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Crown Castle International Reports First Quarter 2013 Results; Raises 2013 Outlook

Crown Castle International Reports First Quarter 2013 Results; Raises 2013
Outlook

HOUSTON, April 24, 2013 (GLOBE NEWSWIRE) -- Crown Castle International Corp.
(NYSE:CCI) today reported results for the quarter ended March 31, 2013.

"We had an excellent first quarter, producing AFFO per share of $1.00, up 45%
over the same quarter last year," stated Ben Moreland, Crown Castle's
President and Chief Executive Officer. "In addition, we saw a significant
increase in leasing activity as all four major carriers in the US continued
upgrading their networks for LTE and capacity enhancements. In fact,
application volume, including both amendments and new tenant applications,
more than doubled in the first quarter of 2013, compared to the first quarter
of 2012. This activity is expected to translate into additional site rental
revenue during the second half of 2013 allowing us to meaningfully increase
our full year 2013 Outlook, which now suggests annual site rental revenue and
AFFO per share growth of 17% and 27%, respectively."

CONSOLIDATED FINANCIAL RESULTS

Total revenue for the first quarter of 2013 increased 34% to $740 million from
$552 million for the same period in 2012.Site rental revenue for the first
quarter of 2013 increased $118 million, or 24%, to $615 million from $498
million for the same period in the prior year.Site rental gross margin,
defined as site rental revenue less site rental cost of operations, increased
$63 million, or 17%, to $438 million in the first quarter of 2013 from $375
million in the same period in 2012.Adjusted EBITDA for the first quarter of
2013 increased $81 million, or 22%,to $441 million from $360 million in the
same period in 2012.

Funds from Operations ("FFO") increased 13% to $215 million in the first
quarter of 2013, compared to $191 million in the first quarter of 2012.FFO
per share increased 9% to $0.73 in the first quarter of 2013, compared to
$0.67 in the first quarter of 2012.Adjusted Funds from Operations ("AFFO")
increased 47% to $291 million in the first quarter of 2013, compared to $198
million in the first quarter of 2012.AFFO per share increased 45% to $1.00 in
the first quarter of 2013, compared to $0.69 in the first quarter of 2012.

Net income attributable to CCIC stockholders for the first quarter of 2013 was
$15 million, inclusive of $36 million in losses on retirement of debt related
to the completion of the redemption of the 9% senior notes and 7.75% senior
secured notes, compared to $50 million of net income for the same period in
2012.Net income attributable to CCIC stockholders per common share was $0.05
for the first quarter of 2013, compared to $0.17 per common share in the first
quarter of 2012.

Adjusted EBITDA in the first quarter of 2013 exceeded the high-end of first
quarter Outlook (previously issued on January 23, 2013) by $13 million,
primarily due to significantly higher than expected service gross margin
contribution and $4 million of non-recurring site rental revenues which were
not previously contemplated in the Outlook.In addition, AFFO exceeded the
high-end of Outlook, due in part to $8 million of contributions related to the
construction of conduit to hold customer-owned fiber to Crown Castle towers,
which are accounted for as deferred site rental revenues and recognized over
the estimated period the contributions are earned (currently eight years).

FINANCING AND INVESTING ACTIVITIES

"We had a terrific quarter exceeding our expectations for site rental revenue,
site rental gross margin, Adjusted EBITDA and AFFO," stated Jay Brown, Crown
Castle's Chief Financial Officer. "As a result of our strong results in the
first quarter and the significant increase in new leasing activity, we have
increased our 2013 Outlook, including increasing 2013 AFFO per share to $3.86,
representing 27% expected growth from 2012. The revised Outlook significantly
increases our expectation for growth in site rental revenue and site rental
gross margin during 2013.Compared to our previous expectations, we have
increased our forecast for incremental growth in site rental gross margin
during the year by 18%, driven primarily by the increase in application volume
so far this year.The increase in expected new leasing activity is most
impactful to our Outlook for fourth quarter 2013 and our site rental revenue
run-rates as we head into 2014."

During the first quarter of 2013, Crown Castle invested approximately $116
million in capital expenditures, comprised of$16 million of land purchases,
$7 million of sustaining capital expenditures and $94 million of revenue
generating capital expenditures, the latter consisting of $58 million on
existing sites and $36 million on the construction of new sites, primarily
small cell networks.

Further, during the first quarter of 2013, Crown Castle purchased 0.3 million
of its common shares using $23.6 million in cash at an average price of $69
per share.Diluted common shares outstanding at March 31, 2013 were 292.9
million.Since January 2003, Crown Castle has spent $2.8 billion to purchase
101.4 million of its common shares and potential shares, at an average price
of $27 per share.

