[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","mu12edtb54kacdte7bzy2d9et","revision",2,"title","American Tower披露2026年第三季度及前九个月业绩，并更新回购、债务和加拿大业务出售事项","originalTitle","10-Q - AMERICAN TOWER CORP /MA/ (0001053507) (Filer)","summary","American Tower披露，2026年第三季度收入为27.854亿美元，同比增长3%；截至9月30日的前九个月收入为82.720亿美元，同比增长5%。前九个月净利润为25.468亿美元，调整后EBITDA为54.752亿美元，AFFO为39.232亿美元。","reason","材料提供了American Tower截至2026年9月30日的季度及九个月业绩、债务与现金流信息，并披露客户争议及加拿大业务出售签约等事项。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-27T20:08:31.000Z","discoveredAt","2026-10-28T00:48:23.578Z","timelineAt","category","ai-products","tags",[84,85,86,87,88],"stockSymbols",[83],"score",54,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":69},"hasTranslation","bodyLanguage","zh","factId","f14MOymeLfWs",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","dfe00b18-2ce3-4153-8f0a-523017d6ef9f","American Tower公布第三季度业绩并上调数据中心增长预期",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表格

（勾选一项）：

☒ 根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告。季度截至日期：2026 年 9 月 30 日。

☐ 根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告。

委员会文件编号：001-14195

AMERICAN TOWER CORPORATION

（注册人章程中规定的准确名称）


特拉华州		65-0723837
（注册成立或组织所在州或其他司法管辖区）		（美国国税局雇主识别号）

222 Berkeley Street

Boston, Massachusetts 02116

（主要行政办公室地址）

电话号码 (617) 375-7500

（注册人电话号码，含区号）

根据该法第 12(b) 条注册的证券：


各类别证券名称	交易代码	注册交易所名称
普通股，面值 $0.01	AMT	纽约证券交易所
2027 年到期的 0.450% 优先票据	AMT 27C	纽约证券交易所
2027 年到期的 0.400% 优先票据	AMT 27D	纽约证券交易所
2027 年到期的 4.125% 优先票据	AMT 27F	纽约证券交易所
2028 年到期的 0.500% 优先票据	AMT 28A	纽约证券交易所
2029 年到期的 0.875% 优先票据	AMT 29B	纽约证券交易所
2030 年到期的 0.950% 优先票据	AMT 30C	纽约证券交易所
2030 年到期的 3.900% 优先票据	AMT 30D	纽约证券交易所
2031 年到期的 4.625% 优先票据	AMT 31B	纽约证券交易所
2032 年到期的 1.000% 优先票据	AMT 32	纽约证券交易所
2032 年到期的 3.625% 优先票据	AMT 32B	纽约证券交易所
2033 年到期的 1.250% 优先票据	AMT 33	纽约证券交易所
2033 年到期的 4.000% 优先票据	AMT 33D	纽约证券交易所
2034 年到期的 4.100% 优先票据	AMT 34A	纽约证券交易所

请勾选说明注册人是否 (1) 已在过去 12 个月（或注册人需提交此类报告的较短期间）内提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告，以及 (2) 在过去 90 天内是否一直受此类申报要求约束：是 ☒ 否 ☐

请勾选，以说明注册人是否已在此前 12 个月（或注册人被要求提交此类文件的较短期间内）按照 S-T 法规第 405 条（本章 §232.405）的要求，以电子方式提交了所有互动数据文件。是 ☒ 否 ☐

请勾选，以说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》规则 12b-2 中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

大型加速申报公司

☒

加速申报公司

☐

非加速申报公司

☐

较小申报公司

☐

新兴成长型公司

☐

如果是新兴成长型公司，请勾选注册人是否已选择不采用《交易法》第 13(a) 条规定的延长过渡期，以遵守任何新的或修订后的财务会计准则。 ☐

请勾选，以说明注册人是否为空壳公司（定义见《交易法》规则 12b-2）：是 ☐ 否 ☒

截至 2026 年 10 月 20 日，普通股流通股数为 463,763,555 股。

美国铁塔公司

10-Q 表季度报告

截至 2026 年 9 月 30 日的季度

页码

第一部分：财务信息

第 1 项。

未经审计的合并及简明合并财务报表

截至 2026 年 9 月 30 日和 2025 年 12 月 31 日的合并资产负债表

截至 2026 年 9 月 30 日止三个月和九个月以及 2025 年同期的合并经营报表

截至 2026 年 9 月 30 日止三个月和九个月以及 2025 年同期的合并综合收益表

截至 2026 年 9 月 30 日止九个月以及 2025 年同期的合并现金流量表

截至 2026 年 9 月 30 日止三个月和九个月以及 2025 年同期的合并权益变动表

第 2 项。

第 3 项。

第 4 项。

第二部分：其他信息

第 1 项。

第 1A 项。

第 2 项。

第 5 项。

第 6 项。


第一部分	财务信息


项目 1。	未经审计的合并及简明合并财务报表

AMERICAN TOWER CORPORATION 及其子公司

合并资产负债表

（百万美元，股份数和每股数据除外）


	2026年9月30日		2025年12月31日
资产
流动资产：
现金及现金等价物	$	1,871.9			$	1,474.8
受限现金	135.4			130.4

应收账款净额	622.2			650.3
预付及其他流动资产	520.8			486.3


流动资产总额	3,150.3			2,741.8
物业及设备净额	20,739.3			20,356.3
商誉	12,128.4			12,255.5
其他无形资产净额	13,712.6			14,530.7
递延所得税资产	167.0			151.4
递延租金资产	3,743.7			3,851.3
使用权资产	8,360.2			8,426.5
应收票据及其他非流动资产	978.8			876.9

总计	$	62,980.3			$	63,190.4
负债
流动负债：
应付账款	$	209.9			$	259.8
应计费用	1,209.5			1,112.5
应付分配款	839.0			818.6
应计利息	261.7			425.2
流动经营租赁负债	648.2			584.9
长期债务的流动部分	5,363.5			3,387.8
未赚取收入	402.8			325.0

流动负债总额	8,934.6			6,913.8
长期债务	32,215.2			33,832.5
经营租赁负债	7,067.3			7,158.7
资产弃置义务	2,522.4			2,512.9
递延所得税负债	1,520.1			1,440.3
其他非流动负债	955.1			976.9

负债总额	53,214.7			52,835.1
承诺和或有事项

权益（股份数以千计）：



普通股：面值$0.01；授权1,000,000股；已发行480,181股和479,358股；流通464,172股和466,318股	4.8			4.8
额外实收资本	15,551.8			15,215.3
超出收益的分配	(5,100.0)			(5,086.0)
累计其他综合亏损	(4,756.2)			(4,815.8)
库存股（分别为16,009股和13,040股，按成本计）	(2,183.8)			(1,665.8)
American Tower Corporation 股东权益总额	3,516.6			3,652.5
非控股权益	6,249.0			6,702.8
权益总额	9,765.6			10,355.3
总计	$	62,980.3			$	63,190.4

请参阅未经审计的合并及简明合并财务报表附注。

AMERICAN TOWER CORPORATION 及其子公司

合并经营报表

（百万美元，股份和每股数据除外）


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
收入：
物业	$	2,734.0			$	2,616.3		$	8,091.7	$	7,631.9
服务	51.4			101.1			180.3		275.2
经营收入总额	2,785.4			2,717.4			8,272.0		7,907.1
经营费用：
经营成本（不包括下文单独列示的项目）：
物业	724.9			657.0			2,097.6		1,897.2
服务	32.0			53.8			103.9		136.8
折旧、摊销及增计	519.4			522.9			1,552.0		1,525.7
销售、一般、行政及开发费用	228.2			233.0			719.4		704.2
其他经营费用（收入）	11.9			17.4			22.1		(41.9)

经营费用总额	1,516.4			1,484.1			4,495.0		4,222.0
经营收入	1,269.0			1,233.3			3,777.0		3,685.1
其他收入（费用）：
利息收入	47.7			36.1			128.1		93.6
利息费用	(366.1)			(347.1)			(1,067.9)		(1,015.0)
长期债务清偿损失	—			—			(3.2)		—
其他（费用）收入（包括外币收益（损失），分别为$27.0、$18.0、$137.2和$(811.7)）	(52.2)			27.7			91.8		(684.4)
其他费用总额	(370.6)			(283.3)			(851.2)		(1,605.8)
所得税前持续经营收入	898.4			950.0			2,925.8		2,079.3
所得税准备金	(117.6)			(37.4)			(379.0)		(287.6)



净收入	780.8			912.6			2,546.8		1,791.7
归属于非控股权益的净收入	(15.0)			(59.3)			(54.0)		(82.9)


归属于 AMERICAN TOWER CORPORATION 普通股股东的净收入	$	765.8			$	853.3		$	2,492.8	$	1,708.8


普通股每股净收益：


归属于 American Tower Corporation 普通股股东的基本净收益	$	1.65			$	1.82		$	5.35	$	3.65
归属于 American Tower Corporation 普通股股东的摊薄净收益	$	1.64			$	1.82		$	5.35	$	3.64
加权平均流通普通股数（千股）：
基本	465,323			468,287			465,817		468,036
摊薄	465,758			469,039			466,327		468,856

请参阅未经审计的合并及简明合并财务报表附注。

AMERICAN TOWER CORPORATION 及其子公司

合并综合收益表

（百万）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
净收益	$	780.8			$	912.6		$	2,546.8	$	1,791.7
其他综合收益（亏损）：

外币折算调整，扣除税费（收益）0.1、(0.3)、(0.1)和0.3后，分别为	(126.9)			121.9			(78.3)		1,593.3

其他综合（亏损）收益	(126.9)			121.9			(78.3)		1,593.3
综合收益	653.9			1,034.5			2,468.5		3,385.0
归属于非控股权益的综合亏损（收益）	16.7			(39.2)			83.9		(539.3)
归属于 American Tower Corporation 股东的综合收益	$	670.6			$	995.3		$	2,552.4	$	2,845.7

请参阅未经审计的合并及简明合并财务报表附注。

AMERICAN TOWER CORPORATION 及其子公司

简明合并现金流量表

（百万）


	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量
净收益	$	2,546.8			$	1,791.7
将净收益调节为经营活动提供的现金的调整项目
折旧、摊销及增值	1,552.0			1,525.7
股票薪酬费用	124.1			142.6
提前偿还长期债务的损失	3.2			—

经营报表中反映的其他非现金项目	92.5			796.3
递延租金净额减少（增加）	24.0			(73.0)
使用权资产及经营租赁负债净额	64.2			47.7
未赚取收入的变动	59.2			81.9
资产增加	(100.7)			(237.7)
负债减少	(85.1)			(38.7)
经营活动提供的现金	4,280.2			4,036.5
投资活动产生的现金流量
购置物业及设备和建设活动的付款	(1,167.8)			(1,101.2)
收购付款，扣除取得的现金	(263.1)			(420.2)

出售短期投资及其他非流动资产所得款项	82.7			137.7

存款及其他	(18.7)			(8.0)
投资活动使用的现金	(1,366.9)			(1,391.7)
融资活动产生的现金流量

信贷额度项下借款	4,546.1			5,307.3
发行优先票据所得款项净额	2,466.6			2,153.3

其他借款所得款项	—			1.2

偿还应付票据、信贷额度、优先票据、担保债务及融资租赁	(6,355.5)			(7,800.4)
向非控股权益持有人分配	(128.5)			(140.7)

非控股权益持有人出资	5.1			148.1
购买普通股	(503.0)			—
股票期权及员工股票购买计划所得款项	21.0			34.6
支付的普通股分配	(2,475.6)			(2,361.0)



提前偿还长期债务的付款	(2.8)			—
递延融资成本及其他融资活动	(107.2)			(107.1)


融资活动使用的现金	(2,533.8)			(2,764.7)
汇率变动对现金及现金等价物和受限现金的净影响	22.6			112.5
现金及现金等价物和受限现金净增加（减少）	402.1			(7.4)
期初现金及现金等价物和受限现金	1,605.2			2,108.2
期末现金及现金等价物和受限现金	$	2,007.3			$	2,100.8
支付的所得税（扣除退款后，分别为 $11.4 和 $24.8）	$	227.5			$	171.8
支付的利息	$	1,220.5			$	1,105.2
非现金投资和融资活动：
通过融资租赁和永久地役权购置的房地产和设备	$	20.2			$	19.5
购置房地产和设备及建设活动相关应付账款和应计费用的增加（减少）	$	14.0			$	(1.7)
卖方融资收购	$	—			$	5.0

请参阅未经审计的合并及简明合并财务报表附注。

AMERICAN TOWER CORPORATION 及子公司

合并权益变动表

（单位：百万，股数以千计）


	普通股	库存股	额外实收资本	累计其他综合亏损		超出收益的分配	非控股权益		权益总额
截至2026年和2025年9月30日止三个月			已发行股份	金额		股份	金额
2025年7月1日余额			479,228		$	4.8		(11,004)			$	(1,301.2)		$	15,133.3	$	(4,959.7)		$	(5,164.4)		$	6,766.1	$	10,478.9
与股票薪酬相关的活动			67		0.0		—			—			44.8		—	—		—			44.8






外币折算调整，扣除税款后			—		—		—			—			—		142.0	—		(20.1)			121.9

非控股权益持有人的出资			—		—		—			—			—		—	—		36.8			36.8
向非控股权益持有人分配			—		—		—			—			—		—	—		(28.9)			(28.9)


已宣告的普通股分配			—		—		—			—			—		—	(800.2)		—			(800.2)

净利润			—		—		—			—			—		—	853.3		59.3			912.6
2025年9月30日余额			479,295		$	4.8		(11,004)			$	(1,301.2)		$	15,178.1	$	(4,817.7)		$	(5,111.3)		$	6,813.2	$	10,765.9

2026年7月1日余额			480,163		$	4.8		(14,204)			$	(1,868.7)		$	15,276.9	$	(4,661.0)		$	(5,032.3)		$	6,532.8	$	10,252.5
与股票薪酬相关的活动			18		0.0		—			—			30.0		—	—		—			30.0



库存股活动			—		—		(1,805)			(315.1)			—		—	—		—			(315.1)


外币折算调整，扣除税款后			—		—		—			—			—		(95.2)	—		(31.7)			(126.9)

非控股权益持有人的出资			—		—		—			—			—		—	—		0.8			0.8
向非控股权益持有人分配			—		—		—			—			—		—	—		(23.0)			(23.0)



CoreSite 优先股权益转换			—		—		—			—			244.9		—	—		(244.9)			—
已宣告的普通股分配			—		—		—			—			—		—	(833.5)		—			(833.5)

净利润			—		—		—			—			—		—	765.8		15.0			780.8
2026年9月30日余额			480,181		$	4.8		(16,009)			$	(2,183.8)		$	15,551.8	$	(4,756.2)		$	(5,100.0)		$	6,249.0	$	9,765.6










































	普通股	库存股	额外实收资本	累计其他综合亏损		超出收益的分配	非控股权益		权益总额
截至2026年和2025年9月30日止九个月			已发行股份	金额		股份	金额
2025年1月1日余额			478,388		$	4.8		(11,004)			$	(1,301.2)		$	15,057.3	$	(5,954.6)		$	(4,424.1)		$	6,266.5	$	9,648.7
与股票薪酬相关的活动			861		0.0		—			—			112.7		—	—		—			112.7
通过股票购买计划发行普通股			46		0.0		—			—			8.1		—	—		—			8.1





外币折算调整，扣除税款后			—		—		—			—			—		1,136.9	—		456.4			1,593.3

非控股权益出资			—		—		—			—			—		—	—		148.1			148.1
向非控股权益持有人分配			—		—		—			—			—		—	—		(140.7)			(140.7)


已宣告的普通股分配			—		—		—			—			—		—	(2,396.0)		—			(2,396.0)

净利润			—		—		—			—			—		—	1,708.8		82.9			1,791.7
2025年9月30日余额			479,295		$	4.8		(11,004)			$	(1,301.2)		$	15,178.1	$	(4,817.7)		$	(5,111.3)		$	6,813.2	$	10,765.9

2026年1月1日余额			479,358		$	4.8		(13,040)			$	(1,665.8)		$	15,215.3	$	(4,815.8)		$	(5,086.0)		$	6,702.8	$	10,355.3
与股票薪酬相关的活动			767		0.0		—			—			83.2		—	—		—			83.2
通过股票购买计划发行普通股			56		0.0		—			—			8.4		—	—		—			8.4


库存股活动			—		—		(2,969)			(518.0)			—		—	—		—			(518.0)


外币折算调整，扣除税款后			—		—		—			—			—		59.6	—		(137.9)			(78.3)

非控股权益持有人的出资			—		—		—			—			—		—	—		5.1			5.1
向非控股权益持有人分配			—		—		—			—			—		—	—		(116.9)			(116.9)


孟加拉国合伙企业出售对非控股权益的影响			—		—		—			—			—		—	—		(13.2)			(13.2)
CoreSite 优先股转换			—		—		—			—			244.9		—	—		(244.9)			—
已宣派普通股分配			—		—		—			—			—		—	(2,506.8)		—			(2,506.8)

净利润			—		—		—			—			—		—	2,492.8		54.0			2,546.8
2026年9月30日余额			480,181		$	4.8		(16,009)			$	(2,183.8)		$	15,551.8	$	(4,756.2)		$	(5,100.0)		$	6,249.0	$	9,765.6

参见未经审计合并及简明合并财务报表附注。

AMERICAN TOWER CORPORATION 及其子公司

合并及简明合并财务报表附注

（表格金额以百万计，另有注明除外）

1. 列报基础及重要会计政策

随附的合并及简明合并财务报表由 American Tower Corporation（连同其子公司，称为“ATC”或“公司”）根据美国证券交易委员会（“SEC”）的规章和条例编制。本文所含财务信息未经审计。不过，公司认为，为公允列报其在相关期间的财务状况和经营业绩而认为必要的所有调整（均属正常且经常性）均已纳入。合并及简明合并财务报表及相关附注应与公司截至2025年12月31日止年度的10-K表年度报告（“2025年10-K表”）一并阅读。截至2026年9月30日止三个月和九个月的经营业绩不一定能代表全年预期业绩。

合并原则及列报基础—随附的合并及简明合并财务报表包括公司及其拥有控制性权益的实体的账目。对于公司不控制的实体的投资，根据公司对其经营和财务政策施加重大影响的能力，采用权益法核算或作为权益证券投资核算。所有公司间账户和交易均已抵销。

