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cci-20220420

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): April 20, 2022

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 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 April 20, 2022, Crown Castle International Corp. ("Company") issued a press release disclosing its financial results for first quarter ended March 31, 2022. 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 April 20, 2022. 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						Press Release dated April 20, 2022
99.2						Supplemental Information Package for period ended March 31, 2022
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 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: April 20, 2022

Document

Exhibit 99.1


						NEWS RELEASE April 20, 2022


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

CROWN CASTLE REPORTS FIRST QUARTER 2022 RESULTS AND INCREASES OUTLOOK FOR FULL YEAR 2022

April 20, 2022 - HOUSTON, TEXAS - Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the first quarter ended March 31, 2022 and increased its full year 2022 outlook, as reflected in the table below.


(dollars in millions, except per share amounts)	Current Full Year 2022 Outlook(a)	Full Year 2021 Actual		% Change	Previous Full Year 2022 Outlook(b)	Current Compared to Previous Outlook
Site rental revenues	$6,265	$5,719		10%	$6,225	+$40
Income (loss) from continuing operations	$1,714	$1,158	(c)	48%	$1,674	+$40
Income (loss) from continuing operations per share—diluted	$3.94	$2.67	(c)	48%	$3.85	+$0.09
Adjusted EBITDA(d)	$4,332	$3,816		14%	$4,272	+$60
AFFO(d)	$3,201	$3,013		6%	$3,201	$—
AFFO per share(d)	$7.36	$6.95		6%	$7.36	$—

(a)Reflects midpoint of full year 2022 Outlook as issued on April 20, 2022.

(b)Reflects midpoint of full year 2022 Outlook as issued on January 26, 2022.

(c)Does not reflect the impact related to the ATO Settlement (as defined in the Form 8-K filed with the Securities and Exchange Commission on April 26, 2021 ("April 2021 8-K"), which is attributable to discontinued operations in the first quarter of 2021 as discussed in the April 2021 8-K.

(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.

"We are seeing the benefit of a robust 5G leasing environment that contributed to the 9% AFFO per share growth we delivered in the first quarter and led to an increase in our operating expectations for the full year 2022," stated Jay Brown, Crown Castle’s Chief Executive Officer. "Consistent with the last couple of decades, it is clear to us that the U.S. represents the highest growth and lowest risk market in the world for communications infrastructure ownership. We believe our comprehensive offering of 40,000 towers, 115,000 small cells on air or under contract and 80,000 route miles of fiber provides shareholders with the largest exposure to the development of next-generation wireless networks in the best market to own shared network infrastructure. We expect the deployment of 5G in the U.S. to extend our opportunity to create long-term value for our shareholders while delivering dividend per share growth of 7% to 8% per year."

"After experiencing the highest level of tower application activity in our history last year, we expect elevated levels of tower leasing to continue this year and believe we will once again lead the U.S. tower industry with 6% organic tower revenue growth. At the same time, I believe 2022 will be an important transition year for our small cells and fiber business. Our team is focused on scaling our small cell deployment capabilities so we can accelerate from what we expect to be approximately 5,000 small cell nodes installed this year to more than 10,000 per year starting in 2023 as we deliver on our record backlog of more than 60,000 small cell nodes."

The pathway to possible.

CrownCastle.com


News Release continued:						Page 2

RESULTS FOR THE QUARTER

The table below sets forth select financial results for the quarter ended March 31, 2022 and March 31, 2021.


(dollars in millions, except per share amounts)	Q1 2022	Q1 2021		Change	Change %
Site rental revenues	$1,576	$1,369		$207	15%
Income (loss) from continuing operations	$421	$121	(b)	$300	248%
Income (loss) from continuing operations per share—diluted	$0.97	$0.28	(b)	$0.69	246%
Adjusted EBITDA(a)	$1,095	$897		$198	22%
AFFO(a)	$812	$738		$74	10%
AFFO per share(a)	$1.87	$1.71		$0.16	9%

(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)Does not reflect the impact related to the ATO Settlement (as defined in the April 2021 8-K), which is attributable to discontinued operations in the first quarter of 2021 as discussed in the April 2021 8-K.

HIGHLIGHTS FROM THE QUARTER

•Site rental revenues. Site rental revenues grew 15%, or $207 million, from first quarter 2021 to first quarter 2022, inclusive of approximately $75 million in Organic Contribution to Site Rental Billings (see "Outlook" below for a definition of site rental billings) and a $126 million increase in straight-lined revenues. The $75 million in Organic Contribution to Site Rental Billings represents approximately 6.0% growth, comprised of approximately 9.4% growth from core leasing activity and contracted tenant escalations, net of approximately 3.4% from tenant non-renewals. First quarter 2022 site rental revenues benefited by approximately $15 million from items not expected to recur in 2022.

•Income from continuing operations. Income from continuing operations for the first quarter 2022 was $421 million compared to $121 million for the first quarter 2021 and was predominantly impacted by the increase in site rental revenues as well as a reduction in losses on retirement of long-term obligations of $117 million.

•Adjusted EBITDA. First quarter 2022 Adjusted EBITDA was $1.1 billion compared to $897 million for the first quarter 2021.

•AFFO and AFFO per share. First quarter 2022 AFFO was $812 million, representing 10% growth from first quarter 2021. AFFO per share for first quarter 2022 was $1.87, representing 9% growth when compared to first quarter 2021.

•Capital expenditures. Capital expenditures during the quarter were $281 million, comprised of $21 million of sustaining capital expenditures and $260 million of discretionary capital expenditures. Discretionary capital expenditures during the quarter primarily included approximately $209 million attributable to Fiber and approximately $45 million attributable to Towers.

•Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $650 million in the aggregate, or $1.47 per common share, an increase of approximately 11% on a per share basis compared to the same period a year ago.

•Financing activities. In March, Crown Castle issued $750 million in aggregate principal amount of senior unsecured notes with a five-year maturity and a coupon of 2.9%. Net proceeds from the senior notes offering were used to repay a portion of the outstanding indebtedness under Crown Castle's commercial paper program and related fees and expenses. Also in March, Crown Castle repaid in full the previously outstanding 3.720% Senior Secured Tower Revenue Notes, Series 2018-1, Class C-2023 and the previously outstanding 3.849% Secured Notes due 2023.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 3

"We are experiencing strong leasing activity across our portfolio of towers as our customers upgrade and densify their networks as they roll out 5G, resulting in strong first quarter results and our increased expectations for the full year," stated Dan Schlanger, Crown Castle’s Chief Financial Officer. "We have also continued to strengthen our balance sheet to pursue investment opportunities consistent with our strategy that we believe will add to long-term dividend per share growth while navigating an increasing interest rate environment. We finished the quarter with a weighted average debt maturity of approximately 9 years, a weighted average interest rate of 3% and 85% of our outstanding debt being fixed rate. We believe our U.S. focused strategy offering towers, small cells and fiber, combined with our solid financial position, provide unique exposure to the most attractive wireless market fundamentals and support our ability to deliver attractive risk-adjusted returns through a compelling combination of dividends and growth."

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 2022.


(in millions, except per share amounts)	Full Year 2022			Change to Midpoint from Previous Outlook
Site rental revenues	$6,242	to	$6,287	+$40
Site rental costs of operations(a)	$1,548	to	$1,593	$—
Income (loss) from continuing operations	$1,674	to	$1,754	+$40
Adjusted EBITDA(b)	$4,309	to	$4,354	+$60
Interest expense and amortization of deferred financing costs(c)	$635	to	$680	+$20
FFO(b)	$3,358	to	$3,403	+$40
AFFO(b)	$3,178	to	$3,223	$—
AFFO per share(b)	$7.31	to	$7.41	$—

(a)Exclusive of depreciation, amortization and accretion.

(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.

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

•The increase to the midpoint of the full year 2022 Outlook for site rental revenues and Adjusted EBITDA reflects an increase in expected Tower activity resulting in an additional $40 million in straight-lined revenues and $20 million in additional contribution from our services business.

•The full year 2022 Outlook for AFFO is unchanged, reflecting a $20 million increase to the expected full year interest expense resulting from higher interest rates.

•The chart below reconciles the components of expected growth in site rental revenues from 2021 to 2022 of $535 million to $580 million, inclusive of Organic Contribution to Site Rental Billings during 2022 of $230 million to $270 million, or approximately 5%.

•As previously discussed, year-over-year organic revenue growth is now reported as Organic Contribution to Site Rental Billings, which excludes year-over-year changes in amortization of prepaid rent.

•Site rental billings is defined as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP and (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions. See page 10 of the First Quarter 2022 Supplemental Information Package

The pathway to possible.

CrownCastle.com


News Release continued:						Page 4

for a historical reconciliation of Organic Contribution to Site Rental Billings and "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for definitions and further information.

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-revenuegrowth1q2022v2.jpg

•The chart below reconciles the components of expected growth in AFFO from 2021 to 2022 of $165 million to $210 million. The $20 million reduction in the Other category is attributable to the previously mentioned increase in expected 2022 interest expense.

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-affogrowth1q2022v2.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 5

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, April 21, 2022, at 10:30 a.m. Eastern time to discuss its first quarter 2022 results. The conference call may be accessed by dialing 800-458-4121 and asking for the Crown Castle call (access code 8859825) 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, April 21, 2022, through 1:30 p.m. Eastern time on Wednesday, July 20, 2022, and may be accessed by dialing 888-203-1112 and using access code 8859825. 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 more than 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 6

Non-GAAP Financial Measures, Segment Measures and Other Calculations

This press release includes presentations of 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 Billings, 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 site rental revenues and 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:

•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. Adjusted EBITDA should be considered only as a supplement to income (loss) from continuing operations 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 (1) asset base (primarily depreciation, amortization and accretion) and (2) 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 revenues or expenses are 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. AFFO should be considered only as a supplement to income (loss) from continuing operations computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow 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 real estate depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to income (loss) from continuing operations computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 7

•Organic Contribution to Site Rental Billings 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 Organic Contribution to Site Rental Billings to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, core leasing activities and tenant non-renewals in our core business, as well as to forecast future results. Organic Contribution to Site Rental Billings 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

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.

