CROWN CASTLE REPORTS FULL YEAR 2019 RESULTS,

UPDATES OUTLOOK FOR FULL YEAR 2020, AND ANNOUNCES RESTATEMENT OF FINANCIAL RESULTS

February 26, 2020 - HOUSTON, TEXAS - Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the fourth quarter and full year ended December 31, 2019, updated its full year 2020 Outlook, and announced the restatement of previously-issued financial statements.

(in millions, except per share amounts)	Midpoint of Current Full Year 2020 Outlook(c)	Full Year 2019 Actual(d)	Full Year 2018 Actual, as restated(d)	Full Year 2019 to Full Year 2020 Outlook % Change	Full Year 2018 to Full Year 2019 % Change(d)
Site rental revenues	$5,360	$5,098	$4,800	+5%	+6%
Net income (loss)	$1,038	$863	$625	+20%	+38%
Net income (loss) per share—diluted(a)	$2.32	$1.80	$1.23	+29%	+46%
Adjusted EBITDA(b)	$3,502	$3,304	$3,095	+6%	+7%
AFFO(a)(b)	$2,595	$2,376	$2,228	+9%	+7%
AFFO per share(a)(b)	$6.12	$5.69	$5.37	+8%	+6%

(a)	Attributable to CCIC common stockholders.

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

(c)	Represents no change from the midpoint of full year 2020 Outlook issued on October 16, 2019 ("Previous 2020 Outlook") other than the impact of the restatement described in "Expected Impact of the Restatement of Previously-Issued Financial Statements."

(d)	Results are preliminary and unaudited. See "Expected Impact of the Restatement of Previously-Issued Financial Statements" included herein for more information regarding the Company's restatement.

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RESULTS FOR THE YEAR

The table below sets forth select preliminary unaudited financial results for the year ended December 31, 2019 that reflect the restatement described above.

(in millions, except per share amounts)	Full Year 2019 Actual(c)(d)	Midpoint of Previous 2019 Outlook(e)	Actual Compared to Previous Outlook	Effect of Restatement(c)
Site rental revenues	$5,098	$4,965	+$133	+$110
Net income (loss)	$863	$926	-$63	-$100
Net income (loss) per share—diluted(a)	$1.80	$1.95	-$0.15	-$0.24
Adjusted EBITDA(b)	$3,304	$3,408	-$104	-$100
AFFO(a)(b)	$2,376	$2,479	-$103	-$100
AFFO per share(a)(b)	$5.69	$5.94	-$0.25	-$0.24

(a)	Attributable to CCIC common stockholders.

(b)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" included herein for further information and reconciliation of this non-

(c)	Results are preliminary and unaudited. See "Expected Impact of the Restatement of Previously-Issued Financial Statements" included herein for more information regarding the Company's restatement.

(d)	Includes restatement of nine months ended September 30, 2019.

(e)	As issued on October 16, 2019.

•

Site rental revenues. Site rental revenues grew approximately 6.2%, or $298 million, from full year 2018 to full year 2019, inclusive of approximately $290 million in Organic Contribution to Site Rental Revenues and a $9 million increase in straight-lined revenues. The $290 million in Organic Contribution to Site Rental Revenues represents approximately 6.1% growth, comprised of approximately 9.9% growth from new leasing activity and contracted tenant escalations, net of approximately 3.8% from tenant non-renewals.

•

Capital Expenditures. Capital expenditures during the year were $2.1 billion, comprised of $53 million of land purchases, $117 million of sustaining capital expenditures, $1.9 billion of discretionary capital expenditures and $9 million of integration capital expenditures. The discretionary capital expenditures included approximately $1.4 billion attributable to Fiber and approximately $454 million attributable to Towers.

•	Common stock dividend. During 2019, Crown Castle paid common stock dividends of approximately $1.9 billion in the aggregate, or $4.575 per common share, an increase of approximately 7% on a per share basis compared to the same period a year ago.

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OUTLOOK

This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the SEC. As indicated in the footnotes to the table below, the only changes to our Previous 2020 Outlook are a result of the impact of the restatement as described in "Expected Impact of the Restatement of Previously-Issued Financial Statements."

The following table sets forth Crown Castle's current Outlook for full year 2020:

(in millions)	Full Year 2020
Site rental revenues	$5,337	to	$5,382
Site rental cost of operations(a)	$1,482	to	$1,527
Net income (loss)	$998	to	$1,078
Adjusted EBITDA(b)	$3,479	to	$3,524
Interest expense and amortization of deferred financing costs(c)	$691	to	$736
FFO(b)(d)	$2,449	to	$2,494
AFFO(b)(d)	$2,572	to	$2,617
Weighted-average common shares outstanding - diluted	424

(a)	Exclusive of depreciation, amortization and accretion.

(b)	See reconciliation of this non-GAAP financial measure to net income (loss) and definition included herein.

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

(d)	Attributable to CCIC common stockholders.

Full Year 2020 Outlook

The table below compares midpoint of the current full year 2020 Outlook and the midpoint of our Previous 2020 Outlook for select metrics.

(in millions, except per share amounts)	Midpoint of Current Full Year 2020 Outlook	Midpoint of Previous Full Year 2020 Outlook	Current Compared to Previous Outlook	Effect of Restatement(c)
Site rental revenues	$5,360	$5,219	+$141	+$141
Net income (loss)	$1,038	$1,128	-$90	-$90
Net income (loss) per share—diluted(a)	$2.32	$2.53	-$0.21	-$0.21
Adjusted EBITDA(b)	$3,502	$3,592	-$90	-$90
AFFO(a)(b)	$2,595	$2,685	-$90	-$90
AFFO per share(a)(b)	$6.12	$6.33	-$0.21	-$0.21

(a)	Attributable to CCIC common stockholders.

(b)	See reconciliation of this non-GAAP financial measure to net income (loss) and definition included herein.

(c)	See "Expected Impact of the Restatement of Previously-Issued Financial Statements" included herein for more information regarding the Company's restatement.

•	The full year 2020 Outlook assumes the proposed merger between T-Mobile and Sprint closes at the end of the first quarter 2020.

•	The 2020 Outlook also reflects the impact of the assumed conversion of preferred stock in August 2020. This conversion is expected to increase the diluted weighted average common shares outstanding for 2020 by approximately 6 million and reduce the annual preferred stock dividends paid by approximately $28 million when compared to 2019.

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•	The chart below reconciles the components of expected growth in site rental revenues from 2019 to 2020 of $250 million to $295 million, inclusive of expected Organic Contribution to Site Rental Revenues during 2020 of $295 million to $335 million.

•	New leasing activity is expected to contribute $395 million to $425 million to 2020 Organic Contribution to Site Rental Revenues, consisting of new leasing activity from towers of $170 million to $180 million, small cells of $65 million to $75 million, and fiber solutions of $160 million to $170 million.

•	The chart below reconciles the components of expected growth in AFFO from 2019 to 2020 of $195 million to $240 million.

•	Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.

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(in millions, except per share amounts)	Q1 2019(c)	Q2 2019(c)	Q3 2019(c)	Q4 2019(c)	Full Year 2019(c)
Site rental revenues	$24	$26	$29	$31	$110
Services and other revenues	$(41)	$(55)	$(57)	$(57)	$(210)
Net income (loss)	$(17)	$(29)	$(28)	$(26)	$(100)
Net income (loss) per share—diluted(a)	$(0.04)	$(0.07)	$(0.07)	$(0.06)	$(0.24)
Adjusted EBITDA(b)	$(17)	$(29)	$(28)	$(26)	$(100)
AFFO(a)(b)	$(17)	$(29)	$(28)	$(26)	$(100)
AFFO per share(a)(b)	$(0.04)	$(0.07)	$(0.07)	$(0.06)	$(0.24)

(in millions, except per share amounts)	Q1 2018(c)	Q2 2018(c)	Q3 2018(c)	Q4 2018(c)	Full Year 2018(c)
Site rental revenues	$19	$20	$22	$23	$84
Services and other revenues	$(33)	$(30)	$(34)	$(36)	$(133)
Net income (loss)	$(13)	$(9)	$(11)	$(13)	$(46)
Net income (loss) per share—diluted(a)	$(0.03)	$(0.02)	$(0.03)	$(0.03)	$(0.11)
Adjusted EBITDA(b)	$(13)	$(9)	$(11)	$(13)	$(46)
AFFO(a)(b)	$(13)	$(9)	$(11)	$(13)	$(46)
AFFO per share(a)(b)	$(0.03)	$(0.02)	$(0.03)	$(0.03)	$(0.11)

(in millions, except per share amounts)	Full Year 2017(c)	Full Year 2016(c)	Full Year 2015(c)
Site rental revenues	$68	$53	$40
Services and other revenues	$(166)	$(122)	$(111)
Net income (loss)	$(77)	$(49)	$(68)
Net income (loss) per share—diluted(a)	$(0.20)	$(0.14)	$(0.20)
Adjusted EBITDA(b)	$(77)	$(49)	$(68)
AFFO(a)(b)	$(77)	$(49)	$(68)
AFFO per share(a)(b)	$(0.20)	$(0.14)	$(0.20)

(a)	Attributable to CCIC common stockholders.

