Rob is wrong. It doesn't add value to the building because cell site leases are nothing like commercial leases and the net operating income does not include things like new roof, personal property, mortgage payments, income & cap gains, loan fees. NOI is irrelevant to the valuation of a tower lease entirely dependent on a lease that contains 30 day termination language due to Alcatel-Lucent claiming they can eliminate up to 80% of tower and rooftop cell antennas. Rob's "oldest active licesne" and the lack of education regarding the tech evolution is glaringly obvious here. Try some due diligence, Rob.
Sep 13, 2013