Towers Page 23


We provide the latest Towers news, analysis and opinion. In the Towers sector we cover companies including American Tower (NYSE: AMT), Crown Castle (NYSE: CCI), SBA Communications (NASDAQ: SBAC), Cellnex Telecom (BME: CLNX), and Vertical Bridge. Within Towers, we focus on the sub-sectors of wireless cell towers, TV & radio broadcast towers and mobile sites located on billboards.

Our towers news discusses how towers serve as the core network and the current underpinning of 4G/LTE networks. Further, towers are also central to the performance of 5G networks. Towers news includes updates on increased carrier activity to support rising data usage, technological upgrades, and new spectrum deployment.

These wireless carriers lease vertical space on the tower so that they as tenants can place their communications equipment on the tower. Each tower has the capacity to support 4 to 6 of these different tenants.

Within our towers news coverage, we also discuss the business model of towers. Specifically, how towers are characterized by recurring revenue, rental escalators, long-term contracts (initial term of 5 to 10 years), high operating leverage / incremental margins, low maintenance capital expenditures and leases to investment-grade counterparties.

Beyond the traditional wireless carriers, our towers news scope also extends to companies that lease space on towers to TV and radio broadcasters, public safety, and Internet of Things providers.

Overall, there are 154k towers, with 350k+ tenants operating in the United States. This makes the tower sector an incredibly diverse market to share towers news, analysis and opinion, on a daily basis.

American Tower 5G Use Cases

American Tower: 5G Key Demand Drivers and Initial Use Cases

American Tower summarizes the key demand drivers in-place for 5G adoption and 5G initial use cases, which it supports through its digital infrastructure.
Crown Castle 5G Spectrum

Crown Castle: 5G Spectrum Allocated and Targeted Globally

Long-term, the FCC will continue making additional spectrum bands available for 5G deployments, such as the C-band, which will in-turn benefit Crown Castle.
American Tower 5G Spectrum

American Tower: 5G Spectrum Allocated and Targeted Globally

Spectrum auctions in the U.S. in 2020 and 2021 will free up more spectrum, particularly mid-band, for 5G, which will in-turn benefit American Tower.
American Tower 5G Dominant

American Tower: 5G Rapidly Becoming the Dominant Standard

American Tower's 5G deployments will take a significant amount of time but it is rapidly becoming the dominant standard, compared to 3G and 4G technologies.
American Tower 5G Layers

American Tower: 5G Deployed In Layers, Different Spectrum Bands

5G will be deployed by American Tower using the carrier's different layers of spectrum assets, across the full range of low-, mid- and high-bands.
Crown Castle 5G Improvement

Crown Castle: 5G’s Pillars of Improvement vs. 4G

5G has the potential to fundamentally alter the role of wireless networks and Crown Castle has a specific role to play in the improvement 5G brings.
American Tower 5G Improvement

American Tower: 5G’s Pillars of Improvement vs. 4G

In daily life, wireless service needs to be more reliable and American Tower has a specific role to play in the improvement 5G brings.