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  • Alex Pettee, CFA

Cell Tower REITs: Fireworks Abound As Competition Heats Up

  • No missed rents here. Amid the coronavirus pandemic, the high-flying cell tower sector is thriving. Cell Tower REITs have jumped 20% this year, one of three sectors in positive territory.

  • The cellular industry has seen plenty of fireworks over the last two years, underscored by T-Mobile's now-completed acquisition of Sprint and the emergence of Dish Network as a fourth competitor.

  • Dish Network is officially a cellular carrier with this week’s acquisition of Boost Mobile. Questions remain about Dish’s ability to raise necessary capital to fund its ambitious network build-out plans.

  • Cellular network usage has surged amid the stay-at-home orders as businesses and individuals stay connected via virtual interaction. Signs of stress in capacity enforce the need for additional network investments.

  • Will Satellite REITs emerge? Elon Musk's SpaceX continues to make headway on its ambitious low-orbit satellite network. While unlikely to replace towers, these networks may alter industry competitive dynamics.

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