cci-20240717
0001051470false00010514702024-07-172024-07-170001051470exch:XNYS2024-07-172024-07-17


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 17, 2024
Crown Castle Inc.
(Exact name of registrant as specified in its charter)
     
Delaware 001-16441 76-0470458
(State or other jurisdiction
of incorporation)
 (Commission File Number) (IRS Employer Identification No.)

8020 Katy Freeway, Houston, Texas 77024
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 570-3000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueCCINew York Stock Exchange

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

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




ITEM 2.02 — RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 17, 2024, Crown Castle Inc. ("Company") issued a press release disclosing its financial results for the second quarter ended June 30, 2024. A copy of the press release is furnished herewith as Exhibit 99.1.

ITEM 7.01 — REGULATION FD DISCLOSURE

The press release referenced in Item 2.02 above refers to certain supplemental information that was posted as a supplemental information package on the Company's website on July 17, 2024. The supplemental information package is furnished herewith as Exhibit 99.2.
ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit Index
Exhibit No.Description
99.1
99.2
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
The information in Items 2.02 and 7.01 of this Current Report on Form 8-K ("Form 8-K") and Exhibits 99.1 and 99.2 attached hereto are furnished as part of this Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information or exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CROWN CASTLE INC.
By: /s/ Edward B. Adams, Jr.
Name:Edward B. Adams, Jr.
Title:Executive Vice President and General Counsel
Date: July 17, 2024

Document
Exhibit 99.1
https://cdn.kscope.io/e6a0a7ba808e8ace412df4fd6794b516-image4.jpg
NEWS RELEASE
July 17, 2024


Contacts: Dan Schlanger, CFO
Kris Hinson, VP Corp Finance & Treasurer
FOR IMMEDIATE RELEASE
Crown Castle Inc.
713-570-3050

CROWN CASTLE REPORTS SECOND QUARTER 2024 RESULTS AND MAINTAINS OUTLOOK FOR FULL YEAR 2024

July 17, 2024 - HOUSTON, TEXAS - Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today reported results for the second quarter ended June 30, 2024 and maintained its full year 2024 outlook, as reflected in the table below.
(dollars in millions, except per share amounts)
Current Full Year 2024 Outlook(a)
Full Year 2023 Actual
Change
% Change
Site rental revenues$6,340$6,532$(192)(3)%
Net income (loss)$1,158$1,502$(344)(23)%
Net income (loss) per share—diluted$2.67$3.46$(0.79)(23)%
Adjusted EBITDA(b)
$4,168$4,415$(247)(6)%
AFFO(b)
$3,030$3,277$(247)(8)%
AFFO per share(b)
$6.97$7.55$(0.58)(8)%
(a)Reflects midpoint of full year 2024 Outlook as issued on July 17, 2024.
(b)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.

“Our second quarter results demonstrated the durability and consistency of Crown Castle’s business, and we remain on track to deliver our full year outlook for organic revenue growth of 4.5% in towers, 2% in fiber solutions, and double digits in small cells, adjusted for the impact of Sprint Cancellations,” said Steven Moskowitz, Crown Castle’s Chief Executive Officer. “In the Fiber segment, we announced and implemented changes in the second quarter to improve the investment outcomes on capital being spent on small cell anchor builds and fiber solutions opportunities. Through a comprehensive review of customer needs, we are finding solutions that utilize more of our existing fiber network, enabling us to limit new greenfield investments. In response to this change in our operating plans, we reduced our staffing levels and field office locations, which is expected to result in approximately $100 million of annualized run-rate operating cost savings. Moving forward, we are focused on continuing to progress the Fiber segment strategic review, which remains active and ongoing, while delivering solid financial and operating results across our tower, small cell, and fiber solutions businesses.”

RESULTS FOR THE QUARTER
The table below sets forth select financial results for the quarters ended June 30, 2024 and June 30, 2023.
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(dollars in millions, except per share amounts)
Q2 2024
Q2 2023
Change% Change
Site rental revenues$1,580$1,728$(148)(9)%
Net income (loss)$251$455$(204)(45)%
Net income (loss) per share—diluted$0.58$1.05$(0.47)(45)%
Adjusted EBITDA(a)
$1,006$1,188$(182)(15)%
AFFO(a)
$704$891$(187)(21)%
AFFO per share(a)
$1.62$2.05$(0.43)(21)%
(a)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.

HIGHLIGHTS FROM THE QUARTER
Site rental revenues. Organic Contribution to Site Rental Billings was $63 million, or 4.7% growth from second quarter 2023, excluding an unfavorable $106 million impact from Sprint Cancellations. Site rental revenues were also negatively impacted by an $81 million decrease in amortization of prepaid rent and a $24 million decrease in straight-lined revenues, resulting in a decline in site rental revenues of $148 million, or 9%, from second quarter 2023 to second quarter 2024.
Net income. Net income for the second quarter 2024 was $251 million compared to $455 million for the second quarter 2023, and included $45 million of charges incurred in the quarter related to the restructuring plan announced in June 2024.
Adjusted EBITDA. Second quarter 2024 Adjusted EBITDA was $1.0 billion compared to $1.2 billion for the second quarter 2023. The decrease in the quarter was primarily a result of the lower contribution from site rental revenues, $22 million of lower services contribution, and $20 million of advisory fees primarily related to the recent proxy contest.
AFFO and AFFO per share. Second quarter 2024 AFFO was $704 million, or $1.62 per share, each representing a decrease from the second quarter 2023 of 21%. The decrease in the quarter was primarily a result of the lower contribution from Adjusted EBITDA and higher interest expense compared to second quarter 2023.
Capital expenditures. Capital expenditures during the quarter were $329 million, comprised of $302 million of discretionary capital expenditures and $27 million of sustaining capital expenditures. Discretionary capital expenditures included approximately $271 million attributable to Fiber and $26 million attributable to Towers.
Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $680 million in the aggregate, or $1.565 per common share, unchanged on a per share basis compared to the same period a year ago.
“Having implemented the operational changes announced in June, we delivered second quarter results in line with expectations and remain on track to meet our full year guidance,” said Dan Schlanger, Crown Castle’s Chief Financial Officer. “The business continues to perform well as we focus on delivering for our customers and shareholders. The resilience of our top-line growth is complemented by our strong balance sheet, which is well-positioned to provide stability and flexibility as we continue to evaluate strategic paths forward. We finished the second quarter with 89% fixed rate debt, a weighted average maturity of 7 years, only 8% of our debt maturing through 2025, and approximately $5.5 billion of liquidity under our revolving credit facility.”

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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 full year 2024 Outlook, which remains unchanged from the previous full year 2024 Outlook issued on June 11, 2024.
(in millions, except per share amounts)
Full Year 2024(a)
Site rental billings(b)
$5,740to$5,780
Amortization of prepaid rent$392to$417
Straight-lined revenues$162to$187
Site rental revenues$6,317to$6,362
Site rental costs of operations(c)
$1,686to$1,731
Services and other gross margin$65to$95
Net income (loss)$1,125to$1,190
Net income (loss) per share—diluted$2.59to$2.74
Adjusted EBITDA(d)
$4,143to$4,193
Depreciation, amortization and accretion$1,680to$1,775
Interest expense and amortization of deferred financing costs, net(e)
$926to$971
FFO(d)
$2,863to$2,893
AFFO(d)
$3,005to$3,055
AFFO per share(d)
$6.91to$7.02
Towers Segment discretionary capital expenditures(d)
$180to$180
Fiber Segment discretionary capital expenditures(d)
$1,050to$1,150
(a)As issued on July 17, 2024.
(b)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
(c)Exclusive of depreciation, amortization and accretion.
(d)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis including on a per share basis, and for definition of discretionary capital expenditures.
(e)See "Non-GAAP Measures and Other Information" for the reconciliation of "Outlook for Components of Interest Expense."

The chart below reconciles the components contributing to expected 2024 growth in site rental revenues. Full year consolidated site rental billings growth, excluding the impact of Sprint Cancellations, is expected to be 5%, inclusive of 4.5% from towers, 15% from small cells, and 2% from fiber solutions.
https://cdn.kscope.io/e6a0a7ba808e8ace412df4fd6794b516-revenuegrowthq220242024071a.jpg
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Core leasing activity for full year 2024 is expected to contribute $305 million to $335 million, consisting of $105 million to $115 million from towers (compared to $126 million in full year 2023), $65 million to $75 million from small cells (compared to $28 million in full year 2023), and $135 million to $145 million from fiber solutions (compared to $120 million in full year 2023).
The expected 2024 small cell core leasing activity of $70 million at the midpoint includes $25 million of higher-than-expected non-recurring revenues primarily related to early termination payments. Excluding the impact of Sprint Cancellations and the increase in non-recurring revenues, small cell organic growth is expected to be 10% in 2024.
The chart below reconciles the components contributing to the year over year change to 2024 AFFO.
https://cdn.kscope.io/e6a0a7ba808e8ace412df4fd6794b516-affogrowthq220242024071108a.jpg
The expected increase in full year 2024 expenses includes $25 million of advisory fees related to the recent proxy contest, which is expected to be more than offset by an approximately $60 million decrease in costs related to the reduction in staffing levels and office closures announced in June 2024.
Interest expense for full year 2024 is expected to be $78 million to $123 million higher than in full year 2023, primarily related to incremental debt financing to fund discretionary capital expenditures in 2024.
The full year 2024 Outlook for discretionary capital expenditures, which is unchanged from the 2024 Outlook issued in June 2024 and reflects a $300 million reduction from our 2024 Outlook provided in April 2024, is $1.2 billion to $1.3 billion, including approximately $1.1 billion in the Fiber segment and $180 million in the Towers segment, and prepaid rent additions are expected to be approximately $355 million in 2024, including $275 million from Fiber and $80 million from Towers.
Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.
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CONFERENCE CALL DETAILS
Crown Castle has scheduled a conference call for Wednesday, July 17, 2024, at 5:00 p.m. Eastern time to discuss its second quarter 2024 results. A listen only live audio webcast of the conference call, along with supplemental materials for the call, can be accessed on the Crown Castle website at https://investor.crowncastle.com. Participants may join the conference call by dialing 833-816-1115 (Toll Free) or 412-317-0694 (International) at least 30 minutes prior to the start time. All dial-in participants should ask to join the Crown Castle call.
A replay of the webcast will be available on the Investor page of Crown Castle's website until end of day, Thursday, July 17, 2025.
ABOUT CROWN CASTLE
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 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.
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Non-GAAP Measures and Other Information
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, Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, and Net Debt, 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 net income (loss) 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 net income (loss) 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 net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.
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Organic Contribution to Site Rental Billings (also referred to as organic growth) 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. Separately, we are also disclosing Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations (including by line of business), which is outside of ordinary course, to provide further insight into our results of operations and underlying trends. Management believes that identifying the impact for Sprint Cancellations provides increased transparency and comparability across periods. Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations) 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.
Net Debt is useful to investors or other interested parties in evaluating our overall debt position and future debt capacity. Management uses Net Debt in assessing our leverage. Net Debt is not meant as an alternative measure of debt and should be considered only as a supplement in understanding and assessing our leverage.
Non-GAAP Financial Measures
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (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, net (income) loss from discontinued operations, (gain) loss on sale of discontinued operations, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
AFFO. We define AFFO as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, net, 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), net (income) loss from discontinued operations, (gain) loss on sale of discontinued operations, 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.
FFO. We define FFO as net income (loss) 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 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 (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and payments for Sprint Cancellations, less non-renewals of tenant contracts and non-renewals associated with Sprint Cancellations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations reflects Organic Contribution to Site Rental Billings less payments for Sprint Cancellations, plus non-renewals associated with Sprint Cancellations (including by line of business).
Net Debt. We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net; less cash and cash equivalents and restricted cash and cash equivalents.
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, net 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, net recorded in consolidated services and other costs of operations.
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Segment operating profit. We define segment operating profit as segment site rental gross margin plus segment services and other gross margin, less segment selling, general and administrative expenses.
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 Definitions
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.
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 (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP and (2) payments for Sprint Cancellations, where applicable.
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, exclusive of non-renewals associated with Sprint Cancellations, where applicable.
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.
Sprint Cancellations. We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
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Reconciliation of Historical Adjusted EBITDA:
For the Three Months Ended
For the Six Months Ended
For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
June 30, 2024June 30, 2023June 30, 2024June 30, 2023December 31, 2023
Net income (loss)$251 $455 $562 $874 $1,502 
Adjustments to increase (decrease) net income (loss):
Asset write-down charges22 22 33 
Acquisition and integration costs— — 
Depreciation, amortization and accretion430 445 869 876 1,754 
Restructuring charges(a)
45 — 56 — 85 
Amortization of prepaid lease purchase price adjustments16 
Interest expense and amortization of deferred financing costs, net(b)
230 208 456 410 850 
Interest income(4)(5)(8)(7)(15)
Other (income) expense(1)
(Benefit) provision for income taxes14 14 26 
Stock-based compensation expense, net40 50 78 91 157 
Adjusted EBITDA(c)(d)
$1,006 $1,188 $2,043 $2,292 $4,415 
Reconciliation of Current Outlook for Adjusted EBITDA:
Full Year 2024
(in millions; totals may not sum due to rounding)
Outlook(f)
Net income (loss)$1,125to$1,190
Adjustments to increase (decrease) net income (loss):
Asset write-down charges$42to$52
Acquisition and integration costs$0to$6
Depreciation, amortization and accretion$1,680to$1,775
Restructuring charges(a)
$100to$130
Amortization of prepaid lease purchase price adjustments$15to$17
Interest expense and amortization of deferred financing costs, net(e)
$926to$971
(Gains) losses on retirement of long-term obligations— to
Interest income$(12)to$(11)
Other (income) expense$0to$9
(Benefit) provision for income taxes$20to$28
Stock-based compensation expense, net$142to$146
Adjusted EBITDA(c)(d)
$4,143to$4,193
(a)Represents restructuring charges recorded for the periods presented related to (1) the Company's restructuring plan announced in July 2023, as further discussed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Restructuring Plan"), and (2) the Company's restructuring plan announced in June 2024, as further discussed in the Current Report on Form 8-K filed on June 11, 2024 ("2024 Restructuring Plan"), as applicable for the respective period. For the six-month period ended June 30, 2024, there were $13 million and $43 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.
(b)See the reconciliation of "Components of Interest Expense" for a discussion of non-cash interest expense.
(c)See discussion and our definition of Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(f)As issued on July 17, 2024.

