HOUSTON (AP) _ Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its fourth quarter.
The Houston-based real estate investment trust said it had funds from operations of $578 million, or $1.38 per share, in the period.
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 $180 million, or 43 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.43 billion in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $1.48 billion.
For the year, the company reported funds from operations of $2.38 billion. Revenue was reported as $5.77 billion.
The company's shares have climbed 14% since the beginning of the year, while the Standard & Poor's 500 index has declined 3.5%. In the final minutes of trading on Wednesday, shares hit $162.69, an increase of 38% in the last 12 months.