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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 slide uses a bar chart to show relative underperformance and a timeline to highlight that CCI only outperformed once in a decade.",
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      "text": "Crown Castle’s stock has been the best performer of the group ONLY ONCE over the last 10 years",
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      "text": "Crown Castle's stock has been the best performer of the group ONLY ONCE over the last 10 years",
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      "text": "Total Shareholder Return (TSR) vs. Peers: (219)",
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      "text": "Despite a highly comparable tower portfolio a decade ago, Crown Castle's strategic choice to enter the fiber industry has led to long-term, consistent underperformance",
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      "text": "The Tower stocks have enjoyed a strong run so far in 2017, though CCI has lagged...",
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      "text": "Crown Castle's stock has meaningfully underperformed that of American Tower and SBA over the last several years...",
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      "text": "We believe CCI shares could underperform near-term as the surprising pull-back in fiber leasing...",
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      "text": "\"Crown Castle’s stock has meaningfully underperformed that of American Tower and SBA over the last several years, and this divergence merits attention. Crown Castle’s organic domestic tower growth has lagged its peers. It bought into fiber in a big way just as the sheen on that business model was wearing off and fiber solution solutions growth has come in shy of investor expectations.\" — MoffettNathanson, January 2020; \"We believe CCI shares could underperform near-term as the surprising pull-back in fiber leasing combined with unchanged capital investments may raise new questions as to whether or not fiber assets should trade at a discounted multiple to Towers, despite the positive long-term demand narrative for fiber infrastructure & small cells.\" — Citi, July 2019; \"The Tower stocks have enjoyed a strong run so far in 2017,though CCI has lagged with a ~16% gain compared to over 30% for both AMT and SBAC.\" — BAML, October 2017",
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      "text": "Source: Market data from Bloomberg as of June 29, 2020, transcripts. 1. Reflects dividends reinvested TSR vs. average of peers.",
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      "text": "Crown Castle's Consistent Underperformance",
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