Crown Castle (NYSE: CCI) reported Q3 EPS of $0.81, $0.05 better than the analyst estimate of $0.76. AFFO was $1.77.

"We delivered strong results in the third quarter and increased our annualized common stock dividend by approximately 11% to $5.88 per share," stated Jay Brown, Crown Castle’s Chief Executive Officer. "The dividend increase is supported by the expected combined growth in 2021 and 2022, and represents the second-consecutive year of dividend growth that meaningfully exceeds our long-term growth target of 7% to 8% per year. We are generating this level of growth as a result of a robust tower leasing environment, which we expect will continue in 2022, consistent small cell install volumes in 2021 and 2022 and stable fiber solutions growth, which combine to produce expected AFFO per share growth at the high end of our long-term target. We are focused on supporting our customers as they upgrade their existing cell sites as part of the first phase of the 5G build out in the U.S., which is resulting in record tower application volumes this year and an expected 20% increase in core leasing activity for our Towers segment for full year 2022 when compared to projected 2021 levels. This expected level of core leasing activity is approximately 50% higher than the trailing 5-year average for our Towers business.

"Looking forward, we continue to believe the deployment of 5G will extend our opportunity to create value for our shareholders, as we expect our ability to offer towers, small cells and fiber solutions, which are all integral components of communications networks, will be critical for our customers as they increase the density of their networks during the next deployment phase of 5G. Our diverse portfolio of assets and customer solutions has enabled us to outperform our long-term target growth rate of 7% to 8% since we established the target in 2017, demonstrating how well positioned Crown Castle is to capitalize on the robust demand for connectivity in the U.S. During that period, we have grown dividends per share at a compound annual growth rate of 9%, and, going forward, we believe our strategy will allow us to deliver on our long-term dividend per share growth target."

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