EX-99.2 3 q42023supplement.htm EX-99.2 Document
Exhibit 99.2






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Supplemental Information Package
and Non-GAAP Reconciliations
Fourth Quarter • December 31, 2023
    The pathway to possible.
    CrownCastle.com

Crown Castle Inc.
Fourth Quarter 2023

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

Crown Castle Inc.
Fourth Quarter 2023

Cautionary Language Regarding Forward-Looking Statements
This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook," "guide," "forecast," "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our communications infrastructure, (2) cash flow growth and its driving factors, (3) our Outlook for full year 2024, (4) the value of our business model, strategy and product offerings, (5) strategic position of our assets, (6) revenues from tenant contracts, (7) expenses from existing ground leases and fiber access agreements, (8) the growth of the U.S. market for communications infrastructure ownership, (9) levels of commitments under our debt instruments and (10) the impact of Sprint Cancellations to our operating and financial results.
Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.
This Supplement contains certain figures, projections and calculations based in part on management's underlying assumptions. Management believes these assumptions are reasonable; however, other reasonable assumptions could provide differing outputs.
The components of forward looking financial information presented herein may not sum due to rounding. In addition, the sum of quarterly historical information presented herein may not agree to year to date historical information provided herein due to rounding. Throughout this document, percentage calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values included in this document due to the rounding of those dollar values.
Definitions and reconciliations of non-GAAP financial measures, information regarding segment measures and other information are provided in the Appendix to this Supplement.
As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.
2

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
COMPANY PROFILE
Crown Castle Inc. (to which the terms "Crown Castle," "CCI," "we," "our," "the Company" or "us" as used herein refer) owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) more than 40,000 towers and other structures, such as rooftops (collectively, "towers"), (2) approximately 115,000 small cells on air or under contract and (3) approximately 90,000 route miles of fiber primarily supporting small cells and fiber solutions. We refer to our towers, small cells and fiber assets collectively as "communications infrastructure," and to our customers on our communications infrastructure as "tenants." Our towers have a significant presence in each of the top 100 basic trading areas, and the majority of our small cells and fiber assets are located in major metropolitan areas, including a presence within every major U.S. market.
Our operating segments consist of (1) Towers and (2) Fiber, which includes both small cells and fiber solutions. Our core business is providing access, including space or capacity, to our shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts"). We seek to increase our site rental revenues by adding more tenants on our shared communications infrastructure, which we expect to result in significant incremental cash flows due to our low incremental operating costs.
We operate as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes.
STRATEGY
As a leading provider of shared communications infrastructure in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of communications infrastructure, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and (3) investing capital efficiently to grow cash flows and long-term dividends per share. Our strategy is based, in part, on our belief that the U.S. is the most attractive market for shared communications infrastructure investment with the greatest long-term growth potential. We measure our efforts to create "long-term stockholder value" by the combined payment of dividends to stockholders and growth in our per-share results. The key elements of our strategy are to:
Grow cash flows from our existing communications infrastructure. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our shared infrastructure assets, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data while generating high incremental returns for our business. We believe our product offerings of towers and small cells provide a comprehensive solution to our wireless tenants' growing network needs through our shared communications infrastructure model, which is an efficient and cost-effective way to serve our tenants. Additionally, we believe our ability to share our fiber assets across multiple tenants to deploy both small cells and offer fiber solutions allows us to generate cash flows and increase stockholder return.
Return cash generated by operating activities to common stockholders in the form of dividends. We believe that distributing a meaningful portion of our cash generated by operating activities appropriately provides common stockholders with increased certainty for a portion of expected long-term stockholder value while still allowing us to retain sufficient flexibility to invest in our business and deliver growth. We believe this decision reflects the translation of the high-quality, long-term contractual cash flows of our business into stable capital returns to common stockholders.
Invest capital efficiently to grow cash flows and long-term dividends per share. In addition to adding tenants to existing communications infrastructure, we seek to invest our available capital, including the net cash generated by our operating activities and external financing sources, in a manner that will increase long-term stockholder value on a risk-adjusted basis. These investments include constructing and acquiring new communications infrastructure that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time. Our historical investments have included the following (in no particular order):
construction of towers, fiber and small cells;
acquisitions of towers, fiber and small cells;
acquisitions of land interests (which primarily relate to land assets under towers);
improvements and structural enhancements to our existing communications infrastructure;
purchases of shares of our common stock from time to time; and
purchases, repayments or redemptions of our debt.
Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our communications infrastructure based on the location of our assets and the rapid and continuing growth in the demand for data. We believe that such demand for our communications infrastructure will continue, will result in growth of our cash flows due to tenant additions on our existing communications infrastructure, and will create other growth opportunities for us, such as demand for newly constructed or acquired communications infrastructure, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development services within our Towers segment.

