American Tower Corp

Company facts

Industry

Real Estate Investment Trusts

Headquarters

Boston, Massachusetts

Most recent report

10-Q, filed Oct 27, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 1053507

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 5 of 11 sections worth reading, with 1 positive, 14 notable, and 5 negative flags.

• Financial Statements (Item 1)

  Debt maturity wall, buyback, divestitures, and segment shifts all quantified.
  Notable

  • Sold Philippines subsidiary for $75.6M (gain $33.2M) and Bangladesh interest for $6.9M (loss $12.8M).
  • Unrealized loss of $71.5M on equity securities in Q3 2026 vs gain of $10.9M in Q3 2025.
  • Repurchased 2.97M shares for $518M in 9mo 2026; $865M total used of $2.0B authorization.
  • Verizon lease purchase option aggregate price ~$5.0B; AT&T remaining purchase option ~$1.1B.

• Management's Discussion (Item 2)

  Two major customer disputes (DISH, AT&T Mexico) with quantified reserves and churn; segment results and liquidity details.
  Notable

  • Sold Philippines subsidiary and controlling interest in Bangladesh partnership in June 2026; expect to sell Canada operations in Q4 2026.
  • Churn was ~5% of tenant billings in 9M 2026, primarily driven by DISH. 100% of DISH revenue reflected in churn since Jan 1, 2026.
  • Issued $2.5B in new senior notes (4.000% EUR, 5.300%, 5.560%, 5.750%) to refinance maturing debt and extend maturities.
  • Repurchased 2,969,052 shares for $518M in 9M 2026; Board later increased buyback program to ~$3.1B remaining.
  Negative

  • AT&T Mexico dispute: $300M 2025 tenant revenue at risk, withholding rents since start of 2025. $30M reserves in 2025 and $30M in 9M 2026.
  • DISH in default since Jan 2026; filed Chapter 11 June 2026. Represented 2% of 2025 total property revenue. $17.5M impairment recorded.

• Market Risk (Item 3)

  Quantified FX risk on large EUR debt and intercompany balances; 33% revenue in foreign currencies.
  Notable

  • Variable rate debt of $2.23B; a 10% rate hike would add $8M interest expense for the nine months ended September 30, 2026.
  • 33% of revenue and 41% of expenses are in foreign currencies for the nine months ended September 30, 2026, creating broad FX exposure.
  Negative

  • $8.5B EUR debt; $3.2B unhedged; a 10% EUR drop would cause $0.4B in FX losses for the nine months ended September 30, 2026.
  • Unsettled intercompany debt not permanently reinvested; a 10% FX move would cause $40M unrealized losses for the nine months ended September 30, 2026.

• Legal Proceedings (Item 1)

  Two active disputes with quantified revenue exposure and reserves; arbitration hearing underway.
  Notable

  • Arbitration hearing began August 2026; final ruling expected in 2027.
  • AT&T Mexico resumed paying majority of withheld rents; remainder goes to escrow pending arbitration ruling.
  Negative

  • DISH dispute: 2% of total property revenue (2025) in default; parent EchoStar added; DISH filed Chapter 11.

• Unregistered Sales and Repurchases (Item 2)

  Large buyback activity with specific dollar amounts and remaining authorization.
  Positive

  • Repurchased 1,804,674 shares for $315.1 million in Q3 2026, showing active capital return.
  Notable

  • Through October 20, 2026, total repurchases reached $932.8 million for 5.3 million shares.
  • May fund future buybacks with borrowings, not just cash or operations.

What changed: Sep 2026 vs. Jun 2026

About 6% of AMT's Sep 2026 10-Q is new information. 28 paragraphs were added, 274 changed, and 28 removed. Below are the most important lines SECSift identified.

• Item 2 177
• Item 1 73
• Item 3 3
• Item 4 2
• Item 5 1
• Item 6 1