Cell Tower REITs: No Threat From Above

Cell tower REITs (SBAC, AMT, CCI) now trade at 12-year low multiples, reflecting trough earnings and fully baked-in Dish and satellite risks. Starlink's entry is unlikely to threaten macro towers; instead, it could drive incremental leasing and revenue upside for tower REITs. I've increased cell tower REIT allocation to 10.7%, citing 6-7% projected AFFO/share growth in 2027–2028 and attractive risk-reward. Upcoming spectrum auctions, 6G upgrades, and potential corporate actions (e.g., SBAC sale, AMT's CoreSite monetization) offer additional catalysts.

It has been three years since we published our September 2023 REIT Outlook titled ' Warren Buffett Should Buy the Cell Tower REITs . ' In the three years from September 1, 2023, to August 31, 2026, the straight