Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust, recently recovered unpaid expenses related to a cell-phone tower on one of its properties.
The company leases space to Sprint Nextel Corp., the third-largest telecom provider in North America, for the occupancy and use of rooftop telecom equipment at its Fort Lee, N.J., property. The collection of expenses due from Sprint dates back to 2001, and represents a significant recovery for the company.
Strategic Storage Trust engaged Vertical Consultants in 2011 to review and provide counsel regarding its cell-tower leases associated with its properties. Vertical Consultants helps companies maximize the value of its clients telecom-lease assets. Upon review of the existing lease and Sprints related use of the Fort Lee site, it was discovered Sprint had failed to pay certain expenses to Strategic Storage Trust. Vertical Consultants reconciliation efforts resulted in an immediate recovery of past-due amounts, and the establishment of an accurate and continued collections of expenses associated with this lease moving forward. Not only did we recover a significant amount of expense dollars due the company but we are now confident in our ability to properly manage the projected revenue of this lease and others going forward, said Paula Mathews, executive vice president of Strategic Storage Trust Inc.
Our goal is to make sure property owners are correctly paid under their lease agreement with their telecom-company tenants, said Hugh Odom, president of Vertical Consultants. We know from our experience in the industry that a surprisingly large number of cell-tower and rooftop lease landlords are not getting paid correctly due to the lack of information and misinformation provided to them by their tenants.
Founded in 2010 by Odom, Vertical Consultants is comprised of a group of wireless industry veterans with more than 40 years of combined experience. The company specializes in all aspects of the wireless-telecom industry, including telecom-site acquisition and development, lease negotiation, and the legal issues surrounding such transactions.
Since the launch of Strategic Storage Trust in early 2008, the portfolio of wholly-owned properties operating under the SmartStop brand name has expanded to include 91 properties in 17 states and Canada.