6 new paragraphs in the 10-K, 24 new in the latest 10-Q
Paragraphs with nothing like them in last year's 10-K
6 paragraphs in Risk Factors of the 10-K filed Feb 27, 2026 with nothing like them in the 10-K filed Feb 26, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 29 Real estate companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
(1)The increase in site leasing revenue derived from Tigo was due to the sites purchased from Millicom during the year ended December 31, 2025.
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Our business depends, in part, on the ability of customers to perform under their contractual and financial obligations.
Similar paragraph at 1 of 29 other Real estate companies: SPGAdverse changes in a customer’s financial condition or business operations could result in delayed payments, reduced revenues, contract modifications, or nonperformance. For example, in late 2025, EchoStar (f/k/a DISH Wireless) notified us that it would be discontinuing its network business. In December 2025, EchoStar defaulted on its payment obligations to us and such default has continued into 2026. As a result, we currently expect that this churn will represent approximately $56.0 million of cash site leasing revenue during 2026. While EchoStar’s default, has not had, and is not expected to have, a material adverse effect, any failure of other customers to perform under their contractual and financial obligations to us could, individually or in the aggregate, have a material adverse effect on our business, results of operations and financial condition. In addition, we may take certain actions to enforce our
rights (including with respect to payment) under our customer contracts, including our contracts with EchoStar, which may be costly, time-consuming and divert management’s attention, and the outcome of any such enforcement is inherently uncertain.
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Our operations, like those of other companies engaged in similar businesses, are subject to the requirements of various federal, state, local, and foreign environmental and occupational safety and health laws and regulations (including climate-related laws
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From time to time, we may generate REIT taxable income greater than our cash flow as a result of differences in timing between the recognition of taxable income and the actual receipt of cash or the effect of nondeductible capital expenditures, the
Similar paragraph at 1 of 29 other Real estate companies: VTRRead in the 10-K ↗
Paragraphs in the 10-Q filed Nov 5, 2026 that were not in the one before
24 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
(2) Includes gains from the downward adjustments to lease liabilities that exceed the related right-of-use assets.
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(1) The three and nine months ended September 30, 2025 exclude a $139.6 million acquisition completed during the third quarter of 2025 which was not funded until the fourth quarter of 2025.
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During the third quarter of 2026, the Company sold all of its towers in both Chile and Ecuador and ended its operations in those countries. Proceeds from the sale of these towers were $134.2 million and are included in Proceeds from sale of assets on the
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On September 10, 2026, the Company entered into an agreement to sell all of its towers and related assets held in Peru. This transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2026. Assets held for sale of $ 77.6 million are recorded within Prepaid expenses and other current assets on the Consolidated Balance Sheet as of September 30, 2026 and are primarily comprised of $ 34.5 million of Property and equipment, net, $ 23.2 million of Operating lease right-of-use assets, net, and $ 16.0 million of Intangible assets, net. Liabilities held for sale of $ 27.2 million are recorded within Other current liabilities on the Consolidated Balance Sheet as of September 30, 2026 and are primarily comprised of $ 17.2 million of Long-term lease liabilities, $ 5.9 million of Other long-term liabilities, and $ 2.3 million of Current lease liabilities. These amounts are all included as part of the International site leasing segment as of September 30, 2026.
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The Company anticipates refinancing the 2021-1C Tower Securities prior to their maturity.
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Show the other 19
(3) Other Cash interest expense for the three and nine months ended September 30, 2026 include $2.3 million of net cash receipts related to the Company’s interest rate swap agreements. Non-cash interest expense for the three and nine months ended September 30, 2026 include a $19.0 million gain related to the de-designation of the Company’s interest rate swaps. Refer to Note 17 for more information on the Company’s interest rate swaps.
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Obligations under the Senior Credit Agreement are unsecured. The Senior Credit Agreement requires the Company to maintain specific financial ratios, including (1) a consolidated total net leverage ratio not to exceed 7.50 to 1.00 as of the last day of any fiscal quarter (or up to 8.00 to 1.00 for four fiscal quarters following the consummation of certain qualified acquisitions) and (2) a consolidated senior secured leverage ratio not to exceed 3.50 to 1.00 as of the last day of any fiscal quarter. The Senior Credit Agreement contains customary affirmative and negative covenants that, among other things, limit the Company’s ability to incur indebtedness, grant certain liens, merge or consolidate, make certain restricted payments, enter into transactions with affiliates, and engage in certain asset disposals. The Senior Credit Agreement is also subject to customary events of default.
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The Senior Credit Agreement permits the Company, without the consent of the other lenders, to request that one or more existing or new lenders provide it with increases to the Revolving Credit Facility in an amount not to exceed $1.0 billion, provided that, after giving effect to the proposed increase to the Revolving Credit Facility commitments, the Company would be in compliance with the financial ratios described above and other customary conditions set forth in the Senior Credit Agreement.
