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cci-20210127

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): January 27, 2021

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, Texas 77057-2261

(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 (see General Instruction A.2. below):


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

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	CCI	New York Stock Exchange

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 ☐

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. ☐

ITEM 2.02 — RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 27, 2021, Crown Castle International Corp. ("Company") issued a press release disclosing its financial results for fourth quarter and full year ended December 31, 2020. A copy of the press release is furnished herewith as Exhibit 99.1.

ITEM 7.01 — REGULATION FD DISCLOSURE

On January 27, 2021, the Company issued a press release announcing it has entered into a new long-term agreement with Verizon Communications Inc. ("Verizon"), pursuant to which Verizon has committed to lease 15,000 new small cells from the Company over the next four years. A copy of the press release is furnished herewith as Exhibit 99.2.

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 January 27, 2021. The supplemental information package is furnished herewith as Exhibit 99.3.

ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit Index


Exhibit No.						Description
99.1						Press Release dated January 27, 2021
99.2						Press Release dated January 27, 2021
99.3						Supplemental Information Package for period ended December 31, 2020
104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K ("Form 8-K") and Exhibits 99.1, 99.2 and 99.3 attached hereto are furnished as part of this Form 8-K and 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 or exhibits 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:

Executive Vice President
and General Counsel

Date: January 27, 2021

Document

Exhibit 99.1


						NEWS RELEASE January 27, 2021


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

CROWN CASTLE REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS, MAINTAINS OUTLOOK FOR FULL YEAR 2021

January 27, 2021 - HOUSTON, TEXAS - Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the fourth quarter and full year ended December 31, 2020 and maintained its full year 2021 outlook.


(in millions, except per share amounts)	Midpoint of Current Full Year 2021 Outlook	Full Year 2020 Actual		Full Year 2021 Growth Rates (Outlook at the Midpoint)			Full Year 2020 Growth Rates(a)
			As Reported	As Adjusted(d)		As Reported	As Adjusted(d)
Site rental revenues	$5,555	$5,320		4%	4%		4%	4%
Net income (loss)(b)	$997	$1,056		(6)%	20%		23%	(3)%
Net income (loss) per share—diluted(b)(c)	$2.30	$2.35		(2)%	26%		31%	2%
Adjusted EBITDA(b)	$3,607	$3,706		(3)%	5%		12%	4%
AFFO(b)(c)	$2,906	$2,878		1%	12%		21%	9%
AFFO per share(b)(c)	$6.69	$6.78		(1)%	10%		19%	7%

(a)See "Results for the Year" below for our 2019 actual results.

(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to net income (loss), as computed in accordance with GAAP.

(c)Attributable to CCIC common stockholders.

(d)As Adjusted growth rates exclude the impact of certain fourth quarter 2020 items that were not previously contemplated in our 2020 Outlook, as described further in "Recent Developments" and reconciled in "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.

"We delivered another solid year of growth in 2020, highlighting the strength of our business model and the significant value creation opportunity we believe our strategy provides to shareholders," stated Jay Brown, Crown Castle’s Chief Executive Officer. "Despite the challenges 2020 presented, we generated industry leading tower revenue growth in the U.S., resulting in AFFO per share growth that was in line with our long-term target range. We expect our growth trend to continue with approximately 6% growth in Organic Contribution to Site Rental Revenue for our Towers segment in 2021, supporting the previously announced 11% increase in our dividend per share. Adding to our long-term growth opportunity, we finished the year with approximately 50,000 small cells on air, and we meaningfully increased our backlog of small cells committed or under construction to approximately 30,000 with the 5G small cell agreement with Verizon we announced today. We believe our unique portfolio of assets positions us to benefit from what we expect will be a decade-long investment cycle as our customers deploy 5G, extending the opportunity we see to create long-term value for our shareholders while delivering dividend per share growth of 7% to 8% per year.

"We believe our ability to offer towers, small cells and fiber solutions, which are all integral components of communications networks and are shared among multiple tenants, provides us the best opportunity to generate

The pathway to possible.

CrownCastle.com


News Release continued:						Page 2

significant growth while delivering high returns for our shareholders. Based on the expected growth in data traffic and wireless carrier network investment, we believe the U.S. represents the best market in the world for communications infrastructure ownership, and we are pursuing that opportunity with our comprehensive offering. This differentiated strategy is delivering compelling results, as evidenced by our superior tower revenue growth rate in the U.S., and the strategic long-term agreements we recently announced with Verizon and DISH to support their nationwide 5G build outs."

RECENT DEVELOPMENTS

•In a separate press release today, Crown Castle announced a long-term 5G small cell agreement with Verizon whereby Verizon has committed to lease a total of 15,000 new small cells from Crown Castle over the next four years.

•In December 2020, T-Mobile US, Inc. ("T-Mobile") notified Crown Castle it was cancelling approximately 5,700 small cells contracted with Sprint Corporation ("Sprint Cancellation") prior to its merger with T-Mobile. The majority of the cancelled small cells were not yet constructed and, upon completion, would have been located at the same locations as other T-Mobile small cells. The Sprint Cancellation resulted in T-Mobile accelerating payment of all contractual rental obligations associated with the approximately 5,700 small cells as well as the payment of capital costs incurred to date.

•The fourth quarter and full year 2020 results were impacted by the Sprint Cancellation and a reduction in staffing completed during the fourth quarter 2020 (collectively referred to herein as "Nontypical Items"). The Nontypical Items included in the fourth quarter operating results generated other operating income of $362 million and incremental operating expenses of $76 million and resulted in a charge for the write-off of capital of $63 million. The full year 2020 net benefit on net income, Adjusted EBITDA, and AFFO from the Nontypical Items, which were not contemplated in the prior full year 2020 Outlook issued on October 21, 2020, is $223 million, $286 million and $286 million, respectively. The Nontypical Items do not have a material impact on the full year 2021 Outlook, which previously contemplated the deployment of approximately 1,000 Sprint small cells that were subject to the Sprint Cancellation.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 3

RESULTS FOR THE YEAR

The table below sets forth select preliminary unaudited financial results for the year ended December 31, 2020.


	Actual
(in millions, except per share amounts)	2020	2019	Change	Change %	Midpoint of Previous 2020 Outlook(c)	Actual Compared to Previous Outlook	Impact from Nontypical Items
Site rental revenues	$5,320	$5,093	$227	4%	$5,317	$3	$—
Net income (loss)	$1,056	$860	$196	23%	$819	$237	$223
Net income (loss) per share—diluted(a)	$2.35	$1.79	$0.56	31%	$1.79	$0.56	$0.52
Adjusted EBITDA(b)	$3,706	$3,299	$407	12%	$3,419	$287	$286
AFFO(a)(b)	$2,878	$2,371	$507	21%	$2,587	$291	$286
AFFO per share(a)(b)	$6.78	$5.68	$1.10	19%	$6.09	$0.69	$0.68

(a)Attributable to CCIC common stockholders.

(c)As issued on October 21, 2020.

HIGHLIGHTS FROM THE YEAR

•Site rental revenues. Site rental revenues grew 4%, or $227 million, from full year 2019 to full year 2020, inclusive of approximately $283 million in Organic Contribution to Site Rental Revenues and a $59 million decrease in straight-lined revenues. The $283 million in Organic Contribution to Site Rental Revenues represents approximately 5.6% growth, comprised of approximately 9.3% growth from new leasing activity and contracted tenant escalations, net of approximately 3.7% from tenant non-renewals.

•Net income. Net income for full year 2020 was $1.1 billion compared to $860 million for full year 2019 and was impacted by the retirement of $2.4 billion of senior unsecured notes during July 2020, which resulted in a $95 million loss on the retirement of long-term obligations. Net income for full year 2020 was also positively impacted by approximately $223 million from the Nontypical Items.

•Adjusted EBITDA and AFFO. Adjusted EBITDA and AFFO for full year 2020 were $3.7 billion and $2.9 billion compared to $3.3 billion and $2.4 billion for full year 2019, respectively. Adjusted EBITDA and AFFO for full year 2020 were positively impacted by approximately $286 million from the Nontypical Items.

•Capital Expenditures. Capital expenditures during the year were $1.6 billion, comprised of $86 million of sustaining capital expenditures and $1.5 billion of discretionary capital expenditures. Discretionary capital expenditures during the year primarily included approximately $1.2 billion attributable to Fiber and approximately $321 million attributable to Towers.

•Common stock dividend. During 2020, Crown Castle paid common stock dividends of approximately $2.1 billion in the aggregate, or $4.93 per common share, an increase of approximately 8% on a per share basis compared to dividends paid during 2019.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 4

"In 2020, we added to our long history of consistently delivering solid growth through various market cycles and disruptions," stated Dan Schlanger, Crown Castle's Chief Financial Officer. "We are excited about how well positioned we are to support our growing number of customers by providing a comprehensive set of solutions across towers, small cells and fiber solutions, which are all necessary to build out next generation wireless networks. Looking forward, we believe we are in a great position to deliver on our annual dividend growth target of 7% to 8% while at the same time making significant investments in our business that we believe will generate attractive long-term returns and support future growth. We have also taken deliberate steps to complement our compelling total return opportunity with a lower risk profile by focusing on the U.S. market with our investment grade balance sheet, and we expect to have sufficient capacity to fund our discretionary investments in 2021 with free cash flow and incremental borrowings."

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 full year 2021, which remains unchanged from the prior full year 2021 Outlook.


(in millions)	Full Year 2021
Site rental revenues	$5,532	to	$5,577
Site rental cost of operations(a)	$1,538	to	$1,583
Net income (loss)	$957	to	$1,037
Adjusted EBITDA(b)	$3,584	to	$3,629
Interest expense and amortization of deferred financing costs(c)	$663	to	$708
FFO(b)(d)	$2,603	to	$2,648
AFFO(b)(d)	$2,883	to	$2,928
AFFO per share(b)(d)	$6.64	to	$6.74

(a)Exclusive of depreciation, amortization and accretion.

(c)See reconciliation of "Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.

(d)Attributable to CCIC common stockholders.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 5

•The chart below reconciles the components of expected growth in site rental revenues from 2020 to 2021 of $215 million to $260 million, inclusive of expected Organic Contribution to Site Rental Revenues during 2021 of $295 million to $335 million, or approximately 6%.

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-revenue1.jpg

•The chart below reconciles the components of expected growth in AFFO from 2020 to 2021 of $300 million to $345 million, adjusted to exclude the impact of the Nontypical Items discussed herein.

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-affo1.jpg

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 6

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, January 28, 2021, at 10:30 a.m. Eastern time to discuss its fourth quarter 2020 results. The conference call may be accessed by dialing 888-203-1112 and asking for the Crown Castle call (access code 4975846) at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at investor.crowncastle.com. Supplemental materials for the call have been posted on the Crown Castle website at investor.crowncastle.com.

A telephonic replay of the conference call will be available from 1:30 p.m. Eastern time on Thursday, January 28, 2021, through 1:30 p.m. Eastern time on Wednesday, April 28, 2021, and may be accessed by dialing 888-203-1112 and using access code 4975846. An audio archive will also be available on Crown Castle's website at investor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.

ABOUT CROWN CASTLE

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 7

Non-GAAP Financial Measures, Segment Measures and Other Calculations

This press release includes presentations of Net income (as adjusted), including per share—diluted amounts, Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, 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 non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the communications infrastructure sector or other real estate investment trusts ("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 2014.

In addition to the non-GAAP financial measures used herein, we also provide Segment Site Rental Gross Margin, Segment Services and Other Gross Margin and Segment Operating Profit, which are key measures used by management to evaluate our operating segments. 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.

Our non-GAAP financial measures 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:

•Net Income (as adjusted), including per share—diluted amounts, is useful to investors and other interested parties in evaluating our financial performance. Management believes that this measure is meaningful to investors as it adjusts net income to exclude the impact of the Nontypical Items (as defined in "Recent Developments"), which management believes are unusual (including with respect to magnitude), infrequent and not reasonably likely to recur in the near term, to provide further insight into our results of operations and underlying trends. Management also believes that identifying the impact of Nontypical Items as these adjustments provides more transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. Net income (as adjusted), including per share—diluted amounts should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

•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 communications 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. Separately, we are also disclosing Adjusted EBITDA as adjusted to exclude the impact of Nontypical Items, which management believes are unusual (including with respect to magnitude), infrequent and not reasonably likely to recur in the near term, to provide further insight into our results of operations and underlying trends. Management also believes that identifying the impact of Nontypical Items as these adjustments provides increased transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. Adjusted EBITDA (including as further adjusted to exclude Nontypical Items) should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

•AFFO, including per share amounts, 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 (in periods where applicable)) and (2) sustaining capital expenditures, and excludes 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,

The pathway to possible.

CrownCastle.com


News Release continued:						Page 8

non-cancelable term of the contract. Management notes that Crown Castle uses AFFO only as a performance measure. Separately, we are also disclosing AFFO as adjusted to exclude the impact of Nontypical Items, which management believes are unusual (including with respect to magnitude), infrequent and not reasonably likely to recur in the near term, to provide further insight into our results of operations and underlying trends. Management also believes that identifying the impact of Nontypical Items as adjustments provides increased transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. AFFO (including as further adjusted to exclude Nontypical Items) 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, including per share amounts, 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 Crown Castle. 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 tenant non-renewals in our core business, as well to forecast future results. Organic Contribution to Site Rental Revenues is not meant as an 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

Net Income (as adjusted). We define Net Income (as adjusted) as net income (loss) less other operating income resulting from the Nontypical Items, plus incremental operating expenses as a result of the Nontypical Items and asset write-downs as a result of the Nontypical Items.

Net Income (as adjusted) per share—diluted. We define net income (as adjusted) per share—diluted as Net Income (as adjusted), divided by diluted weighted-average common shares outstanding.

