Summary

Crown Castle is a domestic communications infrastructure REIT. Together with 2024 results, the corporate announced that it was restructuring after a strategic review. Going forward, the REIT will keep its operations that own and lease about 40,000 towers while selling their small cell and fiber business. At year-end, CCI had operations in 49 states with each single-tenant and colocation towers, including 105,000 small cells and 90,000 route miles of fiber. The small cell and fiber business accounted for about one-third of total revenues. Inside each segment, annual site rental revenues accounted for about 95% of revenues and repair fees for the rest.

A snapshot of the continuing tower business is as follows. The corporate focuses on long-term lease agreements. The 2024 weighted-average remaining lease term is about six years, and the common variety of tenants per tower is 2.4. About 40% of tower locations are on land owned by CCI. At year-end 2024, about 56% of towers were in the highest 50 domestic trading areas. The vast majority of CCI’s tower tenants are large cellphone carriers, with T-Mobile accounting for 30% of ann