AMERICAN TOWER CORP /MA/

Previous wording

We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Our primary business is the leasing of space on 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. In addition to the communications sites in our portfolio, we manage rooftop and tower sites for property owners under various contractual arrangements. We also hold other telecommunications infrastructure and property interests that we lease primarily to communications service providers and third-party tower operators, and, as discussed further below, we hold a portfolio of highly interconnected data center facilities and related assets in the United States. Our customers include our tenants, licensees and other payers. We refer to the business encompassing the above as our property operations, which accounted for 98% and 98% of our total revenues for the three and six months ended June 30, 2026, respectively, and includes our U.S. & Canada property, Africa & Asia-Pacific (“APAC”) property, Europe property and Latin America property segments and Data Centers segment.

Current wording

We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Our primary business is the leasing of space on 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. In addition to the communications sites in our portfolio, we manage rooftop and tower sites for property owners under various contractual arrangements. We also hold other telecommunications infrastructure and property interests that we lease primarily to communications service providers and third-party tower operators, and, as discussed further below, we hold a portfolio of highly interconnected data center facilities and related assets in the United States. Our customers include our tenants, licensees and other payers. We refer to the business encompassing the above as our property operations, which accounted for 98% and 98% of our total revenues for the three and nine months ended September 30, 2026, respectively, and includes our U.S. & Canada property, Africa & Asia-Pacific (“APAC”) property, Europe property and Latin America property segments and Data Centers segment.

Previous wording

(2)During the three months ended June 30, 2026, we completed the sales of our subsidiary in the Philippines (“ATC Philippines”) and our controlling interest in Kirtonkhola Tower Bangladesh Limited (“KTBL”).

Current wording

(3)During the three months ended June 30, 2026, we completed the sales of our subsidiary in the Philippines (“ATC Philippines”) and our controlling interest in Kirtonkhola Tower Bangladesh Limited (“KTBL” and, together with ATC Philippines, the “APAC operations” and the sites therein, the “APAC sites”).

Previous wording

As of June 30, 2026, our property portfolio included 30 operating data center facilities across 11 markets in the United States that collectively comprise approximately 3.8 million net rentable square feet (“NRSF”) of data center space, as follows:

Current wording

As of September 30, 2026, our property portfolio included 30 operating data center facilities across 11 markets in the United States that collectively comprise approximately 3.9 million net rentable square feet (“NRSF”) of data center space, as follows:

Previous wording

In most of our markets, our tenant leases for our communications sites with wireless carriers generally have initial non-cancellable terms of five to ten years with multiple renewal terms. Accordingly, the vast majority of the revenue generated by our property operations during the six months ended June 30, 2026 was recurring revenue that we should continue to receive in future periods. Most of our tenant leases for our communications sites have provisions that periodically increase or “escalate” the rent due under the lease, typically based on (a) an annual fixed escalation (averaging approximately 3% in the United States), (b) an inflationary index in most of our international markets, or (c) a combination of both. In addition, certain of our tenant leases provide for additional revenue primarily to cover costs (pass-through revenue), such as ground rent or power and fuel costs.

Current wording

In most of our markets, our tenant leases for our communications sites with wireless carriers generally have initial non-cancellable terms of five to ten years with multiple renewal terms. Accordingly, the vast majority of the revenue generated by our property operations during the nine months ended September 30, 2026 was recurring revenue that we should continue to receive in future periods. Most of our tenant leases for our communications sites have provisions that periodically increase or “escalate” the rent due under the lease, typically based on (a) an annual fixed escalation (averaging approximately 3% in the United States), (b) an inflationary index in most of our international markets, or (c) a combination of both. In addition, certain of our tenant leases provide for additional revenue primarily to cover costs (pass-through revenue), such as ground rent or power and fuel costs.

Previous wording

Based upon existing customer leases and foreign currency exchange rates as of June 30, 2026, we expect to generate nearly $50 billion of non-cancellable customer lease revenue over future periods, before the impact of straight-line lease accounting.

Current wording

Based upon existing customer leases and foreign currency exchange rates as of September 30, 2026, we expect to generate nearly $49 billion of non-cancellable customer lease revenue over future periods, before the impact of straight-line lease accounting.

Previous wording

The revenues generated by our property operations may be affected by cancellations of existing tenant leases. As discussed above, most of our tenant leases with wireless carriers and broadcasters are multiyear contracts, which typically are non-cancellable; however, in some instances, a lease may be cancelled upon the payment of a termination fee. Revenue lost from either tenant lease cancellations or the non-renewal of leases or rent renegotiations, which we refer to as churn, has historically not had a material adverse effect on the revenues generated by our consolidated property operations. During the six months ended June 30, 2026, churn was approximately 5% of our tenant billings, primarily driven by churn due to one of our U.S. customers, DISH Wireless L.L.C., a subsidiary of DISH Network Corporation (“DISH”) in our U.S. & Canada property segment, as discussed below. Beginning on January 1, 2026, 100% of DISH revenue will be reflected in churn.

