Financial Analysis

ACQUISITIONS The Company evaluates each of its acquisitions under the accounting guidance framework to determine whether to treat an acquisition as an asset acquisition or a business combination. For those transactions treated as asset acquisitions, the purchase price is allocated to the assets or rights acquired and liabilities assumed, with no recognition of goodwill. For those transactions treated as business combinations, the estimates of the fair value of the assets or rights acquired and liabilities assumed at the date of the applicable acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date), and may include an allocation to goodwill. The fair value of these net assets acquired are based on managements estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. While the Company believes that such preliminary estimates provide a reasonable basis for estimating the fair value of assets acquired and liabilities assumed, it evaluates any necessary information prior to finalization of the fair value. During the measurement period for those acquisitions accounted for as business combinations, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the revised estimated values of thos …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Litigation The Company periodically becomes involved in various claims and lawsuits that are incidental to its business. While the Companys management, after consultation with counsel, currently believes the ultimate outcome of these legal proceedings, individually and in the aggregate, will not have a material adverse impact on its consolidated financial position, results of operations or liquidity, litigation is subject to inherent uncertainties. Were an unfavorable ruling to occur, there exists the possibility of a material adverse impact on the Companys financial condition and results of operations. Verizon Transaction In March 2015, the Company entered into an agreement with various operating entities of Verizon Communications Inc. (Verizon) that currently provides for the lease, sublease or management of approximately 11,100 wireless communications sites, which commenced on March 27, 2015. The average term of the lease or sublease for all communications sites at the inception of the agreement was approximately 28 years, assuming renewals or extensions of the underlying ground leases for the sites. The Company has the option to purchase the leased sites in tranches, subject to the applicable lease, sublease or management rights upon its scheduled expiration. Each tower is assigned to an annual tranche, ranging from 2034 to 2047, which represents the outside expiration date for the sublease rights to the towers in that tranche. The purchase p …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

LONG-TERM OBLIGATIONS Outstanding amounts under the Companys long-term obligations, reflecting discounts, premiums and debt issuance costs, consisted of the following: As of December 31, 2025 December 31, 2024 Contractual Interest Rate (1) Maturity Date (1) 2021 Multicurrency Credit Facility (2) $ 380.0 $ 4.839 % January 28, 2028 2021 Term Loan (2) 998.1 997.9 4.839 % January 28, 2028 2021 Credit Facility (2) % January 28, 2030 2.950% senior notes (3) 650.0 N/A N/A 2.400% senior notes (4) 749.7 N/A N/A 1.375% senior notes (5)(6) 517.3 N/A N/A 4.000% senior notes (7) 749.4 N/A N/A 1.300% senior notes (8) 499.3 N/A N/A 4.400% senior notes (9) 499.9 499.3 4.400 % February 15, 2026 1.600% senior notes 699.7 698.5 1.600 % April 15, 2026 1.950% senior notes (6) 586.9 516.4 1.950 % May 22, 2026 1.450% senior notes 598.9 597.4 1.450 % September 15, 2026 3.375% senior notes 998.5 996.6 3.375 % October 15, 2026 3.125% senior notes 399.6 399.3 3.125 % January 15, 2027 2.750% senior notes 749.0 748.0 2.750 % January 15, 2027 0.450% senior notes (6) 879.7 774.1 0.450 % January 15, 2027 0.400% senior notes (6) 585.8 515.0 0.400 % February 15, 2027 3.650% senior notes 648.0 646.4 3.650 % March 15, 2027 4.125% senior notes (6) 703.1 618.5 4.125 % May 16, 2027 3.55% senior notes 748.7 747.9 3.550 % July 15, 2027 3.600% senior notes 697.9 697.0 3.600 % January 15, 2028 0.500% senior notes (6) 878.3 772.6 0.500 % January 15, 2028 1.500% senior notes 648.5 647.8 1.500 % January 31, 2028 5.500% s …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenue is disaggregated by geography in a manner consistent with the Companys business segments, which are discussed further in note 19. A summary of revenue disaggregated by source and geography is as follows: Year Ended December 31, 2025 U.S. & Canada Africa & APAC Europe Latin America Data Centers Total Non-lease property revenue $ 292.8 $ 24.0 $ 10.4 $ 117.6 $ 151.5 $ 596.3 Services revenue 339.6 339.6 Total non-lease revenue $ 632.4 $ 24.0 $ 10.4 $ 117.6 $ 151.5 $ 935.9 Property lease revenue 4,955.9 1,398.9 927.3 1,525.0 901.6 9,708.7 Total revenue $ 5,588.3 $ 1,422.9 $ 937.7 $ 1,642.6 $ 1,053.1 $ 10,644.6 Year Ended December 31, 2024 U.S. & Canada Africa & APAC (1) Europe Latin America Data Centers Total Non-lease property revenue $ 297.4 $ 29.5 $ 12.1 $ 109.2 $ 132.7 $ 580.9 Services revenue 193.7 193.7 Total non-lease revenue $ 491.1 $ 29.5 $ 12.1 $ 109.2 $ 132.7 $ 774.6 Property lease revenue 4,950.7 1,178.5 822.6 1,608.7 792.1 9,352.6 Total revenue $ 5,441.8 $ 1,208.0 $ 834.7 $ 1,717.9 $ 924.8 $ 10,127.2 (1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations. See note 21 for further discussion. Year Ended December 31, 2023 U.S. & Canada Africa & APAC (1) Europe Latin America Data Centers Total Non-lease property revenue $ 322.4 $ 24.4 $ 13.5 $ 127.5 $ 116.5 $ 604.3 Services revenue 143.0 143.0 Total non-lease revenue $ 465.4 $ 24.4 $ 13.5 $ 127.5 $ 116.5 $ 747.3 Property lease revenue 4,893.8 1,220.0 7 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

STOCK-BASED COMPENSATION Summary of Stock-Based Compensation Plans The Company maintains equity incentive plans that provide for the grant of stock-based awards to its directors, officers and employees. The Companys 2007 Equity Incentive Plan, as amended (the 2007 Plan), provides for the grant of non-qualified and incentive stock options, as well as restricted stock units, restricted stock and other stock-based awards. Exercise prices for non-qualified and incentive stock options are not less than the fair value of the underlying common stock on the date of grant. Equity awards typically vest ratably. Awards granted prior to March 10, 2023 generally vest over four years for RSUs and stock options. In December 2022, the Compensation Committee changed the terms of its awards to generally vest over three years. The change in vesting terms is applicable for new awards granted beginning on March 10, 2023 and does not change the vesting terms applicable to grants awarded prior to March 10, 2023. PSUs generally vest over three years. Stock options generally expire ten years from the date of grant. As of December 31, 2025, the Company had the ability to grant stock-based awards with respect to an aggregate of 2.7 million shares of common stock under the 2007 Plan. In addition, the Company maintains an employee stock purchase plan (the ESPP) pursuant to which eligible employees may purchase shares of the Companys common stock on the last day of each bi-annual offering period at a 15% …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS The Company determines the fair value of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Below are the three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Items Measured at Fair Value on a Recurring Basis The fair values of the Companys financial assets and liabilities that are required to be measured on a recurring basis at fair value were as follows: December 31, 2025 December 31, 2024 Fair Value Measurements Using Fair Value Measurements Using Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Investments in equity securities (1) $ 15.3 $ 161.6 $ 98.6 $ 5.3 _______________ (1) Investments in equity securities are recorded in Notes receivable and other non-current assets in the consolidated balance s …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying value of goodwill for each of the Companys business segments were as follows: Property Services Total U.S. & Canada Africa & APAC (1) Europe Latin America Data Centers Balance as of December 31, 2023 $ 4,638.6 $ 504.9 $ 3,051.9 $ 966.1 $ 2,920.0 $ 2.0 $ 12,083.5 Effect of foreign currency translation (3.9) 11.6 (189.6) (133.5) (315.4) Balance as of December 31, 2024 $ 4,634.7 $ 516.5 $ 2,862.3 $ 832.6 $ 2,920.0 $ 2.0 $ 11,768.1 Other (2) (6.1) (6.1) Impairments (3) (6.5) (6.5) Effect of foreign currency translation 2.1 18.0 385.0 94.9 500.0 Balance as of December 31, 2025 $ 4,636.8 $ 521.9 $ 3,247.3 $ 927.5 $ 2,920.0 $ 2.0 $ 12,255.5 _______________ (1) Excludes goodwill associated with the India reporting unit, which is reported as discontinued operations. See note 21 for further discussion. (2) Other represents the goodwill associated with the sale of South Africa Fiber, which was sold during the year ended December 31, 2025. (3) Includes $6.5 million of goodwill impairments associated with the Bangladesh reporting unit. Goodwill Impairment The Company reviews goodwill for impairment annually (as of December 31) or whenever events or circumstances indicate the carrying amount of an asset may not be recoverable, as further discussed in note 1. For the year ended December 31, 2025, the Company estimated the fair value of the Bangladesh reporting unit using, among other things, indications of value receiv …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Beginning in the taxable year ended December 31, 2012, the Company has filed, and intends to continue to file, U.S. federal income tax returns as a REIT, and its domestic TRSs filed, and intend to continue to file, separate tax returns as required. The Company also files tax returns in various states and countries. The Companys state tax returns reflect different combinations of the Companys subsidiaries and are dependent on the connection each subsidiary has with a particular state and form of organization. The following information refers to the Companys income taxes on a consolidated basis. The income tax provision from continuing operations consisted of the following: Year Ended December 31, 2025 2024 2023 Current: Federal (1) $ (37.6) $ (1.1) $ (1.0) State (7.1) (8.0) (4.9) Foreign (328.5) (304.9) (253.0) Deferred: Federal (1) (24.3) (7.6) 1.8 State (1.7) (1.2) 0.8 Foreign (16.5) (43.5) 165.5 Income tax provision $ (415.7) $ (366.3) $ (90.8) _______________ (1) For the year ended December 31, 2025, includes impact of gains from equity securities in the U.S. The effective tax rate (ETR) on income from continuing operations for the years ended December 31, 2025, 2024 and 2023 differs from the federal statutory rate primarily due to the Companys qualification for taxation as a REIT, as well as adjustments for state and foreign items. As a REIT, the Company may deduct earnings distributed to stockholders against the income generated by its REIT operations. On Ju …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee. Lessor The Company is a lessor in most of its revenue arrangements, as property revenue is derived from tenant leases of specifically-identified, physically distinct space on or in the Companys communications real estate assets. The Companys lease arrangements with its tenants for its communications sites vary depending upon the region and the industry of the tenant and generally have initial non-cancellable terms of five to ten years with multiple renewal terms. The leases also contain provisions that periodically increase the rent due, typically annually, based on a fixed escalation percentage or an inflationary index, or a combination of both. The Company structures its leases to include financial penalties if a tenant terminates the lease, which serve to disincentivize tenants from terminating the lease prior to the expiration of the lease term. The Companys leasing arrangements outside of the United States may require that the Company provide power to the communications site through an electrical grid connection, diesel fuel generators or other sources and permit the Company to pass through the costs …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Accounting Standards Updates In December 2023, the FASB issued guidance which requires public entities to provide enhanced income tax disclosures on an annual basis. The new guidance requires an expanded rate reconciliation and the disaggregation of cash taxes paid by U.S. federal, U.S. state and foreign jurisdictions. The Company adopted this guidance on a retrospective basis for the fiscal year ended December 31, 2025. The adoption of this guidance did not have a material impact on the Companys financial statements and related disclosures. In November 2024, the FASB issued guidance which is intended to improve the disclosures about a public business entitys expenses, primarily through additional disclosures about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in each relevant expense caption presented on the face of the income statement within continuing operations. The guidance is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In November 2025, the FASB issued guidance which is intended to more closely align hedge accounting with the economics of an entitys risk management activitie …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONSDuring the years ended December31, 2025, 2024 and 2023, the Company had no significant related party transactions. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

