During the first quarter of 2013, Crown Castle invested approximately $116 million in capital expenditures, comprised of $16 million of land purchases, $7 million of sustaining capital expenditures and $94 million of revenue generating capital expenditures, the latter consisting of $58 million on existing sites and $36 million on the construction of new sites, primarily small cell networks.
Further, during the first quarter of 2013, Crown Castle purchased 0.3 million of its common shares using $23.6 million in cash at an average price of $69 per share. Diluted common shares outstanding at March 31, 2013 were 292.9 million. Since January 2003, Crown Castle has spent $2.8 billion to purchase 101.4 million of its common shares and potential shares, at an average price of $27 per share.
In April 2013, Crown Castle refinanced its existing $1.58 billion Term Loan B and effectively lowered the rate on the loan by 75 basis points, saving approximately $12 million in annual interest expense. The maturity and terms of the loan remained unchanged.
OUTLOOKThis 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 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. As reflected in the table below, Crown Castle has increased the midpoint of its full year 2013 Outlook (previously issued on January 23, 2013) for site rental revenue by $24 million, site rental gross margin by $14 million, Adjusted EBITDA by $29 million, and AFFO by $57 million. Crown Castle expects non-recurring items in site rental revenue for the second quarter 2013 to be approximately $4 million lower than first quarter 2013. Further, Crown Castle expects site rental cost of operations in second quarter 2013 to increase by approximately $3 million due to seasonal increase in repairs and maintenance, and expects services gross margin to be approximately $12 million lower than the first quarter.
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