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June 2014

Cautionary Information
This presentation contains forward-looking statements and information that are based on management’s current expectations. Such
statements may include projections, Outlook and estimates regarding (i) leasing demand and demand for our wireless infrastructure,
including small cells and distributed antenna systems (“DAS”), (ii) our growth, growth prospects and opportunities, including drivers
of demand, (iii) shareholder returns, (iv) adoption of smartphones and cloud-based applications and consumption of mobile video, (v)
U.S. mobile data demand, traffic, usage and growth,(vi) carrier capital expenditures and network investments, (vii) capital
expenditures, (viii) U.S. wireless market, including the potential benefits, opportunities and returns therefrom, (ix) customer service,
(x) capital allocation and capital structure, (xi) our investments, including investments in the land under our wireless infrastructure,
(xii) our cost structure, including ground lease expense, (xiii) network density, (xiv) adjusted funds from operations (“AFFO”),
including on a per share basis, (xv) margins, including site rental gross margin and incremental margin, (xvi) revenues, including site
rental revenues, and (xvii) cash flows. The term “including”, and any variation thereof, means “including, without limitation.”
Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions
and other factors. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove
incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect
our results is included in our filings with the Securities and Exchange Commission. The Company assumes no obligation to update
publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

This presentation may include certain non-GAAP financial measures, including AFFO. Tables reconciling such non-GAAP financial
measures are set forth in the appendix hereto and the Supplemental Information Package posted in the Investors section of Crown
Castle’s website at http://investor.crowncastle.com.

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Company Overview
Real Estate Provider to the Wireless Industry

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Largest U.S. Provider of Wireless Infrastructure

 Well-positioned for
continued stability
and growth with key
presence in top 100
and top 50 U.S.
Basic Trading Areas
(BTAs)
 Top 100 BTAs
represent
approximately
74% of U.S.
population
 71% of towers in
top 100 BTAs
 56% of towers in
top 50 BTAs
 Crown Castle
currently owns
approximately
12,000 small cell
nodes and rights to
use 6,200 miles of
fiber

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Company History
AT&T
Towers (in thousands) Transaction
50
T-Mobile
Transaction
and WCP
40 Acquisitions

Acquired
BellSouth , Global Signal
Bell Atlantic Acquisition
30 and GTE
towers Mountain
Union
Acquired Acquisition
Powertel
20 towers Disposition of
UK Business
Initial Public
Offering
10

0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Note: Chart area represents approximate quantity of assets at fiscal year end

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Growth through Execution and
Disciplined Capital Allocation
Maximize Long-Term Total Shareholder Returns

AFFO per Share
 Effectively allocate
capital by making
accretive
investments
 Leverage existing
assets to drive
organic growth

 Continue to extend
and secure the $4.04
land underneath to
 Maintain and $3.67 $4.08
improve upon our towers
industry-leading $2.77
$2.43
customer service $2.09
to maximize
opportunity  Manage our capital
structure and
optimize our cost
of capital 2010 2011 2012 2013 2014 AFFO
Outlook (1)

(1) Outlook issued on April 23, 2014

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Proven Track Record of Stability and Growth
($ in millions)

Global Signal NextG, WCP and AT&T
Merger T-Mobile Transactions Transaction

2007 – 2011 CAGR $2,988
Site Rental Revenue: 10%
Site Rental Gross Margin: 13%
$2,504
Incremental Margin: 93%
$2,124
2001 – 2006 CAGR
Site Rental Revenue: 13% $1,854
Site Rental Gross Margin: 17%
Incremental Margin: 84%
$1,286

$2,057
$697 $1,779
$1,585
$1,372
$377
$843
$484
$217

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E (1)
Site Rental Gross Margin Site Rental Revenue
(1) Midpoint of guidance issued April 23, 2014

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Significant Opportunity to Create Shareholder
Returns by Leasing Up Less Mature Towers
% of Towers by Years of Operation Last Quarter Annualized (“LQA”) Site Rental
Yield (1)
by Crown Revenue and Tenancy per Tower
($ in thousands)

15% $94

Greater than
10 years 2.8 $55
28%
Less than 7%
10 years 2.0
72%
~4% - 5%
Initial Yield (2)

Greater than Less than Greater than Less than
10 years 10 years 10 years 10 years

(1) Yield is calculated as LQA site rental gross margin divided by invested capital.
(2) Represents approximate yield at time of acquisition.

