AT&T Inc. recently completed a significant step in its network transformation by partnering with private real estate development firm Reign Capital for a structured sale-leaseback of underutilized central office facilities. This transaction has generated over $850 million in upfront cash proceeds for AT&T, thanks to an innovative deal structure that also allows for future profit sharing from redevelopment opportunities.
The transfer includes 74 properties across the country, totaling more than 13 million square feet and representing assets that are no longer fully utilized by the company. This move not only monetizes these real estate holdings as AT&T plans to exit most of its legacy copper network operations by the end of 2029 but also aligns with their strategic capital allocation priorities.
Central offices were originally designed to house and connect bulky and energy-intensive equipment used in outdated copper networks. However, as customers increasingly shift towards fiber and wireless technology, there is now a need for smaller and more efficient equipment footprints to manage the network.
According to Michael Ford, head of global real estate at AT&T: “The uniquely structured deal unlocks value in otherwise stranded commercial real estate space.” He further explains that this creative solution provides both immediate benefits through upfront cash proceeds as well as long-term value through revenue sharing arrangements – all while supporting their broader company goals and transformation initiatives.
This is not the first time AT&T has partnered with Reign Capital on such transactions; they previously completed a similar but smaller deal involving 13 properties covering three million square feet which generated over $300 million in upfront cash proceeds. The initial redevelopment revenue from this previous partnership is expected to begin generating returns starting in 2025.
Pictured: An example of one of AT&T’s central offices located in Kalamazoo, MI.
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