American Tower Corporation (REIT)

ITEM 1A.RISK FACTORS

Risks Related to Our Business Strategy

A significant decrease in leasing demand for our communications infrastructure would materially and adversely affect our business and operating results, and we cannot control that demand.

A significant reduction in leasing demand for our communications infrastructure would materially and adversely affect our business, results of operations or financial condition. Factors that may affect such demand include:

the ability and willingness of wireless and cloud service providers to maintain or increase capital expenditures on network infrastructure;

the financial condition of communications service providers;

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;

a decrease in demand for wireless or colocation services, including due to general economic conditions, changes in global tariff or trade policies or regulations, disruption in the financial and credit markets or global social, political or health crises, inflation, slowing growth, high interest rates or recession;

delays or changes in the deployment of next generation wireless technologies;

technological changes, including artificial intelligencee (AI), wireless equipment changes, satellite technology and an increase in the use of radio access network (RAN) sharing among wireless service providers;

zoning, environmental, health, tax or other government regulations or changes in the application and enforcement thereof; and

governmental licensing of spectrum or restriction or revocation of our customers spectrum licenses.

A substantial portion of our currOur business, results of operations and financial condition could be negatively impacted by disputes with our customers. 

In the ordinary course of our business, we occasionally experience disputes with our customers, generally regarding the interpretation of terms in our leases. Historically, we have resolved these disputes in a manner that did not have a material adverse effect on us or our relationships with our customers. However, it is possible that such disputes could lead to a termination of leases with those customers, a material adverse modification of the terms of those leases or a deterioration in our relationships with those customers that leads to a failure to obtain new business or maintain existing business with them, any of which could have a material adverse effect on our business, results of operations or financial condition. If we are forced to resolve any of these disputes through litigation or arbitration, our relationship with the applicable customer could be terminated or damaged, which could lead to decreased revenue or increased costs, resulting in a corresponding adverse effect on our business, results of operations or financial condition.

For example, we are currently engaged in a legal dispute (the Arbitration) with one of our customers in Mexico, ATT Comunicaciones Digitales, S. de R.L. de C.V. and related entities (collectively, ATT Mexico). ATT Mexico, which represented approximately $300 million of tenant revenue in 2025, is challenging the calculation of the monthly lease amount established under our Master Lease Agreement with ATT Mexico (the MLA), as well as certain other provisions of the MLA, seeking rent abatement both retroactively and prospectively, and withheld certain tower rents during 2025. As previously discussed, on September 23, 2025, we and ATT Mexico reached an agreement pursuant to which ATT Mexico has remitted payment of the majority of the withheld tower rents and has resumed monthly payments of the majority of its owed tower rents. The remainder of the outstanding receivables and the future monthly unpaid tower rent and projected future revenue is dmounts are being 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 us and ATT Mexico. We incurred approximately $30 million of reserves during the year ended December 31, 2025 related to this customer. We expect to record future reserves until the Arbitration is settled.

Additionally, on September 24, 2025, one of our U.S. customers, DISH Wireless L.L.C., a subsidiary of DISH Network Corporation (DISH), delivered a notice purporting to be excused from its contractual obligations under our Strategic Collocation Agreement entered into in March 2021 (the SCA). DISH has failed to meet its payment obligations, and as of January 2026 is in default under the SCA. We filed a complaint seeking a declaratory judgment that DISH has not been excused from its obligations under the SCA, that the SCA remains in full force and effect, and that DISH remains required to perform all of its obligations under the SCA. This matter is still pending.

The outcomes of these matters are uncertain, and there can be no assurance that our positions will be upheld. Adverse rulings in one or both of these disputes could have a material negative impact on our results of operations and financial condition.

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A substantial portion of our currerint and projected future revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers.

A substantial portion of our total operating revenues is derived from a small number of customers. If any of these customers are unwilling or unable to perform their obligations under their agreements with us, our revenues, results of operations, financial condition and liquidity could be materially and adversely affected. In addition, our growth projections are based on future revenue from a small number of customers, and such projections could be adversely impacted by adverse changes in the creditworthiness and financial strength of our customers.

The following is a list of significant customers (representing at least 10% of revenue in any of the last three years) and the percentage of our total revenues for the specified time periods received from these customers:

One or more of our customers, or their parent companies, may experience financial difficulties, file for bankruptcy or, reduce or terminate their operations aor exit certain markets a s a result of a prolonged economic downturn, economic difficulties (such as those from the imposition of

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taxes, fees (including the cost of, and access to, spectrum), regulations or judicial interpretations of regulations, and any associated penalties or interest, which may be substantial) or otherwise. TImpacts on the curreconomic environment , such as inflationary and high or rising interest rate environments, could materially and adversely affect our customers through disruptions of, among other things, their ability to procure their equipment through their supply chains, their ability to procure power and fuel and their ability to maintain liquidity and deploy network capital, with potential decreases in consumer spending contributing to liquidity risks. Such financial difficulties could result in uncollectible accounts receivable and an impairment of our deferred rent asset, tower asset, network location intangible asset, tenant-related intangible asset or goodwill. The loss of significant customers, or the loss of all or a portion of our anticipated lease revenues from certain customers, could have a material adverse effect on our business, results of operations or financial condition.

Due to the long-term nature of our customer leases, we depend on the continued financial 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 financial support of their parent entities.

In addition, many of our customers and potential customers rely on capital raising activities to fund their operations and capital expenditures, which may be more difficult or expensive in the event of downturns in the economy or disruptions in the financial and credit markets, such as the current environment driven by the significant challenges including those caused by factors such as inflation, currency devaluations and other foreign currency exchange rate volatility, higher interest rates and supply chain disruptions. If our customers or potential customers are unable to raise adequate capital to fund their business plans or face capital constraints, they may reduce their spending, file for bankruptcy or r, reduce or terminate their operations or exit certain markets, which could materially and adversely affect demand for our communications infrastructure and our services business.

InFor example, during the ordinary course of our business, we do occasionally expsecond half of 2025, Echostar Corporation, parent company to DISH, announced agreements to sell a materience disputes with our customeral amount of spectrum licenses, generaland subsequently rbegarding the interpretan to abandon and decommission deployment of portions of terms in our leases. Historically, we have resolved these disputes in a manner that did not have aits 5G VoNR and broadband network. DISH represented approximately 2% and 4% of our total annual property revenue and total annual U.S. Canada property revenue, respectively, for 2025.

Increasing competition within our industries may material adlly and adverse ely affect on us or our relationships withur revenue.

Our industries are highly competitive and our customers. However, it is possible that such dispute have numerous alternatives in leasing communications infrastructure assets. Competition due to pricing or alternative contractual arrangements from peers could lead to a termination of oumaterially and adversely affect our lease rates. We may not be able to renew existing customer leases with thoseor enter into new customers, a material adverse modificati leases, or if we are able to renew or enter into new leases, they may be at rates lower than our current rates or on of thless favorable terms of those leases or a deterioration ithan our current terms, resulting in an adverse impact on our relsults of operationships wi and growth those customers that leads to a failurate. During the year ended December 31, 2025, churn was approximately 2% of our tenant billings. An increase in our future to obtain new businchurn rate resulting from non-renewal, or renegotiations at less fromavorable terms them, anyan our current rates, from one or more of which our larger customers could have a material adlly and adverse effely impact on our business,ur growth rate and resulvenue.

