While that's normally a signal to wait until a market correction to buy, there are several reasons American Tower's price tag doesn't worry me. Until 2021, American Tower almost exclusively operated in the world of communications real estate, leasing mobile-phone and telecommunications towers to tenants such as Verizon, AT&T, and T-Mobile, among many others. During its 25 years in business, it's become one of the largest communications operators in the world and the second-largest REIT by market cap, in large part because of its portfolio of more than 214 communications towers in 25 countries.
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