3

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
GENERAL COMPANY INFORMATION
Principal executive offices8020 Katy Freeway, Houston, TX 77024
Common shares trading symbolCCI
Stock exchange listingNew York Stock Exchange
Fiscal year ending dateDecember 31
Fitch - Long-term Issuer Default RatingBBB+
Moody’s - Long-term Corporate Family RatingBaa3
Standard & Poor’s - Long-term Local Issuer Credit RatingBBB
Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.
ASSET PORTFOLIO FOOTPRINT
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HISTORICAL COMMON STOCK DATA
Three Months Ended
(in millions, except per share amounts)12/31/223/31/236/30/239/30/2312/31/23
High price(b)
$143.06 $145.76 $130.62 $114.90 $117.92 
Low price(b)
$113.86 $117.26 $104.41 $87.57 $83.56 
Period end closing price(c)
$128.33 $128.17 $110.61 $90.80 $115.19 
Dividends paid per common share$1.57 $1.57 $1.57 $1.57 $1.57 
Volume weighted average price for the period(b)
$126.01 $130.90 $112.72 $100.32 $101.96 
Common shares outstanding, at period end433 434 434 434 434 
Market value of outstanding common shares, at period end(d)
$55,576 $55,582 $47,968 $39,377 $49,959 
(a)On air or under contract.
(b)Based on the sales price, adjusted for common stock dividends, as reported by Bloomberg.
(c)Based on the period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
(d)Calculated as the product of (1) common shares outstanding, at period end and (2) period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
4

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
ANNUALIZED FOURTH QUARTER DIVIDENDS PER SHARE(a)
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EXECUTIVE MANAGEMENT TEAM
AgeYears with CompanyPosition
Anthony J. Melone
63
<1(b)
Interim President and Chief Executive Officer
Daniel K. Schlanger507Executive Vice President and Chief Financial Officer
Michael J. Kavanagh5513
Executive Vice President and Chief Operating Officer - Towers
Christopher D. Levendos565
Executive Vice President and Chief Operating Officer - Fiber
Philip M. Kelley5126Executive Vice President - Corporate Development and Strategy
Edward B. Adams, Jr. 557Executive Vice President and General Counsel
Edmond Chan
53
<1
Executive Vice President and Chief Information Officer
BOARD OF DIRECTORS
NamePositionCommitteesAgeYears as Director
P. Robert BartoloChair
Audit, Compensation, Strategy, Fiber Review, CEO Search
529
Cindy ChristyDirector
Compensation, NESG(c), Strategy
5716
Ari Q. FitzgeraldDirector
Compensation, NESG(c), Strategy
6121
Jason GenrichDirector
Fiber Review, CEO Search
36
<1
Andrea J. GoldsmithDirector
NESG(c), Strategy
595
Tammy K. JonesDirector
Audit, NESG(c), Strategy, CEO Search
583
Kevin T. KabatDirector
Compensation, NESG(c), CEO Search
66
<1
Anthony J. MeloneDirector
Strategy, Fiber Review
638
Sunit S. PatelDirector
Audit, Fiber Review
62
<1
Bradley E. Singer
Director
Audit
57
<1
Kevin A. Stephens
Director
Audit, Compensation, Strategy, Fiber Review
623
Matthew Thornton III
Director
Compensation, Strategy
653
(a)Based on the dividends declared during the fourth quarter of each of the respective years presented, annualized. All future dividends are subject to declaration by our board of directors.
(b)Anthony J. Melone has served on the Board of Directors since 2015.
(c)Nominating, Environmental, Social and Governance Committee.
5

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
RESEARCH COVERAGE
Equity Research
Bank of America
David Barden
(646) 855-1320
Barclays
Brendan Lynch
(212) 526-9428
BMO Capital Markets
Ari Klein
(212) 885-4103
Citigroup
Michael Rollins
(212) 816-1116
Credit Suisse
Douglas Mitchelson
(212) 325-7542
Deutsche Bank
Matthew Niknam
(212) 250-4711
Green Street
David Guarino
(949) 640-8780
HSBC
Luigi Minerva
(207) 991-6928
Jefferies
Jonathan Petersen
(212) 284-1705
JPMorgan
Philip Cusick
(212) 622-1444
KeyBanc
Brandon Nispel
(503) 821-3871
LightShed Partners
Walter Piecyk
(646) 450-9258
MoffettNathanson
Nick Del Deo
(212) 519-0025
Morgan Stanley
Simon Flannery
(212) 761-6432
New Street Research
Jonathan Chaplin
(212) 921-9876
Raymond James
Ric Prentiss
(727) 567-2567
RBC Capital Markets
Jonathan Atkin
(415) 633-8589
Scotiabank
Maher Yaghi
(437) 995-5548
TD Cowen
Michael Elias
(646) 562-1358
UBS
Batya Levi
(212) 713-8824
Wells Fargo Securities, LLC
Eric Luebchow
(312) 630-2386
Wolfe Research
Andrew Rosivach
(646) 582-9350
Rating Agencies
Fitch
Salonie Sehgal
(312) 368-3137
Moody’s
Lori Marks
(212) 553-1098
Standard & Poor’s
Ryan Gilmore
(212) 438-0602

