Crown Castle International (CCI)

Really an oligopoly among the 3-4 major owners, who provide service to 3-4 operators. One of the operators is coming off cell towers, and that space will need to be leased. Big question is what does satellite connectivity do to cell towers? Too many headwinds.

Pays a yield of 5.6%. Is only decently run, so he won't chase it. It just had a move up.

REITs are up this quarter and will continue to rise as interest rates fall.

Has no growth and is poorly managed.

Pays a 6.5% dividend, but mismanaged. Can they bottom here? Sure, but the tower business is not bad. Not bad overall.

Pays a 6% dividend and shares are down, so it's good time to buy. He hasn't feel this way about it in ages.

About a 5.9% dividend yield. Beta a bit less than overall S&P 500.

Great growth stock the past 15 years. Ownership of cellphone towers very profitable. However, growth slowing down. Higher interest rates also hard on business. 

CCI operates as a cell tower company and is now trading at 13.4x times' EV/EBITDA (historical averages range from 13.4x to 26x in the last five years). In the last few years CCI’s growth in dividend payment has been quite consistent supported by growth in underlying cash flow. Growth was mainly through organic growth (price increase mostly) and the acquisition of other cell towers. Similar to other real estate names, the balance sheet is leveraged, with net debt of around $28.2B and net debt/EBITDA is 5.6x. CCI is a high-quality cell tower company that has consistently raised dividends. High interest rates are a near-term headwind for real estate companies in general (higher interest expense, lower trading multiple due to other attractive alternatives). Given that CCI is trading at its lowest valuation in years, we would be comfortable adding CCI here, though the stock may not start to perform until the current worry over interest rates abates somewhat. 
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Likes real estate, despite rising rates, because he thinks we're getting close to that terminal rate. Big pullback, but trying to stabilize. Speed of descent has slowed. Well established. Likes it longer term. Pick away at it. If it breaks below October lows, re-evaluate.