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. Separately, Adjusted EBITDA, as adjusted to exclude the impact of Nontypical Items, reflects Adjusted EBITDA, less other operating income resulting from the Nontypical Items, plus incremental operating expenses as a result of the Nontypical Items.

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, (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, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle, (income) loss from discontinued operations and adjustments for noncontrolling interests, less sustaining capital expenditures. Separately, Adjusted Funds from Operations, as adjusted to exclude the impact of Nontypical Items, reflects Adjusted Funds from Operations, less other operating income resulting from the Nontypical Items, plus incremental operating expenses as a result of the Nontypical Items.

AFFO per share. We define AFFO per share as AFFO, including as adjusted to exclude the impact of Nontypical Items, divided by diluted weighted-average common shares outstanding.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 9

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 (in periods where applicable), and is a measure of funds from operations attributable to CCIC common stockholders.

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

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 tenant 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 consolidated site rental cost of operations.

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

Segment Operating Profit. We define Segment Operating Profit as segment site rental gross margin plus segment services and other gross margin, and segment other operating (income) expense, less selling, general and administrative expenses attributable to the respective segment.

All of these measurements of profit or loss are exclusive of depreciation, amortization and accretion, which are shown separately. Additionally, certain costs are shared across segments and are reflected in our segment measures through allocations that management believes to be reasonable.

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 primarily consist of expansion or development of communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.

Integration capital expenditures. We define integration capital expenditures as those capital expenditures made as a result of integrating acquired companies into our business.

Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures not otherwise categorized as either discretionary or integration capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.

The tables set forth on the following pages 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 pathway to possible.

CrownCastle.com


News Release continued:						Page 10

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
(in millions)	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Net income (loss)	$	508	$	208	$	1,056	$	860
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	64		6		74		19
Acquisition and integration costs	1		3		10		13
Depreciation, amortization and accretion	401		397		1,608		1,572
Amortization of prepaid lease purchase price adjustments	5		5		18		20
Interest expense and amortization of deferred financing costs(a)	167		173		689		683
(Gains) losses on retirement of long-term obligations	—		—		95		2
Interest income	—		(1)		(2)		(6)
Other (income) expense	—		(7)		5		(1)
(Benefit) provision for income taxes	5		6		20		21
Stock-based compensation expense	28		27		133		116
Adjusted EBITDA(b)(c)	$	1,179	$	817	$	3,706	$	3,299

Reconciliation of Current Outlook for Adjusted EBITDA:


	Full Year 2021
(in millions)	Outlook
Net income (loss)		$957	to	$1,037
Adjustments to increase (decrease) net income (loss):
Asset write-down charges		$15	to	$25
Acquisition and integration costs		$0	to	$8
Depreciation, amortization and accretion		$1,615	to	$1,710
Amortization of prepaid lease purchase price adjustments		$17	to	$19
Interest expense and amortization of deferred financing costs(a)		$663	to	$708
(Gains) losses on retirement of long-term obligations		$0	to	$100
Interest income		$(3)	to	$0
Other (income) expense		$(1)	to	$1
(Benefit) provision for income taxes		$18	to	$26
Stock-based compensation expense		$145	to	$149
Adjusted EBITDA(b)(c)		$3,584	to	$3,629

(a)See reconciliation of "Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.

(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" 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 pathway to possible.

CrownCastle.com


News Release continued:						Page 11

Reconciliation of Historical FFO and AFFO:


	For the Three Months Ended				For the Twelve Months Ended
(in millions, except per share amounts)	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Net income (loss)	$	508	$	208	$	1,056	$	860
Real estate related depreciation, amortization and accretion	388		383		1,555		1,517
Asset write-down charges	64		6		74		19
Dividends/distributions on preferred stock	—		(28)		(85)		(113)
FFO(a)(b)(c)(d)	$	960	$	569	$	2,600	$	2,284
Weighted-average common shares outstanding—diluted(e)	433		418		425		418
FFO per share(a)(b)(c)(d)(e)	$	2.22	$	1.36	$	6.12	$	5.47

FFO (from above)	$	960	$	569	$	2,600	$	2,284
Adjustments to increase (decrease) FFO:
Straight-lined revenue	5		(18)		(22)		(80)
Straight-lined expense	22		23		83		93
Stock-based compensation expense	28		27		133		116
Non-cash portion of tax provision	(1)		3		1		5
Non-real estate related depreciation, amortization and accretion	13		14		53		55
Amortization of non-cash interest expense	1		—		6		1
Other (income) expense	—		(7)		5		(1)
(Gains) losses on retirement of long-term obligations	—		—		95		2
Acquisition and integration costs	1		3		10		13
Sustaining capital expenditures	(21)		(36)		(86)		(117)
AFFO(a)(b)(c)(d)	$	1,008	$	578	$	2,878	$	2,371
Weighted-average common shares outstanding—diluted(e)	433		418		425		418
AFFO per share(a)(b)(c)(d)(e)	$	2.33	$	1.38	$	6.78	$	5.68

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

(b)FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.

(c)Attributable to CCIC common stockholders.

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

(e)For all periods prior to those ended December 31, 2020, the diluted weighted-average common shares outstanding does not include any assumed conversions of preferred stock in the share count.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 12

Reconciliation of Current Outlook for FFO and AFFO:


	Full Year 2021
(in millions except per share amounts)	Outlook
Net income (loss)		$957	to	$1,037
Real estate related depreciation, amortization and accretion		$1,569	to	$1,649
Asset write-down charges		$15	to	$25
Dividends/distributions on preferred stock		$0	to	$0
FFO(a)(b)(c)(d)		$2,603	to	$2,648
Weighted-average common shares outstanding—diluted(e)		434
FFO per share(a)(b)(c)(d)(e)		$6.00	to	$6.10

FFO (from above)		$2,603	to	$2,648
Adjustments to increase (decrease) FFO:
Straight-lined revenue		$38	to	$58
Straight-lined expense		$58	to	$78
Stock-based compensation expense		$145	to	$149
Non-cash portion of tax provision		$(7)	to	$8
Non-real estate related depreciation, amortization and accretion		$46	to	$61
Amortization of non-cash interest expense		$4	to	$14
Other (income) expense		$(1)	to	$1
(Gains) losses on retirement of long-term obligations		$0	to	$100
Acquisition and integration costs		$0	to	$8
Sustaining capital expenditures		$(104)	to	$(94)
AFFO(a)(b)(c)(d)		$2,883	to	$2,928
Weighted-average common shares outstanding—diluted(e)		434
AFFO per share(a)(b)(c)(d)(e)		$6.64	to	$6.74

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

(b)FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.

(c)Attributable to CCIC common stockholders.

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

(e)The assumption for diluted weighted-average common shares outstanding for full year 2021 Outlook is based on the diluted common shares outstanding as of December 31, 2020.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 13

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


	Previously Issued			Previously Issued
	Full Year 2020			Full Year 2021
(in millions)	Outlook			Outlook
Net income (loss)	$799	to	$839	$957	to	$1,037
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	$10	to	$20	$15	to	$25
Acquisition and integration costs	$7	to	$17	$0	to	$8
Depreciation, amortization and accretion	$1,589	to	$1,639	$1,615	to	$1,710
Amortization of prepaid lease purchase price adjustments	$18	to	$20	$17	to	$19
Interest expense and amortization of deferred financing costs	$683	to	$693	$663	to	$708
(Gains) losses on retirement of long-term obligations	$95	to	$95	$0	to	$100
Interest income	$(4)	to	$0	$(3)	to	$0
Other (income) expense	$2	to	$4	$(1)	to	$1
(Benefit) provision for income taxes	$17	to	$25	$18	to	$26
Stock-based compensation expense	$134	to	$138	$145	to	$149
Adjusted EBITDA(a)(b)	$3,409	to	$3,429	$3,584	to	$3,629

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 14

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


	Previously Issued			Previously Issued
	Full Year 2020			Full Year 2021
(in millions, except per share amounts)	Outlook			Outlook
Net income (loss)	$799	to	$839	$957	to	$1,037
Real estate related depreciation, amortization and accretion	$1,541	to	$1,581	$1,569	to	$1,649
Asset write-down charges	$10	to	$20	$15	to	$25
Dividends/distributions on preferred stock	$(85)	to	$(85)	$0	to	$0
FFO(a)(b)(c)(d)	$2,300	to	$2,320	$2,603	to	$2,648
Weighted-average common shares outstanding—diluted(e)	425			434
FFO per share(a)(b)(c)(d)(e)	$5.41	to	$5.46	$6.00	to	$6.10

FFO (from above)	$2,300	to	$2,320	$2,603	to	$2,648
Adjustments to increase (decrease) FFO:
Straight-lined revenue	$(27)	to	$(17)	$38	to	$58
Straight-lined expense	$76	to	$86	$58	to	$78
Stock-based compensation expense	$134	to	$138	$145	to	$149
Non-cash portion of tax provision	$(3)	to	$7	$(7)	to	$8
Non-real estate related depreciation, amortization and accretion	$48	to	$58	$46	to	$61
Amortization of non-cash interest expense	$1	to	$11	$4	to	$14
Other (income) expense	$2	to	$4	$(1)	to	$1
(Gains) losses on retirement of long-term obligations	$95	to	$95	$0	to	$100
Acquisition and integration costs	$7	to	$17	$0	to	$8
Sustaining capital expenditures	$(93)	to	$(83)	$(104)	to	$(94)
AFFO(a)(b)(c)(d)	$2,577	to	$2,597	$2,883	to	$2,928
Weighted-average common shares outstanding—diluted(e)	425			434
AFFO per share(a)(b)(c)(d)(e)	$6.07	to	$6.11	$6.64	to	$6.74

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

(b)FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.

(c)Attributable to CCIC common stockholders.

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

(e)The assumption for diluted weighted-average common shares outstanding for full year 2021 Outlook is based on the diluted common shares outstanding as of December 31, 2020.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 15

Reconciliation of Results Adjusted for Nontypical Items to As Reported Results:


	Full Year 2020							Full Year 2019		Full Year 2020 Growth Rates
(dollars in millions, except per share amounts)	As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items		As Reported		As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items
Site rental revenues	$	5,320	$	—		$	5,320	$	5,093	4	%	—	%		4	%
Net income (loss)(a)	1,056		(223)		(c)	833		860		23	%	(26)	%	(c)	(3)	%
Net income (loss) per share—diluted(a)(b)	2.35		(0.52)		(c)	1.83		1.79		31	%	(29)	%	(c)	2	%
Adjusted EBITDA(a)	3,706		(286)		(d)	3,420		3,299		12	%	(9)	%	(d)	4	%
AFFO(a)(b)	2,878		(286)		(d)	2,592		2,371		21	%	(12)	%	(d)	9	%
AFFO per share(a)(b)	$	6.78	$	(0.68)	(d)	$	6.10	$	5.68	19	%	(12)	%	(d)	7	%


	Midpoint of Current Full Year 2021(e)		Full Year 2020							Full Year 2021 Growth Rates (Outlook at the Midpoint)
(dollars in millions, except per share amounts)	Outlook		As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items		As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items
Site rental revenues	$	5,555	$	5,320	$	—		$	5,320	4	%	—	%		4	%
Net income (loss)(a)	997		1,056		(223)		(c)	833		(6)	%	25	%	(c)	20	%
Net income (loss) per share—diluted(a)(b)	2.30		2.35		(0.52)		(c)	1.83		(2)	%	28	%	(c)	26	%
Adjusted EBITDA(a)	3,607		3,706		(286)		(d)	3,420		(3)	%	8	%	(d)	5	%
AFFO(a)(b)	2,906		2,878		(286)		(d)	2,592		1	%	11	%	(d)	12	%
AFFO per share(a)(b)	$	6.69	$	6.78	$	(0.68)	(d)	$	6.10	(1)	%	11	%	(d)	10	%

(a)See reconciliations herein for further information and reconciliation of non-GAAP financial measures to net income (loss), as computed in accordance with GAAP.

(b)Attributable to CCIC common stockholders.

(c)Impact from Nontypical Items on net income (loss) and net income (loss) per share—diluted included in the fourth quarter operating results is comprised of other operating income of $362 million, offset by incremental operating expenses of $76 million and associated asset write-downs of $63 million.

(d)Impact from Nontypical Items on Adjusted EBITDA, AFFO and AFFO per share included in the fourth quarter operating results is comprised of other operating income of $362 million, offset by incremental operating expenses of $76 million.

(e)The Nontypical Items do not have a material impact on the full year 2021 Outlook, which previously contemplated the deployment of approximately 1,000 Sprint small cells that were subject to the Sprint Cancellation, as defined and described further in "Recent Developments."

The pathway to possible.

CrownCastle.com


News Release continued:						Page 16

The components of changes in site rental revenues for the quarters ended December 31, 2020 and 2019 are as follows:


	Three Months Ended December 31,
(dollars in millions)	2020			2019
Components of changes in site rental revenues(a):
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c)	$	1,282		$	1,211

New leasing activity(b)(c)	90			101
Escalators	23			22
Non-renewals	(39)			(52)
Organic Contribution to Site Rental Revenues(d)	74			71
Impact from straight-lined revenues associated with fixed escalators	(5)			18
Acquisitions(e)	1			—
Other	—			—
Total GAAP site rental revenues	$	1,352		$	1,300

Year-over-year changes in revenue:
Reported GAAP site rental revenues	4.0		%
Organic Contribution to Site Rental Revenues(d)(f)	5.8		%

The components of the changes in site rental revenues for full year 2020 and outlook for 2021:


(dollars in millions)	Full Year 2020		Full Year 2021 Outlook
Components of changes in site rental revenues(a):
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c)	$5,013		$5,295

New leasing activity(b)(c)	376		375-405
Escalators	90		90-100
Non-renewals	(183)		(180)-(160)
Organic Contribution to Site Rental Revenues(d)	283		295-335
Impact from full year straight-lined revenues associated with fixed escalators	22		(38)-(58)
Acquisitions(e)	2		<5
Other	—		—
Total GAAP site rental revenues	$5,320		$5,532-$5,577

Year-over-year changes in revenue:
Reported GAAP site rental revenues(g)	4.5	%	4.4%
Organic Contribution to Site Rental Revenues(d)(g)(h)	5.6	%	5.9%

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

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

(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)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition.

