Crown Castle (CCI) 10-K risk factor changes: FY2022 vs FY2021

Our business depends on the demand for our communications [removed: infrastructure,] [added: 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.

- financial condition of our tenants, including their profitability and availability or cost of [removed: capital;][added: capital, including through government funding;]

If our [removed: tenants] [added: current] or potential tenants are unable to raise adequate capital to fund their business plans, as a result of disruptions in the financial and credit markets or otherwise, they may reduce their spending, which could adversely affect our anticipated growth or the 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 [removed: revenues or] [added: revenues,] reduce demand for our communications infrastructure and [removed: services.][added: services and impact our dividend per share growth.]

Our three largest tenants are [removed: T-Mobile ,] [added: T-Mobile,] AT&T and Verizon Wireless.

We anticipate that [removed: the T-Mobile and Sprint network] [added: this] consolidation [removed: contemplated in the T-Mobile Agreement] will result in higher Towers non-renewals in 2025, which are expected to reduce site rental revenues by approximately $200 million.

Additionally, we anticipate that the T-Mobile and Sprint network consolidation will result in small cell non-renewals, which are expected to reduce site rental revenues by approximately $45 million, with [added: approximately half occurring in 2023 and] the [removed: majority] [added: remainder] occurring in [removed: 2023.][added: 2024 and 2025.]

[removed: Except for full year 2023,] [added: Excluding the anticipated impact from the T-Mobile and Sprint network consolidation,] we expect consolidated annual small cell non-renewals to remain in line with [removed: the] our historical range of 1% to 2% of annual site rental revenues.

We seek to expand and develop our business, including through acquisitions, increased product [removed: offerings (such as small cells and fiber solutions),] [added: offerings,] or other strategic growth opportunities.

Such transactions or activities could be [removed: a] complex, [removed: costly, time-consuming process,] [added: costly and time-consuming,] or cause disruptions in, increase risk [added: to] or otherwise negatively impact our business.

[removed: In recent years,] [added: Over the last decade,] we have allocated a significant amount of capital to our Fiber business, which is a much less mature business for us than our Towers business.

Our Fiber segment represented [removed: 33%] [added: 31%] and [removed: 34%] [added: 33%] of our site rental revenues for the years ended December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] respectively.

The business model for our Fiber operations contains certain differences from our business model for our Towers operations, including [removed: certain differences] [added: those] relating to tenant base, competition, contract terms (including requirements for service level agreements regarding network performance and maintenance), upfront capital requirements, landlord demographics, deployment and ownership of certain network assets, operational oversight requirements, government regulations, growth rates and applicable laws.

- risks relating to [removed: overbuilding;][added: overbuilding competitive fiber assets;]

Our Fiber operations [removed: will] also expose us to different safety or liability risks or hazards than our Towers business as a result of numerous factors, including those stemming from the deployment, location or nature of the assets involved.

In addition, the construction projects (including modifications of existing [added: communications] infrastructure) can pose certain safety risks, including:

- risk of potential wildfires, including due to welding, grinding, [removed: cutting] [added: cutting,] or other construction activity.

[removed: *including] [added: See *"Our business may be adversely impacted by climate-related events, natural disasters, including] wildfires, and other unforeseen events"* below for additional information regarding potential adverse impacts to our business which may result from wildfires and other climate-related events.

[removed: On occasion, we] [added: We often] experience unforeseen delays from municipalities and utility companies that result in longer construction timelines than expected, which impact our ability to timely deliver on our projects.

In addition, other technologies, such as WiFi, [removed: Distributed Antenna Systems ("DAS"), other small cells,] blimps, satellite (such as low earth orbiting) and mesh transmission systems may, in the future, serve as substitutes for, or alternatives to, leasing on communications infrastructure that might otherwise be anticipated or expected had such technologies not existed.

Approximately 10% of our [removed: Towers] [added: towers] site rental gross margin for the year ended December 31, [removed: 2021] [added: 2022] was derived from towers where the leases for the land under such towers had final expiration dates of less than 10 years.

As of December 31, [removed: 2021,] [added: 2022,] approximately 53% of our towers were leased or subleased or operated and managed under master leases, subleases, or other agreements with AT&T and T-Mobile (including [removed: agreements assumed by] [added: those which] T-Mobile [added: assumed] in [removed: connection with] its merger with Sprint).

Additional information concerning these towers and the applicable purchase options as of December 31, [removed: 2021] [added: 2022] is as follows:

- 22% of our towers are leased or subleased or operated and managed under a master [removed: prepaid] lease or other related agreements with AT&T for a weighted-average initial term of approximately 28 years, weighted [added: based] on [removed: Towers] [added: towers] site rental gross margin.

[removed: We have the option to purchase the leased and subleased towers from AT&T at the end of the] respective lease or sublease terms for aggregate option payments of approximately $4.2 billion, which payments, if such option is exercised, would be due between 2032 and 2048.

- [removed: 16%] [added: 31%] of our towers are leased or subleased or operated and managed [removed: for an initial period of 32 years (through May 2037)] under master leases, subleases or other agreements with T-Mobile [removed: (which] [added: (including those which] T-Mobile assumed in [removed: connection][added: its merger with Sprint).]

[removed: We] [added: Approximately half of such towers] have [added: an initial term of 32 years (through May 2037), and we have] the option to purchase in 2037 all (but not less than all) of [removed: the] [added: such] leased and subleased towers from T-Mobile for approximately $2.3 [removed: billion.15% of our towers are leased or subleased or operated and managed under a master prepaid lease or other related agreements with T-Mobile for a weighted-average initial term of approximately 28 years, weighted on Towers site rental gross margin.][added: billion.]

We have the option to purchase [removed: the leased and subleased] [added: such] towers from T-Mobile at the end of the respective [removed: lease or sublease] terms for aggregate option payments of approximately $2.0 billion, which payments, if such option is exercised, would be due between 2035 and 2049.

In addition, [removed: through the T-Mobile Acquisition,] another 1% of our towers [added: under master leases, subleases, and other agreements with T-Mobile] are subject to a lease and sublease or other related arrangements with AT&T.

We have the option to purchase these towers [removed: that we do not otherwise already own] [added: from AT&T] at the end of their respective lease terms for aggregate option payments of up to approximately $405 million, which payments, if such option is exercised, would be due prior to 2032 (less than $10 million would be due before 2025).

Under master lease or master prepaid lease arrangements we have with AT&T and [removed: T-Mobile, including agreements assumed by] T-Mobile [added: (including those which T-Mobile assumed] in [removed: connection with] its merger with [removed: Sprint,] [added: Sprint),] certain of our subsidiaries lease or sublease, or are otherwise granted the right to [removed: manage] [added: operate] and [removed: operate,] [added: manage,] towers from bankruptcy remote subsidiaries of such carriers.

Despite existing security measures, certain of our [added: information technology and] communications infrastructure may be subject to damage, disruptions, or shutdowns due to unauthorized access, computer viruses, ransomware or other malicious software, cyber-attacks and other security breaches.

An attack attempt or security breach, such as a distributed denial of service attack, could potentially result in (1) interruption or cessation of certain of our services to our [removed: tenants,] [added: tenants or access by our tenants to certain of our information technology systems,] (2) our inability to meet expected levels of service to our tenants, (3) data transmitted over our tenants' networks being compromised or misappropriated, or (4) business or other sensitive data being [removed: compromised] [added: compromised, misappropriated] or [removed: misappropriated.][added: lost.]

If an actual or perceived breach of our cybersecurity or information [removed: technology] [added: technology, or that of our cloud- or internet-based service providers,] occurs, the market perception of the effectiveness of our security measures could be harmed, and we could lose tenants.

See "*Item [removed: 7.][added: 7A.]

Our growth is dependent on our entering into new tenant contracts (including amendments to tenant contracts upon modification of [removed: an] existing [removed: tower, fiber, or] [added: towers,] small [removed: cell installation),] [added: cells or fiber),] as well as renewing or renegotiating tenant contracts when existing tenant contracts terminate.

We have a substantial amount of indebtedness (approximately [removed: $20.7] [added: $21.7] billion as of February [removed: 18, 2022).][added: 21, 2023).]

- we may be adversely impacted by changes in interest [removed: rates;][added: rates (see below);]

- we may be required to issue equity securities or securities convertible into equity [added: securities] or sell some of our assets, possibly on unfavorable terms, in order to meet [added: our debt] payment obligations;

Currently we have debt instruments in place that [removed: limit] [added: limit,] in certain [removed: circumstances] [added: circumstances,] our ability to incur additional indebtedness, pay dividends, create liens, sell assets, or engage in certain mergers and acquisitions, among other things.

On January 6, 2022, we entered into an agreement with T-Mobile that contemplates T-Mobile and Sprint network consolidation.

Due to network consolidation non-renewals and interest rate increases discussed in *"—Risks Related to Our Debt and Equity,"* we expect our annual dividend per share growth through 2025 to be below our long-term annual target.

We may also experience unforeseen delays and increased project costs as a result of supply chain disruptions and labor shortages, which may impact the availability of equipment and materials needed for, and availability of contractors to work on, our construction projects.

We have the option to purchase the leased and subleased towers from AT&T at the end of the

The remainder of such towers have a weighted-average initial term of approximately 28 years, weighted based on towers site rental gross margin.

In addition, our increased reliance on cloud- or internet-based services and on remote access to information systems to accommodate our hybrid work environment increases our exposure to potential cybersecurity incidents.

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

In recent years, our investors, tenants, employees and other stakeholders have increased their focus on ESG matters and disclosure.

In response, we have published ESG reports and related materials and made other public announcements regarding our ESG position, initiatives and goals.

Our ESG metrics, initiatives and goals, and progress against those goals, may be based on standards that are still developing and that may not be uniformly adopted or applied by other companies, processes and internal controls that continue to evolve, potentially missing or deficient third-party data, wide range of acceptable estimation techniques, and estimates and assumptions that are subject to a greater degree of uncertainty and may change more frequently than those underlying our financial metrics.

Our ESG initiatives and goals may be difficult to implement and may increase operating costs and result in changes to certain of our operations, assets and processes.

In addition, a number of governmental and self-regulatory organizations are developing climate change-based laws and regulations, with varying scopes and complexity, that could, if adopted, significantly increase compliance burdens and associated costs.

Any failure, or perceived failure, by us to achieve our goals, further our initiatives, accurately report our metrics or adhere to public statements exposes us to potential litigation, which may materially adversely affect our business, results of operations, financial condition and stock price.

We operate in a challenging labor market and failure to attract, recruit and retain qualified and experienced employees could adversely affect our business, operations and costs.

Our ability to sustain and grow our business and execute on our strategy requires us, in part, to attract, recruit and retain qualified and experienced employees, including key management personnel and other talent.

We have experienced an extremely competitive labor market that continues to tighten due to macroeconomic conditions and elevated levels of turnover stemming from the COVID-19 pandemic.

To remain competitive, some employers are offering increased compensation and benefits and opportunities to work with greater flexibility, including remote work on a permanent basis.

We currently operate under a hybrid work model, meaning that the majority of our employees have the flexibility to work remotely for a portion of the workweek.

As the competition for talent remains intense, we have experienced, and may continue to experience, increased costs to attract, recruit and retain necessary talent, including increased compensation, benefits or other employee-related costs.

Our failure to successfully attract, recruit and retain key employees could adversely impact our business, operations, and costs.

Over the past 11 months, the Federal Reserve has raised the federal funds rate eight times for a cumulative increase of 4.50% and has signaled further increases in the near-term, which could further increase interest rates on our variable rate debt.

As of February 21, 2023, approximately 12% of our outstanding indebtedness consisted of variable interest rates, with a weighted average rate of 5.6%.

Any significant increase in the amount of our variable rate debt or interest rate on such debt could adversely impact our borrowing cost, financial results and our ability to meet our dividend growth targets, strategically deploy our capital or execute our business plan.

Quantitative and Qualitative Disclosures about Market Risk"* for a further discussion of our interest rate risk.

As of February 21, 2023, approximately 51% of our fixed rate debt, with a weighted average interest rate of 3.4%, is scheduled to mature over the next five years.

If interest rates remain elevated or continue to increase, we may have to (1) refinance our maturing fixed rate debt at interest rates that exceed the current interest rates on such debt or (2) use our variable interest rate debt to repay such fixed rate debt, thereby increasing our exposure to interest rate fluctuations.

Company otherwise consents, that the federal courts shall be the sole and exclusive forum for resolution of claims arising under the Securities Act of 1933, as amended (“Securities Act”).

If we do not have other funds available in these situations, we could be required to borrow funds on unfavorable terms, sell assets at disadvantageous prices, or distribute amounts that would

On January 6, 2022, we entered into the T-Mobile Agreement.

See *"Our business may be adversely impacted by climate-related events, natural disasters,*

We may also experience unforeseen delays as a result of supply chain disruptions and labor shortages.

with its merger with Sprint).

The impact of COVID-19 and related risks could materially affect our financial position, results of operations and cash flows.

The global outbreak of COVID-19 has adversely affected the U.S. In response, both the public and private sectors have introduced certain policies and initiatives in an effort to reduce the transmission of COVID-19 ("Initiatives"), including the imposition of travel restrictions, quarantine or "shelter-in-place" requirements, the promotion of social distancing, vaccination requirements and the adoption of work-from-home and online learning by companies and institutions.

In addition, the continued spread of COVID-19 and the resulting Initiatives have led to, and may continue to lead to, business and global supply chain disruptions and volatility in the global capital markets.

We have modified, and might further modify, our business practices as a result of the COVID-19 pandemic, the economic and social ramifications of the disease, and the societal and governmental responses in the communities in which we operate.

We do not believe that COVID-19 had a material impact on our financial position, results of operations and cash flows for the year ended December 31, 2021.

The extent to which the COVID-19 pandemic will affect our business, financial position, results of operations and cash flows in the future is difficult to predict with certainty and depends on numerous evolving factors, including: the duration, scope and severity of the pandemic; the effectiveness of the COVID-19 vaccine in curbing the spread of the virus; the vaccination rates and the impact of the vaccine and testing mandates; government, social, business and other actions that have been and will be taken in response to the pandemic, including with respect to mandatory vaccinations; and the effect of the pandemic on short- and long-term general economic conditions.

Among other things, COVID-19 and the Initiatives could (1) adversely affect the availability of our suppliers and vendors or their ability to provide products and services to us; (2) result in decreased demand for our communications infrastructure; (3) make it more difficult for us to serve our tenants, including as a result of delays or suspensions in the issuance of permits or other authorizations needed to conduct our business; (4) increase our cost of capital and adversely impact our access to capital; and (5) result in difficulty fulfilling our labor needs.

