American Tower
Annual Report 2022

Plain-text annual report

Annual Report 2022 Building a more connected world C o r p o r a t e P r o f i l e Founded in 1995, American Tower is one of the largest global real estate investment trusts (REITs) and a leading independent owner, operator and developer of multitenant communications real estate. Our primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. In addition, we offer tower-related services in the United States, including site acquisition, zoning and permitting, structural analysis and construction management, which primarily support our site leasing business, including the addition of new tenants and equipment on our sites. Our portfolio primarily consists of towers that we own and towers that we operate pursuant to long- term lease arrangements, as well as Distributed Antenna System (DAS) networks, which provide seamless coverage solutions in certain in-building and outdoor wireless environments. In addition to the communications sites in our portfolio, we manage rooftop and tower sites for property owners under various contractual arrangements. We also hold other telecommunications infrastructure, fiber and property interests that we lease primarily to communications service providers and third-party tower operators, and we hold a portfolio of highly interconnected data center facilities and related assets in the United States that we lease primarily to enterprises, network operators, cloud providers and supporting service providers. Our communications real estate portfolio of nearly 225,000 communications infrastructure assets includes more than 43,000 in the United States and Canada, over 78,000 in Asia-Pacific, nearly 24,000 in Africa, nearly 31,000 in Europe and over 48,000 in Latin America. To our stakeholders, American Tower is a global communications infrastructure leader in an increasingly interconnected world. Consumers across the globe continue to demand more ubiquitous, high-quality networks for the growing number of mobile applications that support their daily lives. Over the past several years, we have seen wireless carriers across our footprint spend hundreds of billions of dollars on spectrum and network assets designed to serve that demand. In turn, through our Stand and Deliver strategic framework, American Tower has been executing on Key Objectives to support our customers’ needs, position the company for the future and deliver value for our stakeholders, all for the shared vision of building a more connected world. I’m proud to report that in 2022, we executed on a number of initiatives that we believe further position American Tower to successfully capture growth from the various network investment cycles taking place across our business and extend our track-record of creating long-term, sustainable value. 26 ~6,400 ~225,000 Countries Global Employees Total Communications Assets 4 | American Tower Corporation In our foundational tower business, we signed strategic long-term agreements in the U.S. and Africa, enhancing our growth profile and strengthening relationships with two of our largest customers. We also delivered a record number of new builds in our international markets, which returned an average day-1 NOI Yield1 of over 13%. In our first full year of ownership of the CoreSite business, robust demand and strong execution resulted in record signed new business, and we sold nearly double the megawatt capacity compared to the previous trailing two-year average. Through our ESG efforts, we continued to foster inclusiveness through regional diversity councils, employee resource groups and training, provided access to digital services through 120 new Digital Communities across the footprint, and partnered in the rollout of several telehealth locations in underserved areas via our EDISON Alliance membership, just to name a few achievements. We also took significant steps toward diversifying our capital structure and reinforcing our investment-grade balance sheet by executing on our deleveraging path, issuing common equity and senior notes and welcoming Stonepeak as a strategic partner in our U.S. data center business. Meanwhile, we declared over $2.7 billion in common stock dividends, growing the distribution per share by 12.5%. 1 Definitions and reconciliations of non-GAAP metrics are provided at the end of this document. American Tower Corporation | 5 As we look to the future, we expect the key secular demand trends that drive growth in our industry to be as strong as ever, and our teams remain focused on executing our Stand and Deliver framework through the prism of strategic Key Objectives, which will continue to guide us over the next several years. We view scaling the core as our most compelling opportunity to drive growth and create incremental shareholder value. To that end, we are leveraging our distributed platform to generate strong, recurring growth, both organically and through our disciplined capital allocation framework. This includes capturing new business on our existing assets through upcoming coverage and capacity cycles and leveraging our scale to secure mutually beneficial strategic agreements for American Tower and our customers. Further, we will continue to grow our asset base through international tower builds, where concurrent 4G and 5G network deployments are expected to result in a sustained requirement for new infrastructure. Finally, in our U.S. data center business, we are leveraging our highly interconnected and cloud onramp rich ecosystem to capture demand created by enterprises moving to a hybrid IT and multi-cloud environment and the secular trend toward a more distributed compute environment. This is fueling organic 6 | American Tower Corporation growth in our existing facilities and creating a long runway of opportunity to drive strong returns by investing in our data center campuses. American Tower and its customers’ shared commitments to reducing emissions, and the value we can create by aligning closely with our customers’ needs. To capitalize on these opportunities, we are also focused on enhancing our position as a trusted, strategic partner for existing and new customers. This includes an ongoing emphasis on driving efficiency in our operations. For example, in the U.S., by coupling a nationwide data set of site information with recent technology investments, we are aiming to reduce application cycle times to a matter of hours, expediting our customers’ speed to market, as they race to monetize spectrum investments. We’re also committed to growing with our partners in a manner that is both increasingly sustainable and holistically aligned with their ESG goals. To this end, we have rolled out “green sites,” or low-carbon standards, for our new build program in Africa, which will require sites to include a higher solar panel count and advanced lithium-ion battery storage solutions, resulting in the potential to deliver material reductions to greenhouse gas (GHG) emissions at the site level. This type of innovative offering is reflective of At the same time, we remain focused on accelerating platform extensions by leveraging our portfolio of communications assets and our distributed real estate management and redevelopment capabilities to provide new or enhanced multitenant, neutral-host infrastructure models that support the demands of next- generation networks and applications. On this front, we are working to position our tower and data center platforms for outsized success, as demand for workloads and compute functions move closer to the end users at the mobile edge. We’re also working to identify opportunities to build on the success of our leading power as a service offering by broadening its reach. As we evaluate opportunities to accelerate growth through platform extensions going forward, we will continue to focus on how we can leverage our core competencies in real estate, power provisioning and connectivity to drive incremental value to the ecosystem, while delivering increasing shareholder returns. We’re also committed to growing with our partners in a manner that is both increasingly sustainable and holistically aligned with their ESG goals.”“ American Tower Corporation | 7 “ We’re working to enhance talent development throughout the employee life cycle and advance culture and inclusion through education, accountability and support networks.” 8 | American Tower Corporation Our people are our most valuable asset Finally, as we focus on facilitating the growth and well-being of the communities we serve, we are expanding our Digital Communities initiative. The program is already serving more than 335,000 people across more than 400 communities, and we’re exploring additional opportunities to build multistakeholder partnerships that bring critical digital services to communities in need across our footprint. While we believe our globally distributed real estate portfolio is unmatched, our people are our most valuable asset. As a result, positioning our global teams for the future and facilitating a healthy cultural foundation throughout the organization are mission-critical objectives in terms of our broader strategy. With this in mind, we have updated our named executive officer annual incentive plans to increase the proportion of annual compensation tied to an ESG scorecard, which measures against human capital management goals, with a particular focus on developing talent amongst underrepresented groups, and against GHG emissions reduction targets and/or efforts to address the digital divide, depending on the executive’s position. In addition, we have engaged in a company- wide effort to identify representation gaps in each region and bridge them by implementing programmatic recruitment, retention and advancement systems. We’re also working to enhance talent development throughout the employee life cycle and advance culture and inclusion through education, accountability and support networks. American Tower Corporation | 9 In closing, I would like to take a moment to thank each of our stakeholders for their commitment and support of American Tower. While we are all facing a volatile macroeconomic backdrop and evolving global landscape, our business and the technological trends that support it are resilient. We remain convinced that with the combination of our strategy and business model, along with a premier portfolio of distributed assets and world-class teams, we are exceptionally well positioned to capitalize on the opportunity to deliver sustained growth and compelling shareholder returns for many years to come. We look forward to the opportunity to continue serving you in 2023 and beyond. Thomas A. Bartlett President and Chief Executive Officer 10 | American Tower Corporation UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One): ☒ ☐ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the fiff scal year ended December 31, 2022 Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period frff om to Commission File Number: 001-14195 American Tower Corporation (Exact name of registrant as specififf ed in its charter) Delaware (State or other jurisdiction of Incorporation or Organization) 65-0723837 (I.R.S. Employer Identififf cation No.) 116 Huntington Avenue Boston, Massachusetts 02116 (Address of principal executive offff iff ces) Telephone Number (617) 375-7500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each Class Trading Symbol(s) Name of exchange on which registered Common Stock, $0.01 par value 1.375% Senior Notes due 2025 1.950% Senior Notes due 2026 0.450% Senior Notes due 2027 0.400% Senior Notes due 2027 0.500% Senior Notes due 2028 0.875% Senior Notes due 2029 0.950% Senior Notes due 2030 1.000% Senior Notes due 2032 1.250% Senior Notes due 2033 AMT AMT 25A AMT 26B AMT 27C AMT 27D AMT 28A AMT 29B AMT 30C AMT 32 AMT 33 New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well known seasoned issuer, as defiff ned in RulRR e 405 of the Securities Act: Yes ☒ No ☐ Indicate by check mark if the registrant is not required to fiff le reports pursuant to Section 13 or Section 15(d) of the Act: Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has fiff led all reports required to be fiff led by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or forff requirements forff the past 90 days: Yes ☒ No ☐ such shorter period that the registrant was required to fiff le such reports), and (2) has been subject to such fiff ling Indicate by check mark whether the registrant has submitted electronically everyr Interactive Data File required to be submitted pursuant to RulRR e 405 of Regulation S-T during the preceding 12 months (or forff such shorter period that the registrant was required to submit such fiff les). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated fiff ler, an accelerated fiff ler, a non-accelerated fiff ler, smaller reporting company, or an emerging growth company. See the defiff nitions of “large accelerated fiff ler,” “accelerated fiff ler,” “smaller reporting company,” and “emerging growth company” in RulRR e 12b-2 of the Exchange Act. (Check One): Large accelerated fiff ler Non-accelerated fiff ler Emerging growth company ☒ ☐ ☐ Accelerated fiff ler Smaller reporting company ☐ ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forff complying with any new or revised fiff nancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has fiff led a report on and attestation to its management’s assessment of the effff eff ctiveness of its internal control over fiff nancial reporting under Section 404(b) of the Sarbar nes-Oxley Act (§15 U.S.C. 7262(b)) by the registered public accounting fiff rm that prepared or issued its audit report. ☒ Indicate by check mark whether the registrant is a shell company (as defiff ned in RulRR e 12b-2 of the Act): Yes ☐ No ☒ If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the fiff nancial statements of the registrant included in the fiff ling reflff ect the correction of an error to previously issued fiff nancial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recoveryr analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recoveryr period pursuant to §240.10D-1(b). ☐ The aggregate market value of the voting and non-voting common stock held by non-affff iff liates of the registrant as of June 30, 2022 was $118.7 billion, based on the closing price of the registrant’s common stock as reported on the New York Stock Exchange as of the last business day of the registrant’s most recently completed second quarter. As of Februarr ryr 16, 2023, there were 465,646,055 shares of common stock outstanding. DOCUMENTS INCORPORARR TED BY REFERENCE Portions of the defiff nitive proxy statement (the “Defiff nitive Proxy Statement”) to be fiff led with the Securities and Exchange Commission relative to the registrant’s 2023 Annual Meeting of Stockholders are incorpor rr ated by refeff rence into Part III of this Report. AMERICAN TOWER CORPORARR TION TABLE OF CONTENTS FORM 10-K ANNUAL REPORT FISCAL YEAR ENDED DECEMBER 31, 2022 Special Note Regarding Forward-Looking Statements PART I ITEM 1. Business Overview Products and Services Strategy Regulatory Matters Competition Human Capital Resources Executive Officers Available Information ITEM 1A. Risk Factors ITEM 1B. Unresolved Staff Comments ITEM 2. ITEM 3. ITEM 4. Mine Safety Disclosures PART II ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases Properties Legal Proceedings of Equity Securities Dividends Performance Graph Issuer Purchases of Equity Securities ITEM 6. ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations [Reserved] Executive Overview Non-GAAP Financial Measures Results of Operations: Years Ended December 31, 2022 and 2021 Liquidity and Capital Resources Critical Accounting Policies and Estimates Accounting Standards Updates ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk Financial Statements and Supplementary Data ITEM 8. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ITEM 9. i Page iii 1 1 2 5 6 8 9 10 10 11 21 21 23 23 24 24 24 25 25 26 26 32 33 40 49 52 52 53 53 AMERICAN TOWER CORPORARR TION TABLE OF CONTENTS—(Continued) FORM 10-K ANNUAL REPORT FISCAL YEAR ENDED DECEMBER 31, 2022 Page ITEM 9A. Controls and Procedures Disclosure Controls and Procedures Management’s Annual Report on Internal Control over Financial Reporting Changes in Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm ITEM 9B. Other Information ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections PART III ITEM 10. Directors, Executive Officers and Corporate Governance TEM 11. Executive Compensation ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ITEM 13. Certain Relationships and Related Transactions, and Director Independence ITEM 14. Principal Accounting Fees and Services PART IV ITEM 15. Exhibits, Financial Statement Schedules Index to Exhibits ITEM 16. Form 10-K Summary Signatures Index to Consolidated Financial Statements 53 53 54 54 55 55 55 56 58 58 58 58 59 59 67 68 F-1 ii SPECIAL NOTE REGARDING FORWAR RD-LOOKING STATEMENTS ff a a futff urt e events and expectations, or forff ward- futff urt e results. When we use words such as “anticipates,” “intends,” “plans,” “believes,” our futff urt e liquidity needs, our substantial leverage and debt service obligations, our futff urt e fiff nancing This Annual Report on Form 10-K (this “Annual Report”) contains statements about looking statements, all of which are inherently uncertain. We have based those forff ward-looking statements on our current expectations and projections about “estimates,” “expects” or similar expressions, we are making forff ward-looking statements. Examples of forff ward-looking turt e leasing industry,rr statements include, but are not limited to, futff urt e prospects of growth in the communications infrff astrucr creditworthiness and fiff nancial strength of our customers, including the expected impacts of payment shortfaff lls by Vodafone Idea Limited (“VIL”) on our business and our operating results, the effff eff cts of consolidation among companies in our industryrr and among our customers and other competitive and fiff nancial pressures, our abia lity to maintain or increase our market share, our plans to fund transactions, our futff urt e operating results, the level of futff urt e expenditurt es by companies in this industryrr and other trends in this industry,rr changes in zoning, tax and other laws and regulations and administrative and judicial decisions, economic, political and other events, particularly those relating to our international operations, our futff urt e capia tal expenditurt e levels, the impact of technology changes on our industryrr and our business, our abia lity to remain qualififf ed forff (“REIT”), the amount and timing of any futff urt e distributions including those we are required to make as a REIT, naturt al disasters and similar events, technology faff ilures, including cybersecurity and data privacy incidents, and our abia lity to protect our rights to the land under our towers and buildings in which our data centers are located. These statements are based on our management’s beliefsff and assumptions, which in turt n are based on currently availabla e inforff mation. These assumptions could prove inaccurate. These forff ward-looking statements may be found Discussion and Analysis of Financial Condition and Results of Operations,” as well as in this Annual Report generally. under the capta ions “Business” and “Management’s taxation as a real estate investment trusrr the ff ff t You should keep in mind that any forff ward-looking statement we make in this Annual Report or elsewhere speaks only as of the us to predict these events date on which we make it. New risks and uncertainties arise frff om time to time, and it is impossible forff or how they may affff eff ct us. In any event, these and other important faff ctors, including those set forff Report under the capta ion “Risk Factors,” may cause actuat l results to diffff eff r materially frff om those indicated by our forff ward- looking statements. We have no duty, and do not intend, to update or revise the forff ward-looking statements we make in this Annual Report, except as may be required by law. In light of these risks and uncertainties, you should keep in mind that the futff urt e events or circumstances described in any forff ward-looking statement we make in this Annual Report or elsewhere might not occur. Refeff rences in this Annual Report to “we,” “our” and the “Company” refeff r to American Tower Corpor predecessor, as appl icabla e, individually and collectively with its subsidiaries as the context requires. th in Item 1A of this Annual ation and its a r iii ITEM 1. BUSINESS Overview PART I We are one of the largest global real estate investment trusr ts and a leading independent owner, operator and developer of multitenant communications real estate. Our primaryrr business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. We refeff r to this business as our property operations, which accounted forff 98% of our total revenues forff the year ended December 31, 2022. We also offff eff r tower-related services in the United States, which we refeff r to as our services operations. These services include site appl construcr equipment on our sites. Our customers include our tenants, licensees and other payers. a tion management, which primarily support our site leasing business, including the addition of new tenants and ication, zoning and permitting, strucrr turt al analysis and io primarily consists of towers that we own and towers that we operate pursuant to long-term Since inception, we have grown our communications real estate portfolff and site development. Our portfolff lease arrangements, as well as distributed antenna system (“DAS”) networks, which provide seamless coverage solutions in certain in-building and outdoor wireless environments. In addition to the communications sites in our portfolff io, we manage rooftff op and tower sites forff l arrangements. We also hold other telecommunications infrff astrucr turt e, fiff ber and property interests that we lease primarily to communications service providers and third-party tower operators, and, as discussed furff in the United States that we lease primarily to enterprr io of highly interconnected data center faff cilities and related assets ises, network operators, cloud providers and supporting service providers. io through acquisitions, long-term lease arrangements property owners under various contractuat ther below, we hold a portfolff In 2022, we launched operations in New Zealand through the acquisition of land under carrier or other third-party communications sites frff om Clearspan Pty Ltd forff total consideration of appr io of oximately $28.7 million at the date of closing). As of December 31, 2022, our communications real estate portfolff a (appr 224,768 communications sites included 43,275 communications sites in the U.S. & Canada, 78,469 communications sites in Asia-Pacififf c, 23,755 communications sites in Afrff ica, 30,721 communications sites in Europe and 48,548 communications sites in Latin America, as well as (i) urbar n telecommunications assets, including fiff ber, in Argentina, Brazil, Colombia, India, Mexico, South Afrff ica and Spain, (ii) other property interests in Australia, Canada, New Zealand and the United States and (iii) 28 data center faff cilities across ten United States markets. oximately 50.1 million New Zealand Dollars a In December 2021, we completed the acquisition of CoreSite Realty Corpor faff cilities and related assets in eight United States markets, forff repayment of CoreSite’s existing debt (the “CoreSite Acquisition”). ation (“CoreSite”), consisting of over 20 data center total consideration of $10.4 billion, including the assumption and r ff ng of the CoreSite Acquisition, we entered into agreements with certain investment In 2022, in connection with the fundi vehicles affff iff liated with Stonepeak Partners LP (such investment vehicles, collectively, “Stonepeak”) forff Stonepeak to acquire a oximately noncontrolling ownership interest in our U.S. data center business forff $3.1 billion, through an investment in common equity and mandatorily convertible prefeff rred equity (the “Stonepeak Transaction”). As of December 31, 2022, we hold a common equity interest of appr business, with Stonepeak holding appr mandatorily convertible prefeff rred equity. On a fulff initial closing in August 2022, and on the basis of the currently outstanding equity, we will hold a controlling ownership interest in our U.S. data center business of appr oximately 28% of the outstanding common equity and 100% of the outstanding ly converted basis, which is expected to occur four oximately 64%, with Stonepeak holding appr oximately 72% in our U.S. data center total aggregate consideration of appr years frff om the date of the oximately 36%. a a a a a ff t forff U.S. feff deral income tax purpos We operate as a real estate investment trusrr required to pay U.S. feff deral income taxes on income generated by our REIT operations, including the income derived frff om leasing space on our towers and in our data centers, as we receive a dividends paid deduction forff distributions to stockholders that generally offff sff ets our REIT income and gains. However, we remain obligated to pay U.S. feff deral income taxes on earnings frff om our domestic taxabla e REIT subsidiaries (“TRSs”). In addition, our international assets and operations, regardless of their es, continue to be subject to taxation in the jurisdictions where those assets are held or those classififf cation forff U.S. tax purpos operations are conducted. es (“REIT”). Accordingly, we generally are not r rr The use of TRSs enabla es us to continue to engage in certain businesses and jurisdictions while complying with REIT qualififf cation requirements. We may, frff om time to time, change the election of previously designated TRSs to be included as part of the REIT. As of December 31, 2022, our REIT-qualififf ed businesses included our U.S. tower leasing business, a maja ority 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 Afrff ica and Uganda. 1 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 faff cilities and related assets), Asia-Pacififf c property, Afrff ica property, Europe property, Latin America property, Data Centers and Services. Products and Services PrPP opertytt OpeOO ratitt ons 98%, 97% and 99% of our total revenues forff the years ended December 31, 2022, 2021 Our property operations accounted forff and 2020, respectively. Our revenue is primarily generated frff om 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 varyrr considerabla y depending upon numerous faff ctors, including, but not limited to, amount, type and position of tenant equipment on city and tower location. Our costs typically include ground rent (which is primarily fiff xed under the tower, remaining tower capaa long-term lease agreements with annual cost escalations) and power and fueff l costs, some or all of which may be passed through to our tenants, as well as property taxes and repair and maintenance expenses. Our property operations have generated consistent growth in revenue and typically have low cash flff ow volatility due to the folff lowing characteristics: • • a oximately 3% in the United States) or an inflff ationaryrr our communications Long-term tenant leases with contractual rent escalations. In general, our tenant leases forff sites with wireless carriers have initial non-cancellabla e terms of fiff ve to ten years with multiple renewal terms, with provisions that periodically increase the rent due under the lease, typically annually, based on a fiff xed escalation percentage (averaging appr index in most of our international markets, or a combination of both. Based upon forff eign currency exchange rates and the tenant leases in place as of December 31, 2022, we expect to generate over $62 billion of non-cancellabla e tenant lease revenue over futff urt e periods, beforff e the impact of straight-line lease accounting. Consistent demand forff our sites. As a result of rapia dly growing usage of mobile data and other wireless services and the corresponding wireless industryrr capia tal spending trends in the markets we serve, we anticipate consistent demand forff our communications sites. We believe that our global asset base positions us well to benefiff t frff om the increasing prolifeff ration of advanced wireless devices and the increasing usage of high bandwidth appl We have the abia lity to add new tenants and new equipment forff incremental revenue and modest incremental costs. Our site portfolff solid platforff m forff revenue growth. ications on those devices. existing tenants on our sites, which typically results in ties, which has historically resulted in consistent and predictabla e organic io and our establa ished tenant base provide us with a new business opportuni a t • High lease renewal rates. Our tenants tend to renew leases because suitabla e alternative sites may not exist or be availabla e and repositioning a site in their network may be expensive and may adversely affff eff ct network quality. We defiff ne churn as tenant billings lost when a tenant cancels or does not renew its lease or, in limited circumstances, when a given year by dividing our tenant billings the lease rates on existing leases are reduced. We derive our churn rate forff lost on this basis by our prior-year tenant billings. Historically, churn has averaged appr oximately 1% to 2% of tenant billings per year. During the year ended December 31, 2022, churn was appr 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 forff cancellations and non-renewals by T-Mobile US, Inc. (“T-Mobile”), including legacy Sprint Corpor pursuant to the terms of our master lease agreement with T-Mobile (the “T-Mobile MLA”) entered into in September 2020. a period of several years through 2025 due to contractuat oximately 5% of our tenant billings, l lease ation leases, a a r • High operating margins. Incremental operating costs associated with adding new tenants or equipment to an existing communications site are relatively minimal. Thereforff e, as tenants or equipment are added, the substantial maja ority of incremental revenue flff ows through to gross margin and operating profiff t. In addition, in many of our international markets, certain expenses, such as ground rent or power and fueff Low maintenance capital expenditures. On average, we require relatively low amounts of annual capia tal expenditurt es to maintain our communications sites. l costs, are reimbursed or shared by our tenant base. • Our property business includes the operation of communications sites and managed networks, the leasing of property interests and, in select markets, the operation of fiff ber, the operation of data centers and the provision of backup power through shared generators. Our presence in a number of markets at diffff eff rent relative stages of wireless development provides us with signififf cant diversififf cation and long-term growth potential. Our property segments accounted forff lowing percentage of the folff 2 consolidated total revenue forff the years ended December 31,: U.S. & Canada .......................................................................................................... Asia-Pacififf c............................................................................................................... Afrff ica ........................................................................................................................ Europe....................................................................................................................... Latin America ........................................................................................................... Data Centers.............................................................................................................. 47 % 10 % 11 % 7 % 16 % 7 % 52 % 13 % 11 % 5 % 16 % 0 % 56 % 14 % 11 % 2 % 16 % — % 2022 2021 2020 ComCC munications Sites. Approximately 89%, 95% and 95% of revenue in our property segments was attributabla e to our the years ended December 31, 2022, 2021 and 2020, respectively. communications sites, excluding DAS networks, forff We lease space on our communications sites to tenants providing a diverse range of communications services, including cellular voice and data, broadcasting, mobile video and a number of other appl markets, we receive pass-through revenue frff om our tenants to cover certain costs, including power and fueff each property segment are as folff rent. Our top tenants by revenue forff ications. In addition, in many of our international the year ended December 31, 2022: l costs and ground lows forff a • • • • • U.S. & Canada: AT&T Inc. (“AT&T”); T-Mobile; and Verizon Wireless accounted forff & Canada property segment revenue. Asia-Pacififf c: Bharti Airtel Limited (“Airtel”); Reliance Jio; and VIL accounted forff Pacififf c property segment revenue. Afrff ica: Airtel; and MTN Group Limited (“MTN”) accounted forff revenue. Europe: Telefóni Latin America: América Móvil; AT&T; Telefóni America property segment revenue. ca; and TIM S.p.A. accounted forff ca”) accounted forff ca S.A. (“Telefóni ff ff ff an aggregate of 78% of Afrff ica property segment an aggregate of 71% of Europe property segment revenue. an aggregate of 74% of Latin an aggregate of 88% of U.S. an aggregate of 90% of Asia- th in Item 1A of this Annual Report under the capta ion “Risk Factors—A Accordingly, we are subject to certain risks, as set forff substantial portion of our current and projected revenue is derived frff om a small number of customers, and we are sensitive to adverse changes in the creditworthiness and fiff nancial strength of our customers.” As furff ther discussed in Item 7 of this Annual Report under the capta ion “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 contractuat l amounts owed to us and indicated that it would continue to make partial payments forff communicated its intent to resume payments in fulff However, in early 2023, VIL communicated that it would not be abla e to resume payments in fulff owed to us, and that it would instead continue to make partial payments. We considered these recent developments and the uncertainty with respect to amounts owed under our tenant leases when conducting our annual impairment assessments forff long-lived assets and goodwill in India and, as a result, we determined that certain fiff xed and intangible assets had been impaired. the remainder of 2022 (the “VIL Shortfaff ll”). In late 2022, VIL had l under its contractuat l obligations owed to us beginning on Januaryrr 1, 2023. l obligations l of its contractuat As a result of the challenging business environment in India, we are exploring various strategic alternatives aimed at potentially reducing our exposure there, including the sale of an equity interest in our India operations to one or more private investors. Any such completed transaction could have a material impact on our fiff nancial statements and on our results of operations in the period in which any such transaction occurred. There can be no assurance that any such strategic alternative will be implemented and, if so implemented, as to the timing thereof,ff and any such proposed transaction would be subject to conditions, including regulatoryrr appr ovals in India. a In addition, we are subject to risks related to our international operations, as set forff forff eign operations are subject to economic, political and other risks that could materially and adversely affff eff ct our revenues or fiff nancial position, including risks associated with flff uctuat tions in forff eign currency exchange rates.” th under the capta ion “Risk Factors—Our d NeNN twtt orkrr skk , FiFF ber and Related Assetstt , Data CeCC ntersrr and Related Assetstt , Propertytt Manage MM addition to our communications sites, we also own and operate several types of managed network solutions, provide communications site management services to third parties, manage and lease property interests under carrier or other third-party communications sites, provide the right to use fiff ber, operate data center faff cilities and provide back-up power sources to tenants at our sites. The balance of our property segment revenue not attributabla e to our communications sites was attributabla e to these items. IntII ereststt and Shared Generatorsrr . In 3 turt e solution forff io of outdoor DAS our tenants in the United States and in certain • Managed Networks. We own and operate DAS networks in the United States and certain international markets. We obtain rights frff om property owners to install and operate in-building DAS networks, and we grant rights to wireless service providers to attach their equipment to our installations. We also offff eff r a small portfolff networks as a complementaryrr shared infrff astrucr international markets. Typically, we have designed, built and operated our outdoor DAS networks in areas in which zoning restrictions or other barriers may prevent or delay deployment of more traditional wireless communications sites, such as macro tower sites. We also hold lease rights and easement interests on rooftff ops capaa bla e of hosting communications equipment in locations where towers are generally not a viabla e solution based on area characteristics. In addition, we provide management services to property owners in the United States who elect to retain fulff installation. As the demand forff of infrff astrucr networks in these areas. Fiber and Related Assets. We own and operate fiff ber and related assets in certain international markets. We currently provide the right to use such fiff ber and related assets to communications and internet service providers and third-party ties to invest operators to support their telecommunications infrff astrucrr selectively in and expand these and other similar assets in the futff urt e as part of advanced network deployments. • Data Centers and Related Assets. As a result of our recent data center acquisitions, we own and operate data center l rights to their property while simultaneously marketing the rooftff op forff wireless communications equipment advanced wireless services in urbar n markets evolves, we continue to evaluate a variety turt e solutions, including small cells and other network architecturt es that may support our tenants’ turt e. We expect to continue to evaluate opportuni • t faff cilities and related assets in the United States, which consist of specialized and secure buildings that house turt e, including servers, storage devices, switches, networking, storage and communications technology infrff astrucr routers and fiff ber optic transmission equipment. These buildings are designed to provide the power, cooling and network connectivity necessaryrr to effff iff ciently operate this equipment. Data centers located at points where many communications networks converge can also func tion as interconnection hubs where customers are abla e to connect to multiple networks, cloud companies and other service providers to exchange traffff iff c and interoperate with each other. Property Interests. We own portfolff including land under carrier or other third-party communications sites, which provide recurring cash flff ow under complementaryrr 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. ios of property interests in Australia, Canada, New Zealand and the United States, leasing arrangements. ff • • SeSS rvices OpeOO ratitt ons turt al analysis and a tion management services. Our services operations primarily support our site leasing business, including through the the We offff eff r tower-related services in the United States, including site appl construcr addition of new tenants and equipment on our sites. This segment accounted forff years ended December 31, 2022, 2021 and 2020, respectively. 2%, 3% and 1% of our total revenue forff ication, zoning and permitting, strucr ication, ZoniZZ ng and Permitting. We engage in site appl a Site ApplA development projects, as well as on behalf of our tenants. We typically work with our tenants’ engineers to determine the geographi a a new site is identififf ed, we acquire the rights to the land or strucr permitting process to ensure all necessaryrr appr c areas where new communications sites will best address the tenants’ needs and meet their coverage objectives. Once ication services on our own behalf in connection with our tower t and operate the communications site. turt e on which the site will be construcrr ovals are obtained to construcrr ted, and we manage the a turt al analysis services to wireless carriers in connection with the installation of their Strt uctural Analyll syy isii . We offff eff r strucr communications equipment on our towers. Our team of engineers can evaluate whether a tower strucrr additional burden of the new equipment or if an upgrade is needed, which enabla es our tenants to better assess potential sites turt al analysis capaa bia lities enabla e us to provide higher quality service to our beforff e making an installation decision. Our strucrr existing tenants by, among other things, reducing the time required to achieve on-air readiness, while also providing opportuni turt al analysis services to third parties. turt e can support the ties to offff eff r strucr t MM trtt uction Manage ment. We offff eff r construcr ConsCC of their networks on our tower sites. Our construcr sourcing, contractor selection and management, materials management, on-site quality control and closeout documentation forff new installations or modififf cations. Our construcr tion management capaa bia lities enabla e us to provide effff iff cient deployment to the carriers while ensuring that the construcrr tion management services to wireless carriers in connection with the deployment tion work meets our quality control standards. tion management team oversees construcr tion activities such as contractor 4 Strategy OpeOO ratitt onal StSS rtt atett gye As wireless communications technologies advance and the use of wireless services on handsets, tabla ets and other advanced mobile devices grows, there is a corresponding increase in demand forff ever growing network demand. To capta urt e this demand, our primaryrr operational focff us is to (i) increase the occupancy of our existing communications real estate portfolff io to support global connectivity, (ii) invest in, and selectively grow, our io and service offff eff rings, including through platforff m expansion initiatives, (iii) furff communications real estate portfolff improve our operational perforff mance and effff iff ciency and (iv) maintain a strong balance sheet. We believe these effff orff our customers’ needs will support and enhance our abia lity to capia talize on the growth in demand forff wireless infrff astrucr addition, we expect to explore new opportuni including those that may make our assets incrementally more attractive to new customers, or to existing customers forff uses, and those that increase our operational effff iff ciency. ties to enhance or extend our shared communications infrff astrucr the communications infrff astrucr ther ts to meet turt e. In turt e required to faff cilitate turt e businesses, new t • • • l strucr city forff turt al capaa additional city availabla e forff io to support global connectivity. We additional tenants and that substantially all of city can be upgraded or augmented to meet futff urt e tenant Increase the occupancy of our existing communications real estate portfolff believe that our highest incremental returt ns will be achieved by leasing additional space on our existing communications sites. Increasing demand forff wireless services in our served markets has resulted in signififf cant capia tal spending by maja or wireless carriers and other connectivity providers. As a result, we anticipate growing demand forff our communications sites because they are attractively located and typically have capaa tenants and equipment. In the United States, incremental carrier network activity is being driven by ongoing network densififf cation initiatives as well as the early stages of multiple concurrent 5G network deployments. In our international markets, carriers are increasingly deploying more advanced network technologies such as 4G and, in the case of our international markets with more maturt e network technology, 5G, while continuing to selectively augment legacy networks. We believe that the maja ority of our towers have capaa our towers that are currently at or near fulff demand with relatively modest capia tal investment. Thereforff e, we will continue to target our sales and marketing activities to increase the utilization and returt n on investment of our existing communications sites. Invest in and selectively grow our communications real estate portfolff opportunt expansion initiatives. A signififf cant portion of our inorganic growth has been focff used on properties with lower initial tenancy because we believe that over time we can signififf cantly increase tenancy levels, and thereforff e, drive strong returt ns on those assets. More recently, we have invested in strategic data center assets, including through the CoreSite Acquisition, which we believe can drive strong, recurring growth and also meaningfulff existing communications tower real estate through emerging edge compute opportuni to explore additional ways to use our platforff m expansion initiatives to enhance the effff iff ciency of our operations over time. Further improve our operational perforff mance and effff iff ciency. We continue to seek opportuni operational perforff mance throughout the organization. This includes investing in our systems and people as we strive to improve effff iff ciency and provide superior service to our customers. To achieve this, we intend to continue to focff us on customer service initiatives, such as reducing cycle times forff strucr foot prt ff infrff astrucr io to meet our customers’ needs. We seek ities to invest in and grow our operations through our capia tal expenditurt e program, acquisitions and platforff m turt al analysis. We are also focff used on developing and implementing renewabla e power solutions across our ly enhance the value of our ties in the futff urt e. We also expect ls and help improve the overall effff iff ciency of the communications tions, including lease processing and tower int to reduce our reliance on fosff ties to improve our ff key func sil fueff t t turt e and wireless industries through our sustainabia lity and power as a service (PaaS) initiatives. • Maintain a strong balance sheet. We remain committed to disciplined fiff nancial policies, which we believe result in our abia lity to maintain a strong balance sheet and will support our overall strategy and focff us on asset growth and operational excellence. As a result of these policies, we currently have investment grade credit ratings. We continue to focff us on maintaining a robust liquidity position and, as of December 31, 2022, had $7.1 billion of availabla e liquidity. We believe that our investment grade credit ratings provide us consistent access to the capia tal markets and our liquidity provides us the abia lity to continue to invest in growing and augmenting our business. CapiCC tii altt Allll ocll atitt on StSS rtt atett gye The objective of our capia tal allocation strategy is to simultaneously increase adjusted funds returt n on invested capia tal over the long term. To maintain our qualififf cation forff distribute an amount equal to at least 90% of our REIT taxabla e income (determined beforff e the deduction forff earnings and excluding any net capia tal gain) to our stockholders. Aftff er complying with our REIT distribution requirements, we plan to continue to allocate our availabla e capia tal among investment alternatives that meet or exceed our returt n on investment criteria, while taking into account the repayment of debt consistent with our fiff nancial policies. frff om operations per share and our taxation as a REIT, we are required annually to distributed ff 5 • • • Capital expenditure program. We expect to continue to invest in and expand our existing communications real estate io through our capia tal expenditurt e program. This includes capia tal expenditurt es associated with site maintenance, portfolff increasing the capaa city of our existing sites and projects such as new site and data center faff cility construcr interest acquisitions and power solutions. Acquisitions. We intend to continue to pursue acquisitions of communications sites and other telecommunications infrff astrucr turt e in our existing or new markets where we can meet or exceed our risk-adjusted returt n on investment criteria. The risk-adjusted hurdle rates used to evaluate acquisition opportuni countryrr and counterpar risk, among others. Return excess capital to stockholders. If we have excess capia tal availabla e aftff er fundi (ii) capia tal expenditurt es, (iii) the repayment of debt consistent with our fiff nancial policies and (iv) anticipated futff urt e investments, including acquisition and select platforff m expansion opportuni capia tal to stockholders, including through our stock repurchase programs. rties involved, investment and economic climate, legal and regulatoryrr conditions and industryrr ties consider additional faff ctors such as the ties, we will seek to returt n such excess ng (i) our required distributions, tion, land ff t t InII tett rnatitt onal GrGG owthtt StSS rtt atett gye t We believe that, in certain international markets, we can create substantial value by either establa ishing a new, or expanding our existing, communications real estate leasing business. Thereforff e, we expect we will continue to seek international growth opportuni appr a wireless network development. Our international growth strategy includes a disciplined, individualized market evaluation, in which we conduct the folff ties where we believe our risk-adjusted returt n objectives can be achieved. We strive to maintain a diversififf ed oach to our international growth strategy by operating in a geographi cally diverse array of markets in a variety of stages of lowing analyses, among others: a • Country analysis. Prior to entering a new market, we conduct an extensive review of the country’rr projected macroeconomic funda mentals, including inflff ation and forff eign currency exchange rate trends, demographi capia tal markets, tax regime and investment alternatives, and the general business, political and legal environments, including property rights and regulatoryrr s historical and regime. a ff cs, • Wireless industry analysis. To confiff rm the presence of suffff iff cient demand to support an independent tower leasing s wireless market. This includes an evaluation of the industry’rr model, we analyze the competitiveness of the country’rr pricing environment, past and potential consolidation and the stage of its wireless network development. Characteristics that result in an attractive investment opportuni providers who are actively seeking to invest in deploying voice and data networks and (ii) ongoing or expected frff om recent or anticipated auctions. deployment of incremental spectrumr • Opportunity and counterparty analysis. Once an investment opportuni an attractive wireless industry,rr we conduct a multifaff ceted opportuni evaluating (i) the type of transaction, (ii) its abia lity to meet our risk-adjusted returt n criteria given the countryrr and the counterpar strategic objectives, including fuff turt e potential investment and expansion within the region. rties involved, including the anticipated anchor tenant and (iii) how the transaction fiff ts within our long-term ty include (i) multiple competitive wireless service ty is identififf ed within a geographi rty analysis. This includes ty and counterpar c area with a s t t t Regulatory Matters requirements with respect to the registration, siting, construcr ersrr , Antennas and FiFF ber. Our U.S. and international tower leasing businesses are subject to national, state and local TowTT regulatoryrr In the United States, the construrr ction of new towers or modififf cations to existing towers may require pre-appr Communications Commission (“FCC”) and the Federal Aviation Administration (“FAA”), depending on faff ctors such as tower height and proximity to public airfiff elds. Towers requiring pre-appr a accordance with FAA standards. Similar requirements regarding pre-appr are imposed by regulators in other countries. Non-compliance with appl penalties or site deconstrucr oval must be registered with the FCC and maintained in tion, lighting, marking and maintenance of our towers. icabla e tower-related requirements may lead to monetaryrr tion and modififf cation of towers oval of the construcr oval by the Federal tion orders. a a a I (“IP-I”) Registration Certififf cate issued by the Indian Ministryrr of Communications and Inforff mation Certain of our international operations are subject to regulatoryrr and public listings. In India, our subsidiary,rr ATC Telecom Infrff astrucr Provider Category-rr Technology, which permits us to provide tower space to companies licensed as telecommunications service providers under the Indian Telegrapha Act of 1885. As a condition to the IP-I, the Indian government has the right to take over telecommunications turt e in the case of emergency or war. Additionally, in 2018, ATC TIPL issued non-convertible debenturt es, which are infrff astrucr listed on the National Stock Exchange of India. Although the debt is held by another subsidiaryrr of ours and is eliminated in consolidation, ATC TIPL is still subject to the listing requirements of such exchange. requirements with respect to licensing, registration, permitting turt e Private Limited (“ATC TIPL”), holds an Infrff astrucr turt e In Asia-Pacififf c, our subsidiaries in the Philippines and Bangladesh are required to hold a registration or license in order to establa ish, manage and operate passive telecommunications infrff astrucrr turt e services. 6 Our subsidiaries in New Zealand are required to satisfyff certain investment and reporting requirements. Specififf cally, our subsidiaries are required to invest $10 million in the aggregate in additional land interests under telecommunications assets in New Zealand by September 30, 2027, of which $5 million must be invested by September 30, 2025. Quarterly reporting forff all acquisitions and dispositions is required to be provided to the Overseas Investment Offff iff ce. In Afrff ica, our subsidiaries in Burkina Faso, Ghana, Kenya, Niger, Nigeria and Uganda are required to hold a license in order to establa ish and maintain passive telecommunications infrff astrucrr providers. Additionally, in Uganda, our subsidiaryrr trusrr oval of our acquisition in 2019 of Eaton Towers Holdings Limited. tee regarding compliance with certain conditions of appr three years commencing in 2020 by a monitoring turt e services and DAS networks forff communications service is subject to review forff a in Chile holds a concession of intermediate telecommunications services and our subsidiaryrr our subsidiaries are registered as turt e providers at the Ministryrr of Transport and Communications and in Colombia, our subsidiaries have a general In Latin America, our subsidiaryrr Argentina holds an inforff mation and communications technology service license. In Peru,rr infrff astrucr authorization certififf cate forff the provision of telecommunications networks and/or services. The subsidiaries that hold our fiff ber business in Mexico and Brazil are also licensed and regulated as concession holders and permit holders authorized to provide telecommunications services. In many of the markets in which we operate, we are required to provide tower space to service lly agreeabla e terms. Additionally, in 2023, one of providers on a non-discriminatoryrr basis, subject to the negotiation of mutuat our Brazilian subsidiaries, American Tower do Brasil – Cessao de Infrff aestrutr urt as S.A. (“ATC Brazil”) issued non-convertible debenturt es, which are listed on the Brazilian stock exchange. Although the non-convertible debenturt es are held by another subsidiaryrr of ours and are eliminated in consolidation, ATC Brazil is still subject to the listing requirements of such exchange. in the promotion of economic empowerment of South Afrff ican citizens disadvantaged by Apartheid. Accordingly, Our international business operations may be subject to increased licensing feff es or ownership restrictions. For example, in South Afrff ica, the Broad-Based Black Economic Empowerment Act, 2003 (the “BBBEE Act”) has establa ished a legislative frff amework forff ate practice by the inclusion of certain the BBBEE Act and related codes measure BBBEE Act compliance and good corpor ownership, management control, employment equity and other metrics forff companies that do business there. In Kenya, our regulator requires all holders of a commercial license to issue at least 30% of their shares to Kenyans within three years of receiving the license unless a waiver is obtained to extend such period of compliance by a year. In addition, certain municipalities have sought to impose permit feff es based upon strucr regional and other governmental bodies have sought to impose levies or other forff ms of feff es. Our forff eign operations may be affff eff cted if a country’rr or implements limitations on forff eign ownership. s regulatoryrr authority restricts, revokes or modififf es spectrumrr turt al or operational requirements of towers and certain licenses of certain wireless service providers r tion or the addition of a new antenna to an they typically require tower owners or tenants to obtain appr tion, new antenna installation or site upgrade projects, thereby limiting our abia lity to In all countries where we operate, we are subject to zoning restrictions and restrictive covenants imposed by local authorities or community organizations. While these regulations vary,rr oval frff om local authorities or community standards organizations prior to tower construcr existing tower. Local zoning authorities and community residents oftff en oppose construcr delay or prevent new tower construcrr respond to tenant demand. This opposition and existing or new zoning regulations can increase costs associated with new tower construcr tion, tower modififf cations or additions of new antennas to a site or site upgrades, as well as adversely affff eff ct the associated timing or cost of such projects. Further, additional regulations may be adopted that cause delays or result in additional costs to us or changes in the competitive landscapea materially and adversely affff eff ct our operations. In the United States, the Telecommunications Act of 1996 prohibits any action by state and local authorities that would discriminate between diffff eff rent providers of wireless services or ban altogether the construcr tion, modififf cation or placement of communications sites. It also prohibits state or local restrictions based on the environmental effff eff cts of radio frff equency emissions to the extent the faff cilities comply with FCC regulations. Further, in Februar ryrr 2012, the United States government adopted regulations requiring that local and state governments appr modififf cations or colocations that qualifyff as eligible faff cilities under the regulations. that may negatively affff eff ct our business. These faff ctors could tion in their communities, which can ove a a Portions of our business are subject to additional regulations, forff certain of our subsidiaries hold Competitive Local Exchange Carrier (CLEC) or other statust our outdoor DAS networks business. In addition, we, or our customers, may be subject to new regulatoryrr policies in certain jurisdictions frff om time to time that may materially and adversely affff eff ct our business or the demand forff our communications sites. example, in a number of states throughout the United States, , in connection with the operation of Data CeCC ntersrr . Our U.S. data center faff cilities and related assets are subject to various feff deral, state and local regulations, such as state and local fiff re and lifeff safeff ty regulations and Americans with Disabia lities Act (“ADA”) feff deral requirements. If one of our properties is not in compliance with these regulations, we may be required to make signififf cant unanticipated expenditurt es in order to comply with such regulations and/or pay fiff nes or civil damage awards. Existing regulations may subsequently change 7 or futff urt e regulations may be enacted, either of which could have a similar impact as described above adversely affff eff ct our operations. a , and could materially and EnvEE ironmental MatMM tersrr . Our U.S. and international operations are subject to various national, state and local environmental laws and regulations, including those relating to the management, use, storage, disposal, emission and remediation of,ff and exposure to, hazardous and non-hazardous substances, materials and wastes, the siting of our towers and the maintenance of our data center faff cilities. We may be required to obtain permits, pay additional property taxes, comply with regulatoryrr requirements and make certain inforff mational fiff lings related to hazardous substances or devices used to provide power such as batteries, generators and fueff appl a With respect to our data center faff cilities, the presence of contamination, asbestos, mold or other air quality issues or the faff ilure to remediate contamination, asbestos, mold or other air quality issues at our faff cilities may expose us to third-party liabia lity or materially adversely affff eff ct our abia lity to sell, lease or develop the real estate or to borrow using the real estate as collateral. Violations of these types of regulations could subject us to fiff nes or criminal sanctions. l at our tower sites and/or data center faff cilities. When a site is decommissioned, we are required to folff lowing decommissioning procedures and environmental management plans. requirements, including by folff icabla e regulatoryrr low Additionally, in the United States and in other countries where we operate, beforff e construcr antenna to an existing site, we must review and evaluate the impact of the action to determine whether it may signififf cantly affff eff ct the environment and whether we must disclose any signififf cant impacts in an environmental assessment. If a tower or new antenna might have a material adverse impact on the environment, FCC or other governmental appr oval of the tower or antenna could be signififf cantly delayed or modififf cations to the site construcrr ting a new tower or adding an tion plans may be necessary.rr a r prt ff foot ints and greenhouse gas emissions and may adopt new regulations related to the use of fosff ls or ts l or renewabla e energy sources to power energy resources that serve our data centers. Effff orff The U.S. Environmental Protection Agency, or EPA, some of the states and localities in which we operate and the governments of other countries in which we operate have also enacted certain climate change laws and regulations and/or have begun regulating carbon sil fueff requiring the use of alternative fueff to support and enhance renewabla e electricity generation may increase our costs of electricity above those that would be incurred through procurement of conventional electricity. Our data centers require and consume signififf cant amounts of power, including electricity generated by the burning of fosff develop new faff cilities or result in substantial compliance, maintenance, repair, retrofiff t and construcr expenditurt es forff providers, such as regulations related to the control of greenhouse gas emissions or other climate change-related matters, could adversely affff eff ct the costs of electric power and increase our operating costs, which could adversely affff eff ct our business, fiff nancial condition and results of operations or those of our customers. environmental control faff cilities and other new equipment. Changes in regulations that affff eff ct electric power ls. These laws, regulations and stakeholder requests could limit our abia lity to tion costs, including capia tal sil fueff a HeHH althtt and Safeff tytt . 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 safeff ty, including protection frff om radio frff equency exposure and air quality issues. Additionally, and in response to various national, state and local laws and guidance enacted in response to the ongoing our coronavirusrr employees where practicabla e, as well as and other modififf cations to our business practices. (“COVID-19”) pandemic, we implemented work-frff om-home arrangements and travel restrictions forff Competition r is highly competitive. We compete, both forff new business and forff SBA Communications Corpor Our industryrr companies, such as Crown Castle International Corp., Telecom, S.A., wireless carrier tower consortia such as Indus Towers Limited and private tower companies, private equity sponsored fiff rms, carrier-affff iff liated tower companies, independent wireless carriers, tower owners, broadcasters and owners of non-communications sites, including rooftff ops, utility towers, water towers and other alternative strucr business also competes with a variety of companies offff eff ring similar data center solutions and services, including space, power, interconnection and development services. We believe that location and capaa city, network and/or interconnection density, price, quality and speed of service have been, and will continue to be, signififf cant competitive faff ctors affff eff cting owners, operators and managers of communications sites and data center faff cilities. the acquisition of assets, with other public tower ation, Telesites S.A.B. de C.V. and Cellnex r turt es. Our data center Our services business competes with a variety of companies offff eff ring individual, or combinations of,ff competing services. The ication consultants, zoning consultants, real estate fiff rms, right-of-ff way consultants, fiff eld of competitors includes site appl tion management fiff rms, tower owners/managers, telecommunications equipment vendors turt al engineering fiff rms, construcr strucr who can provide turt nkey site development services through multiple subcontractors and our tenants’ personnel. We believe that our tenants base their decisions forff time forff services on various criteria, including a company’s experience, local reputation, price and completion of a project. a 8 For more inforff mation on demand trends in our industry,rr Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview.” see Item 7 of this Annual Report under the capta ion “Management’s Human Capital Resources l-time individuals, including 2,375 employees based in the United States and As of December 31, 2022, we employed 6,391 fulff 4,016 employees based internationally. Our teams in our nearly 30 countries around the world are our most important assets and funda mental to our success. Aligned with our business strategy, our human capia tal management strategy focff uses on developing ff and delivering solutions to attract, develop, engage and retain top diverse talent in each of the countries where we operate. We consider our employee relations to be good. Our Chief Sustainabia lity Offff iff cer and Chief Human Resources Offff iff cer regularly report to the Nominating and Corpor respectively, on our initiatives related to human capia tal management. ate Governance Committee and the Compensation Committee of our Board of Directors, rr EE ment. In 2022, our employees participated in several surveys related to our company-wide sustainabia lity EmEE plm oyee Engage effff orff ts, our internal communications and how we measure up against our targeted values. We also solicited, and responded to, feff edback frff om our employees regarding our returt n-to-offff iff ce policies. Across the globe, most of our employees now work on a hybrid schedule. lusion. Diversity, equity and inclusion are funda Diversrr itytt ,yy Equitytt and IncII business. A critical faff ctor in our success is ensuring that each of these remains at the core of our business culturt e, infusff ideas, helping us remain connected to our customers in a dynamic global market and ensuring mutuat interactions both internally and externally. We have adopted a Global Human Rights Statement, which can be found website. mental considerations and values forff ff ff us in conducting ing frff esh l respect guides us in our on our Our Board of Directors is a diverse group with respect to traditional diversity metrics such as gender, race and national origin, as well as profeff ssional background and skills, with fiff ve members of our board identifyiff ng as feff male and four of a minority group. We are also committed to ensuring diverse representation among our employees. In 2022, 35% of all employees promoted globally were feff male, which is greater than the feff male representation in our workforff ce of 29%. And as of December 31, 2022, nearly 35% of management-level positions in the United States were also held by women. The U.S. Equal Employment Opportuni report breaks down an employer’s workforff ce by race, ethnicity and gender across job categories establa ished by the EEOC. We publish the EEO-1 reports on our website, which provides transparency forff our stakeholders to better understand our diversity and workforff ce practices, and helps us identifyff areas forff initiatives. ty Commission (the “EEOC”) requires employers to submit an EEO-1 report on an annual basis. The growth as we continue strengthening our diversity effff orff identifyiff ng as part ts and ff t Additionally, we have implemented several initiatives designed to help address social injustice and enhance our diversity. These include pledges frff om the American Tower Foundation of (i) $1.0 million forff recommended by our Social Justice Committee, supporting charitabla e organizations that are promoting racial equity and enhancing the American Tower Foundation’s work on social justice and (ii) a total of $1.0 million forff at two scholarship funds Historically Black Colleges and Universities. In 2022, our Chief Diversity, Equity and Inclusion Offff iff cer continued to lead our diversity, equity and inclusion strategy by introducing new initiatives and best practices, including working with each region to tment goals and updating employees on a company-wide resource develop relevant representation, development and recruir center. With the oversight of our Chief Diversity, Equity and Inclusion Offff iff cer, we developed our fiff rst employee resource group, Women and Allies of American Tower Climb Higher (“WAATCH”), in our U.S. and Latin America offff iff ces, to promote better employee connection and collabor a communities on charitabla e initiatives. ation. WAATCH focff uses on mentorship, networking and working with the local grants to organizations around the globe, ff TalTT ent Development and Recruitmtt ent. As a critical investment in our capaa support and customer service, we offff eff r a variety of development opportuni throughout our global organization. For individual contributors, we have 9,600 resources in up to fiff ve languages that focff us on job-specififf c training and general topics, such as productivity, collabor ation and project management. We create and customize courses to meet regional needs and update these courses regularly to address changing marketplt ace dynamics and employee interests. city to provide our customers with outstanding ties unique to each market to cultivate our talent a t Developing our managers is critical to our success, and over 39,000 resources and tools are provided to all levels of management. For example, our management development programs provide continuous learning opportuni led by American Tower leaders. Managers learn tools and best practices that enabla e both management and team success, and that build and strengthen competencies to better respond to the needs of a growing and increasingly complex organization. Our ation with the INSEAD executive education program, provides annual Advanced Leadership Development program, in collabor ties through training a t 9 our next generation leaders in Latin America, Europe, the U.S. and Afrff ica with a twelve-week intensive workshop to enhance management and leadership skills. The Leadership Excellence at American Tower program supports global senior leaders’ development through its partnership with the Massachusetts Institutt e of Technology. Participants learn frff om leading experts on topics like global strategy and leading in uncertain times. For our U.S. employees in underrepresented groups who are considered emerging leaders, we offff eff r The Power of Choice program. This development opportuni person and virtuat comprehensive talent-management review process to develop futff urt e leaders and ensure effff eff ctive succession planning. l sessions, is designed to support these employees through a career path journey. We also have a ty, which is a blend of in- t t ting effff orff ts consistently include strategies to build diverse candidate pipelines and promote a culturt e that supports a Our recruir diverse team of global employees. We are proud of our Leadership Development Program, which provides a recruirr opportuni assignments. Further, with respect to our Leadership Development Program, as of December 31, 2022, 56% of our hires identififf ed as part of a minority group and 44% identififf ed as feff male. We have also continued our recruir Historically Black Colleges and Universities as well as other recruirr ting effff orff ts to build a diverse talent pipeline. diffff eff rent aspects of our business through regular rotational nts, who are abla e to learn about business school stude ting effff orff ts with tment ty forff a t Our Compensation Committee also appr which focff uses on developing talent, with a particular focff us on underrepresented groups. oved a shared human capia tal management goal forff a the entire executive team forff 2022, WorWW krr plkk ace Safeff tytt . We are committed to the safeff ty of our employees and surrounding communities. Depending on the role, team members are required to pass and complete regular safeff ty training courses and folff with the support of operational manuals. A key component of our culturt e is a strong commitment to incident reporting and corrective actions, as well as a comprehensive program forff Our strict adherence to the rigorous standards set forff Telecommunications Infrff astrucr critical to ensuring our towers are strucrr Security Offff iff cer implemented several employee safeff ty and security protocols. In 2022, our Chief Security Offff iff cer led the production of enhanced security standards to better protect our people and assets worldwide. These include global standards forff the security of international travelers and personnel ground movements. We also implemented a traveler assistance program that allows us to better monitor international travel and provide employees with relevant trip advice and 24/7 assistance services. turt e Registered Apprenticeship Program and Telecommunications Industryrr Association, is fiff eld personnel, vendors, customers and communities. In 2022, our Chief th by the relevant government agencies and other authorities, such as the ensuring vendor compliance with safeff ty standards and certififf cations. low specififf c tower and site safeff ty protocols turt ally safeff forff ss. We offff eff r medical and parental leave benefiff ts to fulff HeHH althtt and WeWW llnell l-time employees across all markets, with some local variation. As a result of the ongoing effff eff cts of the COVID-19 pandemic, we conduct wellness check-ins and