Crown Castle International Corp (NYSE:CCI) stock rose 0.62% (As on Apr 21, 11:34:17 AM UTC-4, Source: Google Finance) after the company’s earnings came in at $421 million compared with $121 million, in last year’s first quarter. Site rental revenues grew 15%, or $207 million, from first quarter 2021 to first quarter 2022, inclusive of approximately $75 million in Organic Contribution to Site Rental Billings and a $126 million increase in straight-lined revenues. The $75 million in Organic Contribution to Site Rental Billings represents approximately 6.0% growth, comprised of approximately 9.4% growth from core leasing activity and contracted tenant escalations, net of approximately 3.4% from tenant non-renewals. First quarter 2022 site rental revenues benefited by approximately $15 million from items not expected to recur in 2022. First quarter 2022 AFFO was $812 million, representing 10% growth from first quarter 2021. AFFO per share for first quarter 2022 was $1.87, representing 9% growth when compared to first quarter 2021.

CCI in the first quarter of FY 22 has reported the adjusted earnings per share of 97 cents, beating the analysts’ estimates for the adjusted earnings per share of 94 cents, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 16.8 percent to $1.74 billion in the first quarter of FY 22. Income from continuing operations for the first quarter 2022 was $421 million compared to $121 million for the first quarter 2021 and was predominantly impacted by the increase in site rental revenues as well as a reduction in losses on retirement of long-term obligations of $117 million. First quarter 2022 Adjusted EBITDA was $1.1 billion compared to $897 million for the first quarter 2021.

Additionally, Income from continuing operations for the first quarter 2022 was $421 million compared to $121 million for the first quarter 2021 and was predominantly impacted by the increase in site rental revenues as well as a reduction in losses on retirement of long-term obligations of $117 million. Adjusted EBITDA. First quarter 2022 Adjusted EBITDA was $1.1 billion compared to $897 million for the first quarter 2021.

In addition, in March, Crown Castle issued $750 million in aggregate principal amount of senior unsecured notes with a five-year maturity and a coupon of 2.9%. Net proceeds from the senior notes offering were used to repay a portion of the outstanding indebtedness under Crown Castle’s commercial paper program and related fees and expenses.