American Tower Corporation (AMT) will raise its quarterly dividend by another 6.3 percent to $1.01 per share. This marks the 4th dividend hike announced by the communications REIT in 2019, bringing the total dividend increase YTD to 20.2 percent.
The next distribution is payable on January 14, 2020 to such stockholders of record at the close of business on December 27, 2019. A new annualized rate of $4.04 per share yields 1.9% at a stock price of $212.
American Tower Corporation is one of the largest global Real Estate Investment Trusts (REITs) and a independent owner, operator and developer of multitenant communications real estate. The company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. In addition, AMT offers tower-related services in the United States. The company's communications real estate portfolio includes over sites in the United States, Asia, Europe, Middle East and Africa (EMEA) and Latin America. American Tower Corporation was originally created as a subsidiary of American Radio Systems Corporation in 1995 and was spun off into a free-standing public company in 1998.