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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 04, 2020
Document Information [Line Items]
Entity Registrant Name	Landmark Infrastructure Partners LP
Entity Central Index Key	0001615346
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Limited Partners Units		25,478,042
Entity Shell Company	false
Entity File Number	001-36735
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1742322
Entity Address, Address Line One	400 Continental Blvd.
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	El Segundo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90245
City Area Code	310
Local Phone Number	598-3173
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Common Units
Document Information [Line Items]
Title of each class	Common Units, Representing Limited Partner Interests
Trading Symbol	LMRK
Name of each exchange on which registered	NASDAQ
8.0% Series A Cumulative Redeemable Preferred Units
Document Information [Line Items]
Title of each class	8.0% Series A Cumulative Redeemable Preferred Units, $25.00 par value
Trading Symbol	LMRKP
Name of each exchange on which registered	NASDAQ
7.9% Series B Cumulative Redeemable Preferred Units
Document Information [Line Items]
Title of each class	7.9% Series B Cumulative Redeemable Preferred Units, $25.00 par value
Trading Symbol	LMRKO
Name of each exchange on which registered	NASDAQ
Series C Floating-to-Fixed Rate Cumulative Redeemable Perpetual Convertible Preferred Units
Document Information [Line Items]
Title of each class	Series C Floating-to-Fixed Rate Cumulative Redeemable Perpetual Convertible Preferred Units, $25.00 par value
Trading Symbol	LMRKN
Name of each exchange on which registered	NASDAQ

