GlobeNewswire Inc | Oct 21, 2020 04:15PM EDT

October 21, 2020

HOUSTON, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the third quarter ended September30, 2020, updated its outlook for full year 2020 and issued its full year 2021 outlook as reflected in the table below.

Full Year Full Year Midpoint of Midpoint of Full 2020 2019(in millions, except Current Current Year Outlook to Actual toper share amounts) Full Year Full Year 2019 Full Year Full Year 2021 2020 Actual 2021 Outlook 2020 Outlook^(c) Outlook^(c) % Change Outlook % ChangeSite rental revenues $5,555 $5,317 $5,093 +4% +4%Net income (loss) $997 $819 $860 +22% -5%Net income (loss) per $2.30 $1.79 $1.79 +28% ?%share?diluted^(a)Adjusted EBITDA^(b) $3,607 $3,419 $3,299 +5% +4%AFFO^(a)(b) $2,906 $2,587 $2,371 +12% +9%AFFO per share^(a)(b) $6.69 $6.09 $5.68 +10% +7%

(a) Attributable to CCIC common stockholders.(b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of this non-GAAP financial measure to net income (loss).(c) As issued on October 21, 2020.

"We delivered solid results in the third quarter and remain on track to generate growth in AFFO per share for 2020 that is consistent with our long-term growth target of 7% to 8% per year," stated Jay Brown, Crown Castles Chief Executive Officer. "I'm so proud of how our employees navigated through a pandemic and a significant carrier consolidation in the wireless market this year. We have a long history of consistently delivering compelling growth through various market cycles and disruptions, highlighting the strength of our business model and the compelling value creation opportunity we believe our strategy provides to shareholders.

"As we look ahead, we have increased our annualized common stock dividend by 11% to $5.32 per share. With the strong demand we see for our Towers and Fiber infrastructure as our customers deploy additional cell sites and spectrum in response to the rapid growth in mobile data traffic, we expect approximately 6% growth in Organic Contribution to Site Rental Revenue across both our Towers and Fiber segments in 2021, supporting an expected acceleration in AFFO per share growth to approximately 10%. Our unique portfolio of assets positions us to benefit from what we expect will be a decade-long investment cycle as our customers deploy 5G, which we believe will start in earnest in 2021.

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

RESULTS FOR THE QUARTERThe table below sets forth select financial results for the quarter ended September30, 2020 and September 30, 2019.

(in millions, except per share Q3 2020 Q3 2019 Change % Changeamounts) (As Restated)^ (c)Site rental revenues $1,339 $1,287 +$52 +4%Net income (loss) $163 $242 -$79 -33%Net income (loss) per share?diluted^ $0.38 $0.51 -$0.13 -25%(a)Adjusted EBITDA^(b) $883 $853 +$30 +4%AFFO^(a)(b) $668 $617 +$51 +8%AFFO per share^(a)(b) $1.56 $1.47 +$0.09 +6%

(a) Attributable to CCIC common stockholders.(b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of this non-GAAP financial measure to net income (loss).(c) See our Annual Report on Form 10-K for the year ended December 31, 2019 for further information.

HIGHLIGHTS FROM THE QUARTER

-- Site rental revenues. Site rental revenues grew 4.0%, or $52 million, from third quarter 2019 to third quarter 2020, inclusive of approximately $70 million in Organic Contribution to Site Rental Revenues and a $18 million decrease in straight-lined revenues. The $70 million in Organic Contribution to Site Rental Revenues represents approximately 5.5% growth, comprised of approximately 9.1% growth from new leasing activity and contracted tenant escalations, net of approximately 3.6% from tenant non-renewals. -- Net income. Net income for the third quarter 2020 was $163 million compared to $242 million during the third quarter of 2019 and was impacted by the retirement of $2.4 billion of senior unsecured notes during July 2020, which resulted in a $95 million loss on the retirement of long-term obligations. -- Capital Expenditures. Capital expenditures during the quarter were $377 million, comprised of $20 million of sustaining capital expenditures and $357 million of discretionary capital expenditures. Discretionary capital expenditures during the quarter primarily included approximately $274 million attributable to Fiber and approximately $73 million attributable to Towers. -- Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $518 million in the aggregate, or $1.20 per common share, an increase of approximately 7% on a per share basis compared to the same period a year ago. -- Financing Activity. In July, Crown Castle utilized net proceeds from a June 2020 senior unsecured notes offering to retire an aggregate of $2.4 billion of senior unsecured notes. Also during the quarter, all outstanding shares of Crown Castle's 6.875% Mandatory Convertible Preferred Stock were converted into approximately 14.5 million shares of Crown Castle common stock. These conversions increased the diluted weighted average common shares outstanding for 2020 by approximately 6 million shares and reduced the annual preferred stock dividends paid by approximately $28 million when compared to full year 2019.

"We believe we can deliver on our long-term annual dividend growth target of 7% to 8% while at the same time making investments in our business that will support future growth," stated Dan Schlanger, Crown Castle's Chief Financial Officer. "Looking to 2021, the portion of our small cell backlog we expect to put on air has a higher proportion of collocation nodes relative to recent years, reducing the capital intensity in that business. Due to this reduced capital intensity, combined with the completion of several large fiber expansion projects in 2020, we expect our discretionary capital expenditures to be approximately $400 million lower in 2021 when compared to 2019 while delivering AFFO per share growth above our long-term target. We anticipate the combination of lower capital expenditures and higher cash flow growth will allow us to fund our discretionary capital budget next year with free cash flow and incremental debt capacity, consistent with our Investment Grade credit profile."

OUTLOOK

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

The following table sets forth Crown Castle's current Outlook for full year 2020 and full year 2021.