Due to factors beyond our knowledge or control, including the duration and severity of COVID-19, as well as third-party actions taken to contain its spread and mitigate its public health effects, at this time we cannot estimate or predict with certainty the impact of COVID-19, the Initiatives or the measures we or others take in response thereto on our business, financial position, results of operations and cash flows, particularly over the near- to medium-term, but the impact could be material.

MD&A—General Overview—COVID-19*" for further information.

Borrowings under our 2016 Credit Facility generally bear an interest rate based on LIBOR per annum plus a credit spread based on our senior unsecured credit rating.

In July 2017, the United Kingdom's Financial Conduct Authority ("FCA"), which regulates LIBOR, announced that, after 2021, it will stop compelling banks to submit rates for the calculation of LIBOR.

In March 2021, the administrator of LIBOR announced its intention to cease the publication of (1) all non-U.S. dollar LIBOR settings and the one-week and two-month U.S. dollar LIBOR settings on December 31, 2021, and (2) the remaining U.S. dollar LIBOR settings after June 30, 2023.

Further, the use of U.S. dollar LIBOR will not be allowed in most new contracts entered into after December 31, 2021.

Our Credit Agreement includes "hardwired" LIBOR transition provisions consistent with those published by the Alternative Reference Rate Committee ("ARRC").

Although the ARRC has identified the Secured Overnight Financing Rate ("SOFR") as the recommended alternative rate for U.S. dollar LIBOR and has formally recommended the CME Group's forward-looking SOFR term rates, there is not yet a generally accepted methodology for adjusting SOFR.

While interest rates on our 2016 Credit Facility were not impacted by the LIBOR settings that ceased publication on December 31, 2021, we are evaluating the potential impact of the LIBOR replacement, including in the event of any amendment to our 2016

Credit Facility, and we cannot predict with certainty what such replacement rate would be, what other reforms could be implemented in the future, or the potential effect of these changes and the establishment of alternative reference rates on our business.

The discontinuation, reform or replacement of LIBOR could result in interest rate increases on our 2016 Credit Facility, which could adversely affect our cash flows and operating results.

opportunities and our flexibility to change our business strategy.

Site rental revenues represented 90% of our [removed: 2021] [added: 2022] consolidated net revenues.

Business—REIT Status"* and notes 2 and 9 to our consolidated financial [removed: statements)*.*][added: statements)]

◦During [removed: 2021,] [added: 2022,] we paid common stock dividends totaling approximately [removed: $2.4] [added: $2.6] billion.

See *"Item [removed: 7.][added: 7A.]

MD&A—General Overview—Common Stock Dividend"* for a discussion of the increase to our quarterly dividend in the fourth quarter of [removed: 2021.][added: 2022.]

[removed: ◦Investing] [added: - Investing] capital efficiently to grow long-term dividends per share

[removed: - Discretionary] [added: ◦We had discretionary] capital expenditures of [removed: $1.1 billion,] [added: $1.2 billion for the year ended December 31, 2022,] predominately resulting from the construction of new communications infrastructure and improvements to existing communications infrastructure in order to support additional tenants.

[removed: - We] [added: ◦We] expect to continue to construct and acquire new communications infrastructure based on our tenants' needs and generate attractive long-term returns by adding additional tenants over time.

[removed: ◦Initial] [added: ◦Our wireless tenant contracts have initial] terms of five to 15 years [removed: for site rental revenues derived from wireless tenants,] with contractual [removed: escalations] [added: escalators] and multiple renewal periods of five to 10 years each, exercisable at the option of the tenant.

[removed: ◦Initial] [added: ◦Our fiber solutions tenant contracts' initial] terms [removed: that] generally vary between three to 20 years [removed: for site rental revenues derived from our fiber solutions tenants] (including [removed: from] [added: tenant contracts with] organizations with high-bandwidth and multi-location demands).

◦As of December 31, [removed: 2021,] [added: 2022, our] weighted-average remaining term [removed: of] [added: was] approximately [removed: five] [added: six] years, exclusive of renewals exercisable at the tenants' option, currently representing approximately [removed: $31] [added: $40] billion of expected future cash inflows.

[removed: ◦Approximately] [added: ◦For the year ended December 31, 2022, approximately] three-fourths of our site rental revenues were derived from T-Mobile, AT&T and Verizon Wireless.

[removed: ◦Approximately] [added: ◦For the year ended December 31, 2022, approximately] 90% of our [removed: Towers] [added: towers] site rental gross margin and approximately 80% of our [removed: Towers] [added: towers] site rental gross margin [removed: is] [added: was] derived from towers located on land that we own or control for greater than 10 and 20 years, respectively.

The aforementioned percentages include towers located on land that is owned, including through fee interests and perpetual easements, which [removed: represent] [added: represented] approximately 40% of our [removed: Towers] [added: towers] site rental gross margin.

- Majority of our fiber assets are located in major metropolitan areas and are on public [removed: rights-of-way.][added: rights-of-way]

[removed: ◦Sustaining] [added: ◦For the year ended December 31, 2022, sustaining] capital expenditures represented approximately 1% of net revenues.

- Debt portfolio with long-dated maturities extended over multiple years, with the vast majority of such debt having a fixed [removed: rate.][added: rate (see note 7 to our consolidated financial statements and *"Item 7A.]

See note 7 to our consolidated financial [removed: statements and] [added: statements,] *"Item [removed: 7A.][added: 1A.]

Quantitative and Qualitative Disclosures About Market Risk"* for a further discussion of our [removed: debt.][added: debt)]

See note 7 to our consolidated financial [removed: statements and *"Item 7.][added: statements.]

MD&A—Liquidity and Capital Resources—Financing Activities"* for further discussion of our debt [removed: transactions.][added: transactions)]

◦Our debt service coverage and leverage ratios are [removed: comfortably] within their respective financial maintenance covenants.

In the aggregate, we paid approximately [removed: $2.4] [added: $2.6] billion in common stock dividends [removed: in 2021.][added: during 2022.]

During each of the first three quarters of [removed: 2021,] [added: 2022,] we paid a quarterly common stock dividend of [removed: $1.33] [added: $1.47] per share, totaling approximately [removed: $1.7] [added: $1.9] billion.

In October [removed: 2021,] [added: 2022,] our board of directors declared a quarterly common stock cash dividend of [removed: $1.47] [added: $1.565] per share, which represents an increase of approximately [removed: 11%] [added: 6.5%] from the quarterly common stock dividend declared during each of the first three quarters of [removed: 2021.][added: 2022.]

We currently expect our common stock dividends over the next 12 months to be a cumulative amount of at least [removed: $5.88] [added: $6.26] per share, or an aggregate amount of approximately [removed: $2.5] [added: $2.7] billion.

[removed: ◦We] [added: - We] expect that, when compared to full year [removed: 2021,] [added: 2022,] our full year [removed: 2022] [added: 2023] site rental [removed: revenue] [added: revenues] growth will be positively impacted by tenant [removed: additions,] [added: additions] as large wireless carriers and fiber solutions tenants continue to focus on meeting the increasing demand for data.

[removed: ◦We] [added: - We] expect to continue to invest a significant amount of our available capital in the form of discretionary capital expenditures for [removed: 2022] [added: 2023] based on the anticipated returns on such discretionary investments.

[removed: ▪We] [added: ◦We] expect that our discretionary capital expenditures will increase as we accelerate the pace of small cell deployments.

[removed: ◦We] [added: - We] also expect sustaining capital expenditures of approximately 2% of net revenues for full year [removed: 2022,] [added: 2023,] consistent with historical annual levels.

Risk Factors"* and *"Item [removed: 7.][added: 7A.]

The following discussion of our results of operations for [removed: 2021] [added: 2022] compared to [removed: 2020] [added: 2021] should be read in conjunction with *"Item 1.

For a discussion of our results of operations and financial condition for [removed: 2020] [added: 2021] compared to [removed: 2019] [added: 2020] that is not included in this [removed: 2021] [added: 2022] Form 10-K, see *"Part II, Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations"* in our Annual Report on Form 10-K for the year ended December 31, [removed: 2020,] [added: 2021,] which was filed with the SEC on February 22, [removed: 2021 .][added: 2022.]

MD&A—Accounting and Reporting Matters—Non-GAAP and Segment Financial Measures"* for a discussion of our use of (1) segment site rental gross margin, (2) segment services and other gross margin, (3) segment operating profit, including their respective [removed: definitions] [added: definitions,] and (4) Adjusted EBITDA, including its definition and a reconciliation to net [removed: income.][added: income (loss).]

Highlights of our results of operations for [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019] [added: 2020] are depicted below:

| *(In millions of dollars)* | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2021] [added: 2022] vs. [removed: 2020] [added: 2021] | | | | | | [removed: 2020] [added: 2021] vs. [removed: 2019] [added: 2020] | | |

| Towers site rental revenues | | | $ | [removed: 3,804] [added: 4,322] | | | | | $ | [removed: 3,497] [added: 3,804] | | | | | $ | [removed: 3,389] [added: 3,497] | | | | | [removed: 9] [added: 14] | | % | | | | [removed: 3] [added: 9] | | % |

| Fiber site rental revenues | | | [removed: 1,915] [added: 1,967] | | | | | | [removed: 1,823] [added: 1,915] | | | | | | [removed: 1,704] [added: 1,823] | | | | | | [removed: 5] [added: 3] | | % | | | | [removed: 7] [added: 5] | | % |

| Total site rental revenues | | | [removed: 5,719] [added: 6,289] | | | | | | [removed: 5,320] [added: 5,719] | | | | | | [removed: 5,093] [added: 5,320] | | | | | | [removed: 8] [added: 10] | | % | | | | [removed: 4] [added: 8] | | % |

◦As of December 31, 2022, after giving effect to our January 2023 issuance of $1.0 billion aggregate principal amount of 5.000% senior unsecured notes due January 2028 ("January 2023 Senior Notes") and the use of proceeds therefrom, our outstanding debt had a weighted average interest rate of 3.6% and weighted average maturity of approximately eight years (assuming anticipated repayment dates where applicable).

◦As of December 31, 2022, after giving effect to our January 2023 Senior Notes offering and the use of proceeds therefrom, 87% of our debt has fixed rate coupons.

- During 2022, we refinanced and extended the maturities of certain of our debt (see note 7 to our consolidated financial statements and *"Item 7.

◦Net cash provided by operating activities was $2.9 billion for the year ended December 31, 2022,

(a)Represents site rental revenues growth from tenant additions across our entire portfolio and renewals or extensions of tenant contracts, exclusive of the impacts from both straight-line accounting and amortization of prepaid rent in accordance with GAAP.

Selling, general and administrative expenses for 2022 were $750 million and increased by $70 million, or 10%, from $680 million during 2021.

The increase in selling, general and administrative expenses was primarily related to the growth in our business and certain costs, including travel and facilities, returning to their pre-COVID-19 pandemic levels following our return to office in February 2022.

The increase in Fiber operating profit was primarily related to the previously-mentioned increase in Fiber site rental gross margin.

The increase predominately resulted from an increase in the interest rates on the 2016 Term Loan A, 2016 Revolver and outstanding Commercial Paper Notes, as well as an increase in our outstanding indebtedness due to the financing of our discretionary capital expenditures.

Quantitative and Qualitative Disclosures About Market Risk"* for a further discussion of our debt and interest rate increases.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

Additionally, amounts available under our CP

| Net increase (decrease) in cash, cash equivalents, and restricted cash - continuing operations | | | (139) | | | | | | 147 | | | | | | 43 | | |

| | | | December 31, 2022 | | | | | | | | | | | | | | | December 31, 2021 | | | | | | | | | | | | | | | December 31, 2020 | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Capital expenditures increased from 2021 to 2022 and were primarily impacted by the previously-mentioned increased discretionary capital expenditures in our Fiber segment.

- prepaying in full the previously outstanding Tower Revenue Notes, Series 2018-1;

- redeeming in full the previously outstanding 3.849% Secured Notes;

- entering into an amendment to the 2016 Credit Facility that provided for, among other things, (1) the extension of the maturity date from June 2026 to July 2027, (2) an increase to the aggregate commitments under the 2016 Revolver from $5.0 billion to $7.0 billion, (3) certain modifications to a specified sustainability metric and (4) the replacement of the LIBOR pricing benchmark with the Term SOFR pricing benchmark; and

- increasing the size of our CP Program to permit the issuance of Commercial Paper Notes in an aggregate principal amount not to exceed $2.0 billion at any time outstanding.

As of February 21, 2023, we had an outstanding balance of $265 million and $6.7 billion in undrawn availability under our 2016 Revolver.

As of February 21, 2023, there was $1.2 billion outstanding under our CP Program.

The following table summarizes our material cash requirements as of December 31, 2022, after giving effect to our January 2023 Senior Notes offering and the use of the net proceeds therefrom.

| Debt and other long-term obligations(a) | | | $ | 2,060 | | | | | $ | 831 | | | | | $ | 593 | | | | | $ | 2,771 | | | | | $ | 3,558 | | | | | $ | 12,078 | | | | | $ | 21,891 | |

| Interest payments on debt and other long-term obligations(b)(c) | | | 734 | | | | | | 690 | | | | | | 670 | | | | | | 640 | | | | | | 541 | | | | | | 5,613 | | | | | | 8,888 | | |

| Lease obligations(d) | | | 568 | | | | | | 561 | | | | | | 545 | | | | | | 538 | | | | | | 531 | | | | | | 5,660 | | | | | | 8,403 | | |

| Total material cash requirements | | | $ | 3,362 | | | | | $ | 2,082 | | | | | $ | 1,808 | | | | | $ | 3,949 | | | | | $ | 4,630 | | | | | $ | 23,351 | | | | | $ | 39,182 | |

(c)Includes the unused commitment fees on our 2016 Credit Facility.

Quantitative and Qualitative Disclosures About Market Risk"* for a discussion of our interest rate risk.

When calculating straight-line ground lease and fiber access expenses, we consider all fixed elements of contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum.

Our assets related to straight-line site rental revenues are recorded within "Deferred site rental receivables" on the consolidated balance sheet.

Amounts billed or received prior to being earned are

deferred and reflected in "Deferred revenues" and "Other long-term liabilities" on the consolidated balance sheet.

