Document

Exhibit 99.2

Supplemental Information Package

and Non-GAAP Reconciliations

Fourth Quarter • December 31, 2024

The pathway to possible.

CrownCastle.com

Crown Castle Inc.

Fourth Quarter 2024


TABLE OF CONTENTS
			Page
Company Overview
Company Profile			3
Strategy			3
General Company Information			4
Asset Portfolio Footprint			4
Historical Common Stock Data			5
Annualized Fourth Quarter Dividends Per Share			5
Executive Management Team			5
Board of Directors			6
Research Coverage			6
Outlook
Outlook			7
Outlook for Components of Changes in Site Rental Revenues			8


Outlook for Components of Interest Expense			8
Consolidated Financials
Consolidated Summary Financial Highlights			9
Consolidated Components of Changes in Site Rental Revenues			10
Consolidated Summary of Capital Expenditures			11
Consolidated Return on Invested Capital			11
Consolidated Tenant Overview			11
Capitalization Overview
Capitalization Overview			12
Debt Maturity Overview			13
Liquidity Overview			14
Summary of Maintenance and Financial Covenants			14
Interest Rate Exposure			15
Components of Interest Expense			15
Towers Segment
Towers Segment Summary Financial Highlights			16
Towers Segment Components of Changes in Site Rental Revenues			17
Towers Segment Summary of Capital Expenditures			17
Towers Segment Portfolio Highlights			18
Towers Segment Cash Yield on Invested Capital			18
Towers Annualized Rental Cash Payments at Time of Renewal			18
Towers Projected Revenues from Tenant Contracts			19
Towers Projected Expenses from Existing Ground Leases and Fiber Access Agreements			19
Summary of Tower Portfolio by Vintage			19
Ground Interest Overview			20
Fiber Segment
Fiber Segment Summary Financial Highlights			21
Fiber Segment Components of Changes in Site Rental Revenues			22
Fiber Segment Summary of Capital Expenditures			22
Fiber Segment Revenue Detail by Line of Business			23
Fiber Segment Portfolio Highlights			25
Fiber Segment Cash Yield on Invested Capital			25
Fiber Solutions Revenue Mix			25
Appendix of Condensed Consolidated Financial Statements and Non-GAAP Reconciliations			26

Crown Castle Inc.

Fourth Quarter 2024

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," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our communications infrastructure, (2) cash flow growth and its driving factors, (3) our Outlook for full year 2025, (4) the value of our business model, strategy and product offerings, (5) our strategy and the strategic position of our assets, (6) revenues from tenant contracts, (7) expenses from existing ground leases and fiber access agreements, (8) the growth of the U.S. market for communications infrastructure ownership, (9) levels of commitments under our debt instruments, (10) the impact of Sprint Cancellations to our operating and financial results, (11) the impact of small cell nodes cancellations and (12) the Strategic Fiber Agreement and Strategic Fiber Transaction (each as defined below) and pending sale of our Fiber Business (defined below), including the timing and completion thereof, the proceeds therefrom, and the potential impacts on our business and financial results. Any dividends remain subject to the approval of our Board of Directors which has the discretion to determine whether to declare dividends and the amounts and timing of the dividends.

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. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission ("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.

This Supplement contains certain figures, projections and calculations based in part on management's underlying assumptions. Management believes these assumptions are reasonable; however, other reasonable assumptions could provide differing outputs.

The components of forward looking financial information presented herein may not sum due to rounding. In addition, the sum of quarterly historical information presented herein may not agree to year to date historical information provided herein due to rounding. Throughout this document, percentage calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values included in this document due to the rounding of those dollar values.

Definitions and reconciliations of non-GAAP financial measures, information regarding segment measures and other information 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.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX

COMPANY PROFILE

Crown Castle Inc. (to which the terms "Crown Castle," "CCI," "we," "our," "the Company" or "us" as used herein refer) owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) more than 40,000 towers and other structures, such as rooftops (collectively, "towers"), (2) approximately 105,000 small cells on air or under contract and (3) approximately 90,000 route miles of fiber primarily supporting small cells and fiber solutions. We refer to our towers, small cells and fiber assets collectively as "communications infrastructure," and to our customers on our communications infrastructure as "tenants." Our towers have a significant presence in each of the top 100 basic trading areas, and the majority of our small cells and fiber assets are located in major metropolitan areas, including a presence within every major U.S. market.

Our operating segments consist of (1) Towers and (2) Fiber, which includes both small cells and fiber solutions. Our core business is providing access, including space or capacity, to our shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts"). We seek to increase our site rental revenues by adding more tenants on our shared communications 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.

On March 13, 2025, management signed a definitive agreement ("Strategic Fiber Agreement") to sell our Fiber segment, together with certain supporting assets and personnel ("Fiber Business"), with EQT Active Core Infrastructure fund acquiring the small cell business and Zayo Group Holdings Inc. acquiring the fiber solutions business ("Strategic Fiber Transaction"). Under the Strategic Fiber Agreement, we will receive cash consideration of $8.5 billion at close, subject to certain closing adjustments. The Strategic Fiber Transaction is expected to close in the second half of 2026, subject to regulatory approvals and certain closing conditions.

With the exception of our 2025 Outlook (which reflects the pending sale of our Fiber Business), the historical financial statements and financial metrics presented herein do not give effect to our pending sale of the Fiber Business.

STRATEGY

As a leading provider of shared communications infrastructure in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of communications infrastructure, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and (3) investing capital efficiently to grow cash flows and long-term dividends per share. Our strategy is based, in part, on our belief that the U.S. is the most attractive market for shared communications infrastructure investment with the greatest long-term growth potential. 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 existing communications infrastructure. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our shared infrastructure assets, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data while generating high incremental returns for our business. We believe our product offerings of towers and small cells provide a comprehensive solution to our wireless tenants' growing network needs through our shared communications infrastructure model, which is an efficient and cost-effective way to serve our tenants. Additionally, we believe our ability to share our fiber assets across multiple tenants to deploy both small cells and offer fiber solutions allows us to generate cash flows and increase stockholder return.

•Return cash generated by operating activities to common stockholders in the form of dividends. We believe that distributing a meaningful portion of our cash generated by operating activities appropriately provides common stockholders with increased certainty for a portion of expected long-term stockholder value while still allowing us to retain 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 common stockholders.

•Invest capital efficiently to grow cash flows and long-term dividends per share. In addition to adding tenants to existing communications infrastructure, we seek to invest our available capital, including the net cash generated by our operating activities and external financing sources, in a manner that will increase long-term stockholder value on a risk-adjusted basis. These investments include constructing and acquiring new communications infrastructure that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time. Our historical investments have included the following (in no particular order):

◦construction of towers, fiber and small cells;

◦acquisitions of towers, fiber and small cells;

◦acquisitions of land interests (which primarily relate to land assets under towers);

◦improvements and structural enhancements to our existing communications infrastructure;

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

◦purchases, repayments or redemptions of our debt.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX

Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our communications infrastructure based on the location of our assets and the rapid and continuing growth in the demand for data. We believe that such demand for our communications infrastructure will continue, will result in growth of our cash flows due to tenant additions on our existing communications infrastructure, and will create other growth opportunities for us, such as demand for newly constructed or acquired communications infrastructure, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development services within our Towers segment.


GENERAL COMPANY INFORMATION
Principal executive offices			8020 Katy Freeway, Houston, TX 77024
Common shares trading symbol			CCI
Stock exchange listing			New York Stock Exchange
Fiscal year ending date			December 31
Fitch - Long-term Issuer Default Rating			BBB+
Moody’s - Long-term Corporate Family Rating			Baa3
Standard & Poor’s - Long-term Local Issuer Credit Rating			BBB

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.


ASSET PORTFOLIO FOOTPRINT

(a)On air or under contract.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


HISTORICAL COMMON STOCK DATA
	Three Months Ended
(in millions, except per share amounts)	12/31/23		3/31/24		6/30/24		9/30/24		12/31/24
High price(a)	$	111.22	$	110.31	$	101.10	$	119.01	$	117.73
Low price(a)	$	78.64	$	97.34	$	88.33	$	92.28	$	88.92
Period end closing price(b)	$	108.56	$	101.17	$	94.89	$	116.75	$	90.76
Dividends paid per common share	$	1.57	$	1.57	$	1.57	$	1.57	$	1.57
Volume weighted average price for the period(a)	$	96.09	$	102.63	$	94.03	$	107.62	$	101.70
Common shares outstanding, at period end	434		435		435		435		435
Market value of outstanding common shares, at period end(c)	$	47,081	$	43,962	$	41,235	$	50,739	$	39,446


ANNUALIZED FOURTH QUARTER DIVIDENDS PER SHARE(d)


EXECUTIVE MANAGEMENT TEAM
	Age	Years with Company	Position
Steven J. Moskowitz	61	<1	President and Chief Executive Officer
Daniel K. Schlanger	51	8	Executive Vice President and Chief Financial Officer
Catherine Piche	54	12(e)	Executive Vice President and Chief Operating Officer - Towers
Christopher D. Levendos	57	6	Executive Vice President and Chief Operating Officer - Fiber
Edward B. Adams, Jr.	56	8	Executive Vice President and General Counsel
Edmond Chan	54	1	Executive Vice President and Chief Information Officer

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

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

(c)Calculated as the product of (1) common shares outstanding, at period end and (2) period end closing price, adjusted for common stock dividends, as reported by Bloomberg.

(d)Based on the dividends declared during the fourth quarter of each of the respective years presented, annualized. All future dividends are subject to declaration by our board of directors.