(in millions) Full Year 2020 Full Year 2021Site rental revenues $5,307 to $5,327 $5,532 to $5,577Site rental cost of operations^(a) $1,485 to $1,505 $1,538 to $1,583Net income (loss) $799 to $839 $957 to $1,037Adjusted EBITDA^(b) $3,409 to $3,429 $3,584 to $3,629Interest expense and amortization of deferred $683 to $693 $663 to $708financing costs^(c)FFO^(b)(d) $2,300 to $2,320 $2,603 to $2,648AFFO^(b)(d) $2,577 to $2,597 $2,883 to $2,928AFFO per share^(b)(d) $6.07 to $6.11 $6.64 to $6.74

(a) Exclusive of depreciation, amortization and accretion.(b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of this non-GAAP financial measure to net income (loss).(c) See reconciliation of "components of current outlook for interest expense and amortization of deferred financing costs" for a discussion of non-cash interest expense.(d) Attributable to CCIC common stockholders.

Full Year 2020 and 2021 OutlookThe table below compares the current full year 2020 Outlook to both the prior full year 2020 Outlook issued on July 29, 2020 and the current 2021 Outlook for select metrics at the midpoints.

Midpoint of FY 2021 Outlook and FY 2020 Outlook Comparisons Current Current Previous Current 2020(in millions, except per Full Full % Full Compared toshare amounts) Year Year Change Change Year Previous 2021 2020 2020 2020 Outlook Outlook Outlook OutlookSite rental revenues $5,555 $5,317 +$238 +4% $5,360 -$43Net income (loss) $997 $819 +$178 +22% $943 -$124Net income (loss) per $2.30 $1.79 +$0.51 +28% $2.09 -$0.30share?diluted^(a)Adjusted EBITDA^(b) $3,607 $3,419 +$188 +5% $3,502 -$83AFFO^(a)(b) $2,906 $2,587 +$319 +12% $2,595 -$8AFFO per share^(a)(b) $6.69 $6.09 +$0.60 +10% $6.12 -$0.03

(a) Attributable to CCIC common stockholders.(b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of this non-GAAP financial measure to net income (loss).

-- The reduction to the 2020 Outlook primarily reflects an expected shift in the timing of Towers activity from the second half of 2020 to the first half of 2021. The change in the timing of Towers activity negatively impacts the expected Organic Contribution to Site Rental Revenues by approximately $20 million and services contribution from towers by approximately $50 million. In addition, straight-lined revenues from Towers for full year 2020 are expected to be approximately $20 million lower than previously expected, due to a combination of the timing of Towers activity as well as fewer lease extensions than previously forecasted. -- These changes are offset by approximately $10 million in lower expenses, approximately $30 million in lower interest expense and approximately $25 million in lower sustaining capital expenditures as compared to our prior 2020 Outlook. -- The chart below reconciles the components of expected growth in site rental revenues from 2020 to 2021 of $215 million to $260 million, inclusive of expected Organic Contribution to Site Rental Revenues during 2021 of $295 million to $335 million, or approximately 6%.Chart 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/a44e7d91-5f00-438d-adfb-18a47577b833 -- New leasing activity is expected to contribute $375 million to $405 million to 2021 Organic Contribution to Site Rental Revenues, consisting of new leasing activity from towers of $150 million to $160 million (compared to approximately $150 million expected in full year 2020), small cells of $65 million to $75 million (compared to approximately $70 million expected in full year 2020), and fiber solutions of $160 million to $170 million (compared to approximately $160 million expected in full year 2020). -- In addition, discretionary capital expenditures are expected to be approximately $1.5 billion in 2021, which compares to an expected $1.6 billion in 2020 and $1.9 billion in 2019. Prepaid rent additions are expected to be approximately $550 million in 2021, which compares to approximately $450 million expected in full year 2020 and approximately $650 million in 2019. -- The expected decrease in discretionary capital expenditures of approximately $400 million from 2019 to 2021 primarily reflects an expected decrease in small cell capital expenditures supporting similar revenue growth due to an expected increase in collocation activity, and the expected completion of several large fiber expansion projects by the end of 2020 that resulted from prior acquisitions. -- The chart below reconciles the components of expected growth in AFFO from 2020 to 2021 of $300 million to $345 million.Chart 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/90382e94-ad47-47ab-8292-81511796c74a -- The expected contribution to 2021 AFFO growth of $60 million to $90 million from Other items is primarily tied to the conversions of preferred stock that occurred during the third quarter, which will reduce annual preferred stock dividends paid by approximately $85 million when compared to full year 2020. -- The increase in services contribution is a result of the expected increase in tower activity in 2021. -- The expected increase in expenses primarily reflects the combination of typical escalations and cost of living increases on the existing base of expenses, and incremental direct costs associated with Fiber revenue growth. -- Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.

DIVIDEND INCREASE ANNOUNCEMENTCrown Castle's Board of Directors has declared a quarterly cash dividend of $1.33 per common share, representing an increase of approximately 11% over the previous quarterly dividend of $1.20 per share. The quarterly dividend will be payable on December 31, 2020 to common stockholders of record at the close of business on December 15, 2020. Future dividends are subject to the approval of Crown Castle's Board of Directors.

BOARD OF DIRECTORS APPOINTMENTSIn a separate press release today, Crown Castle announced that, as part of its previously announced Board refreshment plan, its Board of Directors has appointed Tammy K. Jones and Matthew Thornton, III as directors, effective November 6, 2020.

CONFERENCE CALL DETAILSCrown Castle has scheduled a conference call for Thursday, October 22, 2020, at 10:30 a.m. Eastern time to discuss its third quarter 2020 results. The conference call may be accessed by dialing 800-458-4148 and asking for the Crown Castle call (access code 3114175) at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at investor.crowncastle.com. Supplemental materials for the call have been posted on the Crown Castle website at investor.crowncastle.com.