(f)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.

(g)Calculated based on midpoint of full year 2021 Outlook.

(h)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.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 17

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


	For the Three Months Ended
(in millions)	December 31, 2020		December 31, 2019
Interest expense on debt obligations	$	166	$	173
Amortization of deferred financing costs and adjustments on long-term debt, net	6		5
Capitalized interest	(5)		(5)
Interest expense and amortization of deferred financing costs	$	167	$	173

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


	Full Year 2021
(in millions)	Outlook
Interest expense on debt obligations	$668	to	$688
Amortization of deferred financing costs and adjustments on long-term debt, net	21	to	26
Capitalized interest	(17)	to	(12)
Interest expense and amortization of deferred financing costs	$663	to	$708

The pathway to possible.

CrownCastle.com


News Release continued:						Page 18

Debt balances and maturity dates as of December 31, 2020 are as follows:


(in millions)	Face Value		Final Maturity
Cash, cash equivalents and restricted cash	$	381

3.849% Secured Notes	1,000		Apr. 2023
Secured Notes, Series 2009-1, Class A-2(a)	61		Aug. 2029
Tower Revenue Notes, Series 2015-1(b)	300		May 2042
Tower Revenue Notes, Series 2018-1(b)	250		July 2043
Tower Revenue Notes, Series 2015-2(b)	700		May 2045
Tower Revenue Notes, Series 2018-2(b)	750		July 2048
Finance leases and other obligations	234		Various
Total secured debt	$	3,295
2016 Revolver	290		June 2024
2016 Term Loan A	2,253		June 2024
Commercial Paper Notes(c)	285		Jan. 2021
5.250% Senior Notes	1,650		Jan. 2023
3.150% Senior Notes	750		July 2023
3.200% Senior Notes	750		Sept. 2024
1.350% Senior Notes	500		July 2025
4.450% Senior Notes	900		Feb. 2026
3.700% Senior Notes	750		June 2026
4.000% Senior Notes	500		Mar. 2027
3.650% Senior Notes	1,000		Sept. 2027
3.800% Senior Notes	1,000		Feb. 2028
4.300% Senior Notes	600		Feb. 2029
3.100% Senior Notes	550		Nov. 2029
3.300% Senior Notes	750		July 2030
2.250% Senior Notes	1,100		Jan. 2031
4.750% Senior Notes	350		May 2047
5.200% Senior Notes	400		Feb. 2049
4.000% Senior Notes	350		Nov. 2049
4.150% Senior Notes	500		July 2050
3.250% Senior Notes	900		Jan. 2051
Total unsecured debt	$	16,128
Total net debt	$	19,042

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


(dollars in millions)	For the Three Months Ended December 31, 2020
Total face value of debt	$	19,423
Less: Ending cash, cash equivalents and restricted cash	381
Total Net Debt	$	19,042

Adjusted EBITDA for the three months ended December 31, 2020	$	1,179		(d)
Last quarter annualized Adjusted EBITDA	4,716			(d)
Net Debt to Last Quarter Annualized Adjusted EBITDA	4.0		x	(d)

(a)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.

(b)The Senior Secured Tower Revenue Notes, Series 2015-1 and 2015-2 have anticipated repayment dates in 2022 and 2025, respectively. The Senior Secured Tower Revenue Notes, Series 2018-1 and 2018-2 have anticipated repayment dates in 2023 and 2028, respectively.

(c)The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.

(d)Includes the impact from Nontypical Items, as described further in "Recent Developments" herein.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 19

Components of Capital Expenditures:


	For the Three Months Ended
(in millions)	December 31, 2020								December 31, 2019
	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary:
Purchases of land interests	$	23	$	—	$	—	$	23	$	11	$	—	$	—	$	11
Communications infrastructure improvements and other capital projects	38		292		12		342		118		353		—		471

Sustaining	3		14		4		21		12		12		12		36
Integration	—		—		—		—		—		—		2		2
Total	$	64	$	306	$	16	$	386	$	141	$	365	$	14	$	520


	For the Twelve Months Ended
(in millions)	December 31, 2020								December 31, 2019
	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary:
Purchases of land interests	$	64	$	—	$	—	$	64	$	53	$	—	$	—	$	53
Communications infrastructure improvements and other capital projects	257		1,179		38		1,474		452		1,427		—		1,879

Sustaining	14		53		19		86		38		46		32		116
Integration	—		—		—		—		—		—		9		9
Total	$	335	$	1,232	$	57	$	1,624	$	543	$	1,473	$	41	$	2,057

Note: See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further discussion of our components of capital expenditures.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 20

Cautionary Language Regarding Forward-Looking Statements

This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2021 Outlook and plans, projections, and estimates regarding (1) potential benefits, growth, returns, capabilities, opportunities and shareholder value which may be derived from our business, strategy, risk profile, assets, investments, acquisitions and dividends, (2) our business, strategy, strategic position, business model and capabilities and the strength thereof, (3) industry fundamentals and driving factors for improvements in such fundamentals, (4) our customers' investment, including investment cycles and the timing thereof, in network improvements (including 5G), the trends driving such investment and opportunities and demand for our assets created thereby, (5) our long-and short-term prospects and the trends, events and industry activities impacting our business, (6) opportunities we see to deliver value to our shareholders, (7) our dividends (including timing of payment thereof) and our dividend (including on a per share basis) growth rate, including its driving factors, and targets, (8) small cell backlog, (9) revenue growth in the Towers segment, (10) debt maturities, (11) strategic position of our portfolio of assets, (12) cash flows, including growth thereof, (13) leasing activity and the timing thereof, (14) tenant non-renewals, including the impact and timing thereof, (15) capital expenditures, including sustaining and discretionary capital expenditures, the timing thereof and any efficiencies that may result therefrom, and the discretionary capital budget and the funding (including capacity to fund) thereof, (16) straight-line adjustments, (17) the recurrence of Nontypical Items, (18) revenues and growth thereof and benefits derived therefrom, (19) net income (loss) (including on a per share basis and as adjusted for Nontypical Items), (20) Adjusted EBITDA (including as adjusted for Nontypical Items), including components thereof and growth thereof, (21) expenses, including interest expense and amortization of deferred financing costs, (22) FFO (including on a per share basis) and growth thereof, (23) AFFO (including on a per share basis and as adjusted for Nontypical Items) and its components and growth thereof and corresponding driving factors, (24) Organic Contribution to Site Rental Revenues and its components, including growth thereof and contributions therefrom, (25) our weighted-average common shares outstanding (including on a diluted basis) and growth thereof, (26) services contribution, (27) the long-term 5G small cell agreement with Verizon, (28) our growing number of customers, and (29) the utility of certain financial measures, including non-GAAP financial measures. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and the following:

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

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

•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.

•Our Fiber segment has expanded rapidly, and the Fiber business model contains certain differences from our Towers business model, resulting in different operational risks. If we do not successfully operate our Fiber business model or identify or manage the related operational risks, such operations may produce results that are lower than anticipated.

•Failure to timely and efficiently execute on our construction projects could adversely affect our business.

•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 or securities convertible into 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 negotiate favorable rates on our new or renewing tenant contracts.

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

•If we fail to retain rights to our communications infrastructure, including the land interests under our towers and the right-of-way and other agreements related to our small cells and fiber, our business may be adversely affected.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 21

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

•The restatement of our previously issued financial statements, the errors that resulted in such restatement, the material weakness that was identified in our internal control over financial reporting and the determination that our internal control over financial reporting and disclosure controls and procedures were not effective, could result in loss of investor confidence, shareholder litigation or governmental proceedings or investigations, any of which could cause the market value of our common stock or debt securities to decline or impact our ability to access the capital markets.

•New wireless technologies may not deploy or be adopted by tenants 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 communications infrastructure are demonstrated to cause negative health effects, potential future claims could adversely affect our operations, costs or revenues.

•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 or other unforeseen events that could adversely affect our operations, business, 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 U.S. 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.

•The impact of COVID-19 and related risks could materially affect our financial position, results of operations and cash flows.

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. Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.

As used in this release, the term "including," and any variation thereof, means "including without limitation."

The pathway to possible.

CrownCastle.com


News Release continued:						Page 22


			CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (Amounts in millions, except par values)


	December 31, 2020		December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	232	$	196
Restricted cash	144		137
Receivables, net	431		596
Prepaid expenses	95		107
Other current assets	202		168
Total current assets	1,104		1,204
Deferred site rental receivables	1,408		1,424
Property and equipment, net	15,162		14,666
Operating lease right-of-use assets	6,464		6,133
Goodwill	10,078		10,078
Other intangible assets, net	4,433		4,836
Other assets, net	119		116
Total assets	$	38,768	$	38,457

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	230	$	334
Accrued interest	199		169
Deferred revenues	704		657
Other accrued liabilities	378		361
Current maturities of debt and other obligations	129		100
Current portion of operating lease liabilities	329		299
Total current liabilities	1,969		1,920
Debt and other long-term obligations	19,151		18,021
Operating lease liabilities	5,808		5,511

Other long-term liabilities	2,379		2,516
Total liabilities	29,307		27,968
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: December 31, 2020—431 and December 31, 2019—416	4		4
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value; 20 shares authorized; shares issued and outstanding: December 31, 2020—0 and December 31, 2019—2; aggregate liquidation value: December 31, 2020—$0 and December 31, 2019—$1,650	—		—
Additional paid-in capital	17,933		17,855
Accumulated other comprehensive income (loss)	(4)		(5)
Dividends/distributions in excess of earnings	(8,472)		(7,365)
Total equity	9,461		10,489
Total liabilities and equity	$	38,768	$	38,457

The pathway to possible.

CrownCastle.com


News Release continued:						Page 23


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


	Three Months Ended December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019
Net revenues:
Site rental	$	1,352	$	1,300	$	5,320	$	5,093
Services and other	141		126		520		670
Net revenues	1,493		1,426		5,840		5,763
Operating expenses:
Costs of operations(a):
Site rental	401		367		1,521		1,462
Services and other	123		117		448		524
Selling, general and administrative	185		157		678		614
Asset write-down charges	64		6		74		19
Acquisition and integration costs	1		3		10		13
Depreciation, amortization and accretion	401		397		1,608		1,572
Total operating expenses	1,175		1,047		4,339		4,204
Other operating (income) expense	(362)		—		(362)		—
Operating income (loss)	680		379		1,863		1,559
Interest expense and amortization of deferred financing costs	(167)		(173)		(689)		(683)
Gains (losses) on retirement of long-term obligations	—		—		(95)		(2)
Interest income	—		1		2		6
Other income (expense)	—		7		(5)		1
Income (loss) before income taxes	513		214		1,076		881
Benefit (provision) for income taxes	(5)		(6)		(20)		(21)
Net income (loss)	508		208		1,056		860
Dividends/distributions on preferred stock	—		(28)		(57)		(113)
Net income (loss) attributable to CCIC common stockholders	$	508	$	180	$	999	$	747

Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders, basic	$	1.17	$	0.43	$	2.36	$	1.80
Net income (loss) attributable to CCIC common stockholders, diluted	$	1.17	$	0.43	$	2.35	$	1.79

Weighted-average common shares outstanding:
Basic	431		416		423		416
Diluted	433		418		425		418

(a)Exclusive of depreciation, amortization and accretion shown separately.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 24


			CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (In millions of dollars)


	Twelve Months Ended December 31,
	2020		2019
Cash flows from operating activities:
Net income (loss)	$	1,056	$	860
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	1,608		1,572
(Gains) losses on retirement of long-term obligations	95		2

Amortization of deferred financing costs and other non-cash interest, net	6		1
Stock-based compensation expense	138		117
Asset write-down charges	74		19
Deferred income tax (benefit) provision	3		2
Other non-cash adjustments, net	5		(2)
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	(111)		294
Decrease (increase) in assets	181		(167)
Net cash provided by (used for) operating activities	3,055		2,698
Cash flows from investing activities:
Capital expenditures	(1,624)		(2,057)
Payments for acquisitions, net of cash acquired	(107)		(17)

Other investing activities, net	(10)		(7)
Net cash provided by (used for) investing activities	(1,741)		(2,081)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	3,733		1,894
Principal payments on debt and other long-term obligations	(105)		(86)
Purchases and redemptions of long-term debt	(2,490)		(12)
Borrowings under revolving credit facility	2,430		2,110
Payments under revolving credit facility	(2,665)		(2,660)
Net borrowings (repayments) under commercial paper program	130		155
Payments for financing costs	(38)		(24)


Purchases of common stock	(76)		(44)
Dividends/distributions paid on common stock	(2,105)		(1,912)
Dividends/distributions paid on preferred stock	(85)		(113)
Net cash provided by (used for) financing activities	(1,271)		(692)
Net increase (decrease) in cash, cash equivalents, and restricted cash	43		(75)
Effect of exchange rate changes on cash	—		—
Cash, cash equivalents, and restricted cash at beginning of period	338		413
Cash, cash equivalents, and restricted cash at end of period	$	381	$	338
Supplemental disclosure of cash flow information:
Interest paid	653		661
Income taxes paid	19		16

The pathway to possible.

