• Shenandoah Telecommunications Company Reports Second Quarter 2022 Results

    ソース: Nasdaq GlobeNewswire / 03 8 2022 06:00:01   America/Chicago

    EDINBURG, Va., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced second quarter 2022 financial and operating results.

    Second Quarter 2022 Highlights

    • Revenue grew 8.8% to $66.0 million over the same period a year ago driven by 138.9% and 4.3% growth in Glo Fiber and incumbent cable data RGUs, respectively.
    • Glo Fiber data net adds were approximately 3,300, an increase of 103.2% over the second quarter 2021 and 38.9% over the first quarter 2022.
    • Glo Fiber homes and businesses passed grew 20% sequentially to approximately 113,000.
    • Net loss from continuing operations was $3.2 million compared to net income of $1.6 million in the same period a year ago due primarily to impairment and restructuring charges related to the decommissioning of unprofitable Beam fixed wireless sites.
    • Adjusted EBITDA grew 16.4%, to $18.6 million over the same period a year ago.

    “We are pleased with the strong execution of our fiber first strategy and the increase in the pace of Glo Fiber net additions and revenue growth,” said President and CEO, Christopher E. French. "We reached the 100,000 fiber passings milestone in the second quarter and are on target to construct 75,000 new passings this year. We now have franchise agreements or government grant awards in place for approximately 430,000 fiber passings or 89% of our target passings in 2026."

    Shentel's second-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, August 3, 2022. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/.

    Consolidated Second Quarter 2022 Results

    • Revenue in the second quarter of 2022 grew 8.8% to $66.0 million compared with the second quarter of 2021, due to Broadband segment revenue growth of 9.2% and Tower segment revenue growth of 1.9%.
    • Loss from continuing operations per share was $(0.06) in the second quarter of 2022 compared with income per share from continuing operations of $0.03 in the second quarter of 2021. The decline was due primarily to Beam branded fixed wireless impairment and restructuring charges and higher stock compensation expense.
    • Adjusted EBITDA in the second quarter of 2022 grew $2.6 million or 16.4% to $18.6 million, compared with the second quarter of 2021, due primarily to 10.2% growth in Broadband segment and 8.8% lower Corporate expenses from lower professional fees.

    Broadband

    • Total broadband data Revenue Generating Units ("RGUs") as of June 30, 2022, were 125,003, representing 12.1% year over year growth. Penetration for incumbent cable and Glo Fiber were 51% and 15%, respectively, compared to 49% and 15%, respectively, as of June 30, 2021. Total Glo Fiber passings grew year over year by approximately 66,100.
    • Broadband revenue in the second quarter of 2022 grew $5.2 million, or 9.2%, to $61.4 million compared with $56.2 million in the second quarter of 2021, primarily driven by a $3.9 million, or 8.9%, increase in Residential and Small and Medium Business ("SMB") revenue by a 138.9% and 4.3% increase, respectively, in Glo Fiber and incumbent cable broadband data RGUs.
    • Cost of services increased approximately $2.0 million, or 8.5%, compared with the three months ended June 30, 2021, driven by higher maintenance and compensation expenses. Maintenance increased due to higher cable replacement, gasoline and field engineering costs. Compensation increased due to higher headcount to support the expansion of our Glo Fiber network, salary and wage increases and higher medical benefit costs.
    • Selling, general and administrative expense increased $1.2 million, or 9.0%, compared with the three months ended June 30, 2021, due primarily to higher compensation and advertising expense to support Glo Fiber expansion.
    • Depreciation and amortization increased $1.6 million, or 13.8%, compared with the three months ended June 30, 2021, primarily as a result of our network expansion of our Glo Fiber network.
    • During the second quarter of 2022, the Company permanently ceased operating 20 of our 55 Beam fixed wireless sites and expects these sites to be completely decommissioned by December 31, 2022. Consequently, Shentel recorded $4.1 million and $0.4 million, respectively, of impairment and restructuring charges and re-classified the remaining Beam assets and liabilities as held for sale.
    • Broadband operating income in the second quarter of 2022 was $4.1 million, compared to $8.2 million in the second quarter of 2021, due primarily to the above noted Beam impairment and restructuring charges.
    • Broadband Adjusted EBITDA in the second quarter of 2022 grew 10.2% to $22.0 million, compared with $20.0 million for the second quarter of 2021.