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In additsion, some of operationur data center competitors may have significant advantages or financial condver us, including greater name recognition. If we are forced to resolve any of these disputes through litigation or arbitration, our, longer operating histories, lower operating costs, lower levels of leverage, pre-existing relationships with the applicablecurrent or potential customer coulds, greater financial, marketing and other resources, access to be terminated or damtter networks and access to less expensive power. These advantaged, which cs could lead to decreased revenueallow our data center competitors to respond more quickly or increased costs,effectively to strategic opportunities and, as a resulti, we may lose existing in a corresponding adverse effect onor potential data center customers, incur costs to improve our data centers or be forced to reduce our business, results of operations or financial conditionrental rates. These risks are compounded by the fact that a significant percentage of our data center customer leases expire every year.

If our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth, revenue  and ability to generate positive cash flowsrevenue could be materially and adversely affected.

Significant consolidation among our customers could reduce demand for our communications infrastructure and may materially and adversely affect 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. Additionally, some of our international customers may use consolidation and/or restructuring to address financial or other competitive pressures, which could in turn result in the sale of wireless assets. In the event a customer terminates, consolidates or restructures its business, or separately sells its spectrum or wireless assets, we may experience increased churn as a result. Our ongoing contractual revenues and our future results may be negatively impacted if a significant 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 caption Managements Discussion and Analysis of Financial Condition and Results of OperationsExecutive Overview.

In addition, extensive sharing of site infrastructure through RAN sharing, roaming or resale arrangements among wireless service providers, including 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.

Increasing competition within our industries may materially and adversely affect our revenue.

Our industries are highly competitive and our customers have numerous alternatives in leasing communications infrastructure assets. Competition due to pricing or alternative contractual arrangements from peers could materially and adversely affect our lease rates. We may not be able to renew existing customer leases or enter into new customer leases, or if we are able to renew

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or enter into new leases, they may be at rates lower than our current rates or on less favorable terms than our current terms, resulting in an abuildverse impact on our results of operations and growth rate.

In addition, some of our data center competitors have significant 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 financial, 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 effectively to strategic opportunities and, as a result, we may lose existing or potential data center customers, incur costs to improve our data centers or be forced to reduce our rental rates. These risks are compounded by the fact that a significant percentage of or purchase assets could adversely affect our data center customer leases expire every year.

Competition to build or purchase assets could adversely affect our abiliability to achieve our return on investment criteria.

We may experience increased competition for contracts to build or acquire communications infrastructure assets, which could cause us to lose such contracts or make them significantly more costly. Some of our competitors are larger and may have greater financial resources than we do, while other competitors may apply less stringent investment criteria or less stringent contractual terms than we have. In addition, we may not anticipate or be able to address increased competition entering a particular market or competing for the build or acquisition of the same assets. Higher prices or less favorable terms for the construction or acquisition of assets or the failure to build or otherwise add new assets to our portfolio could make it more difficult to achieve our anticipated returns on investment or future growth, which could materially and adversely affect our business, results of operations or financial condition.

New technologies or changes, or lack thereof, in our or a customers business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results.

The development and implementation of new technologies designed to enhance the efficiency of wireless networks or changes in a customers business model could reduce the need for tower-based wireless services, decrease demand for tower space or reduce previously obtainable lease rates. In addition, if the industry trends toward deploying increased capital to the 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 efficient technologies, which could relieve a portion of our customers network capacity needs and, as a result, could reduce the demand for tower-based antenna space. Additionally, certain small cell complementary network technologies or satellite services could shift a portion of our customers network investments away from traditional tower-based networks, which may reduce the need for carriers to add more equipment at certain communications sites.

Moreover, the emergence of alternative technologies could reduce the need for tower-based broadcast services transmission and reception. Further, a customer may decide to cease outsourcing tower infrastructure or otherwise change its business model, which would result in a decrease in our revenue and operating results. Similarly, our data center site infrastructure may become antiquated or obsolete due to the development of new systems that deliver power to, or eliminate heat from, the servers and other customer equipment that we house or due to the development of new technology, such as artificial intelligenceAI, which is potentially more power-intensive, that requires levels of power and cooling density that our facilities may not be designed to provide. Our failure to innovate in response to the development and implementation of these or other new technologies or changes in a customers business model could have a material adverse effect on the growth of our business, results of operations or financial condition. Conversely, we may invest significant capital in technologies, platform expansion initiatives or new additions to our core

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business that may not provide expected returns or profitability, which could divert management attention and have a material adverse effect on our operating results.

Additionally, our customers may overestimate or overvalue the benefits and use of 5G networks and other new technology that are deployed onto our communications sites that, in turn, could adversely affect our customers' growth, thereby adversely affecting our growth.

Divestitures and strategic partnerships may materially and adversely affect our financial condition, results of operations or cash flows.

We continually evaluate the performance, capital needs and strategic fit of all of our businesses and, as a result of such evaluation, may sell some or all of the equity interests in a particular business or components of a business. During theIn recent year ended December 31, 2024, we s, we have divested from operations in several markets, including India, our Mexico fiber and Poland businesses in 2023, our Australia a, India and New Zealand businesses in 2024 and our South Africa fiber business in 2025. Divestitures involve risks, including difficulties in the separation of operations, services, products and personnel or, requirements to obtain consents from third parties or potential legal claims or regulatory requirements. We cannot assure you that we will be successful in managing these or any

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other significant risks that we may encounter related to the divestiture of a business. Any divestiture we undertake could materially and adversely affect our business, reputation, financial condition, results of operations and cash flows, and may also result in a diversion of managements attention, operational difficulties and losses. Divestitures and our evaluation of assets or businesses in connection with potential divestitures may result in asset impairment charges, including those related to goodwill and other intangible assets, or losses realized in connection with a transaction, which could have an impact on our financial condition and results of operations.

Furthermore, as we continue to engage inOur use of joint ventures and strategic partnerships may expose us to risks associated with jointly owned investments.

We currently operate parts of our business through joint ventures with third party partnership opportunities to support our expansion that we believe will complement or augment our existing business. For example, we have joint ventures in our Europe property segment, Data Center property segment and Africa APAC property segment. As we continue to engage initiativ and sustain partnership opportunities, our partners may have business or economic goals that are inconsistent or conflict with ours, be in positions to take action contrary to our interests, policies or objectives, have competing interests in our, or other, markets that could create conflict of interest issues, withhold consents contrary to our requests or become unable or unwilling to fulfill their commitments, any of which could present challenges with multiple partners or expose us to additional liabilities or costs, including requiring us to assume and fulfill the obligations of that partnership or to execute buyouts of our partners interests. Additionally, we may not realize any of the anticipated benefits of our joint ventures. Such investments and any future strategic partnerships and/or joint ventures subject us and the companies we manage to risks and uncertainties not otherwise present with other methods of investment.

Risks Related to Our Financial Performance or General Economic Conditions

Our leverage and, debt service obligations, including during a high interest rates environment, and repurchase activity may materially and adversely affect our ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives and may reduce funds available to satisfy our distribution requirements.

We have a substantial amount of indebtedness. As of December 31, 2025, we had approximately $37.2 billion of consolidated debt and the ability to borrow additional aggregate amounts of approximately $9.6 billion under our $6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated in December 2021, as further amended (the 2021 Multicurrency Credit Facility) and our $4.0 billion senior unsecured revolving credit facility, as amended and restated in December 2021, as further amended (the 2021 Credit Facility), net of approximately $36.8 million of outstanding undrawn letters of credit.

