reports
Postal Realty Trust, Inc. to Report Fourth Quarter 2025 Financial Resu...
Postal Realty Trust, Inc. to Report Fourth Quarter 2025 Financial Results on February 24, 2026 CEDARHURST, N.Y., Feb. 11, 2026 (GLOBE NEWSWIRE) -- Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns and manages over 2,200 properties leased primarily to the United States Postal Service (the “USPS”), ranging from last-mile post offices to industrial facilities, announced today that it will report its financial results for the period ended December 31, 2025, on Tuesday, February 24, 2026, after market close. Webcast and Call I...
- David Barden
CCI 4Q25 Results and Model Update
We are updating our model for CCI (Neutral, PT $93) following its 4Q25 results that were largely ahead of our estimates and consensus. With the removal of SATS noise from reported results, 2026 AFFO per share will be heavily influenced by the timing of the Small Cells and Fiber Segment Divestiture. As we have previously mentioned, we don’t see material upside in the stock until all the heavy lifting takes place which looks to wait until mid-year.
- David Barden
Crown Castle 4Q25 Quick Take: 2026 a transition year as CCI navigates ...
CCI (Neutral, PT $93) reported 4Q25 results that were largely ahead of our estimates and consensus. Following its previous disclosure that SATS has defaulted on its tower lease agreement payments, CCI shared organic growth guidance excluding these payments. Ahead of the close of its Small Cells and Fiber Segment in 1H26, we don’t see material upside as we wait for all the heavy lifting to take place. This said, at the end of the day, CCI will be THE pure play tower company in the US when the upp...
Crown Castle Reports Fourth Quarter and Full Year 2025 Results and Pro...
Crown Castle Reports Fourth Quarter and Full Year 2025 Results and Provides Outlook for Full Year 2026 HOUSTON, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today reported results for the full year ended December 31, 2025 and issued its full year 2026 outlook, as reflected in the table below. Full Year 2026 Full Year 2025(dollars in millions, except per share amounts)Current Outlook Midpoint(a)Midpoint GrowthRate Compared to Full Year 2025 Actual ActualActual Growth Rate Compared to Full Year 2024 ActualSite rental revenues(b)$3,850(5)% $4,049(5)%Net i...
Postal Realty Trust Announces Dividend Increase
Postal Realty Trust Announces Dividend Increase – Increases Dividend for Eighth Consecutive Year –– Provides Tax Characteristics of 2025 Dividends – CEDARHURST, N.Y., Jan. 30, 2026 (GLOBE NEWSWIRE) -- Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns and manages over 2,200 properties leased primarily to the United States Postal Service (the “USPS”), ranging from last-mile post offices to industrial facilities, announced today that its board of directors has approved a quarterly dividend on the Company’s Class A common sto...
- David Barden
Not unexpectedly, SATS defaults on AMT leases – We quantify the readth...
AMT (Buy, PT $203), after the close today, shared that SATS has defaulted on its tower lease agreement payments. This was unsurprising following a similar revelation from CCI (Neutral, PT $93) on 1/12/26 (see our note). AMT says this action will have no impact on 2025 results. AMT did not mention the value of the remaining payments, but we assume it is similar to the ~$3.5bn (undiscounted) CCI cited.
Crown Castle Announces Tax Reporting Information for 2025 Distribution...
Crown Castle Announces Tax Reporting Information for 2025 Distributions HOUSTON, Jan. 21, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) (“Crown Castle”) announced today certain year-end tax reporting information for its 2025 distributions. The following table summarizes, for income tax purposes, the nature of distributions paid to holders of Crown Castle Common Stock, par value $.01 per share (“Common Stock”), presented on a per share basis, during the calendar year ended December 31, 2025. Stockholders are urged to consult with their personal tax advisors as to their specific t...
Crown Castle Announces Fourth Quarter 2025 Earnings Conference Call De...
Crown Castle Announces Fourth Quarter 2025 Earnings Conference Call Details HOUSTON, Jan. 21, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") plans to release its fourth quarter 2025 results on Wednesday, February 4, 2026, after the market closes. In conjunction with the release, Crown Castle has scheduled a conference call for Wednesday, February 4, 2026, at 4:30 p.m. eastern time. A listen only live audio webcast of the conference call, along with any supplemental materials, can be accessed on the Crown Castle website at . Participants may join the conference c...
- David Barden
Towers & interest rates, the biggest moving parts
Given recent news around future interest rate actions by the Fed, we performed a sensitivity analysis to better understand potential AFFO per share implications for each of the three major tower companies. Based on a detailed, tranche by tranche debt analysis, SBAC (Neutral, PT $212) has the largest near-term exposure given its short-term refinancing needs. CCI (Neutral, PT $93) has limited exposure given that we expect its debt reduction using proceeds from its small cells and fiber business sa...