In April 2013, Crown Castle refinanced its existing $1.58 billion Term Loan B
and effectively lowered the rate on the loan by 75 basis points, saving
approximately $12 million in annual interest expense. The maturity and terms
of the loan remained unchanged.

OUTLOOK

This Outlook section contains forward-looking statements, and actual results
may differ materially.Information regarding potential risks which could cause
actual results to differ from the forward-looking statements herein is set
forth below and in Crown Castle's filings with the Securities and Exchange
Commission ("SEC").

The following Outlook is based on current expectations and assumptions and
assumes a US dollar to Australian dollar exchange rate of 1.0 US dollar to 1.0
Australian dollar.

As reflected in the table below, Crown Castle has increased the midpoint of
its full year 2013 Outlook (previously issued on January 23, 2013) for site
rental revenue by $24 million, site rental gross margin by $14 million,
Adjusted EBITDA by $29 million, and AFFO by $57 million.

Crown Castle expects non-recurring items in site rental revenue for the second
quarter 2013 to be approximately $4 million lower than first quarter
2013.Further, Crown Castle expects site rental cost of operations in second
quarter 2013 to increase by approximately $3 million due to seasonal increase
in repairs and maintenance, and expects services gross margin to be
approximately $12 million lower than the first quarter.

The following table sets forth Crown Castle's current Outlook for second
quarter 2013 and full year 2013:

                                      

(in millions, except per share         Second Quarter 2013   Full Year 2013
amounts)
Site rental revenues                   $612 to $617          $2,470 to $2,480
Site rental cost of operations         $179 to $184          $715 to $725
Site rental gross margin               $430 to $435          $1,749 to $1,759
Adjusted EBITDA                        $426 to $431          $1,722 to $1,732
Interest expense and amortization of   $138 to $143          $584 to $594
deferred financing costs^(a)
FFO                                    $255 to $260          $982 to $992
AFFO                                   $274 to $279          $1,126 to $1,136
AFFO per share^(b)                     $0.94 to $0.95        $3.84 to $3.88
Net income (loss)                      $23 to $63            $102 to $198
Net income (loss) per share -          $0.08 to $0.22        $0.35 to $0.68
diluted^(b)
(a) See the reconciliation of "Components of interest expense and amortization
of deferred financing costs" herein for a discussion of non-cash interest
expense.
(b) Based on 292.9 million diluted shares outstanding as of March 31, 2013.

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, April 25, 2013, at
10:30 a.m. Eastern Time.The conference call may be accessed by dialing
480-629-9722 and asking for the Crown Castle call at least 30 minutes prior to
the start time.The conference call may also be accessed live over the
Internet at http://investor.crowncastle.com. Any supplemental materials for
the call will be posted on the Crown Castle website at
http://investor.crowncastle.com.

A telephonic replay of the conference call will be available from 12:30 p.m.
Eastern Time on Thursday,April 25, 2013, through 11:59 p.m. Eastern Time on
May 2, 2013, and may be accessed by dialing 303-590-3030 using access code
4611818.An audio archive will also be available on the company's website at
http://investor.crowncastle.com shortly after the call and will be accessible
for approximately 90 days.

Crown Castle owns, operates and leases towers and other infrastructure for
wireless communications.Crown Castle offers significant wireless
communications coverage to 98 of the top 100 US markets and to substantially
all of the Australian population.Crown Castle owns, operates and manages over
30,000 and approximately 1,700 wireless communication sites in the US and
Australia, respectively.For more information on Crown Castle, please visit
www.crowncastle.com.

Non-GAAP Financial Measures and Other Calculations

This press release includes presentations of Adjusted EBITDA, Funds from
Operations and Adjusted Funds from Operations, which are non-GAAP financial
measures. These non-GAAP financial measures are not intended as alternative
measures of operating results or cash flow from operations (as determined in
accordance with Generally Accepted Accounting Principles ("GAAP")). Each of
the amounts included in the calculation of Adjusted EBITDA, FFO, and AFFO are
computed in accordance with GAAP, with the exception of: (1) sustaining
capital expenditures, which is not defined under GAAP and (2) our adjustment
to the income tax provision in calculations of FFO and AFFO.

Our measures of Adjusted EBITDA, FFO and AFFO may not be comparable to
similarly titled measures of other companies, including other companies in the
tower sector or those reported by REITs. FFO and AFFO presented are not
necessarily indicative of the operating results that would have been achieved
had we converted to a REIT, nor are they necessarily indicative of future
financial position or operating results. Our FFO and AFFO may not be
comparable to those reported in accordance with National Association of Real
Estate Investment Trusts, including as a result of our adjustment to the
income tax provision to reflect our estimate of the cash taxes had we been a
REIT.