Our leverage and debt service obligations could have significant negative consequences to our business, results of operations or financial condition, including:

requiring the dedication of a substantial portion of our cash flow from operations to service our debt, thereby reducing the amount of our cash flow available for other purposes, including capital expenditures and REIT distributions;

impairing our ability to meet one or more of the financial ratio covenants contained in our debt agreements or to generate cash sufficient 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 i, as applicable, if a default remains uncured;

limiting our ability to obtain additional debt or equity financing, thereby placing us at a possible competitive disadvantage to less leveraged competitors and competitors that may have better access to capital resources, including with respect to acquiring or building assets; and

limiting our flexibility in planning for, or reacting to, changes in our business and the markets in which we compete.

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We may need to raise additional capital through debt financing activities, asset sales or equity issuances, even if the then-prevailing market conditions are not favorable, to fund capital expenditures, future growth and expansion initiatives, required purchases of our partners interests and to satisfy our distribution requirements and debt service obligations and leverage requirements, including financial 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 ability to access credit markets or preclude us from obtaining funds on investment grade terms, rates and conditions or subject us to additional loan covenants, which could accelerate our debt repayment obligations. Further, certain of our current debt instruments limit the amount of indebtedness we and our subsidiaries may incur. Additional financing, therefore, may be unavailable, more expensive or restricted by the terms of our outstanding indebtedness.

Further, market volatility and disruption causAdditionally, our Board has approved by factors such as inflation, higher interest rates and supply a share repurchase program allowing us to repurchain disruptionse common stock through various may impact our ability to raise additional capital through debt and ethods, including open market purchases. The program does not requity financing activitiesre any specific amount or our abilitynumber of shares to be repay or refinanceurchased, and maturing liabilities, or impact the nagement will determs of any new obligations, which in turn may have an adverse impact on our creine timing and volume based on market condit ratings. Federal fund rates have been elevated for several yearsions and other factors. Repurchases could impact stock price, liquidity and, although there were several rate cuts in 2024, rates could remain at current elevated levels for an ex cash reserves, potentially affecting future growth opportunities. While intended period of time. Such elevated rates have a corresponding impact to our costs of borrowing to enhance long-term shareholder value, there is no guarantee of success, and may have an adverse impact on our ability to raise funds throughshort-term price fluctuations could reduce the offering of our securities or through the issuance of debt due to higher debt capitalprograms effectiveness. Additionally, our share repurchase program costs,uld diminished credit our availability and less favorable equity markets. The extent to le cash, which these factors will imay impact our business andability to financial results will depend on e future developments, whicgrowth are highly uncertain and cannot be predicted at this time due to the rapid evolution of this uncertain nd pursue possible future strategic opportunities and acquisituations.

HighIncreased inflation and interest rates may adversely affect us by increasing costs beyond what we can recover through price increases.

The United States and other large global economies experienced historically high inflation in recent years. Current and futuFuture inflationary effects may be driven by, among other things, supply chain disruptions, changes in trade or tariff policies, governmental stimulus or fiscal policies, as well as ongoing global military conflicts. Inflation can materially and adversely affect us by increasing the costs of land, materials, labor and other costs required to manage and grow our business. In addition, should

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inflation rates exceed our fixed escalator percentages in markets where our leases include fixed escalators, our returns could be adversely affected. In an inflationary environment, such as the current economic environment, depending on the terms of our contracts and other economic conditions, we may be unable to raise prices enough to keep up with the rate of inflation or our customers may be unwilling to pay contractual increases or demand discounts upon renewal, which would reduce our profit margins and returns. If we are unable to increase our prices to offset the effects of inflation, our business, results of operations and financial condition could be materially and adversely affected. Inflation has also contributed to foreign currency exchange rate volatility, including in several of the markets where we operate. The ongoing impact of infInflation mayimpacts continue tuld also create foreign exchange rate instability in our international markets, including in markets such as Africa and Latin America, that could, in turn, depress the value of that markets currency, thereby adversely impacting our business, results of operations, financial condition or the underlying value of foreign subsidiaries.

In addition, inflation is often accompanied by higher interest rates. Although the Federal Reserve Board and other central banks began cutting interest rates in the latter part of 2024, interest rates remain above recent norms. The combination of higher interest rates and high inflation could lead to an extended economic downturn, which could reduce our ability to incur debt or access capital and impact our results of operations and financial condition even after these conditions improve. Additionally, higher inflation or higher costs of capital could also impact the risk premiums or market returns on our assets. Changes in costs of capital could adversely impact the underlying value of our assets, which could in turn result in impairment charges. 

Further, market volatility and disruption caused by factors such as inflation and fluctuating interest rates may impact our ability to raise additional capital through debt and equity financing activities or our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations, which in turn may have an adverse impact on our credit ratings. Federal fund rates have been elevated for several years and, although there were several rate cuts in recent years, rates could remain at current levels for an extended period of time. An increase in rates can have a corresponding impact to our costs of borrowing and may have an adverse impact on our ability to raise funds through the offering of our securities or through the issuance of debt due to higher debt capital costs, diminished credit availability or less favorable equity markets. The extent to which these factors will impact our business and financial results will depend on future developments, which are highly uncertain and cannot be predicted at this time.

Restrictive covenants in the agreements related to our securitization transactions, our credit facilities and our debt securities could materially and adversely affect our business by limiting flexibility, and we may be prohibited from paying dividends on our common stock, which may jeopardize our qualification for taxation as a REIT.

The agreements related to our sTrust Securitization transactions(as defined below) include operating covenants and other restrictions customary for loans subject to rated securitizations. Among other things, the borrowers under the agreements are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets. A failure to comply with the covenants in the agreements could prevent the borrowers from taking certain actions with respect to the secured assets and could prevent the borrowers from distributing any excess cash from the operation of such assets to us. If the borrowers were to

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default on any of the loans, the servicer on such loan could seek to foreclose upon or otherwise convert the ownership of the secured assets, in which case we could lose such assets and the cash flow associated with such assets.

The agreements for our credit facilities also contain restrictive covenants and leverage and other financial maintenance tests that could limit our ability 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 facilities restrict our and our subsidiaries ability to incur liens securing our or their indebtedness. These covenants could have an adverse effect on our business by limiting our ability to take advantage of financing new tower or other communications infrastructure development, mergers and acquisitions or other opportunities. Our credit agreements also contain cross-default and/or cross-acceleration provisions, which may be triggered if we default on certain indebtedness in excess of certain thresholds. In the event of such a default, the resulting cross-defaults or cross-accelerations could have an adverse effect on our business and financial condition. Further, reporting and information covenants in our credit agreements and indentures require that we provide financial and operating information within certain time periods. If we are unable to provide the required information on a timely basis, we would be in breach of these covenants. For more information regarding the covenants and requirements discussed above, please see Item 7 of this Annual Report under the caption Managements Discussion and Analysis of Financial Condition and Results of OperationsLiquidity and Capital ResourcesFactors Affecting Sources of Liquidity and note 8 to our consolidated financial statements included in this Annual Report.

We also may enter into hedges for certain debt instruments, which may have an adverse impact on our results to the extent that the counterparties do not perform as expected at the inception of each hedge.

Risks Related to Laws and Regulations

Our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates.

