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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 19, 2017

Crown Castle International Corp.

(Exact name of registrant as specified in its charter)




Delaware	001-16441		76-0470458
(State or other jurisdiction of incorporation)	(Commission File Number)		(IRS Employer Identification No.)

1220 Augusta Drive, Suite 600 Houston, TX		77057
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (713) 570-3000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

ITEM 2.02 — RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 19, 2017, Crown Castle International Corp. ("Company") issued a press release disclosing its financial results for the second quarter of 2017. The July 19, 2017 press release is furnished herewith as Exhibit 99.1.

ITEM 7.01 — REGULATION FD DISCLOSURE

The press release referenced in Item 2.02 above refers to certain supplemental information that was posted as a supplemental information package on the Company's website on July 19, 2017. The supplemental information package is furnished herewith as Exhibit 99.2.

ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

As described in Item 2.02 and 7.01 of this Report, the following exhibits are furnished as part of this Current Report on Form 8-K:



Exhibit No.		Description
99.1		Press Release dated July 19, 2017
99.2		Supplemental Information Package for period ended June 30, 2017

The information in this Form 8-K and Exhibit 99.1 and 99.2 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




CROWN CASTLE INTERNATIONAL CORP.
By:	/s/ Kenneth J. Simon
	Name:	Kenneth J. Simon
	Title:	Senior Vice President and General Counsel

Date: July 19, 2017

EXHIBIT INDEX



Exhibit No.		Description
99.1		Press Release dated July 19, 2017
99.2		Supplemental Information Package for the period ended June 30, 2017

Exhibit

Exhibit 99.1



		NEWS RELEASE July 19, 2017



	Contacts: Dan Schlanger, CFO
	Son Nguyen, VP & Treasurer
FOR IMMEDIATE RELEASE	Crown Castle International Corp.
	713-570-3050

CROWN CASTLE REPORTS SECOND QUARTER 2017 RESULTS AND UPDATES OUTLOOK FOR FULL YEAR 2017

July 19, 2017 - HOUSTON, TEXAS - Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the quarter ended June 30, 2017.

"We had another terrific quarter exceeding our previously provided Outlook for net income, Adjusted EBITDA and AFFO," stated Jay Brown, Crown Castle’s Chief Executive Officer. "We believe we are well-positioned to capitalize on the long-term positive fundamentals for mobile data demand growth with our leading portfolio of shared wireless infrastructure across towers and small cells. As the wireless carriers turn to our infrastructure to improve and enhance their networks to meet what is expected to be a four-fold increase in mobile data demand by 2021, we believe there is a sustained runway of organic growth opportunities on our existing portfolio as well as opportunities for us to make accretive investments that enhance our long-term growth profile. Towards this end, we are excited about our recently announced agreement to acquire Lightower. As a result of the Lightower acquisition, subject to approval by our board of directors, we expect to increase our annual common stock dividend rate between $0.15 and $0.20 per share after the acquisition closes to reflect the expected contribution from the acquisition. Longer-term, we believe the Lightower acquisition will improve our growth profile, allowing us to raise our 6% to 7% long-term annual dividend growth target to 7% to 8%. We believe our expected growth combined with the high-quality dividend stream that is underpinned by long-term contracts represents a compelling total return profile for our investors."

RESULTS FOR THE QUARTER

The table below sets forth select financial results for the three month period ended June 30, 2017. For further information, refer to the financial statements and non-GAAP, segment and other calculation reconciliations included in this press release.



(in millions)	Actual				Midpoint Q2 2017 Outlook^(b)	Actual Compared to Outlook
(in millions)	Q2 2017	Q2 2016	Change	% Change	Midpoint Q2 2017 Outlook^(b)	Actual Compared to Outlook
Site rental revenues	$869	$805	+$64	8%	$869	—
Net income (loss)	$112	$86	+$26	30%	$100	+$12
Adjusted EBITDA^(a)	$589	$550	+$39	7%	$587	+$2
AFFO^(a)	$440	$392	+$48	12%	$436	+$4
Weighted-average common shares outstanding - diluted	366	339	+27	8%	362	+4

Note: Figures may not tie due to rounding.


(a)	See reconciliation of this non-GAAP financial measure to net income (loss) included herein.


(b)	As issued on April 24, 2017.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 2

HIGHLIGHTS FROM THE QUARTER

•

Site rental revenues. Site rental revenues grew approximately 8%, or $64 million, from second quarter 2016 to second quarter 2017, inclusive of approximately $42 million in Organic Contribution to Site Rental Revenues plus $40 million in contributions from acquisitions and other items, less a $17 million reduction in straight-lined revenues. The $42 million in Organic Contribution to Site Rental Revenues represents approximately 5% growth, comprised of approximately 8% growth from new leasing activity and contracted tenant escalations, net of approximately 3% from tenant non-renewals.

•

Capital expenditures and acquisitions. Capital expenditures during the quarter were approximately $301 million, comprised of approximately $21 million of land purchases, approximately $19 million of sustaining capital expenditures and approximately $261 million of revenue generating capital expenditures. On June 26, 2017, Crown Castle also closed on its previously announced acquisition of Wilcon Holdings LLC ("Wilcon") for approximately $600 million.

•

Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $348 million in the aggregate, or $0.95 per common share, an increase of approximately 7% on a per share basis compared to the same period a year ago. Consistent with past practice, in its third quarter 2017 earnings release, Crown Castle expects to provide its Outlook for 2018 and make a related annual common stock dividend announcement, which will be in addition to the dividend increase announcement that Crown Castle expects to make following the closing of the Lightower acquisition.


•	Financing activities. In May, Crown Castle issued 4.75 million shares of common stock, raising net proceeds of $442 million, and $350 million in aggregate principal amount of inaugural 30-year senior unsecured notes (“May Financing Transactions”). Proceeds from the May Financing Transactions were used to fund the Wilcon acquisition and refinance existing debt.

"In addition to delivering great results during the second quarter, we also continued to enhance our portfolio of assets with the closing of the Wilcon acquisition and strengthened our balance sheet with our inaugural 30-year unsecured notes offering," stated Dan Schlanger, Crown Castle's Chief Financial Officer. "Further, following completion of the Lightower acquisition, we will have assembled an industry-leading portfolio of metro fiber that positions us to build on our small cell leadership position. Given the expected growth in mobile data demand, we are seeing wireless carriers increasingly turn to small cells in scale to supplement their macro networks to improve and enhance network quality and capacity. Based on our experience to date of generating attractive initial returns and lease-up as well as our belief that we are still in the early innings of small cell deployment, we believe our investments in small cells and fiber will drive meaningful value creation over time."

LIGHTOWER ACQUISITION

As announced yesterday, Crown Castle has entered into a definitive agreement to acquire LTS Group Holdings LLC (“Lightower”) for approximately $7.1 billion in cash (subject to certain limited adjustments). Lightower owns or has rights to approximately 32,000 route miles of fiber located primarily in top metro markets in the Northeast including Boston, New York and Philadelphia. Following the completion of the Lightower acquisition, Crown Castle will own or have rights to approximately 60,000 route miles of fiber.

Crown Castle anticipates closing the Lightower acquisition by the end of 2017. In the first full year of Crown Castle’s ownership, Lightower is expected to contribute $850 million to $870 million in site rental revenues, $163 million to $213 million in net income, $510 million to $530 million in Adjusted EBITDA and $465 million to $485

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 3

million in AFFO before financing costs. After the Lightower acquisition closes, Crown Castle anticipates that it would increase its annual common stock dividend rate, subject to approval by Crown Castle’s board of directors, between $0.15 and $0.20 per share to reflect the expected contribution from the acquisition. Crown Castle intends to finance the acquisition consistent with maintaining its current investment grade credit metrics, utilizing cash on hand and equity and debt financing, including borrowings under its revolving credit facility.

For more information regarding the Lightower acquisition please refer to the Investors section of Crown Castle's website.

OUTLOOK

This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the SEC.

The following table sets forth Crown Castle's current Outlook for third quarter 2017 and full year 2017:



(in millions)	Third Quarter 2017			Full Year 2017
Site rental revenues	$888	to	$893	$3,504	to	$3,529
Site rental cost of operations^(a)	$275	to	$280	$1,071	to	$1,096
Net income (loss)	$90	to	$110	$426	to	$476
Adjusted EBITDA^(b)	$600	to	$605	$2,389	to	$2,414
Interest expense and amortization of deferred financing costs^(c)	$142	to	$147	$552	to	$582
FFO^(b)	$404	to	$409	$1,623	to	$1,653
AFFO^(b)	$447	to	$452	$1,813	to	$1,838
Weighted-average common shares outstanding - diluted^(d)	368			366


(a)	Exclusive of depreciation, amortization and accretion.


(b)	See reconciliation of this non-GAAP financial measure to net income (loss) included herein.


(c)	See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.


(d)	The assumption for third quarter 2017 and full year 2017 diluted weighted-average common shares outstanding is based on diluted common shares outstanding as of June 30, 2017.

Full Year 2017 Outlook

The table below compares the results for full year 2016, the midpoint of the current full year 2017 Outlook and the midpoint of the previously provided full year 2017 Outlook for select metrics.



	Midpoint of FY 2017 Outlook to FY 2016 Actual Comparison				Previous Full Year 2017 Outlook^(b)	Current Compared to Previous Outlook
($ in millions)	Current Full Year 2017 Outlook	Full Year 2016 Actual	Change	% Change	Previous Full Year 2017 Outlook^(b)	Current Compared to Previous Outlook
Site rental revenues	$3,517	$3,233	+$284	+9%	$3,488	+$29
Net income (loss)	$451	$357	+$94	+26%	$452	-$1
Adjusted EBITDA^(a)	$2,402	$2,228	+$174	+8%	$2,387	+$15
AFFO^(a)	$1,826	$1,610	+$216	+13%	$1,820	+$6
Weighted-average common shares outstanding - diluted^(c)	366	341	+25	+7%	362	+4


(a)	See reconciliation of this non-GAAP financial measure to net income (loss) included herein.


(b)	As issued on April 24, 2017. Represents midpoint of Outlook.


(c)	The assumption for full year 2017 diluted weighted-average common shares outstanding is based on diluted common shares outstanding as of June 30, 2017.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 4


•	The update to full year 2017 Outlook primarily reflects the contribution from the Wilcon acquisition, partially offset by higher interest expense. The current full year 2017 Outlook does not include the expected contribution from the acquisition of Lightower, which is expected to close by the end of 2017, and the associated impact from financing the acquisition.


•	The chart below reconciles the components of expected growth from 2016 to 2017 in site rental revenues of $271 million to $296 million, including expected Organic Contribution to Site Rental Revenues of approximately $140 million to $170 million.

https://cdn.kscope.io/1aa5e604e4dc8be5a2498a5baa676b46-revenuechartb25.jpg


•	The chart below reconciles the components of expected growth in AFFO from 2016 to 2017 of approximately $216 million at the midpoint.

https://cdn.kscope.io/1aa5e604e4dc8be5a2498a5baa676b46-affocharta42.jpg


•	The current midpoint of full year 2017 Outlook includes contribution from Wilcon to site rental revenues of approximately $26 million, site rental cost of operations of approximately $7 million and general and administrative expenses of $5 million. The financing of the Wilcon acquisition from the proceeds raised in the May Financing

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 5

Transactions impacted full year 2017 Outlook for interest expense and weighted average common shares outstanding by approximately $5 million and 3.2 million shares, respectively.


•	Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of its website.

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Wednesday, July 19, 2017, at 7:30 a.m. Eastern time to discuss its second quarter 2017 results and the Lightower acquisition. The conference call may be accessed by dialing 800-967-7185 and asking for the Crown Castle call (access code 7235918) at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at http://investor.crowncastle.com. Supplemental materials for the call have been posted on the Crown Castle website at http://investor.crowncastle.com.

A telephonic replay of the conference call will be available from 10:30 a.m. Eastern time on Wednesday, July 19, 2017, through 10:30 a.m. Eastern time on Tuesday, October 17, 2017, and may be accessed by dialing 888-203-1112 and using access code 7235918. An audio archive will also be available on the company's website at http://investor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.

ABOUT CROWN CASTLE

Crown Castle provides wireless carriers with the infrastructure they need to keep people connected and businesses running. With approximately 40,000 towers and 60,000 route miles of fiber supporting small cells following the completion of the Lightower acquisition, Crown Castle is the nation's largest provider of shared wireless infrastructure with a significant presence in the top 100 U.S. markets. For more information on Crown Castle, please visit www.crowncastle.com.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 6

Non-GAAP Financial Measures, Segment Measures and Other Calculations

This press release includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), Funds from Operations ("FFO") and Organic Contribution to Site Rental Revenues, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).

Our measures of Adjusted EBITDA, AFFO, FFO and Organic Contribution to Site Rental Revenues may not be comparable to similarly titled measures of other companies, including other companies in the wireless infrastructure sector or other REITs. Our definition of FFO is consistent with guidelines from the National Association of Real Estate Investment Trusts with the exception of the impact of income taxes in periods prior to our REIT conversion.

In addition to the non-GAAP financial measures used herein, we also provide Segment Site Rental Gross Margin, Segment Network Services and Other Gross Margin and Segment Operating Profit, which are key measures used by management to evaluate our operating segments for purposes of making decisions about allocating capital and assessing performance. These segment measures are provided pursuant to GAAP requirements related to segment reporting. In addition, we provide the components of certain GAAP measures, such as capital expenditures.

Adjusted EBITDA, AFFO, FFO and Organic Contribution to Site Rental Revenues are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:

•

Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the wireless infrastructure sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion which can vary depending upon accounting methods and the book value of assets. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used in our debt covenant calculations. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

•

AFFO is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock) and (2) sustaining capital expenditures, and exclude the impact of our (a) asset base (primarily depreciation, amortization and accretion) and (b) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations, or rent free periods, the revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. Management notes that the Company uses AFFO only as a performance measure. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flows from operations or as residual cash flow available for discretionary investment.

•

FFO is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion). FFO is not a key performance indicator used by the Company. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.

•

Organic Contribution to Site Rental Revenues is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses the Organic Contribution to Site Rental Revenues to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, new leasing activities and customer non-renewals in our core business, as well to forecast future results. Organic Contribution to Site Rental Revenues is not meant as an

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 7

alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.

