American Tower (AMT) Financial History

Additionally, we must safeguard our customers’ infrastructure and equipment located in our data centers and ensure our data centers remain operational at all times.

Our towers, data centers, other telecommunications assets and computer systems are subject to risks associated with natural disasters, such as hurricanes, ice and windstorms, tornadoes, floods, earthquakes and wildfir…

Our towers, data centers, other telecommunications assets or computer systems may be affected by natural disasters (including as a result of climate change), public perception of health risks and other unforeseen even…

Significant acquisition-related integration costs, including certain nonrecurring charges such as costs associated with onboarding employees, integrating information technology systems, acquiring permits and visiting,…

During the course of acquiring or building communications sites and other communications infrastructure assets, including data center facilities and related assets, in our existing markets and expansion into new marke…

Our expansion initiatives involve a number of risks and uncertainties that could adversely affect our operating results, disrupt our operations or expose us to additional risk.

cybersecurity incidents.

Efforts to regulate greenhouse gas emissions, the use of fossil fuels or requirements to use alternative fuel to power energy resources that serve our data centers or the generators we use in our emerging markets to d…

Our operations are subject to various federal, state, local and foreign environmental and occupational safety and health laws and regulations, including those relating to the management, use, storage, disposal, emissi…

We are subject to certain federal, state, local and foreign taxes on our income and assets, including taxes on any undistributed income and state, local or foreign income, franchise, property and transfer taxes.

Commencing with the taxable year beginning January 1, 2012, we have operated as a REIT for federal income tax purposes.

Furthermore, the tax laws, regulations, applicable license terms and conditions, and interpretations governing our business, and that of our customers, in jurisdictions where we operate, may change at any time, potent…

also affect our ability to plan, forecast and budget for our international operations and expansion efforts.

•anti-American sentiment or adverse impacts from United States trade or foreign policy, including the impacts of tariffs and retaliatory measures;

•significant increases in, or implementation of new, license surcharges and similar fees or taxes on our revenue;

•uncertain, inconsistent or changing laws, regulations, rulings or methodologies impacting our existing and anticipated international operations, fees or other requirements directed specifically at the ownership and o…

The agreements related to our Trust Securitization (as defined below) include operating covenants and other restrictions customary for loans subject to rated securitizations.

Further, market volatility and disruption caused by factors such as inflation and fluctuating interest rates may impact our ability to raise additional capital through debt and equity financing activities or our abili…

In addition, inflation is often accompanied by higher interest rates.

The United States and other large global economies experienced historically high inflation in recent years.

Increased inflation and interest rates may adversely affect us by increasing costs beyond what we can recover through price increases.

Our leverage, debt service obligations and repurchase activity may materially and adversely affect our ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives and ma…

We currently operate parts of our business through joint ventures with third party partners that we believe will complement or augment our existing business.

We continually evaluate the performance, capital needs and strategic fit of all of our businesses and, as a result of such evaluation, may sell some or all of the equity interests in a particular business or component…

Divestitures may materially and adversely affect our financial condition, results of operations or cash flows.

Moreover, the emergence of alternative technologies could reduce the need for tower-based broadcast services transmission and reception.

Significant consolidation among our customers could reduce demand for our communications infrastructure and may materially and adversely affect our growth and revenues.

If our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth and revenue could be materially and adversely affected.

Our industries are highly competitive and our customers have numerous alternatives in leasing communications infrastructure assets.

In addition, many of our customers and potential customers rely on capital raising activities to fund their operations and capital expenditures, which may be more difficult or expensive in the event of downturns in th…

One or more of our customers, or their parent companies, may experience financial difficulties, file for bankruptcy, reduce or terminate their operations or exit certain markets as a result of a prolonged economic dow…

malinformation campaigns resulted in a finding that radio frequency emissions pose health risks to consumers, it could negatively impact our customers and the market for wireless services, which could materially and a…

Public perception of possible health risks associated with cellular and other wireless communications technology could slow the growth of wireless companies, which could in turn slow our growth.

Our platform expansion growth initiatives may not be successful, or we may be required to record impairment charges for our goodwill or for other intangible assets, which could have an adverse effect on our business,…

We have service level commitment obligations to substantially all of our data center customers.

We must safeguard our customers’ infrastructure and equipment located in our data centers and ensure our data centers remain operational at all times.

responsible for any such breach, it could result in a significant loss to us, including damage to our customer relationships, harm to our brand and reputation and legal liability.

previously filed tax returns and continuing assessments of our tax exposures may have an adverse effect on our provision for income taxes and cash tax liability.