Adjusted Funds from Operations. We define Adjusted Funds from Operations as FFO before straight-lined revenues, straight-lined expenses, 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.

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

Organic Contribution to Site Rental Billings. We define Organic Contribution to Site Rental Billings as the sum of the change in GAAP site rental revenues related to core leasing activity and escalators, less 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 costs of operations, excluding stock-based compensation expense and amortization of prepaid lease purchase price adjustments recorded in consolidated site rental costs 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 costs of operations, excluding stock-based compensation expense recorded in consolidated services and other costs 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

Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP and (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 8

Core leasing activity. We define core leasing activity as site rental revenues growth from tenant additions across our entire portfolio and renewals or extensions of tenant contracts, exclusive of the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP.

Non-renewals. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates.

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 discretionary 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 pathway to possible.

CrownCastle.com


News Release continued:						Page 9

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)	March 31, 2022		March 31, 2021				December 31, 2021
Income (loss) from continuing operations	$	421	$	121		(a)	$	1,158	(a)
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges	14		3				21
Acquisition and integration costs	—		—				1
Depreciation, amortization and accretion	420		408				1,644
Amortization of prepaid lease purchase price adjustments	4		5				18
Interest expense and amortization of deferred financing costs(b)	164		170				657
(Gains) losses on retirement of long-term obligations	26		143				145
Interest income	—		(1)				(1)
Other (income) expense	1		8				21
(Benefit) provision for income taxes	6		7				21
Stock-based compensation expense	39		33				131
Adjusted EBITDA(c)(d)	$	1,095	$	897			$	3,816

Reconciliation of Current Outlook for Adjusted EBITDA:


	Full Year 2022
(in millions)	Outlook(f)
Income (loss) from continuing operations	$1,674	to	$1,754
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges	$15	to	$25
Acquisition and integration costs	$0	to	$8
Depreciation, amortization and accretion	$1,650	to	$1,745
Amortization of prepaid lease purchase price adjustments	$16	to	$18
Interest expense and amortization of deferred financing costs(e)	$635	to	$680
(Gains) losses on retirement of long-term obligations	$25	to	$75
Interest income	$(1)	to	$0
Other (income) expense	$0	to	$5
(Benefit) provision for income taxes	$25	to	$33
Stock-based compensation expense	$135	to	$139
Adjusted EBITDA(c)(d)	$4,309	to	$4,354

(a)Does not reflect the impact related to the ATO Settlement (as defined in the April 2021 8-K), which is attributable to discontinued operations in the first quarter of 2021 as discussed in the April 2021 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 Outlook for Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.

(f)As issued on April 20, 2022.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 10

Reconciliation of Historical FFO and AFFO:


	For the Three Months Ended				For the Twelve Months Ended
(in millions, except per share amounts)	March 31, 2022		March 31, 2021				December 31, 2021
Income (loss) from continuing operations	$	421	$	121		(a)	$	1,158	(a)
Real estate related depreciation, amortization and accretion	408		395				1,593
Asset write-down charges	14		3				21

FFO(b)(c)	$	843	$	519			$	2,772
Weighted-average common shares outstanding—diluted	434		433				434
FFO per share(b)(c)	$	1.94	$	1.20			$	6.39

FFO (from above)	$	843	$	519			$	2,772
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(116)		10				(111)
Straight-lined expenses	19		19				76
Stock-based compensation expense	39		33				131
Non-cash portion of tax provision	5		7				1
Non-real estate related depreciation, amortization and accretion	12		13				51
Amortization of non-cash interest expense	4		3				13
Other (income) expense	1		8				21
(Gains) losses on retirement of long-term obligations	26		143				145
Acquisition and integration costs	—		—				1
Sustaining capital expenditures	(21)		(17)				(87)
AFFO(b)(c)	$	812	$	738			$	3,013
Weighted-average common shares outstanding—diluted	434		433				434
AFFO per share(b)(c)	$	1.87	$	1.71			$	6.95

(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)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 Current Outlook for FFO and AFFO:


	Full Year 2022
(in millions, except per share amounts)	Outlook(a)
Income (loss) from continuing operations		$1,674	to	$1,754
Real estate related depreciation, amortization and accretion		$1,607	to	$1,687
Asset write-down charges		$15	to	$25
FFO(b)(c)		$3,358	to	$3,403
Weighted-average common shares outstanding—diluted(d)		435
FFO per share(b)(c)(d)		$7.72	to	$7.82

FFO (from above)		$3,358	to	$3,403
Adjustments to increase (decrease) FFO:
Straight-lined revenues		$(419)	to	$(399)
Straight-lined expenses		$56	to	$76
Stock-based compensation expense		$135	to	$139
Non-cash portion of tax provision		$0	to	$15
Non-real estate related depreciation, amortization and accretion		$43	to	$58
Amortization of non-cash interest expense		$5	to	$15
Other (income) expense		$0	to	$5
(Gains) losses on retirement of long-term obligations		$25	to	$75
Acquisition and integration costs		$0	to	$8
Sustaining capital expenditures		$(113)	to	$(93)
AFFO(b)(c)		$3,178	to	$3,223
Weighted-average common shares outstanding—diluted(d)		435
AFFO per share(b)(c)(d)		$7.31	to	$7.41

(a)As issued on April 20, 2022.

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

(d)The assumption for diluted weighted-average common shares outstanding for full year 2022 Outlook is based on the diluted common shares outstanding as of March 31, 2022.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 12

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


	Previously Issued
	Full Year 2022
(in millions)	Outlook(a)
Income (loss) from continuing operations		$1,634	to	$1,714
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges		$15	to	$25
Acquisition and integration costs		$0	to	$8
Depreciation, amortization and accretion		$1,650	to	$1,745
Amortization of prepaid lease purchase price adjustments		$16	to	$18
Interest expense and amortization of deferred financing costs(b)		$615	to	$660
(Gains) losses on retirement of long-term obligations		$0	to	$100
Interest income		$(1)	to	$0
Other (income) expense		$0	to	$5
(Benefit) provision for income taxes		$25	to	$33
Stock-based compensation expense		$135	to	$139
Adjusted EBITDA(c)(d)		$4,249	to	$4,294

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


	Previously Issued
	Full Year 2022
(in millions, except per share amounts)	Outlook(a)
Income (loss) from continuing operations		$1,634	to	$1,714
Real estate related depreciation, amortization and accretion		$1,607	to	$1,687
Asset write-down charges		$15	to	$25
FFO(c)(d)		$3,318	to	$3,363
Weighted-average common shares outstanding—diluted(e)	435
FFO per share(c)(d)(e)		$7.63	to	$7.73

FFO (from above)		$3,318	to	$3,363
Adjustments to increase (decrease) FFO:
Straight-lined revenues		$(379)	to	$(359)
Straight-lined expenses		$56	to	$76
Stock-based compensation expense		$135	to	$139
Non-cash portion of tax provision		$0	to	$15
Non-real estate related depreciation, amortization and accretion		$43	to	$58
Amortization of non-cash interest expense		$5	to	$15
Other (income) expense		$0	to	$5
(Gains) losses on retirement of long-term obligations		$0	to	$100
Acquisition and integration costs		$0	to	$8
Sustaining capital expenditures		$(113)	to	$(93)
AFFO(c)(d)		$3,178	to	$3,223
Weighted-average common shares outstanding—diluted(e)	435
AFFO per share(c)(d)(e)		$7.31	to	$7.41

(a)As issued on January 26, 2022.

(b)See reconciliation of "Components of Outlook for 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 definitions of Adjusted EBITDA as well as FFO and AFFO, including per share amounts

(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 2022 Outlook is based on the diluted common shares outstanding as of March 31, 2022.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 13

Components of Changes in Site Rental Revenues for the Quarters Ended March 31, 2022 and 2021:(a)


	Three Months Ended March 31,
(dollars in millions)	2022			2021
Components of changes in site rental revenues:(b)
Prior year site rental billings(c)	$	1,243		$	1,170

Core leasing activity(c)	92			89
Escalators	25			23
Non-renewals(c)	(42)			(40)
Organic Contribution to Site Rental Billings(c)	75			72
Impact from straight-lined revenues associated with fixed escalators	116			(10)
Impact from prepaid rent amortization	141			136
Acquisitions(d)	1			1
Other	—			—
Total GAAP site rental revenues	$	1,576		$	1,369

Year-over-year changes in revenues:
Reported GAAP site rental revenues	15.1		%
Contribution from core leasing and escalators(c)(e)	9.4		%
Organic Contribution to Site Rental Billings(c)(f)	6.0		%

Components of Changes in Site Rental Revenues for Full Year 2022 Outlook:(a)


(dollars in millions)	Current Full Year 2022 Outlook(g)			Previous Full Year 2022 Outlook(h)
Components of changes in site rental revenues:(b)
Prior year site rental billings(c)	$5,048			$5,048

Core leasing activity(c)		$320	to	$350	$320	to	$350
Escalators		$95	to	$105	$95	to	$105
Non-renewals(c)		$(195)	to	$(175)	$(195)	to	$(175)
Organic Contribution to Site Rental Billings(c)		$230	to	$270	$230	to	$270
Impact from straight-lined revenues associated with fixed escalators		$399	to	$419	$359	to	$379
Impact from prepaid rent amortization		$560	to	$570	$560	to	$570
Acquisitions(d)	—			—
Other	—			—
Total GAAP site rental revenues		$6,242	to	$6,287	$6,202	to	$6,247

Year-over-year changes in revenues:
Reported GAAP site rental revenues	9.5%(i)			8.8%(i)
Contribution from core leasing and escalators(c)(e)	8.6%(i)			8.6%(i)
Organic Contribution to Site Rental Billings(c)(f)	5.0%(i)			5.0%(i)

(a)Beginning in the first quarter of 2022, we have revised our presentation of "Components of Changes in Site Rental Revenues" (most notably, by removing the concept of the impact of prepaid amortization from Organic Contribution to Site Rental Billings) in order to increase the usefulness of the table for investors or other interested parties. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information.

