Sector: Real Estate|Industry: REIT - Specialty|Market Cap: $40.37B|Employees: 4.7K
Crown Castle Inc. is a leading provider of shared communications infrastructure in the U.S., owning and operating towers, small cells, and fiber networks. The company's core business model involves leasing access to its infrastructure to wireless carriers and other tenants through long-term contracts. Crown Castle's market position is strengthened by its geographically dispersed assets and its focus on major metropolitan areas.
Site rental revenues increased slightly to $1.593 billion in Q3 2024, a 1% increase compared to $1.577 billion in Q3 2023. This growth was primarily driven by tenant additions and contractual escalators, offset by straight-line accounting adjustments.
Net income reached $303 million in Q3 2024, a 14% increase from $265 million in Q3 2023. This increase was primarily driven by higher Fiber operating profits and decreases in restructuring and administrative expenses.
Adjusted EBITDA increased to $1.075 billion in Q3 2024, a 3% increase compared to $1.047 billion in Q3 2023, reflecting the increase in Fiber operating profit.