BUSINESS SEGMENTS Property Communications Sites and Related Communications Infrastructure The Companys primary business is leasing space on multitenant 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. The Company has historically reported these operations on a geographic basis. Data Centers The Company operates 30 data center facilities across eleven markets in the United States. The Companys Data Centers segment relates to data center facilities and related assets that the Company owns and operates in the United States. The Data Centers segment offers different types of leased land, infrastructure and related services from, and requires different resources, skill sets and marketing strategies than the existing property operating segment in the U.S. & Canada. As of December 31, 2025, the Companys property operations consisted of the following: U.S. & Canada: property operations in Canada and the United States; Africa & APAC: property operations in Bangladesh, Burkina Faso, Ghana, Kenya, Niger, Nigeria, the Philippines, South Africa and Uganda; Europe: property operations in France, Germany and Spain; Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru; and Data Centers: data center property operations in the United States. Services The Companys Services …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

EQUITY Dividends The Company may pay dividends in cash or, subject to certain limitations, in shares of common stock or any combination of cash and shares of common stock. Sales of Equity Securities The Company receives proceeds from sales of its equity securities pursuant to the ESPP and upon exercise of stock options granted under the 2007 Plan. During the year ended December 31, 2025, the Company received an aggregate of $41.7 million in proceeds upon exercises of stock options and sales pursuant to the ESPP. Stock Repurchase Programs In March 2011, the Companys Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $1.5 billion of its common stock (the 2011 Buyback). In December 2017, the Board of Directors approved an additional stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock (the 2017 Buyback). During the year ended December 31, 2025, the Company repurchased 2,036,100 shares of its common stock for an aggregate of $364.6 million, including commissions and fees, under both the 2011 Buyback and the 2017 Buyback. As of December 31, 2025, the Company has no amounts remaining under the 2011 Buyback. As of December 31, 2025, the Company has repurchased a total of 1,941,312 shares of its common stock under the 2017 Buyback for an aggregate of $347.0 million, including commissions and fees. Under the 2017 Buyback, the Company is authorized …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS Repayment of 4.400% Senior Notes On February 13, 2026, the Company repaid $500.0 million aggregate principal amount of the Companys 4.400% senior unsecured notes due 2026 (the 4.400% Notes) upon their maturity. The 4.400% Notes were repaid using borrowings under the 2021 Credit Facility and cash on hand. Upon completion of the repayment, none of the 4.400% Notes remained outstanding. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Litigation The Company periodically becomes involved in various claims and lawsuits that are incidental to its business. While the Companys management, after consultation with counsel, currently believes the ultimate outcome of these legal proceedings, individually and in the aggregate, will not have a material adverse impact on its consolidated financial position, results of operations or liquidity, litigation is subject to inherent uncertainties. Were an unfavorable ruling to occur, there exists the possibility of a material adverse impact on the Companys financial condition and results of operations. Verizon Transaction In March 2015, the Company entered into an agreement with various operating entities of Verizon Communications Inc. (Verizon) that currently provides for the lease, sublease or management of approximately 11,100 wireless communications sites, which commenced on March 27, 2015. The average term of the lease or sublease for all communications sites at the inception of the agreement was approximately 28 years, assuming renewals or extensions of the underlying ground leases for the sites. The Company has the option to purchase the leased sites in tranches, subject to the applicable lease, sublease or management rights upon its scheduled expiration. Each tower is assigned to an annual tranche, ranging from 2034 to 2047, which represents the outside expiration date for the sublease rights to the towers in that tranche. The purchase p …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

LONG-TERM OBLIGATIONS Outstanding amounts under the Companys long-term obligations, reflecting discounts, premiums and debt issuance costs, consisted of the following: As of June 30, 2026 December 31, 2025 Maturity Date 2021 Multicurrency Credit Facility (1) $ 1,085.0 $ 380.0 May 1, 2029 2021 Term Loan (1) 997.9 998.1 May 1, 2029 2021 Credit Facility (1) 695.0 May 1, 2031 4.400% senior notes (2) 499.9 N/A 1.600% senior notes (3) 699.7 N/A 1.950% senior notes (4) 586.9 N/A 1.450% senior notes (5) 599.7 598.9 September 15, 2026 3.375% senior notes (5) 999.4 998.5 October 15, 2026 3.125% senior notes (5) 399.8 399.6 January 15, 2027 2.750% senior notes (5) 749.4 749.0 January 15, 2027 0.450% senior notes (5) (6) 856.0 879.7 January 15, 2027 0.400% senior notes (5) (6) 570.4 585.8 February 15, 2027 3.650% senior notes (5) 648.8 648.0 March 15, 2027 4.125% senior notes (5) (6) (7) 399.2 703.1 May 16, 2027 3.55% senior notes 749.1 748.7 July 15, 2027 3.600% senior notes 698.4 697.9 January 15, 2028 0.500% senior notes (6) 854.7 878.3 January 15, 2028 1.500% senior notes 648.9 648.5 January 31, 2028 5.500% senior notes 697.2 696.5 March 15, 2028 5.250% senior notes 647.1 646.4 July 15, 2028 5.800% senior notes 746.5 745.9 November 15, 2028 5.200% senior notes 645.8 645.1 February 15, 2029 3.950% senior notes 596.6 596.0 March 15, 2029 0.875% senior notes (6) 854.4 878.2 May 21, 2029 3.800% senior notes 1,643.4 1,642.4 August 15, 2029 2.900% senior notes 746.5 746.0 January 15, 2030 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