(b)Additional information regarding our site rental revenues, including projected revenues from tenant contracts, straight-lined revenues and prepaid rent is available in our quarterly Supplemental Information Package posted in the Investors section of our website.

(c)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for our definitions of site rental billings, core leasing activity, non-renewals and Organic Contribution to Site Rental Billings.

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

(e)Calculated as the percentage change from prior year site rental billings compared to the sum of core leasing and escalators for the current period.

(f)Calculated as the percentage change from prior year site rental billings compared to Organic Contribution to Site Rental Billings for the current period.

(g)As issued on April 20, 2022.

(h)As issued on January 26, 2022.

(i)Calculated based on midpoint of respective full year 2022 Outlook.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 14

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


	For the Three Months Ended
(in millions)	March 31, 2022		March 31, 2021
Interest expense on debt obligations	$	160	$	167
Amortization of deferred financing costs and adjustments on long-term debt, net	7		6
Capitalized interest	(3)		(3)
Interest expense and amortization of deferred financing costs	$	164	$	170

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


(in millions)	Current Full Year 2022 Outlook(a)			Previous Full Year 2022 Outlook(b)
Interest expense on debt obligations	$637	to	$657	$617	to	$637
Amortization of deferred financing costs and adjustments on long-term debt, net	$25	to	$30	$25	to	$30
Capitalized interest	$(20)	to	$(15)	$(20)	to	$(15)
Interest expense and amortization of deferred financing costs	$635	to	$680	$615	to	$660

(a)As issued on April 20, 2022.

(b)As issued on January 26, 2022.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 15

Debt Balances and Maturity Dates as of March 31, 2022:


(in millions)	Face Value		Final Maturity
Cash, cash equivalents and restricted cash	$	482

Secured Notes, Series 2009-1, Class A-2(a)	52		Aug. 2029
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	236		Various
Total secured debt	$	1,738
2016 Revolver(c)	900		June 2026
2016 Term Loan A	1,215		June 2026
Commercial Paper Notes(d)	1,042		Various
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 Notes	1,000		July 2026
2.900% Senior Notes	750		Mar. 2027
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
2.100% Senior Notes	1,000		Apr. 2031
2.500% Senior Notes	750		July 2031
2.900% Senior Notes	1,250		Apr. 2041
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	$	19,557
Total net debt	$	20,813

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

(b)If the respective series of such debt is not paid in full on or prior to an applicable anticipated repayment 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, 2015-2 and 2018-2 have anticipated repayment dates in 2025 and 2028, respectively. Notes are prepayable at par if voluntarily repaid within eighteen months of maturity; earlier prepayment may require additional consideration.

(c)As of March 31, 2022, the undrawn availability under the $5.0 billion 2016 Revolver was $4.1 billion.

(d)As of March 31, 2022, the Company had $958 million available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 16

Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation:


(dollars in millions)	For the Three Months Ended March 31, 2022
Total face value of debt	$	21,295
Less: Ending cash, cash equivalents and restricted cash	482
Total Net Debt	$	20,813

Adjusted EBITDA for the three months ended March 31, 2022	$	1,095
Last quarter annualized Adjusted EBITDA	4,380
Net Debt to Last Quarter Annualized Adjusted EBITDA	4.8		x

Components of Capital Expenditures:(a)


	For the Three Months Ended
(in millions)	March 31, 2022								March 31, 2021
	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary:
Purchases of land interests	$	10	$	—	$	—	$	10	$	14	$	—	$	—	$	14
Communications infrastructure improvements and other capital projects	35		209		6		250		35		225		11		271

Sustaining	2		13		6		21		2		12		3		17

Total	$	47	$	222	$	12	$	281	$	51	$	237	$	14	$	302

(a)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 17

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," "focus," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2022 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) 5G deployment in the United States and our customers' strategy and plans with respect thereto and demand for our assets and solutions created by such deployment and our customers' strategy and plans, (4) our long- and short-term prospects and the trends, events and industry activities impacting our business, (5) opportunities we see to deliver value to our shareholders, (6) our dividends (including timing of payment thereof), dividend targets, dividend payout ratio, and our long- and short-term dividend (including on a per share basis) growth rate, and its driving factors, (7) our debt and debt maturities, (8) cash flows, including growth thereof, (9) leasing environment (including with respect to tower application volumes) and the leasing activity we see in our business, and benefits and opportunities created thereby, (10) tenant non-renewals, including the impact and timing thereof, (11) capital expenditures, including sustaining and discretionary capital expenditures, the timing and funding thereof and any benefits that may result therefrom, (12) revenues and growth thereof (including with respect to our Towers business) and benefits derived therefrom, (13) Income (loss) from continuing operations (including on a per share basis), (14) Adjusted EBITDA, including components thereof and growth thereof, (15) costs and expenses, including interest expense and amortization of deferred financing costs, (16) FFO (including on a per share basis) and growth thereof, (17) AFFO (including on a per share basis) and its components and growth thereof and corresponding driving factors, (18) Organic Contribution to Site Rental Billings and its components, including growth thereof and contributions therefrom, (19) our weighted-average common shares outstanding (including on a diluted basis) and growth thereof, (20) site rental revenues, including as impacted by non-recurring items, and the growth thereof, (21) annual small cell deployment and the impacts therefrom, including its driving factors, (22) prepaid rent, including the additions and the amortization and growth thereof, (23) the strength of the U.S. market for communications infrastructure ownership, (24) the strength of our balance sheet, (25) the utility of certain financial measures, including non-GAAP financial measures and (26) investment opportunities and the benefits that may be derived therefrom. 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.

•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.

•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.

•Cybersecurity breaches or other information technology disruptions could adversely affect our operations, business and reputation.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 18

•Our business may be adversely impacted by climate-related events, natural disasters, including wildfires, and other unforeseen events.

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

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

•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.

•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.

•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.

•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.

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 19


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


	March 31, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	312	$	292
Restricted cash	165		169
Receivables, net	503		543
Prepaid expenses	119		105
Other current assets	162		145
Total current assets	1,261		1,254
Deferred site rental receivables	1,682		1,588
Property and equipment, net	15,226		15,269
Operating lease right-of-use assets	6,759		6,682
Goodwill	10,078		10,078
Other intangible assets, net	3,935		4,046
Other assets, net	130		123
Total assets	$	39,071	$	39,040

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	224	$	246
Accrued interest	117		182
Deferred revenues	721		776
Other accrued liabilities	288		401
Current maturities of debt and other obligations	71		72
Current portion of operating lease liabilities	355		349
Total current liabilities	1,776		2,026
Debt and other long-term obligations	21,055		20,557
Operating lease liabilities	6,098		6,031

Other long-term liabilities	2,106		2,168
Total liabilities	31,035		30,782
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: March 31, 2022—433 and December 31, 2021—432	4		4
Additional paid-in capital	18,006		18,011
Accumulated other comprehensive income (loss)	(3)		(4)
Dividends/distributions in excess of earnings	(9,971)		(9,753)
Total equity	8,036		8,258
Total liabilities and equity	$	39,071	$	39,040

The pathway to possible.

CrownCastle.com


News Release continued:						Page 20


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


	Three Months Ended March 31,
	2022		2021
Net revenues:
Site rental	$	1,576	$	1,369
Services and other	166		116
Net revenues	1,742		1,485
Operating expenses:
Costs of operations:(a)
Site rental	396		381
Services and other	113		81
Selling, general and administrative	181		164
Asset write-down charges	14		3
Acquisition and integration costs	—		—
Depreciation, amortization and accretion	420		408
Total operating expenses	1,124		1,037

Operating income (loss)	618		448
Interest expense and amortization of deferred financing costs	(164)		(170)
Gains (losses) on retirement of long-term obligations	(26)		(143)
Interest income	—		1
Other income (expense)	(1)		(8)
Income (loss) before income taxes	427		128
Benefit (provision) for income taxes	(6)		(7)
Income (loss) from continuing operations	421		121
Discontinued operations:
Net gain (loss) from disposal of discontinued operations, net of tax	—		(63)
Income (loss) from discontinued operations, net of tax	—		(63)
Net income (loss)	$	421	$	58



Net income (loss), per common share:
Income (loss) from continuing operations, basic	$	0.97	$	0.28
Income (loss) from discontinued operations, basic	—		(0.15)
Net income (loss), basic	$	0.97	$	0.13
Income (loss) from continuing operations, diluted	$	0.97	$	0.28
Income (loss) from discontinued operations, diluted	—		(0.15)
Net income (loss), diluted	$	0.97	$	0.13

Weighted-average common shares outstanding:
Basic	433		432
Diluted	434		433

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 21


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


	Three Months Ended March 31,
	2022		2021
Cash flows from operating activities:
Income (loss) from continuing operations	$	421	$	121
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	420		408
(Gains) losses on retirement of long-term obligations	26		143

Amortization of deferred financing costs and other non-cash interest, net	4		3
Stock-based compensation expense	38		33
Asset write-down charges	14		3
Deferred income tax (benefit) provision	1		1
Other non-cash adjustments, net	1		10
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	(274)		(146)
Decrease (increase) in assets	(93)		8
Net cash provided by (used for) operating activities	558		584
Cash flows from investing activities:
Capital expenditures	(281)		(302)
Payments for acquisitions, net of cash acquired	(3)		(4)

Other investing activities, net	(5)		(5)
Net cash provided by (used for) investing activities	(289)		(311)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	748		3,237
Principal payments on debt and other long-term obligations	(18)		(1,026)
Purchases and redemptions of long-term debt	(1,274)		(1,789)
Borrowings under revolving credit facility	900		580
Payments under revolving credit facility	(665)		(290)
Net borrowings (repayments) under commercial paper program	777		(245)
Payments for financing costs	(8)		(29)


Purchases of common stock	(63)		(67)
Dividends/distributions paid on common stock	(650)		(588)

Net cash provided by (used for) financing activities	(253)		(217)
Net increase (decrease) in cash, cash equivalents, and restricted cash	16		56



Effect of exchange rate changes on cash	—		1
Cash, cash equivalents, and restricted cash at beginning of period	466		381
Cash, cash equivalents, and restricted cash at end of period	$	482	$	438
Supplemental disclosure of cash flow information:
Interest paid	225		259
Income taxes paid	—		—

The pathway to possible.

