![]() Growth accelerated significantly from Q2 when property revenue increased by 4.4%, while adjusted FFO declined by 0.4%. However, the tailwinds driving demand for the infrastructure REIT's assets broke through during the third quarter, driving accelerated revenue and earnings growth.Īmerican Tower CEO Tom Bartlett noted that the company had a "strong quarter, as our global portfolio of communications assets continued to demonstrate resiliency in an increasingly challenging macroeconomic environment." The REIT's property revenue increased by 7% to nearly $2.8 billion, while its adjusted funds from operations ( FFO ) surged 9.5% to $1.2 billion. Founded in 1995, American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate, with a portfolio of approximately 219,000 communications sites, including more than 43,000 properties in the United States and Canada and more than 175,000 properties internationally. ![]() They have masked the underlying strength of its global tower and U.S. Several factors have weighed on the REIT, including macroeconomic challenges, tenant issues, and higher interest rates. REITMovers tracks the stock price and other indicators for all US REITs tracked by REITNotes during normal trading hours. American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate. That has pushed its dividend yield up to 3.7%. The real estate investment trust (REIT) focused on data infrastructure has lost a quarter of its value from its 52-week high. The current multiple is 23.5x, which is a slight. Not only is cell tower REIT American Tower one of the best inflation-proof investments, but the company is also one of the best REITs to buy for dividend growth. Shares have a normal multiple of 23.1x since the REIT conversion in 2012. The past year has been challenging for American Tower (NYSE: AMT). American Tower is a REIT that consistently trades at a premium valuation.
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