Crown Castle International Corp. Reports Operating Results (10-K)
Crown Castle International Corp. has a market cap of $14.03 billion; its shares were traded at around $49.4 with a P/E ratio of 89.65 and P/S ratio of 6.9. Crown Castle International Corp. had an annual average earning growth of 11.7% over the past 10 years.
Highlight of Business Operations:We own, lease or manage approximately 23,800 towers, approximately 800 nodes, primarily located outdoors and approximately 150 third party land interests. Revenues generated from our core site rental business represented 91% of our 2011 consolidated net revenues. CCUSA, our largest operating segment, accounted for 94% of our 2011 site rental revenues. See "Item 1. Business" for a further discussion of our business, including our long-term strategy, certain key terms of our lease agreements and growth trends in the wireless communications industry.
We expect our site rental revenues will grow approximately 5% from the full year 2011 to 2012. We expect our new tenant additions, inclusive of the estimated impact from Sprint as it deploys network enhancements (referred to as Network Vision), will result in an approximately 5% year-over-year growth in site rental revenues from 2011 to 2012, exclusive of the impact of the WCP acquisition and the anticipated closing of the NextG acquisition. Our 2012 site rental revenue growth expectations do not assume any net contribution to growth from the existing base of business (which have historically averaged approximately 4% per annum) as the increase attributable to lease escalations and straight-line impact of renewals is expected to be offset by the timing of expected cancellations of customer contracts due to prior wireless carrier consolidation.
Weighted-average remaining term of approximately nine years, exclusive of renewals at the customer's option, representing approximately $17 billion of expected future cash inflows.
Approximately 89% and 73% of our site rental gross margin is derived from towers that we own or control for greater than ten and 20 years, respectively. The aforementioned percentages include towers that reside on land interests that are owned in fee or where we have perpetual or long-term easements, which represent approximately 34% of our site rental gross margin.
Sustaining capital expenditures were $23.4 million, which represented less than 2% of net revenues.
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