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Land	$ 139,102	$ 141,851
Real property interests	548,671	543,328
Construction in progress	63,699	68,907
Total land and real property interests	751,472	754,086
Accumulated depreciation and amortization of real property interests	(53,212)	(50,015)
Land and net real property interests	698,260	704,071
Investments in receivables, net	8,417	8,822
Investment in unconsolidated joint venture	61,533	62,059
Cash and cash equivalents	14,022	7,446
Restricted cash	4,680	5,619
Rent receivables	5,395	5,105
Due from Landmark and affiliates	1,611	1,132
Deferred loan costs, net	4,278	4,557
Deferred rent receivable	5,860	6,176
Other intangible assets, net	23,108	23,966
Assets held for sale (AHFS)	395	421
Right-of-use asset, net	10,828	11,358
Other assets	15,767	14,873
Total assets	854,154	855,605
Liabilities and equity
Revolving credit facility	177,625	232,907
Secured notes, net	279,652	217,098
Accounts payable and accrued liabilities	9,253	8,598
Other intangible liabilities, net	7,221	7,606
Operating lease liability	9,883	10,268
Finance lease liability	849	908
Prepaid rent	6,737	5,747
Derivative liabilities	10,223	3,149
Total liabilities	501,443	486,281
Commitments and contingencies (Note 15)
Equity
Accumulated other comprehensive income (loss)	(8,114)	17
Total partners' equity	304,747	321,457
Noncontrolling interests	201	201
Total equity	304,948	321,658
Total liabilities, mezzanine equity and equity	854,154	855,605
Limited Partners \| Preferred Units Series C
Mezzanine equity
Limited partners	47,763	47,666
Limited Partners \| Preferred Units Series A
Equity
Limited partners	40,785	40,210
Limited Partners \| Preferred Units Series B
Equity
Limited partners	63,014	60,926
Total equity	63,014	60,926
Limited Partners \| Common Units
Equity
Limited partners	370,314	382,581
Total equity	370,314	382,581
General Partner
Equity
General Partner	(161,252)	(162,277)
Total equity	$ (161,252)	$ (162,277)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - Limited Partners - shares	Mar. 31, 2020	Dec. 31, 2019
Preferred Units Series C
Temporary equity, preferred units
Preferred units issued (in shares)	1,988,700,000	1,988,700,000
Preferred units outstanding (in shares)	1,988,700,000	1,988,700,000
Preferred Units Series A
Preferred units
Preferred units issued (in shares)	1,745,328,000	1,722,041,000
Preferred units outstanding (in shares)	1,745,328,000	1,722,041,000
Preferred Units Series B
Preferred units
Preferred units issued (in shares)	2,628,932,000	2,544,793,000
Preferred units outstanding (in shares)	2,628,932,000	2,544,793,000
Common Units
Common and subordinated units
Units issued (in shares)	25,470,232,000	25,353,140,000
Units outstanding (in shares)	25,470,232,000	25,353,140,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Rental revenue	$ 15,678	$ 14,393
Expenses
Property operating	731	665
General and administrative	1,612	1,478
Acquisition-related	315	127
Depreciation and amortization	3,892	3,517
Impairments	82	204
Total expenses	6,632	5,991
Other income and expenses
Interest and other income	232	394
Interest expense	(4,701)	(4,488)
Loss on early extinguishment of debt	(2,231)
Unrealized loss on derivatives	(7,291)	(2,762)
Equity income (loss) from unconsolidated joint venture	150	(55)
Gain on sale of real property interests		5,862
Foreign currency transaction gain (loss)	3,363	(21)
Total other income and expenses	(10,478)	(1,070)
Income (loss) before income tax expense (benefit)	(1,432)	7,332
Income tax expense (benefit)	(60)	122
Net income (loss)	(1,372)	7,210
Less: Net income attributable to noncontrolling interest	8	8
Net income (loss) attributable to limited partners	(1,380)	7,202
Less: Distributions declared to preferred unitholders	(3,060)	(2,894)
Less: General partner's incentive distribution rights		(197)
Less: Accretion of Series C preferred units	(97)	(356)
Net income (loss) attributable to common unitholders	$ (4,537)	$ 3,755
Net income (loss) per common unit
Common units – basic	$ (0.18)	$ 0.15
Common units – diluted	$ (0.18)	$ 0.15
Weighted average common units outstanding
Common units – basic	25,461	25,338
Common units – diluted	25,461	25,338
Cash distributions declared per common unit	$ 0.2000	$ 0.3675
Preferred Units Series C
Other income and expenses
Less: Accretion of Series C preferred units	$ (97)	$ (356)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (1,372)	$ 7,210
Other comprehensive income (loss):
Foreign currency translation adjustment	(8,131)	1,743
Other comprehensive income (loss):	(8,131)	1,743
Comprehensive income (loss)	(9,503)	8,953
Less: Comprehensive income attributable to noncontrolling interest	8	8
Comprehensive income (loss) attributable to limited partners	$ (9,511)	$ 8,945