offff eff r resources to support our employees’ mental health and well-being, including access to a frff ee Employee Assistance Program, which offff eff rs confiff dential assistance on a wide range of issues. We also offff eff r market competitive benefiff ts in all locations and, in 2022, continued our behavioral health benefiff t in the United States to support employees’ mental well-being. Executive Offff iff cers For inforff mation about Offff iff cers and Corpor a rr ate Governance.” our Executive Offff iff cers, see Item 10 of this Annual Report under the capta ion “Directors, Executive Available Inforff mation Our internet website address is www.americantower.com. Inforff mation contained on our website is not incorpor refeff rence into this Annual Report, and you should not consider inforff mation contained on our website as part of this Annual Report. You may access, frff ee of charge, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, plus amendments to such reports as fiff led or furff nished pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), through the “Investor Relations” portion of our website as soon as reasonabla y practicabla e aftff er we electronically fiff le such material with, or furff nish it to, the Securities and Exchange Commission (the “SEC”). ated by r We have adopted a written Code of Ethics and Business Conduct Policy (the “Code of Conduct”) that appl employees and directors, including, but not limited to, our principal executive offff iff cer, principal fiff nancial offff iff cer and principal accounting offff iff cer or controller or persons perforff ming similar func ate ff Responsibility” portion of our website and our Corpor ate Governance Guidelines and the charters of the audit, compensation ate governance committees of our Board of Directors are availabla e on the “Investor Relations” and nominating and corpor portion of our website. In the event we amend the Code of Conduct, or provide any waivers of the Code of Conduct to our directors or executive offff iff cers, we will disclose these events on our website as required by the regulations of the New York Stock Exchange (the “NYSE”) and appl tions. The Code of Conduct is availabla e on the “Corpor ies to all of our icabla e law. a a r rr rr 10 In addition, papea r copies of these documents may be obtained frff ee of charge by writing us at the folff Huntington Avenue, Boston, Massachusetts 02116, Attention: Investor Relations; or by calling us at (617) 375-7500. lowing address: 116 ITEM 1A. RISK FACTORS Risks Related to Our Business Strategy ifi iff cant decrease inii A signi businii ess and operatitt nii g resultll stt ,s and we cannot contrtt ol thtt at demand. lell asinii g demand forff our communicatitt ons inii fn rff astrtt ucture wouldll matett riallll yll and adversrr elyll affff eff ct our A signififf cant reduction in leasing demand forff business, results of operations or fiff nancial condition. Factors that may affff eff ct such demand include: our communications infrff astrucr turt e would materially and adversely affff eff ct our • • • • • • • • 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; the fiff nancial condition of communications service providers; zoning, environmental, health, tax or other government regulations or changes in the appl thereof;ff governmental licensing of spectrumr a decrease in demand forff wireless or colocation services, including due to general economic conditions, disrupt the fiff nancial and credit markets or global social, political or health crises, such as the material adverse effff eff ct of the COVID-19 pandemic on the global economy and markets, inflff ation, slowing growth, rising interest rates or recession; the abia lity and willingness of wireless and cloud service providers to maintain or increase capia tal expenditurt es on network infrff astrucr delays or changes in the deployment of next generation wireless technologies; and technological changes. or restriction or revocation of our customers’ spectrumr ication and enforff cement licenses; ion in turt e; a r A substantt sensitii itt ve tott adversrr e changes inii titt al portitt on of our current and projectett d fuff ture revenue isii derived frff om a smallll number of customtt ersrr ,s and we are thtt e creditii wtt orthtt inii ess and fiff nii ancial strtt engthtt of our customtt ersrr . A substantial portion of our total operating revenues is derived frff om a small number of customers. If any of these customers are unwilling or unabla e to perforff m their obligations under their agreements with us, our revenues, results of operations, fiff nancial condition and liquidity could be materially and adversely affff eff cted. In addition, our growth projections are based on futff urt e revenue frff om a small number of customers, and such projections could be adversely impacted by adverse changes in the creditworthiness and fiff nancial strength of our customers. cy or reduce or One or more of our customers, or their parent companies, may experience fiff nancial diffff iff culties, fiff le forff terminate operations as a result of a prolonged economic downturt n, economic diffff iff culties (including those frff om the imposition of taxes, feff es, regulations or judicial interprr etations of regulations, and any associated penalties or interest, which may be substantial) or otherwise. The current inflff ationaryrr and high interest rate environment could materially and adversely affff eff ct our customers through disrupt ions of,ff among other things, their abia lity to procure their equipment through their supply chains, their l and their abia lity to maintain liquidity and deploy network capia tal, with potential decreases in abia lity to procure power and fueff consumer spending contributing to liquidity risks. Such fiff nancial diffff iff culties could result in uncollectible accounts receivabla e and an impairment of our defeff rred rent asset, tower asset, network location intangible asset, tenant-related intangible asset or goodwill. The loss of signififf cant customers, or the loss of all or a portion of our anticipated lease revenues frff om certain customers, could have a material adverse effff eff ct on our business, results of operations or fiff nancial condition. rr bankrupt rr a oximately 3.2% of our total revenue forff Our largest customer in India is VIL, which represented appr 31, 2022. In the third quarter of 2022, VIL communicated that it would make partial payments of its contractuat to us and indicated that it would continue to make partial payments forff communicated its intent to resume payments in fulff l under its contractuat However, in early 2023, VIL communicated that it would not be abla e to resume payments in fulff owed to us, and that it would instead continue to make partial payments. We considered these recent developments and the uncertainty with respect to amounts owed under our tenant leases when conducting our annual impairment assessments forff long-lived assets and goodwill in India. As a result, we determined that certain fiff xed and intangible assets had been impaired during the year ended December 31, 2022. An impairment of $97.0 million was taken on tower and network location intangible assets in India. We also impaired the tenant-related intangible assets forff VIL, which resulted in an impairment of $411.6 million. For more inforff mation on impairments in India, please see the inforff mation under the capta ion “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” the remainder of 2022. In late 2022, VIL had l obligations owed to us beginning on Januaryrr 1, 2023. l obligations the year ended December l amounts owed l of its contractuat 11 included in this Annual Report. For more inforff mation on revenue reserves related to the VIL Shortfaff ll, please see the inforff mation under the capta ion "Management's Discussion and Analysis of Financial Condition and Results of Operation— Results of Operation" included in this Annual Report. Continued partial payments frff om VIL could have furff on our fiff xed assets, intangible assets or goodwill, could result in additional impairments and could have a material adverse effff eff ct on our business, results of operations or fiff nancial condition. ther negative effff eff cts a ryrr 2023, ATC TIPL and VIL notififf ed the stock exchange of India that ovals in relation to an issuance of convertible debenturt es pursuant to which, in exchange forff VIL’s In October 2022, and as subsequently amended in Februarr both parties have board appr payment of certain amounts towards accounts receivabla es, ATC TIPL shall pay equivalent amounts towards subscription to convertible debenturt es issued by VIL. The convertible debenturt es are to be repaid by VIL with interest and ATC TIPL has the option to convert the debenturt es into equity of VIL. The issuance of the debenturt es is subject to certain conditions precedent, which may not be met. VIL may not be abla e to meet its operating obligations, including making payments to us in the futff urt e, whihichh mayy res lult iin us iincurrii gng addidditiionall iimpaiirment expenses or othher siimiillar chhargges, and which could have a material adverse effff eff ct on our business and results of operations. Due to the long-term naturt e of our customer leases, we depend on the continued fiff nancial strength of our customers. Many communications service providers operate with substantial levels of debt. In our international operations, many of our customers are subsidiaries of global telecommunications companies. These subsidiaries may not have the explicit or implied fiff nancial support of their parent entities. In addition, many of our customers and potential customers rely on capia tal raising activities to fund expenditurt es, which may be more diffff iff cult or expensive in the event of downturt ns in the economy or disrupt and credit markets, such as the current environment driven by the signififf cant disrupt rising interest rates and supply chain disrupt fund ff operations, which could materially and adversely affff eff ct demand forff business. their business plans or faff ce capia tal constraints, they may reduce their spending, fiff le forff rr bankrupt our communications infrff astrucr ions. If our customers or potential customers are unabla e to raise adequate capia tal to cy or reduce or terminate r ions caused by faff ctors such as inflff ation, their operations and capia tal ions in the fiff nancial turt e and our services r ff r In the ordinaryrr course of our business, we do occasionally experience disputes with our customers, generally regarding the interprr etation of terms in our leases. Historically, we have resolved these disputes in a manner that did not have a material adverse effff eff ct on us or our relationships with our customers. However, it is possible that such disputes could lead to a termination of our leases with those customers, a material adverse modififf cation of the terms of those leases or a deterioration in our relationships with those customers that leads to a faff ilure to obtain new business frff om them, any of which could have a material adverse effff eff ct on our business, results of operations or fiff nancial condition. If we are forff ced to resolve any of these disputes through litigation, our relationship with the appl decreased revenue or increased costs, resulting in a corresponding adverse effff eff ct on our business, results of operations or fiff nancial condition. icabla e customer could be terminated or damaged, which could lead to a ersrr consolill datett IfII our customtt growthtt , revenue and abilii ill tii ytt thtt eirii operatitt ons,s exiee tii thtt eirii businii esses or share sitii ett tott generatett positii itt ve cash flff owll s couldll be matett riallll yll and adversrr elyll affff eff ctett d. inii fn rff astrtt ucture tott a signi ifi iff cant degre ee,e our Signififf cant consolidation among our customers could reduce demand forff and adversely affff eff ct our growth and revenues. Certain combined companies have rationalized duplicative parts of their networks or modernized their networks, and these and other customers could determine not to renew, or attempt to cancel, avoid or limit leases or related payments with us. In the event a customer terminates its business or separately sells its spectrumr , we may experience increased churn as a result. Our ongoing contractuat impacted if a signififf cant number of these leases are terminated or not renewed. 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 capta ion “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview.” l revenues and our futff urt e results may be negatively our communications infrff astrucr turt e and may materially In addition, extensive sharing of site infrff astrucr 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. turt e, roaming or resale arrangements among wireless service providers, including InII creasinii g compem titt tii itt on witii htt inii our inii dustrtt yr may matett riallll yll and adversrr elyll affff eff ct our revenue.ee is highly competitive and our customers have numerous alternatives in leasing communications infrff astrucr Our industryrr assets. Competition due to pricing or alternative contractuat l arrangements frff om peers could materially and adversely affff eff ct our lease rates. We may not be abla e to renew existing customer leases or enter into new customer leases, or if we are abla e to renew turt e 12 or enter into new leases, they may be at rates lower than our current rates or on less faff vorabla e terms than our current terms, resulting in an adverse impact on our results of operations and growth rate. ee Our expan lell ased assetstt ,s thtt at couldll adversrr elyll affff eff ct our operatitt nii g resultll stt ,s disii ruptu our operatitt ons or expos sion inii itii itt atitt ves inii volvll e a number of risii ks and uncertaitt nii titt es,s inii cludinii g thtt ose relatll ett d tott ee inii tett gre atitt nii g acquirii ed or e us tott additii itt onal risii k. turt e assets, including data center As we continue to acquire and build communications sites and other communications infrff astrucrr faff cilities and related assets, in our existing markets and expand into new markets, we are subject to a number of risks and uncertainties, including not meeting our returt n on investment criteria and fiff nancial objectives, increased costs, assumed liabia lities and the diversion of managerial attention. Achieving the benefiff ts of acquisition and platforff m expansion initiatives depends in part on timely and effff iff cient integration of operations, telecommunications infrff astrucr Integration may be diffff iff cult and unpredictabla e forff many reasons, including, among other things, portfolff permits, diffff eff ring systems, culturt al diffff eff rences, conflff icting policies, procedures and operations. Signififf cant acquisition-related integration costs, including certain nonrecurring charges such as costs associated with onboarding employees, integrating inforff mation technology systems, acquiring permits and visiting, inspecting, engineering and upgrading tower sites or other communications infrff astrucr charges are recorded or our cash flff ow in the period in which any related costs are actuat have included sites that do not meet our strucr beyond additional capia tal expenditurt es, general liabia lity risks associated with such portfolff portfolff resources, including through the potential loss or unavailabia lity of key personnel. Our international expansion initiatives are subject to additional risks, such as those described above such as the Foreign Corrupt turt e assets, could materially and adversely affff eff ct our results of operations in the period in which such ios ios are upgraded or otherwise remedied. In addition, integration may signififf cantly burden management and internal , as well as our abia lity to comply with briberyrr and anti-corrupt turt al specififf cations, including sites that may be overbur Practices Act (the “FCPA”) and similar local laws. lly paid. Some of our acquired portfolff ios will exist until such time as those turt e assets and personnel. dened. In these cases, ios without requisite ion laws a r r r Moreover, we may faff il to successfulff l capaa not abla e to meet these integration challenges, we may not realize the benefiff ts we expect frff om our acquired portfolff businesses, and our business, fiff nancial condition and results of operations will be adversely affff eff cted. ly integrate the assets we acquire or faff il to utilize such assets to their fulff city. If we are ios and ly and effff iff ciently operate and expand acquired assets frff om the CoreSite Acquisition may For example, faff ilure to successfulff adversely affff eff ct our business, fiff nancial condition and results of operations. We must safeff guard our customers’ infrff astrucr and equipment located in our data centers and ensure our data centers remain operational at all times. Problems at one or more of our data centers, whether or not within our control, could result in service interrupt equipment damage. These could result frff om numerous faff ctors, including energy cost and availabia lity, human error, equipment faff ilure, physical, electronic and cyber security breaches, fiff re, earthquake, hurricane, flff ood, tornado and other naturt al disasters, extreme temperaturt es, water damage, fiff ber cuts, power loss, terrorist acts, sabot age and vandalism, global pandemics or health emergencies and faff ilure of business partners. ions or signififf cant infrff astrucr turt e or turt e a rr rr ions or signififf cant equipment damage in our data centers could also result in lost We have service level commitment obligations to substantially all of our data center customers. As a result, service ions or signififf cant equipment damage in our data centers could result in diffff iff culty maintaining service level r interrupt commitments to these customers and potential claims related to such faff ilures. Because our data centers are critical to many of our customers’ businesses, service interrupt profiff ts or other indirect or consequential damages to our customers. In addition, any loss of service, equipment damage or inabia lity to meet our service level commitment obligations could reduce the confiff dence of our customers and could consequently impair our abia lity to obtain and retain customers, which would adversely affff eff ct both our abia lity to generate revenues and our operating results. Furthermore, we are dependent upon internet service providers, telecommunications carriers and utility providers, some of which have experienced signififf cant system faff ilures and outages in the past. Our customers may in the futff urt e experience diffff iff culties due to system faff ilures unrelated to our systems and offff eff rings. If,ff forff providers faff il to provide the required services, our business, fiff nancial condition and results of operations could be adversely impacted. any reason, these As a result of our acquisitions, we have a substantial amount of intangible assets and goodwill. In accordance with accounting principles generally accepted in the United States (“GAAP”), we are required to assess our goodwill and other intangible assets annually or more frff equently in the event of circumstances indicating potential impairment to determine if they are impaired. If,ff as a result of the faff ctors noted above , the testing perforff med indicates that an asset may not be recoverabla e or the carryirr ng value exceeds the faff ir value, we would be required to record a non-cash impairment charge in the period the determination is made. a Our platforff m expansion initiatives may not be successfulff or forff condition, and could limit our continued investments in such platforff m expansion initiatives. other intangible assets, which could have a material adverse effff eff ct on our business, results of operations or fiff nancial , or we may be required to record impairment charges forff our goodwill 13 ties to support our expansion initiatives, our partners may have In addition, as we continue to invest in partnership opportuni business or economic goals that are inconsistent or conflff ict with ours, be in positions to take action contraryrr to our interests, policies or objectives, have competing interests in our, or other, markets that could create conflff ict of interest issues, withhold consents contraryrr governance challenges with multiple partners or expose us to additional liabia lities or costs, including requiring us to assume and fulff fiff ll the obligations of that partnership or to execute buyouts of their interests. to our requests or become unabla e or unwilling to fulff fiff ll their commitments, any of which could present t NeNN w tett chnologi inii fn rff astrtt ucture lell asinii g businii ess lell ss desirii ablell and resultll inii decreasinii g revenues and operatitt nii g resultll stt . es or changes,s or lacll k thtt ereofff inii our or a customtt er’s’ businii ess model couldll make our communicatitt ons ll The development and implementation of new technologies designed to enhance the effff iff ciency of wireless networks or changes in a customer’s business model could reduce the need forff reduce previously obtainabla e lease rates. In addition, if the industryrr development and implementation of new technologies, then customers may allocate less of their budgets to leasing space on our towers. Examples of these technologies include more spectrally effff iff cient technologies, which could relieve a portion of our customers’ network capaa tower-based antenna space. Additionally, certain small cell complementaryrr network technologies or satellite services could shiftff a portion of our customers’ network investments away frff om traditional tower-based networks, which may reduce the need forff carriers to add more equipment at certain communications sites. city needs and, as a result, could reduce the demand forff tower-based wireless services, decrease demand forff trends toward deploying increased capia tal to the tower space or Moreover, the emergence of alternative technologies could reduce the need forff reception. Further, a customer may decide to cease outsourcing tower infrff astrucr which would result in a decrease in our revenue and operating results. Similarly, our data center site infrff astrucr turt e may become antiquated due to the development of new systems that deliver power to, or eliminate heat frff om, 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 faff cilities are not designed to provide. Our faff ilure to innovate in response to the development and implementation of these or other new technologies or changes in a customer’s business model could have a material adverse effff eff ct on the growth of our business, results of operations or fiff nancial condition. Conversely, we may invest signififf cant capia tal in technologies, platforff m expansion initiatives or new additions to our core business that may not provide expected returt ns or profiff tabia lity, which could divert management attention and have a material adverse effff eff ct on our operating results. tower-based broadcast services transmission and turt e or otherwise change its business model, Additionally, our customers may overestimate or overvalue the benefiff ts and use of 5G networks and other new technology that are deployed onto our communications sites that, in turt n, could adversely affff eff ct our customers' growth, thereby adversely affff eff cting our growth. ComCC pem titt tii itt on forff assetstt couldll adversrr elyll affff eff ct our abilii ill tii ytt tott achieve our returnrr on inii vestmtt ent critii ett ria. turt e assets forff the acquisition of communications infrff astrucrr turt e assets or contracts to build new customers, which could make the acquisition of high-quality assets signififf cantly more We may experience increased competition forff communications infrff astrucr costly or prohibitive or cause us to lose contracts to build new sites. Some of our competitors are larger and may have greater fiff nancial resources than we do, while other competitors may appl a terms than we do. In addition, we may not anticipate increased competition entering a particular market or competing forff same assets. Higher prices forff anticipated returt ns on investment or futff urt e growth, which could materially and adversely affff eff ct our business, results of operations or fiff nancial condition. l y less stringent investment criteria or less stringent contractuat assets or the faff ilure to add new assets to our portfolff io could make it more diffff iff cult to achieve our the In addition, some of our data center competitors have signififf cant advantages over us, including greater name recognition, longer operating histories, lower operating costs, lower levels of leverage, pre-existing relationships with current or potential customers, greater fiff nancial, marketing and other resources, access to better networks and access to less expensive power. These advantages could allow our data center competitors to respond more quickly or effff eff ctively to strategic opportuni result, we may lose existing or potential data center customers, incur costs to improve our properties or be forff ced to reduce our rental rates. These risks are compounded by the faff ct that a signififf cant percentage of our data center customer leases expire everyrr year. ties and as a t Risks Related to Our Financial Perforff mance or General Economic Conditions Our lell verage and debt service oblill gat adversrr elyll affff eff ct our abilii ill tii ytt inii itii itt atitt ves and tott satitt sii fs yff our disii trtt ibui titt on requirii ementstt . i tott raisii e additii itt onal fiff nii ancinii g tott itt ons,s inii cludinii g durinii g a risii inii g inii tett rest ratett s envirii onment,tt may matett riallll yll and sion nditii ures,s fuff ture growthtt and expan fuff nd capitii altt ee expe ee Our leverage and debt service obligations, including as a result of our recent CoreSite Acquisition, could have signififf cant negative consequences to our business, results of operations or fiff nancial condition, including: 14 • • • • requiring the dedication of a substantial portion of our cash flff ow frff om operations to service our debt, thereby reducing the amount of our cash flff ow availabla e forff es, including capia tal expenditurt es and REIT distributions; other purpos rr impairing our abia lity to meet one or more of the fiff nancial ratio covenants contained in our debt agreements or to generate cash suffff iff cient 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 defaff ult remains uncured; limiting our abia lity to obtain additional debt or equity fiff nancing, thereby placing us at a possible competitive disadvantage to less leveraged competitors and competitors that may have better access to capia tal resources, including with respect to acquiring assets; and limiting our flff exibility in planning forff , or reacting to, changes in our business and the markets in which we compete. We may need to raise additional capia tal through debt fiff nancing activities, asset sales or equity issuances, even if the then- prevailing market conditions are not faff vorabla e, to fundff purchases of our partners’ interests and to satisfyff our distribution requirements and debt service obligations and leverage requirements, including fiff nancial ratio covenants. An increase in our total leverage could lead to a downgrade of our credit rating below investment grade, which could negatively impact our abia lity to access credit markets or preclude us frff om obtaining funds on investment grade terms, rates and conditions or subject us to additional loan covenants, which could accelerate our ff debt repayment obligations. Further, certain of our current debt instrumr subsidiaries may incur. Additional fiff nancing, thereforff e, may be unavailabla e, more expensive or restricted by the terms of our outstanding indebtedness. capia tal expenditurt es, futff urt e growth and expansion initiatives, required ents limit the amount of indebtedness we and our r ion caused by faff ctors such as inflff ation, rising interest rates and supply chain disrupt Further, market volatility and disrupt may impact our abia lity to raise additional capia tal through debt and equity fiff nancing activities or our abia lity to repay or refiff nance maturt ing liabia lities, or impact the terms of any new obligations, which in turt n may have an adverse impact on our credit ratings. the fiff rst time in over three years, signififf cantly The Federal Reserve Board began to raise interest rates in March 2022 forff increased the feff deral funds ther rate increases may be announced in the short-term to combat rising inflff ation in the United States. Such rate increases have corresponding impact to our costs of borrowing and may have an adverse impact on our abia lity to raise funds through the offff eff ring of our securities or through the issuance of debt due to higher debt capia tal costs, diminished credit availabia lity and less faff vorabla e equity markets. Any signififf cant additional feff deral fundff to which these faff ctors will impact our business and fiff nancial results will depend on futff urt e developments, which are highly uncertain and cannot be predicted at this time due to the rapia d evolution of this uncertain situat rate increases may have a material adverse effff eff ct on our business, results of operations, and fiff nancial condition. The extent rate during 2022 and has indicated that furff tion. ions ff ff rr Risii inii g inii fn lff atll itt on may adversrr elyll affff eff ct us by inii creasinii g coststt beye ond what we can recover thtt roughu price inii creases. ff r to fiff ve decades. Current and futff urt e inflff ationaryrr effff eff cts may be driven by, ions, governmental stimulus or fiff scal policies, as well as the ongoing militaryrr conflff ict The United States and other large global economies experienced historically high inflff ation during 2022, which has continued into the beginning of 2023. The Federal Reserve Board and other central banks already have raised interest rates more aggressively and to their highest levels in the last four among other things, supply chain disrupt between RusRR sia and Ukraine. Inflff ation can materially adversely affff eff ct us by increasing the costs of land, materials, labor other costs required to manage and grow our business. In addition, should inflff ation rates exceed our fiff xed escalator percentages in markets where our leases include fiff xed escalators, our returt ns could be adversely affff eff cted. In an inflff ationaryrr environment, such as the current economic environment, depending on the terms of our contracts and other economic conditions, we may be l unabla e to raise prices enough to keep up with the rate of inflff ation or our customers may be unwilling to pay contractuat increases, which would reduce our profiff t margins and returt ns. If we are unabla e to increase our prices to offff sff et the effff eff cts of inflff ation, our business, results of operations and fiff nancial condition could be materially and adversely affff eff cted. Rising inflff ation rates have also contributed to forff eign currency exchange rate volatility, including in several of the markets where we operate. The ongoing impact of inflff ation may continue to create forff eign exchange rate instabia lity in our international markets that could, in turt n, depress the value of that market’s currency, thereby adversely impacting our business, results of operations or fiff nancial condition. and a In addition, inflff ation is oftff en accompanied by higher interest rates. The Federal Reserve Board and other central banks have recently raised interest rates aggressively, to their highest levels in the last four interest rates and high inflff ation could lead to an extended economic downturt n, which could reduce our abia lity to incur debt or access capia tal and impact our results of operations and fiff nancial condition even aftff er these conditions improve. to fiff ve decades. The combination of higher ff 15 Restrtt ictitt ve covenantstt couldll matett riallll yll and adversrr elyll affff eff ct our businii ess by lill mii our common stoctt k, which may jeopardizii e our qualill fi iff catitt on forff thtt e agreementstt relatll ett d tott our securitii itt zii atitt on trtt ansactitt ons,s our creditii facff lii ill tii ytt ,yy and we may be prohibii itt on as a RER IEE T.TT itii itt nii g flff ell xiee bii tt taxat inii ilii ill tii itt es and our debt securitii itt es tii ett d frff om payinii g dividends on borrowed money or furff The agreements related to our securitization transactions include operating covenants and other restrictions customaryrr subject to rated securitizations. Among other things, the borrowers under the agreements are prohibited frff om incurring other indebtedness forff ther encumbering their assets. A faff ilure to comply with the covenants in the agreements could prevent the borrowers frff om taking certain actions with respect to the secured assets and could prevent the borrowers frff om distributing any excess cash frff om the operation of such assets to us. If the borrowers were to defaff ult on any of the loans, the servicer on such loan could seek to forff eclose upon or otherwise convert the ownership of the secured assets, in which case we could lose such assets and the cash flff ow associated with such assets. loans forff t our credit faff cilities also contain restrictive covenants and leverage and other fiff nancial maintenance tests that The agreements forff could limit our abia lity to take various actions, including incurring additional debt, guaranteeing indebtedness or making distributions to stockholders, including our required REIT distributions, and engaging in various types of transactions, including mergers, acquisitions and sales of assets. Additionally, our credit faff cilities restrict our and our subsidiaries’ abia lity to incur liens securing our or their indebtedness. These covenants could have an adverse effff eff ct on our business by limiting our abia lity to take advantage of fiff nancing, new tower or other communications infrff astrucr opportuni ties. Our credit agreements also contain cross-defaff ult and/or cross-acceleration provisions, which may be triggered if we defaff ult on certain indebtedness in excess of certain thresholds. In the event of such a defaff ult, the resulting cross-defaff ults or cross-accelerations could have an adverse effff eff ct on our business and fiff nancial condition. Further, reporting and inforff mation covenants in our credit agreements and indenturt es require that we provide fiff nancial and operating inforff mation within certain time periods. If we are unabla e to provide the required inforff mation on a timely basis, we would be in breach of these covenants. For more inforff mation regarding the covenants and requirements discussed above , please see Item 7 of this Annual Report under the capta ion “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capia tal Resources—Factors Affff eff cting Sources of Liquidity” and note 8 to our consolidated fiff nancial statements included in this Annual Report. turt e development, mergers and acquisitions or other a We also enter into hedges forff counterpar rties do not perforff m as expected at the inception of each hedge. certain debt instrumr ents, which may have an adverse impact on our results to the extent that the WeWW may be adversrr elyll affff eff ctett d by changes inii LIBII OROO repor use of altll ett rnatitt ve refe eff rence ratett s. ee titt nii g practitt ces,s thtt e methtt od inii which LIBII OROO isii detett rmrr inii ed or thtt e The United Kingdom’s Financial Conduct Authority (the “FCA”), which regulates the London Interbar nk Offff eff red Rate (“LIBOR”), announced plans to phase out certain LIBOR rates by June 2023. As contemplated, the continuation of LIBOR on the current basis cannot be assured aftff er June 2023, and LIBOR will cease to exist or otherwise be unsuitabla e forff While our bank faff cilities contain faff llback provisions to establa ish an alternative rate in the event LIBOR is unavailabla e, the elimination of LIBOR could have an adverse impact on our business, results of operations, or fiff nancial condition. Financial institutt ions may replace LIBOR with a new index calculated by short-term repurchase agreements, the Secured Overnight Financing Rate (“SOFR”). In April 2018, the United States Federal Reserve commenced publishing SOFR; however, SOFR is calculated diffff eff rently frff om LIBOR and has inherent diffff eff rences, which could give rise to uncertainties, including the limited historical data and volatility in the benchmark rates. No consensus exists as to what may become accepted alternatives to LIBOR, whether LIBOR rates will cease to be published or supported beforff e June 2023 or whether any additional reforff ms to LIBOR may be enacted in the United Kingdom or elsewhere. Furthermore, the use of an alternative rate could result in increased costs, including increased interest expense, and increased borrowing and hedging costs in the futff urt e. We cannot predict the effff eff ct of the FCA’s decision not to sustain LIBOR or, if changes ultimately are made to LIBOR, the effff eff ct those changes may have on our interest expense related to borrowings under our bank faff cilities, certain other debt service obligations and interest swapa agreements, which could potentially negatively impact our fiff nancial condition. benchmarking. Risks Related to Laws and Regulations Our businii ess,s and thtt at of our customtt changes thtt ereto,tt lanll dscape.ee thtt at couldll restrtt ict our abilii ill tii ytt ersrr ,s isii subject tott lawll s,s regue latll itt ons and adminii isii trtt atitt ve and judicial decisii ions,s and tott operatett our businii ess as we currentltt yll do or imii pacm t our compem titt tii itt ve Our business, and that of our customers, is subject to feff deral, state, local and forff eign laws, treaties and regulations and ied or be administrative and judicial decisions. In certain jurisdictions, these regulations, laws and treaties could be appl tion of enforff ced retroactively. Zoning authorities and community organizations are sometimes opposed to the construcr communications sites in their communities, which can delay, prevent or increase the cost of new tower construcrr tion, modififf cations, additions of new antennas to a site or site upgrades, thereby limiting our abia lity to respond to customer demands. a 16 Existing or new regulatoryrr policies, regulations or laws may materially and adversely affff eff ct the timing, cost or completion of our communications sites or result in changes in the competitive landscapea Noncompliance could result in the imposition of fiff nes or an award of damages to litigants or result in decreased revenue. In addition, in certain jurisdictions, we and certain of our customers are required to pay annual license feff es, which may be subject to substantial increases by the government, or new feff es may be enacted and appl ied retroactively. Governmental licenses may also be subject to periodic renewal and additional conditions to receive or maintain such license. Additionally, we have government customers forff termination, audits, investigations, sanctions and penalties. several of our communications sites and data centers, which subjects us to risks including early that may negatively affff eff ct our business. a a Furthermore, the tax laws, regulations, appl icabla e license terms and conditions, and interprrr etations governing our business, and that of our customers, in jurisdictions where we operate, may change at any time, potentially with retroactive effff eff ct. Due to the evolving naturt e of global tax laws and regulations and compliance appr oaches, it is currently not possible to assess the ultimate impact of these actions on our fiff nancial statements, but these actions could have an impact on our fiff nancial results. This use terms, administrative compliance guidance or judicial includes changes in tax laws, transfeff r pricing regulations, spectrumr interprr etations thereof.ff For example, the defiff nition and appl ication of adjusted gross revenue (“AGR”) in India and associated feff es and charges may have a material fiff nancial impact on certain of our customers which could affff eff ct their abia lity to perforff m their obligations under agreements with us. Changes in laws, regulations and judicial decisions, such as the ongoing Organization forff Economic Cooperation and Development (OECD) legislative developments regarding global minimum tax rulr es, could have a more signififf cant impact on us as a REIT relative to other REITs due to the naturt e of our business and our use of taxabla e REIT subsidiaries. These faff ctors could materially and adversely affff eff ct our business, results of operations or fiff nancial condition. a a eigni Our forff revenues or fiff nii ancial positii itt on, inii cludinii g risii ks associatett d witii htt operatitt ons are subject tott economic,c polill tii itt cal and othtt er risii ks thtt at couldll matett riallll yll and adversrr elyll affff eff ct our flff uctuatitt ons inii forff eigni currencyc excee hange ratett s. Our international business operations and our potential expansion into additional new markets in the futff urt e expose us to potential adverse fiff nancial and operational problems not typically experienced in the United States. We anticipate that revenues frff om our international operations will continue to grow. Accordingly, our business is subject to risks associated with doing business internationally, including: • • • • • • • • • uncertain, inconsistent or changing laws, regulations, rulr international operations, feff es or other requirements directed specififf cally at the ownership and operation of communications infrff astrucr a appl turt e or our international acquisitions, any of which laws, feff es or requirements may be ied retroactively or with signififf cant delay; ings or methodologies impacting our existing and anticipated faff ilure to retain our tax statust or to obtain an expected tax statust forff which we have appl a ied; expropriation resulting in government takeover of customer operations or governmental regulation restricting forff eign ownership or requiring reversion or divestiturt e; laws or regulations that tax or otherwise restrict repatriation of earnings or other funds of capia tal; ff or otherwise limit distributions changes in a specififf c country’rr devaluation; s or region’s political or economic conditions, including inflff ation or currency changes to zoning regulations or construcrr communications infrff astrucr turt e; tion laws, which could be appl a ied retroactively to our existing actions restricting or revoking our customers’ spectrumrr or terminating business under prior licenses; licenses, or alterations or interprrr etations thereof,ff or suspending faff ilure to comply with anti-briberyrr Assets Control requirements; laws such as the FCPA or similar local anti-briberyrr laws, or the Offff iff ce of Foreign faff ilure to comply with data privacy laws or other protections of employee health and personal inforff mation; • material site issues related to security, fueff l availabia lity and reliabia lity of electrical grids; 17 • • • signififf cant increases in, or implementation of new, license surcharges on our revenue; loss of key personnel, including expatriates, in markets where talent is diffff iff cult or expensive to acquire; and price-setting or other similar laws or regulations forff the sharing of passive infrff astrucr turt e. We also faff ce risks associated with changes in forff eign currency exchange rates, including those arising frff om the impacts of the current inflff ationaryrr and high interest rate environment on the global economy and markets and those arising frff om our operations, investments and fiff nancing transactions related to our international business. Volatility in forff eign currency exchange rates can also affff eff ct our abia lity to plan, forff ecast and budget forff ts. Our revenues earned frff om our international operations are primarily denominated in their respective local currencies. We have not historically engaged in signififf cant currency hedging activities relating to our non-U.S. Dollar operations, and a weakening of these forff eign currencies against the U.S. Dollar would negatively impact our reported revenues, operating profiff ts and income. our international operations and expansion effff orff WeWW may be adversrr elyll affff eff ctett d by regue latll itt ons relatll ett d tott clill mii atett change.ee sil fueff ls or requirement to use alternative fueff ts to regulate greenhouse gas emissions, the use of fosff Effff orff resources that serve our data centers or the generators we use in our emerging markets to deliver primaryrr power to our customers may have direct or indirect effff eff cts on our business by increasing the cost of compliance. In addition, there is an increased focff us 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. These governmental initiatives are becoming more stringent and may require us and our customers to make capia tal expenditurt es, such as investing in renewabla e energy solutions or internal compliance systems, which would result in increased costs forff could also lead to fiff nes and/or lost revenue. icabla e laws and regulations or other requirements imposed on us us and our customers. Failure to comply with appl l to power energy a In 2021, we adopted science-based greenhouse gas reduction targets, which were appr initiative and are in line with the goals set forff several faff ctors, some of which are outside of our control including changing regulatoryrr technology and the availabia lity of requisite fiff nancing. In addition, to meet our goals, we may be required to expend signififf cant resources to meet them, 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 effff orff ts to achieve these goals oftff en diffff eff r widely and present risks to our reputation and brand. Failing to meet these goals could result in customer dissatisfaff ction and damage to our reputation with our key stakeholders, which could in turt n adversely impact our results of operations, reputation, fiff nancial condition and stock price. th in the 2015 Paris Agreement. Our abia lity to achieve these goals are based on requirements, the pace of changes in oved by the Science Based Targets a IfII we faiff substantt imii pacm t earninii gs and availii abl lii tott remainii qualill fi iff ed forff titt allll yll reduce fuff nds othtt erwisii e availii abl ll .ww ell cash flff owll tt taxat itt on as a RER IEE T,TT we wilii lll be subject tott forff ell ,e and even ifi we qualill fi yff ll taxtt tt taxat at corpor rr itt on as a RER IEE T,TT we may facff inii come taxtt atett ratett s,s which may e taxtt lill abilii ill tii itt es thtt at taxation as a REIT requires the appl Commencing with the taxabla e year beginning Januaryrr 1, 2012, we have operated as a REIT forff Qualififf cation forff ication of certain highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”), which provisions may change frff om time to time, to our operations as well as various faff ctuat may adversely affff eff ct our abia lity to remain qualififf ed forff qualififf ed. There are feff w judicial or administrative interprr etations of the relevant provisions of the Code. l determinations concerning matters and circumstances not entirely within our control. Further, tax legislation taxation as a REIT or the benefiff ts or desirabia lity of remaining so feff deral income tax purpos es. a rr If,ff in any taxabla e year, we faff il to qualifyff forff taxation as a REIT and are not entitled to relief under the Code: • we will not be allowed a deduction forff tax on our taxabla e income at regular corpor us to borrow additional funds reduce funds other purpos availabla e forff ff r ff es; and distributions to stockholders and would be subject to feff deral and state income r ate income tax rates, which could be substantial in amount, and may require or liquidate some investments to pay any additional tax liabia lity and, accordingly, may • we will be disqualififf ed frff om REIT tax treatment forff ff the four taxabla e years immediately folff lowing the year during which we were so disqualififf ed. We are subject to certain feff deral, state, local and forff eign taxes on our income and assets, including taxes on any undistributed income and state, local or forff eign income, frff anchise, property and transfeff r taxes. While state and local income tax regimes oftff en parallel the U.S. feff deral income tax regime forff REITs, many of these jurisdictions diffff eff r in their treatment of REITs. For example, some state and local jurisdictions currently or in the futff urt e may limit or eliminate a REIT’s deduction forff dividends 18 paid, which could increase our income tax expense. We are also subject to the continual examination of our income tax returt ns by the U.S. Internal Revenue Service and state, local and forff eign tax authorities. The results of an audit and examination of previously fiff led tax returt ns and continuing assessments of our tax exposures may have an adverse effff eff ct on our provision forff income taxes and cash tax liabia lity. y, then the subsidiaryrr REIT would be subject to feff deral income tax, which tax we would economically bear along with icabla e penalties and interest. In addition, our ownership of shares in such subsidiaryrr REIT would faff il to be a qualifyiff ng Furthermore, we have owned and may frff om time to time own direct and indirect ownership interests in subsidiaryrr REITs, which must also comply with the same REIT requirements that we must satisfy,ff icabla e to REITs. If the subsidiaryrr REIT is determined to have faff iled to qualifyff appl a appl a asset forff es of the asset tests appl REIT may cease to be treated as income that qualififf es forff es of the 75% gross income test. These consequences could rr purpos have a material adverse effff eff ct on our abia lity to comply with the REIT income and asset tests, and thus our abia lity to qualifyff taxation as a REIT. icabla e to REITs and any dividend income or gains derived by us frff om such subsidiaryrr taxation as a REIT and certain relief provisions do not together with all other rulr es appl r purpos forff forff a a ComCC plm yll inii g witii htt RERR IEE T requirii ementstt may lill mii itii our flff ell xiee bii lii ill tii ytt or cause us tott forff egoe othtt erwisii e atttt rtt actitt ve opportunitii itt es. Our use of TRSs enabla es us to engage in non-REIT qualifyiff ng business activities. Under the Code, no more than 20% of the value of the assets of a REIT may be represented by securities of one or more TRSs and no more than 25% of the value of the assets of the REIT may be represented by non-qualifyiff ng assets (including securities of one or more TRSs). This limitation may hinder our abia lity to make certain attractive investments or take advantage of acquisition opportuni of non-qualifyiff ng assets, the expansion of non-real estate activities and investments in the businesses to be conducted by our TRSs, and to that extent limit our opportuni ties and our flff exibility to change our business strategy. ties, including the purchase t t Further, as a REIT, we must distribute to our stockholders an amount equal to at least 90% of our REIT taxabla e income distributed earnings and excluding any net capia tal gain). To meet our annual distribution (determined beforff e the deduction forff requirements, we may be required to distribute amounts that may otherwise be used forff our operations, including amounts that may otherwise be invested in futff urt e acquisitions, capia tal expenditurt es or repayment of debt. As no more than 25% of our gross income may consist of dividend income frff om our TRSs and other non-qualifyiff ng types of income, our abia lity to receive distributions frff om our TRSs may be limited, which may impact our abia lity to fund income of our TRSs to fund distributions to our stockholders or to use other investments. ff ff In addition, the maja ority of our income and cash flff ows frff om our TRSs are generated frff om our international operations. In many cases, there are local withholding taxes and currency controls that may impact our abia lity or willingness to repatriate funds the United States to help satisfyff REIT distribution requirements. to ff WeWW couldll have lill abilii ill tii ytt under envirii onmentaltt and occupatu itt onal safeff tytt and healtll htt lawll s. substantial costs of investigation, removal or remediation of soil and groundwater Our operations are subject to various feff deral, state, local and forff eign environmental and occupational safeff ty and health laws and regulations, including those relating to the management, use, storage, disposal, emission and remediation of,ff and exposure to, hazardous and non-hazardous subsu tances, materials and wastes. As the owner, lessee or operator of real property and faff cilities, including generators, we may be liabla e forff contaminated by hazardous materials, and forff regard to whether we, as the owner, lessee or operator, knew of,ff or were responsible forff liabla e forff disposal may have complied with all legal requirements at the time. Many of these laws and regulations contain inforff mation reporting and record keeping requirements. We may not be at all times in compliance with all environmental requirements. Further, our data center properties are subject to various feff deral, state and local regulations, such as state and local fiff re and lifeff safeff ty regulations and ADA feff deral requirements. We may be subject to potentially signififf cant fiff nes or penalties if we faff il to comply with any of these requirements. certain costs of remediating contamination at third-party sites to which we sent waste forff damages and costs relating to offff -ff site migration of hazardous materials, without , the contamination. We may also be disposal, even if the original The requirements of the environmental and occupational safeff ty and health laws and regulations are complex, change frff equently and could become more stringent in the futff urt e. In certain jurisdictions, these laws and regulations could be appl ied retroactively or be broadened to cover situat tions or persons not currently considered. It is possible that these requirements will change or that liabia lities will arise in the futff urt e in a manner that could have a material adverse effff eff ct on our business, results of operations or fiff nancial condition. While we maintain environmental and workers’ compensation insurance, we may not have adequate insurance to cover all costs, fiff nes or penalties. a Risks Related to the Operation of Our Business 19 ersrr ,s fiff bei r netwtt orksrr Our towtt clill mii atett change)e and othtt er unfn orff inii creased inii surance premiums. ,s datatt centett rsrr or compum tett r sys stett ms may be affff eff ctett d by natural disii astett rsrr (i(( nii cludinii g as a resultll of eseen eventstt forff which our inii surance may not provide adequatett coverage or resultll inii Our towers, fiff ber networks, data centers and computer systems are subject to risks associated with naturt al disasters, such as hurricanes, ice and windstorms, tornadoes, flff oods, earthquakes and wildfiff res, as well as other unforff eseen events, such as the potential adverse effff eff cts of pandemics and acts of terrorism. 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 liabia lities, 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 effff eff ct on our fiff nancial condition and perforff mance. Any damage or destrucrr tion to, or inabia lity to access, our towers, fiff ber networks, data centers or computer systems may cause supply chain delays or impact our abia lity to provide services to our customers and lead to customer loss, which could have a material adverse effff eff ct on our business, results of operations or fiff nancial condition and also, our communications sites could be subject to attacks instigated by claims that the deployment of 5G networks is linked to adverse health effff eff cts. While we maintain insurance coverage forff costs of repair or reconstrucr have been added to our towers, fiff ber networks or data centers but forff signififf cant event, such was wildfiff re damage caused by our towers. Further, we may be liabla e forff collapsa any number of reasons including strucr costs forff which we may not have adequate insurance coverage. tion of sites or fiff ber forff e forff certain naturt al disasters, we may not have adequate insurance to cover the associated a maja or futff urt e event, lost revenue, including frff om new customers that could turt al defiff ciencies, which could harm our reputation and require us to incur the event, or other costs to remediate the impact of a damage caused by towers that IfII we,e or thtt irii d partitt es on which we relyll ,yy expe persrr onallll yll inii clude repuee ee inii fn orff mrr atitt on, we may inii cur substantt itt onal damage.ee identitt fi iff ablell rience tett chnology tattt faiff lii ures,s inii cludinii g cyc bersrr ecuritii ytt ll titt al coststt and sufu fff eff r othtt er negat inii cidentstt or thtt e losll s of itt ve consequences,s which may e rr tion of data, computer virusr our operations and have a material adverse effff eff ct on our fiff nancial perforff mance and As part of our normal business activities, including in our data centers, we rely on energy systems, cooling systems, communication networks, inforff mation technology and other computing resources. We may be vulnerabla e to physical or cybersecurity breaches that could disrupt operating results. We faff ce risks associated with unauthorized access to our or our vendors’ computer systems, loss or destrucrr es, malware, distributed denial-of-ff service attacks or other malicious activities. These threats may result frff om human error, equipment faff ilure or frff aud or malice on the part of employees or third parties. A party who is abla e to compromise the security measures on our or our vendors’ networks or the security of our communications infrff astrucr could misappr cause interrupt that we provide a high level of security, such a compromise could be particularly harmfulff be required to expend signififf cant capia tal and resources to protect against such threats or to alleviate problems caused by breaches in security. tions in our operations or our customers’ operations. As we provide assurances to our customers to our brand and reputation. We may turt e inforff mation or the personal inforff mation of our customers or our employees, or opriate either our proprietaryrr ions or malfunc a r ff example, the ongoing militaryrr Globally, the frff equency, severity and sophistication of cybersecurity incidents have increased, and these trends may continue, especially during times of geopolitical tension or instabia lity among countries, including, forff conflff ict between RusRR sia and Ukraine, frff om which a number of recent cybersecurity events have been alleged to have originated. Such cyber-attacks could be in the forff m of espionage, phishing campaigns and otherwise. We are continuously evaluating and enhancing our cybersecurity and inforff mation security systems and creating new systems and processes. However, there can be no assurance that these measures will be effff eff ctive in preventing or limiting the impact of futff urt e cybersecurity incidents. As techniques used to breach security grow in frff equency and sophistication, and are generally not recognized until launched against a target, we, or our vendors, may not be abla e to promptly detect that a cyber breach has occurred or implement security measures in a timely manner. If and when implemented, we, or our vendors, may not be abla e to determine the extent to which these measures could be circumvented. Any breaches that may occur could expose us to increased risk of lawsuits, regulatoryrr penalties, loss of existing or potential customers, damage relating to loss of proprietaryrr increases in our security costs, which could have a material adverse effff eff ct on our fiff nancial perforff mance and operating results. We offff eff r managed services in certain of our data centers where we provide “remote hands” services forff access to our customers’ networks and data, which is gained frff om these services, creates some risk that our customers’ networks or data will be improperly accessed. If we were held responsible forff any such breach, it could result in a signififf cant loss to us, including damage to our customer relationships, harm to our brand and reputation and legal liabia lity. Additionally, while we maintain insurance coverage forff costs in the event of a breach resulting in loss of data, such as personally identififf abla e inforff mation or other such data protected by data privacy or other laws, and we may be liabla e forff frff ameworks. cybersecurity incidents, we may not have adequate insurance to cover the associated inforff mation, harm to our reputation and damages, fiff nes and penalties forff such losses under appl our customers. The icabla e regulatoryrr a 20 ions in our operations, including our abia lity to correctly record, process and report fiff nancial inforff mation, our Although we and our vendors have disaster recoveryrr programs and security measures in place, if our computer systems and our backup systems are compromised, degraded, damaged, breached or otherwise cease to func interrupt r customers’ network availabia lity may be impacted or we could unintentionally allow misappr confiff dential inforff mation (including inforff mation about center or managed networks businesses), which could result in a loss of revenue, damage to our reputation, damage to our customer and vendor relationships, litigation, regulatoryrr and require us to incur signififf cant costs to remediate or otherwise resolve these issues. a our customers or landlords, or customer inforff mation on our fiff ber, data investigations and penalties under existing or futff urt e data privacy laws tion properly, we could suffff eff r opriation of proprietaryrr or a ff Our coststt couldll thtt ese perceived risii ks are substantt titt atett d. inii crease and our revenues couldll decrease due tott perceived healtll htt risii ks frff om radio emisii sions,s espes ciallll yll ifi Public perception of possible health risks associated with cellular and other wireless communications technology could slow the growth of wireless companies, which could in turt n slow our growth. In particular, negative public perception of,ff and regulations regarding, these perceived health risks, including claims that the deployment of 5G networks is linked to adverse health effff eff cts, could undermine the market acceptance of wireless communications services and increase opposition to the development and ing resulted in a fiff nding that radio expansion of tower sites. If a scientififf c study, frff equency emissions pose health risks to consumers, it could negatively impact our customers and the market forff wireless services, which could materially and adversely affff eff ct our business, results of operations or fiff nancial condition. We do not maintain any signififf cant insurance with respect to these matters. court decision or government agency rulrr t IfII we are unablell couldll adversrr elyll affff eff ct our businii ess and operatitt nii g resultll stt . tott protett ct our righi thtt e lanll d under our towtt tott tstt ersrr and builii dill nii gs inii which our datatt centett rsrr are locll atett d, itii land under towers, which can affff eff ct our abia lity to access and operate tower sites. Further, various reasons, landowners may not want to renew their ground agreements with us, they may lose their rights to the land, Our real property interests relating to our towers consist primarily of leasehold and sub-leasehold interests, feff e interests, easements, licenses and rights-of-ff way. A loss of these interests at a particular tower site may interfeff re with our abia lity to operate that tower site and generate revenues. For various reasons, we may not always have the abia lity to access, analyze and verifyff all inforff mation regarding titles and other issues prior to completing an acquisition of communications sites, which can affff eff ct our rights to access and operate a site. From time to time, we also experience disputes with landowners regarding the terms of easements or ground agreements forff forff or they may transfeff r their land interests to third parties, including ground lease aggregators, which could affff eff ct our abia lity to io are renew ground agreements on commercially viabla e terms. A signififf cant number of the communications sites in our portfolff various reasons, title to property interests in some located on land we lease pursuant to long-term operating leases. Further, forff of the forff eign jurisdictions in which we operate may not be as certain as title to our property interests in the United States. Our inabia lity to protect our rights to the land under our towers may have a material adverse effff eff ct on our business, results of operations or fiff nancial condition. terms of thhe lleases e allll of our ddata centers a dnd our bbusiiness c thhese ddata centers at faff vorablbla e terms or at allll, though louldd bbe hharmedd iif we are unablbla e to renew thhe lleases hough we ggenerallllyy hhave thhe riightght to exte dnd thhe terms of our lleases whhen thhe We ddo not own thhe b ibuilldidi gngs forff forff ppriimaryyrr costs, iincll diudi gng as a res lult of thhe current iinfllff atiionaryyrr e allso llose customers ddue to thhe didisrupt Additionally, we rely on our landlords forff basic maintenance of our leased data centers. If such landlords have not maintained our leased properties suffff iff ciently, we may be forff ced into an early exit frff om one or more of these data centers, which could be r disrupt ixpire. Faiillure to iincrease operatii gng revenues to suffff iiff ciientllyy offff sff et a yny potentiiall iincrease iin llease louldd iions iin thheiir operatiions causedd byby our iinabibia lliityy to renew our ddata center lleases. invironment, w louldd addversellyy iimpact our operatii gng iincome. We c ive to our business. rr IfII we are unablell or choose not tott exeee thtt e end of thtt e applill cablell period, our cash flff owll rcisii e our righi tstt tott purchase towtt sw derived frff om thtt ose towtt ersrr thtt at are subject tott ersrr wilii lll be elill mii inii atett d. lell ase and sublell ase agreementstt at Our communications real estate portfolff io includes towers that we operate pursuant to lease and sublease agreements that include a purchase option at the end of the lease period. We may not have the required availabla e capia tal to exercise our right to purchase the towers at the end of the appl exercise these purchase rights, and are unabla e to extend the lease or sublease or otherwise acquire an interest that would allow us to continue to operate these towers aftff er the appl icabla e period, we will lose the cash flff ows derived frff om the towers. business or other reasons, not to do so. If we do not icabla e period, or we may choose, forff a a ITEM 1B. UNRESOLVED STAFF COMMENTS None. ITEM 2. PROPERTIES 21 As of December 31, 2022, we owned and operated a portfolff networks. See the tabla e in Item 7 of this Annual Report, under the capta ion “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview” forff more detailed inforff mation on the geographi communications sites. In 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-Pacififf c property segment, and also own and operate data center faff cilities and related assets in the United States, which are included in our Data Centers segment. io of 224,768 communications sites, including 1,713 DAS c locations of our a 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-ff way granted by government entities. A typical tower site consists of a compound enclosing the tower site, a tower strucr equipment shelters that house a variety of transmitting, receiving and switching equipment. In addition, many of our international sites typically include power generators and batteries, which are oftff en used forff grid connection in select markets. The principal types of our towers are guyed, self-ff supporting lattice and monopole, and rooftff op towers in our international markets. turt e and, in some cases, one or more primaryrr power in lieu of an electric • • • • ff rs frff om the bottom up and usually has three or four A guyed tower includes a series of cabla es attaching separate levels of the tower to anchor founda tions in the ground and can reach heights of up to 2,000 feff et. A typical guyed broadcast tower can be located a tract of land of up to 20 acres. A self-ff supporting lattice tower typically tapea can reach heights of up to 1,000 feff et, although most lattice strucr height of the tower, a lattice tower site can be located on a tract of land of 10,000 square feff et forff than 2,500 square feff et forff A monopole tower is a tubul Monopoles typically have heights ranging frff om 50 to 200 feff et. A monopole tower site used in metropolitan areas forff typical wireless communications tower can be located on a tract of land of feff wer than 2,500 square feff et. Rooftff op towers are primarily used in metropolitan areas in our Asia-Pacififf c, Afrff ica, Europe and Latin America markets, where locations forff turt es are unavailabla e. Rooftff op towers typically have heights ranging frff om 10 to 100 feff et. ff turt es are between 200 and 400 feff et. Depending on the turt e that is used primarily to address space constraints or aesthetic concerns. traditional tower strucr legs. A lattice tower a rurr al site or feff wer a metropolitan site. ar strucrr t a Propertytt Segme ent EncEE umbered Sites. As of December 31, 2022, the loan underlying the securitization U.S.UU & Canada CC transactions completed in March 2013 and March 2018 (the “2013 Securitization” and the “2018 Securitization”, respectively, t and deeds to secure the loan on substantially and together, the “Trusr all of the 5,102 broadcast and wireless communications towers and related assets owned by the borrowers (the “Trusrr t Sites”) and the secured revenue notes issued in a private transaction completed in May 2015 (the “2015 Securitization”) are secured by mortgages, deeds of trusr t and deeds to secure debt on substantially all of the 3,516 communications sites owned by subsidiaries of the issuer (the “2015 Secured Sites”). t Securitizations”) is secured by mortgages, deeds of trusr There are no encumbered sites in our Asia-Pacififf c, Afrff ica, Europe or Latin America property segments or in our Data Centers segment. Ground Leases. Of the 223,055 towers in our portfolff lease. Typically, we seek to enter long-term ground leases, which have initial terms of appr or more automatic or exercisabla e renewal periods. As a result, 43% of the ground leases forff of 2032 and beyond. io as of December 31, 2022, appr a oximately 90% were located on land we oximately fiff ve to ten years with one a our sites have a fiff nal expiration date CusCC tomersrr . Our customers are primarily wireless service providers, broadcasters and other companies in a variety of industries. For the year ended December 31, 2022, our top three customers by total revenue were T-Mobile (18%), AT&T (17%) and Verizon Wireless (11%). Across most of our markets, our tenant leases forff terms of fiff ve to ten years with multiple renewal terms. As a result, appr renewal date of 2028 or beyond. a our communications sites with wireless carriers have initial non-cancellabla e oximately 56% of our current tenant leases have a Data CeCC ntersrr . We own and operate data center faff cilities and related assets, and as of December 31, 2022, our data center portfolff CoreSite Acquisition, across 3.1 million net rentabla e square feff et (“NRSF”). io consisted of 28 data center faff cilities across ten United States markets, including the assets acquired as part of the OfO fff iff ces. Our principal corpor a appr r oximately 40,000 square feff et of offff iff ce space. We also own or have entered into long-term leases forff the maja ority of our ate headquarters is leased and located in Boston, Massachusetts, where we currently lease 22 faff cilities in international and regional locations forff including offff iff ces in each of our U.S. & Canada, Asia-Pacififf c, Afrff ica, Europe, Latin America and Data Centers segments. Our international headquarters is leased and located in Amsterdam, Netherlands. We believe that our owned and leased faff cilities are suitabla e and adequate to meet our anticipated needs. the management and operation of our property and services businesses, ITEM 3. LEGAL PROCEEDINGS We periodically become involved in various claims and lawsuits that are incidental to our business. In the opinion of management, aftff er consultation with counsel, there are no matters currently pending that would, in the event of an adverse outcome, have a material impact on our consolidated fiff nancial position, results of operations or liquidity. ITEM 4. MINE SAFETY DISCLOSURES N/A. 23 ITEM 5. MARKET FOR REGISTRARR NT’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 Februarr outstanding shares of common stock and 137 holders of record. ryrr 16, 2023, we had 465,646,055 PART II Dividends As a REIT, we must annually distribute to our stockholders an amount equal to at least 90% of our REIT taxabla e income (determined beforff e the deduction forff and expect to continue to distribute all or substantially all of our REIT taxabla e income aftff er taking into consideration our utilization of net operating losses (“NOLs”). distributed earnings and excluding any net capia tal gain). Generally, we have distributed The amount, timing and frff equency of futff urt e distributions will be at the sole discretion of our Board of Directors and will depend upon various faff ctors, a number of which may be beyond our control, including our fiff nancial condition and operating cash flff ows, the amount required to maintain our qualififf cation forff taxation as a REIT and reduce any income and excise taxes that we otherwise would be required to pay, limitations on distributions in our existing and futff urt e debt and prefeff rred equity instrumr using cash generated through our TRSs and other faff ctors that our Board of Directors may deem relevant. ents, our abia lity to utilize NOLs to offff sff et our distribution requirements, limitations on our abia lity to fund distributions ff Perforff mance Graph ThiTT sii perfr orff mance graph isii Act,t nor shall it be deemed incorpor r furff nisii hed and shall not be deemed ‘ f‘ iff led’’ withtt thett ated by refe eff rence in any of our fiff lings under thett SEC or subject to Section 18 of thett ExEE change Securities Act of 1933, as amended. lowing grapha The folff compares the cumulative total stockholder returt n on our common stock with the cumulative total returt n of the S&P 500 Index, the Dow Jones U.S. Telecommunications Equipment Index and the FTSE Nareit All Equity REITs Index. The perforff mance grapha Index, the Dow Jones U.S. Telecommunications Equipment Index and the FTSE Nareit All Equity REITs Index. The cumulative returt n shown in the grapha below is not necessarily indicative of futff urt e perforff mance. assumes that on December 31, 2017, $100 was invested in each of our common stock, the S&P 500 assumes reinvestment of all dividends. The perforff mance of our common stock reflff ected 24 American Tower Corpor rr S&P 500 Index ........................................................................ Dow Jones U.S. Telecommunications Equipment Index........ ation ................................................. $100.00 100.00 FTSE Nareit All Equity REITs Index ..................................... Issuer Purchases of Equity Securities Cumulative Total Returns 12/17 12/18 12/19 12/20 12/21 12/22 $113.32 $167.55 $166.75 $221.59 $164.80 95.62 108.53 95.96 125.72 126.16 123.46 148.85 129.08 117.14 191.58 188.28 165.51 156.89 145.66 124.22 100.00 100.00 In March 2011, our Board of Directors appr repurchase up to $1.5 billion of our common stock (the “2011 Buyback”). In December 2017, our Board of Directors appr 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”). oved a stock repurchase program, pursuant to which we are authorized to a a oved During the three months ended December 31, 2022, we repurchased a total of 90,042 shares of our common stock forff aggregate of $18.8 million, including commissions and feff es, pursuant to the 2011 Buyback. There were no repurchases under the 2017 Buyback. The tabla e below sets forff December 31, 2022. th details of our repurchases under the 2011 Buyback during the three months ended an Period Total Number of Shares Purchased (1) Average Price Paid per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (3) (in millions) October 1, 2022 - October 31, 2022 November 1, 2022 - November 30, 2022 December 1, 2022 - December 31, 2022 Total Fourth Quarter — $ 65,319 $ 24,723 $ 90,042 $ — 206.33 212.97 208.15 — $ 65,319 $ 24,723 $ 90,042 $ 36.4 22.9 17.6 17.6 _______________ (1) Repurchases made pursuant to the 2011 Buyback. (2) Average price paid per share is a weighted average calculation using the aggregate price, excluding commissions and feff es. (3) Remaining under the 2011 Buyback. We have repurchased a total of 14,451,325 shares of our common stock under the 2011 Buyback forff $1.5 billion, including commissions and feff es. We expect to continue to manage the pacing of the remaining $2.0 billion under the Buyback Programs in response to general market conditions and other relevant faff ctors. We expect to fund repurchases of our common stock through a combination of cash on hand, cash generated by operations and borrowings under our credit faff cilities. Purchases under the Buyback Programs are subject to our having availabla e cash to fund an aggregate of repurchases. any furff ther ff ff Under the Buyback Programs, our management is authorized to purchase shares frff om time to time through open market purchases or in privately negotiated transactions not to exceed market prices and subject to market conditions and other faff ctors. With respect to open market purchases, we may use plans adopted in accordance with RulRR e 10b5-1 under the Exchange Act in accordance with securities laws and other legal requirements, which allows us to repurchase shares during periods when we otherwise might be prevented frff om doing so under insider trading laws or because of self-ff imposed trading blackout periods. These programs may be discontinued at any time. ITEM 6. [RESERVR ED] N/A. 25 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERARR TIONS The discussion and analysis of our fiff nancial condition and results of operations that folff fiff nancial statements, which have been prepared in accordance with GAAP. The preparation of our fiff nancial statements requires us to make estimates and assumptions that affff eff ct the reported amounts of assets and liabia lities, revenues and expenses and the related disclosure of contingent assets and liabia lities at the date of our fiff nancial statements. Actuat l results may diffff eff r frff om these estimates and such diffff eff rences could be material to the fiff nancial statements. This discussion should be read in conjunction with our consolidated fiff nancial statements included in this Annual Report and the accompanying notes, and the inforff mation set forff th under the capta ion “Critical Accounting Policies and Estimates” below. low are based upon our consolidated 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 faff cilities and related assets), Asia-Pacififf c property, Afrff ica property, Europe property, Latin America property, Data Centers and Services. In evaluating fiff nancial perforff mance in each business segment, management uses, among other faff ctors, segment gross margin and segment operating profiff t (see note 20 to our consolidated fiff nancial statements included in this Annual Report). Executive Overview We are one of the largest global REITs and a leading independent owner, operator and developer of multitenant communications real estate. Our primaryrr business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a io, we manage rooftff op and tower sites forff number of other industries. In addition to the communications sites in our portfolff turt e, fiff ber and property owners under various contractuat property interests that we lease primarily to communications service providers and third-party tower operators, and, as discussed furff States. Our customers include our tenants, licensees and other payers. We refeff r to the business encompassing the above the year ended December 31, 2022 and includes our property operations, which accounted forff U.S. & Canada property, Asia-Pacififf c property, Afrff ica property, Europe property and Latin America property segments and Data Centers segment. io of highly interconnected data center faff cilities and related assets in the United l arrangements. We also hold other telecommunications infrff astrucrr 98% of our total revenues forff ther below, we hold a portfolff as our a We also offff eff r tower-related services in the United States, including site appl and construcrr equipment on our sites. a tion management, which primarily support our site leasing business, including the addition of new tenants and ication, zoning and permitting, strucrr turt al analysis 26 lowing tabla e details the number of communications sites, excluding managed sites, that we owned or operated as of The folff December 31, 2022: Number of Owned Towers Number of Operated Towers (1) Number of Owned DAS Sites U.S. & Canada: Canada............................................................................................................. United States ................................................................................................... U.S. & Canada total................................................................................................ Asia-Pacififf c: (2) Bangladesh ...................................................................................................... India ................................................................................................................ Philippines....................................................................................................... Asia-Pacififf c total .................................................................................................... Afrff ica: Burkina Faso ................................................................................................... Ghana .............................................................................................................. Kenya .............................................................................................................. Niger................................................................................................................ Nigeria............................................................................................................. South Afrff ica .................................................................................................... Uganda ............................................................................................................ Afrff ica total.............................................................................................................. Europe: France.............................................................................................................. Germany.......................................................................................................... Poland ............................................................................................................. Spain................................................................................................................ Europe total ............................................................................................................ Latin America: 221 27,413 27,634 481 76,826 340 77,647 726 3,503 3,416 860 7,562 2,994 3,980 23,041 3,943 14,799 57 11,610 30,409 — 15,187 15,187 — — — — — 657 — — — — — 657 303 — — — 303 — 454 454 — 822 — 822 — 36 9 — — — 12 57 8 — — 1 9 Argentina......................................................................................................... Brazil............................................................................................................... Chile ................................................................................................................ Colombia......................................................................................................... Costa Rica ....................................................................................................... Mexico ............................................................................................................ Paraguay.......................................................................................................... ................................................................................................................. Perur Latin America total................................................................................................. _______________ (1) Approximately 95% of the operated towers are held pursuant to long-term fiff nance leases, including those subject to purchase options. (2) We also control land under carrier or other third-party communications sites in Australia and New Zealand, which provide recurring cash flff ows through 497 20,644 3,728 4,974 700 9,560 1,447 3,948 45,498 — 2,043 — — — 186 — 450 2,679 11 121 138 6 2 92 — 1 371 tenant leasing arrangements. As of December 31, 2022, our property portfolff States that collectively comprise appr a io included 28 operating data center faff cilities across ten markets in the United oximately 3.1 million NRSF of data center space, as detailed below: 27 San Francisco Bay, CA........................................................................................................... Los Angeles, CA .................................................................................................................... Northern Virginia, VA............................................................................................................ New York, NY........................................................................................................................ Chicago, IL ............................................................................................................................. Boston, MA ............................................................................................................................ Denver, CO............................................................................................................................. Miami, FL............................................................................................................................... Orlando, FL ............................................................................................................................ Atlanta, GA............................................................................................................................. Total........................................................................................................................................ _______________ (1) Excludes appr a oximately 0.4 million of offff iff ce and light-industrial NRSF acquired as part of the CoreSite Acquisition. Number of Data Centers Total NRSF (1) (i(( n thousands)s 8 3 5 2 2 1 2 2 1 2 28 940 670 536 250 216 143 35 47 126 95 3,058 our communications sites with wireless carriers generally have initial non- In most of our markets, our tenant leases forff cancellabla e terms of fiff ve to ten years with multiple renewal terms. Accordingly, the vast maja ority of the revenue generated by our property operations during the year ended December 31, 2022 was recurring revenue that we should continue to receive in futff urt e periods. Most of our tenant leases forff under the lease, typically based on an annual fiff xed escalation (averaging appr inflff ationaryrr provide forff index in most of our international markets, or a combination of both. In addition, certain of our tenant leases additional revenue primarily to cover costs, such as ground rent or power and fueff our communications sites have provisions that periodically increase the rent due oximately 3% in the United States) or an l costs. a Based upon existing customer leases and forff eign currency exchange rates as of December 31, 2022, we expect to generate over $62 billion of non-cancellabla e customer lease revenue over futff urt e periods, beforff e the impact of straight-line lease accounting. ings by the Supreme Court of India regarding carriers’ obligations forff Following the court rulr the AGR feff es and charges prescribed by such court, we continue to experience variabia lity and a level of uncertainty in collections in India. As furff discussed in Item 1A of this Annual Report under the capta ion “Risk Factors—A substantial portion of our current and projected revenue is derived frff om a small number of customers, and we are sensitive to adverse changes in the creditworthiness and fiff nancial strength of our customers,” in the third quarter of 2022, our largest customer in India, VIL, communicated that it would make partial payments of its contractuat payments forff contractuat be abla e to resume payments in fulff payments. l amounts owed to us and indicated that it would continue to make partial l under its l obligations owed to us beginning on Januaryrr 1, 2023. However, in early 2023, VIL communicated that it would not the remainder of 2022. In late 2022, VIL had communicated its intent to resume payments in fulff l obligations owed to us, and that it would instead continue to make partial l of its contractuat ther We considered these recent developments and the uncertainty with respect to amounts owed under our tenant leases when conducting our annual impairment assessments forff long-lived assets and goodwill in India. As a result, we determined that certain fiff xed and intangible assets had been impaired during the year ended December 31, 2022. An impairment of $97.0 million was taken on tower and network location intangible assets in India. We also impaired the tenant-related intangible assets forff VIL, which resulted in an impairment of $411.6 million. We expect to periodically evaluate the carryirr ng value of our Indian assets, which may result in the realization of additional impairment expense or other similar charges. For more inforff mation on impairments in India, plplease see thhe iinforff matiion Fiinanciiall C di onditiion a dnd Res lults of Operatiions—Criitiicall Accountii gng P loliiciies a dnd Estiimates” included in this Annual Report. dunder thhe capta iion “Managgement’s Diiscussiion a dnd Anallyysiis of a ryrr 2023, ATC TIPL and VIL notififf ed the stock exchange of India that ovals in relation to an issuance of convertible debenturt es pursuant to which, in exchange forff VIL’s In October 2022, and as subsequently amended in Februarr both parties have board appr payment of certain amounts towards accounts receivabla es, ATC TIPL shall pay equivalent amounts towards subscription to convertible debenturt es issued by VIL. The convertible debenturt es are to be repaid by VIL with interest and ATC TIPL has the option to convert the debenturt es into equity of VIL. The issuance of the debenturt es is subject to certain conditions precedent, which may not be met. As a result of the challenging business environment in India, we are exploring various strategic alternatives aimed at potentially reducing our exposure there, including the sale of an equity interest in our India operations to one or more private investors. Any such completed transaction could have a material impact on our fiff nancial statements and on our results of operations in the period in which any such transaction occurred. There can be no assurance that any such strategic alternative will be implemented and, if so implemented, as to the timing thereof,ff and any such proposed transaction would be subject to conditions, including regulatoryrr appr ovals in India. a 28 The revenues generated by our property operations may be affff eff cted by cancellations of existing tenant leases. As discussed above a cancellabla e; however, in some instances, a lease may be cancelled upon the payment of a termination feff e. , most of our tenant leases with wireless carriers and broadcasters are multiyear contracts, which typically are non- Revenue lost frff om either tenant lease cancellations or the non-renewal of leases or rent renegotiations, which we refeff r to as churn, has historically not had a material adverse effff eff ct on the revenues generated by our consolidated property operations. During the year ended December 31, 2022, churn was appr U.S. & Canada property segment, as discussed below. oximately 5% of our tenant billings, primarily driven by churn in our a We expect that our churn rate in our U.S. & Canada property segment will remain elevated forff 2025 due to contractuat to the terms of the T-Mobile MLA entered into in September 2020. l lease cancellations and non-renewals by T-Mobile, including legacy Sprint Corpor a period of several years through ation leases, pursuant r We will continue to actively monitor the ongoing COVID-19 pandemic and may take furff governmental authorities or that we determine are in the best interests of our employees, customers and business partners. ther actions as may be required by Propertytt OpeO rations Revenue Growthtt . Due to our diversififf ed communications site portfolff considerabla y depending upon numerous faff ctors, including, but not limited to, amount, type and position of tenant equipment on the tower, remaining tower capaa city by assessing several faff ctors, city and tower location. We measure the remaining tower capaa including tower height, tower type, environmental conditions, existing equipment on the tower and zoning and permitting regulations in effff eff ct in the jurisdiction where the tower is located. In many instances, tower capaa city can be increased with relatively modest tower augmentation capia tal expenditurt es, which are oftff en reimbursed to us. io, our tenant lease rates varyrr The primaryrr faff ctors affff eff cting the revenue growth of our property segments are: • • • Growth in tenant billings, including: • • • New revenue attributabla e to leasing additional space on our sites (“colocations”) and lease amendments; Contractuat l rent escalations on existing tenant leases, net of churn; and New revenue attributabla e to leases in place on day one on sites acquired or construcrr prior-year period. ted since the beginning of the Revenue growth frff om our Data Centers segment in the United States, including rental and power revenue frff om new lease commencements and expansions, contractuat increases on renewing leases and increased interconnection services and solutions. Revenue growth frff om other items, including additional tenant payments primarily to cover costs, such as ground rent l costs included in certain tenant leases (“pass-through”), straight-line revenue and decommissioning. or power and fueff l rent and power escalations on existing leases, mark-to-market our communications real estate. By adding new tenants and new equipment forff We continue to believe that our site leasing revenue, which makes up the vast maja ority of our property segment revenue, is likely to increase due to the growing use of wireless services globally and our abia lity to meet the corresponding incremental demand forff abla e to increase these sites’ utilization and profiff tabia lity. We believe the maja ority of our site leasing activity will continue to come frff om wireless service providers, with tenants in a number of other industries contributing incremental leasing demand. Our site portfolff in consistent and predictabla e organic revenue growth as wireless carriers seek to increase the coverage and capaa existing networks, while also deploying next generation wireless technologies. 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 returt n on investment objectives. io and our establa ished tenant base provide us with new business opportuni ties, which have historically resulted existing tenants on our sites, we are city of their t r c Revenue Growthtt . Consistent with our strategy to increase the utilization and returt n on investment Propertytt OpeO rations Organi frff om our sites, our objective is to add new tenants and new equipment forff amendments. Our abia lity to lease additional space on our sites is primarily a func other tenants deploy capia tal to improve and expand their wireless networks. This rate, in turt n, is inflff uenced by the growth of city in carrier wireless services, the penetration of advanced wireless devices, the level of emphasis on network quality and capaa competition, the fiff nancial perforff mance of our tenants and their access to capia tal and general economic conditions. According to industryrr data, recent aggregate annual wireless capia tal spending in the United States has averaged at least $30 billion, resulting in consistent demand forff tion of the rate at which wireless carriers and existing tenants through colocation and lease our sites. ff Based on industryrr opportuni ties forff t us: research and projections, we expect that a number of key industryrr trends will result in incremental revenue • In less advanced wireless markets where network deployments are in earlier stages, we expect these deployments to drive demand forff our tower space as carriers seek to expand their foot ints and increase the scope and density of their prt ff 29 • • ly participate in these deployments over the long term. networks. We have establa ished operations in many of these markets at the early stages of wireless development, which we believe will enabla e us to meaningfulff Subscribers’ use of mobile data continues to grow rapia dly given increasing smartphone ications on these devices and the continuing evolution of the penetration, the prolifeff ration of bandwidth-intensive appl mobile ecosystem. We believe carriers will be compelled to deploy additional equipment on existing networks while also rolling out more advanced wireless networks to address coverage and capaa increasing mobile data usage. The deployment of advanced mobile technology, such as 4G and 5G, will provide higher speed data services and furff ther enabla e fiff xed broadband substitutt equipment across their existing networks. ion. As a result, we expect that our tenants will continue deploying additional city needs resulting frff om this and other advanced device a t • Wireless service providers compete based on the quality of their networks, which is driven by capaa city and coverage. To maintain or improve their network perforff mance as overall network usage increases, our tenants continue to deploy additional equipment across their existing sites while also adding new cell sites. We anticipate increasing network densififf cation over the next several years, as existing network density is anticipated to be insuffff iff cient to account forff rapia dly increasing levels of wireless data usage. • Wireless service providers continue to acquire additional spectrumr 5G, as these spectrumr that has historically been deployed on our towers. assets tend to have more limited propagation characteristics compared , and as a result are expected to add additional sites and equipment to their networks as they seek to optimize their network confiff guration and utilize additional spectrumr . We expect this to be particularly relevant in the context of higher-band spectrumrr such as 2.5 gigahertz (GHz) and C- Band being deployed forff to the lower-band spectrumr Next generation technologies requiring wireless connectivity have the potential to provide incremental revenue opportunt a number of other internet-of-ff things, or IoT, appl These technologies may create new and complementaryrr use cases forff although these use cases are currently in nascent stages. Continued data growth and emerging high-perforff mance, latency-sensitive appl reliabla e, secure and interconnected data center solutions. We believe these trends will result in incremental utilization and interconnection demand at our data center faff cilities. us. These technologies may include edge computing func a ications, as well as other potential use cases forff wireless services. our communications real estate over time, tionality, autonomous vehicle networks and ications will drive an increased need forff ities forff • • a ff As part of our international expansion initiatives, we have targeted markets in various stages of network development to diversifyff our international exposure and position us to benefiff t frff om a number of diffff eff rent wireless technology deployments over the long term. In addition, we have focff used on building relationships with large multinational carriers to increase the opportuni carrier network investments across our international markets will, over the long term, position us to generate meaningfulff organic revenue growth going forff ward. ties across common markets. We believe that consistent lly benefiff cial transactional opportuni growth or mutuat ties forff t t In emerging markets, such as Bangladesh, Burkina Faso, Ghana, India, Kenya, Niger, Nigeria, the Philippines and Uganda, wireless networks tend to be signififf cantly less advanced than those in the United States, and initial voice networks continue to be deployed in certain underdeveloped areas. A maja ority of consumers in these markets still utilize basic wireless services and advanced device penetration remains low. In more developed urbar n locations within these markets, mobile data usage tends to ther along. Carriers are focff used on completing voice network build-outs be higher and advanced network deployments are furff penetration within their customer bases while increasing investments in data networks as mobile data usage and smartphone begin to accelerate. t In India, the ongoing transition frff om 2G technology to 4G technology has included a period of carrier consolidation, whereby the number of carriers operating in the marketplt ace has been reduced through mergers, acquisitions and select carrier exits frff om the marketplt ace, which we believe is now substantially complete. We believe that this consolidation process has resulted in an turt e over the long-term. industryrr strucrr both the wireless carriers and communications infrff astrucrr turt e that is more construcr tive forff In markets with rapia dly evolving network technology, such as South Afrff ica, Poland and most of the countries in Latin America where we do business, initial voice networks, forff focff used on 4G network deployments. Consumers in these regions are increasingly adopting smartphone devices, in particular as lower cost smartphone mobile appl carriers to accelerate their data network deployments and have also enabla ed new entrants to begin initial investments in data networks. Smartphone carriers continue to invest in their networks to maintain and augment their quality of service. s and other advanced s become increasingly availabla e. As a result, the usage of bandwidth-intensive penetration and wireless data usage in these markets are advancing rapia dly, which typically requires that the most part, have already been built out, and carriers are increasingly auctions in these rapia dly evolving markets have allowed incumbent ications is growing materially. Recent spectrumrr a t t t Finally, in markets with more maturt e network technology, such as Australia, Canada, Germany, France, New Zealand and Spain, carriers are focff used on deploying 4G data networks to account forff rapia dly increasing wireless data usage among their 30 customer base. With higher smartphone investment in networks is focff used on 4G coverage and capaa t and advanced device penetration and signififf cantly higher per capia ta data usage, carrier city, as well as the early stages of 5G deployment. We believe that the network technology migration we have seen in the United States, which has led to signififf cantly denser networks and meaningfulff markets over time. As a result, we expect to be abla e to leverage our extensive international portfolff communications sites and the relationships we have built with our carrier tenants to drive sustainabla e, long-term growth. us over a number of years, will be replicated in our international new business commencements forff oximately 182,000 a io of appr We have master lease agreements with many of our tenants forff revenue and reduce the likelihood of non-contractuat naturt e and furff times, thereby providing our tenants with the abia lity to rapia dly and effff iff ciently deploy equipment on our sites. our communications sites that provide forff ther build and augment strong strategic partnerships with our tenants while signififf cantly reducing colocation cycle l churn. Certain of those master lease agreements are comprehensive in consistent, long-term our communications infrff astrucrr turt e assets could be negatively impacted by a number of faff ctors, including an Demand forff increase in network sharing or consolidation among our customers, as set forff capta ions “Risk Factors—If our customers consolidate their operations, exit their businesses or share site infrff astrucrr signififf cant degree, our growth, revenue and abia lity to generate positive cash flff ows could be materially and adversely affff eff cted” and “Risk Factors—A substantial portion of our revenue is derived frff om a small number of customers, and we are sensitive to adverse changes in the creditworthiness and fiff nancial strength of our customers.” In addition, the emergence and growth of new th under the capta ion “Risk Factors—New technologies or changes in technologies could reduce demand forff our or a customer’s business model could make our communications infrff astrucr turt e leasing business less desirabla e and result in decreasing revenues and operating results.” Further, our customers may be subject to new regulatoryrr policies frff om time to time that materially and adversely affff eff ct the demand forff th in Item 1A of this Annual Report under the turt e to a our communications infrff astrucrr our sites, as set forff turt e assets. Propertytt OpeO rations NeNN w Site Revenue Growth.tt During the year ended December 31, 2022, we grew our portfolff communications real estate through the acquisition and construcr maja ority of our Asia-Pacififf c, Afrff ica, Europe and Latin America markets, the revenue generated frff om newly acquired or construcr and expenses. We continue to evaluate opportuni internationally, to determine whether they meet our risk-adjusted hurdle rates and whether we believe we can effff eff ctively integrate them into our existing portfolff ted sites resulted in increases in both tenant and pass-through revenues (such as ground rent or power and fuel costs) ios, both domestically and ties to acquire communications real estate portfolff oximately 7,405 communications sites globally. In a tion of appr io of io. a t New Sites (Acquired or Constructed) U.S. & Canada..................................................................................... Asia-Pacififf c ......................................................................................... Afrff ica................................................................................................... Europe ................................................................................................. Latin America...................................................................................... 2022 2021 2020 55 4,640 1,680 690 340 170 3,780 2,355 24,775 7,870 2,255 3,960 1,540 610 1,000 In 2021, we signififf cantly grew our portfolff related assets in the United States, including through the CoreSite Acquisition. io of data center faff cilities through the acquisition of over 20 data center faff cilities and rr l costs, some or all of which may be passed through to our Propertytt OpeO rations ExEE pex nses. Direct operating expenses incurred by our property segments include direct site or faff cility level expenses and consist primarily of ground rent and power and fueff customers, as well as property taxes and repairs and maintenance expenses. These segment direct operating expenses exclude ate selling, general, administrative and development expenses, which are aggregated into one line item all segment and corpor entitled Selling, general, administrative and development expense in our consolidated statements of operations. In general, our property segments’ selling, general, administrative and development expenses do not signififf cantly increase as a result of adding incremental customers to our sites or faff cilities and typically increase only modestly year-over-year. As a result, leasing additional space to new customers on our sites or within our faff cilities provides signififf cant incremental gross margin and cash flff ow. We may, however, incur additional segment selling, general, administrative and development expenses as we increase our presence in our existing markets or expand into new markets. Our profiff t margin growth is thereforff e positively impacted by the addition of new customers to our sites or faff cilities but can be temporarily diluted by our development activities. Services Segme revenue will continue to represent a small percentage of our total revenues. ent Revenue Growthtt . As we continue to focff us on growing our property operations, we anticipate that our services 31 Non-GAAP Financial Measures Included in our analysis of our results of operations are discussions regarding earnings beforff e interest, taxes, depreciation, amortization and accretion, as adjusted (“Adjusted EBITDA”), Funds From Operations, as defiff ned by the National Association of Real Estate Investment Trusr Consolidated Adjusted Funds From Operations (“Consolidated AFFO”) and AFFO attributabla e to American Tower Corpor common stockholders. ts (“Nareit FFO”) attributabla e to American Tower Corpor ation common stockholders, r r ation We defiff ne Adjusted EBITDA as Net income beforff e Income (loss) frff om equity method investments; Income tax benefiff t (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other operating income (expense); Depreciation, amortization and accretion; and stock-based compensation expense. Nareit FFO attributabla e to American Tower Corpor ation common stockholders is defiff ned as net income beforff e gains or losses frff om the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion and dividends to noncontrolling interests, and including adjustments forff (ii) noncontrolling interests. In this section, we refeff r to Nareit FFO attributabla e to American Tower Corpor stockholders as “Nareit FFO (common stockholders).” (i) unconsolidated affff iff liates and ation common rr r We defiff ne Consolidated AFFO as Nareit FFO (common stockholders) beforff e (i) straight-line revenue and expense; (ii) stock- based compensation expense; (iii) the defeff rred portion of income tax and other income tax adjustments; (iv) non-real estate related depreciation, amortization and accretion; (v) amortization of defeff rred fiff nancing costs, debt discounts and premiums and long-term defeff rred interest charges; (vi) other income (expense); (vii) gain (loss) on retirement of long-term obligations; (viii) other operating income (expense); and adjustments forff cash payments related to capia tal improvements and cash payments related to corpor (ix) unconsolidated affff iff liates and (x) noncontrolling interests, less ate capia tal expenditurt es. r We defiff ne AFFO attributabla e to American Tower Corpor impact of noncontrolling interests on both Nareit FFO (common stockholders) and the other adjustments included in the calculation of Consolidated AFFO. In this section, we refeff r to AFFO attributabla e to American Tower Corpor stockholders as “AFFO (common stockholders).” ation common stockholders as Consolidated AFFO, excluding the ation common r rr ff availabla e to fund indicator of our current operating perforff mance. We to an investor in evaluating our operating perforff mance because (1) each is a key measure Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO and AFFO (common stockholders) are not intended to replace net income or any other perforff mance measures determined in accordance with GAAP. None of Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO or AFFO (common stockholders) represents cash flff ows frff om operating activities in accordance with GAAP and, thereforff e, these measures should not be considered indicative of cash flff ows frff om operating activities, as a measure of liquidity or a measure of funds our cash needs, including our abia lity to make cash distributions. Rather, Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO and AFFO (common stockholders) are presented as we believe each is a usefulff believe that these metrics are usefulff used by our management team foff r decision making purpos rr Adjusted EBITDA is a component underlying our credit ratings; (3) Adjusted EBITDA is widely used in the telecommunications real estate sector to measure operating perforff mance as depreciation, amortization and accretion may varyrr lives, particularly where acquisitions and non- signififf cantly among companies depending upon accounting methods and usefulff operating faff ctors are involved; (4) Consolidated AFFO and AFFO (common stockholders) are widely used in the telecommunications real estate sector to adjust Nareit FFO (common stockholders) forff flff uctuat tions in Nareit FFO (common stockholders) growth frff om period to period that would not be representative of the underlying perforff mance of property assets in those periods; (5) each provides investors with a meaningfulff measure forff evaluating our period-to-period operating perforff mance by eliminating items that are not operational in naturt e; and (6) each provides investors with a measure forff industry.rr comparing our results of operations to those of other companies, particularly those in our evaluating our operating segments’ perforff mance; (2) items that may otherwise cause material es and forff ff Our measurement of Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO and AFFO (common stockholders) may not, however, be fulff Adjusted EBITDA, Nareit FFO (common stockholders), Consolidated AFFO and AFFO (common stockholders) to net income, the most directly comparabla e GAAP measure, have been included below. ly comparabla e to similarly titled measures used by other companies. Reconciliations of 32 Results of Operations Year Ended December 31, 2021 Compared to Year Ended December 31, 2020 For a discussion of our 2021 Results of Operations, including a discussion of our fiff nancial results forff December 31, 2021 compared to the fiff scal year ended December 31, 2020, refeff r to Part I, Item 7 of our annual report on Form 10-K fiff led with the SEC on Februarr ryrr 25, 2022 (the “2021 Form 10-K”). the fiff scal year ended Years Ended December 31, 2022 and 2021 (in millions, except percentages) Revenue Property Year Ended December 31, 2022 2021 Percent Change 2022 vs 2021 U.S. & Canada .................................................................................................... $ Asia-Pacififf c......................................................................................................... Afrff ica .................................................................................................................. Europe................................................................................................................. Latin America ..................................................................................................... Data Centers........................................................................................................ Total property .............................................................................................. Services ...................................................................................................................... 5,006.3 $ 1,077.0 1,192.5 735.7 1,691.9 766.6 10,470.0 241.1 4,920.2 1,199.1 1,005.5 496.2 1,465.4 23.2 9,109.6 247.3 Total revenues ............................................................................................. $ 10,711.1 $ 9,356.9 2 % (10) 19 48 15 3,204 15 (3) 14 % YeYY ar ended December 31, 2022 U.S. & Canada property segment revenue growth of $86.1 million was attributabla e to: • ▪ Tenant billings growth of $47.9 million, which was driven by: $148.7 million due to colocations and amendments; ◦ Partially offff sff et by: ◦ ▪ , we expect that our churn rate will be elevated forff A decrease of $92.5 million resulting frff om churn in excess of contractuat a above the T-Mobile MLA); A decrease of $6.3 million frff om other tenant billings; and A decrease of $2.0 million generated frff om newly acquired or construcr ted sites, which includes the impact of the disposition of certain operations acquired in connection with our acquisition of InSite Wireless Group, LLC (“InSite,” and the acquisition, the “InSite Acquisition”); and An increase of $38.7 million in other revenue, which includes a $35.4 million increase due to straight-line accounting. a period of several years due to the terms of l escalations (as discussed ▪ ▪ Segment revenue growth included a decrease of $0.5 million attributabla e to the negative impact of forff eign currency translation related to flff uctuat tions in Canadian Dollar. Asia-Pacififf c property segment revenue decrease of $122.1 million was attributabla e to: • • • a A decrease of $78.3 million in other revenue, primarily due to revenue reserves of $52.5 million related to the VIL ) and a decrease of $13.1 million due to straight-line accounting, primarily related to a Shortfaff ll (as discussed above write offff of VIL balances; and A decrease of $21.3 million in pass-through revenue, primarily due to revenue reserves of $42.0 million related to the VIL Shortfaff ll, partially offff sff et by an increase in fueff Partially offff sff et by tenant billings growth of $39.6 million, which was driven by: l prices; ◦ ◦ ◦ $35.8 million due to colocations and amendments; and $23.3 million generated frff om newly acquired or construcr Partially offff sff et by: ted sites; ▪ ▪ A decrease of $18.9 million resulting frff om churn in excess of contractuat A decrease of $0.6 million frff om other tenant billings. l escalations; and Segment revenue decline included a decrease of $62.1 million attributabla e to the negative impact of forff eign currency translation related to flff uctuat tions in Indian RupeRR e (“INR”). Afrff ica property segment revenue growth of $187.0 million was attributabla e to: 33 • • • An increase of $185.3 million in pass-through revenue, primarily due to an increase in fueff Tenant billings growth of $100.6 million, which was driven by: ◦ ◦ ◦ ◦ An increase of $26.2 million in other revenue, which includes an increase due to straight-line accounting and a decrease in revenue reserves. $55.4 million due to colocations and amendments; $44.0 million generated frff om newly acquired or construcr $1.0 million frff om contractuat $0.2 million frff om other tenant billings; and l escalations, net of churn; and ted sites; l prices; Segment revenue growth included a decrease of $125.1 million attributabla e to the impact of forff eign currency translation, which included, among others, negative impacts of $69.1 million related to flff uctuat flff uctuat tions in South Afrff ican Rand, $14.2 million related to flff uctuat in West Afrff ican CFA Franc and $9.3 million related to flff uctuat tions in Ghanaian Cedi, $17.8 million related to tions in Nigerian Naira, $10.3 million related to flff uctuat tions in Kenyan Shilling. tions • Europe property segment revenue growth of $239.5 million was attributabla e to: Tenant billings growth of $185.7 million, which was driven by: $158.1 million generated frff om newly acquired or construcrr ◦ Telxius Telecom, S.A. (“Telxius,” and the acquisition, the “Telxius Acquisition”) and our agreements with Orange S.A. (“Orange”); $14.9 million frff om contractuat $12.7 million due to colocations and amendments; ◦ ◦ An increase of $121.3 million in pass-through revenue, primarily attributabla e to the Telxius Acquisition; and An increase of $1.1 million in other revenue. l escalations, net of churn; and • • ted sites, primarily attributabla e to our transaction with Segment revenue growth included a decrease of $68.6 million, primarily attributabla e to the negative impact of forff eign currency translation related to flff uctuat tions in Euro (“EUR”). Latin America property segment revenue growth of $226.5 million was attributabla e to: • • • Tenant billings growth of $107.4 million, which was driven by: ◦ ◦ ◦ $38.5 million frff om contractuat $35.4 million due to colocations and amendments; $31.7 million generated frff om newly acquired or construcr Acquisition; and $1.8 million frff om other tenant billings; l escalations, net of churn; ted sites, primarily attributabla e to the Telxius ◦ An increase of $65.5 million in pass-through revenue, primarily attributabla e to the Telxius Acquisition and increased pass-through ground rent costs in Brazil; and An increase of $49.4 million in other revenue primarily as a result of tenant settlements in Mexico. Segment revenue growth included an increase of $4.2 million, attributabla e to the impact of forff eign currency translation, which included, among others, positive impacts of $26.3 million related to flff uctuat flff uctuat and $13.3 million related to flff uctuat tions in Brazilian Real and $4.2 million related to tions in Colombian Peso tions in Mexican Peso, partially offff sff et by negative impacts of $13.8 million related to flff uctuat tions in Chilean Peso. Data Centers segment revenue growth was attributabla e to data centers acquired in the four the CoreSite Acquisition. ff th quarter of 2021, including through Services segment revenue decrease of $6.2 million was primarily attributabla e to a decrease in site appl turt al analysis services, partially offff sff et by an increase in construcr permitting and strucr a tion management services. ication, zoning, 34 Gross MarMM gir n Property Year Ended December 31, 2022 2021 Percent Change 2022 vs 2021 U.S. & Canada .................................................................................................... $ Asia-Pacififf c......................................................................................................... Afrff ica .................................................................................................................. Europe................................................................................................................. Latin America ..................................................................................................... Data Centers........................................................................................................ Total property .............................................................................................. Services ...................................................................................................................... 4,160.9 $ 4,066.7 379.4 747.4 416.1 1,165.2 444.6 7,313.6 133.7 474.8 659.4 302.2 1,007.1 14.1 6,524.3 150.6 2 % (20) 13 38 16 3,053 12 (11)% YeYY ar ended December 31, 2022 • • • • • • • The increase in U.S. & Canada property segment gross margin was primarily attributabla e to the increase in revenue described above and a decrease in direct expenses of $8.1 million. a The decrease in Asia-Pacififf c property segment gross margin was primarily attributabla e to the decrease in revenue described above through revenue, including fueff currency translation. and an increase in direct expenses of $15.8 million due to an increase in costs associated with pass- l costs. Direct expenses also benefiff ted by $42.5 million frff om the impact of forff eign a The increase in Afrff ica property segment gross margin was primarily attributabla e to the increase in revenue described above , partially offff sff et by an increase in direct expenses of $147.8 million due to an increase in costs associated with a pass-through revenue, including fueff currency translation. l costs. Direct expenses also benefiff ted by $48.8 million frff om the impact of forff eign The increase in Europe property segment gross margin was primarily attributabla e to the increase in revenue described above a Direct expenses also benefiff ted by $28.2 million frff om the impact of forff eign currency translation. , partially offff sff et by an increase in direct expenses of $153.8 million, primarily due to the Telxius Acquisition. The increase in Latin America property segment gross margin was primarily attributabla e to the increase in revenue described above costs, including as a result of the Telxius Acquisition. Direct expenses also benefiff ted by $1.6 million frff om the impact of forff eign currency translation. , partially offff sff et by an increase in direct expenses of $70.0 million, primarily due to higher ground rent a The increase in Data Centers segment gross margin was attributabla e to data centers acquired in the four 2021, including through the CoreSite Acquisition. ff th quarter of The decrease in Services segment gross margin was primarily due to the decrease in revenue described above increase in direct expenses of $10.7 million, primarily attributabla e to construcr a tion management services. and an 35 Selling, General,l Adminisii trtt ative and Development ExEE pex nse (“SG&A&& ”)” Year Ended December 31, 2022 2021 Percent Change 2022 vs 2021 Property U.S. & Canada.................................................................................................... $ Asia-Pacififf c ........................................................................................................ Afrff ica.................................................................................................................. Europe ................................................................................................................ Latin America..................................................................................................... Data Centers ....................................................................................................... Total property.............................................................................................. Services...................................................................................................................... Other ......................................................................................................................... $ 183.2 69.1 80.0 52.4 107.6 63.9 556.2 22.3 393.8 Total selling, general, administrative and development expense................ $ 972.3 $ 176.9 73.1 72.3 42.1 104.1 5.9 474.4 16.2 321.0 811.6 4 % (5) 11 24 3 983 17 38 23 20 % YeYY ar EndeEE d December 31, 2022 • • • • • • The increases in our U.S. & Canada and Europe property segment SG&A and Services segment SG&A were primarily driven by increased personnel costs to support our business, including as a result of the Telxius Acquisition in Europe. The decrease in our Asia-Pacififf c property segment SG&A was primarily driven by decreased personnel costs, partially offff sff et by a net increase in bad debt expense of $$4.2 miillllii . VIL Shortfaff ll is reflff ected in revenue reserves as described above .on For the year ended December 31, 2022, the impact of the a The increase in our Afrff ica property segment SG&A was primarily driven by increased personnel costs to support our business and higher canceled construcrr tion costs. The increase in our Latin America property segment SG&A was primarily driven by increased personnel costs to support our business, including as a result of the Telxius Acquisition, partially offff sff et by a decrease in bad debt expense of $11.0 million. The increase in our Data Centers segment SG&A was attributabla e to data centers acquired in the four 2021, including through the CoreSite Acquisition. ff th quarter of The increase in other SG&A was primarily attributabla e to an increase in stock-based compensation expense of $49.8 million, including expense associated with certain equity awards related to the CoreSite Acquisition, and an increase in rr corpor ate SG&A, including an increase in personnel costs to support our business. OpeO rating Profiff t Property Year Ended December 31, 2022 2021 Percent Change 2022 vs 2021 U.S. & Canada ................................................................................................... $ Asia-Pacififf c ........................................................................................................ Afrff ica ................................................................................................................. Europe ................................................................................................................ Latin America..................................................................................................... Data Centers ....................................................................................................... Total property.............................................................................................. Services ..................................................................................................................... $ 3,977.7 310.3 667.4 363.7 1,057.6 380.7 6,757.4 111.4 3,889.8 401.7 587.1 260.1 903.0 8.2 6,049.9 134.4 2 % (23) 14 40 17 4,543 12 (17)% YeYY ar EndeEE d December 31, 2022 • The increases in operating profiff t forff our U.S. & Canada, Afrff ica, Europe and Latin America property segments were primarily attributabla e to increases in our segment gross margin, partially offff sff et by increases in our segment SG&A. 36 • • • The decrease in operating profiff t forff segment gross margin, which was impacted by the VIL Shortfaff ll, partially offff sff et by a decrease in our segment SG&A. our Asia-Pacififf c property segment was primarily attributabla e to a decrease in our The increase in operating profiff t forff quarter of 2021, including through the CoreSite Acquisition. our Data Centers segment was attributabla e to data centers acquired in the four ff th The decrease in operating profiff t forff margin and an increase in our segment SG&A. our Services segment was primarily attributabla e to a decrease in our segment gross Depre eciation, Amortizii ation and Accretion Depreciation, amortization and accretion.................................................................. $ 3,355.1 $ 2,332.6 44 % Year Ended December 31, 2022 2021 Percent Change 2022 vs 2021 The increase in depreciation, amortization and accretion expense forff attributabla e to the acquisition, lease or construcrr the Telxius Acquisition and the CoreSite Acquisition, which resulted in increases in property and equipment and intangible assets subject to amortization, partially offff sff et by forff eign currency exchange rate flff uctuat tion of new sites since the beginning of the prior-year period, including due to the year ended December 31, 2022 was primarily tions. Othett r OpeO rating ExEE pex nses Year Ended December 31, 2022 2021 Percent Change 2022 vs 2021 Other operating expenses........................................................................................... $ 767.6 $ 398.7 93 % the year ended December 31, 2022 was primarily attributabla e to an increase in The increase in other operating expenses forff impairment charges of $482.2 million, partially offff sff et by a decrease in integration and acquisition related costs, including pre- acquisition contingencies and settlements, of $122.9 million. For the year ended December 31, 2022, impairment charges included $97.0 million related to tower and network location intangible assets and $411.6 million related to tenant-related intangible assets in our Asia-Pacififf c property segment related to VIL in India. For more inforff mation on these impairments, see the inforff mation under the capta ion “India Impairments” included in note 16 to our consolidated fiff nancial statements included in this Annual Report. The year ended December 31, 2021 included acquisition and merger related costs associated with the Telxius Acquisition and the CoreSite Acquisition. TotTT al Othett r ExEE pex nse Year Ended December 31, 2022 2021 Percent Change 2022 vs 2021 Total other expense .................................................................................................... $ 631.6 $ 302.6 109 % Total other expense consists primarily of interest expense and realized and unrealized forff eign currency gains and losses. We record unrealized forff eign currency gains or losses as a result of forff eign currency exchange rate flff uctuat with our intercompany notes and similar unaffff iff liated balances denominated in a currency other than the subsidiaries’ func currencies. tions primarily associated tional ff The increase in total other expense during the year ended December 31, 2022 was due to an increase in net interest expense of $234.4 million, primarily due to increases in our weighted average interest rate and our average debt outstanding, and a decrease in forff eign currency gains of $108.5 million, partially offff sff et by a decrease in loss on retirement of long-term obligations of $37.8 million, primarily attributabla e to the repayment of all amounts outstanding under the securitizations assumed in connection with the InSite Acquisition (the “InSite Debt”) and repayment of our 4.70% senior unsecured notes due 2022 (the “4.70% Notes”) in the prior-year period. IncII ome TaxTT Provisii ion Income tax provision ............................................................................................. $ Effff eff ctive tax rate.................................................................................................... Year Ended December 31, 2022 2021 Percent Change 2022 vs 2021 24.0 $ 261.8 (91)% 1.4 % 9.3 % As a REIT, we may deduct earnings distributed to stockholders against the income generated by our REIT operations. Consequently, the effff eff ctive tax rate on income frff om continuing operations forff 2021 diffff eff rs frff om the feff deral statutt oryrr each of the years ended December 31, 2022 and rate. 37 The decrease in the income tax provision forff taxabla e income due to impairment charges in India and the release of valuation allowances in certain jurisdictions. The decrease in the income tax provision forff the year ended December 31, 2021. These $76.5 million in certain jurisdictions, as compared to a reversal of $26.2 million forff valuation allowance reversals were recognized as a reduction to the income tax provision as the net related defeff rred tax assets were deemed realizabla e based on changes in faff cts and circumstances relevant to the assets’ recoverabia lity. the year ended December 31, 2022 included the reversal of valuation allowances of the year ended December 31, 2022 was primarily attributabla e to a reduction in NeNN t IncII ome / Adjusted EBEE IBB TII DTT ADD and NeNN t IncII ome / NarNN eit FFFF O attrt ibutable to American TowTT olidated AFFFF O / AFFFF O attrt ibutable to American TowTT kk stockhol r er CorCC por rsrr / ConsCC del ation common stockhol ation common rsrr kk del rr er CorCC por Net income ............................................................................................................... $ Income tax provision ................................................................................................ Other income ............................................................................................................ Loss on retirement of long-term obligations ............................................................ Interest expense ........................................................................................................ Interest income ......................................................................................................... Other operating expenses ......................................................................................... Depreciation, amortization and accretion................................................................. Stock-based compensation expense ......................................................................... Adjusted EBITDA.................................................................................................... $ Year Ended December 31, 2022 2021 Percent Change 2022 vs 2021 1,696.7 $ 2,567.6 (34)% 24.0 (433.7) 0.4 1,136.5 (71.6) 767.6 3,355.1 169.3 261.8 (566.1) 38.2 870.9 (40.4) 398.7 2,332.6 119.5 (91) (23) (99) 30 77 93 44 42 6,644.3 $ 5,982.8 11 % Net income ................................................................................................................... $ Real estate related depreciation, amortization and accretion ....................................... Losses frff om sale or disposal of real estate and real estate related impairment charges (1) .................................................................................................................... Dividends to noncontrolling interests (2)..................................................................... Adjustments forff unconsolidated affff iff liates and noncontrolling interests ..................... Year Ended December 31, 2022 1,696.7 $ 3,108.9 2021 2,567.6 2,093.5 684.3 (22.2) (188.2) 197.7 (2.6) (102.9) Nareit FFO attributabla e to American Tower Corpor r ation common stockholders $ 5,279.5 $ 4,753.3 Straight-line revenue .................................................................................................... Straight-line expense .................................................................................................... Stock-based compensation expense ............................................................................. Defeff rred portion of income tax and other income tax adjustments ............................. GTP one-time cash tax settlement (3) .......................................................................... Non-real estate related depreciation, amortization and accretion ................................ Amortization of defeff rred fiff nancing costs, debt discounts and premiums and long- term defeff rred interest charges ...................................................................................... Other income (4) .......................................................................................................... Loss on retirement of long-term obligations ................................................................ Other operating expenses (5)........................................................................................ Capia tal improvement capia tal expenditurt es ................................................................... rr Corpor ate capia tal expenditurt es..................................................................................... Adjustments forff unconsolidated affff iff liates and noncontrolling interests ..................... (499.8) 39.6 169.3 (298.3) 48.3 246.2 47.5 (433.7) 0.4 83.3 (176.2) (9.4) 188.2 Consolidated AFFO ............................................................................................. $ 4,684.9 Adjustments forff unconsolidated affff iff liates and noncontrolling interests (6)................. (168.2) AFFO attributabla e to American Tower Corpor r ation common stockholders ........ $ 4,516.7 $ $ (465.6) 52.7 119.5 36.6 — 239.1 40.1 (566.1) 38.2 201.0 (170.4) (8.0) 102.9 4,373.3 (96.8) 4,276.5 Percent Change 2022 vs 2021 (34)% 49 246 754 83 11 7 (25) 42 (915) 100 3 18 (23) (99) (59) 3 18 83 7 % 74 % 6 % _______________ (1) Included in these amounts are impairment charges of $655.9 million and $173.7 million forff the years ended December 31, 2022 and 2021, respectively. 38 (2) For the year ended December 31, 2022, includes $16.7 million of distributions related to the outstanding Stonepeak mandatorily convertible prefeff rred (3) equity and dividends of $5.5 million paid to PGGM. In 2015, we incurred charges in connection with certain tax elections wherein MIP Tower Holdings LLC, parent company to Global Tower Partners (“GTP”), would no longer operate as a separate REIT forff es. We fiff nalized 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 perforff mance. Accordingly, we believe it is more meaningfulff Includes gains on forff eign currency exchange rate flff uctuat to present Consolidated AFFO excluding these amounts. tions of $449.4 million and $557.9 million, respectively. feff deral and state income tax purpos rr (4) (5) Primarily includes acquisition-related costs and integration costs. (6) Includes adjustments forff included in the calculation of Consolidated AFFO. the impact on both Nareit FFO attributabla e to American Tower Corpor rr ation common stockholders as well as the other line items YeYY ar EndeEE d December 31, 2022 The decrease in net income was primarily due to (i) an increase in depreciation, amortization and accretion expense, (ii) an increase in other operating expense, including an increase in impairment charges of $482.2 million, (iii) an increase in interest expense and (iv) a decrease in gains on forff eign currency exchange rate flff uctuat operating profiff t and (b) a decrease in the income tax provision. Net income forff loss on retirement of long-term obligations of $25.7 million, attributabla e to the repayment of the InSite Debt and the 4.70% Notes. tions, partially offff sff et by (a) an increase in our the year ended December 31, 2021 included a The increase in Adjusted EBITDA was primarily attributabla e to an increase in our gross margin and was partially offff sff et by an increase in SG&A, excluding the impact of stock-based compensation expense, of $110.9 million. The increases in Consolidated AFFO and AFFO attributabla e to American Tower Corpor primarily attributabla e to the increase in our operating profiff t, excluding the impact of straight-line accounting, partially offff sff et by (i) increases in cash paid forff interest, (ii) an increase in dividends to noncontrolling interests, including $16.7 million of distributions payabla e related to the outstanding Stonepeak mandatorily convertible prefeff rred equity, and (iii) an increase in capia tal improvement capia tal expenditurt es. The growth in AFFO attributabla e to American Tower Corpor common stockholders was also impacted by changes in noncontrolling interests held in Data Centers, Europe and Asia-Pacififf c since the beginning of the prior-year period. ation common stockholders was taxes and cash paid forff ation r r 39 Liquidity and Capital Resources For a discussion of our 2021 Liquidity and Capia tal Resources, including a discussion of cash flff ows forff December 31, 2021 compared to the fiff scal year ended December 31, 2020, refeff r to Part I, Item 7 of the 2021 Form 10-K. the fiff scal year ended Overview During the year ended December 31, 2022, we increased our fiff nancial flff exibility and our abia lity to grow our business while maintaining our long-term fiff nancial policies. Our signififf cant 2022 fiff nancing transactions included: • • • • • • Repayment of debt assumed in connection with the CoreSite Acquisition, including senior unsecured notes previously entered into by CoreSite (the “CoreSite Debt”). Redemption of our 2.250% senior unsecured notes due 2022 (the “2.250% Notes”) upon their maturt ity. Registered public offff eff ring in an aggregate amount of $1.3 billion of senior unsecured notes with maturt and 2032. Regigisteredd Thhe Stonepeakk Transactiion ((as ddefiiff nedd a dnd furff amount of appr Repayment of all amounts outstanding under the 2021 USD 364-Day Delayed Draw Term Loan (as defiff ned below). thher didiscussedd bbellow)) pursuant to whihichh we receiivedd an aggggreggate publiic offff eff rii gng of 9,185,000 shares of our common stock forff aggregate net proceeds of $$2.3 bibilllliion. ioximatellyy $$3.1 bibilllliion. ities in 2027 bl a The folff lowing tabla e summarizes our liquidity as of December 31, 2022 (in millions): Availabla e under the 2021 Multicurrency Credit Facility ........................................................................................... $ Availabla e under the 2021 Credit Facility................................................................................................................... Letters of credit .......................................................................................................................................................... Total availabla e under credit faff cilities, net........................................................................................................... Cash and cash equivalents ......................................................................................................................................... Total liquidity ..................................................................................................................................................... $ 2,211.3 2,920.0 (34.4) 5,096.9 2,028.4 7,125.3 Subsequent to December 31, 2022, we made additional net borrowings of $895.0 million under the 2021 Credit Facility (as defiff ned below) and $655.0 million under the 2021 Multicurrency Credit Facility (as defiff ned below). The borrowings were used es. to repay existing indebtedness and forff general corpor ate purpos rr r Summaryrr cash flff ow inforff mation is set forff th below forff the years ended December 31, (in millions): Net cash provided by (used forff ): ....................................................................................................... Operating activities .................................................................................................................... $ Investing activities ..................................................................................................................... Financing activities .................................................................................................................... $ 3,696.2 (2,355.2) (1,423.2) 4,819.9 (20,692.2) 16,424.5 Net effff eff ct of changes in forff eign currency exchange rates on cash and cash equivalents, and restricted cash .................................................................................................................................... Net (decrease) increase in cash and cash equivalents, and restricted cash........................................ $ (120.4) (202.6) $ (70.3) 481.9 2022 2021 our operations and investments in our business, including maintenance and improvements, We use our cash flff ows to fundff communications site construcr distributions, including distributions of our REIT taxabla e income to maintain our qualififf cation forff Code. We may also repay or repurchase our existing indebtedness or equity frff om time to time. We typically fund international expansion effff orff tion, managed network installations and acquisitions. Additionally, we use our cash flff ows to make taxation as a REIT under the ts primarily through a combination of cash on hand, intercompany debt and equity contributions. our ff In July 2022, in connection with the fundi ng of the CoreSite Acquisition, we entered into an agreement pursuant to which certain investment vehicles affff iff liated with Stonepeak acquired a noncontrolling ownership interest in our U.S. data center business. The transaction was completed in August 2022 forff in common equity and mandatorily convertible prefeff rred equity. total aggregate consideration of $2.5 billion, through an investment ff In October 2022, we entered into an agreement with Stonepeak forff Stonepeak to acquire additional common equity and mandatorily prefeff rred equity interests in our U.S. data center business forff transaction was completed in October 2022. We expect to pay distributions related to the outstanding common equity and mandatorily convertible prefeff rred equity. total aggregate consideration of $570.0 million. The As of December 31, 2022, we hold a common equity interest of appr Stonepeak holding appr a a oximately 28% of the outstanding common equity and 100% of the outstanding mandatorily convertible oximately 72% in our U.S. data center business, with 40 ly converted basis, which is expected to occur four prefeff rred equity. On a fulff 2022, and on the basis of the currently outstanding equity, we will hold a controlling ownership interest of appr with Stonepeak holding appr will convert into common equity on a one forff oximately 36%. The mandatorily convertible prefeff rred equity, which accruer years frff om the date of the initial closing in August oximately 64%, one basis, subject to adjustment that will be measured on the conversion date. s dividends at 5.0%, a a ff As of December 31, 2022, we had total outstanding indebtedness of $38.9 billion, with a current portion of $4.5 billion. During the year ended December 31, 2022, we generated suffff iff cient cash flff ow frff om operations, together with borrowings under our credit faff cilities, proceeds frff om our equity and debt issuances and cash on hand, to fund and debt service obligations, as well as our required distributions. We believe the cash generated by operating activities during the year ending December 31, 2023, together with our borrowing capaa city under our credit faff cilities, will be suffff iff cient to fundff our required distributions, capia tal expenditurt es, debt service obligations (interest and principal repayments) and signed acquisitions. our acquisitions, capia tal expenditurt es ff As of December 31, 2022, we had $1.8 billion of cash and cash equivalents held by our forff eign subsidiaries. As of December 31, 2022, we had $244.6 million of cash and cash equivalents held by our joint venturt es, of which $223.7 million was held by our forff eign joint venturt es. While certain subsidiaries may pay us interest or principal on intercompany debt, it has not been our practice to repatriate earnings frff om our forff eign subsidiaries primarily due to our ongoing expansion effff orff needs. However, in the event that we do repatriate any funds , we may be required to accruer and pay certain taxes. ts and related capia tal ff CasCC h FlFF owll sw frff om OpeOO ratitt nii g Actitt vitii itt es For the year ended December 31, 2022, cash provided by operating activities decreased $1,123.7 million as compared to the year ended December 31, 2021. The primaryrr ended December 31, 2021, include: faff ctors that impacted cash provided by operating activities as compared to the year • • • • A decrease in unearned revenue due to advance payments frff om a customer during the year ended December 31, 2021; An increase in cash required forff working capia tal, primarily as a result of an increase in prepaid and other assets and a decrease in accounts payabla e; a An increase of appr a An increase of appr oximately $297.4 million in cash paid forff oximately $97.1 million in cash paid forff interest; and taxes. CasCC h FlFF owll sw frff om InII vestitt nii g Actitt vitii itt es Our signififf cant investing activities during the year ended December 31, 2022 are highlighted below: • We spent appr a • We spent $1.9 billion forff capia tal expenditurt es, as folff lows (in millions): oximately $549.0 million forff acquisitions, including payments made forff acquisitions completed in 2021. Discretionaryrr capia tal projects (1)............................................................................................................................... $ Ground lease purchases (2)........................................................................................................................................ Capia tal improvements and corpor rr ate expenditurt es (3) .............................................................................................. Redevelopment .......................................................................................................................................................... Start-up capia tal projects ............................................................................................................................................. Total capia tal expenditurt es (4) ............................................................................................................................. $ 865.8 195.7 185.6 398.2 257.2 1,902.5 _______________ (1) (2) tion of 6,890 communications sites globally and appr Includes the construcrr Includes $36.7 million of perperr tuat fiff nancing activities in our consolidated statements of cash flff ows. Includes $6.7 million of fiff nance lease payments reported in Repayments of notes payabla e, credit faff cilities, term loans, senior notes, secured debt and fiff nance leases in the cash flff ows frff om fiff nancing activities in our consolidated statements of cash flff ows. l land easement payments reported in Defeff rred fiff nancing costs and other fiff nancing activities in the cash flff ows frff om oximately $330 million of spend related to data center assets. a (3) (4) Net of purchase credits of $14.5 million on certain assets, which are reported in investing activities in our consolidated statements of cash flff ows. We plan to continue to allocate our availabla e capia tal, aftff er satisfyiff ng our distribution requirements, among investment alternatives that meet our returt n on investment criteria, while maintaining our commitment to our long-term fiff nancial policies. Accordingly, we expect to continue to deploy capia tal through our annual capia tal expenditurt e program, including land purchases ios as to capia tal and new site and data center faff cility construcr tion, and through acquisitions. We also regularly review our portfolff 41 expenditurt es required to upgrade our infrff astrucr issues. turt e to our strucrr turt al standards or address capaa city, strucr turt al or permitting We expect that our 2023 total capia tal expenditurt es will be as folff lows (in millions): Discretionaryrr capia tal projects (1) ................................................................................................ $ Ground lease purchases ............................................................................................................... Capia tal improvements and corpor rr ate expenditurt es...................................................................... Redevelopment ............................................................................................................................ Start-up capia tal projects ............................................................................................................... 785 to $ 85 175 485 120 to to to to 815 105 185 515 140 Total capia tal expenditurt es..................................................................................................... $ 1,650 to $ 1,760 _______________ (1) Includes the construcrr data center assets. tion of appr a oximately 3,450 to 4,550 communications sites globally and appr a oximately $360 million of anticipated spend related to CasCC h FlFF owll sw frff om FiFF nii ancinii g Actitt vitii itt es Our signififf cant fiff nancing activities were as folff lows (in millions): Year Ended December 31, 2022 2021 Proceeds frff om issuance of senior notes, net .................................................................................. $ 1,293.6 $ Proceeds frff om issuance of common stock, net.............................................................................. (Repayments of)ff proceeds frff om credit faff cilities, net..................................................................... Proceeds frff om term loans .............................................................................................................. 2,291.7 (860.0) — 6,761.6 2,361.8 3,691.8 7,347.0 Repayments of term loans ............................................................................................................. (3,000.0) (2,529.8) Repayments of securitized debt (1) ............................................................................................... Repayments of senior notes (2) ..................................................................................................... Contributions frff om noncontrolling interest holders (3)................................................................. Distributions to noncontrolling interest holders (4)....................................................................... Purchases of redeemabla e noncontrolling interests (5) ................................................................... Purchases of common stock........................................................................................................... — (1,555.1) 3,120.8 (10.9) — (18.8) (763.5) (700.0) 3,078.2 (223.2) (175.7) — Distributions paid on common stock ............................................................................................. (2,630.4) (2,271.0) _______________ (( )1) During the year ended December 31, 2021, we repaid all amounts outstanding under the InSite Debt. (( )2) Incll dudes thhe CoreSiite Debbt, whihichh, as fof Decembber 31, 2021, iincll dudedd $$875.0 miilllliion aggggreggate priinciipall amount a dnd a ffaff iir vallue adjdjustment $$80.1 miilllliion. Durii gng thhe yyear e dndedd Decembber 31, 2022, we repaiidd allll amounts outsta dindi gng dunder thhe CoreSiite Debbt. fof (( )3) For thhe yyear e dndedd Decembber 31, 2022, iincll dudes appr a ioximatellyy $$3.1 bibilllliion fof contriibbutiions receiivedd ffrff om Stonepeakk iin connectiion wiithh thhe Stonepeakk Transactiion. For thhe yyear e dndedd Decembber 31, 2021, iincll dudes $$3.1 bibilllliion fof contriibbutiions receiivedd ffrff om Caiisse dde ddépôt et fff ((“CDPQ”)) a dnd Alllliianz iinsurance compa inies a dnd ff ((c lolllectiivellyy, “Alllliianz”)), fforff CDPQ a dnd Alllliianz to ac Germa yny, P lola dnd a dnd Spaiin ((suchh s bubsiididiariies c lolllectiivellyy, “ATC Europe”)) ((thhe “ATC Europe Transactiions”)). iquire noncontr lolllii gng iinterests iin s bubsiididiariies whhose h lholdidi gngs consiist dunds managgedd byby Alllliianz Ca ipia tall Partners GmbbH, iincll diudi gng thhe Alllliianz European I fnfrff astrucrr lplacement ddu Québbec fof our operatiions iin France, turt e F dund (4) For the year ended December 31, 2021, includes $214.9 million of cash consideration paid to PGGM in connection with the reorganization of our subsidiaries in Europe. (5) For the year ended December 31, 2021, includes the redemption of our minority interest in ATC TIPL forff total consideration of INR 12.9 billion a (appr France forff oximately $173.2 million at the date of redemption). During the year ended December 31, 2021 we also liquidated our interests in a company held in oximately $2.5 million at the date of redemption). total consideration of 2.2 million EUR (appr a 42 Senior NotNN es Repay e mentstt of Senior NotNN es e ment of 2.250% Senior NotNN es—On Januaryrr 14, 2022, we repaid $600.0 million aggregate principal amount of our 2.250% Repay senior unsecured notes due 2022 (the “2.250% Notes”) upon their maturt under the 2021 Credit Facility. Upon completion of the repayment, none of the 2.250% Notes remained outstanding. ity. The 2.250% Notes were repaid using borrowings e ment of 3.50% Senior NotNN es—On Januaryrr 31, 2023, we repaid $1.0 billion aggregate principal amount of our 3.50% ity. The 3.50% Notes were repaid using borrowings Repay senior unsecured notes due 2023 (the “3.50% Notes”) upon their maturt under the 2021 Credit Facility. Upon completion of the repayment, none of the 3.50% Notes remained outstanding. OfO fff eff ring of Senior NotNN es 3.650% Senior NotNN es and 4.050% Senior NotNN es OfO fff eff ring—On April 1, 2022, we completed a registered public offff eff ring of $650.0 million aggregate principal amount of 3.650% senior unsecured notes due 2027 (the “3.650% Notes”) and $650.0 million aggregate principal amount of 4.050% senior unsecured notes due 2032 (the “4.050% Notes” and, together with the 3.650% Notes, the “Notes”). The net proceeds frff om this offff eff ring were appr commissions and estimated expenses. We used the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 USD 364-Day Delayed Draw Term Loan. oximately $1,282.6 million, aftff er deducting a The key terms of the Notes are as folff lows: Senior Notes 3.650% Notes 4.050% Notes Aggregate Principal Amount (in millions) Issue Date and Interest Accrual Date $ $ 650.0 April 1, 2022 650.0 April 1, 2022 Maturity Date March 15, 2027 March 15, 2032 First Interest Payment Contractual Interest Rate 3.650% September 15, 2022 4.050% September 15, 2022 Interest Payments Due (1) March 15 and September 15 March 15 and September 15 Par Call Date (2) Februarr ryrr 15, 2027 December 15, 2031 _______________ (1) Accruerr d and unpaid interest on U.S. Dollar (“USD”) denominated notes is payabla e in USD semi-annually in arrears and will be computed frff om the issue date on the basis of a 360-day year comprised of twelve 30-day months. (2) We may redeem the Notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes plus a make-whole premium, together with accruerr d interest to the redemption date. If we redeem the Notes on or aftff er the par call date, we will not be required to pay a make-whole premium. If we undergo a change of control and corresponding ratings decline, each as defiff ned in the supplemental indenturt e forff the Notes, we may be required to repurchase all of the Notes at a purchase price equal to 101% of the principal amount of such Notes, plus accruerr d and unpaid interest (including additional interest, if any), up to but not including the repurchase date. The Notes rank equally with all of our other senior unsecured debt and are strucr indebtedness and other obligations of our subsidiaries. turt ally subordinated to all existing and futff urt e The supplemental indenturt e contains certain covenants that restrict our abia lity to merge, consolidate or sell assets and our (together with our subsidiaries’) abia lity to incur liens. These covenants are subject to a number of exceptions, including that we and our subsidiaries may incur certain liens on assets, mortgages or other liens securing indebtedness if the aggregate amount of indebtedness secured by such liens does not exceed 3.5x Adjusted EBITDA, as defiff ned in the supplemental indenturt e. e ment of CorCC eSite Debt—tt On Januaryrr 7, 2022, we repaid the entire amount outstanding under the CoreSite Debt, plus Repay accruer d and unpaid interest up to, but excluding, Januaryrr 7, 2022, forff including $80.1 million of prepayment consideration and $7.8 million in accruer d and unpaid interest. The repayment of the CoreSite Debt was funde d with borrowings under the 2021 Multicurrency Credit Facility and cash on hand. an aggregate redemption price of $962.9 million, ff Bank FacFF ilities 2021 M lulMM ticurrencyyc CrCC eddit FacFF illityytt —yy As of December 31, 2022, we had the abia lity to borrow up to $6.0 billion under our $6.0 billion senior unsecured multicurrency revolving credit faff cility, as amended and restated in December 2021 (the “2021 Multicurrency Credit Facility”), which includes a $3.5 billion sublimit forff multicurrency borrowings, a $200.0 million sublimit forff an aggregate of $850.0 million and repaid an aggregate of $1.4 billion of revolving indebtedness under the 2021 Multicurrency Credit Facility. We used the borrowings to repay outstanding indebtedness, including the CoreSite Debt, and forff rr corpor swingline loans. During the year ended December 31, 2022, we borrowed letters of credit and a $50.0 million sublimit forff ate purpos general es. r 43 2021 CrCC eddit FacFF illityytt ——yy A— s of December 31, 2022, we had the abia lity to borrow up to $4.0 billion under our $4.0 billion senior unsecured revolving credit faff cility, as amended and restated in December 2021 (the “2021 Credit Facility”), which includes a $2.5 billion sublimit forff multicurrency borrowings, $200.0 million sublimit forff letters of credit and a $50.0 million sublimit forff swingline loans. During the year ended December 31, 2022, we borrowed an aggregate of $3.3 billion and repaid an aggregate of $3.7 billion of revolving indebtedness under the 2021 Credit Facility. We used the borrowings to repay outstanding general corpor indebtedness, including the 2.250% Notes, and forff ate purpos es. rr r 2021 USDUU 364-Day Delayl e mentstt under thett ed Draw TeTT rm Loan—On April 6, 2022, we repaid $100.0 million of Repay indebtedness under our $3.0 billion unsecured term loan entered into in December 2021 (the “2021 USD 364-Day Delayed Draw Term Loan”) using proceeds frff om the issuance of the 3.650% Notes and the 4.050% Notes and cash on hand. On June 10, 2022, we repaid $2.3 billion of indebtedness under the 2021 USD 364-Day Delayed Draw Term Loan using proceeds frff om the June 2022 common stock offff eff ring (as furff remaining amounts outstanding under the 2021 USD 364-Day Delayed Draw Term Loan using proceeds frff om the initial closing of the Stonepeak Transaction. ther discussed in note 14) and cash on hand. On August 11, 2022, we repaid all As of December 31, 2022, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, our $1.0 billion unsecured term loan, as amended and restated in December 2021 (the “2021 Term Loan”), our 825.0 million EUR unsecured term loan, as amended in December 2021 (the “2021 EUR Three Year Delayed Draw Term Loan”) and our $1.5 billion unsecured term loan entered into in December 2021 (the “2021 USD Two Year Delayed Draw Term Loan”) were as folff Maturity Date LIBOR or EURIBOR borrowing interest rate range (1) Base rate borrowing interest rate range (1) lows: Current margin over LIBOR or EURIBOR and the base rate, respectively Outstanding Principal Balance Bank Facility 2021 Multicurrency Credit Facility............. (2) $ 3,788.7 1,080.0 1,000.0 June 30, 2025 (3) 0.875% - 1.750% 0.000% - 0.750% 1.125% and 0.125% Januaryrr 31, 2027 (3) 0.875% - 1.750% 0.000% - 0.750% 1.125% and 0.125% 0.875% - 1.750% 0.000% - 0.750% 1.125% and 0.125% Januaryrr 31, 2027 2021 Credit Facility.... (4) 2021 Term Loan ......... (4) 2021 EUR Three Year Delayed Draw Term Loan............................ (5) 2021 USD Two Year Delayed Draw Term Loan............................ (4) _______________ (( )1) Represents interest rate above a borrowings and interest rate above a 883.2 May 28, 2024 0.875% - 1.625% 0.000% - 0.625% 1.125% and 0.125% 1,500.0 December 28, 2023 0.875% - 1.750% 0.000% - 0.750% 1.125% and 0.125% LIBOR forff LIBOR based borrowings, interest rate above a Euro Interbar nk Offff eff r Rate (“EURIBOR”) forff EURIBOR based the defiff ned base rate forff base rate borrowings, in each case based on our debt ratings. (( )2) Currently borrowed at LIBOR forff USD denominated borrowings and at EURIBOR forff EUR denominated borrowings. (3) Subject to two optional renewal periods. (4) Currently borrowed at LIBOR. (5) Currently borrowed at EURIBOR. We must pay a quarterly commitment feff e on the undrawn portion of each of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility. The commitment feff e forff 0.080% to 0.300% per annum, based upon our debt ratings, and is currently 0.110%. the 2021 Multicurrency Credit Facility and the 2021 Credit Facility ranges frff om The 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan, the 2021 EUR Three Year Delayed Draw Term Loan and the 2021 USD Two Year Delayed Draw Term Loan do not require amortization of principal and may be paid prior to maturt defiff ned base rate, LIBOR or EURIBOR as the appl ity in whole or in part at our option without penalty or premium. We have the option of choosing either a borrowings under these bank faff cilities. icabla e base rate forff a The loan agreements forff each of the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan, the 2021 EUR Three Year Delayed Draw Term Loan and the 2021 USD Two Year Delayed Draw Term Loan contain certain reporting, inforff mation, fiff nancial and operating covenants and other restrictions (including limitations on additional debt, guaranties, sales of assets and liens) with which we must comply. Failure to comply with the fiff nancial and operating covenants of the loan agreements could not only prevent us frff om being abla e to borrow additional funds faff cilities, but may constitutt e a defaff ult, which could result in, among other things, the amounts outstanding under the appl agreement, including all accruer d interest and unpaid feff es, becoming immediately due and payabla e. under the revolving credit a icabla e ff ria Lettersrr of CrCC edit—Dtt NiNN gei uring the year ended December 31, 2022, we drew on letters of credit in Nigeria (the “Nigeria Letters of Credit”). The drawn amounts bear interest at a rate equal to the Secured Overnight Financing Rate at the time of drawing plus a spread. Amounts are due 270 days frff om the date of drawing. As of December 31, 2022, we had $16.2 million outstanding under the drawn Nigeria Letters of Credit. 44 II Indi II a Inde btedness a WorWW krr ing CapiCC tal FacFF ilities—The India indebtedness includes several working capia tal faff cilities, most of which are subject Indi II to annual renewal. The working capia tal faff cilities bear interest at rates that consist of the appl Funds based Lending Rate or Market Benchmark (as defiff ned in the appl working capia tal faff cilities are payabla e on demand prior to maturt these faff cilities. a a icabla e agreement), plus a spread. Generally, the ity. As of December 31, 2022, we have not borrowed under icabla e bank’s Marginal Cost of Amounts outstanding and key terms of the India indebtedness consisted of the folff except percentages): lowing as of December 31, 2022 (in millions, Working capia tal faff cilities (1) — $ — 8.03% - 8.80% Februar ryrr 4, 2023 - October 22, 2023 Amount Outstanding (INR) Amount Outstanding (USD) Interest Rate (Range) Maturity Date (Range) _______________ (1) 7.9 billion INR ($95.6 million) of borrowing capaa guarantees outstanding included within the overall borrowing capaa city. city as of December 31, 2022. We have 0.2 billion INR (appr a oximately $2.6 million) of of bank a TeTT rm Loan—On Februarr ryrr 16, 2023, we entered into a 12.0 billion INR (appr Indi II ity date that is one year frff om the date of the fiff rst draw thereunder (the “India Term signing) unsecured term loan with a maturt Loan”). On Februar oximately $120.7 million at the date of borrowing) under the India Term Loan. The India Term Loan bears interest at the three month treasuryrr bill rate as announced by the Financial Benchmarks India Private Limited at the time of borrowing plus a margin of 1.95%. Any outstanding principal and accruer d but unpaid interest will be due and payabla e in fulff ity. The India Term Loan does not require amortization of principal and may be paid prior to maturt ity in whole or in part at our option without penalty or premium. ryrr 17, 2023, we borrowed 10.0 billion INR (appr oximately $145.1 million at the date of l at maturt a a Stock Repur e chase Programs— We have two stock repurchase programs, the 2011 Buyback and the 2017 Buyback. During the year ended December 31, 2022, we repurchased 90,042 shares of our common stock under the 2011 Buyback forff aggregate of $18.8 million, including commissions and feff es. We had no repurchases under the 2017 Buyback. an Under each program, we are authorized to purchase shares frff om time to time through open market purchases or in privately negotiated transactions not to exceed market prices and subject to market conditions and other faff ctors. With respect to open market purchases, we may use plans adopted in accordance with RulRR e 10b5-1 under the Exchange Act in accordance with securities laws and other legal requirements, which allows us to repurchase shares during periods when we may otherwise be prevented frff om doing so under insider trading laws or because of self-ff imposed trading blackout periods. These programs may be discontinued at any time. oximately $2.0 any ther repurchases of our common stock through a combination of cash on hand, cash generated by operations and borrowings We have repurchased a total of 14.5 million shares of our common stock under the 2011 Buyback forff $1.5 billion, including commissions and feff es. We expect to continue managing the pacing of the remaining appr billion under the Buyback Programs in response to general market conditions and other relevant faff ctors. We expect to fundff furff under our credit faff cilities. Repurchases under the Buyback Programs are subject to, among other things, us having availabla e cash to fund the repurchases. an aggregate of a ff Sales of Equitytt Securities—We receive proceeds frff om sales of our equity securities pursuant to our employee stock purchase plan (the “ESPP”) and upon exercise of stock options granted under our equity incentive plan, as amended (the “2007 Plan”). During the year ended December 31, 2022, we received an aggregate of $32.4 million in proceeds upon exercises of stock options and sales pursuant to the ESPP. 2020 “A“ t thett MarMM krr ekk t” Stock OfO fff eff ring Program—In August 2020, we establa ished an “at the market” stock offff eff ring program through which we may issue and sell shares of our common stock having an aggregate gross sales price of up to $1.0 billion (the “2020 ATM Program”). Sales under the 2020 ATM Program may be made by means of ordinaryrr brokers’ transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to our specififf c instrucrr tions, at negotiated prices. We intend to use the net proceeds frff om any issuances under the 2020 ATM Program forff r additions to working capia tal and repayment or refiff nancing of existing indebtedness. As of December 31, 2022, we have not sold any shares of common stock under the 2020 ATM Program. es, which may include, among other things, the fundi ng of acquisitions, general corpor ate purpos rr ff 45 ComCC mon Stockk OffO fffff eff ringng—gggg On June 7, 2022, we com lpletedd a regigisteredd stockk, par vallue $$0.01 per shhare, ((whihichh iincll dudes thhe f lulff shhare. Aggggreggate net proceedds frff om thihis offff eff rii gng were appr a estiimatedd foffffff eff rii gng expenses. We usedd thhe net proceedds to repayy e ixistii gng ii dndebbteddness Draw Term Loan. ll exerciise of thhe publiic offff eff rii gng of 9,185,000 shhares of our common bl dunderwriiters’ over-allllotment optii )on) at $$256.00 per dunderwriitii gng didiscounts a dnd dunder thhe 2021 USD 364-Dayy Dellayyedd ioximatellyy $$2.3 bibilllliion aftff er ddedductii gng FutFF ure FiFF nancing TrTT ansactions—We regulgularllyy consiidder variious optiions to access thhe ca ipia tall markkets, subjubject to markket iincll diudi gng thhe 2020 ff onditiions, to meet our f c di ATM Pr gogram, mayy iincll dude addidditiionall se inior note offff eff rii gngs a dnd securiitiizatiion transactiions. No assurance can bbe gigiven as to whhethher a yny suchh fiiff nancii gng transactiions wiillll bbe com lpletedd or as to thhe tiimii gng or terms thhereof.ff gng needds. Suchh ca ipia tall raiisii gng allternatiives, iin addidditiion to thhose notedd abbove undi di a Disii trt ibutions—A— s a REIT, we must annually distribute to our stockholders an amount equal to at least 90% of our REIT taxabla e income (determined beforff e the deduction forff distributed, and expect to continue to distribute, all or substantially all of our REIT taxabla e income aftff er taking into consideration our utilization of NOLs. We have distributed an aggregate of appr stockholders, including the dividend paid in Februarr qualififf ed REIT dividends under Section 199A of the Code forff distributed earnings and excluding any net capia tal gain). Generally, we have ryrr 2023, primarily classififf ed as ordinaryrr oximately $14.5 billion to our common taxabla e years ending beforff e 2026. income that may be treated as a The amount, timing and frff equency of futff urt e distributions will be at the sole discretion of our Board of Directors and will depend on various faff ctors, a number of which may be beyond our control, including our fiff nancial condition and operating cash taxation as a REIT and reduce any income and excise taxes that we flff ows, the amount required to maintain our qualififf cation forff ents, otherwise would be required to pay, limitations on distributions in our existing and futff urt e debt and prefeff rred equity instrumrr our abia lity to utilize NOLs to offff sff et our distribution requirements, limitations on our abia lity to fundff distributions using cash generated through our TRSs and other faff ctors that our Board of Directors may deem relevant. During the year ended December 31, 2022, we paid $5.69 per share, or $2.6 billion, to common stockholders of record. In addition, we declared a distribution of $1.56 per share, or $726.3 million, paid on Februar of record at the close of business on December 28, 2022. ryrr 2, 2023 to our common stockholders distributions on unvested restricted stock units, which are payabla e upon vesting. The amount accruer d forff We accruerr distributions payabla e related to unvested restricted stock units was $17.0 million and $12.8 million as of December 31, 2022 and 2021, respectively. During the year ended December 31, 2022, we paid $6.9 million of distributions upon the vesting of restricted stock units. For more details on the cash distributions paid to our common stockholders during the year ended December 31, 2022, see note 14 to our consolidated fiff nancial statements included in this Annual Report. MatMM ett rial CasCC h Requirii ementstt —The folff obligations as of December 31, 2022 (in millions): lowing tabla e summarizes material cash requirements frff om known contractuat l and other Debt obligations (1) $ 4,514.2 $ 3,038.6 $ 7,501.3 $ 3,336.6 $ 5,969.2 $ 14,541.9 $ 38,901.8 Operating lease obligations (2) 1,165.6 1,064.6 1,007.4 947.9 886.6 6,319.8 11,391.9 2023 2024 2025 2026 2027 Thereaftff er Total ______________ (1) (2) Includes aggregate principal maturt in this Annual Report). Includes payments under non-cancellabla e initial terms, as well as payments forff faff ilure to do so could result in a loss of the appl fiff nancial statements included in this Annual Report). a ities of long-term debt, including fiff nance lease obligations (see note 8 to our consolidated fiff nancial statements included icabla e communications sites and related revenues frff om tenant leases (see note 4 to our consolidated certain renewal periods at our option, which we expect to renew because Disii trt ibutions—We expect that our 2023 total distributions declared to our common stockholders will be $3.0 billion. The amount, timing and frff equency of futff urt e distributions will be at the sole discretion of our Board of Directors. Asset Retirement Obligat assets are located. As of December 31, 2022, the estimated undiscounted futff urt e cash outlay forff $4.2 billion. i ions—We are required to remove our assets and remediate the leased sites upon which certain of our asset retirement obligations was FacFF tortt srr AfA fff eff ctitt nii g SouSS rces of Liquii iditii ytt Our liquidity depends on our abia lity to generate cash flff ow frff om operating activities, borrow funds maintain compliance with the contractuat discussed below represent our material debt agreements that contain covenants, our compliance with which would be material to an investor’s understanding of our fiff nancial results and the impact of those results on our liquidity. l agreements governing our indebtedness. We believe that the debt agreements under our credit faff cilities and ff 46 IntII ernallyll Generated Funds FF —Because the maja ority of our customer leases are multiyear contracts, a signififf cant maja ority of the revenues generated by our property operations as of the end of 2022 is recurring revenue that we should continue to receive in futff urt e periods. Accordingly, a key faff ctor affff eff cting our abia lity to generate cash flff ow frff om operating activities is to maintain this recurring revenue and to convert it into operating profiff t by minimizing operating costs and fulff effff iff ciencies. In addition, our abia lity to increase cash flff ow frff om operating activities depends upon the demand forff communications infrff astrucr infrff astrucr turt e and our related services and our abia lity to increase the utilization of our existing communications ly achieving our operating turt e. our Restrt ictions UndeUU r Loan Agreementstt Relating to Our CrCC edit FacFF ilities—The loan agreements forff Credit Facility, the 2021 Credit Facility, the 2021 Term Loan, the 2021 EUR Three Year Delayed Draw Term Loan and the 2021 USD Two Year Delayed Draw Term Loan contain certain fiff nancial and operating covenants and other restrictions appl icabla e to us and our subsidiaries that are not designated as unrestricted subsidiaries on a consolidated basis. These a restrictions include limitations on additional debt, distributions and dividends, guaranties, sales of assets and liens. The loan agreements also contain covenants that establa ish fiff nancial tests with which we and our restricted subsidiaries must comply related to total leverage and senior secured leverage, as set forff th in the tabla e below. As of December 31, 2022, we were in compliance with each of these covenants. the 2021 Multicurrency Consolidated Total Leverage Ratio Consolidated Senior Secured Leverage Ratio Ratio (1) Total Debt to Adjusted EBITDA ≤ 7.50:1.00 Senior Secured Debt to Adjusted EBITDA ≤ 3.00:1.00 Compliance Tests For The 12 Months Ended December 31, 2022 ($ in billions) Additional Debt Capacity Under Covenants (2) Capacity forff Adjd usted EBITDA Decrease Under Covenants (3) ~11.5 ~17.7 (4) ~1.5 ~5.9 _______________ (1) Each component of the ratio as defiff ned in the appl (2) Assumes no change to Adjusted EBITDA. (3) Assumes no change to our debt levels. (4) Effff eff ctively, however, additional Senior Secured Debt under this ratio would be limited to the capaa icabla e loan agreement. a city under the Consolidated Total Leverage Ratio. the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan, Under the terms of the agreements forff the 2021 EUR Three Year Delayed Draw Term Loan and the 2021 USD Two Year Delayed Draw Term Loan, the Telxius Acquisition and the CoreSite Acquisition were designated as a Qualififf ed Acquisitions, whereby our Total Debt to Adjusted EBITDA ratio was adjusted to not exceed 7.50 to 1.00 forff ff four which lasted until the quarter ended December 31, 2022. Subsequent to December 31, 2022, our Total Debt to Adjusted EBITDA ratio stepped back down to not exceed 6.00 to 1.00. The loan agreements forff and inforff mation covenants that require us to provide fiff nancial and operating inforff mation to the lenders within certain time periods. If we are unabla e to provide the required inforff mation on a timely basis, we would be in breach of these covenants. l fiff scal quarters folff lowing consummation of such acquisitions, our credit faff cilities also contain reporting fulff Failure to comply with the fiff nancial maintenance tests and certain other covenants of the loan agreements forff faff cilities could not only prevent us frff om being abla e to borrow additional funds constitutt e a defaff ult under these credit faff cilities, which could result in, among other things, the amounts outstanding, including all accruer d interest and unpaid feff es, becoming immediately due and payabla e. If this were to occur, we may not have suffff iff cient cash on hand to repay such indebtedness. The key faff ctors affff eff cting our abia lity to comply with the debt covenants described above a faff cilities and our abia lity to fund results during the next 12 months will be suffff iff cient to comply with these covenants. are our fiff nancial perforff mance relative to the fiff nancial maintenance tests defiff ned in the loan agreements forff our debt service obligations. Based upon our current expectations, we believe our operating our credit under these credit faff cilities, but may also these credit ff ff Restrt ictions UndeUU r Agreementstt Relating to thett TrTT ust Securitizii ations—The indenturt e and related 2015 Securitizii ation and thett supplemental indenturt e 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 loan agreement related to the Trusr customaryrr transactions subject to rated securitizations. 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 frff om incurring other ordinaryrr course trade indebtedness forff payabla es and permitted encumbrances (as defiff ned in the appl t Securitizations include certain fiff nancial ratios and operating covenants and other restrictions ther encumbering their assets, subject to customaryrr carve-outs forff borrowed money or furff icabla e agreements). forff a Under the agreements, amounts due will be paid frff om the cash flff ows generated by the assets securing the Series 2015-2 Notes or the assets securing the nonrecourse loan that secures the Secured Tower Revenue Securities, Series 2013-2A (the “Series 2013-2A Securities”), Secured Tower Revenue Securities, Series 2018-1, Subclass A (the “Series 2018-1A Securities”), and the 47 Secured Tower Revenue Securities, Series 2018-1, Subclass R (the “Series 2018-1R Securities” and, together with the Series 2018-1A Securities, the “2018 Securities”) issued in the Trusr deposited into certain reserve accounts, and thereaftff er distributed, solely pursuant to the terms of the appl icabla e agreement, subject to the conditions described in the a monthly basis, aftff er payment of all required amounts under the appl tabla e below, the excess cash flff ows generated frff om the operation of such assets are released to GTP Acquisition Partners or the AMT Asset Subs, as appl in such reserve accounts was classififf ed as restricted cash. icabla e, which can then be distributed to, and used by, us. As of December 31, 2022, $78.4 million held t Securitizations (the “Loan”), as appl icabla e, which must be icabla e agreement. On a a a a Certain inforff mation with respect to the 2015 Securitization and the Trusr coverage ratio (“DSCR”) is generally calculated as the ratio of the net cash flff ow (as defiff ned in the appl amount of interest, servicing feff es and trusr the Series 2015-2 Notes or the Loan, as appl a determination. icabla e, that will be outstanding on the payment date folff icabla e agreement) to the tee feff es required to be paid over the succeeding 12 months on the principal amount of th below. The debt service a t Securitizations is set forff lowing such date of Conditions Limiting Distributions of Excess Cash Issuer or Borrower Notes/Securities Issued Cash Trap DSCR Amortization Period Excess Cash Distributed During Year Ended December 31, 2022 (in millions) DSCR as of December 31, 2022 e Capacity forff Decrease in Net Cash Flow Beforff Triggering Cash Trap DSCR (1) (in millions) e Capacity forff Decrease in Net Cash Flow Beforff Triggering Minimum DSCR (1) (in millions) (3)(4) $387.1 16.53x $280.2 $283.0 (3)(5) $598.1 10.20x $531.7 $540.7 1.30x, Tested Quarterly (2) 1.30x, Tested Quarterly (2) 2015 Securitization GTP Acquisition Partners American Tower Secured Revenue Notes, Series 2015-2 Trust Securitizations AMT Asset Subs Secured Tower Revenue Securities, Series 2013-2A, Secured Tower Revenue Securities, Series 2018-1, Subclass A and Secured Tower Revenue Securities, Series 2018-1, Subclass R _______________ a (1) Based on the net cash flff ow of the appl icabla e. 2015-2 Notes or the Loan, as appl a icabla e issuer or borrower as of December 31, 2022 and the expenses payabla e over the next 12 months on the Series two consecutive calendar quarters. required reserves, pay ff (2) Once triggered, a Cash Trapa DSCR condition continues to exist until the DSCR exceeds the Cash Trapa DSCR forff During a Cash Trapa DSCR condition, all cash flff ow in excess of amounts required to make debt service payments, fund management feff es and budgeted operating expenses and make other payments required under the appl cash flff ow, will be deposited into a reserve account (the “Cash Trapa Reserve Account”) instead of being released to the appl a a icabla e transaction documents, refeff rred to as excess icabla e issuer or borrower. (3) An amortization period commences if the DSCR is equal to or below 1.15x (the “Minimum DSCR”) at the end of any calendar quarter and continues to two consecutive calendar quarters. exist until the DSCR exceeds the Minimum DSCR forff (4) No amortization period is triggered if the outstanding principal amount of a series has not been repaid in fulff However, in such event, additional interest will accruerr monthly basis frff om excess cash flff ow. on the unpaid principal balance of the appl a icabla e anticipated repayment date. icabla e series, and such series will begin to amortize on a l on the appl a (5) An amortization period exists if the outstanding principal amount has not been paid in fulff l on the appl a icabla e anticipated repayment date and continues to exist until such principal has been repaid in fulff l. ff a icabla e Cash Trapa Reserve Account would be appl our capia tal expenditurt es, including tower construcr A faff ilure to meet the noted DSCR tests could prevent GTP Acquisition Partners or the AMT Asset Subs frff om distributing excess cash flff ow to us, which could affff eff ct our abia lity to fund tion and acquisitions and to meet REIT distribution requirements. During an “amortization period,” all excess cash flff ow and any amounts then in the appl a the Loan, as appl interest will begin to accruer with respect to the Series 2015-2 Notes or subclass of the Loan frff om and aftff er the anticipated a repayment date at a per annum rate determined in accordance with the appl Notes, upon the occurrence of,ff and during, an event of defaff ult, the appl icabla e trusr holders of more than 50% of the aggregate outstanding principal of the Series 2015-2 Notes, declare the Series 2015-2 Notes immediately due and payabla e, in which case any excess cash flff ow would need to be used to pay holders of such notes. ied to pay the principal of the Series 2015-2 Notes or distribution to us. Further, additional icabla e agreement. With respect to the Series 2015-2 tee may, in its discretion or at the direction of icabla e, on each monthly payment date, and so would not be availabla e forff a a 48 icabla e trusrr tee may seek to forff eclose upon or otherwise convert the ownership of all or any portion of the 3,516 Furthermore, if GTP Acquisition Partners or the AMT Asset Subs were to defaff ult on the Series 2015-2 Notes or the Loan, the appl a communications sites that secure the Series 2015-2 Notes or the 5,102 broadcast and wireless communications towers and related assets that secure the Loan, respectively, in which case we could lose such sites and the revenue associated with those assets. a , we use our availabla e liquidity and seek new sources of liquidity to fund to raise additional capia tal, we may be unabla e to do so, or such additional fiff nancing may be prohibitively As discussed above and expansion initiatives, satisfyff our distribution requirements and repay or repurchase our debt. If we determine that it is desirabla e or necessaryrr expensive or restricted by the terms of our outstanding indebtedness. Further, as furff Report under the capta ion “Risk Factors,” extreme market volatility and disrupt impact our abia lity to raise additional capia tal through debt fiff nancing activities or our abia lity to repay or refiff nance maturt liabia lities, or impact the terms of any new obligations. If we are unabla e to raise capia tal when our needs arise, we may not be abla e to fund capia tal expenditurt es, futff urt e growth and expansion initiatives, satisfyff our REIT distribution requirements and debt ff service obligations or refiff nance our existing indebtedness. ion caused by the COVID-19 pandemic may ther discussed under Item 1A of this Annual capia tal expenditurt es, futurt e growth ing rr ff th under Item 1A of In addition, our liquidity depends on our abia lity to generate cash flff ow frff om operating activities. As set forff this Annual Report under the capta ion “Risk Factors,” we derive a substantial portion of our revenues frff om a small number of customers and, consequently, a faff ilure by a signififf cant customer to perforff m its contractuat l obligations to us could adversely affff eff ct our cash flff ow and liquidity. Critical Accounting Policies and Estimates Management’s discussion and analysis of fiff nancial condition and results of operations are based upon our consolidated fiff nancial statements, which have been prepared in accordance with GAAP. The preparation of these fiff nancial statements requires us to make estimates and assumptions that affff eff ct the reported amounts of assets, liabia lities, revenues and expenses, as well as related disclosures of contingent assets and liabia lities. We evaluate our policies and estimates on an ongoing basis. Management bases its estimates on historical experience and various other assumptions that are believed to be reasonabla e under the circumstances, the results of which forff m the basis forff making judgments about the carryirr ng amounts of assets and liabia lities that are not readily a appa l results may diffff eff r frff om these estimates under diffff eff rent assumptions or conditions. rent frff om other sources. Actuat a lowing policies as critical to an understanding of our results of operations and fiff nancial We have reviewed our policies and estimates to determine our critical accounting policies forff 2022. We have identififf ed the folff condition. This is not a comprehensive list of our accounting policies. See note 1 to our consolidated fiff nancial statements included in this Annual Report forff a particular transaction is specififf cally dictated by GAAP, with no need forff management’s judgment in its appl also areas in which management’s judgment in selecting any availabla e alternative would not produce a materially diffff eff rent result. a summaryrr of our signififf cant accounting policies. In many cases, the accounting treatment of ication. There are the year ended December 31, a • ImII paim rment of Assetstt —A— ssetstt Subject to Depre at least annually or whenever events, changes in circumstances or other indicators or evidence indicate that the carryirr ng amount of our assets may not be recoverabla e. eciation and Amortizii ation: We review long-lived assets forff impairment io, network location intangible and right-of-ff use assets forff We review our tower portfolff lowest level of identififf abla e cash flff ows, typically at an individual tower basis. Possible indicators include a tower not oach is utilized to having current tenant leases or having expenses in excess of revenues. A cash flff ow modeling appr assess recoverabia lity and incorpor cs, the timing of additions of new tenants, lease rates and estimated length of tenancy and ongoing cash requirements. rates, among other items, the tower location, the tower location demographi indicators of impairment at the a a We review our tenant-related intangible assets on a tenant by tenant basis forff levels of turt nover or attrition, non-renewal of a signififf cant number of contracts or the cancellation or termination of a relationship. We assess recoverabia lity by determining whether the carryirr ng amount of the tenant-related intangible assets will be recovered primarily through projected undiscounted futff urt e cash flff ows. indicators of impairment, such as high If the sum of the estimated undiscounted futff urt e cash flff ows of our long-lived assets is less than the carryirr ng amount of the assets, an impairment loss may be recognized. Key assumptions included in the undiscounted cash flff ows are futff urt e revenue projections, estimates of ongoing tenancies and operating margins. An impairment loss would be based on the faff ir value of the asset, which is based on an estimate of discounted futff urt e cash flff ows to be provided frff om the asset. We record any related impairment charge in the period in which we identifyff such impairment. In October 2019, the Supreme Court of India issued a rulrr charges, which was reaffff iff rmed in March 2020, and again in July 2021 with respect to the total charges, that may have a material fiff nancial impact on certain of our customers and could affff eff ct their abia lity to perforff m their obligations under ing regarding the defiff nition of AGR and associated feff es and 49 a agreements with us. In September 2020, the Supreme Court of India defiff ned the expected timeline of ten years forff oved a relief package that, among payments owed under the rulr ing. In September 2021, the government of India appr other things, included (i) a four year moratorium on the payment of AGR feff es owed and (ii) a change in the defiff nition ff of AGR on a prospective basis. In the third quarter of 2022, our largest customer in India, VIL, communicated that it would make partial payments of its contractuat partial payments forff under its contractuat communicated that it would not be abla e to resume payments in fulff would instead continue to make partial payments. As a result, we determined that certain fiff xed and intangible assets had been impaired during the year ended December 31, 2022. An impairment of $97.0 million was taken on tower and network location intangible assets in India. We also impaired the tenant-related intangible assets forff VIL, which resulted in an impairment of $411.6 million. the remainder of 2022. In late 2022, VIL had communicated its intent to resume payments in fulff l l obligations owed to us beginning on Januaryrr 1, 2023. However, in early 2023, VIL l amounts owed to us and indicated that it would continue to make l obligations owed to us, and that it l of its contractuat of these developments, as it is possible that the estimated futff urt e cash flff ows may ther negative We will continue to monitor the statust diffff eff r frff om current estimates and changes in estimated cash flff ows frff om customers in India could have furff effff eff cts on previously recorded tangible and intangible assets, including amounts originally recorded as tenant-related intangible assets, resulting in additional impairments. The carryirr ng value of tenant-related intangible assets in India was $379.5 million as of December 31, 2022, which represents 3% of our consolidated balance of $13.1 billion. io and Additionally, a signififf cant reduction in customer-related cash flff ows in India could also impact our tower portfolff network location intangible assets. The carryirr ng values of our tower portfolff io and network location intangible assets in India were $905.8 million and $266.7 million, respectively, as of December 31, 2022, which represent 10% and 8% of our consolidated balances of $8.8 billion and $3.5 billion, respectively. a icabla e segment and assessed forff ImII paim rment of Assetstt —Goodwill: We review goodwill forff impairment at least annually (as of December 31) or whenever events or circumstances indicate the carryirr ng amount of an asset may not be recoverabla e. Goodwill is recorded in the appl impairment at the reporting unit level. We employ a discounted cash flff ow analysis when testing goodwill. The key assumptions utilized in the discounted cash flff ow analysis include current operating perforff mance, terminal revenue growth rate, management’s expectations of futff urt e operating results and cash requirements, the current weighted average cost of capia tal and an expected tax rate. We compare the faff ir value of the reporting unit, as calculated under an income appr amount of the appl recognized forff reporting unit. a icabla e reporting unit. If the carryirr ng amount exceeds the faff ir value, an impairment loss would be the amount of the excess. The loss recognized is limited to the total amount of goodwill allocated to that oach using futff urt e discounted cash flff ows, to the carryirr ng a a oach), exceeded the carryirr ng value by oximately 24%. Key assumptions include futff urt e revenue growth rates and operating margins, capia tal expenditurt es, During the year ended December 31, 2022, no potential goodwill impairment was identififf ed as the faff ir value of each of our reporting units was in excess of its carryirr ng amount. The faff ir value of our India reporting unit, which is based on the present value of forff ecasted futff urt e value cash flff ows (the income appr appr a terminal period growth rate and the weighted-average cost of capia tal, which were determined considering historical data and current assumptions, including uncertainty with respect to amounts owed frff om VIL (discussed above ). For this reporting unit, we perforff med a sensitivity analysis on our signififf cant assumptions and determined that a (i) 5% reduction of projected revenues, (ii) 229 basis point increase in the weighted-average cost of capia tal or (iii) 200% reduction in terminal revenue growth rate, individually, each of which we determined to be reasonabla e, would impact our conclusion that the faff ir value of the India reporting unit exceeds its carryirr ng value. Events that could negatively affff eff ct our India reporting unit’s fiff nancial results include increased tenant attrition exceeding our forff ecast, additional VIL payment shortfaff lls, carrier tenant bankrupt the capta ion “Risk Factors.” th in Item 1A of this Annual Report under cies and other faff ctors set forff a rr Acquisii itions: We evaluate each of our acquisitions under the accounting guidance frff amework to determine whether to treat an acquisition as an asset acquisition or a business combination. For those transactions treated as asset acquisitions, the purchase price is allocated to the assets acquired, with no recognition of goodwill. For those acquisitions that meet the defiff nition of a business combination, we appl assets acquired and liabia lities assumed are recorded at faff ir value at the date of each acquisition, and the results of operations are included with our results frff om the dates of the respective acquisitions. Any excess of the purchase price paid over the amounts recognized forff evaluate acquisitions accounted forff acquisition date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid forff assumed is typically determined by using either estimates of replacement costs or discounted cash flff ow valuation methods. When determining the faff ir value of tangible assets acquired, we must estimate the cost to replace the asset assets acquired and liabia lities assumed is recorded as goodwill. We continue to icabla e the assets acquired and liabia lities assumed. The faff ir value of the assets acquired and liabia lities y the acquisition method of accounting where a period not to exceed one year aftff er the appl as business combinations forff a a 50 • • with a new asset taking into consideration such faff ctors as age, condition and the economic usefulff When determining the faff ir value of intangible assets acquired, we must estimate the appl timing and amount of futff urt e tenant cash flff ows, including rate and terms of renewal and attrition. a lifeff of the asset. icabla e discount rate and the • • • Revenue Recognition: Our revenue is derived frff om leasing the right to use our communications sites, the land on which the sites are located and our data center faff cilities (the “lease component”) and frff om the reimbursement of costs incurred in operating the communications sites and supporting the tenants’ equipment as well as other services and contractuat accounted forff frff om the lease component. If the timing and pattern of the non-lease component revenue recognition diffff eff rs frff om that of the lease component, we separately determine the stand-alone selling prices and pattern of revenue recognition forff each perforff mance obligation. l rights (the “non-lease component”). Most of our revenue is derived frff om leasing arrangements and is as lease revenue unless the timing and pattern of revenue recognition of the non-lease component diffff eff rs Our revenue frff om leasing arrangements, including fiff xed escalation clauses present in non-cancellabla e lease arrangements, is reported on a straight-line basis over the term of the respective leases when collectibility is probabla e. Escalation clauses tied to a consumer price index or other inflff ation-based indices, and other incentives present in lease agreements with our tenants, are excluded frff om the straight-line calculation. Total property straight-line revenues forff the years ended December 31, 2022, 2021 and 2020 were $499.8 million, $465.6 million and $322.0 million, respectively. Amounts billed upfrff ont in connection with the execution of lease agreements are initially defeff rred and reflff ected in Unearned revenue in the accompanying consolidated balance sheets and recognized as revenue over the terms of the appl and reflff ected in Unearned revenue in the accompanying consolidated balance sheets until the criteria forff have been met. services prior to being earned are defeff rred recognition icabla e lease arrangements. Amounts billed or received forff a a We derive the largest portion of our revenues, corresponding trade receivabla es and the related defeff rred rent asset frff om a small number of tenants in the telecommunications industry,rr with 46% of our revenues derived frff om three tenants. In addition, we have concentrations of credit risk in certain geographi risk with respect to notes and trade receivabla es 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. This assessment takes tenant credit risk and business and industryrr 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 defeff rred until such point as the uncertainty is resolved. Any amounts that were previously recognized as revenue and are subsequently determined to present a risk of doubtfulff collection are reserved as bad debt expense. Accounts receivabla e are reported net of allowances forff related to estimated losses resulting frff om a tenant’s inabia lity to make required payments and allowances forff invoiced whose collectibility is not reasonabla y assured. c areas. We mitigate the concentrations of credit accounts amounts Rent ExEE pex nse and Lease Accounting: Many of the leases underlying our tower sites and data centers have fiff xed rent escalations, which provide forff periodic increases in the amount of ground rent payabla e over time. In addition, certain of our tenant leases require us to exercise availabla e renewal options pursuant to the underlying ground lease if the tenant exercises its renewal option. Our calculation of the lease liabia lity includes the term of the underlying ground lease plus all periods, if any, forff which faff ilure to renew the lease imposes an economic penalty to us such that renewal a appe ars to be reasonabla y assured. We recognize a right-of-ff use lease asset and lease liabia lity forff measured as the sum of the lease liabia lity, prepaid or accruer d lease payments, any initial direct costs incurred and any other appl operating and fiff nance leases. The right-of-ff use asset is icabla e amounts. a The calculation of the lease liabia lity requires us to make certain assumptions forff each lease, including lease term and discount rate implicit in each lease, which could signififf cantly impact the gross lease obligation, the duration and the present value of the lease liabia lity. When calculating the lease term, we consider the renewal, cancellation and termination rights availabla e to us and the lessor. We determine the discount rate by calculating the incremental borrowing rate on a collateralized basis at the commencement of a lease or upon a change in the lease term. income taxes requires us to estimate the timing and impact of amounts recorded in our IncII ome TaxTT es: Accounting forff fiff nancial statements that may be recognized diffff eff rently forff recognized forff fiff nancial reporting purpos tax assets or liabia lities are required to be recorded. We measure defeff rred tax assets and liabia lities using enacted tax rates expected to appl y to taxabla e income in the years in which those temporaryrr diffff eff rences and carryfrr orff wards are expected to be recovered or settled. The effff eff ct on defeff rred tax assets and liabia lities as a result of a change in tax rates is es diffff eff rs frff om the timing of recognition forff es. To the extent that the timing of amounts tax reporting purpos es, defeff rred tax purpos a rr r r 51 recognized in income in the period that includes the enactment date. We do not expect to pay feff deral income taxes on our REIT taxabla e income. We periodically review our defeff rred tax assets, and we record a valuation allowance if,ff based on the availabla e evidence, it is more likely than not that some or all of the defeff rred tax assets will not be realized. Management assesses the availabla e positive and negative evidence to estimate if suffff iff cient futff urt e taxabla e income will be generated to use the existing defeff rred tax assets. Valuation allowances would be reversed as a reduction to the provision forff income taxes, if related defeff rred tax assets are deemed realizabla e based on changes in faff cts and circumstances relevant to the assets’ recoverabia lity. We recognize the benefiff t of uncertain tax positions when, in management’s judgment, it is more likely than not that positions we have taken in our tax returt ns will be sustained upon examination, which are measured at the largest amount that is greater than 50% likely of being realized upon settlement. We adjust our tax liabia lities when our judgment changes as a result of the evaluation of new inforff mation or inforff mation not previously availabla e. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially diffff eff rent frff om our current estimate of the tax liabia lities. These diffff eff rences will be reflff ected as increases or decreases to income tax expense in the period in which additional inforff mation is availabla e or the position is ultimately settled under audit. Accounting Standards Update For a discussion of recent accounting standards updates, see note 1 to our consolidated fiff nancial statements included in this Annual Report. ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK lowing tabla e provides inforff mation as of December 31, 2022 about The folff interest rates. For long-term debt obligations, the tabla e presents principal cash flff ows by maturt ity date and average interest rates related to outstanding obligations. For interest rate swapsa , the tabla e presents notional principal amounts and weighted-average interest rates (in millions, except percentages). For more inforff mation, see Item 7 of this Annual Report under the capta ion “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capia tal Resources” and note 8 to our consolidated fiff nancial statements included in this Annual Report. our market risk exposure associated with changing a Long-Term Debt 2023 2024 2025 2026 2027 Thereaftff er Total Fair Value Fixed Rate Debt (a) ................ $ 2,298.0 $ 2,155.4 $ 3,712.6 $ 3,336.6 $ 3,889.2 $14,541.9 $ 29,933.7 $ 26,131.6 Weighted-Average Interest Rate (a) ................................... 3.26 % 3.49 % 2.68 % 2.58 % 2.30 % 2.54 % Variabla e Rate Debt (b) ........... $ 2,216.2 $ 883.2 $ 3,788.7 $ — $ 2,080.0 $ — $ 8,968.1 $ 8,961.8 Weighted-Average Interest Rate (b)(c) .............................. Interest Rate Swaps Hedged Fixed-Rate Notional Amount................................... $ Variabla e Rate Debt Rate (e) ... 4.71 % 2.73 % 4.68 % — % 5.46 % — % 500.0 $ — $ — $ — $ — $ — $ 500.0 $ (6.2) (d) 5.18 % _______________ (a) Fixed rate debt consisted of:ff Securities issued in the Trusrr note 8 to our consolidated fiff nancial statements included in this Annual Report forff 3.000% Notes (as defiff ned below); and other debt including fiff nance leases. t Securitizations; Securities issued in the 2015-2 Securitization; our senior unsecured notes (see a detailed description of all such senior unsecured notes), excluding the (b) Variabla e rate debt consisted of:ff the 2021 Multicurrency Credit Facility, which maturt es on June 30, 2025; the 2021 Credit Facility, which maturt es on Januaryrr 31, 2027; the 2021 Term Loan, which maturt es on Januaryrr 31, 2027; the 2021 EUR Three Year Delayed Draw Term Loan, which maturt es on May 28, 2024; the 2021 USD Two Year Delayed Draw Term Loan, which maturt es on December 28, 2023; the 3.000% Notes; and other debt including the Nigeria Letters of Credit. (c) Based on rates effff eff ctive as of December 31, 2022. (d) As of December 31, 2022, the interest rate swapa agreements in the United States were included in Accruerr d expenses on the consolidated balance sheet. (e) Represents the weighted average variabla e rate of interest based on contractuat l notional amount as a percentage of total notional amounts. InII tett rest Ratett Risii k As of December 31, 2022, we had three interest rate swapa agreements related to a portion of our 3.000% senior unsecured notes have been designated as faff ir value hedges, have an aggregate notional amount of due 2023 (the “3.000% Notes”). These swapsa icabla e spreads and expire in June 2023. $500.0 million, have an interest rate of one-month LIBOR plus appl a Changes in interest rates can cause interest charges to flff uctuat 2022 consisted of $3.8 billion under the 2021 Multicurrency Credit Facility, $1.1 billion under the 2021 Credit Facility, $1.0 te on our variabla e rate debt. Variabla e rate debt as of December 31, 52 billion under the 2021 Term Loan, $883.2 million under the 2021 EUR Three Year Delayed Draw Term Loan, $1.5 billion under the 2021 USD Two Year Delayed Draw Term Loan, $500.0 million under the interest rate swapa agreements related to the 3.000% Notes and $16.2 million under the Nigeria Letters of Credit. A 10% increase in current interest rates would result in an additional $42.4 million of interest expense forff the year ended December 31, 2022. ForFF eigni CuCC rrencyc Risii k a We are exposed to market risk frff om changes in forff eign currency exchange rates primarily in connection with our forff eign subsidiaries and joint venturt es internationally. Any transaction denominated in a currency other than the U.S. Dollar is reported icabla e exchange rate. All assets and liabia lities are translated into U.S. Dollars at exchange rates in in U.S. Dollars at the appl effff eff ct at the end of the appl the icabla e fiff scal reporting period and all revenues and expenses are translated at average rates forff period. The cumulative translation effff eff ct is included in equity as a component of Accumulated other comprehensive loss. We may enter into additional forff eign currency fiff nancial instrumr forff eign currency flff uctuat expenses were denominated in forff eign currencies. tions. For the year ended December 31, 2022, 43% of our revenues and 52% of our total operating ents in anticipation of futff urt e transactions to minimize the impact of a As of December 31, 2022, we have incurred intercompany debt that is not considered to be permanently reinvested, and similar unaffff iff liated balances that were denominated in a currency other than the func recorded. As this debt had not been designated as being a long-term investment in naturt e, any changes in the forff eign currency exchange rates will result in unrealized gains or losses, which will be included in our determination of net income. An adverse change of 10% in the underlying exchange rates of our unsettled intercompany debt and similar unaffff iff liated balances would result in $40.5 million of unrealized losses that would be included in Other expense in our consolidated statements of operations forff 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 forff eign currency losses that would be included in Other expense in our consolidated statements of operations forff the year ended December 31, 2022. As of December 31, 2022, we have 7.3 billion EUR (appr the year ended December 31, 2022. tional currency of the subsidiaryrr oximately $7.8 billion) in which it is a ff ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARYR DATA See Item 15 (a). ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ITEM 9A. CONTROLS AND PROCEDURES Disclosure Controls and Procedures We have establa ished disclosure controls and procedures designed to ensure that material inforff mation relating to us, including our consolidated subsidiaries, is made known to the offff iff cers who certifyff our fiff nancial reports and to other members of senior management and the Board of Directors. Our management, with the participation of our principal executive offff iff cer and principal fiff nancial offff iff cer, evaluated the effff eff ctiveness of the design and operation of our disclosure controls and procedures (as defiff ned in RulRR es 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Annual Report. Based on this evaluation, our principal executive offff iff cer and principal fiff nancial offff iff cer concluded that these disclosure controls and procedures were effff eff ctive as of December 31, 2022 and designed to ensure that the inforff mation required to be disclosed in our reports fiff led or submitted under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods specififf ed in the appl a offff iff cer and principal fiff nancial offff iff cer, as appr icabla e rulr es and forff ms, and that it is accumulated and communicated to our management, including our principal executive opriate, to allow timely decisions regarding required disclosure. a 53 Management’s Annual Report on Internal Control over Financial Reporting Our management, with the participation of our principal executive offff iff cer and principal fiff nancial offff iff cer, is responsible forff establa ishing and maintaining adequate internal control over fiff nancial reporting as defiff ned in RulRR es 13a-15(f)ff and 15d-15(f)ff under the Exchange Act. Our internal control system is designed to provide reasonabla e assurance to our management and Board of Directors regarding the preparation and faff ir presentation of published fiff nancial statements. Our management assessed the effff eff ctiveness of our internal control over fiff nancial reporting as of December 31, 2022. In making its assessment of internal control over fiff nancial reporting, our management used the criteria set forff Committee of Sponsoring Organizations of the Treadway Commission in IntII ernal ContCC rt ol—ll Based on this assessment, management concluded that, as of December 31, 2022, our internal control over fiff nancial reporting is effff eff ctive. I— ntII egre ated FrFF ameworkrr (2013) th by the (( . Deloitte & Touche LLP, an independent registered public accounting fiff rm that audited our fiff nancial statements included in this Annual Report, has issued an attestation report on management’s internal control over fiff nancial reporting, which is included in this Item 9A under the capta ion “Report of Independent Registered Public Accounting Firm.” Changes in Internal Control over Financial Reporting There have been no changes in our internal control over fiff nancial reporting (as defiff ned in RulRR e 13a-15(f)ff under the Exchange Act) during the fiff scal quarter ended December 31, 2022 that have materially affff eff cted, or are reasonabla y likely to materially affff eff ct, our internal control over fiff nancial reporting. 54 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of American Tower Corpor rr ation Opinion on Internal Control over Financial Reporting We have audited the internal control over fiff nancial reporting of American Tower Corpor as of December 31, 2022, based on criteria establa ished in IntII ernal ContCC rt ol — IntII egre ated FrFF ameworkrr (2013) Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effff eff ctive internal control over fiff nancial reporting as of December 31, 2022, based on criteria establa ished in IntII ernal ContCC rt ol — IntII egre ated FrFF ameworkrr (2013) ation and subsidiaries (the “Company”) issued by COSO. issued by the (( (( r We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated fiff nancial statements as of and forff report dated Februar ryrr 23, 2023, expressed an unqualififf ed opinion on those fiff nancial statements. the year ended December 31, 2022, of the Company and our Basis forff Opinion The Company’s management is responsible forff maintaining effff eff ctive internal control over fiff nancial reporting and forff its assessment of the effff eff ctiveness of internal control over fiff nancial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over fiff nancial reporting based on our audit. We are a public accounting fiff rm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. feff deral securities laws and the appl rulr es and regulations of the Securities and Exchange Commission and the PCAOB. icabla e a We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perforff m the audit to obtain reasonabla e assurance about material respects. Our audit included obtaining an understanding of internal control over fiff nancial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effff eff ctiveness of internal control based on the assessed risk, and perforff ming such other procedures as we considered necessaryrr provides a reasonabla e basis forff whether effff eff ctive internal control over fiff nancial reporting was maintained in all in the circumstances. We believe that our audit our opinion. a Defiff nition and Limitations of Internal Control over Financial Reporting A company’s internal control over fiff nancial reporting is a process designed to provide reasonabla e assurance regarding the reliabia lity of fiff nancial reporting and the preparation of fiff nancial statements forff es in accordance with generally accepted accounting principles. A company’s internal control over fiff nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonabla e detail, accurately and faff irly reflff ect the transactions and dispositions of the assets of the company; (2) provide reasonabla e assurance that transactions are recorded as necessaryrr preparation of fiff nancial statements in accordance with generally accepted accounting principles, and that receipts and expenditurt es of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonabla e assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effff eff ct on the fiff nancial statements. external purpos r to permit Because of its inherent limitations, internal control over fiff nancial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effff eff ctiveness to futff urt e periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Deloitte & Touche LLP Boston, Massachusetts Februar ryrr 23, 2023 ITEM 9B. OTHER INFORMATION. a Not appl icabla e. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. a Not appl icabla e. 55 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORARR TE GOVERNANCE Our executive offff iff cers and their respective ages and positions as of Februar ryrr 16, 2023 are set forff th below: PART III Thomas A. Bartlett Rodney M. Smith Edmund DiSanto RutRR h T. Dowling Robert J. Meyer Olivier Puech Sanjay Goel Steven O. Vondran 64 President and Chief Executive Offff iff cer 57 Executive Vice President, Chief Financial Offff iff cer and Treasurer Executive Vice President, Special Advisor and Counsel to the Chief Executive Offff iff cer 70 Executive Vice President, Chief Administrative Offff iff cer, General Counsel and Secretaryrr 53 59 Senior Vice President and Chief Accounting Offff iff cer 55 Executive Vice President and President, Latin America and EMEA 55 Executive Vice President and President, Asia-Pacififf c 52 Executive Vice President and President, U.S. Tower Division a nted to his current position. ryrr 2012 to December 2013, and again frff om July 2017 to August 2018. Prior to ate Controller with Verizon Communications. During his 25- Thomas A. Bartlett is our President and Chief Executive Offff iff cer. Mr. Bartlett joined us in April 2009 as Executive Vice President and Chief Financial Offff iff cer and served in that role until March 2020 when he was appoi Mr. Bartlett served as our Treasurer frff om Februar joining us, Mr. Bartlett served as Senior Vice President and Corpor r year career with Verizon Communications and its predecessor companies and affff iff liates, he served in numerous operations and business development roles, including as President and Chief Executive Offff iff cer of Bell Atlantic International Wireless frff om 1995 through 2000, where he was responsible forff wireless activities in certain regions of North America, Latin America, Europe and Asia. In addition, Mr. Bartlett served as CEO of Iusacell, a publicly traded, nationwide cellular company in Mexico, CEO of Verizon's Global Solutions Inc., a global connectivity business providing lit and dark fiff ber services primarily to global enterprrr all operational aspects of the business in the Northeast and Mid-Atlantic states. He began his career at Deloitte, Haskins & Sells. Mr. Bartlett is a ’s Inforff mation and Communications Technologies (ICT) Board of Governors, the member of the World Economic Forumr National Association of Real Estate Investment Trusr t (NAREIT) Executive Committee and the Business Roundtabla e. He currently sits on the Samaritans advisoryrr council, is on the Board of Advisors of the RutRR gers Business School and is on the Massachusetts Institutt e of Technology Presidential CEO Advisoryrr Board. He earned an M.B.A. frff om RutRR gers University and a Bachelor of Science degree in Industrial Engineering frff om Lehigh University. ises, and as an Area President forff Verizon’s U.S. wireless business, where he was responsible forff Rodney M. Smith is our Executive Vice President, Chief Financial Offff iff cer and Treasurer. Mr. Smith joined us in October 2009, and previously held the roles of Senior Vice President, Corpor Chief Financial Offff iff cer of American Tower's U.S. Tower Division. Prior to joining us, Mr. Smith served as Executive Vice President, Chief Financial Offff iff cer and as a general Board Member of Lightower, a private equity backed wireless infrff astrucrr turt e company. Prior to Lightower, he served as Chief Financial Offff iff cer and Treasurer (and earlier as Vice President and Controller) forff RoweCom, a publicly traded company with operations in eight countries. Early in his career, Mr. Smith held several leadership positions at Nextel Communications, including Director of Finance and General Manager of one of the Company's Northeast markets. Mr. Smith earned his M.B.A frff om Suffff olff k University, a Certififf cate of Accountancy frff om Bentley University and a Bachelor of Science in Finance frff om Merrimack College. He also serves as co-Executive Sponsor of American Tower’s employee resource group forff women, WAATCH. ate Finance and Treasurer and Senior Vice President and r r then as corpor ate Executive Assistant to the Chairman and Chief Executive Offff iff cer of United Technologies. From Edmund DiSanto is our Executive Vice President, Special Advisor and Counsel to the Chief Executive Offff iff cer. Prior to his current role, he served as our Executive Vice President, Chief Administrative Offff iff cer, General Counsel and Secretaryrr forff 15 years. Prior to joining us in April 2007, Mr. DiSanto was with Pratt & Whitney, a unit of United Technologies Corpor r Mr. DiSanto started with United Technologies in 1989, where he fiff rst served as Assistant General Counsel of its Carrier subsidiary,rr 1997, he held various legal and business roles at its Pratt & Whitney unit, including Deputy General Counsel and most recently, Vice President, Global Service Partners, Business Development. Prior to joining United Technologies, Mr. DiSanto served in a number of legal and related positions at United Dominion Industries and New England Electric Systems. Mr. DiSanto earned a J.D. frff om Boston College Law School and a Bachelor of Science frff om Northeastern University. In 2013, Mr. DiSanto became a member of the Board of Directors of the Business Council forff Strategic Offff iff cer forff States Supreme Court and in 2020, Mr. DiSanto was named to the Board of the U.S.