|Crown Castle Announces Sale of Australian Subsidiary|
"The sale of CCAL allows us to redeploy capital towards our growing small cell networks, which we expect will be accretive to our long-term AFFO and dividend per share growth rates," stated
CCAL was expected to contribute approximately
Since its establishment in 2000, CCAL has grown to become the largest independent tower operator in
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on
Non-GAAP Financial Measures and Other Calculations
This press release includes presentations of Adjusted EBITDA and Adjusted Funds from Operations (“AFFO”), which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")). Each of the amounts included in the calculation of Adjusted EBITDA and AFFO are computed in accordance with GAAP, with the exception of: (1) sustaining capital expenditures, which is not defined under GAAP and (2) our adjustment to the income tax provision in calculations of AFFO for periods prior to our REIT conversion.
Our measures of Adjusted EBITDA and AFFO may not be comparable to similarly titled measures of other companies, including other companies in the tower sector or those reported by other REITs. Our AFFO may not be comparable to those reported in accordance with
Adjusted EBITDA and AFFO are presented as additional information because management believes these measures are useful indicators of the financial performance of our core businesses. In addition, Adjusted EBITDA is a measure of current financial performance used in our debt covenant calculations.
Funds from Operations (“FFO”).
Adjusted Funds from Operations (“AFFO”).
Sustaining capital expenditures.
Tables reconciling these non-GAAP financial measures are shown below. The components in these tables may not sum to the total due to rounding.