American Tower Corp. reported fourth-quarter consolidated adjusted funds from operations of $707.4 million, or $1.64 per share, an 8.0% rise in the aggregate from $654.8 million, or $1.52 per share, in the comparable 2016 period.
For the quarter, AFFO attributable to common stockholders rose 9.1% year over year to $688.4 million, or $1.59 per share, from $631.0 million, or $1.47 per share.
American Tower disclosed NAREIT FFO for the quarter of $715.4 million, an increase of 28.4% in the aggregate from $557.1 million in the year-ago period. For the full year, the company disclosed a 23.2% year-over-year gain in NAREIT FFO. In the aggregate, results totaled $2.70 billion, compared with $2.19 billion a year earlier.
NAREIT is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.
For the full year, the company disclosed a 16.5% year-over-year gain in consolidated AFFO. In the aggregate, results totaled $2.90 billion, or $6.72 per share, compared with $2.49 billion, or $5.80 per share, in 2016. AFFO attributable to common stockholders for the full year totaled $2.75 billion, or $6.38 per share, a 14.8% increase from $2.40 billion, or $5.59 per share, in the year-ago period.
The S&P Capital IQ consensus AFFO-per-share estimate for the fourth quarter was $1.67. For the full year, the S&P Capital IQ consensus estimate for AFFO was $6.77 per share.
American Tower forecasts consolidated AFFO in the range of $3.16 billion to $3.26 billion for the 2018 full year, reflecting a 10.6% growth at the midpoint. The company's forecast for consolidated AFFO per share for 2018 is $7.30 at the midpoint.
The S&P Capital IQ consensus AFFO-per-share estimate for 2018 is $7.66.