CrownCastle.com


News Release continued:						Page 25


			CROWN CASTLE INTERNATIONAL CORP. SEGMENT OPERATING RESULTS (UNAUDITED) (In millions of dollars)


SEGMENT OPERATING RESULTS
	Three Months Ended December 31, 2020								Three Months Ended December 31, 2019
	Towers		Fiber		Other		Consolidated Total		Towers		Fiber		Other		Consolidated Total
Segment site rental revenues	$	884	$	468			$	1,352	$	863	$	437			$	1,300
Segment services and other revenues	133		8				141		120		6				126
Segment revenues	1,017		476				1,493		983		443				1,426
Segment site rental cost of operations	218		173				391		217		141				358
Segment services and other cost of operations	117		5				122		112		3				115
Segment cost of operations(a)(b)	335		178				513		329		144				473
Segment site rental gross margin(c)	666		295				961		646		296				942
Segment services and other gross margin(c)	16		3				19		8		3				11
Segment selling, general and administrative expenses(b)	30		49				79		23		48				71
Segment other operating (income) expense	—		(362)				(362)		—		—				—
Segment operating profit(c)	652		611				1,263		631		251				882
Other selling, general and administrative expenses(b)					$	84	84						$	65	65
Stock-based compensation expense					28		28						27		27
Depreciation, amortization and accretion					401		401						397		397
Interest expense and amortization of deferred financing costs					167		167						173		173
Other (income) expenses to reconcile to income (loss) before income taxes(d)					70		70						6		6
Income (loss) before income taxes							$	513							$	214


FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
	Three Months Ended December 31,
	2020						2019
	Fiber Solutions		Small Cells		Total		Fiber Solutions		Small Cells		Total
Site rental revenues	$	325	$	143	$	468	$	311	$	126	$	437

(a) Exclusive of depreciation, amortization and accretion shown separately.

(b) Segment cost of operations excludes (1) stock-based compensation expense of $6 million in each of the three months ended December 31, 2020 and 2019 and (2) prepaid lease purchase price adjustments of $5 million in each of the three months ended December 31, 2020 and 2019. Selling, general and administrative expenses exclude stock-based compensation expense of $22 million and $21 million for the three months ended December 31, 2020 and 2019, respectively.

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

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 26


SEGMENT OPERATING RESULTS
	Twelve Months Ended December 31, 2020								Twelve Months Ended December 31, 2019
	Towers		Fiber		Other		Consolidated Total		Towers		Fiber		Other		Consolidated Total
Segment site rental revenues	$	3,497	$	1,823			$	5,320	$	3,389	$	1,704			$	5,093
Segment services and other revenues	500		20				520		653		17				670
Segment revenues	3,997		1,843				5,840		4,042		1,721				5,763
Segment site rental cost of operations	866		620				1,486		864		559				1,423
Segment services and other cost of operations	429		12				441		506		11				517
Segment cost of operations(a)(b)	1,295		632				1,927		1,370		570				1,940
Segment site rental gross margin(c)	2,631		1,203				3,834		2,525		1,145				3,670
Segment services and other gross margin(c)	71		8				79		147		6				153
Segment selling, general and administrative expenses(b)	100		186				286		96		195				291
Segment other operating (income) expense	—		(362)				(362)		—		—				—
Segment operating profit(c)	2,602		1,387				3,989		2,576		956				3,532
Other selling, general and administrative expenses(b)					$	283	283						$	233	233
Stock-based compensation expense					133		133						116		116
Depreciation, amortization and accretion					1,608		1,608						1,572		1,572
Interest expense and amortization of deferred financing costs					689		689						683		683
Other (income) expenses to reconcile to income (loss) before income taxes(d)					200		200						47		47
Income (loss) before income taxes							$	1,076							$	881


FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
	Twelve Months Ended December 31,
	2020						2019
	Fiber Solutions		Small Cells		Total		Fiber Solutions		Small Cells		Total
Site rental revenues	$	1,275	$	548	$	1,823	$	1,232	$	472	$	1,704

(a) Exclusive of depreciation, amortization and accretion shown separately.

(b) Segment cost of operations excludes (1) stock-based compensation expense of $24 million and $26 million for the twelve months ended December 31, 2020 and 2019, respectively and (2) prepaid lease purchase price adjustments of $18 million and $20 million for the twelve months ended December 31, 2020 and 2019, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $109 million and $90 million for the twelve months ended December 31, 2020 and 2019, respectively.

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

The pathway to possible.

CrownCastle.com

Document


						Exhibit 99.2
						NEWS RELEASE January 27, 2021


			CONTACTS
			Dan Schlanger, CFO Ben Lowe, VP & Treasurer Crown Castle International Corp. 713-570-3050

Crown Castle and Verizon Expand Strategic Relationship with Long-Term 5G

Small Cell Commitment

January 27, 2021 - HOUSTON, TEXAS – Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") announced today that it has signed a new long-term agreement with Verizon to support Verizon’s 5G Ultra Wideband and 5G Nationwide deployment. Specifically, Verizon has committed to lease 15,000 new small cells from Crown Castle over the next four years. Once installed, the small cell leases will have an initial term of 10 years.

"Verizon has led the industry in 5G deployment and has been at the forefront of building a strong ecosystem of stakeholders who will continue to drive forward this essential platform for innovation," said Gina Cacciatore, Executive Director of Network Engineering and Operations for Verizon. "This agreement with Crown is an important component of our 5G expansion plans and will advance the infrastructure requirements for many more people to access this revolutionary technology."

"We are excited to expand our longstanding strategic relationship with Verizon with this significant small cell agreement," stated Jay Brown, Crown Castle’s Chief Executive Officer. "We look forward to continuing to support Verizon’s growth as they deploy 5G Ultra Wideband and 5G Nationwide, and we believe our ability to offer a comprehensive solution with towers and small cells at scale provides us the best opportunity to deliver value as we support their wireless infrastructure needs."

ABOUT CROWN CASTLE

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.

CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements that are based on current expectations. Such statements include plans, projections, expectations and estimates regarding (1) value to be derived from the new agreement, (2) Crown Castle’s support of Verizon’s growth and infrastructure needs, (3) 5G Ultra Wideband and 5G Nationwide deployment, and (4) Crown Castle’s solutions and any benefits and opportunities stemming therefrom. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risks that could affect Crown Castle and Verizon, and their respective results, is included in their respective filings with the Securities and Exchange Commission. The term "including," and any variation thereof, means "including, without limitation."

Document

Exhibit 99.3

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-logoa611a.jpg

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-communitytowera081a.jpg

Supplemental Information Package

and Non-GAAP Reconciliations

Fourth Quarter • December 31, 2020

The pathway to possible.

CrownCastle.com

Crown Castle International Corp.

Fourth Quarter 2020


TABLE OF CONTENTS
			Page
Company Overview
Company Profile			3
Strategy			3
AFFO per Share			5
Asset Portfolio Footprint			5
Corporate Information			6
Research Coverage			7
Historical Common Stock Data			7
Portfolio and Financial Highlights			8
Outlook			9
Financials & Metrics
Condensed Consolidated Balance Sheet			11
Condensed Consolidated Statement of Operations			12
Segment Operating Results			13
Fiber Segment Site Rental Revenues Summary			13
FFO and AFFO Reconciliations			15
Condensed Consolidated Statement of Cash Flows			16
Components of Changes in Site Rental Revenues			17
Summary of Straight-Lined and Prepaid Rent Activity			17
Summary of Capital Expenditures			18
Lease Renewal and Lease Distribution			18
Consolidated Tenant Overview			19
Fiber Solutions Revenue Mix			19
Segment Cash Yields on Invested Capital			20
Consolidated Return on Invested Capital			20
Asset Portfolio Overview
Summary of Tower Portfolio by Vintage			21
Portfolio Overview			22
Ground Interest Overview			24
Ground Interest Activity			24
Capitalization Overview
Capitalization Overview			25
Debt Maturity Overview			26
Liquidity Overview			27
Maintenance and Financial Covenants			28
Interest Rate Sensitivity			29
Appendix			30

Crown Castle International Corp.

Fourth Quarter 2020

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," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our communications infrastructure, and benefits derived therefrom, (2) cash flow growth, (3) tenant additions, (4) our Outlook for full year 2021, (5) our strategy, (6) strategic position of our assets, (7) revenues from tenant contracts, (8) the expansion of our small cells and fiber networks, including revenues generated therefrom, (9) ground lease expenses from existing ground leases and (10) the recurrence of Nontypical Items.

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. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.

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.

Fourth Quarter 2020

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," "the Company" or "us" as used herein refer) owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) more than 40,000 towers and other structures, such as rooftops (collectively, "towers"), and (2) approximately 80,000 route miles of fiber primarily supporting small cell networks ("small cells") and fiber solutions. We refer to our towers, fiber and small cells assets collectively as "communications infrastructure," and to our customers on our communications infrastructure as "tenants." Our towers have a significant presence in each of the top 100 basic trading areas, and the majority of our small cells and fiber are located in major metropolitan areas, including a presence within every major U.S. market.

Our operating segments consist of (1) Towers and (2) Fiber, which includes both small cells and fiber solutions. Our core business is providing access, including space or capacity, to our shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts"). We seek to increase our site rental revenues by adding more tenants on our shared communications 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.

STRATEGY

As a leading provider of shared communications infrastructure in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of communications infrastructure, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and (3) investing capital efficiently to grow cash flows and long-term dividends per share. Our strategy is based, in part, on our belief that the U.S. is the most attractive market for shared communications infrastructure investment with the greatest long-term growth potential. 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 existing communications infrastructure. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our shared infrastructure assets, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data, while generating high incremental returns for our business. We believe our product offerings of towers and small cells provide a comprehensive solution to our wireless tenants' growing network needs through our shared communications infrastructure model, which is an efficient and cost-effective way to serve our tenants. Additionally, we believe our ability to share our fiber assets across multiple tenants to deploy both small cells and offer fiber solutions allows us to generate cash flows and increase stockholder return.

•Return cash generated by operating activities to common stockholders in the form of dividends. We believe that distributing a meaningful portion of our cash generated by operating activities appropriately provides common stockholders with increased certainty for a portion of expected long-term stockholder value while still allowing us to retain 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 common stockholders.

•Invest capital efficiently to grow cash flows and long-term dividends per share. In addition to adding tenants to existing communications infrastructure, we seek to invest our available capital, including the net cash generated by our operating activities and external financing sources, in a manner that will increase long-term stockholder value on a risk-adjusted basis. These investments include constructing and acquiring new communications infrastructure that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time. Our historical investments have included the following (in no particular order):

◦construction of towers, fiber and small cells;

◦acquisitions of towers, fiber and small cells;

◦acquisitions of land interests (which primarily relate to land assets under towers);

◦improvements and structural enhancements to our existing communications infrastructure;

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

◦purchases, repayments or redemptions of our debt.

Crown Castle International Corp.

Fourth Quarter 2020

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX

Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our communications infrastructure based on the location of our assets and the rapid growth in the demand for data. We believe that such demand for our communications infrastructure will continue, will result in growth of our cash flows due to tenant additions on our existing communications infrastructure, and will create other growth opportunities for us, such as demand for newly constructed or acquired communications infrastructure, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development and installation services within our Towers segment.

Crown Castle International Corp.

Fourth Quarter 2020

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


AFFO PER SHARE(a)(b)


ASSET PORTFOLIO FOOTPRINT

(a)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to net income (loss), as computed in accordance with GAAP.

(b)Attributable to CCIC common stockholders.

(c)Excludes the impact of Nontypical Items, as described further in the "Recent Developments" section of our Earnings Release and reconciled in "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.

(d)Calculated based on midpoint of Outlook for full year 2021 issued on January 27, 2021.

Crown Castle International Corp.

Fourth Quarter 2020

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	48	21	President and Chief Executive Officer
Daniel K. Schlanger	47	4	Executive Vice President and Chief Financial Officer
Robert C. Ackerman	68	22	Executive Vice President and Chief Operating Officer - Towers
Christopher D. Levendos	53	2	Executive Vice President and Chief Operating Officer - Fiber
Kenneth J. Simon	60	5	Executive Vice President and General Counsel
Michael J. Kavanagh	52	10	Executive Vice President and Chief Commercial Officer
Philip M. Kelley	48	23	Executive Vice President - Corporate Development and Strategy

BOARD OF DIRECTORS

Name

Position

Committees

Age

Years as Director

J. Landis Martin

Chairman

NCG(a)

P. Robert Bartolo

Director

Audit, Compensation

Cindy Christy

Director

Compensation, NCG(a), Strategy

Ari Q. Fitzgerald

Director

Compensation, NCG(a), Strategy

Anthony J. Melone

Director

Audit, NCG(a), Strategy

Jay A. Brown

Director

Robert E. Garrison II

Director

Audit, Compensation

Andrea J. Goldsmith

Director

NCG(a), Strategy

Lee W. Hogan

Director

Audit, Compensation, Strategy

Edward C. Hutcheson Jr.

Director

Strategy

Tammy K. Jones

Director

Audit, NCG(a)

Robert F. McKenzie

Director

Audit, Strategy

W. Benjamin Moreland

Director

Strategy

Kevin A. Stephens

Director

Matthew Thornton III

Director

Compensation, Strategy

(a)Nominating & Corporate Governance Committee

Crown Castle International Corp.

