Crown Castle (CCI) 10-K risk factor changes: FY2023 vs FY2022

As a result, changes in tenant plans such as delays in the implementation of new systems, new and emerging technologies (including small cells and fiber solutions), or [added: change in] plans to expand coverage or capacity may reduce demand for our communications infrastructure.

The loss of any one of our largest [removed: tenants] [added: tenants, including DISH,] as a result of consolidation, merger, bankruptcy, insolvency, network sharing, roaming, joint development, resale agreements by our tenants or otherwise may result in (1) a material decrease in our revenues, (2) uncollectible account receivables, (3) an impairment of our deferred site rental receivables, communications infrastructure assets, or intangible assets (including goodwill), or (4) other adverse effects to our business.

In addition to our three largest tenants, we also derive a [added: meaningful] portion of our revenues and anticipated future growth from [removed: (1) fiber solutions tenants and (2) new entrants offering or contemplating offering wireless services.][added: DISH Network Corporate ("DISH").]

Consolidation among our [added: largest] tenants will likely result in duplicate or overlapping parts of networks, for example, where they are co-residents on a tower or small cell network, which may result in the termination, non-renewal or re-negotiation of tenant contracts and negatively impact revenues from our communications infrastructure.

Due to the long-term nature of our tenant contracts, we generally expect that the impact to our site rental revenues from any termination of our tenant contracts as a result of such potential consolidation would be spread [added: out] over multiple years.

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

[removed: Except for full year 2025,] [added: Excluding the anticipated impact from the T-Mobile and Sprint network consolidation,] we expect [removed: our annual Towers] [added: each of towers and small cell] non-renewals to remain in line with our historical range of [removed: 1%] [added: 1] to 2% of [added: their respective] annual site rental revenues.

The expansion or development of our business, including through acquisitions, increased product offerings or other strategic [removed: growth] opportunities, may cause disruptions in our business, which may have an adverse effect on our business, operations or financial results.

We seek to expand and develop our business, including through acquisitions, increased product offerings, or other strategic [removed: growth] opportunities.

- disrupt our business relationships with our [removed: tenants,] [added: tenants and landlords,] depending on the nature of or counterparty to such transactions and activities;

Our Fiber segment has [removed: expanded rapidly,] [added: expanded,] and the Fiber business model contains certain differences from our Towers business model, resulting in different operational risks.

Our Fiber segment represented [removed: 31%] [added: 34%] and [removed: 33%] [added: 31%] of our site rental revenues for the years ended December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] respectively.

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

See [removed: *"Our] [added: *"—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.

Approximately 10% of our towers site rental gross margin for the year ended December 31, [removed: 2022] [added: 2023] 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: 2022,] [added: 2023,] 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 those which T-Mobile assumed in its merger with Sprint).

Additional information concerning these towers and the applicable purchase options as of December 31, [removed: 2022] [added: 2023] is as follows:

[added: 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.

We have the option to purchase these towers from AT&T at the end of their respective lease terms for aggregate option payments of up to approximately [removed: $405] [added: $400] million, which payments, if such option is exercised, would be due prior to 2032 (less than [removed: $10] [added: $15] million would be due before [removed: 2025).][added: 2029).]

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

[removed: While we maintain insurance that includes coverage in the event] of cybersecurity or other information technology breaches, there can be no assurances that such coverage will be adequate to cover exposure from such incidents.

In recent years, [added: certain of] our investors, tenants, employees and other stakeholders have increased their focus on ESG matters and disclosure.

Our ESG initiatives and goals may be difficult to [removed: implement] [added: implement, may be contrary to interests of other stakeholders] and may increase operating costs and result in changes to certain of our operations, assets and processes.

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

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

[removed: Our failure] [added: If our total compensation package is not viewed as competitive, our ability] to successfully attract, recruit and retain key employees could adversely impact our business, operations, and [removed: costs.][added: costs, which could result in the loss of institutional knowledge and expertise of departing employees.]

We have a substantial amount of indebtedness (approximately [removed: $21.7] [added: $22.8] billion as of February [removed: 21, 2023).][added: 20, 2024).]

[removed: Over the past 11 months,] [added: Since March 2022,] the Federal Reserve has [added: repeatedly] raised the federal funds rate [removed: eight times] for a cumulative increase of [removed: 4.50% and has signaled further increases in the near-term,] [added: 5.25%,] which [removed: could further increase] [added: adversely impacted the] interest rates on our variable rate [added: debt and refinancings of fixed rate] debt.

As of February [removed: 21, 2023,] [added: 20, 2024,] approximately [removed: 12%] [added: 8%] of our outstanding indebtedness consisted of variable interest [removed: rates, with a weighted average rate of 5.6%.][added: rates.]

Any [removed: significant increase in the amount] [added: prolonged period] of [removed: our variable rate debt] [added: elevated interest rates] or [added: further increases to] interest [removed: rate] [added: rates] on such debt could [added: continue to] adversely impact our [removed: borrowing cost,] financial results and our ability to meet our dividend growth targets, strategically deploy our capital or execute our business plan.

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

As of February [removed: 21, 2023,] [added: 20, 2024,] approximately 51% of our fixed rate debt, with a weighted average interest rate of [removed: 3.4%,] [added: 3.6%,] is scheduled to mature over the next five years.

Economic conditions and the credit markets have historically experienced, and may continue to experience, periods of volatility, uncertainty, or weakness that could impact (1) the availability or cost of debt financing, including any refinancing of the obligations described above, (2) our ability to draw the full amount of our $7.0 billion senior unsecured revolving credit facility under our 2016 Credit Facility ("2016 Revolver"), that, as of February [removed: 21, 2023,] [added: 20, 2024,] had [removed: $6.7] [added: $7.0] billion of undrawn availability, or (3) our ability to issue the full amount of the $2.0 billion commercial paper notes ("Commercial Paper Notes") under our unsecured commercial paper program ("CP Program"), that, as of February [removed: 21, 2023,] [added: 20, 2024,] had [removed: $1.2 billion] [added: $578 million] outstanding.

Future sales or issuances of common stock or other equity related securities may adversely affect the market price of our common stock, including any shares of our common stock issued to finance capital expenditures, finance [removed: acquisitions] [added: strategic initiatives] or repay debt.

As of February [removed: 21, 2023,] [added: 20, 2024,] we had [removed: approximately] $750 million of gross sales of common stock remaining under our 2021 ATM Program.

As of February [removed: 21, 2023,] [added: 20, 2024,] we had approximately [removed: 433] [added: 434] million shares of common stock outstanding.

We have reserved an aggregate of approximately [removed: 16] [added: 15] million of common stock for issuance in connection with awards granted under our stock compensation plans.

Certain provisions of our restated certificate of [removed: incorporation, as amended,] [added: incorporation] ("Charter"), amended and restated by-laws ("By-laws") and operative agreements, and domestic and international competition laws may make it more difficult for a third party to acquire control of us or for us to acquire control of a third party, even if such a change in control would be beneficial to our stockholders.

Our By-laws permit special meetings of the stockholders to be called only upon the request of our [removed: Chief Executive Officer] [added: CEO] or the board of directors, and deny stockholders the ability to call such meetings.

[removed: In October 2022, our board] [added: During each] of [removed: directors declared] [added: the quarters in the year ended 2023, we paid] a [removed: quarterly] common stock dividend of $1.565 per share, [added: totaling approximately $2.7 billion,] which represents an increase of [removed: 6.5%] [added: 4.7%] from the [removed: quarterly] common stock [removed: dividend declared during each of] [added: dividends paid in] the [removed: first three quarters of] [added: aggregate in the year ended] 2022.

We expect an additional impact of $35 million in Fiber non-renewals, with $10 million impacting results in 2024 and the remainder in 2025.

- risks relating to efficiently and rapidly adjusting the size of the personnel needed to operate our Fiber business;

Our review of potential strategic alternatives may not result in an executed or consummated transaction or other strategic alternative, and the process of reviewing strategic alternatives or the outcome could adversely affect our business.

There is no guarantee that any transaction resulting from the strategic review will ultimately benefit our shareholders.

In December 2023, our board of directors established a Fiber Review Committee to oversee and direct the review of strategic and operational alternatives that may be available to us with respect to our Fiber business, including potential sale, merger, spin-off, joint-venture and financing transactions, as well as a range of other strategic and operational opportunities for improved value-creation.

There is no assurance that the process will result in the approval or completion of any specific transaction or outcome.

We are actively working with financial advisors and legal counsel in this strategic review process.

The process of reviewing potential strategic and operational alternatives is time consuming and costly and may divert management's attention.

It may also be disruptive to our business operations and long-term planning, which may cause concern to our current or potential investors, customers, employees, strategic partners, vendors and other stakeholders and may have a material impact on our operating results or result in increased volatility in our stock price.

Any potential transaction or other strategic alternative would be dependent on a number of factors that may be beyond our control, including, among other things, market conditions, industry trends, regulatory approvals, and the availability of financing for a potential transaction on favorable terms.

There can be no assurance that any potential transaction or other strategic alternative will be successfully implemented, achieve the intended benefits or provide greater value to our stockholders

than that reflected in the current price of our common stock.

Until the review process is concluded, perceived uncertainties related to our future may result in the loss of potential business opportunities, volatility in the market price of our common stock and difficulty attracting and retaining qualified talent and business partners.

Our failure to perform timely and in accordance with the performance criteria exposes us to penalties specified in the contract or possible litigation.

- availability of key components;

During 2023, due primarily to a decline in tenant activity, services and other revenues decreased by 36% compared to the year ended December 31, 2022.

In July 2023, we announced the discontinuation of installation services as a Towers product offering while continuing to offer site development services on our towers.

See note 16 to our consolidated financial statements and *"Item 7.

MD&A—General Overview—Highlights of Business Fundamentals and Results"* for further discussion of our July 2023 restructuring activities.

While we maintain insurance that includes coverage in the event

In addition, a number of governmental and self-regulatory organizations have

We have encountered a competitive labor market for experienced talent in our industry due, in part, to macroeconomic conditions.

Our stock price decline has caused, and may continue to cause, a failure to achieve certain metrics on which vesting of our performance-based equity awards is based.

In addition, see "*—Changes to management, including turnover of our top executives, could have an adverse effect on our business.",* *"—Actions that we are taking to restructure our business in alignment with our strategic priorities may not be as effective as anticipated."* and *"—Our review of potential strategic alternatives may not result in an executed or consummated transaction or other strategic alternative, and the process of reviewing strategic alternatives or the outcome could adversely affect our business.

There is no guarantee that any transaction resulting from the strategic review will ultimately benefit our shareholders."* for a discussion of the strategic and operational review, recent management changes, the recent reduction in force, and the potential adverse impact on our workforce therefrom.

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

Our business has experienced significant executive management changes.

In December 2023, we announced the departure of Jay A.

Brown, our President and Chief Executive Officer ("CEO"), the appointment of Anthony J.

Melone, a member of our board of directors, to serve as an interim President and CEO, and the creation of an ad hoc CEO Search Committee of the board of directors to conduct a search for our next CEO.

The timeline for identifying and integrating a new CEO is currently unknown.

We must timely hire a new CEO, successfully integrate the new executive and smoothly transition that person into their new role within our organization to achieve our long-term operating objectives.

In addition, we have experienced the departure and transition of leadership in our Towers organization.

These leadership changes may be inherently difficult to manage and may hamper our ability to meet our financial and operational goals as new management becomes familiar with their roles and the business.

Such changes may also result in added costs, uncertainty concerning our future direction, decreased employee morale, and the loss of personnel with deep institutional knowledge and industry relationships.

Any of the foregoing could result in significant disruptions to our operations and impact our ability to execute on our strategy and pursue strategic initiatives.

Further, we have increased our dependency on the remaining members of our executive management team to facilitate a smooth transition in leadership roles.

Since our executive officers are at-will employees, they could terminate their employment with us at any time, and any such departure could be particularly disruptive in light of the recent leadership changes.

