Digital Infrastructure · Mobile towers

What flows through a tower portfolio — and how it pays

A tower company owns the steel, the ground lease and the power, and rents antenna space to mobile operators. The first tenant — usually the carrier that sold the towers, on a long master lease — covers the costs; every extra tenant on the same tower is almost pure profit. So the whole investment case turns on the tenancy ratio (tenants per tower), the rent per tenant, and the size of the portfolio.

1.8
£900
5,000
LIVE
Anchor tenant first operator (master lease) Colocation tenant each extra ≈ pure margin Signal coverage from active antennas Operating cost mostly per-tower & fixed
Flows — annualised from current assumptionsper year
Revenue p.a.
£0
£0 / hr
EBITDA p.a.
£0
0% margin
Revenue / tenant·mo
£0
blended rent
Tenancies
0
1.8× per tower
Stocks — what the flows accumulate intolive
Tenants hosted now
0
across 5,000 towers
EBITDA banked · session
£0
accumulating in real time
Implied enterprise value
£0
at 22× EBITDA
Where revenue comes from Total £0 p.a.
Anchor lease
Colocation
Why investors love towers: the anchor master lease is a 10–15 year inflation-linked annuity from a creditworthy carrier that underwrites the asset. The magic is the tenancy ratio: a second or third operator's antennas bolt onto the same steel with almost no extra cost, so their rent flows ~95% to EBITDA. Lease-up — not the build — is the value driver, which is why towers trade at the highest multiples in infrastructure.
Revenue streams£0 p.a.
Operating costs£0 p.a.
Investment case — should you buy it?DCF returns

Year-1 financials flow live from the simulation above: revenue £0 and EBITDA £0 p.a. Set your deal terms below — the unlevered IRR (asset return) and levered IRR (return to equity, after debt) recompute instantly.

Operating

%
%
%
%
%
%

Valuation & hold

×
×
y

Financing

×
%
%
Unlevered IRR
—
asset / project return
Levered IRR
—
return to equity
Equity multiple
—
MOIC over hold
Equity gain
—
exit equity − invested
Equity cash-flow profile£m · ■ invested   ■ returned
Projection — £m per year

Illustrative model. Represents a portfolio of macro towers leased to mobile operators. Revenue = towers × tenancy ratio × rent per tenant, split into the anchor master lease and incremental colocation. Operating costs (ground rent, power, business rates, field operations) are almost entirely per-tower and fixed against tenancy, with only minor per-tenant servicing — so each extra tenant is overwhelmingly incremental margin and the tenancy ratio drives the result. EBITDA = revenue − operating costs; excludes upfront build/acquisition capex. The investment case is a simplified DCF. For illustration only — not investment advice, and not any specific asset.