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Crown Castle Inc. (CCI) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Crown Castle's operations, which include owning, operating, and leasing shared communications infrastructure across the U.S., such as towers and fiber supporting small cell networks.
Crown Castle reported total site rental revenues of $6.358 billion for 2024, a decrease from $6.532 billion in 2023. This decline was primarily due to a reduction in Sprint cancellation payments and a decrease in prepaid rent amortization.
The company recorded a net loss of $3.903 billion in 2024, compared to a net income of $1.502 billion in 2023. This loss was largely attributed to a $5.0 billion goodwill impairment charge related to its Fiber segment.
Crown Castle's operating segments include Towers and Fiber. The Towers segment generated $4.266 billion in site rental revenues, while the Fiber segment contributed $2.092 billion.
The company's restructuring plans in 2023 and 2024 aimed to reduce costs and improve operational efficiency, resulting in restructuring charges of $109 million in 2024.
Crown Castle's largest customers, T-Mobile, AT&T, and Verizon Wireless, accounted for approximately 73% of its 2024 site rental revenues.
The company operates as a REIT for U.S. federal income tax purposes and expects to continue paying minimal cash income taxes due to its REIT status and net operating loss carryforwards.
Crown Castle's total debt and other obligations amounted to $24.081 billion as of December 31, 2024, with a weighted average interest rate of 3.9%.
The company announced a definitive agreement to sell its Fiber segment, with the transaction expected to close in the first half of 2026, subject to regulatory approvals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Crown Castle Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.