Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 22, 2015

Crown Castle International Corp.

(Exact name of registrant as specified in its charter)




Delaware	001-16441		76-0470458
(State or other jurisdiction of incorporation)	(Commission File Number)		(IRS Employer Identification No.)

1220 Augusta Drive, Suite 600 Houston, TX		77057
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (713) 570-3000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 — RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 22, 2015, Crown Castle International Corp. ("Company") issued a press release disclosing its financial results for the second quarter of 2015. The press release referred to certain supplemental information that was posted as a supplemental information package on the Company's website on July 22, 2015. The July 22, 2015 press release and supplemental information package are furnished herewith as Exhibit 99.1 and 99.2, respectively.

ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS

As described in Item 2.02 of this Report, the following exhibits are furnished as part of this Current Report on Form 8-K:



Exhibit No.		Description
99.1		Press Release dated July 22, 2015
99.2		Supplemental Information Package for the period ended June 30, 2015

The information in this Form 8-K and Exhibit 99.1 and 99.2 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




CROWN CASTLE INTERNATIONAL CORP.
By:	/s/ E. Blake Hawk
	Name:	E. Blake Hawk
	Title:	Executive Vice President and General Counsel

Date: July 22, 2015

EXHIBIT INDEX



Exhibit No.		Description
99.1		Press Release dated July 22, 2015
99.2		Supplemental Information Package for the period ended June 30, 2015

Exhibit 99.1



		NEWS RELEASE July 22, 2015



	Contacts: Jay Brown, CFO
	Son Nguyen, VP - Corporate Finance
FOR IMMEDIATE RELEASE	Crown Castle International Corp.
	713-570-3050

CROWN CASTLE REPORTS SECOND QUARTER 2015 RESULTS

AND RAISES OUTLOOK FOR 2015

SECOND QUARTER 2015 HIGHLIGHTS


•	Exceeded the midpoint of previously provided Outlook, adjusted for the disposition of our Australian subsidiary, for Adjusted EBITDA, AFFO and AFFO per share


•	Raised full year 2015 Outlook for Adjusted EBITDA, AFFO and AFFO per share


•	Enhanced long-term growth profile through sale of Australian subsidiary and pending acquisition of Sunesys


•	Generated Organic Site Rental Revenue growth of 10% year-over-year from new leasing activity and escalations on tenant leases

July 22, 2015 - HOUSTON, TEXAS - Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the quarter ended June 30, 2015.

"We had a terrific second quarter, allowing us to raise our Outlook for full year 2015," stated Ben Moreland, Crown Castle's President and Chief Executive Officer. "In addition to delivering great results during the second quarter, we also announced several strategic transactions that reflect our focus on delivering attractive long-term total returns for shareholders. The completed sale of our Australian subsidiary, following a very successful fifteen year investment, allows us to redeploy capital toward an opportunity with a higher anticipated growth profile through our pending acquisition of Sunesys, further reinforcing our leadership position in wireless infrastructure in the U.S. Our focus and continued investment in the U.S. is based on our view that the continuing growth in U.S. consumer demand for mobile data, which is projected to increase seven-fold between 2014 and 2019, will require significant investments by the wireless carriers to increase the density of their networks. This positive long-term outlook, combined with our extensive mission-critical portfolio of towers and small cells, gives us confidence in our ability to achieve our stated goal of generating compounded annual growth in AFFO per share of 6% to 7% organically over the next five years. We believe the expected growth in AFFO per share, half of which is comprised of cash escalations on our tenant lease contracts,

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 2

together with our current dividend yield of approximately 4% represents an attractive long-term total return profile for shareholders."

CONSOLIDATED FINANCIAL RESULTS

As previously announced, Crown Castle completed the sale of its Australian subsidiary (“CCAL”) on May 28, 2015. Beginning in the second quarter of 2015, Crown Castle’s historical financial results, including for periods prior to May 28, 2015, and current Outlook reflect CCAL as a discontinued operation. As such, unless otherwise indicated, figures presented in this press release do not include financial results from CCAL.

For comparative purposes, the table below presents site rental revenues, site rental gross margin, Adjusted EBITDA, Adjusted Funds from Operations ("AFFO") and AFFO per share for Crown Castle’s second quarter 2015 Outlook previously provided on April 22, 2015 ("Previous Second Quarter 2015 Outlook"), the Previous Second Quarter 2015 Outlook adjusted to reflect CCAL as a discontinued operation, and reported results for the second quarter of 2015.



(in millions, except per share amount)	Midpoint of Previous Second Quarter 2015 Outlook^(a)	Midpoint of Previous Second Quarter 2015 Outlook (Adjusted for Disposition of CCAL)	Reported Second Quarter 2015 Results
Site rental revenues	$770	$735	$737
Site rental gross margin	$526	$499	$500
Adjusted EBITDA	$534	$509	$521
AFFO	$351	$339	$342
AFFO per share	$1.05^(b)	$1.02^(b)	$1.03


(a)	As previously issued on April 22, 2015; inclusive of expected contribution from CCAL


(b)	Based on diluted shares outstanding as of March 31, 2015.

AFFO increased 3% to $342 million in the second quarter of 2015, compared to $332 million in the second quarter of 2014. AFFO per share increased 3% to $1.03 in the second quarter of 2015, compared to $1.00 in the second quarter of 2014. Adjusted EBITDA for the second quarter of 2015 increased 2% to $521 million from $510 million in the same period in 2014. Adjusted EBITDA and AFFO for the second quarter of 2015 benefited from higher than expected network services gross margin contribution, inclusive of $7 million in equipment decommissioning fees.

Total revenues for the second quarter of 2015 increased 2% to $899 million from $878 million for the same period in 2014. Site rental revenues for the second quarter of 2015 increased $26 million, or 4%, to $737 million from $711 million for the same period in the prior year. Organic Site Rental Revenues for the second quarter of 2015 increased from $661 million to $700 million from the same period in the prior year, representing a 6% increase, comprised of approximately 10% growth from new leasing activity and escalations on tenant leases, net of approximately 4% from non-renewals. Site rental gross margin, defined as site rental revenues less site rental cost of operations, increased $16 million, or 3%, to $500 million in the second quarter of 2015 from $484 million in the same period in 2014.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 3

Net income attributable to CCIC common stockholders for the second quarter of 2015 was $1.1 billion, inclusive of a gain of approximately $1 billion from the sale of CCAL and related foreign currency hedge, compared to $23 million of net income for the same period in 2014. Net income attributable to CCIC common stockholders per common share for the second quarter of 2015 was $3.42, inclusive of the previously mentioned gain on the sale of CCAL and related foreign currency hedge, compared to $0.07 per common share in the second quarter of 2014. Funds from Operations ("FFO") increased 57% to $408 million in the second quarter of 2015, compared to $261 million in the second quarter of 2014. FFO per share increased 56% to $1.22 in the second quarter of 2015, compared to $0.78 in the second quarter of 2014.

FINANCING AND INVESTING ACTIVITIES

During the second quarter of 2015, Crown Castle invested approximately $219 million in capital expenditures, comprised of $28 million of land purchases, $27 million of sustaining capital expenditures and $164 million of revenue generating capital expenditures. Revenue generating capital expenditures consisted of $103 million on existing sites and $61 million on the construction of new sites, primarily small cell construction activity.

On June 30, 2015, Crown Castle paid a quarterly common stock dividend of $0.82 per common share, or approximately $274 million in aggregate. Diluted common shares outstanding at June 30, 2015 were 333.7 million.

On May 15, 2015, Crown Castle issued, at par, $1 billion of Senior Secured Tower Revenue Notes ("2015 Tower Revenue Notes"). The 2015 Tower Revenue Notes were issued at a weighted average interest rate of 3.5% with a weighted average expected life of approximately nine years. The net proceeds from the issuance of the 2015 Tower Revenue Notes were used to repay other secured notes and portions of outstanding borrowings under Crown Castle’s revolving credit facility and term loans. As of June 30, 2015, Crown Castle's outstanding debt had a weighted average coupon of 4.2% per annum and a weighted average maturity of six years. Further, Crown Castle's net debt (total debt less cash and cash equivalents) to second quarter annualized Adjusted EBITDA ratio was approximately 5.2x.

As of June 30, 2015, Crown Castle had approximately $339 million in cash and cash equivalents (excluding restricted cash) and approximately $2.2 billion of availability under its revolving credit facility.

"We executed on all fronts during the second quarter by delivering excellent results, increasing our full year 2015 Outlook and positioning our business for long-term growth through continued disciplined capital allocation," stated Jay Brown, Crown Castle's Chief Financial Officer. "Our ability to consistently execute illustrates the strength of our business model and the quality of our portfolio of tower and small cells that we have built and invested in over time. Further, the strength of our business model, the quality of our assets and the strength of our balance sheet give us the confidence to commit to returning capital to shareholders in the form of a dividend, all the while maintaining the ability to invest in growth opportunities that we believe will enhance long-term growth in AFFO and dividends per share."

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 4

DISPOSITION OF CCAL

On May 28, 2015, Crown Castle completed the sale of CCAL for an aggregate purchase price of approximately $1.6 billion. At the time of the sale, CCAL was 77.6% owned by Crown Castle. Crown Castle's net proceeds of approximately $1.3 billion, inclusive of an installment payment of approximately $125 million due from the buyers on January 2016, are after accounting for its ownership interest, repayment of intercompany debt owed to it by CCAL and transaction fees and expenses. During the second quarter of 2015, Crown Castle used net proceeds from the sale of CCAL to repay outstanding borrowings under its revolving credit facility and portions of its term loans.

Crown Castle expects to utilize approximately $1.0 billion of its approximately $2.0 billion net operating loss carryforward to fully offset the expected taxable gain from the sale of CCAL. Further, as a result of the sale of CCAL, Crown Castle expects that a significant portion of its common stock dividend distributions during 2015 will be characterized as capital gains distributions.

ACQUISITION OF SUNESYS

On April 30, 2015, Crown Castle announced that it entered into a definitive agreement to acquire Quanta Fiber Networks, Inc. ("Sunesys") for approximately $1.0 billion in cash (subject to certain limited adjustments). Sunesys is a fiber services provider that owns or has rights to nearly 10,000 miles of fiber in major metropolitan markets across the United States, including Los Angeles, Philadelphia, Chicago, Atlanta, Silicon Valley, and northern New Jersey, with approximately 60% of Sunesys' fiber miles located in the top 10 basic trading areas ("BTAs").

The acquisition of Sunesys is expected to further strengthen Crown Castle's leading position in small cell networks by more than doubling Crown Castle's fiber footprint available for small cell deployments and expanding Crown Castle's presence in many of the top U.S. metropolitan markets. Small cells represent a network of antennas, or nodes, connected by fiber and designed to facilitate wireless communications services for multiple operators that are focused on augmenting their network capacity. Today, Crown Castle owns or has rights to approximately 7,000 miles of fiber supporting approximately 15,000 nodes, which contribute approximately 8% to Crown Castle's site rental revenues. Pro forma for the acquisition, Crown Castle will own or have rights to more than 16,000 miles of fiber.

Crown Castle expects the acquisition to close during the third quarter of 2015 and to be immediately accretive to AFFO per share upon closing. The acquisition, which is not included in the Outlook below, is expected to contribute approximately $80 to $85 million to site rental gross margin with approximately $20 million of general and administrative expenses in the first year of Crown Castle's ownership. Crown Castle expects to fund the acquisition of Sunesys with cash on hand and borrowings under its revolving credit facility.

OUTLOOK

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

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 5

For comparative purposes, the table below presents the midpoint for site rental revenues, site rental gross margin, Adjusted EBITDA, AFFO and AFFO per share for Crown Castle’s full year 2015 Outlook previously provided on April 22, 2015 ("Previous Full Year 2015 Outlook"), the Previous Full Year 2015 Outlook adjusted to reflect CCAL as a discontinued operation, and current full year 2015 Outlook. As reflected in the table below, Crown Castle has increased the midpoint of its full year 2015 Outlook for site rental revenues, site rental gross margin, Adjusted EBITDA and AFFO by approximately $21 million, $13 million, $27 million and $14 million, respectively, relative to the Previous Full Year 2015 Outlook adjusted to reflect CCAL as a discontinued operation. Crown Castle's third quarter 2015 and full year 2015 Outlook do not include the expected contribution from the acquisition of Sunesys.



(in millions, except per share amount)	Midpoint of Previous Full Year 2015 Outlook^(a)	Midpoint of Previous Full Year 2015 Outlook (Adjusted for Disposition of CCAL)	Midpoint of Current Full Year 2015 Outlook
Site rental revenues	$3,075	$2,933	$2,954
Site rental gross margin	$2,099	$1,992	$2,005
Adjusted EBITDA	$2,153	$2,054	$2,081
AFFO	$1,458	$1,399	$1,413
AFFO per share^(b)	$4.37	$4.19	$4.23


(a)	As previously issued on April 22, 2015; inclusive of expected contribution from CCAL


(b)	Based on diluted shares outstanding as of March 31, 2015 and June 30, 2015, as applicable.

The increased midpoint of full year 2015 Outlook for site rental revenues reflects results from the second quarter and the expected timing benefit from tenant non-renewals occurring later in the year than previously expected. The increased midpoint of full year 2015 Outlook for Adjusted EBITDA includes the aforementioned increase in site rental gross margin and the strong performance year-to-date in network services gross margin contribution. For the full year 2015 Outlook, Crown Castle expects network services gross margin contribution to be approximately $275 million to $280 million, including approximately $25 million to $30 million in equipment decommissioning fees. The third quarter 2015 Outlook for Adjusted EBITDA assumes network services gross margin contribution of approximately $60 million to $65 million, with minimal equipment decommissioning fees expected during the quarter. The increased midpoint of full year 2015 Outlook for AFFO includes the aforementioned increase in Adjusted EBITDA offset by an increase in sustaining capital expenditures primarily related to office facilities during the second and third quarters of 2015. Additional information regarding Crown Castle's expectations for site rental revenues growth, including tenant non-renewals, is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of its website.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 6

The following table sets forth Crown Castle's current Outlook for third quarter 2015 and full year 2015:



(in millions, except per share amounts)	Third Quarter 2015	Full Year 2015
Site rental revenues	$740 to $745	$2,949 to $2,959
Site rental cost of operations	$237 to $242	$942 to $952
Site rental gross margin	$500 to $505	$2,000 to $2,010
Adjusted EBITDA	$510 to $515	$2,073 to $2,088
Interest expense and amortization of deferred financing costs^(a)	$125 to $130	$513 to $528
FFO	$347 to $352	$1,463 to $1,478
AFFO	$341 to $346	$1,405 to $1,420
AFFO per share^(b)	$1.02 to $1.04	$4.21 to $4.25
Net income (loss)	$90 to $123	$1,463 to $1,542
Net income (loss) per share - diluted^(b)	$0.27 to $0.37	$4.38 to $4.62
Net income (loss) attributable to CCIC common stockholders	$79 to $112	$1,419 to $1,498
Net income (loss) attributable to CCIC common stockholders per share - diluted^(b)	$0.24 to $0.34	$4.25 to $4.49


(a)	See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.


