EX-99.3 5 q32021supplement.htm EX-99.3 Document
Exhibit 99.3






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

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

1

Crown Castle International Corp.
Third Quarter 2021
Cautionary Language Regarding Forward-Looking Statements
This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook," "guide," "forecast," "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our communications infrastructure, and benefits derived therefrom, (2) cash flow growth, (3) tenant additions, (4) our Outlook for full year 2021 and 2022, (5) our strategy, (6) strategic position of our assets, (7) revenues from tenant contracts, (8) ground lease expenses from existing ground leases, (9) the recurrence and impact of Nontypical Items and (10) availability under our 2016 Revolver.
Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.
The components of financial information presented herein, both historical and forward looking, may not sum due to rounding. Definitions and reconciliations of non-GAAP financial measures, segment measures and other calculations are provided in the Appendix to this Supplement.
As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.
2

Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
COMPANY PROFILE
Crown Castle International Corp. (to which the terms "Crown Castle," "CCIC," "we," "our," "the Company" or "us" as used herein refer) owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) more than 40,000 towers and other structures, such as rooftops (collectively, "towers"), and (2) approximately 80,000 route miles of fiber primarily supporting small cell networks ("small cells") and fiber solutions. We refer to our towers, fiber and small cells assets collectively as "communications infrastructure," and to our customers on our communications infrastructure as "tenants." Our towers have a significant presence in each of the top 100 basic trading areas, and the majority of our small cells and fiber are located in major metropolitan areas, including a presence within every major U.S. market.
Our operating segments consist of (1) Towers and (2) Fiber, which includes both small cells and fiber solutions. Our core business is providing access, including space or capacity, to our shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts"). We seek to increase our site rental revenues by adding more tenants on our shared communications infrastructure, which we expect to result in significant incremental cash flows due to our low incremental operating costs.
We operate as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes.
STRATEGY
As a leading provider of shared communications infrastructure in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of communications infrastructure, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and (3) investing capital efficiently to grow cash flows and long-term dividends per share. Our strategy is based, in part, on our belief that the U.S. is the most attractive market for shared communications infrastructure investment with the greatest long-term growth potential. We measure our efforts to create "long-term stockholder value" by the combined payment of dividends to stockholders and growth in our per-share results. The key elements of our strategy are to:
Grow cash flows from our existing communications infrastructure. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our shared infrastructure assets, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data, while generating high incremental returns for our business. We believe our product offerings of towers and small cells provide a comprehensive solution to our wireless tenants' growing network needs through our shared communications infrastructure model, which is an efficient and cost-effective way to serve our tenants. Additionally, we believe our ability to share our fiber assets across multiple tenants to deploy both small cells and offer fiber solutions allows us to generate cash flows and increase stockholder return.
Return cash generated by operating activities to common stockholders in the form of dividends. We believe that distributing a meaningful portion of our cash generated by operating activities appropriately provides common stockholders with increased certainty for a portion of expected long-term stockholder value while still allowing us to retain sufficient flexibility to invest in our business and deliver growth. We believe this decision reflects the translation of the high-quality, long-term contractual cash flows of our business into stable capital returns to common stockholders.
Invest capital efficiently to grow cash flows and long-term dividends per share. In addition to adding tenants to existing communications infrastructure, we seek to invest our available capital, including the net cash generated by our operating activities and external financing sources, in a manner that will increase long-term stockholder value on a risk-adjusted basis. These investments include constructing and acquiring new communications infrastructure that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time. Our historical investments have included the following (in no particular order):
construction of towers, fiber and small cells;
acquisitions of towers, fiber and small cells;
acquisitions of land interests (which primarily relate to land assets under towers);
improvements and structural enhancements to our existing communications infrastructure;
purchases of shares of our common stock from time to time; and
purchases, repayments or redemptions of our debt.
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Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our communications infrastructure based on the location of our assets and the rapid growth in the demand for data. We believe that such demand for our communications infrastructure will continue, will result in growth of our cash flows due to tenant additions on our existing communications infrastructure, and will create other growth opportunities for us, such as demand for newly constructed or acquired communications infrastructure, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development and installation services within our Towers segment.
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Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
AFFO PER SHARE(a)(b)
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ASSET PORTFOLIO FOOTPRINT
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(a)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to Income (loss) from continuing operations, as computed in accordance with GAAP.
(b)Attributable to CCIC common stockholders.
(c)Excludes the impact of nontypical items that were completed in fourth quarter 2020 ("Nontypical Items"), as described in our press release dated January 27, 2021 and reconciled in "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.
(d)Calculated based on midpoint of Outlook for full year 2021 and 2022, issued on October 20, 2021.
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Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
GENERAL COMPANY INFORMATION
Principal executive offices8020 Katy Freeway, Houston, TX 77024
Common shares trading symbolCCI
Stock exchange listingNew York Stock Exchange
Fiscal year ending dateDecember 31
Fitch - Long Term Issuer Default RatingBBB+
Moody’s - Long Term Corporate Family RatingBaa3
Standard & Poor’s - Long Term Local Issuer Credit RatingBBB-
Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.
EXECUTIVE MANAGEMENT TEAM
NameAgeYears with CompanyPosition
Jay A. Brown4822President and Chief Executive Officer
Daniel K. Schlanger475Executive Vice President and Chief Financial Officer
Catherine Piche5010Executive Vice President and Chief Operating Officer - Towers
Christopher D. Levendos543Executive Vice President and Chief Operating Officer - Fiber
Kenneth J. Simon606Executive Vice President and General Counsel
Michael J. Kavanagh5311Executive Vice President and Chief Commercial Officer
Philip M. Kelley4824Executive Vice President - Corporate Development and Strategy
Laura B. Nichol617Executive Vice President - Business Support
BOARD OF DIRECTORS
NamePositionCommitteesAgeYears as Director
J. Landis MartinChair
NESG(a)
7525
P. Robert BartoloDirectorAudit, Compensation497
Cindy ChristyDirector
Compensation, NESG(a), Strategy
5514
Ari Q. FitzgeraldDirector
Compensation, NESG(a), Strategy
5819
Anthony J. MeloneDirector
Audit, NESG(a), Strategy
616
Jay A. BrownDirector485
Andrea J. GoldsmithDirector
NESG(a), Strategy
563
Lee W. HoganDirectorAudit, Compensation, Strategy7720
Tammy K. JonesDirector
Audit, NESG(a)
56<1
W. Benjamin MorelandDirectorStrategy5815
Kevin A. StephensDirectorAudit, Strategy60<1
Matthew Thornton IIIDirectorCompensation, Strategy63<1
(a)Nominating, Environmental, Social and Governance Committee
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Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
RESEARCH COVERAGE
Equity Research
Bank of America
David Barden
(646) 855-1320
Barclays
Tim Long
(212) 526-4043
Citigroup
Michael Rollins
(212) 816-1116
Cowen and Company
Colby Synesael
(646) 562-1355
Credit Suisse
Sami Badri
(212) 538-1727
Deutsche Bank
Matthew Niknam
(212) 250-4711
Goldman Sachs
Brett Feldman
(212) 902-8156
Green Street
David Guarino
(949) 640-8780
Jefferies
Jonathan Petersen
(212) 284-1705
JPMorgan
Philip Cusick
(212) 622-1444
KeyBanc
Brandon Nispel
(503) 821-3871
LightShed Partners
Walter Piecyk
(646) 450-9258
MoffettNathanson
Nick Del Deo
(212) 519-0025
Morgan Stanley
Simon Flannery
(212) 761-6432
New Street Research
Jonathan Chaplin
(212) 921-9876
Oppenheimer & Co.
Timothy Horan
(212) 667-8137
Raymond James
Ric Prentiss
(727) 567-2567
RBC Capital Markets
Jonathan Atkin
(415) 633-8589
Truist Securities
Greg Miller
(212) 303-4169
UBS
Batya Levi
(212) 713-8824
Wells Fargo Securities, LLC
Eric Luebchow
(312) 630-2386
Wolfe Research
Andrew Rosivach
(646) 582-9350
Rating Agencies
Fitch
John Culver
(312) 368-3216
Moody’s
Lori Marks
(212) 553-1098
Standard & Poor’s
Ryan Gilmore
(212) 438-0602
HISTORICAL COMMON STOCK DATA
Three Months Ended
(in millions, except per share amounts)9/30/216/30/213/31/2112/31/209/30/20
High price(a)
$203.20 $197.84 $172.96 $166.96 $173.44 
Low price(a)
$173.14 $169.31 $142.84 $147.83 $150.30 
Period end closing price(b)
$173.32 $193.73 $169.79 $155.68 $161.46 
Dividends paid per common share$1.33 $1.33 $1.33 $1.33 $1.20 
Volume weighted average price for the period(a)
$191.43 $184.68 $156.63 $156.97 $159.28 
Common shares outstanding, at period end432 432 432 431 431 
Market value of outstanding common shares, at period end(c)
$74,909 $83,731 $73,381 $67,148 $69,637 
(a)    Based on the sales price, adjusted for common stock dividends, as reported by Bloomberg.
(b)    Based on the period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
(c)    Period end market value of outstanding common shares is calculated as the product of (1) shares of common stock outstanding at period end and (2) closing share price at period end, adjusted for common stock dividends, as reported by Bloomberg.
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Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
SUMMARY PORTFOLIO HIGHLIGHTS
(as of September 30, 2021)
Towers
Number of towers (in thousands)(a)
40 
Average number of tenants per tower2.3 
Remaining contracted tenant receivables ($ in billions)(b)
$27 
Weighted average remaining tenant contract term (years)(c)
Percent of towers in the Top 50 / 100 Basic Trading Areas56% / 71%
Percent of ground leased / owned(d)
59% / 41%
Weighted average maturity of ground leases (years)(d)(e)
37 
Fiber
Number of route miles of fiber (in thousands)80 
Remaining contracted tenant receivables ($ in billions)(b)
$
Weighted average remaining tenant contract term (years)(c)
SUMMARY FINANCIAL HIGHLIGHTS
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share amounts)2021202020212020
Operating Data:
Net revenues
Site rental$1,451 $1,339 $4,245 $3,968 
Services and other167 147 441 379 
Net revenues$1,618 $1,486 $4,686 $4,347 
Costs of operations (exclusive of depreciation, amortization and accretion)
Site rental$397 $370 $1,168 $1,123 
Services and other115 117 301 324 
Total cost of operations$512 $487 $1,469 $1,447 
Net income (loss) attributable to CCIC common stockholders$351 $163 $743 $491 
Net income (loss) attributable to CCIC common stockholders per share—diluted(f)
$0.81 $0.38 $1.71 $1.17 
Non-GAAP Data:(g)
Adjusted EBITDA$976 $883 $2,831 $2,527 
FFO(h)
751 531 2,004 1,640 
AFFO(h)
767 668 2,246 1,870 
AFFO per share(f)(h)
$1.77 $1.56 $5.18 $4.43 
(a)Excludes third-party land interests.
(b)Excludes renewal terms at tenants' option.
(c)Excludes renewal terms at tenants' option, weighted by site rental revenues.
(d)Weighted by Towers segment site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses.
(e)Includes all renewal terms at the Company's option.
(f)Based on diluted weighted-average common shares outstanding of 434 million and 429 million for the three months ended September 30, 2021 and 2020, respectively, and 434 million and 422 million for the nine months ended September 30, 2021 and 2020, respectively.
(g)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to Income (loss) from continuing operations, as computed in accordance with GAAP.
(h)Attributable to CCIC common stockholders.
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Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
SUMMARY FINANCIAL HIGHLIGHTS (CONTINUED)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Summary Cash Flow Data:(a)
Net cash provided by (used for) operating activities$684 $661 $2,055 $2,070 
Net cash provided by (used for) investing activities(b)
(295)(446)(911)(1,336)
Net cash provided by (used for) financing activities(309)(2,468)(921)(651)
(in millions)September 30, 2021December 31, 2020
Balance Sheet Data (at period end):
Cash and cash equivalents$357 $232 
Property and equipment, net15,174 15,162 
Total assets39,004 38,768 
Total debt and other long-term obligations20,365 19,280 
Total CCIC stockholders' equity8,516 9,461 
Three Months Ended September 30, 2021
Other Data:
Net debt to last quarter annualized Adjusted EBITDA(c)
5.1 x
Dividend per common share$1.33 
OUTLOOK FOR FULL YEAR 2021 AND FULL YEAR 2022
(in millions, except per share amounts)
Full Year 2021(d)
Full Year 2022(d)
Site rental revenues$5,677to$5,722$5,952to$5,997
Site rental cost of operations(e)
$1,538to$1,583$1,548to$1,593
Income (loss) from continuing operations$1,074to
$1,154(f)
$1,384to$1,464
Income (loss) from continuing operations per share—diluted(g)(h)
$2.48to
$2.66(f)
$3.18to$3.37
Adjusted EBITDA(i)
$3,764to$3,809$3,999to$4,044
Interest expense and amortization of deferred financing costs(j)
$633to$678$615to$660
FFO(h)(i)
$2,720to$2,765$3,068to$3,113
AFFO(h)(i)
$2,943to$2,988$3,178to$3,223
AFFO per share(g)(h)(i)
$6.78to$6.89$7.31to$7.41
(a)Includes impacts of restricted cash. See the condensed consolidated statement of cash flows for further information.
(b)Includes net cash used for acquisitions of approximately $12 million and $70 million for the three months ended September 30, 2021 and 2020, respectively, and $27 million and $86 million for the nine months ended September 30, 2021 and 2020, respectively.
(c)See the "Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation" in the Appendix.
(d)As issued on October 20, 2021, and, with respect to the Current Full Year 2021 Outlook, unchanged from the prior full year 2021 Outlook issued on July 21, 2021.
(e)Exclusive of depreciation, amortization and accretion.
(f)Does not reflect the impact related to the ATO Settlement (as defined in the Form 8-K filed with the Securities and Exchange Commission on April 26, 2021 ("April 8-K"), which is attributable to discontinued operations as discussed in the April 8-K.
(g)The assumption for diluted weighted-average common shares outstanding for both full year 2021 and full year 2022 Outlook is based on the diluted common shares outstanding as of September 30, 2021.
(h)Attributable to CCIC common stockholders.
(i)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to Income (loss) from continuing operations, as computed in accordance with GAAP.
(j)See the reconciliation of "Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs" in the Appendix.
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Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
 FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
OUTLOOK FOR FULL YEAR 2021 AND FULL YEAR 2022 - COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions)
Full Year 2021 Outlook(a)
Full Year 2022 Outlook(a)
Components of changes in site rental revenues:
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c)
$5,298
$5,593(h)
New leasing activity(b)(c)
$360to$390$335to$365
Escalators$90to$100$95to$105
Non-renewals$(180)to$(160)$(195)to$(175)
Organic Contribution to Site Rental Revenues(d)
$280to$320$245to$285
Impact from full year straight-lined revenues associated with fixed escalators$97to$117$109to$129
Acquisitions(e)
<$5$—
Other$—$—
Total GAAP site rental revenues$5,677to$5,722$5,952to$5,997
Year-over-year changes in revenues:
Reported GAAP site rental revenues(f)
7.1%4.8%
Organic Contribution to Site Rental Revenues(d)(f)(g)
5.7%4.7%
NEW LEASING ACTIVITY BY SEGMENT
Full Year 2021 OutlookFull Year 2022 Outlook
TowersFiberTotalTowersFiberTotal
(in millions)Small CellsFiber SolutionsSmall CellsFiber Solutions
New leasing activity(h)
$150-$160$50-$60$160-$170$360-$390$160-$170$25-$35$150-$160$335-$365
Less: Year-over-year change in prepaid rent amortization(20)(10)(30)(5)(5)(10)
Core leasing activity(h)
$130-$140$40-$50$160-$170$330-$360$155-$165$25-$35$145-$155$325-$355
20192020
TowersFiberTotalTowersFiberTotal
(in millions)Small CellsFiber SolutionsSmall CellsFiber Solutions
New leasing activity(h)
$172$63$150$385$144$73$159$376
Less: Year-over-year change in prepaid rent amortization(47)(4)1$(50)(41)(21)(62)
Core leasing activity(h)
$125$59$151$335$103$52$159$314
(a)As issued on October 20, 2021, and, with respect to the Current Full Year 2021 Outlook, unchanged from the prior full year 2021 Outlook issued on July 21, 2021.
(b)Includes revenues from amortization of prepaid rent in accordance with GAAP.
(c)Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators.
(d)See "Non-GAAP Measures, Segment Measures and Other Calculations" for a discussion of our definition of Organic Contribution to Site Rental Revenues.
(e)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition.
(f)Calculated based on midpoint of respective full year outlook.
(g)Calculated as the percentage change from prior year site rental revenues, exclusive of straight-lined revenues associated with fixed escalations, compared to Organic Contribution to Site Rental Revenues for the current period.
(h)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of new leasing activity and core leasing activity.
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Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(in millions, except par values)September 30, 2021December 31, 2020
ASSETS  
Current assets:
Cash and cash equivalents$357 $232 
Restricted cash180 144 
Receivables, net493 431 
Prepaid expenses120 95 
Other current assets182 202 
Total current assets1,332 1,104 
Deferred site rental receivables1,516 1,408 
Property and equipment, net15,174 15,162 
Operating lease right-of-use assets6,659 6,464 
Goodwill10,078 10,078 
Other intangible assets, net4,115 4,433 
Other assets, net130 119 
Total assets$39,004 $38,768 
LIABILITIES AND EQUITY 
Current liabilities: 
Accounts payable$231 $230 
Accrued interest141 199 
Deferred revenues822 704 
Other accrued liabilities376 378 
Current maturities of debt and other obligations72 129 
Current portion of operating lease liabilities345 329 
Total current liabilities1,987 1,969 
Debt and other long-term obligations20,293 19,151 
Operating lease liabilities6,000 5,808 
Other long-term liabilities2,208 2,379 
Total liabilities30,488 29,307 
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: September 30, 2021—432 and December 31, 2020—431
Additional paid-in capital17,982 17,933 
Accumulated other comprehensive income (loss)(3)(4)
Dividends/distributions in excess of earnings(9,467)(8,472)
Total equity8,516 9,461 
Total liabilities and equity$39,004 $38,768 
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Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share amounts)2021202020212020
Net revenues:
Site rental$1,451 $1,339 $4,245 $3,968 
Services and other167 147 441 379 
Net revenues1,618 1,486 4,686 4,347 
Operating expenses:
Costs of operations(a):
Site rental397 370 1,168 1,123 
Services and other115 117 301 324 
Selling, general and administrative167 154 500 493 
Asset write-down charges— 10 
Acquisition and integration costs— 
Depreciation, amortization and accretion413 406 1,229 1,207 
Total operating expenses1,092 1,052 3,208 3,166 
Operating income (loss)526 434 1,478 1,181 
Interest expense and amortization of deferred financing costs(163)(168)(493)(521)
Gains (losses) on retirement of long-term obligations(1)(95)(145)(95)
Interest income— — 
Other income (expense)(4)(3)(16)(3)
Income (loss) before income taxes358 168 825 564 
Benefit (provision) for income taxes(7)(5)(20)(16)
Income (loss) from continuing operations351 163 805 548 
Discontinued operations:
Net gain (loss) from disposal of discontinued operations, net of tax— — (62)— 
Income (loss) from discontinued operations, net of tax— — (62)— 
Net income (loss)351 163 743 548 
Dividends/distributions on preferred stock— — — (57)
Net income (loss) attributable to CCIC common stockholders$351 $163 $743 $491 
Net income (loss) attributable to CCIC common stockholders, per common share:
Income (loss) from continuing operations, basic$0.81 $0.38 $1.86 $1.17 
Income (loss) from discontinued operations, basic— — (0.14)— 
Net income (loss) attributable to CCIC common stockholders, basic$0.81 $0.38 $1.72 $1.17 
Income (loss) from continuing operations, diluted$0.81 $0.38 $1.85 $1.17 
Income (loss) from discontinued operations, diluted— — (0.14)— 
Net income (loss) attributable to CCIC common stockholders, diluted$0.81 $0.38 $1.71 $1.17 
Weighted-average common shares outstanding:
Basic432 427 432 420 
Diluted434 429 434 422 
(a)Exclusive of depreciation, amortization and accretion shown separately.


