8-K - CCI - Equibles

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): October 16, 2024

Crown Castle Inc.

(Exact name of registrant as specified in its charter)

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

8020 Katy Freeway, Houston, Texas 77024

(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:

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	CCI	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 — RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 16, 2024, Crown Castle Inc. ("Company") issued a press release disclosing its financial results for the third quarter ended September 30, 2024. A copy of the press release is furnished herewith as Exhibit 99.1.

ITEM 7.01 — REGULATION FD DISCLOSURE

The press release referenced in Item 2.02 above refers to certain supplemental information that was posted as a supplemental information package on the Company's website on October 16, 2024. The supplemental information package is furnished herewith as Exhibit 99.2.

ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit Index

Exhibit No.	Description
99.1	Press Release dated October 1 6 , 2024
99.2	Supplemental Information Package for period ended Sep tember 30, 2024
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K ("Form 8-K") and Exhibits 99.1 and 99.2 attached hereto are furnished as part of this Form 8-K and 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 or exhibits 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 INC.
By:	/s/ Edward B. Adams, Jr.
	Name:	Edward B. Adams, Jr.
	Title:	Executive Vice President and General Counsel

Date: October 16, 2024

Document

Exhibit 99.1

NEWS RELEASE<br><br>October 16, 2024
	Contacts: Dan Schlanger, CFO
---	---
	Kris Hinson, VP Corp Finance & Treasurer
FOR IMMEDIATE RELEASE	Crown Castle Inc.
	713-570-3050

CROWN CASTLE REPORTS THIRD QUARTER 2024 RESULTS

October 16, 2024 - HOUSTON, TEXAS - Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today reported results for the third quarter ended September 30, 2024 and maintained its full year 2024 Outlook with the exception of a reduction to net income.

(dollars in millions, except per share amounts)	Current Full Year 2024 Outlook(a)	Full Year 2023 Actual	% Change	Previous Full Year 2024 Outlook(b)	Current Compared to Previous Outlook
Site rental revenues	$6,340	$6,532	(3)%	$6,340	—%
Net income (loss)	$1,020	$1,502	(32)%	$1,158	(12)%
Net income (loss) per share—diluted	$2.35	$3.46	(32)%	$2.67	(12)%
Adjusted EBITDA(c)	$4,168	$4,415	(6)%	$4,168	—%
AFFO(c)	$3,030	$3,277	(8)%	$3,030	—%
AFFO per share(c)	$6.97	$7.55	(8)%	$6.97	—%

(a)Reflects midpoint of full year 2024 Outlook as issued on October 16, 2024.

(b)Reflects midpoint of full year 2024 Outlook as issued on July 17, 2024.

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

“In the third quarter, we achieved solid operating and financial performance across our businesses and reaffirmed our full year 2024 Outlook for Adjusted EBITDA and AFFO,” stated Steven Moskowitz, Chief Executive Officer of Crown Castle. “Looking ahead, we continue to be optimistic about the long-term value creation opportunities in our tower, small cell, and fiber solutions offerings. Across all forms of digital connectivity, the U.S. is generating record annual increases in data consumption, which we expect to drive continued demand for communications infrastructure. We believe we are well positioned to benefit from these positive trends and are also actively developing initiatives that prioritize customer service, revenue generation, capital discipline, and operational excellence. As part of our previously announced plans to enhance returns by improving profitability and capital efficiency in our Fiber segment, we completed discussions with our customers in the fourth quarter and jointly identified approximately 7,000 greenfield small cell nodes in our contracted backlog that we mutually agreed to cancel. These agreed upon cancellations increase the overall return of our remaining contracted backlog of approximately 40,000 nodes and improve our capital efficiency going forward. These changes to our operating plan and capital expenditure profile are consistent with our previously provided expectations and position us to increase the value of our fiber and small cell assets, while we remain focused on the ongoing Fiber segment strategic review.”

The pathway to possible.

CrownCastle.com

News Release continued:	Page 2

RESULTS FOR THE QUARTER

The table below sets forth select financial results for the quarters ended September 30, 2024 and September 30, 2023.

(dollars in millions, except per share amounts)	Q3 2024	Q3 2023	Change	% Change
Site rental revenues	$1,593	$1,577	$16	1%
Net income (loss)	$303	$265	$38	14%
Net income (loss) per share—diluted	$0.70	$0.61	$0.09	15%
Adjusted EBITDA(a)	$1,075	$1,047	$28	3%
AFFO(a)	$801	$767	$34	4%
AFFO per share(a)	$1.84	$1.77	$0.07	4%

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

HIGHLIGHTS FROM THE QUARTER

•Site rental revenues. Site rental revenues grew 1%, or $16 million, from third quarter 2023 to third quarter 2024, inclusive of $65 million in Organic Contribution to Site Rental Billings, a $19 million decrease in amortization of prepaid rent, and a $30 million decrease in straight-lined revenues. The $65 million in Organic Contribution to Site Rental Billings benefited from $15 million of previously disclosed small cell non-recurring revenues primarily related to early termination payments, partially offset by a $4 million unfavorable impact on fiber solutions due to adjustments related to prior period revenues and a $6 million unfavorable impact on fiber solutions from the absence of Sprint Cancellation payments that occurred in the third quarter of 2023.

•Net income. Net income for the third quarter 2024 was $303 million compared to $265 million for the third quarter 2023, and included $48 million of charges incurred in the quarter related to the restructuring plan announced in June 2024.

•Adjusted EBITDA. Third quarter 2024 Adjusted EBITDA was $1.1 billion compared to $1.0 billion for the third quarter 2023. The increase in the quarter was primarily a result of the higher contribution from site rental revenues and lower costs related to the reduction in staffing levels and office closures announced in June 2024, partially offset by $6 million of advisory fees primarily related to the recent proxy contest.

•AFFO and AFFO per share. Third quarter 2024 AFFO was $801 million, or $1.84 per share, representing an increase from the third quarter 2023 of 4%.

•Capital expenditures. Capital expenditures during the quarter were $297 million, comprised of $274 million of discretionary capital expenditures and $23 million of sustaining capital expenditures. Discretionary capital expenditures included approximately $239 million attributable to Fiber and $30 million attributable to Towers.

•Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $681 million in the aggregate, or $1.565 per common share, unchanged on a per share basis compared to the same period a year ago.

•Financing activity. In August 2024, Crown Castle issued $1.25 billion in aggregate principal amount of senior unsecured notes in a combination of 5-year and 10-year maturities with a weighted average maturity and coupon of approximately 8 years and 5.1%, respectively. Net proceeds from the senior notes offering were used to repay outstanding indebtedness under Crown Castle's commercial paper program and pay related fees and expenses.

The pathway to possible.

CrownCastle.com

News Release continued:	Page 3

“Since announcing a change in our operational strategy in June, we have continued to deliver results in line with expectations,” said Dan Schlanger, Crown Castle’s Chief Financial Officer. “The third quarter was highlighted by 5.2% consolidated organic growth, excluding the impact of Sprint cancellations, as demand remained strong for our tower, small cell, and fiber solutions offerings. Complementing the progress we made implementing our revised operational strategy, we took steps in the third quarter to strengthen our balance sheet. In August, we issued $1.25 billion of long-term fixed rate debt at a weighted average rate of 5.1%, allowing us to end the quarter with more than 90% fixed rate debt, a weighted average debt maturity of 7 years, limited maturities through 2025, and approximately $5.7 billion of liquidity under our revolving credit facility. We believe the increased flexibility around capital expenditures created by our revised operational strategy combined with our strong balance sheet and liquidity profile position us to take advantage of the opportunities being created by the increasing demand for connectivity in the U.S.”

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.

The following table sets forth Crown Castle's current full year 2024 Outlook, which has been updated to reflect the impact of the mutual cancellation of approximately 7,000 small cell nodes as discussed above. These cancellations are expected to result in a $125 to $150 million asset write-down charge in the fourth quarter, reducing full year 2024 Outlook for net income by $138 million at the midpoint.

(in millions, except per share amounts)	Changes to Midpoint from Previous Outlook(b)
Site rental billings(c)	$5,740	to	$5,780	$0
Amortization of prepaid rent	$392	to	$417	$0
Straight-lined revenues	$162	to	$187	$0
Site rental revenues	$6,317	to	$6,362	$0
Site rental costs of operations(d)	$1,686	to	$1,731	$0
Services and other gross margin	$65	to	$95	$0
Net income (loss)	$975	to	$1,065	($138)
Net income (loss) per share—diluted	$2.24	to	$2.45	($0.32)
Adjusted EBITDA(e)	$4,143	to	$4,193	$0
Depreciation, amortization and accretion	$1,680	to	$1,775	$0
Interest expense and amortization of deferred financing costs, net(f)	$926	to	$971	$0
FFO(e)	$2,863	to	$2,893	$0
AFFO(e)	$3,005	to	$3,055	$0
AFFO per share(e)	$6.91	to	$7.02	$0.00
Towers Segment discretionary capital expenditures(e)	$180	to	$180	$0
Fiber Segment discretionary capital expenditures(e)	$1,050	to	$1,150	$0

(a)As issued on October 16, 2024.

(b)As issued on July 17, 2024.

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

(d)Exclusive of depreciation, amortization and accretion.

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

(f)See "Non-GAAP Measures and Other Information" for the reconciliation of "Outlook for Components of Interest Expense."

The pathway to possible.

CrownCastle.com

News Release continued:	Page 4

•The chart below reconciles the components contributing to expected 2024 growth in site rental revenues. Full year consolidated site rental billings growth, excluding the impact of Sprint Cancellations, is expected to be 5%, inclusive of 4.5% from towers, 15% from small cells, and 2% from fiber solutions.

•Core leasing activity for full year 2024 is expected to contribute $305 million to $335 million, consisting of $105 million to $115 million from towers (compared to $126 million in full year 2023), $65 million to $75 million from small cells (compared to $28 million in full year 2023), and $135 million to $145 million from fiber solutions (compared to $120 million in full year 2023).

•The expected 2024 small cell core leasing activity of $70 million at the midpoint includes $22 million of higher-than-expected non-recurring revenues primarily related to early termination payments which occurred in the third quarter. Excluding the impact of Sprint Cancellations and the increase in non-recurring revenues, small cell organic growth is expected to be 10% in 2024.

•The chart below reconciles the components contributing to the year over year change to 2024 AFFO.

The pathway to possible.

CrownCastle.com

News Release continued:	Page 5

•The expected increase in full year 2024 expenses includes approximately $30 million of advisory fees primarily related to the recent proxy contest, which is expected to be more than offset by an approximately $65 million decrease in costs related to the reduction in staffing levels and office closures announced in June 2024.

•The full year 2024 Outlook for discretionary capital expenditures is $1.2 billion to $1.3 billion, including approximately $1.1 billion in the Fiber segment and $180 million in the Towers segment, and prepaid rent additions are expected to be approximately $355 million in 2024, including $275 million from Fiber and $80 million from Towers.

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

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Wednesday, October 16, 2024, at 5:00 p.m. Eastern time to discuss its third quarter 2024 results. A listen only live audio webcast of the conference call, along with supplemental materials for the call, can be accessed on the Crown Castle website at https://investor.crowncastle.com. Participants may join the conference call by dialing 833-816-1115 (Toll Free) or 412-317-0694 (International) at least 30 minutes prior to the start time. All dial-in participants should ask to join the Crown Castle call.

A replay of the webcast will be available on the Investor page of Crown Castle's website until end of day, Thursday, October 16, 2025.

ABOUT CROWN CASTLE

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.

The pathway to possible.

CrownCastle.com

News Release continued:	Page 6

Non-GAAP Measures and Other Information

This press release includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, and Net Debt, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).

Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the communications infrastructure sector or other real estate investment trusts ("REITs").

In addition to the non-GAAP financial measures used herein, we also provide segment site rental gross margin, segment services and other gross margin and segment operating profit, which are key measures used by management to evaluate our operating segments. These segment measures are provided pursuant to GAAP requirements related to segment reporting. In addition, we provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.

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

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

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

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

The pathway to possible.

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News Release continued:	Page 7

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

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

Non-GAAP Financial Measures

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

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

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

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

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

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

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

Segment Measures

Segment site rental gross margin. We define segment site rental gross margin as segment site rental revenues less segment site rental costs of operations, excluding stock-based compensation expense, net and amortization of prepaid lease purchase price adjustments recorded in consolidated site rental costs of operations.

Segment services and other gross margin. We define segment services and other gross margin as segment services and other revenues less segment services and other costs of operations, excluding stock-based compensation expense, net recorded in consolidated services and other costs of operations.

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News Release continued:	Page 8

Segment operating profit. We define segment operating profit as segment site rental gross margin plus segment services and other gross margin, less segment selling, general and administrative expenses.

All of these measurements of profit or loss are exclusive of depreciation, amortization and accretion, which are shown separately. Additionally, certain costs are shared across segments and are reflected in our segment measures through allocations that management believes to be reasonable.

Other Definitions

Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP and (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions.