A telephonic replay of the conference call will be available from 1:30 p.m. Eastern time on Thursday, October 22, 2020, through 1:30 p.m. Eastern time on Wednesday, January 20, 2021, and may be accessed by dialing 888-203-1112 and using access code 3114175. An audio archive will also be available on Crown Castle's website atinvestor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.

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

Non-GAAP Financial Measures, Segment Measures and Other Calculations

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, and Organic Contribution to Site Rental Revenues, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).

Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the communications infrastructure sector or other real estate investment trusts ("REITs"). Our definition of FFO is consistent with guidelines from the National Association of Real Estate Investment Trusts with the exception of the impact of income taxes in periods prior to our REIT conversion in 2014.

In addition to the non-GAAP financial measures used herein, we also provide Segment Site Rental Gross Margin, Segment Services and Other Gross Margin and Segment Operating Profit, which are key measures used by management to evaluate our operating segments. These segment measures are provided pursuant to GAAP requirements related to segment reporting. In addition, we provide the components of certain GAAP measures, such as capital expenditures.

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

-- 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 computed in accordance with GAAP as a measure of our performance. -- AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (a) asset base (primarily depreciation, amortization and accretion) and (b) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations, or rent free periods, the revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. Management notes that Crown Castle uses AFFO only as a performance measure. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flows from operations or as residual cash flow available for discretionary investment. -- FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations. -- Organic Contribution to Site Rental Revenues is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses the Organic Contribution to Site Rental Revenues to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, new leasing activities and tenant non-renewals in our core business, as well to forecast future results. Organic Contribution to Site Rental Revenues is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.

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

Non-GAAP Financial Measures

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

Adjusted Funds from Operations. We define Adjusted Funds from Operations as FFO before straight-lined revenue, straight-lined expense, stock-based compensation expense, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, acquisition and integration costs, and adjustments for noncontrolling interests, and less sustaining capital expenditures.

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

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

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

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

Segment Measures

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

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

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

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

Other Calculations

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

Integration capital expenditures. We define integration capital expenditures as those capital expenditures made as a result of integrating acquired companies into our business.

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

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

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

Reconciliation of Historical Adjusted EBITDA:

For the For the Three Months For the Nine Months Twelve Ended Ended Months Ended September30, September September September December 2020 30, 30, 30, 31, 2019 2020 2019 2019 (As (As(in millions) Restated) Restated) ^(d) ^(d)Net income (loss) $ 163 $ 242 $ 548 $ 652 $ 860 Adjustments toincrease (decrease) netincome (loss):Asset write-down 3 2 10 13 19 chargesAcquisition and 2 4 9 10 13 integration costsDepreciation,amortization and 406 388 1,207 1,175 1,572 accretionAmortization ofprepaid lease 5 5 14 15 20 purchase priceadjustmentsInterest expenseand amortizationof deferred 168 173 521 510 683 financing costs^(a)(Gains) losses onretirement of 95 ? 95 2 2 long-termobligationsInterest income ? (2 ) (2 ) (5 ) (6 )Other (income) 3 5 3 6 (1 )expense(Benefit)provision for 5 5 16 15 21 income taxesStock-basedcompensation 33 29 106 90 116 expenseAdjusted EBITDA^ $ 883 $ 853 $ 2,527 $ 2,483 $ 3,299 (b)(c)

Reconciliation of Current Outlook for Adjusted EBITDA:

Full Year 2020 Full Year 2021(in millions) Outlook OutlookNet income (loss) $799 to $839 $957 to $1,037Adjustments to increase (decrease) net income (loss):Asset write-down charges $10 to $20 $15 to $25Acquisition and integration costs $7 to $17 $0 to $8Depreciation, amortization and accretion $1,589 to $1,639 $1,615 to $1,710Amortization of prepaid lease purchase $18 to $20 $17 to $19price adjustmentsInterest expense and amortization of $683 to $693 $663 to $708deferred financing costs^(a)(Gains) losses on retirement of long-term $95 to $95 $0 to $100obligationsInterest income $(4) to $0 $(3) to $0Other (income) expense $2 to $4 $(1) to $1(Benefit) provision for income taxes $17 to $25 $18 to $26Stock-based compensation expense $134 to $138 $145 to $149Adjusted EBITDA^(b)(c) $3,409 to $3,429 $3,584 to $3,629

(a) See reconciliation of "components of current outlook for interest expense and amortization of deferred financing costs" for a discussion of non-cash interest expense.(b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definition of Adjusted EBITDA.(c) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.(d) See our Annual Report on Form 10-K for the year ended December 31, 2019 for further information.

Reconciliation of Historical FFO and AFFO:

For the For the Three Months For the Nine Months Ended Twelve Ended Months Ended September30, September September30, September December 2020 30, 2020 30, 31, 2019 2019 2019(in millions, (As (Asexcept per share Restated) Restated) amounts) ^(f) ^(f)Net income (loss) $ 163 $ 242 $ 548 $ 652 $ 860 Real estate relateddepreciation, 393 374 1,167 1,133 1,517 amortization andaccretionAsset write-down 3 2 10 13 19 chargesDividends/distributions on (28 ) (28 ) (85 ) (85 ) (113 )preferred stockFFO^(a)(b)(c)(d) $ 531 $ 593 $ 1,640 $ 1,714 $ 2,284 Weighted-averagecommon shares 429 418 422 418 418 outstanding?diluted^(e)FFO per share^(a) $ 1.24 $ 1.42 $ 3.89 $ 4.11 $ 5.47 (b)(c)(d)(e) FFO (from above) $ 531 $ 593 $ 1,640 $ 1,714 $ 2,284 Adjustments toincrease (decrease) FFO:Straight-lined (4 ) (22 ) (27 ) (62 ) (80 )revenueStraight-lined 21 24 61 70 93 expenseStock-basedcompensation 33 29 106 90 116 expenseNon-cash portion of (7 ) 1 3 2 5 tax provisionNon-real estaterelateddepreciation, 13 14 40 42 55 amortization andaccretionAmortization ofnon-cash interest 1 ? 4 1 1 expenseOther (income) 3 5 3 6 (1 )expense(Gains) losses onretirement of 95 ? 95 2 2 long-termobligationsAcquisition and 2 4 9 10 13 integration costsSustaining capital (20 ) (29 ) (64 ) (80 ) (117 )expendituresAFFO^(a)(^b)(c)(d) $ 668 $ 617 $ 1,870 $ 1,794 $ 2,371 Weighted-averagecommon shares 429 418 422 418 418 outstanding?diluted^(e)AFFO per share^(a) $ 1.56 $ 1.47 $ 4.43 $ 4.29 $ 5.68 (b)(c)(d)(e)