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Attractive, U.S. Focused Portfolio
Domestic vs. International Site Mix U.S. Site Count by BTA Ground Profile by Margin(1)

International 72%
4%
Other
29%
Top 50
BTA
Domestic 56%
Top 100 17%
96% 12%
BTA
15%
Leased Leased Owned or
< 10 Years Between Leased > 20
10 - 20 Years Years

 The recent T-Mobile and AT&T  Crown’s U.S. site footprint is  Crown owns or controls the land
transactions reflect Crown’s continued approximately 40,000 sites underneath sites generating 72% of
belief that the U.S. market represents site rental gross margin for greater
 56% and 71% of U.S. sites located
a compelling risk-adjusted than 20 years
in the top 50 and 100 markets,
environment for capital investments  Approximately one-third of site
respectively, where leasing is
rental gross margin generated on
expected to be the highest
sites where Crown owns the land
 Remaining two-thirds have an
approximate lease term of 30 years

Note: Components may not sum due to rounding
(1) Based on LQA Q1 2014 reported site rental gross margin

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Compelling U.S. Market Provides
Greatest Risk-Adjusted Returns
Q4 2013 Monthly ARPU(1) Forecasted U.S. Mobile Data Usage(2)
(petabyte per month) 2,700
$50.08

$33.36
↑ 52%
CAGR
$11.12
338
207

Emerging Markets Developed Markets U.S. 2012 2013 2018E

Projected U.S. Wireless Carrier Capital Expenditures ($ in billions) (3)

$34.3  Each of the Big 4 wireless carriers has communicated multi-year
$32.4 $32.7
network deployment plans
$29.6

 Potential new entrants (e.g. Dish and FirstNet) and currently un-
deployed spectrum create further growth opportunities

2012 2013 2014E 2015E
(1) Source: Wall Street research; weightings based on average wireless service revenues per country
(2) Source: Cisco VNI, 2014
(3) Source: Wall Street Research; includes AT&T, Sprint, T-Mobile, Leap, U.S. Cellular, and Verizon

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Attractive Business Fundamentals
Stable and Long-Term Contracted Revenues Long-Term Control of Assets(2)

 
~7 …weighted average remaining current term, typically with …of site rental gross margins generated on sites that reside
~88%
Years annual escalators on owned land(3) or have 10+ year ground leases
Site Rental Revenue ($bn)
$22
<10 yr
7x Leases
$3 ~12%
>10 yr Leases
LQA Q1 2014 Remaining or Owned
Site Rental Revenues Contracted Payments (1) ~88%

Attractive Tower Footprint Significant Network Demand Driven by Data Usage

 
~40k …largest shared wireless infrastructure provider in the U.S.,
towers with attractive portfolio footprint ~ 8x …expected growth in U.S. mobile data traffic from 2013 to 2018

Forecasted U.S. Mobile Data Usage(4)
International (PB per month)
2,700
Domestic (Australia)
96% 4% 8x
338

2013 2018E

(1) Excludes renewals at the customers’ option
(2) Based on LQA Q1 2014 site rental gross margin
(3) Includes perpetual and long-term easements
(4) Cisco VNI 2014

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Business Model
Carrier Build vs Lease Decision:
Quantitative Aspects
 Significant economic incentives exist for carriers to choose a shared infrastructure model over building their own site
 Lower costs: Over a 10- and 20-year period, tower leasing results in cost savings of approximately $200,000 and $130,000,
respectively
 Better capital allocation: Yield on a carrier’s tower build is well below a carrier’s cost of capital