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Reconciliation of Historical FFO and AFFO:
For the Three Months Ended
For the Six Months Ended
For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
June 30, 2024June 30, 2023June 30, 2024June 30, 2023December 31, 2023
Net income (loss) $251 $455 $562 $874 $1,502 
Real estate related depreciation, amortization and accretion415 424 841 841 1,692 
Asset write-down charges22 22 33 
FFO(a)(b)
$669 $901 $1,412 $1,737 $3,227 
Weighted-average common shares outstanding—diluted435 434 435 434 434 
FFO (from above)$669 $901 $1,412 $1,737 $3,227 
Adjustments to increase (decrease) FFO:
Straight-lined revenues(56)(80)(116)(163)(274)
Straight-lined expenses17 18 33 39 73 
Stock-based compensation expense, net40 50 78 91 157 
Non-cash portion of tax provision(2)(6)
Non-real estate related depreciation, amortization and accretion15 21 28 35 62 
Amortization of non-cash interest expense14 
Other (income) expense(1)
Acquisition and integration costs— — 
Restructuring charges(c)
45 — 56 — 85 
Sustaining capital expenditures(27)(18)(49)(33)(83)
AFFO(a)(b)
$704 $891 $1,453 $1,720 $3,277 
Weighted-average common shares outstanding—diluted435 434 435 434 434 
(a)See discussion and our definitions of FFO and AFFO in this "Non-GAAP Measures and Other Information."
(b)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(c)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the six-month period ended June 30, 2024, there were $13 million and $43 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.













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News Release continued:
Page 11

Reconciliation of Historical FFO and AFFO per share:
For the Three Months Ended
For the Six Months Ended
For the Twelve Months Ended
(in millions, except per share amounts; totals may not sum due to rounding)
June 30, 2024June 30, 2023June 30, 2024June 30, 2023December 31, 2023
Net income (loss) $0.58 $1.05 $1.29 $2.01 $3.46 
Real estate related depreciation, amortization and accretion0.95 0.98 1.93 1.94 3.90 
Asset write-down charges0.01 0.05 0.02 0.05 0.08 
FFO(a)(b)
$1.54 $2.08 $3.25 $4.00 $7.43 
Weighted-average common shares outstanding—diluted435 434 435 434 434 
FFO (from above)$1.54 $2.08 $3.25 $4.00 $7.43 
Adjustments to increase (decrease) FFO:
Straight-lined revenues(0.13)(0.18)(0.27)(0.38)(0.63)
Straight-lined expenses0.04 0.04 0.08 0.09 0.17 
Stock-based compensation expense, net0.09 0.12 0.18 0.21 0.36 
Non-cash portion of tax provision— (0.01)0.01 0.01 0.02 
Non-real estate related depreciation, amortization and accretion0.03 0.05 0.06 0.08 0.14 
Amortization of non-cash interest expense0.01 0.01 0.01 0.02 0.03 
Other (income) expense— — — 0.01 0.01 
Acquisition and integration costs— — — — — 
Restructuring charges(c)
0.10 — 0.13 — 0.20 
Sustaining capital expenditures(0.06)(0.04)(0.11)(0.08)(0.19)
AFFO(a)(b)
$1.62 $2.05 $3.34 $3.96 $7.55 
Weighted-average common shares outstanding—diluted435 434 434 434 434 
(a)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."
(b)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(c)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the six-month period ended June 30, 2024, there were $13 million and $43 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.
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News Release continued:
Page 12

Reconciliation of Current Outlook for FFO and AFFO:
Full Year 2024Full Year 2024
(in millions; totals may not sum due to rounding)
Outlook(a)
Outlook per share(a)
Net income (loss)$1,125to$1,190$2.59to$2.74
Real estate related depreciation, amortization and accretion$1,634to$1,714$3.76to$3.94
Asset write-down charges$42to$52$0.10to$0.12
FFO(b)(c)
$2,863to$2,893$6.58to$6.65
Weighted-average common shares outstanding—diluted435435
FFO (from above) $2,863to$2,893$6.58to$6.65
Adjustments to increase (decrease) FFO:
Straight-lined revenues$(187)to$(162)$(0.43)to$(0.37)
Straight-lined expenses$55to$75$0.13to$0.17
Stock-based compensation expense, net $142to$146$0.33to$0.34
Non-cash portion of tax provision$2to$17$0.00to$0.04
Non-real estate related depreciation, amortization and accretion$46to$61$0.11to$0.14
Amortization of non-cash interest expense$9to$19$0.02to$0.04
Other (income) expense$0to$9$0.00to$0.02
(Gains) losses on retirement of long-term obligations— to— to
Acquisition and integration costs $0to$6$0.00to$0.01
Restructuring charges(d)
$100to$130$0.23to$0.30
Sustaining capital expenditures$(85)to$(65)$(0.20)to$(0.15)
AFFO(b)(c)
$3,005to$3,055$6.91to$7.02
Weighted-average common shares outstanding—diluted435435

(a)As issued on July 17, 2024.
(b)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."
(c)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(d)Represents restructuring charges recorded for the periods presented related to 2023 Restructuring Plan and 2024 Restructuring Plan, as applicable, for the respective period..
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News Release continued:
Page 13
Components of Changes in Site Rental Revenues for the Quarters Ended June 30, 2024 and 2023:
Three Months Ended June 30,
(dollars in millions; totals may not sum due to rounding)
20242023
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)
$1,354 $1,304 
Prior year payments for Sprint Cancellations(a)(b)
106 — 
Prior year site rental billings(a)
1,460 1,304 
Core leasing activity(a)
76 73 
Escalators24 24 
Non-renewals(a)
(37)(42)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)
63 54 
Payments for Sprint Cancellations(a)(b)
(105)106 
Non-renewals associated with Sprint Cancellations(a)(b)
(1)(6)
Organic Contribution to Site Rental Billings(a)
(44)155 
Straight-lined revenues56 80 
Amortization of prepaid rent107 188 
Acquisitions(c)
— 
Total site rental revenues$1,580 $1,728 
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
(8.6)%10.3 %
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)
4.7 %4.2 %
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)
(3.0)%11.9 %
(a)See our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations in this "Non-GAAP Measures and Other Information."
(b)In the second quarter 2023, we received $101 million and $5 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount. Additionally, during the second quarter 2023, there were $4 million and $2 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively.
(c)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.





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News Release continued:
Page 14
Towers Segment Components of Changes in Site Rental Revenues for the Quarters Ended June 30, 2024 and 2023:
Three Months Ended June 30,
(dollars in millions; totals may not sum due to rounding)
20242023
Components of changes in site rental revenues:
Prior year site rental billings(a)
$929 $877
Core leasing activity(a)
26 38 
Escalators23 22 
Non-renewals(a)
(7)(8)
Organic Contribution to Site Rental Billings(a)
42 51 
Straight-lined revenues54 84 
Amortization of prepaid rent39 67 
Acquisitions(b)
— 
Other— — 
Total site rental revenues$1,064 $1,080 
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
(1.5)%0.2 %
Changes in revenues as a percentage of prior year site rental billings:
Organic Contribution to Site Rental Billings(a)
4.4 %5.8 %
(a)See our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations in this "Non-GAAP Measures and Other Information."
(b)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.




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News Release continued:
Page 15
Fiber Segment Components of Changes in Site Rental Revenues by Line of Business for the Quarters Ended June 30, 2024 and 2023:
Small Cells Three Months Ended June 30,
(dollars in millions; totals may not sum due to rounding)
20242023
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)
$110 $109 
Prior year payments for Sprint Cancellations(a)(b)
101 — 
Prior year site rental billings(a)
211 109 
Core leasing activity(a)
11 
Escalators
Non-renewals(a)
(1)(2)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)
12 
Payments for Sprint Cancellations(a)(b)
(101)101 
Non-renewals associated with Sprint Cancellations(a)(b)
(1)(4)
Organic Contribution to Site Rental Billings(a)
(90)102 
Straight-lined revenues(1)(6)
Amortization of prepaid rent50 102 
Acquisitions(c)
— — 
Total site rental revenues$170 $308 
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
(44.8)%97.4 %
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)
10.9 %5.0 %
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)
(42.5)%93.6 %
(a)See our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations in this "Non-GAAP Measures and Other Information."
(b)In the second quarter 2023, we received $101 million of payments for Sprint Cancellations that related to small cells, which will not recur in 2024. In second quarter 2023, there were $4 million of non-renewals associated with Sprint Cancellations that related to small cells.
(c)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.


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News Release continued:
Page 16
Fiber Segment Components of Changes in Site Rental Revenues by Line of Business for the Quarters Ended June 30, 2024 and 2023:
Fiber SolutionsThree Months Ended June 30,
(dollars in millions; totals may not sum due to rounding)
20242023
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)
$314 $318 
Prior year payments for Sprint Cancellations(a)(b)
— 
Prior year site rental billings(a)
319 318 
Core leasing activity(a)
39 30 
Escalators— — 
Non-renewals(a)
(29)(32)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)
10 (2)
Payments for Sprint Cancellations(a)(b)
(4)
Non-renewals associated with Sprint Cancellations(a)(b)
(1)(2)
Organic Contribution to Site Rental Billings(a)
Straight-lined revenues
Amortization of prepaid rent18 19 
Acquisitions(c)
— — 
Total site rental revenues$346 $340 
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
1.8 %2.1 %
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)
3.2 %(0.7)%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)
1.7 %0.4 %


Outlook for Components Changes in Site Rental Revenues by Line of Business
Full Year 2024 Outlook(d)
Towers
Fiber Segment
(in millions)
Small Cells
Fiber Solutions
Core leasing activity (a)
$105to$115$65to$75$135to$145
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)(e)(f)
4.5%15%2%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)(e)
4.5%(8)(4)

(a)See our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations in this "Non-GAAP Measures and Other Information."
(b)In the second quarter 2023, we received $5 million of payments for Sprint Cancellations that related to fiber solutions, which will not recur in 2024. In the second quarter 2023, there were $2 million of non-renewals associated with Sprint Cancellations that related to fiber solutions.
(c)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.
(d)As issued on July 17, 2024.
(e)Calculated based on midpoint of full year 2024 Outlook.
(f)In full year 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively.



