(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Former name or former address, if changed since last report.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
10.1 | ||||||||
99.1 | ||||||||
99.2 | ||||||||
99.3 | ||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
CROWN CASTLE INTERNATIONAL CORP. | ||||||||||||||
By: | /s/ Kenneth J. Simon | |||||||||||||
Name: | Kenneth J. Simon | |||||||||||||
Title: | Executive Vice President and General Counsel |
![]() | NEWS RELEASE October 20, 2021 |
Contacts: Dan Schlanger, CFO | |||||
Ben Lowe, SVP & Treasurer | |||||
FOR IMMEDIATE RELEASE | Crown Castle International Corp. | ||||
713-570-3050 |
Full Year 2022 | Full Year 2021 | |||||||||||||||||||
(dollars in millions, except per share amounts) | Current Outlook Midpoint(a) | Midpoint Growth Rate Compared to Previous Year Outlook | Current Outlook Midpoint(a) | Midpoint Growth Rate Compared to Previous Year Actual(b) | ||||||||||||||||
As Reported | As Adjusted(c) | |||||||||||||||||||
Site rental revenues | $5,975 | 5% | $5,700 | 7% | 7% | |||||||||||||||
Income (loss) from continuing operations(e) | $1,424 | 28% | $1,114(d) | 5% | 34% | |||||||||||||||
Income (loss) from continuing operations per share —diluted(e)(f) | $3.28 | 28% | $2.57(d) | 9% | 40% | |||||||||||||||
Adjusted EBITDA(e) | $4,022 | 6% | $3,787 | 2% | 11% | |||||||||||||||
AFFO(e)(f) | $3,201 | 8% | $2,966 | 3% | 14% | |||||||||||||||
AFFO per share(e)(f) | $7.36 | 8% | $6.83 | 1% | 12% | |||||||||||||||
News Release continued: | Page 2 |
(dollars in millions, except per share amounts) | Q3 2021 | Q3 2020 | Change | % Change | ||||||||||
Site rental revenues | $1,451 | $1,339 | +$112 | +8% | ||||||||||
Income (loss) from continuing operations | $351 | $163 | +$188 | +115% | ||||||||||
Income (loss) from continuing operations per share—diluted(a) | $0.81 | $0.38 | +$0.43 | +113% | ||||||||||
Adjusted EBITDA(b) | $976 | $883 | +$93 | +11% | ||||||||||
AFFO(a)(b) | $767 | $668 | +$99 | +15% | ||||||||||
AFFO per share(a)(b) | $1.77 | $1.56 | +$0.21 | +13% |
News Release continued: | Page 3 |
(in millions, except per share amounts) | Full Year 2021 | Full Year 2022 | ||||||||||||||||||
Site rental revenues | $5,677 | to | $5,722 | $5,952 | to | $5,997 | ||||||||||||||
Site rental cost of operations(a) | $1,538 | to | $1,583 | $1,548 | to | $1,593 | ||||||||||||||
Income (loss) from continuing operations | $1,074 | to | $1,154(b) | $1,384 | to | $1,464 | ||||||||||||||
Adjusted EBITDA(c) | $3,764 | to | $3,809 | $3,999 | to | $4,044 | ||||||||||||||
Interest expense and amortization of deferred financing costs(d) | $633 | to | $678 | $615 | to | $660 | ||||||||||||||
FFO(c)(e) | $2,720 | to | $2,765 | $3,068 | to | $3,113 | ||||||||||||||
AFFO(c)(e) | $2,943 | to | $2,988 | $3,178 | to | $3,223 | ||||||||||||||
AFFO per share(c)(e) | $6.78 | to | $6.89 | $7.31 | to | $7.41 |
News Release continued: | Page 4 |
Midpoint of Full Year 2022 Outlook | Midpoint of Full Year 2021 Outlook | 2020 | ||||||||||||||||||
(in millions, except per share amounts) | Current(a) | Current(a) | Full Year Actual | Impact from Nontypical Items | ||||||||||||||||
Site rental revenues | $5,975 | $5,700 | $5,320 | $— | ||||||||||||||||
Income (loss) from continuing operations | $1,424 | $1,114(b) | $1,056 | $223 | ||||||||||||||||
Income (loss) from continuing operations per share—diluted(c) | $3.28 | $2.57(b) | $2.35 | $0.52 | ||||||||||||||||
Adjusted EBITDA(d) | $4,022 | $3,787 | $3,706 | $286 | ||||||||||||||||
AFFO(c)(d) | $3,201 | $2,966 | $2,878 | $286 | ||||||||||||||||
AFFO per share(c)(d) | $7.36 | $6.83 | $6.78 | $0.68 | ||||||||||||||||
News Release continued: | Page 5 |
NEW LEASING ACTIVITY BY SEGMENT | |||||||||||||||||||||||||||||||||||||||||||||||
Full Year 2021 Outlook | Full Year 2022 Outlook | ||||||||||||||||||||||||||||||||||||||||||||||
Towers | Fiber | Total | Towers | Fiber | Total | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | Small Cells | Fiber Solutions | Small Cells | Fiber Solutions | |||||||||||||||||||||||||||||||||||||||||||
New leasing activity(a) | $150-$160 | $50-$60 | $160-$170 | $360-$390 | $160-$170 | $25-$35 | $150-$160 | $335-$365 | |||||||||||||||||||||||||||||||||||||||
Less: Year-over-year change in prepaid rent amortization | (20) | (10) | — | (30) | (5) | — | (5) | (10) | |||||||||||||||||||||||||||||||||||||||
Core leasing activity(a) | $130-$140 | $40-$50 | $160-$170 | $330-$360 | $155-$165 | $25-$35 | $145-$155 | $325-$355 |
News Release continued: | Page 6 |
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For the Three Months Ended | For the Nine Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||
(in millions) | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | December 31, 2020 | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 351 | $ | 163 | $ | 805 | (a) | $ | 548 | $ | 1,056 | ||||||||||||||||||
Adjustments to increase (decrease) Income (loss) from continuing operations: | |||||||||||||||||||||||||||||
Asset write-down charges | — | 3 | 9 | 10 | 74 | ||||||||||||||||||||||||
Acquisition and integration costs | — | 2 | 1 | 9 | 10 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 413 | 406 | 1,229 | 1,207 | 1,608 | ||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 4 | 5 | 14 | 14 | 18 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs(b) | 163 | 168 | 493 | 521 | 689 | ||||||||||||||||||||||||
(Gains) losses on retirement of long-term obligations | 1 | 95 | 145 | 95 | 95 | ||||||||||||||||||||||||
Interest income | — | — | (1) | (2) | (2) | ||||||||||||||||||||||||
Other (income) expense | 4 | 3 | 16 | 3 | 5 | ||||||||||||||||||||||||
(Benefit) provision for income taxes | 7 | 5 | 20 | 16 | 20 | ||||||||||||||||||||||||
Stock-based compensation expense | 33 | 33 | 100 | 106 | 133 | ||||||||||||||||||||||||
Adjusted EBITDA(c)(d) | $ | 976 | $ | 883 | $ | 2,831 | $ | 2,527 | $ | 3,706 |
Full Year 2021 | Full Year 2022 | ||||||||||||||||||||||
(in millions) | Outlook(f) | Outlook(f) | |||||||||||||||||||||
Income (loss) from continuing operations | $1,074 | to | $1,154(a) | $1,384 | to | $1,464 | |||||||||||||||||
Adjustments to increase (decrease) Income (loss) from continuing operations: | |||||||||||||||||||||||
Asset write-down charges | $15 | to | $25 | $15 | to | $25 | |||||||||||||||||
Acquisition and integration costs | $0 | to | $8 | $0 | to | $8 | |||||||||||||||||
Depreciation, amortization and accretion | $1,615 | to | $1,710 | $1,650 | to | $1,745 | |||||||||||||||||
Amortization of prepaid lease purchase price adjustments | $17 | to | $19 | $16 | to | $18 | |||||||||||||||||
Interest expense and amortization of deferred financing costs(e) | $633 | to | $678 | $615 | to | $660 | |||||||||||||||||
(Gains) losses on retirement of long-term obligations | $145 | to | $145 | $0 | to | $100 | |||||||||||||||||
Interest income | $(3) | to | $0 | $(1) | to | $0 | |||||||||||||||||
Other (income) expense | $1 | to | $12 | $0 | to | $5 | |||||||||||||||||
(Benefit) provision for income taxes | $18 | to | $26 | $25 | to | $33 | |||||||||||||||||
Stock-based compensation expense | $133 | to | $143 | $135 | to | $139 | |||||||||||||||||
Adjusted EBITDA(c)(d) | $3,764 | to | $3,809 | $3,999 | to | $4,044 |
News Release continued: | Page 11 |
For the Three Months Ended | For the Nine Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||
(in millions, except per share amounts) | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | December 31, 2020 | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 351 | $ | 163 | $ | 805 | (a) | $ | 548 | $ | 1,056 | ||||||||||||||||||
Real estate related depreciation, amortization and accretion | 400 | 393 | 1,190 | 1,167 | 1,555 | ||||||||||||||||||||||||
Asset write-down charges | — | 3 | 9 | 10 | 74 | ||||||||||||||||||||||||
Dividends/distributions on preferred stock | — | (28) | — | (85) | (85) | ||||||||||||||||||||||||
FFO(b)(c)(d)(e) | $ | 751 | $ | 531 | $ | 2,004 | $ | 1,640 | $ | 2,600 | |||||||||||||||||||
Weighted-average common shares outstanding—diluted | 434 | 429 | 434 | 422 | 425 | ||||||||||||||||||||||||
FFO per share(b)(c)(d)(e) | $ | 1.73 | $ | 1.24 | $ | 4.62 | $ | 3.89 | $ | 6.12 | |||||||||||||||||||
FFO (from above) | $ | 751 | $ | 531 | $ | 2,004 | $ | 1,640 | $ | 2,600 | |||||||||||||||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||||||||||||||||
Straight-lined revenue | (38) | (4) | (73) | (27) | (22) | ||||||||||||||||||||||||
Straight-lined expense | 18 | 21 | 58 | 61 | 83 | ||||||||||||||||||||||||
Stock-based compensation expense | 33 | 33 | 100 | 106 | 133 | ||||||||||||||||||||||||
Non-cash portion of tax provision | 3 | (7) | 3 | 3 | 1 | ||||||||||||||||||||||||
Non-real estate related depreciation, amortization and accretion | 13 | 13 | 39 | 40 | 53 | ||||||||||||||||||||||||
Amortization of non-cash interest expense | 3 | 1 | 9 | 4 | 6 | ||||||||||||||||||||||||
Other (income) expense | 4 | 3 | 16 | 3 | 5 | ||||||||||||||||||||||||
(Gains) losses on retirement of long-term obligations | 1 | 95 | 145 | 95 | 95 | ||||||||||||||||||||||||
Acquisition and integration costs | — | 2 | 1 | 9 | 10 | ||||||||||||||||||||||||
Sustaining capital expenditures | (21) | (20) | (56) | (64) | (86) | ||||||||||||||||||||||||
AFFO(b)(c)(d)(e) | $ | 767 | $ | 668 | $ | 2,246 | $ | 1,870 | $ | 2,878 | |||||||||||||||||||
Weighted-average common shares outstanding—diluted | 434 | 429 | 434 | 422 | 425 | ||||||||||||||||||||||||
AFFO per share(b)(c)(d)(e) | $ | 1.77 | $ | 1.56 | $ | 5.18 | $ | 4.43 | $ | 6.78 |
News Release continued: | Page 12 |
Full Year 2021 | Full Year 2022 | ||||||||||||||||||||||
(in millions, except per share amounts) | Outlook(f) | Outlook(f) | |||||||||||||||||||||
Income (loss) from continuing operations | $1,074 | to | $1,154(a) | $1,384 | to | $1,464 | |||||||||||||||||
Real estate related depreciation, amortization and accretion | $1,569 | to | $1,649 | $1,607 | to | $1,687 | |||||||||||||||||
Asset write-down charges | $15 | to | $25 | $15 | to | $25 | |||||||||||||||||
FFO(b)(c)(d) | $2,720 | to | $2,765 | $3,068 | to | $3,113 | |||||||||||||||||
Weighted-average common shares outstanding—diluted(e) | 434 | 435 | |||||||||||||||||||||
FFO per share(b)(c)(d)(e) | $6.27 | to | $6.37 | $7.06 | to | $7.16 | |||||||||||||||||
FFO (from above) | $2,720 | to | $2,765 | $3,068 | to | $3,113 | |||||||||||||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||||||||||
Straight-lined revenue | $(117) | to | $(97) | $(129) | to | $(109) | |||||||||||||||||
Straight-lined expense | $63 | to | $83 | $56 | to | $76 | |||||||||||||||||
Stock-based compensation expense | $133 | to | $143 | $135 | to | $139 | |||||||||||||||||
Non-cash portion of tax provision | $(7) | to | $8 | $0 | to | $15 | |||||||||||||||||
