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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "authorName": "Elliott",
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  "presentationDate": "2020-07-06 00:00:00",
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  "notes": "The chart shows the consolidation and growth of the 'Big Three' tower companies (Crown Castle, American Tower, SBA) from 2006 to 2019.",
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      "text": "Tower counts from the most notable private operators remain low, with each comprising just 1-2% of public tower counts. Tillman was the most active tower company last year, expanding its footprint by 20%. That said, this equates to just ~180 towers.",
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      "text": "The U.S. tower industry is now mature with modest new build activity. Today, growth is primarily driven by increased tenancy, amendment activity and contractual price escalators",
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      "text": "U.S. Towers Owned by Big Three (000s)",
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      "text": "U.S. Towers Owned: 97k",
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      "text": "\"Tower counts from the most notable private operators remain low, with each comprising just 1-2% of public tower counts. Tillman was the most active tower company last year, expanding its footprint by 20%. That said, this equates to just ~180 towers.\" — UBS June 2020",
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      "text": "Source: Company public filings.",
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      "text": "The U.S. Tower Industry Has Matured",
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