Crown Castle International Corp. (CCI) - NYSE
  • Tue, Jan. 19, 5:04 PM
    • After largely holding up today following a Friday tumble, Sprint (NYSE:S) sank in late afternoon to finish down another 8.5% today and hit another new 52-week low.
    • Sprint fell nearly 10% Friday after a Re/code report detailing an ambitious plan to relocate equipment from private towers to government-owned spaces -- though earlier, analysts like Jonathan Schildkraut noted that there are years left on some contracts.
    • Tower firms largely bounced back after declining along with Sprint Friday; AMT finished up 2.9%; CCI up 0.5%; while SBAC closed down 1.2%.
    • Analysts today lined up with some skepticism: "What is going on and why is Sprint OK with confusion about their network strategy?" asks BTIG's Walter Piecyk. Using wireless backhaul could work, he says, "however, we are highly skeptical of a strategy that cuts the coverage and broad capacity offered by the macro cell site layer ... In addition, the macro cell sites can be important aggregation points to handle the wireless backhaul of small cells."
    • And potential savings might not be what they seem, says Cowen's Colby Synesael -- any real estate costs money: "The cost of land is not from our understanding a key component of what drives the overall cost for tower rental fees."
    • Previously: Cell tower firms bouncing back after declines on Sprint overhaul report (Jan. 19 2016)
    • Previously: Sprint -9.9% as it plans 'radical' network overhaul; tower firms dip (Jan. 15 2016)
    | Tue, Jan. 19, 5:04 PM | 54 Comments
  • Tue, Jan. 19, 11:02 AM
    • American Tower (NYSE:AMT) is up 2.6% and Crown Castle International (NYSE:CCI) up 2.1%, each rebounding from declines they saw on Friday amid news that Sprint was looking to overhaul its network to move from private tower leases to government-owned properties.
    • Evercore's Jonathan Schildkraut says the tower firms still have years to run (5-6 years on average) on contracts with Sprint, which could face a difficult challenge relocating gear.
    • Meanwhile, Pacific Crest's Michael Bowen suggests the tower companies could handle losing revenue from Sprint: "The impact could be most broadly felt by SBA Communications" -- SBAC, down 7.6% Friday but up 0.2% today -- "due to its higher relative exposure to Sprint, with Crown Castle a close second. We expect American Tower to be affected much less because of its lower relative exposure to Sprint and because the company has made significant investments in international markets."
    • Previously: Sprint -9.9% as it plans 'radical' network overhaul; tower firms dip (Jan. 15 2016)
    | Tue, Jan. 19, 11:02 AM | 11 Comments
  • Fri, Jan. 15, 5:32 PM
    • Sprint (S -9.9%) has a "radical" plan to overhaul its cell network that could save up to $1B -- but might result in hiccups along the way.
    • The carrier plans to relocate radio equipment from towers leased from private companies, namely Crown Castle (CCI -5.8%) and American Tower (AMT -4.2%), onto cheaper properties owned by the government, Re/code reports.
    • It's also hoping to reduce its dependency on backhaul from AT&T (T -0.9%) and Verizon (VZ -1%) by using microwave technology a la Clearwire instead. The company cuts annual checks of $1B for backhaul to the two rivals.
    • One source says the company's "Next Generation Network" will result in a new wave of disruptions and could end up with less coverage in regions where Sprint has few subscribers: “Getting there is going to be a nightmare ... It’s going to be very, very disruptive.”
    • Sprint will lease towers from privately held Mobilitie, which will locate where possible on government-owned ROW.
    • “Sprint’s plan is not for the faint of heart,” Wells Fargo's Jennifer Fritzsche writes in a note. “Sprint needs to be solely focused on avoiding mistakes of the past, where network overhauls caused major disruptions in the network’s performance.”
    | Fri, Jan. 15, 5:32 PM | 107 Comments
  • Mon, Jan. 11, 4:43 PM
    • Crown Castle International (CCI +0.7%) says it's gotten commitments from a lender group for a new $5.5B unsecured credit facility.
