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Landmark Infrastructure Partners LP Reports First Quarter Results

EL SEGUNDO, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (the “Partnership,” “we,” “us” or “our”) (Nasdaq:LMRK) today announced its first quarter financial results.

Highlights

  • Completed acquisitions with total consideration of approximately $85 million through March 31, 2018, including:
    • On January 18, 2018, the Partnership acquired 127 assets from Landmark Dividend Growth FundH LLC, an affiliate of its sponsor, Landmark Dividend LLC (“Landmark”), for total consideration of $60.2 million;
  • Announced a quarterly distribution of $0.3675 per common unit;
  • On April 2, the Partnership completed the issuance of its Series C preferred units, raising net proceeds of approximately $47.5 million;
  • On April 24, the Partnership closed a $225 million renewable power generation private shelf facility with an initial $43.7 million of senior secured notes issued at 4.38%;
  • Reported Q1 2018 rental revenue of $15.7 million, a 33% increase year-over-year;
  • Reported Q1 2018 net income of $6.7 million, EBITDA of $17.1 million, and Adjusted EBITDA of $15.5 million, a 35% increase in Adjusted EBITDA year-over-year; and
  • Reported Q1 2018 distributable cash flow of $8.1 million, a 21% increase year-over-year.

First Quarter Results
Rental revenue for the quarter ended March 31, 2018 increased 33% to $15.7 million compared to the first quarter of 2017.  Net income for the first quarter of 2018 was $6.7 million, compared to net income of $3.5 million in the first quarter of 2017.  Net income attributable to common unitholders per diluted unit in the first quarter of 2018 was $0.19, compared to net income attributable to common unitholders per diluted unit of $0.09 in the first quarter of 2017.  EBITDA (earnings before interest, income taxes, depreciation and amortization) for the quarter ended March 31, 2018 increased 62% to $17.1 million compared to the first quarter of 2017.  Adjusted EBITDA for the quarter ended March 31, 2018 increased 35% to $15.5 million compared to the first quarter of 2017, and distributable cash flow increased 21% to $8.1 million compared to the first quarter of 2017.

“We delivered another strong quarter of operating results, growing the asset base while our existing portfolio continues to generate stable and predictable cash flows.  For 2018, we remain focused on growing our portfolio of core ground lease assets while also targeting the new development initiatives that we have discussed,” said Tim Brazy, Chief Executive Officer of the Partnership’s general partner.

Quarterly Distributions
On April 19, 2018, the Board of Directors of the Partnership’s general partner declared a cash distribution of $0.3675 per common unit, or $1.47 per common unit on an annualized basis, for the quarter ended March 31, 2018.  The distribution is payable on May 15, 2018 to common unitholders of record as of May 1, 2018.

On April 19, 2018, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.2090 per Series C preferred unit, which is payable on May 15, 2018 to Series C preferred unitholders of record as of May 1, 2018.

On April 19, 2018, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.49375 per Series B preferred unit, which is payable on May 15, 2018 to Series B preferred unitholders of record as of May 1, 2018.

On March 23, 2018, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.500 per Series A preferred unit, which was paid on April 16, 2018 to Series A preferred unitholders of record as of April 2, 2018.

Recent Acquisitions
Year-to-date through March 31, 2018, the Partnership acquired a total of 160 assets for total consideration of approximately $85 million. The acquisitions were immediately accretive to the Partnership’s distributable cash flow, funded primarily with borrowings under the Partnership’s existing Facility and the issuance of common units.

At-The-Market (“ATM”) Equity Programs
Year-to-date as of March 31, 2018, through its At-The-Market (“ATM”) issuance programs, the Partnership issued 27,830 common units and 24,747 Series A preferred units for gross proceeds of approximately $0.5 million and $0.6 million, respectively.

