AT&T

AT&T Inc. is one of the largest telecommunications companies in the United States, with roots stretching back to 1885 when it was founded as the American Telephone and Telegraph Company. The company has grown through major consolidations, most notably the 2005 merger with SBC Communications, which significantly expanded its geographic footprint and market reach. Today, AT&T operates roughly 2,000 retail stores nationwide as of December 2025, positioning it as a substantial retail tenant across American markets.

The company's core business centers on wireless services, broadband connectivity, and digital communications. Over the past five years, AT&T has made deliberate strategic choices to sharpen its focus on telecommunications. In 2022, it completed the spin-off of WarnerMedia, marking a clear pivot away from entertainment and back toward its telecom foundation. That same year also saw the company intensify its infrastructure investments, particularly in fiber-optic broadband and 5G network expansion targeting both urban and suburban markets nationwide.

AT&T's growth trajectory has accelerated through infrastructure deals. The company is currently acquiring Lumen Technologies' mass-market consumer broadband business, a transaction expected to close in 2026. This acquisition will meaningfully expand AT&T's terrestrial service coverage, particularly in regions formerly served by the Baby Bell US West territories. The move underscores the company's commitment to broadening its broadband footprint in underserved and competitive markets across the country.

For commercial real estate professionals, AT&T represents a multi-format tenant with sustained capital deployment. The company maintains both a substantial retail store network and significant corporate real estate needs tied to network infrastructure, data centers, and regional operations hubs. Its ongoing network buildout and acquisition activity signal continued real estate activity and site selection across priority markets nationwide.