(e)Includes credit for prior service with the Company prior to Ms. Piche's reappointment as Executive Vice President and Chief Operating Officer - Towers of the Company effective October 28, 2024.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX

BOARD OF DIRECTORS

Name

Position

Committees

Age

Years as Director

P. Robert Bartolo

Chair

NESG(a), Fiber Review, Finance

Cindy Christy

Director

Compensation and Human Capital, NESG(a)

Ari Q. Fitzgerald

Director

Compensation and Human Capital, NESG(a)

Jason Genrich

Director

Fiber Review, Finance

Andrea J. Goldsmith

Director

Compensation and Human Capital

Tammy K. Jones

Director

Audit, NESG(a), Finance

Kevin T. Kabat

Director

Compensation and Human Capital, NESG(a)

Anthony J. Melone

Director

Audit, Fiber Review

Steven J. Moskowitz

Director

Sunit S. Patel

Director

Audit, Fiber Review, Finance

Bradley E. Singer

Director

Audit, Finance

Kevin A. Stephens

Director

Audit, Compensation and Human Capital, Fiber Review

Matthew Thornton III

Director

Compensation and Human Capital


RESEARCH COVERAGE
Equity Research
Bank of America David Barden (646) 855-1320	Barclays Brendan Lynch (212) 526-9428	BMO Capital Markets Ari Klein (212) 885-4103
Citigroup Michael Rollins (212) 816-1116	Deutsche Bank Matthew Niknam (212) 250-4711	Goldman Sachs Jim Schneider (212) 357-2929
Green Street David Guarino (949) 640-8780	HSBC Luigi Minerva (207) 991-6928	Jefferies Jonathan Petersen (212) 284-1705
JMP Securities Greg Miller (212) 699-2917	JPMorgan Richard Choe (212) 622-6708	KeyBanc Brandon Nispel (503) 821-3871
LightShed Partners Walter Piecyk (646) 450-9258	MoffettNathanson Nick Del Deo (212) 519-0025	Morgan Stanley Simon Flannery (212) 761-6432
New Street Research Jonathan Chaplin (212) 921-9876	Raymond James Ric Prentiss (727) 567-2567	RBC Capital Markets Jonathan Atkin (415) 633-8589
Scotiabank Maher Yaghi (437) 995-5548	TD Cowen Michael Elias (646) 562-1358	UBS Batya Levi (212) 713-8824
Wells Fargo Eric Luebchow (312) 630-2386	Wolfe Research Andrew Rosivach (646) 582-9350
Rating Agencies
Fitch Salonie Sehgal (312) 368-3137	Moody’s Ranjini Venkatesan (212) 553-3828	Standard & Poor’s Ryan Gilmore (212) 438-0602

(a)Nominating, Environmental, Social and Governance Committee.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


OUTLOOK
(in millions, except per share amounts)	Full Year 2025 Outlook(a)
Site rental billings(b)		$3,885	to	$3,915
Amortization of prepaid rent		$80	to	$110
Straight-lined revenues		($15)	to	$15
Other revenues		$15	to	$15
Site rental revenues		$3,987	to	$4,032
Site rental costs of operations(d)		$987	to	$1,032
Services and other gross margin		$70	to	$100
Net income (loss)(c)		$65	to	$345
Net income (loss) per share—diluted(c)		$0.15	to	$0.79
Adjusted EBITDA(e)		$2,755	to	$2,805
Depreciation, amortization and accretion		$678	to	$773
Interest expense and amortization of deferred financing costs, net(f)		$982	to	$1,027
Net income (loss) from discontinued operations(g)		($830)	to	($590)
FFO(e)		$1,610	to	$1,640
AFFO(e)		$1,770	to	$1,820
AFFO per share(e)		$4.06	to	$4.17

(a)As issued on March 13, 2025. Full year 2025 Outlook does not include income contributions from the Fiber segment, except net income (loss) and net income (loss) per share. Additionally, full year 2025 Outlook does not assume any receipt or use of proceeds from the Strategic Fiber Transaction and reflects the full impact of all corporate financing costs and a significant majority of corporate selling, general and administrative expenses.

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

(c)Includes contribution from discontinued operations.

(d)Exclusive of depreciation, amortization and accretion.

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

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

(g)Represents results from the Fiber business, including an estimated loss on sale of $700 million to $900 million.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions; totals may not sum due to rounding)	Full Year 2025 Outlook(a)
Components of changes in site rental revenues:
Prior year Tower segment site rental billings(b)(c)	$3,931

Core leasing activity(b)(d)			$105	to	$115
Escalators			$90	to	$100
Non-renewals(b)			$(35)	to	$(25)
Other billings(b)			$0	to	$0
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(b)			$160	to	$190
Non-renewals associated with Sprint Cancellations(b)(e)			$(205)	to	$(205)
Organic Contribution to Site Rental Billings(b)			$(45)	to	$(15)
Straight-lined revenues			$(15)	to	$15
Amortization of prepaid rent			$80	to	$110
Other revenues			$15	to	$15
Acquisitions(f)	—	to	—

Total site rental revenues			$3,987	to	$4,032

Year-over-year changes in revenues:(g)
Site rental revenues as a percentage of prior year site rental revenues	(5.1)%



Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings(b)	4.5%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)	(0.8)%


OUTLOOK FOR COMPONENTS OF INTEREST EXPENSE
(in millions)	Full Year 2025 Outlook(a)
Interest expense on debt obligations		$970	to	$1,010
Amortization of deferred financing costs and adjustments on long-term debt		$20	to	$30
Capitalized interest		$(15)	to	$(5)
Interest expense and amortization of deferred financing costs, net		$982	to	$1,027

(a)As issued on March 13, 2025.

(c)Reflects prior year Towers segment site rental billings. The financial impact of prior year Fiber segment site rental billings is excluded since such billings will be included in discontinued operations for 2025.

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

(e)In full year 2025, we are expecting $205 million of non-renewals associated with Sprint Cancellations that relate to the Towers segment.

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

(g)Calculated based on midpoint of full year 2025 Outlook where applicable.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


CONSOLIDATED SUMMARY FINANCIAL HIGHLIGHTS
	2023								2024								Twelve Months Ended December 31,
(in millions, except per share amounts; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		2023		2024
Net revenues:
Site rental
Site rental billings(a)	$	1,328	$	1,324	$	1,358	$	1,377	$	1,386	$	1,385	$	1,412	$	1,440	$	5,385	$	5,622
Amortization of prepaid rent	137		188		126		134		106		107		107		106		584		427
Straight-lined revenues	83		80		58		51		59		56		29		21		274		165
Other revenues	77		136		35		41		37		32		45		30		289		144
Total site rental	1,624		1,728		1,577		1,603		1,588		1,580		1,593		1,597		6,532		6,358
Services and other	149		139		90		71		53		46		59		52		449		210
Net revenues	$	1,773	$	1,867	$	1,667	$	1,674	$	1,641	$	1,626	$	1,652	$	1,649	$	6,981	$	6,568

Select operating expenses:
Costs of operations(b)
Site rental exclusive of straight-lined expenses	$	398	$	406	$	403	$	390	$	414	$	416	$	415	$	421	$	1,597	$	1,666
Straight-lined expenses	17		18		17		17		16		16		15		15		67		62
Total site rental	415		424		420		407		430		432		430		436		1,664		1,728
Services and other	104		98		66		48		34		27		30		28		316		119
Total costs of operations	519		522		486		455		464		459		460		464		1,980		1,847
Selling, general and administrative	$	195	$	210	$	176	$	178	$	183	$	204	$	153	$	166	$	759	$	706

Net income (loss)	$	418	$	455	$	265	$	361	$	311	$	251	$	303	$	(4,768)	$	1,502	$	(3,903)
Adjusted EBITDA(c)	1,104		1,188		1,047		1,076		1,036		1,006		1,075		1,044		4,415		4,161
Depreciation, amortization and accretion	431		445		439		439		439		430		432		437		1,754		1,738
Interest expense and amortization of deferred financing costs, net	202		208		217		223		226		230		236		240		850		932
FFO(c)	835		901		698		790		742		669		737		737		3,227		2,885
AFFO(c)	$	828	$	891	$	767	$	790	$	749	$	704	$	801	$	785	$	3,277	$	3,040

Weighted-average common shares outstanding— diluted	434		434		434		434		435		435		436		435		434		434

Net income (loss) per share—diluted	$	0.97	$	1.05	$	0.61	$	0.83	$	0.71	$	0.58	$	0.70	$	(10.97)	$	3.46	$	(8.98)
AFFO per share(c)	$	1.91	$	2.05	$	1.77	$	1.82	$	1.72	$	1.62	$	1.84	$	1.80	$	7.55	$	6.98

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

(b)Exclusive of depreciation, amortization and accretion.

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

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


CONSOLIDATED COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
	2023												2024												Twelve Months Ended December 31,
(dollars in millions; totals may not sum due to rounding)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			2023			2024
Components of changes in site rental revenues:
Prior year site rental billings(a)	$	1,278		$	1,280		$	1,313		$	1,322		$	1,328		$	1,324		$	1,357		$	1,377		$	5,193		$	5,386

Core leasing activity(a)	74			74			68			69			72			74			78			79			285			303
Escalators	24			24			24			24			24			24			25			25			96			99
Non-renewals(a)	(42)			(42)			(37)			(36)			(37)			(37)			(38)			(38)			(158)			(150)
Other billings(a)	(5)			(6)			(5)			4			4			—			(9)			(3)			(12)			(7)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	50			49			50			61			63			62			56			63			210			245
Non-renewals associated with Sprint Cancellations(a)(b)	(2)			(6)			(6)			(7)			(6)			(1)			(1)			(1)			(21)			(9)
Organic Contribution to Site Rental Billings(a)	48			43			43			54			58			61			55			62			189			235
Straight-lined revenues	83			80			58			51			59			56			29			21			274			165
Amortization of prepaid rent	137			188			126			134			106			107			107			106			584			427
Other revenues	77			136			35			41			37			32			45			30			289			144
Acquisitions(c)	1			1			1			1			—			—			—			—			4			—
Total site rental revenues	$	1,624		$	1,728		$	1,577		$	1,603		$	1,588		$	1,580		$	1,593		$	1,597		$	6,532		$	6,358

Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	3.0		%	10.3		%	0.6		%	1.6		%	(2.2)		%	(8.6)		%	1.0		%	(0.4)		%	3.9		%	(2.7)		%



Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings(a)	3.9		%	3.9		%	3.8		%	4.6		%	4.8		%	4.7		%	4.1		%	4.6		%	4.0		%	4.5		%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	3.8		%	3.4		%	3.3		%	4.1		%	4.3		%	4.6		%	4.0		%	4.5		%	3.6		%	4.4		%

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

(b)In the fourth quarter 2023, there were $5 million and $2 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively, and in full year 2023, there were $14 million and $7 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively.

