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  "documentTitle": "Crown Castle International Corp. (CCI)",
  "authorId": "11_Corvex",
  "authorName": "Corvex Management",
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  "presentationDate": "2014-10-14 00:00:00",
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  "notes": "The slide uses a spectrum diagram to contrast the pros and cons of different payout ratios.",
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      "kind": "callout",
      "text": "High payout ratio maximizes share price, lowers cost of capital, and allows for higher long-term growth in our view - creates unique pure-play pass through of repackaged U.S. wireless credit risk",
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      "text": "dividend payout ratio: 90%",
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      "text": "While we acknowledge investors may have different initial preferences for dividend payout ratios along a spectrum of approximately 70% - 90% of AFFO, we believe a thoughtful consideration of the trade-offs argues strongly for a long-term capital allocation policy at the high end",
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      "text": "Payout Ratio Discussion",
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