Certainty during rocky macroeconomic times deserves a premium. Predictable and dependable profits are exactly what cell-tower real estate investment trusts provide, and yet their stocks are selling at steep discounts right now.
The major wireless companies—
(TMUS) in the U.S.—couldn’t function without the communication towers that three REITs own and operate.
(AMT), Crown Castle (CCI), and
(SBAC) lease space to the wireless companies, essentially acting as landlords for antennas.