Adjusted EBITDA, FFO and AFFO are presented as additional information because
management believes these measures are useful indicators of the financial
performance of our core businesses. In addition, Adjusted EBITDA is a measure
of current financial performance used in our debt covenant calculations.

Adjusted EBITDA. Crown Castle defines Adjusted EBITDA as net income (loss)
plus restructuring charges (credits), asset write-down charges, acquisition
and integration costs, depreciation, amortization and accretion, amortization
of prepaid lease purchase price adjustments, interest expense and amortization
of deferred financing costs, gains (losses) on retirement of long-term
obligations, net gain (loss) on interest rate swaps, impairment of
available-for-sale securities, interest income, other income (expense),
benefit (provision) for income taxes, cumulative effect of change in
accounting principle, income (loss) from discontinued operations and
stock-based compensation expense.

Funds from Operations. Crown Castle defines Funds from Operations as net
income plus adjusted tax provision plus real estate depreciation, amortization
and accretion.

Adjusted Funds from Operations. Crown Castle defines Adjusted Funds from
Operations as Funds from Operations before straight-line revenue,
straight-line expense, stock-based compensation expense, non-real estate
related depreciation, amortization and accretion, amortization of deferred
financing costs, debt discounts, and interest rate swaps, other (income) and
expense, gain (loss) on retirement of long-term obligations, net gain (loss)
on interest rate swaps, acquisition and integration costs, asset write-down
charges and less capital improvement capital expenditures and corporate
capital expenditures.

Sustaining capital expenditures. Crown Castle defines sustaining capital
expenditures as either (1) corporate related capital improvements, such as
information technology equipment and office equipment or (2) capital
improvements to tower sites that enable our customers' ongoing quiet enjoyment
of the tower.

The tables set forth below reconcile these non-GAAP financial measures to
comparable GAAP financial measures. The components in these tables may not sum
to the total due to rounding.

Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial
Measures:

Adjusted EBITDA for the three months ended March 31, 2013 and 2012 is computed
as follows:

                                                   
                                                   For the Three Months Ended
                                                   March31,     March31,
                                                    2013          2012
(in millions)                                                    
Net income (loss)                                   $16.7         $50.3
Adjustments to increase (decrease) net income                    
(loss):
Asset write-down charges                            3.7           3.0
Acquisition and integration costs                   1.6           1.7
Depreciation, amortization and accretion            186.5         139.4
Amortization of prepaid lease purchase price        3.9           2.6
adjustments
Interest expense and amortization of deferred       164.4         137.5
financing costs
Gains (losses) on retirement of long-term           35.9          7.1
obligations
Interest income                                     (0.3)         (0.4)
Other income (expense)                              0.6           1.1
Benefit (provision) for income taxes                17.7          6.7
Stock-based compensation expense                    10.1          11.2
Adjusted EBITDA                                     $440.8        $360.1

Adjusted EBITDA for the quarter ending June30, 2013 and the year ending
December31, 2013 is forecasted as follows:

                                                            
                                                Q2 2013      Full Year 2013
(in millions)                                    Outlook      Outlook
Net income (loss)                                $23 to $63   $102 to $198
Adjustments to increase (decrease) net income                
(loss):
Asset write-down charges                         $4 to $6     $14 to $24
Acquisition and integration costs                $2 to $6     $6 to $16
Depreciation, amortization and accretion         $185 to $190 $737 to $757
Amortization of prepaid lease purchase price     $3 to $5     $14 to $16
adjustments
Interest expense and amortization of deferred    $138 to $143 $584 to $594
financing costs^(a)
Gains (losses) on retirement of long-term        $0 to $0     $36 to $36
obligations
Interest income                                  $(1) to $1   $(2) to $0
Other income (expense)                           $0 to $2     $2 to $4
Benefit (provision) for income taxes             $28 to $39   $103 to $128
Stock-based compensation expense                 $9 to $11    $40 to $45
Adjusted EBITDA                                  $426 to $431 $1,722 to $1,732

  (a) See the reconciliation of "Components of interest expense and
  amortization of deferred financing costs" herein for a discussion of
  non-cash interest expense.

