Cell Tower REITs
The single largest REIT sector by market capitalization, Cell Tower REITs own roughly 50-80% of the 100-150k investment-grade macro cell towers in the United States.
Cell Tower REITs primarily own "macro" communications towers that host cellular network broadcast equipment from AT&T (T), Verizon (VZ), T-Mobile (TMUS), and Dish Network (DISH) but Crown Castle and Uniti Group also have significant investments in fiber and small-cell networks.
While Crown Castle operates exclusively in the United States, American Tower, SBA Communications, and Uniti Group have significant international operations.
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