We define our non-GAAP financial measures, segment measures and other calculations as follows:

Non-GAAP Financial Measures

Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, gains (losses) on retirement of long-term obligations, net gain (loss) on interest rate swaps, gains (losses) on foreign currency swaps, impairment of available-for-sale securities, interest income, other income (expense), benefit (provision) for income taxes, cumulative effect of a change in accounting principle, income (loss) from discontinued operations and stock-based compensation expense.

Adjusted Funds from Operations. We define Adjusted Funds from Operations as FFO before straight-lined revenue, straight-lined expense, stock-based compensation expense, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, gain (loss) on retirement of long-term obligations, net gain (loss) on interest rate swaps, gains (losses) on foreign currency swaps, acquisition and integration costs, and adjustments for noncontrolling interests, and less capital improvement capital expenditures and corporate capital expenditures.

Funds from Operations. We define Funds from Operations as net income plus real estate related depreciation, amortization and accretion and asset write-down charges, less noncontrolling interest and cash paid for preferred stock dividends, and is a measure of funds from operations attributable to CCIC common stockholders.

Organic Contribution to Site Rental Revenues. We define the Organic Contribution to Site Rental Revenues as the sum of the change in GAAP site rental revenues related to (1) new leasing activity including revenues from the construction of small cells and the impact of prepaid rent, (2) escalators and less (3) non-renewals of customer contracts.

Segment Measures

Segment Site Rental Gross Margin. We define Segment Site Rental Gross Margin as segment site rental revenues less segment site rental cost of operations, excluding stock-based compensation expense and prepaid lease purchase price adjustments recorded in cost of operations.

Segment Network Services and Other Gross Margin. We define Segment Network Services and Other Gross Margin as segment network services and other revenues less segment network services and other cost of operations, excluding stock-based compensation expense recorded in cost of operations.

Segment Operating Profit. We define Segment Operating Profit as segment revenues less segment cost of operations and segment general and administrative expenses, excluding stock-based compensation expense and prepaid lease purchase price adjustments recorded in cost of operations.

Other Calculations

Discretionary capital expenditures. We define discretionary capital expenditures as those capital expenditures made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. They consist of (1) improvements to existing wireless infrastructure and construction of new wireless infrastructure (collectively referred to as "revenue generating") and (2) purchases of land assets under towers as we seek to manage our interests in the land beneath our towers.

Sustaining capital expenditures. We define sustaining capital expenditures as either (1) corporate related capital improvements, such as buildings, information technology equipment and office equipment or (2) capital improvements to tower sites that enable our customers' ongoing quiet enjoyment of the tower.

The tables set forth below reconcile the non-GAAP financial measures used herein to comparable GAAP financial measures. The components in these tables may not sum to the total due to rounding.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 8

Reconciliations of Non-GAAP Financial Measures, Segment Measures and Other Calculations to Comparable GAAP Financial Measures:

Reconciliation of Historical Adjusted EBITDA:



	For the Three Months Ended						For the Twelve Months Ended
	June 30, 2017			June 30, 2016			December 31, 2016
(in millions)
Net income (loss)	$	112.1		$	86.1		$	357.0
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	4.3			12.0			34.5
Acquisition and integration costs	8.3			3.1			17.5
Depreciation, amortization and accretion	295.6			276.0			1,108.6
Amortization of prepaid lease purchase price adjustments	5.0			5.4			21.3
Interest expense and amortization of deferred financing costs^(a)	141.8			129.4			515.0
Gains (losses) on retirement of long-term obligations	—			11.5			52.3
Interest income	(1.0		)	(0.1		)	(0.8		)
Other income (expense)	1.1			0.5			8.8
Benefit (provision) for income taxes	4.5			3.9			16.9
Stock-based compensation expense	16.8			22.0			96.5
Adjusted EBITDA^(b)(c)	$	588.5		$	549.7		$	2,227.5


(a)	See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.


(b)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.


(c)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

Reconciliation of Current Outlook for Adjusted EBITDA:



	Q3 2017			Full Year 2017
(in millions)	Outlook			Outlook
Net income (loss)	$90	to	$110	$426	to	$476
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	$9	to	$11	$20	to	$30
Acquisition and integration costs	$8	to	$12	$28	to	$38
Depreciation, amortization and accretion	$296	to	$310	$1,178	to	$1,208
Amortization of prepaid lease purchase price adjustments	$4	to	$6	$19	to	$21
Interest expense and amortization of deferred financing costs^(a)	$142	to	$147	$552	to	$582
Gains (losses) on retirement of long-term obligations	$0	to	$0	$4	to	$4
Interest income	$(1)	to	$1	$(3)	to	$1
Other income (expense)	$(1)	to	$3	$(2)	to	$0
Benefit (provision) for income taxes	$3	to	$7	$14	to	$22
Stock-based compensation expense	$24	to	$26	$89	to	$94
Adjusted EBITDA^(b)(c)	$600	to	$605	$2,389	to	$2,414


(a)	See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.


(b)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.


(c)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 9

Reconciliation of Historical FFO and AFFO:



	For the Three Months Ended						For the Six Months Ended						For the Twelve Months Ended
(in millions)	June 30, 2017			June 30, 2016			June 30, 2017			June 30, 2016			December 31, 2016
Net income (loss)	$	112.1		$	86.1		$	231.3		$	133.9		$	357.0
Real estate related depreciation, amortization and accretion	288.2			269.4			569.3			540.9			1,082.1
Asset write-down charges	4.3			12.0			5.0			19.9			34.5
Dividends on preferred stock	—			(11.0		)	—			(22.0		)	(44.0		)
FFO^(a)(b)(c)(d)	$	404.6		$	356.4		$	805.6		$	672.7		$	1,429.5

FFO (from above)	$	404.6		$	356.4		$	805.6		$	672.7		$	1,429.5
Adjustments to increase (decrease) FFO:
Straight-lined revenue	0.8			(16.2		)	(0.5		)	(33.5		)	(47.4		)
Straight-lined expense	22.7			23.9			45.9			47.6			94.2
Stock-based compensation expense	16.8			22.0			41.8			52.7			96.5
Non-cash portion of tax provision	(4.8		)	—			(1.2		)	1.7			7.3
Non-real estate related depreciation, amortization and accretion	7.4			6.6			14.8			13.0			26.5
Amortization of non-cash interest expense	2.4			3.8			5.3			8.0			14.3
Other (income) expense	1.1			0.5			(3.5		)	3.8			8.8
Gains (losses) on retirement of long-term obligations	—			11.5			3.5			42.0			52.3
Acquisition and integration costs	8.3			3.1			13.9			8.8			17.5
Capital improvement capital expenditures	(9.6		)	(8.9		)	(16.5		)	(15.3		)	(42.8		)
Corporate capital expenditures	(9.9		)	(10.2		)	(19.0		)	(13.9		)	(46.9		)
AFFO^(a)(b)(c)(d)	$	439.9		$	392.5		$	890.1		$	787.6		$	1,609.9


(a)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of FFO and AFFO.


(b)	FFO and AFFO are reduced by cash paid for preferred stock dividends.


(c)	Diluted weighted-average common shares outstanding were 365.8 million, 338.6 million, 363.9 million, 336.7 million and 340.9 million for the three months ended June 30, 2017 and 2016, the six months ended June 30, 2017 and 2016 and the twelve months ended December 31, 2016, respectively.


(d)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 10

Reconciliation of Current Outlook for FFO and AFFO:



	Q3 2017			Full Year 2017
(in millions)	Outlook			Outlook
Net income (loss)	$90	to	$110	$426	to	$476
Real estate related depreciation, amortization and accretion	$291	to	$301	$1,154	to	$1,174
Asset write-down charges	$9	to	$11	$20	to	$30
FFO^(a)(b)(c)	$404	to	$409	$1,623	to	$1,653

FFO (from above)	$404	to	$409	$1,623	to	$1,653
Adjustments to increase (decrease) FFO:
Straight-lined revenue	$0	to	$5	$4	to	$19
Straight-lined expense	$20	to	$25	$81	to	$96
Stock-based compensation expense	$24	to	$26	$89	to	$94
Non-cash portion of tax provision	$(2)	to	$3	$(6)	to	$4
Non-real estate related depreciation, amortization and accretion	$5	to	$9	$24	to	$34
Amortization of non-cash interest expense	$2	to	$5	$9	to	$15
Other (income) expense	$(1)	to	$3	$(2)	to	$0
Gains (losses) on retirement of long-term obligations	$0	to	$0	$4	to	$4
Acquisition and integration costs	$8	to	$12	$28	to	$38
Capital improvement capital expenditures	$(15)	to	$(10)	$(41)	to	$(31)
Corporate capital expenditures	$(19)	to	$(14)	$(53)	to	$(43)
AFFO^(a)(b)(c)	$447	to	$452	$1,813	to	$1,838


(a)	The assumption for third quarter 2017 and full year 2017 diluted weighted-average common shares outstanding is 367.5 million and 365.7 million, respectively, based on diluted common shares outstanding as of June 30, 2017.


(b)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion for our definitions of FFO and AFFO.


(c)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 11

Reconciliation of Expected Contribution from Lightower Acquisition to Full Year 2018 for Adjusted EBITDA:



	Full Year 2018
(in millions)	Expected Contribution
Net income (loss)	$163	to	$213
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	$0	to	$0
Acquisition and integration costs	$20	to	$40
Depreciation, amortization and accretion	$250	to	$300
Amortization of prepaid lease purchase price adjustments	$0	to	$0
Interest expense and amortization of deferred financing costs^(a)(b)	$0	to	$0
Gains (losses) on retirement of long-term obligations	$0	to	$0
Interest income	$0	to	$0
Other income (expense)	$0	to	$0
Benefit (provision) for income taxes	$15	to	$20
Stock-based compensation expense	$5	to	$15
Adjusted EBITDA^(c)	$510	to	$530


(a)	See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.


(b)	Excludes the impact of expected financing relating to the Lightower acquisition. Assumes the Lightower acquisition closes on December 31, 2017.


(c)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.

Reconciliation of Expected Contribution from Lightower Acquisition to Full Year 2018 for FFO and AFFO:



	Full Year 2018
(in millions)	Expected Contribution
Net income (loss)	$163	to	$213
Real estate related depreciation, amortization and accretion	$209	to	$259
Asset write-down charges	$0	to	$0
FFO^(a)	$396	to	$446

FFO (from above)	$396	to	$446
Adjustments to increase (decrease) FFO:
Straight-lined revenue	$(2)	to	$0
Straight-lined expense	$0	to	$0
Stock-based compensation expense	$5	to	$15
Non-cash portion of tax provision	$0	to	$0
Non-real estate related depreciation, amortization and accretion	$16	to	$66
Amortization of non-cash interest expense^(b)	$0	to	$0
Other (income) expense	$0	to	$0
Gains (losses) on retirement of long-term obligations	$0	to	$0
Acquisition and integration costs	$20	to	$40
Capital improvement capital expenditures	$(29)	to	$(24)
Corporate capital expenditures	$0	to	$0
AFFO^(a)	$465	to	$485


(a)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion for our definitions of FFO and AFFO.


(b)	Excludes the impact of expected financing relating to the Lightower acquisition. Assumes the Lightower acquisition closes on December 31, 2017.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 12

For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted EBITDA:



	Previously Issued			Previously Issued
	Q2 2017			Full Year 2017
(in millions)	Outlook			Outlook
Net income (loss)	$90	to	$110	$427	to	$477
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	$9	to	$11	$26	to	$36
Acquisition and integration costs	$4	to	$8	$15	to	$25
Depreciation, amortization and accretion	$288	to	$302	$1,170	to	$1,200
Amortization of prepaid lease purchase price adjustments	$4	to	$6	$19	to	$21
Interest expense and amortization of deferred financing costs	$137	to	$142	$542	to	$572
Gains (losses) on retirement of long-term obligations	$0	to	$0	$4	to	$4
Interest income	$(1)	to	$1	$(2)	to	$2
Other income (expense)	$(1)	to	$3	$(3)	to	$(1)
Benefit (provision) for income taxes	$3	to	$7	$15	to	$23
Stock-based compensation expense	$25	to	$27	$97	to	$102
Adjusted EBITDA^(a)(b)	$584	to	$589	$2,372	to	$2,402


(a)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.


(b)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

For Comparative Purposes - Reconciliation of Previous Outlook for FFO and AFFO:



	Previously Issued			Previously Issued
	Q2 2017			Full Year 2017
(in millions)	Outlook			Outlook
Net income (loss)	$90	to	$110	$427	to	$477
Real estate related depreciation, amortization and accretion	$283	to	$293	$1,146	to	$1,166
Asset write-down charges	$9	to	$11	$26	to	$36
FFO^(a)(b)(c)	$394	to	$399	$1,623	to	$1,653

FFO (from above)	$394	to	$399	$1,623	to	$1,653
Adjustments to increase (decrease) FFO:
Straight-lined revenue	$(2)	to	$3	$6	to	$21
Straight-lined expense	$21	to	$26	$81	to	$96
Stock-based compensation expense	$25	to	$27	$97	to	$102
Non-cash portion of tax provision	$(7)	to	$(2)	$(4)	to	$6
Non-real estate related depreciation, amortization and accretion	$5	to	$9	$24	to	$34
Amortization of non-cash interest expense	$2	to	$5	$8	to	$14
Other (income) expense	$(1)	to	$2	$(3)	to	$(1)
Gains (losses) on retirement of long-term obligations	$0	to	$0	$4	to	$4
Acquisition and integration costs	$4	to	$8	$15	to	$25
Capital improvement capital expenditures	$(14)	to	$(9)	$(41)	to	$(31)
Corporate capital expenditures	$(15)	to	$(10)	$(54)	to	$(44)
AFFO^(a)(b)(c)	$433	to	$438	$1,805	to	$1,835


(a)	Previously issued second quarter 2017 and full year 2017 outlook assumes diluted common shares outstanding as of March 31, 2017 of approximately 362 million shares.


(b)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion for our definitions of FFO and AFFO.