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF EQUITY AND MEZZANINE EQUITY - USD ($) $ in Thousands	Total	Limited Partners Common Units	Limited Partners Preferred Units Series A	Limited Partners Preferred Units Series B	Limited Partners Preferred Units Series C	General Partner	Accumulated Other Comprehensive Income (loss)	Noncontrolling Interest
Balance at Dec. 31, 2018	$ 337,677	$ 411,158	$ 37,207	$ 58,936		$ (167,019)	$ (2,806)	$ 201
Balance (in units) at Dec. 31, 2018		25,327,801	1,593,149	2,463,015	2,000,000
Increase (decrease) in partners' capital
Foreign currency translation adjustment	1,743						1,743
Distributions	(11,494)	$ (9,312)	$ (788)	$ (1,189)		(197)		(8)
Capital contribution from Sponsor	994					994
Other deemed contributions	197					197
Unit-based compensation	130	$ 130
Unit-based compensation (in units)		10,000
Net income (loss)	5,937	$ 3,755	788	1,189		197		8
Balance at Mar. 31, 2019	335,184	$ 405,731	$ 37,207	$ 58,936		(165,828)	(1,063)	201
Balance (in units) at Mar. 31, 2019		25,338,432	1,593,149	2,463,015	2,000,000
Temporary equity, Balance at Dec. 31, 2018					$ 47,308
Increase (Decrease) in temporary equity
Temporary equity, Distributions					(917)
Temporary equity, Net income (loss)					1,273
Temporary equity, Balance at Mar. 31, 2019					$ 47,664
Balance at Dec. 31, 2019	321,658	$ 382,581	$ 40,210	$ 60,926		(162,277)	17	201
Balance (in units) at Dec. 31, 2019		25,353,140	1,722,041	2,544,793	1,988,700
Increase (decrease) in partners' capital
Adoption of ASU 2016-13 \| ASU 2016-13	(76)					(76)
Foreign currency translation adjustment	(8,131)						(8,131)
Issuance of Common Units, net	1,510	$ 1,510
Issuance of Units, net (in units)		110,000	23,000	84,000
Issuance of Preferred Units, net	2,663		$ 575	$ 2,088
Distributions	(11,558)	$ (9,360)	(871)	(1,319)				(8)
Capital contribution from Sponsor	1,101					1,101
Unit-based compensation	120	$ 120
Unit-based compensation (in units)		7,000
Net income (loss)	(2,339)	$ (4,537)	871	1,319				8
Balance at Mar. 31, 2020	$ 304,948	$ 370,314	$ 40,785	$ 63,014		$ (161,252)	$ (8,114)	$ 201
Balance (in units) at Mar. 31, 2020		25,470,232	1,745,328	2,628,932	1,988,700
Temporary equity, Balance at Dec. 31, 2019					$ 47,666
Increase (Decrease) in temporary equity
Temporary equity, Distributions					(870)
Temporary equity, Net income (loss)					967
Temporary equity, Balance at Mar. 31, 2020					$ 47,763

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Operating activities
Net income (loss)	$ (1,372)	$ 7,210
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unit-based compensation	120	130
Unrealized loss on derivatives	7,291	2,762
Loss on early extinguishment of debt	2,231
Depreciation and amortization expense	3,892	3,517
Amortization of above- and below- market lease, net	(236)	(224)
Amortization of deferred loan costs	497	665
Amortization of discount on secured notes	92	93
Receivables interest accretion		(3)	$ (9)
Impairments	82	204
Gain on sale of real property interests		(5,862)
Adjustment for uncollectible accounts	82	5
Equity (income) loss from unconsolidated joint venture	(150)	55
Return on investment in unconsolidated joint venture	675	1,482
Foreign currency transaction (gain) loss	(3,363)	21
Changes in operating assets and liabilities:
Rent receivables	(499)	(899)
Accounts payable and accrued liabilities	698	(416)
Deferred rent	102	110
Prepaid rent	1,029	466
Due from Landmark and affiliates	(183)	(598)
Other assets	(1,525)	(551)
Net cash provided by operating activities	9,463	8,167
Investing activities
Acquisition of land		(3,346)
Acquisition of real property interests and development activities	(3,989)	(12,159)
Proceeds from sale of real property interests		13,385
Repayments of receivables	142	150	564
Net cash used in investing activities	(3,847)	(1,970)
Financing activities
Proceeds from the issuance of Common Units, net	1,510
Proceeds from the issuance of Preferred Units, net	2,663
Proceeds from revolving credit facility	7,000	10,000
Proceeds from the issuance of secured notes	170,000
Principal payments on revolving credit facility	(59,000)
Principal payments on secured notes	(108,427)	(1,361)
Payments on finance leases	(4)
Deferred loan costs	(1,559)	(128)
Capital contribution to fund general and administrative expense reimbursement	896	764
Distributions to non-controlling interests	(8)	(8)
Net cash provided by (used in) financing activities	613	(2,964)
Effect of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash	(592)	15
Net increase in cash, cash equivalents and restricted cash	5,637	3,248
Cash, cash equivalents and restricted cash at beginning of the period	13,065	7,780	7,780
Cash, cash equivalents and restricted cash at end of the period	18,702	11,028	$ 13,065
Limited Partners \| Preferred Units
Financing activities
Distributions to limited partners	(3,098)	(2,919)
Limited Partners \| Common Units
Financing activities
Distributions to limited partners	$ (9,360)	$ (9,312)

