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.
The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes subject to certain conditions including rating agency confirmation. KBRA’s rating analysis incorporates all prior debt issuance of the Issuer. In conjunction with the issuance of Series 2026-1, KBRA anticipates affirming the ratings on the outstanding Series 2025-1 Notes.
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Related Publication
Methodologies
- Structured Finance: Global Structured Finance Counterparty Methodology
- ABS: Communications Infrastructure Securitization (CIS) Global Rating Methodology
Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.
Doc ID: 1015556
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