(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)
$4,030
$4,268
(6)%
$4,020
$10
Net income (loss)
$285
$(3,903)
N/A
$240
$45
Net income (loss) per share—diluted
$0.65
$(8.98)
N/A
$0.55
$0.10
Adjusted EBITDA(c)(d)
$2,835
$3,035
(7)%
$2,805
$30
AFFO(c)(d)
$1,870
$1,980
(6)%
$1,830
$40
AFFO per share(c)(d)
$4.29
$4.55
(6)%
$4.20
$0.09
(a)
Reflects midpoint of full year 2025 Outlook as issued on October 22, 2025.
(b)
Reflects midpoint of full year 2025 Outlook as issued on July 23, 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.
"We delivered strong operational and financial results in the third quarter and are increasing full year 2025 Outlook as we continue to find opportunities to operate more efficiently," stated Chris Hillabrant, Crown Castle's President and Chief Executive Officer. "I am excited by Crown Castle's opportunity to create long-term attractive risk-adjusted returns as the only U.S. focused, large publicly traded tower company after closing the Fiber Business sale transaction, which we continue to believe will close in the first half of 2026. To maximize organic growth while enhancing profitability as a standalone tower company, we are investing in our systems to improve the quality and accessibility of asset information, streamlining processes to enhance operational flexibility, and continuing to drive efficiencies across the business. I believe these strategic priorities, combined with our previously announced capital allocation framework, will position us to maximize long-term shareholder value creation."
RESULTS FOR THE QUARTER
The table below sets forth select financial results for the quarters ended September 30, 2025 and September 30, 2024.
(dollars in millions, except per share amounts)
Q3 2025
Q3 2024
Change
% Change
Site rental revenues(a)
$1,012
$1,066
$(54)
(5)%
Net income (loss)
$323
$303
$20
7%
Net income (loss) per share—diluted
$0.74
$0.70
$0.04
6%
Adjusted EBITDA(a)(b)
$718
$777
$(59)
(8)%
AFFO(a)(b)
$490
$525
$(35)
(7)%
AFFO per share(a)(b)
$1.12
$1.20
$(0.08)
(7)%
(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 $52 million, or 5.2% organic growth from third quarter 2024, excluding an unfavorable $51 million impact from Sprint Cancellations. Site rental revenues were also negatively impacted by a $17 million decrease in amortization of prepaid rent and a $39 million decrease in straight-lined revenues, resulting in a decline in site rental revenues of $54 million, or 5.1% from third quarter 2024 to third quarter 2025. The following table outlines the components of Organic Contribution to Site Rental Billings, excluding the impact of Sprint Cancellations, and the respective percentage of prior period site rental billings.
($ in millions; totals may not sum due to rounding)
Current Full Year 2025 Outlook Midpoint(a)
Q3 2025
Q3 2024
Core leasing activity(b)
$115
2.9%
$33
3.3%
$27
2.9%
Escalators
$95
2.4%
$24
2.5%
$23
2.5%
Non-renewals(b)
($30)
(0.8)%
$(7)
(0.7)%
$(8)
(0.8)%
Change in other billings(b)
$5
0.1%
$2
0.2%
$—
0.0%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(b)
$185
4.7%
$52
5.2%
$43
4.5%
(a)
As issued October 22, 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 third quarter 2025 was $323 million compared to $303 million for third quarter 2024.
Adjusted EBITDA. Third quarter 2025 Adjusted EBITDA was $718 million compared to $777 million for the third quarter 2024. The decrease in the quarter was primarily a result of the lower contribution from site rental revenues, as discussed above.
AFFO and AFFO per share. Third quarter 2025 AFFO was $490 million, or $1.12 per share, representing a 7% decrease from the third quarter of 2024.
Capital expenditures. Capital expenditures from continuing operations during the quarter were $42 million, comprised of $36 million of discretionary capital expenditures and $6 million of sustaining capital expenditures. The $42 million of capital expenditures remained relatively consistent with the $41 million of capital expenditures during third 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 third quarter results, which were highlighted by 5.2% organic growth excluding the impact of Sprint Cancellations, demonstrated the solid performance of our tower business," stated Sunit Patel, Crown Castle's Executive Vice President and Chief Financial Officer. "The strong demand for our U.S. tower assets combined with our continued focus on operating the business efficiently positions us well to meet our updated full year 2025 Outlook, which includes 4.7% organic growth, excluding the impact of Sprint Cancellations. Our solid operational and financial performance is complemented by our investment-grade balance sheet, which ended the quarter with approximately 84% fixed rate debt, a weighted average debt maturity of 6 years, and approximately $4.2 billion of availability under our revolving credit facility, compared to approximately $2.7 billion of debt maturities over the next twelve months."
OUTLOOK
This 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 full year 2025 Outlook issued on July 23, 2025:
A $10 million increase to site rental revenues from higher straight-lined revenues.
