EX-99.2 3 q12017supplement.htm EX 99.2
Exhibit 99.2
Supplemental Information Package
and Non-GAAP Reconciliations
First Quarter • March 31, 2017
The Foundation for a Wireless World.
CrownCastle.com

Crown Castle International Corp
First Quarter 2017

TABLE OF CONTENTS
| Page
Company Overview |
Company Profile | 2
Strategy | 2
Historical AFFO per Share | 3
Tower Portfolio Footprint | 3
Corporate Information | 4
Research Coverage | 5
Historical Common Stock Data | 5
Portfolio and Financial Highlights | 6
Outlook | 7
Financials & Metrics |
Condensed Consolidated Balance Sheet | 9
Condensed Consolidated Statement of Operations | 10
Segment Operating Results | 11
FFO and AFFO Reconciliations | 12
Condensed Consolidated Statement of Cash Flows | 13
Components of Changes in Site Rental Revenues | 14
Summary of Straight-Line and Prepaid Rent Activity | 15
Summary of Capital Expenditures | 15
Lease Renewal and Lease Distribution | 16
Customer Overview | 17
Asset Portfolio Overview |
Summary of Tower Portfolio by Vintage | 18
Portfolio Overview | 19
Ground Interest Overview | 21
Ground Interest Activity | 21
Capitalization Overview |
Capitalization Overview | 22
Debt Maturity Overview | 23
Liquidity Overview | 24
Maintenance and Financial Covenants | 25
Interest Rate Sensitivity | 26
Appendix | 27

Cautionary Language Regarding Forward-Looking Statements
This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook", "guide", "forecast", "estimate", "anticipate", "project", "plan", "intend", "believe", "expect", "likely", "predicted", and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include, but are not limited to, our Outlook for the second quarter 2017 and full year 2017.
Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
The components of financial information presented herein, both historical and forward looking, may not sum due to rounding. Definitions and reconciliations of non-GAAP measures are provided in the Appendix to this Supplement.
As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.
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COMPANY PROFILE

Crown Castle International Corp. (to which the terms "Crown Castle," "CCIC," "we," "our," "our Company," "the Company" or "us" as used herein refer) owns, operates and leases shared wireless infrastructure, including: (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) small cell networks supported by fiber (collectively, "small cells," and together with towers, "wireless infrastructure"). Our towers have a significant presence in each of the top 100 US markets. Crown Castle owns, operates and leases shared wireless infrastructure that is geographically dispersed throughout the U.S., and which consists of (1) approximately 40,000 towers and (2) approximately 27,500 route miles of fiber primarily supporting small cell networks.
Our core business is providing access, including space or capacity, to our wireless infrastructure via long-term contracts in various forms, including license, sublease and lease agreements (collectively, "leases"). We seek to increase our site rental revenues by adding more tenants on our wireless infrastructure, which we expect to result in significant incremental cash flows due to our low incremental operating costs.
We operate as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes.
The current full year 2017 Outlook does not include contribution from the recently announced acquisition of Wilcon Holdings LLC ("Wilcon"), which is expected to close in the third quarter of 2017. In the first full year of Crown Castle’s ownership, Wilcon is expected to contribute approximately $40 million to gross margin and approximately $10 million of general and administrative expenses.

STRATEGY

Our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our portfolio of wireless infrastructure, (2) returning a meaningful portion of our cash provided by operating activities to our stockholders in the form of dividends and (3) investing capital efficiently to grow cash flows and long-term dividends per share. We measure our efforts to create "long-term stockholder value" by the combined payment of dividends to stockholders and growth in our per share results. The key elements of our strategy are to:

• | Grow cash flows from our wireless infrastructure. We seek to maximize our site rental cash flows by working with our customers to provide them quick access to our wireless infrastructure and entering into associated long-term leases. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our customers to expand coverage and capacity in order to meet increasing demand for wireless connectivity, while generating high incremental returns for our business. We believe our product offerings of Towers and Small Cells provide a comprehensive solution to our customers' growing connectivity needs through our shared wireless infrastructure model, which is an efficient and cost effective way to serve our customers. We also believe that there will be considerable future demand for our wireless infrastructure based on the location of our wireless infrastructure and the rapid growth in wireless connectivity, which will lead to future growth in the wireless industry.

• | Return cash provided by operating activities to stockholders in the form of dividends. We believe that distributing a meaningful portion of our cash provided by operating activities appropriately provides stockholders with increased certainty for a portion of expected long-term stockholder value while still retaining sufficient flexibility to invest in our business and deliver growth. We believe this decision reflects the translation of the high-quality, long-term contractual cash flows of our business into stable capital returns to stockholders.

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

◦ | purchases of shares of our common stock from time to time;

◦ | acquisitions or construction of wireless infrastructure;

◦ | acquisitions of land interests under towers;

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

◦ | purchases, repayment or redemption of our debt.

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

HISTORICAL AFFO PER SHARE (1)

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

(2) | AFFO per share represents the midpoint of the full year 2017 outlook as issued on April 24, 2017.

TOWER PORTFOLIO FOOTPRINT

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GENERAL COMPANY INFORMATION
Principal executive offices | 1220 Augusta Drive, Suite 600, Houston, TX 77057
Common shares trading symbol | CCI
Stock exchange listing | New York Stock Exchange
Fiscal year ending date | December 31
Fitch - Long Term Issuer Default Rating | BBB-
Moody’s - Long Term Corporate Family Rating | Baa3
Standard & Poor’s - Long Term Local Issuer Credit Rating | BBB-

Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.

EXECUTIVE MANAGEMENT TEAM
Name | Age | Years with Company | Position
Jay A. Brown | 44 | 17 | President and Chief Executive Officer
Daniel K. Schlanger | 43 | 1 | Senior Vice President and Chief Financial Officer
James D. Young | 55 | 11 | Senior Vice President and Chief Operating Officer
Kenneth J. Simon | 56 | 1 | Senior Vice President and General Counsel
Michael Kavanagh | 48 | 6 | Senior Vice President and Chief Commercial Officer
Philip M. Kelley | 44 | 19 | Senior Vice President-Corporate Development and Strategy

BOARD OF DIRECTORS
Name | Position | Committees | Age | Years as Director
J. Landis Martin | Chairman | NCG(1) | 71 | 21
P. Robert Bartolo | Director | Audit, Compensation | 45 | 3
Cindy Christy | Director | Compensation, NCG(1), Strategy | 51 | 9
Ari Q. Fitzgerald | Director | Compensation, NCG(1), Strategy | 54 | 14
Robert E. Garrison II | Director | Audit, Compensation | 75 | 11
Dale N. Hatfield | Director | NCG(1), Strategy | 79 | 15
Lee W. Hogan | Director | Audit, Compensation, Strategy | 72 | 16
Edward C. Hutcheson | Director | Strategy | 71 | 21
Robert F. McKenzie | Director | Audit, Strategy | 73 | 21
Anthony J. Melone | Director | NCG(1), Strategy | 56 | 1
W. Benjamin Moreland | Director |  | 53 | 10
Jay A. Brown | Director |  | 44 | <1

(1) | Nominating & Corporate Governance Committee

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RESEARCH COVERAGE
Equity Research
Bank of America David Barden (646) 855-1320 | Barclays Amir Rozwadowski (212) 526-4043 | BTIG Walter Piecyk (646) 450-9258
Citigroup Michael Rollins (212) 816-1116 | Cowen and Company Colby Synesael (646) 562-1355 | Deutsche Bank Matthew Niknam (212) 250-4711
Goldman Sachs Brett Feldman (212) 902-8156 | Guggenheim Robert Gutman (212) 518-9148 | Jefferies Mike McCormack (212) 284-2516
JPMorgan Philip Cusick (212) 622-1444 | Macquarie Amy Yong (212) 231-2624 | MoffettNathanson Nick Del Deo (212) 519-0025
Morgan Stanley Simon Flannery (212) 761-6432 | New Street Research Spencer Kurn (212) 921-2067 | Oppenheimer & Co. Timothy Horan (212) 667-8137
Pacific Crest Securities Brandon Nispel (503) 821-3871 | Raymond James Ric Prentiss (727) 567-2567 | RBC Capital Markets Jonathan Atkin (415) 633-8589
Stifel Matthew Heinz (443) 224-1382 | SunTrust Robinson Humphrey Greg Miller (212) 303-4169 | UBS Batya Levi (212) 713-8824
Wells Fargo Securities, LLC Jennifer Fritzsche (312) 920-3548 |  |
Rating Agency
Fitch John Culver (312) 368-3216 | Moody’s Phil Kibel (212) 553-1653 | Standard & Poor’s Ryan Gilmore (212) 438-0602

