Document

EX-99.1 2 q32024earningsrelease.htm EX-99.1 Document

第99.1展示文本


						新聞發佈 2024年10月16日


			聯繫人: 冠城國際的Dan Schlanger, 首席財務官
			Kris Hinson, corp財務副總裁兼司庫
立即發佈			冠城國際
			713-570-3050

冠城國際報告2024年第三季度業績

2024年10月16日 - 德克薩斯州休斯頓 - 冠城國際公司（紐交所：CCI）（"冠城國際"）今天公佈了截至2024年9月30日的第三季度業績，並保持其2024財年展望，淨利潤除外。



（以百萬美元計，每股金額除外）	當前的2024年全年展望(a)	2023 年全年實際情況	% 變化	之前的2024年全年展望(b)	當前展望與之前的展望相比

場地租金收入	$6,340	$6,532	(3)%	$6,340	—%
淨收益（虧損）	$1,020	$1,502	(32)%	$1,158	(12)%
每股淨收益（虧損）——攤薄	$2.35	$3.46	(32)%	$2.67	(12)%
調整後 EBITDA(c)	$4,168	$4,415	(6)%	$4,168	—%
AFFO(c)	$3,030	$3,277	(8)%	$3,030	—%
每股 AFFO(c)	$6.97	$7.55	(8)%	$6.97	—%

(a)反映2024年全年展望的中間點，截至2024年10月16日發佈。

(b)反映了2024年7月17日發佈的全年2024年展望的中期值。

(c)請參閱"非通用會計準則和其他信息"以獲取更多信息，並將非通用會計財務指標與淨利潤（損失）進行對比，包括按每股計算。

「在第三季度，我們在所有業務板塊實現了穩健的運營和財務表現，並確認了我們對2024財年調整後EBITDA和AFFO的展望，」冠城國際首席執行官史蒂文·莫斯科維茨表示。「展望未來，我們繼續對我們的塔架、小基站和光纖解決方案的長期價值創造機會持樂觀態度。在所有形式的數字連接中，美國正在產生數據消耗的創紀錄年增長，我們預計這將推動通信-半導體基礎設施的持續需求。我們相信我們已經做好了從這些積極趨勢中受益的準備，同時也正在積極開發着優先考慮客戶服務、營業收入、資本效率和運營卓越的舉措。作爲我們先前宣佈的旨在通過提高我們光纖業務部門的盈利能力和資本效率來增強回報的計劃的一部分，我們在第四季度完成了與客戶的討論，並共同確定了大約7,000個綠地小基站節點，這些節點位於我們已簽約的積壓訂單中，我們達成了共識，將這些節點取消。這些協商一致的取消增加了我們剩餘約40,000個節點的積壓訂單的整體回報，並提高了我們未來的資本效率。我們的運營計劃和資本支出配置方案的這些變更符合我們先前提供的預期，並使我們能夠增加我們的光纖和小基站資產的價值，同時我們將繼續專注於正在進行的光纖業務部門戰略評估。」

通向可能性的道路。

CrownCastle.com


繼續發佈資訊：						第2頁

季度業績報告

下表列出了2024年9月30日和2023年9月30日季度的部分財務結果。



（以百萬美元計，每股金額除外）	Q3 2024	Q3 2023	改變	百分比變化
場地租金收入	$1,593	$1,577	$16	1%
淨收益（虧損）	$303	$265	$38	14%
每股淨收益（虧損）——攤薄	$0.70	$0.61	$0.09	15%
調整後 EBITDA(a)	$1,075	$1,047	$28	3%
AFFO(a)	$801	$767	$34	4%
每股 AFFO(a)	$1.84	$1.77	$0.07	4%

(a)請參閱“非通用會計準則措施和其他信息”以獲取更多信息並將非通用會計財務指標與淨利潤(損失)進行對應，包括按每股基礎計算。

本季度亮點

•站點租賃收入。從2023年第三季度到2024年第三季度，站點租賃收入增長1%，達到1600萬美元，其中包括6500萬美元的有機貢獻給站點租賃賬單，預付租金攤銷減少了1900萬美元，直線收入減少了3000萬美元。有機貢獻站點租賃賬單的6500萬美元受益於1500萬美元的先前披露的小基站非經常性收入，主要與提前終止付款有關，部分抵消了由於對先前期間收入進行調整導致的400萬美元對光纖解決方案的不利影響以及由於缺少發生在2023年第三季度的Sprint取消付款而導致的600萬美元對光纖解決方案的不利影響。

•淨利潤。 2024年第三季度的淨利潤爲3.03 億美元，而2023年第三季度的淨利潤爲2.65 億美元，其中包括2024年6月公佈的重組計劃所產生的該季度內發生的4.8 億美元的費用。

•調整後的EBITDA2024年第三季度調整後EBITDA爲11億美元，而2023年第三季度爲10億美元。本季度增長主要是由於站點租金收入貢獻增加以及與2024年6月宣佈的人員減少和辦公室關閉相關的成本降低所致，部分抵消了主要與最近的代理人爭奪相關的600萬美元諮詢費。

•經調整後資金流量和每股經調整後資金流量。 2024年第三季度經調整後資金流量爲80100萬美元，每股1.84美元，較2023年第三季度增長4%。

•資本支出。本季度的資本支出爲29700萬美元，包括27400萬美元的自由裁量資本支出和2300萬美元的維持性資本支出。自由裁量資本支出中，約有23900萬美元歸因於光纖，3000萬美元歸因於塔。

•普通股股利。在本季度，冠城國際支付的普通股股利總額約68100萬美元，每股1.565美元，與一年前同期相比，每股基礎保持不變。

•融資活動。冠城國際於2024年8月發行了總額12.5億美元的高級無抵押票據，分別爲5年和10年的到期日，加權平均期限和利率分別約爲8年和5.1%。高級票據發行的淨收益被用於償還冠城國際商業票據計劃下的未償債務，並支付相關費用和支出。