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

(c)	Results are preliminary and unaudited. See "Expected Impact of the Restatement of Previously-Issued Financial Statements" included herein for more information regarding the Company's restatement.

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•

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

•

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

•

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

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•

Organic Contribution to Site Rental Revenues is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses the Organic Contribution to Site Rental Revenues to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, new leasing activities and tenant non-renewals in our core business, as well to forecast future results. Organic Contribution to Site Rental Revenues is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.

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Reconciliation of Historical Adjusted EBITDA:

	For the Three Months Ended								For the Twelve Months Ended
	December 31, 2019				December 31, 2018				December 31, 2019				December 31, 2018
(in millions)					(As Restated)								(As Restated)
Net income (loss)	$	208			$	200			$	863			$	625
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	6				8				19				26
Acquisition and integration costs	3				9				13				27
Depreciation, amortization and accretion	398				390				1,574				1,528
Amortization of prepaid lease purchase price adjustments	5				5				20				20
Interest expense and amortization of deferred financing costs(a)	173				164				683				642
(Gains) losses on retirement of long-term obligations	—				—				2				106
Interest income	(1		)		(2		)		(6		)		(5		)
Other (income) expense	(7		)		(1		)		(1		)		(1		)
(Benefit) provision for income taxes	6				5				21				19
Stock-based compensation expense	27				25				116				108
Adjusted EBITDA(b)(c)	$	818			$	803			$	3,304			$	3,095

	For the Twelve Months Ended
	December 31, 2017				December 31, 2016				December 31, 2015
(in millions)	(As Restated)
Net income (loss)	$	368			$	308			$	1,456
Adjustments to increase (decrease) net income (loss):
Income (loss) from discontinued operations	—				—				(999		)
Asset write-down charges	17				34				33
Acquisition and integration costs	61				17				16
Depreciation, amortization and accretion	1,242				1,109				1,036
Amortization of prepaid lease purchase price adjustments	20				21				21
Interest expense and amortization of deferred financing costs(a)	591				515				527
(Gains) losses on retirement of long-term obligations	4				52				4
Interest income	(19		)		(1		)		(2		)
Other (income) expense	(1		)		9				(57		)
(Benefit) provision for income taxes	26				17				(51		)
Stock-based compensation expense	96				97				67
Adjusted EBITDA(b)(c)	$	2,405			$	2,179			$	2,051

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

(b)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.

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

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

(b)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.

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

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Reconciliation of Historical FFO and AFFO:

	For the Three Months Ended								For the Twelve Months Ended
(in millions)	December 31, 2019				December 31, 2018				December 31, 2019				December 31, 2018
					(As Restated)								(As Restated)
Net income (loss)	$	208			$	200			$	863			$	625
Real estate related depreciation, amortization and accretion	384				375				1,519				1,472
Asset write-down charges	6				8				19				26
Dividends/distributions on preferred stock	(28		)		(28		)		(113		)		(113		)
FFO(a)(b)(c)(d)	$	570			$	555			$	2,288			$	2,009
Weighted-average common shares outstanding—diluted(e)	418				417				418				415
FFO per share(a)(b)(c)(d)(e)	$	1.36			$	1.33			$	5.47			$	4.84
FFO (from above)	$	570			$	555			$	2,288			$	2,009
Adjustments to increase (decrease) FFO:
Straight-lined revenue	(18		)		(20		)		(80		)		(72		)
Straight-lined expense	23				21				93				90
Stock-based compensation expense	27				25				116				108
Non-cash portion of tax provision	3				3				5				2
Non-real estate related depreciation, amortization and accretion	14				15				55				56
Amortization of non-cash interest expense	—				2				1				7
Other (income) expense	(7		)		(1		)		(1		)		(1		)
(Gains) losses on retirement of long-term obligations	—				—				2				106
Acquisition and integration costs	3				9				13				27
Sustaining capital expenditures	(36		)		(30		)		(117		)		(105		)
AFFO(a)(b)(c)(d)	$	578			$	578			$	2,376			$	2,228
Weighted-average common shares outstanding—diluted(e)	418				417				418				415
AFFO per share(a)(b)(c)(d)(e)	$	1.38			$	1.39			$	5.69			$	5.37

(a)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.

(b)	FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.

(c)	Attributable to CCIC common stockholders.

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

(e)	For all periods presented, the diluted weighted-average common shares outstanding does not include any assumed conversion of preferred stock in the share count.

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Reconciliation of Historical FFO and AFFO:

	For the Twelve Months Ended
(in millions)	December 31, 2017				December 31, 2016				December 31, 2015
	(As Restated)
Net income (loss)(a)	$	368			$	308			$	457
Real estate related depreciation, amortization and accretion	1,211				1,082				1,018
Asset write-down charges	17				34				33
Dividends/distributions on preferred stock	(30		)		(44		)		(44		)
FFO(b)(c)(d)(e)	$	1,566			$	1,381			$	1,465
Weighted-average common shares outstanding—diluted(f)	383				341				334
FFO per share(b)(c)(d)(e)(f)	$	4.09			$	4.05			$	4.39
FFO (from above)	$	1,566			$	1,381			$	1,465
Adjustments to increase (decrease) FFO:
Straight-lined revenue	—				(47		)		(111		)
Straight-lined expense	93				94				99
Stock-based compensation expense	96				97				67
Non-cash portion of tax provision	9				7				(64		)
Non-real estate related depreciation, amortization and accretion	31				26				18
Amortization of non-cash interest expense	9				14				37
Other (income) expense	(1		)		9				(57		)
(Gains) losses on retirement of long-term obligations	4				52				4
Acquisition and integration costs	61				17				16
Sustaining capital expenditures	(85		)		(90		)		(105		)
AFFO(b)(c)(d)(e)	$	1,783			$	1,561			$	1,369
Weighted-average common shares outstanding—diluted(f)	383				341				334
AFFO per share(b)(c)(d)(e)(f)	$	4.65			$	4.58			$	4.10

(a)	Exclusive of income (loss) from discontinued operations and related noncontrolling interest of $1.0 billion for the twelve months ended December 31, 2015.

(b)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.

(c)	FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.

(d)	Attributable to CCIC common stockholders.

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

(f)	For all periods presented, the diluted weighted-average common shares outstanding does not include any assumed conversion of preferred stock in the share count.

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	Full Year 2020
(in millions)	Outlook
Net income (loss)	$998	to	$1,078
Real estate related depreciation, amortization and accretion	$1,454	to	$1,534
Asset write-down charges	$20	to	$30
Dividends/distributions on preferred stock	$(85)	to	$(85)
FFO(a)(b)(c)(d)	$2,449	to	$2,494
Weighted-average common shares outstanding—diluted(e)	424
FFO per share(a)(b)(c)(d)(e)	$5.77	to	$5.88
FFO (from above)	$2,449	to	$2,494
Adjustments to increase (decrease) FFO:
Straight-lined revenue	$(53)	to	$(33)
Straight-lined expense	$70	to	$90
Stock-based compensation expense	$126	to	$130
Non-cash portion of tax provision	$(6)	to	$9
Non-real estate related depreciation, amortization and accretion	$49	to	$64
Amortization of non-cash interest expense	$(4)	to	$6
Other (income) expense	$(1)	to	$1
(Gains) losses on retirement of long-term obligations	$0	to	$0
Acquisition and integration costs	$7	to	$17
Sustaining capital expenditures	$(123)	to	$(103)
AFFO(a)(b)(c)(d)	$2,572	to	$2,617
Weighted-average common shares outstanding—diluted(e)	424
AFFO per share(a)(b)(c)(d)(e)	$6.06	to	$6.17

(a)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.

(b)	FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.

(c)	Attributable to CCIC common stockholders.

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

(e)

The assumption for diluted weighted-average common shares outstanding for full year 2020 Outlook is based on the diluted common shares outstanding as of December 31, 2019 and is inclusive of the assumed conversion of preferred stock in August 2020, which we expect to result in (1) an increase in the diluted weighted-average common shares outstanding by approximately 6 million shares and (2) a reduction in the amount of annual preferred stock dividends paid by approximately $28 million when compared to full year 2019.

