American Tower Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>American Tower Corp. has submitted its 2023 10-K filing, detailing its financial performance and operational status for the year.</b>

AI Summary

AMERICAN TOWER CORP /MA/ (AMT) filed a Annual Report (10-K) with the SEC on February 27, 2024. American Tower Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data and operational details for the fiscal year 2023 are presented. The report includes information on various senior notes due in different years, such as 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, and 2033. The company's principal executive offices are located at 116 Huntington Ave, Boston, MA.

Why It Matters

For investors and stakeholders tracking AMERICAN TOWER CORP /MA/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of American Tower's financial health, debt structure, and operational segments for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed breakdown of various senior notes and their maturity dates offers insight into the company's debt management strategy and its ability to meet financial obligations.

Risk Assessment

Risk Level: medium — AMERICAN TOWER CORP /MA/ shows moderate risk based on this filing. The company's significant debt obligations, evidenced by numerous senior notes due in upcoming years, present a medium-level risk that could impact financial flexibility.

Analyst Insight

Investors should review the detailed debt structure and maturity profiles within the 10-K to understand the company's leverage and refinancing strategies.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (Date the report was filed)
• 173 — Public Document Count (Number of documents in the filing)
• 650723837 — IRS Number (Company's IRS identification number)

Key Players & Entities

• AMERICAN TOWER CORP /MA/ (company) — Filer name
• 116 HUNTINGTON AVE (location) — Business and mailing address
• BOSTON (location) — City for business and mailing address
• MA (location) — State for business and mailing address
• Rodney M. Smith (person) — Executive mentioned in filing context
• Samme Thompson (person) — Executive mentioned in filing context

FAQ

Risk Factors

• Debt Obligations [medium — financial]: The company has significant senior notes due in various years up to 2033, indicating substantial debt obligations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the core financial and operational data for American Tower Corp. for the fiscal year 2023.)

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value AMT New York Stock Exchange
• $2.5 billion — on Indian Rupees ("INR") (approximately $2.5 billion), including the value of the VIL OCDs,
• $60 billion — er 31, 2023, we expect to generate over $60 billion of non-cancellable tenant lease revenue

Filing Documents

• amt-20231231.htm (10-K) — 4083KB
• exhibit432fy2023.htm (EX-4.32) — 272KB
• exhibit1014fy2023.htm (EX-10.14) — 32KB
• exhibit1015fy2023.htm (EX-10.15) — 35KB
• exhibit28.htm (EX-10.28) — 40KB
• exhibit29.htm (EX-10.29) — 18KB
• exhibit1030fy2023.htm (EX-10.30) — 10KB
• exhibit1031fy2023.htm (EX-10.31) — 8KB
• exhibit21fy2023.htm (EX-21) — 156KB
• exhibit23fy2023.htm (EX-23) — 3KB
• exhibit311fy2023.htm (EX-31.1) — 12KB
• exhibit312fy2023.htm (EX-31.2) — 13KB
• exhibit32fy2023.htm (EX-32) — 8KB
• exhibit97.htm (EX-97) — 31KB
• amt-20231231_g1.jpg (GRAPHIC) — 44KB
• amtlogo.jpg (GRAPHIC) — 13KB
• 0001053507-24-000011.txt (&nbsp;) — 23058KB
• amt-20231231.xsd (EX-101.SCH) — 146KB
• amt-20231231_cal.xml (EX-101.CAL) — 167KB
• amt-20231231_def.xml (EX-101.DEF) — 849KB
• amt-20231231_lab.xml (EX-101.LAB) — 1590KB
• amt-20231231_pre.xml (EX-101.PRE) — 1233KB
• amt-20231231_htm.xml (XML) — 4149KB

Business

ITEM 1. Business 1 Overview 1 Products and Services 2 Strategy 5 Regulatory Matters 6 Competition 8 Human Capital Resources 9 Executive Officers 10 Available Information 10

