Event Brief of Q4 2006 Crown Castle International Earnings Conference Call - Part 3.

(From Fair Disclosure Wire)

So it all sort of goes together. We would expect that you will see that continue to ramp across this year, as we continue to take advantage of the opportunity to make the attractive investments. We have already got the securitization structure built in, so it's very, very efficient from that perspective, in terms of how we would finance theoretically these acquisitions of essentially eliminating ground rent payments. And going forward, obviously it's strategic to continue to strengthen and lengthen the average maturity of the ground leases. VANCE EDELSON: Okay great. You spent about 20 million on the construction of new sites, but I think the number of towers in the portfolio by quarter's end was essentially unchanged. Can you give us an idea as to the timing on when those towers will be ready, how many are being built?

BEN MORELAND: Yes, that is the majority, more than half of that number is the finishing up of the New York network for Modio, so that's how that gets booked, as construction. It's not new towers. Going forward build, and as John said, that spend is largely behind us in 2006, substantially all behind us in 2006. Going forward, we hope to ramp into the range of 100 to 200 sites per year. It looks like the total cost all-in costs on the handful we have built so far is in and around 250, between 250 and 290, depending on the asset. So you know, a 100 of those would cost you 29 million. That's kind of program. VANCE EDELSON:…