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  "authorName": "Elliott",
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  "notes": "Uses a quote from CFO Dan Schlanger to frame the contradiction.",
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      "text": "Management claims that second-tenant and third-tenant economics will drive higher yields, but actual results demonstrate that low-return projects remain low-return",
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      "text": "Cumulative Fiber Yield Over Time ($M)",
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      "text": "Fiber Yield: 6.1%",
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      "text": "[W]e've gotten more and more comfortable that we build these and other carriers, so we get an anchor built, that is what we call the first carrier. We build it, we get about a 6% to 7% return on that capital for the first carrier, which is not over our cost of capital. But when we add a second tenant to that, which happens over the course of about 10 years in our business, our returns go to the 10% to 12% range.",
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      "text": "\"[W]e've gotten more and more comfortable that we build these and other carriers, so we get an anchor built, that is what we call the first carrier. We build it, we get about a 6% to 7% return on that capital for the first carrier, which is not over our cost of capital. But when we add a second tenant to that, which happens over the course of about 10 years in our business, our returns go to the 10% to 12% range.\" — CFO Dan Schlanger, June 2020",
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      "text": "Source: Company public filings. 1. 2015 cumulative statistic includes 2011 acquisition of NextG Networks. Capex accumulation begins in 2015. 2. Calculated as LQA EBITDA as of the last quarter in period divided by cumulative fiber investment (left side chart).",
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