American Tower: Fairly Valued, Risky Floating Rate Debt, Lackluster Chart

Summary:

  • REITs have underperformed the broad market while featuring significant drawdowns in recent years.
  • One of the sector’s largest stocks, American Tower, appears fairly valued and interest rate risk along wireless sub growth trends in some foreign markets are risks.
  • Technically, the trend is lower and I see a longer-term bullish to bearish reversal gradually playing out. I spot key price levels to monitor.

Cell phone or mobile service tower in forested area of West Virginia providing broadband service

BackyardProduction

The Real Estate sector is one I don’t opine on much, but its relative weakness in the face of both rising and falling interest rates should be concerning to REIT bulls. The Real Estate Select Sector ETF (

Real Estate Equities Struggling Against the Broad Market YoY

Stockcharts.com

AMT: Capital Allocation Plans & Debt Exposure

AMT

AMT Technology Progress into 5G

AMT

5G Deployment Timeline

AMT

2023 Organic Tenant Billings Growth Outlook

AMT

Tenant Base Characteristics

AMT

ImageAMT: Long-Term P/AFFO Multiple: Average Near 22x

@soonercapital (Twitter)

American Tower: Earnings, Valuation, Dividend Forecasts

BofA Global Research

2023 Attributable AFFO Outlook

AMT

Corporate Event Risk Calendar

Wall Street Horizon

AMT: Bearish Rounded Top Pattern, $170s Support

Stockcharts.com


Disclosure: I/we have a beneficial long position in the shares of VNQ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.


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