These Tower REITs Yield Up to 6.6% and Have Track Records of Dividend Growth

Tower real estate investment trusts (REITs) own and operate cell towers or communication towers. These towers are critical components of wireless communication infrastructure, providing space for antennas and equipment used by mobile network operators.

Tower REITs typically generate income by leasing space on their towers to wireless carriers, telecommunications companies, and other communication service providers. The demand for tower space has increased with the growth of mobile communications, 5G technology, and the expansion of wireless networks.

Here are three tower REITs you could buy today.

American Tower Corporation

American Tower AMT is the world's largest owner and operator of multitenant communications real estate. Its portfolio currently consists of over 224,000 communications sites across the globe.

American Tower currently pays a quarterly dividend of $1.70 per share, equating to an annualized dividend of $6.80 per share, which gives its stock a yield of about 3.9% at the time of this writing.

In addition to having a high yield, American Tower is a dividend-growth superstar. It has raised its annual dividend every year since converting to a REIT in 2012.

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Crown Castle Inc.

Crown Castle CCI is one of the nation's leading providers of shared communications infrastructure with more than 40,000 cell towers and approximately 90,000 route miles of fiber across every major U.S. market. 

Crown Castle currently pays a quarterly dividend of $1.565 per share, equating to an annualized dividend of $6.26 per share, which gives its stock a yield of about 6.6% at the time of this writing. 

Like American Tower, Crown Castle is a dividend-growth superstar as it has raised its annual dividend every year since it converted to a REIT in 2014.

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SBA Communications Corporation

SBA Communications SBAC is a leading owner and operator of wireless communications infrastructure with a portfolio of more than 39,000 communications sites across 16 markets in the Americas, Africa, and Asia.

SBA currently pays a quarterly dividend of $0.98 per share, equating to an annualized dividend of $3.92 per share, which gives its stock a yield of about 2% at the time of this writing.

While SBA's yield is not as flashy as the other two stocks, it's important to note that it has raised its annual dividend for four consecutive years, and its 15% hike in February has it on track for 2024 to mark the fifth consecutive year with an increase.

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