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Cautionary Language Regarding Forward-Looking Statements - page 24 / 28





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John Kelly

David, this is John Kelly. I'm going to start with the bottom and then go up and let Ben answer the question about the REIT to the C-Corp and the NOLs. That clearly is perhaps a question on the minds of some based on just pure kind of financial results in any particular quarter as Global Signal has been integrating the assets that they bought over the last year.

What we were looking at clearly was what are the leasing prospects on these particular towers independent of any integration challenges that Global Signal might have been experiencing because it was a pretty tall order to integrate 7,000 into a company that had a little over 3,000.

So we were looking at this from the standpoint of leasing prospects and when you hear us talking about accretion to our growth rates, it's because there are those prospects on these towers that when they are integrated into a company that has the ability to unlock that potential faster than what Global Signal is able to do on its own, this makes it a very compelling transaction for both us and for Global Signal.

Now your point in terms of the Global Signal question and certainly if I misstate, Jerry will jump in and will comment, but a question that a Global Signal management team and shareholder would have to ask is it appropriate to otherwise spend the next so many years, because this is not an activity that otherwise is remedied in a few weeks' timeframe. You don't just go off and buy something at your local electronics retailer to introduce new systems and so tware and processes and so forth. This takes some time to otherwise get to where we have taken Crown Castle over the last five years.

I would imagine that from Global Signal's perspective, and again I will ask Jerry to comment on that, it was the question of do you otherwise make this yourself or do you merge this into a company where given the nature of the transaction, the significant stock element associated with it, you participate in that growth rate in the combined company, but otherwise have been able to accelerate your ability to unleash the potential of your towers because you're bringing them into a company that already has all those systems and processes.

I would just look to Jerry to see whether or not I've misstated any of the Global perspective on that.

Jerry Elliott

No, David, John's stating it exactly correctly. From our perspective again I think about everything in the context of growing and driving free cash flow and free cash flow per share. So if you look at our ability to do that, this transaction significantly enhances not only the timing that we can grow free cash flow, I think ultimately it'll improve the rate of that growth, but also just as importantly from our perspective, the probability of our chances of success. That's simply put.


Crown Castle International

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