Several of our clients have been asking us about Landmark Dividend. Landmark Dividend (https://www.landmarkdividend.com/) and its public subsidiary Landmark Infrastructure Partners (http://www.landmarkmlp.com/index.html), focus on acquiring ground leases for billboards, towers, and wind turbines. Landmark is aggressively seeking to purchase billboard leases from land owners for typically 8-10 times annual lease rents.
Does Landmark pose a risk for billboard companies? They say no, but we are skeptical. Is it easier to deal with one landlord controlling multiple properties, or twenty different landlords? Who has more negotiating leverage? A landlord like Landmark will have a more aggressive and stringent lease than an individual land-owner.
If you think Landmark may try to buy the lease from your landlord, why don’t you make an offer yourself? That way you can be in control. Billboard companies who own easements under their signs sell at a much higher multiple than those who don’t.
