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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 presents a binary choice (high dividend vs. high leverage) and frames the current state as the 'worst outcome'.",
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      "text": "We believe a capital structure and capital allocation combination which falls in between these two scenarios, such as the current status quo, may be the worst outcome for CCI",
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      "text": "However, if CCI still wishes to retain ~70% of its earnings, we believe the Company should maintain leverage of 7.0x today, above the high end of its historical ~4x-6x target leverage range",
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      "text": "We believe CCI, an essentially U.S. only tower REIT on a glide path to an investment grade rating, should have a much higher dividend payout ratio",
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      "text": "Betwixt and Between",
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