12

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

SEGMENT OPERATING RESULTS
Three Months Ended September 30, 2021Three Months Ended September 30, 2020
(in millions)TowersFiberOtherConsolidated TotalTowersFiberOtherConsolidated Total
Segment site rental revenues$972 $479 $1,451 $877 $462 $1,339 
Segment services and other revenues162 167 142 147 
Segment revenues1,134 484 1,618 1,019 467 1,486 
Segment site rental costs of operations227 163 390 216 145 361 
Segment services and other costs of operations108 112 111 115 
Segment costs of operations(a)(b)
335 167 502 327 149 476 
Segment site rental gross margin(c)
745 316 1,061 661 317 978 
Segment services and other gross margin(c)
54 55 31 32 
Segment selling, general and administrative expenses(b)
27 44 71 22 42 64 
Segment operating profit(c)
772 273 1,045 670 276 946 
Other selling, general and administrative expenses(b)
$69 69 $63 63 
Stock-based compensation expense33 33 33 33 
Depreciation, amortization and accretion413 413 406 406 
Interest expense and amortization of deferred financing costs163 163 168 168 
Other (income) expenses to reconcile to income (loss) before income taxes(d)
108 108 
Income (loss) before income taxes$358 $168 
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
Three Months Ended September 30,
20212020
(in millions)Fiber SolutionsSmall CellsTotalFiber SolutionsSmall CellsTotal
Site rental revenues$327 $152 $479 $323 $139 $462 
(a)Exclusive of depreciation, amortization and accretion shown separately.
(b)Segment cost of operations excludes (1) stock-based compensation expense of $6 million in each of the three months ended September 30, 2021 and 2020 and (2) prepaid lease purchase price adjustments of $4 million and $5 million for the three months ended September 30, 2021 and 2020, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $27 million in each of the three months ended September 30, 2021 and 2020.
(c)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.
(d)See condensed consolidated statement of operations for further information.

13

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

SEGMENT OPERATING RESULTS
Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
(in millions)TowersFiberOtherConsolidated TotalTowersFiberOtherConsolidated Total
Segment site rental revenues$2,819 $1,426 $4,245 $2,612 $1,356 $3,968 
Segment services and other revenues427 14 441 367 12 379 
Segment revenues3,246 1,440 4,686 2,979 1,368 4,347 
Segment site rental costs of operations659 485 1,144 648 447 1,095 
Segment services and other costs of operations285 10 295 311 319 
Segment costs of operations(a)(b)
944 495 1,439 959 455 1,414 
Segment site rental gross margin(c)
2,160 941 3,101 1,964 909 2,873 
Segment services and other gross margin(c)
142 146 56 60 
Segment selling, general and administrative expenses(b)
78 133 211 71 137 208 
Segment operating profit(c)
2,224 812 3,036 1,949 776 2,725 
Other selling, general and administrative expenses(b)
$205 205 $198 198 
Stock-based compensation expense100 100 106 106 
Depreciation, amortization and accretion
1,229 1,229 1,207 1,207 
Interest expense and amortization of deferred financing costs
493 493 521 521 
Other (income) expenses to reconcile to income (loss) before income taxes(d)
184 184 129 129 
Income (loss) before income taxes
$825 $564 
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
Nine Months Ended September 30,
20212020
(in millions)Fiber SolutionsSmall CellsTotalFiber SolutionsSmall CellsTotal
Site rental revenues$987 $439 $1,426 $950 $406 $1,356 
(a)Exclusive of depreciation, amortization and accretion shown separately.
(b)Segment cost of operations excludes (1) stock-based compensation expense of $16 million and $19 million for the nine months ended September 30, 2021 and 2020, respectively and (2) prepaid lease purchase price adjustments of $14 million in each of the nine months ended September 30, 2021 and 2020. Selling, general and administrative expenses exclude stock-based compensation expense of $84 million and $87 million for the nine months ended September 30, 2021 and 2020, respectively.
(c)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.
(d)See condensed consolidated statement of operations for further information.
14

Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
FFO AND AFFO RECONCILIATIONS
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share amounts)2021202020212020
Income (loss) from continuing operations$351 $163 $805 
(a)
$548 
Real estate related depreciation, amortization and accretion400 393 1,190 1,167 
Asset write-down charges— 10 
Dividends/distributions on preferred stock— (28)— (85)
FFO(b)(c)(d)(e)
$751 $531 $2,004 $1,640 
Weighted-average common shares outstanding—diluted434 429 434 422 
FFO per share(b)(c)(d)(e)
$1.73 $1.24 $4.62 $3.89 
FFO (from above)$751 $531 $2,004 $1,640 
Adjustments to increase (decrease) FFO:
Straight-lined revenue(38)(4)(73)(27)
Straight-lined expense18 21 58 61 
Stock-based compensation expense33 33 100 106 
Non-cash portion of tax provision(7)
Non-real estate related depreciation, amortization and accretion13 13 39 40 
Amortization of non-cash interest expense
Other (income) expense16 
(Gains) losses on retirement of long-term obligations95 145 95 
Acquisition and integration costs— 
Sustaining capital expenditures(21)(20)(56)(64)
AFFO(b)(c)(d)(e)
$767 $668 $2,246 $1,870 
Weighted-average common shares outstanding—diluted434 429 434 422 
AFFO per share(b)(c)(d)(e)
$1.77 $1.56 $5.18 $4.43 
(a)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO and AFFO, including per share amounts.
(c)FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.
(d)Attributable to CCIC common stockholders.
(e)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
15

Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
Nine Months Ended September 30,
(in millions)20212020
Cash flows from operating activities:
Income (loss) from continuing operations$805 $548 
Adjustments to reconcile Income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion1,229 1,207 
(Gains) losses on retirement of long-term obligations145 95 
Amortization of deferred financing costs and other non-cash interest, net
Stock-based compensation expense100 108 
Asset write-down charges10 
Deferred income tax (benefit) provision
Other non-cash adjustments, net18 
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities(100)(29)
Decrease (increase) in assets(164)121 
Net cash provided by (used for) operating activities2,055 2,070 
Cash flows from investing activities:
Capital expenditures(892)(1,238)
Payments for acquisitions, net of cash acquired(27)(86)
Other investing activities, net(12)
Net cash provided by (used for) investing activities(911)(1,336)
Cash flows from financing activities:
Proceeds from issuance of long-term debt3,985 3,733 
Principal payments on debt and other long-term obligations(1,057)(80)
Purchases and redemptions of long-term debt(2,089)(2,490)
Borrowings under revolving credit facility580 2,140 
Payments under revolving credit facility(870)(2,145)
Net borrowings (repayments) under commercial paper program380 (80)
Payments for financing costs(43)(38)
Purchases of common stock (69)(75)
Dividends/distributions paid on common stock(1,738)(1,531)
Dividends/distributions paid on preferred stock— (85)
Net cash provided by (used for) financing activities(921)(651)
Net increase (decrease) in cash, cash equivalents, and restricted cash - continuing operations223 83 
Discontinued operations:
Net cash provided by (used for) operating activities(62)— 
Net increase (decrease) in cash, cash equivalents and restricted cash - discontinued operations(62)— 
Effect of exchange rate changes on cash— — 
Cash, cash equivalents, and restricted cash at beginning of period381 338 
Cash, cash equivalents, and restricted cash at end of period$542 $421 
Supplemental disclosure of cash flow information:
Interest paid542 564 
Income taxes paid17 13 
16

Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
Three Months Ended September 30,
(dollars in millions)20212020
Components of changes in site rental revenues:
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(a)(b)
$1,335$1,265 
New leasing activity(a)(b)
9893 
Escalators2323 
Non-renewals(44)(46)
Organic Contribution to Site Rental Revenues(c)
7770 
Impact from straight-lined revenues associated with fixed escalators38
Acquisitions(d)
1— 
Other— 
Total GAAP site rental revenues$1,451$1,339 
Year-over-year changes in revenue:
Reported GAAP site rental revenues8.4 %
Organic Contribution to Site Rental Revenues(c)(e)
5.8 %
SUMMARY OF SITE RENTAL STRAIGHT-LINED REVENUES AND EXPENSES ASSOCIATED WITH FIXED ESCALATORS(f)
Three Months Ended September 30,
 20212020
(in millions)TowersFiberTotalTowersFiberTotal
Site rental straight-lined revenues$38 $— $38 $$$
Site rental straight-lined expenses18 — 18 21 — 21 
Nine Months Ended September 30,
 20212020
(in millions)TowersFiberTotalTowersFiberTotal
Site rental straight-lined revenues$72 $$73 $21 $$27 
Site rental straight-lined expenses57 58 60 61 
(a)Includes revenues from amortization of prepaid rent in accordance with GAAP.
(b)Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators.
(c)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definition of Organic Contribution to Site Rental Revenues.
(d)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition.
(e)Calculated as the percentage change from prior year site rental revenues, exclusive of straight-lined revenues associated with fixed escalations, compared to Organic Contribution to Site Rental Revenues for the current period.
(f)In accordance with GAAP accounting, if payment terms call for fixed escalations or rent free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the contract. Since the Company recognizes revenue on a straight-line basis, a portion of the site rental revenue in a given period represents cash collected or contractually collectible in other periods.


17

Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
SUMMARY OF PREPAID RENT ACTIVITY(a)
Three Months Ended September 30,
 20212020
(in millions)TowersFiberTotalTowersFiberTotal
Prepaid rent additions$25 $87 $112 $46 $72 $118 
Amortization of prepaid rent81 62 143 75 56 131 
Nine Months Ended September 30,
20212020
(in millions)TowersFiberTotalTowersFiberTotal
Prepaid rent additions$80 $182 $262 $167 $185 $352 
Amortization of prepaid rent239 176 415 222 164 386 
SUMMARY OF CAPITAL EXPENDITURES
Three Months Ended September 30,
20212020
(in millions)TowersFiberOtherTotalTowersFiberOtherTotal
Discretionary:
Purchases of land interests$11 $— $— $11 $12 $— $— $12 
Communications infrastructure improvements and other capital projects31 217 251 61 274 10 345 
Sustaining12 21 13 20 
Total$46 $229 $$283 $76 $287 $14 $377 
Nine Months Ended September 30,
20212020
(in millions)TowersFiberOtherTotalTowersFiberOtherTotal
Discretionary:
Purchases of land interests$46 $— $— $46 $41 $— $— $41 
Communications infrastructure improvements and other capital projects104 666 20 790 220 888 25 1,133 
Sustaining10 35 11 56 11 38 15 64 
Total$160 $701 $31 $892 $272 $926 $40 $1,238 
PROJECTED REVENUES FROM TENANT CONTRACTS(b)
Years Ending December 31,
(as of September 30, 2021; in millions)2022202320242025
Components of site rental revenues:
Site rental revenues exclusive of straight-line associated with fixed escalators$5,725 $5,796 $5,806 $5,876 
Straight-lined site rental revenues associated with fixed escalators44 (29)(76)(173)
GAAP site rental revenues$5,769 $5,767 $5,730 $5,703 
(a)Reflects up-front consideration from long-term tenants and other deferred credits (commonly referred to as prepaid rent), and the amortization thereof for GAAP revenue recognition purposes.
(b)Based on tenant licenses in-place as of September 30, 2021. 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.
18

Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
PROJECTED GROUND LEASE EXPENSES FROM EXISTING GROUND LEASES(a)
Years Ending December 31,
(as of September 30, 2021; in millions)2022202320242025
Components of ground lease expenses:
Ground lease expenses exclusive of straight-line associated with fixed escalators$936 $955 $974 $993 
Straight-lined site rental ground lease expenses associated with fixed escalators60 49 38 27 
GAAP ground lease expenses$996 $1,004 $1,012 $1,020 
ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(b)
Years Ending December 31,
(as of September 30, 2021; in millions)2022202320242025
T-Mobile$337$260$72$85
AT&T293311921
Verizon19161930
All Others Combined20820914689
Total$593$816$256$225
LEGACY SPRINT RENTAL PAYMENTS AT TIME OF RENEWAL(b)(c)
Years Ending December 31,
(as of September 30, 2021; in millions)2022202320242025Thereafter
Sprint collocated on sites with T-Mobile$22$105$15$22$181
Other Sprint13105820188
Total legacy Sprint$35$210$23$42$369
CONSOLIDATED TENANT OVERVIEW
(as of September 30, 2021)
Percentage of Q3 2021 LQA Site
Rental Revenues
Weighted Average Current
Term Remaining
(d)
Long-Term Credit Rating
(S&P / Moody’s)
T-Mobile32%5BB+ / Ba1
AT&T20%5BBB / Baa2
Verizon20%9BBB+ / Baa1
All Others Combined28%3N/A
Total / Weighted Average100%5
FIBER SOLUTIONS REVENUE MIX
(as of September 30, 2021)
Percentage of Q3 2021 LQA Site
Rental Revenues
Carrier(e)
38%
Education13%
Healthcare11%
Financial Services9%
Other29%
Total100%
(a)Based on existing ground leases as of September 30, 2021. CPI-linked leases are assumed to escalate at 3% per annum.
(b)Reflects lease renewals by year by tenant; dollar amounts represent annualized cash site rental revenues from assumed renewals or extensions as reflected in the table "Projected Revenues from Tenant Contracts."
(c)As of September 30, 2021, there is a weighted average current term remaining of 4 years, weighted by site rental revenues, exclusive of straight-lined revenues and amortization of prepaid rent, on Sprint licenses collocated on tower and small cell sites with T-Mobile.
(d)Weighted by site rental revenue revenues; excludes renewals at the tenants' option.
(e)Includes revenues derived from both wireless carriers and wholesale carriers.
19

Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
SEGMENT CASH YIELDS ON INVESTED CAPITAL(a)
Q3 2021 LQA
(as of September 30, 2021; dollars in millions)TowersFiber
Segment site rental gross margin(b)
$2,980 $1,264 
Less: Amortization of prepaid rent(324)(248)
Less: Site rental straight-lined revenues(152)— 
Add: Site rental straight-lined expenses72 — 
Add: Indirect labor costs(c)
— 98 
Numerator$2,576 $1,114 
Segment net investment in property and equipment(d)
$13,038 $7,892 
Segment investment in site rental contracts and tenant relationships4,525 3,287 
Segment investment in goodwill(e)
5,351 4,073 
Segment net invested capital(a)
$22,914 $15,252 
Segment Cash Yield on Invested Capital(a)
11.2 %7.3 %
CONSOLIDATED RETURN ON INVESTED CAPITAL(a)
(as of September 30, 2021; dollars in millions)Q3 2021 LQA
Adjusted EBITDA(f)
$3,904 
Cash taxes refunded (paid)(18)
Numerator$3,886 
Historical gross investment in property and equipment(g)
$25,894 
Historical gross investment in site rental contracts and tenant relationships7,812 
Historical gross investment in goodwill10,078 
Consolidated invested capital(a)
$43,784 
Consolidated Return on Invested Capital(a)
8.9 %
(a)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information on, and definition and our calculation of segment cash yields on invested capital, segment net invested capital, consolidated return on invested capital and consolidated invested capital.
(b)See "Segment Operating Results" and "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information on, and definition and our calculation of segment site rental gross margin.
(c)This adjustment represents indirect labor costs in the Fiber segment that are not capitalized, but that primarily support the Company's ongoing expansion of its small cells and fiber networks that management expects to generate future revenues for the Company. Removal of these indirect labor costs presents segment cash yield on invested capital on a direct cost basis, consistent with the methodology used by management when evaluating project-level investment opportunities.
(d)Segment investment in property and equipment excludes the impact of construction in process and non-productive assets (such as information technology assets and buildings) and is reduced by the amount of prepaid rent received from customers (excluding any deferred credits recorded in connection with acquisitions).
(e)Segment investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions (primarily deferred credits).
(f)See "Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures and Other Calculations" for further information and reconciliation of this non-GAAP financial measure to net income (loss). See also "Non-GAAP Financial Measures, Segment Measures and Other Calculations" in the Appendix for our definition of Adjusted EBITDA.
(g)Historical gross investment in property and equipment excludes the impact of construction in process.
20

Crown Castle International Corp.
Third Quarter 2021
COMPANY OVERVIEWFINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
SUMMARY OF TOWER PORTFOLIO BY VINTAGE(a)
(as of September 30, 2021; dollars in thousands)
CASH YIELD(b)
NUMBER OF TENANTS PER TOWER
chart-237d9af65222456e936.jpgchart-28a42848c81043df86a.jpg
LQA CASH SITE RENTAL REVENUE PER TOWER(c)
LQA TOWERS SEGMENT SITE RENTAL GROSS CASH MARGIN PER TOWER(d)
chart-3b2cd4f49436447e850.jpgchart-56970ee9965646bfb75.jpg
NET INVESTED CAPITAL PER TOWER(e)
NUMBER OF TOWERS
chart-559532572749430c805.jpgchart-667661f47c9844d8864.jpg
(a)All tower portfolio figures are calculated exclusively for the Company’s towers and rooftops and do not give effect to other activities within the Company’s Towers segment.
(b)Cash yield is calculated as LQA Towers segment site rental gross margin, exclusive of straight-lined revenues and amortization of prepaid rent, divided by invested capital net of the amount of prepaid rent received from customers.
(c)Exclusive of straight-lined revenues and amortization of prepaid rent.
(d)Exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses.
(e)Reflects gross total assets (including incremental capital invested by the Company since time of acquisition or construction completion), less any prepaid rent. Inclusive of invested capital related to land at the tower site.
21

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

TOWER PORTFOLIO OVERVIEW(a)
(as of September 30, 2021; dollars in thousands)
NUMBER OF TOWERSTENANTS PER TOWER
LQA CASH SITE RENTAL REVENUE PER TOWER(b)
chart-655ccc043956468a8cd.jpgchart-cd3e32393dfc473e8e7.jpgchart-4de35c2d14624c5a947.jpg
(a)    All tower portfolio figures are calculated exclusively for the Company’s towers and rooftops and do not give effect to other activities within the Company’s Towers segment.
(b)    Exclusive of straight-lined revenues and amortization of prepaid rent.
22

Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
DISTRIBUTION OF TOWER TENANCY (as of September 30, 2021)(a)
PERCENTAGE OF TOWERS BY TENANTS PER TOWER
SITES ACQUIRED AND BUILT 2006 AND PRIORSITES ACQUIRED AND BUILT 2007 TO PRESENT
chart-2b5c5ce118d248e7bc7.jpgchart-b8eb683becdc49499ec.jpg
Average: 2.8Average: 2.1
GEOGRAPHIC TOWER DISTRIBUTION (as of September 30, 2021)(a)
PERCENTAGE OF TOWERS BY GEOGRAPHIC LOCATION
PERCENTAGE OF LQA CASH SITE RENTAL REVENUE BY GEOGRAPHIC LOCATION(b)
chart-352949f2e996428f9d9.jpgchart-4fceb55e28774e5ea9e.jpg
(a)    All tower portfolio figures are calculated exclusively for the Company’s towers and rooftops and do not give effect to other activities within the Company’s Towers segment.
(b)    Exclusive of straight-lined revenues and amortization of prepaid rent.
23

Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
GROUND INTEREST OVERVIEW
(as of September 30, 2021; 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$358 11 %$183 %5,281 13 %
10 to 20 years443 13 %256 10 %5,972 15 %
Greater than 20 years1,443 43 %1,024 42 %17,686 44 %
Total leased$2,244 67 %$1,463 59 %28,939 72 %37 
Owned$1,105 33 %$1,026 41 %11,161 28 %
Total / Average$3,349 100 %$2,489 100 %40,100 100 %
GROUND INTEREST ACTIVITY
(dollars in millions)Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
Ground Extensions Under Crown Castle Towers:
Number of ground leases extended168 493 
Average number of years extended36 31 
Percentage increase in consolidated cash ground lease expense due to extension activities(e)
— %— %
Ground Purchases Under Crown Castle Towers:
Number of ground leases purchased41 151 
Ground lease purchases (including capital expenditures, acquisitions and installment purchases)$21 $63 
Percentage of Towers segment site rental gross margin from towers on purchased land<1%<1%
(a)Exclusive of straight-lined revenues and amortization of prepaid rent.
(b)Exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses.
(c)Excludes small cells, fiber and third-party land interests.
(d)Includes all renewal terms at the Company's option; weighted by Towers segment site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses.
(e)Includes the impact from the amortization of lump sum payments.
24