A summary of revenue disaggregated by source and geography is as follows: Three Months Ended June 30, 2026 U.S. & Canada Africa & APAC Europe Latin America Data Centers Total Non-lease property revenue $ 75.2 $ 2.2 $ 3.4 $ 26.8 $ 42.2 $ 149.8 Services revenue 61.3 61.3 Total non-lease revenue $ 136.5 $ 2.2 $ 3.4 $ 26.8 $ 42.2 $ 211.1 Property lease revenue 1,199.2 413.1 256.0 414.8 254.9 2,538.0 Total revenue $ 1,335.7 $ 415.3 $ 259.4 $ 441.6 $ 297.1 $ 2,749.1 Three Months Ended June 30, 2025 U.S. & Canada Africa & APAC Europe Latin America Data Centers Total Non-lease property revenue $ 72.5 $ 3.4 $ 3.4 $ 28.1 $ 36.8 $ 144.2 Services revenue 99.5 99.5 Total non-lease revenue $ 172.0 $ 3.4 $ 3.4 $ 28.1 $ 36.8 $ 243.7 Property lease revenue 1,234.6 332.9 229.3 361.3 225.1 2,383.2 Total revenue $ 1,406.6 $ 336.3 $ 232.7 $ 389.4 $ 261.9 $ 2,626.9 Six Months Ended June 30, 2026 U.S. & Canada Africa & APAC Europe Latin America Data Centers Total Non-lease property revenue $ 144.4 $ 6.3 $ 7.0 $ 57.2 $ 83.4 $ 298.3 Services revenue 128.9 128.9 Total non-lease revenue $ 273.3 $ 6.3 $ 7.0 $ 57.2 $ 83.4 $ 427.2 Property lease revenue 2,391.6 787.6 513.1 864.5 502.6 5,059.4 Total revenue $ 2,664.9 $ 793.9 $ 520.1 $ 921.7 $ 586.0 $ 5,486.6 Six Months Ended June 30, 2025 U.S. & Canada Africa & APAC Europe Latin America Data Centers Total Non-lease property revenue $ 147.2 $ 15.4 $ 6.2 $ 54.1 $ 72.7 $ 295.6 Services revenue 174.1 174.1 Total non-lease revenu …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

