Crown Castle International Corp. has a market cap of $18.32 billion; its shares were traded at around $62.29 with a P/E ratio of 69.5 and P/S ratio of 9. Crown Castle International Corp. had an annual average earning growth of 12.4% over the past 10 years.
Highlight of Business Operations:We own, operate or lease shared wireless infrastructure, including: (1) towers, (2) distributed antenna systems ("DAS"), a type of small cell ("small cells"), and (3) third party land interests, including ground lease related assets. Our core business is renting space on our towers, small cells and third party land interests via long-term contracts in various forms. Revenues generated from our core site rental business represented 88% of our second quarter 2012 consolidated net revenues, of which 94% was attributable to our CCUSA operating segment. The vast majority of our site rental revenues is of a recurring nature and has been contracted for in a prior year. See our 2011 Form 10-K for a further discussion of our business, including our long-term strategy, growth trends in the wireless communications industry and our wireless infrastructure portfolio.
We expect our site rental revenues will grow approximately 13% from full year 2011 to full year 2012, inclusive of the impacts of all of the major U.S. wireless carriers deploying network enhancements, the NextG Acquisition and the WCP Acquisition. We expect our new tenant additions will contribute in excess of 6% to the year-over-year growth in site rental revenues from full year 2011 to full year 2012. Our 2012 site rental revenue growth expectations assumes less than 1% net contribution to growth from the existing base of business (which has historically contributed approximately 2% to 4% per annum to our site rental revenue growth) as the increase attributable to lease escalations and straight-line impact of renewals is expected to be offset by the timing of expected cancellation 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 $19 billion of expected future cash inflows.
Approximately 90% 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 in the land and other property interests, which represent approximately 34% of our site rental gross margin.
Sustaining capital expenditures were $11.5 million, which represented less than one quarter of a percent of net revenues.
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