截至2026年9月30日，公司持有：(i) 对其持有内容包括公司在法国、德国和西班牙业务的子公司拥有52%的控制性权益（此类子公司统称“ATC Europe”）（Allianz 和 La Caisse（定义见附注11）持有非控制性权益）；以及 (ii) 对公司美国数据中心业务持有约64%的控制性普通股权益（Stonepeak（定义及进一步讨论见附注11）持有约36%的已发行普通股权益）。截至2026年9月30日，ATC Europe 对其所持内容分别为公司在德国和西班牙业务的子公司拥有87%和83%的控制性权益（PGGM持有非控制性权益）。有关截至2026年9月30日和2025年9月30日止九个月公司非控制性权益的变动，请参见附注11。

出售菲律宾子公司—2026年6月15日，公司完成出售其在菲律宾的子公司（“ATC Philippines”），总对价为75.6 百万美元，产生出售收益33.2 百万美元，该收益计入随附合并经营报表中的其他经营（收入）费用。

孟加拉合伙企业出售—2026年6月29日，公司完成出售其在 Kirtonkhola Tower Bangladesh Limited（“KTBL”，与 ATC Philippines 合称“APAC 业务”，其中的站点称为“APAC 站点”）中的控股权益，总代价为 $6.9 million，产生出售亏损 $12.8 million，该亏损计入随附合并经营报表中的其他经营（收益）费用。

退出菲律宾和孟加拉市场后，公司累计外币折算调整的重新分类金额并不重大，计入合并权益报表中扣除税项后的外币折算调整。

截至2025年12月31日止年度，公司的 APAC 业务占公司总物业收入、分部毛利总额和分部经营利润总额各自的比例均低于 1%。在完成出售 APAC 业务之前，公司的 APAC 站点约占公司通信站点总数的 1%。公司认为，出售 APAC 业务并不构成会对其经营和财务业绩产生重大影响的战略转变，因此这些剥离不符合终止经营列报条件。因此，APAC 业务的财务状况和经营业绩列示于出售日之前的非洲和 APAC 物业分部中。

重要会计政策—公司的重要会计政策载于公司 2025 年 10-K 表年度报告所含的合并财务报表附注 1。截至2026年9月30日止九个月期间，除下文所述外，公司的重要会计政策没有发生重大变化。

现金及现金等价物和受限现金—资产负债表中列报的现金及现金等价物和受限现金与现金流量表中列示的相同项目总额的调节如下：

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

合并及简明合并财务报表附注

（表格金额以百万计，另有说明除外）


	截至9月30日止九个月，
	2026		2025
现金及现金等价物	$	1,871.9			$	1,950.7
受限现金	135.4			150.1


现金、现金等价物及受限现金总额	$	2,007.3			$	2,100.8

收入—公司的收入来自出租通信站点的使用权、站点所在土地、客户站点下方土地以及其数据中心设施空间（“租赁组成部分”），以及来自报销公司运营通信站点和数据中心设施、支持客户设备所产生的成本，以及其他服务和合同权利（“非租赁组成部分”）。公司的大部分收入来自租赁安排，并作为租赁收入核算，除非非租赁组成部分的收入确认时点和模式与租赁组成部分不同。如果非租赁组成部分的收入确认时点和模式与租赁组成部分不同，公司将分别确定各项履约义务的单独售价和收入确认模式。与分布式天线系统（“DAS”）网络、光纤及其他相关资产有关的收入来自通常不作为租赁核算的客户协议。

非租赁物业收入—非租赁物业收入主要包括来自DAS网络、光纤及其他物业相关收入。DAS网络和光纤安排通常要求公司向租户提供使用适用通信基础设施可用容量的权利。在安排期限内，履约义务随时间履行。非租赁物业收入还包括公司数据中心设施互连服务产生的收入。互连服务通常按月签约，公司或数据中心客户可随时取消。在安排期限内，履约义务随时间履行。其他物业相关收入来源（包括站点检查）无论单独还是合并而言均不重大。截至2026年9月30日止三个月和九个月，客户合同产生的应收款、合同资产和合同负债均无重大变化。

服务收入—公司在美国提供与塔相关的服务。这些服务包括站点申请、分区规划和许可（“AZP”）、结构和安装支架分析以及施工管理服务，以及支持客户从项目范围界定到施工部署需求的项目管理服务。AZP和施工管理相关的履约义务为单项履约义务，收入根据已达到的里程碑随时间确认，里程碑依据预计将发生的成本确定。结构和安装支架分析服务可能包含多项履约义务，具体取决于签约服务的数量。服务完成时确认收入。

按来源和地域划分的收入摘要如下：


截至2026年9月30日止三个月	美国和加拿大		非洲和亚太地区		欧洲		拉丁美洲	数据中心		总计
非租赁物业收入	$	73.8			$	3.1		$	3.8		$	28.2		$	42.2	$	151.1
服务收入	51.4			—			—		—		—		51.4
非租赁收入总额	$	125.2			$	3.1		$	3.8		$	28.2		$	42.2	$	202.5
物业租赁收入	1,201.4			424.8			254.1		431.8		270.8		2,582.9
总收入	$	1,326.6			$	427.9		$	257.9		$	460.0		$	313.0	$	2,785.4


截至2025年9月30日的三个月	美国和加拿大		非洲和亚太地区		欧洲		拉丁美洲	数据中心		总计
非租赁物业收入	$	73.1			$	3.9		$	0.9		$	28.7		$	38.7	$	145.3
服务收入	101.1			—			—		—		—		101.1
非租赁收入总额	$	174.2			$	3.9		$	0.9		$	28.7		$	38.7	$	246.4
物业租赁收入	1,245.7			366.9			242.7		387.8		227.9		2,471.0
总收入	$	1,419.9			$	370.8		$	243.6		$	416.5		$	266.6	$	2,717.4

美国铁塔公司及其子公司

合并及简明合并财务报表附注

（表格金额以百万计，另有说明除外）


截至2026年9月30日的九个月	美国和加拿大		非洲和亚太地区		欧洲		拉丁美洲	数据中心		总计
非租赁物业收入	$	218.2			$	9.4		$	10.8		$	85.4		$	125.6	$	449.4
服务收入	180.3			—			—		—		—		180.3
非租赁收入总额	$	398.5			$	9.4		$	10.8		$	85.4		$	125.6	$	629.7
物业租赁收入	3,593.0			1,212.4			767.2		1,296.3		773.4		7,642.3
总收入	$	3,991.5			$	1,221.8		$	778.0		$	1,381.7		$	899.0	$	8,272.0


截至2025年9月30日的九个月	美国和加拿大		非洲和亚太地区		欧洲		拉丁美洲	数据中心		总计
非租赁物业收入	$	220.3			$	19.3		$	7.1		$	82.8		$	111.4	$	440.9
服务收入	275.2			—			—		—		—		275.2
非租赁收入总额	$	495.5			$	19.3		$	7.1		$	82.8		$	111.4	$	716.1
物业租赁收入	3,703.9			1,021.4			682.2		1,122.3		661.2		7,191.0
总收入	$	4,199.4			$	1,040.7		$	689.3		$	1,205.1		$	772.6	$	7,907.1

截至2026年和2025年9月30日的三个月，物业收入分别包括直线法确认收入$(24.0) million和$27.7 million。截至2026年和2025年9月30日的九个月，物业收入分别包括直线法确认收入$(24.0) million和$73.0 million。

公司积极监控客户的信用状况。在确认客户收入时，公司会评估已开票金额以及按直线法在开票前确认的部分金额的可收回性。该评估会考虑客户信用风险以及业务和行业状况，最终确定已开票金额的可收回性。根据管理层估计，如果相关金额可能无法收回，公司将推迟确认收入，直至不确定性消除。

会计准则更新—2024年11月，FASB发布了相关指引，旨在改善公众企业费用披露，主要是要求进一步披露持续经营业务损益表中列示的每个相关费用项目所包含的费用类型（包括存货采购、员工薪酬、折旧、摊销和折耗）。该指引适用于2026年12月15日之后开始的年度期间，以及2027年12月15日之后开始的中期报告期间，采用前瞻性方式，可选择追溯应用，并允许提前采用。公司目前正在评估该指引对其合并财务报表及相关披露的影响。

2025年11月，FASB发布了一项指引，旨在使套期会计更贴近实体风险管理活动的经济实质。修订旨在通过允许实体对预测交易的高度有效经济套期实现并维持套期会计，更好地在财务报告中反映这些策略。该指引适用于2026年12月15日之后开始的年度期间，以及这些年度报告期间内的中期报告期间，并采用前瞻性方式实施。本公司目前正在评估该指引对其合并财务报表及相关披露的影响。

2. 预付费用及其他流动资产

预付费用及其他流动资产包括以下项目：


	截至
	2026年9月30日		2025年12月31日
预付资产	$	105.5			$	80.7
预付所得税	70.1			66.7

未开票应收款	202.3			194.8
增值税及其他消费税应收款	37.9			44.5
其他杂项流动资产	105.0			99.6
预付费用及其他流动资产	$	520.8			$	486.3

AMERICAN TOWER CORPORATION及其子公司

合并及简明合并财务报表附注

（表格金额以百万计，另有说明除外）

3. 租赁

本公司在协议开始时判断该安排是否为租赁。如果某项安排在一定期间内转让了控制通信基础设施或其下方地面空间使用权以换取对价，本公司即将其视为租赁。本公司既是出租人，也是承租人。

截至2026年9月30日止九个月内，本公司未对其2025年10-K表年度报告所载合并财务报表附注4中所述方法作出任何变更。截至2026年9月30日，本公司作为出租人或承租人均无任何重大关联方租赁。如有任何公司间租赁，均在合并时予以抵销。

出租人— 历来，本公司能够根据需要成功续签适用租约，以确保收入持续。因此，在计算至各自租期结束时的未来最低租金收入时，本公司假设其能够继续使用其站点所在的通信基础设施或下方地面空间。截至2026年9月30日不可撤销经营租赁协议项下预计的未来最低租金收入如下：


会计年度	金额 (1) (2)
2026年剩余期间	$	2,255.7
2027	8,869.3
2028	7,482.7
2029	6,993.4
2030	5,618.6
此后	17,514.3
总计	$	48,734.0

_______________

(1)余额按适用的期末汇率折算，这可能影响各期间之间的可比性。

(2)余额为应付合同金额，未对预期可收回性作任何调整。截至2026年9月30日，余额不包括本公司一家美国客户DISH Network Corporation（“DISH”）的子公司DISH Wireless L.L.C.所欠的合同金额。

如果公司的租赁协议中存在激励措施，公司会评估以确定适当的会计处理；如有此类激励，则将其记入合并资产负债表中的其他流动资产和其他非流动资产，并在相应租赁期限内按直线法摊销，作为收入的非现金抵减项。截至2026年9月30日，公司租赁激励的加权平均剩余摊销期限为8年。截至2026年9月30日，其他流动资产和其他非流动资产分别包括5,020万美元和3.267亿美元的租赁激励。

承租人—公司按照公司2025年Form 10-K所载合并财务报表附注1中的说明，对其使用权资产及其他租赁相关资产进行减值评估。截至2026年和2025年9月30日止的三个月和九个月期间，与这些资产相关的减值均不重大。公司通过经营租赁租赁某些土地、建筑物、设备和办公场所，并通过融资租赁租赁土地及改良设施、塔台、设备和车辆。截至2026年9月30日，经营租赁资产列入合并资产负债表中的使用权资产，融资租赁资产列入不动产及设备净额。在截至2026年9月30日止的九个月内，公司作为承租人的经营租赁条款和规定没有重大变化。截至2026年9月30日止的九个月内，融资租赁资产和负债没有重大变化。

AMERICAN TOWER CORPORATION及其子公司

合并及简明合并财务报表附注

（表格金额以百万计，另有说明除外）

其他租赁相关余额信息如下：


	截至
	2026年9月30日		2025年12月31日
经营租赁：
使用权资产	$	8,360.2			$	8,426.5

租赁负债流动部分	$	648.2			$	584.9
租赁负债	7,067.3			7,158.7
经营租赁负债总额	$	7,715.5			$	7,743.6

加权平均剩余租赁期限和增量借款利率如下：


	截至
	2026年9月30日		2025年12月31日
经营租赁：
加权平均剩余租赁期限（年）	13.6		13.4
加权平均增量借款利率	6.8	%		6.6	%

下表列示了租赁成本的构成：


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
经营租赁成本	$	297.1			$	285.6		$	882.4	$	841.9
未计入租赁负债的可变租赁成本 (1)	96.2			95.3			276.5		262.4

______________

(1)主要包括代房东支付的房产税。

补充现金流信息如下：


	截至9月30日止九个月
	2026		2025
计入租赁负债计量金额的现金支付：
经营租赁产生的经营现金流	$	(891.0)		$	(840.3)



非现金项目：
新增经营租赁 (1)	$	112.4		$	138.5
经营租赁修改及重新评估	$	291.5		$	324.8

______________

(1)金额包括新增经营租赁以及因收购而取得的租赁。

截至2026年9月30日，本公司没有尚未开始的重大经营租赁或融资租赁。

AMERICAN TOWER CORPORATION 及其子公司

合并及简明合并财务报表附注

（表格金额以百万计，另有说明除外）

截至2026年9月30日的经营租赁负债到期情况如下：


财政年度	经营租赁 (1)
2026年剩余时间	$	288.7
2027	1,045.7
2028	1,007.2
2029	971.3
2030	925.1
此后	7,540.5
租赁付款总额	11,778.5
减：代表利息的金额	(4,063.0)
租赁负债总额	7,715.5
减：租赁负债流动部分	648.2
租赁负债非流动部分	$	7,067.3

_______________

(1)余额按适用的期末汇率折算，这可能影响各期间之间的可比性。

4. 商誉及其他无形资产

本公司各业务分部商誉账面价值的变动如下：


	物业		服务		总计
	美国和加拿大		非洲和亚太地区		欧洲		拉丁美洲	数据中心
截至2026年1月1日的余额	$	4,636.8			$	521.9		$	3,247.3	$	927.5		$	2,920.0		$	2.0	$	12,255.5



外币折算影响	(1.7)			(20.1)			(114.8)		9.5	—		—			(127.1)
截至2026年9月30日的余额	$	4,635.1			$	501.8		$	3,132.5	$	937.0		$	2,920.0		$	2.0	$	12,128.4

本公司需摊销的其他无形资产包括以下项目：


		截至2026年9月30日		截至2025年12月31日
	预计使用年限（年）	总账面价值		累计摊销		账面净值		总账面价值	累计摊销		账面净值
收购的网络站点无形资产 (1)	最多30年	$	5,470.3			$	(2,882.7)		$	2,587.6		$	5,511.3		$	(2,798.4)	$	2,712.9
收购的租户相关无形资产	最多30年	18,455.5			(8,024.0)			10,431.5		18,636.8		(7,609.3)		11,027.5
收购的许可证及其他无形资产	2-30	1,301.9			(608.4)			693.5		1,332.8		(542.5)		790.3
其他无形资产总额		$	25,227.7			$	(11,515.1)		$	13,712.6		$	25,480.9		$	(10,950.2)	$	14,530.7

_______________

(1)收购的网络站点无形资产按塔楼的预计剩余使用年限摊销，并考虑残值，通常最长为30年；本公司认为这些无形资产与塔楼资产直接相关。

收购的网络站点无形资产代表本公司通过出租所收购塔式通信基础设施的闲置容量而可能获得的增量收入增长价值。收购的租户相关无形资产通常代表在收购或类似交易时已存在的租户合同和关系的价值，其中包括对预计续约情况的假设。其他无形资产代表所收购的许可证、商号及现有租赁的价值。现有租赁价值代表通过获得数据中心客户而避免的成本的公允价值，包括空置期间、法律费用和佣金。现有租赁价值还包括按与其他资产公允价值中使用的入住率假设一致的基础，对续签或延长现有租赁时所避免的类似成本所作的假设。

AMERICAN TOWER CORPORATION 及其子公司

合并及简明合并财务报表附注

（除非另有说明，表格金额均以百万计）

公司按直线法，在预计使用年限内摊销其收购的无形资产。截至2026年9月30日，公司无形资产剩余加权平均摊销期限为19年。截至2026年9月30日止三个月和九个月，无形资产摊销额分别为$215.2 million和$647.5 million。截至2025年9月30日止三个月和九个月，无形资产摊销额分别为$226.2 million和$659.2 million。根据当前汇率，公司预计在本年度剩余期间及随后五年确认的摊销费用如下：


财年	金额
2026年剩余期间	$	212.3
2027	827.7
2028	818.3
2029	801.4
2030	789.5
2031	784.6

5. 应计费用

应计费用包括以下项目：


	截至
	2026年9月30日		2025年12月31日
应计建设成本	$	206.4			$	195.6
应计应付所得税	45.9			26.5
应计转付成本	93.2			65.6
收购应付款项 (1)	118.4			128.0
应付租户款项	81.3			70.9
应计物业及房地产税	161.5			157.0
应计租金	49.6			52.0

工资及相关代扣款项	120.7			137.6
其他应计费用	332.5			279.3
应计费用总额	$	1,209.5			$	1,112.5

_______________

(1)截至2026年9月30日和2025年12月31日，分别包括与公司于2021年从Telxius Telecom, S.A.收购欧洲和拉丁美洲塔楼业务相关、于2026年到期的递延付款（包括交割后调整）$107.0 million和$106.9 million。

6. 长期债务

公司长期债务的未偿金额（反映折价、溢价和债务发行成本）包括以下项目：


	截至
	2026年9月30日		2025年12月31日		到期日
2021年多币种信贷额度 (1)	$	1,015.0			$	380.0		2029年5月1日
2021年定期贷款 (1)	998.1			998.1			2029年5月1日
2021年信贷额度 (1)	230.0			—			2031年5月1日
4.400%优先票据 (2)	—			499.9			不适用
1.600%优先票据 (3)	—			699.7			不适用
1.950%优先票据 (4)	—			586.9			不适用
1.450%优先票据 (5)	—			598.9			不适用
3.375%优先票据 (6) (7)	999.9			998.5			2026年10月15日
3.125%优先票据 (7)	399.9			399.6			2027年1月15日
2.750%优先票据 (7)	749.7			749.0			2027年1月15日
0.450%优先票据 (7) (8)	849.4			879.7			2027年1月15日
0.400%优先票据 (7) (8)	566.1			585.8			2027年2月15日
3.650%优先票据 (7)	649.2			648.0			2027年3月15日

