balances in the Company’s Latin America property segment.

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

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Gains and losses on foreign currency transactions are reflected in Other expense in the consolidated statements of operations.

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

However, the effect from fluctuations in foreign currency exchange rates on intercompany debt for which repayment is not anticipated in the foreseeable future is reflected in AOCL as well as Euro (“EUR”) dominated debt designated as a net investment hedge, in the consolidated balance sheets and included as a component of Comprehensive income.

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

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2025 2024 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Foreign currency (gains) losses recorded in AOCL $ ( 523.4 ) $ 660.8 $ ( 103.9 )

Foreign currency losses (gains) recorded in Other expense 809.4 ( 308.3 ) 330.6

Total foreign currency losses $ 286.0 $ 352.5 $ 226.7

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

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

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

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

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

The Company previously depreciated its towers on a straight-line basis over the shorter of the term of the underlying ground lease (including renewal options) taking into account residual value or the estimated useful life of the tower, which the Company had historically estimated to be 20 years.

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

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

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

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

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

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

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

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Impairments primarily result from a site not having current tenant leases or from having expenses in excess of revenues.

The Company reviews other long-lived assets for impairment whenever events, changes in circumstances or other evidence indicate that the carrying amount of the Company’s assets may not be recoverable.

The Company reviews other long-lived assets for impairment at least annually or whenever events, changes in circumstances or other evidence indicate that the carrying amount of the Company’s assets may not be recoverable.

The Company records impairment charges, which are discussed in note 15, in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment.

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

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

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

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

During the years ended December 31, 2025, 2024 and 2023, no other goodwill impairment was identified, as the fair value of each of the reporting units was in excess of its carrying amount.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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

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Impairments primarily result from a site not having current tenant leases or from having expenses in excess of revenues.

The Company monitors its tenant-related intangible assets on a tenant by tenant basis for indicators of impairment, such as high levels of turnover or attrition, the customer’s ability to meet its contractual obligations, non-renewal of a significant number of contracts or the cancellation or termination of a relationship.

The Company monitors its tenant-related intangible assets on a tenant by tenant basis for indicators of impairment, such as high

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

levels of turnover or attrition, the customer’s ability to meet its contractual obligations, non-renewal of a significant number of contracts or the cancellation or termination of a relationship.

The Company assesses recoverability by determining whether the carrying amount of the related assets will be recovered primarily through projected undiscounted future cash flows.

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

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

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

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

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

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

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

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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

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Generally, the Company has distributed, and expects to continue to distribute, all or substantially all of its REIT taxable income after taking into consideration its utilization of net operating losses (“NOLs”).

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will depend upon various factors, a number of which may be beyond the Company’s control, including the Company’s financial condition and operating cash flows, the amount required to maintain its qualification for taxation as a REIT and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in the Company’s existing and future debt and preferred equity instruments, the Company’s ability to utilize NOLs to offset the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant.

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

Net Investment Hedge —The Company is exposed to the impact of foreign currency exchange rate fluctuations on the value of investments in its foreign subsidiaries whose functional currencies are other than the USD.

The Company has designated a portion of its EUR denominated senior unsecured notes as a non-derivative net investment hedge on the Company’s net investments in its European subsidiaries, whose functional currency is the EUR, to mitigate against the effect of exchange rate fluctuations on the translation of foreign currency balances to the USD.

For the portion of the EUR denominated senior unsecured notes that are designated as a net investment hedge and meet effectiveness requirements, the changes in carrying value of the notes attributable to the change in foreign currency spot rates are recorded as foreign currency translation adjustments in Accumulated other comprehensive loss, where they offset foreign currency translation gains and losses recorded on the Company’s net investments in its European subsidiaries.

To the extent foreign currency-denominated notes designated as net investment hedges are ineffective, changes in carrying value attributable to the change in spot rates would be recorded in earnings.

Changes in carrying value attributable to the change in spot rates for the portion of EUR denominated senior unsecured notes not designated as part of the net investment hedge are recorded in earnings.

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

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The Company’s 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 (“CPI”), or other inflation-based indices, and other incentives present in lease agreements with the Company’s tenants, are excluded from the straight-line calculation.

Escalation clauses tied to a consumer price index (“CPI”), or other inflation-based indices, and other variable incentives present in lease agreements with the Company’s 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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Services revenue— The Company offers tower-related services in the United States.

These services include AZP, structural and mount analyses, and construction management.

These services include AZP, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction.

There is a single performance obligation related to AZP and construction management, and revenue is recognized over time based on milestones achieved, which are determined based on costs expected to be incurred.

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Total revenue $ 5,588.3 $ 1,422.9 $ 937.7 $ 1,642.6 $ 1,053.1 $ 10,644.6

_______________

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

See note 22 for further discussion.

Year Ended December 31, 2024

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

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

In December 2022, the Company’s Compensation and Human Capital Committee (the “Compensation Committee”) changed the terms of its awards to generally vest over three years .

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

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

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

The Company’s PSUs granted in 2024 and certain of the PSUs granted in 2025 also include a market condition component.

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

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

Under this method, investments are

Under this method, investments are recorded at cost, and are adjusted for the Company’s share of the entities’ income or loss and for distributions and

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

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

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

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

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

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

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

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

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

contributions.

As of December 31, 2025, the carrying value of the investment was $ 33.7 million which is included in Other non-current assets in the consolidated balance sheets.

(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 or has been sold or disposed of by other means and (c) the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results.

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

The new guidance requires an expanded rate reconciliation and the disaggregation of cash taxes paid by U.S.

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state and foreign jurisdictions.

The updated guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.

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

The Company adopted this guidance on a retrospective basis for the fiscal year ended December 31, 2025.

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

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

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

In November 2025, the FASB issued guidance which is intended to more closely align hedge accounting with the economics of an entity’s risk management activities.

The amendments are intended to better reflect those strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions.

The guidance is effective on a prospective basis for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods.

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

PREPAID AND OTHER CURRENT ASSETS

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Prepaid and other current assets $ 486.3 $ 530.6

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

PROPERTY AND EQUIPMENT

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

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

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

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

(3) Estimated useful lives apply to improvements only.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Total depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $ 1.1 billion, $ 1.1 billion and $ 1.4 billion, respectively.

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The Company’s lease arrangements with its tenants for its communications sites vary depending upon the region and the industry of the tenant and generally have initial non-cancellable terms of five to ten years with multiple renewal terms.

The leases also contain provisions that periodically increase the rent due, typically annually, based on a fixed escalation percentage or an inflationary index, or a combination of both.

The leases also contain

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

provisions that periodically increase the rent due, typically annually, based on a fixed escalation percentage or an inflationary index, or a combination of both.

The Company structures its leases to include financial penalties if a tenant terminates the lease, which serve to disincentivize tenants from terminating the lease prior to the expiration of the lease term.

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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

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

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

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

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

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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

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These transactions are further described in note 17.

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

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

The extension of the asset lives resulted in an approximately $ 515 million increase in the right of use asset, as additional renewal options may be included, with an offsetting adjustment made to increase the related operating lease liability.

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

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

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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

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

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

During the years ended December 31, 2025, 2024 and 2023, the Company recorded $ 7.9 million, $ 0.8 million and $ 6.7 million, respectively, of impairment expense related to these assets.

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

As of December 31, 2025, the Company does not have any material related party leases or finance leases as a lessee.

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

8 unchanged sentences

Total operating lease liability $ 7,743.6 $ 7,452.3

Finance leases:

Current portion of lease liability $ 2.6 $ 3.4

Lease liability 14.0 17.2

Total finance lease liability $ 16.6 $ 20.6

As most of the Company’s leases do not specifically state an implicit rate, the Company uses a market-specific incremental borrowing rate consistent with the lease term as of the lease commencement date or upon a remeasurement event when calculating the present value of the remaining lease payments.

1 unchanged sentence

The remaining lease term does not reflect all renewal options available to the Company, only those renewal options that the Company has assessed as reasonably certain of being exercised taking into consideration the economic and other factors noted above.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The weighted-average remaining lease terms and incremental borrowing rates are as follows:

3 unchanged sentences

Weighted-average incremental borrowing rate 6.6 % 6.5 %

Finance leases:

Weighted-average remaining lease term (years) (1) 19.2 16.2

Weighted-average incremental borrowing rate 7.9 % 7.4 %

_______________

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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

4 unchanged sentences

(1) Primarily includes property tax paid on behalf of the landlord.

The interest expense on finance lease liabilities was $ 1.0 million, $ 1.1 million and $ 1.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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

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

2 unchanged sentences

Operating cash flows from operating leases $ ( 1,108.5 ) $ ( 1,202.7 ) $ ( 1,264.8 )

Operating cash flows from finance leases $ ( 1.0 ) $ ( 1.1 ) $ ( 1.1 )

Financing cash flows from finance leases $ ( 4.7 ) $ ( 6.2 ) $ ( 6.7 )

Non-cash items:

4 unchanged sentences

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

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

(2) For the year ended December 31, 2024, reflects a $ 515 million increase as a result of the Company’s change in estimated useful lives on January 1, 2024, as additional renewal options may be included.

As of December 31, 2025, the Company does not have material operating or financing leases that have not yet commenced.

Maturities of operating and finance lease liabilities as of December 31, 2024 were as follows:

Fiscal Year Operating Lease (1) Finance Lease (1)

2025 $ 986.9 $ 4.2

2026 924.9 2.6

2027 886.1 2.1

2028 843.4 1.6

Maturities of operating lease liabilities as of December 31, 2025 were as follows:

Fiscal Year Operating Lease (1)

2026 $ 1,028.4

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

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

Other (3) — — — ( 20.7 ) — — ( 20.7 )

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

Balance as of December 31, 2024 $ 4,634.7 $ 516.5 $ 2,862.3 $ 832.6 $ 2,920.0 $ 2.0 $ 11,768.1

Other (2) — ( 6.1 ) — — — — ( 6.1 )

Impairments (3) — ( 6.5 ) — — — — ( 6.5 )

Effect of foreign currency translation 2.1 18.0 385.0 94.9 — — 500.0

3 unchanged sentences

See note 21 for further discussion.

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

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

Goodwill Impairments

(2) Other represents the goodwill associated with the sale of South Africa Fiber, which was sold during the year ended December 31, 2025.

(3) Includes $ 6.5 million of goodwill impairments associated with the Bangladesh reporting unit.

Goodwill Impairment

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

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

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

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

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

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

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

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

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_______________

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

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

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

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

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

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

acquisition or similar transaction, including assumptions regarding estimated renewals.

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

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

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As of December 31, 2025, the remaining weighted average amortization period of the Company’s intangible assets wa s 20 years .

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Amortization of intangible assets for the years ended December 31, 2025, 2024 and 2023 was $ 879.7 million, $ 892.0 million and $ 1.4 billion, respectively.

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

2 unchanged sentences

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

For those transactions treated as business combinations, the estimates of the fair value of the assets or rights acquired and liabilities assumed at the date of the applicable acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date).

The fair value of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques.

12 unchanged sentences

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

During the years ended December 31, 2025, 2024 and 2023, the Company recorded acquisition, disposition and merger related expenses for business combinations, dispositions and non-capitalized asset acquisition costs and integration costs as follows:

3 unchanged sentences

Integration costs $ 5.2 $ 8.9 $ 16.3

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

During the years ended December 31, 2025, 2024 and 2023, the Company recorded net benefits of $ 14.7 million, $ 23.4 million and $ 10.3 million related to pre-acquisition contingencies and settlements, respectively.