FFO and AFFO for the quarter ending June30, 2013 and the year ending
December31, 2013 is forecasted as follows:

                                                            
                                              Q2 2013        Full Year 2013
(in millions)                                  Outlook        Outlook
Net income                                     $23 to $63     $102 to $198
Adjusted tax provision ^ (a)                   $26 to $37     $97 to $122
Real estate related depreciation, amortization $181 to $184   $719 to $734
and accretion
FFO                                            $255 to $260   $982 to $992
                                                            
FFO (from above)                               $255 to $260   $982 to $992
Straight-line revenue ^(b)                     $(40) to $(35) $(141) to $(126)
Straight-line expense                          $19 to $24     $76 to $91
Stock-based compensation expense               $9 to $11      $40 to $45
Non-real estate related depreciation,          $4 to $6       $18 to $23
amortization and accretion
Amortization of deferred financing costs, debt $19 to $23     $94 to $105
discounts and interest rate swaps
Other (income) expense                         $0 to $2       $2 to $4
Gains (losses) on retirement of long-term      $0 to $0       $36 to $36
obligations
Acquisition and integration costs              $2 to $6       $6 to $16
Asset write-down charges                       $4 to $6       $14 to $24
Capital improvement capital expenditures       $(6) to $(4)   $(22) to $(20)
Corporate capital expenditures                 $(6) to $(4)   $(16) to $(14)
AFFO                                           $274 to $279   $1,126 to $1,136

  (a) Adjusts the income tax provision to reflect our estimate of the cash
  taxes had we been a REIT, which predominately relates to foreign taxes
  paid.As a result, income tax expense (benefit) is lower by the amount of
  the adjustment.

  (b) Assumes prepaid rents of between $30 million and $35 million and
  between $136 million and $151 million for Q2 2013 and Full Year 2013,
  respectively.

FFO and AFFO for the three months ended March31, 2013 and 2012 are computed
as follows:

                                                   For the Three Months Ended
(in millions)                                       March31,     March31,
                                                    2013          2012
Net income                                          $16.7         $50.3
Adjusted tax provision ^ (a)                        16.1          6.2
Real estate related depreciation, amortization and  181.8         134.0
accretion
FFO                                                 $214.6        $190.5
Weighted average common shares outstanding —        292.6         285.9
diluted
FFO per share                                       $0.73         $0.67
                                                                
FFO (from above)                                    214.6         190.5
Straight-line revenue ^(b)                          (30.6)        (53.7)
Straight-line expense                               20.6          11.8
Stock-based compensation expense                    10.1          11.2
Non-real estate related depreciation, amortization  4.7           5.3
and accretion
Amortization of deferred financing costs, debt      36.9          24.5
discounts and interest rate swaps
Other (income) expense                              0.6           1.1
Losses (gains) on retirements of long-term          35.9          7.1
obligations
Acquisition and integration costs                   1.6           1.7
Asset write-down charges                            3.7           3.0
Capital improvement capital expenditures            (3.3)         (2.5)
Corporate capital expenditures                      (3.6)         (1.7)
AFFO                                                $291.2        $198.3
Weighted average common shares outstanding —        292.6         285.9
diluted
AFFO per share                                      $1.00         $0.69

  (a) Adjusts the income tax provision to reflect our estimate of the cash
  taxes had we been a REIT, which predominately relates to foreign taxes
  paid.As a result, income tax expense (benefit) is lower by the amount of
  the adjustment.

  (b) Inclusive of prepaid rents of $44 million and $11 million for Q1 2013
  and Q1 2012, respectively.

Other Calculations:

The components of interest expense and amortization of deferred financing
costs for the three months ended March31, 2013 and 2012 are as follows:

                                                   For the Three Months Ended
(in millions)                                       March31,     March31,
                                                    2013          2012
Interest expense on debt obligations                $127.4        $113.0
Amortization of deferred financing costs            9.0           4.8
Amortization of adjustments on long-term debt       11.4          3.8
Amortization of interest rate swaps^(a)             16.3          16.3
Other, net                                          0.2           (0.4)
Interest expense and amortization of deferred       $164.4        $137.5
financing costs^(b)

  (a) Relates to the amortization of interest rate swaps, all of which has
  been cash settled in prior periods.

  (b) First quarter 2013 is inclusive of $16.5 million of non-cash expense
  related to the 9% senior notes and the 7.75% secured notes that were retired
  in January 2013.

The components of interest expense and amortization of deferred financing
costs for the quarter ending June30, 2013 and the year ending December31,
2013 are forecasted as follows:

                                                  Q2 2013      Full Year 2013
(in millions)                                      Outlook      Outlook
Interest expense on debt obligations               $119 to $121 $485 to $495
Amortization of deferred financing costs           $5 to $6     $25 to $27
Amortization of adjustments on long-term debt      $(1) to $0   $8 to $10
Amortization of interest rate swaps ^(a)           $15 to $17   $62 to $67
Other, net                                         $0 to $0     $(1) to $1
Interest expense and amortization of deferred      $138 to $143 $584 to $594
financing costs ^(b)

  (a) Relates to the amortization of interest rate swaps, all of which has
  been cash settled in prior periods.

