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Crown Castle International Corp. delivered another quarter of strong financial results that reflect the significant demand the company is seeing for its shared infrastructure assets. So said Jay Brown, president and CEO, on the firm’s third quarter earnings call.
According to Brown, the company’s strategy and unmatched portfolio of 40,000 towers and 75,000 route miles of fiber concentrated in the top U.S. markets, has positioned Crown Castle to generate growth in cash flows and dividends both in the near-term and for years to come.
“Steady execution against this strategy is resulting in consistent dividend growth. As we increased our annualized common stock dividend by 7% to $4.80 per share, in line with what we believe our AFFO per share growth will be in 2020,” he said.
Over the last five years, he said that the REIT has grown the dividend at a compounded annual growth rate of approximately 8%, while investing heavily in assets that it believes will generate significant growth over the long term.
“New leasing activity across our business is expected to be higher in 2020 than in 2019, including activity in our tower business remaining at the highest level in more than a decade,” he said. He also noted that he is excited about the long runway of growth for Crown Castle “as 4G investment remains robust and the deployment of 5G is just getting started.”