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

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

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

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

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

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News Release continued:	Page 9

Reconciliation of Historical Adjusted EBITDA:

	For the Three Months Ended				For the Nine Months Ended				For the Twelve Months Ended
(in millions; totals may not sum due to rounding)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023		December 31, 2023
Net income (loss)	$	303	$	265	$	865	$	1,139	$	1,502
Adjustments to increase (decrease) net income (loss):
Asset write-down charges	15		8		24		30		33
Acquisition and integration costs	—		—		—		1		1
Depreciation, amortization and accretion	432		439		1,301		1,315		1,754
Restructuring charges(a)	48		72		104		72		85
Amortization of prepaid lease purchase price adjustments	4		4		12		12		16
Interest expense and amortization of deferred financing costs, net(b)	236		217		692		627		850
Interest income	(6)		(3)		(14)		(10)		(15)
Other (income) expense	6		—		5		4		6
(Benefit) provision for income taxes	5		7		19		21		26
Stock-based compensation expense, net	30		36		108		126		157
Adjusted EBITDA(c)(d)	$	1,075	$	1,047	$	3,117	$	3,339	$	4,415

Reconciliation of Current Outlook for Adjusted EBITDA:

	Full Year 2024
(in millions; totals may not sum due to rounding)	Outlook(f)
Net income (loss)		$975	to	$1,065
Adjustments to increase (decrease) net income (loss):
Asset write-down charges(g)		$167	to	$202
Acquisition and integration costs		$0	to	$6
Depreciation, amortization and accretion		$1,680	to	$1,775
Restructuring charges(a)		$100	to	$130
Amortization of prepaid lease purchase price adjustments		$15	to	$17
Interest expense and amortization of deferred financing costs, net(e)		$926	to	$971
(Gains) losses on retirement of long-term obligations		—	to	—
Interest income		$(12)	to	$(11)
Other (income) expense		$0	to	$9
(Benefit) provision for income taxes		$20	to	$28
Stock-based compensation expense, net		$142	to	$146
Adjusted EBITDA(c)(d)		$4,143	to	$4,193

(a)Represents restructuring charges recorded for the periods presented related to (1) the Company's restructuring plan announced in July 2023, as further discussed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Restructuring Plan"), and (2) the Company's restructuring plan announced in June 2024, as further discussed in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 ("2024 Restructuring Plan"), as applicable for the respective period. For the three-month period ended September 30, 2024, there were ($3) million of adjustments related to the July 2023 Restructuring Plan and $51 million of restructuring charges related to the June 2024 Restructuring Plan. For the nine-month period ended September 30, 2024, there were $10 million and $94 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.

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

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

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

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

(f)As issued on October 16, 2024.

(g)Change in current full year 2024 Outlook for asset write-down charges are related to the impact of cancellations of small cell nodes, as further discussed above.

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News Release continued:	Page 10

Reconciliation of Historical FFO and AFFO:

	For the Three Months Ended				For the Nine Months Ended				For the Twelve Months Ended
(in millions; totals may not sum due to rounding)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023		December 31, 2023
Net income (loss)	$	303	$	265	$	865	$	1,139	$	1,502
Real estate related depreciation, amortization and accretion	419		425		1,259		1,266		1,692
Asset write-down charges	15		8		24		30		33
FFO(a)(b)	$	737	$	698	$	2,148	$	2,435	$	3,227
Weighted-average common shares outstanding—diluted	436		434		435		434		434
FFO (from above)	$	737	$	698	$	2,148	$	2,435	$	3,227
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(29)		(59)		(145)		(222)		(274)
Straight-lined expenses	16		18		49		56		73
Stock-based compensation expense, net	30		36		108		126		157
Non-cash portion of tax provision	1		4		6		8		8
Non-real estate related depreciation, amortization and accretion	13		14		42		49		62
Amortization of non-cash interest expense	2		3		9		11		14
Other (income) expense	6		—		5		4		6
Acquisition and integration costs	—		—		—		1		1
Restructuring charges(c)	48		72		104		72		85
Sustaining capital expenditures	(23)		(21)		(72)		(54)		(83)
AFFO(a)(b)	$	801	$	767	$	2,255	$	2,487	$	3,277
Weighted-average common shares outstanding—diluted	436		434		435		434		434

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

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

(c)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the three-month period ended September 30, 2024, there were ($3) million of adjustments related to the July 2023 Restructuring Plan and $51 million of restructuring charges related to the June 2024 Restructuring Plan. For the nine-month period ended September 30, 2024, there were $10 million and $94 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.

The pathway to possible.

CrownCastle.com

News Release continued:	Page 11

Reconciliation of Historical FFO and AFFO per share:

	For the Three Months Ended				For the Nine Months Ended				For the Twelve Months Ended
(in millions, except per share amounts; totals may not sum due to rounding)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023		December 31, 2023
Net income (loss)	$	0.70	$	0.61	$	1.99	$	2.62	$	3.46
Real estate related depreciation, amortization and accretion	0.96		0.98		2.89		2.92		3.90
Asset write-down charges	0.03		0.02		0.06		0.07		0.08
FFO(a)(b)	$	1.69	$	1.61	$	4.94	$	5.61	$	7.43
Weighted-average common shares outstanding—diluted	436		434		435		434		434
FFO (from above)	$	1.69	$	1.61	$	4.94	$	5.61	$	7.43
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(0.07)		(0.14)		(0.33)		(0.51)		(0.63)
Straight-lined expenses	0.04		0.04		0.11		0.13		0.17
Stock-based compensation expense, net	0.07		0.08		0.25		0.29		0.36
Non-cash portion of tax provision	—		0.01		0.01		0.02		0.02
Non-real estate related depreciation, amortization and accretion	0.03		0.03		0.10		0.11		0.14
Amortization of non-cash interest expense	—		0.01		0.02		0.03		0.03
Other (income) expense	0.01		—		0.01		0.01		0.01
Acquisition and integration costs	—		—		—		—		—
Restructuring charges(c)	0.11		0.17		0.24		0.17		0.20
Sustaining capital expenditures	(0.05)		(0.05)		(0.17)		(0.12)		(0.19)
AFFO(a)(b)	$	1.84	$	1.77	$	5.18	$	5.73	$	7.55
Weighted-average common shares outstanding—diluted	436		434		435		434		434

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

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

The pathway to possible.

CrownCastle.com

News Release continued:	Page 12

Reconciliation of Current Outlook for FFO and AFFO:

	Full Year 2024			Full Year 2024
(in millions, except per share amounts; totals may not sum due to rounding)	Outlook(a)			Outlook per share(a)
Net income (loss)		$975	to	$1,065	$2.24	to	$2.45
Real estate related depreciation, amortization and accretion		$1,634	to	$1,714	$3.76	to	$3.94
Asset write-down charges(e)		$167	to	$202	$0.38	to	$0.46
FFO(b)(c)		$2,863	to	$2,893	$6.58	to	$6.65
Weighted-average common shares outstanding—diluted	435			435
FFO (from above)		$2,863	to	$2,893	$6.58	to	$6.65
Adjustments to increase (decrease) FFO:
Straight-lined revenues		$(187)	to	$(162)	$(0.43)	to	$(0.37)
Straight-lined expenses		$55	to	$75	$0.13	to	$0.17
Stock-based compensation expense, net		$142	to	$146	$0.33	to	$0.34
Non-cash portion of tax provision		$2	to	$17	$0.00	to	$0.04
Non-real estate related depreciation, amortization and accretion		$46	to	$61	$0.11	to	$0.14
Amortization of non-cash interest expense		$9	to	$19	$0.02	to	$0.04
Other (income) expense		$0	to	$9	$0.00	to	$0.02
(Gains) losses on retirement of long-term obligations		—	to	—	—	to	—
Acquisition and integration costs		$0	to	$6	$0.00	to	$0.01
Restructuring charges(d)		$100	to	$130	$0.23	to	$0.30
Sustaining capital expenditures		$(85)	to	$(65)	$(0.20)	to	$(0.15)
AFFO(b)(c)		$3,005	to	$3,055	$6.91	to	$7.02
Weighted-average common shares outstanding—diluted	435			435

(a)As issued on October 16, 2024.

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

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

(d)Represents restructuring charges related to the 2023 Restructuring Plan and the 2024 Restructuring Plan.

(e)Change in current full year 2024 Outlook for asset write-down charges are related to the impact of cancellations of small cell nodes, as further discussed above.

The pathway to possible.

CrownCastle.com

News Release continued:	Page 13

For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted EBITDA:

	Previously Issued
(in millions; totals may not sum due to rounding)	Full Year 2024 Outlook(a)
Net income (loss)		$1,125	to	$1,190
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges		$42	to	$52
Acquisition and integration costs		$0	to	$6
Depreciation, amortization and accretion		$1,680	to	$1,775
Restructuring charges(b)		$100	to	$130
Amortization of prepaid lease purchase price adjustments		$15	to	$17
Interest expense and amortization of deferred financing costs, net(c)		$926	to	$971
(Gains) losses on retirement of long-term obligations		—	to	—
Interest income		$(12)	to	$(11)
Other (income) expense		$0	to	$9
(Benefit) provision for income taxes		$20	to	$28
Stock-based compensation expense, net		$142	to	$146
Adjusted EBITDA(d)(e)		$4,143	to	$4,193

For Comparative Purposes - Reconciliation of Previous Outlook for FFO and AFFO:

	Previously Issued			Previously Issued
(in millions, except per share amounts; totals may not sum due to rounding)	Full Year 2024<br><br>Outlook(a)			Full Year 2024 Outlook<br><br>per share(a)
Net income (loss)	$1,125	to	$1,190	$2.59	to	$2.74
Real estate related depreciation, amortization and accretion	$1,634	to	$1,714	$3.76	to	$3.94
Asset write-down charges	$42	to	$52	$0.10	to	$0.12
FFO(d)(e)	$2,863	to	$2,893	$6.58	to	$6.65
Weighted-average common shares outstanding—diluted	435			435
FFO (from above)	$2,863	to	$2,893	$6.58	to	$6.65
Adjustments to increase (decrease) FFO:
Straight-lined revenues	$(187)	to	$(162)	$(0.43)	to	$(0.37)
Straight-lined expenses	$55	to	$75	$0.13	to	$0.17
Stock-based compensation expense, net	$142	to	$146	$0.33	to	$0.34
Non-cash portion of tax provision	$2	to	$17	$0.00	to	$0.04
Non-real estate related depreciation, amortization and accretion	$46	to	$61	$0.11	to	$0.14
Amortization of non-cash interest expense	$9	to	$19	$0.02	to	$0.04
Other (income) expense	$0	to	$9	$0.00	to	$0.02
(Gains) losses on retirement of long-term obligations	—	to	—	—	to	—
Acquisition and integration costs	$0	to	$6	$0.00	to	$0.01
Restructuring charges(b)	$100	to	$130	$0.23	to	$0.30
Sustaining capital expenditures	$(85)	to	$(65)	$(0.20)	to	$(0.15)
AFFO(d)(e)	$3,005	to	$3,055	$6.91	to	$7.02
Weighted-average common shares outstanding—diluted	435			435

(a)As issued on July 17, 2024.

(b)Represents restructuring charges recorded related to the 2023 Restructuring Plan and the 2024 Restructuring Plan.

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

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

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

The pathway to possible.

CrownCastle.com

News Release continued:	Page 14

Components of Changes in Site Rental Revenues for the Quarters Ended September 30, 2024 and 2023:

	Three Months Ended September 30,
(dollars in millions; totals may not sum due to rounding)	2024			2023
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)	$	1,386		$	1,339
Prior year payments for Sprint Cancellations(a)(b)	6			—
Prior year site rental billings(a)	1,392			1,339
Core leasing activity(a)	85			66
Escalators	25			24
Non-renewals(a)	(38)			(37)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	72			53
Payments for Sprint Cancellations(a)(b)	(5)			6
Non-renewals associated with Sprint Cancellations(a)(b)	(1)			(6)
Organic Contribution to Site Rental Billings(a)	65			53
Straight-lined revenues	29			58
Amortization of prepaid rent	107			126
Acquisitions(c)	—			1
Total site rental revenues	$	1,593		$	1,577
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	1.0		%	0.6		%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)	5.2		%	4.0		%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	4.7		%	3.9		%

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

(b)In the third quarter 2023, we received $6 million of payments for Sprint Cancellations that related to fiber solutions. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount. Additionally, during the third quarter 2023, there were $5 million and $2 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively.

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

The pathway to possible.

CrownCastle.com

News Release continued:	Page 15

Towers Segment Components of Changes in Site Rental Revenues for the Quarters Ended September 30, 2024 and 2023:

	Three Months Ended September 30,
(dollars in millions; totals may not sum due to rounding)	2024			2023
Components of changes in site rental revenues:
Prior year site rental billings(a)	$	956		$	915
Core leasing activity(a)	26			25
Escalators	23			22
Non-renewals(a)	(8)			(7)
Organic Contribution to Site Rental Billings(a)	41			40
Straight-lined revenues	28			57
Amortization of prepaid rent	39			61
Acquisitions(b)	—			1
Other	—			—
Total site rental revenues	$	1,063		$	1,074
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	(1.0)		%	(0.9)		%
Changes in revenues as a percentage of prior year site rental billings:
Organic Contribution to Site Rental Billings(a)	4.3		%	4.4		%

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

The pathway to possible.

CrownCastle.com

News Release continued:	Page 16

Fiber Segment Components of Changes in Site Rental Revenues by Line of Business for the Quarters Ended September 30, 2024 and 2023:

Small Cells	Three Months Ended September 30,
(dollars in millions; totals may not sum due to rounding)	2024			2023
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)	$	113		$	109
Prior year payments for Sprint Cancellations(a)	—			—
Prior year site rental billings(a)	113			109
Core leasing activity(a)	28			8
Escalators	2			2
Non-renewals(a)	(2)			(1)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	28			8
Payments for Sprint Cancellations(a)	—			—
Non-renewals associated with Sprint Cancellations(a)(b)	(1)			(5)
Organic Contribution to Site Rental Billings(a)	28			3
Straight-lined revenues	(2)			(1)
Amortization of prepaid rent	51			45
Acquisitions(c)	—			—
Total site rental revenues	$	190		$	157
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	21.0		%	1.9		%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)	25.0		%	7.3		%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	24.5		%	3.1		%

(b)In third quarter 2023, there were $5 million of non-renewals associated with Sprint Cancellations that related to small cells.

The pathway to possible.