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

2025 Transactions

1 unchanged sentence

Acquisitions completed in 2025 were included in the Company’s U.S.

& Canada and Europe property segments.

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

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

These acquisitions were accounted for as asset acquisitions and are included in the table below in “Other.”

& Canada, Europe and Data Centers property segments.

Other Acquisitions— During the year ended December 31, 2025, the Company acquired a total of 312 communications sites, as well as other communications infrastructure assets, data center facilities and related assets, in the United States, Canada, France and Spain for an aggregate purchase price of $ 403.6 million.

Of the aggregate purchase price, $ 24.1 million, is reflected as a payable in the consolidated balance sheet as of December 31, 2025, which includes accrued contingent consideration and the CoreSite DE1 Note (as defined in note 8).

These acquisitions were accounted for as asset acquisitions.

The following table summarizes the allocations of the purchase prices for the fiscal year 2025 acquisitions based upon their estimated fair value at the date of acquisition:

4 unchanged sentences

Network location intangible assets 51.8

Other intangible assets 6.4

Other non-current assets 33.2

2 unchanged sentences

Net assets acquired 403.6

Fair value of net assets acquired 51.5

Purchase price $ 403.6

21 unchanged sentences

_______________

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

(1) As of December 31, 2025 and December 31, 2024 includes $ 106.9 million and $ 94.9 million of deferred payments, respectively, including post-closing adjustments, associated with the Telxius Acquisition due in 2026 and 2025, respectively.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

4 unchanged sentences

December 31, 2025 December 31, 2024 Contractual Interest Rate (1) Maturity Date (1)

2021 Multicurrency Credit Facility (2) (3) $ — $ 723.4 — % July 1, 2026

2021 Multicurrency Credit Facility (2) $ 380.0 $ — 4.839 % January 28, 2028

2021 Term Loan (2) 998.1 997.9 4.839 % January 28, 2028

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

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

2021 Credit Facility (2) — — — % January 28, 2030

2.950 % senior notes (3)

5 unchanged sentences

4.000 % senior notes (7)

650.0 648.2 2.950 % January 15, 2025

2.400 % senior notes

749.7 748.5 2.400 % March 15, 2025

1.375 % senior notes (9)

517.3 550.0 1.375 % April 4, 2025

4.000 % senior notes

749.4 748.1 4.000 % June 1, 2025

— 749.4 N/A N/A

1.300 % senior notes (8)

499.3 498.3 1.300 % September 15, 2025

— 499.3 N/A N/A

4.400 % senior notes (9)

47 unchanged sentences

4.900 % senior notes

848.0 — 4.900 % March 15, 2030

3.900 % senior notes (6)

583.3 512.9 3.900 % May 16, 2030

16 unchanged sentences

3.625 % senior notes (6)

583.9 — 3.625 % May 30, 2032

4.700 % senior notes

840.4 — 4.700 % December 15, 2032

5.650 % senior notes

792.3 791.4 5.650 % March 15, 2033

1 unchanged sentence

582.4 512.1 1.250 % May 21, 2033

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

5.550 % senior notes

2 unchanged sentences

742.9 742.2 5.900 % November 15, 2033

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

5.450 % senior notes

5 unchanged sentences

5.350 % senior notes

731.4 — 5.350 % March 15, 2035

3.700 % senior notes

592.8 592.6 3.700 % October 15, 2049

4 unchanged sentences

Total American Tower Corporation debt 35,409.2 34,174.9

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

Series 2015-2 Notes (10) — 524.7 N/A N/A

Series 2018-1A Securities (11) 498.3 497.6 3.652 % March 15, 2028

9 unchanged sentences

(2) Accrues interest at a variable rate.

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

Dollars (“USD”).

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

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

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

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

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

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

(4) Repaid in full on March 14, 2025 using proceeds from the issuance of the 4.900 % Notes and 5.350 % Notes (each as defined below).

(5) Repaid in full on April 3, 2025 using borrowings under the 2021 Multicurrency Credit Facility and cash on hand.

(6) Notes are denominated in EUR.

(10) Maturity date reflects the anticipated repayment date;

final legal maturity is June 15, 2050.

(7) Repaid in full on May 30, 2025 using borrowings under the 2021 Credit Facility (as defined below) and cash on hand.

(8) Repaid in full on September 12, 2025 using borrowings under the 2021 Credit Facility.

(9) Repaid in full on February 13, 2026 using borrowings under the 2021 Credit Facility and cash on hand.

(10) Repaid in full on June 16, 2025 using borrowings under the 2021 Multicurrency Credit Facility and cash on hand.

(11) Maturity date reflects the anticipated repayment date;

2 unchanged sentences

final legal maturity is March 15, 2053.

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

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

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

(13) As of December 31, 2025, includes the Bangladesh Term Loan and the CoreSite DE1 Note (each as defined below).

Current portion of long-term obligations — The Company’s current portion of long-term obligations primarily includes (i) $ 500.0 million aggregate principal amount of the Company’s 4.400 % senior unsecured notes due February 15, 2026, (ii) $ 700.0 million aggregate principal amount of the Company’s 1.600 % senior unsecured notes due April 15, 2026, (iii) 500.0 million EUR aggregate principal amount of the Company’s 1.950 % senior unsecured notes due May 22, 2026, (iv) $ 600.0 million aggregate principal amount of the Company’s 1.450 % senior unsecured notes due September 15, 2026, and (v) $ 1.0 billion aggregate principal amount of the Company’s 3.375 % senior unsecured notes due October 15, 2026.

American Tower Corporation Debt

Bank Facilities

2021 Multicurrency Credit Facility— During the year ended December 31, 2024, the Company borrowed an aggregate of $ 5.4 billion, including 0.9 billion EUR ($ 1.0 billion as of the borrowing date) and repaid an aggregate of $ 6.1 billion, including 1.1 billion EUR ($ 1.2 billion as of the repayment date), of revolving indebtedness under its $ 6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated on December 8, 2021, as further amended (the “2021 Multicurrency Credit Facility”).

The Company used the borrowings to repay outstanding indebtedness, including the 0.600 % Notes, the 5.00 % Notes and the 2021 EUR Three Year Delayed Draw Term Loan (each as defined below), and for general corporate purposes.

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

Amendments to Bank Facilities— On January 28, 2025, the Company amended its (i) $ 6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated in December 2021, as further amended (the “2021 Multicurrency Credit Facility”), (ii) $ 4.0 billion senior unsecured revolving credit facility, as amended and restated in December 2021, as further amended (the “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,

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

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

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

2021 Multicurrency Credit Facility— During the year ended December 31, 2025, the Company 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,

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

1 unchanged sentence

(Tabular amounts in millions, unless otherwise disclosed)

2021 Multicurrency Credit Facility.

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

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

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

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

Repayment of 2021 EUR Three Year Delayed Draw Term Loan— On May 21, 2024, the Company repaid all amounts outstanding under its 825 million EUR ($ 895.5 million as of the repayment date) unsecured term loan, as amended in December 2021 (the “2021 EUR Three Year Delayed Draw Term Loan”) using borrowings under the 2021 Multicurrency Credit Facility.

As of December 31, 2024, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, and the Company’s $ 1.0 billion unsecured term loan, as amended and restated in December 2021, as further amended (the “2021 Term Loan”) were as follows:

including 492.0 million EUR ($ 549.9 million as of the repayment date) of revolving indebtedness under the 2021 Multicurrency Credit Facility.

The Company used the borrowings to repay outstanding indebtedness, including the 2.950 % Notes, the 1.375 % Notes and the Series 2015-2 Notes (each as defined below), and for general corporate purposes.

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

The Company used the borrowings to repay outstanding indebtedness, including the 4.000 % Notes and the 1.300 % Notes (each as defined below), 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:

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

2021 Multicurrency Credit Facility $ — $ 5.2 July 1, 2026 (3) 1.125 % 0.110 %

2021 Credit Facility $ — $ 30.4 July 1, 2028 (3) 1.125 % 0.110 %

2021 Multicurrency Credit Facility $ 380.0 $ 7.0 January 28, 2028 (3) 0.875 % 0.100 %

2021 Credit Facility $ — $ 29.8 January 28, 2030 (3) 0.875 % 0.100 %

2021 Term Loan $ 1,000.0 N/A January 28, 2028 0.875 % N/A

1 unchanged sentence

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

Euro Interbank Offer Rate (“EURIBOR”) applies for EURIBOR based borrowings.

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

(3) Subject to two optional renewal periods.

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

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

2 unchanged sentences

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

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

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, the Company repaid $ 1.0 billion aggregate principal amount of the Company’s 5.00 % senior unsecured notes due 2024 (the “ 5.00 % Notes”) upon their maturity.

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

Repayment of 2.400 % Senior Notes— On March 14, 2025, the Company repaid $ 750.0 million aggregate principal amount of the Company’s 2.400 % senior unsecured notes due 2025 (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.

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

Repayment of 1.375 % Senior Notes —On April 3, 2025, the Company repaid 500.0 million EUR aggregate principal amount of the Company’s 1.375 % senior unsecured notes due 2025 (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, the Company repaid $ 750.0 million aggregate principal amount of the Company’s 4.000 % senior unsecured notes due 2025 (the “ 4.000 % Notes”) upon their maturity.

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 1.300 % Senior Notes —On September 12, 2025, the Company repaid $ 500.0 million aggregate principal amount of the Company’s 1.300 % senior unsecured notes due 2025 (the “ 1.300 % Notes”) upon their maturity.

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

4 unchanged sentences

Offerings of Senior Notes

5.200 % Senior Notes and 5.450 % Senior Notes Offering— On March 7, 2024, the Company 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, the Company 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.

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

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

The Company 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, the Company 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.

The Company 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, the Company 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.

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

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

The Company 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, the Company 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.

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

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

The following table outlines key terms related to the Company ’ s outstanding senior notes as of December 31, 2025:

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4.400 % Notes

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

2.400 % Notes

750.0 ( 0.3 ) ( 1.5 ) March 15 and September 15 January 10, 2020 February 15, 2025

1.375 % Notes (4)

517.7 ( 0.4 ) ( 1.9 ) April 4 April 6, 2017 January 4, 2025

4.000 % Notes

750.0 ( 0.6 ) ( 1.9 ) June 1 and December 1 May 7, 2015 March 1, 2025

1.300 % Notes

500.0 ( 0.7 ) ( 1.7 ) March 15 and September 15 June 3, 2020 August 15, 2025

4.400 % Notes

$ 500.0 ( 0.1 ) ( 0.7 ) February 15 and August 15 January 12, 2016 November 15, 2025

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650.0 ( 3.6 ) ( 4.8 ) January 15 and July 15 May 25, 2023 June 15, 2028

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

5.800 % Notes

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600.0 ( 4.0 ) ( 5.2 ) March 15 and September 15 March 15, 2019 December 15, 2028

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

0.875 % Notes (4)

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4.900 % Notes (5)

850.0 ( 2.0 ) — March 15 and September 15 March 14, 2025 February 15, 2030

3.900 % Notes (4)

587.3 ( 4.0 ) ( 4.8 ) May 16 May 29, 2024 February 16, 2030

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3.625 % Notes (4)

587.3 ( 3.4 ) — May 30 May 30, 2025 March 30, 2032

4.700 % Notes

850.0 ( 9.6 ) — June 15 and December 15 December 5, 2025 October 15, 2032

5.650 % Notes

800.0 ( 7.7 ) ( 8.6 ) March 15 and September 15 March 3, 2023 December 15, 2032

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5.350 % Notes (5)

725.0 6.4 — March 15 and September 15 March 14, 2025 December 15, 2034

3.700 % Notes

600.0 ( 7.2 ) ( 7.4 ) April 15 and October 15 October 3, 2019 April 15, 2049

10 unchanged sentences

(4) Notes are denominated in EUR.