HISTORICAL COMMON STOCK DATA
| Three Months Ended
(in millions, except per share data) | 3/31/17 | 12/31/16 | 9/30/16 | 6/30/16 | 3/31/16
High price(1) | $ | 95.45 |  | $ | 93.82 |  | $ | 99.69 |  | $ | 98.33 |  | $ | 84.12 |
Low price(1) | $ | 83.07 |  | $ | 77.64 |  | $ | 87.90 |  | $ | 82.15 |  | $ | 71.81 |
Period end closing price(2) | $ | 94.45 |  | $ | 85.85 |  | $ | 92.20 |  | $ | 98.32 |  | $ | 83.05 |
Dividends paid per common share | $ | 0.95 |  | $ | 0.95 |  | $ | 0.885 |  | $ | 0.885 |  | $ | 0.885 |
Volume weighted average price for the period(1) | $ | 89.02 |  | $ | 85.34 |  | $ | 93.39 |  | $ | 88.07 |  | $ | 80.41 |
Common shares outstanding, at period end | 361 |  | 361 |  | 338 |  | 338 |  | 338 |
Market value of outstanding common shares, at period end(3) | $ | 34,130 |  | $ | 30,952 |  | $ | 31,126 |  | $ | 33,187 |  | $ | 28,035 |

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

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

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

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SUMMARY PORTFOLIO HIGHLIGHTS
(as of March 31, 2017) |
Towers
Number of towers(1) | 40,137 |
Average number of tenants per tower | 2.2 |
Remaining contracted customer receivables ($ in billions)(2) | $ | 17 |
Weighted average remaining customer contract term (years)(3) | 6 |
Percent of towers in the Top 50 / 100 Basic Trading Areas | 56% / 71% |
Percent of ground leased / owned (by site rental gross margin) | 63% / 37% |
Weighted average maturity of ground leases (years)(4) | 34 |
Small Cells
Number of route miles of fiber (in thousands) | 28 |
Remaining contracted customer receivables ($ in billions)(2) | $ | 2 |
Weighted average remaining customer contract term (years)(3) | 6 |

SUMMARY FINANCIAL HIGHLIGHTS
|  | Three Months Ended March 31,
(dollars in thousands, except per share amounts) |  | 2017 |  | 2016
Operating Data: |  |  |  |
Net revenues |  |  |  |
Site rental |  | $ | 856,936 |  |  | $ | 799,294 |
Network services and other |  | 159,006 |  |  | 135,090 |
Net revenues |  | $ | 1,015,942 |  |  | $ | 934,384 |
Gross margin |  |  |  |
Site rental |  | $ | 591,919 |  |  | $ | 546,673 |
Network services and other |  | 60,198 |  |  | 54,119 |
Total gross margin |  | $ | 652,117 |  |  | $ | 600,792 |
Net income (loss) attributable to CCIC common stockholders |  | $ | 119,138 |  |  | $ | 36,843 |
Net income (loss) attributable to CCIC common stockholders per share - diluted(6) |  | $ | 0.33 |  |  | $ | 0.11 |
Non-GAAP Data(5): |  |  |  |
Adjusted EBITDA |  | $ | 581,412 |  |  | $ | 539,120 |
FFO |  | 400,945 |  |  | 316,295 |
AFFO |  | 450,162 |  |  | 395,152 |
AFFO per share(6) |  | $ | 1.24 |  |  | $ | 1.18 |

(1) | Excludes small cells and third-party land interests.

(2) | Excludes renewal terms at customers' option.

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

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

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

(6) | Based on diluted weighted-average common shares outstanding of 361.7 million and 334.9 million for the three months ended March 31, 2017 and 2016, respectively.

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SUMMARY FINANCIAL HIGHLIGHTS (CONTINUED)
|  | Three Months Ended March 31,
(dollars in thousands, except per share amounts) |  | 2017 |  | 2016
Summary Cash Flow Data: |  |  |  |
Net cash provided by (used for) operating activities |  | $ | 446,092 |  |  | $ | 437,656 |
Net cash provided by (used for) investing activities(1) |  | (1,763,141 | ) |  | (207,746 | )
Net cash provided by (used for) financing activities |  | 954,216 |  |  | (345,592 | )

(dollars in thousands) |  | March 31, 2017 |  | December 31, 2016
Balance Sheet Data (at period end): |  |  |  |
Cash and cash equivalents |  | $ | 205,192 |  |  | $ | 567,599 |
Property and equipment, net |  | 10,293,693 |  |  | 9,805,315 |
Total assets |  | 23,776,842 |  |  | 22,675,092 |
Total debt and other long-term obligations(2) |  | 13,492,973 |  |  | 12,171,142 |
Total CCIC stockholders' equity |  | 7,363,480 |  |  | 7,557,115 |

(dollars in thousands, except per share amounts) |  | Three Months Ended March 31, 2017
Other Data: |  |
Net debt to last quarter annualized Adjusted EBITDA(3) |  | 5.8 | x
Dividend per common share |  | $ | 0.95 |

OUTLOOK FOR SECOND QUARTER 2017 AND FULL YEAR 2017
(dollars in millions, except per share amounts) | Second Quarter 2017 | Full Year 2017
Site rental revenues | $866 | to | $871 | $3,473 | to | $3,503
Site rental cost of operations | $275 | to | $280 | $1,071 | to | $1,101
Site rental gross margin | $589 | to | $594 | $2,387 | to | $2,417
Net income (loss) | $90 | to | $110 | $427 | to | $477
Net income (loss) per share - diluted(4)(7) | $0.25 | to | $0.30 | $1.18 | to | $1.32
Adjusted EBITDA(5) | $584 | to | $589 | $2,372 | to | $2,402
Interest expense and amortization of deferred financing costs(6) | $137 | to | $142 | $542 | to | $572
FFO(5) | $394 | to | $399 | $1,623 | to | $1,653
AFFO(5) | $433 | to | $438 | $1,805 | to | $1,835
AFFO per share(4)(5) | $1.20 | to | $1.21 | $4.98 | to | $5.07

(1) | Includes net cash used for acquisitions of approximately $1.5 billion and $22 million for the three months ended March 31, 2017 and 2016, respectively.

(2) | Balances reflect debt issuance costs as a direct reduction from the respective carrying amounts of debt, with the exception of debt issuance costs associated with the Company's revolving credit facilities.

(3) | The Net Debt to Last Quarter Annualized Adjusted EBITDA calculation does not give effect to a full quarter of ownership of FiberNet, as this acquisition closed on January 17, 2017.

(4) | The assumption for second quarter 2017 and full year 2017 diluted weighted-average common shares outstanding is 362 million based on diluted common shares outstanding as of March 31, 2017.

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

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

(7) | Calculated using net income (loss) attributable to CCIC common stockholders.

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OUTLOOK FOR FULL YEAR 2017 COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions) | Full Year 2017 Outlook |  | Full Year 2016
Components of changes in site rental revenues(7): |  |  |
Prior year site rental revenues exclusive of straight-line associated with fixed escalators(1)(3) | $3,186 |  | $2,907
New leasing activity(1)(3) | 155 - 175 |  | 174
Escalators | 80 - 85 |  | 89
Non-renewals | (95) - (90) |  | (74)
Organic Contribution to Site Rental Revenues(4) | 140 - 170 |  | 189
Straight-line revenues associated with fixed escalators | (20) - (10) |  | 47
Acquisitions and builds(2) | 160 |  | 90
Other | — |  | —
Total GAAP site rental revenues | $3,473 - $3,503 |  | $3,233
Year-over-year changes in revenue:(6) |  |  |
Reported GAAP site rental revenues | 7.9% |  |
Organic Contribution to Site Rental Revenues(4)(5) | 4.9% |  |

(1) | Includes revenues from amortization of prepaid rent in accordance with GAAP.