CrownCastle.com

News Release continued:	Page 17

Fiber Segment Components of Changes in Site Rental Revenues by Line of Business for the Quarters Ended September 30, 2024 and 2023:

Fiber Solutions	Three Months Ended September 30,
(dollars in millions; totals may not sum due to rounding)	2024			2023
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)	$	318		$	315
Prior year payments for Sprint Cancellations(a)(b)	6			—
Prior year site rental billings(a)	324			315
Core leasing activity(a)	31			34
Escalators	—			—
Non-renewals(a)	(29)			(29)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	2			5
Payments for Sprint Cancellations(a)(b)	(5)			6
Non-renewals associated with Sprint Cancellations(a)(b)	(1)			(2)
Organic Contribution to Site Rental Billings(a)	(4)			9
Straight-lined revenues	3			2
Amortization of prepaid rent	17			20
Acquisitions(c)	—			—
Total site rental revenues	$	340		$	346
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	(1.7)		%	4.8		%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)	0.7		%	1.5		%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	(1.1)		%	2.8		%

Outlook for Components Changes in Site Rental Revenues by Line of Business

	Full Year 2024 Outlook(d)
	Towers			Fiber Segment
(in millions)				Small Cells			Fiber Solutions
Core leasing activity (a)	$105	to	$115	$65	to	$75	$135	to	$145
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)(e)(f)	4.5%			15%			2%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)(e)	4.5%			(8)			(4)

(b)In the third quarter 2023, we received $6 million of payments for Sprint Cancellations that related to fiber solutions. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount. In the third quarter 2023, there were $2 million of non-renewals associated with Sprint Cancellations that related to fiber solutions.

(d)As issued on October 16, 2024 and unchanged from previous outlook issued on July 17, 2024.

(e)Calculated based on midpoint of full year 2024 Outlook.

(f)In full year 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.

The pathway to possible.

CrownCastle.com

News Release continued:	Page 18

Components of Changes in Site Rental Revenues for Full Year 2024 Outlook:

(dollars in millions; totals may not sum due to rounding)	Full Year 2024 Outlook(a)
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(b)	5,505
Prior year payments for Sprint Cancellations(b)(c)	170
Prior year site rental billings(b)	5,675
Core leasing activity(b)		to	$335
Escalators		to	$105
Non-renewals(b)		to	$(145)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(b)		to	$285
Payments for Sprint Cancellations(b)(c)		to	$(160)
Non-renewals associated with Sprint Cancellations(b)(c)		to	$(10)
Organic Contribution to Site Rental Billings(b)		to	$110
Straight-lined revenues		to	$187
Amortization of prepaid rent		to	$417
Acquisitions(d)	—
Total site rental revenues		to	$6,362
Year-over-year changes in revenues:(e)
Site rental revenues as a percentage of prior year site rental revenues	(3.0)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(b)	4.8%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)	1.6%

All values are in US Dollars.

(a)As issued on October 16, 2024 and unchanged from previous outlook issued on July 17, 2024.

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

(c)In 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively, and $14 million and $7 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.

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

(e)Calculated based on midpoint of full year 2024 Outlook, where applicable.

The pathway to possible.

CrownCastle.com

News Release continued:	Page 19

Components of Capital Expenditures:(a)

	For the Three Months Ended
	September 30, 2024								September 30, 2023
(in millions)	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects	$	16	$	239	$	5	$	260	$	34	$	273	$	5	$	312
Purchases of land interests	14		—		—		14		13		—		—		13
Sustaining capital expenditures	2		18		3		23		2		14		6		22
Total capital expenditures	$	32	$	257	$	8	$	297	$	49	$	287	$	11	$	347
	For the Nine Months Ended
	September 30, 2024								September 30, 2023
(in millions)	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects	$	51	$	769	$	16	$	836	$	101	$	843	$	17	$	961
Purchases of land interests	38		—		—		38		51		—		—		51
Sustaining capital expenditures	7		50		15		72		8		29		18		55
Total capital expenditures	$	96	$	819	$	31	$	946	$	160	$	872	$	35	$	1,067

Outlook for Discretionary Capital Expenditures Less Prepaid Rent Additions:(d)

(in millions)	Full Year 2023
Discretionary capital expenditures	1,341	to	$1,330
Less: Prepaid rent additions(c)	348
Discretionary capital expenditures less prepaid rent additions	993	to	$975

All values are in US Dollars.

Components of Interest Expense:

	For the Three Months Ended
(in millions)	September 30, 2024		September 30, 2023
Interest expense on debt obligations	$	234	$	213
Amortization of deferred financing costs and adjustments on long-term debt	8		8
Capitalized interest	(6)		(4)
Interest expense and amortization of deferred financing costs, net	$	236	$	217

Outlook for Components of Interest Expense:

(in millions)	Full Year 2024 Outlook(b)
Interest expense on debt obligations	$915	to	$955
Amortization of deferred financing costs and adjustments on long-term debt	$20	to	$30
Capitalized interest	$(17)	to	$(7)
Interest expense and amortization of deferred financing costs, net	$926	to	$971

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

(b)As issued on October 16, 2024 and unchanged from previous outlook issued on July 17, 2024.

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

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

The pathway to possible.

CrownCastle.com

News Release continued:	Page 20

Debt Balances and Maturity Dates as of September 30, 2024:

(in millions)	Face Value(a)		Final Maturity
Cash and cash equivalents and restricted cash and cash equivalents	$	371
Senior Secured Notes, Series 2009-1, Class A-2(b)	34		Aug. 2029
Senior Secured Tower Revenue Notes, Series 2015-2(c)	700		May 2045
Senior Secured Tower Revenue Notes, Series 2018-2(c)	750		July 2048
Installment purchase liabilities and finance leases(d)	301		Various
Total secured debt	$	1,785
2016 Revolver(e)	—		July 2027
2016 Term Loan A(f)	1,132		July 2027
Commercial Paper Notes(g)	1,312		Various
1.350% Senior Notes	500		July 2025
4.450% Senior Notes	900		Feb. 2026
3.700% Senior Notes	750		June 2026
1.050% Senior Notes	1,000		July 2026
2.900% Senior Notes	750		Mar. 2027
4.000% Senior Notes	500		Mar. 2027
3.650% Senior Notes	1,000		Sept. 2027
5.000% Senior Notes	1,000		Jan. 2028
3.800% Senior Notes	1,000		Feb. 2028
4.800% Senior Notes	600		Sept. 2028
4.300% Senior Notes	600		Feb. 2029
5.600% Senior Notes	750		June 2029
4.900% Senior Notes	550		Sept. 2029
3.100% Senior Notes	550		Nov. 2029
3.300% Senior Notes	750		July 2030
2.250% Senior Notes	1,100		Jan. 2031
2.100% Senior Notes	1,000		Apr. 2031
2.500% Senior Notes	750		July 2031
5.100% Senior Notes	750		May 2033
5.800% Senior Notes	750		Mar. 2034
5.200% Senior Notes	700		Sept. 2034
2.900% Senior Notes	1,250		Apr. 2041
4.750% Senior Notes	350		May 2047
5.200% Senior Notes	400		Feb. 2049
4.000% Senior Notes	350		Nov. 2049
4.150% Senior Notes	500		July 2050
3.250% Senior Notes	900		Jan. 2051
Total unsecured debt	$	22,444
Net Debt(h)	$	23,858

(a)Net of required principal amortizations.

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

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

(d)As of September 30, 2024, reflects $30 million in finance lease obligations (primarily related to vehicles).

(e)As of September 30, 2024, the undrawn availability under the $7.0 billion 2016 Revolver was $7.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of September 30, 2024 ranged from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum.

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

(g)As of September 30, 2024, the Company had $0.7 billion available for issuance under its $2.0 billion unsecured commercial paper program. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.

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

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News Release continued:	Page 21

Cautionary Language Regarding Forward-Looking Statements

This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "focus," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2024 Outlook and plans, projections, expectations and estimates regarding (1) the value of our business model and strategy, the performance of our business and the demand for our communications infrastructure, (2) revenue growth and its driving factors, (3) net income (loss) (including on a per share basis), (4) AFFO (including on a per share basis) and its components and growth, (5) Adjusted EBITDA and its components and growth, (6) Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations) and its components and growth, (7) site rental revenues and its components and growth, (8) interest expense, (9) the impact of Sprint Cancellations on our operating and financial results, (10) services contribution,(11) discretionary capital expenditures, (12) prepaid rent additions and amortization, (13) core leasing activity, (14) increase in our expenses, including its driving factors, (15) Fiber segment strategic review and the potential impacts and benefits therefrom, (16) changes to our operating plans and capital expenditure profile for the Fiber segment and the impacts and potential benefits therefrom (including with respect to the value of our assets), (17) operating cost reductions, including cost savings and other resulting benefits, (18) payment of advisory fees, including timing, and the impact on our results, (19) the trends impacting our business and the potential benefits derived therefrom, (20) small cell node cancellations and the impacts thereof and (21) our ability to capitalize on potential opportunities created by increasing data demand. All future dividends are subject to declaration by our board of directors.

Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and the following:

•Our business depends on the demand for our communications infrastructure (including towers, small cells and fiber), 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, reduce demand for our communications infrastructure and services and impact our dividend per share growth.

•The expansion or development of our business, including through acquisitions, increased product offerings or other strategic 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, 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.

•Our review of potential strategic alternatives may not result in an executed or consummated transaction or other strategic alternative, and the process of reviewing strategic alternatives or the outcome could adversely affect our business. There is no guarantee that any transaction resulting from the strategic review will ultimately benefit our shareholders.

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

•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 rights to land 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.

•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.

•Cybersecurity breaches or other information technology disruptions could adversely affect our operations, business, and reputation.

•Our business may be adversely impacted by climate-related events, natural disasters, including wildfires, and other unforeseen events.

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

•Our focus on and disclosure of our Environmental, Social and Governance position, metrics, strategy, goals and initiatives expose us to potential litigation and other adverse effects to our business.

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News Release continued:	Page 22

•Failure to attract, recruit and retain qualified and experienced employees could adversely affect our business, operations and costs.

•Changes to management, including turnover of our top executives, could have an adverse effect on our business.

•Actions that we are taking to restructure our business in alignment with our strategic priorities may not be as effective as anticipated.

•Actions of activist stockholders could impact the pursuit of our business strategies and adversely affect our results of operations, financial condition, or stock price.

•Our substantial level of indebtedness could adversely affect our ability to react to changes in our business, and the terms of our debt instruments 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, possibly on unfavorable terms, 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.

•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.

•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.

•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 Real Estate Investment Trust ("REIT") involves highly technical and complex provisions of the Code. Failure to remain qualified as a REIT would result in our inability to deduct dividends to stockholders when computing our taxable income, thereby increasing our tax obligations and reducing 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.

•REIT related 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. Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.

As used in this release, the term "including," and any variation thereof, means "including without limitation."

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| News Release continued: | Page 23 | | --- | --- || CROWN CASTLE INC. CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (Amounts in millions, except par values) | | --- || | September 30, 2024 | | December 31, 2023 | | | --- | --- | --- | --- | --- | | ASSETS | | | | | | Current assets: | | | | | | Cash and cash equivalents | $ | 194 | $ | 105 | | Restricted cash and cash equivalents | 172 | | 171 | | | Receivables, net | 413 | | 481 | | | Prepaid expenses | 144 | | 103 | | | Deferred site rental receivables | 158 | | 116 | | | Other current assets | 43 | | 56 | | | Total current assets | 1,124 | | 1,032 | | | Deferred site rental receivables | 2,340 | | 2,239 | | | Property and equipment, net | 15,643 | | 15,666 | | | Operating lease right-of-use assets | 5,843 | | 6,187 | | | Goodwill | 10,085 | | 10,085 | | | Other intangible assets, net | 2,878 | | 3,179 | | | Other assets, net | 130 | | 139 | | | Total assets | $ | 38,043 | $ | 38,527 | | LIABILITIES AND EQUITY | | | | | | Current liabilities: | | | | | | Accounts payable | $ | 200 | $ | 252 | | Accrued interest | 164 | | 219 | | | Deferred revenues | 483 | | 605 | | | Other accrued liabilities | 338 | | 342 | | | Current maturities of debt and other obligations | 611 | | 835 | | | Current portion of operating lease liabilities | 301 | | 332 | | | Total current liabilities | 2,097 | | 2,585 | | | Debt and other long-term obligations | 23,452 | | 22,086 | | | Operating lease liabilities | 5,272 | | 5,561 | | | Other long-term liabilities | 1,926 | | 1,914 | | | Total liabilities | 32,747 | | 32,146 | | | Commitments and contingencies | | | | | | Stockholders' equity: | | | | | | Common stock, 0.01 par value; 1,200 shares authorized; shares issued and outstanding: September 30, 2024—435 and December 31, 2023—434 | 4 | | 4 | | | Additional paid-in capital | 18,371 | | 18,270 | | | Accumulated other comprehensive income (loss) | (5) | | (4) | | | Dividends/distributions in excess of earnings | (13,074) | | (11,889) | | | Total equity | 5,296 | | 6,381 | | | Total liabilities and equity | $ | 38,043 | $ | 38,527 |

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| News Release continued: | Page 24 | | --- | --- || CROWN CASTLE INC. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) (Amounts in millions, except per share amounts) | | --- || | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024 | | 2023 | | 2024 | | 2023 | | | Net revenues: | | | | | | | | | | Site rental | $ | 1,593 | $ | 1,577 | $ | 4,761 | $ | 4,929 | | Services and other | 59 | | 90 | | 158 | | 378 | | | Net revenues | 1,652 | | 1,667 | | 4,919 | | 5,307 | | | Operating expenses: | | | | | | | | | | Costs of operations:(a) | | | | | | | | | | Site rental | 430 | | 420 | | 1,292 | | 1,259 | | | Services and other | 30 | | 66 | | 91 | | 268 | | | Selling, general and administrative | 153 | | 176 | | 540 | | 581 | | | Asset write-down charges | 15 | | 8 | | 24 | | 30 | | | Acquisition and integration costs | — | | — | | — | | 1 | | | Depreciation, amortization and accretion | 432 | | 439 | | 1,301 | | 1,315 | | | Restructuring charges | 48 | | 72 | | 104 | | 72 | | | Total operating expenses | 1,108 | | 1,181 | | 3,352 | | 3,526 | | | Operating income (loss) | 544 | | 486 | | 1,567 | | 1,781 | | | Interest expense and amortization of deferred financing costs, net | (236) | | (217) | | (692) | | (627) | | | Interest income | 6 | | 3 | | 14 | | 10 | | | Other income (expense) | (6) | | — | | (5) | | (4) | | | Income (loss) before income taxes | 308 | | 272 | | 884 | | 1,160 | | | Benefit (provision) for income taxes | (5) | | (7) | | (19) | | (21) | | | Net income (loss) | $ | 303 | $ | 265 | $ | 865 | $ | 1,139 | | Net income (loss), per common share: | | | | | | | | | | Basic | $ | 0.70 | $ | 0.61 | $ | 1.99 | $ | 2.63 | | Diluted | $ | 0.70 | $ | 0.61 | $ | 1.99 | $ | 2.63 | | Weighted-average common shares outstanding: | | | | | | | | | | Basic | 435 | | 434 | | 434 | | 434 | | | Diluted | 436 | | 434 | | 435 | | 434 | |

