← Research · knowledge/sectors/towers.md
Tower REITs (context; not in TRAI universe)
_Last updated 2026-10-23 11:00 ET from report. Screening/research, not investment advice._
What's in it
CCI (~40,000 US towers), AMT (~42,000 US sites), SBAC; private Vertical Bridge (~18,000). The US had 158,500 purpose-built towers last year (Wireless Infrastructure Association, via Reuters/Investing.com, 2026-10-22).
Linkages
- Revenue comes from carrier leases, so a new tenant (SpaceX) is upside for towers and a competitive threat to carriers: the two move inversely on this story.
- Rate-sensitive: the 252-day OLS beta to the Δ10y is negative (CCI −5%, AMT −9%, SBAC −11% per 1 pp; Yahoo daily, quick check).
Event log
- 2026-10-23: opens CCI +15.5%, AMT +10.6%, SBAC +9.9%; by ~11:15 ET +10.2%, +4.9%, +4.3% (Yahoo). Residual z vs SPY/Δ10y: CCI +5.0, AMT +3.1, SBAC +2.2 (report §8).