Cell tower REITs are the landlords of wireless America: three companies own most of the nation’s macro towers, leased to three carriers on long escalating contracts. The economics are magnificent (80% cash flow margins) and the concentration is brutal, which is why the three names below earn three very different grades.
For income investors: REIT dividend safety 2026 tracks every dividend cut this year, ranks the monthly payers by grade and lists the highest yields that still grade B or better.
Rates: the median cell tower REIT fell 12.6 percent between August 14 and October 2, 2026, as the 10-year Treasury yield climbed from 4.68 to 5.28 percent. REITs and interest rates ranks all 15 sectors by rate sensitivity.
| # | REIT | Grade | Yield | Market Cap | Occupancy | Credit |
|---|---|---|---|---|---|---|
| 1 | American Tower (AMT) | B 81 | 4.35% | $76.8B | — | BBB- |
| 2 | SBA Communications (SBAC) | B 76 | 2.95% | $18.0B | — | BBB- |
| 3 | Crown Castle (CCI) | C 62 | 6.23% | $29.1B | — | BBB |
Grades follow the published REIT Rankings methodology. Yields and market caps update automatically with market data.
How to Read This Ranking
American Tower leads on balance sheet (4.9x leverage, lowest in the group) and a dividend growing out of earnings, with CoreSite data centers as a bonus. SBA is the compounder: the lowest payout ratio in towers (~40%) and the highest margins, traded off against higher leverage. Crown Castle, post its $8.4 billion fiber exit and 32% dividend reset, is the show-me story: highest yield, thinnest coverage (~90% payout), purest exposure. One sector, three risk profiles.