STOCK-BASED COMPENSATION Summary of Stock-Based Compensation Plans The Company maintains an equity incentive plan that provides for the grant of stock-based awards to its directors, officers and employees. Until May 20, 2026, the Companys 2007 Equity Incentive Plan, as amended (the 2007 Plan), provided for the grant of non-qualified and incentive stock options, as well as restricted stock units, restricted stock and other stock-based awards. The Companys 2026 Equity Incentive Plan (the 2026 Plan) was approved by the Companys stockholders on May 20, 2026, replacing the 2007 Plan, and provides for the grant of equity and equity-based awards, including options (including nonqualified stock options and incentive stock options), restricted stock, restricted stock units and other equity-based awards and cash awards, to employees, directors, consultants and advisors of the Company and its majority-owned subsidiaries. Exercise prices for non-qualified and incentive stock options are not less than the fair value of the underlying common stock on the date of grant. Equity awards typically vest ratably. Awards granted prior to March 10, 2023 generally vest over four years for time-based restricted stock units (RSUs) and stock options. In December 2022, the Companys Compensation and Human Capital Committee (the Compensation Committee) changed the terms of its awards to generally vest over three years. The change in vesting terms is applicable for new awards granted beginning on March 10, …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS The Company determines the fair value of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Below are the three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Items Measured at Fair Value on a Recurring Basis The fair values of the Companys financial assets and liabilities that are required to be measured on a recurring basis at fair value were as follows: June 30, 2026 December 31, 2025 Fair Value Measurements Using Fair Value Measurements Using Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Investments in equity securities (1) $ 18.8 $ 194.5 $ 15.3 $ 161.6 _______________ (1) Investments in equity securities are recorded in Notes receivable and other non-current assets in the consolidated balance she …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying value of goodwill for each of the Companys business segments were as follows: Property Services Total U.S. & Canada Africa & APAC Europe Latin America Data Centers Balance as of January 1, 2026 $ 4,636.8 $ 521.9 $ 3,247.3 $ 927.5 $ 2,920.0 $ 2.0 $ 12,255.5 Effect of foreign currency translation (1.6) (5.1) (89.4) 22.1 (74.0) Balance as of June 30, 2026 $ 4,635.2 $ 516.8 $ 3,157.9 $ 949.6 $ 2,920.0 $ 2.0 $ 12,181.5 The Companys other intangible assets subject to amortization consisted of the following: As of June 30, 2026 As of December 31, 2025 Estimated Useful Lives (years) Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value Acquired network location intangibles (1) Up to 30 $ 5,489.1 $ (2,858.9) $ 2,630.2 $ 5,511.3 $ (2,798.4) $ 2,712.9 Acquired tenant-related intangibles Up to 30 18,527.6 (7,902.6) 10,625.0 18,636.8 (7,609.3) 11,027.5 Acquired licenses and other intangibles 2-30 1,324.4 (599.0) 725.4 1,332.8 (542.5) 790.3 Total other intangible assets $ 25,341.1 $ (11,360.5) $ 13,980.6 $ 25,480.9 $ (10,950.2) $ 14,530.7 _______________ (1) Acquired network location intangibles are amortized over the remaining estimated useful life of the tower, taking into account residual value, generally up to 30 years, as the Company considers these intangibles to be directly related to the tower assets. The acquired network location intangibles …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The Company provides for income taxes at the end of each interim period based on the estimated effective tax rate (ETR) for the full fiscal year. Cumulative adjustments to the Companys estimate are recorded in the interim period in which a change in the estimated annual ETR is determined. Under the provisions of the Internal Revenue Code of 1986, as amended, the Company may deduct earnings distributed to stockholders against the income generated by its real estate investment trust (REIT) operations. The Company continues to be subject to income taxes on the income of its domestic taxable REIT subsidiaries and income taxes in foreign jurisdictions where it conducts operations. The Company provides valuation allowances if, based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Management assesses the available evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. Valuation allowances may be reversed if, based on changes in facts and circumstances, the net deferred tax assets have