6

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
OUTLOOK
(in millions, except per share amounts)
Full Year 2024 Outlook(a)
Site rental billings(b)
$5,740to$5,780
Amortization of prepaid rent$410to$435
Straight-lined revenues$175to$200
Site rental revenues$6,347to$6,392
Site rental costs of operations(c)
$1,686to$1,731
Services and other gross margin$65to$95
Net income (loss)$1,213to$1,293
Net income (loss) per share—diluted$2.79to$2.97
Adjusted EBITDA(d)
$4,138to$4,188
Depreciation, amortization and accretion$1,680to$1,775
Interest expense and amortization of deferred financing costs, net(e)
$933to$978
FFO(d)
$2,951to$2,996
AFFO(d)
$2,980to$3,030
AFFO per share(d)
$6.85to$6.97
OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions; totals may not sum due to rounding)
Full Year 2024 Outlook(a)
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(b)
$5,505
Prior year payments for Sprint Cancellations(b)
$170
Prior year site rental billings(b)
$5,675
Core leasing activity(b)
$305to$335
Escalators$95to$105
Non-renewals(b)
$(165)to$(145)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(b)
$245to$285
Payments for Sprint Cancellations(b)(f)
$(170)to$(160)
Non-renewals associated with Sprint Cancellations(b)(f)
$(10)to$(10)
Organic Contribution to Site Rental Billings(b)
$70to$110
Straight-lined revenues$175to$200
Amortization of prepaid rent$410to$435
Acquisitions(g)
Other
Total site rental revenues$6,347to$6,392
Year-over-year changes in revenues:(h)
Site rental revenues as a percentage of prior year site rental revenues
(2.5)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(b)
4.8%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)
1.6%
(a)As issued on January 24, 2024 and unchanged from the previous full year 2024 Outlook issued on October 18, 2023.
(b)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations.
(c)Exclusive of depreciation, amortization and accretion.
(d)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.
(e)See our reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(f)In 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively, and there were $14 million and $7 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.
(g)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.
(h)Calculated based on midpoint of full year 2024 Outlook where applicable.
7

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES BY LINE OF BUSINESS
Full Year 2024 Outlook(a)
Towers SegmentFiber Segment
(dollars in millions)Small CellsFiber Solutions
Core leasing activity(b)
$105to$115$55to$65$145to$155
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(b)(c)
4.5%13%3%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)(c)
4.5%(9)(3)
OUTLOOK FOR CAPITAL EXPENDITURES
 Full Year 2024 Outlook(a)(d)
(in millions)Towers SegmentFiber SegmentTotal
Capital expenditures~$180$1,350
to
$1,450$1,530to$1,630
Less: Prepaid rent additions(e)
~$80~$350~$430
Capital expenditures less prepaid rent additions~$100$1,000
to
$1,100$1,100to$1,200
OUTLOOK FOR COMPONENTS OF INTEREST EXPENSE
(in millions)
 Full Year 2024 Outlook(a)
Interest expense on debt obligations$922to$962
Amortization of deferred financing costs and adjustments on long-term debt$20to$30
Capitalized interest$(17)to$(7)
Interest expense and amortization of deferred financing costs, net$933to$978
(a)As issued on January 24, 2024 and unchanged from the previous full year 2024 Outlook issued on October 18, 2023.
(b)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations.
(c)Calculated based on midpoint of full year 2024 Outlook.
(d)Full Year 2024 Outlook reflects discretionary capital expenditures, exclusive of sustaining capital expenditures. See "Non-GAAP Measures and Other Information" for our definitions of discretionary capital expenditures and sustaining capital expenditures.
(e)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.

