HOUSTON (AP) _ Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $646 million, or $1.55 per share, in the period.
The average estimate of six 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 $244 million, or 58 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.51 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $1.47 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 24% since the beginning of the year, while the Standard & Poor's 500 index has risen 19%. In the final minutes of trading on Wednesday, shares hit $134.74, a climb of 26% in the last 12 months.