Crown Castle says ‘not going to be issuing equity, even under the ATM’

In response to a question from an analyst regarding potential equity issuance, Crown Castle executives replied according to a transcript of the company’s earnings call: “I’ll take the first one on the ATM. Yeah, it means we’re not going to be issuing equity, even under the ATM. Beyond 2025, I would look at the business and say based on the characteristics that we see for organic revenue growth and our long-term forecast for where we think the carriers are going to invest to continue to build-out 5G which is going to take the better part of the decade we expect, we see organic growth in AFFO returning to that targeted level of 7% to 8%, and so feel good about the underlying demand drivers of how we’re going to get there, and then as we get closer to that date, we can talk more specifically about what we think the growth rate will be in 2026, but the underlying demand drivers and as we look at it today, look to be healthy and intact and we think those are sustainable and as we get through these headwinds over 2024 and 2025 that we’ll get back to a targeted level of growth in our AFFO.”