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Results reflect a rise in services and other revenues year over year. However, a decrease in site rental revenues affected the results to some extent. CCI increased its outlook for 2025.
Net revenues of $1.07 billion outpaced the Zacks Consensus Estimate of $1.05 billion but fell 4.3% year over year.
Key Earnings Takeaways for CCI
During the third quarter, CCI’s total site rental revenues declined 5.1% year over year to $1.01 billion. This fall was due to a $17 million decrease in amortization of prepaid rent and a $39 million drop in straight-lined revenues. Our estimate for total site-rental revenues was pegged at $995 million.
The organic contribution to site rental billings of $52 million reflected 5.2% year-over-year organic growth, excluding an unfavorable $51 million impact from Sprint Cancellations.
Meanwhile, services and other revenues came in at $60 million, which rose 11.1% from the prior-year quarter. Our estimate for services and other revenues was pegged at $54.9 million.
Quarterly adjusted EBITDA was down 7.6% year over year to $718 million.
Net interest expenses and amortization of deferred financing costs rose 4.7% year over year to $247 million.
CCI’s Financial Position
Crown Castle exited the third quarter with cash and cash equivalents of $57 million, down from $94 million reported as of June 30, 2025.
Moreover, debt and other long-term obligations aggregated $21.55 billion as of Sept. 30, 2025, decreasing 2.2% sequentially.
2025 Guidance for CCI
Crown Castle raised its guidance for 2025 AFFO per share in the range of $4.23-$4.35 compared to the prior guidance of $4.14-$4.25, increasing the midpoint by 2.1%. The Zacks Consensus Estimate presently stands at $4.21, below the projected range.
CCI increased the site rental revenue range to $4.007-$4.052 billion compared to the previous range of $3.997-$4.042 billion. Adjusted EBITDA is estimated in the band of $2.810-$2.860 billion, up from the prior range of $2.780-$2.830 billion.
SL Green Realty Corp. (SLG - Free Report) reported third-quarter 2025 AFFO per share of $1.58, beating the Zacks Consensus Estimate of $1.34. The company reported an FFO of $1.13 per share in the year-ago period.
Results reflected strong leasing activity with improved average rental rates on the Manhattan office leases signed in this period.
Prologis, Inc. (PLD - Free Report) reported third-quarter 2025 core funds from operations (FFO) per share of $1.49, outpacing the Zacks Consensus Estimate of $1.44. This also compares favorably with the year-ago quarter’s figure of $1.43.
The quarterly results reflected a rise in rental revenues and healthy leasing activity. However, high interest expenses remained the undermining factor.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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Crown Castle's Q3 AFFO Beats, Revenues Fall Y/Y, '25 View Raised
Key Takeaways
Crown Castle Inc. (CCI - Free Report) reported third-quarter 2025 adjusted funds from operations (AFFO) per share of $1.12, which topped the Zacks Consensus Estimate of $1.04 per share. However, the figure declined nearly 7% year over year.
Results reflect a rise in services and other revenues year over year. However, a decrease in site rental revenues affected the results to some extent. CCI increased its outlook for 2025.
Net revenues of $1.07 billion outpaced the Zacks Consensus Estimate of $1.05 billion but fell 4.3% year over year.
Key Earnings Takeaways for CCI
During the third quarter, CCI’s total site rental revenues declined 5.1% year over year to $1.01 billion. This fall was due to a $17 million decrease in amortization of prepaid rent and a $39 million drop in straight-lined revenues. Our estimate for total site-rental revenues was pegged at $995 million.
The organic contribution to site rental billings of $52 million reflected 5.2% year-over-year organic growth, excluding an unfavorable $51 million impact from Sprint Cancellations.
Meanwhile, services and other revenues came in at $60 million, which rose 11.1% from the prior-year quarter. Our estimate for services and other revenues was pegged at $54.9 million.
Quarterly adjusted EBITDA was down 7.6% year over year to $718 million.
Net interest expenses and amortization of deferred financing costs rose 4.7% year over year to $247 million.
CCI’s Financial Position
Crown Castle exited the third quarter with cash and cash equivalents of $57 million, down from $94 million reported as of June 30, 2025.
Moreover, debt and other long-term obligations aggregated $21.55 billion as of Sept. 30, 2025, decreasing 2.2% sequentially.
2025 Guidance for CCI
Crown Castle raised its guidance for 2025 AFFO per share in the range of $4.23-$4.35 compared to the prior guidance of $4.14-$4.25, increasing the midpoint by 2.1%. The Zacks Consensus Estimate presently stands at $4.21, below the projected range.
CCI increased the site rental revenue range to $4.007-$4.052 billion compared to the previous range of $3.997-$4.042 billion. Adjusted EBITDA is estimated in the band of $2.810-$2.860 billion, up from the prior range of $2.780-$2.830 billion.
Crown Castle currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Crown Castle Inc. Price, Consensus and EPS Surprise
Crown Castle Inc. price-consensus-eps-surprise-chart | Crown Castle Inc. Quote
Performance of Other REITs
SL Green Realty Corp. (SLG - Free Report) reported third-quarter 2025 AFFO per share of $1.58, beating the Zacks Consensus Estimate of $1.34. The company reported an FFO of $1.13 per share in the year-ago period.
Results reflected strong leasing activity with improved average rental rates on the Manhattan office leases signed in this period.
Prologis, Inc. (PLD - Free Report) reported third-quarter 2025 core funds from operations (FFO) per share of $1.49, outpacing the Zacks Consensus Estimate of $1.44. This also compares favorably with the year-ago quarter’s figure of $1.43.
The quarterly results reflected a rise in rental revenues and healthy leasing activity. However, high interest expenses remained the undermining factor.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.