  (b) Full year 2013 is inclusive of $16.5 million of non-cash expense
  related to the 9% senior notes and the 7.75% secured notes that were retired
  in January 2013.

Debt balances and maturity dates as of March31, 2013:

(in millions)                                                  
                                                    Face Value Final Maturity
Revolver                                             $1,088.0   January 2017
Term Loan A                                          475.0      January 2017
Term Loan B                                          1,580.0    January 2019
7.125% Senior Notes Due 2019                         500.0      November 2019
5.25% Senior Notes                                   1,650.0    January 2023
2012 Senior Notes^(a)                                1,500.0    2017/2023
Senior Secured Notes, Series 2009-1^(b)              193.8      Various
Senior Secured Tower Revenue Notes, Series           1,900.0    Various
2010-1-2010-3^(c)
Senior Secured Tower Revenue Notes, Series           1,550.0    Various
2010-4-2010-6^(d)
WCP Secured Wireless Site Contracts Revenue Notes,   291.9      November 2040
Series 2010-1^(e)
Capital Leases and Other Obligations                 98.6       Various
Total Debt                                           $10,827.3  
Less: Cash and Cash Equivalents^(f)                  $160.9     
Net Debt                                             $10,666.4  

  (a) The 2012 Senior Notes consist of $500 million aggregate principal
  amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal
  amount of 3.849% secured notes due 2023.

  (b) The Senior Secured Notes, Series 2009-1 consist of $123.8 million of
  principal as of March 31, 2013 that amortizes during the period beginning
  January 2010 and ending in 2019, and $70.0 million of principal that
  amortizes during the period beginning in 2019 and ending in 2029.

  (c) The Senior Secured Tower Revenue Notes Series 2010-1, 2010-2 and
  2010-3 have principal amounts of $300.0 million, $350.0 million, and
  $1,250.0 million with anticipated repayment dates of 2015, 2017, and 2020,
  respectively.

  (d) The Senior Secured Tower Revenue Notes Series 2010-4, 2010-5 and
  2010-6 have principal amounts of $250.0 million, $300.0 million and $1,000.0
  million with anticipated repayment dates of 2015, 2017 and 2020,
  respectively.

  (e) The WCP Secured Wireless Site Contracts Revenue Notes, Series
  2010-1 ("WCP Securitized Notes") were assumed in connection with the WCP
  acquisition.If WCP Securitized Notesare not repaid in full by their
  anticipated repayment dates in 2015, the applicable interest rate increases
  by an additional approximately 5% per annum.If the WCP Securitized Notes
  are not repaid in full by their rapid amortization date of 2017, monthly
  principal payments commence.

  (f) Excludes restricted cash.

Sustaining capital expenditures for the three months ended March31, 2013 and
2012 is computed as follows:

                                  
                                  For the Three Months Ended
(in millions)                      March31,     March31,
                                   2013          2012
Capital Expenditures               $116.4        $65.1
Less:Land purchases               16.0          27.9
Less:Tower improvements and other 57.8          25.9
Less:Construction of towers       35.7          7.0
Sustaining capital expenditures    $6.9          $4.3

                                      

           Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements and information that
are based on our management's current expectations.Such statements include,
but are not limited to, plans, projections, Outlook and estimates regarding
(i) new leasing activity andapplication volume, including the impact on our
results and operations which may be derived therefrom, (ii) non-recurring
items, (iii) cash flow, (iv) our growth, (v) currency exchange rates, (vi)
site rental revenues, (vii) site rental cost of operations, including repairs
and maintenance, (viii) site rental gross margin and services gross margin,
(ix) Adjusted EBITDA, (x) interest expense and amortization of deferred
financing costs, (xi) FFO, (xii) AFFO, including on a per share basis, (xiii)
net income (loss), including on a per share basis, (xiv) prepaid rents, (xv)
our common shares outstanding, including on a diluted basis and (xvi) the
utility of certain financial measures in analyzing our results.

