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  "docSlug": "1861656eaa18",
  "documentTitle": "Crown Castle International Corp. (CCI)",
  "authorId": "11_Corvex",
  "authorName": "Corvex Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-10-14 00:00:00",
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  "pageNumber": 15,
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  "notes": "The slide outlines a specific financial framework for capital allocation, including leverage targets and growth expectations.",
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      "text": "We do not believe this capital allocation scenario would increase CCI's risk profile or materially reduce operating flexibility – minimal execution risk in our view",
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      "text": "We do not believe this capital allocation scenario would increase CCI's risk profile or materially reduce operating flexibility – minimal execution risk in our view\n$150 million of annual EBITDA growth (or only ~7% organic growth) creates $675 million of discretionary investment capacity at 4.5x leverage ratio, in excess of Company's projected 2014 growth capex of $550 - $650 million",
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      "text": "Use excess balance sheet capacity and free cash flow after growth investments to buy back stock opportunistically or pay special dividends",
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      "text": "Plan to maintain leverage of approximately 4.5x net debt / EBITDA on an ongoing basis and target an investment grade credit rating over time",
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      "kind": "list",
      "text": "Guide to 10% or higher dividend per share growth over the next 3+ years\nDrives predictability and simplicity of return profile (dividend yield + dividend growth)",
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      "text": "Pay a dividend of at least $4.00 per share in 2015\nEquates to a dividend payout ratio of ~80% of AFFO (over 1.20x Coverage), or ~70% of free cash flow after maintenance capex given cash flow benefit of prepaid rents which are straight-lined in reported AFFO\nPlan to pay out 80% - 90% of AFFO over the long term",
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      "text": "Flex leverage up to 6.0x net debt / EBITDA for M&A (including a potential Verizon transaction), if the deal is accretive to the standalone dividend per share plan described above\nDe-lever back to 4.5x following M&A through EBITDA growth (maintain 80% - 90% payout ratio over time including periods following M&A)",
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      "text": "dividend per share: $4.00",
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      "text": "Dividend Policy Recommendations",
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