Crown Castle Inc (NYSE:CCI) stock fell 0.98% (As on October 20, 11:42:56 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 22. Site rental revenues grew 8%, or $117 million, from third quarter 2021 to third quarter 2022, inclusive of approximately $67 million in Organic Contribution to Site Rental Billings and a $52 million increase in straight-lined revenues. The $67 million in Organic Contribution to Site Rental Billings represents 5.3% growth, comprised of 8.6% growth from core leasing activity and contracted tenant escalations, net of 3.3% from tenant non-renewals. Income from continuing operations for the third quarter 2022 was $419 million compared to $351 million for the third quarter 2021. Third quarter 2022 Adjusted EBITDA was $1.1 billion compared to $976 million for the third quarter 2021, representing 10% growth from the third quarter 2021, primarily as a result of the growth in site rental revenues and higher services contribution. Third quarter 2022 AFFO was $804 million, representing growth from the third quarter 2021 of 5% for each.

CCI in the third quarter of FY 22 has reported the adjusted funds from operations per share of $1.85, beating the analysts’ estimates for the adjusted funds from operations per share of $1.83. The company had reported the adjusted revenue of $1.75 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $1.74 billion.

Additionally, capital expenditures during the quarter were $337 million, comprised of $23 million of sustaining capital expenditures and $314 million of discretionary capital expenditures. Discretionary capital expenditures during the quarter primarily included approximately $267 million attributable to Fiber and approximately $42 million attributable to Towers. During the quarter, Crown Castle paid common stock dividends of approximately $637 million in the aggregate, or $1.47 per common share, an increase of approximately 11% on a per share basis compared to the same period a year ago. In addition, the company have an investment grade balance sheet with nearly 85% fixed-rate debt, a weighted average maturity across the debt of approximately nine years, limited debt maturities through 2024 and more than $4.5 billion in available liquidity under the revolving credit facility.

Crown Castle expects full-year funds from operations to be $7.36 per share, Site rental revenues to be between $6,488 to $6,533 million and Adjusted EBITDA to be in the range of $4,449 to $4,494 million.