Our international business operations and our potential expansion into additional new markets in the future expose us to potential adverse financial and operational problems not typically experienced in the United States. Our business is subject to risks associated with doing business internationally, including:

uncertain, inconsistent or changing laws, regulations, rulings or methodologies impacting our existing and anticipated international operations, fees or other requirements directed specifically at the ownership and operation of

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communications infrastructure or our international acquisitions, any of which laws, fees or requirements may be applied retroactively or with significant delay;

failure tor inability to retain our tax status or to obtain an expected tax status for which we have applied;

exchanges to applicable tax laws or successful challenges to how or where our proprfits are currently recognized, which could increase our overall taxes;

expropriation resulting in government takeover of our or our customers operations;

governmental regulation restricting foreign ownership or requiring reversion or divestiture;

laws or regulations that tax or otherwise restrict repatriation of earnings or other funds or otherwise limit distributions of capital;

changes in a specific countrys or regions political or economic conditions, including inflation, currency devaluation, coup dtats and other violent and/or unplanned transitions of power;

changes to zoning regulations or construction laws, which could be applied retroactively to our existing communications infrastructure;

actions restricting or revoking our customers spectrum licenses, or alterations or interpretations thereof, or suspending or terminating business under prior licenses;

failure to comply with anti-bribery laws such as the FCPA or similar local anti-bribery laws, or the Office of Foreign Assets Control requirements;

failure to comply with data privacy laws or other protections of employee health and personal information;

material site issues related to security, fuel availability and reliability of electrical grids;

significant increases in, or implementation of new, license surcharges oand similar fees or taxes on our revenue;

anti-American sentiment or adverse impacts from United States trade or foreign policy, including the impacts of tariffs and retaliatory measures;

loss of key personnel, including expatriates, in markets where talent is difficult or expensive to acquire; and

price-setting or other similar laws or regulations for the sharing of passive infrastructure.

We also face risks associated with changes in foreign currency exchange rates, including those arising from the impacts of the currentan inflationary and high interest rate environment on the global e or regional economy and markets and those arising from oon our operations, investments and financing transactions related to our international business. Volatility in foreign currency exchange rates can

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also affect our ability to plan, forecast and budget for our international operations and expansion efforts. Our revenues earned from our international operations are primarily denominated in their respective local currencies. We have not historically engaged in significant currency hedging activities relating to our non-U.S. Dollar operations, and a weakening of these foreign currencies against the U.S. Dollar would negatively impact our reported revenues, operating profits and income.

Our business, and that of our customers, is subject to laws, regulations and administrative and judicial decisions, and changes thereto, that could restrict our ability to operate our business as we currently do or impact our competitive landscape.

Our business, and that of our customers, is subject to federal, state, local and foreign laws, treaties and regulations and administrative and judicial decisions. In certain jurisdictions, these regulations, laws and treaties could be applied or be enforced retroactively. Zoning authorities and community organizations are sometimes opposed to the construction of communications sites in their communities, which can delay, prevent or increase the cost of new tower or data center construction, modifications, additions of new antennas to a site or site upgrades, thereby limiting our ability to respond to customer demands. Existing or new regulatory policies, regulations or laws may materially and adversely affect the timing, cost or completion of our communications sites or result in changes in the competitive landscape that may negatively affect our business. Noncompliance could result in the imposition of fines or an award of damages to litigants or result in decreased revenuee or the potential loss of our sites. In addition, in certain jurisdictions, we and certain of our customers are required to pay annual licenses, fees or taxes, which may be subject to substantial increases by the government, or new fees may be enacted and applied retroactively. In some instances, government regulation restricting foreign ownership of our customers could result in loss of revenue or penalties. Governmental licenses may also be subject to periodic renewal and additional conditions to receive or maintain such license. Additionally, we have government customers for several of our communications sites and data centers, which subjects us to risks including early termination, audits, investigations, sanctions and penalties.

FurthermoreOur data centers segment is also subject to various federal, state and local environmental and health and safety laws and regulations in the United States, as set forth in Item 1A of this Annual Report under the caption Risk Factors Our data center segment contains certain operational differences from our tower leasing operations resulting in different operational risks. If we do not successfully operate our data center segment or identify or manage the related operational risks, such operations may produce results that are lower than anticipated.

Furthermore, the tax laws, regulations, applicable license terms and conditions, and interpretations governing our business, and that of our customers, in jurisdictions where we operate, may change at any time, potentially with retroactive effect. Due to tThe evolving nature of global tax laws and regulations and compliance approaches, it is currently not possible to assess the ultimate impact of these actions on our financial statements, but these actions coul could have an impact on our financial results. This includes changes in tax laws, transfer pricing regulations, spectrum use terms, administrative compliance guidance or judicial interpretations thereof. In recent years, there have been some legislative proposals regarding tax laws applicable to REITs. Any increases in tax liability could reduce the amount of cash available for other purposes.

In addition, as of January 1, 2024, we and our subsidiaries, in principle, would bebecame subject to the Organization for Economic Cooperation and Development (the OECD) Global Anti-Base Erosion Rules (more commonly referred to as tthe Pillar 2 Rules) as

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promulgated by jurisdictions. The Pillar 2 Rules can potentially lead to additional taxes (Top-Up Tax) when the effective tax rate (as defined by the Pillar 2 Rules) in a jurisdiction is below 15%. The Pillar 2 Rules, however, do not apply to Excluded Entities and certain subsidiaries of Excluded Entities. We are currently analyzing ourbelieve we qualificationy as an Excluded Entity as a Real Estate Investment Vehicle. In the event we dcertain subsidiaries do not qualify as a Real Estate Investment Vehicle, Top-Up Taxes may apply beginning in fiscal year 2026 on our Unit Excluded States income and may be material.Entities, available Safe hHarbor exceptions are expected to rules could apply for the majority of our non-United States income, and forthat would exempt those entities that do not meet certain safe harbfrom any Top-Up Tax. For tests2025, the impact to us as a whole isUnder-Taxed Payments Rule (UTPR) Safe Harbor expected to be immaterial. It is noted thatcludes all US income from the Pillar 2 Rules are still yet to be implemented in most of the jurisdictions in which we operate. Developments will be monitored as guidance and local implementation progresses.

We may be adversely affected by regulations related to climate change.

Efforts to regulate greenhouse gas emissions, the use of fossil fuels or requirements to use alternative fuel to power energy resources that serve our data centers or the generators we use in our emerging markets to deliver primary power to our customers may have direct or indirect effects on our business by increasing. In addition, substantially all of our non-excluded, non-U.S. jurisdictions qualify for other Safe Harbors. The remaining jurisdictions the cost of compliance. In addition, there is an increased focus by many governments, regulators, investors, employees, customers and other stakeholders regarding environmental and energy policies relating to climate change, greenhouse gas emissions and oat may not qualify would have immaterial Top-Up Taxes. Beginning in fiscal year 2026, ther climate-related matters,  U.S. including policies related to disclosure requirements. Additionally, we will need to be prepared to contend with overlapping, yet distinct, climate-related disclosure requirementsome of non-excluded entities may result in multiple jurisdictions, including in California and in the European Union. These governmental initiatives are becoming more stringent and may require us and our customers to make capital expenditures, such as investing in internal compliance systems and personnel, which would result in increased costs for us. Failure to aterial Top-Up Taxes; however, on January 5, 2026, the OECD announced a comply with applicable laws and regulations or other requirements imposed on us could also lead to fines and/or lost revenue.

In 2021, we adopted science-based greenhouse gas reduction targetsrehensive Side-by-Side Safe Harbor that, if enacted, which were approved by the Science Based Targets initiative and are in line with the goals set forth in the 2015 Paris Agreement. Our ability to achieve these goals are based on several factors, some of which are outside of our control includould exempt U.S.-parented multinational companies from certain Top-Up Taxes under the Pillar 2 Rules beginning changing regulatoJanuary requirements, the pace of changes in technology and the availability of requisite financing. With changes to our portfolio, such as the div1, 2026. The Side-by-Side Safe Harbor is not an exemption from any qualified domestiture of India and tc minimum Top-Up Tax. The CoreSite Acquisition, our ability to meet these goals may alsSide-by-Side Safe Harbor has yet to be impenacted. I in addition, to meet our goals, we may need to expend significant resources, which could increase our ony jurisdiction where we operational costs. We cannot guarantee that we will achieve our announce that has already implemented environmental, social and governance goals and initiativthe Pillar 2 Rules. In a Addition, consumers perceptions of our efforts to achieve these goals often differ widely and present risks ally, the Pillar 2 Rules are still yet to our reputation and brand. Failing to meetbe enacted in many of these goals could result in customer dissatisfa jurisdiction and damage to our reputations in with our key stakeholders, whhich could in turn adversely impact our results of owe operations, reputation, financial condition and stock pricee.