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On September 25, 2026, the Company established a commercial paper program (the “Commercial Paper Program”) pursuant to which it may issue from time to time short-term, unsecured, commercial paper notes (the “CP Notes”) in an aggregate principal amount outstanding at any one time not to exceed $2.5 billion. Amounts available under the Commercial Paper Program may be borrowed, repaid and reborrowed from time to time. The maturities of the CP Notes may vary, but will not exceed 397 days from the date of issue. The proceeds of the CP Notes will be used for general corporate purposes. The CP Notes will be sold on customary terms in the U.S. commercial paper market on a private placement basis. The Commercial Paper Program is backed by unused commitments under the Revolving Credit Facility under the Senior Credit Agreement. Accordingly, outstanding borrowings under the Commercial Paper Program reduce the amount available under the Revolving Credit Facility.
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The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates.
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site leases may include pass-through charges, such as rent related to ground leases and other property interests, utilities, property taxes, and fuel.
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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
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Loss from extinguishment of debt, net was $20.1 million for the three months ended September 30, 2026 which primarily represents the write-off of $16.1 million of unamortized financing fees and $4.0 million of original issuance discount associated with the repayment of the then existing revolving credit facility and 2024 Term Loan in July 2026.
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Loss from extinguishment of debt, net was $20.1 million for the nine months ended September 30, 2026 which primarily represents the write-off of $16.1 million of unamortized financing fees and $4.0 million of original issuance discount associated with the repayment of the then existing revolving credit facility and 2024 Term Loan in July 2026.
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(2) The nine months ended September 30, 2025 excludes a $139.6 million acquisition completed during the third quarter of 2025 which was not funded until the fourth quarter of 2025.
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(2) During the nine months ended September 30, 2026, we purchased 1.7 million shares of our Class A common stock for $302.2 million at an average price per share of $179.75. Amounts reflected in the table are based on the settlement date. For additional information regarding our share repurchase activity, refer to Part II Item 2 under “Issuer Purchases of Equity Securities” below.
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Obligations under the Senior Credit Agreement are unsecured. The Senior Credit Agreement requires us to maintain specific financial ratios, including (1) a consolidated total net leverage ratio not to exceed 7.50 to 1.00 as of the last day of any fiscal quarter (or up to 8.00 to 1.00 for four fiscal quarters following the consummation of certain qualified acquisitions) and (2) a consolidated senior secured leverage ratio not to exceed 3.50 to 1.00 as of the last day of any fiscal quarter. The Senior Credit Agreement contains customary affirmative and negative covenants that, among other things, limit our ability to incur indebtedness, grant certain liens, merge or consolidate, make certain restricted payments, enter into transactions with affiliates, and engage in certain asset disposals. The Senior Credit Agreement is also subject to customary events of default.
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The Senior Credit Agreement permits us, without the consent of the other lenders, to request that one or more existing or new lenders provide us with increases to the Revolving Credit Facility in an amount not to exceed $1.0 billion, provided that, after giving effect to the proposed increase to the Revolving Credit Facility commitments, we would be in compliance with the financial ratios described above and other customary conditions set forth in the Senior Credit Agreement.
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On September 25, 2026, we established a commercial paper program (the “Commercial Paper Program”) pursuant to which we may issue from time to time short-term, unsecured, commercial paper notes (the “CP Notes”) in an aggregate principal amount outstanding at any one time not to exceed $2.5 billion. Amounts available under the Commercial Paper Program may be borrowed, repaid and reborrowed from time to time. The maturities of the CP Notes may vary, but will not exceed 397 days from the date of issue. The proceeds of the CP Notes will be used for general corporate purposes. The CP Notes will be sold on customary terms in the
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U.S. commercial paper market on a private placement basis. The Commercial Paper Program is backed by unused commitments under our Revolving Credit Facility under our Senior Credit Agreement. Accordingly, outstanding borrowings under the Commercial Paper Program reduce the amount available under our Revolving Credit Facility.
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Share sales and buybacks
The following table presents information related to our repurchases of Class A common stock during the third quarter of 2026:
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Other information
We inadvertently omitted the disclosure of a Rule 10b5-1 trading arrangement adopted by Steve Bernstein, a director, on June 18, 2026, in Item 5 of Part II in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. The details of such plan are set forth below.
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Aggregate # of Trading Date Expiration Securities to be Name Title Arrangement Action Adopted Date Purchased/Sold Steve Bernstein Director Rule 10b5-1(1) Adoption June 18, 2026 September 19, 2027 57,119
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 27, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.