American Tower Corporation (AMT) will raise its quarterly distribution by another 6.1 percent to $1.21 per share in Q4 of 2020. This marks the 4th increase this year by the communications REIT, bringing the total increase YTD to 19.8 percent, in line with the five year average dividend growth rate. American Tower announced four distribution hikes in 2019 for a total increase of 20.2 percent.
The next distribution is payable on February 2, 2021 to such stockholders of record at the close of business on December 28, 2020. A new annualized rate of $4.84 per share yields 2.2% at a stock price of $224.
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.