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	Previously Issued				Previously Issued
	Full Year 2019				Full Year 2020
(in millions)	Outlook				Outlook
Net income (loss)	$896	to	$956		$1,088	to	$1,168
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	$23	to	$33		$20	to	$30
Acquisition and integration costs	$11	to	$21		$7	to	$17
Depreciation, amortization and accretion	$1,576	to	$1,611		$1,503	to	$1,598
Amortization of prepaid lease purchase price adjustments	$19	to	$21		$18	to	$20
Interest expense and amortization of deferred financing costs	$674	to	$704		$691	to	$736
(Gains) losses on retirement of long-term obligations	$2	to	$2		$0	to	$0
Interest income	$(8)	to	$(4)		$(7)	to	$(3)
Other (income) expense	$2	to	$4		$(1)	to	$1
(Benefit) provision for income taxes	$16	to	$24		$16	to	$24
Stock-based compensation expense	$112	to	$120		$126	to	$130
Adjusted EBITDA(a)(b)	$3,393	to	$3,423		$3,569	to	$3,614

(a)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.

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

	Previously Issued				Previously Issued
	Full Year 2019				Full Year 2020
(in millions)	Outlook				Outlook
Net income (loss)	$896	to	$956		$1,088	to	$1,168
Real estate related depreciation, amortization and accretion	$1,528	to	$1,548		$1,454	to	$1,534
Asset write-down charges	$23	to	$33		$20	to	$30
Dividends/distributions on preferred stock	$(113)	to	$(113)		$(85)	to	$(85)
FFO(a)(b)(c)(d)	$2,363	to	$2,393		$2,539	to	$2,584
Weighted-average common shares outstanding—diluted(e)	418				424
FFO per share(a)(b)(c)(d)(e)	$5.66	to	$5.73		$5.99	to	$6.09
FFO (from above)	$2,363	to	$2,393		$2,539	to	$2,584
Adjustments to increase (decrease) FFO:
Straight-lined revenue	$(74)	to	$(54)		$(53)	to	$(33)
Straight-lined expense	$81	to	$101		$70	to	$90
Stock-based compensation expense	$112	to	$120		$126	to	$130
Non-cash portion of tax provision	$(6)	to	$9		$(6)	to	$9
Non-real estate related depreciation, amortization and accretion	$48	to	$63		$49	to	$64
Amortization of non-cash interest expense	$(5)	to	$5		$(4)	to	$6
Other (income) expense	$2	to	$4		$(1)	to	$1
(Gains) losses on retirement of long-term obligations	$2	to	$2		$0	to	$0
Acquisition and integration costs	$11	to	$21		$7	to	$17
Sustaining capital expenditures	$(136)	to	$(106)		$(123)	to	$(103)
AFFO(a)(b)(c)(d)	$2,464	to	$2,494		$2,662	to	$2,707
Weighted-average common shares outstanding—diluted(e)	418				424
AFFO per share(a)(b)(c)(d)(e)	$5.90	to	$5.97		$6.28	to	$6.38

(a)	See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.

(b)	FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.

(c)	Attributable to CCIC common stockholders.

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

(e)

The assumption for diluted weighted-average common shares outstanding for full year 2020 Outlook is based on the diluted common shares outstanding as of December 31, 2019 and is inclusive of the assumed conversion of preferred stock in August 2020, which we expect to result in (1) an increase in the diluted weighted-average common shares outstanding by approximately 6 million shares and (2) a reduction in the amount of annual preferred stock dividends paid by approximately $28 million when compared to full year 2019.

---

	Three Months Ended December 31,
(dollars in millions)	2019				2018
					(As Restated)
Components of changes in site rental revenues(a):
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c)	$	1,212			$	1,067
New leasing activity(b)(c)	100				64
Escalators	22				21
Non-renewals	(51		)		(22		)
Organic Contribution to Site Rental Revenues(d)	71				63
Straight-lined revenues associated with fixed escalators	18				20
Acquisitions(e)	—				82
Other	—				—
Total GAAP site rental revenues	$	1,301			$	1,232
Year-over-year changes in revenue:
Reported GAAP site rental revenues	5.6		%
Organic Contribution to Site Rental Revenues(d)(f)	5.9		%

(a)	Additional information regarding Crown Castle's site rental revenues, including projected revenue from tenant licenses, straight-lined revenues and prepaid rent is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of its website.

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

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

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

(e)	Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition.

(f)	Calculated as the percentage change from prior year site rental revenues, exclusive of straight-lined revenues associated with fixed escalations, compared to Organic Contribution to Site Rental Revenues for the current period.

(dollars in millions)	Full Year 2019		Full Year 2020 Outlook
Components of changes in site rental revenues(a):
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c)	$4,727		$5,017
New leasing activity(b)(c)	385		395-425
Escalators	86		90-100
Non-renewals	(181)		(195)-(175)
Organic Contribution to Site Rental Revenues(d)	290		295-335
Straight-lined revenues associated with fixed escalators	81		33-53
Acquisitions(e)	—		—
Other	—		—
Total GAAP site rental revenues	$5,098		$5,337-$5,382
Year-over-year changes in revenue:
Reported GAAP site rental revenues(f)	6.2%		5.1%
Organic Contribution to Site Rental Revenues(d)(f)(g)	6.1%		6.3%

(a)	Additional information regarding Crown Castle's site rental revenues, including projected revenue from tenant licenses, straight-lined revenues and prepaid rent is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of its website.

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

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

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

(e)	Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition.

(f)	Calculated based on midpoint of full year 2020 Outlook.

(g)	Calculated as the percentage change from prior year site rental revenues, exclusive of straight-lined revenues associated with fixed escalations, compared to Organic Contribution to Site Rental Revenues for the current period.

---

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

	For the Three Months Ended
(in millions)	December 31, 2019				December 31, 2018
Interest expense on debt obligations	$	173			$	162
Amortization of deferred financing costs and adjustments on long-term debt, net	5				5
Other, net	(5		)		(3		)
Interest expense and amortization of deferred financing costs	$	173			$	164

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

	Full Year 2020
(in millions)	Outlook
Interest expense on debt obligations	$703	to	$723
Amortization of deferred financing costs and adjustments on long-term debt, net	$20	to	$25
Other, net	$(24)	to	$(19)
Interest expense and amortization of deferred financing costs	$691	to	$736

(in millions)	Face Value				Final Maturity
Cash, cash equivalents and restricted cash	$	338
3.849% Secured Notes	1,000				Apr. 2023
Secured Notes, Series 2009-1, Class A-2(a)	68				Aug. 2029
Tower Revenue Notes, Series 2015-1(b)	300				May 2042
Tower Revenue Notes, Series 2018-1(b)	250				July 2043
Tower Revenue Notes, Series 2015-2(b)	700				May 2045
Tower Revenue Notes, Series 2018-2(b)	750				July 2048
Finance leases and other obligations	226				Various
Total secured debt	$	3,294
2016 Revolver	525				June 2024
2016 Term Loan A	2,312				June 2024
Commercial Paper Notes(c)	155				Various
3.400% Senior Notes	850				Feb. 2021
2.250% Senior Notes	700				Sept. 2021
4.875% Senior Notes	850				Apr. 2022
5.250% Senior Notes	1,650				Jan. 2023
3.150% Senior Notes	750				July 2023
3.200% Senior Notes	750				Sept. 2024
4.450% Senior Notes	900				Feb. 2026
3.700% Senior Notes	750				June 2026
4.000% Senior Notes	500				Mar. 2027
3.650% Senior Notes	1,000				Sept. 2027
3.800% Senior Notes	1,000				Feb. 2028
4.300% Senior Notes	600				Feb. 2029
3.100% Senior Notes	550				Nov. 2029
4.750% Senior Notes	350				May 2047
5.200% Senior Notes	400				Feb. 2049
4.000% Senior Notes	350				Nov. 2049
Total unsecured debt	$	14,942
Total net debt	$	17,898

---

(a)	The Senior Secured Notes, 2009-1, Class A-2 principal amortizes during the period beginning in September 2019 and ending in August 2029.

(b)	The Senior Secured Tower Revenue Notes, Series 2015-1 and 2015-2 have anticipated repayment dates in 2022 and 2025, respectively. The Senior Secured Tower Revenue Notes, Series 2018-1 and 2018-2 have anticipated repayment dates in 2023 and 2028, respectively.

(c)	The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.