Non-real estate related depreciation, amortization and accretion | $46 | to | $61 | $43 | to | $58 | |||||||||||||||||
Amortization of non-cash interest expense | $4 | to | $14 | $5 | to | $15 | |||||||||||||||||
Other (income) expense | $1 | to | $12 | $0 | to | $5 | |||||||||||||||||
(Gains) losses on retirement of long-term obligations | $145 | to | $145 | $0 | to | $100 | |||||||||||||||||
Acquisition and integration costs | $0 | to | $8 | $0 | to | $8 | |||||||||||||||||
Sustaining capital expenditures | $(104) | to | $(94) | $(113) | to | $(93) | |||||||||||||||||
AFFO(b)(c)(d) | $2,943 | to | $2,988 | $3,178 | to | $3,223 | |||||||||||||||||
Weighted-average common shares outstanding—diluted(e) | 434 | 435 | |||||||||||||||||||||
AFFO per share(b)(c)(d)(e) | $6.78 | to | $6.89 | $7.31 | to | $7.41 |
News Release continued: | Page 13 |
Midpoint of Current Full Year 2021(a) | Full Year 2020 | Full Year 2021 Growth Rates (Outlook at the Midpoint) | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | Outlook | As Reported | Less: Impact from Nontypical Items | Exclusive of Impact from Nontypical Items | As Reported | Less: Impact from Nontypical Items | Exclusive of Impact from Nontypical Items | |||||||||||||||||||||||||||||||||||||||||||
Site rental revenues | $ | 5,700 | $ | 5,320 | $ | — | $ | 5,320 | 7 | % | — | % | 7 | % | ||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations(b) | 1,114 | (d) | 1,056 | (223) | (e) | 833 | 5 | % | 29 | % | (e) | 34 | % | |||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations per share—diluted(b)(c) | 2.57 | (d) | 2.35 | (0.52) | (e) | 1.83 | 9 | % | 31 | % | (e) | 40 | % | |||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(b) | 3,787 | 3,706 | (286) | (f) | 3,420 | 2 | % | 9 | % | (f) | 11 | % | ||||||||||||||||||||||||||||||||||||||
AFFO(b)(c) | 2,966 | 2,878 | (286) | (f) | 2,592 | 3 | % | 11 | % | (f) | 14 | % | ||||||||||||||||||||||||||||||||||||||
AFFO per share(b)(c) | $ | 6.83 | $ | 6.78 | $ | (0.68) | (f) | $ | 6.10 | 1 | % | 11 | % | (f) | 12 | % |
News Release continued: | Page 14 |
Three Months Ended September 30, | |||||||||||
(dollars in millions) | 2021 | 2020 | |||||||||
Components of changes in site rental revenues:(a) | |||||||||||
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c) | $ | 1,335 | $ | 1,265 | |||||||
New leasing activity(b)(c) | 98 | 93 | |||||||||
Escalators | 23 | 23 | |||||||||
Non-renewals | (44) | (46) | |||||||||
Organic Contribution to Site Rental Revenues(d) | 77 | 70 | |||||||||
Impact from straight-lined revenues associated with fixed escalators | 38 | 4 | |||||||||
Acquisitions(e) | 1 | — | |||||||||
Other | — | — | |||||||||
Total GAAP site rental revenues | $ | 1,451 | $ | 1,339 | |||||||
Year-over-year changes in revenue: | |||||||||||
Reported GAAP site rental revenues | 8.4 | % | |||||||||
Organic Contribution to Site Rental Revenues(d)(f) | 5.8 | % |
(dollars in millions) | Current Full Year 2021 Outlook(a) | Current Full Year 2022 Outlook(a) | |||||||||||||||||||||
Components of changes in site rental revenues:(b) | |||||||||||||||||||||||
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(c)(d) | $5,298 | $5,593(h) | |||||||||||||||||||||
New leasing activity(c)(d) | $360 | to | $390 | $335 | to | $365 | |||||||||||||||||
Escalators | $90 | to | $100 | $95 | to | $105 | |||||||||||||||||
Non-renewals | $(180) | to | $(160) | $(195) | to | $(175) | |||||||||||||||||
Organic Contribution to Site Rental Revenues(e) | $280 | to | $320 | $245 | to | $285 | |||||||||||||||||
Impact from full year straight-lined revenues associated with fixed escalators | $97 | to | $117 | $109 | to | $129 | |||||||||||||||||
Acquisitions(f) | <$5 | — | |||||||||||||||||||||
Other | — | — | |||||||||||||||||||||
Total GAAP site rental revenues | $5,677 | to | $5,722 | $5,952 | to | $5,997 | |||||||||||||||||
Year-over-year changes in revenue: | |||||||||||||||||||||||
Reported GAAP site rental revenues(h) | 7.1% | 4.8% | |||||||||||||||||||||
Organic Contribution to Site Rental Revenues(e)(g)(h) | 5.7% | 4.7% |
News Release continued: | Page 15 |
For the Three Months Ended | |||||||||||
(in millions) | September 30, 2021 | September 30, 2020 | |||||||||
Interest expense on debt obligations | $ | 160 | $ | 167 | |||||||
Amortization of deferred financing costs and adjustments on long-term debt, net | 6 | 6 | |||||||||
Capitalized interest | (3) | (5) | |||||||||
Interest expense and amortization of deferred financing costs | $ | 163 | $ | 168 |
Full Year 2021 | Full Year 2022 | ||||||||||||||||||||||
(in millions) | Outlook | Outlook | |||||||||||||||||||||
Interest expense on debt obligations | $638 | to | $658 | $617 | to | $637 | |||||||||||||||||
Amortization of deferred financing costs and adjustments on long-term debt, net | $21 | to | $26 | $25 | to | $30 | |||||||||||||||||
Capitalized interest | $(17) | to | $(12) | $(20) | to | $(15) | |||||||||||||||||
Interest expense and amortization of deferred financing costs | $633 | to | $678 | $615 | to | $660 |
News Release continued: | Page 16 |
(in millions) | Face Value | Final Maturity | |||||||||
Cash, cash equivalents and restricted cash | $ | 542 | |||||||||
3.849% Secured Notes | 1,000 | Apr. 2023 | |||||||||
Secured Notes, Series 2009-1, Class A-2(a) | 55 | Aug. 2029 | |||||||||
Tower Revenue Notes, Series 2018-1(b) | 250 | July 2043 | |||||||||
Tower Revenue Notes, Series 2015-2(b) | 700 | May 2045 | |||||||||
Tower Revenue Notes, Series 2018-2(b) | 750 | July 2048 | |||||||||
Finance leases and other obligations | 240 | Various | |||||||||
Total secured debt | $ | 2,995 | |||||||||
2016 Revolver(c) | — | June 2026 | |||||||||
2016 Term Loan A | 1,231 | June 2026 | |||||||||
Commercial Paper Notes(d) | 665 | Oct. 2021 | |||||||||
3.150% Senior Notes | 750 | July 2023 | |||||||||
3.200% Senior Notes | 750 | Sept. 2024 | |||||||||
1.350% Senior Notes | 500 | July 2025 | |||||||||
4.450% Senior Notes | 900 | Feb. 2026 | |||||||||
3.700% Senior Notes | 750 | June 2026 | |||||||||
1.050% Senior Notes | 1,000 | July 2026 | |||||||||
4.000% Senior Notes | 500 | Mar. 2027 | |||||||||
3.650% Senior Notes | 1,000 | Sept. 2027 | |||||||||
3.800% Senior Notes | 1,000 | Feb. 2028 | |||||||||
4.300% Senior Notes | 600 | Feb. 2029 | |||||||||
3.100% Senior Notes | 550 | Nov. 2029 | |||||||||
3.300% Senior Notes | 750 | July 2030 | |||||||||
2.250% Senior Notes | 1,100 | Jan. 2031 | |||||||||
2.100% Senior Notes | 1,000 | Apr. 2031 | |||||||||
2.500% Senior Notes | 750 | July 2031 | |||||||||
2.900% Senior Notes | 1,250 | Apr. 2041 | |||||||||
4.750% Senior Notes | 350 | May 2047 | |||||||||
5.200% Senior Notes | 400 | Feb. 2049 | |||||||||
4.000% Senior Notes | 350 | Nov. 2049 | |||||||||
4.150% Senior Notes | 500 | July 2050 | |||||||||
3.250% Senior Notes | 900 | Jan. 2051 | |||||||||
Total unsecured debt | $ | 17,546 | |||||||||
Total net debt | $ | 19,999 | |||||||||
News Release continued: | Page 17 |
(dollars in millions) | For the Three Months Ended September 30, 2021 | ||||
Total face value of debt | $ | 20,541 | |||
Less: Ending cash, cash equivalents and restricted cash | 542 | ||||
Total Net Debt | $ | 19,999 | |||
Adjusted EBITDA for the three months ended September 30, 2021 | $ | 976 | |||
Last quarter annualized Adjusted EBITDA | 3,904 | ||||
Net Debt to Last Quarter Annualized Adjusted EBITDA | 5.1 | x |
For the Three Months Ended | |||||||||||||||||||||||||||||
(in millions) | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||
Towers | Fiber | Other | Total | Towers | Fiber | Other | Total | ||||||||||||||||||||||
Discretionary: | |||||||||||||||||||||||||||||
Purchases of land interests | $ | 11 | $ | — | $ | — | $ | 11 | $ | 12 | $ | — | $ | — | $ | 12 | |||||||||||||
Communications infrastructure improvements and other capital projects | 31 | 217 | 3 | 251 | 61 | 274 | 10 | 345 | |||||||||||||||||||||
Sustaining | 4 | 12 | 5 | 21 | 3 | 13 | 4 | 20 | |||||||||||||||||||||
Total | $ | 46 | $ | 229 | $ | 8 | $ | 283 | $ | 76 | $ | 287 | $ | 14 | $ | 377 |
For the Nine Months Ended | |||||||||||||||||||||||||||||
(in millions) | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||
Towers | Fiber | Other | Total | Towers | Fiber | Other | Total | ||||||||||||||||||||||
Discretionary: | |||||||||||||||||||||||||||||
Purchases of land interests | $ | 46 | $ | — | $ | — | $ | 46 | $ | 41 | $ | — | $ | — | $ | 41 | |||||||||||||
Communications infrastructure improvements and other capital projects | 104 | 666 | 20 | 790 | 220 | 888 | 25 | 1,133 | |||||||||||||||||||||
Sustaining | 10 | 35 | 11 | 56 | 11 | 38 | 15 | 64 | |||||||||||||||||||||
Total | $ | 160 | $ | 701 | $ | 31 | $ | 892 | $ | 272 | $ | 926 | $ | 40 | $ | 1,238 |
News Release continued: | Page 18 |
News Release continued: | Page 19 |
News Release continued: | Page 20 |
![]() | CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (Amounts in millions, except par values) |
September 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 357 | $ | 232 | |||||||
Restricted cash | 180 | 144 | |||||||||
Receivables, net | 493 | 431 | |||||||||
Prepaid expenses | 120 | 95 | |||||||||
Other current assets | 182 | 202 | |||||||||
Total current assets | 1,332 | 1,104 | |||||||||
Deferred site rental receivables | 1,516 | 1,408 | |||||||||
Property and equipment, net | 15,174 | 15,162 | |||||||||
Operating lease right-of-use assets | 6,659 | 6,464 | |||||||||
Goodwill | 10,078 | 10,078 | |||||||||
Other intangible assets, net | 4,115 | 4,433 | |||||||||
Other assets, net | 130 | 119 | |||||||||
Total assets | $ | 39,004 | $ | 38,768 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 231 | $ | 230 | |||||||
Accrued interest | 141 | 199 | |||||||||
Deferred revenues | 822 | 704 | |||||||||
Other accrued liabilities | 376 | 378 | |||||||||
Current maturities of debt and other obligations | 72 | 129 | |||||||||
Current portion of operating lease liabilities | 345 | 329 | |||||||||
Total current liabilities | 1,987 | 1,969 | |||||||||
Debt and other long-term obligations | 20,293 | 19,151 | |||||||||
Operating lease liabilities | 6,000 | 5,808 | |||||||||
Other long-term liabilities | 2,208 | 2,379 | |||||||||
Total liabilities | 30,488 | 29,307 | |||||||||
Commitments and contingencies | |||||||||||
CCIC stockholders' equity: | |||||||||||
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: September 30, 2021—432 and December 31, 2020—431 | 4 | 4 | |||||||||
Additional paid-in capital | 17,982 | 17,933 | |||||||||
Accumulated other comprehensive income (loss) | (3) | (4) | |||||||||
Dividends/distributions in excess of earnings | (9,467) | (8,472) | |||||||||
Total equity | 8,516 | 9,461 | |||||||||
Total liabilities and equity | $ | 39,004 | $ | 38,768 |
News Release continued: | Page 21 |
![]() | CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) (Amounts in millions, except per share amounts) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||
