HOUSTON (AP) — HOUSTON (AP) — Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $490 million, or $1.12 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $1.04 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 net income of $323 million, or 74 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.07 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $1.05 billion.
Crown Castle expects full-year funds from operations in the range of $4.23 to $4.35 per share.
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