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.

• On January 6, 2022, we entered into an agreement with T-Mobile that addressed the T-Mobile and Sprint network consolidation, resulting in approximately $200 million in Towers non-renewals in 2025 and expected additional non-renewals of 1% to 2% of Towers annual site rental revenues each year through 2034, plus approximately $40 million in aggregate Fiber non-renewals in 2026 and subsequent years.January 6, 2022
• On January 12, 2026, we delivered a notice of default and termination to DISH relating to our Master Lease Agreement due to DISH failing to make required payments, asserting DISH owes us all remaining payments totaling in excess of $3.5 billion.January 12, 2026
• On March 13, 2025, we signed the Strategic Fiber Agreement to sell our Fiber Business; Zayo acquiring the fiber solutions business and EQT acquiring the small cell business, with closing expected in the first half of 2026.March 13, 2025
• In July 2023, we initiated the 2023 Restructuring Plan targeting approximately 15% employee headcount reduction, discontinuing installation services, and consolidating office space, with completion by June 30, 2024, and office space payments through 2032.July 2023
• In June 2024, we initiated the 2024 Restructuring Plan focusing on the Fiber segment, with more than 10% employee headcount reduction and office closures, completion by December 31, 2024, and office payments through 2033.June 2024
• In February 2026, we initiated the 2026 Restructuring Plan for the standalone tower business, targeting approximately 20% reduction in tower and corporate employee headcount.February 2026
• In December 2023, we entered into a Cooperation Agreement with Elliott Investment Management L.P., Elliott Associates, L.P. and Elliott International, L.P., appointing Jason Genrich and Sunit Patel as directors and establishing a Fiber Review Committee and a CEO Search Committee; the agreement was amended on March 3, 2024.December 2023
• We had a proxy contest in 2024 with Boots Capital.2024
• In December 2023, Jay A. Brown, President and CEO, retired; in April 2024, Steven J. Moskowitz was appointed President and CEO; in March 2025, Mr. Moskowitz was terminated and Mr. Schlanger was appointed interim CEO; in August 2025, Christian Hillabrant was appointed President and CEO effective September 2025.
• In January 2025, Daniel K. Schlanger ceased as EVP and CFO effective March 2025; in March 2025, Sunit Patel was appointed EVP and CFO effective April 2025.
• Services and other revenues decreased by 54% in 2024 and 49% in 2025 due to the discontinuation of installation services as a towers product offering announced in July 2023.
• We have purchase options on AT&T towers for aggregate payments of approximately $4.2 billion, exercisable between 2032 and 2048; on T-Mobile towers for approximately $2.3 billion exercisable in 2037; and on the remainder of T-Mobile towers for approximately $2.0 billion, exercisable between 2035 and 2049.
• We maintain an at-the-market stock offering program (2024 ATM Program) allowing sales of up to $750 million of common stock, with $750 million remaining as of February 19, 2026.2024
• We have reserved approximately 14 million shares of common stock for issuance under stock compensation plans.
• Our charter prohibits any person from beneficially or constructively owning more than 9.8% by value or number of shares of outstanding common stock, or more than 9.8% in aggregate value of all classes and series of capital stock.
• For the first quarter of 2025, we paid a common stock dividend of $1.565 per share, and for each remaining quarter in 2025, we paid $1.0625 per share, totaling approximately $2.1 billion.
• We have existing federal NOLs of approximately $1.4 billion; quarterly cash dividends will delay utilization and may cause certain NOLs to expire.