The quantitative goodwill impairment test compares the estimated fair value of the reporting unit and the carrying value of the reporting unit.

| Net income (loss) | | | $ | 1,675 | | | | | $ | 1,096 | | | | | $ | 1,056 | |

| Net (gain) loss from disposal of discontinued operations, net of tax | | | — | | | | | | 62 | | | | | | — | | |

See *"Item 1A.

◦90% of our debt has fixed rate coupons.

- During 2021, we completed several debt transactions to refinance and extend the maturities of certain of our debt.

◦Our outstanding debt has a weighted average interest rate of 3.1% and weighted average maturity of approximately nine years (assuming anticipated repayment dates where applicable).

◦Net cash provided by operating activities was $2.8 billion.

◦In January 2022, we entered into the T-Mobile Agreement, which we expect to result in approximately $250 million of additional straight-lined revenues for the year ended December 31, 2022.

Risk Factors"* for a discussion of the future expected impact from the T-Mobile and Sprint network consolidation contemplated in the T-Mobile Agreement.

*COVID-19*

During the COVID-19 pandemic, and in accordance with the U.S. Department of Homeland Security guidance issued in March 2020 designating telecommunications infrastructure and networks as critical infrastructure, we have continued our operations to ensure the viability of communications networks, which are essential to public health and safety.

In response to the pandemic, we have taken a variety of measures to ensure the availability of our critical infrastructure, promote the health and safety of our employees, and support the communities in which we operate.

These measures included requiring work-from-home arrangements for a large portion of our workforce, imposing travel restrictions for our employees where practicable, canceling physical participation in certain meetings, events and conferences, forming an internal committee to monitor and implement procedures for the return of our workforce to an office setting, and other modifications to our business practices.

We have re-opened our offices during the first quarter of 2022.

We will continue to actively monitor the situation and may take further actions as may be required by governmental authorities, as advised by public health officials or that we determine are in the best interests of our employees, tenants, business partners and stockholders.

See "*Item 1A.

Risk Factors*" for further information.

We do not believe that COVID-19 had a material impact on our financial position, results of operations and cash flows for the year ended December 31, 2021.

Given our access to various sources of liquidity and no near term debt maturities other than Commercial Paper Notes and principal payments on amortizing debt, we currently anticipate that we will be able to maintain sufficient liquidity as we manage through the current environment.

See also *"Item 1A.

MD&A—Liquidity and Capital Resources—Liquidity Position."*

The decrease in Fiber operating profit was primarily caused by the absence of $362 million of operating income recognized from the Sprint Cancellation in 2020, partially offset by the previously-mentioned growth in our Fiber site rental revenues.

Asset write-down charges for 2021 decreased by $53 million from 2020.

Asset write-down charges in 2020 included the write-off of approximately $63 million in property and equipment which, following the Sprint Cancellation, we deemed to have no alternative future use.

The decrease predominately resulted from a reduction in the weighted-average interest rate on our debt as a result of our refinancing activities.

Loss from discontinued operations, net of tax, was $62 million during 2021 due to the ATO Settlement.

See note 9 to our consolidated financial statements.

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

MD&A—Liquidity and Capital Resources—Financing Activities"* and *"Item 7.

MD&A—Liquidity and Capital Resources—Debt Covenants."*

(c)See *"Item 7.

MD&A—Liquidity and Capital Resources—Financing Activities"* and note 7 to our consolidated financial statements for further information regarding the CP Program.

of our common stock.

- Integration capital expenditures consist of those capital expenditures made as a result of integrating acquired companies into our business.

| Integration | | | — | | | — | | | — | | | — | | | | | | — | | | — | | | — | | | — | | | | | | — | | | — | | | 9 | | | 9 | | |

Capital expenditures decreased from 2020 to 2021 and were primarily impacted by the completion of certain large fiber expansion projects during 2020 as well as the timing of Towers and Fiber tenant activity.

- paying an aggregate of $85 million in dividends on our previously outstanding 6.875% Mandatory Convertible Preferred Stock;

- issuing $2.5 billion aggregate principal amount of senior unsecured notes in June 2020, the proceeds of which, together with available cash, we used to redeem all of the previously outstanding 3.400% Senior Notes, 2.250% Senior Notes and 4.875% Senior Notes.

In March 2021, we terminated the formerly outstanding 2018 ATM Program with the entire gross sales price of $750 million remaining unsold.

In March 2021, we established the 2021 ATM Program through which we may issue and sell shares of our common stock having an aggregate gross sales price of up to $750 million.

As of February 18, 2022, there was approximately $5.0 billion in availability under the 2016 Revolver.

As of December 31, [removed: 2021] [added: 2022] and December 31, [removed: 2020,] [added: 2021,] we had no interest rate swaps.

Our interest rate risk as of December 31, [removed: 2021] [added: 2022] relates primarily to the impact of interest rate movements on the [removed: following:][added: following, after giving effect to our January 2023 Senior Notes offering and the use of the net proceeds therefrom:]

- the potential refinancing of our [removed: $20.8] [added: $21.9] billion in existing debt, compared to [removed: $19.7] [added: $20.8] billion in the prior year;

- our [removed: $2.2] [added: $2.7] billion of floating rate [removed: debt representing approximately 10% of total] debt, compared to [removed: 9%] [added: $2.2 billion] in the prior [removed: year;] [added: year, representing approximately 13%] and [added: 10% of total debt, respectively; and]

- potential future borrowings of incremental debt, including borrowings under our 2016 Credit Facility and issuances under [removed: the] [added: our] CP Program.

[removed: We have no significant] [added: Our] contractual debt maturities [removed: (or anticipated repayment dates on our Tower Revenue Notes)] over the next 12 [removed: months, other than] [added: months consist of] Commercial Paper Notes that may be outstanding from time to [removed: time] [added: time, the 3.150% Senior Notes] and principal payments on certain outstanding debt.

See below for a tabular presentation of our scheduled contractual debt maturities as of December 31, [removed: 2021 and a discussion of anticipated repayment dates.][added: 2022.]

[removed: As a result, a] [added: A] hypothetical unfavorable fluctuation in market interest rates on our existing [added: floating rate] debt of [removed: 1/8] [added: 1/4] of a percent point over a 12-month period would increase our interest expense by approximately [removed: $3] [added: $7] million.

The future principal payments and weighted-average interest rates are presented as of December 31, [removed: 2021.][added: 2022, after giving effect to our January 2023 Senior Notes offering and the use of the net proceeds therefrom.]

| *(In millions of dollars)* | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2026] [added: 2027] | | | | | | Thereafter | | | | | | Total | | | | | | Fair Value(a) | | |

(a)The fair value of our debt is based on indicative [removed: quotes (that is,] [added: quotes,] non-binding [removed: quotes)] [added: quotes] from brokers that require judgment to interpret market information, including implied credit spreads for similar borrowings on recent trades or bid/ask offers.

(b)The impact of principal payments that will commence following the anticipated repayment dates is not [removed: considered.][added: considered (see footnote (d) below).]

The Tower Revenue [removed: Notes] [added: Notes, Series 2015-2 and Series 2018-2] have principal amounts of [removed: $250 million,] $700 million and $750 million, with anticipated repayment dates in [removed: 2023,] 2025 and 2028, respectively.

The Tower Revenue Notes are presented based on their contractual maturity dates ranging from [removed: 2043] [added: 2045] to 2048 and include the impact of an assumed 5% increase in interest rate that would occur following the anticipated repayment dates but exclude the impact of monthly principal payments that would commence using Excess Cash Flow of the issuers of the Tower Revenue Notes.

The full year [removed: 2021] [added: 2022] Excess Cash Flow of the issuers of the Tower Revenue Notes was approximately [removed: $933 million.][added: $1.0 billion.]

(e) Predominately consists of our senior unsecured term loan A facility ("2016 Term Loan A") and our 2016 Revolver borrowings, each of which matures in [removed: 2026.][added: 2027.]

Over the past 11 months, the Federal Reserve has raised the federal funds rate eight times for a cumulative increase of 4.50% and has signaled further increases in the near-term, which could further increase our costs of borrowing.

Prior to 2022, the Federal Reserve had not raised the federal funds rate since December 2018.

Risk Factors"* for a discussion of risks stemming from interest rate increases.

As of December 31, 2022, after giving effect to our January 2023 Senior Notes offering and the use of the net proceeds therefrom, we had $2.7 billion of floating rate debt.

| Fixed rate debt(b) | | | $ | 789 | | | | | $ | 786 | | | | | $ | 532 | | | | | $ | 2,680 | | | | | $ | 2,277 | | | | | $ | 12,078 | | | | | $ | 19,142 | | | | | $ | 15,816 | |

| Average interest rate(b)(c)(d) | | | 3.2 | | % | | | | 3.3 | | % | | | | 1.5 | | % | | | | 3.0 | | % | | | | 3.5 | | % | | | | 4.1 | | % | | | | 3.7 | | % | | | | | | |

| Variable rate debt(e) | | | $ | 1,271 | | (f) | | | $ | 45 | | | | | $ | 60 | | | | | $ | 91 | | | | | $ | 1,281 | | | | | $ | — | | | | | $ | 2,748 | | | | | $ | 3,738 | |

| Average interest rate(e) | | | 5.2 | | % | | | | 4.8 | | % | | | | 4.0 | | % | | | | 4.0 | | % | | | | 4.0 | | % | | | | — | | % | | | | 4.6 | | % | | | | | | |

As of December 31, 2021, we had $2.2 billion of floating rate debt, none of which had LIBOR floors.

As of December 31, 2020, we had approximately $1.9 billion of floating rate debt, none of which had LIBOR floors.

Risk Factors"* for a discussion related to the anticipated discontinuation of LIBOR.

| Fixed rate debt(b) | | | $ | 42 | | | | | $ | 1,787 | | | | | $ | 782 | | | | | $ | 529 | | | | | $ | 27 | | | | | $ | 15,478 | | | | | $ | 18,645 | | | | | $ | 19,436 | |

| Average interest rate(b)(c)(d) | | | 4.3 | | % | | | | 3.6 | | % | | | | 3.3 | | % | | | | 1.5 | | % | | | | 4.8 | | % | | | | 3.9 | | % | | | | 3.8 | | % | | | | | | |

| Variable rate debt(e) | | | $ | 296 | | (f) | | | $ | 54 | | | | | $ | 62 | | | | | $ | 108 | | | | | $ | 1,632 | | | | | $ | — | | | | | $ | 2,152 | | | | | $ | 2,152 | |

| Average interest rate(e) | | | 0.6 | | % | | | | 2.4 | | % | | | | 2.7 | | % | | | | 2.8 | | % | | | | 2.8 | | % | | | | — | | % | | | | 2.5 | | % | | | | | | |

See *"Item 1A.

Risk Factors"* for additional information about the anticipated discontinuation of LIBOR, which may impact the interest rates on our variable rate debt.

We own, operate and lease shared communications infrastructure that is geographically dispersed throughout the U.S., including [added: (1)] more than [removed: (1)] 40,000 towers and other structures, such as rooftops (collectively, "towers"), [removed: and] (2) [removed: 80,000] [added: approximately 120,000 small cells on air or under contract and (3) approximately 85,000] route miles of fiber primarily supporting small [removed: cell networks ("small cells")] [added: cells] and fiber solutions.

We refer to our towers, [removed: fiber and] small cells [added: and fiber] assets collectively as "communications infrastructure," and to our customers on our communications infrastructure as "tenants." Our operating segments consist of (1) Towers and (2) Fiber, which includes both small cells and fiber solutions.

Through our product offerings of towers and small cells, we seek to provide a comprehensive solution to enable our wireless tenants to expand coverage and capacity for [added: their] wireless networks.

The majority of our small cells and fiber [added: assets] are located in major metropolitan areas, including a presence within every major U.S. market.

Our largest tenants are T-Mobile, AT&T and Verizon Wireless, which collectively accounted for approximately three-fourths of our [removed: 2021] [added: 2022] consolidated site rental revenues.

Site rental revenues represented 90% of our [removed: 2021] [added: 2022] consolidated net revenues, of which [removed: 67%] [added: 69%] and [removed: 33%] [added: 31%] were from our Towers segment and [removed: our] Fiber segment, respectively.

Within our Fiber segment, [removed: 69%] [added: 68%] and [removed: 31%] [added: 32%] of our [removed: 2021 Fiber] [added: 2022] site rental revenues related to fiber solutions and small cells, respectively.

The vast majority of our site rental revenues are of a recurring nature and are derived from long-term tenant [removed: contracts with our tenants.][added: contracts.]

[removed: Our site] [added: We generally receive monthly] rental [removed: revenues derived] [added: payments and, in some cases, upfront payments,] from [removed: wireless] [added: our Towers] tenants [removed: typically result from] [added: pursuant to] long-term tenant contracts with (1) initial [added: contract] terms of five to 15 years, (2) multiple renewal periods of five to 10 years each, exercisable at the option of the tenant, (3) limited termination rights for our tenants and (4) [removed: monthly rental payments with] contractual escalations of the rental [removed: price and, in some cases, an additional upfront payment.][added: price.]

[removed: Our site rental revenues derived] [added: We generally receive monthly recurring payments and, in some cases, upfront payments,] from our [removed: fiber solutions] [added: Fiber] tenants [removed: (including from organizations with high-bandwidth and multi-location demands) typically result from] [added: pursuant to] tenant contracts with [removed: (1)] initial terms that generally vary between three to 20 [removed: years and (2) a fixed monthly recurring fee and, in some cases, an additional upfront payment.][added: years.]

As of December 31, [removed: 2021,] [added: 2022,] exclusive of renewals exercisable at the tenants' option, our tenant contracts had a weighted-average remaining life of approximately [removed: five] [added: six] years and represented [removed: $31] [added: $40] billion of expected future cash inflows.

As part of our effort to provide comprehensive communications infrastructure solutions, as an ancillary business, we also offer certain services primarily relating to our Towers segment, predominately consisting of (1) site development services [removed: primarily] relating to existing or new tenant equipment installations, including: site acquisition, architectural and engineering, or zoning and permitting (collectively, "site development services") and (2) tenant equipment installation or subsequent augmentations (collectively, "installation services").

*•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, [removed: 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 [removed: data] [added: data,] while generating high incremental returns for our business.

We believe our product offerings of towers and small cells [removed: provide a comprehensive solution to our wireless tenants' growing network needs] through our shared communications infrastructure [removed: model, which is an] [added: model provide a comprehensive,] efficient and cost-effective [removed: way to serve] [added: solution for] our [removed: tenants.][added: wireless tenants' growing networks.]