(b)	Based on 333.7 million diluted shares outstanding as of June 30, 2015.

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, July 23, 2015, at 10:30 a.m. Eastern Time. The conference call may be accessed by dialing 866-454-4209 and asking for the Crown Castle call (access code 8958600) at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at http://investor.crowncastle.com. Supplemental materials for the call have been posted on the Crown Castle website at http://investor.crowncastle.com.

A telephonic replay of the conference call will be available from 1:30 p.m. Eastern Time on Thursday, July 23, 2015, through 1:30 p.m. Eastern Time on Wednesday, October 21, 2015, and may be accessed by dialing 888-203-1112 and using access code 8958600. An audio archive will also be available on the company's website at http://investor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.

ABOUT CROWN CASTLE

Crown Castle provides wireless carriers with the infrastructure they need to keep people connected and businesses running. With approximately 40,000 towers and 15,000 small cell nodes supported by approximately 7,000 miles of fiber, Crown Castle is the nation's largest provider of shared wireless infrastructure with a significant presence in the top 100 US markets. For more information on Crown Castle, please visit www.crowncastle.com.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 7

Non-GAAP Financial Measures and Other Calculations

This press release includes presentations of Adjusted EBITDA, Funds from Operations, Adjusted Funds from Operations, Organic Site Rental Revenues, and Site Rental Revenues, as Adjusted, 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")). Each of the amounts included in the calculation of Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues, and Site Rental Revenues, as Adjusted, are computed in accordance with GAAP, with the exception of: (1) sustaining capital expenditures, which is not defined under GAAP and (2) our adjustment to the income tax provision in calculations of AFFO for periods prior to our REIT conversion.

Our measures of Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues and Site Rental Revenues, as Adjusted, may not be comparable to similarly titled measures of other companies, including other companies in the tower sector or those reported by other REITs. Our FFO and AFFO may not be comparable to those reported in accordance with National Association of Real Estate Investment Trusts, including with respect to the impact of income taxes for periods prior to our REIT conversion.

Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues and Site Rental Revenues, as Adjusted, are presented as additional information because management believes these measures are useful indicators of the financial performance of our core businesses. In addition, Adjusted EBITDA is a measure of current financial performance used in our debt covenant calculations.

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

Funds from Operations ("FFO"). Crown Castle defines Funds from Operations as net income plus real estate related depreciation, amortization and accretion and asset write-down charges, less noncontrolling interest and cash paid for preferred stock dividends, and is a measure of funds from operations attributable to CCIC common stockholders.

FFO per share. Crown Castle defines FFO per share as FFO divided by the diluted weighted average common shares outstanding.

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

AFFO per share. Crown Castle defines AFFO per share as AFFO divided by diluted weighted average common shares outstanding.

Site Rental Revenues, as Adjusted. Crown Castle defines Site Rental Revenues, as Adjusted, as site rental revenues, as reported, less straight-line revenues.

Organic Site Rental Revenues. Crown Castle defines Organic Site Rental Revenues as site rental revenues, as reported, less straight-line revenues, the impact of tower acquisitions and construction, foreign currency adjustments and certain non recurring items.

Sustaining capital expenditures. Crown Castle defines sustaining capital expenditures as either (1) corporate related capital improvements, such as buildings, information technology equipment and office equipment or (2) capital improvements to tower sites that enable our customers' ongoing quiet enjoyment of the tower.

The tables set forth below reconcile these non-GAAP financial measures to comparable GAAP financial measures. The components in these tables may not sum to the total due to rounding.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 8

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

Adjusted EBITDA for the three months ended June 30, 2015 and 2014 is computed as follows:



	For the Three Months Ended
	June 30, 2015			June 30, 2014
(in millions)
Net income (loss)	$	1,154.4		$	35.4
Adjustments to increase (decrease) net income (loss):
Income (loss) from discontinued operations	(987.9		)	(10.1		)
Asset write-down charges	3.6			3.1
Acquisition and integration costs	2.4			19.1
Depreciation, amortization and accretion	253.2			246.6
Amortization of prepaid lease purchase price adjustments	5.1			5.7
Interest expense and amortization of deferred financing costs^(a)	134.5			144.5
Gains (losses) on retirement of long-term obligations	4.2			44.6
Gains (losses) on foreign currency swaps	(59.8		)	—
Interest income	(0.3		)	(0.1		)
Other income (expense)	(0.2		)	5.9
Benefit (provision) for income taxes	(4.1		)	(3.1		)
Stock-based compensation expense	16.0			17.9
Adjusted EBITDA^(b)	$	520.9		$	509.5


(a)	See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.


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

Adjusted EBITDA for the quarter ending September 30, 2015 and the year ending December 31, 2015 are forecasted as follows:



	Q3 2015	Full Year 2015
(in millions)	Outlook	Outlook
Net income (loss)	$90 to $123	$1,463 to $1,542
Adjustments to increase (decrease) net income (loss):
Income (loss) from discontinued operations	$0 to $0	$(1,001) to $(1,001)
Asset write-down charges	$4 to $6	$17 to $27
Acquisition and integration costs	$2 to $5	$9 to $12
Depreciation, amortization and accretion	$251 to $256	$1,000 to $1,020
Amortization of prepaid lease purchase price adjustments	$4 to $6	$19 to $21
Interest expense and amortization of deferred financing costs^(a)	$125 to $130	$513 to $528
Gains (losses) on retirement of long-term obligations	$0 to $0	$4 to $4
Gains (losses) on foreign currency swaps	$0 to $0	$(60) to $(60)
Interest income	$(2) to $0	$(2) to $0
Other income (expense)	$(1) to $2	$0 to $2
Benefit (provision) for income taxes	$(6) to $(2)	$(17) to $(9)
Stock-based compensation expense	$15 to $17	$63 to $68
Adjusted EBITDA^(b)	$510 to $515	$2,073 to $2,088


(a)	See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.


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

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 9

FFO and AFFO for the quarter ending September 30, 2015 and the year ending December 31, 2015 are forecasted as follows:



	Q3 2015	Full Year 2015
(in millions, except share and per share amounts)	Outlook	Outlook
Net income^(a)	$90 to $123	$462 to $541
Real estate related depreciation, amortization and accretion	$248 to $251	$986 to $1,001
Asset write-down charges	$4 to $6	$17 to $27
Dividends on preferred stock	$(11) to $(11)	$(44) to $(44)
FFO^(c)(d)(f)	$347 to $352	$1,463 to $1,478

FFO (from above)	$347 to $352	$1,463 to $1,478
Adjustments to increase (decrease) FFO:
Straight-line revenue	$(30) to $(25)	$(118) to $(103)
Straight-line expense	$21 to $26	$88 to $103
Stock-based compensation expense	$15 to $17	$63 to $68
Non-cash portion of tax provision	$(8) to $(3)	$(34) to $(19)
Non-real estate related depreciation, amortization and accretion	$3 to $5	$14 to $19
Amortization of non-cash interest expense	$7 to $12	$32 to $43
Other (income) expense	$(1) to $2	$0 to $2
Gains (losses) on retirement of long-term obligations	$0 to $0	$4 to $4
Gains (losses) on foreign currency swaps	$0 to $0	$(60) to $(60)
Acquisition and integration costs	$2 to $5	$9 to $12
Capital improvement capital expenditures	$(12) to $(10)	$(41) to $(36)
Corporate capital expenditures	$(19) to $(17)	$(55) to $(50)
AFFO^(c)(d)(f)	$341 to $346	$1,405 to $1,420
Weighted average common shares outstanding — diluted^(b)(e)	333.7	333.7
AFFO per share^(c)(f)	$1.02 to $1.04	$4.21 to $4.25


(a)	For full year 2015 Outlook, net income is exclusive of income from discontinued operations of $1.0 billion and related noncontrolling interest.


(b)	Based on diluted shares outstanding as of June 30, 2015.


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


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


(e)	The diluted weighted average common shares outstanding assumes no conversion of preferred stock in the share count.


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

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 10

Organic Site Rental Revenue growth for the year ending December 31, 2015 is forecasted as follows:



	Midpoint of Full Year
(in millions of dollars)	2015 Outlook			Full Year 2014
GAAP site rental revenues	$	2,954		$	2,867
Site rental straight-line revenues	(111		)	(183		)
Other - Non-recurring	—			(5		)
Site Rental Revenues, as Adjusted^(a)(c)	$	2,844		$	2,678
Cash adjustments:
Other	—
New tower acquisitions and builds^(b)	(20		)
Organic Site Rental Revenues^(a)(c)(d)	$	2,823
Year-Over-Year Revenue Growth
GAAP site rental revenues	3.0		%
Site Rental Revenues, as Adjusted	6.2		%
Organic Site Rental Revenues^(e)(f)	5.4		%


(a)	Includes amortization of prepaid rent.


(b)	The financial impact of new tower acquisitions and builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build.


(c)	Includes Site Rental Revenues, as Adjusted, from the construction of new small cell nodes.


(d)	See "Non-GAAP Financial Measures and Other Calculations" herein.


(e)	Year-over-year Organic Site Rental Revenue growth for the year ending December 31, 2015:



	Midpoint of Full Year 2015 Outlook
New leasing activity	6.0	%
Escalators	3.4	%
Organic Site Rental Revenue growth, before non-renewals	9.4	%
Non-renewals	(4.0	)%
Organic Site Rental Revenue growth	5.4	%


(f)	Calculated as the percentage change from Site Rental Revenues, as Adjusted, for the prior period when compared to Organic Site Rental Revenue for the current period.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 11

Organic Site Rental Revenue growth for the quarter ended June 30, 2015 is as follows:



	Three Months Ended June 30,
(in millions of dollars)	2015			2014
Reported GAAP site rental revenues	$	737		$	711
Site rental straight-line revenues	(31		)	(50		)
Other - Non-recurring	—			—
Site Rental Revenues, as Adjusted^(a)(c)	$	706		$	661
Cash adjustments:
Other	—
New tower acquisitions and builds^(b)	(6		)
Organic Site Rental Revenues^(a)(c)(d)	$	700
Year-Over-Year Revenue Growth
Reported GAAP site rental revenues	3.7		%
Site Rental Revenues, as Adjusted	6.8		%
Organic Site Rental Revenues^(e)(f)	5.9		%


(a)	Includes amortization of prepaid rent.


(b)	The financial impact of new tower acquisitions and builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build.


(c)	Includes Site Rental Revenues, as Adjusted from the construction of new small cell nodes.


(d)	See "Non-GAAP Financial Measures and Other Calculations" herein.


(e)	Quarter-over-quarter Organic Site Rental Revenue growth for the quarter ending June 30, 2015:



	Three Months Ended June 30, 2015
New leasing activity	6.3	%
Escalators	3.4	%
Organic Site Rental Revenue growth, before non-renewals	9.8	%
Non-renewals	(3.8	)%
Organic Site Rental Revenue Growth	5.9	%


(f)	Calculated as the percentage change from Site Rental Revenues, as Adjusted, for the prior period when compared to Organic Site Rental Revenues for the current period.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 12

FFO and AFFO for the three and six months ended June 30, 2015 and 2014 are computed as follows:



	For the Three Months						For the Six Months Ended
(in millions, except share and per share amounts)	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Net income^(a)	$	166.5		$	25.3		$	278.3		$	118.5
Real estate related depreciation, amortization and accretion	248.9			243.1			496.5			484.9
Asset write-down charges	3.6			3.1			12.2			5.7
Dividends on preferred stock	(11.0		)	(11.0		)	(22.0		)	(22.0		)
FFO^(b)(c)(e)	$	408.1		$	260.5		$	765.0		$	587.2
Weighted average common shares outstanding — diluted^(d)	333.7			333.1			333.7			333.0
FFO per share^(b)(e)	$	1.22		$	0.78		$	2.29		$	1.76

FFO (from above)	$	408.1		$	260.5		$	765.0		$	587.2
Adjustments to increase (decrease) FFO:
Straight-line revenue	(31.3		)	(49.8		)	(61.9		)	(99.0		)
Straight-line expense	25.0			26.7			49.6			51.9
Stock-based compensation expense	16.0			17.9			32.8			29.8
Non-cash portion of tax provision	(10.8		)	(5.1		)	(14.4		)	(9.9		)
Non-real estate related depreciation, amortization and accretion	4.2			3.5			8.4			6.9
Amortization of non-cash interest expense	12.1			20.6			23.8			41.5
Other (income) expense	(0.2		)	5.9			0.1			8.7
Gains (losses) on retirement of long-term obligations	4.2			44.6			4.2			44.6
Gains (losses) on foreign currency swaps	(59.8		)	—			(59.8		)	—
Acquisition and integration costs	2.4			19.1			4.4			24.8
Capital improvement capital expenditures	(10.7		)	(4.1		)	(18.2		)	(7.9		)
Corporate capital expenditures	(16.8		)	(7.6		)	(26.0		)	(15.1		)
AFFO^(b)(c)(e)	$	342.4		$	332.3		$	708.1		$	663.5
Weighted average common shares outstanding — diluted^(d)	333.7			333.1			333.7			333.0
AFFO per share^(b)(e)	$	1.03		$	1.00		$	2.12		$	1.99


(a)	Exclusive of income from discontinued operations and related noncontrolling interest of $988 million and $10 million for the three months ended June 30, 2015 and 2014, respectively and $1.0 billion and $20 million for the six months ended June 30, 2015 and 2014, respectively.


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


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


(d)	The diluted weighted average common shares outstanding assumes no conversion of preferred stock in the share count.


