cci-20210721
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 21, 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.)

8020 Katy Freeway, Houston, Texas 77024
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueCCINew 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 July 21, 2021, Crown Castle International Corp. ("Company") issued a press release disclosing its financial results for second quarter 2021. A copy of the press release is furnished herewith as Exhibit 99.1.
ITEM 7.01 — REGULATION FD DISCLOSURE
The press release referenced in Item 2.02 above refers to certain supplemental information that was posted as a supplemental information package on the Company's website on July 21, 2021. The supplemental information package is furnished herewith as Exhibit 99.2.
ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit Index
Exhibit No.Description
99.1
99.2
104Cover 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 and 99.2 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: July 21, 2021

Document
Exhibit 99.1                                                
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NEWS RELEASE
July 21, 2021
Contacts: Dan Schlanger, CFO
Ben Lowe, VP & Treasurer
FOR IMMEDIATE RELEASE
Crown Castle International Corp.
713-570-3050

CROWN CASTLE REPORTS SECOND QUARTER 2021 RESULTS AND RAISES OUTLOOK FOR FULL YEAR 2021

July 21, 2021 - HOUSTON, TEXAS - Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the second quarter ended June 30, 2021 and increased its full year 2021 Outlook.
Full Year 2021
Current Outlook Midpoint
Change to Midpoint from Previous Outlook(a)
Midpoint Growth Rate Compared to Previous Year Actual(b)
(dollars in millions, except per share amounts)As Reported
As Adjusted(c)
Site rental revenues$5,700+$57%7%
Income (loss) from continuing operations(d)(e)
$1,114+$305%34%
Income (loss) from continuing operations per share —diluted(d)(e)(f)
$2.57+$0.079%40%
Adjusted EBITDA(e)
$3,787+$302%11%
AFFO(e)(f)
$2,966+$203%14%
AFFO per share(e)(f)
$6.83+$0.041%12%
(a)As issued on April 21, 2021 and updated, in part, in our Form 8-K filed with the SEC on April 26, 2021 ("April 8-K"). See "Full Year 2021 Outlook" below for our previous full year 2021 Outlook.
(b)See "Full Year 2021 Outlook" below for our full year 2020 actual results.
(c)As Adjusted growth rates exclude the impact of the cancellation of certain small cells previously contracted with Sprint Corporation and a reduction in staffing that occurred in fourth quarter 2020 (collectively, "Nontypical Items"), as further described in our press release dated January 27, 2021 and reconciled in "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.
(d)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(e)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to Income (loss) from continuing operations, as computed in accordance with GAAP.
(f)Attributable to CCIC common stockholders.
"Capitalizing on the momentum created by a robust 5G leasing environment, we were able to deliver another solid quarter in the second quarter and increase our full year 2021 Outlook for AFFO per share growth to 12%," stated Jay Brown, Crown Castle’s Chief Executive Officer. "We are seeing the highest level of tower activity in our history as our customers are focusing on utilizing towers in the first phase of deploying their 5G networks nationwide. This initial focus on towers has led to delays in some of our small cell deployments that impact the timing of when we expect to complete the nearly 30,000 small cells currently in our backlog. We continue to believe the deployment of 5G in the U.S. will extend our opportunity to create value for our shareholders as our ability to offer towers, small cells and fiber solutions, which are all integral components of communications networks, will be critical as our customers densify their networks to deliver 5G. Our diverse portfolio of assets and customer solutions has enabled us to outperform our long-term target growth rate of 7% to 8% since we established the target in 2017, demonstrating how well positioned Crown Castle is to capitalize on the robust demand for connectivity. During that period, we have grown dividends per share at a compounded annual growth rate of 9%,
    The pathway to possible.
     CrownCastle.com

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and, going forward, we believe our strategy will allow us to deliver on our long-term target dividend per share growth of 7% to 8% per year."
RESULTS FOR THE QUARTER
The table below sets forth select financial results for the quarter ended June 30, 2021 and June 30, 2020.
(dollars in millions, except per share amounts)Q2 2021Q2 2020Change % Change
Site rental revenues$1,425$1,319+$106+8%
Income (loss) from continuing operations$333$200+$133+67%
Income (loss) from continuing operations per share—diluted(a)
$0.77$0.41+$0.36+88%
Adjusted EBITDA(b)
$958$831+$127+15%
AFFO(a)(b)
$741$609+$132+22%
AFFO per share(a)(b)
$1.71$1.45+$0.26+18%
(a)Attributable to CCIC common stockholders.
(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to Income (loss) from continuing operations, as computed in accordance with GAAP.
HIGHLIGHTS FROM THE QUARTER
Site rental revenues. Site rental revenues grew 8%, or $106 million, from second quarter 2020 to second quarter 2021, inclusive of approximately $70 million in Organic Contribution to Site Rental Revenues and a $35 million increase in straight-lined revenues. The $70 million in Organic Contribution to Site Rental Revenues represents approximately 5.3% growth, comprised of approximately 8.6% growth from new leasing activity and contracted tenant escalations, net of approximately 3.3% from tenant non-renewals.
Income from continuing operations. Income from continuing operations for the second quarter 2021 was $333 million compared to $200 million for the second quarter 2020 and was predominantly impacted by the increase in site rental revenues and services contribution.
AFFO per share. AFFO per share for the second quarter 2021 was $1.71, representing 18% growth when compared to $1.45 for the second quarter 2020.
Capital Expenditures. Capital expenditures during the quarter were $308 million, comprised of $19 million of sustaining capital expenditures and $289 million of discretionary capital expenditures. Discretionary capital expenditures during the quarter primarily included approximately $223 million attributable to Fiber and approximately $60 million attributable to Towers.
Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $575 million in the aggregate, or $1.33 per common share, an increase of approximately 11% on a per share basis compared to the same period a year ago.
Financing Activities. In June, Crown Castle issued $750 million in aggregate principal amount of senior unsecured notes with a 10-year maturity and a coupon of 2.500% and extended the maturity date on its Senior Unsecured Credit Facility to June 2026. Net proceeds from the senior notes offering were used to repay all of the outstanding Senior Secured Tower Revenue Notes, Series 2015-1, Class C-2022 in July, to repay outstanding commercial paper notes at their maturity date, and for general corporate purposes.
"We are excited about the level of activity we see in our business as our customers are deploying 5G at scale," stated Dan Schlanger, Crown Castle's Chief Financial Officer. "We believe we are well positioned to support our customers by providing a comprehensive set of solutions across towers, small cells and fiber solutions, which are all necessary to build out 5G wireless networks. The elevated level of Towers activity this year is contributing to an expected 12% growth in AFFO per share, meaningfully exceeding our long-term target of 7% to 8% per year.
    The pathway to possible.
     CrownCastle.com