-India Business Council. . In 2019, Mr. DiSanto was admitted to the bar of the United International Understanding. Mr. DiSanto also serves as the the Company at the World Economic Forumr over ation. Ruth T. Dowling is our Executive Vice President, Chief Administrative Offff iff cer, General Counsel and Secretary.rr She is also a member of the Board of Directors forff ATC Europe and CoreSite. Since joining us in 2011, Ms. Dowling has served as Senior 56 rr ate Legal, and, most recently, as Senior Vice President and General Counsel forff Vice President, Corpor America regions. In addition, she led American Tower’s Global Remobilization Project Team to care forff being of employees during the pandemic. Prior to joining American Tower, Ms. Dowling was a partner and co-chair of the 150- member litigation department at Edwards Angell Palmer & Dodge LLP and clerked forff United States Second Circuit Court of Appeals. Ms. Dowling earned her law degree frff om Duke University School of Law and a Bachelor of Arts frff om the University of North Carolina Chapea Tower’s employee resource groupu forff women, WAATCH. l Hill. She also serves as co-Executive Sponsor of American the EMEA and Latin the safeff ty and well- the Honorabla e Fred I. Parker of the r ate Controller and served in that role until Januaryrr 2020 when he was appoi Robert J. Meyer is our Senior Vice President and Chief Accounting Offff iff cer. Mr. Meyer joined us in August 2008 as our Senior Vice President, Finance and Corpor nted to his current position. Prior to joining us, Mr. Meyer was with Bright Horizons Family Solutions since 1998, a provider of child care, early education and work/lifeff consulting services, where he most recently served as Chief Accounting Offff iff cer. Mr. Meyer ate Controller and Vice President of Finance while at Bright Horizons. Prior to that, frff om 1997 to 1998, also served as Corpor Mr. Meyer served as Director of Financial Planning and Analysis at First Security Services Corp.r Mr. Meyer earned a Masters in Finance frff om Bentley University and a Bachelor of Science in Accounting frff om Marquette University, and is a Certififf ed Public Accountant. a r Olivier Puech is our Executive Vice President and President, Latin America and EMEA. Mr. Puech joined us in 2013 as Senior Vice President and CEO of Latin America and served in that role until October 2018 when he was appoi position. Prior to joining us, Mr. Puech spent 25 years as a senior executive in the telecom and internet sectors of international organizations. Most recently, he was with Nokia where he held various leadership roles including Senior Vice President Americas, Senior Vice President Asia Pacififf c and Vice President Latin America. Beforff e Nokia, Mr. Puech spent 12 years at Gemalto, where he last held the position of Vice President, Sales and Marketing with responsibility forff South Europe, Easternr Europe and Latin America. Mr. Puech holds a Bachelor’s degree in International Business Administration frff om Ecole Supérieure De Commerce in Marseille, in France. He is flff uent in English, French, Spanish, Italian and Portugue nted to his current se. a t Sanjay Goel is our Executive Vice President and President, Asia-Pacififf c. Mr. Goel joined us in March 2021. Prior to joining us, Mr. Goel was with Nokia, where he started in the mobile networks division in 2001. During his time at Nokia, he held various sales and business management positions, including Head of the Managed Services Business Line forff Asia Pacififf c, Japaa n and India and Vice President of the Global Services Business Unit, APAC and Japaa n. Mr. Goel also led Nokia’s Global Services business across Asia, the Middle East and Afrff ica, and created a new sales and business development division within Global Services, based in Finland. Most recently, he served as President of the Global Services business group and Nokia Operations. Mr. Goel began his career at ABB and IBM, prior to joining Nokia. He holds a Bachelor’s degree in Engineering with specialization in Electronics and Communications frff om Manipal Institutt e of Technology. rr ate legal team and served in a variety of positions until August 2004 when he was appoi Steven O. Vondran is our Executive Vice President and President, U.S. Tower Division. Mr. Vondran joined us in 2000 as a member of our corpor nted Senior Vice a nted Senior Vice President, General Counsel President of our U.S. Leasing Operations. In August 2010, Mr. Vondran was appoi nted to his current position. Mr. a of our U.S. Tower Division and served in that role until August 2018, when he was appoi Vondran joined the Cellular Telecommunications Industryrr Association (CTIA) Board in September 2018, and, in October 2018, he joined the Board of Directors forff associate at the law fiff rm of Lewellen & Frazier LLP, served as a telecommunications consultant with the fiff rm of Young & Associates, Inc., and was a Law Clerk to the Hon. John Stroud on the Arkansas Court of Appeals. He received his J.D. with high honors frff om the University of Arkansas at Little Rock School of Law and a Bachelor of Arts in Economics and Business frff om Hendrix College. turt e Association (WIA). Prior to joining us, Mr. Vondran was an the Wireless Infrff astrucrr a r icabla e, frff om the Defiff nitive Proxy The inforff mation under “Election of Directors” and “Delinquent Section 16(a) Reports,” if appl Statement is incorpor ated herein by refeff rence. Inforff mation required by this item pursuant to Item 407(c)(3) of SEC Regulation S-K relating to our procedures by which security holders may recommend nominees to our Board of Directors, and pursuant to Item 407(d)(4) and 407(d)(5) of SEC Regulation S-K relating to our audit committee fiff nancial experts and identififf cation of the audit committee of our Board of Directors, is contained in the Defiff nitive Proxy Statement under “Corpor rr incorpor ated herein by refeff rence. ate Governance” and is a rr Inforff mation regarding our Code of Conduct appl controller and other senior fiff nancial offff iff cers appe Inforff mation.” a a icabla e to our principal executive offff iff cer, our principal fiff nancial offff iff cer, our ars in Item 1 of this Annual Report under the capta ion “Business—Availabla e 57 ITEM 11. EXECUTIVE COMPENSATION The inforff mation under “Compensation and Other Inforff mation Concerning Directors and Offff iff cers” frff om the Defiff nitive Proxy Statement, except as to inforff mation required pursuant to Item 402(v) of SEC Regulation S-K relating to pay versus perforff mance, is incorpor ated herein by refeff rence. r ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The inforff mation under “Security Ownership of Certain Benefiff cial Owners and Management” and “Securities Authorized forff Issuance Under Equity Compensation Plans” frff om the Defiff nitive Proxy Statement is incorpor ated herein by refeff rence. r ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRARR NSACTIONS, AND DIRECTOR INDEPENDENCE Inforff mation required by this item pursuant to Item 404 of SEC Regulation S-K relating to appr ate Governance” and is incorpor is contained in the Defiff nitive Proxy Statement under “Corpor a r oval of related party transactions ated herein by refeff rence. r Inforff mation required by this item pursuant to Item 407(a) of SEC Regulation S-K relating to director independence is contained ate Governance” and is incorpor in the Defiff nitive Proxy Statement under “Corpor ated herein by refeff rence. r r ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES The inforff mation under “Independent Auditor Fees and Other Matters” frff om the Defiff nitive Proxy Statement is incorpor herein by refeff rence. r ated 58 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES PART IV (a) The folff lowing documents are fiff led as a part of this report: 1. FiFF nancial Statementstt . See Index to Consolidated Financial Statements, which appe a ars on page F-1 hereof.ff The fiff nancial statements listed in the accompanying Index to Consolidated Financial Statements are fiff led herewith in response to this Item. 2. FiFF nancial Statement Schedules. American Tower Corpor Estate and Accumulated Depreciation is fiff led herewith in response to this Item. rr ation and Subsidiaries Schedule III – Schedule of Real 3. ExEE hibitstt . Pursuant to the rulrr es and regulations of the SEC, the Company has fiff led certain agreements as exhibits to this Annual Report on Form 10-K. These agreements may contain representations and warranties by the parties. These representations and warranties have been made solely forff the benefiff t of the other party or parties to such agreements and (i) may have been qualififf ed by disclosures made to such other party or parties, (ii) were made only as of the date of such agreements or such other date(s) as may be specififf ed in such agreements and are subject to more recent developments, which may not be fulff (iii) may reflff ect the allocation of risk among the parties to such agreements and (iv) may appl what may be viewed as material to investors. Accordingly, these representations and warranties may not describe the Company’s actuat l state of affff aff irs at the date hereof and should not be relied upon. ly reflff ected in the Company’s public disclosure, y materiality standards diffff eff rent frff om a The exhibits below are included, either by being fiff led herewith or by incorpor Form 10-K. Exhibits are identififf ed according to the number assigned to them in Item 601 of SEC Regulation S-K. Documents that are incorpor rr refeff rence. ated by refeff rence are identififf ed by their Exhibit number as set forff ation by refeff rence, as part of this Annual Report on th in the fiff ling frff om which they are incorpor ated by rr rr Exhibit No. Description of Document p Form File No. Date of Filingg Exhibit No. Incorporated By Refeff rence 2.1 2.2 3.1 3.2 3.3 3.4 3.5 4.1 Agreement and Plan of Merger by and between American Tower Corporation and American Tower REIT, Inc., dated as of August 24, 2011 Agreement and Plan of Merger, dated November 14, 2021, by and among the Company, American Tower Investments LLC, Appleseed Holdco LLC, Appleseed Merger Sub LLC, Appleseed OP Merger Sub LLC, CoreSite and CoreSite, L.P. Restated Certificate of Incorporation of the Company as filed with the Secretary of State of the State of Delaware, effective as of December 31, 2011 Certificate of Merger, effective as of December 31, 2011 Amended and Restated By-Laws of the Company, effective as of February 12, 2016 Certificate of Designations of the 5.25% Mandatory Convertible Preferred Stock, Series A, of the Company as filed with the Secretary of State of the State of Delaware, effective as of May 12, 2014 Certificate of Designations of the 5.50% Mandatory Convertible Preferred Stock, Series B, of the Company as filed with the Secretary of State of the State of Delaware, effective as of March 3, 2015 Indenture dated as of May 13, 2010, by and between the Company and The Bank of New York Mellon Trust Company N.A., as Trustee 8-K 001-14195 August 25, 2011 K 001-14195 8-K 001-14195 K 001-14195 8-K 001-14195 8-K 001-14195 8-K 001-14195 S-3ASR 333-166805 November 15, 2021 Januaryrr 3, 2012 Januaryrr 3, 2012 Februar ryrr 16, 2016 May 12, 2014 March 3, 2015 May 13, 2010 2.1 2.1 3.1 3.2 3.1 3.1 3.1 4.3 59 Exhibit No. 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 p Description of Document Supplemental Indenture No. 4, dated as of December 30, 2011, to Indenture dated as of May 13, 2010, by and among, the Company, American Tower REIT, Inc. and The Bank of New York Mellon Trust Company N.A., as Trustee Supplemental Indenture No. 6, dated as of January 8, 2013, to Indenture dated as of May 13, 2010, by and between the Company and The Bank of New York Mellon Trust Company N.A., as Trustee, for the 3.50% Senior Notes due 2023 Indenture dated as of May 23, 2013, by and between the Company and U.S. Bank National Association, as Trustee Supplemental Indenture No. 1, dated as of August 19, 2013, to Indenture dated as of May 23, 2013, by and between the Company and U.S. Bank National Association, as Trustee, for the 5.00% Senior Notes due 2024 Supplemental Indenture No. 3, dated as of May 7, 2015, to Indenture dated as of May 23, 2013, by and between the Company and U.S. Bank National Association, as Trustee, for the 4.000% Senior Notes due 2025 Supplemental Indenture No. 4, dated as of January 12, 2016, to Indenture dated as of May 23, 2013, by and between the Company and U.S. Bank National Association, as Trustee, for the 4.400% Senior Notes due 2026 Supplemental Indenture No. 5, dated as of May 13, 2016, to Indenture dated as of May 23, 2013, by and between the Company and U.S. Bank National Association, as Trustee, for the 3.375% Senior Notes due 2026 Supplemental Indenture No. 6, dated as of September 30, 2016, to Indenture dated as of May 23, 2013, by and between the Company and U.S. Bank National Association, as Trustee, for the 3.125% Senior Notes due 2027 Supplemental Indenture No. 7, dated as of April 6, 2017, to Indenture dated as of May 23, 2013, by and among the Company, U.S. Bank National Association, as Trustee, and Elavon Financial Services DAC, UK Branch, as Paying Agent, for the 1.375% Senior Notes due 2025 Supplemental Indenture No. 8, dated as of June 30, 2017, to Indenture dated as of May 23, 2013, by and between the Company and U.S. Bank National Association, as Trustee, for the 3.55% Senior Notes due 2027 Supplemental Indenture No. 9, dated as of December 8, 2017, to Indenture dated as of May 23, 2013, by and between the Company and U.S. Bank National Association, as Trustee, for the 3.000% Senior Notes due 2023 and the 3.600% Senior Notes due 2028 60 Incorporated By Refeff rence Form File No. Date of Filingg Exhibit No. 8-K 001-14195 Januaryrr 3, 2012 4.6 K 001-14195 S-3ASR 333-188812 Januaryrr 8, 2013 May 23, 2013 4.1 4.12 8-K 001-14195 August 19, 2013 4.1 8-K 001-14195 May 7, 2015 4.1 8-K 001-14195 Januaryrr 12, 2016 8-K 001-14195 May 13, 2016 8-K 001-14195 September 30, 2016 8-K 001-14195 8-K 001-14195 April 6, 2017 June 30, 2017 8-K 001-14195 December 8, 2017 4.1 4.1 4.1 4.1 4.1 4.1 Exhibit No. 4.13 4.14 4.15 4.16 4.17 4.18 4.19 4.20 4.21 4.22 p Description of Document Supplemental Indenture No. 10, dated as of May 22, 2018, to Indenture dated as of May 23, 2013, by and among the Company and U.S. Bank National Association, as Trustee, and Elavon Financial Services DAC, UK Branch, as Paying Agent, for the 1.950% Senior Notes due 2026 Supplemental Indenture No. 11, dated as of March 15, 2019, to Indenture dated as of May 23, 2013, by and between the Company and U.S. Bank National Association, as Trustee, for the 3.375% Senior Notes due 2024 and the 3.950% Senior Notes due 2029 Indenture dated as of June 4, 2019, by and between the Company and U.S. Bank National Association, as Trustee Supplemental Indenture No. 1, dated as of June 13, 2019, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S. Bank National Association, as Trustee, for the 2.950% Senior Notes due 2025 and the 3.800% Senior Notes due 2029 Supplemental Indenture No. 2, dated as of October 3, 2019, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S. Bank National Association, as Trustee, for the 2.750% Senior Notes due 2027 and the 3.700% Senior Notes due 2049 Supplemental Indenture No. 3, dated as of January 10, 2020, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S. Bank National Association, as Trustee, for the 2.400% Senior Notes due 2025 and the 2.900% Senior Notes due 2030 Supplemental Indenture No. 4, dated as of June 3, 2020, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S. Bank National Association, as Trustee, for the 1.300% Senior Notes due 2025, the 2.100% Senior Notes due 2030 and the 3.100% Senior Notes due 2050 Supplemental Indenture No. 5, dated as of September 10, 2020, to Indenture dated as of June 4, 2019, by and among the Company, U.S. Bank National Association, as Trustee, and Elavon Financial Services DAC, UK Branch, as Paying Agent, for the 0.500% Senior Notes due 2028 and the 1.000% Senior Notes due 2032 Supplemental Indenture No. 6, dated as of September 28, 2020, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S. Bank National Association, as Trustee, for the 1.875% Senior Notes due 2030 Supplemental Indenture No. 7, dated as of November 20, 2020, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S. Bank National Association, as Trustee, for the 0.600% Senior Notes due 2024, the 1.500% Senior Notes due 2028 and the 2.950% Senior Notes due 2051 61 Incorporated By Refeff rence Form File No. Date of Filingg Exhibit No. 8-K 001-14195 May 22, 2018 8-K 001-14195 March 15, 2019 4.1 4.1 S-3ASR 333-231931 June 4, 2019 4.22 8-K 001-14195 June 13, 2019 K 001-14195 October 3, 2019 4.1 4.1 8-K 001-14195 Januaryrr 10, 2020 4.1 8-K 001-14195 June 3, 2020 4.1 8-K 001-14195 September 10, 2020 8-K 001-14195 September 28, 2020 4.1 4.1 8-K 001-14195 November 20, 2020 4.1 Exhibit No. 4.23 4.24 4.25 4.26 4.27 4.28 4.29 p Description of Document Supplemental Indenture No. 8, dated as of March 29, 2021, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S. Bank National Association, as Trustee, for the 1.600% Senior Notes due 2026 and the 2.700% Senior Notes due 2031 Supplemental Indenture No. 9, dated as of May 21, 2021, to Indenture dated as of June 4, 2019, by and among the Company, U.S. Bank National Association, as Trustee, and Elavon Financial Services DAC, UK Branch, as Paying Agent, for the 0.450% Senior Notes due 2027, the 0.875% Senior Notes due 2029 and the 1.250% Senior Notes due 2033 Supplemental Indenture No. 10, dated as of September 27, 2021, to Indenture dated as of June 4, 2019, by and between American Tower Corporation and U.S. Bank National Association, as Trustee, for the 1.450% Senior Notes due 2026 and the 2.300% Senior Notes due 2031 Supplemental Indenture No. 11, dated as of October 5, 2021, to Indenture dated as of June 4, 2019, by and among the Company, U.S. Bank National Association, as Trustee, and Elavon Financial Services DAC, UK Branch, as Paying Agent, for the 0.400% Senior Notes due 2027 and the 0.950% Senior Notes due 2030 Supplemental Indenture No. 12, dated as of April 1, 2022, by and between American Tower Corporation and U.S. Bank Trust Company, National Association, as Trustee, for the 3.650% Senior Notes due 2027 and the 4.050% Senior Notes due 2032 Indenture dated as of June 1, 2022, by and between the Company and U.S. Bank Trust Company, National Association, as Trustee Third Amended and Restated Indenture, dated May 29, 2015, by and between GTP Acquisition Partners I, LLC, ACC Tower Sub, LLC, DCS Tower Sub, LLC, GTP South Acquisitions II, LLC, GTP Acquisition Partners II, LLC, GTP Acquisition Partners, III, LLC, GTP Infrastructure I, LLC, GTP Infrastructure II, LLC, GTP Infrastructure III, LLC, GTP Towers VIII, LLC, GTP Towers I, LLC, GTP Towers II, LLC, GTP Towers IV, LLC, GTP Towers V, LLC, GTP Towers VII, LLC, GTP Towers IX, LLC, PCS Structures Towers, LLC and GTP TRS I LLC, as Obligors, and The Bank of New York Mellon, as Trustee 4.30 Series 2015-2 Supplement, dated May 29, 2015, to the Third Amended and Restated Indenture dated May 29, 2015 4.31 Description of Registrant’s Securities Incorporated By Refeff rence Form File No. Date of Filingg Exhibit No. K 001-14195 March 29, 2021 4.1 8-K 001-14195 May 21, 2021 8-K 001-14195 September 27, 2021 8-K 001-14195 October 5, 2021 8-K 001-14195 April 1, 2022 4.1 4.1 4.1 4.1 S-3ASR 333-265348 June 1, 2022 4.32 10-Q 001-14195 10-Q 001-14195 July 29, 2015 July 29, 2015 Filed herewith as Exhibit 4.31 — — 4.2 4.4 — 10.1 10.1 American Tower Corporation 2000 Employee Stock Purchase Plan, as amended and restated 10-Q 001-14195 October 28, 2021 62 Exhibit No. 10.2* 10.3* 10.4* 10.5* 10.6* 10.7* 10.8* 10.9* 10.10 10.11 10.12 Description of Document American Tower Corporation 2007 Equity Incentive Plan p Amendment to American Tower Corporation 2007 Equity Incentive Plan Form of Restricted Stock Unit Agreement (U.S. Employee/ Non-Employee Director) (For grants made beginning March 1, 2019) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended Form of Restricted Stock Unit Agreement (Non-U.S. Employee) (For grants made beginning March 1, 2019) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended Form of Notice of Grant of Performance-Based Restricted Stock Units Agreement (U.S. Employee) (For grants made March 11, 2019 - April 10, 2020) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended Form of Notice of Grant of Performance-Based Restricted Stock Units Agreement (U.S. Employee) (For grants made beginning April 11, 2020) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended Form of Notice of Grant of Performance-Based Restricted Stock Units Agreement (Non-U.S. Employee) (For grants made beginning June 1, 2021) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended Form of Restricted Stock Unit Agreement (Non- Employee Director) (For grants made beginning December 5, 2022) Pursuant to the American Tower Corporation 2007 Equity Incentive Plan, as amended Second Amended and Restated Loan and Security Agreement, dated as of March 29, 2018, by and between American Tower Asset Sub, LLC and American Tower Assets Sub II, LLC, as Borrowers, and U.S. Bank National Association, as Trustee for American Tower Trust I, as Lender First Amended and Restated Management Agreement, dated as of March 15, 2013, by and between American Tower Asset Sub, LLC and American Tower Asset Sub II, LLC, as Owners, and SpectraSite Communications, LLC, as Manager Second Amended and Restated Trust and Servicing Agreement, dated as of March 29, 2018, by and among American Tower Depositor Sub, LLC, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Servicer, and U.S. Bank National Association, as Trustee Incorporated By Refeff rence Form File No. Date of Filingg DEF 14A 001-14195 8-K 001-14195 March 22, 2017 March 14, 2017 Exhibit No. Annex A 10.1 10-K 001-14195 ryrr Februar 27, 2019 10.10 10-K 001-14195 ryrr Februar 27, 2019 10.11 10-K 001-14195 Februar ryrr 27, 2019 10.14 8-K/KK A 001-14195 April 16, 2020 10.1 10-Q 001-14195 July 29, 2021 10.1 Filed herewith as Exhibit 10.9 — — — Q 001-14195 May 2, 2018 10.2 10-Q 001-14195 May 1, 2013 10.2 10-Q 001-14195 May 2, 2018 10.3 63 Description of Document p Form File No. Date of Filingg Exhibit No. Incorporated By Refeff rence Exhibit No. 10.13 10.14 10.15 Second Amended and Restated Cash Management Agreement, dated as of March 29, 2018, by and among American Tower Asset Sub, LLC and American Tower Asset Sub II, LLC, as Borrowers, and U.S. Bank National Association, as Trustee for American Tower Trust I Secured Tower Revenue Securities, as Lender, Midland Loan Services, a Division of PNC Bank, National Association, as Servicer, U.S. Bank National Association, as Agent, and SpectraSite Communications, LLC, as Manager Agreement to Sublease by and among ALLTEL Communications, Inc. the ALLTEL entities and American Towers, Inc. and American Tower Corporation, dated December 19, 2000 Lease and Sublease, dated as of December 14, 2000, by and among SBC Tower Holdings LLC, Southern Towers, Inc., SBC Wireless, LLC and SpectraSite Holdings, Inc. 10.16* * Amendment to Lease and Sublease, dated September 30, 2008, by and between SpectraSite, LLC, American Tower Asset Sub II, LLC, SBC Wireless, LLC and SBC Tower Holdings LLC 10.17* Summary Compensation Information for Current Named Executive Officers 10.18 Form of Waiver and Termination Agreement 10.19* 10.20* American Tower Corporation Severance Plan, as amended American Tower Corporation Severance Plan, Program for Executive Vice Presidents and Chief Executive Officer, as amended 10.21* Letter Agreement, dated as of October 2, 2022, by and between the Company and Ruth T. Dowling 10.22 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 64 10-Q 001-14195 May 2, 2018 10.4 10-K 001-14195 April 2, 2001 2.2 SpectraSi te Holdings, Inc. Quarterly Report on Form 10- Q 000-27217 May 11, 2001 10.2 10-Q 001-14195 May 8, 2009 10.7 8-K 8-K 001-14195 001-14195 K 001-14195 10-K 001-14195 March 1, 2022 March 5, 2009 March 1, 2010 March 1, 2010 Item 5.02(e) 10.4 10.35 10.36 Filed herewith as Exhibit 10.21 — — — 10-K 001-14195 Februar ryrr 25, 2021 10.45 Exhibit No. 10.23 10.24 10.25 10.26 Description of Document p Form File No. Date of Filingg Exhibit No. Incorporated By Refeff rence 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 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 Fourth Amended and Restated Revolving Credit Agreement, dated as of December 8, 2021, among the Company, 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 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 ryrr Februar 25, 2022 10.28 10-K 001-14195 Februar ryrr 25, 2022 10.29 10-K 001-14195 Februar ryrr 25, 2022 10.30 10-K 001-14195 Februar ryrr 25, 2022 10.31 65 Description of Document p Form File No. Date of Filingg Exhibit No. Incorporated By Refeff rence Exhibit No. 10.27 10.28 10.29 10.30 10.31 10.32 10.33 10.34 2-Year Term Loan Agreement, dated as of December 8, 2021, among the Company, as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, TD Securities (USA), LLC and Mizuho Bank, Ltd. as Syndication Agents, JPMorgan Chase Bank, N.A., TD Securities (USA), LLC, Mizuho Bank, Ltd., BofA Securities, Inc., Barclays Bank PLC, Citibank, N.A., RBC Capital Markets and Morgan Stanley MUFG Loan Partners, LLC as Joint Lead Arrangers and Joint Bookrunners, and Barclays Bank PLC, BofA Securities, Inc., Citibank, N.A., Royal Bank of Canada and Morgan Stanley MUFG Loan Partners, LLC, as Co-Documentation Agents Master Agreement, dated as of February 5, 2015, among the Company and Verizon Communications Inc. Master Prepaid Lease, dated as of March 27, 2015, among certain subsidiaries of the Company and Verizon Communications Inc. 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 MPL Site Master Lease Agreement, dated as of March 27, 2015, among Verizon Communications Inc. and certain of its subsidiaries and ATC Sequoia LLC Management Agreement, dated as of March 27, 2015, among Verizon Communications Inc., and certain of its subsidiaries and ATC Sequoia LLC 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. 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. 21 Subsidiaries of the Company 23 Consent of Independent Registered Public Accounting Firm—Deloitte & Touche LLP 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 66 10-K 001-14195 K Q 001-14195 001-14195 10-Q 001-14195 Februar ryrr 25, 2022 ryrr Februar 24, 2015 April 30, 2015 April 30, 2015 10.33 10.45 10.8 10.9 10-Q 001-14195 April 30, 2015 10.10 10-Q 001-14195 April 30, 2015 10.11 K K iled herewith as Exhibit 21 Filed herewith as Exhibit 23 Filed herewith as Exhibit 31.1 001-14195 Februar ryrr 25, 2021 10.41 001-14195 Februar ryrr 25, 2021 10.42 — — — — — — — — — Description of Document p Form File No. Date of Filingg Exhibit No. Incorporated By Refeff rence Exhibit No. 31.2 32 101 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Certifications filed pursuant to 18. U.S.C. Section 1350 lowing materials frff om American Tower ation’s Annual Report on Form 10-K forff The folff Corpor the rr year ended December 31, 2020, forff matted 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 Labea l Linkbase Document 101.PRE—Inline XBRL Taxonomy Extension Presentation Linkbase Document 101.DEF—Inline XBRL Taxonomy Extension Defiff nition 104 Cover Page Interactive Data File (forff matted as Inline XBRL and contained in Exhibit 101) Filed herewith as Exhibit 31.2 Filed herewith as Exhibit 32 Filed herewith as Exhibit 101 — — — — — — — — — — — — — * ** Management contracts and compensatoryrr plans and arrangements required to be fiff led as exhibits to this Form 10-K pursuant to Item 15(a)(3). The exhibit has been fiff led separately with the Commission pursuant to an appl confiff dential portions of the exhibit have been omitted and are marked by an asterisk. ication forff a confiff dential treatment. The ITEM 16. FORM 10-K SUMMARYR None. 67 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 23rd day of February, 2023. SIGNATURES AMERICANAA TOWER CORPORAR TION By: /S/ THOMAS A. BARTLETT Thomas A. Bartlett President and Chief Executive Offff iff cer 68 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been duly signed below by the folff lowing persons on behalf of the Registrant and in the capacities and on the dates indicated. Signature Title Date /S/ THOMAS A. BARTLETT Thomas A. Bartlett /S/ RODNEY M. SMITH Rodney M. Smith /S/ ROBERT J. MEYER Robert J. Meyer /S/ KELLY C. CHAMBLISS Kelly C. Chambliss /S/ TERESA H. CLARKE Teresa H. Clarke /S/ RAR YMOND P. DOLANAA Raymond P. Dolan /S/ KENNN ETH R. FRAR NAA K Kenneth R. Frank /S/ ROBERT D. HORMATS Robert D. Hormats /S/ GRAR CE D. LIEBLEIN Grace D. Lieblein /S/ CRAR IG MACNAB Craig Macnab /S/ JOANAA NN A. REED JoAnn A. Reed /S/ PAMELA D. A. REEVE Pamela D. A. Reeve /S/ DAVID E. SHARBUTT David E. Sharbutt /S/ BRURR CE L. TANAA NN ER Bruce L. Tanner /S/ SAMME L. THOMPSON Samme L. Thompson President and Chief Executive Offff iff cer (Principal Executive Offff iff cer), Director Februar ryrr 23, 2023 Executive Vice President, Chief Financial Offff iff cer and Treasurer (Principal Financial Offff iff cer) Senior Vice President and Chief Accounting Offff iff cer (Principal Accounting Offff iff cer) Director Director Director Director Director Director Director Director Februar ryrr 23, 2023 Februar ryrr 23, 2023 Februar ryrr 23, 2023 Februar ryrr 23, 2023 Februar ryrr 23, 2023 Februar ryrr 23, 2023 Februar ryrr 23, 2023 Februar ryrr 23, 2023 Februar ryrr 23, 2023 Februar ryrr 23, 2023 Chair of the Board, Director Februar ryrr 23, 2023 Februar ryrr 23, 2023 Februar ryrr 23, 2023 Februar ryrr 23, 2023 Director Director Director 69 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) Consolidated Balance Sheets as of December 31, 2022 and 2021 Consolidated Statements of Operations for the Years Ended December 31, 2022, 2021 and 2020 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020 Consolidated Statements of Equity for the Years Ended December 31, 2022, 2021 and 2020 Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020 Notes to Consolidated Financial Statements Page 2 5 6 7 8 9 10 F-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of American Tower Corpor rr ation Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of American Tower Corpor “Company”) as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income, equity, and cash flff ows, forff schedule listed in the Index at Item 15 (collectively refeff rred to as the “fiff nancial statements”). In our opinion, the fiff nancial statements present faff irly, in all material respects, the fiff nancial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flff ows forff each of the three years in the period ended December 31, 2022, in conforff mity with accounting principles generally accepted in the United States of America. each of the three years in the period ended December 31, 2022, and the related notes and the ation and subsidiaries (the rr We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over fiff nancial reporting as of December 31, 2022, based on criteria establa ished in IntII ernal ContCC rtt ol — IntII egre ated FrFF ameworkrr (2013) Commission and our report dated Februarr fiff nancial reporting. ryrr 23, 2023, expressed an unqualififf ed opinion on the Company's internal control over issued by the Committee of Sponsoring Organizations of the Treadway (( Basis forff Opinion These fiff nancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company's fiff nancial statements based on our audits. We are a public accounting fiff rm registered with the PCAOB and are icabla e required to be independent with respect to the Company in accordance with the U.S. feff deral securities laws and the appl rulrr es and regulations of the Securities and Exchange Commission and the PCAOB. a We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perforff m the audit to obtain reasonabla e assurance about error or frff aud. Our audits included perforff ming procedures to assess the risks of material misstatement of the fiff nancial statements, whether due to error or frff aud, and perforff ming procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the fiff nancial statements. Our audits also included evaluating the accounting principles used and signififf cant estimates made by management, as well as evaluating the overall presentation of the fiff nancial statements. We believe that our audits provide a reasonabla e basis forff whether the fiff nancial statements are frff ee of material misstatement, whether due to our opinion. a Critical Audit Matters The critical audit matters communicated below are matters arising frff om the current-period audit of the fiff nancial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the fiff nancial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the fiff nancial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Revenue Recognition forff Signififf cant Contract Modififf cations - Refeff r to Notes 1 and 4 to the fiff nancial statements. CrCC itical Audit MatMM ter Descripti ion The Company’s contracts with maja or tenants are oftff en governed by a master lease agreement that contains terms and provisions governing the tenant’s right to use the Company’s telecommunications sites and the land on which the sites are located (the “lease component”) and the tenant’s responsibility forff the telecommunications towers and supporting the tenant’s equipment as well as other services and contractuat lease components”). The master lease agreements contain both lease and non-lease components, may contain unusual or non- standard terms, and oftff en pertain to many of the Company’s telecommunications sites. In the current year, the Company amended a master lease agreement with a maja or tenant. reimbursement of various costs incurred by the Company in operating l rights (the “non- Management of the Company exercised signififf cant judgment in determining the appr amended master lease agreement, including the folff lowing: a opriate revenue recognition forff the • Determination of the lease and non-lease components and whether they should be accounted forff component or separately. as a combined lease F-2 • • Determination of the stand-alone selling prices forff accounted forff with the lease component. each perforff mance obligation in the master lease agreement if not Determination of the fiff xed and variabla e consideration in the master lease agreement, the impact of cancellation and renewal provisions, the estimated term of each of the individual contracts impacted by the master lease agreement, and the pattern of recognition forff each lease component or perforff mance obligation. We identififf ed the amended master lease agreement with a maja or tenant as a critical audit matter because the audit effff orff t required to evaluate the Company’s judgments in determining the appr the impact of a multi- faff ceted, complex master lease agreement entered into with the maja or tenant was extensive. opriate revenue recognition forff a HowHH thet CrCC itical Audit MatMM ter WasWW Addressed in thet Audit Our principal audit procedures related to the Company’s amended master lease agreement with the maja or customer included the folff lowing: • We tested the effff eff ctiveness of internal controls related to the Company’s process forff evaluating the proper accounting forff the master lease agreement. • We evaluated the Company’s signififf cant accounting policies related to the master lease agreement forff reasonabla eness and compliance with the appl a icabla e accounting standards. • We evaluated the master lease agreement and perforff med the folff lowing procedures: ◦ ◦ ◦ ◦ Obtained and evaluated the documents that were part of the overall master lease agreement. Tested the Company’s identififf cation of the signififf cant terms forff identififf cation of the lease and non-lease components, cancellation and renewal provisions, estimated term and fiff xed and variabla e consideration. completeness and accuracy, including the Tested the completeness and accuracy of leases subject to the master lease agreement. Assessed the terms and provisions in the master lease agreement and evaluated the appr Company’s appl revenue recognition conclusions. ication of their accounting policies, along with their use of estimates, in the determination of opriateness of the a a • We tested the mathematical accuracy of the Company’s determination of revenue and the associated timing of revenue recognized in the fiff nancial statements. Recoverability of goodwill and long-lived assets – India Reporting Unit - Refeff r to Notes 1, 3, 5, 16, and 22 to the fiff nancial statements. CrCC itical Audit MatMM ter Descripti ion impairment at least annually or whenever events or circumstances indicate the carryirr ng The Company reviews goodwill forff value of an asset may not be recoverabla e. Additionally, the Company reviews other long-lived assets to be held and used and which are subject to depreciation or amortization, such as property and equipment, tenant-related intangible assets, network location intangible assets, and right-of-ff use assets on operating leases forff impairment whenever events, changes in circumstances or other evidence indicate that the carryirr ng amount of the Company’s assets may not be recoverabla e. The Company's evaluation of recoveryrr of goodwill involves the comparison of the carryirr ng amount of a reporting unit inclusive of allocated goodwill to the faff ir value of the appl comparison of the carryirr ng amount of the long-lived asset to the futff urt e undiscounted cash flff ows expected to be generated by the asset. icabla e reporting unit. The Company’s evaluation of the recoveryrr of long-lived assets, involves a a If these assets are determined to be impaired, the amount of impairment recognized is the amount by which the carryirr ng amount of the assets exceeds their faff ir value. Fair value is generally determined using forff ecasted cash flff ows discounted using an estimated weighted average cost of capia tal. As of December 31, 2022, the India reporting unit had goodwill of appr $881.6 million. As the faff ir value of the India reporting unit exceeded its’ carryirr ng amount as of December 31, 2022, the Company determined that its related goodwill was not impaired. Other long-lived assets to be held and used in India at December 31, 2022 consisted of property and equipment, tenant-related intangible assets, network location intangible assets, and right of use assets of appr oximately $924.4 million, $379.5 million, $266.7 million and $668.9 million, respectively, aftff er impairments were recorded during the year then ended of $58.6 million, $411.6 million, $38.4 million and $0.0 million, respectively. oximately a a F-3 We identififf ed the evaluation of the recoveryrr of goodwill and long-lived assets held in the Company’s India reporting unit, along with any related impairments, as a critical audit matter due to the signififf cant judgments made by management to estimate the timing and amount of cash flff ows and related estimated faff ir values used in the impairment analyses. There was a high degree of auditor judgment in evaluating management's assumptions and estimates related to futff urt e tenant retention rates (specififf cally, a high degree of subjective auditor judgment was required to evaluate futff urt e revenues related to variabia lity in receipts frff om a signififf cant tenant in India), revenue growth rates, margin projections, the timing of futff urt e cash flff ows, the discount rate used and the determination of market multiples forff the India reporting unit and related long-lived assets. HowHH thet CrCC itical Audit MatMM ter WasWW Addressed in thet Audit Our audit procedures related to the assumptions and estimates of futff urtt e tenant retention rates, revenue growth rates, and margin projections used to estimate the timing and extent of futff urtt e cash flff ows, and the discount rate and the determination of market multiples used by management to estimate faff ir value, included the folff lowing, among others: • We tested the effff eff ctiveness of internal controls over management’s goodwill impairment evaluation, including those over the determination of the faff ir value of the India reporting unit. • We tested the effff eff ctiveness of internal controls over management’s long-lived asset impairment evaluation. • We evaluated management’s abia lity to forff ecast futff urt e tenant retention rates, revenue growth rates, margin projections and timing of futff urt e cash flff ows by comparing actuat l results to management’s historical forff ecasts. • We evaluated the reasonabla eness of management’s use of tenant retention rates, growth rates, margin projections and timing of futff urt e cash flff ows by comparing the forff ecasts to: ◦ ◦ ◦ Historical results. Internal communications to management and the Board of Directors. Forecasted inforff mation included in analyst and industryrr companies. reports forff the Company and certain of its peer /s/ Deloitte & Touche Boston, Massachusetts Februarr ryrr 23, 2023 We have served as the Company’s auditor since 1997. F-4 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions, except share count and per share data) December 31, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents ............................................................................ $ Restricted cash .............................................................................................. Accounts receivabla e, net............................................................................... Prepaid and other current assets ................................................................... Total current assets ................................................................................ PROPERTY ANAA D EQUIPMENT, net ................................................................ GOODWILL ........................................................................................................ OTHER INTANAA GIBLE ASSETS, net................................................................. DEFERRED TAX ASSET .................................................................................. DEFERRED RENT ASSET ................................................................................ RIGHT-OF-USE ASSET..................................................................................... NOTES RECEIVABLE ANAA D OTHER NON-CURRENT ASSETS.................. TOTAL ................................................................................................................ $ LIABILITIES CURRENT LIABILITIES: Accounts payabla e.......................................................................................... $ Accruerr d expenses ......................................................................................... Distributions payabla e .................................................................................... Accruerr d interest ............................................................................................ Current portion of operating lease liabia lity................................................... Current portion of long-term obligations...................................................... Unearned revenue ......................................................................................... Total current liabia lities .......................................................................... LONG-TERM OBLIGATIONS .......................................................................... OPERARR TING LEASE LIABILITY..................................................................... ASSET RETIREMENT OBLIGATIONS ........................................................... DEFERRED TAX LIABILITY........................................................................... OTHER NON-CURRENT LIABILITIES........................................................... Total liabia lities....................................................................................... COMMITMENTS AND CONTINGENCIES EQUITY (shares in thousands): Common stock: $0.01 par value; 1,000,000 shares authorized; 476,623 and 466,687 shares issued; and 465,619 and 455,772 shares outstanding, respectively ................................................................................................... Additional paid-in capia tal ............................................................................. Distributions in excess of earnings ............................................................... Accumulated other comprehensive loss ....................................................... Treasuryrr stock (11,004 and 10,915 shares at cost, respectively).................. ation equity ........................................... Noncontrolling interests................................................................................ Total equity............................................................................................ Total American Tower Corpor rr TOTAL ................................................................................................................ $ $ $ $ 2,028.4 112.3 758.3 723.3 3,622.3 19,998.3 12,956.7 17,983.3 129.2 3,039.1 8,918.9 546.7 67,194.5 218.6 1,344.2 745.3 261.0 788.9 4,514.2 439.7 8,311.9 34,156.0 7,591.9 2,047.4 1,492.0 1,186.8 54,786.0 4.8 14,689.0 (2,101.9) (5,718.3) (1,301.2) 5,572.4 6,836.1 12,408.5 67,194.5 $ 1,949.9 393.4 728.9 657.2 3,729.4 19,784.0 13,350.1 20,727.2 131.6 2,539.6 9,225.1 400.9 69,887.9 272.4 1,412.8 642.1 254.7 712.6 4,568.7 1,204.0 9,067.3 38,685.5 8,041.8 2,003.0 1,830.9 1,189.8 60,818.3 4.7 12,240.2 (1,142.4) (4,738.9) (1,282.4) 5,081.2 3,988.4 9,069.6 69,887.9 See accompanying notes to consolidated fiff nancial statements. F-5 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERARR TIONS (in millions, except share and per share data) REVENUES:........................................................................................................ Property......................................................................................................... $ Services ......................................................................................................... Total operating revenues........................................................................ $ 10,470.0 241.1 10,711.1 $ 9,109.6 247.3 9,356.9 7,953.6 87.9 8,041.5 Year Ended December 31, 2022 2021 2020 OPERARR TING EXPENSES: Costs of operations (exclusive of items shown separately below): Property ................................................................................................... Services.................................................................................................... Depreciation, amortization and accretion ..................................................... Selling, general, administrative and development expense .......................... Other operating expenses .............................................................................. Total operating expenses ....................................................................... OPERARR TING INCOME ...................................................................................... OTHER INCOME (EXPENSE): Interest income.............................................................................................. Interest expense............................................................................................. Loss on retirement of long-term obligations................................................. Other income (expense) (including forff eign currency gains (losses) of $449.4, $557.9, and $(216.4) respectively)................................................... Total other expense................................................................................ INCOME FROM CONTINUING OPERARR TIONS BEFORE INCOME TAXES................................................................................................................. Income tax provision..................................................................................... NET INCOME ..................................................................................................... Net loss (income) attributabla e to noncontrolling interests ............................ NET INCOME ATTRIBUTABLE TO AMERICANAA TOWER CORPORARR TION COMMON STOCKHOLDERS ............................................. $ NET INCOME PER COMMON SHARE AMOUNUU TS: Basic net income attributabla e to American Tower Corpor stockholders .................................................................................................. $ Diluted net income attributabla e to American Tower Corpor stockholders .................................................................................................. $ ation common ation common rr rr 3,156.4 107.4 3,355.1 972.3 767.6 8,358.8 2,352.3 71.6 (1,136.5) (0.4) 433.7 (631.6) 1,720.7 (24.0) 1,696.7 69.1 2,585.3 96.7 2,332.6 811.6 398.7 6,224.9 3,132.0 40.4 (870.9) (38.2) 566.1 (302.6) 2,829.4 (261.8) 2,567.6 0.1 2,189.6 37.6 1,882.3 778.7 265.8 5,154.0 2,887.5 39.7 (793.5) (71.8) (240.8) (1,066.4) 1,821.1 (129.6) 1,691.5 (0.9) 1,765.8 $ 2,567.7 $ 1,690.6 3.83 3.82 $ $ 5.69 5.66 $ $ 3.81 3.79 WEIGHTED AVERARR GE COMMON SHARES OUTSTANAA DING (in thousands): BASIC ............................................................................................................... DILUTED.......................................................................................................... 461,519 462,750 451,498 453,294 443,640 446,104 See accompanying notes to consolidated fiff nancial statements. F-6 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) Net income ...................................................................................................... $ 1,696.7 $ 2,567.6 $ 1,691.5 Year Ended December 31, 2022 2021 2020 Other comprehensive (loss) income: Changes in faff ir value of cash flff ow hedges, each net of tax expense of $0 .................................................................................................. Reclassififf cation of unrealized losses on cash flff ow hedges to net income, each net of tax expense of $0.............................................. Foreign currency translation adjustments, net of tax (benefiff t) expense of $(0.8), $(0.0), and $0.0, respectively.............................. Other comprehensive loss ............................................................................... Comprehensive income................................................................................... Comprehensive loss (income) attributabla e to noncontrolling interests........... Allocation of accumulated other comprehensive income (loss) resulting frff om purchases of noncontrolling interest and redeemabla e noncontrolling interests ........................................................................................................... Comprehensive income attributabla e to American Tower Corpor stockholders .................................................................................................... $ ation rr — — (1,165.0) (1,165.0) 531.7 254.7 (0.0) 0.1 (1,150.2) (1,150.1) 1,417.5 169.6 (0.2) 0.3 (701.5) (701.4) 990.1 (26.1) — 1.1 (209.2) 786.4 $ 1,588.2 $ 754.8 See accompanying notes to consolidated fiff nancial statements. F-7 l a t o T y t i u q E g n i l l o r t n o c n o N s t s e r e t n I s n o i t u b i r t s i D f o s s e c x E n i i s g n n r a E d e t a l u m u c c A r e h t O e v i s n e h e r p m o C s s o L l a n o i t i d d A n i - d i a P l a t i p a C t n u o m A s e r a h S t n u o m A d e u s s I s e r a h S k c o t S y r u s a e r T k c o t S n o m m o C S E I R A I D I S B U S D N A N O I T A RR R O P R O C R E W O T N A C I R E M A Y T I U Q E F O S T N E M E T A T S D E T A D I L O S N O C ) s d n a s u o h t n i s t n u o c e r a h s , s n o i l l i m n i ( 4 . 3 1 5 . 3 3 1 ) 0 . 6 5 ( ) 2 . 0 ( 3 . 0 ) 2 . 6 8 6 ( ) 9 . 8 ( — ) 8 . 6 1 0 , 2 ( 9 . 8 9 6 , 1 — — — — — 5 . 0 4 ) 9 . 8 ( — — 3 . 8 — — — — — — — — ) 8 . 6 1 0 , 2 ( 6 . 0 9 6 , 1 — — — ) 2 . 0 ( 3 . 0 ) 7 . 6 2 7 ( — ) 2 . 9 0 2 ( — — 4 . 3 1 4 . 3 3 1 — — — — — — — 2 . 9 0 2 4 . 0 9 4 , 5 $ 0 . 5 3 4 $ ) 8 . 6 1 0 , 1 ( $ ) 6 . 3 2 8 , 2 ( $ 7 . 7 1 1 , 0 1 $ 4 . 8 6 5 , 4 $ 9 . 4 7 4 $ ) 0 . 3 4 3 , 1 ( $ ) 4 . 9 5 7 , 3 ( $ 7 . 3 7 4 , 0 1 $ — — — — — — — . ) 4 2 8 2 1 ( , ) 0 . 0 ( 1 . 0 3 . 4 1 9 . 7 6 1 8 . 1 6 3 , 2 — — — — — — ) 1 . 4 4 1 , 1 ( ) 4 . 3 6 1 ( 0 . 1 0 6 2 . 8 7 0 , 3 2 . 8 7 0 , 3 — 9 . 7 3 2 . 0 1 ) 0 . 8 1 2 ( ) 1 . 7 6 3 , 2 ( 0 . 0 6 5 , 2 ) 1 . 3 ( ) 7 . 1 ( — — 2 . 0 1 ) 7 . 7 ( — — — — — — — — — — — — ) 1 . 7 6 3 , 2 ( 7 . 7 6 5 , 2 — — — ) 0 . 0 ( 1 . 0 ) 7 . 0 8 9 ( 4 . 7 4 — — — — — — ) 3 . 6 4 ( — — — 3 . 4 1 9 . 7 6 1 7 . 1 6 3 , 2 — ) 4 . 8 4 6 ( ) 9 . 4 1 2 ( 7 . 1 2 . 4 8 — — — — — — — — — — — — — — — — — 6 . 9 6 0 , 9 $ 4 . 8 8 9 , 3 $ ) 4 . 2 4 1 , 1 ( $ ) 9 . 8 3 7 , 4 ( $ 2 . 0 4 2 , 2 1 $ . ) 4 2 8 2 1 ( , — — — — . ) 0 6 5 ( ) 4 6 2 ( . ) 4 6 2 2 1 ( , $ ) 1 5 6 0 1 ( , — — — — — — — $ ) 5 1 9 0 1 ( , — — — — — — — — — — — — — — $ ) 5 1 9 0 1 ( , — — — 3 . 5 1 9 . 1 4 1 ) 8 . 8 1 ( 7 . 1 9 2 , 2 ) 0 . 5 6 1 , 1 ( ) 0 . 3 2 ( 4 . 5 2 1 , 3 7 . 6 9 6 , 1 ) 3 . 5 2 7 , 2 ( — — — — ) 6 . 5 8 1 ( ) 0 . 3 2 ( 4 . 5 2 1 , 3 — ) 1 . 9 6 ( — — — — — — — 8 . 5 6 7 , 1 ) 3 . 5 2 7 , 2 ( — — — — ) 4 . 9 7 9 ( — — — — 3 . 5 1 9 . 1 4 1 6 . 1 9 2 , 2 — — — — — — — — — — — — — — — — — — — . ) 8 8 1 ( ) 9 8 ( 5 4 . 1 0 . 0 0 . — — — — — — — — 6 4 . 0 0 . 0 0 . 1 0 . — — — — — — 0 0 . — — — — 7 4 . 0 0 . 0 0 . 1 . 0 — — — — — — $ 1 4 5 , 3 5 4 3 3 6 1 , 1 7 — — — — — — — — $ 5 4 2 , 5 5 4 8 4 4 1 , 8 6 0 0 9 9 , — — — — — — 6 2 — — — — $ 7 8 6 , 6 6 4 5 7 6 7 6 5 8 1 9 , — — — — — — 5 . 8 0 4 , 2 1 $ 1 . 6 3 8 , 6 $ ) 9 . 1 0 1 , 2 ( $ ) 3 . 8 1 7 , 5 ( $ 0 . 9 8 6 , 4 1 $ . ) 2 1 0 3 1 ( , $ ) 4 0 0 1 1 ( , 8 4 . $ 3 2 6 , 6 7 4 . ) 6 e t o n n i d e b i r c s e d s a ( s d r a w A t n e m e c a l p e R e t i S e r o C e h t o t d e t a l e r n o i l l i . m 1 7 1 $ s e d u l c n i . s t n e m e t a t s l a i c n a n i ff f d e t a d i l o s n o c o t s e t o n g n i y n a p m o c c a e e S 8 - F x a t f o t e n , e m o c n i t e n o t s e g d e h w o l ff f h s a c n o s e s s o l d e z i l a e r n u f o n o i t a c i ff f i s s a l c e R n a l p e s a h c r u p k c o t s — k c o t s n o m m o c f o e c n a u s s I y t i v i t c a d e t a l e r n o i t a s n e p m o c d e s a b - k c o t S 0 2 0 2 , 1 Y R A U N AA A J , E C N AA A L A B y t i v i t c a k c o t s y r rr u s a e r T x a t f o t e n , s e g d e h w o l ff f h s a c f o e u l a v r i a ff f n i s e g n a h C x a t f o t e n , e m o c n i t e n o t s e g d e h w o l ff f h s a c n o s e s s o l d e z i l a e r n u f o n o i t a c i ff f i s s a l c e R x a t f o t e n , t n e m t s u j d d a n o i t a l s n a r t y c n e r r u c n g i e r o F t s e r e t n i g n i l l o r t n o c n o n o t s n o i t u b i r t s i D s t s e r e t n i g n i l l o r t n o c n o n e l b a a m e e d e r f o s e s a h c r u P d e r a l c e d s n o i t u b i r t s i d k c o t s n o m m o C 0 2 0 2 , 1 3 R E B M E C E D , E C N AA A L A B e m o c n i t e N x a t f o t e n , s e g d e h w o l ff f h s a c f o e u l a v r i a ff f n i s e g n a h C n a l p e s a h c r u p k c o t s — k c o t s n o m m o c k c o t s n o m m o c f o f o e c n a u s s I e c n a u s s I ) 1 ( y t i v i t c a d e t a l e r n o i t a s n e p m o c d e s a b - k c o t S x a t f o t e n , t n e m t s u j d a n o i t a l s n a r t y c n e r r u c n g i e r o F s r e d l o h t s e r e t n i g n i l l o r t n o c n o n m o r ff f s n o i t u b i r t n o C s r e d l o h t s e r e t n i g n i l l o r t n o c n o n o t s n o i t u b i r t s i D s t s e r e t n i g n i l l o r t n o c n o n e l b a a m e e d e r f o s e s a h c r u P t s e r e t n i g n i l l o r t n o c n o n f o n o i t p m e d e R t s e r e t n i g n i l l o r t n o c n o n o t t n e m t s u j d A d e r a l c e d s n o i t u b i r t s i d k c o t s n o m m o C t s e r e t n i g n i l l o r t n o c n o n f o e s a h c r u P 1 2 0 2 , 1 3 R E B M E C E D , E C N AA A L A B ) s s o l ( e m o c n i t e N n a l p e s a h c r u p k c o t s — k c o t s n o m m o c k c o t s n o m m o c f o f o e c n a u s s I e c n a u s s I y t i v i t c a d e t a l e r n o i t a s n e p m o c d e s a b - k c o t S x a t f o t e n , t n e m t s u j d d a n o i t a l s n a r t y c n e r r u c n g i e r o F s r e d l o h t s e r e t n i g n i l l o r t n o c n o n m o r ff f s n o i t u b i r t n o C s r e d l o h t s e r e t n i g n i l l o r t n o c n o n o t s n o i t u b i r t s i D d e r a l c e d s n o i t u b i r t s i d k c o t s n o m m o C y t i v i t c a k c o t s y r rr u s a e r T 2 2 0 2 , 1 3 R E B M E C E D , E C N AA A L A B ) s s o l ( e m o c n i t e N _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ l a t i p a a C n i d i a P - l a n o i t i d d A , 1 2 0 2 , 1 3 r e b m e c e D d e d n e r a e y e h t r o F ) 1 ( AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW (in millions) CASH FLOWS FROM OPERARR TING ACTIVITIES Net income ....................................................................................................................................... Adjustments to reconcile net income to cash provided by operating activities: $ 1,696.7 $ 2,567.6 $ 1,691.5 Year Ended December 31, 2021 2022 2020 Depreciation, amortization and accretion................................................................................ Stock-based compensation expense ........................................................................................ Loss on investments, unrealized forff eign currency (gain) loss and other non-cash expense ... Impairments, net loss on sale of long-lived assets, non-cash restrucrr related expenses....................................................................................................................... Loss on early retirement of long-term obligations .................................................................. Amortization of defeff rred fiff nancing costs, debt discounts and premiums and other non-cash interest ..................................................................................................................................... Defeff rred income taxes............................................................................................................. ing and merger turt Changes in assets and liabia lities, net of acquisitions: Accounts receivabla e ................................................................................................................ Prepaid and other assets .......................................................................................................... Defeff rred rent asset................................................................................................................... Right-of-ff use asset and Operating lease liabia lity, net............................................................... Accounts payabla e and accruerr d expenses................................................................................. Accruerr d interest....................................................................................................................... Unearned revenue.................................................................................................................... Other non-current liabia lities .................................................................................................... Cash provided by operating activities ....................................................................................................... CASH FLOWS FROM INVESTING ACTIVITIES Payments forff purchase of property and equipment and construcrr tion activities ............................... acquisitions, net of cash acquired............................................................................... Payments forff Proceeds frff om sales of short-term investments and other non-current assets.................................. investments in equity securities ................................................................................... Payment forff Deposits and other ............................................................................................................................ investing activities.............................................................................................................. Cash used forff CASH FLOWS FROM FINANAA CING ACTIVITIES Proceeds frff om short-term borrowings, net ....................................................................................... Borrowings under credit faff cilities .................................................................................................... Proceeds frff om issuance of senior notes, net..................................................................................... Proceeds frff om term loans ................................................................................................................. Repayments of notes payabla e, credit faff cilities, senior notes, secured debt, short-term borrowings, term loans and fiff nance leases....................................................................................... Contributions frff om noncontrolling interest holders ......................................................................... Distributions to noncontrolling interest holders............................................................................... Purchases of common stock ............................................................................................................. Proceeds frff om stock options and employee stock purchase plan..................................................... Distributions paid on common stock................................................................................................ Proceeds frff om the issuance of common stock, net........................................................................... early retirement of long-term obligations .................................................................... Payment forff Defeff rred fiff nancing costs and other fiff nancing activities ................................................................... Purchases of redeemabla e noncontrolling interests ........................................................................... ) provided by fiff nancing activities....................................................................................... Cash (used forff Net effff eff ct of changes in forff eign currency exchange rates on cash and cash equivalents, and restricted cash............................................................................................................................................................ NET (DECREASE) INCREASE IN CASH ANAA D CASH EQUIVALENTS, ANA D RESTRICTED CASH ........................................................................................................................................................ CASH ANA D CASH EQUIVALENTS, ANA D RESTRICTED CASH, BEGINNING OF YEAR............. 3,355.1 169.3 (401.2) 684.3 0.4 47.5 (236.7) (78.6) (196.1) (499.8) (9.3) (48.2) 6.6 (818.9) 25.1 3,696.2 (1,873.6) (549.0) 19.6 — 47.8 (2,355.2) 28.8 4,190.0 1,293.6 — (9,625.5) 3,120.8 (10.9) (18.8) 32.4 (2,630.4) 2,291.7 — (94.9) — (1,423.2) (120.4) (202.6) 2,343.3 2,332.6 119.5 (535.2) 196.4 38.2 39.9 (41.2) (191.7) (33.2) (465.6) (32.7) 33.2 42.9 743.8 5.4 4,819.9 (1,376.7) (19,303.9) 14.3 (25.0) (0.9) (20,692.2) — 12,856.9 6,761.6 7,347.0 1,882.3 120.8 299.6 239.5 71.8 32.9 (22.5) (175.5) 84.4 (322.0) (10.9) (69.2) (1.8) 60.7 (0.2) 3,881.4 (1,031.7) (3,799.1) 19.6 — 26.6 (4,784.6) — 8,230.4 7,925.1 1,940.0 (13,178.1) (13,875.4) 3,078.2 (223.2) — 96.8 (2,271.0) 2,361.8 (74.0) (155.8) (175.7) 16,424.5 — (12.3) (56.0) 98.1 (1,928.2) — (68.2) (176.5) (861.7) 1,215.3 (70.3) (28.7) 481.9 1,861.4 283.4 1,578.0 1,861.4 CASH ANA D CASH EQUIVALENTS, ANA D RESTRICTED CASH, END OF YEAR........................... $ 2,140.7 $ 2,343.3 $ See accompanying notes to consolidated fiff nancial statements. F-9 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 1. BUSINESS AND SUMMARYRR OF SIGNIFICANT ACCOUNTING POLICIES rr ation (together with its subsidiaries, “ATC” or the “Company”) is one of the largest global ts and a leading independent owner, operator and developer of multitenant communications real Business—American Tower Corpor real estate investment trusrr estate. The Company’s primaryrr business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. The Company refeff rs to this business as its property operations. Additionally, the Company offff eff rs tower-related services in the United States, which the Company refeff rs to as its services operations. These services include site appl zoning and permitting (“AZP”), strucrr leasing business, including the addition of new tenants and equipment on its sites. The Company’s customers include its tenants, licensees and other payers. tion management, which primarily support the Company’s site turt al analysis and construcrr ication, a io primarily consists of towers that it owns and towers that it operates pursuant to long-term lease The Company’s portfolff arrangements, as well as distributed antenna system (“DAS”) networks, which provide seamless coverage solutions in certain in-building and outdoor wireless environments. In addition to the communications sites in its portfolff io, the Company manages rooftff op and tower sites forff telecommunications infrff astrucrr third-party tower operators and holds a portfolff States that the Company leases primarily to enterprrr turt e, fiff ber and property interests that it leases primarily to communications service providers and io of highly interconnected data center faff cilities and related assets in the United ises, network operators, cloud providers and supporting service providers. l arrangements. The Company also holds other property owners under various contractuat rr ation is a holding company that conducts its operations through its directly and indirectly owned American Tower Corpor subsidiaries and joint venturt es. ATC’s principal domestic operating subsidiaries are American Towers LLC and SpectraSite Communications, LLC. ATC conducts its international operations primarily through its subsidiary,rr American Tower International, Inc., which in turtt n conducts operations through its various international holding and operating subsidiaries and joint venturt es. The Company operates as a real estate investment trusrr Company generally is not required to pay U.S. feff deral income taxes on income generated by its REIT operations, including the income derived frff om leasing space on its towers and in its data centers, as it receives a dividends paid deduction forff distributions to stockholders that generally offff sff ets its REIT income and gains. However, the Company remains obligated to pay U.S. feff deral income taxes on earnings frff om its domestic taxabla e REIT subsidiaries (“TRSs”). In addition, the Company’s international assets and operations, regardless of their classififf cation forff U.S. tax purpos the jurisdictions where those assets are held or those operations are conducted. es, continue to be subject to taxation in t forff U.S. feff deral income tax purpos es (“REIT”). Accordingly, the rr rr The use of TRSs enabla es the Company to continue to engage in certain businesses and jurisdictions while complying with REIT qualififf cation requirements. The Company may, frff om time to time, change the election of previously designated TRSs to be included as part of the REIT. As of December 31, 2022, the Company’s REIT-qualififf ed businesses included its U.S. tower leasing business, a maja ority of its U.S. indoor DAS networks business, its Services and Data Centers segments, as well as most of its operations in Canada, Costa Rica, France, Germany, Ghana, Kenya, Mexico, Nigeria, South Afrff ica and Uganda. olidation and Basisii of Presentation—The accompanying consolidated fiff nancial statements include the Principli es of ConsCC accounts of the Company and those entities in which it has a controlling interest. Investments in entities that the Company does not control are accounted forff abia lity to exercise signififf cant inflff uence over operating and fiff nancial policies. All intercompany accounts and transactions have been eliminated. using the equity method or as investments in equity securities, depending upon the Company’s As of December 31, 2022, the Company holds (i) a 52% controlling interest in subsidiaries whose holdings consist of the Company’s operations in France, Germany, Poland and Spain (such subsidiaries collectively, “ATC Europe”) (Allianz and CDPQ (each as defiff ned in note 15) hold the noncontrolling interests), (ii) a 51% controlling interest in a joint venturt e whose holdings consist of the Company’s operations in Bangladesh (Confiff dence Tower Holdings Ltd. (“Confiff dence Group”) holds the noncontrolling interest) and (iii) a common equity interest of appr (Stonepeak (as defiff ned and furff oximately 28% of the outstanding common equity and 100% a of the outstanding mandatorily convertible prefeff rred equity). As of December 31, 2022, ATC Europe holds an 87% and an 83% controlling interest in subsidiaries that consist of the Company’s operations in Germany and Spain, respectively (PGGM holds the noncontrolling interests). See note 15 forff ended December 31, 2022 and 2021. a discussion of changes to the Company’s noncontrolling interests during the years oximately 72% in the Company’s U.S. data center business ther discussed in note 15) holds appr a F-10 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) table Segme entstt —The Company reports its results in seven segments – U.S. & Canada property (which includes all assets e Repor in the United States and Canada, other than the Company’s data center faff cilities and related assets), Asia-Pacififf c property, Afrff ica property, Europe property, Latin America property, Data Centers and Services, which are discussed furff ther in note 20. fi iff cant Accounting Policies and UsUU e of EsEE timates—The preparation of fiff nancial statements in conforff mity with accounting i Signi principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affff eff ct the amounts reported in the consolidated fiff nancial statements and accompanying notes. Actuat those estimates, and such diffff eff rences could be material to the accompanying consolidated fiff nancial statements. The signififf cant estimates in the accompanying consolidated fiff nancial statements include impairment of long-lived assets (including goodwill), revenue recognition, rent expense and lease accounting, income taxes and accounting forff acquisitions of assets. The Company considers events or transactions that occur aftff er the balance sheet date but beforff e the fiff nancial statements are issued as additional evidence forff disclosure. certain estimates or to identifyff matters that require additional business combinations and l results may diffff eff r frff om Accountstt Receivable and Defe eff rred Rent Asset—Ttt accounts receivabla e and the related defeff rred rent asset frff om a relatively small number of customers in the telecommunications industry,rr he Company derives the largest portion of its revenues and corresponding and 46% of its current-year revenues are derived frff om three customers. The Company’s defeff rred rent asset is associated with non-cancellabla e tenant leases that contain fiff xed escalation clauses over the terms of the appl icabla e lease in which revenue is recognized on a straight-line basis over the lease term. a The Company mitigates its concentrations of credit risk with respect to notes and trade receivabla es and the related defeff rred rent assets by actively monitoring the creditworthiness of its borrowers and customers. In recognizing customer revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight- line basis. This assessment takes customer credit risk and business and industryrr 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, revenue recognition is defeff rred until such point as collectibility is determined to be reasonabla y assured. Any amounts that were previously recognized as revenue and are subsequently determined to present a risk of collection are reserved as bad debt expense included in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. doubtfulff Accounts receivabla e is reported net of allowances forff inabia lity to make required payments and allowances forff allowances are generally estimated based on payment patterns, days past due and collection history,rr economic conditions that may not be reflff ected in historical trends, such as customers in bankrupt reorganization. Receivabla es are written-offff against the allowances or reserves when they are determined to be uncollectible. Such determination includes analysis and consideration of the particular conditions of the account. Changes in the allowances were as folff accounts related to estimated losses resulting frff om a customer’s amounts invoiced whose collectibility is not reasonabla y assured. These ate changes in and incorpor cy, liquidation or lows: rr rr Balance as of Januaryrr 1,........................................................................................... $ Current year increases .............................................................................................. Write-offff sff , recoveries and other............................................................................... Balance as of December 31,..................................................................................... $ 355.9 168.2 (85.4) 438.7 $ $ 247.6 130.9 (22.6) 355.9 $ $ 163.3 105.6 (21.3) 247.6 Year Ended December 31, 2021 2020 2022 ff he func tional CurCC rencyc —Tyy tional currency of each of the Company’s forff eign operating subsidiaries is normally the FuncFF respective local currency, except forff Costa Rica and Argentina, where the func currency assets and liabia lities held by the subsidiaries are translated into U.S. Dollars at the exchange rate in effff eff ct at the end of the appl icabla e fiff scal reporting period and all forff eign currency revenues and expenses are translated at the average monthly a exchange rates. Translation adjustments are reflff ected in equity as a component of Accumulated other comprehensive loss (“AOCL”) in the consolidated balance sheets and included as a component of Comprehensive income in the consolidated statements of comprehensive income. tional currency is the U.S. Dollar. All forff eign ff Gains and losses on forff eign currency transactions are reflff ected in Other expense in the consolidated statements of operations. However, the effff eff ct frff om flff uctuat tions in forff eign currency exchange rates on intercompany debt forff which repayment is not F-11 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) anticipated in the forff eseeabla e futff urt e is reflff ected in AOCL in the consolidated balance sheets and included as a component of Comprehensive income. The Company recorded the folff lowing net forff eign currency (gains) losses: Foreign currency losses recorded in AOCL............................................................. $ Foreign currency (gains) losses recorded in Other expense..................................... Total forff eign currency (gains) losses ....................................................................... $ 336.7 $ 466.5 $ (449.4) (112.7) $ (557.9) (91.4) $ 391.0 216.4 607.4 Year Ended December 31, 2022 2021 2020 CasCC h and CasCC h Equivalentstt —Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturtt ions and monitors the credit ratings of those instituttt ities of three months or less. The Company maintains its deposits at high-quality fiff nancial institutt ions. Restrtt icted CasCC h—Restricted cash includes cash pledged as collateral to secure obligations and all cash whose use is otherwise limited by contractuatt l provisions. The reconciliation of cash and cash equivalents and restricted cash reported within the appl total of the same such amounts shown in the statements of cash flff ows is as folff lows: a icabla e balance sheet that sum to the Cash and cash equivalents ....................................................................................... $ Restricted cash ......................................................................................................... Total cash, cash equivalents and restricted cash...................................................... $ 2,028.4 112.3 2,140.7 $ $ 1,949.9 393.4 2,343.3 $ $ 1,746.3 115.1 1,861.4 Restricted cash as of December 31, 2021 included advance payments frff om a customer. Year Ended December 31, 2022 2021 2020 ent—Ptt roperty and equipment is recorded at cost or, in the case of acquired properties, at estimated faff ir Propertytt and Equipmi value on the date acquired. Cost forff associated with construcrr the capia talization of costs during the pre-construcrr site, and continues to capia talize costs until the site is substantially completed and ready forff related costs capia talized forff million, respectively. tion of the site, such as transportation costs, employee benefiff ts and payroll taxes. The Company begins tion period, which is the period during which costs are incurred to evaluate the and occupancy by a customer. Labor the years ended December 31, 2022, 2021 and 2020 were $65.2 million, $59.4 million and $51.1 ted sites includes direct materials and labor and certain indirect costs self-ff construcrr a a Expenditurtt es forff usefulff lifeff or enhance capaa city are capia talized. repairs and maintenance are expensed as incurred. Augmentation and improvements that extend an asset’s Depreciation expense is recorded using the straight-line method over the assets’ estimated usefulff leased land are depreciated over the estimated usefulff ground lease and residual value. lives. Towers and assets on lifeff of the asset taking into consideration the term of the corresponding Towers or assets acquired through fiff nance leases are recorded net at the present value of futff urtt e minimum lease payments or the faff ir value of the leased asset at the inception of the lease. Property and equipment and assets held under fiff nance leases are amortized over the shorter of the appl not exceeding twenty years. icabla e lease term or the estimated usefulff lifeff of the respective assets forff periods generally a io forff indicators of impairment on an individual site basis. Impairments primarily result The Company reviews its asset portfolff frff om a site not having current tenant leases or frff om having expenses in excess of revenues. The Company reviews other long- lived assets forff impairment whenever events, changes in circumstances or other evidence indicate that the carryirr ng amount of the Company’s assets may not be recoverabla e. The Company records impairment charges, which are discussed in note 16, in Other operating expenses in the consolidated statements of operations in the period in which the Company identififf es such impairment. Goodwill and Othet or whenever events or circumstances indicate the carryirr ng value of an asset may not be recoverabla e. r IntII angible Assetstt —The Company reviews goodwill forff impairment at least annually (as of December 31) F-12 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) icabla e segment and assessed forff a Goodwill is recorded in the appl a discounted cash flff ow analysis when testing goodwill forff flff ow analysis include current operating perforff mance, terminal revenue growth rate, management’s expectations of futff urt e operating results and cash requirements, the current weighted average cost of capia tal and an expected tax rate. The Company compares the faff ir value of the reporting unit, as calculated under an income appr carryirr ng amount of the appl recognized forff reporting unit. a icabla e reporting unit. If the carryirr ng amount exceeds the faff ir value, an impairment loss would be the amount of the excess. The loss recognized is limited to the total amount of goodwill allocated to that impairment. The key assumptions utilized in the discounted cash impairment at the reporting unit level. The Company employs oach using futff urt e discounted cash flff ows, to the a During the years ended December 31, 2022, 2021 and 2020, no potential goodwill impairment was identififf ed, as the faff ir value of each of the reporting units was in excess of its carryirr ng amount. Intangible assets that are separabla e frff om goodwill and are deemed to have a defiff nite lifeff are amortized over their usefulff generally ranging frff om two to twenty years and are evaluated separately forff circumstances indicate that the carryirr ng amount of an asset may not be recoverabla e. impairment at least annually or whenever events or lives, indicators of impairment on an individual tower basis. The Company reviews its network location intangible assets forff Impairments primarily result frff om a site not having current tenant leases or frff om having expenses in excess of revenues. The Company monitors its tenant-related intangible assets on a tenant by tenant basis forff levels of turt nover or attrition, the customer’s abia lity to meet its contractuat l obligations, non-renewal of a signififf cant number of contracts or the cancellation or termination of a relationship. The Company assesses recoverabia lity by determining whether the carryirr ng amount of the related assets will be recovered primarily through projected undiscounted futff urtt e cash flff ows. If the Company determines that the carryirr ng amount of an asset may not be recoverabla e, the Company measures any impairment loss based on the projected futff urtt e discounted cash flff ows to be provided frff om the asset or availabla e market inforff mation relative to the asset’s faff ir value, as compared to the asset’s carryirr ng amount. The Company records impairment charges, which are discussed in note 16, in Other operating expenses in the consolidated statements of operations in the period in which the Company identififf es such impairment. indicators of impairment, such as high Derivative FiFF nancial InsII trtt umentstt —Derivatives are recorded on the consolidated balance sheet at faff ir value. If a derivative is designated as a cash flff ow hedge, the effff eff ctive portions of changes in the faff ir value of the derivative are recorded in AOCL, as well as a component of comprehensive income, and are recognized in the results of operations when the hedged item affff eff cts earnings. Changes in faff ir value of the ineffff eff ctive portions of cash flff ow hedges are recognized in the results of operations. For derivative instrumrr ents that are designated and qualifyff as faff ir value hedges, changes in value of the derivatives are recorded in Other expense in the consolidated statements of operations in the current period, along with the offff sff etting gain or loss on the hedged item attributabla e to the hedged risk. For derivative instrumrr ents, changes in faff ir value are recognized in the results of operations in the period that the change occurs. ents not designated as hedging instrumrr risks managed through the use of derivative instrumrr The primaryrr of debt attributabla e to interest rate risk and currency risk. From time to time, the Company enters into interest rate swapa agreements or forff eign currency contracts to manage exposure to these risks. Under these agreements, the Company is exposed rty credit risk to the extent that a counterparr to counterparr limited to the current value of the contract at the time the counterparr inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effff eff ctive in offff sff etting changes in cash flff ows or faff ir values of hedged items. The Company does not hold derivatives forff rr purpos rty faff ils to meet the terms of a contract. The Company’s exposure is rty faff ils to perforff m. The Company assesses, both at the ents is interest rate risk, exposure to changes in the faff ir value es. trading FaiFF r ValVV ue MeMM asurementstt —The Company determines the faff ir value of its fiff nancial instrumrr hierarchy, which requires an entity to maximize the use of observabla e inputs and minimize the use of unobservabla e inputs when measuring faff ir value. ents based on the faff ir value i ions—When required, the Company recognizes the faff ir value of obligations to remove its assets and Asset Retirement Obligat remediate the leased space upon which certain of its assets are located. Generally, the associated retirement costs are capia talized as part of the carryirr ng amount of the related assets and depreciated over their estimated usefulff lives and the liabia lity is accreted through the obligation’s estimated settlement date. Fair value estimates of asset retirement obligations generally involve discounting of estimated futff urt e cash flff ows associated with remediation costs. Periodic accretion of such liabia lities due to the passage of time is included in Depreciation, amortization and accretion expense in the consolidated statements of operations. Adjustments are also made to the asset retirement obligation liabia lity to reflff ect changes in the estimates of timing and amount of expected cash flff ows, with an offff sff etting adjustment made to the related long-lived tangible asset. The signififf cant assumptions used in estimating the Company’s aggregate asset retirement obligation are: timing of asset removals; cost of asset removals; F-13 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) timing and number of site lease renewals; expected inflff ation rates; and credit-adjusted, risk-frff ee interest rates that appr the Company’s incremental borrowing rate. a oximate IncII ome TaxTT es—As a REIT, the Company generally is not subject to U.S. feff deral income taxes on income generated by its REIT distributions to stockholders that generally offff sff ets its REIT income and operations as it receives a dividends paid deduction forff gains. However, the Company remains obligated to pay U.S. feff deral income taxes on certain earnings and continues to be subject to taxation in its forff eign jurisdictions. Accordingly, the consolidated fiff nancial statements reflff ect provisions forff state, local and forff eign income taxes. The Company recognizes defeff rred tax assets and liabia lities forff consequences attributabla e to diffff eff rences between the fiff nancial statement carryirr ng amounts of existing assets and liabia lities and their respective tax basis, as well as operating loss and tax credit carryfrr orff wards. The Company measures defeff rred tax assets and liabia lities using enacted tax rates expected to appl carryfrr orff wards are expected to be recovered or settled. The effff eff ct on defeff rred tax assets and liabia lities as a result of a change in tax rates is recognized in income in the period that includes the enactment date. y to taxabla e income in the years in which those temporaryrr diffff eff rences and the futff urtt e tax feff deral, a The Company periodically reviews its defeff rred tax assets, and provides valuation allowances if,ff based on the availabla e evidence, it is more likely than not that some or all of the defeff rred tax assets will not be realized. Management assesses the availabla e positive and negative evidence to estimate if suffff iff cient futff urtt e taxabla e income will be generated to use the existing defeff rred tax assets. Valuation allowances would be reversed as a reduction to the provision forff tax assets are deemed realizabla e based on changes in faff cts and circumstances relevant to the assets’ recoverabia lity. income taxes if related defeff rred The Company estimates the liabia lities frff om uncertain tax positions, which are recorded in Other non-current liabia lities in the consolidated balance sheet, unless expected to be paid within one year. The Company reports penalties and tax-related interest as a component of Interest income in expense as a component of the income tax provision and interest income frff om tax refunds the consolidated statements of operations. ff r ComCC prm ehensive IncII ome (L(( oss)s —Other comprehensive income (loss) refeff rs to items excluded frff om net income that are Othett recorded as an adjustment to equity, net of tax. The Company’s other comprehensive income (loss) primarily consisted of changes in faff ir value of effff eff ctive derivative cash flff ow hedges, forff eign currency translation adjustments, reclassififf cation of unrealized losses on effff eff ctive derivative cash flff ow hedges and other items. The AOCL balance included accumulated forff eign currency translation losses of $5.7 billion, $4.7 billion and $3.8 billion as of December 31, 2022, 2021 and 2020, respectively. Disii trtt ibutions—As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxabla e income (determined beforff e the deduction forff the Company has distributed, and expects to continue to distribute, all or substantially all of its REIT taxabla e income aftff er taking into consideration its utilization of net operating losses (“NOLs”). distributed earnings and excluding any net capia tal gain). Generally, The amount, timing and frff equency of futff urt e distributions will be at the sole discretion of the Board of Directors and will depend upon various faff ctors, a number of which may be beyond the Company’s control, including the Company’s fiff nancial condition and operating cash flff ows, the amount required to maintain its qualififf cation forff taxation as a REIT and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in the Company’s existing and futff urt e debt and prefeff rred equity instrumrr requirements, limitations on its abia lity to fund Board of Directors may deem relevant. ents, the Company’s abia lity to utilize NOLs to offff sff et the Company’s distribution ff distributions using cash generated through its TRSs and other faff ctors that the Acquisii itions—For acquisitions that meet the defiff nition of a business combination, the Company appl of accounting where assets acquired and liabia lities assumed are recorded at faff ir value at the date of each acquisition, and the results of operations are included with those of the Company frff om the dates of the respective acquisitions. Any excess of the purchase price paid by the Company over the amounts recognized forff goodwill. The Company continues to evaluate acquisitions forff date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid forff as asset acquisitions and the purchase price is allocated to the net assets acquired with no recognition of goodwill. The purchase price is not subsequently adjusted. the assets acquired and liabia lities assumed. All other acquisitions are accounted forff assets acquired and liabia lities assumed is recorded as a period not to exceed one year aftff er the appl ies the acquisition method icabla e acquisition a a The faff ir value of the assets acquired and liabia lities assumed is typically determined by using either estimates of replacement costs or discounted cash flff ow valuation methods. When determining the faff ir value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset taking into consideration such faff ctors as age, condition and the economic usefulff liabia lities assumed, the Company must estimate the timing and amount of futff urt e cash flff ows, including rate and terms of renewal and attrition, and appl city of the asset. When determining the faff ir value of intangible assets acquired and lifeff and productive capaa icabla e discount rate. a y the appl a F-14 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Revenue—The Company’s revenue is derived frff om leasing the right to use its communications sites, the land on which the sites are located and the space in its data center faff cilities (the “lease component”) and frff om the reimbursement of costs incurred by the Company in operating the communications sites and data center faff cilities and supporting its customers’ equipment as well l rights (the “non-lease component”). Most of the Company’s revenue is derived frff om leasing as other services and contractuat as lease revenue unless the timing and pattern of revenue recognition of the non-lease arrangements and is accounted forff component diffff eff rs frff om the lease component. If the timing and pattern of the non-lease component revenue recognition diffff eff rs frff om that of the lease component, the Company separately determines the stand-alone selling prices and pattern of revenue recognition forff agreements with customers that are generally not accounted forff each perforff mance obligation. Revenue related to DAS networks and fiff ber and other related assets results frff om as leases. The Company’s revenue frff om leasing arrangements, including fiff xed escalation clauses present in non-cancellabla e lease arrangements, is reported on a straight-line basis over the term of the respective leases when collectibility is probabla e. Escalation clauses tied to a consumer price index (“CPI”), or other inflff ation-based indices, and other incentives present in lease agreements with the Company’s tenants are excluded frff om the straight-line calculation. Total property straight-line revenues forff the years ended December 31, 2022, 2021 and 2020 were $499.8 million, $465.6 million and $322.0 million, respectively. Non-NN lease propertytt revenue—N— on-lease property revenue consists primarily of revenue generated frff om DAS networks, fiff ber and other property related revenue. DAS networks and fiff ber arrangements generally require that the Company provide the tenant the right to use availabla e capaa over time forff the duration of the arrangements. Non-lease property revenue also includes revenue generated frff om interconnection offff eff rings in the Company’s data center faff cilities. Interconnection offff eff rings are generally contracted on a month- to-month basis and are cancellabla e by the Company or the data center customer at any time. Perforff mance obligations are satisfiff ed over time forff are not material on either an individual or consolidated basis. the duration of the arrangements. Other property related revenue streams, which include site inspections, turt e. Perforff mance obligations are satisfiff ed icabla e communications infrff astrucrr city on the appl a Services revenue—The Company offff eff rs tower-related services in the United States. These services include AZP, strucrr analysis and construcrr time based on milestones achieved, which are determined based on costs expected to be incurred. Strucrr may have more than one perforff mance obligation, contingent upon the number of contracted services. Revenue is recognized at the point in time the services are completed. tion management. There is a single perforff mance obligation related to AZP and revenue is recognized over turt al analysis services turtt al Some of the Company’s contracts with customers contain multiple perforff mance obligations. For these arrangements, the Company allocates revenue to each perforff mance obligation based on its relative standalone selling price, which is typically based on the price charged to customers. Since most of the Company’s contracts are leases, costs to enter into lease arrangements are capia talized under the appl icabla e lease accounting guidance. Costs incurred to obtain non-lease contracts that are capia talized primarily relate to DAS networks and are not material to the consolidated fiff nancial statements. The Company has excluded sales tax, value added tax and similar taxes frff om non-lease revenue. a Revenue is disaggregated by geographya furff ther in note 20. A summaryrr of revenue disaggregated by source and geographya is as folff lows: in a manner consistent with the Company’s business segments, which are discussed Year Ended December 31, 2022 U.S. & Canada Asia- Pacififf c Afrff ica Europe Latin America Data Centers Non-lease property revenue.................... $ Services revenue ..................................... 295.4 241.1 $ $ 14.3 — 27.4 — 536.5 Total non-lease revenue.......................... $ Property lease revenue............................ 4,710.9 Total revenue .......................................... $ 5,247.4 $ 14.3 1,062.7 $ 1,077.0 $ 27.4 1,165.1 $ 1,192.5 $ $ $ 16.3 — 16.3 719.4 735.7 $ 154.5 — $ 154.5 1,537.4 $ 1,691.9 $ $ $ 106.0 — 106.0 660.6 766.6 $ Total 613.9 241.1 $ 855.0 9,856.1 $10,711.1 F-15 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Year Ended December 31, 2021 U.S. & Canada Asia- Pacififf c Afrff ica Europe Latin America Data Centers Non-lease property revenue.................... $ Services revenue ..................................... 291.9 247.3 $ $ 8.8 — 24.4 — 539.2 Total non-lease revenue.......................... $ 4,628.3 Property lease revenue............................ Total revenue .......................................... $ 5,167.5 $ 8.8 1,190.3 $ 1,199.1 $ 24.4 981.1 $ 1,005.5 Year Ended December 31, 2020 U.S. & Canada Asia- Pacififf c Non-lease property revenue........................................ $ Services revenue......................................................... 258.4 87.9 Total non-lease revenue.............................................. $ Property lease revenue................................................ 346.3 4,258.6 $ $ 9.3 — 9.3 1,130.1 Total revenue .............................................................. $ 4,604.9 $ 1,139.4 $ $ $ $ $ $ $ 7.6 — 135.9 — 7.6 488.6 496.2 $ 135.9 1,329.5 $ 1,465.4 Afrff ica Europe 13.8 — 13.8 876.4 890.2 $ $ $ 7.9 — 7.9 141.7 $ $ $ $ $ $ Total 469.9 247.3 $ 717.2 8,639.7 $ 9,356.9 1.3 — 1.3 21.9 23.2 Latin America 118.4 — 118.4 1,139.0 $ $ Total 407.8 87.9 495.7 7,545.8 149.6 $ 1,257.4 $ 8,041.5 Inforff mation about a non-lease receivabla es, contract assets and contract liabia lities frff om contracts with customers is as folff lows: Accounts receivabla e .................................................................................................... $ Prepaids and other current assets ................................................................................ Notes receivabla e and other non-current assets ............................................................ Unearned revenue (1).................................................................................................. Other non-current liabia lities (1) .................................................................................. $ 96.9 39.9 27.1 106.3 321.6 121.9 42.6 25.9 128.2 372.0 December 31, 2022 December 31, 2021 _______________ (1) Includes capia tal contributions related to DAS networks. The Company records unearned revenue when payments are received frff om customers in advance of the completion of the Company’s perforff mance obligations. Long-term unearned revenue is included in Other non-current liabia lities. During the year ended December 31, 2022, the Company recognized $135.3 million of revenue that was previously included in the contract liabia lities balances, primarily arising frff om balances as of December 31, 2021. The Company records unbilled receivabla es, which are included in Prepaids and other current assets, when it has completed a perforff mance obligation prior to its abia lity to bill under the customer arrangement. Other contract assets are included in Notes receivabla e and other non-current assets. The Company recorded an immaterial change in unbilled receivabla es attributabla e to non-lease property revenue recognized during each of the years ended December 31, 2022 and 2021. The change in contract assets attributabla e to revenue recognized during the years ended December 31, 2022 and 2021 was $(0.3) million and $2.2 million, respectively. The Company does not disclose the value of unsatisfiff ed perforff mance obligations forff length of one year or less or (ii) forff which it recognizes revenue at the amount to which it has the right to invoice forff perforff med. agreements (i) with an original expected services Lease Accounting and Rent ExEE pex nse—The Company accounts forff the date of commencement, a lessee has a fiff nancial obligation to make lease payments to the lessor forff underlying asset during the lease term. The lessee recognizes a corresponding right-of-ff use asset related to this right. leases using a right-of-ff use model, which recognizes that, at the right to use the icabla e amounts. The Company reviews its right-of-ff use assets forff The Company recognizes a right-of-ff use lease asset and lease liabia lity forff measured as the sum of the lease liabia lity, prepaid or accruerr d lease payments, any initial direct costs incurred and any other a appl other evidence indicate that the carryirr ng amount of the Company’s assets may not be recoverabla e. The Company reviews its right-of-ff use assets forff Impairments primarily result frff om a site not having current tenant leases or frff om having expenses in excess of revenues. The Company records impairment charges, which are discussed in note 16, in Other operating expenses in the consolidated statements of operations in the period in which the Company identififf es such impairment. indicators of impairment at the lowest level of identififf abla e cash flff ows, as part of its asset portfolff operating and fiff nance leases. The right-of-ff use asset is impairment whenever events, changes in circumstances or io. F-16 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) The calculation of the lease liabia lity requires the Company to make certain assumptions forff discount rate implicit in each lease, which could signififf cantly impact the gross lease obligation, the duration and the present value of the lease liabia lity. When calculating the lease term, the Company considers the renewal, cancellation and termination rights availabla e to the Company and the lessor. The Company determines the discount rate by calculating the incremental borrowing rate on a collateralized basis at the commencement of a lease or upon a change in the lease term. each lease, including lease term and Many of the leases underlying the Company’s sites have fiff xed rent escalations, which provide forff periodic increases in the amount of ground rent payabla e by the Company over time. In addition, certain of the Company’s tenant leases require the Company to exercise availabla e renewal options pursuant to the underlying ground lease if the tenant exercises its renewal option. The Company’s calculation of the lease liabia lity includes the term of the underlying ground lease plus all periods, if any, forff which faff ilure to renew the lease imposes an economic penalty to the Company such that renewal appe assured. ars to be reasonabla y a The straight-line component of ground rent expense forff $52.7 million and $51.6 million, respectively. the years ended December 31, 2022, 2021 and 2020 was $39.6 million, Selling, General,l Adminisii trtt ative and Development ExEE pex nse—Selling, general and administrative expense consists of overhead expenses related to the Company’s property and services operations and corpor ate overhead costs not specififf cally allocabla e to any of the Company’s individual business operations. Development expense consists of costs related to the Company’s acquisition effff orff ts, costs associated with new business initiatives and project cancellation costs. rr Stock-kk Based ComCC pem nsation—Stock-based compensation expense is measured at the accounting measurement date based on the faff ir value of the award and is generally recognized as an expense over the service period, which typically represents the vesting period. The Company provides forff accelerated vesting and extended exercise periods of stock options and restricted stock units upon an employee’s death or permanent disabia lity, or upon an employee’s qualififf ed retirement, provided certain eligibility criteria are met. Accordingly, the Company recognizes compensation expense forff units (“RSUs”) over the shorter of (i) the four ff employee becomes eligible forff expense recognized includes the impact of forff such benefiff ts due to death, disabia lity or qualififf ed retirement, which may occur upon grant. The -year vesting period or (ii) the period frff om the date of grant to the date the stock options and time-based restricted stock feff iturt es as they occur. The Company grants perforff mance-based restricted stock units (“PSUs”) to its executive offff iff cers. Threshold, target and maximum parameters are establa ished forff the number of shares that will be issuabla e when the awards vest, which may range frff om zero to 200% of the target amounts. The Company recognizes compensation expense forff PSUs over the three-year vesting period, subject to adjustment based on the date the employee becomes eligible forff a three-year perforff mance period at the time of grant. The metrics are used to calculate retirement benefiff ts as well as perforff mance relative to grant parameters. The faff ir value of stock options is determined using the Black-Scholes option-pricing model and the faff ir value of RSUs and PSUs is based on the faff ir value of the Company’s common stock on the date of grant. The Company recognizes all stock-based compensation expense in Selling, general, administrative and development expense. In connection with the vesting of restricted stock units, the Company withholds frff om issuance a number of shares of common stock to satisfyff certain employee tax withholding obligations arising frff om such vesting. The shares withheld are considered construcrr consolidated balance sheets. As of December 31, 2022, the Company has withheld frff om issuance an aggregate of 2.8 million shares, including 0.2 million shares related to the vesting of restricted stock units during the year ended December 31, 2022. tively retired. The Company recognizes the faff ir value of the shares withheld in Additional paid-in capia tal on the ion CosCC tstt —The Company periodically becomes involved in various claims and lawsuits that are incidental to its Litigat i and likelihood of business. The Company regularly monitors the statust any potential loss. The Company accruerr these potential losses when it is probabla e that a liabia lity has been incurred and the amount of loss, or possible range of loss, can be reasonabla y estimated. Should the ultimate losses on contingencies or litigation varyrr frff om estimates, adjustments to those liabia lities may be required. The Company also incurs legal costs in connection with these matters and records estimates of these expenses, which are reflff ected in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. of pending legal actions to evaluate both the magnitude s forff tt Earnings Per ComCC mon Share—B— asic and Diluted—Bdd American Tower Corpor during the period. Diluted net income per common share represents net income attributabla e to American Tower Corpor common stockholders divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including (A) shares issuabla e upon the vesting of RSUs and exercise of stock options and asic net income per common share represents net income attributabla e to ation common stockholders divided by the weighted average number of common shares outstanding ation rr rr F-17 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) (B) shares expected to be earned upon the achievement of the parameters establa ished forff PSUs, each to the extent not anti- dilutive. The Company uses the treasuryrr stock method to calculate the effff eff ct of its outstanding RSUs, PSUs and stock options. Retirement Plan—The Company has a 401(k) plan covering nearly all eligible employees who meet certain age and employment requirements. For the years ended December 31, 2022, 2021 and 2020, the Company matched 100% of the fiff rst 5% of a participant's contributions. For the years ended December 31, 2022, 2021 and 2020, the Company contributed $16.9 million, $14.9 million and $13.2 million to the plan, respectively. 2. PREPAID AND OTHER CURRENT ASSETS Prepaid and other current assets consisted of the folff lowing: Prepaid assets Prepaid income tax Unbilled receivabla es Value added tax and other consumption tax receivabla es Other miscellaneous current assets Prepaid and other current assets 3. PROPERTY AND EQUIPMENT As of December 31, 2022 100.7 $ 139.3 283.8 83.6 115.9 723.3 $ December 31, 2021 94.5 $ 128.6 269.6 83.9 80.6 657.2 $ Property and equipment (including assets held under fiff nance leases) consisted of the folff lowing: Towers..................................................................................................... Equipment (2).......................................................................................... Buildings and improvements................................................................... Land and improvements (3) .................................................................... tion-in-progress......................................................................... Construcrr Total ................................................................................................. Less accumulated depreciation ............................................................... Property and equipment, net.................................................................... Estimated Usefuff l Lives (years) (1) Up to 20 $ 3 - 20 Up to 40 Up to 20 As of December 31, 2022 16,288.4 4,409.6 3,593.6 4,153.7 1,431.9 29,877.2 (9,878.9) 19,998.3 $ December 31, 2021 15,899.3 $ 4,102.9 3,523.0 3,965.2 913.2 28,403.6 (8,619.6) 19,784.0 $ _______________ (1) Assets on leased land are depreciated over the estimated usefulff lifeff of the asset taking into consideration the corresponding ground lease term and residual value. Includes fiff ber, DAS and data center related assets. y to improvements only. (2) (3) Estimated usefulff a lives appl Total depreciation expense forff $924.3 million, respectively. Depreciation expense includes amounts related to fiff nance lease assets forff December 31, 2022, 2021 and 2020 of $145.4 million, $146.8 million and $153.0 million, respectively. the years ended December 31, 2022, 2021 and 2020 was $1,552.6 million, $1,036.2 million and the years ended F-18 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Inforff mation about a fiff nance lease-related balances is as folff lows: Finance leases: Property and equipment .................... Accumulated depreciation................. Property and equipment, net..................... Property and equipment .................... Accumulated depreciation................. Property and equipment, net..................... Classififf cation Towers Buildings and improvements Property and equipment .................... Land Property and equipment .................... Accumulated depreciation................. Property and equipment, net..................... Equipment 4. LEASES As of December 31, 2022 2021 2,742.2 $ (1,464.5) 1,277.7 $ 2,719.8 (1,355.3) 1,364.5 189.6 $ (94.0) 95.6 $ 129.3 $ 80.1 $ (25.6) 54.5 $ 179.0 (85.2) 93.8 129.3 68.6 (25.0) 43.6 $ $ $ $ $ $ $ The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications infrff astrucrr underneath communications infrff astrucrr a lessee. a period of time in exchange forff turtt e forff turt e or ground space consideration. The Company is both a lessor and Lessor—Trr he Company is a lessor in most of its revenue arrangements, as property revenue is derived frff om tenant leases of specififf cally-identififf ed, physically distinct space on or in the Company’s communications real estate assets. The Company’s lease arrangements with its tenants forff and generally have initial non-cancellabla e terms of fiff ve to ten years with multiple renewal terms. The leases also contain provisions that periodically increase the rent due, typically annually, based on a fiff xed escalation percentage or an inflff ationaryrr index, or a combination of both. The Company strucrr which serve to disincentivize tenants frff om terminating the lease prior to the expiration of the lease term. its communications sites varyrr depending upon the region and the industryrr of the tenant turtt es its leases to include fiff nancial penalties if a tenant terminates the lease, l generators or other sources and permit the Company to , these services. Many arrangements require that the communications site has The Company’s leasing arrangements outside of the United States may require that the Company provide power to the communications site through an electrical grid connection, diesel fueff pass through the costs of,ff or otherwise charge forff a specififf ed percentage of time. In most cases, if deliveryrr of power faff lls below the specififf ed service level, a power forff corresponding reduction in revenue is recorded. The Company has determined that this perforff mance obligation is satisfiff ed over time forff the duration of the lease. In addition, the Company provides power to its data center customers, which is passed through, or otherwise charged, to customers pursuant to the terms of the customer power arrangement. Customer power arrangements are coterminous with such customer’s underlying lease and have the same pattern of transfeff r over the lease term. the duration of the lease. Fixed power revenue is recognized This perforff mance obligation is generally satisfiff ed over time forff each month over the term of the lease. For variabla e power arrangements, the Company recognizes revenue each month as the uncertainty related to the consideration is resolved. The Company typically has more than one tenant on a site and, by perforff ming ordinaryrr course repair and maintenance work, can oftff en lease a site, either through renewing existing agreements or leasing to new tenants, forff periods beyond the existing tenant lease term. Accordingly, the Company has minimal risk with respect to the residual value of its leased assets. Communications infrff astrucrr years. turtt e assets are depreciated over their estimated usefulff lives, which generally do not exceed twenty As of December 31, 2022, the Company does not have any material related party leases as a lessor. To the extent there are any intercompany leases, these are eliminated in consolidation. The Company generally does not enter into sales-type leases or direct fiff nancing leases. The Company’s leases generally do not include any incentives forff present, they are evaluated to determine proper treatment and, to the extent present, are recorded in Other current assets and the lessee, however, if incentives are F-19 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Other non-current assets in the consolidated balance sheets and amortized over the corresponding lease term as a component of revenue. In addition, the Company’s leases do not include any lessee purchase options. Historically, the Company has been abla e to successfulff revenue. Accordingly, the Company assumes that it will have access to the communications infrff astrucrr underlying its sites when calculating futff urtt e minimum rental receipts through the end of the respective terms. Futurt e minimum rental receipts expected under non-cancellabla e operating lease agreements as of December 31, 2022, were as folff icabla e leases as needed to ensure continuation of its turt e or ground space ly renew its appl lows: a Fiscal Year 2023............................................................................................................................................................... $ 2024............................................................................................................................................................... 2025............................................................................................................................................................... 2026............................................................................................................................................................... 2027............................................................................................................................................................... Thereaftff er ...................................................................................................................................................... Total .............................................................................................................................................................. $ Amount (1) (2) 7,658.4 7,331.1 6,904.3 6,428.9 6,284.1 27,746.0 62,352.8 _______________ a (1) Balances are translated at the appl l amounts owned with no adjustments made forff (2) Balances represent contractuat icabla e period-end exchange rate, which may impact comparabia lity between periods. expected collectibility. ground space underneath its communications sites. oximately fiff ve to ten a Lessee—The Company enters into arrangements as a lessee primarily forff These arrangements are typically long-term lease agreements with initial non-cancellabla e terms of appr years with one or more automatic or exercisabla e renewal periods and specififf ed increases in lease payments upon exercise of the renewal options. The Company typically exercises its ground lease renewal options in order to provide ongoing tenant space on or in its communications sites through the end of the tenant lease term. Escalation clauses present in operating leases, excluding those tied to CPI or other inflff ation-based indices, are recognized on a straight-line basis over the estimated lease term of the appl icabla e lease as a component of rent expense. Additionally, the escalations tied to CPI or another inflff ation-based index are a considered variabla e lease payments. In certain circumstances, the Company enters into revenue sharing arrangements with the ground space owner, which results in variabia lity in lease payments. In most markets outside of the United States, in the event there are no tenants on the communications site, the Company generally has unilateral termination rights and in certain situat termination by the Company with minimal or no penalties. Ground lease arrangements usually include annual escalations and do not contain any residual value guarantees or restrictions on dividends, other fiff nancial obligations or other similar terms. The Company has entered into certain transactions whereby at the end of a lease, sublease or similar arrangement, the Company has the option to purchase the corresponding communications sites. These transactions are furff ther described in note 18. tions, the lease is strucrr turt ed to allow forff The Company’s lease liabia lity is the present value of the remaining minimum rental payments to be made over the remaining lease term, including renewal options reasonabla y certain to be exercised. The Company also considers termination options and opriate. To determine the lease term, the Company considers a faff ctors those into the determination of lease payments when appr all renewal periods that are reasonabla y certain to be exercised, taking into consideration all economic faff ctors, including the communications site’s estimated economic lifeff tenants under the existing lease arrangements on such site. (generally twenty years) and the respective lease terms of the Company’s The Company assesses its right-of-ff use asset and other lease-related assets forff years ended December 31, 2022, 2021 and 2020, the Company recorded $8.1 million, $3.3 million and $76.1 million, respectively, of impairment expense related to these assets. impairment, as described in note 1. During the As of December 31, 2022, the Company does not have any material related party leases as a lessee. The Company does not have any sale-leaseback arrangements as lessee and typically does not enter into leveraged leases. The Company leases certain land, buildings, equipment and offff iff ce space under operating leases and land and improvements, towers, equipment and vehicles under fiff nance leases. As of December 31, 2022, operating lease assets were included in Right- of-ff use asset and fiff nance lease assets were included in Property and equipment, net in the consolidated balance sheet. F-20 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Inforff mation about a other lease-related balances is as folff lows: As of December 31, 2022 December 31, 2021 Operating leases: Right-of-ff use asset............................................................................ $ 8,918.9 $ Current portion of lease liabia lity ..................................................... $ Lease liabia lity.................................................................................. Total operating lease liabia lity................................................................. $ Finance leases: Current portion of lease liabia lity ..................................................... $ Lease liabia lity.................................................................................. Total fiff nance lease liabia lity .................................................................... $ 788.9 $ 7,591.9 8,380.8 $ 4.7 $ 23.1 27.8 $ 9,225.1 712.6 8,041.8 8,754.4 6.7 24.9 31.6 As most of the Company’s leases do not specififf cally state an implicit rate, the Company uses a market-specififf c incremental borrowing rate consistent with the lease term as of the lease commencement date or upon a remeasurement event when calculating the present value of the remaining lease payments. The incremental borrowing rate reflff ects the cost to borrow on a securitized basis in each market. The remaining lease term does not reflff ect all renewal options availabla e to the Company, only those renewal options that the Company has assessed as reasonabla y certain of being exercised taking into consideration the . economic and other faff ctors noted above a The weighted-average remaining lease terms and incremental borrowing rates are as folff lows: Operating leases: Weighted-average remaining lease term (years) ........................................................ Weighted-average incremental borrowing rate .......................................................... Finance leases: Weighted-average remaining lease term (years) ....................................................... Weighted-average incremental borrowing rate .......................................................... As of December 31, 2022 December 31, 2021 12.2 5.3 % 13.4 6.9 % 13.0 5.1 % 13.4 6.3 % The folff lowing tabla e sets forff th the components of lease cost forff the years ended December 31,: 2022 2021 2020 Operating lease cost................................................................. $ Variabla e lease costs not included in lease liabia lity (1) ............ 1,222.8 $ 388.2 1,115.1 $ 339.6 977.2 280.0 _______________ (1) Includes property tax paid on behalf of the landlord. The interest expense on fiff nance lease liabia lities was $1.1 million, $1.2 million and $1.3 million forff December 31, 2022, 2021 and 2020, respectively. Assets held under fiff nance leases are recorded in property and equipment and are depreciated over the lesser of the remaining lease term or the remaining usefulff the years ended lifeff . F-21 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Supplemental cash flff ow inforff mation is as folff lows forff the years ended December 31,: Cash paid forff liabia lities: amounts included in the measurement of lease Operating cash flff ows frff om operating leases .................... $ Operating cash flff ows frff om fiff nance leases........................ $ Financing cash flff ows frff om fiff nance leases........................ $ (1,228.1) $ (1.1) $ (6.7) $ (1,144.8) $ (1.2) $ (7.9) $ 2022 2021 2020 Non-cash items: New operating leases (1) .................................................. $ Operating lease modififf cations and reassessments ........... $ 402.4 $ 80.5 $ 2,063.8 $ 96.0 $ (988.3) (1.3) (9.2) 346.0 843.1 _______________ (1) Amount includes new operating leases and leases acquired in connection with acquisitions. For the year ended December 31, 2021, includes $1.4 billion related to the Telxius Acquisition (as defiff ned in note 6). As of December 31, 2022, the Company does not have material operating or fiff nancing leases that have not yet commenced. Maturt ities of operating and fiff nance lease liabia lities as of December 31, 2022 were as folff lows: Fiscal Year 2023 ................................................................................................................................... $ 2024 ................................................................................................................................... 2025 ................................................................................................................................... 2026 ................................................................................................................................... 2027 ................................................................................................................................... Thereaftff er .......................................................................................................................... Total lease payments ......................................................................................................... Less amounts representing interest.................................................................................... Total lease liabia lity ............................................................................................................ Less current portion of lease liabia lity ................................................................................ Non-current lease liabia lity ................................................................................................. $ Operating Lease (1) Finance Lease (1) 1,165.6 $ 1,064.6 1,007.4 947.9 886.6 6,319.8 11,391.9 (3,011.1) 8,380.8 788.9 7,591.9 $ 6.3 6.6 3.4 2.3 1.9 26.1 46.6 (18.8) 27.8 4.7 23.1 _______________ (1) Balances are translated at the appl a icabla e period-end exchange rate, which may impact comparabia lity between periods. F-22 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 5. GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carryirr ng value of goodwill forff each of the Company’s business segments were as folff lows: U.S. & Canada Asia- Pacififf c Afrff ica Europe Latin America Data Centers Services Total Property (103.1) 0.7 $4,750.8 $1,016.9 $ 625.6 $ 279.1 $ 608.3 Balance as of December 31, 2020 Additions and adjustments (1) ........... Effff eff ct of forff eign currency translation Balance as of December 31, 2021 Adjustments (2).................................. Other (3)............................................. Effff eff ct of forff eign currency translation 43.8 (3.5) Balance as of December 31, 2022...... $4,637.5 $ 889.2 $ 548.5 $3,044.0 $ 915.5 331.0 (50.7) $4,648.4 $ 990.1 $ 612.2 $3,230.4 $ 888.6 (16.9) — — 3,186.0 (234.7) (9.7) (17.1) — (7.4) 3.6 — (190.0) (100.9) — — — — (13.4) (63.7) $ — $ 2.0 $ 7,282.7 2,978.4 — $2,978.4 $ (58.4) — — $2,920.0 $ — 6,382.6 (315.2) — $13,350.1 2.0 (71.7) — (7.4) — — 2.0 (314.3) $12,956.7 _______________ (1) U.S. & Canada consists of measurement period adjustments related to the acquisition of InSite Wireless Group, LLC (the “InSite Acquisition”). Asia- Pacififf c consists of $9.2 million of additions related to the acquisition of Kirtonkhola Tower Bangladesh Limited and measurement period adjustments related to the InSite Acquisition. Europe and Latin America consist of additions and measurement period adjustments related to the Telxius Acquisition (as defiff ned in note 6). Data Centers consists of $3.0 billion of additions related to data center acquisitions, primarily frff om the CoreSite Acquisition (as defiff ned in note 6). (2) Europe and Latin America consist of measurement period adjustments related to the Telxius Acquisition. Data Centers consists of measurement period adjustments related to the CoreSite Acquisition. (3) Other represents the goodwill associated with certain operations acquired in connection with the InSite Acquisition. These business operations were sold during the year ended December 31, 2022. The Company’s other intangible assets subject to amortization consisted of the folff lowing: As of December 31, 2022 As of December 31, 2021 Estimated Usefuff l Lives (years) Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value Acquired network location intangibles (1) ........................... Acquired tenant- related intangibles... Acquired licenses and other intangibles .............. Total other intangible assets...... Up to 20 $ 6,058.2 $ (2,537.9) $ 3,520.3 $ 6,294.6 $ (2,305.1) $ 3,989.5 Up to 20 18,941.2 (5,827.7) 13,113.5 20,030.5 (5,051.5) 14,979.0 2-20 1,772.9 (423.4) 1,349.5 1,807.9 (49.2) 1,758.7 $ 26,772.3 $ (8,789.0) $ 17,983.3 $ 28,133.0 $ (7,405.8) $ 20,727.2 _______________ (1) Acquired network location intangibles are amortized over the shorter of the term of the corresponding ground lease, taking into consideration lease renewal options and residual value, generally up to 20 years, as the Company considers these intangibles to be directly related to the tower assets. The acquired network location intangibles represent the value to the Company of the incremental revenue growth that could potentially be obtained frff om leasing the excess capaa related intangibles typically represent the value to the Company of tenant contracts and relationships in place at the time of an acquisition or similar transaction, including assumptions regarding estimated renewals. Other intangibles represent the value of acquired licenses, trade name and in place leases. In place lease value represents the faff ir value of costs avoided in securing data center customers, including vacancy periods, legal costs and commissions. In place lease value also includes assumptions on similar costs avoided upon the renewal or extension of existing leases on a basis consistent with occupancy assumptions used in the faff ir value of other assets. city on acquired tower communications infrff astrucrr turt e. The acquired tenant- The Company amortizes its acquired intangible assets on a straight-line basis over their estimated usefulff December 31, 2022, the remaining weighted average amortization period of the Company’s intangible assets was 15 yyears. Amortization of intangible assets forff billion, respectively. the years ended December 31, 2022, 2021 and 2020 was $1.7 billion, $1.2 billion and $0.9 lives. As of F-23 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Based on current exchange rates, the Company expects to record amortization expense as folff lows over the next fiff ve years: Fiscal Year 2023............................................................................................................................................................................ $ 2024............................................................................................................................................................................ 2025............................................................................................................................................................................ 2026............................................................................................................................................................................ 2027............................................................................................................................................................................ Amount 1,424.5 1,338.5 1,286.0 1,233.4 1,219.9 6. ACQUISITIONS The Company evaluates each of its acquisitions under the accounting guidance frff amework to determine whether to treat an acquisition as an asset acquisition or a business combination. For those transactions treated as asset acquisitions, the purchase price is allocated to the assets or rights acquired and liabia lities assumed, with no recognition of goodwill. For those transactions treated as business combinations, the estimates of the faff ir value of the assets or rights acquired and liabia lities assumed at the date of the appl acquisition date). icabla e acquisition are subject to adjustment during the measurement period (up to one year frff om the particular a The faff ir value of these net assets acquired are based on management’s estimates and assumptions, as well as other inforff mation compiled by management, including valuations that utilize customaryrr valuation procedures and techniques. While the Company estimating the faff ir value of assets acquired and liabia lities believes that such preliminaryrr estimates provide a reasonabla e basis forff those assumed, it evaluates any necessaryrr acquisitions accounted forff as business combinations, the Company will adjust assets or liabia lities if new inforff mation is obtained about faff cts and circumstances that existed as of the acquisition date that, if known, would have resulted in the revised estimated a values of those assets or liabia lities as of that date. inforff mation prior to fiff nalization of the faff ir value. During the measurement period forff ImII pacm t of current year acquisii itions—The Company typically acquires communications sites and other communications turt e assets frff om wireless carriers or other tower operators and subsequently integrates those sites and related assets infrff astrucrr into its existing portfolff io of communications sites and related assets. In the United States, acquisitions may also include data center faff cilities and related assets. The fiff nancial results of the Company’s acquisitions have been included in the Company’s the year ended December 31, 2022 frff om the date of the respective acquisition. The consolidated statements of operations forff date of acquisition, and by extension the point at which the Company begins to recognize the results of an acquisition, may depend on, among other things, the receipt of contractuat l consents, the commencement and extent of leasing arrangements and the timing of the transfeff r of title or rights to the assets, which may be accomplished in phases. Communications sites acquired frff om communications service providers may never have been operated as a business and may instead have been utilized solely by the seller as a component of its network infrff astrucrr operations or employees. turtt e. An acquisition may or may not involve the transfeff r of business as business combinations, the Company recognizes acquisition and merger related For those acquisitions accounted forff expenses in the period in which they are incurred and services are received; forff these costs are capia talized as part of the purchase price. Acquisition and merger related costs may include fiff nder’s feff es, advisory,rr to completing the transaction. Integration costs include incremental and non-recurring costs necessaryrr systems, retain employees and otherwise enabla e the Company to operate acquired businesses or assets effff iff ciently. The Company records acquisition and merger related expenses forff acquisitions, in Other operating expenses in the consolidated statements of operations. business combinations, as well as integration costs forff legal, accounting, valuation and other profeff ssional or consulting feff es and general administrative costs directly related transactions accounted forff as asset acquisitions, to convert data and all During the years ended December 31, 2022, 2021 and 2020, the Company recorded acquisition and merger related expenses forff business combinations and non-capia talized asset acquisition costs and integration costs as folff lows: Acquisition and merger related expenses ............................................................... $ Integration costs...................................................................................................... $ Year Ended December 31, 2022 2021 2020 57.0 45.0 $ $ 177.0 50.4 $ $ 15.5 23.1 During the years ended December 31, 2022, 2021 and 2020, the Company recorded net benefiff ts of $15.1 million, $17.6 million and $4.4 million related to pre-acquisition contingencies and settlements, respectively. The year ended December 31, 2022 included acquisition and merger related costs associated with the Stonepeak Transaction (as defiff ned in note 15). The year ended F-24 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) December 31, 2021 included acquisition and merger related costs associated with the Telxius Acquisition and the CoreSite Acquisition (each as defiff ned below). 2022 TrTT ansactitt ons The estimated aggregate impact of the acquisitions completed in 2022 on the Company’s revenues and gross margin forff year ended December 31, 2022 was appr amounts also reflff ect incremental revenues frff om the addition of new customers to such communications infrff astrucrr subsequent to the transaction date. Acquisitions completed in 2022 were included in all of the Company’s property segments. oximately $6.8 million and $4.8 million, respectively. The revenues and gross margin turt e assets the a Spain FiFF ber Acquisii ition—During the year ended December 31, 2022, the Company acquired fiff ber connected to the Company’s communications sites in Spain frff om Telefóni (“EUR”) (appr forff oximately $128.8 million at the dates of closing), including value added tax. This acquisition is being accounted as an asset acquisition and is included in the tabla e below in “Other.” an aggregate total purchase price of 120.1 million Euro ca de España S.A.U. forff a ff acquired land under carrier or other third-party communications sites in New Zealand frff om Clearspan Pty Ltd forff NeNN w ZeZZ aland Acquisii ition—During the year ended December 31, 2022, the Company, through its recently forff med New Zealand subsidiary,rr total consideration of 50.1 million New Zealand Dollars (appr Acquisition”). The New Zealand Acquisition is being accounted forff “Other.” oximately $28.7 million at the date of closing) (the “New Zealand as an asset acquisition and is included in the tabla e below in a r Acquisii itions—During the year ended December 31, 2022, the Company acquired a total of 507 communications sites, as Othett well as other communications infrff astrucrr 441 communications sites in connection with the Company’s agreements with Orange S.A. (“Orange”) as furff below, forff payabla e in the consolidated balance sheet as of December 31, 2022. These acquisitions were accounted forff and are included in the tabla e below in “Other.” an aggregate purchase price of $298.9 million. Of the aggregate purchase price, $61.2 million is reflff ected as a turt e assets, in the United States, Canada, France, Mexico, Nigeria and Poland, including as asset acquisitions ther described lowing tabla e summarizes the allocations of the purchase prices forff The folff estimated faff ir value at the date of acquisition: the fiff scal year 2022 acquisitions based upon their Current assets .................................................................................................................................................... $ Property and equipment .................................................................................................................................... Intangible assets (1): Tenant-related intangible assets................................................................................................................... Network location intangible assets .............................................................................................................. Other non-current assets ................................................................................................................................... Current liabia lities .............................................................................................................................................. Defeff rred tax liabia lity ......................................................................................................................................... Other non-current liabia lities.............................................................................................................................. Net assets acquired............................................................................................................................................ Fair value of net assets acquired ....................................................................................................................... Purchase price ................................................................................................................................................... $ Other 48.4 198.8 196.0 31.7 23.2 (2.2) (7.6) (31.9) 456.4 456.4 456.4 ______________ (1) Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over the estimated usefulff lives of the assets. Othett i r Signe d Acquisii itions a a Orange Acquisii ition—On November 28, 2019, the Company entered into defiff nitive agreements with Orange forff oximately 2,000 communications sites in France over a period of up to fiff ve years forff of up to appr oximately $550.5 million to $660.5 million at the date of oximately 500.0 million EUR to 600.0 million EUR (appr range of appr signing) to be paid over the fiff ve-year term. During the years ended December 31, 2020 and 2021, the Company acquired 1,197 of these communications sites. During the year ended December 31, 2022, the Company acquired an additional 441 of these communications sites. The remaining communications sites are expected to continue to close in tranches, subject to customaryrr closing conditions. total consideration in the the acquisition a F-25 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 2021 TrTT ansactitt ons ff a a appr oximately 7.7 billion EUR (appr oximately 31,000 communications sites in Argentina, Brazil, Chile, Germany, Perurr and Spain, ca, S.A., pursuant to which the Company agreed to acquire Telxius’ European and Latin American TeTT lxll ius Acquisii ition—On Januaryrr 13, 2021, the Company entered into two agreements with Telxius Telecom, S.A. (“Telxius”), a subsidiaryrr of Telefóni tower divisions, comprising appr forff certain adjustments. In June 2021, the Company completed the acquisition of nearly 20,000 communications sites in Germany and Spain, forff oximately $7.7 billion at the date of closing), subject oximately 6.3 billion EUR (appr to certain post-closing adjustments and over 7,000 communications sites in Brazil, Peru,rr Chile and Argentina, forff consideration of appr closing adjustments. oximately $9.4 billion at the date of signing) (the “Telxius Acquisition”), subject to oximately $1.1 billion at the date of closing), subject to certain post- oximately 0.9 billion EUR (appr total consideration of appr total a a a a a On August 2, 2021, the Company completed the acquisition of the appr 0.6 billion EUR (appr Germany pursuant to the Telxius Acquisition forff certain post-closing adjustments. a a oximately 4,000 remaining communications sites in oximately $0.7 billion at the date of closing), subject to Of the aggregate purchase price, 254.6 million EUR (appr defeff rred payments are due in September 2025 and are reflff ected in Other non-current liabia lities in the consolidated balance sheet as of December 31, 2022. The acquired operations in Germany and Spain are included in the Europe property segment and the acquired operations in Brazil, Peru,rr Chile and Argentina are included in the Latin America property segment. The Telxius Acquisition was accounted forff ended December 31, 2022. as a business combination and the allocation of the purchase price was fiff nalized during the year oximately $272.5 million), including post-closing adjustments, of a lowing tabla e summarizes the preliminaryrr and fiff nal allocations of the purchase price paid and the amounts of assets the Telxius Acquisition based upon its estimated faff ir value at the date of acquisition. The folff acquired and liabia lities assumed forff Balances are reflff ected in the accompanying consolidated balance sheet as of December 31, 2022. Current assets Property and equipment Intangible assets (2): Tenant-related intangible assets Network location intangible assets Other non-current assets Current liabia lities Defeff rred tax liabia lity Other non-current liabia lities Net assets acquired Goodwill Fair value of net assets acquired Purchase price Preliminary Allocation (1) Final Allocation $ $ 289.0 $ 1,417.7 5,391.2 675.8 1,380.3 (331.9) (1,227.5) (1,504.8) 6,089.8 3,500.0 9,589.8 9,589.8 $ 284.1 1,335.1 5,381.8 674.5 1,463.4 (345.2) (1,206.0) (1,522.1) 6,065.6 3,503.7 9,569.3 9,569.3 _______________ (1) Balances reflff ect the preliminaryrr allocation as of September 30, 2021 folff lowing the August 2, 2021 closing of the second tranche of the Telxius Acquisition in Germany. (2) Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over the estimated usefulff lives of the assets. CorCC eSite Acquisii ition—On November 14, 2021, the Company entered into an agreement with CoreSite Realty Corpor (“CoreSite”) to acquire all issued and outstanding shares of CoreSite common stock at $170.00 per share. CoreSite’s portfolff consisted of 24 data center faff cilities and related assets in eight United States markets. On December 28, 2021, the Company completed the CoreSite Acquisition forff a repayment of CoreSite’s existing debt (the “CoreSite Acquisition”). The acquired assets and operations are included in the Data Centers segment. The CoreSite Acquisition was accounted forff was fiff nalized during the year ended December 31, 2022. as a business combination. The allocation of the purchase price oximately $10.4 billion, including the assumption and total consideration of appr ation io rr F-26 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) lowing tabla e summarizes the preliminaryrr and fiff nal allocations of the purchase price paid and the amounts of assets the CoreSite Acquisition based upon its estimated faff ir value at the date of acquisition. The folff acquired and liabia lities assumed forff Balances are reflff ected in the accompanying consolidated balance sheet as of December 31, 2022. Current assets Property and equipment Intangible assets (1): Tenant-related intangible assets Other intangible assets Other non-current assets Current liabia lities Other non-current liabia lities Net assets acquired Goodwill Fair value of net assets acquired Debt assumed (2) Purchase price (3) Preliminary Allocation Final Allocation $ $ $ 99.8 5,129.0 665.0 1,709.0 332.9 (156.6) (323.1) 7,456.0 2,943.3 10,399.3 (955.1) 9,444.2 $ 99.6 5,290.2 655.0 1,636.3 330.1 (156.2) (340.6) 7,514.4 2,884.9 10,399.3 (955.1) 9,444.2 _______________ (1) Tenant-related intangible assets are amortized on a straight-line basis over a 10 year period. Other intangible assets are amortized on a straight-line basis over the estimated usefulff lives of the assets. (2) The CoreSite Acquisition debt assumed included $875.0 million of CoreSite’s indebtedness and a faff ir value adjustment of $80.1 million. The faff ir value adjustment was based primarily on reported market values using Level 2 inputs. (3) The CoreSite Acquisition purchase price included $17.1 million of consideration related to the faff ir value of certain equity awards previously granted by CoreSite under its equity plan that the Company assumed and converted into corresponding equity awards with respect to shares of the Company’s common stock (the “CoreSite Replacement Awards”). The CoreSite Replacement Awards continue to vest in accordance with the terms of CoreSite’s equity plan. The faff ir value of the CoreSite Replacement Awards forff services rendered through December 28, 2021, the CoreSite Acquisition date, was recognized as a component of the purchase price, with the remaining faff ir value of the CoreSite Replacement Awards related to the post-combination services recorded as stock-based compensation over the remaining vesting period. Pro ForFF ma ConsCC olidated Resultstt (U(( naudi UU ted) The folff lowing tabla e presents the unaudited pro forff ma fiff nancial results as if the 2022 acquisitions had occurred on Januaryrr 1, 2021 and the 2021 acquisitions had occurred on Januaryrr 1, 2020. The pro forff ma results, to the extent availabla e, are based on historical inforff mation, and accordingly may not fulff forff ma results do not include any anticipated cost synergies, costs or other integration impacts. Accordingly, such pro forff ma amounts are not necessarily indicative of the results that actuatt the dates indicated, nor are they indicative of the futff urt e operating results of the Company. ly reflff ect the current operations of the acquired business. In addition, the pro lly would have occurred had the transactions been completed on Year Ended December 31, Pro forff ma revenues.......................................................................................................................... $ ation common stockholders .......... $ Pro forff ma net income attributabla e to American Tower Corpor rr 10,720.7 1,766.1 Pro forff ma net income per common share amounts: 2022 Basic net income attributabla e to American Tower Corpor Diluted net income attributabla e to American Tower Corpor ation common stockholders............... $ ation common stockholders............ $ rr rr 3.79 3.78 2021 10,366.4 2,092.4 4.51 4.49 $ $ $ $ F-27 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 7. ACCRUED EXPENSES Accruerr d expenses consisted of the folff lowing: $ tion costs acquisitions Accruerr d construcrr Accruerr d income tax payabla e Accruerr d pass-through costs Amounts payabla e forff Amounts payabla e to tenants Accruerr d property and real estate taxes Accruerr d rent Payroll and related withholdings Other accruerr d expenses Accruerr d expenses............................................................................................................ $ As of December 31, 2022 230.8 29.8 85.1 55.2 95.2 270.1 77.3 140.4 360.3 1,344.2 December 31, 2021 197.3 84.8 91.0 95.2 81.1 255.3 78.8 124.7 404.6 1,412.8 $ $ F-28 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 8. LONG-TERM OBLIGATIONS Outstanding amounts under the Company’s long-term obligations, reflff ecting discounts, premiums, debt issuance costs and faff ir value adjustments due to interest rate swapsa consisted of the folff lowing: 2021 Multicurrency Credit Facility (2) (3)... 2021 Term Loan (2) ..................................... 2021 Credit Facility (2) ................................ 2021 EUR Three Year Delayed Draw Term Loan (2) (3)................................................... 2021 USD 364-Day Delayed Draw Term Loan (4) ....................................................... 2021 USD Two Year Delayed Draw Term Loan (2) ....................................................... 2.250% senior notes (5) ................................ 3.50% senior notes (6) .................................. 3.000% senior notes...................................... 0.600% senior notes...................................... 5.00% senior notes........................................ 3.375% senior notes...................................... 2.950% senior notes...................................... 2.400% senior notes...................................... 1.375% senior notes (7) ................................ 4.000% senior notes...................................... 1.300% senior notes...................................... 4.400% senior notes...................................... 1.600% senior notes...................................... 1.950% senior notes (7) ................................ 1.450% senior notes...................................... 3.375% senior notes...................................... 3.125% senior notes...................................... 2.750% senior notes...................................... 0.450% senior notes (7) ................................ 0.400% senior notes (7) ................................ 3.650% senior notes...................................... 3.55% senior notes........................................ 3.600% senior notes...................................... 0.500% senior notes (7) ................................ 1.500% senior notes ..................................... 3.950% senior notes...................................... 0.875% senior notes (7) ................................ 3.800% senior notes...................................... 2.900% senior notes...................................... 2.100% senior notes...................................... 0.950% senior notes (7) ................................ 1.875% senior notes...................................... 2.700% senior notes...................................... 2.300% senior notes...................................... 1.000% senior notes (7) ................................ 4.050% senior notes...................................... 1.250% senior notes (7) ................................ 3.700% senior notes...................................... 3.100% senior notes...................................... As of December 31, 2022 December 31, 2021 Contractual Interest Rate (1) 4.683 % 4,388.4 5.460 % 995.4 5.456 % 1,410.0 3,788.7 996.3 1,080.0 Maturity Date (1) June 30, 2025 Januaryrr 31, 2027 Januaryrr 31, 2027 937.6 2,998.5 1,498.4 600.3 997.9 709.9 497.9 1,000.9 647.0 644.7 746.1 563.8 745.5 496.4 497.6 695.2 564.3 593.0 991.2 398.3 745.2 847.1 562.5 — 745.5 694.3 845.3 645.8 591.6 847.3 1,635.1 742.5 741.2 561.0 791.4 693.7 691.0 731.7 — 561.2 592.1 1,038.0 882.9 — 1,499.3 — 999.8 694.5 498.9 1,000.5 648.3 646.4 747.3 532.1 746.8 497.3 498.1 696.3 532.1 594.5 992.9 398.6 746.1 798.2 530.4 643.3 746.3 695.1 796.6 646.5 592.6 797.8 1,636.8 743.4 742.2 528.5 792.5 694.4 691.9 689.1 642.2 528.5 592.2 1,038.3 F-29 2.730 % May 28, 2024 N/A 5.563 % N/A 3.500 % 3.000 % 0.600 % 5.000 % 3.375 % 2.950 % 2.400 % 1.375 % 4.000 % 1.300 % 4.400 % 1.600 % 1.950 % 1.450 % 3.375 % 3.125 % 2.750 % 0.450 % 0.400 % 3.650 % 3.550 % 3.600 % 0.500 % 1.500 % 3.950 % 0.875 % 3.800 % 2.900 % 2.100 % 0.950 % 1.875 % 2.700 % 2.300 % 1.000 % 4.050 % 1.250 % 3.700 % 3.100 % N/A Februar December 28, 2023 N/A Januaryrr 31, 2023 June 15, 2023 Januaryrr 15, 2024 ryrr 15, 2024 Februar May 15, 2024 Januaryrr 15, 2025 March 15, 2025 April 4, 2025 June 1, 2025 September 15, 2025 ryrr 15, 2026 April 15, 2026 May 22, 2026 September 15, 2026 October 15, 2026 Januaryrr 15, 2027 Januaryrr 15, 2027 Januaryrr 15, 2027 ryrr 15, 2027 Februar March 15, 2027 July 15, 2027 Januaryrr 15, 2028 Januaryrr 15, 2028 Januaryrr 31, 2028 March 15, 2029 May 21, 2029 August 15, 2029 Januaryrr 15, 2030 June 15, 2030 October 5, 2030 October 15, 2030 April 15, 2031 September 15, 2031 Januaryrr 15, 2032 March 15, 2032 May 21, 2033 October 15, 2049 June 15, 2050 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 2.950% senior notes...................................... Total American Tower Corpor r ation debt ..... Series 2013-2A Securities (8)....................... Series 2018-1A Securities (8)....................... Series 2015-2 Notes (9) ................................ CoreSite Debt (10)........................................ Other subsidiaryrr debt (11) ............................ Total American Tower subsidiaryrr debt ........ Finance lease obligations.............................. Total.............................................................. Less current portion of long-term obligations .................................................... Long-term obligations .................................. $ 2.950 % Januaryrr 15, 2051 3.070 % 3.652 % 3.482 % N/A Various March 15, 2023 March 15, 2028 June 16, 2025 N/A Various 1,022.5 36,307.0 1,299.7 496.1 523.4 — 16.2 2,335.4 27.8 38,670.2 1,021.5 39,943.3 1,298.2 495.3 522.7 955.1 8.0 3,279.3 31.6 43,254.2 (4,514.2) 34,156.0 $ (4,568.7) 38,685.5 _______________ (1) Reflff ects interest rate or maturt (2) Accruerr (( )3) Reffllfff ects bborrowii gngs ddenomiinatedd iin EUR a dnd, fforff s interest at a variabla e rate. ity date as of December 31, 2022; interest rate does not reflff ect the impact of the interest rate swapa agreements. thhe 2021 M lultiicurrencyy Credidit Faciilliityy ((as ddeffiifff nedd bbellow)), reffllfff ects bborrowii gngs ddenomiinatedd iin bbothh EUR a dnd U.S. D lolllars ((“USD”)). (( )4) Repaiidd iin ff lulfff ll ddurii gng thhe yyear e dndedd December 31, 2022 usii gng proceedds ffrff om ((ii)) thhe iissuance fof thhe 3.650% Notes a dnd thhe 4.050% Notes ((eachh as ddeffiifff nedd bebellow)), ((iiii)) thhe June 2022 common stockk foffffff eff rii gng ((as ffurff note )15) a dnd ((ii )v) cashh on hha dnd. thher didiscussedd iin note )14), ((iiiiii)) thhe Stonepeakk Transactiion ((as ddeffiifff nedd a dnd ffurff thher didiscussedd iin ll on Januaryyrr 14, 2022 usii gng bborrowii gngs ll on Januaryyrr 31, 2023 usii gng borb rowings under the 2021 Credit Facility. (( )5) Repaiidd iin ff lulfff (( )6) Repaiidd iin ff lulfff (( )7) NNotes are ddenomiinatedd iin EUR. (( )8) Maturt (9) Maturt )10) Debt entered into by CoreSite assumed in connection with the CoreSite Acquisition (the “CoreSite Debt”). On Januaryrr 7, 2022, all amounts outstanding (( ity date reflff ects the anticipated repayment date; fiff nal legal maturt iityy ddate reffllfff ects thhe antiiciipatedd repayyment ddate; ffiifff nall lleggall maturt dunder thhe 2021 Credidit Faciilliityy ((as ddeffiifff nedd bbellow)). ity is March 15, 2048. iityy iis June 15, 2050. under the CoreSite Debt were repaid using borrowings under the 2021 Multicurrency Credit Facility and cash on hand. (11) Includes the Nigeria Letters of Credit (as defiff ned below). As of December 31, 2021, also included the Kenya Debt and the U.S. Subsidiaryrr Debt (each as defiff ned below). g-tett rmrr i oblill gat itt ons—The Company’s current portion of long-term obligations primarily includes (i) CuCC rrent portitt on of lonll $1.5 billion in borrowings under the 2021 USD Two Year Delayed Draw Term Loan (as defiff ned below), (ii) $1.3 billion aggregate principal amount of the Company’s Secured Tower Revenue Securities, Series 2013-2A due March 15, 2023, (iii) $1.0 billion aggregate principal amount of the Company’s 3.50% senior unsecured notes due Januaryrr 31, 2023 (the “3.50% Notes”) and (iv) $700.0 million aggregate principal amount of the Company’s 3.000% senior unsecured notes due June 15, 2023. American Tower Corporation Debt Bank FacFF ilii ill tii itt es 2021 MulMM ticurrencyc CrCC edit FacFF ilitytt —yy During the year ended December 31, 2022, the Company borrowed an aggregate of $850.0 million and repaid an aggregate of $1.4 billion of revolving indebtedness under the Company’s $6.0 billion senior unsecured multicurrency revolving credit faff cility, as amended and restated in December 2021 (the “2021 Multicurrency Credit general Facility”). The Company used the borrowings to repay outstanding indebtedness, including the CoreSite Debt, and forff rr corpor ate purpos es. rr 2021 CrCC edit FacFF ilitytt —yy During the year ended December 31, 2022, the Company borrowed an aggregate of $3.3 billion and repaid an aggregate of $3.7 billion of revolving indebtedness under the Company’s $4.0 billion senior unsecured revolving credit faff cility, as amended and restated in December 2021 (the “2021 Credit Facility”). The Company used the borrowings to repay outstanding indebtedness, including the 2.250% Notes (as defiff ned below), and forff general corpor ate purpos es. rr rr F-30 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 2021 USDUU e mentstt under thett 364-Day Delayed Draw TeTT rm Loan—On April 6, 2022, the Company repaid $100.0 million Repay of indebtedness under the Company’s $3.0 billion unsecured term loan entered into in December 2021 (the “2021 USD 364- Day Delayed Draw Term Loan”) using proceeds frff om the issuance of the 3.650% Notes and the 4.050% Notes (each as defiff ned below) and cash on hand. On June 10, 2022, the Company repaid $2.3 billion of indebtedness under the 2021 USD 364-Day Delayed Draw Term Loan using proceeds frff om the June 2022 common stock offff eff ring (as furff on hand. On August 11, 2022, the Company repaid all remaining amounts outstanding under the 2021 USD 364-Day Delayed Draw Term Loan using proceeds frff om the initial closing of the Stonepeak Transaction (as defiff ned and furff 15). ther discussed in note 14) and cash ther discussed in note As of December 31, 2022, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the Company’s $1.0 billion unsecured term loan, as amended and restated in December 2021 (the “2021 Term Loan”), the Company’s 825.0 million EUR unsecured term loan, as amended in December 2021 (the “2021 EUR Three Year Delayed Draw Term Loan”) and the Company’s $1.5 billion unsecured term loan entered into in December 2021 (the “2021 USD Two Year Delayed Draw Term Loan”) were as folff lows: Outstanding Principal Balance Undrawn letters of credit Maturity Date 2021 Multicurrency Credit Facility............... $ 3,788.7 1,080.0 2021 Credit Facility....................................... 2021 Term Loan ............................................ 1,000.0 2021 EUR Three Year Delayed Draw Term Loan............................................................... 2021 USD Two Year Delayed Draw Term Loan............................................................... 1,500.0 883.2 $ June 30, 2025 (3) Januaryrr 31, 2027 (3) 3.5 30.9 N/A Januaryrr 31, 2027 N/A N/A May 28, 2024 December 28, 2023 Current margin over LIBOR or EURIBOR (1) 1.125 % 1.125 % 1.125 % 1.125 % 1.125 % Current commitment feff e (2) 0.110 % 0.110 % N/A N/A N/A _______________ (1) London Interbar nk Offff eff red Rate (“LIBOR”) appl a ies to the USD denominated borrowings under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan and the 2021 USD Two Year Delayed Draw Term Loan. Euro Interbar nk Offff eff r Rate (“EURIBOR”) appl denominated borrowings under the 2021 Multicurrency Credit Facility and all of the borrowings under the 2021 EUR Three Year Delayed Draw Term Loan. ies to the EUR a (2) Fee on undrawn portion of each credit faff cility. (3) Subject to two optional renewal periods. The loan agreements forff each of the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan, the 2021 EUR Three Year Delayed Draw Term Loan and the 2021 USD Two Year Delayed Draw Term Loan contain certain reporting, inforff mation, fiff nancial and operating covenants and other restrictions (including limitations on additional debt, guaranties, sales of assets and liens) with which the Company must comply. Failure to comply with the fiff nancial and operating covenants of the loan agreements could not only prevent the Company frff om being abla e to borrow additional funds revolving credit faff cilities, but may constitutt e a defaff ult, which could result in, among other things, the amounts outstanding under the appl icabla e agreement, including all accruerr d interest and unpaid feff es, becoming immediately due and payabla e. under the a ff SeSS nior NotNN ett s Repay e ment of Senior NotNN es e ment of 2.250% Senior NotNN es—On Januaryrr 14, 2022, the Company repaid $600.0 million aggregate principal amount of Repay the Company’s 2.250% senior unsecured notes due 2022 (the “2.250% Notes”) upon their maturt repaid using borrowings under the 2021 Credit Facility. Upon completion of the repayment, none of the 2.250% Notes remained outstanding. ity. The 2.250% Notes were OfO fff eff ring of Senior NotNN es 3.650% Senior NotNN es and 4.050% Senior NotNN es OfO fff eff ring—On April 1, 2022, the Company completed a registered public offff eff ring of $650.0 million aggregate principal amount of 3.650% senior unsecured notes due 2027 (the “3.650% Notes”) and $650.0 million aggregate principal amount of 4.050% senior unsecured notes due 2032 (the “4.050% Notes”). The net proceeds frff om this offff eff ring were appr used the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 USD 364-Day Delayed Draw Term Loan. oximately $1,282.6 million, aftff er deducting commissions and estimated expenses. The Company a F-31 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) The folff lowing tabla e outlines key terms related to the Company’s outstanding senior notes as of December 31, 2022: djd ustments to Principal Amount (1) Aggregate Principal Amount 1,000.0 700.0 500.0 1,000.0 650.0 650.0 750.0 535.3 750.0 500.0 500.0 700.0 535.3 600.0 1,000.0 400.0 750.0 802.9 535.3 650.0 750.0 700.0 802.9 650.0 600.0 802.9 2022 2021 Interest payments due (2) Issue Date Par Call Date (3) (0.2) (5.5) (1.1) 0.5 (1.7) (3.6) (2.7) (3.2) (3.2) (2.7) (1.9) (3.7) (3.2) (5.5) (7.1) (1.4) (3.9) (4.7) (4.9) (6.7) (3.7) (4.9) (6.3) (3.5) (7.4) (5.1) (2.1) Januaryrr 31 and July 31 Januaryrr 8, 2013 N/A 9.9 June 15 and December 15 (2.1) Januaryrr 15 and July 15 0.9 Februarr ryrr 15 and August 15 (3.0) May 15 and November 15 (5.3) Januaryrr 15 and July 15 (3.9) March 15 and September 15 April 4 (4.8) June 1 and December 1 (4.5) (3.6) March 15 and September 15 ryrr 15 and August 15 (2.4) Februarr December 8, 2017 November 20, 2020 August 19, 2013 March 15, 2019 June 13, 2019 Januaryrr 10, 2020 N/A N/A N/A April 15, 2024 December 15, 2024 Februaryrr 15, 2025 April 6, 2017 May 7, 2015 June 3, 2020 Januaryrr 4, 2025 March 1, 2025 August 15, 2025 Januaryrr 12, 2016 November 15, 2025 (4.8) April 15 and October 15 March 29, 2021 March 15, 2026 May 22 (4.3) (7.0) March 15 and September 15 April 15 and October 15 Januaryrr 15 and July 15 Januaryrr 15 and July 15 Januaryrr 15 May 22, 2018 September 27, 2021 May 13, 2016 September 30, 2016 Februaryrr 22, 2026 August 15, 2026 July 15, 2026 October 15, 2026 October 3, 2019 November 15, 2026 May 21, 2021 November 15, 2026 Februarr ryrr 15 October 5, 2021 December 15, 2026 — March 15 and September 15 Januaryrr 15 and July 15 (4.5) April 1, 2022 June 30, 2017 Januaryrr 15 and July 15 Januaryrr 15 December 8, 2017 September 10, 2020 Februaryrr 15, 2027 April 15, 2027 October 15, 2027 October 15, 2027 Januaryrr 31 and July 31 November 20, 2020 November 30, 2027 (8.4) March 15 and September 15 May 21 (5.7) March 15, 2019 May 21, 2021 December 15, 2028 Februaryrr 21, 2029 (8.8) (1.7) (4.8) (5.9) (6.1) (5.7) (7.7) (4.2) 1,650.0 750.0 (13.2) (6.6) (14.9) (7.5) Februarr ryrr 15 and August 15 Januaryrr 15 and July 15 (8.8) (7.6) (8.6) (6.3) June 15 and December 15 October 5 April 15 and October 15 April 15 and October 15 June 13, 2019 Januaryrr 10, 2020 June 3, 2020 October 5, 2021 September 28, 2020 March 29, 2021 May 15, 2029 October 15, 2029 March 15, 2030 July 5, 2030 July 15, 2030 Januaryrr 15, 2031 (9.0) March 15 and September 15 September 27, 2021 June 15, 2031 (7.5) Januaryrr 15 — March 15 and September 15 May 21 (7.4) September 10, 2020 April 1, 2022 May 21, 2021 October 15, 2031 December 15, 2031 ryrr 21, 2033 Februarr (7.9) (12.0) (28.5) April 15 and October 15 October 3, 2019 April 15, 2049 June 15 and December 15 Januaryrr 15 and July 15 June 3, 2020 November 20, 2020 December 15, 2049 July 15, 2050 750.0 535.3 800.0 700.0 700.0 695.9 650.0 535.3 600.0 (7.8) (6.8) (7.5) (5.6) (8.1) (6.8) (7.8) (6.8) (7.8) 1,050.0 1,050.0 (11.7) (27.5) 3.50% Notes 3.000% Notes (4) 0.600% Notes 5.00% Notes (5) 3.375% Notes 2.950% Notes 2.400% Notes 1.375% Notes (6) 4.000% Notes 1.300% Notes 4.400% Notes 1.600% Notes 1.950% Notes (6) 1.450% Notes 3.375% Notes 3.125% Notes 2.750% Notes 0.450% Notes (6) 0.400% Notes (6) 3.650% Notes 3.55% Notes 3.600% Notes 0.500% Notes (6) 1.500% Notes 3.950% Notes 0.875% Notes (6) 3.800% Notes 2.900% Notes 2.100% Notes 0.950% Notes (6) 1.875% Notes 2.700% Notes 2.300% Notes 1.000% Notes (6) 4.050% Notes 1.250% Notes (6) 3.700% Notes 3.100% Notes (7) 2.950% Notes (8) _______________ (1) Includes unamortized discounts, premiums and debt issuance costs and faff ir value adjustments due to interest rate swapsa . F-32 (4) (5) The original issue date forff (6) Notes are denominated in EUR. (7) The original issue date forff (8) The original issue date forff AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) (2) Accruerr d and unpaid interest on USD denominated notes is payabla e in USD semi-annually in arrears and will be computed frff om the issue date on the basis of a 360-day year comprised of twelve 30-day months. Interest on EUR denominated notes is payabla e in EUR annually in arrears and will be computed on the basis of the actuat on which interest was paid on the notes, beginning on the issue date. l number of days in the period forff which interest is being calculated and the actuat l number of days frff om and including the last date (3) The Company may redeem the notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes plus a make-whole premium, together with accruerr d interest to the redemption date. If the Company redeems the notes on or aftff er the par call date, the Company will not be required to pay a make-whole premium. Includes $(4.9) million and $11.8 million faff ir value adjustment due to interest rate swapsa in 2022 and 2021, respectively. the initial 5.00% Notes was August 19, 2013. The issue date forff the reopened 5.00% Notes was Januaryrr 10, 2014. the initial 3.100% Notes was June 3, 2020. The issue date forff the initial 2.950% Notes was November 20, 2020. The issue date forff the reopened 3.100% Notes was September 28, 2020. the reopened 2.950% Notes was September 27, 2021. a icabla e, together with accruerr d interest to the redemption date. In addition, if the Company undergoes a change The Company may redeem each series of senior notes at any time, subject to the terms of the appl indenturt e, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes plus a make-whole premium, as appl of control and corresponding ratings decline, each as defiff ned in the appl Company may be required to repurchase all of the appl such notes, plus accruerr d and unpaid interest (including additional interest, if any), up to but not including the repurchase date. The notes rank equally with all of the Company’s other senior unsecured debt and are strucrr turt ally subordinated to all existing and futff urt e indebtedness and other obligations of its subsidiaries. icabla e notes at a purchase price equal to 101% of the principal amount of icabla e supplemental indenturtt e forff icabla e supplemental the notes, the a a a icabla e supplemental indenturt e forff the notes contains certain covenants that restrict the Company’s abia lity to merge, Each appl a consolidate or sell assets and its (together with its subsidiaries’) abia lity to incur liens. These covenants are subject to a number of exceptions, including that the Company and its subsidiaries may incur certain liens on assets, mortgages or other liens securing indebtedness if the aggregate amount of indebtedness secured by such liens does not exceed 3.5x Adjusted EBITDA, as defiff ned in the appl icabla e supplemental indenturt e. As of December 31, 2022, the Company was in compliance with each of these covenants. a American Tower Subsidiary Debt SeSS curitii itt zii atitt ons The Company has several securitizations in place. Cash flff ows generated by the communications sites that secure the securitized payment of such debt and are not availabla e to pay the Company’s other obligations debt of the Company are only availabla e forff or the claims of its creditors. However, subject to certain restrictions, the Company holds the right to receive the excess cash flff ows not needed to service the securitized debt and other obligations arising out of the securitizations. The securitized debt is the obligation of the issuers thereof or borrowers thereunder, as appl other subsidiaries. icabla e, and their subsidiaries, and not of the Company or its a American TowTT er Secured Revenue NotNN es, Series 2015-1, Class A and Series 2015-2, Class A—In May 2015, GTP Acquisition Partners I, LLC (“GTP Acquisition Partners”), one of the Company’s wholly owned subsidiaries, refiff nanced existing debt with cash on hand and proceeds frff om a private issuance (the “2015 Securitization”) of $350.0 million of American Tower Secured Revenue Notes, Series 2015-1, Class A, which were subsequently repaid on the June 2020 payment date, and $525.0 million of American Tower Secured Revenue Notes, Series 2015-2, Class A (the “Series 2015-2 Notes”). The Series 2015-2 Notes were issued by GTP Acquisition Partners pursuant to a Third Amended and Restated Indenturtt e and related series supplements, each dated as of May 29, 2015 (collectively, the “2015 Indenturtt e”), between GTP Acquisition Partners and its subsidiaries (the “GTP Entities”) and The Bank of New York Mellon, as trusrr average lifeff and interest rate of the 2015 Notes was 8.1 years and 3.029%, respectively, as of the date of issuance. tee. The effff eff ctive weighted The outstanding Series 2015-2 Notes are secured by (i) mortgages, deeds of trusrr the 3,516 communications sites (the “2015 Secured Sites”) owned by the GTP Entities and their operating cash flff ows, (ii) a security interest in substantially all of the personal property and fiff xturtt es of the GTP Entities, including GTP Acquisition Partners’ equity interests in its subsidiaries and (iii) the rights of the GTP Entities under a management agreement. American Tower Holding Sub II, LLC, whose only material assets are its equity interests in GTP Acquisition Partners, has guaranteed repayment of the Series 2015-2 Notes and pledged its equity interests in GTP Acquisition Partners as security forff obligations. t and deeds to secure debt on substantially all of such payment er Revenue Securities, Series 2013-2A, Secured TowTT Secured TowTT er Revenue Securities, Series 2018-1, Subclass A and Series 2018-1, Subclass R—On March 29, 2018, the Company completed a securitization transaction (the “2018 Securitization”), in t”) issued $500.0 million aggregate principal amount of Secured Tower Revenue which the American Tower Trusrr t I (the “Trusrr F-33 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Securities, Series 2018-1, Subclass A (the “Series 2018-1A Securities”). To satisfyff Regulation RR promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act” and, such requirements, the “Risk Retention RulRR es”), the Trusrr aggregate principal amount of Secured Tower Revenue Securities, Series 2018-1, Subclass R (the “Series 2018-1R Securities” and, together with the Series 2018-1A Securities, the “2018 Securities”) to retain an “eligible horizontal residual interest” (as defiff ned in the Risk Retention RulRR es) in an amount equal to at least 5% of the faff ir value of the 2018 Securities. t issued, and one of the Company’s affff iff liates purchased, $26.4 million icabla e risk retention requirements of a the appl The Secured Tower Revenue Securities, Series 2013-2A (the “Series 2013-2A Securities” and, together with the 2018 Securities the “Trusrr with the 2018 Securitization, the “Trusrr Amended and Restated Trusrr t and Servicing Agreement entered into in connection with the 2018 Securitization. t Securitizations”) remain outstanding and are subject to the terms of the Second t Securities”) issued in a securitization transaction in March 2013 (the “2013 Securitization” and, together t consist of a nonrecourse loan (the “Loan”) made by the Trusrr The assets of the Trusrr t to American Tower Asset Sub, LLC and American Tower Asset Sub II, LLC (together, the “AMT Asset Subs”). The AMT Asset Subs are jointly and severally liabla e under the Loan, which is secured primarily by mortgages on the AMT Asset Subs’ interests in 5,102 broadcast and wireless communications towers and related assets (the “Trusrr t Sites”). The component of the Loan corresponding to the Series 2013-2A Securities also remains outstanding and is subject to the terms of the Second Amended and Restated Loan and Security Agreement among the Trusrr March 29, 2018 (the “Loan Agreement”). The Loan Agreement includes terms and conditions, including with respect to secured assets, substantially consistent with the First Amended and Restated Loan and Security Agreement dated as of March 15, 2013. The 2018 Securities correspond to components of the Loan made to the AMT Asset Subs pursuant to the Loan Agreement and were issued in two separate subclasses of the same series. The 2018 Securities represent a pass-through interest in the components of the Loan corresponding to the 2018 Securities. The Series 2018-1A Securities have an interest rate of 3.652% and the Series 2018-1R Securities have an interest rate of 4.459%. The 2018 Securities have an expected lifeff of appr ten years with a fiff nal repayment date in March 2048. Subject to certain limited exceptions described below, no payments of principal will be required to be made on the components of the Loan corresponding to the 2018 Securities prior to the monthly payment date in March 2028, which is the anticipated repayment date forff t and the AMT Asset Subs, dated as of such components. oximately a t and deeds to secure debt on substantially all of the Trusrr The Loan is secured by (1) mortgages, deeds of trusrr operating cash flff ows, (2) a security interest in substantially all of the AMT Asset Subs’ personal property and fiff xturt es and (3) the AMT Asset Subs’ rights under that certain management agreement among the AMT Asset Subs and SpectraSite Communications, LLC entered into in March 2013. American Tower Holding Sub, LLC (the “Guarantor”), whose only material assets are its equity interests in each of the AMT Asset Subs, and American Tower Guarantor Sub, LLC whose only material asset is its equity interests in the Guarantor, have each guaranteed repayment of the Loan and pledged their equity interests in their respective subsidiaryrr or subsidiaries as security forff such payment obligations. t Sites and their t Sites or the 2015 Secured Sites, respectively, which must be deposited into certain reserve accounts, and thereaftff er Under the terms of the Loan Agreement and the 2015 Indenturtt e, amounts due will be paid frff om the cash flff ows generated by the Trusrr a distributed, solely pursuant to the terms of the Loan Agreement or 2015 Indenturt e, as appl icabla e. On a monthly basis, aftff er icabla e, including interest payments, payment of all required amounts under the Loan Agreement or 2015 Indenturt e, as appl subject to the conditions described below, the excess cash flff ows generated frff om the operation of such assets are released to the AMT Asset Subs or GTP Acquisition Partners, as appl icabla e, which can then be distributed to, and used by, the Company. a a a tee feff es required to be paid over the icabla e, that will be outstanding on the lowing such date of determination. If the DSCR were equal to or below 1.30x (the “Cash Trapa DSCR”) forff In order to distribute any excess cash flff ow to the Company, the AMT Asset Subs and GTP Acquisition Partners must each maintain a specififf ed debt service coverage ratio (the “DSCR”), which is generally calculated as the ratio of the net cash flff ow (as defiff ned in the appl icabla e agreement) to the amount of interest, servicing feff es and trusrr succeeding 12 months on the principal amount of the Loan or the 2015 Notes, as appl payment date folff quarter, then all cash flff ow in excess of amounts required to make debt service payments, fundff management feff es and budgeted operating expenses and make other payments required under the appl documents, refeff rred to as excess cash flff ow, will be deposited into a reserve account (the “Cash Trapa Reserve Account”) instead of being released to the AMT Asset Subs or GTP Acquisition Partners, as appl Account will not be released to the AMT Asset Subs or GTP Acquisition Partners, as appl Cash Trapa DSCR forff ff in the Cash Trapa Reserve icabla e, unless the DSCR exceeds the icabla e. The funds a two consecutive calendar quarters. required reserves, pay icabla e transaction any a a a Additionally, an “amortization period” commences if,ff as of the end of any calendar quarter, the DSCR is equal to or below two consecutive 1.15x (the “Minimum DSCR”) and will continue to exist until the DSCR exceeds the Minimum DSCR forff calendar quarters. With respect to the Trusrr t Securities, an “amortization period” also commences if,ff on the anticipated F-34 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) l, provided that such amortization period shall appl y with respect to such component that has not been repaid in fulff a repayment date the component of the Loan corresponding to the appl in fulff Series 2015-2 Notes have not been repaid in fulff the unpaid principal balance of the Series 2015-2 Notes, and such notes will begin to amortize on a monthly basis frff om excess cash flff ow. During an amortization period, all excess cash flff ow and any amounts then in the appl Account would be appl date. a ied to pay the principal of the Loan or the Series 2015-2 Notes, as appl t Securities has not been repaid l. If the on icabla e anticipated repayment date, additional interest will accruerr icabla e, on each monthly payment icabla e subclass of the Trusrr icabla e Cash Trapa Reserve l on the appl a a a a a The Loan and the Series 2015-2 Notes may be prepaid in whole or in part at any time, provided such payment is accompanied icabla e prepayment consideration. If the prepayment occurs within 18 months of the anticipated repayment date with by the appl respect to the Series 2013-2A Securities or the Series 2015-2 Notes, or 36 months of the anticipated repayment date with respect to the Series 2018 Securities, no prepayment consideration is due. borrowed money or furff icabla e). The organizational documents of the AMT Asset Subs and the GTP Entities contain provisions consistent with The Loan Agreement and the 2015 Indenturt e include operating covenants and other restrictions customaryrr subject to rated securitizations. Among other things, the AMT Asset Subs and the GTP Entities, as appl frff om incurring other indebtedness forff ordinaryrr course trade payabla es and permitted encumbrances (as defiff ned in the Loan Agreement or the 2015 Indenturtt e, as appl a rating agency securitization criteria forff directors. The Loan Agreement and the 2015 Indenturt e also contain certain covenants that require the AMT Asset Subs or GTP a Acquisition Partners, as appl promptly notifyff such trusrr tee of events of defaff ult and material breaches under the Loan Agreement and other agreements related to the Trusrr a appl t Sites or the 2015 Indenturtt e and other agreements related to the 2015 Secured Sites, as appl tee reasonabla e access to the sites, including the right to conduct site investigations. e entities, including the requirement that they maintain independent ther encumbering their assets subject to customaryrr carve-outs forff tee with regular fiff nancial reports and operating budgets, icabla e, to provide the respective trusrr icabla e, are prohibited icabla e, and allow the special purpos transactions icabla e trusrr forff a a rr a icabla e, frff om distributing excess cash flff ow to the Company. Furthermore, if the AMT Asset tee may seek to A faff ilure to comply with the covenants in the Loan Agreement or the 2015 Indenturt e could prevent the AMT Asset Subs or GTP Acquisition Partners, as appl Subs or GTP Acquisition Partners were to defaff ult on the Loan or the Series 2015-2 Notes, the appl forff eclose upon or otherwise convert the ownership of all or any portion of the Trusrr respectively, in which case the Company could lose the revenue and cash flff ows associated with those assets. With respect to the Series 2015-2 Notes, upon the occurrence of,ff and during, an event of defaff ult, the appl the direction of holders of more than 50% of the aggregate outstanding principal of the Series 2015-2 Notes, declare such notes immediately due and payabla e, in which case any excess cash flff ow would need to be used to pay holders of such notes. t Sites or the 2015 Secured Sites, tee may, in its discretion or at icabla e trusrr icabla e trusrr a a Further, under the Loan Agreement and the 2015 Indenturt e, the AMT Asset Subs or GTP Acquisition Partners, respectively, are required to maintain reserve accounts, including forff premiums, and, under the 2015 Indenturt e and in certain circumstances under the Loan Agreement, to reserve a portion of advance rents frff om tenants on the Trusrr receipts received forff trusrr million held in the reserve accounts with respect to the 2015 Securitization as of December 31, 2022 are classififf ed as Restricted cash on the Company’s accompanying consolidated balance sheets. t Sites. Based on the terms of the Loan Agreement and the 2015 Indenturt e, all rental cash the succeeding month and held in an account controlled by the appl tee and then released. The $68.7 million held in the reserve accounts with respect to the Trusrr ground rents, real estate and personal property taxes and insurance t Securitizations and the $9.7 each month are reserved forff icabla e a InII diai InII debtett dness—The India indebtedness includes several working capia tal faff cilities, most of which are subject to annual renewal. The working capia tal faff cilities bear interest at rates that consist of the appl Lending Rate or Market Benchmark (as defiff ned in the appl faff cilities are payabla e on demand prior to maturtt faff cilities. ity. As of December 31, 2022, the Company has not borrowed under these icabla e agreement), plus a spread. Generally, the working capia tal icabla e bank’s Marginal Cost of Funds based a a Amounts outstanding and key terms of the India indebtedness consisted of the folff except percentages): lowing as of December 31, 2022 (in millions, Working capia tal faff cilities (1) — $ — 8.03% - 8.80% Februarr ryrr 4, 2023 - October 22, 2023 Amount Outstanding (INR) Amount Outstanding (USD) Interest Rate (Range) Maturity Date (Range) _______________ (1) 7.9 billion Indian RupeRR $2.6 million) of bank guarantees outstanding included within the overall borrowing capaa es (“INR”) ($95.6 million) of borrowing capaa city. city as of December 31, 2022. The Company has 0.2 billion INR (appr a oximately F-35 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Othtt er Subsidiari Nigeria (the “Nigeria Letters of Credit”). yr Debt—tt The Company’s other subsidiaryrr debt as of December 31, 2022 includes drawn letters of credit in As of December 31, 2021, other subsidiaryrr debt also included (i) a note entered into by one of the Company’s subsidiaries in October 2018 in connection with the acquisition of communications sites in Kenya (the “Kenya Debt”) and (ii) U.S. subsidiaryrr debt related to a seller-fiff nanced acquisition (the “U.S. Subsidiaryrr Debt”). Amounts outstanding and key terms of other subsidiaryrr debt consisted of the folff percentages): lowing as of December 31, (in millions, except Carrying Value (USD) 2022 2021 Interest Rate Maturity Date Nigeria Letters of Credit (1) ...................................................... $ 16.2 $ — Various Kenya Debt (2) .......................................................................... $ U.S. Subsidiaryrr Debt (3) ........................................................... $ — $ — $ 7.4 0.6 N/A N/A Various N/A N/A _______________ (1) Denominated in USD. During the year ended December 31, 2022, we drew on letters of credit in Nigeria. The drawn amounts bear interest at a rate equal to the Secured Overnight Financing Rate at the time of drawing plus a spread. Amounts are due 270 days frff om the date of drawing. (2) Denominated in USD, with an original principal amount of $51.8 million. The loan agreement forff the Kenya Debt required that the debt be paid either (i) in futff urt e installments subject to the satisfaff ction of specififf ed conditions or (ii) fiff ve years frff om the note origination date, including the exercise of an optional two year extension, subject to the satisfaff ction of specififf ed conditions. As of December 31, 2022, there are no amounts outstanding under the Kenya Debt. (3) Related to a seller-fiff nanced acquisition. Denominated in USD with an original principal amount of $2.5 million. Repaid in fulff l during the year ended December 31, 2022. l covenants and other restrictions. Failure to Each of the agreements governing the other subsidiaryrr debt contains contractuat comply with certain of the fiff nancial and operating covenants could constitutt e a defaff ult under the appl icabla e debt agreement, which could result in, among other things, the amounts outstanding, including all accruerr d interest and unpaid feff es, becoming immediately due and payabla e. a CorCC eSee iSS tii ett Debt—tt The CoreSite Debt included senior unsecured notes previously entered into by CoreSite. The Company acquired this debt in connection with the CoreSite Acquisition. The CoreSite Debt was recorded at faff ir value upon the closing of the CoreSite Acquisition. On Januaryrr 7, 2022, the Company repaid the entire amount outstanding under the CoreSite Debt, plus accruerr d and unpaid interest up to, but excluding, Januaryrr 7, 2022, forff an aggregate redemption price of $962.9 million, including $80.1 million of prepayment consideration and $7.8 million in accruerr d and unpaid interest. The repayment of the CoreSite Debt was funde d with borrowings under the 2021 Multicurrency Credit Facility and cash on hand. ff FiFF nii ance Lease Oblill gat Decembber 31, 2022 a dnd 2021, respectiively. Finance lease obligations are described furff itt ons—The Company’s fiff nance lease obligations appr a i ther in note 4. o iximatedd $$27.8 miilllliion a dnd $$31.6 miilllliion as of MatMM uritii itt es—Aggregate principal maturt are expected to be: ities of long-term debt, including fiff nance leases, forff the next fiff ve years and thereaftff er Fiscal Year Amount 4,514.2 2023 ............................................................................................................................................................................... $ 3,038.6 2024 ............................................................................................................................................................................... 7,501.3 2025 ............................................................................................................................................................................... 3,336.6 2026 ............................................................................................................................................................................... 5,969.2 2027 ............................................................................................................................................................................... 14,541.9 Thereaftff er ...................................................................................................................................................................... 38,901.8 Total cash obligations............................................................................................................................................. (231.6) Unamortized discounts, premiums and debt issuance costs and faff ir value adjustments, net................................. Balance as of December 31, 2022 .......................................................................................................................... $ 38,670.2 F-36 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 9. OTHER NON-CURRENT LIABILITIES Other non-current liabia lities consisted of the folff lowing: Unearned revenue .................................................................................................................. $ Other miscellaneous liabia lities............................................................................................... Other non-current liabia lities................................................................................................... $ December 31, 2022 489.5 697.3 1,186.8 December 31, 2021 540.2 $ 649.6 1,189.8 $ As of 10. ASSET RETIREMENT OBLIGATIONS The changes in the carryirr ng amount of the Company’s asset retirement obligations were as folff lows: Beginning balance as of Januaryrr 1, .................................................................................................. $ Additions........................................................................................................................................... Accretion expense............................................................................................................................. Revisions in estimates (1)................................................................................................................. Settlements........................................................................................................................................ Balance as of December 31, ............................................................................................................. $ 2022 2,003.0 32.9 114.8 (91.2) (12.1) 2,047.4 $ $ 2021 1,571.3 361.9 108.5 (30.3) (8.4) 2,003.0 _______________ (1) Revisions in estimates include decreases to the liabia lity of $24.6 million and $62.0 million related to forff eign currency translation forff the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the estimated undiscounted futff urt e cash outlay forff asset retirement obligations was $4.2 billion. 11. FAIR VALUE MEASUREMENTS The Company determines the faff ir value of its fiff nancial instrumrr maximize the use of observabla e inputs and minimize the use of unobservabla e inputs when measuring faff ir value. Below are the three levels of inputs that may be used to measure faff ir value: ents based on the faff ir value hierarchy, which requires an entity to Level 1 Level 2 Level 3 Quoted prices in active markets forff the measurement date. identical assets or liabia lities that the Company has the abia lity to access at Observabla e inputs other than Level 1 prices, such as quoted prices forff prices in markets that are not active; or other inputs that are observabla e or can be corroborated by observabla e market data forff similar assets or liabia lities; quoted l term of the assets or liabia lities. substantially the fulff Unobservabla e inputs that are supported by little or no market activity and that are signififf cant to the faff ir value of the assets or liabia lities. ItII ems MeMM asured at FaiFF r ValVV ue on a Recurring Basisii —The faff ir values of the Company’s fiff nancial assets and liabia lities that are required to be measured on a recurring basis at faff ir value were as folff lows: December 31, 2022 December 31, 2021 Fair Value Measurements Using Fair Value Measurements Using Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Interest rate swapa agreements ........................ Investments in equity securities (1)................ $ — 29.2 Liabilities: Interest rate swapa agreements ........................ Fair value of debt related to interest rate swapa agreements (2)....................................... $ — $ (4.9) — — 6.2 — — — $ — $ 37.1 11.0 — — — — $ 12.2 — — — — — — F-37 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) _______________ (1) Investments in equity securities are recorded in Notes receivabla e and other non-current assets in the consolidated balance sheet at faff ir value. Unrealized holding gains and losses forff equity securities are recorded in Other income (expense) in the consolidated statements of operations in the current period. During the years ended December 31, 2022 and 2021, thhe Compa yny recogniognizedd unrealliizedd ((llosses)) ggaiins fof $($( fforff Included in the carryirr ng values of the corresponding debt obligations. iquityy securiitiies hhelldd as fof December 31, 2022. 16.7) miilllliion a dnd $$6.1 miilllliion, respectiivellyy, e ) (2) IntII erest Rate Swap Agreementstt ents that are designated and qualifyff as faff ir value hedges, changes in the value of the derivatives are recognized in the The faff ir value of the Company’s interest rate swapa agreements is determined using pricing models with inputs that are observabla e in the market or can be derived principally frff om, or corroborated by, observabla e market data. For derivative instrumrr consolidated statements of operations in the current period, along with the offff sff etting gain or loss on the hedged item attributabla e to the hedged risk. For derivative instrumrr change in faff ir value forff reclassififf es a portion of the value frff om AOCL into Interest expense on a quarterly basis as the cash flff ows frff om the hedged item affff eff cts earnings. The Company records the settlement of interest rate swapa agreements in (Loss) gain on retirement of long-term obligations in the consolidated statements of operations in the period in which the settlement occurs. the effff eff ctive portion of the cash flff ow hedges in AOCL in the consolidated balance sheets and ents that are designated and qualifyff as cash flff ow hedges, the Company records the The Company entered into three interest rate swapa agreements with an aggregate notional value of $500.0 million related to the 3.000% senior unsecured notes dued , which were designated as faff ir value 2023 (the “3.000% Notes”). These interest rate swapsa hedges at inception, were entered into to hedge against changes in faff ir value of the 3.000% Notes resulting frff om changes in interest rates. The interest rate swapa agreements require the Company to pay interest at a variabla e interest rate of one-month LIBOR plus appl icabla e spreads and to receive fiff xed interest at a rate of 3.000% through June 15, 2023. a The Company entered into three interest rate swapa agreements with an aggregate notional value of $600.0 million related to the 2.250% Notes. These interest rate swapsa , which were designated as faff ir value hedges at inception, were entered into to hedge against changes in faff ir value of the 2.250% Notes resulting frff om changes in interest rates. The interest rate swapa agreements required the Company to pay interest at a variabla e interest rate of one-month LIBOR plus appl fiff xed interest at a rate of 2.250% through Januaryrr 15, 2022. The interest rate swapa agreements expired upon repayment of the 2.250% Notes in fulff ity. As of December 31, 2022, there were no amounts outstanding under the interest rate swapa agreements under the 2.250% Notes. l on Januaryrr 14, 2022 upon maturtt icabla e spreads and to receive a The faff ir value of the U.S. interest rate swapa liabia lity of $6.2 million was included in accruerr d expenses on the consolidated balance sheets at December 31, 2022. The faff ir value of the U.S. interest rate swapa asset of $11.0 million was included in Other non-current assets on the consolidated balance sheets at December 31, 2021. During the year ended December 31, 2022, the Company recorded net faff ir value adjustments of $(0.1) million related to interest rate swapsa due to interest rate swapsa in Other expense in the consolidated statements of operations. and the change in faff ir value of debt ItII ems MeMM asured at FaiFF r ValVV ue on a NonrNN ecurring Basisii Assetstt HeHH ldll and UsUU ed—Tdd value using Level 3 inputs. he Company’s long-lived assets are recorded at amortized cost and, if impaired, are adjusted to faff ir During the year ended December 31, 2022, certain long-lived assets held and used with a carryirr ng value of $46.1 billion were written down to their net realizabla e value as a result of an asset impairment charge of $655.9 million. During the year ended December 31, 2021, certain long-lived assets held and used with a carryirr ng value of $49.0 billion were written down to their net realizabla e value as a result of an asset impairment charge of $173.7 million. The asset impairment charges are recorded in Other operating expenses in the accompanying consolidated statements of operations. These adjustments were determined by comparing the estimated faff ir value utilizing projected futff urt e discounted cash flff ows to be provided frff om the long-lived assets to the asset’s carryirr ng value. There were no other items measured at faff ir value on a nonrecurring basis during the year ended December 31, 2022. trtt umentstt —The Company’s fiff nancial instrumrr oximates faff ir value at December 31, 2022 and 2021 include cash and cash equivalents, restricted cash, accounts receivabla e FaiFF r ValVV ue of FiFF nancial InsII a appr and accounts payabla e. The Company’s estimates of faff ir value of its long-term obligations, including the current portion, are based primarily upon reported market values. For long-term debt not actively traded, faff ir value is estimated using either indicative price quotes or a discounted cash flff ow analysis using rates forff December 31, 2022, the carryirr ng value and faff ir value of long-term obligations, including the current portion, were $38.7 billion and $35.1 billion, respectively, of which $24.5 billion was measured using Level 1 inputs and $10.6 billion was measured using ents forff which the carryirr ng value reasonabla y debt with similar terms and maturtt ities. As of F-38 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Level 2 inputs. As of December 31, 2021, the carryirr ng value and faff ir value of long-term obligations, including the current portion, were $43.3 billion and $44.1 billion, respectively, of which $28.5 billion was measured using Level 1 inputs and $15.6 billion was measured using Level 2 inputs. 12. INCOME TAXES Beginning in the taxabla e year ended December 31, 2012, the Company has fiff led, and intends to continue to fiff le, U.S. feff deral income tax returt ns as a REIT, and its domestic TRSs fiff led, and intend to continue to fiff le, separate tax returt ns as required. The Company also fiff les tax returt ns in various states and countries. The Company’s state tax returt ns reflff ect diffff eff rent combinations of the Company’s subsidiaries and are dependent on the connection each subsidiaryrr has with a particular state and forff m of organization. The folff lowing inforff mation pertains to the Company’s income taxes on a consolidated basis. The income tax provision frff om continuing operations consisted of the folff lowing: Year Ended December 31, 2022 2021 2020 Current: Federal ............................................................................................. $ State ................................................................................................. Foreign ............................................................................................. Defeff rred: Federal ............................................................................................. State ................................................................................................. Foreign ............................................................................................. Income tax provision............................................................................... $ (6.5) $ (5.8) (248.4) (2.8) 0.8 238.7 (24.0) $ (26.0) $ (9.3) (267.7) 0.0 (2.5) 43.7 (261.8) $ 8.7 (10.7) (150.1) (1.0) (1.0) 24.5 (129.6) The effff eff ctive tax rate (“ETR”) on income frff om continuing operations forff diffff eff rs frff om the feff deral statutt oryrr adjustments forff income generated by its REIT operations. rate primarily due to the Company’s qualififf cation forff taxation as a REIT, as well as state and forff eign items. As a REIT, the Company may deduct earnings distributed to stockholders against the the years ended December 31, 2022, 2021 and 2020 For the year ended December 31, 2022, the change in the income tax provision was primarily attributabla e to a reduction in taxabla e income due to impairment charges in India and the release of valuation allowances in certain jurisdictions. The decrease in the income tax provision forff $76.5 million in certain jurisdictions, as compared to a reversal of $26.2 million forff the year ended December 31, 2021. These valuation allowance reversals were recognized as a reduction to the income tax provision as the net related defeff rred tax assets were deemed realizabla e based on changes in faff cts and circumstances relevant to the assets’ recoverabia lity. the year ended December 31, 2022 included the reversal of valuation allowances of Reconciliation between the U.S. statutt oryrr rate and the effff eff ctive rate frff om continuing operations is as folff lows: Statutt oryrr tax rate....................................................................................... Adjustment to reflff ect REIT statut s (1)....................................................... Foreign taxes ............................................................................................ Foreign withholding taxes ........................................................................ Uncertain tax positions ............................................................................. Changes in valuation allowance Effff eff ctive tax rate....................................................................................... Year Ended December 31, 2022 2021 2020 21 % (21) (1) 4 2 (4) 1 % 21 % (21) 3 2 4 (0) 9 % 21 % (21) 4 3 1 (1) 7% _______________ (1) As a result of the abia lity to utilize the dividends paid deduction to offff sff et the Company’s REIT income and gains. F-39 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) The domestic and forff eign components of income frff om continuing operations beforff e income taxes are as folff lows: United States............................................................................................. $ Foreign...................................................................................................... Total .................................................................................................. $ Year Ended December 31, 2022 2021 2020 1,973.2 (252.5) 1,720.7 $ $ 2,517.4 312.0 2,829.4 $ $ 1,683.0 138.1 1,821.1 The components of the net defeff rred tax asset and liabia lity and related valuation allowance were as folff lows: Assets: Operating lease liabia lity Net operating loss carryfrr orff wards Accruerr d asset retirement obligations Stock-based compensation Unearned revenue Unrealized loss on forff eign currency Other accruarr ls and allowances Nondeductible interest Tax credits Items not currently deductible and other Liabia lities: Depreciation and amortization Right-of-ff use asset Defeff rred rent Other Subtotal Valuation allowance Net defeff rred tax liabia lities ecember 31, 2022 December 31, 2021 $ 1,117.4 $ 1,171.8 265.5 238.5 8.1 32.7 24.4 84.1 93.4 106.8 50.1 (1,792.6) (1,118.5) (113.0) (24.0) (1,027.1) (335.7) $ (1,362.8) $ 270.1 228.0 7.0 36.7 22.0 90.1 76.2 82.4 45.4 (2,128.2) (1,160.7) (108.1) (2.7) (1,370.0) (329.3) (1,699.3) The Company provides valuation allowances if,ff based on the availabla e evidence, it is more likely than not that some or all of the defeff rred tax assets will not be realized. Management assesses the availabla e evidence to estimate if suffff iff cient futff urt e taxabla e income will be generated to use the existing defeff rred tax assets. Valuation allowances may be reversed if,ff based on changes in faff cts and circumstances, the net defeff rred tax assets have been determined to be realizabla e. At December 31, 2022 and 2021, the Company has provided a valuation allowance of $335.7 million and $329.3 million, respectively, which primarily relates to forff eign items. The increase in the valuation allowance forff 2022 is due to uncertainty as to the timing of,ff and the Company’s abia lity to recover, net defeff rred tax assets in certain forff eign operations in the forff eseeabla e futff urt e, offff sff et by reversals and flff uctuat defeff rred tax assets considered realizabla e, however, could be adjusted if objective evidence in the forff m of cumulative losses is no longer present and additional weight may be given to subjective evidence such as the Company’s projections forff tions in forff eign currency exchange rates. The amount of the year ending December 31, growth. A summaryrr of the activity in the valuation allowance is as folff lows: Balance as of Januaryrr 1, ......................................................................................... $ Additions (1)........................................................................................................... Usage, expiration and reversals .............................................................................. Foreign currency translation................................................................................... Balance as of December 31, ................................................................................... $ _______________ (1) Includes net charges to expense and allowances establa ished due to acquisition. 2022 2021 2020 329.3 93.9 (76.5) (11.0) 335.7 $ $ 228.5 146.3 (26.2) (19.3) 329.3 $ $ 194.2 64.7 (22.0) (8.4) 228.5 F-40 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) The recoverabia lity of the Company’s defeff rred tax assets has been assessed utilizing projections based on its current operations. Accordingly, the recoverabia lity of the defeff rred tax assets is not dependent on material asset sales or other non-routine transactions. Based on its current outlook of futff urtt e taxabla e income during the carryfrr orff ward period, the Company believes that defeff rred tax assets, other than those forff which a valuation allowance has been recorded, will be realized. At December 31, 2022, the Company had net feff deral, state and forff eign operating loss carryfrr orff wards availabla e to reduce futff urtt e taxabla e income. If not utilized, the Company’s NOLs expire as folff lows: Years ended December 31, 2023 to 2027............................................................................................................. $ 2028 to 2032............................................................................................................. 2033 to 2037............................................................................................................. 2038 to 2042............................................................................................................. Indefiff nite carryfrr orff ward ............................................................................................ Total ......................................................................................................................... $ Federal State Foreign 0.0 $ 185.0 $ 0.1 67.5 — 241.1 308.7 $ 97.5 90.4 100.0 51.7 524.6 $ 5.1 22.4 1.5 10.0 917.2 956.2 As of December 31, 2022 and 2021, the total amount of unrecognized tax benefiff ts that would impact the ETR, if recognized, is the year ended December 31, 2022 $103.6 million and $94.8 million, respectively. The amount of unrecognized tax benefiff ts forff includes additions to the Company’s existing tax positions of $35.1 million. The Company expects the unrecognized tax benefiff ts to change over the next 12 months if certain tax matters ultimately settle with the appl amount of such changes to previously recorded uncertain tax positions could range frff om zero to $18.0 million. icabla e taxing jurisdiction during this timefrff ame, or if the appl icabla e statutt e of limitations lapsa es. The impact of the a a A reconciliation of the beginning and ending amount of unrecognized tax benefiff ts are as folff lows: Balance at Januaryrr 1 .................................................................................. $ Additions based on tax positions related to the current year ..................... tax positions of prior years (1) (2) .............. Additions and reductions forff Foreign currency........................................................................................ e of statutt e of limitations ........................ Reduction as a result of the lapsa Reduction as a result of effff eff ctive settlements............................................ Balance at December 31 ............................................................................ $ Year Ended December 31, 2022 2021 2020 $ 108.8 13.3 18.2 (5.3) (0.6) (18.9) 115.5 $ $ 136.2 7.5 (17.5) (3.7) (4.9) (8.8) 108.8 $ 175.6 4.7 (5.0) (9.6) (26.0) (3.5) 136.2 _______________ (1) Year ended December 31, 2021 includes adjustments of $(16.6) million due to a reclassififf cation of unrecognized tax benefiff ts to penalties and income tax- related interest expense. (2) Year ended December 31, 2020 includes adjustments of $(21.0) million forff positions related to the Eaton Towers Acquisition that were revised in connection with settlements or effff eff ctive settlements. During the year ended December 31, 2022, the statutt e of limitations on certain unrecognized tax benefiff ts lapsa positions were effff eff ctively settled, including effff eff ctive settlements and revisions of prior year positions, which resulted in a decrease of $23.1 million in the liabia lity forff limitations on certain unrecognized tax benefiff ts lapsa settlements and revisions of prior year positions, which resulted in a decrease of $54.2 million in the liabia lity forff tax benefiff ts. During the year ended December 31, 2020, the statutt e of limitations on certain unrecognized tax benefiff ts lapsa and certain positions were effff eff ctively settled, including effff eff ctive settlements and revisions of prior year positions related to the Eaton Towers Acquisition, which resulted in a decrease in the liabia lity forff unrecognized tax benefiff ts. During the year ended December 31, 2021, the statutt e of ed and certain positions were effff eff ctively settled, including effff eff ctive unrecognized tax benefiff ts of $50.5 million. ed and certain unrecognized ed the years ended December 31, 2022, 2021 and 2020, respectively. During the year ended December 31, 2022, the penalties and income tax-related interest expense related to uncertain tax positions by $19.9 The Company recorded penalties and tax-related interest expense to the tax provision of $20.6 million, $69.5 million and $16.4 million forff Company reduced its liabia lity forff million due to the expiration of the statutt e of limitations in certain jurisdictions and certain positions that were effff eff ctively settled. During the years ended December 31, 2021 and 2020, the Company reduced its liabia lity forff penalties and income tax- related interest expense related to uncertain tax positions by $14.6 million and $4.8 million, respectively, due to the expiration F-41 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) of the statutt e of limitations in certain jurisdictions and certain positions that were effff eff ctively settled. In addition, as a result of a settlement in the United States, $45.8 million was reclassififf ed to Accruerr d income tax payabla e as of December 31, 2021. As of December 31, 2022 and 2021, the total amount of accruerr d income tax-related interest and penalties included in the consolidated balance sheets were $43.3 million and $42.3 million, respectively. prior taxabla e years, and forff The Company has fiff led forff consolidated and separate income tax returt ns, including U.S. feff deral and state tax returt ns and forff eign tax returt ns. The Company is subject to examination in the United States and various state and forff eign jurisdictions forff certain tax years. As a result of the Company’s abia lity to carryfrr orff ward feff deral, state and forff eign NOLs, the appl examination several years aftff er the appl assesses the likelihood of additional assessments in each of the tax jurisdictions resulting frff om these examinations. The Company believes that adequate provisions have been made forff icabla e loss carryfrr orff wards have been used or have expired. The Company regularly its taxabla e year ended December 31, 2022 will fiff le, numerous icabla e tax years generally remain open to all periods through December 31, 2022. income taxes forff a a 13. STOCK-BASED COMPENSATION the grant of the grant of non-qualififf ed and incentive stock options, as well as restricted stock units, restricted stock and Summaryr of Stock-kk Based ComCC pem nsation Plans—The Company maintains equity incentive plans that provide forff stock-based awards to its directors, offff iff cers and employees. The Company’s 2007 Equity Incentive Plan, as amended (the “2007 Plan”), provides forff non-qualififf ed and incentive stock options are not less than the faff ir value of the other stock-based awards. Exercise prices forff underlying common stock on the date of grant. Equity awards typically vest ratabla y, generally over four years forff RSUs and stock options and three years forff PSUs. Stock options generally expire 10 years frff om the date of grant. As of December 31, 2022, the Company had the abia lity to grant stock-based awards with respect to an aggregate of 5.2 million shares of common stock under the 2007 Plan. In connection with the CoreSite Acquisition, the Company assumed the remaining shares previously availabla e forff Company’s common stock. These shares will be availabla e forff grants to certain employees and will not be availabla e forff under the CoreSite plan, or March 20, 2023, at which time they will no longer be availabla e forff maintains an employee stock purchase plan (the “ESPP”) pursuant to which eligible employees may purchase shares of the Company’s common stock on the last day of each bi-annual offff eff ring period at a 15% discount frff om the lower of the closing market value on the fiff rst or last day of such offff eff ring period. The offff eff ring periods runrr frff om June 1 through November 30 and frff om December 1 through May 31 of each year. oved by the CoreSite shareholders, which converted into 1.4 million shares of the issuance under the 2007 Plan, however, will only be availabla e forff issuance beyond the period when they would have been availabla e grant. In addition, the Company issuance under a plan appr a ff During the years ended December 31, 2022, 2021 and 2020, the Company recorded the folff expenses: lowing stock-based compensation 2022 (1) 2021 (1) 2020 (2) Stock-based compensation expense....................................................................... $ 169.3 $ 119.5 $ 120.8 _______________ (1) For the years ended December 31, 2022 and 2021, stock-based compensation expense is included in selling, general, administrative and development expense. (2) For the year ended December 31, 2020, stock-based compensation expense consisted of (i) $1.9 million included in Property costs of operations, (ii) $1.1 million included in Services costs of operations and (iii) $117.8 million included in selling, general, administrative and development expense. For the year ended December 31, 2020, stock-based compensation expense capia talized as property and equipment was $1.7 million. Stock OptO ions—There were no options granted during the years ended December 31, 2022, 2021 and 2020. The faff ir values of previously granted stock options were estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions at the date of grant. The intrinsic value of stock options exercised during the years ended December 31, 2022, 2021 and 2020 was $34.3 million, $176.7 million and $176.3 million, respectively. As of December 31, 2022, there was no unrecognized compensation expense related to unvested stock options. The amount of cash received frff om the exercise of stock options was $17.1 million during the year ended December 31, 2022. F-42 Range of Exercise Price Per Share $76.90 - $76.90 $81.18 - $94.23 $94.57 - $94.71 $99.67 - $121.15 $76.90 - $121.15 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) The Company’s option activity forff amounts): the year ended December 31, 2022 was as folff l lows (share and per share data disclosed in fulff Outstanding as of Januaryrr 1, 2022........................................ Granted ................................................................................. Exercised............................................................................... Forfeff ited................................................................................ Expired.................................................................................. Outstanding as of December 31, 2022.................................. Exercisabla e as of December 31, 2022................................... Vested as of December 31, 2022 .......................................... Options 1,067,999 — (212,845) — — 855,154 855,154 855,154 Weighted Average Exercise Price Per Share Weighted Average Remaining (Years) Lifeff Aggregate Intrinsic Value $89.57 — 80.53 — — $91.82 $91.82 $91.82 2.32 2.32 2.32 $102.7 $102.7 $102.7 The folff disclosed in fulff lowing tabla e sets forff l amounts): th inforff mation regarding options outstanding at December 31, 2022 (share and per share data Options Outstanding Options Exercisable Outstanding Number of Options Weighted Average Exercise Price Per Share Weighted Average Remaining Lifeff (Years) Options Exercisable Weighted Average Exercise Price Per Share 11,101 193,886 634,180 15,987 855,154 $ $ 76.90 81.61 94.63 114.25 91.82 0.19 1.26 2.64 3.71 2.32 $ 11,101 193,886 634,180 15,987 855,154 $ 76.90 81.61 94.63 114.25 91.82 the year Restrtt icted Stock UniUU tstt and Perfr orff mance-Based Restrtt icted Stock UniUU tstt —The Company’s RSU and PSU activity forff ended December 31, 2022 was as folff lows (share and per share data disclosed in fulff l amounts): RSUs Weighted Average Grant Date Fair Value PSUs Weighted Average Grant Date Fair Value Outstanding as of Januaryrr 1, 2022 (1) (2) ................... 1,298,178 $ Granted (3)................................................................... Vested and Released (4) .............................................. Forfeff ited....................................................................... Outstanding as of December 31, 2022......................... Expected to vest as of December 31, 2022.................. 