Welcome to the CS&L Fourth Quarter and year end 2016 conference call. My name is Ayala and I will be your operator for today. A webcast of this call will be available on the company's website www.cslreit.com beginning February 24 2017, and will remain available for 14 days. At this time all participants are in a listen only mode. Participants on the call will have the opportunity to ask questions only the company's prepared comments.
The company will provide to remind you that today's markets include for looking statements, and actual results could differ materially from those projected int these statements. The factors that could cause actual results to differ are discussed in the company's filings with the SEC. Some of the comments today will refer to information posted on the CS&L website regarding the acquisition of hunt Telecom, you are encouraged to reference that presentation during this call.
Discussion during this call will also include certain financial measures that were not prepared in accordance with the Generally Accepted Accounting Principles reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the company's current report on form 8-K dated today.
I would now like to turn the call over to CS&L executive Vice President Chief Financial Officer and Treasurer Mark Wallace.. Please go ahead, Mr. Wallace.
Thank you. And good morning, everyone. We announced the acquisition of hot telecom this morning for initial consideration of $170 million. Hot is a leading [Indecipherable] program service provider for K through 12 schools in Louisiana, with a dense fiber network of 140,000 fiber strand miles in 2600 route miles.
This acquisition will accelerate Unity fibers focus on UI programs as well as government agencies and enterprise customers, but also advances CS&L's revenue diversification to just under 25% an important milestone since our spin offs less than two years ago. further more we expect this transaction to be accretive to AFFO in year one, with substantial synergy opportunities over the next 18 months.
We will devote most of the call today to discussing Hunt but I'll start with a review of our recent financial performance and introduction of our additional guidance for 2017. Regarding 2016, we're pleased to report that consolidated operating results for the fourth quarter were again in line with our expectations with consolidated revenues of 206.9 million and consolidated adjusted EBITDA 177.2 million AFFO for the quarter was $0.66 per diluted common share.
We're fortunate to have a leaks excitement that provides reliable and predictable cash flows with virtually no capex or working capital requirements. In over 97%, adjusted EBITDA margins, leasing segment revenues were 170.2 million with adjusted EBITDA 164.8 million in the fourth quarter of 2016.
Once again, our leasing segment benefited from all those $45 million of improvements during the quarter through our network made by Windstream with their capital. On a cumulative basis since our spin off, we have benefited from over $225 million of Pinot capital improvements.
Executive Vice President, Chief Financial Officer and Treasurer
President and Chief Executive Officer
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