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Looking forward, we believe we are in a great position to deliver on our growth target while at the same time making investments in our business that we believe will generate attractive long-term returns and support future growth. We continue to take steps to complement our compelling total return opportunity with a lower risk profile, which includes allocating capital to opportunities in the U.S., which we believe is the best market for communications infrastructure ownership, and extends to how we manage the balance sheet. To that point, we were able to opportunistically access the bond market and extend the maturity on our credit facility during the second quarter, extending our debt maturity profile and reducing our overall cost of capital."
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:
(in millions, except per share amounts)Full Year 2021
Site rental revenues$5,677to$5,722
Site rental cost of operations(a)
$1,538to$1,583
Income (loss) from continuing operations(b)
$1,074to$1,154
Adjusted EBITDA(c)
$3,764to$3,809
Interest expense and amortization of deferred financing costs(d)
$633to$678
FFO(c)(e)
$2,720to$2,765
AFFO(c)(e)
$2,943to$2,988
AFFO per share(c)(e)
$6.78to$6.89
(a)Exclusive of depreciation, amortization and accretion.
(b)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(c)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to Income (loss) from continuing operations, as computed in accordance with GAAP.
(d)See reconciliation of "Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.
(e)Attributable to CCIC common stockholders.

Full Year 2021 Outlook
The table below compares the results for full year 2020, the midpoint of the current full year 2021 Outlook and the midpoint of our previous full year 2021 Outlook for select metrics.
Midpoint of Full Year 2021 Outlook2020
(in millions, except per share amounts)
Current
Previous(a)
Full Year ActualImpact from Nontypical Items
Site rental revenues$5,700$5,695$5,320$—
Income (loss) from continuing operations(b)
$1,114$1,084$1,056$223
Income (loss) from continuing operations per share—diluted(b)(c)
$2.57$2.50$2.35$0.52
Adjusted EBITDA(d)
$3,787$3,757$3,706$286
AFFO(c)(d)
$2,966$2,946$2,878$286
AFFO per share(c)(d)
$6.83$6.79$6.78$0.68
(a)As issued on April 21, 2021 and updated, in part, in our April 8-K.
(b)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(c)Attributable to CCIC common stockholders.
(d)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to Income (loss) from continuing operations, as computed in accordance with GAAP.
    The pathway to possible.
     CrownCastle.com

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The primary contributors to the increase in the full year 2021 Outlook include the contribution from $15 million of additional straight-lined revenues and a $45 million increase in the expected services contribution associated with higher Towers activity than previously expected, offset by a $10 million reduction in the expected Organic Contribution to Site Rental Revenues primarily attributable to small cell deployment delays and $15 million of additional costs primarily associated with the higher Towers activity.
We now expect to deploy approximately 5,000 small cells in 2021 compared to our prior expectations of approximately 10,000 small cells. The decrease is attributable to a combination of a change in customer priorities - primarily as a result of their focus on utilizing towers in the first phase of their 5G deployments, zoning and permitting challenges, and the previously disclosed Sprint Cancellation that included approximately 1,000 Sprint small cells initially scheduled for deployment during 2021.
As a result of the Sprint Cancellation and our anticipation that our customers will continue to focus on utilizing towers in the early stages of their 5G rollouts, we expect to deploy a similar number of small cell nodes in 2022 as 2021. We believe these impacts are temporary and will not affect our ability to deliver our full backlog of nearly 30,000 contractually committed small cells over time.
The chart below reconciles the components of expected growth in site rental revenues from 2020 to 2021 of $360 million to $405 million, inclusive of expected Organic Contribution to Site Rental Revenues during 2021 of $280 million to $320 million, or approximately 5.7%. The consolidated growth is comprised of approximately 6% from towers (unchanged from previous Outlook), approximately 10% from small cells (compared to previous Outlook of approximately 13%), and approximately 3% from fiber solutions (unchanged from previous Outlook).

