American Tower (AMT)
Market Price (8/19/2026): $172.58 | Market Cap: $80.5 BilInvestor Relations Sector: Real Estate | Industry: Telecom Tower REITs
American Tower (AMT)
Market Price (8/19/2026): $172.58Market Cap: $80.5 BilSector: Real EstateIndustry: Telecom Tower REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 4.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%, CFO LTM is 5.6 Bil, FCF LTM is 3.8 Bil Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and E-commerce Logistics & Data Centers. Themes include Telecom Infrastructure, Show more. | Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -70% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% Key risksAMT key risks include [1] its significant financial leverage and cost of capital, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 4.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%, CFO LTM is 5.6 Bil, FCF LTM is 3.8 Bil |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and E-commerce Logistics & Data Centers. Themes include Telecom Infrastructure, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -70% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% |
| Key risksAMT key risks include [1] its significant financial leverage and cost of capital, Show more. |
Qualitative Assessment
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American Tower (AMT) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Persistent macroeconomic headwinds, specifically elevated interest rates and future hike expectations, dampened investor sentiment for REITs. Although the Federal Reserve maintained the federal funds rate at 3.50%–3.75% in July 2026, markets continued to price in at least two 25-basis-point interest rate hikes for the remainder of 2026, with some economists even discussing further tightening if inflation were to reaccelerate. This elevated interest rate environment generally negatively impacts real estate investment trusts (REITs) like American Tower by increasing their borrowing costs and making their dividend yields less attractive compared to fixed-income investments, contributing to downward pressure on the stock. Additionally, long-term Treasury yields remained elevated.
2. A notable decline in analyst consensus price targets preceded the second fiscal quarter 2026 earnings report, reflecting a more cautious outlook. The average analyst price target for American Tower had fallen to $188.00 by late July 2026, a significant drop from an average of $218.24 a year prior, and considerably lower than a high target of $260.00 issued by one firm in late April 2026. This downward revision in expectations across the analyst community likely weighed on the stock's performance throughout the period, signaling reduced optimism about future growth or valuation.
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American Tower (AMT) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Persistent macroeconomic headwinds, specifically elevated interest rates and future hike expectations, dampened investor sentiment for REITs. Although the Federal Reserve maintained the federal funds rate at 3.50%–3.75% in July 2026, markets continued to price in at least two 25-basis-point interest rate hikes for the remainder of 2026, with some economists even discussing further tightening if inflation were to reaccelerate. This elevated interest rate environment generally negatively impacts real estate investment trusts (REITs) like American Tower by increasing their borrowing costs and making their dividend yields less attractive compared to fixed-income investments, contributing to downward pressure on the stock. Additionally, long-term Treasury yields remained elevated.
2. A notable decline in analyst consensus price targets preceded the second fiscal quarter 2026 earnings report, reflecting a more cautious outlook. The average analyst price target for American Tower had fallen to $188.00 by late July 2026, a significant drop from an average of $218.24 a year prior, and considerably lower than a high target of $260.00 issued by one firm in late April 2026. This downward revision in expectations across the analyst community likely weighed on the stock's performance throughout the period, signaling reduced optimism about future growth or valuation.
3. Concerns regarding the long-term sustainability of American Tower's dividend, indicated by a high payout ratio, contributed to investor caution. As of August 1, 2026, American Tower offered a dividend yield near 4.0% with a payout ratio of 73%. Despite a 5.1% 3-year dividend growth rate, this elevated payout ratio raised questions about the dividend's long-term sustainability, particularly in light of the company's financial leverage and interest coverage constraints. Such concerns can lead investors to re-evaluate the stock, potentially contributing to a price decline.
4. Ongoing churn from DISH Network continued to present a headwind for American Tower's Funds From Operations (AFFO) growth in fiscal Q2 2026. While the company reported robust organic tenant billings growth of approximately 4% when excluding the impact of DISH, management indicated that fiscal year 2026 is likely to be a "trough year" for attributable AFFO per share growth due to DISH churn, refinancing costs, and a step-down in services revenue. The expectation that meaningful improvement would not occur until fiscal year 2027, as these pressures ease, likely tempered investor enthusiasm despite otherwise strong operational performance in the quarter.