Current wording

The revenues generated by our property operations may be affected by cancellations of existing tenant leases. As discussed above, most of our tenant leases with wireless carriers and broadcasters are multiyear contracts, which typically are non-cancellable; however, in some instances, a lease may be cancelled upon the payment of a termination fee. Revenue lost from either tenant lease cancellations or the non-renewal of leases or rent renegotiations, which we refer to as churn, has historically not had a material adverse effect on the revenues generated by our consolidated property operations. During the nine months ended September 30, 2026, churn was approximately 5% of our tenant billings, primarily driven by churn due to one of our U.S. customers, DISH Wireless L.L.C., a subsidiary of DISH Network Corporation (“DISH”) in our U.S. & Canada property segment, as discussed below. Beginning on January 1, 2026, 100% of DISH revenue has been reflected in churn.

Previous wording

AT&T Mexico Dispute. We are currently engaged in a legal dispute (the “Arbitration”) with one of our customers in Mexico, AT&T Comunicaciones Digitales, S. de R.L. de C.V. and related entities (collectively, “AT&T Mexico”). AT&T Mexico, which represented approximately $300 million of tenant revenue in 2025, is challenging the calculation of the monthly lease amount established under our Master Lease Agreement with AT&T Mexico (the “MLA”), as well as certain other provisions of the MLA, seeking rent abatement both retroactively and prospectively, and had been withholding tower rents since the start of 2025. We incurred approximately $30 million of reserves during the year ended December 31, 2025, and an additional approximately $20 million of reserves during the six months ended June 30, 2026, related to this customer. We expect to record future reserves until the Arbitration is settled. We believe we have meritorious defenses to the claims raised in this Arbitration, are vigorously defending the full enforceability of the MLA and remain confident in the terms and conditions of the MLA. The Arbitration is scheduled for a hearing in August 2026.

Current wording

AT&T Mexico Dispute. We are currently engaged in a legal dispute (the “Arbitration”) with one of our customers in Mexico, AT&T Comunicaciones Digitales, S. de R.L. de C.V. and related entities (collectively, “AT&T Mexico”). AT&T Mexico, which represented approximately $300 million of tenant revenue in 2025, is challenging the calculation of the monthly lease amount established under our Master Lease Agreement with AT&T Mexico (the “MLA”), as well as certain other provisions of the MLA, seeking rent abatement both retroactively and prospectively, and had been withholding tower rents since the start of 2025. We incurred approximately $30 million of reserves during the year ended December 31, 2025, and approximately $30 million of additional reserves during the nine months ended September 30, 2026, related to this customer. We expect to record future reserves until the Arbitration is settled. We believe we have meritorious defenses to the claims raised in this Arbitration, are vigorously defending the full enforceability of the MLA and remain confident in the terms and conditions of the MLA. The Arbitration hearing began in August 2026 and we expect a final ruling in 2027.

Previous wording

On June 15, 2026, we amended the complaint to (i) add claims seeking damages for DISH’s breaches of the SCA and other agreements, and (ii) add DISH’s parent company, EchoStar Corporation, as a party for tortious interference with such agreements. On June 30, 2026, DISH filed petitions for relief under chapter 11 of the United States Bankruptcy Code. Consistent with applicable law, we continue to seek relief in connection with DISH’s failure to comply with its obligations under the SCA and other agreements described in the amended complaint. DISH represented approximately 2% and 4% of our total annual property revenue and total annual U.S. & Canada property revenue, respectively, for 2025. DISH is reflected in churn for the six months ended June 30, 2026. During the six months ended June 30, 2026, we recorded impairment charges related to DISH of $17.5 million.

Current wording

On June 15, 2026, we amended the complaint to (i) add claims seeking damages for DISH’s breaches of the SCA and other agreements, and (ii) add DISH’s parent company, EchoStar Corporation, as a party for tortious interference with such agreements. On June 30, 2026, DISH filed petitions for relief under chapter 11 of the United States Bankruptcy Code. Consistent with applicable law, we continue to seek relief in connection with DISH’s failure to comply with its obligations under the SCA and other agreements described in the amended complaint. DISH represented approximately 2% and 4% of our total annual property revenue and total annual U.S. & Canada property revenue, respectively, for 2025. DISH is reflected in churn for the nine months ended September 30, 2026. During the nine months ended September 30, 2026, we recorded impairment charges related to DISH of $17.5 million.