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

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


CONSOLIDATED SUMMARY OF CAPITAL EXPENDITURES(a)
	2023								2024								Twelve Months Ended December 31,
(dollars in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		2023		2024
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects	$	311	$	338	$	312	$	316	$	285	$	291	$	260	$	241	$	1,277	$	1,077
Purchases of land interests	15		23		13		13		13		11		14		20		64		58
Total discretionary capital expenditures	326		361		325		329		298		302		274		261		1,341		1,135
Sustaining capital expenditures	15		18		22		28		22		27		23		15		83		87
Total capital expenditures	341		379		347		357		320		329		297		276		1,424		1,222
Less: Prepaid rent additions(b)	81		84		80		103		68		98		74		159		348		399
Capital expenditures less prepaid rent additions	$	260	$	295	$	267	$	254	$	252	$	231	$	223	$	117	$	1,076	$	823


CONSOLIDATED RETURN ON INVESTED CAPITAL(c)
(as of December 31, 2024; dollars in millions)	Q4 2024 LQA			Q4 2023 LQA
Adjusted EBITDA(d)	$	4,176		$	4,304
Cash taxes (paid) refunded	(15)			(23)
Adjusted EBITDA less cash taxes paid	$	4,161		$	4,281

Historical gross investment in property and equipment(e)	$	29,956		$	28,811
Historical gross investment in site rental contracts and tenant relationships	7,879			7,880
Historical gross investment in goodwill(f)	5,127			10,085
Consolidated Invested Capital(c)	$	42,962		$	46,776

Consolidated Return on Invested Capital(c)	9.7		%	9.2		%


CONSOLIDATED TENANT OVERVIEW
(as of December 31, 2024)	Percentage of Q4 2024 LQA Site Rental Revenues	Weighted Average Current Term Remaining(g)	Long-Term Credit Rating (S&P / Moody’s)
T-Mobile	35%	7	BBB / Baa2
AT&T	19%	4	BBB / Baa2
Verizon	19%	6	BBB+ / Baa1
All Others Combined	27%	4	N/A
Total / Weighted Average	100%	6

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

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

(c)See "Non-GAAP Measures and Other Information" for further information on, and our definitions of, Consolidated Return on Invested Capital and Consolidated Invested Capital.

(d)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss).

(e)Historical gross investment in property and equipment excludes the impact of construction in process.

(f)Q4 2024 LQA historical gross investment in goodwill is exclusive of the approximately $5.0 billion impairment charges that were recorded in Q4 2024 related to goodwill associated with the Fiber reporting unit.

(g)Weighted by site rental revenues and excludes renewals at the tenants' option.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


CAPITALIZATION OVERVIEW
(as of December 31, 2024; dollars in millions)	Face Value(a)		Fixed vs. Variable	Interest Rate(b)	Debt to LQA Adjusted EBITDA(c)	Maturity
Cash and cash equivalents and restricted cash and cash equivalents	$	295

Senior Secured Notes, Series 2009-1, Class A-2(d)	33		Fixed	9.0%		2029
Senior Secured Tower Revenue Notes, Series 2015-2(e)	700		Fixed	3.7%		2045
Senior Secured Tower Revenue Notes, Series 2018-2(e)	750		Fixed	4.2%		2048
Installment purchase liabilities and finance leases(f)	299		Fixed	Various		Various
Total secured debt	$	1,782		4.1%	0.4x
2016 Revolver(g)	—		Variable			2027
2016 Term Loan A(h)	1,117		Variable	5.6%		2027
Commercial Paper Notes(i)	1,341		Variable	5.0%		Various
1.350% Senior Notes	500		Fixed	1.4%		2025
4.450% Senior Notes	900		Fixed	4.5%		2026
3.700% Senior Notes	750		Fixed	3.7%		2026
1.050% Senior Notes	1,000		Fixed	1.1%		2026
2.900% Senior Notes	750		Fixed	2.9%		2027
4.000% Senior Notes	500		Fixed	4.0%		2027
3.650% Senior Notes	1,000		Fixed	3.7%		2027
5.000% Senior Notes	1,000		Fixed	5.0%		2028
3.800% Senior Notes	1,000		Fixed	3.8%		2028
4.800% Senior Notes	600		Fixed	4.8%		2028
4.300% Senior Notes	600		Fixed	4.3%		2029
5.600% Senior Notes	750		Fixed	5.6%		2029
4.900% Senior Notes	550		Fixed	4.9%		2029
3.100% Senior Notes	550		Fixed	3.1%		2029
3.300% Senior Notes	750		Fixed	3.3%		2030
2.250% Senior Notes	1,100		Fixed	2.3%		2031
2.100% Senior Notes	1,000		Fixed	2.1%		2031
2.500% Senior Notes	750		Fixed	2.5%		2031
5.100% Senior Notes	750		Fixed	5.1%		2033
5.800% Senior Notes	750		Fixed	5.8%		2034
5.200% Senior Notes	700		Fixed	5.2%		2034
2.900% Senior Notes	1,250		Fixed	2.9%		2041
4.750% Senior Notes	350		Fixed	4.8%		2047
5.200% Senior Notes	400		Fixed	5.2%		2049
4.000% Senior Notes	350		Fixed	4.0%		2049
4.150% Senior Notes	500		Fixed	4.2%		2050
3.250% Senior Notes	900		Fixed	3.3%		2051
Total unsecured debt	$	22,458		3.9%	5.4x
Net Debt(j)	$	23,945		3.9%	5.7x
Market Capitalization(k)	39,446
Firm Value(l)	$	63,391

(a)Net of required principal amortizations.

(b)Represents the weighted-average stated interest rate, as applicable, exclusive of finance leases and other obligations.

(c)Represents the applicable amount of debt divided by Last Quarter Annualized Adjusted EBITDA. See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt to Last Quarter Annualized Adjusted EBITDA.

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

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

(f)As of December 31, 2024, reflects $35 million in finance lease obligations (primarily related to vehicles).

(g)As of December 31, 2024, the undrawn availability under the $7.0 billion 2016 Revolver was $7.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of December 31, 2024 ranged from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum.

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

(i)As of December 31, 2024, the Company had $0.7 billion available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes ("CP Notes"), when outstanding, may vary but may not exceed 397 days from the date of issue.

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

(k)Market capitalization calculated based on $90.76 closing price and 435 million shares outstanding as of December 31, 2024.

(l)Represents the sum of Net Debt and market capitalization. See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


DEBT MATURITY OVERVIEW(a)(b)

(as of December 31, 2024; in millions)

(a)Where applicable, maturities reflect the respective anticipated repayment dates of the Tower Revenue Notes; excludes finance leases and other obligations; amounts presented at face value, net of required principal amortizations and repurchases held at the Company.

(b)The $1.3 billion outstanding in CP Notes have been excluded from this overview. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time. We intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


LIQUIDITY OVERVIEW(a)
(in millions)	December 31, 2024
Cash and cash equivalents, and restricted cash and cash equivalents(b)	$	295
Undrawn 2016 Revolver availability(c)	6,961
Total debt and other obligations (current and non-current)(d)	24,081
Total equity	(133)

SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS

Debt

Borrower / Issuer

Covenant(e)

Covenant Level Requirement

As of December 31, 2024

Maintenance Financial Covenants(f)

2016 Credit Facility

CCI

Total Net Leverage Ratio

≤ 6.50x

5.7x

2016 Credit Facility

CCI

Total Senior Secured Leverage Ratio

≤ 3.50x

0.4x

2016 Credit Facility

CCI

Consolidated Interest Coverage Ratio(g)

N/A

Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released

2015 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.75x

(h)

17.8x

2018 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.75x

(h)

17.8x

2009 Securitized Notes

Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.30x

(h)

33.1x

Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture

2015 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.00x

(i)

17.8x

2018 Tower Revenue Notes

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.00x

(i)

17.8x

2009 Securitized Notes

Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.34x

(i)

33.1x

(a)In addition, we have the following sources of liquidity:

i.In March 2024, we established 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 gross sales price of up to $750 million to or through sales agents. No shares of common stock have been sold under the ATM Program.

ii.In April 2019, we established a CP Program through which we may issue short term, unsecured CP Notes. Amounts available under the CP Program may be issued, repaid and re-issued from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not to exceed $2.0 billion. As of December 31, 2024, there were $1.3 billion CP Notes outstanding under our CP Program. We intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.

(b)Inclusive of $5 million included within "Other assets, net" on our condensed consolidated balance sheet.

(c)Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, the credit agreement governing our 2016 Revolver.

(d)See "Non-GAAP Measures and Other Information" for further information on, and reconciliation to, Net Debt.

(e)As defined in the respective debt agreement. In the indentures for the 2015 Tower Revenue Notes, 2018 Tower Revenue Notes and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR." Total Net Leverage Ratio, Total Senior Secured Leverage Ratio and all DSCR ratios are calculated using the trailing twelve months.

(f)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.

(g)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.

(h)The 2015 Tower Revenue Notes, 2018 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 2015 Tower Revenue Notes, 2018 Tower Revenue Notes or 2009 Securitized Notes, respectively.

(i)Rating Agency Confirmation (as defined in the respective debt agreement) is required.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


INTEREST RATE EXPOSURE(a)
(as of December 31, 2024; dollars in millions)
Fixed Rate Debt			Floating Rate Debt
Face value of principal outstanding(b)	$21,483		Face value of principal outstanding(b)	$2,458
% of total debt	90%		% of total debt	10%
Weighted average interest rate	3.7%		Weighted average interest rate(c)	5.3%

Upcoming maturities:	2025(d)	2026	Interest rate sensitivity of 25 bps increase in interest rates:
Face value of principal outstanding(b)	$1,200	$2,650	Full year effect(e)	$6.1
Weighted average interest rate	2.7%	3.0%


COMPONENTS OF INTEREST EXPENSE
	2023								2024								Twelve Months Ended December 31,
(in millions)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		2023		2024
Interest expense on debt obligations	$	198	$	205	$	213	$	220	$	223	$	227	$	234	$	236	$	836	$	920
Amortization of deferred financing costs and adjustments on long-term debt	7		7		8		7		8		8		8		8		29		32
Capitalized interest	(3)		(4)		(4)		(4)		(5)		(5)		(6)		(4)		(15)		(20)
Interest expense and amortization of deferred financing costs, net	$	202	$	208	$	217	$	223	$	226	$	230	$	236	$	240	$	850	$	932

(a)Excludes finance leases and other obligations; assumes no default.

(b)Net of required principal amortization.

(c)In June 2021, the Company entered into an amendment to the credit agreement governing our 2016 Credit Facility that provided for, among other things, a reduction to the interest rate spread ("Spread") of up to 0.05% if the Company meets specified annual sustainability targets ("Targets") and an increase to the Spread of up to 0.05% if the Company fails to meet specified annual sustainability thresholds ("Thresholds"). In January 2025, the Company submitted the required documentation and received confirmation from its administrative agent that all Targets were met as of December 31, 2024, and, as such, the Spread reduction is maintained for 2025. The weighted average interest rate reflects the reduced Spread.

(d)Maturities include the Senior Secured Tower Revenue Note 2015-2, which has an anticipated repayment date in 2025.

