Form 8-K CROWN CASTLE INTERNATION For: Apr 21

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April 21, 2021 4:21 PM EDT

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Exhibit 99.1


						NEWS RELEASE April 21, 2021


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

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

April 21, 2021 - HOUSTON, TEXAS - Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the first quarter ended March 31, 2021 and increased its full year 2021 Outlook.


	Full Year 2021
	Current Outlook Midpoint	Change to Midpoint from Prior Outlook(a)	Midpoint Growth Rate Compared to Prior Year Actual(b)
(in millions, except per share amounts)			As Reported	As Adjusted(c)
Site rental revenues	$5,695	+$140	7%	7%
Net income (loss)(d)	$1,084	+$87	3%	30%
Net income (loss) per share—diluted(d)(e)	$2.50	+$0.20	6%	37%
Adjusted EBITDA(d)	$3,757	+$150	1%	10%
AFFO(d)(e)	$2,946	+$40	2%	14%
AFFO per share(d)(e)	$6.79	+$0.10	—%	11%

(a)As issued on January 27, 2021. See "Full Year 2021 Outlook" below for our previous full year 2021 Outlook.

(b)See "Full Year 2021 Outlook" below for our full year 2020 actual results.

(c)As Adjusted growth rates exclude the impact of the cancellation of certain small cells previously contracted with Sprint Corporation and a reduction in staffing that occurred in fourth quarter 2020 (collectively "Nontypical Items"), as further described in our press release dated January 27, 2021 and reconciled in "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.

(d)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to net income (loss), as computed in accordance with GAAP.

(e)Attributable to CCIC common stockholders.

"In the first quarter, we delivered solid results that exceeded our expectations and reflect a robust 5G leasing environment, positioning us to generate an expected double-digit growth in both AFFO per share and dividends per share for full year 2021," stated Jay Brown, Crown Castle’s Chief Executive Officer. "We are excited to continue to support our customers' wireless infrastructure needs as they deploy nationwide 5G in the U.S., and we expect to once again generate industry leading domestic tower revenue growth in 2021. We believe our unique portfolio of tower, small cell and fiber assets positions us to benefit from what we expect will be a decade-long investment cycle as our customers develop next-generation wireless networks. As a result, we expect the deployment of 5G in the U.S. to extend our opportunity to create long-term value for our shareholders while delivering dividend per share long-term growth of 7% to 8% per year.

"We believe our ability to offer towers, small cells and fiber solutions, which are all integral components of communications networks and are shared among multiple tenants, provides us the best opportunity to generate significant growth while delivering high returns for our shareholders. Based on the expected growth in data traffic and wireless carrier network investment, we believe the U.S. represents the highest growth and lowest risk market in the world for communications infrastructure ownership, and we are pursuing that opportunity with our comprehensive offering."

The pathway to possible.

CrownCastle.com


News Release continued:						Page 2

RESULTS FOR THE QUARTER

The table below sets forth select financial results for the quarter ended March 31, 2021 and March 31, 2020.


(in millions, except per share amounts)	Q1 2021	Q1 2020	Change	% Change
Site rental revenues	$1,369	$1,310	+$59	+5%
Net income (loss)	$121	$185	-$64	-35%
Net income (loss) per share—diluted(a)	$0.28	$0.38	-$0.10	-26%
Adjusted EBITDA(b)	$897	$814	+$83	+10%
AFFO(a)(b)	$738	$593	+$145	+24%
AFFO per share(a)(b)	$1.71	$1.42	+$0.29	+20%

(a)Attributable to CCIC common stockholders.

(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to net income (loss), as computed in accordance with GAAP.

HIGHLIGHTS FROM THE QUARTER

•Site rental revenues. Site rental revenues grew 5%, or $59 million, from first quarter 2020 to first quarter 2021, inclusive of approximately $82 million in Organic Contribution to Site Rental Revenues and a $24 million decrease in straight-lined revenues. The $82 million in Organic Contribution to Site Rental Revenues represents approximately 6.3% growth, comprised of approximately 9.4% growth from new leasing activity and contracted tenant escalations, net of approximately 3.1% from tenant non-renewals.

•Net income. Net income for the first quarter 2021 was $121 million compared to $185 million for the first quarter 2020 and was impacted by a $143 million loss on the retirement of long-term obligations due to first quarter 2021 refinancing activities.

•AFFO per share. AFFO per share for the first quarter 2021 was $1.71, representing 20% growth when compared to $1.42 for the first quarter 2020.

•Capital Expenditures. Capital expenditures during the quarter were $302 million, comprised of $17 million of sustaining capital expenditures and $285 million of discretionary capital expenditures. Discretionary capital expenditures during the quarter primarily included approximately $225 million attributable to Fiber and approximately $49 million attributable to Towers.

•Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $588 million in the aggregate, or $1.33 per common share, an increase of approximately 11% on a per share basis compared to the same period a year ago.

•Financing Activities. During the quarter, Crown Castle issued $3.25 billion in aggregate principal amount of senior unsecured notes with a combination of 5-year, 10-year and 20-year maturities, resulting in a weighted average maturity and coupon of 12 years and approximately 2.1%, respectively. Net proceeds from the offering were used to redeem all of the outstanding 5.25% Senior Notes, repay a portion of outstanding borrowings under the 2016 Term Loan A, and repay a portion of the outstanding commercial paper notes at their maturity date.

"We are excited about the increasing level of activity we see in our business as our customers have begun to deploy 5G at scale," stated Dan Schlanger, Crown Castle's Chief Financial Officer. "We believe we are well positioned to support our growing number of customers by providing a comprehensive set of solutions across towers, small cells and fiber solutions, which are all necessary to build out 5G wireless networks. Looking forward, we believe we are in a great position to deliver on our long-term annual dividend growth target of 7% to 8% while at the same time making significant investments in our business that we believe will generate attractive long-term returns and support future growth. To help fund that growth, we were able to opportunistically access the bond

The pathway to possible.

CrownCastle.com


News Release continued:						Page 3

market during the first quarter to refinance upcoming maturities, extending our maturity profile and reducing our overall cost of capital. We continue to take steps to complement our compelling total return opportunity with a lower risk profile, and we expect to have sufficient capacity to once again fund our discretionary investments this year with free cash flow and incremental borrowings."

OUTLOOK

This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the SEC.

The following table sets forth Crown Castle's current Outlook for full year 2021.


(in millions, except per share amounts)	Full Year 2021
Site rental revenues	$5,672	to	$5,717
Site rental cost of operations(a)	$1,538	to	$1,583
Net income (loss)	$1,044	to	$1,124
Adjusted EBITDA(b)	$3,734	to	$3,779
Interest expense and amortization of deferred financing costs(c)	$633	to	$678
FFO(b)(d)	$2,690	to	$2,735
AFFO(b)(d)	$2,923	to	$2,968
AFFO per share(b)(d)	$6.74	to	$6.85

(a)Exclusive of depreciation, amortization and accretion.

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

(d)Attributable to CCIC common stockholders.

Full Year 2021 Outlook

The table below compares the results for full year 2020, the midpoint of the current full year 2021 Outlook and the midpoint of our previous full year 2021 Outlook for select metrics.


	Midpoint of Full Year 2021 Outlook		2020
(in millions, except per share amounts)	Current	Previous(c)	Full Year Actual	Impact from Nontypical Items
Site rental revenues	$5,695	$5,555	$5,320	$—
Net income (loss)	$1,084	$997	$1,056	$223
Net income (loss) per share—diluted(a)	$2.50	$2.30	$2.35	$0.52
Adjusted EBITDA(b)	$3,757	$3,607	$3,706	$286
AFFO(a)(b)	$2,946	$2,906	$2,878	$286
AFFO per share(a)(b)	$6.79	$6.69	$6.78	$0.68

(a)Attributable to CCIC common stockholders.

(c)As issued on January 27, 2021.

•The increase to the midpoint of the full year 2021 Outlook for site rental revenues, adjusted EBITDA, and AFFO primarily reflect: 1) $140 million of additional straight-lined revenues associated with a long-term tower leasing agreement with Verizon that became effective April 1, 2021 and also resulted in an increase of the average contracted lease term under our existing Verizon tower site leases to approximately 10 years; 2) a $25 million

The pathway to possible.

CrownCastle.com


News Release continued:						Page 4

increase in the expected services contribution; and 3) a $30 million decrease in expected interest expense, offset by $15 million of additional labor related costs associated with higher Towers activity than previously expected.

•The chart below reconciles the components of expected growth in site rental revenues from 2020 to 2021 of $355 million to $400 million, inclusive of expected Organic Contribution to Site Rental Revenues during 2021 of $295 million to $335 million, or approximately 6%, which is unchanged from our previously provided 2021 Outlook.

•The chart below reconciles the components of expected growth in AFFO from 2020 to 2021 of $340 million to $385 million, adjusted to exclude the impact of the Nontypical Items discussed in our press release dated January 27, 2021.

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 5

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, April 22, 2021, at 10:30 a.m. Eastern time to discuss its first quarter 2021 results. The conference call may be accessed by dialing 800-347-6311 and asking for the Crown Castle call (access code 7566143) at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at investor.crowncastle.com. Supplemental materials for the call have been posted on the Crown Castle website at investor.crowncastle.com.

A telephonic replay of the conference call will be available from 1:30 p.m. Eastern time on Thursday, April 22, 2021, through 1:30 p.m. Eastern time on Wednesday, July 21, 2021, and may be accessed by dialing 888-203-1112 and using access code 7566143. An audio archive will also be available on Crown Castle's website at investor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.

ABOUT CROWN CASTLE

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 6

Non-GAAP Financial Measures, Segment Measures and Other Calculations

This press release includes presentations of Net income (as adjusted), including per share—diluted amounts, Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, and Organic Contribution to Site Rental Revenues, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).

Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the communications infrastructure sector or other real estate investment trusts ("REITs"). Our definition of FFO is consistent with guidelines from the National Association of Real Estate Investment Trusts.

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:

•Net Income (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 net income to exclude the impact of the Nontypical Items (as defined in this press release and described further in our press release dated January 27, 2021), which management believes are unusual (including with respect to magnitude), infrequent and not reasonably likely to recur in the near term, to provide further insight into our results of operations and underlying trends and projections. Management also believes that identifying the impact of Nontypical Items as adjustments provides more transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. Net income (as adjusted), including per share—diluted amounts should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

•Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the communications infrastructure sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion which can vary depending upon accounting methods and the book value of assets. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used in our debt covenant calculations. Separately, we are also disclosing Adjusted EBITDA as adjusted to exclude the impact of Nontypical Items, which management believes are unusual (including with respect to magnitude), infrequent and not reasonably likely to recur in the near term, to provide further insight into our results of operations and underlying trends and projections. Management also believes that identifying the impact of Nontypical Items as adjustments provides increased transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. Adjusted EBITDA (including as further adjusted to exclude Nontypical Items) should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

•AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (a) asset base (primarily depreciation, amortization and accretion) and (b) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations, or rent free periods, the revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. Management notes that Crown Castle uses AFFO only as a performance measure.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 7

Separately, we are also disclosing AFFO as adjusted to exclude the impact of Nontypical Items, which management believes are unusual (including with respect to magnitude), infrequent and not reasonably likely to recur in the near term, to provide further insight into our results of operations and underlying trends and projections. Management also believes that identifying the impact of Nontypical Items as adjustments provides increased transparency and comparability across periods. There can be no assurances that such items will not recur in future periods. AFFO (including as further adjusted to exclude Nontypical Items) should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flows from operations or as residual cash flow available for discretionary investment.

•FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.

•Organic Contribution to Site Rental Revenues is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses the Organic Contribution to Site Rental Revenues to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, new leasing activities and tenant non-renewals in our core business, as well to forecast future results. Organic Contribution to Site Rental Revenues is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.

We define our non-GAAP financial measures, segment measures and other calculations as follows:

Non-GAAP Financial Measures

Net Income (as adjusted). We define Net Income (as adjusted) as net income (loss) less other operating income resulting from the Nontypical Items, plus incremental operating expenses and asset write-downs as a result of the Nontypical Items.

Net Income (as adjusted) per share—diluted. We define net income (as adjusted) per share—diluted as Net Income (as adjusted), divided by diluted weighted-average common shares outstanding.

Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, (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, (income) loss from discontinued operations and stock-based compensation expense. Separately, Adjusted EBITDA, as adjusted to exclude the impact of Nontypical Items, reflects Adjusted EBITDA, less other operating income resulting from the Nontypical Items, plus incremental operating expenses as a result of the Nontypical Items.

Adjusted Funds from Operations. We define Adjusted Funds from Operations as FFO before straight-lined revenue, straight-lined expense, stock-based compensation expense, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle, (income) loss from discontinued operations 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 net income 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.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 8

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

Organic Contribution to Site Rental Revenues. We define the Organic Contribution to Site Rental Revenues as the sum of the change in GAAP site rental revenues related to (1) new leasing activity, including revenues from the construction of small cells and the impact of prepaid rent, (2) escalators and less (3) non-renewals of tenant contracts.

Segment Measures

Segment Site Rental Gross Margin. We define Segment Site Rental Gross Margin as segment site rental revenues less segment site rental cost of operations, excluding stock-based compensation expense and prepaid lease purchase price adjustments recorded in consolidated site rental cost of operations.

Segment Services and Other Gross Margin. We define Segment Services and Other Gross Margin as segment services and other revenues less segment services and other cost of operations, excluding stock-based compensation expense recorded in consolidated services and other cost of operations.

Segment Operating Profit. We define Segment Operating Profit as segment site rental gross margin plus segment services and other gross margin, and segment other operating (income) expense, less selling, general and administrative expenses attributable to the respective segment.

All of these measurements of profit or loss are exclusive of depreciation, amortization and accretion, which are shown separately. Additionally, certain costs are shared across segments and are reflected in our segment measures through allocations that management believes to be reasonable.

Other Calculations

Discretionary capital expenditures. We define discretionary capital expenditures as those capital expenditures made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. They primarily consist of expansion or development of communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.

Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures not otherwise categorized as either discretionary or integration capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.

The tables set forth on the following pages reconcile the non-GAAP financial measures used herein to comparable GAAP financial measures. The components in these tables may not sum to the total due to rounding.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 9

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

Reconciliation of Historical Adjusted EBITDA:


	For the Three Months Ended				For the Twelve Months Ended
(in millions)	March 31, 2021		March 31, 2020			December 31, 2020
Net income (loss)	$	121	$	185		$	1,056
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	3		4			74
Acquisition and integration costs	—		5			10
Depreciation, amortization and accretion	408		399			1,608
Amortization of prepaid lease purchase price adjustments	5		5			18
Interest expense and amortization of deferred financing costs(a)	170		175			689
(Gains) losses on retirement of long-term obligations	143		—			95
Interest income	(1)		(1)			(2)
Other (income) expense	8		—			5
(Benefit) provision for income taxes	7		5			20
Stock-based compensation expense	33		36			133
Adjusted EBITDA(b)(c)	$	897	$	814		$	3,706

Reconciliation of Current Outlook for Adjusted EBITDA:


	Full Year 2021
(in millions)	Outlook
Net income (loss)		$1,044	to	$1,124
Adjustments to increase (decrease) net income (loss):
Asset write-down charges		$15	to	$25
Acquisition and integration costs		$0	to	$8
Depreciation, amortization and accretion		$1,615	to	$1,710
Amortization of prepaid lease purchase price adjustments		$17	to	$19
Interest expense and amortization of deferred financing costs(a)		$633	to	$678
(Gains) losses on retirement of long-term obligations		$143	to	$143
Interest income		$(3)	to	$0
Other (income) expense		$1	to	$8
(Benefit) provision for income taxes		$18	to	$26
Stock-based compensation expense		$134	to	$149
Adjusted EBITDA(b)(c)		$3,734	to	$3,779

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

(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definition of Adjusted EBITDA.

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 10

Reconciliation of Historical FFO and AFFO:


	For the Three Months Ended					For the Twelve Months Ended
(in millions, except per share amounts)	March 31, 2021		March 31, 2020				December 31, 2020
Net income (loss)	$	121	$	185			$	1,056
Real estate related depreciation, amortization and accretion	395		386				1,555
Asset write-down charges	3		4				74
Dividends/distributions on preferred stock	—		(28)				(85)
FFO(a)(b)(c)(d)	$	519	$	547			$	2,600
Weighted-average common shares outstanding—diluted	433		418		(e)		425
FFO per share(a)(b)(c)(d)	$	1.20	$	1.31	(e)		$	6.12

FFO (from above)	$	519	$	547			$	2,600
Adjustments to increase (decrease) FFO:
Straight-lined revenue	10		(14)				(22)
Straight-lined expense	19		20				83
Stock-based compensation expense	33		36				133
Non-cash portion of tax provision	7		4				1
Non-real estate related depreciation, amortization and accretion	13		13				53
Amortization of non-cash interest expense	3		1				6
Other (income) expense	8		—				5
(Gains) losses on retirement of long-term obligations	143		—				95
Acquisition and integration costs	—		5				10
Sustaining capital expenditures	(17)		(21)				(86)
AFFO(a)(b)(c)(d)	$	738	$	593			$	2,878
Weighted-average common shares outstanding—diluted	433		418		(e)		425
AFFO per share(a)(b)(c)(d)	$	1.71	$	1.42	(e)		$	6.78

(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 the period ended March 31, 2020, the diluted weighted-average common shares outstanding does not include any assumed conversions of preferred stock in the share count.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 11

Reconciliation of Current Outlook for FFO and AFFO:


	Full Year 2021
(in millions, except per share amounts)	Outlook
Net income (loss)		$1,044	to	$1,124
Real estate related depreciation, amortization and accretion		$1,569	to	$1,649
Asset write-down charges		$15	to	$25

FFO(a)(b)(c)		$2,690	to	$2,735
Weighted-average common shares outstanding—diluted(d)		434
FFO per share(a)(b)(c)(d)		$6.21	to	$6.31

FFO (from above)		$2,690	to	$2,735
Adjustments to increase (decrease) FFO:
Straight-lined revenue		$(102)	to	$(82)
Straight-lined expense		$58	to	$78
Stock-based compensation expense		$134	to	$149
Non-cash portion of tax provision		$(7)	to	$8
Non-real estate related depreciation, amortization and accretion		$46	to	$61
Amortization of non-cash interest expense		$4	to	$14
Other (income) expense		$1	to	$8
(Gains) losses on retirement of long-term obligations		$143	to	$143
Acquisition and integration costs		$0	to	$8
Sustaining capital expenditures		$(104)	to	$(94)
AFFO(a)(b)(c)		$2,923	to	$2,968
Weighted-average common shares outstanding—diluted(d)		434
AFFO per share(a)(b)(c)(d)		$6.74	to	$6.85

(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)Attributable to CCIC common stockholders.

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

(d)The assumption for diluted weighted-average common shares outstanding for full year 2021 Outlook is based on the diluted common shares outstanding as of March 31, 2021.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 12

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


	Previously Issued
	Full Year 2021
(in millions)	Outlook
Net income (loss)		$957	to	$1,037
Adjustments to increase (decrease) net income (loss):
Asset write-down charges		$15	to	$25
Acquisition and integration costs		$0	to	$8
Depreciation, amortization and accretion		$1,615	to	$1,710
Amortization of prepaid lease purchase price adjustments		$17	to	$19
Interest expense and amortization of deferred financing costs		$663	to	$708
(Gains) losses on retirement of long-term obligations		$0	to	$100
Interest income		$(3)	to	$0
Other (income) expense		$(1)	to	$1
(Benefit) provision for income taxes		$18	to	$26
Stock-based compensation expense		$145	to	$149
Adjusted EBITDA(a)(b)		$3,584	to	$3,629

(a) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definition of Adjusted EBITDA.

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 13

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


	Previously Issued
	Full Year 2021
(in millions, except per share amounts)	Outlook
Net income (loss)		$957	to	$1,037
Real estate related depreciation, amortization and accretion		$1,569	to	$1,649
Asset write-down charges		$15	to	$25

FFO(a)(b)(c)		$2,603	to	$2,648
Weighted-average common shares outstanding—diluted(d)	434
FFO per share(a)(b)(c)(d)		$6.00	to	$6.10

FFO (from above)		$2,603	to	$2,648
Adjustments to increase (decrease) FFO:
Straight-lined revenue		$38	to	$58
Straight-lined expense		$58	to	$78
Stock-based compensation expense		$145	to	$149
Non-cash portion of tax provision		$(7)	to	$8
Non-real estate related depreciation, amortization and accretion		$46	to	$61
Amortization of non-cash interest expense		$4	to	$14
Other (income) expense		$(1)	to	$1
(Gains) losses on retirement of long-term obligations		$0	to	$100
Acquisition and integration costs		$0	to	$8
Sustaining capital expenditures		$(104)	to	$(94)
AFFO(a)(b)(c)		$2,883	to	$2,928
Weighted-average common shares outstanding—diluted(d)	434
AFFO per share(a)(b)(c)(d)		$6.64	to	$6.74

(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)Attributable to CCIC common stockholders.

