“With respect to the lower band spectrum, what we've seen is that the carriers have been using that as a very good complement to the higher band spectrum in their network. And it's the layer cake of spectrum that I think people have talked about as part of 5G in terms of how they're meeting that need. And so we absolutely expect those lower bands to be deployed, and that will generate some revenue for us just like every spectrum deployment does.”

In context

“Steven Vondran (President and Chief Executive Officer): Yes, Rick, there's a lot there, so I'll dive right in. So we'll start with spectrum. And we are excited about the 800 megahertz spectrum that was identified as a big block and you've referenced some of the spectrum that's in there. With respect to the lower band spectrum, what we've seen is that the carriers have been using that as a very good complement to the higher band spectrum in their network. And it's the layer cake of spectrum that I think people have talked about as part of 5G in terms of how they're meeting that need. And so we absolutely expect those lower bands to be deployed, and that will generate some revenue for us just like every spectrum deployment does. In terms of the upper C-band, that will go on to our sites, and we do expect that over time that we will get significant activity as a result of that. And when you talk about radios, what they can handle and things like that, no radio can handle an infinite amount of spectrum and infinite amount of traffic going through it. So the real driver for us is mobile data growth. And so the carriers will continue to deploy spectrum as the mobile data growth goes up. They're going to need to add more equipment with that to meet that demand. And just a reminder, we've talked about the need for the carriers to double their capacity by 2030. That's some of the projections we've seen by numerous industry analysts. And we've said for years now that we thought that would be met half from new spectrum and new technology upgrades, but half from densification. And so we've always anticipated that more spectrum will come to market that will get deployed. That will meet some of the capacity needs, but they're going to need to densify and they're going to need to add more equipment to deploy that spectrum over time as well. And when you talk about the higher frequency blocks, the bands that are being talked about for 6G, we're very excited about that. They will absolutely go on towers. Towers will be the backbone of 6G, just like it was the backbone of 5G, 4G and 3G. And we think that that will drive significant activity on towers over time as those bands become available, but we also think that's going to require more densification. Those higher frequencies won't propagate as far as easily as the lower bands do. And that's part of the densification story that we see playing out for 6G and some of the plans that we see carriers making and that we're engaged in talks about is how do you deploy those frequencies in the future? What does the network look like? So we're excited about all of that frequency. Again, there's 800 megahertz identified as a big block. We're anxious for them to get allocated, auctioned and start working with our customers on that. And we think that that's going to be a good story for towers for the next several years as that comes to market. Yes, on your specific question on the DISH equipment, I don't want to get into the details of our customer contracts on that. The equipment is still up on the towers, and that's kind of all I really want to say about that at this point. Everything else is kind of subject to the litigation, Rick.”