8

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CONSOLIDATED SUMMARY FINANCIAL HIGHLIGHTS
20222023Twelve Months Ended December 31,
(in millions, except per share amounts; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Q3
Q4
2022
2023
Net revenues:
Site rental
Site rental billings(a)
$1,319 $1,304 $1,338 $1,348 $1,404 $1,460 $1,393 $1,418 $5,310 $5,675 
Amortization of prepaid rent141 143 140 145 137 188 126 134 569 584 
Straight-lined revenues116 120 90 85 83 80 58 51 410 274 
Total site rental1,576 1,567 1,568 1,578 1,624 1,728 1,577 1,603 6,289 6,532 
Services and other166 167 178 186 149 139 90 71 697 449 
Net revenues$1,742 $1,734 $1,746 $1,764 $1,773 $1,867 $1,667 $1,674 $6,986 $6,981 
Select operating expenses:
Costs of operations(b)
Site rental exclusive of straight-lined expenses$377 $383 $387 $382 $398 $406 $403 $390 $1,529 $1,597 
Straight-lined expenses19 19 18 18 17 18 17 17 73 67 
Total site rental396 402 405 400 415 424 420 407 1,602 1,664 
Services and other113 112 119 122 104 98 66 48 466 316 
Total costs of operations509 514 524 522 519 522 486 455 2,068 1,980 
Selling, general and administrative$181 $190 $187 $192 $195 $210 $176 $178 $750 $759 
Net income (loss)$421 $421 $419 $413 $418 $455 $265 $361 $1,675 $1,502 
Adjusted EBITDA(c)
1,095 1,078 1,077 1,090 1,104 1,188 1,047 1,076 4,340 4,415 
Depreciation, amortization and accretion420 427 430 431 431 445 439 439 1,707 1,754 
Interest expense and amortization of deferred financing costs, net164 165 177 192 202 208 217 223 699 850 
FFO(c)
843 842 838 838 835 901 698 790 3,362 3,227 
AFFO(c)
$812 $783 $804 $802 $828 $891 $767 $790 $3,200 $3,277 
Weighted-average common shares outstanding— diluted
434 434 434 434 434 434 434 434 434 434 
Net income (loss) per share—diluted$0.97 $0.97 $0.97 $0.95 $0.97 $1.05 $0.61 $0.83 $3.86 $3.46 
AFFO per share(c)
$1.87 $1.80 $1.85 $1.85 $1.91 $2.05 $1.77 $1.82 $7.38 $7.55 
(a)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
(b)Exclusive of depreciation, amortization and accretion.
(c)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.

9

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CONSOLIDATED COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
20222023Twelve Months Ended December 31,
(dollars in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Q3
Q4
2022
2023
Components of changes in site rental revenues:
Prior year site rental billings(a)
$1,243$1,245$1,270$1,290$1,318$1,304$1,339$1,348$5,048$5,310
Core leasing activity(a)
9275797357736679321275
Escalators252230272424242410396
Non-renewals(a)
(42)(39)(42)(43)(42)(42)(37)(36)(166)(158)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)
7558675739545367258212
Payments for Sprint Cancellations(a)(b)
48106610170
Non-renewals associated with Sprint Cancellations(a)(b)
(2)(6)(6)(7)(21)
Organic Contribution to Site Rental Billings(a)
75586757851555370258361
Straight-lined revenues116120908583805851410274
Amortization of prepaid rent141143140145137188126134569584
Acquisitions(c)
1111111144
Other
Total site rental revenues$1,576$1,567$1,568$1,578$1,624$1,728$1,577$1,603$6,289$6,532
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
15.1 %10.0 %8.1 %7.1 %3.0 %10.3 %0.6 %1.6 %10.0 %3.9 %
Changes in revenues as a percentage of prior year site rental billings:
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)
6.1 %4.7 %5.3 %4.3 %2.9 %4.2 %4.0 %4.9 %5.1 %4.0 %
Organic Contribution to Site Rental Billings(a)
6.1 %4.7 %5.3 %4.3 %6.4 %11.9 %3.9 %5.2 %5.1 %6.8 %
CONSOLIDATED SUMMARY OF CAPITAL EXPENDITURES(a)
20222023Twelve Months Ended December 31,
(dollars in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Q3
Q4
2022
2023
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects$250$267$302$343$311$338$312$316$1,162$1,277
Purchases of land interests10151216152313135364
Total discretionary capital expenditures2602823143593263613253291,2151,341
Sustaining capital expenditures21212330151822289583
Total capital expenditures2813033373893413793473571,3101,424
Less: Prepaid rent additions(d)
72626399818480103296348
Capital expenditures less prepaid rent additions$209$241$274$290$260$295$267$254$1,014$1,076
(a)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations, discretionary capital expenditures and sustaining capital expenditures.
(b)In the fourth quarter 2023, we received $2 million and $8 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively, and there were $5 million and $2 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively. In full year 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively, and there were $14 million and $7 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively.
(c)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.
(d)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
10

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CONSOLIDATED RETURN ON INVESTED CAPITAL(a)
(as of December 31, 2023; dollars in millions)
Q4 2023 LQA
Q4 2022 LQA
Adjusted EBITDA(b)
$4,304 $4,360 
Cash taxes (paid) refunded(23)(1)
Adjusted EBITDA less cash taxes paid
$4,281 $4,359 
Historical gross investment in property and equipment(c)
$28,811 $27,566 
Historical gross investment in site rental contracts and tenant relationships7,880 7,850 
Historical gross investment in goodwill10,085 10,085 
Consolidated Invested Capital(a)
$46,776 $45,501 
Consolidated Return on Invested Capital(a)
9.2 %9.6 %
CONSOLIDATED TENANT OVERVIEW
(as of December 31, 2023)
Percentage of Q4 2023 LQA Site
Rental Revenues
Weighted Average Current
Term Remaining
(d)
Long-Term Credit Rating
(S&P / Moody’s)
T-Mobile36%8
BBB / Baa2
AT&T19%5BBB / Baa2
Verizon19%7BBB+ / Baa1
All Others Combined26%4N/A
Total / Weighted Average100%6
CONSOLIDATED ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(e)
Years Ending December 31,
(as of December 31, 2023; in millions)
2024
2025
2026
2027
2028
T-Mobile$29 $239 $51 $58 $42 
AT&T18 19 29 30 759 
Verizon22 32 36 30 44 
All Others Combined234 197 202 89 78 
Total$303 $487 $318 $207 $923 
(a)See "Non-GAAP Measures and Other Information" for further information on, and our definitions and calculations of, Consolidated Return on Invested Capital and Consolidated Invested Capital.
(b)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss).
(c)Historical gross investment in property and equipment excludes the impact of construction in process.
(d)Weighted by site rental revenues and excludes renewals at the tenants' option.
(e)Reflects lease renewals by year by tenant; dollar amounts represent annualized cash site rental revenues from assumed renewals or extensions as reflected in "Projected Revenues from Tenant Contracts" below.
11