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

(d)The assumption for diluted weighted-average common shares outstanding for full year 2021 Outlook is based on the diluted common shares outstanding as of March 31, 2021.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 14

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


	Midpoint of Current Full Year 2021(e)		Full Year 2020							Full Year 2021 Growth Rates (Outlook at the Midpoint)
(in millions, except per share amounts)	Outlook		As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items		As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items
Site rental revenues	$	5,695	$	5,320	$	—		$	5,320	7	%	—	%		7	%
Net income (loss)(a)	1,084		1,056		(223)		(c)	833		3	%	27	%	(c)	30	%
Net income (loss) per share—diluted(a)(b)	2.50		2.35		(0.52)		(c)	1.83		6	%	31	%	(c)	37	%
Adjusted EBITDA(a)	3,757		3,706		(286)		(d)	3,420		1	%	9	%	(d)	10	%
AFFO(a)(b)	2,946		2,878		(286)		(d)	2,592		2	%	12	%	(d)	14	%
AFFO per share(a)(b)	$	6.79	$	6.78	$	(0.68)	(d)	$	6.10	—	%	11	%	(d)	11	%

(a)See reconciliations herein for further information and reconciliation of non-GAAP financial measures to net income (loss), as computed in accordance with GAAP.

(b)Attributable to CCIC common stockholders.

(c)Impact from Nontypical Items on net income (loss) and net income (loss) 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.

(d)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.

(e)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.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 15

The components of changes in site rental revenues for the quarters ended March 31, 2021 and 2020 are as follows:


	Three Months Ended March 31,
(dollars in millions)	2021			2020
Components of changes in site rental revenues(a):
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c)	$	1,296		$	1,225

New leasing activity(b)(c)	99			99
Escalators	23			22
Non-renewals	(40)			(51)
Organic Contribution to Site Rental Revenues(d)	82			71
Impact from straight-lined revenues associated with fixed escalators	(10)			14
Acquisitions(e)	1			—
Other	—			—
Total GAAP site rental revenues	$	1,369		$	1,310

Year-over-year changes in revenue:
Reported GAAP site rental revenues	4.5		%
Organic Contribution to Site Rental Revenues(d)(f)	6.3		%

The components of the changes in site rental revenues for full year 2021 Outlook:


(dollars in millions)									Full Year 2021 Outlook
Components of changes in site rental revenues(a):
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c)									$5,298

New leasing activity(b)(c)									375-405
Escalators									90-100
Non-renewals									(180)-(160)
Organic Contribution to Site Rental Revenues(d)									295-335
Impact from full year straight-lined revenues associated with fixed escalators									60-80
Acquisitions(e)									<5
Other									—
Total GAAP site rental revenues									$5,672-$5,717

Year-over-year changes in revenue:
Reported GAAP site rental revenues(g)									7.0%
Organic Contribution to Site Rental Revenues(d)(f)(g)									5.9%

(a)Additional information regarding Crown Castle's site rental revenues, including projected revenue from tenant licenses, straight-lined revenues and prepaid rent is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of its website.

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

(c)Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators.

(d)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.

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

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

(g)Calculated based on midpoint of full year 2021 Outlook, issued on April 21, 2021.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 16

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


	For the Three Months Ended
(in millions)	March 31, 2021		March 31, 2020
Interest expense on debt obligations	$	167	$	174
Amortization of deferred financing costs and adjustments on long-term debt, net	6		5
Capitalized interest	(3)		(4)
Interest expense and amortization of deferred financing costs	$	170	$	175

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


	Full Year 2021
(in millions)	Outlook
Interest expense on debt obligations	$638	to	$658
Amortization of deferred financing costs and adjustments on long-term debt, net	21	to	26
Capitalized interest	(17)	to	(12)
Interest expense and amortization of deferred financing costs	$633	to	$678

The pathway to possible.

CrownCastle.com


News Release continued:						Page 17

Debt balances and maturity dates as of March 31, 2021 are as follows:


(in millions)	Face Value		Final Maturity
Cash, cash equivalents and restricted cash	$	438

3.849% Secured Notes	1,000		Apr. 2023
Secured Notes, Series 2009-1, Class A-2(a)	59		Aug. 2029
Tower Revenue Notes, Series 2015-1(b)	300		May 2042
Tower Revenue Notes, Series 2018-1(b)	250		July 2043
Tower Revenue Notes, Series 2015-2(b)	700		May 2045
Tower Revenue Notes, Series 2018-2(b)	750		July 2048
Finance leases and other obligations	231		Various
Total secured debt	$	3,290
2016 Revolver	580		June 2024
2016 Term Loan A	1,238		June 2024
Commercial Paper Notes(c)	40		Apr. 2021
3.150% Senior Notes	750		July 2023
3.200% Senior Notes	750		Sept. 2024
1.350% Senior Notes	500		July 2025
4.450% Senior Notes	900		Feb. 2026
3.700% Senior Notes	750		June 2026
1.050% Senior Notes	1,000		July 2026
4.000% Senior Notes	500		Mar. 2027
3.650% Senior Notes	1,000		Sept. 2027
3.800% Senior Notes	1,000		Feb. 2028
4.300% Senior Notes	600		Feb. 2029
3.100% Senior Notes	550		Nov. 2029
3.300% Senior Notes	750		July 2030
2.250% Senior Notes	1,100		Jan. 2031
2.100% Senior Notes	1,000		Apr. 2031
4.750% Senior Notes	350		May 2047
2.900% Senior Notes	1,250		Apr. 2041
5.200% Senior Notes	400		Feb. 2049
4.000% Senior Notes	350		Nov. 2049
4.150% Senior Notes	500		July 2050
3.250% Senior Notes	900		Jan. 2051
Total unsecured debt	$	16,758
Total net debt	$	19,610

Net Debt to Last Quarter Annualized Adjusted EBITDA is computed as follows:


(dollars in millions)	For the Three Months Ended March 31, 2021
Total face value of debt	$	20,048
Less: Ending cash, cash equivalents and restricted cash	438
Total Net Debt	$	19,610

Adjusted EBITDA for the three months ended March 31, 2021	$	897
Last quarter annualized Adjusted EBITDA	3,588
Net Debt to Last Quarter Annualized Adjusted EBITDA	5.5		x

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

(b)The Senior Secured Tower Revenue Notes, Series 2015-1 and 2015-2 have anticipated repayment dates in 2022 and 2025, respectively. The Senior Secured Tower Revenue Notes, Series 2018-1 and 2018-2 have anticipated repayment dates in 2023 and 2028, respectively.

(c)The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 18

Components of Capital Expenditures:


	For the Three Months Ended
(in millions)	March 31, 2021								March 31, 2020
	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary:
Purchases of land interests	$	14	$	—	$	—	$	14	$	13	$	—	$	—	$	13
Communications infrastructure improvements and other capital projects	35		225		11		271		87		319		7		413

Sustaining	2		12		3		17		5		9		7		21

Total	$	51	$	237	$	14	$	302	$	105	$	328	$	14	$	447

Note: See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further discussion of our components of capital expenditures.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 19

Cautionary Language Regarding Forward-Looking Statements

This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2021 Outlook and plans, projections, and estimates regarding (1) potential benefits, growth, returns, capabilities, opportunities and shareholder value which may be derived from our business, strategy, risk profile, assets, investments, acquisitions and dividends, (2) our business, strategy, strategic position, business model and capabilities and the strength thereof, (3) industry fundamentals and driving factors for improvements in such fundamentals, (4) our customers' investment, including investment cycles and the timing thereof, in network improvements (including 5G), the trends driving such investment and opportunities and demand for our assets created thereby, (5) our long-and short-term prospects and the trends, events and industry activities impacting our business, (6) opportunities we see to deliver value to our shareholders, (7) our dividends (including timing of payment thereof) and our long- and short-term dividend (including on a per share basis) growth rate, including its driving factors, and targets, (8) revenue growth in the Towers segment, (9) debt maturities, (10) strategic position of our portfolio of assets, (11) cash flows, including growth thereof, (12) leasing environment and the activity we see in our business, (13) tenant non-renewals, including the impact and timing thereof, (14) capital expenditures, including sustaining and discretionary capital expenditures, the timing thereof and any efficiencies that may result therefrom, and the discretionary capital budget and the funding (including capacity to fund) thereof, (15) straight-line adjustments, (16) revenues and growth thereof and benefits derived therefrom, (17) the recurrence of Nontypical Items, (18) net income (loss) (including on a per share basis and as adjusted for Nontypical Items), (19) Adjusted EBITDA (including as adjusted for Nontypical Items), including components thereof and growth thereof, (20) expenses, including interest expense and amortization of deferred financing costs, (21) FFO (including on a per share basis) and growth thereof, (22) AFFO (including on a per share basis and as adjusted for Nontypical Items) and its components and growth thereof and corresponding driving factors, (23) Organic Contribution to Site Rental Revenues and its components, including growth thereof and contributions therefrom, (24) our weighted-average common shares outstanding (including on a diluted basis) and growth thereof, (25) services contribution and labor related costs, (26) our growing number of customers, (27) benefits stemming from our recent tower leasing agreement with Verizon, (28) the utility of certain financial measures, including non-GAAP financial measures and (29) the strength of the U.S. market for communications infrastructure ownership. All future dividends are subject to declaration by our board of directors.

Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and the following:

•Our business depends on the demand for our communications infrastructure, driven primarily by demand for data, and we may be adversely affected by any slowdown in such demand. Additionally, a reduction in the amount or change in the mix of network investment by our tenants may materially and adversely affect our business (including reducing demand for our communications infrastructure or services).

•A substantial portion of our revenues is derived from a small number of tenants, and the loss, consolidation or financial instability of any of such tenants may materially decrease revenues or reduce demand for our communications infrastructure and services.

•The expansion or development of our business, including through acquisitions, increased product offerings or other strategic growth opportunities, may cause disruptions in our business, which may have an adverse effect on our business, operations or financial results.

•Our Fiber segment has expanded rapidly, and the Fiber business model contains certain differences from our Towers business model, resulting in different operational risks. If we do not successfully operate our Fiber business model or identify or manage the related operational risks, such operations may produce results that are lower than anticipated.

•Failure to timely, efficiently and safely execute on our construction projects could adversely affect our business.

•Our substantial level of indebtedness could adversely affect our ability to react to changes in our business, and the terms of our debt instruments limit our ability to take a number of actions that our management might otherwise believe to be in our best interests. In addition, if we fail to comply with our covenants, our debt could be accelerated.

•We have a substantial amount of indebtedness. In the event we do not repay or refinance such indebtedness, we could face substantial liquidity issues and might be required to issue equity securities or securities convertible into equity securities, or sell some of our assets to meet our debt payment obligations.

•Sales or issuances of a substantial number of shares of our common stock or securities convertible into shares of our common stock may adversely affect the market price of our common stock.

•As a result of competition in our industry, we may find it more difficult to negotiate favorable rates on our new or renewing tenant contracts.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 20

•New technologies may reduce demand for our communications infrastructure or negatively impact our revenues.