If we are unable to mitigate these or other similar risks, our business, results of operations and financial condition may be adversely affected.

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

Such tenants (including those dependent on government funding) may be smaller or have less financial resources than our three largest tenants, may have business models which may not be successful, or may require additional capital.

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 approximately half occurring in 2023 and the remainder occurring in 2024 and 2025.

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 our historical range of 1% to 2% of annual site rental revenues.

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

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.

During each of the first three quarters of 2022, we paid a common stock dividend of $1.47 per share, totaling approximately $1.9 billion.

Site rental revenues represented [removed: 90%] [added: 94%] of our [removed: 2022] [added: 2023] consolidated net revenues.

◦During [removed: 2022,] [added: 2023,] we paid common stock dividends totaling approximately [removed: $2.6] [added: $2.7] billion.

See *"Item [removed: 7.][added: 1A.]

◦We had discretionary capital expenditures of [removed: $1.2] [added: $1.3] billion for the year ended December 31, [removed: 2022,] [added: 2023,] predominately resulting from the construction of new communications infrastructure and improvements to existing communications infrastructure in order to support additional tenants.

◦Our wireless tenant contracts have initial terms [removed: of] [added: generally between] five to 15 years with contractual escalators and multiple renewal periods [removed: of] [added: generally between] five to [removed: 10] [added: ten] years each, exercisable at the option of the tenant.

◦Our fiber solutions tenant contracts' initial terms generally vary between [removed: three] [added: one] to 20 [removed: years (including tenant contracts with organizations with high-bandwidth and multi-location demands).][added: years.]

◦As of December 31, [removed: 2022,] [added: 2023,] our weighted-average remaining term was approximately six years, exclusive of renewals exercisable at the tenants' option, currently representing approximately [removed: $40] [added: $39] billion of expected future cash inflows.

◦For the year ended December 31, [removed: 2022,] [added: 2023,] approximately three-fourths of our site rental revenues were derived from T-Mobile, AT&T and Verizon Wireless.

◦For the year ended December 31, [removed: 2022,] [added: 2023,] approximately 90% of our towers site rental gross margin and approximately 80% of our towers site rental gross margin was derived from towers located on land that we own or control for greater than 10 and 20 years, respectively.

◦For the year ended December 31, [removed: 2022,] [added: 2023,] sustaining capital expenditures represented approximately 1% of net revenues.

◦As of December 31, [removed: 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,] [added: 2023,] our outstanding debt had a weighted average interest rate of [removed: 3.6%] [added: 3.9%] and weighted average maturity of approximately eight years (assuming anticipated repayment dates [removed: where applicable).][added: on certain debt).]

- During [removed: 2022,] [added: 2023,] 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 [removed: $2.9] [added: $3.1] billion for the year ended December 31, [removed: 2022,][added: 2023,]

[removed: In October 2022, our board] [added: During each] of [removed: directors declared] [added: the quarters in the year ended 2023, we paid] a [removed: quarterly] common stock [removed: cash] dividend of $1.565 per share, [added: totaling approximately $2.7 billion,] which represents an increase of approximately [removed: 6.5%] [added: 4.7%] from the [removed: quarterly] common stock [removed: dividend declared during each of] [added: dividends paid in] the [removed: first three quarters of] [added: aggregate in the year ended] 2022.

Over time, we expect to increase our dividend per share [removed: generally commensurate with our growth in] [added: as we grow] cash flows.

- We expect that, when compared to full year [removed: 2022,] [added: 2023,] our full year [removed: 2023] [added: 2024] site rental 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.

- We expect to continue to invest a significant amount of our available capital in the form of discretionary capital expenditures for [removed: 2023] [added: 2024] based on the anticipated returns on such discretionary investments.

- We also expect sustaining capital expenditures of approximately [removed: 2%] [added: 1%] of net revenues for full year [removed: 2023,] [added: 2024,] consistent with historical annual levels.

The following discussion of our results of operations for [removed: 2022] [added: 2023] compared to [removed: 2021] [added: 2022] should be read in conjunction with *"Item 1.

For a discussion of our results of operations and financial condition for [removed: 2021] [added: 2022] compared to [removed: 2020] [added: 2021] that is not included in this [removed: 2022] [added: 2023] 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: 2021,] [added: 2022,] which was filed with the SEC on February [removed: 22, 2022.][added: 24, 2023.]

The following discussion of our results of operations is based on our consolidated financial statements prepared in accordance with GAAP, which [removed: require] [added: requires] us to make estimates and judgments that affect the reported amounts (see *"Item 7.

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 [removed: profit,] [added: profit (loss),] including their respective definitions, and (4) Adjusted EBITDA, including its definition and a reconciliation to net income (loss).

Highlights of our results of operations for [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020] [added: 2021] are depicted below:

| *(In millions of dollars)* | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2022] [added: 2023] vs. [removed: 2021] [added: 2022] | | | | | | [removed: 2021] [added: 2022] vs. [removed: 2020] [added: 2021] | | |

| Towers site rental revenues | | | $ | [removed: 4,322] [added: 4,313] | | | | | $ | [removed: 3,804] [added: 4,322] | | | | | $ | [removed: 3,497] [added: 3,804] | | | | | [removed: 14] [added: —] | | % | | | | [removed: 9] [added: 14] | | % |

| Fiber site rental revenues | | | [removed: 1,967] [added: 2,219] | | | | | | [removed: 1,915] [added: 1,967] | | | | | | [removed: 1,823] [added: 1,915] | | | | | | [removed: 3] [added: 13] | | % | | | | [removed: 5] [added: 3] | | % |

| Total site rental revenues | | | [removed: 6,289] [added: 6,532] | | | | | | [removed: 5,719] [added: 6,289] | | | | | | [removed: 5,320] [added: 5,719] | | | | | | [removed: 10] [added: 4] | | % | | | | [removed: 8] [added: 10] | | % |

| Site rental gross [removed: margin:] [added: margin(a):] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Towers site rental gross [removed: margin(a)] [added: margin] | | | [removed: 3,404] [added: 3,370] | | | | | | [removed: 2,915] [added: 3,404] | | | | | | [removed: 2,631] [added: 2,915] | | | | | | [removed: 17] [added: (1)] | | % | | | | [removed: 11] [added: 17] | | % |

| Fiber site rental gross [removed: margin(a)] [added: margin] | | | [removed: 1,317] [added: 1,533] | | | | | | [removed: 1,282] [added: 1,317] | | | | | | [removed: 1,203] [added: 1,282] | | | | | | [removed: 3] [added: 16] | | % | | | | [removed: 7] [added: 3] | | % |

| Services and other gross [removed: margin:] [added: margin(a):] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Towers services and other gross [removed: margin(a)] [added: margin] | | | [removed: 238] [added: 127] | | | | | | [removed: 187] [added: 238] | | | | | | [removed: 71] [added: 187] | | | | | | [removed: 27] [added: (47)] | | % | | | | [removed: 163] [added: 27] | | % |

| Fiber services and other gross [removed: margin(a)] [added: margin] | | | [removed: 3] [added: 16] | | | | | | 3 | | | | | | [removed: 8] [added: 3] | | | | | | [removed: —] [added: 433] | | % | | | | [removed: (63)] [added: —] | | % |

| Segment operating [removed: profit:] [added: profit (loss)(a):] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Towers operating [removed: profit(a)] [added: profit (loss)] | | | [removed: 3,527] [added: 3,393] | | | | | | [removed: 2,995] [added: 3,527] | | | | | | [removed: 2,602] [added: 2,995] | | | | | | [removed: 18] [added: (4)] | | % | | | | [removed: 15] [added: 18] | | % |

| Fiber operating [removed: profit(a)] [added: profit (loss)] | | | [removed: 1,130] [added: 1,355] | | | | | | [removed: 1,111] [added: 1,130] | | | | | | [removed: 1,387] [added: 1,111] | | | [removed: (b)] | | | [removed: 2] [added: 20] | | % | | | | [removed: (20)] [added: 2] | | % |

| Income (loss) from continuing operations | | | [removed: 1,675] [added: 1,502] | | | | | | [removed: 1,158] [added: 1,675] | | | | | | [removed: 1,056] [added: 1,158] | | | | | | [removed: 45] [added: (10)] | | % | | | | [removed: 10] [added: 45] | | % |

| Net income (loss) [removed: attributable to CCI stockholders] | | | [removed: 1,675] [added: 1,502] | | | | | | [removed: 1,096] [added: 1,675] | | | | | | [removed: 1,056] [added: 1,096] | | | | | | [removed: 53] [added: (10)] | | % | | | | [removed: 4] [added: 53] | | % |

| Adjusted [removed: EBITDA(c)] [added: EBITDA(b)] | | | [removed: 4,340] [added: 4,415] | | | | | | [removed: 3,816] [added: 4,340] | | | | | | [removed: 3,706] [added: 3,816] | | | | | | [removed: 14] [added: 2] | | % | | | | [removed: 3] [added: 14] | | % |

◦As of December 31, 2023, 92% of our debt has fixed rate coupons.

- Full year 2023 results included certain impacts from the small cell and fiber solutions lease cancellations ("Sprint Cancellations") related to the previously disclosed T-Mobile and Sprint network consolidation.

For 2023, these Sprint Cancellations resulted in $21 million of non-renewals that were offset by cash payments of $170 million to satisfy the remaining rental obligations.

Additionally, $59 million in accelerated amortization of prepaid rent from the remaining deferred revenues was recognized for the year ended December 31, 2023.

- Restructuring Plan

◦In July 2023, we initiated a restructuring plan ("Plan") as part of our efforts to reduce costs to better align our operational needs with lower tower activity.

The Plan includes reducing the total employee headcount by approximately 15%, discontinuing installation services as a Towers product offering while continuing to offer site development services on our towers, and consolidating office space.

See note 16 to our consolidated financial statements and "*Item 2.

MD&A—Results of Operations*" for further discussion of the Plan.

◦The actions announced in July 2023 associated with the Plan and related charges are expected to be substantially completed and recorded by June 30, 2024, while the payments are expected to be completed for the employee headcount reduction and office space consolidation in 2024 and 2032, respectively.

We expect site rental revenues to decrease year over year due to the absence in 2024 of payments received in 2023 that T-Mobile paid to satisfy remaining rental obligations for certain canceled Sprint leases, net of estimated non-renewals, as a result of the T-Mobile US, Inc. and Sprint network consolidation and a decline in long-term deferred revenue amortization.

- As part of the aforementioned Plan:

◦In 2024, we expect to realize $105 million in labor and facilities cost savings, of which $50 million is expected in selling, general and administrative, $40 million in services and other costs of operations and $15 million in site rental costs of operations.

The 2024 costs savings are expect to be partially offset by a $40 million reduction in services and other gross margin due to the discontinuation of installation services.

Risk Factors"* for a discussion of risks related to our restructuring activities.

- In December 2023, we announced a strategic and operating review of our Fiber segment.

(b)Core leasing activity and non-renewals include $170 million and $21 million, respectively, of payments received from and non-renewals associated with Sprint Cancellations, respectively.

As a significant portion of our Towers site rental revenue growth was generated from long-term contracts, revenue increases under contractual cash escalators were substantially offset by a decline in the associated straight-line accounting adjustment.

The $34 million decrease in Towers site rental gross margin was primarily due to higher Towers site rental costs of operations, including ground lease agreements that contain contingent payment provisions such as CPI-based escalations.

Both Fiber site rental revenues and Fiber site rental gross margin were predominately impacted by $170 million of payments and $59 million of accelerated prepaid rent amortization, offset by $21 million of non-renewals, each related to the Sprint Cancellations.

See note 16 to our consolidated financial statements for a discussion of the Plan, which included discontinuing installation services as a Towers product offering.

Fiber services and other gross margin was $16 million for 2023 and increased by $13 million from $3 million from 2022 primarily as a result of site abandonment fees associated with the Sprint Cancellations.

Towers operating profit (loss) for 2023 decreased by $134 million, or 4%, from 2022.

Restructuring charges in connection with the Plan were $85 million for 2023.

