8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2015

Crown Castle International Corp.

(Exact name of registrant as specified in its charter)

Delaware	001-16441		76-0470458
(State or other jurisdiction of incorporation)	(Commission File Number)		(IRS Employer Identification No.)
1220 Augusta Drive, Suite 600  Houston, TX		77057
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (713) 570-3000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 — RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 21, 2015, Crown Castle International Corp. ("Company") issued a press release disclosing its financial results for the third quarter of 2015. The press release referred to certain supplemental information that was posted as a supplemental information package on the Company's website on October 21, 2015. The October 21, 2015 press release and supplemental information package are furnished herewith as Exhibit 99.1 and 99.2, respectively.

ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS

(c) Exhibits

As described in Item 2.02 of this Report, the following exhibits are furnished as part of this Current Report on Form 8-K:

Exhibit No.	Description
99.1	Press Release dated October 21, 2015
99.2	Supplemental Information Package for the period ended September 30, 2015

The information in this Form 8-K and Exhibit 99.1 and 99.2 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CROWN CASTLE INTERNATIONAL CORP.
By:	/s/ E. Blake Hawk
	Name:	E. Blake Hawk
	Title:	Executive Vice President and General Counsel

Date: October 21, 2015

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated October 21, 2015
99.2	Supplemental Information Package for the period ended September 30, 2015

EX-99.1

Exhibit 99.1

NEWS RELEASE October 21, 2015

	Contacts: Jay Brown, CFO
	Son Nguyen, VP - Corporate Finance
FOR IMMEDIATE RELEASE	Crown Castle International Corp.
	713-570-3050

CROWN CASTLE REPORTS THIRD QUARTER 2015 RESULTS, PROVIDES OUTLOOK FOR 2016 AND

ANNOUNCES INCREASE TO COMMON STOCK DIVIDEND

HIGHLIGHTS

• Exceeded high end of previously provided third quarter 2015 Outlook for site rental revenues, Adjusted EBITDA and AFFO

• Increased midpoint of full year 2015 Outlook for site rental revenues, Adjusted EBITDA and AFFO by $60 million, $37 million and $23 million, respectively, to reflect strong third quarter 2015 results and Sunesys acquisition

• Provided midpoint 2016 Outlook for AFFO per share of $4.66, representing year-over-year growth of 8%

• Announced increase to annual common stock dividend from $3.28 to $3.54 per share, or $0.885 per quarter, representing an increase of 8%; increase to take effect with dividend payment on December 31, 2015

October 21, 2015 - HOUSTON, TEXAS - Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the quarter ended September 30, 2015.

"As demonstrated by our increased Outlook for 2015 and initial Outlook for 2016, we strongly believe in the long-term prospects for Crown Castle and our ability to deliver attractive long-term total returns for our shareholders," stated Ben Moreland, Crown Castle's President and Chief Executive Officer. "Consistent with this view, I am pleased to announce that our Board of Directors has once again increased our common stock dividend, reflecting the continued strength of our business and our commitment to disciplined capital allocation. Our leadership position in U.S. wireless infrastructure and strong balance sheet underscore our confidence that we can achieve our goal of generating compounded annual growth in dividend per share of 6% to 7% over the next several years, which is in-line with our expectations for organic growth in AFFO per share. Our confidence in delivering this level of growth is primarily driven by our long-term, high quality tenant leases with contracted rent escalations and our belief that leasing activity will continue at a similar pace to what we have seen over the last several years as all four major U.S. wireless carriers continue to upgrade and enhance their networks to meet ever increasing consumer demand for mobile broadband. We

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believe the expected growth in dividend per share, together with our current dividend yield of approximately 4%, represents an attractive long-term total return profile for shareholders."

RESULTS FOR THE QUARTER

The table below sets forth select financial results for the three month period ended September 30, 2015. For further information, refer to the financial statements and non-GAAP and other calculation reconciliations included in this press release.

($ in millions, except per share amounts)	Actual				Midpoint Q3 2015 Outlook	Actual Compared to Outlook
	Q3 2014	Q3 2015	$ Change	% Change
Site Rental Revenues	$718	$765	+$47	7%	$743	+$22
Site Rental Gross Margin	$487	$518	+$31	6%	$503	+$15
Adjusted EBITDA	$514	$529	+$15	3%	$513	+$16
AFFO	$332	$356	+$24	7%	$344	+$12
AFFO per Share	$1.00	$1.07	+$0.07	7%	$1.03	+$0.04

• Crown Castle exceeded the high end of its previously provided third quarter 2015 Outlook for site rental revenues, site rental gross margin, Adjusted EBITDA and AFFO.

• During third quarter 2015, the Sunesys acquisition generated $16 million in site rental revenues, $11 million in site rental gross margin and $2 million in general and administrative expenses. The previously provided third quarter 2015 Outlook did not include the Sunesys acquisition, which closed on August 4, 2015.

• Site rental revenue growth of $47 million from third quarter 2014 to third quarter 2015 is comprised of $16 million in contribution from Sunesys and $43 million in Organic Site Rental Revenue growth, net of $12 million in adjustments for straight-line accounting and other items. The Organic Site Rental Revenue growth of $43 million represents approximately 6% year-over-year growth, comprised of 10% growth from new leasing activity and contracted tenant escalations, net of 4% from tenant non-renewals.

DIVIDEND INCREASE ANNOUNCEMENT

Crown Castle's Board of Directors has declared a quarterly cash dividend of $0.885 per common share, representing an increase of approximately 8% over the previous quarterly dividend of $0.82 per share. The quarterly dividend will be payable on December 31, 2015 to common stockholders of record at the close of business on December 18, 2015. Future dividends are subject to the approval of Crown Castle's Board of Directors.

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INVESTING AND FINANCING ACTIVITIES DURING THE QUARTER

During the third quarter of 2015, Crown Castle invested approximately $237 million in capital expenditures, comprised of $16 million of land purchases, $31 million of sustaining capital expenditures and $190 million of revenue generating capital expenditures. Revenue generating capital expenditures consisted of $92 million on existing sites and $98 million on the construction of new sites, primarily small cell construction activity.

On August 4, 2015, Crown Castle completed its previously announced acquisition of Quanta Fiber Networks, Inc. ("Sunesys") for cash consideration of approximately $1 billion. Sunesys is a fiber services provider that owns or has rights to nearly 10,000 miles of fiber in major metropolitan markets across the U.S., where Crown Castle expects a meaningful amount of future small cell activity to occur.

On September 30, 2015, Crown Castle paid a quarterly common stock dividend of $0.82 per common share, or approximately $274 million in aggregate. As a result of the sale of CCAL, Crown Castle expects that a significant portion of its common stock dividend distributions during 2015 will be characterized as capital gains distributions.

As of September 30, 2015, Crown Castle had approximately $184 million in cash and cash equivalents (excluding restricted cash) and approximately $1.2 billion of availability under its revolving credit facility.

"The excellent third quarter results allow us to raise the midpoint of our full year 2015 Outlook for site rental revenues, site rental gross margin, Adjusted EBITDA and AFFO," stated Jay Brown, Crown Castle's Chief Financial Officer. "With our increased Outlook for 2015, we have set the stage for an excellent 2016, as evidenced by our 2016 Outlook for AFFO per share growth of 8%. Looking beyond 2016, our team is highly focused on disciplined capital allocation in order to maximize long-term total shareholder returns. Towards this end, with our announced dividend increase, we are on track to return nearly $3 billion in capital to shareholders in the three year period ending in 2016. At the same time, we are investing in and building a team around our small cell capabilities, which we believe will strengthen our leadership position in U.S. wireless infrastructure and extend our runway of growth."

OUTLOOK

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

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The following table sets forth Crown Castle's current Outlook for fourth quarter 2015, full year 2015 and full year 2016:    

(in millions, except per share amounts)	Fourth Quarter 2015			Full Year 2015			Full Year 2016
Site rental revenues	$778	to	$783	$3,011	to	$3,016	$3,152	to	$3,177
Site rental cost of operations	$241	to	$246	$957	to	$962	$989	to	$1,014
Site rental gross margin	$534	to	$539	$2,050	to	$2,055	$2,153	to	$2,178
Adjusted EBITDA(a)	$536	to	$541	$2,115	to	$2,120	$2,156	to	$2,181
Interest expense and amortization of deferred financing costs(b)	$126	to	$131	$525	to	$530	$517	to	$537
FFO(a)	$368	to	$373	$1,491	to	$1,496	$1,467	to	$1,492
AFFO(a)	$368	to	$373	$1,433	to	$1,438	$1,550	to	$1,575
AFFO per share(a)(c)	$1.10	to	$1.12	$4.29	to	$4.31	$4.62	to	$4.69
Net income (loss)	$99	to	$132	$1,481	to	$1,514	$409	to	$508

(a) See reconciliation of this non-GAAP financial measure to net income (loss) included herein.

(b) See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.

(c) Based on diluted shares outstanding as of September 30, 2015 of approximately 334 million shares for fourth quarter 2015 and full year 2015. Full year 2016 assumes diluted shares outstanding of approximately 336 million shares, inclusive of the assumed conversion of the mandatory convertible preferred stock in November 2016.

Full Year 2015 Outlook

The table below compares the previously provided and current full year 2015 Outlook for select metrics:

	Midpoint		Current Outlook Compared to Previous Outlook
($ in millions)	Previously Provided Full Year 2015 Outlook	Current Full Year 2015 Outlook
Site Rental Revenues	$2,954	$3,014	+$60
Site Rental Gross Margin	$2,005	$2,053	+$48
Adjusted EBITDA	$2,081	$2,118	+$37
AFFO	$1,413	$1,436	+$23

• The increase in full year 2015 Outlook reflects the contribution from the Sunesys acquisition, the results from the third quarter and the expected timing benefit from tenant non-renewals occurring later than previously expected.

• The Sunesys acquisition is expected to generate approximately $40 million in site rental revenues, $30 million in site rental gross margin and $6 million in general and administrative expenses during 2015.

• Additional information regarding Crown Castle's expectations for site rental revenue growth, including tenant non-renewals, is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of its website.

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Full Year 2016 Outlook

The table below compares the full year 2015 Outlook and full year 2016 Outlook for select metrics:

	Midpoint		$ Growth	% Growth
($ in millions, except for per share amounts)	Full Year 2015 Outlook	Full Year 2016 Outlook
Site Rental Revenues	$3,014	$3,165	+$151	5%
Site Rental Gross Margin	$2,053	$2,166	+$113	6%
Adjusted EBITDA	$2,118	$2,169	+$51	2%
AFFO	$1,436	$1,563	+$127	9%
AFFO per Share	$4.30	$4.66	+$0.36	8%

• The chart below reconciles the components of expected growth in site rental revenues from 2015 to 2016 of approximately $151 million at the midpoint.

• The full year 2016 Outlook for Organic Site Rental Revenue growth of approximately $160 million is comprised of approximately $170 million from new leasing activity and $95 million from escalations on existing tenant lease contracts, less approximately $105 million from non-renewals. Of the approximately $170 million in new leasing activity, expected contributions from tower leasing and small cells leasing are approximately $115 million and $55 million, respectively.

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• The chart below reconciles the components of expected growth in AFFO from 2015 to 2016 of approximately $127 million at the midpoint.

• Network services gross margin contribution for full year 2016 is expected to be approximately $230 million to $250 million compared to full year 2015 expectation of $280 million to $285 million. The year-over-year decline is primarily driven by equipment decommissioning fees generated during 2015 which are not expected to recur in 2016.

• Sunesys is expected to generate approximately $105 million in site rental revenues, $75 million site rental gross margin and $15 million in general and administrative expenses.

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, October 22, 2015, at 10:30 a.m. Eastern Time. The conference call may be accessed by dialing 800-289-0498 and asking for the Crown Castle call (access code 751635) at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at http://investor.crowncastle.com. Supplemental materials for the call have been posted on the Crown Castle website at http://investor.crowncastle.com.

A telephonic replay of the conference call will be available from 1:30 p.m. Eastern Time on Thursday, October 22, 2015, through 1:30 p.m. Eastern Time on Wednesday, January 20, 2016 and may be accessed by dialing 888-203-1112 and using access code 751635. An audio archive will also be available on the company's website at http://investor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.

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ABOUT CROWN CASTLE

Crown Castle provides wireless carriers with the infrastructure they need to keep people connected and businesses running. With approximately 40,000 towers and 15,000 small cell nodes supported by approximately 16,000 miles of fiber, Crown Castle is the nation's largest provider of shared wireless infrastructure with a significant presence in the top 100 US markets. For more information on Crown Castle, please visit www.crowncastle.com.

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Non-GAAP Financial Measures and Other Calculations

This press release includes presentations of Adjusted EBITDA, Funds from Operations, Adjusted Funds from Operations, Organic Site Rental Revenues, and Site Rental Revenues, as Adjusted, 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")). Each of the amounts included in the calculation of Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues, and Site Rental Revenues, as Adjusted, are computed in accordance with GAAP, with the exception of: (1) sustaining capital expenditures, which is not defined under GAAP and (2) our adjustment to the income tax provision in calculations of AFFO for periods prior to our REIT conversion.

Our measures of Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues and Site Rental Revenues, as Adjusted, may not be comparable to similarly titled measures of other companies, including other companies in the tower sector or those reported by other REITs. Our FFO and AFFO may not be comparable to those reported in accordance with National Association of Real Estate Investment Trusts, including with respect to the impact of income taxes for periods prior to our REIT conversion.

Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues and Site Rental Revenues, as Adjusted, are presented as additional information because management believes these measures are useful indicators of the financial performance of our core businesses. In addition, Adjusted EBITDA is a measure of current financial performance used in our debt covenant calculations.

Adjusted EBITDA. Crown Castle defines 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.

Funds from Operations ("FFO"). Crown Castle defines 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, and is a measure of funds from operations attributable to CCIC common stockholders.