通向可能性的道路。

CrownCastle.com


繼續發佈資訊：						第3頁

自從在六月宣佈改變我們的運營策略以來，冠城國際的致富金融(臨時代碼)Dan Schlanger表示:“我們一直按預期交付結果。第三季度以 5.2% 合併有機增長，不包括Sprint取消的影響，需求仍然強勁，我們的塔架、小基站-5g和光纖解決方案受到關注。除了推動實施修訂後的運營策略取得的進展，我們在第三季度採取措施加強資產負債表。八月，我們以5.1%的加權平均利率發行了12.5億美元的長期固定利率債務，使我們在季度結束時的固定利率債務餘額超過 90% 億美元，平均債務到期期限爲7年，到2025年份的債務限度有限，並在我們的循環信貸額度下有大約57億美元的流動性。我們相信，由我們修訂後的運營策略帶來的資本支出靈活性提高，加上我們強勁的資產負債表和流動性狀況，使我們能夠利用在美國日益增長的互聯需求中產生的機會。

OUTLOOK

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

The following table sets forth Crown Castle's current full year 2024 Outlook, which has been updated to reflect the impact of the mutual cancellation of approximately 7,000 small cell nodes as discussed above. These cancellations are expected to result in a $125 to $150 million asset write-down charge in the fourth quarter, reducing full year 2024 Outlook for net income by $138 million at the midpoint.


(in millions, except per share amounts)	Full Year 2024(a)	Changes to Midpoint from Previous Outlook(b)
Site rental billings(c)		$5,740	to	$5,780	$0
Amortization of prepaid rent		$392	to	$417	$0
Straight-lined revenues		$162	to	$187	$0
Site rental revenues		$6,317	to	$6,362	$0
Site rental costs of operations(d)		$1,686	to	$1,731	$0
Services and other gross margin		$65	to	$95	$0
Net income (loss)		$975	to	$1,065	($138)
Net income (loss) per share—diluted		$2.24	to	$2.45	($0.32)
Adjusted EBITDA(e)		$4,143	to	$4,193	$0
Depreciation, amortization and accretion		$1,680	to	$1,775	$0
Interest expense and amortization of deferred financing costs, net(f)		$926	to	$971	$0
FFO(e)		$2,863	to	$2,893	$0
AFFO(e)		$3,005	to	$3,055	$0
AFFO per share(e)		$6.91	to	$7.02	$0.00
Towers Segment discretionary capital expenditures(e)		$180	to	$180	$0
Fiber Segment discretionary capital expenditures(e)		$1,050	to	$1,150	$0

(a)As issued on October 16, 2024.

(b)As issued on July 17, 2024.

(c)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.

(d)Exclusive of depreciation, amortization and accretion.

(e)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis, and for definition of discretionary capital expenditures.

(f)See "Non-GAAP Measures and Other Information" for the reconciliation of "Outlook for Components of Interest Expense."

The pathway to possible.

CrownCastle.com


News Release continued:						Page 4

•The chart below reconciles the components contributing to expected 2024 growth in site rental revenues. Full year consolidated site rental billings growth, excluding the impact of Sprint Cancellations, is expected to be 5%, inclusive of 4.5% from towers, 15% from small cells, and 2% from fiber solutions.

•Core leasing activity for full year 2024 is expected to contribute $305 million to $335 million, consisting of $105 million to $115 million from towers (compared to $126 million in full year 2023), $65 million to $75 million from small cells (compared to $28 million in full year 2023), and $135 million to $145 million from fiber solutions (compared to $120 million in full year 2023).

•The expected 2024 small cell core leasing activity of $70 million at the midpoint includes $22 million of higher-than-expected non-recurring revenues primarily related to early termination payments which occurred in the third quarter. Excluding the impact of Sprint Cancellations and the increase in non-recurring revenues, small cell organic growth is expected to be 10% in 2024.

•The chart below reconciles the components contributing to the year over year change to 2024 AFFO.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 5

•The expected increase in full year 2024 expenses includes approximately $30 million of advisory fees primarily related to the recent proxy contest, which is expected to be more than offset by an approximately $65 million decrease in costs related to the reduction in staffing levels and office closures announced in June 2024.

•The full year 2024 Outlook for discretionary capital expenditures is $1.2 billion to $1.3 billion, including approximately $1.1 billion in the Fiber segment and $180 million in the Towers segment, and prepaid rent additions are expected to be approximately $355 million in 2024, including $275 million from Fiber and $80 million from Towers.

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

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Wednesday, October 16, 2024, at 5:00 p.m. Eastern time to discuss its third quarter 2024 results. A listen only live audio webcast of the conference call, along with supplemental materials for the call, can be accessed on the Crown Castle website at https://investor.crowncastle.com. Participants may join the conference call by dialing 833-816-1115 (Toll Free) or 412-317-0694 (International) at least 30 minutes prior to the start time. All dial-in participants should ask to join the Crown Castle call.

A replay of the webcast will be available on the Investor page of Crown Castle's website until end of day, Thursday, October 16, 2025.

ABOUT CROWN CASTLE

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 6

Non-GAAP Measures and Other Information

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

Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the communications infrastructure sector or other real estate investment trusts ("REITs").

In addition to the non-GAAP financial measures used herein, we also provide segment site rental gross margin, segment services and other gross margin and segment operating profit, which are key measures used by management to evaluate our operating segments. These segment measures are provided pursuant to GAAP requirements related to segment reporting. In addition, we provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.

Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:

•Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the communications infrastructure sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion, which can vary depending upon accounting methods and the book value of assets. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used in our debt covenant calculations. Adjusted EBITDA should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance.

•AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (1) asset base (primarily depreciation, amortization and accretion) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations or rent free periods, the revenues or expenses are recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. Management notes that Crown Castle uses AFFO only as a performance measure. AFFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations or as residual cash flow available for discretionary investment.

