Crown Castle shows signs of earnings recovery with 10.52% return potential from long-dated puts.

Crown Castle is emerging from a multi-year slump with signs of an earnings turnaround and potential recovery in adjusted funds from operations (AFFO). The company plans to maintain a high dividend payout ratio near 95%, aiming to reduce it to 75-80% over the next few years as AFFO grows. Recent asset sales funded $1 billion in share repurchases and $7 billion in debt reduction to improve leverage ratios. Investors can consider writing long-dated puts on Crown Castle for an annualized return of 10.52%, offering premium income while monitoring the company's recovery progress.