FFO per share. Crown Castle defines FFO per share as FFO divided by the diluted weighted average common shares outstanding.

Adjusted Funds from Operations ("AFFO"). Crown Castle defines Adjusted Funds from Operations as FFO before straight-line revenue, straight-line 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, gain (loss) on retirement of long-term obligations, net gain (loss) on interest rate swaps, gains (losses) on foreign currency swaps, acquisition and integration costs, and adjustments for noncontrolling interests, and less capital improvement capital expenditures and corporate capital expenditures.

AFFO per share. Crown Castle defines AFFO per share as AFFO divided by diluted weighted average common shares outstanding.

Site Rental Revenues, as Adjusted. Crown Castle defines Site Rental Revenues, as Adjusted, as site rental revenues, as reported, less straight-line revenues.

Organic Site Rental Revenues. Crown Castle defines Organic Site Rental Revenues as site rental revenues, as reported, less straight-line revenues, the impact of tower acquisitions and construction, foreign currency adjustments and certain non recurring items.

Sustaining capital expenditures. Crown Castle defines sustaining capital expenditures as either (1) corporate related capital improvements, such as buildings, information technology equipment and office equipment or (2) capital improvements to tower sites that enable our customers' ongoing quiet enjoyment of the tower.

The tables set forth below reconcile these non-GAAP financial measures 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:

Adjusted EBITDA for the three months ended September 30, 2015 and 2014 is computed as follows:

	For the Three Months Ended
	September 30, 2015			September 30, 2014
(in millions)
Net income (loss)	$	103.8		$	108.0
Adjustments to increase (decrease) net income (loss):
Income (loss) from discontinued operations	0.5			(8.9		)
Asset write-down charges	7.5			4.9
Acquisition and integration costs	7.6			4.1
Depreciation, amortization and accretion	261.7			247.2
Amortization of prepaid lease purchase price adjustments	5.1			5.0
Interest expense and amortization of deferred financing costs(a)	129.9			141.3
Interest income	(0.8		)	(0.1		)
Other income (expense)	1.2			0.7
Benefit (provision) for income taxes	(3.8		)	(2.0		)
Stock-based compensation expense	16.5			13.4
Adjusted EBITDA(b)	$	529.2		$	513.6

(a) See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.

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

Adjusted EBITDA for the quarter ending December 31, 2015 and the years ending December 31, 2015 and December 31, 2016 are forecasted as follows:

	Q4 2015			Full Year 2015			Full Year 2016
(in millions)	Outlook			Outlook			Outlook
Net income (loss)	$99	to	$132	$1,481	to	$1,514	$409	to	$508
Adjustments to increase (decrease) net income (loss):
Income (loss) from discontinued operations	$0	to	$0	$(1,001)	to	$(1,001)	$0	to	$0
Asset write-down charges	$4	to	$6	$24	to	$26	$15	to	$25
Acquisition and integration costs	$2	to	$5	$14	to	$17	$10	to	$15
Depreciation, amortization and accretion	$263	to	$268	$1,030	to	$1,035	$1,050	to	$1,070
Amortization of prepaid lease purchase price adjustments	$4	to	$6	$20	to	$22	$20	to	$22
Interest expense and amortization of deferred financing costs(a)	$126	to	$131	$525	to	$530	$517	to	$537
Gains (losses) on retirement of long-term obligations	$0	to	$0	$4	to	$4	$0	to	$0
Interest income	$(2)	to	$0	$(3)	to	$(1)	$(3)	to	$(1)
Other income (expense)	$0	to	$3	$(59)	to	$(56)	$1	to	$3
Benefit (provision) for income taxes	$(3)	to	$1	$(13)	to	$(9)	$(10)	to	$(2)
Stock-based compensation expense	$15	to	$17	$65	to	$67	$73	to	$78
Adjusted EBITDA(b)	$536	to	$541	$2,115	to	$2,120	$2,156	to	$2,181

(a) See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.

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

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FFO and AFFO for the quarter ending December 31, 2015 and the years ending December 31, 2015 and December 31, 2016 are forecasted as follows:

	Q4 2015			Full Year 2015			Full Year 2016
(in millions, except share and per share amounts)	Outlook			Outlook			Outlook
Net income(a)	$99	to	$132	$480	to	$513	$409	to	$508
Real estate related depreciation, amortization and accretion	$259	to	$262	$1,013	to	$1,016	$1,034	to	$1,049
Asset write-down charges	$4	to	$6	$24	to	$26	$15	to	$25
Dividends on preferred stock	$(11)	to	$(11)	$(44)	to	$(44)	$(44)	to	$(44)
FFO(c)(d)(f)	$368	to	$373	$1,491	to	$1,496	$1,467	to	$1,492
FFO (from above)	$368	to	$373	$1,491	to	$1,496	$1,467	to	$1,492
Adjustments to increase (decrease) FFO:
Straight-line revenue	$(26)	to	$(21)	$(115)	to	$(110)	$(48)	to	$(33)
Straight-line expense	$21	to	$26	$95	to	$100	$80	to	$95
Stock-based compensation expense	$15	to	$17	$65	to	$67	$73	to	$78
Non-cash portion of tax provision	$(6)	to	$(1)	$(26)	to	$(21)	$(21)	to	$(6)
Non-real estate related depreciation, amortization and accretion	$4	to	$6	$17	to	$19	$16	to	$21
Amortization of non-cash interest expense	$4	to	$7	$37	to	$40	$17	to	$23
Other (income) expense	$0	to	$3	$(59)	to	$(56)	$1	to	$3
Gains (losses) on retirement of long-term obligations	$0	to	$0	$4	to	$4	$0	to	$0
Acquisition and integration costs	$2	to	$5	$14	to	$17	$10	to	$15
Capital improvement capital expenditures	$(13)	to	$(11)	$(45)	to	$(43)	$(48)	to	$(43)
Corporate capital expenditures	$(16)	to	$(14)	$(59)	to	$(57)	$(31)	to	$(26)
AFFO(c)(d)(f)	$368	to	$373	$1,433	to	$1,438	$1,550	to	$1,575
Weighted average common shares outstanding — diluted(b)(e)	333.8			333.8			335.8
AFFO per share(c)(f)	$1.10	to	$1.12	$4.29	to	$4.31	$4.62	to	$4.69

(a) For full year 2015 Outlook, net income is exclusive of income from discontinued operations of $1.0 billion and related noncontrolling interest.

(b) Based on diluted shares outstanding as of September 30, 2015 of approximately 334 million shares for fourth quarter 2015 and full year 2015. Full year 2016 assumes diluted shares outstanding of approximately 336 million shares, inclusive of the assumed conversion of the mandatory convertible preferred stock in November 2016.

(c) See "Non-GAAP Financial Measures and Other Calculations" herein for a discussion for our definitions of FFO and AFFO.

(d) FFO and AFFO are reduced by cash paid for preferred stock dividends.

(e) The diluted weighted average common shares outstanding assumes no conversion of preferred stock in the share count other than as discussed in footnote (b).

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

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Organic Site Rental Revenue growth for the years ending December 31, 2015 and December 31, 2016 is forecasted as follows:

				Midpoint of Full Year			Midpoint of Full Year
(in millions of dollars)	Full Year 2014			2015 Outlook			2016 Outlook
GAAP site rental revenues	$	2,867		$	3,014		$	3,165
Site rental straight-line revenues	(183		)	(113		)	(41		)
Other - Non-recurring	(5		)	—			—
Site Rental Revenues, as Adjusted(a)(c)	$	2,678		$	2,901		$	3,124
Cash adjustments:
Other				–			–
Acquisitions and builds(b)				(63		)	(62		)
Organic Site Rental Revenues(a)(c)(d)				$	2,838		$	3,062
Year-Over-Year Revenue Growth
GAAP site rental revenues				5.1		%	5.0		%
Site Rental Revenues, as Adjusted				8.3		%	7.7		%
Organic Site Rental Revenues(e)(f)				6.0		%	5.5		%

(a) Includes amortization of prepaid rent.

(b) The financial impact of acquisitions and tower builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build.

(c) Includes Site Rental Revenues, as Adjusted, from the construction of new small cell nodes.

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

(e) Year-over-year Organic Site Rental Revenue growth for the years ending December 31, 2015 and December 31, 2016:

	Midpoint of Full Year 2015 Outlook		Midpoint of Full Year 2016 Outlook
New leasing activity	6.3	%	5.9	%
Escalators	3.5	%	3.3	%
Organic Site Rental Revenue growth, before non-renewals	9.8	%	9.2	%
Non-renewals	(3.8	)%	(3.7	)%
Organic Site Rental Revenue growth	6.0	%	5.5	%

(f) Calculated as the percentage change from Site Rental Revenues, as Adjusted, for the prior period when compared to Organic Site Rental Revenue for the current period.

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Organic Site Rental Revenue growth for the quarter ended September 30, 2015 is as follows:

	Three Months Ended September 30,
(in millions of dollars)	2015			2014
Reported GAAP site rental revenues	$	765		$	718
Site rental straight-line revenues	(27		)	(46		)
Other - Non-recurring	–			–
Site Rental Revenues, as Adjusted(a)(c)	$	737		$	672
Cash adjustments:
Other	–
Acquisitions and builds(b)	(22		)
Organic Site Rental Revenues(a)(c)(d)	$	715
Year-Over-Year Revenue Growth
Reported GAAP site rental revenues	6.5		%
Site Rental Revenues, as Adjusted	9.8		%
Organic Site Rental Revenues(e)(f)	6.4		%

(a) Includes amortization of prepaid rent.

(b) The financial impact of acquisitions and tower builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build.

(c) Includes Site Rental Revenues, as Adjusted from the construction of new small cell nodes.

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

(e) Quarter-over-quarter Organic Site Rental Revenue growth for the quarter ending September 30, 2015:

	Three Months Ended September 30, 2015
New leasing activity	6.6	%
Escalators	3.5	%
Organic Site Rental Revenue growth, before non-renewals	10.0	%
Non-renewals	(3.6	)%
Organic Site Rental Revenue Growth	6.4	%

(f) Calculated as the percentage change from Site Rental Revenues, as Adjusted, for the prior period when compared to Organic Site Rental Revenues for the current period.

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News Release continued: Page 13

FFO and AFFO for the three and nine months ended September 30, 2015 and 2014 are computed as follows:

	For the Three Months						For the Nine Months Ended
(in millions, except share and per share amounts)	September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Net income(a)	$	104.3		$	99.2		$	382.6		$	217.7
Real estate related depreciation, amortization and accretion	257.0			243.6			753.6			728.5
Asset write-down charges	7.5			4.9			19.7			10.7
Dividends on preferred stock	(11.0		)	(11.0		)	(33.0		)	(33.0		)
FFO(b)(c)(e)	$	357.8		$	336.7		$	1,122.8		$	923.9
Weighted average common shares outstanding — diluted(d)	333.7			333.2			333.7			333.0
FFO per share(b)(e)	$	1.07		$	1.01		$	3.36		$	2.77
FFO (from above)	$	357.8		$	336.7		$	1,122.8		$	923.9
Adjustments to increase (decrease) FFO:
Straight-line revenue	(27.1		)	(45.7		)	(89.0		)	(144.7		)
Straight-line expense	24.4			24.1			74.0			76.0
Stock-based compensation expense	16.5			13.4			49.3			43.2
Non-cash portion of tax provision	(5.9		)	(4.7		)	(20.3		)	(14.6		)
Non-real estate related depreciation, amortization and accretion	4.6			3.6			13.0			10.5
Amortization of non-cash interest expense	8.6			19.8			32.4			61.3
Other (income) expense	1.2			0.7			(58.5		)	9.4
Gains (losses) on retirement of long-term obligations	—			—			4.2			44.6
Acquisition and integration costs	7.6			4.1			12.0			28.9
Capital improvement capital expenditures	(14.4		)	(7.5		)	(32.5		)	(15.5		)
Corporate capital expenditures	(17.0		)	(12.1		)	(42.9		)	(27.2		)
AFFO(b)(c)(e)	$	356.4		$	332.2		$	1,064.4		$	995.7
Weighted average common shares outstanding — diluted(d)	333.7			333.2			333.7			333.0
AFFO per share(b)(e)	$	1.07		$	1.00		$	3.19		$	2.99

(a) Exclusive of income (loss) from discontinued operations and related noncontrolling interest of $(0.5 million) and $9 million for the three months ended September 30, 2015 and 2014, respectively and $1.0 billion and $29 million for the nine months ended September 30, 2015 and 2014, respectively.

(b) See "Non-GAAP Financial Measures and Other Calculations" herein for a discussion of our definitions of FFO and AFFO.

(c) FFO and AFFO are reduced by cash paid for preferred stock dividends.

(d) The diluted weighted average common shares outstanding assumes no conversion of preferred stock in the share count.

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

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News Release continued: Page 14

The components of interest expense and amortization of deferred financing costs for the three months ended September 30, 2015 and 2014 are as follows:

	For the Three Months Ended
(in millions)	September 30, 2015			September 30, 2014
Interest expense on debt obligations	$	121.3		$	121.5
Amortization of deferred financing costs	5.5			5.5
Amortization of adjustments on long-term debt	0.1			(0.9		)
Amortization of interest rate swaps(a)	3.7			15.6
Other, net	(0.7		)	(0.3		)
Interest expense and amortization of deferred financing costs	$	129.9		$	141.3

(a) Relates to the amortization of interest rate swaps; the swaps were cash settled in prior periods.

