Analyst Report: Crown Castle Inc.

Argus

•

Mar 21, 2025

Summary

Crown Castle is simply a home communications infrastructure REIT. Along with 2024 results, the institution announced that it was restructuring aft a strategical review. Going forward, the REIT volition support its operations that ain and lease astir 40,000 towers portion selling their tiny compartment and fibre business. At year-end, CCI had operations successful 49 states with some single-tenant and colocation towers, including 105,000 tiny cells and 90,000 way miles of fiber. The tiny compartment and fibre concern accounted for astir one-third of full revenues. Within each segment, yearly tract rental revenues accounted for astir 95% of revenues and work fees for the remainder.

A snapshot of the ongoing operation concern is arsenic follows. The institution focuses connected semipermanent lease agreements. The 2024 weighted-average remaining lease word is astir six years, and the mean fig of tenants per operation is 2.4. About 40% of operation locations are connected onshore owned by CCI. At year-end 2024, astir 56% of towers were successful the apical 50 home trading areas. The bulk of CCI's operation tenants are ample compartment telephone carriers, with T-Mobile accounting for 30% of ann