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ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


RESEARCH COVERAGE
Equity Research
Bank of America David Barden (646) 855-1320	Barclays Tim Long (212) 526-4043	Citigroup Michael Rollins (212) 816-1116
Cowen and Company Colby Synesael (646) 562-1355	Credit Suisse Sami Badri (212) 538-1727	Deutsche Bank Matthew Niknam (212) 250-4711
Goldman Sachs Brett Feldman (212) 902-8156	Green Street David Guarino (949) 640-8780	JPMorgan Philip Cusick (212) 622-1444
KeyBanc Brandon Nispel (503) 821-3871	LightShed Partners Walter Piecyk (646) 450-9258	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
Raymond James Ric Prentiss (727) 567-2567	RBC Capital Markets Jonathan Atkin (415) 633-8589	Truist Securities Greg Miller (212) 303-4169
UBS Batya Levi (212) 713-8824	Wells Fargo Securities, LLC Eric Luebchow (312) 630-2386
Rating Agencies
Fitch John Culver (312) 368-3216	Moody’s Lori Marks (212) 553-1098	Standard & Poor’s Ryan Gilmore (212) 438-0602


HISTORICAL COMMON STOCK DATA
	Three Months Ended
(in millions, except per share amounts)	12/31/20		9/30/20		6/30/20		3/31/20		12/31/19
High price(a)	$	170.69	$	177.22	$	172.88	$	163.65	$	139.37
Low price(a)	$	151.21	$	153.70	$	130.67	$	111.37	$	124.73
Period end closing price(b)	$	159.19	$	165.10	$	164.68	$	141.12	$	137.84
Dividends paid per common share	$	1.33	$	1.20	$	1.20	$	1.20	$	1.20
Volume weighted average price for the period(a)	$	160.50	$	162.90	$	157.92	$	143.06	$	131.02
Common shares outstanding, at period end	431		431		417		417		416
Market value of outstanding common shares, at period end(c)	$	68,660	$	71,205	$	68,633	$	58,811	$	57,310

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

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

(c) Period end market value of outstanding common shares is calculated as the product of (1) shares of common stock outstanding at period end and (2) closing share price at period end, adjusted for common stock dividends, as reported by Bloomberg.

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CAPITALIZATION OVERVIEW

APPENDIX


SUMMARY PORTFOLIO HIGHLIGHTS
(as of December 31, 2020)
Towers
Number of towers (in thousands)(a)	40
Average number of tenants per tower	2.1
Remaining contracted tenant receivables ($ in billions)(b)	$	21
Weighted average remaining tenant contract term (years)(c)	5
Percent of towers in the Top 50 / 100 Basic Trading Areas	56% / 71%
Percent of ground leased / owned(d)	60% / 40%
Weighted average maturity of ground leases (years)(d)(e)	36
Fiber
Number of route miles of fiber (in thousands)	80
Remaining contracted tenant receivables ($ in billions)(b)	$	6
Weighted average remaining tenant contract term (years)(c)	5


SUMMARY FINANCIAL HIGHLIGHTS
	Three Months Ended December 31,				Twelve Months Ended December 31,
(dollars in millions, except per share amounts)	2020		2019		2020		2019
Operating Data:
Net revenues
Site rental	$	1,352	$	1,300	$	5,320	$	5,093
Services and other	141		126		520		670
Net revenues	$	1,493	$	1,426	$	5,840	$	5,763

Costs of operations (exclusive of depreciation, amortization and accretion)
Site rental	$	401	$	367	$	1,521	$	1,462
Services and other	123		117		448		524
Total cost of operations	$	524	$	484	$	1,969	$	1,986

Net income (loss) attributable to CCIC common stockholders	$	508	$	180	$	999	$	747
Net income (loss) attributable to CCIC common stockholders per share—diluted(f)	$	1.17	$	0.43	$	2.35	$	1.79

Non-GAAP Data(g):
Adjusted EBITDA	$	1,179	$	817	$	3,706	$	3,299
FFO(h)	960		569		2,600		2,284
AFFO(h)	1,008		578		2,878		2,371
AFFO per share(f)(h)	$	2.33	$	1.38	$	6.78	$	5.68

(a)Excludes third-party land interests.

(b)Excludes renewal terms at tenants' option.

(c)Excludes renewal terms at tenants' option, weighted by site rental revenues exclusive of straight-lined revenues and amortization of prepaid rent.

(d)Weighted by Towers segment site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses.

(e)Includes all renewal terms at the Company's option.

(f)Based on diluted weighted-average common shares outstanding of 433 million and 418 million for the three months ended December 31, 2020 and 2019, respectively and 425 million and 418 million for the twelve months ended December 31, 2020 and 2019, respectively.

(g)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to net income (loss), as computed in accordance with GAAP.

(h)Attributable to CCIC common stockholders.

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SUMMARY FINANCIAL HIGHLIGHTS (CONTINUED)
	Three Months Ended December 31,				Twelve Months Ended December 31,
(dollars in millions)	2020		2019		2020		2019
Summary Cash Flow Data(a):
Net cash provided by (used for) operating activities	$	985	$	808	$	3,055	$	2,698
Net cash provided by (used for) investing activities(b)	(405)		(532)		(1,741)		(2,081)
Net cash provided by (used for) financing activities	(620)		(263)		(1,271)		(692)


(dollars in millions)	December 31, 2020		December 31, 2019
Balance Sheet Data (at period end):
Cash and cash equivalents	$	232	$	196
Property and equipment, net	15,162		14,666
Total assets	38,768		38,457
Total debt and other long-term obligations	19,280		18,121
Total CCIC stockholders' equity	9,461		10,489


	Three Months Ended December 31, 2020
Other Data:
Net debt to last quarter annualized Adjusted EBITDA(c)	4.0		x
Dividend per common share	$	1.33


OUTLOOK FOR FULL YEAR 2021
(dollars in millions, except per share amounts)	Full Year 2021(d)
Site rental revenues	$5,532	to	$5,577
Site rental cost of operations(e)	$1,538	to	$1,583
Net income (loss)	$957	to	$1,037
Net income (loss) attributable to CCIC common stockholders	$957	to	$1,037
Net income (loss) per share—diluted(f)(g)(j)	$2.20	to	$2.39
Adjusted EBITDA(h)	$3,584	to	$3,629
Interest expense and amortization of deferred financing costs(i)	$663	to	$708
FFO(h)(j)	$2,603	to	$2,648
AFFO(h)(j)	$2,883	to	$2,928
AFFO per share(f)(h)(j)	$6.64	to	$6.74

(a)Includes impacts of restricted cash. See the condensed consolidated statement of cash flows for further information.

(b)Includes net cash used for acquisitions of approximately $21 million and $2 million for the three months ended December 31, 2020 and 2019, and $107 million and $17 million for the twelve months ended December 31, 2020 and 2019, respectively.

(c)See the "Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation" in the Appendix. Includes the impact from Nontypical Items, as described further in "Recent Developments" herein.

(d)Includes the impact from Nontypical Items, as described further in "Recent Developments" herein.As issued on January 27, 2021.

(e)Exclusive of depreciation, amortization and accretion.

(f)The assumption for diluted weighted-average common shares outstanding for full year 2021 Outlook is based on the diluted common shares outstanding as of December 31, 2020.

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

(h)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to net income (loss), as computed in accordance with GAAP.

(i)See the reconciliation of "Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs" in the Appendix.

(j)Attributable to CCIC common stockholders.

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APPENDIX


FULL YEAR 2020 AND OUTLOOK FOR FULL YEAR 2021 COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions)	Full Year 2020	Full Year 2021 Outlook(a)
Components of changes in site rental revenues(b):
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(c)(d)	$5,013	$5,295

New leasing activity(c)(d)	376	375-405
Escalators	90	90-100
Non-renewals	(183)	(180)-(160)
Organic Contribution to Site Rental Revenues(e)	283	295-335
Impact from full year straight-lined revenues associated with fixed escalators	22	(38)-(58)
Acquisitions(f)	2	<5
Other	—	—
Total GAAP site rental revenues	$5,320	$5,532-$5,577

Year-over-year changes in revenues:
Reported GAAP site rental revenues	4.5%	4.4%	(g)
Organic Contribution to Site Rental Revenues(e)(h)	5.6%	5.9%	(g)

(a)As issued on January 27, 2021.

(b)See additional information herein regarding Crown Castle's site rental revenues, including projected revenues from tenant contracts, straight-lined revenues and prepaid rent.

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

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

(e)See "Definitions of Non-GAAP Measures, Segment Measures and Other Calculations" for a discussion of our definition of Organic Contribution to Site Rental Revenues.

(f)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition.

(g)Calculated based on midpoint of full year 2021 Outlook.

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CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(amounts in millions, except par values)	December 31, 2020		December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	232	$	196
Restricted cash	144		137
Receivables, net	431		596
Prepaid expenses	95		107
Other current assets	202		168
Total current assets	1,104		1,204
Deferred site rental receivables	1,408		1,424
Property and equipment, net	15,162		14,666
Operating lease right-of-use assets	6,464		6,133
Goodwill	10,078		10,078
Other intangible assets, net	4,433		4,836
Other assets, net	119		116
Total assets	$	38,768	$	38,457

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	230	$	334
Accrued interest	199		169
Deferred revenues	704		657
Other accrued liabilities	378		361
Current maturities of debt and other obligations	129		100
Current portion of operating lease liabilities	329		299
Total current liabilities	1,969		1,920
Debt and other long-term obligations	19,151		18,021
Operating lease liabilities	5,808		5,511

Other long-term liabilities	2,379		2,516
Total liabilities	29,307		27,968
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: December 31, 2020—431 and December 31, 2019—416	4		4
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value; 20 shares authorized; shares issued and outstanding: December 31, 2020—0 and December 31, 2019—2; aggregate liquidation value: December 31, 2020—$0 and December 31, 2019—$1,650	—		—
Additional paid-in capital	17,933		17,855
Accumulated other comprehensive income (loss)	(4)		(5)
Dividends/distributions in excess of earnings	(8,472)		(7,365)
Total equity	9,461		10,489
Total liabilities and equity	$	38,768	$	38,457

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APPENDIX


CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
	Three Months Ended December 31,				Twelve Months Ended December 31,
(amounts in millions, except per share amounts)	2020		2019		2020		2019
Net revenues:
Site rental	$	1,352	$	1,300	$	5,320	$	5,093
Services and other	141		126		520		670
Net revenues	1,493		1,426		5,840		5,763
Operating expenses:
Costs of operations(a):
Site rental	401		367		1,521		1,462
Services and other	123		117		448		524
Selling, general and administrative	185		157		678		614
Asset write-down charges	64		6		74		19
Acquisition and integration costs	1		3		10		13
Depreciation, amortization and accretion	401		397		1,608		1,572
Total operating expenses	1,175		1,047		4,339		4,204
Other operating (income) expense	(362)		—		(362)		—
Operating income (loss)	680		379		1,863		1,559
Interest expense and amortization of deferred financing costs	(167)		(173)		(689)		(683)
Gains (losses) on retirement of long-term obligations	—		—		(95)		(2)
Interest income	—		1		2		6
Other income (expense)	—		7		(5)		1
Income (loss) before income taxes	513		214		1,076		881
Benefit (provision) for income taxes	(5)		(6)		(20)		(21)
Net income (loss)	508		208		1,056		860
Dividends/distributions on preferred stock	—		(28)		(57)		(113)
Net income (loss) attributable to CCIC common stockholders	$	508	$	180	$	999	$	747

Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders, basic	$	1.17	$	0.43	$	2.36	$	1.80
Net income (loss) attributable to CCIC common stockholders, diluted	$	1.17	$	0.43	$	2.35	$	1.79

Weighted-average common shares outstanding:
Basic	431		416		423		416
Diluted	433		418		425		418

(a)Exclusive of depreciation, amortization and accretion shown separately.

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SEGMENT OPERATING RESULTS
	Three Months Ended December 31, 2020								Three Months Ended December 31, 2019
(dollars in millions)	Towers		Fiber		Other		Consolidated Total		Towers		Fiber		Other		Consolidated Total
Segment site rental revenues	$	884	$	468			$	1,352	$	863	$	437			$	1,300
Segment services and other revenues	133		8				141		120		6				126
Segment revenues	1,017		476				1,493		983		443				1,426
Segment site rental cost of operations	218		173				391		217		141				358
Segment services and other cost of operations	117		5				122		112		3				115
Segment cost of operations(a)(b)	335		178				513		329		144				473
Segment site rental gross margin(c)	666		295				961		646		296				942
Segment services and other gross margin(c)	16		3				19		8		3				11
Segment selling, general and administrative expenses(b)	30		49				79		23		48				71
Segment other operating (income) loss	—		(362)				(362)		—		—				—
Segment operating profit(c)	652		611				1,263		631		251				882
Other selling, general and administrative expenses(b)					$	84	84						$	65	65
Stock-based compensation expense					28		28						27		27
Depreciation, amortization and accretion					401		401						397		397
Interest expense and amortization of deferred financing costs					167		167						173		173
Other (income) expenses to reconcile to income (loss) before income taxes(d)					70		70						6		6
Income (loss) before income taxes							$	513							$	214


FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
	Three Months Ended December 31,
	2020						2019
(dollars in millions)	Fiber Solutions		Small Cells		Total		Fiber Solutions		Small Cells		Total
Site rental revenues	$	325	$	143	$	468	$	311	$	126	$	437

(a)Exclusive of depreciation, amortization and accretion shown separately.

(b)Segment cost of operations excludes (1) stock-based compensation expense of $6 million for each of the three months ended December 31, 2020 and 2019 and (2) prepaid lease purchase price adjustments of $5 million for each of the three months ended December 31, 2020 and 2019. Selling, general and administrative expenses exclude stock-based compensation expense of $22 million and $21 million for the three months ended December 31, 2020 and 2019, respectively.