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News Release continued:
Page 17
Components of Changes in Site Rental Revenues for Full Year 2024 Outlook:
(dollars in millions; totals may not sum due to rounding)
Full Year 2024 Outlook(a)
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(b)
$5,505
Prior year payments for Sprint Cancellations(b)(c)
$170
Prior year site rental billings(b)
$5,675
Core leasing activity(b)
$305to$335
Escalators$95to$105
Non-renewals(b)
$(165)to$(145)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(b)
$245to$285
Payments for Sprint Cancellations(b)(c)
$(170)to$(160)
Non-renewals associated with Sprint Cancellations(b)(c)
$(10)to$(10)
Organic Contribution to Site Rental Billings(b)
$70to$110
Straight-lined revenues$162to$187
Amortization of prepaid rent$392to$417
Acquisitions(d)
Total site rental revenues$6,317to$6,362
Year-over-year changes in revenues:(e)
Site rental revenues as a percentage of prior year site rental revenues
(3.0)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(b)
4.8%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)
1.6%
(a)As issued on July 17, 2024.
(b)See our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings, and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations in this "Non-GAAP Measures and Other Information."
(c)In 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively, and $14 million and $7 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.
(d)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.
(e)Calculated based on midpoint of full year 2024 Outlook, where applicable.

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News Release continued:
Page 18
Components of Capital Expenditures:(a)
For the Three Months Ended
June 30, 2024June 30, 2023
(in millions)TowersFiberOtherTotalTowersFiberOtherTotal
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects$15 $271 $$291 $34 $298 $$338 
Purchases of land interests11 — — 11 23 — — 23 
Sustaining capital expenditures18 27 18 
Total capital expenditures$29 $289 $11 $329 $61 $306 $12 $379 
For the Six Months Ended
June 30, 2024June 30, 2023
(in millions)TowersFiberOtherTotalTowersFiberOtherTotal
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects$35 $530 $11 $576 $67 $570 $12 $649 
Purchases of land interests24 — — 24 38 — — 38 
Sustaining capital expenditures32 12 49 15 12 33 
Total capital expenditures$64 $562 $23 $649 $111 $585 $24 $720 
Outlook for Discretionary Capital Expenditures Less Prepaid Rent Additions:(d)
(in millions)
Full Year 2023
Full Year 2024 Outlook(b)
Discretionary capital expenditures
$1,341$1,230to$1,330
Less: Prepaid rent additions(c)
$348~$355
Discretionary capital expenditures less prepaid rent additions
$993$875to$975
Components of Interest Expense:
For the Three Months Ended
(in millions)June 30, 2024June 30, 2023
Interest expense on debt obligations$227 $205 
Amortization of deferred financing costs and adjustments on long-term debt
Capitalized interest(5)(4)
Interest expense and amortization of deferred financing costs, net$230 $208 
Outlook for Components of Interest Expense:
(in millions)
Full Year 2024 Outlook(b)
Interest expense on debt obligations$915to$955
Amortization of deferred financing costs and adjustments on long-term debt$20to$30
Capitalized interest$(17)to$(7)
Interest expense and amortization of deferred financing costs, net$926to$971

(a)See our definitions of discretionary capital expenditures and sustaining capital expenditures in this "Non-GAAP Measures and Other Information."
(b)As issued on July 17, 2024.
(c)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
(d)Excludes sustaining capital expenditures. See "Non-GAAP Measures and Other Information" for our definitions of discretionary capital expenditures and sustaining capital expenditures.




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News Release continued:
Page 19

Debt Balances and Maturity Dates as of June 30, 2024:
(in millions)
Face Value(a)
Final Maturity
Cash and cash equivalents and restricted cash and cash equivalents
$331 
Senior Secured Notes, Series 2009-1, Class A-2(b)
36 Aug. 2029
Senior Secured Tower Revenue Notes, Series 2015-2(c)
700 May 2045
Senior Secured Tower Revenue Notes, Series 2018-2(c)
750 July 2048
Finance leases and other obligations(d)
295 Various
Total secured debt$1,781 
2016 Revolver(e)
— July 2027
2016 Term Loan A(f)
1,155 July 2027
Commercial Paper Notes(g)
1,438 
Various
3.200% Senior Notes
750 Sept. 2024
1.350% Senior Notes
500 July 2025
4.450% Senior Notes
900 Feb. 2026
3.700% Senior Notes
750 June 2026
1.050% Senior Notes1,000 July 2026
2.900% Senior Notes750 Mar. 2027
4.000% Senior Notes
500 Mar. 2027
3.650% Senior Notes
1,000 Sept. 2027
5.000% Senior Notes1,000 Jan. 2028
3.800% Senior Notes
1,000 Feb. 2028
4.800% Senior Notes600 Sept. 2028
4.300% Senior Notes
600 Feb. 2029
5.600% Senior Notes
750 June 2029
3.100% Senior Notes550 Nov. 2029
3.300% Senior Notes
750 July 2030
2.250% Senior Notes
1,100 Jan. 2031
2.100% Senior Notes1,000 Apr. 2031
2.500% Senior Notes750 July 2031
5.100% Senior Notes750 May 2033
5.800% Senior Notes
750 Mar. 2034
2.900% Senior Notes1,250 Apr. 2041
4.750% Senior Notes
350 May 2047
5.200% Senior Notes
400 Feb. 2049
4.000% Senior Notes350 Nov. 2049
4.150% Senior Notes500 July 2050
3.250% Senior Notes900 Jan. 2051
Total unsecured debt$22,093 
 Net Debt(h)
$23,543 
(a)Net of required principal amortizations.
(b)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(c)If the respective series of Tower Revenue Notes are 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.
(d)$8 million represents obligations under finance leases as of June 30, 2024.
(e)As of June 30, 2024, the undrawn availability under the $7.0 billion 2016 Revolver was $7.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of June 30, 2024 ranged from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum.
(f)The 2016 Term Loan A principal amortizes over a period ending in July 2027.
(g)As of June 30, 2024, the Company had $0.6 billion available for issuance under its $2.0 billion unsecured commercial paper program. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.
(h)See further information on, and our definition and calculation of, Net Debt in this "Non-GAAP Measures and Other Information."

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News Release continued:
Page 20
Cautionary Language Regarding Forward-Looking Statements
This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "focus," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2024 Outlook and plans, projections, expectations and estimates regarding (1) the value of our business model and strategy, the durability and performance of our business and the demand for our communications infrastructure, (2) revenue growth and its driving factors, (3) net income (loss) (including on a per share basis), (4) AFFO (including on a per share basis) and its components and growth, (5) Adjusted EBITDA and its components and growth, (6) Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations) and its components and growth, (7) site rental revenues and its components and growth, (8) interest expense, (9) the impact of Sprint Cancellations on our operating and financial results, (10) services contribution, (11) the growth in our business and its driving factors, (12) discretionary capital expenditures, (13) prepaid rent additions and amortization, (14) core leasing activity, (15) increase in our expenses, including its driving factors, (16) fiber strategic review and the potential impacts and benefits therefrom, (17) changes to our operating plans for the Fiber segment and the impacts therefrom, (18) operating cost reductions, including cost savings and other resulting benefits, (19) debt and debt maturities, (20) payment of advisory fees, including timing, and the impact on our results, and (21) fiber solutions and small cell opportunities and the potential impacts and benefits 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 (including towers, small cells and fiber), 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, reduce demand for our communications infrastructure and services and impact our dividend per share growth.
The expansion or development of our business, including through acquisitions, increased product offerings or other strategic 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, 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.
Our review of potential strategic alternatives may not result in an executed or consummated transaction or other strategic alternative, and the process of reviewing strategic alternatives or the outcome could adversely affect our business. There is no guarantee that any transaction resulting from the strategic review will ultimately benefit our shareholders.
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.
Our business may be adversely impacted by climate-related events, natural disasters, including wildfires, and other unforeseen events.
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 focus on and disclosure of our Environmental, Social and Governance position, metrics, strategy, goals and initiatives expose us to potential litigation and other adverse effects to our business.
Failure to attract, recruit and retain qualified and experienced employees could adversely affect our business, operations and costs.
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News Release continued:
Page 21
Changes to management, including turnover of our top executives, could have an adverse effect on our business.
Actions that we are taking to restructure our business in alignment with our strategic priorities may not be as effective as anticipated.
Actions of activist stockholders could impact the pursuit of our business strategies and adversely affect our results of operations, financial condition, or stock price.
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, possibly on unfavorable terms, 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 Real Estate Investment Trust ("REIT") involves highly technical and complex provisions of the Code. Failure to remain qualified as a REIT would result in our inability to deduct dividends to stockholders when computing our taxable income, thereby increasing our tax obligations and reducing 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.
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CROWN CASTLE INC.
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Amounts in millions, except par values)
 June 30,
2024
December 31, 2023
ASSETS  
Current assets:
Cash and cash equivalents$155 $105 
Restricted cash and cash equivalents
171 171 
Receivables, net420 481 
Prepaid expenses155 103 
Deferred site rental receivables 129 116 
Other current assets51 56 
Total current assets1,081 1,032 
Deferred site rental receivables2,341 2,239 
Property and equipment, net15,698 15,666 
Operating lease right-of-use assets5,930 6,187 
Goodwill10,085 10,085 
Other intangible assets, net2,974 3,179 
Other assets, net137 139 
Total assets$38,246 $38,527 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$225 $252 
Accrued interest228 219 
Deferred revenues509 605 
Other accrued liabilities359 342 
Current maturities of debt and other obligations865 835 
Current portion of operating lease liabilities308 332 
Total current liabilities2,494 2,585 
Debt and other long-term obligations22,854 22,086 
Operating lease liabilities5,354 5,561 
Other long-term liabilities1,892 1,914 
Total liabilities32,594 32,146 
Commitments and contingencies
Stockholders' equity:
Common stock, 0.01 par value; 1,200 shares authorized; shares issued and outstanding: June 30, 2024—435 and December 31, 2023—434
Additional paid-in capital18,347 18,270 
Accumulated other comprehensive income (loss)(5)(4)
Dividends/distributions in excess of earnings(12,694)(11,889)
Total equity5,652 6,381 
Total liabilities and equity$38,246 $38,527 
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News Release continued:
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CROWN CASTLE INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net revenues:
Site rental$1,580 $1,728 $3,168 $3,352 
Services and other46 139 99 288 
Net revenues1,626 1,867 3,267 3,640 
Operating expenses:
Costs of operations:(a)
Site rental432 424 862 839 
Services and other27 98 61 202 
Selling, general and administrative204 210 387 405 
Asset write-down charges22 22 
Acquisition and integration costs— — 
Depreciation, amortization and accretion430 445 869 876 
Restructuring charges
45 — 56 — 
Total operating expenses1,141 1,200 2,244 2,345 
Operating income (loss)485 667 1,023 1,295 
Interest expense and amortization of deferred financing costs, net(230)(208)(456)(410)
Interest income
Other income (expense)(1)(2)(4)
Income (loss) before income taxes258 462 576 888 
Benefit (provision) for income taxes(7)(7)(14)(14)
Net income (loss) $251 $455 $562 $874 
Net income (loss), per common share:
Basic$0.58 $1.05 $1.29 $2.02 
Diluted$0.58 $1.05 $1.29 $2.01 
Weighted-average common shares outstanding:
Basic435 434 434 433 
Diluted435 434 435 434 
(a)Exclusive of depreciation, amortization and accretion shown separately.