Series C Preferred Unit Offering
On April 2, 2018, the Partnership closed a public offering of 2,000,000 Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units (Liquidation Preference $25.00 per Unit) representing limited partner interests in the Partnership (“Series C Preferred Units”) at a public offering price of $25.00 per Series C Preferred Unit.  We used the net proceeds from the offering of approximately $47.5 million to repay indebtedness.

2018 Guidance
The Partnership’s outlook for acquisition volume is $250 million to $300 million in assets.  This includes the right to purchase $200 million to $250 million in assets that the Partnership’s sponsor has expressed its intent to offer us, and approximately $50 million in new infrastructure deployments.  These acquisitions and deployments, combined with organic portfolio growth, are expected to drive distribution growth of 10% over the fourth quarter 2017 distribution of $0.3675 per common unit by the fourth quarter 2018 (distribution to be paid in February 2019).

Conference Call Information
The Partnership will hold a conference call on Wednesday, May 2, 2018, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) to discuss its first quarter 2018 financial and operating results.  The call can be accessed via a live webcast at https://edge.media-server.com/m6/p/a2xr6eup, or by dialing 877-930-8063 in the U.S. and Canada.  Investors outside of the U.S. and Canada should dial 253-336-7764.  The passcode for both numbers is 6381976.

A webcast replay will be available approximately two hours after the completion of the conference call through May 2, 2019 at https://edge.media-server.com/m6/p/a2xr6eup.  The replay is also available through May 11, 2018 by dialing 855-859-2056 or 404-537-3406 and entering the access code 6381976.

About Landmark Infrastructure Partners LP
The Partnership owns and manages a portfolio of real property interests and infrastructure assets that the Partnership leases to companies in the wireless communication, outdoor advertising and renewable power generation industries. 

Non-GAAP Financial Measures
We define EBITDA as net income before interest, income taxes, depreciation and amortization, and we define Adjusted EBITDA as EBITDA before unrealized and realized gain or loss on derivatives, loss on early extinguishment of debt, gain or loss on sale of real property interests, straight line rent adjustments, amortization of above and below market rents, impairments, acquisition-related expenses, unit-based compensation, repayments of investments in receivables, and the capital contribution to fund our general and administrative expense reimbursement.  We define distributable cash flow as Adjusted EBITDA less cash interest expense, current cash income tax expense, distributions to preferred unitholders, distributions to noncontrolling interest holders, and maintenance capital expenditures.  Distributable cash flow will not reflect changes in working capital balances. We believe that to understand our performance further, EBITDA, Adjusted EBITDA and distributable cash flow should be compared with our reported net income (loss) and net cash provided by operating activities in accordance with generally accepted accounting principles in the United States (“GAAP”), as presented in our consolidated financial statements.

EBITDA, Adjusted EBITDA and distributable cash flow are non-GAAP supplemental financial measures that management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

  • our operating performance as compared to other publicly traded limited partnerships, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods;
  • the ability of our business to generate sufficient cash to support our decision to make distributions to our unitholders;
  • our ability to incur and service debt and fund capital expenditures; and
  • the viability of acquisitions and the returns on investment of various investment opportunities.

We believe that the presentation of EBITDA, Adjusted EBITDA and distributable cash flow provides information useful to investors in assessing our financial condition and results of operations.  The GAAP measures most directly comparable to EBITDA, Adjusted EBITDA and distributable cash flow are net income (loss) and net cash provided by operating activities.  EBITDA, Adjusted EBITDA and distributable cash flow should not be considered as an alternative to GAAP net income (loss), net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.  Each of EBITDA, Adjusted EBITDA and distributable cash flow has important limitations as analytical tools because they exclude some, but not all, items that affect net income (loss) and net cash provided by operating activities, and these measures may vary from those of other companies.  You should not consider EBITDA, Adjusted EBITDA and distributable cash flow in isolation or as a substitute for analysis of our results as reported under GAAP.  As a result, because EBITDA, Adjusted EBITDA and distributable cash flow may be defined differently by other companies in our industry, EBITDA, Adjusted EBITDA and distributable cash flow as presented below may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.  For a reconciliation of EBITDA, Adjusted EBITDA and distributable cash flow to the most comparable financial measures calculated and presented in accordance with GAAP, please see the “Reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow” table below.