If we fail to remain qualified for taxation as a REIT, we will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available, and even if we qualify for taxation as a REIT, we may face tax liabilities that impact earnings and available cash flow.

Commencing with the taxable year beginning January 1, 2012, we have operated as a REIT for federal income tax purposes. Qualification for taxation as a REIT requires the application of certain highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the Code), which provisions may change from time to time, to our operations as well as

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various factual determinations concerning matters and circumstances not entirely within our control. Further, tax legislation may adversely affect our ability to remain qualified for taxation as a REIT or the benefits or desirability of remaining so qualified. There are few judicial or administrative interpretations of the relevant provisions of the Code.

If, in any taxable year, we fail to qualify for taxation as a REIT and are not entitled to relief under the Code:

we will not be allowed a deduction for distributions to stockholders and would be subject to federal and state income tax on our taxable income at regular corporate income tax rates, which could be substantial in amount, and may require us to borrow additional funds or liquidate some investments to pay any additional tax liability and, accordingly, may reduce funds available for other purposes; and

we will be disqualified from REIT tax treatment for the four taxable years immediately following the year during which we were so disqualified.

We are subject to certain federal, state, local and foreign taxes on our income and assets, including taxes on any undistributed income and state, local or foreign income, franchise, property and transfer taxes. While state and local income tax regimes often parallel the U.S. federal income tax regime for REITs, many of these jurisdictions differ in their treatment of REITs. For example, some state and local jurisdictions currently or in the future may limit or eliminate a REITs deduction for dividends paid, which could increase our income tax expense. We are also subject to the continual examination of our income tax returns by the U.S. Internal Revenue Service and state, local and foreign tax authorities. The results of an audit and examination of

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previously filed tax returns and continuing assessments of our tax exposures may have an adverse effect on our provision for income taxes and cash tax liability.

Furthermore, we have owned and may from time to time own direct and indirect ownership interests in subsidiary REITs, which must also comply with the same REIT requirements that we must satisfy, together with all other rules applicable to REITs. If the subsidiary REIT is determined to have failed to qualify for taxation as a REIT and certain relief provisions do not apply, then the subsidiary REIT would be subject to federal income tax, which tax we would economically bear along with applicable penalties and interest. In addition, our ownership of shares in such subsidiary REIT would fail to be a qualifying asset for purposes of the asset tests applicable to REITs and any dividend income or gains derived by us from such subsidiary REIT may cease to be treated as income that qualifies for purposes of the 75% gross income test. These consequences could have a material adverse effect on our ability to comply with the REIT income and asset tests, and thus our ability to qualify for taxation as a REIT.

Complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities.

Our use of TRSs enables us to engage in non-REIT qualifying business activities. Under the Code, no more than 20% (25% beginning in 2026) 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-qualifying assets (including securities of one or more TRSs). This limitation may hinder our ability to make certain attractive investments or take advantage of acquisition opportunities, including the purchase of non-qualifying 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 opportunities and our flexibility to change our business strategy. Further, as a REIT, we must distribute to our stockholders an amount equal to at least 90% of our REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). To meet our annual distribution requirements, we may be required to distribute amounts that may otherwise be used for our operations, including amounts that may otherwise be invested in future acquisitions, capital expenditures or repayment of debt. As no more than 25% of our gross income may consist of dividend income from our TRSs and other non-qualifying types of income, our ability to receive distributions from our TRSs may be limited, which may impact our ability to fund distributions to our stockholders or to use income of our TRSs to fund other investments.

In addition, the majority of our income and cash flows from our TRSs are generated from our international operations. In many cases, there are local withholding taxes and currency controls that may impact our ability or willingness to repatriate funds to the United States to help satisfy REIT distribution requirements. Additionally, to the extent we have excess cash in foreign locations that could be used in, or is needed by, our U.S. or foreign operations, we may incur significant foreign taxes to repatriate these funds, which would reduce the net amount ultimately available for such purposes.

We could have liability under environmental and occupational safety and health laws.

Our operations are subject to various federal, state, local and foreign environmental and occupational safety and health laws and regulations, including those relating to the management, use, storage, disposal, emission and remediation of, and exposure to, hazardous and non-hazardous substances, materials and wastes. As the owner, lessee or operator of real property and facilities, including generators, we may be liable for substantial costs of investigation, removal or remediation of soil and groundwater contaminated by hazardous materials, and for damages and costs relating to off-site migration of hazardous materials, without regard to whether we, as the owner, lessee or operator, knew of, or were responsible for, the contamination. We may also be

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liable for certain costs of remediating contamination at third-party sites to which we sent waste for disposal, even if the original disposal may have complied with all legal requirements at the time. Many of these laws and regulations contain information 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 federal, state and local regulations, such as state and local fire and life safety regulations and ADA federal requirements. We may be subject to potentially significant fines or penalties if we fail to comply with any of these requirements.

The requirements of the environmental and occupational safety and health laws and regulations are complex, change frequently and could become more stringent in the future. In certain jurisdictions, these laws and regulations could be applied retroactively or be broadened to cover situations or persons not currently considered. It is possible that these requirements will change or that liabilities will arise in the future in a manner that could have a material adverse effect on our business, results of operations or financial condition. While we maintain environmental and workers compensation insurance, we may not have adequate insurance to cover all costs, fines or penalties.

Risks RWe may be adversely affected by regulations related to the Operation of Our Business

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Ifclimate change.

Efforts to regulate greenhouse gas we aremissions, the unable to protect ouse of fossil fuels or righequirements to the land under our tuse alternative fuel to powers and buildings in which energy resources that serve our data centers are located, it could adversely affect our business and operator the generators we use in our emerging results.

Our realmarkets to deliver property interests relating timary power to our towcustomers consist primarily of leasehold and sub-leasehold interests, feemay have direct or interests, easements, licenses and rights-of-way. A loss of these interests at a particular tower site may interfere with our ability to operate that tower site and genedirect effects on our business by increasing the cost of compliance. Although in the United States, the current administrate revenues. For various reasion has taken steps to recons, weider may not always have the ability to access, analyze and verify all informationny greenhouse gas initiatives (including regardporting titles and other issues prior to completing an acdisclosure requisition of communications sites, which crements), there is an affect 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 agreeincreased focus by many foreign (including the European Union), state (including California and New York) and local governments for land under towe, regulators, which can affect our ability to accesinvestors, employees, customers and operate towther sites. Further, for various reasons, ltakeholders regarding environmental andow eners may not wantgy policies relating to renew their ground aclimate change, greements with us, they may lose their rights to the lnhouse gas emissions and, or  othey may transfer their land interests to third partier climate-related matters, including ground lease aggregators, which could affect our ability to renew ground agrepolicies related to disclosure requirements on commercially viable terms. A significant number of the communications sites in our portfolio . Accordingly, we will need to be prepare located on lad to contend we lease pursuant to long-term operaith overlapping, yet disting leases. Further, for various reasons, title to property interesct, climate-related disclosure requirements in some of the foreignmultiple jurisdictions in which we operate may not be . Although a reduction in greenhouse gas certain as title to our property interestemissions standards and reporting obligations in the United States. Our inability to protect our rights to.S. may be possible at the land under our towers may have a material adverse effect on our business, results of operations or financial condition.