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CROWN CASTLE INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In millions of dollars)
Six Months Ended June 30,
20242023
Cash flows from operating activities:
Net income (loss)$562 $874 
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion869 876 
(Gains) losses on retirement of long-term obligations— — 
Amortization of deferred financing costs and other non-cash interest18 14 
Stock-based compensation expense, net78 91 
Asset write-down charges22 
Deferred income tax (benefit) provision
Other non-cash adjustments, net
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities(99)(35)
Decrease (increase) in assets(83)(120)
Net cash provided by (used for) operating activities1,367 1,725 
Cash flows from investing activities:
Capital expenditures(649)(720)
Payments for acquisitions, net of cash acquired(1)(89)
Other investing activities, net— 
Net cash provided by (used for) investing activities(650)(806)
Cash flows from financing activities:
Proceeds from issuance of long-term debt— 2,347 
Principal payments on debt and other long-term obligations(36)(39)
Purchases and redemptions of long-term debt— — 
Borrowings under revolving credit facility— 2,113 
Payments under revolving credit facility(670)(2,739)
Net borrowings (repayments) under commercial paper program1,438 (1,024)
Payments for financing costs— (23)
Purchases of common stock (30)(29)
Dividends/distributions paid on common stock(1,368)(1,364)
Net cash provided by (used for) financing activities(666)(758)
Net increase (decrease) in cash and cash equivalents and restricted cash
51 161 
Effect of exchange rate changes on cash(1)— 
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period
281 327 
Cash and cash equivalents and restricted cash and cash equivalents at end of period
$331 $488 
Supplemental disclosure of cash flow information:
Interest paid441 367 
Income taxes paid (refunded)10 
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CROWN CASTLE INC.
SEGMENT OPERATING RESULTS (UNAUDITED)
(In millions of dollars)
SEGMENT OPERATING RESULTS
Three Months Ended June 30, 2024
Three Months Ended June 30, 2023
TowersFiberOther
Total
TowersFiberOther
Total
Segment site rental revenues$1,064 $516 $1,580 $1,080 $648 $1,728 
Segment services and other revenues43 46 124 15 139 
Segment revenues1,107 519 1,626 1,204 663 1,867 
Segment site rental costs of operations245 178 423 243 171 414 
Segment services and other costs of operations23 25 92 95 
Segment costs of operations(a)(b)
268 180 448 335 174 509 
Segment site rental gross margin(c)
819 338 1,157 837 477 1,314 
Segment services and other gross margin(c)
20 21 32 12 44 
Segment selling, general and administrative expenses(b)
16 50 66 30 51 81 
Segment operating profit(c)
823 289 1,112 839 438 1,277 
Other selling, general and administrative expenses(b)
$105 105 $88 88 
Stock-based compensation expense, net40 40 50 50 
Depreciation, amortization and accretion
430 430 445 445 
Restructuring charges(d)
45 45 — — 
Interest expense and amortization of deferred financing costs, net230 230 208 208 
Other (income) expenses to reconcile to income (loss) before income taxes(e)
24 24 
Income (loss) before income taxes
$258 $462 
(a)Exclusive of depreciation, amortization and accretion shown separately.
(b)Segment costs of operations exclude (1) stock-based compensation expense, net of $7 million and $9 million for the three months ended June 30, 2024 and 2023, respectively and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended June 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $33 million and $41 million for the three months ended June 30, 2024 and 2023, respectively.
(c)See "Non-GAAP Measures and Other Information" for a discussion and our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.
(d)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable for the respective period. For the three-month period ended June 30, 2024, there were $2 million and $43 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.
(e)See condensed consolidated statement of operations for further information.
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SEGMENT OPERATING RESULTS
Six Months Ended June 30, 2024
Six Months Ended June 30, 2023
TowersFiberOther
Total
TowersFiberOther
Total
Segment site rental revenues$2,132 $1,036 $3,168 $2,161 $1,191 $3,352 
Segment services and other revenues89 10 99 270 18 288 
Segment revenues2,221 1,046 3,267 2,431 1,209 3,640 
Segment site rental costs of operations483 360 843 477 343 820 
Segment services and other costs of operations51 58 191 196 
Segment costs of operations(a)(b)
534 367 901 668 348 1,016 
Segment site rental gross margin(c)
1,649 676 2,325 1,684 848 2,532 
Segment services and other gross margin(c)
38 41 79 13 92 
Segment selling, general and administrative expenses(b)
37 97 134 61 100 161 
Segment operating profit(c)
1,650 582 2,232 1,702 761 2,463 
Other selling, general and administrative expenses(b)
$189 189 $170 170 
Stock-based compensation expense, net78 78 91 91 
Depreciation, amortization and accretion
869 869 876 876 
Restructuring charges(d)
56 56 — — 
Interest expense and amortization of deferred financing costs, net456 456 410 410 
Other (income) expenses to reconcile to income (loss) before income taxes(e)
28 28 
Income (loss) before income taxes
$576 $888 
(a)Exclusive of depreciation, amortization and accretion shown separately.
(b)Segment costs of operations exclude (1) stock-based compensation expense, net of $14 million and $17 million for the six months ended June 30, 2024 and 2023, respectively, and (2) prepaid lease purchase price adjustments of $8 million for each of the six months ended June 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $64 million and $74 million for the six months ended June 30, 2024 and 2023.
(c)See "Non-GAAP Measures and Other Information" for a discussion and our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.
(d)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the six-month period ended June 30, 2024, there were $13 million and $43 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.
(e)See condensed consolidated statement of operations for further information.
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Document
Exhibit 99.2






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Supplemental Information Package
and Non-GAAP Reconciliations
Second Quarter • June 30, 2024
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Crown Castle Inc.
Second Quarter 2024

TABLE OF CONTENTS
Page
Company Overview
Company Profile
Strategy
General Company Information
Asset Portfolio Footprint
Historical Common Stock Data
Annualized Fourth Quarter Dividends Per Share
Executive Management Team
Board of Directors
Research Coverage
Outlook
Outlook
Outlook for Components of Changes in Site Rental Revenues
Outlook for Components of Changes in Site Rental Revenues by Line of Business
Outlook for Capital Expenditures
Outlook for Components of Interest Expense
Consolidated Financials
Consolidated Summary Financial Highlights
Consolidated Components of Changes in Site Rental Revenues
Consolidated Summary of Capital Expenditures
Consolidated Return on Invested Capital
Consolidated Tenant Overview
Consolidated Annualized Rental Cash Payments at Time of Renewal
Consolidated Projected Revenues from Tenant Contracts
Consolidated Projected Expenses from Existing Ground Leases and Fiber Access Agreements
Capitalization Overview
Capitalization Overview
Debt Maturity Overview
Liquidity Overview
Summary of Maintenance and Financial Covenants
Interest Rate Exposure
Components of Interest Expense
Towers Segment
Towers Segment Summary Financial Highlights
Towers Segment Components of Changes in Site Rental Revenues
Towers Segment Summary of Capital Expenditures
Towers Segment Portfolio Highlights
Towers Segment Cash Yield on Invested Capital
Summary of Tower Portfolio by Vintage
Ground Interest Overview
Fiber Segment
Fiber Segment Summary Financial Highlights
Fiber Segment Components of Changes in Site Rental Revenues
Fiber Segment Summary of Capital Expenditures
Fiber Segment Revenue Detail by Line of Business
Fiber Segment Portfolio Highlights
Fiber Segment Cash Yield on Invested Capital
Fiber Solutions Revenue Mix
Appendix of Condensed Consolidated Financial Statements and Non-GAAP Reconciliations
1

Crown Castle Inc.
Second Quarter 2024

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, (2) cash flow growth and its driving factors, (3) our Outlook for full year 2024, (4) the value of our business model, strategy and product offerings, (5) strategic position of our assets, (6) revenues from tenant contracts, (7) expenses from existing ground leases and fiber access agreements, (8) the growth of the U.S. market for communications infrastructure ownership, (9) levels of commitments under our debt instruments and (10) the impact of Sprint Cancellations to our operating and financial results.
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 forward looking financial information presented herein may not sum due to rounding. In addition, the sum of quarterly historical information presented herein may not agree to year to date historical information provided herein due to rounding. Throughout this document, percentage calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values included in this document due to the rounding of those dollar values.
Definitions and reconciliations of non-GAAP financial measures, information regarding segment measures and other information are provided in the Appendix to this Supplement.
As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.
2

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
COMPANY PROFILE
Crown Castle Inc. (to which the terms "Crown Castle," "CCI," "we," "our," "the Company" or "us" as used herein refer) owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) more than 40,000 towers and other structures, such as rooftops (collectively, "towers"), (2) approximately 115,000 small cells on air or under contract and (3) approximately 90,000 route miles of fiber primarily supporting small cells and fiber solutions. We refer to our towers, small cells and fiber 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 assets 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.
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 and continuing 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 services within our Towers segment.

3

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
GENERAL COMPANY INFORMATION
Principal executive offices8020 Katy Freeway, Houston, TX 77024
Common shares trading symbolCCI
Stock exchange listingNew York Stock Exchange
Fiscal year ending dateDecember 31
Fitch - Long-term Issuer Default RatingBBB+
Moody’s - Long-term Corporate Family RatingBaa3
Standard & Poor’s - Long-term Local Issuer Credit RatingBBB
Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.
ASSET PORTFOLIO FOOTPRINT
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HISTORICAL COMMON STOCK DATA
Three Months Ended
(in millions, except per share amounts)6/30/239/30/2312/31/233/31/246/30/24
High price(b)
$126.82 $111.55 $114.47 $113.57 $104.06 
Low price(b)
$101.25 $84.94 $81.02 $100.28 $91.00 
Period end closing price(c)
$107.33 $88.10 $111.77 $104.17 $97.70 
Dividends paid per common share$1.57 $1.57 $1.57 $1.57 $1.57 
Volume weighted average price for the period(b)
$109.38 $97.35 $98.94 $105.67 $96.82 
Common shares outstanding, at period end434 434 434 435 435 
Market value of outstanding common shares, at period end(d)
$46,545 $38,209 $48,477 $45,264 $42,457 
(a)On air or under contract.
(b)Based on the sales price, adjusted for common stock dividends, as reported by Bloomberg.
(c)Based on the period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
(d)Calculated as the product of (1) common shares outstanding, at period end and (2) period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
4

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
ANNUALIZED FOURTH QUARTER DIVIDENDS PER SHARE(a)
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EXECUTIVE MANAGEMENT TEAM
AgeYears with CompanyPosition
Steven J. Moskowitz
61 <1
President and Chief Executive Officer
Daniel K. Schlanger508Executive Vice President and Chief Financial Officer
Michael J. Kavanagh5613
Executive Vice President and Chief Operating Officer - Towers
Christopher D. Levendos566
Executive Vice President and Chief Operating Officer - Fiber
Edward B. Adams, Jr. 557Executive Vice President and General Counsel
Edmond Chan
54 <1
Executive Vice President and Chief Information Officer
BOARD OF DIRECTORS
NamePositionCommitteesAgeYears as Director
P. Robert BartoloChair
NESG(b), Fiber Review, Finance
5210
Cindy ChristyDirector
Compensation, NESG(b)
5816
Ari Q. FitzgeraldDirector
Compensation, NESG(b)
6121
Jason GenrichDirector
Fiber Review, Finance
37
<1
Andrea J. GoldsmithDirector
Compensation
596
Tammy K. JonesDirector
Audit, NESG(b), Finance
583
Kevin T. KabatDirector
Compensation, NESG(b)
67
<1
Anthony J. MeloneDirector
Audit, Fiber Review
639
Steven J. Moskowitz
Director
61
<1
Sunit S. PatelDirector
Audit, Fiber Review, Finance
62
<1
Bradley E. Singer
Director
Audit, Finance
57
<1
Kevin A. Stephens
Director
Audit, Compensation, Fiber Review
623
Matthew Thornton III
Director
Compensation
653
(a)Based on the dividends declared during the fourth quarter of each of the respective years presented, annualized. All future dividends are subject to declaration by our board of directors.
(b)Nominating, Environmental, Social and Governance Committee.
5

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
RESEARCH COVERAGE
Equity Research
Bank of America
David Barden
(646) 855-1320
Barclays
Brendan Lynch
(212) 526-9428
BMO Capital Markets
Ari Klein
(212) 885-4103
Citigroup
Michael Rollins
(212) 816-1116
Deutsche Bank
Matthew Niknam
(212) 250-4711
Goldman Sachs
Jim Schneider
(212) 357-2929
Green Street
David Guarino
(949) 640-8780
HSBC
Luigi Minerva
(207) 991-6928
Jefferies
Jonathan Petersen
(212) 284-1705
JPMorgan
Richard Choe
(212) 622-6708
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
Scotiabank
Maher Yaghi
(437) 995-5548
TD Cowen
Michael Elias
(646) 562-1358
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
Salonie Sehgal
(312) 368-3137
Moody’s
Ranjini Venkatesan
(212) 553-3828
Standard & Poor’s
Ryan Gilmore
(212) 438-0602

6

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
OUTLOOK
(in millions, except per share amounts)
Full Year 2024 Outlook(a)
Site rental billings(b)
$5,740to$5,780
Amortization of prepaid rent$392to$417
Straight-lined revenues$162to$187
Site rental revenues$6,317to$6,362
Site rental costs of operations(c)
$1,686to$1,731
Services and other gross margin$65to$95
Net income (loss)$1,125to$1,190
Net income (loss) per share—diluted$2.59to$2.74
Adjusted EBITDA(d)
$4,143to$4,193
Depreciation, amortization and accretion$1,680to$1,775
Interest expense and amortization of deferred financing costs, net(e)
$926to$971
FFO(d)
$2,863to$2,893
AFFO(d)
$3,005to$3,055
AFFO per share(d)
$6.91to$7.02
OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions; totals may not sum due to rounding)
Full Year 2024 Outlook(a)
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(b)
$5,505
Prior year payments for Sprint Cancellations(b)(f)
$170
Prior year site rental billings(b)
$5,675
Core leasing activity(b)
$305to$335
Escalators$95to$105
Non-renewals(b)
$(165)to$(145)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(b)
$245to$285
Payments for Sprint Cancellations(b)(f)
$(170)to$(160)
Non-renewals associated with Sprint Cancellations(b)(f)
$(10)to$(10)
Organic Contribution to Site Rental Billings(b)
$70to$110
Straight-lined revenues$162to$187
Amortization of prepaid rent$392to$417
Acquisitions(g)
— to
Total site rental revenues$6,317to$6,362
Year-over-year changes in revenues:(h)
Site rental revenues as a percentage of prior year site rental revenues
(3.0)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(b)
4.8%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)
1.6%
(a)As issued on July 17, 2024.
(b)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations.
(c)Exclusive of depreciation, amortization and accretion.
(d)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.
(e)See our reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(f)In full year 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively, and there were $14 million and $7 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.
(g)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.
(h)Calculated based on midpoint of full year 2024 Outlook where applicable.
7

