American Tower Corporation (AMT) will raise its quarterly distribution by 2.5 percent to $1.24 per share in Q1 of 2021. This comes after a dividend hike of 6.1 percent to $1.21 per share was announced in Q4 of 2020. This marks the 1st increase this year by the communications REIT. American Tower announced four distribution hikes in 2020 and in 2019.

The next distribution is payable on April 29, 2021 to such stockholders of record at the close of business on April 13, 2021. A new annualized rate of $4.96 per share yields 2.3% at a stock price of $218.49. 

American Tower Corporation has now raised the dividend for nine consecutive years. The average 5 year dividend growth rate is 16.1 percent annually. The company now pays an estimated $2.2 billion in dividends to shareholders annually.

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.