The company said it is in a legal dispute with AT&T Mexico, which represented approximately $300 million of tenant revenue in 2024 and has not paid tower rents since the start of 2025.

8-KRegulation FD DisclosureFiled Sep 5, 2025Period of report Sep 3, 2025Summary published (UTC) Oct 13, 2026

Key points

AI summary

The company said it is in a legal dispute with AT&T Mexico, which represented approximately $300 million of tenant revenue in 2024 and has not paid tower rents since the start of 2025.
The company said it recorded reserves of about $10 million related to this customer in Q2 2025 and that it would likely record additional reserves going forward if AT&T Mexico continues to withhold payment.
The company said it has valid defenses against AT&T Mexico's claims and is vigorously defending the full enforceability of its Master Lease Agreement ("MLA"). It said the arbitration is scheduled for a hearing in August 2026.
The company said DISH represents about 2% of its total annual property revenue and about 4% of its total annual U.S. & Canada property revenue. It also said its Master Lease Agreement with DISH was signed in 2021 and expires in 2036.

Summary

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Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AT&T Mexico Not Paying Tower Rents in Dispute

The company said it is in a legal dispute with AT&T Mexico, which represented approximately $300 million of tenant revenue in 2024 and has not paid tower rents since the start of 2025.

Source · Based on the filing body and exhibits

$10 million in Reserves Recorded in Q2 2025

The company said it recorded reserves of about $10 million related to this customer in Q2 2025 and that it would likely record additional reserves going forward if AT&T Mexico continues to withhold payment.

Source · Based on the filing body and exhibits

MLA Defense and August 2026 Arbitration Hearing

The company said it has valid defenses against AT&T Mexico's claims and is vigorously defending the full enforceability of its Master Lease Agreement ("MLA"). It said the arbitration is scheduled for a hearing in August 2026.

Source · Based on the filing body and exhibits

DISH Revenue Share and Master Lease Agreement Term

The company said DISH represents about 2% of its total annual property revenue and about 4% of its total annual U.S. & Canada property revenue. It also said its Master Lease Agreement with DISH was signed in 2021 and expires in 2036.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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