Crown Castle International Q3 2025
Summary
- Crown Castle International (CCI) raised full-year Core FFO guidance by 2.26%, reflecting better margins and lower interest expenses.
- 2025 AFFO is lower due to fiber asset sale accounting, but that's a big tailwind for 2026 and possibly 2027, depending on when the sale closes.
- I took the data CCI provides and improved the presentation. Now it's more useful.
- Tower REITs, including CCI, trade at attractive multiples. CCI's results support our long-term expectations for the sector.
Disclosure: Long all 3 tower REITs.
Crown Castle International Results
Crown Castle International (CCI) raised guidance again. The market is only mildly impressed. CCI is up on the day (but less than 1%) while peers are down and the equity REIT index ETFs are slightly down.
Guidance for Core FFO was bumped by 2.26%, which is a big bump for a third-quarter release:
