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American Tower Signals It's Still Best in Class

Its structure is changing, but its asset base, debt load, and operational execution keep it tops.

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For years,  American Tower (AMT) has been the best of the publicly traded tower companies because of its superior asset base, strong economic efficiency, international diversification, and low leverage relative to peers  Crown Castle International (CCI) and  SBA Communications (SBAC). As this wireless and broadcast communications tower firm approaches its conversion to a real estate investment trust, the investment community will begin to look at it through a slightly different lens. But even though its peer group might be changing, from an investment perspective we think American Tower remains at the head of its class.

In the tower sector, American Tower offers the best combination of growth and economic efficiency. It has the best margins in the group and industry-leading cash flow growth.

Imari Love does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.