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Cell towers & specialty REITs

Not real estate in the conventional sense, but reported as REITs. American Tower (AMT), Crown Castle (CCI), SBA Communications (SBAC). Demand supported by 5G and continued mobile data growth — though slower than peak.

Cell tower REITs own the physical infrastructure that mobile carriers lease space on for their antennas. Long-term contracts (5–10+ years), escalator clauses, and very low operating costs — once a tower is built, the marginal cost of adding a second or third tenant is near zero, and each new tenant is mostly margin.

Risk: carrier consolidation reduces tenant count and pricing power. AT&T, Verizon, and T-Mobile have rationalized site portfolios since 2020; growth has slowed from peak years.

Other specialty REITs worth knowing: American Tower (AMT) for towers; Iron Mountain (IRM) for records storage + data centers; VICI Properties (VICI) for gaming real estate (Caesars, MGM properties); Lamar Advertising (LAMR) for outdoor advertising.

#American Tower#Crown Castle#specialty REIT

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