(a) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.(b) FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.(c) Attributable to CCIC common stockholders.(d) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.(e) For all periods prior to those ended September 30, 2020, the diluted weighted-average common shares outstanding does not include any assumed conversions of preferred stock in the share count.(f) See our Annual Report on Form 10-K for the year ended December 31, 2019 for further information.

Reconciliation of Current Outlook for FFO and AFFO:

Full Year 2020 Full Year 2021(in millions except per share amounts) Outlook OutlookNet income (loss) $799 to $839 $957 to $1,037Real estate related depreciation, $1,541 to $1,581 $1,569 to $1,649amortization and accretionAsset write-down charges $10 to $20 $15 to $25Dividends/distributions on preferred $(85) to $(85) $0 to $0stockFFO^(a)(b)(c)(d) $2,300 to $2,320 $2,603 to $2,648Weighted-average common shares 425 434 outstanding?diluted^(e)FFO per share^(a)(b)(c)(d)(e) $5.41 to $5.46 $6.00 to $6.10 FFO (from above) $2,300 to $2,320 $2,603 to $2,648Adjustments to increase (decrease) FFO: Straight-lined revenue $(27) to $(17) $38 to $58Straight-lined expense $76 to $86 $58 to $78Stock-based compensation expense $134 to $138 $145 to $149Non-cash portion of tax provision $(3) to $7 $(7) to $8Non-real estate related depreciation, $48 to $58 $46 to $61amortization and accretionAmortization of non-cash interest $1 to $11 $4 to $14expenseOther (income) expense $2 to $4 $(1) to $1(Gains) losses on retirement of $95 to $95 $0 to $100long-term obligationsAcquisition and integration costs $7 to $17 $0 to $8Sustaining capital expenditures $(93) to $(83) $(104) to $(94)AFFO^(a)(b)(c)(d) $2,577 to $2,597 $2,883 to $2,928Weighted-average common shares 425 434 outstanding?diluted^(e)AFFO per share^(a)(b)(c)(d)(e) $6.07 to $6.11 $6.64 to $6.74

(a) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.(b) FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.(c) Attributable to CCIC common stockholders.(d) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.(e) The assumption for diluted weighted-average common shares outstanding for full year 2020 Outlook is based on the diluted common shares outstanding as of September 30, 2020 and is inclusive of the conversions of preferred stock that occurred in the third quarter of 2020, which resulted in (1) an increase in the diluted weighted-average common shares outstanding by approximately 6 million shares and (2) a reduction in the amount of annual preferred stock dividends paid by approximately $28 million when compared to full year 2019 actual results.

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

Previously Issued Full Year 2020(in millions) OutlookNet income (loss) $903 to $983Adjustments to increase (decrease) net income (loss): Asset write-down charges $20 to $30Acquisition and integration costs $7 to $17Depreciation, amortization and accretion $1,503 to $1,598Amortization of prepaid lease purchase price adjustments $18 to $20Interest expense and amortization of deferred financing $691 to $736costs(Gains) losses on retirement of long-term obligations $95 to $95Interest income $(7) to $(3)Other (income) expense $(1) to $1(Benefit) provision for income taxes $16 to $24Stock-based compensation expense $126 to $130Adjusted EBITDA^(a)(b) $3,479 to $3,524

(a) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definition of Adjusted EBITDA.(b) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

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

Previously Issued Full Year 2020(in millions, except per share amounts) OutlookNet income (loss) $903 to $983Real estate related depreciation, amortization and $1,454 to $1,534accretionAsset write-down charges $20 to $30Dividends/distributions on preferred stock $(85) to $(85)FFO^(a)(b)(c)(d) $2,354 to $2,399Weighted-average common shares outstanding?diluted^(e) 424 FFO per share^(a)(b)(c)(d)(e) $5.55 to $5.65 FFO (from above) $2,354 to $2,399Adjustments to increase (decrease) FFO: Straight-lined revenue $(53) to $(33)Straight-lined expense $70 to $90Stock-based compensation expense $126 to $130Non-cash portion of tax provision $(6) to $9Non-real estate related depreciation, amortization and $49 to $64accretionAmortization of non-cash interest expense $(4) to $6Other (income) expense $(1) to $1(Gains) losses on retirement of long-term obligations $95 to $95Acquisition and integration costs $7 to $17Sustaining capital expenditures $(123) to $(103)AFFO^(a)(b)(c)(d) $2,572 to $2,617Weighted-average common shares outstanding?diluted^(e) 424 AFFO per share^(a)(b)(c)(d)(e) $6.06 to $6.17

(a) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.(b) FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.(c) Attributable to CCIC common stockholders.(d) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.(e) The assumption for diluted weighted-average common shares outstanding for full year 2020 Outlook is based on the diluted common shares outstanding as of September 30, 2020 and is inclusive of the conversions of preferred stock that occurred in the third quarter of 2020, which resulted in (1) an increase in the diluted weighted-average common shares outstanding by approximately 6 million shares and (2) a reduction in the amount of annual preferred stock dividends paid by approximately $28 million when compared to full year 2019 actual results.

