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What changed in American Tower's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of American Tower's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+442 added−427 removedSource: 10-K (2025-02-25) vs 10-K (2024-02-27)

Top changes in American Tower's 2024 10-K

442 paragraphs added · 427 removed · 324 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

60 edited+11 added−23 removed96 unchanged
Biggest changeIn addition, we are subject to risks related to our international operations, as set forth under the caption “Risk Factors—Our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates.” Managed Networks, Data Centers and Related Assets, Other Telecommunications Assets, Property Interests and Shared Generators.
Biggest changeAccordingly, we are subject to certain risks, as set forth in Item 1A of this Annual Report under the caption “Risk Factors—A substantial portion of our current and projected future revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers.” In addition, we are subject to risks related to our international operations, as set forth under the caption “Risk Factors—Our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates.” Managed Networks, Data Centers and Related Assets, Other Telecommunications Assets, Property Interests and Shared Generators.
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 that we provide for the leasing of space primarily to enterprises, network operators, cloud providers and supporting service providers.
We also hold other telecommunications infrastructure, fiber 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 that we provide for the leasing of space primarily to enterprises, network operators, cloud providers and supporting service providers.
Our teams in our more than 20 countries around the world are our most important assets and fundamental to our success. Aligned with our business strategy, our human capital management strategy focuses on developing and delivering solutions to attract, develop, engage and retain top diverse talent in each of the countries where we operate.
Our teams in our more than 20 countries around the world are our most important assets and fundamental to our success. Aligned with our business strategy, our human capital management strategy focuses on developing and delivering solutions to attract, develop, engage and retain top talent in each of the countries where we operate.
We strive to maintain a diversified approach to our international growth strategy by operating in a geographically diverse array of markets in a variety of stages of wireless network development. Our international growth strategy includes a disciplined, individualized market evaluation, in which we conduct the following analyses, among others: • Country analysis.
We strive to maintain a diversified approach to our international strategy by operating in a geographically diverse array of markets in a variety of stages of wireless network development. Our international strategy includes a disciplined, individualized market evaluation, in which we conduct the following analyses, among others: • Country analysis.
We compete, both for new business and for the acquisition of assets, with other public tower companies, such as Crown Castle International Corp., SBA Communications Corporation, Telesites S.A.B. de C.V. and Cellnex Telecom, S.A., wireless carrier tower consortia such as Indus Towers Limited and private tower companies, private equity sponsored firms, carrier-affiliated tower companies, independent wireless carriers, tower owners, broadcasters and owners of non-communications sites, including rooftops, utility towers, water towers and other alternative structures.
We compete, both for new business and for the acquisition of assets, with other public tower companies, such as Crown Castle International Corp., SBA Communications Corporation, Telesites S.A.B. de C.V. and Cellnex Telecom, S.A., wireless carrier tower consortia and private tower companies, private equity sponsored firms, carrier-affiliated tower companies, independent wireless carriers, tower owners, broadcasters and owners of non-communications sites, including rooftops, utility towers, water towers and other alternative structures.
Similar requirements regarding pre-approval of the construction and modification of towers are imposed by regulators in other countries. Non-compliance with applicable tower-related requirements may lead to monetary penalties or site deconstruction orders. Certain of our international operations are subject to regulatory requirements with respect to licensing, registration, permitting and public listings.
Similar requirements regarding pre-approval of the construction and modification of towers are imposed by regulators in other countries. Non-compliance with applicable tower-related requirements may lead to monetary penalties or site deconstruction orders. Certain of our international operations are subject to regulatory requirements with respect to licensing, registration and permitting.
We are also focused on developing and implementing renewable power solutions across our footprint to reduce our reliance on fossil fuels and help improve the overall efficiency of the communications infrastructure and wireless industries through our sustainability and power as a service (PaaS) initiatives. • Maintain a strong balance sheet.
We are also focused on developing and implementing sustainable power solutions across our footprint to reduce our reliance on fossil fuels and help improve the overall efficiency of the communications infrastructure and wireless industries through our sustainability and power as a service (PaaS) initiatives. • Maintain a strong balance sheet.
Changes in regulations that affect electric power providers, such as regulations related to the control of greenhouse gas emissions or other climate change-related matters, could adversely affect the costs of electric power and increase our operating costs, which could adversely affect our business, financial condition and results of operations or those of our customers. Health and Safety.
Changes in regulations that affect electric power providers, such as regulations related to the control of greenhouse gas emissions or other climate change-related matters, could adversely affect the costs of electric power and increase our operating costs, which could adversely affect our business, financial condition and results of operations or those of our customers.
This opposition and existing or new zoning regulations can increase costs associated with new tower construction, tower modifications or additions of new antennas to a site or site upgrades, as well as adversely affect the associated timing or cost of such projects.
This opposition and existing or new zoning, environmental or aviation regulations can increase costs associated with new tower construction, tower modifications or additions of new antennas to a site or site upgrades, as well as adversely affect the associated timing or cost of such projects.
Local zoning authorities and community residents often oppose construction in their communities, which can delay or prevent new tower construction, new antenna installation or site upgrade projects, thereby limiting our ability to respond to tenant demand.
Local zoning authorities and community residents periodically oppose construction in their communities, which can delay or prevent new tower construction, new antenna installation or site upgrade projects, thereby limiting our ability to respond to tenant demand.
While these regulations vary, they typically require tower owners or tenants to obtain approval from local authorities or community standards organizations prior to tower construction or the addition of a new antenna to an existing tower.
While these regulations vary, they typically require tower owners or tenants to obtain approval from local authorities, environmental bodies or community standards organizations prior to tower construction or the addition of a new antenna to an existing tower.
Our top tenants by revenue for each property segment are as follows for the year ended December 31, 2023: • U.S. & Canada: AT&T Inc. (“AT&T”); T-Mobile; and Verizon Communications Inc.
Our top tenants by revenue for each property segment are as follows for the year ended December 31, 2024: • U.S. & Canada: AT&T Inc. (“AT&T”); T-Mobile; and Verizon Communications Inc.
We own portfolios of property interests in Australia, Canada, New Zealand and the United States, including land under carrier or other third-party communications sites, which provide recurring cash flow under complementary leasing arrangements. • Shared Generators . We have contracts with certain of our tenants in the United States pursuant to which we provide access to shared backup power generators.
We own portfolios of property interests in Canada and the United States, including land under carrier or other third-party communications sites, which provide recurring cash flow under complementary leasing arrangements. • Shared Generators . We have contracts with certain of our tenants in the United States pursuant to which we provide access to shared backup power generators.
As a result, we anticipate growing demand for our communications sites because they are attractively located and typically have capacity available for additional tenants and equipment. In the United States, incremental carrier network activity is being driven by ongoing network densification initiatives as well as 5G network deployments.
As a result, we anticipate growing demand for our communications sites because they are attractively located and typically have capacity available for additional tenants and equipment. In the United States, incremental carrier network activity is being driven by ongoing 5G network deployments.
This segment accounted for 1%, 2% and 3% of our total revenue for the years ended December 31, 2023, 2022 and 2021, respectively. Site Application, Zoning and Permitting . We engage in site application services on our own behalf in connection with our tower development projects, as well as on behalf of our tenants.
This segment accounted for 2%, 1% and 2% of our total revenue for the years ended December 31, 2024, 2023 and 2022, respectively. Site Application, Zoning and Permitting . We engage in site application services on our own behalf in connection with our tower development projects, as well as on behalf of our tenants.
During the year ended December 31, 2023, churn was approximately 3% of our tenant billings, primarily driven by churn in our U.S. & Canada property segment. We expect that our churn rate in our U.S. & Canada property segment will continue to be elevated through 2025 due to contractual lease cancellations and non-renewals by T-Mobile US, Inc.
During the year ended December 31, 2024, churn was approximately 2% of our tenant billings, primarily driven by churn in our U.S. & Canada property segment. We expect that our churn rate in our U.S. & Canada property segment will continue to be elevated through 2025 due to contractual lease cancellations and non-renewals by T-Mobile US, Inc.
In addition, paper copies of these documents may be obtained free of charge by writing us at the following address: 116 Huntington Avenue, Boston, Massachusetts 02116, Attention: Investor Relations; or by calling us at (617) 375-7500. 10 Table of Contents
In addition, paper copies of these documents may be obtained free of charge by writing us at the following address: 116 Huntington Avenue, Boston, Massachusetts 02116, Attention: Investor Relations; or by calling us at (617) 375-7500.
As of December 31, 2023, our REIT-qualified businesses included our U.S. tower leasing business, a majority of our U.S. indoor DAS networks business, our Services and Data Centers segments, as well as most of our operations in Canada, Costa Rica, France, Germany, Ghana, Kenya, Mexico, Nigeria, South Africa and Uganda.
As of December 31, 2024, our REIT-qualified businesses included our U.S. tower leasing business, a majority of our U.S. DAS networks business, our Services and Data Centers segments, as well as most of our operations in Canada, Costa Rica, France, Germany, Ghana, Kenya, Mexico, Nigeria, South Africa, Spain and Uganda.
The balance of our property segment revenue not attributable to our communications sites was attributable to these items. • Managed Networks. We own and operate DAS networks in the United States and certain international markets.
The balance of our property segment revenue not attributable to our communications sites was attributable to these items. 3 Table of Contents • Managed Networks. We own and operate DAS networks in the United States and certain international markets.
We also hold lease rights and easement interests on rooftops capable of hosting 3 Table of Contents communications equipment in locations where towers are generally not a viable solution based on area characteristics.
We also hold lease rights and easement interests on rooftops capable of hosting communications equipment in locations where towers are generally not a viable solution based on area characteristics.
Existing regulations may subsequently change 7 Table of Contents or future regulations may be enacted, either of which could have a similar impact as described above, and could materially and adversely affect our operations. Environmental Matters.
Existing regulations may subsequently change or future regulations may be enacted, either of which could have a similar impact as described above, and could materially and adversely affect our operations. Environmental Matters.
We define churn as tenant billings lost when a tenant cancels or does not renew its lease or, in limited circumstances, when the lease rates on existing leases are reduced. We derive our churn rate for a given year by dividing our tenant billings lost on this basis by our prior-year tenant billings.
We define churn as tenant billings lost when a tenant cancels or does not renew its lease or, in limited circumstances, when the lease rates on existing leases are reduced. We derive our churn rate for a given year by dividing our tenant billings 2 Table of Contents lost on this basis by our prior-year tenant billings.
In 2023, we initiated a strategic review of our India business, where we evaluated the appropriate level of exposure to the India market within our global portfolio of communications assets, and assessed opportunities to repurpose capital to drive long-term shareholder value and sustained growth.
In 2023, we undertook a strategic review of our India operations, where we evaluated the appropriate level of exposure to the India market within our global portfolio of communications assets, and assessed opportunities to repurpose capital to drive long-term shareholder value and sustained growth.
We refer to this business, inclusive of our data center business discussed below, as our property operations, which accounted for 99% of our total revenues for the year ended December 31, 2023. We also offer tower-related services in the United States, which we refer to as our services operations.
We refer to this business, inclusive of our data center business discussed below, as our property operations, which accounted for 98% of our total revenues for the year ended December 31, 2024. We also offer tower-related services in the United States, which we refer to as our services operations.
Our annual Accelerated Leadership Development program, in collaboration with the INSEAD executive education program, 9 Table of Contents provides our next generation leaders in Latin America, Europe, the U.S. and Africa, with a seven-week intensive workshop to enhance management and leadership skills.
Our annual Accelerated Leadership Development program, in collaboration with the INSEAD executive education program, provides our next generation leaders in Latin America, Europe, the U.S. and Africa, with a seven-week intensive workshop to enhance management and leadership skills.
For individual contributors, we have approximately 9,600 resources in up to five languages that focus on job-specific training and general topics, such as productivity, collaboration and project management. We create and customize courses to meet regional needs and update these courses regularly to address changing marketplace dynamics and employee interests.
For individual contributors, we provide resources in up to five languages that focus on job-specific training and general topics, such as productivity, collaboration and project management. We create and customize courses to meet regional needs and update these courses regularly to address changing marketplace dynamics and employee interests.
Based upon foreign currency exchange rates and the tenant leases in place as of December 31, 2023, we expect to generate over $60 billion of non-cancellable tenant lease revenue over future periods, before the impact of straight-line lease accounting. • Consistent demand for our sites.
Based upon foreign currency exchange rates and the tenant leases in place as of December 31, 2024, we expect to generate nearly $54 billion of non-cancellable tenant lease revenue over future periods, before the impact of straight-line lease accounting. • Consistent demand for our sites.
Ltd. and ATC Telecom Infrastructure Private Limited (“ATC TIPL”), which holds our operations in India, we entered into an agreement with Data Infrastructure Trust (“DIT”), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management, pursuant to which DIT will acquire a 100% ownership interest in ATC TIPL (the “Pending ATC TIPL Transaction”).
Ltd. and ATC Telecom Infrastructure Private Limited (“ATC TIPL”), which held our operations in India, entered into an agreement with Data Infrastructure Trust (“DIT”), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management, pursuant to which DIT agreed to acquire a 100% ownership interest in ATC TIPL (the “ATC TIPL Transaction”).
(“Telefónica”) accounted for an aggregate of 73% of Europe property segment revenue. • Latin America: América Móvil; AT&T; Telefónica; and TIM S.p.A. accounted for an aggregate of 75% of Latin America property segment revenue.
(“Telefónica”) accounted for an aggregate of 70% of Europe property segment revenue. • Latin America: América Móvil; AT&T; Telefónica; and TIM S.p.A. accounted for an aggregate of 74% of Latin America property segment revenue.
We continue to focus on maintaining a robust liquidity position and, as of December 31, 2023, had $9.6 billion of available liquidity. We believe that our investment grade credit ratings provide us consistent access to the capital markets and our liquidity provides us the ability to continue to invest in growing and augmenting our business.
We continue to focus on maintaining a robust liquidity position and, as of December 31, 2024, had $12.0 billion of available liquidity. We believe that our investment grade credit ratings provide us consistent access to the capital markets and our liquidity provides us the ability to continue to invest in growing and augmenting our business.
Prior to entering a new market, we conduct an extensive review of the country’s historical and projected macroeconomic fundamentals, including inflation and foreign currency exchange rate trends, demographics, capital markets, tax regime and investment alternatives, and the general business, political and legal environments, including property rights and regulatory regime. • Wireless industry analysis.
Prior to entering a new market, and on an ongoing basis as we evaluate our portfolio, we conduct an extensive review of the country’s historical and projected macroeconomic fundamentals, including inflation and foreign currency exchange rate trends, demographics, capital markets, tax regime and investment alternatives, and the general business, political and legal environments, including property rights and regulatory regime. • Wireless industry analysis.
Developing our managers is critical to our success, and over 40,000 resources and tools are provided to all levels of management. For example, our Management Essentials program provides continuous learning opportunities through training led by American Tower leaders.
Developing our managers is critical to our success, and several resources and tools are provided to all levels of management. For example, our Management Essentials program provides continuous learning opportunities through training led by American Tower leaders globally.
A critical factor in our success is ensuring that each of these remains at the core of our business culture, infusing fresh ideas, helping us remain connected to our customers in a dynamic global market and ensuring mutual respect guides us in our interactions both internally and externally.
A critical factor in our success is ensuring that an inclusive and collaborative workplace remains at the core of our business culture, infusing fresh ideas, helping us remain connected to our customers in a dynamic global market and ensuring mutual respect guides us in our interactions both internally and externally.
For our U.S. employees with high potential, we offer several professional development opportunities designed to support these employees through a career path journey to become inclusive leaders. We also have a comprehensive talent-management review process to develop future leaders and ensure effective succession planning.
For our employees with high potential, we offer several professional development opportunities designed to support these employees through a career path journey to become inclusive leaders. These are all supported by a comprehensive talent-management review process to develop future leaders and ensure effective succession planning.
We are committed to the safety of our employees and surrounding communities. Depending on the role, team members are required to pass and complete regular safety training courses and follow specific tower and site safety protocols with the support of operational manuals.
Depending on the role, team members are required to pass and complete regular safety training courses and follow specific tower and site safety protocols with the support of operational manuals.
For more information on demand trends in our industry, see Item 7 of this Annual Report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview.” 8 Table of Contents Human Capital Resources As of December 31, 2023, we employed 5,643 full-time individuals, including 2,399 employees based in the United States and 3,244 employees based internationally.
For more information on demand trends in our industry, see Item 7 of this Annual Report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview.” Human Capital Resources As of December 31, 2024, we employed 4,691 full-time individuals, including 2,589 employees based in the United States and 2,102 employees based internationally.
(“Verizon Wireless”) accounted for an aggregate of 87% of U.S. & Canada property segment revenue. • Asia-Pacific: Bharti Airtel Limited (“Airtel”); Reliance Jio; and VIL accounted for an aggregate of 88% of Asia-Pacific property segment revenue. • Africa: Airtel; and MTN Group Limited (“MTN”) accounted for an aggregate of 84% of Africa property segment revenue. • Europe: Telefónica S.A.
(“Verizon Wireless”) accounted for an aggregate of 86% of U.S. & Canada property segment revenue. • Africa & APAC: Bharti Airtel Limited (“Airtel”); and MTN Group Limited (“MTN”) accounted for an aggregate of 81% of Africa & APAC property segment revenue. • Europe: Telefónica S.A.
We conduct wellness check-ins and offer resources to support our employees’ mental health and well-being, including access to a free Employee Assistance Program, which offers confidential assistance on a wide range of issues. We also offer market competitive benefits in all locations and, in 2023, continued our behavioral health benefit in the United States to support employees’ mental well-being.
We conduct wellness check-ins and offer resources to support our employees’ mental health and well-being, including access to a free Employee Assistance Program, which offers confidential assistance on a wide range of issues.
Approximately 89%, 89% and 95% of revenue in our property segments was attributable to our communications sites, excluding DAS networks, for the years ended December 31, 2023, 2022 and 2021, respectively.
See Note 22 for further discussion. Communications Sites. Approximately 87%, 88% and 87% of revenue in our property segments was attributable to our communications sites, excluding DAS networks and fiber, for the years ended December 31, 2024, 2023 and 2022, respectively.
Our international business operations may be subject to increased licensing fees or ownership restrictions. For example, in South Africa, the Broad-Based Black Economic Empowerment Act, 2003 (the “BBBEE Act”) has established a legislative framework for the promotion of economic empowerment of South African citizens disadvantaged by Apartheid.
For example, in South Africa, the Broad-Based Black Economic Empowerment Act, 2003 (the “BBBEE Act”) has established a legislative framework for the promotion of economic empowerment of South African citizens disadvantaged by Apartheid.
Quarterly reporting for all acquisitions and dispositions is required to be provided to the Overseas Investment Office. In Africa, our subsidiaries in Burkina Faso, Ghana, Kenya, Niger, Nigeria and Uganda are required to hold a license in order to establish and maintain passive telecommunications infrastructure services and DAS networks for communications service providers.
In Africa & APAC, our subsidiaries in Burkina Faso, Ghana, Kenya, Niger, Nigeria and Uganda are required to hold a license in order to establish and maintain passive telecommunications infrastructure services and DAS networks for communications 6 Table of Contents service providers.
