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90-minute live streaming program
  • September 19
  • 1:00 - 2:30 pm EST

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Audio & Reference Manual

Selling Your Cell Tower Lease in the 5G Era

September 19

Do you know how to respond when someone offers to purchase your cell tower lease?

Property owners with a lease for a cell tower or cell antenna on their property routinely receive six-figure offers to buy the lease and future leasing rights. While attractive, those offers, typically structured as perpetual easements, pose unusual legal, financial, and technical risks that the property owner and its regular attorney typically are not familiar with. The advent of 5G cell service is often touted as a reason to sell now. This topic will cover whether this is the case. Unsolicited offers are usually too low, well below typical sales prices. This topic will guide property owners and their attorneys as they evaluate and respond to such offers. It includes covering what drives the offers, typical prices, how to evaluate financial terms to determine whether selling makes sense (and when it doesn’t). You will be better able to evaluate purchase offers, identify and modify the very one-sided documents offered by purchasers, and address some of the risks involved in a sale. Such risks include making sure the property owner is not hindered in developing or using its property, insurance and bankruptcy protections, as well as questions as to the financial solvency of the buyer. Government agencies face all of the preceding issues, plus special questions of municipal authority, bond covenants/IRS restrictions, compliance with procurement statutes, prohibitions on waste, and risks of accidently triggering property reverters.

Learning Objectives

  • You will be able to discuss cell lease sales basics.
  • You will be able to review key factors affecting lease sales.
  • You will be able to recognize 5G cell service and cell lease sales.
  • You will be able to explain legal risks.

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Agenda

Cell Lease Sales Basics
  • Financial Basics - Current and Renewal Rents, Additional Tenants
  • Legal Structure – Easement and Assignment of Lease
  • Complications in Sales of Leases for Antennas on Buildings
Key Factors Affecting Lease Sales
  • Typical Sales Prices - Why Initial Offers Are Too Low
  • When Cell Lease Sales Make Sense, and When They Don't
  • Selling Property With a Cell Lease - Sell the Cell Lease First
  • Getting a Percent of New Tenant Revenues - Pros and Cons
  • Avoiding Sales Terms That Hurt the Property Owner
  • Length of Time for a Sale, Start to Finish
5G Cell Service and Cell Lease Sales
  • What Is 5G?
  • Why Are Thousands of Small Cells Needed?
  • When Will 5G Be Available?
  • 5G's Effect on Prices for Cell Lease Sales
Legal Risks
  • Lease Terms That Impair or Prevent a Sale
  • Addressing One-Sided Deal Documents
  • Bankruptcy Protections
  • Insurance Provisions for a 50+ Year Deal
  • Buyer Compliance With Building, Safety Codes
State and Local Government Issues
  • Bond Counsel Approval Usually Needed
  • Dillon's Rule, Governmental Authority for a Sale
  • Property Specific Restrictions, Reverters
  • Procurement, Waste Issues
Drafting and Counseling Issues
  • Business Pros and Cons
  • Visualizing the Deal (Ground Level Sites; Building Sites)
  • Getting Multiple Offers via a RFP Process
  • Reimbursement of Property Owner's Legal Fees and Other Transactional Fees
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on October 27, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AICP 1.5 including Law 1.5
     
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  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
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This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for real estate professionals, land owners, accountants, lenders, trust administrators attorneys, planners, directors of development, project managers, government administrators, land use officials, public works and utilities directors, municipal government officials and anyone involved in the buyout process.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Dr. Jonathan L. Kramer, Esq.

Dr. Jonathan L. Kramer, Esq.

Telecom Law Firm, P.C.

  • Heads Telecom Law Firm, P.C. with offices in Los Angeles and San Diego
  • Attorney admitted in California and New Mexico
  • Wireless leasing and zoning experience for more than 20 years
  • Radio frequency telecom engineer for more than 35 years
  • Can be contacted at 310-312-9900, ext. 121 or [email protected]
John W. Pestle, Esq.

John W. Pestle, Esq.

Varnum LLP

• Chair of the Telecommunications Group at the Varnum LLP law firm

• Since 1996 has represented property owners nationwide on cell tower leases

• Has represented clients on the sale of nearly 100 cell tower leases and future leasing rights

• Can be contacted at 616-336-6725 or [email protected]

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Product ID: 406155
Published 2016, 2019
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