Brookfield Infrastructure Partners LP (BIP), Washington Real Estate Investment Trust (WRE), Universal Health Realty Income Trust (UHT), Crown Castle EPS - Earnings per Share 2010-2022 | CCI, Crown Castle EPS for the quarter ending March 31, 2022 was, Crown Castle EPS for the twelve months ending March 31, 2022 was. We are currently generating a 10% return on our total invested capital, with the opportunity to increase that return over time as we add customers on our tower and fiber assets and grow our cash flow. To aid the discussion, we have posted supplemental materials in the Investors section of our website at crowncastle.com that will be referenced throughout the call this morning. Thanks for the questions, Mike. The carriers historically, as we've worked with them, will give us a base level of commitment of areas that they know for sure that they're going to deploy, but there's always activity -- has been historically always activity that has fallen beyond and outside of those agreements. The operator of wireless communications towers, based in Houston, posted revenue of $1.73 billion in the period, which also beat Street forecasts. Can you talk about some of the specific steps you need to take and the areas you need to beef up to build up that deployment capability? I know this stock doesn't look super attractive like some others this past week. We'll take our next question from Simon Flannery with Morgan Stanley. Unlock access to over 1000 metrics Should you buy Bank of America Stock After Its Q2 Earnings Report? StockTwits Our statements are made as of today, April 21, 2022, and we assume no obligation to update any forward-looking statements. And then you have a prepaid rent question kind of to follow up on what Rick was asking about earlier. So I can't tell you that $400 million is the right number or $600 million is the right number because it's really going to depend on how quickly those -- that capital ramps up and how much we're going to get back from our customers. And over the long term, we think those assets, much like towers have in those urban areas, the investment will skew toward that urban activity and future densification. Thanks for the questions, David. One other thing, and I think you understand this, Greg, from the way you asked the question. As a result of these actions, I believe Crown Castle offers shareholders a unique opportunity to benefit from the deployment and development of wireless networks in the U.S. 7 Stocks with the Pricing Power to Push Through High Inflation, 10 Recession-Proof Stocks That Will Let You Wait Out the Bear, 7 Dividend Aristocrats to Help You Take the Bite Out of the Bear, 7 Dividend Stocks That Earn 10% Every Month, 7 Commodities ETFs to Help Build a Hedge Against Inflation, 7 Stagflation Stocks to Help Navigate Periods of Low Growth, 7 Dividend Stocks to Buy When Safety is Your Top Priority, 7 Agricultural Technology Stocks to Buy as Commodity Prices Remain Volatile, 7 NFT Related Stocks That Are Helping to Drive This Trend, 7 Outdoor Living Stocks to Buy Before Investors Go Away For the Summer, 7 Consumer Discretionary Stocks That May Defy Expectations, Skip Charts & View Estimated and Actual Earnings Data, Even novice investors can begin to add value to their investing journey by dipping their feet into microcap stocks. Or are there other carriers that are sort of going to be coming down, do you expect? How are you thinking about what you're going to be spending that on over the course of the year? According to industry estimates, wireless operators in North America are expected to account for more than 30% of global mobile network investment through 2025, which is staggering when you consider those same operators address less than 5% of the world's population. Or what was the delta that caused that change? Could you provide any color on what level of activity that may be falling outside of your MLA structures with the carriers? One is you kind of beat estimates on core leasing revenues, but absent the straight-line adjustments, you kind of maintained the guidance. And David, to address the second question on the $15 million onetime or nonrecurring in the first quarter. Any thoughts into the future -- just not asking for an actual forecast, but '18 and '19, it was more like $600 million. So that will be in the back half of -- we think it will be kind of midyear or back half of the year as we spoke to last quarter. And generally speaking, the prepaid rent would be received in and around when they're installed. Please note all regulatory considerations regarding the presentation of fees must be taken into account. This prevents unsightly pole proliferation and levels the playing field.sort of, An undiscovered stock in this space is CLNY, Small cells are gona blow this stock up.."Most operators are looking at deploying mmWave 5G sites on utility poles, given the poles ease of accessibility and abundance. Ben Lowe -- Senior Vice President Corporate Finance. *Average returns of all recommendations since inception. Learn more on CCI's earnings history. Consistent with our long-held view, we remain focused on the U.S. because we believe it represents the best market in the world for wireless infrastructure ownership when considering both growth and risk. We're really excited about the level of activity that we see coming in and the growth that we're seeing in our business. And perhaps just a little bit more color on the capital raise and the comments about looking for incremental investment opportunities. And these 5 microcap stocks appear to be inan excellent position to see a surge in share price following their upcoming Q2 earnings announcements We're focused solely on the United States and the opportunities that we see in the U.S. We believe it has the most attractive growth profile in the world as well as the lowest risk. If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. So that's significant in terms of the scale of the commitment that they've made. Simon, let me hit on one of the questions you asked on the capital raise itself. Be respectful. Yes. Please check your download folder. Thanks very much. Id go for right now. With me on the call this morning are Jay Brown, Crown Castle's chief executive officer; and Dan Schlanger, Crown Castle's chief financial officer. Since youve just unblocked this person, you must wait 48 hours before renewing the block. And