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New leasing activity is expected to contribute $360 million to $390 million to 2021 Organic Contribution to Site Rental Revenues, consisting of new leasing activity from towers of $150 million to $160 million (unchanged from previous Outlook), small cells of $50 to $60 million (compared to previous Outlook of $65 million to $75 million), and fiber solutions of $160 million to $170 million (unchanged from previous Outlook).
The chart below reconciles the components of expected growth in AFFO from 2020 to 2021 of $360 million to $405 million, adjusted to exclude the impact of the Nontypical Items discussed in our press release dated January 27, 2021.
    The pathway to possible.
     CrownCastle.com

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

CONFERENCE CALL DETAILS
Crown Castle has scheduled a conference call for Thursday, July 22, 2021, at 10:30 a.m. Eastern time to discuss its second quarter 2021 results. The conference call may be accessed by dialing 888-394-8218 and asking for the Crown Castle call (access code 1720768) 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, July 22, 2021, through 1:30 p.m. Eastern time on Wednesday, October 20, 2021, and may be accessed by dialing 888-203-1112 and using access code 1720768. 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

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Non-GAAP Financial Measures, Segment Measures and Other Calculations
This press release includes presentations of Income (loss) from continuing operations (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").
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:
Income (loss) from continuing operations (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 Income (loss) from continuing operations to exclude the impact of the Nontypical Items (as defined in this press release and described further in our press release dated January 27, 2021), 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 and projections. Management also believes that identifying the impact of Nontypical Items as adjustments provides more transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. Income (loss) from continuing operations (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 and projections. 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. 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, non-cancelable term of the contract. Management notes that Crown Castle uses AFFO only as a performance measure.
    The pathway to possible.
     CrownCastle.com

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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 and projections. 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
Income (loss) from continuing operations (as adjusted). We define Income (loss) from continuing operations (as adjusted) as Income (loss) from continuing operations less other operating income resulting from the Nontypical Items, plus incremental operating expenses and asset write-downs as a result of the Nontypical Items.
Income (loss) from continuing operations (as adjusted) per share—diluted. We define Income (loss) from continuing operations (as adjusted) per sharediluted as Income (loss) from continuing operations (as adjusted), divided by diluted weighted-average common shares outstanding.
Adjusted EBITDA. We define Adjusted EBITDA as Income (loss) from continuing operations 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 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 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.
Funds from Operations. We define Funds from Operations as Income (loss) from continuing operations plus real estate related depreciation, amortization and accretion and asset write-down charges, less noncontrolling interest and cash paid for preferred
    The pathway to possible.
     CrownCastle.com

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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.
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

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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 EndedFor the Six Months EndedFor the Twelve Months Ended
(in millions)June 30, 2021June 30, 2020June 30, 2021June 30, 2020December 31, 2020
Income (loss) from continuing operations$333 $200 $455 
(a)
$386 $1,056 
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges74 
Acquisition and integration costs10 
Depreciation, amortization and accretion408 402 816 801 1,608 
Amortization of prepaid lease purchase price adjustments18 
Interest expense and amortization of deferred financing costs(b)
161 178 330 353 689 
(Gains) losses on retirement of long-term obligations— 144 — 95 
Interest income(1)(1)(1)(2)(2)
Other (income) expense— 12 — 
(Benefit) provision for income taxes13 11 20 
Stock-based compensation expense34 37 68 73 133 
Adjusted EBITDA(c)(d)
$958 $831 $1,856 $1,645 $3,706 
Reconciliation of Current Outlook for Adjusted EBITDA:
Full Year 2021
(in millions)Outlook
Income (loss) from continuing operations(a)
$1,074to$1,154
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges$15to$25
Acquisition and integration costs$0to$8
Depreciation, amortization and accretion$1,615to$1,710
Amortization of prepaid lease purchase price adjustments$17to$19
Interest expense and amortization of deferred financing costs(e)
$633to$678
(Gains) losses on retirement of long-term obligations$145to$145
Interest income$(3)to$0
Other (income) expense$1to$12
(Benefit) provision for income taxes$18to$26
Stock-based compensation expense$133to$143
Adjusted EBITDA(c)(d)
$3,764to$3,809
(a)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(b)See reconciliation of "Components of Historical Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.
(c)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definition of Adjusted EBITDA.
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)See reconciliation of "Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.
    The pathway to possible.
     CrownCastle.com