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

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| News Release continued: | Page 25 | | --- | --- || CROWN CASTLE INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (In millions of dollars) | | --- || | Nine Months Ended September 30, | | | | | --- | --- | --- | --- | --- | | | 2024 | | 2023 | | | Cash flows from operating activities: | | | | | | Net income (loss) | $ | 865 | $ | 1,139 | | Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | | | | | | Depreciation, amortization and accretion | 1,301 | | 1,315 | | | Amortization of deferred financing costs and other non-cash interest | 24 | | 22 | | | Stock-based compensation expense, net | 108 | | 126 | | | Asset write-down charges | 24 | | 30 | | | Deferred income tax (benefit) provision | 5 | | 1 | | | Other non-cash adjustments, net | 20 | | 10 | | | Changes in assets and liabilities, excluding the effects of acquisitions: | | | | | | Increase (decrease) in liabilities | (195) | | (220) | | | Decrease (increase) in assets | (86) | | (165) | | | Net cash provided by (used for) operating activities | 2,066 | | 2,258 | | | Cash flows from investing activities: | | | | | | Capital expenditures | (946) | | (1,067) | | | Payments for acquisitions, net of cash acquired | (8) | | (93) | | | Other investing activities, net | 7 | | 5 | | | Net cash provided by (used for) investing activities | (947) | | (1,155) | | | Cash flows from financing activities: | | | | | | Proceeds from issuance of long-term debt | 1,244 | | 2,347 | | | Principal payments on debt and other long-term obligations | (71) | | (58) | | | Purchases and redemptions of long-term debt | (750) | | (750) | | | Borrowings under revolving credit facility | — | | 2,943 | | | Payments under revolving credit facility | (670) | | (4,088) | | | Net borrowings (repayments) under commercial paper program | 1,312 | | 561 | | | Payments for financing costs | (12) | | (23) | | | Purchases of common stock | (32) | | (29) | | | Dividends/distributions paid on common stock | (2,049) | | (2,044) | | | Net cash provided by (used for) financing activities | (1,028) | | (1,141) | | | Net increase (decrease) in cash and cash equivalents and restricted cash | 91 | | (38) | | | Effect of exchange rate changes on cash | (1) | | — | | | Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 281 | | 327 | | | Cash and cash equivalents and restricted cash and cash equivalents at end of period | $ | 371 | $ | 289 | | Supplemental disclosure of cash flow information: | | | | | | Interest paid | 739 | | 654 | | | Income taxes paid (refunded) | 13 | | 13 | |

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| News Release continued: | Page 26 | | --- | --- || CROWN CASTLE INC. SEGMENT OPERATING RESULTS (UNAUDITED) (In millions of dollars) | | --- || SEGMENT OPERATING RESULTS | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Three Months Ended September 30, 2024 | | | | | | | | Three Months Ended September 30, 2023 | | | | | | | | | | Towers | | Fiber | | Other | | Total | | Towers | | Fiber | | Other | | Total | | | Segment site rental revenues | $ | 1,063 | $ | 530 | | | $ | 1,593 | $ | 1,074 | $ | 503 | | | $ | 1,577 | | Segment services and other revenues | 54 | | 5 | | | | 59 | | 86 | | 4 | | | | 90 | | | Segment revenues | 1,117 | | 535 | | | | 1,652 | | 1,160 | | 507 | | | | 1,667 | | | Segment site rental costs of operations | 240 | | 182 | | | | 422 | | 236 | | 175 | | | | 411 | | | Segment services and other costs of operations | 25 | | 3 | | | | 28 | | 61 | | 3 | | | | 64 | | | Segment costs of operations(a)(b) | 265 | | 185 | | | | 450 | | 297 | | 178 | | | | 475 | | | Segment site rental gross margin(c) | 823 | | 348 | | | | 1,171 | | 838 | | 328 | | | | 1,166 | | | Segment services and other gross margin(c) | 29 | | 2 | | | | 31 | | 25 | | 1 | | | | 26 | | | Segment selling, general and administrative expenses(b) | 19 | | 40 | | | | 59 | | 24 | | 48 | | | | 72 | | | Segment operating profit(c) | 833 | | 310 | | | | 1,143 | | 839 | | 281 | | | | 1,120 | | | Other selling, general and administrative expenses(b) | | | | | $ | 70 | 70 | | | | | | $ | 75 | 75 | | | Stock-based compensation expense, net | | | | | 30 | | 30 | | | | | | 36 | | 36 | | | Depreciation, amortization and accretion | | | | | 432 | | 432 | | | | | | 439 | | 439 | | | Restructuring charges(d) | | | | | 48 | | 48 | | | | | | 72 | | 72 | | | Interest expense and amortization of deferred financing costs, net | | | | | 236 | | 236 | | | | | | 217 | | 217 | | | Other (income) expenses to reconcile to income (loss) before income taxes(e) | | | | | 19 | | 19 | | | | | | 9 | | 9 | | | Income (loss) before income taxes | | | | | | | $ | 308 | | | | | | | $ | 272 |

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

(b)Segment costs of operations exclude (1) stock-based compensation expense, net of $6 million and $7 million for the three months ended September 30, 2024 and 2023, respectively and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended September 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $24 million and $29 million for the three months ended September 30, 2024 and 2023, respectively.

(c)See "Non-GAAP Measures and Other Information" for a discussion and our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.

(d)Represents restructuring adjustments and charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable for the respective period. For the three-month period ended September 30, 2024, there were ($3) million of adjustments related to the July 2023 Restructuring Plan and $51 million of restructuring charges related to the June 2024 Restructuring Plan. For the three-month period ended September 30, 2023, there were $72 million of restructuring charges related to the June 2023 Restructuring Plan.

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

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| News Release continued: | Page 27 | | --- | --- || SEGMENT OPERATING RESULTS | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Nine Months Ended September 30, 2024 | | | | | | | | Nine Months Ended September 30, 2023 | | | | | | | | | | Towers | | Fiber | | Other | | Total | | Towers | | Fiber | | Other | | Total | | | Segment site rental revenues | $ | 3,196 | $ | 1,565 | | | $ | 4,761 | $ | 3,234 | $ | 1,695 | | | $ | 4,929 | | Segment services and other revenues | 143 | | 15 | | | | 158 | | 356 | | 22 | | | | 378 | | | Segment revenues | 3,339 | | 1,580 | | | | 4,919 | | 3,590 | | 1,717 | | | | 5,307 | | | Segment site rental costs of operations | 723 | | 542 | | | | 1,265 | | 714 | | 518 | | | | 1,232 | | | Segment services and other costs of operations | 76 | | 10 | | | | 86 | | 252 | | 8 | | | | 260 | | | Segment costs of operations(a)(b) | 799 | | 552 | | | | 1,351 | | 966 | | 526 | | | | 1,492 | | | Segment site rental gross margin(c) | 2,473 | | 1,023 | | | | 3,496 | | 2,520 | | 1,177 | | | | 3,697 | | | Segment services and other gross margin(c) | 67 | | 5 | | | | 72 | | 104 | | 14 | | | | 118 | | | Segment selling, general and administrative expenses(b) | 56 | | 137 | | | | 193 | | 84 | | 148 | | | | 232 | | | Segment operating profit(c) | 2,484 | | 891 | | | | 3,375 | | 2,540 | | 1,043 | | | | 3,583 | | | Other selling, general and administrative expenses(b) | | | | | $ | 259 | 259 | | | | | | $ | 246 | 246 | | | Stock-based compensation expense, net | | | | | 108 | | 108 | | | | | | 126 | | 126 | | | Depreciation, amortization and accretion | | | | | 1,301 | | 1,301 | | | | | | 1,315 | | 1,315 | | | Restructuring charges(d) | | | | | 104 | | 104 | | | | | | 72 | | 72 | | | Interest expense and amortization of deferred financing costs, net | | | | | 692 | | 692 | | | | | | 627 | | 627 | | | Other (income) expenses to reconcile to income (loss) before income taxes(e) | | | | | 27 | | 27 | | | | | | 37 | | 37 | | | Income (loss) before income taxes | | | | | | | $ | 884 | | | | | | | $ | 1,160 |

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

(b)Segment costs of operations exclude (1) stock-based compensation expense, net of $20 million and $23 million for the nine months ended September 30, 2024 and 2023, respectively, and (2) prepaid lease purchase price adjustments of $12 million for each of the nine-months ended September 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $88 million and $103 million for the nine-months ended September 30, 2024 and 2023.

(c)See "Non-GAAP Measures and Other Information" for a discussion and our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.

(d)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the nine-month period ended September 30, 2024, there were $10 million and $94 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively. For the nine-month period ended September 30, 2023, there were $72 million of restructuring charges related to the June 2023 Restructuring Plan.

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

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Document

Exhibit 99.2

Supplemental Information Package

and Non-GAAP Reconciliations

Third Quarter • September 30, 2024

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Crown Castle Inc.

Third Quarter 2024

TABLE OF CONTENTS
	Page
Company Overview
Company Profile	3
Strategy	3
General Company Information	4
Asset Portfolio Footprint	4
Historical Common Stock Data	4
Annualized Fourth Quarter Dividends Per Share	5
Executive Management Team	5
Board of Directors	5
Research Coverage	6
Outlook
Outlook	7
Outlook for Components of Changes in Site Rental Revenues	7
Outlook for Components of Changes in Site Rental Revenues by Line of Business	8
Outlook for Capital Expenditures	8
Outlook for Components of Interest Expense	8
Consolidated Financials
Consolidated Summary Financial Highlights	9
Consolidated Components of Changes in Site Rental Revenues	10
Consolidated Summary of Capital Expenditures	10
Consolidated Return on Invested Capital	11
Consolidated Tenant Overview	11
Consolidated Annualized Rental Cash Payments at Time of Renewal	11
Consolidated Projected Revenues from Tenant Contracts	12
Consolidated Projected Expenses from Existing Ground Leases and Fiber Access Agreements	12
Capitalization Overview
Capitalization Overview	13
Debt Maturity Overview	14
Liquidity Overview	15
Summary of Maintenance and Financial Covenants	15
Interest Rate Exposure	16
Components of Interest Expense	16
Towers Segment
Towers Segment Summary Financial Highlights	17
Towers Segment Components of Changes in Site Rental Revenues	18
Towers Segment Summary of Capital Expenditures	18
Towers Segment Portfolio Highlights	19
Towers Segment Cash Yield on Invested Capital	19
Summary of Tower Portfolio by Vintage	19
Ground Interest Overview	20
Fiber Segment
Fiber Segment Summary Financial Highlights	21
Fiber Segment Components of Changes in Site Rental Revenues	22
Fiber Segment Summary of Capital Expenditures	22
Fiber Segment Revenue Detail by Line of Business	23
Fiber Segment Portfolio Highlights	25
Fiber Segment Cash Yield on Invested Capital	25
Fiber Solutions Revenue Mix	25
Appendix of Condensed Consolidated Financial Statements and Non-GAAP Reconciliations	26

Crown Castle Inc.

Third Quarter 2024

Cautionary Language Regarding Forward-Looking Statements

This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook," "guide," "forecast," "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our communications infrastructure, (2) cash flow growth and its driving factors, (3) our Outlook for full year 2024, (4) the value of our business model, strategy and product offerings, (5) strategic position of our assets, (6) revenues from tenant contracts, (7) expenses from existing ground leases and fiber access agreements, (8) the growth of the U.S. market for communications infrastructure ownership, (9) levels of commitments under our debt instruments, (10) the impact of Sprint Cancellations to our operating and financial results and (11) the impact of small cell nodes cancellations.

Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.

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

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

Definitions and reconciliations of non-GAAP financial measures, information regarding segment measures and other information are provided in the Appendix to this Supplement.

As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
COMPANY PROFILE
---

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

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

We operate as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes.

STRATEGY

As a leading provider of shared communications infrastructure in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of communications infrastructure, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and (3) investing capital efficiently to grow cash flows and long-term dividends per share. Our strategy is based, in part, on our belief that the U.S. is the most attractive market for shared communications infrastructure investment with the greatest long-term growth potential. We measure our efforts to create "long-term stockholder value" by the combined payment of dividends to stockholders and growth in our per-share results. The key elements of our strategy are to:

•Grow cash flows from our existing communications infrastructure. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our shared infrastructure assets, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data while generating high incremental returns for our business. We believe our product offerings of towers and small cells provide a comprehensive solution to our wireless tenants' growing network needs through our shared communications infrastructure model, which is an efficient and cost-effective way to serve our tenants. Additionally, we believe our ability to share our fiber assets across multiple tenants to deploy both small cells and offer fiber solutions allows us to generate cash flows and increase stockholder return.

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

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

◦construction of towers, fiber and small cells;

◦acquisitions of towers, fiber and small cells;

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

◦improvements and structural enhancements to our existing communications infrastructure;

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

◦purchases, repayments or redemptions of our debt.

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

(a)On air or under contract. Updated from second quarter of 2024 as a result of mutual cancellations of small cell nodes in our contracted backlog in the fourth quarter of 2024.

Crown Castle Inc.

Third Quarter 2024

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

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

ASSET PORTFOLIO FOOTPRINT
HISTORICAL COMMON STOCK DATA
---	---	---	---	---	---	---	---	---	---	---
	Three Months Ended
(in millions, except per share amounts)	9/30/23		12/31/23		3/31/24		6/30/24		9/30/24
High price(b)	$	110.10	$	112.98	$	112.08	$	102.70	$	120.92
Low price(b)	$	83.81	$	79.93	$	98.94	$	89.78	$	93.77
Period end closing price(c)	$	86.94	$	110.30	$	102.80	$	96.42	$	118.63
Dividends paid per common share	$	1.57	$	1.57	$	1.57	$	1.57	$	1.57
Volume weighted average price for the period(b)	$	96.07	$	97.77	$	104.28	$	95.55	$	109.35
Common shares outstanding, at period end	434		434		435		435		435
Market value of outstanding common shares, at period end(d)	$	37,707	$	47,839	$	44,669	$	41,899	$	51,556

(a)On air or under contract. Updated from second quarter of 2024 as a result of mutual cancellations of small cell nodes in our contracted backlog in the fourth quarter of 2024.

