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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "authorName": "Corvex Management",
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  "presentationDate": "2014-10-14 00:00:00",
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  "notes": "The slide uses a combination of a data table and a bar chart to illustrate that CCI's current yield is an outlier compared to peers, suggesting it should trade at a lower yield (higher price).",
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      "text": "With potential long-term dividend per share growth in excess of 10%, comparable dividend paying companies across a range of industries suggest CCI should trade below a 4.0% yield, implying at least 27% - 43% upside at a payout ratio of 80% - 90%",
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      "text": "2015E Dividend Yield bar chart",
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      "text": "2015E Dividend Yield: 2.1%",
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      "text": "With potential long-term dividend per share growth in excess of 10%, comparable dividend paying companies across a range of industries suggest CCI should trade below a 4.0% yield, implying at least 27% - 43% upside at a payout ratio of 80% - 90%",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Wall Street research, Corvex estimates. CCI based on Corvex estimates. PF CCI assumes $4.00 and $4.50 dividend per share in 2015E (80% AFFO and 90% AFFO, respectively).",
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      "text": "Table comparing 2015E Dividend Yield, Earnings CAGR, and Dividend CAGR for CCI scenarios and various sectors.",
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      "text": "Comparable Companies Summary",
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