Previous wording

•$33.8 million due to leasing additional space on our sites (“colocations”) and amendments; and

Current wording

•$25.4 million due to leasing additional space on our sites (“colocations”) and amendments; and

Previous wording

•$24.6 million resulting from churn in excess of contractual escalations, primarily related to DISH; and

Current wording

•$24.8 million resulting from churn in excess of contractual escalations, primarily related to DISH; and

Previous wording

•An increase of $12.6 million in pass-through revenue, primarily due to an increase in fuel costs; and

Current wording

•An increase of $36.9 million in pass-through revenue, primarily due to an increase in fuel costs; and

Previous wording

•$6.7 million resulting from contractual escalations, net of churn; and

Current wording

•$1.7 million resulting from contractual escalations, net of churn; and

Previous wording

•An increase of $7.7 million in other revenue, primarily due to tenant settlements in South Africa and a decrease in revenue reserves, partially offset by a decrease due to straight-line accounting.

Current wording

•Partially offset by a decrease of $21.4 million in other revenue, primarily due to an increase in revenue reserves as a result of tenant settlements in the prior-year period, and a decrease due to straight-line accounting.

Previous wording

Segment revenue growth included an increase of $23.7 million attributable to the impact of foreign currency translation, which included, among others, positive impacts of $13.9 million related to fluctuations in Nigerian Naira (“NGN”), $5.9 million related to fluctuations in Ghanaian Cedi (“GHS”) and $5.1 million related to fluctuations in South African Rand (“ZAR”), partially offset by a negative impact of $1.4 million related to fluctuations in Ugandan Shilling.

Current wording

Segment revenue growth included an increase of $11.7 million attributable to the impact of foreign currency translation, which included, among others, positive impacts of $14.0 million related to fluctuations in Nigerian Naira (“NGN”) and $3.9 million related to fluctuations in South African Rand (“ZAR”), partially offset by negative impacts of $3.4 million related to fluctuations in Ugandan Shilling (“UGX”) and $2.1 million related to fluctuations in Ghanaian Cedi (“GHS”) .

Previous wording

•$0.9 million from other tenant billings.

Current wording

•Partially offset by a decrease of $0.9 million from other tenant billings;

Previous wording

Segment revenue growth included an increase of $7.1 million attributable to the positive impact of foreign currency translation related to fluctuations in Euro (“EUR”).

Current wording

Segment revenue growth was partially offset by a decrease of $4.0 million attributable to the negative impact of foreign currency translation related to fluctuations in Euro (“EUR”).

Previous wording

•An increase of $44.0 million attributable to the impact of foreign currency translation, which included, among others, positive impacts of $20.1 million related to fluctuations in Brazilian Real (“BRL”), $14.8 million related to fluctuations in Mexican Peso (“MXN”) and $5.0 million related to fluctuations in Colombian Peso (“COP”);

Current wording

•An increase of $32.8 million attributable to the impact of foreign currency translation, which included, among others, positive impacts of $11.5 million related to fluctuations in Brazilian Real (“BRL”), $10.3 million related to fluctuations in Mexican Peso (“MXN”) and $8.0 million related to fluctuations in Colombian Peso (“COP”);

Previous wording

•Partially offset by a decrease in tenant billings of $7.0 million, which was driven by:

Current wording

•Partially offset by a decrease in tenant billings of $6.4 million, which was driven by:

Previous wording

•$13.5 million from churn in excess of contractual escalations, primarily related to customer cancellations in Brazil;

Current wording

•$13.0 million from churn in excess of contractual escalations, primarily related to customer cancellations in Brazil;

Previous wording

•An increase of $20.3 million in rental, related and other revenue, primarily due to new lease commencements, customer expansions and rent increases upon customer renewals;

Current wording

•An increase of $29.4 million in rental, related and other revenue, primarily due to new lease commencements, customer expansions and rent increases upon customer renewals;

Previous wording

•An increase of $8.2 million in power revenue from new lease commencements, increased power consumption and pricing increases from existing customers;

Current wording

•An increase of $10.4 million in power revenue from new lease commencements, increased power consumption and pricing increases from existing customers;

Previous wording

•An increase of $3.2 million in straight-line revenue.

Current wording

•An increase of $3.5 million in straight-line revenue; and

Previous wording

•An increase of $3.5 million in interconnection revenue, primarily due to customer interconnection net additions and pricing increases from existing cross connects; and

Current wording

•An increase of $3.1 million in interconnection revenue, primarily due to customer interconnection net additions and pricing increases from existing cross connects.

Previous wording

Services segment revenue decrease of $38.2 million was primarily attributable to decreases in site application, zoning and permitting services, structural and mount analyses services and construction management services.

Current wording

Services segment revenue decrease of $49.7 million was primarily attributable to decreases in site application, zoning and permitting services, structural and mount analyses services and construction management services.