(e)Represents incremental interest expense over a 12-month period based on a hypothetical interest rate increase of 25 bps on face value of variable indebtedness outstanding as of December 31, 2024; assumes no debt maturities.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


TOWERS SEGMENT SUMMARY FINANCIAL HIGHLIGHTS
	2023								2024									Twelve Months Ended December 31,
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4			2023		2024
Segment net revenues:
Site rental
Site rental billings(a)	$	922	$	922	$	952	$	966	$	966	$	967	$	992	$	1,006		$	3,763	$	3,931
Amortization of prepaid rent	72		67		61		59		41		39		39		40			257		160
Straight-lined revenues	83		84		57		50		57		54		28		20			275		160
Other revenues	4		7		4		4		4		4		4		4			18		15
Total site rental	1,081		1,080		1,074		1,079		1,068		1,064		1,063		1,070		1,070	4,313		4,266
Services and other	146		124		86		65		46		43		54		49			421		192
Net revenues	$	1,227	$	1,204	$	1,160	$	1,144	$	1,114	$	1,107	$	1,117	$	1,119		$	4,734	$	4,458

Segment operating expenses:
Costs of operations(b)
Site rental exclusive of straight-lined expenses	$	221	$	230	$	223	$	218	$	227	$	233	$	228	$	225		$	892	$	912
Straight-lined expenses	13		13		13		13		12		12		12		11			51		47
Total site rental	234		243		236		231		239		245		240		236			943		959
Services and other	99		92		61		42		28		23		25		25			294		101
Total costs of operations	333		335		297		273		267		268		265		261			1,237		1,060
Selling, general and administrative(c)	31		30		24		19		21		16		19		20			104		76

Segment operating profit (loss)(d)	$	863	$	839	$	839	$	852	$	826	$	823	$	833	$	838		$	3,393	$	3,322

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

(b)Exclusive of (1) depreciation, amortization and accretion, (2) stock-based compensation expense, net and (3) prepaid lease purchase price adjustments. See "Segment Operating Results" for further information.

(c)Exclusive of stock-based compensation expense, net. See "Segment Operating Results" for further information.

(d)See "Non-GAAP Measures and Other Information" and "Segment Operating Results" for further information on, and our definition and calculation of, segment operating profit (loss).

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


TOWERS SEGMENT COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
	2023												2024												Twelve Months Ended December 31,
(dollars in millions; totals may not sum due to rounding)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			2023			2024
Components of changes in site rental revenues:
Prior year site rental billings(a)	$	877		$	874		$	911		$	918		$	923		$	922		$	952		$	966		$	3,579		$	3,763

Core leasing activity(a)	38			37			29			27			28			28			27			28			132			110
Escalators	22			22			22			23			23			23			23			24			88			92
Non-renewals(a)	(8)			(8)			(7)			(7)			(8)			(7)			(8)			(8)			(30)			(31)
Other billings(a)	(5)			(3)			(5)			5			1			2			(2)			(4)			(9)			(4)
Organic Contribution to Site Rental Billings(a)	46			47			40			48			43			45			41			40			181			168
Straight-lined revenues	83			84			57			50			57			54			28			20			275			160
Amortization of prepaid rent	72			67			61			59			41			39			39			40			257			160
Other revenues	4			7			4			4			4			4			4			4			18			15
Acquisitions(b)	1			1			1			1			—			—			—			—			4			—
Total site rental revenues	$	1,081		$	1,080		$	1,074		$	1,079		$	1,068		$	1,064		$	1,063		$	1,070		$	4,313		$	4,266

Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	0.6		%	0.2		%	(0.9)		%	(0.6)		%	(1.2)		%	(1.5)		%	(1.0)		%	(0.8)		%	(0.2)		%	(1.1)		%
Changes in revenues as a percentage of prior year site rental billings:




Organic Contribution to Site Rental Billings(a)	5.2		%	5.4		%	4.4		%	5.2		%	4.6		%	4.8		%	4.3		%	4.1		%	5.0		%	4.5		%


TOWERS SEGMENT SUMMARY OF CAPITAL EXPENDITURES(a)
	2023								2024								Twelve Months Ended December 31,
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		2023		2024
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects	$	33	$	34	$	34	$	21	$	20	$	15	$	16	$	14	$	122	$	65
Purchases of land interests	15		23		13		13		13		11		14		20		64		58
Total discretionary capital expenditures	48		57		47		34		33		26		30		34		186		123
Sustaining capital expenditures	2		4		2		—		2		3		2		3		8		10
Total capital expenditures	50		61		49		34		35		29		32		37		194		133
Less: Prepaid rent additions(c)	22		25		25		20		12		8		13		12		92		45
Capital expenditures less prepaid rent additions	$	28	$	36	$	24	$	14	$	23	$	21	$	19	$	25	$	102	$	88

(a)See "Non-GAAP Measures and Other Information" for our definitions of site rental billings, core leasing activity, non-renewals, other billings, Organic Contribution to Site Rental Billings, discretionary capital expenditures and sustaining capital expenditures.

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

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

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


TOWERS SEGMENT PORTFOLIO HIGHLIGHTS
(as of December 31, 2024)
Number of towers (in thousands)(a)	40
Average number of tenants per tower	2.4
Remaining contracted tenant receivables (in billions)(b)	$	30
Weighted average remaining tenant contract term (years)(b)(c)	6
Percent of towers in the Top 50 / 100 Basic Trading Areas	56% / 71%
Percent of ground leased / owned(d)	58% / 42%
Weighted average maturity of ground leases (years)(d)(e)	35


TOWERS SEGMENT CASH YIELD ON INVESTED CAPITAL(f)
(as of December 31, 2024; dollars in millions)	Q4 2024 LQA			Q4 2023 LQA




Segment Adjusted Site Rental Gross Margin(g)	$	3,336		$	3,392
Less: Amortization of prepaid rent	(160)			(236)
Less: Straight-lined revenues	(80)			(200)
Add: Straight-lined expenses(h)	44			52
Numerator(h)	$	3,140		$	3,008

Segment net investment in property and equipment(i)	$	13,547		$	13,407
Segment investment in site rental contracts and tenant relationships	4,589			4,590
Segment investment in goodwill(j)	5,351			5,351
Segment Net Invested Capital(f)	$	23,487		$	23,348

Segment Cash Yield on Invested Capital(f)(h)	13.4		%	12.9		%


TOWERS SEGMENT ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(k)
	Years Ending December 31,
(as of December 31, 2024; in millions)	2025		2026		2027		2028		2029
T-Mobile	$	209	$	27	$	32	$	25	$	23
AT&T	12		23		13		773		240
Verizon	6		5		7		31		48
All Others Combined	48		37		36		27		44
Total	$	275	$	92	$	88	$	856	$	355

(a)Excludes third-party land interests.

(b)Excludes renewal terms at tenants' option.

(c)Weighted by site rental revenues.

(d)Weighted by towers site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.

(e)Includes all renewal terms at the Company's option.

(f)See "Non-GAAP Measures and Other Information" for further information on, and our definitions and calculations of, Segment Cash Yield on Invested Capital and Segment Net Invested Capital.

(g)See "Segment Operating Results" and "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Segment Adjusted Site Rental Gross Margin.

(h)Amounts for fourth quarter 2023 reflect revisions from previously disclosed amounts due to an immaterial error.

(i)Segment net investment in property and equipment excludes the impact of construction in process and non-productive assets (such as information technology assets and buildings) and is reduced by the amount of prepaid rent received from tenants (excluding any deferred credits recorded in connection with acquisitions).

(j)Segment investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions (primarily deferred credits).

(k)Reflects lease renewals by year by tenant; dollar amounts represent annualized cash site rental revenues from assumed renewals or extensions as reflected in "Projected Revenues from Tenant Contracts" below.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


TOWERS SEGMENT PROJECTED REVENUES FROM TENANT CONTRACTS(a)
	Years Ending December 31,
(as of December 31, 2024; in millions)	2025		2026		2027		2028		2029
Components of site rental revenues:
Site rental billings(b)	$	3,885	$	3,988	$	4,097	$	4,216	$	4,340
Amortization of prepaid rent	90		75		62		41		26
Straight-lined revenues	45		(60)		(173)		(236)		(205)
Site rental revenues	$	4,020	$	4,003	$	3,986	$	4,021	$	4,161


TOWERS SEGMENT PROJECTED EXPENSES FROM EXISTING GROUND LEASES AGREEMENTS(c)
	Years Ending December 31,
(as of December 31, 2024; in millions)	2025		2026		2027		2028		2029
Components of ground lease agreement expenses:
Ground lease agreement expenses exclusive of straight-lined expenses	$	698	$	719	$	740	$	759	$	780
Straight-lined expenses	54		40		28		18		7
Ground lease agreement expenses	$	752	$	759	$	768	$	777	$	787


SUMMARY OF TOWER PORTFOLIO BY VINTAGE(d)
(as of December 31, 2024; dollars in thousands)	Acquired and Built 2006 and Prior			Acquired and Built 2007 to Present
Cash yield(e)	21		%	11		%
Number of tenants per tower	3.0			2.2
Last quarter annualized average cash site rental revenue per tower(f)	$	136		$	86
Last quarter annualized average site rental gross cash margin per tower(g)	$	117		$	62
Net invested capital per tower(h)	$	563		$	588
Number of towers	11,193			28,839

(a)Based on Towers segment tenant licenses in place as of December 31, 2024. All tenant licenses are assumed to renew for a new term no later than the respective current term end date, and as such, projected revenues do not reflect the impact of estimated annual churn. CPI-linked tenant contracts are assumed to escalate at 3% per annum.

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

(c)Based on Towers segment existing ground leases and fiber access agreements as of December 31, 2024. CPI-linked contracts are assumed to escalate at 3% per annum.

(d)All tower portfolio figures are calculated exclusively for the Company's towers and rooftops and do not give effect to other activities within the Company's Towers segment.

(e)Cash yield is calculated as last quarter annualized site rental gross margin, exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses, divided by invested capital net of the amount of prepaid rent received from tenants.

(f)Exclusive of straight-lined revenues and amortization of prepaid rent.

(g)Exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.

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

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


GROUND INTEREST OVERVIEW
(as of December 31, 2024; dollars in millions)	LQA Cash Site Rental Revenues(a)		Percentage of LQA Cash Site Rental Revenues(a)		LQA Towers Segment Site Rental Gross Cash Margin(b)		Percentage of LQA Towers Segment Site Rental Gross Cash Margin(b)		Number of Towers(c)	Percentage of Towers		Weighted Average Term Remaining (by years)(d)
Less than 10 years	$	437	11	%	$	243	8	%	5,417	14	%
10 to 20 years	594		15	%	387		12	%	6,150	15	%
Greater than 20 years	1,607		40	%	1,180		38	%	16,570	41	%
Total leased	$	2,637	66	%	$	1,810	58	%	28,137	70	%	35

Owned	$	1,358	34	%	$	1,286	42	%	11,895	30	%
Total / Average	$	3,995	100	%	$	3,096	100	%	40,032	100	%

(a)Exclusive of straight-lined revenues and amortization of prepaid rent.