Forward-Looking Statements
This release contains forward-looking statements within the meaning of federal securities laws.  These statements discuss future expectations, contain projections of results of operations or of financial condition or state other forward-looking information.  You can identify forward-looking statements by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “project,” “could,” “may,” “should,” “would,” “will” or other similar expressions that convey the uncertainty of future events or outcomes.  These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Partnership’s control and are difficult to predict.  These statements are often based upon various assumptions, many of which are based, in turn, upon further assumptions, including examination of historical operating trends made by the management of the Partnership.  Although the Partnership believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, the Partnership cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.  Examples of forward-looking statements in this press release include our expected distribution growth for 2018 and expected acquisition opportunities from our sponsor.  When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements contained in the Partnership’s filings with the U.S. Securities and Exchange Commission (the “Commission”), including the Partnership’s annual report on Form 10-K for the year ended December 31, 2017 and Current Report on Form 8-K filed with the Commission on February 15, 2018.  These risks could cause the Partnership’s actual results to differ materially from those contained in any forward-looking statement.

CONTACT: Marcelo Choi
  Vice President, Investor Relations
  (213) 788-4528
  ir@landmarkmlp.com

Landmark Infrastructure Partners LP
Consolidated Statements of Operations
In thousands, except per unit data
(Unaudited)

    Three Months Ended March 31,  
    2018 (1)     2017 (1)  
Revenue                
Rental revenue   $ 15,695     $ 11,841  
Expenses                
Property operating     286       87  
General and administrative     1,699       1,408  
Acquisition-related     185       467  
Amortization     4,022       3,129  
Impairments           156  
Total expenses     6,192       5,247  
Other income and expenses                
Interest and other income     438       359  
Interest expense     (6,272 )     (3,920 )
Unrealized gain on derivatives     3,148       494  
Total other income and expenses     (2,686 )     (3,067 )
Income before income tax expense     6,817       3,527  
Income tax expense     76        
Net income     6,741       3,527  
Less: Net income attributable to noncontrolling interests     4       3  
Net income attributable to limited partners     6,737       3,524  
Less: Distributions to preferred unitholders     (1,944 )     (1,344 )
Less: General Partner's incentive distribution rights     (195 )     (88 )
Net income attributable to common and subordinated unitholders   $ 4,598     $ 2,092  
Net income (loss) per common and subordinated unit                
Common units – basic   $ 0.21     $ 0.09  
Common units – diluted   $ 0.19     $ 0.09  
Subordinated units – basic and diluted   $ (0.19 )   $ 0.09  
Weighted average common and subordinated units outstanding                
Common units – basic     22,996       19,457  
Common units – diluted     24,564       19,457  
Subordinated units – basic and diluted     1,568       3,135  
Other Data                
Total leased tenant sites (end of period)     2,309       1,966  
Total available tenant sites (end of period)     2,395       2,039  
___________________________________

(1) These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed with the Securities and Exchange Commission on May 2, 2018.
 


Landmark Infrastructure Partners LP

Consolidated Balance Sheets
In thousands, except per unit data
(Unaudited)