    Tower

    • Revenue increased approximately $0.1 million, or 1.9%, for the three months ended June 30, 2022 compared with the three months ended June 30, 2021, primarily due to a 3.8% increase in tenants.
    • Tower operating income in the second quarter of 2022 was $2.3 million, compared to $2.5 million in the second quarter of 2021.
    • Tower Adjusted EBITDA in the second quarter of 2022 was consistent with the second quarter of 2021 at $2.9 million for both periods.

    Other Information

    • As of June 30, 2022, our cash and cash equivalents totaled $33.3 million and the availability under our delayed draw term loans and revolving line of credit was $400.0 million, for total available liquidity of $433.3 million. On July 1, 2022, we drew a total of $25 million against our term loans. We expect to draw the remaining $275 million available under the term loans by June 2023.
    • Capital expenditures were $88.7 million for the six months ended June 30, 2022 compared with $79.6 million in the comparable 2021 period. The $9.1 million increase in capital expenditures was primarily due to higher spending in the Broadband segment driven by the expansion of our Glo Fiber network.

    Conference Call and Webcast

    Date: Wednesday, August 3, 2022
    Time: 8:30 A.M. (ET)
    Registration link: Registration link

    A live webcast of the call will be available on the “Investor Relations” page of the Company’s website at http://investor.shentel.com/.

    A replay of the call will be available for a limited time on the Investor Relations page of the Company’s website.

    About Shenandoah Telecommunications

    Shenandoah Telecommunications Company (Shentel) provides broadband services through its high speed, state-of-the-art cable, fiber optic and fixed wireless networks to customers in the Mid-Atlantic United States. The Company’s services include: broadband internet, video, and voice; fiber optic Ethernet, wavelength and leasing; and tower colocation leasing. The Company owns an extensive regional network with over 7,900 route miles of fiber and over 200 macro cellular towers. For more information, please visit www.shentel.com.

    This release contains forward-looking statements about Shentel regarding, among other things, its business strategy, its prospects and its financial position. These statements can be identified by the use of forward-looking terminology such as “believes,” “estimates,” “expects,” “intends,” “may,” “will,” “should,” “could,” or “anticipates” or the negative or other variation of these or similar words, or by discussions of strategy or risks and uncertainties. The forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to Shentel’s beliefs and expectations as to future events and trends affecting its business that are necessarily subject to uncertainties, many of which are outside Shentel’s control. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved, and actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors. A discussion of other factors that may cause actual results to differ from management’s projections, forecasts, estimates and expectations is available in Shentel’s filings with the Securities and Exchange Commission. Those factors may include natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, changes in general economic conditions including high inflation, increases in costs, changes in regulation and other competitive factors. The forward-looking statements included are made only as of the date of the statement. Shentel undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as required by law.

    CONTACTS:
    Shenandoah Telecommunications Company
    Jim Volk
    Senior Vice President and Chief Financial Officer
    540-984-5168
    Jim.Volk@emp.shentel.com 


    SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
    (in thousands, except per share amounts)Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
     2022 2021 2022 2021
    Service revenue and other$66,021  $60,700 $130,435  $120,391
    Operating expenses:       
    Cost of services exclusive of depreciation and amortization 26,756   24,648  53,095   48,072
    Selling, general and administrative 23,090   20,320  46,925   40,473
    Restructuring expense 454   43  390   661
    Impairment expense 4,068   —  4,407   99
    Depreciation and amortization 14,790   13,299  29,135   26,466
    Total operating expenses 69,158   58,310  133,952   115,771
    Operating (loss) income (3,137)  2,390  (3,517)  4,620
    Other (expense) income:       
    Other (expense) income, net (589)  1,338  (759)  2,938
    (Loss) income from continuing operations before income taxes (3,726)  3,728  (4,276)  7,558
    Income tax (benefit) expense (501)  2,103  (448)  2,988
    (Loss) income from continuing operations (3,225)  1,625  (3,828)  4,570
    Income from discontinued operations, net of tax —   51,566  —   100,038
    Net (loss) income (3,225)  53,191  (3,828)  104,608
            