(5) The original issue date for the Initial 4.900 % Notes and the Initial 5.350 % Notes was March 14, 2025.

The issue date for the Reopened 4.900 % Notes and the Reopened 5.350 % was September 16, 2025.

(6) The original issue date for the initial 3.100 % Notes was June 3, 2020.

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

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

These covenants are subject to a number

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

as defined in the applicable supplemental indenture.

of exceptions, including that the Company and its subsidiaries may incur certain liens on assets, mortgages or other liens securing indebtedness if the aggregate amount of indebtedness secured by such liens does not exceed 3.5 x Adjusted EBITDA, as defined in the applicable supplemental indenture.

As of December 31, 2025, the Company was in compliance with each of these covenants.

American Tower Subsidiary Debt

Securitizations

The Company has several securitizations in place.

Securitization

As of December 31, 2025, the Company has a securitization in place.

Cash flows generated by the communications sites that secure the securitized debt of the Company are only available for payment of such debt and are not available to pay the Company’s other obligations or the claims of its creditors.

However, subject to certain restrictions, the Company holds the right to receive the excess cash flows not needed to service the securitized debt and other obligations arising out of the securitizations.

The securitized debt is the obligation of the issuers thereof or borrowers thereunder, as applicable, and their subsidiaries, and not of the Company or its other subsidiaries.

American Tower Secured Revenue Notes, Series 2015-1, Class A and Series 2015-2, Class A —In May 2015, GTP Acquisition Partners I, LLC (“GTP Acquisition Partners”), one of the Company’s wholly owned subsidiaries, refinanced existing debt with cash on hand and proceeds from a private issuance (the “2015 Securitization”) of $ 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 $ 525.0 million of American Tower Secured Revenue Notes, Series 2015-2, Class A (the “Series 2015-2 Notes”).

The Series 2015-2 Notes were issued by GTP Acquisition Partners pursuant to a Third Amended and Restated Indenture and related series supplements, each dated as of May 29, 2015 (collectively, the “2015 Indenture”), between GTP Acquisition Partners and its subsidiaries (the “GTP Entities”) and The Bank of New York Mellon, as trustee.

The effective weighted average life and interest rate of the 2015 Notes was 8.1 years and 3.029 %, respectively, as of the date of issuance.

The outstanding Series 2015-2 Notes are secured by (i) mortgages, deeds of trust and deeds to secure debt on substantially all of the 3,338 communications sites (the “2015 Secured Sites”) owned by the GTP Entities and their operating cash flows, (ii) a security interest in substantially all of the personal property and fixtures of the GTP Entities, including GTP Acquisition Partners’ equity interests in its subsidiaries and (iii) the rights of the GTP Entities under a management agreement.

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

American Tower Secured Revenue Notes and Repayment of Series 2015-2 Notes —In May 2015, GTP Acquisition Partners I, LLC, one of the Company’s 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 American Tower Secured Revenue Notes, Series 2015-2, Class A (the “Series 2015-2 Notes”).

On the June 2025 payment date, the Company 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.

Secured Tower Revenue Securities, Series 2023-1, Subclass A and Series 2023-1, Subclass R, Series 2018-1, Subclass A and Series 2018-1, Subclass R —On March 13, 2023, the Company completed a securitization transaction (the “2023 Securitization”), in which American Tower Trust I (the “Trust”) issued $ 1.3 billion aggregate principal amount of Secured Tower Revenue Securities, Series 2023-1, Subclass A (the “Series 2023-1A Securities”).

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

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

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

To satisfy the Risk Retention Rules, the Trust issued, and one of the Company’s affiliates purchased, $ 26.4 million aggregate principal amount of 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”) to retain an “eligible horizontal residual interest” (as defined in the Risk Retention Rules) in an amount equal to at least 5% of the fair value of the 2018 Securities.

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The AMT Asset Subs are jointly and severally liable under the Loan, which is secured primarily by mortgages on the AMT Asset Subs’ interests in 5,023 broadcast and wireless communications towers and related assets (the “Trust Sites”).

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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

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

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The 2018 Securities (a) represent a pass-through interest in the components of the Loan corresponding to the 2018 Securities and (b) have an expected life of approximately ten years with a final repayment date in March 2048.

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American Tower Holding Sub, LLC (the “Guarantor”), whose only material assets are its equity interests in each of the AMT Asset Subs, and American Tower Guarantor Sub, LLC whose only material asset is its equity interests in the Guarantor, have each guaranteed repayment of the Loan and pledged their equity interests in their respective subsidiary or subsidiaries as security for such payment obligations.

Under the terms of the Loan Agreement and the 2015 Indenture, amounts due will be paid from the cash flows generated by the Trust Sites or the 2015 Secured Sites, respectively, which must be deposited into certain reserve accounts, and thereafter distributed, solely pursuant to the terms of the Loan Agreement or 2015 Indenture, as applicable.

On a monthly basis, after payment of all required amounts under the Loan Agreement or 2015 Indenture, as applicable, including interest payments, subject to the conditions described below, the excess cash flows generated from the operation of such assets are released to the AMT Asset Subs or GTP Acquisition Partners, as applicable, which can then be distributed to, and used by, the Company.

In order to distribute any excess cash flow to the Company, the AMT Asset Subs and GTP Acquisition Partners must each maintain a specified debt service coverage ratio (the “DSCR”), which 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 or the 2015 Notes, as applicable, that will be outstanding on the payment date following such date of determination.

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

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

Under the terms of the Loan Agreement, amounts due will be paid from the cash flows generated by the Trust Sites, which must be deposited into certain reserve accounts, and thereafter distributed, solely pursuant to the terms of the Loan Agreement.

On a monthly basis, after payment of all required amounts under the Loan Agreement, including interest payments, subject to the conditions described below, the excess cash flows generated from the operation of such assets are released to the AMT Asset Subs, as applicable, which can then be distributed to, and used by, the Company.

In order to distribute any excess cash flow to the Company, the AMT Asset Subs must maintain a specified debt service coverage ratio (the “DSCR”), which 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.

The funds in the Cash Trap Reserve Account will not be released to the AMT Asset Subs unless the DSCR exceeds the Cash Trap DSCR for two consecutive calendar quarters.

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

With respect to the Trust Securities, an “amortization period” also commences if, on the anticipated repayment date the component of the Loan corresponding to the applicable subclass of the Trust Securities has not been repaid in full, provided that such amortization period shall apply with respect to such component that has not been repaid in full.

If the Series 2015-2 Notes have not been repaid in full on the applicable anticipated repayment date, additional interest will accrue on the unpaid principal balance of the Series 2015-2 Notes, and such notes will begin to amortize on a monthly basis from excess cash flow.

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 or the Series 2015-2 Notes, as applicable, on each monthly payment date.

The Loan and the Series 2015-2 Notes may be prepaid in whole or in part at any time, provided such payment is accompanied by the applicable prepayment consideration.

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

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.

The Loan may be prepaid in whole or in part at any time, provided such payment is accompanied by the applicable prepayment consideration.

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

The Loan Agreement includes operating covenants and other restrictions customary for transactions subject to rated securitizations.

Among other things, 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 Loan Agreement).

The organizational documents of the AMT Asset Subs contain provisions consistent with rating agency securitization criteria for special purpose entities, including the requirement that they maintain independent directors.

The Loan Agreement also contains certain covenants that require the AMT Asset Subs to provide the trustee with regular financial reports and operating budgets, promptly notify such trustee of events of default and material breaches under the Loan Agreement and other agreements related to the Trust Sites and allow the trustee reasonable access to the sites, including the right to conduct site investigations.

A failure to comply with the covenants in the Loan Agreement could prevent the AMT Asset Subs from distributing excess cash flow to the Company.

Furthermore, if the AMT Asset Subs were to default on the Loan, the trustee may seek to foreclose

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

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

Among other things, the AMT Asset Subs and the GTP Entities, as applicable, 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 Loan Agreement or the 2015 Indenture, as applicable).

The organizational documents of the AMT Asset Subs and the GTP Entities contain provisions consistent with rating agency securitization criteria for special purpose entities, including the requirement that they maintain independent directors.

The Loan Agreement and the 2015 Indenture also contain certain covenants that require the AMT Asset Subs or GTP Acquisition Partners, as applicable, to provide the respective trustee with regular financial reports and operating budgets, promptly notify such trustee of events of default and material breaches under the Loan Agreement and other agreements related to the Trust Sites or the 2015 Indenture and other agreements related to the 2015 Secured Sites, as applicable, and allow the applicable trustee reasonable access to the sites, including the right to conduct site investigations.

A failure to comply with the covenants in the Loan Agreement or the 2015 Indenture could prevent the AMT Asset Subs or GTP Acquisition Partners, as applicable, from distributing excess cash flow to the Company.

Furthermore, if the AMT Asset Subs or GTP Acquisition Partners were to default on the Loan or the Series 2015-2 Notes, the applicable trustee may seek to foreclose upon or otherwise convert the ownership of all or any portion of the Trust Sites or the 2015 Secured Sites, respectively, in which case the Company could lose the revenue and cash flows associated with those assets.

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 such notes immediately due and payable, in which case any excess cash flow would need to be used to pay holders of such notes.

Further, under the Loan Agreement and the 2015 Indenture, the AMT Asset Subs or GTP Acquisition Partners, respectively, are required to maintain reserve accounts, including for ground rents, real estate and personal property taxes and insurance premiums, and, under the 2015 Indenture and in certain circumstances under the Loan Agreement, to reserve a portion of advance rents from tenants on the Trust Sites.

Based on the terms of the Loan Agreement and the 2015 Indenture, all rental cash receipts received for each month are reserved for the succeeding month and held in an account controlled by the applicable trustee and then released.

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

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

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

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

_______________

(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.

upon or otherwise convert the ownership of all or any portion of the Trust Sites, in which case the Company could lose the revenue and cash flows associated with those assets.

Further, under the Loan Agreement, the AMT Asset Subs are required to maintain reserve accounts, including for ground rents, real estate and personal property taxes and insurance premiums, and, in certain circumstances under the Loan Agreement, to reserve a portion of advance rents from tenants on the Trust Sites.

Based on the terms of the Loan Agreement, all rental cash receipts received for each month are reserved for the succeeding month and held in an account controlled by the applicable trustee and then released.

The $ 69.0 million held in the reserve accounts with respect to the Trust Securitization as of December 31, 2025 is classified as Restricted cash on the Company’s accompanying consolidated balance sheets.

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.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Bangladesh Term Loan— In March 2025, the Company 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, the Company 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 the Company’s option without penalty or premium.