As of December 31, 2023, our communications real estate portfolio of 224,502 communications sites included 42,905 communications sites in the U.S. & Canada, 77,647 communications sites in Asia-Pacific, 24,229 communications sites in Africa, 31,241 communications sites in Europe and 48,480 communications sites in Latin America, as well as (i) urban telecommunications assets in Argentina, Brazil, Colombia, India, South Africa and Spain, (ii) other property interests in Australia, Canada, New Zealand and the United States and (iii) 28 data center facilities across ten United States markets.
As of December 31, 2024, our communications real estate portfolio of 148,957 communications sites included 42,222 communications sites in the U.S. & Canada, 26,642 communications sites in Africa & APAC (as defined below), 31,786 communications sites in Europe and 48,307 communications sites in Latin America, as well as (i) urban telecommunications assets in Argentina, Brazil, Colombia, South Africa and Spain, (ii) other property interests in Canada and the United States and (iii) 29 data center facilities across ten markets in the United States.
With respect to our data center facilities, the presence of contamination, asbestos, mold or other air quality issues or the failure to remediate contamination, asbestos, mold or other air quality issues at our facilities may expose us to third-party liability or materially and adversely affect our ability to sell, lease or develop the real estate or to borrow using the real estate as collateral.
When a site is decommissioned, we are required to follow applicable regulatory requirements, including by following decommissioning procedures and environmental management plans. 7 Table of Contents With respect to our data center facilities, the presence of contamination, asbestos, lead or lead-based paint, mold or other air quality issues or the failure to remediate contamination, asbestos, lead or lead-based paint, mold or other air quality issues at our facilities may expose us to third-party liability or materially and adversely affect our ability to sell, lease or develop the real estate or to borrow using the real estate as collateral.
This assessment may result in our decision to divest a portion, or all, of certain assets, including our Mexico fiber and Poland businesses in 2023, and our signed agreement in January 2024 with DIT for the Pending ATC TIPL Transaction, and repurpose proceeds, and potential future capital, to other capital priorities. • Capital expenditure program.
This assessment can influence our decisions on future capital allocation priorities between certain countries and assets, and may result in our decision to divest a portion, or all, of certain assets, including our Mexico fiber and Poland businesses in 2023, and our Australia, India and New Zealand businesses in 2024, and repurpose proceeds, and potential future capital, to other capital priorities. • Capital expenditure program.
Additionally, in 2023, one of our Brazilian subsidiaries, American Tower do Brasil – Cessao de Infraestruturas S.A. (“ATC Brazil”) issued non-convertible debentures, which are listed on the Brazilian stock exchange. Although the non-convertible debentures are held by another subsidiary of ours and are eliminated in consolidation, ATC Brazil is still subject to the listing requirements of such exchange.
(“ATC Brazil”) issued non-convertible debentures in 2023 and in 2025, which are listed on the Brazilian stock exchange. Although the non-convertible debentures are held by another subsidiary of ours and are eliminated in consolidation, ATC Brazil is still subject to the listing requirements of such exchange. Our international business operations may be subject to increased licensing fees or ownership restrictions.
In the United States and in other countries where we operate, we are subject to various national, state and local laws regarding employee health and safety, including protection from radio frequency exposure and air quality issues. Competition Our industry is highly competitive.
See “Risk Factors” in Item 1A of this Annual Report for more information on our data center-related risks. Health and Safety. In the United States and in other countries where we operate, we are subject to various national, state and local laws regarding employee health and safety, including protection from radio frequency exposure and air quality issues.
In Latin America, our subsidiary in Chile holds a concession of intermediate telecommunications services and our subsidiary in Argentina holds an information and communications technology service license. In Peru, our subsidiaries are registered as infrastructure providers and in Colombia, passive infrastructure activities do not need any authorization, but our fiber subsidiary is registered as a carrier service provider.
In Peru, our subsidiaries are registered as infrastructure providers and in Colombia, passive infrastructure activities do not need any authorization, but our fiber subsidiary is registered as a carrier service provider. The subsidiary that holds our fiber business in Brazil is also licensed and regulated as a concession holder and permit holder authorized to provide telecommunications services.
Our revenue is primarily generated from tenant leases. Within our tower leasing operations, our tenants lease space on our communications real estate, where they install and maintain their equipment. Rental payments vary considerably depending upon numerous factors, including, but not limited to, amount, type and position of tenant equipment on the tower, remaining tower capacity and tower location.
Rental payments vary considerably depending upon numerous factors, including, but not limited to, amount, type and position of tenant equipment on the tower, remaining tower capacity and tower location.
Additionally, we have worked to provide access and opportunity for underrepresented groups in the REIT industry. We also enable global employee resource groups, including Women and Allies of American Tower Climb Higher (“WAATCH”), in our U.S., Latin America and Europe regions, to promote better employee engagement and allyship.
Additionally, we have implemented several initiatives designed to support our inclusion efforts, including pledges from the American Tower Foundation. Furthermore, we have worked to provide access and opportunity for underrepresented groups in the REIT industry. We also enable global employee resource groups to promote better employee engagement.
Executive Officers For information about our Executive Officers, see Item 10 of this Annual Report under the caption “Directors, Executive Officers and Corporate Governance.” Available Information Our internet website address is www.americantower.com .
We also offer market competitive benefits in all locations and, in 2024, continued our behavioral health benefit in the United States to support employees’ mental well-being. 9 Table of Contents Executive Officers For information about our Executive Officers, see Item 10 of this Annual Report under the caption “Directors, Executive Officers and Corporate Governance.” Available Information Our internet website address is www.americantower.com .
Subject to certain pre-closing terms, total aggregate consideration would potentially represent up to approximately 210 billion Indian Rupees (“INR”) (approximately $2.5 billion), including the value of the VIL OCDs, payments on certain existing customer receivables, the repayment of existing intercompany debt and the repayment, or assumption, of our existing term loan in India, by DIT.
Per the terms of the agreement, total aggregate consideration represented up to approximately 210 billion Indian Rupees (“INR”) (approximately $2.5 billion), including the value of the VIL OCDs and the VIL Shares (each as defined and further discussed in Item 7 of this Annual Report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Loss from Discontinued Operations, Net of Taxes”), payments on certain existing customer receivables, the repayment of existing intercompany debt and the repayment, or assumption, of our existing term loan in India, by DIT.
We consider our employee relations to be good. Our Chief Sustainability Officer and Chief Human Resources Officer regularly report to the Nominating and Corporate Governance Committee and the Compensation Committee of our Board of Directors (our “Board”), respectively, on our initiatives related to human capital management. Employee Engagement .
Our Chief Human Resources Officer regularly reports to the Compensation Committee of our Board of Directors (our “Board”) on our initiatives related to human capital management. 8 Table of Contents Inclusion and Belonging .
The subsidiary that holds our fiber business in Brazil is also licensed and regulated as a concession holder and permit holder authorized to provide telecommunications services. In certain of the markets in which we operate, we are required to provide tower space to service providers on a non-discriminatory basis, subject to the negotiation of mutually agreeable terms.
In certain of the markets in which we operate, we are required to provide tower space to service providers on a non-discriminatory basis, subject to the negotiation of mutually agreeable terms. Additionally, one of our Brazilian subsidiaries, American Tower do Brasil – Cessao de Infraestruturas S.A.
We report our results in seven segments – U.S. & Canada property (which includes all assets in the United States and Canada, other than our data center facilities and related assets), Asia-Pacific property, Africa property, Europe property, Latin America property, Data Centers and Services. 1 Table of Contents Products and Services Property Operations Our property operations accounted for 99%, 98% and 97% of our total revenues for the years ended December 31, 2023, 2022 and 2021, respectively.
As a result, we now have six reportable segments: U.S. & Canada property (which includes all assets in the United States and Canada, other than our data center facilities and related assets), Africa & APAC property, Europe property, Latin America property, Data Centers and Services.
International Growth Strategy We believe that, in certain international markets, we can create substantial value by either establishing a new, or expanding our existing, communications real estate leasing business. Therefore, we expect we will continue to seek international growth opportunities where we believe our risk-adjusted return objectives can be achieved.
International Strategy We believe that, in certain international markets, we can create value by expanding our existing, communications real estate leasing business, and leveraging our shared global experience, capabilities and services, to deliver a best-in-class offering for our customers and attractive risk-adjusted return for our shareholders.
As a condition to the IP-I, the Indian government has the right to take over telecommunications infrastructure in the case of emergency or war. 6 Table of Contents In Asia-Pacific, our subsidiaries in the Philippines and Bangladesh are required to hold a registration or license in order to establish, manage and operate passive telecommunications infrastructure services.
Our subsidiaries in the Philippines and Bangladesh are required to hold a registration or license in order to establish, manage and operate passive telecommunications infrastructure services. In Latin America, our subsidiary in Chile holds a concession of intermediate telecommunications services and our subsidiary in Argentina holds an information and communications technology service license.
We have also continued our recruiting efforts with Historically Black Colleges and Universities as well as other recruiting efforts to build a diverse talent pipeline. Our Compensation Committee also approved a shared human capital management goal for the entire executive team for 2023, which focuses on developing talent. Workplace Safety .
We have developed education initiatives and increased access to professional development opportunities for employees, including an enhanced focus on mentoring opportunities. Our Compensation Committee also approved a shared human capital management goal for the entire executive team for 2024, which focuses on developing talent. Workplace Safety . We are committed to the safety of our employees and surrounding communities.
Our property segments accounted for the following percentage of consolidated total revenue for the years ended December 31,: 2023 2022 2021 U.S. & Canada 48 % 47 % 52 % Asia-Pacific 10 % 10 % 13 % Africa 11 % 11 % 11 % Europe 7 % 7 % 5 % Latin America 16 % 16 % 16 % Data Centers 7 % 7 % 0 % 2 Table of Contents Communications Sites.
Our property segments accounted for the following percentage of consolidated total revenue for the years ended December 31,: 2024 2023 2022 U.S. & Canada 52 % 53 % 52 % Africa & APAC (1) 12 % 12 % 12 % Europe 8 % 8 % 8 % Latin America 17 % 18 % 18 % Data Centers 9 % 8 % 8 % _______________ (1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations.
On January 4, 2024, through our subsidiaries, ATC Asia Pacific Pte.
The strategic review concluded in January 2024 with the signed agreement for the ATC TIPL Transaction (as defined below). On January 4, 2024, we, through our subsidiaries, ATC Asia Pacific Pte.
Our recruiting efforts consistently include strategies to build diverse candidate pipelines and promote a culture that supports a diverse team of global employees. We are proud of our Leadership Development Program, which provides a recruitment opportunity for business school students, who are able to learn about different aspects of our business through regular rotational assignments.
Additionally, our virtual corporate university, ATC YOU, provides our employees with a range of global learning resources for professional development and career growth. Our recruiting efforts consistently include strategies to build qualified candidate pipelines with varied skills and backgrounds and promote a culture that supports a diverse team of global employees.
Removed
We will retain the full economic benefit associated with the optionally convertible debentures issued by one of our customers in India, Vodafone Idea Limited (“VIL,” and the optionally convertible debentures, the “VIL OCDs”), and rights to payments on certain existing customer receivables.
Added
During the year ended December 31, 2024, ATC TIPL distributed approximately 29.6 billion INR (approximately $354.1 million) to us, which included the value of the VIL Shares and the VIL OCDs and the satisfaction of the economic benefit associated with the rights to payments on certain existing customer receivables.
Removed
The Pending ATC TIPL Transaction is expected to close in the second half of 2024, subject to customary closing conditions, including government and regulatory approval. We operate as a real estate investment trust for U.S. federal income tax purposes (“REIT”).
Added
The distributions were deducted from the total aggregate consideration received by us at closing. The ATC TIPL Transaction received all government and regulatory approvals during the three months ended September 30, 2024, and on September 12, 2024, we completed the sale of ATC TIPL and received total consideration of 182 billion INR (approximately $2.2 billion).
Removed
Accordingly, we are subject to certain risks, as set forth in Item 1A of this Annual Report under the caption “Risk Factors—A substantial portion of our current and projected revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers.” As further discussed in Item 7 of this Annual Report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview” and “—Critical Accounting Policies and Estimates,” in the third quarter of 2022, VIL communicated that it would make partial payments of its contractual amounts owed to us and indicated that it would continue to make partial payments for the remainder of 2022.
Added
We used the proceeds from the ATC TIPL Transaction to repay existing indebtedness under our $6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated in December 2021, as further amended (the “2021 Multicurrency Credit Facility”). The divestiture qualified for presentation as discontinued operations.
Removed
In late 2022, VIL had communicated its intent to resume payments in full under its contractual obligations owed to us beginning on January 1, 2023.
Added
We recorded a loss on the sale of ATC TIPL of $1.2 billion, which primarily included the reclassification of our cumulative translation adjustment in India upon exiting the market of $1.1 billion.
Removed
However, in early 2023, VIL communicated that it would not be able to resume payments in full of its contractual obligations owed to us, and that it would instead continue to make partial payments (the “VIL Shortfall”), for which we recorded reserves in late 2022 and the first half of 2023.
Added
The loss on sale of ATC TIPL is included in Loss from discontinued operations, net of taxes in the consolidated statements of operations for the year ended December 31, 2024.
Removed
In the second half of 2023, VIL began making payments in full of its monthly contractual obligations owed to us.
Added
See note 22 to our consolidated and condensed consolidated financial statements included in this Annual Report (“Note 22”) for further discussion. 1 Table of Contents During the year ended December 31, 2024, we also completed the sales of our subsidiaries in Australia (“ATC Australia”) and New Zealand (“ATC New Zealand”) for total aggregate consideration of approximately $77.6 million.
Removed
We considered these developments and the uncertainty with respect to amounts owed under our tenant leases when conducting our 2022 annual impairment assessments for long-lived assets and goodwill in India and, as a result, we determined that certain fixed and intangible assets had been impaired during the year ended December 31, 2022.
Added
We recorded a gain on the sales of ATC Australia and ATC New Zealand of $8.5 million, which is included in Other operating expenses in the accompanying consolidated statements of operations. The divestitures did not qualify for presentation as discontinued operations. We operate as a real estate investment trust for U.S. federal income tax purposes (“REIT”).
Removed
The strategic review concluded in January 2024 with our signed agreement with DIT for the Pending ATC TIPL Transaction. During the process, and based on information gathered therein, we updated our estimate on the fair value of the India reporting unit and determined that the carrying value exceeded fair value.
Added
During the fourth quarter of 2024, following recent divestitures, including the ATC TIPL Transaction, and changes to our organizational structure, we reviewed and changed our reportable segments. Our Asia-Pacific (“APAC”) property segment and our Africa property segment were combined into the Africa & APAC property segment.
Removed
As a result, we recorded a goodwill impairment charge for the quarter ended September 30, 2023. We will continue to evaluate the carrying value of our Indian assets, which may result in the realization of additional impairment expense or other similar charges.
Added
This change aligns with our management structure and better aligns our reporting with management’s current approach of allocating costs and resources, managing growth and profitability and assessing the operating performance of our business segments.
Removed
In India, ATC TIPL holds an Infrastructure Provider Category-I (“IP-I”) Registration Certificate issued by the Indian Ministry of Communications and Information Technology, which permits us to provide tower space to companies licensed as telecommunications service providers under the Indian Telegraph Act of 1885.
Added
Products and Services Property Operations Our property operations accounted for 98%, 99% and 98% of our total revenues for the years ended December 31, 2024, 2023 and 2022, respectively. Our revenue is primarily generated from tenant leases. Within our tower leasing operations, our tenants lease space on our communications real estate, where they install and maintain their equipment.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

56 edited+14 added−17 removed116 unchanged
Biggest changeSome of our competitors are larger and may have greater financial resources than we do, while other competitors may apply less stringent investment criteria or less stringent contractual terms than we do. In addition, we may not anticipate increased competition entering a particular market or competing for the same assets.
Biggest changeWe may experience increased competition for contracts to build or acquire communications infrastructure assets, which could cause us to lose such contracts or make them significantly more costly. Some of our competitors are larger and may have greater financial resources than we do, while other competitors may apply less stringent investment criteria or less stringent contractual terms than we have.
Our leverage and debt service obligations could have significant negative consequences to our business, results of operations or financial condition, including: • requiring the dedication of a substantial portion of our cash flow from operations to service our debt, thereby reducing the amount of our cash flow available for other purposes, including capital expenditures and REIT distributions; • impairing our ability to meet one or more of the financial ratio covenants contained in our debt agreements or to generate cash sufficient to pay interest or principal due under those agreements, which could result in an acceleration of some or all of our outstanding debt and the loss of the towers securing such debt if a default remains uncured; • limiting our ability to obtain additional debt or equity financing, thereby placing us at a possible competitive disadvantage to less leveraged competitors and competitors that may have better access to capital resources, including with respect to acquiring assets; and • limiting our flexibility in planning for, or reacting to, changes in our business and the markets in which we compete.
Our leverage and debt service obligations could have significant negative consequences to our business, results of operations or financial condition, including: • requiring the dedication of a substantial portion of our cash flow from operations to service our debt, thereby reducing the amount of our cash flow available for other purposes, including capital expenditures and REIT distributions; • impairing our ability to meet one or more of the financial ratio covenants contained in our debt agreements or to generate cash sufficient to pay interest or principal due under those agreements, which could result in an acceleration of some or all of our outstanding debt and the loss of the towers securing such debt if a default remains uncured; • limiting our ability to obtain additional debt or equity financing, thereby placing us at a possible competitive disadvantage to less leveraged competitors and competitors that may have better access to capital resources, including with respect to acquiring or building assets; and • limiting our flexibility in planning for, or reacting to, changes in our business and the markets in which we compete.
For example, see our discussion of churn as a result of the T-Mobile MLA in our U.S. & Canada property segment in Item 7 of this Annual Report, under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview.” In addition, extensive sharing of site infrastructure, roaming or resale arrangements among wireless service providers, including due to increases in advanced network technology such as 5G, as an alternative to leasing our communications sites, without compensation to us, may cause new lease activity to slow if carriers utilize shared equipment rather than deploy new equipment, or may result in the decommissioning of equipment on certain existing sites because portions of the customers’ networks may become redundant.
For example, see our discussion of churn as a result of the T-Mobile MLA in our U.S. & Canada property segment in Item 7 of this Annual Report, under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview.” In addition, extensive sharing of site infrastructure through RAN sharing, roaming or resale arrangements among wireless service providers, including due to increases in advanced network technology such as 5G, as an alternative to leasing our communications sites, without compensation to us, may cause new lease activity to slow if carriers utilize shared equipment rather than deploy new equipment, or may result in the decommissioning of equipment on certain existing sites because portions of the customers’ networks may become redundant.
If we are forced to resolve any of these disputes through litigation, our relationship with the applicable customer could be terminated or damaged, which could lead to decreased revenue or increased costs, resulting in a corresponding adverse effect on our business, results of operations or financial condition.
If we are forced to resolve any of these disputes through litigation or arbitration, our relationship with the applicable customer could be terminated or damaged, which could lead to decreased revenue or increased costs, resulting in a corresponding adverse effect on our business, results of operations or financial condition.