(2) | The financial impact of acquisitions, as measured by the initial contribution, and tower builds is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition or build.

(3) | Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators.

(4) | See definitions provided herein.

(5) | 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.

(6) | Calculated based on midpoint of Full Year 2017 Outlook.

(7) | See additional information regarding Crown Castle's site rental revenues including projected revenue from customer licenses, tenant non-renewals, straight-lined revenues and prepaid rent herein.

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CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(dollars in thousands, except share amounts) | March 31, 2017 |  | December 31, 2016
ASSETS |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 205,192 |  |  | $ | 567,599 |
Restricted cash | 115,128 |  |  | 124,547 |
Receivables, net | 302,697 |  |  | 373,532 |
Prepaid expenses | 153,337 |  |  | 128,721 |
Other current assets | 140,095 |  |  | 130,362 |
Total current assets | 916,449 |  |  | 1,324,761 |
Deferred site rental receivables | 1,310,233 |  |  | 1,317,658 |
Property and equipment, net | 10,293,693 |  |  | 9,805,315 |
Goodwill | 6,530,001 |  |  | 5,757,676 |
Other intangible assets, net | 3,894,362 |  |  | 3,650,072 |
Long-term prepaid rent and other assets, net | 832,104 |  |  | 819,610 |
Total assets | $ | 23,776,842 |  |  | $ | 22,675,092 |
LIABILITIES AND EQUITY |  |  |
Current liabilities: |  |  |
Accounts payable | $ | 154,753 |  |  | $ | 188,516 |
Accrued interest | 84,218 |  |  | 97,019 |
Deferred revenues | 366,758 |  |  | 353,005 |
Other accrued liabilities | 183,584 |  |  | 221,066 |
Current maturities of debt and other obligations | 112,882 |  |  | 101,749 |
Total current liabilities | 902,195 |  |  | 961,355 |
Debt and other long-term obligations | 13,380,091 |  |  | 12,069,393 |
Other long-term liabilities | 2,131,076 |  |  | 2,087,229 |
Total liabilities | 16,413,362 |  |  | 15,117,977 |
Commitments and contingencies |  |  |
CCIC stockholders' equity: |  |  |
Common stock, $.01 par value; 600,000,000 shares authorized; shares issued and outstanding: March 31, 2017—361,355,043 and December 31, 2016—360,536,659 | 3,614 |  |  | 3,605 |
Additional paid-in capital | 10,968,564 |  |  | 10,938,236 |
Accumulated other comprehensive income (loss) | (5,713 | ) |  | (5,888 | )
Dividends/distributions in excess of earnings | (3,602,985 | ) |  | (3,378,838 | )
Total equity | 7,363,480 |  |  | 7,557,115 |
Total liabilities and equity | $ | 23,776,842 |  |  | $ | 22,675,092 |

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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
| Three Months Ended March 31,
(dollars in thousands, except share and per share amounts) | 2017 |  | 2016
Net revenues: |  |  |
Site rental | $ | 856,936 |  |  | $ | 799,294 |
Network services and other | 159,006 |  |  | 135,090 |
Net revenues | 1,015,942 |  |  | 934,384 |
Operating expenses: |  |  |
Costs of operations (exclusive of depreciation, amortization and accretion): |  |  |
Site rental | 265,017 |  |  | 252,621 |
Network services and other | 98,808 |  |  | 80,971 |
General and administrative | 100,724 |  |  | 97,581 |
Asset write-down charges | 645 |  |  | 7,959 |
Acquisition and integration costs | 5,650 |  |  | 5,638 |
Depreciation, amortization and accretion | 288,549 |  |  | 277,875 |
Total operating expenses | 759,393 |  |  | 722,645 |
Operating income (loss) | 256,549 |  |  | 211,739 |
Interest expense and amortization of deferred financing costs | (134,487 | ) |  | (126,378 | )
Gains (losses) on retirement of long-term obligations | (3,525 | ) |  | (30,550 | )
Interest income | 370 |  |  | 174 |
Other income (expense) | 4,600 |  |  | (3,273 | )
Income (loss) before income taxes | 123,507 |  |  | 51,712 |
Benefit (provision) for income taxes | (4,369 | ) |  | (3,872 | )
Net income (loss) | 119,138 |  |  | 47,840 |
Dividends on preferred stock | — |  |  | (10,997 | )
Net income (loss) attributable to CCIC common stockholders | $ | 119,138 |  |  | $ | 36,843 |
Net income (loss) attributable to CCIC common stockholders, per common share: |  |  |
Net income (loss) attributable to CCIC common stockholders, basic | $ | 0.33 |  |  | $ | 0.11 |
Net income (loss) attributable to CCIC common stockholders, diluted | $ | 0.33 |  |  | $ | 0.11 |
Weighted-average common shares outstanding (in thousands): |  |  |
Basic | 360,832 |  |  | 334,155 |
Diluted | 361,727 |  |  | 334,929 |

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SEGMENT OPERATING RESULTS
| Three Months Ended March 31, 2017 |  | Three Months Ended March 31, 2016
(dollars in thousands) | Towers |  | Small Cells |  | Other |  | Consolidated Total |  | Towers |  | Small Cells |  | Other |  | Consolidated Total
Segment site rental revenues | $ | 716,536 |  |  | $ | 140,400 |  |  |  |  | $ | 856,936 |  |  | $ | 702,840 |  |  | $ | 96,454 |  |  |  |  | $ | 799,294 |
Segment network service and other revenue | 149,615 |  |  | 9,391 |  |  |  |  | 159,006 |  |  | 125,010 |  |  | 10,080 |  |  |  |  | 135,090 |
Segment revenues | 866,151 |  |  | 149,791 |  |  |  |  | 1,015,942 |  |  | 827,850 |  |  | 106,534 |  |  |  |  | 934,384 |
Segment site rental cost of operations | 209,464 |  |  | 47,246 |  |  |  |  | 256,710 |  |  | 204,565 |  |  | 37,483 |  |  |  |  | 242,048 |
Segment network service and other cost of operations | 88,936 |  |  | 8,229 |  |  |  |  | 97,165 |  |  | 69,989 |  |  | 8,035 |  |  |  |  | 78,024 |
Segment cost of operations(1) | 298,400 |  |  | 55,475 |  |  |  |  | 353,875 |  |  | 274,554 |  |  | 45,518 |  |  |  |  | 320,072 |
Segment site rental gross margin(2) | 507,072 |  |  | 93,154 |  |  |  |  | 600,226 |  |  | 498,275 |  |  | 58,971 |  |  |  |  | 557,246 |
Segment network services and other gross margin(2) | 60,679 |  |  | 1,162 |  |  |  |  | 61,841 |  |  | 55,021 |  |  | 2,045 |  |  |  |  | 57,066 |
Segment general and administrative expenses(1) | 23,760 |  |  | 17,689 |  |  | 39,206 |  |  | 80,655 |  |  | 23,599 |  |  | 15,522 |  |  | 36,071 |  |  | 75,192 |
Segment operating profit(2) | 543,991 |  |  | 76,627 |  |  | (39,206 | ) |  | 581,412 |  |  | 529,697 |  |  | 45,494 |  |  | (36,071 | ) |  | 539,120 |
Stock-based compensation expense |  |  |  |  | 24,942 |  |  | 24,942 |  |  |  |  |  |  | 30,705 |  |  | 30,705 |
Depreciation, amortization and accretion |  |  |  |  | 288,549 |  |  | 288,549 |  |  |  |  |  |  | 277,875 |  |  | 277,875 |
Interest expense and amortization of deferred financing costs |  |  |  |  | 134,487 |  |  | 134,487 |  |  |  |  |  |  | 126,378 |  |  | 126,378 |
Other income (expenses) to reconcile to income (loss) from continuing operations before income taxes(3) |  |  |  |  | 9,927 |  |  | 9,927 |  |  |  |  |  |  | 52,450 |  |  | 52,450 |
Income (loss) from continuing operations before income taxes |  |  |  |  |  |  | $ | 123,507 |  |  |  |  |  |  |  |  | $ | 51,712 |

(1) | Segment cost of operations exclude (1) stock-based compensation expense of $4.9 million and $8.3 million for the three months ended March 31, 2017 and 2016, respectively and (2) prepaid lease purchase price adjustments of $5.1 million and $5.2 million for the three months ended March 31, 2017 and 2016, respectively. Segment general and administrative expenses exclude stock-based compensation expense of $20.1 million and $22.4 million for the three months ended March 31, 2017 and 2016, respectively.