    March 31, 2018     December 31, 2017  
Assets                
Land   $ 122,141     $ 114,385  
Real property interests     649,673       596,422  
Construction in progress     18,230       7,574  
Total land and real property interests     790,044       718,381  
Accumulated amortization of real property interests     (41,310 )     (37,817 )
Land and net real property interests     748,734       680,564  
Investments in receivables, net     20,608       20,782  
Cash and cash equivalents     10,501       9,188  
Restricted cash     3,621       18,672  
Rent receivables, net     4,045       4,141  
Due from Landmark and affiliates           629  
Deferred loan costs, net     3,149       3,589  
Deferred rent receivable     4,264       4,252  
Derivative asset     6,307       3,159  
Other intangible assets, net     22,709       17,984  
Other assets     5,608       5,039  
Total assets   $ 829,546     $ 767,999  
Liabilities and equity                
Revolving credit facility   $ 344,000     $ 304,000  
Secured notes, net     186,522       187,249  
Accounts payable and accrued liabilities     15,509       4,978  
Due to Landmark and affiliates     282        
Other intangible liabilities, net     13,741       12,833  
Prepaid rent     6,309       4,581  
Total liabilities     566,363       513,641  
Commitments and contingencies                
Equity                
Series A cumulative redeemable preferred units, 1,593,149 and 1,568,402 units     37,207       36,604  
issued and outstanding at March 31, 2018 and December 31, 2017, respectively
Series B cumulative redeemable preferred units, 2,463,015 units     58,936       58,936  
issued and outstanding at March 31, 2018 and December 31, 2017, respectively
Common units, 25,005,542 and 20,146,458 units issued and outstanding at     334,651       288,527  
March 31, 2018 and December 31, 2017, respectively
Subordinated units, zero and 3,135,109 units issued and outstanding           19,641  
at March 31, 2018 and December 31, 2017, respectively
General Partner     (169,818 )     (150,519 )
Accumulated other comprehensive income     2,006       968  
Total limited partners' equity     262,982       254,157  
Noncontrolling interests     201       201  
Total equity     263,183       254,358  
Total liabilities and equity   $ 829,546     $ 767,999  
 

 

 Landmark Infrastructure Partners LP
Real Property Interest Table

            Available Tenant Sites (1)     Leased Tenant Sites                                  
Real Property Interest   Number of     Number     Average     Number     Average     Tenant Site     Average     Quarterly     Percentage  
Infrastructure Remaining Remaining Occupancy Monthly Rental of Quarterly
Locations (1) Property Lease Rate (3) Effective Rent Revenue (6) Rental
  Interest Term   Per Tenant (In thousands) Revenue (6)
  (Years) (Years) (2)   Site (4)(5)    
Tenant Lease Assignment with Underlying Easement                                                                        
Wireless Communication     1,085       1,382       77.9   (7)   1,329       28.3                     $ 7,669       49 %
Outdoor Advertising     512       612       84.2   (7)   597       18.4                       3,279       21 %
Renewable Power Generation     24       56       29.4   (7)   56       30.1                       229       2 %
Subtotal     1,621       2,050       79   (7)   1,982       25.4                     $ 11,177       72 %
Tenant Lease Assignment only (8)                                                                        
Wireless Communication     162       231       49       213       17.9                     $ 1,452       9 %
Outdoor Advertising     30       31       62.1       31       15                       204       1 %
Renewable Power Generation     6       6       49.4       6       28.2                       47       %
Subtotal     198       268       50.5       250       17.8                     $ 1,703       10 %
Tenant Lease on Fee Simple                                                                        
Wireless Communication     17       26       99   (7)   26       19.2                     $ 524       3 %
Outdoor Advertising     32       36       99   (7)   36       10.9                       727       5 %
Renewable Power Generation     13       15       99   (7)   15       31.7                       1,564       10 %
Subtotal     62       77       99   (7)   77       17.6                     $ 2,815       18 %
Total     1,881       2,395       76.5   (9)   2,309       24.3                     $ 15,695       100 %
Aggregate Portfolio                                                                        
Wireless Communication     1,264       1,639       74.1       1,568       26.8       96 %   $ 2,001     $ 9,645       61 %
Outdoor Advertising     574       679       83.9       664       17.9       98 %     2,294       4,210       27 %
Renewable Power Generation     43       77       38       77       30.3       100 %     8,346       1,840       12 %
Total     1,881       2,395       76.5   (9)   2,309       24.3       96 %   $ 2,291     $ 15,695       100 %
___________________________________
(1) “Available Tenant Sites” means the number of individual sites that could be leased. For example, if we have an easement on a single rooftop, on which three different tenants can lease space from us, this would be counted as three “tenant sites,” and all three tenant sites would be at a single infrastructure location with the same address.
(2) Assumes the exercise of all remaining renewal options of tenant leases. Assuming no exercise of renewal options, the average remaining lease terms for our wireless communication, outdoor advertising, renewable power generation and aggregate portfolios as of March 31, 2018 were 3.9, 8.8, 18.3 and 5.6 years, respectively.
(3) Represents the number of leased tenant sites divided by the number of available tenant sites.
(4) Occupancy and average monthly effective rent per tenant site are shown only on an aggregate portfolio basis by industry.
(5) Represents total monthly revenue excluding the impact of amortization of above and below market lease intangibles divided by the number of leased tenant sites.
(6) Represents GAAP rental revenue recognized under existing tenant leases for the three months ended March 31, 2018. Excludes interest income on receivables.
(7) Fee simple ownership and perpetual easements are shown as having a term of 99 years for purposes of calculating the average remaining term.
(8) Reflects “springing lease agreements” whereby the cancellation or nonrenewal of a tenant lease entitles us to enter into a new ground lease with the property owner (up to the full property interest term) and a replacement tenant lease. The remaining lease assignment term is, therefore, equal to or longer than the remaining lease term. Also represents properties for which the “springing lease” feature has been exercised and has been replaced by a lease for the remaining lease term.
(9) Excluding perpetual ownership rights, the average remaining property interest term on our tenant sites is approximately 66 years.
 