CrownCastle.com


News Release continued:						Page 22


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


SEGMENT OPERATING RESULTS
	Three Months Ended March 31, 2022								Three Months Ended March 31, 2021
	Towers		Fiber		Other		Consolidated Total		Towers		Fiber		Other		Consolidated Total
Segment site rental revenues	$	1,075	$	501			$	1,576	$	895	$	474			$	1,369
Segment services and other revenues	163		3				166		111		5				116
Segment revenues	1,238		504				1,742		1,006		479				1,485
Segment site rental costs of operations	225		162				387		212		161				373
Segment services and other costs of operations	109		2				111		76		3				79
Segment costs of operations(a)(b)	334		164				498		288		164				452
Segment site rental gross margin(c)	850		339				1,189		683		313				996
Segment services and other gross margin(c)	54		1				55		35		2				37
Segment selling, general and administrative expenses(b)	28		47				75		25		45				70

Segment operating profit(c)	876		293				1,169		693		270				963
Other selling, general and administrative expenses(b)					$	74	74						$	66	66
Stock-based compensation expense					39		39						33		33
Depreciation, amortization and accretion					420		420						408		408
Interest expense and amortization of deferred financing costs					164		164						170		170
Other (income) expenses to reconcile to income (loss) before income taxes(d)					45		45						158		158
Income (loss) before income taxes							$	427							$	128


FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
	Three Months Ended March 31,
	2022						2021
	Fiber Solutions		Small Cells		Total		Fiber Solutions		Small Cells		Total
Site rental revenues	$	346	$	155	$	501	$	331	$	143	$	474

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

(b)Segment costs of operations exclude (1) stock-based compensation expense of $7 million and $5 million for the three months ended March 31, 2022 and 2021, respectively, (2) prepaid lease purchase price adjustments of $4 million and $5 million for the three months ended March 31, 2022 and 2021, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $32 million and $28 million for the three months ended March 31, 2022 and 2021, 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

Document

Exhibit 99.2

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Supplemental Information Package

and Non-GAAP Reconciliations

First Quarter • March 31, 2022

The pathway to possible.

CrownCastle.com

Crown Castle International Corp.

First Quarter 2022


TABLE OF CONTENTS
			Page
Company Overview
Company Profile			3
Strategy			3
AFFO per Share			5
Asset Portfolio Footprint			5
General Company Information, Executive Management Team and Board of Directors			6
Research Coverage			7
Summary Historical Common Stock Data			7
Portfolio and Financial Highlights			8
Outlook			9

Financials & Metrics
Condensed Consolidated Balance Sheet			12
Condensed Consolidated Statement of Operations			13
Segment Operating Results			14
Fiber Segment Site Rental Revenues Summary			14
FFO and AFFO Reconciliations			15
Condensed Consolidated Statement of Cash Flows			16
Components of Changes in Site Rental Revenues			16
Summary of Site Rental Straight-Lined Revenues and Expenses and Prepaid Rent Activity			17
Summary of Capital Expenditures			18
Projected Revenues from Tenant Contracts			18
Projected Expenses from Existing Ground Leases and Fiber Access Agreements			18
Annualized Rental Cash Payments at Time of Renewal			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
Tower Portfolio Overview			22
Distribution of Tower Tenancy			23
Ground Interest Overview			24
Ground Interest Activity			24
Capitalization Overview
Capitalization Overview			25
Debt Maturity Overview			26
Liquidity Overview			27
Summary of Maintenance and Financial Covenants			27
Interest Rate Sensitivity			28
Appendix			29

Crown Castle International Corp.

First Quarter 2022

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 2022, (5) our business and strategy and the potential benefits derived therefrom, (6) strategic position of our assets, (7) revenues from tenant contracts, (8) expenses from existing ground leases and fiber access agreements, (9) the recurrence and impact of Nontypical Items, (10) availability under our 2016 Revolver and (11) the utility of certain financial measures, including non-GAAP financial measures.

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.

This Supplement contains certain figures, projections and calculations based in part on management's underlying assumptions. Management believes these assumptions are reasonable; however, other reasonable assumptions could provide differing outputs.

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.

First Quarter 2022

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 more than (1) 40,000 towers and other structures, such as rooftops (collectively, "towers"), and (2) 80,000 route miles of fiber primarily supporting small cell networks ("small cells") and fiber solutions. We refer to our towers, fiber and small cell 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.

First Quarter 2022

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.

First Quarter 2022

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


AFFO PER SHARE(a)

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ASSET PORTFOLIO FOOTPRINT

(b)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.

(c)Calculated based on midpoint of full year 2022 Outlook as issued on April 20, 2022.

Crown Castle International Corp.

First Quarter 2022

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


GENERAL COMPANY INFORMATION
Principal executive offices			8020 Katy Freeway, Houston, TX 77024
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	49	22	President and Chief Executive Officer
Daniel K. Schlanger	48	6	Executive Vice President and Chief Financial Officer
Catherine Piche	51	11	Executive Vice President and Chief Operating Officer - Towers
Christopher D. Levendos	54	3	Executive Vice President and Chief Operating Officer - Fiber
Kenneth J. Simon	61	6	Executive Vice President and General Counsel
Michael J. Kavanagh	53	11	Executive Vice President and Chief Commercial Officer
Philip M. Kelley	49	24	Executive Vice President - Corporate Development and Strategy
Laura B. Nichol	61	7	Executive Vice President - Business Support

BOARD OF DIRECTORS

Name

Position

Committees

Age

Years as Director

J. Landis Martin

Chair

NESG(a)

P. Robert Bartolo

Director

Audit, Compensation

Cindy Christy

Director

Compensation, NESG(a), Strategy

Ari Q. Fitzgerald

Director

Compensation, NESG(a), Strategy

Anthony J. Melone

Director

Audit, NESG(a), Strategy

Jay A. Brown

Director

Andrea J. Goldsmith

Director

NESG(a), Strategy

Lee W. Hogan

Director

Audit, Compensation, Strategy

Tammy K. Jones

Director

Audit, NESG(a)

W. Benjamin Moreland

Director

Strategy

Kevin A. Stephens

Director

Audit, Strategy

Matthew Thornton III

Director

Compensation, Strategy

(a)Nominating, Environmental, Social and Governance Committee

Crown Castle International Corp.

First Quarter 2022

COMPANY
OVERVIEW

FINANCIALS & METRICS

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	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 Jonathan Chaplin (212) 921-9876
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 Andrew Rosivach (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)	3/31/22		12/31/21		9/30/21		6/30/21		3/31/21
High price(a)	$	207.24	$	208.10	$	200.01	$	194.75	$	170.23
Low price(a)	$	155.76	$	163.63	$	170.40	$	166.59	$	140.52
Period end closing price(b)	$	184.60	$	206.97	$	170.58	$	190.67	$	167.11
Dividends paid per common share	$	1.47	$	1.47	$	1.33	$	1.33	$	1.33
Volume weighted average price for the period(a)	$	176.02	$	180.84	$	188.41	$	181.77	$	154.16
Common shares outstanding, at period end	433		432		432		432		432
Market value of outstanding common shares, at period end(c)	$	79,937	$	89,456	$	73,725	$	82,407	$	72,221

(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.

Crown Castle International Corp.

First Quarter 2022

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


SUMMARY PORTFOLIO HIGHLIGHTS
(as of March 31, 2022)
Towers
Number of towers (in thousands)(a)	40
Average number of tenants per tower	2.4
Remaining contracted tenant receivables ($ in billions)(b)	$	37
Weighted average remaining tenant contract term (years)(b)(c)	7
Percent of towers in the Top 50 / 100 Basic Trading Areas	56% / 71%
Percent of ground leased / owned(d)	59% / 41%
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)	$	5
Weighted average remaining tenant contract term (years)(b)(c)	4


SUMMARY FINANCIAL HIGHLIGHTS
	Three Months Ended March 31,
(in millions, except per share amounts)	2022		2021
Operating Data:
Net revenues
Site rental	$	1,576	$	1,369
Services and other	166		116
Net revenues	$	1,742	$	1,485

Costs of operations (exclusive of depreciation, amortization and accretion)
Site rental	$	396	$	381
Services and other	113		81
Total costs of operations	$	509	$	462

Net income (loss)	$	421	$	58
Net income (loss) per share—diluted(f)	$	0.97	$	0.13

Non-GAAP Data:(g)
Adjusted EBITDA	$	1,095	$	897
FFO	843		519
AFFO	812		738
AFFO per share(f)	$	1.87	$	1.71

(a)Excludes third-party land interests.

(b)Excludes renewal terms at tenants' option.

(c)Weighted by site rental revenues.