The components of interest expense and amortization of deferred financing costs for the quarter ending December 31, 2015 and the years ending December 31, 2015 and December 31, 2016 are forecasted as follows:

	Q4 2015			Full Year 2015			Full Year 2016
(in millions)	Outlook			Outlook			Outlook
Interest expense on debt obligations	$123	to	$125	$489	to	$491	$502	to	$512
Amortization of deferred financing costs	$4	to	$6	$21	to	$23	$21	to	$23
Amortization of adjustments on long-term debt	$0	to	$1	$(1)	to	$0	$(1)	to	$1
Amortization of interest rate swaps(a)	$0	to	$0	$19	to	$19	$0	to	$0
Other, net	$0	to	$0	$(2)	to	$(2)	$(3)	to	$(1)
Interest expense and amortization of deferred financing costs	$126	to	$131	$525	to	$530	$517	to	$537

(a) Relates to the amortization of interest rate swaps, all of which has been cash settled in prior periods.

Sustaining capital expenditures for the three months ended September 30, 2015 and 2014 is computed as follows:

	For the Three Months Ended
(in millions)	September 30, 2015		September 30, 2014
Capital Expenditures	$	237.4	$	199.7
Less: Land purchases	16.0		15.1
Less: Wireless infrastructure construction and improvements	190.1		164.9
Sustaining capital expenditures	$	31.3	$	19.7

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News Release continued: Page 15

Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements and information that are based on our management's current expectations. Such statements include our Outlook and plans, projections, and estimates regarding (1) potential benefits, returns and shareholder value which may be derived from our business, assets, investments, dividends and acquisitions, including on a long-term basis, (2) our strategy and strategic position and strength of our business, (3) wireless consumer demand, (4) demand for our wireless infrastructure and services, (5) carrier network investments and upgrades, and the benefits which may be derived therefrom, (6) our growth and long-term prospects, (7) our dividends, including our dividend plans, the amount and growth of our dividends, the potential benefits therefrom and the tax characterization thereof, (8) leasing activity, including the impact of such leasing activity on our results and Outlook, (9) capital allocation, (10) the Sunesys acquisition, including potential benefits and impact therefrom and growth related thereto, (11) our investments, including in small cells, and the potential benefits therefrom, (12) availability and adequacy of cash flows and liquidity for, or plans regarding, future discretionary investments, (13) the location and level of our activities, including with respect to small cells, (14) non-renewal of leases and decommissioning of networks, including timing, the impact thereof and decommissioning fees, (15) capital expenditures, including sustaining capital expenditures, (16) timing items, (17) straight-line adjustments, (18) tower acquisitions and builds, (19) expenses, including general and administrative expense, (20) site rental revenues and Site Rental Revenues, as Adjusted, (21) site rental cost of operations, (22) site rental gross margin and network services gross margin, (23) Adjusted EBITDA, (24) interest expense and amortization of deferred financing costs, (25) FFO, including on a per share basis, (26) AFFO, including on a per share basis, (27) Organic Site Rental Revenues and Organic Site Rental Revenue growth, (28) net income (loss), including on a per share basis, (29) our common shares outstanding, including on a diluted basis, and (30) the utility of certain financial measures, including non-GAAP financial measures. Such forward-looking statements are subject to certain risks, uncertainties and assumptions prevailing market conditions and the following:

• Our business depends on the demand for wireless communications and wireless infrastructure, and we may be adversely affected by any slowdown in such demand. Additionally, a reduction in carrier network investment may materially and adversely affect our business (including reducing demand for new tenant additions and network services).

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

• Our substantial level of indebtedness could adversely affect our ability to react to changes in our business, and the terms of our debt instruments and 4.50% Mandatory Convertible Preferred Stock 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 may adversely affect the market price of our common stock.

• As a result of competition in our industry, including from some competitors with significantly more resources or less debt than we have, we may find it more difficult to achieve favorable rental rates on our new or renewing customer contracts.

• The business model for our small cell operations contains differences from our traditional site rental business, resulting in different operational risks. If we do not successfully operate that business model or identify or manage those operational risks, such operations may produce results that are less than anticipated.

• New technologies may significantly reduce demand for our wireless infrastructure and negatively impact our revenues.

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

• If we fail to retain rights to our wireless infrastructure, including the land under our sites, our business may be adversely affected.

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

• The expansion and 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.

• If we fail to comply with laws and 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 wireless infrastructure are demonstrated to cause negative health effects, potential future claims could adversely affect our operations, costs or revenues.

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News Release continued: Page 16

• Certain provisions of our certificate of incorporation, bylaws 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.

• 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 US 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.

• If we fail to pay scheduled dividends on the 4.50% Mandatory Convertible Preferred Stock, in cash, common stock or any combination of cash and common stock, we will be prohibited from paying dividends on our common stock, which may jeopardize our status as a REIT.

• We have limited experience operating as a REIT. Our failure to successfully operate as a REIT may adversely affect our financial condition, cash flow, the per share trading price of our common stock, or our ability to satisfy debt service obligations.

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

Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the SEC. As used in this release, the term "including," and any variation thereof, means "including without limitation."

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News Release continued: Page 17

CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (in thousands, except share amounts)

	September 30, 2015			December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	184,116		$	151,312
Restricted cash	116,653			147,411
Receivables, net	324,566			313,308
Prepaid expenses	143,675			138,873
Deferred income tax assets	33,110			24,806
Other current assets	222,251			94,503
Assets from discontinued operations	—			412,783
Total current assets	1,024,371			1,282,996
Deferred site rental receivables	1,282,752			1,202,058
Property and equipment, net	9,498,568			8,982,783
Goodwill	5,527,134			5,196,485
Other intangible assets, net	3,837,360			3,681,551
Long-term prepaid rent, deferred financing costs and other assets, net	825,459			797,403
Total assets	$	21,995,644		$	21,143,276
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	157,024		$	162,397
Accrued interest	69,184			66,943
Deferred revenues	314,648			279,882
Other accrued liabilities	181,498			182,081
Current maturities of debt and other obligations	102,188			113,335
Liabilities from discontinued operations	—			127,493
Total current liabilities	824,542			932,131
Debt and other long-term obligations	12,039,178			11,807,526
Deferred income tax liabilities	32,317			39,889
Other long-term liabilities	1,859,304			1,626,502
Total liabilities	14,755,341			14,406,048
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $.01 par value; 600,000,000 shares authorized; shares issued and outstanding: September 30, 2015—333,771,499 and December 31, 2014—333,856,632	3,339			3,339
4.50% Mandatory Convertible Preferred Stock, Series A, $.01 par value; 20,000,000 shares authorized; shares issued and outstanding: September 30, 2015 and December 31, 2014—9,775,000; aggregate liquidation value: September 30, 2015 and December 31, 2014—$977,500	98			98
Additional paid-in capital	9,532,597			9,512,396
Accumulated other comprehensive income (loss)	(3,754		)	15,820
Dividends/distributions in excess of earnings	(2,291,977		)	(2,815,428		)
Total CCIC stockholders' equity	7,240,303			6,716,225
Noncontrolling interest from discontinued operations	—			21,003
Total equity	7,240,303			6,737,228
Total liabilities and equity	$	21,995,644		$	21,143,276

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

	Three Months Ended  September 30,						Nine Months Ended  September 30,
	2015			2014			2015			2014
Net revenues:
Site rental	$	764,606		$	717,623		$	2,233,077		$	2,143,198
Network services and other	153,501			175,260			484,938			469,690
Net revenues	918,107			892,883			2,718,015			2,612,888
Operating expenses:
Costs of operations (exclusive of depreciation, amortization and accretion):
Site rental	247,000			230,599			716,244			676,275
Network services and other	86,859			101,814			263,177			275,514
General and administrative	76,699			65,212			223,880			187,171
Asset write-down charges	7,477			4,932			19,652			10,673
Acquisition and integration costs	7,608			4,068			12,001			28,852
Depreciation, amortization and accretion	261,662			247,206			766,621			738,965
Total operating expenses	687,305			653,831			2,001,575			1,917,450
Operating income (loss)	230,802			239,052			716,440			695,438
Interest expense and amortization of deferred financing costs	(129,877		)	(141,287		)	(398,782		)	(432,221		)
Gains (losses) on retirement of long-term obligations	—			—			(4,157		)	(44,629		)
Interest income	789			107			1,170			329
Other income (expense)	(1,214		)	(694		)	58,510			(9,350		)
Income (loss) from continuing operations before income taxes	100,500			97,178			373,181			209,567
Benefit (provision) for income taxes	3,801			1,977			9,380			8,118
Income (loss) from continuing operations	104,301			99,155			382,561			217,685
Discontinued operations:
Income (loss) from discontinued operations, net of tax	—			8,882			19,690			28,502
Net gain (loss) from disposal of discontinued operations, net of tax	(522		)	—			981,018			—
Income (loss) from discontinued operations, net of tax	(522		)	8,882			1,000,708			28,502
Net income (loss)	103,779			108,037			1,383,269			246,187
Less: Net income (loss) attributable to the noncontrolling interest	—			1,100			3,343			3,744
Net income (loss) attributable to CCIC stockholders	103,779			106,937			1,379,926			242,443
Dividends on preferred stock	(10,997		)	(10,997		)	(32,991		)	(32,991		)
Net income (loss) attributable to CCIC common stockholders	$	92,782		$	95,940		$	1,346,935		$	209,452
Net income (loss) attributable to CCIC common stockholders, per common share:
Income (loss) from continuing operations, basic	$	0.28		$	0.27		$	1.05		$	0.56
Income (loss) from discontinued operations, basic	$	—		$	0.02		$	3.00		$	0.07
Net income (loss) attributable to CCIC common stockholders, basic	$	0.28		$	0.29		$	4.05		$	0.63
Income (loss) from continuing operations, diluted	$	0.28		$	0.26		$	1.05		$	0.55
Income (loss) from discontinued operations, diluted	$	—		$	0.03		$	2.99		$	0.08
Net income (loss) attributable to CCIC common stockholders, diluted	$	0.28		$	0.29		$	4.04		$	0.63
Weighted-average common shares outstanding (in thousands):
Basic	333,049			332,413			332,951			332,264
Diluted	333,711			333,241			333,735			333,020

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News Release continued: Page 19

CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (in thousands)

	Nine Months Ended September 30,
	2015				2014
Cash flows from operating activities:
Net income (loss) from continuing operations	$	382,561			$	217,685
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	766,621				738,965
Gains (losses) on retirement of long-term obligations	4,157				44,629
Gains (losses) on settled swaps	(54,475		)		—
Amortization of deferred financing costs and other non-cash interest	32,394				61,322
Stock-based compensation expense	44,711				39,497
Asset write-down charges	19,652				10,673
Deferred income tax benefit (provision)	(16,199		)		(14,589		)
Other non-cash adjustments, net	(7,240		)		(1,967		)
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	208,538				289,676
Decrease (increase) in assets	(89,844		)		(234,965		)
Net cash provided by (used for) operating activities	1,290,876				1,150,926
Cash flows from investing activities:
Payments for acquisition of businesses, net of cash acquired	(1,083,319		)		(174,356		)
Capital expenditures	(658,240		)		(498,960		)
Receipts from foreign currency swaps	54,475				—
Other investing activities, net	(1,561		)		2,787
Net cash provided by (used for) investing activities	(1,688,645		)		(670,529		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,000,000				845,750
Principal payments on debt and other long-term obligations	(78,049		)		(86,197		)
Purchases and redemptions of long-term debt	(1,069,337		)		(836,899		)
Purchases of capital stock	(29,576		)		(21,778		)
Borrowings under revolving credit facility	1,560,000				567,000
Payments under revolving credit facility	(1,240,000		)		(587,000		)
Payments for financing costs	(17,415		)		(15,899		)
Net decrease (increase) in restricted cash	28,435				39,882
Dividends/distributions paid on common stock	(821,056		)		(350,535		)
Dividends paid on preferred stock	(32,991		)		(33,357		)
Net cash provided by (used for) financing activities	(699,989		)		(479,033		)
Net increase (decrease) in cash and cash equivalents - continuing operations	(1,097,758		)		1,364
Discontinued operations:
Net cash provided by (used for) operating activities	4,359				41,304
Net cash provided by (used for) investing activities	1,103,577				(20,154		)
Net increase (decrease) in cash and cash equivalents - discontinued operations	1,107,936				21,150
Effect of exchange rate changes	(1,682		)		(7,358		)
Cash and cash equivalents at beginning of period	175,620			(a)	223,394			(a)
Cash and cash equivalents at end of period	$	184,116			$	238,550		(a)
Supplemental disclosure of cash flow information:
Interest paid	364,147				368,437
Income taxes paid	23,865				15,353

________________

(a) Inclusive of cash and cash equivalents included in discontinued operations.

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EX-99.2

Exhibit 99.2

Supplemental Information Package

and Non-GAAP Reconciliations

Third Quarter • September 30, 2015

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Crown Castle International Corp

Third Quarter 2015

TABLE OF CONTENTS
	Page
Company Overview
Company Profile	2
Strategy	2
Historical Dividend and AFFO per Share	4
Portfolio Footprint	4
Corporate Information	5
Research Coverage	6
Historical Common Stock Data	6
Portfolio and Financial Highlights	7
Outlook	8
Financials & Metrics
Consolidated Balance Sheet	10
Consolidated Statement of Operations	11
FFO and AFFO Reconciliations	12
Consolidated Statement of Cash Flows	13
Site Rental Revenue Growth	14
Site Rental Gross Margin Growth	15
Summary of Straight-Line, Prepaid Rent Activity, and Capital Expenditures	16
Lease Renewal and Lease Distribution	17
Customer Overview	18
Asset Portfolio Overview
Summary of Tower Portfolio by Vintage	19
Portfolio Overview	20
Ground Interest Overview	22
Ground Interest Activity	22
Small Cell Network Overview	22
Capitalization Overview
Capitalization Overview	23
Debt Maturity Overview	24
Liquidity Overview	25
Maintenance and Financial Covenants	26
Interest Rate Sensitivity	28
Appendix	29

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", and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include, but are not limited to, our Outlook for the fourth quarter 2015, full year 2015 and full year 2016.

