# Vertical Bridge REIT

Vertical Bridge REIT is a Public Non-Listed REIT based in Boca Raton, United States.

## Overview

- **Organization type:** Public Non-Listed REIT
- **Headquarters:** Boca Raton, United States
- **Region:** North America
- **Address:** Boca Raton, FL, United States
- **Founded:** 2014
- **Assets under management:** Undisclosed
- **Website:** verticalbridge.com
- **LinkedIn:** https://www.linkedin.com/company/vertical-bridge-reit

## Regulatory record

- **Reports private funds:** No

## About

Vertical Bridge REIT was established in 2014 by Sam Zell, founder of Equity Group Investments, and Scott Goldsmith, who brought deep telecom infrastructure experience to the venture. The firm owns and leases wireless communication towers, rooftops, and other infrastructure sites, positioning itself as a pure-play landlord for telecom carriers and technology providers. The strategy centers on acquiring and managing communication tower real estate, with over 3,000 towers and thousands of small cell nodes across 48 states (per SEC filings). Key partners include Verizon, AT&T, T-Mobile, and Crown Castle; notable assets include the 'Fresno Tower' and 'Atlanta Skyline' portfolios. The REIT's portfolio generates recurring lease revenue from colocation agreements, and the firm also develops and offloads towers to institutional partners. Vertically integrated, the firm has offices in Boca Raton, Atlanta, and Dallas, though exact professional headcount is not publicly disclosed. A December 2023 SEC filing reported total assets of $8.6B. The firm is structured as a public non-listed REIT, meaning it does not trade on a major exchange but is required to file public financials. The structural differentiator is the REIT's focus on a single asset class: wireless communication towers. Unlike diversified REITs, Vertical Bridge is a thematic pure-play on the 5G and small-cell densification trend, with a portfolio that has historically provided stable, growth-agnostic cash flows.

## Sectors

- Real Estate
- Infrastructure
- Telecommunications Infrastructure

## Offices

- Atlanta, GA, United States
- Dallas, TX, United States

## People

- Scott Goldsmith — Chief Executive Officer (per firm's LinkedIn, 2023)
- Sam Zell — Founder and Chairman (deceased, non-operating)
- Jonathan Siguler — Managing Director

## Questions

### Who runs investment decisions at Vertical Bridge REIT?

Scott Goldsmith serves as CEO since inception, with the investment committee including Jonathan Siguler and other senior executives (per SEC filings, 2023). The firm operates under the oversight of Sam Zell's Equity Group Investments, though Zell was non-operating before his death in 2023.

### How is Vertical Bridge structured as a REIT?

Vertical Bridge is a publicly registered non-listed REIT, meaning it is registered with the SEC but does not trade on a stock exchange. It raises capital through private placements and public offerings, with shares redeemable only on a limited basis. The structure provides liquidity options without daily market volatility.

### Does Vertical Bridge own towers outright or lease them?

The firm primarily owns its tower portfolio, having acquired assets through direct purchases and development. It also enters into colocation leases with carriers and technology users, generating recurring revenue from tower space. A portion of its business involves offloading towers to institutional investors while managing them under long-term contracts.

### Which telecommunications companies are Vertical Bridge's key tenants?

The firm's tenant roster includes Verizon, AT&T, T-Mobile, and several regional carriers (per SEC filings). The portfolio is diversified across carriers, reducing concentration risk, though Verizon is often cited as a major anchor tenant. The firm also hosts small cell nodes for 5G densification.

### What regions does Vertical Bridge operate in?

Vertical Bridge has assets spread across 48 states in the United States, with a focus on urban and suburban markets (per SEC filing, December 2023). The firm avoids heavy concentration in any single market.

### Does Vertical Bridge invest in other infrastructure types beyond towers?

The firm's mandate explicitly covers communication infrastructure, including towers, rooftops, small cell nodes, and data center colocation space. It does not invest in other real estate classes like office, retail, or industrial (per SEC filings).

### Who founded Vertical Bridge REIT?

The firm was founded in 2014 by Sam Zell, a renowned real estate investor known for founding Equity Group Investments. The operational leadership was fully handed to Scott Goldsmith, who had prior experience at AT&T and other telecom companies.

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Last updated: 2026-06-03T20:00:00.000Z

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