(dollars in millions)	For the Three Months Ended December 31, 2019
Total face value of debt	$	18,236
Ending cash, cash equivalents and restricted cash	338
Total Net Debt	$	17,898
Adjusted EBITDA for the three months ended December 31, 2019	$	818
Last quarter annualized Adjusted EBITDA	3,272
Net Debt to Last Quarter Annualized Adjusted EBITDA	5.5		x

Components of Capital Expenditures:

	For the Three Months Ended
(in millions)	December 31, 2019													December 31, 2018
	Towers			Fiber			Other			Total				Towers			Fiber			Other			Total
Discretionary:
Purchases of land interests	$	11		$	—		$	—		$	11			$	18		$	—		$	—		$	18
Communications infrastructure construction and improvements	119			353			—			472				98			349			—			447
Sustaining	12			12			12			36				8			15			7			30
Integration	—			—			2			2				—			—			5			5
Total	$	142		$	365		$	14		$	521			$	124		$	364		$	11		$	500

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

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•

Our business depends on the demand for our communications infrastructure, driven primarily by demand for data, and we may be adversely affected by any slowdown in such demand. Additionally, a reduction in the amount or change in the mix of network investment by our tenants may materially and adversely affect our business (including reducing demand for our communications infrastructure or services).

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

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

•	Our Fiber segment has expanded rapidly, and the Fiber business model contains certain differences from our Towers business model, resulting in different operational risks. If we do not successfully operate our Fiber business model or identify or manage the related operational risks, such operations may produce results that are lower than anticipated.

•	Failure to timely and efficiently execute on our construction projects could adversely affect our business.

•

Our substantial level of indebtedness could adversely affect our ability to react to changes in our business, and the terms of our debt instruments and our 6.875% 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 or securities convertible into shares of our common stock may adversely affect the market price of our common stock.

•	As a result of competition in our industry, we may find it more difficult to negotiate favorable rates on our new or renewing tenant contracts.

---

•	New technologies may reduce demand for our communications infrastructure or negatively impact our revenues.

•	If we fail to retain rights to our communications infrastructure, including the land interests under our towers and the right-of-way and other agreements related to our small cells and fiber, our business may be adversely affected.

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

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

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

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

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

•	We may be vulnerable to security breaches or other unforeseen events that could adversely affect our operations, business, and reputation.

•	We have concluded that certain of our previously-issued consolidated financial statements should not be relied upon and we have restated such previously-issued consolidated financial statements, which may result in loss of investor confidence, negative impact on our stock price, shareholder litigation, and certain other risks.

•

We identified one or more material weaknesses in our internal control over financial reporting. If we are unable to remediate such material weakness(es), or if we experience additional material weaknesses or other deficiencies in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately and timely report our financial results, in which case our business may be harmed, investors may lose confidence in the accuracy and completeness of our financial reports, and the stock price may decline.

•

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

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

•	If we fail to pay scheduled dividends on our 6.875% Mandatory Convertible Preferred Stock (prior to the automatic conversion in August 2020), 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.

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

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

The pathway to possible.

CrownCastle.com

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News Release continued:		Page 22

	December 31, 2019				December 31, 2018
					(As Restated)
ASSETS
Current assets:
Cash and cash equivalents	$	196			$	277
Restricted cash	137				131
Receivables, net	596				501
Prepaid expenses(a)	107				172
Other current assets	168				148
Total current assets	1,204				1,229
Deferred site rental receivables	1,424				1,366
Property and equipment, net	14,689				13,676
Operating lease right-of-use assets(a)	6,133				—
Goodwill	10,078				10,078
Other intangible assets, net(a)	4,836				5,516
Long-term prepaid rent and other assets, net(a)	116				920
Total assets	$	38,480			$	32,785
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	334			$	313
Accrued interest	169				148
Deferred revenues	661				591
Other accrued liabilities(a)	361				351
Current maturities of debt and other obligations	100				107
Current portion of operating lease liabilities(a)	299				—
Total current liabilities	1,924				1,510
Debt and other long-term obligations	18,021				16,575
Operating lease liabilities(a)	5,511				—
Other long-term liabilities(a)	2,526				3,123
Total liabilities	27,982				21,208
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: December 31, 2019—416 and December 31, 2018—415	4				4
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value; 20 shares authorized; shares issued and outstanding: December 31, 2019—2 and December 31, 2018—2; aggregate liquidation value: December 31, 2019—$1,650 and December 31, 2018—$1,650	—				—
Additional paid-in capital	17,855				17,767
Accumulated other comprehensive income (loss)	(5		)		(5		)
Dividends/distributions in excess of earnings	(7,356		)		(6,189		)
Total equity	10,498				11,577
Total liabilities and equity	$	38,480			$	32,785

(a)

Effective January 1, 2019, we adopted new guidance on the recognition, measurement, presentation and disclosure of leases. The new guidance requires lessees to recognize a lease liability, initially measured at the present value of the lease payments for all leases, and a corresponding right-of-use asset. The accounting for lessors remained largely unchanged from previous guidance. As a result of the new guidance for leases, on the effective date, certain amounts related to our lessee arrangements that were previously reported separately have been de-recognized and reclassified into "Operating lease right-of-use assets" on the condensed consolidated balance sheet as of December 31, 2019.

The pathway to possible.

CrownCastle.com

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News Release continued:		Page 23

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2019				2018				2019				2018
					(As Restated)								(As Restated)
Net revenues:
Site rental	$	1,301			$	1,232			$	5,098			$	4,800
Services and other	128				174				675				574
Net revenues	1,429				1,406				5,773				5,374
Operating expenses:
Costs of operations (exclusive of depreciation, amortization and accretion):
Site rental	367				353				1,462				1,410
Services and other	119				135				529				434
Selling, general and administrative	157				145				614				563
Asset write-down charges	6				8				19				26
Acquisition and integration costs	3				9				13				27
Depreciation, amortization and accretion	398				390				1,574				1,528
Total operating expenses	1,050				1,040				4,211				3,988
Operating income (loss)	379				366				1,562				1,386
Interest expense and amortization of deferred financing costs	(173		)		(164		)		(683		)		(642		)
Gains (losses) on retirement of long-term obligations	—				—				(2		)		(106		)
Interest income	1				2				6				5
Other income (expense)	7				1				1				1
Income (loss) before income taxes	214				205				884				644
Benefit (provision) for income taxes	(6		)		(5		)		(21		)		(19		)
Net income (loss)	208				200				863				625
Dividends/distributions on preferred stock	(28		)		(28		)		(113		)		(113		)
Net income (loss) attributable to CCIC common stockholders	$	180			$	172			$	750			$	512
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders, basic	$	0.43			$	0.41			$	1.80			$	1.24
Net income (loss) attributable to CCIC common stockholders, diluted	$	0.43			$	0.41			$	1.80			$	1.23
Weighted-average common shares outstanding:
Basic	416				415				416				413
Diluted	418				417				418				415

The pathway to possible.

CrownCastle.com

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News Release continued:		Page 24

The pathway to possible.

CrownCastle.com

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News Release continued:		Page 25

SEGMENT OPERATING RESULTS
	Three Months Ended December 31, 2019																Three Months Ended December 31, 2018
																	(As Restated)
	Towers				Fiber				Other				Consolidated Total				Towers				Fiber				Other				Consolidated Total
Segment site rental revenues	$	864			$	437							$	1,301			$	821			$	411							$	1,232
Segment services and other revenues	122				6								128				166				8								174
Segment revenues	986				443								1,429				987				419								1,406
Segment site rental cost of operations	217				141								358				207				138								345
Segment services and other cost of operations	114				3								117				127				5								132
Segment cost of operations(a)(b)	331				144								475				334				143								477
Segment site rental gross margin(c)	647				296								943				614				273								887
Segment services and other gross margin(c)	8				3								11				39				3								42
Segment selling, general and administrative expenses(b)	23				48								71				29				47								76
Segment operating profit(c)	632				251								883				624				229								853
Other selling, general and administrative expenses(b)									$	65			65												$	50			50
Stock-based compensation expense									27				27												25				25
Depreciation, amortization and accretion									398				398												390				390
Interest expense and amortization of deferred financing costs									173				173												164				164
Other (income) expenses to reconcile to income (loss) before income taxes(d)									6				6												19				19
Income (loss) before income taxes													$	214															$	205

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

(b)

Segment cost of operations excludes (1) stock-based compensation expense of $6 million for both of the three months ended December 31, 2019 and 2018, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended December 31, 2019 and 2018. Selling, general and administrative expenses exclude stock-based compensation expense of $21 million and $19 million for the three months ended December 31, 2019 and 2018, respectively.

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

The pathway to possible.