美国铁塔公司及其子公司

合并及简明合并财务报表附注

（除非另有说明，表格金额均以百万计）


4.125%优先票据 (7) (8) (9)	396.1		703.1			2027年5月16日
3.55%优先票据 (7)	749.3		748.7			2027年7月15日
3.600%优先票据	698.7		697.9			2028年1月15日
0.500%优先票据 (8)	848.1		878.3			2028年1月15日
1.500%优先票据	649.0		648.5			2028年1月31日
5.500%优先票据	697.6		696.5			2028年3月15日
5.250% 优先票据	647.4		646.4			July 15, 2028
5.800% 优先票据	746.9		745.9			November 15, 2028
5.200% 优先票据	646.2		645.1			February 15, 2029
3.950% 优先票据	596.9		596.0			March 15, 2029
0.875% 优先票据 (8)	847.7		878.2			May 21, 2029
3.800% 优先票据	1,643.9		1,642.4			August 15, 2029
2.900% 优先票据	746.7		746.0			January 15, 2030
5.000% 优先票据	595.4		594.4			January 31, 2030
4.900% 优先票据	848.3		848.0			March 15, 2030
3.900% 优先票据 (8)	563.2		583.3			May 16, 2030
2.100% 优先票据	745.9		745.2			June 15, 2030
0.950% 优先票据 (8)	562.9		583.1			October 5, 2030
1.875% 优先票据	795.9		795.2			October 15, 2030
2.700% 优先票据	696.8		696.3			April 15, 2031
4.625% 优先票据 (8)	562.0		582.2			May 16, 2031
2.300% 优先票据	695.2		694.5			September 15, 2031
5.300% 优先票据	494.7		—			September 15, 2031
1.000% 优先票据 (8)	732.4		758.8			January 15, 2032
4.050% 优先票据	645.0		644.4			March 15, 2032
3.625% 优先票据 (8)	563.6		583.9			May 30, 2032
4.700% 优先票据	841.2		840.4			December 15, 2032
5.650% 优先票据	793.0		792.3			March 15, 2033
1.250% 优先票据 (8)	562.2		582.4			May 21, 2033
5.550% 优先票据	842.9		842.2			July 15, 2033
4.000% 优先票据 (8)	841.6		—			September 1, 2033
5.560% 优先票据	494.9		—			September 15, 2033
5.900% 优先票据	743.4		742.9			November 15, 2033
5.450% 优先票据	642.1		641.5			February 15, 2034
4.100% 优先票据 (8)	560.5		580.8			May 16, 2034
5.400% 优先票据	593.1		592.5			January 31, 2035
5.350% 优先票据	731.0		731.4			March 15, 2035
5.750% 优先票据	592.0		—			September 15, 2036
3.700% 优先票据	592.9		592.8			October 15, 2049
3.100% 优先票据	1,039.4		1,039.1			June 15, 2050
2.950% 优先票据	1,025.0		1,024.5			January 15, 2051
American Tower Corporation 债务总额	35,768.3		35,409.2

2018-1A 系列证券 (10)	498.9		498.3			March 15, 2028
2023-1A 系列证券 (11)	1,294.5		1,291.7			March 15, 2028
其他子公司债务 (12)	2.8		5.2			Various
American Tower 子公司债务总额	1,796.2		1,795.2
融资租赁义务	14.2		15.9
总计	37,578.7		37,220.3
减：长期义务的流动部分	(5,363.5)		(3,387.8)
长期义务	$	32,215.2		$	33,832.5

_______________

(1)按浮动利率计息。

(2)于 2026 年 2 月 13 日使用 2021 年信贷额度（定义见下文）项下的借款及手头现金全额偿还。

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

合并及简明合并财务报表附注

（除非另有说明，表格金额以百万计）

(3)于 2026 年 4 月 14 日使用 2021 年信贷额度项下的借款及手头现金全额偿还。

(4)于 2026 年 5 月 21 日使用 2021 年多币种信贷额度项下的借款全额偿还。

(5)于 2026 年 9 月 14 日使用发行所得款项全额偿还 the 5.300% Notes、5.560% Notes 和 5.750% Notes（均定义见下文）。

(6)于 2026 年 10 月 14 日使用 2021 年信贷安排项下的借款及手头现金全额偿还。

(7)计入长期债务的流动部分。

(8)票据以欧元（“EUR”）计价。

(9)于 2026 年 6 月 18 日使用发行 4.000% 票据（定义见下文）所得款项部分赎回。

(10)到期日反映预计还款日期；最终法定到期日为 2048 年 3 月 15 日。

(11)到期日反映预计还款日期；最终法定到期日为 2053 年 3 月 15 日。

(12)截至 2026 年 9 月 30 日，包括公司数据中心业务因收购科罗拉多州丹佛市一处多租户数据设施而产生的债务，该债务以美元计价，并按月分期偿付至 2028 年 3 月 31 日。截至 2025 年 12 月 31 日，还包括孟加拉国一笔无担保定期贷款项下的借款，该贷款以孟加拉塔卡计价（“孟加拉国定期贷款”）。在出售公司于 KTBL 的非控股权益时，孟加拉国定期贷款由买方承接。

证券化债务—为公司证券化债务提供担保的通信站点所产生的现金流仅可用于偿付该等债务及相关费用，不得用于偿付公司的其他债务或其债权人的债权。但是，在遵守某些限制的前提下，公司有权获得无需用于偿付证券化债务及证券化产生的其他债务的超额现金流。证券化债务由相关发行人或借款人（视情况而定）及其子公司承担，而非由公司或其其他子公司承担。

优先票据的偿还

偿还 4.400% 优先票据—2026 年 2 月 13 日，公司在到期时偿还了公司本金总额为 $500.0 million、于 2026 年到期的 4.400% 优先无担保票据（“4.400% 票据”）。4.400% 票据使用 2021 年信贷安排项下的借款及手头现金偿还。偿还完成后，4.400% 票据已无未偿余额。

偿还 1.600% 优先票据—2026 年 4 月 14 日，公司在到期时偿还了公司本金总额为 $700.0 million、于 2026 年到期的 1.600% 优先无担保票据（“1.600% 票据”）。1.600% 票据使用 2021 年信贷安排项下的借款及手头现金偿还。偿还完成后，1.600% 票据已无未偿余额。

偿还 1.950% 优先票据—2026 年 5 月 21 日，公司在到期时偿还了公司本金总额为 500.0 million EUR、于 2026 年到期的 1.950% 优先无担保票据（“1.950% 票据”）。1.950% 票据使用 2021 年多币种信贷安排项下的借款偿还。偿还完成后，1.950% 票据已无未偿余额。

部分赎回 4.125% 优先票据—2026年6月18日，公司以相当于面值100.969%的价格赎回了其2027年到期的4.125%优先无担保票据（“4.125%票据”）中的2.5亿欧元，另加截至2026年6月18日（不含该日）的应计未付利息，赎回总价约为2.533亿欧元（按偿还日汇率约合2.902亿美元），其中包括90万欧元（按偿还日汇率约合100万美元）的应计未付利息。公司确认长期债务清偿损失约320万美元，其中包括280万美元的提前偿还对价以及相关未摊销折价和递延融资成本。本次赎回资金来自发行4.000%票据所得款项。完成本次部分赎回后，4.125%票据仍有本金总额3.5亿欧元未偿还。

偿还1.450%优先票据—2026年9月14日，公司于到期时偿还了其本金总额6亿美元的2026年到期1.450%优先无担保票据（“1.450%票据”）。偿还1.450%票据所用资金来自发行5.300%票据、5.560%票据和5.750%票据所得款项。偿还完成后，1.450%票据已全部偿还。

优先票据发行

4.000%优先票据发行—2026年5月27日，公司完成了注册公开发行，本金总额为7.5亿欧元（按发行日汇率约合8.72亿美元）的2033年到期4.000%优先无担保票据（“4.000%票据”）。扣除佣金和预计费用后，本次发行净所得款项约为7.427亿欧元（按发行日汇率约合8.635亿美元）。公司将净所得款项用于偿还2021年多币种信贷额度项下的现有债务，并部分赎回4.125%票据（如上所述）。

AMERICAN TOWER CORPORATION及其子公司

合并及简明合并财务报表附注

（表格金额以百万计，另有说明的除外）

5.300%优先票据、5.560%优先票据和5.750%优先票据发行—2026年9月14日，公司完成了注册公开发行：本金总额5亿美元的2031年到期5.300%优先无担保票据（“5.300%票据”）、本金总额5亿美元的2033年到期5.560%优先无担保票据（“5.560%票据”），以及本金总额6亿美元的2036年到期5.750%优先无担保票据（“5.750%票据”；连同4.000%票据、5.300%票据和5.560%票据，统称“票据”）。扣除佣金和预计费用后，本次发行净所得款项约为16亿美元。公司将净所得款项用于偿还1.450%票据、偿还2021年多币种信贷额度项下的现有债务，以及一般公司用途。

票据的主要条款如下：

优先票据

本金总额（百万）

发行日及计息起始日

到期日

合同利率

首次付息日

付息日期 (1)

平价赎回日 (2)

4.000%票据 (3)

872.0

2026年5月27日

2033年9月1日

4.000%

2026年9月1日

9月1日

2033年7月1日

5.300%票据

500.0

2026年9月14日

2031年9月15日

5.300%

2027年3月15日

3月15日和9月15日

2031年8月15日

5.560%票据

500.0

2026年9月14日

2033年9月15日

5.560%

2027年3月15日

3月15日和9月15日

2033年7月15日

5.750%票据

600.0

2026年9月14日

2036年9月15日

5.750%

2027年3月15日

3月15日和9月15日

2036年6月15日

___________

(1)以美元（“USD”）计价的票据的应计未付利息以USD每半年期后支付，并以发行日为起点，按由12个30天月组成的360天年计算。以欧元计价的票据的利息以欧元每年期后支付，并根据计算利息期间的实际天数以及自上次支付票据利息之日（含该日）起的实际天数计算；首次计算自发行日起。

(2)公司可随时全部或部分赎回票据，赎回价格为票据本金金额的100%加上全额补偿溢价，以及截至赎回日的应计利息。如果公司在平价赎回日或之后赎回票据，则无需支付全额补偿溢价。

(3)4.000%票据以欧元计价；美元金额代表发行日的本金总额。

如果公司发生控制权变更并伴随相应的评级下调（各自定义见票据补充契约），公司可能被要求以相当于所回购票据本金总额101%的购买价格回购全部票据，另加截至（但不包括）回购日的应计未付利息（包括任何额外利息）。票据在受偿权上与公司的所有其他优先无担保债务义务享有同等地位，在结构上从属于其子公司现有及未来的所有债务和其他义务。

每份适用的补充契约均包含若干限制公司合并、整合或出售资产能力，以及限制公司（连同其子公司）设定留置权能力的契约条款。这些契约条款存在若干例外，包括公司及其子公司可在资产上设定某些留置权、抵押或其他担保债务的留置权，但此类留置权担保的债务总额不得超过经调整 EBITDA 的3.5倍（定义见适用的补充契约）。

银行融资

银行信贷安排修订——2026年5月7日，公司修订了其(i) 60亿美元高级无抵押多币种循环信贷安排（该安排于2021年12月8日经修订并重述，此后又经修订，以下简称“2021年多币种信贷安排”），(ii) 40亿美元高级无抵押循环信贷安排（该安排于2021年12月8日经修订并重述，此后又经修订，以下简称“2021年信贷安排”）以及(iii) 10亿美元无抵押定期贷款（该贷款于2021年12月8日经修订并重述，此后又经修订；与2021年多币种信贷安排和2021年信贷安排合称“贷款”）。

这些修订包括但不限于：

i.分别将2021年多币种信贷安排、2021年信贷安排和2021年定期贷款的到期日延长至2029年5月1日、2031年5月1日和2029年5月1日；

ii.在2021年多币种信贷安排中加入有限条件条款，允许公司在符合此类有限条件条款的情况下，为某些收购借入最高50亿美元；

美国铁塔公司及子公司

合并及简明合并财务报表附注

（表格金额以百万计，另有说明的除外）

iii.increase the swingline sublimit under each of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility from $50.0 million to $100.0 million;

iv.amend the covenant governing the incurrence of liens under each of the Loans to permit the incurrence of liens securing indebtedness in an aggregate amount not to exceed the 3.5x ratio of Senior Secured Debt to Adjusted EBITDA (each as defined in each of the Loans); and

v.amend the covenant governing the incurrence of indebtedness under each of the Loans to restrict the incurrence of indebtedness to subsidiaries of the Company only.

2021 Multicurrency Credit Facility—During the nine months ended September 30, 2026, the Company borrowed an aggregate of $3.2 billion, including 500.0 million EUR ($581.1 million as of the borrowing date) and repaid an aggregate of $2.6 billion, including 500.0 million EUR ($581.1 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 1.950% Notes, and for general corporate purposes.

2021 Credit Facility—During the nine months ended September 30, 2026, the Company borrowed an aggregate of $1.3 billion and repaid an aggregate of $1.1 billion of revolving indebtedness under the 2021 Credit Facility. The Company used the borrowings to repay outstanding indebtedness, including the 4.400% Notes and the 1.600% Notes, and for general corporate purposes.

As of September 30, 2026, the key terms under the Loans were as follows:


	Outstanding Principal Balance (in millions)		Undrawn letters of credit (in millions)		Maturity Date		Current margin over SOFR or EURIBOR (1)		Current commitment fee (2)
2021 Multicurrency Credit Facility	$	1,015.0			18.7			May 1, 2029	(3)	0.875	%		0.100	%
2021 Credit Facility	230.0			20.7			May 1, 2031	(3)	0.875	%		0.100	%
2021 Term Loan	1,000.0			N/A		May 1, 2029		0.875	%		N/A

_______________

(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.

7. FAIR VALUE MEASUREMENTS

The Company determines the fair value of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Below are the three levels of inputs that may be used to measure fair value:


	Level 1	Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

	Level 2	Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

	Level 3	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Items Measured at Fair Value on a Recurring Basis—The fair values of the Company’s financial assets and liabilities that are required to be measured on a recurring basis at fair value were as follows:


	September 30, 2026		December 31, 2025
	Fair Value Measurements Using		Fair Value Measurements Using
	Level 1		Level 2	Level 3		Level 1	Level 2	Level 3
Assets:

Investments in equity securities (1)	$	12.4		$	129.4		—		$	15.3	$	161.6	—

_______________

(1)Investments in equity securities are recorded in Notes receivable and other non-current assets in the consolidated balance sheets at fair value. Unrealized holding gains and losses for equity securities are recorded in Other (expense) income in the consolidated statements of operations in

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(tabular amounts in millions, unless otherwise noted)

the current period. During the three and nine months ended September 30, 2026, the Company recognized unrealized losses of $71.5 million and $35.1 million, respectively, for equity securities held as of September 30, 2026. During the three and nine months ended September 30, 2025, the Company recognized unrealized gains of $10.9 million and $129.2 million, respectively, for equity securities held as of September 30, 2025.

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. The significant unobservable inputs used to determine the fair value of long-lived assets during the three and nine months ended September 30, 2026 or 2025 are consistent with those described in note 10 to the consolidated financial statements included in the 2025 Form 10-K.

There were no other items measured at fair value on a nonrecurring basis during the nine months ended September 30, 2026 or 2025.

Fair Value of Financial Instruments—The Company’s financial instruments for which the carrying value reasonably approximates fair value at September 30, 2026 and December 31, 2025 include cash and cash equivalents, restricted cash, accounts receivable and accounts payable. The Company’s estimates of fair value of its long-term obligations, including the current portion, are based primarily upon reported market values. For long-term debt not actively traded, fair value is estimated using either indicative price quotes or a discounted cash flow analysis using rates for debt with similar terms and maturities. As of September 30, 2026 and December 31, 2025, the carrying value of long-term obligations, including the current portion, was $37.6 billion and $37.2 billion, respectively. As of September 30, 2026, the fair value of long-term obligations, including the current portion, was $35.3 billion, of which $31.2 billion was measured using Level 1 inputs and $4.1 billion was measured using Level 2 inputs. As of December 31, 2025, the fair value of long-term obligations, including the current portion, was $36.1 billion, of which $32.9 billion was measured using Level 1 inputs and $3.2 billion was measured using Level 2 inputs.

Net Investment Hedge

Foreign Currency Debt—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, 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.

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


		As of
	Designation	September 30, 2026		December 31, 2025
Foreign currency-denominated debt (1)	Net Investment Hedge	$	5,325.2		$	5,461.6

_______________

(1)During the three and nine months ended September 30, 2026 and 2025, the Company recorded $43.2 million, $25.1 million, $194.2 million and $(179.5) million, respectively, of unrealized foreign currency gains (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 September 30, 2026, includes 4.7 billion EUR ($5.3 billion) of outstanding EUR denominated debt designated as hedges of a portion of the Company’s net investment in foreign operations. This debt matures in fiscal years 2027 through 2034.

8. INCOME TAXES

The Company provides for income taxes at the end of each interim period based on the estimated effective tax rate (“ETR”) for the full fiscal year. Cumulative adjustments to the Company’s estimate are recorded in the interim period in which a change in the estimated annual ETR is determined. Under the provisions of the Internal Revenue Code of 1986, as amended, the Company may deduct earnings distributed to stockholders against the income generated by its real estate investment trust (“REIT”) operations. The Company continues to be subject to income taxes on the income of its domestic taxable REIT subsidiaries and income taxes in foreign jurisdictions where it conducts operations.

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. Management assesses the available evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. Valuation allowances may be reversed if, based on changes in facts and circumstances, the net deferred tax assets have been determined to be realizable.

The increases in the income tax provision during the three and nine months ended September 30, 2026 were primarily attributable to increases in earnings in certain foreign jurisdictions in the current year periods and a benefit from the application of a tax law change in Germany in the prior-year periods. These increases were partially offset by (i) unrealized losses from equity securities in the United States during the three and nine months ended September 30, 2026

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(tabular amounts in millions, unless otherwise noted)

and (ii) taxes related to the sale of the Company’s fiber assets in South Africa and additions to reserves for uncertain tax positions, each during the prior-year periods.

As of September 30, 2026 and December 31, 2025, the total unrecognized tax benefits that would impact the ETR, if recognized, were approximately $135.4 million and $128.6 million, respectively. The amount of unrecognized tax benefits during the three and nine months ended September 30, 2026 includes (i) additions to the Company’s existing tax positions of $4.9 million and $11.3 million, respectively (ii) reductions and additions due to foreign currency exchange rate fluctuations of $(1.4) million and $1.6 million, respectively, (iii) reductions of existing tax positions of $0.4 million and $2.5 million, respectively, (iv) reductions due to the expiration of statutes of limitations of $1.3 million and $1.6 million, respectively, and (v) reductions due to settlements of $0.6 million and $2.0 million, respectively.

The Company recorded the following penalties and income tax-related interest expense during the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025	2026		2025
Penalties and income tax-related interest expense	$	7.5		$	11.5		$	21.3	$	22.8

As of September 30, 2026 and December 31, 2025, the total amount of accrued income tax related interest and penalties included in the consolidated balance sheets were $108.0 million and $86.8 million, respectively.