Further, market volatility and disruption caused by factors such as inflation, rising interest rates and supply chain disruptions may impact our ability to raise additional capital through debt and equity financing activities or our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations, which in turn may have an adverse impact on our credit ratings.
Further, market volatility and disruption caused by factors such as inflation, higher interest rates and supply chain disruptions may impact our ability to raise additional capital through debt and equity financing activities or our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations, which in turn may have an adverse impact on our credit ratings.
The extent to which these factors will impact our business and financial results will depend on future developments, which are highly uncertain and cannot be predicted at this time due to the rapid evolution of this uncertain situation. Rising inflation may adversely affect us by increasing costs beyond what we can recover through price increases.
The extent to which these factors will impact our business and financial results will depend on future developments, which are highly uncertain and cannot be predicted at this time due to the rapid evolution of this uncertain situation. High inflation may adversely affect us by increasing costs beyond what we can recover through price increases.
As we continue to engage in partnership opportunities to support our expansion initiatives, our partners may have business or economic goals that are inconsistent or conflict with ours, be in positions to take action contrary to our interests, policies or objectives, have competing interests in our, or other, markets that could create conflict of interest issues, withhold consents contrary to our requests or become unable or unwilling to fulfill their commitments, any of which could present governance challenges with multiple partners or expose us to additional liabilities or costs, including requiring us to assume and fulfill the obligations of that partnership or to execute buyouts of their interests.
Furthermore, as we continue to engage in partnership opportunities to support our expansion initiatives, our partners may have business or economic goals that are inconsistent or conflict with ours, be in positions to take action contrary to our interests, policies or objectives, have competing interests in our, or other, markets that could create conflict of interest issues, withhold consents contrary to our requests or become unable or unwilling to fulfill their commitments, any of which could present challenges with multiple partners or expose us to additional liabilities or costs, including requiring us to assume and fulfill the obligations of that partnership or to execute buyouts of our partners’ interests.
Risks Related to Our Financial Performance or General Economic Conditions Our leverage and debt service obligations, including during a rising interest rates environment, may materially and adversely affect our ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives and may reduce funds available to satisfy our distribution requirements.
Risks Related to Our Financial Performance or General Economic Conditions Our leverage and debt service obligations, including during a high interest rates environment, may materially and adversely affect our ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives and may reduce funds available to satisfy our distribution requirements.
Zoning authorities and community organizations are sometimes opposed to the construction of communications sites in their communities, which can delay, prevent or increase the cost of new tower construction, modifications, additions of new antennas to a site or site upgrades, thereby limiting our ability to respond to customer demands.
Zoning authorities and community organizations are sometimes opposed to the construction of communications sites in their communities, which can delay, prevent or increase the cost of new tower or data center construction, modifications, additions of new antennas to a site or site upgrades, thereby limiting our ability to respond to customer demands.
These could result from numerous factors, including limited power availability and grid distribution constraints due to current high demand, human error, equipment failure, physical, electronic and cybersecurity breaches, fire, earthquake, hurricane, flood, tornado and other natural disasters, extreme temperatures, water damage, fiber cuts, power loss, terrorist acts, sabotage and vandalism, global pandemics or health emergencies and failure of business partners.
These could result from numerous factors, including limited 19 Table of Contents power availability and grid distribution constraints due to current high demand, human error, equipment failure, physical, electronic and cybersecurity breaches, fire, earthquake, hurricane, flood, tornado and other natural disasters, extreme temperatures, water damage, fiber cuts, power loss, terrorist acts, sabotage and vandalism, global pandemics or health emergencies and failure of business partners.
If, in any taxable year, we fail to qualify for taxation as a REIT and are not entitled to relief under the Code: 18 Table of Contents • we will not be allowed a deduction for distributions to stockholders and would be subject to federal and state income tax on our taxable income at regular corporate income tax rates, which could be substantial in amount, and may require us to borrow additional funds or liquidate some investments to pay any additional tax liability and, accordingly, may reduce funds available for other purposes; and • we will be disqualified from REIT tax treatment for the four taxable years immediately following the year during which we were so disqualified.
If, in any taxable year, we fail to qualify for taxation as a REIT and are not entitled to relief under the Code: • we will not be allowed a deduction for distributions to stockholders and would be subject to federal and state income tax on our taxable income at regular corporate income tax rates, which could be substantial in amount, and may require us to borrow additional funds or liquidate some investments to pay any additional tax liability and, accordingly, may reduce funds available for other purposes; and • we will be disqualified from REIT tax treatment for the four taxable years immediately following the year during which we were so disqualified.
We may not be able to renew existing customer leases or enter into new customer leases, or if we are able to renew or enter into new leases, they may be at rates lower than our current rates or on less favorable terms than our current terms, resulting in an adverse impact on our results of operations and growth rate.
We may not be able to renew existing customer leases or enter into new customer leases, or if we are able to renew 11 Table of Contents or enter into new leases, they may be at rates lower than our current rates or on less favorable terms than our current terms, resulting in an adverse impact on our results of operations and growth rate.
In addition, as of January 1, 2024, we and our subsidiaries, in principle, would be subject to the Organization for Economic Cooperation and Development (OECD) Global Anti-Base Erosion Rules (more commonly referred to as the “Pillar 2 Rules”) as promulgated by jurisdictions.
In addition, as of January 1, 2024, we and our subsidiaries, in principle, would be subject to the Organization for Economic Cooperation and Development (OECD) Global Anti-Base Erosion Rules (more commonly referred to as the “Pillar 2 Rules”) as 15 Table of Contents promulgated by jurisdictions.
Additionally, our communications sites could be subject to attacks instigated by claims that the deployment of 5G networks is linked to adverse health effects.
Additionally, our communications sites could be subject to attacks instigated by claims that the deployment of 5G or similar networks is linked to adverse health effects.
In an inflationary environment, such as the current economic environment, depending on the terms of our contracts and other economic conditions, we may be unable to raise prices enough to keep up with the rate of inflation or our customers may be unwilling to pay contractual increases, which would reduce our profit margins and returns.
In an inflationary environment, such as the current economic environment, depending on the terms of our contracts and other economic conditions, we may be unable to raise prices enough to keep up with the rate of inflation or our customers may be unwilling to pay contractual increases or demand discounts upon renewal, which would reduce our profit margins and returns.
Our platform expansion initiatives may not be successful, or we may be required to record impairment charges for our goodwill or for other intangible assets, which could have a material adverse effect on our business, results of operations or financial condition, and could limit our continued investments in such platform expansion initiatives.
Our platform expansion growth initiatives may not be successful, or we may be required to record impairment charges for our goodwill or for other intangible assets, which could have an adverse effect on our business, results of operations or financial condition, and could limit our continued investments in such platform expansion initiatives.
If we are unable to increase our prices to offset the effects of inflation, our business, results of operations and financial condition could be materially and adversely affected. Rising inflation rates have also contributed to foreign currency exchange rate volatility, including in several of the markets where we operate.
If we are unable to increase our prices to offset the effects of inflation, our business, results of operations and financial condition could be materially and adversely affected. Inflation has also contributed to foreign currency exchange rate volatility, including in several of the markets where we operate.
As techniques used to breach security grow in frequency and sophistication, and are generally not recognized until launched against a target, we, or our vendors, may not be able to promptly 20 Table of Contents detect that a cyber breach has occurred or implement security measures in a timely manner.
As techniques used to breach security grow in frequency and sophistication, and are generally not recognized until launched against a target, we, or our vendors, may not be able to promptly detect that a cyber breach has occurred or implement security measures in a timely manner.
The results of an audit and examination of previously filed tax returns and continuing assessments of our tax exposures may have an adverse effect on our provision for income taxes and cash tax liability.
The results of an audit and examination of 16 Table of Contents previously filed tax returns and continuing assessments of our tax exposures may have an adverse effect on our provision for income taxes and cash tax liability.
We may not be at all times in compliance with all environmental requirements. Further, our data center properties are subject to various federal, state and local regulations, such as state and local fire and life 19 Table of Contents safety regulations and ADA federal requirements.
We may not be at all times in compliance with all environmental requirements. Further, our data center properties are subject to various federal, state and local regulations, such as state and local fire and life safety regulations and ADA federal requirements.
Accordingly, our business is subject to risks associated with doing business internationally, including: 16 Table of Contents • uncertain, inconsistent or changing laws, regulations, rulings or methodologies impacting our existing and anticipated international operations, fees or other requirements directed specifically at the ownership and operation of communications infrastructure or our international acquisitions, any of which laws, fees or requirements may be applied retroactively or with significant delay; • failure to retain our tax status or to obtain an expected tax status for which we have applied; • expropriation resulting in government takeover of customer operations or governmental regulation restricting foreign ownership or requiring reversion or divestiture; • laws or regulations that tax or otherwise restrict repatriation of earnings or other funds or otherwise limit distributions of capital; • changes in a specific country’s or region’s political or economic conditions, including inflation or currency devaluation; • changes to zoning regulations or construction laws, which could be applied retroactively to our existing communications infrastructure; • actions restricting or revoking our customers’ spectrum licenses, or alterations or interpretations thereof, or suspending or terminating business under prior licenses; • failure to comply with anti-bribery laws such as the FCPA or similar local anti-bribery laws, or the Office of Foreign Assets Control requirements; • failure to comply with data privacy laws or other protections of employee health and personal information; • material site issues related to security, fuel availability and reliability of electrical grids; • significant increases in, or implementation of new, license surcharges on our revenue; • loss of key personnel, including expatriates, in markets where talent is difficult or expensive to acquire; and • price-setting or other similar laws or regulations for the sharing of passive infrastructure.
Our business is subject to risks associated with doing business internationally, including: • uncertain, inconsistent or changing laws, regulations, rulings or methodologies impacting our existing and anticipated international operations, fees or other requirements directed specifically at the ownership and operation of 14 Table of Contents communications infrastructure or our international acquisitions, any of which laws, fees or requirements may be applied retroactively or with significant delay; • failure to retain our tax status or to obtain an expected tax status for which we have applied; • expropriation resulting in government takeover of our or our customers’ operations; • governmental regulation restricting foreign ownership or requiring reversion or divestiture; • laws or regulations that tax or otherwise restrict repatriation of earnings or other funds or otherwise limit distributions of capital; • changes in a specific country’s or region’s political or economic conditions, including inflation, currency devaluation, coup d’états and other violent and/or unplanned transitions of power; • changes to zoning regulations or construction laws, which could be applied retroactively to our existing communications infrastructure; • actions restricting or revoking our customers’ spectrum licenses, or alterations or interpretations thereof, or suspending or terminating business under prior licenses; • failure to comply with anti-bribery laws such as the FCPA or similar local anti-bribery laws, or the Office of Foreign Assets Control requirements; • failure to comply with data privacy laws or other protections of employee health and personal information; • material site issues related to security, fuel availability and reliability of electrical grids; • significant increases in, or implementation of new, license surcharges on our revenue; • anti-American sentiment or adverse impacts from United States trade or foreign policy; • loss of key personnel, including expatriates, in markets where talent is difficult or expensive to acquire; and • price-setting or other similar laws or regulations for the sharing of passive infrastructure.
If we were held responsible for any such breach, it could result in a significant loss to us, including damage to our customer relationships, harm to our brand and reputation and legal liability.
If we were held 18 Table of Contents responsible for any such breach, it could result in a significant loss to us, including damage to our customer relationships, harm to our brand and reputation and legal liability.
Such rate increases have corresponding impact to our costs of borrowing and may have an adverse impact on our ability to raise funds through the offering of our securities or through the issuance of debt due to higher debt capital costs, diminished credit availability and less favorable equity markets.
Such elevated rates have a corresponding impact to our costs of borrowing and may have an adverse impact on our ability to raise funds through the offering of our securities or through the issuance of debt due to higher debt capital costs, diminished credit availability and less favorable equity markets.
We could have liability under environmental and occupational safety and health laws. Our operations are subject to various federal, state, local and foreign environmental and occupational safety and health laws and regulations, including those relating to the management, use, storage, disposal, emission and remediation of, and exposure to, hazardous and non-hazardous substances, materials and wastes.
Our operations are subject to various federal, state, local and foreign environmental and occupational safety and health laws and regulations, including those relating to the management, use, storage, disposal, emission and remediation of, and exposure to, hazardous and non-hazardous substances, materials and wastes.
Factors that may affect such demand include: • the ability and willingness of wireless and cloud service providers to maintain or increase capital expenditures on network infrastructure; • the financial condition of communications service providers; • increased mergers, consolidations or exits that reduce the number of communications service providers or increased use of network sharing among governments or communications service providers; • a decrease in demand for wireless or colocation services, including due to general economic conditions, disruption in the financial and credit markets or global social, political or health crises, inflation, slowing growth, rising interest rates or recession; • delays or changes in the deployment of next generation wireless technologies; • technological changes; • zoning, environmental, health, tax or other government regulations or changes in the application and enforcement thereof; and • governmental licensing of spectrum or restriction or revocation of our customers’ spectrum licenses.
Factors that may affect such demand include: • the ability and willingness of wireless and cloud service providers to maintain or increase capital expenditures on network infrastructure; • the financial condition of communications service providers; • increased mergers, consolidations or exits that reduce the number of communications service providers or increased use of network sharing among governments or communications service providers; • a decrease in demand for wireless or colocation services, including due to general economic conditions, changes in global tariff or trade policies or regulations, disruption in the financial and credit markets or global social, political or health crises, inflation, slowing growth, high interest rates or recession; • delays or changes in the deployment of next generation wireless technologies; • technological changes, including artificial intelligence, satellite technology and an increase in the use of radio access network (“RAN”) sharing among wireless service providers; • zoning, environmental, health, tax or other government regulations or changes in the application and enforcement thereof; and • governmental licensing of spectrum or restriction or revocation of our customers’ spectrum licenses.
If a scientific study, court decision or government agency ruling resulted in a finding that radio frequency emissions pose health risks to consumers, it could negatively impact our customers and the market for wireless services, which could materially and adversely affect our business, results of operations or financial condition.
If a scientific study, court decision, government agency ruling, or misinformation, disinformation or 20 Table of Contents malinformation campaigns resulted in a finding that radio frequency emissions pose health risks to consumers, it could negatively impact our customers and the market for wireless services, which could materially and adversely affect our business, results of operations or financial condition.
One or more of our customers, or their parent companies, may experience financial difficulties, file for bankruptcy or reduce or terminate operations as a result of a prolonged economic downturn, economic difficulties (including those from the imposition of taxes, fees, regulations or judicial interpretations of regulations, and any associated penalties or interest, which may be substantial) or otherwise.
One or more of our customers, or their parent companies, may experience financial difficulties, file for bankruptcy or reduce or terminate operations as a result of a prolonged economic downturn, economic difficulties (such as those from the imposition of 10 Table of Contents taxes, fees (including the cost of, and access to, spectrum), regulations or judicial interpretations of regulations, and any associated penalties or interest, which may be substantial) or otherwise.
Higher prices for assets or the failure to add new assets to our portfolio could make it more difficult to achieve our anticipated returns on investment or future growth, which could materially and adversely affect our business, results of operations or financial condition.
Higher prices or less favorable terms for the construction or acquisition of assets or the failure to build or otherwise add new assets to our portfolio could make it more difficult to achieve our anticipated returns on investment or future growth, which could materially and adversely affect our business, results of operations or financial condition.
In addition, many of our customers and potential customers rely on capital raising activities to fund their operations and capital expenditures, which may be more difficult or expensive in the event of downturns in the economy or disruptions in the financial and credit markets, such as the current environment driven by the significant disruptions caused by factors such as inflation, rising interest rates and supply chain disruptions.
In addition, many of our customers and potential customers rely on capital raising activities to fund their operations and capital expenditures, which may be more difficult or expensive in the event of downturns in the economy or disruptions in the financial and credit markets, such as the current environment driven by the significant challenges caused by factors such as inflation, currency devaluations and other foreign currency exchange rate volatility, higher interest rates and supply chain disruptions.
Risks Related to the Operation of Our Business Our towers, fiber networks, data centers or computer systems may be affected by natural disasters (including as a result of climate change) and other unforeseen events for which our insurance may not provide adequate coverage or result in increased insurance premiums.
Our towers, fiber networks, data centers or computer systems may be affected by natural disasters (including as a result of climate change), public perception of health risks and other unforeseen events for which our insurance may not provide adequate coverage or result in increased insurance premiums.
We have service level commitment obligations to substantially all of our data center customers. As a result, service interruptions or significant equipment damage in our data centers could result in difficulty maintaining service level commitments to these customers and potential claims related to such failures.
We have service level commitment obligations to substantially all of our data center customers. As a result, service interruptions, increased construction costs, significant equipment damage in our data centers and failing to recruit and develop qualified personnel could result in difficulty maintaining service level commitments to these customers and potential claims related to such failures.
Similarly, our data center site infrastructure may become antiquated due to the development of new systems that deliver power to, or eliminate heat from, the servers and other customer equipment that we house or the development of new technology that requires levels of power and cooling density that our facilities are not designed to provide.
Similarly, our data center site infrastructure may become antiquated due to the development of new systems that deliver power to, or eliminate heat from, the servers and other customer equipment that we house or due to the development of new technology, such as artificial intelligence, which is potentially more power-intensive, that requires levels of power and cooling density that our facilities may not be designed to provide.
Our international business operations and our potential expansion into additional new markets in the future expose us to potential adverse financial and operational problems not typically experienced in the United States. We anticipate that revenues from our international operations will continue to grow.
Our international business operations and our potential expansion into additional new markets in the future expose us to potential adverse financial and operational problems not typically experienced in the United States.
We cannot guarantee that we will achieve our announced environmental, social and governance goals and initiatives. In addition, consumers’ perceptions of our efforts to achieve these goals often differ widely and present risks to our reputation and brand.
In addition, to meet our goals, we may need to expend significant resources, which could increase our operational costs. We cannot guarantee that we will achieve our announced environmental, social and governance goals and initiatives. In addition, consumers’ perceptions of our efforts to achieve these goals often differ widely and present risks to our reputation and brand.
In addition, there is an increased focus by many governments, regulators, investors, employees, customers and other stakeholders regarding environmental and energy policies relating to climate change, greenhouse gas emissions and other climate-related matters, including policies related to disclosure requirements. We will likely need to be prepared to contend with overlapping, yet distinct, climate-related disclosure requirements in multiple jurisdictions.
In addition, there is an increased focus by many governments, regulators, investors, employees, customers and other stakeholders regarding environmental and energy policies relating to climate change, greenhouse gas emissions and other climate-related matters, including policies related to disclosure requirements.
The Federal Reserve Board and other central banks have recently raised interest rates to their highest levels in decades. The combination of higher interest rates and high inflation could lead to an extended economic downturn, which could reduce our ability to incur debt or access capital and impact our results of operations and financial condition even after these conditions improve.
The combination of higher interest rates and high inflation could lead to an extended economic downturn, which could reduce our ability to incur debt or access capital and impact our results of operations and financial condition even after these conditions improve.
The ongoing impact of inflation may continue to create foreign exchange rate instability in our international markets that could, in turn, depress the value of that market’s currency, thereby adversely impacting our business, results of operations, financial condition or the underlying value of foreign subsidiaries. In addition, inflation is often accompanied by higher interest rates.