    Other comprehensive income:       
    Unrealized income on interest rate hedge, net of tax —   313  —   1,086
    Comprehensive (loss) income$(3,225) $53,504 $(3,828) $105,694
            
    Net (loss) income per share, basic and diluted:       
    Basic - (Loss) income from continuing operations$(0.06) $0.03 $(0.08) $0.09
    Basic - Income from discontinued operations, net of tax$—  $1.03 $—  $2.00
    Basic net (loss) income per share$(0.06) $1.06 $(0.08) $2.09
            
    Diluted - (Loss) income from continuing operations$(0.06) $0.03 $(0.08) $0.09
    Diluted - Income from discontinued operations, net of tax$—  $1.03 $—  $2.00
    Diluted net (loss) income per share$(0.06) $1.06 $(0.08) $2.09
            
    Weighted average shares outstanding, basic 50,157   49,945  50,133   49,945
    Weighted average shares outstanding, diluted 50,157   50,075  50,133   50,067



    SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)

     June 30,
    2022    		 December 31,
    2021
        
    Cash and cash equivalents$33,335 $84,344
    Other current assets 76,656  82,023
    Current assets held for sale 19,821  —
    Total current assets 129,812  166,367
        
    Investments 12,897  13,661
    Property, plant and equipment, net 609,785  554,162
    Intangible assets, net and goodwill 69,612  69,853
    Operating lease right-of-use assets 55,872  56,414
    Deferred charges and other assets, net 13,439  10,298
    Total assets$891,417 $890,733
        
    Current liabilities held for sale 3,843  38
    Total other current liabilities 67,211  67,252
    Non-current liabilities held for sale —  3,807
    Total other long-term liabilities 176,993  177,361
    Total shareholders’ equity 643,370  642,275
    Total liabilities and shareholders’ equity$891,417 $890,733



    SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES   
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   
    (in thousands)Six Months Ended
    June 30,
     2022 2021
    Cash flows from operating activities:   
    Net (loss) income$(3,828) $104,608 
    Income from discontinued operations, net of tax —   100,038 
    (Loss) income from continuing operations (3,828)  4,570 
    Adjustments to reconcile net (loss) income to net cash provided by operating activities:   
    Depreciation and amortization 29,135   26,466 
    Stock-based compensation expense 5,528   834 
    Impairment expense 4,407   99 
    Deferred income taxes (392)  3,132 
    Other, net 1,985   (201)
    Changes in assets and liabilities:   
    Accounts receivable 4,430   4,369 
    Current income taxes —   (1,305)
    Operating lease assets and liabilities, net 414   (428)
    Other assets (1,902)  (6,070)
    Accounts payable 127   560 
    Other deferrals and accruals (1,180)  (3,852)
    Net cash provided by operating activities - continuing operations 38,724   28,174 
    Net cash provided by operating activities - discontinued operations —   125,011 
    Net cash provided by operating activities 38,724   153,185 
        
    Cash flows from investing activities:   
    Capital expenditures (88,706)  (79,562)
    Proceeds from sale of assets and other 279   189 
    Net cash used in investing activities - continuing operations (88,427)  (79,373)
    Net cash used in investing activities - discontinued operations —   (928)
    Net cash used in investing activities (88,427)  (80,301)
        
    Cash flows from financing activities:   
    Taxes paid for equity award issuances (835)  (1,627)
    Payments for debt issuance costs —   (53)
    Payments for financing arrangements and other (471)  (751)
    Net cash used in financing activities - continuing operations (1,306)  (2,431)
    Net cash used in financing activities - discontinued operations —   (17,061)
    Net cash used in financing activities (1,306)  (19,492)
    Net (decrease) increase in cash and cash equivalents (51,009)  53,392 
    Cash and cash equivalents, beginning of period 84,344   195,397 
    Cash and cash equivalents, end of period$33,335  $248,789 
        