Such forward-looking statements are subject to certain risks, uncertainties
and assumptions, including but not limited to prevailing market conditions and
the following:

  *Our business depends on the demand for wireless communications and
    wireless infrastructure, and we may be adversely affected by any slowdown
    in such demand. Additionally, a reduction in carrier network investment
    may materially and adversely affect our business (including reducing
    demand for new tenant additions and network services).
  *A substantial portion of our revenues is derived from a small number of
    customers, and the loss, consolidation or financial instability of any of
    our limited number of customers may materially decrease revenues and
    reduce demand for our wireless infrastructure and network services.
  *Our substantial level of indebtedness could adversely affect our ability
    to react to changes in our business, and the terms of our debt instruments
    limit our ability to take a number of actions that our management might
    otherwise believe to be in our best interests. In addition, if we fail to
    comply with our covenants, our debt could be accelerated.
  *We have a substantial amount of indebtedness. In the event we do not repay
    or refinance such indebtedness, we could face substantial liquidity issues
    and might be required to issue equity securities or securities convertible
    into equity securities, or sell some of our assets to meet our debt
    payment obligations.
  *Sales or issuances of a substantial number of shares of our common stock
    may adversely affect the market price of our common stock.
  *As a result of competition in our industry, including from some
    competitors with significantly more resources or less debt than we have,
    we may find it more difficult to achieve favorable rental rates on our new
    or renewing customer contracts.
  *The business model for our small cell operations contains differences from
    our traditional site rental business, resulting in different operational
    risks. If we do not successfully operate that business model or identify
    and manage those operational risks, such operations may produce results
    that are less than anticipated.
  *New technologies may significantly reduce demand for our wireless
    infrastructure and negatively impact our revenues.
  *New wireless technologies may not deploy or be adopted by customers as
    rapidly or in the manner projected.
  *If we fail to retain rights to the land under our wireless infrastructure,
    our business may be adversely affected.
  *Our network services business has historically experienced significant
    volatility in demand, which reduces the predictability of our results.
  *The expansion and development of our business, including through
    acquisitions, increased product offerings, and other strategic growth
    opportunities, may cause disruptions in our business, which may have an
    adverse effect on our business, operations and financial results.
  *If we fail to comply with laws and regulations which regulate our business
    and which may change at any time, we may be fined or even lose our right
    to conduct some of our business.
  *If radio frequency emissions from wireless handsets or equipment on our
    wireless infrastructure are demonstrated to cause negative health effects,
    potential future claims could adversely affect our operations, costs and
    revenues.
  *Certain provisions of our certificate of incorporation, bylaws and
    operative agreements and domestic and international competition laws may
    make it more difficult for a third party to acquire control of us or for
    us to acquire control of a third party, even if such a change in control
    would be beneficial to our stockholders.
  *We may be adversely affected by our exposure to changes in foreign
    currency exchange rates relating to our operations in Australia.

Should one or more of these or other risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those expected.More information about potential risk factors
which could affect our results is included in our filings with the SEC.As
used in this press release, the term "including", and any variation thereof,
means "including, without limitation."


CROWN CASTLE INTERNATIONAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(in thousands)
                                                                
                                                     March 31,   December 31,
                                                     2013        2012
ASSETS                                                           
Current assets:                                                  
Cash and cash equivalents                             $160,865    $441,364
Restricted cash                                       139,455     575,938
Receivables, net                                      212,732     192,833
Deferred income tax assets                            180,817     193,420
Other current assets                                  171,546     177,769
Total current assets                                  865,415     1,581,324
Deferred site rental receivables, net                 926,705     864,819
Property and equipment, net                           6,882,411   6,917,531
Goodwill                                              3,180,510   3,119,957
Other intangible assets, net                          2,861,315   2,941,696
Deferred income tax assets                            31,616      33,914
Long-term prepaid rent, deferred financing costs and  624,533     629,468
other assets, net
Total assets                                          $15,372,505 $16,088,709
                                                                
LIABILITIES AND EQUITY                                           
Current liabilities:                                             
Accounts payable and other accrued liabilities        $311,995    $308,675
Deferred revenues                                     230,792     241,127
Current maturities of debt and other obligations      94,839      688,056
Total current liabilities                             637,626     1,237,858
Debt and other long-term obligations                  10,741,317  10,923,186
Deferred income tax liabilities                       50,336      65,830
Below-market tenant leases, deferred ground lease     978,595     910,571
payable and other liabilities
Total liabilities                                     12,407,874  13,137,445
CCIC Stockholders' equity                             2,950,413   2,938,746
Noncontrolling interest                               14,218      12,518
Total equity                                          2,964,631   2,951,264
Total liabilities and equity                          $15,372,505 $16,088,709



CROWN CASTLE INTERNATIONAL CORP.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
(in thousands)
                                                          