(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 434 million and 433 million for the three months ended March 31, 2022 and 2021, respectively.

(g)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.

Crown Castle International Corp.

First Quarter 2022

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


SUMMARY FINANCIAL HIGHLIGHTS (CONTINUED)
	Three Months Ended March 31,
(in millions)		2022		2021
Summary Cash Flow Data:(a)
Net cash provided by (used for) operating activities		$	558	$	584
Net cash provided by (used for) investing activities(b)		(289)		(311)
Net cash provided by (used for) financing activities		(253)		(217)


(in millions)	March 31, 2022		December 31, 2021
Balance Sheet Data (at period end):
Cash and cash equivalents	$	312	$	292
Property and equipment, net	15,226		15,269
Total assets	39,071		39,040
Total debt and other long-term obligations	21,126		20,629
Total CCIC stockholders' equity	8,036		8,258


	Three Months Ended March 31, 2022
Other Data:
Net debt to last quarter annualized Adjusted EBITDA(c)	4.8		x
Dividend per common share	$	1.47


OUTLOOK FOR FULL YEAR 2022
(in millions, except per share amounts)	Full Year 2022(d)
Site rental revenues	$6,242	to	$6,287
Site rental costs of operations(e)	$1,548	to	$1,593
Income (loss) from continuing operations	$1,674	to	$1,754

Income (loss) from continuing operations per share—diluted(f)	$3.85	to	$4.03
Adjusted EBITDA(g)	$4,309	to	$4,354
Interest expense and amortization of deferred financing costs(h)	$635	to	$680
FFO(g)	$3,358	to	$3,403
AFFO(g)	$3,178	to	$3,223
AFFO per share(f)(g)	$7.31	to	$7.41

(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 $3 million and $4 million for the three months ended March 31, 2022 and 2021, respectively.

(c)See the "Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation" in the Appendix.

(d)As issued on April 20, 2022.

(e)Exclusive of depreciation, amortization and accretion.

(f)The assumption for diluted weighted-average common shares outstanding for full year 2022 Outlook is based on the diluted common shares outstanding as of March 31, 2022.

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

Crown Castle International Corp.

First Quarter 2022

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


NEW PRESENTATION OF ACTUAL RESULTS FOR FULL YEAR 2019, 2020 AND 2021 AND OUTLOOK FOR FULL YEAR 2022 COMPONENTS OF CHANGES IN SITE RENTAL REVENUES(a)
(dollars in millions)	Full Year 2019	Full Year 2020	Full Year 2021	Current Full Year 2022 Outlook(b)			Previous Full Year 2022 Outlook(c)
Components of changes in site rental revenues:
Prior year site rental billings(d)	$4,315	$4,556	$4,779	$5,048			$5,048

Core leasing activity(d)	335	314	343	$320	to	$350	$320	to	$350
Escalators	86	90	93	$95	to	$105	$95	to	$105
Non-renewals(d)	(181)	(183)	(170)	$(195)	to	$(175)	$(195)	to	$(175)
Organic Contribution to Site Rental Billings(d)	240	221	266	$230	to	$270	$230	to	$270
Impact from straight-lined revenues associated with fixed escalators	81	22	111	$399	to	$419	$359	to	$379
Impact from prepaid rent amortization	457	519	560	$560	to	$570	$560	to	$570
Acquisitions(e)	—	2	3	—			—
Other	—	—	—	—			—
Total GAAP site rental revenues	$5,093	$5,320	$5,719	$6,242	to	$6,287	$6,202	to	$6,247

Year-over-year changes in revenues:
Reported GAAP site rental revenues	6.2%	4.5%	7.5%	9.5%(h)			8.8%(h)
Contribution from core leasing and escalators(d)(f)	9.8%	8.9%	9.1%	8.6%(h)			8.6%(h)
Organic Contribution to Site Rental Billings(d)(g)	5.6%	4.9%	5.6%	5.0%(h)			5.0%(h)

(b)As issued on April 20, 2022.

(c)As issued on January 26, 2022.

(d)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for our definitions of site rental billings, core leasing activity, non-renewals and Organic Contribution to Site Rental Billings.

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

(f)Calculated as the percentage change from prior year site rental billings compared to the sum of core leasing and escalators for the current period.

(g)Calculated as the percentage change from prior year site rental billings compared to Organic Contribution to Site Rental Billings for the current period.

(h)Calculated based on midpoint of respective full year 2022 Outlook.

Crown Castle International Corp.

First Quarter 2022

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


HISTORICAL PRESENTATION OF ACTUAL RESULTS FOR FULL YEAR 2019, 2020 AND 2021 AND OUTLOOK FOR FULL YEAR 2022 COMPONENTS OF CHANGES IN SITE RENTAL REVENUES(a)
(dollars in millions)	Full Year 2019	Full Year 2020	Full Year 2021	Current Full Year 2022 Outlook(b)			Previous Full Year 2022 Outlook(c)
Components of changes in site rental revenues:
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(d)(e)	$4,724	$5,013	$5,298	$5,608			$5,608

New leasing activity(d)(e)	383	376	384	$325	to	$355	$325	to	$355
Escalators	86	90	93	$95	to	$105	$95	to	$105
Non-renewals	(181)	(183)	(170)	$(195)	to	$(175)	$(195)	to	$(175)
Organic Contribution to Site Revenues(f)	288	283	307	$235	to	$275	$235	to	$275
Impact from straight-lined revenues associated with fixed escalators	81	22	111	$399	to	$419	$359	to	$379
Acquisitions(g)	—	2	3	—			—
Other	—	—	—	—			—
Total GAAP site rental revenues	$5,093	$5,320	$5,719	$6,242	to	$6,287	$6,202	to	$6,247

Year-over-year changes in revenues:
Reported GAAP site rental revenues	6.2%	4.5%	7.5%	9.5%(i)			8.8%(i)
Organic Contribution to Site Rental Revenues(f)(h)	6.1%	5.6%	5.8%	4.5%(i)			4.5%(i)

(a)The above reconciliation is included for comparative purposes. Beginning in the first quarter of 2022, we have revised our presentation of "Components of Changes in Site Rental Revenues" (most notably, by removing the concept of the impact of prepaid amortization from Organic Contribution to Site Rental Billings) in order to increase the usefulness of the table for investors or other interested parties. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information.

(b)As issued on April 20, 2022.

(c)As issued on January 26, 2022.

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

(e)Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues associated with fixed escalators.

(f)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" in our Q4 2021 Supplemental Information Package for a discussion of our definition of Organic Contribution to Site Rental Revenues.

(g)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 such acquisitions.

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

(i)Calculated based on midpoint of respective full year 2022 Outlook.

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APPENDIX


CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(in millions, except par values)	March 31, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	312	$	292
Restricted cash	165		169
Receivables, net	503		543
Prepaid expenses	119		105
Other current assets	162		145
Total current assets	1,261		1,254
Deferred site rental receivables	1,682		1,588
Property and equipment, net	15,226		15,269
Operating lease right-of-use assets	6,759		6,682
Goodwill	10,078		10,078
Other intangible assets, net	3,935		4,046
Other assets, net	130		123
Total assets	$	39,071	$	39,040

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	224	$	246
Accrued interest	117		182
Deferred revenues	721		776
Other accrued liabilities	288		401
Current maturities of debt and other obligations	71		72
Current portion of operating lease liabilities	355		349
Total current liabilities	1,776		2,026
Debt and other long-term obligations	21,055		20,557
Operating lease liabilities	6,098		6,031

Other long-term liabilities	2,106		2,168
Total liabilities	31,035		30,782
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: March 31, 2022—433 and December 31, 2021—432	4		4
Additional paid-in capital	18,006		18,011
Accumulated other comprehensive income (loss)	(3)		(4)
Dividends/distributions in excess of earnings	(9,971)		(9,753)
Total equity	8,036		8,258
Total liabilities and equity	$	39,071	$	39,040

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APPENDIX


CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
	Three Months Ended March 31,
(in millions, except per share amounts)	2022		2021
Net revenues:
Site rental	$	1,576	$	1,369
Services and other	166		116
Net revenues	1,742		1,485
Operating expenses:
Costs of operations:(a)
Site rental	396		381
Services and other	113		81
Selling, general and administrative	181		164
Asset write-down charges	14		3
Acquisition and integration costs	—		—
Depreciation, amortization and accretion	420		408
Total operating expenses	1,124		1,037

Operating income (loss)	618		448
Interest expense and amortization of deferred financing costs	(164)		(170)
Gains (losses) on retirement of long-term obligations	(26)		(143)
Interest income	—		1
Other income (expense)	(1)		(8)
Income (loss) before income taxes	427		128
Benefit (provision) for income taxes	(6)		(7)
Income (loss) from continuing operations	421		121
Discontinued operations:
Net gain (loss) from disposal of discontinued operations, net of tax	—		(63)
Income (loss) from discontinued operations, net of tax	—		(63)
Net income (loss)	$	421	$	58



Net income (loss), per common share:
Income (loss) from continuing operations, basic	$	0.97	$	0.28
Income (loss) from discontinued operations, basic	—		(0.15)
Net income (loss), basic	$	0.97	$	0.13
Income (loss) from continuing operations, diluted	$	0.97	$	0.28
Income (loss) from discontinued operations, diluted	—		(0.15)
Net income (loss), diluted	$	0.97	$	0.13

Weighted-average common shares outstanding:
Basic	433		432
Diluted	434		433

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

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APPENDIX


SEGMENT OPERATING RESULTS
	Three Months Ended March 31, 2022								Three Months Ended March 31, 2021
(in millions)	Towers		Fiber		Other		Consolidated Total		Towers		Fiber		Other		Consolidated Total
Segment site rental revenues	$	1,075	$	501			$	1,576	$	895	$	474			$	1,369
Segment services and other revenues	163		3				166		111		5				116
Segment revenues	1,238		504				1,742		1,006		479				1,485
Segment site rental costs of operations	225		162				387		212		161				373
Segment services and other costs of operations	109		2				111		76		3				79
Segment costs of operations(a)(b)	334		164				498		288		164				452
Segment site rental gross margin(c)	850		339				1,189		683		313				996
Segment services and other gross margin(c)	54		1				55		35		2				37
Segment selling, general and administrative expenses(b)	28		47				75		25		45				70