The charges primarily consisted of $62 million related to cash payments that have been made in 2023 or are expected to be made in 2024 associated with employee severance and other one-time termination benefits and $16 million of remaining obligations under facility leases payable through 2032.

Additionally, we also recorded non-cash charges of $1 million related to share-based compensation and $6 million for accelerated depreciation.

We did not incur any losses on retirement of long-term obligations during 2023.

Net income (loss) was $1.5 billion during 2023 compared to $1.7 billion during 2022.

Amounts available under our CP Program may be repaid and re-issued from time to time and we intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding.

expenditures and (4) restructuring and related charges associated with the Plan described in note 16 to our consolidated financial statements.

Additionally, amounts available under our CP Program may be repaid and re-issued from time to time and we intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding.

| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents- continuing operations | | | (46) | | | | | | (139) | | | | | | 147 | | |

*Operating Activities*

*Investing Activities*

*Financing Activities*

- repaying in full the previously outstanding 3.150% Senior Notes on the contractual maturity date in July 2023;

- issuing $1.0 billion aggregate principal amount of senior unsecured notes in January 2023, the net proceeds of which were used to repay a portion of the outstanding indebtedness under the Revolver and pay related fees and expenses.

As of February 20, 2024, we did not have an outstanding balance under our 2016 Revolver and maintained $7.0 billion in undrawn availability.

The following table summarizes our material cash requirements as of December 31, 2023.

| Debt and other long-term obligations(a) | | | $ | 835 | | | | | $ | 599 | | | | | $ | 2,777 | | | | | $ | 3,918 | | | | | $ | 2,628 | | | | | $ | 12,335 | | | | | $ | 23,092 | |

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

◦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.

In the aggregate, we paid approximately $2.6 billion in common stock dividends during 2022.

During each of the first three quarters of 2022, we paid a quarterly common stock dividend of $1.47 per share, totaling approximately $1.9 billion.

(b)During the fourth quarter of 2020, T-Mobile notified us that it was cancelling approximately 5,700 small cell nodes initially contracted with Sprint ("2020 Cancellation").

Fiber operating profit for the year ended December 31, 2020 is inclusive of $362 million of segment other operating income related to the 2020 Cancellation.

See notes 2 and 15 to our consolidated financial statements for further information regarding the 2020 Cancellation.

The increase in Towers site rental revenues was impacted by the following items, inclusive of straight-line accounting: tenant additions across our entire portfolio, renewals or extensions of tenant contracts, escalators and non-renewals of tenant contracts.

Tenant additions were influenced by our tenants' ongoing efforts to improve network quality and capacity.

The increase in Fiber site rental revenues was predominately impacted by the increased demand for small cells and fiber solutions.

Increased demand for small cells was driven by our tenants' network strategy in an effort to provide capacity and relieve network congestion, and increased demand for fiber solutions was driven by increasing demand for data.

The increase in Towers site rental gross margin from 2021 to 2022 was related to the previously-mentioned 14% increase in Towers site rental revenues and relatively fixed costs to operate our towers.

Towers operating profit for 2022 increased by $532 million, or 18%, from 2021.

Income from continuing operations was $1.7 billion during 2022 compared to $1.2 billion during 2021.

Net income attributable to CCI stockholders increased by $579 million, or 53%, from 2021 to 2022.

The increase was due to the previously-mentioned increase in income from continuing operations.

The increase was predominately related to the growth in our site rental activities in both our Towers and Fiber segments as well as the previously-mentioned increase in Towers service activity.

Additionally, amounts available under our CP

Program may be repaid and re-issued from time to time.

*•*entering into an amendment to the 2016 Credit Facility that provided for, among other things, (1) the extension of the maturity date from June 2024 to June 2026, (2) reductions to the interest rate spread and unused commitment fee percentage upon meeting specified annual sustainability targets and increases to the interest rate spread and unused commitment fee percentage upon the failure to meet specified annual sustainability thresholds and (3) the inclusion of "hardwired" LIBOR transition provisions consistent with those published by the Alternative Reference Rate Committee.

*Mandatory Convertible Preferred Stock.* In July and August 2020, all of our approximately 2 million shares of 6.875% Mandatory Convertible Preferred Stock then outstanding were converted into approximately 14 million shares of our common stock at a conversion rate (based on the applicable market value of our common stock and subject to certain anti-dilutive adjustments) of 8.8043 shares of common stock for each share of 6.875% Mandatory Convertible Preferred Stock.

See note 10 to our consolidated financial statements for further discussion of the July and August conversions into shares of our common stock.

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

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 | |

Ground leases for land are specific to each site and are generally for an initial term of five to 10 years and are renewable (and cancellable after a notice period) at our option.

As of December 31, [removed: 2022] [added: 2023] and December 31, [removed: 2021,] [added: 2022] we had no interest rate swaps.

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

- the potential refinancing of our [removed: $21.9] [added: $22.9] billion in existing debt, compared to [removed: $20.8] [added: $21.7] billion in the prior year;

- our [removed: $2.7] [added: $1.8] billion of floating rate debt, compared to [removed: $2.2] [added: $3.7] billion in the prior year, representing approximately [removed: 13%] [added: 8%] and [removed: 10%] [added: 17%] of total [removed: debt,] [added: debt] respectively; [added: potential future borrowings of incremental debt, including borrowings under our 2016 Credit Facility] and [added: issuances under our CP Program; and]

Risk Factors"* for a [added: further] discussion of risks stemming from interest rate increases.

[added: *Potential Refinancing of Existing Debt.*] Our contractual debt maturities over the next 12 months consist of Commercial Paper Notes that may be outstanding from time to time, the [removed: 3.150%] [added: 3.200%] 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: 2022.][added: 2023.]

[added: *Sensitivity Analysis.*] We manage our exposure to market interest rates on our existing debt by controlling the mix of fixed and floating rate debt.

A hypothetical unfavorable fluctuation in market interest rates on our existing floating rate debt of 1/4 of a percent point over a 12-month period would increase our interest expense by approximately [removed: $7] [added: $5] million.

[added: *Potential Future Borrowings of Incremental Debt.*] We typically do not hedge our exposure to interest rates on potential future borrowings of incremental debt for a substantial period prior to issuance.

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

These debt maturities reflect [removed: contractual] [added: final] maturity dates, and do not consider the impact of the principal payments that will commence following the anticipated repayment dates of certain debt (see footnotes (b) and (d)).

| *(In millions of dollars)* | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2026] [added: 2027] | | | | | | [removed: 2027] [added: 2028] | | | | | | Thereafter | | | | | | Total | | | | | | Fair Value(a) | | |

| Average interest rate(b)(c)(d) | | | [removed: 3.2] [added: 3.3] | | % | | | | [removed: 3.3] [added: 1.6] | | % | | | | [removed: 1.5] [added: 3.0] | | % | | | | [removed: 3.0] [added: 3.5] | | % | | | | [removed: 3.5] [added: 4.5] | | % | | | | [removed: 4.1] [added: 3.6] | | % | | | | [removed: 3.7] [added: 3.6] | | % | | | | | | |

The full year [removed: 2022] [added: 2023] Excess Cash Flow of the issuers of the Tower Revenue Notes was approximately [removed: $1.0 billion.][added: $993 million.]

*Interest Rate Risk*

Since March 2022, the Federal Reserve has repeatedly raised the federal funds rate for a cumulative increase of 5.25%, which adversely impacted the interest rates on our variable rate debt and refinancings of fixed rate debt.

Any prolonged period of elevated interest rates or further increases to interest rates could increase our costs of borrowing.

As of December 31, 2023, we had $1.8 billion of floating rate debt.

*Future Principal Payments and Interest Rates*

The information presented below regarding the variable rate debt is supplementary to our sensitivity analysis regarding the impact of changes in the interest rates.

| Fixed rate debt(b) | | | $ | 791 | | | | | $ | 539 | | | | | $ | 2,686 | | | | | $ | 2,282 | | | | | $ | 2,628 | | | | | $ | 12,334 | | | | | $ | 21,260 | | | | | $ | 19,369 | |

| Variable rate debt(e) | | | $ | 45 | | | | | $ | 60 | | | | | $ | 91 | | | | | $ | 1,636 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,832 | | | | | $ | 1,832 | |

| Average interest rate(e) | | | 5.9 | | % | | | | 4.7 | | % | | | | 4.4 | | % | | | | 4.5 | | % | | | | — | | % | | | | — | | % | | | | 4.5 | | % | | | | | | |

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.

*Potential Refinancing of Existing Debt*

*Floating Rate Debt*

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.

*Potential Future Borrowings of Incremental Debt*

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

| 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 | | % | | | | | | |

(f) Predominately consists of outstanding indebtedness under our CP Program.

Such amounts may be issued, repaid or re-issued from time to time.

We own, operate and lease shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) more than 40,000 towers and other structures, such as rooftops (collectively, "towers"), (2) approximately [removed: 120,000] [added: 115,000] small cells on air or under contract and (3) approximately [removed: 85,000] [added: 90,000] route miles of fiber primarily supporting small cells and fiber solutions.

Over [removed: the last two] [added: nearly three] decades, we have assembled a leading portfolio of towers predominately through acquisitions from large wireless carriers or their predecessors.

More recently, [removed: both through acquisitions and new construction of small cells and fiber,] we have extended our communications infrastructure presence by investing significantly in our Fiber segment.

The contracts for the land under our towers have an average total remaining life of approximately [removed: 36] [added: 35] years (including all renewal terms exercisable at our option), weighted based on towers site rental gross margin.

Our largest tenants are T-Mobile, AT&T and Verizon Wireless, which collectively accounted for approximately three-fourths of our [removed: 2022] [added: 2023] consolidated site rental revenues.

Site rental revenues represented [removed: 90%] [added: 94%] of our [removed: 2022] [added: 2023] consolidated net revenues, of which [removed: 69%] [added: 66%] and [removed: 31%] [added: 34%] were from our Towers segment and Fiber segment, respectively.

Within our Fiber segment, [removed: 68%] [added: 64%] and [removed: 32%] [added: 36%] of our [removed: 2022] [added: 2023] site rental revenues related to fiber solutions and small cells, respectively.

As of December 31, [removed: 2022,] [added: 2023,] exclusive of renewals exercisable at the tenants' option, our tenant contracts had a weighted-average remaining life of approximately six years and represented [removed: $40] [added: $39] 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 [removed: (1)] site development services relating to existing or new tenant equipment installations, including: site acquisition, architectural and engineering, or zoning and permitting (collectively, "site development [removed: 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, [added: 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.

Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development [removed: and installation] services within our Towers segment.

This increase in data consumption is driven by factors such as growth in (1) mobile entertainment (such as mobile video, mobile applications and social networking), (2) mobile internet usage (supporting web browsing and trends in telehealth, remote working, online learning and other remote communications), (3) machine-to-machine applications or the "Internet of Things" (such as connected cars and [removed: smart city technologies),] [added: wearables),] and (4) the adoption of other bandwidth-intensive applications (such as cloud [removed: services] [added: services, artificial intelligence] and video communications).

As a result, consumer wireless devices are trending toward bandwidth-intensive devices, including smartphones, laptops, [removed: tablets, wearables] [added: tablets] and other emerging and embedded devices, and U.S. wireless carriers are among the first carriers in the world to begin offering commercial 5th Generation ("5G") mobile cellular communications services to further support such growth.

- the continued adoption of bandwidth-intensive [removed: applications] [added: applications, including artificial intelligence,] could result in demand for high-capacity, multi-location, fiber-based network solutions; and

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

Risk Factors"* for additional information regarding [removed: 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) [added: expected] as a result of the T-Mobile and Sprint network consolidation.

[added: 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: 2022.][added: 2023.]

Our Towers tenant contracts and pricing are not influenced by whether or not we perform the [removed: respective] site development [removed: or installation] services.

As of December 31, [removed: 2022,] [added: 2023,] the average number of tenants (calculated as a unique license together with any related amendments thereto) per tower was approximately [removed: 2.4.][added: 2.5.]

