Crown Castle International Corp (NYSE: CCI) stock fell 0.060% after the company posted mixed results for the first quarter of FY 21. The company has reported net income for the first quarter 2021 of $121 million compared to $185 million for the first quarter 2020 and was affected by a $143 million loss on the retirement of long-term obligations due to first quarter 2021 refinancing activities. The Site rental revenues rose 5%, or $59 million, from first quarter 2020 to first quarter 2021, including approximately $82 million in Organic Contribution to Site Rental Revenues and a $24 million decline in straight-lined revenues. The $82 million in Organic Contribution to Site Rental Revenues represents approximately 6.3% growth, which comprised of approximately 9.4% growth from new leasing activity and contracted tenant escalations, net of approximately 3.1% from tenant non-renewals. The company incurred capital expenditures during the quarter of $302 million, comprising of $17 million of sustaining capital expenditures and $285 million of discretionary capital expenditures. Discretionary capital expenditures during the quarter mainly included approximately $225 million attributable to Fiber and approximately $49 million attributable to Towers.
For the full year 2021, the company expects site rental revenues to be of between $5.672 billion and $5.717 billion. The midpoint of the range, $5.695 billion is up from its previous view of $5.555 billion. The analysts are expecting full year revenue of $6.17 billion. The company has raised its full-year adjusted funds from operations per share estimate to $6.79, from its previous estimate of $6.69 per share. The analysts have been expecting for $6.71 per share for the year, according to FactSet.
Meanwhile, the company during the quarter, had issued $3.25 billion in aggregate principal amount of senior unsecured notes with a combination of 5-year, 10-year and 20-year maturities, resulting in a weighted average maturity and coupon of 12 years and approximately 2.1%, respectively.
Additionally, the company during the quarter, paid common stock dividends of about $588 million in the aggregate, or $1.33 per common share, which represents an increase of approximately 11% on a per share basis compared to the same period a year ago.