Crown Castle has just become a pure-play US cell tower REIT, and the question for the next twelve months is whether the post-divestiture business can grow AFFO fast enough to clear the post-sale consensus bar now that the Fiber and Small Cell businesses are out of the picture. The Q2 2026 print was the first clean quarter of the pure-play model, and the cleanest signal is that the company raised its 2026 AFFO guidance midpoint while keeping AFFO per share flat, and the AFFO growth came entirely from operational execution rather than the divested businesses. Site rental revenues declined 4.1 percent year over year to $967 million, but that decline is the artificial comparison to a quarter that still included some Fiber runoff, and the 3.9 percent organic contribution to site rental billings growth (4.2 percent excluding DISH) is the real operating signal. The strategic tension is the post-divestiture runway versus the secular pressure on tower pricing, and the forward question is whether the $1.97B AFFO guidance is the floor or the new normal.