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES BY LINE OF BUSINESS
Full Year 2024 Outlook(a)
Towers SegmentFiber Segment
(dollars in millions)Small CellsFiber Solutions
Core leasing activity(b)
$105to$115$65to$75$135to$145
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(b)(c)(d)
4.5%15%2%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)(c)
4.5%(8)(4)
OUTLOOK FOR CAPITAL EXPENDITURES
 Full Year 2024 Outlook(a)(e)
(in millions)Towers SegmentFiber SegmentTotal
Capital expenditures~$180$1,050
to
$1,150$1,230to$1,330
Less: Prepaid rent additions(f)
~$80~$275~$355
Capital expenditures less prepaid rent additions~$100$775
to
$875$875to$975
OUTLOOK FOR COMPONENTS OF INTEREST EXPENSE
(in millions)
 Full Year 2024 Outlook(a)
Interest expense on debt obligations$915to$955
Amortization of deferred financing costs and adjustments on long-term debt$20to$30
Capitalized interest$(17)to$(7)
Interest expense and amortization of deferred financing costs, net$926to$971
(a)As issued on July 17, 2024.
(b)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations.
(c)Calculated based on midpoint of full year 2024 Outlook.
(d)In full year 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively.
(e)Excludes sustaining capital expenditures. See "Non-GAAP Measures and Other Information" for our definitions of discretionary capital expenditures and sustaining capital expenditures.
(f)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.

8

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CONSOLIDATED SUMMARY FINANCIAL HIGHLIGHTS
20232024
(in millions, except per share amounts; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Net revenues:
Site rental
Site rental billings(a)
$1,404 $1,460 $1,393 $1,418 $1,423 $1,417 
Amortization of prepaid rent137 188 126 134 106 107 
Straight-lined revenues83 80 58 51 59 56 
Total site rental1,624 1,728 1,577 1,603 1,588 1,580 
Services and other149 139 90 71 53 46 
Net revenues$1,773 $1,867 $1,667 $1,674 $1,641 $1,626 
Select operating expenses:
Costs of operations(b)
Site rental exclusive of straight-lined expenses$398 $406 $403 $390 $414 $416 
Straight-lined expenses17 18 17 17 16 16 
Total site rental415 424 420 407 430 432 
Services and other104 98 66 48 34 27 
Total costs of operations519 522 486 455 464 459 
Selling, general and administrative$195 $210 $176 $178 $183 $204 
Net income (loss)$418 $455 $265 $361 $311 $251 
Adjusted EBITDA(c)
1,104 1,188 1,047 1,076 1,036 1,006 
Depreciation, amortization and accretion431 445 439 439 439 430 
Interest expense and amortization of deferred financing costs, net202 208 217 223 226 230 
FFO(c)
835 901 698 790 742 669 
AFFO(c)
$828 $891 $767 $790 $749 $704 
Weighted-average common shares outstanding— diluted
434 434 434 434 435 435 
Net income (loss) per share—diluted$0.97 $1.05 $0.61 $0.83 $0.71 $0.58 
AFFO per share(c)
$1.91 $2.05 $1.77 $1.82 $1.72 $1.62 
(a)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
(b)Exclusive of depreciation, amortization and accretion.
(c)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.

9

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CONSOLIDATED COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
20232024
(dollars in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)
$1,318$1,304$1,339$1,348$1,357$1,354
Prior year payments for Sprint Cancellations(a)(b)
48106
Prior year site rental billings(a)
$1,318$1,304$1,339$1,348$1,405$1,460
Core leasing activity(a)
577366798176
Escalators242424242424
Non-renewals(a)
(42)(42)(37)(36)(37)(37)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)
395453676863
Payments for Sprint Cancellations(a)(c)
48106610(44)(105)
Non-renewals associated with Sprint Cancellations(a)(c)
(2)(6)(6)(7)(6)(1)
Organic Contribution to Site Rental Billings(a)
85155537017(44)
Straight-lined revenues838058515956
Amortization of prepaid rent137188126134106107
Acquisitions(d)
1111
Total site rental revenues$1,624$1,728$1,577$1,603$1,588$1,580
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
3.0 %10.3 %0.6 %1.6 %(2.2)%(8.6)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)
2.9 %4.2 %4.0 %4.9 %5.0 %4.7 %
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)
6.4 %11.9 %3.9 %5.2 %1.2 %(3.0)%
CONSOLIDATED SUMMARY OF CAPITAL EXPENDITURES(a)
20232024
(dollars in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects$311$338$312$316$285$291
Purchases of land interests152313131311
Total discretionary capital expenditures326361325329298302
Sustaining capital expenditures151822282227
Total capital expenditures341379347357320329
Less: Prepaid rent additions(e)
8184801036898
Capital expenditures less prepaid rent additions$260$295$267$254$252$231
(a)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations, discretionary capital expenditures and sustaining capital expenditures.
(b)In full year 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.
(c)In the second quarter 2023, we received $101 million and $5 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively, which will not recur in 2024. In full year 2023, there were $14 million and $7 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively.
(d)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.
(e)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
10

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CONSOLIDATED RETURN ON INVESTED CAPITAL(a)
(as of June 30, 2024; dollars in millions)
Q2 2024 LQA
Q2 2023 LQA
Adjusted EBITDA(b)
$4,024 $4,752 
Cash taxes (paid) refunded(36)(49)
Adjusted EBITDA less cash taxes paid
$3,988 $4,703 
Historical gross investment in property and equipment(c)
$29,465 $28,193 
Historical gross investment in site rental contracts and tenant relationships7,879 7,866 
Historical gross investment in goodwill10,085 10,085 
Consolidated Invested Capital(a)
$47,429 $46,144 
Consolidated Return on Invested Capital(a)
8.4 %10.2 %
CONSOLIDATED TENANT OVERVIEW
(as of June 30, 2024)
Percentage of Q2 2024 LQA Site
Rental Revenues
Weighted Average Current
Term Remaining
(d)
Long-Term Credit Rating
(S&P / Moody’s)
T-Mobile35%7
BBB / Baa2
AT&T19%5BBB / Baa2
Verizon20%7BBB+ / Baa1
All Others Combined26%4N/A
Total / Weighted Average100%6
CONSOLIDATED ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(e)
Remaining Six Months
Years Ending December 31,
(as of June 30, 2024; in millions)
2024
2025
2026
2027
2028
T-Mobile$14 $240 $53 $58 $41 
AT&T20 29 31 755 
Verizon11 35 35 32 45 
All Others Combined108 213 223 133 84 
Total$141 $508 $340 $254 $925 
(a)See "Non-GAAP Measures and Other Information" for further information on, and our definitions and calculations of, Consolidated Return on Invested Capital and Consolidated Invested Capital.
(b)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss).
(c)Historical gross investment in property and equipment excludes the impact of construction in process.
(d)Weighted by site rental revenues and excludes renewals at the tenants' option.
(e)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" below.
11

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CONSOLIDATED PROJECTED REVENUES FROM TENANT CONTRACTS(a)
Remaining Six Months
Years Ending December 31,
(as of June 30, 2024; in millions)
2024
2025
2026
2027
2028
Components of site rental revenues:
Site rental billings(b)
$2,892 $5,678 $5,795 $5,921 $6,046 
Amortization of prepaid rent185 310 266 224 180 
Straight-lined revenues57 47 (61)(181)(244)
Site rental revenues$3,134 $6,035 $6,000 $5,964 $5,982 
CONSOLIDATED PROJECTED EXPENSES FROM EXISTING GROUND LEASES AND FIBER ACCESS AGREEMENTS(c)
Remaining Six Months
Years Ending December 31,
(as of June 30, 2024; in millions)
2024
2025
2026
2027
2028
Components of ground lease and fiber access agreement expenses:
Ground lease and fiber access agreement expenses exclusive of straight-lined expenses$525 $1,065 $1,087 $1,109 $1,130 
Straight-lined expenses29 48 35 23 13 
Ground lease and fiber access agreement expenses$554 $1,113 $1,122 $1,132 $1,143 
(a)Based on tenant licenses in place as of June 30, 2024. 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 Measures and Other Information" for our definition of site rental billings.
(c)Based on existing ground leases and fiber access agreements as of June 30, 2024. CPI-linked contracts are assumed to escalate at 3% per annum.
12

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CAPITALIZATION OVERVIEW
(as of June 30, 2024; dollars in millions)
Face Value(a)
Fixed vs. Variable
Interest Rate(b)
Debt to LQA Adjusted EBITDA(c)
Maturity
Cash and cash equivalents and restricted cash and cash equivalents
$331 
Senior Secured Notes, Series 2009-1, Class A-2(d)
36 Fixed9.0%2029
Senior Secured Tower Revenue Notes, Series 2015-2(e)
700 Fixed3.7%
2045
Senior Secured Tower Revenue Notes, Series 2018-2(e)
750 Fixed4.2%
2048
Finance leases and other obligations(f)
295 FixedVarious
Various
Total secured debt$1,781 4.1%0.4x
2016 Revolver(g)
— Variable2027
2016 Term Loan A(h)
1,155 Variable6.4%2027
Commercial Paper Notes(i)
1,438 Variable5.9%
Various
3.200% Senior Notes750 Fixed3.2%2024
1.350% Senior Notes 500 Fixed1.4%2025
4.450% Senior Notes900 Fixed4.5%2026
3.700% Senior Notes750 Fixed3.7%2026
1.050% Senior Notes1,000 Fixed1.1%2026
2.900% Senior Notes750 Fixed2.9%2027
4.000% Senior Notes500 Fixed4.0%2027
3.650% Senior Notes1,000 Fixed3.7%2027
5.000% Senior Notes1,000 Fixed5.0%2028
3.800% Senior Notes1,000 Fixed3.8%2028
4.800% Senior Notes600 Fixed4.8%2028
4.300% Senior Notes600 Fixed4.3%2029
5.600% Senior Notes
750 Fixed5.6%
2029
3.100% Senior Notes550 Fixed3.1%2029
3.300% Senior Notes 750 Fixed3.3%2030
2.250% Senior Notes1,100 Fixed2.3%2031
2.100% Senior Notes1,000 Fixed2.1%2031
2.500% Senior Notes750 Fixed2.5%2031
5.100% Senior Notes750 Fixed5.1%2033
5.800% Senior Notes
750 Fixed5.8%
2034
2.900% Senior Notes1,250 Fixed2.9%2041
4.750% Senior Notes350 Fixed4.8%2047
5.200% Senior Notes400 Fixed5.2%2049
4.000% Senior Notes350 Fixed4.0%2049
4.150% Senior Notes500 Fixed4.2%2050
3.250% Senior Notes900 Fixed3.3%2051
Total unsecured debt$22,093 3.9%5.5x
Net Debt(j)
$23,543 3.9%5.9x
Market Capitalization(k)
42,457 
Firm Value(l)
$66,000 
(a)Net of required principal amortizations.
(b)Represents the weighted-average stated interest rate, as applicable, exclusive of finance leases and other obligations.
(c)Represents the applicable amount of debt divided by Last Quarter Annualized Adjusted EBITDA. See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt to Last Quarter Annualized Adjusted EBITDA.
(d)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(e)If the respective series of Tower Revenue Notes are 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.
(f)$8 million represents obligations under finance leases as of June 30, 2024.
(g)As of June 30, 2024, the undrawn availability under the $7.0 billion 2016 Revolver was $7.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of June 30, 2024 ranged from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum.
(h)The 2016 Term Loan A principal amortizes over a period ending in July 2027.
(i)As of June 30, 2024, the Company had $0.6 billion available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes ("CP Notes"), when outstanding, may vary but may not exceed 397 days from the date of issue.
(j)See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt.
(k)Market capitalization calculated based on $97.70 closing price and 435 million shares outstanding as of June 30, 2024.
(l)Represents the sum of Net Debt and market capitalization. See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt.
13