(c)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 13

The components of changes in site rental revenues for the quarters ended June 30, 2017 and 2016 are as follows:



	Three Months Ended June 30,
(in millions)	2017			2016
Components of changes in site rental revenues^(f):
Prior year site rental revenues exclusive of straight-line associated with fixed escalators^(a)(c)	$	788		$	706

New leasing activity^(a)(c)	45			44
Escalators	21			23
Non-renewals	(24		)	(18		)
Organic Contribution to Site Rental Revenues^(d)	42			49
Straight-lined revenues associated with fixed escalators	(1		)	16
Acquisitions and builds^(b)	40			34
Other	—			—
Total GAAP site rental revenues	$	869		$	805

Year-over-year changes in revenue:
Reported GAAP site rental revenues	8.0		%
Organic Contribution to Site Rental Revenues^(d)(e)	5.3		%


(a)	Includes revenues from amortization of prepaid rent in accordance with GAAP.


(b)	The financial impact of acquisitions, as measured by the initial contribution, and tower builds is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition or build.


(c)	Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators.


(d)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.


(e)	Calculated as the percentage change from prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalations compared to Organic Contribution to Site Rental Revenues for the current period.


(f)	Additional information regarding Crown Castle's site rental revenues including projected revenue from customer licenses, tenant non-renewals, straight-lined revenues and prepaid rent is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of its website.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 14

The components of the changes in site rental revenues for the year ending December 31, 2017 are forecasted as follows:



(in millions)	Full Year 2017 Outlook	Full Year 2016
Components of changes in site rental revenues^(g):
Prior year site rental revenues exclusive of straight-line associated with fixed escalators^(a)(c)	$3,186	$2,907

New leasing activity^(a)(c)	155 - 175	174
Escalators	80 - 85	89
Non-renewals	(95) - (90)	(74)
Organic Contribution to Site Rental Revenues^(d)	140 - 170	189
Straight-lined revenues associated with fixed escalators	(20) - (10)	47
Acquisitions and builds^(b)	185	90
Other	—	—
Total GAAP site rental revenues	$3,504 - $3,529	$3,233

Year-over-year changes in revenue:^(f)
Reported GAAP site rental revenues	8.7%
Organic Contribution to Site Rental Revenues^(d)(e)	4.9%


(a)	Includes revenues from amortization of prepaid rent in accordance with GAAP.


(b)	The financial impact of acquisitions, as measured by the initial contribution, and tower builds is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition or build.


(c)	Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators.


(d)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.


(e)	Calculated as the percentage change from prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalations compared to Organic Contribution to Site Rental Revenues for the current period.


(f)	Calculated based on midpoint of Full Year 2017 Outlook.


(g)	Additional information regarding Crown Castle's site rental revenues including projected revenue from customer licenses, tenant non-renewals, straight-lined revenues and prepaid rent is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of its website.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 15

Components of Historical Interest Expense and Amortization of Deferred Financing Costs:



	For the Three Months Ended
(in millions)	June 30, 2017			June 30, 2016
Interest expense on debt obligations	$	139.3		$	125.6
Amortization of deferred financing costs and adjustments on long-term debt, net	4.5			4.8
Other, net	(2.1		)	(1.0		)
Interest expense and amortization of deferred financing costs	$	141.8		$	129.4

Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs:



	Q3 2017			Full Year 2017
(in millions)	Outlook			Outlook
Interest expense on debt obligations	$140	to	$142	$546	to	$561
Amortization of deferred financing costs and adjustments on long-term debt, net	$4	to	$7	$17	to	$21
Other, net	$(2)	to	$(2)	$(8)	to	$(6)
Interest expense and amortization of deferred financing costs	$142	to	$147	$552	to	$582

Debt balances and maturity dates as of June 30, 2017 are as follows:



(in millions)	Face Value		Final Maturity
Bank debt - variable rate:
2016 Revolver	$	350.0	Jan. 2022
2016 Term Loan A	2,431.7		Jan. 2022
Total bank debt	2,781.7
Securitized debt - fixed rate:
Secured Notes, Series 2009-1, Class A-1^(a)	42.7		Aug. 2019
Secured Notes, Series 2009-1, Class A-2^(a)	70.0		Aug. 2029
Tower Revenue Notes, Series 2010-3^(b)	1,250.0		Jan. 2040
Tower Revenue Notes, Series 2010-6^(b)	1,000.0		Aug. 2040
Tower Revenue Notes, Series 2015-1^(b)	300.0		May 2042
Tower Revenue Notes, Series 2015-2^(b)	700.0		May 2045
Total securitized debt	3,362.7
Bonds - fixed rate:
5.250% Senior Notes	1,650.0		Jan. 2023
3.849% Secured Notes	1,000.0		Apr. 2023
4.875% Senior Notes	850.0		Apr. 2022
3.400% Senior Notes	850.0		Feb. 2021
4.450% Senior Notes	900.0		Feb. 2026
3.700% Senior Notes	750.0		June 2026
2.250% Senior Notes	700.0		Sept. 2021
4.000% Senior Notes	500.0		Mar. 2027
4.750% Senior Notes	350.0		May 2047
Total bonds	7,550.0
Capital leases and other obligations	240.7		Various
Total Debt	$	13,935.1
Less: Cash and Cash Equivalents^(c)	$	199.7
Net Debt	$	13,735.4


(a)	The Senior Secured Notes, Series 2009-1, Class A-1 principal amortizes during the period beginning January 2010 and ending in 2019 and the Senior Secured Notes, 2009-1, Class A-2 principal amortizes during the period beginning in 2019 and ending in 2029.


(b)	The Senior Secured Tower Revenue Notes, Series 2010-3 and 2010-6 have anticipated repayment dates in 2020. The Senior Secured Tower Revenue Notes, Series 2015-1 and 2015-2 have anticipated repayment dates in 2022 and 2025, respectively.


(c)	Excludes restricted cash.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 16

Net Debt to Last Quarter Annualized Adjusted EBITDA is computed as follows:



(in millions)	For the Three Months Ended June 30, 2017
Total face value of debt	$	13,935.1
Ending cash and cash equivalents^(a)	199.7
Total Net Debt	$	13,735.5

Adjusted EBITDA for the three months ended June 30, 2017	$	588.5
Last quarter annualized adjusted EBITDA	2,354.1
Net Debt to Last Quarter Annualized Adjusted EBITDA	5.8		x	^(b)


(a)	Excludes restricted cash.


(b)	The Net Debt to Last Quarter Annualized Adjusted EBITDA calculation does not give effect to a full quarter of ownership of Wilcon, as this acquisition closed on June 26, 2017.

Components of Capital Expenditures:



	For the Three Months Ended
(in millions)	June 30, 2017								June 30, 2016
	Towers		Small Cells		Other		Total		Towers		Small Cells		Other		Total
Discretionary:
Purchases of land interests	$	21.2	$	—	$	—	$	21.2	$	19.1	$	—	$	—	$	19.1
Wireless infrastructure construction and improvements	76.3		184.0		—		260.3		75.9		85.4		—		161.3
Sustaining:
Capital improvement and corporate	9.5		4.1		5.9		19.4		9.1		2.1		7.9		19.1
Total	$	107.0	$	188.1	$	5.9	$	300.9	$	104.2	$	87.5	$	7.9	$	199.5

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 17

Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements and information that are based on our management's current expectations. Such statements include our Outlook and plans, projections, and estimates regarding (1) potential benefits, returns, opportunities and shareholder value which may be derived from our business, assets, investments, acquisitions (including the pending acquisition of Lightower) and dividends, including on a long-term basis, (2) our strategy and strategic position and strength of our business, (3) carrier network investments and upgrades, and the benefits which may be derived therefrom, (4) growth in demand for mobile data and wireless connectivity and the benefits which may be derived therefrom, (5) our growth and long-term prospects, (6) the pending acquisition of Lightower, including financing and timing thereof, quality of Lightower's assets, services and customer mix, and the potential benefits and contributions which may be derived from such acquisition, including (a) improvements to or enhancements of Crown Castle's asset portfolio, growth and industry position and (b) contribution to or impact on Crown Castle's financial or operating results, including site rental revenues, growth profile, net income and AFFO, (7) leasing activity (8) our investments, including in towers, small cells, fiber and other assets, and the potential growth, returns and benefits therefrom, (9) our dividends, including our dividend plans and the amount of and any increase to our dividends and dividend growth targets, (10) demand for our wireless infrastructure (including fiber and small cells) and services, (11) our credit metrics, (12) tenant non-renewals, including the impact and timing thereof, (13) capital expenditures, including sustaining capital expenditures, (14) straight-line adjustments, (15) site rental revenues, (16) site rental cost of operations, (17) net income (loss), (18) Adjusted EBITDA, (19) expenses, including interest expense and amortization of deferred financing costs, (20) FFO, (21) AFFO and estimated growth thereof, (22) Organic Contribution to Site Rental Revenues, (23) our common shares outstanding, including on a diluted basis and (24) network services contribution, (25) the utility of certain financial measures, including non-GAAP financial measures. Such forward-looking statements are subject to certain risks, uncertainties and assumptions prevailing market conditions and the following:


•	Our business depends on the demand for our wireless infrastructure, driven primarily by demand for wireless connectivity, and we may be adversely affected by any slowdown in such demand. Additionally, a reduction in the amount or change in the mix of carrier network investment may materially and adversely affect our business (including reducing demand for tenant additions and network services).


•	A substantial portion of our revenues is derived from a small number of customers, and the loss, consolidation or financial instability of any of our limited number of customers may materially decrease revenues or reduce demand for our wireless infrastructure and network services.


•	The business model for small cells contains certain differences from our traditional site rental business, resulting in different operational risks. If we do not successfully operate that business model or identify or manage those operational risks, such operations may produce results that are less than anticipated.


•	Our substantial level of indebtedness could adversely affect our ability to react to changes in our business, and the terms of our debt instruments limit our ability to take a number of actions that our management might otherwise believe to be in our best interests. In addition, if we fail to comply with our covenants, our debt could be accelerated.


•	We have a substantial amount of indebtedness. In the event we do not repay or refinance such indebtedness, we could face substantial liquidity issues and might be required to issue equity securities or securities convertible into equity securities, or sell some of our assets to meet our debt payment obligations.


•	Sales or issuances of a substantial number of shares of our common stock may adversely affect the market price of our common stock.


•	As a result of competition in our industry, we may find it more difficult to achieve favorable rental rates on our new or renewing tenant leases.


•	New technologies may reduce demand for our wireless infrastructure or negatively impact our revenues.


•	The expansion or development of our business, including through acquisitions, increased product offerings or other strategic growth opportunities, may cause disruptions in our business, which may have an adverse effect on our business, operations or financial results.


•	If we fail to retain rights to our wireless infrastructure, including the land interests under our towers, our business may be adversely affected.


•	Our network services business has historically experienced significant volatility in demand, which reduces the predictability of our results.


•	New wireless technologies may not deploy or be adopted by customers as rapidly or in the manner projected.


•	If we fail to comply with laws or regulations which regulate our business and which may change at any time, we may be fined or even lose our right to conduct some of our business.


•	If radio frequency emissions from wireless handsets or equipment on our wireless infrastructure are demonstrated to cause negative health effects, potential future claims could adversely affect our operations, costs or revenues.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 18


•	Certain provisions of our restated certificate of incorporation, amended and restated by-laws and operative agreements, and domestic and international competition laws may make it more difficult for a third party to acquire control of us or for us to acquire control of a third party, even if such a change in control would be beneficial to our stockholders.


•	We may be vulnerable to security breaches that could adversely affect our business, operations, and reputation.

•

Future dividend payments to our stockholders will reduce the availability of our cash on hand available to fund future discretionary investments, and may result in a need to incur indebtedness or issue equity securities to fund growth opportunities. In such event, the then current economic, credit market or equity market conditions will impact the availability or cost of such financing, which may hinder our ability to grow our per share results of operations.


•	Remaining qualified to be taxed as a REIT involves highly technical and complex provisions of the US Internal Revenue Code. Failure to remain qualified as a REIT would result in our inability to deduct dividends to stockholders when computing our taxable income, which would reduce our available cash.


•	Complying with REIT requirements, including the 90% distribution requirement, may limit our flexibility or cause us to forgo otherwise attractive opportunities, including certain discretionary investments and potential financing alternatives.


•	REIT related ownership limitations and transfer restrictions may prevent or restrict certain transfers of our capital stock.

Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the SEC. As used in this release, the term "including," and any variation thereof, means "including without limitation."

