We had the pleasure a few months ago to meet John Puleo from JP Tower Consulting, who specializes in cell tower lease renewals, buyouts, and new lease negotiations. John had recently consulted for one of our clients who was in buyout negotiations and delivered such impressive results that we did some more research and feel there are probably a ton more of our readers who might benefit from John’s services.
After nearly two decades inside one of the largest tower companies in the world, American Tower Corporation, telecom veteran John Puleo had seen too many landowners sign away long‑term value in a rush, or accept buyouts and renewals that looked generous on paper but quietly locked in low escalators, broad rights, and permanent restrictions that favored the tower company far more than the family that owned the dirt. In an effort to help the landowner, John launched JP Tower Consulting, with a simple premise:Give property owners the same level of inside knowledge and disciplined modeling that the tower side has enjoyed for years.
Cell tower leases are increasingly recognized as one of the most strategic sources of passive income for rural landowners, yet their true value and the risks beneath the surface are often underestimated. With wireless connectivity demand booming across the Midwest and Great Plains, investors, telecom carriers, and private equity funds are seeking land with optimal siting, turning local farmers and ranchers into vital partners in the infrastructure supply chain. Entering a cell tower agreement can seem straightforward, but every deal is shaped by a web of legal nuance, market forces, and long-term stewardship considerations that impact generational wealth and long-range land use.
Many leases are written for 20–40 years, tying payments to inflation or telecom trends with annual increases that vary widely between contracts. What may seem like a healthy upfront payment can be modest relative to the compound effect of small rent escalators, making it crucial to compare future value estimates to lump-sum buyout offers. Savvy owners ask, what are the real expectations for future wireless demand, and how might asset prices shift if new technologies, mergers, or regulatory changes reshape the local network landscape? The security of the revenue stream depends not just on the carrier’s financial health, but also on regional market competition, evolving broadband needs, and the spectrum of technology upgrades coming down the line.
Many landowners still treat a tower lease as “found money,” but national landlord‑side consultants estimate that the average cell‑tower contract they review is underpaid by more than $850,000 over its life due to low initial rent, weak escalators, and missing revenue‑sharing for additional carriers. That is why private equity funds and specialist buyers are so eager to accumulate these leases: They see a long‑duration, inflation‑linked cash flow that can be re‑priced or optimized on their side, not the landowner’s.
The U.S. has a large and growing number of cell sites, with estimates around 142,000 traditional cell towers (over +50 ft) across the US, and hundreds of thousands more small cells, totaling roughly +400,000 cell sites and growing.
The gold standard for landowners is not just maximizing rent; it’s preserving land-use flexibility, preserving resale value, and maintaining negotiating leverage. Thoughtful landowners insist that all agreements feature clear termination protocols, site restoration duties, and rights-of-way defined to preserve their ability to farm, lease, or sell surrounding acres unencumbered. This means watching for one-sided provisions on permanent access roads, utility easements, and equipment upgrades. If excess access blocks future irrigation projects or restricts high-value development, the price of “free money” could be steep.
Cell towers on farmland are more than just local cash generators; they can serve as insurance against commodity price swings and help tie agricultural assets to broader technology trends. Yet as private equity pushes up lease buyout prices and telecom companies negotiate longer rights and greater flexibility, owners must recognize the risks of locked-in low escalators and oversold buyouts in a rising-rate environment. At stake is the ability to renegotiate, reposition, or even move towers as regional wireless coverage advances.
Landowners who embrace active stewardship review their leases every few years, investigate new best practices, and explore innovations in connectivity, from 5G upgrades to the potential integration of IoT networks for remote ag management. They also recognize that each contract is a financial legacy, subject to evolving family goals and estate-planning strategies. The ultimate return depends not only on dollars paid, but on risk, access, and the freedom to adapt as agriculture and connectivity evolve. If you would like to have a risk-free conversation regarding all your options, you can call Todd at 816-206-2331 to get the ball rolling or click HERE to receive more info. John will also be at FARMCON this week, if you happen to be attending.
