Crown Castle (CCI)

[SilverKnightLV]

From SA:

Crown Castle responds to Elliot's letter
Jul. 6, 2020 1:51 PM ET|About: Crown Castle Internationa... (CCI)|By: Khyathi Dalal, SA News Editor
Crown Castle' (CCI +2.1%) has issued a statement in response to Elliot's letter, highlighting that investment of ~$30B in the past ten years in its asset portfolio has positioned them to capture the market of increasing demand for mobile data and deploy 5G in the U.S.

On shareholder returns, the company maintains to grow its annual dividend by 7%-8% and it has distributed $1.9B through dividends in 2019.

In the past 5-years, CCI generated 154% total returns compared to 67% and 22% returns from S&P 500 and RMZ index respectively. Elliot noted though the company has outperformed the index, it has lagged its peers.

For the four-year period ending December'19, CCI's site rental revenue growth stood at 67%, adjusted EBITDA rose 61% and AFFO growth of 73%.

"While we firmly believe our strategy best positions Crown Castle to deliver near- and long-term value creation, we remain open to having continuing dialogue with Elliott, as we do with all shareholders."