A few weeks ago we visited a large investment bank to present our Q1 2019 Wireless Update findings to a group of investors and attended some private meetings. Here is a short recap of our top 10 findings.
3. Of the applications from mid-size tower companies, a large percentage are for build-to-relo (BTR) towers. BTR towers are purposely built near existing towers with the intention of pilfering tenants from the existing tower.
4.Of all applications, over 40% are for BTR towers.
5. Tillman Infrastructure was the most active of all mid-size tower companies by a large margin, not surprisingly given that they focus on BTR towers.
6. Of the applications for BTR towers, 80% are within ½ mile of $AMT or $SBAC towers.
7. Submitting an application doesn’t mean the tower will be built though- as less than 33% of applications are currently shown as built.
8. Texas was the most active state for applications.
9. Of the carriers, $T was the most active in terms of new tower applications.
10. Guess who wasn’t? $AMT, $CCI, $SBAC, $S, $TMUS
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