Additionally, we believe our ability to share our fiber assets across multiple tenants to [removed: deploy] both [added: deploy] small cells and offer fiber solutions allows us to generate cash flows and increase stockholder return.

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 [added: and continuing] growth in the demand for data.

As a REIT, we are generally entitled to a deduction for dividends that we pay [removed: and therefore] [added: and, therefore,] are not subject to U.S. federal corporate income tax on our net taxable income that is currently distributed to our stockholders.

Our foreign assets and operations (including our tower operations in Puerto Rico) most likely will be subject to foreign income taxes in the jurisdictions in which such assets and operations are located, regardless of whether [added: or not] they are included in a TRS.

We expect the following [removed: anticipated] factors to contribute to potential demand for our communications infrastructure:

[removed: MD&A—General Overview"*] [added: MD&A—Results of Operations"*] and note 14 to our consolidated financial statements.

We acquired ownership interests or exclusive rights to the majority of our towers directly or indirectly from the largest U.S. wireless carriers (or their predecessors) through transactions consummated since 1999, including [removed: transactions with] [added: towers from] (1) AT&T in [removed: 2013 ("AT&T Acquisition"),] [added: 2013,] (2) T-Mobile in [removed: 2012 ("T-Mobile Acquisition"),] [added: 2012,] (3) [removed: Global Signal Inc. in 2007 ("Global Signal Acquisition"), which had originally acquired the majority] [added: companies now part] of [removed: its towers from Sprint (prior to Sprint's merger with T-Mobile, which was completed] [added: T-Mobile] in [removed: 2020),] [added: 2007,] (4) companies now part of Verizon Wireless in 1999 and 2000 and (5) companies now part of AT&T in 1999 and 2000.

Risk Factors"* for additional information regarding expected higher non-renewals (which we define as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates) as a result of the T-Mobile [removed: Agreement.][added: and Sprint network consolidation.]

[removed: See note 3 to our] consolidated financial statements for a tabular presentation of the minimum rental payments due to us by tenants pursuant to tenant contracts without consideration of tenant renewal options as of December 31, [removed: 2021.][added: 2022.]

As of December 31, [removed: 2021,] [added: 2022,] the average number of tenants (calculated as a unique license together with any related amendments thereto) per tower [removed: is] [added: was] approximately [removed: 2.3.][added: 2.4.]

[removed: ][added: ]

*Fiber Segment.* Our Fiber segment [removed: includes both] [added: consists of] small cells and fiber solutions.

- We offer [removed: certain] fiber solutions to [added: large wireless carriers and] organizations with high-bandwidth and multi-location demands.

Approximately half of our site rental [removed: cost] [added: costs] of operations consists of Towers ground lease expenses, and the remainder includes fiber access expenses (primarily leases of fiber assets and other access agreements to facilitate our communications infrastructure), property taxes, repairs and maintenance, employee compensation or related benefit costs, and utilities.

We seek to add tenants to our existing communications infrastructure [removed: assets] at a low incremental operating cost, delivering high incremental returns to our business.

Once constructed, our communications infrastructure [removed: portfolio] requires minimal sustaining capital expenditures, including maintenance or other non-discretionary capital expenditures, which are typically [removed: approximately] [added: between 1% and] 2% of net revenues.

[added: In 2022, approximately 45% of our services and other revenues related to] installation services, and the remainder predominately related to site development services.

We seek to grow our [removed: service] [added: services] revenues by capitalizing on (1) increased leasing volumes that may result from carrier network upgrades, (2) promoting site development services, (3) expanding the scope of our services, and (4) focusing on tenant service and deployment speed.

Typically, our site development services and installation services are billed on a fixed fee [removed: basis.][added: basis, and the terms and pricing of both site development services and installation services are negotiated separately from our tenant contracts.]

Our Fiber customers generally consist of large wireless carriers and organizations with high-bandwidth and multi-location demands, such as [removed: enterprise, government, education, healthcare, wholesale, financial, legal, media and entertainment, content distribution,] [added: enterprise (including healthcare] and [removed: energy] [added: financial), wholesale, government] and [removed: utilities customers.][added: education institutions.]

Collectively, these three tenants accounted for approximately three-fourths of our [removed: 2021] [added: 2022] site rental [removed: revenues .][added: revenues.]

For [removed: 2021,] [added: 2022,] our site rental revenues by tenant were as follows:

*Competition.* We face competition for site rental tenants from various sources, including (1) other independent communications infrastructure owners or operators, including competitors that own, operate, or manage towers, rooftops, broadcast or transmission towers, utility poles, fiber (including non-traditional [removed: competitors] [added: competitors,] such as cable providers) or small cells, (2) tenants who elect to self-perform or (3) new alternative deployment methods for communications infrastructure.

Some of the larger competitors in the Fiber segment include other owners of fiber, [removed: as well as] [added: tenants who elect to self-perform and] recent and potential entrants into small cells and the fiber solutions business.

[removed: In 2021,] [added: Further,] we [removed: incorporated annual sustainability targets into our senior unsecured credit facility and announced our] [added: have a] goal to be carbon neutral by 2025 in Scope 1 and 2 emissions by continuing to invest in energy reduction initiatives, sourcing renewable energy, and, to a lesser extent, utilizing carbon credits or offsets.

Business—The Company*" for further information.

which we believe is the core driver of value for our stockholders.

See note 3 to our

Most of our fiber assets were acquired through transactions dating back to 2012, with the largest transactions occurring in 2017.

We maintain annual sustainability targets in our senior unsecured credit facility.

Proposals to construct or to modify existing tower or antenna structures above certain heights

We generally receive monthly rental payments from our Towers tenants pursuant to long-term tenant contracts.

Typically, we negotiate initial contract terms of five to 15 years, with multiple renewal periods of five to 10 years each, exercisable at the option of the tenant, and our tenant contracts typically include fixed escalations (which generally exceed expected non-renewals, as discussed below).

For example, on January 6, 2022, we entered into a 12-year agreement with T-Mobile ("T-Mobile Agreement"), which includes contracted new tower leasing activity and a base escalator that is consistent with historical levels for our Towers segment.

The following chart sets forth the number of existing tenants per tower as of December 31, 2021 (see *"Item 7.

MD&A—Accounting and Reporting Matters—Critical Accounting Policies and Estimates"* for a discussion of our impairment evaluation and our towers with no tenants).

We generally receive monthly recurring payments from our Fiber tenants and, in some cases, receive upfront payments, pursuant to tenant contracts.

The T-Mobile Agreement also includes a contractual commitment by T-Mobile for 35,000 new small cell nodes, including specific commitments in each of the next five years.

For 2021, approximately 40% of our services and other revenues related to

The terms and pricing of both site development services and installation services are negotiated separately from our tenant contracts.


From time to time, we also add contingent workers to support our business.

MD&A⸺General Overview⸺COVID-19"* for information on the measures we have taken with respect to our workforce in light of the global outbreak of the novel coronavirus (COVID-19).

See the disclosure in note 12 to our consolidated financial [removed: statements set forth in Part II, Item 8 of this 2021 Form 10-K.][added: statements.]

For the fiscal year ended December 31, [removed: 2021][added: 2022]

[removed: ][added: ]

CROWN CASTLE [removed: INTERNATIONAL CORP.][added: INC.]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately [removed: $84.0] [added: $72.6] billion as of June 30, [removed: 2021,] [added: 2022,] the last business day of the registrant's most recently completed second fiscal quarter, based on the New York Stock Exchange closing price on that day of [removed: $195.10] [added: $168.38] per share.

As of February [removed: 18, 2022,] [added: 21, 2023,] there were [removed: 432,214,568] [added: 433,437,494] shares of common stock outstanding.

The information required to be furnished pursuant to Part III of this Form 10-K will be set forth in, and incorporated by reference from, the registrant's definitive proxy statement for the annual meeting of stockholders [removed: ("2022] [added: ("2023] Proxy Statement"), which will be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year ended December 31, [removed: 2021.][added: 2022.]

| Item 1. | | | | | | [removed: [Business](#ifcf6bae2f5f74a8e931fcc13dee86fdb_13)] [added: [Business](#i8ac18c3b000149a498044110161c4842_13)] | | | [removed: [4](#ifcf6bae2f5f74a8e931fcc13dee86fdb_13)] [added: [4](#i8ac18c3b000149a498044110161c4842_13)] | | |

| Item 1A. | | | | | | [Risk [removed: Factors](#ifcf6bae2f5f74a8e931fcc13dee86fdb_16)] [added: Factors](#i8ac18c3b000149a498044110161c4842_16)] | | | [removed: [13](#ifcf6bae2f5f74a8e931fcc13dee86fdb_16)] [added: [12](#i8ac18c3b000149a498044110161c4842_16)] | | |

| Item 1B. | | | | | | [Unresolved Staff [removed: Comments](#ifcf6bae2f5f74a8e931fcc13dee86fdb_19)] [added: Comments](#i8ac18c3b000149a498044110161c4842_19)] | | | [removed: [25](#ifcf6bae2f5f74a8e931fcc13dee86fdb_19)] [added: [24](#i8ac18c3b000149a498044110161c4842_19)] | | |

| Item 2. | | | | | | [removed: [Properties](#ifcf6bae2f5f74a8e931fcc13dee86fdb_22)] [added: [Properties](#i8ac18c3b000149a498044110161c4842_22)] | | | [removed: [25](#ifcf6bae2f5f74a8e931fcc13dee86fdb_22)] [added: [24](#i8ac18c3b000149a498044110161c4842_22)] | | |

| Item 3. | | | | | | [Legal [removed: Proceedings](#ifcf6bae2f5f74a8e931fcc13dee86fdb_25)] [added: Proceedings](#i8ac18c3b000149a498044110161c4842_25)] | | | [removed: [25](#ifcf6bae2f5f74a8e931fcc13dee86fdb_25)] [added: [24](#i8ac18c3b000149a498044110161c4842_25)] | | |

| Item 4. | | | | | | [Mine Safety [removed: Disclosures](#ifcf6bae2f5f74a8e931fcc13dee86fdb_28)] [added: Disclosures](#i8ac18c3b000149a498044110161c4842_28)] | | | [removed: [25](#ifcf6bae2f5f74a8e931fcc13dee86fdb_28)] [added: [24](#i8ac18c3b000149a498044110161c4842_28)] | | |

| Item 5. | | | | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ifcf6bae2f5f74a8e931fcc13dee86fdb_34)] [added: Securities](#i8ac18c3b000149a498044110161c4842_34)] | | | [removed: [26](#ifcf6bae2f5f74a8e931fcc13dee86fdb_34)] [added: [25](#i8ac18c3b000149a498044110161c4842_34)] | | |

| Item 6. | | | | | | [removed: [\[Reserved\]](#ifcf6bae2f5f74a8e931fcc13dee86fdb_37)] [added: [\[Reserved\]](#i8ac18c3b000149a498044110161c4842_37)] | | | [removed: [28](#ifcf6bae2f5f74a8e931fcc13dee86fdb_37)] [added: [27](#i8ac18c3b000149a498044110161c4842_37)] | | |

| Item 7. | | | | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ifcf6bae2f5f74a8e931fcc13dee86fdb_40)] [added: Operations](#i8ac18c3b000149a498044110161c4842_40)] | | | [removed: [28](#ifcf6bae2f5f74a8e931fcc13dee86fdb_40)] [added: [27](#i8ac18c3b000149a498044110161c4842_40)] | | |

| Item 7A. | | | | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ifcf6bae2f5f74a8e931fcc13dee86fdb_52)] [added: Risk](#i8ac18c3b000149a498044110161c4842_52)] | | | [removed: [46](#ifcf6bae2f5f74a8e931fcc13dee86fdb_52)] [added: [44](#i8ac18c3b000149a498044110161c4842_52)] | | |

| Item 8. | | | | | | [Financial Statements and Supplementary [removed: Data](#ifcf6bae2f5f74a8e931fcc13dee86fdb_58)] [added: Data](#i8ac18c3b000149a498044110161c4842_58)] | | | [removed: [48](#ifcf6bae2f5f74a8e931fcc13dee86fdb_58)] [added: [46](#i8ac18c3b000149a498044110161c4842_58)] | | |

| Item 9. | | | | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#ifcf6bae2f5f74a8e931fcc13dee86fdb_163)] [added: Disclosure](#i8ac18c3b000149a498044110161c4842_163)] | | | [removed: [86](#ifcf6bae2f5f74a8e931fcc13dee86fdb_163)] [added: [82](#i8ac18c3b000149a498044110161c4842_163)] | | |

| Item 9A. | | | | | | [Controls and [removed: Procedures](#ifcf6bae2f5f74a8e931fcc13dee86fdb_166)] [added: Procedures](#i8ac18c3b000149a498044110161c4842_166)] | | | [removed: [86](#ifcf6bae2f5f74a8e931fcc13dee86fdb_166)] [added: [82](#i8ac18c3b000149a498044110161c4842_166)] | | |

| Item 9B. | | | | | | [Other [removed: Information](#ifcf6bae2f5f74a8e931fcc13dee86fdb_169)] [added: Information](#i8ac18c3b000149a498044110161c4842_169)] | | | [removed: [87](#ifcf6bae2f5f74a8e931fcc13dee86fdb_169)] [added: [83](#i8ac18c3b000149a498044110161c4842_169)] | | |

| Item 9C. | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ifcf6bae2f5f74a8e931fcc13dee86fdb_1837)] [added: Inspections](#i8ac18c3b000149a498044110161c4842_172)] | | | [removed: [87](#ifcf6bae2f5f74a8e931fcc13dee86fdb_1837)] [added: [83](#i8ac18c3b000149a498044110161c4842_172)] | | |

| Item 10. | | | | | | [Directors and Executive Officers of the [removed: Registrant](#ifcf6bae2f5f74a8e931fcc13dee86fdb_175)] [added: Registrant](#i8ac18c3b000149a498044110161c4842_178)] | | | [removed: [87](#ifcf6bae2f5f74a8e931fcc13dee86fdb_175)] [added: [84](#i8ac18c3b000149a498044110161c4842_178)] | | |

| Item 11. | | | | | | [Executive [removed: Compensation](#ifcf6bae2f5f74a8e931fcc13dee86fdb_178)] [added: Compensation](#i8ac18c3b000149a498044110161c4842_181)] | | | [removed: [87](#ifcf6bae2f5f74a8e931fcc13dee86fdb_178)] [added: [84](#i8ac18c3b000149a498044110161c4842_181)] | | |

| Item 12. | | | | | | [Security Ownership of Certain Beneficial Owners and [removed: Management](#ifcf6bae2f5f74a8e931fcc13dee86fdb_181)] [added: Management](#i8ac18c3b000149a498044110161c4842_184)] | | | [removed: [87](#ifcf6bae2f5f74a8e931fcc13dee86fdb_181)] [added: [84](#i8ac18c3b000149a498044110161c4842_184)] | | |

| Item 13. | | | | | | [Certain Relationships and Related [removed: Transactions](#ifcf6bae2f5f74a8e931fcc13dee86fdb_184)] [added: Transactions](#i8ac18c3b000149a498044110161c4842_187)] | | | [removed: [87](#ifcf6bae2f5f74a8e931fcc13dee86fdb_184)] [added: [84](#i8ac18c3b000149a498044110161c4842_187)] | | |

| Item 14. | | | | | | [Principal Accounting Fees and [removed: Services](#ifcf6bae2f5f74a8e931fcc13dee86fdb_187)] [added: Services](#i8ac18c3b000149a498044110161c4842_190)] | | | [removed: [87](#ifcf6bae2f5f74a8e931fcc13dee86fdb_187)] [added: [84](#i8ac18c3b000149a498044110161c4842_190)] | | |

| Item 15. | | | | | | [Exhibits, Financial Statement [removed: Schedules](#ifcf6bae2f5f74a8e931fcc13dee86fdb_193)] [added: Schedules](#i8ac18c3b000149a498044110161c4842_196)] | | | [removed: [88](#ifcf6bae2f5f74a8e931fcc13dee86fdb_193)] [added: [85](#i8ac18c3b000149a498044110161c4842_196)] | | |

| Item 16. | | | | | | [Form 10-K [removed: Summary](#ifcf6bae2f5f74a8e931fcc13dee86fdb_199)] [added: Summary](#i8ac18c3b000149a498044110161c4842_202)] | | | [removed: [97](#ifcf6bae2f5f74a8e931fcc13dee86fdb_199)] [added: [94](#i8ac18c3b000149a498044110161c4842_202)] | | |