The components of changes in site rental revenues for the quarters ended September30, 2020 and 2019 are as follows:

Three Months Ended September 30, 2020 2019 (As(dollars in millions) Restated)^ (g)Components of changes in site rental revenues^(a): Prior year site rental revenues exclusive ofstraight-lined revenues associated with fixed $ 1,265 $ 1,188 escalators^(b)(c) New leasing activity^(b)(c) 93 99 Escalators 23 22 Non-renewals (46 ) (44 )Organic Contribution to Site Rental Revenues^(d) 70 77 Impact from straight-lined revenues associated with 4 22 fixed escalatorsAcquisitions^(e) ? ? Other ? ? Total GAAP site rental revenues $ 1,339 $ 1,287 Year-over-year changes in revenue: Reported GAAP site rental revenues 4.0 % Organic Contribution to Site Rental Revenues^(d)(f) 5.5 %

The components of the changes in site rental revenues for the years ending December 31, 2020 and 2021 are forecasted as follows:

Previously Current Full Current Full(dollars in millions) Issued Full Year 2020 Year 2021 Year Outlook Outlook^(j) 2020 OutlookComponents of changes in site rental revenues^(a):Prior year site rental revenuesexclusive of straight-lined $5,012 $5,012 $5,295revenues associated with fixedescalators^(b)(c) New leasing activity^(b)(c) 395-425 375-385 375-405Escalators 90-100 90-100 90-100Non-renewals (195)-(175) (185)-(175) (180)-(160)Organic Contribution to Site 295-335 285-295 295-335Rental Revenues^(d)Impact from full yearstraight-lined revenues 33-53 17-27 (38)-(58)associated with fixed escalatorsAcquisitions^(e) ? <5 <5Other ? ? ?Total GAAP site rental revenues $5,337-$5,382 $5,307-$5,327 $5,532-$5,577 Year-over-year changes in revenue:Reported GAAP site rental 5.1% 4.4% 4.5%revenues^(h)Organic Contribution to Site 6.3% 5.8% 5.9%Rental Revenues^(d)(h)(i)

(a) Additional information regarding Crown Castle's site rental revenues, including projected revenue from tenant licenses, straight-lined revenues and prepaid rent is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of its website.(b) Includes revenues from amortization of prepaid rent in accordance with GAAP.(c) Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators.(d) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.(e) Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition.(f) Calculated as the percentage change from prior year site rental revenues, exclusive of straight-lined revenues associated with fixed escalations, compared to Organic Contribution to Site Rental Revenues for the current period.(g) See our Annual Report on Form 10-K for the year ended December 31, 2019 for further information.(h) Calculated based on midpoint of respective full year Outlook.(i) Calculated as the percentage change from prior year site rental revenues, exclusive of straight-lined revenues associated with fixed escalations, compared to Organic Contribution to Site Rental Revenues for the current period.(j) Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators is calculated based on midpoint of current full year 2020 Outlook.

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

For the Three Months Ended September30, September(in millions) 2020 30, 2019Interest expense on debt obligations $ 167 $ 173 Amortization of deferred financing costs and 6 5 adjustments on long-term debt, netCapitalized interest (5 ) (5 )Interest expense and amortization of deferred $ 168 $ 173 financing costs

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

Full Year 2020 Full Year 2021(in millions) Outlook OutlookInterest expense on debt obligations $678 to $688 $668 to $688Amortization of deferred financing costs $21 to $26 $21 to $26and adjustments on long-term debt, netCapitalized interest $(20) to $(15) $(17) to $(12)Interest expense and amortization of $683 to $693 $663 to $708deferred financing costs

Debt balances and maturity dates as of September30, 2020 are as follows:

(in millions) Face Value Final MaturityCash, cash equivalents and restricted cash $ 421 3.849% Secured Notes 1,000 Apr. 2023Secured Notes, Series 2009-1, Class A-2^(a) 62 Aug. 2029Tower Revenue Notes, Series 2015-1^(b) 300 May 2042Tower Revenue Notes, Series 2018-1^(b) 250 July 2043Tower Revenue Notes, Series 2015-2^(b) 700 May 2045Tower Revenue Notes, Series 2018-2^(b) 750 July 2048Finance leases and other obligations 228 VariousTotal secured debt $ 3,290 2016 Revolver 520 June 20242016 Term Loan A 2,268 June 2024Commercial Paper Notes^(c) 75 Oct. 20205.250% Senior Notes 1,650 Jan. 20233.150% Senior Notes 750 July 20233.200% Senior Notes 750 Sept. 20241.350% Senior Notes 500 July 20254.450% Senior Notes 900 Feb. 20263.700% Senior Notes 750 June 20264.000% Senior Notes 500 Mar. 20273.650% Senior Notes 1,000 Sept. 20273.800% Senior Notes 1,000 Feb. 20284.300% Senior Notes 600 Feb. 20293.100% Senior Notes 550 Nov. 20293.300% Senior Notes 750 July 20302.250% Senior Notes 1,100 Jan. 20314.750% Senior Notes 350 May 20475.200% Senior Notes 400 Feb. 20494.000% Senior Notes 350 Nov. 20494.150% Senior Notes 500 July 20503.250% Senior Notes 900 Jan. 2051Total unsecured debt $ 16,163 Total net debt $ 19,032

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

For the Three Months(dollars in millions) Ended September 30, 2020Total face value of debt $ 19,453 Less: Ending cash, cash equivalents and restricted cash 421 Total Net Debt $ 19,032 Adjusted EBITDA for the three months ended September $ 883 30, 2020Last quarter annualized Adjusted EBITDA 3,532 Net Debt to Last Quarter Annualized Adjusted EBITDA 5.4 x

(a) The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.(b) The Senior Secured Tower Revenue Notes, Series 2015-1 and 2015-2 have anticipated repayment dates in 2022 and 2025, respectively. The Senior Secured Tower Revenue Notes, Series 2018-1 and 2018-2 have anticipated repayment dates in 2023 and 2028, respectively.(c) The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.