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 7

•Organic Contribution to Site Rental Billings (also referred to as organic growth) is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses Organic Contribution to Site Rental Billings to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, core leasing activities and tenant non-renewals in our core business, as well as to forecast future results. Separately, we are also disclosing Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations (including by line of business), which is outside of ordinary course, to provide further insight into our results of operations and underlying trends. Management believes that identifying the impact for Sprint Cancellations provides increased transparency and comparability across periods. Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations) is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.

•Net Debt is useful to investors or other interested parties in evaluating our overall debt position and future debt capacity. Management uses Net Debt in assessing our leverage. Net Debt is not meant as an alternative measure of debt and should be considered only as a supplement in understanding and assessing our leverage.

Non-GAAP Financial Measures

Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, net (income) loss from discontinued operations, (gain) loss on sale of discontinued operations, cumulative effect of a change in accounting principle and stock-based compensation expense, net.

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

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

FFO. We define FFO as net income (loss) plus real estate related depreciation, amortization and accretion and asset write-down charges, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to common stockholders.

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

Organic Contribution to Site Rental Billings. We define Organic Contribution to Site Rental Billings (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and payments for Sprint Cancellations, less non-renewals of tenant contracts and non-renewals associated with Sprint Cancellations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations reflects Organic Contribution to Site Rental Billings less payments for Sprint Cancellations, plus non-renewals associated with Sprint Cancellations (including by line of business).

Net Debt. We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net; less cash and cash equivalents and restricted cash and cash equivalents.

Segment Measures

Segment site rental gross margin. We define segment site rental gross margin as segment site rental revenues less segment site rental costs of operations, excluding stock-based compensation expense, net and amortization of prepaid lease purchase price adjustments recorded in consolidated site rental costs of operations.

Segment services and other gross margin. We define segment services and other gross margin as segment services and other revenues less segment services and other costs of operations, excluding stock-based compensation expense, net recorded in consolidated services and other costs of operations.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 8

Segment operating profit. We define segment operating profit as segment site rental gross margin plus segment services and other gross margin, less segment selling, general and administrative expenses.

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

Other Definitions

Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP and (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions.

Core leasing activity. We define core leasing activity as site rental revenues growth from tenant additions across our entire portfolio and renewals or extensions of tenant contracts, exclusive of (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP and (2) payments for Sprint Cancellations, where applicable.

Non-renewals. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates, exclusive of non-renewals associated with Sprint Cancellations, where applicable.

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

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

Sprint Cancellations. We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 9

Reconciliation of Historical Adjusted EBITDA:


	For the Three Months Ended				For the Nine Months Ended				For the Twelve Months Ended
(in millions; totals may not sum due to rounding)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023		December 31, 2023
Net income (loss)	$	303	$	265	$	865	$	1,139	$	1,502
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	15		8		24		30		33
Acquisition and integration costs	—		—		—		1		1
Depreciation, amortization and accretion	432		439		1,301		1,315		1,754
Restructuring charges(a)	48		72		104		72		85
Amortization of prepaid lease purchase price adjustments	4		4		12		12		16
Interest expense and amortization of deferred financing costs, net(b)	236		217		692		627		850

Interest income	(6)		(3)		(14)		(10)		(15)
Other (income) expense	6		—		5		4		6
(Benefit) provision for income taxes	5		7		19		21		26
Stock-based compensation expense, net	30		36		108		126		157
Adjusted EBITDA(c)(d)	$	1,075	$	1,047	$	3,117	$	3,339	$	4,415

Reconciliation of Current Outlook for Adjusted EBITDA:


	Full Year 2024
(in millions; totals may not sum due to rounding)	Outlook(f)
Net income (loss)		$975	to	$1,065
Adjustments to increase (decrease) net income (loss):
Asset write-down charges(g)		$167	to	$202
Acquisition and integration costs		$0	to	$6
Depreciation, amortization and accretion		$1,680	to	$1,775
Restructuring charges(a)		$100	to	$130
Amortization of prepaid lease purchase price adjustments		$15	to	$17
Interest expense and amortization of deferred financing costs, net(e)		$926	to	$971
(Gains) losses on retirement of long-term obligations		—	to	—
Interest income		$(12)	to	$(11)
Other (income) expense		$0	to	$9
(Benefit) provision for income taxes		$20	to	$28
Stock-based compensation expense, net		$142	to	$146
Adjusted EBITDA(c)(d)		$4,143	to	$4,193

(a)Represents restructuring charges recorded for the periods presented related to (1) the Company's restructuring plan announced in July 2023, as further discussed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Restructuring Plan"), and (2) the Company's restructuring plan announced in June 2024, as further discussed in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 ("2024 Restructuring Plan"), as applicable for the respective period. For the three-month period ended September 30, 2024, there were ($3) million of adjustments related to the July 2023 Restructuring Plan and $51 million of restructuring charges related to the June 2024 Restructuring Plan. For the nine-month period ended September 30, 2024, there were $10 million and $94 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.

(b)See the reconciliation of "Components of Interest Expense" for a discussion of non-cash interest expense.

(c)See discussion and our definition of Adjusted EBITDA in this "Non-GAAP Measures and Other Information."

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

(e)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.

(f)As issued on October 16, 2024.

(g)Change in current full year 2024 Outlook for asset write-down charges are related to the impact of cancellations of small cell nodes, as further discussed above.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 10

Reconciliation of Historical FFO and AFFO:


	For the Three Months Ended				For the Nine Months Ended				For the Twelve Months Ended
(in millions; totals may not sum due to rounding)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023		December 31, 2023
Net income (loss)	$	303	$	265	$	865	$	1,139	$	1,502
Real estate related depreciation, amortization and accretion	419		425		1,259		1,266		1,692
Asset write-down charges	15		8		24		30		33

FFO(a)(b)	$	737	$	698	$	2,148	$	2,435	$	3,227
Weighted-average common shares outstanding—diluted	436		434		435		434		434


FFO (from above)	$	737	$	698	$	2,148	$	2,435	$	3,227
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(29)		(59)		(145)		(222)		(274)
Straight-lined expenses	16		18		49		56		73
Stock-based compensation expense, net	30		36		108		126		157
Non-cash portion of tax provision	1		4		6		8		8
Non-real estate related depreciation, amortization and accretion	13		14		42		49		62
Amortization of non-cash interest expense	2		3		9		11		14
Other (income) expense	6		—		5		4		6

Acquisition and integration costs	—		—		—		1		1
Restructuring charges(c)	48		72		104		72		85
Sustaining capital expenditures	(23)		(21)		(72)		(54)		(83)
AFFO(a)(b)	$	801	$	767	$	2,255	$	2,487	$	3,277
Weighted-average common shares outstanding—diluted	436		434		435		434		434

(a)See discussion and our definitions of FFO and AFFO in this "Non-GAAP Measures and Other Information."