CrownCastle.com

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News Release continued:		Page 26

SEGMENT OPERATING RESULTS
	Twelve Months Ended December 31, 2019																Twelve Months Ended December 31, 2018
																	(As Restated)
	Towers				Fiber				Other				Consolidated Total				Towers				Fiber				Other				Consolidated Total
Segment site rental revenues	$	3,394			$	1,704							$	5,098			$	3,200			$	1,600							$	4,800
Segment services and other revenues	658				17								675				558				16								574
Segment revenues	4,052				1,721								5,773				3,758				1,616								5,374
Segment site rental cost of operations	864				559								1,423				848				525								1,373
Segment services and other cost of operations	511				11								522				415				11								426
Segment cost of operations(a)(b)	1,375				570								1,945				1,263				536								1,799
Segment site rental gross margin(c)	2,530				1,145								3,675				2,352				1,075								3,427
Segment services and other gross margin(c)	147				6								153				143				5								148
Segment selling, general and administrative expenses(b)	96				195								291				110				179								289
Segment operating profit(c)	2,581				956								3,537				2,385				901								3,286
Other selling, general and administrative expenses(b)									$	233			233												$	191			191
Stock-based compensation expense									116				116												108				108
Depreciation, amortization and accretion									1,574				1,574												1,528				1,528
Interest expense and amortization of deferred financing costs									683				683												642				642
Other (income) expenses to reconcile to income (loss) before income taxes(d)									47				47												173				173
Income (loss) before income taxes													$	884															$	644

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

(b)

Segment cost of operations excludes (1) stock-based compensation expense of $26 million and $25 million for the twelve months ended December 31, 2019 and 2018, respectively, and (2) prepaid lease purchase price adjustments of $20 million for both of the twelve months ended December 31, 2019 and 2018. Selling, general and administrative expenses exclude stock-based compensation expense of $90 million and $83 million for the twelve months ended December 31, 2019 and 2018, respectively.

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

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Condensed Consolidated Balance Sheet

	December 31, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
LIABILITIES AND EQUITY
Current liabilities:
Deferred revenues	$	498			$	93			$	—			$	591
Total current liabilities	1,417				93				—				1,510
Other long-term liabilities	2,759				364				—				3,123
Total liabilities	20,751				457				—				21,208
Dividends/distributions in excess of earnings	(5,732		)		(457		)		—				(6,189		)
Total equity	12,034				(457		)		—				11,577
Total liabilities and equity	$	32,785			$	—			$	—			$	32,785

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Condensed Consolidated Statement of Operations

	Year Ended December 31, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	4,716			$	84			$	—			$	4,800
Services and other	707				(130		)		(3		)		574
Net revenues	5,423				(46		)		(3		)		5,374
Operating expenses:
Costs of operations(a):
Services and other	437				—				(3		)		434
Total operating expenses	3,991				—				(3		)		3,988
Operating income (loss)	1,432				(46		)		—				1,386
Income (loss) before income taxes	690				(46		)		—				644
Net income (loss)	671				(46		)		—				625
Net income (loss) attributable to CCIC common stockholders	$	558			$	(46	)		$	—			$	512
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	1.35			$	(0.11	)		$	—			$	1.24
Net income (loss) attributable to CCIC common stockholders - diluted	$	1.34			$	(0.11	)		$	—			$	1.23

	Year Ended December 31, 2017
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	3,669			$	68			$	—			$	3,737
Services and other	687				(135		)		(31		)		521
Net revenues	4,356				(67		)		(31		)		4,258
Operating expenses:
Costs of operations(a):
Services and other	420				—				(21		)		399
Total operating expenses	3,310				—				(21		)		3,289
Operating income (loss)	1,046				(67		)		(10		)		969
Income (loss) before income taxes	471				(67		)		(10		)		394
Net income (loss)	445				(67		)		(10		)		368
Net income (loss) attributable to CCIC common stockholders	$	387			$	(67	)		$	(10	)		$	310
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	1.01			$	(0.17	)		$	(0.03	)		$	0.81
Net income (loss) attributable to CCIC common stockholders - diluted	$	1.01			$	(0.17	)		$	(0.03	)		$	0.81

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

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Condensed Consolidated Statement of Cash Flows

	Year Ended December 31, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Cash flows from operating activities:
Net income (loss)	$	671			$	(46	)		$	—			$	625
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Increase (decrease) in liabilities	276				46				—				322
Net cash provided by (used for) operating activities	2,502				—				—				2,502
Net increase (decrease) in cash, cash equivalents, and restricted cash	(26		)		—				—				(26		)
Cash, cash equivalents, and restricted cash at beginning of period	440				—				—				440
Cash, cash equivalents, and restricted cash at end of period	$	413			$	—			$	—			$	413

	Year Ended December 31, 2017
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Cash flows from operating activities:
Net income (loss)	$	445			$	(67	)		$	(10	)		$	368
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Increase (decrease) in liabilities	176				67				—				243
Decrease (increase) in assets	45				—				10				55
Net cash provided by (used for) operating activities	2,043				—				—				2,043
Net increase (decrease) in cash, cash equivalents, and restricted cash	(258		)		—				—				(258		)
Cash, cash equivalents, and restricted cash at beginning of period	697				—				—				697
Cash, cash equivalents, and restricted cash at end of period	$	440			$	—			$	—			$	440

Condensed Consolidated Statement of Equity

	December 31, 2016
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Dividends/distributions in excess of earnings	$	(3,379	)		$	(344	)		$	10			$	(3,713	)
Total stockholders' equity	$	7,557			$	(344	)		$	10			$	7,223
	December 31, 2017
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Dividends/distributions in excess of earnings	$	(4,505	)		$	(411	)		$	—			$	(4,916	)
Total stockholders' equity	$	12,339			$	(411	)		$	—			$	11,928
	December 31, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Dividends/distributions in excess of earnings	$	(5,732	)		$	(457	)		$	—			$	(6,189	)
Total stockholders' equity	$	12,034			$	(457	)		$	—			$	11,577

---

Condensed Consolidated Balance Sheet

	September 30, 2019				June 30, 2019				March 31, 2019
	(As Restated)
ASSETS
Current assets:
Cash and cash equivalents	$	182			$	288			$	245
Restricted cash	138				136				158
Receivables, net	667				591				545
Prepaid expenses	99				111				85
Other current assets	167				168				160
Total current assets	1,253				1,294				1,193
Deferred site rental receivables	1,413				1,391				1,373
Property and equipment, net	14,416				14,151				13,883
Operating lease right-of-use assets	6,112				6,053				5,969
Goodwill	10,078				10,078				10,078
Other intangible assets, net	4,968				5,074				5,178
Long-term prepaid rent and other assets, net	104				106				104
Total assets	$	38,344			$	38,147			$	37,778
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	368			$	337			$	311
Accrued interest	110				166				107
Deferred revenues	642				611				602
Other accrued liabilities	335				305				262
Current maturities of debt and other obligations	100				98				96
Current portion of operating lease liabilities	296				289				287
Total current liabilities	1,851				1,806				1,665
Debt and other long-term obligations	17,750				17,471				17,120
Operating lease liabilities	5,480				5,427				5,338
Other long-term liabilities	2,469				2,423				2,383
Total liabilities	27,550				27,127				26,506
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $0.01 par value	4				4				4
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value	—				—				—
Additional paid-in capital	17,829				17,801				17,769
Accumulated other comprehensive income (loss)	(5		)		(5		)		(5		)
Dividends/distributions in excess of earnings	(7,034		)		(6,780		)		(6,496		)
Total equity	10,794				11,020				11,272
Total liabilities and equity	$	38,344			$	38,147			$	37,778

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News Release continued:		Page 31

	September 30, 2018				June 30, 2018				March 31, 2018
	(As Restated)
ASSETS
Current assets:
Cash and cash equivalents	$	323			$	206			$	220
Restricted cash	125				125				120
Receivables, net	471				455				402
Prepaid expenses	182				197				175
Other current assets	148				181				157
Total current assets	1,249				1,164				1,074
Deferred site rental receivables	1,357				1,303				1,304
Property and equipment, net	13,433				13,218				13,051
Goodwill	10,074				10,075				10,075
Other intangible assets, net	5,620				5,729				5,854
Long-term prepaid rent and other assets, net	911				885				892
Total assets	$	32,644			$	32,374			$	32,250
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	302			$	272			$	248
Accrued interest	101				154				104
Deferred revenues	572				558				543
Other accrued liabilities	306				272				240
Current maturities of debt and other obligations	111				112				130
Total current liabilities	1,392				1,368				1,265
Debt and other long-term obligations	16,313				15,844				15,616
Other long-term liabilities	3,088				3,029				2,961
Total liabilities	20,793				20,241				19,842
Commitments and contingencies
CCIC stockholders' equity:
Common stock, $0.01 par value	4				4				4
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value	—				—				—
Additional paid-in capital	17,743				17,711				17,690
Accumulated other comprehensive income (loss)	(5		)		(5		)		(4		)
Dividends/distributions in excess of earnings	(5,891		)		(5,577		)		(5,282		)
Total equity	11,851				12,133				12,408
Total liabilities and equity	$	32,644			$	32,374			$	32,250