    Supplemental Disclosures of Cash Flow Information   
    Interest paid$—  $(7,740)
    Income taxes paid$—  $(20,954)



    Non-GAAP Financial Measures
    Adjusted EBITDA

    The Company defines Adjusted EBITDA as net income (loss) from continuing operations calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, impairment, other income (expense), net, interest income, interest expense, income tax expense (benefit), stock compensation expense, transaction costs related to acquisition and disposition events (including professional advisory fees, integration costs, and related compensatory matters), restructuring expense, tax on equity award vesting and exercise events, and other non-comparable items. A reconciliation of net income (loss) from continuing operations, which is the most directly comparable GAAP financial measure, to Adjusted EBITDA is provided below herein.

    Adjusted EBITDA margin is the Company’s calculation of Adjusted EBITDA, divided by revenue calculated in accordance with GAAP.

    The Company uses Adjusted EBITDA and Adjusted EBITDA margin as supplemental measures of performance to evaluate operating effectiveness and assess its ability to increase revenues while controlling expense growth and the scalability of the Company’s business growth strategy. The Company believes that the exclusion of the expense and income items eliminated in calculating Adjusted EBITDA and Adjusted EBITDA margin provides management and investors a useful measure for period-to-period comparisons of the Company’s core operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to the Company’s ongoing operations. Accordingly, the Company believes that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating the Company’s operating results. However, use of Adjusted EBITDA and Adjusted EBITDA margin as analytical tools has limitations, and investors and others should not consider them in isolation or as substitutes for analysis of our financial results as reported under GAAP. In addition, other companies may calculate Adjusted EBITDA and Adjusted EBITDA margin or similarly titled measures differently, which may reduce their usefulness as comparative measures.

    Three Months Ended June 30, 2022        
    (in thousands) Broadband Tower Corporate & Eliminations Consolidated
    Net income (loss) from continuing operations $4,042  $2,285  $(9,552) $(3,225)
    Depreciation and amortization  13,396   633   761   14,790 
    Impairment expense  4,068   —   —   4,068 
    Other expense (income), net  65   —   524   589 
    Income tax expense (benefit)  —   —   (501)  (501)
    EBITDA  21,571   2,918   (8,768)  15,721 
    Stock-based compensation  —   —   2,385   2,385 
    Restructuring charges and other  443   —   11   454 
    Adjusted EBITDA $22,014  $2,918  $(6,372) $18,560 
             
    Adjusted EBITDA margin  36%  62%  N/A   28%



    Three Months Ended June 30, 2021        
    (in thousands) Broadband Tower Corporate & Eliminations Consolidated
    Net income (loss) from continuing operations $8,117  $2,509  $(9,001) $1,625 
    Depreciation and amortization  11,774   449   1,076   13,299 
    Other expense (income), net  62   —   (1,400)  (1,338)
    Income tax expense (benefit)  —   —   2,103   2,103 
    EBITDA  19,953   2,958   (7,222)  15,689 
    Stock-based compensation  —   —   192   192 
    Restructuring charges and other  28   —   43   71 
    Adjusted EBITDA $19,981  $2,958  $(6,987) $15,952 
             
    Adjusted EBITDA margin  36%  64% N/A  26%



    Six Months Ended June 30, 2022        
    (in thousands) Broadband Tower Corporate & Eliminations Consolidated
    Net income (loss) from continuing operations $12,169  $5,038  $(21,035) $(3,828)
    Depreciation and amortization  25,933   1,117   2,085   29,135 
    Impairment expense  4,407   —   —   4,407 
    Other expense (income), net  119   —   640   759 
    Income tax expense (benefit)  —   —   (448)  (448)
    EBITDA  42,628   6,155   (18,758)  30,025 
    Stock-based compensation  —   —   5,528   5,528 
    Restructuring charges and other  460   —   (70)  390 
    Adjusted EBITDA $43,088  $6,155  $(13,300) $35,943 
             
