What Is Landmark Dividend? A Property Owner Review

What Landmark Dividend Does

Landmark Dividend LLC was founded in 2002 and is headquartered in El Segundo, California. They acquire cell tower lease income rights from property owners across the United States, paying a lump sum in exchange for the right to receive future monthly rent payments from the carrier or tower company.

Landmark is legitimate and professional — they close on their offers and pay what they promise. The question for property owners is not whether Landmark is a scam (they are not) but whether their offers are fair. That is a different question, and the answer is almost always: their initial offers are not fair, but they are negotiable.

How Landmark Calculates Their Offers

Landmark uses a discounted cash flow (DCF) methodology. They project your future lease income (accounting for escalation and remaining term), then discount those future payments back to present value using their target discount rate.

Their discount rate — the single most important variable in the calculation — typically falls between 8-11%. The problem is that cell tower lease assets currently trade in institutional markets at 4-6% cap rates. Using a higher discount rate produces a lower present value for the same income stream. This gap between Landmark's discount rate and market cap rates is where most of the difference between their offer and a fair independent valuation comes from.

Should You Accept a Landmark Dividend Offer?

Not without an independent valuation. Even if you are inclined to sell, you cannot evaluate whether the price is fair without knowing the independent market value of your lease. Our clients who engage us for Landmark negotiations consistently achieve final prices 25-60% above the initial offer.

The negotiation works by presenting an independent valuation that uses market cap rates. Landmark will often respond by acknowledging that their initial offer used conservative assumptions and improving the price. They expect negotiation — that is why initial offers are anchored low.