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 19



	CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (in thousands, except share amounts)



	June 30, 2017			December 31, 2016

ASSETS
Current assets:
Cash and cash equivalents	$	199,663		$	567,599
Restricted cash	117,913			124,547
Receivables, net	305,982			373,532
Prepaid expenses	175,976			128,721
Other current assets	151,801			130,362
Total current assets	951,335			1,324,761
Deferred site rental receivables	1,299,440			1,317,658
Property and equipment, net	10,507,736			9,805,315
Goodwill	6,919,358			5,757,676
Other intangible assets, net	3,953,812			3,650,072
Long-term prepaid rent and other assets, net	851,943			819,610
Total assets	$	24,483,624		$	22,675,092

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	178,927		$	188,516
Accrued interest	107,764			97,019
Deferred revenues	387,065			353,005
Other accrued liabilities	209,224			221,066
Current maturities of debt and other obligations	114,932			101,749
Total current liabilities	997,912			961,355
Debt and other long-term obligations	13,726,333			12,069,393
Other long-term liabilities	2,169,070			2,087,229
Total liabilities	16,893,315			15,117,977
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $.01 par value; 600,000,000 shares authorized; shares issued and outstanding: June 30, 2017—366,115,800 and December 31, 2016—360,536,659	3,661			3,605
Additional paid-in capital	11,433,018			10,938,236
Accumulated other comprehensive income (loss)	(5,183		)	(5,888		)
Dividends/distributions in excess of earnings	(3,841,187		)	(3,378,838		)
Total equity	7,590,309			7,557,115
Total liabilities and equity	$	24,483,624		$	22,675,092

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 20



	CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) (in thousands, except share and per share amounts)



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Net revenues:
Site rental	$	868,806		$	804,600		$	1,725,742		$	1,603,893
Network services and other	169,529			157,809			328,535			292,899
Net revenues	1,038,335			962,409			2,054,277			1,896,792
Operating expenses:
Costs of operations (exclusive of depreciation, amortization and accretion):
Site rental	269,285			252,852			534,302			505,472
Network services and other	104,622			95,867			203,430			176,838
General and administrative	97,736			91,386			198,460			188,967
Asset write-down charges	4,327			11,952			4,972			19,912
Acquisition and integration costs	8,250			3,141			13,900			8,779
Depreciation, amortization and accretion	295,615			276,026			584,164			553,901
Total operating expenses	779,835			731,224			1,539,228			1,453,869
Operating income (loss)	258,500			231,185			515,049			442,923
Interest expense and amortization of deferred financing costs	(141,769		)	(129,362		)	(276,256		)	(255,740		)
Gains (losses) on retirement of long-term obligations	—			(11,468		)	(3,525		)	(42,017		)
Interest income	1,027			105			1,397			279
Other income (expense)	(1,106		)	(518		)	3,494			(3,791		)
Income (loss) before income taxes	116,652			89,942			240,159			141,654
Benefit (provision) for income taxes	(4,538		)	(3,884		)	(8,907		)	(7,756		)
Net income (loss)	112,114			86,058			231,252			133,898
Dividends on preferred stock	—			(10,997		)	—			(21,994		)
Net income (loss) attributable to CCIC common stockholders	$	112,114		$	75,061		$	231,252		$	111,904

Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders, basic	$	0.31		$	0.22		$	0.64		$	0.33
Net income (loss) attributable to CCIC common stockholders, diluted	$	0.31		$	0.22		$	0.64		$	0.33

Weighted-average common shares outstanding (in thousands):
Basic	364,493			337,560			362,662			335,857
Diluted	365,832			338,609			363,892			336,658

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 21



	CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (in thousands)



	Six Months Ended June 30,
	2017			2016
Cash flows from operating activities:
Net income (loss)	$	231,252		$	133,898
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	584,164			553,901
Gains (losses) on retirement of long-term obligations	3,525			42,017
Amortization of deferred financing costs and other non-cash interest	5,256			7,993
Stock-based compensation expense	45,232			40,135
Asset write-down charges	4,972			19,912
Deferred income tax benefit (provision)	261			3,947
Other non-cash adjustments, net	(3,486		)	1,672
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	16,963			84,145
Decrease (increase) in assets	45,970			30,561
Net cash provided by (used for) operating activities	934,109			918,181
Cash flows from investing activities:
Payments for acquisition of businesses, net of cash acquired	(2,103,503		)	(493,932		)
Capital expenditures	(563,361		)	(392,997		)
Net (payments) receipts from settled swaps	(328		)	8,141
Other investing activities, net	(7,032		)	1,854
Net cash provided by (used for) investing activities	(2,674,224		)	(876,934		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,345,115			4,501,206
Principal payments on debt and other long-term obligations	(59,947		)	(43,838		)
Purchases and redemptions of long-term debt	—			(3,536,362		)
Borrowings under revolving credit facility	1,755,000			3,030,000
Payments under revolving credit facility	(1,405,000		)	(3,720,000		)
Payments for financing costs	(11,446		)	(35,604		)
Net proceeds from issuance of capital stock	464,023			323,798
Purchases of capital stock	(22,594		)	(24,460		)
Dividends/distributions paid on common stock	(696,025		)	(597,846		)
Dividends paid on preferred stock	—			(21,994		)
Net (increase) decrease in restricted cash	2,351			(6,089		)
Net cash provided by (used for) financing activities	1,371,477			(131,189		)
Net increase (decrease) in cash and cash equivalents - continuing operations	(368,638		)	(89,942		)
Discontinued operations:
Net cash provided by (used for) investing activities	—			113,150
Net increase (decrease) in cash and cash equivalents - discontinued operations	—			113,150
Effect of exchange rate changes	702			320
Cash and cash equivalents at beginning of period	567,599			178,810
Cash and cash equivalents at end of period	$	199,663		$	202,338
Supplemental disclosure of cash flow information:
Interest paid	260,255			217,783
Income taxes paid	10,372			10,186

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 22



	CROWN CASTLE INTERNATIONAL CORP. SEGMENT OPERATING RESULTS (UNAUDITED) (in thousands)



SEGMENT OPERATING RESULTS
	Three Months Ended June 30, 2017								Three Months Ended June 30, 2016
	Towers		Small Cells		Other		Consolidated Total		Towers		Small Cells		Other		Consolidated Total
Segment site rental revenues	$	717,645	$	151,161			$	868,806	$	705,716	$	98,884			$	804,600
Segment network services and other revenue	157,977		11,552				169,529		142,053		15,756				157,809
Segment revenues	875,622		162,713				1,038,335		847,769		114,640				962,409
Segment site rental cost of operations	211,204		51,861				263,065		210,444		34,165				244,609
Segment network services and other cost of operations	95,837		8,604				104,441		81,922		12,423				94,345
Segment cost of operations^(a)	307,041		60,465				367,506		292,366		46,588				338,954
Segment site rental gross margin^(b)	506,441		99,300				605,741		495,272		64,719				559,991
Segment network services and other gross margin^(b)	62,140		2,948				65,088		60,131		3,333				63,464
Segment general and administrative expenses^(a)	22,875		18,666		40,754		82,295		22,505		15,718		35,563		73,786
Segment operating profit^(b)	545,706		83,582		(40,754	)	588,534		532,898		52,334		(35,563	)	549,669
Stock-based compensation expense					16,835		16,835						21,998		21,998
Depreciation, amortization and accretion					295,615		295,615						276,026		276,026
Interest expense and amortization of deferred financing costs					141,769		141,769						129,362		129,362
Other (income) expenses to reconcile to income (loss) before income taxes^(c)					17,663		17,663						32,341		32,341
Income (loss) before income taxes							$	116,652							$	89,942

(a)

Segment cost of operations exclude (1) stock-based compensation expense of $1.4 million and $4.4 million for the three months ended June 30, 2017 and 2016, respectively and (2) prepaid lease purchase price adjustments of $5.0 million and $5.4 million for the three months ended June 30, 2017 and 2016, respectively. Segment general and administrative expenses exclude stock-based compensation expense of $15.4 million and $17.6 million for the three months ended June 30, 2017 and 2016, respectively.

(b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of segment site rental gross margin, segment network service and other gross margin and segment operating profit.


(c)	See condensed consolidated statement of operations for further information.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 23



SEGMENT OPERATING RESULTS
	Six Months Ended June 30, 2017								Six Months Ended June 30, 2016
	Towers		Small Cells		Other		Consolidated Total		Towers		Small Cells		Other		Consolidated Total
Segment site rental revenues	$	1,434,181	$	291,561			$	1,725,742	$	1,408,555	$	195,338			$	1,603,893
Segment network services and other revenue	307,592		20,943				328,535		267,063		25,836				292,899
Segment revenues	1,741,773		312,504				2,054,277		1,675,618		221,174				1,896,792
Segment site rental cost of operations	420,668		99,107				519,775		415,009		71,648				486,657
Segment network services and other cost of operations	184,773		16,833				201,606		151,911		20,458				172,369
Segment cost of operations^(a)	605,441		115,940				721,381		566,920		92,106				659,026
Segment site rental gross margin^(b)	1,013,513		192,454				1,205,967		993,546		123,690				1,117,236
Segment network services and other gross margin^(b)	122,819		4,110				126,929		115,152		5,378				120,530
Segment general and administrative expenses^(a)	46,635		36,355		79,960		162,950		46,104		31,240		71,635		148,979
Segment operating profit^(b)	1,089,697		160,209		(79,960	)	1,169,946		1,062,594		97,828		(71,635	)	1,088,787
Stock-based compensation expense					41,777		41,777						52,703		52,703
Depreciation, amortization and accretion					584,164		584,164						553,901		553,901
Interest expense and amortization of deferred financing costs					276,256		276,256						255,740		255,740
Other income (expenses) to reconcile to income (loss) from continuing operations before income taxes^(c)					27,590		27,590						84,789		84,789
Income (loss) from continuing operations before income taxes							$	240,159							$	141,654

(a)

Segment cost of operations exclude (1) stock-based compensation expense of $6.3 million and $12.7 million for the six months ended June 30, 2017 and 2016, respectively and (2) prepaid lease purchase price adjustments of $10.1 million and $10.6 million for the six months ended June 30, 2017 and 2016, respectively. Segment general and administrative expenses exclude stock-based compensation expense of $35.5 million and $40.0 million for the six months ended June 30, 2017 and 2016, respectively.


(c)	See condensed consolidated statement of operations for further information.

The Foundation for a Wireless World.

CrownCastle.com

Exhibit

Exhibit 99.2

https://cdn.kscope.io/1aa5e604e4dc8be5a2498a5baa676b46-ccaltlogorgba02a01a02a27.jpg

https://cdn.kscope.io/1aa5e604e4dc8be5a2498a5baa676b46-towera01a02a27.jpg

Supplemental Information Package

and Non-GAAP Reconciliations

Second Quarter • June 30, 2017

The Foundation for a Wireless World.

CrownCastle.com

Crown Castle International Corp

Second Quarter 2017



TABLE OF CONTENTS
	Page
Company Overview
Company Profile	2
Strategy	2
Historical AFFO per Share	3
Tower Portfolio Footprint	3
Corporate Information	4
Research Coverage	5
Historical Common Stock Data	5
Portfolio and Financial Highlights	6
Outlook	7
Financials & Metrics
Condensed Consolidated Balance Sheet	9
Condensed Consolidated Statement of Operations	10
Segment Operating Results	11
FFO and AFFO Reconciliations	13
Condensed Consolidated Statement of Cash Flows	14
Components of Changes in Site Rental Revenues	15
Summary of Straight-Lined and Prepaid Rent Activity	16
Summary of Capital Expenditures	17
Lease Renewal and Lease Distribution	17
Customer Overview	18
Asset Portfolio Overview
Summary of Tower Portfolio by Vintage	19
Portfolio Overview	20
Ground Interest Overview	22
Ground Interest Activity	22
Capitalization Overview
Capitalization Overview	23
Debt Maturity Overview	24
Liquidity Overview	25
Maintenance and Financial Covenants	26
Interest Rate Sensitivity	27
Appendix	28

Cautionary Language Regarding Forward-Looking Statements

This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook", "guide", "forecast", "estimate", "anticipate", "project", "plan", "intend", "believe", "expect", "likely", "predicted", and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include, but are not limited to, our Outlook for the third quarter 2017 and full year 2017.

Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

The components of financial information presented herein, both historical and forward looking, may not sum due to rounding. Definitions and reconciliations of non-GAAP financial measures, segment measures and other calculations are provided in the Appendix to this Supplement.

As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.

Crown Castle International Corp.

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COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



COMPANY PROFILE

Crown Castle International Corp. (to which the terms "Crown Castle," "CCIC," "we," "our," "our Company," "the Company" or "us" as used herein refer) owns, operates and leases shared wireless infrastructure, including: (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) fiber primarily supporting small cell networks (collectively, "small cells," and together with towers, "wireless infrastructure"). Our towers have a significant presence in each of the top 100 US markets, and the majority of our fiber is located in major metropolitan areas. Crown Castle owns, operates and leases shared wireless infrastructure that has been acquired or constructed over time and is geographically dispersed throughout the U.S., and which consists of (1) approximately 40,000 towers and (2) approximately 29,000 route miles of fiber primarily supporting small cell networks.

Our core business is providing access, including space or capacity, to our wireless infrastructure via long-term contracts in various forms, including license, sublease and lease agreements (collectively, "leases"). We seek to increase our site rental revenues by adding more tenants on our wireless infrastructure, which we expect to result in significant incremental cash flows due to our low incremental operating costs.

We operate as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes.

Proposed Lightower Acquisition

On July 18, 2017, the Company announced that it has entered in a definitive agreement to acquire LTS Group Holdings LLC ("Lightower") for approximately $7.1 billion in cash (subject to certain limited adjustments). Lightower owns or has rights to approximately 32,000 route miles of fiber located primarily in top metro markets in the Northeast, including Boston, New York and Philadelphia. Following completion of the Proposed Lightower Acquisition, the Company will own or have rights to approximately 60,000 route miles of fiber.

The historical financial statements, financial metrics and outlook herein are as of June 30, 2017, and do not give effect to our Proposed Lightower Acquisition.



STRATEGY

Our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our portfolio of wireless infrastructure, (2) returning a meaningful portion of our cash provided by operating activities to our stockholders in the form of dividends and (3) investing capital efficiently to grow cash flows and long-term dividends per share. We measure our efforts to create "long-term stockholder value" by the combined payment of dividends to stockholders and growth in our per share results. The key elements of our strategy are to:

•

Grow cash flows from our wireless infrastructure. We seek to maximize our site rental cash flows by working with our customers to provide them quick access to our wireless infrastructure and entering into associated long-term leases. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our customers to expand coverage and capacity in order to meet increasing demand for wireless connectivity, while generating high incremental returns for our business. We believe our product offerings of towers and small cells provide a comprehensive solution to our customers' growing connectivity needs through our shared wireless infrastructure model, which is an efficient and cost effective way to serve our customers. We also believe that there will be considerable future demand for our wireless infrastructure based on the location of our wireless infrastructure and the rapid growth in wireless connectivity, which will lead to future growth in the wireless industry.

•

Return cash provided by operating activities to stockholders in the form of dividends. We believe that distributing a meaningful portion of our cash provided by operating activities appropriately provides stockholders with increased certainty for a portion of expected long-term stockholder value while still retaining sufficient flexibility to invest in our business and deliver growth. We believe this decision reflects the translation of the high-quality, long-term contractual cash flows of our business into stable capital returns to stockholders.


•	Invest capital efficiently to grow cash flows and long-term dividends per share. We seek to invest our available capital, including the net cash provided by our operating activities and external financing sources, in a manner that will increase long-term stockholder value on a risk-adjusted basis. Our historical investments have included the following (in no particular order):

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX


◦	purchases of shares of our common stock from time to time;


◦	acquisitions or construction of towers, fiber and small cells;


◦	acquisitions of land interests under towers;


◦	improvements and structural enhancements to our existing wireless infrastructure; or


◦	purchases, repayment or redemption of our debt.

Our strategy to create long-term stockholder value is based on our belief that additional demand for our wireless infrastructure will be created by the expected continued growth in the demand for wireless connectivity. We believe that such demand for our wireless infrastructure will continue, will result in growth of our cash flows due to tenant additions on our existing wireless infrastructure, and will create other growth opportunities for us, such as demand for new wireless infrastructure.



