Crown Castle Reports Second Quarter 2025 Results and Increases Outlook For Full Year 2025
HOUSTON, July 23, 2025 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE:CCI) ("Crown Castle") today reported results for the second quarter ended June 30, 2025 and updated its full year 2025 Outlook, as reflected in the table below.
(dollars in millions, except per share amounts)
Current Full Year 2025 Outlook Midpoint(a)
Full Year 2024 Actual
% Change
Previous Full Year 2025 Outlook(b)
Current Compared to Previous Outlook
Site rental revenues(c)
$4,020
$4,268
(6)%
$4,010
$10
Net income (loss)
$240
$(3,903)
N/A
$205
$35
Net income (loss) per share—diluted
$0.55
$(8.98)
N/A
$0.47
$0.08
Adjusted EBITDA(c)(d)
$2,805
$3,035
(8)%
$2,780
$25
AFFO(c)(d)
$1,830
$1,980
(8)%
$1,795
$35
AFFO per share(c)(d)
$4.20
$4.55
(8)%
$4.12
$0.08
(a)
Reflects midpoint of full year 2025 Outlook as issued on July 23, 2025.
(b)
Reflects midpoint of full year 2025 Outlook as issued on April 30, 2025.
(c)
Excludes amounts related to the Fiber Business (as defined in "Non-GAAP Measures and Other Information") which are presented in discontinued operations.
(d)
See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.
"With strong operational performance and higher leasing activity from our customers as they continue to augment capacity in their networks, we delivered solid results in the second quarter and increased our full year 2025 Outlook," stated Dan Schlanger, Crown Castle's Interim President and Chief Executive Officer. "Our increased Outlook for full year 2025 demonstrates the progress we are making across the key near-term priorities we articulated last quarter, including delivering on our 2025 financial and operating objectives, successfully closing the previously announced sale of our small cells and fiber solutions businesses, and positioning the tower business to maximize shareholder value on a standalone basis. Our updated full year 2025 Outlook includes both an increase in organic growth to 4.7%, excluding the impact of Sprint Cancellations, and a $10 million reduction in overhead costs. In addition to delivering strong operational results in the first half of 2025, we have made progress on the sale transaction, which we continue to believe will close in the first half of 2026. We believe the improved financial flexibility we created with our previously announced capital allocation framework coupled with investments in our systems and processes to streamline our operations will enable us to better serve our customers, operate more efficiently, and maximize long-term shareholder value on a standalone basis."
RESULTS FOR THE QUARTERThe table below sets forth select financial results for the quarters ended June 30, 2025 and June 30, 2024.
(dollars in millions, except per share amounts)
Q2 2025
Q2 2024
Change
% Change
Site rental revenues(a)
$1,008
$1,064
$(56)
(5)%
Net income (loss)
$291
$251
$40
16%
Net income (loss) per share—diluted
$0.67
$0.58
$0.09
16%
Adjusted EBITDA(a)(b)
$705
$727
$(22)
(3)%
AFFO(a)(b)
$444
$449
$(5)
(1)%
AFFO per share(a)(b)
$1.02
$1.03
$(0.01)
(1)%
(a)
Excludes amounts related to the Fiber Business which are presented in discontinued operations.
(b)
See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.
HIGHLIGHTS FROM THE QUARTER
Site rental revenues. Organic Contribution to Site Rental Billings was $45 million, or 4.7% organic growth from second quarter 2024, excluding an unfavorable $51 million impact from Sprint Cancellations. Site rental revenues were also negatively impacted by a $16 million decrease in amortization of prepaid rent and a $34 million decrease in straight-lined revenues, resulting in a decline in site rental revenues of $56 million, or 5.3% from second quarter 2024 to second quarter 2025. The following table outlines the components of Organic Contribution to Site Rental Billings, excluding the impact of Sprint Cancellations, and the respective percentage of prior period site rental billings.
($ in millions)
Current Full Year 2025 Outlook Midpoint(a)
Q2 2025
Q2 2024
Core leasing activity(b)
$115
2.9%
$28
2.9%
$28
3.0%
Escalator
$95
2.4%
$24
2.5%
$23
2.4%
Non-renewals(b)
($30)
(0.8%)
($7)
(0.7%)
($7)
(0.8%)
Change in other billings(b)
$5
0.1%
$0
0.0%
$2
0.2%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(b)
$185
4.7%
$45
4.7%
$45
4.8%
(a)
As issued July 23, 2025.
(b)
See "Non-GAAP Measures and Other Information" for our definitions of core leasing activity, non-renewals, other billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations.