*Fiber Segment.* Our Fiber segment consists of [added: communications infrastructure offerings of] small cells and fiber solutions.

Our fiber assets include those we acquired [removed: from: (1) NextG Networks, Inc. in 2012, (2) Quanta Fiber Networks, Inc. in 2015, (3)] [added: from LTS Group Holdings LLC, Inc., Wilcon Holdings LLC and] FPL FiberNet Holdings, LLC and certain other subsidiaries of NextEra [removed: Energy, Inc.] [added: Energy] in 2017, [removed: (4) Wilcon Holdings LLC] [added: Quanta Fiber Networks, Inc.] in [removed: 2017] [added: 2015,] and [removed: (5) LTS Group Holdings LLC] [added: NextG Networks, Inc.] in [removed: 2017.][added: 2012.]

We generally receive monthly recurring payments and, in some cases, upfront payments, from our Fiber tenants pursuant to tenant contracts with initial terms that generally vary between [removed: three] [added: one] to 20 years.

The average monthly rental payment from a new tenant can vary based on the amount or cost of (1) construction for initial and subsequent tenants, (2) fiber strand requirements and supply, (3) equipment at the site, (4) the market in the U.S. where the fiber is located and [added: the competition thereof and] (5) any upfront payment received.

[removed: Approximately] [added: Nearly] half of our site rental 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), [removed: property taxes,] repairs and maintenance, employee compensation or related benefit costs, [added: property taxes,] and utilities.

*Services.* As part of our effort to provide comprehensive communications infrastructure solutions, as an ancillary business, we also offer certain services primarily relating to [removed: our Towers segment, predominately consisting of (1)] site development services [removed: and (2) installation services.][added: in our Towers segment.]

In [removed: 2022,] [added: 2023,] approximately [removed: 45%] [added: 51%] of our services and other revenues related to installation services, and the remainder predominately related to site development services.

We do not always provide the [removed: installation services or] site development services for our tenants on our communications infrastructure as other service providers also provide these services (see also *"—Competition"* below).

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

Collectively, these three tenants accounted for approximately three-fourths of our [removed: 2022] [added: 2023] site rental revenues.

For [removed: 2022,] [added: 2023,] our site rental revenues by tenant were as follows:

[removed: ][added: ]

We seek to become the critical partner and preferred independent communications infrastructure provider for our tenants and increase tenant satisfaction relative to our peers by leveraging our (1) existing unique communications infrastructure footprint, (2) tenant relationships, (3) process-centric approach, (4) technological tools and (5) construction capabilities and [removed: expertise.][added: expertise relative to the Fiber segment.]

The information on our website, including our ESG Reports, is not, and shall not be deemed to be, incorporated by reference into this [removed: 2022] [added: 2023] Form 10-K or any other filings with the SEC unless expressly noted in any such other filings.

As of January 31, [removed: 2023,] [added: 2024,] we employed approximately [removed: 5,000] [added: 4,700] people, all of whom were based in the U.S. From time to time, we also add contingent workers to support our business.

In addition, our board of directors is currently comprised of [removed: 60%] [added: 58%] female or racially diverse [removed: directors, including each of the four most recently appointed] directors.

Over the last several years, the FCC has adopted regulations and [removed: 30] [added: 32] states have passed legislation intended to expedite and streamline the deployment of wireless networks, including establishing presumptively reasonable timeframes for reviews by local and state governments.

See note 16 to our consolidated financial statements for a discussion of the Company's July 2023 restructuring ("Plan"), which included discontinuing tenant equipment installations or subsequent augmentations (collectively, "installation services") as a Towers product offering.

See

See note 16 to our consolidated financial statements for a discussion of the Company's July 2023 restructuring plan, which included discontinuing installation services as a Towers product offering.

We also conduct company-wide employee surveys to help us understand how they feel about working at our company and track the results to inform our human capital strategies.

Risk Factors"* and note 16 to our consolidated financial statements for further discussion of our July 2023 restructuring activities, which included reducing the total employee headcount by approximately 15%.

See *"Item 1A.

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

See note 3 to our

See *"—Services"* below for a further discussion of our tower installation services.

We have the capability and expertise to install, with the assistance of our network of subcontractors, equipment or antenna systems for our tenants.

These services are typically non-recurring and highly competitive, with several competitors in most markets.

Our core values shape our culture, drive our decision-making and guide our interactions with one another and our customers.

Our 2022 annual employee survey indicated strong employee engagement exceeding U.S. company norms.

For the fiscal year ended December 31, [removed: 2022][added: 2023]

[removed: ][added: ]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately [removed: $72.6] [added: $49.2] billion as of June 30, [removed: 2022,] [added: 2023,] 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: $168.38] [added: $113.94] per share.

As of February [removed: 21, 2023,] [added: 20, 2024,] there were [removed: 433,437,494] [added: 434,215,269] 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: ("2023] [added: ("2024] 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: 2022.][added: 2023.]

| Item 1. | | | | | | [removed: [Business](#i8ac18c3b000149a498044110161c4842_13)] [added: [Business](#if1196dff664a4b458f5f83915491391a_13)] | | | [removed: [4](#i8ac18c3b000149a498044110161c4842_13)] [added: [4](#if1196dff664a4b458f5f83915491391a_13)] | | |

| Item 1A. | | | | | | [Risk [removed: Factors](#i8ac18c3b000149a498044110161c4842_16)] [added: Factors](#if1196dff664a4b458f5f83915491391a_16)] | | | [removed: [12](#i8ac18c3b000149a498044110161c4842_16)] [added: [12](#if1196dff664a4b458f5f83915491391a_16)] | | |

| Item 1B. | | | | | | [Unresolved Staff [removed: Comments](#i8ac18c3b000149a498044110161c4842_19)] [added: Comments](#if1196dff664a4b458f5f83915491391a_19)] | | | [removed: [24](#i8ac18c3b000149a498044110161c4842_19)] [added: [26](#if1196dff664a4b458f5f83915491391a_19)] | | |

| Item 2. | | | | | | [removed: [Properties](#i8ac18c3b000149a498044110161c4842_22)] [added: [Properties](#if1196dff664a4b458f5f83915491391a_22)] | | | [removed: [24](#i8ac18c3b000149a498044110161c4842_22)] [added: [26](#if1196dff664a4b458f5f83915491391a_22)] | | |

| Item 3. | | | | | | [Legal [removed: Proceedings](#i8ac18c3b000149a498044110161c4842_25)] [added: Proceedings](#if1196dff664a4b458f5f83915491391a_25)] | | | [removed: [24](#i8ac18c3b000149a498044110161c4842_25)] [added: [27](#if1196dff664a4b458f5f83915491391a_25)] | | |

| Item 4. | | | | | | [Mine Safety [removed: Disclosures](#i8ac18c3b000149a498044110161c4842_28)] [added: Disclosures](#if1196dff664a4b458f5f83915491391a_28)] | | | [removed: [24](#i8ac18c3b000149a498044110161c4842_28)] [added: [27](#if1196dff664a4b458f5f83915491391a_28)] | | |

| Item 5. | | | | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i8ac18c3b000149a498044110161c4842_34)] [added: Securities](#if1196dff664a4b458f5f83915491391a_34)] | | | [removed: [25](#i8ac18c3b000149a498044110161c4842_34)] [added: [28](#if1196dff664a4b458f5f83915491391a_34)] | | |

| Item 6. | | | | | | [removed: [\[Reserved\]](#i8ac18c3b000149a498044110161c4842_37)] [added: [\[Reserved\]](#if1196dff664a4b458f5f83915491391a_37)] | | | [removed: [27](#i8ac18c3b000149a498044110161c4842_37)] [added: [30](#if1196dff664a4b458f5f83915491391a_37)] | | |

| Item 7. | | | | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i8ac18c3b000149a498044110161c4842_40)] [added: Operations](#if1196dff664a4b458f5f83915491391a_40)] | | | [removed: [27](#i8ac18c3b000149a498044110161c4842_40)] [added: [30](#if1196dff664a4b458f5f83915491391a_40)] | | |

| Item 7A. | | | | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i8ac18c3b000149a498044110161c4842_52)] [added: Risk](#if1196dff664a4b458f5f83915491391a_52)] | | | [removed: [44](#i8ac18c3b000149a498044110161c4842_52)] [added: [48](#if1196dff664a4b458f5f83915491391a_52)] | | |

| Item 8. | | | | | | [Financial Statements and Supplementary [removed: Data](#i8ac18c3b000149a498044110161c4842_58)] [added: Data](#if1196dff664a4b458f5f83915491391a_58)] | | | [removed: [46](#i8ac18c3b000149a498044110161c4842_58)] [added: [50](#if1196dff664a4b458f5f83915491391a_58)] | | |

| Item 9. | | | | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i8ac18c3b000149a498044110161c4842_163)] [added: Disclosure](#if1196dff664a4b458f5f83915491391a_148)] | | | [removed: [82](#i8ac18c3b000149a498044110161c4842_163)] [added: [85](#if1196dff664a4b458f5f83915491391a_148)] | | |

| Item 9A. | | | | | | [Controls and [removed: Procedures](#i8ac18c3b000149a498044110161c4842_166)] [added: Procedures](#if1196dff664a4b458f5f83915491391a_151)] | | | [removed: [82](#i8ac18c3b000149a498044110161c4842_166)] [added: [85](#if1196dff664a4b458f5f83915491391a_151)] | | |

| Item 9B. | | | | | | [Other [removed: Information](#i8ac18c3b000149a498044110161c4842_169)] [added: Information](#if1196dff664a4b458f5f83915491391a_154)] | | | [removed: [83](#i8ac18c3b000149a498044110161c4842_169)] [added: [86](#if1196dff664a4b458f5f83915491391a_154)] | | |

| Item 9C. | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i8ac18c3b000149a498044110161c4842_172)] [added: Inspections](#if1196dff664a4b458f5f83915491391a_157)] | | | [removed: [83](#i8ac18c3b000149a498044110161c4842_172)] [added: [86](#if1196dff664a4b458f5f83915491391a_157)] | | |

| Item 10. | | | | | | [Directors and Executive Officers of the [removed: Registrant](#i8ac18c3b000149a498044110161c4842_178)] [added: Registrant](#if1196dff664a4b458f5f83915491391a_163)] | | | [removed: [84](#i8ac18c3b000149a498044110161c4842_178)] [added: [87](#if1196dff664a4b458f5f83915491391a_163)] | | |

| Item 11. | | | | | | [Executive [removed: Compensation](#i8ac18c3b000149a498044110161c4842_181)] [added: Compensation](#if1196dff664a4b458f5f83915491391a_166)] | | | [removed: [84](#i8ac18c3b000149a498044110161c4842_181)] [added: [87](#if1196dff664a4b458f5f83915491391a_166)] | | |

| Item 12. | | | | | | [Security Ownership of Certain Beneficial Owners and [removed: Management](#i8ac18c3b000149a498044110161c4842_184)] [added: Management](#if1196dff664a4b458f5f83915491391a_169)] | | | [removed: [84](#i8ac18c3b000149a498044110161c4842_184)] [added: [87](#if1196dff664a4b458f5f83915491391a_169)] | | |

| Item 13. | | | | | | [Certain Relationships and Related [removed: Transactions](#i8ac18c3b000149a498044110161c4842_187)] [added: Transactions](#if1196dff664a4b458f5f83915491391a_172)] | | | [removed: [84](#i8ac18c3b000149a498044110161c4842_187)] [added: [87](#if1196dff664a4b458f5f83915491391a_172)] | | |

| Item 14. | | | | | | [Principal Accounting Fees and [removed: Services](#i8ac18c3b000149a498044110161c4842_190)] [added: Services](#if1196dff664a4b458f5f83915491391a_175)] | | | [removed: [84](#i8ac18c3b000149a498044110161c4842_190)] [added: [87](#if1196dff664a4b458f5f83915491391a_175)] | | |

| Item 15. | | | | | | [Exhibits, Financial Statement [removed: Schedules](#i8ac18c3b000149a498044110161c4842_196)] [added: Schedules](#if1196dff664a4b458f5f83915491391a_181)] | | | [removed: [85](#i8ac18c3b000149a498044110161c4842_196)] [added: [88](#if1196dff664a4b458f5f83915491391a_181)] | | |

| Item 16. | | | | | | [Form 10-K [removed: Summary](#i8ac18c3b000149a498044110161c4842_202)] [added: Summary](#if1196dff664a4b458f5f83915491391a_187)] | | | [removed: [94](#i8ac18c3b000149a498044110161c4842_202)] [added: [97](#if1196dff664a4b458f5f83915491391a_187)] | | |

This Annual Report on Form 10-K [removed: ("2022] [added: ("2023] 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").