                                                          Three Months Ended
                                                           March 31,
                                                          2013      2012
Net revenues:                                                       
Site rental                                                $615,415  $497,529
Network services and other                                 124,645   54,216
Net revenues                                               740,060   551,745
Operating expenses                                                  
Costs of operations (exclusive of depreciation,                     
amortization and accretion):
Site rental                                                177,606   122,871
Network services and other                                 77,377    31,521
General and administrative                                 58,246    51,001
Asset write-down charges                                   3,715     3,044
Acquisition and integration costs                          1,602     1,680
Depreciation, amortization and accretion                   186,459   139,400
Total operating expenses                                   505,005   349,517
Operating income (loss)                                    235,055   202,228
Interest expense and amortization of deferred financing    (164,369) (137,472)
costs
Gains (losses) on retirement of long-term obligations      (35,909)  (7,068)
Interest income                                            297       354
Other income (expense)                                     (629)     (1,077)
Income (loss) before income taxes                          34,445    56,965
Benefit (provision) for income taxes                       (17,708)  (6,695)
Net income (loss)                                          16,737    50,270
Less:Net income (loss) attributable to the noncontrolling 1,275     239
interest
Net income (loss) attributable to CCIC stockholders        15,462    50,031
Dividends on preferred stock                               —         (2,629
Net income (loss) attributable to CCIC stockholders after  $15,462   $47,402
deduction of dividends on preferred stock
                                                                   
Net income (loss) attributable to CCIC common
stockholders, after deduction of dividends on preferred             
stock, per common share:
Basic                                                      $0.05     $0.17
Diluted                                                    $0.05     $0.17
                                                                   
Weighted average common shares outstanding (in thousands):          
Basic                                                      291,102   284,913
Diluted                                                    292,570   285,853



CROWN CASTLE INTERNATIONAL CORP.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(in thousands)
                                                 
                                                 Three Months Ended March 31,
                                                 2013          2012
Cash flows from operating activities:                          
Net income (loss)                                 $16,737       $50,270
Adjustments to reconcile net income (loss) to net              
cash provided by (used for) operating activities:
Depreciation, amortization and accretion          186,459       139,400
Gains (losses) on retirement of long-term         35,909        7,068
obligations
Amortization of deferred financing costs and      36,920        24,465
other non-cash interest
Stock-based compensation expense                  10,029        9,035
Asset write-down charges                          3,715         3,044
Deferred income tax benefit (provision)           14,740        4,813
Other adjustments, net                            765           4
Changes in assets and liabilities, excluding the               
effects of acquisitions:
Increase (decrease) in liabilities                31,539        (14,361
Decrease (increase) in assets                     (50,187)      (61,526)
Net cash provided by (used for) operating         286,626       162,212
activities
Cash flows from investing activities:                          
Payments for acquisition of businesses, net of    (12,810)      (221,316)
cash acquired
Capital expenditures                              (116,353)     (65,052)
Other investing activities, net                   147           1,195
Net cash provided by (used for) investing         (129,016)     (285,173)
activities
Cash flows from financing activities:                          
Proceeds from issuance of long-term debt          —             2,095,000
Proceeds from issuance of capital stock           —             195
Principal payments on debt and other long-term    (25,333)      (13,631)
obligations
Purchases and redemptions of long-term debt       (644,422)     (648,385)
Purchases of capital stock                        (23,579)      (35,476)
Payments under revolving credit facility          (165,000)     (251,000)
Payments for financing costs                      (3,927)       (40,237)
Net decrease (increase) in restricted cash        425,774       948
Dividends on preferred stock                      —             (2,481)
Net cash provided by (used for) financing         (436,487)     1,104,933
activities
Effect of exchange rate changes on cash           (1,622)       1,592
Net increase (decrease) in cash and cash          (280,499)     983,564
equivalents
Cash and cash equivalents at beginning of period  441,364       80,120
Cash and cash equivalents at end of period        $160,865      $1,063,684
Supplemental disclosure of cash flow information:              
Interest paid                                     99,871        123,140
Income taxes paid                                 2,645         884



CROWN CASTLE INTERNATIONAL CORP.
Summary Fact Sheet
(dollars in millions)
                 
                 Quarter Ended
                 6/30/2012           9/30/2012           12/31/2012          3/31/2013
                 CCUSA  CCAL  CCIC   CCUSA  CCAL  CCIC   CCUSA  CCAL  CCIC   CCUSA  CCAL  CCIC
Revenues                                                                        
Site Rental       $487.8 $29.8 $517.6 $507.2 $31.5 $538.8 $537.9 $32.4 $570.3 $581.3 $34.1 $615.4
Services          62.0   5.9   67.9   78.3   4.3   82.6   98.0   5.8   103.8  117.9  6.8   124.6
Total Revenues    549.8  35.7  585.5  585.5  35.8  621.3  635.9  38.2  674.1  699.1  40.9  740.1
                                                                               