9. STOCK-BASED COMPENSATION

Summary of Stock-Based Compensation Plans—The Company maintains an equity incentive plan that provides for the grant of stock-based awards to its directors, officers and employees. Until May 20, 2026, the Company’s 2007 Equity Incentive Plan, as amended (the “2007 Plan”), provided for the grant of non-qualified and incentive stock options, as well as restricted stock units, restricted stock and other stock-based awards. The Company’s 2026 Equity Incentive Plan (the “2026 Plan”) was approved by the Company’s stockholders on May 20, 2026, replacing the 2007 Plan, and provides for the grant of equity and equity-based awards, including options (including nonqualified stock options and incentive stock options), restricted stock, restricted stock units and other equity-based awards and cash awards, to employees, directors, consultants and advisors of the Company and its majority-owned subsidiaries.

Exercise prices for non-qualified and incentive stock options are not less than the fair value of the underlying common stock on the date of grant. Equity awards typically vest ratably. Awards granted prior to March 10, 2023 generally vest over four years for time-based restricted stock units (“RSUs”) and stock options. 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. Performance-based restricted stock units (“PSUs”) generally vest over three years. Stock options generally expire ten years from the date of grant. As of September 30, 2026, the Company had the ability to grant stock-based awards with respect to an aggregate of 13.9 million shares of common stock under the 2026 Plan. In addition, the Company maintains an employee stock purchase plan (the “ESPP”) pursuant to which eligible employees may purchase shares of the Company’s common stock on the last day of each bi-annual offering period at a 15% discount from the lower of the closing market value on the first or last day of such offering period. The offering periods run from June 1 through November 30 and from December 1 through May 31 of each year.

During the three and nine months ended September 30, 2026 and 2025, the Company recorded the following stock-based compensation expense in selling, general, administrative and development expense:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025	2026		2025
Stock-based compensation expense (1)	$	31.5		$	41.9		$	124.1	$	142.6

_______________

(1)For the nine months ended September 30, 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.

Stock Options—As of September 30, 2026, there was no unrecognized compensation expense related to unvested stock options.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(tabular amounts in millions, unless otherwise noted)

The Company’s option activity for the nine months ended September 30, 2026 was as follows (shares disclosed in full amounts):


		Number of Options
Outstanding as of January 1, 2026		133,623

Exercised		(133,623)
Forfeited		—
Expired		—
Outstanding as of September 30, 2026		—

Restricted Stock Units—As of September 30, 2026, total unrecognized compensation expense related to unvested RSUs granted under the 2007 Plan and the 2026 Plan was $120.8 million and is expected to be recognized over a weighted average period of approximately two years. Vesting of RSUs is subject generally to the employee’s continued employment or death, disability or qualified retirement (each as defined in the applicable RSU award agreement). RSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect of shares that actually vest.

Performance-Based Restricted Stock Units—During the nine months ended September 30, 2026, the Compensation Committee granted an aggregate of 100,692 PSUs (the “2026 PSUs”) to its executive officers and established the performance and market metrics for these awards. During the years ended December 31, 2025 and 2024, the Compensation Committee granted an aggregate of 86,911 PSUs (the “2025 PSUs”) and 87,550 PSUs (the “2024 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 2026 PSUs, the 2025 PSUs and the 2024 PSUs and will be used to calculate the number of shares that will be issuable when each award vests, which may range from zero to 200% of the target amounts. At the end of each three-year performance period, the number of shares that vest will depend on the degree of achievement against the pre-established goals. PSUs will be paid out in common stock at the end of each performance period, subject generally to the executive’s continued employment or death, disability or qualified retirement (each as defined in the applicable PSU award agreement). PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect of shares that actually vest.

Certain of the 2026 PSUs, 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 2026 PSUs, 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 2026 PSUs, the 2025 PSUs and the 2024 PSUs is $211.01, $286.21 and $216.11, respectively.

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


	2026		2025		2024

Expected term (years)	2.81		2.81		2.81
Risk-free interest rate	3.58	%		3.91	%	4.31	%
Annualized volatility	25.42	%		27.91	%	26.75	%

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(tabular amounts in millions, unless otherwise noted)

Restricted Stock Units and Performance-Based Restricted Stock Units—The Company’s RSU and PSU activity for the nine months ended September 30, 2026 was as follows (shares disclosed in full amounts):


	RSUs	PSUs
Outstanding as of January 1, 2026 (1)	1,283,669		333,401
Granted (2)	669,558		100,692
Vested and Released (3)	(754,130)		(169,098)
Forfeited	(35,667)		—
Outstanding as of September 30, 2026	1,163,430		264,995

_______________

(1)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the outstanding 2025 PSUs and the outstanding 2024 PSUs, or 86,911 shares and 77,392 shares, respectively, and the shares issuable at the end of the three-year performance period for the PSUs granted in 2023 (the “2023 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 169,098 shares.

(2)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2026 PSUs, or 100,692 shares.

(3)PSUs consist of shares vested pursuant to the 2023 PSUs. There are no additional shares to be earned related to the 2023 PSUs.

During the three and nine months ended September 30, 2026, the Company recorded $7.0 million and $18.1 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 September 30, 2026 was $2.9 million based on the Company’s current assessment of the probability of achieving the performance goals. The weighted average period over which the cost will be recognized is approximately one year.

10. EQUITY

Sales of Equity Securities—The Company receives proceeds from sales of its equity securities pursuant to the ESPP and upon exercise of stock options granted under the 2007 Plan. During the nine months ended September 30, 2026, the Company received an aggregate of $21.0 million in proceeds upon exercises of stock options and sales pursuant to the ESPP.

Stock Repurchase Program—In December 2017, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock (the “Buyback Program”).

Under the Buyback Program, the Company is authorized to purchase shares from time to time through open market purchases, in privately negotiated transactions not to exceed market prices, and (with respect to such open market purchases) pursuant to plans adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in accordance with securities laws and other legal requirements and subject to market conditions and other factors.

During the nine months ended September 30, 2026, the Company repurchased 2,969,052 shares of its common stock for an aggregate of $518.0 million, including commissions and fees, under the Buyback Program. As of September 30, 2026, the Company has repurchased a total of 4,910,364 shares of its common stock under the Buyback Program for an aggregate of $865.0 million, including commissions and fees.

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 Program are subject to, among other things, the Company having available cash to fund the repurchases.

Distributions—During the nine months ended September 30, 2026, the Company declared or paid the following cash distributions (per share data reflects actual amounts):


Declaration Date	Payment Date	Record Date	Distribution per share		Aggregate Payment Amount (1)
Common Stock
September 17, 2026	October 20, 2026	September 30, 2026	$	1.79		$	831.0
May 21, 2026	July 13, 2026	June 12, 2026	$	1.79		$	834.1
March 5, 2026	April 28, 2026	April 14, 2026	$	1.79		$	833.9
December 4, 2025	February 2, 2026	December 29, 2025	$	1.70		$	792.9

_______________

(1)Does not include amounts accrued for distributions payable related to unvested restricted stock units.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(tabular amounts in millions, unless otherwise noted)

During the nine months ended September 30, 2025, the Company declared or paid the following cash distributions (per share data reflects actual amounts):


Declaration Date	Payment Date	Record Date	Distribution per share		Aggregate Payment Amount (1)
Common Stock
September 18, 2025	October 20, 2025	September 30, 2025	$	1.70		$	796.1
May 15, 2025	July 11, 2025	June 13, 2025	$	1.70		$	796.0
March 6, 2025	April 28, 2025	April 11, 2025	$	1.70		$	795.8
December 5, 2024	February 3, 2025	December 27, 2024	$	1.62		$	757.1

_______________

(1)Does not include amounts accrued for distributions payable related to unvested restricted stock units.

The Company accrues distributions on unvested restricted stock units, which are payable upon vesting. As of September 30, 2026, the amount accrued for distributions payable related to unvested restricted stock units was $13.9 million. During the nine months ended September 30, 2026 and 2025, the Company paid $14.7 million and $12.1 million of distributions upon the vesting of restricted stock units, respectively. To maintain its qualification for taxation as a REIT, the Company expects to continue paying distributions, the amount, timing and frequency of which will be determined, and subject to adjustment, by the Company’s Board of Directors.

11. NONCONTROLLING INTERESTS

European Interests—As of September 30, 2026, 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% 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 2021, the Company acquired a 51% controlling interest in KTBL. Confidence Tower Holdings Ltd. (“Confidence Group”) held a 49% noncontrolling interest in KTBL. On June 29, 2026, the Company completed the sale of its interest in KTBL to Confidence Group.

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, through an investment in common equity and mandatorily convertible preferred equity. The mandatorily convertible preferred equity, which accrued dividends at 5.0% through the August 2026 conversion date, converted into common equity on a one for one basis, on August 8, 2026 (the “CoreSite Preferred Equity Conversion”). The CoreSite Preferred Equity Conversion resulted in a reallocation of noncontrolling interest of $244.9 million with a corresponding adjustment to Additional paid-in capital.

As of September 30, 2026, the Company holds a common equity interest of approximately 64% in its U.S. data center business, with Stonepeak holding approximately 36% of the outstanding common equity.

Dividends to noncontrolling interests—Certain of the Company’s subsidiaries may, from time to time, declare dividends. During the nine months ended September 30, 2026, the Company’s U.S. data center business declared distributions of $27.6 million related to the outstanding Stonepeak mandatorily convertible preferred equity (the “Stonepeak Preferred Distributions”).

Pursuant to the terms of the ownership agreement with Stonepeak, the Company’s U.S. data center business distributes common dividends to the Company and to Stonepeak in proportion to their respective equity interests in the Company’s U.S. data center business (the “Stonepeak Common Dividend”) on a quarterly basis. During the nine months ended September 30, 2026, the Company’s U.S. data center business declared and paid distributions of $54.5 million, related to the Stonepeak Common Dividend.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(tabular amounts in millions, unless otherwise noted)

During the nine months ended September 30, 2026, pursuant to the terms of the ownership agreements, ATC Europe C.V., one of the Company’s subsidiaries in the Netherlands, declared and paid a dividend of 41.4 million EUR (approximately $47.1 million at the date of payment) to the Company, La Caisse and Allianz in proportion to their respective equity interests in ATC Europe C.V.

During the nine months ended September 30, 2026, pursuant to the terms of the ownership agreements, AT Iberia C.V., one of the Company’s subsidiaries in Spain, declared and paid a dividend of 67.6 million EUR (approximately $77.0 million at the date 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:


	Nine Months Ended September 30,
	2026		2025
Balance as of January 1,	$	6,702.8			$	6,266.5
Impact of sale of Bangladesh partnership on noncontrolling interests	(13.2)			—
CoreSite preferred equity conversion	(244.9)			—
Net income attributable to noncontrolling interests	54.0			82.9
Foreign currency translation adjustment attributable to noncontrolling interests, net of tax	(137.9)			456.4
Contributions from noncontrolling interest holders	5.1			148.1
Distributions to noncontrolling interest holders	(116.9)			(140.7)
Balance as of September 30,	$	6,249.0			$	6,813.2

12. EARNINGS PER COMMON SHARE

The following table sets forth basic and diluted net income per common share computational data (shares in thousands, except per share data):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Net income attributable to American Tower Corporation common stockholders	$	765.8			$	853.3		$	2,492.8	$	1,708.8
Basic weighted average common shares outstanding	465,323			468,287			465,817		468,036
Dilutive securities	435			752			510		820
Diluted weighted average common shares outstanding	465,758			469,039			466,327		468,856
Basic net income attributable to American Tower Corporation common stockholders per common share	$	1.65			$	1.82		$	5.35	$	3.65
Diluted net income attributable to American Tower Corporation common stockholders	$	1.64			$	1.82		$	5.35	$	3.64

Shares Excluded From Dilutive Effect—The following shares were not included in the computation of diluted earnings per share because the effect would be anti-dilutive (in thousands, on a weighted average basis)

13. COMMITMENTS AND CONTINGENCIES

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 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.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(tabular amounts in millions, unless otherwise noted)

Verizon Transaction—In March 2015, the Company entered into an agreement with various operating entities of Verizon Communications Inc. (“Verizon”) that currently provides for the lease, sublease or management of approximately 11,100 wireless communications sites, which commenced on March 27, 2015. The average term of the lease or sublease for all communications sites at the inception of the agreement was approximately 28 years, assuming renewals or extensions of the underlying ground leases for the sites. The Company has the option to purchase the leased sites in tranches, subject to the applicable lease, sublease or management rights upon its scheduled expiration. Each tower is assigned to an annual tranche, ranging from 2034 to 2047, which represents the outside expiration date for the sublease rights to the towers in that tranche. The purchase price for each tranche is a fixed amount stated in the lease for such tranche plus the fair market value of certain alterations made to the related towers. The aggregate purchase option price for the towers leased and subleased is approximately $5.0 billion. 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.

AT&T Transaction—The Company has an agreement with SBC Communications Inc., a predecessor entity to AT&T Inc. (“AT&T”), that currently provides for the lease or sublease of approximately 1,400 towers, which commenced between December 2000 and August 2004. Substantially all of the towers are part of the securitization transactions completed in March 2018 and March 2023 (together, 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. Each tower is assigned to an annual tranche, ranging from 2013 to 2032, which represents the outside expiration date for the sublease rights to that tower. The purchase price for each site is a fixed amount stated in the lease for that site plus the fair market value of certain alterations made to the related tower by AT&T. As of September 30, 2026, the Company has purchased an aggregate of approximately 1,000 of the subleased towers which are subject to the applicable agreement, including 238 towers purchased during the nine months ended September 30, 2026 for an aggregate purchase price of $204.0 million. The aggregate purchase option price for the remaining towers leased and subleased is $1.1 billion and includes per annum accretion through the applicable expiration of the lease or sublease of a site. 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. Taxing authorities may issue notices or assessments while audits are being conducted. In certain jurisdictions, taxing authorities may issue assessments with minimal examination. These notices and assessments do not represent amounts that the Company is obligated to pay and are often not reflective of the actual tax liability for which the Company will ultimately be liable. In the process of responding to assessments of taxes that the Company believes are not enforceable, the Company avails itself of both administrative and judicial remedies. The Company evaluates the circumstances of each notification or assessment based on the information available and, in those instances in which the Company does not anticipate a successful defense of positions taken in its tax filings, a liability is recorded in the appropriate amount based on the underlying assessment.

14. BUSINESS SEGMENTS

Property

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 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, infrastructure and related services from, and requires different resources, skill sets and marketing strategies than the existing property operating segment in the U.S. & Canada.

As of September 30, 2026, the Company’s property operations consisted of the following:

•U.S. & Canada: property operations in Canada and the United States;

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(tabular amounts in millions, unless otherwise noted)

•Africa & APAC: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda;

•Europe: property operations in France, Germany and Spain;

•Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru; and

•Data Centers: 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 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.

The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating expenses. The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. These measures of segment gross margin and segment operating profit are also before Interest income, Interest expense, Gain (loss) on retirement of long-term obligations, Other income (expense), Net income (loss) attributable to noncontrolling interests and Income tax benefit (provision). The categories of expenses indicated above, such as depreciation, have been excluded from segment operating performance as they are not considered in the review of information or the evaluation of results by management. The Company’s definition of segment operating profit aligns with the Company’s definition of Adjusted EBITDA. Adjusted EBITDA is widely used in the telecommunications real estate sector to measure operating performance as depreciation, amortization and accretion may vary significantly among companies depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved.

The Company’s chief operating decision maker (the “CODM”) is the Company’s chief executive officer. The CODM uses segment gross margin and segment operating profit to evaluate the segments’ operating performance, in making capital allocation decisions, and in establishing management’s compensation. Additionally, the CODM uses these metrics to monitor budget versus actual results. There are no significant revenues resulting from transactions between the Company’s operating segments. All intercompany transactions are eliminated to reconcile segment results and assets to the consolidated statements of operations and consolidated balance sheets.

Summarized financial information concerning the Company’s reportable segments for the three and nine months ended September 30, 2026 and 2025 is shown in the following tables. The “Other” column (i) represents amounts excluded from specific segments, such as business development operations, stock-based compensation expense and corporate expenses included in Selling, general, administrative and development expense; Other operating expenses; Interest income; Interest expense; Gain (loss) on retirement of long-term obligations; and Other income (expense), and (ii) reconciles segment operating profit to Income from continuing operations before income taxes.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(tabular amounts in millions, unless otherwise noted)


	Property	Total Property		Services		Other		Total
Three Months Ended September 30, 2026	U.S. & Canada		Africa & APAC		Europe		Latin America		Data Centers
Segment revenues	$	1,275.2			$	427.9			$	257.9	$	460.0			$	313.0		$	2,734.0		$	51.4	$	2,785.4
Segment operating expenses	224.7			151.7			95.8			133.3	119.4			724.9			32.0			756.9
Segment gross margin	1,050.5			276.2			162.1			326.7	193.6			2,009.1			19.4			2,028.5
Segment selling, general, administrative and development expense (1)	40.7			20.4			15.6			24.6	28.5			129.8			6.2			136.0
Segment operating profit	$	1,009.8			$	255.8			$	146.5	$	302.1			$	165.1		$	1,879.3		$	13.2	$	1,892.5
Stock-based compensation expense													$	31.5			31.5
Other selling, general, administrative and development expense													60.7			60.7
Depreciation, amortization and accretion													519.4			519.4
Other expense (2)													382.5			382.5
Income from continuing operations before income taxes															$	898.4

_______________

(1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $31.5 million.

(2)Primarily includes interest expense and an unrealized loss from equity securities of $71.5 million, partially offset by gains from foreign currency exchange rate fluctuations.


	Property	Total Property		Services		Other		Total
Three Months Ended September 30, 2025	U.S. & Canada		Africa & APAC		Europe		Latin America		Data Centers
Segment revenues	$	1,318.8			$	370.8			$	243.6	$	416.5			$	266.6		$	2,616.3		$	101.1	$	2,717.4
Segment operating expenses	217.4			114.1			89.3			132.3	103.9			657.0			53.8			710.8
Segment gross margin	1,101.4			256.7			154.3			284.2	162.7			1,959.3			47.3			2,006.6
Segment selling, general, administrative and development expense (1)	41.2			18.5			16.8			28.7	22.7			127.9			6.2			134.1
Segment operating profit	$	1,060.2			$	238.2			$	137.5	$	255.5			$	140.0		$	1,831.4		$	41.1	$	1,872.5
Stock-based compensation expense													$	41.9			41.9
Other selling, general, administrative and development expense													57.0			57.0
Depreciation, amortization and accretion													522.9			522.9
Other expense (2)													300.7			300.7
Income from continuing operations before income taxes															$	950.0

_______________

(1) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $41.9 million.