Components of Capital Expenditures:

For the Three Months Ended(in millions) September30, 2020 September 30, 2019 Towers Fiber Other Total Towers Fiber Other TotalDiscretionary: Purchases of $ 12 $ ? $ ? $ 12 $ 18 $ ? $ ? $ 18 land interestsCommunicationsinfrastructureimprovements and 61 274 10 345 119 371 ? 490 other capitalprojectsSustaining 3 13 4 20 8 11 10 29 Integration ? ? ? ? ? ? 2 2 Total $ 76 $ 287 $ 14 $ 377 $ 145 $ 382 $ 12 $ 539



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

Cautionary Language Regarding Forward-Looking Statements

This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2020 and 2021 Outlook and plans, projections, and estimates regarding (1) potential benefits, growth, returns, capabilities, opportunities and shareholder value which may be derived from our business, assets, investments, acquisitions and dividends, (2) our business, strategy, strategic position, business model and capabilities and the strength thereof, (3) industry fundamentals and driving factors for improvements in such fundamentals, (4) our customers' investment, including investment cycles and the timing thereof, in network improvements (including 5G), the trends driving such improvements and opportunities and demand for our assets created thereby, (5) our long-and short-term prospects and the trends, events and industry activities impacting our business, (6) opportunities we see to deliver value to our shareholders, (7) our dividends (including timing of payment thereof) and our dividend (including on a per share basis) growth rate, including its driving factors, and targets, (8) expected completion of fiber expansion projects, (9) small cell backlog, (10)debt maturities, (11) strategic position of our portfolio of assets, (12)cash flows, including growth thereof, (13)leasing activity and the timing thereof, (14) tenant non-renewals, including the impact and timing thereof, (15) capital expenditures, including sustaining and discretionary capital expenditures, the timing thereof and any efficiencies that may result therefrom, and the discretionary capital budget and the funding thereof, (16) straight-line adjustments, (17) revenues and growth thereof and benefits derived therefrom, (18)net income (loss) (including on a per share basis), (19)Adjusted EBITDA, including components thereof and growth thereof, (20)expenses, including interest expense and amortization of deferred financing costs, (21) FFO (including on a per share basis) and growth thereof, (22) AFFO (including on a per share basis) and its components and growth thereof and corresponding driving factors, (23) Organic Contribution to Site Rental Revenues and its components, including growth thereof and contributions therefrom, (24) our weighted-average common shares outstanding (including on a diluted basis) and growth thereof, (25)services contribution, (26) pre-paid rent, (27) appointment of directors, including the effective date thereof, and (28)the utility of certain financial measures, including non-GAAP financial measures. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and the following:

-- Our business depends on the demand for our communications infrastructure, driven primarily by demand for data, and we may be adversely affected by any slowdown in such demand. Additionally, a reduction in the amount or change in the mix of network investment by our tenants may materially and adversely affect our business (including reducing demand for our communications infrastructure or services). -- A substantial portion of our revenues is derived from a small number of tenants, and the loss, consolidation or financial instability of any of such tenants may materially decrease revenues or reduce demand for our communications infrastructure and services. -- The expansion or development of our business, including through acquisitions, increased product offerings or other strategic growth opportunities, may cause disruptions in our business, which may have an adverse effect on our business, operations or financial results. -- Our Fiber segment has expanded rapidly, and the Fiber business model contains certain differences from our Towers business model, resulting in different operational risks. If we do not successfully operate our Fiber business model or identify or manage the related operational risks, such operations may produce results that are lower than anticipated. -- Failure to timely and efficiently execute on our construction projects could adversely affect our business. -- Our substantial level of indebtedness could adversely affect our ability to react to changes in our business, and the terms of our debt instruments limit our ability to take a number of actions that our management might otherwise believe to be in our best interests. In addition, if we fail to comply with our covenants, our debt could be accelerated. -- We have a substantial amount of indebtedness. In the event we do not repay or refinance such indebtedness, we could face substantial liquidity issues and might be required to issue equity securities or securities convertible into equity securities, or sell some of our assets to meet our debt payment obligations. -- Sales or issuances of a substantial number of shares of our common stock or securities convertible into shares of our common stock may adversely affect the market price of our common stock. -- As a result of competition in our industry, we may find it more difficult to negotiate favorable rates on our new or renewing tenant contracts. -- 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 land interests under our towers and the right-of-way and other agreements related to our small cells and fiber, our business may be adversely affected. -- Our services business has historically experienced significant volatility in demand, which reduces the predictability of our results. -- The restatement of our previously issued financial statements, the errors that resulted in such restatement, the material weakness that was identified in our internal control over financial reporting and the determination that our internal control over financial reporting and disclosure controls and procedures were not effective, could result in loss of investor confidence, shareholder litigation or governmental proceedings or investigations, any of which could cause the market value of our common stock or debt securities to decline or impact our ability to access the capital markets. -- New wireless technologies may not deploy or be adopted by tenants as rapidly or in the manner projected. -- If we fail to comply with laws or regulations which regulate our business and which may change at any time, we may be fined or even lose our right to conduct some of our business. -- If radio frequency emissions from wireless handsets or equipment on our communications infrastructure are demonstrated to cause negative health effects, potential future claims could adversely affect our operations, costs or revenues. -- Certain provisions of our restated certificate of incorporation, amended and restated by-laws and operative agreements, and domestic and international competition laws may make it more difficult for a third party to acquire control of us or for us to acquire control of a third party, even if such a change in control would be beneficial to our stockholders. -- We may be vulnerable to security breaches or other unforeseen events that could adversely affect our operations, business, and reputation. -- Future dividend payments to our stockholders will reduce the availability of our cash on hand available to fund future discretionary investments, and may result in a need to incur indebtedness or issue equity securities to fund growth opportunities. In such event, the then current economic, credit market or equity market conditions will impact the availability or cost of such financing, which may hinder our ability to grow our per share results of operations. -- Remaining qualified to be taxed as a REIT involves highly technical and complex provisions of the U.S. Internal Revenue Code. Failure to remain qualified as a REIT would result in our inability to deduct dividends to stockholders when computing our taxable income, which would reduce our available cash. -- Complying with REIT requirements, including the 90% distribution requirement, may limit our flexibility or cause us to forgo otherwise attractive opportunities, including certain discretionary investments and potential financing alternatives. -- REIT related ownership limitations and transfer restrictions may prevent or restrict certain transfers of our capital stock. -- The impact of COVID-19 and related risks could materially affect our financial position, results of operations and cash flows.

