Along with announcing an upcoming changing of the guard, the tower company said its fourth quarter revenues were $946 million, up 2% year-to-year, and above the $934 million estimate from Barclays analyst Amir Rozwadowski. In an SEC filing, Crown Castle said it “exceeded the midpoint of its previously provided fourth quarter 2015 Outlook for site rental revenues, site rental gross margin, Adjusted EBITDA and AFFO.”
The company has approximately 40,000 towers and 17,000 small cell nodes supported by approximately 16,000 miles of fiber and is the nation’s largest provider of shared wireless infrastructure with what it describes as “a significant presence in the top 100 U.S. markets.” It said it had site rental revenue growth of $62 million from fourth quarter 2014 to fourth quarter 2015 comprised of $49 million in Organic Site Rental Revenue growth, less $17 million in adjustments for straight-line accounting, plus $30 million in contributions from acquisitions, including Sunesys, and other items. The Sunesys acquisition closed on August 4, 2015. The Organic Site Rental Revenue growth of $49 million represents approximately 7% year-over-year growth, comprised of 10% growth from new leasing activity and contracted tenant escalations, net of 3% of tenant non-renewals, the company said.
During fourth quarter 2015, the Sunesys acquisition generated $26 million in site rental revenues, $19 million in site rental gross margin and $4 million in general and administrative expenses. During fourth quarter 2015, Crown Castle said it invested approximately $251 million in capital expenditures, comprised of $23 million of land purchases, $29 million of sustaining capital expenditures and $199 million of revenue generating capital expenditures. Revenue generating capital expenditures consisted of $90 million on existing sites and $109 million on the construction of new sites, primarily small cell construction activity.
On December 31, 2015, Crown Castle paid a quarterly common stock dividend of $0.885 per common share, or approximately $295 million in the aggregate. During the twelve month period ended December 31, 2015, Crown Castle paid quarterly common stock dividends, in the aggregate, of $3.345 per common share, of which $2.419 per common share has been characterized as capital gains distributions.
Crown Castle will conduct a fourth quarter earnings conference call at 8 this morning.
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