(2) Primarily includes interest expense, partially offset by gains from foreign currency exchange rate fluctuations and an unrealized gain from equity securities of $10.9 million.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(tabular amounts in millions, unless otherwise noted)


	Property	Total Property		Services		Other		Total
Nine Months Ended September 30, 2026	U.S. & Canada		Africa & APAC		Europe		Latin America		Data Centers
Segment revenues	$	3,811.2			$	1,221.8			$	778.0	$	1,381.7			$	899.0		$	8,091.7		$	180.3			$	8,272.0
Segment operating expenses	651.4			418.6			284.4			397.9	345.3			2,097.6			103.9			2,201.5
Segment gross margin	3,159.8			803.2			493.6			983.8	553.7			5,994.1			76.4			6,070.5
Segment selling, general, administrative and development expense (1)	120.9			61.3			48.8			78.4	79.7			389.1			17.2			406.3
Segment operating profit	$	3,038.9			$	741.9			$	444.8	$	905.4			$	474.0		$	5,605.0		$	59.2			$	5,664.2
Stock-based compensation expense													$	124.1			124.1
Other selling, general, administrative and development expense													189.0			189.0
Depreciation, amortization and accretion													1,552.0			1,552.0
Other expense (2)													873.3			873.3
Income from continuing operations before income taxes															$	2,925.8
Total assets	$	26,272.2			$	4,376.9			$	12,536.7	$	8,721.9			$	10,809.2		$	62,716.9		$	52.8	$	210.6			$	62,980.3
Capital expenditures	$	243.7			$	114.2			$	218.3	$	111.0			$	496.0		$	1,183.2		$	—	$	12.0			$	1,195.2

_______________

(1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $124.1 million.

(2)Primarily includes interest expense and an unrealized loss from equity securities of $35.1 million, partially offset by gains from foreign currency exchange rate fluctuations and a net gain on the sales of the Company’s APAC operations of $20.4 million.


	Property	Total Property		Services		Other		Total
Nine Months Ended September 30, 2025	U.S. & Canada		Africa & APAC		Europe		Latin America		Data Centers
Segment revenues	$	3,924.2			$	1,040.7			$	689.3	$	1,205.1			$	772.6		$	7,631.9		$	275.2			$	7,907.1
Segment operating expenses	641.9			317.9			251.9			379.4	306.1			1,897.2			136.8			2,034.0
Segment gross margin	3,282.3			722.8			437.4			825.7	466.5			5,734.7			138.4			5,873.1
Segment selling, general, administrative and development expense (1)	121.8			57.5			47.2			76.8	64.7			368.0			19.1			387.1
Segment operating profit	$	3,160.5			$	665.3			$	390.2	$	748.9			$	401.8		$	5,366.7		$	119.3			$	5,486.0
Stock-based compensation expense													$	142.6			142.6
Other selling, general, administrative and development expense													174.5			174.5
Depreciation, amortization and accretion													1,525.7			1,525.7
Other expense (2)													1,563.9			1,563.9
Income from continuing operations before income taxes															$	2,079.3
Total assets	$	26,927.5			$	4,455.6			$	12,904.7	$	8,553.2			$	10,728.1		$	63,569.1		$	147.8	$	171.8			$	63,888.7
Capital expenditures	$	256.1			$	151.7			$	196.4	$	97.7			$	417.2		$	1,119.1		$	—	$	9.7			$	1,128.8

_______________

(1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $142.6 million.

(2)Primarily includes interest expense and losses from foreign currency exchange rate fluctuations, partially offset by an unrealized gain from equity securities of $129.2 million and a gain on the sale of South Africa Fiber of $53.6 million.

AMERICAN TOWER CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(tabular amounts in millions, unless otherwise noted)

15. SUBSEQUENT EVENTS

Repayment of 3.375% Senior Notes—On October 14, 2026, the Company repaid $1.0 billion aggregate principal amount of the Company’s 3.375% senior unsecured notes due 2026 (the “3.375% Notes”) upon their maturity. The 3.375% Notes were repaid using borrowings under the 2021 Credit Facility and cash on hand. Upon completion of the repayment, none of the 3.375% Notes remained outstanding.

Pending ATC Canada Sale— The Company, through its subsidiary, American Towers LLC, entered into an agreement with DIF Infra 8 Canada Holdco 1 ULC dba Aurora Towers (“Aurora”) pursuant to which Aurora will acquire a 100% ownership interest in the Company’s operations in Canada (“ATC Canada”) for aggregate consideration of approximately 288 million CAD (approximately $202 million). ATC Canada’s operating results are included within the U.S. & Canada property segment. The Company expects the transaction to close in the fourth quarter of 2026, subject to customary closing conditions.


ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains statements about future events and expectations, or “forward-looking statements,” which relate to our goals, beliefs, strategies, plans or current expectations and other statements that are not of historical facts. For example, when we use words such as “project,” “plan,” “believe,” “anticipate,” “expect,” “forecast,” “estimate,” “intend,” “should,” “would,” “could,” “may” or other words that convey uncertainty of future events or outcomes, we are making forward-looking statements. Certain important factors may cause actual results to differ materially from those indicated by our forward-looking statements, including those factors set forth under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). Forward-looking statements represent management’s current expectations, beliefs and assumptions, and are inherently uncertain. We do not undertake any obligation to update our forward-looking statements.

The discussion and analysis of our financial condition and results of operations that follow are based upon our consolidated and condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates and such differences could be material to the financial statements. This discussion should be read in conjunction with our consolidated and condensed consolidated financial statements herein and the accompanying notes, information set forth under the caption “Critical Accounting Policies and Estimates” in the 2025 Form 10-K, and in particular, the information set forth therein under Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Overview

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.

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

The following table details the number of communications sites, excluding managed sites, that we owned or operated as of September 30, 2026:


	Number of Owned Towers	Number of Operated Towers (1)		Number of Owned DAS Sites
U.S. & Canada:
Canada (2)	226		—		—
United States	26,939		14,602		426
U.S. & Canada total	27,165		14,602		426
Africa & APAC: (3)
Burkina Faso	733		—		—
Ghana	3,430		—		37
Kenya	4,578		—		11
Niger	973		—		—
Nigeria	9,815		—		—

South Africa	2,480		—		—
Uganda	4,584		—		47
Africa & APAC total	26,593		—		95
Europe:
France	4,366		303		9
Germany	15,783		—		—
Spain	12,526		—		1
Europe total	32,675		303		10
Latin America:
Argentina	491		—		11
Brazil	20,655		195		117
Chile	3,672		—		107
Colombia	4,801		—		6
Costa Rica	711		—		2
Mexico	8,645		185		72
Paraguay	1,449		—		—
Peru	3,930		450		1
Latin America total	44,354		830		316
Total	130,787		15,735		847

_______________

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

(2)We expect to complete the sale of our operations in Canada during the fourth quarter of 2026.

(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”).

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:


	Number of Data Centers	Total NRSF (1)
		(in thousands)
San Francisco Bay, CA	9	1,107
Los Angeles, CA	3	734
Northern Virginia, VA	3	627
New York, NY	3	417
Chicago, IL	2	328
Denver, CO	2	143
Boston, MA	1	143
Miami, FL	2	130
Orlando, FL	1	104
Atlanta, GA	2	95
Washington, D.C.	2	47
Total	30	3,875

_______________

(1)Excludes approximately 0.4 million of office and light industrial NRSF.

Sale of Philippines Subsidiary—On June 15, 2026, we completed the sale of ATC Philippines. Prior to the divestiture, ATC Philippines’s operating results were included within the Africa & APAC property segment.

Sale of Bangladesh Partnership—On June 29, 2026, we completed the sale of our controlling interest in KTBL. Prior to the divestiture, KTBL’s operating results were included within the Africa & APAC property segment.

The 2025 Form 10-K contains information regarding management’s expectations of long-term drivers of demand for our communications sites, as well as key trends, which management believes provide valuable insight into our operating and financial resource allocation decisions. The discussion below should be read in conjunction with the 2025 Form 10-K and, in particular, the information set forth therein under Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview.”

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.

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.

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.

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.

On September 23, 2025, we and AT&T Mexico reached an agreement pursuant to which AT&T Mexico will remit payment of the majority of the withheld tower rents and will resume monthly payments of the majority of its owed tower rents. The remainder of the outstanding receivables and the future monthly tower rent amounts not remitted directly to us will be deposited into an irrevocable escrow account, overseen by an independent trustee, to be released in accordance with a final ruling in the Arbitration or by mutual consent of us and AT&T Mexico.

DISH Dispute. On September 24, 2025, DISH delivered a notice purporting to be excused from its contractual obligations under our Strategic Collocation Agreement entered into in March 2021 (the “SCA”). On October 20, 2025, we filed a complaint in the U.S. District Court for the District of Colorado seeking a declaratory judgment that DISH had not been excused from its obligations under the SCA, that the SCA remained in full force and effect, and that DISH remained required to perform all of its obligations under the SCA. Thereafter, DISH failed to meet its payment obligations, and as of January 2026, has been in default under the SCA. We remain confident that DISH was not excused from its obligations under the SCA. We delivered notices of termination, effective June 2, 2026, to DISH of the SCA and related agreements with DISH.

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.

Non-GAAP Financial Measures

Included in our analysis of our results of operations are discussions regarding earnings before interest, taxes, depreciation, amortization and accretion, as adjusted (“Adjusted EBITDA”), Funds From Operations, as defined by the National Association of Real Estate Investment Trusts (“Nareit FFO”) attributable to American Tower Corporation common stockholders, Adjusted Funds From Operations (“AFFO”) attributable to American Tower Corporation common stockholders (“AFFO attributable to American Tower Corporation common stockholders”) and Segment gross margin.

We define Adjusted EBITDA as Net income before Income (loss) from equity method investments; Income (loss) from discontinued operations, net of taxes; Income tax benefit (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other operating income (expense), including Goodwill impairment; Depreciation, amortization and accretion; and stock-based compensation expense.

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

We define AFFO attributable to American Tower Corporation common stockholders as Nareit FFO (common stockholders) before (i) straight-line revenue and expense; (ii) stock-based compensation expense; (iii) the deferred portion of income tax and other income tax adjustments; (iv) non-real estate related depreciation, amortization and

accretion; (v) amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges; (vi) other income (expense); (vii) gain (loss) on retirement of long-term obligations; and (viii) other operating income (expense); less cash payments related to capital improvements and cash payments related to corporate capital expenditures and including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations, which includes the impact of noncontrolling interests and discontinued operations on both Nareit FFO and the corresponding adjustments included in AFFO. In this section, we refer to AFFO attributable to American Tower Corporation common stockholders as “AFFO (common stockholders).”

We define Segment gross margin as segment revenue less segment operating expenses, excluding depreciation, amortization and accretion; selling, general, administrative and development expense; and other operating expenses.

Adjusted EBITDA, Nareit FFO (common stockholders), AFFO (common stockholders) and Segment gross margin are not intended to replace net income or any other performance measures determined in accordance with GAAP. None of Adjusted EBITDA, Nareit FFO (common stockholders), AFFO (common stockholders) or Segment gross margin represents cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities, as a measure of liquidity or a measure of funds available to fund our cash needs, including our ability to make cash distributions. Rather, Adjusted EBITDA, Nareit FFO (common stockholders), AFFO (common stockholders) and Segment gross margin are presented as we believe each is a useful indicator of our current operating performance. We believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for decision making purposes and for evaluating our operating segments’ performance; (2) Adjusted EBITDA is a component underlying our credit ratings; (3) Adjusted EBITDA is widely used in the telecommunications real estate sector to measure operating performance as depreciation, amortization and accretion may vary significantly among companies depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (4) AFFO (common stockholders) is widely used in the telecommunications real estate sector to adjust Nareit FFO (common stockholders) for items that may otherwise cause material fluctuations in Nareit FFO (common stockholders) growth from period to period that would not be representative of the underlying performance of property assets in those periods; (5) Segment gross margin provides valuable insight into the site-level profitability of our assets; (6) each provides investors with a meaningful measure for evaluating our period-to-period operating performance by eliminating items that are not operational in nature; and (7) each provides investors with a measure for comparing our results of operations to those of other companies, particularly those in our industry.

Our measurement of Adjusted EBITDA, Nareit FFO (common stockholders), AFFO (common stockholders) and Segment gross margin may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of Adjusted EBITDA, Nareit FFO (common stockholders) and AFFO (common stockholders) to net income and Segment gross margin to gross margin, the most directly comparable GAAP measures, have been included below.

Results of Operations

Three and Nine Months Ended September 30, 2026 and 2025

(in millions, except percentages)

Revenue


	Three Months Ended September 30,		Percent Increase (Decrease)		Nine Months Ended September 30,		Percent Increase (Decrease)
	2026		2025			2026		2025
Property
U.S. & Canada	$	1,275.2			$	1,318.8			(3)	%	$	3,811.2	$	3,924.2	(3)	%
Africa & APAC	427.9			370.8			15			1,221.8		1,040.7	17
Europe	257.9			243.6			6			778.0		689.3	13
Latin America	460.0			416.5			10			1,381.7		1,205.1	15
Data Centers	313.0			266.6			17			899.0		772.6	16
Total property	2,734.0			2,616.3			4			8,091.7		7,631.9	6
Services	51.4			101.1			(49)			180.3		275.2	(34)
Total revenues	$	2,785.4			$	2,717.4			3	%	$	8,272.0	$	7,907.1	5	%

Three Months Ended September 30, 2026

U.S. & Canada property segment revenue decrease of $43.6 million was attributable to:

• A decrease of $44.1 million in other revenue, primarily due to a decrease of $47.1 million due to straight-line accounting;

• Partially offset by tenant billings growth of $0.5 million, which was driven by:

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

• $0.4 million generated from sites acquired or constructed since the beginning of the prior-year period (“newly acquired or constructed sites”);

• Partially offset by decreases of:

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

• $0.5 million from other tenant billings.

Segment revenue decrease was not meaningfully impacted by foreign currency translation related to fluctuations in Canadian Dollar (“CAD”).

Africa & APAC property segment revenue growth of $57.1 million was attributable to:

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

• Tenant billings growth of $29.9 million, which was driven by:

• $19.1 million due to colocations and amendments;

• $8.9 million generated from newly acquired or constructed sites;

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

• $0.2 million from other tenant billings;

• 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.

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”) .

Europe property segment revenue growth of $14.3 million was attributable to:

• Tenant billings growth of $9.9 million, which was driven by:

• $5.3 million due to colocations and amendments;

• $3.0 million generated from newly acquired or constructed sites; and

• $2.5 million resulting from contractual escalations, net of churn;

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

• An increase of $4.5 million in pass-through revenue; and

• An increase of $3.9 million in other revenue.

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”).

Latin America property segment revenue growth of $43.5 million was attributable to:

• 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”);

• An increase of $13.0 million in other revenue, primarily due to a decrease in revenue reserves; and

• An increase of $4.1 million in pass-through revenue;

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

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

• Partially offset by an increase of $6.6 million due to colocations and amendments.

Data Centers segment revenue growth of $46.4 million was attributable to:

•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;

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

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

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

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.

Nine Months Ended September 30, 2026

U.S. & Canada property segment revenue decrease of $113.0 million was attributable to:

• A decrease of $131.3 million in other revenue, primarily due to a decrease of $126.0 million due to straight-line accounting;

• Partially offset by tenant billings growth of $18.3 million, which was driven by:

• $93.1 million due to colocations and amendments; and

• $1.7 million generated from newly acquired or constructed sites;

• Partially offset by decreases of:

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

• $1.9 million from other tenant billings.

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

Africa & APAC property segment revenue growth of $181.1 million was attributable to:

• Tenant billings growth of $96.7 million, which was driven by:

• $53.8 million due to colocations and amendments;

• $26.1 million generated from newly acquired or constructed sites;

• $15.0 million resulting from contractual escalations, net of churn; and

• $1.8 million from other tenant billings; and

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

• 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.

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.

Europe property segment revenue growth of $88.7 million was attributable to:

• Tenant billings growth of $28.0 million, which was driven by:

• $14.1 million due to colocations and amendments;

• $9.1 million generated from newly acquired or constructed sites; and

• $7.5 million resulting from contractual escalations, net of churn;

• Partially offset by a decrease of $2.7 million from other tenant billings;

• 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

• An increase of $9.5 million in pass-through revenue.

Segment revenue growth included an increase of $30.4 million attributable to the positive impact of foreign currency translation related to fluctuations in EUR.

Latin America property segment revenue growth of $176.6 million was attributable to:

• 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;

• 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

• An increase of $9.0 million in pass-through revenue;

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

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

• $1.3 million from other tenant billings;

• Partially offset by an increase of $19.1 million due to colocations and amendments.

Data Centers segment revenue growth of $126.4 million was attributable to:

•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;

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

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

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

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.

Gross Margin


	Three Months Ended September 30,		Percent Increase (Decrease)		Nine Months Ended September 30,		Percent Increase (Decrease)
	2026		2025			2026		2025
Property
U.S. & Canada	$	1,050.5			$	1,101.4			(5)	%	$	3,159.8	$	3,282.3	(4)	%
Africa & APAC	276.2			256.7			8			803.2		722.8	11
Europe	162.1			154.3			5			493.6		437.4	13
Latin America	326.7			284.2			15			983.8		825.7	19
Data Centers	193.6			162.7			19			553.7		466.5	19
Total property	2,009.1			1,959.3			3			5,994.1		5,734.7	5
Services	19.4			47.3			(59)	%		76.4		138.4	(45)	%

Three Months Ended September 30, 2026

•The decrease in U.S. & Canada property segment gross margin was primarily attributable to the decrease in revenue described above and an increase in direct expenses of $7.2 million, primarily due to an increase in land rent costs and property taxes, partially offset by a decrease in repair and maintenance spending. Direct expenses were also negatively impacted by $0.1 million from the impact of foreign currency translation.

•The increase in Africa & APAC property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $31.6 million, primarily due to an increase in costs associated with pass-through revenue, including fuel and utility costs. Direct expenses were also negatively impacted by $6.0 million from the impact of foreign currency translation.

•The increase in Europe property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $8.0 million, primarily due to an increase in land rent costs. Direct expenses also benefited by $1.5 million from the impact of foreign currency translation.

•The increase in Latin America property segment gross margin was primarily attributable to the increase in revenue described above and a decrease in direct expenses of $8.6 million, primarily due to a decrease in land rent costs. Direct expenses were also negatively impacted by $9.6 million from the impact of foreign currency translation.

