AMERICAN TOWER CORP

We are one of the largest global real estate investment trusts and a leading independent owner, operator, and developer of multitenant communications real estate. Our main business is leasing space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies, municipalities, and tenants in other industries. This business, including our data center operations, is referred to as property operations and generated 97% of our total revenues for the year ended December 31, 2025. We also provide tower-related services in the United States, known as services operations. These services include site application, zoning and permitting, structural and mount analyses, construction management, and program management offerings that support customer deployment needs from project scoping through construction. Our services operations primarily support our site leasing business, including adding new tenants and equipment to our sites. Our customers include tenants, licensees, and other payers. We have expanded our communications real estate portfolio through acquisitions, long-term lease arrangements, and site development. Our portfolio primarily consists of owned towers and towers operated under long-term lease arrangements, as well as distributed antenna system ("DAS") networks for seamless coverage in certain in-building and outdoor wireless environments. We also manage rooftop and tower sites for property owners under various contractual arrangements. Additionally, we hold other telecommunications infrastructure, fiber, and property interests leased primarily to communications service providers and third-party tower operators. We also have a portfolio of highly interconnected data center facilities and related assets in the United States, which we lease primarily to enterprises, network operators, cloud providers, and supporting service providers. As of December 31, 2025, our communications real estate portfolio included 149,686 communications sites, with 42,224 in the U.S.