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

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

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
ANNUALIZED FOURTH QUARTER DIVIDENDS PER SHARE(a)
---

EXECUTIVE MANAGEMENT TEAM
	Age	Years with Company	Position
Steven J. Moskowitz	61	<1	President and Chief Executive Officer
Daniel K. Schlanger	50	8	Executive Vice President and Chief Financial Officer
Michael J. Kavanagh	56	14	Executive Vice President and Chief Operating Officer - Towers
Christopher D. Levendos	57	6	Executive Vice President and Chief Operating Officer - Fiber
Edward B. Adams, Jr.	55	7	Executive Vice President and General Counsel
Edmond Chan	54	<1	Executive Vice President and Chief Information Officer
BOARD OF DIRECTORS
---	---	---	---	---
Name	Position	Committees	Age	Years as Director
P. Robert Bartolo	Chair	NESG(b), Fiber Review, Finance	52	10
Cindy Christy	Director	Compensation and Human Capital, NESG(b)	58	17
Ari Q. Fitzgerald	Director	Compensation and Human Capital, NESG(b)	61	22
Jason Genrich	Director	Fiber Review, Finance	37	<1
Andrea J. Goldsmith	Director	Compensation and Human Capital	60	6
Tammy K. Jones	Director	Audit, NESG(b), Finance	59	3
Kevin T. Kabat	Director	Compensation and Human Capital, NESG(b)	67	1
Anthony J. Melone	Director	Audit, Fiber Review	64	9
Steven J. Moskowitz	Director		61	<1
Sunit S. Patel	Director	Audit, Fiber Review, Finance	62	<1
Bradley E. Singer	Director	Audit, Finance	58	<1
Kevin A. Stephens	Director	Audit, Compensation and Human Capital, Fiber Review	62	3
Matthew Thornton III	Director	Compensation and Human Capital	66	3

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

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

Crown Castle Inc.

Third Quarter 2024

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT
OUTLOOK
---	---	---	---	---
(in millions, except per share amounts)	Full Year 2024 Outlook(a)
Site rental billings(b)		$5,740	to	$5,780
Amortization of prepaid rent		$392	to	$417
Straight-lined revenues		$162	to	$187
Site rental revenues		$6,317	to	$6,362
Site rental costs of operations(c)		$1,686	to	$1,731
Services and other gross margin		$65	to	$95
Net income (loss)		$975	to	$1,065
Net income (loss) per share—diluted		$2.24	to	$2.45
Adjusted EBITDA(d)		$4,143	to	$4,193
Depreciation, amortization and accretion		$1,680	to	$1,775
Interest expense and amortization of deferred financing costs, net(e)		$926	to	$971
FFO(d)		$2,863	to	$2,893
AFFO(d)		$3,005	to	$3,055
AFFO per share(d)		$6.91	to	$7.02
OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
---	---
(dollars in millions; totals may not sum due to rounding)	Full Year 2024 Outlook(f)
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(b)	5,505
Prior year payments for Sprint Cancellations(b)(g)	170
Prior year site rental billings(b)	5,675
Core leasing activity(b)		$305	to	$335
Escalators		$95	to	$105
Non-renewals(b)		$(165)	to	$(145)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(b)		$245	to	$285
Payments for Sprint Cancellations(b)(g)		$(170)	to	$(160)
Non-renewals associated with Sprint Cancellations(b)(g)		$(10)	to	$(10)
Organic Contribution to Site Rental Billings(b)		$70	to	$110
Straight-lined revenues		$162	to	$187
Amortization of prepaid rent		$392	to	$417
Acquisitions(h)	—	—
Total site rental revenues		$6,317	to	$6,362
Year-over-year changes in revenues:(i)
Site rental revenues as a percentage of prior year site rental revenues	(3.0)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(b)	4.8%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)	1.6%

All values are in US Dollars.

(a)As issued on October 16, 2024.

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

(c)Exclusive of depreciation, amortization and accretion.

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

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

(f)As issued on October 16, 2024 and unchanged from previous outlook issued on July 17, 2024.

(g)In full year 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively, and there were $14 million and $7 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.

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

(i)Calculated based on midpoint of full year 2024 Outlook where applicable.

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES BY LINE OF BUSINESS
---	---	---	---	---	---	---	---	---	---
	Full Year 2024 Outlook(a)
	Towers Segment			Fiber Segment
(dollars in millions)				Small Cells			Fiber Solutions
Core leasing activity(b)	$105	to	$115	$65	to	$75	$135	to	$145
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(b)(c)(d)	4.5%			15%			2%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)(c)	4.5%			(8)			(4)
OUTLOOK FOR CAPITAL EXPENDITURES
---	---	---	---	---	---
	Full Year 2024 Outlook(a)(e)
(in millions)	Towers Segment	Fiber Segment		Total
Capital expenditures	~$180	1,050	$1,150	1,230	$1,330
Less: Prepaid rent additions(f)	~$80	~275		~355
Capital expenditures less prepaid rent additions	~$100	775	$875	875	$975

All values are in US Dollars.

OUTLOOK FOR COMPONENTS OF INTEREST EXPENSE
(in millions)	Full Year 2024 Outlook(a)
Interest expense on debt obligations		$915	to	$955
Amortization of deferred financing costs and adjustments on long-term debt		$20	to	$30
Capitalized interest		$(17)	to	$(7)
Interest expense and amortization of deferred financing costs, net		$926	to	$971

(a)As issued on October 16, 2024 and unchanged from previous outlook issued on July 17, 2024.

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

(c)Calculated based on midpoint of full year 2024 Outlook.

(d)In full year 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.

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

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
CONSOLIDATED SUMMARY FINANCIAL HIGHLIGHTS
---	---	---	---	---	---	---	---	---	---	---	---	---
	2023								2024
(in millions, except per share amounts; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3
Net revenues:
Site rental
Site rental billings(a)	$	1,404	$	1,460	$	1,393	$	1,418	$	1,423	$	1,417	$	1,457
Amortization of prepaid rent	137		188		126		134		106		107		107
Straight-lined revenues	83		80		58		51		59		56		29
Total site rental	1,624		1,728		1,577		1,603		1,588		1,580		1,593
Services and other	149		139		90		71		53		46		59
Net revenues	$	1,773	$	1,867	$	1,667	$	1,674	$	1,641	$	1,626	$	1,652
Select operating expenses:
Costs of operations(b)
Site rental exclusive of straight-lined expenses	$	398	$	406	$	403	$	390	$	414	$	416	$	415
Straight-lined expenses	17		18		17		17		16		16		15
Total site rental	415		424		420		407		430		432		430
Services and other	104		98		66		48		34		27		30
Total costs of operations	519		522		486		455		464		459		460
Selling, general and administrative	$	195	$	210	$	176	$	178	$	183	$	204	$	153
Net income (loss)	$	418	$	455	$	265	$	361	$	311	$	251	$	303
Adjusted EBITDA(c)	1,104		1,188		1,047		1,076		1,036		1,006		1,075
Depreciation, amortization and accretion	431		445		439		439		439		430		432
Interest expense and amortization of deferred financing costs, net	202		208		217		223		226		230		236
FFO(c)	835		901		698		790		742		669		737
AFFO(c)	$	828	$	891	$	767	$	790	$	749	$	704	$	801
Weighted-average common shares outstanding— diluted	434		434		434		434		435		435		436
Net income (loss) per share—diluted	$	0.97	$	1.05	$	0.61	$	0.83	$	0.71	$	0.58	$	0.70
AFFO per share(c)	$	1.91	$	2.05	$	1.77	$	1.82	$	1.72	$	1.62	$	1.84

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

(b)Exclusive of depreciation, amortization and accretion.

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
CONSOLIDATED COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2023												2024
(dollars in millions; totals may not sum due to rounding)	Q1			Q2			Q3			Q4			Q1			Q2			Q3
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)	$	1,318		$	1,304		$	1,339		$	1,348		$	1,357		$	1,354		$	1,386
Prior year payments for Sprint Cancellations(a)(b)	—			—			—			—			48			106			6
Prior year site rental billings(a)	$	1,318		$	1,304		$	1,339		$	1,348		$	1,405		$	1,460		$	1,392
Core leasing activity(a)	57			73			66			79			81			76			85
Escalators	24			24			24			24			24			24			25
Non-renewals(a)	(42)			(42)			(37)			(36)			(37)			(37)			(38)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	39			54			53			67			68			63			72
Payments for Sprint Cancellations(a)(c)	48			106			6			10			(44)			(105)			(5)
Non-renewals associated with Sprint Cancellations(a)(c)	(2)			(6)			(6)			(7)			(6)			(1)			(1)
Organic Contribution to Site Rental Billings(a)	85			155			53			70			17			(44)			65
Straight-lined revenues	83			80			58			51			59			56			29
Amortization of prepaid rent	137			188			126			134			106			107			107
Acquisitions(d)	1			1			1			1			—			—			—
Total site rental revenues	$	1,624		$	1,728		$	1,577		$	1,603		$	1,588		$	1,580		$	1,593
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	3.0		%	10.3		%	0.6		%	1.6		%	(2.2)		%	(8.6)		%	1.0		%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)	2.9		%	4.2		%	4.0		%	4.9		%	5.0		%	4.7		%	5.2		%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	6.4		%	11.9		%	3.9		%	5.2		%	1.2		%	(3.0)		%	4.7		%
CONSOLIDATED SUMMARY OF CAPITAL EXPENDITURES(a)
---	---	---	---	---	---	---	---	---	---	---	---	---
	2023								2024
(dollars in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects	$	311	$	338	$	312	$	316	$	285	$	291	$	260
Purchases of land interests	15		23		13		13		13		11		14
Total discretionary capital expenditures	326		361		325		329		298		302		274
Sustaining capital expenditures	15		18		22		28		22		27		23
Total capital expenditures	341		379		347		357		320		329		297
Less: Prepaid rent additions(e)	81		84		80		103		68		98		74
Capital expenditures less prepaid rent additions	$	260	$	295	$	267	$	254	$	252	$	231	$	223

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

(b)In full year 2023, we received $104 million and $66 million of payments for Sprint Cancellations that related to small cells and fiber solutions, respectively. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.

(c)In the third quarter 2023, we received $6 million of payments for Sprint Cancellations that related to fiber solutions. These payments are non-recurring and therefore reduce the third quarter 2024 Organic Contribution to Site Rental Billings by the same amount. Additionally, in the third quarter 2023, there were $5 million and $2 million of non-renewals associated with Sprint Cancellations that related to small cells and fiber solutions, respectively.

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
CONSOLIDATED RETURN ON INVESTED CAPITAL(a)
---	---	---	---	---	---	---
(as of September 30, 2024; dollars in millions)	Q3 2024 LQA			Q3 2023 LQA
Adjusted EBITDA(b)	$	4,300		$	4,188
Cash taxes (paid) refunded	(17)			(11)
Adjusted EBITDA less cash taxes paid	$	4,283		$	4,177
Historical gross investment in property and equipment(c)	$	29,711		$	28,463
Historical gross investment in site rental contracts and tenant relationships	7,880			7,866
Historical gross investment in goodwill	10,085			10,085
Consolidated Invested Capital(a)	$	47,676		$	46,414
Consolidated Return on Invested Capital(a)	9.0		%	9.0		%
CONSOLIDATED TENANT OVERVIEW
---	---	---	---
(as of September 30, 2024)	Percentage of Q3 2024 LQA Site <br>Rental Revenues	Weighted Average Current <br>Term Remaining(d)	Long-Term Credit Rating <br>(S&P / Moody’s)
T-Mobile	35%	7	BBB / Baa2
AT&T	20%	4	BBB / Baa2
Verizon	19%	6	BBB+ / Baa1
All Others Combined	26%	4	N/A
Total / Weighted Average	100%	6
CONSOLIDATED ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(e)
---	---	---	---	---	---	---	---	---	---	---
	Remaining Three Months		Years Ending December 31,
(as of September 30, 2024; in millions)	2024		2025		2026		2027		2028
T-Mobile	$	7	$	240	$	52	$	57	$	40
AT&T	5		20		30		31		779
Verizon	4		35		35		32		44
All Others Combined	56		226		239		159		83
Total	$	72	$	521	$	356	$	279	$	946

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

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

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

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

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
CONSOLIDATED PROJECTED REVENUES FROM TENANT CONTRACTS(a)
---	---	---	---	---	---	---	---	---	---	---
	Remaining Three Months		Years Ending December 31,
(as of September 30, 2024; in millions)	2024		2025		2026		2027		2028
Components of site rental revenues:
Site rental billings(b)	$	1,456	$	5,695	$	5,813	$	5,940	$	6,066
Amortization of prepaid rent	97		320		276		233		188
Straight-lined revenues	25		49		(62)		(183)		(246)
Site rental revenues	$	1,578	$	6,064	$	6,027	$	5,990	$	6,008
CONSOLIDATED PROJECTED EXPENSES FROM EXISTING GROUND LEASES AND FIBER ACCESS AGREEMENTS(c)
---	---	---	---	---	---	---	---	---	---	---
	Remaining Three Months		Years Ending December 31,
(as of September 30, 2024; in millions)	2024		2025		2026		2027		2028
Components of ground lease and fiber access agreement expenses:
Ground lease and fiber access agreement expenses exclusive of straight-lined expenses	$	264	$	1,068	$	1,090	$	1,112	$	1,133
Straight-lined expenses	14		49		36		24		14
Ground lease and fiber access agreement expenses	$	278	$	1,117	$	1,126	$	1,136	$	1,147

(a)Based on tenant licenses in place as of September 30, 2024. All tenant licenses are assumed to renew for a new term no later than the respective current term end date, and as such, projected revenues do not reflect the impact of estimated annual churn. CPI-linked tenant contracts are assumed to escalate at 3% per annum.