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

(c)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the three-month period ended September 30, 2024, there were ($3) million of adjustments related to the July 2023 Restructuring Plan and $51 million of restructuring charges related to the June 2024 Restructuring Plan. For the nine-month period ended September 30, 2024, there were $10 million and $94 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 11

Reconciliation of Historical FFO and AFFO per share:


	For the Three Months Ended				For the Nine Months Ended				For the Twelve Months Ended
(in millions, except per share amounts; totals may not sum due to rounding)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023		December 31, 2023
Net income (loss)	$	0.70	$	0.61	$	1.99	$	2.62	$	3.46
Real estate related depreciation, amortization and accretion	0.96		0.98		2.89		2.92		3.90
Asset write-down charges	0.03		0.02		0.06		0.07		0.08

FFO(a)(b)	$	1.69	$	1.61	$	4.94	$	5.61	$	7.43
Weighted-average common shares outstanding—diluted	436		434		435		434		434


FFO (from above)	$	1.69	$	1.61	$	4.94	$	5.61	$	7.43
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(0.07)		(0.14)		(0.33)		(0.51)		(0.63)
Straight-lined expenses	0.04		0.04		0.11		0.13		0.17
Stock-based compensation expense, net	0.07		0.08		0.25		0.29		0.36
Non-cash portion of tax provision	—		0.01		0.01		0.02		0.02
Non-real estate related depreciation, amortization and accretion	0.03		0.03		0.10		0.11		0.14
Amortization of non-cash interest expense	—		0.01		0.02		0.03		0.03
Other (income) expense	0.01		—		0.01		0.01		0.01

Acquisition and integration costs	—		—		—		—		—
Restructuring charges(c)	0.11		0.17		0.24		0.17		0.20
Sustaining capital expenditures	(0.05)		(0.05)		(0.17)		(0.12)		(0.19)
AFFO(a)(b)	$	1.84	$	1.77	$	5.18	$	5.73	$	7.55
Weighted-average common shares outstanding—diluted	436		434		435		434		434

(a)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 12

Reconciliation of Current Outlook for FFO and AFFO:


	Full Year 2024			Full Year 2024
(in millions, except per share amounts; totals may not sum due to rounding)	Outlook(a)			Outlook per share(a)
Net income (loss)		$975	to	$1,065	$2.24	to	$2.45
Real estate related depreciation, amortization and accretion		$1,634	to	$1,714	$3.76	to	$3.94
Asset write-down charges(e)		$167	to	$202	$0.38	to	$0.46
FFO(b)(c)		$2,863	to	$2,893	$6.58	to	$6.65
Weighted-average common shares outstanding—diluted	435			435


FFO (from above)		$2,863	to	$2,893	$6.58	to	$6.65
Adjustments to increase (decrease) FFO:
Straight-lined revenues		$(187)	to	$(162)	$(0.43)	to	$(0.37)
Straight-lined expenses		$55	to	$75	$0.13	to	$0.17
Stock-based compensation expense, net		$142	to	$146	$0.33	to	$0.34
Non-cash portion of tax provision		$2	to	$17	$0.00	to	$0.04
Non-real estate related depreciation, amortization and accretion		$46	to	$61	$0.11	to	$0.14
Amortization of non-cash interest expense		$9	to	$19	$0.02	to	$0.04
Other (income) expense		$0	to	$9	$0.00	to	$0.02
(Gains) losses on retirement of long-term obligations		—	to	—	—	to	—
Acquisition and integration costs		$0	to	$6	$0.00	to	$0.01
Restructuring charges(d)		$100	to	$130	$0.23	to	$0.30
Sustaining capital expenditures		$(85)	to	$(65)	$(0.20)	to	$(0.15)
AFFO(b)(c)		$3,005	to	$3,055	$6.91	to	$7.02
Weighted-average common shares outstanding—diluted	435			435

(a)As issued on October 16, 2024.

(b)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."

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

(d)Represents restructuring charges related to the 2023 Restructuring Plan and the 2024 Restructuring Plan.

(e)Change in current full year 2024 Outlook for asset write-down charges are related to the impact of cancellations of small cell nodes, as further discussed above.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 13

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


	Previously Issued
(in millions; totals may not sum due to rounding)	Full Year 2024 Outlook(a)
Net income (loss)		$1,125	to	$1,190
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges		$42	to	$52
Acquisition and integration costs		$0	to	$6
Depreciation, amortization and accretion		$1,680	to	$1,775
Restructuring charges(b)		$100	to	$130
Amortization of prepaid lease purchase price adjustments		$15	to	$17
Interest expense and amortization of deferred financing costs, net(c)		$926	to	$971
(Gains) losses on retirement of long-term obligations		—	to	—
Interest income		$(12)	to	$(11)
Other (income) expense		$0	to	$9
(Benefit) provision for income taxes		$20	to	$28
Stock-based compensation expense, net		$142	to	$146
Adjusted EBITDA(d)(e)		$4,143	to	$4,193

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


	Previously Issued			Previously Issued
(in millions, except per share amounts; totals may not sum due to rounding)	Full Year 2024 Outlook(a)			Full Year 2024 Outlook per share(a)
Net income (loss)	$1,125	to	$1,190	$2.59	to	$2.74
Real estate related depreciation, amortization and accretion	$1,634	to	$1,714	$3.76	to	$3.94
Asset write-down charges	$42	to	$52	$0.10	to	$0.12
FFO(d)(e)	$2,863	to	$2,893	$6.58	to	$6.65
Weighted-average common shares outstanding—diluted	435			435