News Release continued:
Page 10
Reconciliation of Historical FFO and AFFO:
For the Three Months EndedFor the Six Months EndedFor the Twelve Months Ended
(in millions, except per share amounts)June 30, 2021June 30, 2020June 30, 2021June 30, 2020December 31, 2020
Income (loss) from continuing operations$333 $200 $455 
(a)
$386 $1,056 
Real estate related depreciation, amortization and accretion
395 389 790 774 1,555 
Asset write-down charges74 
Dividends/distributions on preferred stock— (28)— (57)(85)
FFO(b)(c)(d)(e)
$734 $564 $1,254 $1,110 $2,600 
Weighted-average common shares outstanding—diluted434 419 
(f)
434 418 
(f)
425 
FFO per share(b)(c)(d)(e)
$1.69 $1.35 
(f)
$2.89 $2.66 
(f)
$6.12 
FFO (from above)$734 $564 $1,254 $1,110 $2,600 
Adjustments to increase (decrease) FFO:
Straight-lined revenue (45)(10)(35)(23)(22)
Straight-lined expense20 20 39 40 83 
Stock-based compensation expense34 37 68 73 133 
Non-cash portion of tax provision(7)— 
Non-real estate related depreciation, amortization and accretion
13 13 26 27 53 
Amortization of non-cash interest expense
Other (income) expense— 12 — 
(Gains) losses on retirement of long-term obligations
— 144 — 95 
Acquisition and integration costs10 
Sustaining capital expenditures(19)(24)(36)(44)(86)
AFFO(b)(c)(d)(e)
$741 $609 $1,479 $1,202 $2,878 
Weighted-average common shares outstanding—diluted434 419 
(f)
434 418 
(f)
425 
AFFO per share(b)(c)(d)(e)
$1.71 $1.45 
(f)
$3.41 $2.88 
(f)
$6.78 
(a)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO 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)For the periods ended June 30, 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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News Release continued:
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Reconciliation of Current Outlook for FFO and AFFO:
Full Year 2021
(in millions, except per share amounts)Outlook
Income (loss) from continuing operations(a)
$1,074to$1,154
Real estate related depreciation, amortization and accretion$1,569to$1,649
Asset write-down charges$15to$25
FFO(b)(c)(d)
$2,720to$2,765
Weighted-average common shares outstanding—diluted(e)
434
FFO per share(b)(c)(d)(e)
$6.27to$6.37
FFO (from above) $2,720to$2,765
Adjustments to increase (decrease) FFO:
Straight-lined revenue$(117)to$(97)
Straight-lined expense$63to$83
Stock-based compensation expense $133to$143
Non-cash portion of tax provision$(7)to$8
Non-real estate related depreciation, amortization and accretion
$46to$61
Amortization of non-cash interest expense
$4to$14
Other (income) expense$1to$12
(Gains) losses on retirement of long-term obligations$145to$145
Acquisition and integration costs $0to$8
Sustaining capital expenditures$(104)to$(94)
AFFO(b)(c)(d)
$2,943to$2,988
Weighted-average common shares outstanding—diluted(e)
434
AFFO per share(b)(c)(d)(e)
$6.78to$6.89
(a)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO and AFFO, including per share amounts.
(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 June 30, 2021.
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For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted EBITDA:
Previously Issued
Full Year 2021
(in millions)
Outlook(a)
Income (loss) from continuing operations(b)
$1,044to$1,124
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges$15to$25
Acquisition and integration costs$0to$8
Depreciation, amortization and accretion$1,615to$1,710
Amortization of prepaid lease purchase price adjustments$17to$19
Interest expense and amortization of deferred financing costs
$633to$678
(Gains) losses on retirement of long-term obligations$143to$143
Interest income$(3)to$0
Other (income) expense$1to$8
(Benefit) provision for income taxes$18to$26
Stock-based compensation expense$134to$149
Adjusted EBITDA(c)(d)
$3,734to$3,779
(a)As issued on April 21, 2021 and updated, in part, in the April 8-K.
(b)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(c)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definition of Adjusted EBITDA.
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

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     CrownCastle.com

News Release continued:
Page 13
For Comparative Purposes - Reconciliation of Previous Outlook for FFO and AFFO:
Previously Issued
Full Year 2021
(in millions, except per share amounts)
Outlook(a)
Income (loss) from continuing operations(b)
$1,044to$1,124
Real estate related depreciation, amortization and accretion$1,569to$1,649
Asset write-down charges$15to$25
FFO(c)(d)(e)
$2,690to$2,735
Weighted-average common shares outstanding—diluted(f)
434
FFO per share(c)(d)(e)(f)
$6.21to$6.31
FFO (from above) $2,690to$2,735
Adjustments to increase (decrease) FFO:
Straight-lined revenue$(102)to$(82)
Straight-lined expense$58to$78
Stock-based compensation expense $134to$149
Non-cash portion of tax provision$(7)to$8
Non-real estate related depreciation, amortization and accretion$46to$61
Amortization of non-cash interest expense$4to$14
Other (income) expense$1to$8
(Gains) losses on retirement of long-term obligations$143to$143
Acquisition and integration costs $0to$8
Sustaining capital expenditures$(104)to$(94)
AFFO(c)(d)(e)
$2,923to$2,968
Weighted-average common shares outstanding—diluted(f)
434
AFFO per share(c)(d)(e)(f)
$6.74to$6.85
(a)As issued on April 21, 2021 and updated, in part, in the April 8-K.
(b)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(c)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO and AFFO, including per share amounts.
(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 June 30, 2021.
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News Release continued:
Page 14
Reconciliation of Results Adjusted for Nontypical Items to As Reported Results:
Midpoint of Current Full Year
2021(a)
Full Year 2020Full Year 2021 Growth Rates
(Outlook at the Midpoint)
(dollars in millions, except per share amounts)OutlookAs ReportedLess: Impact from Nontypical ItemsExclusive of Impact from Nontypical ItemsAs ReportedLess: Impact from Nontypical ItemsExclusive of Impact from Nontypical Items
Site rental revenues$5,700 $5,320 $— $5,320 %— %%
Income (loss) from continuing operations(b)
1,114 
(d)
1,056 (223)
(e)
833 %29 %
(e)
34 %
Income (loss) from continuing operations per share—diluted(b)(c)
2.57 
(d)
2.35 (0.52)
(e)
1.83 %31 %
(e)
40 %
Adjusted EBITDA(b)
3,787 3,706 (286)
(f)
3,420 %%
(f)
11 %
AFFO(b)(c)
2,966 2,878 (286)
(f)
2,592 %11 %
(f)
14 %
AFFO per share(b)(c)
$6.83 $6.78 $(0.68)
(f)
$6.10 %11 %
(f)
12 %
(a)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 Corporation small cells, which were among the small cells that were cancelled by T-Mobile US, Inc. in the fourth quarter 2020, as described further in our press release dated January 27, 2021.
(b)See reconciliations herein for further information and reconciliation of non-GAAP financial measures to Income (loss) from continuing operations, as computed in accordance with GAAP.
(c)Attributable to CCIC common stockholders.
(d)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(e)Impact from Nontypical Items on Income (loss) from continuing operations and Income (loss) from continuing operations per share—diluted included in the 2020 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.
(f)Impact from Nontypical Items on Adjusted EBITDA, AFFO and AFFO per share included in the 2020 fourth quarter operating results is comprised of other operating income of $362 million, offset by incremental operating expenses of $76 million.
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     CrownCastle.com

