Array Digital Infrastructure

The tower model is structurally predictable thanks to long‑dated leases and embedded escalators. Management reaffirmed 2026 guidance for total operating revenues of $200–$215 million and Adjusted OIBDA of $50–$65 million.

However, Array’s standalone history is short, current tenancy is low, and revenue concentration is high, which reduces near‑term visibility. The DISH non‑payment dispute and the expected step‑down in interim T‑Mobile leases inject volatility even as the 15‑year MLA underpins the base.

Equity‑method income from non‑controlled entities is material, but distributions can be lumpy, as seen in recent years. Overall we expect steady site‑rental growth, but with wider bands than mature peers until tenancy scales.