Houston-based Crown Castle Inc., which changed its legal name from Crown Castle International Corp. on Aug. 1, 2022, is a leading independent operator of wireless communication infrastructure assets in the United States. The company is engaged in the ownership, management and leasing of more than 40,000 cell towers and around 90,000 route miles of fiber supporting small cells and fiber solutions spread across key markets in the nation.

On Sept. 9, 2013, the board of directors of Crown Castle approved the steps needed to reorganize the company to qualify as a real estate investment trust (REIT) for tax purposes. Crown Castle became a REIT on Jan. 1, 2014.

The company's operating segment consists of towers (67.3% of site-rental revenues for the second quarter of 2024) and fiber (32.7%) which includes both small cells and fiber solutions.

Crown Castle reports revenues under site rental (97.2% of net revenues for the second quarter of 2024) and services and other (2.8%). The company generates site-rental revenues from its core business by entering long-term tenant contracts in various forms, including lease, licensing, sublease and service agreements with its tenants, for space or capacity at its shared communications infrastructures.

Revenues from services and other segment are generated by offering certain services primarily relating to its towers segment, consisting of site-development and installation services.

Importantly, the three major U.S. wireless carriers Verizon, AT&T and T-Mobile contributed nearly three-fourths of the REIT's site-rental revenues in the second quarter of 2024.

Note: All EPS numbers presented in this report represents funds from operations (FFO) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.