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Crown Castle Reports Second Quarter 2014 Results And Raises Outlook For 2014

Stocks in this article: CCI

HOUSTON, July 23, 2014 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE:CCI) ("Crown Castle") today reported results for the quarter ended June 30, 2014.   

"Our excellent second quarter results reflect the continuing network investment being made by all four major wireless carriers as they upgrade their networks for LTE and capacity enhancements," stated Ben Moreland, Crown Castle's President and Chief Executive Officer. "The robust leasing environment contributed to strong Organic Site Rental Revenue growth of 9%, or 7% net of non-renewals, compared to the same period in 2013. In addition, network services continues to see significant demand, driven by strong leasing activity and an increase in the size of our asset portfolio. As we successfully execute on the opportunities resulting from our expanded portfolio of approximately 40,000 towers and 13,000 small cell nodes, we are very pleased with our 2014 projected growth of 13% in AFFO per share compared to 2013, despite the headwind from Sprint's decommissioning of its iDEN network. With carrier investment continuing unabated, we are focused on our core strategic objective of organic growth by adding additional tenants on our sites and are pleased with a growing pipeline of investment opportunities around our core business that we believe will enhance our ability to deliver an attractive combination of growth and increasing dividend payouts for years to come."

CONSOLIDATED FINANCIAL RESULTS

Total revenues for the second quarter of 2014 increased 25% to $916 million from $735 million for the same period in 2013. Site rental revenues for the second quarter of 2014 increased $129 million, or 21%, to $746 million from $617 million for the same period in the prior year. Site rental gross margin, defined as site rental revenues less site rental cost of operations, increased $72 million, or 16%, to $509 million in the second quarter of 2014 from $438 million in the same period in 2013. Adjusted EBITDA for the second quarter of 2014 increased $86 million , or 19%,to $531 million from $444 million in the same period in 2013.

Adjusted Funds from Operations ("AFFO") increased 28% to $351 million in the second quarter of 2014, compared to $273 million in the second quarter of 2013. AFFO per share increased 13% to $1.05 in the second quarter of 2014, compared to $0.93 in the second quarter of 2013. Funds from Operations ("FFO") increased 13% to $276 million in the second quarter of 2014, compared to $243 million in the second quarter of 2013. FFO per share was $0.83 in both the second quarter of 2014 and 2013. 

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