rental rates

by David C
(Malad, Idaho)

I have a cell tower on my property that was installed in 1996. It has no carriers on it and never has had one. It is owned by American Tower. They re-negotiated my contract 4 years ago reducing my monthly rent from $600 per month to $350 per month, extending my lease to 50 years and giving me a 13% revenue sharing when carriers were installed. Also the first month after a tenant was installed my rent would go back up to its original amount.

Now American Towers has contracted with MD7 to re-negotiate my contract again. They are proposing my rent to be $200 per month, $1800 one time signing bonus and a revenue share of 15% for future tenants after the anchor tenant is installed.

I am thinking of two options. One, negotiate with them for a little more and settle. And two, tell them to increase my rent to $1000.00 per month or they can come and get their tower off my land. It has been there for 22 years with no activity. I don't believer they will ever have tenants on that tower. There is an active Verizon tower less about a quarter mile away. On the other side about a quarter mile away there is an old Verizon tower now owned by Union Comm. out of Gillette Wyoming that is vacant.

What are your thoughts on the subject?
Thanks,
David C
Malad Idaho