Crown Castle International Corp.
Third Quarter 2021
COMPANY
OVERVIEW
FINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
CAPITALIZATION OVERVIEW
(as of September 30, 2021; dollars in millions)Face ValueFixed vs. Variable
Interest Rate(a)
Net Debt to LQA Adjusted EBITDA(b)
Maturity
Cash, cash equivalents and restricted cash$542 
3.849% Secured Notes
1,000 Fixed3.9%2023
Senior Secured Notes, Series 2009-1, Class A-2(c)
55 Fixed9.0%2029
Senior Secured Tower Revenue Notes, Series 2018-1(d)
250 Fixed3.7%
2043
Senior Secured Tower Revenue Notes, Series 2015-2(d)
700 Fixed3.7%
2045
Senior Secured Tower Revenue Notes, Series 2018-2(d)
750 Fixed4.2%
2048
Finance leases and other obligations240 VariousVarious
Various
Total secured debt$2,995 4.0%0.8x
2016 Revolver(e)
— VariableN/A2026
2016 Term Loan A1,231 Variable1.2%2026
Commercial Paper Notes(f)
665 Variable0.3%2021
3.150% Senior Notes750 Fixed3.2%2023
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
4.000% Senior Notes500 Fixed4.0%2027
3.650% Senior Notes1,000 Fixed3.7%2027
3.800% Senior Notes1,000 Fixed3.8%2028
4.300% Senior Notes600 Fixed4.3%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
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$17,546 3.1%4.5x
Total net debt$19,999 3.1%5.1x
Market Capitalization(g)
74,909 
Firm Value(h)
$94,908 
(a)Represents the weighted-average stated interest rate, as applicable.
(b)Represents the applicable amount of debt divided by LQA consolidated Adjusted EBITDA. See the "Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation" in the Appendix.
(c)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(d)If the respective series of such debt is not paid in full on or prior to an applicable anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. The Senior Secured Tower Revenue Notes 2015-2 have an anticipated repayment date in 2025. The Senior Secured Tower Revenue Notes, 2018-1 and 2018-2 have anticipated repayment dates in 2023 and 2028, respectively. Notes are prepayable at par if voluntarily repaid within certain repayment windows (typically twelve to eighteen months or less prior to maturity); earlier prepayment may require additional consideration.
(e)As of September 30, 2021, the undrawn availability under the $5.0 billion 2016 Revolver was $5.0 billion.
(f)As of September 30, 2021, the Company had $335 million available for issuance under the $1.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.
(g)Market capitalization calculated based on $173.32 closing price and 432 million shares outstanding as of September 30, 2021.
(h)Represents the sum of net debt and market capitalization.
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DEBT MATURITY OVERVIEW(a)(b)
chart-25d2076a3ff346bd899.jpg
(as of September 30, 2021; dollars in millions)chart-c7bb50f3005842279a7.jpg
(a)Where applicable, maturities reflect the Anticipated Repayment Date, as defined in the respective debt agreement; excludes finance leases and other obligations; amounts presented at face value, net of repurchases held at CCIC.
(b)The $665 million outstanding in commercial paper notes ("CP Notes") have been excluded from this table. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time. We intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.
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LIQUIDITY OVERVIEW(a)
(in millions)September 30, 2021
Cash, cash equivalents, and restricted cash(b)
$542 
Undrawn 2016 Revolver availability(c)
4,966 
Debt and other long-term obligations20,365 
Total equity8,516 
(a)In addition, we have the following sources of liquidity:
i.In March 2021, we established an at-the-market stock offering program ("ATM Program") through which we may, from time to time, issue and sell shares of our common stock having an aggregate gross sales price of up to $750 million to or through sales agents. No shares of common stock have been sold under the ATM Program.
ii.In April 2019, we established a CP Program through which we may issue short term, unsecured CP Notes. Amounts available under the CP Program may be issued, repaid and re-issued from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not to exceed $1.0 billion. As of September 30, 2021, there were $665 million of CP Notes outstanding under our CP Program. We intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.
(b)Inclusive of $5 million included within "Other assets, net" on our condensed consolidated balance sheet.
(c)Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, the credit agreement governing our 2016 Revolver.
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SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
DebtBorrower / Issuer
Covenant(a)
Covenant Level RequirementAs of September 30, 2021
Maintenance Financial Covenants(b)
2016 Credit FacilityCCICTotal Net Leverage Ratio≤ 6.50x5.1x
2016 Credit FacilityCCICTotal Senior Secured Leverage Ratio≤ 3.50x0.7x
2016 Credit FacilityCCIC
Consolidated Interest Coverage Ratio(c)
N/AN/A
Restrictive Negative Financial Covenants
Financial covenants restricting ability to incur additional debt
2012 Secured NotesCC Holdings GS V LLC and Crown Castle GS III Corp.Debt to Adjusted Consolidated Cash Flow Ratio≤ 3.50x1.8x
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
(d)
14.1x
2018 Tower Revenue NotesCrown Castle Towers LLC and its SubsidiariesDebt Service Coverage Ratio> 1.75x
(d)
14.1x
2009 Securitized NotesPinnacle Towers Acquisition Holdings LLC and its SubsidiariesDebt Service Coverage Ratio> 1.30x
(d)
16.0x
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
(e)
14.1x
2018 Tower Revenue NotesCrown Castle Towers LLC and its SubsidiariesDebt Service Coverage Ratio≥ 2.00x
(e)
14.1x
2009 Securitized NotesPinnacle Towers Acquisition Holdings LLC and its SubsidiariesDebt Service Coverage Ratio≥ 2.34x
(e)
16.0x
(a)As defined in the respective debt agreement. In the indentures for the 2015 Tower Revenue Notes, 2018 Tower Revenue Notes and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR."
(b)Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2016 Credit Facility.
(c)Applicable solely to the extent that the senior unsecured debt rating by any two of S&P, Moody's and Fitch is lower than BBB-, Baa3 or BBB-, respectively. If applicable, the consolidated interest coverage ratio must be greater than or equal to 2.50.
(d)The 2015 Tower Revenue Notes, 2018 Tower Revenue Notes and 2009 Securitized Notes also include the potential for amortization events, which could result in applying current and future cash flow to the prepayment of debt with applicable prepayment consideration. An amortization event occurs when the Debt Service Coverage Ratio falls below 1.45x, 1.45x or 1.15x, in each case as described under the indentures for the 2015 Tower Revenue Notes, 2018 Tower Revenue Notes or 2009 Securitized Notes, respectively.
(e)Rating Agency Confirmation (as defined in the respective debt agreement) is also required.
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INTEREST RATE SENSITIVITY(a)(b)
Years Ending December 31,
(as of September 30, 2021; in millions)20222023
Fixed Rate Debt:
Face Value of Principal Outstanding(c)
$18,397$18,390
Current Interest Payment Obligations(d)
607606
Effect of 0.125% Change in Interest Rates(e)
Floating Rate Debt:
Face Value of Principal Outstanding(c)
$1,857$1,803
Current Interest Payment Obligations(f)
2329
Effect of 0.125% Change in Interest Rates(g)
22
(a)Excludes finance leases and other obligations.
(b)Excludes the commitment fee the Company pays on the undrawn available amount under the 2016 Revolver. The commitment fee ranges from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum.
(c)Face value, net of required amortizations; assumes no maturity or balloon principal payments; excludes finance leases.
(d)Interest expense calculated based on current interest rates.
(e)Interest expense calculated based on current interest rates until the sooner of the (1) stated maturity date or (2) the Anticipated Repayment Date, at which time the face value amount outstanding of such indebtedness is refinanced at current interest rates as of September 30, 2021, plus 12.5 bps.
(f)Interest expense calculated based on current interest rates as of September 30, 2021. Calculation assumes no changes to future interest rate margin spread over LIBOR due to changes in the borrower’s senior unsecured credit rating.
(g)Interest expense calculated based on current interest rates as of September 30, 2021, plus 12.5 bps.
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DEFINITIONS
Non-GAAP Financial Measures, Segment Measures and Other Calculations
This Supplement includes presentations of Income (loss) from continuing operations (as adjusted), including per share—diluted amounts, Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, and Organic Contribution to Site Rental Revenues, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).
Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the communications infrastructure sector or other REITs.
In addition to the non-GAAP financial measures used herein, we also provide Segment Site Rental Gross Margin, Segment Services and Other Gross Margin and Segment Operating Profit, which are key measures used by management to evaluate our operating segments. These segment measures are provided pursuant to GAAP requirements related to segment reporting. In addition, we provide the components of certain GAAP measures, such as capital expenditures.
Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:
Income (loss) from continuing operations (as adjusted), including per share—diluted amounts, is useful to investors and other interested parties in evaluating our financial performance. Management believes that this measure is meaningful to investors as it adjusts Income (loss) from continuing operations to exclude the impact of the Nontypical Items (as defined in this Supplemental Information Package and described further in our press release dated January 27, 2021), which management believes are unusual (including with respect to magnitude), infrequent and not reasonably likely to recur in the near term, to provide further insight into our results of operations and underlying trends and projections. Management also believes that identifying the impact of Nontypical Items as adjustments provides more transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. Income (loss) from continuing operations (as adjusted), including per share—diluted amounts should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the communications infrastructure sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion which can vary depending upon accounting methods and the book value of assets. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used in our debt covenant calculations. Separately, we are also disclosing Adjusted EBITDA as adjusted to exclude the impact of Nontypical Items, which management believes are unusual (including with respect to magnitude), infrequent and not reasonably likely to recur in the near term, to provide further insight into our results of operations and underlying trends and projections. Management also believes that identifying the impact of Nontypical Items as adjustments provides increased transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. Adjusted EBITDA (including as further adjusted to exclude Nontypical Items) should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (a) asset base (primarily depreciation, amortization and accretion) and (b) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations, or rent free periods, the revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. Management notes that Crown Castle uses AFFO
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only as a performance measure. Separately, we are also disclosing AFFO as adjusted to exclude the impact of Nontypical Items, which management believes are unusual (including with respect to magnitude), infrequent and not reasonably likely to recur in the near term, to provide further insight into our results of operations and underlying trends and projections. Management also believes that identifying the impact of Nontypical Items as adjustments provides increased transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. AFFO (including as further adjusted to exclude Nontypical Items) should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flows from operations or as residual cash flow available for discretionary investment.
FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.
Organic Contribution to Site Rental Revenues is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses the Organic Contribution to Site Rental Revenues to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, new leasing activities and tenant non-renewals in our core business, as well to forecast future results. Organic Contribution to Site Rental Revenues is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.
Consolidated Return on Invested Capital and Segment Cash Yield are useful to investors or other interested parties in evaluating the financial performance of our assets. Management believes that these metrics are useful in assessing our efficiency at allocating capital to generate returns over time. Consolidated Return on Invested Capital and Segment Cash Yield are not meant as alternatives to GAAP measures such as revenues, operating income, Segment Site Rental Gross Margin, and certain asset classes (such as property and equipment, site rental contracts and tenant relationships, and goodwill) computed in accordance with GAAP. Such non-GAAP metrics should be considered only as a supplement in understanding and assessing the performance of our assets.
