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Crown Castle International Reports First Quarter 2013 Results; Raises 2013 Outlook

HOUSTON, April 24, 2013 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE:CCI) today reported results for the quarter ended March 31, 2013.

"We had an excellent first quarter, producing AFFO per share of $1.00, up 45% over the same quarter last year," stated Ben Moreland, Crown Castle's President and Chief Executive Officer. "In addition, we saw a significant increase in leasing activity as all four major carriers in the US continued upgrading their networks for LTE and capacity enhancements. In fact, application volume, including both amendments and new tenant applications, more than doubled in the first quarter of 2013, compared to the first quarter of 2012. This activity is expected to translate into additional site rental revenue during the second half of 2013 allowing us to meaningfully increase our full year 2013 Outlook, which now suggests annual site rental revenue and AFFO per share growth of 17% and 27%, respectively."

CONSOLIDATED FINANCIAL RESULTS

Total revenue for the first quarter of 2013 increased 34% to $740 million from $552 million for the same period in 2012. Site rental revenue for the first quarter of 2013 increased $118 million, or 24%, to $615 million from $498 million for the same period in the prior year. Site rental gross margin, defined as site rental revenue less site rental cost of operations, increased $63 million, or 17%, to $438 million in the first quarter of 2013 from $375 million in the same period in 2012. Adjusted EBITDA for the first quarter of 2013 increased $81 million , or 22%,to $441 million from $360 million in the same period in 2012.

Funds from Operations ("FFO") increased 13% to $215 million in the first quarter of 2013, compared to $191 million in the first quarter of 2012. FFO per share increased 9% to $0.73 in the first quarter of 2013, compared to $0.67 in the first quarter of 2012. Adjusted Funds from Operations ("AFFO") increased 47% to $291 million in the first quarter of 2013, compared to $198 million in the first quarter of 2012. AFFO per share increased 45% to $1.00 in the first quarter of 2013, compared to $0.69 in the first quarter of 2012. 

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