As of December 31, 2025, 150.0 million BDT (approximately $ 1.2 million) was outstanding under the Bangladesh Term Loan.

CoreSite DE1 Note— On April 1, 2025, in connection with the Company’s acquisition of a multi-tenant data center facility in Denver, Colorado, in which it previously leased space (“DE1”), the Company 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 the Company’s option without penalty or premium, provided that if such prepayment is made prior to April 1, 2027, the Company is required to pay any additional interest which would have accrued under the CoreSite DE1 Note in the ordinary course through April 1, 2027.

As of December 31, 2025, approximately $ 4.0 million was outstanding under the CoreSite DE1 Note.

Finance Lease Obligations —The Company’s finance lease obligations appro ximated $ 15.9 million and $ 16.6 million as of December 31, 2025 and 2024, respective ly.

Finance lease obligations are described further in note 4.

Maturities — Aggregate principal maturities of long-term debt, including finance leases, for the next five years and thereafter are expected to be:

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Balance as of December 31, 2025 $ 37,220.3

OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consisted of the following:

December 31, 2024 December 31, 2023

Unearned revenue $ 520.9 $ 474.9

Other miscellaneous liabilities 492.0 674.9

Other non-current liabilities $ 1,012.9 $ 1,149.8

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

ASSET RETIREMENT OBLIGATIONS

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______________

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

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

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

(1) Revisions in estimates include an increase to the liability of $ 131.3 million and a decrease to the liability of $ 125.0 million related to foreign currency translation for the years ended December 31, 2025 and 2024, respectively.

For the year ended December 31, 2024 includes a $ 470.0 million increase in the asset retirement obligation liability as a result of the Company’s change in the estimated settlement dates on January 1, 2024.

As of December 31, 2025, the estimated undiscounted future cash outlay for asset retirement obligations was $ 4.6 billion.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

FAIR VALUE MEASUREMENTS

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Investments in equity securities (1) $ 15.3 $ 161.6 — $ 98.6 $ 5.3 —

VIL OCDs (2) — — — — $ 192.3 —

_______________

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

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

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

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

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

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

The VIL OCDs were to mature in tranches with 8.0 billion INR (approximately $ 96.6 million on the date of issuance) maturing on August 27, 2023 and 8.0 billion INR (approximately $ 96.6 million on the date of issuance) maturing on August 27, 2024.

In August 2023, the Company amended the agreements governing the VIL OCDs to, among other items, extend the maturity of the first tranche of the VIL OCDs to August 27, 2024.

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

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

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

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

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

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

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

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

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

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

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

During the year ended December 31, 2025, the Company recognized an unrealized gain of $ 121.3 million, for equity securities held as of December 31, 2025.

During the year ended December 31, 2024, the Company recognized an unrealized gain of $ 70.4 million for equity securities held as of December 31, 2024.

Sale of Equity Securities —During the year ended December 31, 2025, the Company completed the sale of equity securities in the U.S.

The net proceeds for this transaction were approximately $ 159.6 million after deducting commissions and fees.

During the year ended December 31, 2025, the Company recognized a gain of $ 111.3 million for equity securities sold during the period.

Items Measured at Fair Value on a Nonrecurring Basis

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

Items Measured at Fair Value on a Nonrecurring Basis

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

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

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

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

During the year ended December 31, 2025, long-lived assets held and used with a carrying value of $ 33.7 billion included assets of $ 0.1 billion that were subject to fair value measurement and were written down to their net realizable value of less than $ 0.1 billion as a result of an asset impairment charge of $ 94.2 million.

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

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

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

8 unchanged sentences

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

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

Towers and related assets 1 %

Acquired network location intangible assets 1 %

Acquired tenant-related intangible assets < 1 %

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

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

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

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

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

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

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

Terminal growth rates on cash flows 2 %

Weighted average cost of capital 7 %

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

There were no other items measured at fair value on a nonrecurring basis during the years ended December 31, 2025 and 2024.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Fair Value of Financial Instruments —The Company’s financial instruments for which the carrying value reasonably approximates fair value at December 31, 2025 and 2024 include cash and cash equivalents, restricted cash, accounts receivable and accounts payable.

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

Net Investment Hedge —On June 1, 2025, the Company designated approximately 4.7 billion EUR (approximately $ 5.3 billion at the designation date) of senior unsecured notes as a non-derivative net investment hedge on the Company’s net investments in its European subsidiaries (as discussed in note 1).

The following table presents the contractual amounts of the Company's outstanding instruments:

Designation December 31, 2025 December 31, 2024

Foreign currency-denominated debt (1) Net Investment Hedge $ 5,461.6 $ —

_______________

(1) During the year ended December 31, 2025, the Company recorded $ 185.3 million of unrealized foreign currency losses related to the EUR denominated debt that was designated as a net investment hedge as a foreign currency translation adjustment in Accumulated other comprehensive loss.

As of December 31, 2025, includes 4.7 billion EUR ($ 5.5 billion) of outstanding EUR denominated debt designated as hedges of a portion the Company’s net investment in foreign operations.

This debt matures in fiscal years 2026 through 2034.

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

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The Company’s state tax returns reflect different combinations of the Company’s subsidiaries and are dependent on the connection each subsidiary has with a particular state and form of organization.

The following information pertains to the Company’s income taxes on a consolidated basis.

The following information refers to the Company’s income taxes on a consolidated basis.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The income tax provision from continuing operations consisted of the following:

8 unchanged sentences

Income tax provision $ ( 415.7 ) $ ( 366.3 ) $ ( 90.8 )

_______________

(1) For the year ended December 31, 2025, includes impact of gains from equity securities in the U.S.

The effective tax rate (“ETR”) on income from continuing operations for the years ended December 31, 2025, 2024 and 2023 differs from the federal statutory rate primarily due to the Company’s qualification for taxation as a REIT, as well as adjustments for state and foreign items.

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

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

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

On July 4, 2025, the One Big Beautiful Bill (“OBBB Act”), which includes a broad range of tax reform provisions, was signed into law in the United States.

The OBBB Act did not have a material impact on the Company’s annual effective tax rate in 2025.

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 U.S.

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 (as defined in note 21).

For the year ended December 31, 2024, the increase in the income tax provision was primarily attributable to increased earnings in certain foreign jurisdictions, partially due to the impacts of the change in estimated useful lives on depreciation and amortization expense in the prior year and withholding taxes on equity distributions, including those related to the ATC TIPL Transaction (as defined in note 21), and management fees from certain foreign subsidiaries.

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

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Reconciliation between the U.S.

2 unchanged sentences

2025 2024 2023

Amount % Amount % Amount %

Statutory tax rate $ 639.3 21.0 % $ 761.2 21.0 % $ 321.1 21.0 %

Adjustment to reflect REIT status (1) ( 21 ) ( 21 ) ( 21 )

State and local income tax, net of federal income tax effect (1) 8.0 0.3 % 8.9 0.2 % 4.3 0.3 %

Foreign taxes

Foreign withholding taxes 3 4 3

Uncertain tax positions 1 4 2

Changes in tax laws — ( 2 ) —

Foreign exchange 2.2 0.1 % 6.5 0.2 % ( 23.0 ) ( 1.5 ) %

Other ( 4.5 ) ( 0.1 ) % ( 0.3 ) ( 0.0 ) % 14.9 1.0 %

Withholding taxes 36.9 1.2 % 49.4 1.4 % 32.9 2.1 %

Other 35.9 1.2 % ( 0.1 ) ( 0.0 ) % 13.9 0.9 %

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Change in tax law ( 84.6 ) ( 2.8 ) % — — % 5.6 0.4 %

Other 3.7 0.1 % 9.9 0.3 % 0.0 0.0 %

Change in tax law — — % — — % ( 40.9 ) ( 2.7 ) %

Other 9.4 0.3 % 3.8 0.1 % ( 7.0 ) ( 0.5 ) %

Incremental loss on sale (2) — — % — — % ( 143.0 ) ( 9.4 ) %

Change in valuation allowance — — % — — % 168.9 11.0 %

Other 17.6 0.6 % 14.7 0.4 % 14.0 0.9 %

Foreign tax credits ( 102.1 ) ( 3.4 ) % ( 66.9 ) ( 1.8 ) % ( 62.5 ) ( 4.1 ) %

Change in valuation allowance 61.2 2.0 % 52.7 1.5 % 31.5 2.1 %

Rate differential between local and statutory tax rates ( 1.4 ) ( 0.0 ) % ( 13.5 ) ( 0.4 ) % ( 17.4 ) ( 1.1 ) %

Other 22.0 0.7 % ( 13.0 ) ( 0.4 ) % 14.3 0.9 %

Change in valuation allowance — — % — — % ( 85.6 ) ( 5.6 ) %

Other 60.4 2.0 % 20.2 0.6 % 19.4 1.3 %

Incremental loss on sale (2) — — % ( 146.3 ) ( 4.0 ) % — — %

Change in valuation allowance 0.1 0.0 % 146.3 4.0 % — — %

Other ( 0.8 ) ( 0.0 ) % 2.4 0.1 % 2.3 0.2 %

Disallowance of goodwill impairment expense — — % — — % 21.4 1.4 %

Other ( 1.1 ) ( 0.0 ) % ( 2.4 ) ( 0.1 ) % ( 5.4 ) ( 0.4 ) %

Other foreign jurisdictions 58.0 1.9 % 80.0 2.2 % 41.9 2.7 %

Changes in valuation allowance 1.1 0.0 % ( 15.3 ) ( 0.4 ) % 20.3 1.3 %

Nontaxable or nondeductible

Adjustment to reflect REIT status (3) ( 401.0 ) ( 13.2 ) % ( 579.6 ) ( 16.1 ) % ( 292.9 ) ( 19.0 ) %

Change in tax status (4) — — % 11.0 0.3 % ( 16.3 ) ( 1.1 ) %

Other 0.5 0.0 % 6.1 0.2 % ( 4.2 ) ( 0.3 ) %

Changes in unrecognized tax

benefits (5) 54.9 1.8 % 30.6 0.8 % 62.3 4.1 %

Effective tax rate $ 415.7 13.7 % $ 366.3 10.1 % $ 90.8 5.9 %

_______________

(1) State taxes in Texas, Mississippi, Louisiana, New Hampshire, Oklahoma and Rhode Island made up the majority (greater than 50 percent) of the tax effect in this category.

(2) For the year ended December 31, 2024, Singapore includes amounts related to the sale of ATC TIPL (as defined in note 21).

For the year ended December 31, 2023, Mexico includes amounts related to the sale of Mexico Fiber (as defined in note 15).

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

(4) As a result of a change in the election of previously designated TRSs to be included as part of the REIT.

(5) Includes both foreign and domestic unrecognized tax benefits.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Cash paid for income taxes, net of refunds consisted of the following:

Year Ended December 31,

2025 2024 2023

Federal (1) $ 29.2 $ 1.2 $ 3.1

State 8.9 4.6 5.9

Foreign 290.6 345.0 297.5

Cash paid for income taxes, net of refunds $ 328.7 $ 350.8 $ 306.5

_______________

(1) For the year ended December 31, 2025, includes taxes paid related to the sale of equity securities in the U.S.