•If we fail to retain rights to our communications infrastructure, including the rights to land under our towers and the right-of-way and other agreements related to our small cells and fiber, our business may be adversely affected.

•Our services business has historically experienced significant volatility in demand, which reduces the predictability of our results.

•The restatement of our previously issued financial statements, the errors that resulted in such restatement, the material weakness that was previously identified in our internal control over financial reporting and the determination that our internal control over financial reporting and disclosure controls and procedures were not effective, could result in loss of investor confidence, shareholder litigation or governmental proceedings or investigations, any of which could cause the market value of our common stock or debt securities to decline or impact our ability to access the capital markets.

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

•If we fail to comply with laws or regulations which regulate our business and which may change at any time, we may be fined or even lose our right to conduct some of our business.

•If radio frequency emissions from wireless handsets or equipment on our communications infrastructure are demonstrated to cause negative health effects, potential future claims could adversely affect our operations, costs or revenues.

•Certain provisions of our restated certificate of incorporation, amended and restated by-laws and operative agreements, and domestic and international competition laws may make it more difficult for a third party to acquire control of us or for us to acquire control of a third party, even if such a change in control would be beneficial to our stockholders.

•We may be vulnerable to security breaches or other unforeseen events that could adversely affect our operations, business, and reputation.

•Future dividend payments to our stockholders will reduce the availability of our cash on hand available to fund future discretionary investments, and may result in a need to incur indebtedness or issue equity securities to fund growth opportunities. In such event, the then current economic, credit market or equity market conditions will impact the availability or cost of such financing, which may hinder our ability to grow our per share results of operations.

•Remaining qualified to be taxed as a REIT involves highly technical and complex provisions of the U.S. Internal Revenue Code. Failure to remain qualified as a REIT would result in our inability to deduct dividends to stockholders when computing our taxable income, which would reduce our available cash.

•Complying with REIT requirements, including the 90% distribution requirement, may limit our flexibility or cause us to forgo otherwise attractive opportunities, including certain discretionary investments and potential financing alternatives.

•REIT related ownership limitations and transfer restrictions may prevent or restrict certain transfers of our capital stock.

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

Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the SEC. Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.

As used in this release, the term "including," and any variation thereof, means "including without limitation."

The pathway to possible.

CrownCastle.com


News Release continued:						Page 21


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


	March 31, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	254	$	232
Restricted cash	179		144
Receivables, net	412		431
Prepaid expenses	115		95
Other current assets	216		202
Total current assets	1,176		1,104
Deferred site rental receivables	1,389		1,408
Property and equipment, net	15,149		15,162
Operating lease right-of-use assets	6,514		6,464
Goodwill	10,078		10,078
Other intangible assets, net	4,324		4,433
Other assets, net	122		119
Total assets	$	38,752	$	38,768

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	187	$	230
Accrued interest	107		199
Deferred revenues	814		704
Other accrued liabilities	271		378
Current maturities of debt and other obligations	159		129
Current portion of operating lease liabilities	332		329
Total current liabilities	1,870		1,969
Debt and other long-term obligations	19,713		19,151
Operating lease liabilities	5,856		5,808

Other long-term liabilities	2,327		2,379
Total liabilities	29,766		29,307
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: March 31, 2021—432 and December 31, 2020—431	4		4
Additional paid-in capital	17,917		17,933
Accumulated other comprehensive income (loss)	(3)		(4)
Dividends/distributions in excess of earnings	(8,932)		(8,472)
Total equity	8,986		9,461
Total liabilities and equity	$	38,752	$	38,768

The pathway to possible.

CrownCastle.com


News Release continued:						Page 22


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


	Three Months Ended March 31,
	2021		2020
Net revenues:
Site rental	$	1,369	$	1,310
Services and other	116		111
Net revenues	1,485		1,421
Operating expenses:
Costs of operations(a):
Site rental	381		375
Services and other	81		99
Selling, general and administrative	164		175
Asset write-down charges	3		4
Acquisition and integration costs	—		5
Depreciation, amortization and accretion	408		399
Total operating expenses	1,037		1,057

Operating income (loss)	448		364
Interest expense and amortization of deferred financing costs	(170)		(175)
Gains (losses) on retirement of long-term obligations	(143)		—
Interest income	1		1
Other income (expense)	(8)		—
Income (loss) before income taxes	128		190
Benefit (provision) for income taxes	(7)		(5)
Net income (loss)	121		185
Dividends/distributions on preferred stock	—		(28)
Net income (loss) attributable to CCIC common stockholders	$	121	$	157

Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders, basic	$	0.28	$	0.38
Net income (loss) attributable to CCIC common stockholders, diluted	$	0.28	$	0.38

Weighted-average common shares outstanding:
Basic	432		416
Diluted	433		418

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 23


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


	Three Months Ended March 31,
	2021		2020
Cash flows from operating activities:
Net income (loss)	$	121	$	185
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	408		399
(Gains) losses on retirement of long-term obligations	143		—

Amortization of deferred financing costs and other non-cash interest, net	3		1
Stock-based compensation expense	33		37
Asset write-down charges	3		4
Deferred income tax (benefit) provision	1		1
Other non-cash adjustments, net	10		—
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	(146)		(68)
Decrease (increase) in assets	8		94
Net cash provided by (used for) operating activities	584		653
Cash flows from investing activities:
Capital expenditures	(302)		(447)
Payments for acquisitions, net of cash acquired	(4)		(13)

Other investing activities, net	(5)		(8)
Net cash provided by (used for) investing activities	(311)		(468)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	3,237		—
Principal payments on debt and other long-term obligations	(1,026)		(26)
Purchases and redemptions of long-term debt	(1,789)		—
Borrowings under revolving credit facility	580		1,340
Payments under revolving credit facility	(290)		(595)
Net borrowings (repayments) under commercial paper program	(245)		(155)
Payments for financing costs	(29)		—


Purchases of common stock	(67)		(73)
Dividends/distributions paid on common stock	(588)		(513)
Dividends/distributions paid on preferred stock	—		(28)
Net cash provided by (used for) financing activities	(217)		(50)
Net increase (decrease) in cash, cash equivalents, and restricted cash	56		135
Effect of exchange rate changes on cash	1		(1)
Cash, cash equivalents, and restricted cash at beginning of period	381		338
Cash, cash equivalents, and restricted cash at end of period	$	438	$	472
Supplemental disclosure of cash flow information:
Interest paid	259		223
Income taxes paid	—		1

The pathway to possible.

CrownCastle.com


News Release continued:						Page 24


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


SEGMENT OPERATING RESULTS
	Three Months Ended March 31, 2021								Three Months Ended March 31, 2020
	Towers		Fiber		Other		Consolidated Total		Towers		Fiber		Other		Consolidated Total
Segment site rental revenues	$	895	$	474			$	1,369	$	867	$	443			$	1,310
Segment services and other revenues	111		5				116		108		3				111
Segment revenues	1,006		479				1,485		975		446				1,421
Segment site rental cost of operations	212		161				373		214		152				366
Segment services and other cost of operations	76		3				79		95		2				97
Segment cost of operations(a)(b)	288		164				452		309		154				463
Segment site rental gross margin(c)	683		313				996		653		291				944
Segment services and other gross margin(c)	35		2				37		13		1				14
Segment selling, general and administrative expenses(b)	25		45				70		24		51				75

Segment operating profit(c)	693		270				963		642		241				883
Other selling, general and administrative expenses(b)					$	66	66						$	70	70
Stock-based compensation expense					33		33						36		36
Depreciation, amortization and accretion					408		408						399		399
Interest expense and amortization of deferred financing costs					170		170						175		175
Other (income) expenses to reconcile to income (loss) before income taxes(d)					158		158						13		13
Income (loss) before income taxes							$	128							$	190


FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
	Three Months Ended March 31,
	2021						2020
	Fiber Solutions		Small Cells		Total		Fiber Solutions		Small Cells		Total
Site rental revenues	$	331	$	143	$	474	$	312	$	131	$	443

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

(b) Segment cost of operations excludes (1) stock-based compensation expense of $5 million and $6 million for the three months ended March 31, 2021 and 2020, respectively and (2) prepaid lease purchase price adjustments of $5 million in each of the three months ended March 31, 2021 and 2020. Selling, general and administrative expenses exclude stock-based compensation expense of $28 million and $30 million for the three months ended March 31, 2021 and 2020, respectively.

(c) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.

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

The pathway to possible.

CrownCastle.com

Exhibit 99.2

Supplemental Information Package

and Non-GAAP Reconciliations

First Quarter • March 31, 2021

The pathway to possible.

CrownCastle.com

Crown Castle International Corp.

First Quarter 2021


TABLE OF CONTENTS
			Page
Company Overview
Company Profile			3
Strategy			3
AFFO per Share			5
Asset Portfolio Footprint			5
General Company Information			6
Research Coverage			7
Historical Common Stock Data			7
Portfolio and Financial Highlights			8
Outlook			9
Financials & Metrics
Condensed Consolidated Balance Sheet			11
Condensed Consolidated Statement of Operations			12
Segment Operating Results			13
Fiber Segment Site Rental Revenues Summary			13
FFO and AFFO Reconciliations			14
Condensed Consolidated Statement of Cash Flows			15
Components of Changes in Site Rental Revenues			16
Summary of Straight-Lined and Prepaid Rent Activity			16
Summary of Capital Expenditures			17
Lease Renewal and Lease Distribution			17
Consolidated Tenant Overview			18
Fiber Solutions Revenue Mix			18
Segment Cash Yields on Invested Capital			19
Consolidated Return on Invested Capital			19
Asset Portfolio Overview
Summary of Tower Portfolio by Vintage			20
Portfolio Overview			21
Ground Interest Overview			23
Ground Interest Activity			23
Capitalization Overview
Capitalization Overview			24
Debt Maturity Overview			25
Liquidity Overview			26
Maintenance and Financial Covenants			27
Interest Rate Sensitivity			28
Appendix			29

Crown Castle International Corp.

First Quarter 2021

Cautionary Language Regarding Forward-Looking Statements

This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook," "guide," "forecast," "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our communications infrastructure, and benefits derived therefrom, (2) cash flow growth, (3) tenant additions, (4) our Outlook for full year 2021, (5) our strategy, (6) strategic position of our assets, (7) revenues from tenant contracts, (8) the expansion of our small cells and fiber networks, including revenues generated therefrom, (9) ground lease expenses from existing ground leases, (10) the recurrence of Nontypical Items, (11) the impact of our recent tower leasing agreement with Verizon and (12) 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.

Crown Castle International Corp.

First Quarter 2021

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX

COMPANY PROFILE

Crown Castle International Corp. (to which the terms "Crown Castle," "CCIC," "we," "our," "the Company" or "us" as used herein refer) owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (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.