Carrier Build vs. Tower Leasing – Present Value of Costs (1) Yield on Investment vs. Cost of Capital (1)

Term Carrier Build Tower Lease Savings Construction Costs [A] $300,000
6.5%
10 years $433,541 $232,929 $200,611 Annual Rent Savings $26,400
Annual Operating Expenses $18,000
20 Years $541,598 $407,967 $133,631
Gross Margin [B] $8,400

Yield on Investment ([B] / [A]) 2.8%

Carrier Build Scenario
2.8%
 $300,000 construction cost
 $1,500 monthly operating expenses with 3% annual escalator
 6.5% Weighted Average Cost of Capital (WACC)
Tower Lease Scenario
 $2,200 monthly lease with 3.5% annual escalator
 6.5% WACC Yield on Carrier Build Cost of Capital

(1) For illustrative purposes only

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Carrier Build vs Lease Decision:
Qualitative Aspects
Factors Impacting Build vs. Lease Decision

Build Lease Comments

Tower leasing results in lower cost
COST Cost  to carriers and allows carriers to
better allocate capital

Independent tower operators
have extensive tower portfolios
Speed to
CONTROL Market  and operational expertise
necessary to help carriers quickly
SPEED TO deploy their networks
MARKET
Tower leasing allows carriers to
Execution  focus on their core business

EXECUTION
Building a tower allows a carrier to
Control  retain control of critical
infrastructure

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Illustrative Tower Economics(1)
High Incremental Margins Associated with Lease-Up

$79,200

96%
$52,800 Incremental
Margin

96%
$26,400 Incremental $59,200
Margin (75%)
$33,800
(64%)
$8,400
(32%)
One Tenant Two Tenants Three Tenants

Site Rental Gross Margin Site Rental Revenue

(1) For illustrative purposes only

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Recurring Long-Term Revenue Stream

Source of Revenues High Degree of Visibility into Future Revenues

 Multiple tenants lease space on the tower and portions of the Projected Site Rental Revenues, as Adjusted from Existing
ground for their wireless communications equipment Customer Contracts (1)

 Typical lease terms are non-cancellable with an initial term of
$2,945 $3,019
5 to 15 years with multiple 5 to 10 year renewal periods and $2,858
$2,773
annual lease escalators of approximately 3.5%

Factors Affecting Tenant Rent Pricing
 Leased vertical space on the tower
 Weight placed on tower from equipment and coax lines
 Square footage leased on the ground
 Generally portfolio-based pricing based on previously
negotiated agreements, not on a site-by-site basis
2015E 2016E 2017E 2018E

(1) Based on existing contracts as of March 31, 2014. All contracts, except for Sprint contracts associated with the iDen network and contracts where termination notices have been received, are
assumed to renew for a new term at current term end date. CPI-linked customer contracts are assumed to escalate at 3% per annum. Assumes a US dollar to Australian dollar exchange rate of 0.89
US dollar to 1.0 Australian dollar.

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High Quality Long-Term Revenue Stream
 Approximately 87% of Crown’s site rental revenue is generated from the Big 4 wireless carriers

 Crown estimates that remaining contracted cash rent receipts from customer leases total approximately $22 billion(4)

 Crown’s leases have a weighted average remaining term of approximately 7 years(5), excluding renewals at the customers’ option

Tenants by Site Rental Revenue(1) Remaining Contracted Cash Rent Receipts from Customer Leases
Other
Australia 4% ($ in billions)
9%
$22
AT&T
Verizon 14% 29%
7x
T-Mobile Sprint
22% 23% $3

Total: $3 billion LQA Site Remaining
Rental Revenues (1) Contracted Receipts (4)

(1) Based on Q1 2014 site rental revenue, annualized
(2) Based on latest publically available company data
(3) Based on latest publically available company data; pro forma for the acquisition of Oi’s
tower portfolio in Brazil
(4) Excludes renewals at the customers’ option
(5) Weighted by revenue