•The increase in Data Centers segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $15.5 million, primarily due to an increase in costs associated with power revenue, including utility costs, and an increase in property taxes.

•The decrease in Services segment gross margin was primarily attributable to the decrease in revenue described above, partially offset by a decrease in direct expenses of $21.8 million.

Nine Months Ended September 30, 2026

•The decrease in U.S. & Canada property segment gross margin was primarily attributable to the decrease in revenue described above and an increase in direct expenses of $9.4 million, primarily due to an increase in repair and maintenance spending and an increase in property taxes. Direct expenses were also negatively impacted by $0.1 million from the impact of foreign currency translation.

•The increase in Africa & APAC property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $72.1 million, primarily due to an increase in costs associated with pass-through revenue, including fuel and utility costs. Direct expenses were also negatively impacted by $28.6 million from the impact of foreign currency translation.

•The increase in Europe property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $21.7 million, primarily due to an increase in land rent costs and an increase in costs associated with pass-through revenue, including energy costs. Direct expenses were also negatively impacted by $10.8 million from the impact of foreign currency translation.

•The increase in Latin America property segment gross margin was primarily attributable to the increase in revenue described above and a decrease in direct expenses of $17.1 million, primarily due to a decrease in land rent costs. Direct expenses were also negatively impacted by $35.6 million from the impact of foreign currency translation.

•The increase in Data Centers segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $39.2 million, primarily due to an increase in costs associated with power revenue, including utility costs, and an increase in property taxes.

•The decrease in Services segment gross margin was primarily attributable to the decrease in revenue described above, partially offset by a decrease in direct expenses of $32.9 million.

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


	Three Months Ended September 30,		Percent Increase (Decrease)		Nine Months Ended September 30,		Percent Increase (Decrease)
	2026		2025			2026		2025
Property
U.S. & Canada	$	40.7			$	41.2			(1)	%	$	120.9	$	121.8	(1)	%
Africa & APAC	20.4			18.5			10			61.3		57.5	7
Europe	15.6			16.8			(7)			48.8		47.2	3
Latin America	24.6			28.7			(14)			78.4		76.8	2
Data Centers	28.5			22.7			26			79.7		64.7	23
Total property	129.8			127.9			1			389.1		368.0	6
Services	6.2			6.2			0			17.2		19.1	(10)
Other	92.2			98.9			(7)			313.1		317.1	(1)
Total selling, general, administrative and development expense	$	228.2			$	233.0			(2)	%	$	719.4	$	704.2	2	%

Three Months Ended September 30, 2026

•The decrease in our U.S. & Canada property segment SG&A was primarily driven by decreased personnel and related costs and lower canceled construction costs.

•The increase in our Africa & APAC property segment SG&A was primarily driven by increased personnel and related costs to support our business, higher canceled construction costs and the negative impact of foreign currency translation, partially offset by decreased professional services costs.

•The decrease in our Europe property segment SG&A was primarily driven by decreased personnel and related costs, lower canceled construction costs and a benefit from the impact of foreign currency translation.

•The decrease in our Latin America property segment SG&A was primarily driven by a decrease in bad debt expense and decreased professional services costs, partially offset by the negative impact of foreign currency translation.

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

•Our Services segment SG&A did not have a meaningful change as compared to the prior-year period.

•The decrease in other SG&A was primarily attributable to a decrease in stock-based compensation expense of $10.4 million, partially offset by an increase in corporate SG&A.

Nine Months Ended September 30, 2026

•The decrease in our U.S. & Canada property segment SG&A was primarily driven by decreased personnel and related costs and a decrease in bad debt expense, partially offset by increased professional services costs and higher canceled construction costs.

•The increase in our Africa & APAC property segment SG&A was primarily driven by increased personnel and related costs to support our business and the negative impact of foreign currency translation, partially offset by decreased professional services costs.

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

•The increase in our Latin America property segment SG&A was primarily driven by higher canceled construction costs and the negative impact of foreign currency translation, partially offset by a decrease in bad debt expense of $6.7 million, decreased personnel and related costs and decreased professional services costs.

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

•The decrease in our Services segment SG&A was primarily driven by a decrease in bad debt expense, decreased personnel and related costs and decreased professional services costs.

•The decrease in other SG&A was primarily attributable to a decrease in stock-based compensation expense of $18.5 million, partially offset by an increase in corporate SG&A, including an increase in personnel and related costs to support our business.

Operating Profit


	Three Months Ended September 30,		Percent Increase (Decrease)		Nine Months Ended September 30,		Percent Increase (Decrease)
	2026		2025			2026		2025
Property
U.S. & Canada	$	1,009.8			$	1,060.2			(5)	%	$	3,038.9	$	3,160.5	(4)	%
Africa & APAC	255.8			238.2			7			741.9		665.3	12
Europe	146.5			137.5			7			444.8		390.2	14
Latin America	302.1			255.5			18			905.4		748.9	21
Data Centers	165.1			140.0			18			474.0		401.8	18
Total property	1,879.3			1,831.4			3			5,605.0		5,366.7	4
Services	13.2			41.1			(68)	%		59.2		119.3	(50)	%

•The decreases in operating profit for the three and nine months ended September 30, 2026 for our U.S. & Canada property segment were primarily attributable to decreases in our segment gross margin, partially offset by decreases in our segment SG&A.

•The increases in operating profit for the three and nine months ended September 30, 2026 for our Africa & APAC property segment and our Data Centers segment were primarily attributable to increases in our segment gross margin, partially offset by increases in our segment SG&A.

•The increases in operating profit for the three months ended September 30, 2026 for our Europe property segment and our Latin America property segment were primarily attributable to increases in our segment gross margin and decreases in our segment SG&A. The increases in operating profit for the nine months ended September 30, 2026 for our Europe property segment and our Latin America property segment were primarily attributable to increases in our segment gross margin, partially offset by increases in our segment SG&A.

•The decrease in operating profit for the three months ended September 30, 2026 for our Services segment was primarily attributable to a decrease in our segment gross margin. The decrease in operating profit for the nine months ended September 30, 2026 for our Services segment was primarily attributable to a decrease in our segment gross margin, partially offset by a decrease in our segment SG&A.

Depreciation, Amortization and Accretion


	Three Months Ended September 30,		Percent Increase (Decrease)	Nine Months Ended September 30,		Percent Increase (Decrease)
	2026		2025		2026		2025
Depreciation, amortization and accretion	$	519.4		$	522.9			(1)	%	$	1,552.0	$	1,525.7	2	%

The decrease in depreciation, amortization and accretion expense for the three months ended September 30, 2026 was primarily attributable to decreases in property and equipment and intangible assets subject to amortization as a result of accelerated amortization, impairments taken and disposals since the beginning of the prior-year period, partially offset by foreign currency exchange rate fluctuations.

The increase in depreciation, amortization and accretion expense for the nine months ended September 30, 2026 was primarily attributable to foreign currency exchange rate fluctuations.

Other Operating Expense (Income)


	Three Months Ended September 30,		Percent Increase (Decrease)	Nine Months Ended September 30,		Percent Increase (Decrease)
	2026		2025		2026		2025
Other operating expense (income)	$	11.9		$	17.4			(32)	%	$	22.1	$	(41.9)	(153)	%

The decrease in other operating expense (income) during the three months ended September 30, 2026 was primarily attributable to registration fees included in the prior-year period related to our acquisition of Eaton Towers Holdings Limited in 2019 and a decrease in losses on sales or disposals of assets, partially offset by an increase in integration and acquisition related costs, including benefits related to pre-acquisition contingencies and settlements.

The change in other operating expense (income) during the nine months ended September 30, 2026 was primarily attributable to a decrease in gains on sales or disposals of assets and an increase in impairment charges, primarily related to DISH in the United States. Operating expense (income) during the nine months ended September 30, 2026 and 2025 includes a net gain on the sales of our APAC operations of $20.4 million and a gain on the sale of our fiber assets in South Africa (“South Africa Fiber”) of $53.6 million, respectively.

Total Other Expense


	Three Months Ended September 30,		Percent Increase (Decrease)	Nine Months Ended September 30,		Percent Increase (Decrease)
	2026		2025		2026		2025
Total other expense	$	370.6		$	283.3			31	%	$	851.2	$	1,605.8	(47)	%

Total other expense consists primarily of interest expense and realized and unrealized foreign currency gains or losses as a result of foreign currency exchange rate fluctuations primarily associated with our EUR denominated senior unsecured notes, our intercompany notes and similar unaffiliated balances denominated in a currency other than the subsidiaries’ functional currencies.

The increase in total other expense during the three months ended September 30, 2026 was primarily due to unrealized losses from equity securities in the United States of $71.5 million as compared to gains of $10.9 million during the prior-year period.

The decrease in total other expense during the nine months ended September 30, 2026 was primarily due to foreign currency gains of $137.2 million in the current period, as compared to foreign currency losses of $811.7 million in the prior-year period. Total other expense during the nine months ended September 30, 2026 and 2025 also includes unrealized (losses) gains from equity securities in the United States of $(35.1) million and $129.2 million, respectively.

Income Tax Provision


	Three Months Ended September 30,		Percent Increase (Decrease)		Nine Months Ended September 30,		Percent Increase (Decrease)
	2026		2025			2026		2025
Income tax provision	$	117.6			$	37.4			214	%	$	379.0	$	287.6	32	%
Effective tax rate	13.1	%		3.9	%				13.0	%	13.8	%

As a real estate investment trust for U.S. federal income tax purposes (“REIT”), we may deduct earnings distributed to stockholders against the income generated by our REIT operations. Consequently, the effective tax rate on income from continuing operations for the three and nine months ended September 30, 2026 and 2025 differs from the federal statutory rate.

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”) as promulgated by jurisdictions. The Pillar 2 Rules can potentially lead to additional taxes (“Top-Up Tax”) when the effective tax rate (as defined by the Pillar 2 Rules) in a jurisdiction is below 15%. The Pillar 2 Rules, however, do not apply to “Excluded Entities” and certain subsidiaries of Excluded Entities. We believe we qualify as an Excluded Entity as a “Real Estate Investment Vehicle.” In the event certain subsidiaries do not qualify as Excluded Entities, available “Safe Harbor” rules could apply that would exempt the entities from any Top-Up Tax. Substantially all of our non-excluded, non-U.S. jurisdictions qualify for one or more of the Safe Harbor rules. The remaining non-U.S. jurisdictions that may not qualify could have immaterial Top-Up Tax. Beginning in fiscal year 2026, the U.S. income of non-excluded U.S. domiciled

entities may result in immaterial Top-Up Tax; however, on January 5, 2026, the OECD announced a comprehensive Side-by-Side Safe Harbor that, if enacted, would exempt U.S.-parented multinational companies from certain Top-Up Taxes under the Pillar 2 Rules beginning January 1, 2026. While the Side-by-Side Safe Harbor has yet to be enacted in any jurisdiction in which we operate, there is an expectation the Side-by-Side Safe Harbor may be adopted prior to year end. The amount of Top-Up Tax from our U.S. income is immaterial.

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


	Three Months Ended September 30,		Percent Increase (Decrease)		Nine Months Ended September 30,		Percent Increase (Decrease)
	2026		2025			2026		2025
Net income	$	780.8			$	912.6			(14)	%	$	2,546.8	$	1,791.7	42	%

Income tax provision	117.6			37.4			214			379.0		287.6	32
Other expense (income)	52.2			(27.7)			(288)			(91.8)		684.4	(113)
Loss on retirement of long-term obligations	—			—			—			3.2		—	100
Interest expense	366.1			347.1			5			1,067.9		1,015.0	5
Interest income	(47.7)			(36.1)			32			(128.1)		(93.6)	37
Other operating expense (income)	11.9			17.4			(32)			22.1		(41.9)	(153)

Depreciation, amortization and accretion	519.4			522.9			(1)			1,552.0		1,525.7	2
Stock-based compensation expense	31.5			41.9			(25)			124.1		142.6	(13)
Adjusted EBITDA	$	1,831.8			$	1,815.5			1	%	$	5,475.2	$	5,311.5	3	%


	Three Months Ended September 30,		Percent Increase (Decrease)		Nine Months Ended September 30,		Percent Increase (Decrease)
	2026		2025			2026		2025
Net income	$	780.8			$	912.6			(14)	%	$	2,546.8	$	1,791.7	42	%

Real estate related depreciation, amortization and accretion	486.5			486.0			0			1,450.5		1,418.7	2
Losses (gains) from sale or disposal of real estate and real estate related impairment charges (1)	8.8			11.4			(23)			24.8		(28.6)	(187)

Adjustments and distributions for unconsolidated affiliates and noncontrolling interests (2)	(111.4)			(147.9)			(25)			(329.2)		(339.0)	(3)

Nareit FFO attributable to American Tower Corporation common stockholders	$	1,164.7			$	1,262.1			(8)	%	$	3,692.9	$	2,842.8	30	%
Straight-line revenue	24.0			(27.7)			(187)			24.0		(73.0)	(133)
Straight-line expense	7.7			9.4			(18)			24.7		27.9	(11)
Stock-based compensation expense	31.5			41.9			(25)			124.1		142.6	(13)
Deferred portion of income tax and other income tax adjustments (3)	53.4			(2.7)			(2,078)			151.1		135.7	11

Non-real estate related depreciation, amortization and accretion	32.9			36.9			(11)			101.5		107.0	(5)
Amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges	13.0			13.5			(4)			39.0		41.0	(5)

Other expense (income) (4)	52.2			(27.7)			(288)			(91.8)		684.4	(113)
Loss on retirement of long-term obligations	—			—			—			3.2		—	100
Other operating expense (income) (5)	3.1			6.0			(48)			(2.7)		(13.3)	(80)
Capital improvement capital expenditures	(43.9)			(48.4)			(9)			(131.6)		(122.5)	7
Corporate capital expenditures	(4.2)			(5.9)			(29)			(12.0)		(9.7)	24
Adjustments and distributions for unconsolidated affiliates and noncontrolling interests (6)	0.6			45.7			(99)			0.8		48.7	(98)



AFFO attributable to American Tower Corporation common stockholders	$	1,335.0			$	1,303.1			2	%	$	3,923.2	$	3,811.6	3	%

_______________

(1)For the nine months ended September 30, 2026, includes a net gain on the sales of our APAC operations of $20.4 million. For the nine months ended September 30, 2025, includes a gain on the sale of South Africa Fiber of $53.6 million.

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

(3)For the nine months ended September 30, 2026, includes adjustments for refunds in Germany of $0.5 million. For the three and nine months ended September 30, 2025, includes adjustments for taxes paid in Singapore of $0.3 million related to the ATC TIPL Transaction. For the nine months ended September 30, 2025 also includes adjustments for taxes paid in South Africa of $19.6 million, which were incurred as a result of the sale of South Africa Fiber. We believe that these tax adjustments are nonrecurring, and do not believe these are an indication of our operating performance. Accordingly, we believe it is more meaningful to present AFFO attributable to American Tower Corporation common stockholders excluding these amounts.

(4)Includes (gains) losses on foreign currency exchange rate fluctuations of $(27.0) million, $(18.0) million, $(137.2) million and $811.7 million, respectively.

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

(6)Includes adjustments for the impact of noncontrolling interests on other line items, excluding those already adjusted for in Nareit FFO attributable to American Tower Corporation common stockholders.

The decrease in net income for the three months ended September 30, 2026 was primarily due to (i) changes in other (expense) income, primarily due to unrealized losses from equity securities in the United States in the current year period and (ii) an increase in the income tax provision, partially offset by an increase in segment operating profit.

The increase in net income for the nine months ended September 30, 2026 was primarily due to (i) changes in other (expense) income, primarily due to foreign currency exchange rate fluctuations, partially offset by unrealized losses from equity securities in the United States in the current year period, and (ii) an increase in segment operating profit, partially offset by (w) an increase in the income tax provision, (x) changes in other operating expense (income), which included the net gain on the sales of our APAC operations during the nine months ended September 30, 2026 and the gain on the sale of South Africa Fiber during the nine months ended September 30, 2025, (y) an increase in interest expense and (z) an increase in depreciation, amortization and accretion expense.

The increases in Adjusted EBITDA for the three and nine months ended September 30, 2026 were primarily attributable to increases in our gross margin, partially offset by increases in SG&A, excluding the impact of stock-based compensation expense, of $5.6 million and $33.7 million, respectively.

The increase in AFFO attributable to American Tower Corporation common stockholders for the three months ended September 30, 2026 was primarily attributable to an increase in our operating profit, excluding the impact of straight-line accounting, partially offset by increases in cash paid for interest and cash paid for income taxes.

The increase in AFFO attributable to American Tower Corporation common stockholders for the nine months ended September 30, 2026 was primarily attributable to an increase in our operating profit, excluding the impact of straight-line accounting, partially offset by (i) increases in cash paid for interest and cash paid for income taxes, (ii) increases in distributions and adjustments for noncontrolling interests, including distributions to noncontrolling interest holders in our Europe property segment and Data Centers segment, and (iii) increases in capital improvement and corporate capital expenditures.

Segment Gross Margin Reconciliations

Gross margin is defined as revenue less costs of operations inclusive of real estate related depreciation, amortization and accretion. Segment gross margin excludes depreciation, amortization and accretion.


	Property	Total Property		Services		Total
Three Months Ended September 30, 2026	U.S. & Canada		Africa & APAC		Europe		Latin America	Data Centers
Gross margin	$	903.6			$	221.7		$	80.2	$	278.0		$	39.1		$	1,522.6	$	19.4	$	1,542.0
Real estate related depreciation, amortization and accretion	146.9			54.5			81.9		48.7	154.5		486.5			—		486.5
Segment gross margin	$	1,050.5			$	276.2		$	162.1	$	326.7		$	193.6		$	2,009.1	$	19.4	$	2,028.5


	Property	Total Property		Services		Total
Three Months Ended September 30, 2025	U.S. & Canada		Africa & APAC		Europe		Latin America	Data Centers
Gross margin	$	952.6			$	203.2		$	74.3	$	234.0		$	9.2		$	1,473.3	$	47.3	$	1,520.6
Real estate related depreciation, amortization and accretion	148.8			53.5			80.0		50.2	153.5		486.0			—		486.0
Segment gross margin	$	1,101.4			$	256.7		$	154.3	$	284.2		$	162.7		$	1,959.3	$	47.3	$	2,006.6


	Property	Total Property		Services		Total
Nine Months Ended September 30, 2026	U.S. & Canada		Africa & APAC		Europe		Latin America	Data Centers
Gross margin	$	2,720.1			$	637.4		$	248.7	$	840.2		$	97.2		$	4,543.6	$	76.4	$	4,620.0
Real estate related depreciation, amortization and accretion	439.7			165.8			244.9		143.6	456.5		1,450.5			—		1,450.5
Segment gross margin	$	3,159.8			$	803.2		$	493.6	$	983.8		$	553.7		$	5,994.1	$	76.4	$	6,070.5


	Property	Total Property		Services		Total
Nine Months Ended September 30, 2025	U.S. & Canada		Africa & APAC		Europe		Latin America	Data Centers
Gross margin	$	2,837.0			$	575.1		$	211.4	$	680.3		$	12.2		$	4,316.0	$	138.4	$	4,454.4
Real estate related depreciation, amortization and accretion	445.3			147.7			226.0		145.4	454.3		1,418.7			—		1,418.7
Segment gross margin	$	3,282.3			$	722.8		$	437.4	$	825.7		$	466.5		$	5,734.7	$	138.4	$	5,873.1

Liquidity and Capital Resources

The information in this section updates as of September 30, 2026 the “Liquidity and Capital Resources” section of the 2025 Form 10-K and should be read in conjunction with that report.

