Crown Castle is the nation’s largest provider of shared wireless infrastructure. The company announced earlier this year that Moreland would step aside as president and CEO on June 1. His successor, Jay Brown, previously held the role of CFO. Moreland discussed the company’s expansion into small cell technology.
Crowds gathered along the Benjamin Franklin Parkway in Philadelphia this month to catch a glimpse of Pope Francis probably didn’t notice them, but 37 small cell nodes, or wireless antennas, located along the papal parade route were helping their smartphones connect to the rest of the world.
Cell tower REITs expect continued demand for wireless capability to fuel growth prospects in the United States and select foreign markets for many years to come, according to executives presenting at REITWEEK 2015: NAREIT’s Investor Forum.
Crown Castle International Corp. (NYSE: CCI) President and CEO Benjamin Moreland pointed to a 60 percent growth rate in data demand in 2014. At the same time, he noted that information technology firm Cisco anticipates a seven-fold increase in data demand by 2019.
High barriers to entry and limited supply are boosting long-term growth prospects for REITs in the cell tower, data center and outdoor advertising sectors, according to a panel at REITWorld 2014: NAREIT’s Annual Convention for All Things REIT.
“Technology is changing the traditional model” of real estate, said panel moderator Jim Sullivan, managing director with Green Street Advisors.
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