Landmark Infrastructure Partners LP
Reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow
In thousands
(Unaudited)

    Three Months Ended March 31,  
    2018     2017  
Reconciliation of EBITDA and Adjusted EBITDA to Net Income                
Net income   $ 6,741     $ 3,527  
Interest expense     6,272       3,920  
Amortization expense     4,022       3,129  
Income tax expense     76        
EBITDA   $ 17,111     $ 10,576  
Impairments           156  
Acquisition-related     185       467  
Unrealized gain on derivatives     (3,148 )     (494 )
Unit-based compensation     70       105  
Straight line rent adjustments     81       (244 )
Amortization of above- and below-market rents, net     (328 )     (283 )
Repayments of investments in receivables     299       245  
Deemed capital contribution to fund general and administrative expense reimbursement(1)     1,202       955  
Adjusted EBITDA   $ 15,472     $ 11,483  
Reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow to Net Cash Provided by Operating Activities                
Net cash provided by operating activities   $ 11,680     $ 6,779  
Unit-based compensation     (70 )     (105 )
Unrealized gain on derivatives     3,148       494  
Amortization expense     (4,022 )     (3,129 )
Amortization of above- and below-market rents, net     328       283  
Amortization of deferred loan costs and discount on secured notes     (891 )     (438 )
Receivables interest accretion           9  
Impairments           (156 )
Allowance for doubtful accounts     10       (15 )
Working capital changes     (3,442 )     (195 )
Net income   $ 6,741     $ 3,527  
Interest expense     6,272       3,920  
Amortization expense     4,022       3,129  
Income tax expense     76        
EBITDA   $ 17,111     $ 10,576  
Less:                
Unrealized gain on derivatives     (3,148 )     (494 )
Straight line rent adjustment           (244 )
Amortization of above- and below-market rents, net     (328 )     (283 )
Add:                
Impairments           156  
Acquisition-related     185       467  
Unit-based compensation     70       105  
Straight line rent adjustment     81        
Repayments of investments in receivables     299       245  
Deemed capital contribution to fund general and administrative expense reimbursement (1)     1,202       955  
Adjusted EBITDA   $ 15,472     $ 11,483  
Less:                
Expansion capital expenditures     (95,060 )     (12,443 )
Cash interest expense     (5,381 )     (3,482 )
Cash income tax     (76 )      
Distributions to preferred unitholders     (1,944 )     (1,344 )
Distributions to noncontrolling interest holders     (4 )     (3 )
Add:                
Borrowings and capital contributions to fund expansion capital expenditures     95,060       12,443  
Distributable cash flow   $ 8,067     $ 6,654  
___________________________________
(1) Under the omnibus agreement that we entered into with Landmark at the closing of our initial public offering, we agreed to reimburse Landmark for expenses related to certain general and administrative services that Landmark will provide to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $80.0 million and (ii) November 19, 2019. The full amount of general and administrative expenses incurred will be reflected in our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected in our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in our general and administrative expenses.
 