(b)Exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.

(c)Excludes third-party land interests.

(d)Includes all renewal terms at the Company's option and weighted by towers site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


FIBER SEGMENT SUMMARY FINANCIAL HIGHLIGHTS
	2023								2024								Twelve Months Ended December 31,
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		2023		2024
Segment net revenues:
Site rental
Site rental billings(a)	$	405	$	403	$	405	$	410	$	420	$	419	$	419	$	434	$	1,624	$	1,690
Amortization of prepaid rent	65		121		66		75		65		67		68		66		326		267
Straight-lined revenues	—		(4)		1		2		2		2		1		1		(1)		6
Other revenues	73		128		31		37		33		28		42		26		270		129
Total site rental	543		648		503		524		520		516		530		527		2,219		2,092
Services and other	3		15		4		6		7		3		5		3		28		18
Net revenues	$	546	$	663	$	507	$	530	$	527	$	519	$	535	$	530	$	2,247	$	2,110

Segment operating expenses
Costs of operations(b)
Site rental exclusive of straight-lined expenses	$	172	$	170	$	175	$	168	$	182	$	178	$	182	$	192	$	685	$	734
Straight-lined expenses	—		1		—		—		—		—		—		—		1		—
Total site rental	172		171		175		168		182		178		182		192		686		734
Services and other	2		3		3		4		4		2		3		2		12		12
Total costs of operations	174		174		178		172		186		180		185		194		698		746
Selling, general and administrative(c)	49		51		48		47		47		50		40		39		194		176

Segment operating profit (loss)(d)	$	323	$	438	$	281	$	311	$	294	$	289	$	310	$	297	$	1,355	$	1,188

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

(c)Exclusive of stock-based compensation expense, net. See "Segment Operating Results" for further information.

(d)See "Non-GAAP Measures and Other Information" and "Segment Operating Results" for further information on, and our definition and calculation of, segment operating profit (loss).

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


FIBER SEGMENT COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
	2023												2024												Twelve Months Ended December 31,
(dollars in millions; totals may not sum due to rounding)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			2023			2024
Components of changes in site rental revenues:
Prior year site rental billings(a)	$	401		$	406		$	402		$	404		$	405		$	402		$	405		$	411		$	1,614		$	1,623

Core leasing activity(a)	36			37			39			42			44			47			50			51			153			193
Escalators	2			2			2			2			2			2			2			2			7			7
Non-renewals(a)	(34)			(34)			(30)			(30)			(29)			(30)			(30)			(30)			(128)			(120)
Other billings(a)	1			(2)			(1)			—			4			(1)			(7)			1			(3)			(4)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	4			2			10			13			21			18			15			24			30			77
Non-renewals associated with Sprint Cancellations(a)(b)	(2)			(6)			(6)			(7)			(6)			(1)			(1)			(1)			(21)			(9)
Organic Contribution to Site Rental Billings(a)	3			(4)			3			6			15			16			14			23			9			67
Straight-lined revenues	—			(4)			1			2			2			2			1			1			(1)			6
Amortization of prepaid rent	65			121			66			75			65			67			68			66			326			267
Other revenues	73			128			31			37			33			28			42			26			270			129
Acquisitions(c)	—			—			—			—			—			—			—			—			—			—
Total site rental revenues	$	543		$	648		$	503		$	524		$	520		$	516		$	530		$	527		$	2,219		$	2,092

Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	8.4		%	32.5		%	3.9		%	6.5		%	(4.2)		%	(20.4)		%	5.4		%	0.6		%	12.8		%	(5.7)		%



Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings(a)	1.1		%	0.5		%	2.4		%	3.3		%	5.1		%	4.4		%	3.7		%	5.7		%	1.8		%	4.7		%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	0.7		%	(1.0)		%	0.8		%	1.6		%	3.7		%	4.0		%	3.4		%	5.5		%	0.5		%	4.2		%


FIBER SEGMENT SUMMARY OF CAPITAL EXPENDITURES(a)
	2023								2024								Twelve Months Ended December 31,
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		2023		2024



Discretionary capital expenditures	$	272	$	298	$	273	$	288	$	259	$	271	$	239	$	223	$	1,131	$	992
Sustaining capital expenditures	7		8		14		15		14		18		18		3		44		53
Total capital expenditures	279		306		287		303		273		289		257		226		1,175		1,045
Less: Prepaid rent additions(d)	59		59		55		83		56		90		61		147		256		354
Capital expenditures less prepaid rent additions	$	220	$	247	$	232	$	220	$	217	$	199	$	196	$	79	$	919	$	691

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

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

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


FIBER SEGMENT REVENUE DETAIL BY LINE OF BUSINESS
	2023												2024												Twelve Months Ended December 31,
(dollars in millions; totals may not sum due to rounding)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			2023			2024
Small Cells
Site rental revenues:
Site rental billings(a)	$	113		$	111		$	113		$	116		$	121		$	121		$	126		$	132		$	452		$	501
Amortization of prepaid rent	48			102			45			53			45			50			51			49			248			194
Straight-lined revenues	(1)			(6)			(1)			(1)			(1)			(1)			(2)			(3)			(9)			(8)
Other revenues	—			101			—			2			5			—			15			—			104			20
Total site rental revenues	160			308			157			170			170			170			190			178			795			707
Services and other revenues	3			15			3			6			7			3			5			3			27			18
Net revenues	$	163		$	323		$	160		$	176		$	177		$	173		$	195		$	181		$	822		$	725

Components of changes in site rental revenues:
Prior year site rental billings(a)	$	108		$	109		$	109		$	111		$	113		$	110		$	113		$	116		$	438		$	452

Core leasing activity(a)	5			6			6			8			10			10			13			14			24			47
Escalators	2			2			2			2			2			2			2			2			7			7
Non-renewals(a)	(3)			(2)			(1)			(1)			(1)			(1)			(2)			(2)			(7)			(5)
Other billings(a)	1			—			2			1			2			1			—			3			4			6
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	5			5			8			10			13			12			13			17			28			55
Non-renewals associated with Sprint Cancellations(a)(b)	—			(4)			(5)			(5)			(5)			(1)			(1)			—			(14)			(7)
Organic Contribution to Site Rental Billings(a)	5			1			3			5			8			11			12			16			14			48
Straight-lined revenues	(1)			(6)			(1)			(1)			(1)			(1)			(2)			(3)			(9)			(8)
Amortization of prepaid rent	48			102			45			53			45			50			51			49			248			194
Other revenues	—			101			—			2			5						15			—			104			20
Acquisitions(c)	—			—			—			—			—			—			—			—			—			—
Total site rental revenues	$	160		$	308		$	157		$	170		$	170		$	170		$	190		$	178		$	795		$	707

Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	3.2		%	97.4		%	1.9		%	5.6		%	6.3		%	(44.8)		%	21.0		%	4.7		%	27.0		%	(11.1)		%



Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings(a)	4.5		%	5.0		%	7.3		%	9.1		%	12.0		%	10.9		%	11.6		%	14.4		%	6.5		%	12.2		%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	4.5		%	0.9		%	3.1		%	4.6		%	7.5		%	10.4		%	10.9		%	14.1		%	3.3		%	10.7		%

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

(b)In the fourth quarter 2023, there were $5 million of non-renewals associated with Sprint Cancellations that related to small cells, and in full year 2023, there were $14 million of non-renewals associated with Sprint Cancellations that related to small cells.

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

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


FIBER SEGMENT REVENUE DETAIL BY LINE OF BUSINESS CONTINUED
	2023												2024												Twelve Months Ended December 31,
(dollars in millions; totals may not sum due to rounding)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			2023			2024
Fiber Solutions
Site rental revenues:
Site rental billings(a)	$	292		$	292		$	293		$	294		$	299		$	297		$	294		$	302		$	1,171		$	1,190
Amortization of prepaid rent	17			19			20			22			20			18			17			17			78			73
Straight-lined revenues	1			2			2			3			3			3			3			3			8			13
Other revenues	73			27			31			35			28			28			26			26			167			109
Total site rental revenues	383			340			346			354			350			346			340			348			1,424			1,385
Services and other revenues	—			—			1			—			—			—			—			—			1			—
Net revenues	$	383		$	340		$	347		$	354		$	350		$	346		$	340		$	348		$	1,425		$	1,385

Components of changes in site rental revenues:
Prior year site rental billings(a)	$	293		$	297		$	293		$	293		$	292		$	292		$	292		$	295		$	1,176		$	1,171

Core leasing activity(a)	31			31			33			34			34			37			38			37			129			146
Escalators	—			—			—			—			—			—			—			—			—			—
Non-renewals(a)	(31)			(32)			(29)			(29)			(29)			(29)			(29)			(28)			(121)			(115)
Other billings(a)	—			(3)			(2)			(2)			2			(2)			(7)			(2)			(7)			(10)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	—			(3)			2			3			7			6			2			7			1			21
Non-renewals associated with Sprint Cancellations(a)(b)	(1)			(2)			(2)			(2)			(1)			(1)			(1)			—			(7)			(2)
Organic Contribution to Site Rental Billings(a)	(2)			(5)			—			1			6			5			1			6			(6)			19
Straight-lined revenues	1			2			2			3			3			3			3			3			8			13
Amortization of prepaid rent	17			19			20			22			20			18			17			17			78			73
Other revenues	73			27			31			35			28			28			26			26			167			109
Acquisitions(c)	—			—			—			—			—			—			—			—			—			—
Total site rental revenues	$	383		$	340		$	346		$	354		$	350		$	346		$	340		$	348		$	1,424		$	1,385

Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	10.7		%	2.1		%	4.8		%	6.9		%	(8.6)		%	1.8		%	(1.7)		%	(1.7)		%	6.2		%	(2.7)		%



Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings(a)	(0.2)		%	(1.1)		%	0.6		%	1.1		%	2.5		%	1.9		%	0.6		%	2.3		%	0.1		%	1.8		%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	(0.7)		%	(1.7)		%	(0.1)		%	0.4		%	2.2		%	1.6		%	0.4		%	2.2		%	(0.5)		%	1.6		%

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

(b)In the fourth quarter 2023, there were $2 million of non-renewals associated with Sprint Cancellations that related to fiber solutions, and in full year 2023, there were $7 million of non-renewals associated with Sprint Cancellations that related to fiber solutions.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


FIBER SEGMENT PORTFOLIO HIGHLIGHTS
(as of December 31, 2024)
Number of route miles of fiber (in thousands)	90
Number of small cells on air or under contract (in thousands)	105
Remaining contracted tenant receivables (in billions)(a)	$	6
Weighted average remaining tenant contract term (years)(a)(b)	4


FIBER SEGMENT CASH YIELD ON INVESTED CAPITAL(c)
(as of December 31, 2024; dollars in millions)	Q4 2024 LQA			Q4 2023 LQA




Segment Adjusted Site Rental Gross Margin(d)	$	1,340		$	1,424
Less: Amortization of prepaid rent	(264)			(300)
Less: Straight-lined revenues	(4)			(8)
Add: Straight-lined expenses	—			—
Add: Indirect labor costs(e)	96			110
Numerator	$	1,168		$	1,226

Segment net investment in property and equipment(f)	$	10,093		$	9,539
Segment investment in site rental contracts and tenant relationships	3,290			3,290
Segment investment in goodwill(g)(h)	—			4,080
Segment Net Invested Capital(c)	$	13,383		$	16,909

Segment Cash Yield on Invested Capital(c)	8.7		%	7.3		%


FIBER SOLUTIONS REVENUE MIX
(as of December 31, 2024)			Percentage of Q4 2024 LQA Site Rental Revenues
Carrier(i)			33%
Education			15%
Healthcare			12%
Financial Services			7%
Other			33%
Total			100%

(a)Excludes renewal terms at tenants' option.