Cash paid for income taxes, net of refunds exceeded 5 percent of total income taxes paid, net of refunds in the following jurisdictions:

Year Ended December 31,

2025 2024 2023

Brazil $ 63.3 $ 76.8 $ 82.5

Burkina Faso (1) 18.6 * *

Ghana 26.5 * 16.0

India (2) * 73.6 53.1

Kenya * * 15.5

Mexico 25.0 43.8 36.6

Nigeria 17.9 27.7 30.8

South Africa (1) 39.3 * *

Uganda 33.2 31.3 *

Other 66.8 91.8 63.0

Total Foreign $ 290.6 $ 345.0 $ 297.5

_______________

(*) Below threshold for period presented.

(1) For the year ended December 31, 2025, includes non-recurring tax payments.

(2) For the years ended December 31, 2024 and 2023, includes ATC TIPL (as defined in note 21).

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

4 unchanged sentences

Total $ 3,044.2 $ 3,624.8 $ 1,529.3

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The components of the net deferred tax asset and liability and related valuation allowance were as follows:

6 unchanged sentences

Unrealized loss on foreign currency 23.0 25.6

Other accruals and allowances 46.1 40.3

Other accruals, allowances and reserves 157.1 46.1

Nondeductible interest 55.1 51.6

5 unchanged sentences

Deferred rent ( 143.3 ) ( 116.3 )

Unremitted earnings of foreign subsidiaries ( 50.6 ) ( 11.1 )

Other ( 49.2 ) ( 31.5 )

3 unchanged sentences

_______________

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

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

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

(1) Includes amounts related to the sales of ATC TIPL (as defined in note 21) and Mexico Fiber (as defined in note 15).

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

14 unchanged sentences

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

Accordingly, the recoverability of the deferred tax assets is not dependent on material asset sales or other non-routine transactions.

Accordingly, the recoverability of the deferred tax assets is not dependent on material asset sales or other non-routine

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

transactions.

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

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

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

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

Any tax consequences for future distributions from the entities that are not indefinitely reinvested have been recorded as deferred tax liabilities.

It is not practicable to determine the amount of unrecognized deferred tax liability for outside basis differences in indefinitely reinvested entities.

At December 31, 2025, the Company had net federal, state and foreign operating loss carryforwards available to reduce future taxable income.

9 unchanged sentences

The amount of unrecognized tax benefits for the year ended December 31, 2025 includes additions to the Company’s existing tax positions of $ 44.9 million.

The Company expects the unrecognized tax benefits to change over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdiction during this timeframe, or if the applicable statute of limitations lapses.

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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

17 unchanged sentences

The Company is subject to examination in the United States and various state and foreign jurisdictions for certain tax years.

As a result of the Company’s ability to carryforward federal, state and foreign NOLs, the applicable tax years generally remain open to examination several years after the applicable loss carryforwards have been used or have expired.

As a result of the

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Company’s ability to carryforward federal, state and foreign NOLs, the applicable tax years generally remain open to examination several years after the applicable loss carryforwards have been used or have expired.

The Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations.

The Company believes that adequate provisions have been made for income taxes for all periods through December 31, 2024.

STOCK-BASED COMPENSATION

4 unchanged sentences

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

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

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

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

4 unchanged sentences

The offering periods run from June 1 through November 30 and from December 1 through May 31 of each year.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

During the years ended December 31, 2025, 2024 and 2023, the Company recorded the following stock-based compensation expenses in selling, general, administrative and development expense:

2 unchanged sentences

_______________

(1) For the years ended December 31, 2024, 2023 and 2022, excludes $ 10.9 million, $ 12.4 million, and $ 7.6 million, respectively, of stock-based compensation expense related to ATC TIPL, which is included in Loss from discontinued operations, net of taxes in the accompanying consolidated statements of operations.

(2) For the year ended December 31, 2024, includes $ 11.5 million of accelerated stock-based compensation expense related to unvested and outstanding awards for certain former employees that vested upon termination in accordance with the Company’s severance plan.

(1) For the year ended December 31, 2025, includes the reversal of $ 7.1 million of previously recognized stock-based compensation expense associated with awards forfeited in connection with the departure of the Company’s former Executive Vice President and President, APAC due to such role being eliminated.

For the years ended December 31, 2024 and 2023, excludes $ 10.9 million and $ 12.4 million, respectively, of stock-based compensation expense related to ATC TIPL (as defined in note 21), which is included in Loss from discontinued operations, net of taxes in the accompanying consolidated statements of operations.

(2) For the years ended December 31, 2025 and 2024, includes $ 4.7 million and $ 11.5 million, respectively, of accelerated stock-based compensation expense related to unvested and outstanding awards for certain former employees that vested upon termination in accordance with the Company’s severance plan.

(3) For the year ended December 31, 2023, excludes $ 7.6 million of stock-based compensation expense related to severance incurred as part of the Company’s restructuring plan as discussed in note 15 recorded in Other operating expense in the accompanying consolidated statements of operations.

4 unchanged sentences

The amount of cash received from the exercise of stock options was $ 26.8 million during the year ended December 31, 2025.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The Company’s option activity for the year ended December 31, 2025 was as follows (share and per share data disclosed in full amounts):

9 unchanged sentences

Vested as of December 31, 2025 133,623 $ 94.82 0.2 $ 10.8

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The following table sets forth information regarding options outstanding at December 31, 2025 (share and per share data disclosed in full amounts):

14 unchanged sentences

133,623 $ 94.82 0.2 133,623 $ 94.82

$ 106.15 - $ 113.60

4,481 110.80 1.77 4,481 110.80

$ 88.38 - $ 113.60

416,672 $ 94.79 0.75 416,672 $ 94.79

Restricted Stock Units and Performance-Based Restricted Stock Units — The Company’s RSU and PSU activity for the year ended December 31, 2025 was as follows (share and per share data disclosed in full amounts):

8 unchanged sentences

_______________

(1) PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2023 PSUs and the 2022 PSUs (each as defined below), or 118,684 shares and 98,542 shares, respectively, the shares issuable at the end of the three-year performance period for the PSUs granted in 2021 (the “2021 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 127,318 shares and the target remaining number of shares issuable at the end of the one-year performance period for PSUs granted to certain non-executive employees during the year ended December 31, 2023, net of forfeitures, or 18,944 shares (the “Retention PSUs”).

(1) PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2024 PSUs and the 2023 PSUs (each as defined below), or 87,550 shares and 118,684 shares, respectively, the shares issuable at the end of the three-year performance period for the PSUs granted in 2022 (the “2022 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 133,034 shares.

(2) PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2025 PSUs (as defined below), or 86,911 shares.

PSUs also include the shares above target that are issuable for the 2023 PSUs at the end of the three-year performance cycle based on exceeding the performance metric for the three-year performance period, or 61,394 shares.

(3) RSUs include 63,905 shares accelerated related to the ATC TIPL Transaction.

PSUs consist of shares vested pursuant to the 2021 PSUs and the Retention PSUs.

There are no additional shares to be earned related to the 2021 PSUs or the Retention PSUs.

(3) PSUs consist of shares vested pursuant to the 2022 PSUs.

There are no additional shares to be earned related to the 2022 PSUs.

(4) PSUs consist of shares forfeited in connection with the departure of the Company’s former Executive Vice President and President, APAC due to such role being eliminated, which includes the target number of shares issuable at the end of the three-year performance period for the 2024 PSUs and the 2023 PSUs pursuant to the terms of the award agreements.

(5) Vested and deferred RSUs are related to deferred compensation for certain former employees.

The total fair value of RSUs and PSUs that vested during the year ended December 31, 2025 was $ 183.6 million.

Restricted Stock Units— As of December 31, 2024, total unrecognized compensation expense related to unvested RSUs granted under the 2007 Plan was $ 138.9 million and is expected to be recognized over a weighted average period of approximately two years .

Restricted Stock Units— As of December 31, 2025, total unrecognized compensation expense related to unvested RSUs granted under the 2007 Plan was $ 106.7 million and is expected to be recognized over a weighted average period of approximately one year .

Vesting of RSUs is subject generally to the employee’s continued employment or death, disability or qualified retirement (each as defined in the applicable RSU award agreement).

Performance-Based Restricted Stock Units— During the year ended December 31, 2024, the Company’s Compensation Committee (the “Compensation Committee”) granted an aggregate of 87,550 PSUs (the “2024 PSUs”) to its executive officers and established the performance and market metrics for these awards.

During the years ended December 31, 2023 and 2022, the Company’s Compensation Committee granted an aggregate of 118,684 PSUs (the “2023 PSUs”) and 98,542 PSUs (the “2022 PSUs”), respectively, to its executive officers and established the performance metrics for these awards.

RSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect of shares that actually vest.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Performance-Based Restricted Stock Units— During the year ended December 31, 2025, the Compensation Committee granted an aggregate of 86,911 PSUs (the “2025 PSUs”) to its executive officers and established the performance and market metrics for these awards.

During the years ended December 31, 2024 and 2023, the Compensation Committee granted an aggregate of 87,550 PSUs (the “2024 PSUs”) and 118,684 PSUs (the “2023 PSUs”), respectively, to its executive officers and established the performance metrics for these awards.

Threshold, target and maximum parameters were established for the metrics for a three-year performance period with respect to each of the 2025 PSUs, the 2024 PSUs and the 2023 PSUs and will be used to calculate the number of shares that will be issuable when each award vests, which may range from zero to 200 % of the target amounts.

2 unchanged sentences

PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect of shares that actually vest.

The 2024 PSUs include a market condition component based on relative total shareholder return as measured against the REIT constituents included in the S&P 500 Index.

For the component of the 2024 PSUs subject to a market condition, fair value is

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements.

The grant date fair value of the market condition component of the 2024 PSUs is $ 216.11 .

Certain of the 2025 PSUs and the 2024 PSUs include a market condition component based on relative total shareholder return as measured against the REIT constituents included in the S&P 500 Index.

For the component of the 2025 PSUs and the 2024 PSUs subject to a market condition, fair value is determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements.

The grant date fair value of the market condition component of the 2025 PSUs and the 2024 PSUs is $ 286.21 and $ 216.11 , respectively.

Key assumptions used to apply this pricing model were as follows:

Year Ended December 31, 2024

Expected term (years) 2.81 2.81

1 unchanged sentence

Annualized volatility 27.91 % 26.75 %

During the year ended December 31, 2025, the Company’s Executive Vice President and President, APAC departed the Company due to such role being eliminated.

As the conditions for vesting pursuant to the terms of the award agreements for such executive’s 2024 PSUs and 2023 PSUs were not met, the awards were forfeited.

Accordingly, the Company reversed $ 5.3 million of previously recognized stock-based compensation expense associated with these awards.

During the year ended December 31, 2025, the Company recorded $ 23.9 million in stock-based compensation expense for equity awards in which the performance goals have been established and were probable of being achieved.

The remaining unrecognized compensation expense related to these awards at December 31, 2025 was $ 1.3 million based on the Company’s current assessment of the probability of achieving the performance goals.

The weighted-average period over which the cost will be recognized is less than one year .

ATC TIPL Transaction — Upon completion of the ATC TIPL Transaction, RSUs granted to certain employees in India that were unvested and outstanding immediately vested.

The weighted-average period over which the cost will be recognized is approximately one year .

ATC TIPL Transaction —Upon completion of the ATC TIPL Transaction (as defined in note 21), RSUs granted to certain employees in India that were unvested and outstanding immediately vested.