Net income (loss). Net income (loss) for the second quarter 2025 was $291 million compared to $251 million for the second quarter 2024.
Adjusted EBITDA. Second quarter 2025 Adjusted EBITDA was $705 million compared to $727 million for the second quarter 2024. The decrease in the year was a result of the lower contribution from site rental revenues, as discussed above, partially offset by a $37 million decrease in selling, general, and administrative costs primarily driven by the reduction in staffing levels and office closures announced in June 2024 and the absence of $20 million of advisory fees incurred in the second quarter 2024, and a $6 million increase in services contribution.
AFFO and AFFO per share. Second quarter 2025 AFFO was $444, or $1.02 per share, representing a 1% decrease from the second quarter 2024.
Capital expenditures. Capital expenditures from continuing operations during the quarter were $40 million, comprised of $33 million of discretionary capital expenditures and $7 million of sustaining capital expenditures. The $40 million of capital expenditures represents no change from the second quarter 2024.
Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $463 million in the aggregate, or $1.0625 per common share, a decrease of 32% on a per share basis from the same period a year ago.
"Our second quarter results, which were highlighted by 4.7% organic growth excluding the impact of Sprint Cancellations, demonstrated the solid performance of the underlying tower business," stated Sunit Patel, Crown Castle's Executive Vice President and Chief Financial Officer. "Our focus on operations and execution has positioned us to increase our outlook for full year 2025 while keeping us on track to close the sale transaction in the first half of 2026. Our solid financial and operational performance is complemented by our strong balance sheet, which ended the quarter with approximately 86% fixed rate debt, a weighted average debt maturity of over 6 years, and approximately $4.7 billion of availability under our revolving credit facility, compared to approximately $2.2 billion of debt maturities over the next twelve months. We believe our previously announced capital allocation framework, which balances the predictable return of capital to shareholders with financial flexibility and balance sheet strength, will position our pure-play U.S. tower business to maximize long-term shareholder value."
OUTLOOKThis 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 SEC. The following table sets forth Crown Castle's current full year 2025 Outlook, which includes the following key changes from the previous Outlook issued on April 30, 2025:
A $10 million increase to site rental revenues from higher Organic Contributions to Site Rental Billings.
A $25 million increase in Adjusted EBITDA, as the $10 million increase to site rental revenues is complemented by a $10 million decrease in selling, general, and administrative costs, and a $5 million increase in services and other gross margin.
A $35 million increase in AFFO, as the $25 million increase to Adjusted EBITDA is combined with a $10 million reduction in interest expense largely driven by updated term-out assumptions.
A $35 million increase to net income.
Additionally, a $15 million decrease in site rental costs of operations from non-cash compensation expense that is attributable to discontinued operations. Because Adjusted EBITDA and AFFO already exclude non-cash compensation, there is no impact to Adjusted EBITDA or AFFO relative to the previous Outlook.
(in millions, except per share amounts)
Full Year 2025(a)
Changes to Midpoint from Previous Outlook(b)
Site rental billings(c)
$3,895
to
$3,925
$10
Amortization of prepaid rent
$80
to
$110
$0
Straight-lined revenues
($15)
to
$15
$0
Other revenues
$15
to
$15
$0
Site rental revenues
$3,997
to
$4,042
$10
Site rental costs of operations(d)
$972
to
$1,017
($15)
Services and other gross margin
$75
to
$105
$5
Net income (loss)(e)
$100
to
$380
$35
Net income (loss) per share—diluted(e)
$0.23
to
$0.87
$0.08
Adjusted EBITDA(c)
$2,780
to
$2,830
$25
Depreciation, amortization and accretion
$678
to
$773
$0
Interest expense and amortization of deferred financing costs, net(f)
$972
to
$1,017
($10)
Income (loss) from discontinued operations, net of tax(g)
($830)
to
($590)
$0
FFO(c)
$1,645
to
$1,675
$35
AFFO(c)
$1,805
to
$1,855
$35
AFFO per share(c)
$4.14
to
$4.25
$0.08
Discretionary capital expenditures(c)
$185
to
$185
$0
Discretionary capital expenditures from discontinued operations(c)(h)
$920
to
$1,020
$0
(a)
As issued on July 23, 2025.
(b)
As issued on April 30, 2025.
(c)
See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis, and for definition of site rental billings and discretionary capital expenditures.
(d)
Exclusive of depreciation, amortization and accretion.
(e)
Includes contributions from discontinued operations.
(f)
See "Non-GAAP Measures and Other Information" for the reconciliation of "Outlook for Components of Interest Expense."
