Crown Castle management check
CCI · Real Estate · Telecom Tower REITs · CEO Christian H Hillabrant
Filings as of
0 good · 2 to watch · 5 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $70, against $127 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.49 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
4.1% of net income$18.2m of reported pay in fiscal 2025, against $444.0m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 0.1 years of payThe CEO holds 31,806 shares, directly or through trusts (unvested awards not counted): about 0.1 years of pay. Light activity: $74k bought, $114k sold in six months.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +0.3% a year over the last three fiscal years. Stock-based pay was 34.0% of revenue in the latest year.
- Flag
Is leadership stable?
25 leadership filings in 3 years25 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Flag
Are the books clean?
Red flags on file1 late-filing notice since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 45 | |
| Pay for performance | 74 | 86 | |
| CEO cost | 0 | 23 | |
| Skin in the game | 0 | 32 | |
| Dilution | 20 | 23 | |
| Stable leadership | 0 | 85 | |
| Clean books | 30 | 100 |
Closest peers
Others in Telecom Tower REITs, by management score. Crown Castle is 29th of 29 in its sector.
Pay versus performance
From the proxy statement filed April 6, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | — | $18.2m | $13.9m | $6.8m | $70 | $127 | $444.0m |
| 2024 | — | $16.4m | $14.6m | $6.0m | $68 | $124 | −$3.9bn |
| 2023 | — | $14.7m | $6.0m | $5.0m | $82 | $118 | $1.5bn |
| 2022 | — | $12.5m | −$23.1m | $4.2m | $91 | $106 | $1.7bn |
| 2021 | — | $14.6m | $40.8m | $4.5m | $135 | $141 | $1.1bn |
The board says pay is tied most to AFFO per share". Its other key measures: Adjusted EBITDA, AFFO per share, Average ROIC, Relative TSR, Organic revenue growth.
Insiders and the CEO's stake
Christian H Hillabrant (President and CEO) held 31,806 shares directly after their latest Form 4 on Sep 15, 2026, roughly $2.4m at that filing's price.
Light activity: $74k bought, $114k sold in six months.
- BoughtKevin A StephensDirector$74kMay 5, 2026
- SoldRobert Sean CollinsVice President and Controller$114kAug 7, 2026
Leadership and governance on file
- Sep 14, 2026Leadership change8-K 5.02
- May 1, 2026Leadership change8-K 5.02
- Feb 25, 2026Leadership change8-K 5.02
- Sep 15, 2025Leadership change8-K 5.02
- Aug 4, 2025Leadership change8-K 5.02
- Apr 11, 2025Leadership change8-K 5.02
- Apr 2, 2025Leadership change8-K 5.02
- Mar 27, 2025Leadership change8-K/A 5.02
- Mar 24, 2025Leadership change8-K 5.02
- Mar 17, 2025Leadership change8-K 5.02
- Mar 17, 2025Leadership change8-K 5.02
- Feb 26, 2025Leadership change8-K 5.02
Latest shareholder vote results: May 20, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: −$7.8bn returned to owners in buybacks and dividends, -963% of net income, and $544.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $621.0m | $697.0m | $421.0m | $192.0m | $215.0m |
| Net income | $1.1bn | $1.7bn | $1.5bn | −$3.9bn | $444.0m |
| Stock-based pay | $129.0m | $156.0m | $102.0m | $84.0m | $73.0m |
| Buybacks | $70.0m | −$65.0m | −$30.0m | −$33.0m | −$23.0m |
| Dividends | $2.4bn | −$2.6bn | −$2.7bn | −$2.7bn | −$2.1bn |
| Diluted shares | 434m | 434m | 434m | 434m | 437m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.