Towers: Revisiting rates, SpaceX optionality, and valuation ahead of 3Q26

We revise estimates across AMT, CCI, and SBAC ahead of the 3Q26 print to reflect higher refinancing costs on upcoming debt maturities and update valuation multiples across the TowerCos. While our core demand thesis is unchanged, higher borrowing costs temper our outlook for AFFO/share growth in the medium term as lower-coupon debt rolls over at higher rates, implying roughly 65bps, 110bps, and 90bps of incremental interest expense for AMT, CCI, and SBAC respectively. Partially offsetting this financing headwind is the narrative around SpaceX's emergence as a potential fourth nationwide tenant following its recent spectrum purchase — a glimmer of a growth narrative in an otherwise catalyst-starved sector. Growing mobile data consumption, FWA adoption, and network densification support durable leasing demand, while long-term contracts and low churn underpin cash flow visibility. AMT remains our preferred name on portfolio quality, execution, and CoreSite growth;