Crown Castle

Track record is mixed. The 2024 goodwill impairment of roughly $5.0 billion in the Fiber unit highlights the poor historical returns in that segment.

Management has since course‑corrected by agreeing to sell Fiber, resetting the dividend from $1.565 in Q1 2025 to $1.0625 per quarter thereafter, and adopting a payout policy of about 75% to 80% of AFFO with planned repurchases after close.

Sustaining capex needs in towers are minimal, and discretionary tower capex is modest, which supports higher through‑cycle cash conversion. Execution risk remains until Fiber proceeds are received and leverage is reduced, but the policy architecture is now aligned with long‑term value creation.