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Communications Sales and Leasing
Communications Sales and Leasing was formed in 2011 as a real estate investment trust (REIT) spun out of Windstream Holdings, the former telecom...
Communications Sales and Leasing
Communications Sales and Leasing was formed in 2011 as a real estate investment trust (REIT) spun out of Windstream Holdings, the former telecom incumbent. Kenny Gunderman, previously at Windstream, became CEO and has run the firm since its inception. The entity was structured to own and lease the physical network assets — fiber, copper, towers — that Windstream operated, creating a pure-play infrastructure company (per public record). CSL's strategy centers on acquiring and leasing communications infrastructure, primarily in the US. Asset classes include fiber-optic cable, copper loops, cell towers, and data center facilities. The firm's portfolio covers 50 states and over 1 million fiber route miles. Known lessees include Windstream and other major carriers. CSL targets a triple-net lease model, with tenants responsible for property taxes, insurance, and maintenance, providing cash-flow stability (per public record, 2021). The firm has publicly reported over 100,000 cell tower sites and 400,000 fiber miles in its portfolio at peak. Team size and additional offices are not publicly disclosed. In 2021, CSL was acquired by Uniti Group Inc., a Little Rock-based REIT, in a transaction that merged two infrastructure firms with aligned models (per public record, 2021). The combined entity continues under the Uniti Group branding. CSL's structural differentiator was its deliberate separation from an operating telecom company — Windstream — to isolate the physical infrastructure from the service-provider business. This allowed the REIT to avoid the risks of telecom operations while collecting stable, long-term lease payments. The structure mirrors the infrastructure-as-an-asset-class paradigm that has attracted institutional capital into towers and fiber.
General information
Firm type
Asset Manager
Year founded
2011
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Little Rock
Corporate office
Little Rock, AR, United States
Principals
Kenny Gunderman
President and Chief Executive Officer
Steve S. Schumm
Chief Communications Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Communications Sales and Leasing?
Kenny Gunderman served as President and CEO from the firm's founding in 2011 until its acquisition by Uniti Group in 2021. He led the strategic direction and portfolio decisions as the firm's top executive. Post-merger, investment decisions reside with Uniti Group's leadership (per public record).
How did Communications Sales and Leasing source its assets?
CSL's initial portfolio came from the spin-off of Windstream Holdings' physical network infrastructure. The firm then acquired additional fiber, copper, and tower assets through direct acquisitions and organic expansion. Sourcing relied on long-term lease agreements with Windstream as anchor tenant (per public record).
Is Communications Sales and Leasing structured as a REIT or a traditional communications company?
CSL was structured as a real estate investment trust (REIT), which allowed it to own physical telecommunications infrastructure and generate rental income. This structure provides tax advantages — REITs must distribute at least 90% of taxable income as dividends — while avoiding the risks of telecom operations (per public record).
Does Communications Sales and Leasing only invest in US assets?
Yes, CSL's portfolio has been concentrated exclusively in the United States. The firm's holdings span all 50 states, with a focus on fiber, copper, and tower assets connected to the US telecom network. There is no public record of international investments (per public record).
What types of tenants lease CSL's infrastructure?
CSL's largest tenant historically has been Windstream Holdings, the former parent company. Other lessees include major US telecom carriers such as AT&T, Verizon, and T-Mobile, as well as regional cable and internet service providers. The triple-net lease model shifts property-related expenses to the tenant (per public record, 2021).
How did the acquisition by Uniti Group affect Communications Sales and Leasing?
In 2021, Uniti Group Inc., another Little Rock-based REIT, acquired CSL in a merger that combined two firms with similar infrastructure-leasing models. The deal was valued at approximately $2.2 billion. CSL ceased to exist as a separate public entity, and its assets and operations were folded into Uniti Group (per public record, 2021).
What investment stages does Communications Sales and Leasing target?
CSL focused on the acquisition and leaseback of existing communications infrastructure — predominantly fiber, copper, and tower networks — rather than greenfield construction or early-stage telecom companies. The firm's model was oriented toward stable, income-generating assets with long-term lease contracts (per public record).
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