Over the past few weeks, we have written two articles on CyrusOne (CONE) and Crown Castle (CCI), which operate in the data center and cell tower sub-sectors of REITs. As we have mentioned in these articles, these two REIT categories offer, in our view, the safest cash flows in the real estate sector, while benefiting from growth, such as with 5G and increasing demand for hosting servers.

In this article, we want to explore one such stock, the American Tower Corporation (AMT). The company dominates the cell-tower market, boasting a ~$115B market cap, and being the largest player in the sector. Shares have been on a non-stop rally over the past few years, which raises the question of whether the stock could still produce attractive returns going forward.

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