American Tower Corporation (AMT) will raise its quarterly distribution by another 2.4 percent to $1.27 per share in Q2 of 2021. This comes after a 2.5 percent hike to $1.24 per share announced by the REIT in Q1 of 2021. The communications REIT has now raised the dividend 5 percent in 2021. AMT is known for its quarterly dividend hikes, with four increases every year.
The next distribution is payable on July 9, 2021 to the stockholders of record at the close of business on June 18, 2021. A new annualized rate of $5.08 per share yields 2.0% at a stock price of $254.11. The next ex-dividend date for AMT is June 17, 2021.
American Tower Corporation has now raised the dividend for nine consecutive years. The average 5 year dividend growth rate is 17 percent annually. The company now pays an estimated $2.26 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.