(2) | See "Definitions of Non-GAAP Financial Measures and Other Calculations" in the Appendix for a discussion of our definitions of our definitions of segment site rental gross margin, segment network service and other gross margin and segment operating profit.

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

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FFO AND AFFO RECONCILIATIONS
| Three Months Ended March 31,
(dollars in thousands, except share and per share amounts) | 2017 |  | 2016
Net income (loss) | $ | 119,138 |  |  | $ | 47,840 |
Real estate related depreciation, amortization and accretion | 281,163 |  |  | 271,493 |
Asset write-down charges | 645 |  |  | 7,959 |
Dividends on preferred stock | — |  |  | (10,997 | )
FFO(1)(2)(4) | $ | 400,945 |  |  | $ | 316,295 |
Weighted average common shares outstanding — diluted(3) | 361,727 |  |  | 334,929 |
FFO per share(1)(4) | $ | 1.11 |  |  | $ | 0.94 |
FFO (from above) | $ | 400,945 |  |  | $ | 316,295 |
Adjustments to increase (decrease) FFO: |  |  |
Straight-line revenue | (1,262 | ) |  | (17,335 | )
Straight-line expense | 23,215 |  |  | 23,765 |
Stock-based compensation expense | 24,942 |  |  | 30,705 |
Non-cash portion of tax provision | 3,578 |  |  | 1,782 |
Non-real estate related depreciation, amortization and accretion | 7,386 |  |  | 6,382 |
Amortization of non-cash interest expense | 2,836 |  |  | 4,211 |
Other (income) expense | (4,600 | ) |  | 3,273 |
Gains (losses) on retirement of long-term obligations | 3,525 |  |  | 30,550 |
Acquisition and integration costs | 5,650 |  |  | 5,638 |
Capital improvement capital expenditures | (6,894 | ) |  | (6,402 | )
Corporate capital expenditures | (9,159 | ) |  | (3,712 | )
AFFO(1)(2)(4) | $ | 450,162 |  |  | $ | 395,152 |
Weighted average common shares outstanding — diluted(3) | 361,727 |  |  | 334,929 |
AFFO per share(1)(4) | $ | 1.24 |  |  | $ | 1.18 |

(1) | See "Definitions of Non-GAAP Measures and Other Calculations" in the Appendix for a discussion of our definitions of FFO and AFFO.

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

(3) | Based on the diluted weighted-average common shares outstanding for the three months ended March 31, 2017 and 2016.

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

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
| Three Months Ended March 31,
(dollars in thousands) | 2017 |  | 2016
Cash flows from operating activities: |  |  |
Net income (loss) | $ | 119,138 |  |  | $ | 47,840 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |  |  |
Depreciation, amortization and accretion | 288,549 |  |  | 277,875 |
Gains (losses) on retirement of long-term obligations | 3,525 |  |  | 30,550 |
Amortization of deferred financing costs and other non-cash interest | 2,836 |  |  | 4,211 |
Stock-based compensation expense | 22,226 |  |  | 19,895 |
Asset write-down charges | 645 |  |  | 7,959 |
Deferred income tax benefit (provision) | 149 |  |  | 1,860 |
Other non-cash adjustments, net | (4,440 | ) |  | 2,166 |
Changes in assets and liabilities, excluding the effects of acquisitions: |  |  |
Increase (decrease) in liabilities | (61,096 | ) |  | 17,426 |
Decrease (increase) in assets | 74,560 |  |  | 27,874 |
Net cash provided by (used for) operating activities | 446,092 |  |  | 437,656 |
Cash flows from investing activities: |  |  |
Payments for acquisition of businesses, net of cash acquired | (1,497,253 | ) |  | (22,029 | )
Capital expenditures | (262,415 | ) |  | (193,489 | )
Net (payments) receipts from settled swaps | (328 | ) |  | 8,141 |
Other investing activities, net | (3,145 | ) |  | (369 | )
Net cash provided by (used for) investing activities | (1,763,141 | ) |  | (207,746 | )
Cash flows from financing activities: |  |  |
Proceeds from issuance of long-term debt | 997,890 |  |  | 3,496,901 |
Principal payments on debt and other long-term obligations | (28,738 | ) |  | (14,152 | )
Purchases and redemptions of long-term debt | — |  |  | (2,876,390 | )
Borrowings under revolving credit facility | 1,405,000 |  |  | 2,065,000 |
Payments under revolving credit facility | (1,070,000 | ) |  | (2,980,000 | )
Payments for financing costs | (6,761 | ) |  | (27,421 | )
Net proceeds from issuance of capital stock | 21,937 |  |  | 323,798 |
Purchases of capital stock | (22,005 | ) |  | (24,354 | )
Dividends/distributions paid on common stock | (348,146 | ) |  | (299,090 | )
Dividends paid on preferred stock | — |  |  | (10,997 | )
Net (increase) decrease in restricted cash | 5,039 |  |  | 1,113 |
Net cash provided by (used for) financing activities | 954,216 |  |  | (345,592 | )
Net increase (decrease) in cash and cash equivalents - continuing operations | (362,833 | ) |  | (115,682 | )
Discontinued operations: |  |  |
Net cash provided by (used for) investing activities | — |  |  | 113,150 |
Net increase (decrease) in cash and cash equivalents - discontinued operations | — |  |  | 113,150 |
Effect of exchange rate changes | 426 |  |  | (576 | )
Cash and cash equivalents at beginning of period | 567,599 |  |  | 178,810 |
Cash and cash equivalents at end of period | $ | 205,192 |  |  | $ | 175,702 |
Supplemental disclosure of cash flow information: |  |  |
Interest paid | 144,452 |  |  | 111,469 |
Income taxes paid | 796 |  |  | 6,773 |

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COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
| Three Months Ended March 31,
(dollars in millions) | 2017 |  | 2016
Components of changes in site rental revenues(6): |  |  |
Prior year site rental revenues exclusive of straight-line associated with fixed escalators(1)(3) | $ | 782 |  |  | $ | 701 |
New leasing activity(1)(3) | 41 |  |  | 47 |
Escalators | 21 |  |  | 23 |
Non-renewals | (28 | ) |  | (16 | )
Organic Contribution to Site Rental Revenues(4) | 34 |  |  | 54 |
Straight-line revenues associated with fixed escalators | 1 |  |  | 17 |
Acquisitions and builds(2) | 40 |  |  | 27 |
Other | — |  |  | — |
Total GAAP site rental revenues | $ | 857 |  |  | $ | 799 |
Year-over-year changes in revenue: |  |  |
Reported GAAP site rental revenues | 7.3 | % |  |
Organic Contribution to Site Rental Revenues(4)(5) | 4.3 | % |  |

(1) | Includes revenues from amortization of prepaid rent in accordance with GAAP.

(2) | The financial impact of acquisitions, as measured by the initial contribution, and tower builds is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition or build.

(3) | Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators.

(4) | See definitions provided herein.

(5) | 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.

(6) | See additional information regarding Crown Castle's site rental revenues including projected revenue from customer licenses, tenant non-renewals, straight-lined revenues and prepaid rent herein.