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CONSOLIDATED PROJECTED REVENUES FROM TENANT CONTRACTS(a)
Years Ending December 31,
(as of December 31, 2023; in millions)
2024
2025
2026
2027
2028
Components of site rental revenues:
Site rental billings(b)
$5,676 $5,631 $5,745 $5,863 $5,989 
Amortization of prepaid rent381 296 253 213 172 
Straight-lined revenues177 48 (59)(176)(238)
Site rental revenues$6,234 $5,975 $5,939 $5,900 $5,923 
CONSOLIDATED PROJECTED EXPENSES FROM EXISTING GROUND LEASES AND FIBER ACCESS AGREEMENTS(c)
Years Ending December 31,
(as of December 31, 2023; in millions)
2024
2025
2026
2027
2028
Components of ground lease and fiber access agreement expenses:
Ground lease and fiber access agreement expenses exclusive of straight-lined expenses$1,037 $1,057 $1,079 $1,101 $1,122 
Straight-lined expenses55 43 31 20 10 
Ground lease and fiber access agreement expenses$1,092 $1,100 $1,110 $1,121 $1,132 
(a)Based on tenant licenses in place as of December 31, 2023. All tenant licenses are assumed to renew for a new term no later than the respective current term end date, and as such, projected revenues do not reflect the impact of estimated annual churn. CPI-linked tenant contracts are assumed to escalate at 3% per annum.
(b)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
(c)Based on existing ground leases and fiber access agreements as of December 31, 2023. CPI-linked contracts are assumed to escalate at 3% per annum.
12

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
CAPITALIZATION OVERVIEW
(as of December 31, 2023; dollars in millions)
Face Value(a)
Fixed vs. Variable
Interest Rate(b)
Debt to LQA Adjusted EBITDA(c)
Maturity
Cash, cash equivalents and restricted cash$281 
Senior Secured Notes, Series 2009-1, Class A-2(d)
40 Fixed9.0%2029
Senior Secured Tower Revenue Notes, Series 2015-2(e)
700 Fixed3.7%
2045
Senior Secured Tower Revenue Notes, Series 2018-2(e)
750 Fixed4.2%
2048
Finance leases and other obligations271 FixedVarious
Various
Total secured debt$1,761 4.1%0.4x
2016 Revolver(f)
670 Variable6.5%2027
2016 Term Loan A(g)
1,162 Variable6.5%2027
Commercial Paper Notes(h)
— Variable—%
Various
3.200% Senior Notes750 Fixed3.2%2024
1.350% Senior Notes 500 Fixed1.4%2025
4.450% Senior Notes900 Fixed4.5%2026
3.700% Senior Notes750 Fixed3.7%2026
1.050% Senior Notes1,000 Fixed1.1%2026
2.900% Senior Notes750 Fixed2.9%2027
4.000% Senior Notes500 Fixed4.0%2027
3.650% Senior Notes1,000 Fixed3.7%2027
5.000% Senior Notes1,000 Fixed5.0%2028
3.800% Senior Notes1,000 Fixed3.8%2028
4.800% Senior Notes600 Fixed4.8%2028
4.300% Senior Notes600 Fixed4.3%2029
5.600% Senior Notes
750 Fixed5.6%
2029
3.100% Senior Notes550 Fixed3.1%2029
3.300% Senior Notes 750 Fixed3.3%2030
2.250% Senior Notes1,100 Fixed2.3%2031
2.100% Senior Notes1,000 Fixed2.1%2031
2.500% Senior Notes750 Fixed2.5%2031
5.100% Senior Notes750 Fixed5.1%2033
5.800% Senior Notes
750 Fixed5.8%
2034
2.900% Senior Notes1,250 Fixed2.9%2041
4.750% Senior Notes350 Fixed4.8%2047
5.200% Senior Notes400 Fixed5.2%2049
4.000% Senior Notes350 Fixed4.0%2049
4.150% Senior Notes500 Fixed4.2%2050
3.250% Senior Notes900 Fixed3.3%2051
Total unsecured debt$21,332 3.8%5.0x
Net Debt(i)
$22,812 3.8%5.3x
Market Capitalization(j)
49,959 
Firm Value(k)
$72,771 
(a)Net of required principal amortizations.
(b)Represents the weighted-average stated interest rate, as applicable, exclusive of finance leases and other obligations.
(c)Represents the applicable amount of debt divided by Last Quarter Annualized Adjusted EBITDA. See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt to Last Quarter Annualized Adjusted EBITDA.
(d)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(e)If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. The Senior Secured Tower Revenue Notes, 2015-2 and 2018-2 have anticipated repayment dates in 2025 and 2028, respectively. Notes are prepayable at par if voluntarily repaid within eighteen months of maturity; earlier prepayment may require additional consideration.
(f)As of December 31, 2023, the undrawn availability under the $7.0 billion 2016 Revolver was $6.3 billion. The Company pays a commitment fee on the undrawn available amount, which as of December 31, 2023 ranged from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum.
(g)The 2016 Term Loan A principal amortizes over a period ending in July 2027.
(h)As of December 31, 2023, the Company had $2.0 billion available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes ("CP Notes"), when outstanding, may vary but may not exceed 397 days from the date of issue.
(i)See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt.
(j)Market capitalization calculated based on $115.19 closing price and 434 million shares outstanding as of December 31, 2023.
(k)Represents the sum of Net Debt and market capitalization. See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt.
13