Overview

During the nine months ended September 30, 2026, our significant financing transactions included:

•Repayment of our 4.400% senior unsecured notes due 2026 (the “4.400% Notes”), our 1.600% senior unsecured notes due 2026 (the “1.600% Notes”), our 1.950% senior unsecured notes due 2026 (the “1.950% Notes”) and our 1.450% senior unsecured notes due 2026 (the “1.450% Notes”) upon their maturity dates;

•Partial redemption of 250.0 million EUR of our 4.125% senior unsecured notes due 2027 (the “4.125% Notes”) for an aggregate redemption price of approximately 253.3 million EUR (approximately $290.2 million as of the repayment date);

•Registered public offering in an aggregate principal amount of $2.5 billion, including 750.0 million EUR, of senior unsecured notes with maturities ranging from 2031 to 2036;

•Amendments to the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan (each as defined below) to, among other things, extend the maturity dates thereunder; and

•Repurchase of 2,969,052 shares of our common stock for an aggregate of $518.0 million, including commissions and fees, under the Buyback Program (as defined below).

As a holding company, our cash flows are derived primarily from the operations of, and distributions from, our operating subsidiaries or funds raised through borrowings under our credit facilities and debt or equity offerings.

The following table summarizes the significant components of our liquidity (in millions):


	As of September 30, 2026
Available under the 2021 Multicurrency Credit Facility	$	4,985.0
Available under the 2021 Credit Facility	3,770.0
Letters of credit	(39.4)
Total available under credit facilities, net	$	8,715.6
Cash and cash equivalents	1,871.9
Total liquidity	$	10,587.5

Subsequent to September 30, 2026, we made additional net borrowings of $675.0 million under the 2021 Multicurrency Credit Facility and borrowings of $965.0 million under the 2021 Credit Facility.

Summary cash flow information is set forth below (in millions):


	Nine Months Ended September 30,
	2026		2025
Net cash provided by (used for):
Operating activities	$	4,280.2			$	4,036.5
Investing activities	(1,366.9)			(1,391.7)
Financing activities	(2,533.8)			(2,764.7)
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash	22.6			112.5
Net increase (decrease) in cash and cash equivalents, and restricted cash	$	402.1			$	(7.4)

We use our cash flows to fund our operations and investments in our business, including maintenance and improvements, communications site and data center construction, managed network installations and acquisitions. Additionally, we use our cash flows to make distributions, including distributions of our REIT taxable income to maintain our qualification for taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). We may also periodically repay or repurchase our existing indebtedness or equity. We typically fund our international expansion efforts primarily through a combination of cash on hand, intercompany debt and equity contributions.

As of September 30, 2026, we had total outstanding indebtedness of $37.8 billion, with a current portion of $5.4 billion. During the nine months ended September 30, 2026, we generated sufficient cash flow from operations, together with borrowings under our credit facilities, proceeds from our debt issuances and cash on hand, to fund our acquisitions, capital expenditures and debt service obligations, as well as our required distributions. We believe the cash generated by operating activities during the year ending December 31, 2026, together with our borrowing capacity under our credit facilities, will suffice to fund our required distributions, capital expenditures, debt service obligations (interest and principal repayments) and signed acquisitions.

We utilize notional cash pooling arrangements with financial institutions for cash management purposes. These arrangements allow for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution.

Material Cash Requirements— There were no material changes to the Material Cash Requirements section of the 2025 Form 10-K.

As of September 30, 2026, we had $2.3 billion of cash and cash equivalents held by our foreign subsidiaries including balances subject to the notional cash pooling arrangements discussed above. As of September 30, 2026, we had $245.0 million of cash and cash equivalents held by our joint ventures, of which $196.1 million was held by our foreign joint ventures. Certain foreign subsidiaries may pay us interest or principal on intercompany debt. Additionally, in the event that we repatriate funds from our foreign subsidiaries, we may be required to accrue and pay certain taxes.

Cash Flows from Operating Activities

The increase in cash provided by operating activities for the nine months ended September 30, 2026 was primarily attributable to an increase in our operating profit, including the impact of straight-line accounting, and a decrease in cash required for working capital, primarily as a result of changes in accounts receivable, partially offset by increases in cash paid for interest and cash paid for taxes.

Cash Flows from Investing Activities

Our significant investing activities during the nine months ended September 30, 2026 are highlighted below:

•We spent $263.1 million for acquisitions,

•We received $82.5 million from the sales of our APAC operations, and

•We spent $1,195.2 million for capital expenditures, as follows (in millions):


Discretionary capital projects (1)	$	684.3
Ground lease purchases (2)	131.3
Capital improvements and corporate expenditures (3)	143.6
Redevelopment	204.7
Start-up capital projects	31.3
Total capital expenditures	$	1,195.2

_______________

(1)Includes the construction of 1,083 communications sites globally and approximately $458.6 million of spend related to data center assets.

(2)Includes $24.9 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in our condensed consolidated statements of cash flows.

(3)Includes $2.5 million of finance lease payments reported in Repayments of notes payable, credit facilities, senior notes, secured debt and finance leases in the cash flows from financing activities in our condensed consolidated statements of cash flows.

We plan to continue to allocate our available capital, after satisfying our distribution requirements, among investment alternatives that meet our return on investment criteria, while maintaining our commitment to our long-term financial policies. Accordingly, we expect to continue to deploy capital through our annual capital expenditure program, including land purchases and new site and data center facility construction, and through acquisitions. We also regularly review our portfolios as to capital expenditures required to upgrade our infrastructure to our structural standards or address capacity, structural or permitting issues.

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


Discretionary capital projects (1)	$	1,035		to	$	1,065
Ground lease purchases	190		to	210
Capital improvements and corporate expenditures	185		to	195
Redevelopment	315		to	345
Start-up capital projects	40		to	60
Total capital expenditures	$	1,765		to	$	1,875

_______________

(1)Includes the construction of approximately 1,300 to 1,900 communications sites globally and approximately $695 million of anticipated spend related to data center assets.

Cash Flows from Financing Activities

Our significant financing activities were as follows (in millions):


	Nine Months Ended September 30,
	2026		2025
Proceeds from issuance of senior notes, net	$	2,466.6			$	2,153.3
Proceeds from credit facilities, net	865.0			1,242.2


Repayments of securitized debt	—			(525.0)

Repayments of senior notes	(2,670.7)			(3,206.2)
Contributions from noncontrolling interest holders	5.1			148.1
Distributions to noncontrolling interest holders	(128.5)			(140.7)
Distributions paid on common stock	(2,475.6)			(2,361.0)
Purchases of common stock	(503.0)			—

Repayments of Senior Notes

Repayment of 4.400% Senior Notes—On February 13, 2026, we repaid $500.0 million aggregate principal amount of the 4.400% Notes upon their maturity. The 4.400% Notes were repaid using borrowings under the 2021 Credit Facility and cash on hand. Upon completion of the repayment, none of the 4.400% Notes remained outstanding.

Repayment of 1.600% Senior Notes—On April 14, 2026, we repaid $700.0 million aggregate principal amount of the 1.600% Notes upon their maturity. The 1.600% Notes were repaid using borrowings under the 2021 Credit Facility and cash on hand. Upon completion of the repayment, none of the 1.600% Notes remained outstanding.

Repayment of 1.950% Senior Notes—On May 21, 2026, we repaid 500.0 million EUR aggregate principal amount of the 1.950% Notes upon their maturity. The 1.950% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility. Upon completion of the repayment, none of the 1.950% Notes remained outstanding.

Partial Redemption of 4.125% Senior Notes—On June 18, 2026, we redeemed 250.0 million EUR of the 4.125% Notes at a price equal to 100.969%, plus accrued and unpaid interest up to, but excluding June 18, 2026, for an aggregate redemption price of approximately 253.3 million EUR (approximately $290.2 million as of the repayment date), including 0.9 million EUR (approximately $1.0 million as of the repayment date) in accrued and unpaid interest. We recorded a loss on retirement of long-term obligations of approximately $3.2 million, which included prepayment consideration of $2.8 million and the associated unamortized discount and deferred financing costs. The redemption was funded with proceeds from the issuance of the 4.000% Notes. Upon completion of this partial redemption, 350.0 million EUR aggregate principal amount of the 4.125% Notes remained outstanding.

Repayment of 1.450% Senior Notes—On September 14, 2026, we repaid $600.0 million aggregate principal amount of the 1.450% Notes upon their maturity. The 1.450% Notes were repaid using proceeds from the issuance of the 5.300% Notes, the 5.560% Notes and the 5.750% Notes. Upon completion of the repayment, none of the 1.450% Notes remained outstanding.

Repayment of 3.375% Senior Notes—On October 14, 2026, we repaid $1.0 billion aggregate principal amount of our 3.375% senior unsecured notes due 2026 (the “3.375% Notes”) upon their maturity. The 3.375% Notes were repaid using borrowings under the 2021 Credit Facility and cash on hand. Upon completion of the repayment, none of the 3.375% Notes remained outstanding.

Offerings of Senior Notes

4.000% Senior Notes Offering—On May 27, 2026, we completed a registered public offering of 750.0 million EUR (approximately $872.0 million at the date of issuance) aggregate principal amount of 4.000% senior unsecured notes due 2033 (the “4.000% Notes”). The net proceeds from this offering were approximately 742.7 million EUR (approximately $863.5 million at the date of issuance), after deducting commissions and estimated expenses. We used the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility and to partially redeem the 4.125% Notes (as discussed above).

5.300% Senior Notes, 5.560% Senior Notes and 5.750% Senior Notes Offering—On September 14, 2026, we completed a registered public offering of $500.0 million aggregate principal amount of 5.300% senior unsecured notes due 2031 (the “5.300% Notes”), $500.0 million aggregate principal amount of 5.560% senior unsecured notes due 2033 (the “5.560% Notes”) and $600.0 million aggregate principal amount of 5.750% senior unsecured notes due 2036 (the “5.750% Notes” and, collectively with the 4.000% Notes, the 5.300% Notes and the 5.560% Notes, the “Notes”). The net proceeds from this offering were approximately $1.6 billion, after deducting commissions and estimated expenses. We used the net proceeds to repay the 1.450% Notes, to repay existing indebtedness under the 2021 Multicurrency Credit Facility and for general corporate purposes.

The key terms of the Notes are as follows:

Senior Notes

Aggregate Principal Amount (in millions)

Issue Date and Interest Accrual Date

Maturity Date

Contractual Interest Rate

First Interest Payment

Interest Payments Due (1)

Par Call Date (2)

4.000% Notes (3)

872.0

May 27, 2026

September 1, 2033

4.000%

September 1, 2026

September 1

July 1, 2033

5.300% Notes

500.0

September 14, 2026

September 15, 2031

5.300%

March 15, 2027

March 15 and September 15

August 15, 2031

5.560% Notes

500.0

September 14, 2026

September 15, 2033

5.560%

March 15, 2027

March 15 and September 15

July 15, 2033

5.750% Notes

600.0

September 14, 2026

September 15, 2036

5.750%

March 15, 2027

March 15 and September 15

June 15, 2036

___________

(1)Accrued and unpaid interest on U.S. Dollar (“USD”) denominated notes is payable in USD semi-annually in arrears and will be computed from the issue date on the basis of a 360-day year comprised of twelve 30-day months. Interest on EUR denominated notes is payable in EUR annually in arrears and will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the notes, beginning on the issue date.

(2)We may redeem the Notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes plus a make-whole premium, together with accrued interest to the redemption date. If we redeem the Notes on or after the par call date, we will not be required to pay a make-whole premium.

(3)The 4.000% Notes are denominated in EUR; dollar amounts represent the aggregate principal amount at the issuance date.

If we undergo a change of control and corresponding ratings decline, each as defined in the supplemental indenture for the Notes, we may be required to repurchase all of the Notes at a purchase price equal to 101% of the aggregate principal amount of the Notes repurchased, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date. The Notes rank equally in right of payment with all of our other senior unsecured debt obligations and are structurally subordinated to all existing and future indebtedness and other obligations of our subsidiaries.

Each applicable supplemental indenture contains certain covenants that restrict our ability to merge, consolidate or sell assets and our (together with our subsidiaries’) ability to incur liens. These covenants are subject to a number of exceptions, including that we and our 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 3.5x Adjusted EBITDA, as defined in the applicable supplemental indenture.

Bank Facilities

Amendments to Bank Facilities—On May 7, 2026, we amended our (i) $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”), (ii) $4.0 billion senior unsecured revolving credit facility, as amended and restated on December 8, 2021, as further amended, (the “2021 Credit Facility”) and (iii) $1.0 billion unsecured term loan, as amended and restated on December 8, 2021, as further amended, (the “2021 Term Loan” collectively with the 2021 Multicurrency Credit Facility and the 2021 Credit Facility, the “Loans”).

These amendments, among other things,

i.extend the maturity dates of the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan to May 1, 2029, May 1, 2031 and May 1, 2029, respectively;

ii.include limited conditionality provisions in the 2021 Multicurrency Credit Facility, permitting us to borrow up to $5.0 billion in connection with certain acquisitions subject to such limited conditionality provisions;

iii.increase the swingline sublimit under each of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility from $50.0 million to $100.0 million;

v.amend the covenant governing the incurrence of indebtedness under each of the Loans to restrict the incurrence of indebtedness to our subsidiaries only.

2021 Multicurrency Credit Facility—During the nine months ended September 30, 2026, we borrowed an aggregate of $3.2 billion, including 500.0 million EUR ($581.1 million as of the borrowing date) and repaid an aggregate of $2.6 billion, including 500.0 million EUR ($581.1 million as of the repayment date) of revolving indebtedness under the 2021 Multicurrency Credit Facility. We used the borrowings to repay outstanding indebtedness, including the 1.950% Notes, and for general corporate purposes. We currently have $18.7 million of undrawn letters of credit and maintain the ability to draw down and repay amounts under the 2021 Multicurrency Credit Facility in the ordinary course.

2021 Credit Facility—During the nine months ended September 30, 2026, we borrowed an aggregate of $1.3 billion and repaid an aggregate of $1.1 billion of revolving indebtedness under the 2021 Credit Facility. We used the borrowings to repay outstanding indebtedness, including the 4.400% Notes and the 1.600% Notes, and for general corporate purposes. We currently have $20.7 million of undrawn letters of credit and maintain the ability to draw down and repay amounts under the 2021 Credit Facility in the ordinary course.

As of September 30, 2026, the key terms under the Loans were as follows:


Bank Facility		Outstanding Principal Balance ($ in millions)	Maturity Date		SOFR or EURIBOR borrowing interest rate range (1)	Base rate borrowing interest rate range (1)	Current margin over SOFR or EURIBOR and the base rate, respectively
2021 Multicurrency Credit Facility	(2)	$	1,015.0		May 1, 2029	(3)	0.625% - 1.125%	0.000% - 0.125%	0.875% and 0.000%
2021 Credit Facility	(2)	230.0		May 1, 2031	(3)	0.625% - 1.125%	0.000% - 0.125%	0.875% and 0.000%
2021 Term Loan	(2)	1,000.0		May 1, 2029		0.625% - 1.125%	0.000% - 0.125%	0.875% and 0.000%

___________

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

(2)Currently borrowed at SOFR.

(3)Subject to two optional renewal periods.

We must pay a quarterly commitment fee on the undrawn portion of each of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility. The commitment fee for the 2021 Multicurrency Credit Facility and the 2021 Credit Facility ranges from 0.060% to 0.150% per annum, based upon our debt ratings, and is currently 0.100%.

The 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan and the associated loan agreements (the “Bank Loan Agreements”) do not require amortization of principal and may be paid prior to maturity in whole or in part at our option without penalty or premium. We have the option of choosing either a defined base rate, SOFR or EURIBOR as the applicable base rate for borrowings under these bank facilities.

Each Bank Loan Agreement contains certain reporting, information, financial and operating covenants and other restrictions (including limitations on additional debt, guaranties, sales of assets and liens) with which we must comply. Failure to comply with the financial and operating covenants of the loan agreements could not only prevent us from being able to borrow additional funds under the revolving credit facilities, but may constitute a default, which could result in, among other things, the amounts outstanding under the applicable agreement, including all accrued interest and unpaid fees, becoming immediately due and payable.

Stock Repurchase Program—In December 2017, our Board of Directors approved a stock repurchase program, pursuant to which we are authorized to repurchase up to $2.0 billion of our common stock (the “Buyback Program”).

During the nine months ended September 30, 2026, we repurchased 2,969,052 shares of our common stock for an aggregate of $518.0 million, including commissions and fees. Subsequent to September 30, 2026, through October 20, 2026, we repurchased 416,186 shares of our common stock for an aggregate of approximately $67.8 million, including commissions and fees.

As further discussed in Item 5, on October 23, 2026, our Board of Directors approved an increase to the Buyback Program. We expect to continue managing the pacing of the remaining approximately $3.1 billion under the Buyback Program (including the approved increase) in response to general market conditions and other relevant factors. We expect to fund any further repurchases of our common stock through a combination of cash on hand, cash generated by operations and borrowings under our credit facilities. Repurchases under the Buyback Program are subject to, among other things, us having available cash to fund the repurchases.

Summary of Stock-Based Compensation Plans—We maintain an equity incentive plan that provides for the grant of stock-based awards to our directors, officers and employees. Until May 20, 2026, the American Tower Corporation 2007 Equity Incentive Plan, as amended (the “2007 Plan”), provided for the grant of non-qualified and incentive stock options, as well as restricted stock units, restricted stock and other stock-based awards. The American Tower Corporation 2026 Equity Incentive Plan (the “2026 Plan”) was approved by our stockholders on May 20, 2026, replacing the 2007 Plan, and provides for the grant of equity and equity-based awards, including options (including nonqualified stock options and incentive stock options), restricted stock, restricted stock units and other equity-based awards and cash awards, to employees, directors, consultants and advisors of the Company and its majority-owned subsidiaries.