Crown Castle International Corp.

First Quarter 2021

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX

Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our communications infrastructure based on the location of our assets and the rapid growth in the demand for data. We believe that such demand for our communications infrastructure will continue, will result in growth of our cash flows due to tenant additions on our existing communications infrastructure, and will create other growth opportunities for us, such as demand for newly constructed or acquired communications infrastructure, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development and installation services within our Towers segment.

Crown Castle International Corp.

First Quarter 2021

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


AFFO PER SHARE(a)(b)


ASSET PORTFOLIO FOOTPRINT

(a)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to net income (loss), as computed in accordance with GAAP.

(b)Attributable to CCIC common stockholders.

(c)Excludes the impact of nontypical items that were completed in fourth quarter 2020 ("Nontypical Items"), as described in our press release dated January 27, 2021 and reconciled in "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.

(d)Calculated based on midpoint of full year 2021 Outlook, issued on April 21, 2021.

Crown Castle International Corp.

First Quarter 2021

COMPANY
OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


GENERAL COMPANY INFORMATION
Principal executive offices			1220 Augusta Drive, Suite 600, Houston, TX 77057
Common shares trading symbol			CCI
Stock exchange listing			New York Stock Exchange
Fiscal year ending date			December 31
Fitch - Long Term Issuer Default Rating			BBB+
Moody’s - Long Term Corporate Family Rating			Baa3
Standard & Poor’s - Long Term Local Issuer Credit Rating			BBB-

Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.


EXECUTIVE MANAGEMENT TEAM
Name	Age	Years with Company	Position
Jay A. Brown	48	21	President and Chief Executive Officer
Daniel K. Schlanger	47	5	Executive Vice President and Chief Financial Officer
Robert C. Ackerman	68	22	Executive Vice President and Chief Operating Officer - Towers
Christopher D. Levendos	53	2	Executive Vice President and Chief Operating Officer - Fiber
Kenneth J. Simon	60	5	Executive Vice President and General Counsel
Michael J. Kavanagh	52	10	Executive Vice President and Chief Commercial Officer
Philip M. Kelley	48	23	Executive Vice President - Corporate Development and Strategy
Laura B. Nichol	60	6	Executive Vice President - Business Support

BOARD OF DIRECTORS

Name

Position

Committees

Age

Years as Director

J. Landis Martin

Chair

NCG(a)

P. Robert Bartolo

Director

Audit, Compensation

Cindy Christy

Director

Compensation, NCG(a), Strategy

Ari Q. Fitzgerald

Director

Compensation, NCG(a), Strategy

Anthony J. Melone

Director

Audit, NCG(a), Strategy

Jay A. Brown

Director

Robert E. Garrison II

Director

Audit, Compensation

Andrea J. Goldsmith

Director

NCG(a), Strategy

Lee W. Hogan

Director

Audit, Compensation, Strategy

Edward C. Hutcheson Jr.

Director

Strategy

Tammy K. Jones

Director

Audit, NCG(a)

Robert F. McKenzie

Director

Audit, Strategy

W. Benjamin Moreland

Director

Strategy

Kevin A. Stephens

Director

Audit, Strategy

Matthew Thornton III

Director

Compensation, Strategy

(a)Nominating & Corporate Governance Committee

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OVERVIEW

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CAPITALIZATION OVERVIEW

APPENDIX


RESEARCH COVERAGE
Equity Research
Bank of America David Barden (646) 855-1320	Barclays Tim Long (212) 526-4043	Citigroup Michael Rollins (212) 816-1116
Cowen and Company Colby Synesael (646) 562-1355	Credit Suisse Sami Badri (212) 538-1727	Deutsche Bank Matthew Niknam (212) 250-4711
Goldman Sachs Brett Feldman (212) 902-8156	Green Street David Guarino (949) 640-8780	Jefferies Jonathan Petersen (212) 284-1705
JPMorgan Philip Cusick (212) 622-1444	KeyBanc Brandon Nispel (503) 821-3871	LightShed Partners Walter Piecyk (646) 450-9258
MoffettNathanson Nick Del Deo (212) 519-0025	Morgan Stanley Simon Flannery (212) 761-6432	New Street Research Spencer Kurn (212) 921-2067
Oppenheimer & Co. Timothy Horan (212) 667-8137	Raymond James Ric Prentiss (727) 567-2567	RBC Capital Markets Jonathan Atkin (415) 633-8589
Truist Securities Greg Miller (212) 303-4169	UBS Batya Levi (212) 713-8824	Wells Fargo Securities, LLC Eric Luebchow (312) 630-2386
Wolfe Research Jeff Kvaal (646) 582-9350
Rating Agencies
Fitch John Culver (312) 368-3216	Moody’s Lori Marks (212) 553-1098	Standard & Poor’s Ryan Gilmore (212) 438-0602


HISTORICAL COMMON STOCK DATA
	Three Months Ended
(in millions, except per share amounts)	3/31/21		12/31/20		9/30/20		6/30/20		3/31/20
High price(a)	$	175.34	$	169.25	$	175.76	$	171.43	$	162.26
Low price(a)	$	144.87	$	149.90	$	152.38	$	129.53	$	110.34
Period end closing price(b)	$	172.13	$	157.83	$	163.69	$	163.28	$	139.91
Dividends paid per common share	$	1.33	$	1.33	$	1.20	$	1.20	$	1.20
Volume weighted average price for the period(a)	$	158.79	$	159.13	$	161.51	$	156.57	$	141.84
Common shares outstanding, at period end	432		431		431		417		417
Market value of outstanding common shares, at period end(c)	$	74,392	$	68,074	$	70,597	$	68,047	$	58,309

(a) Based on the sales price, adjusted for common stock dividends, as reported by Bloomberg.

(b) Based on the period end closing price, adjusted for common stock dividends, as reported by Bloomberg.

(c) Period end market value of outstanding common shares is calculated as the product of (1) shares of common stock outstanding at period end and (2) closing share price at period end, adjusted for common stock dividends, as reported by Bloomberg.

Crown Castle International Corp.

First Quarter 2021

COMPANY OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


SUMMARY PORTFOLIO HIGHLIGHTS
(as of March 31, 2021)
Towers
Number of towers (in thousands)(a)	40
Average number of tenants per tower	2.1
Remaining contracted tenant receivables ($ in billions)(b)(c)	$	21
Weighted average remaining tenant contract term (years)(d)	5
Percent of towers in the Top 50 / 100 Basic Trading Areas	56% / 71%
Percent of ground leased / owned(e)	59% / 41%
Weighted average maturity of ground leases (years)(e)(f)	36
Fiber
Number of route miles of fiber (in thousands)	80
Remaining contracted tenant receivables ($ in billions)(b)	$	6
Weighted average remaining tenant contract term (years)(d)	5


SUMMARY FINANCIAL HIGHLIGHTS
	Three Months Ended March 31,
(in millions, except per share amounts)	2021		2020
Operating Data:
Net revenues
Site rental	$	1,369	$	1,310
Services and other	116		111
Net revenues	$	1,485	$	1,421

Costs of operations (exclusive of depreciation, amortization and accretion)
Site rental	$	381	$	375
Services and other	81		99
Total cost of operations	$	462	$	474

Net income (loss) attributable to CCIC common stockholders	$	121	$	157
Net income (loss) attributable to CCIC common stockholders per share—diluted(g)	$	0.28	$	0.38

Non-GAAP Data(h):
Adjusted EBITDA	$	897	$	814
FFO(i)	519		547
AFFO(i)	738		593
AFFO per share(g)(i)	$	1.71	$	1.42

(a)Excludes third-party land interests.

(b)Excludes renewal terms at tenants' option.

(c)Excludes the impact of the Company’s long-term tower leasing agreement with Verizon, effective April 1, 2021, which will be reflected beginning with the Company’s second quarter 2021 Supplemental Information Package.

(d)Excludes renewal terms at tenants' option, weighted by site rental revenues.

(e)Weighted by Towers segment site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses.

(f)Includes all renewal terms at the Company's option.

(g)Based on diluted weighted-average common shares outstanding of 433 million and 418 million for the three months ended March 31, 2021 and 2020, respectively.

(h)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to net income (loss), as computed in accordance with GAAP.

(i)Attributable to CCIC common stockholders.

Crown Castle International Corp.

First Quarter 2021

COMPANY OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


SUMMARY FINANCIAL HIGHLIGHTS (CONTINUED)
	Three Months Ended March 31,
(in millions)	2021		2020
Summary Cash Flow Data(a):
Net cash provided by (used for) operating activities	$	584	$	653
Net cash provided by (used for) investing activities(b)	(311)		(468)
Net cash provided by (used for) financing activities	(217)		(50)


(in millions)	March 31, 2021		December 31, 2020
Balance Sheet Data (at period end):
Cash and cash equivalents	$	254	$	232
Property and equipment, net	15,149		15,162
Total assets	38,752		38,768
Total debt and other long-term obligations	19,872		19,280
Total CCIC stockholders' equity	8,986		9,461


	Three Months Ended March 31, 2021
Other Data:
Net debt to last quarter annualized Adjusted EBITDA(c)	5.5		x
Dividend per common share	$	1.33


OUTLOOK FOR FULL YEAR 2021
(in millions, except per share amounts)	Full Year 2021(d)
Site rental revenues	$5,672	to	$5,717
Site rental cost of operations(e)	$1,538	to	$1,583
Net income (loss)	$1,044	to	$1,124

Net income (loss) per share—diluted(f)(g)	$2.41	to	$2.59
Adjusted EBITDA(h)	$3,734	to	$3,779
Interest expense and amortization of deferred financing costs(i)	$633	to	$678
FFO(g)(h)	$2,690	to	$2,735
AFFO(g)(h)	$2,923	to	$2,968
AFFO per share(f)(g)(h)	$6.74	to	$6.85

(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 $4 million and $13 million for the three months ended March 31, 2021 and 2020, respectively.

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

(d)As issued on April 21, 2021.

(e)Exclusive of depreciation, amortization and accretion.

(f)The assumption for diluted weighted-average common shares outstanding for full year 2021 Outlook is based on the diluted common shares outstanding as of March 31, 2021.

(g)Attributable to CCIC common stockholders.

(i)See the reconciliation of "Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs" in the Appendix.

Crown Castle International Corp.

First Quarter 2021

COMPANY OVERVIEW

FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


COMPONENTS OF CHANGES IN SITE RENTAL REVENUES FOR FULL YEAR 2020 ACTUAL AND FULL YEAR 2021 OUTLOOK
(dollars in millions)	Full Year 2020 Actual	Full Year 2021 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)	$5,013	$5,298

New leasing activity(b)(c)	376	375-405
Escalators	90	90-100
Non-renewals	(183)	(180)-(160)
Organic Contribution to Site Rental Revenues(d)	283	295-335
Impact from full year straight-lined revenues associated with fixed escalators	22	60-80
Acquisitions(e)	2	<5
Other	—	—
Total GAAP site rental revenues	$5,320	$5,672-$5,717

Year-over-year changes in revenues:
Reported GAAP site rental revenues	4.5%	7.0%	(f)
Organic Contribution to Site Rental Revenues(d)(g)	5.6%	5.9%	(f)

(a)As issued on April 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.

