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AT&T Inc. (NYSE:T) disclosed that it completed a structured sale-leaseback of 74 underutilized central office properties with Reign Capital, generating over $850 million in upfront cash.
The deal, covering 13 million square feet, also includes future profit-sharing from redevelopment opportunities.
The transaction aligns with AT&T’s strategy to exit most legacy copper network operations by 2029 while optimizing capital allocation.
By leasing only necessary space, the company streamlines its real estate footprint while maintaining exclusive control over critical infrastructure.
Notably, earlier in 2021, AT&T also executed a similar transaction with Reign Capital.
That deal comprised 13 properties covering over 3 million square feet and generated over $300 million in upfront cash. Initial redevelopment revenue generation is projected to begin in 2025.
Last month, AT&T partnered with JobsOhio to build a fiber network providing high-speed internet to all 14,000 residents and businesses in East Cleveland. The city is investing $1 million, with additional support from a $1.9 million JobsOhio OSIP grant.
The Dallas-based company plans to release its fourth-quarter 2024 results on Jan. 27.
Investors can gain exposure to the stock via iShares U.S. Telecommunications ETF (BATS:IYZ) and WBI Power Factor High Dividend ETF (NYSE:WBIY).
Price Action: T shares are up 0.64% at $22.67 at the last check Friday.
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