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Stock Movement Drivers
Fundamental Drivers
The -4.8% change in AMT stock from 4/30/2026 to 8/18/2026 was primarily driven by a -4.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 180.98 | 172.33 | -4.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,819 | 10,819 | 0.0% |
| Net Income Margin (%) | 26.8% | 26.8% | 0.0% |
| P/E Multiple | 29.1 | 27.7 | -4.8% |
| Shares Outstanding (Mil) | 466 | 466 | 0.0% |
| Cumulative Contribution | -4.8% |
Market Drivers
4/30/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AMT | -4.8% | |
| Market (SPY) | 6.8% | -26.6% |
| Sector (XLRE) | 0.5% | 53.8% |
Fundamental Drivers
The -2.0% change in AMT stock from 1/31/2026 to 8/18/2026 was primarily driven by a -4.6% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 175.83 | 172.33 | -2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,455 | 10,819 | 3.5% |
| Net Income Margin (%) | 28.1% | 26.8% | -4.6% |
| P/E Multiple | 28.0 | 27.7 | -1.1% |
| Shares Outstanding (Mil) | 468 | 466 | 0.4% |
| Cumulative Contribution | -2.0% |
Market Drivers
1/31/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AMT | -2.0% | |
| Market (SPY) | 11.2% | -10.5% |
| Sector (XLRE) | 8.4% | 60.0% |
Fundamental Drivers
The -14.1% change in AMT stock from 7/31/2025 to 8/18/2026 was primarily driven by a -61.9% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 200.64 | 172.33 | -14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,260 | 10,819 | 5.5% |
| Net Income Margin (%) | 12.6% | 26.8% | 112.7% |
| P/E Multiple | 72.7 | 27.7 | -61.9% |
| Shares Outstanding (Mil) | 468 | 466 | 0.4% |
| Cumulative Contribution | -14.1% |
Market Drivers
7/31/2025 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AMT | -14.1% | |
| Market (SPY) | 22.4% | -7.9% |
| Sector (XLRE) | 10.5% | 61.3% |
Fundamental Drivers
The 0.6% change in AMT stock from 7/31/2023 to 8/18/2026 was primarily driven by a 172.9% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 171.31 | 172.33 | 0.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,850 | 10,819 | 9.8% |
| Net Income Margin (%) | 9.8% | 26.8% | 172.9% |
| P/E Multiple | 82.5 | 27.7 | -66.4% |
| Shares Outstanding (Mil) | 466 | 466 | 0.0% |
| Cumulative Contribution | 0.6% |
Market Drivers
7/31/2023 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AMT | 0.6% | |
| Market (SPY) | 73.6% | 3.9% |
| Sector (XLRE) | 28.3% | 66.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AMT Return | 33% | -26% | 5% | -12% | -1% | 0% | -9% |
| Peers Return | 43% | -24% | 19% | 15% | -9% | 23% | 64% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| AMT Win Rate | 75% | 42% | 58% | 50% | 50% | 62% | |
| Peers Win Rate | 70% | 38% | 60% | 57% | 43% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AMT Max Drawdown | -16% | -36% | -31% | -26% | -25% | -16% | |
| Peers Max Drawdown | -17% | -37% | -27% | -21% | -25% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CCI, SBAC, EQIX, DLR, IRM. See AMT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/18/2026 (YTD)
How Low Can It Go
| Event | AMT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.6% | -9.5% |
| % Gain to Breakeven | 18.5% | 10.5% |
| Time to Breakeven | 30 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.6% | -6.7% |
| % Gain to Breakeven | 18.5% | 7.1% |
| Time to Breakeven | 198 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.8% | -33.7% |
| % Gain to Breakeven | 38.5% | 50.9% |
| Time to Breakeven | 16 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.5% | -3.7% |
| % Gain to Breakeven | 11.7% | 3.9% |
| Time to Breakeven | 79 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -16.7% | -12.2% |
| % Gain to Breakeven | 20.0% | 13.9% |
| Time to Breakeven | 35 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -12.8% | -6.8% |
| % Gain to Breakeven | 14.7% | 7.3% |
| Time to Breakeven | 29 days | 15 days |
In The Past
American Tower's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | AMT | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.8% | -33.7% |
| % Gain to Breakeven | 38.5% | 50.9% |
| Time to Breakeven | 16 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -53.0% | -53.4% |
| % Gain to Breakeven | 113.0% | 114.4% |
| Time to Breakeven | 397 days | 1085 days |
In The Past
American Tower's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About American Tower (AMT)
American Tower Corporation (AMT) is a premier global real estate investment trust (REIT) focused on communication infrastructure. The company operates as an independent owner, operator, and developer of multitenant communications real estate, primarily consisting of cellular towers and other infrastructure essential for wireless networks. Its core business model involves acquiring and developing these sites, then leasing space on them to various communication service providers.
The main product and service offered by American Tower is the provision of critical physical infrastructure for wireless communication. With a vast portfolio of approximately 219,000 communications sites globally, AMT enables multiple tenants to co-locate their antennas and equipment on a single tower. This shared infrastructure approach provides efficiency and cost savings for its customers, helping them expand their network coverage and capacity without the need to build and maintain their own extensive tower networks.
American Tower's primary customers are major wireless carriers, mobile network operators, broadcasters, and other communication companies that rely on extensive and reliable infrastructure to deliver their services. The company serves these customers across numerous international markets, playing a crucial role in supporting the ongoing growth and evolution of wireless communication technologies worldwide.
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- Public Storage for cellular antennas and equipment
- Prologis for cell towers and other wireless infrastructure
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- Communications Site Leasing: American Tower leases space on its extensive portfolio of communications sites, primarily towers, to wireless carriers, broadcasters, and other communication service providers.
- Site Development Services: The company develops new communications infrastructure, including site acquisition, zoning, permitting, and construction of new towers or other communication facilities.