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

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

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



September30, December 2020 31, 2019ASSETS Current assets: Cash and cash equivalents $ 242 $ 196 Restricted cash 174 137 Receivables, net 455 596 Prepaid expenses 112 107 Other current assets 201 168 Total current assets 1,184 1,204 Deferred site rental receivables 1,420 1,424 Property and equipment, net 15,092 14,666 Operating lease right-of-use assets 6,357 6,133 Goodwill 10,078 10,078 Other intangible assets, net 4,535 4,836 Other assets, net 120 116 Total assets $ 38,786 $ 38,457 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 264 $ 334 Accrued interest 122 169 Deferred revenues 787 657 Other accrued liabilities 322 361 Current maturities of debt and other obligations 114 100 Current portion of operating lease liabilities 316 299 Total current liabilities 1,925 1,920 Debt and other long-term obligations 19,190 18,021 Operating lease liabilities 5,713 5,511 Other long-term liabilities 2,456 2,516 Total liabilities 29,284 27,968 Commitments and contingencies CCIC stockholders' equity: Common stock, $0.01 par value; 600 sharesauthorized; shares issued and outstanding: September 4 4 30, 2020?431 and December31, 2019?4166.875% Mandatory Convertible Preferred Stock, SeriesA, $0.01 par value; 20 shares authorized; sharesissued and outstanding: September 30, 2020?0 and ? ? December31, 2019?2; aggregate liquidation value:September 30, 2020?$0 and December31, 2019?$1,650Additional paid-in capital 17,904 17,855 Accumulated other comprehensive income (loss) (4 ) (5 )Dividends/distributions in excess of earnings (8,402 ) (7,365 )Total equity 9,502 10,489 Total liabilities and equity $ 38,786 $ 38,457



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

Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (As (As Restated) Restated) ^(a) ^(a)Net revenues: Site rental $ 1,339 $ 1,287 $ 3,968 $ 3,793 Services and other 147 195 379 544 Net revenues 1,486 1,482 4,347 4,337 Operating expenses: Costs of operations^(b): Site rental 370 369 1,123 1,095 Services and other 117 146 324 407 Selling, general and 154 150 493 457 administrativeAsset write-down charges 3 2 10 13 Acquisition and integration costs 2 4 9 10 Depreciation, amortization and 406 388 1,207 1,175 accretionTotal operating expenses 1,052 1,059 3,166 3,157 Operating income (loss) 434 423 1,181 1,180 Interest expense and amortization (168 ) (173 ) (521 ) (510 )of deferred financing costsGains (losses) on retirement of (95 ) ? (95 ) (2 )long-term obligationsInterest income ? 2 2 5 Other income (expense) (3 ) (5 ) (3 ) (6 )Income (loss) before income taxes 168 247 564 667 Benefit (provision) for income (5 ) (5 ) (16 ) (15 )taxesNet income (loss) 163 242 548 652 Dividends/distributions on ? (28 ) (57 ) (85 )preferred stockNet income (loss) attributable to $ 163 $ 214 $ 491 $ 567 CCIC common stockholders Net income (loss) attributable toCCIC common stockholders, per common share:Net income (loss) attributable to $ 0.38 $ 0.51 $ 1.17 $ 1.36 CCIC common stockholders, basicNet income (loss) attributable to $ 0.38 $ 0.51 $ 1.17 $ 1.36 CCIC common stockholders, diluted Weighted-average common shares outstanding:Basic 427 416 420 416 Diluted 429 418 422 418



(a)See our Annual Report on Form 10-K for the year ended December 31, 2019 for further information.(b) Exclusive of depreciation, amortization and accretion shown separately.