The ongoing impact of inflation may continue to create foreign exchange rate instability in our international markets, including in markets such as Africa and Latin America, that could, in turn, depress the value of that market’s currency, thereby adversely impacting our business, results of operations, financial condition or the underlying value of foreign subsidiaries.
New technologies or changes, or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results. 13 Table of Contents The development and implementation of new technologies designed to enhance the efficiency of wireless networks or changes in a customer’s business model could reduce the need for tower-based wireless services, decrease demand for tower space or reduce previously obtainable lease rates.
The development and implementation of new technologies designed to enhance the efficiency of wireless networks or changes in a customer’s business model could reduce the need for tower-based wireless services, decrease demand for tower space or reduce previously obtainable lease rates.
These risks are compounded by the fact that a significant percentage of our data center customer leases expire every year. 12 Table of Contents Our expansion initiatives involve a number of risks and uncertainties, including those related to integrating acquired or leased assets, that could adversely affect our operating results, disrupt our operations or expose us to additional risk.
Our expansion and operational initiatives involve a number of risks and uncertainties, including those related to integrating acquired or leased assets, that could adversely affect our operating results, disrupt our operations or expose us to additional risk.
Additionally, our customers may overestimate or overvalue the benefits and use of 5G networks and other new technology that are deployed onto our communications sites that, in turn, could adversely affect our customers' growth, thereby adversely affecting our growth. Competition to purchase assets could adversely affect our ability to achieve our return on investment criteria.
Additionally, our customers may overestimate or overvalue the benefits and use of 5G networks and other new technology that are deployed onto our communications sites that, in turn, could adversely affect our customers' growth, thereby adversely affecting our growth. Divestitures and strategic partnerships may materially and adversely affect our financial condition, results of operations or cash flows.
These governmental initiatives are becoming more stringent and may require us and our customers to make capital expenditures, such as investing in renewable energy solutions or internal compliance systems, which would result in increased costs for us and our customers.
These governmental initiatives are becoming more stringent and may require us and our customers to make capital expenditures, such as investing in internal compliance systems and personnel, which would result in increased costs for us. Failure to comply with applicable laws and regulations or other requirements imposed on us could also lead to fines and/or lost revenue.
Our costs could increase and our revenues could decrease due to perceived health risks from radio emissions, especially if these perceived risks are substantiated. Public perception of possible health risks associated with cellular and other wireless communications technology could slow the growth of wireless companies, which could in turn slow our growth.
Public perception of possible health risks associated with cellular and other wireless communications technology could slow the growth of wireless companies, which could in turn slow our growth.
We do not maintain any significant insurance with respect to these matters. If we are unable to protect our rights to the land under our towers and buildings in which our data centers are located, it could adversely affect our business and operating results.
Risks Related to the Operation of Our Business 17 Table of Contents If we are unable to protect our rights to the land under our towers and buildings in which our data centers are located, it could adversely affect our business and operating results.
In addition, in certain jurisdictions, we and certain of our customers are required to pay annual licenses, fees or taxes, which may be subject to substantial increases by the government, or new fees may be enacted and applied retroactively. Governmental licenses may also be subject to periodic renewal and additional conditions to receive or maintain such license.
In addition, in certain jurisdictions, we and certain of our customers are required to pay annual licenses, fees or taxes, which may be subject to substantial increases by the government, or new fees may be enacted and applied retroactively. In some instances, government regulation restricting foreign ownership of our customers could result in loss of revenue or penalties.
Our ability to achieve these goals are based on several factors, some of which are outside of our control including changing regulatory requirements, the pace of changes in technology and the availability of requisite financing. In addition, to meet our goals, we may need to expend significant resources, which could increase our operational costs.
Our ability to achieve these goals are based on several factors, some of which are outside of our control including changing regulatory requirements, the pace of changes in technology and the availability of requisite financing. With changes to our portfolio, such as the divestiture of India and the CoreSite Acquisition, our ability to meet these goals may also be impacted.
Additionally, we 17 Table of Contents have government customers for several of our communications sites and data centers, which subjects us to risks including early termination, audits, investigations, sanctions and penalties.
Governmental licenses may also be subject to periodic renewal and additional conditions to receive or maintain such license. Additionally, we have government customers for several of our communications sites and data centers, which subjects us to risks including early termination, audits, investigations, sanctions and penalties.
Failure to comply with applicable laws and regulations or other requirements imposed on us could also lead to fines and/or lost revenue. In 2021, we adopted science-based greenhouse gas reduction targets, which were approved by the Science Based Targets initiative and are in line with the goals set forth in the 2015 Paris Agreement.
In 2021, we adopted science-based greenhouse gas reduction targets, which were approved by the Science Based Targets initiative and are in line with the goals set forth in the 2015 Paris Agreement.
During the past several years, we have seen an increase in severe weather events and expect this trend to continue due to climate change. Further, environmental liabilities, such as contamination, asbestos-containing building materials and mold or other air quality issues at some of our data centers, could arise and have a material adverse effect on our financial condition and performance.
Further, environmental liabilities, such as contamination, asbestos-containing building materials, lead or lead-based paint and mold or other air quality issues at some of our data centers, could arise and have a material adverse effect on our financial condition and performance.
Furthermore, we continually evaluate the performance, capital needs and strategic fit of all of our businesses and, as a result of such evaluation, may sell some or all of the equity interests in a particular business or components of a business. Divestitures involve risks, including difficulties in the separation of operations, services, products and personnel.
We continually evaluate the performance, capital needs and strategic fit of all of our businesses and, as a result of such evaluation, may sell some or all of the equity interests in a particular business or components of a business. During the year ended December 31, 2024, we divested from operations in several markets, including India, Australia and New Zealand.
If such landlords have not maintained our leased properties sufficiently, we may be forced into an early exit from one or more of these data centers, which could be disruptive to our business. 21 Table of Contents If we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from those towers will be eliminated.
If we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from those towers will be eliminated.
We cannot assure you that we will be successful in managing these or any other significant risks that we may encounter related to the divestiture of a business.
Divestitures involve risks, including difficulties in the separation of operations, services, products and personnel or requirements to obtain consents from third parties. We cannot assure you that we will be successful in managing these or any 12 Table of Contents other significant risks that we may encounter related to the divestiture of a business.
Achieving the benefits of acquisition and platform expansion initiatives depends in part on timely and efficient integration of operations, telecommunications infrastructure assets and personnel. Integration may be difficult and unpredictable for many reasons, including, among other things, portfolios without requisite permits, differing systems, cultural differences, conflicting policies, procedures and operations or with incomplete information.
Integration may be difficult and unpredictable for many reasons, including, among other things, increased construction costs or supply chain disruptions, portfolios without requisite permits, differing systems, cultural differences, conflicting policies, procedures and operations or with incomplete information.
In addition, should inflation rates exceed our fixed escalator percentages in markets where our leases include fixed escalators, our returns could be adversely affected.
Inflation can materially and adversely affect us by increasing the costs of land, materials, labor and other costs required to manage and grow our business. In addition, should 13 Table of Contents inflation rates exceed our fixed escalator percentages in markets where our leases include fixed escalators, our returns could be adversely affected.
The loss of significant customers, or the loss of all or a portion of our anticipated lease revenues from certain customers, could have a material adverse effect on our business, results of operations or financial condition. One of our largest customers in India is VIL, which represented approximately 3% of our total revenue for the year ended December 31, 2023.
The loss of significant customers, or the loss of all or a portion of our anticipated lease revenues from certain customers, could have a material adverse effect on our business, results of operations or financial condition. Due to the long-term nature of our customer leases, we depend on the continued financial strength of our customers.
Current and future inflationary effects may be driven by, among other things, supply chain 15 Table of Contents disruptions, governmental stimulus or fiscal policies, as well as ongoing global military conflicts. Inflation can materially and adversely affect us by increasing the costs of land, materials, labor and other costs required to manage and grow our business.
The United States and other large global economies experienced historically high inflation in recent years. Current and future inflationary effects may be driven by, among other things, supply chain disruptions, changes in trade policies, governmental stimulus or fiscal policies, as well as ongoing global military conflicts.
This includes changes in tax laws, transfer pricing regulations, spectrum use terms, administrative compliance guidance or judicial interpretations thereof.
This includes changes in tax laws, transfer pricing regulations, spectrum use terms, administrative compliance guidance or judicial interpretations thereof. In recent years, there have been some legislative proposals regarding tax laws applicable to REITs. Any increases in tax liability could reduce the amount of cash available for other purposes.
Removed
As a result of the VIL Shortfall, during the year ended December 31, 2022, we determined that certain fixed and intangible assets and tenant-related intangible assets for VIL had been impaired. In the second half of 2023, VIL began making payments in full of its monthly contractual obligations owed to us.
Added
These risks are compounded by the fact that a significant percentage of our data center customer leases expire every year. Competition to build or purchase assets could adversely affect our ability to achieve our return on investment criteria.
Removed
Additionally, the Pending ATC TIPL Transaction is subject to pre-closing terms, which may not be satisfied, as well as regulatory and governmental approval, which may prevent us from completing a transaction on acceptable terms.
Added
In addition, we may not anticipate or be able to address increased competition entering a particular market or competing for the build or acquisition of the same assets.
Removed
If the Pending ATC TIPL Transaction does not close, additional partial payments from VIL could have further negative effects on our fixed assets, intangible assets or goodwill, could result in additional impairments and could have a material adverse effect on our business, results of operations or financial condition.
Added
New technologies or changes, or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results.
Removed
For more information on impairments in India, please see the information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” included in this Annual Report.
Added
Federal fund rates have been elevated for several years and, although there were several rate cuts in 2024, rates could remain at current elevated levels for an extended period of time.
Removed
For more information on revenue reserves related to the VIL Shortfall, please see the information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” included in this Annual Report. 11 Table of Contents Due to the long-term nature of our customer leases, we depend on the continued financial strength of our customers.
Added
In addition, inflation is often accompanied by higher interest rates. Although the Federal Reserve Board and other central banks began cutting interest rates in the latter part of 2024, interest rates remain above recent norms.
Removed
We may experience increased competition for the acquisition of communications infrastructure assets or contracts to build new communications infrastructure assets for customers, which could make the acquisition of high-quality assets significantly more costly or prohibitive or cause us to lose contracts to build new sites.
Added
Additionally, we will need to be prepared to contend with overlapping, yet distinct, climate-related disclosure requirements in multiple jurisdictions, including in California and in the European Union.
Removed
Strategic partnerships and divestitures, such as the Pending ATC TIPL Transaction, may materially and adversely affect our financial condition, results of operations or cash flows.
Added
Additionally, to the extent we have excess cash in foreign locations that could be used in, or is needed by, our U.S. or foreign operations, we may incur significant foreign taxes to repatriate these funds, which would reduce the net amount ultimately available for such purposes. We could have liability under environmental and occupational safety and health laws.
Removed
Specifically with respect to our India reporting unit, we concluded that a triggering event occurred as of September 30, 2023, primarily due to indications of value received from third parties in connection with our review of various strategic alternatives for our India operations, including the potential sale of equity interests.
Added
Additionally, we rely on our landlords for basic maintenance of our leased data centers. If such landlords have not maintained our leased properties sufficiently, we may be forced into an early exit from one or more of these data centers, which could be disruptive to our business or cause us to incur additional costs.
Removed
As a result, we performed an interim quantitative goodwill impairment test as of September 30, 2023 14 Table of Contents using, among other things, the information obtained from third parties to compare the fair value of the India reporting unit to its carrying amount, including goodwill.
Added
Achieving the benefits of acquisition and platform expansion initiatives depends in part on timely and efficient integration of operations, telecommunications infrastructure assets and personnel.
Removed
The result of our interim goodwill impairment test as of September 30, 2023 indicated that the carrying amount of our India reporting unit exceeded our estimated fair value. As a result, we recorded a goodwill impairment charge of $322.0 million as of September 30, 2023.
Added
We continue to seek to drive organizational improvement through a variety of actions, including operational and digital transformation, integration activities, strategic initiatives and business and operating model assessments. These initiatives can be time-consuming, disruptive to operations, and costly in the short-term.
Removed
The goodwill impairment charge is recorded in Goodwill impairment in the accompanying consolidated statements of operations. We expect to complete the Pending ATC TIPL Transaction in the second half of 2024.
Added
Successfully implementing these and other initiatives throughout our operations is critical to our future competitiveness and our ability to achieve long-term profitability. However, we cannot be certain that these initiatives will be successful in creating profit margins sufficient to sustain our current operating structure and business.
Removed
The Pending ATC TIPL Transaction is subject to pre-closing terms, which may not be satisfied, as well as regulatory and governmental approval, which may prevent us from completing the transaction during 2024 or at all.
Added
Additionally, our future success depends upon our ability to recruit and retain the services of, among others, personnel with IT, data centers and telecommunications-related skills. There may be competition in attracting qualified personnel, and we may experience difficulty retaining and motivating existing employees and attracting qualified personnel to fill key positions.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

14 edited+5 added−4 removed6 unchanged
Biggest changeWe have in place a Third-Party Cybersecurity Risk Management program to assess the cybersecurity practices of third-party vendors and service providers with access to our and CoreSite’s systems or information. We have not been materially impacted by any cybersecurity threats or prior cybersecurity incidents, including with respect to our business strategy, results of operations or financial condition.
Biggest changeOur cybersecurity risk management processes extend to the oversight and identification of threats associated with our use of third-party vendors and service providers. We have in place a Third-Party Cybersecurity Risk Management program to assess the cybersecurity practices of third-party vendors and service providers with access to our and CoreSite’s systems or information.
Our Board's and Audit Committee’s inputs are key components in the development of our long-term cybersecurity strategy, aligning the program’s goals within our risk tolerance. In addition, a biennial cybersecurity risk assessment is completed with an external third party to provide us with a more complete view of our cybersecurity risk.
Our Board's and Audit Committee’s inputs are key components in the development of our long-term cybersecurity strategy, aligning the program’s goals within our risk tolerance. In addition, a periodic cybersecurity risk assessment is completed with an external third party to provide us with a more complete view of our cybersecurity risk.
Additionally, in 2023, to elevate cybersecurity awareness, we also conducted live training as part of our Employee Development program, sent monthly phishing tips to all employees and provided weekly communications during October, which is cybersecurity awareness month.
Additionally, in 2024, to elevate cybersecurity awareness, we also conducted live training as part of our Employee Development program, sent monthly phishing tips to all employees and provided weekly communications during October, which is cybersecurity awareness month.
Each quarter, the Board receives a report from the Audit Committee chair on items covered during that quarter’s meeting. In 2023, the topics included our focus on cybersecurity resilience, our approach to responsible use of Artificial Intelligence and the new cybersecurity disclosure rules.
Each quarter, the Board receives a report from the Audit Committee chair on items covered during that quarter’s meeting. In 2024, the topics included, among other items, our focus on cybersecurity resilience, new cybersecurity initiatives and our approach to responsible use of artificial intelligence.
Our cybersecurity awareness program provides training for all global employees at onboarding and subsequently three times every year. In 2023, across our organization, employees completed over 16,000 training classes related to cybersecurity.
Our cybersecurity awareness program provides training for all global employees at onboarding and subsequently three times every year. In 2024, across our organization, employees completed over 8,943 training classes related to cybersecurity.
We retain a prominent cybersecurity consulting firm to assist with, and advise on, our cybersecurity and incident response program. We engage on a quarterly basis with our auditors on matters regarding cybersecurity and maintain a robust control environment, in compliance with the Sarbanes-Oxley Act of 2002, as amended, that includes controls to protect the confidentiality, integrity and availability our data.
We engage on a quarterly basis with our internal auditors on matters regarding cybersecurity and maintain a robust control environment, in compliance with the Sarbanes-Oxley Act of 2002, as amended, that includes controls to protect the confidentiality, integrity and availability our data. Management We, along with CoreSite, our data centers operations subsidiary, each maintain a management information security steering committee.
Management We, along with CoreSite, our data centers operations subsidiary, each maintain a management information security steering committee. We maintain two steering committees because of the distinct nature of CoreSite’s business. Each committee works in collaboration with the other, including through the overlap of certain key steering committee members. Each committee meets quarterly.
We maintain two steering committees because of the distinct nature of CoreSite’s business. Each committee works in collaboration with the other, including through the overlap of certain key steering committee members. Each committee meets quarterly. These committees provide direction and support for our and CoreSite’s security initiatives and review operational metrics.
Our Chief Technology Officer has over 30 years of experience in the technology space, including leadership roles with wireless carriers and chip manufacturers, where cybersecurity was critical to the delivery of secure solutions. Our Senior Counsel—Corporate Legal also serves as our lead Privacy Officer and is a lawyer who has led our privacy program since its inception.
Our Chief Technology Officer has over 30 years of experience in the technology space, including leadership roles with wireless carriers 21 Table of Contents and chip manufacturers, where cybersecurity was critical to the delivery of secure solutions.
CoreSite’s Vice President of Information Security and IT Infrastructure has over 25 years of experience building secure IT solutions across large network and data center environments and has been responsible for the day-to-day operation of CoreSite’s business-critical IT environment since 2015. 22 Table of Contents CoreSite’s steering committee includes CoreSite’s Chief Executive Officer, its Chief Accounting Officer, its Chief Revenue Officer, its Senior Vice President of IT & Digitization, its Vice President of Legal, its Senior Vice President of Development & Product Engineering, its Senior Vice President of Data Center Operations, its Senior Vice President of Human Resources, its Vice President of Compliance & Internal Controls, its Senior Vice President of Finance & Corporate Development, its Vice President of Information Security and IT Infrastructure, its Director of Compliance & Internal Controls, and American Tower’s CISO.
CoreSite’s steering committee includes CoreSite’s Chief Executive Officer, its Chief Accounting Officer, its Chief Revenue Officer, its Senior Vice President of IT & Digitization, its Vice President of Legal, its Senior Vice President of Development & Product Engineering, its Senior Vice President of Data Center Operations, its Senior Vice President of Human Resources, its Vice President of Compliance & Internal Controls, its Senior Vice President of Finance & Corporate Development, its Vice President of Information Security and IT Infrastructure, its Director of Compliance & Internal Controls, and American Tower’s CISO.
Our CISO has 25 years of experience in cybersecurity, previously holding positions in the cybersecurity service provider space and at a software security firm. Our Chief Information Officer has held IT leadership positions across large, multi-national companies for nearly three decades, where he has overseen cybersecurity programs.
Our CISO has held information security and IT leadership positions across large organizations for eight years, which included overseeing governance and compliance programs. Our Chief Information Officer has held IT leadership positions across large, multi-national companies for nearly three decades, where he has overseen cybersecurity programs.
CoreSite’s Senior Vice President of IT & Digitization has led CoreSite’s IT function for over 5 years, including having responsibility for securing the business’s cybersecurity environment.
Our Vice President, Corporate Legal also serves as our lead Privacy Officer and is a lawyer who has led our privacy program since its inception. CoreSite’s Senior Vice President of IT & Digitization has led CoreSite’s IT function for over 5 years, including having responsibility for securing the business’s cybersecurity environment.