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. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

The components of financial information presented herein, both historical and forward looking, may not sum due to rounding. Definitions and reconciliations of non-GAAP measures, including FFO and AFFO, 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.

1

Crown Castle International Corp.

Third Quarter 2015

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," "our Company," "the Company" or "us" as used herein refer) owns, operates and leases shared wireless infrastructure, including: (1) towers and other structures, such as rooftops (collectively, "towers"), and to a lesser extent, (2) distributed antenna systems, a type of small cell network ("small cells"), and (3) interests in land under third party towers in various forms ("third party land interests") (collectively, "wireless infrastructure"). Crown Castle offers significant wireless communications coverage in each of the top 100 US markets. Crown Castle owns, operates and manages approximately 40,000 towers in the US.

Our core business is providing access, including space or capacity, to our wireless infrastructure via long-term contracts in various forms, including license, sublease and lease agreements (collectively, "leases"). Our wireless infrastructure can accommodate multiple customers for antennas or other equipment necessary for the transmission of signals for wireless communication devices. We seek to increase our site rental revenues by adding more tenants on our wireless infrastructure, which we expect to result in significant incremental cash flows due to our relatively fixed operating costs.

Effective January 1, 2014, Crown Castle commenced operating as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes as it relates to our towers and third party land interests. In August 2014, we received a favorable private letter ruling from the IRS, which provides that the real property portion of our small cells and the related rents qualify as real property and rents from real property, respectively, under the rules governing REITs. We are evaluating the impact of this private letter ruling and, subject to board approval, we expect to take appropriate action to include at least some part of our small cells as part of the REIT.

On May 28, 2015, Crown Castle completed the sale of CCAL for an aggregate purchase price of approximately $1.6 billion. At the time of the sale, CCAL was 77.6% owned by Crown Castle. We have classified the historical balances, results of operations, and cash flows of CCAL as amounts from discontinued operations.

STRATEGY

Our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our portfolio of wireless infrastructure, (2) returning a meaningful portion of our cash provided by operating activities to our stockholders in the form of dividends and (3) investing capital efficiently to grow long-term dividends per share. 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 wireless infrastructure. We seek to maximize the site rental cash flows derived from our wireless infrastructure by adding tenants on our wireless infrastructure through long-term leases as our customers deploy and improve their wireless networks. We seek to maximize new tenant additions or modifications of existing tenant installations (collectively, "new tenant additions") through our focus on customer service and deployment speed. Due to the relatively fixed nature of the costs to operate our wireless infrastructure (which tend to increase at approximately the rate of inflation), we expect increases in our site rental cash flows from new tenant additions and the related subsequent impact from contracted escalations to result in growth in our operating cash flows. We believe there is considerable additional future demand for our existing wireless infrastructure based on their location and the anticipated growth in the wireless communication services industry. Substantially all of our wireless infrastructure can accommodate additional tenancy, either as currently constructed or with appropriate modifications to the structure, which we expect to have high incremental returns.

• Return cash provided by operating activities to stockholders in the form of dividends. We believe that distributing a meaningful portion of our cash provided by operating activities appropriately provides stockholders with increased certainty for a portion of expected long-term stockholder value while still retaining 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 stockholders.

• Invest capital efficiently to grow long-term dividends per share. We seek to invest our capital available, including the net cash provided by our operating activities and external financing sources, in a manner that will increase long-term stockholder value on a risk-adjusted basis. Our historical investments have included the following (in no particular order):

◦ purchase shares of our common stock from time to time;

◦ acquire or construct wireless infrastructure;

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◦ acquire land interests under towers;

◦ make improvements and structural enhancements to our existing wireless infrastructure; or

◦ purchase, repay or redeem our debt.

Our strategy to create long-term stockholder value is based on our belief that additional demand for our wireless infrastructure will be created by the expected continued growth in the wireless communication services industry, which is predominately driven by the demand for wireless data services by consumers. We believe that such demand for our wireless infrastructure will continue, will result in growth of our cash flows due to new tenant additions on our existing wireless infrastructure, and will create other growth opportunities for us, such as demand for new wireless infrastructure.

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HISTORICAL DIVIDEND AND AFFO PER SHARE ⁽¹⁾

PORTFOLIO FOOTPRINT

(1) See reconciliations and definitions provided herein. See also "Definitions of Non-GAAP Financial Measures and Other Calculations" in the Appendix for a discussion of the definitions of FFO and AFFO.

(2) Last quarter annualized ("LQA") calculated as the most recently completed quarterly period times four.

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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	Ba1
Standard & Poor’s - Long Term Local Issuer Credit Rating	BB+

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
W. Benjamin Moreland	52	15	President and Chief Executive Officer
Jay A. Brown	42	16	Senior Vice President, Chief Financial Officer and Treasurer
James D. Young	54	9	Senior Vice President and Chief Operating Officer
E. Blake Hawk	65	16	Executive Vice President and General Counsel
Patrick Slowey	58	15	Senior Vice President and Chief Commercial Officer
Philip M. Kelley	42	18	Senior Vice President-Corporate Development and Strategy

BOARD OF DIRECTORS
Name	Position	Committees	Age	Years as Director
J. Landis Martin	Chairman	NCG(1)	69	18
P. Robert Bartolo	Director	Audit, Compensation	43	1
Cindy Christy	Director	Compensation, NCG(1), Strategy	49	8
Ari Q. Fitzgerald	Director	Compensation, Strategy	52	13
Robert E. Garrison II	Director	Audit, Compensation	73	10
Dale N. Hatfield	Director	NCG(1), Strategy	77	14
Lee W. Hogan	Director	Audit, Compensation, Strategy	71	14
Edward C. Hutcheson	Director	Strategy	70	19
John P. Kelly	Director	Strategy	57	15
Robert F. McKenzie	Director	Audit, Strategy	71	20
Anthony J. Melone	Director	NCG(1), Strategy	55	*
W. Benjamin Moreland	Director		52	9

(1) Nominating & Corporate Governance Committee

* Appointed May 2015

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RESEARCH COVERAGE
Equity Research
Bank of America David Barden (646) 855-1320	Barclays Amir Rozwadowski (212) 526-4043	BTIG Walter Piecyk (646) 450-9258
Burke & Quick Partners Frederick Moran (561) 504-0936	Canaccord Genuity Greg Miller (212) 389-8128	Citigroup Michael Rollins (212) 816-1116
Cowen and Company Colby Synesael (646) 562-1355	Credit Suisse Joseph Mastrogiovanni (212) 325-3757	Evercore Partners Jonathan Schildkraut (212) 497-0864
Goldman Sachs Brett Feldman (212) 902-8156	Jefferies Mike McCormack (212) 284-2516	JPMorgan Philip Cusick (212) 622-1444
Macquarie Kevin Smithen (212) 231-0695	Morgan Stanley Simon Flannery (212) 761-6432	New Street Research Spencer Kurn (212) 921-2067
Oppenheimer & Co. Timothy Horan (212) 667-8137	Pacific Crest Securities Michael Bowen (503) 727-0721	Raymond James Ric Prentiss (727) 567-2567
RBC Capital Markets Jonathan Atkin (415) 633-8589	Stifel Matthew Heinz (443) 224-1382	UBS Batya Levi (212) 713-8824
Wells Fargo Securities, LLC Jennifer Fritzsche (312) 920-3548
Rating Agency
Fitch John Culver (312) 368-3216	Moody’s Phil Kibel (212) 553-1653	Standard & Poor’s Scott Tan (212) 438-4162

HISTORICAL COMMON STOCK DATA
	Three Months Ended
(in millions, except per share data)	9/30/15		6/30/15		3/31/15		12/31/14		9/30/14
High price(1)	$	85.66	$	85.72	$	86.84	$	81.61	$	77.55
Low price(1)	$	75.78	$	79.27	$	76.23	$	71.85	$	69.28
Period end closing price(2)	$	78.87	$	79.46	$	80.37	76.37		$	77.29
Dividends paid per common share	$	0.82	$	0.82	$	0.82	$	0.82	$	0.35
Volume weighted average price for the period(1)	$	80.40	$	81.97	$	82.76	$	76.75	$	73.73
Common shares outstanding - diluted, at period end	334		334		334		334		334
Market value of outstanding common shares, at period end(3)	$	26,325	$	26,521	$	26,991	$	25,496	$	25,805

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

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

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

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SUMMARY PORTFOLIO HIGHLIGHTS
(as of September 30, 2015)
Number of towers(1)	39,692
Average number of tenants per tower	2.2
Remaining contracted customer receivables ($ in billions)(2)	$	20
Weighted average remaining customer contract term (years)(3)	7
Percent of towers in the Top 50 / 100 Basic Trading Areas	56% / 71%
Percent of ground leased / owned (by site rental gross margin)	64% / 36%
Weighted average maturity of ground leases (years)(4)	31

SUMMARY FINANCIAL HIGHLIGHTS
	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands, except per share amounts)	2015			2014			2015			2014
Operating Data:
Net revenues
Site rental	$	764,606		$	717,623		$	2,233,077		$	2,143,198
Network services and other	153,501			175,260			484,938			469,690
Net revenues	$	918,107		$	892,883		$	2,718,015		$	2,612,888
Gross margin
Site rental	$	517,606		$	487,024		$	1,516,833		$	1,466,923
Network services and other	66,642			73,446			221,761			194,176
Total gross margin	$	584,248		$	560,470		$	1,738,594		$	1,661,099
Net income (loss) attributable to CCIC common stockholders	$	92,782		$	95,940		$	1,346,935		$	209,452
Net income (loss) attributable to CCIC common stockholders per share - diluted	$	0.28		$	0.29		$	4.04		$	0.63
Non-GAAP Data(5):
Adjusted EBITDA	$	529,158		$	513,604		$	1,579,383		$	1,531,673
FFO	357,828			336,724			1,122,798			923,876
AFFO	356,350			332,237			1,064,412			995,747
AFFO per share	$	1.07		$	1.00		$	3.19		$	2.99
Summary Cash Flow Data:
Net cash provided by (used for) operating activities	$	371,998		$	427,989		$	1,290,876		$	1,150,926
Net cash provided by (used for) investing activities(6)	(1,249,432		)	(287,821		)	(1,688,645		)	(670,529		)
Net cash provided by (used for) financing activities	724,176			(123,277		)	(699,989		)	(479,033		)

(1) Includes towers and rooftops, excludes small cells and third-party land interests.

(2) Excludes renewal terms at customers' opinion.

(3) Excludes renewal terms at customers' option, weighted by site rental revenues.

(4) Includes renewal terms at the Company's option, weighted by site rental gross margin.

(5) See reconciliations and definitions provided herein. See also "Definitions of Non-GAAP Measures and Other Calculations" in the Appendix for a discussion of our definitions of FFO and AFFO.

(6) Includes net cash used for acquisitions of approximately $1.0 billion and $89 million for the three months ended September 30, 2015 and 2014, respectively and $1.1 billion and $174 million for the nine months ended September 30, 2015 and 2014, respectively.

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SUMMARY FINANCIAL HIGHLIGHTS (CONTINUED)
	Three Months Ended September 30,
(dollars in thousands, except per share amounts)	2015				2014
Other Data:
Net debt to last quarter annualized Adjusted EBITDA	5.6		x	(1)	5.5		x
Dividend per common share	$	0.82			$	0.35
AFFO payout ratio(2)	77		%		35		%
(dollars in thousands)	September 30, 2015				December 31, 2014
Balance Sheet Data (at period end):
Cash and cash equivalents	$	184,116			$	151,312
Property and equipment, net	9,498,568				8,982,783
Total assets	21,995,644				21,143,276
Total debt and other long-term obligations	12,141,366				11,920,861
Total CCIC stockholders' equity	7,240,303				6,716,225

OUTLOOK FOR FOURTH QUARTER 2015, FULL YEAR 2015 AND FULL YEAR 2016(3)
(dollars in millions, except per share amounts)	Fourth Quarter 2015			Full Year 2015			Full Year 2016
Site rental revenues	$778	to	$783	$3,011	to	$3,016	$3,152	to	$3,177
Site rental cost of operations	$241	to	$246	$957	to	$962	$989	to	$1,014
Site rental gross margin	$534	to	$539	$2,050	to	$2,055	$2,153	to	$2,178
Adjusted EBITDA(5)	$536	to	$541	$2,115	to	$2,120	$2,156	to	$2,181
Interest expense and amortization of deferred financing costs(4)	$126	to	$131	$525	to	$530	$517	to	$537
FFO(5)	$368	to	$373	$1,491	to	$1,496	$1,467	to	$1,492
AFFO(5)	$368	to	$373	$1,433	to	$1,438	$1,550	to	$1,575
AFFO per share(5)(6)	$1.10	to	$1.12	$4.29	to	$4.31	$4.62	to	$4.69
Net income (loss)	$99	to	$132	$1,481	to	$1,514	$409	to	$508

(1) Pro forma for Sunesys acquired on August 4, 2015.

(2) AFFO is calculated exclusive of income from discontinued operations and related noncontrolling interest. See page 2.

(3) Results of operations and income from the sale of CCAL are classified as amounts from discontinued operations. Outlook amounts are exclusive of income from discontinued operations and related noncontrolling interest, except for net income. See page 2.

(4) See the reconciliation of "components of interest expense and amortization of deferred financing costs" in the Appendix.

(5) See reconciliation of this non-GAAP financial measure to net income (loss) included herein.

(6) Based on diluted shares outstanding as of September 30, 2015 of approximately 334 million shares for fourth quarter 2015 and full year 2015. Full year 2016 assumes diluted shares outstanding of approximately 336 million shares, inclusive of the assumed conversion of the mandatory convertible preferred stock in November 2016.