Segment operating profit(c)	876		293				1,169		693		270				963
Other selling, general and administrative expenses(b)					$	74	74						$	66	66
Stock-based compensation expense					39		39						33		33
Depreciation, amortization and accretion					420		420						408		408
Interest expense and amortization of deferred financing costs					164		164						170		170
Other (income) expenses to reconcile to income (loss) before income taxes(d)					45		45						158		158
Income (loss) before income taxes							$	427							$	128


FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
	Three Months Ended March 31,
	2022						2021
(in millions)	Fiber Solutions		Small Cells		Total		Fiber Solutions		Small Cells		Total
Site rental revenues	$	346	$	155	$	501	$	331	$	143	$	474

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

(b)Segment costs of operations exclude (1) stock-based compensation expense of $7 million and $5 million for the three months ended March 31, 2022 and 2021, respectively, and (2) prepaid lease purchase price adjustments of $4 million and $5 million for the three months ended March 31, 2022 and 2021, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $32 million and $28 million for the three months ended March 31, 2022 and 2021, respectively.

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

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APPENDIX


FFO AND AFFO RECONCILIATIONS
	Three Months Ended March 31,
(in millions, except per share amounts)	2022		2021
Income (loss) from continuing operations	$	421	$	121	(a)
Real estate related depreciation, amortization and accretion	408		395
Asset write-down charges	14		3

FFO(b)(c)	$	843	$	519
Weighted-average common shares outstanding—diluted	434		433
FFO per share(b)(c)	$	1.94	$	1.20

FFO (from above)	$	843	$	519
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(116)		10
Straight-lined expenses	19		19
Stock-based compensation expense	39		33
Non-cash portion of tax provision	5		7
Non-real estate related depreciation, amortization and accretion	12		13
Amortization of non-cash interest expense	4		3
Other (income) expense	1		8
(Gains) losses on retirement of long-term obligations	26		143
Acquisition and integration costs	—		—
Sustaining capital expenditures	(21)		(17)
AFFO(b)(c)	$	812	$	738
Weighted-average common shares outstanding—diluted	434		433
AFFO per share(b)(c)	$	1.87	$	1.71

(a)Does not reflect the impact related to the ATO Settlement (as defined in the Form 8-K filed with the SEC on April 26, 2021 ("April 2021 8-K"), which is attributable to discontinued operations in the first quarter of 2021 as discussed in the April 2021 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)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

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APPENDIX


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
	Three Months Ended March 31,
(in millions)	2022		2021
Cash flows from operating activities:
Income (loss) from continuing operations	$	421	$	121
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	420		408
(Gains) losses on retirement of long-term obligations	26		143

Amortization of deferred financing costs and other non-cash interest, net	4		3
Stock-based compensation expense	38		33
Asset write-down charges	14		3
Deferred income tax (benefit) provision	1		1
Other non-cash adjustments, net	1		10
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	(274)		(146)
Decrease (increase) in assets	(93)		8
Net cash provided by (used for) operating activities	558		584
Cash flows from investing activities:
Capital expenditures	(281)		(302)
Payments for acquisitions, net of cash acquired	(3)		(4)

Other investing activities, net	(5)		(5)
Net cash provided by (used for) investing activities	(289)		(311)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	748		3,237
Principal payments on debt and other long-term obligations	(18)		(1,026)
Purchases and redemptions of long-term debt	(1,274)		(1,789)
Borrowings under revolving credit facility	900		580
Payments under revolving credit facility	(665)		(290)
Net borrowings (repayments) under commercial paper program	777		(245)
Payments for financing costs	(8)		(29)


Purchases of common stock	(63)		(67)
Dividends/distributions paid on common stock	(650)		(588)

Net cash provided by (used for) financing activities	(253)		(217)
Net increase (decrease) in cash, cash equivalents, and restricted cash	16		56



Effect of exchange rate changes on cash	—		1
Cash, cash equivalents, and restricted cash at beginning of period	466		381
Cash, cash equivalents, and restricted cash at end of period	$	482	$	438
Supplemental disclosure of cash flow information:
Interest paid	225		259
Income taxes paid	—		—

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APPENDIX


COMPONENTS OF CHANGES IN SITE RENTAL REVENUES(a)
	Three Months Ended March 31,
(dollars in millions)	2022			2021
Components of changes in site rental revenues:
Prior year site rental billings(b)	$	1,243		$	1,170

Core leasing activity(b)	92			89
Escalators	25			23
Non-renewals(b)	(42)			(40)
Organic Contribution to Site Rental Billings(b)	75			72
Impact from straight-lined revenues associated with fixed escalators	116			(10)
Impact from prepaid rent amortization	141			136
Acquisitions(c)	1			1
Other	—			—
Total GAAP site rental revenues	$	1,576		$	1,369

Year-over-year changes in revenues:
Reported GAAP site rental revenues	15.1		%
Contribution from core leasing and escalators(b)(d)	9.4		%
Organic Contribution to Site Rental Billings(b)(e)	6.0		%


SUMMARY OF SITE RENTAL STRAIGHT-LINED REVENUES AND EXPENSES ASSOCIATED WITH FIXED ESCALATORS(f)
	Three Months Ended March 31,
	2022						2021
(in millions)	Towers		Fiber		Total		Towers		Fiber		Total
Site rental straight-lined revenues	$	116	$	—	$	116	$	(11)	$	1	$	(10)
Site rental straight-lined expenses	19		—		19		19		—		19


SUMMARY OF PREPAID RENT ACTIVITY(g)
	Three Months Ended March 31,
	2022						2021
(in millions)	Towers		Fiber		Total		Towers		Fiber		Total
Prepaid rent additions	$	22	$	50	$	72	$	26	$	59	$	85
Amortization of prepaid rent	79		62		141		79		57		136

(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for our definitions of site rental billings, core leasing activity, non-renewals and Organic Contribution to Site Rental Billings.

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

(d)Calculated as the percentage change from prior year site rental billings compared to the sum of core leasing and escalators for the current period.

(e)Calculated as the percentage change from prior year site rental billings compared to Organic Contribution to Site Rental Billings for the current period.

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

(g)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.

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APPENDIX


SUMMARY OF CAPITAL EXPENDITURES
	Three Months Ended March 31,
	2022								2021
(in millions)	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary:
Purchases of land interests	$	10	$	—	$	—	$	10	$	14	$	—	$	—	$	14
Communications infrastructure improvements and other capital projects	35		209		6		250		35		225		11		271

Sustaining	2		13		6		21		2		12		3		17

Total	$	47	$	222	$	12	$	281	$	51	$	237	$	14	$	302


PROJECTED REVENUES FROM TENANT CONTRACTS(a)
	Remaining Nine Months		Years Ending December 31,
(as of March 31, 2022; in millions)	2022		2023		2024		2025		2026
Components of site rental revenues:
Site rental billings(b)	$	3,952	$	5,428	$	5,585	$	5,518	$	5,631
Amortization of prepaid rent	408		452		323		247		205
Straight-lined site rental revenues associated with fixed escalators	280		233		142		36		(61)
GAAP site rental revenues	$	4,640	$	6,113	$	6,050	$	5,801	$	5,775


PROJECTED EXPENSES FROM EXISTING GROUND LEASES AND FIBER ACCESS AGREEMENTS(c)
	Remaining Nine Months		Years Ending December 31,
(as of March 31, 2022; in millions)	2022		2023		2024		2025		2026
Components of ground lease and fiber access agreement expenses:
Ground lease and fiber access agreement expenses exclusive of straight-line associated with fixed escalators	$	709	$	963	$	982	$	1,002	$	1,023
Straight-lined site rental lease expenses associated with fixed escalators	50		57		46		34		23
GAAP ground lease and fiber access agreement expenses	$	759	$	1,020	$	1,028	$	1,036	$	1,046


ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(d)
	Remaining Nine Months		Years Ending December 31,
(as of March 31, 2022; in millions)	2022		2023		2024		2025		2026
T-Mobile	$	18	$	50	$	39	$	240	$	53
AT&T	24		329		18		20		31
Verizon	13		17		20		30		36
All Others Combined	138		215		172		103		98
Total	$	193	$	611	$	249	$	393	$	218

(a)Based on tenant licenses in-place as of March 31, 2022. 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 do not reflect the impact of estimated annual churn. CPI-linked tenant contracts are assumed to escalate at 3% per annum.

(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for our definition of site rental billings.

(c)Based on existing ground leases and fiber access agreements as of March 31, 2022. CPI-linked leases are assumed to escalate at 3% per annum.

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

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APPENDIX


CONSOLIDATED TENANT OVERVIEW
(as of March 31, 2022)	Percentage of Q1 2022 LQA Site Rental Revenues	Weighted Average Current Term Remaining(a)	Long-Term Credit Rating (S&P / Moody’s)
T-Mobile	37%	9	BB+ / Ba1
AT&T	19%	5	BBB / Baa2
Verizon	19%	9	BBB+ / Baa1
All Others Combined	25%	3	N/A
Total / Weighted Average	100%	7


FIBER SOLUTIONS REVENUE MIX
(as of March 31, 2022)			Percentage of Q1 2022 LQA Site Rental Revenues
Carrier(b)			38%
Education			13%
Healthcare			11%
Financial Services			9%
Other			29%
Total			100%

(a)Weighted by site rental revenues and excludes renewals at the tenants' option.