    Adjusted EBITDA margin  36%  64% N/A  28%



    Six Months Ended June 30, 2021        
    (in thousands) Broadband Tower Corporate & Eliminations Consolidated
    Net income (loss) from continuing operations $18,333  $5,211  $(18,974) $4,570 
    Depreciation and amortization  23,437   930   2,099   26,466 
    Impairment expense  99   —   —   99 
    Other expense (income), net  132   —   (3,070)  (2,938)
    Income tax expense (benefit)  —   —   2,988   2,988 
    EBITDA  42,001   6,141   (16,957)  31,185 
    Stock-based compensation  —   —   834   834 
    Restructuring charges and other  248   —   666   914 
    Adjusted EBITDA $42,249  $6,141  $(15,457) $32,933 
             
    Adjusted EBITDA margin  38%  66% N/A  27%



    Segment Results

    Three Months Ended June 30, 2022:

    (in thousands)Broadband Tower Corporate & Eliminations Consolidated
    External revenue       
    Residential & SMB$47,899 $— $—  $47,899 
    Commercial Fiber 9,340  —  —   9,340 
    RLEC & Other 4,124  —  —   4,124 
    Tower lease —  4,615  —   4,615 
    Service revenue and other 61,363  4,615  —   65,978 
    Intercompany revenue and other 49  87  (93)  43 
    Total revenue 61,412  4,702  (93)  66,021 
    Operating expenses       
    Cost of services 25,440  1,378  (62)  26,756 
    Selling, general and administrative 13,958  406  8,726   23,090 
    Restructuring expense 443  —  11   454 
    Impairment expense 4,068  —  —   4,068 
    Depreciation and amortization 13,396  633  761   14,790 
    Total operating expenses 57,305  2,417  9,436   69,158 
    Operating income (loss)$4,107 $2,285 $(9,529) $(3,137)


    Three Months Ended June 30, 2021:

    (in thousands)Broadband Tower Corporate & Eliminations Consolidated
    External revenue       
    Residential & SMB$43,989 $— $—  $43,989
    Commercial Fiber 6,531  —  —   6,531
    RLEC & Other 3,605  —  —   3,605
    Tower lease —  2,019  —   2,019
    Service revenue and other 54,125  2,019  —   56,144
    Intercompany revenue and other 2,102  2,595  (141)  4,556
    Total revenue 56,227  4,614  (141)  60,700
    Operating expenses       
    Cost of services 23,440  1,318  (110)  24,648
    Selling, general and administrative 12,806  338  7,176   20,320
    Restructuring expense 27  —  16   43
    Depreciation and amortization 11,775  449  1,075   13,299
    Total operating expenses 48,048  2,105  8,157   58,310
    Operating income (loss)$8,179 $2,509 $(8,298) $2,390


    Six Months Ended June 30, 2022:

    (in thousands)Broadband Tower Corporate & Eliminations Consolidated
    External revenue       
    Residential & SMB$94,812 $— $—  $94,812 
    Commercial Fiber 18,402  —  —   18,402 
    RLEC & Other 7,813  —  —   7,813 
    Tower lease —  9,361  —   9,361 
    Service revenue and other 121,027  9,361  —   130,388 
    Intercompany revenue and other 99  188  (240)  47 
    Total revenue 121,126  9,549  (240)  130,435 
    Operating expenses       
    Cost of services 50,608  2,670  (183)  53,095 
    Selling, general and administrative 27,430  724  18,771   46,925 
    Restructuring expense 460  —  (70)  390 
    Impairment expense 4,407  —  —   4,407 
    Depreciation and amortization 25,933  1,117  2,085   29,135 
    Total operating expenses 108,838  4,511  20,603   133,952 
    Operating income (loss)$12,288 $5,038 $(20,843) $(3,517)


    Six Months Ended June 30, 2021:

    (in thousands)Broadband Tower Corporate & Eliminations Consolidated
    External revenue       
    Residential & SMB$86,919 $— $—  $86,919
    Commercial Fiber 12,916  —  —   12,916
    RLEC & Other 7,236  —  —   7,236
    Tower lease —  4,169  —   4,169
    Service revenue and other 107,071  4,169  —   111,240
    Intercompany revenue and other 4,310  5,110  (269)  9,151
    Total revenue 111,381  9,279  (269)  120,391
    Operating expenses       
    Cost of services 45,717  2,566  (211)  48,072
    Selling, general and administrative 23,531  572  16,370   40,473
    Restructuring expense 132  —  529   661
    Impairment expense 99  —  —   99
    Depreciation and amortization 23,437  930  2,099   26,466
    Total operating expenses 92,916  4,068  18,787   115,771
    Operating income (loss)$18,465 $5,211 $(19,056) $4,620



    Supplemental Information

    Broadband Operating Statistics

     June 30,
    2022    		 June 30,
    2021
    Broadband homes and businesses passed (1)324,186  257,155 
    Incumbent Cable211,681  210,787 
    Glo Fiber112,505  46,368 
        
    Residential & Small and Medium Business ("SMB") RGUs:   
    Broadband Data125,003  111,475 
    Incumbent Cable107,878  103,465 
    Glo Fiber17,125  7,169 
    Video49,027  51,355 
    Voice39,535  34,664 
    Total Residential & SMB RGUs (excludes RLEC)213,565  197,494 
        
    Residential & SMB Penetration (2)   
    Broadband Data38.6% 43.3%
    Incumbent Cable51.0% 49.1%
    Glo Fiber15.2% 15.5%
    Video15.1% 20.0%
    Voice12.9% 14.4%
        
    Fiber route miles7,906  7,041 
    Total fiber miles (3)589,923  440,236 

    ______________________________________________________
    (1)   Homes and businesses are considered passed (“passings") if we can connect them to our network without further extending the distribution system. Passings is an estimate based upon the best available information. Passings will vary among video, broadband data and voice services.
    (2)   Penetration is calculated by dividing the number of users by the number of passings or available homes, as appropriate.
    (3)   Total fiber miles are measured by taking the number of fiber strands in a cable and multiplying that number by the route distance. For example, a 10 mile route with 144 fiber strands would equal 1,440 fiber miles.



    Broadband - Residential and SMB ARPU       
     Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
     2022 2021 2022 2021
    Residential and SMB Revenue:       
    Broadband$29,568 $25,571  $58,217 $50,103 
    Incumbent Cable 26,123  24,177   51,986  47,641 
    Glo Fiber 3,445  1,394   6,231  2,462 
    Video 15,210  15,611   30,551  31,263 
    Voice 2,994  2,893   5,910  5,792 
    Discounts, adjustments and other 127  (86)  134  (239)
    Total Revenue$47,899 $43,989  $94,812 $86,919 
            
    Average RGUs:       
    Broadband Data 123,153  108,996   121,832  106,954 
    Incumbent Cable 107,738  102,688   107,878  101,403 
    Glo Fiber 15,415  6,308   13,954  5,551 
    Video 49,146  51,715   49,295  52,076 
    Voice 38,463  33,993   36,650  33,462 
            
    ARPU: (1)       
    Broadband$79.94 $78.17  $80.02 $78.05 
    Incumbent Cable$80.82 $78.48  $80.85 $78.30 
    Glo Fiber$74.49 $73.66  $74.42 $73.92 
    Video$103.16 $100.62  $103.29 $100.06 
    Voice$25.95 $28.37  $26.88 $28.85 

    ______________________________________________________
    (1)   Average Revenue Per RGU calculation = (Residential & SMB Revenue * 1,000) / average RGUs / 3 months


    Tower Operating Statistics

     June 30,
    2022    		 June 30,
    2021
    Macro tower sites223 223
    Tenants465 448
    Average tenants per tower2.0 1.9


    Primary Logo

シェアする