We do not own the buildings for all of our data centerfederal level in the short-term, foreign and state governmental initiatives and our business could be harmed if we are unable to renew the leases for these data centerre becoming more stringent and may require us at favorable terms or at all, though we generally have the right tond our customers to make capital extpend the terms of our leases when the primary terms of the leases expire. Failure to increase operaitures, such as investing revenues to sufficiently offset any potential increase in lease costs, including as a result of the currin internal compliance systems and investment inflationary environments in personnel, which would adversely impact our operatingresult in income. Wereased could also losests for us and our customers du. Failure to the disruptions in their opercomply with applicable laws and regulations caused by our inability to renew our data center leases.

Additionally, we relyor other requirements imposed on our landlords for basic maintenance of our us could also leased data centers. If such ld to fines andlords have not maintained our leased properties sufficiently, we may be forc/or lost revenue.

Risks Related into an early exit from one or more of these data centers, which could be disruptive to our business or cause us to incur additional costs.the Operation of Our Business

If we, or third parties on which we rely, experience technology failures, including cybersecurity incidents or the loss of personally identifiable information, we may incur substantial costs and suffer other negative consequences, which may include reputational damage.

As part of our normal business activities, including in our data centers, we rely on energy systems, cooling systems, communication networks, information technology and other computing resources, and collect, store, manage and otherwise process third-party data, including our customers data a, our vendors data and our own data. We are vulnerable to physical or cybersecurity breaches, attacks, computer viruses, ransomware, malware, fraud, worms, adverse impacts of artificial intelligence, social engineering, denial-of-service attacks, malicious software programs, insider threats, unauthorized access and other cybersecurity incidents that could disrupt our or o, our customers or our vendors operations, expose us to liability and have a material adverse effect on our financial performance and operating results. These threats may result from human error, equipment failure, fraud or malice on the part of employees or third parties. A party who is able to compromise the security measures on our or our vendors networks or the security of our communications infrastructure could misappropriate our proprietary information or the personal information of our customers, our evendors, our employees or management, or cause interruptions or malfunctions in our operations or our customers operations. As we provide assurances to our customers that we provide a high level of security, such a compromise could be particularly harmful to our brand and reputation. We may be required to expend significant capital and resources to address any breaches, protect against such threats or to alleviate problems caused by breaches in ssecurity breaches.

Globally, the frequency, severity and sophistication of cybersecurity incidents have increased, and these trends will likely continue, especially during times of geopolitical tension or instability among countries from which a number of recent cybersecurity events have been alleged to have originated. Such cyber-attacks could be in the form of espionage, phishing campaigns and otherwise. Additionally, the use of AI technologies has led to increased exposure to cybersecurity threats globally. AI systems may be used by threat actors to exploit vulnerabilities more efficiently or to facilitate increasingly

sophisticated cyberattacks, any of which could result in data breaches, operational disruptions or liability. We are continuously evaluating and enhancing our cybersecurity and information security systems and creating new systems and processes. However, there can be no assurance that these measures are or will be effective in preventing or limiting the impact of future

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cybersecurity incidents. As techniques used to breach security grow in frequency and sophistication, and are generally not recognized until launched against a target, we, or our vendors, may not be able 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 able to determine the extent to which these measures could be circumvented. Any breaches that may occur could expose us to increased risk of lawsuits, regulatory penalties, loss of existing or potential customers, damage relating to loss of proprietary information, harm to our reputation and increases in our security costs or related insurance, which could have a material adverse effect on our financial performance and operating results. We offer managed services in certain of our data centers where we provide remote hands services for our customers. The access to our customers networks and data, which is gained from these services, creates some risk that our customers networks or data will be improperly accessed. If we were held

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responsible for any such breach, it could result in a significant loss to us, including damage to our customer relationships, harm to our brand and reputation and legal liability. Additionally, while we maintain insurance coverage for cybersecurity incidents, we may not have adequate insurance to cover the associated costs in the event of a breach resulting in loss of data, such as personally identifiable information or other such data protected by data privacy or other laws, and we may be liable for damages, fines and penalties for such losses under applicable regulatory frameworks.

Although we and our vendors have disaster recovery programs and security measures in place, if our computer systems and our backup systems are compromised, degraded, damaged, breached or otherwise cease to function properly, we could suffer interruptions in our operations, including our ability to correctly record, process and report financial information, our customers network availability may be impacted or we could unintentionally allow misappropriation of proprietary or confidential information (including information about our customers or landlords, or customer information on our fiber, data 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, regulatory investigations and penalties under existing or future data privacy laws and require us to incur significant costs to remediate or otherwise resolve these issues.

Our expansion anddata center segment contains certain operational initidifferences from our tower leasing operativesons, resulting involve a number of different operational risks and uncertainties, including. If we do not successfully operate our data center segment or identify or manage those related to integoperational risks, such operating acquired or leased assets,ons may produce results that could adare lower than anticipated.

Oversely affect  the last five years, we have significantly expanded our operating results, disruptdata centers business, which is a much less mature business for us than our otower leasing operations or expose us to additional risk.

As we. Our data centers segment represented 10% of our total revenues for the year ended December 31, 2025. The business model for our data center business continue to acquire andains certain differences from our build communicsiness model for our tower leasing operations sites and oth, including those relating to customer base, communicapetitions infrastructure assets, inclu, contract terms (including requirements for service level agreements regarding data center facilitiesuptime and related assenetwork performance), upfront capital requirements, in our existing markets and expand ongoing capital improvements, expenditures required for mainto new markets, we are subject to a number of risks enance of data center power, cooling and network equipment, landlord demographics, deployment and unownership of certaintie network assets, including not meeting ouroperational oversight requirements and government return on gulations. As we continue to invest in our data center segment criteria, we may be required to commit significant operational and financial objectives, increased costs, assumed liabilities and the diversion of manaresources to data center developments, generally 12 to 18 months before securing customer contracts. Additionally, investments in data centers developments require a longerial a time to achieve stabilization and underwrittention. Achieving development yields than the benefits of acquisition and platformdevelopment of new towers. If customer demand in our markets is insufficient once the data centers are built, we may have difficulty realizing expansiected or reasonable returns on initiatives depends inthese investments.

Moreover, we rely on third part on timelyies, governmental entities and esuppliers to provide sufficient integration of operations, telecommunications infrastructure assets and personnel. Integration may be difficult and unpredictable forpower for our data centers and to support future expansion, which is different than our tower leasing operations. Difficulties in securing contracted energy or obtaining adequate capacity for future data center developments many reasy adversely affect our operations, including, among othfinancial performance and customer relationships. Power things, constraints, delays, unfavorable contractual terms and increased constructionsts from utility providers costs or supply chain disruptionsuld limit our ability to identify suitable sites and expand, portfolios without requisitarticularly as evolving technologies, such as AI, increase permits, differing systems, cultural differences, conflictiower requirements. Our ability to scale remains dependent on reliable energy access amid rising policies, procedures and operaelectrification trends and associated infrastructure challenges.

Additions or withally, we are currently engaging inco, or contemplete information.