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

Nine Months Ended September 30, 2020 2019 (As Restated)^ (a)Cash flows from operating activities: Net income (loss) $ 548 $ 652 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:Depreciation, amortization and accretion 1,207 1,175 (Gains) losses on retirement of long-term obligations 95 2 Amortization of deferred financing costs and other 4 1 non-cash interest, netStock-based compensation expense 108 91 Asset write-down charges 10 13 Deferred income tax (benefit) provision 2 2 Other non-cash adjustments, net 4 4 Changes in assets and liabilities, excluding the effects of acquisitions:Increase (decrease) in liabilities (29 ) 178 Decrease (increase) in assets 121 (228 ) Net cash provided by (used for) operating activities 2,070 1,890 Cash flows from investing activities: Capital expenditures (1,238 ) (1,537 )Payments for acquisitions, net of cash acquired (86 ) (15 )Other investing activities, net (12 ) 3 Net cash provided by (used for) investing activities (1,336 ) (1,549 )Cash flows from financing activities: Proceeds from issuance of long-term debt 3,733 1,895 Principal payments on debt and other long-term (80 ) (59 )obligationsPurchases and redemptions of long-term debt (2,490 ) (12 )Borrowings under revolving credit facility 2,140 1,585 Payments under revolving credit facility (2,145 ) (2,270 )Net borrowings (repayments) under commercial paper (80 ) ? programPayments for financing costs (38 ) (24 )Purchases of common stock (75 ) (44 )Dividends/distributions paid on common stock (1,531 ) (1,415 )Dividends/distributions paid on preferred stock (85 ) (85 ) Net cash provided by (used for) financing activities (651 ) (429 )Net increase (decrease) in cash, cash equivalents, and 83 (88 )restricted cashEffect of exchange rate changes on cash ? ? Cash, cash equivalents, and restricted cash at beginning 338 413 of periodCash, cash equivalents, and restricted cash at end of $ 421 $ 325 periodSupplemental disclosure of cash flow information: Interest paid 564 547 Income taxes paid 13 13



(a)See our Annual Report on Form 10-K for the year ended December 31, 2019 for further information.



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

SEGMENT OPERATING RESULTS Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (As Restated)^(e) Towers Fiber Other Consolidated Towers Fiber Other Consolidated Total TotalSegment siterental $ 877 $ 462 $ 1,339 $ 856 $ 431 $ 1,287 revenuesSegmentservices and 142 5 147 191 4 195 other revenuesSegment 1,019 467 1,486 1,047 435 1,482 revenuesSegment siterental cost of 216 145 361 218 141 359 operationsSegmentservices and 111 4 115 142 2 144 other cost ofoperationsSegment costof operations^ 327 149 476 360 143 503 (a)(b)Segment siterental gross 661 317 978 638 290 928 margin^(c)Segmentservices and 31 1 32 49 2 51 other grossmargin^(c)Segmentselling,general and 22 42 64 23 49 72 administrativeexpenses^(b)Segmentoperating 670 276 946 664 243 907 profit^(c)Other selling,general and $ 63 63 $ 56 56 administrativeexpenses^(b)Stock-basedcompensation 33 33 29 29 expenseDepreciation,amortization 406 406 388 388 and accretionInterestexpense andamortization 168 168 173 173 of deferredfinancingcostsOther (income)expenses toreconcile to 108 108 14 14 income (loss)before incometaxes^(d)Income (loss)before income $ 168 $ 247 taxes



FIBER SEGMENT SITE RENTAL REVENUES SUMMARY Three Months Ended September 30, 2020 2019 Fiber Small Total Fiber Small Total Solutions Cells Solutions CellsSiterental $ 323 $ 139 $ 462 $ 311 $ 120 $ 431 revenues



(a)Exclusive of depreciation, amortization and accretion shown separately.(b)Segment cost of operations excludes (1) stock-based compensation expense of $6 million and $7 million for the three months ended September30, 2020 and 2019, respectively and (2) prepaid lease purchase price adjustments of $5 million in each of the three months ended September30, 2020 and 2019. Selling, general and administrative expenses exclude stock-based compensation expense of $27 million and $22 million for the three months ended September30, 2020 and 2019, respectively.(c) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.(d)See condensed consolidated statement of operations for further information.(e)See our Annual Report on Form 10-K for the year ended December 31, 2019 for further information.

SEGMENT OPERATING RESULTS Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 (As Restated)^(e) Towers Fiber Other Consolidated Towers Fiber Other Consolidated Total TotalSegment siterental $ 2,612 $ 1,356 $ 3,968 $ 2,526 $ 1,267 $ 3,793 revenuesSegmentservices and 367 12 379 533 11 544 other revenuesSegment 2,979 1,368 4,347 3,059 1,278 4,337 revenuesSegment siterental cost of 648 447 1,095 647 418 1,065 operationsSegmentservices and 311 8 319 395 6 401 other cost ofoperationsSegment costof operations^ 959 455 1,414 1,042 424 1,466 (a)(b)Segment siterental gross 1,964 909 2,873 1,879 849 2,728 margin^(c)Segmentservices and 56 4 60 138 5 143 other grossmargin^(c)Segmentselling,general and 71 137 208 73 147 220 administrativeexpenses^(b)Segmentoperating 1,949 776 2,725 1,944 707 2,651 profit^(c)Other selling,general and $ 198 198 $ 168 168 administrativeexpenses^(b)Stock-basedcompensation 106 106 90 90 expenseDepreciation,amortization 1,207 1,207 1,175 1,175 and accretionInterestexpense andamortization 521 521 510 510 of deferredfinancingcostsOther (income)expenses toreconcile to 129 129 41 41 income (loss)before incometaxes^(d)Income (loss)before income $ 564 $ 667 taxes



FIBER SEGMENT SITE RENTAL REVENUES SUMMARY Nine Months Ended September 30, 2020 2019 Fiber Small Total Fiber Small Total Solutions Cells Solutions CellsSiterental $ 950 $ 406 $ 1,356 $ 921 $ 346 $ 1,267 revenues



(a) Exclusive of depreciation, amortization and accretion shown separately.(b) Segment cost of operations excludes (1) stock-based compensation expense of $19 million and $21 million for the nine months ended September 30, 2020 and 2019, respectively and (2) prepaid lease purchase price adjustments of $14 million and $15 million for the nine months ended September 30, 2020 and 2019, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $87 million and $69 million for the nine months ended September 30, 2020 and 2019, respectively.(c) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.(d) See condensed consolidated statement of operations for further information.(e) See our Annual Report on Form 10-K for the year ended December 31, 2019 for further information.

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