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
DEBT MATURITY OVERVIEW(a)
(as of December 31, 2023; in millions)
chart-72cf62d24c14494e901.jpgchart-2b82d262063d4167869.jpg
(a)Where applicable, maturities reflect the respective anticipated repayment dates of the Tower Revenue Notes; excludes finance leases and other obligations; amounts presented at face value, net of required principal amortizations and repurchases held at the Company.

14

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
LIQUIDITY OVERVIEW(a)
(in millions)
December 31, 2023
Cash, cash equivalents, and restricted cash(b)
$281 
Undrawn 2016 Revolver availability(c)
6,291 
Total debt and other obligations (current and non-current)(d)
22,921 
Total equity6,381 
SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
DebtBorrower / Issuer
Covenant(e)
Covenant Level Requirement
As of December 31, 2023
Maintenance Financial Covenants(f)
2016 Credit FacilityCCITotal Net Leverage Ratio≤ 6.50x5.2x
2016 Credit FacilityCCITotal Senior Secured Leverage Ratio≤ 3.50x0.3x
2016 Credit FacilityCCI
Consolidated Interest Coverage Ratio(g)
N/AN/A
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released
2015 Tower Revenue NotesCrown Castle Towers LLC and its SubsidiariesDebt Service Coverage Ratio> 1.75x
(h)
17.6x
2018 Tower Revenue NotesCrown Castle Towers LLC and its SubsidiariesDebt Service Coverage Ratio> 1.75x
(h)
17.6x
2009 Securitized NotesPinnacle Towers Acquisition Holdings LLC and its SubsidiariesDebt Service Coverage Ratio> 1.30x
(h)
26.0x
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
(i)
17.6x
2018 Tower Revenue NotesCrown Castle Towers LLC and its SubsidiariesDebt Service Coverage Ratio≥ 2.00x
(i)
17.6x
2009 Securitized NotesPinnacle Towers Acquisition Holdings LLC and its SubsidiariesDebt Service Coverage Ratio≥ 2.34x
(i)
26.0x
(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 $2.0 billion. As of December 31, 2023, there were no CP Notes outstanding under our CP Program. We intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.
(b)Inclusive of $5 million included within "Other assets, net" on our condensed consolidated balance sheet.
(c)Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, the credit agreement governing our 2016 Revolver.
(d)See "Non-GAAP Measures and Other Information" for further information on, and reconciliation to, Net Debt.
(e)As defined in the respective debt agreement. In the indentures for the 2015 Tower Revenue Notes, 2018 Tower Revenue Notes and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR." Total Net Leverage Ratio, Total Senior Secured Leverage Ratio and all DSCR ratios are calculated using the trailing twelve months.
(f)Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2016 Credit Facility.
(g)Applicable solely to the extent that the senior unsecured debt rating by any two of S&P, Moody's and Fitch is lower than BBB-, Baa3 or BBB-, respectively. If applicable, the consolidated interest coverage ratio must be greater than or equal to 2.50.
(h)The 2015 Tower Revenue Notes, 2018 Tower Revenue Notes and 2009 Securitized Notes also include the potential for amortization events, which could result in applying current and future cash flow to the prepayment of debt with applicable prepayment consideration. An amortization event occurs when the Debt Service Coverage Ratio falls below 1.45x, 1.45x or 1.15x, in each case as described under the indentures for the 2015 Tower Revenue Notes, 2018 Tower Revenue Notes or 2009 Securitized Notes, respectively.
(i)Rating Agency Confirmation (as defined in the respective debt agreement) is required.
15