News Release continued:
Page 15
The components of changes in site rental revenues for the quarters ended June 30, 2021 and 2020 are as follows:
Three Months Ended June 30,
(dollars in millions)20212020
Components of changes in site rental revenues:(a)
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c)
$1,309 $1,240 
New leasing activity(b)(c)
90 94 
Escalators23 22 
Non-renewals(43)(47)
Organic Contribution to Site Rental Revenues(d)
70 69 
Impact from straight-lined revenues associated with fixed escalators45 10 
Acquisitions(e)
— 
Other— — 
Total GAAP site rental revenues$1,425 $1,319 
Year-over-year changes in revenue:
Reported GAAP site rental revenues8.0 %
Organic Contribution to Site Rental Revenues(d)(f)
5.3 %
The components of the changes in site rental revenues for full year 2021 Outlook:
(dollars in millions)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)
$5,298
New leasing activity(b)(c)
360-390
Escalators90-100
Non-renewals(180)-(160)
Organic Contribution to Site Rental Revenues(d)
280-320
Impact from full year straight-lined revenues associated with fixed escalators97-117
Acquisitions(e)
<5
Other
Total GAAP site rental revenues$5,677-$5,722
Year-over-year changes in revenue:
Reported GAAP site rental revenues(g)
7.1%
Organic Contribution to Site Rental Revenues(d)(f)(g)
5.7%
(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, issued on July 21, 2021.
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News Release continued:
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Components of Historical Interest Expense and Amortization of Deferred Financing Costs:
For the Three Months Ended
(in millions)June 30, 2021June 30, 2020
Interest expense on debt obligations$157 $176 
Amortization of deferred financing costs and adjustments on long-term debt, net
Capitalized interest(3)(4)
Interest expense and amortization of deferred financing costs$161 $178 
Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs:
Full Year 2021
(in millions)Outlook
Interest expense on debt obligations$638to$658
Amortization of deferred financing costs and adjustments on long-term debt, net
$21to$26
Capitalized interest$(17)to$(12)
Interest expense and amortization of deferred financing costs $633to$678






