(g)
Represents expected results from the Fiber Business, including the estimated loss on disposal.
(h)
Represents discretionary capital expenditures for the Fiber Business.
The following chart reconciles the components contributing to the expected 2025 decrease in site rental revenues. Full year site rental billings growth, excluding the impact of Sprint Cancellations, is expected to increase from 4.5% reflected in the previous Outlook to 4.7%.
Core leasing activity is expected to increase $5 million from the previous Outlook as we expect higher activity levels in 2025 than originally anticipated.
Change in other billings is expected to increase $5 million from the previous Outlook, partially consisting of an increase in back-billings.
Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.
CONFERENCE CALL DETAILS Crown Castle has scheduled a conference call for Wednesday, July 23, 2025, at 5:30 p.m. Eastern time to discuss its second quarter 2025 results. A listen only live audio webcast of the conference call, along with supplemental materials for the call, can be accessed on the Crown Castle website at https://investor.crowncastle.com. Participants may join the conference call by dialing 833-816-1115 (Toll Free) or 412-317-0694 (International) at least 30 minutes prior to the start time. All dial-in participants should ask to join the Crown Castle call.A replay of the webcast will be available on the Investor page of Crown Castle's website until end of day, Thursday, July 23, 2026.
ABOUT CROWN CASTLECrown Castle owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.
Non-GAAP Measures and Other Information
This press release includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, and Net Debt, 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")).
Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the towers sector or other real estate investment trusts ("REITs").
In addition to the non-GAAP financial measures used herein, we also provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.
Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:
Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is a financial measure frequently used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the towers sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion, which can vary depending upon accounting methods and the book value of assets. Adjusted EBITDA should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance.
AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (1) asset base (primarily depreciation, amortization and accretion) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations or rent free periods, the (1) revenues are recognized on a straight-lined basis over the fixed, non-cancelable term of the tenant contract, and (2) expenses are recognized on a straight-lined basis over the estimated lease term including renewal options that are reasonably certain to be exercised. Management notes that Crown Castle uses AFFO only as a performance measure. AFFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations or as residual cash flow available for discretionary investment.
FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily real estate depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.
Organic Contribution to Site Rental Billings (also referred to as organic growth) is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses Organic Contribution to Site Rental Billings to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, core leasing activities and tenant non-renewals in our core business, as well as to forecast future results. Separately, we are also disclosing Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations, which is outside of ordinary course, to provide further insight into our results of operations and underlying trends. Management believes that identifying the impact of Sprint Cancellations provides increased transparency and comparability across periods. Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations) is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.
Net Debt is useful to investors or other interested parties in evaluating our overall debt position and future debt capacity. Management uses Net Debt in assessing our leverage. Net Debt is not meant as an alternative measure of debt and should be considered only as a supplement in understanding and assessing our leverage.
Non-GAAP Financial Measures
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, goodwill impairment charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, (income) loss from discontinued operations, net of tax, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
AFFO. We define AFFO as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, net, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures.
AFFO per share. We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.
FFO. We define FFO as net income (loss) plus real estate related depreciation, amortization and accretion, asset write-down charges, goodwill impairment charges, and (income) loss from discontinued operations, net of tax, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to common stockholders.
FFO per share. We define FFO per share as FFO divided by diluted weighted-average common shares outstanding.
Organic Contribution to Site Rental Billings. We define Organic Contribution to Site Rental Billings (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and other billings, less non-renewals of tenant contracts and non-renewals associated with Sprint Cancellations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations reflects Organic Contribution to Site Rental Billings plus non-renewals associated with Sprint Cancellations.
Net Debt. We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net, less cash and cash equivalents and restricted cash and cash equivalents.
Other Definitions
Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions and (4) other revenues, such as tenant cancellation fees, finance charges and other items.
Core leasing activity. We define core leasing activity as site rental revenues growth from tenant additions and renewals or extensions of tenant contracts, exclusive of (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP and (2) other revenues.
Other billings. We define other billings as the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity.
Non-renewals. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates, exclusive of non-renewals associated with Sprint Cancellations, where applicable.
Discretionary capital expenditures. We define discretionary capital expenditures relating to continuing operations as those made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. Discretionary capital expenditures, including with respect to discontinued operations, primarily consist of expansion or development of our communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures (including with respect to discontinued operations) not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
Sprint Cancellations. We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
Fiber Business. We define Fiber Business as the historically reported Fiber segment, prior to its reclassification to discontinued operations, together with certain supporting assets and personnel. Management has signed a definitive agreement ("Agreement") to sell the Fiber Business with EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business ("Transaction") for $8.5 billion in aggregate, subject to certain closing adjustments. The Transaction is expected to close in the first half of 2026 subject to certain closing conditions and required government and regulatory approvals. Pending the closing of the Transaction, we will continue to operate the Fiber Business in accordance with the Agreement.
