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Crown Castle International Reports Fourth Quarter And Full Year 2012 Results; Raises 2013 Outlook

"We had a tremendous 2012 as we completed more than $7 billion of financing activities to refinance existing debt and fund several acquisitions," stated Jay Brown, Crown Castle's Chief Financial Officer. "These financings lowered our total average cost of debt from 6.2% to 4.5% and extended the average maturity of our debt to approximately seven years.  In addition, we were able to grow 2012 AFFO per share to $3.04 per share, an increase of 18% from 2011.  Based on the 2013 Outlook provided in this release, we expect to grow AFFO per share by 21% and generate more than $1.0 billion of cash flow to invest in activities we believe will maximize long-term AFFO per share.  We are excited about the significant growth in our business during 2012 and the opportunities we see for growth in 2013."


This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the Securities and Exchange Commission ("SEC").  

The following Outlook table is based on current expectations and assumptions and assumes a US dollar to Australian dollar exchange rate of 1.0 US dollar to 1.0 Australian dollar for first quarter 2013 and full year 2013 Outlook. As reflected in the following table, Crown Castle has increased its full year 2013 Outlook previously issued on October 24, 2012. The changes to the 2013 Outlook are related to the aforementioned T-Mobile tower transaction and the refinancing activities.

The following table sets forth Crown Castle's current Outlook for the first quarter of 2013 and full year 2013:
(in millions, except per share amounts) First Quarter 2013 Full Year 2013
Site rental revenues $605 to $610 $2,444 to $2,459
Site rental cost of operations $172 to $177 $701 to $716
Site rental gross margin $430 to $435 $1,733 to $1,748
Adjusted EBITDA $423 to $428 $1,691 to $1,706
Interest expense and amortization of deferred financing costs (a) $161 to $166 $598 to $608
FFO $195 to $200 $928 to $943
AFFO $259 to $264 $1,067 to $1,082
AFFO per share (b) $0.89 to $0.90 $3.65 to $3.70
Net income (loss) $(17) to $23 $58 to $159
Net income (loss) per share - diluted (b) $(0.06) to $0.08 $0.20 to $0.54
(a) See the reconciliation of "Components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense, including the impact of the retirement of the 9% senior notes and 7.75% secured notes.    
(b) Based on 293 million diluted shares outstanding.    


Crown Castle has scheduled a conference call for January 24, 2013, at 10:30 a.m. eastern time. The conference call may be accessed by dialing 480-629-9645 and asking for the Crown Castle call at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at . Supplemental materials for the call will be posted on the Crown Castle website at .

A telephonic replay of the conference call will be available from 12:30 p.m. eastern time on January 24, 2013, through 11:59 p.m. eastern time on January 31, 2013, and may be accessed by dialing 303-590-3030 using access code 4589198. An audio archive will also be available on the company's website at shortly after the call and will be accessible for approximately 90 days.

Crown Castle owns, operates, and leases towers and other infrastructure for wireless communications. Crown Castle offers significant wireless communications coverage to 98 of the top 100 US markets and to substantially all of the Australian population. Crown Castle owns, operates and manages over 30,000 and approximately 1,700 wireless communication sites in the US and Australia, respectively. For more information on Crown Castle, please visit .

The Crown Castle International Corp. logo is available at

Non-GAAP Financial Measures and Other Calculations

This press release includes presentations of Adjusted EBITDA, Funds from Operations and Adjusted Funds from Operations, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")). Each of the amounts included in the calculation of Adjusted EBITDA, FFO, and AFFO are computed in accordance with GAAP, with the exception of: (1) sustaining capital expenditures, which is not defined under GAAP and (2) our adjustment to the income tax provision in calculations of FFO and AFFO.   

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