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

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 13

The midpoint of the Previous Second Quarter 2015 Outlook and Previous Full Year 2015 Outlook for Adjusted EBITDA adjusted to reflect CCAL as a discounted operation are reconciled as follows:



	Q2 2015	Full Year 2015
(in millions)	Adjusted Previous Outlook	Adjusted Previous Outlook
Net income (loss)	$78 to $111	$367 to $446
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	$4 to $6	$19 to $29
Acquisition and integration costs	$0 to $3	$4 to $4
Depreciation, amortization and accretion	$250 to $255	$996 to $1,016
Amortization of prepaid lease purchase price adjustments	$4 to $6	$19 to $21
Interest expense and amortization of deferred financing costs	$133 to $138	$531 to $546
Gains (losses) on retirement of long-term obligations	$0 to $0	$0 to $0
Interest income	$(2) to $0	$(3) to $(1)
Other income (expense)	$(1) to $2	$1 to $3
Benefit (provision) for income taxes	$(3) to $1	$(15) to $(7)
Stock-based compensation expense	$15 to $17	$63 to $68
Adjusted EBITDA^(a)	$509	$2,054


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

The midpoint of the Previous Second Quarter 2015 Outlook and Previous Full Year 2015 Outlook for FFO and AFFO adjusted to reflect CCAL as a discounted operation are reconciled as follows:



	Q2 2015	Full Year 2015
(in millions, except share and per share amounts)	Adjusted Previous Outlook	Adjusted Previous Outlook
Net income	$78 to $111	$367 to $446
Real estate related depreciation, amortization and accretion	$247 to $250	$982 to $997
Asset write-down charges	$4 to $6	$19 to $29
Dividends on preferred stock	$(11) to $(11)	$(44) to $(44)
FFO^(a)(b)(e)	$339 to $344	$1,387 to $1,402

FFO (from above)	$339 to $344	$1,387 to $1,402
Adjustments to increase (decrease) FFO:
Straight-line revenue	$(34) to $(29)	$(117) to $(102)
Straight-line expense	$22 to $27	$86 to $101
Stock-based compensation expense	$15 to $17	$63 to $68
Non-cash portion of tax provision	$(9) to $(4)	$(30) to $(15)
Non-real estate related depreciation, amortization and accretion	$3 to $5	$14 to $19
Amortization of non-cash interest expense	$10 to $15	$30 to $41
Other (income) expense	$(1) to $2	$1 to $3
Acquisition and integration costs	$0 to $3	$4 to $4
Capital improvement capital expenditures	$(11) to $(9)	$(40) to $(35)
Corporate capital expenditures	$(10) to $(8)	$(34) to $(29)
AFFO^(a)(b)(e)	$339	$1,399
Weighted average common shares outstanding — diluted^(d)	333.9	333.9
AFFO per share^(a)(e)	$1.02	$4.19


(a)	Based on diluted shares outstanding as of March 31, 2015.


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


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


(d)	The diluted weighted average common shares outstanding assumes no conversion of preferred stock in the share count.


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

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 14

The impact of CCAL discontinued operations on our previously issued guidance for the quarter ending June 30, 2015 is as follows:



(in millions, except per share amount)	Midpoint as previously issued^(a)	CCAL Impact	Midpoint as adjusted
Site rental revenues	$770	$35	$735
Site rental gross margin	$526	$27	$499
Adjusted EBITDA	$534	$25	$509
AFFO	$351	$12	$339
AFFO per share^(b)	$1.05	$0.03	$1.02


(a)	As previously issued on April 22, 2015.


(b)	Based on diluted shares outstanding as of March 31, 2015.

The impact of CCAL discontinued operations on our previously issued guidance for the year ending December 31, 2015 is as follows:



(in millions, except per share amount)	Midpoint as previously issued^(a)	CCAL Impact	Midpoint as adjusted
Site rental revenues	$3,075	$142	$2,933
Site rental gross margin	$2,099	$107	$1,992
Adjusted EBITDA	$2,153	$99	$2,054
AFFO	$1,458	$59	$1,399
AFFO per share^(b)	$4.37	$0.18	$4.19


(a)	As previously issued on April 22, 2015.


(b)	Based on diluted shares outstanding as of March 31, 2015.

The components of interest expense and amortization of deferred financing costs for the three months ended June 30, 2015 and 2014 are as follows:



	For the Three Months Ended
(in millions)	June 30, 2015			June 30, 2014
Interest expense on debt obligations	$	122.4		$	123.9
Amortization of deferred financing costs	5.6			5.5
Amortization of adjustments on long-term debt	(0.4		)	(0.9		)
Amortization of interest rate swaps^(a)	7.5			16.2
Other, net	(0.6		)	(0.2		)
Interest expense and amortization of deferred financing costs	$	134.5		$	144.5


(a)	Relates to the amortization of interest rate swaps; the swaps were cash settled in prior periods.

The components of interest expense and amortization of deferred financing costs for the quarter ending September 30, 2015 and the year ending December 31, 2015 are forecasted as follows:



	Q3 2015	Full Year 2015
(in millions)	Outlook	Outlook
Interest expense on debt obligations	$118 to $120	$478 to $488
Amortization of deferred financing costs	$4 to $6	$21 to $23
Amortization of adjustments on long-term debt	$0 to $1	$(2) to $0
Amortization of interest rate swaps^(a)	$3 to $5	$16 to $21
Other, net	$0 to $0	$(3) to $(1)
Interest expense and amortization of deferred financing costs	$125 to $130	$513 to $528


(a)	Relates to the amortization of interest rate swaps, all of which has been cash settled in prior periods.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 15

Debt balances and maturity dates as of June 30, 2015 are as follows:



(in millions)
	Face Value		Final Maturity
Revolver	$	—	Jan 2019
Term Loan A	637.7		Jan 2019
Term Loan B	2,258.5		Jan. 2021
4.875% Senior Notes	850.0		Apr. 2022
5.25% Senior Notes	1,650.0		Jan. 2023
2012 Secured Notes^(a)	1,500.0		Dec. 2017/Apr. 2023
Senior Secured Notes, Series 2009-1^(b)	151.2		Various^(b)
Senior Secured Tower Revenue Notes, Series 2010-2-2010-3^(c)	1,600.0		Various^(c)
Senior Secured Tower Revenue Notes, Series 2010-5-2010-6^(d)	1,300.0		Various^(d)
Senior Secured Tower Revenue Notes, Series 2015-1-2015-2^(e)	1,000.0		Various^(e)
Capital Leases and Other Obligations	187.7		Various
Total debt	$	11,135.0
Less: Cash and Cash Equivalents^(f)	$	338.6
Net debt	$	10,796.4


(a)	The 2012 Secured Notes consist of $500 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023.


(b)	The Senior Secured Notes, Series 2009-1 consist of $81.2 million of principal as of June 30, 2015 that amortizes during the period beginning January 2010 and ending in 2019, and $70.0 million of principal that amortizes during the period beginning in 2019 and ending in 2029.


(c)	The Senior Secured Tower Revenue Notes Series 2010-2 and 2010-3 have principal amounts of $350.0 million and $1.25 billion with anticipated repayment dates of 2017 and 2020, respectively.


(d)	The Senior Secured Tower Revenue Notes Series 2010-5 and 2010-6 have principal amounts of $300.0 million and $1.0 billion with anticipated repayment dates of 2017 and 2020, respectively.


(e)	The Senior Secured Tower Revenue Notes Series 2015-1 and 2015-2 have principal amounts of $300.0 million and $700.0 million with anticipated repayment dates of 2022 and 2025, respectively.


(f)	Excludes restricted cash.

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



(in millions)	For the Three Months Ended June 30, 2015
Total face value of debt	$	11,135.0
Ending cash and cash equivalents	338.6
Total net debt	$	10,796.4

Adjusted EBITDA for the three months ended June 30, 2015	$	520.9
Last quarter annualized adjusted EBITDA	2,083.7
Net debt to Last Quarter Annualized Adjusted EBITDA	5.2		x

Sustaining capital expenditures for the three months ended June 30, 2015 and 2014 is computed as follows:



	For the Three Months Ended
(in millions)	June 30, 2015		June 30, 2014
Capital Expenditures	$	219.2	$	160.5
Less: Land purchases	28.3		21.0
Less: Wireless infrastructure construction and improvements	163.5		127.7
Sustaining capital expenditures	$	27.4	$	11.8

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 16

Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements and information that are based on our management's current expectations. Such statements include, but are not limited to, plans, projections, Outlook and estimates regarding (1) potential benefits, returns and shareholder value which may be derived from our business, assets, investments, dividends and acquisitions, (2) the pending Sunesys acquisition, including potential benefits and impact therefrom and the growth, financing and timing related thereto, (3) our strategy and strategic position, (4) the US wireless market, (5) wireless consumer demand, (6) demand for our wireless infrastructure and services, (7) carrier network investments and upgrades, and the benefits which may be derived therefrom, (8) our growth, (9) our dividends, including our dividend plans, the amount and growth of our dividends, the potential benefits therefrom and the tax characterization thereof, (10) leasing activity, including the impact of such leasing activity on our results and Outlook, (11) capital allocation, (12) net operating loss carryforward, including the utilization thereof, (13) our investments, including in small cells, and the potential benefits therefrom, (14) non-renewal of leases and decommissioning of networks, including timing, the impact thereof and decommissioning fees, (15) capital expenditures, including sustaining capital expenditures, (16) timing items, (17) general and administrative expense, (18) site rental revenues and Site Rental Revenues, as Adjusted, (19) site rental cost of operations, (20) site rental gross margin and network services gross margin, (21) Adjusted EBITDA, (22) interest expense and amortization of deferred financing costs, (23) FFO, including on a per share basis, (24) AFFO, including on a per share basis, (25) Organic Site Rental Revenues and Organic Site Rental Revenue growth, (26) net income (loss), including on a per share basis, (27) our common shares outstanding, including on a diluted basis, and (28) the utility of certain financial measures, including non-GAAP financial measures. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to prevailing market conditions and the following:


•	Our business depends on the demand for wireless communications and wireless infrastructure, and we may be adversely affected by any slowdown in such demand. Additionally, a reduction in carrier network investment may materially and adversely affect our business (including reducing demand for new tenant additions and network services).


•	A substantial portion of our revenues is derived from a small number of customers, and the loss, consolidation or financial instability of any of our limited number of customers may materially decrease revenues or reduce demand for our wireless infrastructure and network services.


•	Our substantial level of indebtedness could adversely affect our ability to react to changes in our business, and the terms of our debt instruments and 4.50% Mandatory Convertible Preferred Stock limit our ability to take a number of actions that our management might otherwise believe to be in our best interests. In addition, if we fail to comply with our covenants, our debt could be accelerated.


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


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


•	As a result of competition in our industry, including from some competitors with significantly more resources or less debt than we have, we may find it more difficult to achieve favorable rental rates on our new or renewing customer contracts.


•	The business model for our small cell operations contains differences from our traditional site rental business, resulting in different operational risks. If we do not successfully operate that business model or identify or manage those operational risks, such operations may produce results that are less than anticipated.


•	New technologies may significantly reduce demand for our wireless infrastructure and negatively impact our revenues.


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


•	If we fail to retain rights to our wireless infrastructure, including the land under our sites, our business may be adversely affected.


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


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


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


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

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 17


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

•

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


•	Remaining qualified to be taxed as a REIT involves highly technical and complex provisions of the US Internal Revenue Code. Failure to remain qualified as a REIT would result in our inability to deduct dividends to stockholders when computing our taxable income, which would reduce our available cash.


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


•	If we fail to pay scheduled dividends on the 4.50% Mandatory Convertible Preferred Stock, in cash, common stock or any combination of cash and common stock, we will be prohibited from paying dividends on our common stock, which may jeopardize our status as a REIT.


•	We have limited experience operating as a REIT. Our failure to successfully operate as a REIT may adversely affect our financial condition, cash flow, the per share trading price of our common stock, or our ability to satisfy debt service obligations.


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

Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the SEC.

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 18



	CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (in thousands, except share amounts)



	June 30, 2015			December 31, 2014

ASSETS
Current assets:
Cash and cash equivalents	$	338,609		$	151,312
Restricted cash	143,016			147,411
Receivables, net	253,342			313,308
Prepaid expenses	138,355			138,873
Deferred income tax assets	29,842			24,806
Other current assets	214,396			94,503
Assets from discontinued operations	—			412,783
Total current assets	1,117,560			1,282,996
Deferred site rental receivables	1,256,517			1,202,058
Property and equipment, net	9,042,284			8,982,783
Goodwill	5,160,106			5,196,485
Other intangible assets, net	3,631,987			3,681,551
Long-term prepaid rent, deferred financing costs and other assets, net	803,175			797,403
Total assets	$	21,011,629		$	21,143,276

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	153,909		$	162,397
Accrued interest	67,067			66,943
Deferred revenues	313,355			279,882
Other accrued liabilities	151,211			182,081
Current maturities of debt and other obligations	94,702			113,335
Liabilities from discontinued operations	—			127,493
Total current liabilities	780,244			932,131
Debt and other long-term obligations	11,036,602			11,807,526
Deferred income tax liabilities	35,117			39,889
Other long-term liabilities	1,755,430			1,626,502
Total liabilities	13,607,393			14,406,048
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $.01 par value; 600,000,000 shares authorized; shares issued and outstanding: June 30, 2015—333,762,344 and December 31, 2014—333,856,632	3,339			3,339
4.50% Mandatory Convertible Preferred Stock, Series A, $.01 par value; 20,000,000 shares authorized; shares issued and outstanding: June 30, 2015 and December 31, 2014—9,775,000; aggregate liquidation value: June 30, 2015 and December 31, 2014—$977,500	98			98
Additional paid-in capital	9,518,103			9,512,396
Accumulated other comprehensive income (loss)	(6,866		)	15,820
Dividends/distributions in excess of earnings	(2,110,438		)	(2,815,428		)
Total CCIC stockholders' equity	7,404,236			6,716,225
Noncontrolling interest from discontinued operations	—			21,003
Total equity	7,404,236			6,737,228
Total liabilities and equity	$	21,011,629		$	21,143,276

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 19



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



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Net revenues:
Site rental	$	737,091		$	710,783		$	1,468,471		$	1,425,575
Network services and other	162,346			167,459			331,437			294,430
Net revenues	899,437			878,242			1,799,908			1,720,005
Operating expenses:
Costs of operations (exclusive of depreciation, amortization and accretion):
Site rental	237,031			227,032			469,244			445,676
Network services and other	89,400			101,901			176,318			173,701
General and administrative	73,125			63,318			147,181			121,959
Asset write-down charges	3,620			3,105			12,175			5,741
Acquisition and integration costs	2,377			19,125			4,393			24,784
Depreciation, amortization and accretion	253,153			246,583			504,959			491,759
Total operating expenses	658,706			661,064			1,314,270			1,263,620
Operating income (loss)	240,731			217,178			485,638			456,385
Interest expense and amortization of deferred financing costs	(134,466		)	(144,534		)	(268,905		)	(290,934		)
Gains (losses) on retirement of long-term obligations	(4,181		)	(44,629		)	(4,157		)	(44,629		)
Gains (losses) on foreign currency swaps	59,779			—			59,779			—
Interest income	325			108			381			222
Other income (expense)	194			(5,920		)	(55		)	(8,656		)
Income (loss) from continuing operations before income taxes	162,382			22,203			272,681			112,388
Benefit (provision) for income taxes	4,144			3,101			5,579			6,141
Income (loss) from continuing operations	166,526			25,304			278,260			118,529
Discontinued operations:
Income (loss) from discontinued operations, net of tax	6,312			10,053			19,690			19,621
Net gain (loss) from disposal of discontinued operations, net of tax	981,540			—			981,540			—
Income (loss) from discontinued operations, net of tax	987,852			10,053			1,001,230			19,621
Net income (loss)	1,154,378			35,357			1,279,490			138,150
Less: Net income (loss) attributable to the noncontrolling interest	1,018			1,348			3,343			2,644
Net income (loss) attributable to CCIC stockholders	1,153,360			34,009			1,276,147			135,506
Dividends on preferred stock	(10,997		)	(10,997		)	(21,994		)	(21,994		)
Net income (loss) attributable to CCIC common stockholders	$	1,142,363		$	23,012		$	1,254,153		$	113,512

Net income (loss) attributable to CCIC common stockholders, per common share:
Income (loss) from continuing operations, basic	$	0.47		$	0.04		$	0.77		$	0.29
Income (loss) from discontinued operations, basic	$	2.96		$	0.03		$	3.00		$	0.05
Net income (loss) attributable to CCIC common stockholders, basic	$	3.43		$	0.07		$	3.77		$	0.34
Income (loss) from continuing operations, diluted	$	0.47		$	0.04		$	0.77		$	0.29
Income (loss) from discontinued operations, diluted	$	2.95		$	0.03		$	2.99		$	0.05
Net income (loss) attributable to CCIC common stockholders, diluted	$	3.42		$	0.07		$	3.76		$	0.34

Weighted-average common shares outstanding (in thousands):
Basic	333,091			332,344			332,902			332,189
Diluted	333,733			333,081			333,665			333,034

The Foundation for a Wireless World.

