Crown Castle Inc.

Good day and welcome to Crown Castle's second quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Chris Hinson, Vice President of Corporate Finance and Treasurer. Please go ahead.

Thank you, Ashia, and good afternoon, everyone. Thank you for joining us today as we discuss our second quarter 2025 results. With me on the call this afternoon are Dan Schlanger, Crown Castle's Interim President and Chief Executive Officer, and Sunit Patel, Crown Castle's Chief Financial Officer. To aid the discussion, we have posted supplemental materials in the investor section of our website at crowncastle.com that will be referenced throughout the call. This conference call will contain forward-looking statements which are subject to certain risks, uncertainties, and assumptions, and actual results may vary materially from those expected. Information about potential factors which could affect our results is available in the press release and the risk factor sections of the company's SEC filings. Our statements are made as of today, July 23, 2025, and we assume no obligation to update any forward-looking statements. In addition, today's call includes discussions of certain non-GAAP financial measures. Tables reconciling these non-GAAP financial measures are available in the supplemental information package in the investor section of the company's website at crowncastle.com. I would like to remind everyone that having an agreement to sell our fiber segment means that the fiber segment results are required to be reported within Crown Castle's financial statements as discontinued operations. Consistent with our first quarter reporting, the company's full year 2025 outlook and second quarter results do not include contributions from what we previously reported under the fiber segment, except as otherwise noted. To aid in the review of our second quarter results, we have included in our earnings materials full year 2024 results on a comparable basis. As we indicated last quarter, within 2025 outlook and in our quarterly results, all financing expenses are included in continuing operations and do not reflect the impact of any expected use of proceeds from the sale of our fiber business. Additionally, SG&A has been allocated between continuing and discontinued operations to develop our outlook. However, these allocations may not represent the run rate SG&A for Crown Castle as a standalone tower company. As a result, adjusted EBITDA, AFFO, and AFFO per share in our 2025 outlook and quarterly results may not be representative of the company's anticipated performance following the close of the sale. With that, let me turn the call over to Dan.

Thanks, Chris, and good afternoon, everyone. As a result of the great work by everyone at Crown Castle, we are delivering on the three near-term priorities I shared last quarter. First, meeting or exceeding the company's financial and operating objectives for 2025. Second, facilitating the successful close of the sale of our small cells and fiber solutions businesses. And third, positioning the tower business to maximize value for shareholders on a standalone basis. As evidenced by our solid second quarter results and our increased 2025 guidance, we are delivering on our first priority. The increase to our full-year 2025 outlook is underpinned both by higher demand for our assets, as our wireless customers continue to augment capacity in their networks, driving higher leasing and services activity, and by improved operating efficiency. On the second priority, we believe we are on track to close our sale transaction in the first half of 2026. We've already started receiving state-level approvals, and we are actively engaged with the Department of Justice as we process a second request for information that we recently received. From an operational standpoint, we have delivered to the buyers outlines of the processes, personnel, and support infrastructure required to operate each business. positioning us for a seamless transition at close. With respect to our third priority, since announcing the agreement to sell our small cell and fiber solutions businesses, we have focused on operating the tower business more efficiently. This focus is already beginning to show up in our results, as we have driven shorter cycle times that have contributed to our higher leasing expectations for the remainder of the year, we have improved the margins in our services business by reducing operating costs, and we have reduced expected full-year 2025 overhead costs by $10 million. We believe our continued focus on operating the tower business more efficiently, along with our previously announced capital allocation framework, will position the company to maximize value as a pure-play U.S. tower operator. In the second quarter, we made progress implementing our capital allocation framework by decreasing our dividend per share to $4.25 on an annualized basis which will increase our financial flexibility going forward. Following the close of our sale transaction, we intend to grow the dividend in line with ASFO excluding amortization of prepaid rent by maintaining a payout ratio of 75% to 80%. Additionally, we expect to spend between $150 and $250 million of annual net capital expenditures to modify our towers, purchase land under our towers, and invest in technology to enhance and automate our systems and processes. We believe these enhancements, which are already underway, are fundamental to our operational objectives of improving customer service, becoming the best operator of U.S. towers by increasing productivity and efficiency. Lastly, after paying our quarterly dividend and pursuing organic investment opportunities, we intend to utilize the free cash flow we generate to repurchase shares while maintaining our investment grade credit rating, which we believe will drive attractive shareholder returns. To wrap up, As supported by our updated full-year 2025 outlook, we are making solid progress across our three near-term priorities. We are on track to exceed our financial and operational objectives for 2025. We are making both regulatory and operational progress in the separation of the small cell and fiber solutions businesses and believe we are on track to close the transaction in the first half of 2026. And we are focusing on driving efficiencies and implementing our capital allocation framework which we believe will position the tower business to maximize long-term value creation. With that, I'll turn it over to Sunit to walk us through the details of the quarter.