(f)Calculated based on midpoint of full year 2021 Outlook, issued on April 21, 2021.

(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.

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First Quarter 2021

COMPANY
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FINANCIALS & METRICS

ASSET PORTFOLIO OVERVIEW

CAPITALIZATION OVERVIEW

APPENDIX


CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(in millions, except par values)	March 31, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	254	$	232
Restricted cash	179		144
Receivables, net	412		431
Prepaid expenses	115		95
Other current assets	216		202
Total current assets	1,176		1,104
Deferred site rental receivables	1,389		1,408
Property and equipment, net	15,149		15,162
Operating lease right-of-use assets	6,514		6,464
Goodwill	10,078		10,078
Other intangible assets, net	4,324		4,433
Other assets, net	122		119
Total assets	$	38,752	$	38,768

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	187	$	230
Accrued interest	107		199
Deferred revenues	814		704
Other accrued liabilities	271		378
Current maturities of debt and other obligations	159		129
Current portion of operating lease liabilities	332		329
Total current liabilities	1,870		1,969
Debt and other long-term obligations	19,713		19,151
Operating lease liabilities	5,856		5,808

Other long-term liabilities	2,327		2,379
Total liabilities	29,766		29,307
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: March 31, 2021—432 and December 31, 2020—431	4		4
Additional paid-in capital	17,917		17,933
Accumulated other comprehensive income (loss)	(3)		(4)
Dividends/distributions in excess of earnings	(8,932)		(8,472)
Total equity	8,986		9,461
Total liabilities and equity	$	38,752	$	38,768

Crown Castle International Corp.

First Quarter 2021

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FINANCIALS & METRICS

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CAPITALIZATION OVERVIEW

APPENDIX


CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
	Three Months Ended March 31,
(in millions, except per share amounts)	2021		2020
Net revenues:
Site rental	$	1,369	$	1,310
Services and other	116		111
Net revenues	1,485		1,421
Operating expenses:
Costs of operations(a):
Site rental	381		375
Services and other	81		99
Selling, general and administrative	164		175
Asset write-down charges	3		4
Acquisition and integration costs	—		5
Depreciation, amortization and accretion	408		399
Total operating expenses	1,037		1,057

Operating income (loss)	448		364
Interest expense and amortization of deferred financing costs	(170)		(175)
Gains (losses) on retirement of long-term obligations	(143)		—
Interest income	1		1
Other income (expense)	(8)		—
Income (loss) before income taxes	128		190
Benefit (provision) for income taxes	(7)		(5)
Net income (loss)	121		185
Dividends/distributions on preferred stock	—		(28)
Net income (loss) attributable to CCIC common stockholders	$	121	$	157

Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders, basic	$	0.28	$	0.38
Net income (loss) attributable to CCIC common stockholders, diluted	$	0.28	$	0.38

Weighted-average common shares outstanding:
Basic	432		416
Diluted	433		418

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

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FINANCIALS & METRICS

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CAPITALIZATION OVERVIEW

APPENDIX


SEGMENT OPERATING RESULTS
	Three Months Ended March 31, 2021								Three Months Ended March 31, 2020
(in millions)	Towers		Fiber		Other		Consolidated Total		Towers		Fiber		Other		Consolidated Total
Segment site rental revenues	$	895	$	474			$	1,369	$	867	$	443			$	1,310
Segment services and other revenues	111		5				116		108		3				111
Segment revenues	1,006		479				1,485		975		446				1,421
Segment site rental cost of operations	212		161				373		214		152				366
Segment services and other cost of operations	76		3				79		95		2				97
Segment cost of operations(a)(b)	288		164				452		309		154				463
Segment site rental gross margin(c)	683		313				996		653		291				944
Segment services and other gross margin(c)	35		2				37		13		1				14
Segment selling, general and administrative expenses(b)	25		45				70		24		51				75

Segment operating profit(c)	693		270				963		642		241				883
Other selling, general and administrative expenses(b)					$	66	66						$	70	70
Stock-based compensation expense					33		33						36		36
Depreciation, amortization and accretion					408		408						399		399
Interest expense and amortization of deferred financing costs					170		170						175		175
Other (income) expenses to reconcile to income (loss) before income taxes(d)					158		158						13		13
Income (loss) before income taxes							$	128							$	190


FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
	Three Months Ended March 31,
	2021						2020
(in millions)	Fiber Solutions		Small Cells		Total		Fiber Solutions		Small Cells		Total
Site rental revenues	$	331	$	143	$	474	$	312	$	131	$	443

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

(b)Segment cost of operations excludes (1) stock-based compensation expense of $5 million and $6 million for the three months ended March 31, 2021 and 2020, respectively and (2) prepaid lease purchase price adjustments of $5 million for each of the three months ended March 31, 2021 and 2020. Selling, general and administrative expenses exclude stock-based compensation expense of $28 million and $30 million for the three months ended March 31, 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.

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APPENDIX


FFO AND AFFO RECONCILIATIONS
	Three Months Ended March 31,
(in millions, except per share amounts)	2021		2020
Net income (loss)	$	121	$	185
Real estate related depreciation, amortization and accretion	395		386
Asset write-down charges	3		4
Dividends/distributions on preferred stock	—		(28)
FFO(a)(b)(c)(d)	$	519	$	547
Weighted-average common shares outstanding—diluted	433		418		(e)
FFO per share(a)(b)(c)(d)	$	1.20	$	1.31	(e)

FFO (from above)	$	519	$	547
Adjustments to increase (decrease) FFO:
Straight-lined revenue	10		(14)
Straight-lined expense	19		20
Stock-based compensation expense	33		36
Non-cash portion of tax provision	7		4
Non-real estate related depreciation, amortization and accretion	13		13
Amortization of non-cash interest expense	3		1
Other (income) expense	8		—
(Gains) losses on retirement of long-term obligations	143		—
Acquisition and integration costs	—		5
Sustaining capital expenditures	(17)		(21)
AFFO(a)(b)(c)(d)	$	738	$	593
Weighted-average common shares outstanding—diluted	433		418		(e)
AFFO per share(a)(b)(c)(d)	$	1.71	$	1.42	(e)

(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 the period ended March 31, 2020, the diluted weighted-average common shares outstanding does not include any assumed conversions of preferred stock in the share count.

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APPENDIX


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
	Three Months Ended March 31,
(in millions)	2021		2020
Cash flows from operating activities:
Net income (loss)	$	121	$	185
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	408		399
(Gains) losses on retirement of long-term obligations	143		—

Amortization of deferred financing costs and other non-cash interest, net	3		1
Stock-based compensation expense	33		37
Asset write-down charges	3		4
Deferred income tax (benefit) provision	1		1
Other non-cash adjustments, net	10		—
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	(146)		(68)
Decrease (increase) in assets	8		94
Net cash provided by (used for) operating activities	584		653
Cash flows from investing activities:
Capital expenditures	(302)		(447)
Payments for acquisitions, net of cash acquired	(4)		(13)

Other investing activities, net	(5)		(8)
Net cash provided by (used for) investing activities	(311)		(468)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	3,237		—
Principal payments on debt and other long-term obligations	(1,026)		(26)
Purchases and redemptions of long-term debt	(1,789)		—
Borrowings under revolving credit facility	580		1,340
Payments under revolving credit facility	(290)		(595)
Net borrowings (repayments) under commercial paper program	(245)		(155)
Payments for financing costs	(29)		—


Purchases of common stock	(67)		(73)
Dividends/distributions paid on common stock	(588)		(513)
Dividends/distributions paid on preferred stock	—		(28)
Net cash provided by (used for) financing activities	(217)		(50)
Net increase (decrease) in cash, cash equivalents, and restricted cash	56		135
Effect of exchange rate changes on cash	1		(1)
Cash, cash equivalents, and restricted cash at beginning of period	381		338
Cash, cash equivalents, and restricted cash at end of period	$	438	$	472
Supplemental disclosure of cash flow information:
Interest paid	259		223
Income taxes paid	—		1

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APPENDIX


COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
	Three Months Ended March 31,
(dollars in millions)	2021			2020
Components of changes in site rental revenues:
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(a)(b)	$	1,296		$	1,225

New leasing activity(a)(b)	99			99
Escalators	23			22
Non-renewals	(40)			(51)
Organic Contribution to Site Rental Revenues(c)	82			71
Impact from straight-lined revenues associated with fixed escalators	(10)			14
Acquisitions(d)	1			—
Other	—			—
Total GAAP site rental revenues	$	1,369		$	1,310

Year-over-year changes in revenue:
Reported GAAP site rental revenues	4.5		%
Organic Contribution to Site Rental Revenues(c)(e)	6.3		%


SUMMARY OF SITE RENTAL STRAIGHT-LINED REVENUES AND EXPENSES ASSOCIATED WITH FIXED ESCALATORS(f)
	Three Months Ended March 31,
	2021						2020
(dollars in millions)	Towers		Fiber		Total		Towers		Fiber		Total
Site rental straight-lined revenues	$	(11)	$	1	$	(10)	$	13	$	1	$	14
Site rental straight-lined expenses	19		—		19		20		—		20


SUMMARY OF PREPAID RENT ACTIVITY(g)
	Three Months Ended March 31,
	2021						2020
(dollars in millions)	Towers		Fiber		Total		Towers		Fiber		Total
Prepaid rent additions	$	26	$	59	$	85	$	64	$	71	$	135
Amortization of prepaid rent	79		57		136		73		53		126

(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 Measures, Segment Measures and Other Calculations" for a discussion of our definition of Organic Contribution to Site Rental Revenues.

(d)Represents the initial contribution of 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.

(g)Reflects up-front consideration from long-term tenants and other deferred credits (commonly referred to as prepaid rent), and the amortization thereof for GAAP revenue recognition purposes.