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     CrownCastle.com

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Page 17
Debt balances and maturity dates as of June 30, 2021 are as follows:(a)
(in millions)Face ValueFinal Maturity
Cash, cash equivalents and restricted cash$525 
3.849% Secured Notes
1,000 Apr. 2023
Secured Notes, Series 2009-1, Class A-2(b)
57 Aug. 2029
Tower Revenue Notes, Series 2015-1(c)
300 May 2042
Tower Revenue Notes, Series 2018-1(c)
250 July 2043
Tower Revenue Notes, Series 2015-2(c)
700 May 2045
Tower Revenue Notes, Series 2018-2(c)
750 July 2048
Finance leases and other obligations
248 Various
Total secured debt$3,305 
2016 Revolver— June 2026
2016 Term Loan A1,238 June 2026
Commercial Paper Notes(d)
75 July 2021
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
1.050% Senior Notes1,000 July 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 Notes550 Nov. 2029
3.300% Senior Notes
750 July 2030
2.250% Senior Notes
1,100 Jan. 2031
2.100% Senior Notes1,000 Apr. 2031
2.500% Senior Notes750 July 2031
2.900% Senior Notes1,250 Apr. 2041
4.750% Senior Notes
350 May 2047
5.200% Senior Notes
400 Feb. 2049
4.000% Senior Notes350 Nov. 2049
4.150% Senior Notes500 July 2050
3.250% Senior Notes900 Jan. 2051
Total unsecured debt$16,963 
Total net debt$19,743 
Net Debt to Last Quarter Annualized Adjusted EBITDA is computed as follows:(a)
(dollars in millions)For the Three Months Ended June 30, 2021
Total face value of debt$20,268 
Less: Ending cash, cash equivalents and restricted cash525 
Total Net Debt$19,743 
Adjusted EBITDA for the three months ended June 30, 2021$958 
Last quarter annualized Adjusted EBITDA3,834 
Net Debt to Last Quarter Annualized Adjusted EBITDA5.1 x
(a)Does not reflect the use of net proceeds from the June 2021 senior notes offering to repay the Senior Secured Tower Revenue Notes, Series 2015-1, in July 2021.
(b)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(c)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.
(d)The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.
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News Release continued:
Page 18
Components of Capital Expenditures:
For the Three Months Ended
(in millions)June 30, 2021June 30, 2020
TowersFiberOtherTotalTowersFiberOtherTotal
Discretionary:
Purchases of land interests$21 $— $— $21 $16 $— $— $16 
Communications infrastructure improvements and other capital projects
39 223 268 72 295 374 
Sustaining12 19 15 24 
Total$63 $235 $10 $308 $92 $310 $12 $414 
For the Six Months Ended
(in millions)June 30, 2021June 30, 2020
TowersFiberOtherTotalTowersFiberOtherTotal
Discretionary:
Purchases of land interests$35 $— $— $35 $29 $— $— $29 
Communications infrastructure improvements and other capital projects
73 449 16 538 159 614 15 788 
Sustaining23 36 24 11 44 
Total$114 $472 $23 $609 $197 $638 $26 $861 
Note:    See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further discussion of our components of capital expenditures.
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News Release continued:
Page 19
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 and customer solutions, 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) 5G deployment in the United States and our customers' strategy with respect thereto and demand for our assets and solutions 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 long- and short-term dividend (including on a per share basis) growth rate, including its driving factors, and targets, (8) revenue growth in the Towers segment, (9) debt maturities, (10) strategic position of our portfolio of assets, (11) cash flows, including growth thereof, (12) leasing environment and the activity we see in our business, and benefits and opportunities created thereby, (13) tenant non-renewals, including the impact and timing thereof, (14) capital expenditures, including sustaining and discretionary capital expenditures, the timing thereof and any benefits that may result therefrom, (15) straight-line adjustments, (16) revenues and growth thereof and benefits derived therefrom, (17) the recurrence and impact of Nontypical Items, (18) income (loss) from continuing operations (including on a per share basis and as adjusted for Nontypical Items), (19) Adjusted EBITDA (including as adjusted for Nontypical Items), including components thereof and growth thereof, (20) costs and expenses, including interest expense and amortization of deferred financing costs, (21) FFO (including on a per share basis) and growth thereof, (22) AFFO (including on a per share basis and as adjusted for Nontypical Items) and its components and growth thereof and corresponding driving factors, (23) Organic Contribution to Site Rental Revenues and its components, including growth thereof and contributions therefrom, (24) our weighted-average common shares outstanding (including on a diluted basis) and growth thereof, (25) services contribution, (26) small cells backlog (including our ability to ultimately deploy all of the small cells currently in our backlog) and the timing of small cell deployment, (27) the strength of the U.S. market for communications infrastructure ownership and (28) the utility of certain financial measures, including non-GAAP financial measures. All future dividends are subject to declaration by our board of directors.
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, efficiently and safely 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.
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News Release continued:
Page 20
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 rights to land under our towers and the right-of-way and other agreements related to our small cells and fiber, our business may be adversely affected.
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 previously 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.
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CROWN CASTLE INTERNATIONAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Amounts in millions, except par values)
 June 30,
2021
December 31,
2020
ASSETS  
Current assets:
Cash and cash equivalents$339 $232 
Restricted cash181 144 
Receivables, net434 431 
Prepaid expenses148 95 
Other current assets227 202 
Total current assets1,329 1,104 
Deferred site rental receivables1,425 1,408 
Property and equipment, net15,178 15,162 
Operating lease right-of-use assets6,618 6,464 
Goodwill10,078 10,078 
Other intangible assets, net4,222 4,433 
Other assets, net123 119 
Total assets$38,973 $38,768 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$219 $230 
Accrued interest179 199 
Deferred revenues805 704 
Other accrued liabilities406 378 
Current maturities of debt and other obligations71 129 
Current portion of operating lease liabilities338 329 
Total current liabilities2,018 1,969 
Debt and other long-term obligations20,014 19,151 
Operating lease liabilities5,963 5,808 
Other long-term liabilities2,265 2,379 
Total liabilities30,260 29,307 
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: June 30, 2021—432 and December 31, 2020—431
Additional paid-in capital17,951 17,933 
Accumulated other comprehensive income (loss)(2)(4)
Dividends/distributions in excess of earnings(9,240)(8,472)
Total equity8,713 9,461 
Total liabilities and equity$38,973 $38,768 
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CROWN CASTLE INTERNATIONAL CORP.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net revenues:
Site rental$1,425 $1,319 $2,794 $2,629 
Services and other158 121 274 232 
Net revenues1,583 1,440 3,068 2,861 
Operating expenses:
Costs of operations:(a)
Site rental389 378 770 752 
Services and other105 108 186 207 
Selling, general and administrative169 164 333 339 
Asset write-down charges
Acquisition and integration costs
Depreciation, amortization and accretion408 402 816 801 
Total operating expenses1,078 1,057 2,115 2,113 
Operating income (loss)505 383 953 748 
Interest expense and amortization of deferred financing costs(161)(178)(330)(353)
Gains (losses) on retirement of long-term obligations(1)— (144)— 
Interest income
Other income (expense)(5)— (12)— 
Income (loss) before income taxes339 206 468 397 
Benefit (provision) for income taxes(6)(6)(13)(11)
Income (loss) from continuing operations333 200 455 386 
Discontinued operations:
Net gain (loss) from disposal of discontinued operations, net of tax— (62)— 
Income (loss) from discontinued operations, net of tax— (62)— 
Net income (loss)334 200 393 386 
Dividends/distributions on preferred stock— (28)— (57)
Net income (loss) attributable to CCIC common stockholders
$334 $172 $393 $329 
Net income (loss) attributable to CCIC common stockholders, per common share:
Income (loss) from continuing operations, basic$0.77 $0.41 $1.05 $0.79 
Income (loss) from discontinued operations, basic— — (0.14)— 
Net income (loss) attributable to CCIC common stockholders, basic$0.77 $0.41 $0.91 $0.79 
Income (loss) from continuing operations, diluted$0.77 $0.41 $1.04 $0.79 
Income (loss) from discontinued operations, diluted— — (0.14)— 
Net income (loss) attributable to CCIC common stockholders, diluted$0.77 $0.41 $0.90 $0.79 
Weighted-average common shares outstanding:
Basic432 417 432 416 
Diluted434 419 434 418 
(a)Exclusive of depreciation, amortization and accretion shown separately.
    The pathway to possible.
     CrownCastle.com

