American Tower (NYSE: AMT) is a direct proxy to the growth of the 5G industry, as the communication tower operator owns a portfolio of approximately 18,000 communication sites. For users of smartphones and handheld devices, 5G is probably the next big wave to watch, as it signals faster download speeds, greater connectivity, and significantly reduced lag. These leases also contain provisions that periodically increase the rent based on a fixed escalation percentage (typically approximating 3% in the U.S.), an inflation index in international markets, or a mix of both.