- David Barden
SATS defaults on CCI leases - Quantifying the readthrough
CCI (Neutral, PT $93) after the close today announced that SATS has defaulted on its tower lease agreement payments. As a result, the company has terminated the agreement and will seek to recover ~$3.5Bn+ of the remaining undiscounted payments owed. CCI says this decision will have no impact on 2025 results. As a function of this announcement, we are taking SATS payments fully out of our model for 2026E. Previously, we had zeroed out SATS payments for only 2H26 and beyond. In this note, we shar...
DISH Wireless Defaults on Payment Obligations to Crown Castle
DISH Wireless Defaults on Payment Obligations to Crown Castle DISH Obligated to Pay Crown in Excess of $3.5 Billion as Crown Castle Terminates Contract HOUSTON, Jan. 12, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today announced that DISH Wireless (“DISH”) has defaulted on its payment obligations to Crown Castle, causing Crown Castle to terminate its wireless infrastructure agreement with DISH. Statement by Crown Castle: “Crown Castle and many other American businesses helped DISH and its parent company, EchoStar, build its wireless communications network...
Postal Realty Trust, Inc. Provides Fourth Quarter and Full Year 2025 U...
Postal Realty Trust, Inc. Provides Fourth Quarter and Full Year 2025 Update - Acquired 216 Properties for $123 Million in 2025 -- Full Year 2025 Weighted Average Cash Capitalization Rate of 7.7% -- 89% of Debt Outstanding Set to Fixed Rates -- No Debt Maturities Until 2028 - CEDARHURST, N.Y., Jan. 08, 2026 (GLOBE NEWSWIRE) -- Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns and manages over 2,200 postal properties leased primarily to the United States Postal Service (the “USPS”), ranging from last-mile post offices to in...
- Jonathan Moreland
- David Barden
Towers 4Q25 Estimates & Ratings Refresh
The last 3 months have seen substantial tower price dislocation catalyzed by news that SATS intends to invoke contractual clauses and stop paying the tower industry for current leases. We highlight some key industry developments impacting sentiment and preview 4Q results based on our catch-up conversations with the companies in recent weeks.
- Jonathan Moreland
WHF WHITEHORSE FINANCE INC.
UEPS NET 1 U.E.P.S. TECHNOLOGIES INC.
SPG SIMON PROPERTY GROUP INC.
SAIC SCIENCE APPLICATIONS INTERNATIONAL CORP.
LTC LTC PROPERTIES INC.
HNRG HALLADOR ENERGY CO.
GOGO GOGO INC.
DAKT DAKTRONICS INC.
CUBE CUBESMART
AZO AUTOZONE INC.
ASA ASA
ADC AGREE REALTY CORPORATION
WVE WAVE LIFE SCIENCES
IGR CBRE CLARION GLOBAL REAL ESTAT
EPD ENTERPRISE PRODUCTS PARTNERS L.P.
FSFG FIRST SAVINGS FINANCIAL GROUP INC.
CLPR CLIPPER REALTY
BOMN BOSTON OMAHA
UA UNDER ARMOUR
NKE INC.
ULBI NIKE INC. CLASS B
FGBI ULTRALIFE
KOD FIRST GUARANTY BANCSHARES
EML KODIAK SCIENCES
MIDD THE EASTERN COMPANY
PHR THE MIDDLEBY CORPORATION
DHC PHREESIA
ALT DIVERSIFIED HEALTHCARE TRUST
COO ALTIMMUNE INC
AZYO THE COOPER COMPANIES INC.
DLHC AZIYO BIOLOGICS
IMNM DALEIGH HOLDINGS CORP
WRB IMMUNOME
MAIA W.R. BERKLEY CORPORATION
KVUE MAIA BIOTECHNOLOGY INC
GTE KENVUE INC
NBBK GRAN TIERRA ENERGY INC.
SUNS NB BANCORP INC.
ASST SUNRISE REALTY TRUST
MPTI ASSET ENTITIES INC.
M-TRON INDUSTRIES
INC.
- Jonathan Moreland
AAON AAON INC.
WHF WHITEHORSE FINANCE INC.
SPG SIMON PROPERTY GROUP INC.
SAIC SCIENCE APPLICATIONS INTERNATIONAL CORP.
HNRG HALLADOR ENERGY CO.
GOGO GOGO INC.
CUBE CUBESMART
CLFD CLEARFIELD INC.
AZO AUTOZONE INC.
ASA ASA
NB NIOCORP DEVELOPMENTS LTD
QTA QUATERRA RESOURCES INC.
WVE WAVE LIFE SCIENCES
IGR CBRE CLARION GLOBAL REAL ESTAT
WMG WARNER MUSIC GROUP CORP.
NKE NIKE INC. CLASS B
DIS THE WALT DISNEY COMPANY
ULBI ULTRALIFE
ELAN ELANCO ANIMAL HEALTH INC.
