The REITs (Real Estate Investment Trusts) are worth checking out if you're looking to get paid handsome distributions while you wait for the Federal Reserve to finally cut interest rates. Undoubtedly, capital-intensive REITs stand out as big winners as rates fall. And while it's not guaranteed that rates will fall as quickly as they are being priced into various REITs and stocks right now, I do view the rate-sensitive securities as great bets for those seeking to invest for the next several years. Indeed, t ...

[PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial information, including statements, notes, and management's discussion and analysis [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements for Crown Castle Inc. as of June 30, 2024, detailing financial position and performance [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements reveal a decrease in key performance metrics, including net revenues, operating income, and net income, compared to the prior year Condensed Consolidated Statement of Operations (Six Months Ended June 30) | Metric | 2024 (in millions) | 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Net revenues** | $3,267 | $3,640 | -10.2% | | **Operating income** | $1,023 | $1,295 | -21.0% | | **Net income** | $562 | $874 | -35.7% | | **Diluted EPS** | $1.29 | $2.01 | -35.8% | Condensed Consolidated Balance Sheet Highlights (as of June 30, 2024) | Account | June 30, 2024 (in millions) | Dec 31, 2023 (in millions) | | :--- | :--- | :--- | | **Total assets** | $38,246 | $38,527 | | **Total liabilities** | $32,594 | $32,146 | | **Total equity** | $5,652 | $6,381 | Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Cash Flow Activity | 2024 (in millions) | 2023 (in millions) | | :--- | :--- | :--- | | **Net cash from operating activities** | $1,367 | $1,725 | | **Net cash used for investing activities** | ($650) | ($806) | | **Net cash used for financing activities** | ($666) | ($758) | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the financial statements, covering business segments, revenue recognition, debt portfolio, and restructuring plans - The company's core business is providing access to its shared communications infrastructure (towers and fiber) through long-term contracts, operating in two segments: Towers and Fiber[35](index=35&type=chunk)[44](index=44&type=chunk)[63](index=63&type=chunk) - Site rental revenues in the Fiber segment for the first six months of 2024 include only **$4 million** from Sprint cancellation payments, compared to **$154 million** in the same period of 2023, with **$57 million** of accelerated prepaid rent amortization recognized in 2023 not recurring in 2024[48](index=48&type=chunk)[69](index=69&type=chunk) - As of June 30, 2024, the company has total debt and other obligations of **$23.7 billion**, with a weighted-average interest rate of **3.9%** and a weighted-average maturity of approximately **seven years**, with **89%** of the debt having fixed rate coupons[75](index=75&type=chunk)[161](index=161&type=chunk) - The company initiated restructuring plans in July 2023 and June 2024, incurring total restructuring charges of **$56 million** for the six months ended June 30, 2024, primarily for employee severance and office closures[97](index=97&type=chunk)[121](index=121&type=chunk)[180](index=180&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=18&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's strategy, business fundamentals, and financial results, highlighting revenue and profit declines, and maintaining a strong liquidity position [Results of Operations](index=22&type=section&id=MD%26A%E2%80%94Results%20of%20Operations) Total site rental revenues decreased by 5% and net income fell 36% year-over-year, primarily due to non-recurring Sprint cancellation payments and increased interest expense Results of Operations Highlights (Six Months Ended June 30) | Metric | 2024 (in millions) | 2023 (in millions) | % Change | | :--- | :--- | :--- | :--- | | **Total Site Rental Revenues** | $3,168 | $3,352 | -5% | | **Towers Operating Profit** | $1,650 | $1,702 | -3% | | **Fiber Operating Profit** | $582 | $761 | -24% | | **Net Income** | $562 | $874 | -36% | | **Adjusted EBITDA** | $2,043 | $2,292 | -11% | - The decrease in site rental revenue was primarily driven by a **$150 million** reduction in payments associated with Sprint Cancellations and a **$57 million** decline in prepaid rent amortization, which were recognized in 2023 but did not recur in 2024[147](index=147&type=chunk)[148](index=148&type=chunk) - Towers services and other gross margin decreased by **$41 million (52%)** in the first half of 2024 due to lower carrier network activity and the discontinuation of installation services as part of the 2023 Restructuring Plan[204](index=204&type=chunk)[121](index=121&type=chunk) - Interest expense increased by **$46 million (11%)** in the first half of 2024, driven by higher variable interest rates on the 2016 Term Loan A and increased overall indebtedness to fund capital expenditures[151](index=151&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=MD%26A%E2%80%94Liquidity%20and%20Capital%20Resources) The company maintained approximately $7.3 billion in total liquidity, despite a 21% decrease in operating cash flow, and plans for debt obligations and dividends Liquidity Position as of June 30, 2024 | Component | Amount (in millions) | | :--- | :--- | | Cash and cash equivalents | $331 | | Undrawn 2016 Revolver availability | $6,960 | | **Total Liquidity** | **~$7,300** | - Net cash provided by operating activities decreased by **$358 million (21%)** year-over-year, primarily due to lower operating profit and the absence of Sprint Cancellation payments[214](index=214&type=chunk) Capital Expenditures (Six Months Ended June 30) | Category | 2024 (in millions) | 2023 (in millions) | | :--- | :--- | :--- | | **Discretionary** | $600 | $687 | | **Sustaining** | $49 | $33 | | **Total** | $649 | $720 | - Over the next 12 months, liquidity uses are expected to include **$2.3 billion** in debt obligations and approximately **$2.7 billion** in common stock dividends[186](index=186&type=chunk)[190](index=190&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate risk, affecting its floating-rate debt, with a hypothetical 0.25% rate increase impacting annual interest expense by $6 million - As of June 30, 2024, approximately **11% ($2.6 billion)** of the company's total debt is floating-rate, exposing it to interest rate fluctuations[228](index=228&type=chunk) - A hypothetical **0.25% (25 basis points)** unfavorable change in market interest rates would increase the company's interest expense by approximately **$6 million** over a 12-month period[244](index=244&type=chunk) - The company has **$700 million** in Tower Revenue Notes with an anticipated repayment date in 2025, which it currently expects to refinance on or prior to that date[230](index=230&type=chunk) [Controls and Procedures](index=35&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of June 30, 2024, the company's disclosure controls and procedures were effective[29](index=29&type=chunk) - No changes occurred during the fiscal quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[233](index=233&type=chunk) [PART II—OTHER INFORMATION](index=36&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) This section provides additional information including legal proceedings, risk factors, and exhibits [Legal Proceedings](index=36&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in various claims and lawsuits in the ordinary course of business, not expected to materially affect its financial position or results - The company states that while there are various legal proceedings arising from the ordinary course of business, management believes the ultimate outcome will not have a material adverse effect[109](index=109&type=chunk)[234](index=234&type=chunk) [Risk Factors](index=36&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, were reported - No material changes to the risk factors discussed in the 2023 Form 10-K were reported[235](index=235&type=chunk) [Other Information](index=36&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No other material information was reported under this item for the period - The report indicates 'None' for this item, signifying no other material information was required to be disclosed[236](index=236&type=chunk) [Exhibits](index=36&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and financial statements formatted in Inline XBRL - The exhibits filed with this report include Sarbanes-Oxley Section 302 and 906 certifications from the CEO and CFO[249](index=249&type=chunk)