    • The new facility would consist of $3.5B of revolving credit and a $2B term loan facility.
    • The company will use proceeds to repay borrowing under its existing facility -- which as of Sept. 30 included a $2.2B revolving facility ($1B outstanding) and $2.9B of term loans outstanding.
    • Crown Castle still expects interest expense for 2016 to range from $517M to $537M.
    • The new facility is expected to close before CCI reports Q4 results, which it plans for Jan. 27.
    | Mon, Jan. 11, 4:43 PM
  • Fri, Jan. 8, 9:46 AM
    • These income favorites are known for having had a tough time of it in 2015, in part thanks to worries about rising interest rates. MKM's Jonathan Krinsky, however, notes REITs have been relatively outperforming the S&P 500 for months and have just broken out to nine-month highs versus the broader market.
    • Krinsky's a technician, so he's staying with the trend and recommending going long REITs (NYSEARCA:IYR) versus the S&P 500.
    • Turning to individual REIT sectors and names, he's overweight apartments (AIV, AVB, ESS, EQR, MAA), UDR), storage (CUBE, EXR, PSA, SSS), and shopping malls (KIM, MAC, FRT, REG, IRM).
    • He's equal weight data centers (buys: CONE, DCT, QTS, sells: EGP), diversified (buys: AMT, CCI, DLR, DRE, PSB, sells: EQIX, LPT, STAG, VNO, WY, WPC).
    • He's underweight office property (buys: EQC, sells: HPP, FSP, GOV, KRC, OFC, PKY, SLG), hotels (sells: AHT, FCH, HPT, HST), mREITs (sells: ARR, STWD, RSO, buy: ABR), healthcare (sells: HCP, MPW, OHI, VTR, buys: DOC, HR, HTA)
    | Fri, Jan. 8, 9:46 AM | 37 Comments
  • Oct. 21, 2015, 4:44 PM
    • Crown Castle (NYSE:CCI) declares $0.885/share quarterly dividend, 7.9% increase from prior dividend of $0.82.
    • Forward yield 4.26%
    • Payable Dec. 31; for shareholders of record Dec. 18; ex-div Dec. 16.
    | Oct. 21, 2015, 4:44 PM | 1 Comment
  • Oct. 21, 2015, 4:39 PM
    • Crown Castle (NYSE:CCI) is up 0.7% after hours following a Q3 report where it beat on top and bottom lines, bumped guidance and increased its dividend.
    • Total revenues rose 2.8% to $918.1M; site rental revenues of $765M were up 7% Y/Y. Site rental gross margin increased 6%, to $518M. The Sunesys acquisition generated $16M in site rental revenues.
    • In bumping guidance, it increased its 2015 midpoint expectation for adjusted EBITDA and adjusted FFO by $37M and $23M respectively. It now sees full-year EBITDA of $2.115B-$2.120B, in line with expectations, and adjusted FFO/share of $4.29-$4.31.
    • For 2016, it sees adjusted FFO/share of $4.66 (up 8% Y/Y).
    • It's increased the annual dividend to $3.54/share from $3.28/share; that's $0.885/quarter and an 8% increase, taking effect with the Dec. 31 payment.
    • Conference call to come tomorrow at 10:30 a.m. ET.
    | Oct. 21, 2015, 4:39 PM
  • Oct. 21, 2015, 4:22 PM
    • Crown Castle (NYSE:CCI): Q3 AFFO of $1.07 beats by $0.03.
    • Revenue of $918.1M (+2.8% Y/Y) beats by $9.42M.
    • Shares +0.5%.
    | Oct. 21, 2015, 4:22 PM
  • Oct. 20, 2015, 5:35 PM
  • Sep. 4, 2015, 12:58 PM
    • Posting a total return of 2.38% as of August 18, the FTSE NAREIT All Equity REIT index ended up the month with a loss of 5.82%, a slim 18 basis points better than the S&P 500.
