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was something we wanted to use and gain. So it's really a perspective of we have all participated materially as multiples have increased because we've been buying our own towers and going forward it's a situation of you're dealing with the facts and circumstances as you see them today in your opportunity set.

Clearly our valuation has come up to the point where again mathematics would suggest that with a higher valuation, your ability to influence that growth rate is diminished through buying shares. It makes other opportunities look better, and that's again just the straight math.

As we look at that, we find ourselves in the situation where this looked, again the opportunity to double the footprint was 32% dilution because of the lower run rate creates a significant opportunity to enhance growth going forward.

Michael Rollins

Thank you.


Thank you. Our next question comes from David Barden with Banc of America Securities. Please go ahead.

David Barden

Hey, guys, thanks a lot. We covered a lot of ground, but I just want to ask a couple things. Number one was presumably going from a REIT to a C-Corp you'll have access again to some of the NOLs that exist within Global Signal. If you could talk about how you plan to access those.

And then second is maybe either one of your guys, Jerry or Ben, in terms of the master lease agreements that you have here in terms of change of control provisions, what if any implications are there for aligning lease term, most favored nation lease pricing status, any kind of post-merger implications on that?

The last would be, and again I guess you can tell there's a few things people are kind of trying to focus on, which is this idea that if your perception or assertion is that adding Global Signal to Crown Castle is going to be accretive to the growth rate, I think that that would be what we call a non- consensus view about the growth rate of Global Signal.

Maybe the question would be if Global Signal thought they could achieve that growth rate themselves going from a discount to a premium growth rate, they probably wouldn't have sold themselves for only a 12% premium and a like-for-like multiple with Crown Castle.

Therefore, what is it really about selling towers that haven't been successful enough to be leased to the point of industry norm that you can actually do to accelerate that rate of lease up? Thank you very much.


Crown Castle International

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