Crown Castle

Pricing is anchored by multiyear, contract‑based escalators rather than discretionary price hikes. CPI‑linked contracts are modeled with 3% annual escalators, and organic growth also comes from amendments and new tenants.

That said, customer concentration limits unilateral pricing power: roughly 89% of site‑rental revenue comes from T‑Mobile, AT&T, and Verizon, which retain scale bargaining leverage.

The company has demonstrated it can preserve unit economics with disciplined capital spending and low sustaining capex, but tower pricing power remains good, not absolute.