This Annual Report on Form 10-K [removed: ("2021] [added: ("2022] Form 10-K") contains forward-looking statements that are based on our management's expectations as of the filing date of this report with the Securities and Exchange Commission ("SEC").

Unless this [removed: 2021] [added: 2022] Form 10-K indicates otherwise or the context otherwise requires, the terms, "we," "our," "our company," "the company" or "us" as used in this [removed: 2021] [added: 2022] Form 10-K refer to Crown Castle [added: Inc. (formerly, Crown Castle] International [removed: Corp.] [added: Corp.)] and its predecessor (organized in 1995), as applicable, each a Delaware corporation (together, [removed: "CCIC"),] [added: "CCI"),] and their subsidiaries.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

CROWN CASTLE INC.

| | | | | | | [PART I](#i8ac18c3b000149a498044110161c4842_10) | | | | | |

| | | | | | | [PART II](#i8ac18c3b000149a498044110161c4842_31) | | | | | |

| | | | | | | [PART III](#i8ac18c3b000149a498044110161c4842_175) | | | | | |

| | | | | | | [PART IV](#i8ac18c3b000149a498044110161c4842_193) | | | | | |

| [Signatures](#i8ac18c3b000149a498044110161c4842_214) | | | | | | | | | [97](#i8ac18c3b000149a498044110161c4842_214) | | |

Examples of forward-looking statements include our outlook and plans, projections and estimates regarding (1) the value of our business model and demand for our communications infrastructure, (2) the growth of the U.S. market for shared communications infrastructure, (3) growth in the communications infrastructure industry, (4) demand for data and factors driving such demand, (5) the duration of our construction projects, (6) tenants' investment in wireless networks, (7) use of high-bandwidth applications, (8) our ability to service our debt and comply with debt covenants, (9) the level of commitment under our debt instruments, (10) our ability to remain qualified as a real estate investment trust ("REIT"), (11) sources and uses of liquidity, (12) impact to our financial results from the T-Mobile and Sprint network consolidation, (13) drivers of cash flow growth, (14) our competitive advantage, (15) our dividends, including timing, amount, growth, targets, payment or tax characterization, (16) our carbon neutral goal, (17) timing of small cell deployments, (18) discretionary capital expenditures and expansion of our business and (19) impact of interest rate increases.

| | | | | | | | | |

| | | | | | | [PART I](#ifcf6bae2f5f74a8e931fcc13dee86fdb_10) | | | | | |

| | | | | | | [PART II](#ifcf6bae2f5f74a8e931fcc13dee86fdb_31) | | | | | |

| | | | | | | [PART III](#ifcf6bae2f5f74a8e931fcc13dee86fdb_172) | | | | | |

| | | | | | | [PART IV](#ifcf6bae2f5f74a8e931fcc13dee86fdb_190) | | | | | |

| [Signatures](#ifcf6bae2f5f74a8e931fcc13dee86fdb_211) | | | | | | | | | [100](#ifcf6bae2f5f74a8e931fcc13dee86fdb_211) | | |

Such statements include plans, projections and estimates contained in *"Item 1.

Business," "Item 3.

Legal Proceedings," "Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations"* ("MD&A"), and *"Item 7A.

Quantitative and Qualitative Disclosures About Market Risk"* herein.

Such forward-looking statements include (1) benefits, growth, returns, stockholder value, and opportunities stemming from our strategy, strategic position, business model and capabilities, (2) the strength and growth potential of the U.S. market for shared communications infrastructure investment, (3) expectations regarding anticipated growth in the wireless industry, and consumption of and demand for data, including growth in, and factors driving, consumption and demand, (4) potential benefits of our communications infrastructure (on an individual and collective basis) and expectations regarding demand therefor, including potential benefits and continuity of and factors driving such demand, (5) competitive factors affecting our business, (6) expectations regarding construction, including duration of our construction projects, and acquisition of communications infrastructure, (7) focus on workforce diversity and inclusion, (8) the utilization of our net operating loss carryforwards ("NOLs"), (9) expectations regarding wireless carriers' network investments, (10) expectations regarding continued increase in usage of high-bandwidth applications by organizations,

(11) availability of spectrum and the expected benefits of spectrum auctions, (12) expected use of net proceeds from issuances under the commercial paper program ("CP Program"), (13) our full year 2022 outlook and the anticipated growth in our financial results, including future revenues and operating cash flows, and the expectations regarding our 2022 capital expenditures, as well as the factors impacting our financial results and the levels of capital expenditures, (14) expectations regarding our capital structure and the credit markets, our availability and cost of capital, capital allocation, our leverage ratio and interest coverage targets, our ability to service our debt and comply with debt covenants, future of the London interbank offered rate ("LIBOR") and any replacement rate thereto, level of available commitment we intend to maintain under our debt instruments, and the plans for and the benefits of any future refinancings, (15) the utility of certain financial measures, including non-GAAP financial measures, (16) expectations related to our ability to remain qualified as a real estate investment trust ("REIT") and the advantages, benefits or impact of, or opportunities created by, our REIT status, (17) adequacy, projected sources and uses of liquidity, (18) expectations related to the impact of tenant consolidation or ownership changes, including the impact from the T-Mobile and Sprint network consolidation, (19) expectations regarding non-renewals of tenant contracts, including as a result of the T-Mobile Agreement (as defined below), (19) our dividend policy and the timing, amount, growth or tax characterization of our dividends, (20) the T-Mobile Agreement, including expectations related thereto and the benefits derived therefrom, (21) the potential impact of the COVID-19 pandemic and any measures taken with respect thereto, (22) the potential impact on our business from unforeseen events or cybersecurity breaches and other information technology disruptions, (23) the outcome of outstanding litigation, (24) our carbon neutral goal and plans related thereto, (25) small cell deployment and any delays related thereto, (26) supply chain disruptions and labor shortages and the delays resulting therefrom, (27) our discretionary investments and the benefits derived therefrom, (28) the annual adjustments in the interest rate spread and unused commitment fee percentage on our 2016 Credit Facility and (29) the redemption of the 3.849% Secured Notes (as defined below).

Additionally, we own or lease [removed: more than 80,000] [added: approximately 85,000] route miles of fiber primarily supporting our [added: (1) approximately 120,000] small cells [added: on air or under contract] and [added: (2)] fiber solutions.

Approximately 53% of our towers are leased or subleased or operated and managed under master leases, subleases, or other agreements with AT&T and [removed: T-Mobile, including agreements assumed by] T-Mobile [added: (including those which T-Mobile assumed] in [removed: connection with] its merger with [removed: Sprint.][added: Sprint).]

See note [removed: 1] [added: 4] to our consolidated financial statements and *"Item 1A.

As of February [removed: 18, 2022,] [added: 21, 2023,] there were approximately [removed: 528] [added: 542] holders of record of our common stock.

The following performance graph is a comparison of the five-year cumulative total stockholder return on our common stock against the cumulative total return of the S&P 500 Market [removed: Index, the Dow Jones U.S. Telecommunications Equipment] Index and the FTSE NAREIT All Equity REITs Index for the period commencing December 31, [removed: 2016] [added: 2017] and ending December 31, [removed: 2021.][added: 2022.]

[removed: ][added: ]

| [removed: Company/Index/Market] [added: Company/Market/Index] | | | | | | [removed: 2016] [added: 2017] | | | | | | [removed: 2017] [added: 2018] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | |

| FTSE [removed: Nareit] [added: NAREIT] All Equity REITs Index | | | | | | 100.00 | | | | | | [removed: 108.67] [added: 95.96] | | | | | | [removed: 104.28] [added: 123.46] | | | | | | [removed: 134.17] [added: 117.14] | | | | | | [removed: 127.30] [added: 165.51] | | | | | | [removed: 179.87] [added: 124.22] | | |

The performance graph above and related text are being furnished solely to accompany this [removed: 2021] [added: 2022] Form 10-K pursuant to Item 201(e) of Regulation S-K, and are not being filed for purposes of Section 18 of the Exchange Act, and are not to be incorporated by reference into any filing of ours, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

| Crown Castle Inc. | | | | | | $ | 100.00 | | | | | $ | 101.74 | | | | | $ | 137.82 | | | | | $ | 159.33 | | | | | $ | 215.21 | | | | | $ | 145.24 | |

| S&P 500 Market Index | | | | | | 100.00 | | | | | | 95.62 | | | | | | 125.72 | | | | | | 148.85 | | | | | | 191.58 | | | | | | 156.88 | | |

Issuer Purchases of Equity Securities

The following table summarizes information with respect to purchases of our equity securities during the fourth quarter of 2021:

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Period | | | | | | Total Number of Shares Purchased | | | | | | Average Price Paid per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | | |

| | | | | | | *(In thousands)* | | | | | | | | | | | | | | | | | | | | |

| October 1 - October 31, 2021 | | | | | | 1 | | | | | | $ | 169.82 | | | | | — | | | | | | — | | |

| November 1 - November 30, 2021 | | | | | | 3 | | | | | | 180.85 | | | | | | — | | | | | | — | | |

| December 1 - December 31, 2021 | | | | | | 2 | | | | | | 189.62 | | | | | | — | | | | | | — | | |

| Total | | | | | | 6 | | | | | | $ | 181.33 | | | | | — | | | | | | — | | |

We paid approximately $1 million in cash to effect these purchases.

The shares purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of restricted stock units.

| Crown Castle International Corp. | | | | | | $ | 100.00 | | | | | $ | 132.93 | | | | | $ | 135.23 | | | | | $ | 183.19 | | | | | $ | 211.79 | | | | | $ | 286.07 | |

| S&P 500 Market Index | | | | | | 100.00 | | | | | | 121.83 | | | | | | 116.49 | | | | | | 153.17 | | | | | | 181.35 | | | | | | 233.41 | | |

| DJ U.S. Telecommunications Equipment Index | | | | | | 100.00 | | | | | | 123.05 | | | | | | 133.55 | | | | | | 155.24 | | | | | | 158.83 | | | | | | 231.68 | | |

Crown Castle [removed: International Corp.] [added: Inc.] and Subsidiaries

| Report of Independent Registered Public Accounting Firm (PCAOB ID 238) | | | [removed: [49](#ifcf6bae2f5f74a8e931fcc13dee86fdb_61)] [added: [47](#i8ac18c3b000149a498044110161c4842_61)] | | |

| [Consolidated Balance Sheet as of December [removed: 31,](#ifcf6bae2f5f74a8e931fcc13dee86fdb_64) 2021] [added: 31,](#i8ac18c3b000149a498044110161c4842_64) 2022] and [removed: 2020] [added: 2021] | | | [removed: [51](#ifcf6bae2f5f74a8e931fcc13dee86fdb_64)] [added: [49](#i8ac18c3b000149a498044110161c4842_64)] | | |

| [Consolidated Statement of Operations and Comprehensive Income (Loss) for each of the three years in the period ended December [removed: 31,](#ifcf6bae2f5f74a8e931fcc13dee86fdb_70) 2021] [added: 31,](#i8ac18c3b000149a498044110161c4842_70) 2022] | | | [removed: [52](#ifcf6bae2f5f74a8e931fcc13dee86fdb_70)] [added: [50](#i8ac18c3b000149a498044110161c4842_70)] | | |

| [Consolidated Statement of Cash Flows for each of the three years in the period ended December [removed: 31,](#ifcf6bae2f5f74a8e931fcc13dee86fdb_73) 2021] [added: 31,](#i8ac18c3b000149a498044110161c4842_73) 2022] | | | [removed: [53](#ifcf6bae2f5f74a8e931fcc13dee86fdb_73)] [added: [51](#i8ac18c3b000149a498044110161c4842_73)] | | |

| Consolidated Statement of Equity for each of the three years in the period ended December 31, [removed: 2021] [added: 2022] | | | [removed: [54](#ifcf6bae2f5f74a8e931fcc13dee86fdb_76)] [added: [52](#i8ac18c3b000149a498044110161c4842_76)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ifcf6bae2f5f74a8e931fcc13dee86fdb_79)] [added: Statements](#i8ac18c3b000149a498044110161c4842_79)] | | | [removed: [57](#ifcf6bae2f5f74a8e931fcc13dee86fdb_79)] [added: [53](#i8ac18c3b000149a498044110161c4842_79)] | | |

| Schedule II - Valuation and Qualifying Accounts for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019] [added: 2020] | | | [removed: [98](#ifcf6bae2f5f74a8e931fcc13dee86fdb_202)] [added: [95](#i8ac18c3b000149a498044110161c4842_205)] | | |

| Schedule III - Schedule of Real Estate and Accumulated Depreciation for the years ended December 31, [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] | | | [removed: [99](#ifcf6bae2f5f74a8e931fcc13dee86fdb_205)] [added: [96](#i8ac18c3b000149a498044110161c4842_208)] | | |

Crown Castle [removed: International Corp.][added: Inc.]