(b)Weighted by site rental revenues.

(c)See "Non-GAAP Measures and Other Information" for further information on, and our definitions and calculations of, Segment Cash Yield on Invested Capital and Segment Net Invested Capital.

(d)See "Segment Operating Results" and "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Segment Adjusted Site Rental Gross Margin.

(e)This adjustment represents indirect labor costs in the Fiber segment that are not capitalized, but that primarily support the Company's ongoing expansion of its Fiber segment that management expects to generate future revenues for the Company. Removal of these indirect labor costs presents Segment Cash Yield on Invested Capital on a direct cost basis, consistent with the methodology used by management when evaluating project-level investment opportunities.

(f)Segment net investment in property and equipment excludes the impact of construction in process and non-productive assets (such as information technology assets and buildings) and is reduced by the amount of prepaid rent received from tenants (excluding any deferred credits recorded in connection with acquisitions).

(g)Segment investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions (primarily deferred credits).

(h)Q4 2024 LQA segment investment in goodwill is exclusive of the approximately $5.0 billion impairment charges related to goodwill for the Company's Fiber reporting unit that was recorded in the fourth quarter of 2024.

(i)Includes revenues derived from both wireless carriers and wholesale carriers.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(in millions, except par values)	December 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	119	$	105
Restricted cash and cash equivalents	171		171
Receivables, net	478		481
Prepaid expenses	106		103
Deferred site rental receivables	176		116
Other current assets	40		56
Total current assets	1,090		1,032
Deferred site rental receivables	2,343		2,239
Property and equipment, net	15,495		15,666
Operating lease right-of-use assets	5,797		6,187
Goodwill	5,127		10,085

Other intangible assets, net	2,781		3,179
Other assets, net	103		139
Total assets	$	32,736	$	38,527

LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	192	$	252
Accrued interest	244		219
Deferred revenues	476		605
Other accrued liabilities	359		342
Current maturities of debt and other obligations	610		835
Current portion of operating lease liabilities	296		332
Total current liabilities	2,177		2,585
Debt and other long-term obligations	23,471		22,086
Operating lease liabilities	5,236		5,561

Other long-term liabilities	1,985		1,914
Total liabilities	32,869		32,146
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, 0.01 par value; 1,200 shares authorized; shares issued and outstanding: December 31, 2024—435 and December 31, 2023—434	4		4
Additional paid-in capital	18,393		18,270
Accumulated other comprehensive income (loss)	(5)		(4)
Dividends/distributions in excess of earnings	(18,525)		(11,889)
Total equity (deficit)	(133)		6,381
Total liabilities and equity (deficit)	$	32,736	$	38,527

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
	Three Months Ended December 31,				Twelve Months Ended December 31,
(in millions, except per share amounts)	2024		2023		2024		2023
Net revenues:
Site rental	$	1,597	$	1,603	$	6,358	$	6,532
Services and other	52		71		210		449
Net revenues	1,649		1,674		6,568		6,981
Operating expenses:
Costs of operations:(a)
Site rental	436		407		1,728		1,664
Services and other	28		48		119		316
Selling, general and administrative	166		178		706		759
Asset write-down charges	124		3		148		33
Acquisition and integration costs	—		—		—		1
Depreciation, amortization and accretion	437		439		1,738		1,754
Restructuring charges	5		13		109		85
Goodwill impairment charges	4,958		—		4,958		—
Total operating expenses	6,154		1,088		9,506		4,612

Operating income (loss)	(4,505)		586		(2,938)		2,369
Interest expense and amortization of deferred financing costs, net	(240)		(223)		(932)		(850)

Interest income	5		5		19		15
Other income (expense)	(23)		(2)		(28)		(6)
Income (loss) before income taxes	(4,763)		366		(3,879)		1,528
Benefit (provision) for income taxes	(5)		(5)		(24)		(26)
Net income (loss)	$	(4,768)	$	361	$	(3,903)	$	1,502



















Net income (loss), per common share:
Basic	$	(10.97)	$	0.84	$	(8.98)	$	3.46
Diluted	$	(10.97)	$	0.83	$	(8.98)	$	3.46
Weighted-average common shares outstanding:
Basic	435		434		434		434
Diluted	435		434		434		434

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

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
	Twelve Months Ended December 31,
(in millions)	2024		2023
Cash flows from operating activities:
Net income (loss)	$	(3,903)	$	1,502
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	1,738		1,754
Goodwill impairment charges	4,958		—

Amortization of deferred financing costs and other non-cash interest	32		29
Stock-based compensation expense, net	131		157
Asset write-down charges	148		33
Deferred income tax (benefit) provision	4		8
Restructuring charges, non-cash	12		7
Other non-cash adjustments, net	23		7
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	(88)		(243)
Decrease (increase) in assets	(112)		(128)
Net cash provided by (used for) operating activities	2,943		3,126
Cash flows from investing activities:
Capital expenditures	(1,222)		(1,424)
Payments for acquisitions, net of cash acquired	(8)		(96)

Other investing activities, net	10		1
Net cash provided by (used for) investing activities	(1,220)		(1,519)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,244		3,843
Principal payments on debt and other long-term obligations	(99)		(79)
Purchases and redemptions of long-term debt	(750)		(750)
Borrowings under revolving credit facility	—		3,613
Payments under revolving credit facility	(670)		(4,248)
Net borrowings (repayments) under commercial paper program	1,341		(1,241)
Payments for financing costs	(12)		(39)


Purchases of common stock	(33)		(30)
Dividends/distributions paid on common stock	(2,729)		(2,723)

Net cash provided by (used for) financing activities	(1,708)		(1,654)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	15		(47)



Effect of exchange rate changes on cash	(1)		1
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	281		327
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	295	$	281
Supplemental disclosure of cash flow information:
Interest paid	895		800
Income taxes paid (refunded)	17		18

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


SEGMENT OPERATING RESULTS
	Three Months Ended December 31, 2024								Three Months Ended December 31, 2023
(in millions)	Towers		Fiber		Other Non-Segment Items		Total		Towers		Fiber		Other Non-Segment Items		Total
Segment site rental revenues	$	1,070	$	527			$	1,597	$	1,079	$	524			$	1,603
Segment services and other revenues	49		3				52		65		6				71
Segment revenues	1,119		530				1,649		1,144		530				1,674
Segment site rental costs of operations	236		192				428		231		168				399
Segment services and other costs of operations	25		2				27		42		4				46
Segment costs of operations(a)(b)	261		194				455		273		172				445
Segment Adjusted Site Rental Gross Margin(c)	834		335				1,169		848		356				1,204
Segment Adjusted Services and Other Gross Margin(c)	24		1				25		23		2				25
Segment selling, general and administrative expenses(b)	20		39				59		19		47				66

Segment operating profit (loss)(c)	838		297				1,135		852		311				1,163
Other selling, general and administrative expenses(b)					$	89	89						$	87	87
Stock-based compensation expense, net					23		23						31		31
Depreciation, amortization and accretion					437		437						439		439
Restructuring charges(d)					5		5						13		13
Interest expense and amortization of deferred financing costs, net					240		240						223		223
Goodwill impairment charges(e)					4,958		4,958						—		—
Other (income) expenses to reconcile to income (loss) before income taxes(f)					146		146						4		4
Income (loss) before income taxes							$	(4,763)							$	366

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

(b)Segment costs of operations exclude (1) stock-based compensation expense, net of $5 million and $6 million for the three months ended December 31, 2024 and 2023, respectively and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended December 31, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $18 million and $25 million for the three months ended December 31, 2024 and 2023, respectively.

(c)See "Non-GAAP Measures and Other Information" for a discussion and our definitions of Segment Adjusted Site Rental Gross Margin, Segment Adjusted Services and Other Gross Margin and segment operating profit (loss) and reconciliations of Segment Adjusted Site Rental Gross Margin and Segment Adjusted Services and Other Gross Margin to segment operating profit (loss).

(d)Represents restructuring charges recorded for the periods presented related to (1) the Company's restructuring plan announced in July 2023, as further discussed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Restructuring Plan"), and (2) the Company's restructuring plan announced in June 2024, as further discussed in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 ("2024 Restructuring Plan"), as applicable for the respective period. For the three-month period ended December 31, 2024, there were ($1) million of adjustments related to the July 2023 Restructuring Plan and $6 million of restructuring charges related to the June 2024 Restructuring Plan. For the three-month period ended December 31, 2023, there were $13 million of restructuring charges related to the June 2023 Restructuring Plan.

(e)Represents impairment charges for goodwill associated with the Company's Fiber reporting unit recorded in the fourth quarter of 2024.

