Cell Site/Cell Tower

A location where a wireless carrier has installed communications equipment and cellular antennas on a tower or rooftop to operate their wireless network.

Lease Agreement/Wireless Lease

The contract between a wireless carrier or tower company and the property owner detailing the financial and operational terms and conditions under which a cell site may be operated.


A change or changes made to the initial lease agreement (rent reduction, more area, more term, etc).


A draft/sketch or preliminary drawing of the area which will be occupied by the tenant.

Co-location Rent

Rent paid to the property owner by additional wireless carriers to place their antennas and/or communications equipment.


The lease terms that specify when and how much the rent paid by the cell site tenant will increase, typically defined as a percentage of rent at fixed intervals.


Metric used in capital budgeting to estimate the profitability of potential investments.

Tenant Credit Risk

Investment grade issued credit rating agencies with opinion of the probability of a carrier defaulting.

Right of First Refusal (ROFR)

Language within the lease that allows the wireless carrier or tower company to match a buyout offer made by a third party.


A property right granted to a third party to use someone else’s property for a specific purpose, such as an access road, or a portion of land or building rooftop to operate cellular equipment.

1031 exchange

A section of the U.S. Internal Revenue Code that allows property owners to sell certain types of property and reinvest the proceeds into property of like kind, thus deferring capital gains taxes.


Popular method used by carriers to cost-effectively increase their coverage by sharing their networks.


Withdrawal of cell site equipment, which results in the termination of cell site lease agreement.

Tower Company

Companies in the business of owning “the steel” towers on which wireless carriers lease space for their antennae.

Term Sheet/Heads of Terms/LOI

Document outlining the preliminary material terms and conditions of agreement.

Proof of rent

Document which proves that Landlord receives payment from carrier/operator.


Radio frequency airwaves which transmit signal.

Microwave Dishes

Dishes installed on cell sites use for backhaul to connect traffic data.

Site Inspection Report (SIR)

Report performed by physical inspection necessary to ensure current site standards.

Legal Due Diligence

Comprehensive appraisal of a potential transaction undertaken by lawyers, especially to establish potential liabilities.


A legal agreement by which a bank lends money to a property owner in exchange for the property owner putting up its title to the property as collateral for the bank’s loan.

Use of Proceeds

How the landlord will use the money we give them.

Time Value of Money

Concept that money available at the present time is worth more than the identical sum in the future.


The immediate availability of cash to a person or company.