FFO (from above)	$2,863	to	$2,893	$6.58	to	$6.65
Adjustments to increase (decrease) FFO:
Straight-lined revenues	$(187)	to	$(162)	$(0.43)	to	$(0.37)
Straight-lined expenses	$55	to	$75	$0.13	to	$0.17
Stock-based compensation expense, net	$142	to	$146	$0.33	to	$0.34
Non-cash portion of tax provision	$2	to	$17	$0.00	to	$0.04
Non-real estate related depreciation, amortization and accretion	$46	to	$61	$0.11	to	$0.14
Amortization of non-cash interest expense	$9	to	$19	$0.02	to	$0.04
Other (income) expense	$0	to	$9	$0.00	to	$0.02
(Gains) losses on retirement of long-term obligations	—	to	—	—	to	—
Acquisition and integration costs	$0	to	$6	$0.00	to	$0.01
Restructuring charges(b)	$100	to	$130	$0.23	to	$0.30
Sustaining capital expenditures	$(85)	to	$(65)	$(0.20)	to	$(0.15)
AFFO(d)(e)	$3,005	to	$3,055	$6.91	to	$7.02
Weighted-average common shares outstanding—diluted	435			435

(a)As issued on July 17, 2024.

(b)Represents restructuring charges recorded related to the 2023 Restructuring Plan and the 2024 Restructuring Plan.

(c)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.

(d)See discussion of and our definition of Adjusted EBITDA, FFO and AFFO, including per share amounts in this "Non-GAAP Measures and Other Information."

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 14

Components of Changes in Site Rental Revenues for the Quarters Ended September 30, 2024 and 2023:


	Three Months Ended September 30,
(dollars in millions; totals may not sum due to rounding)	2024			2023
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)	$	1,386		$	1,339
Prior year payments for Sprint Cancellations(a)(b)	6			—
Prior year site rental billings(a)	1,392			1,339

Core leasing activity(a)	85			66
Escalators	25			24
Non-renewals(a)	(38)			(37)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	72			53
Payments for Sprint Cancellations(a)(b)	(5)			6
Non-renewals associated with Sprint Cancellations(a)(b)	(1)			(6)
Organic Contribution to Site Rental Billings(a)	65			53
Straight-lined revenues	29			58
Amortization of prepaid rent	107			126
Acquisitions(c)	—			1

Total site rental revenues	$	1,593		$	1,577

Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	1.0		%	0.6		%



Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)	5.2		%	4.0		%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	4.7		%	3.9		%

(a)See our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations in this "Non-GAAP Measures and Other Information."

(b)In the third quarter 2023, we received $6 million of payments for Sprint Cancellations that related to fiber solutions. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount. Additionally, during the third quarter 2023, there were $5 million and $2 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively.

(c)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 15

Towers Segment Components of Changes in Site Rental Revenues for the Quarters Ended September 30, 2024 and 2023:


	Three Months Ended September 30,
(dollars in millions; totals may not sum due to rounding)	2024			2023
Components of changes in site rental revenues:


Prior year site rental billings(a)	$	956		$	915

Core leasing activity(a)	26			25
Escalators	23			22
Non-renewals(a)	(8)			(7)



Organic Contribution to Site Rental Billings(a)	41			40
Straight-lined revenues	28			57
Amortization of prepaid rent	39			61
Acquisitions(b)	—			1
Other	—			—
Total site rental revenues	$	1,063		$	1,074

Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	(1.0)		%	(0.9)		%
Changes in revenues as a percentage of prior year site rental billings:
Organic Contribution to Site Rental Billings(a)	4.3		%	4.4		%

(b)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 16

Fiber Segment Components of Changes in Site Rental Revenues by Line of Business for the Quarters Ended September 30, 2024 and 2023:


Small Cells	Three Months Ended September 30,
(dollars in millions; totals may not sum due to rounding)	2024			2023
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)	$	113		$	109
Prior year payments for Sprint Cancellations(a)	—			—
Prior year site rental billings(a)	113			109

Core leasing activity(a)	28			8
Escalators	2			2
Non-renewals(a)	(2)			(1)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	28			8
Payments for Sprint Cancellations(a)	—			—
Non-renewals associated with Sprint Cancellations(a)(b)	(1)			(5)
Organic Contribution to Site Rental Billings(a)	28			3
Straight-lined revenues	(2)			(1)
Amortization of prepaid rent	51			45
Acquisitions(c)	—			—

Total site rental revenues	$	190		$	157

Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	21.0		%	1.9		%



Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)	25.0		%	7.3		%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	24.5		%	3.1		%

(b)In third quarter 2023, there were $5 million of non-renewals associated with Sprint Cancellations that related to small cells.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 17

Fiber Segment Components of Changes in Site Rental Revenues by Line of Business for the Quarters Ended September 30, 2024 and 2023:


Fiber Solutions	Three Months Ended September 30,
(dollars in millions; totals may not sum due to rounding)	2024			2023
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)	$	318		$	315
Prior year payments for Sprint Cancellations(a)(b)	6			—
Prior year site rental billings(a)	324			315

Core leasing activity(a)	31			34
Escalators	—			—
Non-renewals(a)	(29)			(29)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	2			5
Payments for Sprint Cancellations(a)(b)	(5)			6
Non-renewals associated with Sprint Cancellations(a)(b)	(1)			(2)
Organic Contribution to Site Rental Billings(a)	(4)			9
Straight-lined revenues	3			2
Amortization of prepaid rent	17			20
Acquisitions(c)	—			—

Total site rental revenues	$	340		$	346

Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	(1.7)		%	4.8		%



Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)	0.7		%	1.5		%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	(1.1)		%	2.8		%

Outlook for Components Changes in Site Rental Revenues by Line of Business


	Full Year 2024 Outlook(d)
	Towers			Fiber Segment
(in millions)				Small Cells			Fiber Solutions
Core leasing activity (a)	$105	to	$115	$65	to	$75	$135	to	$145
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)(e)(f)	4.5%			15%			2%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)(e)	4.5%			(8)			(4)

(b)In the third quarter 2023, we received $6 million of payments for Sprint Cancellations that related to fiber solutions. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount. In the third quarter 2023, there were $2 million of non-renewals associated with Sprint Cancellations that related to fiber solutions.

