Cell phone tower REITs are one of the most unique and differentiated areas of listed real estate. They offer a combination of structural growth, stability, and predictability unlike almost anything else in the real estate securities space. Cell phone towers provide the infrastructure that allows for wireless communication. The business model is exceptionally stable, low cost, and highly oligopolistic. New technologies such as 5G should provide a tailwind for cell phone towers as consumers demand faster speeds across a broader pool of devices over time. This article is a primer for one of the most interesting and innovative sectors in real estate.
A Tailwind for Towers: A Closer Look at the Cell Tower REIT Sector.
Sources: FTSE Nareit and Bloomberg as of March 31, 2023.
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The opinions referenced above are those of the author as of July 24, 2023. These comments should not be construed as recommendations, but as an illustration of broader themes.
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