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Stable and Predictable Cost Structure
Wireless Infrastructure Operating Costs Stable and Predictable Ground Costs

 Operating costs tend to increase at the rate of inflation and Projected Ground Lease Expense, as Adjusted from
Existing Ground Leases (1)
are not typically influenced by new tenant additions $650
$615 $633
$596
 Approximately two-thirds of direct site operating costs consist
of lease expenses, with the remainder including property
taxes, repairs and maintenance, employee compensation, and
utilities
 Crown has long-term control of the majority of the land
interests under our towers
 Own or control for more than 20 years the land under
2015E 2016E 2017E 2018E
towers representing 72% of site rental gross margin
(2)
 Approximately one-third of site rental gross margin is Long-Term Control of Our Land
generated from towers on land we own
 Existing ground leases have an average remaining term 12%
of approximately 30 years Less than 10 years
33%
10 to 20 years 17%
Greater than 20 years
Owned

39%

(1) Based on existing ground leases as of March 31, 2014. CPI-linked leases are assumed to escalate at 3% per annum. Assumes a US dollar to Australian dollar exchange rate of 0.89 US dollar to 1.0
Australian dollar.
(2) Based on LQA Q1 2014 site rental gross margin.

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Low Ongoing Capital Intensity
 Crown’s wireless infrastructure portfolio requires minimal Sustaining Capex as a % of Site Rental Revenues
sustaining capital expenditures, including maintenance and
other non-discretionary capital expenditures
1.9% 1.8% 1.7% 1.9%
 Sustaining capital expenditures typically equate to less than 1.4% 1.3%
2% of site rental revenues

2008 2009 2010 2011 2012 2013
($ in millions)

$48
$85
$27 $37

$201 $23 $134
Discretionary
$24 $196 $436
$28 $109
$25 $270
$222
$120 $95 $128

2008 2009 2010 2011 2012 2013
Revenue Generating Capex Land Sustaining
Purchases Capex

2008 2009 2010 2011 2012 2013
# of towers at
22,489 22,365 23,845 23,783 31,545 41,322
period end

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Comparison to Other REITs(1)
Key Characteristics Tower Industry More Traditional Real Estate Comments

Tower leases typically include multiple renewal periods at the tenant's
option of 5-10 years each
Typical lease term 5-10 years 5-10 years

-
Annual rent escalations 3-5% or CPI-based 1-3% or CPI-based

-
Maintenance capex as % of base rent ~2% 5-15%

Towers are typically constructed to support three to five tenants;
capacity can be increased with minimal incremental costs
Current occupancy 50-60% 90-95%

Concentration is with the well capitalized Big 4 carriers
Tenant concentration High Low

-
Industry concentration High Low
Crown owns or controls for greater than 20 years the land under sites
representing 72% of our site rental gross margin; average remaining
Land ownership Low High term of ~30 years on land leases

-
AFFO per share growth Teens High single digit

-
AFFO multiple 15-20x 15-22x

(1) Wall Street research

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Industry Overview
Secular Growth in Mobile Data Drives Demand
(1)
Key Factors Driving Data Growth United States Mobile Data Traffic

 Adoption of smart connected devices that, on average, (petabyte per month)
generate significantly more traffic than non-smart devices
 On average, smartphones generated 48x more mobile
(1)
data traffic than basic feature phones in 2013 57% CAGR (2012-2017E)

