American Tower Corporation presents its annual report as a global real estate investment trust focused on communications infrastructure. The company owns or operates 149,686 communications sites and 30 U.S. data centers, with property operations contributing 97% of total revenue for 2025.
Revenue is driven by long-term tower and data center leases, with over $54 billion of future non‑cancellable tenant lease revenue based on contracts in place as of December 31, 2025. The portfolio is diversified across U.S. & Canada, Africa & APAC, Europe, Latin America and Data Centers.
American Tower highlights heavy customer concentration: in 2025, T‑Mobile provided 18% of total revenue, AT&T 17%, Verizon Wireless 14% and Telefónica 10%. The company reports significant leverage of $37.2 billion of consolidated debt and available liquidity of $11.1 billion at year‑end 2025.
The filing details key risks, including inflation and interest rate pressures, foreign currency volatility, international regulatory exposure, intense industry competition and major customer disputes in Mexico and the United States that could affect future results.
American Tower Corporation reported solid growth for Q4 and full year 2025 and provided its 2026 outlook. For 2025, total revenue rose 5.1% to $10,645 million and net income increased 15.3% to $2,629 million. AFFO attributable to common stockholders grew 2.2% to $5,042 million, with AFFO per share, as adjusted, up 8.0% to $10.76.
In Q4 2025, revenue grew 7.5% to $2,738 million, while net income declined 32.0% to $837 million, reflecting large prior-year foreign currency gains. Adjusted EBITDA increased 7.5% to $1,819 million, and AFFO per share rose 13.4% to $2.63.
The company returned capital through $6.80 per-share common distributions in 2025 (4.9% growth) and repurchased about 2 million shares in Q4 for roughly $365 million. Net leverage stood at 4.9x, based on year-end net debt of $35,746 million and annualized Q4 Adjusted EBITDA.
For full year 2026, American Tower expects total property revenue of $10,440–$10,590 million (2.0% midpoint growth) and net income of $2,945–$3,025 million (14.1% midpoint growth). AFFO per share is projected between $10.78 and $10.95, a 1.0% midpoint increase, and Adjusted EBITDA is expected to be roughly flat at $7,090–$7,160 million, pressured by lower straight-line revenue.
American Tower EVP, CFO & Treasurer Rodney M. Smith reported an option exercise and related share sales. On February 17, 2026, he exercised an option for 34,341 shares of common stock and then sold the same number of shares in several open-market transactions at prices around $190–$193 per share.
The sales were executed under a Rule 10b5-1 trading plan adopted on May 22, 2025, indicating a prearranged schedule. After these transactions, Smith directly owned 74,314 shares, including shares previously acquired through the company’s employee stock purchase plan.
American Tower insider plans to sell shares following option exercise. A holder filed to sell 34,341 shares of common stock through Morgan Stanley Smith Barney on the NYSE, with an aggregate market value of $6,596,497.44. The shares were acquired the same day via a stock option exercise paid in cash.
The filing notes that the seller represents not knowing any undisclosed material adverse information about American Tower’s current or future operations.
American Tower Corporation appointed Paul Blanchett as Senior Vice President and Chief Accounting Officer (Principal Accounting Officer), effective April 27, 2026, succeeding Robert J. Meyer, who will stay through the transition before retiring later in 2026.
Blanchett brings senior accounting leadership experience from GXO Logistics, XPO Logistics, Baker Hughes, General Electric and PwC. His package includes a $450,000 base salary, an annual bonus opportunity of up to 90% of salary, a $200,000 signing bonus, and a $50,000 relocation bonus, each repayable pro rata if he departs within 12 months. The company will recommend initial and make-whole equity awards valued at $500,000 and $2,125,000, respectively, in restricted stock units vesting over three years.
American Tower Corporation reported that DISH Wireless L.L.C. has failed to meet its payment obligations and is in default under their March 2021 Strategic Collocation Agreement. American Tower has already filed a complaint seeking a court declaration that the agreement remains in full force and that DISH must perform its obligations.
The company stated that it does not anticipate this default will impact its financial results for the year ended December 31, 2025. American Tower also reminded readers that any forward-looking statements involve risks described in its most recent annual report and subsequent SEC filings.
American Tower Corporation reported an insider equity transaction by a senior executive. The SVP, President & CEO of CoreSite delivered 419 shares of American Tower common stock to the company on 01/03/2026 to cover withholding taxes owed on the vesting of previously granted restricted stock units under the 2007 Equity Incentive Plan.
After this tax-withholding transaction, the executive beneficially owns 23,054 shares of American Tower common stock, which includes 48 shares acquired through the company’s employee stock purchase plan in November 2025. The filing is a routine disclosure of equity compensation and related tax settlement rather than an open-market sale.
American Tower Corporation filed an insider ownership report showing that the reporting person beneficially owns 38,144 shares of common stock directly following the reported transactions.
The total includes 109 shares and 12 shares acquired through the company’s employee stock purchase plan in May 2025 and November 2025. The filing also notes that Mr. Puech ceased to be an officer of American Tower effective January 2, 2026.
American Tower Corporation’s subsidiary ATC TRS II LLC sold 2,288,621 Class A shares of AST SpaceMobile, Inc. in a sale coded “S” on December 9, 2025 at a price of $69.75 per share, executed as a block trade with Barclays Capital Inc. After this transaction, ATC TRS II LLC indirectly holds 211,379 AST SpaceMobile Class A shares and 2,170,657 AST & Science LLC common units plus an equal number of AST SpaceMobile Class B shares. These common units, together with the corresponding Class B shares, can be redeemed at any time on a one-to-one basis for the same number of Class A shares and do not expire.
American Tower Corporation completed a registered public offering of $850.0 million aggregate principal amount of 4.700% senior unsecured notes due 2032. The company expects net proceeds of approximately $839.5 million after commissions and expenses and plans to use these funds to repay existing borrowings under its $4.0 billion senior unsecured revolving credit facility.
The notes mature on December 15, 2032 and pay interest semi-annually on June 15 and December 15, beginning June 15, 2026, calculated on a 360-day year of twelve 30-day months. The indenture includes limits on mergers, asset sales and the ability of American Tower and its subsidiaries to incur liens, with secured indebtedness generally capped at 3.5x Adjusted EBITDA as defined in the indenture.
American Tower may redeem the notes at any time, with a make-whole premium for redemptions before October 15, 2032 and par plus accrued interest thereafter. Upon a qualifying Change of Control and Ratings Decline, holders may require the company to repurchase the notes at 101% of principal plus accrued interest. Standard events of default, including certain bankruptcy events, can accelerate repayment of all outstanding notes.