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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 chart highlights that REITs have an average leverage of 6.1x, with the author noting higher business cyclicality compared to CCI.",
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      "text": "REITs operating across a wide range of real estate subsectors are currently levered at 6.1x net debt / forward EBITDA on average, with generally higher business cyclicality than CCI in our view",
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      "text": "REIT Subsector Net Debt / Forward EBITDA",
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      "text": "net debt / forward EBITDA: 6.1x",
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      "text": "REITs operating across a wide range of real estate subsectors are currently levered at 6.1x net debt / forward EBITDA on average, with generally higher business cyclicality than CCI in our view",
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      "text": "Source: Wall Street research. REIT average calculated here excluding 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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