A $30 million increase in Adjusted EBITDA, as the $10 million increase to site rental revenues is complemented by a $5 million decrease in site rental costs of operations, a $5 million increase in services and other gross margin, and a $10 million decrease in selling, general, and administrative costs.
A $40 million increase in AFFO, as the $30 million increase to Adjusted EBITDA is combined with a $15 million reduction in interest expense and a $5 million reduction in sustaining capital expenditures. Because AFFO excludes straight-lined revenues, there is no benefit from the $10 million increase in site rental revenues.
A $45 million increase to net income, reflecting the impacts to AFFO and Adjusted EBITDA described above.
(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
$—
Amortization of prepaid rent
$80
to
$110
$—
Straight-lined revenues
($5)
to
$25
$10
Other revenues
$15
to
$15
$—
Site rental revenues
$4,007
to
$4,052
$10
Site rental costs of operations(d)
$967
to
$1,012
($5)
Services and other gross margin
$80
to
$110
$5
Net income (loss)(e)
$145
to
$425
$45
Net income (loss) per share—diluted(e)
$0.33
to
$0.97
$0.10
Adjusted EBITDA(c)
$2,810
to
$2,860
$30
Depreciation, amortization and accretion
$678
to
$773
$—
Interest expense and amortization of deferred financing costs, net(f)
$957
to
$1,002
($15)
Income (loss) from discontinued operations, net of tax(g)
($830)
to
($590)
$—
FFO(c)
$1,690
to
$1,720
$45
AFFO(c)
$1,845
to
$1,895
$40
AFFO per share(c)
$4.23
to
$4.35
$0.09
Discretionary capital expenditures(c)
$155
to
$155
($30)
Discretionary capital expenditures from discontinued operations(c)(h)
$920
to
$1,020
$—
(a)
As issued on October 22, 2025.
(b)
As issued on July 23, 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 contribution 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 be 4.7%.
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, October 22, 2025, at 4:30 p.m. Eastern time to discuss its third 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, October 22, 2026.
ABOUT CROWN CASTLE
Crown 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 Nine Months Ended
For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
December 31, 2024
Net income (loss)(a)
$
323
$
303
$
150
$
865
$
(3,903
)
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
3
2
7
10
11
Depreciation, amortization and accretion
167
181
520
552
736
Restructuring charges(b)
—
38
—
67
70
Amortization of prepaid lease purchase price adjustments
4
4
11
12
16
Interest expense and amortization of deferred financing costs, net(c)
247
236
726
692
932
Interest income
(3
)
(6
)
(10
)
(14
)
(20
)
Other (income) expense
—
5
(3
)
3
26
(Benefit) provision for income taxes
4
3
13
14
18
Stock-based compensation expense, net
19
19
55
69
84
(Income) loss from discontinued operations, net of tax(d)
(46
)
(9
)
676
(12
)
5,065
Adjusted EBITDA(e)(f)
$
718
$
777
$
2,145
$
2,258
$
3,035
Reconciliation of Current Outlook for Adjusted EBITDA:
Full Year 2025
(in millions; totals may not sum due to rounding)
Outlook(g)
Net income (loss)(a)
$145
to
$425
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
5
to
15
Acquisition and integration costs
—
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(h)
957
to
1,002
(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)
$2,810
to
$2,860
(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 nine months ended September 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 $231 million and $1.3 billion recorded in the three and nine months ended September 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)
As issued on October 22, 2025.
(h)
See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(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 Nine Months Ended
For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
December 31, 2024
Net income (loss)(a)
$
323
$
303
$
150
$
865
$
(3,903
)
Real estate related depreciation, amortization and accretion
163
170
489
517
690
Asset write-down charges
3
2
7
10
11
(Income) loss from discontinued operations, net of tax(b)
(46
)
(9
)
676
(12
)
5,065
FFO(c)(d)
$
443
$
466
$
1,322
$
1,380
$
1,863
Weighted-average common shares outstanding—diluted
437
436
436
435
434
FFO (from above)
$
443
$
466
$
1,322
$
1,380
$
1,863
Adjustments to increase (decrease) FFO:
Straight-lined revenues
11
(28
)
(27
)
(140
)
(160
)
Straight-lined expenses
15
16
44
49
65
Stock-based compensation expense, net
19
19
55
69
84
Non-cash portion of tax provision
2
—
2
6
8
Non-real estate related depreciation, amortization and accretion
4
11
31
35
46
Amortization of non-cash interest expense
3
2
11
8
12
Other (income) expense
—
5
(3
)
3
26
Restructuring charges(e)
—
38
—
67
70
Sustaining capital expenditures
(6
)
(6
)
(19
)
(22
)
(34
)
AFFO(c)(d)
$
490
$
525
$
1,414
$
1,457
$
1,980
Weighted-average common shares outstanding—diluted
437
436
436
435
434
(a)