(d)As issued on October 16, 2024 and unchanged from previous outlook issued on July 17, 2024.

(e)Calculated based on midpoint of full year 2024 Outlook.

(f)In full year 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 18

Components of Changes in Site Rental Revenues for Full Year 2024 Outlook:


(dollars in millions; totals may not sum due to rounding)	Full Year 2024 Outlook(a)
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(b)	$5,505
Prior year payments for Sprint Cancellations(b)(c)	$170
Prior year site rental billings(b)	$5,675

Core leasing activity(b)		$305	to	$335
Escalators		$95	to	$105
Non-renewals(b)		$(165)	to	$(145)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(b)		$245	to	$285
Payments for Sprint Cancellations(b)(c)		$(170)	to	$(160)
Non-renewals associated with Sprint Cancellations(b)(c)		$(10)	to	$(10)
Organic Contribution to Site Rental Billings(b)		$70	to	$110
Straight-lined revenues		$162	to	$187
Amortization of prepaid rent		$392	to	$417
Acquisitions(d)	—

Total site rental revenues		$6,317	to	$6,362

Year-over-year changes in revenues:(e)
Site rental revenues as a percentage of prior year site rental revenues	(3.0)%


Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(b)	4.8%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)	1.6%

(a)As issued on October 16, 2024 and unchanged from previous outlook issued on July 17, 2024.

(b)See our definitions of site rental billings, core leasing activity, non-renewals, Sprint Cancellations, Organic Contribution to Site Rental Billings, and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations in this "Non-GAAP Measures and Other Information."

(c)In 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively, and $14 million and $7 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.

(d)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.

(e)Calculated based on midpoint of full year 2024 Outlook, where applicable.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 19

Components of Capital Expenditures:(a)


	For the Three Months Ended
	September 30, 2024								September 30, 2023
(in millions)	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects	$	16	$	239	$	5	$	260	$	34	$	273	$	5	$	312
Purchases of land interests	14		—		—		14		13		—		—		13
Sustaining capital expenditures	2		18		3		23		2		14		6		22

Total capital expenditures	$	32	$	257	$	8	$	297	$	49	$	287	$	11	$	347

	For the Nine Months Ended
	September 30, 2024								September 30, 2023
(in millions)	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects	$	51	$	769	$	16	$	836	$	101	$	843	$	17	$	961
Purchases of land interests	38		—		—		38		51		—		—		51
Sustaining capital expenditures	7		50		15		72		8		29		18		55

Total capital expenditures	$	96	$	819	$	31	$	946	$	160	$	872	$	35	$	1,067

Outlook for Discretionary Capital Expenditures Less Prepaid Rent Additions:(d)


(in millions)	Full Year 2023	Full Year 2024 Outlook(b)
Discretionary capital expenditures	$1,341		$1,230	to	$1,330
Less: Prepaid rent additions(c)	$348	~$355
Discretionary capital expenditures less prepaid rent additions	$993		$875	to	$975

Components of Interest Expense:


	For the Three Months Ended
(in millions)	September 30, 2024		September 30, 2023
Interest expense on debt obligations	$	234	$	213
Amortization of deferred financing costs and adjustments on long-term debt	8		8
Capitalized interest	(6)		(4)
Interest expense and amortization of deferred financing costs, net	$	236	$	217

Outlook for Components of Interest Expense:


(in millions)	Full Year 2024 Outlook(b)
Interest expense on debt obligations	$915	to	$955
Amortization of deferred financing costs and adjustments on long-term debt	$20	to	$30
Capitalized interest	$(17)	to	$(7)
Interest expense and amortization of deferred financing costs, net	$926	to	$971

(a)See our definitions of discretionary capital expenditures and sustaining capital expenditures in this "Non-GAAP Measures and Other Information."

(b)As issued on October 16, 2024 and unchanged from previous outlook issued on July 17, 2024.

(c)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.

(d)Excludes sustaining capital expenditures. See "Non-GAAP Measures and Other Information" for our definitions of discretionary capital expenditures and sustaining capital expenditures.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 20

Debt Balances and Maturity Dates as of September 30, 2024:


(in millions)	Face Value(a)		Final Maturity
Cash and cash equivalents and restricted cash and cash equivalents	$	371

Senior Secured Notes, Series 2009-1, Class A-2(b)	34		Aug. 2029
Senior Secured Tower Revenue Notes, Series 2015-2(c)	700		May 2045
Senior Secured Tower Revenue Notes, Series 2018-2(c)	750		July 2048
Installment purchase liabilities and finance leases(d)	301		Various
Total secured debt	$	1,785
2016 Revolver(e)	—		July 2027
2016 Term Loan A(f)	1,132		July 2027
Commercial Paper Notes(g)	1,312		Various

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
2.900% Senior Notes	750		Mar. 2027
4.000% Senior Notes	500		Mar. 2027
3.650% Senior Notes	1,000		Sept. 2027
5.000% Senior Notes	1,000		Jan. 2028
3.800% Senior Notes	1,000		Feb. 2028
4.800% Senior Notes	600		Sept. 2028
4.300% Senior Notes	600		Feb. 2029
5.600% Senior Notes	750		June 2029
4.900% Senior Notes	550		Sept. 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
5.100% Senior Notes	750		May 2033
5.800% Senior Notes	750		Mar. 2034
5.200% Senior Notes	700		Sept. 2034
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	$	22,444
Net Debt(h)	$	23,858

(a)Net of required principal amortizations.