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

(c)Based on existing ground leases and fiber access agreements as of September 30, 2024. CPI-linked contracts are assumed to escalate at 3% per annum.

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
CAPITALIZATION OVERVIEW
---	---	---	---	---	---
(as of September 30, 2024; dollars in millions)	Face Value(a)		Fixed vs. Variable	Interest Rate(b)	Debt to LQA Adjusted EBITDA(c)	Maturity
Cash and cash equivalents and restricted cash and cash equivalents	$	371
Senior Secured Notes, Series 2009-1, Class A-2(d)	34		Fixed	9.0%		2029
Senior Secured Tower Revenue Notes, Series 2015-2(e)	700		Fixed	3.7%		2045
Senior Secured Tower Revenue Notes, Series 2018-2(e)	750		Fixed	4.2%		2048
Installment purchase liabilities and finance leases(f)	301		Fixed	Various		Various
Total secured debt	$	1,785		4.1%	0.4x
2016 Revolver(g)	—		Variable			2027
2016 Term Loan A(h)	1,132		Variable	6.4%		2027
Commercial Paper Notes(i)	1,312		Variable	5.5%		Various
1.350% Senior Notes	500		Fixed	1.4%		2025
4.450% Senior Notes	900		Fixed	4.5%		2026
3.700% Senior Notes	750		Fixed	3.7%		2026
1.050% Senior Notes	1,000		Fixed	1.1%		2026
2.900% Senior Notes	750		Fixed	2.9%		2027
4.000% Senior Notes	500		Fixed	4.0%		2027
3.650% Senior Notes	1,000		Fixed	3.7%		2027
5.000% Senior Notes	1,000		Fixed	5.0%		2028
3.800% Senior Notes	1,000		Fixed	3.8%		2028
4.800% Senior Notes	600		Fixed	4.8%		2028
4.300% Senior Notes	600		Fixed	4.3%		2029
5.600% Senior Notes	750		Fixed	5.6%		2029
4.900% Senior Notes	550		Fixed	4.9%		2029
3.100% Senior Notes	550		Fixed	3.1%		2029
3.300% Senior Notes	750		Fixed	3.3%		2030
2.250% Senior Notes	1,100		Fixed	2.3%		2031
2.100% Senior Notes	1,000		Fixed	2.1%		2031
2.500% Senior Notes	750		Fixed	2.5%		2031
5.100% Senior Notes	750		Fixed	5.1%		2033
5.800% Senior Notes	750		Fixed	5.8%		2034
5.200% Senior Notes	700		Fixed	5.2%		2034
2.900% Senior Notes	1,250		Fixed	2.9%		2041
4.750% Senior Notes	350		Fixed	4.8%		2047
5.200% Senior Notes	400		Fixed	5.2%		2049
4.000% Senior Notes	350		Fixed	4.0%		2049
4.150% Senior Notes	500		Fixed	4.2%		2050
3.250% Senior Notes	900		Fixed	3.3%		2051
Total unsecured debt	$	22,444		3.9%	5.2x
Net Debt(j)	$	23,858		3.9%	5.5x
Market Capitalization(k)	51,556
Firm Value(l)	$	75,414

(a)Net of required principal amortizations.

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

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

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

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

(f)As of September 30, 2024, reflects $30 million in finance lease obligations (primarily related to vehicles).

(g)As of September 30, 2024, the undrawn availability under the $7.0 billion 2016 Revolver was $7.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of September 30, 2024 ranged from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum.

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

(i)As of September 30, 2024, the Company had $0.7 billion available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes ("CP Notes"), when outstanding, may vary but may not exceed 397 days from the date of issue.

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

(k)Market capitalization calculated based on $118.63 closing price and 435 million shares outstanding as of September 30, 2024.

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
DEBT MATURITY OVERVIEW(a)(b)
---

(as of September 30, 2024; in millions)

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

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT
LIQUIDITY OVERVIEW(a)
---	---	---
(in millions)	September 30, 2024
Cash and cash equivalents, and restricted cash and cash equivalents(b)	$	371
Undrawn 2016 Revolver availability(c)	6,960
Total debt and other obligations (current and non-current)(d)	24,063
Total equity	5,296
SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
---	---	---	---	---	---
Debt	Borrower / Issuer	Covenant(e)	Covenant Level Requirement		As of September 30, 2024
Maintenance Financial Covenants(f)
2016 Credit Facility	CCI	Total Net Leverage Ratio	≤ 6.50x		5.7x
2016 Credit Facility	CCI	Total Senior Secured Leverage Ratio	≤ 3.50x		0.4x
2016 Credit Facility	CCI	Consolidated Interest Coverage Ratio(g)	N/A		N/A
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released
2015 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.75x	(h)	17.9x
2018 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.75x	(h)	17.9x
2009 Securitized Notes	Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries	Debt Service Coverage Ratio	> 1.30x	(h)	31.1x
Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture
2015 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.00x	(i)	17.9x
2018 Tower Revenue Notes	Crown Castle Towers LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.00x	(i)	17.9x
2009 Securitized Notes	Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries	Debt Service Coverage Ratio	≥ 2.34x	(i)	31.1x

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

i.In March 2024, we established an at-the-market stock offering program ("ATM Program") through which we may, from time to time, issue and sell shares of our common stock having an aggregate gross sales price of up to $750 million to or through sales agents. No shares of common stock have been sold under the ATM Program.

ii.In April 2019, we established a CP Program through which we may issue short term, unsecured CP Notes. Amounts available under the CP Program may be issued, repaid and re-issued from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not to exceed $2.0 billion. As of September 30, 2024, there were $1.3 billion CP Notes outstanding under our CP Program. We intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.

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

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

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

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

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

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

(h)The 2015 Tower Revenue Notes, 2018 Tower Revenue Notes and 2009 Securitized Notes also include the potential for amortization events, which could result in applying current and future cash flow to the prepayment of debt with applicable prepayment consideration. An amortization event occurs when the Debt Service Coverage Ratio falls below 1.45x, 1.45x or 1.15x, in each case as described under the indentures for the 2015 Tower Revenue Notes, 2018 Tower Revenue Notes or 2009 Securitized Notes, respectively.

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW
INTEREST RATE EXPOSURE(a)
---	---	---	---
(as of September 30, 2024; dollars in millions)
Fixed Rate Debt		Floating Rate Debt
Face value of principal outstanding(b)	21,484	Face value of principal outstanding(b)	$2,444
% of total debt	90%	% of total debt	10%
Weighted average interest rate	3.7%	Weighted average interest rate(c)	5.7%
Upcoming maturities:	2024(d)	Interest rate sensitivity of 25 bps increase in interest rates:
Face value of principal outstanding(b)	—	Full year effect(f)	$6.1
Weighted average interest rate	—%

All values are in US Dollars.

COMPONENTS OF INTEREST EXPENSE
	2023								2024
(in millions)	Q1		Q2		Q3		Q4		Q1		Q2		Q3
Interest expense on debt obligations	$	198	$	205	$	213	$	220	$	223	$	227	$	234
Amortization of deferred financing costs and adjustments on long-term debt	7		7		8		7		8		8		8
Capitalized interest	(3)		(4)		(4)		(4)		(5)		(5)		(6)
Interest expense and amortization of deferred financing costs, net	$	202	$	208	$	217	$	223	$	226	$	230	$	236

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

(b)Net of required principal amortizations.

(c)In June 2021, the Company entered into an amendment to the credit agreement governing our 2016 Credit Facility that provided for, among other things, a reduction to the interest rate spread ("Spread") of up to 0.05% if the Company meets specified annual sustainability targets ("Targets") and an increase to the Spread of up to 0.05% if the Company fails to meet specified annual sustainability thresholds ("Thresholds"). In January 2024, the Company submitted the required documentation and received confirmation from its administrative agent that all Targets were met as of December 31, 2023, and, as such, the Spread reduction is maintained for 2024. The weighted average interest rate reflects the reduced Spread.

(d)Represents the remaining three months of the year.

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

(f)Represents incremental interest expense over a 12-month period based on a hypothetical interest rate increase of 25 bps on face value of variable indebtedness outstanding as of September 30, 2024; assumes no debt maturities.

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
TOWERS SEGMENT SUMMARY FINANCIAL HIGHLIGHTS
---	---	---	---	---	---	---	---	---	---	---	---	---
	2023								2024
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3
Segment net revenues:
Site rental
Site rental billings(a)	$	926	$	929	$	956	$	970	$	970	$	970	$	997
Amortization of prepaid rent	72		67		61		59		41		39		39
Straight-lined revenues	83		84		57		50		57		54		28
Total site rental	1,081		1,080		1,074		1,079		1,068		1,064		1,063
Services and other	146		124		86		65		46		43		54
Net revenues	$	1,227	$	1,204	$	1,160	$	1,144	$	1,114	$	1,107	$	1,117
Segment operating expenses:
Costs of operations(b)
Site rental exclusive of straight-lined expenses(c)	$	221	$	230	$	223	$	218	$	227	$	233	$	228
Straight-lined expenses(c)	13		13		13		13		12		12		12
Total site rental	234		243		236		231		239		245		240
Services and other	99		92		61		42		28		23		25
Total costs of operations	333		335		297		273		267		268		265
Selling, general and administrative(d)	31		30		24		19		21		16		19
Segment operating profit(e)	$	863	$	839	$	839	$	852	$	826	$	823	$	833

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

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

(c)Amounts for periods from Q1 2023 through Q2 2024 reflect revisions to previously disclosed amounts due to an immaterial error.

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

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
TOWERS SEGMENT COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2023												2024
(dollars in millions; totals may not sum due to rounding)	Q1			Q2			Q3			Q4			Q1			Q2			Q3
Components of changes in site rental revenues:
Prior year site rental billings(a)	$	879		$	877		$	915		$	921		$	926		$	929		$	956
Core leasing activity(a)	32			38			25			32			28			26			26
Escalators	22			22			22			23			23			23			23
Non-renewals(a)	(8)			(8)			(7)			(7)			(8)			(7)			(8)
Organic Contribution to Site Rental Billings(a)	46			51			40			48			43			42			41
Straight-lined revenues	83			84			57			50			57			54			28
Amortization of prepaid rent	72			67			61			59			41			39			39
Acquisitions(b)	1			1			1			1			—			—			—
Total site rental revenues	$	1,081		$	1,080		$	1,074		$	1,079		$	1,068		$	1,064		$	1,063
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	0.6		%	0.2		%	(0.9)		%	(0.6)		%	(1.2)		%	(1.5)		%	(1.0)		%
Changes in revenues as a percentage of prior year site rental billings:
Organic Contribution to Site Rental Billings(a)	5.2		%	5.8		%	4.4		%	5.2		%	4.6		%	4.4		%	4.3		%
TOWERS SEGMENT SUMMARY OF CAPITAL EXPENDITURES(a)
---	---	---	---	---	---	---	---	---	---	---	---	---
	2023								2024
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3
Discretionary capital expenditures:
Communications infrastructure improvements and other capital projects	$	33	$	34	$	34	$	21	$	20	$	15	$	16
Purchases of land interests	15		23		13		13		13		11		14
Total discretionary capital expenditures	48		57		47		34		33		26		30
Sustaining capital expenditures	2		4		2		—		2		3		2
Total capital expenditures	50		61		49		34		35		29		32
Less: Prepaid rent additions(c)	22		25		25		20		12		8		13
Capital expenditures less prepaid rent additions	$	28	$	36	$	24	$	14	$	23	$	21	$	19

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

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
TOWERS SEGMENT PORTFOLIO HIGHLIGHTS
---	---	---
(as of September 30, 2024)
Number of towers (in thousands)(a)	40
Average number of tenants per tower	2.4
Remaining contracted tenant receivables (in billions)(b)	$	31
Weighted average remaining tenant contract term (years)(b)(c)	6
Percent of towers in the Top 50 / 100 Basic Trading Areas	56% / 71%
Percent of ground leased / owned(d)	58% / 42%
Weighted average maturity of ground leases (years)(d)(e)	36
TOWERS SEGMENT CASH YIELD ON INVESTED CAPITAL(f)
---	---	---	---	---	---	---
(as of September 30, 2024; dollars in millions)	Q3 2024 LQA			Q3 2023 LQA
Segment site rental gross margin(g)	$	3,292		$	3,352
Less: Amortization of prepaid rent	(156)			(244)
Less: Straight-lined revenues	(112)			(228)
Add: Straight-lined expenses(h)	48			52
Numerator(h)	$	3,072		$	2,932
Segment net investment in property and equipment(i)	$	13,526		$	13,395
Segment investment in site rental contracts and tenant relationships	4,590			4,576
Segment investment in goodwill(j)	5,351			5,351
Segment Net Invested Capital(f)	$	23,467		$	23,322
Segment Cash Yield on Invested Capital(f)	13.1		%	12.6		%
SUMMARY OF TOWER PORTFOLIO BY VINTAGE(k)
---	---	---	---	---	---	---
(as of September 30, 2024; dollars in thousands)	Acquired and Built 2006 and Prior			Acquired and Built 2007 to Present
Cash yield(l)	21		%	10		%
Number of tenants per tower	3.0			2.2
Last quarter annualized average cash site rental revenue per tower(m)	$	135		$	85
Last quarter annualized average site rental gross cash margin per tower(n)	$	116		$	60
Net invested capital per tower(o)	$	563		$	588
Number of towers	11,195			28,837

(a)Excludes third-party land interests.

(b)Excludes renewal terms at tenants' option.

(c)Weighted by site rental revenues.

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

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

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

(g)See "Segment Operating Results" and "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, segment site rental gross margin.

(h)Amounts for Q3 2023 reflect revisions from previously disclosed amounts due to an immaterial error.