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CROWN CASTLE INTERNATIONAL CORP.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In millions of dollars)
Six Months Ended June 30,
20212020
Cash flows from operating activities:
Income (loss) from continuing operations$455 $386 
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion816 801 
(Gains) losses on retirement of long-term obligations144 — 
Amortization of deferred financing costs and other non-cash interest, net
Stock-based compensation expense67 75 
Asset write-down charges
Deferred income tax (benefit) provision
Other non-cash adjustments, net14 
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities(56)27 
Decrease (increase) in assets(87)106 
Net cash provided by (used for) operating activities1,371 1,409 
Cash flows from investing activities:
Capital expenditures(609)(861)
Payments for acquisitions, net of cash acquired(15)(16)
Other investing activities, net(13)
Net cash provided by (used for) investing activities(616)(890)
Cash flows from financing activities:
Proceeds from issuance of long-term debt3,985 3,733 
Principal payments on debt and other long-term obligations(1,038)(53)
Purchases and redemptions of long-term debt(1,789)— 
Borrowings under revolving credit facility580 1,340 
Payments under revolving credit facility(870)(1,865)
Net borrowings (repayments) under commercial paper program(210)(155)
Payments for financing costs(39)(38)
Purchases of common stock (68)(74)
Dividends/distributions paid on common stock(1,163)(1,014)
Dividends/distributions paid on preferred stock— (57)
Net cash provided by (used for) financing activities(612)1,817 
Net increase (decrease) in cash, cash equivalents, and restricted cash143 2,336 
Effect of exchange rate changes on cash(1)
Cash, cash equivalents, and restricted cash at beginning of period381 338 
Cash, cash equivalents, and restricted cash at end of period$525 $2,673 
Supplemental disclosure of cash flow information:
Interest paid344 337 
Income taxes paid13 
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     CrownCastle.com

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CROWN CASTLE INTERNATIONAL CORP.
SEGMENT OPERATING RESULTS (UNAUDITED)
(In millions of dollars)
SEGMENT OPERATING RESULTS
Three Months Ended June 30, 2021Three Months Ended June 30, 2020
TowersFiberOtherConsolidated TotalTowersFiberOtherConsolidated Total
Segment site rental revenues$952 $473 $1,425 $868 $451 $1,319 
Segment services and other revenues154 158 117 121 
Segment revenues1,106 477 1,583 985 455 1,440 
Segment site rental cost of operations221 161 382 218 150 368 
Segment services and other cost of operations100 103 104 106 
Segment cost of operations(a)(b)
321 164 485 322 152 474 
Segment site rental gross margin(c)
731 312 1,043 650 301 951 
Segment services and other gross margin(c)
54 55 13 15 
Segment selling, general and administrative expenses(b)
26 44 70 24 45 69 
Segment operating profit(c)
759 269 1,028 639 258 897 
Other selling, general and administrative expenses(b)
$70 70 $65 65 
Stock-based compensation expense34 34 37 37 
Depreciation, amortization and accretion
408 408 402 402 
Interest expense and amortization of deferred financing costs
161 161 178 178 
Other (income) expenses to reconcile to income (loss) before income taxes(d)
16 16 
Income (loss) before income taxes
$339 $206 
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
Three Months Ended June 30,
20212020
Fiber SolutionsSmall CellsTotalFiber SolutionsSmall CellsTotal
Site rental revenues$329 $144 $473 $315 $136 $451 
(a)    Exclusive of depreciation, amortization and accretion shown separately.
(b)    Segment cost of operations excludes (1) stock-based compensation expense of $5 million and $7 million for the three months ended June 30, 2021 and 2020, respectively and (2) prepaid lease purchase price adjustments of $4 million in each of the three months ended June 30, 2021 and 2020. Selling, general and administrative expenses exclude stock-based compensation expense of $29 million and $30 million for the three months ended June 30, 2021 and 2020, 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        

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Page 25
SEGMENT OPERATING RESULTS
Six Months Ended June 30, 2021Six Months Ended June 30, 2020
TowersFiberOtherConsolidated TotalTowersFiberOtherConsolidated Total
Segment site rental revenues$1,847 $947 $2,794 $1,735 $894 $2,629 
Segment services and other revenues265 274 225 232 
Segment revenues2,112 956 3,068 1,960 901 2,861 
Segment site rental cost of operations433 322 755 432 302 734 
Segment services and other cost of operations175 181 199 203 
Segment cost of operations(a)(b)
608 328 936 631 306 937 
Segment site rental gross margin(c)
1,414 625 2,039 1,303 592 1,895 
Segment services and other gross margin(c)
90 93 26 29 
Segment selling, general and administrative expenses(b)
51 89 140 48 96 144 
Segment operating profit(c)
1,453 539 1,992 1,281 499 1,780 
Other selling, general and administrative expenses(b)
$136 136 $135 135 
Stock-based compensation expense68 68 73 73 
Depreciation, amortization and accretion
816 816 801 801 
Interest expense and amortization of deferred financing costs
330 330 353 353 
Other (income) expenses to reconcile to income (loss) before income taxes(d)
174 174 21 21 
Income (loss) before income taxes
$468 $397 
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
Six Months Ended June 30,
20212020
Fiber SolutionsSmall CellsTotalFiber SolutionsSmall CellsTotal
Site rental revenues$659 $288 $947 $627 $267 $894 
(a)    Exclusive of depreciation, amortization and accretion shown separately.
(b)    Segment cost of operations excludes (1) stock-based compensation expense of $11 million and $13 million for the six months ended June 30, 2021 and 2020, respectively and (2) prepaid lease purchase price adjustments of $9 million in each of the six months ended June 30, 2021 and 2020, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $57 million and $60 million for the six months ended June 30, 2021 and 2020.
(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        
Document
Exhibit 99.2






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Supplemental Information Package
and Non-GAAP Reconciliations
Second Quarter • June 30, 2021
    The pathway to possible.
    CrownCastle.com