Site rental | $ | 1,451 | $ | 1,339 | $ | 4,245 | $ | 3,968 | |||||||||||||||
Services and other | 167 | 147 | 441 | 379 | |||||||||||||||||||
Net revenues | 1,618 | 1,486 | 4,686 | 4,347 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Costs of operations:(a) | |||||||||||||||||||||||
Site rental | 397 | 370 | 1,168 | 1,123 | |||||||||||||||||||
Services and other | 115 | 117 | 301 | 324 | |||||||||||||||||||
Selling, general and administrative | 167 | 154 | 500 | 493 | |||||||||||||||||||
Asset write-down charges | — | 3 | 9 | 10 | |||||||||||||||||||
Acquisition and integration costs | — | 2 | 1 | 9 | |||||||||||||||||||
Depreciation, amortization and accretion | 413 | 406 | 1,229 | 1,207 | |||||||||||||||||||
Total operating expenses | 1,092 | 1,052 | 3,208 | 3,166 | |||||||||||||||||||
Operating income (loss) | 526 | 434 | 1,478 | 1,181 | |||||||||||||||||||
Interest expense and amortization of deferred financing costs | (163) | (168) | (493) | (521) | |||||||||||||||||||
Gains (losses) on retirement of long-term obligations | (1) | (95) | (145) | (95) | |||||||||||||||||||
Interest income | — | — | 1 | 2 | |||||||||||||||||||
Other income (expense) | (4) | (3) | (16) | (3) | |||||||||||||||||||
Income (loss) before income taxes | 358 | 168 | 825 | 564 | |||||||||||||||||||
Benefit (provision) for income taxes | (7) | (5) | (20) | (16) | |||||||||||||||||||
Income (loss) from continuing operations | 351 | 163 | 805 | 548 | |||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Net gain (loss) from disposal of discontinued operations, net of tax | — | — | (62) | — | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | (62) | — | |||||||||||||||||||
Net income (loss) | 351 | 163 | 743 | 548 | |||||||||||||||||||
Dividends/distributions on preferred stock | — | — | — | (57) | |||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders | $ | 351 | $ | 163 | $ | 743 | $ | 491 | |||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||
Income (loss) from continuing operations, basic | $ | 0.81 | $ | 0.38 | $ | 1.86 | $ | 1.17 | |||||||||||||||
Income (loss) from discontinued operations, basic | — | — | (0.14) | — | |||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders, basic | $ | 0.81 | $ | 0.38 | $ | 1.72 | $ | 1.17 | |||||||||||||||
Income (loss) from continuing operations, diluted | $ | 0.81 | $ | 0.38 | $ | 1.85 | $ | 1.17 | |||||||||||||||
Income (loss) from discontinued operations, diluted | — | — | (0.14) | — | |||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders, diluted | $ | 0.81 | $ | 0.38 | $ | 1.71 | $ | 1.17 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 432 | 427 | 432 | 420 | |||||||||||||||||||
Diluted | 434 | 429 | 434 | 422 |
News Release continued: | Page 22 |
![]() | CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (In millions of dollars) |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Income (loss) from continuing operations | $ | 805 | $ | 548 | |||||||
Adjustments to reconcile Income (loss) from continuing operations to net cash provided by (used for) operating activities: | |||||||||||
Depreciation, amortization and accretion | 1,229 | 1,207 | |||||||||
(Gains) losses on retirement of long-term obligations | 145 | 95 | |||||||||
Amortization of deferred financing costs and other non-cash interest, net | 9 | 4 | |||||||||
Stock-based compensation expense | 100 | 108 | |||||||||
Asset write-down charges | 9 | 10 | |||||||||
Deferred income tax (benefit) provision | 4 | 2 | |||||||||
Other non-cash adjustments, net | 18 | 4 | |||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | |||||||||||
Increase (decrease) in liabilities | (100) | (29) | |||||||||
Decrease (increase) in assets | (164) | 121 | |||||||||
Net cash provided by (used for) operating activities | 2,055 | 2,070 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (892) | (1,238) | |||||||||
Payments for acquisitions, net of cash acquired | (27) | (86) | |||||||||
Other investing activities, net | 8 | (12) | |||||||||
Net cash provided by (used for) investing activities | (911) | (1,336) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of long-term debt | 3,985 | 3,733 | |||||||||
Principal payments on debt and other long-term obligations | (1,057) | (80) | |||||||||
Purchases and redemptions of long-term debt | (2,089) | (2,490) | |||||||||
Borrowings under revolving credit facility | 580 | 2,140 | |||||||||
Payments under revolving credit facility | (870) | (2,145) | |||||||||
Net borrowings (repayments) under commercial paper program | 380 | (80) | |||||||||
Payments for financing costs | (43) | (38) | |||||||||
Purchases of common stock | (69) | (75) | |||||||||
Dividends/distributions paid on common stock | (1,738) | (1,531) | |||||||||
Dividends/distributions paid on preferred stock | — | (85) | |||||||||
Net cash provided by (used for) financing activities | (921) | (651) | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash - continuing operations | 223 | 83 | |||||||||
Discontinued operations: | |||||||||||
Net cash provided by (used for) operating activities | (62) | — | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash - discontinued operations | (62) | — | |||||||||
Effect of exchange rate changes on cash | — | — | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 381 | 338 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 542 | $ | 421 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid | 542 | 564 | |||||||||
Income taxes paid | 17 | 13 |
News Release continued: | Page 23 |
![]() | CROWN CASTLE INTERNATIONAL CORP. SEGMENT OPERATING RESULTS (UNAUDITED) (In millions of dollars) |
SEGMENT OPERATING RESULTS | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Towers | Fiber | Other | Consolidated Total | Towers | Fiber | Other | Consolidated Total | ||||||||||||||||||||||||||||||||||||||||
Segment site rental revenues | $ | 972 | $ | 479 | $ | 1,451 | $ | 877 | $ | 462 | $ | 1,339 | |||||||||||||||||||||||||||||||||||
Segment services and other revenues | 162 | 5 | 167 | 142 | 5 | 147 | |||||||||||||||||||||||||||||||||||||||||
Segment revenues | 1,134 | 484 | 1,618 | 1,019 | 467 | 1,486 | |||||||||||||||||||||||||||||||||||||||||
Segment site rental costs of operations | 227 | 163 | 390 | 216 | 145 | 361 | |||||||||||||||||||||||||||||||||||||||||
Segment services and other costs of operations | 108 | 4 | 112 | 111 | 4 | 115 | |||||||||||||||||||||||||||||||||||||||||
Segment costs of operations(a)(b) | 335 | 167 | 502 | 327 | 149 | 476 | |||||||||||||||||||||||||||||||||||||||||
Segment site rental gross margin(c) | 745 | 316 | 1,061 | 661 | 317 | 978 | |||||||||||||||||||||||||||||||||||||||||
Segment services and other gross margin(c) | 54 | 1 | 55 | 31 | 1 | 32 | |||||||||||||||||||||||||||||||||||||||||
Segment selling, general and administrative expenses(b) | 27 | 44 | 71 | 22 | 42 | 64 | |||||||||||||||||||||||||||||||||||||||||
Segment operating profit(c) | 772 | 273 | 1,045 | 670 | 276 | 946 | |||||||||||||||||||||||||||||||||||||||||
Other selling, general and administrative expenses(b) | $ | 69 | 69 | $ | 63 | 63 | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 33 | 33 | 33 | 33 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 413 | 413 | 406 | 406 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 163 | 163 | 168 | 168 | |||||||||||||||||||||||||||||||||||||||||||
Other (income) expenses to reconcile to income (loss) before income taxes(d) | 9 | 9 | 108 | 108 | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 358 | $ | 168 |
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Fiber Solutions | Small Cells | Total | Fiber Solutions | Small Cells | Total | ||||||||||||||||||||||||||||||
Site rental revenues | $ | 327 | $ | 152 | $ | 479 | $ | 323 | $ | 139 | $ | 462 |
News Release continued: | Page 24 |
SEGMENT OPERATING RESULTS | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Towers | Fiber | Other | Consolidated Total | Towers | Fiber | Other | Consolidated Total | ||||||||||||||||||||||||||||||||||||||||
Segment site rental revenues | $ | 2,819 | $ | 1,426 | $ | 4,245 | $ | 2,612 | $ | 1,356 | $ | 3,968 | |||||||||||||||||||||||||||||||||||
Segment services and other revenues | 427 | 14 | 441 | 367 | 12 | 379 | |||||||||||||||||||||||||||||||||||||||||
Segment revenues | 3,246 | 1,440 | 4,686 | 2,979 | 1,368 | 4,347 | |||||||||||||||||||||||||||||||||||||||||
Segment site rental costs of operations | 659 | 485 | 1,144 | 648 | 447 | 1,095 | |||||||||||||||||||||||||||||||||||||||||
Segment services and other costs of operations | 285 | 10 | 295 | 311 | 8 | 319 | |||||||||||||||||||||||||||||||||||||||||
Segment costs of operations(a)(b) | 944 | 495 | 1,439 | 959 | 455 | 1,414 | |||||||||||||||||||||||||||||||||||||||||
Segment site rental gross margin(c) | 2,160 | 941 | 3,101 | 1,964 | 909 | 2,873 | |||||||||||||||||||||||||||||||||||||||||
Segment services and other gross margin(c) | 142 | 4 | 146 | 56 | 4 | 60 | |||||||||||||||||||||||||||||||||||||||||
Segment selling, general and administrative expenses(b) | 78 | 133 | 211 | 71 | 137 | 208 | |||||||||||||||||||||||||||||||||||||||||
Segment operating profit(c) | 2,224 | 812 | 3,036 | 1,949 | 776 | 2,725 | |||||||||||||||||||||||||||||||||||||||||
Other selling, general and administrative expenses(b) | $ | 205 | 205 | $ | 198 | 198 | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 100 | 100 | 106 | 106 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 1,229 | 1,229 | 1,207 | 1,207 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 493 | 493 | 521 | 521 | |||||||||||||||||||||||||||||||||||||||||||
Other (income) expenses to reconcile to income (loss) before income taxes(d) | 184 | 184 | 129 | 129 | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 825 | $ | 564 |
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Fiber Solutions | Small Cells | Total | Fiber Solutions | Small Cells | Total | ||||||||||||||||||||||||||||||
Site rental revenues | $ | 987 | $ | 439 | $ | 1,426 | $ | 950 | $ | 406 | $ | 1,356 |
Exhibit 99.2 | ||||||||
![]() | NEWS RELEASE October 20, 2021 |
CONTACTS | |||||
Dan Schlanger, CFO Ben Lowe, SVP & Treasurer Crown Castle International Corp. 713-570-3050 |
TABLE OF CONTENTS | |||||
Page | |||||
Company Overview | |||||
Company Profile | |||||
Strategy | |||||
AFFO per Share | |||||
Asset Portfolio Footprint | |||||
General Company Information | |||||
Research Coverage | |||||
Historical Common Stock Data | |||||
Portfolio and Financial Highlights | |||||
Outlook | |||||
New Leasing Activity by Segment | |||||
Financials & Metrics | |||||
Condensed Consolidated Balance Sheet | |||||
Condensed Consolidated Statement of Operations | |||||
Segment Operating Results | |||||
Fiber Segment Site Rental Revenues Summary | |||||