- Site Operations and Management: American Tower operates and maintains its communications real estate portfolio, ensuring the infrastructure is functional, secure, and available for its tenants.
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- AT&T Inc. (NYSE: T)
- Verizon Communications Inc. (NYSE: VZ)
- T-Mobile US, Inc. (NASDAQ: TMUS)
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Steven Vondran, President and Chief Executive Officer
Steven Vondran became President and Chief Executive Officer of American Tower Corporation in February 2024, succeeding Thomas A. Bartlett. He joined American Tower in 2000 and has held numerous leadership roles, including Executive Vice President and Global Chief Operating Officer, and Executive Vice President and President, U.S. Tower Division, overseeing the U.S. data center business. Prior to joining American Tower, Mr. Vondran was an associate at the law firm of Lewellen & Frazier LLP and served as a telecommunications consultant with Young & Associates, Inc. He also served as a Law Clerk to the Hon. John Stroud on the Arkansas Court of Appeals. Mr. Vondran is a member of the Business Roundtable and Nareit Executive Board, and has served on the boards of the Wireless Infrastructure Association (WIA) and the Cellular Telecommunications Industry Association (CTIA). He joined the Ameren Corporation board of directors in January 2025.
Rod Smith, Executive Vice President, Chief Financial Officer and Treasurer
Rodney Smith is the Executive Vice President, Chief Financial Officer, and Treasurer of American Tower. He joined the company in October 2009, previously serving as Senior Vice President, Corporate Finance and Treasurer, and Senior Vice President and Chief Financial Officer of American Tower's U.S. Tower Division. Before joining American Tower, Mr. Smith held the position of Executive Vice President, Chief Financial Officer, and a general Board Member of Lightower, a private equity-backed wireless infrastructure company. He also served as Chief Financial Officer and Treasurer (and earlier as Vice President and Controller) for RoweCom, a publicly traded company. Earlier in his career, Mr. Smith held several leadership positions at Nextel Communications.
Ruth Dowling, Executive Vice President, Chief Administrative Officer, General Counsel and Secretary
Ruth Dowling is American Tower's Executive Vice President, Chief Administrative Officer, General Counsel, and Secretary. She joined American Tower in July 2011. Since joining, Ms. Dowling has served as Senior Vice President, Corporate Legal, and most recently as Senior Vice President and General Counsel for the EMEA and Latin America regions. Before American Tower, she spent 13 years at Edwards Angell Palmer & Dodge LLP, where she was a partner and co-chair of the firm's litigation department. She also clerked for the Honorable Fred I. Parker of the United States Second Circuit Court of Appeals.
Bud Noel, Executive Vice President and Chief Operating Officer
Bud Noel is the Executive Vice President and Chief Operating Officer of American Tower, a global position he assumed on January 13, 2025. He joined the company in 2011 as Senior Vice President, U.S. Tower Operations. Prior to his current role, he served as Chief Operating Officer, U.S. Tower, and Executive Vice President and President of the U.S. Tower Division in 2023. Mr. Noel brings over 25 years of experience in telecommunications real estate development and operations and network deployment. Before American Tower, he was Vice President of Network Development for LightSquared (now Ligado Networks) and spent 11 years with Sprint Nextel in various leadership roles.
Richard Rossi, Executive Vice President and President, U.S. Tower Division
Richard Rossi is American Tower's Executive Vice President and President, U.S. Tower Division, a role he was named to in January 2025. He joined American Tower in 2001, initially working on divestitures and mergers and acquisitions for the Corporate business development team. He has since held various U.S. Tower operational and legal roles, including Director of Contract Management and Vice President of Legal. Prior to his current position, he served as Senior Vice President and General Counsel for the U.S. Tower legal organization from 2018. Mr. Rossi serves on the board of directors for the Wireless Infrastructure Association (WIA), the Cellular Telecommunications Industry Association (CTIA), and East Cambridge Savings Bank.
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The key risks to American Tower's business include:
- Financial Leverage and Interest Rate Risk: As a Real Estate Investment Trust (REIT), American Tower operates with a substantial debt load and a high debt-to-equity ratio. For example, as of September 2025, the company reported long-term debt of approximately $42 billion and a debt-to-equity ratio of about 11.39. A high net leverage ratio, such as 4.9x net debt to annualized Adjusted EBITDA in Q3 2025, is typical for a REIT but can elevate risk, especially in a rising interest rate environment. Elevated interest rates increase borrowing costs and can affect the company's ability to acquire or develop real estate, impacting its financial health.
- Customer Concentration and Carrier Consolidation/Churn: A significant portion of American Tower's revenue is derived from a limited number of major wireless carriers. For instance, in Q1 2025, T-Mobile (16%), AT&T (15%), and Verizon Wireless (13%) were the top three customers in its U.S. & Canada segment. The loss of any of these major customers, further consolidation among carriers, or reductions in their network spending could materially impact the company's revenue. The merger between T-Mobile and Sprint, for example, has already resulted in site decommissioning and an elevated churn rate in American Tower's U.S. & Canada property segment, expected to continue through 2025.