Examples of forward-looking statements include our [added: full year 2024] outlook and [added: our] plans, [removed: projections] [added: projections, expectations] and estimates regarding (1) the value of our business model and [added: the] demand for our communications infrastructure, (2) the growth [added: potential] 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) [added: site rental revenues, including the growth thereof, (12)] sources and uses of liquidity, [removed: (12)] [added: (13)] impact [removed: to our financial results] from the T-Mobile and Sprint network consolidation, [removed: (13)] [added: (14)] drivers of cash flow growth, [removed: (14)] [added: (15)] our competitive advantage, [removed: (15)] [added: (16)] our dividends, including timing, amount, [removed: growth, targets,] payment or tax characterization, [removed: (16) our carbon neutral goal,] (17) [added: the] timing of small cell deployments, (18) discretionary [added: and sustaining] capital expenditures and expansion of our [removed: business and] [added: business,] (19) impact of [removed: interest rate increases.][added: elevated]

Unless this [removed: 2022] [added: 2023] 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: 2022] [added: 2023] Form 10-K refer to Crown Castle Inc. [removed: (formerly, Crown Castle International Corp.)] and its predecessor (organized in 1995), as applicable, each a Delaware corporation (together, "CCI"), and their subsidiaries.

| | | | | | | [PART I](#if1196dff664a4b458f5f83915491391a_10) | | | | | |

| Item 1C. | | | | | | [Cybersecurity](#if1196dff664a4b458f5f83915491391a_1713) | | | [26](#if1196dff664a4b458f5f83915491391a_19) | | |

| | | | | | | [PART II](#if1196dff664a4b458f5f83915491391a_31) | | | | | |

| | | | | | | [PART III](#if1196dff664a4b458f5f83915491391a_160) | | | | | |

| | | | | | | [PART IV](#if1196dff664a4b458f5f83915491391a_178) | | | | | |

| [Signatures](#if1196dff664a4b458f5f83915491391a_196) | | | | | | | | | [100](#if1196dff664a4b458f5f83915491391a_196) | | |

interest rates, (20) the growth in our business and its driving factors, (21) our ESG (as defined below) goals, including carbon neutrality, (22) non-renewals, (23) restructuring activities and the cost reductions, charges, scope, actions and savings associated therewith, including timing, amounts, impact and recurrence, (24) strategic review and (25) actions by activist stockholders and the impact therefrom.

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

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

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

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

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

Our company maintains a comprehensive Information Security Program ("IS Program") focused on detection, assessment and mitigation of cybersecurity risks.

Our dedicated enterprise security team, led by our Chief Information Security Officer ("CISO"), administers the IS Program and is responsible for identification, investigation and response to cyber threats and vulnerabilities.

The enterprise security team also implements, manages, and assesses our company's cyber policies, standards and procedures, which leverage our team's expertise and the National Institute of Standards and Technology Cybersecurity Framework.

We have developed an incident response plan to handle suspected loss of, or unauthorized access to, information.

We regularly conduct tabletop exercises, red team exercises, simulations, and other exercises to evaluate the effectiveness of our IS Program and to position our company for a coordinated, strategic response in the event of an actual security incident.

All employees are required to complete cybersecurity trainings and employees in higher-risk roles are required to complete additional customized training tailored to address their specific risk exposure.

Our Security Operations Center ("SOC"), which operates 24 hours a day, 365 days a year, is designed to provide visibility of security events across the company and a mechanism for swiftly addressing cyber threats before they compromise data security.

Through a combination of a threat management platform and our team of cybersecurity specialists, our SOC continuously monitors and proactively isolates and analyzes cybersecurity alerts to help us address cybersecurity risks.

The identification, assessment and management of cybersecurity risks are integrated into our existing enterprise risk management ("ERM") framework.

Cybersecurity related risks are included in the risk universe that the ERM function evaluates to assess top risks to the enterprise on an annual basis, which are presented to and reviewed by the Audit Committee.

We engage third-party providers to conduct evaluations of our security controls, including through vulnerability assessments and penetration testing, independent audits or consulting on best practices.

These evaluations include testing both the design and operational effectiveness of security controls.

Additionally, our internal audit team regularly evaluates the effectiveness of the IS Program, with results reported to the board of directors.

We also have policies and procedures in place to manage cybersecurity risks associated with third-party service providers.

We impose security requirements on our suppliers, which include maintaining a security management program, complying with information handling requirements, and notifying us in the event of any known or suspected cyber incident.

Where appropriate, we assess third-party cybersecurity controls and include security and privacy addenda to our vendor contracts.

Our CISO reports directly to our Executive Vice President and Chief Information Officer ("CIO"), who reports to our CEO.

Our CISO is informed about and monitors prevention, detection, mitigation, and remediation efforts through regular communication with and reporting from the enterprise security team, many of whom hold cybersecurity certifications, and through the use of technological tools and software and results from third-party assessments.

Our CISO and CIO have extensive experience assessing and managing cybersecurity programs and cybersecurity risk.

Our CISO has 25 years of cybersecurity experience, including having served as Chief Technology Officer/CISO and co-founder of two cybersecurity companies, during which time he provided cybersecurity consulting services to Fortune 500 companies and taught digital and network forensics course at the National Computer Forensics Institute.

Prior to joining our company, our CISO served as the Director of Security Services for a large network infrastructure company and our CIO was responsible for network security policies, technology, and operations, including intrusion detection systems and conduct penetration testing, at another large public company.

The CIO (and previously, Vice President, Audit and Security) periodically reports to the Audit Committee regarding cybersecurity risk exposure and risk mitigation strategies.

The board of directors also may review and assess cybersecurity risks in connection with its review of our company's mission critical risks.

While we have not, as of the date of this 2023 10-K, experienced a cybersecurity threat or incident that resulted in a material adverse impact to our business or operations, there can be no guarantee that we will not experience such an incident in the future.

See "Risk Factors" for more information on our cybersecurity risks.

Our tenants' wireless equipment may be placed on towers, [removed: building rooftops and other structures.]

Additionally, we own or lease approximately [removed: 85,000] [added: 90,000] route miles of fiber primarily supporting our (1) approximately [removed: 120,000] [added: 115,000] small cells on air or under contract and (2) fiber solutions.

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

building rooftops and other structures.

As of February [removed: 21, 2023,] [added: 20, 2024,] there were approximately [removed: 542] [added: 571] holders of record of our common stock.

Over time, we expect to increase our dividend per share [removed: generally commensurate with our growth in] [added: as we grow] cash flows.

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 Index and the FTSE NAREIT All Equity REITs Index for the period commencing December 31, [removed: 2017] [added: 2018] and ending December 31, [removed: 2022.][added: 2023.]

[removed: ][added: ]

| Company/Market/Index | | | | | | [removed: 2017] [added: 2018] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | |

| FTSE NAREIT All Equity REITs Index | | | | | | 100.00 | | | | | | [removed: 95.96] [added: 128.66] | | | | | | [removed: 123.46] [added: 122.07] | | | | | | [removed: 117.14] [added: 172.49] | | | | | | [removed: 165.51] [added: 129.45] | | | | | | [removed: 124.22] [added: 144.16] | | |

The performance graph above and related text are being furnished solely to accompany this [removed: 2022] [added: 2023] 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 | | | | | $ | 135.46 | | | | | $ | 156.61 | | | | | $ | 211.54 | | | | | $ | 142.76 | | | | | $ | 128.06 | |

| S&P 500 Market Index | | | | | | 100.00 | | | | | | 131.49 | | | | | | 155.68 | | | | | | 200.37 | | | | | | 164.08 | | | | | | 207.21 | | |

| 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 | | |

| Report of Independent Registered Public Accounting Firm (PCAOB ID 238) | | | [removed: [47](#i8ac18c3b000149a498044110161c4842_61)] [added: [51](#if1196dff664a4b458f5f83915491391a_61)] | | |

| [Consolidated Balance Sheet as of December [removed: 31,](#i8ac18c3b000149a498044110161c4842_64) 2022] [added: 31,](#if1196dff664a4b458f5f83915491391a_64) 2023] and [removed: 2021] [added: 2022] | | | [removed: [49](#i8ac18c3b000149a498044110161c4842_64)] [added: [53](#if1196dff664a4b458f5f83915491391a_64)] | | |

| [Consolidated Statement of Operations and Comprehensive Income (Loss) for each of the three years in the period ended December [removed: 31,](#i8ac18c3b000149a498044110161c4842_70) 2022] [added: 31,](#if1196dff664a4b458f5f83915491391a_70) 2023] | | | [removed: [50](#i8ac18c3b000149a498044110161c4842_70)] [added: [54](#if1196dff664a4b458f5f83915491391a_70)] | | |

| [Consolidated Statement of Cash Flows for each of the three years in the period ended December [removed: 31,](#i8ac18c3b000149a498044110161c4842_73) 2022] [added: 31,](#if1196dff664a4b458f5f83915491391a_73) 2023] | | | [removed: [51](#i8ac18c3b000149a498044110161c4842_73)] [added: [55](#if1196dff664a4b458f5f83915491391a_73)] | | |

| Consolidated Statement of Equity for each of the three years in the period ended December 31, [removed: 2022] [added: 2023] | | | [removed: [52](#i8ac18c3b000149a498044110161c4842_76)] [added: [56](#if1196dff664a4b458f5f83915491391a_76)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i8ac18c3b000149a498044110161c4842_79)] [added: Statements](#if1196dff664a4b458f5f83915491391a_79)] | | | [removed: [53](#i8ac18c3b000149a498044110161c4842_79)] [added: [57](#if1196dff664a4b458f5f83915491391a_79)] | | |

| Schedule II - Valuation and Qualifying Accounts for the years ended December 31, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020] [added: 2021] | | | [removed: [95](#i8ac18c3b000149a498044110161c4842_205)] [added: [98](#if1196dff664a4b458f5f83915491391a_190)] | | |

| Schedule III - Schedule of Real Estate and Accumulated Depreciation for the years ended December 31, [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] | | | [removed: [96](#i8ac18c3b000149a498044110161c4842_208)] [added: [99](#if1196dff664a4b458f5f83915491391a_193)] | | |

We have audited the accompanying consolidated balance sheet of Crown Castle Inc. and its subsidiaries (the [removed: “Company”)] [added: "Company")] as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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: 2022,] [added: 2023,] including the related notes and financial statement schedules listed in the index appearing under Item 15(a)(2) (collectively referred to as the [removed: “consolidated] [added: "consolidated] financial [removed: statements”).][added: statements").]

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2022,] [added: 2023,] based on criteria established in [removed: *Internal] [added: Internal] Control - Integrated [removed: Framework*] [added: 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: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2022] [added: 2023] 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: 2022,] [added: 2023,] based on criteria established in [removed: *Internal] [added: Internal] Control - Integrated [removed: Framework*] [added: Framework] (2013) issued by the COSO.

*Revenue Recognition - Towers [removed: Segment*][added: Segment - Site Rental Revenues*]

As described in Notes 2 and 14 to the consolidated financial statements, the Company recognized [removed: $4,322] [added: $4,313] million in site rental revenues [removed: and $685 million in services and other revenues] from [removed: its] [added: the] Towers segment for the year ended December 31, [removed: 2022.][added: 2023.]

