American Tower is one of the largest global cell tower REITs, operating a portfolio with over 170,000 communication sites. They have over 40,000 macro towers, which will put them in a good position to capture the 5G evolution. As the world makes this shift from 4G into 5G, cell tower REITs stand to gain tremendous strength. In order to move forward with further 5G development, there has to be more cell tower densification, which will spur growth for companies like American Tower and Crown Castle (NYSE:CCI).

American Tower earns 98% of their revenue from leasing out their properties, which includes the tower structure and the land parcel. The company has the existing capacity to add more tenants to their towers, without increasing costs, which will be extremely beneficial as they continue to grow in the advent of 5G and other opportunities. They appear to be overvalued right now, but have a strong dividend growth opportunity.

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