AMERICAN TOWER CORP /MA/ (AMT) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that AMERICAN TOWER CORP /MA/ surfaced in its latest filing.

• We are engaged in a legal dispute (the “Arbitration”) with AT&T Mexico, which represented approximately $300 million of tenant revenue in 2025, challenging the calculation of the monthly lease amount under the Master Lease Agreement and seeking rent abatement retroactively and prospectively.
• We and AT&T Mexico agreed on September 23, 2025, that AT&T Mexico remitted payment of the majority of withheld tower rents and resumed monthly payments, with the remainder deposited into an irrevocable escrow account overseen by an independent trustee.September 23, 2025
• On September 24, 2025, DISH Wireless delivered a notice purporting to be excused from its obligations under the Strategic Collocation Agreement entered into in March 2021, and has failed to meet its payment obligations, being in default as of January 2026.September 24, 2025
• We filed a complaint seeking a declaratory judgment that DISH has not been excused from its obligations under the SCA and that DISH remains required to perform.
• As of December 31, 2025, we had approximately $37.2 billion of consolidated debt.December 31, 2025
• We have the ability to borrow additional aggregate amounts of approximately $9.6 billion under our $6.0 billion senior unsecured multicurrency revolving credit facility (the 2021 Multicurrency Credit Facility) and our $4.0 billion senior unsecured revolving credit facility (the 2021 Credit Facility), net of approximately $36.8 million of outstanding undrawn letters of credit.
• Divested Mexico fiber and Poland businesses in 2023.2023
• Divested Australia, India and New Zealand businesses in 2024.2024
• Divested South Africa fiber business in 2025.2025
• Commencing with the taxable year beginning January 1, 2012, we have operated as a REIT for federal income tax purposes.January 1, 2012