Risk Factors

ITEM 1A. Risk Factors 11

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 22

Cybersecurity

ITEM 1C. Cybersecurity 22

Properties

ITEM 2. Properties 23

Legal Proceedings

ITEM 3. Legal Proceedings 25

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 25 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Dividends 26 Performance Graph 26

[Reserved]

ITEM 6. [Reserved] 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Executive Overview 28 Non-GAAP Financial Measures 34 Results of Operations: Years Ended December 31, 2023 and 2022 35 Liquidity and Capital Resources 43 Critical Accounting Policies and Estimates 53 Accounting Standards Updates 56

Quantitative and Qualitative Disclosures About Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 56

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data 57

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 57 i Table of Contents AMERICAN TOWER CORPORATION TABLE OF CONTENTS—(Continued) FORM 10-K ANNUAL REPORT FISCAL YEAR ENDED DECEMBER 31, 2023 Page

Controls and Procedures

ITEM 9A. Controls and Procedures 57 Disclosure Controls and Procedures 57 Management's Annual Report on Internal Control over Financial Reporting 58 Changes in Internal Control over Financial Reporting 58 Report of Independent Registered Public Accounting Firm 59

Other Information

ITEM 9B. Other Information 59

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 59 PART III

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance 61

Executive Compensation

ITEM 11. Executive Compensation 63

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 63

Principal Accounting Fees and Services

ITEM 14. Principal Accounting Fees and Services 63 PART IV

Exhibits, Financial Statement Schedules

ITEM 15. Exhibits, Financial Statement Schedules 64 Index to Exhibits 64

Form 10-K Summary

ITEM 16. Form 10-K Summary 74

Signatures

Signatures 75 Index to Consolidated Financial Statements F- 1 ii Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") contains statements about future events and expectations, or forward-looking statements, all of which are inherently uncertain. We have based those forward-looking statements on our current expectations and projections about future results. When we use words such as "anticipates," "intends," "plans," "believes," "estimates," "expects" or similar expressions, we are making forward-looking statements. Examples of forward-looking statements include, but are not limited to, future prospects of growth in the communications infrastructure leasing industry, the creditworthiness and financial strength of our customers, the effects of consolidation among companies in our industry and among our customers and other competitive and financial pressures, our ability to maintain or increase our market share, our plans to fund our future liquidity needs, the expected impacts of strategic partnerships on our business, our expectations for the closing of signed agreements, including the Pending ATC TIPL Transaction (as defined in this Annual Report), and the expected impacts of such agreements on our business, our substantial leverage and debt service obligations, our future financing transactions, our future operating results, the level of future expenditures by companies in this industry and other trends in this industry, changes in zoning, tax and other laws and regulations and administrative and judicial decisions, economic, political and other events, particularly those relating to our international operations, our future capital expenditure levels, the impact of technology changes on our industry and our business, our ability to remain qualified for taxation as a real estate investment trust ("REIT"), the amount and timing of any future distributions including those we are required

BUSINESS

ITEM 1. BUSINESS Overview 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 primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. We refer to this business, inclusive of our data center business discussed below, as our property operations, which accounted for 99% of our total revenues for the year ended December 31, 2023. We also offer tower-related services in the United States, which we refer to as our services operations. These services include site application, zoning and permitting, structural and mount analyses, and construction management, which primarily support our site leasing business, including the addition of new tenants and equipment on our sites. Our customers include our tenants, licensees and other payers. Since inception, we have grown our communications real estate portfolio through acquisitions, long-term lease arrangements and site development. Our portfolio primarily consists of towers that we own and towers that we operate pursuant to long-term lease arrangements, as well as distributed antenna system ("DAS") networks, which provide seamless coverage solutions in certain in-building and outdoor wireless environments. In addition to the communications sites in our portfolio, we manage rooftop and tower sites for property owners under various contractual arrangements. We also hold other telecommunications infrastructure and property interests that we lease primarily to communications service providers and third-party tower operators, and, as discussed further below, we hold a portfolio of highly interconnected data center facilities and related assets in the United States that we provide for the leasing of space primarily to enterprises,

View Full Filing

View this 10-K filing on SEC EDGAR