Site rental revenues from the Company's tenant contracts are recognized on a straight-line, ratable basis over the fixed, [removed: noncancelable] [added: non-cancelable] term of the relevant tenant contract.

[removed: The] [added: *Services and Other Revenues.* As part of the Company’s effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the] Company [removed: also] offers certain services primarily relating to its Towers segment, predominately [removed: consisting of (i) site development services and (ii) installation services.]

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's consolidated statement of operations and comprehensive income (loss).]

The principal considerations for our determination that performing procedures relating to revenue recognition for the [added: site rental revenues from the] Towers segment is a critical audit matter are [removed: the significant] [added: a high degree of] auditor [removed: subjectivity and] effort in performing procedures and evaluating [removed: the] audit evidence [removed: obtained] related to [removed: tenant contracts and installation service agreements.][added: revenue recognition for the site rental revenues from the Towers segment.]

These procedures included testing the effectiveness of controls relating to revenue recognition for [removed: Towers.][added: the site rental revenues from the Towers segment.]

These procedures also included, among others (i) testing the completeness and accuracy of management’s identification of the contractual terms by examining tenant contracts [removed: and installation service agreements] on a test basis and (ii) testing the appropriateness of the [removed: timing and] amount of revenue recognized based on contractual terms [removed: and estimated lease term] for [added: the] selected tenant [removed: contracts and installation service agreements.][added: contracts.]

| | | | [added: 2023 | | | | | |] 2022 | | | | | | 2021 | | |

| Cash and cash equivalents | | | $ | [added: 105 | | | | | $ |] 156 | | | | | $ | 292 | |

| Restricted cash [added: and cash equivalents, current] | | | [added: 171 | | | | | |] 166 | | | | | | 169 | | |

| Receivables, net of allowance of $19 and [removed: $17,] [added: $19,] respectively | | | [removed: 593] [added: 481] | | | | | | [removed: 543] [added: 593] | | |

| Prepaid expenses | | | [removed: 102] [added: 103] | | | | | | [removed: 105] [added: 102] | | |

| Deferred site rental receivables | | | [removed: 127] [added: 9] | | | | | | [removed: 92] [added: 9] | | |

| Other current assets | | | [removed: 73] [added: 56] | | | | | | [removed: 53] [added: 73] | | |

| Total current assets | | | [removed: 1,217] [added: 1,032] | | | | | | [removed: 1,254] [added: 1,217] | | |

| Deferred site rental receivables | | | [removed: 1,954] [added: 2,239] | | | | | | [removed: 1,588] [added: 1,954] | | |

| Property and equipment, net | | | [removed: 15,407] [added: 15,666] | | | | | | [removed: 15,269] [added: 15,407] | | |

| Operating lease right-of-use assets | | | [removed: 6,526] [added: 6,187] | | | | | | [removed: 6,682] [added: 6,526] | | |

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

| Site rental contracts and tenant relationships, net | | | [removed: 3,535] [added: 3,122] | | | | | | [removed: 3,982] [added: 3,535] | | |

| Other intangible assets, net | | | [removed: 61] [added: 57] | | | | | | [removed: 64] [added: 61] | | |

| Other assets, net | | | [removed: 136] [added: 139] | | | | | | [removed: 123] [added: 136] | | |

| Total assets | | | $ | [removed: 38,921] [added: 38,527] | | | | | $ | [removed: 39,040] [added: 38,921] | |

| Accounts payable | | | $ | [removed: 236] [added: 252] | | | | | $ | [removed: 246] [added: 236] | |

| Accrued interest | | | [removed: 183] [added: 219] | | | | | | [removed: 182] [added: 183] | | |

| Deferred revenues | | | [removed: 736] [added: 605] | | | | | | [removed: 776] [added: 736] | | |

| Other accrued liabilities | | | [removed: 407] [added: 342] | | | | | | [removed: 401] [added: 407] | | |

February 23, 2024

| | | | 2023 | | | | | | 2022 | | |

| Restricted cash and cash equivalents | | | 171 | | | | | | 166 | | |

| Restructuring charges | | | 85 | | | | | | — | | | | | | — | | |

| Depreciation, amortization and accretion | | | 1,754 | | | | | | 1,707 | | | | | | 1,644 | | |

| Asset write-down charges | | | 33 | | | | | | 34 | | | | | | 21 | | |

| | | | Shares | | | | | | ($0.01 Par) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance, December 31, 2023 | | | 434 | | | | | | $ | 4 | | | | | $ | 18,270 | | | | | $ | (4) | | | | | $ | (11,889) | | | | | $ | 6,381 | |

See note 16 to our consolidated financial statements for a discussion of the Company's July 2023 restructuring plan, which included discontinuing installation services as a Towers product offering.

*Cash and Cash Equivalents*

Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less.

If the sum of the associated estimated future

*Sprint Cancellation Payments.* For the year ended December 31, 2023, site rental revenues include $170 million of payments in the Company's Fiber segment to satisfy the remaining rental obligations of certain canceled Sprint leases as a result of the T-Mobile US, Inc. and Sprint network consolidation.

In connection with such canceled Sprint leases, the Company also recognized $59 million of accelerated prepaid rent amortization in the Company's Fiber segment for the year ended December 31, 2023.

consisting of (1) site development services and (2) installation services.

See note 16 to our consolidated financial statements for a discussion of the Company's July 2023 restructuring plan, which included discontinuing installation services as a Towers product offering.

See note 16 to our consolidated financial statements for a discussion of the Company's July 2023 restructuring plan, which included discontinuing installation services as a Towers product offering.

The Company's costs

| Income (loss) from continuing operations, basic | | | $ | 3.46 | | | | | $ | 3.87 | | | | | $ | 2.68 | |

| Income (loss) from discontinued operations, basic | | | — | | | | | | — | | | | | | (0.14) | | |

| Income (loss) from continuing operations, diluted | | | $ | 3.46 | | | | | $ | 3.86 | | | | | $ | 2.67 | |

| Income (loss) from discontinued operations, diluted | | | — | | | | | | — | | | | | | (0.14) | | |

| Net income (loss)—diluted | | | $ | 3.46 | | | | | $ | 3.86 | | | | | $ | 2.53 | |

In November 2023, the FASB issued new guidance that is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosure of significant segment expenses.

The new guidance also expands interim segment disclosure requirements and requires disclosure of the position and title of the Company's chief operating decision-maker.

The guidance will be effective for the Company's fiscal year ending December 31, 2024 and for interim periods starting in the first quarter of fiscal year 2025 with early adoption permitted.

The guidance is required to be applied retrospectively to each prior reporting period presented.

The Company is currently evaluating the effect of the guidance, including the impact on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued new guidance that enhances the transparency and decision usefulness of income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid disclosures.

The guidance will be effective for the Company's fiscal year ending December 31, 2025, and can be applied prospectively or retrospectively, with early adoption permitted.

The Company is currently evaluating the effect of the guidance, including the impact on its consolidated financial statements and related disclosures.

| Contracted amounts(a) | | | $ | 5,020 | | | | | $ | 4,668 | | | | | $ | 4,523 | | | | | $ | 4,440 | | | | | $ | 4,225 | | | | | $ | 15,778 | | | | | $ | 38,654 | |

| | | | | | | 2023 | | | | | | 2022 | | | | | |

There were no additions during the year ended December 31, 2023.

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

| Estimated annual amortization | | | $ | 398 | | | | | $ | 376 | | | | | $ | 372 | | | | | $ | 288 | | | | | $ | 284 | |

| | | | 2023 | | | | | | 2022 | | |

| | | | 2023 | | | | | | 2022 | | | | | |

| 2023 | | | | | | 2022 | | | 2023 | | | (a) | | | | | | | | | | | | | | | | | | | | |

| 5.000% Senior Notes | | | Jan. 2023 | | | (h) | | | Jan. 2028 | | | (h) | | | 991 | | | | | | — | | | | | | 5.0 | | % | | | |

The transaction price for the Company's tower installation services consists of amounts for (i) permanent improvements to the Company's towers that represent a lease component and (ii) the performance of the service.

Amounts under the Company's tower installation service agreements that represent a lease component are recognized as site rental revenues on a straight-line basis over the length of the associated estimated lease term.

February 24, 2023

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

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

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

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

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

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

| Preferred stock dividends/distributions | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (57) | | | | | | (57) | | |

| Conversion of preferred stock to common stock (see note 10) | | | 14 | | | | | | — | | | | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Common stock dividends/distributions | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,377) | | | | | | (2,377) | | |

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

| Common stock dividends/distributions | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,588) | | | | | | (2,588) | | |

(Tabular dollars in millions, except per share amounts)

The following is a discussion of the Company's significant accounting policies in effect for the year ended December 31, 2022.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

the ROU asset or lease liability due to the uncertainty of the payment amount and (2) recorded as expense in the period such contingencies are resolved.

Asset write-down charges for the year ended December 31, 2020 included the write-off of property and equipment of approximately $63 million which, following the 2020 Cancellation, was deemed to have no alternative future use.

See note 15 for further information regarding the 2020 Cancellation.

impairment testing.

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 revenues on the Company consolidated statement of operations and comprehensive income (loss).

The Company recognized $20 million as costs of operations during the year ended December 31, 2020 as a result of a reduction in staffing completed during the fourth quarter of 2020.

Such costs were comprised of employee severance payments and termination benefits and primarily impacted the Company's Fiber segment.

For the year ended December 31, 2020, 14 million common share equivalents related to the Company's previously outstanding 6.875% Convertible Preferred Stock were excluded from the dilutive common shares, because the impact of the conversion of such preferred stock would be anti-dilutive based on the Company's common stock price at the end of each respective year.

See note 10 for further discussion of the Company's previously outstanding 6.875% Convertible Preferred Stock.

No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's consolidated financial statements.

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

| Estimated annual amortization | | | $ | 446 | | | | | $ | 396 | | | | | $ | 375 | | | | | $ | 370 | | | | | $ | 287 | |

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.

| 3.849% Secured Notes | | | Dec. 2012 | | | | | | Apr. 2023 | | | | | | $ | — | | | | | $ | 998 | | | | | N/A | | | | | |

| Tower Revenue Notes, Series 2018-2 | | | July 2018 | | | | | | July 2048 | | | (b) | | | 745 | | | | | | 744 | | | | | | 4.2 | | % | | | |

In January 2023, the Company submitted the required documentation and received confirmation from its administrative agent that all Targets were met as of December 31, 2022, and, as such, the Spread and Commitment Fee percentage reductions applied in January 2022 were maintained for 2023.

See above for information about the Company's recent redemptions and repayments of debt.

| Scheduled principal payments and final maturities | | | $ | 2,060 | | (a) | | | $ | 831 | | | | | $ | 593 | | | | | $ | 2,771 | | | | | $ | 4,548 | | | | | $ | 11,078 | | | | | $ | 21,881 | | | | | $ | (152) | | | | | $ | 21,729 | |

(a)Predominately consists of outstanding indebtedness under the CP Program as discussed above.

| | | | Principal Amount | | | | | | Cash Paid(a) | | | | | | Gains (losses)(b) | | |

(a)Exclusive of accrued interest.

(b)Inclusive of the write-off of the respective deferred financing costs.

In connection with the preparation of the [removed: 2022] [added: 2023] 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: 2022,] [added: 2023,] 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: 2022.][added: 2023.]

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: 2022] [added: 2023] 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: 2022] [added: 2023] 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: 2022] [added: 2023] Form 10-K.

None.

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.

The information required to be furnished pursuant to this item will be set forth in the [removed: 2023] [added: 2024] 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: 2023] [added: 2024] 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: 2023] [added: 2024] 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: 2022:][added: 2023:]

| Equity compensation plans approved by security holders | | | | | | — | | | | | | $ | — | | | | | [removed: 16] [added: 15] | | | (b) | | |

| Total | | | | | | — | | | | | | $ | — | | | | | [removed: 16] [added: 15] | | | | | |

Of the shares remaining available for future issuance, [removed: 2] [added: 1] million shares may be issued pursuant to outstanding RSUs granted under [added: each of] the 2013 [added: LTIP and 2022] LTIP.

