Benzinga | Mar 15, 2021 08:47AM EDT

American Tower Inks Long-Term Master Lease Agreement With DISH

REIT American Tower Corp (NYSE: AMT) and connectivity company DISH Network Corp (NASDAQ: DISH) entered into a master lease agreement enabling DISH to lease space on up to 20,000 American Tower communications sites.

* DISH would secure access to American Tower's extensive U.S. portfolio of communications sites as it deploys its new nationwide 5G network. At the same time, American Tower would be able to boost its long-term U.S. organic growth trajectory.

* Cash lease payments from DISH to American Tower would begin in 2022 and grow over time with the progression in DISH's network deployment. Additionally, DISH might lease shared generators from American Tower on select sites and with the ability to utilize American Tower's zoning, authorizing, and other pre-construction services.

* Price action: AMT stock closed higher by 0.57% at $215.2, and DISH closed higher by 3.79% at $37.27 on Friday.