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OUTLOOK FOR FULL YEARS 2015 AND 2016 SITE RENTAL REVENUE GROWTH
(dollars in millions)	Full Year 2014			Midpoint of Full Year 2015 Outlook			Midpoint of Full Year 2016 Outlook
Reported GAAP site rental revenues	$	2,867		$	3,014		$	3,165
Site rental straight-line revenues	(183		)	(113		)	(41		)
Other - Non-recurring	(5		)	—			—
Site Rental Revenues, as Adjusted(1)(3)	$	2,678		$	2,901		$	3,124
Cash adjustments:
Other				—			—
Acquisitions and builds(2)				(63		)	(62		)
Organic Site Rental Revenues(1)(3)(4)				$	2,838		3,062
Year-Over-Year Revenue Growth
Reported GAAP site rental revenues				5.1		%	5.0		%
Site Rental Revenues, as Adjusted				8.3		%	7.7		%
Organic Site Rental Revenues(5)				6.0		%	5.5		%

OUTLOOK FOR ORGANIC SITE RENTAL REVENUE GROWTH
	Midpoint of Full Year 2015 Outlook		Midpoint of Full Year 2016 Outlook
New leasing activity	6.3	%	5.9	%
Escalators	3.5	%	3.3	%
Organic Site Rental Revenue Growth, before non-renewals	9.8	%	9.2	%
Non-renewals	(3.8	)%	(3.7	)%
Organic Site Rental Revenue Growth(5)	6.0	%	5.5	%

OUTLOOK FOR FULL YEARS 2015 AND 2016 SITE RENTAL GROSS MARGIN GROWTH
(dollars in millions)	Full Year 2014			Midpoint of Full Year 2015 Outlook			Midpoint of Full Year 2016 Outlook
Reported GAAP site rental gross margin	$	1,960		$	2,053		$	2,166
Straight line revenues and expenses, net	(82		)	(15		)	47
Other - Non-recurring	$	(5	)	—			—
Site Rental Gross Margin, as Adjusted(1)(3)	$	1,874		$	2,038		$	2,213
Cash adjustments:
Other				—			—
Acquisitions and builds(2)				(47		)	(45		)
Organic Site Rental Gross Margin(1)(3)(4)				$	1,990		$	2,167
Year-Over-Year Gross Margin Growth
Reported GAAP site rental gross margin				4.7		%	5.5		%
Site Rental Gross Margin, as Adjusted				8.7		%	8.6		%
Organic Site Rental Gross Margin(6)				6.2		%	6.4		%
Year-Over-Year Incremental Margin
Reported GAAP site rental gross margin				62.7		%	74.8		%
Site Rental Gross Margin, as Adjusted				73.4		%	78.5		%
Organic Site Rental Gross Margin(7)				72.6		%	80.6		%

(1) Includes amortization of prepaid rent.

(2) The financial impact of acquisitions and tower builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build.

(3) Includes Site Rental Revenues, as Adjusted, from the construction of new small cell nodes.

(4) See definitions provided herein.

(5) Calculated as the percentage change from Site Rental Revenues, as Adjusted, for the prior period when compared to Organic Site Rental Revenues for the current period.

(6) Calculated as the percentage change from Site Rental Gross Margin, as Adjusted for the prior period when compared to Organic Site Rental Gross Margin in the current period.

(7) Calculated as the change from Site Rental Gross Margin, as Adjusted for the prior period when compared to Organic Site Rental Gross Margin in the current period, divided by the change from Site Rental Revenues, as Adjusted in the prior period when compared to Organic Site Rental Revenues for the current period.

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CONSOLIDATED BALANCE SHEET (Unaudited)
(dollars in thousands, except share amounts)	September 30, 2015			December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	184,116		$	151,312
Restricted cash	116,653			147,411
Receivables, net	324,566			313,308
Prepaid expenses	143,675			138,873
Deferred income tax assets	33,110			24,806
Other current assets	222,251			94,503
Assets from discontinued operations	—			412,783
Total current assets	1,024,371			1,282,996
Deferred site rental receivables	1,282,752			1,202,058
Property and equipment, net	9,498,568			8,982,783
Goodwill	5,527,134			5,196,485
Other intangible assets, net	3,837,360			3,681,551
Long-term prepaid rent, deferred financing costs and other assets, net	825,459			797,403
Total assets	$	21,995,644		$	21,143,276
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	157,024		$	162,397
Accrued interest	69,184			66,943
Deferred revenues	314,648			279,882
Other accrued liabilities	181,498			182,081
Current maturities of debt and other obligations	102,188			113,335
Liabilities from discontinued operations	—			127,493
Total current liabilities	824,542			932,131
Debt and other long-term obligations	12,039,178			11,807,526
Deferred income tax liabilities	32,317			39,889
Other long-term liabilities	1,859,304			1,626,502
Total liabilities	14,755,341			14,406,048
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $.01 par value; 600,000,000 shares authorized; shares issued and outstanding: September 30, 2015—333,771,499 and December 31, 2014—333,856,632	3,339			3,339
4.50% Mandatory Convertible Preferred Stock, Series A, $.01 par value; 20,000,000 shares authorized; shares issued and outstanding: September 30, 2015 and December 31, 2014—9,775,000; aggregate liquidation value: September 30, 2015 and December 31, 2014—$977,500	98			98
Additional paid-in capital	9,532,597			9,512,396
Accumulated other comprehensive income (loss)	(3,754		)	15,820
Dividends/distributions in excess of earnings	(2,291,977		)	(2,815,428		)
Total CCIC stockholders' equity	7,240,303			6,716,225
Noncontrolling interest from discontinued operations	—			21,003
Total equity	7,240,303			6,737,228
Total liabilities and equity	$	21,995,644		$	21,143,276

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CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands, except share and per share amounts)	2015			2014			2015			2014
Net revenues:
Site rental	$	764,606		$	717,623		$	2,233,077		$	2,143,198
Network services and other	153,501			175,260			484,938			469,690
Net revenues	918,107			892,883			2,718,015			2,612,888
Operating expenses:
Costs of operations (exclusive of depreciation, amortization and accretion):
Site rental	247,000			230,599			716,244			676,275
Network services and other	86,859			101,814			263,177			275,514
General and administrative	76,699			65,212			223,880			187,171
Asset write-down charges	7,477			4,932			19,652			10,673
Acquisition and integration costs	7,608			4,068			12,001			28,852
Depreciation, amortization and accretion	261,662			247,206			766,621			738,965
Total operating expenses	687,305			653,831			2,001,575			1,917,450
Operating income (loss)	230,802			239,052			716,440			695,438
Interest expense and amortization of deferred financing costs	(129,877		)	(141,287		)	(398,782		)	(432,221		)
Gains (losses) on retirement of long-term obligations	—			—			(4,157		)	(44,629		)
Interest income	789			107			1,170			329
Other income (expense)	(1,214		)	(694		)	58,510			(9,350		)
Income (loss) from continuing operations before income taxes	100,500			97,178			373,181			209,567
Benefit (provision) for income taxes	3,801			1,977			9,380			8,118
Income (loss) from continuing operations	104,301			99,155			382,561			217,685
Discontinued operations:
Income (loss) from discontinued operations, net of tax	—			8,882			19,690			28,502
Net gain (loss) from disposal of discontinued operations, net of tax	(522		)	—			981,018			—
Income (loss) from discontinued operations, net of tax	(522		)	8,882			1,000,708			28,502
Net income (loss)	103,779			108,037			1,383,269			246,187
Less: Net income (loss) attributable to the noncontrolling interest	—			1,100			3,343			3,744
Net income (loss) attributable to CCIC stockholders	103,779			106,937			1,379,926			242,443
Dividends on preferred stock	(10,997		)	(10,997		)	(32,991		)	(32,991		)
Net income (loss) attributable to CCIC common stockholders	$	92,782		$	95,940		$	1,346,935		$	209,452
Net income (loss) attributable to CCIC common stockholders, per common share:
Income (loss) from continuing operations, basic	$	0.28		$	0.27		$	1.05		$	0.56
Income (loss) from discontinued operations, basic	$	—		$	0.02		$	3.00		$	0.07
Net income (loss) attributable to CCIC common stockholders, basic	$	0.28		$	0.29		$	4.05		$	0.63
Income (loss) from continuing operations, diluted	$	0.28		$	0.26		$	1.05		$	0.55
Income (loss) from discontinued operations, diluted	$	—		$	0.03		$	2.99		$	0.08
Net income (loss) attributable to CCIC common stockholders, diluted	$	0.28		$	0.29		$	4.04		$	0.63
Weighted-average common shares outstanding (in thousands):
Basic	333,049			332,413			332,951			332,264
Diluted	333,711			333,241			333,735			333,020

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FFO AND AFFO RECONCILIATIONS
	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands, except share and per share amounts)	2015			2014			2015			2014
Net income(1)	$	104,301		$	99,155		$	382,561		$	217,685
Real estate related depreciation, amortization and accretion	257,047			243,634			753,576			728,510
Asset write-down charges	7,477			4,932			19,652			10,673
Dividends on preferred stock	(10,997		)	(10,997		)	(32,991		)	(32,991		)
FFO(2)(3)(5)	$	357,828		$	336,724		$	1,122,798		$	923,876
Weighted average common shares outstanding — diluted(4)	333,711			333,241			333,735			333,020
FFO per share(2)(5)	$	1.07		$	1.01		$	3.36		$	2.77
FFO (from above)	$	357,828		$	336,724		$	1,122,798		$	923,876
Adjustments to increase (decrease) FFO:
Straight-line revenue	(27,144		)	(45,708		)	(89,009		)	(144,707		)
Straight-line expense	24,409			24,057			73,971			75,994
Stock-based compensation expense	16,466			13,358			49,282			43,198
Non-cash portion of tax provision	(5,897		)	(4,708		)	(20,272		)	(14,591		)
Non-real estate related depreciation, amortization and accretion	4,615			3,572			13,045			10,455
Amortization of non-cash interest expense	8,590			19,837			32,394			61,322
Other (income) expense	1,214			694			(58,510		)	9,350
Gains (losses) on retirement of long-term obligations	—			—			4,157			44,629
Acquisition and integration costs	7,608			4,068			12,001			28,852
Capital improvement capital expenditures	(14,351		)	(7,538		)	(32,503		)	(15,457		)
Corporate capital expenditures	(16,988		)	(12,117		)	(42,943		)	(27,173		)
AFFO(2)(3)(5)	$	356,350		$	332,237		$	1,064,412		$	995,747
Weighted average common shares outstanding — diluted(4)	333,711			333,241			333,735			333,020
AFFO per share(2)(5)	$	1.07		$	1.00		$	3.19		$	2.99

(1) Exclusive of income (loss) from discontinued operations and related noncontrolling interest of $(0.5 million) and $9 million for the three months ended September 30, 2015 and 2014, respectively and $1.0 billion and $29 million for the nine months ended September 30, 2015 and 2014, respectively.

(2) See reconciliations and definitions provided herein. See also "Definitions of Non-GAAP Measures and Other Calculations" in the Appendix for a discussion of the definitions of FFO and AFFO.

(3) FFO and AFFO are reduced by cash paid for preferred stock dividends.

(4) The diluted weighted average common shares outstanding assumes no conversion of preferred stock in the share count.

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

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CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
	Nine Months Ended September 30,
(dollars in thousands)	2015				2014
Cash flows from operating activities:
Net income (loss) from continuing operations	$	382,561			$	217,685
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	766,621				738,965
Gains (losses) on retirement of long-term obligations	4,157				44,629
Gains (losses) on settled swaps	(54,475		)		—
Amortization of deferred financing costs and other non-cash interest	32,394				61,322
Stock-based compensation expense	44,711				39,497
Asset write-down charges	19,652				10,673
Deferred income tax benefit (provision)	(16,199		)		(14,589		)
Other non-cash adjustments, net	(7,240		)		(1,967		)
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	208,538				289,676
Decrease (increase) in assets	(89,844		)		(234,965		)
Net cash provided by (used for) operating activities	1,290,876				1,150,926
Cash flows from investing activities:
Payments for acquisition of businesses, net of cash acquired	(1,083,319		)		(174,356		)
Capital expenditures	(658,240		)		(498,960		)
Receipts from foreign currency swaps	54,475				—
Other investing activities, net	(1,561		)		2,787
Net cash provided by (used for) investing activities	(1,688,645		)		(670,529		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,000,000				845,750
Principal payments on debt and other long-term obligations	(78,049		)		(86,197		)
Purchases and redemptions of long-term debt	(1,069,337		)		(836,899		)
Purchases of capital stock	(29,576		)		(21,778		)
Borrowings under revolving credit facility	1,560,000				567,000
Payments under revolving credit facility	(1,240,000		)		(587,000		)
Payments for financing costs	(17,415		)		(15,899		)
Net decrease (increase) in restricted cash	28,435				39,882
Dividends/distributions paid on common stock	(821,056		)		(350,535		)
Dividends paid on preferred stock	(32,991		)		(33,357		)
Net cash provided by (used for) financing activities	(699,989		)		(479,033		)
Net increase (decrease) in cash and cash equivalents - continuing operations	(1,097,758		)		1,364
Discontinued operations:
Net cash provided by (used for) operating activities	4,359				41,304
Net cash provided by (used for) investing activities	1,103,577				(20,154		)
Net increase (decrease) in cash and cash equivalents - discontinued operations	1,107,936				21,150
Effect of exchange rate changes	(1,682		)		(7,358		)
Cash and cash equivalents at beginning of period	175,620			(1)	223,394			(1)
Cash and cash equivalents at end of period	$	184,116			$	238,550		(1)
Supplemental disclosure of cash flow information:
Interest paid	364,147				368,437
Income taxes paid	23,865				15,353

(1) Inclusive of cash and cash equivalents included in discontinued operations.

