American Tower (NYSE: AMT) plays a critical role in the telecom industry. The company owns more than 200,000 communications sites globally, including cell towers that enable wireless carriers to extend the reach of their networks.

Some wireless carriers operate their own towers, as well, but it's becoming less common. , for example, is reportedly exploring a sale of thousands of U.S. towers in a deal that could raise $3 billion. The company previously unloaded more than 11,000 towers to American Tower back in 2015.

This trend allows American Tower to continue expanding in the U.S., in addition to international markets, although the mature U.S. business is growing even without adding new towers. It reported tenant billings growth of 5% for the U.S. and Canada in the second quarter. The company's leases often include automatic rent increases, and towers can become more productive by adding additional tenants or equipment.

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Source Fool.com