CCI - Crown Castle AFFO of $1.80 misses by $0.11 revenue of $1.73B beats by $20M

• Crown Castle press release ( NYSE: CCI ): Q2 FFO of $1.80 misses by $0.11 .
• Revenue of $1.73B (+9.5% Y/Y) beats by $20M .
• For FY2022, Site rental revenues to range between $6.24B to $6.287B; Adjusted EBITDA of $4.329 to $4.374B and AFFO per share of $7.31 to $7.36.
• "We are excited about the growth in our business as our customers are deploying 5G at scale, which is resulting in meaningfully higher operating performance relative to our expectations at the beginning of the year," stated Dan Schlanger, Crown Castle’s Chief Financial Officer. "Although we expect the rapid rise in interest rates to prevent that outperformance from flowing through to additional AFFO growth this year, we believe our business and balance sheet will allow us to deliver compelling growth through various economic cycles. Our cost structure is largely fixed in nature, and we have taken deliberate steps to further strengthen our balance sheet position to where we sit today with nine years of weighted average term remaining and 85% fixed-rate debt. With significant liquidity following the increase in our Revolving Credit Facility to $7 billion and limited debt maturities through 2024, we are well positioned to pursue investment opportunities that are consistent with our strategy and support our ability to deliver attractive risk-adjusted returns through a combination of dividends and growth."

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