CrownCastle.com



News Release continued:		Page 20



	CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (in thousands)



	Six Months Ended June 30,
	2015			2014
Cash flows from operating activities:
Net income (loss) from continuing operations	$	278,260		$	118,529
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	504,959			491,759
Gains (losses) on retirement of long-term obligations	4,157			44,629
Gains (losses) on foreign currency swaps	(59,779		)	—
Amortization of deferred financing costs and other non-cash interest	23,804			41,485
Stock-based compensation expense	30,131			27,373
Asset write-down charges	12,175			5,741
Deferred income tax benefit (provision)	(10,170		)	(9,882		)
Other non-cash adjustments, net	(1,024		)	(1,468		)
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	131,661			160,585
Decrease (increase) in assets	4,704			(155,815		)
Net cash provided by (used for) operating activities	918,878			722,936
Cash flows from investing activities:
Payments for acquisition of businesses, net of cash acquired	(64,725		)	(85,788		)
Capital expenditures	(420,883		)	(299,298		)
Receipts from foreign currency swaps	54,475			—
Other investing activities, net	(8,080		)	2,378
Net cash provided by (used for) investing activities	(439,213		)	(382,708		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,000,000			845,750
Principal payments on debt and other long-term obligations	(53,718		)	(55,385		)
Purchases and redemptions of long-term debt	(1,069,337		)	(836,899		)
Purchases of capital stock	(29,490		)	(21,730		)
Borrowings under revolving credit facility	450,000			494,000
Payments under revolving credit facility	(1,145,000		)	(534,000		)
Payments for financing costs	(16,348		)	(15,834		)
Net decrease (increase) in restricted cash	9,093			24,386
Dividends/distributions paid on common stock	(547,371		)	(233,684		)
Dividends paid on preferred stock	(21,994		)	(22,360		)
Net cash provided by (used for) financing activities	(1,424,165		)	(355,756		)
Net increase (decrease) in cash and cash equivalents - continuing operations	(944,500		)	(15,528		)
Discontinued operations:
Net cash provided by (used for) operating activities	4,881			40,740
Net cash provided by (used for) investing activities	1,103,577			(15,096		)
Net increase (decrease) in cash and cash equivalents - discontinued operations	1,108,458			25,644
Effect of exchange rate changes	(969		)	(6,031		)
Cash and cash equivalents at beginning of period^(a)	175,620			223,394
Cash and cash equivalents at end of period	$	338,609		$	227,479
Supplemental disclosure of cash flow information:
Interest paid	244,977			248,183
Income taxes paid	8,489			12,690

________________


(a)	Inclusive of cash and cash equivalents included in discontinued operations.

The Foundation for a Wireless World.

CrownCastle.com

Exhibit 99.2

Supplemental Information Package

and Non-GAAP Reconciliations

Second Quarter • June 30, 2015

The Foundation for a Wireless World.

CrownCastle.com

Crown Castle International Corp

Second Quarter 2015



TABLE OF CONTENTS
	Page
Company Overview
Company Profile	2
Strategy	2
Historical Dividend and AFFO per Share	4
Portfolio Footprint	4
Corporate Information	5
Research Coverage	6
Historical Common Stock Data	6
Portfolio and Financial Highlights	7
Outlook	8
Financials & Metrics
Consolidated Balance Sheet	10
Consolidated Statement of Operations	11
FFO and AFFO Reconciliations	12
Consolidated Statement of Cash Flows	13
Site Rental Revenue Growth	14
Site Rental Gross Margin Growth	15
Summary of Straight-Line, Prepaid Rent Activity, and Capital Expenditures	16
Lease Renewal and Lease Distribution	17
Customer Overview	18
Asset Portfolio Overview
Summary of Tower Portfolio by Vintage	19
Portfolio Overview	20
Ground Interest Overview	22
Ground Interest Activity	22
Small Cell Network Overview	22
Capitalization Overview
Capitalization Overview	23
Debt Maturity Overview	24
Liquidity Overview	25
Maintenance and Financial Covenants	26
Interest Rate Sensitivity	28
Appendix	29

Cautionary Language Regarding Forward-Looking Statements

This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook", "guide", "forecast", "estimate", "anticipate", "project", "plan", "intend", "believe", "expect", "likely", "predicted", and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include, but are not limited to, our Outlook for the third quarter 2015 and full year 2015 .

Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

The components of financial information presented herein, both historical and forward looking, may not sum due to rounding. Definitions and reconciliations of non-GAAP measures, including FFO and AFFO, 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 International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



COMPANY PROFILE

Crown Castle International Corp. (to which the terms "Crown Castle," "CCIC," "we," "our," "our Company," "the Company" or "us" as used herein refer) owns, operates and leases shared wireless infrastructure, including: (1) towers and other structures, such as rooftops (collectively, "towers"), and to a lesser extent, (2) distributed antenna systems, a type of small cell network ("small cells"), and (3) interests in land under third party towers in various forms ("third party land interests") (collectively, "wireless infrastructure"). Crown Castle offers significant wireless communications coverage in each of the top 100 US markets. Crown Castle owns, operates and manages approximately 40,000 towers in the US.

Our core business is providing access, including space or capacity, to our wireless infrastructure via long-term contracts in various forms, including license, sublease and lease agreements (collectively, "leases"). Our wireless infrastructure can accommodate multiple customers for antennas or other equipment necessary for the transmission of signals for wireless communication devices. We seek to increase our site rental revenues by adding more tenants on our wireless infrastructure, which we expect to result in significant incremental cash flows due to our relatively fixed operating costs.

Effective January 1, 2014, Crown Castle commenced operating as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes as it relates to our towers and third party land interests. In August 2014, we received a favorable private letter ruling from the IRS, which provides that the real property portion of our small cells and the related rents qualify as real property and rents from real property, respectively, under the rules governing REITs. We are evaluating the impact of this private letter ruling and, subject to board approval, we expect to take appropriate action to include at least some part of our small cells as part of the REIT during 2015.

Crown Castle expects to utilize approximately $1.0 billion of its approximately $2.0 net operating loss carryforward to fully offset the expected taxable gain from the sale of CCAL. Further, as a result of the sale of CCAL, Crown Castle expects that a significant portion of its common stock dividend distributions during 2015 will be characterized as capital gains distributions.



STRATEGY

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

•

Grow cash flows from our wireless infrastructure. We seek to maximize the site rental cash flows derived from our wireless infrastructure by adding tenants on our wireless infrastructure through long-term leases as our customers deploy and improve their wireless networks. We seek to maximize new tenant additions or modifications of existing tenant installations (collectively, "new tenant additions") through our focus on customer service and deployment speed. Due to the relatively fixed nature of the costs to operate our wireless infrastructure (which tend to increase at approximately the rate of inflation), we expect increases in our site rental cash flows from new tenant additions and the related subsequent impact from contracted escalations to result in growth in our operating cash flows. We believe there is considerable additional future demand for our existing wireless infrastructure based on their location and the anticipated growth in the wireless communication services industry. Substantially all of our wireless infrastructure can accommodate additional tenancy, either as currently constructed or with appropriate modifications to the structure, which we expect to have high incremental returns.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

•

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


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


◦	purchase shares of our common stock from time to time;


◦	acquire or construct wireless infrastructure;


◦	acquire land interests under towers;


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


◦	purchase, repay or redeem our debt.

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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



HISTORICAL DIVIDEND AND AFFO PER SHARE ⁽¹⁾



PORTFOLIO FOOTPRINT


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


(2)	Last quarter annualized ("LQA") calculated as the most recently completed quarterly period times four.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



GENERAL COMPANY INFORMATION
Principal executive offices	1220 Augusta Drive, Suite 600, Houston, TX 77057
Common shares trading symbol	CCI
Stock exchange listing	New York Stock Exchange
Fiscal year ending date	December 31
Fitch - Long Term Issuer Default Rating	BBB-
Moody’s - Long Term Corporate Family Rating	Ba2
Standard & Poor’s - Long Term Local Issuer Credit Rating	BB+

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



EXECUTIVE MANAGEMENT TEAM
Name	Age	Years with Company	Position
W. Benjamin Moreland	51	15	President and Chief Executive Officer
Jay A. Brown	42	15	Senior Vice President, Chief Financial Officer and Treasurer
James D. Young	53	9	Senior Vice President and Chief Operating Officer
E. Blake Hawk	65	16	Executive Vice President and General Counsel
Patrick Slowey	58	14	Senior Vice President and Chief Commercial Officer
Philip M. Kelley	42	18	Senior Vice President-Corporate Development and Strategy



BOARD OF DIRECTORS
Name	Position	Committees	Age	Years as Director
J. Landis Martin	Chairman	NCG⁽¹⁾	69	18
P. Robert Bartolo	Director	Audit, Compensation	43	1
Cindy Christy	Director	NCG⁽¹⁾, Strategy	49	7
Ari Q. Fitzgerald	Director	Compensation, Strategy	52	12
Robert E. Garrison II	Director	Audit, Compensation	73	10
Dale N. Hatfield	Director	NCG⁽¹⁾, Strategy	77	13
Lee W. Hogan	Director	Audit, Compensation, Strategy	70	14
Edward C. Hutcheson	Director	Strategy	69	18
John P. Kelly	Director	Strategy	57	15
Robert F. McKenzie	Director	Audit, Strategy	71	20
Anthony J. Melone	Director		55	*
W. Benjamin Moreland	Director		51	8


(1)	Nominating & Corporate Governance Committee


*	Appointed May 2015

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



RESEARCH COVERAGE
Equity Research
Bank of America David Barden (646) 855-1320	BTIG Walter Piecyk (646) 450-9258	Barclays Amir Rozwadowski (212) 526-4043
Canaccord Genuity Greg Miller (212) 389-8128	Citigroup Michael Rollins (212) 816-1116	Cowen and Company Colby Synesael (646) 562-1355
Credit Suisse Joseph Mastrogiovanni (212) 325-3757	Evercore Partners Jonathan Schildkraut (212) 497-0864	Goldman Sachs Brett Feldman (212) 902-8156
Jefferies Mike McCormack (212) 284-2516	JPMorgan Philip Cusick (212) 622-1444	Macquarie Kevin Smithen (212) 231-0695
Morgan Stanley Simon Flannery (212) 761-6432	New Street Research Spencer Kurn (212) 921-2067	Oppenheimer & Co. Timothy Horan (212) 667-8137
Pacific Crest Securities Michael Bowen (503) 727-0721	Raymond James Ric Prentiss (727) 567-2567	RBC Capital Markets Jonathan Atkin (415) 633-8589
UBS Batya Levi (212) 713-8824	Wells Fargo Securities, LLC Jennifer Fritzsche (312) 920-3548

Rating Agency
Fitch John Culver (312) 368-3216	Moody’s Phil Kibel (212) 553-1653	Standard & Poor’s Scott Tan (212) 438-4162



HISTORICAL COMMON STOCK DATA
	Three Months Ended
(in millions, except per share data)	6/30/15		3/31/15		12/31/14		9/30/14		6/30/14
High price⁽¹⁾	$	86.61	$	87.74	$	82.46	$	78.37	$	74.94
Low price⁽¹⁾	$	80.11	$	77.04	$	72.61	$	70.02	$	68.50
Period end closing price⁽²⁾	$	80.30	$	81.72	$	77.17	78.11		$	71.71
Dividends paid per common share	$	0.82	$	0.82	$	0.82	$	0.35	$	0.35
Volume weighted average price for the period⁽¹⁾	$	82.84	$	83.63	$	77.56	$	74.51	$	72.00
Common shares outstanding - diluted, at period end	334		334		334		334		334
Market value of outstanding common shares, at period end⁽³⁾	$	26,801	$	27,276	$	25,765	$	26,078	$	23,944


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


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


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY PORTFOLIO HIGHLIGHTS
(as of June 30, 2015)
Number of towers⁽¹⁾	39,667
Average number of tenants per tower	2.2
Remaining contracted customer receivables ($ in billions)⁽²⁾	$	20
Weighted average remaining customer contract term (years)⁽³⁾	7
Percent of towers in the Top 50 / 100 Basic Trading Areas	56%/71%
Percent of ground leased / owned (by site rental gross margin)	64%/36%
Weighted average maturity of ground leases (years)⁽⁴⁾	30



SUMMARY FINANCIAL HIGHLIGHTS
	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except per share amounts)	2015			2014			2015			2014
Operating Data:
Net revenues
Site rental	$	737,091		$	710,783		$	1,468,471		$	1,425,575
Network services and other	162,346			167,459			331,437			294,430
Net revenues	$	899,437		$	878,242		$	1,799,908		$	1,720,005

Gross margin
Site rental	$	500,060		$	483,751		$	999,227		$	979,899
Network services and other	72,946			65,558			155,119			120,729
Total gross margin	$	573,006		$	549,309		$	1,154,346		$	1,100,628

Net income (loss) attributable to CCIC common stockholders	$	1,142,363		$	23,012		$	1,254,153		$	113,512
Net income (loss) attributable to CCIC common stockholders per share - diluted	$	3.42		$	0.07		$	3.76		$	0.34

Non-GAAP Data⁽⁵⁾:
Adjusted EBITDA	$	520,926		$	509,537		$	1,050,225		$	1,018,067
FFO	408,067			260,506			764,970			587,153
AFFO	342,385			332,274			708,062			663,511
AFFO per share	$	1.03		$	1.00		$	2.12		$	1.99

Summary Cash Flow Data:
Net cash provided by (used for) operating activities	$	465,818		$	374,842		$	918,878		$	722,936
Net cash provided by (used for) investing activities⁽⁶⁾	(219,553		)	(183,862		)	(439,213		)	(382,708		)
Net cash provided by (used for) financing activities	(1,251,923		)	(181,300		)	(1,424,165		)	(355,756		)


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


(2)	Excludes renewal terms at customers' opinion.