HISTORICAL AFFO PER SHARE ⁽¹⁾

https://cdn.kscope.io/1aa5e604e4dc8be5a2498a5baa676b46-affopersharea07.jpg


(1)	See reconciliations and definitions provided herein. See also "Definitions of Non-GAAP Financial Measures, Segment Measures and Other Calculations" in the Appendix for a discussion of our definitions of FFO and AFFO.


(2)	AFFO per share represents the midpoint of the full year 2017 outlook as issued on July 19, 2017.



TOWER PORTFOLIO FOOTPRINT

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



GENERAL COMPANY INFORMATION
Principal executive offices	1220 Augusta Drive, Suite 600, Houston, TX 77057
Common shares trading symbol	CCI
Stock exchange listing	New York Stock Exchange
Fiscal year ending date	December 31
Fitch - Long Term Issuer Default Rating	BBB-
Moody’s - Long Term Corporate Family Rating	Baa3
Standard & Poor’s - Long Term Local Issuer Credit Rating	BBB-

Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.



EXECUTIVE MANAGEMENT TEAM
Name	Age	Years with Company	Position
Jay A. Brown	44	17	President and Chief Executive Officer
Daniel K. Schlanger	43	1	Senior Vice President and Chief Financial Officer
James D. Young	56	11	Senior Vice President and Chief Operating Officer
Kenneth J. Simon	56	1	Senior Vice President and General Counsel
Michael J. Kavanagh	49	6	Senior Vice President and Chief Commercial Officer
Philip M. Kelley	44	20	Senior Vice President-Corporate Development and Strategy



BOARD OF DIRECTORS
Name	Position	Committees	Age	Years as Director
J. Landis Martin	Chairman	NCG⁽¹⁾	71	21
P. Robert Bartolo	Director	Audit, Compensation	45	3
Cindy Christy	Director	Compensation, NCG⁽¹⁾, Strategy	51	9
Ari Q. Fitzgerald	Director	Compensation, NCG⁽¹⁾, Strategy	54	14
Robert E. Garrison II	Director	Audit, Compensation	75	12
Lee W. Hogan	Director	Audit, Compensation, Strategy	72	16
Edward C. Hutcheson	Director	Strategy	71	22
Robert F. McKenzie	Director	Audit, Strategy	73	22
Anthony J. Melone	Director	NCG⁽¹⁾, Strategy	57	2
W. Benjamin Moreland	Director		53	10
Jay A. Brown	Director		44	1


(1)	Nominating & Corporate Governance Committee

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



RESEARCH COVERAGE
Equity Research
Bank of America David Barden (646) 855-1320	Barclays Amir Rozwadowski (212) 526-4043	BTIG Walter Piecyk (646) 450-9258
Citigroup Michael Rollins (212) 816-1116	Cowen and Company Colby Synesael (646) 562-1355	Deutsche Bank Matthew Niknam (212) 250-4711
Goldman Sachs Brett Feldman (212) 902-8156	Guggenheim Robert Gutman (212) 518-9148	Jefferies Mike McCormack (212) 284-2516
JPMorgan Philip Cusick (212) 622-1444	Macquarie Amy Yong (212) 231-2624	MoffettNathanson Nick Del Deo (212) 519-0025
Morgan Stanley Simon Flannery (212) 761-6432	New Street Research Spencer Kurn (212) 921-2067	Oppenheimer & Co. Timothy Horan (212) 667-8137
Pacific Crest Securities Brandon Nispel (503) 821-3871	Raymond James Ric Prentiss (727) 567-2567	RBC Capital Markets Jonathan Atkin (415) 633-8589
Stifel Matthew Heinz (443) 224-1382	SunTrust Robinson Humphrey Greg Miller (212) 303-4169	UBS Batya Levi (212) 713-8824
Wells Fargo Securities, LLC Jennifer Fritzsche (312) 920-3548

Rating Agency
Fitch John Culver (312) 368-3216	Moody’s Phil Kibel (212) 553-1653	Standard & Poor’s Ryan Gilmore (212) 438-0602



HISTORICAL COMMON STOCK DATA
	Three Months Ended
(in millions, except per share data)	6/30/17		3/31/17		12/31/16		9/30/16		6/30/16
High price⁽¹⁾	$	103.98	$	94.57	$	92.95	$	98.77	$	97.41
Low price⁽¹⁾	$	92.34	$	82.29	$	76.89	$	87.07	$	81.38
Period end closing price⁽²⁾	$	100.18	$	93.57	$	85.05	$	91.35	$	97.40
Dividends paid per common share	$	0.95	$	0.95	$	0.95	$	0.885	$	0.885
Volume weighted average price for the period⁽¹⁾	$	97.68	$	88.19	$	84.55	$	92.52	$	87.25
Common shares outstanding, at period end	366		361		361		338		338
Market value of outstanding common shares, at period end⁽³⁾	$	36,677	$	33,813	$	30,664	$	30,836	$	32,879


(1)	Based on the sales price, adjusted for common stock dividends, as reported by Bloomberg.


(2)	Based on the period end closing price, adjusted for common stock dividends, as reported by Bloomberg.


(3)	Period end market value of outstanding common shares is calculated as the product of (a) shares of common stock outstanding at period end and (b) closing share price at period end, adjusted for common stock dividends, as reported by Bloomberg.

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COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY PORTFOLIO HIGHLIGHTS
(as of June 30, 2017)
Towers
Number of towers⁽¹⁾	40,127
Average number of tenants per tower	2.2
Remaining contracted customer receivables ($ in billions)⁽²⁾	$	16
Weighted average remaining customer contract term (years)⁽³⁾	6
Percent of towers in the Top 50 / 100 Basic Trading Areas	56% / 71%
Percent of ground leased / owned (by Towers segment site rental gross margin)	62% / 38%
Weighted average maturity of ground leases (years)⁽⁴⁾	34
Small Cells
Number of route miles of fiber (in thousands)	29
Remaining contracted customer receivables ($ in billions)⁽²⁾	$	2
Weighted average remaining customer contract term (years)⁽³⁾	6



SUMMARY FINANCIAL HIGHLIGHTS
	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands, except per share amounts)	2017		2016		2017		2016
Operating Data:
Net revenues
Site rental	$	868,806	$	804,600	$	1,725,742	$	1,603,893
Network services and other	169,529		157,809		328,535		292,899
Net revenues	$	1,038,335	$	962,409	$	2,054,277	$	1,896,792

Costs of operations (exclusive of depreciation, amortization and accretion)
Site rental	$	269,285	$	252,852	$	534,302	$	505,472
Network services and other	104,622		95,867		203,430		176,838
Total cost of operations	$	373,907	$	348,719	$	737,732	$	682,310

Net income (loss) attributable to CCIC common stockholders	$	112,114	$	75,061	$	231,252	$	111,904
Net income (loss) attributable to CCIC common stockholders per share - diluted⁽⁶⁾	$	0.31	$	0.22	$	0.64	$	0.33

Non-GAAP Data⁽⁵⁾:
Adjusted EBITDA	$	588,534	$	549,669	$	1,169,946	$	1,088,787
FFO	404,626		356,429		805,573		672,725
AFFO	439,907		392,478		890,071		787,632
AFFO per share⁽⁶⁾	$	1.20	$	1.16	$	2.45	$	2.34


(1)	Excludes small cells and third-party land interests.


(2)	Excludes renewal terms at customers' option.


(3)	Excludes renewal terms at customers' option, weighted by site rental revenues.


(4)	Includes renewal terms at the Company's option, weighted by Towers segment site rental gross margin.


(5)	See reconciliations of Non-GAAP financial measures provided herein. See also "Definitions of Non-GAAP Measures, Segment Measures and Other Calculations" in the Appendix for a discussion of our definitions of Adjusted EBITDA, FFO and AFFO.


(6)	Based on diluted weighted-average common shares outstanding of 365.8 million, 338.6 million, 363.9 and 336.7 million for the three months ended June 30, 2017 and 2016, and the six months ended June 30, 2017 and 2016, respectively.

Crown Castle International Corp.

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COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY FINANCIAL HIGHLIGHTS (CONTINUED)
	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except per share amounts)	2017			2016			2017			2016
Summary Cash Flow Data:
Net cash provided by (used for) operating activities	$	488,017		$	480,525		$	934,109		$	918,181
Net cash provided by (used for) investing activities⁽¹⁾	(911,083		)	(669,188		)	(2,674,224		)	(876,934		)
Net cash provided by (used for) financing activities	417,261			214,403			1,371,477			(131,189		)



(dollars in thousands)	June 30, 2017		December 31, 2016
Balance Sheet Data (at period end):
Cash and cash equivalents	$	199,663	$	567,599
Property and equipment, net	10,507,736		9,805,315
Total assets	24,483,624		22,675,092
Total debt and other long-term obligations⁽²⁾	13,841,265		12,171,142
Total CCIC stockholders' equity	7,590,309		7,557,115



(dollars in thousands, except per share amounts)	Three Months Ended June 30, 2017
Other Data:
Net debt to last quarter annualized Adjusted EBITDA⁽³⁾	5.8		x
Dividend per common share	$	0.95



OUTLOOK FOR THIRD QUARTER 2017 AND FULL YEAR 2017
(dollars in millions, except per share amounts)	Third Quarter 2017			Full Year 2017
Site rental revenues	$888	to	$893	$3,504	to	$3,529
Site rental cost of operations⁽⁴⁾	$275	to	$280	$1,071	to	$1,096
Net income (loss)	$90	to	$110	$426	to	$476
Net income (loss) per share - diluted⁽⁵⁾⁽⁸⁾	$0.24	to	$0.30	$1.16	to	$1.30
Adjusted EBITDA⁽⁶⁾	$600	to	$605	$2,389	to	$2,414
Interest expense and amortization of deferred financing costs⁽⁷⁾	$142	to	$147	$552	to	$582
FFO⁽⁶⁾	$404	to	$409	$1,623	to	$1,653
AFFO⁽⁶⁾	$447	to	$452	$1,813	to	$1,838
AFFO per share⁽⁵⁾⁽⁶⁾	$1.22	to	$1.23	$4.96	to	$5.03


(1)	Includes net cash used for acquisitions of approximately $606 million and $472 million for the three months ended June 30, 2017 and 2016, respectively and $2.1 billion and $494 million for the six months ended June 30, 2017 and 2016, respectively.


(2)	Balances reflect debt issuance costs as a direct reduction from the respective carrying amounts of debt, with the exception of debt issuance costs associated with the Company's revolving credit facilities.


(3)	The Net Debt to Last Quarter Annualized Adjusted EBITDA calculation does not give effect to a full quarter of ownership of Wilcon, as this acquisition closed on June 26, 2017.


(4)	Exclusive of depreciation, amortization and accretion.


(5)	The assumption for third quarter 2017 and full year 2017 diluted weighted-average common shares outstanding is 367.5 million and 365.7 million, respectively, based on diluted common shares outstanding as of June 30, 2017.


(6)	See reconciliation of this non-GAAP financial measure to net income (loss) included herein.


(7)	See the reconciliation of "components of interest expense and amortization of deferred financing costs" in the Appendix.


(8)	Calculated using net income (loss) attributable to CCIC common stockholders.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



OUTLOOK FOR FULL YEAR 2017 COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions)	Full Year 2017 Outlook	Full Year 2016
Components of changes in site rental revenues⁽⁷⁾:
Prior year site rental revenues exclusive of straight-line associated with fixed escalators⁽¹⁾⁽³⁾	$3,186	$2,907

New leasing activity⁽¹⁾⁽³⁾	155 - 175	174
Escalators	80 - 85	89
Non-renewals	(95) - (90)	(74)
Organic Contribution to Site Rental Revenues⁽⁴⁾	140 - 170	189
Straight-lined revenues associated with fixed escalators	(20) - (10)	47
Acquisitions and builds⁽²⁾	185	90
Other	—	—
Total GAAP site rental revenues	$3,504 - $3,529	$3,233

Year-over-year changes in revenue:⁽⁶⁾
Reported GAAP site rental revenues	8.7%
Organic Contribution to Site Rental Revenues⁽⁴⁾⁽⁵⁾	4.9%


(1)	Includes revenues from amortization of prepaid rent in accordance with GAAP.


(2)	The financial impact of acquisitions, as measured by the initial contribution, and tower builds is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition or build.


(3)	Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators.


(4)	See definitions provided herein.


(5)	Calculated as the percentage change from prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalations compared to Organic Contribution to Site Rental Revenues for the current period.


(6)	Calculated based on midpoint of Full Year 2017 Outlook.