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
(as of December 31, 2023; dollars in millions) INTEREST RATE EXPOSURE(a)
Fixed Rate DebtFloating Rate Debt
Face value of principal outstanding(b)
$20,990
Face value of principal outstanding(b)
$1,832
% of total debt92%% of total debt8%
Weighted average interest rate3.6%
Weighted average interest rate(c)
6.5%
Upcoming maturities:20242025Interest rate sensitivity of 25 bps increase in interest rates:
Face value of principal outstanding(b)
$750$1,200
Full year effect(d)
$4.6
Weighted average interest rate3.2%2.7%
COMPONENTS OF INTEREST EXPENSE
20222023Twelve Months Ended December 31,
(in millions)Q1Q2Q3Q4Q1Q2
Q3
Q4
2022
2023
Interest expense on debt obligations$160 $161 $174 $189 $198 $205 $213 $220 $685 $836 
Amortization of deferred financing costs and adjustments on long-term debt26 29 
Capitalized interest(3)(3)(3)(3)(3)(4)(4)(4)(12)(15)
Interest expense and amortization of deferred financing costs, net$164 $165 $177 $192 $202 $208 $217 $223 $699 $850 
(a)Excludes finance leases and other obligations; assumes no default.
(b)Net of required principal amortizations.
(c)In June 2021, the Company entered into an amendment to the credit agreement governing our 2016 Credit Facility that provided for, among other things, a reduction to the interest rate spread ("Spread") of up to 0.05% if the Company meets specified annual sustainability targets ("Targets") and an increase to the Spread of up to 0.05% if the Company fails to meet specified annual sustainability thresholds ("Thresholds"). In January 2024, the Company submitted the required documentation and received confirmation from its administrative agent that all Targets were met as of December 31, 2023, and, as such, the Spread reduction is maintained for 2024. The weighted average interest rate reflects the reduced Spread.
(d)Represents incremental interest expense over a 12-month period based on a hypothetical interest rate increase of 25 bps on face value of variable indebtedness outstanding as of December 31, 2023; assumes no debt maturities.

16

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
TOWERS SEGMENT SUMMARY FINANCIAL HIGHLIGHTS
20222023Twelve Months Ended December 31,
(in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Q3
Q4
2022
2023
Segment net revenues:
Site rental
Site rental billings(a)
$880 $878 $915 $922 $926 $929 $956 $970 $3,594 $3,781 
Amortization of prepaid rent79 80 80 80 72 67 61 59 319 257 
Straight-lined revenues116 120 89 84 83 84 57 50 409 275 
Total site rental1,075 1,078 1,084 1,086 1,081 1,080 1,074 1,079 1,079 4,322 4,313 
Services and other163 164 175 183 146 124 86 65 685 421 
Net revenues$1,238 $1,242 $1,259 $1,269 $1,227 $1,204 $1,160 $1,144 $5,007 $4,734 
Segment operating expenses:
Costs of operations(b)
Site rental exclusive of straight-lined expenses$206 $213 $212 $213 $217 $226 $219 $214 $846 $876 
Straight-lined expenses19 19 18 17 17 17 17 17 72 67 
Total site rental225 232 230 230 234 243 236 231 918 943 
Services and other109 107 114 117 99 92 61 42 447 294 
Total costs of operations334 339 344 347 333 335 297 273 1,365 1,237 
Selling, general and administrative(c)
28282830 31 30 24 19 115104
Segment operating profit(d)
$876 $875 $887 $892 $863 $839 $839 $852 $3,527 $3,393 
(a)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
(b)Exclusive of (1) depreciation, amortization and accretion, (2) stock-based compensation expense, net and (3) prepaid lease purchase price adjustments. See "Segment Operating Results" for further information.
(c)Exclusive of stock-based compensation expense, net. See "Segment Operating Results" for further information.
(d)See "Non-GAAP Measures and Other Information" and "Segment Operating Results" for further information on, and our definition and calculation of, segment operating profit.
17

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
TOWERS SEGMENT COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
20222023Twelve Months Ended December 31,
(dollars in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Q3
Q4
2022
2023
Components of changes in site rental revenues:
Prior year site rental billings(a)
$827$830$853$866$879$877$915$921$3,376$3,593
Core leasing activity(a)
4137424032382532158126
Escalators23202825222222239688
Non-renewals(a)
(12)(10)(9)(10)(8)(8)(7)(7)(40)(30)
Organic Contribution to Site Rental Billings(a)
5247615546514048214184
Straight-lined revenues116120898483845750409275
Amortization of prepaid rent7980808072676159319257
Acquisitions(b)
1111111144
Other
Total site rental revenues$1,075$1,078$1,084$1,086$1,081$1,080$1,074$1,079$4,322$4,313
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
20.0 %13.2 %11.5 %10.3 %0.6 %0.2 %(0.9)%(0.6)%13.6 %(0.2)%
Changes in revenues as a percentage of prior year site rental billings:
Organic Contribution to Site Rental Billings(a)
6.4 %5.7 %7.2 %6.2 %5.2 %5.8 %4.4 %5.2 %6.4 %5.1 %
TOWERS SEGMENT SUMMARY OF CAPITAL EXPENDITURES(a)
20222023Twelve Months Ended December 31,
(in millions; totals may not sum due to rounding)
Q1Q2Q3Q4Q1Q2
Q3
Q4
2022
2023
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects$35$27$30$29$33$34$34$21$121$122
Purchases of land interests10151216152313135364
Total discretionary capital expenditures4542424548574734174186
Sustaining capital expenditures2333242118
Total capital expenditures4745454850614934185194
Less: Prepaid rent additions(c)
22232023222525208892
Capital expenditures less prepaid rent additions$25$22$25$25$28$36$24$14$97$102
(a)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, non-renewals, Organic Contribution to Site Rental Billings, discretionary capital expenditures and sustaining capital expenditures.
(b)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, until the one-year anniversary of such acquisitions.
(c)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
18

