Summary

Crown Castle is a domestic communications infrastructure REIT that owns and leases 40,000 towers, 105,000 small cells, and 90,000 route miles of fiber. The average number of tenants per tower in 2024 is 2.4. The company has both single-tenant and colocation towers, and operations in 49 states. While organic growth continues to be driven by tower revenue, the company added about 8,000 new small cell nodes in 2023.

Small cells are comprised of a series of smaller, lower-power antennas, and may be built either indoors or outdoors. They are able to boost wireless coverage in congested regions and extend coverage to hard-to-reach areas.

In 2023, the Tower segment generated about 68% of revenue, with Fiber accounting for about one-third. Within each segment, annual site rental revenues account for about 95% of revenues and service fees for the remainder. About three-quarters of CCI’s tower tenants are large cell phone carriers, with T-Mobile accounting for 36% of site revenues, and AT&T and Verizon 19% each. The company focuses on long-term lease agreements. The weighted-average remaining lease term is about six years, and the average number of tenants per tower is 2.5. About 40% of t