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

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

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SEGMENT OPERATING RESULTS
	Twelve Months Ended December 31, 2020								Twelve Months Ended December 31, 2019(e)
(dollars in millions)	Towers		Fiber		Other		Consolidated Total		Towers		Fiber		Other		Consolidated Total
Segment site rental revenues	$	3,497	$	1,823			$	5,320	$	3,389	$	1,704			$	5,093
Segment services and other revenues	500		20				520		653		17				670
Segment revenues	3,997		1,843				5,840		4,042		1,721				5,763
Segment site rental cost of operations	866		620				1,486		864		559				1,423
Segment services and other cost of operations	429		12				441		506		11				517
Segment cost of operations(a)(b)	1,295		632				1,927		1,370		570				1,940
Segment site rental gross margin(c)	2,631		1,203				3,834		2,525		1,145				3,670
Segment services and other gross margin(c)	71		8				79		147		6				153
Segment selling, general and administrative expenses(b)	100		186				286		96		195				291
Segment other operating (income) loss	—		(362)				(362)		—		—				—
Segment operating profit(c)	2,602		1,387				3,989		2,576		956				3,532
Other selling, general and administrative expenses(b)					$	283	283						$	233	233
Stock-based compensation expense					133		133						116		116
Depreciation, amortization and accretion					1,608		1,608						1,572		1,572
Interest expense and amortization of deferred financing costs					689		689						683		683
Other (income) expenses to reconcile to income (loss) before income taxes(d)					200		200						47		47
Income (loss) before income taxes							$	1,076							$	881


FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
	Twelve Months Ended December 31,
	2020						2019
(dollars in millions)	Fiber Solutions		Small Cells		Total		Fiber Solutions		Small Cells		Total
Site rental revenues	$	1,275	$	548	$	1,823	$	1,232	$	472	$	1,704

(a)Exclusive of depreciation, amortization and accretion shown separately.

(b)Segment cost of operations excludes (1) stock-based compensation expense of $24 million and $26 million for the twelve months ended December 31, 2020 and 2019, respectively and (2) prepaid lease purchase price adjustments of $18 million and $20 million for the twelve months ended December 31, 2020 and 2019, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $109 million and $90 million for the twelve months ended December 31, 2020 and 2019, respectively.

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

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

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FFO AND AFFO RECONCILIATIONS
	Three Months Ended December 31,				Twelve Months Ended December 31,
(amounts in millions, except per share amounts)	2020		2019		2020		2019
Net income (loss)	$	508	$	208	$	1,056	$	860
Real estate related depreciation, amortization and accretion	388		383		1,555		1,517
Asset write-down charges	64		6		74		19
Dividends/distributions on preferred stock	—		(28)		(85)		(113)
FFO(a)(b)(c)(d)	$	960	$	569	$	2,600	$	2,284
Weighted-average common shares outstanding—diluted(e)	433		418		425		418
FFO per share(a)(b)(c)(d)(e)	$	2.22	$	1.36	$	6.12	$	5.47

FFO (from above)	$	960	$	569	$	2,600	$	2,284
Adjustments to increase (decrease) FFO:
Straight-lined revenue	5		(18)		(22)		(80)
Straight-lined expense	22		23		83		93
Stock-based compensation expense	28		27		133		116
Non-cash portion of tax provision	(1)		3		1		5
Non-real estate related depreciation, amortization and accretion	13		14		53		55
Amortization of non-cash interest expense	1		—		6		1
Other (income) expense	—		(7)		5		(1)
(Gains) losses on retirement of long-term obligations	—		—		95		2
Acquisition and integration costs	1		3		10		13
Sustaining capital expenditures	(21)		(36)		(86)		(117)
AFFO(a)(b)(c)(d)	$	1,008	$	578	$	2,878	$	2,371
Weighted-average common shares outstanding—diluted(e)	433		418		425		418
AFFO per share(a)(b)(c)(d)(e)	$	2.33	$	1.38	$	6.78	$	5.68

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

(b)FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.

(c)Attributable to CCIC common stockholders.

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

(e)For all periods prior to those ended December 31, 2020, the diluted weighted-average common shares outstanding does not include any assumed conversions of preferred stock in the share count.

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
	Twelve Months Ended December 31,
(dollars in millions)	2020		2019
Cash flows from operating activities:
Net income (loss)	$	1,056	$	860
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	1,608		1,572
(Gains) losses on retirement of long-term obligations	95		2

Amortization of deferred financing costs and other non-cash interest, net	6		1
Stock-based compensation expense	138		117
Asset write-down charges	74		19
Deferred income tax (benefit) provision	3		2
Other non-cash adjustments, net	5		(2)
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	(111)		294
Decrease (increase) in assets	181		(167)
Net cash provided by (used for) operating activities	3,055		2,698
Cash flows from investing activities:
Capital expenditures	(1,624)		(2,057)
Payments for acquisitions, net of cash acquired	(107)		(17)

Other investing activities, net	(10)		(7)
Net cash provided by (used for) investing activities	(1,741)		(2,081)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	3,733		1,894
Principal payments on debt and other long-term obligations	(105)		(86)
Purchases and redemptions of long-term debt	(2,490)		(12)
Borrowings under revolving credit facility	2,430		2,110
Payments under revolving credit facility	(2,665)		(2,660)
Net borrowings (repayments) under commercial paper program	130		155
Payments for financing costs	(38)		(24)


Purchases of common stock	(76)		(44)
Dividends/distributions paid on common stock	(2,105)		(1,912)
Dividends/distributions paid on preferred stock	(85)		(113)
Net cash provided by (used for) financing activities	(1,271)		(692)
Net increase (decrease) in cash, cash equivalents, and restricted cash	43		(75)
Effect of exchange rate changes on cash	—		—
Cash, cash equivalents, and restricted cash at beginning of period	338		413
Cash, cash equivalents, and restricted cash at end of period	$	381	$	338
Supplemental disclosure of cash flow information:
Interest paid	653		661
Income taxes paid	19		16

Crown Castle International Corp.

Fourth Quarter 2020

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
	Three Months Ended December 31,
(dollars in millions)	2020			2019
Components of changes in site rental revenues(a):
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c)	$	1,282		$	1,211

New leasing activity(b)(c)	90			101
Escalators	23			22
Non-renewals	(39)			(52)
Organic Contribution to Site Rental Revenues(d)	74			71
Impact from straight-lined revenues associated with fixed escalators	(5)			18
Acquisitions(e)	1			—
Other	—			—
Total GAAP site rental revenues	$	1,352		$	1,300

Year-over-year changes in revenue:
Reported GAAP site rental revenues	4.0		%
Organic Contribution to Site Rental Revenues(d)(f)	5.8		%


SUMMARY OF SITE RENTAL STRAIGHT-LINED REVENUES AND EXPENSES ASSOCIATED WITH FIXED ESCALATORS(g)
	Three Months Ended December 31,
	2020						2019
(dollars in millions)	Towers		Fiber		Total		Towers		Fiber		Total
Site rental straight-lined revenues	$	(6)	$	1	$	(5)	$	17	$	1	$	18
Site rental straight-lined expenses	22		—		22		22		1		23


	Twelve Months Ended December 31,
	2020						2019
(dollars in millions)	Towers		Fiber		Total		Towers		Fiber		Total
Site rental straight-lined revenues	$	16	$	6	$	22	$	78	$	2	$	80
Site rental straight-lined expenses	82		1		83		90		3		93

(a)See additional information herein regarding Crown Castle's site rental revenues, including projected revenues from tenant contracts, straight-lined revenues and prepaid rent.

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

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

(d)See "Definitions of Non-GAAP Measures, Segment Measures and Other Calculations" for a discussion of our definition of Organic Contribution to Site Rental Revenues.

(e)Represents the initial contribution of recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition.

(g)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.

Crown Castle International Corp.

Fourth Quarter 2020

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OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


SUMMARY OF PREPAID RENT ACTIVITY(a)
	Three Months Ended December 31,
	2020						2019
(dollars in millions)	Towers		Fiber		Total		Towers		Fiber		Total
Prepaid rent additions	$	26	$	57	$	83	$	104	$	67	$	171
Amortization of prepaid rent	76		57		133		71		50		121


	Twelve Months Ended December 31,
	2020						2019
(dollars in millions)	Towers		Fiber		Total		Towers		Fiber		Total
Prepaid rent additions	$	193	$	242	$	435	$	395	$	258	$	653
Amortization of prepaid rent	298		221		519		258		199		457


SUMMARY OF CAPITAL EXPENDITURES
	Three Months Ended December 31,
	2020								2019
(dollars in millions)	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary:
Purchases of land interests	$	23	$	—	$	—	$	23	$	11	$	—	$	—	$	11
Communications infrastructure improvements and other capital projects	38		292		12		342		118		353		—		471

Sustaining	3		14		4		21		12		12		12		36
Integration	—		—		—		—		—		—		2		2
Total	$	64	$	306	$	16	$	386	$	141	$	365	$	14	$	520


	Twelve Months Ended December 31,
	2020								2019
(dollars in millions)	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary:
Purchases of land interests	$	64	$	—	$	—	$	64	$	53	$	—	$	—	$	53
Communications infrastructure improvements and other capital projects	257		1,179		38		1,474		452		1,427		—		1,879
Sustaining	14		53		19		86		38		46		32		116
Integration	—		—		—		—		—		—		9		9
Total	$	335	$	1,232	$	57	$	1,624	$	543	$	1,473	$	41	$	2,057


PROJECTED REVENUES FROM TENANT CONTRACTS(b)
	Years Ending December 31,
(as of December 31, 2020; dollars in millions)	2021		2022		2023		2024		2025
Components of site rental revenues:
Site rental revenues exclusive of straight-line associated with fixed escalators	$	5,469	$	5,559	$	5,603	$	5,602	$	5,653
Straight-lined site rental revenues associated with fixed escalators	(80)		(163)		(178)		(153)		(145)
GAAP site rental revenues	$	5,389	$	5,396	$	5,425	$	5,449	$	5,508

(a)Reflects up-front consideration from long-term tenants and other deferred credits (commonly referred to as prepaid rent), and the amortization thereof for GAAP revenue recognition purposes.

(b)Based on tenant licenses as of December 31, 2020. All tenant licenses are assumed to renew for a new term no later than the respective current term end date, and as such, projected revenues does not reflect the impact of estimated annual churn. CPI-linked tenant contracts are assumed to escalate at 3% per annum.

Crown Castle International Corp.

Fourth Quarter 2020

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OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


PROJECTED GROUND LEASE EXPENSES FROM EXISTING GROUND LEASES(a)
	Years Ending December 31,
(as of December 31, 2020; dollars in millions)	2021		2022		2023		2024		2025
Components of ground lease expenses:
Ground lease expenses exclusive of straight-line associated with fixed escalators	$	910	$	931	$	950	$	969	$	988
Straight-lined site rental ground lease expenses associated with fixed escalators	69		55		43		33		22
GAAP ground lease expenses	$	979	$	986	$	993	$	1,002	$	1,010


ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(b)
	Years Ending December 31,
(as of December 31, 2020; dollars in millions)	2021	2022	2023	2024	2025
AT&T	$26	$26	$335	$21	$22
T-Mobile(c)	45	362	262	76	89
Verizon	39	44	49	507	74
All Others Combined	221	173	191	79	85
Total	$331	$605	$837	$683	$270


CONSOLIDATED TENANT OVERVIEW
(as of December 31, 2020)	Percentage of Q4 2020 LQA Site Rental Revenues	Weighted Average Current Term Remaining(d)	Long-Term Credit Rating (S&P / Moody’s)
T-Mobile(c)	34%	5	BB / Ba2
AT&T	22%	6	BBB / Baa2
Verizon	18%	5	BBB+ / Baa1
All Others Combined	26%	3	N/A
Total / Weighted Average	100%	5


FIBER SOLUTIONS REVENUE MIX
(as of December 31, 2020)			Percentage of Q4 2020 LQA Site Rental Revenues
Carrier(e)			39%
Education			13%
Healthcare			10%
Financial Services			10%
Other			28%
Total			100%

(a)Based on existing ground leases as of December 31, 2020. CPI-linked leases are assumed to escalate at 3% per annum.

(b)Reflects lease renewals by year by tenant; dollar amounts represent annualized cash site rental revenues from assumed renewals or extension as reflected in the table "Projected Revenues from Tenant Contracts."

(c)Includes revenues derived from Sprint. T-Mobile and Sprint completed their merger on April 1, 2020.

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

(e)Includes revenues derived from both wireless carriers and wholesale carriers.

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Fourth Quarter 2020

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OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


SEGMENT CASH YIELDS ON INVESTED CAPITAL(a)
	Q4 2020 LQA(b)
(as of December 31, 2020; dollars in millions)	Towers			Fiber




Segment site rental gross margin(c)	$	2,664		$	1,180
Less: Amortization of prepaid rent	(304)			(228)
Less: Site rental straight-lined revenues	24			(4)
Add: Site rental straight-lined expenses	88			—
Add: Indirect labor costs(d)	—			181
Numerator	$	2,472		$	1,129

Segment net investment in property and equipment(d)	$	12,948		$	7,241
Segment investment in site rental contracts and tenant relationships	4,510			3,287
Segment investment in goodwill(f)	5,351			4,073
Segment net invested capital(g)	$	22,809		$	14,601

Segment Cash Yield on Invested Capital(a)	10.8		%	7.7		%


CONSOLIDATED RETURN ON INVESTED CAPITAL(a)
(as of December 31, 2020; dollars in millions)	Q4 2020 LQA(b)
Adjusted EBITDA(g)	$	4,716
Less: Cash taxes	(76)
Numerator	$	4,640

Historical gross investment in property and equipment(h)	$	24,899
Historical gross investment in site rental contracts and tenant relationships	7,797
Historical gross investment in goodwill	10,078
Consolidated invested capital(a)	$	42,774

Consolidated Return on Invested Capital(a)	10.8		%

(a)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information on, and definition and our calculation of segment cash yields on invested capital, segment net invested capital, consolidated return on invested capital and consolidated invested capital.

(b)Includes the impact of Nontypical Items, as described further in the "Recent Developments" section of our Earnings Release and reconciled in "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.

(c)See "Segment Operating Results" and "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information on, and definition and our calculation of segment site rental gross margin.

(d)This adjustment represents indirect labor costs in the Fiber segment that are not capitalized, but that primarily support the Company's ongoing expansion of its small cells and fiber networks that management expects to generate future revenues for the Company. Removal of these indirect labor costs presents segment cash yield on invested capital on a direct cost basis, consistent with the methodology used by management when evaluating project-level investment opportunities.

