Crown Castle(CCI)2024-02-22 16:00Debt and Interest Rates - Approximately 8% of the company's outstanding indebtedness consists of variable interest rates, with a weighted average rate of 6.3% as of February 20, 2024, compared to 5.4% and 1.1% as of December 31, 2022 and 2021, respectively[231] - Approximately 51% of the company's fixed rate debt, with a weighted average interest rate of 3.6%, is scheduled to mature over the next five years[241] Credit Facility and Liquidity - The company has a 7.0 billion of undrawn availability as of February 20, 2024[234] Dividends and Shareholder Returns - The company paid a common stock dividend of 2.7 billion, representing a 4.7% increase from 2022[252] - The company expects common stock dividends over the next 12 months to be a cumulative amount of at least 2.7 billion[252] Stock Issuance and Ownership - The company has $750 million of gross sales of common stock remaining under its 2021 ATM Program as of February 20, 2024[243] - The company has approximately 434 million shares of common stock outstanding as of February 20, 2024[243] - The company has reserved approximately 15 million shares of common stock for issuance in connection with awards granted under its stock compensation plans[236] - The company's Charter prohibits any person from owning more than 9.8% of the outstanding shares of common stock or 9.8% in aggregate value of all classes and series of capital stock[270] - Ownership limitations and transfer restrictions could delay, defer, or prevent a transaction or change in control of the company[270] Legal and Financial Obligations - The company's subsidiaries are legally distinct from the holding company and have no obligation to pay amounts due on their debt unless they guarantee such debt[232] - The company's ability to comply with financial maintenance covenants or satisfy debt obligations will depend on future operating performance[239] REIT Compliance and Requirements - Compliance with REIT requirements may hinder the company's ability to grow and increase financing needs for capital expenditures, future growth, or expansion initiatives[267] - The company must distribute at least 90% of its taxable income to satisfy REIT dividend requirements and avoid corporate income tax and a 4% excise tax[268] - The company is required to continually satisfy tests concerning income sources, asset diversification, and capital stock ownership to remain qualified as a REIT[268] - Failure to comply with REIT asset ownership tests may require the company to liquidate assets in adverse market conditions or forgo attractive investments[269] - The company's capital stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year to maintain REIT qualification[270] - No more than 50% of the value of the company's outstanding capital stock can be owned by five or fewer individuals during the last half of a taxable year[270] Corporate Governance and Compliance - The company submitted the CEO certification required by Section 303A.12(a) of the NYSE Listed Company Manual on May 25, 2023, with no qualifications[271] - The company included the certifications of its CEO and CFO required by Section 302 of the Sarbanes-Oxley Act of 2002 in its 2023 Form 10-K[271]