The Company recognized $ 5.3 million of accelerated stock-based compensation expense for these awards during the year ended December 31, 2024, which is included in Loss from discontinued operations, net of taxes.

3 unchanged sentences

Stock Repurchase Programs —In March 2011, the Company’s Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $ 1.5 billion of its common stock (the “2011 Buyback”).

In December 2017, the Board of Directors approved an additional stock repurchase program, pursuant to which the Company is authorized to repurchase up to $ 2.0 billion of its 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.

As of December 31, 2024, the Company has repurchased a total of 14,451,325 shares of its common stock under the 2011 Buyback for an aggregate of $ 1.5 billion, including commissions and fees.

As of December 31, 2024, the Company has not made any repurchases under the 2017 Buyback.

Under the Buyback Programs, the Company is authorized to purchase shares from time to time through open market purchases or in privately negotiated transactions not to exceed market prices and subject to market conditions and other factors.

With respect to open market purchases, the Company may use plans adopted in accordance with Rule 10b5-1 under the Exchange Act in accordance with securities laws and other legal requirements, which allows the Company to repurchase shares during periods when it may otherwise be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.

The Company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities.

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

During the year ended December 31, 2025, the Company repurchased 2,036,100 shares of its 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,

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

2025, the Company has no amounts remaining under the 2011 Buyback.

As of December 31, 2025, the Company has repurchased a total of 1,941,312 shares of its common stock under the 2017 Buyback for an aggregate of $ 347.0 million, including commissions and fees.

Under the 2017 Buyback, the Company is authorized to purchase shares from time to time through open market purchases or in privately negotiated transactions not to exceed market prices and subject to market conditions and other factors.

The Company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities.

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

Distributions — During the years ended December 31, 2025, 2024 and 2023, the Company declared the following cash distributions (per share data reflects actual amounts):

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(3) Excludes dividend declared on December 13, 2023 of $ 1.70 per share, which was paid on February 1, 2024 to common stockholders of record at the close of business on December 28, 2023 and which applied to the 2024 tax year.

Includes dividend declared on December 7, 2022 of $ 1.56 per share, which was paid on February 2, 2023 to common stockholders of record at the close of business on December 28, 2022 and which applied to the 2023 tax year.

The Company accrues distributions on unvested restricted stock units, which are payable upon vesting.

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NONCONTROLLING INTERESTS

European Interests— In 2021 , PGGM converted its previously held noncontrolling interest in a subsidiary that primarily consisted of the Company’s operations in France, Germany and Poland into noncontrolling interests in subsidiaries, consisting of the Company's operations in Germany and Spain.

In 2021, Caisse de dépôt et placement du Québec (“CDPQ”) and Allianz insurance companies and funds managed by Allianz Capital Partners GmbH, including the Allianz European Infrastructure Fund (collectively, “Allianz”) acquired 30 % and 18 % noncontrolling interests, respectively, in ATC Europe for total aggregate consideration of 2.6 billion EUR (approximately $ 3.1 billion at the date of closing).

As of December 31, 2024, ATC Europe consists of the Company’s operations in France, Germany and Spain.

The Company currently holds a 52 % controlling interest in ATC Europe, with CDPQ and Allianz holding 30 % and 18 % noncontrolling interests, respectively.

ATC Europe holds a 100 % interest in the subsidiaries that consist of the Company’s operations in France and an 87 % and an 83 % controlling interest in the subsidiaries that consist of the Company’s operations in Germany and Spain, respectively, with PGGM holding a 13 % and a 17 % noncontrolling interest in each respective subsidiary.

Bangladesh Partnership —In August 2021, the Company acquired a 51 % controlling interest in Kirtonkhola Tower Bangladesh Limited (“KTBL”) for 900 million BDT (approximately $ 10.6 million at the date of closing).

Confidence Group holds a 49 % noncontrolling interest in KTBL.

Stonepeak Transaction —In 2022, the Company entered into agreements pursuant to which certain investment vehicles affiliated with Stonepeak Partners LP (such investment vehicles, collectively, “Stonepeak”) acquired a noncontrolling ownership interest in the Company’s U.S.

data center business for total aggregate consideration of $ 3.1 billion, through an investment in common equity and mandatorily convertible preferred equity (the “Stonepeak Transaction”).

European Interests— As of December 31, 2025, ATC Europe consists of the Company’s operations in France, Germany and Spain.

The Company currently holds a 52 % controlling interest in ATC Europe, with Caisse de dépôt et placement du Québec (“La Caisse”) and Allianz insurance companies and funds managed by Allianz Capital Partners GmbH, including the Allianz European Infrastructure Fund (collectively, “Allianz”) holding 30 % and 18 % noncontrolling interests, respectively.

ATC Europe holds a 100 % interest in the subsidiaries that consist of the Company’s operations in France and an 87 % and an 83 %

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

controlling interest in the subsidiaries that consist of the Company’s operations in Germany and Spain, respectively, with PGGM holding a 13 % and a 17 % noncontrolling interest in each respective subsidiary.

Bangladesh Partnership —In August 2021, the Company acquired a 51 % controlling interest in Kirtonkhola Tower Bangladesh Limited (“KTBL”).

Confidence Group holds a 49 % noncontrolling interest in KTBL.

data center business, through an investment in common equity and mandatorily convertible preferred equity.

As of December 31, 2025, the Company holds a common equity interest of approximately 71 % in its U.S.

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During the year ended December 31, 2025, the Company’s U.S.

data center business made distributions of $ 91.7 million related to the Stonepeak Common Dividend for the period from the initial closing of the Stonepeak Transaction in August 2022 through December 31, 2023, which was accrued for as of December 31, 2023.

The $ 91.7 million distribution during the year ended December 31, 2024 included a noncash distribution of $ 37.5 million made in lieu of a common equity contribution from Stonepeak.

Additionally, during the year ended December 31, 2024, the Company’s U.S.

data center business declared and paid distributions of $ 47.4 million, related to the Stonepeak Common Dividend.

During the year ended December 31, 2024 , pursuant to the terms of the ownership agreements, ATC Europe C.V., one of the Company’s subsidiaries in the Netherlands, declared and paid aggregate dividends of 422.5 million EUR (approximately $ 465.1 million at the dates of payment), pursuant to the terms of the ownership agreements, to the Company, CDPQ and Allianz in proportion to their respective equity interests in ATC Europe C.V.

During the year ended December 31, 2024, pursuant to the terms of the ownership agreements, AT Rhine C.V., one of the Company’s subsidiaries in Germany, declared and paid aggregate dividends of 105.0 million EUR (approximately $ 115.6 million at the dates of payment), pursuant to the terms of the ownership agreements, to ATC Europe and PGGM in proportion to their respective equity interests in AT Rhine C.V.

During the year ended December 31, 2024, pursuant to the terms of the ownership agreements, AT Iberia C.V., one of the Company’s subsidiaries in Spain, declared and paid aggregate dividends of 92.4 million EUR (approximately $ 98.9 million at the dates of payment), pursuant to the terms of the ownership agreements, to ATC Europe and PGGM in proportion to their respective equity interests in AT Iberia C.V.

data center business made distributions of $ 69.6 million related to the Stonepeak Common Dividend.

During the year ended December 31, 2025, pursuant to the terms of the ownership agreements, ATC Europe C.V., one of the Company’s subsidiaries in the Netherlands, declared and paid aggregate dividends of 248.9 million EUR (approximately $ 291.2 million at the dates of payment) to the Company, La Caisse and Allianz in proportion to their respective equity interests in ATC Europe C.V.

During the year ended December 31, 2025, pursuant to the terms of the ownership agreements, AT Iberia C.V., one of the Company’s subsidiaries in Spain, declared and paid aggregate dividends of 87.3 million EUR (approximately $ 101.1 million at the dates of payment) to ATC Europe and PGGM in proportion to their respective equity interests in AT Iberia C.V.

The changes in noncontrolling interests were as follows:

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Balance as of January 1, $ 6,266.5 $ 6,667.2

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

Net income attributable to noncontrolling interests 99.0 25.2

Foreign currency translation adjustment attributable to noncontrolling interests, net of tax 460.0 ( 234.1 )

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(1) For the year ended December 31, 2025 primarily includes contributions from Stonepeak.

For the year ended December 31, 2024 includes contributions from Stonepeak of $ 137.3 million, including a noncash contribution of $ 37.5 million made in lieu of Stonepeak’s receipt of the Stonepeak Common Dividend and a noncash contribution from PGGM of $ 12.4 million made in lieu of PGGM’s receipt of a distribution.

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Impairment charges $ 100.7 $ 68.6 $ 200.0

Net losses on sales or disposals of assets (1) 17.9 131.3 36.8

Net (gains) losses on sales or disposals of assets (1) ( 17.3 ) 17.9 131.3

Other operating (income) expense (2) ( 15.0 ) ( 12.4 ) 39.4

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(1) For the year ended December 31, 2024, includes a gain on the sales of ATC Australia and ATC New Zealand of $ 8.5 million.

For the year ended December 31, 2023, includes a net loss of $ 78.9 million on the sales of Mexico Fiber and ATC Poland.

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

For the year ended December 31, 2024, includes a gain on the sales of our subsidiaries in Australia (“ATC Australia”) and New Zealand (“ATC New Zealand”) of $ 8.5 million.

For the year ended December 31, 2023, includes a net loss of $ 78.9 million on the sales of one of our subsidiaries in Mexico that held fiber assets (‘Mexico Fiber”) and the sale of our subsidiary in Poland (“ATC Poland”).

(2) During the years ended December 31, 2025, 2024 and 2023, the Company recorded net benefits of $ 14.7 million, $ 23.4 million and $ 10.3 million related to pre-acquisition contingencies and settlements, respectively.

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Total impairment charges included in Other operating expense $ 100.7 $ 68.6 $ 200.0

Goodwill impairment (3) $ — $ 80.0 $ —

Spain goodwill impairment $ — $ — $ 80.0

Total impairment charges $ 100.7 $ 68.6 $ 280.0

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(1) During the year ended December 31, 2023, impairment charges related to impaired tenant relationships in Africa.

During the year ended December 31, 2022, impairment charges primarily related to impaired tenant relationships related to fiber in Mexico.

(2) Includes impairment charges related to right-of-use assets.

(3) During the year ended December 31, 2023, includes goodwill impairment associated with the Spain reporting unit (as discussed in note 5).

During the year ended December 31, 2025, includes $ 6.5 million of goodwill impairment associated with the Bangladesh reporting unit (as discussed in note 5).

Spain Goodwill Impairment

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

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

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(1) Includes corporate expenses.

Unpaid obligations for severance and related costs as of December 31, 2023, were included in Payroll and related withholdings within Accrued expenses in the consolidated balance sheet as of December 31, 2023.

There are no amounts outstanding related to the 2023 restructuring plan as of December 31, 2024.

The changes in the unpaid obligations for severance and related costs for the year ended December 31, 2023 were as follows:

Beginning balance as of January 1, $ —

Additions 21.8

Payments ( 19.9 )

Balance as of December 31, $ 1.9

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

EARNINGS PER COMMON SHARE

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COMMITMENTS AND CONTINGENCIES

Litigation —The Company periodically becomes involved in various claims, lawsuits and proceedings that are incidental to its business.

In the opinion of Company management, after consultation with counsel, there are no matters currently pending that would, in the event of an adverse outcome, materially impact the Company’s consolidated financial position, results of operations or liquidity.