- International Volatility and Currency Exposure: American Tower's extensive global presence exposes it to economic instability, geopolitical risks, and foreign currency fluctuations in various international markets. Currency fluctuations have significantly impacted the company's profitability, leading to substantial foreign exchange losses, such as $484 million in Q2 2025. Economic instability in regions like Latin America has also led to declines in property revenue and slow growth projections. The company is actively managing this risk by strategically reducing its exposure to some emerging markets and focusing on investments in developed economies due to higher perceived risk.
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American Tower Corporation (AMT) operates in the multitenant communications real estate sector, primarily focusing on communications sites (towers) and data centers. The addressable markets for their main products and services are significant globally and regionally.
Communications Sites (Telecom Towers)
The global telecom towers market is a key addressable market for American Tower.
- One estimate valued the global telecom towers market size at approximately USD 61.46 billion in 2024, projected to increase to around USD 165.61 billion by 2034, growing at a compound annual growth rate (CAGR) of 10.42% from 2025 to 2034.
- Another source reported the global telecom towers market size as USD 49.29 billion in 2024, expecting it to grow from USD 51.81 billion in 2025 to USD 77.13 billion by 2033, at a CAGR of 5.1% during 2026–2033.
- A third perspective indicated the global telecom towers market size was USD 30.41 billion in 2025 and is projected to reach USD 42.65 billion by 2034, with a CAGR of 3.83% during 2026–2034.
Regionally, insights into the telecom tower market include:
- North America accounted for 40% of the global telecom towers market in 2024.
- The Asia Pacific market size for telecom towers surpassed USD 27.66 billion in 2024 and is projected to reach approximately USD 75.35 billion by 2034, growing at a CAGR of 10.54% from 2025 to 2034. The Asia Pacific region is also noted as the dominant region in the global telecom tower market.
Data Centers
American Tower expanded into the data center market with its acquisition of CoreSite. While specific addressable market sizes directly linked to American Tower's data center offerings (colocation, interconnection) were not precisely quantified as a standalone global market in the search results, the company has highlighted strong performance in this segment.
- American Tower's data center platform delivered double-digit growth.
- CoreSite continues to experience double-digit revenue growth, driven by significant demand for cloud and AI workloads.
- Approximately $700 million in success-based investments were directed towards the data center portfolio, primarily in developed markets.
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Here are 3-5 expected drivers of future revenue growth for American Tower (AMT) over the next 2-3 years:
- Surging Mobile Data Consumption and 5G/6G Network Investments: American Tower anticipates robust revenue growth driven by the continuous surge in mobile data consumption, an increasing number of mobile customers, and the ongoing global adoption of 5G technology. This secular demand for wireless network capacity, including the future rollout of 6G and 5G-Advanced (5G-A) supporting IoT and AI agents, is projected to necessitate a doubling of wireless network capacity by 2030, fueling demand for American Tower's communication sites.
- Expansion and Growth in International Markets: The company expects revenue growth from its international operations, particularly in Europe, Africa, and Asia-Pacific. International revenues have shown significant year-over-year increases, with strong organic growth anticipated in these regions due to ongoing 5G rollouts and new business activity. European markets are benefiting from CPI-linked escalators and new leasing, while Africa and Asia-Pacific are projected to see faster organic growth compared to the U.S.
- Robust Data Center Demand (CoreSite) Driven by AI and Hybrid Cloud: American Tower's data center business, notably CoreSite, is a significant driver of revenue growth, exhibiting impressive double-digit year-over-year increases. This growth is propelled by the escalating demand for hybrid and multi-cloud deployments and emerging AI-related use cases, which require substantial bandwidth, lower latency, and enhanced uplink capacity.
- Contractual Escalators and Pricing Power: American Tower benefits from contractual escalators, often linked to the Consumer Price Index (CPI), embedded in its leasing agreements. This allows the company to effectively pass on inflationary costs to tenants, ensuring a stable and growing revenue stream. This pricing power is a key feature that helps maintain consistent revenue growth and is notably observed in its European, African, and Latin American operations.
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Capital Allocation Decisions (2021-2025)
Share Repurchases
- American Tower repurchased approximately $365 million of its common stock during the fourth quarter of 2025.
- Subsequent to the fourth quarter of 2025, through February 17, 2026, the company repurchased an additional approximately $53 million in common stock.
- A share repurchase authorization of approximately $1.6 billion remains available for future deployment.
Share Issuance
- American Tower's shares outstanding increased to 0.469 billion in 2025, a 0.14% increase from 2024.
- Shares outstanding also saw a 0.21% increase in 2024 from 2023, and a 0.95% increase in 2023 from 2022.
Outbound Investments
- In November 2021, American Tower acquired CoreSite for $10.1 billion, significantly expanding its data center portfolio.
- The company divested its India operations (ATC TIPL Transaction) and fiber assets in Mexico and South Africa as part of a strategy to pivot investments towards developed markets and optimize its portfolio.
