Crown Castle Inc.

please signal conference specialist by pressing the star key fault 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 a touchtone phone. 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 Henson, Vice President of Corporate Finance and Treasurer. Please go ahead.

Thank you, Chloe, and good afternoon, everyone. Thank you for joining us today as we discuss our third quarter 2025 results. With me on the call this afternoon are Chris Hillebrandt, Crown Castle's President and Chief Executive Officer, and Suna 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, October 22, 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 last quarter, the company's full year 2025 outlook and third 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 third quarter results, our earnings materials include 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 Chris.

Thank you, Chris, and good afternoon, everyone. It's an honor to address you for the first time as CEO of Crown Castles. As you have seen from my background, I have been in the telecommunications industry for many years, and I have long admired Crown Castle and its high-quality portfolio of approximately 40,000 towers, both as a customer and as a previous competitor. In my first 40 days, I have traveled across the country to host town halls and hear from many of Crown Castle's employees and customers, and I have gained several key insights. First, I am really pleased by the high level of engagement of our employees. and their excitement on our goal to become a best-in-class U.S. tower company. We believe that the fiber and small sale transaction remains on track to close in the first half of 2026. Second, I believe that the U.S. wireless communications infrastructure industry is entering a period of significant opportunity supported by solid fundamentals, continued growth, and customer demand. Third, Proudcastle is uniquely positioned to drive attractive risk-adjusted returns during this period as the only large publicly traded tower operator with an exclusive focus on the U.S. In September, CTIA, a leading wireless industry association, reported that mobile data demand in 2024 had increased by more than 30% for the third consecutive year. We believe mobile data demand is the best indicator of long-term demand for our assets, as incremental network investment by our customers is required to enable higher levels of mobile data traffic. As data demand continues to grow, it will require operators to expand network capacity by both deploying new sites and adding new spectrum bands to existing sites. We're seeing this dynamic unfold in real time. Over the past year, each major mobile network operator has acquired additional spectrum despite having collectively secured approximately 700 megahertz of spectrum less than five years ago, the same amount of spectrum acquired in the prior 40 years combined. Looking ahead, the FCC has said it plans to auction at least 800 megahertz of additional spectrum beginning in 2027. As we saw during the early stages of the 5G deployment cycle, spectrum acquisitions by well-capitalized carriers tends to create significant opportunities for tower operators. With this in mind, I am excited by Crown Castle's long-term value creation opportunity as the only large publicly traded tower operator with an exclusive focus on the U.S. market. I believe we have an opportunity to generate attractive long-term risk-adjusted shareholder returns by focusing on becoming the best operator of U.S. towers with the following strategic priorities. First, to empower the Crown Castle team to make the best and timely business decisions by investing in our systems to improve the quality and accessibility of asset information. Second, strengthen our ability to meet the business's needs by streamlining and automating processes to enhance operational flexibility. And third, as the team has already started doing, drive efficiencies across the business. We will advance our data management and process engineering capabilities to deliver on these strategic priorities. And over the long term, we expect to maximize cash flow by unlocking additional organic growth while driving continuous improvement and profitability. This strategy is supported by our previously announced standalone tower capital allocation framework, which balances the predictable return of capital to shareholders with the financial flexibility to invest in our core business. Following the close of our sale transaction, we intend to grow our dividend in line with AFFO, excluding amortization of prepaid rent, by maintaining a payout ratio of 75% to 80%. Additionally, we continue to expect to spend between $150 to $250 million of annual net capital expenditures to add and 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 strategic priorities to improve the quality and accessibility of asset information, enhance operational flexibility, and to drive further efficiencies. Lastly, after paying our quarterly dividend and pursuing organic investment opportunities, we intend to utilize the cash flow we generate to repurchase shares while maintaining our investment-grade credit rating. So in conclusion, I am excited by the opportunity ahead for both the U.S. wireless infrastructure industry and Crown Castle specifically as the only large publicly traded tower operator with an exclusive focus on the U.S., We are well positioned to deliver attractive, risk-adjusted returns over the long term with our strategy designed to maximize organic growth while enhancing profitability and our capital allocation framework, which balances the predictable return of capital to shareholders with financial flexibility. With that, I'll turn it over to Sunit to walk us through the details of the quarter. Thanks, Chris, and good afternoon, everyone.