Litigation —The Company periodically becomes involved in various claims and lawsuits that are incidental to its business.

While the Company’s management, after consultation with counsel, currently believes the ultimate outcome of these legal

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

proceedings, individually and in the aggregate, will not have a material adverse impact on its consolidated financial position, results of operations or liquidity, litigation is subject to inherent uncertainties.

Were an unfavorable ruling to occur, there exists the possibility of a material adverse impact on the Company’s financial condition and results of operations.

Verizon Transaction —In March 2015, the Company entered into an agreement with various operating entities of Verizon Communications Inc.

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The aggregate purchase option price for the towers leased and subleased is approximately $ 5.0 billion.

Verizon will occupy the sites as a tenant for an initial term of ten years with eight optional successive five-year terms;

Verizon occupied the sites as a tenant for an initial term of ten years and has exercised its first renewal option for a five-year term.

Verizon has seven optional successive five-year terms remaining;

each such term shall be governed by standard master lease agreement terms established as a part of the transaction.

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(“AT&T”), that currently provides for the lease or sublease of approximately 1,600 towers, which commenced between December 2000 and August 2004.

Substantially all of the towers are part of the Trust Securitizations.

The average term of the lease or sublease for all sites at the inception of the agreement was approximately 27 years, assuming renewals or extensions of

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

the underlying ground leases for the sites.

Substantially all of the towers are part of the Trust Securitization.

The average term of the lease or sublease for all sites at the inception of the agreement was approximately 27 years, assuming renewals or extensions of the underlying ground leases for the sites.

The Company has the option to purchase the sites subject to the applicable lease or sublease upon its expiration.

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The aggregate purchase option price for the remaining towers leased and subleased is $ 1.2 billion and includes per annum accretion through the applicable expiration of the lease or sublease of a site.

For all such sites, AT&T has the right to continue to lease the reserved space through June 30, 2025 at the then-current monthly fee, which shall escalate in accordance with the standard master lease agreement for the remainder of AT&T’s tenancy.

Thereafter, AT&T shall have the right to renew such lease for up to five successive five-year terms.

For the applicable sites, AT&T has the right to continue to lease space subject to a monthly fee, which shall escalate in accordance with the standard master lease agreement for the remainder of AT&T’s tenancy.

AT&T shall have the right to renew each lease for up to five successive five-year terms.

Other Contingencies —The Company is subject to income tax and other taxes in the geographic areas where it holds assets or operates, and periodically receives notifications of audits, assessments or other actions by taxing authorities.

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The Company has not historically made any material payments under these agreements and, as of December 31, 2025, is not aware of any agreements that could result in a material payment.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

SUPPLEMENTAL CASH FLOW INFORMATION

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Non-cash investing and financing activities:

(Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities ( 2.9 ) ( 14.7 ) 27.2

Increase (decrease) in accounts payable and accrued expenses for purchases of property and equipment and construction activities 12.7 ( 2.9 ) ( 14.7 )

Purchases of property and equipment under finance leases, perpetual easements and capital leases 28.9 21.7 31.5

Settlement of third-party debt — — ( 7.4 )

Seller financed acquisition 5.0 — —

Distributions to noncontrolling interest holders — ( 49.9 ) —

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(1) The Company received 575 tower sites from a customer in Brazil in exchange for settling certain future contractual obligations owed to the Company in accordance with the customer’s judicial recovery plan.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

BUSINESS SEGMENTS

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

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

As a result, the Company now has six reportable segments:

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

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

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

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

Communications Sites and Related Communications Infrastructure —The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries.

The Company has historically reported these operations on a geographic basis.

Data Centers — The Company operates 29 data center facilities across ten markets in the United States.

Data Centers — The Company operates 30 data center facilities across eleven markets in the United States.

The Company’s Data Centers segment relates to data center facilities and related assets that the Company owns and operates in the United States.

The Data Centers segment offers different types of leased land and related services from, and requires different resources, skill sets and marketing strategies than the existing property operating segment in the U.S.

The Data Centers segment offers different types of leased land, infrastructure and related services from, and requires different resources, skill sets and marketing strategies than the existing property operating segment in the U.S.

As of December 31, 2025, the Company’s property operations consisted of the following:

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data center property operations in the United States.

Services —The Company’s Services segment offers tower-related services in the United States, including AZP, structural and mount analyses, and construction management, which primarily support its site leasing business, including the addition of new tenants and equipment on its communications sites.

Services —The Company’s Services segment offers tower-related services in the United States, including AZP, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction.

The Company’s services operations primarily support its site leasing business, including the addition of new tenants and equipment on its communications sites.

The Services segment is a strategic business unit that offers different services from, and requires different resources, skill sets and marketing strategies than, the property operating segments.

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Selling, general, administrative and development expense;

and Other operating expenses.

and Other operating

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses.

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The CODM uses segment gross margin and segment operating profit to evaluate the segments’ operating performance, in making capital allocation decisions, and in establishing management’s compensation.

Additionally, the CODM uses these metrics to monitor

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

budget versus actual results.

Additionally, the CODM uses these metrics to monitor budget versus actual results.

There are no significant revenues resulting from transactions between the Company’s operating segments.

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

See note 22 for further discussion.

(1) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $ 174.2 million.

(3) Primarily includes interest expense and $ 68.6 million in impairment charges, as further discussed in note 16, partially offset by gains from foreign currency exchange rate fluctuations and an unrealized gain from equity securities of $ 70.4 million .

The year ended December 31, 2024 also includes a net gain of $ 8.5 million on the sales of ATC Australia and ATC New Zealand.

(2) Primarily includes interest expense and $ 100.7 million in impairment charges, as further discussed in note 15, and losses from foreign currency exchange rate fluctuations, partially offset by gains from equity securities of $ 232.6 million .

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

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

(4) 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 the Company’s consolidated statements of cash flows.

(6) Other capital expenditures includes capital expenditures associated with discontinued operations.

Property Total

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(2) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $ 192.7 million.

(3) Primarily includes interest expense and $ 200.0 million in impairment charges, $ 80.0 million of goodwill impairment charges in Spain, as further discussed in note 5, and losses from foreign currency exchange rate fluctuations.

The year ended December 31, 2023 also includes a net loss of $ 78.9 million on the sales of Mexico Fiber and ATC Poland.

(3) Primarily includes interest expense and $ 68.6 million in impairment charges, as further discussed in note 15, partially offset by gains from foreign currency exchange rate fluctuations and an unrealized gain from equity securities of $ 70.4 million .

The year ended December 31, 2024 also includes a net gain of $ 8.5 million on the sales of ATC Australia and ATC New Zealand.

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

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

(6) Other capital expenditures includes capital expenditures associated with discontinued operations.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(Tabular amounts in millions, unless otherwise disclosed)

(6) Other capital expenditures includes capital expenditures associated with discontinued operations.

Property Total

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(2) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $ 183.3 million.

(3) Primarily includes interest expense and $ 147.3 million in impairment charges, partially offset by gains from foreign currency exchange rate fluctuations.

(3) Primarily includes interest expense and $ 200.0 million in impairment charges, $ 80.0 million of goodwill impairment charges in Spain, as further discussed in note 15, and losses from foreign currency exchange rate fluctuations.

The year ended December 31, 2023 also includes a net loss of $ 78.9 million on the sales of Mexico Fiber and ATC Poland.

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

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(2) Balances include corporate assets such as cash and cash equivalents, certain tangible and intangible assets and income tax accounts that have not been allocated to specific segments.

As of December 31, 2023, includes $ 3.6 billion of total assets of discontinued operations.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

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(2) Balances include revenue from the Company’s Services and Data Centers segments.

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

(3) For the years ended December 31, 2024 and 2023, excludes the operating results of ATC TIPL, which are reported as discontinued operations.

See note 21 for further discussion.

(4) During the year ended December 31, 2025, the Company completed the sale of South Africa Fiber.

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

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Africa & APAC (2):

Australia — 10.6

Bangladesh 24.5 30.2

New Zealand — 37.5

Philippines 27.7 30.2

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

(3) Balances include the Company’s data centers assets located in the United States.

(3) Balances include the Company’s data centers assets located in the United States and corporate assets.

(4) As of December 31, 2024, included assets associated with South Africa Fiber, which was sold during the year ended December 31, 2025.

The following customers within the property and services segments individually accounted for 10% or more of the Company’s consolidated operating revenues for the years ended December 31,:

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DISCONTINUED OPERATIONS

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

The strategic review concluded in January 2024 with the signed agreement for the ATC TIPL Transaction (as defined below).

On January 4, 2024, the Company, through ATC TIPL, entered into an agreement with Data Infrastructure Trust (“DIT”), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management, pursuant to which DIT agreed to acquire a 100 % ownership interest in ATC TIPL (the “ATC TIPL Transaction”).

Per the terms of the agreement, total aggregate consideration represented up to approximately 210 billion Indian Rupees (“INR”) (approximately $ 2.5 billion), including the value of the VIL OCDs and the VIL Shares (each as defined and further discussed in note 11), payments on certain existing customer receivables, the repayment of existing intercompany debt and the repayment, or assumption, of the Company’s existing term loan in India, by DIT.

On January 4, 2024, the Company, through its subsidiaries ATC Asia Pacific Pte.

and ATC Telecom Infrastructure Private Limited (“ATC TIPL”), entered into an agreement with Data Infrastructure Trust (“DIT”), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management, pursuant to which DIT 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 the Company’s existing term loan in India, by DIT.

During the year ended December 31, 2024, ATC TIPL distributed approximately 29.6 billion INR (approximately $ 354.1 million) to the Company, which included the value of the VIL Shares and the VIL OCDs and the satisfaction of the economic benefit associated with the rights to payments on certain existing customer receivables.

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

The loss on sale of ATC TIPL is included in Loss from discontinued operations, net of taxes in the consolidated statements of operations for year ended December 31, 2024.

The loss on sale of ATC TIPL was included in Loss from discontinued operations, net of taxes in the consolidated statements of operations for year ended December 31, 2024.

Proceeds received at closing $ 2,158.8

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Total loss on sale included in loss from discontinued operations, net of taxes $ ( 1,245.5 )

Under the terms of the Company’s agreement with DIT, the Company is obligated to indemnify DIT with respect to certain tax-related liabilities that may arise from activities prior to the completion of the sale.

The Company has recorded a $ 53.9 million contingent indemnification liability related to uncertain tax positions taken by ATC TIPL prior to the completion of the sale.

The contingent indemnification liability is recorded in Other non-current liabilities in the consolidated balance sheets as of December 31, 2024.

The Company recorded a deferred tax asset related to the loss incurred on the sale of ATC TIPL which can only be utilized against future nonresident long-term India capital gains earned by ATC Asia Pacific Pte.

The Company believes that it is more likely than not that the benefit from this will not be realized and has recorded a full valuation allowance against this deferred tax asset of approximately $ 140 million.

For the year ended December 31, 2023, ATC TIPL represented approximately 23 %, 15 % and 15 %, respectively, of the Company’s international property revenue, international gross margin and international operating profit and 10 %, 6 % and 5 %, respectively, of the Company’s total property revenue, total segment gross margin and total segment operating profit.

Prior to the completion of the ATC TIPL Transaction, ATC TIPL represented approximately 42 % of the Company’s international communications sites and 34 % of the Company’s total communications sites.