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


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


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


(6)	Includes net cash used for acquisitions of approximately $47 million and $26 million for the three months ended June 30, 2015 and 2014, respectively and $65 million and $86 million for the six months ended June 30, 2015 and 2014, respectively.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY FINANCIAL HIGHLIGHTS (CONTINUED)
	Three Months Ended June 30,
(dollars in thousands, except per share amounts)	2015			2014
Other Data:
Net debt to last quarter annualized Adjusted EBITDA	5.2		x	5.6		x
Dividend per common share	$	0.82		$	0.35
AFFO payout ratio⁽¹⁾	80		%	35		%

(dollars in thousands)	June 30, 2015			December 31, 2014
Balance Sheet Data (at period end):
Cash and cash equivalents	$	338,609		$	151,312
Property and equipment, net	9,042,284			8,982,783
Total assets	21,011,629			21,143,276
Total debt and other long-term obligations	11,131,304			11,920,861
Total CCIC stockholders' equity	7,404,236			6,716,225



OUTLOOK FOR THIRD QUARTER 2015 AND FULL YEAR 2015⁽²⁾
(dollars in millions, except per share amounts)	Third Quarter 2015	Full Year 2015
Site rental revenues	$740 to $745	$2,949 to $2,959
Site rental cost of operations	$237 to $242	$942 to $952
Site rental gross margin	$500 to $505	$2,000 to $2,010
Adjusted EBITDA⁽⁴⁾	$510 to $515	$2,073 to $2,088
Interest expense and amortization of deferred financing costs⁽³⁾	$125 to $130	$513 to $528
FFO⁽⁴⁾	$347 to $352	$1,463 to $1,478
AFFO⁽⁴⁾	$341 to $346	$1,405 to $1,420
AFFO per share⁽⁴⁾⁽⁵⁾	$1.02 to $1.04	$4.21 to $4.25
Net income (loss)	$90 to $123	$1,463 to $1,542
Net income (loss) per share - diluted⁽³⁾	$0.27 to $0.37	$4.38 to $4.62
Net income (loss) attributable to CCIC common stockholders	$79 to $112	$1,419 to $1,498
Net income (loss) attributable to CCIC common stockholders per share - diluted⁽³⁾	$0.24 to $0.34	$4.25 to $4.49


(1)	AFFO is calculated exclusive of income from discontinued operations and related noncontrolling interest. See page 2.


(2)	Results of operations and income from the sale of CCAL are classified as amounts from discontinued operations. Outlook amounts are exclusive of income from discontinued operations and related noncontrolling interest, except for net income. See page 2.


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


(4)	See reconciliations and definitions provided herein.


(5)	Based on 333.7 million diluted shares outstanding as of June 30, 2015.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



OUTLOOK FOR FULL YEAR 2015 SITE RENTAL REVENUE GROWTH
(dollars in millions)	Midpoint of Full Year 2015 Outlook			Full Year 2014
Reported GAAP site rental revenues	$	2,954		$	2,867
Site rental straight-line revenues	(111		)	(183		)
Other - Non-recurring	—			(5		)
Site Rental Revenues, as Adjusted⁽¹⁾⁽³⁾	$	2,844		$	2,678
Cash adjustments:
Other	—
New tower acquisitions and builds⁽²⁾	(20		)
Organic Site Rental Revenues^(1)(3)(4)	$	2,823
Year-Over-Year Revenue Growth
Reported GAAP site rental revenues	3.0		%
Site Rental Revenues, as Adjusted	6.2		%
Organic Site Rental Revenues⁽⁵⁾	5.4		%



OUTLOOK FOR ORGANIC SITE RENTAL REVENUE GROWTH
	Midpoint of Full Year 2015 Outlook
New leasing activity	6.0	%
Escalators	3.4	%
Organic Site Rental Revenue Growth, before non-renewals	9.4	%
Non-renewals	(4.0	)%
Organic Site Rental Revenue Growth⁽⁵⁾	5.4	%



OUTLOOK FOR FULL YEAR 2015 SITE RENTAL GROSS MARGIN GROWTH
(dollars in millions)	Midpoint of Full Year 2015 Outlook			Full Year 2014
Reported GAAP site rental gross margin	$	2,005		$	1,960
Straight line revenues and expenses, net	(15		)	(82		)
Other - Non-recurring	—			(5		)
Site Rental Gross Margin, as Adjusted⁽¹⁾⁽³⁾	$	1,990		$	1,874
Cash adjustments:
Other	—
New tower acquisitions and builds⁽²⁾	(16		)
Organic Site Rental Gross Margin^(1)(3)(4)	$	1,974
Year-Over-Year Gross Margin Growth
Reported GAAP site rental gross margin	2.3		%
Site Rental Gross Margin, as Adjusted	6.2		%
Organic Site Rental Gross Margin⁽⁶⁾	5.3		%
Year-Over-Year Incremental Margin
Reported GAAP site rental gross margin	51.0		%
Site Rental Gross Margin, as Adjusted	70.2		%
Organic Site Rental Gross Margin⁽⁷⁾	68.6		%


(1)	Includes amortization of prepaid rent.


(2)	The financial impact of new tower acquisitions and builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build.


(3)	Includes Site Rental Revenues, as Adjusted, from the construction of new small cell nodes.


(4)	See definitions provided herein.


(5)	Calculated as the percentage change from Site Rental Revenues, as Adjusted, for the prior period when compared to Organic Site Rental Revenues for the current period.


(6)	Calculated as the percentage change from Site Rental Gross Margin, as Adjusted for the prior period when compared to Organic Site Rental Gross Margin in the current period.


(7)	Calculated as the change from Site Rental Gross Margin, as Adjusted for the prior period when compared to Organic Site Rental Gross Margin in the current period, divided by the change from Site Rental Revenues, as Adjusted in the prior period when compared to Organic Site Rental Revenues for the current period.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



CONSOLIDATED BALANCE SHEET (Unaudited)
(dollars in thousands, except share amounts)	June 30, 2015			December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	338,609		$	151,312
Restricted cash	143,016			147,411
Receivables, net	253,342			313,308
Prepaid expenses	138,355			138,873
Deferred income tax assets	29,842			24,806
Other current assets	214,396			94,503
Assets from discontinued operations	—			412,783
Total current assets	1,117,560			1,282,996
Deferred site rental receivables	1,256,517			1,202,058
Property and equipment, net	9,042,284			8,982,783
Goodwill	5,160,106			5,196,485
Other intangible assets, net	3,631,987			3,681,551
Long-term prepaid rent, deferred financing costs and other assets, net	803,175			797,403
Total assets	$	21,011,629		$	21,143,276

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	153,909		$	162,397
Accrued interest	67,067			66,943
Deferred revenues	313,355			279,882
Other accrued liabilities	151,211			182,081
Current maturities of debt and other obligations	94,702			113,335
Liabilities from discontinued operations	—			127,493
Total current liabilities	780,244			932,131
Debt and other long-term obligations	11,036,602			11,807,526
Deferred income tax liabilities	35,117			39,889
Other long-term liabilities	1,755,430			1,626,502
Total liabilities	13,607,393			14,406,048
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $.01 par value; 600,000,000 shares authorized; shares issued and outstanding: June 30, 2015—333,762,344 and December 31, 2014—333,856,632	3,339			3,339
4.50% Mandatory Convertible Preferred Stock, Series A, $.01 par value; 20,000,000 shares authorized; shares issued and outstanding: June 30, 2015 and December 31, 2014—9,775,000; aggregate liquidation value: June 30, 2015 and December 31, 2014—$977,500	98			98
Additional paid-in capital	9,518,103			9,512,396
Accumulated other comprehensive income (loss)	(6,866		)	15,820
Dividends/distributions in excess of earnings	(2,110,438		)	(2,815,428		)
Total CCIC stockholders' equity	7,404,236			6,716,225
Noncontrolling interest from discontinued operations	—			21,003
Total equity	7,404,236			6,737,228
Total liabilities and equity	$	21,011,629		$	21,143,276

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except share and per share amounts)	2015			2014			2014			2015
Net revenues:
Site rental	$	737,091		$	710,783		$	1,468,471		$	1,425,575
Network services and other	162,346			167,459			331,437			294,430
Net revenues	899,437			878,242			1,799,908			1,720,005
Operating expenses:
Costs of operations (exclusive of depreciation, amortization and accretion):
Site rental	237,031			227,032			469,244			445,676
Network services and other	89,400			101,901			176,318			173,701
General and administrative	73,125			63,318			147,181			121,959
Asset write-down charges	3,620			3,105			12,175			5,741
Acquisition and integration costs	2,377			19,125			4,393			24,784
Depreciation, amortization and accretion	253,153			246,583			504,959			491,759
Total operating expenses	658,706			661,064			1,314,270			1,263,620
Operating income (loss)	240,731			217,178			485,638			456,385
Interest expense and amortization of deferred financing costs	(134,466		)	(144,534		)	(268,905		)	(290,934		)
Gains (losses) on retirement of long-term obligations	(4,181		)	(44,629		)	(4,157		)	(44,629		)
Gains (losses) on foreign currency swaps	59,779			—			59,779			—
Interest income	325			108			381			222
Other income (expense)	194			(5,920		)	(55		)	(8,656		)
Income (loss) from continuing operations before income taxes	162,382			22,203			272,681			112,388
Benefit (provision) for income taxes	4,144			3,101			5,579			6,141
Income (loss) from continuing operations	166,526			25,304			278,260			118,529
Discontinued operations:
Income (loss) from discontinued operations, net of tax	6,312			10,053			19,690			19,621
Net gain (loss) from disposal of discontinued operations, net of tax	981,540			—			981,540			—
Income (loss) from discontinued operations, net of tax	987,852			10,053			1,001,230			19,621
Net income (loss)	1,154,378			35,357			1,279,490			138,150
Less: Net income (loss) attributable to the noncontrolling interest	1,018			1,348			3,343			2,644
Net income (loss) attributable to CCIC stockholders	1,153,360			34,009			1,276,147			135,506
Dividends on preferred stock	(10,997		)	(10,997		)	(21,994		)	(21,994		)
Net income (loss) attributable to CCIC common stockholders	$	1,142,363		$	23,012		$	1,254,153		$	113,512

Net income (loss) attributable to CCIC common stockholders, per common share:
Income (loss) from continuing operations, basic	$	0.47		$	0.04		$	0.77		$	0.29
Income (loss) from discontinued operations, basic	$	2.96		$	0.03		$	3.00		$	0.05
Net income (loss) attributable to CCIC common stockholders, basic	$	3.43		$	0.07		$	3.77		$	0.34
Income (loss) from continuing operations, diluted	$	0.47		$	0.04		$	0.77		$	0.29
Income (loss) from discontinued operations, diluted	$	2.95		$	0.03		$	2.99		$	0.05
Net income (loss) attributable to CCIC common stockholders, diluted	$	3.42		$	0.07		$	3.76		$	0.34

Weighted-average common shares outstanding (in thousands):
Basic	333,091			332,344			332,902			332,189
Diluted	333,733			333,081			333,665			333,034

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



FFO AND AFFO RECONCILIATIONS
	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except share and per share amounts)	2015			2014			2015			2014
Net income⁽¹⁾	$	166,526		$	25,304		$	278,260		$	118,529
Real estate related depreciation, amortization and accretion	248,918			243,094			496,529			484,876
Asset write-down charges	3,620			3,105			12,175			5,741
Dividends on preferred stock	(10,997		)	(10,997		)	(21,994		)	(21,994		)
FFO^(2)(3)(5)	$	408,067		$	260,506		$	764,970		$	587,153
Weighted average common shares outstanding — diluted⁽⁴⁾	333,733			333,081			333,665			333,034
FFO per share⁽²⁾⁽⁵⁾	$	1.22		$	0.78		$	2.29		$	1.76

FFO (from above)	$	408,067		$	260,506		$	764,970		$	587,153
Adjustments to increase (decrease) FFO:
Straight-line revenue	(31,326		)	(49,774		)	(61,865		)	(98,999		)
Straight-line expense	24,981			26,717			49,563			51,937
Stock-based compensation expense	15,975			17,883			32,816			29,840
Non-cash portion of tax provision	(10,783		)	(5,060		)	(14,375		)	(9,883		)
Non-real estate related depreciation, amortization and accretion	4,235			3,489			8,430			6,883
Amortization of non-cash interest expense	12,068			20,604			23,804			41,485
Other (income) expense	(194		)	5,920			55			8,656
Gains (losses) on retirement of long-term obligations	4,181			44,629			4,157			44,629
Gains (losses) on foreign currency swaps	(59,779		)	—			(59,779		)	—
Acquisition and integration costs	2,377			19,125			4,393			24,784
Capital improvement capital expenditures	(10,662		)	(4,148		)	(18,152		)	(7,919		)
Corporate capital expenditures	(16,757		)	(7,619		)	(25,955		)	(15,056		)
AFFO^(2)(3)(5)	$	342,385		$	332,274		$	708,062		$	663,511
Weighted average common shares outstanding — diluted⁽⁴⁾	333,733			333,081			333,665			333,034
AFFO per share⁽²⁾⁽⁵⁾	$	1.03		$	1.00		$	2.12		$	1.99


(1)	Exclusive of income from discontinued operations and related noncontrolling interest of $988 million and $10 million for the three months ended June 30, 2015 and 2014, respectively and $1.0 billion and $20 million for the six months ended June 30, 2015 and 2014, respectively.


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


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


(4)	The diluted weighted average common shares outstanding assumes no conversion for preferred stock in the share count.