KOD KODIAK SCIENCES
EML THE EASTERN COMPANY
MIDD THE MIDDLEBY CORPORATION
PHR PHREESIA
DHC DIVERSIFIED HEALTHCARE TRUST
ALT ALTIMMUNE INC
COO THE COOPER COMPANIES INC.
RZLT REZOLUTE
AZYO INC.
DLHC AZIYO BIOLOGICS
AMR DALEIGH HOLDINGS CORP
BMEA ALPHA METALLURGICAL RESOURCES INC
WRB BIOMEA FUSION
NUVL INC.
MAIA W.R. BERKLEY CORPORATION
KVUE NUVALENT INC
GTE MAIA BIOTECHNOLOGY INC
NBBK KENVUE INC
SI GRAN TIERRA ENERGY INC.
ASST NB BANCORP INC.
MPTI SHOULDER INNOVATIONS INC
ASSET ENTITIES INC.
M-TRON INDUSTRIES
INC.
- Jonathan Moreland
ITW ILLINOIS TOOL WORKS INC.
AAON AAON INC.
SPG SIMON PROPERTY GROUP INC.
SAIC SCIENCE APPLICATIONS INTERNATIONAL CORP.
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC.
HNRG HALLADOR ENERGY CO.
GOGO GOGO INC.
CUBE CUBESMART
CLFD CLEARFIELD INC.
CE CELANESE CORPORATION
APLE APPLE HOSPITALITY REIT INC
NB NIOCORP DEVELOPMENTS LTD
QTA QUATERRA RESOURCES INC.
OXM OXFORD INDUSTRIES INC.
WVE WAVE LIFE SCIENCES
IGR CBRE CLARION GLOBAL REAL ESTAT
WMG WARNER MUSIC GROUP CORP.
DIS THE WALT DISNEY COMPANY
NWPP NEW PEOPLES BANKSHARES INC.
ULBI ULTRALIFE
ELAN ELANCO ANIMAL HEALTH INC.
KOD KODIAK SCIENCES
EML THE EASTERN COMPANY
MIDD THE MIDDLEBY CORPORATION
DHC DIVERSIFIED HEALTHCARE TRUST
COO THE COOPER COMPANIES INC.
RZLT REZOLUTE
AZYO INC.
NOG AZIYO BIOLOGICS
DLHC NORTHERN OIL AND GAS
IMNM DALEIGH HOLDINGS CORP
AMR IMMUNOME
BMEA ALPHA METALLURGICAL RESOURCES INC
LUCY BIOMEA FUSION
KVUE INC.
NBBK INNOVATIVE EYEWEAR INC
SI KENVUE INC
ASST NB BANCORP INC.
SHOULDER INNOVATIONS INC
ASSET ENTITIES INC.
- Jonathan Moreland
SPG SIMON PROPERTY GROUP INC.
SAIC SCIENCE APPLICATIONS INTERNATIONAL CORP.
GOGO GOGO INC.
CUBE CUBESMART
ULBI ULTRALIFE
ELAN ELANCO ANIMAL HEALTH INC.
EML THE EASTERN COMPANY
SVC SERVICE PROPERTIES TRUST
DHC DIVERSIFIED HEALTHCARE TRUST
COO THE COOPER COMPANIES INC.
AMR ALPHA METALLURGICAL RESOURCES INC
PBBK PB BANKSHARES
NRDY INC.
VANI NERDY INC.
SMRT VIVANI MEDICAL INC
MXF SMARTRENT INC
GF THE MEXICO FUND
HYMC INC.
ASST THE NEW GERMANY FUND
INC.
HYCROFT MINING HOLDING CORPORATION
ASSET ENTITIES INC.
Postal Realty to Participate in the NobleCon21 Conference & Nareit’s R...
Postal Realty to Participate in the NobleCon21 Conference & Nareit’s REITworld: 2025 Annual Conference CEDARHURST, N.Y., Dec. 02, 2025 (GLOBE NEWSWIRE) -- Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns and manages over 2,200 properties leased primarily to the United States Postal Service (the “USPS”), ranging from last-mile post offices to industrial facilities, announced today that Andrew Spodek, Chief Executive Officer, and Postal Realty management will present at the NobleCon 21 Conference at Florida Atlantic Univers...
Crown Castle to Present at the UBS Global Media and Communications Con...
Crown Castle to Present at the UBS Global Media and Communications Conference HOUSTON, Texas, Dec. 01, 2025 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") announced today that Chris Hillabrant, Crown Castle’s President and Chief Executive Officer, and Sunit Patel, Crown Castle’s Executive Vice President and Chief Financial Officer are scheduled to present on Tuesday, December 9, 2025 at 1:30 p.m. Eastern Time at the UBS Global Media and Communications Conference. The presentation will be broadcast live over the Internet and is expected to last approximately 35 minutes....
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