715,093 (553,181) (77,211) 1,382,879 1,382,879 $ $ 213.35 242.76 205.03 232.83 230.80 230.80 267,621 $ 107,035 (98,188) — 276,468 276,468 $ $ 208.44 233.49 185.16 — 226.40 226.40 _______________ (1) RSUs include 125,841 shares of the CoreSite Replacement Awards. (2) PSUs consist of the target number of shares issuabla e at the end of the three-year perforff mance period forff the 2021 PSUs and the 2020 PSUs (each as defiff ned below), or 98,694 and 70,739 shares, respectively, and the shares issuabla e at the end of the three-year vesting period forff (the “2019 PSUs”), based on achievement against the perforff mance metrics forff the three-year perforff mance period, or 98,188 shares. the PSUs granted in 2019 (3) PSUs consist of the target number of shares issuabla e at the end of the three-year perforff mance period forff the 2022 PSUs, or 98,542 shares. PSUs also a target that are issuabla e forff includes the shares above metric forff Includes 17,121 shares of previously vested and defeff rred RSUs. PSUs consist of shares vested pursuant to the 2019 PSUs. There are no additional shares to be earned related to the 2019 PSU. the 2020 PSUs at the end of the three-year perforff mance cycle based on exceeding the perforff mance the three-year perforff mance period, or 8,493 shares. (4) The total faff ir value of RSUs and PSUs that vested during the year ended December 31, 2022 was $153.1 million. Restrtt icted Stock UniUU tstt —A— s of December 31, 2022, total unrecognized compensation expense related to unvested RSUs granted under the 2007 Plan, including the CoreSite Replacement Awards, was $170.9 million and is expected to be recognized over a weighted average period of appr employment or death, disabia lity or qualififf ed retirement (each as defiff ned in the appl 2021, in connection with the CoreSite Acquisition, the Company assumed and converted certain equity awards previously oximately two years. Vesting of RSUs is subject generally to the employee’s continued icabla e RSU award agreement). In December a a F-43 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) granted by CoreSite under its equity plan into corresponding CoreSite Replacement Awards. As of December 31, 2022, total unrecognized compensation expense related to the CoreSite Replacement Awards was $6.5 million and is expected to be oximately one year. recognized over a weighted average period of appr a Perfr orff mance-Based Restrtt icted Stock UniUU tstt —During the year ended December 31, 2022, the Company’s Compensation Committee (the “Compensation Committee”) granted an aggregate of 98,542 PSUs (the “2022 PSUs”) to its executive offff iff cers and establa ished the perforff mance metrics forff Company’s Compensation Committee granted an aggregate of 98,694 PSUs (the “2021 PSUs”), 110,925 PSUs (the “2020 PSUs”), respectively, to its executive offff iff cers and establa ished the perforff mance metrics forff December 31, 2020, in connection with the retirement of the Company’s forff mer Chief Executive Offff iff cer, an aggregate of 40,186 shares underlying the 2020 PSUs were forff three-year perforff mance period forff feff ited, which included the target number of shares issuabla e at the end of the these awards. During the years ended December 31, 2021 and 2020, the these awards. During the year ended such executive’s 2020 PSUs. Threshold, target and maximum parameters were establa ished forff each of the 2022 PSUs, the 2021 PSUs and the 2020 PSUs and will be used to calculate the number of shares that will be issuabla e when each award vests, which may range frff om zero to 200% of the target amounts. At the end of each three-year perforff mance period, the number of shares that vest will depend on the degree of achievement against the pre-establa ished perforff mance goals. PSUs will be paid out in common stock at the end of each perforff mance period, subject generally to the icabla e PSU award executive’s continued employment or death, disabia lity or qualififf ed retirement (each as defiff ned in the appl agreement). PSUs will accruerr actuat dividend equivalents prior to vesting, which will be paid out only in respect of shares that the metrics forff lly vest. a three-year perforff mance period with respect to a During the year ended December 31, 2022, the Company recorded $28.9 million in stock-based compensation expense forff equity awards in which the perforff mance goals have been establa ished and were probabla e of being achieved. The remaining unrecognized compensation expense related to these awards at December 31, 2022 was $6.3 million based on the Company’s current assessment of the probabia lity of achieving the perforff mance goals. The weighted-average period over which the cost will be recognized is appr oximately two years. a 14. EQUITY Dividends—The Company may pay dividends in cash or, subject to certain limitations, in shares of common stock or any combination of cash and shares of common stock. Sales of Equitytt Securities—The Company receives proceeds frff om sales of its equity securities pursuant to the ESPP and upon exercise of stock options granted under the 2007 Plan. During the year ended December 31, 2022, the Company received an aggregate of $32.4 million in proceeds upon exercises of stock options and sales pursuant to the ESPP. 2020 “A“ t thet MarMM krr ekk t” Stock OfO fff eff ring Program—In August 2020, the Company establa ished an “at the market” stock offff eff ring program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $1.0 billion (the “2020 ATM Program”). Sales under the 2020 ATM Program may be made by means of ordinaryrr brokers’ transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to tions of the Company, at negotiated prices. The Company intends to use prevailing market prices or, subject to specififf c instrucrr the net proceeds frff om any issuances under the 2020 ATM Program forff es, which may include, among ate purpos other things, the fundi of December 31, 2022, the Company has not sold any shares of common stock under the 2020 ATM Program. ng of acquisitions, additions to working capia tal and repayment or refiff nancing of existing indebtedness. As general corpor ff rr rr ComCC mon Stockk OffO ffffff eff ringng—gggg On June 7, 2022, thhe Compa yny com lpletedd a regigisteredd common stockk, par vallue $$0.01 per shhare, ((whihichh iincll dudes thhe f lulff ll exerciise of thhe $$256.00 per shhare. Aggggreggate net proceedds frff om thihis offff eff rii gng were appr ioximatellyy $$2.3 bibilllliion aftff er ddedductii gng didiscounts a dnd estiimatedd offff eff rii gng expenses. Thhe Compa yny usedd thhe net proceedds to repayy e ixistii gng ii dndebbteddness USD 364-Dayy Dellayyedd Draw Term Loan. publiic offff eff rii gng of 9,185,000 shhares of iits dunderwriiters’ over-allllotment optii dunderwriitii gng dunder thhe 2021 )on) at bl a e chase Programs—In March 2011, the Company’s Board of Directors appr Stock Repur pursuant to which the Company is authorized to repurchase up to $1.5 billion of its common stock (the “2011 Buyback”). In oved an additional stock repurchase program, pursuant to which the Company is December 2017, the Board of Directors appr authorized to repurchase up to $2.0 billion of its common stock (the “2017 Buyback,” and, together with the 2011 Buyback, the “Buyback Programs”). oved a stock repurchase program, a a During the year ended December 31, 2022, the Company repurchased 90,042 shares of its common stock under the 2011 an aggregate of $18.8 million, including commissions and feff es. As of December 31, 2022, the Company has Buyback forff F-44 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) repurchased a total of 14,451,325 shares of its common stock under the 2011 Buyback forff including commissions and feff es. There were no repurchases under the 2017 Buyback. an aggregate of $1.5 billion, Under the Buyback Programs, the Company is authorized to purchase shares frff om time to time through open market purchases or in privately negotiated transactions not to exceed market prices and subject to market conditions and other faff ctors. With respect to open market purchases, the Company may use plans adopted in accordance with RulRR e 10b5-1 under the Exchange Act in accordance with securities laws and other legal requirements, which allows the Company to repurchase shares during periods when it may otherwise be prevented frff om doing so under insider trading laws or because of self-ff imposed trading blackout periods. The Company expects to fundff generated by operations and borrowings under its credit faff cilities. Repurchases under the Buyback Programs are subject to, among other things, the Company having availabla e cash to fund ther repurchases of its common stock through a combination of cash on hand, cash the repurchases. any furff ff Disii trtt ibutions—During the years ended December 31, 2022, 2021 and 2020, the Company declared the folff distributions (per share data reflff ects actuatt l amounts): lowing cash Common Stock For the year ended December 31, 2022 2021 2020 Distribution per share 5.86 $ Aggregate Payment Amount $ 2,715.3 Distribution per share 5.21 $ Aggregate Payment Amount $ 2,359.4 Distribution per share 4.53 $ Aggregate Payment Amount $ 2,010.7 The folff lowing tabla e characterizes the tax treatment of distributions declared per share of common stock. For the year ended December 31, 2022 2021 2020 Per Share % Per Share % Per Share % Common Stock Ordinaryrr dividend ..................... $ 4.3000 Capia tal gains distribution .......... — Total ....................................... $ 4.3000 (1) 100.00 % $ 6.1980 96.54 % $ 3.3200 100.00 % — 3.46 100.00 % $ 6.4200 (2) 100.00 % $ 3.3200 (3) 100.00 % 0.2220 — — _______________ (1) Excludes dividend declared on December 7, 2022 of $1.56 per share, which was paid on Februarr ryrr 2, 2023 to common stockholders of record at the close (2) of business on December 28, 2022 and which will appl Includes dividend declared on December 15, 2021 of $1.39 per share, which was paid on Januaryrr 14, 2022 to common stockholders of record at the close of business on December 27, 2021. Also includes dividend declared on December 3, 2020 of $1.21 per share, which was paid on Februarr common stockholders of record at the close of business on December 28, 2020 and which appl (3) Excludes dividend declared on December 3, 2020 of $1.21 per share, which was paid on Februarr ied to the 2021 tax year. ryrr 2, 2021 to common stockholders of record at the close y to the 2023 tax year. ryrr 2, 2021 to a a of business on December 28, 2020 and which appl a ied to the 2021 tax year. s distributions on unvested restricted stock units, which are payabla e upon vesting. The amount accruerr d forff The Company accruerr distributions payabla e related to unvested restricted stock units was $17.0 million and $12.8 million as of December 31, 2022 and 2021, respectively. During the year ended December 31, 2022, the Company paid $6.9 million of distributions upon the vesting of restricted stock units. To maintain its qualififf cation forff distributions, the amount, timing and frff equency of which will be determined, and subject to adjustment, by the Company’s Board of Directors. taxation as a REIT, the Company expects to continue paying 15. NONCONTROLLING INTERESTS Purchase of IntII ereststt —In March 2021, the Company purchased the remaining minority interests held in a subsidiaryrr United States forff common stock, in lieu of cash. The Company now owns 100% of the subsidiaryrr as a result of the purchase. total consideration of $6.0 million. The purchase price was settled with unregistered shares of the Company’s in the zii ation of European IntII ereststt —In June 2021, in connection with the fundi Reorgani r completed a reorganization of its subsidiaries in Europe. As part of the reorganization, PGGM converted its previously held 49% noncontrolling interest in Former ATC Europe into noncontrolling interests in new subsidiaries, consisting of the Company's operations in Germany and Spain, inclusive of the assets acquired pursuant to the Telxius Acquisition. The oximately $214.9 million). The reorganization included cash consideration paid to PGGM of 178.0 million EUR (appr ng of the Telxius Acquisition, the Company a ff F-45 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) reorganization is reflff ected in the consolidated statements of equity as (i) a reduction in Additional Paid-in Capia tal of $648.4 million and (ii) an increase in Noncontrolling Interests of $601.0 million, and in the consolidated statements of comprehensive income (loss) as an increase in Comprehensive income attributabla e to American Tower Corpor stockholders of $47.4 million. ation rr rsrr hipsi —In May and June 2021, the Company entered into agreements with Caisse de dépôt et CDCC PDD Q and Allianz Partnet placement du Québec (“CDPQ”) and Allianz insurance companies and funds including the Allianz European Infrff astrucrr turt e Fund (collectively, “Allianz”), forff CDPQ and Allianz to acquire 30% and 18% noncontrolling interests, respectively, in ATC Europe (the “ATC Europe Transactions”). The Company completed the ATC Europe Transactions in September 2021 forff date of closing). Aftff er the completion of the ATC Europe Transactions, the Company holds a 52% controlling ownership interest in ATC Europe. total aggregate consideration of 2.6 billion EUR (appr managed by Allianz Capia tal Partners GmbH, oximately $3.1 billion at the a ff As of December 31, 2022, ATC Europe consists of the Company’s operations in France, Germany, Poland and Spain. The Company currently holds a 52% controlling interest in ATC Europe, with CDPQ and Allianz holding 30% and 18% noncontrolling interests, respectively. ATC Europe holds a 100% interest in the subsidiaries that consist of the Company’s operations in France and Poland and an 87% and an 83% controlling interest in the subsidiaries that consist of the Company’s operations in Germany and Spain, respectively, with PGGM holding a 13% and a 17% noncontrolling interest in each respective subsidiary.rr Bangladesh Partnett Bangladesh Limited (“KTBL”) forff holds a 49% noncontrolling interest in KTBL. rsrr hipi —In August 2021, the Company acquired a 51% controlling interest in in Kirtonkhola Tower 900 million BDT (appr a oximately $10.6 million at the date of closing). Confiff dence Group Stonepee ak TrTT ansaction—In July 2022, in connection with the fundi agreement pursuant to which certain investment vehicles affff iff liated with Stonepeak Partners LP (such investment vehicles, collectively, “Stonepeak”) acquired a noncontrolling ownership interest in the Company’s U.S. data center business. The transaction was completed in August 2022 forff equity of $1,750.0 million and mandatorily convertible prefeff rred equity of $750.0 million. In October 2022, the Company entered into an agreement with Stonepeak forff Stonepeak to acquire additional common equity and mandatorily prefeff rred equity interests in the Company’s U.S. data center business forff completed in October 2022 (together with the August 2022 closing, the “Stonepeak Transaction”). total aggregate consideration of $2.5 billion, through an investment in common total aggregate consideration of $570.0 million. The transaction was ng of the CoreSite Acquisition, the Company entered into an ff a As of December 31, 2022, the Company holds a common equity interest of appr with Stonepeak holding appr convertible prefeff rred equity. On a fulff ly converted basis, which is expected to occur four closing in August 2022, and on the basis of the currently outstanding equity, the Company will hold a controlling ownership interest of appr which accruerr measured on the conversion date. oximately 28% of the outstanding common equity and 100% of the outstanding mandatorily years frff om the date of the initial oximately 36%. The mandatorily convertible prefeff rred equity, one basis, subject to adjustment that will be s dividends at 5.0%, will convert into common equity on a one forff oximately 64%, with Stonepeak holding appr oximately 72% in its U.S. data center business, a a a ff Dividends to noncontrtt olling intereststt —Certain of the Company’s subsidiaries may, frff om time to time, declare dividends. In December 2021, AT Iberia C.V., one of the Company’s subsidiaries in Spain, declared a dividend of 14.0 million EUR (appr a proportion to their respective equity interests in AT Iberia C.V. oximately $15.9 million) payabla e, pursuant to the terms of the ownership agreements, to ATC Europe and PGGM in In August 2022, AT RhiRR ne C.V., one of the Company’s subsidiaries in Germany, declared and paid a dividend of 25.0 million EUR (appr oximately $25.1 million at the date of payment), pursuant to the terms of the ownership agreements, to ATC Europe and PGGM in proportion to their respective equity interests in AT RhiRR ne C.V. a In November 2022, AT Iberia C.V. declared and paid a dividend of 14.0 million EUR (appr of payment), pursuant to the terms of the ownership agreements, to ATC Europe and PGGM in proportion to their respective equity interests in AT Iberia C.V. oximately $14.6 million at the date a As of December 31, 2022, the amount accruerr d forff convertible prefeff rred equity was $11.2 million. distributions payabla e related to the outstanding Stonepeak mandatorily F-46 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) The changes in noncontrolling interests were as folff lows: Year Ended December 31, 2022 2021 Balance as of Januaryrr 1, ..................................................................................... $ ATC Europe Transactions (1) ............................................................................ Bangladesh partnership (2)................................................................................. Stonepeak Transaction (3).................................................................................. Adjustment to noncontrolling interest due to reorganization (4) ....................... Redemption of noncontrolling interest (5) ......................................................... Net loss attributabla e to noncontrolling interests (6) ........................................... Foreign currency translation adjustment attributabla e to noncontrolling interests, net of tax.............................................................................................. Contributions frff om noncontrolling interest holders ........................................... Distributions to noncontrolling interest holders (6) ........................................... 3,988.4 $ — — 3,070.0 — — (69.1) (185.6) 55.4 (23.0) Balance as of December 31, ............................................................................... $ 6,836.1 $ 474.9 3,078.2 10.2 — 601.0 (1.7) (7.7) (163.4) — (3.1) 3,988.4 _______________ (1) Represents the impact of contributions received frff om CDPQ and Allianz described above a frff om noncontrolling interest holders in the consolidated statements of equity. on Noncontrolling interests. Reflff ected within Contributions (2) Represents the impact of contributions made by the Company to establa ish the joint venturt e in Bangladesh described above a on Noncontrolling interests. Reflff ected within Purchase of noncontrolling interest in the consolidated statements of equity. (3) Represents the impact of contributions received frff om Stonepeak described above a on Noncontrolling interests. Reflff ected within Contributions frff om noncontrolling interest holders in the consolidated statements of equity. (4) Represents the impact of the reorganization of European interests described above (5) Represents the impact of the purchase of interests described above (6) For the year ended December 31, 2022, includes $16.7 million of distributions related to the outstanding Stonepeak mandatorily convertible prefeff rred on Noncontrolling interests. on Noncontrolling interests. a a equity and dividends of $5.5 million paid to PGGM. 16. OTHER OPERARR TING EXPENSE Other operating expense consists primarily of impairment charges, net losses on sales or disposals of assets and other operating expense items. The Company records impairment charges to write down certain assets to their net realizabla e value aftff er an indicator of impairment is identififf ed and subsequent analysis determines that the asset is either partially recoverabla e or not recoverabla e. These assets consist primarily of those related to the Company’s tower locations, and included towers and related assets included in property and equipment, network location intangible assets and right-of-ff use assets, all of which are typically assessed on an individual location or site basis. The assets subject to impairment also include tenant-related intangibles, which are assessed on a tenant basis. Net losses on sales or disposals of assets primarily relate to certain non-core towers, other assets and miscellaneous items. Other operating expenses includes acquisition-related costs and integration costs. Other operating expenses included the folff lowing forff the years ended December 31,: Impairment charges (1)........................................................... $ Net losses on sales or disposals of assets ............................... Other operating expenses (2).................................................. Total Other operating expenses .............................................. $ 2022 2021 2020 655.9 28.4 83.3 767.6 $ $ 173.7 22.7 202.3 398.7 $ $ 222.8 17.3 25.7 265.8 _______________ (1) For the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below. (2) For the year ended December 31, 2021, Other operating expenses includes acquisition and merger related expenses associated with the Telxius Acquisition and the CoreSite Acquisition. For the year ended December 31, 2020, Other operating expenses includes an $11.9 million benefiff t in Brazil. F-47 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Impairment charges included the folff lowing forff the years ended December 31,: Tower and network location intangible assets (1) ................. $ Tenant relationships (2) ......................................................... Right-of-ff use assets ................................................................. Other ...................................................................................... Total impairment charges ...................................................... $ 2022 2021 2020 149.6 491.1 8.1 7.1 655.9 $ $ 121.0 42.2 3.3 7.2 173.7 $ $ 142.4 — 76.1 4.3 222.8 _______________ (1) During the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below. (2) During the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below, and impaired tenant relationships related to fiff ber in Mexico. During the year ended December 31, 2021, impairment charges relate to a fulff ly impaired tenant relationship in Afrff ica. II Indi a ImII paim rmentstt The Company reviews long-lived assets forff indicate the carryirr ng amount of an assets may not be recoverabla e, as furff impairment annually (as of December 31) or whenever events or circumstances ther discussed in note 1. In the third quarter of 2022, the Company’s largest customer in India, Vodafone would make partial payments of its contractuatt partial payments forff contractuat would not be abla e to resume payments in fulff continue to make partial payments. l of its contractuat ff l under its the remainder of 2022. In late 2022, VIL had communicated its intent to resume payments in fulff l obligations owed to the Company beginning on Januaryrr 1, 2023. However, in early 2023, VIL communicated that it Idea Limited (“VIL”), communicated that it l amounts owed to the Company and indicated that it would continue to make l obligations owed to the Company, and that it would instead The Company considered these recent developments and the uncertainty with respect to amounts owed under its tenant leases when conducting its annual impairment assessments forff perforff med, incorpor determined that certain fiff xed and intangible assets had been impaired during the year ended December 31, 2022. ating current and expected industryrr and market conditions and trends and, as a result, the Company long-lived assets in India. A probabia lity weighted assessment was rr • • An impairment of $97.0 million was taken on tower and network location intangible assets in India. The Company also impaired the tenant-related intangible assets forff VIL, which resulted in an impairment of $411.6 million. F-48 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 17. EARNINGS PER COMMON SHARE lowing tabla e sets forff The folff December 31, (shares in thousands, except per share data): th basic and diluted net income per common share computational data forff the years ended rr ation common stockholders... $ Net income attributabla e to American Tower Corpor Basic weighted average common shares outstanding.............................................. Dilutive securities .................................................................................................... Diluted weighted average common shares outstanding........................................... Basic net income attributabla e to American Tower Corpor stockholders per common share............................................................................... $ Diluted net income attributabla e to American Tower Corpor stockholders per common share............................................................................... $ ation common ation common rr rr 2022 1,765.8 461,519 1,231 462,750 3.83 3.82 $ $ $ 2021 2,567.7 451,498 1,796 453,294 5.69 5.66 $ $ $ 2020 1,690.6 443,640 2,464 446,104 3.81 3.79 Shares ExEE cluded FrFF om Dilutive EfE fff eff ct The folff dilutive forff lowing shares were not included in the computation of diluted earnings per share because the effff eff ct would be anti- the years ended December 31, (in thousands, on a weighted average basis): Restricted stock awards .......................................................................................... 86 — 1 2022 2021 2020 18. COMMITMENTS AND CONTINGENCIES Litigat ion—The Company periodically becomes involved in various claims, lawsuits and proceedings that are incidental to its i business. In the opinion of Company management, aftff er consultation with counsel, there are no matters currently pending that would, in the event of an adverse outcome, materially impact the Company’s consolidated fiff nancial position, results of operations or liquidity. the lease, sublease or management of appr the sites. The Company has the option to purchase the leased sites in tranches, subject to the appl VeVV rizii on TrTT ansaction—In March 2015, the Company entered into an agreement with various operating entities of Verizon oximately 11,250 Communications Inc. (“Verizon”) that currently provides forff wireless communications sites commencing March 27, 2015. The average term of the lease or sublease forff sites at the inception of the agreement was appr leases forff sublease or management rights upon to 2047, which represents the outside expiration date forff each tranche is a fiff xed amount stated in the lease forff related towers. The aggregate purchase option price forff will occupy the sites as a tenant forff shall be governed by standard master lease agreement terms establa ished as a part of the transaction. all communications oximately 28 years, assuming renewals or extensions of the underlying ground an initial term of ten years with eight optional successive fiff ve-year terms; each such term its scheduled expiration. Each tower is assigned to an annual tranche, ranging frff om 2034 such tranche plus the faff ir market value of certain alterations made to the the sublease rights to the towers in that tranche. The purchase price forff the towers leased and subleased is appr oximately $5.0 billion. Verizon icabla e lease, u a a a a a a the lease or sublease of appr the sites. The Company has the option to purchase the sites subject to the appl AT&TT T TrTT ansaction—The Company has an agreement with SBC Communications Inc., a predecessor entity to AT&T Inc. oximately 1,900 towers commencing between December (“AT&T”), that currently provides forff t Securitizations. The average term of the lease or 2000 and August 2004. Substantially all of the towers are part of the Trusrr oximately 27 years, assuming renewals or extensions of the sublease forff all sites at the inception of the agreement was appr underlying ground leases forff icabla e lease or sublease upon its expiration. Each tower is assigned to an annual tranche, ranging frff om 2013 to 2032, which represents the outside expiration date forff forff Company has purchased an aggregate of more than 500 of the subleased towers which are subject to the appl including 143 towers purchased during the year ended December 31, 2022 forff The aggregate purchase option price forff accretion through the appl icabla e expiration of the lease or sublease of a site. For all such sites, AT&T has the right to continue to lease the reserved space through June 30, 2025 at the then-current monthly feff e, which shall escalate in accordance with the standard master lease agreement forff the remainder of AT&T’s tenancy. Thereaftff er, AT&T shall have the right to renew such lease forff that site plus the faff ir market value of certain alterations made to the related tower by AT&T. As of December 31, 2022, the icabla e agreement, the remaining towers leased and subleased is $1.0 billion and includes per annum the sublu ease rights to that tower. The purchase price forff an aggregate purchase price of $93.2 million. up to fiff ve successive fiff ve-year terms. each site is a fiff xed amount stated in the lease a a a F-49 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) r ContCC ingencies—The Company is subject to income tax and other taxes in the geographi Othett operates, and periodically receives notififf cations of audits, assessments or other actions by taxing authorities. Taxing authorities may issue notices or assessments while audits are being conducted. In certain jurisdictions, taxing authorities may issue assessments with minimal examination. These notices and assessments do not represent amounts that the Company is obligated to pay and are oftff en not reflff ective of the actuatt responding to assessments of taxes that the Company believes are not enforff ceabla e, the Company avails itself of both administrative and judicial remedies. The Company evaluates the circumstances of each notififf cation or assessment based on the inforff mation availabla e and, in those instances in which the Company does not anticipate a successfulff defeff nse of positions taken in its tax fiff lings, a liabia lity is recorded in the appr l tax liabia lity forff which the Company will ultimately be liabla e. In the process of opriate amount based on the underlying assessment. c areas where it holds assets or a a third parties forff II mnifi iff cations—The Company enters into agreements frff om time to time in the ordinaryrr course of business Guaranties and Inde pursuant to which it agrees to guarantee or indemnifyff purchase and sale agreements relating to the sale or acquisition of assets containing customaryrr indemnififf cation provisions. The Company’s indemnififf cation obligations under these agreements generally are limited solely to damages resulting frff om breaches of representations and warranties or covenants under the appl indemnififf cation clauses are generally conditioned on the other party making a claim that is subject to whatever defeff nses the Company may have and are governed by dispute resolution procedures specififf ed in the particular agreement. Further, the Company’s obligations under these agreements may be limited in duration and amount, and in some instances, the Company may have recourse against third parties forff material payments under these agreements and, as of December 31, 2022, is not aware of any agreements that could result in a material payment. payments made by the Company. The Company has not historically made any icabla e agreements. In addition, payments under such certain claims. The Company has also entered into a 19. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flff ow inforff mation and non-cash investing and fiff nancing activities are as folff December 31,: lows forff the years ended Supplemental cash flff ow inforff mation: Cash paid forff Cash paid forff ff respectively)...................................................................................................... interest ........................................................................................ $ income taxes (net of refunds of $33.9, $46.7 and $27.0, Non-cash investing and fiff nancing activities: purchases of property tion activities........................................................ Increase in accounts payabla e and accruerr d expenses forff and equipment and construcrr Purchases of property and equipment under fiff nance leases, perperr easements and capia tal leases ............................................................................. Fair value of debt assumed through acquisitions (1) ........................................ Settlement of third-party debt ........................................................................... Replacement awards (2).................................................................................... l tuat 2022 2021 2020 1,088.6 $ 791.2 $ 762.3 322.3 225.2 146.3 27.2 33.6 — (7.4) — 57.9 45.8 58.8 955.1 (12.7) 17.1 75.0 800.0 (5.0) — _______________ (1) For the year ended December 31, 2021, consists of the CoreSite Debt. For the year ended December 31, 2020, consists of the InSite Debt. (2) For the year ended December 31, 2021, consists of CoreSite Acquisition purchase consideration related to CoreSite Replacement Awards. 20. BUSINESS SEGMENTS PrPP opertytt ComCC munications Sites and Related ComCC munications InfII rff astrtt ucture—The Company’s primaryrr business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. The Company has historically reported these operations on a geographi c basis. a Data CeCC ntersrr —The Company’s Data Centers segment relates to data center faff cilities and related assets that the Company owns and operates in the United States. The Data Centers segment offff eff rs diffff eff rent services frff om, and requires diffff eff rent resources, skill sets and marketing strategies than the existing property operating segment in the U.S. & Canada. As of December 31, 2022, the Company’s property operations consisted of the folff lowing: • U.S. & Canada: property operations in Canada and the United States; F-50 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) • • • • • Asia-Pacififf c: property operations in Australia, Bangladesh, India, New Zealand and the Philippines; Afrff ica: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Afrff ica and Uganda; Europe: property operations in France, Germany, Poland and Spain; Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru;rr and Data Centers: data center property operations in the United States. SeSS rvices—The Company’s Services segment offff eff rs tower-related services in the United States, including AZP, strucrr analysis and construcrr and equipment on its communications sites. The Services segment is a strategic business unit that offff eff rs diffff eff rent services frff om, and requires diffff eff rent resources, skill sets and marketing strategies than, the property operating segments. tion management, which primarily support its site leasing business, including the addition of new tenants turt al a ied in compiling segment inforff mation below are similar to those described in note 1. Among other The accounting policies appl faff ctors, in evaluating fiff nancial perforff mance in each business segment, management uses segment gross margin and segment operating profiff t. The Company defiff nes segment gross margin as segment revenue less segment operating expenses excluding Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating expenses. The Company defiff nes segment operating profiff t as segment gross margin less Selling, general, administrative and development expense attributabla e to the segment, excluding stock-based compensation expense and corpor measures of segment gross margin and segment operating profiff t are also beforff e Interest income, Interest expense, Gain (loss) on retirement of long-term obligations, Other income (expense), Net income (loss) attributabla e to noncontrolling interests and Income tax benefiff t (provision). The categories of expenses indicated above , such as depreciation, have been excluded frff om segment operating perforff mance as they are not considered in the review of inforff mation or the evaluation of results by management. There are no signififf cant revenues resulting frff om transactions between the Company’s operating segments. All intercompany transactions are eliminated to reconcile segment results and assets to the consolidated statements of operations and consolidated balance sheets. ate expenses. These a rr Summarized fiff nancial inforff mation concerning the Company’s reportabla e segments forff 2021 and 2020 is shown in the foff llowing tabla es. The “Other” column (i) represents amounts excluded frff om specififf c segments, such as business development operations, stock-based compensation expense and corpor general, administrative and development expense; Other operating expenses; Interest income; Interest expense; Gain (loss) on retirement of long-term obligations; and Other income (expense), and (ii) reconciles segment operating profiff t to Income frff om continuing operations beforff e income taxes. the years ended December 31, 2022, ate expenses included in Selling, rr Year ended December U.S. & 31, 2022 Canada Segment revenues.......... $ 5,006.3 Segment operating expenses ........................ 845.4 Segment gross margin ... 4,160.9 Property Asia- Pacififf c Afrff ica Europe Latin America Data Centers Total Property Services Other Total $ 1,077.0 $ 1,192.5 $ 735.7 $ 1,691.9 $ 766.6 $10,470.0 $ 241.1 $10,711.1 697.6 379.4 445.1 747.4 319.6 416.1 526.7 1,165.2 322.0 444.6 3,156.4 7,313.6 107.4 133.7 3,263.8 7,447.3 Segment selling, general, administrative and development expense (1) .................... 183.2 69.1 80.0 52.4 107.6 63.9 556.2 22.3 578.5 Segment operating profiff t .............................. $ 3,977.7 $ 310.3 $ 667.4 $ 363.7 $ 1,057.6 $ 380.7 $ 6,757.4 $ 111.4 $ 6,868.8 Stock-based compensation expense... Other selling, general, administrative and development expense .... Depreciation, amortization and accretion ........................ Other expense (2) .......... Income frff om continuing operations beforff e income taxes ................. Capia tal expenditurt es (3) (4) .................................. $ 481.7 _______________ $ 169.3 169.3 224.5 224.5 3,355.1 3,355.1 1,399.2 1,399.2 $ 1,720.7 $ 151.8 $ 507.3 $ 165.7 $ 229.4 $ 353.7 $ 1,889.6 $ — $ 12.9 $ 1,902.5 F-51 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) (1) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $169.3 million. (2) Primarily includes interest expense and $655.9 million in impairment charges, partially offff sff et by gains frff om forff eign currency exchange rate flff uctuat (3) Includes $6.7 million of fiff nance lease payments included in Repayments of notes payabla e, credit faff cilities, term loans, senior notes, secured debt and fiff nance leases in the cash flff ows frff om fiff nancing activities in the Company’s consolidated statements of cash flff ows. Includes $36.7 million of perperr fiff nancing activities in the Company’s consolidated statements of cash flff ows. l land easement payments reported in Defeff rred fiff nancing costs and other fiff nancing activities in the cash flff ows frff om tuat (4) tions. Property Year ended December U.S. & 31, 2021 Canada Segment revenues.......... $ 4,920.2 Segment operating expenses ........................ 853.5 Segment gross margin ... 4,066.7 Asia- Pacififf c Afrff ica Europe Latin America Data Centers Total Property Services Other Total $ 1,199.1 $ 1,005.5 $ 496.2 $ 1,465.4 $ 23.2 $ 9,109.6 $ 247.3 $ 9,356.9 724.3 474.8 346.1 659.4 194.0 302.2 458.3 1,007.1 9.1 14.1 2,585.3 6,524.3 96.7 150.6 2,682.0 6,674.9 Segment selling, general, administrative and development expense (1) .................... 176.9 73.1 72.3 42.1 104.1 5.9 474.4 16.2 490.6 Segment operating profiff t .............................. $ 3,889.8 $ 401.7 $ 587.1 $ 260.1 $ 903.0 $ 8.2 $ 6,049.9 $ 134.4 $ 6,184.3 Stock-based compensation expense... Other selling, general, administrative and d t Depreciation, amortization and accretion ........................ l Other expense (2) .......... Income frff om continuing operations beforff e income taxes ................. $ 119.5 119.5 201.5 201.5 2,332.6 2,332.6 701.3 701.3 $ 2,829.4 Capia tal expenditurt es (3) (4) .................................. $ 440.1 $ 175.1 $ 460.7 $ 58.9 $ 260.9 $ 2.5 $ 1,398.2 $ — $ 9.6 $ 1,407.8 _______________ (1) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $119.5 million. (2) Primarily includes interest expense and $173.7 million in impairment charges, partially offff sff et by gains frff om forff eign currency exchange rate flff uctuat (3) Includes $5.4 million of fiff nance lease payments included in Repayments of notes payabla e, credit faff cilities, term loans, senior notes, secured debt and fiff nance leases in the cash flff ows frff om fiff nancing activities in the Company’s consolidated statements of cash flff ows. Includes $35.2 million of perperr fiff nancing activities in the Company’s consolidated statements of cash flff ows. l land easement payments reported in Defeff rred fiff nancing costs and other fiff nancing activities in the cash flff ows frff om tuat (4) tions. U.S. & Year ended December 31, 2020 Canada (1) Segment revenues ............................ $ 4,517.0 Segment operating expenses (2) ...... 808.0 Segment gross margin ..................... 3,709.0 Segment selling, general, administrative and development expense (2)....................................... 162.2 Segment operating profiff t ................. $ 3,546.8 Stock-based compensation expense. Other selling, general, administrative and development Depreciation, amortization and accretion........................................... Other expense (3)............................. Income frff om continuing operations beforff e income taxes ......................... Property Asia- Pacififf c Afrff ica Europe Latin America Total Property Services Other Total $ 1,139.4 $ 890.2 $ 149.6 $ 1,257.4 $ 7,953.6 $ 661.4 478.0 297.7 592.5 28.1 121.5 392.5 864.9 2,187.7 5,765.9 97.4 94.4 $ 380.6 $ 498.1 $ 23.0 98.5 93.1 470.1 $ 771.8 $ 5,295.8 $ 87.9 36.5 51.4 14.8 36.6 $ 8,041.5 2,224.2 5,817.3 484.9 $ 5,332.4 $ 120.8 120.8 176.0 176.0 1,882.3 1,882.3 1,332.2 1,332.2 $ 1,821.1 Capia tal expenditurt es (4) (5)............. $ 360.6 $ 112.9 $ 334.9 $ 31.6 $ 221.1 $ 1,061.1 $ — $ 10.1 $ 1,071.2 F-52 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) _______________ (1) For the year ended December 31, 2020, U.S. & Canada includes the folff lowing related to the Company’s data center assets (i) $8.5 million of property revenue, (ii) $2.5 million of segment operating expenses, (iii) $3.2 million of segment selling, general, administrative and development expenses and (iv) $0.5 million of capia tal expenditurt es. (2) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $3.0 million and $117.8 million, respectively. (3) Primarily includes interest expense, losses frff om forff eign currency exchange rate flff uctuat (4) Includes $9.2 million of fiff nance lease payments included in Repayments of notes payabla e, credit faff cilities, term loan, senior notes, secured debt and fiff nance leases in the cash flff ows frff om fiff nancing activities in the Company’s consolidated statements of cash flff ows. Includes $36.9 million of perperr fiff nancing activities in the Company’s consolidated statements of cash flff ows. l land easement payments reported in Defeff rred fiff nancing costs and other fiff nancing activities in the cash flff ows frff om tuat tions and $222.8 million in impairment charges. (5) Additional inforff mation relating to the total assets of the Company’s operating segments is as folff December 31,: lows forff the years ended 2022 2021 Total Assets (1): U.S. & Canada property................................................................................................................ $ Asia-Pacififf c property .................................................................................................................... Afrff ica property.............................................................................................................................. Europe property ............................................................................................................................ Latin America property................................................................................................................. Data Centers.................................................................................................................................. Services......................................................................................................................................... Other (2)........................................................................................................................................ Total assets ............................................................................................................................. $ 26,739.9 4,276.9 4,759.4 11,464.6 8,666.3 10,702.8 119.3 465.3 67,194.5 $ $ 27,416.3 5,203.6 4,927.7 12,068.5 8,433.5 11,136.3 87.2 614.8 69,887.9 _______________ (1) Balances are translated at the appl (2) Balances include corpor a rr icabla e period end exchange rate, which may impact comparabia lity between periods. ate assets such as cash and cash equivalents, certain tangible and intangible assets and income tax accounts that have not been allocated to specififf c segments. F-53 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Summarized geographi 2021 and 2020 and long-lived assets as of December 31, 2022 and 2021 is as folff c inforff mation related to the Company’s operating revenues forff lows: a the years ended December 31, 2022, 2022 2021 2020 Operating Revenues: U.S. & Canada: Canada (1) ...................................................................................................... $ United States (2)............................................................................................. $ 12.5 6,001.5 $ 11.4 5,179.3 0.3 4,604.6 Asia-Pacififf c (1): Australia ......................................................................................................... Bangladesh ..................................................................................................... India................................................................................................................ New Zealand (3)............................................................................................. Philippines...................................................................................................... 1.8 3.9 1,065.7 0.3 5.3 Afrff ica (1): Burkina Faso .................................................................................................. Ghana ............................................................................................................. Kenya ............................................................................................................. Niger............................................................................................................... Nigeria............................................................................................................ South Afrff ica ................................................................................................... Uganda ........................................................................................................... Europe (1): France............................................................................................................. Germany......................................................................................................... Poland............................................................................................................. Spain............................................................................................................... Latin America (1): 41.2 144.4 123.1 42.1 477.2 164.8 199.7 99.6 320.0 1.0 315.1 Argentina........................................................................................................ Brazil .............................................................................................................. Chile ............................................................................................................... Colombia ........................................................................................................ Costa Rica ...................................................................................................... Mexico............................................................................................................ Paraguay......................................................................................................... ................................................................................................................ Perurr Total operating revenues............................................................................ $ 39.2 741.9 91.8 106.1 23.9 588.9 15.4 84.7 10,711.1 $ 1.8 0.4 1,196.6 — 0.3 44.7 170.5 107.4 41.6 296.5 164.0 180.8 98.9 213.5 0.5 183.3 31.6 614.6 88.0 107.7 22.8 524.6 13.5 62.6 9,356.9 $ 0.0 — 1,139.4 — — 43.9 174.3 97.7 40.0 249.5 128.7 156.1 79.4 70.0 0.2 — 22.1 506.4 67.3 96.1 23.4 483.0 12.5 46.6 8,041.5 _______________ (1) Balances are translated at the appl (2) Balances include revenue frff om the Company’s Services and Data Centers segments. (3) The Company began operations in New Zealand through the New Zealand Acquisition, which closed in October 2022. icabla e exchange rate, which may impact comparabia lity between periods. a F-54 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 2022 2021 Long-Lived Assets (1): U.S. & Canada: Canada (2) ............................................................................................................................... $ United States (3)...................................................................................................................... 207.6 29,275.1 $ 227.3 30,306.0 Asia-Pacififf c (2): Australia .................................................................................................................................. Bangladesh .............................................................................................................................. India......................................................................................................................................... New Zealand............................................................................................................................ Philippines ............................................................................................................................... Afrff ica (2): Burkina Faso............................................................................................................................ Ghana....................................................................................................................................... Kenya....................................................................................................................................... Niger........................................................................................................................................ Nigeria ..................................................................................................................................... South Afrff ica ............................................................................................................................ Uganda..................................................................................................................................... Europe (2): France ...................................................................................................................................... Germany .................................................................................................................................. Poland...................................................................................................................................... Spain........................................................................................................................................ Latin America (2): Argentina ................................................................................................................................. Brazil ....................................................................................................................................... Chile ........................................................................................................................................ Colombia ................................................................................................................................. Costa Rica................................................................................................................................ Mexico..................................................................................................................................... Paraguay .................................................................................................................................. Perurr .......................................................................................................................................... Total long-lived assets ........................................................................................................ $ 7.5 24.6 2,452.2 37.6 30.9 272.0 393.3 783.8 211.3 747.8 345.5 935.2 1,306.9 5,642.5 4.9 3,027.8 194.1 1,908.7 606.6 238.0 111.3 1,243.2 93.7 836.2 50,938.3 $ 6.7 16.6 3,349.0 — 21.6 296.5 633.0 789.8 215.9 722.1 365.9 926.6 1,288.0 6,119.6 4.7 3,204.2 188.7 1,864.7 634.3 301.1 117.9 1,331.1 100.3 829.7 53,861.3 Includes Property and equipment, net, Goodwill and Other intangible assets, net. _______________ (1) (2) Balances are translated at the appl (3) Balances include the Company’s data centers assets located in the United States. a icabla e period end exchange rate, which may impact comparabia lity between periods. The folff consolidated operating revenues forff lowing customers within the property and services segments individually accounted forff the years ended December 31,: 10% or more of the Company’s T-Mobile .................................................................................................................. AT&T....................................................................................................................... Verizon Wireless...................................................................................................... 18 % 17 % 11 % 20 % 19 % 13 % 19 % 22 % 14 % 2022 2021 2020 21. RELATED PARTY TRARR NSACTIONS During the years ended December 31, 2022, 2021 and 2020, the Company had no signififf cant related party transactions. F-55 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 22. SUBSEQUENT EVENTS e ment of 3.50% Senior NotNN es—On Januaryrr 31, 2023, the Company repaid $1.0 billion aggregate principal amount of the Repay 3.50% Notes upon their maturt completion of the repayment, none of the 3.50% Notes remained outstanding. ity. The 3.50% Notes were repaid using borrowings under the 2021 Credit Facility. Upon IdeII a—In the third quarter of 2022, VIL communicated that it would make partial payments of its contractuat Vodaf ff one VV owed to the Company and indicated that it would continue to make partial payments forff VIL had communicated its intent to resume payments in fulff on Januaryrr 1, 2023. However, in early 2023, VIL communicated that it would not be abla e to resume payments in fulff contractuat furff l of its l obligations owed to the Company, and that it would instead continue to make partial payments. See note 16 forff ther discussion on impairments in India. the remainder of 2022. In late 2022, l obligations owed to the Company beginning l under its contractuat l amounts In October 2022, and as subsequently amended in Februarr Private Limited (“ATC TIPL”) and VIL notififf ed the stock exchange of India that both parties have board appr to an issuance of convertible debenturtt es pursuant to which, in exchange forff VIL’s payment of certain amounts towards accounts receivabla es, ATC TIPL shall pay equivalent amounts towards subscription to convertible debenturtt es issued by VIL. The convertible debenturtt es are to be repaid by VIL with interest and ATC TIPL has the option to convert the debenturtt es into equity of VIL. The issuance of the debenturtt es is subject to certain conditions precedent, which may not be met. ryrr 2023, a subsidiaryrr of the Company, ATC Telecom Infrff astrucrr turt e ovals in relation a a TeTT rm Loan—On Februarr ryrr 16, 2023, the Company entered into a 12.0 billion INR (appr Indi II date of signing) unsecured term loan with a maturt Term Loan”). On Februarr borrowing) under the India Term Loan. The India Term Loan bears interest at the three month treasuryrr bill rate as announced by the Financial Benchmarks India Private Limited at the time of borrowing plus a margin of 1.95%. Any outstanding principal and accruerr d but unpaid interest will be due and payabla e in fulff ity. The India Term Loan does not require amortization of principal and may be paid prior to maturt ity date that is one year frff om the date of the fiff rst draw thereunder (the “India ity in whole or in part at the Company’s option without penalty or premium. ryrr 17, 2023, the Company borrowed 10.0 billion INR (appr oximately $120.7 million at the date of oximately $145.1 million at the l at maturt a a F-56 AMERICAN TOWER CORPORARR TION AND SUBSIDIARIES SCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (dollars in millions) Description Encumbrances 223,055 Sites (1) $ 2,325.0 (2) 28 Data Centers — Initial cost to company (3) (4) Cost capitalized subsequent to acquisition Gross amount carried at close of current period Accumulated depreciation at close of current period Date of construction Date acquired Lifeff on which depreciation in latest income statements is computed (3) (4) $ 21,201.5 (5) $ (8,227.3) 5,859.4 (5) (442.2) Various Various Various Up to 20 years Various Up to 40 years _______________ (1) No single site exceeds 5% of the total amounts indicated in the tabla e above (2) Certain assets secure debt of $2.3 billion. (3) The Company has omitted this inforff mation, as it would be impracticabla e to compile such inforff mation on a site-by-site basis. (4) The Company has aggregated data center inforff mation on a basis consistent with its tower portfolff tion. (5) Does not include those sites under construcrr io. a . Gross amount at beginning Additions during period: 2022 23,948.9 $ 2021 18,492.9 $ 2020 17,429.3 $ Acquisitions (1) ......................................................................................... Discretionaryrr capia tal projects (2) .............................................................. Discretionaryrr ground lease purchases (3).................................................. Redevelopment capia tal expenditurt es (4) ................................................... Capia tal improvements (5).......................................................................... Start-up capia tal expenditurtt es (6) ............................................................... Other (7) .................................................................................................... Total additions .................................................................................................. Deductions during period: 288.1 398.0 502.0 335.9 155.4 227.0 1,672.6 3,579.0 Cost of real estate sold or disposed ........................................................... Other (8) .................................................................................................... Total deductions: .............................................................................................. Balance at end................................................................................................... $ (257.6) (209.4) (467.0) 27,060.9 Gross amount of accumulated depreciation at beginning Additions during period: 2022 (7,548.1) $ Depreciation .............................................................................................. Other.......................................................................................................... Total additions .................................................................................................. Deductions during period: Amount of accumulated depreciation forff assets sold or disposed............. Other (8) .................................................................................................... Total deductions ............................................................................................... Balance at end................................................................................................... $ (1,373.3) — (1,373.3) 128.9 123.0 251.9 ) ( (8,669.5) ) ( 5,017.6 391.2 242.7 203.6 92.5 184.6 51.2 6,183.4 (263.7) (463.7) (727.4) 23,948.9 2021 (6,921.0) (863.8) — (863.8) 142.4 94.3 236.7 ) (7,548.1) ( ) ( $ $ $ 722.4 308.0 214.3 176.7 91.4 119.4 72.8 1,705.0 (259.7) (381.7) (641.4) 18,492.9 2020 (6,382.2) (771.5) — (771.5) 132.3 100.4 232.7 ) (6,921.0) ( ) ( $ $ $ _______________ (1) (2) (3) (4) (5) (6) the construcrr Includes amounts related to the acquisition of data centers. Includes amounts incurred primarily forff Includes amounts incurred to purchase or otherwise secure the land under communications sites. Includes amounts incurred to increase the capaa Includes amounts incurred to enhance existing sites by adding additional func ff Includes amounts incurred in connection with acquisitions or new market launches. Start-up capia tal expenditurt es includes non-recurring expenditurt es contemplated in acquisitions, new market launch business cases or initial deployment of new technologies or platforff m expansion initiatives that lead to an increase in site-level cash flff ow generation. city of existing sites, which results in new incremental tenant revenue. city or general asset improvements. tion of new sites. tionality, capaa (7) Primarily includes regional improvements and other additions, including $1.6 billion of data center equipment acquired in 2021 not previously classififf ed as an investment in real estate. The Company determined that the inclusion of data center equipment in this schedule would provide better inforff mation and be more consistent with others in the data center industry.rr (8) Primarily includes forff eign currency exchange rate flff uctuat tions and other deductions. F-57 American Tower Corporation • 2022 Annual Report Appendix 1 • Letter to Stakeholders DEFINITIONS, RECONCILIATIONS TO MEASURES UNDER GAAP AND CALCULATION OF DEFINED MEASURES Adjusted EBITDA is defined 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), depreciation, amortization and accretion and stock-based compensation expense. The Company believes this measure provides valuable insight into the profitability of its operations while at the same time taking into account the central overhead expenses required to manage its global operations. In addition, it is a widely used performance measure across the telecommunications real estate sector. Adjusted EBITDA Margin is defined as the percentage that results from dividing Adjusted EBITDA by total revenue. Adjusted Funds From Operations (AFFO) attributable to American Tower Corporation common stockholders (AFFO Attributable) is defined as Consolidated AFFO, excluding the impact of noncontrolling interests on both the Funds From Operations as defined by the National Association of Real Estate Investment Trusts (Nareit FFO) attributable to American Tower Corporation common stockholders and the other line items included in the calculation of Consolidated AFFO. The Company believes that providing this additional metric enhances transparency, given the minority interests in its Europe business and its U.S. data center business. AFFO attributable to American Tower Corporation common stockholders per Share (AFFO Attributable per Share) is defined as AFFO attributable to American Tower Corporation common stockholders divided by the diluted weighted average common shares outstanding. Consolidated Adjusted Funds From Operations (Consolidated AFFO) is defined as Nareit FFO attributable to American Tower Corporation 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. The Company believes this measure provides valuable insight into the operating performance of its property assets by further adjusting the Nareit FFO attributable to American Tower Corporation common stockholders metric to exclude the factors outlined above, which if unadjusted, may cause material fluctuations in Nareit FFO attributable to American Tower Corporation common stockholders growth from period to period that would not be representative of the underlying performance of the Company’s property assets in those periods. In addition, it is a widely used performance measure across the telecommunications real estate sector. Consolidated AFFO per Share is defined as Consolidated AFFO divided by the diluted weighted average common shares outstanding. International Pass-through Revenue is defined as a portion of the Company’s pass-through revenue that is based on various expense reimbursements, primarily land rent and power and fuel expense, in certain markets. As a result, revenue growth rates may fluctuate depending on the market price for fuel, and the variability in other operating expenses, in any given period, which is not representative of the Company’s real estate business and its economic exposure to such costs. As a result, the Company believes that it is appropriate to provide insight into the impact of pass-through revenue on certain revenue growth rates. Nareit FFO Attributable to American Tower Corporation Common Stockholders is defined as net income before gains or losses from the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion and dividends to noncontrolling interests, and including adjustments for (i) unconsolidated affiliates and (ii) noncontrolling interests. The Company believes this measure provides valuable insight into the operating performance of its property assets by excluding the charges described above, particularly depreciation expenses, given the high initial, up-front capital intensity of the Company’s operating model. In addition, it is a widely used performance measure across the telecommunications real estate sector. Net Debt is defined as total long-term debt, including current portion and finance lease liabilities, less cash and cash equivalents. Net Leverage Ratio is defined as Net Debt divided by the quarter’s annualized Adjusted EBITDA (the quarter’s Adjusted EBITDA multiplied by four). The Company believes that including this calculation is important for investors and analysts given it is a critical component underlying its credit agency ratings. NOI Yield is defined as the percentage that results from dividing gross margin by total investment. American Tower Corporation • 2022 Annual Report Appendix 1 • Letter to Stakeholders DEFINITIONS, RECONCILIATIONS TO MEASURES UNDER GAAP AND CALCULATION OF DEFINED MEASURES Return on Invested Capital (ROIC) is defined as Adjusted EBITDA less maintenance capital expenditures and corporate capital expenditures and cash taxes, divided by gross property, plant and equipment, intangible assets and goodwill (excluding the impact of recording deferred tax adjustments related to valuation). Straight-line ground rent expenses for our ground leases are calculated based on the fixed non-cancellable term of the underlying ground lease plus all periods, if any, for which failure to renew the lease imposes an economic penalty to us such that renewal appears, at the inception of the lease, to be reasonably assured. Certain of our tenant leases require us to exercise available renewal options pursuant to the underlying ground lease, if the tenant exercises its renewal option. For towers with these types of tenant leases at the inception of the ground lease, we calculate our straight-line ground rent over the term of the ground lease, including all renewal options required to fulfill the tenant lease obligation. Straight-line revenues are recognized, under GAAP, over the term of the contract for certain of its tenant leases. Due to the Company’s significant base of non-cancellable, long-term tenant leases, this can result in significant fluctuations in growth rates upon tenant lease signings and renewals (typically increases), when amounts billed or received upfront upon these events are initially deferred. These signings and renewals are only a portion of the Company’s underlying business growth and can distort the underlying performance of our Tenant Billings Growth. As a result, the Company believes that it is appropriate to provide insight into the impact of straight-line revenue on certain growth rates in revenue and select other measures. Tenant Billings is defined as recurring revenue generated from long-term tenant leases. Revenue from Tenant Billings reflects several key aspects of the Company’s real estate business: (i) “colocations/amendments” reflects new tenant leases for space on existing sites and amendments to existing leases to add additional tenant equipment; (ii) “escalations” reflects contractual increases in billing rates, which are typically tied to fixed percentages or a variable percentage based on a consumer price index; (iii) “cancellations” reflects the impact of tenant lease terminations or non-renewals or, in limited circumstances, when the lease rates on existing leases are reduced; and (iv) “new sites” reflects the impact of new property construction and acquisitions. Tenant Billings Growth is defined as an increase or decrease resulting from a comparison of Tenant Billings for a current period with Tenant Billings for the corresponding prior-year period, in each case adjusted for foreign currency exchange rate fluctuations. The Company believes this measure provides valuable insight into the growth in recurring Tenant Billings and underlying demand for its real estate portfolio. Organic Tenant Billings is defined as Tenant Billings on sites that the Company has owned since the beginning of the prior-year period, as well as Tenant Billings activity on new sites that occurred after the date of their addition to the Company’s portfolio. Organic Tenant Billings Growth is defined as the portion of Tenant Billings Growth attributable to Organic Tenant Billings. The Company believes that organic growth is a useful measure of its ability to add tenancy and incremental revenue to its assets for the reported period, which enables investors and analysts to gain additional insight into the relative attractiveness, and therefore the value, of the Company’s property assets. American Tower Corporation • 2022 Annual Report Appendix 1 • Letter to Stakeholders RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ($ in millions. Totals may not add due to rounding.) 2015 Net Income Income tax provision (benefit) Other expense (income) Loss (gain) on retirement of long-term obligations Interest expense Interest income Other operating expenses Depreciation, amortization and accretion Stock-based compensation expense ADJUSTED EBITDA Divided by total revenue ADJUSTED EBITDA MARGIN 20181 $1,265 (110) (24) 3 826 (55) 513 2,111 138 $4,667 $7,440 63% 2019 2020 2021 2022 $1,917 $1,692 $2,568 $1,697 (0) (18) 22 814 (47) 166 1,778 111 $4,745 $7,580 63% 130 241 72 794 (40) 266 1,882 121 $5,156 $8,042 64% 262 (566) 38 871 (40) 399 2,333 120 $5,983 $9,357 64% 24 (434) 0 1,137 (72) 768 3,355 169 $6,644 $10,711 62% AFFO RECONCILIATION ($ in millions, except per share data. Totals may not add due to rounding.) 2015 Adjusted EBITDA Straight-line revenue Straight-line expense Cash interest2 Interest income Cash paid for income taxes3 Dividends on preferred stock Dividends to noncontrolling interest holders Capital improvement Capex Corporate Capex Consolidated AFFO 20181 $4,667 (88) 58 (807) 55 (164) (9) (14) (150) (9) 2019 2020 2021 2022 $4,745 $5,156 $5,983 $6,644 (184) 44 (800) 47 (147) – (13) (160) (11) (322) 52 (824) 40 (146) – (8) (150) (9) (466) 53 (831) 40 (225) – (3) (170) (8) (500) 40 (1,089) 72 (274) – (22) (176) (9) $3,539 $3,521 $3,788 $4,373 $4,685 Adjustments for noncontrolling interests (349) (79) (25) (97) AFFO Attributable to Common Stockholders $3,191 $3,442 $3,764 $4,277 Divided by weighted average diluted shares outstanding Consolidated AFFO per Share AFFO Attributable to Common Stockholders per Share 443.0 $7.99 $7.20 445.5 $7.90 $7.73 446.1 $8.49 $8.44 453.3 $9.65 $9.43 (168) $4,517 462.8 $10.12 $9.76 1 Includes one-time net positive impacts to 2018 Adjusted EBITDA and Consolidated AFFO related to the Company’s settlement with Tata in Q4 2018. 2 In Q2 2019, the Company made a capitalized interest payment of approximately $14 million associated with the purchase of the shareholder loan previously held by its joint venture partner in Ghana. In Q1 2020, the Company made a capitalized interest payment of approximately $63 million associated with the acquisition of MTN’s redeemable noncontrolling interests in each of its joint ventures in Ghana and Uganda. In each case, the deferred interest was previously expensed but excluded from Consolidated AFFO. 3 In 2015, the Company incurred charges in connection with certain tax elections wherein MIP Tower Holdings LLC, parent company to Global Tower Partners (GTP), would no longer operate as a separate REIT for federal and state income tax purposes. The Company finalized a settlement related to this tax election during the year ended December 31, 2022. The Company believes that these related transactions are nonrecurring, and do not believe it is an indication of its operating performance. Accordingly, the Company believes it is more meaningful to present Consolidated AFFO excluding these amounts. American Tower Corporation • 2022 Annual Report Appendix 1 • Letter to Stakeholders RETURN ON INVESTED CAPITAL (ROIC) RECONCILIATION1 ($ in millions. Totals may not add due to rounding.) 2015 Adjusted EBITDA Cash Taxes Capital Improvement Capex Corporate Capex Numerator Gross PPE Gross Intangibles Gross Goodwill4 Denominator ROIC 1 Historical denominator balances reflect purchase accounting adjustments. 2 Adjusted to annualize impacts of acquisitions closed throughout the year. 3 Positively impacted by the Company’s settlement with Tata in Q4 2018. 4 Excludes the impact of deferred tax adjustments related to valuation. 20182,3 $4,725 (172) (150) (9) 20192 $4,917 (168) (160) (11) 20202 $5,280 (146) (150) (9) 20212 $6,477 (225) (191) (8) 20222 $6,647 (274) (176) (9) $4,394 $4,579 $4,974 $6,053 $6,187 $17,717 $19,326 $20,672 $28,404 $29,877 16,323 4,797 18,474 5,492 20,734 6,600 28,654 12,690 27,870 12,372 $38,837 $43,292 $48,006 $69,747 $70,119 11.3% 10.6% 10.4% 8.7% 8.8% AMERICAN TOWER CORPORATION Executive Management Team Thomas A. Bartlett President and Chief Executive Officer Edmund DiSanto Executive Vice President, Special Advisor and Counsel to the Chief Executive Officer Ruth T. Dowling Executive Vice President, Chief Administrative Officer, General Counsel and Secretary Sanjay Goel Executive Vice President and President, Asia-Pacific Olivier Puech Executive Vice President and President, Latin America and EMEA Rodney M. Smith Executive Vice President, Chief Financial Officer and Treasurer Steven O. Vondran Executive Vice President and President, U.S. Tower Division Directors (From left to right) Pamela D. A. Reeve, Former President and CEO – Lightbridge, Inc.; Thomas A. Bartlett, President and CEO – American Tower Corporation; Kelly C. Chambliss, Senior Vice President and Chief Operating Officer – IBM Consulting; Teresa H. Clarke, Chair and CEO – Africa.com LLC; Raymond P. Dolan, Chairman and CEO – Cohere Technologies, Inc.; Kenneth R. Frank, Partner – Banneker Partners; Robert D. Hormats, Advisor – Tiedemann Advisors. (From left to right) Grace D. Lieblein, Former VP, Global Quality – General Motors; Craig Macnab, Former CEO – National Retail Properties, Inc.; JoAnn A. Reed, Healthcare Services Consultant and Former CFO – Medco Health Solutions, Inc.; David E. Sharbutt, Former Chairman and CEO – Alamosa Holdings, Inc.; Bruce L. Tanner, Former EVP and CFO – Lockheed Martin Corporation; Samme L. Thompson, President – Telit Associates, Inc. Certifications The certifications by the Company’s CEO and CFO required under Section 302 of the Sarbanes-Oxley Act of 2002 have been filed as exhibits to the Company’s 2022 Annual Report on Form 10-K. The Annual CEO Certification pursuant to New York Stock Exchange (NYSE) Corporate Governance Standards Section 303A.12(a) was submitted to the NYSE on May 19, 2022. Non-Incorporation The Company’s Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission, is included within this Annual Report. Other than the 2022 Form 10-K, all other portions of this Annual Report are not “filed” with the Securities and Exchange Commission and should not be deemed so. Annual Meeting The annual meeting of stockholders will be held on Wednesday, May 24, 2023 and is scheduled to commence at 11:00 a.m., Eastern Time. Stockholders may attend the annual meeting virtually through a live audio webcast at: www.virtualshareholdermeet- ing.com/AMT2023 There will be no physical location for the meeting. Corporate Headquarters 116 Huntington Avenue Boston, MA 02116 Registrar and Stock Transfer Agent Computershare Common Stock The Company’s Common Stock is traded on the NYSE under the symbol AMT. Independent Registered Public Accounting Firm Deloitte & Touche LLP 116 Huntington Avenue Boston, Massachusetts 02116 T: 617-375-7500 F: 617-375-7575 americantower.com © 2023 ATC IP LLC. All rights reserved. 

Continue reading text version or see original annual report in PDF format above