(e)Segment investment in property and equipment excludes the impact of construction in process and non-productive assets (such as information technology assets and buildings) and is reduced by the amount of prepaid rent received from customers (excluding any deferred credits recorded in connection with acquisitions).

(f)Segment investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions (primarily deferred credits).

(g)See "Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures and Other Calculations" for further information and reconciliation of this non-GAAP financial measure to net income (loss). See also "Non-GAAP Financial Measures, Segment Measures and Other Calculations" in the Appendix for a discussion of our definition of Adjusted EBITDA.

(h)Historical gross investment in property and equipment excludes the impact of construction in process.

Crown Castle International Corp.

Fourth Quarter 2020

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FINANCIALS & METRICS

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APPENDIX


SUMMARY OF TOWER PORTFOLIO BY VINTAGE(a)
(as of December 31, 2020; dollars in thousands)
CASH YIELD(b)			NUMBER OF TENANTS PER TOWER

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-0a7e61ab0dd54e6199c1a.jpg

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-3525c48af28b442b99f1a.jpg


LQA CASH SITE RENTAL REVENUE PER TOWER(c)			LQA TOWERS SEGMENT SITE RENTAL GROSS CASH MARGIN PER TOWER(d)

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-1ddbe78171494213a591a.jpg

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-e96d7029533349878a61a.jpg


NET INVESTED CAPITAL PER TOWER(e)			NUMBER OF TOWERS

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-5a5990bdd89749b3a421a.jpg

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-0fc1f33bec1947ec8191a.jpg

(a)All tower portfolio figures are calculated exclusively for the Company’s towers and rooftops and do not give effect to other activities within the Company’s Towers segment.

(b)Yield is calculated as LQA Towers segment site rental gross margin, exclusive of straight-lined revenues and amortization of prepaid rent, divided by invested capital net of the amount of prepaid rent received from customers.

(c)Exclusive of straight-lined revenues and amortization of prepaid rent.

(d)Exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses.

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

Crown Castle International Corp.

Fourth Quarter 2020

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OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


TOWER PORTFOLIO OVERVIEW(a)
(as of December 31, 2020; dollars in thousands)
NUMBER OF TOWERS	TENANTS PER TOWER	LQA CASH SITE RENTAL REVENUE PER TOWER(b)

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-155646c0a92a4fd48f81a.jpg

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-1683e3cf219a4ed0afa1a.jpg

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-567741182f5b42c5a151a.jpg

(a) All tower portfolio figures are calculated exclusively for the Company’s towers and rooftops and do not give effect to other activities within the Company’s Towers segment.

(b) Exclusive of straight-lined revenues and amortization of prepaid rent.

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APPENDIX

DISTRIBUTION OF TOWER TENANCY (as of December 31, 2020)(a)

PERCENTAGE OF TOWERS BY TENANTS PER TOWER

SITES ACQUIRED AND BUILT 2006 AND PRIOR

SITES ACQUIRED AND BUILT 2007 TO PRESENT

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-337e7f839a8e47dd9b11a.jpg

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-11eb6cc0a6a34f51a251a.jpg


Average: 2.6			Average: 1.9

GEOGRAPHIC TOWER DISTRIBUTION (as of December 31, 2020)(a)
PERCENTAGE OF TOWERS BY GEOGRAPHIC LOCATION			PERCENTAGE OF LQA CASH SITE RENTAL REVENUE BY GEOGRAPHIC LOCATION(b)

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-e03774724235489d85d1a.jpg

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-6213ad3d34574f1eb211a.jpg

(a) All tower portfolio figures are calculated exclusively for the Company’s towers and rooftops and do not give effect to other activities within the Company’s Towers segment.

(b) Exclusive of straight-lined revenues and amortization of prepaid rent.

Crown Castle International Corp.

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OVERVIEW

FINANCIALS & METRICS

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CAPITALIZATION OVERVIEW

APPENDIX


GROUND INTEREST OVERVIEW
(as of December 31, 2020; dollars in millions)	LQA Cash Site Rental Revenues(a)		Percentage of LQA Cash Site Rental Revenues(a)		LQA Towers Segment Site Rental Gross Cash Margin(b)		Percentage of LQA Towers Segment Site Rental Gross Cash Margin(b)		Number of Towers(c)	Percentage of Towers		Weighted Average Term Remaining (by years)(d)
Less than 10 years	$	331	11	%	$	174	8	%	5,078	13	%
10 to 20 years	420		13	%	243		10	%	6,053	15	%
Greater than 20 years	1,394		44	%	999		42	%	17,947	45	%
Total leased	$	2,145	68	%	$	1,416	60	%	29,078	73	%	36

Owned	$	1,027	32	%	$	964	40	%	11,021	27	%
Total / Average	$	3,172	100	%	$	2,380	100	%	40,099	100	%


GROUND INTEREST ACTIVITY
(dollars in millions)	Three Months Ended December 31, 2020			Twelve Months Ended December 31, 2020
Ground Extensions Under Crown Castle Towers:
Number of ground leases extended	217			957
Average number of years extended	31			32
Percentage increase in consolidated cash ground lease expense due to extension activities(e)	0.1		%	0.1		%

Ground Purchases Under Crown Castle Towers:
Number of ground leases purchased	69			210
Ground lease purchases (including capital expenditures, acquisitions and installment purchases)	$	31		$	88
Percentage of Towers segment site rental gross margin from towers on purchased land	<1%			<1%

(a)Exclusive of straight-lined revenues and amortization of prepaid rent.

(b)Exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses.

(c)Excludes small cells, fiber and third-party land interests.

(d)Includes all renewal terms at the Company's option; weighted by Towers segment site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses.

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

Crown Castle International Corp.

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CAPITALIZATION OVERVIEW

APPENDIX


CAPITALIZATION OVERVIEW
(As of December 31 2020; dollars in millions)	Face Value		Fixed vs. Variable	Interest Rate(a)	Net Debt to LQA Adjusted EBITDA(b)	Maturity
Cash, cash equivalents and restricted cash	$	381

3.849% Secured Notes	1,000		Fixed	3.9%		2023
Senior Secured Notes, Series 2009-1, Class A-2	61		Fixed	9.0%		2029
Senior Secured Tower Revenue Notes, Series 2015-1(c)	300		Fixed	3.2%		2042(c)
Senior Secured Tower Revenue Notes, Series 2018-1(c)	250		Fixed	3.7%		2043(c)
Senior Secured Tower Revenue Notes, Series 2015-2(c)	700		Fixed	3.7%		2045(c)
Senior Secured Tower Revenue Notes, Series 2018-2(c)	750		Fixed	4.2%		2048(c)
Finance leases and other obligations	234		Various	Various		Various
Total secured debt	$	3,295		3.9%	0.7x
2016 Revolver(d)	290		Variable	1.3%		2024
2016 Term Loan A	2,253		Variable	1.3%		2024
Commercial Paper Notes(e)	285		Variable	0.5%		2021
5.250% Senior Notes	1,650		Fixed	5.3%		2023
3.150% Senior Notes	750		Fixed	3.2%		2023
3.200% Senior Notes	750		Fixed	3.2%		2024
1.350% Senior Notes	500		Fixed	1.4%		2025
4.450% Senior Notes	900		Fixed	4.5%		2026
3.700% Senior Notes	750		Fixed	3.7%		2026
4.000% Senior Notes	500		Fixed	4.0%		2027
3.650% Senior Notes	1,000		Fixed	3.7%		2027
3.800% Senior Notes	1,000		Fixed	3.8%		2028
4.300% Senior Notes	600		Fixed	4.3%		2029
3.100% Senior Notes	550		Fixed	3.1%		2029
3.300% Senior Notes	750		Fixed	3.3%		2030
2.250% Senior Notes	1,100		Fixed	2.3%		2031
4.750% Senior Notes	350		Fixed	4.8%		2047
5.200% Senior Notes	400		Fixed	5.2%		2049
4.000% Senior Notes	350		Fixed	4.0%		2049
4.150% Senior Notes	500		Fixed	4.2%		2050
3.250% Senior Notes	900		Fixed	3.3%		2051
Total unsecured debt	$	16,128		3.4%	3.4x
Total net debt	$	19,042		3.4%	4.0x

Market Capitalization(f)	68,660
Firm Value(g)	$	87,702

(a)Represents the weighted-average stated interest rate, as applicable.

(b)Represents the applicable amount of debt divided by LQA consolidated Adjusted EBITDA. See the "Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation" in the Appendix. Includes the impact from Nontypical Items, as described further in "Recent Developments" herein.

(c)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 2015-1 and 2015-2 have anticipated repayment dates in 2022 and 2025, respectively. The Senior Secured Tower Revenue Notes, 2018-1 and 2018-2 have anticipated repayment dates in 2023 and 2028, respectively. Notes are prepayable at par if voluntarily repaid six months or less prior to maturity; earlier prepayment may require additional consideration.

(d)As of December 31, 2020, the undrawn availability under the $5.0 billion 2016 Revolver was $4.7 billion.

(e)As of December 31, 2020, the Company had $715 million available for issuance under the $1.0 billion unsecured commercial paper program ("CP Program"). The maturities of commercial paper notes under the CP Program, when outstanding, may vary but may not exceed 397 days from the date of issue.

(f)Market capitalization calculated based on $159.19 closing price and 431 million shares outstanding as of December 31, 2020.

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

Crown Castle International Corp.

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FINANCIALS & METRICS

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CAPITALIZATION OVERVIEW

APPENDIX


DEBT MATURITY OVERVIEW(a)(b)

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-8921b53b571848f98981a.jpg

(as of December 31, 2020; dollars in millions)

https://cdn.kscope.io/6fd2986ec9119ffa69d66daa8df2936c-chart-419004e8e91e487dbc31a.jpg

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

(b)Debt maturities reflected in 1H 2021 are predominantly comprised of $285 million outstanding in commercial paper notes. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time.

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APPENDIX


LIQUIDITY OVERVIEW(a)
(dollars in millions)	December 31, 2020
Cash, cash equivalents, and restricted cash(b)	$	381
Undrawn 2016 Revolver availability(c)	4,677
Debt and other long-term obligations	19,280
Total equity	9,461

(a)In addition, we have the following sources of liquidity:

i.In April 2018, we established 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 gross sales price of up to $750 million to or through sales agents. No shares of common stock have been sold under the ATM Program.

ii.In April 2019, we established a CP Program through which we may issue short term, unsecured commercial paper notes ("CP Notes"). Amounts available under the CP Program may be issued, repaid and re-issued from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not to exceed $1.0 billion. As of December 31, 2020, there were $285 million of CP Notes outstanding under our CP Program. We intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.

(b)Inclusive of $5 million included within "Other assets, net" on our condensed consolidated balance sheet.

(c)Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, the credit agreement governing our 2016 Revolver.

Crown Castle International Corp.

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FINANCIALS & METRICS

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CAPITALIZATION OVERVIEW

APPENDIX

SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS

Debt

Borrower / Issuer

Covenant(a)

Covenant Level Requirement

As of December 31, 2020

Maintenance Financial Covenants(b)

2016 Credit Facility

CCIC

Total Net Leverage Ratio

≤ 6.50x

5.1x

(f)

2016 Credit Facility

CCIC

Total Senior Secured Leverage Ratio

≤ 3.50x

0.8x

(f)

2016 Credit Facility

CCIC

Consolidated Interest Coverage Ratio(c)

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

2.1x

Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released

2015 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.75x

(d)

11.3x

2018 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.75x

(d)

11.3x

2009 Securitized Notes

Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.30x

(d)

13.6x

Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture

2015 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.00x

(e)

11.3x

2018 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.00x

(e)

11.3x

2009 Securitized Notes

Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.34x

(e)

13.6x

(a)As defined in the respective debt agreement. In the indentures for the 2015 Tower Revenue Notes, 2018 Tower Revenue Notes and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR."

(b)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.

(c)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.

(d)The 2015 Tower Revenue Notes, 2018 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 2015 Tower Revenue Notes, 2018 Tower Revenue Notes or 2009 Securitized Notes, respectively.

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

(f)Includes the impact of Nontypical Items, as described further in the "Recent Developments" section of our Earnings Release.

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INTEREST RATE SENSITIVITY(a)(b)
	Years Ending December 31,
(as of December 31, 2020; dollars in millions)	2021		2022
Fixed Rate Debt:
Face Value of Principal Outstanding(c)	$	16,352	$	16,345
Current Interest Payment Obligations(d)	617		616
Effect of 0.125% Change in Interest Rates(e)	—		—
Floating Rate Debt:
Face Value of Principal Outstanding(c)	$	2,740	$	2,623
Current Interest Payment Obligations(f)	36		35
Effect of 0.125% Change in Interest Rates(g)	3		3

(a)Excludes finance leases and other obligations.

(b)Excludes the commitment fee the Company pays on the undrawn available amount under the 2016 Revolver. The commitment fee ranges from 0.125% to 0.350%, based on the Company's senior unsecured debt rating, per annum.

(c)Face value, net of required amortizations; assumes no maturity or balloon principal payments; excludes finance leases.

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

(e)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 interest rates as of December 31, 2020, plus 12.5 bps.

(f)Interest expense calculated based on current interest rates as of December 31, 2020. Calculation assumes no changes to future interest rate margin spread over LIBOR due to changes in the borrower’s senior unsecured credit rating.

(g)Interest expense calculated based on current interest rates as of December 31, 2020, plus 12.5 bps.

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DEFINITIONS

Non-GAAP Financial Measures, Segment Measures and Other Calculations

This Supplement includes presentations of Net income (as adjusted), including per share—diluted amounts, Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, 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 non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the communications 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 2014.