We define our non-GAAP financial measures, segment measures and other calculations as follows:
Non-GAAP Financial Measures
Income (loss) from continuing operations (as adjusted). We define Income (loss) from continuing operations (as adjusted) as Income (loss) from continuing operations less other operating income resulting from the Nontypical Items, plus incremental operating expenses and asset write-downs as a result of the Nontypical Items.
Income (loss) from continuing operations (as adjusted) per share—diluted. We define Income (loss) from continuing operations (as adjusted) per sharediluted as Income (loss) from continuing operations (as adjusted), divided by diluted weighted-average common shares outstanding.
Adjusted EBITDA. We define Adjusted EBITDA as Income (loss) from continuing operations plus restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, cumulative effect of a change in accounting principle and stock-based compensation expense. Separately, Adjusted EBITDA, as adjusted to exclude the impact of Nontypical Items, reflects Adjusted EBITDA, less other operating income resulting from the Nontypical Items, plus incremental operating expenses as a result of the Nontypical Items.
Adjusted Funds from Operations. We define Adjusted Funds from Operations as FFO before straight-lined revenue, straight-lined expense, stock-based compensation expense, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, acquisition and
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integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures. Separately, Adjusted Funds from Operations, as adjusted to exclude the impact of Nontypical Items, reflects Adjusted Funds from Operations, less other operating income resulting from the Nontypical Items, plus incremental operating expenses as a result of the Nontypical Items.
AFFO per share. We define AFFO per share as AFFO, including as adjusted to exclude the impact of Nontypical Items, divided by diluted weighted-average common shares outstanding.
Funds from Operations. We define Funds from Operations as Income (loss) from continuing operations plus real estate related depreciation, amortization and accretion and asset write-down charges, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to CCIC common stockholders.
FFO per share. We define FFO per share as FFO divided by the diluted weighted-average common shares outstanding.
Organic Contribution to Site Rental Revenues. We define the Organic Contribution to Site Rental Revenues as the sum of the change in GAAP site rental revenues related to (1) new leasing activity, including revenues from the construction of small cells and the impact of prepaid rent, (2) escalators and less (3) non-renewals of tenant contracts.
Consolidated Invested Capital. We define Consolidated Invested Capital as gross investment in 1) property and equipment (excluding construction in process), 2) site rental contracts and tenant relationships, and 3) goodwill.
Consolidated Return on Invested Capital. We define Return on Invested Capital as Adjusted EBITDA less cash taxes divided by Consolidated Invested Capital.
Segment Net Invested Capital. We define Segment Net Invested Capital as gross investment in 1) property and equipment, excluding the impact of construction in process and non-productive assets (such as information technology assets and buildings), reduced by the amount of prepaid rent received from customers (excluding any deferred credits recorded in connection with acquisitions), 2) site rental contracts and tenant relationships, and 3) goodwill, excluding the impact of certain assets and liabilities recorded in connection with acquisitions (primarily deferred credits).
Segment Cash Yield on Invested Capital. We define Segment Cash Yield on Invested Capital as Segment Site Rental Gross Margin adjusted for the impacts of 1) amortization of prepaid rent, 2) straight-lined revenues, 3) straight-lined expenses, and 4) indirect labor costs related to the Fiber segment divided by Segment Net Invested Capital.
Segment Measures
Segment Site Rental Gross Margin. We define Segment Site Rental Gross Margin as segment site rental revenues less segment site rental costs of operations, excluding stock-based compensation expense and prepaid lease purchase price adjustments recorded in consolidated site rental cost of operations.
Segment Services and Other Gross Margin. We define Segment Services and Other Gross Margin as segment services and other revenues less segment services and other costs of operations, excluding stock-based compensation expense recorded in consolidated services and other cost of operations.
Segment Operating Profit. We define Segment Operating Profit as segment site rental gross margin plus segment services and other gross margin, and segment other operating (income) expense, less selling, general and administrative expenses attributable to the respective segment.
All of these measurements of profit or loss are exclusive of depreciation, amortization and accretion, which are shown separately. Additionally, certain costs are shared across segments and are reflected in our segment measures through allocations that management believes to be reasonable.
Other Calculations
New leasing activity. We define new leasing activity as the impact to site rental revenue growth, exclusive of the impact of straight-line accounting, from (1) tenant additions across our entire portfolio, (2) renewals or extensions of tenant contracts, and (3) year-over-year changes in prepaid rent amortization.
Core leasing activity. We define core leasing activity as the impact to site rental revenue growth from tenant additions across our entire portfolio and renewals or extensions of tenant contracts, exclusive of the impacts of both straight-line accounting and prepaid rent amortization.
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Discretionary capital expenditures. We define discretionary capital expenditures as those capital expenditures made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. They primarily consist of expansion or development of communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures not otherwise categorized as either discretionary or integration capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
The tables set forth on the following pages reconcile certain non-GAAP financial measures used herein to comparable GAAP financial measures. The components in these tables may not sum to the total due to rounding.
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Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures and Other Calculations:
Reconciliation of Historical Adjusted EBITDA:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Income (loss) from continuing operations$351 $163 $805 
(a)
$548 
Adjustments to increase (decrease) Income (loss) from continuing operations:
Asset write-down charges— 10 
Acquisition and integration costs— 
Depreciation, amortization and accretion413 406 1,229 1,207 
Amortization of prepaid lease purchase price adjustments14 14 
Interest expense and amortization of deferred financing costs(b)
163 168 493 521 
(Gains) losses on retirement of long-term obligations95 145 95 
Interest income— — (1)(2)
Other (income) expense16 
(Benefit) provision for income taxes20 16 
Stock-based compensation expense33 33 100 106 
Adjusted EBITDA(c)(d)
$976 $883 $2,831 $2,527 
Reconciliation of Current Outlook for Adjusted EBITDA:
(in millions)
Full Year 2021 Outlook(f)
Full Year 2022 Outlook(f)
Income (loss) from continuing operations$1,074to
$1,154(a)
$1,384to$1,464
Adjustments to increase (decrease) Income (loss) from continuing operations:
Asset write-down charges$15to$25$15to$25
Acquisition and integration costs$0to$8$0to$8
Depreciation, amortization and accretion$1,615to$1,710$1,650to$1,745
Amortization of prepaid lease purchase price adjustments$17to$19$16to$18
Interest expense and amortization of deferred financing costs(e)
$633to$678$615to$660
(Gains) losses on retirement of long-term obligations$145to$145$0to$100
Interest income$(3)to$0$(1)to$0
Other (income) expense$1to$12$0to$5
(Benefit) provision for income taxes$18to$26$25to$33
Stock-based compensation expense$133to$143$135to$139
Adjusted EBITDA(c)(d)
$3,764to$3,809$3,999to$4,044
(a)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(b)See reconciliation of "Components of Historical Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense
(c)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definition of Adjusted EBITDA.
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)See reconciliation of "Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.
(f)As issued on October 20, 2021, and, with respect to the Current Full Year 2021 Outlook, unchanged from the prior full year 2021 Outlook issued on July 21, 2021.
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Components of Historical Interest Expense and Amortization of Deferred Financing Costs:
Three Months Ended September 30,
(in millions)20212020
Interest expense on debt obligations$160 $167 
Amortization of deferred financing costs and adjustments on long-term debt, net
Other, net(3)(5)
Interest expense and amortization of deferred financing costs$163 $168 
Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs:
(in millions)
Full Year 2021 Outlook(a)
Full Year 2022 Outlook(a)
Interest expense on debt obligations$638to$658$617to$637
Amortization of deferred financing costs and adjustments on long-term debt, net$21to$26$25to$30
Other, net$(17)to$(12)$(20)to$(15)
Interest expense and amortization of deferred financing costs$633to$678$615to$660
(a)As issued on October 20, 2021, and, with respect to the Current Full Year 2021 Outlook, unchanged from the prior full year 2021 Outlook issued on July 21, 2021.
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Reconciliation of Historical FFO and AFFO:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share amounts)2021202020212020
Income (loss) from continuing operations$351 $163 $805 
(a)
$548 
Real estate related depreciation, amortization and accretion400 393 1,190 1,167 
Asset write-down charges— 10 
Dividends/distributions on preferred stock— (28)— (85)
FFO(b)(c)(d)(e)
$751 $531 $2,004 $1,640 
Weighted-average common shares outstanding—diluted434 429 434 422 
FFO per share(b)(c)(d)(e)
$1.73 $1.24 $4.62 $3.89 
FFO (from above)$751 $531 $2,004 $1,640 
Adjustments to increase (decrease) FFO:
Straight-lined revenue(38)(4)(73)(27)
Straight-lined expense18 21 58 61 
Stock-based compensation expense33 33 100 106 
Non-cash portion of tax provision(7)
Non-real estate related depreciation, amortization and accretion13 13 39 40 
Amortization of non-cash interest expense
Other (income) expense16 
(Gains) losses on retirement of long-term obligations95 145 95 
Acquisition and integration costs— 
Sustaining capital expenditures(21)(20)(56)(64)
AFFO(b)(c)(d)(e)
$767 $668 $2,246 $1,870 
Weighted-average common shares outstanding—diluted434 429 434 422 
AFFO per share(b)(c)(d)(e)
$1.77 $1.56 $5.18 $4.43 
(a)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO and AFFO, including per share amounts.
(c)FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.
(d)Attributable to CCIC common stockholders.
(e)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
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Crown Castle International Corp.
Third Quarter 2021
COMPANY OVERVIEWFINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
Reconciliation of Historical FFO and AFFO:
Year Ended December 31,
(in millions, except per share amounts)2020201920182017
Income (loss) from continuing operations$1,056 $860 $622 $366 
Real estate related depreciation, amortization and accretion1,555 1,517 1,471 1,210 
Asset write-down charges74 19 26 17 
Dividends/distributions on preferred stock(85)(113)(113)(30)
FFO(a)(b)(c)(d)
$2,600 $2,284 $2,005 $1,563 
Weighted-average common shares outstanding—diluted(e)
425 418 415 383 
FFO per share(a)(b)(c)(d)(e)
$6.12 $5.47 $4.83 $4.08 
FFO (from above)$2,600 $2,284 $2,005 $1,563 
Adjustments to increase (decrease) FFO:
Straight-lined revenue(22)(80)(72)— 
Straight-lined expense83 93 90 93 
Stock-based compensation expense133 116 108 96 
Non-cash portion of tax provision
Non-real estate related depreciation, amortization and accretion53 55 56 31 
Amortization of non-cash interest expense
Other (income) expense(1)(1)(1)
(Gains) losses on retirement of long-term obligations95 106 
Acquisition and integration costs10 13 27 61 
Sustaining capital expenditures(86)(117)(105)(85)
AFFO(a)(b)(c)(d)
$2,878 $2,371 $2,223 $1,781 
Weighted-average common shares outstanding—diluted(e)
425 418 415 383 
AFFO per share(a)(b)(c)(d)(e)
$6.78 $5.68 $5.36 $4.65 
(a)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO and AFFO, including per share amounts.
(b)FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.
(c)Attributable to CCIC common stockholders.
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)For all periods prior to the year ended December 31, 2020, the diluted weighted-average common shares outstanding does not include any conversions of preferred stock in the share count.
37