FFO and AFFO Reconciliations | |||||
Condensed Consolidated Statement of Cash Flows | |||||
Components of Changes in Site Rental Revenues | |||||
Summary of Straight-Lined Revenues and Expenses and Prepaid Rent Activity | |||||
Summary of Capital Expenditures | |||||
Projected Revenues from Tenant Contracts | |||||
Projected Ground Lease Expenses from Existing Ground Leases | |||||
Lease Renewal and Lease Distribution | |||||
Consolidated Tenant Overview | |||||
Fiber Solutions Revenue Mix | |||||
Segment Cash Yields on Invested Capital | |||||
Consolidated Return on Invested Capital | |||||
Asset Portfolio Overview | |||||
Summary of Tower Portfolio by Vintage | |||||
Tower Portfolio Overview | |||||
Ground Interest Overview | |||||
Ground Interest Activity | |||||
Capitalization Overview | |||||
Capitalization Overview | |||||
Debt Maturity Overview | |||||
Liquidity Overview | |||||
Maintenance and Financial Covenants | |||||
Interest Rate Sensitivity | |||||
Appendix |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPANY PROFILE |
STRATEGY |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
AFFO PER SHARE(a)(b) |
ASSET PORTFOLIO FOOTPRINT | ||||||||
![]() |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
GENERAL COMPANY INFORMATION | |||||
Principal executive offices | 8020 Katy Freeway, Houston, TX 77024 | ||||
Common shares trading symbol | CCI | ||||
Stock exchange listing | New York Stock Exchange | ||||
Fiscal year ending date | December 31 | ||||
Fitch - Long Term Issuer Default Rating | BBB+ | ||||
Moody’s - Long Term Corporate Family Rating | Baa3 | ||||
Standard & Poor’s - Long Term Local Issuer Credit Rating | BBB- |
EXECUTIVE MANAGEMENT TEAM | |||||||||||
Name | Age | Years with Company | Position | ||||||||
Jay A. Brown | 48 | 22 | President and Chief Executive Officer | ||||||||
Daniel K. Schlanger | 47 | 5 | Executive Vice President and Chief Financial Officer | ||||||||
Catherine Piche | 50 | 10 | Executive Vice President and Chief Operating Officer - Towers | ||||||||
Christopher D. Levendos | 54 | 3 | Executive Vice President and Chief Operating Officer - Fiber | ||||||||
Kenneth J. Simon | 60 | 6 | Executive Vice President and General Counsel | ||||||||
Michael J. Kavanagh | 53 | 11 | Executive Vice President and Chief Commercial Officer | ||||||||
Philip M. Kelley | 48 | 24 | Executive Vice President - Corporate Development and Strategy | ||||||||
Laura B. Nichol | 61 | 7 | Executive Vice President - Business Support |
BOARD OF DIRECTORS | ||||||||||||||
Name | Position | Committees | Age | Years as Director | ||||||||||
J. Landis Martin | Chair | NESG(a) | 75 | 25 | ||||||||||
P. Robert Bartolo | Director | Audit, Compensation | 49 | 7 | ||||||||||
Cindy Christy | Director | Compensation, NESG(a), Strategy | 55 | 14 | ||||||||||
Ari Q. Fitzgerald | Director | Compensation, NESG(a), Strategy | 58 | 19 | ||||||||||
Anthony J. Melone | Director | Audit, NESG(a), Strategy | 61 | 6 | ||||||||||
Jay A. Brown | Director | 48 | 5 | |||||||||||
Andrea J. Goldsmith | Director | NESG(a), Strategy | 56 | 3 | ||||||||||
Lee W. Hogan | Director | Audit, Compensation, Strategy | 77 | 20 | ||||||||||
Tammy K. Jones | Director | Audit, NESG(a) | 56 | <1 | ||||||||||
W. Benjamin Moreland | Director | Strategy | 58 | 15 | ||||||||||
Kevin A. Stephens | Director | Audit, Strategy | 60 | <1 | ||||||||||
Matthew Thornton III | Director | Compensation, Strategy | 63 | <1 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
RESEARCH COVERAGE | ||||||||
Equity Research | ||||||||
Bank of America David Barden (646) 855-1320 | Barclays Tim Long (212) 526-4043 | Citigroup Michael Rollins (212) 816-1116 | ||||||
Cowen and Company Colby Synesael (646) 562-1355 | Credit Suisse Sami Badri (212) 538-1727 | Deutsche Bank Matthew Niknam (212) 250-4711 | ||||||
Goldman Sachs Brett Feldman (212) 902-8156 | Green Street David Guarino (949) 640-8780 | Jefferies Jonathan Petersen (212) 284-1705 | ||||||
JPMorgan Philip Cusick (212) 622-1444 | KeyBanc Brandon Nispel (503) 821-3871 | LightShed Partners Walter Piecyk (646) 450-9258 | ||||||
MoffettNathanson Nick Del Deo (212) 519-0025 | Morgan Stanley Simon Flannery (212) 761-6432 | New Street Research Jonathan Chaplin (212) 921-9876 | ||||||
Oppenheimer & Co. Timothy Horan (212) 667-8137 | Raymond James Ric Prentiss (727) 567-2567 | RBC Capital Markets Jonathan Atkin (415) 633-8589 | ||||||
Truist Securities Greg Miller (212) 303-4169 | UBS Batya Levi (212) 713-8824 | Wells Fargo Securities, LLC Eric Luebchow (312) 630-2386 | ||||||
Wolfe Research Andrew Rosivach (646) 582-9350 | ||||||||
Rating Agencies | ||||||||
Fitch John Culver (312) 368-3216 | Moody’s Lori Marks (212) 553-1098 | Standard & Poor’s Ryan Gilmore (212) 438-0602 |
HISTORICAL COMMON STOCK DATA | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(in millions, except per share amounts) | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | 9/30/20 | ||||||||||||
High price(a) | $ | 203.20 | $ | 197.84 | $ | 172.96 | $ | 166.96 | $ | 173.44 | |||||||
Low price(a) | $ | 173.14 | $ | 169.31 | $ | 142.84 | $ | 147.83 | $ | 150.30 | |||||||
Period end closing price(b) | $ | 173.32 | $ | 193.73 | $ | 169.79 | $ | 155.68 | $ | 161.46 | |||||||
Dividends paid per common share | $ | 1.33 | $ | 1.33 | $ | 1.33 | $ | 1.33 | $ | 1.20 | |||||||
Volume weighted average price for the period(a) | $ | 191.43 | $ | 184.68 | $ | 156.63 | $ | 156.97 | $ | 159.28 | |||||||
Common shares outstanding, at period end | 432 | 432 | 432 | 431 | 431 | ||||||||||||
Market value of outstanding common shares, at period end(c) | $ | 74,909 | $ | 83,731 | $ | 73,381 | $ | 67,148 | $ | 69,637 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SUMMARY PORTFOLIO HIGHLIGHTS | |||||
(as of September 30, 2021) | |||||
Towers | |||||
Number of towers (in thousands)(a) | 40 | ||||
Average number of tenants per tower | 2.3 | ||||
Remaining contracted tenant receivables ($ in billions)(b) | $ | 27 | |||
Weighted average remaining tenant contract term (years)(c) | 6 | ||||
Percent of towers in the Top 50 / 100 Basic Trading Areas | 56% / 71% | ||||
Percent of ground leased / owned(d) | 59% / 41% | ||||
Weighted average maturity of ground leases (years)(d)(e) | 37 | ||||
Fiber | |||||
Number of route miles of fiber (in thousands) | 80 | ||||
Remaining contracted tenant receivables ($ in billions)(b) | $ | 5 | |||
Weighted average remaining tenant contract term (years)(c) | 5 |
SUMMARY FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Operating Data: | ||||||||||||||||||||||||||
Net revenues | ||||||||||||||||||||||||||
Site rental | $ | 1,451 | $ | 1,339 | $ | 4,245 | $ | 3,968 | ||||||||||||||||||
Services and other | 167 | 147 | 441 | 379 | ||||||||||||||||||||||
Net revenues | $ | 1,618 | $ | 1,486 | $ | 4,686 | $ | 4,347 | ||||||||||||||||||
Costs of operations (exclusive of depreciation, amortization and accretion) | ||||||||||||||||||||||||||
Site rental | $ | 397 | $ | 370 | $ | 1,168 | $ | 1,123 | ||||||||||||||||||
Services and other | 115 | 117 | 301 | 324 | ||||||||||||||||||||||
Total cost of operations | $ | 512 | $ | 487 | $ | 1,469 | $ | 1,447 | ||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders | $ | 351 | $ | 163 | $ | 743 | $ | 491 | ||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders per share—diluted(f) | $ | 0.81 | $ | 0.38 | $ | 1.71 | $ | 1.17 | ||||||||||||||||||
Non-GAAP Data:(g) | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | 976 | $ | 883 | $ | 2,831 | $ | 2,527 | ||||||||||||||||||
FFO(h) | 751 | 531 | 2,004 | 1,640 | ||||||||||||||||||||||
AFFO(h) | 767 | 668 | 2,246 | 1,870 | ||||||||||||||||||||||
AFFO per share(f)(h) | $ | 1.77 | $ | 1.56 | $ | 5.18 | $ | 4.43 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SUMMARY FINANCIAL HIGHLIGHTS (CONTINUED) | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Summary Cash Flow Data:(a) | ||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | $ | 684 | $ | 661 | $ | 2,055 | $ | 2,070 | ||||||||||||||||||
Net cash provided by (used for) investing activities(b) | (295) | (446) | (911) | (1,336) | ||||||||||||||||||||||
Net cash provided by (used for) financing activities | (309) | (2,468) | (921) | (651) |
(in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||
Balance Sheet Data (at period end): | ||||||||||||||
Cash and cash equivalents | $ | 357 | $ | 232 | ||||||||||
Property and equipment, net | 15,174 | 15,162 | ||||||||||||
Total assets | 39,004 | 38,768 | ||||||||||||
Total debt and other long-term obligations | 20,365 | 19,280 | ||||||||||||
Total CCIC stockholders' equity | 8,516 | 9,461 |
Three Months Ended September 30, 2021 | ||||||||
Other Data: | ||||||||
Net debt to last quarter annualized Adjusted EBITDA(c) | 5.1 | x | ||||||
Dividend per common share | $ | 1.33 | ||||||
OUTLOOK FOR FULL YEAR 2021 AND FULL YEAR 2022 | ||||||||||||||||||||
(in millions, except per share amounts) | Full Year 2021(d) | Full Year 2022(d) | ||||||||||||||||||
Site rental revenues | $5,677 | to | $5,722 | $5,952 | to | $5,997 | ||||||||||||||
Site rental cost of operations(e) | $1,538 | to | $1,583 | $1,548 | to | $1,593 | ||||||||||||||
Income (loss) from continuing operations | $1,074 | to | $1,154(f) | $1,384 | to | $1,464 | ||||||||||||||
Income (loss) from continuing operations per share—diluted(g)(h) | $2.48 | to | $2.66(f) | $3.18 | to | $3.37 | ||||||||||||||
Adjusted EBITDA(i) | $3,764 | to | $3,809 | $3,999 | to | $4,044 | ||||||||||||||
Interest expense and amortization of deferred financing costs(j) | $633 | to | $678 | $615 | to | $660 | ||||||||||||||
FFO(h)(i) | $2,720 | to | $2,765 | $3,068 | to | $3,113 | ||||||||||||||
AFFO(h)(i) | $2,943 | to | $2,988 | $3,178 | to | $3,223 | ||||||||||||||
AFFO per share(g)(h)(i) | $6.78 | to | $6.89 | $7.31 | to | $7.41 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
OUTLOOK FOR FULL YEAR 2021 AND FULL YEAR 2022 - COMPONENTS OF CHANGES IN SITE RENTAL REVENUES | |||||||||||||||||||||||
(dollars in millions) | Full Year 2021 Outlook(a) | Full Year 2022 Outlook(a) | |||||||||||||||||||||
Components of changes in site rental revenues: | |||||||||||||||||||||||
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c) | $5,298 | $5,593(h) | |||||||||||||||||||||
New leasing activity(b)(c) | $360 | to | $390 | $335 | to | $365 | |||||||||||||||||
Escalators | $90 | to | $100 | $95 | to | $105 | |||||||||||||||||
Non-renewals | $(180) | to | $(160) | $(195) | to | $(175) | |||||||||||||||||
Organic Contribution to Site Rental Revenues(d) | $280 | to | $320 | $245 | to | $285 | |||||||||||||||||
Impact from full year straight-lined revenues associated with fixed escalators | $97 | to | $117 | $109 | to | $129 | |||||||||||||||||
Acquisitions(e) | <$5 | $— | |||||||||||||||||||||
Other | $— | $— | |||||||||||||||||||||