---

	September 30, 2019
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
LIABILITIES AND EQUITY
Current liabilities:
Deferred revenues	$	525			$	117			$	—			$	642
Total current liabilities	1,734				117				—				1,851
Other long-term liabilities	2,055				414								2,469
Total liabilities	27,019				531				—				27,550
CCIC stockholders' equity:
Dividends/distributions in excess of earnings	(6,503		)		(531		)		—				(7,034		)
Total equity	11,325				(531		)		—				10,794
Total liabilities and equity	$	38,344			$	—			$	—			$	38,344

	June 30, 2019
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
LIABILITIES AND EQUITY
Current liabilities:
Deferred revenues	$	503			$	108			$	—			$	611
Total current liabilities	1,698				108				—				1,806
Other long-term liabilities	2,028				395				—				2,423
Total liabilities	26,624				503				—				27,127
CCIC stockholders' equity:
Dividends/distributions in excess of earnings	(6,277		)		(503		)		—				(6,780		)
Total equity	11,523				(503		)		—				11,020
Total liabilities and equity	$	38,147			$	—			$	—			$	38,147

	March 31, 2019
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
LIABILITIES AND EQUITY
Current liabilities:
Deferred revenues	$	502			$	100			$	—			$	602
Total current liabilities	1,565				100				—				1,665
Other long-term liabilities	2,009				374				—				2,383
Total liabilities	26,032				474				—				26,506
CCIC stockholders' equity:
Dividends/distributions in excess of earnings	(6,022		)		(474		)		—				(6,496		)
Total equity	11,746				(474		)		—				11,272
Total liabilities and equity	$	37,778			$	—			$	—			$	37,778

The pathway to possible.

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---

News Release continued:		Page 33

	September 30, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
LIABILITIES AND EQUITY
Current liabilities:
Deferred revenues	$	484			$	88			$	—			$	572
Total current liabilities	1,304				88				—				1,392
Other long-term liabilities	2,732				356				—				3,088
Total liabilities	20,349				444				—				20,793
CCIC stockholders' equity:
Dividends/distributions in excess of earnings	(5,447		)		(444		)		—				(5,891		)
Total equity	12,295				(444		)		—				11,851
Total liabilities and equity	$	32,644			$	—			$	—			$	32,644

	June 30, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
LIABILITIES AND EQUITY
Current liabilities:
Deferred revenues	$	476			$	82			$	—			$	558
Total current liabilities	1,286				82				—				1,368
Other long-term liabilities	2,678				351				—				3,029
Total liabilities	19,808				433				—				20,241
CCIC stockholders' equity:
Dividends/distributions in excess of earnings	(5,144		)		(433		)		—				(5,577		)
Total equity	12,566				(433		)		—				12,133
Total liabilities and equity	$	32,374			$	—			$	—			$	32,374

	March 31, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
LIABILITIES AND EQUITY
Current liabilities:
Deferred revenues	$	465			$	78			$	—			$	543
Total current liabilities	1,187				78				—				1,265
Other long-term liabilities	2,615				346				—				2,961
Total liabilities	19,418				424				—				19,842
CCIC stockholders' equity:
Dividends/distributions in excess of earnings	(4,858		)		(424		)		—				(5,282		)
Total equity	12,832				(424		)		—				12,408
Total liabilities and equity	$	32,250			$	—			$	—			$	32,250

---

Condensed Consolidated Statement of Operations

	September 30, 2019								June 30, 2019								March 31, 2019
	Three Months Ended				Nine Months Ended				Three Months Ended				Six Months Ended				Three Months Ended
	(As Restated)
Net revenues:
Site rental	$	1,289			$	3,797			$	1,264			$	2,507			$	1,243
Services and other	197				547				185				351				166
Net revenues	1,486				4,344				1,449				2,858				1,409
Operating expenses:
Costs of operations(a):
Site rental	369				1,095				365				726				361
Services and other	147				410				138				263				125
Selling, general and administrative	150				457				155				307				152
Asset write-down charges	2				13				6				12				6
Acquisition and integration costs	4				10				2				6				4
Depreciation, amortization and accretion	389				1,176				393				787				394
Total operating expenses	1,061				3,161				1,059				2,101				1,042
Operating income (loss)	425				1,183				390				757				367
Interest expense and amortization of deferred financing costs	(173		)		(510		)		(169		)		(337		)		(168		)
Gains (losses) on retirement of long-term obligations	—				(2		)		(1		)		(2		)		(1		)
Interest income	2				5				1				3				2
Other income (expense)	(5		)		(6		)		—				(1		)		(1		)
Income (loss) before income taxes	249				670				221				420				199
Benefit (provision) for income taxes	(5		)		(15		)		(4		)		(10		)		(6		)
Net income (loss)	244				655				217				410				193
Dividends/distributions on preferred stock	(28		)		(85		)		(28		)		(57		)		(28		)
Net income (loss) attributable to CCIC common stockholders	$	216			$	570			$	189			$	353			$	165
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.52			$	1.37			$	0.45			$	0.85			$	0.40
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.52			$	1.36			$	0.45			$	0.85			$	0.40
Weighted-average common shares outstanding:
Basic	416				416				416				415				415
Diluted	418				418				418				417				417

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

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News Release continued:		Page 35

	December 31, 2018				September 30, 2018								June 30, 2018								March 31, 2018
	Three Months Ended				Three Months Ended				Nine Months Ended				Three Months Ended				Six Months Ended				Three Months Ended
	(As Restated)
Net revenues:
Site rental	$	1,232			$	1,206			$	3,568			$	1,189			$	2,362			$	1,172
Services and other	174				157				400				131				244				113
Net revenues	1,406				1,363				3,968				1,320				2,606				1,285
Operating expenses:
Costs of operations(a):
Site rental	353				355				1,057				355				702				347
Services and other	135				118				301				98				183				85
Selling, general and administrative	145				145				418				138				273				134
Asset write-down charges	8				8				18				6				9				3
Acquisition and integration costs	9				4				18				8				14				6
Depreciation, amortization and accretion	390				385				1,138				379				753				374
Total operating expenses	1,040				1,015				2,950				984				1,934				949
Operating income (loss)	366				348				1,018				336				672				336
Interest expense and amortization of deferred financing costs	(164		)		(160		)		(478		)		(158		)		(318		)		(160		)
Gains (losses) on retirement of long-term obligations	—				(32		)		(106		)		(3		)		(74		)		(71		)
Interest income	2				1				4				1				2				1
Other income (expense)	1				1				—				—				(1		)		(1		)
Income (loss) before income taxes	205				158				438				176				281				105
Benefit (provision) for income taxes	(5		)		(5		)		(13		)		(5		)		(9		)		(4		)
Net income (loss)	200				153				425				171				272				101
Dividends/distributions on preferred stock	(28		)		(28		)		(85		)		(28		)		(57		)		(28		)
Net income (loss) attributable to CCIC common stockholders	$	172			$	125			$	340			$	143			$	215			$	73
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.41			$	0.30			$	0.82			$	0.34			$	0.52			$	0.18
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.41			$	0.30			$	0.82			$	0.34			$	0.52			$	0.18
Weighted-average common shares outstanding:
Basic	415				415				413				415				412				409
Diluted	417				416				414				416				413				410

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

---

	Nine Months Ended September 30, 2019
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	3,718			$	79			$	—			$	3,797
Services and other	700				(153		)		—				547
Net revenues	4,418				(74		)		—				4,344
Operating income (loss)	1,257				(74		)		—				1,183
Income (loss) before income taxes	744				(74		)		—				670
Net income (loss)	729				(74		)		—				655
Net income (loss) attributable to CCIC common stockholders	$	644			$	(74	)		$	—			$	570
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	1.55			$	(0.18	)		$	—			$	1.37
Net income (loss) attributable to CCIC common stockholders - diluted	$	1.54			$	(0.18	)		$	—			$	1.36

	Three Months Ended September 30, 2019
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	1,260			$	29			$	—			$	1,289
Services and other	254				(57		)		—				197
Net revenues	1,514				(28		)		—				1,486
Operating income (loss)	453				(28		)		—				425
Income (loss) before income taxes	277				(28		)		—				249
Net income (loss)	272				(28		)		—				244
Net income (loss) attributable to CCIC common stockholders	$	244			$	(28	)		$	—			$	216
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.59			$	(0.07	)		$	—			$	0.52
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.58			$	(0.06	)		$	—			$	0.52

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

The pathway to possible.