Capital Expenditures
- Total capital expenditures for the full year 2025 were approximately $1.7 billion, which included $196 million for non-discretionary capital improvements and corporate capital expenditures.
- For 2026, planned capital deployments are expected to be $1.9 billion, with $1.8 billion designated as discretionary, including the construction of approximately 2,000 new sites globally.
- Approximately 85% of the 2026 discretionary capital expenditures are allocated to developed market platforms, with over $700 million specifically for success-based investments in the data center portfolio.
Peer Outperformance in Telecom Tower REITs
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 14 | 21.7% | 62.0% | 62.7% | WELL 216% · DHC 152% · CTRE 135% |
| Retail REITs | 22 | 20.9% | 40.2% | 44.1% | IVT 1640% · SKT 193% · SPG 124% |
| Real Estate Development | 6 | 2.6% | 31.6% | 24.0% | AXR 74% · JOE 68% · FOR 46% |
| Other Specialized REITs | 11 | 5.6% | 19.1% | 22.5% | IRM 236% · EPR 83% · LAMR 81% |
| Hotel & Resort REITs | 16 | 40.8% | 36.8% | 16.9% | RHP 103% · HST 96% · DRH 71% |
| Industrial REITs | 11 | 22.1% | 26.2% | 7.0% | EGP 35% · FR 30% · PLD 21% |
| Diversified REITs | 12 | 16.0% | 30.0% | -8.9% | CTO 85% · EPRT 26% · WPC 25% |
| Single-Family Residential REITs | 3 | 3.9% | 5.7% | -11.0% | AMH -5% · ELS -11% · INVH -13% |
| Multi-Family Residential REITs | 13 | 0.5% | 5.7% | -14.8% | AIV 34% · ESS 7% · BRT 4% |
| Real Estate Services | 26 | -12.6% | -0.3% | -20.6% | MDRR 642% · CHCI 245% · CBRE 61% |
| Office REITs | 18 | 6.7% | 22.8% | -29.7% | CDP 61% · PSTL 61% · SLG 12% |
| Telecom Tower REITs ← | 3 | -13.7% | -13.0% | -45.5% | AMT -30% · SBAC -45% · CCI -52% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 176.87 |
| Mkt Cap | 59.0 |
| Rev LTM | 7,167 |
| Op Inc LTM | 1,785 |
| FCF LTM | 1,728 |
| FCF 3Y Avg | 1,739 |
| CFO LTM | 2,796 |
| CFO 3Y Avg | 2,588 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.0% |
| Rev Chg 3Y Avg | 5.9% |
| Rev Chg Q | 11.6% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | 13.9% |
| Op Inc Chg 3Y Avg | 16.5% |
| Op Mgn LTM | 34.2% |
| Op Mgn 3Y Avg | 31.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 44.3% |
| CFO/Rev 3Y Avg | 44.1% |
| FCF/Rev LTM | 35.7% |
| FCF/Rev 3Y Avg | 36.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 59.0 |
| P/S | 7.6 |
| P/Op Inc | 20.2 |
| P/EBIT | 21.9 |
| P/E | 53.3 |
| P/CFO | 18.9 |
| Total Yield | 5.7% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Property | 10,305 | 9,934 | 9,869 | 10,470 | 9,110 |
| Services | 340 | 194 | 143 | 241 | 247 |
| Total | 10,645 | 10,127 | 10,012 | 10,711 | 9,357 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Property | 7,228 | 6,968 | 6,870 | 6,757 | 6,050 |
| Services | 138 | 80 | 60 | 111 | 134 |
| Total | 7,366 | 7,048 | 6,930 | 6,869 | 6,184 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Property | 62,915 | 59,913 | 61,841 | 66,610 | 69,186 |
| Other | 150 | 1,051 | 4,131 | 465 | 615 |
| Services | 125 | 114 | 55 | 119 | 87 |
| Total | 63,190 | 61,077 | 66,028 | 67,194 | 69,888 |
Price Behavior
| Market Price | $172.33 | |
| Market Cap ($ Bil) | 80.3 | |
| First Trading Date | 02/27/1998 | |
| Distance from 52W High | -15.5% | |
| 50 Days | 200 Days | |
| DMA Price | $172.73 | $175.30 |
| DMA Trend | down | down |
| Distance from DMA | -0.2% | -1.7% |
| 3M | 1YR | |
| Volatility | 31.1% | 26.2% |
| Downside Capture | -19.81 | -22.57 |
| Upside Capture | -38.01 | -32.14 |
| Correlation (SPY) | -26.2% | -6.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.26 | -0.88 | -0.83 | -0.30 | -0.20 | 0.06 |
