By Josh Beckerman
Crown Castle International Corp. (CCI) sharply increased its
dividend, a move that was sought by activist shareholder Corvex
Management LP.
The wireless tower and small-cell node operator is boosting its
annual payout to $3.28 a share from $1.40, effective with its
December dividend.
The company also posted big increases in third-quarter revenue,
net income and funds from operations.
Crown Castle said it expects higher leasing activity to continue
during 2015, but also expects "a significant amount of tenant
non-renewals" amid industry consolidation.
In late trading, Crown Castle shares were recently down 24 cents
to $83.
Write to Josh Beckerman at josh.beckerman@wsj.com
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