Landmark Infrastructure Partners LP
Reconciliation of Operations, EBITDA, Adjusted EBITDA and Distributable Cash Flow
In thousands, except per unit data (Unaudited)

    Three Months Ended March 31,  
    2018     2017  
Revenue:                
Rental revenue   $ 15,695     $ 11,841  
Expenses:                
Property operating     286       87  
General and administrative     1,699       1,408  
Acquisition-related     185       467  
Amortization     4,022       3,129  
Impairments           156  
Total expenses     6,192       5,247  
Other income and expenses                
Interest and other income     438       359  
Interest expense     (6,272 )     (3,920 )
Unrealized gain on derivatives     3,148       494  
Total other income and expenses     (2,686 )     (3,067 )
Income before income tax expense     6,817       3,527  
Income tax expense     76        
Net income   $ 6,741     $ 3,527  
Add:                
Interest expense     6,272       3,920  
Amortization expense     4,022       3,129  
Income tax expense     76        
EBITDA   $ 17,111     $ 10,576  
Less:                
Unrealized gain on derivatives     (3,148 )     (494 )
Straight line rent adjustments           (244 )
Amortization of above- and below-market rents     (328 )     (283 )
Add:                
Impairments           156  
Acquisition-related expenses     185       467  
Straight line rent adjustments     81        
Unit-based compensation     70       105  
Repayments of investments in receivables     299       245  
Deemed capital contribution to fund general and administrative expense reimbursement (1)     1,202       955  
Adjusted EBITDA   $ 15,472     $ 11,483  
Less:                
Expansion capital expenditures     (95,060 )     (12,443 )
Cash interest expense     (5,381 )     (3,482 )
Cash income tax     (76 )      
Distributions to preferred unitholders     (1,944 )     (1,344 )
Distributions to noncontrolling interest holders     (4 )     (3 )
Add:                
Borrowings and capital contributions to fund expansion capital expenditures     95,060       12,443  
Distributable cash flow   $ 8,067     $ 6,654  
Annualized quarterly distribution per unit   $ 1.47     $ 1.41  
Distributions to common unitholders     9,027       6,859  
Distributions to Landmark Dividend – subordinated units           1,105  
Distributions to the General Partner – incentive distribution rights     191       87  
Total distributions   $ 9,218     $ 8,051  
Shortfall of distributable cash flow over the quarterly distribution   $ (1,151 )   $ (1,397 )
Coverage ratio (2)     0.88 x     0.83 x
___________________________________
(1) Under the omnibus agreement that we entered into with Landmark at the closing of the IPO, we agreed to reimburse Landmark for expenses related to certain general and administrative services that Landmark will provide to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $80.0 million and (ii) November 19, 2019. The full amount of general and administrative expenses incurred will be reflected in our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected in our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in our general and administrative expenses.
(2) Coverage ratio is calculated as the distributable cash flow for the quarter divided by the distributions to the common and subordinated unitholders on the weighted average units outstanding.

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Source: Landmark Infrastructure Partners LP

Landmark Infrastructure Partners is a growth-oriented master limited partnership formed by Landmark Dividend LLC to acquire, own and manage a portfolio of real property interests that we lease to companies in the wireless communication, outdoor advertising and renewable power generation industries.

2141 Rosecrans Avenue, Ste 2100
El Segundo, CA 90245, USA
310.598.3173
info@landmarkmlp.com

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