Our steering committee includes our CISO, our Chief Information Officer, our Chief Risk Officer, our Chief Technology Officer, our Senior Counsel—Corporate Legal, CoreSite’s Senior Vice President of IT & Digitization and CoreSite’s Vice President of Information Security and IT Infrastructure, each of whom has experience, both at American Tower and in prior roles, related to cybersecurity.
Our steering committee includes our CISO, our Chief Information Officer, our Senior Vice President and Chief Security Officer, our Senior Vice President, Internal Audit, our Chief Technology Officer, our Vice President, Corporate Legal, CoreSite’s Senior Vice President of IT & Digitization and CoreSite’s Vice President of Information Security and IT Infrastructure.
However, we cannot provide assurance that we will not be materially affected in the future by such risks, threats or any future material incidents. See “Risk Factors” in Item 1A of this Annual Report on Form 10-K for more information on our cybersecurity-related risks.
See “Risk Factors” in Item 1A of this Annual Report on Form 10-K for more information on our cybersecurity-related risks.
In 2023, we performed two separate exercises: (1) a crisis management tabletop exercise that simulated a ransomware incident and included participation from our management, including our CEO and CFO, and (2) an IT-focused tabletop which simulated multiple types of cybersecurity incidents, including (a) compromised credentials, (b) brute force attack, (c) uncleaned malware and (d) ransomware.
We conduct an incident response exercise at least annually to ensure a timely, consistent and compliant response. In 2024, we performed an IT-focused tabletop exercise which simulated multiple types of cybersecurity incidents, including (a) compromised credentials, (b) brute force attack, (c) uncleaned malware and (d) ransomware. This tabletop exercise was facilitated by a third-party.
Removed
These committees provide direction and support for our and CoreSite’s security initiatives and review operational metrics.
Added
We retain a prominent cybersecurity consulting firm to assist with, and advise on, our cybersecurity and incident response program.
Removed
Our Chief Risk Officer has nearly 40 years of risk and audit experience, including oversight of IT audit, with experience at a leading public accounting firm as well as one of the world’s largest computer storage and software companies.
Added
Our Chief Security Officer heads our converged physical and information security team and has over 26 years of experience in the corporate security, crisis management, and security consulting industries, including as head of global security for a major mining company and through leadership positions in several international risk consultancies.
Removed
We conduct an incident response exercise at least annually to ensure a timely, consistent and compliant response.
Added
Our Senior Vice President, Internal Audit, has over 30 years of international finance leadership experience and heads our Internal Audit function, including the evaluation of risk and vulnerabilities for both physical and system assets and the testing of related controls.
Removed
Both of these tabletop exercises were facilitated by a third-party. Our cybersecurity risk management processes extend to the oversight and identification of threats associated with our use of third-party vendors and service providers.
Added
CoreSite’s Vice President of Information Security and IT Infrastructure has over 25 years of experience building secure IT solutions across large network and data center environments and has been responsible for the day-to-day operation of CoreSite’s business-critical IT environment since 2015.
Added
We have not been materially impacted by any cybersecurity threats or prior cybersecurity incidents, including with respect to our business strategy, results of operations or financial condition. However, we cannot provide assurance that we will not be materially affected in the future by such risks, threats or any future material incidents.

Item 2. Properties

Properties — owned and leased real estate

12 edited+1 added−0 removed7 unchanged
Biggest changeIn addition, we own property interests that we lease to communications service providers and third-party tower operators in Canada and the United States, which are included in our U.S. & Canada property segment, and in Australia and New Zealand, which are included in our Asia-Pacific property segment, and also own and operate data center facilities and related assets in the United States, which are included in our Data Centers segment. 23 Table of Contents Our interests in our communications sites consist of a variety of ownership interests, including leases created by long-term ground lease agreements, easements, licenses or rights-of-way granted by government entities.
Biggest changeIn addition, we own property interests that we lease to communications service providers and third-party 22 Table of Contents tower operators in Canada and the United States, which are included in our U.S. & Canada property segment, and also own and operate data center facilities and related assets in the United States, which are included in our Data Centers segment.
We also own or have entered into long-term leases for the majority of our facilities in international and regional locations for the management and operation of our property and services businesses, including offices in each of our U.S. & Canada, Asia-Pacific, Africa, Europe, Latin America and Data Centers segments. Our international headquarters is leased and located in Amsterdam, Netherlands.
We also own or have entered into long-term leases for the majority of our facilities in international and regional locations for the management and operation of our property and services businesses, including offices in each of our U.S. & Canada, Africa & APAC, Europe, Latin America and Data Centers segments. Our international headquarters is leased and located in Amsterdam, Netherlands.
A monopole tower site used in metropolitan areas for a typical wireless communications tower can be located on a tract of land of fewer than 2,500 square feet. • Rooftop towers are primarily used in metropolitan areas in our Asia-Pacific, Africa, Europe and Latin America markets, where locations for traditional tower structures are unavailable.
A monopole tower site used in metropolitan areas for a typical wireless communications tower can be located on a tract of land of fewer than 2,500 square feet. • Rooftop towers are primarily used in metropolitan areas in our Africa & APAC, Europe and Latin America markets, where locations for traditional tower structures are unavailable.
As of December 31, 2023, the loan underlying the securitization transactions completed in March 2018 and March 2023 (the “2018 Securitization” and the “2023 Securitization”, respectively, and together, the “Trust Securitizations”) is secured by mortgages, deeds of trust and deeds to secure the loan on substantially all of the 5,034 broadcast and wireless communications towers and related assets owned by the borrowers (the “Trust Sites”) and the secured revenue notes issued in a private transaction completed in May 2015 (the “2015 Securitization”) are secured by mortgages, deeds of trust and deeds to secure debt on substantially all of the 3,343 communications sites owned by subsidiaries of the issuer (the “2015 Secured Sites”).
As of December 31, 2024, the loan underlying the securitization transactions completed in March 2018 and March 2023 (the “2018 Securitization” and the “2023 Securitization”, respectively, and together, the “Trust Securitizations”) is secured by mortgages, deeds of trust and deeds to secure the loan on substantially all of the 5,029 broadcast and wireless communications towers and related assets owned by the borrowers (the “Trust Sites”) and the secured revenue notes issued in a private transaction completed in May 2015 (the “2015 Securitization”) are secured by mortgages, deeds of trust and deeds to secure debt on substantially all of the 3,338 communications sites owned by subsidiaries of the issuer (the “2015 Secured Sites”).
Our principal corporate headquarters is leased and located in Boston, Massachusetts, where we currently lease approximately 40,000 square feet of office space.
Our principal corporate headquarters is leased and located in Boston, Massachusetts, where we currently lease approximately 100,000 square feet of office space.
Typically, we seek to enter long-term ground leases, which have initial terms of approximately five to ten years with one or more automatic or exercisable renewal periods. As a result, 44% of the ground leases for our sites have a final expiration date of 2033 and beyond. Customers .
Typically, we seek to enter long-term ground leases, which have initial terms of approximately five to ten years with one or more automatic or exercisable renewal periods. As a result, 56% of the ground leases for our sites have a final expiration date of 2034 and beyond. Customers .
We believe that our owned and leased facilities are suitable and adequate to meet our anticipated needs. 24 Table of Contents
We believe that our owned and leased facilities are suitable and adequate to meet our anticipated needs. 23 Table of Contents
Across most of our markets, our tenant leases for our communications sites with wireless carriers have initial non-cancellable terms of five to ten years with multiple renewal terms. As a result, approximately 56% of our current tenant leases have a renewal date of 2029 or beyond. Data Centers.
Across most of our markets, our tenant leases for our communications sites with wireless carriers have initial non-cancellable terms of five to ten years with multiple renewal terms. As a result, approximately 52% of our current tenant leases have a renewal date of 2030 or beyond. Data Centers.
ITEM 2. PROPERTIES As of December 31, 2023, we owned and operated a portfolio of 224,502 communications sites, including 1,672 DAS networks. See the table in Item 7 of this Annual Report, under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview” for more detailed information on the geographic locations of our communications sites.
ITEM 2. PROPERTIES As of December 31, 2024, we owned and operated a portfolio of 148,957 communications sites, including 860 DAS networks. See the table in Item 7 of this Annual Report, under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview” for more detailed information on the geographic locations of our communications sites.
Our customers are primarily wireless service providers, broadcasters and other companies in a variety of industries. For the year ended December 31, 2023, our top three customers by total revenue were T-Mobile (17%), AT&T (16%) and Verizon Wireless (12%).
Our customers are primarily wireless service providers, broadcasters and other companies in a variety of industries. For the year ended December 31, 2024, our top three customers by total revenue were T-Mobile (19%), AT&T (18%) and Verizon Wireless (13%).
There are no encumbered sites in our Asia-Pacific, Africa, Europe or Latin America property segments or in our Data Centers segment. Ground Leases. Of the 222,830 towers in our portfolio as of December 31, 2023, approximately 90% were located on land we lease.
There are no encumbered sites in our Africa & APAC, Europe or Latin America property segments or in our Data Centers segment. Ground Leases. Of the 148,097 towers in our portfolio as of December 31, 2024, approximately 80% were located on land we lease.
We own and operate data center facilities and related assets, and as of December 31, 2023, our data center portfolio consisted of 28 data center facilities across ten United States markets, including the assets acquired as part of the CoreSite Acquisition, across 3.3 million net rentable square feet (“NRSF”). Offices.
We own and operate data center facilities and related assets, and as of December 31, 2024, our data center portfolio consisted of 29 data center facilities across ten United States markets, across 3.3 million net rentable square feet (“NRSF”). Offices.
Added
Our interests in our communications sites consist of a variety of ownership interests, including leases created by long-term ground lease agreements, easements, licenses or rights-of-way granted by government entities.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

3 edited+1 added−1 removed5 unchanged
Biggest changeThe performance of our common stock reflected below is not necessarily indicative of future performance. 26 Table of Contents Cumulative Total Returns 12/18 12/19 12/20 12/21 12/22 12/23 American Tower Corporation $ 100.00 $ 147.85 $ 147.15 $ 195.54 $ 145.42 $ 153.21 S&P 500 Index 100.00 131.49 155.68 200.37 164.08 207.21 Dow Jones U.S.
Biggest changeThe performance of our common stock reflected below is not necessarily indicative of future performance. 25 Table of Contents Cumulative Total Returns 12/19 12/20 12/21 12/22 12/23 12/24 American Tower Corporation $ 100.00 $ 99.52 $ 132.26 $ 98.36 $ 103.63 $ 91.03 S&P 500 Index 100.00 118.40 152.39 124.79 157.59 197.02 Dow Jones U.S.
The performance graph assumes that on December 31, 2018, $100 was invested in each of our common stock, the S&P 500 Index, the Dow Jones U.S. Telecommunications Equipment Index and the FTSE Nareit All Equity REITs Index. The cumulative return shown in the graph assumes reinvestment of all dividends.
The performance graph assumes that on December 31, 2019, $100 was invested in each of our common stock, the S&P 500 Index, the Dow Jones U.S. Telecommunications Equipment Index and the FTSE Nareit All Equity REITs Index. The cumulative return shown in the graph assumes reinvestment of all dividends.
ITEM 4. MINE SAFETY DISCLOSURES N/A. 25 Table of Contents PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on the NYSE under the ticker symbol AMT. As of February 20, 2024, we had 466,352,208 outstanding shares of common stock and 134 holders of record.
ITEM 4. MINE SAFETY DISCLOSURES N/A. 24 Table of Contents PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on the NYSE under the ticker symbol AMT. As of February 18, 2025, we had 467,457,256 outstanding shares of common stock and 127 holders of record.
Removed
Telecommunications Equipment Index 100.00 116.24 118.93 173.48 134.21 158.08 FTSE Nareit All Equity REITs Index 100.00 128.66 122.07 172.49 129.45 144.16
Added
Telecommunications Equipment Index 100.00 102.32 149.24 115.46 135.99 189.66 FTSE Nareit All Equity REITs Index 100.00 94.88 134.06 100.62 112.04 117.56

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

6 edited+3 added−1 removed0 unchanged
Biggest changeDate of Filing Exhibit No. 10.37 Amendment No. 1 to the Fourth Amended and Restated Revolving Credit Agreement, dated as of June 29, 2023, among the Company and certain of its subsidiaries as borrowers, Toronto Dominion (Texas) LLC, as administrative agent, and a majority of lenders under the Fourth Amended and Restated Revolving Credit Agreement, dated as of December 8, 2021 10-Q 001-14195 July 27, 2023 10.3 10.38 Second Amended and Restated Term Loan Agreement, dated as of December 8, 2021, among the Company, as Borrower, Mizuho Bank, Ltd., as Administrative Agent; TD Securities (USA) LLC, as Syndication Agent, Bank of America, N.A., Barclays Bank PLC, Citibank, N.A, JPMorgan Chase Bank, N.A., Morgan Stanley MUFG Loan Partners, LLC and Royal Bank of Canada as Co-Documentation Agents, Mizuho Bank, Ltd., TD Securities (USA) LLC, Barclays Bank PLC, BofA Securities, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., Morgan Stanley MUFG Loan Partners, LLC and RBC Capital Markets as Joint Lead Arrangers and Joint Bookrunners, and the several other lenders that are parties thereto 10-K 001-14195 February 25, 2022 10.31 10.39 Amendment No. 1 to the Second Amended and Restated Term Loan Agreement, dated as of June 29, 2023, among the Company, as borrower, Mizuho Bank, Ltd., as administrative agent, and a majority of the lenders under the Second Amended and Restated Term Loan Agreement, dated as of December 8, 2021 10-Q 001-14195 July 27, 2023 10.1 10.40 Master Agreement, dated as of February 5, 2015, among the Company and Verizon Communications Inc. 10-K 001-14195 February 24, 2015 10.45 10.41 Master Prepaid Lease, dated as of March 27, 2015, among certain subsidiaries of the Company and Verizon Communications Inc. 10-Q 001-14195 April 30, 2015 10.8 10.42 Sale Site Master Lease Agreement, dated as of March 27, 2015, among certain subsidiaries of the Company, Verizon Communications Inc. and certain of its subsidiaries 10-Q 001-14195 April 30, 2015 10.9 10.43 MPL Site Master Lease Agreement, dated as of March 27, 2015, among Verizon Communications Inc. and certain of its subsidiaries and ATC Sequoia LLC 10-Q 001-14195 April 30, 2015 10.10 10.44 Management Agreement, dated as of March 27, 2015, among Verizon Communications Inc., and certain of its subsidiaries and ATC Sequoia LLC 10-Q 001-14195 April 30, 2015 10.11 10.45 Agreement For the Sale and Purchase of the Towers Europe Division of Telxius Telecom, S.A., dated as of January 13, 2021, between Telxius Telecom, S.A. and American Tower International, Inc. 10-K 001-14195 February 25, 2021 10.41 10.46 Agreement For the Sale and Purchase of the Towers LatAm Division of Telxius Telecom, S.A., dated as of January 13, 2021, between Telxius Telecom, S.A. and American Tower International, Inc. 10-K 001-14195 February 25, 2021 10.42 72 Table of Contents Incorporated By Reference Exhibit No.
Biggest changeDate of Filing Exhibit No. 10.37 Fourth Amended and Restated Revolving Credit Agreement, dated as of December 8, 2021, among the Company, as Borrowers, Toronto Dominion (Texas) LLC, as Administrative Agent and Swingline Lender, BofA Securities, Inc., TD Securities (USA) LLC, Mizuho Bank, Ltd., Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., RBC Capital Markets and Morgan Stanley MUFG Loan Partners, LLC, as Joint Lead Arrangers and Joint Bookrunners, Mizuho Bank, Ltd., as Syndication Agent, and BofA Securities, Inc., Barclays Bank PLC, Citibank, N.A, JPMorgan Chase Bank, N.A., Royal Bank of Canada and Morgan Stanley MUFG Loan Partners, LLC, as Co-Documentation Agents 10-K 001-14195 February 25, 2022 10.30 10.38 Amendment No. 1 to the Fourth Amended and Restated Revolving Credit Agreement, dated as of June 29, 2023, among the Company and certain of its subsidiaries as borrowers, Toronto Dominion (Texas) LLC, as administrative agent, and a majority of lenders under the Fourth Amended and Restated Revolving Credit Agreement, dated as of December 8, 2021 10-Q 001-14195 July 27, 2023 10.3 10.39 Amendment No. 2 to the Fourth Amended and Restated Revolving Credit Agreement, dated as of January 28, 2025, among the Company and certain of its subsidiaries as borrowers, Toronto Dominion (Texas) LLC, as administrative agent, and a majority of lenders under the Fourth Amended and Restated Revolving Credit Agreement, dated as of December 8, 2021, as further amended Filed herewith as Exhibit 10.39 — — — 10.40 Second Amended and Restated Term Loan Agreement, dated as of December 8, 2021, among the Company, as Borrower, Mizuho Bank, Ltd., as Administrative Agent; TD Securities (USA) LLC, as Syndication Agent, Bank of America, N.A., Barclays Bank PLC, Citibank, N.A, JPMorgan Chase Bank, N.A., Morgan Stanley MUFG Loan Partners, LLC and Royal Bank of Canada as Co-Documentation Agents, Mizuho Bank, Ltd., TD Securities (USA) LLC, Barclays Bank PLC, BofA Securities, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., Morgan Stanley MUFG Loan Partners, LLC and RBC Capital Markets as Joint Lead Arrangers and Joint Bookrunners, and the several other lenders that are parties thereto 10-K 001-14195 February 25, 2022 10.31 10.41 Amendment No. 1 to the Second Amended and Restated Term Loan Agreement, dated as of June 29, 2023, among the Company, as borrower, Mizuho Bank, Ltd., as administrative agent, and a majority of the lenders under the Second Amended and Restated Term Loan Agreement, dated as of December 8, 2021 10-Q 001-14195 July 27, 2023 10.1 10.42 Amendment No. 2 to the Second Amended and Restated Term Loan Agreement, dated as of January 28, 2025, among the Company, as borrower, Mizuho Bank, Ltd., as administrative agent, and a majority of the lenders under the Second Amended and Restated Term Loan Agreement, dated as of December 8, 2021, as further amended Filed herewith as Exhibit 10.42 — — — 74 Table of Contents Incorporated By Reference Exhibit No.
Section 1350 Filed herewith as Exhibit 32 — — — 97 American Tower Corporation Compensation Recovery Policy Filed herewith as Exhibit 97 — — — 101 The following materials from American Tower Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in XBRL (Extensible Business Reporting Language): 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) — — — — * Management contracts and compensatory plans and arrangements required to be filed as exhibits to this Form 10-K pursuant to Item 15(a)(3). ** The exhibit has been filed separately with the Commission pursuant to an application for confidential treatment.
Section 1350 Filed herewith as Exhibit 32 — — — 97 American Tower Corporation Compensation Recovery Policy 10-K 001-14195 February 27, 2024 97 101 The following materials from American Tower Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in XBRL (Extensible Business Reporting Language): 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) — — — — * Management contracts and compensatory plans and arrangements required to be filed as exhibits to this Form 10-K pursuant to Item 15(a)(3). ** The exhibit has been filed separately with the Commission pursuant to an application for confidential treatment.