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SITE RENTAL REVENUE GROWTH
	Three Months Ended September 30,
(dollars in millions)	2015			2014
Reported GAAP site rental revenues	$	765		$	718
Site rental straight-line revenues	(27		)	(46		)
Other - Non-recurring	—			—
Site Rental Revenues, as Adjusted(1)(3)	$	737		$	672
Cash adjustments:
Other	—
Acquisitions and builds(2)	(22		)
Organic Site Rental Revenues(1)(3)(4)	$	715
Year-Over-Year Revenue Growth
Reported GAAP site rental revenues	6.5		%
Site Rental Revenues, as Adjusted	9.8		%
Organic Site Rental Revenues(5)	6.4		%

ORGANIC SITE RENTAL REVENUE GROWTH
	Three Months Ended September 30,
	2015
New leasing activity	6.6%
Escalators	3.5%
Organic Site Rental Revenue growth, before non-renewals	10.0%
Non-renewals	(3.6)%
Organic Site Rental Revenue Growth(5)	6.4%

(1) Includes amortization of prepaid rent; see the table "Summary of Prepaid Rent Activity" on page 16 for further details.

(2) The financial impact of acquisitions and tower builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build.

(3) Includes Site Rental Revenues, as Adjusted from the construction of new small cells.

(4) See definitions provided herein.

(5) Calculated as the percentage change from Site Rental Revenues, as Adjusted, for the prior period when compared to Organic Site Rental Revenues for the current period.

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SITE RENTAL GROSS MARGIN GROWTH
	Three Months Ended September 30,
(dollars in millions)	2015			2014
Reported GAAP site rental gross margin	$	518		$	487
Straight line revenues and expenses, net	(3		)	(22		)
Other - Non-recurring	—			—
Site rental gross margin, as Adjusted(1)(2)	$	515		$	465
Cash adjustments:
Other	—
Acquisitions and builds(3)	(17		)
Organic Site Rental Gross Margin(1)(2)(4)	$	498
Year-Over-Year Gross Margin Growth
Reported GAAP site rental gross margin	6.3		%
Site Rental Gross Margin, as Adjusted	10.6		%
Organic Site Rental Gross Margin(5)	7.0		%
Year-Over-Year Incremental Margin
Reported GAAP site rental gross margin	65.1		%
Site Rental Gross Margin, as Adjusted	75.5		%
Organic Site Rental Gross Margin(6)	75.5		%

(1) Includes amortization of prepaid rent.

(2) Includes Site Rental Revenues, as Adjusted, from the construction of new small cell nodes.

(3) The financial impact of acquisitions and tower builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build.

(4) See definitions provided herein.

(5) Calculated as the percentage change from Site Rental Gross Margin, as Adjusted for the prior period when compared to Organic Site Rental Gross Margin in the current period.

(6) Calculated as the change from Site Rental Gross Margin, as Adjusted for the prior period when compared to Organic Site Rental Gross Margin in the current period, divided by the change from Site Rental Revenues, as Adjusted in the prior period when compared to Organic Site Rental Revenues for the current period.

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SUMMARY OF SITE RENTAL STRAIGHT-LINE REVENUES AND EXPENSES(1)
	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2015		2014		2015		2014
Total site rental straight-line revenue	$	27,144	$	45,708	$	89,009	$	144,707
Total site rental straight-line expenses	24,409		24,057		73,971		75,994

SUMMARY OF PREPAID RENT ACTIVITY(2)
	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2015			2014			2015			2014
Prepaid rent received	$	113,883		$	81,240		$	330,820		$	233,070
Amortization of prepaid rent	(40,826		)	(27,516		)	(109,888		)	(68,974		)

SUMMARY OF CAPITAL EXPENDITURES
	Three Months Ended September 30,
(dollars in thousands)	2015		2014
Discretionary:
Purchases of land interests	$	16,004	$	15,104
Wireless infrastructure construction and improvements	190,014		164,903
Sustaining	31,339		19,655
Total	$	237,357	$	199,662

(1) 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.

(2) Reflects prepaid rent received from long-term tenant contracts and the amortization thereof for GAAP revenue recognition purposes.

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PROJECTED REVENUE FROM EXISTING CUSTOMER CONTRACTS(1)
	Years Ended December 31,
(as of September 30, 2015; dollars in millions)	2016			2017		2018		2019
Site rental revenue (GAAP)	$	3,074		$	3,084	$	3,100	$	3,119
Site rental straight-line revenue	(37		)	33		87		140
Site Rental Revenues, as Adjusted	$	3,037		$	3,117	$	3,187	$	3,259

PROJECTED GROUND LEASE EXPENSE FROM EXISTING GROUND LEASES(2)
	Years Ended December 31,
(as of September 30, 2015; dollars in millions)	2016			2017			2018			2019
Ground lease expense (GAAP)	$	666		$	671		$	677		$	683
Site rental straight-line expense	(86		)	(75		)	(64		)	(54		)
Ground Lease Expense, as Adjusted	$	579		$	597		$	613		$	629

ANNUALIZED CASH SITE RENTAL REVENUE AT TIME OF RENEWAL(3)
	Years Ended December 31,
(as of September 30, 2015; dollars in millions)	2016		2017		2018		2019
AT&T	$	33	$	18	$	40	$	36
Sprint(4)	39		38		36		42
T-Mobile	26		25		33		26
Verizon	14		17		19		19
All Others Combined	38		30		33		30
Total	$	150	$	128	$	161	$	153

(1) Based on existing contracts as of September 30, 2015. All contracts, except for Sprint contracts associated with the iDen network and contracts where non-renewal notices have been received, are assumed to renew for a new term at current term end date. CPI-linked customer contracts are assumed to escalate at 3% per annum.

(2) Based on existing ground leases as of September 30, 2015. CPI-linked leases are assumed to escalate at 3% per annum.

(3) Reflects lease renewals by year by customer; dollar amounts represent annualized cash site rental revenues from assumed renewals or extension as reflected in the table "Projected Revenue from Existing Customer Contracts."

(4) Excludes Sprint leases associated with the iDen network, which are assumed to not renew as reflected in the table "Projected Revenue from Existing Customer Contracts."

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ESTIMATED REDUCTION TO SITE RENTAL REVENUES FROM NON-RENEWALS FROM LEAP, METROPCS AND CLEARWIRE NETWORK DECOMMISSIONING(1)(2)(dollars in millions)
2016	2017	Thereafter	Total
$80-$90	$45-$55	$40-$60	$165-$205

HISTORICAL ANNUAL NON-RENEWALS AS PERCENTAGE OF SITE RENTAL REVENUES, AS ADJUSTED
Years Ended December 31,
2014	2013	2012	2011	2010
2.6%	1.7%	2.2%	2.0%	2.1%

CUSTOMER OVERVIEW
(as of September 30, 2015)	Percentage of Q2 2015 LQA Site Rental Revenues	Percentage of Q3 2015 LQASite Rental Revenues	Weighted Average Current Term Remaining(3)	Long-Term Credit Rating (S&P / Moody’s)
AT&T	31%	30%	7	BBB+ / Baa1
T-Mobile	24%	23%	7	BB
Sprint	20%	19%	6	B+ / B3
Verizon	17%	17%	8	BBB+ / Baa1
All Others Combined	8%	10%	4	N/A
Total / Weighted Average	100%	100%	7

(1) Estimated impact to site rental revenues in the applicable period based on the anticipated timing and amount of decommissioning activity, as of September 30, 2015.

(2) Depending on the eventual network deployment and decommissioning plans of AT&T, T-Mobile and Sprint, the impact and timing of such renewals may vary from Crown Castle's expectations.

(3) Weighted by site rental revenue contributions; excludes renewals at the customers' option.

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SUMMARY OF TOWER PORTFOLIO BY VINTAGE
(as of September 30, 2015; dollars in thousands)
YIELD(1)	NUMBER OF TENANTS PER TOWER

LQA SITE RENTAL REVENUE PER TOWER LQA SITE RENTAL GROSS MARGIN PER TOWER

INVESTED CAPITAL PER TOWER⁽²⁾ NUMBER OF TOWERS

(1) Yield is calculated as LQA site rental gross margin divided by invested capital.

(2) Reflects gross total assets, including incremental capital invested by the Company since time of acquisition or construction completion. Inclusive of invested capital related to land at the tower site.

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PORTFOLIO OVERVIEW(1)
(as of September 30, 2015; dollars in thousands)
NUMBER OF TOWERS	TENANTS PER TOWER	LQA SITE RENTAL REVENUE PER TOWER

(1) Includes towers and rooftops, excludes small cells and third-party land interests.

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DISTRIBUTION OF TOWER TENANCY (as of September 30, 2015)
PERCENTAGE OF TOWERS BY TENANTS PER TOWER(1)
SITES OPERATED GREATER THAN 10 YEARS	SITES OPERATED LESS THAN OR EQUAL TO 10 YEARS

Average: 2.8	Average: 2.0
GEOGRAPHIC TOWER DISTRIBUTION (as of September 30, 2015)(1)
PERCENTAGE OF TOWERS BY GEOGRAPHIC LOCATION	PERCENTAGE OF LQA SITE RENTAL REVENUE BY GEOGRAPHIC LOCATION

(1) Includes towers and rooftops, excludes small cells and third-party land interests.

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GROUND INTEREST OVERVIEW
(as of September 30, 2015; dollars in millions)	LQA Site Rental Revenue		Percentage of LQA Site Rental Revenue		LQA Site Rental Gross Margin		Percentage of LQA Site Rental Gross Margin		Number of Towers(1)	Percentage of Towers		Weighted Average Term Remaining (by years)(2)
Less than 10 years	$	340	13	%	$	192	10	%	5,578	14	%
10 to 20 years	485		18	%	251		13	%	9,146	23	%
Greater 20 years	1,134		42	%	747		40	%	16,391	41	%
Total leased	$	1,959	73	%	$	1,190	64	%	31,115	78	%	31
Owned	737		27	%	678		36	%	8,577	22	%
Total / Average	$	2,696	100	%	$	1,868	100	%	39,692	100	%

(1) Includes towers and rooftops, excludes small cells and third-party land interests.

(2) Includes renewal terms at the Company’s option; weighted by site rental gross margin.

GROUND INTEREST ACTIVITY
(dollars in millions)	Three Months Ended September 30, 2015			Nine Months Ended September 30, 2015
Ground Extensions Under Crown Castle Towers:
Number of ground leases extended	492			1,461
Average number of years extended	36			35
Percentage increase in consolidated cash ground lease expense due to extension activities(1)	0.2		%	0.2		%
Ground Purchases Under Crown Castle Towers:
Number of ground leases purchased	132			361
Land lease purchases (including capital expenditures, acquisitions and capital leases)	$	33		$	101
Percentage of consolidated site rental gross margin from towers residing on land purchased	<1%			<1%

SMALL CELL NETWORK OVERVIEW
Number of Nodes(3) (in thousands)	Miles of Fiber (in thousands)	Percentage of LQA Site Rental Revenues(4)	Weighted Average Current Term Remaining for Customer Contracts(2)
15	16	11%	7

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

(2) Excludes renewal terms at customers’ option; weighted by site rental revenue.

(3) Includes nodes currently in-process.

(4) Pro forma for Sunesys acquired on August 4, 2015.

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CAPITALIZATION OVERVIEW
(dollars in millions)	Face Value as Reported 9/30/15		Fixed vs. Floating	Secured vs. Unsecured	Interest Rate(1)	Net Debt to LQA EBITDA(2)(3)	Maturity
Cash	$	184
Senior Secured Tower Revenue Notes, Series 2010-2-2010-3(4)	1,600		Fixed	Secured	6.0%		Various(8)
Senior Secured Tower Revenue Notes, Series 2010-5-2010-6(4)	1,300		Fixed	Secured	4.7%		Various(8)
Senior Secured Tower Revenue Notes, Series 2015-1-2015-2(4)	1,000		Fixed	Secured	3.5%		Various(8)
2012 Secured Notes(5)	1,500		Fixed	Secured	3.4%		2017/2023
Senior Secured Notes, Series 2009-1(6)	146		Fixed	Secured	7.6%		Various(8)
Subtotal	$	5,546			4.6%	2.6x
Revolving Credit Facility(7)	1,015		Floating	Secured	2.0%		2019
Term Loan A	634		Floating	Secured	1.9%		2019
Term Loan B	2,253		Floating	Secured	3.0%		2021
Total CCOC Facility Debt	$	3,901			2.6%	1.8x
4.875% Senior Notes	850		Fixed	Unsecured	4.9%		2022
5.250% Senior Notes	1,650		Fixed	Unsecured	5.3%		2023
Capital Leases & other debt	197		Various	Various	Various		Various
Total HoldCo and other debt	$	2,697			5.2%	1.3x
Total net debt	$	11,961			4.0%	5.6x
Preferred Stock, at liquidation value	978
Market Capitalization(9)	26,325
Firm Value(10)	$	39,263

(1) Represents the weighted-average stated interest rate.

(2) Represents the applicable amount of debt divided by LQA consolidated Adjusted EBITDA.

(3) Pro forma for Sunesys acquired on August 4, 2015.

(4) If the Senior Secured Tower Revenue Notes 2010-2, 2010-3 and Senior Secured Tower Revenue Notes 2010-5, and 2010-6 ("2010 Tower Revenue Notes") and Senior Secured Tower Revenue Notes 2015-1 and 2015-2 ("2015 Tower Revenue Notes") are not paid in full on or prior to 2017, 2020, 2022 and 2025, as applicable, then 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 class of the 2010 Tower Revenue Notes and 2015 Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective 2010 Tower Revenue Notes and 2015 Tower Revenue Notes. The Senior Secured Tower Revenue Notes, 2010-2, and 2010-3 consist of two series of notes with principal amounts of $350 million and $1.3 billion, having anticipated repayment dates in 2017 and 2020, respectively. The Senior Secured Tower Revenue Notes, 2010-5 and 2010-6 consist of two series of notes with principal amounts of $300 million and $1.0 billion, having anticipated repayment dates in 2017 and 2020, respectively. The Senior Secured Tower Revenue Notes, 2015-1 and 2015-2 consist of two series of notes with principal amounts of $300 million and $700 million, having anticipated repayment dates in 2022 and 2025, respectively.