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
	Six Months Ended June 30,
(dollars in thousands)	2015			2014
Cash flows from operating activities:
Net income (loss) from continuing operations	$	278,260		$	118,529
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	504,959			491,759
Gains (losses) on retirement of long-term obligations	4,157			44,629
Gains (losses) on foreign currency swaps	(59,779		)	—
Amortization of deferred financing costs and other non-cash interest	23,804			41,485
Stock-based compensation expense	30,131			27,373
Asset write-down charges	12,175			5,741
Deferred income tax benefit (provision)	(10,170		)	(9,882		)
Other non-cash adjustments, net	(1,024		)	(1,468		)
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	131,661			160,585
Decrease (increase) in assets	4,704			(155,815		)
Net cash provided by (used for) operating activities	918,878			722,936
Cash flows from investing activities:
Payments for acquisition of businesses, net of cash acquired	(64,725		)	(85,788		)
Capital expenditures	(420,883		)	(299,298		)
Receipts from foreign currency swaps	54,475			—
Other investing activities, net	(8,080		)	2,378
Net cash provided by (used for) investing activities	(439,213		)	(382,708		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,000,000			845,750
Principal payments on debt and other long-term obligations	(53,718		)	(55,385		)
Purchases and redemptions of long-term debt	(1,069,337		)	(836,899		)
Purchases of capital stock	(29,490		)	(21,730		)
Borrowings under revolving credit facility	450,000			494,000
Payments under revolving credit facility	(1,145,000		)	(534,000		)
Payments for financing costs	(16,348		)	(15,834		)
Net decrease (increase) in restricted cash	9,093			24,386
Dividends/distributions paid on common stock	(547,371		)	(233,684		)
Dividends paid on preferred stock	(21,994		)	(22,360		)
Net cash provided by (used for) financing activities	(1,424,165		)	(355,756		)
Net increase (decrease) in cash and cash equivalents - continuing operations	(944,500		)	(15,528		)
Discontinued operations:
Net cash provided by (used for) operating activities	4,881			40,740
Net cash provided by (used for) investing activities	1,103,577			(15,096		)
Net increase (decrease) in cash and cash equivalents - discontinued operations	1,108,458			25,644
Effect of exchange rate changes	(969		)	(6,031		)
Cash and cash equivalents at beginning of period⁽¹⁾	175,620			223,394
Cash and cash equivalents at end of period	$	338,609		$	227,479
Supplemental disclosure of cash flow information:
Interest paid	244,977			248,183
Income taxes paid	8,489			12,690


(1)	Inclusive of cash and cash equivalents included in discontinued operations.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SITE RENTAL REVENUE GROWTH
	Three Months Ended June 30,
(dollars in millions)	2015			2014
Reported GAAP site rental revenues	$	737		$	711
Site rental straight-line revenues	(31		)	(50		)
Other - Non-recurring	—			—
Site Rental Revenues, as Adjusted⁽¹⁾⁽³⁾	$	706		$	661
Cash adjustments:
Other	—
New tower acquisitions and builds⁽²⁾	(6		)
Organic Site Rental Revenues^(1)(3)(4)	$	700
Year-Over-Year Revenue Growth
Reported GAAP site rental revenues	3.7		%
Site Rental Revenues, as Adjusted	6.8		%
Organic Site Rental Revenues⁽⁵⁾	5.9		%



ORGANIC SITE RENTAL REVENUE GROWTH
	Three Months Ended June 30,
	2015
New leasing activity	6.3%
Escalators	3.4%
Organic Site Rental Revenue growth, before non-renewals	9.8%
Non-renewals	(3.8)%
Organic Site Rental Revenue Growth⁽⁵⁾	5.9%


(1)	Includes amortization of prepaid rent; see the table "Summary of Prepaid Rent Activity" on page 16 for further details.


(2)	The financial impact of new tower acquisitions and builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build.


(3)	Includes Site Rental Revenues, as Adjusted from the construction of new small cells.


(4)	See definitions provided herein.


(5)	Calculated as the percentage change from Site Rental Revenues, as Adjusted, for the prior period when compared to Organic Site Rental Revenues for the current period.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SITE RENTAL GROSS MARGIN GROWTH
	Three Months Ended June 30,
(dollars in millions)	2015			2014
Reported GAAP site rental gross margin	$	500		$	484
Straight line revenues and expenses, net	(6		)	(22		)
Other - Non-recurring	—			—
Site rental gross margin, as Adjusted⁽¹⁾⁽²⁾	$	494		$	462
Cash adjustments:
Other	—
New tower acquisitions and builds⁽³⁾	(4		)
Organic Site Rental Gross Margin^(1)(2)(4)	$	489
Year-Over-Year Gross Margin Growth
Reported GAAP site rental gross margin	3.4		%
Site Rental Gross Margin, as Adjusted	6.8		%
Organic Site Rental Gross Margin⁽⁵⁾	5.9		%
Year-Over-Year Incremental Margin
Reported GAAP site rental gross margin	62.0		%
Site Rental Gross Margin, as Adjusted	70.6		%
Organic Site Rental Gross Margin⁽⁶⁾	69.3		%


(1)	Includes amortization of prepaid rent.


(2)	Includes Site Rental Revenues, as Adjusted, from the construction of new small cell nodes.


(3)	The financial impact of new tower acquisitions and builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build.


(4)	See definitions provided herein.


(5)	Calculated as the percentage change from Site Rental Gross Margin, as Adjusted for the prior period when compared to Organic Site Rental Gross Margin in the current period.


(6)	Calculated as the change from Site Rental Gross Margin, as Adjusted for the prior period when compared to Organic Site Rental Gross Margin in the current period, divided by the change from Site Rental Revenues, as Adjusted in the prior period when compared to Organic Site Rental Revenues for the current period.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY OF SITE RENTAL STRAIGHT-LINE REVENUES AND EXPENSES⁽¹⁾
	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2015		2014		2015		2014
Total site rental straight-line revenue	$	31,326	$	49,774	$	61,865	$	98,999
Total site rental straight-line expenses	24,981		26,717		49,563		51,937



SUMMARY OF PREPAID RENT ACTIVITY⁽²⁾
	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2015			2014			2015			2014
Prepaid rent received	$	98,979		$	83,607		$	216,937		$	151,830
Amortization of prepaid rent	(34,611		)	(22,116		)	(69,062		)	(41,458		)



SUMMARY OF CAPITAL EXPENDITURES
	Three Months Ended June 30,
(dollars in thousands)	2015		2014
Discretionary:
Purchases of land interests	$	28,269	$	20,950
Wireless infrastructure construction and improvements	163,542		127,743
Sustaining	27,419		11,767
Total	$	219,230	$	160,460


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


(2)	Reflects prepaid rent received from long-term tenant contracts and the amortization thereof for GAAP revenue recognition purposes.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



PROJECTED REVENUE FROM EXISTING CUSTOMER CONTRACTS⁽¹⁾
	Remaining six months			Years Ended December 31,
(dollars in millions)	2015			2016			2017		2018		2019
Site rental revenue (GAAP)	$	1,461		$	2,918		$	2,933	$	2,951	$	2,972
Site rental straight-line revenue	(47		)	(34		)	34		87		140
Site Rental Revenues, as Adjusted	$	1,413		$	2,884		$	2,967	$	3,039	$	3,111



PROJECTED GROUND LEASE EXPENSE FROM EXISTING GROUND LEASES⁽²⁾
	Remaining six months			Years Ended December 31,
(as of June 30, 2015; dollars in millions)	2015			2016			2017			2018			2019
Ground lease expense (GAAP)	$	323		$	650		$	656		$	662		$	669
Site rental straight-line expense	(46		)	(82		)	(71		)	(61		)	(51		)
Ground Lease Expense, as Adjusted	$	277		$	568		$	585		$	601		$	618



ANNUALIZED CASH SITE RENTAL REVENUE AT TIME OF RENEWAL⁽³⁾
	Remaining six months		Years Ended December 31,
(as of June 30, 2015; dollars in millions)	2015		2016		2017		2018		2019
AT&T	$	9	$	40	$	18	$	40	$	36
Sprint⁽⁴⁾	11		42		39		36		42
T-Mobile	8		26		25		33		26
Verizon	7		13		17		18		18
All Others Combined	24		38		30		32		30
Total	$	59	$	159	$	129	$	159	$	152


(1)	Based on existing contracts as of June 30, 2015. All contracts, except for Sprint contracts associated with the iDen network and contracts where non-renewal notices have been received, are assumed to renew for a new term at current term end date. CPI-linked customer contracts are assumed to escalate at 3% per annum.


(2)	Based on existing ground leases as of June 30, 2015. CPI-linked leases are assumed to escalate at 3% per annum.


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


(4)	Excludes Sprint leases associated with the iDen network, which are assumed to not renew as reflected in the table "Projected Revenue from Existing Customer Contracts."

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



ESTIMATED REDUCTION TO SITE RENTAL REVENUES FROM NON-RENEWALS FROM LEAP, METROPCS AND CLEARWIRE NETWORK DECOMMISSIONING⁽¹⁾⁽²⁾(dollars in millions)
2015	2016	2017	2018	Thereafter	Total
$25-$35	$70-$80	$25-$35	$20-$30	$35-$45	$175-$225



TOTAL SITE RENTAL REVENUES FROM LEAP, METROPCS AND CLEARWIRE BY LEASE MATURITY⁽³⁾
(dollars in millions)	2015	2016	2017	2018	Thereafter	Total
Towers Leasing	$70	$70	$45	$30	$45	$260
Small Cells Leasing	$—	$5	$5	$5	$80	$95
Total	$70	$75	$50	$35	$125	$355



HISTORICAL ANNUAL NON-RENEWALS AS PERCENTAGE OF SITE RENTAL REVENUES, AS ADJUSTED
Years Ended December 31,
2014	2013	2012	2011	2010
2.6%	1.7%	2.2%	2.0%	2.1%



CUSTOMER OVERVIEW
(as of June 30, 2015)	Percentage of Q2 2015 LQASite Rental Revenues	Weighted Average Current Term Remaining⁽⁴⁾	Long-Term Credit Rating (S&P / Moody’s)
AT&T	33%	7	BBB+ / Baa1
T-Mobile	25%	7	BB
Sprint	21%	6	B+ / B1
Verizon	18%	8	BBB+ / Baa1
All Others Combined	3%	4	N/A
Total / Weighted Average	100%	7


(1)	Estimated impact to site rental revenues in the applicable period based on run-rate site rental revenues as of June 30, 2015.


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


(3)	Estimated amount of total site rental revenues maturing in the applicable period, based on run-rate site rental revenues as of June 30, 2015.


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY OF TOWER PORTFOLIO BY VINTAGE
(as of June 30, 2015; dollars in thousands)
YIELD⁽¹⁾	NUMBER OF TENANTS PER TOWER



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



INVESTED CAPITAL PER TOWER⁽²⁾	NUMBER OF TOWERS


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


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



PORTFOLIO OVERVIEW⁽¹⁾
(as of June 30, 2015; dollars in thousands)
NUMBER OF TOWERS	TENANTS PER TOWER	LQA SITE RENTAL REVENUE PER TOWER


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



DISTRIBUTION OF TOWER TENANCY (as of June 30, 2015)
PERCENTAGE OF TOWERS BY TENANTS PER TOWER⁽¹⁾
SITES OPERATED GREATER THAN 10 YEARS			SITES OPERATED LESS THAN OR EQUAL TO TEN YEARS



Average: 2.8	Average: 2.0

GEOGRAPHIC TOWER DISTRIBUTION (as of June 30, 2015)⁽¹⁾
PERCENTAGE OF TOWERS BY GEOGRAPHIC LOCATION	PERCENTAGE OF LQA SITE RENTAL REVENUE BY GEOGRAPHIC LOCATION


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



GROUND INTEREST OVERVIEW
(as of June 30, 2015; dollars in millions)	LQA Site Rental Revenue		Percentage of LQA Site Rental Revenue		LQA Site Rental Gross Margin		Percentage of LQA Site Rental Gross Margin		Number of Towers⁽¹⁾	Percentage of Towers		Weighted Average Term Remaining (by years)⁽²⁾
Less than 10 years	$	343	13	%	$	197	11	%	5,664	14	%
10 to 20 years	526		20	%	287		16	%	9,765	25	%
Greater 20 years	1,080		41	%	704		38	%	15,790	40	%
Total leased	$	1,949	73	%	$	1,189	64	%	31,219	79	%	30

Owned	716		27	%	658		36	%	8,448	21	%
Total / Average	$	2,665	100	%	$	1,847	100	%	39,667	100	%


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


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



GROUND INTEREST ACTIVITY
(dollars in millions)	Three Months Ended June 30, 2015			Six Months Ended June 30, 2015
Ground Extensions Under Crown Castle Towers:
Number of ground leases extended	510			969
Average number of years extended	38			35
Percentage increase in consolidated cash ground lease expense due to extension activities⁽¹⁾	0.2		%	0.2		%

Ground Purchases Under Crown Castle Towers:
Number of ground leases purchased	114			229
Land lease purchases (including capital expenditures, acquisitions and capital leases)	$	35		$	68
Percentage of consolidated site rental gross margin from towers residing on land purchased	<1%			<1%



SMALL CELL NETWORK OVERVIEW
Number of Nodes⁽³⁾ (in thousands)	Miles of Fiber (in thousands)	Percentage of LQA Site Rental Revenues	Weighted Average Current Term Remaining for Customer Contracts⁽²⁾
15	7	8%	7


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


(2)	Excludes renewal terms at customers’ option; weighted by site rental revenue.


(3)	Includes nodes currently in-process.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



CAPITALIZATION OVERVIEW
(dollars in millions)	Face Value as Reported 6/30/15		Fixed vs. Floating	Secured vs. Unsecured	Interest Rate⁽¹⁾	Net Debt to LQA EBITDA⁽²⁾	Maturity
Cash	$	339

Senior Secured Tower Revenue Notes, Series 2010-2-2010-3⁽³⁾	1,600		Fixed	Secured	6.0%		Various⁽⁷⁾
Senior Secured Tower Revenue Notes, Series 2010-5-2010-6⁽³⁾	1,300		Fixed	Secured	4.7%		Various⁽⁷⁾
Senior Secured Tower Revenue Notes, Series 2015-1-2015-2⁽³⁾	1,000		Fixed	Secured	3.5%		Various⁽⁷⁾
2012 Secured Notes⁽⁴⁾	1,500		Fixed	Secured	3.4%		2017/2023
Senior Secured Notes, Series 2009-1⁽⁵⁾	151		Fixed	Secured	7.5%		Various⁽⁷⁾
Subtotal	$	5,551			4.0%	2.7x
Revolving Credit Facility⁽⁶⁾	—		Floating	Secured	1.9%		2019
Term Loan A	638		Floating	Secured	1.9%		2019
Term Loan B	2,258		Floating	Secured	3.0%		2021
Total CCOC Facility Debt	$	2,896			2.8%	1.4x
4.875% Senior Notes	850		Fixed	Unsecured	4.9%		2022
5.250% Senior Notes	1,650		Fixed	Unsecured	5.3%		2023
Capital Leases & other debt	188		Various	Various	Various		Various
Total HoldCo and other debt	$	2,688			5.2%	1.3x
Total net debt	$	10,796			4.2%	5.2x
Preferred Stock, at liquidation value	978
Market Capitalization⁽⁸⁾	26,801
Firm Value⁽⁹⁾	$	38,576


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


(2)	Represents the applicable amount of debt divided by LQA consolidated Adjusted EBITDA.