The confidential portions of the exhibit have been omitted and are marked by an asterisk. 73 Table of Contents
The confidential portions of the exhibit have been omitted and are marked by an asterisk.
Date of Filing Exhibit No. 10.32 3-Year Term Loan Agreement, dated as of February 10, 2021, among the Company, as Borrower, Bank of America, N.A., as Administrative Agent, TD Securities (USA), LLC and Mizuho Bank, Ltd. as Syndication Agents, BofA Securities, Inc., TD Securities (USA), LLC, Mizuho Bank, Ltd., Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., RBC Capital Markets and Morgan Stanley MUFG Loan Partners, LLC as Joint Lead Arrangers and Joint Bookrunners, and Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., Royal Bank of Canada and Morgan Stanley MUFG Loan Partners, LLC, as Co-Documentation Agents 10-K 001-14195 February 25, 2021 10.45 10.33 First Amendment to 3-Year Term Loan Agreement, dated as of December 8, 2021, among the Company, as Borrower, Bank of America, N.A., as Administrative Agent, and certain other lenders under the Company’s 3-Year Term Loan Agreement, dated as of February 10, 2021 10-K 001-14195 February 25, 2022 10.28 10.34 Third Amended and Restated Multicurrency Revolving Credit Agreement, dated as of December 8, 2021, among the Company and certain of its subsidiaries, as Borrower, Toronto Dominion (Texas) LLC, as Administrative Agent and Swingline Lender, BofA Securities, Inc., TD Securities (USA) LLC, Mizuho Bank, Ltd., Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., RBC Capital Markets and Morgan Stanley MUFG Loan Partners, LLC, as Joint Lead Arrangers and Joint Bookrunners, Mizuho Bank, Ltd., as Syndication Agent, and BofA Securities, Inc., Barclays Bank PLC, Citibank, N.A, JPMorgan Chase Bank, N.A., Royal Bank of Canada and Morgan Stanley MUFG Loan Partners, LLC, as Co-Documentation Agents 10-K 001-14195 February 25, 2022 10.29 10.35 Amendment No. 1 to the Third Amended and Restated Multicurrency Revolving Credit Agreement, dated as of June 29, 2023, among the Company and certain of its subsidiaries as borrowers, Toronto Dominion (Texas) LLC, as administrative agent, and a majority of lenders under the Third Amended and Restated Multicurrency Revolving Credit Agreement, dated as of December 8, 2021 10-Q 001-14195 July 27, 2023 10.2 10.36 Fourth Amended and Restated Revolving Credit Agreement, dated as of December 8, 2021, among the Company, as Borrower s , Toronto Dominion (Texas) LLC, as Administrative Agent and Swingline Lender, BofA Securities, Inc., TD Securities (USA) LLC, Mizuho Bank, Ltd., Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., RBC Capital Markets and Morgan Stanley MUFG Loan Partners, LLC, as Joint Lead Arrangers and Joint Bookrunners, Mizuho Bank, Ltd., as Syndication Agent, and BofA Securities, Inc., Barclays Bank PLC, Citibank, N.A, JPMorgan Chase Bank, N.A., Royal Bank of Canada and Morgan Stanley MUFG Loan Partners, LLC, as Co-Documentation Agents 10-K 001-14195 February 25, 2022 10.30 71 Table of Contents Incorporated By Reference Exhibit No.
Noel Filed herewith as Exhibit 10.31 — — — 10.32* Letter Agreement, dated as of January 3, 2025, by and between the Company and Richard Rossi Filed herewith as Exhibit 10.32 — — — 10.33 Third Amended and Restated Multicurrency Revolving Credit Agreement, dated as of December 8, 2021, among the Company and certain of its subsidiaries, as Borrower, Toronto Dominion (Texas) LLC, as Administrative Agent and Swingline Lender, BofA Securities, Inc., TD Securities (USA) LLC, Mizuho Bank, Ltd., Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., RBC Capital Markets and Morgan Stanley MUFG Loan Partners, LLC, as Joint Lead Arrangers and Joint Bookrunners, Mizuho Bank, Ltd., as Syndication Agent, and BofA Securities, Inc., Barclays Bank PLC, Citibank, N.A, JPMorgan Chase Bank, N.A., Royal Bank of Canada and Morgan Stanley MUFG Loan Partners, LLC, as Co-Documentation Agents 10-K 001-14195 February 25, 2022 10.29 10.34 Amendment No. 1 to the Third Amended and Restated Multicurrency Revolving Credit Agreement, dated as of June 29, 2023, among the Company and certain of its subsidiaries as borrowers, Toronto Dominion (Texas) LLC, as administrative agent, and a majority of lenders under the Third Amended and Restated Multicurrency Revolving Credit Agreement, dated as of December 8, 2021 10-Q 001-14195 July 27, 2023 10.2 10.35 Notice of Benchmark Replacement and Amendment No. 2, dated as of June 27, 2024, to the Third Amended and Restated Multicurrency Revolving Credit Agreement, among the Company and certain of its subsidiaries as borrowers, Toronto Dominion (Texas) LLC, as administrative agent, and a majority of lenders under the Third Amended and Restated Multicurrency Revolving Credit Agreement, dated December 8, 2021, as further amended 10-Q 001-14195 July 30, 2024 10.1 10.36 Amendment No. 3 to the Third Amended and Restated Multicurrency Revolving Credit Agreement, dated as of January 28, 2025, among the Company and certain of its subsidiaries as borrowers, Toronto Dominion (Texas) LLC, as administrative agent, and a majority of lenders under the Third Amended and Restated Multicurrency Revolving Credit Agreement, dated as of December 8, 2021, as further amended Filed herewith as Exhibit 10.36 — — — 73 Table of Contents Incorporated By Reference Exhibit No.
Item 5.02(e) 10.27 Form of Waiver and Termination Agreement 8-K 001-14195 March 5, 2009 10.4 10.28* American Tower Corporation Severance Plan, as Amended and Restated, as of January 1, 2024 Filed herewith as Exhibit 10.28 — — — 10.29* American Tower Corporation Severance Plan, Program for Executive Vice Presidents and Chief Executive Officer, as of January 1, 2024 Filed herewith as Exhibit 10.29 — — — 10.30* Letter Agreement, dated as of October 25, 2023, by and between the Company and Eugene M.
Date of Filing Exhibit No. 10.28* American Tower Corporation Severance Plan, as Amended and Restated, as of January 1, 2024 10-K 001-14195 February 27, 2024 10.28 10.29* American Tower Corporation Severance Plan, Program for Executive Vice Presidents and Chief Executive Officer, as of January 1, 2024 10-K 001-14195 February 27, 2024 10.29 10.30* Letter Agreement, dated as of February 5, 2024, by and between the Company and Steven O.
Noel Filed herewith as Exhibit 10.30 — — — 10.31* Letter Agreement, dated as of February 5, 2024, by and between the Company and Steven O. Vondran Filed herewith as Exhibit 10.31 — — — 70 Table of Contents Incorporated By Reference Exhibit No. Description of Document Form File No.
Vondran 10-K 001-14195 February 27, 2024 10.31 10.31* Letter Agreement, dated as of January 3, 2025, by and between the Company and Eugene M.
Removed
Date of Filing Exhibit No. 21 Subsidiaries of the Company Filed herewith as Exhibit 21 — — — 23 Consent of Independent Registered Public Accounting Firm—Deloitte & Touche LLP Filed herewith as Exhibit 23 — — — 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.
Added
Item 5.02(e) 10.27 Form of Waiver and Termination Agreement 8-K 001-14195 March 5, 2009 10.4 72 Table of Contents Incorporated By Reference Exhibit No. Description of Document Form File No.
Added
Date of Filing Exhibit No. 10.43 Master Agreement, dated as of February 5, 2015, among the Company and Verizon Communications Inc. 10-K 001-14195 February 24, 2015 10.45 10.44 Master Prepaid Lease, dated as of March 27, 2015, among certain subsidiaries of the Company and Verizon Communications Inc. 10-Q 001-14195 April 30, 2015 10.8 10.45 Sale Site Master Lease Agreement, dated as of March 27, 2015, among certain subsidiaries of the Company, Verizon Communications Inc. and certain of its subsidiaries 10-Q 001-14195 April 30, 2015 10.9 10.46 MPL Site Master Lease Agreement, dated as of March 27, 2015, among Verizon Communications Inc. and certain of its subsidiaries and ATC Sequoia LLC 10-Q 001-14195 April 30, 2015 10.10 10.47 Management Agreement, dated as of March 27, 2015, among Verizon Communications Inc., and certain of its subsidiaries and ATC Sequoia LLC 10-Q 001-14195 April 30, 2015 10.11 10.48 Agreement For the Sale and Purchase of the Towers Europe Division of Telxius Telecom, S.A., dated as of January 13, 2021, between Telxius Telecom, S.A. and American Tower International, Inc. 10-K 001-14195 February 25, 2021 10.41 10.49 Agreement For the Sale and Purchase of the Towers LatAm Division of Telxius Telecom, S.A., dated as of January 13, 2021, between Telxius Telecom, S.A. and American Tower International, Inc. 10-K 001-14195 February 25, 2021 10.42 19.1 American Tower Corporation Anti-Insider Trading Policy Filed herewith as Exhibit 19.1 — — — 21 Subsidiaries of the Company Filed herewith as Exhibit 21 — — — 23 Consent of Independent Registered Public Accounting Firm—Deloitte & Touche LLP Filed herewith as Exhibit 23 — — — 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 — — — 75 Table of Contents Incorporated By Reference Exhibit No.
Added
Description of Document Form File No. Date of Filing Exhibit No. 32 Certifications filed pursuant to 18. U.S.C.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

163 edited+83 added−55 removed99 unchanged
Biggest changeNet Income / Adjusted EBITDA and Net Income / Nareit FFO attributable to American Tower Corporation common stockholders / Consolidated AFFO / AFFO attributable to American Tower Corporation common stockholders Year Ended December 31, Percent Change 2023 vs 2022 2023 2022 Net income $ 1,367.1 $ 1,696.7 (19) % Income tax provision 154.2 24.0 543 Other expense (income) 248.5 (433.7) (157) Loss on retirement of long-term obligations 0.3 0.4 (25) Interest expense 1,398.2 1,136.5 23 Interest income (143.4) (71.6) 100 Other operating expenses 377.7 767.6 (51) Goodwill impairment 402.0 — 100 Depreciation, amortization and accretion 3,086.5 3,355.1 (8) Stock-based compensation expense 195.7 169.3 16 Adjusted EBITDA $ 7,086.8 $ 6,644.3 7 % 40 Table of Contents Year Ended December 31, Percent Change 2023 vs 2022 2023 2022 Net income $ 1,367.1 $ 1,696.7 (19) % Real estate related depreciation, amortization and accretion 2,834.1 3,108.9 (9) Losses from sale or disposal of real estate and real estate related impairment charges (1) 732.8 684.3 7 Dividends to noncontrolling interests (2) (137.8) (22.2) 521 Adjustments for unconsolidated affiliates and noncontrolling interests (186.2) (188.2) (1) Nareit FFO attributable to American Tower Corporation common stockholders $ 4,610.0 $ 5,279.5 (13) % Straight-line revenue (472.0) (499.8) (6) Straight-line expense 30.2 39.6 (24) Stock-based compensation expense 195.7 169.3 16 Deferred portion of income tax and other income tax adjustments (152.3) (298.3) (49) GTP one-time cash tax settlement (3) — 48.3 (100) Non-real estate related depreciation, amortization and accretion 252.4 246.2 3 Amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges 49.8 47.5 5 Other expense (income) (4) 248.5 (433.7) (157) Loss on retirement of long-term obligations 0.3 0.4 (25) Other operating expenses (5) 46.9 83.3 (44) Capital improvement capital expenditures (201.2) (176.2) 14 Corporate capital expenditures (16.2) (9.4) 72 Adjustments for unconsolidated affiliates and noncontrolling interests 186.2 188.2 (1) Consolidated AFFO $ 4,778.3 $ 4,684.9 2 % Adjustments for unconsolidated affiliates and noncontrolling interests (6) (166.8) (168.2) (1) AFFO attributable to American Tower Corporation common stockholders $ 4,611.5 $ 4,516.7 2 % _______________ (1) Included in these amounts are impairment charges of $202.4 million and $655.9 million for the years ended December 31, 2023 and 2022, respectively.
Biggest changeSee Note 22 for further discussion. 42 Table of Contents Year Ended December 31, Percent Change 2024 vs 2023 Percent Change 2023 vs 2022 2024 2023 2022 Net income (1) $ 2,280.2 $ 1,367.1 $ 1,696.7 67 % (19) % Real estate related depreciation, amortization and accretion 1,879.6 2,682.7 2,925.5 (30) (8) Losses from sale or disposal of real estate and real estate related impairment charges (2) 91.6 414.6 184.0 (78) 125 Adjustments and distributions for unconsolidated affiliates and noncontrolling interests (3) (352.7) (324.0) (210.4) 9 54 Adjustments for discontinued operations (4) 1,334.5 469.6 683.7 184 (31) Nareit FFO attributable to American Tower Corporation common stockholders $ 5,233.2 $ 4,610.0 $ 5,279.5 14 % (13) % Straight-line revenue (277.6) (465.4) (508.5) (40) (8) Straight-line expense 46.8 24.4 34.0 92 (28) Stock-based compensation expense 192.7 183.3 161.7 5 13 Deferred portion of income tax and other income tax adjustments (5) 88.7 (162.6) (195.4) (155) (17) GTP one-time cash tax settlement (6) — — 48.3 — (100) Non-real estate related depreciation, amortization and accretion 149.2 245.8 239.4 (39) 3 Amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges 54.1 49.8 47.5 9 5 Other (income) expense (7) (377.6) 326.3 (434.7) (216) (175) Loss on retirement of long-term obligations — 0.3 0.4 (100) (25) Other operating (income) expenses (8) (17.5) 36.1 86.6 (148) (58) Capital improvement capital expenditures (157.4) (186.6) (164.8) (16) 13 Corporate capital expenditures (13.9) (16.2) (9.4) (14) 72 Adjustments and distributions for unconsolidated affiliates and noncontrolling interests (9) 4.4 19.4 20.0 (77) (3) Adjustments for discontinued operations (10) 9.0 (53.1) (87.9) (117) (40) AFFO attributable to American Tower Corporation common stockholders $ 4,934.1 $ 4,611.5 $ 4,516.7 7 % 2 % AFFO attributable to American Tower Corporation common stockholders from continuing operations $ 4,568.9 $ 4,266.4 $ 4,197.4 7 % 2 % AFFO attributable to American Tower Corporation common stockholders from discontinued operations $ 365.2 $ 345.1 $ 319.3 6 % 8 % _______________ (1) For the years ended December 31, 2024, 2023 and 2022, includes Loss from discontinued operations, net of taxes of $978.3 million, $71.4 million and $276.5 million, respectively.
Goodwill is recorded in the applicable segment and assessed for impairment at the reporting unit level. We employ a discounted cash flow analysis when testing goodwill.
Goodwill is recorded in the applicable segment and assessed for impairment at the reporting unit level. We employ a discounted cash flow analysis when testing goodwill for impairment.
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) or (b) an inflationary index in most of our international markets, or a combination of both.
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.
Accounts receivable are reported net of allowances for doubtful accounts related to estimated losses resulting from a tenant’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured. • Rent Expense and Lease Accounting: Many of the leases underlying our tower sites and data centers have fixed rent escalations, which provide for periodic increases in the amount of ground rent payable over time.
Accounts receivable are reported net of allowances for doubtful accounts related to estimated losses resulting from a customer’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured. • Rent Expense and Lease Accounting: Many of the leases underlying our tower sites and data centers have fixed rent escalations, which provide for periodic increases in the amount of ground rent payable over time.
Demand for our communications infrastructure assets could be negatively impacted by a number of factors, including an increase in network sharing or consolidation among our customers, as set forth in Item 1A of this Annual Report under the captions “Risk Factors—If our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected” and “Risk Factors—A substantial portion of our revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers.” In addition, the emergence and growth of new technologies could reduce demand for our sites, as set forth under the caption “Risk Factors—New technologies or changes,or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results.” Further, our customers may be subject to new regulatory policies from time to time that materially and adversely affect the demand for our communications infrastructure assets.
Demand for our communications infrastructure assets could be negatively impacted by a number of factors, including an increase in network sharing or consolidation among our customers and financial difficulties for our customers, as set forth in Item 1A of this Annual Report under the captions “Risk Factors—If our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected” and “Risk Factors—A substantial portion of our current and projected future revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers.” In addition, the emergence and growth of new technologies could reduce demand for our sites, as set forth under the caption “Risk Factors—New technologies or changes, or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results.” Further, our customers may be subject to new regulatory policies from time to time that materially and adversely affect the demand for our communications infrastructure assets.
In December 2017, our Board approved an additional stock repurchase program, pursuant to which we are authorized to repurchase up to $2.0 billion of our common stock (the “2017 Buyback,” and, together with the 2011 Buyback, the “Buyback Programs”). During the year ended December 31, 2023, there were no repurchases under either of the Buyback Programs.
In December 2017, our Board approved an additional stock repurchase program, pursuant to which we are authorized to repurchase up to $2.0 billion of our common stock (the “2017 Buyback,” and, together with the 2011 Buyback, the “Buyback Programs”). During the year ended December 31, 2024, there were no repurchases under either of the Buyback Programs.
The Bank Loan Agreements also contain covenants that establish financial tests with which we and our restricted subsidiaries must comply related to total leverage and senior secured leverage, as set forth in the table below. As of December 31, 2023, we were in compliance with each of these covenants.
The Bank Loan Agreements also contain covenants that establish financial tests with which we and our restricted subsidiaries must comply related to total leverage and senior secured leverage, as set forth in the table below. As of December 31, 2024, we were in compliance with each of these covenants.
This assessment takes tenant credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, recognition is deferred until such point as the uncertainty is resolved.
This assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, recognition is deferred until such point as the uncertainty is resolved.
Based on industry research and projections, we expect that a number of key industry trends will result in incremental revenue opportunities for us: 31 Table of Contents • In less advanced wireless markets where network deployments are in earlier stages, we expect these deployments to drive demand for our tower space as carriers seek to expand their footprints and increase the scope and density of their networks.
Based on industry research and projections, we expect that a number of key industry trends will result in incremental revenue opportunities for us: • In less advanced wireless markets where network deployments are in earlier stages, we expect these deployments to drive demand for our tower space as carriers seek to expand their footprints and increase the scope and density of their networks.
Internally Generated Funds —Because the majority of our customer leases are multiyear contracts, a significant majority of the revenues generated by our property operations as of the end of 2023 is recurring revenue that we should continue to receive in future periods.
Internally Generated Funds —Because the majority of our customer leases are multiyear contracts, a significant majority of the revenues generated by our property operations as of the end of 2024 is recurring revenue that we should continue to receive in future periods.
We have reviewed our policies and estimates to determine our critical accounting policies for the year ended December 31, 2023. We have identified the following policies as critical to an understanding of our results of operations and financial condition. This is not a comprehensive list of our accounting policies.
