Brendan Booth

Founder @ Phone Booth Capital | Buying cell tower leases. Writing about leverage, deal structure, and real estate most people drive past.

[Brendan Booth @BrendanBooth_]

If you have to convince someone the deal is good…

It probably isn’t.

[Brendan Booth @BrendanBooth_]

Most people underwrite the present. Operators spend more time underwriting what can change.

[Brendan Booth @BrendanBooth_]

The best asymmetric deals usually look boring to people who only know how to chase obvious ones.

[Brendan Booth @BrendanBooth_]

Some proposals are less analysis and more creative writing with cap rates.

[Brendan Booth @BrendanBooth_]

The difference between amateur and operator thinking - one asks “What is the rent?” and the other asks “What controls the future value of this income stream?”

[Brendan Booth @BrendanBooth_]

Every deal has “strong upside” until you ask who actually gets paid.

[Brendan Booth @BrendanBooth_]

Cell tower leases are a good reminder that the most valuable piece of real estate is not always the most visible one.

[Brendan Booth @BrendanBooth_]

The real money is often made by people who understand boring assets better than everyone else.

[Brendan Booth @BrendanBooth_]

A lot of value in real estate is hidden in the paper, not the property.

[Brendan Booth @BrendanBooth_]

The broker sells the story. The operator underwrites the structure.

[Brendan Booth @BrendanBooth_]

Nothing says “premium asset” like a seller who cannot find the lease, the amendment, or the payment history.

[Brendan Booth @BrendanBooth_]

Most people see a cell tower and think rent. Operators see contract structure, replacement cost, strategic location, and long-duration cash flow.

[Brendan Booth @BrendanBooth_]

In telecom real estate, the headline number is rarely the whole story. Term, escalators, tenant quality, upgrade rights, and expansion value are where the game gets decided.

[Brendan Booth @BrendanBooth_]

Some brokers pitch every deal like it belongs in a museum. Meanwhile the due diligence folder looks like a crime scene.

[Brendan Booth @BrendanBooth_]

A rent check is nice. Leverage is understanding what drives it, what can disrupt it, and who actually controls the economics.

[Brendan Booth @BrendanBooth_]

A lot of “off-market opportunities” are just on-market problems wearing sunglasses.

[Brendan Booth @BrendanBooth_]

The best operators in real estate do not just buy cash flow. They buy control, term, and optionality.

[Brendan Booth @BrendanBooth_]

The broker says “strong upside.”
The operator asks, “For who?”

[Brendan Booth @BrendanBooth_]

Most people chase opportunities. Operators spend more time chasing asymmetric ones.

[Brendan Booth @BrendanBooth_]

Commercial real estate has a special talent for making a mediocre deal sound historic in the OM.

[Brendan Booth @BrendanBooth_]

A lot of money gets made by people who understand boring assets better than everyone else.