 As of March 2014, approximately 69% of U.S. mobile
subscribers owned smartphones(2)
 Adoption of mobile cloud-based applications
 Mobile cloud traffic is expected to increase 12x
(1)
between 2013 and 2018
 Consumption of mobile video applications
 Mobile video traffic is expected to grow at a CAGR of
69% between 2013 and 2018, the fastest expected
growth rate of any mobile application category. (1)
 Increasing mobile network speeds, which leads to increased
2012 2013 2014E 2015E 2016E 2017E
usage
Consumer video (64% CAGR) Consumer Web (46% CAGR)
 Mobile network connection speeds in North America Business video (60% CAGR) Business Web (48% CAGR)
are expected to grow at a CAGR of 21% between 2013 Consumer file sharing (55% CAGR) Business file sharing (49% CAGR)
and 2018 (1)
(1) Cisco VNI Mobile, 2014
(2) comScore

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Demand Trends Drive Significant Ongoing
Network Investment
(1)
U.S. Carrier Wireless Capex (billions)

$40

$35

$30

$25

$20

$15 4G = mobile apps & video

$10 3G = mobile web 1.0 (Email)
$5
1G/2G = voice & text
$0
'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

(1) CTIA and Wall Street research

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Addressing the Rapid Growth in Data
Column1
U.S. Monthly Mobile Demand Three Primary “Tools” for Carriers to Manage Data Growth

3,000  More cell sites (i.e. cell splitting), including macro and small cell
architectures
2,500  Carriers can increase the density of their networks, and
therefore the capacity, by adding new cell sites

2,000  Verizon and AT&T are increasingly focused on adding
capacity/density to their 4G networks, while Sprint and
in Petabytes(1)

T-Mobile are primarily focused on coverage build-out
1,500
 More spectrum
 Potential for the amount of deployed spectrum to
1,000 double over the next several years
8x  Technology gains, including increased spectral efficiency,
Increase associated with migration to next-generation networks (i.e. 3G
500
to 4G)
 4G download speeds can be up to 10x faster than 3G
0
2013 2018E

(1) Cisco VNI 2014

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Increasing Density of Networks
Initial Buildout - Coverage Increased Adoption - Congestion Continued Investment - Capacity

 Initial networks built for voice were  Increased number of subscriber and  To meet increasing data demand and
primarily focused on coverage adoption of smartphone leads to rising penetration of data-driven
congested networks devices, carriers have invested in
increased infrastructure
 Cell splitting, or reducing the service
radius served by a cell tower, allows a
carrier to focus on a smaller
customer population and improve
Cell Tower quality

Coverage weakens further away
from the cell tower due to more
subscribers served and spectrum
limitations

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Asset Overview
Wireless Tower Basics
Key Components of a Tower

1. Antenna Array and Platform
 Tenants deploy antennas which transmits the
signal between the tower and the mobile
device
2. Microwave Antenna “Dish”
 A specific type of antenna used for point-to-
point communications, including wireless
backhaul
3. Coaxial Cabling
 Transmission lines that transport the signal
between the antennas and the base station
4. Shelter
 Structures at the base of the tower used by
tenants to house their wireless
communications equipment
5. Ground Space
 A secure area around the base of the tower
where tenants deploy their shelters and
backup generators

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Sample Ownership of Tower Infrastructure
Typical Ownership Split

 Crown Castle Assets
 The steel tower structure that typically has
capacity for at least four tenants
 The ground space, which Crown either owns
or operates pursuant to a long-term lease
 Customer Assets
 Antenna equipment
 Coaxial cabling
 Shelters at the base of the tower, including all
of the equipment housed in the shelters

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How Do Wireless Networks Work?
1. Wireless networks automatically route traffic to a
mobile user using a cell site with the strongest signal.
The signal then travels between the handset and the
tower-mounted antennas.
2. Transceivers, typically referred to as “radios” send and
receive signals at a specific frequency to the mobile
device
3. The base station processes the signals and send them to
switching elements which then route the traffic both
within and to other networks (mobile, IP or wireline)
4. Backhaul (wireline/fiber or wireless) is used to transport
traffic to and from the tower to the switching elements

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Non-GAAP Reconciliations
Non-GAAP Reconciliations
Adjusted Funds From Operations for the years ended December 31, 2010, 2011, 2012, and 2013 are computed as follows:

For the Years Ended December 31,
(in millions, except per share data) 2010 2011 2012 2013

Net income (loss) $ (311.3) $ 171.5 $ 200.9 $ 93.9
Real estate related depreciation, amortization and accretion 522.5 531.9 601.4 761.1
Asset write-down charges 13.7 22.3 15.5 14.9
(1)
Adjustment for noncontrolling interest 0.3 (0.4) (12.3) (3.8)
Dividends on preferred stock (19.9) (19.5) (2.5) —
Funds from Operations $ 205.4 $ 705.7 $ 803.0 $ 866.0

Funds from Operations (from above) $ 205.4 $ 705.7 $ 803.0 $ 866.0
Straight-line revenue (161.7) (200.0) (251.3) (218.6)
Straight-line expense 38.8 39.0 54.1 81.0
Stock-based compensation expense 40.0 36.0 47.4 41.8
(2)
Non-cash portion of tax provision (29.0) 5.0 (106.7) 191.7
Non-real estate related depreciation, amortization and accretion 18.3 21.1 21.2 13.1
Amortization of non-cash interest expense 85.5 102.9 109.3 99.2
Other (income) expense 0.6 5.6 5.4 3.9
Gains (Losses) on retirement of long-term obligations 138.4 — 132.0 37.1
Net gain (loss) on interest rate swaps 286.4 — — —
Acquisition and integration costs 2.1 3.3 18.3 26.0
Adjustment for noncontrolling interest(1) (0.3) 0.4 12.3 3.8
Capital improvement Capex (14.8) (14.0) (21.6) (19.3)
Corporate Capex (9.5) (9.4) (15.5) (28.4)
Adjusted Funds From Operations $ 599.7 $ 695.7 $ 807.8 $ 1,097.3
Weighted-average common shares outstanding – diluted 286.8 285.9 291.3 299.3
Adjusted Funds From Operations per Share $ 2.09 $ 2.43 $ 2.77 $ 3.67

(1) Inclusive of the noncontrolling interest related to real estate related depreciation, amortization, and accretion and asset write-downs.
(2) Adjusts the income tax provision to reflect our estimate of the cash taxes had we been a REIT, which predominately related to foreign taxes paid. As a result, income tax expense (benefit) is
lower by the amount of the adjustment.

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Non-GAAP Reconciliations (continued)
Adjusted Funds From Operations for the year ending December 31, 2014 is forecasted as follo

Full Year 2014
(in millions, except share and per share amounts) Outlook
Net income (loss) $298 to $382
Real estate related depreciation, amortization and accretion $970 to $985
Asset write-down charges $6 to $16
(1)
Adjustment for noncontrolling interest $(7) to $1
Dividends on preferred stock $(44) to $(44)
Funds from Operations $1,276 to $1,291

Funds from Operations (from above) $1,276 to $1,291
Straight-line revenue $(196) to $(181)
Straight-line expense $94 to $109
Stock-based compensation expense $55 to $60
Non-cash portion of tax provision(2) $(10) to $5
Non-real estate related depreciation, amortization and accretion $21 to $26
Amortization of non-cash interest expense $75 to $86
Other (income) expense $3 to $5
Gains (Losses) on retirement of long-term obligations $46 to $46
Acquisition and integration costs $13 to $23
(1)
Adjustment for noncontrolling interest $7 to $(1)
Capital improvement Capex $(35) to $(33)
Corporate Capex $(41) to $(39)
Adjusted Funds From Operations $1,346 to $1,361
Weighted-average common shares outstanding – diluted 333.3
Adjusted Funds From Operations per Share $4.04 to $4.08

(1) Inclusive of the noncontrolling interest related to real estate related depreciation, amortization, and accretion and asset write-downs.
(2) Adjusts the income tax provision to reflect our estimate of the cash taxes had we been a REIT, which predominately related to foreign taxes paid. As a result, income tax expense (benefit) is
lower by the amount of the adjustment.

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