We have reviewed our policies and estimates to determine our critical accounting policies for the year ended December 31, 2024. We have identified the following policies as critical to an understanding of our results of operations and financial condition. This is not a comprehensive list of our accounting policies.
As a result, we expect to be able to leverage our extensive international portfolio of approximately 182,000 communications sites and the relationships we have built with our carrier tenants to drive sustainable, long - term growth.
As a result, we expect to be able to leverage our extensive international portfolio of approximately 107,000 communications sites and the relationships we have built with our carrier tenants to drive sustainable, long - term growth.
If we undergo a change of control and corresponding ratings decline, each as defined in the applicable supplemental indenture for the 2023 Notes, we may be required to repurchase all of the 2023 Notes at a purchase price equal to 101% of the principal amount of those 2023 Notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date.
If we undergo a change of control and corresponding ratings decline, each as defined in the applicable supplemental indenture for the 2024 Notes, we may be required to repurchase all of the 2024 Notes at a purchase price equal to 101% of the aggregate principal amount of those 2024 Notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date.
(2) We may redeem the 2023 Notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2023 Notes plus a make-whole premium, together with accrued interest to the redemption date.
(2) We may redeem the 2024 Notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2024 Notes plus a make-whole premium, together with accrued interest to the redemption date.
Furthermore, if GTP Acquisition Partners or the AMT Asset Subs were to default on the Series 2015-2 Notes or the Loan, the applicable trustee may seek to foreclose upon or otherwise convert the ownership of all or any portion of the 3,343 communications sites that secure the Series 2015-2 Notes or the 5,034 broadcast and wireless communications towers and related assets that secure the Loan, respectively, in which case we could lose those sites and their associated revenue.
Furthermore, if GTP Acquisition Partners or the AMT Asset Subs were to default on the Series 2015-2 Notes or the Loan, the applicable trustee may seek to foreclose upon or otherwise convert the ownership of all or any portion of the 3,338 communications sites that secure the Series 2015-2 Notes or the 5,029 broadcast and wireless communications towers and related assets that secure the Loan, respectively, in which case we could lose those sites and their associated revenue.
In markets with rapidly evolving network technology, such as South Africa and most of the countries in Latin America where we do business, initial voice networks, for the most part, have already been built out, and carriers are increasingly focused on the early stages of 5G network deployments.
In markets with rapidly evolving network technology, such as South Africa and most of the countries in Latin America where we do business, initial voice networks, for the most part, have already been built out, and carriers are increasingly focused on 30 Table of Contents the early stages of 5G network deployments.
We define Adjusted EBITDA as Net income before Income (loss) from equity method investments; 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.
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.
During the year ended December 31, 2023, we generated sufficient cash flow from operations, together with borrowings under our credit facilities, proceeds from our equity and debt issuances and cash on hand, to fund our acquisitions, capital expenditures and debt service obligations, as well as our required distributions.
During the year ended December 31, 2024, we generated sufficient cash flow from operations, together with borrowings under our credit facilities, proceeds from our debt issuances and cash on hand, to fund our acquisitions, capital expenditures and debt service obligations, as well as our required distributions.
(2) Includes $38.7 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in our consolidated statements of cash flows.
(2) Includes $32.7 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in our consolidated statements of cash flows.
In a majority of our Asia-Pacific, Africa, Europe and Latin America markets, the revenue generated from newly acquired or constructed sites resulted in increases in both tenant and pass-through revenues (such as ground rent or power and fuel costs) and expenses.
In a majority of our Africa & APAC, Europe and Latin America markets, the revenue generated from newly acquired or constructed sites resulted in increases in both tenant and pass-through revenues (such as ground rent or power and fuel costs) and expenses.
Consequently, the effective tax rate on income from continuing operations for each of the years ended December 31, 2023 and 2022 differs from the federal statutory rate.
Consequently, the effective tax rate on income from continuing operations for each of the years ended December 31, 2024 and 2023 differs from the federal statutory rate.
Overview During the year ended December 31, 2023, we increased our financial flexibility and our ability to grow our business while maintaining our long-term financial policies.
Overview During the year ended December 31, 2024, we increased our financial flexibility and our ability to grow our business while maintaining our long-term financial policies.
As of December 31, 2023, the estimated undiscounted future cash outlay for asset retirement obligations was $4.0 billion. Factors Affecting Sources of Liquidity 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.
As of December 31, 2024, the estimated undiscounted future cash outlay for asset retirement obligations was $4.5 billion. Factors Affecting Sources of Liquidity 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.
None of Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO or AFFO (common stockholders) 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.
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.
We have distributed an aggregate of approximately $17.5 billion to our common stockholders, including the dividend paid in February 2024, primarily classified as ordinary income that may be treated as qualified REIT dividends under Section 199A of the Code for taxable years beginning before 2026.
We have distributed an aggregate of approximately $20.5 billion to our common stockholders, including the dividend paid in February 2025, primarily classified as ordinary income that may be treated as qualified REIT dividends under Section 199A of the Code for taxable years beginning before 2026.
Direct expenses also benefited by $102.9 million from the impact of foreign currency translation. • The increase in Europe property segment gross margin was primarily attributable to the increase in revenue described above, and a decrease in direct expenses of $27.6 million, primarily due to a decrease in costs associated with pass-through revenue, including energy costs.
Direct expenses also benefited by $103.1 million from the impact of foreign currency translation. • The increase in Europe property segment gross margin was primarily attributable to the increase in revenue described above, and a decrease in direct expenses of $27.6 million, primarily due to a decrease in costs associated with pass-through revenue, including energy costs.
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 52 Table of Contents expensive or restricted by the terms of our outstanding indebtedness.
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.
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 44 Table of Contents expenditures required to upgrade our infrastructure to our structural standards or address capacity, structural or permitting issues.
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.
Distributions— We expect that our 2024 total distributions declared to our common stockholders will be $3.0 billion. The amount, timing and frequency of future distributions will be at the sole discretion of our Board. Asset Retirement Obligations— We are required to remove our assets and remediate the leased sites upon which certain of our assets are located.
Distributions— We expect that our 2025 total distributions declared to our common stockholders will be $3.2 billion. The amount, timing and frequency of future distributions will be at the sole discretion of our Board. Asset Retirement Obligations— We are required to remove our assets and remediate the leased sites upon which certain of our assets are located.
The calculation of the lease liability requires us to make certain assumptions for each lease, including lease term and discount rate implicit in each lease, which could significantly impact the gross lease obligation, the duration and the 55 Table of Contents present value of the lease liability.
The calculation of the lease liability requires us to make certain assumptions for each lease, including lease term and discount rate implicit in each lease, which could significantly impact the gross lease obligation, the duration and the present value of the lease liability.
Further, as further discussed under Item 1A of this Annual Report under the caption “Risk Factors,” market volatility and disruption caused by inflation, rising interest rates and supply chain disruptions may impact our ability to raise additional capital through debt financing activities or our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations.
Further, as discussed under Item 1A of this Annual Report 54 Table of Contents under the caption “Risk Factors,” market volatility and disruption caused by inflation, high interest rates and supply chain disruptions may impact our ability to raise additional capital through debt financing activities or our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations.
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) Consolidated AFFO and AFFO (common stockholders) are 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) 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 (6) each provides investors with a measure for comparing our results of operations to those of other companies, particularly those in our industry.
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.
As set forth under Item 1A of this Annual Report under the caption “Risk Factors,” we derive a substantial portion of our revenues 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.
As set forth under Item 1A of this Annual Report under the caption “Risk Factors,” 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.
These technologies may create new and complementary use cases for our communications real estate over time, although these use cases are currently in nascent stages. • Continued data growth and emerging high-performance, latency-sensitive applications will drive an increased need for reliable, secure and interconnected data center solutions.
These technologies may create new and complementary use cases for our communications real estate over time, although these use cases are currently in nascent stages. • Continued data growth, including through increased use of artificial intelligence, and emerging high-performance, latency-sensitive applications will drive an increased need for reliable, secure and interconnected data center solutions.
In addition, we intend to continue to supplement our organic growth by selectively developing or acquiring new sites in our existing and new markets where we can achieve our risk-adjusted return on investment objectives. Property Operations Organic Revenue Growth .
In addition, we intend to continue to supplement our organic growth by selectively developing or acquiring new sites in our existing and new markets where we can achieve our risk-adjusted return on investment objectives. 29 Table of Contents Property Operations Organic Revenue Growth .
Latin America property segment revenue growth of $106.4 million was attributable to: • Tenant billings growth of $58.0 million, which was driven by: ◦ $35.3 million due to colocations and amendments; ◦ $20.2 million resulting from contractual escalations, net of churn; ◦ $2.2 million generated from newly acquired or constructed sites; and ◦ $0.3 million from other tenant billings; and • An increase of $23.8 million in pass-through revenue, primarily attributable to increased pass-through ground rent costs in Brazil; • Partially offset by a decrease of $74.0 million in other revenue, primarily attributable to the sale of one of our subsidiaries in Mexico that held fiber assets (“Mexico Fiber”) and a decrease in tenant settlements in Mexico.
Latin America property segment revenue growth of $106.4 million was attributable to: • Tenant billings growth of $58.0 million, which was driven by: ◦ $35.3 million due to colocations and amendments; ◦ $20.2 million resulting from contractual escalations, net of churn; ◦ $2.2 million generated from newly acquired or constructed sites; and ◦ $0.3 million from other tenant billings; and • An increase of $23.8 million in pass-through revenue, primarily attributable to increased pass-through ground rent costs in Brazil; • Partially offset by a decrease of $74.0 million in other revenue, primarily attributable to the sale of Mexico Fiber and a decrease in tenant settlements in Mexico.
(3) Includes $6.2 million of finance lease payments reported in Repayments of notes payable, credit facilities, term loans, senior notes, secured debt and finance leases in the cash flows from financing activities in our consolidated statements of cash flows.
(3) Includes $4.7 million of finance lease payments reported in Repayments of notes payable, credit facilities, senior notes, secured debt, term loans and finance leases in the cash flows from financing activities in our consolidated statements of cash flows.
Accordingly, a key factor affecting our ability to generate cash flow from operating activities is to maintain this recurring revenue and to convert it into operating profit by minimizing operating costs and fully achieving our operating 50 Table of Contents efficiencies.
Accordingly, a key factor affecting our ability to generate cash flow from operating activities is to maintain this recurring revenue and to convert it into operating profit by minimizing operating costs and fully achieving our operating efficiencies.
Segment revenue growth included an increase of $19.2 million, primarily attributable to the positive impact of foreign currency translation related to fluctuations in Euro (“EUR”).
Segment revenue growth included an increase of $19.2 million, primarily attributable to the positive impact of foreign currency translation related to fluctuations in EUR.
(4) Net of purchase credits of $13.2 million on certain assets, which are reported in investing activities in our consolidated statements of cash flows. We plan to continue to allocate our available capital, after satisfying our distribution requirements, among investment alternatives that meet our return on investment criteria, while maintaining our commitment to our long-term financial policies.
(4) Net of purchase credits of $11.6 million on certain assets, which are recorded in investing activities in our consolidated statements of cash flows. We plan to continue to allocate our available capital, after satisfying our distribution requirements, among investment alternatives that meet our return on investment criteria, while maintaining our commitment to our long-term financial policies.
Segment revenue growth included a decrease of $0.6 million attributable to the negative impact of foreign currency translation related to fluctuations in Canadian Dollar.
Segment revenue growth included a decrease of $0.6 million attributable to the negative impact of foreign currency translation related to fluctuations in CAD.
We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled.
We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are 57 Table of Contents expected to be recovered or settled.
Based upon existing customer leases and foreign currency exchange rates as of December 31, 2023, we expect to generate over $60 billion of non-cancellable customer lease revenue over future periods, before the impact of straight-line lease accounting.
Based upon existing customer leases and foreign currency exchange rates as of December 31, 2024, we expect to generate nearly $54 billion of non-cancellable customer lease revenue over future periods, before the impact of straight-line lease accounting.
We believe the cash generated by operating activities during the year ending December 31, 2024, 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 believe the cash generated by operating activities during the year 46 Table of Contents ending December 31, 2025, together with our borrowing capacity under our credit facilities, will suffice to fund our required distributions, capital expenditures, debt service obligations (interest and principal repayments) and signed acquisitions.
During the year ended December 31, 2023, churn was approximately 3% of our tenant billings, primarily driven by churn in our U.S. & Canada property segment, as discussed below.
During the year ended December 31, 2024, churn was approximately 2% of our tenant billings, primarily driven by churn in our U.S. & Canada property segment, as discussed below.
Our measurement of Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO and AFFO (common stockholders) may not, however, be fully comparable to similarly titled measures used by other companies.
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.
The increase in Adjusted EBITDA was primarily attributable to an increase in our gross margin and a decrease in SG&A, excluding the impact of stock-based compensation expense, of $6.2 million.
The increase in Adjusted EBITDA was primarily attributable to an increase in our gross margin and a decrease in SG&A, excluding the impact of stock-based compensation expense of $22.0 million.
In this section, we refer to Nareit FFO attributable to American Tower Corporation common stockholders as “Nareit FFO (common stockholders).” We define Consolidated AFFO 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; (viii) other operating income (expense); and adjustments for (ix) unconsolidated affiliates and (x) noncontrolling interests, less cash payments related to capital improvements and cash payments related to corporate capital expenditures.
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.
Rather, Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO and AFFO (common stockholders) are presented as we believe each is a useful indicator of our current operating performance.
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.
If we redeem the 2023 Notes on or after the par call date, we will not be required to pay a make-whole premium. (3) The 4.125% Notes and the 4.625% Notes are denominated in EUR; dollar amounts represent the aggregate principal amount at the issuance date.
If we redeem the 2024 Notes on or after the par call date, we will not be required to pay a make-whole premium. (3) The 3.900% Notes and the 4.100% Notes are denominated in EUR; dollar amounts represent the aggregate principal amount at the issuance date.
Compliance Tests For The 12 Months Ended December 31, 2023 ($ 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 ~4.2 ~0.7 Consolidated Senior Secured Leverage Ratio Senior Secured Debt to Adjusted EBITDA ≤ 3.00:1.00 ~19.1 (4) ~6.4 (4) _______________ (1) Each component of the ratio as defined in the applicable loan agreement.
Compliance Tests For The 12 Months Ended December 31, 2024 ($ 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 ~5.4 ~0.9 Consolidated Senior Secured Leverage Ratio Senior Secured Debt to Adjusted EBITDA ≤ 3.00:1.00 ~18.4 (4) ~6.1 (4) _______________ (1) Each component of the ratio as defined in the applicable loan agreement.
We accrue distributions on unvested restricted stock units, which are payable upon vesting. The amount accrued for distributions payable related to unvested restricted stock units was $21.5 million and $17.0 million as of December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, we paid $9.0 million of distributions upon the vesting of restricted stock units.
We accrue distributions on unvested restricted stock units, which are payable upon vesting. The amount accrued for distributions payable related to unvested restricted stock units was $22.5 million and $21.5 million as of December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, we paid $12.0 million of distributions upon the vesting of restricted stock units.
Upon completion of the repayment, none of the 0.600% Notes remained outstanding. Repayment of 5.00% Senior Notes —On February 14, 2024, we repaid $1.0 billion aggregate principal amount of our 5.00% senior unsecured notes due 2024 (the “5.00% Notes”) upon their maturity. The 5.00% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility.
Repayment of 5.00% Senior Notes— On February 14, 2024, we repaid $1.0 billion aggregate principal amount of the 5.00% Notes upon their maturity. The 5.00% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility. Upon completion of the repayment, none of the 5.00% Notes remained outstanding.
Year Ended December 31, 2023 The decrease in net income was primarily due to (i) changes in other expense (income) primarily due to foreign currency exchange rate fluctuations, (ii) an increase in goodwill impairment expense, (iii) an increase in net interest expense and (iv) an increase in the income tax provision, partially offset by (a) an increase in segment operating profit, (b) a decrease in other operating expenses and (c) a decrease in depreciation, amortization and accretion expense.
Year Ended December 31, 2023 The decrease in net income from continuing operations was primarily due to (i) changes in other expense (income) primarily due to foreign currency exchange rate fluctuations, (ii) an increase in net interest expense, (iii) an increase in other operating expenses and (iv) an increase in goodwill impairment expense, partially offset by (x) an increase in segment operating profit, (y) a decrease in depreciation, amortization and accretion expense and (z) a decrease in the income tax provision.
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 less dividends to noncontrolling interests, and including adjustments for (i) unconsolidated affiliates and (ii) noncontrolling interests.
Nareit FFO attributable to American Tower Corporation common stockholders is defined as net income before gains or losses from the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and discontinued operations.
We derive the largest portion of our revenues, corresponding trade receivables and the related deferred rent asset from a small number of tenants in the telecommunications industry, with 45% of our revenues derived from three tenants. In addition, we have concentrations of credit risk in certain geographic areas.
We derive the largest portion of our revenues, corresponding trade receivables and the related deferred rent asset from a small number of customers in the telecommunications industry, with 60% of our revenues derived from four customers. In addition, we have concentrations of credit risk in certain geographic areas.
As we continue to focus on growing our property operations, we anticipate that our services revenue will continue to represent a small percentage of our total revenues. 33 Table of Contents 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, Consolidated Adjusted Funds From Operations (“Consolidated AFFO”) and AFFO attributable to American Tower Corporation common stockholders.
As we continue to focus on growing our property operations, we anticipate that our services revenue will continue to represent a small percentage of our total revenues. 32 Table of Contents 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 refer to the business encompassing the above as our property operations, which accounted for 99% of our total revenues for the year ended December 31, 2023 and includes our U.S. & Canada property, Asia-Pacific property, Africa property, Europe property and Latin America property segments and Data Centers segment.
We refer to the business encompassing the above as our property operations, which accounted for 98% of our total revenues for the year ended December 31, 2024 and includes our U.S. & Canada property, Africa & APAC property, Europe property and Latin America property segments and Data Centers segment.
As of December 31, 2023, $76.3 million held in such reserve accounts was classified as restricted cash. Certain information with respect to the 2015 Securitization and the Trust Securitizations is set forth below.
As of December 31, 2024, $60.8 million held in such reserve accounts was classified as restricted cash. Certain information with respect to the 2015 Securitization and the Trust Securitizations is set forth below.
Following the rulings by the Supreme Court of India regarding carriers’ obligations for the AGR fees and charges prescribed by the court, we have experienced variability and a level of uncertainty in collections in India.
Following the rulings by the Supreme Court of India regarding carriers’ obligations for the adjusted gross revenue fees and charges prescribed by the court, we experienced variability and a level of uncertainty in collections in India.