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

(c)If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. The Senior Secured Tower Revenue Notes, 2015-2 and 2018-2 have anticipated repayment dates in 2025 and 2028, respectively. Notes are prepayable at par if voluntarily repaid within eighteen months of maturity; earlier prepayment may require additional consideration.

(d)As of September 30, 2024, reflects $30 million in finance lease obligations (primarily related to vehicles).

(e)As of September 30, 2024, the undrawn availability under the $7.0 billion 2016 Revolver was $7.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of September 30, 2024 ranged from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum.

(f)The 2016 Term Loan A principal amortizes over a period ending in July 2027.

(g)As of September 30, 2024, the Company had $0.7 billion available for issuance under its $2.0 billion unsecured commercial paper program. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.

(h)See further information on, and our definition and calculation of, Net Debt in this "Non-GAAP Measures and Other Information."

The pathway to possible.

CrownCastle.com


News Release continued:						Page 21

Cautionary Language Regarding Forward-Looking Statements

This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "focus," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2024 Outlook and plans, projections, expectations and estimates regarding (1) the value of our business model and strategy, the performance of our business and the demand for our communications infrastructure, (2) revenue growth and its driving factors, (3) net income (loss) (including on a per share basis), (4) AFFO (including on a per share basis) and its components and growth, (5) Adjusted EBITDA and its components and growth, (6) Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations) and its components and growth, (7) site rental revenues and its components and growth, (8) interest expense, (9) the impact of Sprint Cancellations on our operating and financial results, (10) services contribution,(11) discretionary capital expenditures, (12) prepaid rent additions and amortization, (13) core leasing activity, (14) increase in our expenses, including its driving factors, (15) Fiber segment strategic review and the potential impacts and benefits therefrom, (16) changes to our operating plans and capital expenditure profile for the Fiber segment and the impacts and potential benefits therefrom (including with respect to the value of our assets), (17) operating cost reductions, including cost savings and other resulting benefits, (18) payment of advisory fees, including timing, and the impact on our results, (19) the trends impacting our business and the potential benefits derived therefrom, (20) small cell node cancellations and the impacts thereof and (21) our ability to capitalize on potential opportunities created by increasing data demand. All future dividends are subject to declaration by our board of directors.

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

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

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

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

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

•Our review of potential strategic alternatives may not result in an executed or consummated transaction or other strategic alternative, and the process of reviewing strategic alternatives or the outcome could adversely affect our business. There is no guarantee that any transaction resulting from the strategic review will ultimately benefit our shareholders.

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

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

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

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

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

•Cybersecurity breaches or other information technology disruptions could adversely affect our operations, business, and reputation.

•Our business may be adversely impacted by climate-related events, natural disasters, including wildfires, and other unforeseen events.

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

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

•Our focus on and disclosure of our Environmental, Social and Governance position, metrics, strategy, goals and initiatives expose us to potential litigation and other adverse effects to our business.

The pathway to possible.

CrownCastle.com


News Release continued:						Page 22

•Failure to attract, recruit and retain qualified and experienced employees could adversely affect our business, operations and costs.

•Changes to management, including turnover of our top executives, could have an adverse effect on our business.

•Actions that we are taking to restructure our business in alignment with our strategic priorities may not be as effective as anticipated.

•Actions of activist stockholders could impact the pursuit of our business strategies and adversely affect our results of operations, financial condition, or stock price.

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

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

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

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

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

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

•Remaining qualified to be taxed as a Real Estate Investment Trust ("REIT") involves highly technical and complex provisions of the Code. Failure to remain qualified as a REIT would result in our inability to deduct dividends to stockholders when computing our taxable income, thereby increasing our tax obligations and reducing our available cash.

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

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

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

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 23


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


	September 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	194	$	105
Restricted cash and cash equivalents	172		171
Receivables, net	413		481
Prepaid expenses	144		103
Deferred site rental receivables	158		116
Other current assets	43		56
Total current assets	1,124		1,032
Deferred site rental receivables	2,340		2,239
Property and equipment, net	15,643		15,666
Operating lease right-of-use assets	5,843		6,187
Goodwill	10,085		10,085

Other intangible assets, net	2,878		3,179
Other assets, net	130		139
Total assets	$	38,043	$	38,527

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	200	$	252
Accrued interest	164		219
Deferred revenues	483		605
Other accrued liabilities	338		342
Current maturities of debt and other obligations	611		835
Current portion of operating lease liabilities	301		332
Total current liabilities	2,097		2,585
Debt and other long-term obligations	23,452		22,086
Operating lease liabilities	5,272		5,561

Other long-term liabilities	1,926		1,914
Total liabilities	32,747		32,146
Commitments and contingencies
Stockholders' equity:
Common stock, 0.01 par value; 1,200 shares authorized; shares issued and outstanding: September 30, 2024—435 and December 31, 2023—434	4		4
Additional paid-in capital	18,371		18,270
Accumulated other comprehensive income (loss)	(5)		(4)
Dividends/distributions in excess of earnings	(13,074)		(11,889)
Total equity	5,296		6,381
Total liabilities and equity	$	38,043	$	38,527

The pathway to possible.

