Dividend ReductionManagement rebased its dividend to $4.25 per share annualized starting in 2Q25, implying a ~30% dividend cut vs. prior annualized dividend of $6.27 per share.
Leadership UncertaintyThe leadership transition adds uncertainty, and valuation has already largely re-rated.
Organic Growth RisksThere is a risk of CCI's organic growth prospects falling behind its largest tower competitor, AMT, by 50-150 bps in 2026, including the dilution from recurring annual Sprint churn.