(5) The 2012 Secured Notes consist of $500 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2030.

(6) The Senior Secured Notes, Series 2009-1 consist of $76 million of principal as of September 30, 2015 that amortizes through 2019, and $70 million of principal as of September 30, 2015 that amortizes during the period beginning in 2019 and ending in 2029.

(7) As of September 30, 2015, the undrawn availability under the $2.2 billion Revolving Credit Facility is $1.2 billion.

(8) Notes are prepayable at par if voluntarily repaid six months or less prior to maturity; earlier prepayment may require additional consideration.

(9) Market capitalization calculated based on $78.87 closing price and 333.8 million shares outstanding as of September 30, 2015.

(10) Represents the sum of net debt, preferred stock (at liquidation value) and market capitalization.

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DEBT MATURITY OVERVIEW⁽¹⁾

(1) Where applicable, maturities reflect the Anticipated Repayment Date as defined in the respective debt agreement; excludes capital leases and other obligations; amounts presented at face value net of repurchases held at CCIC.

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LIQUIDITY OVERVIEW(3)
(dollars in thousands)	September 30, 2015
Cash and cash equivalents(1)	$	184,116
Undrawn revolving credit facility availability(2)	1,215,000
Restricted cash	121,653
Debt and other long-term obligations	12,141,366
Total equity	7,240,303

(1) Exclusive of restricted cash.

(2) Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, our credit agreement governing our senior credit facilities ("2012 Credit Facility").

(3) In addition in August 2015, we established an ATM stock offering 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 $500.0 million to or through sales agents. As of September 30, 2015, no shares of common stock were sold under the ATM Program.

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SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
Debt	Borrower / Issuer	Covenant(1)	Covenant Level Requirement		As of September 30, 2015
Maintenance Financial Covenants(2)
2012 Credit Facility	CCOC	Total Net Leverage Ratio	≤ 5.50x		4.4x
2012 Credit Facility	CCOC	Consolidated Interest Coverage Ratio	≥ 2.50x		5.9x
Restrictive Negative Financial Covenants
Financial covenants restricting ability to make restricted payments, including dividends
4.875% Senior Notes	CCIC	Debt to Adjusted Consolidated Cash Flow Ratio	≤ 7.00x		5.7x
5.25% Senior Notes	CCIC	Debt to Adjusted Consolidated Cash Flow Ratio	≤ 7.00x		5.7x
2012 Credit Facility	CCOC	Total Net Leverage Ratio	≤ 5.50x		4.4x
Financial covenants restricting ability to incur additional debt
4.875% Senior Notes	CCIC	Debt to Adjusted Consolidated Cash Flow Ratio	≤ 7.00x		5.7x
5.25% Senior Notes	CCIC	Debt to Adjusted Consolidated Cash Flow Ratio	≤ 7.00x		5.7x
2012 Credit Facility	CCOC	Total Net Leverage Ratio	≤ 5.50x	(3)	4.4x
2012 Credit Facility	CCOC	Holdings Leverage Ratio	≤ 7.00x	(4)	5.7x
2012 Credit Facility	CCOC	Consolidated Interest Coverage Ratio	≥ 2.50x		5.9x
2012 Secured Notes	CC Holdings GS V LLC and Crown Castle GS III Corp.	Debt to Adjusted Consolidated Cash Flow Ratio	≤ 3.50x		3.9x
Financial covenants restricting ability to make investments
2012 Credit Facility	CCOC	Total Net Leverage Ratio	≤ 5.50x		4.4x

(1) As defined in the respective debt agreement.

(2) Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2012 Credit Facility.

(3) Applicable for debt issued at CCOC or its subsidiaries.

(4) Applicable for debt issued at CCIC or its subsidiaries.

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SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS (CONTINUED)
Debt	Borrower / Issuer	Covenant(1)	Covenant Level Requirement		As of September 30, 2015
Restrictive Negative Financial Covenants
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released
2010 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.75x	(2)	3.5x
2015 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.75x	(2)	3.5x
2009 Securitized Notes	Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.30x	(2)	5.1x
Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture
2010 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.00x	(3)	3.5x
2015 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.00x	(3)	3.5x
2009 Securitized Notes	Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.34x	(3)	5.1x

(1) As defined in the respective debt agreement. In the indentures for the 2010 Tower Revenue Notes, WCP Securitized Notes, and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR".

(2) The 2010 Tower Revenue Notes, 2015 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 2010 Tower Revenue Notes, 2015 Tower Revenue Notes, or 2009 Securitized Notes, respectively.

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

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INTEREST RATE SENSITIVITY(1)
	Remaining three months,		Years Ended December 31,
(as of September 30, 2015; dollars in millions)	2015		2016		2017
Fixed Rate Debt:
Face Value of Principal Outstanding(2)	$	8,046	$	8,022	$	8,003
Current Interest Payment Obligations(3)	95		381		380
Effect of 0.125% Change in Interest Rates(4)	<1		<1		1
Floating Rate Debt:
Face Value of Principal Outstanding(2)	$	3,901	$	3,835	$	3,779
Current Interest Payment Obligations(5)	25		104		116
Effect of 0.125% Change in Interest Rates(6)	<1		2		5

(1) Excludes capital lease and other obligations.

(2) Face value net of required amortizations; assumes no maturity or balloon principal payments; excludes capital leases.

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

(4) 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 rates plus 12.5 bps.

(5) Interest expense calculated based on current interest rates. Forward LIBOR assumptions are derived from the 1-month LIBOR forward curve as of September 30, 2015. Calculation takes into account any LIBOR floors in place and assumes no changes to future interest rate margin spread over LIBOR due to changes in the Borrower’s net leverage ratio.

(6) Interest expense calculated based on current interest rates using forward LIBOR assumptions until the stated maturity date, at which time the face value amount outstanding of such indebtedness is refinanced at current rates plus 12.5 bps. Absent the effect of LIBOR floors, a 12.5 bps increase to forward LIBOR assumptions would increase interest expense for the remaining three months of 2015, 2016, and 2017, by approximately $1 million, $5 million, and $5 million, respectively.

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DEFINITIONS

Non-GAAP Financial Measures and Other Calculations

This Supplement includes presentations of Adjusted EBITDA, Funds from Operations, Adjusted Funds from Operations, Organic Site Rental Revenues, Site Rental Revenues, as Adjusted, Organic Site Rental Gross Margin, and Site Rental Gross Margin, as Adjusted, and Ground Lease Expense, as Adjusted, 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")). Each of the amounts included in the calculation of Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues, Site Rental Revenues, as Adjusted, Organic Site Rental Gross Margin, and Site Rental Gross Margin, as Adjusted, and Ground Lease Expense, as Adjusted, are computed in accordance with GAAP, with the exception of: (1) sustaining capital expenditures, which is not defined under GAAP and (2) our adjustment to the income tax provision in calculations of AFFO for periods prior to our REIT conversion.

Our measures of Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues, Site Rental Revenues, as Adjusted, Organic Site Rental Gross Margin, and Site Rental Gross Margin, as Adjusted, and Ground Lease Expense, as Adjusted, may not be comparable to similarly titled measures of other companies, including other companies in the tower sector or those reported by other REITs. Our FFO and AFFO may not be comparable to those reported in accordance with National Association of Real Estate Investment Trusts, including with respect to the impact of income taxes for periods prior to our REIT conversion.

Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues, Site Rental Revenues, as Adjusted, Organic Site Rental Gross Margin, and Site Rental Gross Margin, as Adjusted, and Ground Lease Expense, as Adjusted, are presented as additional information because management believes these measures are useful indicators of the financial performance of our core businesses. In addition, Adjusted EBITDA is a measure of current financial performance used in our debt covenant calculations.

Adjusted EBITDA. Crown Castle defines 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.

Funds from Operations ("FFO"). Crown Castle defines Funds from Operations as net income plus real estate related depreciation, amortization and accretion and asset write-down charges, less non controlling interest and cash paid for preferred stock dividends, and is a measure of funds from operations attributable to CCIC common stockholders.

FFO per share. Crown Castle defines FFO per share as FFO divided by the diluted weighted average common shares outstanding.

Adjusted Funds from Operations ("AFFO"). Crown Castle defines Adjusted Funds from Operations as FFO before straight-line revenue, straight-line 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 (loss) on retirement of long-term obligations, net gain (loss) on interest rate swaps, gains (losses) on foreign currency swaps, acquisition and integration costs, and adjustments for noncontrolling interests, and less capital improvement capital expenditures and corporate capital expenditures.

AFFO per share. Crown Castle defines AFFO per share as AFFO divided by diluted weighted average common shares outstanding.

AFFO payout ratio. Dividends per common share divided by AFFO per share.

Site Rental Revenues, as Adjusted. Crown Castle defines Site Rental Revenues, as Adjusted, as site rental revenues, as reported, less straight-line revenues.

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DEFINITIONS (continued)

Organic Site Rental Revenues. Crown Castle defines Organic Site Rental Revenues as site rental revenues, as reported, less straight-line revenues, the impact of tower acquisitions and construction, foreign currency adjustments and certain non recurring items.

Site Rental Gross Margins, as Adjusted. Crown Castle defines Site Rental Gross Margins, as Adjusted, as site rental gross margin as reported less straight-line revenues and straight-line expenses.

Organic Site Rental Gross Margins. Crown Castle defines Organic Site Rental Gross Margins as site rental gross margins, as reported less straight-line revenues, straight-line expenses, the impact of tower acquisitions and construction, foreign currency adjustments and certain non recurring items.

Ground Lease Expense, as Adjusted. Crown Castle defines Ground Lease Expense, as Adjusted as ground lease expense, as reported, less straight line ground lease expense.

Sustaining capital expenditures. Crown Castle defines sustaining capital expenditures as either (1) corporate related capital improvements, such as buildings, information technology equipment and office equipment or (2) capital improvements to tower sites that enable our customers' ongoing quiet enjoyment of the tower.

The tables set forth below reconcile non-GAAP financial measures to comparable GAAP financial measures and provide certain other calculations. The components in these tables may not sum to the total due to rounding.

Amounts reflected herein are adjusted to reflect the sale of our CCAL segment as discontinued operations following the sale on May 28, 2015. See page 2.

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

Adjusted EBITDA for the three and nine months ended September 30, 2015 and 2014 is computed as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2015			2014			2015			2014
Net income (loss)	$	103,779		$	108,037		$	1,383,269		$	246,187
Adjustments to increase (decrease) net income (loss):
Income (loss) from discontinued operations	522			(8,882		)	(1,000,708		)	(28,502		)
Asset write-down charges	7,477			4,932			19,652			10,673
Acquisition and integration costs	7,608			4,068			12,001			28,852
Depreciation, amortization and accretion	261,662			247,206			766,621			738,965
Amortization of prepaid lease purchase price adjustments	5,143			4,988			15,387			14,546
Interest expense and amortization of deferred financing costs(1)	129,877			141,287			398,782			432,221
Gains (losses) on retirement of long-term obligations	—			—			4,157			44,629
Interest income	(789		)	(107		)	(1,170		)	(329		)
Other income (expense)	1,214			694			(58,510		)	9,350
Benefit (provision) for income taxes	(3,801		)	(1,977		)	(9,380		)	(8,118		)
Stock-based compensation expense	16,466			13,358			49,282			43,199
Adjusted EBITDA(2)	$	529,158		$	513,604		$	1,579,383		$	1,531,673

(1) See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein.

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

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Adjusted EBITDA for the quarter ending December 31, 2015 and the years ending December 31, 2015 and December 31, 2016 are forecasted as follows:

	Q4 2015			Full Year 2015			Full Year 2016
(dollars in millions)	Outlook			Outlook			Outlook
Net income (loss)	$99	to	$132	$1,481	to	$1,514	$409	to	$508
Adjustments to increase (decrease) net income (loss):
Income (loss) from discontinued operations	$0	to	$0	$(1,001)	to	$(1,001)	$0	to	$0
Asset write-down charges	$4	to	$6	$24	to	$26	$15	to	$25
Acquisition and integration costs	$2	to	$5	$14	to	$17	$10	to	$15
Depreciation, amortization and accretion	$263	to	$268	$1,030	to	$1,035	$1,050	to	$1,070
Amortization of prepaid lease purchase price adjustments	$4	to	$6	$20	to	$22	$20	to	$22
Interest expense and amortization of deferred financing costs(1)	$126	to	$131	$525	to	$530	$517	to	$537
Gains (losses) on retirement of long-term obligations	$0	to	$0	$4	to	$4	$0	to	$0
Interest income	$(2)	to	$0	$(3)	to	$(1)	$(3)	to	$(1)
Other income (expense)	$0	to	$3	$(59)	to	$(56)	$1	to	$3
Benefit (provision) for income taxes	$(3)	to	$1	$(13)	to	$(9)	$(10)	to	$(2)
Stock-based compensation expense	$15	to	$17	$65	to	$67	$73	to	$78
Adjusted EBITDA(2)	$536	to	$541	$2,115	to	$2,120	$2,156	to	$2,181

The components of interest expense and amortization of deferred financing costs for the quarters ending September 30, 2015 and 2014 are as follows:

	Three Months Ended September 30,
(dollars in thousands)	2015			2014
Interest expense on debt obligations	$	121,287		$	121,450
Amortization of deferred financing costs	5,451			5,516
Amortization of adjustments on long-term debt	116			(892		)
Amortization of interest rate swaps(3)	3,744			15,551
Other, net	(721		)	(338		)
Interest expense and amortization of deferred financing costs	$	129,877		$	141,287

The components of interest expense and amortization of deferred financing costs for the quarter ending December 31, 2015 and the years ending December 31, 2015 and December 31, 2016 are forecasted as follows:

	Q4 2015			Full Year 2015			Full Year 2016
(dollars in millions)	Outlook			Outlook			Outlook
Interest expense on debt obligations	$123	to	$125	$489	to	$491	$502	to	$512
Amortization of deferred financing costs	$4	to	$6	$21	to	$23	$21	to	$23
Amortization of adjustments on long-term debt	$0	to	$1	$(1)	to	$0	$(1)	to	$1
Amortization of interest rate swaps(3)	$0	to	$0	$19	to	$19	$0	to	$0
Other, net	$0	to	$0	$(2)	to	$(2)	$(3)	to	$(1)
Interest expense and amortization of deferred financing costs	$126	to	$131	$525	to	$530	$517	to	$537

(1) See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein.