Total GAAP site rental revenues | $5,677 | to | $5,722 | $5,952 | to | $5,997 | |||||||||||||||||
Year-over-year changes in revenues: | |||||||||||||||||||||||
Reported GAAP site rental revenues(f) | 7.1% | 4.8% | |||||||||||||||||||||
Organic Contribution to Site Rental Revenues(d)(f)(g) | 5.7% | 4.7% | |||||||||||||||||||||
NEW LEASING ACTIVITY BY SEGMENT | |||||||||||||||||||||||||||||||||||||||||||||||
Full Year 2021 Outlook | Full Year 2022 Outlook | ||||||||||||||||||||||||||||||||||||||||||||||
Towers | Fiber | Total | Towers | Fiber | Total | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | Small Cells | Fiber Solutions | Small Cells | Fiber Solutions | |||||||||||||||||||||||||||||||||||||||||||
New leasing activity(h) | $150-$160 | $50-$60 | $160-$170 | $360-$390 | $160-$170 | $25-$35 | $150-$160 | $335-$365 | |||||||||||||||||||||||||||||||||||||||
Less: Year-over-year change in prepaid rent amortization | (20) | (10) | — | (30) | (5) | — | (5) | (10) | |||||||||||||||||||||||||||||||||||||||
Core leasing activity(h) | $130-$140 | $40-$50 | $160-$170 | $330-$360 | $155-$165 | $25-$35 | $145-$155 | $325-$355 | |||||||||||||||||||||||||||||||||||||||
2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Towers | Fiber | Total | Towers | Fiber | Total | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | Small Cells | Fiber Solutions | Small Cells | Fiber Solutions | |||||||||||||||||||||||||||||||||||||||||||
New leasing activity(h) | $172 | $63 | $150 | $385 | $144 | $73 | $159 | $376 | |||||||||||||||||||||||||||||||||||||||
Less: Year-over-year change in prepaid rent amortization | (47) | (4) | 1 | $(50) | (41) | (21) | — | (62) | |||||||||||||||||||||||||||||||||||||||
Core leasing activity(h) | $125 | $59 | $151 | $335 | $103 | $52 | $159 | $314 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) | |||||||||||
(in millions, except par values) | September 30, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 357 | $ | 232 | |||||||
Restricted cash | 180 | 144 | |||||||||
Receivables, net | 493 | 431 | |||||||||
Prepaid expenses | 120 | 95 | |||||||||
Other current assets | 182 | 202 | |||||||||
Total current assets | 1,332 | 1,104 | |||||||||
Deferred site rental receivables | 1,516 | 1,408 | |||||||||
Property and equipment, net | 15,174 | 15,162 | |||||||||
Operating lease right-of-use assets | 6,659 | 6,464 | |||||||||
Goodwill | 10,078 | 10,078 | |||||||||
Other intangible assets, net | 4,115 | 4,433 | |||||||||
Other assets, net | 130 | 119 | |||||||||
Total assets | $ | 39,004 | $ | 38,768 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 231 | $ | 230 | |||||||
Accrued interest | 141 | 199 | |||||||||
Deferred revenues | 822 | 704 | |||||||||
Other accrued liabilities | 376 | 378 | |||||||||
Current maturities of debt and other obligations | 72 | 129 | |||||||||
Current portion of operating lease liabilities | 345 | 329 | |||||||||
Total current liabilities | 1,987 | 1,969 | |||||||||
Debt and other long-term obligations | 20,293 | 19,151 | |||||||||
Operating lease liabilities | 6,000 | 5,808 | |||||||||
Other long-term liabilities | 2,208 | 2,379 | |||||||||
Total liabilities | 30,488 | 29,307 | |||||||||
Commitments and contingencies | |||||||||||
CCIC stockholders' equity: | |||||||||||
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: September 30, 2021—432 and December 31, 2020—431 | 4 | 4 | |||||||||
Additional paid-in capital | 17,982 | 17,933 | |||||||||
Accumulated other comprehensive income (loss) | (3) | (4) | |||||||||
Dividends/distributions in excess of earnings | (9,467) | (8,472) | |||||||||
Total equity | 8,516 | 9,461 | |||||||||
Total liabilities and equity | $ | 39,004 | $ | 38,768 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net revenues: | |||||||||||||||||||||||
Site rental | $ | 1,451 | $ | 1,339 | $ | 4,245 | $ | 3,968 | |||||||||||||||
Services and other | 167 | 147 | 441 | 379 | |||||||||||||||||||
Net revenues | 1,618 | 1,486 | 4,686 | 4,347 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Costs of operations(a): | |||||||||||||||||||||||
Site rental | 397 | 370 | 1,168 | 1,123 | |||||||||||||||||||
Services and other | 115 | 117 | 301 | 324 | |||||||||||||||||||
Selling, general and administrative | 167 | 154 | 500 | 493 | |||||||||||||||||||
Asset write-down charges | — | 3 | 9 | 10 | |||||||||||||||||||
Acquisition and integration costs | — | 2 | 1 | 9 | |||||||||||||||||||
Depreciation, amortization and accretion | 413 | 406 | 1,229 | 1,207 | |||||||||||||||||||
Total operating expenses | 1,092 | 1,052 | 3,208 | 3,166 | |||||||||||||||||||
Operating income (loss) | 526 | 434 | 1,478 | 1,181 | |||||||||||||||||||
Interest expense and amortization of deferred financing costs | (163) | (168) | (493) | (521) | |||||||||||||||||||
Gains (losses) on retirement of long-term obligations | (1) | (95) | (145) | (95) | |||||||||||||||||||
Interest income | — | — | 1 | 2 | |||||||||||||||||||
Other income (expense) | (4) | (3) | (16) | (3) | |||||||||||||||||||
Income (loss) before income taxes | 358 | 168 | 825 | 564 | |||||||||||||||||||
Benefit (provision) for income taxes | (7) | (5) | (20) | (16) | |||||||||||||||||||
Income (loss) from continuing operations | 351 | 163 | 805 | 548 | |||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Net gain (loss) from disposal of discontinued operations, net of tax | — | — | (62) | — | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | (62) | — | |||||||||||||||||||
Net income (loss) | 351 | 163 | 743 | 548 | |||||||||||||||||||
Dividends/distributions on preferred stock | — | — | — | (57) | |||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders | $ | 351 | $ | 163 | $ | 743 | $ | 491 | |||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||
Income (loss) from continuing operations, basic | $ | 0.81 | $ | 0.38 | $ | 1.86 | $ | 1.17 | |||||||||||||||
Income (loss) from discontinued operations, basic | — | — | (0.14) | — | |||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders, basic | $ | 0.81 | $ | 0.38 | $ | 1.72 | $ | 1.17 | |||||||||||||||
Income (loss) from continuing operations, diluted | $ | 0.81 | $ | 0.38 | $ | 1.85 | $ | 1.17 | |||||||||||||||
Income (loss) from discontinued operations, diluted | — | — | (0.14) | — | |||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders, diluted | $ | 0.81 | $ | 0.38 | $ | 1.71 | $ | 1.17 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 432 | 427 | 432 | 420 | |||||||||||||||||||
Diluted | 434 | 429 | 434 | 422 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SEGMENT OPERATING RESULTS | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Other | Consolidated Total | Towers | Fiber | Other | Consolidated Total | |||||||||||||||||||||||||||||||||||||||
Segment site rental revenues | $ | 972 | $ | 479 | $ | 1,451 | $ | 877 | $ | 462 | $ | 1,339 | |||||||||||||||||||||||||||||||||||
Segment services and other revenues | 162 | 5 | 167 | 142 | 5 | 147 | |||||||||||||||||||||||||||||||||||||||||
Segment revenues | 1,134 | 484 | 1,618 | 1,019 | 467 | 1,486 | |||||||||||||||||||||||||||||||||||||||||
Segment site rental costs of operations | 227 | 163 | 390 | 216 | 145 | 361 | |||||||||||||||||||||||||||||||||||||||||
Segment services and other costs of operations | 108 | 4 | 112 | 111 | 4 | 115 | |||||||||||||||||||||||||||||||||||||||||
Segment costs of operations(a)(b) | 335 | 167 | 502 | 327 | 149 | 476 | |||||||||||||||||||||||||||||||||||||||||
Segment site rental gross margin(c) | 745 | 316 | 1,061 | 661 | 317 | 978 | |||||||||||||||||||||||||||||||||||||||||
Segment services and other gross margin(c) | 54 | 1 | 55 | 31 | 1 | 32 | |||||||||||||||||||||||||||||||||||||||||
Segment selling, general and administrative expenses(b) | 27 | 44 | 71 | 22 | 42 | 64 | |||||||||||||||||||||||||||||||||||||||||
Segment operating profit(c) | 772 | 273 | 1,045 | 670 | 276 | 946 | |||||||||||||||||||||||||||||||||||||||||
Other selling, general and administrative expenses(b) | $ | 69 | 69 | $ | 63 | 63 | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 33 | 33 | 33 | 33 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 413 | 413 | 406 | 406 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 163 | 163 | 168 | 168 | |||||||||||||||||||||||||||||||||||||||||||
Other (income) expenses to reconcile to income (loss) before income taxes(d) | 9 | 9 | 108 | 108 | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 358 | $ | 168 |
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Fiber Solutions | Small Cells | Total | Fiber Solutions | Small Cells | Total | |||||||||||||||||||||||||||||
Site rental revenues | $ | 327 | $ | 152 | $ | 479 | $ | 323 | $ | 139 | $ | 462 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SEGMENT OPERATING RESULTS | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Other | Consolidated Total | Towers | Fiber | Other | Consolidated Total | |||||||||||||||||||||||||||||||||||||||
Segment site rental revenues | $ | 2,819 | $ | 1,426 | $ | 4,245 | $ | 2,612 | $ | 1,356 | $ | 3,968 | |||||||||||||||||||||||||||||||||||
Segment services and other revenues | 427 | 14 | 441 | 367 | 12 | 379 | |||||||||||||||||||||||||||||||||||||||||
Segment revenues | 3,246 | 1,440 | 4,686 | 2,979 | 1,368 | 4,347 | |||||||||||||||||||||||||||||||||||||||||
Segment site rental costs of operations | 659 | 485 | 1,144 | 648 | 447 | 1,095 | |||||||||||||||||||||||||||||||||||||||||
Segment services and other costs of operations | 285 | 10 | 295 | 311 | 8 | 319 | |||||||||||||||||||||||||||||||||||||||||
Segment costs of operations(a)(b) | 944 | 495 | 1,439 | 959 | 455 | 1,414 | |||||||||||||||||||||||||||||||||||||||||
Segment site rental gross margin(c) | 2,160 | 941 | 3,101 | 1,964 | 909 | 2,873 | |||||||||||||||||||||||||||||||||||||||||
Segment services and other gross margin(c) | 142 | 4 | 146 | 56 | 4 | 60 | |||||||||||||||||||||||||||||||||||||||||
Segment selling, general and administrative expenses(b) | 78 | 133 | 211 | 71 | 137 | 208 | |||||||||||||||||||||||||||||||||||||||||
Segment operating profit(c) | 2,224 | 812 | 3,036 | 1,949 | 776 | 2,725 | |||||||||||||||||||||||||||||||||||||||||
Other selling, general and administrative expenses(b) | $ | 205 | 205 | $ | 198 | 198 | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 100 | 100 | 106 | 106 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 1,229 | 1,229 | 1,207 | 1,207 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 493 | 493 | 521 | 521 | |||||||||||||||||||||||||||||||||||||||||||
Other (income) expenses to reconcile to income (loss) before income taxes(d) | 184 | 184 | 129 | 129 | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 825 | $ | 564 |
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Fiber Solutions | Small Cells | Total | Fiber Solutions | Small Cells | Total | |||||||||||||||||||||||||||||
