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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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  "notes": "The chart explicitly excludes towers from the REIT average calculation.",
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      "kind": "callout",
      "text": "Higher payout ratio would clearly increase appeal of CCI to REIT investors in our view",
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        "x": 0.068,
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      "kind": "chart",
      "text": "REIT Subsector Dividend Yield",
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      "kind": "list",
      "text": "REITs operating across a range of real estate subsectors trade at a dividend yield of 4.0% on average (and the IYR trades at 4.2% dividend yield as shown earlier), with slower AFFO per share (high single-digits) and dividend growth (low single-digits) than pro-forma CCI\nHigher payout ratio would clearly increase appeal of CCI to REIT investors in our view",
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      "text": "dividend yield: 4.0%",
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      "kind": "source-note",
      "text": "Source: Wall Street research. REIT average calculated here excludes towers. Subsectors listed by market capitalization in descending order. Subsectors above represent nearly $1 trillion of market capitalization as of September 30, 2014.",
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      "kind": "title",
      "text": "REIT Comps",
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      "evidence": "The document presents a comparison of Crown Castle's strategy with industry peers",
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