American Tower Corporation (AMT) will raise its quarterly distribution by another 0.7 percent to $1.40 per share in Q1 of 2022. The communications REIT is known for its quarterly dividend hikes, with four increases every year. This however is the smallest dividend hike announced by AMT in years.
The next AMT distribution is payable on April 29, 2022 to the stockholders of record at the close of business on April 13, 2022. A new annualized rate of $5.60 per share yields 2.3% at a stock price of $240 for American Tower. The next ex-dividend date for AMT is April 12, 2022. American Tower Corporation has now raised the dividend for 10 consecutive years.
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.