Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Cell Tower REITs: 5G Dominance

  • From David to Goliath. Emerging from relative obscurity early last decade, Cell Tower REITs have developed into dominant players of both the telecommunications and real estate sectors through relentless growth.

  • The single largest property sector, three Cell Tower REITs now account for almost a fifth of the total REIT market value and control nearly 75% of wireless communication infrastructure in the U.S.

  • After uncharacteristically lagging early this year, Cell Tower REITs - along with other "essential" property sectors across the technology and housing sectors - have surged over the past three weeks.

  • Cell Tower REITs delivered another stellar year in 2020 with FFO growth of nearly 9% with no signs of slowing. American Tower outlined an "aspirational" guidance target of double-digit annual FFO growth through 2027.

  • Last quarter, we discussed how the recent pull-back appeared to be a long-awaited buying opportunity. While the "flash sale" may be over, Cell Tower REITs have continually provided support to our theory that growth-oriented REITs are persistently undervalued.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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