Site rental revenues | $ | 987 | $ | 439 | $ | 1,426 | $ | 950 | $ | 406 | $ | 1,356 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
FFO AND AFFO RECONCILIATIONS | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Income (loss) from continuing operations | $ | 351 | $ | 163 | $ | 805 | (a) | $ | 548 | ||||||||||||||
Real estate related depreciation, amortization and accretion | 400 | 393 | 1,190 | 1,167 | |||||||||||||||||||
Asset write-down charges | — | 3 | 9 | 10 | |||||||||||||||||||
Dividends/distributions on preferred stock | — | (28) | — | (85) | |||||||||||||||||||
FFO(b)(c)(d)(e) | $ | 751 | $ | 531 | $ | 2,004 | $ | 1,640 | |||||||||||||||
Weighted-average common shares outstanding—diluted | 434 | 429 | 434 | 422 | |||||||||||||||||||
FFO per share(b)(c)(d)(e) | $ | 1.73 | $ | 1.24 | $ | 4.62 | $ | 3.89 | |||||||||||||||
FFO (from above) | $ | 751 | $ | 531 | $ | 2,004 | $ | 1,640 | |||||||||||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||||||||||
Straight-lined revenue | (38) | (4) | (73) | (27) | |||||||||||||||||||
Straight-lined expense | 18 | 21 | 58 | 61 | |||||||||||||||||||
Stock-based compensation expense | 33 | 33 | 100 | 106 | |||||||||||||||||||
Non-cash portion of tax provision | 3 | (7) | 3 | 3 | |||||||||||||||||||
Non-real estate related depreciation, amortization and accretion | 13 | 13 | 39 | 40 | |||||||||||||||||||
Amortization of non-cash interest expense | 3 | 1 | 9 | 4 | |||||||||||||||||||
Other (income) expense | 4 | 3 | 16 | 3 | |||||||||||||||||||
(Gains) losses on retirement of long-term obligations | 1 | 95 | 145 | 95 | |||||||||||||||||||
Acquisition and integration costs | — | 2 | 1 | 9 | |||||||||||||||||||
Sustaining capital expenditures | (21) | (20) | (56) | (64) | |||||||||||||||||||
AFFO(b)(c)(d)(e) | $ | 767 | $ | 668 | $ | 2,246 | $ | 1,870 | |||||||||||||||
Weighted-average common shares outstanding—diluted | 434 | 429 | 434 | 422 | |||||||||||||||||||
AFFO per share(b)(c)(d)(e) | $ | 1.77 | $ | 1.56 | $ | 5.18 | $ | 4.43 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) | ||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 805 | $ | 548 | ||||||||||||||||||||||
Adjustments to reconcile Income (loss) from continuing operations to net cash provided by (used for) operating activities: | ||||||||||||||||||||||||||
Depreciation, amortization and accretion | 1,229 | 1,207 | ||||||||||||||||||||||||
(Gains) losses on retirement of long-term obligations | 145 | 95 | ||||||||||||||||||||||||
Amortization of deferred financing costs and other non-cash interest, net | 9 | 4 | ||||||||||||||||||||||||
Stock-based compensation expense | 100 | 108 | ||||||||||||||||||||||||
Asset write-down charges | 9 | 10 | ||||||||||||||||||||||||
Deferred income tax (benefit) provision | 4 | 2 | ||||||||||||||||||||||||
Other non-cash adjustments, net | 18 | 4 | ||||||||||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||||||||||||||
Increase (decrease) in liabilities | (100) | (29) | ||||||||||||||||||||||||
Decrease (increase) in assets | (164) | 121 | ||||||||||||||||||||||||
Net cash provided by (used for) operating activities | 2,055 | 2,070 | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Capital expenditures | (892) | (1,238) | ||||||||||||||||||||||||
Payments for acquisitions, net of cash acquired | (27) | (86) | ||||||||||||||||||||||||
Other investing activities, net | 8 | (12) | ||||||||||||||||||||||||
Net cash provided by (used for) investing activities | (911) | (1,336) | ||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 3,985 | 3,733 | ||||||||||||||||||||||||
Principal payments on debt and other long-term obligations | (1,057) | (80) | ||||||||||||||||||||||||
Purchases and redemptions of long-term debt | (2,089) | (2,490) | ||||||||||||||||||||||||
Borrowings under revolving credit facility | 580 | 2,140 | ||||||||||||||||||||||||
Payments under revolving credit facility | (870) | (2,145) | ||||||||||||||||||||||||
Net borrowings (repayments) under commercial paper program | 380 | (80) | ||||||||||||||||||||||||
Payments for financing costs | (43) | (38) | ||||||||||||||||||||||||
Purchases of common stock | (69) | (75) | ||||||||||||||||||||||||
Dividends/distributions paid on common stock | (1,738) | (1,531) | ||||||||||||||||||||||||
Dividends/distributions paid on preferred stock | — | (85) | ||||||||||||||||||||||||
Net cash provided by (used for) financing activities | (921) | (651) | ||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash - continuing operations | 223 | 83 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | (62) | — | ||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash - discontinued operations | (62) | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | ||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 381 | 338 | ||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 542 | $ | 421 | ||||||||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||
Interest paid | 542 | 564 | ||||||||||||||||||||||||
Income taxes paid | 17 | 13 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPONENTS OF CHANGES IN SITE RENTAL REVENUES | |||||||||||
Three Months Ended September 30, | |||||||||||
(dollars in millions) | 2021 | 2020 | |||||||||
Components of changes in site rental revenues: | |||||||||||
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(a)(b) | $ | 1,335 | $ | 1,265 | |||||||
New leasing activity(a)(b) | 98 | 93 | |||||||||
Escalators | 23 | 23 | |||||||||
Non-renewals | (44) | (46) | |||||||||
Organic Contribution to Site Rental Revenues(c) | 77 | 70 | |||||||||
Impact from straight-lined revenues associated with fixed escalators | 38 | 4 | |||||||||
Acquisitions(d) | 1 | — | |||||||||
Other | — | — | |||||||||
Total GAAP site rental revenues | $ | 1,451 | $ | 1,339 | |||||||
Year-over-year changes in revenue: | |||||||||||
Reported GAAP site rental revenues | 8.4 | % | |||||||||
Organic Contribution to Site Rental Revenues(c)(e) | 5.8 | % |
SUMMARY OF SITE RENTAL STRAIGHT-LINED REVENUES AND EXPENSES ASSOCIATED WITH FIXED ESCALATORS(f) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Total | Towers | Fiber | Total | |||||||||||||||||||||||||||||
Site rental straight-lined revenues | $ | 38 | $ | — | $ | 38 | $ | 1 | $ | 3 | $ | 4 | |||||||||||||||||||||||
Site rental straight-lined expenses | 18 | — | 18 | 21 | — | 21 | |||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Total | Towers | Fiber | Total | |||||||||||||||||||||||||||||
Site rental straight-lined revenues | $ | 72 | $ | 1 | $ | 73 | $ | 21 | $ | 6 | $ | 27 | |||||||||||||||||||||||
Site rental straight-lined expenses | 57 | 1 | 58 | 60 | 1 | 61 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SUMMARY OF PREPAID RENT ACTIVITY(a) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Total | Towers | Fiber | Total | |||||||||||||||||||||||||||||
Prepaid rent additions | $ | 25 | $ | 87 | $ | 112 | $ | 46 | $ | 72 | $ | 118 | |||||||||||||||||||||||
Amortization of prepaid rent | 81 | 62 | 143 | 75 | 56 | 131 | |||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Total | Towers | Fiber | Total | |||||||||||||||||||||||||||||
Prepaid rent additions | $ | 80 | $ | 182 | $ | 262 | $ | 167 | $ | 185 | $ | 352 | |||||||||||||||||||||||
Amortization of prepaid rent | 239 | 176 | 415 | 222 | 164 | 386 |
SUMMARY OF CAPITAL EXPENDITURES | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Other | Total | Towers | Fiber | Other | Total | |||||||||||||||||||||||||||||||||||||||
Discretionary: | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases of land interests | $ | 11 | $ | — | $ | — | $ | 11 | $ | 12 | $ | — | $ | — | $ | 12 | |||||||||||||||||||||||||||||||
Communications infrastructure improvements and other capital projects | 31 | 217 | 3 | 251 | 61 | 274 | 10 | 345 | |||||||||||||||||||||||||||||||||||||||
Sustaining | 4 | 12 | 5 | 21 | 3 | 13 | 4 | 20 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 46 | $ | 229 | $ | 8 | $ | 283 | $ | 76 | $ | 287 | $ | 14 | $ | 377 | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Other | Total | Towers | Fiber | Other | Total | |||||||||||||||||||||||||||||||||||||||
Discretionary: | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases of land interests | $ | 46 | $ | — | $ | — | $ | 46 | $ | 41 | $ | — | $ | — | $ | 41 | |||||||||||||||||||||||||||||||
Communications infrastructure improvements and other capital projects | 104 | 666 | 20 | 790 | 220 | 888 | 25 | 1,133 | |||||||||||||||||||||||||||||||||||||||
Sustaining | 10 | 35 | 11 | 56 | 11 | 38 | 15 | 64 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 160 | $ | 701 | $ | 31 | $ | 892 | $ | 272 | $ | 926 | $ | 40 | $ | 1,238 |
PROJECTED REVENUES FROM TENANT CONTRACTS(b) | ||||||||||||||
Years Ending December 31, | ||||||||||||||
(as of September 30, 2021; in millions) | 2022 | 2023 | 2024 | 2025 | ||||||||||
Components of site rental revenues: | ||||||||||||||
Site rental revenues exclusive of straight-line associated with fixed escalators | $ | 5,725 | $ | 5,796 | $ | 5,806 | $ | 5,876 | ||||||
Straight-lined site rental revenues associated with fixed escalators | 44 | (29) | (76) | (173) | ||||||||||
GAAP site rental revenues | $ | 5,769 | $ | 5,767 | $ | 5,730 | $ | 5,703 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
PROJECTED GROUND LEASE EXPENSES FROM EXISTING GROUND LEASES(a) | ||||||||||||||
Years Ending December 31, | ||||||||||||||
(as of September 30, 2021; in millions) | 2022 | 2023 | 2024 | 2025 | ||||||||||
Components of ground lease expenses: | ||||||||||||||
Ground lease expenses exclusive of straight-line associated with fixed escalators | $ | 936 | $ | 955 | $ | 974 | $ | 993 | ||||||
Straight-lined site rental ground lease expenses associated with fixed escalators | 60 | 49 | 38 | 27 | ||||||||||
GAAP ground lease expenses | $ | 996 | $ | 1,004 | $ | 1,012 | $ | 1,020 |
ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(b) | ||||||||||||||
Years Ending December 31, | ||||||||||||||
(as of September 30, 2021; in millions) | 2022 | 2023 | 2024 | 2025 | ||||||||||
T-Mobile | $337 | $260 | $72 | $85 | ||||||||||
AT&T | 29 | 331 | 19 | 21 | ||||||||||
Verizon | 19 | 16 | 19 | 30 | ||||||||||
All Others Combined | 208 | 209 | 146 | 89 | ||||||||||
Total | $593 | $816 | $256 | $225 |
LEGACY SPRINT RENTAL PAYMENTS AT TIME OF RENEWAL(b)(c) | |||||||||||||||||
Years Ending December 31, | |||||||||||||||||
(as of September 30, 2021; in millions) | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||
Sprint collocated on sites with T-Mobile | $22 | $105 | $15 | $22 | $181 | ||||||||||||
Other Sprint | 13 | 105 | 8 | 20 | 188 | ||||||||||||
Total legacy Sprint | $35 | $210 | $23 | $42 | $369 |
CONSOLIDATED TENANT OVERVIEW | |||||||||||
(as of September 30, 2021) | Percentage of Q3 2021 LQA Site Rental Revenues | Weighted Average Current Term Remaining(d) | Long-Term Credit Rating (S&P / Moody’s) | ||||||||
