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T-Mobile Selling Off Rights to 7,200 Cell Towers

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Replying to:  Let me get this strait? by Versed   Sep 28, 2012, 7:46 AM

Re: Let me get this strait?

by crossedsignals    Sep 28, 2012, 4:14 PM

From Crown Castle's SEC Form DEF 14A (shows all owners of CCI holding >5% of the firm):

Other Security Ownership

The following is a tabulation as of March 26, 2012 of our stockholders who own beneficially in excess of 5% of our Common Stock.

Shares Beneficially

Beneficial Owner
Number Percent(a)

T. Rowe Price Associates, Inc. (b)
33,598,667 11.47 %

100 E. Pratt Street

Baltimore, MD 21202

SPO Partners & Co. (c)
28,096,957 9.59 %

(including affiliates and related investment funds)

591 Redwood Highway, Suite 3215

Mill Valley, CA 94941

Capital Research Global Investors (d)
20,538,960 7.01 %

333 South Hope Street

Los Angeles, CA 90071

Janus Capital Management LLC (e)
18,541,068 6.33 %

151 Detroit Street

Denver, CO 80206

DT is not a significant owner of CCI.

The concept of a sale, leaseback is quite popular in a lot of industries: Aviation, Industrial tooling, and Wireless. T-Mo monetizes it's asset (the towers) in the near term, and pays for them over the long term. Combine this with the $4B they got from AT&T, and they should be able to significantly modernize their network, or possibly buy another operator (as is being reported elsewhere).

CCI, as a specialized operator of towers can reduce operating costs by leasing space to other operators on the formerly T-Mo towers.

Oh, and the tax benefits (depreciation expense) flow to the owner, meaning CCI will lower their tax bill.

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