AT&T said on Friday it has secured $850 million through the sale-leaseback of its underused central office facilities that house its legacy copper networks to real estate development firm Reign Capital.

Pioneering transaction monetizes properties with development potential, reduces operating expenses, and provides revenue sharing

The telecommunications giant sold 74 outdated properties while retaining control over any redevelopment plans.

DALLAS - AT&T Inc. (NYSE:T) has completed a significant real estate transaction, transferring 74 of its underutilized properties to Reign Capital, a private development firm. The deal, which closed on January 8,

AT&T has completed a sale-leaseback of underutilized central office facilities with private real estate development firm Reign Capital. The deal, which generated more than $850m i

The AT&T deal aligns with the Dallas-based company's strategy to exit most legacy copper network operations by 2029.

The U.S. telecom major is planning to exit a majority of its copper network operations by 2029 as customers shift to newer technologies such as fiber optics and wireless networks, which offer superior speed and reliability and require a smaller space to operate.