Crown Castle International Corp.
Second Quarter 2021
TABLE OF CONTENTS
Page
Company Overview
Company Profile
Strategy
AFFO per Share
Asset Portfolio Footprint
General Company Information
Research Coverage
Historical Common Stock Data
Portfolio and Financial Highlights
Outlook
Financials & Metrics
Condensed Consolidated Balance Sheet
Condensed Consolidated Statement of Operations
Segment Operating Results
Fiber Segment Site Rental Revenues Summary
FFO and AFFO Reconciliations
Condensed Consolidated Statement of Cash Flows
Components of Changes in Site Rental Revenues
Summary of Straight-Lined and Prepaid Rent Activity
Summary of Capital Expenditures
Lease Renewal and Lease Distribution
Consolidated Tenant Overview
Fiber Solutions Revenue Mix
Segment Cash Yields on Invested Capital
Consolidated Return on Invested Capital
Asset Portfolio Overview
Summary of Tower Portfolio by Vintage
Portfolio Overview
Ground Interest Overview
Ground Interest Activity
Capitalization Overview
Capitalization Overview
Debt Maturity Overview
Liquidity Overview
Maintenance and Financial Covenants
Interest Rate Sensitivity
Appendix

1

Crown Castle International Corp.
Second Quarter 2021
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) ground lease expenses from existing ground leases, (9) the recurrence and impact of Nontypical Items and (10) availability under our 2016 Revolver.
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.
2

Crown Castle International Corp.
Second Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
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.
3

Crown Castle International Corp.
Second Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
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.
4

Crown Castle International Corp.
Second Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
AFFO PER SHARE(a)(b)

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ASSET PORTFOLIO FOOTPRINT
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(a)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to Income (loss) from continuing operations, as computed in accordance with GAAP.
(b)Attributable to CCIC common stockholders.
(c)Excludes the impact of nontypical items that were completed in fourth quarter 2020 ("Nontypical Items"), as described in our press release dated January 27, 2021 and reconciled in "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.
(d)Calculated based on midpoint of full year 2021 Outlook, issued on July 21, 2021.
5

Crown Castle International Corp.
Second Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
GENERAL COMPANY INFORMATION
Principal executive offices8020 Katy Freeway, Houston, TX 77024
Common shares trading symbolCCI
Stock exchange listingNew York Stock Exchange
Fiscal year ending dateDecember 31
Fitch - Long Term Issuer Default RatingBBB+
Moody’s - Long Term Corporate Family RatingBaa3
Standard & Poor’s - Long Term Local Issuer Credit RatingBBB-
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
NameAgeYears with CompanyPosition
Jay A. Brown4821President and Chief Executive Officer
Daniel K. Schlanger475Executive Vice President and Chief Financial Officer
Robert C. Ackerman6822Executive Vice President and Chief Operating Officer - Towers
Christopher D. Levendos533Executive Vice President and Chief Operating Officer - Fiber
Kenneth J. Simon605Executive Vice President and General Counsel
Michael J. Kavanagh5310Executive Vice President and Chief Commercial Officer
Philip M. Kelley4824Executive Vice President - Corporate Development and Strategy
Laura B. Nichol617Executive Vice President - Business Support
BOARD OF DIRECTORS
NamePositionCommitteesAgeYears as Director
J. Landis MartinChair
NCG(a)
7525
P. Robert BartoloDirectorAudit, Compensation497
Cindy ChristyDirector
Compensation, NCG(a), Strategy
5513
Ari Q. FitzgeraldDirector
Compensation, NCG(a), Strategy
5818
Anthony J. MeloneDirector
Audit, NCG(a), Strategy
616
Jay A. BrownDirector485
Andrea J. GoldsmithDirector
NCG(a), Strategy
563
Lee W. HoganDirectorAudit, Compensation, Strategy7620
Tammy K. JonesDirector
Audit, NCG(a)
55<1
W. Benjamin MorelandDirectorStrategy5714
Kevin A. StephensDirectorAudit, Strategy59<1
Matthew Thornton IIIDirectorCompensation, Strategy62<1
(a)Nominating & Corporate Governance Committee
6

Crown Castle International Corp.
Second Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
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
Jefferies
Jonathan Petersen
(212) 284-1705
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
Wolfe Research
Jeff Kvaal
(646) 582-9350
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)6/30/213/31/2112/31/209/30/206/30/20
High price(a)
$199.22 $174.18 $168.13 $174.63 $170.30 
Low price(a)
$170.52 $143.88 $148.89 $151.36 $128.64 
Period end closing price(b)
$195.10 $170.99 $156.78 $162.60 $162.19 
Dividends paid per common share$1.33 $1.33 $1.33 $1.20 $1.20 
Volume weighted average price for the period(a)
$185.99 $157.74 $158.08 $160.41 $155.53 
Common shares outstanding, at period end432 432 431 431 417 
Market value of outstanding common shares, at period end(c)
$84,321 $73,898 $67,622 $70,128 $67,595 
(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.
7

Crown Castle International Corp.
Second Quarter 2021
COMPANY OVERVIEWFINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
SUMMARY PORTFOLIO HIGHLIGHTS
(as of June 30, 2021)
Towers
Number of towers (in thousands)(a)
40 
Average number of tenants per tower2.2 
Remaining contracted tenant receivables ($ in billions)(b)
$27 
Weighted average remaining tenant contract term (years)(c)
Percent of towers in the Top 50 / 100 Basic Trading Areas56% / 71%
Percent of ground leased / owned(d)
59% / 41%
Weighted average maturity of ground leases (years)(d)(e)
37 
Fiber
Number of route miles of fiber (in thousands)80 
Remaining contracted tenant receivables ($ in billions)(b)
$
Weighted average remaining tenant contract term (years)(c)
SUMMARY FINANCIAL HIGHLIGHTS
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share amounts)2021202020212020
Operating Data:
Net revenues
Site rental$1,425 $1,319 $2,794 $2,629 
Services and other158 121 274 232 
Net revenues$1,583