Rent agreement with AT&T Mexico aids American Tower (NYSE: AMT) operations

Rhea-AI Filing Summary

American Tower Corporation reports progress in its dispute with AT&T Mexico over tower rent payments. AT&T Mexico, which accounted for approximately $300 million of tenant revenue in 2024, had been withholding tower rents since the start of 2025 while the parties pursued arbitration.

On September 23, 2025, the companies reached an agreement under which AT&T Mexico will pay the majority of the previously withheld tower rents and resume monthly payments for the majority of its owed tower rents going forward. The remaining outstanding receivables and future unpaid amounts will be placed into an irrevocable escrow account, managed by an independent trustee, to be released based on the final arbitration ruling or by mutual consent of the parties.

Insights

Equity and credit analyst

Key customer resumes most rent payments, with remainder escrowed pending arbitration.

The update centers on a major tenant, AT&T Mexico, which generated approximately $300 million of tenant revenue for American Tower in 2024. AT&T Mexico had been withholding tower rents since the start of 2025 in connection with an arbitration process, creating uncertainty around cash collections and exposure to a single customer.

As of September 23, 2025, AT&T Mexico agreed to remit the majority of the withheld tower rents and to resume monthly payments for the majority of its tower obligations. This directly addresses near-term cash flow from this customer, while leaving the underlying legal dispute unresolved.

The remaining receivables and future unpaid tower rent will be deposited into an irrevocable escrow account overseen by an independent trustee, to be released either in line with the final arbitration ruling or by mutual agreement. This structure preserves value while the arbitration continues and clarifies that a portion of related cash flows will depend on the eventual outcome of that process.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): September 23, 2025

AMERICAN TOWER CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware

001-14195

65-0723837

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

116 Huntington Avenue

Boston, Massachusetts 02116

(Address of Principal Executive Offices) (Zip Code)

(617) 375-7500

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.01 par value			AMT			New York Stock Exchange
1.950% Senior Notes due 2026			AMT 26B			New York Stock Exchange
0.450% Senior Notes due 2027			AMT 27C			New York Stock Exchange
0.400% Senior Notes due 2027			AMT 27D			New York Stock Exchange
4.125% Senior Notes due 2027			AMT 27F			New York Stock Exchange
0.500% Senior Notes due 2028			AMT 28A			New York Stock Exchange
0.875% Senior Notes due 2029			AMT 29B			New York Stock Exchange
0.950% Senior Notes due 2030			AMT 30C			New York Stock Exchange
3.900% Senior Notes due 2030			AMT 30D			New York Stock Exchange
4.625% Senior Notes due 2031			AMT 31B			New York Stock Exchange
1.000% Senior Notes due 2032			AMT 32			New York Stock Exchange
3.625% Senior Notes due 2032			AMT 32B			New York Stock Exchange
1.250% Senior Notes due 2033			AMT 33			New York Stock Exchange
4.100% Senior Notes due 2034			AMT 34A			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Item 7.01 Regulation FD Disclosure.

On September 3, 2025, American Tower Corporation (the “Company”) disclosed that one of the Company’s customers in Mexico, AT&T Comunicaciones Digitales, S. de R.L. de C.V. and related entities (collectively, “AT&T Mexico”), and the Company are engaged in a legal dispute (the “Arbitration”) and that AT&T Mexico, which represented approximately $300 million of tenant revenue in 2024, had been withholding tower rents since the start of 2025. On September 23, 2025, the Company and AT&T Mexico reached an agreement pursuant to which AT&T Mexico will remit payment of the majority of the withheld tower rents and will resume monthly payments of the majority of its owed tower rents going forward. The remainder of the outstanding receivables and the future monthly unpaid tower rent amounts will be deposited into an irrevocable escrow account, overseen by an independent trustee, to be released in accordance with a final ruling in the Arbitration or by mutual consent of the Company and AT&T Mexico.

Cautionary Language Regarding Forward-Looking Statements

This current report on Form 8-K contains “forward-looking statements” concerning the Company’s goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Actual results may differ materially from those indicated in the Company’s forward-looking statements as a result of various factors, including those factors set forth under the caption “Risk Factors” in Item 1A of its most recent annual report on Form 10-K, and other risks described in documents the Company subsequently files from time to time with the Securities and Exchange Commission. The Company undertakes no obligation to update the information contained in this current report on Form 8-K to reflect subsequently occurring events or circumstances.

SIGNATURE

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

						AMERICAN TOWER CORPORATION
						(Registrant)
Date:			September 24, 2025			By:			/s/ Rodney M. Smith
									Rodney M. Smith
									Executive Vice President, Chief Financial Officer and Treasurer

FAQ

What did American Tower (AMT) disclose about its dispute with AT&T Mexico?

American Tower disclosed that it is in an ongoing arbitration (the "Arbitration") with AT&T Comunicaciones Digitales, S. de R.L. de C.V. and related entities (collectively, AT&T Mexico) related to tower rents.

How significant is AT&T Mexico to American Tower's revenue?

AT&T Mexico represented approximately $300 million of American Tower's tenant revenue in 2024, indicating it is a sizable customer relationship.

What had AT&T Mexico been doing with tower rent payments in 2025?

Since the start of 2025, AT&T Mexico had been withholding tower rents owed to American Tower while the arbitration was underway.

What agreement did American Tower and AT&T Mexico reach on September 23, 2025?

On September 23, 2025, they agreed that AT&T Mexico will remit payment of the majority of the withheld tower rents and will resume monthly payments of the majority of its owed tower rents going forward.

What happens to the remaining tower rent amounts owed by AT&T Mexico?

The remaining outstanding receivables and future unpaid tower rent amounts will be placed into an irrevocable escrow account, overseen by an independent trustee, to be released based on the final arbitration ruling or by mutual consent of American Tower and AT&T Mexico.

Does this agreement end the arbitration between American Tower and AT&T Mexico?

No. The arbitration continues, and the escrowed amounts will be released according to the final ruling in the arbitration or by mutual consent of American Tower and AT&T Mexico.