The Company believes that the sale of ATC TIPL represents a strategic shift that will have a major impact on its operations and financial results, and as such, the divestiture qualified for presentation as discontinued operations.

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

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Assets of discontinued operations consisted of the following:

December 31, 2024 December 31, 2023

Cash and cash equivalents $ — $ 219.6

Restricted cash — 0.4

Accounts receivable, net — 122.2

Prepaid and other current assets (1) — 387.4

Total current assets of discontinued operations $ — $ 729.6

Property and equipment, net $ — $ 925.6

Goodwill — 555.5

Other intangible assets, net — 588.4

Deferred rent — 43.6

Right-of-use asset — 673.7

Notes receivable and other non-current assets 34.1

Total non-current assets of discontinued operations $ — $ 2,820.9

Total assets of discontinued operations $ — $ 3,550.5

_______________

(1) As of December 31, 2023, includes the VIL OCDs.

Liabilities of discontinued operations consisted of the following:

December 31, 2024 December 31, 2023

Accounts payable $ — $ 7.4

Accrued expenses — 227.8

Accrued interest — 2.8

Current portion of operating lease liability — 104.2

Current portion of long-term obligations — 120.2

Unearned revenue — 0.9

Total current liabilities of discontinued operations $ — $ 463.3

Operating lease liability — 623.4

Asset retirement obligation — 78.2

Deferred tax liability — 50.8

Other non-current liabilities — 70.8

Total non-current liabilities of discontinued operations $ — $ 823.2

Total liabilities of discontinued operations $ — $ 1,286.5

Current portion of long-term obligations— Long-term obligations, including the current portion, includes the India Term Loan (as defined below).

Interest expense associated with the India Term Loan is included within Loss from discontinued operations, net of taxes in the consolidated statements of operations for the years ended December 31, 2024 and 2023.

On February 17, 2023, ATC TIPL borrowed 10.0 billion INR (approximately $ 120.7 million at the date of borrowing) under an unsecured term loan in India, with a maturity date that was one year from the date of the first draw thereunder, and which was subsequently extended to December 31, 2024 (the “India Term Loan”).

The India Term Loan was repaid on September 12, 2024, in connection with the completion of the ATC TIPL Transaction.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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

11 unchanged sentences

Interest expense — ( 7.6 ) ( 10.0 )

Other income (expense), net 46.5 77.8 ( 1.0 )

Other income, net — 46.5 77.8

Loss from discontinued operations before taxes $ — $ ( 899.9 ) $ ( 8.0 )

Income tax provision (benefit) 78.4 63.4 ( 88.8 )

Income tax provision — ( 78.4 ) ( 63.4 )

Loss from discontinued operations, net of taxes $ — $ ( 978.3 ) $ ( 71.4 )

_______________

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

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

(2) For the year ended December 31, 2022, primarily includes impairment charges, as discussed below.

(2) Primarily includes the reclassification of the Company’s cumulative translation adjustment in India upon exiting the market of $ 1.1 billion.

India Impairments

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

In the third quarter of 2022, VIL communicated that it would make partial payments of its contractual amounts owed to the Company and indicated that it would continue to make partial payments for the remainder of 2022.

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

However, in early 2023, VIL communicated that it would not be able to resume payments in full of its contractual obligations owed to the Company, and that it would instead continue to make partial payments.

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

The Company considered these developments and the uncertainty with respect to amounts owed under its tenant leases when conducting its 2022 annual impairment assessments for long-lived assets in India.

A probability weighted assessment was performed, incorporating current and expected industry and market conditions and trends and, as a result, the Company determined that certain fixed and intangible assets had been impaired during the year ended December 31, 2022.

• An impairment of $ 97.0 million was taken on tower and network location intangible assets in India.

• The Company also impaired the tenant-related intangible assets for VIL, which resulted in an impairment of $ 411.6 million.

Goodwill Impairments

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

As a result, the Company performed an interim quantitative goodwill impairment test as of September 30, 2023, using, among other things, the information obtained from third parties to compare the estimated fair value of the India reporting unit to its carrying amount, including goodwill.

The result of the Company’s interim goodwill impairment test as of September 30, 2023

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

indicated that the carrying amount of the Company's India reporting unit exceeded its estimated fair value.

The result of the Company’s interim goodwill impairment test as of September 30, 2023 indicated that the carrying amount of the Company's India reporting unit exceeded its estimated fair value.

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

9 unchanged sentences

Impairments, net loss on sale of long-lived assets, non-cash restructuring and merger related expenses — ( 2.3 ) 318.2

(Gain) loss on investments, unrealized foreign currency (gain) loss and other non-cash expense ( 30.7 ) ( 82.5 ) 14.0

Gain on investments, unrealized foreign currency (gain) loss and other non-cash expense — ( 30.7 ) ( 82.5 )

Loss on sale of ATC TIPL (2) — 1,245.5 —

2 unchanged sentences

(2) Primarily includes the reclassification of the Company’s cumulative translation adjustment in India upon exiting the market of $ 1.1 billion.

Transition Services Agreement— In connection with the ATC TIPL Transaction, the Company entered into a Transition Services Agreement (the “TSA”) with DIT, pursuant to which the Company agreed to provide certain information technology, finance, accounting and human resources services to support DIT in the ongoing operation of the business for a period of time post-closing.

Income and expenses recognized under the TSA were not significant for the year ended December 31, 2024.

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

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

The divestiture qualified for presentation as discontinued operations.

See Note 22 for further discussion.

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Selected quarterly financial data for the years ended December 31, 2024 and 2023 is as follows (in millions, except per share data):

Three Months Ended Year Ended

March 31, June 30, September 30, December 31,

Operating revenues $ 2,512.6 $ 2,544.7 $ 2,522.3 $ 2,547.6 $ 10,127.2

Operating income 1,141.0 1,156.2 1,139.2 1,080.1 4,516.5

Net income from continuing operations attributable to American Tower common stockholders 825.7 761.8 416.2 1,229.6 3,233.3

Net income (loss) from discontinued operations attributable to American Tower common stockholders 91.7 138.5 ( 1,208.5 ) — ( 978.3 )

Net income (loss) attributable to American Tower Corporation common stockholders 917.4 900.3 ( 792.3 ) 1,229.6 2,255.0

Earnings per Share:

Basic net income from continuing operations attributable to American Tower Corporation common stockholders $ 1.77 $ 1.63 $ 0.89 $ 2.63 $ 6.92

Basic net income (loss) from discontinued operations attributable to American Tower Corporation common stockholders per common share 0.20 0.30 ( 2.59 ) — ( 2.09 )

Basic net income (loss) attributable to American Tower Corporation common stockholders per common share $ 1.97 $ 1.93 $ ( 1.70 ) $ 2.63 $ 4.83

Diluted net income from continuing operations attributable to American Tower Corporation common stockholders $ 1.77 $ 1.63 $ 0.89 $ 2.62 $ 6.91

Diluted net income (loss) from discontinued operations attributable to American Tower Corporation common stockholders 0.20 0.30 ( 2.58 ) — ( 2.09 )

Diluted net income (loss) attributable to American Tower Corporation common stockholders per common share $ 1.96 $ 1.92 $ ( 1.69 ) $ 2.62 $ 4.82

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in millions, unless otherwise disclosed)

Three Months Ended Year Ended

March 31, June 30, September 30, December 31,

Operating revenues $ 2,520.4 $ 2,514.6 $ 2,521.1 $ 2,456.1 $ 10,012.2

Operating income 747.0 852.7 913.0 612.8 3,125.5

Net income from continuing operations attributable to American Tower common stockholders 324.6 435.3 784.4 10.4 1,554.7

Net income (loss) from discontinued operations attributable to American Tower common stockholders 11.2 40.4 ( 197.5 ) 74.5 ( 71.4 )

Net income attributable to American Tower Corporation common stockholders 335.8 475.7 586.9 84.9 1,483.3

Earnings per Share:

Basic net income from continuing operations attributable to American Tower Corporation common stockholders $ 0.70 $ 0.93 $ 1.68 $ 0.02 $ 3.34

Basic net income (loss) from discontinued operations attributable to American Tower Corporation common stockholders per common share 0.02 0.09 ( 0.42 ) 0.16 ( 0.15 )

Basic net income attributable to American Tower Corporation common stockholders per common share $ 0.72 $ 1.02 $ 1.26 $ 0.18 $ 3.18

Diluted net income from continuing operations attributable to American Tower Corporation common stockholders $ 0.70 $ 0.93 $ 1.68 $ 0.02 $ 3.33

Diluted net income (loss) from discontinued operations attributable to American Tower Corporation common stockholders 0.02 0.09 ( 0.42 ) 0.16 ( 0.15 )

Diluted net income attributable to American Tower Corporation common stockholders per common share $ 0.72 $ 1.02 $ 1.26 $ 0.18 $ 3.18

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

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

In August 2023, the Company amended the agreements governing the VIL OCDs to, among other items, extend the maturity of the first tranche of the VIL OCDs to August 27, 2024.

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

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

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

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

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

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

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

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

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

1 unchanged sentence

(Tabular amounts in millions, unless otherwise disclosed)

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

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

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

SUBSEQUENT EVENTS

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

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

Amendments to Bank Facilities— On January 28, 2025, the Company amended its (i) 2021 Multicurrency Credit Facility, (ii) 2021 Credit Facility and (iii) 2021 Term Loan.

These amendments, among other things,

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

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

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

Sale of South Africa Fiber— The Company, through its subsidiary ATC South Africa Wireless Infrastructure Proprietary Limited, entered into an agreement, which received government approval on February 13, 2025, pursuant to which it expects to sell one of its subsidiaries in South Africa that holds fiber assets (“South Africa Fiber”) for total aggregate consideration of 2.5 billion South African Rand (approximately $ 132.7 million) subject to certain adjustments.

The Company expects to complete the sale during the first quarter of 2025.

South Africa Fiber’s operating results are included within the Africa & APAC property segment.

Repayment of 4.400 % Senior Notes— On February 13, 2026, the Company repaid $ 500.0 million aggregate principal amount of the Company’s 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, no ne of the 4.400 % Notes remained outstanding.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

37 unchanged sentences

Total deductions ( 454.9 ) ( 2,712.1 ) ( 682.4 )

( 2,712.1 ) ( 682.4 ) ( 467.0 )

Balance at end $ 29,844.9 $ 27,582.5 $ 28,239.2

4 unchanged sentences

Depreciation ( 974.0 ) ( 1,002.3 ) ( 1,353.5 )

Other (9) ( 250.4 ) — —

Total additions ( 1,224.4 ) ( 1,002.3 ) ( 1,353.5 )

14 unchanged sentences

(7) Primarily includes regional improvements, other additions and net adjustments related to the Company’s asset retirement obligations.

For the year ended December 31, 2022, includes $ 1.6 billion of data center equipment acquired in 2021 not previously classified as an investment in real estate.

The Company determined that the inclusion of data center equipment in this schedule would provide better information and be more consistent with others in the data center industry.

Also includes foreign currency exchange rate fluctuations.

(8) For the year ended December 31, 2025, includes the impact of the sale of South Africa Fiber.

(9) Primarily includes foreign currency exchange rate fluctuations and other deductions.

2 unchanged sentences

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

What changed 10-K

Item 9A. Controls and Procedures