Operating                                                                       
Expenses
Site Rental       123.1  8.5   131.6  126.1  9.3   135.3  140.6  8.9   149.5  167.6  10.0  177.6
Services          36.8   3.4   40.3   46.6   3.4   50.0   63.5   4.4   67.9   71.8   5.5   77.4
Total Operating   159.9  11.9  171.8  172.7  12.7  185.3  204.1  13.3  217.4  239.4  15.5  255.0
Expenses
                                                                               
General &         41.5   5.5   47.1   50.5   5.4   55.9   49.3   9.4   58.6   52.6   5.7   58.2
Administrative
                                                                               
Add: Stock-Based  8.1    —     8.0    16.3   (0.1) 16.2   8.4    3.6   12.0   10.0   0.1   10.1
Compensation
Add:Amortization
of prepaid lease  3.9    —     3.9    3.9    —     3.9    3.9    —     3.9    3.9    —     3.9
purchase price
adjustments
Adjusted EBITDA   $360.3 $18.2 $378.5 $382.6 $17.6 $400.2 $394.8 $19.1 $413.9 $421.0 $19.8 $440.8

                                      

              Quarter Ended
              6/30/2012       9/30/2012       12/31/2012      3/31/2013
              CCUSA CCAL CCIC CCUSA CCAL CCIC CCUSA CCAL CCIC CCUSA CCAL CCIC
Gross Margins:                                                 
Site Rental    75%   71%  75%  75%   71%  75%  74%   73%  74%  71%   71%  71%
Services       41%   42%  41%  40%   20%  39%  35%   24%  35%  39%   18%  38%
                                                              
Adjusted       66%   51%  65%  65%   49%  64%  62%   50%  61%  60%   48%  60%
EBITDA

Reconciliation of Non-GAAP Financial Measure (Adjusted EBITDA) to GAAP
Financial Measure:

(dollars in millions)                                             
                                     Quarter Ended
                                     6/30/2012 9/30/2012 12/31/2012 3/31/2013
Net income (loss)                     $117.1    $43.2     $(9.6)     $16.7
Adjustments to increase (decrease)                                
net income (loss):
Asset write-down charges              3.6       1.6       7.3        3.7
Acquisition and integration costs     7.5       2.9       6.2        1.6
Depreciation, amortization and        152.5     154.9     175.8      186.5
accretion
Amortization of prepaid lease         3.9       3.9       3.9        3.9
purchase price adjustment
Interest expense, amortization of     144.9     144.9     173.7      164.4
deferred financing costs
Gains (losses) on retirement of       7.5       —         117.4      35.9
long-term obligations
Interest income                       (0.4)     (0.3)     (3.5)      (0.3)
Other income (expense)                2.2       0.6       1.4        0.6
Benefit (provision) for income taxes  (68.4)    32.3      (70.6)     17.7
Stock-based compensation              8.0       16.2      12.0       10.1
Adjusted EBITDA                       $378.5    $400.2    $413.9     $440.8
                                                                 
Note:Components may not sum to total                             
due to rounding.

CCI Fact Sheet
(dollars in millions)

                                      

                                                 Quarter Ended
                                                 3/31/2012 3/31/2013 % Change
CCUSA                                                               
Site Rental Revenues                              $468.1    $581.3    24%
Ending Towers ^(a)                                22,205    29,836    34%
                                                                   
CCAL                                                                
Site Rental Revenues                              $29.4     $34.2     16%
Ending Towers ^(a)                                1,605     1,740     8%
                                                                   
Total CCIC                                                          
Site Rental Revenues                              $497.5    $615.4    24%
Ending Towers ^(a)                                23,810    31,576    33%
                                                                   
Ending Cash and Cash Equivalents                  $1,063.7* $160.9*   
Total Face Value of Debt                          $8,472.9  $10,827.3 
Net Debt                                          $7,409.2  $10,666.4 
                                                                   
Net Leverage Ratios:^(b)                                            
Net Debt / Adjusted EBITDA                        5.1X      6.0X      
Last Quarter Annualized Adjusted EBITDA           $1,440.2  $1,763.2  
                                                                   
*Excludes Restricted Cash                                           
(a) Exclusive of DAS                                                
(b) Based on Face Values                                            
                                                                   
Note:Components may not sum to total due to                        
rounding.

CONTACT: Jay Brown, CFO
         Fiona McKone, VP - Corporate Finance
         Crown Castle International Corp.
         713-570-3050

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