Crown Castle Founder Submits Restructuring Plan, Nominates 4 Directors

(RTTNews) - Real estate company Crown Castle Inc.'s (CCI) founder Ted Miller shared a letter on Tuesday, nominating four individuals to the board and detailing a plan to restructure the company's operations.

The founder proposed to sell off the company's fiber assets, repurchase $1.9 billion of shares, capture tax benefits estimated at more than $1 billion, optimize the operations, and increase shareholder value as the plan estimates EBITDA of $150 to $160 per share by 2026.

Miler emphasized increasing Crown Castle's AFFO after discretionary CapEx to over $5 per share from the current $3 per share by 2025, improving EBITDA margin to 75-80 percent from 70 percent, reducing total debt to around $17 billion, and paying down $4 billion of fixed-rate debt.

He also stated to increase AFFO after discretionary CapEx and dividend from a $1.3 billion deficit to a positive $200 million.

The founder also criticized the current board's management style and raised concerns regarding Crown Castle's agreement with Elliott Management.

Currently, Crown Castle's stock is sliding 0.39 percent, to $107.78 on the New York Stock Exchange.