Dividend REITs Collapse... 7 Trillion Won Vanished in a Day for Telecom Tower Stocks

American Tower Corp. (NYSE: AMT) plunged 6.02% on June 24 in New York trading, closing at $168.59 (about ₩260,000). That drop erased roughly $4.5 billion (around ₩7 trillion) from its approximately $78.5 billion market capitalization in a single day. Although trading volume of 2.15 million shares was below its recent average, the stock fell close to its 52-week low of $165.08, a clear sign that it bore the brunt of a global sell-off hitting rate-sensitive and infrastructure names.

In its first-quarter report released last month, the company projected 2026 adjusted AFFO (Adjusted Funds From Operations) of $10.90 to $11.07 per share and outlined plans to invest $1.8 to $1.9 billion in data centers and new communication sites—equivalent to up to about ₩3.5 trillion. On June 12, it also declared a quarterly dividend of $1.79, maintaining an annual yield of around 4%. However, after announcing on June 2 the termination of its strategic co-location agreement with DISH, investors have grown wary of its reliance on major carriers and the risk of slower growth. Fears of prolonged high interest rates from the U.S. Federal Reserve have fueled selling across REITs and growth-oriented infrastructure stocks, amplifying short-term volatility.

Headquartered in Boston, American Tower is one of the world’s largest communications-tower REITs. It owns roughly 150,000 sites globally and operates data centers in the U.S. under its CoreSite brand, leasing space long-term to wireless carriers, broadcasters, and enterprises. While the rollout of 5G and rising data traffic underpin expectations for stable cash flow, the company’s high leverage, dependence on a handful of major telecom operators, and valuation sensitivity to interest-rate shifts and regulatory changes in various markets remain ongoing investment risks.