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Sep 30, 2021
Crown Castle Q3 2021 Earnings Report
Reported strong results in the third quarter and increased the annualized common stock dividend by approximately 11% to $5.88 per share.
Key Takeaways
Crown Castle International Corp. reported results for the third quarter ended September 30, 2021. Site rental revenues grew 8%, and AFFO per share grew 13% compared to the same period last year. The company also increased its annualized common stock dividend by approximately 11% to $5.88 per share.
Site rental revenues grew 8%, or $112 million, from third quarter 2020 to third quarter 2021, inclusive of approximately $77 million in Organic Contribution to Site Rental Revenues and a $34 million increase in straight-lined revenues.
Income from continuing operations for third quarter 2021 was $351 million compared to $163 million for third quarter 2020 and was predominantly impacted by the increase in site rental revenues and services contribution as well as the absence of a loss of $95 million on retirement of long-term obligations.
AFFO per share for third quarter 2021 was $1.77, representing 13% growth when compared to $1.56 for third quarter 2020.
During the quarter, Crown Castle paid common stock dividends of approximately $575 million in the aggregate, or $1.33 per common share, an increase of approximately 11% on a per share basis compared to the same period a year ago.
Revenue by Segment
Forward Guidance
Crown Castle provided its outlook for full year 2022, expecting AFFO per share growth at the high end of its long-term target.
Positive Outlook
- AFFO per share growth for full year 2022 will be at the high end of our long-term growth target
- Expect to grow AFFO per share at a compound annual growth rate of 10% from 2020 through 2022
- Believe we are in a great position to deliver on our long-term dividend per share growth target
- Business and balance sheet are positioned well to support consistent AFFO growth through various economic cycles
- Expect to maintain a consistent dividend payout ratio and once again fund our discretionary capital budget next year with free cash flow and incremental debt capacity
Challenges Ahead
- The expected increase includes a $20 million increase in tower non-renewals to approximately $60 million in 2022 from approximately $40 million in 2021 that primarily relates to the T-Mobile and Sprint network consolidation
- Impact from non-renewals is expected to increase by approximately $15 million
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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