Wating, data center expansions and new ground-up data center builds in new and existing markets. The continue to seek to drive organizational improvement througstruction projects associated with such expansion initiatives expose us to many risks that differ from those for our tower leasing operations, such a variety of actions delays in site readiness, utility power and power grid constraints, including operthe potential requirement for on-site power generational and digital trans solutions where utility power is unavailable, lack of availability and delays formation, integration activities, str data center equipment, unexpected budget changes and unanticipated customer requirements that would necessitategic initiatives and business and operat alternative data center design, making our sites less desirable or leading model assessments. These initito increased costs in order to make necessary modificatives can be time-cons or retrofits. Consuming, disruptive to otruction projects are dependent on perations,mitting from public agencies and costlutility companies. Any delay in the short-term. Successfully implementing thespermitting could affect our growth. While we do not currently anticipate and other initiy material long-term negatives throughout our opera impact on our business due to constructions is critical to our future competitiveness delays, these types of delays and stoppages related to permitting from public agencies and our abutility to achieve long-term profitabilicompanies could have an adverse effect on our revenue or growth.

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Furty. Howeverhermore, we cannot be also may face pressure from certain thatstakeholders, such as these i communitiatives will be successful iin which we operate, who are increasingly focused on creating profit margins sufficient to sustain our currentlimate change and shortages of power, land and water resources, which are different pressures than those faced by our tower leasing operating structons. Such pressure and business. Additionally, our future success depends upon our ability tocould lead to federal, state or municipal governments imposing more stringent recruitgulations and retain the services of, among oquirements to control thers, personnel with IT, growth and development of data centers and telein their communications-related skills. Tties. New builds and furthere may be competi expansion of data center operations in attractsuch markets are increasingly being qualifievaluated personnel, and weand approvals, if required, may experience difficulty retaining and motivating existing employeesonly be granted where we are not only able to demonstrate that our operations are efficient in their use of energy and attracting qualified personnel to fwater but also that they have and/or will keybring positions.

Sve and significant acquisition-related integration costenvironmental, economic and social impact to their local community.

We have service level commitments to substantially all of our data center customers, including certain nonrecurrand interruptions, equipment damage or staffing charllenges such as costs associated with onboarding employees, icould impair our ability to meet these obligations and lead to potential claims. Because our data centegrating informrs are critical to many customers operation technology systems, acquiring perms, such failures could result in lost profits aor other consequential damages and visitingdiminish customer confidence, inspempacting, engineering our ability to retain and upgrading tower sites attract business. Additionally, we rely on third-party providers for other internet, telecommunications infrastructand utilities, and any failure assets, by these providers could materially and adadversely affect our business, financial condition and results of operations in the period.

If we are unable to protect our rights to the land under our towers and buildings in which such chargeour data centers are recorded or our cash flow in the located, it could adversely affect our business and operiod in which anyating results.

Our real property interests relateding to our towers costs are actually paid. Some of our acquired portfolios havnsist primarily of leasehold and sub-leasehold interests, fee interests, easements, licenses and rights-of-way. A loss of these includedterests at a particular tower sites that do not meet ou may interfere with our ability to operate that tower structural specificatiite and generate revenues. For various reasons, including siteswe may not always have that may be overburdened. In e ability to access, analyze and verify all information regarding titles and othese cases, beyond addir issues prior to completing an acquisitional capital expenditures, gen of communications sites, which can affect our rights to access and operal liability risks associatedte a site. From time to time, we also experience disputes with such portfolios will exist until such time as those portfoliolandowners regarding the terms of easements or ground agreements for land under towers, which can affect our ability to access are upgraded or ond operate tower sites. Furtherwise, for various remedied. In addition, integration asons, landowners may not want to renew their ground agreements with us, they may significantly burdenlose their rights to the land, or they management y transfer their land internal resourcests to third parties, including thgrough the potential loss or unavailand lease aggregators, which could affect our ability of key personnel. Our internto renew ground agreements on commercially viable terms. A significant number of the communicational expansions sites initiatives are subjec our portfolio are located on land we lease pursuant to additional risks, such aslong-term operating leases. Further, for various reasons, title to property interests in some of those described above,e foreign jurisdictions in which we operate may not be as wellcertain as otitle to our aproperty interests in the United States. Our inability to comply with bribery protect our rights to the land anti-corruption laws such as the Foreign Corrupt Practices Act (under our towers may have a material adverse effect on our business, results of operations or financial condition.

We do not own the FCPA) and similar local laws.

Moreover, buildings for all of our data centers and our business could be harmed if we are unable to renew the leases for these data centers at favorable terms or at all, though we may failgenerally have the right to successfully integrate extend the terms of our leases when the primary terms of the assets we acquirleases expire. Failure to increase or fail perating revenues to utilize such assets tosufficiently offset any potential increase in lease costs, including as a result of their full capacity. If we are not able to meet current inflationary environment, would adversely impact our operating income. We could also lose customers due to these disruptions integ their operation challengess caused by our inability to renew our data center leases.

Additionally, we may not realize the benefits we expect fromrely on our landlords for basic maintenance of our leased data centers. If such landlords have not maintained our acquirleased properties sufficiently, we may be forced portfolios aninto an early exit from one or more of these data centers, which could bue disruptive to our businesses, and o or cause us to incur additional costs.

Our business, fis depends on effective data governancial condition and results ofe, and failures in our data governance frameworks could adversely affect our operations will be adversely aff.

Our business depends on our ability to appropriately collected. Post-, manage, integration, certain oe and use data across our operational complexits. We maintain data governance policies may remain into the mid- or long-term arising f, steering committees and standards and controls designed to prom the acquisition of assetsote data quality and appropriate use. However, these from different sellers until they can be renegotiated, ameworks may not operate as intended or keep pace with changes in our business, technology or regulatory environment. Insufficient controls over data access and usage (such as the requirrole-based entitlement to manage multiple master lease agreements with differing terms with a single client.

We ms, segregation of duties and monitoring) increase the likelihood of the perpetration of fraud, unauthorized changes to site inventories or records, data leakage involving sensitive cust safeguaomer, landlord our customersr vendor infrastructure and equipormation and operational disruptions to provisioning, energy management located in our data cenand service-level performance. Any maters and ensure our data cential failure in these areas could negatively impact customers remain, drive delays and increase operational at ng costs. Additionall times. Problems y, we utilize AI technologies that one or morrely on access to and use of oursignificant amounts of data centers, whether or not within our control,, which in some cases include sensitive information. Inadequate safeguards over AI training data and model inputs or outputs could result in service interrupmisuse of such data, algorithmic bias or violations or significant infrastructure or equipment damage. These cf applicable privacy and data protection requirements. Moreover, errors or limitations in AI systems may unintentionally expose sensitive information, which could result from numerous fsubject us to regulatory actors, including limited

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pion, contractual claims ower availability and grid distribution r reputational harm. Failures or deficiencies in our data governance practices could result in inaccurate or inconstraints due to current high demand, human error, equipment failure, physical, elistent data, impaired decisionmaking, operational disruptions, regulatory noncompliance or reputational harm, which could adversely affectronic our business.

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The and cybersecurity breaches, fire, earthquake, hurricane, flood, tornadotransformation initiatives we undertake may not deliver the results we expect.

We continue to seek to drive organizational improvement through a variety of actions, including operational and other natural disasters, extreme temperatures, water damage, fiber cuts, power losdigital transformation, integration activities, strategic initiatives and business and operating model assessments. These initiatives can be time-consuming, disruptive to operations, terrorist acts, sabotagand costly in the short-term. Successfully implementing these and vandalism, global pandemics or health emergenciesother initiatives throughout our operations is critical to our future competitiveness and failure of business partners.