The debt service coverage ratio (“DSCR”) is generally calculated as the ratio of the net cash flow (as defined in the applicable agreement) to the amount of interest, servicing fees and trustee fees required to be paid over the succeeding 12 months on the principal amount of the Series 2015-2 Notes or the Loan, as applicable, that will be outstanding on the payment date following such date of determination. 51 Table of Contents Issuer or Borrower Notes/Securities Issued Conditions Limiting Distributions of Excess Cash Excess Cash Distributed During Year Ended December 31, 2023 DSCR as of December 31, 2023 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) (in millions) (in millions) 2015 Securitization GTP Acquisition Partners American Tower Secured Revenue Notes, Series 2015-2 1.30x, Tested Quarterly (2) (3)(4) $322.1 17.42x $296.6 $299.3 Trust Securitizations AMT Asset Subs Secured Tower Revenue Securities, Series 2023-1, Subclass A, Secured Tower Revenue Securities, Series 2023-1, Subclass R, Secured Tower Revenue Securities, Series 2018-1, Subclass A and Secured Tower Revenue Securities, Series 2018-1, Subclass R 1.30x, Tested Quarterly (2) (3)(5) $547.2 6.87x $502.0 $515.5 _______________ (1) Based on the net cash flow of the applicable issuer or borrower as of December 31, 2023 and the expenses payable over the next 12 months on the Series 2015-2 Notes or the Loan, as applicable.
The debt service coverage ratio (“DSCR”) is generally calculated as the ratio of the net cash flow (as defined in the applicable agreement) to the amount of interest, servicing fees and trustee fees required to be paid over the succeeding 12 months on the principal amount of the Series 2015-2 Notes or the Loan, as applicable, that will be outstanding on the payment date following such date of determination. 53 Table of Contents Issuer or Borrower Notes/Securities Issued Conditions Limiting Distributions of Excess Cash Excess Cash Distributed During Year Ended December 31, 2024 DSCR as of December 31, 2024 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) (in millions) (in millions) 2015 Securitization GTP Acquisition Partners American Tower Secured Revenue Notes, Series 2015-2 1.30x, Tested Quarterly (2) (3)(4) $354.0 18.10x $309.1 $311.9 Trust Securitizations AMT Asset Subs Secured Tower Revenue Securities, Series 2023-1, Subclass A, Secured Tower Revenue Securities, Series 2023-1, Subclass R, Secured Tower Revenue Securities, Series 2018-1, Subclass A and Secured Tower Revenue Securities, Series 2018-1, Subclass R 1.30x, Tested Quarterly (2) (3)(5) $540.1 7.14x $526.4 $540.0 _______________ (1) Based on the net cash flow of the applicable issuer or borrower as of December 31, 2024 and the expenses payable over the next 12 months on the Series 2015-2 Notes or the Loan, as applicable.
Property Operations New Site Revenue Growth. During the year ended December 31, 2023, we grew our portfolio of communications real estate through the acquisition and construction of approximately 3,355 communications sites globally.
Property Operations New Site Revenue Growth. During the year ended December 31, 2024, we grew our portfolio of communications real estate through the acquisition and construction of approximately 2,450 communications sites globally.
Total property straight-line revenues for the years ended December 31, 2023, 2022 and 2021 were $472.0 million, $499.8 million and $465.6 million, respectively. Amounts billed upfront in connection with the execution of lease agreements are initially deferred and reflected in Unearned revenue in the accompanying consolidated balance sheets and recognized as revenue over the terms of the applicable lease arrangements.
Total property straight-line revenues for the years ended December 31, 2024, 2023 and 2022 were $277.6 million, $465.4 million and $508.5 million, respectively. Amounts billed upfront in connection with the execution of lease agreements are initially deferred and reflected in Unearned revenue in the accompanying consolidated balance sheets and recognized as revenue over the terms of the applicable lease arrangements.
During the year ended December 31, 2023, we received an aggregate of $22.1 million in proceeds upon exercises of stock options and sales pursuant to the ESPP. 49 Table of Contents 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.
During the year ended December 31, 2024, we received an aggregate of $46.4 million in proceeds upon exercises of stock options and sales pursuant to the ESPP. 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.
The 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan and the 2021 EUR Three Year Delayed Draw Term Loan and the associated loan agreements (the “Bank Loan Agreements”) do not require amortization of principal 48 Table of Contents and may be paid prior to maturity in whole or in part at our option without penalty or premium.
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 finalized a settlement related to this tax election during the year ended December 31, 2022. We believe that these related transactions are nonrecurring, and do not believe it is an indication of our operating performance. Accordingly, we believe it is more meaningful to present Consolidated AFFO excluding these amounts.
We finalized a settlement related to this tax election during the year ended December 31, 2022. We believe that these related transactions are nonrecurring, and do not believe it is an indication of our operating performance.
Upon completion of the repayment, none of the 3.000% Notes remained outstanding. Repayment of 0.600% Senior Notes —On January 12, 2024, we repaid $500.0 million aggregate principal amount of our 0.600% senior unsecured notes due 2024 (the “0.600% Notes”) upon their maturity. The 0.600% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility.
Senior Notes Repayments of Senior Notes Repayment of 0.600% Senior Notes— On January 12, 2024, we repaid $500.0 million aggregate principal amount of the 0.600% Notes upon their maturity. The 0.600% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility. Upon completion of the repayment, none of the 0.600% Notes remained outstanding.
For the year ended December 31, 2023 the impact of the VIL Shortfall is reflected in revenue reserves as described above. • The decrease in our Africa property segment SG&A was primarily driven by a benefit from the impact of foreign currency translation, partially offset by increased personnel and related costs to support our business, increased costs associated with the cancellation of projects and an increase in bad debt expense. • The increases in our Europe property and Data Centers segment SG&A were primarily driven by increased personnel and related costs to support our business. • The increases in our Latin America property and Services segment SG&A were primarily driven by net increases in bad debt expense, partially offset by decreased personnel and related costs.
Year Ended December 31, 2023 • The decrease in our U.S. & Canada property segment SG&A was primarily driven by decreased personnel and related costs. • The increase in our Africa & APAC property segment SG&A was primarily driven by increased personnel and related costs to support our business, increased costs associated with the cancellation of projects and an increase in bad debt expense, partially offset by a benefit from the impact of foreign currency translation. • The increases in our Europe property and Data Centers segment SG&A were primarily driven by increased personnel and related costs to support our business. • The increases in our Latin America property and Services segment SG&A were primarily driven by net increases in bad debt expense, partially offset by decreased personnel and related costs.
Other Operating Expenses Year Ended December 31, Percent Change 2023 vs 2022 2023 2022 Other operating expenses $ 377.7 $ 767.6 (51) % The decrease in other operating expenses for the year ended December 31, 2023 was primarily attributable to a decrease in impairment charges, excluding goodwill impairments, of $453.5 million, and a decrease in integration and acquisition related costs, including pre-acquisition contingencies and settlements, of $63.2 million, partially offset by a loss on the sale of Mexico Fiber of $80.0 million and an increase in severance and related costs of $21.8 million.
The increase in other operating expenses for the year ended December 31, 2023 was primarily attributable to a loss on the sale of Mexico Fiber of $80.0 million, an increase in impairment charges, excluding goodwill impairments, of $52.7 million and an increase in severance and related costs of $21.8 million, partially offset by a decrease in integration and acquisition related costs, including pre-acquisition contingencies and settlements, of $67.2 million.
Among other things, GTP Acquisition Partners and 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).
Among other things, GTP Acquisition Partners and American Tower Asset Sub, LLC and American Tower Asset Sub II, LLC (together, the “AMT Asset Subs”) are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets, subject to customary carve-outs for ordinary course trade payables and permitted encumbrances (as defined in the applicable agreements).
Segment revenue growth included an increase of $98.6 million, attributable to the impact of foreign currency translation, which included, among others, positive impacts of $69.3 million related to fluctuations in Mexican Peso, $25.4 million related to fluctuations in Brazilian Real and $4.0 million related to fluctuations in Chilean Peso, partially offset by negative impacts of $1.9 million related to fluctuations in Colombian Peso.
Segment revenue growth included an increase of $98.6 million, attributable to the impact of foreign currency translation, which included, among others, positive impacts of $69.3 million related to fluctuations in MXN, $25.4 million related to fluctuations in BRL and $4.0 million related to fluctuations in CLP, partially offset by negative impacts of $1.9 million related to fluctuations in COP.
During the year ended December 31, 2023, we borrowed an aggregate of $3.1 billion and repaid an aggregate of $2.6 billion of revolving indebtedness under the 2021 Credit Facility. We used the borrowings to repay outstanding indebtedness, including the 3.50% Notes and the 3.000% Notes, and for general corporate purposes.
During the year ended December 31, 2024, we borrowed an aggregate of $1.5 billion and repaid an aggregate of $3.1 billion of revolving indebtedness under our 2021 Credit Facility. We used the borrowings to repay outstanding indebtedness, including the 3.375% Notes, and for general corporate purposes.
Restrictions Under Agreements Relating to the 2015 Securitization and the Trust Securitizations— The indenture and related supplemental indenture governing the American Tower Secured Revenue Notes, Series 2015-2, Class A (the “Series 2015-2 Notes”) issued by GTP Acquisition Partners I, LLC (“GTP Acquisition Partners”) in the 2015 Securitization and the Trust Loan Agreement (collectively, the “Securitization Loan Agreements”) include certain financial ratios and operating covenants and other restrictions customary for transactions subject to rated securitizations.
Restrictions Under Agreements Relating to the 2015 Securitization and the Trust Securitizations— The indenture and related supplemental indenture governing the American Tower Secured Revenue Notes, Series 2015-2, Class A (the “Series 2015-2 Notes”) issued by GTP Acquisition Partners I, LLC (“GTP Acquisition Partners”) in a private securitization transaction in May 2015 (the “2015 Securitization”) and the loan agreement related to the securitization transactions completed in March 2018 (the “2018 Securitization”) and March 2023 (the “2023 Securitization” and, together with the 2018 Securitization, the “Trust Securitizations”) (collectively, the “Securitization Loan Agreements”) include certain financial ratios and operating covenants and other restrictions customary for transactions subject to rated securitizations.
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 we are unable to provide the required information on a timely basis, we would be in breach of these covenants. 52 Table of Contents 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.
Africa property segment revenue growth of $33.1 million was attributable to: • Tenant billings growth of $141.1 million, which was driven by: ◦ $58.1 million due to colocations and amendments; 35 Table of Contents ◦ $43.6 million generated from newly acquired or constructed sites; ◦ $35.1 million resulting from contractual escalations, net of churn; and ◦ $4.3 million from other tenant billings; • An increase of $126.6 million in pass-through revenue, primarily due to an increase in energy costs; and • An increase of $1.3 million in other revenue, primarily due to an increase from straight-line accounting, partially offset by an increase in revenue reserves.
Africa & APAC property segment revenue growth of $40.6 million was attributable to: • Tenant billings growth of $147.9 million, which was driven by: ◦ $58.5 million due to colocations and amendments; ◦ $49.5 million generated from newly acquired or constructed sites; ◦ $35.4 million resulting from contractual escalations, net of churn; and ◦ $4.5 million from other tenant billings; • An increase of $126.9 million in pass-through revenue, primarily due to an increase in energy costs; and • An increase of $2.7 million in other revenue, primarily due to an increase from straight-line accounting, partially offset by an increase in revenue reserves.
We report our results in seven segments – U.S. & Canada property (which includes all assets in the United States and Canada, other than our data center facilities and related assets), Asia-Pacific property, Africa property, Europe property, Latin America property, Data Centers and Services.
As a result, we now report our results in six segments: U.S. & Canada property (which includes all assets in the United States and Canada, other than our data center facilities and related assets), Africa & APAC property, Europe property, Latin America property, Data Centers and Services.
We mitigate the concentrations of credit risk with respect to notes and trade receivables by actively monitoring the creditworthiness of our borrowers and tenants. In recognizing tenant revenue we assess the collectibility of both the amounts billed and the portion recognized on a straight-line basis.
We mitigate the concentrations of credit risk with respect to trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of our customers. In recognizing customer revenue we assess the collectibility of both the amounts billed and the portion recognized on a straight-line basis.
Cash Flows from Operating Activities For the year ended December 31, 2023, cash provided by operating activities increased $1.0 billion as compared to the year ended December 31, 2022.
Cash Flows from Operating Activities For the year ended December 31, 2024, cash provided by operating activities increased $568.1 million as compared to the year ended December 31, 2023.
As of December 31, 2023, we had $1.6 billion of cash and cash equivalents held by our foreign subsidiaries. As of December 31, 2023, we had $223.6 million of cash and cash equivalents held by our joint ventures, of which $196.6 million was held by our foreign joint ventures.
As of December 31, 2024, we had $1.1 billion of cash and cash equivalents held by our foreign subsidiaries. As of December 31, 2024, we had $228.2 million of cash and cash equivalents held by our joint ventures, of which $211.6 million was held by our foreign joint ventures.
As of December 31, 2023, our property portfolio included 28 operating data center facilities across ten markets in the United States that collectively comprise approximately 3.3 million NRSF of data center space, as detailed below: 29 Table of Contents Number of Data Centers Total NRSF (1) (in thousands) San Francisco Bay, CA 8 939 Los Angeles, CA 3 724 Northern Virginia, VA 5 586 New York, NY 2 285 Chicago, IL 2 216 Boston, MA 1 143 Orlando, FL 1 126 Miami, FL 2 115 Atlanta, GA 2 95 Denver, CO 2 37 Total 28 3,266 _______________ (1) Excludes approximately 0.4 million of office and light-industrial NRSF acquired as part of the CoreSite Acquisition.
As of December 31, 2024, our property portfolio included 29 operating data center facilities across ten markets in the United States that collectively comprise approximately 3.3 million NRSF of data center space, as detailed below: Number of Data Centers Total NRSF (1) (in thousands) San Francisco Bay, CA 9 998 Los Angeles, CA 3 724 Northern Virginia, VA 5 651 New York, NY 2 285 Chicago, IL 2 216 Boston, MA 1 143 Orlando, FL 1 104 Atlanta, GA 2 95 Miami, FL 2 89 Denver, CO 2 38 Total 29 3,343 _______________ (1) Excludes approximately 0.4 million of office and light-industrial NRSF.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

10 edited+0 added−2 removed3 unchanged
Biggest changeA 10% increase in current interest rates would result in an additional $26.1 million of interest expense for the year ended December 31, 2023. 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.
Biggest changeForeign 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.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The following table provides information as of December 31, 2023 about our market risk exposure associated with changing interest rates. For long-term debt obligations, the table presents principal cash flows by maturity date and average interest rates related to outstanding obligations.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The following table provides information as of December 31, 2024 about our market risk exposure associated with changing interest rates. For long-term debt obligations, the table presents principal cash flows by maturity date and average interest rates related to outstanding obligations.
As of December 31, 2023, we have 7.5 billion EUR (approximately $8.3 billion) denominated debt outstanding. An adverse change of 10% in the underlying exchange rates of our outstanding EUR debt would result in $0.9 billion of foreign currency losses that would be included in Other expense in our consolidated statements of operations for the year ended December 31, 2023.
As of December 31, 2024, we have 7.5 billion EUR (approximately $7.8 billion) denominated debt outstanding. An adverse change of 10% in the underlying exchange rates of our outstanding EUR debt would result in $0.9 billion of foreign currency losses that would be included in Other expense in our consolidated statements of operations for the year ended December 31, 2024.
As of December 31, 2023, 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 of December 31, 2024, 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 58 Table of Contents recorded.
An adverse change of 10% in the underlying exchange rates of our unsettled intercompany debt and similar unaffiliated balances would result in $35.6 million of unrealized losses that would be included in Other expense in our consolidated statements of operations for the year ended December 31, 2023.
An adverse change of 10% in the underlying exchange rates of our unsettled intercompany debt and similar unaffiliated balances would result in $13.4 million of unrealized losses that would be included in Other expense in our consolidated statements of operations for the year ended December 31, 2024.
(c) Based on rates effective as of December 31, 2023. Interest Rate Risk Changes in interest rates can cause interest charges to fluctuate on our variable rate debt.
(b) Variable rate debt consisted of the 2021 Term Loan, which matures on January 31, 2027. (c) Based on rates effective as of December 31, 2024. Interest Rate Risk Changes in interest rates can cause interest charges to fluctuate on our variable rate debt.
Long-Term Debt 2024 2025 2026 2027 2028 Thereafter Total Fair Value Fixed Rate Debt (a) $ 2,273.3 $ 3,729.9 $ 3,354.1 $ 4,593.6 $ 6,078.8 $ 14,911.1 $ 34,940.8 $ 32,454.3 Weighted-Average Interest Rate (a) 3.78 % 2.67 % 2.58 % 2.54 % 4.03 % 3.19 % Variable Rate Debt (b) $ 914.2 $ — $ 723.4 $ 1,000.0 $ 1,603.4 $ — $ 4,241.0 $ 4,241.1 Weighted-Average Interest Rate (b)(c) 4.99 % — % 6.09 % 6.58 % 6.57 % — % _______________ (a) Fixed rate debt consisted of: Securities issued in the Trust Securitizations; Securities issued in the 2015-2 Securitization; our senior unsecured notes (see note 8 to our consolidated financial statements included in this Annual Report for a detailed description of all such senior unsecured notes); and other debt including finance leases.
Long-Term Debt 2025 2026 2027 2028 2029 Thereafter Total Fair Value Fixed Rate Debt (a) $ 3,693.0 $ 3,319.3 $ 4,466.7 $ 6,027.4 $ 3,677.0 $ 14,572.9 $ 35,756.3 $ 33,562.4 Weighted-Average Interest Rate (a) 2.69 % 2.59 % 2.57 % 4.06 % 3.45 % 3.56 % Variable Rate Debt (b) $ — $ — $ 1,000.0 $ — $ — $ — $ 1,000.0 $ 1,000.0 Weighted-Average Interest Rate (b)(c) — % — % 5.56 % — % — % — % _______________ (a) Fixed rate debt consisted of: Securities issued in the Trust Securitizations; Securities issued in the 2015 Securitization; our senior unsecured notes (see note 8 to our consolidated financial statements included in this Annual Report for a detailed description of all such senior unsecured notes); and other debt including finance leases.
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.
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.
For the year ended December 31, 2023, 44% of our revenues and 53% of our total operating expenses were denominated in foreign currencies.
We may enter into additional foreign currency financial instruments in anticipation of future transactions to minimize the impact of foreign currency fluctuations. For the year ended December 31, 2024, 32% of our revenues and 39% of our total operating expenses were denominated in foreign currencies.
Variable rate debt as of December 31, 2023 consisted of $723.4 million under the 2021 Multicurrency Credit Facility, $1.6 billion under the 2021 Credit Facility, $1.0 billion under the 2021 Term Loan, $910.7 million under the 2021 EUR Three Year Delayed Draw Term Loan, and $3.4 million 56 Table of Contents under the Nigeria Letters of Credit.
Variable rate debt as of December 31, 2024 consisted of $1.0 billion under the 2021 Term Loan. A 10% increase in current interest rates would result in an additional $5.6 million of interest expense for the year ended December 31, 2024.
Removed
(b) Variable rate debt consisted of: the 2021 Multicurrency Credit Facility, which matures on July 1, 2026; the 2021 Credit Facility, which matures on Ju1y 1, 2028; the 2021 Term Loan, which matures on January 31, 2027; the 2021 EUR Three Year Delayed Draw Term Loan, which matures on May 28, 2024; and other debt including the Nigeria Letters of Credit.
Removed
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 fluctuations.

Other AMT 10-K year-over-year comparisons