then when you just look at that business, just a qualitative question, are you seeing any interest from fiber overbuilders that -- like smaller guys, private equity funded or venture funded, that are looking for some of your strengths in order to take fiber to the home? So we think we've positioned ourselves in a place where we own the assets that are going to be necessary for that 5G deployment with both towers and small cells and certainly see opportunities that could drive beyond our 7% to 8% growth. %USER_NAME% was successfully added to your Block List. Get These 3 Juicy Dividend Yields While They Last, The Top-Rated Consumer Defensive Stocks With Yield Above 3.5%. Get daily stock ideas from top-performing Wall Street analysts. Replace the attached chart with a new chart ? But our network can be a backbone component of the build into more residential areas, and we've seen some of those opportunities. Thanks, and good morning. See what's happening in the market right now with MarketBeat's real-time news feed. Learn about financial terms, types of investments, trading strategies and more. Great. Thanks so much for taking the questions. And so back to my comments earlier around the way that we think about capital spending, that fiber investment that we've made, both in terms of acquisitions as well as what we've built, is based on what we believe will be future lease-up for small cells. Generally, I refer to my prior comments around there's a significant amount of committed activity over multiyears that we have from our customers, and we believe there will be activity beyond those committed levels that we'll see from the carriers as they build out their 5G networks. And maybe comment a bit on the degree to which any associated costs are baked into your '22 outlook. We'll hear next from Phil Cusick with J.P. Morgan. Please note that all comments are pending until approved by our moderators. But I think for planning purposes, you should think about as a mix of activity as what we have done historically. And then on the services strength that you called out and the increased outlook this year, just wondering if you can shed any light on whether it's a single carrier that drove the upside or whether the strength is a little bit more broad-based? The chart below shows up to four years of a company's earnings history. The chart below shows up to four years of a company's revenue history. And we expected that to happen over the course of 2022, and it was therefore included in our guide. But all in all, the business is performing as we would expect in and around that 3% growth. So within dollars, not percentages, I'm not nitpicking here, but it does appear that implicitly, the guide is just a bit more cautious. When you look at 2022 and 2023, is it becoming increasingly likely that there's a lot of business activity that falls outside of these MLA structures that I think the majority of the investment community actually thought was going to be more in scope to the MLAs? Since the establishment of the 5G standards and the start of the associated network upgrade in 2017, we have delivered double-digit annual AFFO per share growth, which, when added to our approximately 3% dividend yield over that same time period, generated returns of approximately 14% per year to our shareholders, which has led the tower industry over this time period. Looking for new stock ideas? Have you seen any change in behavior from the carriers about maybe accelerating densification to address that opportunity? Good morning. And then do you think that can be maintained next year? And so we think we're going to be through a multiyear growth and densification activity from the carriers as they build out 5G and then densify the network based on the expected growth in traffic that's coming across that network. Is $600 million a better number as you think about what that contribution back to you might run at? Looking further out, I believe our strategy, an unmatched portfolio of more than 40,000 towers and approximately 115,000 small cells on air or under contract and 80,000 route miles of fiber concentrated in the top U.S. markets, have positioned Crown Castle to generate 7% to 8% growth in dividends per share for years to come. Part of the scaling activity, frankly, is us going ahead and doing work in this year for nodes that we will turn on next year. So we think it's the best place in the world to be putting capital and investment and believe that the dynamics of the U.S. market because of that virtuous cycle that I was referring to of consumers are willing to pay for it and the operators are continuing to invest the capital in greater ways and they have a lot of spectrum to continue to do that. Greg Williams -- Cowen and Company -- Analyst. I actually think the guide is not cautious. MarketBeat All Access subscribers can access stock screeners, the Idea Engine, data export tools, research reports, and other premium tools. As a result of higher tower activity levels, we are experiencing -- we are increasing our expectations for site rental revenues by $40 million due to higher expected straight-lined revenues as well as increasing the expected contribution from our services business by $20 million. Hey, guys. Turning to Page 6. I would say there are some opportunities where we can use our fiber as backbone for some of those builds that would go into places that would not be core to our business. Nick Del Deo -- MoffettNathanson -- Analyst. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Real-time analyst ratings, insider transactions, earnings data, and more. Starting with our first-quarter results on Page 5, we began the year on a very positive note, with AFFO per share growth of 9% and adjusted EBITDA growth of 22% that were driven by strong demand from our customers. And, Dan, just a quick follow-up. Only post material thats relevant to the topic being discussed. And with that, Cody, I'd like to open the call to questions. And as you know, we do it on an actual basis to try to give you a lot of sense for what that is. David Barden -- Bank of America Merrill Lynch -- Analyst. What we see at the moment is mostly opportunities in the top 50, top 100 markets in the U.S. As it expands beyond that, we'll just have to look at what the returns are in those markets and what the opportunity for lease-up is to determine whether or not it justifies capital investment.