CROWN CASTLE INC. (CCI) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that CROWN CASTLE INC. surfaced in its latest filing.

• T-Mobile, AT&T and Verizon Wireless are the three largest tenants, and a substantial portion of revenues is derived from a small number of tenants.
• A 2022 agreement with T-Mobile addressing T-Mobile and Sprint network consolidation resulted in approximately $200 million in Towers non-renewals in 2025, with additional non-renewals expected each year through 2034 within 1% to 2% of Towers annual site rental revenues.2022
• Approximately $40 million in aggregate Fiber non-renewals expected in 2026 and subsequent years until closing of the Strategic Fiber Transaction.2026
• On January 12, 2026, a notice of default and termination was delivered to DISH under the Master Lease Agreement due to DISH failing to make required payments. The notice asserts DISH owes all remaining payments, totaling in excess of $3.5 billion.January 12, 2026
• Strategic Fiber Transaction: sale of Fiber Business to Zayo and EQT, with closing expected in the first half of 2026 and subject to regulatory approvals and other conditions.
• On March 13, 2025, the company signed the Strategic Fiber Agreement to sell all of its Fiber Business, with Zayo acquiring the fiber solutions business and EQT acquiring the small cell business.March 13, 2025
• In December 2023, Jay A. Brown retired as President and CEO, and Anthony J. Melone was appointed interim President and CEO.December 2023
• In April 2024, Steven J. Moskowitz was appointed President and CEO.April 2024
• In January 2025, Daniel K. Schlanger was announced to cease serving as EVP and CFO effective March 2025.January 2025
• In March 2025, Sunit Patel was appointed EVP and CFO effective April 2025.March 2025
• In March 2025, Mr. Schlanger was appointed interim CEO and Mr. Moskowitz was terminated.March 2025
• In August 2025, Christian Hillabrant was announced as President and CEO effective September 2025, after which Mr. Schlanger was appointed EVP and Chief Transformation Officer.August 2025
• In July 2023, the company initiated the 2023 Restructuring Plan reducing total employee headcount by approximately 15%, discontinuing installation services as a towers product offering, and consolidating office space.July 2023
• In June 2024, the company initiated the 2024 Restructuring Plan reducing total employee headcount by more than 10% and closing certain offices, primarily focused on the Fiber segment.June 2024
• In February 2026, the company initiated the 2026 Restructuring Plan reducing total tower and corporate employee headcount by approximately 20%.February 2026
• Entered into a Cooperation Agreement with Elliott Investment Management L.P., Elliott Associates, L.P. and Elliott International, L.P. in December 2023.December 2023
• Amended the Cooperation Agreement with Elliott on March 3, 2024, eliminating limitations on the size of the board of directors, Fiber Review Committee and CEO Search Committee.March 3, 2024
• Proxy contest in 2024 with Boots Capital.2024