American Tower Continues To Drive Steady Growth

American Tower is a geographically diversified tower company that aims to leverage its tower expertise to capitalize on the growing global demand for mobile data capacity. We expect the tower business will see steady demand over time, but we don't believe growth will exceed the mid-single-digit range absent acquisitions. We like that the firm has pulled back on acquisitions over the past three years, as opportunities to invest at good returns have been limited. If the market opens up, American Tower has the balance sheet strength to buy assets, but we expect it to remain focused on internal growth and share repurchases for the time being.