PROSPECTUS SUPPLEMENT TO
PROSPECTUS DATED JUNE 4, 2019
$1,000,000,000
American Tower
Corporation
Common Stock
We have entered into a sales agreement (the sales agreement) with Goldman Sachs & Co. LLC, BofA Securities, Inc., Barclays
Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Santander Investment Securities Inc., Scotia Capital (USA)
Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC (each, an agent and collectively, the agents) relating to the issuance and sale, from time to time, of shares of our common
stock, par value $0.01 per share (our Common Stock), offered by this prospectus supplement and the accompanying prospectus. In accordance with the terms of the sales agreement, we may offer and sell shares of our Common Stock having an
aggregate gross sales price of up to $1,000,000,000 from time to time through the agents.
Sales of shares of our Common Stock, if any, under this prospectus supplement and the accompanying prospectus may be made in negotiated transactions, which may include block trades, or transactions that
are deemed to be at the market offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the Securities Act), including sales made directly on the New York Stock Exchange (the
NYSE), or sales made to or through a market maker other than on an exchange or as otherwise agreed upon by the agents and us. Subject to the terms and conditions of the sales agreement, each agent will use its commercially reasonable
efforts consistent with its normal trading and sales practices to sell the shares of Common Stock on our behalf, on mutually agreed terms between such agent and us. We also may sell some or all of the shares in this offering to an agent as principal
for its own account at a price per share agreed upon at the time of sale. If we sell shares of our Common Stock to an agent as principal, we will enter into a separate agreement with such agent setting forth the terms of such transaction, and, to
the extent required by applicable law, we will describe this agreement in a separate prospectus supplement or pricing supplement.
We will pay each agent a commission at a mutually agreed rate that will not exceed, but may be lower than, 1.5% of the gross sales price
of all shares sold through it as agent under the sales agreement. In connection with the sale of the shares of Common Stock on our behalf, each agent may be deemed to be an underwriter within the meaning of the Securities Act, and the
agents compensation may be deemed to be underwriting commissions or discounts. See Plan of Distribution beginning on page S-21 for additional information regarding the compensation to be paid to the agents. Our Common Stock is
listed on the NYSE under the symbol AMT. On July 31, 2020, the last reported sale price of our Common Stock on the NYSE was $261.39 per share. The net proceeds from any sales under this prospectus supplement will be used as
described under Use of Proceeds.
Investing in our Common Stock involves risks. See Risk Factors beginning on page S-7 and those described as risk factors in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019 (the 2019
Annual Report), as updated in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the Q1 2020 Quarterly Report), and the other
documents incorporated by reference into this prospectus supplement and the accompanying prospectus.
Neither the Securities and Exchange Commission (the SEC) nor any state securities commission has approved or disapproved of
these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
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Goldman Sachs & Co. LLC
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BofA Securities
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Barclays
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Citigroup
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J.P. Morgan
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Mizuho Securities
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Morgan Stanley
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MUFG
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RBC Capital Markets
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Santander
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Scotiabank
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SOCIETE GENERALE
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SMBC Nikko
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TD Securities
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The date of this
prospectus supplement is August 5, 2020.