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SUMMARY OF SITE RENTAL STRAIGHT-LINED REVENUES AND EXPENSES ASSOCIATED WITH FIXED ESCALATORS(1)
| Three Months Ended March 31,
| 2017 |  | 2016
(dollars in thousands) | Towers |  | Small Cells |  | Total |  | Towers |  | Small Cells |  | Total
Site rental straight-lined revenue | $ | (1,022 | ) |  | $ | 2,284 |  |  | $ | 1,262 |  |  | $ | 14,896 |  |  | $ | 2,439 |  |  | $ | 17,335 |
Site rental straight-lined expenses | 22,881 |  |  | 334 |  |  | 23,215 |  |  | 23,750 |  |  | 15 |  |  | 23,765 |

SUMMARY OF PREPAID RENT ACTIVITY(2)
| Three Months Ended March 31,
| 2017 |  | 2016
(dollars in thousands) | Towers |  | Small Cells |  | Total |  | Towers |  | Small Cells |  | Total
Prepaid rent received | $ | 30,596 |  |  | $ | 36,748 |  |  | $ | 67,344 |  |  | $ | 42,345 |  |  | $ | 32,387 |  |  | $ | 74,732 |
Amortization of prepaid rent | 27,762 |  |  | 25,732 |  |  | 53,494 |  |  | 25,266 |  |  | 22,446 |  |  | 47,712 |

SUMMARY OF CAPITAL EXPENDITURES
| Three Months Ended March 31,
| 2017 |  | 2016
(dollars in thousands) | Towers |  | Small Cells |  | Other |  | Total |  | Towers |  | Small Cells |  | Other |  | Total
Discretionary: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of land interests | $ | 21,147 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,147 |  |  | $ | 21,299 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,299 |
Wireless infrastructure construction and improvements | 73,866 |  |  | 151,349 |  |  | — |  |  | 225,215 |  |  | 83,474 |  |  | 78,603 |  |  | — |  |  | 162,077 |
Sustaining: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital improvement and corporate | 6,462 |  |  | 2,917 |  |  | 6,674 |  |  | 16,053 |  |  | 6,268 |  |  | 1,550 |  |  | 2,295 |  |  | 10,113 |
Total | $ | 101,475 |  |  | $ | 154,266 |  |  | $ | 6,674 |  |  | $ | 262,415 |  |  | $ | 111,041 |  |  | $ | 80,153 |  |  | $ | 2,295 |  |  | $ | 193,489 |

(1) | In accordance with GAAP accounting, if payment terms call for fixed escalations, or rent free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the contract. Since the Company recognizes revenue on a straight-line basis, a portion of the site rental revenue in a given period represents cash collected or contractually collectible in other periods.

(2) | Reflects up front payments received from long-term tenant contracts and other deferred credits (commonly referred to as prepaid rent), and the amortization thereof for GAAP revenue recognition purposes.

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PROJECTED REVENUE FROM CUSTOMER LICENSES(1)
| Remaining nine months | Years Ended December 31,
(as of March 31, 2017; dollars in millions) | 2017 | 2018 | 2019 | 2020 | 2021
Components of site rental revenue: |  |  |  |  |
Site rental revenues exclusive of straight-line associated with fixed escalators | 2,601 |  | $ | 3,537 |  | $ | 3,609 |  | $ | 3,686 |  | $ | 3,764 |
Straight-lined site rental revenues associated with fixed escalators | (15 | ) | (75 | ) | (133 | ) | (192 | ) | (239 | )
GAAP site rental revenue | $ | 2,586 |  | $ | 3,462 |  | $ | 3,476 |  | $ | 3,494 |  | $ | 3,525 |

PROJECTED GROUND LEASE EXPENSE FROM EXISTING GROUND LEASES(2)
| Remaining nine months | Years Ended December 31,
(as of March 31, 2017; dollars in millions) | 2017 | 2018 | 2019 | 2020 | 2021
Components of ground lease expense: |  |  |  |  |
Ground lease expense exclusive of straight-line associated with fixed escalators | $ | 458 |  | $ | 625 |  | $ | 639 |  | $ | 656 |  | $ | 676 |
Straight-lined site rental ground lease expense associated with fixed escalators | 66 |  | 79 |  | 69 |  | 58 |  | 46 |
GAAP ground lease expense | $ | 524 |  | $ | 704 |  | $ | 708 |  | $ | 714 |  | $ | 722 |

ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(3)
| Remaining nine months | Years Ended December 31,
(as of March 31, 2017; dollars in millions) | 2017 | 2018 | 2019 | 2020 | 2021
AT&T | $ | 14 |  | $ | 38 |  | $ | 35 |  | $ | 44 |  | $ | 74 |
Sprint | 29 |  | 36 |  | 39 |  | 22 |  | 39 |
T-Mobile | 18 |  | 24 |  | 59 |  | 21 |  | 30 |
Verizon | 15 |  | 20 |  | 20 |  | 28 |  | 26 |
All Others Combined | 35 |  | 40 |  | 36 |  | 34 |  | 33 |
Total | $ | 111 |  | $ | 158 |  | $ | 189 |  | $ | 149 |  | $ | 202 |

(1) | Based on customer licenses as of March 31, 2017. All customer licenses are assumed to renew for a new term at current term end date. CPI-linked customer contracts are assumed to escalate at 3% per annum.

(2) | Based on existing ground leases as of March 31, 2017. CPI-linked leases are assumed to escalate at 3% per annum.

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

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ESTIMATED REDUCTION TO SITE RENTAL REVENUES FROM NON-RENEWALS FROM LEAP, METROPCS AND CLEARWIRE NETWORK DECOMMISSIONING(1)(2) (dollars in millions)
2017 | 2018 | Thereafter | Total
$50-$55 | $30-$40 | $35-$60 | $115-$155

CUSTOMER OVERVIEW
(as of March 31, 2017) | Percentage of Q1 2017 LQA Site Rental Revenues | Weighted Average Current Term Remaining(3) | Long-Term Credit Rating (S&P / Moody’s)
AT&T | 27% | 6 | BBB+ / Baa1
T-Mobile | 23% | 5 | BB
Verizon | 19% | 7 | BBB+ / Baa1
Sprint | 17% | 5 | B / B3
All Others Combined | 14% | 5 | N/A
Total / Weighted Average | 100% | 6 |

(1) | Estimated impact to site rental revenues in the applicable period based on the anticipated timing and amount of decommissioning activity, as of March 31, 2017.

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

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

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SUMMARY OF TOWER PORTFOLIO BY VINTAGE
(as of March 31, 2017; dollars in thousands) |
YIELD(1) | NUMBER OF TENANTS PER TOWER

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

INVESTED CAPITAL PER TOWER(2) | NUMBER OF TOWERS

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

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

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PORTFOLIO OVERVIEW(1)
(as of March 31, 2017; dollars in thousands)
NUMBER OF TOWERS | TENANTS PER TOWER | LQA SITE RENTAL REVENUE PER TOWER

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

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DISTRIBUTION OF TOWER TENANCY (as of March 31, 2017)
PERCENTAGE OF TOWERS BY TENANTS PER TOWER(1)
SITES ACQUIRED AND BUILT 2006 AND PRIOR | SITES ACQUIRED AND BUILT 2007 TO PRESENT

Average: 2.6 | Average: 2.0
GEOGRAPHIC TOWER DISTRIBUTION (as of March 31, 2017)(1)
PERCENTAGE OF TOWERS BY GEOGRAPHIC LOCATION | PERCENTAGE OF LQA SITE RENTAL REVENUE BY GEOGRAPHIC LOCATION

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

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GROUND INTEREST OVERVIEW
(as of March 31, 2017; dollars in millions) | LQA Site Rental Revenue | Percentage of LQA Site Rental Revenue | LQA Site Rental Gross Margin | Percentage of LQA Site Rental Gross Margin | Number of Towers(1) | Percentage of Towers | Weighted Average Term Remaining (by years)(2)
Less than 10 years | $ | 360 |  | 13 | % | $ | 201 |  | 10 | % | 5,896 |  | 15 | % |
10 to 20 years | 464 |  | 16 | % | 252 |  | 13 | % | 7,987 |  | 20 | % |
Greater 20 years | 1,204 |  | 43 | % | 802 |  | 40 | % | 16,918 |  | 42 | % |
Total leased | $ | 2,029 |  | 72 | % | $ | 1,256 |  | 63 | % | 30,801 |  | 77 | % | 34 |
Owned | 802 |  | 28 | % | 739 |  | 37 | % | 9,336 |  | 23 | % |
Total / Average | $ | 2,831 |  | 100 | % | $ | 1,995 |  | 100 | % | 40,137 |  | 100 | % |

