Cell Phone Towers Annual Report January 2017
Prepared by Greg
On June 17, 2016, St. Luke and AT&T entered into amended agreement which permits AT&T to extend its lease by 30 years until June 30, 2053. On July 1, 2023, (the original lease expiration date) the lease will increase by 15%. Every year thereafter the lease value will increase by 3% per year. The current AT&T lease payment is about $2,700 per month. In the last few years, tower leases for Nextel and US Cellular were terminated. The total value of the leases was about $6,300 per month. Hopefully the extension of the AT&T lease signals St. Luke will realize a payment for many years ahead. Note that none of the cell tower contract payments are guaranteed. This is typical of these types of leases.