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

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

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

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

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

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

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
GROUND INTEREST OVERVIEW
---	---	---	---	---	---	---	---	---	---	---	---	---
(as of September 30, 2024; dollars in millions)	LQA Cash Site Rental Revenues(a)		Percentage of LQA Cash Site Rental Revenues(a)		LQA Towers Segment Site Rental Gross Cash Margin(b)		Percentage of LQA Towers Segment Site Rental Gross Cash Margin(b)		Number of Towers(c)	Percentage of Towers		Weighted Average Term Remaining (by years)(d)
Less than 10 years	$	437	11	%	$	239	8	%	5,480	14	%
10 to 20 years	585		15	%	377		12	%	6,156	15	%
Greater than 20 years	1,588		40	%	1,158		38	%	16,590	42	%
Total leased	$	2,611	66	%	$	1,774	58	%	28,226	71	%	36
Owned	$	1,338	34	%	$	1,263	42	%	11,806	29	%
Total / Average	$	3,949	100	%	$	3,037	100	%	40,032	100	%

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

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

(c)Excludes third-party land interests.

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
FIBER SEGMENT SUMMARY FINANCIAL HIGHLIGHTS
---	---	---	---	---	---	---	---	---	---	---	---	---
	2023								2024
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3
Segment net revenues:
Site rental
Site rental billings(a)	$	478	$	531	$	436	$	447	$	453	$	446	$	460
Amortization of prepaid rent	65		121		66		75		65		67		68
Straight-lined revenues	—		(4)		1		2		2		2		1
Total site rental	543		648		503		524		520		516		530
Services and other	3		15		4		6		7		3		5
Net revenues	$	546	$	663	$	507	$	530	$	527	$	519	$	535
Segment operating expenses
Costs of operations(b)
Site rental exclusive of straight-lined expenses	$	172	$	170	$	175	$	168	$	182	$	178	$	182
Straight-lined expenses	—		1		—		—		—		—		—
Total site rental	172		171		175		168		182		178		182
Services and other	2		3		3		4		4		2		3
Total costs of operations	174		174		178		172		186		180		185
Selling, general and administrative(c)	49		51		48		47		47		50		40
Segment operating profit(d)	$	323	$	438	$	281	$	311	$	294	$	289	$	310

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

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

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
FIBER SEGMENT COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2023												2024
(dollars in millions; totals may not sum due to rounding)	Q1			Q2			Q3			Q4			Q1			Q2			Q3
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)	$	439		$	427		$	424		$	426		$	431		$	424		$	431
Prior year payments for Sprint Cancellations(a)(b)	—			—			—			—			48			106			6
Prior year site rental billings(a)	$	439		$	427		$	424		$	426		$	479		$	530		$	437
Core leasing activity(a)	25			36			41			47			53			50			59
Escalators	2			2			2			2			2			2			2
Non-renewals(a)	(34)			(34)			(30)			(30)			(29)			(30)			(30)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	(7)			3			13			19			25			22			30
Payments for Sprint Cancellations(a)(c)	48			106			6			10			(44)			(105)			(5)
Non-renewals associated with Sprint Cancellations(a)(c)	(2)			(6)			(6)			(7)			(6)			(1)			(1)
Organic Contribution to Site Rental Billings(a)	39			104			12			22			(25)			(84)			24
Straight-lined revenues	—			(4)			1			2			2			2			1
Amortization of prepaid rent	65			121			66			75			65			67			68
Acquisitions(d)	—			—			—			—			—			—			—
Total site rental revenues	$	543		$	648		$	503		$	524		$	520		$	516		$	530
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	8.4		%	32.5		%	3.9		%	6.5		%	(4.2)		%	(20.4)		%	5.4		%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)	(1.6)		%	0.8		%	3.0		%	4.4		%	5.8		%	5.2		%	7.1		%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	8.8		%	24.3		%	2.9		%	5.1		%	(5.3)		%	(15.9)		%	5.5		%
FIBER SEGMENT SUMMARY OF CAPITAL EXPENDITURES(a)
---	---	---	---	---	---	---	---	---	---	---	---	---
	2023								2024
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3
Discretionary capital expenditures	$	272	$	298	$	273	$	288	$	259	$	271	$	239
Sustaining capital expenditures	7		8		14		15		14		18		18
Total capital expenditures	279		306		287		303		273		289		257
Less: Prepaid rent additions(e)	59		59		55		83		56		90		61
Capital expenditures less prepaid rent additions	$	220	$	247	$	232	$	220	$	217	$	199	$	196

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
FIBER SEGMENT REVENUE DETAIL BY LINE OF BUSINESS
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2023												2024
(dollars in millions; totals may not sum due to rounding)	Q1			Q2			Q3			Q4			Q1			Q2			Q3
Small Cells
Site rental revenues:
Site rental billings(a)	$	113		$	211		$	113		$	118		$	126		$	122		$	141
Amortization of prepaid rent	48			102			45			53			45			50			51
Straight-lined revenues	(1)			(6)			(1)			(1)			(1)			(1)			(2)
Total site rental revenues	160			308			157			170			170			170			190
Services and other revenues	3			15			3			6			7			3			5
Net revenues	$	163		$	323		$	160		$	176		$	177		$	173		$	195
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)	$	108		$	109		$	109		$	111		$	113		$	110		$	113
Prior year payments for Sprint Cancellations(a)(b)	—			—			—			—			—			101			—
Prior year site rental billings(a)	$	108		$	109		$	109		$	111		$	113		$	211		$	113
Core leasing activity(a)	6			6			8			9			17			11			28
Escalators	2			2			2			2			2			2			2
Non-renewals(a)	(3)			(2)			(1)			(1)			(1)			(1)			(2)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	5			5			8			10			18			12			28
Payments for Sprint Cancellations(a)	—			101			—			2			—			(101)			—
Non-renewals associated with Sprint Cancellations(a)(c)	—			(4)			(5)			(5)			(5)			(1)			(1)
Organic Contribution to Site Rental Billings(a)	5			102			3			7			13			(90)			28
Straight-lined revenues	(1)			(6)			(1)			(1)			(1)			(1)			(2)
Amortization of prepaid rent	48			102			45			53			45			50			51
Acquisitions(d)	—			—			—			—			—			—			—
Total site rental revenues	$	160		$	308		$	157		$	170		$	170		$	170		$	190
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	3.2		%	97.4		%	1.9		%	5.6		%	6.3		%	(44.8)		%	21.0		%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)	4.5		%	5.0		%	7.3		%	9.1		%	16.3		%	10.9		%	25.0		%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	4.5		%	93.6		%	3.1		%	6.7		%	11.8		%	(42.5)		%	24.5		%

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

(b)In full year 2023, we received $104 million of payments associated with Sprint Cancellations. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.

(c)In third quarter 2023, there were $5 million of non-renewals associated with Sprint Cancellations that related to small cells.

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
FIBER SEGMENT REVENUE DETAIL BY LINE OF BUSINESS CONTINUED
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2023												2024
(dollars in millions; totals may not sum due to rounding)	Q1			Q2			Q3			Q4			Q1			Q2			Q3
Fiber Solutions
Site rental revenues:
Site rental billings(a)	$	365		$	320		$	323		$	330		$	327		$	325		$	320
Amortization of prepaid rent	17			19			20			22			20			18			17
Straight-lined revenues	1			2			2			3			3			3			3
Total site rental revenues	383			340			346			354			350			346			340
Services and other revenues	—			—			1			—			—			—			—
Net revenues	$	383		$	340		$	347		$	354		$	350		$	346		$	340
Components of changes in site rental revenues:
Prior year site rental billings excluding payments for Sprint Cancellations(a)	$	331		$	318		$	315		$	316		$	318		$	314		$	318
Prior year payments for Sprint Cancellations(a)(b)	—			—			—			—			48			5			6
Prior year site rental billings(a)	$	331		$	318		$	315		$	316		$	366		$	319		$	324
Core leasing activity(a)	19			30			34			37			35			39			31
Escalators	—			—			—			—			—			—			—
Non-renewals(a)	(31)			(32)			(29)			(29)			(29)			(29)			(29)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)	(12)			(2)			5			8			6			10			2
Payments for Sprint Cancellations(a)(c)	48			5			6			8			(44)			(4)			(5)
Non-renewals associated with Sprint Cancellations(a)(c)	(2)			(2)			(2)			(2)			(1)			(1)			(1)
Organic Contribution to Site Rental Billings(a)	34			1			9			14			(39)			5			(4)
Straight-lined revenues	1			2			2			3			3			3			3
Amortization of prepaid rent	17			19			20			22			20			18			17
Acquisitions(d)	—			—			—			—			—			—			—
Total site rental revenues	$	383		$	340		$	346		$	354		$	350		$	346		$	340
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	10.7		%	2.1		%	4.8		%	6.9		%	(8.6)		%	1.8		%	(1.7)		%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings excluding payments for Sprint Cancellations(a)	(3.6)		%	(0.7)		%	1.5		%	2.7		%	2.1		%	3.2		%	0.7		%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(a)	10.2		%	0.4		%	2.8		%	4.5		%	(10.6)		%	1.7		%	(1.1)		%

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

(b)In full year 2023, we received $66 million of payments associated with Sprint Cancellations. These payments are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.

(c)In the third quarter 2023, we received $6 million of payments for Sprint Cancellations that related to fiber solutions. These payments are non-recurring and therefore reduce the third quarter 2024 Organic Contribution to Site Rental Billings by the same amount. In the third quarter 2023, there were $2 million of non-renewals associated with Sprint Cancellations that related to fiber solutions.

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
FIBER SEGMENT PORTFOLIO HIGHLIGHTS
---	---	---
(as of September 30, 2024)
Number of route miles of fiber (in thousands)	90
Number of small cells on air or under contract (in thousands)(a)	105
Remaining contracted tenant receivables (in billions)(b)	$	5
Weighted average remaining tenant contract term (years)(b)(c)	4
FIBER SEGMENT CASH YIELD ON INVESTED CAPITAL(d)
---	---	---	---	---	---	---
(as of September 30, 2024; dollars in millions)	Q3 2024 LQA			Q3 2023 LQA
Segment site rental gross margin(e)	$	1,392		$	1,312
Less: Amortization of prepaid rent	(272)			(264)
Less: Straight-lined revenues	(4)			(4)
Add: Straight-lined expenses	—			—
Add: Indirect labor costs(f)	101			104
Numerator	$	1,217		$	1,148
Segment net investment in property and equipment(g)	$	10,045		$	9,313
Segment investment in site rental contracts and tenant relationships	3,290			3,290
Segment investment in goodwill(h)	4,080			4,080
Segment Net Invested Capital(d)	$	17,415		$	16,683
Segment Cash Yield on Invested Capital(d)	7.0		%	6.9		%
FIBER SOLUTIONS REVENUE MIX
---	---
(as of September 30, 2024)	Percentage of Q3 2024 LQA Site <br>Rental Revenues
Carrier(i)	34%
Education	15%
Healthcare	11%
Financial Services	7%
Other	33%
Total	100%

(a)Represents the total number of small cells on air or under contract as of September 30, 2024 adjusted for the mutual cancellations of small cell nodes in our contracted backlog in the fourth quarter.

(b)Excludes renewal terms at tenants' option.

(c)Weighted by site rental revenues.

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

(e)See "Segment Operating Results" and "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, segment site rental gross margin.

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

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

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

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
---	---	---	---	---
(in millions, except par values)	September 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	194	$	105
Restricted cash and cash equivalents	172		171
Receivables, net	413		481
Prepaid expenses	144		103
Deferred site rental receivables	158		116
Other current assets	43		56
Total current assets	1,124		1,032
Deferred site rental receivables	2,340		2,239
Property and equipment, net	15,643		15,666
Operating lease right-of-use assets	5,843		6,187
Goodwill	10,085		10,085
Other intangible assets, net	2,878		3,179
Other assets, net	130		139
Total assets	$	38,043	$	38,527
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	200	$	252
Accrued interest	164		219
Deferred revenues	483		605
Other accrued liabilities	338		342
Current maturities of debt and other obligations	611		835
Current portion of operating lease liabilities	301		332
Total current liabilities	2,097		2,585
Debt and other long-term obligations	23,452		22,086
Operating lease liabilities	5,272		5,561
Other long-term liabilities	1,926		1,914
Total liabilities	32,747		32,146
Commitments and contingencies
Stockholders' equity:
Common stock, 0.01 par value; 1,200 shares authorized; shares issued and outstanding: September 30, 2024—435 and December 31, 2023—434	4		4
Additional paid-in capital	18,371		18,270
Accumulated other comprehensive income (loss)	(5)		(4)
Dividends/distributions in excess of earnings	(13,074)		(11,889)
Total equity	5,296		6,381
Total liabilities and equity	$	38,043	$	38,527

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
---	---	---	---	---	---	---	---	---
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Net revenues:
Site rental	$	1,593	$	1,577	$	4,761	$	4,929
Services and other	59		90		158		378
Net revenues	1,652		1,667		4,919		5,307
Operating expenses:
Costs of operations:(a)
Site rental	430		420		1,292		1,259
Services and other	30		66		91		268
Selling, general and administrative	153		176		540		581
Asset write-down charges	15		8		24		30
Acquisition and integration costs	—		—		—		1
Depreciation, amortization and accretion	432		439		1,301		1,315
Restructuring charges	48		72		104		72
Total operating expenses	1,108		1,181		3,352		3,526
Operating income (loss)	544		486		1,567		1,781
Interest expense and amortization of deferred financing costs, net	(236)		(217)		(692)		(627)
Interest income	6		3		14		10
Other income (expense)	(6)		—		(5)		(4)
Income (loss) before income taxes	308		272		884		1,160
Benefit (provision) for income taxes	(5)		(7)		(19)		(21)
Net income (loss)	$	303	$	265	$	865	$	1,139
Net income (loss), per common share:
Basic	$	0.70	$	0.61	$	1.99	$	2.63
Diluted	$	0.70	$	0.61	$	1.99	$	2.63
Weighted-average common shares outstanding:
Basic	435		434		434		434
Diluted	436		434		435		434

