Crown Castle (CCI) risk factors, FY2025 10-K

Risks Relating to Our Business and Industry

1. 01A substantial portion of our revenues is derived from a small number of tenants, and the loss, consolidation or financial instability of any of such tenants may materially decrease revenues, reduce demand for our communications infrastructure and services and impact our dividend per share growth46% rewritten
2. 02The expansion or development of our business, including through acquisitions, increased product offerings or other strategic opportunities, may cause disruptions in our business, which may have an adverse effect on our business, operations or financial results75% rewritten
3. 03Failure to timely, efficiently and safely execute on our construction projects could adversely affect our business
4. 04Further, investments in newly constructed communications infrastructure may result in lower initial returns compared to returns on our existing communications infrastructure or us not being able to realize future tenant additions at anticipated levels
5. 05New technologies may reduce demand for our communications infrastructure or negatively impact our revenues
6. 06If we fail to retain rights to our communications infrastructure, including the rights to land under our towers and the right-of-way and other agreements related to our small cells and fiber, our business may be adversely affected
7. 07Our services business has historically experienced significant volatility in demand, which reduces the predictability of our results27% rewritten
8. 08As a result of competition in our industry, we may find it more difficult to negotiate favorable rates on our new or renewing tenant contracts
9. 09New wireless technologies may not deploy or be adopted by tenants as rapidly or in the manner projected
10. 10If radio frequency emissions from wireless handsets or equipment on our communications infrastructure are demonstrated to cause negative health effects, potential future claims could adversely affect our operations, costs or revenues
11. 11Cybersecurity breaches or other information technology disruptions could adversely affect our operations, business, and reputation
12. 12If we do not continue to make appropriate investments in, and effectively implement and maintain, our information technology systems and digital capabilities, our business and operating results could be adversely affectedNew
13. 13Our business may be adversely impacted by climate-related events, natural disasters, including wildfires, and other unforeseen events
14. 14Failure to attract, recruit and retain qualified and experienced employees could adversely affect our business, operations and costs
15. 15Changes to management, including turnover of our top executives, could have an adverse effect on our business24% rewritten
16. 16Actions that we are taking, or have completed, to restructure our business in alignment with our strategic priorities may not be as effective as anticipated62% rewritten
17. 17In February 2026, we initiated the 2026 Restructuring Plan as part of our efforts to enhance the efficiency and effectiveness of the our standalone tower business. As a result, we announced a reduction of our total tower and corporate employee headcount by approximately 20%New
18. 18Actions of activist stockholders could impact the pursuit of our business strategies and adversely affect our results of operations, financial condition, or stock price

Risks Relating to Our Pending Sale of the Fiber Business

1. 19The pendency of the sale of our Fiber Business to Zayo and EQT may have an adverse effect on our business, results of operations, cash flows and financial position
2. 20The failure to complete the planned sale of the Fiber Business to Zayo and EQT could have a material and adverse effect on our business, results of operations, financial condition, cash flows, and stock price

Risks Relating to Our Debt and Equity

1. 21Sales or issuances of a substantial number of shares of our common stock or securities convertible into shares of our common stock may adversely affect the market price of our common stock23% rewritten
2. 22We have reserved an aggregate of approximately 14 million shares of common stock for issuance in connection with awards granted under our stock compensation plans
3. 23Certain provisions of our Charter and By-laws and operative agreements, and domestic and international competition laws may make it more difficult for a third party to acquire control of us or for us to acquire control of a third party, even if such a change in control would be beneficial to our stockholders
4. 24Such provisions, as well as the provisions of Section 203 of the Delaware General Corporation Law, may impede a merger, consolidation, takeover, or other business combination or discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of us

Risks Relating to Corporate Compliance

1. 25If we fail to comply with laws or regulations which regulate our business and which may change at any time, we may be fined or even lose our right to conduct some of our business

Risks Relating to Our REIT Status

1. 26Remaining qualified to be taxed as a REIT involves highly technical and complex provisions of the Code. Failure to remain qualified as a REIT would result in our inability to deduct dividends to stockholders when computing our taxable income, thereby increasing our tax obligations and reducing our available cash
2. 27As a REIT, we are generally entitled to a deduction for dividends that we pay and therefore are not subject to U.S. federal corporate income tax on our net taxable income that is currently distributed to our common stockholders
3. 28Complying with REIT requirements, including the 90% distribution requirement, may limit our flexibility or cause us to forgo otherwise attractive opportunities, including certain discretionary investments and potential financing alternatives
4. 29REIT related ownership limitations and transfer restrictions may prevent or restrict certain transfers of our capital stock24% rewritten