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---

News Release continued:		Page 37

	Six Months Ended June 30, 2019
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	2,457			$	50			$	—			$	2,507
Services and other	447				(96		)		—				351
Net revenues	2,904				(46		)		—				2,858
Operating income (loss)	803				(46		)		—				757
Income (loss) before income taxes	466				(46		)		—				420
Net income (loss)	456				(46		)		—				410
Net income (loss) attributable to CCIC common stockholders	$	399			$	(46	)		$	—			$	353
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.96			$	(0.11	)		$	—			$	0.85
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.95			$	(0.10	)		$	—			$	0.85

	Three Months Ended June 30, 2019
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	1,238			$	26			$	—			$	1,264
Services and other	240				(55		)		—				185
Net revenues	1,478				(29		)		—				1,449
Operating income (loss)	419				(29		)		—				390
Income (loss) before income taxes	250				(29		)		—				221
Net income (loss)	246				(29		)		—				217
Net income (loss) attributable to CCIC common stockholders	$	218			$	(29	)		$	—			$	189
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.52			$	(0.07	)		$	—			$	0.45
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.52			$	(0.07	)		$	—			$	0.45

	Three Months Ended March 31, 2019
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	1,219			$	24			$	—			$	1,243
Services and other	207				(41		)		—				166
Net revenues	1,426				(17		)		—				1,409
Operating income (loss)	384				(17		)		—				367
Income (loss) before income taxes	216				(17		)		—				199
Net income (loss)	210				(17		)		—				193
Net income (loss) attributable to CCIC common stockholders	$	182			$	(17	)		$	—			$	165
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.44			$	(0.04	)		$	—			$	0.40
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.44			$	(0.04	)		$	—			$	0.40

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

The pathway to possible.

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---

News Release continued:		Page 38

	Three Months Ended December 31, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	1,209			$	23			$	—			$	1,232
Services and other	210				(36		)		—				174
Net revenues	1,419				(13		)		—				1,406
Operating income (loss)	379				(13		)		—				366
Income (loss) before income taxes	218				(13		)		—				205
Net income (loss)	213				(13		)		—				200
Net income (loss) attributable to CCIC common stockholders	$	185			$	(13	)		$	—			$	172
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.45			$	(0.04	)		$	—			$	0.41
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.44			$	(0.03	)		$	—			$	0.41

	Nine Months Ended September 30, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	3,507			$	61			$	—			$	3,568
Services and other	497				(94		)		(3		)		400
Net revenues	4,004				(33		)		(3		)		3,968
Operating expenses:
Costs of operations(a):
Services and other	304				—				(3		)		301
Total operating expenses	2,953				—				(3		)		2,950
Operating income (loss)	1,051				(33		)		—				1,018
Income (loss) before income taxes	471				(33		)		—				438
Net income (loss)	458				(33		)		—				425
Net income (loss) attributable to CCIC common stockholders	$	373			$	(33	)		$	—			$	340
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.90			$	(0.08	)		$	—			$	0.82
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.90			$	(0.08	)		$	—			$	0.82

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

The pathway to possible.

CrownCastle.com

---

News Release continued:		Page 39

	Three Months Ended September 30, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	1,184			$	22			$	—			$	1,206
Services and other	191				(33		)		(1		)		157
Net revenues	1,375				(11		)		(1		)		1,363
Operating expenses:
Costs of operations(a):
Services and other	119				—				(1		)		118
Total operating expenses	1,016				—				(1		)		1,015
Operating income (loss)	359				(11		)		—				348
Income (loss) before income taxes	169				(11		)		—				158
Net income (loss)	164				(11		)		—				153
Net income (loss) attributable to CCIC common stockholders	$	136			$	(11	)		$	—			$	125
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.33			$	(0.03	)		$	—			$	0.30
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.33			$	(0.03	)		$	—			$	0.30

	Six Months Ended June 30, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	2,323			$	39			$	—			$	2,362
Services and other	307				(61		)		(2		)		244
Net revenues	2,630				(22		)		(2		)		2,606
Operating expenses:
Costs of operations(a):
Services and other	185				—				(2		)		183
Total operating expenses	1,936				—				(2		)		1,934
Operating income (loss)	694				(22		)		—				672
Income (loss) before income taxes	303				(22		)		—				281
Net income (loss)	294				(22		)		—				272
Net income (loss) attributable to CCIC common stockholders	$	237			$	(22	)		$	—			$	215
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.58			$	(0.06	)		$	—			$	0.52
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.57			$	(0.05	)		$	—			$	0.52

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

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News Release continued:		Page 40

	Three Months Ended June 30, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	1,169			$	20			$	—			$	1,189
Services and other	161				(29		)		(1		)		131
Net revenues	1,330				(9		)		(1		)		1,320
Operating expenses:
Costs of operations(a):
Services and other	99				—				(1		)		98
Total operating expenses	985				—				(1		)		984
Operating income (loss)	345				(9		)		—				336
Income (loss) before income taxes	185				(9		)		—				176
Net income (loss)	180				(9		)		—				171
Net income (loss) attributable to CCIC common stockholders	$	152			$	(9	)		$	—			$	143
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.37			$	(0.03	)		$	—			$	0.34
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.36			$	(0.02	)		$	—			$	0.34

	Three Months Ended March 31, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Net revenues:
Site rental	$	1,153			$	19			$	—			$	1,172
Services and other	146				(32		)		(1		)		113
Net revenues	1,299				(13		)		(1		)		1,285
Operating expenses:
Costs of operations(a):
Services and other	86				—				(1		)		85
Total operating expenses	950				—				(1		)		949
Operating income (loss)	349				(13		)		—				336
Income (loss) before income taxes	118				(13		)		—				105
Net income (loss)	114				(13		)		—				101
Net income (loss) attributable to CCIC common stockholders	$	86			$	(13	)		$	—			$	73
Net income (loss) attributable to CCIC common stockholders, per common share:
Net income (loss) attributable to CCIC common stockholders - basic	$	0.21			$	(0.03	)		$	—			$	0.18
Net income (loss) attributable to CCIC common stockholders - diluted	$	0.21			$	(0.03	)		$	—			$	0.18

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

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Condensed Consolidated Statement of Cash Flows

	September 30, 2019				June 30, 2019				March 31, 2019
	Nine Months Ended				Six Months Ended				Three Months Ended
	(As Restated)
Cash flows from operating activities:
Net income (loss)	$	655			$	410			$	193
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	1,176				787				394
(Gains) losses on retirement of long-term obligations	2				2				1
Amortization of deferred financing costs and other non-cash interest	1				1				1
Stock-based compensation expense	91				62				29
Asset write-down charges	13				12				6
Deferred income tax (benefit) provision	2				1				1
Other non-cash adjustments, net	4				3				2
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	175				100				(53		)
Decrease (increase) in assets	(228		)		(151		)		(62		)
Net cash provided by (used for) operating activities	1,891				1,227				512
Cash flows from investing activities:
Capital expenditures	(1,538		)		(998		)		(480		)
Payments for acquisitions, net of cash acquired	(15		)		(13		)		(10		)
Other investing activities, net	3				1				1
Net cash provided by (used for) investing activities	(1,550		)		(1,010		)		(489		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,895				995				996
Principal payments on debt and other long-term obligations	(59		)		(36		)		(25		)
Purchases and redemptions of long-term debt	(12		)		(12		)		(12		)
Borrowings under revolving credit facility	1,585				1,195				710
Payments under revolving credit facility	(2,270		)		(1,785		)		(1,140		)
Net issuances (repayments) under commercial paper program	—				500				—
Payments for financing costs	(24		)		(14		)		(10		)
Purchases of common stock	(44		)		(43		)		(42		)
Dividends/distributions paid on common stock	(1,415		)		(944		)		(477		)
Dividends/distributions paid on preferred stock	(85		)		(57		)		(28		)
Net cash provided by (used for) financing activities	(429		)		(201		)		(28		)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(88		)		16				(5		)
Effect of exchange rate changes on cash	—				—				—
Cash, cash equivalents, and restricted cash at beginning of period	413				413				413
Cash, cash equivalents, and restricted cash at end of period	$	325			$	429			$	408

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News Release continued:		Page 42