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

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


SEGMENT OPERATING RESULTS
	Twelve Months Ended December 31, 2024								Twelve Months Ended December 31, 2023
(in millions)	Towers		Fiber		Other Non-Segment Items		Total		Towers		Fiber		Other Non-Segment Items		Total
Segment site rental revenues	$	4,266	$	2,092			$	6,358	$	4,313	$	2,219			$	6,532
Segment services and other revenues	192		18				210		421		28				449
Segment revenues	4,458		2,110				6,568		4,734		2,247				6,981
Segment site rental costs of operations	959		734				1,693		943		686				1,629
Segment services and other costs of operations	101		12				113		294		12				306
Segment costs of operations(a)(b)	1,060		746				1,806		1,237		698				1,935
Segment Adjusted Site Rental Gross Margin(c)	3,307		1,358				4,665		3,370		1,533				4,903
Segment Adjusted Services and Other Gross Margin(c)	91		6				97		127		16				143
Segment selling, general and administrative expenses(b)	76		176				252		104		194				298
Segment operating profit (loss)(c)	3,322		1,188				4,510		3,393		1,355				4,748
Other selling, general and administrative expenses(b)					$	348	348						$	333	333
Stock-based compensation expense, net					131		131						157		157
Depreciation, amortization and accretion					1,738		1,738						1,754		1,754
Restructuring charges(d)					109		109						85		85
Interest expense and amortization of deferred financing costs, net					932		932						850		850
Goodwill impairment charges(e)					4,958		4,958						—		—
Other (income) expenses to reconcile to income (loss) before income taxes(f)					173		173						41		41
Income (loss) before income taxes							$	(3,879)							$	1,528

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

(b)Segment costs of operations exclude (1) stock-based compensation expense, net of $25 million and $29 million for the twelve months ended December 31, 2024 and 2023, respectively, and (2) prepaid lease purchase price adjustments of $16 million for each of the twelve-months ended December 31, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $106 million and $128 million for the twelve months ended December 31, 2024 and 2023, respectively.

(d)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the full year ended December 31, 2024, there were $9 million and $100 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively. For the full year ended December 31, 2023, there were $85 million of restructuring charges related to the June 2023 Restructuring Plan.

(e)Represents impairment charges for goodwill associated with the Company's Fiber reporting unit recorded in the fourth quarter of 2024.

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

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX


NON-GAAP MEASURES AND OTHER INFORMATION

This Supplement includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, Segment Adjusted Site Rental Gross Margin, Segment Adjusted Services and Other Gross Margin, Net Debt, Net Debt to Last Quarter Annualized Adjusted EBITDA, Consolidated Return on Invested Capital and Segment Cash Yield on Invested Capital, 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 REITs.

In addition to the non-GAAP financial measures used herein, we also provide segment operating profit (loss), which is a key measure used by management to evaluate our operating segments. This segment measure is provided pursuant to GAAP requirements related to segment reporting. In addition, we provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.

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

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

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

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

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

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX

•Segment Adjusted Site Rental Gross Margin and Segment Adjusted Services and Other Gross Margin are useful to investors or other interested parties in evaluating our financial performance. These measures are used by our management (1) to evaluate the economic productivity of our operating segments, (2) to identify underlying business trends that are impacting our performance, and (3) for purposes of making decisions about allocating resources to, and assessing the performance of, our operating segments. We also believe it helps investors and other interested parties meaningfully evaluate and compare the results of our operations from period to period.

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

•Net Debt to Last Quarter Annualized Adjusted EBITDA is useful to investors or other interested parties, specifically credit rating agencies, in analyzing our operating performance in the context of targeted financial leverage. Management uses Net Debt to Last Quarter Annualized Adjusted EBITDA in assessing our leverage. Net Debt to Last Quarter Annualized Adjusted EBITDA is not meant as an alternative to GAAP measures such as debt and net income (loss) computed in accordance with GAAP. Net Debt to Last Quarter Annualized Adjusted EBITDA should be considered only as a supplement in understanding and assessing our leverage.

•Consolidated Return on Invested Capital and Segment Cash Yield on Invested Capital are useful to investors or other interested parties in evaluating the financial performance of our assets. Management believes that these metrics are useful in assessing our efficiency at allocating capital to generate returns over time. Consolidated Return on Invested Capital and Segment Cash Yield on Invested Capital are not meant as alternatives to GAAP measures such as revenues, operating income, segment operating profit (loss), and certain asset classes (such as property and equipment, site rental contracts and tenant relationships, and goodwill) computed in accordance with GAAP. Such non-GAAP metrics should be considered only as a supplement in understanding and assessing the performance of our assets.

Non-GAAP Financial Measures

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

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

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

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

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

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

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

Net Debt to Last Quarter Annualized Adjusted EBITDA. We define Net Debt to Last Quarter Annualized Adjusted EBITDA as Net Debt divided by the most recent quarter's Adjusted EBITDA multiplied by four.

Consolidated Invested Capital. We define Consolidated Invested Capital as the historical gross investment in (1) property and equipment (excluding the impact of construction in process and write-offs), (2) site rental contracts and tenant relationships and (3) goodwill (excluding impairment charges).

Consolidated Return on Invested Capital. We define Consolidated Return on Invested Capital as Adjusted EBITDA less cash taxes paid divided by Consolidated Invested Capital.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX

Segment Net Invested Capital. We define Segment Net Invested Capital as the investment in (1) property and equipment, excluding the impact of construction in process and non-productive assets (such as information technology assets and buildings) and write-offs, reduced by the amount of prepaid rent received from tenants (excluding any deferred credits recorded in connection with acquisitions), (2) site rental contracts and tenant relationships, and (3) goodwill, excluding the impact of certain assets and liabilities recorded in connection with acquisitions (primarily deferred credits) and impairment charges.

Segment Cash Yield on Invested Capital. We define Segment Cash Yield on Invested Capital as Segment Adjusted Site Rental Gross Margin adjusted for the impacts of (1) amortization of prepaid rent, (2) straight-lined revenues, (3) straight-lined expenses and (4) indirect labor costs related to the Fiber segment divided by Segment Net Invested Capital.

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

Segment Adjusted Services and Other Gross Margin. We define Segment Adjusted Services and Other Gross Margin as segment services and other revenues less segment services and other costs of operations, excluding stock-based compensation expense, net recorded in consolidated services and other costs of operations. This segment measure is 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.

Segment operating profit (loss). We define segment operating profit (loss) as segment site rental revenues plus segment services and other revenues, less segment site rental costs of operations, segment services and other costs of operations, and segment selling, general and administrative expenses, each of which excludes stock-based compensation, net, and prepaid lease purchase price adjustments, which are recorded in the respective consolidated figures. This measurement of profit or loss is 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 Information

Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions and (4) other revenues, such as tenant cancellation fees, pass-through taxes, finance charges and other items.

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

Other billings. We define other billings as the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity.

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

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

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

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

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX

Reconciliation of Historical Adjusted EBITDA:


	2023								2024								Twelve Months Ended December 31,
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		2023		2024
Net income (loss)	$	418	$	445	$	265	$	361	$	311	$	251	$	303	$	(4,768)	$	1,502	$	(3,903)
Adjustments to increase (decrease) net income (loss)
Asset write-down charges	—		22		8		3		6		3		15		124		33		148
Goodwill impairment charges(a)	—		—		—		—		—		—		—		4,958		—		4,958
Acquisition and integration costs	—		1		—		—		—		—		—		—		1		—
Depreciation, amortization and accretion	431		445		439		439		439		430		432		437		1,754		1,738
Restructuring charges(b)	—		—		72		13		11		45		48		5		85		109
Amortization of prepaid lease purchase price adjustments	4		4		4		4		4		4		4		4		16		16
Interest expense and amortization of deferred financing costs, net(c)	202		208		217		223		226		230		236		240		850		932

Interest income	(2)		(5)		(3)		(5)		(4)		(4)		(6)		(5)		(15)		(19)
Other (income) expense	3		2		—		2		(2)		1		6		23		6		28
(Benefit) provision for income taxes	7		7		7		5		7		7		5		5		26		24
Stock-based compensation expense, net	41		50		36		31		38		40		30		23		157		131
Adjusted EBITDA(d)(e)	$	1,104	$	1,188	$	1,047	$	1,076	$	1,036	$	1,006	$	1,075	$	1,044	$	4,415	$	4,161

Reconciliation of Outlook for Adjusted EBITDA:


(in millions; totals may not sum due to rounding)	Full Year 2025 Outlook(i)
Net income (loss)(f)		$65	to	$345
Adjustments to increase (decrease) net income (loss):
Asset write-down charges		$5	to	$15
Acquisition and integration costs		$0	to	$6
Depreciation, amortization and accretion		$678	to	$773
Restructuring charges		$0	to	$0
Amortization of prepaid lease purchase price adjustments		$14	to	$16
Interest expense and amortization of deferred financing costs, net(g)		$982	to	$1,027
(Gains) losses on retirement of long-term obligations		—	to	—
Interest income		$(15)	to	$(15)
Other (income) expense		$6	to	$15
(Benefit) provision for income taxes		$11	to	$19
Stock-based compensation expense, net		$93	to	$97
Net (income) loss from discontinued operations(h)		$590	to	$830
Adjusted EBITDA(d)(e)		$2,755	to	$2,805

(a)Represents impairment charges for goodwill associated with the Company's Fiber reporting unit recorded in the fourth quarter of 2024.

(b)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the three-month period ended December 31, 2024, there were ($1) million of adjustments related to the July 2023 Restructuring Plan and $6 million of restructuring charges related to the June 2024 Restructuring Plan. For the twelve-month period ended December 31, 2024, there were $9 million and $100 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.

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

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

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

(f)Includes contribution from discontinued operations.

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

(h)Represents results from the Fiber business, including an estimated loss on sale of $700 million to $900 million.

(i)As issued on March 13, 2025.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX

Reconciliation of Historical FFO and AFFO:


(in millions; totals may not sum due to rounding)	2023								2024								Twelve Months Ended December 31,
	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		2023		2024
Net income (loss)	$	418	$	455	$	265	$	361	$	311	$	251	$	303	$	(4,768)	$	1,502	$	(3,903)
Real estate related depreciation, amortization and accretion	417		424		425		426		425		415		419		423		1,692		1,682
Asset write-down charges	—		22		8		3		6		3		15		124		33		148
Goodwill impairment charges(a)	—		—		—		—		—		—		—		4,958		—		4,958
FFO(b)(c)	$	835	$	901	$	698	$	790	$	742	$	669	$	737	$	737	$	3,227	$	2,885
Weighted-average common shares outstanding—diluted	434		434		434		434		434		435		436		435		434		434

FFO (from above)	$	835	$	901	$	698	$	790	$	742	$	669	$	737	$	737	$	3,227	$	2,885
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(83)		(80)		(59)		(51)		(59)		(56)		(29)		(21)		(274)		(165)
Straight-lined expenses	20		18		18		17		17		17		16		15		73		64
Stock-based compensation expense, net	41		50		36		31		38		40		30		23		157		131
Non-cash portion of tax provision	9		(6)		4		—		7		(2)		1		—		8		6
Non-real estate related depreciation, amortization and accretion	14		21		14		13		14		15		13		14		62		56
Amortization of non-cash interest expense	4		4		3		3		3		3		2		3		14		12
Other (income) expense	3		2		—		2		(2)		1		6		23		6		28

Acquisition and integration costs	—		1		—		—		—		—		—		—		1		—
Restructuring charges(d)	—		—		72		13		11		45		48		5		85		109
Sustaining capital expenditures	(15)		(18)		(21)		(28)		(22)		(27)		(23)		(15)		(83)		(87)
AFFO(b)(c)	$	828	$	891	$	767	$	790	$	749	$	704	$	801	$	785	$	3,277	$	3,040
Weighted-average common shares outstanding—diluted	434		434		434		434		434		435		436		435		434		434

(a)Represents impairment charges for goodwill associated with the Company's Fiber reporting unit recorded in the fourth quarter of 2024.

