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.

As part of its legacy network transformation, AT&T has completed a structured sale-leaseback of underutilized central office facilities with private real estate development firm Reign Capital. The transaction,

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The telecommunications giant sold 74 outdated properties while retaining control over any redevelopment plans.

AT&T (NYSE:T) on Friday announced a sale-leaseback agreement with Reign Capital, a private developer. The deal, which involves 74 of AT&T's less utilized properties across the U.S., will generate $850 million in cash for the telecommunications company.