been determined to be realizable. The decrease in the income tax provision during the three months ended June 30, 2026 was primarily attributable to unrealized gains from equity securities in the United States and the accrual of taxes related to the anticipated repatriation of funds from certain foreign subsidiaries during the three months ended June 30, 2025 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee. During the six months ended June 30, 2026, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2025 Form 10-K. As of June 30, 2026, the Company does not have any material related party leases as either a lessor or a lessee. To the extent there are any intercompany leases, these are eliminated in consolidation. Lessor Historically, the Company has been able to successfully renew its applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of June 30, 2026 were as follows: Fiscal Year Amount (1) (2) Remainder of 2026 $ 4,443.4 2027 8,752.6 2028 7,338.1 2029 6,854.6 2030 5,541.6 Thereafter 16,965.3 Total $ 49,895.6 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact compara …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Accounting Standards Updates In November 2024, the FASB issued guidance which is intended to improve the disclosures about a public business entitys expenses, primarily through additional disclosures about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in each relevant expense caption presented on the face of the income statement within continuing operations. The guidance is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In November 2025, the FASB issued guidance which is intended to more closely align hedge accounting with the economics of an entitys risk management activities. The amendments are intended to better reflect those strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions. The guidance is effective on a prospective basis for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. …

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BUSINESS SEGMENTS Property Communications Sites and Related Communications Infrastructure The Companys primary business is leasing space on multitenant 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. The Company has historically reported these operations on a geographic basis. Data Centers The Company operates 30 data center facilities across eleven markets in the United States. The Companys Data Centers segment relates to data center facilities and related assets that the Company owns and operates in the United States. The Data Centers segment offers different types of leased land, infrastructure and related services from, and requires different resources, skill sets and marketing strategies than the existing property operating segment in the U.S. & Canada. As of June 30, 2026, the Companys property operations consisted of the following: U.S. & Canada: property operations in Canada and the United States; Africa & APAC: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda; Europe: property operations in France, Germany and Spain; Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru; and Data Centers: data center property operations in the United States. Services The Companys Services segment offers tower-related serv …

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EQUITY Sales of Equity Securities The Company receives proceeds from sales of its equity securities pursuant to the ESPP and upon exercise of stock options granted under the 2007 Plan. During the six months ended June 30, 2026, the Company received an aggregate of $21.0 million in proceeds upon exercises of stock options and sales pursuant to the ESPP. Stock Repurchase Program In December 2017, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock (the Buyback Program). Under the Buyback Program, the Company is authorized to purchase shares from time to time through open market purchases, in privately negotiated transactions not to exceed market prices, and (with respect to such open market purchases) pursuant to plans adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the Exchange Act), in accordance with securities laws and other legal requirements and subject to market conditions and other factors. During the six months ended June 30, 2026, the Company repurchased 1,164,378 shares of its common stock for an aggregate of $202.9 million, including commissions and fees, under the Buyback Program. As of June 30, 2026, the Company has repurchased a total of 3,105,690 shares of its common stock under the Buyback Program for an aggregate of $550.0 million, including commissions and fees. The Company expects to fund any further repurchas …

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