HOUSTON (AP) — HOUSTON (AP) — Crown Castle International Corp. (CCI) on Thursday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $785 million, or $1.80 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.82 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $4.77 billion, or $10.97 per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.65 billion in the period, which beat Street forecasts. Five analysts surveyed by Zacks expected $1.63 billion.
For the year, the company reported funds from operations of $3.04 billion. Revenue was reported as $6.57 billion.
Crown Castle expects full-year funds from operations in the range of $4.06 to $4.17 per share.
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