KBRA Assigns Preliminary Ratings to LMDV Issuer Co. LLC, Series 2026-1
KBRA assigns preliminary ratings to LMDV Issuer Co. LLC, Series 2026-1 ("LMDV 2026-1"), consisting of Class A-2 Notes, Class B Notes and Class C Notes, a communications infrastructure securitization (CIS) that is primarily collateralized by ground leases and rooftop easements underlying or related to wireless infrastructure and related contracts.
LMDV 2026-1 represents the second securitization issued by LMDV Issuer Co. LLC (the Issuer), following the inaugural issuance in December 2025. Landmark Dividend LLC (Landmark, the Company or the Manager) previously issued a KBRA-rated securitization backed by ground lease interests underlying billboards in August 2025. The business of the Issuer is to acquire, own, lease and manage portfolios of real property interests and related rights of digital infrastructure assets, including wireless communication, fiber, rooftop and other connectivity sites (each a Tenant Site). These real-property interests primarily consist of easements, together with assignments of tenant leases, licenses or related agreements, as well as ground leases, fee simple ownership, and other real property rights. The Issuer’s assets (the Tenant Site Assets) include the Tenant Sites, associated real property interests and the tenant leases and related contractual rights that generate rental income.