Reconciliation of Historical Adjusted EBITDA:
For the Three Months Ended
For the Six Months Ended
For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
December 31, 2024
Net income (loss)(a)
$
291
$
251
$
(173
)
$
562
$
(3,903
)
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
2
3
4
8
11
Depreciation, amortization and accretion
175
180
352
371
736
Restructuring charges(b)
—
19
—
30
70
Amortization of prepaid lease purchase price adjustments
4
4
8
8
16
Interest expense and amortization of deferred financing costs, net(c)
243
230
479
455
932
Interest income
(4
)
(4
)
(7
)
(8
)
(20
)
Other (income) expense
(2
)
(1
)
(3
)
(3
)
26
(Benefit) provision for income taxes
4
5
9
11
18
Stock-based compensation expense, net
18
26
36
50
84
(Income) loss from discontinued operations, net of tax(d)
(26
)
14
722
(3
)
5,065
Adjusted EBITDA(e)(f)
$
705
$
727
$
1,428
$
1,481
$
3,035
Reconciliation of Current Outlook for Adjusted EBITDA:
Full Year 2025
(in millions; totals may not sum due to rounding)
Outlook(h)
Net income (loss)(a)
$100
to
$380
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
$5
to
$15
Acquisition and integration costs
$0
to
$6
Depreciation, amortization and accretion
$678
to
$773
Amortization of prepaid lease purchase price adjustments
$14
to
$16
Interest expense and amortization of deferred financing costs, net(g)
$972
to
$1,017
(Gains) losses on retirement of long-term obligations
—
to
—
Interest income
$(15)
to
$(15)
Other (income) expense
$6
to
$15
(Benefit) provision for income taxes
$11
to
$19
Stock-based compensation expense, net
$78
to
$82
(Income) loss from discontinued operations, net of tax(i)
$590
to
$830
Adjusted EBITDA(e)(f)
$2,780
to
$2,830
(a)
Includes contribution from discontinued operations.
(b)
Represents restructuring charges recorded for the periods presented related to (1) the Company's restructuring plan announced in July 2023, as further discussed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Restructuring Plan"), and (2) the Company's restructuring plan announced in June 2024, as further discussed in the Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Restructuring Plan"), as applicable for the respective period. For the three and six months ended June 30, 2025, there were no charges related to the July 2023 Restructuring Plan or the June 2024 Restructuring Plan. For the full year ended December 31, 2024, there were $9 million and $61 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively, relating to continuing operations.
(c)
See the reconciliation of "Components of Interest Expense" for a discussion of non-cash interest expense.
(d)
Represents results from the Fiber Business, including a loss on disposal of $252 million and $1.1 billion recorded in the three and six months ended June 30, 2025, respectively.
(e)
See discussion and our definition of Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(f)
The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(g)
See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(h)
As issued on July 23, 2025.
(i)
Represents expected results from the Fiber Business, including the estimated loss on disposal.
Reconciliation of Historical FFO and AFFO:
For the Three Months Ended
For the Six Months Ended
For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
December 31, 2024
Net income (loss)(a)
$
291
$
251
$
(173
)
$
562
$
(3,903
)
Real estate related depreciation, amortization and accretion
162
168
326
347
690
Asset write-down charges
2
3
4
8
11
(Income) loss from discontinued operations, net of tax(b)
(26
)
14
722
(3
)
5,065
FFO(c)(d)
$
429
$
436
$
879
$
914
$
1,863
Weighted-average common shares outstanding—diluted
437
435
436
435
434
FFO (from above)
$
429
$
436
$
879
$
914
$
1,863
Adjustments to increase (decrease) FFO:
Straight-lined revenues
(20
)
(54
)
(39
)
(112
)
(160
)
Straight-lined expenses
14
17
29
33
65
Stock-based compensation expense, net
18
26
36
50
84
Non-cash portion of tax provision
(5
)
—
—
5
8
Non-real estate related depreciation, amortization and accretion
13
12
26
24
46
Amortization of non-cash interest expense
4
3
8
6
12
Other (income) expense
(2
)
(1
)
(3
)
(3
)
26
Restructuring charges(e)
—
19
—
30
70
Sustaining capital expenditures
(7
)
(9
)
(13
)
(16
)
(34
)
AFFO(c)(d)