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
DEBT MATURITY OVERVIEW(a)(b)
(as of June 30, 2024; in millions)
https://cdn.kscope.io/e6a0a7ba808e8ace412df4fd6794b516-chart-ad91ce85ffb74283a86.jpghttps://cdn.kscope.io/e6a0a7ba808e8ace412df4fd6794b516-chart-cc01ef91f73b4780a15.jpg
(a)Where applicable, maturities reflect the respective anticipated repayment dates of the Tower Revenue Notes; excludes finance leases and other obligations; amounts presented at face value, net of required principal amortizations and repurchases held at the Company.
(b)The $1.4 billion outstanding in CP Notes have been excluded from this overview. 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.
14

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
LIQUIDITY OVERVIEW(a)
(in millions)
June 30, 2024
Cash and cash equivalents, and restricted cash and cash equivalents(b)
$331 
Undrawn 2016 Revolver availability(c)
6,960 
Total debt and other obligations (current and non-current)(d)
23,719 
Total equity5,652 
SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
DebtBorrower / Issuer
Covenant(e)
Covenant Level Requirement
As of June 30, 2024
Maintenance Financial Covenants(f)
2016 Credit FacilityCCITotal Net Leverage Ratio≤ 6.50x5.6x
2016 Credit FacilityCCITotal Senior Secured Leverage Ratio≤ 3.50x0.4x
2016 Credit FacilityCCI
Consolidated Interest Coverage Ratio(g)
N/AN/A
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released
2015 Tower Revenue NotesCrown Castle Towers LLC and its SubsidiariesDebt Service Coverage Ratio> 1.75x
(h)
17.8x
2018 Tower Revenue NotesCrown Castle Towers LLC and its SubsidiariesDebt Service Coverage Ratio> 1.75x
(h)
17.8x
2009 Securitized NotesPinnacle Towers Acquisition Holdings LLC and its SubsidiariesDebt Service Coverage Ratio> 1.30x
(h)
29.3x
Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture
2015 Tower Revenue NotesCrown Castle Towers LLC and its SubsidiariesDebt Service Coverage Ratio≥ 2.00x
(i)
17.8x
2018 Tower Revenue NotesCrown Castle Towers LLC and its SubsidiariesDebt Service Coverage Ratio≥ 2.00x
(i)
17.8x
2009 Securitized NotesPinnacle Towers Acquisition Holdings LLC and its SubsidiariesDebt Service Coverage Ratio≥ 2.34x
(i)
29.3x
(a)In addition, we have the following sources of liquidity:
i.In March 2024, 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. 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 June 30, 2024, there were $1.4 billion 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)See "Non-GAAP Measures and Other Information" for further information on, and reconciliation to, Net Debt.
(e)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.
(f)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.
(g)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.
(h)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.
(i)Rating Agency Confirmation (as defined in the respective debt agreement) is required.
15

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
 INTEREST RATE EXPOSURE(a)
(as of June 30, 2024; dollars in millions)
Fixed Rate DebtFloating Rate Debt
Face value of principal outstanding(b)
$20,986
Face value of principal outstanding(b)
$2,593
% of total debt89%% of total debt11%
Weighted average interest rate3.6%
Weighted average interest rate(c)
6.1%
Upcoming maturities:
2024(d)
2025(e)
Interest rate sensitivity of 25 bps increase in interest rates:
Face value of principal outstanding(b)
$750$1,200
Full year effect(f)
$6.5
Weighted average interest rate3.2%2.7%
COMPONENTS OF INTEREST EXPENSE
20232024
(in millions)Q1Q2Q3Q4Q1
Q2
Interest expense on debt obligations$198 $205 $213 $220 $223 $227 
Amortization of deferred financing costs and adjustments on long-term debt
Capitalized interest(3)(4)(4)(4)(5)(5)
Interest expense and amortization of deferred financing costs, net$202 $208 $217 $223 $226 $230 
(a)Excludes finance leases and other obligations; assumes no default.
(b)Net of required principal amortizations.
(c)In June 2021, the Company entered into an amendment to the credit agreement governing our 2016 Credit Facility that provided for, among other things, a reduction to the interest rate spread ("Spread") of up to 0.05% if the Company meets specified annual sustainability targets ("Targets") and an increase to the Spread of up to 0.05% if the Company fails to meet specified annual sustainability thresholds ("Thresholds"). In January 2024, the Company submitted the required documentation and received confirmation from its administrative agent that all Targets were met as of December 31, 2023, and, as such, the Spread reduction is maintained for 2024. The weighted average interest rate reflects the reduced Spread.
(d)Represents the remaining six months of the year.
(e)Maturities include the Senior Secured Tower Revenue Note 2015-2, which has an anticipated repayment date in 2025.
(f)Represents incremental interest expense over a 12-month period based on a hypothetical interest rate increase of 25 bps on face value of variable indebtedness outstanding as of June 30, 2024; assumes no debt maturities.

16

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
TOWERS SEGMENT SUMMARY FINANCIAL HIGHLIGHTS
20232024
(in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Segment net revenues:
Site rental
Site rental billings(a)
$926 $929 $956 $970 $970 $970 
Amortization of prepaid rent72 67 61 59 41 39 
Straight-lined revenues83 84 57 50 57 54 
Total site rental1,081 1,080 1,074 1,079 1,068 1,064 
Services and other146 124 86 65 46 43 
Net revenues$1,227 $1,204 $1,160 $1,144 $1,114 $1,107 
Segment operating expenses:
Costs of operations(b)
Site rental exclusive of straight-lined expenses$217 $226 $219 $214 $223 $229 
Straight-lined expenses17 17 17 17 16 16 
Total site rental234 243 236 231 239 245 
Services and other99 92 61 42 28 23 
Total costs of operations333 335 297 273 267 268 
Selling, general and administrative(c)
31302419 21 16 
Segment operating profit(d)
$863 $839 $839 $852 $826 $823 
(a)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
(b)Exclusive of (1) depreciation, amortization and accretion, (2) stock-based compensation expense, net and (3) prepaid lease purchase price adjustments. See "Segment Operating Results" for further information.
(c)Exclusive of stock-based compensation expense, net. See "Segment Operating Results" for further information.
(d)See "Non-GAAP Measures and Other Information" and "Segment Operating Results" for further information on, and our definition and calculation of, segment operating profit.
17

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
TOWERS SEGMENT COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
20232024
(dollars in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Components of changes in site rental revenues:
Prior year site rental billings(a)
$879$877$915$921$926$929
Core leasing activity(a)
323825322826
Escalators222222232323
Non-renewals(a)
(8)(8)(7)(7)(8)(7)
Organic Contribution to Site Rental Billings(a)
465140484342
Straight-lined revenues838457505754
Amortization of prepaid rent726761594139
Acquisitions(b)
1111
Total site rental revenues$1,081$1,080$1,074$1,079$1,068$1,064
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
0.6 %0.2 %(0.9)%(0.6)%(1.2)%(1.5)%
Changes in revenues as a percentage of prior year site rental billings:
Organic Contribution to Site Rental Billings(a)
5.2 %5.8 %4.4 %5.2 %4.6 %4.4 %
TOWERS SEGMENT SUMMARY OF CAPITAL EXPENDITURES(a)
20232024
(in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects$33$34$34$21$20$15
Purchases of land interests152313131311
Total discretionary capital expenditures485747343326
Sustaining capital expenditures24223
Total capital expenditures506149343529
Less: Prepaid rent additions(c)
22252520128
Capital expenditures less prepaid rent additions$28$36$24$14$23$21
(a)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, non-renewals, Organic Contribution to Site Rental Billings, discretionary capital expenditures and sustaining capital expenditures.
(b)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.
(c)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
18

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
TOWERS SEGMENT PORTFOLIO HIGHLIGHTS
(as of June 30, 2024)
Number of towers (in thousands)(a)
40 
Average number of tenants per tower2.5 
Remaining contracted tenant receivables (in billions)(b)
$32 
Weighted average remaining tenant contract term (years)(b)(c)
Percent of towers in the Top 50 / 100 Basic Trading Areas56% / 71%
Percent of ground leased / owned(d)
58% / 42%
Weighted average maturity of ground leases (years)(d)(e)
36 
TOWERS SEGMENT CASH YIELD ON INVESTED CAPITAL(f)
(as of June 30, 2024; dollars in millions)
Q2 2024 LQA
Q2 2023 LQA
Segment site rental gross margin(g)
$3,276 $3,348 
Less: Amortization of prepaid rent(156)(268)
Less: Straight-lined revenues(216)(336)
Add: Straight-lined expenses64 68 
Numerator$2,968 $2,812 
Segment net investment in property and equipment(h)
$13,501 $13,398 
Segment investment in site rental contracts and tenant relationships4,589 4,576 
Segment investment in goodwill(i)
5,351 5,351 
Segment Net Invested Capital(f)
$23,441 $23,325 
Segment Cash Yield on Invested Capital(f)
12.7 %12.1 %
SUMMARY OF TOWER PORTFOLIO BY VINTAGE(j)
(as of June 30, 2024; dollars in thousands)
Acquired and Built 2006 and PriorAcquired and Built 2007 to Present
Cash yield(k)
21 %10 %
Number of tenants per tower3.0 2.3 
Last quarter annualized average cash site rental revenue per tower(l)
$135 $82 
Last quarter annualized average site rental gross cash margin per tower(m)
$115 $58 
Net invested capital per tower(n)
$561 $586 
Number of towers11,197 28,839 
(a)Excludes third-party land interests.
(b)Excludes renewal terms at tenants' option.
(c)Weighted by site rental revenues.
(d)Weighted by towers 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)See "Non-GAAP Measures and Other Information" for further information on, and our definitions and calculations of, Segment Cash Yield on Invested Capital and Segment Net Invested Capital.
(g)See "Segment Operating Results" and "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, segment site rental gross margin.
(h)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).
(i)Segment investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions (primarily deferred credits).
(j)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.
(k)Cash yield is calculated as last quarter annualized site rental gross margin, exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses, divided by invested capital net of the amount of prepaid rent received from tenants.
(l)Exclusive of straight-lined revenues and amortization of prepaid rent.
(m)Exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(n)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.
19

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
GROUND INTEREST OVERVIEW
(as of June 30, 2024; 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$425 11 %$224 %5,513 14 %
10 to 20 years567 15 %357 12 %6,141 15 %
Greater than 20 years1,567 40 %1,136 38 %16,644 42 %
Total leased$2,559 66 %$1,717 58 %28,298 71 %36 
Owned$1,317 34 %$1,236 42 %11,738 29 %
Total / Average$3,876 100 %$2,953 100 %40,036 100 %
(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 third-party land interests.
(d)Includes all renewal terms at the Company's option and weighted by towers site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
20

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
FIBER SEGMENT SUMMARY FINANCIAL HIGHLIGHTS
20232024
(in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Segment net revenues:
Site rental
Site rental billings(a)
$478 $531 $436 $447 $453 $446 
Amortization of prepaid rent65 121 66 75 65 67 
Straight-lined revenues— (4)
Total site rental543 648 503 524 520 516 
Services and other15 
Net revenues$546 $663 $507 $530 $527 $519 
Segment operating expenses
Costs of operations(b)
Site rental exclusive of straight-lined expenses$172 $170 $175 $168 $182 $178 
Straight-lined expenses— — — — — 
Total site rental172 171 175 168 182 178 
Services and other
Total costs of operations174 174 178 172 186 180 
Selling, general and administrative(c)
49 51 48 47 47 50 
Segment operating profit(d)
$323 $438 $281 $311 $294 $289 
(a)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
(b)Exclusive of (1) depreciation, amortization and accretion, (2) stock-based compensation expense, net and (3) prepaid lease purchase price adjustments. See "Segment Operating Results" for further information.
(c)Exclusive of stock-based compensation expense, net. See "Segment Operating Results" for further information.
(d)See "Non-GAAP Measures and Other Information" and "Segment Operating Results" for further information on, and our definition and calculation of, segment operating profit.
21

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
FIBER SEGMENT COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
20232024
(dollars in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)
$439$427$424$426$431$424
Prior year payments for Sprint Cancellations(a)(b)
48106
Prior year site rental billings(a)
$439$427$424$426$479$530
Core leasing activity(a)
253641475350
Escalators222222
Non-renewals(a)
(34)(34)(30)(30)(29)(30)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)
(7)313192522
Payments for Sprint Cancellations(a)(c)
48106610(44)(105)
Non-renewals associated with Sprint Cancellations(a)(c)
(2)(6)(6)(7)(6)(1)
Organic Contribution to Site Rental Billings(a)
391041222(25)(84)
Straight-lined revenues(4)1222
Amortization of prepaid rent6512166756567
Acquisitions(d)
Total site rental revenues$543$648$503$524$520$516
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
8.4 %32.5 %3.9 %6.5 %(4.2)%(20.4)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)
(1.6)%0.8 %3.0 %4.4 %5.8 %5.2 %
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)
8.8 %24.3 %2.9 %5.1 %(5.3)%(15.9)%
FIBER SEGMENT SUMMARY OF CAPITAL EXPENDITURES(a)
20232024
(in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Discretionary capital expenditures
272298273288259271
Sustaining capital expenditures7814151418
Total capital expenditures279306287303273289
Less: Prepaid rent additions(e)
595955835690
Capital expenditures less prepaid rent additions$220$247$232$220$217$199
(a)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations, discretionary capital expenditures and sustaining capital expenditures.
(b)In full year 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.
(c)In the second quarter 2023, we received $101 million and $5 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively, which will not recur in 2024. In full year 2023, there were $14 million and $7 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively.
(d)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.
(e)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
22

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
FIBER SEGMENT REVENUE DETAIL BY LINE OF BUSINESS
20232024
(dollars in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Small Cells
Site rental revenues:
Site rental billings(a)
$113$211$113$118$126$122
Amortization of prepaid rent4810245534550
Straight-lined revenues(1)(6)(1)(1)(1)(1)
Total site rental revenues 160308157170170170
Services and other revenues3153673
Net revenues$163$323$160$176$177$173
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)
$108$109$109$111$108$110
Prior year payments for Sprint Cancellations(a)(b)
101
Prior year site rental billings(a)
$108$109$109$111$113$211
Core leasing activity(a)
66891711
Escalators222222
Non-renewals(a)
(3)(2)(1)(1)(1)(1)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)
558101812
Payments for Sprint Cancellations(a)(c)
1012(101)
Non-renewals associated with Sprint Cancellations(a)(c)
(4)(5)(5)(5)(1)
Organic Contribution to Site Rental Billings(a)
51023713(90)
Straight-lined revenues(1)(6)(1)(1)(1)(1)
Amortization of prepaid rent4810245534550
Acquisitions(d)
Total site rental revenues$160$308$157$170$170$170
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
3.2 %97.4 %1.9 %5.6 %6.3 %(44.8)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)
4.5 %5.0 %7.3 %9.1 %16.3 %10.9 %
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)
4.5 %93.6 %3.1 %6.7 %11.8 %(42.5)%
(a)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations.
(b)In full year 2023, we received $104 million of payments associated with Sprint Cancellations. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.
(c)In the second quarter 2023, we received $101 million of payments for Sprint Cancellations that related to small cells, which will not recur in 2024. In full year 2023, there were $14 million of non-renewals associated with Sprint Cancellations that related to small cells.
(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.
23

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
FIBER SEGMENT REVENUE DETAIL BY LINE OF BUSINESS CONTINUED
20232024
(dollars in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Fiber Solutions
Site rental revenues:
Site rental billings(a)
$365$320$323$330$327$325
Amortization of prepaid rent171920222018
Straight-lined revenues122333
Total site rental revenues383340346354350346
Services and other revenues1
Net revenues$383$340$347$354$350$346
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)
$331$318$315$316$318$314
Prior year payments for Sprint Cancellations(a)(b)
485
Prior year site rental billings(a)
$331$318$315$316$366$319
Core leasing activity(a)
193034373539
Escalators
Non-renewals(a)
(31)(32)(29)(29)(29)(29)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)
(12)(2)58610
Payments for Sprint Cancellations(a)(c)
48568(44)(4)
Non-renewals associated with Sprint Cancellations(a)(c)
(2)(2)(2)(2)(1)(1)
Organic Contribution to Site Rental Billings(a)
341914(39)5
Straight-lined revenues122333
Amortization of prepaid rent171920222018
Acquisitions(d)
Total site rental revenues$383$340$346$354$350$346
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
10.7 %2.1 %4.8 %6.9 %(8.6)%1.8 %
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)
(3.6)%(0.7)%1.5 %2.7 %2.1 %3.2 %
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)
10.2 %0.4 %2.8 %4.5 %(10.6)%1.7 %
(a)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations.
(b)In full year 2023, we received $66 million of payments associated with Sprint Cancellations. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.
(c)In the second quarter 2023, we received $5 million of payments for Sprint Cancellations that related to fiber solutions, which will not recur in 2024. In full year 2023, there were $7 million of non-renewals associated with Sprint Cancellations that related to fiber solutions.
(d)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.









24

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
FIBER SEGMENT PORTFOLIO HIGHLIGHTS
(as of June 30, 2024)
Number of route miles of fiber (in thousands)90 
Number of small cells on air or under contract (in thousands)
115 
Remaining contracted tenant receivables (in billions)(a)
$
Weighted average remaining tenant contract term (years)(a)(b)
FIBER SEGMENT CASH YIELD ON INVESTED CAPITAL(c)
(as of June 30, 2024; dollars in millions)
Q2 2024 LQA
Q2 2023 LQA
Segment site rental gross margin(d)
$1,352 $1,908 
Less: Amortization of prepaid rent(268)(484)
Less: Straight-lined revenues(8)16 
Add: Straight-lined expenses— 
Add: Indirect labor costs(e)
121 117 
Numerator$1,197 $1,561 
Segment net investment in property and equipment(f)
$9,902 $9,132 
Segment investment in site rental contracts and tenant relationships3,290 3,290 
Segment investment in goodwill(g)
4,080 4,080 
Segment Net Invested Capital(c)
$17,272 $16,502 
Segment Cash Yield on Invested Capital(c)
6.9 %9.5 %
FIBER SOLUTIONS REVENUE MIX
(as of June 30, 2024)
Percentage of Q2 2024 LQA Site
Rental Revenues
Carrier(h)
35%
Education14%
Healthcare11%
Financial Services7%
Other33%
Total100%

(a)Excludes renewal terms at tenants' option.
(b)Weighted by site rental revenues.
(c)See "Non-GAAP Measures and Other Information" for further information on, and our definitions and calculations of, Segment Cash Yield on Invested Capital and Segment Net Invested Capital.
(d)See "Segment Operating Results" and "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, segment site rental gross margin.
(e)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 Fiber segment 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.
(f)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).
(g)Segment investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions (primarily deferred credits).
(h)Includes revenues derived from both wireless carriers and wholesale carriers.




25

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(in millions, except par values)June 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$155 $105 
Restricted cash and cash equivalents
171 171 
Receivables, net420 481 
Prepaid expenses155 103 
Deferred site rental receivables129 116 
Other current assets51 56 
Total current assets1,081 1,032 
Deferred site rental receivables2,341 2,239 
Property and equipment, net15,698 15,666 
Operating lease right-of-use assets5,930 6,187 
Goodwill10,085 10,085 
Other intangible assets, net2,974 3,179 
Other assets, net137 139 
Total assets$38,246 $38,527 
LIABILITIES AND EQUITY
Current liabilities: 
Accounts payable$225 $252 
Accrued interest228 219 
Deferred revenues509 605 
Other accrued liabilities359 342 
Current maturities of debt and other obligations865 835 
Current portion of operating lease liabilities308 332 
Total current liabilities2,494 2,585 
Debt and other long-term obligations22,854 22,086 
Operating lease liabilities5,354 5,561 
Other long-term liabilities1,892 1,914 
Total liabilities32,594 32,146 
Commitments and contingencies
Stockholders' equity:
Common stock, 0.01 par value; 1,200 shares authorized; shares issued and outstanding: June 30, 2024—435 and December 31, 2023—434
Additional paid-in capital18,347 18,270 
Accumulated other comprehensive income (loss)(5)(4)
Dividends/distributions in excess of earnings(12,694)(11,889)
Total equity5,652 6,381 
Total liabilities and equity$38,246 $38,527 
26

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share amounts)2024202320242023
Net revenues:
Site rental$1,580 $1,728 $3,168 $3,352 
Services and other46 139 99 288 
Net revenues1,626 1,867 3,267 3,640 
Operating expenses:
Costs of operations:(a)
Site rental432 424 862 839 
Services and other27 98 61 202 
Selling, general and administrative204 210 387 405 
Asset write-down charges22 22 
Acquisition and integration costs— — 
Depreciation, amortization and accretion430 445 869 876 
Restructuring charges45 — 56 — 
Total operating expenses1,141 1,200 2,244 2,345 
Operating income (loss)485 667 1,023 1,295 
Interest expense and amortization of deferred financing costs, net(230)(208)(456)(410)
Interest income
Other income (expense)(1)(2)(4)
Income (loss) before income taxes258 462 576 888 
Benefit (provision) for income taxes(7)(7)(14)(14)
Net income (loss)$251 $455 $562 $874 
Net income (loss), per common share:
Basic$0.58 $1.05 $1.29 $2.02 
Diluted$0.58 $1.05 $1.29 $2.01 
Weighted-average common shares outstanding:
Basic435 434 434 433 
Diluted435 434 435 434 
(a)Exclusive of depreciation, amortization and accretion shown separately.


27

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
Six Months Ended June 30,
(in millions)20242023
Cash flows from operating activities:
Net income (loss)$562 $874 
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion869 876 
(Gains) losses on retirement of long-term obligations— — 
Amortization of deferred financing costs and other non-cash interest18 14 
Stock-based compensation expense, net 78 91 
Asset write-down charges22 
Deferred income tax (benefit) provision
Other non-cash adjustments, net
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities(99)(35)
Decrease (increase) in assets(83)(120)
Net cash provided by (used for) operating activities1,367 1,725 
Cash flows from investing activities:
Capital expenditures(649)(720)
Payments for acquisitions, net of cash acquired(1)(89)
Other investing activities, net— 
Net cash provided by (used for) investing activities(650)(806)
Cash flows from financing activities:
Proceeds from issuance of long-term debt— 2,347 
Principal payments on debt and other long-term obligations(36)(39)
Purchases and redemptions of long-term debt— — 
Borrowings under revolving credit facility— 2,113 
Payments under revolving credit facility(670)(2,739)
Net borrowings (repayments) under commercial paper program1,438 (1,024)
Payments for financing costs— (23)
Purchases of common stock (30)(29)
Dividends/distributions paid on common stock(1,368)(1,364)
Net cash provided by (used for) financing activities(666)(758)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
51 161 
Effect of exchange rate changes on cash(1)— 
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period
281 327 
Cash and cash equivalents and restricted cash and cash equivalents at end of period
$331 $488 
Supplemental disclosure of cash flow information:
Interest paid441 367 
Income taxes paid (refunded)10 





28

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
SEGMENT OPERATING RESULTS
Three Months Ended June 30, 2024
Three Months Ended June 30, 2023
(in millions)TowersFiberOther
Total
TowersFiberOther
Total
Segment site rental revenues$1,064 $516 $1,580 $1,080 $648 $1,728 
Segment services and other revenues43 46 124 15 139 
Segment revenues1,107 519 1,626 1,204 663 1,867 
Segment site rental costs of operations245 178 423 243 171 414 
Segment services and other costs of operations23 25 92 95 
Segment costs of operations(a)(b)
268 180 448 335 174 509 
Segment site rental gross margin(c)
819 338 1,157 837 477 1,314 
Segment services and other gross margin(c)
20 21 32 12 44 
Segment selling, general and administrative expenses(b)
16 50 66 30 51 81 
Segment operating profit(c)
823 289 1,112 839 438 1,277 
Other selling, general and administrative expenses(b)
$105 105 $88 88 
Stock-based compensation expense, net40 40 50 50 
Depreciation, amortization and accretion430 430 445 445 
Restructuring charges(d)
45 45 — — 
Interest expense and amortization of deferred financing costs, net230 230 208 208 
Other (income) expenses to reconcile to income (loss) before income taxes(e)
24 24 
Income (loss) before income taxes$258 $462 
(a)Exclusive of depreciation, amortization and accretion shown separately.
(b)Segment costs of operations exclude (1) stock-based compensation expense, net of $7 million and $9 million for the three months ended June 30, 2024 and 2023, respectively and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended June 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $33 million and $41 million for the three months ended June 30, 2024 and 2023, respectively.
(c)See "Non-GAAP Measures and Other Information" for a discussion and our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.
(d)Represents restructuring charges recorded for the periods presented related to (1) the Company's restructuring plan announced in July 2023, as further discussed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Restructuring Plan"), and (2) the Company's restructuring plan announced in June 2024, as further discussed in the Current Report on Form 8-K filed on June 11, 2024 ("2024 Restructuring Plan"), as applicable for the respective period. For the three-month period ended June 30, 2024, there were $2 million and $43 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.
(e)See condensed consolidated statement of operations for further information.

