Deutsche Funkturm (DFMG) is Germany’s largest tower company and a wholly-owned subsidiary of Deutsche Telekom. The company has a portfolio of 32.8k total sites and resides within Deutsche Telekom’s GD Towers segment. Specifically, Deutsche Funkturm’s portfolio includes towers, masts, rooftop sites, distributed antenna systems (DAS), and small cells.
Overall, Deutsche Funkturm’s sites have a ~1.4x tenancy ratio, implying 46k tenants with equipment on the company’s passive tower infrastructure. Additionally, Deutsche Funkturm’s sites are ~30% ground-based towers and ~70% rooftop sites.