| Up Beta | -2.75 | -1.74 | -1.40 | -0.21 | -0.10 | -0.02 |
| Down Beta | -1.35 | -0.53 | -0.28 | -0.02 | 0.13 | 0.07 |
| Up Capture | -34% | -89% | -72% | -29% | -22% | 2% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 19 | 31 | 66 | 128 | 389 |
| Down Capture | -135% | -61% | -101% | -56% | -46% | 26% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 24 | 32 | 60 | 124 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMT | |
|---|---|---|---|---|
| AMT | -13.2% | 26.2% | -0.57 | - |
| Sector ETF (XLRE) | 10.8% | 14.2% | 0.49 | 61.8% |
| Equity (SPY) | 20.4% | 12.8% | 1.17 | -6.8% |
| Gold (GLD) | 29.8% | 28.5% | 0.91 | 2.8% |
| Commodities (DBC) | 40.2% | 20.2% | 1.56 | -6.0% |
| Real Estate (VNQ) | 13.1% | 13.9% | 0.65 | 55.4% |
| Bitcoin (BTCUSD) | -45.4% | 42.7% | -1.30 | 1.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMT | |
|---|---|---|---|---|
| AMT | -6.1% | 26.9% | -0.24 | - |
| Sector ETF (XLRE) | 2.6% | 19.2% | 0.04 | 74.2% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 29.2% |
| Gold (GLD) | 19.8% | 18.6% | 0.87 | 14.9% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 1.2% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 70.1% |
| Bitcoin (BTCUSD) | 7.1% | 52.6% | 0.32 | 12.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMT | |
|---|---|---|---|---|
| AMT | 6.7% | 26.4% | 0.27 | - |
| Sector ETF (XLRE) | 6.3% | 20.4% | 0.26 | 77.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 43.6% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 14.8% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 8.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 71.1% |
| Bitcoin (BTCUSD) | 59.9% | 66.0% | 1.00 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 2.9% | 3.8% | |
| 4/28/2026 | 1.8% | 3.2% | 5.5% |
| 2/24/2026 | 0.1% | 0.1% | -10.4% |
| 10/28/2025 | -3.7% | -6.9% | -5.3% |
| 7/29/2025 | -4.2% | -5.0% | -7.5% |
| 4/29/2025 | 4.7% | 5.9% | 0.5% |
| 2/25/2025 | 6.1% | 9.2% | 9.1% |
| 10/29/2024 | -4.2% | -4.5% | -6.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 14 |
| # Negative | 10 | 10 | 9 |
| Median Positive | 1.8% | 3.9% | 3.7% |
| Median Negative | -0.7% | -3.7% | -6.8% |
| Max Positive | 8.1% | 10.2% | 23.1% |
| Max Negative | -4.2% | -9.7% | -10.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 2.9% | 3.8% | |
| 4/28/2026 | 1.8% | 3.2% | 5.5% |
| 2/24/2026 | 0.1% | 0.1% | -10.4% |
| 10/28/2025 | -3.7% | -6.9% | -5.3% |
| 7/29/2025 | -4.2% | -5.0% | -7.5% |
| 4/29/2025 | 4.7% | 5.9% | 0.5% |
| 2/25/2025 | 6.1% | 9.2% | 9.1% |
| 10/29/2024 | -4.2% | -4.5% | -6.4% |
| 7/30/2024 | 3.8% | 5.2% | 5.2% |
| 4/30/2024 | -2.0% | 2.1% | 5.9% |
| 2/27/2024 | -0.6% | 9.8% | 3.4% |
| 10/26/2023 | 8.1% | 10.2% | 23.1% |
| 7/27/2023 | 1.7% | 0.3% | -6.8% |
| 4/26/2023 | -0.7% | -2.8% | -9.1% |
| 2/23/2023 | 1.3% | -2.2% | -3.8% |
| 10/27/2022 | 0.9% | 4.2% | 11.8% |
| 7/28/2022 | 4.1% | 4.1% | 3.9% |
| 4/27/2022 | -0.8% | -5.4% | 2.1% |
| 2/24/2022 | 1.9% | 1.6% | 3.5% |
| 10/28/2021 | 0.2% | -1.7% | -7.9% |
| 7/29/2021 | -0.7% | -0.0% | -0.6% |
| 4/29/2021 | -0.6% | -1.3% | 0.9% |
| 2/25/2021 | -0.0% | -9.7% | 1.1% |
| 10/29/2020 | 0.7% | 3.0% | 1.7% |
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 14 |
| # Negative | 10 | 10 | 9 |
| Median Positive | 1.8% | 3.9% | 3.7% |
| Median Negative | -0.7% | -3.7% | -6.8% |
| Max Positive | 8.1% | 10.2% | 23.1% |
| Max Negative | -4.2% | -9.7% | -10.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
| 06/30/2019 | 07/31/2019 | 10-Q |
Recent Forward Guidance
Updated 7/29/2026Latest: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total property revenue | 10.70 Bil | 10.77 Bil | 10.85 Bil | 1.0% | Raised | Guidance: 10.66 Bil for 2026 | |