T-Mobile | 32% | 5 | BB+ / Ba1 | ||||||||
AT&T | 20% | 5 | BBB / Baa2 | ||||||||
Verizon | 20% | 9 | BBB+ / Baa1 | ||||||||
All Others Combined | 28% | 3 | N/A | ||||||||
Total / Weighted Average | 100% | 5 |
FIBER SOLUTIONS REVENUE MIX | |||||
(as of September 30, 2021) | Percentage of Q3 2021 LQA Site Rental Revenues | ||||
Carrier(e) | 38% | ||||
Education | 13% | ||||
Healthcare | 11% | ||||
Financial Services | 9% | ||||
Other | 29% | ||||
Total | 100% |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SEGMENT CASH YIELDS ON INVESTED CAPITAL(a) | |||||||||||
Q3 2021 LQA | |||||||||||
(as of September 30, 2021; dollars in millions) | Towers | Fiber | |||||||||
Segment site rental gross margin(b) | $ | 2,980 | $ | 1,264 | |||||||
Less: Amortization of prepaid rent | (324) | (248) | |||||||||
Less: Site rental straight-lined revenues | (152) | — | |||||||||
Add: Site rental straight-lined expenses | 72 | — | |||||||||
Add: Indirect labor costs(c) | — | 98 | |||||||||
Numerator | $ | 2,576 | $ | 1,114 | |||||||
Segment net investment in property and equipment(d) | $ | 13,038 | $ | 7,892 | |||||||
Segment investment in site rental contracts and tenant relationships | 4,525 | 3,287 | |||||||||
Segment investment in goodwill(e) | 5,351 | 4,073 | |||||||||
Segment net invested capital(a) | $ | 22,914 | $ | 15,252 | |||||||
Segment Cash Yield on Invested Capital(a) | 11.2 | % | 7.3 | % |
CONSOLIDATED RETURN ON INVESTED CAPITAL(a) | |||||
(as of September 30, 2021; dollars in millions) | Q3 2021 LQA | ||||
Adjusted EBITDA(f) | $ | 3,904 | |||
Cash taxes refunded (paid) | (18) | ||||
Numerator | $ | 3,886 | |||
Historical gross investment in property and equipment(g) | $ | 25,894 | |||
Historical gross investment in site rental contracts and tenant relationships | 7,812 | ||||
Historical gross investment in goodwill | 10,078 | ||||
Consolidated invested capital(a) | $ | 43,784 | |||
Consolidated Return on Invested Capital(a) | 8.9 | % |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SUMMARY OF TOWER PORTFOLIO BY VINTAGE(a) | |||||
(as of September 30, 2021; dollars in thousands) | |||||
CASH YIELD(b) | NUMBER OF TENANTS PER TOWER |
LQA CASH SITE RENTAL REVENUE PER TOWER(c) | LQA TOWERS SEGMENT SITE RENTAL GROSS CASH MARGIN PER TOWER(d) |
NET INVESTED CAPITAL PER TOWER(e) | NUMBER OF TOWERS |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
TOWER PORTFOLIO OVERVIEW(a) | ||||||||
(as of September 30, 2021; dollars in thousands) | ||||||||
NUMBER OF TOWERS | TENANTS PER TOWER | LQA CASH SITE RENTAL REVENUE PER TOWER(b) |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
DISTRIBUTION OF TOWER TENANCY (as of September 30, 2021)(a) | |||||||||||||||||
PERCENTAGE OF TOWERS BY TENANTS PER TOWER | |||||||||||||||||
SITES ACQUIRED AND BUILT 2006 AND PRIOR | SITES ACQUIRED AND BUILT 2007 TO PRESENT |
Average: 2.8 | Average: 2.1 | ||||
GEOGRAPHIC TOWER DISTRIBUTION (as of September 30, 2021)(a) | |||||
PERCENTAGE OF TOWERS BY GEOGRAPHIC LOCATION | PERCENTAGE OF LQA CASH SITE RENTAL REVENUE BY GEOGRAPHIC LOCATION(b) |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
GROUND INTEREST OVERVIEW | |||||||||||||||||||||||
(as of September 30, 2021; dollars in millions) | LQA Cash Site Rental Revenues(a) | Percentage of LQA Cash Site Rental Revenues(a) | LQA Towers Segment Site Rental Gross Cash Margin(b) | Percentage of LQA Towers Segment Site Rental Gross Cash Margin(b) | Number of Towers(c) | Percentage of Towers | Weighted Average Term Remaining (by years)(d) | ||||||||||||||||
Less than 10 years | $ | 358 | 11 | % | $ | 183 | 7 | % | 5,281 | 13 | % | ||||||||||||
10 to 20 years | 443 | 13 | % | 256 | 10 | % | 5,972 | 15 | % | ||||||||||||||
Greater than 20 years | 1,443 | 43 | % | 1,024 | 42 | % | 17,686 | 44 | % | ||||||||||||||
Total leased | $ | 2,244 | 67 | % | $ | 1,463 | 59 | % | 28,939 | 72 | % | 37 | |||||||||||
Owned | $ | 1,105 | 33 | % | $ | 1,026 | 41 | % | 11,161 | 28 | % | ||||||||||||
Total / Average | $ | 3,349 | 100 | % | $ | 2,489 | 100 | % | 40,100 | 100 | % |
GROUND INTEREST ACTIVITY | |||||||||||
(dollars in millions) | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||
Ground Extensions Under Crown Castle Towers: | |||||||||||
Number of ground leases extended | 168 | 493 | |||||||||
Average number of years extended | 36 | 31 | |||||||||
Percentage increase in consolidated cash ground lease expense due to extension activities(e) | — | % | — | % | |||||||
Ground Purchases Under Crown Castle Towers: | |||||||||||
Number of ground leases purchased | 41 | 151 | |||||||||
Ground lease purchases (including capital expenditures, acquisitions and installment purchases) | $ | 21 | $ | 63 | |||||||
Percentage of Towers segment site rental gross margin from towers on purchased land | <1% | <1% |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
CAPITALIZATION OVERVIEW | |||||||||||||||||
(as of September 30, 2021; dollars in millions) | Face Value | Fixed vs. Variable | Interest Rate(a) | Net Debt to LQA Adjusted EBITDA(b) | Maturity | ||||||||||||
Cash, cash equivalents and restricted cash | $ | 542 | |||||||||||||||
3.849% Secured Notes | 1,000 | Fixed | 3.9% | 2023 | |||||||||||||
Senior Secured Notes, Series 2009-1, Class A-2(c) | 55 | Fixed | 9.0% | 2029 | |||||||||||||
Senior Secured Tower Revenue Notes, Series 2018-1(d) | 250 | Fixed | 3.7% | 2043 | |||||||||||||
Senior Secured Tower Revenue Notes, Series 2015-2(d) | 700 | Fixed | 3.7% | 2045 | |||||||||||||
Senior Secured Tower Revenue Notes, Series 2018-2(d) | 750 | Fixed | 4.2% | 2048 | |||||||||||||
Finance leases and other obligations | 240 | Various | Various | Various | |||||||||||||
Total secured debt | $ | 2,995 | 4.0% | 0.8x | |||||||||||||
2016 Revolver(e) | — | Variable | N/A | 2026 | |||||||||||||
2016 Term Loan A | 1,231 | Variable | 1.2% | 2026 | |||||||||||||
Commercial Paper Notes(f) | 665 | Variable | 0.3% | 2021 | |||||||||||||
3.150% Senior Notes | 750 | Fixed | 3.2% | 2023 | |||||||||||||
3.200% Senior Notes | 750 | Fixed | 3.2% | 2024 | |||||||||||||
1.350% Senior Notes | 500 | Fixed | 1.4% | 2025 | |||||||||||||
4.450% Senior Notes | 900 | Fixed | 4.5% | 2026 | |||||||||||||
3.700% Senior Notes | 750 | Fixed | 3.7% | 2026 | |||||||||||||
1.050% Senior Notes | 1,000 | Fixed | 1.1% | 2026 | |||||||||||||
4.000% Senior Notes | 500 | Fixed | 4.0% | 2027 | |||||||||||||
3.650% Senior Notes | 1,000 | Fixed | 3.7% | 2027 | |||||||||||||
3.800% Senior Notes | 1,000 | Fixed | 3.8% | 2028 | |||||||||||||
4.300% Senior Notes | 600 | Fixed | 4.3% | 2029 | |||||||||||||
3.100% Senior Notes | 550 | Fixed | 3.1% | 2029 | |||||||||||||
3.300% Senior Notes | 750 | Fixed | 3.3% | 2030 | |||||||||||||
2.250% Senior Notes | 1,100 | Fixed | 2.3% | 2031 | |||||||||||||
2.100% Senior Notes | 1,000 | Fixed | 2.1% | 2031 | |||||||||||||
2.500% Senior Notes | 750 | Fixed | 2.5% | 2031 | |||||||||||||
2.900% Senior Notes | 1,250 | Fixed | 2.9% | 2041 | |||||||||||||
4.750% Senior Notes | 350 | Fixed | 4.8% | 2047 | |||||||||||||
5.200% Senior Notes | 400 | Fixed | 5.2% | 2049 | |||||||||||||
4.000% Senior Notes | 350 | Fixed | 4.0% | 2049 | |||||||||||||
4.150% Senior Notes | 500 | Fixed | 4.2% | 2050 | |||||||||||||
3.250% Senior Notes | 900 | Fixed | 3.3% | 2051 | |||||||||||||
Total unsecured debt | $ | 17,546 | 3.1% | 4.5x | |||||||||||||
Total net debt | $ | 19,999 | 3.1% | 5.1x | |||||||||||||
Market Capitalization(g) | 74,909 | ||||||||||||||||
Firm Value(h) | $ | 94,908 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
DEBT MATURITY OVERVIEW(a)(b) |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
LIQUIDITY OVERVIEW(a) | |||||
(in millions) | September 30, 2021 | ||||
Cash, cash equivalents, and restricted cash(b) | $ | 542 | |||
Undrawn 2016 Revolver availability(c) | 4,966 | ||||
Debt and other long-term obligations | 20,365 | ||||
Total equity | 8,516 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS | ||||||||||||||||||||
Debt | Borrower / Issuer | Covenant(a) | Covenant Level Requirement | As of September 30, 2021 | ||||||||||||||||
Maintenance Financial Covenants(b) | ||||||||||||||||||||
2016 Credit Facility | CCIC | Total Net Leverage Ratio | ≤ 6.50x | 5.1x | ||||||||||||||||
2016 Credit Facility | CCIC | Total Senior Secured Leverage Ratio | ≤ 3.50x | 0.7x | ||||||||||||||||
2016 Credit Facility | CCIC | Consolidated Interest Coverage Ratio(c) | N/A | N/A | ||||||||||||||||
Restrictive Negative Financial Covenants | ||||||||||||||||||||
Financial covenants restricting ability to incur additional debt | ||||||||||||||||||||
2012 Secured Notes | CC Holdings GS V LLC and Crown Castle GS III Corp. | Debt to Adjusted Consolidated Cash Flow Ratio | ≤ 3.50x | 1.8x | ||||||||||||||||
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released | ||||||||||||||||||||
2015 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.75x | (d) | 14.1x | |||||||||||||||
2018 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.75x | (d) | 14.1x | |||||||||||||||
2009 Securitized Notes | Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.30x | (d) | 16.0x | |||||||||||||||
Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture | ||||||||||||||||||||
2015 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.00x | (e) | 14.1x | |||||||||||||||
2018 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.00x | (e) | 14.1x | |||||||||||||||
2009 Securitized Notes | Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.34x | (e) | 16.0x |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
INTEREST RATE SENSITIVITY(a)(b) | ||||||||
Years Ending December 31, | ||||||||
(as of September 30, 2021; in millions) | 2022 | 2023 | ||||||
Fixed Rate Debt: | ||||||||
Face Value of Principal Outstanding(c) | $ | 18,397 | $ | 18,390 | ||||
Current Interest Payment Obligations(d) | 607 | 606 | ||||||
Effect of 0.125% Change in Interest Rates(e) | — | — | ||||||
Floating Rate Debt: | ||||||||
Face Value of Principal Outstanding(c) | $ | 1,857 | $ | 1,803 | ||||
Current Interest Payment Obligations(f) | 23 | 29 | ||||||
Effect of 0.125% Change in Interest Rates(g) | 2 | 2 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
DEFINITIONS |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 351 | $ | 163 | $ | 805 | (a) | $ | 548 | ||||||||||||||||||||
Adjustments to increase (decrease) Income (loss) from continuing operations: | |||||||||||||||||||||||||||||
Asset write-down charges | — | 3 | 9 | 10 | |||||||||||||||||||||||||
Acquisition and integration costs | — | 2 | 1 | 9 | |||||||||||||||||||||||||
Depreciation, amortization and accretion | 413 | 406 | 1,229 | 1,207 | |||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 4 | 5 | 14 | 14 | |||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs(b) | 163 | 168 | 493 | 521 | |||||||||||||||||||||||||
