"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.|