We have audited the accompanying consolidated balance sheet of Crown Castle [removed: International Corp.] [added: Inc.] and its subsidiaries (the “Company”) as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the related consolidated statements of operations and comprehensive income (loss), of equity and of cash flows for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] including the related notes and financial statement schedules listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2021] [added: 2022] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

As described in Notes 2 and 14 to the consolidated financial statements, the Company recognized [removed: $3,804] [added: $4,322] million in site rental revenues and [removed: $601] [added: $685] million in services and other revenues from its Towers segment for the year ended December 31, [removed: 2021.][added: 2022.]

[removed: Providing] [added: Typically, providing] such access over the length of the tenant contract term represents the Company’s sole performance obligation under its tenant contracts.

For the performance of the installation service, the Company has one performance obligation, which is satisfied at the time of the applicable installation or augmentation and recognized as services and other [removed: revenues.][added: revenues on the Company consolidated statement of operations and comprehensive income (loss).]

| | | | [added: 2022 | | | | | |] 2021 | | | | | | 2020 | | |

| Cash and cash equivalents | | | $ | [added: 156 | | | | | $ |] 292 | | | | | $ | 232 | |

| Restricted [removed: cash] [added: cash, current] | | | [added: 166 | | | | | |] 169 | | | | | | 144 | | |

| Receivables, net of allowance of [removed: $17] [added: $19] and $17, respectively | | | [removed: 543] [added: 593] | | | | | | [removed: 431] [added: 543] | | |

| Prepaid expenses | | | [removed: 105] [added: 102] | | | | | | [removed: 95] [added: 105] | | |

| Other current assets | | | [removed: 145] [added: 73] | | | | | | [removed: 202] [added: 53] | | |

| Total current assets | | | [removed: 1,254] [added: 1,217] | | | | | | [removed: 1,104] [added: 1,254] | | |

| Deferred site rental receivables | | | [removed: 1,588] [added: 1,954] | | | | | | [removed: 1,408] [added: 1,588] | | |

| Property and equipment, net | | | [removed: 15,269] [added: 15,407] | | | | | | [removed: 15,162] [added: 15,269] | | |

| Operating lease right-of-use assets | | | [removed: 6,682] [added: 6,526] | | | | | | [removed: 6,464] [added: 6,682] | | |

| Goodwill | | | [removed: 10,078] [added: 10,085] | | | | | | 10,078 | | |

| Site rental contracts and tenant relationships, net | | | [removed: 3,982] [added: 3,535] | | | | | | [removed: 4,365] [added: 3,982] | | |

| Other intangible assets, net | | | [removed: 64] [added: 61] | | | | | | [removed: 68] [added: 64] | | |

| Other assets, net | | | [removed: 123] [added: 136] | | | | | | [removed: 119] [added: 123] | | |

| Total assets | | | $ | [removed: 39,040] [added: 38,921] | | | | | $ | [removed: 38,768] [added: 39,040] | |

| Accounts payable | | | $ | [removed: 246] [added: 236] | | | | | $ | [removed: 230] [added: 246] | |

| Accrued interest | | | [removed: 182] [added: 183] | | | | | | [removed: 199] [added: 182] | | |

| Deferred revenues | | | [removed: 776] [added: 736] | | | | | | [removed: 704] [added: 776] | | |

| Other accrued liabilities | | | [removed: 401] [added: 407] | | | | | | [removed: 378] [added: 401] | | |

| Current maturities of debt and other obligations | | | [removed: 72] [added: 819] | | | | | | [removed: 129] [added: 72] | | |

| Current portion of operating lease liabilities | | | [removed: 349] [added: 350] | | | | | | [removed: 329] [added: 349] | | |

| Total current liabilities | | | [removed: 2,026] [added: 2,731] | | | | | | [removed: 1,969] [added: 2,026] | | |

| Debt and other long-term obligations | | | [removed: 20,557] [added: 20,910] | | | | | | [removed: 19,151] [added: 20,557] | | |

February 24, 2023

CROWN CASTLE INC. AND SUBSIDIARIES

| | | | 2022 | | | | | | 2021 | | |

| Deferred site rental receivables | | | 127 | | | | | | 92 | | |

CROWN CASTLE INC. AND SUBSIDIARIES

CROWN CASTLE INC. AND SUBSIDIARIES

| Depreciation, amortization and accretion | | | 1,707 | | | | | | 1,644 | | | | | | 1,608 | | |

| Asset write-down charges | | | 34 | | | | | | 21 | | | | | | 74 | | |

CROWN CASTLE INC. AND SUBSIDIARIES

| Other comprehensive income (loss)(a) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | (1) | | |

| Balance, December 31, 2022 | | | 433 | | | | | | $ | 4 | | | | | — | | | | | | $ | — | | | | | $ | 18,116 | | | | | $ | (5) | | | | | $ | (10,666) | | | | | $ | 7,449 | |

See notes 4 and 13.

The Company's contingent payments are considered variable lease payments and are (1) not included in the initial measurement of

impairment testing.

The Company's assets related to straight-line site rental revenues are recorded within "Deferred site rental receivables" on the Company's consolidated balance sheet.

Amounts billed or received prior to being earned are deferred and reflected in "Deferred revenues" and "Other long-term liabilities" on the Company's consolidated balance sheet.

If the payment terms include fixed escalators, upfront payments, or rent-free periods, the effect of such increases is recognized on a straight-line basis.

When calculating straight-line ground lease and fiber access expenses, the Company considers all fixed elements of contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum.

The Company's costs incurred prior to the satisfaction of associated performance obligations of $43 million and $65 million as of December 31, 2022 and 2021, respectively, are included in "Other current assets" on the Company's consolidated balance sheet.

The Company also may be subject to certain federal, state, local and foreign taxes on its income, including (1) taxes on any undistributed income and (2) taxes related to the TRSs.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Contracted amounts(a) | | | $ | 4,832 | | | | | $ | 4,408 | | | | | $ | 4,073 | | | | | $ | 3,976 | | | | | $ | 3,929 | | | | | $ | 18,981 | | | | | $ | 40,199 | |

| | | | | | | 2022 | | | | | | 2021 | | | | | |

The carrying value of goodwill was $10.1 billion for each of the years ended December 31, 2022 and 2021.

Additions due to acquisitions during the period were $7 million.

| | | | 2022 | | | | | | 2021 | | |

The changes in the carrying amount of the Company's asset retirement obligations were as follows:

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2022 | | | | | | 2021 | | |

| Balance, January 1 | | | $ | 269 | | | | | $ | 259 | |

| Additions | | | 4 | | | | | | 9 | | |

| Accretion expense | | | 20 | | | | | | 20 | | |

| Revision in estimates(a) | | | 37 | | | | | | (16) | | |

| Settlements | | | (3) | | | | | | (3) | | |

| Balance, December 31 | | | $ | 327 | | | | | $ | 269 | |

(a)Primarily relates to (1) increases in estimated undiscounted cash flows and (2) adjustments to estimated settlement dates for the years ending December 31, 2022 and 2021, respectively, for certain asset retirement obligations and is offset against the associated asset retirement costs recorded within "Property and equipment, net" on the Company's consolidated balance sheet.

| | | | 2023 | | | | | | 2024 | | | | | | 2025 | | | | | | 2026 | | | | | | 2027 | | |

See note 17 for a discussion of the Company's issuance of the January 2023 Senior Notes (as defined in note 17) and the use of the net proceeds therefrom.

| 2022 | | | | | | 2021 | | | 2022 | | | (a) | | | | | | | | | | | | | | | | | | | | |

February 22, 2022

See accompanying notes to consolidated financial statements.

| | | | | | | | | | | | | | | | | | |

CONSOLIDATED STATEMENT OF EQUITY

(Amounts in millions)

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Shares | | | | | | ($0.01 Par) | | | | | | Shares | | | | | | ($0.01 Par) | | | | | | Additional Paid-In Capital | | | | | | Foreign Currency Translation Adjustments | | | | | | Dividends/Distributions in Excess of Earnings | | | | | | Total | | |

| Balance, December 31, 2018 | | | 415 | | | | | | $ | 4 | | | | | 2 | | | | | | — | | | | | | $ | 17,767 | | | | | $ | (5) | | | | | $ | (6,195) | | | | | $ | 11,571 | |

| | | | Common Stock | | | | | | | | | | | | 6.875% Mandatory Convertible Preferred Stock | | | | | | | | | | | | | | | | | | AOCI | | | | | | | | | | | | | | |

| Balance, December 31, 2019 | | | 416 | | | | | | $ | 4 | | | | | 2 | | | | | | — | | | | | | $ | 17,855 | | | | | $ | (5) | | | | | $ | (7,365) | | | | | $ | 10,489 | |

| Balance, December 31, 2020 | | | 431 | | | | | | $ | 4 | | | | | — | | | | | | — | | | | | | $ | 17,933 | | | | | $ | (4) | | | | | $ | (8,472) | | | | | $ | 9,461 | |

Additional information concerning these towers is as follows:

15% of the Company's towers are leased or subleased or operated and managed under a master prepaid lease or other related agreements with T-Mobile for a weighted-average initial term of approximately 28 years, weighted on Towers site rental gross margin.

bandwidth and multi-location demands), regardless of whether the payments from the tenant are received in equal monthly amounts during the life of the tenant contract.

The Company's assets related to straight-line site rental revenues include current amounts of $92 million and $152 million included in "Other current assets" and non-current amounts of $1.6 billion and $1.4 billion included in "Deferred site rental receivables" for the years ended December 31, 2021 and 2020, respectively.

inflation-based escalation clauses (such as those tied to the change in CPI).

For the years ended December 31, 2021, 2020 and 2019, diluted net income (loss) attributable to

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Dividends/distributions on preferred stock | | | — | | | | | | (57) | | | | | | (113) | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Contracted amounts(a) | | | | | | $ | 4,551 | | | | | $ | 4,013 | | | | | $ | 3,499 | | | | | $ | 3,355 | | | | | $ | 3,239 | | | | | $ | 12,689 | | | | | $ | 31,346 | |

*Intangibles*

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

Accretion expense related to liabilities for retirement obligations amounted to $20 million, $18 million and $15 million for the years ended December 31, 2021, 2020 and 2019, respectively.

| Tower Revenue Notes, Series 2015-2 | | | May 2015 | | | | | | May 2045 | | | (b)(c) | | | 696 | | | | | | 695 | | | | | | 3.7 | | % | | | |

| 2016 Revolver | | | Jan. 2016 | | | | | | June 2026 | | | | | | 665 | | | (e) | | | 290 | | | | | | 1.2 | | % | (f) | | |

| 2016 Term Loan A | | | Jan. 2016 | | | | | | June 2026 | | | | | | 1,222 | | | | | | 2,252 | | | | | | 1.2 | | % | (f) | | |

| 5.250% Senior Notes | | | Oct. 2012 | | | | | | Jan. 2023 | | | | | | — | | | | | | 1,646 | | | | | | N/A | | | | | |

(b)The Tower Revenue Notes, Series 2015-2 ("May 2015 Tower Revenue Notes") and Tower Revenue Notes, Series 2018-1 and 2018-2 ("July 2018 Tower Revenue Notes") are collectively referred to herein as "Tower Revenue Notes."

The Company used the net proceeds from the 5.250% Senior Notes offering to partially fund the T-Mobile Acquisition.

*Bonds—Secured Notes*

In December 2012, the Company issued $1.0 billion aggregate principal amount of 3.849% secured notes due 2023 ("3.849% Secured Notes").

The 3.849% Secured Notes were issued and are guaranteed by the same subsidiaries of CCIC that had previously issued and guaranteed the 7.750% senior unsecured notes due 2017 ("7.750% Secured Notes").

The 3.849% Secured Notes are secured by a pledge of the equity interests of such subsidiaries.

The 3.849% Secured Notes are not guaranteed by and are not obligations of CCIC or any of its subsidiaries other than the issuers and guarantors of the 3.849% Secured Notes.

The 3.849% Secured Notes will be paid solely from the cash flows generated from operations of the towers held directly and indirectly by the issuers and the guarantors of such notes.

In connection with the preparation of the [removed: 2021] [added: 2022] Form 10-K, the Company's management conducted an evaluation, under the supervision and with the participation of the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act")).

Based upon their evaluation, the CEO and CFO concluded that as of December 31, [removed: 2021,] [added: 2022,] the Company's disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by the Company in the reports filed or submitted by it under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and to provide reasonable assurance that information required to be disclosed by the Company in such reports is accumulated and communicated to the Company's management, including its CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Management has assessed the effectiveness of the Company's internal control over financial reporting as of December 31, [removed: 2021.][added: 2022.]

Based on the Company's assessment, management has concluded that the Company's internal control over financial reporting was effective as of December 31, [removed: 2021] [added: 2022] to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles in the United States of America.

The effectiveness of the Company's internal control over financial reporting as of December 31, [removed: 2021] [added: 2022] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears in Part II, Item 8 of the [removed: 2021] [added: 2022] Form 10-K.

On February 23, 2023, the Company filed a Certificate of Correction with the Secretary of State of the State of Delaware, which became effective upon filing, to correct an error contained in the Certificate of Amendment to the Charter filed on May 20, 2022 ("Amendment") in connection with an increase of authorized shares.

The Amendment inadvertently included an incorrect number of the Company’s total authorized shares of stock and shares of common stock that were previously approved by the board of directors and stockholders.

The foregoing summary description of the Certificate of Correction is qualified in its entirety by reference to the full text of the Certificate of Correction, filed as Exhibit 3.2 hereto, and is incorporated herein by reference.

None.

The information required to be furnished pursuant to this item will be set forth in the [removed: 2022] [added: 2023] Proxy Statement and is incorporated herein by reference.

The information required to be furnished pursuant to this item will be set forth in the [removed: 2022] [added: 2023] Proxy Statement and is incorporated herein by reference.

The information required to be furnished pursuant to this item will be set forth in the [removed: 2022] [added: 2023] Proxy Statement and is incorporated herein by reference.