(7)	See additional information regarding Crown Castle's site rental revenues including projected revenue from customer licenses, tenant non-renewals, straight-lined revenues and prepaid rent herein.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(dollars in thousands, except share amounts)	June 30, 2017			December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	199,663		$	567,599
Restricted cash	117,913			124,547
Receivables, net	305,982			373,532
Prepaid expenses	175,976			128,721
Other current assets	151,801			130,362
Total current assets	951,335			1,324,761
Deferred site rental receivables	1,299,440			1,317,658
Property and equipment, net	10,507,736			9,805,315
Goodwill	6,919,358			5,757,676
Other intangible assets, net	3,953,812			3,650,072
Long-term prepaid rent and other assets, net	851,943			819,610
Total assets	$	24,483,624		$	22,675,092

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	178,927		$	188,516
Accrued interest	107,764			97,019
Deferred revenues	387,065			353,005
Other accrued liabilities	209,224			221,066
Current maturities of debt and other obligations	114,932			101,749
Total current liabilities	997,912			961,355
Debt and other long-term obligations	13,726,333			12,069,393
Other long-term liabilities	2,169,070			2,087,229
Total liabilities	16,893,315			15,117,977
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $.01 par value; 600,000,000 shares authorized; shares issued and outstanding: June 30, 2017—366,115,800 and December 31, 2016—360,536,659	3,661			3,605
Additional paid-in capital	11,433,018			10,938,236
Accumulated other comprehensive income (loss)	(5,183		)	(5,888		)
Dividends/distributions in excess of earnings	(3,841,187		)	(3,378,838		)
Total equity	7,590,309			7,557,115
Total liabilities and equity	$	24,483,624		$	22,675,092

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except share and per share amounts)	2017			2016			2017			2016
Net revenues:
Site rental	$	868,806		$	804,600		$	1,725,742		$	1,603,893
Network services and other	169,529			157,809			328,535			292,899
Net revenues	1,038,335			962,409			2,054,277			1,896,792
Operating expenses:
Costs of operations (exclusive of depreciation, amortization and accretion):
Site rental	269,285			252,852			534,302			505,472
Network services and other	104,622			95,867			203,430			176,838
General and administrative	97,736			91,386			198,460			188,967
Asset write-down charges	4,327			11,952			4,972			19,912
Acquisition and integration costs	8,250			3,141			13,900			8,779
Depreciation, amortization and accretion	295,615			276,026			584,164			553,901
Total operating expenses	779,835			731,224			1,539,228			1,453,869
Operating income (loss)	258,500			231,185			515,049			442,923
Interest expense and amortization of deferred financing costs	(141,769		)	(129,362		)	(276,256		)	(255,740		)
Gains (losses) on retirement of long-term obligations	—			(11,468		)	(3,525		)	(42,017		)
Interest income	1,027			105			1,397			279
Other income (expense)	(1,106		)	(518		)	3,494			(3,791		)
Income (loss) before income taxes	116,652			89,942			240,159			141,654
Benefit (provision) for income taxes	(4,538		)	(3,884		)	(8,907		)	(7,756		)
Net income (loss)	112,114			86,058			231,252			133,898
Dividends on preferred stock	—			(10,997		)	—			(21,994		)
Net income (loss) attributable to CCIC common stockholders	$	112,114		$	75,061		$	231,252		$	111,904

Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders, basic	$	0.31		$	0.22		$	0.64		$	0.33
Net income (loss) attributable to CCIC common stockholders, diluted	$	0.31		$	0.22		$	0.64		$	0.33

Weighted-average common shares outstanding (in thousands):
Basic	364,493			337,560			362,662			335,857
Diluted	365,832			338,609			363,892			336,658

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SEGMENT OPERATING RESULTS
	Three Months Ended June 30, 2017								Three Months Ended June 30, 2016
(dollars in thousands)	Towers		Small Cells		Other		Consolidated Total		Towers		Small Cells		Other		Consolidated Total
Segment site rental revenues	$	717,645	$	151,161			$	868,806	$	705,716	$	98,884			$	804,600
Segment network service and other revenue	157,977		11,552				169,529		142,053		15,756				157,809
Segment revenues	875,622		162,713				1,038,335		847,769		114,640				962,409
Segment site rental cost of operations	211,204		51,861				263,065		210,444		34,165				244,609
Segment network service and other cost of operations	95,837		8,604				104,441		81,922		12,423				94,345
Segment cost of operations⁽¹⁾	307,041		60,465				367,506		292,366		46,588				338,954
Segment site rental gross margin⁽²⁾	506,441		99,300				605,741		495,272		64,719				559,991
Segment network services and other gross margin⁽²⁾	62,140		2,948				65,088		60,131		3,333				63,464
Segment general and administrative expenses⁽¹⁾	22,875		18,666		40,754		82,295		22,505		15,718		35,563		73,786
Segment operating profit⁽²⁾	545,706		83,582		(40,754	)	588,534		532,898		52,334		(35,563	)	549,669
Stock-based compensation expense					16,835		16,835						21,998		21,998
Depreciation, amortization and accretion					295,615		295,615						276,026		276,026
Interest expense and amortization of deferred financing costs					141,769		141,769						129,362		129,362
Other income (expenses) to reconcile to income (loss) from continuing operations before income taxes⁽³⁾					17,663		17,663						32,341		32,341
Income (loss) from continuing operations before income taxes							$	116,652							$	89,942

(1)


(2)	See "Definitions of Non-GAAP Financial Measures, Segment Measures and Other Calculations" in the Appendix for a discussion of our definitions of segment site rental gross margin, segment network service and other gross margin and segment operating profit.


(3)	See condensed consolidated statement of operations for further information.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SEGMENT OPERATING RESULTS
	Six Months Ended June 30, 2017								Six Months Ended June 30, 2016
(dollars in thousands)	Towers		Small Cells		Other		Consolidated Total		Towers		Small Cells		Other		Consolidated Total
Segment site rental revenues	$	1,434,181	$	291,561			$	1,725,742	$	1,408,555	$	195,338			$	1,603,893
Segment network service and other revenue	307,592		20,943				328,535		267,063		25,836				292,899
Segment revenues	1,741,773		312,504				2,054,277		1,675,618		221,174				1,896,792
Segment site rental cost of operations	420,668		99,107				519,775		415,009		71,648				486,657
Segment network service and other cost of operations	184,773		16,833				201,606		151,911		20,458				172,369
Segment cost of operations⁽¹⁾	605,441		115,940				721,381		566,920		92,106				659,026
Segment site rental gross margin⁽²⁾	1,013,513		192,454				1,205,967		993,546		123,690				1,117,236
Segment network services and other gross margin⁽²⁾	122,819		4,110				126,929		115,152		5,378				120,530
Segment general and administrative expenses⁽¹⁾	46,635		36,355		79,960		162,950		46,104		31,240		71,635		148,979
Segment operating profit⁽²⁾	1,089,697		160,209		(79,960	)	1,169,946		1,062,594		97,828		(71,635	)	1,088,787
Stock-based compensation expense					41,777		41,777						52,703		52,703
Depreciation, amortization and accretion					584,164		584,164						553,901		553,901
Interest expense and amortization of deferred financing costs					276,256		276,256						255,740		255,740
Other income (expenses) to reconcile to income (loss) from continuing operations before income taxes⁽²⁾					27,590		27,590						84,789		84,789
Income (loss) from continuing operations before income taxes							$	240,159							$	141,654

(1)


(2)	See "Definitions of Non-GAAP Financial Measures, Segment Measures and Other Calculations" in the Appendix for a discussion of our definitions of segment site rental gross margin, segment network service and other gross margin and segment operating profit.


(3)	See condensed consolidated statement of operations for further information.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



FFO AND AFFO RECONCILIATIONS
	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except share and per share amounts)	2017			2016			2017			2016
Net income (loss)	$	112,114		$	86,058		$	231,252		$	133,898
Real estate related depreciation, amortization and accretion	288,185			269,416			569,348			540,909
Asset write-down charges	4,327			11,952			4,972			19,912
Dividends on preferred stock	—			(10,997		)	—			(21,994		)
FFO^(1)(2)(4)	$	404,626		$	356,429		$	805,573		$	672,725
Weighted average common shares outstanding — diluted⁽³⁾	365,832			338,609			363,892			336,658
FFO per share⁽¹⁾⁽⁴⁾	$	1.11		$	1.05		$	2.21		$	2.00

FFO (from above)	$	404,626		$	356,429		$	805,573		$	672,725
Adjustments to increase (decrease) FFO:
Straight-lined revenue	807			(16,204		)	(455		)	(33,539		)
Straight-lined expense	22,655			23,881			45,871			47,646
Stock-based compensation expense	16,835			21,998			41,777			52,703
Non-cash portion of tax provision	(4,791		)	(35		)	(1,213		)	1,747
Non-real estate related depreciation, amortization and accretion	7,430			6,611			14,816			12,993
Amortization of non-cash interest expense	2,420			3,782			5,256			7,993
Other (income) expense	1,106			518			(3,494		)	3,791
Gains (losses) on retirement of long-term obligations	—			11,468			3,525			42,017
Acquisition and integration costs	8,250			3,141			13,900			8,779
Capital improvement capital expenditures	(9,570		)	(8,910		)	(16,465		)	(15,311		)
Corporate capital expenditures	(9,861		)	(10,200		)	(19,019		)	(13,911		)
AFFO^(1)(2)(4)	$	439,907		$	392,478		$	890,071		$	787,632
Weighted average common shares outstanding — diluted⁽³⁾	365,832			338,609			363,892			336,658
AFFO per share⁽¹⁾⁽⁴⁾	$	1.20		$	1.16		$	2.45		$	2.34


(1)	See "Definitions of Non-GAAP Measures, Segment Measures and Other Calculations" in the Appendix for a discussion of our definitions of FFO and AFFO.


(2)	FFO and AFFO are reduced by cash paid for preferred stock dividends.


(3)	Based on the diluted weighted-average common shares outstanding for the three and six months ended June 30, 2017 and 2016.


(4)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
	Six Months Ended June 30,
(dollars in thousands)	2017			2016
Cash flows from operating activities:
Net income (loss)	$	231,252		$	133,898
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	584,164			553,901
Gains (losses) on retirement of long-term obligations	3,525			42,017
Amortization of deferred financing costs and other non-cash interest	5,256			7,993
Stock-based compensation expense	45,232			40,135
Asset write-down charges	4,972			19,912
Deferred income tax benefit (provision)	261			3,947
Other non-cash adjustments, net	(3,486		)	1,672
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	16,963			84,145
Decrease (increase) in assets	45,970			30,561
Net cash provided by (used for) operating activities	934,109			918,181
Cash flows from investing activities:
Payments for acquisition of businesses, net of cash acquired	(2,103,503		)	(493,932		)
Capital expenditures	(563,361		)	(392,997		)
Net (payments) receipts from settled swaps	(328		)	8,141
Other investing activities, net	(7,032		)	1,854
Net cash provided by (used for) investing activities	(2,674,224		)	(876,934		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,345,115			4,501,206
Principal payments on debt and other long-term obligations	(59,947		)	(43,838		)
Purchases and redemptions of long-term debt	—			(3,536,362		)
Borrowings under revolving credit facility	1,755,000			3,030,000
Payments under revolving credit facility	(1,405,000		)	(3,720,000		)
Payments for financing costs	(11,446		)	(35,604		)
Net proceeds from issuance of capital stock	464,023			323,798
Purchases of capital stock	(22,594		)	(24,460		)
Dividends/distributions paid on common stock	(696,025		)	(597,846		)
Dividends paid on preferred stock	—			(21,994		)
Net (increase) decrease in restricted cash	2,351			(6,089		)
Net cash provided by (used for) financing activities	1,371,477			(131,189		)
Net increase (decrease) in cash and cash equivalents - continuing operations	(368,638		)	(89,942		)
Discontinued operations:
Net cash provided by (used for) investing activities	—			113,150
Net increase (decrease) in cash and cash equivalents - discontinued operations	—			113,150
Effect of exchange rate changes	702			320
Cash and cash equivalents at beginning of period	567,599			178,810
Cash and cash equivalents at end of period	$	199,663		$	202,338
Supplemental disclosure of cash flow information:
Interest paid	260,255			217,783
Income taxes paid	10,372			10,186

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
	Three Months Ended June 30,
(dollars in millions)	2017			2016
Components of changes in site rental revenues⁽⁶⁾:
Prior year site rental revenues exclusive of straight-line associated with fixed escalators⁽¹⁾⁽³⁾	$	788		$	706

New leasing activity⁽¹⁾⁽³⁾	45			44
Escalators	21			23
Non-renewals	(24		)	(18		)
Organic Contribution to Site Rental Revenues⁽⁴⁾	42			49
Straight-lined revenues associated with fixed escalators	(1		)	16
Acquisitions and builds⁽²⁾	40			34
Other	—			—
Total GAAP site rental revenues	$	869		$	805

Year-over-year changes in revenue:
Reported GAAP site rental revenues	8.0		%
Organic Contribution to Site Rental Revenues⁽⁴⁾⁽⁵⁾	5.3		%


(1)	Includes revenues from amortization of prepaid rent in accordance with GAAP.


(2)	The financial impact of acquisitions, as measured by the initial contribution, and tower builds is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition or build.


(3)	Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators.


(4)	See definitions provided herein.


(5)	Calculated as the percentage change from prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalations compared to Organic Contribution to Site Rental Revenues for the current period.


(6)	See additional information regarding Crown Castle's site rental revenues including projected revenue from customer licenses, tenant non-renewals, straight-lined revenues and prepaid rent herein.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY OF SITE RENTAL STRAIGHT-LINED REVENUES AND EXPENSES ASSOCIATED WITH FIXED ESCALATORS⁽¹⁾
	Three Months Ended June 30,
	2017								2016
(dollars in thousands)	Towers			Small Cells		Total			Towers		Small Cells		Total
Site rental straight-lined revenue	$	(3,359	)	$	2,552	$	(807	)	$	13,862	$	2,342	$	16,204
Site rental straight-lined expenses	22,527			128		22,655			23,820		61		23,881



	Six Months Ended June 30,
	2017							2016
(dollars in thousands)	Towers			Small Cells		Total		Towers		Small Cells		Total
Site rental straight-lined revenue	$	(4,381	)	$	4,836	$	455	$	28,758	$	4,781	$	33,539
Site rental straight-lined expenses	45,411			460		45,871		47,570		76		47,646



SUMMARY OF PREPAID RENT ACTIVITY⁽²⁾
	Three Months Ended June 30,
	2017						2016
(dollars in thousands)	Towers		Small Cells		Total		Towers		Small Cells		Total
Prepaid rent received	$	32,755	$	37,507	$	70,262	$	45,717	$	25,713	$	71,430
Amortization of prepaid rent	29,325		28,278		57,603		25,361		27,014		52,375



	Six Months Ended June 30,
	2017						2016
(dollars in thousands)	Towers		Small Cells		Total		Towers		Small Cells		Total
Prepaid rent received	$	63,351	$	74,255	$	137,606	$	88,062	$	58,100	$	146,162
Amortization of prepaid rent	57,087		54,010		111,097		50,627		49,460		100,087


(1)	In accordance with GAAP accounting, if payment terms call for fixed escalations, or rent free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the contract. Since the Company recognizes revenue on a straight-line basis, a portion of the site rental revenue in a given period represents cash collected or contractually collectible in other periods.