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

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APPENDIX


SEGMENT CASH YIELDS ON INVESTED CAPITAL(a)
	Q1 2022 LQA
(as of March 31, 2022; dollars in millions)	Towers			Fiber




Segment site rental gross margin(b)	$	3,400		$	1,356
Less: Amortization of prepaid rent	(316)			(248)
Less: Site rental straight-lined revenues	(464)			—
Add: Site rental straight-lined expenses	76			—
Add: Indirect labor costs(c)	—			100
Numerator	$	2,696		$	1,208

Segment net investment in property and equipment(d)	$	13,142		$	8,163
Segment investment in site rental contracts and tenant relationships	4,568			3,287
Segment investment in goodwill(e)	5,351			4,073
Segment Net Invested Capital(a)	$	23,061		$	15,523

Segment Cash Yield on Invested Capital(a)	11.7		%	7.8		%


CONSOLIDATED RETURN ON INVESTED CAPITAL(a)
(as of March 31, 2022; dollars in millions)	Q1 2022 LQA
Adjusted EBITDA(f)	$	4,380
Cash taxes refunded (paid)	(1)
Numerator	$	4,379

Historical gross investment in property and equipment(g)	$	26,504
Historical gross investment in site rental contracts and tenant relationships	7,855
Historical gross investment in goodwill	10,078
Consolidated Invested Capital(a)	$	44,437

Consolidated Return on Invested Capital(a)	9.9		%

(a)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information on, and our definitions and calculations of, Segment Cash Yield on Invested Capital, Segment Net Invested Capital, Consolidated Return on Invested Capital and Consolidated Invested Capital.

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

(c)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.

(d)Segment net 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 tenants (excluding any deferred credits recorded in connection with acquisitions).

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

(f)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of Adjusted EBITDA to income (loss) from continuing operations, as computed in accordance with GAAP.

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

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APPENDIX


SUMMARY OF TOWER PORTFOLIO BY VINTAGE(a)
(as of March 31, 2022; dollars in thousands)
CASH YIELD(b)			NUMBER OF TENANTS PER TOWER

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-36227015ab1c4407b27a.jpg

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-b43a6d78628e4f3aaeba.jpg


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

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https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-80ad26731c304d9dab0a.jpg


NET INVESTED CAPITAL PER TOWER(e)			NUMBER OF TOWERS

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-a66d29f281b04bda817a.jpg

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-8c7988f5a25d4367ba2a.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)Cash 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 tenants.

(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.

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APPENDIX


TOWER PORTFOLIO OVERVIEW(a)
(as of March 31, 2022; dollars in thousands)
NUMBER OF TOWERS	TENANTS PER TOWER	LQA CASH SITE RENTAL REVENUES PER TOWER(b)

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-30ad227b7deb4fc8bfea.jpg

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-a1f3b322610549b1a1fa.jpg

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-3e886cc31eb742d7baea.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 March 31, 2022)(a)

PERCENTAGE OF TOWERS BY TENANTS PER TOWER

SITES ACQUIRED AND BUILT 2006 AND PRIOR

SITES ACQUIRED AND BUILT 2007 TO PRESENT

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https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-46dfd15a643f406eaa2a.jpg


Average: 2.9			Average: 2.2

GEOGRAPHIC TOWER DISTRIBUTION (as of March 31, 2022)(a)
PERCENTAGE OF TOWERS BY GEOGRAPHIC LOCATION			PERCENTAGE OF LQA CASH SITE RENTAL REVENUES BY GEOGRAPHIC LOCATION(b)

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-f116493e23bb45deb59a.jpg

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-69cebb8a2f0e425a9a3a.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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GROUND INTEREST OVERVIEW
(as of March 31, 2022; 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	$	380	11	%	$	202	8	%	5,377	13	%
10 to 20 years	466		13	%	279		10	%	5,909	15	%
Greater than 20 years	1,504		43	%	1,089		41	%	17,611	44	%
Total leased	$	2,350	67	%	$	1,570	59	%	28,897	72	%	36

Owned	$	1,169	33	%	$	1,098	41	%	11,262	28	%
Total / Average	$	3,519	100	%	$	2,668	100	%	40,159	100	%


GROUND INTEREST ACTIVITY
(dollars in millions)	Three Months Ended March 31, 2022
Ground Extensions Under Crown Castle Towers:
Number of ground leases extended	129
Average number of years extended	26
Percentage increase in consolidated cash ground lease expense due to extension activities(e)	—		%

Ground Purchases Under Crown Castle Towers:
Number of ground leases purchased	39
Ground lease purchases (including capital expenditures, acquisitions and installment purchases)	$	14
Percentage of Towers segment site rental gross margin from towers on purchased land	<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 and 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.

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CAPITALIZATION OVERVIEW
(as of March 31, 2022; 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	$	482

Senior Secured Notes, Series 2009-1, Class A-2(c)	52		Fixed	9.0%		2029
Senior Secured Tower Revenue Notes, Series 2015-2(d)	700		Fixed	3.7%		2045
Senior Secured Tower Revenue Notes, Series 2018-2(d)	750		Fixed	4.2%		2048
Finance leases and other obligations	236		Various	Various		Various
Total secured debt	$	1,738		4.1%	0.4x
2016 Revolver(e)	900		Variable	1.5%		2026
2016 Term Loan A	1,215		Variable	1.5%		2026
Commercial Paper Notes(f)	1,042		Variable	1.2%		2022
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
1.050% Senior Notes	1,000		Fixed	1.1%		2026
2.900% Senior Notes	750		Fixed	2.9%		2027
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
2.100% Senior Notes	1,000		Fixed	2.1%		2031
2.500% Senior Notes	750		Fixed	2.5%		2031
2.900% Senior Notes	1,250		Fixed	2.9%		2041
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	$	19,557		2.9%	4.5x
Total net debt	$	20,813		3.0%	4.8x
Market Capitalization(g)	79,937
Firm Value(h)	$	100,750

(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.

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

(d)If the respective series of such debt is not paid in full on or prior to an applicable anticipated repayment 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, 2015-2 and 2018-2 have anticipated repayment dates in 2025 and 2028, respectively. Notes are prepayable at par if voluntarily repaid within eighteen months of maturity; earlier prepayment may require additional consideration.

(e)As of March 31, 2022, the undrawn availability under the $5.0 billion 2016 Revolver was $4.1 billion.

(f)As of March 31, 2022, the Company had $958 million available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.

(g)Market capitalization calculated based on $184.60 closing price and 433 million shares outstanding as of March 31, 2022.

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

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APPENDIX


DEBT MATURITY OVERVIEW(a)(b)

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-d3a7c8ee1b3a40e4a8ea.jpg

(as of March 31, 2022; dollars in millions)

https://cdn.kscope.io/61cb0f3fe7b037d206e28f93a46ce568-chart-0e34bab974d3421bac1a.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)The $1.0 billion outstanding in commercial paper notes ("CP Notes") have been excluded from this table. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time. 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.

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APPENDIX


LIQUIDITY OVERVIEW(a)
(in millions)	March 31, 2022
Cash, cash equivalents, and restricted cash(b)	$	482
Undrawn 2016 Revolver availability(c)	4,066
Total debt and other long-term obligations	21,126
Total equity	8,036

SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS

Debt

Borrower / Issuer

Covenant(d)

Covenant Level Requirement

As of March 31, 2022

Maintenance Financial Covenants(e)

2016 Credit Facility

CCIC

Total Net Leverage Ratio

≤ 6.50x

5.2x

2016 Credit Facility

CCIC

Total Senior Secured Leverage Ratio

≤ 3.50x

0.4x

2016 Credit Facility

CCIC

Consolidated Interest Coverage Ratio(f)

N/A

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

(g)

17.1x

2018 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.75x

(g)

17.1x

2009 Securitized Notes

Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.30x

(g)

17.8x

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

(h)

17.1x

2018 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.00x

(h)

17.1x

2009 Securitized Notes

Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.34x

(h)

17.8x

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

i.In March 2021, 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 CP Notes. Following the increase in size of the CP Program in March 2022, 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 $2.0 billion. As of March 31, 2022, there were $1.0 billion 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.

(d)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." Total Net Leverage Ratio, Total Senior Secured Leverage Ratio and all DSCR ratios are calculated using the trailing twelve months.

(e)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.

(f)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.

(g)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.

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

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APPENDIX


INTEREST RATE SENSITIVITY(a)
	Remaining Nine Months		Year Ending December 31,
(as of March 31, 2022; in millions)	2022		2023
Fixed Rate Debt:
Face Value of Principal Outstanding(b)	$	17,897	$	17,890
Current Interest Payment Obligations(c)	435		580
Effect of 0.125% Change in Interest Rates(d)	—		—
Floating Rate Debt:(e)(f)
Face Value of Principal Outstanding(b)	$	3,134	$	3,079
Current Interest Payment Obligations(g)	31		40
Effect of 0.125% Change in Interest Rates(h)	3		4

(a)Excludes finance leases and other obligations.

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

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

(d)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 March 31, 2022, plus 12.5 bps.

(e)Excludes the commitment fee the Company pays on the undrawn available amount under the 2016 Revolver. As of March 31, 2022, the commitment fee ranged from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum.

(f)In June 2021, the Company entered into an amendment to the credit agreement governing our 2016 Credit Facility that provided for, among other things, reductions to the interest rate spread ("Spread") and unused commitment fee ("Commitment Fee") percentage upon meeting specified annual sustainability targets ("Targets") and increases to the Spread and Commitment Fee percentage upon the failure to meet specified annual sustainability thresholds ("Thresholds"). The Spread and Commitment Fee are subject to an upward adjustment of up to 0.05% and 0.01%, respectively, if the Company fails to achieve the Thresholds. The Spread and Commitment Fee are subject to a downward adjustment of up to 0.05% and 0.01%, respectively, if the Company achieves the Targets. In January 2022, the Company submitted the required documentation and received confirmation from its administrative agent that all Targets were met as of December 31, 2021, and, as such, the Spread and Commitment Fee percentage were reduced for 2022. The reduction of the Spread on the 2016 Credit Facility is reflected in the table above for the years ended December 31, 2022 and 2023.

