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Uniti Uniti Group Inc. Reports Third Quarter 2021 Results November 4 , 2021 12:00 PM EDT Second Consecutive Quarter of Consolidated Bookings of ~ $ 1 Million in Monthly Recurring Revenue • Net Income of $ 0.17 Per Diluted Common Share for the Third Quarter ; Increase of $ 0.13 Per Diluted Common Share from the Prior Year Third Quarter • Adjusted EBITDA and AFFO Grew 9 % and 19 % in the Third Quarter , Respectively , from the Prior Year Third Quarter • AFFO Per Diluted Common Share of $ 0.43 for the Third Quarter • Updates 2021 Outlook LITTLE ROCK , Ark . , Nov. 04 , 2021 ( GLOBE NEWSWIRE ) -- Uniti Group Inc. ( " Uniti " or the " Company " ) ( Nasdaq : UNIT ) today announced its results for the third quarter of 2021 . " Uniti continues to perform exceptionally well as evidenced by the second consecutive quarter of consolidated bookings of approximately $ 1.0 million in monthly recurring revenue , representing an increase of 90 % from consolidated bookings in the third quarter of 2020. We continue to emphasize driving high margin recurring revenue while managing our capital intensity and industry leading monthly churn levels of 0.3 % , " commented Kenny Gunderman , President and Chief Executive Officer . Mr. Gunderman continued , " Given these trends along with lower than expected operational costs , and the impact of our recent unsecured notes issuance , we are revising the mid - point of our full year 2021 outlook ranges . " QUARTERLY RESULTS Consolidated revenues for the third quarter of 2021 were $ 266.7 million . Net income and Adjusted EBITDA were $ 43.7 million and $ 217.2 million , respectively , for the same period . Net income attributable to common shares was $ 43.1 million for the period . Adjusted Funds From Operations ( " AFFO " ) attributable to common shareholders was $ 109.9 million , or $ 0.43 per diluted common share , an increase of 19 % when compared to the third quarter of 2020 . Uniti Fiber contributed $ 67.3 million of revenues and $ 27.6 million of Adjusted EBITDA for the third quarter of 2021 , achieving Adjusted EBITDA margins of approximately 41 % , up from 33 % Adjusted EBITDA margins in the third quarter of 2020. Uniti Fiber's net success - based capital expenditures during the quarter were $ 30.8 million . Uniti Leasing contributed revenues of $ 199.5 million and Adjusted EBITDA of $ 194.3 million for the third quarter , representing growth of 9 % and 7 % , respectively , when compared to the third quarter of 2020. During the quarter , Uniti Leasing deployed capital expenditures of $ 61.7 million primarily related to the construction of approximately 1,300 new route miles of valuable fiber infrastructure . FINANCING TRANSACTION On October 13 , 2021 , Uniti closed on the issuance of $ 700 million of Senior Unsecured Notes due January 2030 ( " 2030 Notes " ) . The 2030 Notes bear interest at 6.00 % and were issued at par . Proceeds from the offering will be used to redeem in full the outstanding 7.125 % Senior Unsecured Notes due 2024 , plus any accrued and unpaid interest , on December 15 , 2021 . On October 14 , 2021 , the company used a portion of the proceeds from the 2030 Notes , together with cash on hand , to prepay the next four settlement obligation installment payments that were due under the settlement agreement Uniti entered into with Windstream Holdings Inc. ( " Windstream " ) in connection with Windstream's emergence from bankruptcy . LIQUIDITY At quarter - end , the Company had approximately $ 450 million of unrestricted cash and cash equivalents , and undrawn borrowing availability under its revolving credit agreement . The Company's leverage ratio at quarter - end was 5.76x based on Net Debt to Annualized Adjusted EBITDA . On November 4 , 2021 , the Company's Board of Directors declared a quarterly cash dividend of $ 0.15 per common share , payable on January 3 , 2022 , to stockholders of record on December 17 , 2021 . UPDATED FULL YEAR 2021 OUTLOOK The Company is updating its 2021 outlook primarily for the impact of our offering of the 2030 Notes and related redemption , lower than expected operational costs , and the impact of transaction - related and other costs incurred to date . Our outlook excludes future acquisitions , capital market transactions , and future transaction - related and other costs not mentioned herein . The Company's consolidated outlook for 2021 is as follows ( in millions ) :