your missing nothing here .... it's as plain as vanilla CCI is in a far better position from both a balance sheet and growth potential than it's rivals. My guess is whatever happened today would have happened anyway because shares had to be unloaded.
Crown Castle may be in a very good position to ride out the storm and get to profitability with their cash, but that doesn't mean the company shouldn't be worth less than the cash. They have $4.8 billion in towers and $1.0 billion in goodwill on $3.5 billion of debt. The street is valueing of those towers and goodwill at less than the outstanding debt. The assets carried on the balance sheet often have no relationship to their true value (look at worldcom as the extreme example).