(2)	Reflects up front payments received from long-term tenant contracts and other deferred credits (commonly referred to as prepaid rent), and the amortization thereof for GAAP revenue recognition purposes.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY OF CAPITAL EXPENDITURES
	Three Months Ended June 30,
	2017								2016
(dollars in thousands)	Towers		Small Cells		Other		Total		Towers		Small Cells		Other		Total
Discretionary:
Purchases of land interests	$	21,207	$	—	$	—	$	21,207	$	19,119	$	5	$	—	$	19,124
Wireless infrastructure construction and improvements	76,270		184,038		—		260,308		75,921		85,354		—		161,275
Sustaining:
Capital improvement and corporate	9,473		4,052		5,906		19,431		9,140		2,091		7,878		19,109
Total	$	106,950	$	188,090	$	5,906	$	300,946	$	104,180	$	87,450	$	7,878	$	199,508



PROJECTED REVENUE FROM CUSTOMER LICENSES⁽¹⁾
	Remaining six months			Years Ended December 31,
(as of June 30, 2017; dollars in millions)	2017			2018			2019			2020			2021
Components of site rental revenue:
Site rental revenues exclusive of straight-line associated with fixed escalators	1,772			$	3,605		$	3,676		$	3,754		$	3,831
Straight-lined site rental revenues associated with fixed escalators	(13		)	(73		)	(132		)	(192		)	(240		)
GAAP site rental revenue	$	1,759		$	3,532		$	3,544		$	3,562		$	3,591



PROJECTED GROUND LEASE EXPENSE FROM EXISTING GROUND LEASES⁽²⁾
	Remaining six months		Years Ended December 31,
(as of June 30, 2017; dollars in millions)	2017		2018		2019		2020		2021
Components of ground lease expense:
Ground lease expense exclusive of straight-line associated with fixed escalators	$	305	$	622	$	637	$	653	$	673
Straight-lined site rental ground lease expense associated with fixed escalators	43		79		68		57		45
GAAP ground lease expense	$	407	$	701	$	705	$	711	$	718


(1)	Based on customer licenses as of June 30, 2017. All customer licenses are assumed to renew for a new term at current term end date. CPI-linked customer contracts are assumed to escalate at 3% per annum.


(2)	Based on existing ground leases as of June 30, 2017. CPI-linked leases are assumed to escalate at 3% per annum.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL⁽¹⁾
	Remaining six months		Years Ended December 31,
(as of June 30, 2017; dollars in millions)	2017		2018		2019		2020		2021
AT&T	$	9	$	39	$	35	$	44	$	74
Sprint	22		36		39		22		39
T-Mobile	13		25		59		21		31
Verizon	11		21		20		28		26
All Others Combined	26		44		37		36		33
Total	$	81	$	165	$	191	$	151	$	203



ESTIMATED REDUCTION TO SITE RENTAL REVENUES FROM NON-RENEWALS FROM LEAP, METROPCS AND CLEARWIRE NETWORK DECOMMISSIONING⁽²⁾⁽³⁾(dollars in millions)
2017	2018	Thereafter	Total
$50-$55	$30-$40	$35-$60	$115-$155



CUSTOMER OVERVIEW
(as of June 30, 2017)	Percentage of Q2 2017 LQASite Rental Revenues	Weighted Average Current Term Remaining⁽⁴⁾	Long-Term Credit Rating (S&P / Moody’s)
AT&T	26%	6	BBB+ / Baa1
T-Mobile	23%	5	BB
Verizon	19%	7	BBB+ / Baa1
Sprint	17%	5	B / B3
All Others Combined	15%	4	N/A
Total / Weighted Average	100%	6


(1)	Reflects lease renewals by year by customer; dollar amounts represent annualized cash site rental revenues from assumed renewals or extension as reflected in the table "Projected Revenue from Customer Contracts."


(2)	Estimated impact to site rental revenues in the applicable period based on the anticipated timing and amount of decommissioning activity, as of June 30, 2017.


(3)	Depending on the eventual network deployment and decommissioning plans of AT&T, T-Mobile and Sprint, the impact and timing of such renewals may vary from Crown Castle's expectations.


(4)	Weighted by site rental revenue contributions; excludes renewals at the customers' option.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY OF TOWER PORTFOLIO BY VINTAGE
(as of June 30, 2017; dollars in thousands)
YIELD⁽¹⁾	NUMBER OF TENANTS PER TOWER

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LQA SITE RENTAL REVENUE PER TOWER	LQA TOWERS SEGMENT SITE RENTAL GROSS MARGIN PER TOWER

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INVESTED CAPITAL PER TOWER⁽²⁾	NUMBER OF TOWERS

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(1)	Yield is calculated as LQA Towers segment site rental gross margin divided by invested capital.


(2)	Reflects gross total assets, including incremental capital invested by the Company since time of acquisition or construction completion. Inclusive of invested capital related to land at the tower site.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



PORTFOLIO OVERVIEW⁽¹⁾
(as of June 30, 2017; dollars in thousands)
NUMBER OF TOWERS	TENANTS PER TOWER	LQA SITE RENTAL REVENUE PER TOWER

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(1)	Includes towers and rooftops, excludes small cells and third-party land interests.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



DISTRIBUTION OF TOWER TENANCY (as of June 30, 2017)
PERCENTAGE OF TOWERS BY TENANTS PER TOWER⁽¹⁾
SITES ACQUIRED AND BUILT 2006 AND PRIOR			SITES ACQUIRED AND BUILT 2007 TO PRESENT

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Average: 2.6	Average: 2.0

GEOGRAPHIC TOWER DISTRIBUTION (as of June 30, 2017)⁽¹⁾
PERCENTAGE OF TOWERS BY GEOGRAPHIC LOCATION	PERCENTAGE OF LQA SITE RENTAL REVENUE BY GEOGRAPHIC LOCATION

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https://cdn.kscope.io/1aa5e604e4dc8be5a2498a5baa676b46-supplchart12868a06.jpg


(1)	Includes towers and rooftops, excludes small cells and third-party land interests.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



GROUND INTEREST OVERVIEW
(as of June 30, 2017; dollars in millions)	LQA Site Rental Revenue		Percentage of LQA Site Rental Revenue		LQA Towers Segment Site Rental Gross Margin		Percentage of LQA Towers Segment Site Rental Gross Margin		Number of Towers⁽¹⁾	Percentage of Towers		Weighted Average Term Remaining (by years)⁽²⁾
Less than 10 years	$	357	13	%	$	197	10	%	5,842	15	%
10 to 20 years	449		16	%	237		12	%	7,835	20	%
Greater 20 years	1,198		42	%	795		40	%	16,950	42	%
Total leased	$	2,003	71	%	$	1,229	62	%	30,627	76	%	34

Owned	818		29	%	752		38	%	9,500	24	%
Total / Average	$	2,821	100	%	$	1,982	100	%	40,127	100	%


(1)	Includes towers and rooftops, excludes small cells and third-party land interests.


(2)	Includes renewal terms at the Company’s option; weighted by Towers segment site rental gross margin.



GROUND INTEREST ACTIVITY
(dollars in millions)	Three Months Ended June 30, 2017			Six Months Ended June 30, 2017
Ground Extensions Under Crown Castle Towers:
Number of ground leases extended	392			819
Average number of years extended	35			31
Percentage increase in consolidated cash ground lease expense due to extension activities⁽¹⁾	0.1		%	0.1		%

Ground Purchases Under Crown Castle Towers:
Number of ground leases purchased	97			198
Land lease purchases (including capital expenditures, acquisitions and capital leases)	$	22		$	44
Percentage of Towers segment site rental gross margin from towers residing on land purchased	<1%			<1%


(1)	Includes the impact from the amortization of lump sum payments.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



CAPITALIZATION OVERVIEW
(dollars in millions)	Face Value as of 6/30/2017		Fixed vs. Variable	Secured vs. Unsecured	Interest Rate⁽¹⁾	Net Debt to LQA EBITDA⁽²⁾	Maturity
Cash	$	200

Senior Secured Tower Revenue Notes, Series 2010-3⁽³⁾	1,250		Fixed	Secured	6.1%		2040⁽³⁾
Senior Secured Tower Revenue Notes, Series 2010-6⁽³⁾	1,000		Fixed	Secured	4.9%		2040⁽³⁾
Senior Secured Tower Revenue Notes, Series 2015-1⁽³⁾	300		Fixed	Secured	3.2%		2042⁽³⁾
Senior Secured Tower Revenue Notes, Series 2015-2⁽³⁾	700		Fixed	Secured	3.7%		2045⁽³⁾
3.849% Secured Notes	1,000		Fixed	Secured	3.8%		2023
Senior Secured Notes, Series 2009-1, Class A-1	43		Fixed	Secured	6.3%		2019
Senior Secured Notes, Series 2009-1, Class A-2	70		Fixed	Secured	9.0%		2029
Capital Leases & other obligations	241		Various	Secured	Various		Various
Total secured debt	$	4,603			4.8%	2.0x
Senior Unsecured Revolving Credit Facility⁽⁴⁾	350		Variable	Unsecured	2.6%		2022
Senior Unsecured Term Loan A	2,432		Variable	Unsecured	2.6%		2022
5.250% Senior Notes	1,650		Fixed	Unsecured	5.3%		2023
3.400% Senior Notes	850		Fixed	Unsecured	3.4%		2021
4.450% Senior Notes	900		Fixed	Unsecured	4.5%		2026
4.875% Senior Notes	850		Fixed	Unsecured	4.9%		2022
3.700% Senior Notes	750		Fixed	Unsecured	3.7%		2026
2.250% Senior Notes	700		Fixed	Unsecured	2.3%		2021
4.000% Senior Notes	500		Fixed	Unsecured	4.0%		2027
4.750% Senior Notes	350		Fixed	Unsecured	4.8%		2047
Total unsecured debt	$	9,332			3.7%	4.0x
Total net debt	$	13,735			4.1%	5.8x
Market Capitalization⁽⁵⁾	36,677
Firm Value⁽⁶⁾	$	50,412


(1)	Represents the weighted-average stated interest rate.


(2)	Represents the applicable amount of debt divided by LQA consolidated Adjusted EBITDA. The Net Debt to Last Quarter Annualized Adjusted EBITDA calculation does not give effect to a full quarter of ownership of Wilcon, as this acquisition closed on June 26, 2017.

(3)

If the respective series of such debt is not paid in full on or prior to an applicable date then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. The Senior Secured Tower Revenue Notes, Series 2010-3 and 2010-6 have anticipated repayment dates in 2020. The Senior Secured Tower Revenue Notes, Series 2015-1 and 2015-2 have anticipated repayment dates of 2022 and 2025, respectively. Notes are prepayable at par if voluntarily repaid six months or less prior to maturity; earlier prepayment may require additional consideration.


(4)	As of June 30, 2017, the undrawn availability under the $2.5 billion Revolving Credit Facility is $2.1 billion.


(5)	Market capitalization calculated based on $100.18 closing price and 366.1 million shares outstanding as of June 30, 2017.


(6)	Represents the sum of net debt and market capitalization.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

DEBT MATURITY OVERVIEW⁽¹⁾

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(1)	Where applicable, maturities reflect the Anticipated Repayment Date as defined in the respective debt agreement; excludes capital leases and other obligations; amounts presented at face value net of repurchases held at CCIC.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



LIQUIDITY OVERVIEW⁽¹⁾
(dollars in thousands)	June 30, 2017
Cash and cash equivalents⁽²⁾	$	199,663
Undrawn revolving credit facility availability⁽³⁾	2,140,426
Restricted cash	122,913
Debt and other long-term obligations⁽⁴⁾	13,841,265
Total equity	7,590,309


(1)	We have an At-The-Market stock offering program ("ATM Program") through which we may, from time to time, issue and sell shares of our common stock having an aggregate cumulative gross sales price of up to $500.0 million to or through sales agents. As of June 30, 2017, 4.1 million shares of common stock had been sold under the ATM Program generating net proceeds of $346.3 million.


(2)	Exclusive of restricted cash.


(3)	Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, our credit agreement governing our Senior Unsecured Credit Facility.


(4)	Balances reflect debt issuance costs as a direct reduction from the respective carrying amounts of debt, with the exception of debt issuance costs associated with the Company's revolving credit facilities.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
Debt	Borrower / Issuer	Covenant⁽¹⁾	Covenant Level Requirement		As of June 30, 2017
Maintenance Financial Covenants⁽²⁾
2016 Credit Facility	CCIC	Total Net Leverage Ratio	≤ 6.50x		5.7x
2016 Credit Facility	CCIC	Total Senior Secured Leverage Ratio	≤ 3.50x		1.8x
2016 Credit Facility	CCIC	Consolidated Interest Coverage Ratio⁽³⁾	N/A		N/A

Restrictive Negative Financial Covenants
Financial covenants restricting ability to incur additional debt
2012 Secured Notes	CC Holdings GS V LLC and Crown Castle GS III Corp.	Debt to Adjusted Consolidated Cash Flow Ratio	≤ 3.50x		2.6x

Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released
2010 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.75x	⁽⁴⁾	4.6x
2015 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.75x	⁽⁴⁾	4.6x
2009 Securitized Notes	Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.30x	⁽⁴⁾	7.0x

Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture
2010 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.00x	⁽⁵⁾	4.6x
2015 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.00x	⁽⁵⁾	4.6x
2009 Securitized Notes	Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.34x	⁽⁵⁾	7.0x


(1)	As defined in the respective debt agreement. In the indentures for the 2010 Tower Revenue Notes, 2015 Tower Revenue Notes and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR".


(2)	Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2016 Credit Facility.


(3)	Applicable solely to the extent that the senior unsecured debt rating by any two of S&P, Moody's and Fitch is lower than BBB-, Baa3 or BBB-, respectively. If applicable, the consolidated interest coverage ratio must be greater than or equal to 2.50.

(4)

The 2010 Tower Revenue Notes, 2015 Tower Revenue Notes, and 2009 Securitized Notes also include the potential for amortization events, which could result in applying current and future cash flow to the prepayment of debt with applicable prepayment consideration. An amortization event occurs when the Debt Service Coverage Ratio falls below 1.45x, 1.45x or 1.15x, in each case as described under the indentures for the 2010 Tower Revenue Notes, 2015 Tower Revenue Notes, or 2009 Securitized Notes, respectively.


(5)	Rating Agency Confirmation (as defined in the respective debt agreement) is also required.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



INTEREST RATE SENSITIVITY⁽¹⁾
	Remaining six months		Years Ended December 31,
(as of June 30, 2017; dollars in millions)	2017		2018		2019
Fixed Rate Debt:
Face Value of Principal Outstanding⁽²⁾	$	10,903	$	10,883	$	10,867
Current Interest Payment Obligations⁽³⁾	242		484		483
Effect of 0.125% Change in Interest Rates⁽⁴⁾	—		—		—
Floating Rate Debt:
Face Value of Principal Outstanding⁽²⁾	$	2,751	$	2,689	$	2,566
Current Interest Payment Obligations⁽⁵⁾	37		80		85
Effect of 0.125% Change in Interest Rates⁽⁶⁾	2		3		3


(1)	Excludes capital lease and other obligations.