| 2026 Net income | 3.27 Bil | 3.31 Bil | 3.35 Bil | 8.3% | Raised | Guidance: 3.06 Bil for 2026 | |
| 2026 Net income attributable to AMT common stockholders | 3.20 Bil | 3.24 Bil | 3.28 Bil | ||||
| 2026 Adjusted EBITDA | 7.24 Bil | 7.28 Bil | 7.31 Bil | 0.6% | Raised | Guidance: 7.23 Bil for 2026 | |
| 2026 AFFO attributable to AMT common stockholders | 5.13 Bil | 5.17 Bil | 5.21 Bil | 0.9% | Raised | Guidance: 5.13 Bil for 2026 | |
| 2026 AFFO attributable to AMT common stockholders per Share | 11 | 11.1 | 11.2 | 0.9% | Raised | Guidance: 11 for 2026 | |
| 2026 Total Capital Expenditures | 1.80 Bil | 1.86 Bil | 1.92 Bil | 0.3% | Raised | Guidance: 1.85 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Property Revenue | 10.59 Bil | 10.66 Bil | 10.73 Bil | 1.4% | Raised | Guidance: 10.52 Bil for 2026 | |
| 2026 Net Income | 3.02 Bil | 3.06 Bil | 3.10 Bil | 2.3% | Raised | Guidance: 2.98 Bil for 2026 | |
| 2026 Adjusted EBITDA | 7.20 Bil | 7.23 Bil | 7.26 Bil | 1.5% | Raised | Guidance: 7.12 Bil for 2026 | |
| 2026 AFFO attributable to AMT common stockholders | 5.09 Bil | 5.13 Bil | 5.17 Bil | 1.1% | Raised | Guidance: 5.08 Bil for 2026 | |
| 2026 AFFO attributable to AMT common stockholders per Share | 10.9 | 11 | 11.1 | 1.1% | Raised | Guidance: 10.9 for 2026 | |
| 2026 Total Capital Expenditures | 1.80 Bil | 1.85 Bil | 1.91 Bil | ||||
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total property revenue | 10.44 Bil | 10.52 Bil | 10.59 Bil | 2.6% | Higher New | Guidance: 10.25 Bil for 2025 | |
| 2026 Net income | 2.94 Bil | 2.98 Bil | 3.02 Bil | 20.1% | Higher New | Guidance: 2.49 Bil for 2025 | |
| 2026 Net income attributable to AMT common stockholders | 2.98 Bil | 3.02 Bil | 3.06 Bil | 26.3% | Higher New | Guidance: 2.39 Bil for 2025 | |
| 2026 Adjusted EBITDA | 7.09 Bil | 7.12 Bil | 7.16 Bil | 0.6% | Higher New | Guidance: 7.09 Bil for 2025 | |
| 2026 AFFO attributable to AMT common stockholders | 5.04 Bil | 5.08 Bil | 5.12 Bil | 1.5% | Higher New | Guidance: 5.00 Bil for 2025 | |
| 2026 AFFO attributable to AMT common stockholders per Share | 10.8 | 10.9 | 10.9 | 1.9% | Higher New | Guidance: 10.7 for 2025 | |
Q3 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Total property revenue | 10.21 Bil | 10.25 Bil | 10.29 Bil | 0.4% | Raised | Guidance: 10.21 Bil for 2025 | |
| 2025 Net income | 2.46 Bil | 2.49 Bil | 2.51 Bil | 4.0% | Raised | Guidance: 2.39 Bil for 2025 | |
| 2025 Net income attributable to AMT common stockholders | 2.36 Bil | 2.39 Bil | 2.42 Bil | 1.7% | Raised | Guidance: 2.35 Bil for 2025 | |
| 2025 Adjusted EBITDA | 7.06 Bil | 7.09 Bil | 7.11 Bil | 0.6% | Raised | Guidance: 7.04 Bil for 2025 | |
| 2025 AFFO attributable to AMT common stockholders | 4.97 Bil | 5.00 Bil | 5.03 Bil | 1.0% | Raised | Guidance: 4.95 Bil for 2025 | |
| 2025 AFFO attributable to AMT common stockholders per Share | 10.6 | 10.7 | 10.7 | 1.0% | Raised | Guidance: 10.6 for 2025 | |
| 2025 Total Capital Expenditures | 1.62 Bil | 1.68 Bil | 1.73 Bil | ||||
Insider Activity
Updated 7/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dowling, Ruth T | EVP, Chief Admin Ofr, GC & Sec | Direct | Sell | 7302026 | 174.96 | 1,106 | 193,506 | 4,848,317 | Form |
| 2 | Dowling, Ruth T | EVP, Chief Admin Ofr, GC & Sec | Direct | Sell | 7302026 | 169.54 | 685 | 116,135 | 4,885,634 | Form |
| 3 | Dowling, Ruth T | EVP, Chief Admin Ofr, GC & Sec | Direct | Sell | 4302026 | 177.54 | 416 | 73,857 | 5,230,506 | Form |
| 4 | Dowling, Ruth T | EVP, Chief Admin Ofr, GC & Sec | Direct | Sell | 4302026 | 178.48 | 556 | 99,235 | 5,332,447 | Form |
