American Tower Corporation said its consolidated adjusted funds from operations for the third quarter amounted to $2.29 per share, an increase of 14.5% from $2.00 per share in the prior-year period.
Consolidated AFFO totaled $1.02 billion, an increase of 14.7% from $891.3 million in the year-earlier period.
Nareit FFO attributable to common stockholders decreased on an annual basis to $873.5 million from $900.0 million, and property revenue climbed from the prior-year period to $1.99 billion from $1.92 billion.
Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.
Adjusted FFO attributable to common stockholders increased 15.8% on an annual basis to $996.9 million, or $2.23 per share, from $861.0 million, or $1.93 per share.
The S&P Capital IQ consensus estimate for third-quarter AFFO-per-share was $2.08.
In reporting results, American Tower said it forecasts consolidated AFFO per share in the range of $3.72 billion to $3.77 billion for the full year. The previous guidance was in the range of $3.63 billion to $3.71 billion.
During the third quarter, American Tower spent about $101 million to buy 305 communications sites primarily in international markets, including 195 communication sites in France as part of its agreement with Orange SA.
American Tower expects to pay 24.8 billion Indian rupees related to Tata Teleservices Ltd.'s exercise of its put option with respect to 100% of its remaining combined holdings with Tata Sons in ATC Telecom Infrastructure Private Ltd. The redemption is subject to regulatory approval. Upon redemption, American Tower will hold an approximately 92% ownership interest in ATC TIPL.