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
TOWERS SEGMENT PORTFOLIO HIGHLIGHTS
(as of December 31, 2023)
Number of towers (in thousands)(a)
40 
Average number of tenants per tower2.5 
Remaining contracted tenant receivables (in billions)(b)
$34 
Weighted average remaining tenant contract term (years)(b)(c)
Percent of towers in the Top 50 / 100 Basic Trading Areas56% / 71%
Percent of ground leased / owned(d)
59% / 41%
Weighted average maturity of ground leases (years)(d)(e)
35 
TOWERS SEGMENT CASH YIELD ON INVESTED CAPITAL(f)
(as of December 31, 2023; dollars in millions)
Q4 2023 LQA
Q4 2022 LQA
Segment site rental gross margin(g)
$3,392 $3,424 
Less: Amortization of prepaid rent(236)(320)
Less: Straight-lined revenues(200)(336)
Add: Straight-lined expenses68 68 
Numerator$3,024 $2,836 
Segment net investment in property and equipment(h)
$13,407 $13,281 
Segment investment in site rental contracts and tenant relationships4,590 4,560 
Segment investment in goodwill(i)
5,351 5,351 
Segment Net Invested Capital(f)
$23,348 $23,192 
Segment Cash Yield on Invested Capital(f)
13.0 %12.2 %
SUMMARY OF TOWER PORTFOLIO BY VINTAGE(j)
(as of December 31, 2023; dollars in thousands)
Acquired and Built 2006 and PriorAcquired and Built 2007 to Present
Cash yield(k)
21 %10 %
Number of tenants per tower3.0 2.3 
Last quarter annualized average cash site rental revenue per tower(l)
$135 $81 
Last quarter annualized average site rental gross cash margin per tower(m)
$117 $58 
Net invested capital per tower(n)
$558 $584 
Number of towers11,199 28,835 
(a)Excludes third-party land interests.
(b)Excludes renewal terms at tenants' option.
(c)Weighted by site rental revenues.
(d)Weighted by towers site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(e)Includes all renewal terms at the Company's option.
(f)See "Non-GAAP Measures and Other Information" for further information on, and our definitions and calculations of, Segment Cash Yield on Invested Capital and Segment Net Invested Capital.
(g)See "Segment Operating Results" and "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, segment site rental gross margin.
(h)Segment net investment in property and equipment excludes the impact of construction in process and non-productive assets (such as information technology assets and buildings) and is reduced by the amount of prepaid rent received from tenants (excluding any deferred credits recorded in connection with acquisitions).
(i)Segment investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions (primarily deferred credits).
(j)All tower portfolio figures are calculated exclusively for the Company’s towers and rooftops and do not give effect to other activities within the Company’s Towers segment.
(k)Cash yield is calculated as last quarter annualized site rental gross margin, exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses, divided by invested capital net of the amount of prepaid rent received from tenants.
(l)Exclusive of straight-lined revenues and amortization of prepaid rent.
(m)Exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(n)Reflects gross total assets (including incremental capital invested by the Company since time of acquisition or construction completion), less any prepaid rent. Inclusive of invested capital related to land at the tower site.
19

Crown Castle Inc.
Fourth Quarter 2023
COMPANY
OVERVIEW
OUTLOOK CONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEWTOWERS SEGMENTFIBER SEGMENTAPPENDIX
GROUND INTEREST OVERVIEW
(as of December 31, 2023; 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$435 11 %$239 %5,535 14 %
10 to 20 years559 14 %355 12 %6,073 15 %
Greater than 20 years1,569 41 %1,147 39 %16,812 42 %
Total leased$2,563 66 %$1,740 59 %28,420 71 %35 
Owned$1,300 34 %$1,228 41 %11,614 29 %
Total / Average$3,863 100 %$2,968 100 %40,034 100 %
(a)Exclusive of straight-lined revenues and amortization of prepaid rent.
(b)Exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(c)Excludes third-party land interests.
(d)Includes all renewal terms at the Company's option and weighted by towers site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.