Previous wording

•$49.8 million resulting from churn in excess of contractual escalations, primarily related to DISH; and

Current wording

•$74.6 million resulting from churn in excess of contractual escalations, primarily related to DISH; and

Previous wording

Segment revenue decrease was partially offset by an increase of $0.1 million attributable to the positive impact of foreign currency translation related to fluctuations in CAD.

Current wording

Segment revenue decrease was not meaningfully impacted by foreign currency translation related to fluctuations in CAD.

Previous wording

•$1.6 million from other tenant billings; and

Current wording

•$1.8 million from other tenant billings; and

Previous wording

•an increase of $11.0 million in pass-through revenue, primarily due to an increase in fuel costs;

Current wording

•An increase of $47.9 million in pass-through revenue, primarily due to an increase in fuel costs;

Previous wording

•Partially offset by a decrease of $9.5 million in other revenue, primarily due to an increase in revenue reserves and a decrease due to straight-line accounting, partially offset by tenant settlements in South Africa.

Current wording

•Partially offset by a decrease of $30.8 million in other revenue, primarily due to an increase in revenue reserves as a result of tenant settlements in the prior-year period, and a decrease due to straight-line accounting, partially offset by tenant settlements in South Africa.

Previous wording

Segment revenue growth included an increase of $55.6 million, attributable to the impact of foreign currency translation, which included, among others, positive impacts of $21.9 million related to fluctuations in NGN, $20.9 million related to fluctuations in GHS and $10.7 million related to fluctuations in ZAR.

Current wording

Segment revenue growth included an increase of $67.3 million attributable to the impact of foreign currency translation, which included, among others, positive impacts of $35.8 million related to fluctuations in NGN, $18.9 million related to fluctuations in GHS and $14.5 million related to fluctuations in ZAR, partially offset by a negative impact of $3.8 million related to fluctuations in UGX.

Previous wording

•An increase of $6.5 million in other revenue, primarily due to the impact of incremental capital contributions, which are amortized over the term of the lease; and

Current wording

•An increase of $20.8 million in other revenue, primarily due to the impact of incremental capital contributions, which are amortized over the term of the lease; and

Previous wording

•An increase of $94.8 million attributable to the impact of foreign currency translation, which included, among others, positive impacts of $42.8 million related to fluctuations in BRL, $33.6 million related to fluctuations in MXN and $8.8 million related to fluctuations in COP;

Current wording

•An increase of $127.7 million attributable to the impact of foreign currency translation, which included, among others, positive impacts of $54.3 million related to fluctuations in BRL, $43.9 million related to fluctuations in MXN and $16.7 million related to fluctuations in COP;

Previous wording

•An increase of $46.1 million in other revenue, primarily due to an increase of $26.3 million from straight-line accounting resulting largely from tenant settlements in Brazil and a decrease in revenue reserves; and

Current wording

•An increase of $59.1 million in other revenue, primarily due to an increase of $25.7 million from straight-line accounting resulting largely from tenant settlements in Brazil and a decrease in revenue reserves; and

Previous wording

•Partially offset by a decrease in tenant billings of $12.8 million, which was driven by:

Current wording

•Partially offset by a decrease in tenant billings of $19.2 million, which was driven by:

Previous wording

•$23.9 million from churn in excess of contractual escalations, primarily related to customer cancellations in Brazil; and

Current wording

•$37.0 million from churn in excess of contractual escalations, primarily related to customer cancellations in Brazil; and

Previous wording

•An increase of $46.0 million in rental, related and other revenue, primarily due to new lease commencements, customer expansions and rent increases upon customer renewals;

Current wording

•An increase of $75.4 million in rental, related and other revenue, primarily due to new lease commencements, customer expansions and rent increases upon customer renewals;

Previous wording

•An increase of $18.5 million in power revenue from new lease commencements, increased power consumption and pricing increases from existing customers;

Current wording

•An increase of $28.9 million in power revenue from new lease commencements, increased power consumption and pricing increases from existing customers;

Previous wording

•An increase of $7.6 million in straight-line revenue.

Current wording

•An increase of $11.1 million in straight-line revenue; and

Previous wording

•An increase of $7.9 million in interconnection revenue, primarily due to customer interconnection net additions and pricing increases from existing cross connects; and

Current wording

•An increase of $11.0 million in interconnection revenue, primarily due to customer interconnection net additions and pricing increases from existing cross connects.

Previous wording

Services segment revenue decrease of $45.2 million was primarily attributable to decreases in site application, zoning and permitting services, structural and mount analyses services, and construction management services.

Current wording

Services segment revenue decrease of $94.9 million was primarily attributable to decreases in site application, zoning and permitting services, structural and mount analyses services, and construction management services.