5 Best REIT Stocks To Buy Right Now

1. American Tower Corporation (NYSE:AMT)

Number of Hedge Fund Holders: 60

American Tower Corporation (NYSE:AMT), a major global real estate investment trust, stands out as a prominent owner, operator, and builder of shared communications infrastructure. The company holds a portfolio comprising nearly 225,000 communication sites, along with a well-connected network of data center facilities across the United States, placing it among the best REIT stocks to buy. 

On November 10, American Tower Corporation (NYSE:AMT) announced that its Africa operations, ATC Africa, and MTN Nigeria have made a new agreement to improve wireless connectivity throughout Nigeria. This agreement involves ATC Africa assisting MTN Nigeria in acquiring new leases over several years, starting from the latter half of 2024.

According to Insider Monkey’s third quarter database, 60 hedge funds were bullish on American Tower Corporation (NYSE:AMT), same as the preceding quarter. Charles Akre’s Akre Capital Management held the top position in the company, with 6.77 million shares worth $1.11 billion.

Here is what Andvari Associates has to say about American Tower Corporation (NYSE:AMT) in its Q3 2023 investor letter:

“After good results for the first half of the year, Andvari’s performance suffered at the end of the third quarter for two reasons. First, renewed fears of interest rates remaining higher for longer impacted multiple holdings that are most sensitive to rates. These include companies like American Tower Corporation (NYSE:AMT) and Digital Bridge. American Tower is a REIT (real estate investment trust) that owns and leases antennae space on cell towers while Digital Bridge is an investment manager that invests in the digital infrastructure space. Both companies require debt in their operations and the prospect of higher interest rates continues to impact share prices in the short term.

As an aside, American Tower is not a new holding of Andvari. We’ve owned it in the past. Although we may have started putting American Tower back into client portfolios a bit early, we believe shares are extremely attractive. First, the shares trade at a current 3.8% dividend yield at the end of October. This yield is near the highest in American’s entire history as a public company. Second, the company will likely grow dividends per share by 9% annually over the long term. As a nice kicker, Andvari believes American Tower will sell its assets in India before year’s end, which will free up capital it can use to pay off debt and repurchase shares.”

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