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APPENDIX


SUMMARY OF CAPITAL EXPENDITURES
	Three Months Ended March 31,
	2021								2020
(dollars in millions)	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary:
Purchases of land interests	$	14	$	—	$	—	$	14	$	13	$	—	$	—	$	13
Communications infrastructure improvements and other capital projects	35		225		11		271		87		319		7		413

Sustaining	2		12		3		17		5		9		7		21

Total	$	51	$	237	$	14	$	302	$	105	$	328	$	14	$	447


PROJECTED REVENUES FROM TENANT CONTRACTS(a)(b)
	Remaining Nine Months		Years Ending December 31,
(as of March 31, 2021; dollars in millions)	2021		2022		2023		2024		2025
Components of site rental revenues:
Site rental revenues exclusive of straight-line associated with fixed escalators	$	4,155	$	5,624	$	5,666	$	5,670	$	5,725
Straight-lined site rental revenues associated with fixed escalators	(62)		(157)		(173)		(150)		(142)
GAAP site rental revenues	$	4,093	$	5,467	$	5,493	$	5,520	$	5,583


PROJECTED GROUND LEASE EXPENSES FROM EXISTING GROUND LEASES(c)
	Remaining Nine Months		Years Ending December 31,
(as of March 31, 2021; dollars in millions)	2021		2022		2023		2024		2025
Components of ground lease expenses:
Ground lease expenses exclusive of straight-line associated with fixed escalators	$	684	$	929	$	948	$	967	$	986
Straight-lined site rental ground lease expenses associated with fixed escalators	52		57		45		34		23
GAAP ground lease expenses	$	736	$	986	$	993	$	1,001	$	1,009

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

(b)Excludes the impact of the Company’s long-term tower leasing agreement with Verizon, effective April 1, 2021, which will be reflected beginning with the Company’s second quarter 2021 Supplemental Information Package.

(c)Based on existing ground leases as of March 31, 2021. CPI-linked leases are assumed to escalate at 3% per annum.

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APPENDIX


ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(a)
	Remaining Nine Months	Years Ending December 31,
(as of March 31, 2021; dollars in millions)	2021	2022	2023	2024	2025
AT&T	$20	$28	$334	$20	$22
T-Mobile	37	352	261	75	89
Verizon(b)	29	46	50	507	80
All Others Combined	149	178	198	96	87
Total	$235	$604	$843	$698	$278


LEGACY SPRINT RENTAL PAYMENTS AT TIME OF RENEWAL(a)(c)
	Remaining Nine Months	Years Ending December 31,
(as of March 31, 2021; dollars in millions)	2021	2022	2023	2024	2025	Thereafter
Sprint collocated on sites with T-Mobile	$15	$21	$105	$14	$23	$180
Other Sprint	10	13	105	8	21	187
Total legacy Sprint	$25	$34	$210	$22	$44	$367


CONSOLIDATED TENANT OVERVIEW
(as of March 31, 2021)	Percentage of Q1 2021 LQA Site Rental Revenues	Weighted Average Current Term Remaining(d)	Long-Term Credit Rating (S&P / Moody’s)
T-Mobile	34%	5	BB / Ba2
AT&T	22%	6	BBB / Baa2
Verizon	18%	4(b)	BBB+ / Baa1
All Others Combined	26%	3	N/A
Total / Weighted Average	100%	5


FIBER SOLUTIONS REVENUE MIX
(as of March 31, 2021)			Percentage of Q1 2021 LQA Site Rental Revenues
Carrier(e)			39%
Education			13%
Healthcare			10%
Financial Services			10%
Other			28%
Total			100%

(a)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 March 31, 2021, there is a weighted average current term remaining of 5 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.

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APPENDIX


SEGMENT CASH YIELDS ON INVESTED CAPITAL(a)
	Q1 2021 LQA
(as of March 31, 2021; dollars in millions)	Towers			Fiber




Segment site rental gross margin(b)	$	2,732		$	1,252
Less: Amortization of prepaid rent	(316)			(228)
Less: Site rental straight-lined revenues	44			(4)
Add: Site rental straight-lined expenses	76			—
Add: Indirect labor costs(c)	—			87
Numerator	$	2,536		$	1,107

Segment net investment in property and equipment(d)	$	12,972		$	7,485
Segment investment in site rental contracts and tenant relationships	4,512			3,287
Segment investment in goodwill(e)	5,351			4,073
Segment net invested capital(a)	$	22,835		$	14,845

Segment Cash Yield on Invested Capital(a)	11.1		%	7.5		%


CONSOLIDATED RETURN ON INVESTED CAPITAL(a)
(as of March 31, 2021; dollars in millions)	Q1 2021 LQA
Adjusted EBITDA(f)	$	3,588
Cash taxes refunded (paid)	1
Numerator	$	3,589

Historical gross investment in property and equipment(g)	$	25,251
Historical gross investment in site rental contracts and tenant relationships	7,799
Historical gross investment in goodwill	10,078
Consolidated invested capital(a)	$	43,128

Consolidated Return on Invested Capital(a)	8.3		%

(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 a discussion of our definition of Adjusted EBITDA.

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

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APPENDIX


SUMMARY OF TOWER PORTFOLIO BY VINTAGE(a)
(as of March 31, 2021; dollars in thousands)
CASH YIELD(b)			NUMBER OF TENANTS PER TOWER


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


NET INVESTED CAPITAL PER TOWER(e)			NUMBER OF TOWERS

(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)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.

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APPENDIX


TOWER PORTFOLIO OVERVIEW(a)
(as of March 31, 2021; dollars in thousands)
NUMBER OF TOWERS	TENANTS PER TOWER	LQA CASH SITE RENTAL REVENUE PER TOWER(b)

(a) All tower portfolio figures are calculated exclusively for the Company’s towers and rooftops and do not give effect to other activities within the Company’s Towers segment.

(b) Exclusive of straight-lined revenues and amortization of prepaid rent.

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APPENDIX

DISTRIBUTION OF TOWER TENANCY (as of March 31, 2021)(a)

PERCENTAGE OF TOWERS BY TENANTS PER TOWER

SITES ACQUIRED AND BUILT 2006 AND PRIOR

SITES ACQUIRED AND BUILT 2007 TO PRESENT


Average: 2.6			Average: 2.0

GEOGRAPHIC TOWER DISTRIBUTION (as of March 31, 2021)(a)
PERCENTAGE OF TOWERS BY GEOGRAPHIC LOCATION			PERCENTAGE OF LQA CASH SITE RENTAL REVENUE BY GEOGRAPHIC LOCATION(b)

(a) All tower portfolio figures are calculated exclusively for the Company’s towers and rooftops and do not give effect to other activities within the Company’s Towers segment.

(b) Exclusive of straight-lined revenues and amortization of prepaid rent.

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APPENDIX


GROUND INTEREST OVERVIEW
(as of March 31, 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	$	342	10	%	$	178	7	%	5,144	13	%
10 to 20 years	423		13	%	247		10	%	6,017	15	%
Greater than 20 years	1,412		44	%	1,009		42	%	17,857	44	%
Total leased	$	2,177	67	%	$	1,434	59	%	29,018	72	%	36

Owned	$	1,050	33	%	$	983	41	%	11,068	28	%
Total / Average	$	3,227	100	%	$	2,417	100	%	40,086	100	%


GROUND INTEREST ACTIVITY
(dollars in millions)	Three Months Ended March 31, 2021
Ground Extensions Under Crown Castle Towers:
Number of ground leases extended	162
Average number of years extended	27
Percentage increase in consolidated cash ground lease expense due to extension activities(e)	0.1		%

Ground Purchases Under Crown Castle Towers:
Number of ground leases purchased	41
Ground lease purchases (including capital expenditures, acquisitions and installment purchases)	$	15
Percentage of Towers segment site rental gross margin from towers on purchased land	<1 %

(a)Exclusive of straight-lined revenues and amortization of prepaid rent.

(b)Exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses.

(c)Excludes small cells, fiber and third-party land interests.

(d)Includes all renewal terms at the Company's option; weighted by Towers segment site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses.

(e)Includes the impact from the amortization of lump sum payments.

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APPENDIX


CAPITALIZATION OVERVIEW
(As of March 31, 2021; dollars in millions)	Face Value		Fixed vs. Variable	Interest Rate(a)	Net Debt to LQA Adjusted EBITDA(b)	Maturity
Cash, cash equivalents and restricted cash	$	438

3.849% Secured Notes	1,000		Fixed	3.9%		2023
Senior Secured Notes, Series 2009-1, Class A-2	59		Fixed	9.0%		2029
Senior Secured Tower Revenue Notes, Series 2015-1(c)	300		Fixed	3.2%		2042(c)
Senior Secured Tower Revenue Notes, Series 2018-1(c)	250		Fixed	3.7%		2043(c)
Senior Secured Tower Revenue Notes, Series 2015-2(c)	700		Fixed	3.7%		2045(c)
Senior Secured Tower Revenue Notes, Series 2018-2(c)	750		Fixed	4.2%		2048(c)
Finance leases and other obligations	231		Various	Various		Various
Total secured debt	$	3,290		3.9%	0.9x
2016 Revolver(d)	580		Variable	1.2%		2024
2016 Term Loan A	1,238		Variable	1.2%		2024
Commercial Paper Notes(e)	40		Variable	0.4%		2021
3.150% Senior Notes	750		Fixed	3.2%		2023
3.200% Senior Notes	750		Fixed	3.2%		2024
1.350% Senior Notes	500		Fixed	1.4%		2025
4.450% Senior Notes	900		Fixed	4.5%		2026
3.700% Senior Notes	750		Fixed	3.7%		2026
1.050% Senior Notes	1,000		Fixed	1.1%		2026
4.000% Senior Notes	500		Fixed	4.0%		2027
3.650% Senior Notes	1,000		Fixed	3.7%		2027
3.800% Senior Notes	1,000		Fixed	3.8%		2028
4.300% Senior Notes	600		Fixed	4.3%		2029
3.100% Senior Notes	550		Fixed	3.1%		2029
3.300% Senior Notes	750		Fixed	3.3%		2030
2.250% Senior Notes	1,100		Fixed	2.3%		2031
2.100% Senior Notes	1,000		Fixed	2.1%		2031
4.750% Senior Notes	350		Fixed	4.8%		2047
2.900% Senior Notes	1,250		Fixed	2.9%		2041
5.200% Senior Notes	400		Fixed	5.2%		2049
4.000% Senior Notes	350		Fixed	4.0%		2049
4.150% Senior Notes	500		Fixed	4.2%		2050
3.250% Senior Notes	900		Fixed	3.3%		2051
Total unsecured debt	$	16,758		3.0%	4.7x
Total net debt	$	19,610		3.1%	5.5x
Market Capitalization(f)	74,392
Firm Value(g)	$	94,002

(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)If the respective series of such debt is not paid in full on or prior to an applicable 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, Series 2015-1 and 2015-2 have anticipated repayment dates in 2022 and 2025, respectively. 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 six months or less prior to maturity; earlier prepayment may require additional consideration.

(d)As of March 31, 2021, the undrawn availability under the $5.0 billion 2016 Revolver was $4.4 billion.

(e)As of March 31, 2021, the Company had $960 million available for issuance under the $1.0 billion unsecured commercial paper program ("CP Program"). The maturities of commercial paper notes under the CP Program, when outstanding, may vary but may not exceed 397 days from the date of issue.