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

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

GROUND INTEREST ACTIVITY
(dollars in millions) | Three Months Ended March 31, 2017
Ground Extensions Under Crown Castle Towers: |
Number of ground leases extended | 427 |
Average number of years extended | 28 |
Percentage increase in consolidated cash ground lease expense due to extension activities(1) | <1% |
Ground Purchases Under Crown Castle Towers: |
Number of ground leases purchased | 101 |
Land lease purchases (including capital expenditures, acquisitions and capital leases) | $ | 22 |
Percentage of consolidated site rental gross margin from towers residing on land purchased | <1% |

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

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CAPITALIZATION OVERVIEW
(dollars in millions) | Face Value as Reported 3/31/2017 | Fixed vs. Variable | Secured vs. Unsecured | Interest Rate(1) | Net Debt to LQA EBITDA(2) | Maturity
Cash | $ | 205 |  |  |  |  |  |
Senior Secured Tower Revenue Notes, Series 2010-3(3) | 1,250 |  | Fixed | Secured | 6.1% |  | 2040(3)
Senior Secured Tower Revenue Notes, Series 2010-6(3) | 1,000 |  | Fixed | Secured | 4.9% |  | 2040(3)
Senior Secured Tower Revenue Notes, Series 2015-1(3) | 300 |  | Fixed | Secured | 3.2% |  | 2042(3)
Senior Secured Tower Revenue Notes, Series 2015-2(3) | 700 |  | Fixed | Secured | 3.7% |  | 2045(3)
3.849% Secured Notes | 1,000 |  | Fixed | Secured | 3.8% |  | 2023
Senior Secured Notes, Series 2009-1, Class A-1 | 48 |  | Fixed | Secured | 6.3% |  | 2019
Senior Secured Notes, Series 2009-1, Class A-2 | 70 |  | Fixed | Secured | 9.0% |  | 2029
Capital Leases & other obligations | 234 |  | Various | Secured | Various |  | Various
Total secured debt | $ | 4,601 |  |  |  | 4.8% | 2.0x |
Senior Unsecured Revolving Credit Facility(4) | 335 |  | Variable | Unsecured | 2.4% |  | 2022
Senior Unsecured Term Loan A | 2,447 |  | Variable | Unsecured | 2.4% |  | 2022
5.250% Senior Notes | 1,650 |  | Fixed | Unsecured | 5.3% |  | 2023
3.400% Senior Notes | 850 |  | Fixed | Unsecured | 3.4% |  | 2021
4.450% Senior Notes | 900 |  | Fixed | Unsecured | 4.5% |  | 2026
4.875% Senior Notes | 850 |  | Fixed | Unsecured | 4.9% |  | 2022
3.700% Senior Notes | 750 |  | Fixed | Unsecured | 3.7% |  | 2026
2.250% Senior Notes | 700 |  | Fixed | Unsecured | 2.3% |  | 2021
4.000% Senior Notes | 500 |  | Fixed | Unsecured | 4.0% |  | 2027
Total unsecured debt | $ | 8,982 |  |  |  | 3.6% | 3.9x |
Total net debt | $ | 13,378 |  |  |  | 4.0% | 5.8x |
Market Capitalization(5) | 34,130 |  |  |  |  |  |
Firm Value(6) | $ | 47,508 |  |  |  |  |  |

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

(2) | Represents the applicable amount of debt divided by LQA consolidated Adjusted EBITDA. The Net Debt to Last Quarter Annualized Adjusted EBITDA calculation does not give effect to a full quarter of ownership of FiberNet, as this acquisition closed on January 17, 2017.

(3) | If the respective series of such debt is not paid in full on or prior to an applicable 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, Series 2010-3 and 2010-6 have anticipated repayment dates in 2020. The Senior Secured Tower Revenue Notes, Series 2015-1 and 2015-2 have anticipated repayment dates of 2022 and 2025, respectively. Notes are prepayable at par if voluntarily repaid six months or less prior to maturity; earlier prepayment may require additional consideration.

(4) | As of March 31, 2017, the undrawn availability under the $2.5 billion Revolving Credit Facility is $2.2 billion.

(5) | Market capitalization calculated based on $94.45 closing price and 360.5 million shares outstanding as of March 31, 2017.

(6) | Represents the sum of net debt and market capitalization.

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DEBT MATURITY OVERVIEW(1)

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

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LIQUIDITY OVERVIEW(1)
(dollars in thousands) | March 31, 2017
Cash and cash equivalents(2) | $ | 205,192 |
Undrawn revolving credit facility availability(3) | 2,156,110 |
Restricted cash | 120,128 |
Debt and other long-term obligations(4) | 13,492,973 |
Total equity | 7,363,480 |

(1) | We have an At-The-Market stock offering program ("ATM Program") through which we may, from time to time, issue and sell shares of our common stock having an aggregate cumulative gross sales price of up to $500.0 million to or through sales agents. As of March 31, 2017, 4.1 million shares of common stock had been sold under the ATM Program generating net proceeds of $346.3 million.

(2) | Exclusive of restricted cash.

(3) | Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, our credit agreement governing our Senior Unsecured Credit Facility.

(4) | Balances reflect debt issuance costs as a direct reduction from the respective carrying amounts of debt, with the exception of debt issuance costs associated with the Company's revolving credit facilities.

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SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
Debt | Borrower / Issuer | Covenant(1) | Covenant Level Requirement |  | As of March 31, 2017
Maintenance Financial Covenants(2)
2016 Credit Facility | CCIC | Total Net Leverage Ratio | ≤ 6.50x |  | 5.6x
2016 Credit Facility | CCIC | Total Senior Secured Leverage Ratio | ≤ 3.50x |  | 1.9x
2016 Credit Facility | CCIC | Consolidated Interest Coverage Ratio(3) | N/A |  | N/A
Restrictive Negative Financial Covenants |  |  |  |
Financial covenants restricting ability to incur additional debt
2012 Secured Notes | CC Holdings GS V LLC and Crown Castle GS III Corp. | Debt to Adjusted Consolidated Cash Flow Ratio | ≤ 3.50x |  | 2.6x
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released
2010 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.75x | (4) | 4.5x
2015 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.75x | (4) | 4.5x
2009 Securitized Notes | Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.30x | (4) | 6.7x
Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture
2010 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.00x | (5) | 4.5x
2015 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.00x | (5) | 4.5x
2009 Securitized Notes | Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.34x | (5) | 6.7x

(1) | As defined in the respective debt agreement. In the indentures for the 2010 Tower Revenue Notes. 2015 Tower Revenue Notes and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR".

(2) | Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2016 Credit Facility.

(3) | Applicable solely to the extent that the senior unsecured debt rating by any two of S&P, Moody's and Fitch is lower than BBB-, Baa3 or BBB-, respectively. If applicable, the consolidated interest coverage ratio must be greater than or equal to 2.50.

(4) | The 2010 Tower Revenue Notes, 2015 Tower Revenue Notes, and 2009 Securitized Notes also include the potential for amortization events, which could result in applying current and future cash flow to the prepayment of debt with applicable prepayment consideration. An amortization event occurs when the Debt Service Coverage Ratio falls below 1.45x, 1.45x or 1.15x, in each case as described under the indentures for the 2010 Tower Revenue Notes, 2015 Tower Revenue Notes, or 2009 Securitized Notes, respectively.

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

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INTEREST RATE SENSITIVITY(1)
| Remaining nine months | Years Ended December 31,
(as of March 31, 2017; dollars in millions) | 2017 | 2018 | 2019
Fixed Rate Debt: |  |  |
Face Value of Principal Outstanding(2) | $ | 10,553 |  | $ | 10,533 |  | $ | 10,517 |
Current Interest Payment Obligations(3) | 351 |  | 467 |  | 466 |
Effect of 0.125% Change in Interest Rates(4) | — |  | — |  | — |
Floating Rate Debt: |  |  |
Face Value of Principal Outstanding(2) | $ | 2,736 |  | $ | 2,674 |  | $ | 2,551 |
Current Interest Payment Obligations(5) | 53 |  | 80 |  | 88 |
Effect of 0.125% Change in Interest Rates(6) | 3 |  | 3 |  | 3 |

(1) | Excludes capital lease and other obligations.

