Participation in turnover generally does not apply to the anchor tenant and only applies to mobile operators that sublet space on the tower after the first anchor tenant. If AT&T Crown Castle pays $2000/month, the landowner would receive $400/month. However, if Crown Castle and AT&T negotiate a new deal at $1500/month, the landowner`s “share” would fall to $300/month. That`s why they call it a participation in turnover. For those of you who are not familiar with a master-lease or MLA, this is an agreement between Crown Castle and a wireless company like AT&T or Verizon, which sets out the terms and conditions for all future leases between the two companies. The MLA usually contains the length of the chord and the normal language of Boilerplate, which is inserted into all tower/wireless enterprise agreements. “Through our multi-year agreement with American Tower, we have secured T-Mobile`s ability to not only accelerate our aggressive 5G construction, but also provide connectivity to our customers in the future,” Neville Ray, T-Mobile`s president of technology, said in a statement. “We believe the agreement paves the way for T-Mobile to integrate Sprint`s lineup into its network, set parameters for the closure of Sprint`s Legacy sites, and significantly increase visibility into sales growth for AMT,” New Street research analyst Spencer Kurn wrote in a statement to investors. .