Crown Castle International Corp.
Third Quarter 2021
COMPANY OVERVIEWFINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
Reconciliation of Current Outlook for FFO and AFFO:
(in millions, except per share amounts)
Full Year 2021 Outlook(f)
Full Year 2022 Outlook(f)
Income (loss) from continuing operations$1,074to
$1,154(a)
$1,384to$1,464
Real estate related depreciation, amortization and accretion$1,569to$1,649$1,607to$1,687
Asset write-down charges$15to$25$15to$25
FFO(b)(c)(d)
$2,720to$2,765$3,068to$3,113
Weighted-average common shares outstanding—diluted(e)
434435
FFO per share(b)(c)(d)(e)
$6.27to$6.37$7.06to$7.16
FFO (from above) $2,720to$2,765$3,068to$3,113
Adjustments to increase (decrease) FFO:
Straight-lined revenue$(117)to$(97)$(129)to$(109)
Straight-lined expense$63to$83$56to$76
Stock-based compensation expense $133to$143$135to$139
Non-cash portion of tax provision$(7)to$8$0to$15
Non-real estate related depreciation, amortization and accretion$46to$61$43to$58
Amortization of non-cash interest expense$4to$14$5to$15
Other (income) expense$1to$12$0to$5
(Gains) losses on retirement of long-term obligations$145to$145$0to$100
Acquisition and integration costs $0to$8$0to$8
Sustaining capital expenditures$(104)to$(94)$(113)to$(93)
AFFO(b)(c)(d)
$2,943to$2,988$3,178to$3,223
Weighted-average common shares outstanding—diluted(e)
434435
AFFO per share(b)(c)(d)(e)
$6.78to$6.89$7.31to$7.41
(a)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.
(c)Attributable to CCIC common stockholders.
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)The assumption for diluted weighted-average common shares outstanding for both full year 2021 and full year 2022 Outlook is based on the diluted common shares outstanding as of September 30, 2021.
(f)As issued on October 20, 2021, and, with respect to the Current Full Year 2021 Outlook, unchanged from the prior full year 2021 Outlook issued on July 21, 2021.
38