(3)

If the Senior Secured Tower Revenue Notes 2010-2, 2010-3 and Senior Secured Tower Revenue Notes 2010-5, and 2010-6 ("2010 Tower Revenue Notes") and Senior Secured Tower Revenue Notes 2015-1 and 2015-2 ("2015 Tower Revenue Notes") are not paid in full on or prior to 2017, 2020, 2022 and 2025, as applicable, then 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 class of the 2010 Tower Revenue Notes and 2015 Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective 2010 Tower Revenue Notes and 2015 Tower Revenue Notes. The Senior Secured Tower Revenue Notes, 2010-2, and 2010-3 consist of two series of notes with principal amounts of $350 million and $1.3 billion, having anticipated repayment dates in 2017 and 2020, respectively. The Senior Secured Tower Revenue Notes, 2010-5 and 2010-6 consist of two series of notes with principal amounts of $300 million and $1.0 billion, having anticipated repayment dates in 2017 and 2020, respectively. The Senior Secured Tower Revenue Notes, 2015-1 and 2015-2 consist of two series of notes with principal amounts of $300 million and $700 million, having anticipated repayment dates in 2022 and 2025, respectively.


(4)	The 2012 Secured Notes consist of $500 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2030.


(5)	The Senior Secured Notes, Series 2009-1 consist of $81 million of principal as of June 30, 2015 that amortizes through 2019, and $70 million of principal as of June 30, 2015 that amortizes during the period beginning in 2019 and ending in 2029.


(6)	As of June 30, 2015, the undrawn availability under the $2.2 billion Revolving Credit Facility is $2.2 billion.


(7)	Notes are prepayable at par if voluntarily repaid six months or less prior to maturity; earlier prepayment may require additional consideration.


(8)	Market capitalization calculated based on 80.30 closing price and 333.8 million shares outstanding as of June 30, 2015.


(9)	Represents the sum of net debt, preferred stock (at liquidation value) and market capitalization.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

DEBT MATURITY OVERVIEW⁽¹⁾


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



LIQUIDITY OVERVIEW
(dollars in thousands)	June 30, 2015
Cash and cash equivalents⁽¹⁾	$	338,609
Undrawn revolving credit facility availability⁽²⁾	2,230,000
Restricted cash	148,016
Debt and other long-term obligations	11,131,304
Total equity	7,408,136


(1)	Exclusive of restricted cash.


(2)	Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, our credit agreement governing our senior credit facilities ("2012 Credit Facility").

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
Debt	Borrower / Issuer	Covenant⁽¹⁾	Covenant Level Requirement		As of June 30, 2015
Maintenance Financial Covenants⁽²⁾
2012 Credit Facility	CCOC	Total Net Leverage Ratio	≤ 5.50x		4.1x
2012 Credit Facility	CCOC	Consolidated Interest Coverage Ratio	≥ 2.50x		6.1x

Restrictive Negative Financial Covenants
Financial covenants restricting ability to make restricted payments, including dividends
4.875% Senior Notes	CCIC	Debt to Adjusted Consolidated Cash Flow Ratio	≤ 7.00x		5.5x
5.25% Senior Notes	CCIC	Debt to Adjusted Consolidated Cash Flow Ratio	≤ 7.00x		5.5x
2012 Credit Facility	CCOC	Total Net Leverage Ratio	≤ 5.50x		4.1x

Financial covenants restricting ability to incur additional debt
4.875% Senior Notes	CCIC	Debt to Adjusted Consolidated Cash Flow Ratio	≤ 7.00x		5.5x
5.25% Senior Notes	CCIC	Debt to Adjusted Consolidated Cash Flow Ratio	≤ 7.00x		5.5x
2012 Credit Facility	CCOC	Total Net Leverage Ratio	≤ 5.50x	⁽³⁾	4.1x
2012 Credit Facility	CCOC	Holdings Leverage Ratio	≤ 7.00x	⁽⁴⁾	5.5x
2012 Credit Facility	CCOC	Consolidated Interest Coverage Ratio	≥ 2.50x		6.1x
2012 Secured Notes	CC Holdings GS V LLC and Crown Castle GS III Corp.	Debt to Adjusted Consolidated Cash Flow Ratio	≤ 3.50x		4.0x

Financial covenants restricting ability to make investments
2012 Credit Facility	CCOC	Total Net Leverage Ratio	≤ 5.50x		4.1x


(1)	As defined in the respective debt agreement.


(2)	Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2012 Credit Facility.


(3)	Applicable for debt issued at CCOC or its subsidiaries.


(4)	Applicable for debt issued at CCIC or its subsidiaries.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS (CONTINUED)
Debt	Borrower / Issuer	Covenant⁽¹⁾	Covenant Level Requirement		As of June 30, 2015
Restrictive Negative Financial Covenants
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released
2010 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.75x	⁽²⁾	3.5x
2015 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.75x	⁽²⁾	3.5x
2009 Securitized Notes	Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.30x	⁽²⁾	4.9x

Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture
2010 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.00x	⁽³⁾	3.5x
2015 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.00x	⁽³⁾	3.5x
2009 Securitized Notes	Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.34x	⁽³⁾	4.9x


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

(2)

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


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX



INTEREST RATE SENSITIVITY⁽¹⁾
	Remaining six months,		Years Ended December 31,
(as of June 30, 2015; dollars in millions)	2015		2016		2017
Fixed Rate Debt:
Face Value of Principal Outstanding⁽²⁾	$	8,051	$	8,022	$	8,003
Current Interest Payment Obligations⁽³⁾	191		381		380
Effect of 0.125% Change in Interest Rates⁽⁴⁾	<1		<1		1
Floating Rate Debt:
Face Value of Principal Outstanding⁽²⁾	$	2,896	$	2,820	$	2,764
Current Interest Payment Obligations⁽⁵⁾	40		85		102
Effect of 0.125% Change in Interest Rates⁽⁶⁾	<1		2		3


(1)	Excludes capital lease and other obligations.


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


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


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


(5)	Interest expense calculated based on current interest rates. Forward LIBOR assumptions are derived from the 1-month LIBOR forward curve as of June 30, 2015. Calculation takes into account any LIBOR floors in place and assumes no changes to future interest rate margin spread over LIBOR due to changes in the Borrower’s net leverage ratio.

(6)

Interest expense calculated based on current interest rates using forward LIBOR assumptions until the stated maturity date, at which time the face value amount outstanding of such indebtedness is refinanced at current rates plus 12.5 bps. Absent the effect of LIBOR floors, a 12.5 bps increase to forward LIBOR assumptions would increase interest expense for the remaining six months of 2015, 2016, and 2017, by approximately $2 million, $4 million, and $3 million, respectively.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

DEFINITIONS

Non-GAAP Financial Measures and Other Calculations

This Supplement includes presentations of Adjusted EBITDA, Funds from Operations, Adjusted Funds from Operations, Organic Site Rental Revenues, Site Rental Revenues, as Adjusted, Organic Site Rental Gross Margin, and Site Rental Gross Margin, as Adjusted, and Ground Lease Expense, as Adjusted, 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")). Each of the amounts included in the calculation of Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues, Site Rental Revenues, as Adjusted, Organic Site Rental Gross Margin, and Site Rental Gross Margin, as Adjusted, and Ground Lease Expense, as Adjusted, are computed in accordance with GAAP, with the exception of: (1) sustaining capital expenditures, which is not defined under GAAP and (2) our adjustment to the income tax provision in calculations of AFFO for periods prior to our REIT conversion.

Our measures of Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues, Site Rental Revenues, as Adjusted, Organic Site Rental Gross Margin, and Site Rental Gross Margin, as Adjusted, and Ground Lease Expense, as Adjusted, may not be comparable to similarly titled measures of other companies, including other companies in the tower sector or those reported by other REITs. Our FFO and AFFO may not be comparable to those reported in accordance with National Association of Real Estate Investment Trusts, including with respect to the impact of income taxes for periods prior to our REIT conversion.

Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues, Site Rental Revenues, as Adjusted, Organic Site Rental Gross Margin, and Site Rental Gross Margin, as Adjusted, and Ground Lease Expense, as Adjusted, are presented as additional information because management believes these measures are useful indicators of the financial performance of our core businesses. In addition, Adjusted EBITDA is a measure of current financial performance used in our debt covenant calculations.

Funds from Operations ("FFO"). Crown Castle defines Funds from Operations as net income plus real estate related depreciation, amortization and accretion and asset write-down charges, less non controlling interest and cash paid for preferred stock dividends, and is a measure of funds from operations attributable to CCIC common stockholders.

FFO per share. Crown Castle defines FFO per share as FFO divided by the diluted weighted average common shares outstanding.

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

AFFO per share. Crown Castle defines AFFO per share as AFFO divided by diluted weighted average common shares outstanding.

AFFO payout ratio. Dividends per common share divided by AFFO per share.

Site Rental Revenues, as Adjusted. Crown Castle defines Site Rental Revenues, as Adjusted, as site rental revenues, as reported, less straight-line revenues.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

DEFINITIONS (continued)

Site Rental Gross Margins, as Adjusted. Crown Castle defines Site Rental Gross Margins, as Adjusted, as site rental gross margin as reported less straight-line revenues and straight-line expenses.

Organic Site Rental Gross Margins. Crown Castle defines Organic Site Rental Gross Margins as site rental gross margins, as reported less straight-line revenues, straight-line expenses, the impact of tower acquisitions and construction, foreign currency adjustments and certain non recurring items.

Ground Lease Expense, as Adjusted. Crown Castle defines Ground Lease Expense, as Adjusted as ground lease expense, as reported, less straight line ground lease expense.

The tables set forth below reconcile non-GAAP financial measures to comparable GAAP financial measures and provide certain other calculations. The components in these tables may not sum to the total due to rounding.

Amounts reflected herein are adjusted to reflect the sale of our CCAL segment as discontinued operations following the sale on May 28, 2015. See page 2.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

Adjusted EBITDA for the three and six months ended June 30, 2015 and 2014 is computed as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2015			2014			2015			2014
Net income (loss)	$	1,154,378		$	35,357		$	1,279,490		$	138,150
Adjustments to increase (decrease) net income (loss):
Income (loss) from discontinued operations	(987,852		)	(10,053		)	(1,001,230		)	(19,621		)
Asset write-down charges	3,620			3,105			12,175			5,741
Acquisition and integration costs	2,377			19,125			4,393			24,784
Depreciation, amortization and accretion	253,153			246,583			504,959			491,759
Amortization of prepaid lease purchase price adjustments	5,070			5,663			10,244			9,558
Interest expense and amortization of deferred financing costs⁽¹⁾	134,466			144,534			268,905			290,934
Gains (losses) on retirement of long-term obligations	4,181			44,629			4,157			44,629
Gains (losses) on foreign currency swaps	(59,779		)	—			(59,779		)	—
Interest income	(325		)	(108		)	(381		)	(222		)
Other income (expense)	(194		)	5,920			55			8,656
Benefit (provision) for income taxes	(4,144		)	(3,101		)	(5,579		)	(6,141		)
Stock-based compensation expense	15,975			17,883			32,816			29,840
Adjusted EBITDA⁽²⁾	$	520,926		$	509,537		$	1,050,225		$	1,018,067


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


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

Adjusted EBITDA for the quarter ending September 30, 2015 and the year ending December 31, 2015 is forecasted as follows:



	Q3 2015	Full Year 2015
(dollars in millions)	Outlook	Outlook
Net income (loss)	$90 to $123	$1,463 to $1,542
Adjustments to increase (decrease) net income (loss):
Income (loss) from discontinued operations	$0 to $0	$(1,001) to $(1,001)
Asset write-down charges	$4 to $6	$17 to $27
Acquisition and integration costs	$2 to $5	$9 to $12
Depreciation, amortization and accretion	$251 to $256	$1,000 to $1,020
Amortization of prepaid lease purchase price adjustments	$4 to $6	$19 to $21
Interest expense and amortization of deferred financing costs⁽¹⁾	$125 to $130	$513 to $528
Gains (losses) on retirement of long-term obligations	$0 to $0	$4 to $4
Gains (losses) on foreign currency swaps	$0 to $0	$(60) to $(60)
Interest income	$(2) to $0	$(2) to $0
Other income (expense)	$(1) to $2	$0 to $2
Benefit (provision) for income taxes	$(6) to $(2)	$(17) to $(9)
Stock-based compensation expense	$15 to $17	$63 to $68
Adjusted EBITDA⁽²⁾	$510 to $515	$2,073 to $2,088

The components of interest expense and amortization of deferred financing costs for the quarters ending June 30, 2015 and 2014 are as follows:



	Three Months Ended June 30,
(dollars in thousands)	2015			2014
Interest expense on debt obligations	$	122,398		$	123,930
Amortization of deferred financing costs	5,554			5,521
Amortization of adjustments on long-term debt	(381		)	(896		)
Amortization of interest rate swaps⁽³⁾	7,490			16,162
Other, net	(595		)	(183		)
Interest expense and amortization of deferred financing costs	$	134,466		$	144,534

The components of interest expense and amortization of deferred financing costs for the quarter ending September 30, 2015 and the year ending December 31, 2015 are forecasted as follows:



	Q3 2015	Full Year 2015
(dollars in millions)	Outlook	Outlook
Interest expense on debt obligations	$118 to $120	$478 to $488
Amortization of deferred financing costs	$4 to $6	$21 to $23
Amortization of adjustments on long-term debt	$0 to $1	$(2) to $0
Amortization of interest rate swaps⁽³⁾	$3 to $5	$16 to $21
Other, net	$0 to $0	$(3) to $(1)
Interest expense and amortization of deferred financing costs	$125 to $130	$513 to $528


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


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


(3)	Relates to the amortization of interest rate swaps; the swaps were cash settled in prior periods.

