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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "notes": "Uses a waterfall-style logic to show cumulative investment vs EBITDA growth yield.",
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      "text": "American Tower and SBA have generated a 52% and 50% higher yield than Crown Castle, respectively, on their investments. Crown Castle would have $1B+ more EBITDA today if it achieved the yield of its peers",
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      "text": "American Tower: International Towers focus; SBA: International Towers focus; Crown Castle: Fiber focus.",
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      "text": "In the context of a maturing U.S. tower industry, each of the \"Big Three\" made strategic decisions on how to deploy capital, and investors should evaluate the efficacy of those decisions",
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      "text": "Source: Company public filings and CapitalIQ. 1. Approximately 50% improvement to $2.3B of EBITDA growth over the time period. 2. Reflects LQA Q1'20 EBITDA compared to 4Q'09 LQA EBITDA adjusted for dispositions.",
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      "text": "The Strategic Choices of the \"Big Three\"",
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