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

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

(4) | Interest expense calculated based on current interest rates until the sooner of the (1) stated maturity date or (2) the Anticipated Repayment Date, at which time the face value amount outstanding of such indebtedness is refinanced at current rates plus 12.5 bps.

(5) | Interest expense calculated based on current interest rates. Forward LIBOR assumptions are derived from the 1-month LIBOR forward curve as of March 31, 2017. Calculation assumes no changes to future interest rate margin spread over LIBOR due to changes in the Borrower’s senior unsecured credit rating.

(6) | Interest expense calculated based on current interest rates using the 1-month LIBOR forward curve as of March 31, 2017 plus 12.5 bps.

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DEFINITIONS

Non-GAAP Financial Measures and Other Calculations
This Supplement includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), Funds from Operations ("FFO"), 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 measures of Adjusted EBITDA, AFFO, FFO, Organic Contribution to Site Rental Revenues, Segment Site Rental Gross Margin, Segment Network Services and Other Gross Margin and Segment Operating Profit, may not be comparable to similarly titled measures of other companies, including other companies in the tower sector or other 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.
Adjusted EBITDA, AFFO, FFO, and Organic Contribution to Site Rental Revenues, 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 wireless 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 and AFFO per share are useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO and AFFO per share help investors or other interested parties meaningfully evaluate our financial performance as they include (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock) and (2) sustaining capital expenditures and exclude 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 revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. Management notes that the Company uses AFFO and AFFO per share only as a performance measure. AFFO and AFFO per share 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 and FFO per share are 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 and FFO per share help investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion). FFO and FFO per share are not key performance indicators used by the Company. FFO and FFO per share 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 customer 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

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should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.
In addition to the non-GAAP financial measures used herein, we also provide Segment Site Rental Gross Margin, Segment Network Services and Other Gross Margin and Segment Operating Profit, which are key measures used by management to evaluate our operating segments for purposes of making decisions about allocating capital and assessing performance. 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.
We define our non-GAAP financial measures and other measures as follows:
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-line expense, stock-based compensation expense, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, gain (loss) on retirement of long-term obligations, net gain (loss) on interest rate swaps, gains (losses) on foreign currency swaps, acquisition and integration costs, and adjustments for noncontrolling interests, and less capital improvement capital expenditures and corporate capital expenditures.
AFFO per share. 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, 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 customer contracts.
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 consist of (1) improvements to existing wireless infrastructure and construction of new wireless infrastructure (collectively referred to as "revenue generating") and (2) purchases of land assets under towers as we seek to manage our interests in the land beneath our towers.
Sustaining capital expenditures. We define sustaining capital expenditures as either (1) corporate related capital improvements, such as buildings, information technology equipment and office equipment or (2) capital improvements to tower sites that enable our customers' ongoing quiet enjoyment of the tower.
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 cost of operations.
Segment Network Services and Other Gross Margin. We define Segment Network Services and Other Gross Margin as segment network services and other revenues less segment network services and other cost of operations, excluding stock-based compensation expense recorded in cost of operations.
Segment Operating Profit. We define Segment Operating Profit as segment revenues less segment cost of operations and segment general and administrative expenses, excluding stock-based compensation expense and prepaid lease purchase price adjustments recorded in cost of operations.
The tables set forth below 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.
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Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures and Other Calculations:
Reconciliation of Historical Adjusted EBITDA:

| Three Months Ended March 31, |  | Twelve Months Ended December 31,
(dollars in thousands) | 2017 |  | 2016 |  | 2016
Net income (loss) | $ | 119,138 |  |  | $ | 47,840 |  |  | $ | 356,973 |
Adjustments to increase (decrease) net income (loss): |  |  |  |  |
Asset write-down charges | 645 |  |  | 7,959 |  |  | 34,453 |
Acquisition and integration costs | 5,650 |  |  | 5,638 |  |  | 17,453 |
Depreciation, amortization and accretion | 288,549 |  |  | 277,875 |  |  | 1,108,551 |
Amortization of prepaid lease purchase price adjustments | 5,077 |  |  | 5,204 |  |  | 21,312 |
Interest expense and amortization of deferred financing costs(1) | 134,487 |  |  | 126,378 |  |  | 515,032 |
Gains (losses) on retirement of long-term obligations | 3,525 |  |  | 30,550 |  |  | 52,291 |
Interest income | (370 | ) |  | (174 | ) |  | (796 | )
Other income (expense) | (4,600 | ) |  | 3,273 |  |  | 8,835 |
Benefit (provision) for income taxes | 4,369 |  |  | 3,872 |  |  | 16,881 |
Stock-based compensation expense | 24,942 |  |  | 30,705 |  |  | 96,538 |
Adjusted EBITDA(2)(3) | $ | 581,412 |  |  | $ | 539,120 |  |  | $ | 2,227,523 |

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

(2) | See "Definitions of Non-GAAP Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.

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

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Reconciliation of Current Outlook for Adjusted EBITDA:

| Q2 2017 |  | Full Year 2017
(dollars in millions) | Outlook |  | Outlook
Net income (loss) | $90 | to | $110 |  | $427 | to | $477
Adjustments to increase (decrease) net income (loss): |  |  |  |  |  |  |
Asset write-down charges | $9 | to | $11 |  | $26 | to | $36
Acquisition and integration costs | $4 | to | $8 |  | $15 | to | $25
Depreciation, amortization and accretion | $288 | to | $302 |  | $1,170 | to | $1,200
Amortization of prepaid lease purchase price adjustments | $4 | to | $6 |  | $19 | to | $21
Interest expense and amortization of deferred financing costs(1) | $137 | to | $142 |  | $542 | to | $572
Gains (losses) on retirement of long-term obligations | $0 | to | $0 |  | $4 | to | $4
Interest income | $(1) | to | $1 |  | $(2) | to | $2
Other income (expense) | $(1) | to | $3 |  | $(3) | to | $(1)
Benefit (provision) for income taxes | $3 | to | $7 |  | $15 | to | $23
Stock-based compensation expense | $25 | to | $27 |  | $97 | to | $102
Adjusted EBITDA(2)(3) | $584 | to | $589 |  | $2,372 | to | $2,402

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

| Three Months Ended March 31,
(dollars in thousands) | 2017 |  | 2016
Interest expense on debt obligations | $ | 131,651 |  |  | $ | 122,167 |
Amortization of deferred financing costs and adjustments on long-term debt, net | 4,551 |  |  | 5,106 |
Other, net | (1,715 | ) |  | (895 | )
Interest expense and amortization of deferred financing costs | $ | 134,487 |  |  | $ | 126,378 |

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

| Q2 2017 |  | Full Year 2017
(dollars in millions) | Outlook |  | Outlook
Interest expense on debt obligations | $136 | to | $138 |  | $538 | to | $553
Amortization of deferred financing costs and adjustments on long-term debt, net | $4 | to | $7 |  | $17 | to | $21
Other, net | $(2) | to | $(2) |  | $(9) | to | $(7)
Interest expense and amortization of deferred financing costs | $137 | to | $142 |  | $542 | to | $572

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

(2) | See "Definitions of Non-GAAP Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.

