Uniti Group (NASDAQ: UNIT) is no longer a REIT. Its merger with Windstream closed August 1, 2025, and the combined company, fiber network plus telecom operator under one roof, ceased to qualify as a REIT for federal tax purposes. Uniti will not report FFO or AFFO going forward and does not belong in a REIT ranking; this page explains the transformation for investors who remember the old Uniti.
What Happened
Uniti spent a decade as the fiber-infrastructure REIT spun from (and leasing back to) Windstream. The 2025 merger reunited landlord and tenant: legacy Uniti holders received 0.6029 shares of the new company per old share (about 62% of the combined equity), while Windstream’s owners received cash, 11% preferred stock, warrants, and roughly 38% of the common. The strategic logic: an integrated insurgent fiber provider competing on network, not a REIT constrained by distribution requirements while funding fiber buildouts.
What It Means for Investors
The REIT-era framework, FFO multiples, dividend coverage, NAV, no longer applies: New Uniti retains earnings to fund fiber expansion like the telecom it now is, and analysis belongs alongside Frontier-style fiber operators, not net lease landlords. Former REIT-income holders should recognize their holding changed species, not just structure.
Frequently Asked Questions
Is Uniti still a REIT?
No, REIT status ended with the August 1, 2025 Windstream merger; the company no longer qualifies and will not report FFO or AFFO.
What did Uniti shareholders receive in the merger?
0.6029 shares of the new combined company per legacy share, roughly 62% of the merged entity’s common equity, which trades on Nasdaq as UNIT.
Based on SEC merger disclosures (2025-2026). Independent research, not investment advice.