(Gains) losses on retirement of long-term obligations | 1 | 95 | 145 | 95 | |||||||||||||||||||||||||
Interest income | — | — | (1) | (2) | |||||||||||||||||||||||||
Other (income) expense | 4 | 3 | 16 | 3 | |||||||||||||||||||||||||
(Benefit) provision for income taxes | 7 | 5 | 20 | 16 | |||||||||||||||||||||||||
Stock-based compensation expense | 33 | 33 | 100 | 106 | |||||||||||||||||||||||||
Adjusted EBITDA(c)(d) | $ | 976 | $ | 883 | $ | 2,831 | $ | 2,527 |
(in millions) | Full Year 2021 Outlook(f) | Full Year 2022 Outlook(f) | |||||||||||||||||||||
Income (loss) from continuing operations | $1,074 | to | $1,154(a) | $1,384 | to | $1,464 | |||||||||||||||||
Adjustments to increase (decrease) Income (loss) from continuing operations: | |||||||||||||||||||||||
Asset write-down charges | $15 | to | $25 | $15 | to | $25 | |||||||||||||||||
Acquisition and integration costs | $0 | to | $8 | $0 | to | $8 | |||||||||||||||||
Depreciation, amortization and accretion | $1,615 | to | $1,710 | $1,650 | to | $1,745 | |||||||||||||||||
Amortization of prepaid lease purchase price adjustments | $17 | to | $19 | $16 | to | $18 | |||||||||||||||||
Interest expense and amortization of deferred financing costs(e) | $633 | to | $678 | $615 | to | $660 | |||||||||||||||||
(Gains) losses on retirement of long-term obligations | $145 | to | $145 | $0 | to | $100 | |||||||||||||||||
Interest income | $(3) | to | $0 | $(1) | to | $0 | |||||||||||||||||
Other (income) expense | $1 | to | $12 | $0 | to | $5 | |||||||||||||||||
(Benefit) provision for income taxes | $18 | to | $26 | $25 | to | $33 | |||||||||||||||||
Stock-based compensation expense | $133 | to | $143 | $135 | to | $139 | |||||||||||||||||
Adjusted EBITDA(c)(d) | $3,764 | to | $3,809 | $3,999 | to | $4,044 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Three Months Ended September 30, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Interest expense on debt obligations | $ | 160 | $ | 167 | |||||||
Amortization of deferred financing costs and adjustments on long-term debt, net | 6 | 6 | |||||||||
Other, net | (3) | (5) | |||||||||
Interest expense and amortization of deferred financing costs | $ | 163 | $ | 168 |
(in millions) | Full Year 2021 Outlook(a) | Full Year 2022 Outlook(a) | |||||||||||||||||||||
Interest expense on debt obligations | $638 | to | $658 | $617 | to | $637 | |||||||||||||||||
Amortization of deferred financing costs and adjustments on long-term debt, net | $21 | to | $26 | $25 | to | $30 | |||||||||||||||||
Other, net | $(17) | to | $(12) | $(20) | to | $(15) | |||||||||||||||||
Interest expense and amortization of deferred financing costs | $633 | to | $678 | $615 | to | $660 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(in millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 351 | $ | 163 | $ | 805 | (a) | $ | 548 | ||||||||||||||||||||
Real estate related depreciation, amortization and accretion | 400 | 393 | 1,190 | 1,167 | |||||||||||||||||||||||||
Asset write-down charges | — | 3 | 9 | 10 | |||||||||||||||||||||||||
Dividends/distributions on preferred stock | — | (28) | — | (85) | |||||||||||||||||||||||||
FFO(b)(c)(d)(e) | $ | 751 | $ | 531 | $ | 2,004 | $ | 1,640 | |||||||||||||||||||||
Weighted-average common shares outstanding—diluted | 434 | 429 | 434 | 422 | |||||||||||||||||||||||||
FFO per share(b)(c)(d)(e) | $ | 1.73 | $ | 1.24 | $ | 4.62 | $ | 3.89 | |||||||||||||||||||||
FFO (from above) | $ | 751 | $ | 531 | $ | 2,004 | $ | 1,640 | |||||||||||||||||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||||||||||||||||
Straight-lined revenue | (38) | (4) | (73) | (27) | |||||||||||||||||||||||||
Straight-lined expense | 18 | 21 | 58 | 61 | |||||||||||||||||||||||||
Stock-based compensation expense | 33 | 33 | 100 | 106 | |||||||||||||||||||||||||
Non-cash portion of tax provision | 3 | (7) | 3 | 3 | |||||||||||||||||||||||||
Non-real estate related depreciation, amortization and accretion | 13 | 13 | 39 | 40 | |||||||||||||||||||||||||
Amortization of non-cash interest expense | 3 | 1 | 9 | 4 | |||||||||||||||||||||||||
Other (income) expense | 4 | 3 | 16 | 3 | |||||||||||||||||||||||||
(Gains) losses on retirement of long-term obligations | 1 | 95 | 145 | 95 | |||||||||||||||||||||||||
Acquisition and integration costs | — | 2 | 1 | 9 | |||||||||||||||||||||||||
Sustaining capital expenditures | (21) | (20) | (56) | (64) | |||||||||||||||||||||||||
AFFO(b)(c)(d)(e) | $ | 767 | $ | 668 | $ | 2,246 | $ | 1,870 | |||||||||||||||||||||
Weighted-average common shares outstanding—diluted | 434 | 429 | 434 | 422 | |||||||||||||||||||||||||
AFFO per share(b)(c)(d)(e) | $ | 1.77 | $ | 1.56 | $ | 5.18 | $ | 4.43 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Year Ended December 31, | |||||||||||||||||||||||
(in millions, except per share amounts) | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Income (loss) from continuing operations | $ | 1,056 | $ | 860 | $ | 622 | $ | 366 | |||||||||||||||
Real estate related depreciation, amortization and accretion | 1,555 | 1,517 | 1,471 | 1,210 | |||||||||||||||||||
Asset write-down charges | 74 | 19 | 26 | 17 | |||||||||||||||||||
Dividends/distributions on preferred stock | (85) | (113) | (113) | (30) | |||||||||||||||||||
FFO(a)(b)(c)(d) | $ | 2,600 | $ | 2,284 | $ | 2,005 | $ | 1,563 | |||||||||||||||
Weighted-average common shares outstanding—diluted(e) | 425 | 418 | 415 | 383 | |||||||||||||||||||
FFO per share(a)(b)(c)(d)(e) | $ | 6.12 | $ | 5.47 | $ | 4.83 | $ | 4.08 | |||||||||||||||
FFO (from above) | $ | 2,600 | $ | 2,284 | $ | 2,005 | $ | 1,563 | |||||||||||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||||||||||
Straight-lined revenue | (22) | (80) | (72) | — | |||||||||||||||||||
Straight-lined expense | 83 | 93 | 90 | 93 | |||||||||||||||||||
Stock-based compensation expense | 133 | 116 | 108 | 96 | |||||||||||||||||||
Non-cash portion of tax provision | 1 | 5 | 2 | 9 | |||||||||||||||||||
Non-real estate related depreciation, amortization and accretion | 53 | 55 | 56 | 31 | |||||||||||||||||||
Amortization of non-cash interest expense | 6 | 1 | 7 | 9 | |||||||||||||||||||
Other (income) expense | 5 | (1) | (1) | (1) | |||||||||||||||||||
(Gains) losses on retirement of long-term obligations | 95 | 2 | 106 | 4 | |||||||||||||||||||
Acquisition and integration costs | 10 | 13 | 27 | 61 | |||||||||||||||||||
Sustaining capital expenditures | (86) | (117) | (105) | (85) | |||||||||||||||||||
AFFO(a)(b)(c)(d) | $ | 2,878 | $ | 2,371 | $ | 2,223 | $ | 1,781 | |||||||||||||||
Weighted-average common shares outstanding—diluted(e) | 425 | 418 | 415 | 383 | |||||||||||||||||||
AFFO per share(a)(b)(c)(d)(e) | $ | 6.78 | $ | 5.68 | $ | 5.36 | $ | 4.65 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
(in millions, except per share amounts) | Full Year 2021 Outlook(f) | Full Year 2022 Outlook(f) | |||||||||||||||||||||
Income (loss) from continuing operations | $1,074 | to | $1,154(a) | $1,384 | to | $1,464 | |||||||||||||||||
Real estate related depreciation, amortization and accretion | $1,569 | to | $1,649 | $1,607 | to | $1,687 | |||||||||||||||||
Asset write-down charges | $15 | to | $25 | $15 | to | $25 | |||||||||||||||||
FFO(b)(c)(d) | $2,720 | to | $2,765 | $3,068 | to | $3,113 | |||||||||||||||||
Weighted-average common shares outstanding—diluted(e) | 434 | 435 | |||||||||||||||||||||
FFO per share(b)(c)(d)(e) | $6.27 | to | $6.37 | $7.06 | to | $7.16 | |||||||||||||||||
FFO (from above) | $2,720 | to | $2,765 | $3,068 | to | $3,113 | |||||||||||||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||||||||||
Straight-lined revenue | $(117) | to | $(97) | $(129) | to | $(109) | |||||||||||||||||
Straight-lined expense | $63 | to | $83 | $56 | to | $76 | |||||||||||||||||
Stock-based compensation expense | $133 | to | $143 | $135 | to | $139 | |||||||||||||||||
Non-cash portion of tax provision | $(7) | to | $8 | $0 | to | $15 | |||||||||||||||||
Non-real estate related depreciation, amortization and accretion | $46 | to | $61 | $43 | to | $58 | |||||||||||||||||
Amortization of non-cash interest expense | $4 | to | $14 | $5 | to | $15 | |||||||||||||||||
Other (income) expense | $1 | to | $12 | $0 | to | $5 | |||||||||||||||||
(Gains) losses on retirement of long-term obligations | $145 | to | $145 | $0 | to | $100 | |||||||||||||||||
Acquisition and integration costs | $0 | to | $8 | $0 | to | $8 | |||||||||||||||||
Sustaining capital expenditures | $(104) | to | $(94) | $(113) | to | $(93) | |||||||||||||||||
AFFO(b)(c)(d) | $2,943 | to | $2,988 | $3,178 | to | $3,223 | |||||||||||||||||
Weighted-average common shares outstanding—diluted(e) | 434 | 435 | |||||||||||||||||||||
AFFO per share(b)(c)(d)(e) | $6.78 | to | $6.89 | $7.31 | to | $7.41 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Midpoint of Current Full Year 2021(a) | Full Year 2020 | Full Year 2021 Growth Rates (Outlook at the Midpoint) | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | Outlook | As Reported | Less: Impact from Nontypical Items | Exclusive of Impact from Nontypical Items | As Reported | Less: Impact from Nontypical Items | Exclusive of Impact from Nontypical Items | |||||||||||||||||||||||||||||||||||||||||||
Site rental revenues | $ | 5,700 | $ | 5,320 | $ | — | $ | 5,320 | 7 | % | — | % | 7 | % | ||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations(b) | 1,114 | (d) | 1,056 | (223) | (e) | 833 | 5 | % | 29 | % | (e) | 34 | % | |||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations per share—diluted(b)(c) | 2.57 | (d) | 2.35 | (0.52) | (e) | 1.83 | 9 | % | 31 | % | (e) | 40 | % | |||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(b) | 3,787 | 3,706 | (286) | (f) | 3,420 | 2 | % | 9 | % | (f) | 11 | % | ||||||||||||||||||||||||||||||||||||||
AFFO(b)(c) | 2,966 | 2,878 | (286) | (f) | 2,592 | 3 | % | 11 | % | (f) | 14 | % | ||||||||||||||||||||||||||||||||||||||
AFFO per share(b)(c) | $ | 6.83 | $ | 6.78 | $ | (0.68) | (f) | $ | 6.10 | 1 | % | 11 | % | (f) | 12 | % |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Three Months Ended September 30, | |||||||||||
(dollars in millions) | 2021 | 2020 | |||||||||
Total face value of debt | $ | 20,541 | $ | 19,453 | |||||||
Less: Ending cash, cash equivalents and restricted cash | 542 | 421 | |||||||||
Total net debt | $ | 19,999 | $ | 19,032 | |||||||
Adjusted EBITDA | $ | 976 | $ | 883 | |||||||
Last quarter annualized Adjusted EBITDA | 3,904 | 3,532 | |||||||||
Net debt to Last Quarter Annualized Adjusted EBITDA | 5.1 | x | 5.4 | x |
Three Months Ended September 30, | |||||||||||
(dollars in millions) | 2021 | 2020 | |||||||||
Adjusted EBITDA | $ | 976 | $ | 883 | |||||||
Interest expense on debt obligations | 160 | 167 | |||||||||
6.1 | x | 5.3 | x |
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