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Array Digital Infrastructure (AD) investor relations material

Array Digital Infrastructure Wells Fargo's 9th Annual TMT Summit summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Wells Fargo's 9th Annual TMT Summit summary18 Nov, 2025

Business overview and asset portfolio

  • Operates 4,400 towers with a tenancy rate of 1.02, focusing on rural and suburban markets.

  • Retains 30% of spectrum assets, mainly C-band, after selling 70% on a megahertz pops basis.

  • Holds non-controlling interests in about 10 investments, with four generating 80% of annual cash distributions (~$150M/year).

  • Recent wireless operations sale to T-Mobile and ongoing transition to a pure-play tower operator.

Spectrum transactions and capital return

  • Pending $1B spectrum sale to AT&T (3.45 GHz, 700 MHz) expected to close late 2024 or possibly 2026, with a $10/share special dividend planned.

  • $1B spectrum sale to Verizon (850 MHz) expected to close in Q3 2026, with an $8.50/share dividend.

  • Additional $178M spectrum sale to T-Mobile, closing in 2026.

  • Board plans to institute a regular recurring dividend post-spectrum sales, likely by late 2026 or early 2027.

Growth strategy and operational focus

  • Applications for new colocations up 125% year-over-year, excluding T-Mobile, with strong tailwinds expected for 2026-2027 revenue.

  • One-third of towers have no competing tower within two miles, and 80% are over 150 feet tall, providing significant capacity.

  • In-house sales and leasing operations since early 2025 have improved carrier relationships and sales performance.

  • Focused on increasing tenancy rates and maximizing existing tower capacity rather than build-to-suit or large-scale M&A.

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