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What I can just tell you is that we're excited about the growth prospects, and I think, Jonathan, that in addition to that by virtue of the large number that this company will have, it will make that one element of the discussion with new deploying carriers even that much easier because we're going to have that much more that we can solve for them up front in the combined company portfolio where they'll be dealing with one company in much more of their leasing needs because of what we're able offer them pro forma in this combination.

Jonathan Atkin

But from a pure demand standpoint, SouthPointe data in the past has allowed you to kind of give a number for number of tenants per tower over kind of a three to five year time period. Is that number for the Global Signal portfolio similar to what you found with Crown, higher, lower? Can you comment in just a little bit more detail on that?

John Kelly

That number when we run it on an absolute apples-to-apples basis is just slightly lower than what we were seeing for Crown Castle's base portfolio. But certainly from the standpoint of its ability to drive the financial objectives and goals that we otherwise have, absolutely no issue. It's not substantially lower, and it really depends. It's kind of a market by market definition, Jonathan, so in essence ...

Ben Moreland

It's enough to enhance the statement as we said before, the 20% to 25% growth because it's growth against a base.



Jonathan Atkin


John Kelly

And, as you know, the Global Signal portfolio is a combination of a few different portfolios. The majority of it of course is the very well located Sprint portfolio and then there's some other aspects of the portfolio from earlier acquisitions. And in the Crown Castle core portfolio, it is predominantly the big cellular and T-Mobile's PowerTel portfolios that we otherwise acquired to put together our core portfolio and that's why it is slightly less. But definitely the growth profile from our standpoint, and we did look at it in great detail, is sufficient and very exciting from the standpoint of driving the financial goals.

Jonathan Atkin

Two real quick follow ups. The range you gave for cost synergies does seem quite conservative. Wondering how you arrived at the numbers that you gave out in the press release.

And then on the use of free cash flow going forward, given that Global Signal's a REIT, you're not, can you just clarify what you're going to be doing going forward?


Crown Castle International

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