While the call itself was pretty understated as compared to even other CCI calls, it was in the Q&A where the call got interesting. Here is what we took from the call.
TOWERS: ($115M organic revenue growth in 2nd Quarter)
New Builds: In regards to new builds, CCI is not building many new towers- only 50 of them in the last quarter. They don’t say it, but we believe that the majority of those towers are replacements of their existing towers where the underlying landowner wasn’t willing to extend the underlying tower ground lease at a fair market value rent. Crown doesn’t expect this slow pace to change, noting specifically that there are a number of new tower company entrants or established mid-tier tower companies that will do non-sensible build-to-suit deals in order to establish market share. [Read more…] about Crown Castle Small Cell and Tower Update- 2ndQ 2016