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

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

(d)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the three-month period ended December 31, 2024, there were ($1) million of adjustments related to the July 2023 Restructuring Plan and $6 million of restructuring charges related to the June 2024 Restructuring Plan. For the full year ended December 31, 2024, there were $9 million and $100 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX

Reconciliation of Historical FFO and AFFO per share:


(in millions, except per share amounts; totals may not sum due to rounding)	2023								2024								Twelve Months Ended December 31,
	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		2023		2024
Net income (loss)	$	0.96	$	1.05	$	0.61	$	0.83	$	0.72	$	0.58	$	0.70	$	(10.97)	$	3.46	$	(8.98)
Real estate related depreciation, amortization and accretion	0.96		0.98		0.98		0.98		0.98		0.95		0.96		0.97		3.90		3.87
Asset write-down charges	—		0.05		0.02		0.01		0.01		0.01		0.03		0.29		0.08		0.34
Goodwill impairment charges(a)	—		—		—		—		—		—		—		11.41		—		11.41

FFO(b)(c)	$	1.92	$	2.08	$	1.61	$	1.82	$	1.71	$	1.54	$	1.69	$	1.70	$	7.43	$	6.64
Weighted-average common shares outstanding—diluted	434		434		434		434		435		435		436		435		434		434


FFO (from above)	$	1.92	$	2.08	$	1.61	$	1.82	$	1.71	$	1.54	$	1.69	$	1.70	$	7.43	$	6.64
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(0.19)		(0.18)		(0.14)		(0.12)		(0.14)		(0.13)		(0.07)		(0.05)		(0.63)		(0.38)
Straight-lined expenses	0.05		0.04		0.04		0.04		0.04		0.04		0.04		0.03		0.17		0.15
Stock-based compensation expense, net	0.09		0.12		0.08		0.07		0.09		0.09		0.07		0.05		0.36		0.30
Non-cash portion of tax provision	0.02		(0.01)		0.01		—		0.02		—		—		—		0.02		0.01
Non-real estate related depreciation, amortization and accretion	0.03		0.05		0.03		0.03		0.03		0.03		0.03		0.03		0.14		0.13
Amortization of non-cash interest expense	0.01		0.01		0.01		0.01		0.01		0.01		—		0.01		0.03		0.03
Other (income) expense	0.01		—		—		—		—		—		0.01		0.05		0.01		0.06

Acquisition and integration costs	—		—		—		—		—		—		—		—		—		—
Restructuring charges(d)	—		—		0.17		0.03		0.03		0.10		0.11		0.01		0.20		0.25
Sustaining capital expenditures	(0.03)		(0.04)		(0.05)		(0.06)		(0.05)		(0.06)		(0.05)		(0.03)		(0.19)		(0.20)
AFFO(b)(c)	$	1.91	$	2.05	$	1.77	$	1.82	$	1.72	$	1.62	$	1.84	$	1.80	$	7.55	$	6.98
Weighted-average common shares outstanding—diluted	434		434		434		434		435		435		436		435		434		434

(a)Represents impairment charges for goodwill associated with the Company's Fiber reporting unit recorded in the fourth quarter of 2024.

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

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

(d)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the three-month period ended December 31, 2024, there were ($1) million of adjustments related to the July 2023 Restructuring Plan and $6 million of restructuring charges related to the June 2024 Restructuring Plan. For the full year ended December 31, 2024, there were $9 million and $100 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX

Reconciliation of Outlook for FFO and AFFO:


(in millions, except per share amounts; totals may not sum due to rounding)	Full Year 2025 Outlook(a)			Full Year 2025 Outlook Per Share(a)
Net income (loss)(b)		$65	to	$345	$0.15	to	$0.79
Real estate related depreciation, amortization and accretion		$660	to	$740	$1.51	to	$1.70
Asset write-down charges		$5	to	$15	$0.01	to	$0.03
Net (income) loss from discontinued operations(c)		$830	to	$590	$1.90	to	$1.35
FFO(b)(e)		$1,610	to	$1,640	$3.69	to	$3.76
Weighted-average common shares outstanding—diluted	435			435


FFO (from above)		$1,610	to	$1,640	$3.69	to	$3.76
Adjustments to increase (decrease) FFO:
Straight-lined revenues		$(15)	to	$15	$(0.03)	to	$0.03
Straight-lined expenses		$55	to	$75	$0.13	to	$0.17
Stock-based compensation expense, net		$93	to	$97	$0.21	to	$0.22
Non-cash portion of tax provision		-$8	to	$8	-$0.02	to	$0.02
Non-real estate related depreciation, amortization and accretion		$20	to	$35	$0.05	to	$0.08
Amortization of non-cash interest expense		$7	to	$17	$0.02	to	$0.04
Other (income) expense		$6	to	$15	$0.01	to	$0.03
(Gains) losses on retirement of long-term obligations		—	to	—	—	to	—
Acquisition and integration costs		$0	to	$6	$0.00	to	$0.01

Sustaining capital expenditures		$(55)	to	$(35)	$(0.13)	to	$(0.08)
AFFO(b)(e)		$1,770	to	$1,820	$4.06	to	$4.17
Weighted-average common shares outstanding—diluted	435			435

Reconciliation of Net Debt and Calculation of Net Debt to Last Quarter Annualized Adjusted EBITDA:


(as of December 31, 2024; dollars in millions)
Total debt and other obligations (current and non-current)	$	24,081
Unamortized adjustments, net	159
Total face value of debt	24,240
Less: Ending cash and cash equivalents and restricted cash and cash equivalents	295
Net Debt(f)	$	23,945

Adjusted EBITDA for the three months ended December 31, 2024(f)	$	1,044
Last quarter annualized Adjusted EBITDA(f)	4,176
Net Debt to Last Quarter Annualized Adjusted EBITDA(f)	5.7		x

(a)As issued on March 13, 2025.

(b)Includes contribution from discontinued operations.

(c)Represents results from the Fiber business, including an estimated loss on sale of $700 million to $900 million.

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

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

(f)See discussion and our definitions of Net Debt, Adjusted EBITDA, and Net Debt to Last Quarter Annualized Adjusted EBITDA in this "Non-GAAP Measures and Other Information."

Crown Castle Inc.

Fourth Quarter 2024

COMPANY
OVERVIEW

OUTLOOK

CONSOLIDATED FINANCIALS

CAPITALIZATION OVERVIEW

TOWERS SEGMENT

FIBER SEGMENT

APPENDIX

Reconciliation of Segment Adjusted Site Rental Gross Margin and Segment Adjusted Services and Other Gross Margin:


	Three Months Ended December 31,
(in millions of dollars)	2024				2023
	Towers		Fiber		Towers		Fiber
Segment operating profit (loss)(d)	$	838	$	297	$	852	$	311
Adjustments to increase (decrease) segment operating profit (loss):
Segment services and other revenues	(49)		(3)		(65)		(6)
Segment services and other costs of operations(a)	25		2		42		4
Segment selling, general and administrative expenses(b)	20		39		19		47
Segment Adjusted Site Rental Gross Margin(d)(e)	$	834	$	335	$	848	$	356

	Three Months Ended December 31,
(in millions of dollars)	2024				2023
	Towers		Fiber		Towers		Fiber
Segment operating profit (loss)(d)	$	838	$	297	$	852	$	311
Adjustments to increase (decrease) segment operating profit (loss):
Segment site rental revenues	(1,070)		(527)		(1,079)		(524)
Segment site rental other costs of operations(c)	236		192		231		168
Segment selling, general and administrative expenses(b)	20		39		19		47
Segment Adjusted Services and Other Gross Margin(d)(e)	$	24	$	1	$	23	$	2


	Twelve Months Ended December 31,
(in millions of dollars)	2024				2023
	Towers		Fiber		Towers		Fiber
Segment operating profit (loss)(d)	$	3,322	$	1,188	$	3,393	$	1,355
Adjustments to increase (decrease) segment operating profit (loss):
Segment services and other revenues	(192)		(18)		(421)		(28)
Segment services and other costs of operations(a)	101		12		294		12
Segment selling, general and administrative expenses(b)	76		176		104		194
Segment Adjusted Site Rental Gross Margin(d)(e)	$	3,307	$	1,358	$	3,370	$	1,533

	Twelve Months Ended December 31,
(in millions of dollars)	2024				2023
	Towers		Fiber		Towers		Fiber
Segment operating profit (loss)(d)	$	3,322	$	1,188	$	3,393	$	1,355
Adjustments to increase (decrease) segment operating profit (loss):
Segment site rental revenues	(4,266)		(2,092)		(4,313)		(2,219)
Segment site rental other costs of operations(c)	959		734		943		686
Segment selling, general and administrative expenses(b)	76		176		104		194
Segment Adjusted Services and Other Gross Margin(d)(e)	$	91	$	6	$	127	$	16

(a)Segment services and other costs of operations for the three months ended December 31, 2024 and 2023 excludes stock-based compensation expense, net of $1 million and $2 million, respectively. Segment services and other costs of operations for the years ended December 31, 2024 and 2023 excludes stock-based compensation expense, net of $6 million and $10 million, respectively.

(b)Segment selling, general and administrative expenses for the three months ended December 31, 2024 and 2023 excludes stock-based compensation expense, net of $7 million and $11 million, respectively. Segment selling, general and administrative expenses for the years ended December 31, 2024 and 2023 excludes stock-based compensation expense, net of $44 million and $50 million, respectively.

(c)Segment site rental costs of operations for the three months ended December 31, 2024 and 2023 excludes stock-based compensation expense, net of $4 million for each year. Additionally, segment site rental costs of operations excludes prepaid lease purchase price adjustments of $4 million for each of the three months ended December 31, 2024 and 2023. Segment site rental costs of operations for the years ended December 31, 2024 and 2023 excludes stock-based compensation expense, net of $19 million in each year. Additionally, segment site rental costs of operations excludes prepaid lease purchase price adjustments of $16 million in each of the years ended December 31, 2024 and 2023.

(d)See this "Non-GAAP Measures and Other Information" for a discussion and our definitions of Segment Adjusted Site Rental Gross Margin, Segment Adjusted Services and Other Gross Margin and segment operating profit (loss).

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