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
---	---	---	---	---
	Nine Months Ended September 30,
(in millions)	2024		2023
Cash flows from operating activities:
Net income (loss)	$	865	$	1,139
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	1,301		1,315
Amortization of deferred financing costs and other non-cash interest	24		22
Stock-based compensation expense, net	108		126
Asset write-down charges	24		30
Deferred income tax (benefit) provision	5		1
Other non-cash adjustments, net	20		10
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities	(195)		(220)
Decrease (increase) in assets	(86)		(165)
Net cash provided by (used for) operating activities	2,066		2,258
Cash flows from investing activities:
Capital expenditures	(946)		(1,067)
Payments for acquisitions, net of cash acquired	(8)		(93)
Other investing activities, net	7		5
Net cash provided by (used for) investing activities	(947)		(1,155)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,244		2,347
Principal payments on debt and other long-term obligations	(71)		(58)
Purchases and redemptions of long-term debt	(750)		(750)
Borrowings under revolving credit facility	—		2,943
Payments under revolving credit facility	(670)		(4,088)
Net borrowings (repayments) under commercial paper program	1,312		561
Payments for financing costs	(12)		(23)
Purchases of common stock	(32)		(29)
Dividends/distributions paid on common stock	(2,049)		(2,044)
Net cash provided by (used for) financing activities	(1,028)		(1,141)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	91		(38)
Effect of exchange rate changes on cash	(1)		—
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	281		327
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	371	$	289
Supplemental disclosure of cash flow information:
Interest paid	739		654
Income taxes paid (refunded)	13		13

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
SEGMENT OPERATING RESULTS
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Three Months Ended September 30, 2024								Three Months Ended September 30, 2023
(in millions)	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Segment site rental revenues	$	1,063	$	530			$	1,593	$	1,074	$	503			$	1,577
Segment services and other revenues	54		5				59		86		4				90
Segment revenues	1,117		535				1,652		1,160		507				1,667
Segment site rental costs of operations	240		182				422		236		175				411
Segment services and other costs of operations	25		3				28		61		3				64
Segment costs of operations(a)(b)	265		185				450		297		178				475
Segment site rental gross margin(c)	823		348				1,171		838		328				1,166
Segment services and other gross margin(c)	29		2				31		25		1				26
Segment selling, general and administrative expenses(b)	19		40				59		24		48				72
Segment operating profit(c)	833		310				1,143		839		281				1,120
Other selling, general and administrative expenses(b)					$	70	70						$	75	75
Stock-based compensation expense, net					30		30						36		36
Depreciation, amortization and accretion					432		432						439		439
Restructuring charges(d)					48		48						72		72
Interest expense and amortization of deferred financing costs, net					236		236						217		217
Other (income) expenses to reconcile to income (loss) before income taxes(e)					19		19						9		9
Income (loss) before income taxes							$	308							$	272

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

(c)See "Non-GAAP Measures and Other Information" for a discussion and our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.

(d)Represents restructuring charges recorded for the periods presented related to (1) the Company's restructuring plan announced in July 2023, as further discussed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Restructuring Plan"), and (2) the Company's restructuring plan announced in June 2024, as further discussed in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 ("2024 Restructuring Plan"), as applicable for the respective period. For the three-month period ended September 30, 2024, there were ($3) million of adjustments related to the July 2023 Restructuring Plan and $51 million of restructuring charges related to the June 2024 Restructuring Plan. For the three-month period ended September 30, 2023, there were $72 million of restructuring charges related to the June 2023 Restructuring Plan.

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
SEGMENT OPERATING RESULTS
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Nine Months Ended September 30, 2024								Nine Months Ended September 30, 2023
(in millions)	Towers		Fiber		Other		Total		Towers		Fiber		Other		Total
Segment site rental revenues	$	3,196	$	1,565			$	4,761	$	3,234	$	1,695			$	4,929
Segment services and other revenues	143		15				158		356		22				378
Segment revenues	3,339		1,580				4,919		3,590		1,717				5,307
Segment site rental costs of operations	723		542				1,265		714		518				1,232
Segment services and other costs of operations	76		10				86		252		8				260
Segment costs of operations(a)(b)	799		552				1,351		966		526				1,492
Segment site rental gross margin(c)	2,473		1,023				3,496		2,520		1,177				3,697
Segment services and other gross margin(c)	67		5				72		104		14				118
Segment selling, general and administrative expenses(b)	56		137				193		84		148				232
Segment operating profit(c)	2,484		891				3,375		2,540		1,043				3,583
Other selling, general and administrative expenses(b)					$	259	259						$	246	246
Stock-based compensation expense, net					108		108						126		126
Depreciation, amortization and accretion					1,301		1,301						1,315		1,315
Restructuring charges(d)					104		104						72		72
Interest expense and amortization of deferred financing costs, net					692		692						627		627
Other (income) expenses to reconcile to income (loss) before income taxes(e)					27		27						37		37
Income (loss) before income taxes							$	884							$	1,160

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

(c)See "Non-GAAP Measures and Other Information" for a discussion and our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX
NON-GAAP MEASURES AND OTHER INFORMATION
---

This Supplement includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, Net Debt, Net Debt to Last Quarter Annualized Adjusted EBITDA, Consolidated Return on Invested Capital and Segment Cash Yield on Invested Capital, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).

Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the communications infrastructure sector or other REITs.

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX

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

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

Non-GAAP Financial Measures

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

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

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

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

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

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

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

Segment Measures

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX

Other Information

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX

Reconciliation of Historical Adjusted EBITDA:

	2023								2024
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2		Q3
Net income (loss)	$	418	$	445	$	265	$	361	$	311	$	251	$	303
Adjustments to increase (decrease) net income (loss)
Asset write-down charges	—		22		8		3		6		3		15
Acquisition and integration costs	—		1		—		—		—		—		—
Depreciation, amortization and accretion	431		445		439		439		439		430		432
Restructuring charges(a)	—		—		72		13		11		45		48
Amortization of prepaid lease purchase price adjustments	4		4		4		4		4		4		4
Interest expense and amortization of deferred financing costs, net(b)	202		208		217		223		226		230		236
(Gains) losses on retirement of long-term obligations	—		—		—		—		—		—		—
Interest income	(2)		(5)		(3)		(5)		(4)		(4)		(6)
Other (income) expense	3		2		—		2		(2)		1		6
(Benefit) provision for income taxes	7		7		7		5		7		7		5
Stock-based compensation expense, net	41		50		36		31		38		40		30
Adjusted EBITDA(c)(d)	$	1,104	$	1,188	$	1,047	$	1,076	$	1,036	$	1,006	$	1,075

Reconciliation of Outlook for Adjusted EBITDA:

(in millions; totals may not sum due to rounding)
Net income (loss)	$975	to	$1,065
Adjustments to increase (decrease) net income (loss):
Asset write-down charges(g)	$167	to	$202
Acquisition and integration costs	$0	to	$6
Depreciation, amortization and accretion	$1,680	to	$1,775
Restructuring charges(a)	$100	to	$130
Amortization of prepaid lease purchase price adjustments	$15	to	$17
Interest expense and amortization of deferred financing costs, net(e)	$926	to	$971
(Gains) losses on retirement of long-term obligations	—	to	—
Interest income	$(12)	to	$(11)
Other (income) expense	$0	to	$9
(Benefit) provision for income taxes	$20	to	$28
Stock-based compensation expense, net	$142	to	$146
Adjusted EBITDA(c)(d)	$4,143	to	$4,193

(a)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the three-month period ended September 30, 2024, there were ($3) million of adjustments related to the July 2023 Restructuring Plan and $51 million of restructuring charges related to the June 2024 Restructuring Plan. For the nine-month period ended September 30, 2024, there were $10 million and $94 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively.

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

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

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

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

(f)As issued on October 16, 2024.

(g)Represents asset write-down charges related to the impact of small cell node cancellations as discussed in our press release dated October 16, 2024.

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX

Reconciliation of Historical FFO and AFFO:

(in millions; totals may not sum due to rounding)		2023												2024
	Q1			Q2			Q3			Q4			Q1			Q2			Q3
Net income (loss)		$	418		$	455		$	265		$	361		$	311		$	251		$	303
Real estate related depreciation, amortization and accretion		417			424			425			426			425			415			419
Asset write-down charges		—			22			8			3			6			3			15
FFO(a)(b)		$	835		$	901		$	698		$	790		$	742		$	669		$	737
Weighted-average common shares outstanding—diluted		434			434			434			434			434			435			436
FFO (from above)		$	835		$	901		$	698		$	790		$	742		$	669		$	737
Adjustments to increase (decrease) FFO:
Straight-lined revenues		(83)			(80)			(59)			(51)			(59)			(56)			(29)
Straight-lined expenses		20			18			18			17			17			17			16
Stock-based compensation expense, net		41			50			36			31			38			40			30
Non-cash portion of tax provision		9			(6)			4			—			7			(2)			1
Non-real estate related depreciation, amortization and accretion		14			21			14			13			14			15			13
Amortization of non-cash interest expense		4			4			3			3			3			3			2
Other (income) expense		3			2			—			2			(2)			1			6
Acquisition and integration costs		—			1			—			—			—			—			—
Restructuring charges(c)		—			—			72			13			11			45			48
Sustaining capital expenditures		(15)			(18)			(21)			(28)			(22)			(27)			(23)
AFFO(a)(b)		$	828		$	891		$	767		$	790		$	749		$	704		$	801
Weighted-average common shares outstanding—diluted		434			434			434			434			434			435			436

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

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX

Reconciliation of Historical FFO and AFFO per share:

(in millions, except per share amounts; totals may not sum due to rounding)		2023												2024
	Q1			Q2			Q3			Q4			Q1			Q2			Q3
Net income (loss)		$	0.96		$	1.05		$	0.61		$	0.83		$	0.72		$	0.58		$	0.70
Real estate related depreciation, amortization and accretion		0.96			0.98			0.98			0.98			0.98			0.95			0.96
Asset write-down charges		—			0.05			0.02			0.01			0.01			0.01			0.03
FFO(a)(b)		$	1.92		$	2.08		$	1.61		$	1.82		$	1.71		$	1.54		$	1.69
Weighted-average common shares outstanding—diluted		434			434			434			434			435			435			436
FFO (from above)		$	1.92		$	2.08		$	1.61		$	1.82		$	1.71		$	1.54		$	1.69
Adjustments to increase (decrease) FFO:
Straight-lined revenues		(0.19)			(0.18)			(0.14)			(0.12)			(0.14)			(0.13)			(0.07)
Straight-lined expenses		0.05			0.04			0.04			0.04			0.04			0.04			0.04
Stock-based compensation expense, net		0.09			0.12			0.08			0.07			0.09			0.09			0.07
Non-cash portion of tax provision		0.02			(0.01)			0.01			—			0.02			—			—
Non-real estate related depreciation, amortization and accretion		0.03			0.05			0.03			0.03			0.03			0.03			0.03
Amortization of non-cash interest expense		0.01			0.01			0.01			0.01			0.01			0.01			—
Other (income) expense		0.01			—			—			—			—			—			0.01
Acquisition and integration costs		—			—			—			—			—			—			—
Restructuring charges(c)		—			—			0.17			0.03			0.03			0.10			0.11
Sustaining capital expenditures		(0.03)			(0.04)			(0.05)			(0.06)			(0.05)			(0.06)			(0.05)
AFFO(a)(b)		$	1.91		$	2.05		$	1.77		$	1.82		$	1.72		$	1.62		$	1.84
Weighted-average common shares outstanding—diluted		434			434			434			434			435			435			436

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

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

Crown Castle Inc.

Third Quarter 2024

COMPANY <br>OVERVIEW	OUTLOOK	CONSOLIDATED FINANCIALS	CAPITALIZATION OVERVIEW	TOWERS SEGMENT	FIBER SEGMENT	APPENDIX

Reconciliation of Outlook for FFO and AFFO:

(in millions, except per share amounts; totals may not sum due to rounding)	Full Year 2024 Outlook(a)			Full Year 2024 Outlook Per Share(a)
Net income (loss)		$975	to	$1,065	$2.24	to	$2.45
Real estate related depreciation, amortization and accretion		$1,634	to	$1,714	$3.76	to	$3.94
Asset write-down charges(f)		$167	to	$202	$0.38	to	$0.46
FFO(b)(c)		$2,863	to	$2,893	$6.58	to	$6.65
Weighted-average common shares outstanding—diluted	435			435
FFO (from above)		$2,863	to	$2,893	$6.58	to	$6.65
Adjustments to increase (decrease) FFO:
Straight-lined revenues		$(187)	to	$(162)	$(0.43)	to	$(0.37)
Straight-lined expenses		$55	to	$75	$0.13	to	$0.17
Stock-based compensation expense, net		$142	to	$146	$0.33	to	$0.34
Non-cash portion of tax provision		$2	to	$17	$0.00	to	$0.04
Non-real estate related depreciation, amortization and accretion		$46	to	$61	$0.11	to	$0.14
Amortization of non-cash interest expense		$9	to	$19	$0.02	to	$0.04
Other (income) expense		$0	to	$9	$0.00	to	$0.02
(Gains) losses on retirement of long-term obligations		—	to	—	—	to	—
Acquisition and integration costs		$0	to	$6	$0.00	to	$0.01
Restructuring charges(d)		$100	to	$130	$0.23	to	$0.30
Sustaining capital expenditures		$(85)	to	$(65)	$(0.20)	to	$(0.15)
AFFO(b)(c)		$3,005	to	$3,055	$6.91	to	$7.02
Weighted-average common shares outstanding—diluted	435			435

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

(as of September 30, 2024; dollars in millions)
Total debt and other obligations (current and non-current)	$	24,063
Unamortized adjustments, net	166
Total face value of debt	24,229
Less: Ending cash and cash equivalents and restricted cash and cash equivalents	371
Net Debt(e)	$	23,858
Adjusted EBITDA for the three months ended September 30, 2024(e)	$	1,075
Last quarter annualized Adjusted EBITDA(e)	4,300
Net debt to Last Quarter Annualized Adjusted EBITDA(e)	5.5		x

(a)As issued on October 16, 2024.

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

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

(d)Represents restructuring charges related to the 2023 Restructuring Plan and the 2024 Restructuring Plan.

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

(f)Represents asset write-down charges related to the impact of small cell node cancellations as discussed in our press release dated October 16, 2024.