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

FFO and AFFO for the three and six months ended June 30, 2015 and 2014 are computed as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except share and per share amounts)	2015			2014			2015			2014
Net income⁽¹⁾	$	166,526		$	25,304		$	278,260		$	118,529
Real estate related depreciation, amortization and accretion	248,918			243,094			496,529			484,876
Asset write-down charges	3,620			3,105			12,175			5,741
Dividends on preferred stock	(10,997		)	(10,997		)	(21,994		)	(21,994		)
FFO^(2)(3)(5)	$	408,067		$	260,506		$	764,970		$	587,153

FFO (from above)	$	408,067		$	260,506		$	764,970		$	587,153
Adjustments to increase (decrease) FFO:
Straight-line revenue	(31,326		)	(49,774		)	(61,865		)	(98,999		)
Straight-line expense	24,981			26,717			49,563			51,937
Stock-based compensation expense	15,975			17,883			32,816			29,840
Non-cash portion of tax provision	(10,783		)	(5,060		)	(14,375		)	(9,883		)
Non-real estate related depreciation, amortization and accretion	4,235			3,489			8,430			6,883
Amortization of non-cash interest expense	12,068			20,604			23,804			41,485
Other (income) expense	(194		)	5,920			55			8,656
Gains (losses) on retirement of long-term obligations	4,181			44,629			4,157			44,629
Gains (losses) on foreign currency swaps	(59,779		)	—			(59,779		)	—
Acquisition and integration costs	2,377			19,125			4,393			24,784
Capital improvement capital expenditures	(10,662		)	(4,148		)	(18,152		)	(7,919		)
Corporate capital expenditures	(16,757		)	(7,619		)	(25,955		)	(15,056		)
AFFO^(2)(3)(5)	$	342,385		$	332,274		$	708,062		$	663,511
Weighted average common shares outstanding — diluted⁽⁴⁾	333,733			333,081			333,665			333,034
AFFO per share⁽²⁾⁽⁵⁾	$	1.03		$	1.00		$	2.12		$	1.99


(1)	Exclusive of income from discontinued operations and related noncontrolling interest of $988 million and $10 million for the three months ended June 30, 2015 and 2014, respectively and $1.0 billion and $20 million for the six months ended June 30, 2015 and 2014, respectively.


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


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


(4)	The diluted weighted average common shares outstanding assumes no conversion for preferred stock in the share count.


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

FFO and AFFO for the years ended December 31, 2014, 2013, 2012, 2011, 2010, 2009, 2008 and 2007 are computed as follows:



	Years Ended December 31,
(in thousands of dollars, except share and per share amounts)	2014			2013			2012			2011			2010			2009			2008			2007
Net income⁽¹⁾	$	346,314		$	60,001		$	124,997		$	145,070		$	(330,183	)	$	(128,893	)	$	(60,675	)	$	(228,228	)
Real estate related depreciation, amortization and accretion	971,562			730,076			572,007			503,388			496,584			494,191			491,459			502,046
Asset write-down charges	14,246			13,595			15,226			21,986			13,243			18,611			16,696			65,515
Adjustment for noncontrolling interest⁽²⁾	—			—			268			349			—			—			—			362
Dividends on preferred stock	(43,988		)	—			(2,481		)	(19,487		)	(19,878		)	(19,878		)	(19,878		)	(19,878		)
FFO^(4)(5)(7)	$	1,288,133		$	803,672		$	710,014		$	651,305		$	159,766		$	364,032		$	427,602		$	319,817

FFO (from above)	$	1,288,133		$	803,672		$	710,014		$	651,305		$	159,766		$	364,032		$	427,602		$	319,817
Adjustments to increase (decrease) FFO:
Straight-line revenue	(183,393		)	(212,856		)	(248,227		)	(195,456		)	(149,314		)	(90,269		)	(28,133		)	(30,912		)
Straight-line expense	101,890			78,619			52,271			38,141			37,617			37,469			39,172			40,026
Stock-based compensation expense	56,431			39,031			41,785			32,611			36,541			29,225			25,897			20,375
Non-cash portion of tax provision⁽³⁾	(19,490		)	185,723			(64,939		)	4,970			(29,033		)	(78,304		)	(106,857		)	(95,622		)
Non-real estate related depreciation, amortization and accretion	14,219			11,266			19,421			19,293			16,848			7,825			7,375			10,343
Amortization of non-cash interest expense	80,854			99,244			109,337			102,944			85,454			61,357			24,831			23,913
Other (income) expense	(11,992		)	3,902			5,363			5,603			824			(1,139		)	61,837			80,551
Gains (losses) on retirement of long-term obligations	44,629			37,127			131,974			—			138,367			91,079			(42		)	—
Net gain (loss) on interest rate swaps	—			—			—			—			286,435			92,966			37,888			—
Acquisition and integration costs	34,145			25,574			18,216			3,310			2,102			—			2,504			25,418
Adjustment for noncontrolling interest⁽²⁾	—			—			(268		)	(349		)	—			—			—			(362		)
Capital improvement capital expenditures	(31,056		)	(17,520		)	(19,997		)	(12,442		)	(13,727		)	(17,355		)	(13,780		)	(9,073		)
Corporate capital expenditures	(50,317		)	(27,099		)	(14,049		)	(8,421		)	(8,392		)	(9,335		)	(12,039		)	(12,206		)
AFFO^(4)(5)(7)	$	1,324,054		$	1,026,684		$	740,901		$	641,510		$	563,487		$	487,550		$	466,255		$	372,266
Weighted average common shares outstanding — diluted⁽⁶⁾	333,265			299,293			291,270			285,947			287,764			286,622			282,007			279,937
AFFO per share⁽⁴⁾⁽⁷⁾	$	3.97		$	3.43		$	2.54		$	2.24		$	1.96		$	1.70		$	1.66		$	1.33

(1) Exclusive of income from discontinued operations and related noncontrolling interest.

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


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


(4)	See reconciliations and definitions provided herein. See also "Definitions of Non-GAAP Measures and Other Calculations" herein for a discussion of our definitions of FFO and AFFO.


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


(6)	The diluted weighted average common shares outstanding assumes no conversion for preferred stock in the share count.


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

FFO and AFFO for the three months ended September 30, 2014 and 2013 are computed as follows:



	Three Months Ended September 30,
(in thousands of dollars, except share and per share amounts)	2014			2013
Net income⁽¹⁾	$	99,155		$	39,595
Real estate related depreciation, amortization and accretion	243,634			184,323
Asset write-down charges	4,932			3,022
Dividends on preferred stock	(10,997		)	—
FFO^(3)(4)(6)	$	336,723		$	226,940

FFO (from above)	$	336,723		$	226,940
Adjustments to increase (decrease) FFO:
Straight-line revenue	(45,708		)	(52,059		)
Straight-line expense	24,057			20,091
Stock-based compensation expense	13,358			9,862
Non-cash portion of tax provision⁽²⁾	(4,708		)	31,477
Non-real estate related depreciation, amortization and accretion	3,572			2,198
Amortization of non-cash interest expense	19,837			20,771
Other (income) expense	694			654
Gains (losses) on retirement of long-term obligations	—			1
Acquisition and integration costs	4,068			4,243
Capital improvement capital expenditures	(7,539		)	(3,125		)
Corporate capital expenditures	(12,116		)	(5,951		)
AFFO^(3)(4)(6)	$	332,237		$	255,102
Weighted average common shares outstanding — diluted⁽⁵⁾	333,241			291,378
AFFO per share⁽³⁾⁽⁶⁾	$	1.00		$	0.88

(1) Exclusive of income from discontinued operations and related noncontrolling interest.


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


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


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


(5)	The diluted weighted average common shares outstanding assumes no conversion for preferred stock in the share count.


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

FFO and AFFO for the quarter ending September 30, 2015 and the year ending December 31, 2015 are forecasted as follows:



	Q3 2015	Full Year 2015
(in millions of dollars, except share and per share amounts)	Outlook	Outlook
Net income⁽¹⁾	$90 to $123	$462 to $541
Real estate related depreciation, amortization and accretion	$248 to $251	$986 to $1,001
Asset write-down charges	$4 to $6	$17 to $27
Dividends on preferred stock	$(11) to $(11)	$(44) to $(44)
FFO^(3)(4)(6)	$347 to $352	$1,463 to $1,478

FFO (from above)	$347 to $352	$1,463 to $1,478
Adjustments to increase (decrease) FFO:
Straight-line revenue	$(30) to $(25)	$(118) to $(103)
Straight-line expense	$21 to $26	$88 to $103
Stock-based compensation expense	$15 to $17	$63 to $68
Non-cash portion of tax provision	$(8) to $(3)	$(34) to $(19)
Non-real estate related depreciation, amortization and accretion	$3 to $5	$14 to $19
Amortization of non-cash interest expense	$7 to $12	$32 to $43
Other (income) expense	$(1) to $2	$0 to $2
Gains (losses) on retirement of long-term obligations	$0 to $0	$4 to $4
Gains (losses) on foreign currency swaps	$0 to $0	$(60) to $(60)
Acquisition and integration costs	$2 to $5	$9 to $12
Capital improvement capital expenditures	$(12) to $(10)	$(41) to $(36)
Corporate capital expenditures	$(19) to $(17)	$(55) to $(50)
AFFO^(3)(4)(6)	$341 to $346	$1,405 to $1,420
Weighted-average common shares outstanding—diluted⁽²⁾⁽⁵⁾	333.7	333.7
AFFO per share⁽³⁾⁽⁶⁾	$1.02 to $1.04	$4.21 to $4.25


(1)	For full year 2015 Outlook, net income is exclusive of income from discontinued operations of $1.0 billion and related noncontrolling interest.


(2)	Based on 333.7 million diluted shares outstanding as of June 30, 2015.


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


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


(5)	The diluted weighted average common shares outstanding assumes no conversion for preferred stock in the share count.


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

The midpoint of the Previous Second Quarter 2015 Outlook and Previous Full Year 2015 Outlook for Adjusted EBITDA adjusted to reflect CCAL as a discounted operation are reconciled as follows:



	Q2 2015	Full Year 2015
(in millions)	Adjusted Previous Outlook	Adjusted Previous Outlook
Net income (loss)	$78 to $111	$367 to $446
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	$4 to $6	$19 to $29
Acquisition and integration costs	$0 to $3	$4 to $4
Depreciation, amortization and accretion	$250 to $255	$996 to $1,016
Amortization of prepaid lease purchase price adjustments	$4 to $6	$19 to $21
Interest expense and amortization of deferred financing costs	$133 to $138	$531 to $546
Gains (losses) on retirement of long-term obligations	$0 to $0	$0 to $0
Interest income	$(2) to $0	$(3) to $(1)
Other income (expense)	$(1) to $2	$1 to $3
Benefit (provision) for income taxes	$(3) to $1	$(15) to $(7)
Stock-based compensation expense	$15 to $17	$63 to $68
Adjusted EBITDA⁽¹⁾	$509	$2,054


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

The midpoint of the Previous Second Quarter 2015 Outlook and Previous Full Year 2015 Outlook for FFO and AFFO adjusted to reflect CCAL as a discounted operation are reconciled as follows:



	Q2 2015	Full Year 2015
(in millions, except share and per share amounts)	Adjusted Previous Outlook	Adjusted Previous Outlook
Net income	$78 to $111	$367 to $446
Real estate related depreciation, amortization and accretion	$247 to $250	$982 to $997
Asset write-down charges	$4 to $6	$19 to $29
Dividends on preferred stock	$(11) to $(11)	$(44) to $(44)
FFO^(1)(2)(5)	$339 to $344	$1,387 to $1,402

FFO (from above)	$339 to $344	$1,387 to $1,402
Adjustments to increase (decrease) FFO:
Straight-line revenue	$(34) to $(29)	$(117) to $(102)
Straight-line expense	$22 to $27	$86 to $101
Stock-based compensation expense	$15 to $17	$63 to $68
Non-cash portion of tax provision	$(9) to $(4)	$(30) to $(15)
Non-real estate related depreciation, amortization and accretion	$3 to $5	$14 to $19
Amortization of non-cash interest expense	$10 to $15	$30 to $41
Other (income) expense	$(1) to $2	$1 to $3
Acquisition and integration costs	$0 to $3	$4 to $4
Capital improvement capital expenditures	$(11) to $(9)	$(40) to $(35)
Corporate capital expenditures	$(10) to $(8)	$(34) to $(29)
AFFO^(1)(2)(5)	$339	$1,399
Weighted average common shares outstanding — diluted⁽⁴⁾	333.9	333.9
AFFO per share⁽¹⁾⁽⁵⁾	$1.02	$4.19


(1)	Based on diluted shares outstanding as of March 31, 2015.


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


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


(4)	The diluted weighted average common shares outstanding assumes no conversion of preferred stock in the share count.


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

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

The impact of CCAL discontinued operations on our previously issued guidance for the quarter ending June 30, 2015 is as follows:



(in millions)	Midpoint as previously issued⁽¹⁾	CCAL Impact	Midpoint as adjusted
Site rental revenues	$770	$35	$735
Site rental gross margin	$526	$27	$499
Adjusted EBITDA	$534	$25	$509
AFFO	$351	$12	$339
AFFO per share⁽²⁾	$1.05	$0.03	$1.02


(1)	As previously issued on April 22, 2015.


(2)	Based on diluted shares outstanding as of March 31, 2015.

The impact of CCAL discontinued operations on our previously issued guidance for the year ending December 31, 2015 is as follows:



(in millions)	Midpoint as previously issued⁽¹⁾	CCAL Impact	Midpoint as adjusted
Site rental revenues	$3,075	$142	$2,933
Site rental gross margin	$2,099	$107	$1,992
Adjusted EBITDA	$2,153	$99	$2,054
AFFO	$1,458	$59	$1,399
AFFO per share⁽²⁾	$4.37	$0.18	$4.19


(1)	As previously issued on April 22, 2015.


(2)	Based on diluted shares outstanding as of March 31, 2015.

Net debt to Last Quarter Annualized Adjusted EBITDA calculation:



	Three Months Ended June 30,
(dollars in millions)	2015			2014
Total face value of debt	$	11,135.0		$	11,568.8
Ending cash and cash equivalents	338.6			195.8
Total net debt	$	10,796.4		$	11,373.0

Adjusted EBITDA for the three months ended June 30,	$	520.9		$	509.5
Last quarter annualized Adjusted EBITDA	2,083.7			2,038.0
Net debt to Last Quarter Annualized Adjusted EBITDA	5.2		x	5.6		x

Cash Interest Coverage Ratio Calculation:



	Three Months Ended June 30,
(dollars in thousands)	2015			2014
Adjusted EBITDA	$	520,926		$	509,537
Interest expense on debt obligations	122,398			123,930
Interest Coverage Ratio	4.3		x	4.1		x

Crown Castle International Corp.

Second Quarter 2015



COMPANY OVERVIEW	FINANCIALS & METRICS	ASSET PORTFOLIO OVERVIEW	CAPITALIZATION OVERVIEW	APPENDIX

AFFO Payout Ratio Calculation:



	Three Months Ended June 30,
(per share)	2015
Dividend per share	$	0.82
AFFO per share	$	1.03
AFFO Payout Ratio⁽¹⁾	80		%


(1)	AFFO is calculated exclusive of income from discontinued operations and related noncontrolling interest. See page 2.

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