The information required to be furnished pursuant to this item will be set forth in the [removed: 2023] [added: 2024] 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: 2023] [added: 2024] 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: [46](#i8ac18c3b000149a498044110161c4842_58).] [added: [50](#if1196dff664a4b458f5f83915491391a_58).] | | |

| Schedule II—Valuation and Qualifying Accounts for the years ended December 31, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020,] [added: 2021,] which is located on page [removed: [95](#i8ac18c3b000149a498044110161c4842_205).] [added: [98](#if1196dff664a4b458f5f83915491391a_190).] | | |

| Schedule III—Schedule of Real Estate and Accumulated Depreciation for the years ended December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] which is located on page [removed: [96](#i8ac18c3b000149a498044110161c4842_208).] [added: [99](#if1196dff664a4b458f5f83915491391a_193).] | | |

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: 2022] [added: 2023] Form 10-K.

| [removed: 3.1*] [added: 3.1] | | | | | | [removed: [Composite Restated] [added: [Restated] Certificate of Incorporation of Crown Castle [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000041/exhibit31compositerestated.htm)] [added: Inc., dated July 25, 2023](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000128/exhibit31restatedcertifica.htm)] | | | | | | [removed: —] [added: 10-Q] | | | | | | [removed: —] [added: 001-16441] | | | | | | [removed: —] [added: August 2, 2023] | | | | | | [removed: —] [added: 3.1] | | |

| [removed: 3.2*] [added: 3.2] | | | | | | [removed: [Certificate of Correction of] [added: [Amended and] Restated [removed: Certificate of Incorporation] [added: By-Laws] of Crown Castle Inc., [removed: dated February 23, 2023](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000041/exhibit32certificateofcorr.htm)] [added: dated](https://www.sec.gov/Archives/edgar/data/1051470/000119312523299402/d761825dex31.htm) [De](https://www.sec.gov/Archives/edgar/data/1051470/000119312523299402/d761825dex31.htm)[cember 19, 2023](https://www.sec.gov/Archives/edgar/data/1051470/000119312523299402/d761825dex31.htm)] | | | | | | [removed: —] [added: 8-K] | | | | | | [removed: —] [added: 001-16441] | | | | | | [removed: —] [added: December 20, 2023] | | | | | | [removed: —] [added: 3.1] | | |

| [removed: 3.3] [added: 10.17†*] | | | | | | [Amended and Restated [removed: By-Laws of] Crown [removed: Castle Inc., dated August 1, 2022](https://www.sec.gov/Archives/edgar/data/1051470/000105147022000153/exhibit33crowncastleincame.htm)] [added: Castle](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit1017essp.htm) [Inc.](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit1017essp.htm) [Extended Service Separation Program](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit1017essp.htm)] | | | | | | [removed: 10-Q] [added: —] | | | | | | [removed: 001-16441] [added: —] | | | | | | [removed: August 5, 2022] [added: —] | | | | | | [removed: 3.3] [added: —] | | |

| [removed: 4.3] [added: 4.4] | | | | | | 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 | | | | | | 10.1 | | |

| [removed: 4.4] [added: 4.5] | | | | | | [Indenture Supplement, dated as of November 29, 2006, relating to the Senior Secured Tower Revenue Notes, Series 2006-1, by and among The Bank of New York (as successor to 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., Crown Castle International Corp. de Puerto Rico, Crown Castle Towers 05 LLC, Crown Castle PR LLC, Crown Castle MU LLC and Crown Castle MUPA LLC, collectively as Issuers](https://www.sec.gov/Archives/edgar/data/1051470/000119312506247029/dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | December 5, 2006 | | | | | | 4.1 | | |

| [removed: 4.5] [added: 4.6] | | | | | | [Indenture Supplement, dated as of January 15, 2010, relating to the Senior Secured Tower Revenue Notes, Series 2010-1, by and among The Bank of New York Mellon (as successor to The Bank of New York as successor to J.P. Morgan 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., Crown Castle International Corp. de Puerto Rico, Crown Castle Towers 05 LLC, Crown Castle PR LLC, Crown Castle MU LLC and Crown Castle MUPA LLC, collectively as Issuers](https://www.sec.gov/Archives/edgar/data/1051470/000119312510008859/dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | January 20, [removed: 2021] [added: 2010] | | | | | | 4.1 | | |

| [removed: 4.6] [added: 4.7] | | | | | | [Indenture Supplement, dated as of January 15, 2010, relating to the Senior Secured Tower Revenue Notes, Series 2010-2, by and among The Bank of New York Mellon (as successor to The Bank of New York as successor to 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., Crown Castle International Corp. de Puerto Rico, Crown Castle Towers 05 LLC, Crown Castle PR LLC, Crown Castle MU LLC and Crown Castle MUPA LLC, collectively as Issuers](https://www.sec.gov/Archives/edgar/data/1051470/000119312510008859/dex42.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | January 20, [removed: 2021] [added: 2010] | | | | | | 4.2 | | |

| [removed: 4.7] [added: 4.8] | | | | | | [Indenture Supplement, dated as of January 15, 2010, relating to the Senior Secured Tower Revenue Notes, Series 2010-3, by and among The Bank of New York Mellon (as successor to The Bank of New York as successor to 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., Crown Castle International Corp. de Puerto Rico, Crown Castle Towers 05 LLC, Crown Castle PR LLC, Crown Castle MU LLC and Crown Castle MUPA LLC, collectively as Issuers](https://www.sec.gov/Archives/edgar/data/1051470/000119312510008859/dex43.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | January 20, [removed: 2021] [added: 2010] | | | | | | 4.3 | | |

| [removed: 4.8] [added: 4.9] | | | | | | [Indenture Supplement, dated as of June 30, 2014, by and among The Bank of New York Mellon (as successor to The Bank of New York as successor to JPMorgan Chase Bank, N.A.), as Indenture Trustee, and Crown Castle Towers LLC, Crown Castle South LLC, Crown Communication LLC, Crown Castle PT Inc., Crown Communication New York, Inc., Crown Castle International Corp. de Puerto Rico, Crown Castle Towers 05 LLC, Crown Castle PR LLC, Crown Castle MU LLC and Crown Castle MUPA LLC, relating to the Senior Secured Tower Revenue Notes](http://www.sec.gov/Archives/edgar/data/1051470/000095015714000732/ex4-1.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | July 1, 2014 | | | | | | 4.1 | | |

| [removed: 4.9] [added: 4.10] | | | | | | [Indenture Supplement, dated as of May 15, 2015, by and among The Bank of New York Mellon (as successor to The Bank of New York as successor to JPMorgan Chase Bank, N.A.), as Indenture Trustee, and Crown Castle Towers LLC, Crown Castle South LLC, Crown Communication LLC, Crown Castle Towers 05 LLC, Crown Castle PR LLC, Crown Castle MU LLC and Crown Castle MUPA LLC, collectively as Issuers, relating to the Senior Secured Tower Revenue Notes, Series 2015-1](http://www.sec.gov/Archives/edgar/data/1051470/000119312515196928/d931299dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | May 21, 2015 | | | | | | 4.1 | | |

| [removed: 4.10] [added: 4.11] | | | | | | [Indenture Supplement, dated as of May 15, 2015, by and among The Bank of New York Mellon (as successor to The Bank of New York as successor to JPMorgan Chase Bank, N.A.), as Indenture Trustee, and Crown Castle Towers LLC, Crown Castle South LLC, Crown Communication LLC, Crown Castle Towers 05 LLC, Crown Castle PR LLC, Crown Castle MU LLC and Crown Castle MUPA LLC, collectively as Issuers, relating to the Senior Secured Tower Revenue Notes, Series 2015-2](http://www.sec.gov/Archives/edgar/data/1051470/000119312515196928/d931299dex42.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | May 21, 2015 | | | | | | 4.2 | | |

| [removed: 4.11] [added: 4.12] | | | | | | [Indenture Supplement, dated as of July 11, 2018, by and among The Bank of New York Mellon (as successor to The Bank of New York as successor to JPMorgan Chase Bank, N.A.), as Indenture Trustee, and Crown Castle Towers LLC, Crown Castle South LLC, Crown Communication LLC, Crown Castle Towers 05 LLC, Crown Castle PR LLC, Crown Castle MU LLC and Crown Castle MUPA LLC, collectively as Issuers, relating to the Senior Secured Tower Revenue Notes, Series 2018-1, Class C-2023](http://www.sec.gov/Archives/edgar/data/1051470/000095015718000823/ex4-1.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | July 16, 2018 | | | | | | 4.1 | | |

| [removed: 4.12] [added: 4.13] | | | | | | [Indenture Supplement, dated as of July 11, 2018, by and among The Bank of New York Mellon (as successor to The Bank of New York as successor to JPMorgan Chase Bank, N.A.), as Indenture Trustee, and Crown Castle Towers LLC, Crown Castle South LLC, Crown Communication LLC, Crown Castle Towers 05 LLC, Crown Castle PR LLC, Crown Castle MU LLC and Crown Castle MUPA LLC, collectively as Issuers, relating to the Senior Secured Tower Revenue Notes, Series 2018-2, Class C-2028](http://www.sec.gov/Archives/edgar/data/1051470/000095015718000823/ex4-2.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | July 16, 2018 | | | | | | 4.2 | | |

| [removed: 4.13] [added: 4.14] | | | | | | [Indenture Supplement, dated as of July 11, 2018, by and among The Bank of New York Mellon (as successor to The Bank of New York as successor to JPMorgan Chase Bank, N.A.), as Indenture Trustee, and Crown Castle Towers LLC, Crown Castle South LLC, Crown Communication LLC, Crown Castle Towers 05 LLC, Crown Castle PR LLC, Crown Castle MU LLC and Crown Castle MUPA LLC, collectively as Issuers, relating to the Senior Secured Tower Revenue Notes, Series 2018-1, Class R-2028](http://www.sec.gov/Archives/edgar/data/1051470/000095015718000823/ex4-3.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | July 16, 2018 | | | | | | 4.3 | | |

| [removed: 4.14] [added: 4.15] | | | | | | [Indenture dated July 31, 2009, between Pinnacle Towers Acquisition Holdings LLC, GS Savings Inc., GoldenState Towers, LLC, Pinnacle Towers Acquisition LLC, Tower Ventures III, LLC and TVHT, LLC, as Issuers, Global Signal Holdings III, LLC, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee, relating to Senior Secured Notes](http://www.sec.gov/Archives/edgar/data/1051470/000119312509163853/dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | August 4, 2009 | | | | | | 4.1 | | |

| [removed: 4.15] [added: 4.16] | | | | | | [Indenture Supplement dated July 31, 2009, between Pinnacle Towers Acquisition Holdings LLC, GS Savings Inc., GoldenState Towers, LLC, Pinnacle Towers Acquisition LLC, Tower Ventures III, LLC and TVHT, LLC, as Issuers, Global Signal Holdings III, LLC, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee, relating to Senior Secured Notes, Series 2009-1, Class A-2](http://www.sec.gov/Archives/edgar/data/1051470/000119312509163853/dex42.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | August 4, 2009 | | | | | | 4.2 | | |

| [removed: 4.16] [added: 4.17] | | | | | | [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: 4.17] [added: 4.18] | | | | | | [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: 4.18] [added: 4.19] | | | | | | [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: 4.19] [added: 4.20] | | | | | | [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 [removed: 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: 4.20] [added: 4.21] | | | | | | [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: 4.21] [added: 4.22] | | | | | | [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: 4.22] [added: 4.23] | | | | | | [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: 4.23] [added: 4.24] | | | | | | [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: 4.24] [added: 4.25] | | | | | | [Tenth Supplemental Indenture dated January 16, 2018, 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 3.150% Senior Notes due 2023 and 3.800% Senior Notes due 2028](http://www.sec.gov/Archives/edgar/data/1051470/000119312518011458/d442729dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | January 17, 2018 | | | | | | 4.1 | | |

