ADDED
As of February 17, 2026, there were 466,084,820 shares of common stock outstanding.
Business 1 Overview 1 Products and Services 2 Strategy 4 Regulatory Matters 6 Competition 8 Human Capital Resources 8 Executive Officers 9 Available Information 9 ITEM 1A.
Management s Discussion and Analysis of Financial Condition and Results of Operations 29 Executive Overview 29 Non-GAAP Financial Measures 35 Results of Operations: Years Ended December 31, 2025 and 2024 36 Liquidity and Capital Resources 45 Critical Accounting Policies and Estimates 54 Accounting Standards Updates 56 ITEM 7A.
These services include site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction.
As of December 31, 2025, our communications real estate portfolio of 149,686 communications sites included 42,224 communications sites in the U.S.
Canada, 27,857 communications sites in Africa APAC (as defined below), 32,524 communications sites in Europe and 47,081 communications sites in Latin America, as well as (i) urban telecommunications assets in Argentina, Brazil, Colombia and Spain, (ii) other property interests in Canada and the United States and (iii) 30 operating data center facilities across eleven markets in the United States.
As of December 31, 2025, our REIT-qualified businesses included our U.S.
We derive our churn rate for a given year by dividing our tenant billings lost on this basis by our prior-year tenant billings.
Canada 49 % 52 % 53 % Africa APAC (1) 13 % 12 % 12 % Europe 9 % 8 % 8 % Latin America 15 % 17 % 18 % Data Centers 10 % 9 % 8 % _______________ (1) For the years ended December 31, 2024 and 2023, excludes the operating results of our subsidiaries, ATC Asia Pacific Pte.
and ATC Telecom Infrastructure Private Limited ( ATC TIPL ), which are reported as discontinued operations.
REMOVED
As of February 18, 2025, there were 467,457,256 shares of common stock outstanding.
Business 1 Overview 1 Products and Services 2 Strategy 5 Regulatory Matters 6 Competition 8 Human Capital Resources 8 Executive Officers 10 Available Information 10 ITEM 1A.
Management s Discussion and Analysis of Financial Condition and Results of Operations 27 Executive Overview 27 Non-GAAP Financial Measures 33 Results of Operations: Years Ended December 31, 2024, 2023 and 2022 34 Liquidity and Capital Resources 46 Critical Accounting Policies and Estimates 55 Accounting Standards Updates 58 ITEM 7A.
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.
As of December 31, 2024, our communications real estate portfolio of 148,957 communications sites included 42,222 communications sites in the U.S.
Canada, 26,642 communications sites in Africa APAC (as defined below), 31,786 communications sites in Europe and 48,307 communications sites in Latin America, as well as (i) urban telecommunications assets in Argentina, Brazil, Colombia, South Africa and Spain, (ii) other property interests in Canada and the United States and (iii) 29 data center facilities across ten markets in the United States.
In 2023, we undertook a strategic review of our India operations, where we evaluated the appropriate level of exposure to the India market within our global portfolio of communications assets, and assessed opportunities to repurpose capital to drive long-term shareholder value and sustained growth.
The strategic review concluded in January 2024 with the signed agreement for the ATC TIPL Transaction (as defined below).
On January 4, 2024, we, through our subsidiaries, ATC Asia Pacific Pte.
and ATC Telecom Infrastructure Private Limited ( ATC TIPL ), which held our operations in India, entered into an agreement with Data Infrastructure Trust ( DIT ), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management, pursuant to which DIT agreed to acquire a 100% ownership interest in ATC TIPL (the ATC TIPL Transaction ).