(2)	Face value net of required amortizations; assumes no maturity or balloon principal payments; excludes capital leases.


(3)	Interest expense calculated based on current interest rates.


(4)	Interest expense calculated based on current interest rates until the sooner of the (1) stated maturity date or (2) the Anticipated Repayment Date, at which time the face value amount outstanding of such indebtedness is refinanced at current rates plus 12.5 bps.


(5)	Interest expense calculated based on current interest rates. Forward LIBOR assumptions are derived from the 1-month LIBOR forward curve as of June 30, 2017. Calculation assumes no changes to future interest rate margin spread over LIBOR due to changes in the Borrower’s senior unsecured credit rating.


(6)	Interest expense calculated based on current interest rates using the 1-month LIBOR forward curve as of June 30, 2017 plus 12.5 bps.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

DEFINITIONS

Non-GAAP Financial Measures, Segment Measures and Other Calculations

This Supplement includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), Funds from Operations ("FFO") and Organic Contribution to Site Rental Revenues, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).

Adjusted EBITDA, AFFO, FFO and Organic Contribution to Site Rental Revenues, are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:

•

Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the wireless infrastructure sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion, which can vary depending upon accounting methods and the book value of assets. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used in our debt covenant calculations. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

•

AFFO and AFFO per share are useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO and AFFO per share help investors or other interested parties meaningfully evaluate our financial performance as they include (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock) and (2) sustaining capital expenditures and exclude the impact of our (a) asset base (primarily depreciation, amortization and accretion) and (b) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations, or rent free periods, the revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. Management notes that the Company uses AFFO and AFFO per share only as a performance measure. AFFO and AFFO per share should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flows from operations or as residual cash flow available for discretionary investment.

•

FFO and FFO per share are useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO and FFO per share help investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion). FFO and FFO per share are not key performance indicators used by the Company. FFO and FFO per share should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

•

We define our non-GAAP financial measures, segment measures and other calculations as follows:

Non-GAAP Financial Measures

AFFO per share. We define AFFO per share as AFFO divided by diluted weighted average common shares outstanding.

FFO per share. We define FFO per share as FFO divided by the diluted weighted average common shares outstanding.

Segment Measures

Other Calculations

The tables set forth below reconcile the non-GAAP financial measures used herein to comparable GAAP financial measures. The components in these tables may not sum to the total due to rounding.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures and Other Calculations:

Reconciliation of Historical Adjusted EBITDA:



	Three Months Ended June 30,						Six Months Ended June 30,						Twelve Months Ended December 31,
(dollars in thousands)	2017			2016			2017			2016			2016
Net income (loss)	$	112,114		$	86,058		$	231,252		$	133,898		$	356,973
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	4,327			11,952			4,972			19,912			34,453
Acquisition and integration costs	8,250			3,141			13,900			8,779			17,453
Depreciation, amortization and accretion	295,615			276,026			584,164			553,901			1,108,551
Amortization of prepaid lease purchase price adjustments	5,007			5,367			10,084			10,569			21,312
Interest expense and amortization of deferred financing costs⁽¹⁾	141,769			129,362			276,256			255,740			515,032
Gains (losses) on retirement of long-term obligations	—			11,468			3,525			42,017			52,291
Interest income	(1,027		)	(105		)	(1,397		)	(279		)	(796		)
Other income (expense)	1,106			518			(3,494		)	3,791			8,835
Benefit (provision) for income taxes	4,538			3,884			8,907			7,756			16,881
Stock-based compensation expense	16,835			21,998			41,777			52,703			96,538
Adjusted EBITDA⁽²⁾⁽³⁾	$	588,534		$	549,669		$	1,169,946		$	1,088,787		$	2,227,523


(1)	See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein.


(2)	See "Definitions of Non-GAAP Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.


(3)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

Reconciliation of Current Outlook for Adjusted EBITDA:



	Q3 2017			Full Year 2017
(dollars in millions)	Outlook			Outlook
Net income (loss)	$90	to	$110	$426	to	$476
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	$9	to	$11	$20	to	$30
Acquisition and integration costs	$8	to	$12	$28	to	$38
Depreciation, amortization and accretion	$296	to	$310	$1,178	to	$1,208
Amortization of prepaid lease purchase price adjustments	$4	to	$6	$19	to	$21
Interest expense and amortization of deferred financing costs⁽¹⁾	$142	to	$147	$552	to	$582
Gains (losses) on retirement of long-term obligations	$0	to	$0	$4	to	$4
Interest income	$(1)	to	$1	$(3)	to	$1
Other income (expense)	$(1)	to	$3	$(2)	to	$0
Benefit (provision) for income taxes	$3	to	$7	$14	to	$22
Stock-based compensation expense	$24	to	$26	$89	to	$94
Adjusted EBITDA⁽²⁾⁽³⁾	$600	to	$605	$2,389	to	$2,414

Components of Historical Interest Expense and Amortization of Deferred Financing Costs:



	Three Months Ended June 30,
(dollars in thousands)	2017			2016
Interest expense on debt obligations	$	139,349		$	125,580
Amortization of deferred financing costs and adjustments on long-term debt, net	4,540			4,815
Other, net	(2,120		)	(1,033		)
Interest expense and amortization of deferred financing costs	$	141,769		$	129,362

Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs:



	Q3 2017			Full Year 2017
(dollars in millions)	Outlook			Outlook
Interest expense on debt obligations	$140	to	$142	$546	to	$561
Amortization of deferred financing costs and adjustments on long-term debt, net	$4	to	$7	$17	to	$21
Other, net	$(2)	to	$(2)	$(8)	to	$(6)
Interest expense and amortization of deferred financing costs	$142	to	$147	$552	to	$582


(1)	See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein.


(2)	See "Definitions of Non-GAAP Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.


(3)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

Reconciliation of Historical FFO and AFFO:



	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except share and per share amounts)	2017			2016			2017			2016
Net income (loss)	$	112,114		$	86,058		$	231,252		$	133,898
Real estate related depreciation, amortization and accretion	288,185			269,416			569,348			540,909
Asset write-down charges	4,327			11,952			4,972			19,912
Dividends on preferred stock	—			(10,997		)	—			(21,994		)
FFO^(1)(2)(4)	$	404,626		$	356,429		$	805,573		$	672,725

FFO (from above)	$	404,626		$	356,429		$	805,573		$	672,725
Adjustments to increase (decrease) FFO:
Straight-lined revenue	807			(16,204		)	(455		)	(33,539		)
Straight-lined expense	22,655			23,881			45,871			47,646
Stock-based compensation expense	16,835			21,998			41,777			52,703
Non-cash portion of tax provision	(4,791		)	(35		)	(1,213		)	1,747
Non-real estate related depreciation, amortization and accretion	7,430			6,611			14,816			12,993
Amortization of non-cash interest expense	2,420			3,782			5,256			7,993
Other (income) expense	1,106			518			(3,494		)	3,791
Gains (losses) on retirement of long-term obligations	—			11,468			3,525			42,017
Acquisition and integration costs	8,250			3,141			13,900			8,779
Capital improvement capital expenditures	(9,570		)	(8,910		)	(16,465		)	(15,311		)
Corporate capital expenditures	(9,861		)	(10,200		)	(19,019		)	(13,911		)
AFFO^(1)(2)(4)	$	439,907		$	392,478		$	890,071		$	787,632
Weighted average common shares outstanding — diluted⁽³⁾	365,832			338,609			363,892			336,658
AFFO per share⁽¹⁾⁽⁴⁾	$	1.20		$	1.16		$	2.45		$	2.34


(1)	See “Definitions of Non-GAAP Financial Measures, Segment Measures and Other Calculations” herein for a discussion of our definitions of FFO and AFFO.


(2)	FFO and AFFO are reduced by cash paid for preferred stock dividends.


(3)	Based on the diluted weighted-average common shares outstanding for the three and six months ended June 30, 2017 and 2016.


(4)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

Reconciliation of Historical FFO and AFFO:



	Years Ended December 31,
(in thousands of dollars, except share and per share amounts)	2016			2015			2014			2013
Net income (loss)	$	356,973		$	525,286		$	346,314		$	60,001
Real estate related depreciation, amortization and accretion	1,082,083			1,018,303			971,562			730,076
Asset write-down charges	34,453			33,468			14,246			13,595
Adjustment for noncontrolling interest⁽¹⁾	—			—			—			—
Dividends on preferred stock	(43,988		)	(43,988		)	(43,988		)	—
FFO^(3)(4)(6)	$	1,429,521		$	1,533,069		$	1,288,133		$	803,672

FFO (from above)	$	1,429,521		$	1,533,069		$	1,288,133		$	803,672
Adjustments to increase (decrease) FFO:
Straight-lined revenue	(47,377		)	(111,263		)	(183,393		)	(212,856		)
Straight-lined expense	94,246			98,738			101,890			78,619
Stock-based compensation expense	96,538			67,148			56,431			39,031
Non-cash portion of tax provision⁽²⁾	7,322			(63,935		)	(19,490		)	185,723
Non-real estate related depreciation, amortization and accretion	26,468			17,875			14,219			11,266
Amortization of non-cash interest expense	14,333			37,126			80,854			99,244
Other (income) expense	8,835			(57,028		)	(11,992		)	3,902
Gains (losses) on retirement of long-term obligations	52,291			4,157			44,629			37,127
Net gain (loss) on interest rate swaps	—			—			—			—
Acquisition and integration costs	17,453			15,678			34,145			25,574
Adjustment for noncontrolling interest⁽¹⁾	—			—			—			—
Capital improvement capital expenditures	(42,818		)	(46,789		)	(31,056		)	(17,520		)
Corporate capital expenditures	(46,948		)	(58,142		)	(50,317		)	(27,099		)
AFFO^(3)(4)(6)	$	1,609,864		$	1,436,635		$	1,324,054		$	1,026,684
Weighted average common shares outstanding — diluted⁽⁵⁾	340,879			334,062			333,265			299,293
AFFO per share⁽³⁾⁽⁶⁾	$	4.72		$	4.30		$	3.97		$	3.43

(1) Inclusive of the noncontrolling interest related to real estate related depreciation, amortization and accretion and asset write-downs.


(2)	Adjusts the income tax provision to reflect our estimate of the cash taxes paid had we been a REIT for all periods presented, and is primarily comprised of foreign taxes. As a result income tax expense (benefit) is lower by the amount of the adjustment.


(3)	See "Definitions of Non-GAAP Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of FFO and AFFO.


(4)	FFO and AFFO are reduced by cash paid for preferred stock dividends.


(5)	Based on the diluted weighted-average common shares outstanding for the twelve months ended December 31, 2016, 2015, 2014 and 2013.


(6)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

Reconciliation of Current Outlook for FFO and AFFO:



	Q3 2017			Full Year 2017
(in millions of dollars, except share and per share amounts)	Outlook			Outlook
Net income (loss)	$90	to	$110	$426	to	$476
Real estate related depreciation, amortization and accretion	$291	to	$301	$1,154	to	$1,174
Asset write-down charges	$9	to	$11	$20	to	$30
FFO⁽²⁾⁽³⁾	$404	to	$409	$1,623	to	$1,653
Weighted-average common shares outstanding—diluted⁽¹⁾	367.5			365.7
FFO per share⁽²⁾⁽³⁾	$1.10	to	$1.11	$4.45	to	$4.52

FFO (from above)	$404	to	$409	$1,623	to	$1,653
Adjustments to increase (decrease) FFO:
Straight-lined revenue	$0	to	$5	$4	to	$19
Straight-lined expense	$20	to	$25	$81	to	$96
Stock-based compensation expense	$24	to	$26	$89	to	$94
Non-cash portion of tax provision	$(2)	to	$3	$(6)	to	$4
Non-real estate related depreciation, amortization and accretion	$5	to	$9	$24	to	$34
Amortization of non-cash interest expense	$2	to	$5	$9	to	$15
Other (income) expense	$(1)	to	$3	$(2)	to	$0
Gains (losses) on retirement of long-term obligations	$0	to	$0	$4	to	$4
Acquisition and integration costs	$8	to	$12	$28	to	$38
Capital improvement capital expenditures	$(15)	to	$(10)	$(41)	to	$(31)
Corporate capital expenditures	$(19)	to	$(14)	$(53)	to	$(43)
AFFO⁽²⁾⁽³⁾	$447	to	$452	$1,813	to	$1,838
Weighted-average common shares outstanding—diluted⁽¹⁾	367.5			365.7
AFFO per share⁽²⁾⁽³⁾	$1.22	to	$1.23	$4.96	to	$5.03


(1)	The assumption for third quarter 2017 and full year 2017 diluted weighted-average common shares outstanding is based on diluted common shares outstanding as of June 30, 2017.


(2)	See “Definitions of Non-GAAP Financial Measures, Segment Measures and Other Calculations” herein for a discussion of our definitions of FFO and AFFO.


(3)	The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

Crown Castle International Corp.

Second Quarter 2017



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

Net debt to Last Quarter Annualized Adjusted EBITDA calculation:



	Three Months Ended June 30,
(dollars in millions)	2017				2016
Total face value of debt	$	13,935.1			$	12,520.6
Ending cash and cash equivalents⁽¹⁾	199.7				202.3
Total net debt	$	13,735.4			$	12,318.3

Adjusted EBITDA for the three months ended June 30,	$	588.5			$	549.7
Last quarter annualized Adjusted EBITDA	2,354.1				2,198.7
Net debt to Last Quarter Annualized Adjusted EBITDA	5.8		x	⁽²⁾	5.6		x

Cash Interest Coverage Ratio Calculation:



	Three Months Ended June 30,
(dollars in thousands)	2017			2016
Adjusted EBITDA	$	588,534		$	549,669
Interest expense on debt obligations	139,349			125,580
Interest Coverage Ratio	4.2		x	4.4		x

(1) Excludes restricted cash.


(2)	The Net Debt to Last Quarter Annualized Adjusted EBITDA calculation does not give effect to a full quarter of ownership of Wilcon, as this acquisition closed on June 26, 2017.