•Net Income (as adjusted), including per share—diluted amounts, is useful to investors and other interested parties in evaluating our financial performance. Management believes that this measure is meaningful to investors as it adjusts net income to exclude the impact of the Nontypical Items (as defined in the "Recent Developments" section in our Earnings Release), which management believes are unusual (including with respect to magnitude), infrequent and not reasonably likely to recur in the near term, to provide further insight into our results of operations and underlying trends. Management also believes that identifying the impact of Nontypical Items as these adjustments provides more transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. Net income (as adjusted), including per share—diluted amounts should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

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on a straight-lined basis over the fixed, non-cancelable term of the contract. Management notes that Crown Castle uses AFFO only as a performance measure. Separately, we are also disclosing AFFO as adjusted to exclude the impact of Nontypical Items, which management believes are unusual (including with respect to magnitude), infrequent and not reasonably likely to recur in the near term, to provide further insight into our results of operations and underlying trends. Management also believes that identifying the impact of Nontypical Items as adjustments provides increased transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. AFFO (including as further adjusted to exclude Nontypical Items) 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.

•Consolidated Return on Invested Capital and Segment Cash Yield are useful to investors or other interested parties in evaluating the financial performance of our assets. Management believes that these metrics are useful in assessing our efficiency at allocating capital to generate returns over time. Consolidated Return on Invested Capital and Segment Cash Yield are not meant as alternatives to GAAP measures such as revenues, operating income, Segment Site Rental Gross Margin, and certain asset classes (such as property and equipment, site rental contracts and tenant relationships, and goodwill) computed in accordance with GAAP. Such non-GAAP metrics should be considered only as a supplement in understanding and assessing the performance of our assets.

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

Non-GAAP Financial Measures

Net Income (as adjusted) per share. We define net income (as adjusted) per share as Net Income (as adjusted), divided by diluted weighted-average common shares outstanding.

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integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle, (income) loss from discontinued operations and adjustments for noncontrolling interests, less sustaining capital expenditures. Separately, Adjusted Funds from Operations, as adjusted to exclude the impact of Nontypical Items, reflects Adjusted Funds from Operations, less other operating income resulting from the Nontypical Items, plus incremental operating expenses as a result of the Nontypical Items.

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

Consolidated Invested Capital. We define Consolidated Invested Capital as gross investment in 1) property and equipment (excluding construction in process), 2) site rental contracts and tenant relationships, and 3) goodwill.

Consolidated Return on Invested Capital. We define Return on Invested Capital as Adjusted EBITDA less cash taxes divided by Consolidated Invested Capital.

Segment Net Invested Capital. We define Segment Net Invested Capital as gross investment in 1) property and equipment, excluding the impact of construction in process and non-productive assets (such as information technology assets and buildings), reduced by the amount of prepaid rent received from customers (excluding any deferred credits recorded in connection with acquisitions), 2) site rental contracts and tenant relationships, and 3) goodwill, excluding the impact of certain assets and liabilities recorded in connection with acquisitions (primarily deferred credits).

Segment Cash Yield on Invested Capital. We define Segment Cash Yield on Invested Capital as Segment Site Rental Gross Margin adjusted for the impacts of 1) amortization of prepaid rent, 2) straight-lined revenues, 3) straight-lined expenses, and 4) indirect labor costs related to the Fiber segment divided by Segment Net Invested Capital.

Segment Measures

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Other Calculations

Integration capital expenditures. We define integration capital expenditures as those capital expenditures made as a result of integrating acquired companies into our business.

The tables set forth on the following pages reconcile certain 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.

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

Reconciliation of Historical Adjusted EBITDA:


	Three Months Ended December 31,				Twelve Months Ended December 31,
(dollars in millions)	2020		2019		2020		2019
Net income (loss)	$	508	$	208	$	1,056	$	860
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	64		6		74		19
Acquisition and integration costs	1		3		10		13
Depreciation, amortization and accretion	401		397		1,608		1,572
Amortization of prepaid lease purchase price adjustments	5		5		18		20
Interest expense and amortization of deferred financing costs(a)	167		173		689		683
(Gains) losses on retirement of long-term obligations	—		—		95		2
Interest income	—		(1)		(2)		(6)
Other (income) expense	—		(7)		5		(1)
(Benefit) provision for income taxes	5		6		20		21
Stock-based compensation expense	28		27		133		116
Adjusted EBITDA(b)(c)	$	1,179	$	817	$	3,706	$	3,299

Reconciliation of Current Outlook for Adjusted EBITDA:


(dollars in millions)	Full Year 2021 Outlook(d)
Net income (loss)	$957	to	$1,037
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	$15	to	$25
Acquisition and integration costs	$0	to	$8
Depreciation, amortization and accretion	$1,615	to	$1,710
Amortization of prepaid lease purchase price adjustments	$17	to	$19
Interest expense and amortization of deferred financing costs(a)	$663	to	$708
(Gains) losses on retirement of long-term obligations	$0	to	$100
Interest income	$(3)	to	$0
Other (income) expense	$(1)	to	$1
(Benefit) provision for income taxes	$18	to	$26
Stock-based compensation expense	$145	to	$149
Adjusted EBITDA(b)(c)	$3,584	to	$3,629

(a)See reconciliation of "Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.

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

(d)As issued on January 27, 2021.

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


	Three Months Ended December 31,
(dollars in millions)	2020		2019
Interest expense on debt obligations	$	166	$	173
Amortization of deferred financing costs and adjustments on long-term debt, net	6		5
Other, net	(5)		(5)
Interest expense and amortization of deferred financing costs	$	167	$	173

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


(dollars in millions)	Full Year 2021 Outlook(a)
Interest expense on debt obligations	$668	to	$688
Amortization of deferred financing costs and adjustments on long-term debt, net	$21	to	$26
Other, net	$(17)	to	$(12)
Interest expense and amortization of deferred financing costs	$663	to	$708

(a)As issued on January 27, 2021.

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Reconciliation of Historical FFO and AFFO:


	Three Months Ended December 31,				Twelve Months Ended December 31,
(amounts in millions, except per share amounts)	2020		2019		2020		2019
Net income (loss)	$	508	$	208	$	1,056	$	860
Real estate related depreciation, amortization and accretion	388		383		1,555		1,517
Asset write-down charges	64		6		74		19
Dividends/distributions on preferred stock	—		(28)		(85)		(113)
FFO(a)(b)(c)(d)	$	960	$	569	$	2,600	$	2,284
Weighted-average common shares outstanding—diluted(e)	433		418		425		418
FFO per share(a)(b)(c)(d)(e)	$	2.22	$	1.36	$	6.12	$	5.47

FFO (from above)	$	960	$	569	$	2,600	$	2,284
Adjustments to increase (decrease) FFO:
Straight-lined revenue	5		(18)		(22)		(80)
Straight-lined expense	22		23		83		93
Stock-based compensation expense	28		27		133		116
Non-cash portion of tax provision	(1)		3		1		5
Non-real estate related depreciation, amortization and accretion	13		14		53		55
Amortization of non-cash interest expense	1		—		6		1
Other (income) expense	—		(7)		5		(1)
(Gains) losses on retirement of long-term obligations	—		—		95		2
Acquisition and integration costs	1		3		10		13
Sustaining capital expenditures	(21)		(36)		(86)		(117)
AFFO(a)(b)(c)(d)	$	1,008	$	578	$	2,878	$	2,371
Weighted-average common shares outstanding—diluted(e)	433		418		425		418
AFFO per share(a)(b)(c)(d)(e)	$	2.33	$	1.38	$	6.78	$	5.68

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

(b)FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.

(c)Attributable to CCIC common stockholders.

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

(e)For all periods prior to those ended December 31, 2020, the diluted weighted-average common shares outstanding does not include any assumed conversions of preferred stock in the share count.

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Reconciliation of Historical FFO and AFFO:


	Year Ended December 31,
(amounts in millions, except per share amounts)	2018		2017		2016
Net income (loss)	$	622	$	366	$	306
Real estate related depreciation, amortization and accretion	1,471		1,210		1,082
Asset write-down charges	26		17		35
Dividends/distributions on preferred stock	(113)		(30)		(44)
FFO(a)(b)(c)(d)	$	2,005	$	1,563	$	1,379
Weighted-average common shares outstanding—diluted(e)	415		383		341
FFO per share(a)(b)(c)(d)(e)	$	4.83	$	4.08	$	4.04

FFO (from above)	$	2,005	$	1,563	$	1,379
Adjustments to increase (decrease) FFO:
Straight-lined revenue	(72)		—		(47)
Straight-lined expense	90		93		94
Stock-based compensation expense	108		96		97
Non-cash portion of tax provision	2		9		7
Non-real estate related depreciation, amortization and accretion	56		31		27
Amortization of non-cash interest expense	7		9		14
Other (income) expense	(1)		(1)		9
(Gains) losses on retirement of long-term obligations	106		4		52
Acquisition and integration costs	27		61		18
Sustaining capital expenditures	(105)		(85)		(90)
AFFO(a)(b)(c)(d)	$	2,223	$	1,781	$	1,559
Weighted-average common shares outstanding—diluted(e)	415		383		341
AFFO per share(a)(b)(c)(d)(e)	$	5.36	$	4.65	$	4.57

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

(b)FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.

(c)Attributable to CCIC common stockholders.

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

(e)For all periods presented, the diluted weighted-average common shares outstanding does not include any conversions of preferred stock in the share count.

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Reconciliation of Current Outlook for FFO and AFFO:


(amounts in millions, except per share amounts)	Full Year 2021 Outlook(a)
Net income (loss)	$957	to	$1,037
Real estate related depreciation, amortization and accretion	$1,569	to	$1,649
Asset write-down charges	$15	to	$25
Dividends/distributions on preferred stock	$0	to	$0
FFO(b)(c)(d)(e)	$2,603	to	$2,648
Weighted-average common shares outstanding—diluted(f)	434
FFO per share(b)(c)(d)(e)(f)	$6.00	to	$6.10

FFO (from above)	$2,603	to	$2,648
Adjustments to increase (decrease) FFO:
Straight-lined revenue	$38	to	$58
Straight-lined expense	$58	to	$78
Stock-based compensation expense	$145	to	$149
Non-cash portion of tax provision	$(7)	to	$8
Non-real estate related depreciation, amortization and accretion	$46	to	$61
Amortization of non-cash interest expense	$4	to	$14
Other (income) expense	$(1)	to	$1
(Gains) losses on retirement of long-term obligations	$0	to	$100
Acquisition and integration costs	$0	to	$8
Sustaining capital expenditures	$(104)	to	$(94)


AFFO(b)(c)(d)(e)	$2,883	to	$2,928
Weighted-average common shares outstanding—diluted(f)	434
AFFO per share(b)(c)(d)(e)(f)	$6.64	to	$6.74

(a)As issued on January 27, 2021.

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

(c)FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.

(d)Attributable to CCIC common stockholders.

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

(f)The assumption for diluted weighted-average common shares outstanding for full year 2021 Outlook is based on the diluted common shares outstanding as of December 31, 2020.

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Reconciliation of Results Adjusted for Nontypical Items to As Reported Results:


	Full Year 2020							Full Year 2019		Full Year 2020 Growth Rates
(dollars in millions, except per share amounts)	As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items		As Reported		As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items
Site rental revenues	$	5,320	$	—		$	5,320	$	5,093	4	%	—	%		4	%
Net income (loss)(a)	1,056		(223)		(c)	833		860		23	%	(26)	%	(c)	(3)	%
Net income (loss) per share—diluted(a)(b)	2.35		(0.52)		(c)	1.83		1.79		31	%	(29)	%	(c)	2	%
Adjusted EBITDA(a)	3,706		(286)		(d)	3,420		3,299		12	%	(9)	%	(d)	4	%
AFFO(a)(b)	2,878		(286)		(d)	2,592		2,371		21	%	(12)	%	(d)	9	%
AFFO per share(a)(b)	$	6.78	$	(0.68)	(d)	$	6.10	$	5.68	19	%	(12)	%	(d)	7	%


	Midpoint of Current Full Year 2021(e)		Full Year 2020							Full Year 2021 Growth Rates (Outlook at the Midpoint)
(dollars in millions, except per share amounts)	Outlook		As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items		As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items
Site rental revenues	$	5,555	$	5,320	$	—		$	5,320	4	%	—	%		4	%
Net income (loss)(a)	997		1,056		(223)		(c)	833		(6)	%	25	%	(c)	20	%
Net income (loss) per share—diluted(a)(b)	2.30		2.35		(0.52)		(c)	1.83		(2)	%	28	%	(c)	26	%
Adjusted EBITDA(a)	3,607		3,706		(286)		(d)	3,420		(3)	%	8	%	(d)	5	%
AFFO(a)(b)	2,906		2,878		(286)		(d)	2,592		1	%	11	%	(d)	12	%
AFFO per share(a)(b)	$	6.69	$	6.78	$	(0.68)	(d)	$	6.10	(1)	%	11	%	(d)	10	%

(b)Attributable to CCIC common stockholders.

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Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation:


	Three Months Ended December 31,
(dollars in millions)	2020				2019
Total face value of debt	$	19,423			$	18,236
Less: Ending cash, cash equivalents and restricted cash	381				338
Total net debt	$	19,042			$	17,898

Adjusted EBITDA	$	1,179		(a)	$	817
Last quarter annualized Adjusted EBITDA	4,716				3,268
Net debt to Last Quarter Annualized Adjusted EBITDA	4.0		x	(a)	5.5		x

Cash Interest Coverage Ratio Calculation:


	Three Months Ended December 31,
(dollars in millions)	2020				2019
Adjusted EBITDA	$	1,179		(a)	$	817
Interest expense on debt obligations	166				173
	7.1		x	(a)	4.7		x

(a)Includes the impact of Nontypical Items, as described further in the "Recent Developments" section of our Earnings Release.