Crown Castle Inc. · NYSE:CCI
Crown Castle — Investor Presentation (November 2023)
19 slides from Crown Castle's investor presentation, November 2023
Slide 1: Company Overview
CROWN ww CASTLE Company Overview November 2023 The pathway to possible.
Slide 2: Cautionary Information
Cautionary Information This presentation contains forward-looking statements and information (“Forward-Looking Statements”) that are based on our management's current expectations. Statements that are not historical facts or third-party statistics are hereby identified as Forward-Looking Statements.
Slide 3: Overview of Crown Castle
Overview of Crown Castle
Slide 4: Crown Castle At A Glance
Crown Castle At A Glance Asset Overview Dividend per Share $6.26 « ) Dividend Yield“ 6.4% >40K Towers?) Enterprise Value) $65BN ie Weighted Average Remaining 115K Small Tenant Contract Term®45) 6 Years Cells® Remaining Contracted Tenant Receivables $39BN Annualized Q4 Dividend Per Share®, ~85K Route
Slide 5: Towers, Small Cells and Fiber Assets
2 ~115K 1 >40K Small Cells Towers Enable additional network Provide the critical foundation densification by offloading for coverage and capacity traffic and bolstering capacity in the areas of the network where data demand is the greatest 3 ~85K Route Miles of Fiber Increase returns on fiber invest
Slide 6: Maximizing Shareholder Value by Focusing on Growing Long-Term, High-Quality Dividends
Maximizing Shareholder Value by Focusing on Growing Long-Term, High-Quality Dividends v Drive organic growth by leasing our existing portfolio of >40K well-located towers and ~85K route miles of high- capacity fiber v Allocate capital to accretive discretionary investments that support our long-term
Slide 7: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation ($ in billions) Cumulative Discretionary Capital Allocated from FY 2013 to 9/30/23” Total Enterprise Value $65 Fiber O Equity Acquisitions 0 Net Debt T q External Acquisitions $2] Financing $42 $33 Fiber Capex - Tower Capex $22 Cash FI gemmen r $25 an Operatio
Slide 8: Combination of Stability and Growth Provides Compelling Total Return Opportunity
Combination of Stability and Growth Provides Compelling Total Return Opportunity Attractive Dividend Yield Long-Term Growth Tailwinds Y Dividends supported by high-quality, long-term v¥ Embedded growth tied to contracted escalators contracted lease payments on majority of revenue v¥ Weighted average
Slide 9: U.S. Wireless Infrastructure Growth Drivers
U.S. Wireless Infrastructure Growth Drivers
Slide 10: U.S. Represents Best Market for Wireless Infrastructure Ownership
U.S. Represents Best Market for Wireless Infrastructure Ownership Due to Solid Fundamentals $60 @) Average Revenue Per User (ARPU) Population Size @ @ @ _ @) Spain i) @ UK. Mexico @ South Brazil Africa Data Consumption Per Subscriber (GB/month)” 17 GB/mo Higher demand for data and ability for consum
Slide 11: Mobile Data Growth Requires Significant Network Investment
Mobile Data Growth Requires Significant Network Investment, Driving Demand for Towers and Small Cells + Growth in our business is driven by wireless carrier capex spend, which has remained relatively consistent at ~$30bn annually to keep pace with the rapid growth in mobile data demand. SG * With mo
Slide 12: Increasing Data Consumption is Driving the Need for Denser Networks
Increasing Data Consumption is Driving the Need for Denser Networks of Towers and Small Cells Wireless congestion happens when too many people try to use the same cell site at once. The best way to relieve wireless congestion is to add new infrastructure. With increased data j usage, all that extra
Slide 13: What Are Small Cells?
What Are Small Cells? Fiber fed small cells enable wireless carriers to add much needed coverage and capacity to relieve congestion on their networks Streetlights Utility Poles Slim Line Poles mm Crown Castle assets ( MM Wireless operator assets Collocation of multiple tenants on shareable fiber ass
Slide 14: Compelling Strategy with Towers, Small Cells and Fiber
Compelling Strategy with Towers, Small Cells and Fiber
Slide 15: PROPRIETARY
• • • • • • • • • • • • • • PROPRIETARY
Slide 16: Snapshot of Towers and Fiber Segments
Snapshot of Towers and Fiber Segments [Hy Towers oO Fiber 12.6% $23.3b 14 Yts 25 $16.7b 6.9% 6 Yrs <1 Invested Capital Weighted Average Life of Tenancy Cash Yield Capital Investment Towers Cash Yield Over Time“ 13% . Combined investment of more than $45bn in shared infrastructure assets that are mis
Slide 17: Small Cell Market Opportunity and Economics
Small Cell Market Opportunity and Economics Illustrative Small Cell Asset Yields: Business Case and Market Estimates: Increasing Ratio of Small Cells per Fiber Mile (Density) Results in Higher Asset Yields@ + Third party estimates for number of US 15% outdoor small cells deployed between 2022 and 20
Slide 18: High Quality, Low Risk Balance Sheet Strategy
High Quality, Low Risk Balance Sheet Strategy C$ in billions) Balance Sheet Improvement: 12/31/1 9/30/2302) Weighted Average Coupon 3.8% 3.8% Weighted Average Life (yrs) 5.4 76 Fixed % 68% 86% Unsecured % 53% 93% Debt Maturity Overview(:4.5) $8.1 @ Fixed © Variable $4.6 $3.4 $2.4 $2.7 $13 $12 $0.8 w
Slide 19: Tower portfolio definitions and footnotes
(a) All tower portfolio figures are calculated exclusively for the Company’s towers and do not give effect to other activities within the Company’s Towers segment. (b) Cash site rental revenues represent revenues generated by providing tower tenants with access to our towers via tenant contracts exc