Crown Castle Inc

Fiber Segment Sale: Crown Castle has signed a definitive agreement to sell its Fiber segment to EQT and Zayo for a total of $8.5 billion, split between the two entities. This move marks the conclusion of its strategic review and aims to enhance shareholder value by focusing on the tower business as a pure-play U.S. tower company. The transaction is expected to close in the first half of 2026, subject to regulatory approvals.

2025 Financial Outlook: For 2025, Crown Castle anticipates organic growth of 4.5% in tower revenues, excluding the impact of Sprint cancellations, which the company estimates will result in approximately $205 million in losses. The anticipated AFFO (Adjusted Funds from Operations) will be around $1.8 billion, with expectations for annual AFFO of about $2.3 billion post-transaction, driven by an anticipated reduction in interest expenses after using proceeds to repay debt.

Dividend Strategy: The company plans to reduce its annual dividend to approximately $4.25 per share starting in Q2 2025, which will represent about 75% to 80% of annual AFFO (excluding amortization of prepaid rent). This aligns with their strategy to balance financial flexibility with shareholder returns.