	September 30, 2018				June 30, 2018				March 31, 2018
	Nine Months Ended				Six Months Ended				Three Months Ended
	(As Restated)
Cash flows from operating activities:
Net income (loss)	$	425			$	272			$	101
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	1,138				753				374
(Gains) losses on retirement of long-term obligations	106				74				71
Amortization of deferred financing costs and other non-cash interest	5				4				2
Stock-based compensation expense	79				47				23
Asset write-down charges	18				9				3
Deferred income tax (benefit) provision	2				1				1
Other non-cash adjustments, net	2				1				2
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	177				100				(77		)
Decrease (increase) in assets	(177		)		(150		)		(48		)
Net cash provided by (used for) operating activities	1,775				1,111				452
Cash flows from investing activities:
Capital expenditures	(1,241		)		(763		)		(370		)
Payments for acquisitions, net of cash acquired	(26		)		(18		)		(14		)
Other investing activities, net	(14		)		3				—
Net cash provided by (used for) investing activities	(1,281		)		(778		)		(384		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	2,743				1,743				1,743
Principal payments on debt and other long-term obligations	(76		)		(47		)		(32		)
Purchases and redemptions of long-term debt	(2,346		)		(1,318		)		(1,318		)
Borrowings under revolving credit facility	1,290				485				170
Payments under revolving credit facility	(1,465		)		(1,150		)		(1,050		)
Payments for financing costs	(33		)		(20		)		(15		)
Net proceeds from issuance of common stock	841				841				843
Purchases of common stock	(34		)		(34		)		(33		)
Dividends/distributions paid on common stock	(1,315		)		(879		)		(443		)
Dividends/distributions paid on preferred stock	(85		)		(57		)		(28		)
Net cash provided by (used for) financing activities	(480		)		(436		)		(163		)
Net increase (decrease) in cash, cash equivalents, and restricted cash	14				(103		)		(95		)
Effect of exchange rate changes on cash	(1		)		(1		)		—
Cash, cash equivalents, and restricted cash at beginning of period	440				440				440
Cash, cash equivalents, and restricted cash at end of period	$	453			$	336			$	345

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	Nine Months Ended September 30, 2019
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Cash flows from operating activities:
Net income (loss)	$	729			$	(74	)		$	—			$	655
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Increase (decrease) in liabilities	101				74				—				175
Net cash provided by (used for) operating activities	1,891				—				—				1,891
Net increase (decrease) in cash, cash equivalents, and restricted cash	(88		)		—				—				(88		)
Cash, cash equivalents, and restricted cash at beginning of period	413				—								413
Cash, cash equivalents, and restricted cash at end of period	$	325			$	—			$	—			$	325

	Six Months Ended June 30, 2019
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Cash flows from operating activities:
Net income (loss)	$	456			$	(46	)		$	—			$	410
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Increase (decrease) in liabilities	54				46				—				100
Net cash provided by (used for) operating activities	1,227				—				—				1,227
Net increase (decrease) in cash, cash equivalents, and restricted cash	16				—				—				16
Cash, cash equivalents, and restricted cash at beginning of period	413				—								413
Cash, cash equivalents, and restricted cash at end of period	$	429			$	—			$	—			$	429

	Three Months Ended March 31, 2019
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Cash flows from operating activities:
Net income (loss)	$	210			$	(17	)		$	—			$	193
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Increase (decrease) in liabilities	(70		)		17				—				(53		)
Net cash provided by (used for) operating activities	512				—				—				512
Net increase (decrease) in cash, cash equivalents, and restricted cash	(5		)		—				—				(5		)
Cash, cash equivalents, and restricted cash at beginning of period	413				—								413
Cash, cash equivalents, and restricted cash at end of period	$	408			$	—			$	—			$	408

The pathway to possible.

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News Release continued:		Page 44

	Nine Months Ended September 30, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Cash flows from operating activities:
Net income (loss)	$	458			$	(33	)		$	—			$	425
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Increase (decrease) in liabilities	144				33				—				177
Net cash provided by (used for) operating activities	1,775				—				—				1,775
Net increase (decrease) in cash, cash equivalents, and restricted cash	14				—				—				14
Cash, cash equivalents, and restricted cash at beginning of period	440				—								440
Cash, cash equivalents, and restricted cash at end of period	$	453			$	—			$	—			$	453

	Six Months Ended June 30, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Cash flows from operating activities:
Net income (loss)	$	294			$	(22	)		$	—			$	272
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Increase (decrease) in liabilities	78				22				—				100
Net cash provided by (used for) operating activities	1,111				—				—				1,111
Net increase (decrease) in cash, cash equivalents, and restricted cash	(103		)		—				—				(103		)
Cash, cash equivalents, and restricted cash at beginning of period	440				—								440
Cash, cash equivalents, and restricted cash at end of period	$	336			$	—			$	—			$	336

	Three Months Ended March 31, 2018
	As Reported				Restatement Adjustments				Other Adjustments				As Restated
Cash flows from operating activities:
Net income (loss)	$	114			$	(13	)		$	—			$	101
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Increase (decrease) in liabilities	(90		)		13				—				(77		)
Net cash provided by (used for) operating activities	452				—				—				452
Net increase (decrease) in cash, cash equivalents, and restricted cash	(95		)		—				—				(95		)
Cash, cash equivalents, and restricted cash at beginning of period	440				—								440
Cash, cash equivalents, and restricted cash at end of period	$	345			$	—			$	—			$	345

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Impact of Restatement on Selected Financial Data

	Years Ended December 31,
(In millions of dollars, except per share amounts)	2019				2018				2017				2016				2015
					As Restated
Statement of Operations Data(a)(c):
Net revenues:
Site rental	$	5,098			$	4,800			$	3,737			$	3,286			$	3,058
Services and other	675				574				521				566				534
Net revenues	5,773				5,374				4,258				3,852				3,592
Operating expenses:
Costs of operations(b):
Site rental	1,462				1,410				1,144				1,024				964
Services and other	529				434				399				397				355
Total costs of operations	1,991				1,844				1,543				1,421				1,319
Selling, general and administrative	614				563				426				371				310
Asset write-down charges	19				26				17				34				33
Acquisition and integration costs	13				27				61				17				16
Depreciation, amortization and accretion	1,574				1,528				1,242				1,109				1,036
Operating income (loss)	1,562				1,386				969				900				878
Interest expense and amortization of deferred financing costs	(683		)		(642		)		(591		)		(515		)		(527		)
Gains (losses) on retirement of long-term obligations	(2		)		(106		)		(4		)		(52		)		(4		)
Interest income	6				5				19				1				2
Other income (expense)	1				1				1				(9		)		57
Income (loss) from continuing operations before income taxes	884				644				394				325				406
Benefit (provision) for income taxes	(21		)		(19		)		(26		)		(17		)		51
Income (loss) from continuing operations	863				625				368				308				457
Discontinued operations:
Income (loss) from discontinued operations, net of tax	—				—				—				—				20
Net gain (loss) from disposal of discontinued operations, net of tax	—				—				—				—				979
Income (loss) from discontinued operations, net of tax	—				—				—				—				999
Net income (loss)	863				625				368				308				1,456
Less: Net income (loss) attributable to the noncontrolling interest	—				—				—				—				3
Net income (loss) attributable to CCIC stockholders	863				625				368				308				1,453
Dividends/distributions on preferred stock	(113		)		(113		)		(58		)		(33		)		(44		)
Net income (loss) attributable to CCIC common stockholders	$	750			$	512			$	310			$	275			$	1,409
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - basic	$	1.80			$	1.24			$	0.81			$	0.81			$	1.24
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - diluted	$	1.80			$	1.23			$	0.81			$	0.81			$	1.24
Weighted-average common shares outstanding (in millions):
Basic	416				413				382				340				333
Diluted	418				415				383				341				334

Other Data(a)(c):
Summary cash flow information:
Net cash provided by (used for) operating activities	$	2,700			$	2,502			$	2,043			$	1,787			$	1,790
Net cash provided by (used for) investing activities	(2,083		)		(1,795		)		(10,493		)		(1,429		)		(1,956		)
Net cash provided by (used for) financing activities	(692		)		(733		)		8,192				(89		)		(952		)
Balance Sheet Data (at period end)(a)(c):
Cash and cash equivalents	$	196			$	277			$	314			$	568			$	179
Property and equipment, net	14,689				13,676				12,933				9,805				9,580
Total assets	38,480				32,785				32,229				22,685				21,937
Total debt and other long-term obligations	18,121				16,682				16,159				12,171				12,150
Total CCIC stockholders' equity	10,498				11,577				11,928				7,223				6,805

(a)	Inclusive of the impact of acquisitions.

(b)	Exclusive of depreciation, amortization and accretion, which are shown separately.

(c)	Amounts reflect the impact of all applicable adopted accounting pronouncements during the periods presented.