(f)Market capitalization calculated based on $172.13 closing price and 432 million shares outstanding as of March 31, 2021.

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

Crown Castle International Corp.

First Quarter 2021

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APPENDIX


DEBT MATURITY OVERVIEW(a)(b)

(as of March 31, 2021; dollars in millions)

(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)Debt maturities reflected in 1H 2021 are predominantly comprised of $40 million outstanding in commercial paper notes. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time.

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LIQUIDITY OVERVIEW(a)
(dollars in millions)	March 31, 2021
Cash, cash equivalents, and restricted cash(b)	$	438
Undrawn 2016 Revolver availability(c)	4,387
Debt and other long-term obligations	19,872
Total equity	8,986

(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 commercial paper notes ("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 March 31, 2021, there were $40 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

Debt

Borrower / Issuer

Covenant(a)

Covenant Level Requirement

As of March 31, 2021

Maintenance Financial Covenants(b)

2016 Credit Facility

CCIC

Total Net Leverage Ratio

≤ 6.50x

5.2x

2016 Credit Facility

CCIC

Total Senior Secured Leverage Ratio

≤ 3.50x

0.8x

2016 Credit Facility

CCIC

Consolidated Interest Coverage Ratio(c)

N/A

Restrictive Negative Financial Covenants

Financial covenants restricting ability to incur additional debt

2012 Secured Notes

CC Holdings GS V LLC and Crown Castle GS III Corp.

Debt to Adjusted Consolidated Cash Flow Ratio

≤ 3.50x

2.1x

Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released

2015 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.75x

(d)

11.6x

2018 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.75x

(d)

11.6x

2009 Securitized Notes

Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.30x

(d)

14.3x

Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture

2015 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.00x

(e)

11.6x

2018 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.00x

(e)

11.6x

2009 Securitized Notes

Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.34x

(e)

14.3x

(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)
	Remaining Nine Months		Years Ending December 31,
(as of March 31, 2021; dollars in millions)	2021		2022		2023
Fixed Rate Debt:
Face Value of Principal Outstanding(c)	$	17,954	$	17,947	$	17,940
Current Interest Payment Obligations(d)	449		598		597
Effect of 0.125% Change in Interest Rates(e)	$	—	$	—	$	—
Floating Rate Debt:
Face Value of Principal Outstanding(c)	$	1,771	$	1,654	$	1,449
Current Interest Payment Obligations(f)	17		24		25
Effect of 0.125% Change in Interest Rates(g)	$	2	$	2	$	2

(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 0.125% to 0.350%, 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 March 31, 2021, plus 12.5 bps.

(f)Interest expense calculated based on current interest rates as of March 31, 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 March 31, 2021, plus 12.5 bps.

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APPENDIX


DEFINITIONS

Non-GAAP Financial Measures, Segment Measures and Other Calculations

This Supplement includes presentations of Net income (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. Our definition of FFO is consistent with guidelines from the National Association of Real Estate Investment Trusts.

•Net Income (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 net income 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. Net income (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.

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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.

•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

Net Income (as adjusted) per share—diluted. We define net income (as adjusted) per share—diluted as Net Income (as adjusted), divided by diluted weighted-average common shares outstanding.

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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.

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

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

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Other Calculations

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 March 31,
(dollars in millions)	2021		2020
Net income (loss)	$	121	$	185
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	3		4
Acquisition and integration costs	—		5
Depreciation, amortization and accretion	408		399
Amortization of prepaid lease purchase price adjustments	5		5
Interest expense and amortization of deferred financing costs(a)	170		175
(Gains) losses on retirement of long-term obligations	143		—
Interest income	(1)		(1)
Other (income) expense	8		—
(Benefit) provision for income taxes	7		5
Stock-based compensation expense	33		36
Adjusted EBITDA(b)(c)	$	897	$	814

Reconciliation of Current Outlook for Adjusted EBITDA:


(dollars in millions)	Full Year 2021 Outlook(d)
Net income (loss)	$1,044	to	$1,124
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	$15	to	$25
Acquisition and integration costs	$0	to	$8
Depreciation, amortization and accretion	$1,615	to	$1,710
Amortization of prepaid lease purchase price adjustments	$17	to	$19
Interest expense and amortization of deferred financing costs(a)	$633	to	$678
(Gains) losses on retirement of long-term obligations	$143	to	$143
Interest income	$(3)	to	$0
Other (income) expense	$1	to	$8
(Benefit) provision for income taxes	$18	to	$26
Stock-based compensation expense	$134	to	$149
Adjusted EBITDA(b)(c)	$3,734	to	$3,779

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


	Three Months Ended March 31,
(dollars in millions)	2021		2020
Interest expense on debt obligations	$	167	$	174
Amortization of deferred financing costs and adjustments on long-term debt, net	6		5
Other, net	(3)		(4)
Interest expense and amortization of deferred financing costs	$	170	$	175

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

(b)See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definition of Adjusted EBITDA.

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

(d)As issued on April 21, 2021.

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


(dollars in millions)	Full Year 2021 Outlook(a)
Interest expense on debt obligations	$638	to	$658
Amortization of deferred financing costs and adjustments on long-term debt, net	$21	to	$26
Other, net	$(17)	to	$(12)
Interest expense and amortization of deferred financing costs	$633	to	$678

(a)As issued on April 21, 2021.

Reconciliation of Historical FFO and AFFO:


	Three Months Ended March 31,
(amounts in millions, except per share amounts)	2021		2020
Net income (loss)	$	121	$	185
Real estate related depreciation, amortization and accretion	395		386
Asset write-down charges	3		4
Dividends/distributions on preferred stock	—		(28)
FFO(a)(b)(c)(d)	$	519	$	547
Weighted-average common shares outstanding—diluted	433		418		(e)
FFO per share(a)(b)(c)(d)(e)	$	1.20	$	1.31	(e)

FFO (from above)	$	519	$	547
Adjustments to increase (decrease) FFO:
Straight-lined revenue	10		(14)
Straight-lined expense	19		20
Stock-based compensation expense	33		36
Non-cash portion of tax provision	7		4
Non-real estate related depreciation, amortization and accretion	13		13
Amortization of non-cash interest expense	3		1
Other (income) expense	8		—
(Gains) losses on retirement of long-term obligations	143		—
Acquisition and integration costs	—		5
Sustaining capital expenditures	(17)		(21)
AFFO(a)(b)(c)(d)	$	738	$	593
Weighted-average common shares outstanding—diluted	433		418		(e)
AFFO per share(a)(b)(c)(d)	$	1.71	$	1.42	(e)

(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 the period ended March 31, 2020, the diluted weighted-average common shares outstanding does not include any assumed conversions of preferred stock in the share count.

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Reconciliation of Historical FFO and AFFO:


	Year Ended December 31,
(amounts in millions, except per share amounts)	2020		2019		2018		2017
Net income (loss)	$	1,056	$	860	$	622	$	366
Real estate related depreciation, amortization and accretion	1,555		1,517		1,471		1,210
Asset write-down charges	74		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 expense	83		93		90		93
Stock-based compensation expense	133		116		108		96
Non-cash portion of tax provision	1		5		2		9
Non-real estate related depreciation, amortization and accretion	53		55		56		31
Amortization of non-cash interest expense	6		1		7		9
Other (income) expense	5		(1)		(1)		(1)
(Gains) losses on retirement of long-term obligations	95		2		106		4
Acquisition and integration costs	10		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.

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Reconciliation of Current Outlook for FFO and AFFO:


(amounts in millions, except per share amounts)	Full Year 2021 Outlook(a)
Net income (loss)	$1,044	to	$1,124
Real estate related depreciation, amortization and accretion	$1,569	to	$1,649
Asset write-down charges	$15	to	$25

FFO(b)(c)(d)	$2,690	to	$2,735
Weighted-average common shares outstanding—diluted(e)	434
FFO per share(b)(c)(d)(e)	$6.21	to	$6.31

FFO (from above)	$2,690	to	$2,735
Adjustments to increase (decrease) FFO:
Straight-lined revenue	$(102)	to	$(82)
Straight-lined expense	$58	to	$78
Stock-based compensation expense	$134	to	$149
Non-cash portion of tax provision	$(7)	to	$8
Non-real estate related depreciation, amortization and accretion	$46	to	$61
Amortization of non-cash interest expense	$4	to	$14
Other (income) expense	$1	to	$8
(Gains) losses on retirement of long-term obligations	$143	to	$143
Acquisition and integration costs	$0	to	$8
Sustaining capital expenditures	$(104)	to	$(94)


AFFO(b)(c)(d)	$2,923	to	$2,968
Weighted-average common shares outstanding—diluted(e)	434
AFFO per share(b)(c)(d)(e)	$6.74	to	$6.85

(a)As issued on April 21, 2021.

(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 full year 2021 Outlook is based on the diluted common shares outstanding as of March 31, 2021.

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


	Midpoint of Current Full Year 2021(e)		Full Year 2020							Full Year 2021 Growth Rates (Outlook at the Midpoint)
(dollars in millions, except per share amounts)	Outlook		As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items		As Reported		Less: Impact from Nontypical Items			Exclusive of Impact from Nontypical Items
Site rental revenues	$	5,695	$	5,320	$	—		$	5,320	7	%	—	%		7	%
Net income (loss)(a)	1,084		1,056		(223)		(c)	833		3	%	27	%	(c)	30	%
Net income (loss) per share—diluted(a)(b)	2.50		2.35		(0.52)		(c)	1.83		6	%	31	%	(c)	37	%
Adjusted EBITDA(a)	3,757		3,706		(286)		(d)	3,420		1	%	9	%	(d)	10	%
AFFO(a)(b)	2,946		2,878		(286)		(d)	2,592		2	%	12	%	(d)	14	%
AFFO per share(a)(b)	$	6.79	$	6.78	$	(0.68)	(d)	$	6.10	—	%	11	%	(d)	11	%

(a)See reconciliations herein for further information and reconciliation of non-GAAP financial measures to net income (loss), as computed in accordance with GAAP.

(b)Attributable to CCIC common stockholders.

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Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation:


	Three Months Ended March 31,
(dollars in millions)	2021			2020
Total face value of debt	$	20,048			$	18,804
Less: Ending cash, cash equivalents and restricted cash	438				472
Total net debt	$	19,610			$	18,332

Adjusted EBITDA	$	897			$	814
Last quarter annualized Adjusted EBITDA	3,588				3,256
Net debt to Last Quarter Annualized Adjusted EBITDA	5.5		x		5.6		x

Cash Interest Coverage Ratio Calculation:


	Three Months Ended March 31,
(dollars in millions)	2021			2020
Adjusted EBITDA	$	897			$	814
Interest expense on debt obligations	167				174
	5.4		x		4.7		x

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