The following table summarizes information with respect to equity compensation plans under which equity securities of the registrant are authorized for issuance as of December 31, [removed: 2021:][added: 2022:]

| Plan [removed: category(a)] [added: Category(a)] | | | [added: | | |] Number of securities to be issued upon exercise of outstanding options, warrants and rights | | | | | | Weighted-average exercise price of outstanding options, warrants and rights | | | | | | Number of securities remaining available for future issuance under equity compensation plans | | | | | |

| | | | [added: | | |] *(In millions of shares)* | | | | | | *(In dollars per share)* | | | | | | *(In millions of shares)* | | | | | |

| Equity compensation plans approved by security holders | | | [added: | | |] — | | | | | | $ | — | | | | | [removed: 7] [added: 16] | | | (b) | | |

| Equity compensation plans not approved by security holders | | | [added: | | |] — | | | | | | — | | | | | | — | | | | | |

| Total | | | [added: | | |] — | | | | | | $ | — | | | | | [removed: 7] [added: 16] | | | | | |

[removed: (b)Of] [added: Of] the shares remaining available for future issuance, 2 million shares may be issued pursuant to outstanding RSUs granted under the [removed: LTI Plan.][added: 2013 LTIP.]

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

(b)Represents the 2013 Long-Term Incentive Plan ("2013 LTIP") and the 2022 Long-Term Incentive Plan ("2022 LTIP").

Following the adoption of the 2022 LTIP, no further awards may be granted under the 2013 LTIP.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

The information required to be furnished pursuant to this item will be set forth in the [removed: 2022] [added: 2023] Proxy Statement and is incorporated herein by reference.

The information required to be furnished pursuant to this item will be set forth in the [removed: 2022] [added: 2023] Proxy Statement and is incorporated herein by reference.

| The list of financial statements filed as part of this report is submitted as a separate section, the index to which is located on page [removed: [48](#ifcf6bae2f5f74a8e931fcc13dee86fdb_58).] [added: [46](#i8ac18c3b000149a498044110161c4842_58).] | | |

| Schedule II—Valuation and Qualifying Accounts for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019,] [added: 2020,] which is located on page [removed: [98](#ifcf6bae2f5f74a8e931fcc13dee86fdb_202).] [added: [95](#i8ac18c3b000149a498044110161c4842_205).] | | |

| Schedule III—Schedule of Real Estate and Accumulated Depreciation for the years ended December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] which is located on page [removed: [99](#ifcf6bae2f5f74a8e931fcc13dee86fdb_205).] [added: [96](#i8ac18c3b000149a498044110161c4842_208).] | | |

All other schedules are omitted because they are not applicable or because the required information is contained in the financial statements or notes thereto included in this [removed: 2021] [added: 2022] Form 10-K.

| [removed: 3.1] [added: 3.1*] | | | | | | [removed: [Restated] [added: [Composite Restated] Certificate of Incorporation of Crown Castle [removed: International Corp., dated July 20, 2017](http://www.sec.gov/Archives/edgar/data/1051470/000119312517236629/d430932dex31.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000041/exhibit31compositerestated.htm)] | | | | | | [removed: 8-K] [added: —] | | | | | | [removed: 001-16441] [added: —] | | | | | | [removed: July 26, 2017] [added: —] | | | | | | [removed: 3.1] [added: —] | | |

| [removed: 3.2] [added: 3.3] | | | | | | [Amended and Restated By-Laws of Crown Castle [removed: International Corp.] [added: Inc.,] dated August [removed: 3, 2021](https://www.sec.gov/Archives/edgar/data/0001051470/000105147021000171/exhibit32.htm)] [added: 1, 2022](https://www.sec.gov/Archives/edgar/data/1051470/000105147022000153/exhibit33crowncastleincame.htm)] | | | | | | 10-Q | | | | | | 001-16441 | | | | | | August [removed: 6, 2021] [added: 5, 2022] | | | | | | 3.3 | | |

| 4.3 | | | | | | I[ndenture Supplement, dated as of September 26, 2006, by and among JPMorgan Chase Bank, N.A., as Indenture Trustee, and Crown Castle Towers LLC, Crown Castle South LLC, Crown Communication Inc., Crown Castle PT Inc., Crown Communication New York, Inc. and Crown Castle International Corp. de Puerto Rico, collectively, as Issuers, relating to the Senior Secured Tower Revenue Notes, Series 2005-1](https://www.sec.gov/Archives/edgar/data/1051470/000119312506200276/dex101.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | September 29, 2006 | | | | | | [removed: 4.1] [added: 10.1] | | |

| [removed: 4.16] [added: 4.24] | | | | | | [removed: [Indenture] [added: [Tenth Supplemental Indenture] dated [removed: as of December 24, 2012, by and among CC Holdings GS V LLC,] [added: January 16, 2018, between] Crown Castle [removed: GS III Corp., each] [added: International Corp. and The Bank] of [added: New York Mellon Trust Company, N.A., as trustee, to] the [removed: guarantors party thereto] [added: Indenture dated April 15, 2014, between Crown Castle International Corp.] and The Bank of New York Mellon Trust Company, N.A., as [removed: Trustee,] [added: trustee,] relating to [removed: 3.849%] [added: 3.150%] Senior [removed: Secured] Notes due [removed: 2023](http://www.sec.gov/Archives/edgar/data/1051470/000095015712000590/ex4-1.htm)] [added: 2023 and 3.800% Senior Notes due 2028](http://www.sec.gov/Archives/edgar/data/1051470/000119312518011458/d442729dex41.htm)] | | | | | | 8-K | | | | | | 001-16441 | | | | | | [removed: December 28, 2012] [added: January 17, 2018] | | | | | | 4.1 | | |

| [removed: 4.17] [added: 4.16] | | | | | | [Indenture dated April 15, 2014, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee](http://www.sec.gov/Archives/edgar/data/1051470/000119312514144236/d713338dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | April 15, 2014 | | | | | | 4.1 | | |

| [removed: 4.18] [added: 4.17] | | | | | | [Second Supplemental Indenture dated December 15, 2014, between Crown Castle REIT Inc., Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee](http://www.sec.gov/Archives/edgar/data/1051470/000095015714001379/ex4-5.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | December 16, 2014 | | | | | | 4.5 | | |

| [removed: 4.19] [added: 4.18] | | | | | | [Third Supplemental Indenture dated December 15, 2014, between Crown Castle REIT Inc., Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee](http://www.sec.gov/Archives/edgar/data/1051470/000095015714001379/ex4-6.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | December 16, 2014 | | | | | | 4.6 | | |

| [removed: 4.20] [added: 4.19] | | | | | | [Fourth Supplemental Indenture dated February 8, 2016 between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated April 15, 2014, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 3.400% Senior Notes due 2021 and 4.450% Senior Notes due 2026](http://www.sec.gov/Archives/edgar/data/1051470/000119312516453864/d41368dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | February 8, 2016 | | | | | | 4.1 | | |

| [removed: 4.21] [added: 4.20] | | | | | | [Fifth Supplemental Indenture dated May 6, 2016, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated April 15, 2014, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 3.700% Senior Notes due 2026](http://www.sec.gov/Archives/edgar/data/1051470/000119312516582022/d157695dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | May 6, 2016 | | | | | | 4.1 | | |

| [removed: 4.22] [added: 4.21] | | | | | | [Seventh Supplemental Indenture dated February 2, 2017, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated April 15, 2014, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 4.000% Senior Notes due 2027](http://www.sec.gov/Archives/edgar/data/1051470/000119312517029149/d331238dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | February 2, 2017 | | | | | | 4.1 | | |

| [removed: 4.23] [added: 4.22] | | | | | | [Eighth Supplemental Indenture dated May 1, 2017, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated April 15, 2014, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 4.750% Senior Notes due 2047](http://www.sec.gov/Archives/edgar/data/1051470/000119312517151930/d383093dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | May 1, 2017 | | | | | | 4.1 | | |

| [removed: 4.24] [added: 4.23] | | | | | | [Ninth Supplemental Indenture dated August 1, 2017, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated April 15, 2014, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 3.200% Senior Notes due 2024 and 3.650% Senior Notes due 2027](http://www.sec.gov/Archives/edgar/data/1051470/000119312517244309/d430589dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | August 1, 2017 | | | | | | 4.1 | | |

| [removed: 4.25] [added: 4.28] | | | | | | [removed: [Tenth] [added: [Third] Supplemental Indenture dated [removed: January 16, 2018,] [added: April 3, 2020,] between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated [removed: April 15, 2014,] [added: February 11, 2019,] between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to [removed: 3.150%] [added: 3.300%] Senior Notes due [removed: 2023] [added: 2030] and [removed: 3.800%] [added: 4.150%] Senior Notes due [removed: 2028](http://www.sec.gov/Archives/edgar/data/1051470/000119312518011458/d442729dex41.htm)] [added: 2050](http://www.sec.gov/Archives/edgar/data/1051470/000119312520098160/d913754dex41.htm)] | | | | | | 8-K | | | | | | 001-16441 | | | | | | [removed: January 17, 2018] [added: April 3, 2020] | | | | | | 4.1 | | |

| [removed: 4.26] [added: 4.25] | | | | | | [Indenture dated February 11, 2019, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee](http://www.sec.gov/Archives/edgar/data/1051470/000119312519034036/d699282dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | February 11, 2019 | | | | | | 4.1 | | |

| [removed: 4.27] [added: 4.26] | | | | | | [First Supplemental Indenture dated February 11, 2019, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated February 11, 2019, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 4.300% Senior Notes due 2029 and 5.200% Senior Notes due 2049](http://www.sec.gov/Archives/edgar/data/1051470/000119312519034036/d699282dex42.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | February 11, 2019 | | | | | | 4.2 | | |

| [removed: 4.28] [added: 4.27] | | | | | | [Second Supplemental Indenture dated August 15, 2019, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated February 11, 2019, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 3.100% Senior Notes due 2029 and 4.000% Senior Notes due 2049](http://www.sec.gov/Archives/edgar/data/1051470/000119312519222474/d764254dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | August 15, 2019 | | | | | | 4.1 | | |

| 4.29 | | | | | | [removed: [Third] [added: [Fourth] Supplemental Indenture dated [removed: April 3,] [added: June 15,] 2020, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated February 11, 2019, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to [removed: 3.300%] [added: 1.350%] Senior Notes due [removed: 2030] [added: 2025, 2.250% Senior Notes due 2031] and [removed: 4.150%] [added: 3.250%] Senior Notes due [removed: 2050](http://www.sec.gov/Archives/edgar/data/1051470/000119312520098160/d913754dex41.htm)] [added: 2051](http://www.sec.gov/Archives/edgar/data/1051470/000119312520169355/d937265dex41.htm)] | | | | | | 8-K | | | | | | 001-16441 | | | | | | [removed: April 3,] [added: June 15,] 2020 | | | | | | 4.1 | | |

| [removed: 4.30] [added: 4.31] | | | | | | [removed: [Fourth] [added: [Sixth] Supplemental Indenture dated June [removed: 15, 2020,] [added: 29, 2021,] between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated February 11, 2019, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to [removed: 1.350% Senior Notes due 2025, 2.250% Senior Notes due 2031 and 3.250%] [added: 2.500%] Senior Notes due [removed: 2051](http://www.sec.gov/Archives/edgar/data/1051470/000119312520169355/d937265dex41.htm)] [added: 2031](https://www.sec.gov/Archives/edgar/data/1051470/000119312521203303/d171502dex41.htm)] | | | | | | 8-K | | | | | | 001-16441 | | | | | | June [removed: 15, 2020] [added: 29, 2021] | | | | | | 4.1 | | |

| [removed: 4.31] [added: 4.30] | | | | | | [Fifth Supplemental Indenture, dated February 16, 2021, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated February 11, 2019, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 1.050% Senior Notes due 2026, 2.100% Senior Notes due 2031 and 2.900% Senior Notes due 2041](http://www.sec.gov/Archives/edgar/data/1051470/000119312521044925/d113438dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | February 16, 2021 | | | | | | 4.1 | | |

| 4.32 | | | | | | [removed: [Sixth] [added: [Seventh] Supplemental Indenture dated [removed: June 29, 2021,] [added: March 4, 2022,] between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated February 11, 2019, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to [removed: 2.500%] [added: the 2.900%] Senior Notes due [removed: 2031](https://www.sec.gov/Archives/edgar/data/1051470/000119312521203303/d171502dex41.htm)] [added: 2027](https://www.sec.gov/Archives/edgar/data/1051470/000156459022008774/cci-ex41_7.htm)] | | | | | | 8-K | | | | | | 001-16441 | | | | | | [removed: June 29, 2021] [added: March 4, 2022] | | | | | | 4.1 | | |

| [removed: 4.33] [added: 4.34*] | | | | | | [Description of the Company's Common [removed: Stock](http://www.sec.gov/Archives/edgar/data/1051470/000105147020000077/exhibit429.htm)] [added: Stock](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000041/exhibit434123122.htm)] | | | | | | [removed: 10-K] [added: —] | | | | | | [removed: 001-16441] [added: —] | | | | | | [removed: March 10, 2020] [added: —] | | | | | | [removed: 4.29] [added: —] | | |

| 10.3† | | | | | | [Form of Amendment to Severance Agreement between Crown Castle International Corp. and certain senior officers, including Philip M. Kelley, effective April 6, [removed: 2009](http://www.sec.gov/Archives/edgar/data/1051470/000118143109019533/rrd239596_27999.htm)] [added: 2009](https://www.sec.gov/Archives/edgar/data/1051470/000118143109019533/rrd239596_27999.htm)] | | | | | | 8-K | | | | | | 001-16441 | | | | | | April 8, 2009 | | | | | | 10.2 | | |

| 10.5† | | | | | | [Form of Severance Agreement between Crown Castle International Corp. and each of [removed: Kenneth J. Simon,] Daniel K. Schlanger, Michael J. Kavanagh, Christopher D. [removed: Levendos and] [added: Levendos,] Catherine [removed: Piche](http://www.sec.gov/Archives/edgar/data/1051470/000105147016000158/ex-1047123115.htm)] [added: Piche, Laura Nichol](http://www.sec.gov/Archives/edgar/data/1051470/000105147016000158/ex-1047123115.htm) [and Edward B. Adams, Jr.](http://www.sec.gov/Archives/edgar/data/1051470/000105147016000158/ex-1047123115.htm)] | | | | | | 10-K | | | | | | 001-16441 | | | | | | February 22, 2016 | | | | | | 10.47 | | |