We have service level commitm our ability to achieve long-term profitability. However, we cannot be certain that these initiatives will be successful in creating profit margins sufficient obligations to substantito sustain our current operating structure and business. Additionally all of, our future success depends upon our data center customers. As a result, service interrupability to recruit and retain the services of, among others, personnel with IT, data centers and telecommunications, increased-related skills. There may be construcmpetition costs, significant equipment damage in our data centerin attracting qualified personnel, and we may experience difficulty retaining and motivating existing employees and failingattracting qualified personnel to recruit and develop qualified pfill key positions.

Our expansion initiatives involve a number of risks and uncertainties that could adversonnel couldely affect our operating result ins, difficulty maintaining service levelsrupt our operations or expose us to additional risk.

During the course of acquiring or building commitments to unications sites and othese customers and potr communications infrastructure assets, including data cential claims er facilities and related to such failures. Because our data centers are critical to many of our customers businesseassets, in our existing markets and expansion into new markets, we are subject to a number of risks and uncertainties, including not meeting our return on investment criteria and financial objectives, increased costs, service interruptassumed liabilities and the diversions or significant e of managerial attention. Achieving the benefits of acquipment damagesition and platform expansion initiatives depends in part on timely and efficient in ourtegration of operations, data centers could also result in lost profits or other indirect and telecommunications infrastructure assets and personnel. Integration may be difficult and unpredictable for cmany reasonsequential damages to our customers. In addi, including, among other things, increased construction costs or supply chain disruption, any loss of service, es, portfolios without requipment damage or inability to meet our service level commitment obligsite permits, differing systems, cultural differences, conflicting policies, procedures and operations or with incomplete information.

Significant acquisition-related integrations could reduce the confidence of our customer costs, including certain nonrecurring charges such as costs and could consequently impair our ability to obtainssociated with onboarding employees, integrating information technology systems, acquiring permits and visiting, inspecting, engineering and retain customers, which wupgrading tower sites or other communications infrastructure assets, could admaterially and adversely affect both oour ability to genresults of operate revenuions in the period in which such charges anre recorded or our ocash flow in the perating results. Furthermore, we are dependent upon interniod in which any related costs are actually paid. Some of our acquired portfolios have included sites that do not meet service providers, telecommunicaour structural specifications, including sites that may be overburdened. In these cases, beyond additionsal carriers and utipital expenditures, general liability providers, some of which have experiencedrisks associated with such portfolios will exist until such time as those portfolios are upgraded or otherwise remedied. In addition, integration may significant system failures and outages inly burden management and internal resources, including through the past. Our customers otential loss or unavailability of key personnel.

Moreover, we may in the future experience difficulties duefail to successfully integrate the assets we acquire or fail to utilize such assets to system failures unrelatedtheir full capacity. If we are not able to our systems and offerings. If, for any meet these integration challenges, we may not reason,lize these providers fail to provide the required service benefits we expect from our acquired portfolios and businesses, and our business, financial condition and results of operations could be adver will be adversely affected. Post-integration, certain operational complexities may remain into the mid- or long-term arising from the acquisition of assets from different sely impacted.

lers until they can be renegotiated, such as the requirement to manage multiple master lease agreements with differing terms with a single client.

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 frequently in the event of circumstances indicating potential impairment to determine if they are impaired. If, as a result of the factors noted above, the testing performed indicates that an asset may not be recoverable or the carrying value exceeds the fair value, we would be required to record a non-cash impairment charge in the period the determination is made.

Our platform expansion growth initiatives may not be successful, or we may be required to record impairmtowers, data cent charges for our goodwill or for other intangible asseters, which could have an adverse effect on our business, results of operations or financial condition, and could limit our continued investments in such platform expansother telecommunication initiatives.

Our towers, fiber networks, data centers s assets or computer systems may be affected by natural disasters (including as a result of climate change), public perception of health risks and other unforeseen events for which our insurance may not provide adequate coverage or result in increased insurance premiums.

Our towers, fiber networkdata centers, data centerother telecommunications assets and computer systems are subject to risks associated with natural disasters, such as hurricanes, ice and windstorms, tornadoes, floods, earthquakes and wildfires, as well as other unforeseen events, such as the potential adverse effects 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. Additionally, certain natural disasters or unforeseen events could lead to supply chain delays or shortages, which could impact our operational and financial performance. FurtheMoreover, environmrising incidental liabilities, such as contamination,s of theft, vandalism and fiber cuts targeting our asbestos-containing building materials, lead or lead-based paint and mold or other air qualitsets could disrupt service and increase costs that we may not be able to fully issues at some of our data centnsure or pass on to customers, cwhich could arise and have a materilead to reputational adverse effeharm and impact on our financial condition and performance.

Any damage or destruction to, or inFurther, environmental liability to accesies, our towers, fiber networks, data censuch as contamination, asbestos-containing building maters or computer systems may cause supply chials, lead or lead-based pain delayst and mold or impact our abiother air quality to provide servicissues to our customers and lead to customer loss, whichat some of our data centers, could arise and have a material adverse effect on our business, results of operations or finfinancial condition. Additionally, our communications sites could be subject to attacks instigated by claims that the deployment of 5G or similar networks is linked to adverse health effects and performance.

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While we maintain insurance coverage for certain natural disasters, we may not have adequate insurance to cover the associated costs of repair or reconstruction of sites or fibother telecommunications assets for a major future event, lost revenue, including from new customers that could have been added to our towers, fiber networkdata centers or data centerother telecommunications assets but for the event, or other costs to remediate the impact of a significant event, such as wildfire damage caused by our towers. Further, we may be liable for damage caused by towers that collapse for any number of reasons including structural deficiencies, which could harm our reputation and require us to incur costs for which we may not have adequate insurance coverage.

Public perceptAny damage or destruction of possible health risks associated withto, or inability to access, our towers, data cellular andnters, other wirteless communications technology could slow the growth of wireless companieassets or computer systems may cause supply chain delays or impact our ability to operate our business or provide services to our customers and lead to customer loss, which could in turn slowhave a material adverse effect on our growth. In particular, negative public percepbusiness, results of operations or financial condition of, and regul. Additionally, our communications regarding, these perceived health risks,sites could be subject to attacks includingstigated by claims that the deployment of 5G or similar networks is linked to adverse health effects, could undermine th.

Additionally, we market acceptance of wireless communiust safeguard our customers infrastructure and equipment locations serviceed in our data centers and increaseensure our data centers remain opposieration to the development and expansion of tower sites. If a sciental at all times. Problems at one or more of our data centers, whether or not within our control, could result in service interruptions or signific study, court decision, governant infrastructure or equipment agency ruling, or misinformation, disinformation or

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damage. These could result from numerous factors, including limited power availability and grid distribution constraints due to high demalinformation campaigns resulted in a finding that radio frequency emissionsnd, human error, equipment failure, physical, electronic and cybersecurity breaches, fire, earthquake, hurricane, flood, tornado and other natural disasters, extreme temperatures, water damage, fiber cuts, pose health wer loss, terrorisks to consut acts, sabotage and vandalism, global pandemics or health emers, it could negencies and failure of business partners.

Negatively impact our customers and the market for public perception or regulations regarding perceived health risks from wireless servictechnologies, which including 5G, could materially slow wireless industry growth and adversely affect our business, results of oper. Any finding or campaign suggesting radio frequency emissions pose health risks could harm customer relations or hips, reduce market acceptance and materially impact our operations and financial condition. 

If we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from those towers will be eliminated.

Our communications real estate portfolio 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 available capital to exercise our right to purchase the towers at the end of the applicable period, or we may choose, for business or other reasons, not to do so. If we do not exercise these purchase rights, and are unable to extend the lease or sublease or otherwise acquire an interest that would allow us to continue to operate these towers after the applicable period, we will lose the cash flows derived from the towers.