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

(3) Relates to the amortization of interest rate swaps; the swaps were cash settled in prior periods.

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FFO and AFFO for the three and nine months ended September 30, 2015 and 2014 are computed as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands, except share and per share amounts)	2015			2014			2015			2014
Net income(1)	$	104,301		$	99,155		$	382,561		$	217,685
Real estate related depreciation, amortization and accretion	257,047			243,634			753,576			728,510
Asset write-down charges	7,477			4,932			19,652			10,673
Dividends on preferred stock	(10,997		)	(10,997		)	(32,991		)	(32,991		)
FFO(2)(3)(5)	$	357,828		$	336,724		$	1,122,798		$	923,876
FFO (from above)	$	357,828		$	336,724		$	1,122,798		$	923,876
Adjustments to increase (decrease) FFO:
Straight-line revenue	(27,144		)	(45,708		)	(89,009		)	(144,707		)
Straight-line expense	24,409			24,057			73,971			75,994
Stock-based compensation expense	16,466			13,358			49,282			43,198
Non-cash portion of tax provision	(5,897		)	(4,708		)	(20,272		)	(14,591		)
Non-real estate related depreciation, amortization and accretion	4,615			3,572			13,045			10,455
Amortization of non-cash interest expense	8,590			19,837			32,394			61,322
Other (income) expense	1,214			694			(58,510		)	9,350
Gains (losses) on retirement of long-term obligations	—			—			4,157			44,629
Acquisition and integration costs	7,608			4,068			12,001			28,852
Capital improvement capital expenditures	(14,351		)	(7,538		)	(32,503		)	(15,457		)
Corporate capital expenditures	(16,988		)	(12,117		)	(42,943		)	(27,173		)
AFFO(2)(3)(5)	$	356,350		$	332,237		$	1,064,412		$	995,747
Weighted average common shares outstanding — diluted(4)	333,711			333,241			333,735			333,020
AFFO per share(2)(5)	$	1.07		$	1.00		$	3.19		$	2.99

(1) Exclusive of income (loss) from discontinued operations and related noncontrolling interest of $(0.5 million) and $9 million for the three months ended September 30, 2015 and 2014, respectively and $1.0 billion and $29 million for the nine months ended September 30, 2015 and 2014, respectively.

(2) See definitions herein. See also “Definitions of Non-GAAP Financial Measures and Other Calculations” herein for a discussion of our definitions of FFO and AFFO.

(3) FFO and AFFO are reduced by cash paid for preferred stock dividends.

(4) The diluted weighted average common shares outstanding assumes no conversion for preferred stock in the share count.

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

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FFO and AFFO for the years ended December 31, 2014, 2013, 2012, 2011, 2010, 2009, 2008 and 2007 are computed as follows:

	Years Ended December 31,
(in thousands of dollars, except share and per share amounts)	2014			2013			2012			2011			2010			2009			2008			2007
Net income(1)	$	346,314		$	60,001		$	124,997		$	145,070		$	(330,183	)	$	(128,893	)	$	(60,675	)	$	(228,228	)
Real estate related depreciation, amortization and accretion	971,562			730,076			572,007			503,388			496,584			494,191			491,459			502,046
Asset write-down charges	14,246			13,595			15,226			21,986			13,243			18,611			16,696			65,515
Adjustment for noncontrolling interest(2)	—			—			268			349			—			—			—			362
Dividends on preferred stock	(43,988		)	—			(2,481		)	(19,487		)	(19,878		)	(19,878		)	(19,878		)	(19,878		)
FFO(4)(5)(7)	$	1,288,133		$	803,672		$	710,014		$	651,305		$	159,766		$	364,032		$	427,602		$	319,817
FFO (from above)	$	1,288,133		$	803,672		$	710,014		$	651,305		$	159,766		$	364,032		$	427,602		$	319,817
Adjustments to increase (decrease) FFO:
Straight-line revenue	(183,393		)	(212,856		)	(248,227		)	(195,456		)	(149,314		)	(90,269		)	(28,133		)	(30,912		)
Straight-line expense	101,890			78,619			52,271			38,141			37,617			37,469			39,172			40,026
Stock-based compensation expense	56,431			39,031			41,785			32,611			36,541			29,225			25,897			20,375
Non-cash portion of tax provision(3)	(19,490		)	185,723			(64,939		)	4,970			(29,033		)	(78,304		)	(106,857		)	(95,622		)
Non-real estate related depreciation, amortization and accretion	14,219			11,266			19,421			19,293			16,848			7,825			7,375			10,343
Amortization of non-cash interest expense	80,854			99,244			109,337			102,944			85,454			61,357			24,831			23,913
Other (income) expense	(11,992		)	3,902			5,363			5,603			824			(1,139		)	61,837			80,551
Gains (losses) on retirement of long-term obligations	44,629			37,127			131,974			—			138,367			91,079			(42		)	—
Net gain (loss) on interest rate swaps	—			—			—			—			286,435			92,966			37,888			—
Acquisition and integration costs	34,145			25,574			18,216			3,310			2,102			—			2,504			25,418
Adjustment for noncontrolling interest(2)	—			—			(268		)	(349		)	—			—			—			(362		)
Capital improvement capital expenditures	(31,056		)	(17,520		)	(19,997		)	(12,442		)	(13,727		)	(17,355		)	(13,780		)	(9,073		)
Corporate capital expenditures	(50,317		)	(27,099		)	(14,049		)	(8,421		)	(8,392		)	(9,335		)	(12,039		)	(12,206		)
AFFO(4)(5)(7)	$	1,324,054		$	1,026,684		$	740,901		$	641,510		$	563,487		$	487,550		$	466,255		$	372,266
Weighted average common shares outstanding — diluted(6)	333,265			299,293			291,270			285,947			287,764			286,622			282,007			279,937
AFFO per share(4)(7)	$	3.97		$	3.43		$	2.54		$	2.24		$	1.96		$	1.70		$	1.66		$	1.33

(1)    Exclusive of income from discontinued operations and related noncontrolling interest.

(2)    Inclusive of the noncontrolling interest related to real estate related depreciation, amortization and accretion and asset write-downs.

(3) Adjusts the income tax provision to reflect our estimate of the cash taxes paid had we been a REIT for all periods presented, and is primarily comprised of foreign taxes. As a result income tax expense (benefit) is lower by the amount of the adjustment.

(4) See reconciliations and definitions provided herein. See also "Definitions of Non-GAAP Measures and Other Calculations" herein for a discussion of our definitions of FFO and AFFO.

(5) FFO and AFFO are reduced by cash paid for preferred stock dividends.

(6) The diluted weighted average common shares outstanding assumes no conversion for preferred stock in the share count.

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

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FFO and AFFO for the three months ended December 31,2014 and 2013 are computed as follows:

	Three Months Ended December 31,
(in thousands of dollars, except share and per share amounts)	2014			2013
Net income(1)	$	128,629		$	(30,483	)
Real estate related depreciation, amortization and accretion	243,052			189,815
Asset write-down charges	3,573			3,962
Dividends on preferred stock	(10,997		)	—
FFO(3)(4)(6)	$	364,257		$	163,294
FFO (from above)	$	364,257		$	163,294
Adjustments to increase (decrease) FFO:
Straight-line revenue	(38,686		)	(47,050		)
Straight-line expense	25,896			18,459
Stock-based compensation expense	13,234			9,697
Non-cash portion of tax provision(2)	(4,899		)	106,958
Non-real estate related depreciation, amortization and accretion	3,764			2,576
Amortization of non-cash interest expense	19,532			21,003
Other (income) expense	(21,341		)	3,112
Gains (losses) on retirement of long-term obligations	—			641
Acquisition and integration costs	5,293			12,701
Capital improvement capital expenditures	(15,598		)	(9,159		)
Corporate capital expenditures	(23,146		)	(10,257		)
AFFO(3)(4)(6)	$	328,306		$	271,974
Weighted average common shares outstanding — diluted(5)	333,554			319,634
AFFO per share(3)(6)	$	0.98		$	0.85

(1)    Exclusive of income from discontinued operations and related noncontrolling interest.

(2) Adjusts the income tax provision to reflect our estimate of the cash taxes paid had we been a REIT for all periods presented, and is primarily comprised of foreign taxes. As a result income tax expense (benefit) is lower by the amount of the adjustment.

(3) See reconciliations and definitions provided herein. See also "Definitions of Non-GAAP Measures and Other Calculations" herein for a discussion of our definitions of FFO and AFFO.

(4) FFO and AFFO are reduced by cash paid for preferred stock dividends.

(5) The diluted weighted average common shares outstanding assumes no conversion for preferred stock in the share count.

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

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FFO and AFFO for the quarter ending December 31, 2015 and the years ending December 31, 2015 and December 31, 2016 are forecasted as follows:

	Q4 2015			Full Year 2015			Full Year 2016
(in millions of dollars, except share and per share amounts)	Outlook			Outlook			Outlook
Net income(1)	$99	to	$132	$480	to	$513	$409	to	$508
Real estate related depreciation, amortization and accretion	$259	to	$262	$1,013	to	$1,016	$1,034	to	$1,049
Asset write-down charges	$4	to	$6	$24	to	$26	$15	to	$25
Dividends on preferred stock	$(11)	to	$(11)	$(44)	to	$(44)	$(44)	to	$(44)
FFO(3)(4)(6)	$368	to	$373	$1,491	to	$1,496	$1,467	to	$1,492
FFO (from above)	$368	to	$373	$1,491	to	$1,496	$1,467	to	$1,492
Adjustments to increase (decrease) FFO:
Straight-line revenue	$(26)	to	$(21)	$(115)	to	$(110)	$(48)	to	$(33)
Straight-line expense	$21	to	$26	$95	to	$100	$80	to	$95
Stock-based compensation expense	$15	to	$17	$65	to	$67	$73	to	$78
Non-cash portion of tax provision	$(6)	to	$(1)	$(26)	to	$(21)	$(21)	to	$(6)
Non-real estate related depreciation, amortization and accretion	$4	to	$6	$17	to	$19	$16	to	$21
Amortization of non-cash interest expense	$4	to	$7	$37	to	$40	$17	to	$23
Other (income) expense	$0	to	$3	$(59)	to	$(56)	$1	to	$3
Gains (losses) on retirement of long-term obligations	$0	to	$0	$4	to	$4	$0	to	$0
Acquisition and integration costs	$2	to	$5	$14	to	$17	$10	to	$15
Capital improvement capital expenditures	$(13)	to	$(11)	$(45)	to	$(43)	$(48)	to	$(43)
Corporate capital expenditures	$(16)	to	$(14)	$(59)	to	$(57)	$(31)	to	$(26)
AFFO(3)(4)(6)	$368	to	$373	$1,433	to	$1,438	$1,550	to	$1,575
Weighted-average common shares outstanding—diluted(2)(5)	333.8			333.8			335.8
AFFO per share(3)(6)	$1.10	to	$1.12	$4.29	to	$4.31	$4.62	to	$4.69

(1) For full year 2015 Outlook, net income is exclusive of income from discontinued operations of $1.0 billion and related noncontrolling interest.

(2) Based on diluted shares outstanding as of September 30, 2015 of approximately 334 million shares for fourth quarter 2015 and full year 2015. Full year 2016 assumes diluted shares outstanding of approximately 336 million shares, inclusive of the assumed conversion of the mandatory convertible preferred stock in November 2016.

(3) See definitions herein. See also “Definitions of Non-GAAP Financial Measures and Other Calculations” herein for a discussion of our definitions of FFO and AFFO.

(4) FFO and AFFO are reduced by cash paid for preferred stock dividends.

(5) The diluted weighted average common shares outstanding assumes no conversion for preferred stock in the share count other than as discussed in footnote (2).

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

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Crown Castle International Corp.

Third Quarter 2015

COMPANY OVERVIEW FINANCIALS & METRICS ASSET PORTFOLIO OVERVIEW CAPITALIZATION OVERVIEW APPENDIX

Net debt to Last Quarter Annualized Adjusted EBITDA calculation:

	Three Months Ended September 30,
(dollars in millions)	2015				2014
Total face value of debt	$	12,145.0			$	11,573.1
Ending cash and cash equivalents	184.1				218.1
Total net debt	$	11,960.9			$	11,355.0
Adjusted EBITDA for the three months ended September 30,	$	534.8		(1)	$	513.6
Last quarter annualized Adjusted EBITDA	2,139.2			(1)	2,054.4
Net debt to Last Quarter Annualized Adjusted EBITDA	5.6		x	(1)	5.5		x

(1) Pro forma for Sunesys acquired on August 4, 2015.

Cash Interest Coverage Ratio Calculation:

	Three Months Ended September 30,
(dollars in thousands)	2015			2014
Adjusted EBITDA	$	529,158		$	513,604
Interest expense on debt obligations	121,287			121,450
Interest Coverage Ratio	4.4		x	4.2		x

AFFO Payout Ratio Calculation:

	Three Months Ended September 30,
(per share)	2015			2014
Dividend per share	$	0.82		$	0.35
AFFO per share	$	1.07		$	1.00
AFFO Payout Ratio(1)	77		%	35		%

(1) AFFO is calculated exclusive of income from discontinued operations and related noncontrolling interest. See page 2.

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