Crown Castle Inc. (CCI) reported second-quarter 2024 adjusted funds from operations (AFFO) per share of $1.62, lagging the Zacks Consensus Estimate of $1.65. The reported figure also declined 21% from the year-ago quarter. Results reflect a fall in net revenues on a year-over-year basis. Higher interest expense on debt obligations and lower contributions from adjusted EBITDA were undermining factors. CCI maintained its outlook for 2024. Management remains on track to deliver a full-year outlook for organic ...

Crown Castle Inc. (NYSE:CCI) Q2 2024 Earnings Conference Call July 17, 2024 5:00 PM ET Company Participants Kris Hinson - VP, Corporate Finance & Treasurer Steven Moskowitz - President & CEO Daniel Schlanger - CFO Conference Call Participants Simon Flannery - Morgan Stanley Michael Rollins - Citi David Barden - Bank of America Ric Prentiss - Raymond James Jim Schneider - Goldman Sachs Nick Del Deo - MoffettNathanson Richard Choe - JPMorgan Ari Klein - BMO Capital Markets Matt Niknam - Deutsche Bank Batya Le ...

For the quarter ended June 2024, Crown Castle (CCI) reported revenue of $1.63 billion, down 12.9% over the same period last year. EPS came in at $1.62, compared to $1.05 in the year-ago quarter. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. View all Key Company Metrics for Crown Castle here>>> Shares of Crown Castle h ...

Ahead of this earnings release, the estimate revisions trend for Crown Castle: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. One other stock from the same industry, Gaming and Leisure Proper ...

| --- | --- | |--------------------------|--------------------------------------------------------------------------------| | | | | | | | July 17, 2024 | | | Second Quarter 2024 | | | Earnings Conference Call | | | | 1 Second Quarter 2024 Earnings Conference Call The pathway to possible. PAGE | This presentation contains forward-looking statements and information ("Forward-Looking Statements") that are based on our management's current expectations. Statements that are not historical facts are hereby identi ...

Crown Castle Inc. Second Quarter 2024 COMPANY OVERVIEW OUTLOOKCONSOLIDATED FINANCIALSCAPITALIZATION OVERVIEW TOWERS SEGMENT FIBER SEGMENT APPENDIX Reconciliation of Historical Adjusted EBITDA: | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------|-------|-------|-------|-----------|-------|-------|-------|-------|-----------|-------| | (in millions; totals may not sum due to rounding) | | Q1 | | Q2 | 2023 | Q3 ...

| --- | --- | --- | --- | |-------------------------------------------------|-------------------------------------|------------------------|-------------------| | (dollars in millions, except per share amounts) | Current Full Year 2024 Outlook(a) | Full Year 2023 Actual | Change % Change | | Site rental revenues | $6,340 | $6,532 | $(192) (3)% | | Net income (loss) | $1,158 | $1,502 | $(344) (23)% | | Net income (loss) per share—diluted | $2.67 | $3.46 | $(0.79) (23)% | | Adjusted EBITDA(b) | $4,168 | $4,41 ...

Core Viewpoint - Crown Castle (CCI) has been upgraded to a Zacks Rank 2 (Buy), indicating an upward trend in earnings estimates which is a significant factor influencing stock prices [1][4][9]. Earnings Estimate Revisions - Analysts have been consistently raising their earnings estimates for Crown Castle, with the Zacks Consensus Estimate increasing by 0.4% over the past three months [6]. - The company is projected to earn $6.94 per share for the fiscal year ending December 2024, reflecting a year-over-year decline of 8.1% [12]. Zacks Rating System - The Zacks rating system maintains a balanced approach, with an equal proportion of 'buy' and 'sell' ratings across over 4000 stocks, ensuring that only the top 20% of stocks receive favorable ratings [7][11]. - The Zacks Rank stock-rating system has a strong track record, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [11]. Market Implications - The upgrade to Zacks Rank 2 positions Crown Castle in the top 20% of Zacks-covered stocks based on estimate revisions, suggesting potential for stock price appreciation in the near term [14]. - The correlation between earnings estimate revisions and stock price movements is supported by empirical research, indicating that tracking these revisions can be beneficial for investment decisions [5][10].