(g)Interest expense calculated based on current interest rates as of March 31, 2022. Calculation assumes no changes to future interest rate margin spread over LIBOR due to changes in the borrower’s senior unsecured credit rating.

(h)Interest expense calculated based on current interest rates as of March 31, 2022, plus 12.5 bps.

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APPENDIX


DEFINITIONS

Non-GAAP Financial Measures, Segment Measures and Other Calculations

This Supplement includes presentations of Income (Loss) from Continuing Operations (As Adjusted), Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings, Consolidated Return on Invested Capital and Segment Cash Yield on Invested Capital, 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.

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 site rental revenues and capital expenditures.

•Income (Loss) from Continuing Operations (As Adjusted) 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 Supplemental Information Package 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) should be considered only as a supplement to income (loss) from continuing operations 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 revenues or expenses are 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. 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.

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AFFO (including as further adjusted to exclude Nontypical Items) should be considered only as a supplement to income (loss) from continuing operations computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations or as residual cash flow available for discretionary investment.

•Consolidated Return on Invested Capital and Segment Cash Yield on Invested Capital 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 on Invested Capital 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

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.

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.

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

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

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

Segment Net Invested Capital. We define Segment Net Invested Capital as the 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 tenants (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

Other Calculations

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APPENDIX

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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APPENDIX

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

Reconciliation of Historical Adjusted EBITDA:


	Three Months Ended March 31,
(in millions)	2022		2021
Income (loss) from continuing operations	$	421	$	121	(a)
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges	14		3
Acquisition and integration costs	—		—
Depreciation, amortization and accretion	420		408
Amortization of prepaid lease purchase price adjustments	4		5
Interest expense and amortization of deferred financing costs(b)	164		170
(Gains) losses on retirement of long-term obligations	26		143
Interest income	—		(1)
Other (income) expense	1		8
(Benefit) provision for income taxes	6		7
Stock-based compensation expense	39		33
Adjusted EBITDA(c)(d)	$	1,095	$	897

Reconciliation of Current Outlook for Adjusted EBITDA:


(in millions)	Full Year 2022 Outlook(f)
Income (loss) from continuing operations	$1,674	to	$1,754
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges	$15	to	$25
Acquisition and integration costs	$0	to	$8
Depreciation, amortization and accretion	$1,650	to	$1,745
Amortization of prepaid lease purchase price adjustments	$16	to	$18
Interest expense and amortization of deferred financing costs(e)	$635	to	$680
(Gains) losses on retirement of long-term obligations	$25	to	$75
Interest income	$(1)	to	$0
Other (income) expense	$0	to	$5
(Benefit) provision for income taxes	$25	to	$33
Stock-based compensation expense	$135	to	$139
Adjusted EBITDA(c)(d)	$4,309	to	$4,354

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

(f)As issued on April 20, 2022.

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


	Three Months Ended March 31,
(in millions)	2022		2021
Interest expense on debt obligations	$	160	$	167
Amortization of deferred financing costs and adjustments on long-term debt, net	7		6
Other, net	(3)		(3)
Interest expense and amortization of deferred financing costs	$	164	$	170

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


(in millions)	Current Full Year 2022 Outlook(a)			Previous Full Year 2022 Outlook(b)
Interest expense on debt obligations	$637	to	$657	$617	to	$637
Amortization of deferred financing costs and adjustments on long-term debt, net	$25	to	$30	$25	to	$30
Other, net	$(20)	to	$(15)	$(20)	to	$(15)
Interest expense and amortization of deferred financing costs	$635	to	$680	$615	to	$660

Reconciliation of Historical FFO and AFFO:


	Three Months Ended March 31,
(in millions, except per share amounts)	2022		2021
Income (loss) from continuing operations	$	421	$	121	(c)
Real estate related depreciation, amortization and accretion	408		395
Asset write-down charges	14		3

FFO(d)(e)	$	843	$	519
Weighted-average common shares outstanding—diluted	434		433
FFO per share(d)(e)	$	1.94	$	1.20

FFO (from above)	$	843	$	519
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(116)		10
Straight-lined expenses	19		19
Stock-based compensation expense	39		33
Non-cash portion of tax provision	5		7
Non-real estate related depreciation, amortization and accretion	12		13
Amortization of non-cash interest expense	4		3
Other (income) expense	1		8
(Gains) losses on retirement of long-term obligations	26		143
Acquisition and integration costs	—		—
Sustaining capital expenditures	(21)		(17)
AFFO(d)(e)	$	812	$	738
Weighted-average common shares outstanding—diluted	434		433
AFFO per share(d)(e)	$	1.87	$	1.71

(a)As issued on April 20, 2022.

(b)As issued on January 26, 2022.

(c)Does not reflect the impact related to the ATO Settlement (as defined in the April 2021 8-K), which is attributable to discontinued operations in the first quarter of 2021 as discussed in the April 2021 8-K.

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

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

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Reconciliation of Historical FFO and AFFO:


	Year Ended December 31,
(in millions, except per share amounts)	2021			2020		2019		2018
Income (loss) from continuing operations	$	1,158	(a)	$	1,056	$	860	$	622
Real estate related depreciation, amortization and accretion	1,593			1,555		1,517		1,471
Asset write-down charges	21			74		19		26
Dividends/distributions on preferred stock	—			(85)		(113)		(113)
FFO(b)(c)(d)(e)	$	2,772		$	2,600	$	2,284	$	2,005
Weighted-average common shares outstanding—diluted(f)	434			425		418		415
FFO per share(b)(c)(d)(e)(f)	$	6.39		$	6.12	$	5.47	$	4.83

FFO (from above)	$	2,772		$	2,600	$	2,284	$	2,005
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(111)			(22)		(80)		(72)
Straight-lined expenses	76			83		93		90
Stock-based compensation expense	131			133		116		108
Non-cash portion of tax provision	1			1		5		2
Non-real estate related depreciation, amortization and accretion	51			53		55		56
Amortization of non-cash interest expense	13			6		1		7
Other (income) expense	21			5		(1)		(1)
(Gains) losses on retirement of long-term obligations	145			95		2		106
Acquisition and integration costs	1			10		13		27
Sustaining capital expenditures	(87)			(86)		(117)		(105)
AFFO(b)(c)(d)(e)	$	3,013		$	2,878	$	2,371	$	2,223
Weighted-average common shares outstanding—diluted(f)	434			425		418		415
AFFO per share(b)(c)(d)(e)(f)	$	6.95		$	6.78	$	5.68	$	5.36

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

(e)Attributable to CCIC common shareholders.

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

Crown Castle International Corp.

First Quarter 2022

COMPANY OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX

Reconciliation of Current Outlook for FFO and AFFO:


(in millions, except per share amounts)	Full Year 2022 Outlook(d)
Income (loss) from continuing operations	$1,674	to	$1,754
Real estate related depreciation, amortization and accretion	$1,607	to	$1,687
Asset write-down charges	$15	to	$25
FFO(a)(b)	$3,358	to	$3,403
Weighted-average common shares outstanding—diluted(c)	435
FFO per share(a)(b)(c)	$7.72	to	$7.82

FFO (from above)	$3,358	to	$3,403
Adjustments to increase (decrease) FFO:
Straight-lined revenues	$(419)	to	$(399)
Straight-lined expenses	$56	to	$76
Stock-based compensation expense	$135	to	$139
Non-cash portion of tax provision	$0	to	$15
Non-real estate related depreciation, amortization and accretion	$43	to	$58
Amortization of non-cash interest expense	$5	to	$15
Other (income) expense	$0	to	$5
(Gains) losses on retirement of long-term obligations	$25	to	$75
Acquisition and integration costs	$0	to	$8
Sustaining capital expenditures	$(113)	to	$(93)
AFFO(a)(b)	$3,178	to	$3,223
Weighted-average common shares outstanding—diluted(c)	435
AFFO per share(a)(b)(c)	$7.31	to	$7.41

(a)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.

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

(c)The assumption for diluted weighted-average common shares outstanding for full year 2022 Outlook is based on the diluted common shares outstanding as of March 31, 2022.

(d)As issued on April 20, 2022.

Crown Castle International Corp.

First Quarter 2022

COMPANY OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX

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


	Full Year 2020
(dollars in millions, except per share amounts)	As Reported			Less: Impact from Nontypical Items				Exclusive of Impact from Nontypical Items

Income (loss) from continuing operations		$	1,056		$	(223)	(b)		$	833


AFFO(a)		2,878			(286)		(c)		2,592
AFFO per share(a)		$	6.78		$	(0.68)	(c)		$	6.10

Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation:


	Three Months Ended March 31,
(dollars in millions)	2022			2021
Total face value of debt	$	21,295			$	20,048
Less: Ending cash, cash equivalents and restricted cash	482				438
Total net debt	$	20,813			$	19,610

Adjusted EBITDA	$	1,095			$	897
Last quarter annualized Adjusted EBITDA	4,380				3,588
Net debt to Last Quarter Annualized Adjusted EBITDA	4.8		x		5.5		x

Cash Interest Coverage Ratio Calculation:


	Three Months Ended March 31,
(dollars in millions)	2022			2021
Adjusted EBITDA	$	1,095			$	897
Interest expense on debt obligations	160				167
	6.8		x		5.4		x

(b)Impact from Nontypical Items on income (loss) from continuing operations 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.

(c)Impact from Nontypical Items on 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.