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Crown Castle reports 15% growth in Q2 AFFO

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Crown Castle reports 15% growth in Q2 AFFO

Crown CastleInternational Corp. pointed to a "healthy leasingenvironment" in reporting its second-quarter results. The company alsoincreased its full-year outlook.

Second-quarter AFFO totaled $392.5 million, up 15% year overyear from $342.4 million. FFO totaled $356.4 million, down from $408.1 milliona year earlier. Site rental revenues were up 9% over the previous year, whilesite rental gross margin was 10% higher over the 2015 second quarter.

Looking ahead, the company said AFFO for the third quartershould range from $400 million to $405 million, and from $1.60 billion to $1.62billion for the full year. FFO for the third quarter is projected in the rangeof $375 million to $380 million, and for the full year, FFO guidance was givenin the range of $1.42 billion to $1.44 billion.

Crown Castle said the increased demand from wirelesscarriers to upgrade their networks gives it confidence that it will achieve itsgoal of growing dividends per share by 6% to 7% per year over the comingseveral years.