Definition
Tower infrastructure metric – The average number of tenants (mobile operators, other lessees) per tower, calculated as total tenancies ÷ total towers. A tower-company's revenue and margin scale almost entirely with tenancy ratio, since building and maintaining a tower is largely a fixed cost — the first tenant covers most of it, and every additional co-located tenant on the same tower drops through at very high incremental margin. Found In: Operating metrics disclosure (tower/infrastructure companies)