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Again, we evaluate that and always will against alternatives, other asset acquisitions as we're sitting here today and demonstrating. But the approach would be the same and I would suggest that if we're successful in enhancing the growth rate and if that is not reflected in the valuation, well then the opportunity is that much greater to the remaining shareholders that choose not to sell and we don't hesitate for a minute to borrow in the very efficient structure we've established in the securitization market to arbitrage that valuation. It's just that simple and we'll continue to do that.

The time you'd see us really seriously consider the dividend would be when that growth rate slowed down and it becomes a very efficient way to maximize the valuation, again in a more typical REIT model and that's very similar to our views that we've had over the last three years.

Lale Topecuoglu

Great. Thank you.

John Kelly

Once again we thank all of you for joining us here on this call this morning as we've reviewed what we find is a very exciting opportunity for Crown Castle going forward. And I can tell you, I'm very excited about getting on with the activities necessary to close the transaction, working through that over the next few months and focusing on as early a close as possible.

I can also tell you that we are both focused on achieving our fourth quarter objectives that we laid out in essence when we provided you our guidance for the year on our last call, so there is no change in our focus as a company to ensure that we are achieving our fourth quarter financial objectives and goals.

We will also be starting down the path of planning for this integration so that in essence this will be a smooth and seamless integration of these two companies so that in essence we can do what is of paramount importance in building value by increasing revenue and its corresponding recurring cash flow per share which is helping our customers by being in a position to offer them most efficiently the most towers in the top 100 BTA’s in the United States of any other tower company out there.

I can't tell you how excited I am to be able to be bringing that offer to our customers with everything that we've accomplished as a company to date and those are the kinds of things you'll be hearing us talk about as we continue with calls into the future.

So with that, once again thank you all for joining us and I wish you a good day and, we'll talk to you on our third quarter earnings call here in the next few weeks.


Thank you. Ladies and gentlemen, that will conclude the Crown Castle


Crown Castle International

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