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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 stacked bar chart to visualize the shift in incentive weighting from peer-relative metrics to absolute goals.",
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      "kind": "callout",
      "text": "Crown Castle's new LTIP must incorporate relative returns to American Tower and SBA to establish the appropriate bar for \"success\"",
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      "text": "In 2018, Crown Castle eliminated the TSR vs. Peers metric and replaced it with: (1) TSR vs. S&P 500 and (2) TSR “Goal” of 11.5% annualized return.",
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      "text": "1. TSR vs. S&P 500: Crown Castle has only underperformed the S&P 500 once in the last 10 years on a three-year lookback basis (2015), despite underperforming its direct peers consistently during this period\n2. TSR “Goal”: Since 2009, tower REITs have averaged >20% annual returns, largely driven by the industry-wide increase in tower valuation multiples. The new “goal” of 11.5% is both arbitrary and is well below the historical return profile for the tower REIT peer group",
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      "text": "Crown Castle recently made a notable change to the Long Term Incentive Plan (LTIP), which should be concerning to shareholders and raise questions about the level of oversight by the Compensation Committee",
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      "text": "Source: Crown Castle proxy statements.",
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      "text": "2. Optimized Incentive Plan",
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