American Tower (AMT) risk factors: FY2025 10-K

1. 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.
2. Our business, results of operations and financial condition could be negatively impacted by disputes with our customers.new
3. A substantial portion of our current 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.
4. Increasing competition within our industries may materially and adversely affect our revenue.
5. If our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth and revenue could be materially and adversely affected.reworded
6. Competition to build or purchase assets could adversely affect our ability to achieve our return on investment criteria.
7. New technologies or changes, or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results.
8. Divestitures may materially and adversely affect our financial condition, results of operations or cash flows.reworded
9. Our use of joint ventures and strategic partnerships may expose us to risks associated with jointly owned investments.new

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1. Our leverage, debt service obligations 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.reworded
2. Increased inflation and interest rates may adversely affect us by increasing costs beyond what we can recover through price increases.rewordedInterest rates
3. Restrictive covenants in the agreements related to our securitization transaction, 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.reworded

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1. 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.
2. 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.
3. 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.
4. Complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities.
5. We could have liability under environmental and occupational safety and health laws.
6. We may be adversely affected by regulations related to climate change.

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1. 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.Cybersecurity
2. 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.new
3. If we are unable to protect our rights to the land under our towers and buildings in which our data centers are located, it could adversely affect our business and operating results.
4. Our business depends on effective data governance, and failures in our data governance frameworks could adversely affect our operations.new
5. The transformation initiatives we undertake may not deliver the results we expect.new
6. Our expansion initiatives involve a number of risks and uncertainties that could adversely affect our operating results, disrupt our operations or expose us to additional risk.reworded
7. Our towers, data centers, other telecommunications 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.reworded
8. 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.

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