| 5 | Kalathur, Rajesh | Direct | Buy | 3122026 | 185.30 | 2,671 | 494,936 | 914,641 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dowling, Ruth T | EVP, Chief Admin Ofr, GC & Sec | Direct | Sell | 7302026 | 174.96 | 1,106 | 193,506 | 4,848,317 | Form |
| 2 | Dowling, Ruth T | EVP, Chief Admin Ofr, GC & Sec | Direct | Sell | 7302026 | 169.54 | 685 | 116,135 | 4,885,634 | Form |
| 3 | Dowling, Ruth T | EVP, Chief Admin Ofr, GC & Sec | Direct | Sell | 4302026 | 177.54 | 416 | 73,857 | 5,230,506 | Form |
| 4 | Dowling, Ruth T | EVP, Chief Admin Ofr, GC & Sec | Direct | Sell | 4302026 | 178.48 | 556 | 99,235 | 5,332,447 | Form |
| 5 | Kalathur, Rajesh | Direct | Buy | 3122026 | 185.30 | 2,671 | 494,936 | 914,641 | Form | |
| 6 | Vondran, Steven O | President and CEO | Direct | Sell | 3062026 | 188.46 | 33,482 | 6,309,967 | 19,858,624 | Form |
| 7 | Dowling, Ruth T | EVP, Chief Admin Ofr, GC & Sec | Direct | Sell | 3062026 | 188.51 | 682 | 128,564 | 5,852,670 | Form |
| 8 | Dowling, Ruth T | EVP, Chief Admin Ofr, GC & Sec | Direct | Sell | 3032026 | 186.16 | 656 | 122,121 | 5,906,671 | Form |
| 9 | Meyer, Robert Joseph | SVP & Chief Accounting Officer | Direct | Sell | 3032026 | 186.73 | 4,454 | 831,695 | 4,567,603 | Form |
| 10 | Smith, Rodney M | EVP, CFO & Treasurer | Direct | Sell | 2192026 | 192.09 | 34,341 | 6,596,528 | 14,274,900 | Form |
| 11 | Reilly, Eugene F | Direct | Buy | 11042025 | 178.99 | 5,554 | 994,110 | 1,018,274 | Form | |
| 12 | Font, Juan | SVP, Pres. & CEO, CoreSite | Direct | Sell | 8012025 | 208.33 | 720 | 149,998 | 4,880,130 | Form |
Investor Activity (13F)
Updated Aug 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Heard Capital LLC | $191.9 Mil | 9.9% | 21 | Hold | 13F |
| B&I Capital AG | $26.5 Mil | 9.0% | 24 | TRIM -14.3% | 13F |
| Vert Asset Management LLC | $22.5 Mil | 7.1% | 48 | Hold | 13F |
| Lasalle Investment Management Securities LLC | $111.9 Mil | 4.4% | 48 | ADD +22.9% | 13F |
| Partners Group Holding AG | $56.1 Mil | 4.1% | 50 | Hold | 13F |
| J. Stern & Co. LLP | $37.3 Mil | 3.6% | 49 | TRIM -99.4% | 13F |
| Broad Run Investment Management, LLC | $18.2 Mil | 3.2% | 24 | Hold | 13F |
| BWCP, LP | $14.7 Mil | 2.2% | 27 | ADD +44.3% | 13F |
| Mar Vista Investment Partners LLC | $15.4 Mil | 1.5% | 35 | Hold | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $5.2 Mil | 1.3% | 46 | Hold | 13F |
| Adelante Capital Management LLC | $9.4 Mil | 0.6% | 42 | Hold | 13F |
| Akre Capital Management LLC | $8.8 Mil | 0.1% | 19 | TRIM -80.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Heard Capital LLC | $191.9 Mil | 9.9% | 21 | Hold | 13F |
| Lasalle Investment Management Securities LLC | $111.9 Mil | 4.4% | 48 | ADD +22.9% | 13F |
| Partners Group Holding AG | $56.1 Mil | 4.1% | 50 | Hold | 13F |
| J. Stern & Co. LLP | $37.3 Mil | 3.6% | 49 | TRIM -99.4% | 13F |
| B&I Capital AG | $26.5 Mil | 9.0% | 24 | TRIM -14.3% | 13F |
| Vert Asset Management LLC | $22.5 Mil | 7.1% | 48 | Hold | 13F |
| Broad Run Investment Management, LLC | $18.2 Mil | 3.2% | 24 | Hold | 13F |
| Mar Vista Investment Partners LLC | $15.4 Mil | 1.5% | 35 | Hold | 13F |
| BWCP, LP | $14.7 Mil | 2.2% | 27 | ADD +44.3% | 13F |
| Adelante Capital Management LLC | $9.4 Mil | 0.6% | 42 | Hold | 13F |
| Akre Capital Management LLC | $8.8 Mil | 0.1% | 19 | TRIM -80.1% | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $5.2 Mil | 1.3% | 46 | Hold | 13F |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Telecom Tower REITs Resources |
| Inside Towers |
| Wireless Estimator |
| TowerXchange |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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