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

(b)   Assumes prepaid rents of between $30 million and $35 million and between $136 million and $151 million for Q2 2013 and Full Year 2013, respectively.

FFO and AFFO for the three months ended March 31, 2013 and 2012 are computed as follows:

  For the Three Months Ended
(in millions) March 31, 2013 March 31, 2012
Net income $16.7 $50.3
Adjusted tax provision (a) 16.1 6.2
Real estate related depreciation, amortization and accretion 181.8 134.0
FFO $214.6 $190.5
Weighted average common shares outstanding — diluted 292.6 285.9
FFO per share $0.73 $0.67
FFO (from above) 214.6 190.5
Straight-line revenue (b) (30.6) (53.7)
Straight-line expense 20.6 11.8
Stock-based compensation expense 10.1 11.2
Non-real estate related depreciation, amortization and accretion 4.7 5.3
Amortization of deferred financing costs, debt discounts and interest rate swaps 36.9 24.5
Other (income) expense 0.6 1.1
Losses (gains) on retirements of long-term obligations 35.9 7.1
Acquisition and integration costs 1.6 1.7
Asset write-down charges 3.7 3.0
Capital improvement capital expenditures (3.3) (2.5)
Corporate capital expenditures (3.6) (1.7)
AFFO $291.2 $198.3
Weighted average common shares outstanding — diluted 292.6 285.9
AFFO per share $1.00 $0.69

(a)    Adjusts the income tax provision to reflect our estimate of the cash taxes had we been a REIT, which predominately relates to foreign taxes paid. As a result, income tax expense (benefit) is lower by the amount of the adjustment.

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