Investment Thesis

American Tower (AMT) is a leader in the telecommunications real estate market. As such, they are well positioned to benefit from certain growth drivers: edge computing, the build-out of 5G networks in advanced countries, and the continued build-out of 3G and 4G networks in developing countries. Due to these growth drivers and a history of steadily increasing dividend payments, I rate American Tower a modest buy at $230.

American Tower Overview

American Tower owns and operates telecommunications real estate on several different continents. In total, American Tower's property portfolio includes ~181,000 communications sites. The graphic below depicts a typical tower site.

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