CrownCastle.com


News Release continued:						Page 24


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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net revenues:
Site rental	$	1,593	$	1,577	$	4,761	$	4,929
Services and other	59		90		158		378
Net revenues	1,652		1,667		4,919		5,307
Operating expenses:
Costs of operations:(a)
Site rental	430		420		1,292		1,259
Services and other	30		66		91		268
Selling, general and administrative	153		176		540		581
Asset write-down charges	15		8		24		30
Acquisition and integration costs	—		—		—		1
Depreciation, amortization and accretion	432		439		1,301		1,315
Restructuring charges	48		72		104		72
Total operating expenses	1,108		1,181		3,352		3,526

Operating income (loss)	544		486		1,567		1,781
Interest expense and amortization of deferred financing costs, net	(236)		(217)		(692)		(627)

Interest income	6		3		14		10
Other income (expense)	(6)		—		(5)		(4)
Income (loss) before income taxes	308		272		884		1,160
Benefit (provision) for income taxes	(5)		(7)		(19)		(21)




Net income (loss)	$	303	$	265	$	865	$	1,139















Net income (loss), per common share:
Basic	$	0.70	$	0.61	$	1.99	$	2.63
Diluted	$	0.70	$	0.61	$	1.99	$	2.63
Weighted-average common shares outstanding:
Basic	435		434		434		434
Diluted	436		434		435		434

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 25


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


	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net income (loss)	$	865	$	1,139
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	1,301		1,315


Amortization of deferred financing costs and other non-cash interest	24		22
Stock-based compensation expense, net	108		126
Asset write-down charges	24		30
Deferred income tax (benefit) provision	5		1
Other non-cash adjustments, net	20		10
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	(195)		(220)
Decrease (increase) in assets	(86)		(165)
Net cash provided by (used for) operating activities	2,066		2,258
Cash flows from investing activities:
Capital expenditures	(946)		(1,067)
Payments for acquisitions, net of cash acquired	(8)		(93)

Other investing activities, net	7		5
Net cash provided by (used for) investing activities	(947)		(1,155)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,244		2,347
Principal payments on debt and other long-term obligations	(71)		(58)
Purchases and redemptions of long-term debt	(750)		(750)
Borrowings under revolving credit facility	—		2,943
Payments under revolving credit facility	(670)		(4,088)
Net borrowings (repayments) under commercial paper program	1,312		561
Payments for financing costs	(12)		(23)


Purchases of common stock	(32)		(29)
Dividends/distributions paid on common stock	(2,049)		(2,044)

Net cash provided by (used for) financing activities	(1,028)		(1,141)
Net increase (decrease) in cash and cash equivalents and restricted cash	91		(38)






Effect of exchange rate changes on cash	(1)		—
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	281		327
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	371	$	289
Supplemental disclosure of cash flow information:
Interest paid	739		654
Income taxes paid (refunded)	13		13

The pathway to possible.

CrownCastle.com


News Release continued:						Page 26


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


SEGMENT OPERATING RESULTS
	Three Months Ended September 30, 2024								Three Months Ended September 30, 2023
	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Segment site rental revenues	$	1,063	$	530			$	1,593	$	1,074	$	503			$	1,577
Segment services and other revenues	54		5				59		86		4				90
Segment revenues	1,117		535				1,652		1,160		507				1,667
Segment site rental costs of operations	240		182				422		236		175				411
Segment services and other costs of operations	25		3				28		61		3				64
Segment costs of operations(a)(b)	265		185				450		297		178				475
Segment site rental gross margin(c)	823		348				1,171		838		328				1,166
Segment services and other gross margin(c)	29		2				31		25		1				26
Segment selling, general and administrative expenses(b)	19		40				59		24		48				72

Segment operating profit(c)	833		310				1,143		839		281				1,120
Other selling, general and administrative expenses(b)					$	70	70						$	75	75
Stock-based compensation expense, net					30		30						36		36
Depreciation, amortization and accretion					432		432						439		439
Restructuring charges(d)					48		48						72		72
Interest expense and amortization of deferred financing costs, net					236		236						217		217
Other (income) expenses to reconcile to income (loss) before income taxes(e)					19		19						9		9
Income (loss) before income taxes							$	308							$	272

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

(b)Segment costs of operations exclude (1) stock-based compensation expense, net of $6 million and $7 million for the three months ended September 30, 2024 and 2023, respectively and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended September 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $24 million and $29 million for the three months ended September 30, 2024 and 2023, respectively.

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

(d)Represents restructuring adjustments and charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable for the respective period. For the three-month period ended September 30, 2024, there were ($3) million of adjustments related to the July 2023 Restructuring Plan and $51 million of restructuring charges related to the June 2024 Restructuring Plan. For the three-month period ended September 30, 2023, there were $72 million of restructuring charges related to the June 2023 Restructuring Plan.

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

The pathway to possible.

CrownCastle.com


News Release continued:						Page 27


SEGMENT OPERATING RESULTS
	Nine Months Ended September 30, 2024								Nine Months Ended September 30, 2023
	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Segment site rental revenues	$	3,196	$	1,565			$	4,761	$	3,234	$	1,695			$	4,929
Segment services and other revenues	143		15				158		356		22				378
Segment revenues	3,339		1,580				4,919		3,590		1,717				5,307
Segment site rental costs of operations	723		542				1,265		714		518				1,232
Segment services and other costs of operations	76		10				86		252		8				260
Segment costs of operations(a)(b)	799		552				1,351		966		526				1,492
Segment site rental gross margin(c)	2,473		1,023				3,496		2,520		1,177				3,697
Segment services and other gross margin(c)	67		5				72		104		14				118
Segment selling, general and administrative expenses(b)	56		137				193		84		148				232
Segment operating profit(c)	2,484		891				3,375		2,540		1,043				3,583
Other selling, general and administrative expenses(b)					$	259	259						$	246	246
Stock-based compensation expense, net					108		108						126		126
Depreciation, amortization and accretion					1,301		1,301						1,315		1,315
Restructuring charges(d)					104		104						72		72
Interest expense and amortization of deferred financing costs, net					692		692						627		627
Other (income) expenses to reconcile to income (loss) before income taxes(e)					27		27						37		37
Income (loss) before income taxes							$	884							$	1,160

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

(b)Segment costs of operations exclude (1) stock-based compensation expense, net of $20 million and $23 million for the nine months ended September 30, 2024 and 2023, respectively, and (2) prepaid lease purchase price adjustments of $12 million for each of the nine-months ended September 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $88 million and $103 million for the nine-months ended September 30, 2024 and 2023.

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

(d)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the nine-month period ended September 30, 2024, there were $10 million and $94 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively. For the nine-month period ended September 30, 2023, there were $72 million of restructuring charges related to the June 2023 Restructuring Plan.

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

The pathway to possible.

CrownCastle.com