Crown Castle Raises 2016 Outlook; Board Approves CEO Succession Plan

(RTTNews) - Crown Castle International Corp. (CCI) announced, looking forward, the company increased midpoint of its full year 2016 outlook for site rental revenues, adjusted EBITDA and AFFO by $10 million, $12 million and $11 million, respectively; increased midpoint of full year 2016 outlook for AFFO per share to $4.68, representing an increase of approximately 9% year-over-year.

For the fourth-quarter, Crown Castle said it exceeded the midpoint of previously provided fourth-quarter 2015 outlook for site rental revenues, site rental gross margin, adjusted EBITDA and AFFO. The company said it also exceeded the midpoint of previously provided full year 2015 Outlook for site rental revenues, site rental gross margin, Adjusted EBITDA and AFFO, resulting in 8% growth in AFFO per share from 2014 to 2015.

Crown Castle announced that the Board of Directors has approved a succession plan for its CEO. Effective June 1, 2016, Jay Brown, currently Crown Castle's CFO, will become Crown Castle's President and CEO. Ben Moreland, currently Crown Castle's President and Chief Executive Officer, will remain in an executive position as Executive Vice-Chairman of the Board.