HOUSTON (AP) — HOUSTON (AP) — Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $446 million, or $1.02 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $1.01 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 $151 million, or 34 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.01 billion in the period, which met Street forecasts.
Crown Castle expects full-year funds from operations in the range of $4.38 to $4.49 per share.
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