HOUSTON (AP) _ Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $609 million, or $1.45 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.48 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 $172 million, or 41 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.44 billion in the period, matching Street forecasts.
Crown Castle expects full-year funds from operations to be $6.12 per share.
The company's shares have increased 22% since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 1%. In the final minutes of trading on Wednesday, shares hit $173.87, an increase of 34% in the last 12 months.