In 2021, we adopted science-based greenhouse gas reduction targets, which were approved by the Science Based Targets initiative and are in line with the goals set forth in the 2015 Paris Agreement.

promulgated by jurisdictions.

In addition, as of January 1, 2024, we and our subsidiaries, in principle, would be subject to the Organization for Economic Cooperation and Development (OECD) Global Anti-Base Erosion Rules (more commonly referred to…

communications infrastructure or our international acquisitions, any of which laws, fees or requirements may be applied retroactively or with significant delay;

The United States and other large global economies experienced historically high inflation in recent years.

We continually evaluate the performance, capital needs and strategic fit of all of our businesses and, as a result of such evaluation, may sell some or all of the equity interests in a particular business or component…

or enter into new leases, they may be at rates lower than our current rates or on less favorable terms than our current terms, resulting in an adverse impact on our results of operations and growth rate.

One or more of our customers, or their parent companies, may experience financial difficulties, file for bankruptcy or reduce or terminate operations as a result of a prolonged economic downturn, economic difficulties…

Negative public perception or regulations regarding perceived health risks from wireless technologies, including 5G, could slow wireless industry growth and adversely affect our business.

The transformation initiatives we undertake may not deliver the results we expect.

Our business depends on our ability to appropriately collect, manage, integrate and use data across our operations.

Our business depends on effective data governance, and failures in our data governance frameworks could adversely affect our operations.

We have service level commitments to substantially all of our data center customers, and interruptions, equipment damage or staffing challenges could impair our ability to meet these obligations and lead to potential…

Furthermore, we also may face pressure from certain stakeholders, such as the communities in which we operate, who are increasingly focused on climate change and shortages of power, land and water resources, which are…

Additionally, we are currently engaging in, or contemplating, data center expansions and new ground-up data center builds in new and existing markets.

Moreover, we rely on third parties, governmental entities and suppliers to provide sufficient power for our data centers and to support future expansion, which is different than our tower leasing operations.

Over the last five years, we have significantly expanded our data centers business, which is a much less mature business for us than our tower leasing operations.

Our data center segment contains certain operational differences from our tower leasing operations, resulting in different operational risks.

sophisticated cyberattacks, any of which could result in data breaches, operational disruptions or liability.

Globally, the frequency, severity and sophistication of cybersecurity incidents have increased, and these trends will likely continue, especially during times of geopolitical tension or instability among countries fro…

liable for certain costs of remediating contamination at third-party sites to which we sent waste for disposal, even if the original disposal may have complied with all legal requirements at the time.

various factual determinations concerning matters and circumstances not entirely within our control.

In addition, as of January 1, 2024, we and our subsidiaries, in principle, became subject to the Organization for Economic Cooperation and Development (the “OECD”) Global Anti-Base Erosion Rules (the “Pillar 2 Rules”)…

Our data centers segment is also subject to various federal, state and local environmental and health and safety laws and regulations in the United States, as set forth in Item 1A of this Annual Report under the capti…

We also face risks associated with changes in foreign currency exchange rates, including those arising from the impacts of an inflationary and high interest rate environment on the global or regional economy and marke…

•changes to applicable tax laws or successful challenges to how or where our profits are currently recognized, which could increase our overall taxes;

default on any of the loans, the servicer on such loan could seek to foreclose upon or otherwise convert the ownership of the secured assets, in which case we could lose such assets and the cash flow associated with s…

Additionally, our Board has approved a share repurchase program allowing us to repurchase common stock through various methods, including open market purchases.

We have a substantial amount of indebtedness.

Our use of joint ventures and strategic partnerships may expose us to risks associated with jointly owned investments.

business that may not provide expected returns or profitability, which could divert management attention and have a material adverse effect on our operating results.

The following is a list of significant customers (representing at least 10% of revenue in any of the last three years) and the percentage of our total revenues for the specified time periods received from these custom…

The outcomes of these matters are uncertain, and there can be no assurance that our positions will be upheld.

Additionally, on September 24, 2025, one of our U.S.

For example, we are currently engaged in a legal dispute (the “Arbitration”) with one of our customers in Mexico, AT&T Comunicaciones Digitales, S.

Our business, results of operations and financial condition could be negatively impacted by disputes with our customers.