Key Highlights

  • Array owned 4,456 towers in 19 states with a 0.98 tenancy rate in Q2 2026.
  • Site rental revenue reached $53.2 million in the second quarter, up 95% year over year.
  • T-Mobile signed a master lease with a committed minimum of 2,015 tower sites.
  • Telephone and Data Systems owns about 81.9% of Array's outstanding shares.

A tower company is only as strong as its tenants, and Array Digital Infrastructure (NYSE:AD) has had to confront that directly. The former U.S. Cellular wireless business, now focused on towers after selling spectrum, stopped recognizing revenue from DISH Wireless at the start of 2026, and DISH entities filed for bankruptcy in June. Shares closed at $33.68 on October 8, 2026, near the bottom of a 52-week range of $32.86 to $60.82, leaving investors to weigh how much tenant credit risk is already priced in.

Tenancy Rests on One Dispute

In its second-quarter 2026 report, Array said it owned 4,456 towers in 19 states and reported 4,362 colocations, individual tenant leases on towers, for a tenancy rate of 0.98. Site rental revenue was $53.2 million, up 95%. DISH claimed in September 2025 that its master-lease obligations were excused, and Array no longer recognizes DISH revenue or counts its colocations in the tenancy figure. Restated to exclude DISH, tenancy would have been 0.95 at the end of 2025 rather than the 1.03 originally reported, showing how much of the earlier ratio rested on that single tenant. Array has fully reserved DISH's 2025 balances.

A New Anchor Tenant

The tenant mix is shifting. T-Mobile (NASDAQ:TMUS) signed a master lease with a committed minimum of 2,015 sites, plus up to 1,800 interim sites leased for as long as 30 months and a January 2028 deadline to finalize committed sites. Management narrowed its projected post-integration tenantless towers to 1,000 to 1,700. Guidance for 2026 calls for revenue of $205 million to $215 million, adjusted EBITDA of $220 million to $235 million, and capital expenditures of $25 million to $35 million. The company ended June with $416.4 million of cash against about $674.9 million of debt. Telephone and Data Systems (NYSE:TDS) owns about 81.9% of Array, which withdrew its proposal to buy the remaining minority shares on September 1 and said it would resume its own buybacks instead.

Tower Fundamentals Take Center Stage

Array's debate has moved from spectrum proceeds to tower fundamentals. The company holds cash and a committed major tenant, yet a meaningful share of its colocations rest on a bankrupt counterparty whose obligations remain disputed. How the market prices that uncertainty may hinge on court developments and the pace of new leasing, alongside the roughly $30 million of pending spectrum sales still on the books.