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

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Reconciliation of Historical FFO and AFFO:

| Three Months Ended March 31,
(dollars in thousands, except share and per share amounts) | 2017 |  | 2016
Net income (loss) | $ | 119,138 |  |  | $ | 47,840 |
Real estate related depreciation, amortization and accretion | 281,163 |  |  | 271,493 |
Asset write-down charges | 645 |  |  | 7,959 |
Dividends on preferred stock | — |  |  | (10,997 | )
FFO(1)(2)(4) | $ | 400,945 |  |  | $ | 316,295 |
FFO (from above) | $ | 400,945 |  |  | $ | 316,295 |
Adjustments to increase (decrease) FFO: |  |  |
Straight-line revenue | (1,262 | ) |  | (17,335 | )
Straight-line expense | 23,215 |  |  | 23,765 |
Stock-based compensation expense | 24,942 |  |  | 30,705 |
Non-cash portion of tax provision | 3,578 |  |  | 1,782 |
Non-real estate related depreciation, amortization and accretion | 7,386 |  |  | 6,382 |
Amortization of non-cash interest expense | 2,836 |  |  | 4,211 |
Other (income) expense | (4,600 | ) |  | 3,273 |
Gains (losses) on retirement of long-term obligations | 3,525 |  |  | 30,550 |
Acquisition and integration costs | 5,650 |  |  | 5,638 |
Capital improvement capital expenditures | (6,894 | ) |  | (6,402 | )
Corporate capital expenditures | (9,159 | ) |  | (3,712 | )
AFFO(1)(2)(4) | $ | 450,162 |  |  | $ | 395,152 |
Weighted average common shares outstanding — diluted(3) | 361,727 |  |  | 334,929 |
AFFO per share(1)(4) | $ | 1.24 |  |  | $ | 1.18 |

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

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

(3) | Based on the diluted weighted-average common shares outstanding for the three months ended March 31, 2017 and 2016.

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

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Reconciliation of Historical FFO and AFFO:

| Years Ended December 31,
(in thousands of dollars, except share and per share amounts) | 2016 |  | 2015 |  | 2014 |  | 2013
Net income (loss) | $ | 356,973 |  |  | $ | 525,286 |  |  | $ | 346,314 |  |  | $ | 60,001 |
Real estate related depreciation, amortization and accretion | 1,082,083 |  |  | 1,018,303 |  |  | 971,562 |  |  | 730,076 |
Asset write-down charges | 34,453 |  |  | 33,468 |  |  | 14,246 |  |  | 13,595 |
Adjustment for noncontrolling interest(1) | — |  |  | — |  |  | — |  |  | — |
Dividends on preferred stock | (43,988 | ) |  | (43,988 | ) |  | (43,988 | ) |  | — |
FFO(3)(4)(6) | $ | 1,429,521 |  |  | $ | 1,533,069 |  |  | $ | 1,288,133 |  |  | $ | 803,672 |
FFO (from above) | $ | 1,429,521 |  |  | $ | 1,533,069 |  |  | $ | 1,288,133 |  |  | $ | 803,672 |
Adjustments to increase (decrease) FFO: |  |  |  |  |  |  |
Straight-line revenue | (47,377 | ) |  | (111,263 | ) |  | (183,393 | ) |  | (212,856 | )
Straight-line expense | 94,246 |  |  | 98,738 |  |  | 101,890 |  |  | 78,619 |
Stock-based compensation expense | 96,538 |  |  | 67,148 |  |  | 56,431 |  |  | 39,031 |
Non-cash portion of tax provision(4) | 7,322 |  |  | (63,935 | ) |  | (19,490 | ) |  | 185,723 |
Non-real estate related depreciation, amortization and accretion | 26,468 |  |  | 17,875 |  |  | 14,219 |  |  | 11,266 |
Amortization of non-cash interest expense | 14,333 |  |  | 37,126 |  |  | 80,854 |  |  | 99,244 |
Other (income) expense | 8,835 |  |  | (57,028 | ) |  | (11,992 | ) |  | 3,902 |
Gains (losses) on retirement of long-term obligations | 52,291 |  |  | 4,157 |  |  | 44,629 |  |  | 37,127 |
Net gain (loss) on interest rate swaps | — |  |  | — |  |  | — |  |  | — |
Acquisition and integration costs | 17,453 |  |  | 15,678 |  |  | 34,145 |  |  | 25,574 |
Adjustment for noncontrolling interest(1) | — |  |  | — |  |  | — |  |  | — |
Capital improvement capital expenditures | (42,818 | ) |  | (46,789 | ) |  | (31,056 | ) |  | (17,520 | )
Corporate capital expenditures | (46,948 | ) |  | (58,142 | ) |  | (50,317 | ) |  | (27,099 | )
AFFO(3)(4)(6) | $ | 1,609,864 |  |  | $ | 1,436,635 |  |  | $ | 1,324,054 |  |  | $ | 1,026,684 |
Weighted average common shares outstanding — diluted(5) | 340,879 |  |  | 334,062 |  |  | 333,265 |  |  | 299,293 |
AFFO per share(3)(6) | $ | 4.72 |  |  | $ | 4.30 |  |  | $ | 3.97 |  |  | $ | 3.43 |

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

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

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

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

(5) | Based on the diluted weighted-average common shares outstanding for the twelve months ended December 31, 2016, 2015, 2014 and 2013..

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

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Reconciliation of Current Outlook for FFO and AFFO:

| Q2 2017 |  | Full Year 2017
(in millions of dollars, except share and per share amounts) | Outlook |  | Outlook
Net income (loss) | $90 | to | $110 |  | $427 | to | $477
Real estate related depreciation, amortization and accretion | $283 | to | $293 |  | $1,146 | to | $1,166
Asset write-down charges | $9 | to | $11 |  | $26 | to | $36
FFO(2)(3) | $394 | to | $399 |  | $1,623 | to | $1,653
Weighted-average common shares outstanding—diluted(1) | 362.3 |  | 362.1
FFO per share(2)(3) | $1.09 | to | $1.10 |  | $4.48 | to | $4.57
FFO (from above) | $394 | to | $399 |  | $1,623 | to | $1,653
Adjustments to increase (decrease) FFO: |  |  |  |  |  |  |
Straight-line revenue | $(2) | to | $3 |  | $6 | to | $21
Straight-line expense | $21 | to | $26 |  | $81 | to | $96
Stock-based compensation expense | $25 | to | $27 |  | $97 | to | $102
Non-cash portion of tax provision | $(7) | to | $(2) |  | $(4) | to | $6
Non-real estate related depreciation, amortization and accretion | $5 | to | $9 |  | $24 | to | $34
Amortization of non-cash interest expense | $2 | to | $5 |  | $8 | to | $14
Other (income) expense | $(1) | to | $2 |  | $(3) | to | $(1)
Gains (losses) on retirement of long-term obligations | $0 | to | $0 |  | $4 | to | $4
Acquisition and integration costs | $4 | to | $8 |  | $15 | to | $25
Capital improvement capital expenditures | $(14) | to | $(9) |  | $(41) | to | $(31)
Corporate capital expenditures | $(15) | to | $(10) |  | $(54) | to | $(44)
AFFO(2)(3) | $433 | to | $438 |  | $1,805 | to | $1,835
Weighted-average common shares outstanding—diluted(1) | 362.3 |  | 362.1
AFFO per share(2)(3) | $1.20 | to | $1.21 |  | $4.98 | to | $5.07

(1) | The assumption for second quarter 2017 and full year 2017 diluted weighted-average common shares outstanding is based on diluted common shares outstanding as of March 31, 2017.

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

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

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Net debt to Last Quarter Annualized Adjusted EBITDA calculation:

| Three Months Ended March 31,
(dollars in millions) | 2017 |  | 2016
Total face value of debt | $ | 13,583.6 |  |  | $ | 11,962.6 |
Ending cash and cash equivalents(1) | 205.2 |  |  | 175.7 |
Total net debt | $ | 13,378.4 |  |  | $ | 11,786.9 |
Adjusted EBITDA for the three months ended March 31, | $ | 581.4 |  |  | $ | 539.1 |
Last quarter annualized Adjusted EBITDA | 2,325.6 |  |  | 2,156.5 |
Net debt to Last Quarter Annualized Adjusted EBITDA | 5.8 | x | (2) | 5.5 | x

Cash Interest Coverage Ratio Calculation:

| Three Months Ended March 31,
(dollars in thousands) | 2017 |  | 2016
Adjusted EBITDA | $ | 581,412 |  |  | $ | 539,120 |
Interest expense on debt obligations | 131,651 |  |  | 122,167 |
Interest Coverage Ratio | 4.4 | x |  | 4.4 | x

(1) Excludes restricted cash.

(2) | The Net Debt to Last Quarter Annualized Adjusted EBITDA calculation does not give effect to a full quarter of ownership of FiberNet, as this acquisition closed on January 17, 2017.

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