Crown Castle International Corp.
Third Quarter 2021
COMPANY OVERVIEWFINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
Reconciliation of Results Adjusted for Nontypical Items to As Reported Results:
Midpoint of Current Full Year
2021(a)
Full Year 2020Full Year 2021 Growth Rates
(Outlook at the Midpoint)
(dollars in millions, except per share amounts)OutlookAs ReportedLess: Impact from Nontypical ItemsExclusive of Impact from Nontypical ItemsAs ReportedLess: Impact from Nontypical ItemsExclusive of Impact from Nontypical Items
Site rental revenues$5,700 $5,320 $— $5,320 %— %%
Income (loss) from continuing operations(b)
1,114 
(d)
1,056 (223)
(e)
833 %29 %
(e)
34 %
Income (loss) from continuing operations per share—diluted(b)(c)
2.57 
(d)
2.35 (0.52)
(e)
1.83 %31 %
(e)
40 %
Adjusted EBITDA(b)
3,787 3,706 (286)
(f)
3,420 %%
(f)
11 %
AFFO(b)(c)
2,966 2,878 (286)
(f)
2,592 %11 %
(f)
14 %
AFFO per share(b)(c)
$6.83 $6.78 $(0.68)
(f)
$6.10 %11 %
(f)
12 %
(a)The Nontypical Items do not have a material impact on the full year 2021 Outlook, which previously contemplated the deployment of approximately 1,000 Sprint Corporation small cells, which were among the small cells that were cancelled by T-Mobile US, Inc. in the fourth quarter 2020, as described further in our press release dated January 27, 2021.
(b)See reconciliations herein for further information and reconciliation of non-GAAP financial measures to Income (loss) from continuing operations, as computed in accordance with GAAP.
(c)Attributable to CCIC common stockholders.
(d)Does not reflect the impact related to the ATO Settlement (as defined in the April 8-K), which is attributable to discontinued operations as discussed in the April 8-K.
(e)Impact from Nontypical Items on Income (loss) from continuing operations and Income (loss) from continuing operations per share—diluted included in the 2020 fourth quarter operating results is comprised of other operating income of $362 million, offset by incremental operating expenses of $76 million and associated asset write-downs of $63 million.
(f)Impact from Nontypical Items on Adjusted EBITDA, AFFO and AFFO per share included in the 2020 fourth quarter operating results is comprised of other operating income of $362 million, offset by incremental operating expenses of $76 million.
39

Crown Castle International Corp.
Third Quarter 2021
COMPANY OVERVIEWFINANCIALS & METRICSASSET PORTFOLIO OVERVIEWCAPITALIZATION OVERVIEWAPPENDIX
Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation:
Three Months Ended September 30,
(dollars in millions)20212020
Total face value of debt$20,541 $19,453 
Less: Ending cash, cash equivalents and restricted cash542 421 
Total net debt$19,999 $19,032 
Adjusted EBITDA$976 $883 
Last quarter annualized Adjusted EBITDA3,904 3,532 
Net debt to Last Quarter Annualized Adjusted EBITDA5.1 x5.4 x
Cash Interest Coverage Ratio Calculation:
Three Months Ended September 30,
(dollars in millions)20212020
Adjusted EBITDA$976 $883 
Interest expense on debt obligations160 167 
6.1 x5.3 x
40