Crown Castle (NYSE: CCI) reported Q4 FFO of $1.04, $0.01 worse than the analyst estimate of $1.05. Revenue for the quarter came in at $968 million versus the consensus estimate of $931.3 million.

OUTLOOK

This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the Securities and Exchange Commission ("SEC"). The following Outlook is based on current expectations and assumptions and assumes a US dollar to Australian dollar exchange rate of 0.81 US dollars to 1.0 Australian dollar ("Exchange Rate") for first quarter 2015 and full year 2015.

As reflected in the table below, Crown Castle has increased the midpoint of its full year 2015 Outlook for site rental revenues, site rental gross margin, Adjusted EBITDA and AFFO by approximately $11 million, $13 million, $14 million and $8 million, respectively. The increased midpoint of full year 2015 Outlook for site rental revenues, site rental gross margin, Adjusted EBITDA and AFFO reflects the results and aforementioned completed acquisitions from fourth quarter 2014 and includes the negative impact of approximately $9 million, $7 million, $6 million and $6 million, respectively, from a decrease in the Exchange Rate compared to the previously provided Outlook. The completed acquisitions during fourth quarter 2014 did not materially contribute to full year 2014 results and are expected to contribute $5 million to full year 2015 AFFO. The increase in full year 2015 Outlook assumes an increase of approximately $5 million in Organic Site Rental Revenue growth as compared to the previously provided Outlook.

Crown Castle expects 2015 new leasing activity to be similar to 2014, offset by an increased level of tenant non-renewals. The midpoint of 2015 Outlook reflects Organic Site Rental Revenue growth of approximately 4% compared to 2014, or approximately $125 million. The Organic Site Rental Revenue growth of approximately $125 million in 2015 is comprised of approximately $150 million from new leasing activity and $90 million from escalations on existing tenant lease contracts, less approximately $115 million from non-renewals. Of the approximately $150 million in new leasing activity, expected contributions from tower leasing and small cells leasing are $100 million and $50 million, respectively.

The midpoint of 2015 Outlook for site rental revenue growth is expected to be approximately $60 million, after adjusting Organic Site Rental Revenue growth of approximately $125 million by $65 million for straight-line accounting and exchange rates and other items. The adjustment for straight-line accounting removes the benefit of approximately $90 million in contractual escalators on existing tenant leases and adds approximately $30 million in straight-line revenues related to new leasing activity, including tenant lease renewals. See chart below for reconciliation of 2015 Outlook for Organic Site Rental Revenue and site rental revenues.

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