    • The least-bad sectors were infrastructure REITs - American Tower (NYSE:AMT) and Crown Castle (NYSE:CCI) come to mind - down 1.4% in August and 1.5% YTD, and self-storage REITs - PSA, SSS, CUBE, EXRdown 1.9% in August, but up a big 13.4% YTD (best in sector).
    • Hardest hit last month were office REITs - GOV, EQC, BXP, WRE are examples - falling 8.65%.
    • Source: REIT Cafe
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    | Sep. 4, 2015, 12:58 PM | 4 Comments
  • Aug. 6, 2015, 3:39 PM
    • American Tower (NYSE:AMT) is up 1.3% after Morgan Stanley, taking a fresh look at telecom towers firms, upgraded the stock to Overweight, from Equal Weight.
    • Analyst Simon Flannery set a price target on the shares at $116, up from $101. The stock closed yesterday at $96.68 and is trading today at $97.85. That comes to an 18.5% upside from current prices.
    • It's been a slow year for towers firms, he writes, but he likes the group going into 2016, with telecoms expected to re-accelerate spending.
    • He holds an existing Overweight rating on SBA Communications (NASDAQ:SBAC) with its price target raised to $151 from $130 (shares are up 0.2% today to $120.97, implying near 25% upside) and an Overweight on Crown Castle International (NYSE:CCI) with a price target of $94 (shares are down 0.4% today to $81.91, implying near 15% upside).
    | Aug. 6, 2015, 3:39 PM | 3 Comments
  • Aug. 4, 2015, 8:29 PM
    • Crown Castle International (NYSE:CCI) has closed on its purchase of Quanta Services' fiber unit, Sunesys, previously said to be for $1B.
    • The company sold its Australian unit -- CCAL, Australia's leading tower operator -- for A$2B (about $1.6B) with the intent to finance the purchase of Sunesys and refocus on its U.S. network.
    • Sunesys owns or has right to nearly 10,000 miles of fiber in the U.S.
    • Crown Castle will update its full-year outlook to reflect the closing in its Q3 report.
    | Aug. 4, 2015, 8:29 PM
  • Aug. 3, 2015, 4:37 PM
    • Crown Castle (NYSE:CCI) declares $0.82/share quarterly dividend, in line with previous.
    • Forward yield 4.01%
    • Payable Sept. 30; for shareholders of record Sept. 18; ex-div Sept. 16.
    | Aug. 3, 2015, 4:37 PM
  • Jul. 22, 2015, 4:31 PM
    • Crown Castle International (NYSE:CCI) is up 0.7% after hours, following a Q2 report where it missed revenue expectations but raised its outlook for 2015.
    • A forecast that includes significant investment by wireless carriers in their networks "gives us confidence in our ability to achieve our stated goal of generating compounded annual growth in AFFO per share of 6% to 7% organically over the next five years," says CEO Ben Moreland.
    • Site rental revenues came in at $737M, above the adjusted midpoint of its outlook. (As of this quarter, CCI is treating its sold-off Australian subsidiary CCAL as a discontinued operation for comp purposes.) Site rental gross margin was $500M, just over its outlook of $499M.
    • The company raised full-year guidance for its adjusted EBITDA by $27M, to $2.081B (vs. a consensus of $2.13B), and increased adjusted FFO outlook by $14M, to 1.413B (coming to $4.23/share). It now expects site rental revenues to come in $21M higher, to $2.954B.
    • Conference call is tomorrow at 10:30 a.m. ET.
    | Jul. 22, 2015, 4:31 PM
  • Jul. 22, 2015, 4:17 PM
    • Crown Castle (NYSE:CCI): Q2 AFFO of $1.03 misses by $0.03.
    • Revenue of $899M (+2.4% Y/Y) misses by $30.04M.
    | Jul. 22, 2015, 4:17 PM
  • Jul. 21, 2015, 5:35 PM
Company Description
Crown Castle International Corp owns, operates and leases shared wireless infrastructure, including towers and other structures, such as rooftops, and other communication structures.
Sector: Technology
Industry: Diversified Communication Services
Country: United States