Sales of Equity Securities—We receive proceeds from sales of our equity securities pursuant to our employee stock purchase plan and upon exercise of stock options granted under the 2007 Plan. During the nine months ended September 30, 2026, we received an aggregate of $21.0 million in proceeds upon exercises of stock options and sales pursuant to our employee stock purchase plan.

Future Financing Transactions—We regularly consider various options to obtain financing and access the capital markets, subject to market conditions, to meet our funding needs. Such capital raising alternatives, in addition to those noted above, may include amendments and extensions of our bank facilities, entry into new bank facilities, transactions with private equity funds or partnerships, additional senior note and equity offerings and securitization transactions. No assurance can be given as to whether any such financing transactions will be completed or as to the timing or terms thereof.

Distributions—As a REIT, we must annually distribute to our stockholders an amount equal to at least 90% of our REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). Generally, we have distributed, and expect to continue to distribute, all or substantially all of our REIT taxable income after taking into consideration our utilization of net operating losses (“NOLs”). We have distributed an aggregate of approximately $26.2 billion to our common stockholders, including the dividend paid in October 2026, primarily classified as ordinary income that may be treated as qualified REIT dividends under Section 199A of the Code.

During the nine months ended September 30, 2026, we paid $5.28 per share, or $2.5 billion, to our common stockholders of record. In addition, we declared a distribution of $1.79 per share, or $831.0 million, paid on October 20, 2026 to our common stockholders of record at the close of business on September 30, 2026.

The amount, timing and frequency of future distributions will be at the sole discretion of our Board of Directors and will depend on various factors, a number of which may be beyond our control, including our financial condition and operating cash flows, the amount required to maintain our qualification for taxation as a REIT and reduce any income and excise taxes that we otherwise would be required to pay, limitations on distributions in our existing and future debt and preferred equity instruments, our ability to utilize NOLs to offset our distribution requirements, limitations on our

ability to fund distributions using cash generated through our taxable REIT subsidiaries and other factors that our Board of Directors may deem relevant.

We accrue distributions on unvested restricted stock units, which are payable upon vesting. As of September 30, 2026, the amount accrued for distributions payable related to unvested restricted stock units was $13.9 million. During the nine months ended September 30, 2026, we paid $14.7 million of distributions upon the vesting of restricted stock units.

Factors Affecting Sources of Liquidity

As discussed in the “Liquidity and Capital Resources” section of the 2025 Form 10-K, our liquidity depends on our ability to generate cash flow from operating activities, borrow funds under our credit facilities and maintain compliance with the contractual agreements governing our indebtedness. We believe that the debt agreements discussed below represent our material debt agreements that contain covenants, our compliance with which would be material to an investor’s understanding of our financial results and the impact of those results on our liquidity.

Restrictions Under Loan Agreements Relating to Our Credit Facilities—Each Bank Loan Agreement contains certain financial and operating covenants and other restrictions applicable to us and our subsidiaries that are not designated as unrestricted subsidiaries on a consolidated basis. These restrictions include limitations on additional debt, distributions and dividends, guaranties, sales of assets and liens. These covenants are subject to a number of exceptions, including that the aggregate amount of indebtedness secured by such liens does not exceed 3.5x Adjusted EBITDA (as defined in each of the Loans).

The Bank Loan Agreements also contain covenants that establish financial tests with which we and our restricted subsidiaries must comply related to total leverage, as set forth in the table below. As of September 30, 2026, we were in compliance with each of these covenants.

Compliance Tests For The 12 Months Ended
September 30, 2026
($ in billions)

Ratio (1)

Additional Debt Capacity Under Covenants (2)

Capacity for Adjusted EBITDA Decrease Under Covenants (3)

Consolidated Total Leverage Ratio

Total Debt to Adjusted EBITDA
≤ 6.00:1.00

~ 6.2

~ 1.0

_______________

(1)Each component of the ratio as defined in the applicable loan agreement.

(2)Assumes no change to Adjusted EBITDA.

(3)Assumes no change to our debt levels.

The Bank Loan Agreements also contain reporting and information covenants that require us to provide financial and operating information to the lenders within certain time periods. If we are unable to provide the required information on a timely basis, we would be in breach of these covenants.

Failure to comply with the financial maintenance tests and certain other covenants of the Bank Loan Agreements could not only prevent us from being able to borrow additional funds under the revolving credit facilities, but may also constitute a default under these credit facilities, which could result in, among other things, the amounts outstanding, including all accrued interest and unpaid fees, becoming immediately due and payable. If this were to occur, we may not have sufficient cash on hand to repay such indebtedness. The key factors affecting our ability to comply with the debt covenants described above are our financial performance relative to the financial maintenance tests defined in the Bank Loan Agreements and our ability to fund our debt service obligations. Based upon our current expectations, we believe our operating results during the next 12 months will be sufficient to comply with these covenants.

Restrictions Under Agreements Relating to the Trust Securitization—The indenture and related supplemental indenture governing the loan agreement related to the securitization transactions completed in March 2018 (the “2018 Securitization”) and March 2023 (the “2023 Securitization” and, together with the 2018 Securitization, the “Trust Securitization”) (the “Securitization Loan Agreements”) include certain financial ratios and operating covenants and other restrictions customary for transactions subject to rated securitizations. Among other things, American Tower Asset Sub, LLC and American Tower Asset Sub II, LLC (together, the “AMT Asset Subs”) are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets, subject to customary carve-outs for ordinary course trade payables and permitted encumbrances (as defined in the applicable agreements).

Under the Securitization Loan Agreements, amounts due will be paid from the cash flows generated by the assets securing the nonrecourse loan that secures the Secured Tower Revenue Securities, Series 2018-1, Subclass A (the “Series 2018-1A Securities”), the Secured Tower Revenue Securities, Series 2018-1, Subclass R (the “Series 2018-1R Securities” and, together with the Series 2018-1A Securities, the “2018 Securities”), the Secured Tower Revenue Securities 2023-1, Subclass A (the “Series 2023-1A Securities”), the Secured Tower Revenue Securities, Series 2023-1, Subclass R (the “Series 2023-1R Securities” and, together with the Series 2023-1A Securities, the “2023 Securities”) issued in the Trust Securitization (the “Loan”), as applicable, which must be deposited into certain reserve accounts, and thereafter distributed, solely pursuant to the terms of the applicable agreement. On a monthly basis, after paying all required amounts under the applicable agreement, subject to the conditions described in the table below, the excess cash flows generated from the operation of these assets are released to the AMT Asset Subs, which can then be distributed to us for use. As of September 30, 2026, $70.9 million held in such reserve accounts was classified as restricted cash.

Certain information with respect to the Trust Securitization is set forth below. The debt service coverage ratio (“DSCR”) is generally calculated as the ratio of the net cash flow (as defined in the applicable agreement) to the amount of interest, servicing fees and trustee fees required to be paid over the succeeding 12 months on the principal amount of the Loan that will be outstanding on the payment date following such date of determination.

Issuer or Borrower

Notes/Securities Issued

Conditions Limiting Distributions of Excess Cash

Excess Cash Distributed During the Three Months Ended September 30, 2026

DSCR
as of September 30, 2026

Capacity for Decrease in Net Cash Flow Before Triggering Cash Trap DSCR (1)

Capacity for Decrease in Net Cash Flow Before Triggering Minimum DSCR (1)

Cash Trap DSCR

Amortization Period

(in millions)

Trust Securitization

AMT Asset Subs

Secured Tower Revenue Securities, Series 2023-1, Subclass A, Secured Tower Revenue Securities, Series 2023-1, Subclass R, Secured Tower Revenue Securities, Series 2018-1, Subclass A and Secured Tower Revenue Securities, Series 2018-1, Subclass R

1.30x, Tested Quarterly (2)

(3)(4)

$372.5

6.52x

$470.6

$484.1

_____________

(1)Based on the net cash flow of the issuer or borrower as of September 30, 2026 and the expenses payable over the next 12 months on the Loan.

(2)If the DSCR were equal to or below 1.30x (the “Cash Trap DSCR”) for any quarter, all cash flow in excess of amounts required to make debt service payments, fund required reserves, pay management fees and budgeted operating expenses and make other payments required under the applicable transaction documents, referred to as excess cash flow, will be deposited into a reserve account (the “Cash Trap Reserve Account”) instead of being released to the applicable issuer or borrower. Once triggered, a Cash Trap DSCR condition continues to exist until the DSCR exceeds the Cash Trap DSCR for two consecutive calendar quarters.

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

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

A failure to meet the noted DSCR tests could prevent the AMT Asset Subs from distributing excess cash flow to us, which could affect our ability to fund our capital expenditures, including tower construction and acquisitions, and to meet REIT distribution requirements. During an “amortization period,” all excess cash flow and any amounts then in the applicable Cash Trap Reserve Account would be applied to pay the principal of the Loan on each monthly payment date, and so would not be available for distribution to us. Further, additional interest will begin to accrue with respect to the Loan from and after the anticipated repayment date at a per annum rate determined in accordance with the applicable agreement. Furthermore, if the AMT Asset Subs were to default on the Loan, the trustee may seek to foreclose upon or otherwise convert the ownership of all or any portion of the 5,017 broadcast and wireless communications towers and related assets that secure the Loan, in which case we could lose those sites and their associated revenue.

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

determine that it is desirable or necessary to raise additional capital, we may be unable to do so, or such additional financing may be prohibitively expensive or restricted by the terms of our outstanding indebtedness. Additionally, as further discussed under the caption “Risk Factors” in Item 1A of the 2025 Form 10-K, market volatility and disruption caused by inflation, high interest rates and supply chain disruptions may impact our ability to raise additional capital through debt financing activities or our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations. If we are unable to raise capital when our needs arise, we may not be able to fund capital expenditures, future growth and expansion initiatives, satisfy our REIT distribution requirements and debt service obligations, or refinance our existing indebtedness.

In addition, our liquidity depends on our ability to generate cash flow from operating activities. As set forth under the caption “Risk Factors” in Item 1A of the 2025 Form 10-K, we derive a substantial portion of our current and projected future revenue from a small number of customers and, consequently, a failure by a significant customer to perform its contractual obligations to us could adversely affect our cash flow and liquidity.

For more information regarding the terms of our outstanding indebtedness, please see note 8 to our consolidated financial statements included in the 2025 Form 10-K.

Critical Accounting Policies and Estimates

Management’s discussion and analysis of financial condition and results of operations are based upon our consolidated and condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as related disclosures of contingent assets and liabilities. We evaluate our policies and estimates on an ongoing basis, including those related to accounting and impairment of long-lived assets, revenue recognition, rent expense and income taxes, as further discussed in the 2025 Form 10-K. Management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We have reviewed our policies and estimates to determine our critical accounting policies for the nine months ended September 30, 2026. We have made no material changes to the critical accounting policies described in the 2025 Form 10-K.

Accounting Standards Update

For a discussion of recent accounting standards updates, see note 1 to our consolidated and condensed consolidated financial statements included in this Quarterly Report.


ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

Changes in interest rates can cause interest charges to fluctuate on our variable rate debt. Variable rate debt as of September 30, 2026 consisted of $1.0 billion under the 2021 Multicurrency Credit Facility, $230.0 million under the 2021 Credit Facility and $1.0 billion under the 2021 Term Loan and $2.8 million of debt entered into by our Data Centers business in connection with an acquisition of a multi-tenant data facility in Denver, Colorado, which is denominated in U.S. Dollars and is payable in monthly installments through March 31, 2028. A 10% increase in current interest rates would result in an additional $8.0 million of interest expense for the nine months ended September 30, 2026.

Foreign Currency Risk

We are exposed to market risk from changes in foreign currency exchange rates primarily in connection with our foreign subsidiaries and joint ventures internationally. Any transaction denominated in a currency other than the U.S. Dollar is reported in U.S. Dollars at the applicable exchange rate. All assets and liabilities are translated into U.S. Dollars at exchange rates in effect at the end of the applicable fiscal reporting period and all revenues and expenses are translated at average rates for the period. The cumulative translation effect is included in equity as a component of Accumulated other comprehensive loss. We may enter into additional foreign currency financial instruments in anticipation of future transactions to minimize the impact of foreign currency exchange rate fluctuations. For the nine months ended September 30, 2026, 33% of our revenues and 41% of our total operating expenses were denominated in foreign currencies.

As of September 30, 2026, we have incurred intercompany debt that is not considered to be permanently reinvested and similar unaffiliated balances that were denominated in a currency other than the functional currency of the subsidiary in which it is recorded. As this debt had not been designated as being a long-term investment in nature, any changes in the foreign currency exchange rates will result in unrealized gains or losses, which will be included in our determination of net income. An adverse change of 10% in the underlying exchange rates of our unsettled intercompany debt and similar unaffiliated balances would result in $40.0 million of unrealized losses that would be included in Other income (expense) in our consolidated statements of operations for the nine months ended September 30, 2026. As of September 30, 2026, we have 7.5 billion EUR (approximately $8.5 billion) denominated debt outstanding, of which approximately 4.7 billion EUR (approximately $5.3 billion) is designated as a non-derivative net investment hedge. An adverse change of 10% in the underlying exchange rates of our outstanding EUR debt not designated as a non-derivative net investment hedge would result in $0.4 billion of foreign currency losses that would be included in Other expense in our consolidated statements of operations for the nine months ended September 30, 2026.


ITEM 4.	CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We have established disclosure controls and procedures designed to ensure that material information relating to us, including our consolidated subsidiaries, is made known to the officers who certify our financial reports and to other members of senior management and the Board of Directors.

Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report. Based on this evaluation, our principal executive officer and principal financial officer concluded that these disclosure controls and procedures were effective as of September 30, 2026 and designed to ensure that the information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the fiscal quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION


ITEM 1.	LEGAL PROCEEDINGS

We periodically become involved in various claims and lawsuits that are incidental to our business. While our management, after consultation with counsel, currently believes the ultimate outcome of these legal proceedings, individually and in the aggregate, will not have a material adverse impact on our 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 our financial condition and results of operations.

AT&T Mexico Dispute

We are currently engaged in the Arbitration with AT&T Mexico. AT&T Mexico, which represented approximately $300 million of tenant revenue in 2025, is challenging the calculation of the monthly lease amount established under the MLA, as well as certain other provisions of the MLA, seeking rent abatement both retroactively and prospectively, and had been withholding tower rents since the start of 2025. We incurred approximately $30 million of reserves during the year ended December 31, 2025, 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.

DISH Dispute

On September 24, 2025, DISH delivered a notice purporting to be excused from its contractual obligations under the SCA. On October 20, 2025, we filed a complaint in the U.S. District Court for the District of Colorado seeking a declaratory judgment that DISH had not been excused from its obligations under the SCA, that the SCA remained in full force and effect, and that DISH remained required to perform all of its obligations under the SCA. Thereafter, DISH failed to meet its payment obligations, and as of January 2026, has been in default under the SCA. We remain confident that DISH was not excused from its obligations under the SCA. We delivered notices of termination, effective June 2, 2026, to DISH of the SCA and related agreements with DISH.


ITEM 1A.	RISK FACTORS

There were no material changes to the risk factors disclosed in Item 1A of the 2025 Form 10-K.


ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

During the three months ended September 30, 2026, we repurchased a total of 1,804,674 shares of our common stock for an aggregate of $315.1 million, including commissions and fees, pursuant to the Buyback Program. The table below sets forth details of our repurchases under the Buyback Program during the three months ended September 30, 2026.


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share (2)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
					(in millions)
July 1, 2026 - July 31, 2026	—		$	—		—			$	1,450.0
August 1, 2026 - August 31, 2026	1,032,630		$	174.30		1,032,630			$	1,270.0
September 1, 2026 - September 30, 2026	772,044		$	174.85		772,044			$	1,135.0
Total Third Quarter	1,804,674	$	174.53		1,804,674		$	1,135.0

_______________

(1)Repurchases made pursuant to the Buyback Program.

(2)Average price paid per share is a weighted average calculation using the aggregate price, excluding commissions and fees.

Through October 20, 2026, we have repurchased a total of 5,326,550 shares of our common stock under the Buyback Program for an aggregate of $932.8 million, including commissions and fees. We expect to continue to manage the pacing of the remaining $1.1 billion under the Buyback Program in response to general market conditions and other relevant factors. We expect to fund any further repurchases of our common stock through a combination of cash on hand, cash generated by operations and borrowings under our credit facilities. Purchases under the Buyback Program are subject to our having available cash to fund repurchases.

Under the Buyback Program, our management 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, we may use plans adopted in accordance with Rule 10b5-1 under the Exchange Act in accordance with securities laws and other legal requirements, which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. These programs may be discontinued at any time.


ITEM 5.	OTHER INFORMATION

(a) Other Events

On October 23, 2026, our Board of Directors approved an increase to the Buyback Program, pursuant to which we are authorized to repurchase up to an additional $2.0 billion of our outstanding common stock, in addition to the remaining available amount ($1.1 billion as of October 20, 2026).

None.


ITEM 6.	EXHIBITS


		Incorporated By Reference
Exhibit No.	Description of Document	Form	File No.	Date of Filing	Exhibit No.

3.1	Restated Certificate of Incorporation of the Company as filed with the Secretary of State of the State of Delaware, effective as of December 31, 2011	8-K	001-14195	January 3, 2012	3.1

3.2	Certificate of Merger, effective as of December 31, 2011	8-K	001-14195	January 3, 2012	3.2

3.3	Amended and Restated By-Laws of the Company, effective as of January 3, 2025	8-K	001-14195	January 7, 2025	3.1

4.1	Supplemental Indenture No. 3 , dated as of September 14 , 2026, by and between American Tower Corporation and U.S. Bank Trust Company, National Association, as trustee	8-K	001-14195	September 14, 2026	4.1

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith as Exhibit 31.1	—	—	—

31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith as Exhibit 31.2	—	—	—

32	Certifications filed pursuant to 18. U.S.C. Section 1350	Filed herewith as Exhibit 32	—	—	—

101.SCH	Inline XBRL Taxonomy Extension Schema Document		—	—	—

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF	Inline XBRL Taxonomy Extension Definition	Filed herewith as Exhibit 101

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)	—	—	—	—

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERICAN TOWER CORPORATION

Date: October 27, 2026

By:

/S/ RODNEY M. SMITH

Rodney M. Smith
Executive Vice President, Chief Financial Officer and Treasurer
(Duly Authorized Officer and Principal Financial Officer)

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Three Months Ended September 30,

Nine Months Ended September 30,

Restricted stock units