| [removed: 4.25] [added: 4.26] | | | | | | [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: 4.26] [added: 4.27] | | | | | | [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: 4.27] [added: 4.28] | | | | | | [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 | | |

| [removed: 4.28] [added: 4.29] | | | | | | [Third Supplemental Indenture dated 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 February 11, 2019, between Crown Castle International Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 3.300% Senior Notes due 2030 and 4.150% Senior Notes due 2050](http://www.sec.gov/Archives/edgar/data/1051470/000119312520098160/d913754dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | April 3, 2020 | | | | | | 4.1 | | |

| [removed: 4.29] [added: 4.30] | | | | | | [Fourth Supplemental Indenture dated 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 1.350% Senior Notes due 2025, 2.250% Senior Notes due 2031 and 3.250% Senior Notes due 2051](http://www.sec.gov/Archives/edgar/data/1051470/000119312520169355/d937265dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | June 15, 2020 | | | | | | 4.1 | | |

| [removed: 4.30] [added: 4.31] | | | | | | [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 | | |

| [removed: 4.31] [added: 4.32] | | | | | | [Sixth Supplemental Indenture dated June 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 2.500% Senior Notes due 2031](https://www.sec.gov/Archives/edgar/data/1051470/000119312521203303/d171502dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | June 29, 2021 | | | | | | 4.1 | | |

| [removed: 4.32] [added: 4.33] | | | | | | [Seventh Supplemental Indenture dated 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: the] 2.900% Senior Notes due 2027](https://www.sec.gov/Archives/edgar/data/1051470/000156459022008774/cci-ex41_7.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | March 4, 2022 | | | | | | 4.1 | | |

| [removed: 4.33] [added: 4.34] | | | | | | [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 [removed: trustee](https://www.sec.gov/Archives/edgar/data/1051470/000119312523006491/d425037dex41.htm)] [added: trustee, relating to 5.00% Senior Notes due 2028](https://www.sec.gov/Archives/edgar/data/1051470/000119312523006491/d425037dex41.htm)] | | | | | | 8-K | | | | | | 001-16441 | | | | | | January 11, 2023 | | | | | | 4.1 | | |

| [removed: 4.34*] [added: 4.37*] | | | | | | [Description of the Company's Common [removed: Stock](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000041/exhibit434123122.htm)] [added: Stock](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit437123123_descripti.htm)] | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| [removed: 10.2†] [added: 10.3†] | | | | | | [Form of Severance Agreement between Crown Castle International Corp. and Philip M. Kelley](http://www.sec.gov/Archives/edgar/data/1051470/000119312508151265/dex101.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | July 15, 2008 | | | | | | 10.1 | | |

| 4.3 | | | | | | [Indenture Supplement, dated December 1, 2023, by and among Crown Castle Towers LLC, Crown Castle South LLC, Crown Communication LLC, Crown Castle Towers 05 LLC, Crown Castle PR LLC, Crown Castle MU LLC, Crown Castle MUPA LLC and The Bank of New York Mellon (as successor to The Bank of New York, as successor to JPMorgan Chase Bank, N.A.), as trustee.](https://www.sec.gov/Archives/edgar/data/1051470/000119312523287479/d471257dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | December 1, 2023 | | | | | | 4.1 | | |

| 4.35 | | | | | | [Ninth Supplemental Indenture dated April 26, 2023, between the](https://www.sec.gov/Archives/edgar/data/1051470/000119312523118560/d505236dex41.htm) [Crown Castle Inc.](https://www.sec.gov/Archives/edgar/data/1051470/000119312523118560/d505236dex41.htm) [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/1051470/000119312523118560/d505236dex41.htm)[, relating to 4.800% S](https://www.sec.gov/Archives/edgar/data/1051470/000119312523118560/d505236dex41.htm)[enior Notes due 2028 and 5.100% Senior Notes due 2033](https://www.sec.gov/Archives/edgar/data/1051470/000119312523118560/d505236dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | April 26, 2023 | | | | | | 4.1 | | |

| 4.36 | | | | | | [Tenth Supplemental Indenture dated December 6, 2023, between](https://www.sec.gov/Archives/edgar/data/1051470/000119312523289915/d921016dex41.htm) [Crown Castle Inc.](https://www.sec.gov/Archives/edgar/data/1051470/000119312523289915/d921016dex41.htm) [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/1051470/000119312523289915/d921016dex41.htm)[, relating to](https://www.sec.gov/Archives/edgar/data/1051470/000119312523289915/d921016dex41.htm) [5.600%](https://www.sec.gov/Archives/edgar/data/1051470/000119312523289915/d921016dex41.htm) [S](https://www.sec.gov/Archives/edgar/data/1051470/000119312523289915/d921016dex41.htm)[enior Notes due 2029 and 5.800% S](https://www.sec.gov/Archives/edgar/data/1051470/000119312523289915/d921016dex41.htm)[enior Notes due 2034](https://www.sec.gov/Archives/edgar/data/1051470/000119312523289915/d921016dex41.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | December 6, 2023 | | | | | | 4.1 | | |

| 10.2†* | | | | | | [Letter Agreement between Cr](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit102letteragreementb.htm)[own Castle Inc. and Jay A. Brown,](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit102letteragreementb.htm) [dated January 16, 2024](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit102letteragreementb.htm) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| 10.7† | | | | | | [Separation and Release Agreement between Crown Castle Inc. and Ca](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000162/exhibit101separationandrel.htm)[therine Piche, dated October](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000162/exhibit101separationandrel.htm) [6, 202](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000162/exhibit101separationandrel.htm)[3](https://www.sec.gov/Archives/edgar/data/1051470/000105147023000162/exhibit101separationandrel.htm) | | | | | | 10-Q | | | | | | 001-16441 | | | | | | November 1, 2023 | | | | | | 10.1 | | |

| 10.8†* | | | | | | [Letter Agreement between Crown Castle Inc. an](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit108letteragreementb.htm)[d Daniel K. Schlanger](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit108letteragreementb.htm)[, dated](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit108letteragreementb.htm) [January 2](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit108letteragreementb.htm)[3](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit108letteragreementb.htm)[, 2024](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit108letteragreementb.htm) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| 10.59 | | | | | | [Cooperation Agreement, between Crown Castle Inc., Elliott Investment Management L.P., Elliott Associates, L.P., and Elliott International, L.P., dated December 19, 2023](https://www.sec.gov/Archives/edgar/data/1051470/000119312523299402/d761825dex101.htm) | | | | | | 8-K | | | | | | 001-16441 | | | | | | December 20, 2023 | | | | | | 10.1 | | |

| 97†* | | | | | | [Crown Castle Inc. Incentive Compensation Recovery](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit97crowncastleincinc.htm) [Policy](https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/exhibit97crowncastleincinc.htm) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

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

YEARS ENDED DECEMBER 31, [removed: 2022, 2021] [added: 2023, 2022] AND [removed: 2020][added: 2021]

YEARS ENDED DECEMBER 31, [removed: 2022] [added: 2023] AND [removed: 2021][added: 2022]

| Communications infrastructure(a) | | | $ | [removed: 1,742] [added: 1,760] | | (b) | | | (c) | | | (c) | | | $ | [removed: 27,936] [added: 29,383] | | $ | [removed: (12,649)] [added: (13,817)] | | Various | | | Various | | | Up to 20 years | | |

(a)Includes (1) more than 40,000 towers, (2) approximately [removed: 120,000] [added: 115,000] small cells on air or under contract and (3) approximately [removed: 85,000] [added: 90,000] route miles of fiber.

| Gross amount at beginning | | | $ | [removed: 26,679] [added: 27,936] | | | | | $ | [removed: 25,441] [added: 26,679] | |

| Other acquisitions(a) | | | [removed: 32] [added: 50] | | | | | | [removed: 75] [added: 32] | | |

| Communications infrastructure construction and improvements | | | [removed: 1,138] [added: 1,254] | | | | | | [removed: 1,047] [added: 1,138] | | |

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

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

| Other(b) | | | [removed: 127] [added: 105] | | | | | | [removed: 32] [added: 127] | | |

| Total additions | | | [removed: 1,402] [added: 1,525] | | | | | | [removed: 1,289] [added: 1,402] | | |

| Cost of real estate sold or disposed | | | [removed: (145)] [added: (78)] | | | | | | [removed: (51)] [added: (145)] | | |

| Total deductions | | | [removed: (145)] [added: (78)] | | | | | | [removed: (51)] [added: (145)] | | |

| Balance at end | | | $ | [removed: 27,936] [added: 29,383] | | | | | $ | [removed: 26,679] [added: 27,936] | |

(b)Predominately relates to (1) the purchase of property and equipment under finance leases and installment land [removed: purchases and] [added: purchases,] (2) asset retirement [removed: obligations.][added: obligations and (3) capitalized stock-based compensation.]

| Gross amount of accumulated depreciation at beginning | | | $ | [removed: (11,582)] [added: (12,649)] | | | | | $ | [removed: (10,478)] [added: (11,582)] | |

| Depreciation | | | [removed: (1,181)] [added: (1,222)] | | | | | | [removed: (1,137)] [added: (1,181)] | | |

| Total additions | | | [removed: (1,181)] [added: (1,222)] | | | | | | [removed: (1,137)] [added: (1,181)] | | |

| Amount for assets sold or disposed | | | [removed: 105] [added: 38] | | | | | | [removed: 25] [added: 105] | | |

| Other | | | [removed: 9] [added: 16] | | | | | | [removed: 8] [added: 9] | | |

| Total deductions | | | [removed: 114] [added: 54] | | | | | | [removed: 33] [added: 114] | | |

| Balance at end | | | $ | [removed: (12,649)] [added: (13,817)] | | | | | $ | [removed: (11,582)] [added: (12,649)] | |

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: 2022] [added: 2023] Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, on this [removed: 24th] [added: 23rd] day of February, [removed: 2023.][added: 2024.]

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints [removed: Jay A.][added: Anthony J.]

[removed: Brown] [added: Melone] and Edward B.

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: 2022] [added: 2023] Form 10-K, including any and all amendments and supplements thereto, for the year ended December 31, [removed: 2022] [added: 2023] 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: 2022] [added: 2023] 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: 24th] [added: 23rd] day of February, [removed: 2023.][added: 2024.]

| /s/ [removed: JAY A. BROWN] [added: ANTHONY J. MELONE] | | | | | | [removed: President,] [added: Interim President and] Chief Executive [removed: Officer] [added: Officer,] and Director | | |

| [removed: Jay A. Brown] [added: Anthony J. Melone] | | | | | | (Principal Executive Officer) | | |

| Allowance for Credit Losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 2023 | | | $ | 19 | | | | | $ | 11 | | | | | | | | | | | $ | (11) | | | | | | | | | | | | | | | | | $ | 19 | |

| 2023 | | | $ | 2 | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | | | | | | | $ | 2 | |

| | | | 2023 | | | | | | 2022 | | |

| | | | 2023 | | | | | | 2022 | | |

| /s/ JASON GENRICH | | | | | | Director | | |

| Jason Genrich | | | | | | | | |

| /s/ KEVIN T. KABAT | | | | | | Director | | |

| Kevin T. Kabat | | | | | | | | |

| /s/ SUNIT PATEL | | | | | | Director | | |

| Sunit Patel | | | | | | | | |

| /s/ BRADLEY E. SINGER | | | | | | Director | | |

| Bradley E. Singer | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| Allowance for Doubtful Accounts Receivable: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 2020 | | | $ | 18 | | | | | $ | 4 | | | | | | | | | | | $ | (5) | | | | | | | | | | | | | | | | | $ | 17 | |

| 2020 | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | | | | | | | $ | — | |

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

| /s/ ANTHONY J. MELONE | | | | | | Director | | |

| Anthony J. Melone | | | | | | | | |

| /s/ W. BENJAMIN MORELAND | | | | | | Director | | |

| W. Benjamin Moreland | | | | | | | | |