29

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
SEGMENT OPERATING RESULTS
Six Months Ended June 30, 2024
Six Months Ended June 30, 2023
(in millions)TowersFiberOther
Total
TowersFiberOther
Total
Segment site rental revenues$2,132 $1,036 $3,168 $2,161 $1,191 $3,352 
Segment services and other revenues89 10 99 270 18 288 
Segment revenues2,221 1,046 3,267 2,431 1,209 3,640 
Segment site rental costs of operations483 360 843 477 343 820 
Segment services and other costs of operations51 58 191 196 
Segment costs of operations(a)(b)
534 367 901 668 348 1,016 
Segment site rental gross margin(c)
1,649 676 2,325 1,684 848 2,532 
Segment services and other gross margin(c)
38 41 79 13 92 
Segment selling, general and administrative expenses(b)
37 97 134 61 100 161 
Segment operating profit(c)
1,650 582 2,232 1,702 761 2,463 
Other selling, general and administrative expenses(b)
$189 189 $170 170 
Stock-based compensation expense, net78 78 91 91 
Depreciation, amortization and accretion869 869 876 876 
Restructuring charges(d)
56 56 — — 
Interest expense and amortization of deferred financing costs, net456 456 410 410 
Other (income) expenses to reconcile to income (loss) before income taxes(e)
28 28 
Income (loss) before income taxes$576 $888 
(a)Exclusive of depreciation, amortization and accretion shown separately.
(b)Segment costs of operations exclude (1) stock-based compensation expense, net of $14 million and $17 million for the six months ended June 30, 2024 and 2023, respectively, and (2) prepaid lease purchase price adjustments of $8 million for each of the six months ended June 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $64 million and $74 million for the six months ended June 30, 2024 and 2023.
(c)See "Non-GAAP Measures and Other Information" for a discussion and our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.
(d)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the six-month period ended June 30, 2024, there were $13 million and $43 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.
(e)See condensed consolidated statement of operations for further information.
30

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
NON-GAAP MEASURES AND OTHER INFORMATION
This Supplement includes presentations of 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, including as Adjusted for Impact of Sprint Cancellations, Net Debt, Net Debt to Last Quarter Annualized Adjusted EBITDA, 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.
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 net income (loss) 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 net income (loss) 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 net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.
Organic Contribution to Site Rental Billings (also referred to as organic growth) 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. Separately, we are also disclosing Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations (including by line of business), which is outside of ordinary course, to provide further insight into our results of operations and underlying trends. Management believes that identifying the impact for Sprint Cancellations provides increased transparency and comparability across periods. Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations) 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.
Net Debt is useful to investors or other interested parties in evaluating our overall debt position and future debt capacity. Management uses Net Debt in assessing our leverage. Net Debt is not meant as an alternative measure of debt and should be considered only as a supplement in understanding and assessing our leverage.
31

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
Net Debt to Last Quarter Annualized Adjusted EBITDA is useful to investors or other interested parties, specifically credit rating agencies, in analyzing our operating performance in the context of targeted financial leverage. Management uses Net Debt to Last Quarter Annualized Adjusted EBITDA in assessing our leverage. Net Debt to Last Quarter Annualized Adjusted EBITDA is not meant as an alternative to GAAP measures such as debt and net income (loss) computed in accordance with GAAP. Net Debt to Last Quarter Annualized Adjusted EBITDA should be considered only as a supplement in understanding and assessing our leverage.
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.
Non-GAAP Financial Measures
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (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, net (income) loss from discontinued operations, (gain) loss on sale of discontinued operations, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
AFFO. We define AFFO as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, net, 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), net (income) loss from discontinued operations, (gain) loss on sale of discontinued operations, 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.
FFO. We define FFO as net income (loss) 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 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 (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and payments for Sprint Cancellations, less non-renewals of tenant contracts and non-renewals associated with Sprint Cancellations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations reflects Organic Contribution to Site Rental Billings less payments for Sprint Cancellations, plus non-renewals associated with Sprint Cancellations (including by line of business).
Net Debt. We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net; less cash and cash equivalents and restricted cash and cash equivalents.
Net Debt to Last Quarter Annualized Adjusted EBITDA. We define Net Debt to Last Quarter Annualized Adjusted EBITDA as Net Debt divided by the most recent quarter's Adjusted EBITDA multiplied by four.
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
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, net and amortization of prepaid lease purchase price adjustments recorded in consolidated site rental costs of operations.
32

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
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, net 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, less segment selling, general and administrative expenses.
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 Information
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.
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 (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP and (2) payments for Sprint Cancellations, where applicable.
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, exclusive of non-renewals associated with Sprint Cancellations, where applicable.
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.
Sprint Cancellations. We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
33

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
Reconciliation of Historical Adjusted EBITDA:
20232024
(in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Net income (loss)$418 $445 $265 $361 $311 $251 
Adjustments to increase (decrease) net income (loss)
Asset write-down charges— 22 
Acquisition and integration costs— — — — — 
Depreciation, amortization and accretion431 445 439 439 439 430 
Restructuring charges(a)
— — 72 13 11 45 
Amortization of prepaid lease purchase price adjustments
Interest expense and amortization of deferred financing costs, net(b)
202 208 217 223 226 230 
(Gains) losses on retirement of long-term obligations— — — — — — 
Interest income(2)(5)(3)(5)(4)(4)
Other (income) expense— (2)
(Benefit) provision for income taxes
Stock-based compensation expense, net41 50 36 31 38 40 
Adjusted EBITDA(c)(d)
$1,104 $1,188 $1,047 $1,076 $1,036 $1,006 
Reconciliation of Outlook for Adjusted EBITDA:
(in millions; totals may not sum due to rounding)
Full Year 2024 Outlook(f)
Net income (loss)$1,125to$1,190
Adjustments to increase (decrease) net income (loss):
Asset write-down charges$42to$52
Acquisition and integration costs$0to$6
Depreciation, amortization and accretion$1,680to$1,775
Restructuring charges(a)
$100to$130
Amortization of prepaid lease purchase price adjustments$15to$17
Interest expense and amortization of deferred financing costs, net(e)
$926to$971
(Gains) losses on retirement of long-term obligations— to
Interest income$(12)to$(11)
Other (income) expense$0to$9
(Benefit) provision for income taxes$20to$28
Stock-based compensation expense, net$142to$146
Adjusted EBITDA(c)(d)
$4,143to$4,193
(a)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the six-month period ended June 30, 2024, there were $13 million and $43 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.
(b)See the reconciliation of "Components of Interest Expense" for a discussion of non-cash interest expense.
(c)See discussion and our definition of Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(f)As issued on July 17, 2024.


34

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
Reconciliation of Historical FFO and AFFO:
(in millions; totals may not sum due to rounding)
20232024
Q1Q2Q3Q4Q1Q2
Net income (loss)$418 $455 $265 $361 $311 $251 
Real estate related depreciation, amortization and accretion417 424 425 426 425 415 
Asset write-down charges— 22 
FFO(a)(b)
$835 $901 $698 $790 $742 $669 
Weighted-average common shares outstanding—diluted434 434 434 434 434 435 
FFO (from above)$835 $901 $698 $790 $742 $669 
Adjustments to increase (decrease) FFO:
Straight-lined revenues(83)(80)(59)(51)(59)(56)
Straight-lined expenses20 18 18 17 17 17 
Stock-based compensation expense, net41 50 36 31 38 40 
Non-cash portion of tax provision(6)— (2)
Non-real estate related depreciation, amortization and accretion
14 21 14 13 14 15 
Amortization of non-cash interest expense
Other (income) expense— (2)
(Gains) losses on retirement of long-term obligations— — — — — — 
Acquisition and integration costs— — — — — 
Restructuring charges(c)
— — 72 13 11 45 
Sustaining capital expenditures(15)(18)(21)(28)(22)(27)
AFFO(a)(b)
$828 $891 $767 $790 $749 $704 
Weighted-average common shares outstanding—diluted434 434 434 434 434 435 
(a)See discussion and our definitions of FFO and AFFO in this "Non-GAAP Measures and Other Information."
(b)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(c)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the six-month period ended June 30, 2024, there were $13 million and $43 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.














35

Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX

Reconciliation of Historical FFO and AFFO per share:
(in millions, except per share amounts; totals may not sum due to rounding)
20232024
Q1Q2Q3Q4Q1Q2
Net income (loss) $0.96 $1.05 $0.61 $0.83 $0.72 $0.58 
Real estate related depreciation, amortization and accretion0.96 0.98 0.98 0.98 0.98 0.95 
Asset write-down charges— 0.05 0.02 0.01 0.01 0.01 
FFO(a)(b)
$1.92 $2.08 $1.61 $1.82 $1.71 $1.54 
Weighted-average common shares outstanding—diluted434 434 434 434 435 435 
FFO (from above)$1.92 $2.08 $1.61 $1.82 $1.71 $1.54 
Adjustments to increase (decrease) FFO:
Straight-lined revenues(0.19)(0.18)(0.14)(0.12)(0.14)(0.13)
Straight-lined expenses0.05 0.04 0.04 0.04 0.04 0.04 
Stock-based compensation expense, net0.09 0.12 0.08 0.07 0.09 0.09 
Non-cash portion of tax provision0.02 (0.01)0.01 — 0.02 — 
Non-real estate related depreciation, amortization and accretion0.03 0.05 0.03 0.03 0.03 0.03 
Amortization of non-cash interest expense0.01 0.01 0.01 0.01 0.01 0.01 
Other (income) expense0.01 — — — — — 
(Gains) losses on retirement of long-term obligations— — — — — — 
Acquisition and integration costs— — — — — — 
Restructuring charges(c)
— — 0.17 0.03 0.03 0.10 
Sustaining capital expenditures(0.03)(0.04)(0.05)(0.06)(0.05)(0.06)
AFFO(a)(b)
$1.91 $2.05 $1.77 $1.82 $1.72 $1.62 
Weighted-average common shares outstanding—diluted434 434 434 434 435 435 
(a)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."
(b)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(c)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the six-month period ended June 30, 2024, there were $13 million and $43 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.
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Crown Castle Inc.
Second Quarter 2024
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
Reconciliation of Outlook for FFO and AFFO:
(in millions; totals may not sum due to rounding)
Full Year 2024 Outlook(a)
Full Year 2024 Outlook Per Share(a)
Net income (loss)$1,125to$1,190$2.59to$2.74
Real estate related depreciation, amortization and accretion$1,634to$1,714$3.76to$3.94
Asset write-down charges$42to$52$0.10to$0.12
FFO(b)(c)
$2,863to$2,893$6.58to$6.65
Weighted-average common shares outstanding—diluted435435
FFO (from above) $2,863to$2,893$6.58to$6.65
Adjustments to increase (decrease) FFO:
Straight-lined revenues$(187)to$(162)$(0.43)to$(0.37)
Straight-lined expenses$55to$75$0.13to$0.17
Stock-based compensation expense, net $142to$146$0.33to$0.34
Non-cash portion of tax provision$2to$17$0.00to$0.04
Non-real estate related depreciation, amortization and accretion$46to$61$0.11to$0.14
Amortization of non-cash interest expense$9to$19$0.02to$0.04
Other (income) expense$0to$9$0.00to$0.02
(Gains) losses on retirement of long-term obligations— to— to
Acquisition and integration costs $0to$6$0.00to$0.01
Restructuring charges(d)
$100to$130$0.23to$0.30
Sustaining capital expenditures$(85)to$(65)$(0.20)to$(0.15)
AFFO(b)(c)
$3,005to$3,055$6.91to$7.02
Weighted-average common shares outstanding—diluted435435

Reconciliation of Net Debt and Calculation of Net Debt to Last Quarter Annualized Adjusted EBITDA:
(as of June 30, 2024; dollars in millions)
Total debt and other obligations (current and non-current)$23,719 
Unamortized adjustments, net155 
Total face value of debt23,874 
Less: Ending cash and cash equivalents and restricted cash and cash equivalents
331 
Net Debt(e)
$23,543 
Adjusted EBITDA for the three months ended June 30, 2024(e)
$1,006 
Last quarter annualized Adjusted EBITDA(e)
4,024 
Net debt to Last Quarter Annualized Adjusted EBITDA(e)
5.9 x
(a)As issued on July 17, 2024.
(b)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(c)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information.".
(d)Represents restructuring charges recorded for the periods presented related to 2023 Restructuring Plan and 2024 Restructuring Plan, as applicable, for the respective period..
(e)See discussion and our definitions of Net Debt and Net Debt to Last Quarter Adjusted EBITDA in this "Non-GAAP Measures and Other Information."

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