| [removed: 10.8†] [added: 10.9†] | | | | | | [Form of 2013 Long-Term Incentive Plan Restricted Stock Units Agreement (effective as of February [removed: 18, 2016)](http://www.sec.gov/Archives/edgar/data/1051470/000119312516475878/d112338dex102.htm)] [added: 21, 2018)](http://www.sec.gov/Archives/edgar/data/1051470/000105147018000086/a102formofrsuagmt.htm)] | | | | | | 8-K | | | | | | 001-16441 | | | | | | February [removed: 24, 2016] [added: 27, 2018] | | | | | | 10.2 | | |

| [removed: 10.9†] [added: 10.12†] | | | | | | [Form of [removed: 2013 Long-Term Incentive Plan] Restricted Stock [removed: Units] [added: Unit] Agreement [added: for 2022 Long-Term Incentive Plan] (effective [removed: as of August 3, 2017)](http://www.sec.gov/Archives/edgar/data/1051470/000105147017000140/exhibit102063017.htm)] [added: May 19, 2022)](https://www.sec.gov/Archives/edgar/data/1051470/000105147022000135/a2022ltipperformancersuawa.htm)] | | | | | | [removed: 10-Q] [added: 8-K] | | | | | | 001-16441 | | | | | | [removed: August 7, 2017] [added: May 20, 2022] | | | | | | [removed: 10.1] [added: 10.2] | | |

| [removed: 10.10†] [added: 10.13†*] | | | | | | [Form of [removed: 2013 Long-Term Incentive Plan] Restricted Stock [removed: Units] [added: Unit] Agreement [added: for 2022 Long-Term Incentive Plan] (effective [removed: as of February 21, 2018)](http://www.sec.gov/Archives/edgar/data/1051470/000105147018000086/a102formofrsuagmt.htm)] [added: August 1, 2022)](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000041/exhibit10132022rsuagreement.htm)] | | | | | | [removed: 8-K] [added: —] | | | | | | [removed: 001-16441] [added: —] | | | | | | [removed: February 27, 2018] [added: —] | | | | | | [removed: 10.2] [added: —] | | |

| [removed: 10.11†*] [added: 10.14†] | | | | | | [Amended and Restated Crown Castle International Corp. Extended Service Separation Program](https://www.sec.gov/Archives/edgar/data/1051470/000105147022000019/exhibit1011essp.htm) | | | | | | [removed: —] [added: 10-K] | | | | | | [removed: —] [added: 001-16441] | | | | | | [removed: —] [added: February 22, 2022] | | | | | | [removed: —] [added: 10.11] | | |

| [removed: 10.12†] [added: 10.15†] | | | | | | [Crown Castle International Corp. [removed: 2021] [added: 2022] EMT Annual Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/0001051470/000105147021000094/ex1012021emtaip.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1051470/000105147021000181/a2022emtannualincentiveplan.htm)] | | | | | | 8-K | | | | | | 001-16441 | | | | | | [removed: February 24,] [added: October 20,] 2021 | | | | | | 10.1 | | |

| [removed: 10.13†] [added: 10.16†] | | | | | | [Crown Castle [removed: International Corp. 2022] [added: Inc. 2023] EMT Annual Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/1051470/000105147021000181/a2022emtannualincentiveplan.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1051470/000105147022000160/exhibit1012023emtannualinc.htm)] | | | | | | 8-K | | | | | | 001-16441 | | | | | | October [removed: 20, 2021] [added: 19, 2022] | | | | | | 10.1 | | |

| [removed: 10.14] [added: 10.17] | | | | | | [Global Lease Agreement dated March 31, 1999 between Crown Atlantic Company, LLC and Cellco Partnership](http://www.sec.gov/Archives/edgar/data/1051470/0000950157-99-000209.txt) | | | | | | 8-K | | | | | | 000-24737 | | | | | | April 12, 1999 | | | | | | 99.6 | | |

| [removed: 10.15] [added: 10.18] | | | | | | [Agreement to Sublease dated June 1, 1999 by and among BellSouth Mobility Inc., BellSouth Telecommunications Inc., the Transferring Entities (as defined therein), Crown Castle International Corp. and Crown Castle South Inc.](http://www.sec.gov/Archives/edgar/data/1051470/000095013099003557/0000950130-99-003557.txt) | | | | | | 8-K | | | | | | 000-24737 | | | | | | June 9, 1999 | | | | | | 99.1 | | |

| [removed: 10.16] [added: 10.19] | | | | | | [Sublease dated June 1, 1999 by and among BellSouth Mobility Inc., Certain BMI Affiliates, Crown Castle International Corp. and Crown Castle South Inc.](http://www.sec.gov/Archives/edgar/data/1051470/000095013099003557/0000950130-99-003557.txt) | | | | | | 8-K | | | | | | 000-24737 | | | | | | June 9, 1999 | | | | | | 99.3 | | |

| [removed: 10.17] [added: 10.20] | | | | | | [Agreement to Sublease dated August 1, 1999 by and among BellSouth Personal Communications, Inc., BellSouth Carolinas PCS, L.P., Crown Castle International Corp. and Crown Castle South Inc.](http://www.sec.gov/Archives/edgar/data/1051470/000089924300000662/0000899243-00-000662.txt) | | | | | | 10-K | | | | | | 000-24737 | | | | | | March 30, 2000 | | | | | | 2.7 | | |

| [removed: 10.18] [added: 10.21] | | | | | | [Sublease dated August 1, 1999 by and among BellSouth Personal Communications, Inc., BellSouth Carolinas PCS, L.P., Crown Castle International Corp. and Crown Castle South Inc.](http://www.sec.gov/Archives/edgar/data/1051470/000089924300000662/0000899243-00-000662.txt) | | | | | | 10-K | | | | | | 000-24737 | | | | | | March 30, 2000 | | | | | | 2.8 | | |

| [removed: 10.19] [added: 10.22] | | | | | | [Management Agreement, dated as of June 8, 2005, by and among Crown Castle USA Inc., as Manager, and Crown Castle Towers LLC, Crown Castle South LLC, Crown Communication Inc., Crown Castle PT Inc., Crown Communication New York, Inc., Crown Castle International Corp. de Puerto Rico, Crown Castle GT Holding Sub LLC and Crown Castle Atlantic LLC, collectively as Owners](http://www.sec.gov/Archives/edgar/data/1051470/000119312505122907/dex101.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | June 9, 2005 | | | | | | 10.1 | | |

| [removed: 10.20] [added: 10.23] | | | | | | [Series 2005-1 Management Agreement Amendment, dated September 26, 2006, by and among Crown Castle USA Inc., as Manager, and Crown Castle Towers LLC, Crown Castle South LLC, Crown Communication Inc., Crown Castle PT Inc., Crown Communication New York, Inc., Crown Castle International Corp. de Puerto Rico, Crown Castle GT Holding Sub LLC and Crown Castle Atlantic LLC, collectively, as Owners](http://www.sec.gov/Archives/edgar/data/1051470/000119312506200276/dex102.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | September 29, 2006 | | | | | | 10.2 | | |

| 3.2* | | | | | | [Certificate of Correction of Restated Certificate of Incorporation of Crown Castle Inc., dated February 23, 2023](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000041/exhibit32certificateofcorr.htm) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| 4.33 | | | | | | [Eighth Supplemental Indenture dated January 11, 2023, between Crown Castle Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, to the Indenture dated February 11, 2019, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/1051470/000119312523006491/d425037dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | January 11, 2023 | | | | | | 4.1 | | |

| 10.8† | | | | | | [Amendment to Crown Castle International Corp. 2013 Long-Term Incentive Plan, as amended](https://www.sec.gov/Archives/edgar/data/1051470/000105147022000135/amendmentto2013long-termin.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | May 20, 2022 | | | | | | 10.3 | | |

| 10.10† | | | | | | [Crown Castle International Corp. 2022 Long-Term Incentive Plan](https://www.sec.gov/Archives/edgar/data/1051470/000105147022000103/a2022proxystatement.htm#ie7fcd9d9039d4116ae6d063b104f84f6_142) | | | | | | DEF 14A | | | | | | 001-16441 | | | | | | April 4, 2022 | | | | | | App. A | | |

| 10.11†* | | | | | | [First Amendment to Crown Castle International Corp. 2022 Long-Term Incentive Plan](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000041/exhibit1011amendmentto2022.htm) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| 10.54 | | | | | | [Amendment No. 7 dated as of July 8, 2022, among Crown Castle International Corp., the lenders and issuing banks party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, to the Credit Agreement dated as of January 21, 2016, by and among Crown Castle International Corp., the lenders and issuing banks from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent](https://www.sec.gov/Archives/edgar/data/1051470/000119312522190527/d536644dex101.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | July 8, 2022 | | | | | | 10.1 | | |

CROWN CASTLE [removed: INTERNATIONAL CORP.] [added: INC.] AND SUBSIDIARIES

YEARS ENDED DECEMBER 31, [removed: 2021, 2020] [added: 2022, 2021] AND [removed: 2019][added: 2020]

YEARS ENDED DECEMBER 31, [removed: 2021] [added: 2022] AND [removed: 2020][added: 2021]

| Description | | | Encumbrances | | | | | | Initial Cost to Company | | | Cost Capitalized Subsequent to Acquisition | | | Gross Amount Carried at Close of Current Period | | | [removed: | | |] Accumulated Depreciation at Close of Current Period | | | Date of Construction | | | Date Acquired | | | Life on Which Depreciation in Latest Income Statement is Computed | | |

| Communications infrastructure(a) | | | $ | [removed: 2,994] [added: 1,742] | | (b) | | | (c) | | | (c) | | | $ | [removed: 26,679 | | |] [added: 27,936] | | $ | [removed: (11,582)] [added: (12,649)] | | Various | | | Various | | | Up to 20 years | | |

(a)Includes [added: (1)] more than 40,000 [removed: towers] [added: towers, (2) approximately 120,000 small cells on air or under contract] and [removed: 80,000] [added: (3) approximately 85,000] route miles of fiber.

| Gross amount at beginning | | | $ | [removed: 25,441] [added: 26,679] | | | | | $ | [removed: 23,854] [added: 25,441] | |

| Other acquisitions(a) | | | [removed: 75] [added: 32] | | | | | | [removed: 68] [added: 75] | | |

| Communications infrastructure construction and improvements | | | [removed: 1,047] [added: 1,138] | | | | | | [removed: 1,438] [added: 1,047] | | |

| Purchase of land interests | | | [removed: 66] [added: 53] | | | | | | [removed: 64] [added: 66] | | |

| Sustaining capital expenditures | | | [removed: 69] [added: 52] | | | | | | [removed: 66] [added: 69] | | |

| [removed: Other(b)] [added: Other] | | | [removed: 32] [added: 9] | | | | | | [removed: 47] [added: 8] | | |

| Total additions | | | [removed: 1,289] [added: 1,402] | | | | | | [removed: 1,683] [added: 1,289] | | |

| Cost of real estate sold or disposed | | | [removed: (51)] [added: (145)] | | | | | | [removed: (96)] [added: (51)] | | |

| Total deductions | | | [removed: (51)] [added: (145)] | | | | | | [removed: (96)] [added: (51)] | | |

| Balance at end | | | $ | [removed: 26,679] [added: 27,936] | | | | | $ | [removed: 25,441] [added: 26,679] | |

(b)Predominately relates to [added: (1)] the purchase of property and equipment under finance leases and installment land [removed: purchases.][added: purchases and (2) asset retirement obligations.]

| Gross amount of accumulated depreciation at beginning | | | $ | [removed: (10,478)] [added: (11,582)] | | | | | $ | [removed: (9,382)] [added: (10,478)] | |

| Depreciation | | | [removed: (1,137)] [added: (1,181)] | | | | | | [removed: (1,114)] [added: (1,137)] | | |

| Total additions | | | [removed: (1,137)] [added: (1,181)] | | | | | | [removed: (1,114)] [added: (1,137)] | | |

| Amount for assets sold or disposed | | | [removed: 25] [added: 105] | | | | | | [removed: 18] [added: 25] | | |

| [removed: Other] [added: Other(b)] | | | [removed: 8] [added: 127] | | | | | | [removed: —] [added: 32] | | |

| Total deductions | | | [removed: 33] [added: 114] | | | | | | [removed: 18] [added: 33] | | |

| Balance at end | | | $ | [removed: (11,582)] [added: (12,649)] | | | | | $ | [removed: (10,478)] [added: (11,582)] | |

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this [removed: 2021] [added: 2022] Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, on this [removed: 22nd] [added: 24th] day of February, [removed: 2022.][added: 2023.]

| CROWN CASTLE [removed: INTERNATIONAL CORP.] [added: INC.] | | | | | | | | |

Brown and [removed: Kenneth J.][added: Edward B.]

[removed: Simon] [added: Adams, Jr.] and each of them, as his or her true and lawful attorneys-in-fact and agents with full power of substitution and re-substitution for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all documents relating to the [removed: 2021] [added: 2022] Form 10-K, including any and all amendments and supplements thereto, for the year ended December 31, [removed: 2021] [added: 2022] and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully as to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, this [removed: 2021] [added: 2022] Form 10-K has been signed below by the following persons on behalf of the Registrant and in the capacities indicated below on this [removed: 22nd] [added: 24th] day of February, [removed: 2022.][added: 2023.]

| /s/ [removed: J. LANDIS MARTIN] [added: P. ROBERT BARTOLO] | | | | | | Chair of the Board of Directors | | |

| 2022 | | | $ | 17 | | | | | $ | 8 | | | | | | | | | | | $ | (6) | | | | | | | | | | | | | | | | | $ | 19 | |

| 2022 | | | $ | — | | | | | $ | 2 | | | | | | | | | | | $ | — | | | | | | | | | | | | | | | | | $ | 2 | |

CROWN CASTLE INC. AND SUBSIDIARIES

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2022 | | | | | | 2021 | | |

| | | | 2022 | | | | | | 2021 | | |

| 2019 | | | $ | 14 | | | | | $ | 7 | | | | | | | | | | | $ | (3) | | | | | | | | | | | | | | | | | $ | 18 | |

| 2019 | | | $ | 1 | | | | | $ | — | | | | | | | | | | | $ | (1) | | | | | | | | | | | | | | | | | $ | — | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2021 | | | | | | 2020 | | |

| | | | | | | | | |

| J. Landis Martin | | | | | | | | |