After producing sector-leading returns from 2015 through 2021, Cell Tower REITs have been the weakest-performing property sector since the start of 2022 – lagging even the battered office sector - and bringing valuations to levels below the REIT industry average for the first time ever amid a telecommunications industry-wide slump inflamed by tight monetary conditions. Within the Hoya Capital Cell Tower REIT Index, we track the three Cell Tower REITs which account for roughly $160 billion in market value: American Tower (AMT), Crown Castle (CCI), SBA Communications (SBAC).