HOUSTON (AP) _ Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $619 million, or $1.48 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.43 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 $218 million, or 52 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.48 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.43 billion.
Crown Castle expects full-year funds from operations in the range of $5.90 to $5.97 per share.
The company's shares have increased 21% since the beginning of the year, while the Standard & Poor's 500 index has climbed 19%. In the final minutes of trading on Wednesday, shares hit $131.62, a climb of 19% in the last 12 months.