Business

3 Months Ended

Mar. 31, 2020

Limited Liability Company Or Limited Partnership Business Organization And Operations [Abstract]

Business

1. Business

Landmark Infrastructure Partners LP (the “Partnership”) was formed on July 28, 2014 by Landmark Dividend LLC (“Landmark” or “Sponsor”) to acquire, develop, own and manage a portfolio of real property interest and infrastructure assets that are leased to companies in the wireless communication, outdoor advertising and renewable power generation industries. The Partnership is a master limited partnership organized in the State of Delaware and has been publicly traded since its initial public offering on November 19, 2014 (the “IPO”). On July 31, 2017, the Partnership completed changes to its organizational structure by transferring substantially all of its assets to a consolidated subsidiary, Landmark Infrastructure Inc., a Delaware corporation (“REIT Subsidiary”), which elected to be taxed as a REIT commencing with its taxable year ending December 31, 2017. References in this report to “Landmark Infrastructure Partners LP,” the “partnership,” “we,” “our,” “us,” or like terms refer to Landmark Infrastructure Partners LP.

Our operations are managed by the board of directors and executive officers of Landmark Infrastructure Partners GP LLC, our general partner (the “General Partner”). As of March 31, 2020, the Sponsor and affiliates own (a) our general partner; (b) 3,415,405 common units representing limited partnership interest in the Partnership (“Common Units”); and (c) all of our incentive distribution rights (“IDRs”).

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidated Financial Statements

On an ongoing basis, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. The accompanying consolidated financial statements include the accounts of the Partnership, its wholly-owned subsidiaries and those entities in which it has a controlling interest. Investments in entities that the Partnership does not control are accounted for using the equity or cost method, depending upon the Partnership’s ability to exercise significant influence over operating and financial policies.

The unaudited interim consolidated financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three months ended March 31, 2020 and 2019 included in these Notes to the Consolidated Financial Statements is derived from our unaudited financial statements. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. All references to tenant sites are outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the public company accounting oversight board (U.S.).

Use of Estimates

The preparation of the consolidated financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes

The Partnership is generally not subject to federal, state or local income taxes, except for our subsidiary Landmark Infrastructure Asset OpCo LLC (“Asset OpCo”) and our foreign subsidiaries. Asset OpCo conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes. Each limited partner is responsible for the tax liability, if any, related to its proportionate share of the Partnerships’ taxable income or loss. Asset OpCo and certain consolidated foreign subsidiaries of the Partnership conduct certain activities in international locations that generate taxable income and will be treated as taxable entities. Additionally, our consolidated REIT subsidiary, Landmark Infrastructure Inc., a Delaware corporation, files as a corporation for U.S. federal income tax purposes. The REIT Subsidiary has elected to be treated as a REIT and we believe that it has operated in a manner that has allowed the REIT Subsidiary to qualify as a REIT for federal income tax purposes, and the REIT Subsidiary intends to continue operating in such manner. If the REIT Subsidiary fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain savings provisions, all of its taxable income would be subject to federal income tax at regular corporate rates. The Partnership may also be subject to various non-income taxes, filing fees, and franchise taxes in various states that are reflected in operating expenses. The Partnership follows the requirements of ASC Topic 740, Income Taxes (“ASC 740”), relating to uncertain tax positions. Based on its evaluation under ASC 740, the Partnership has concluded that there are no significant uncertain tax positions requiring recognition in the consolidated financial statements, nor has the Partnership been assessed interest or penalties by any major tax jurisdictions.

Investment in Unconsolidated Joint Venture

The Partnership accounts for its investment in an unconsolidated joint venture using the equity method of accounting. Under the equity method, the investment is initially recorded at fair value and subsequently adjusted for distributions and the Partnership’s proportionate share of equity in the joint venture’s income (loss). The Partnership recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture as equity income (loss) from unconsolidated joint venture on the consolidated statements of operations. On a quarterly basis, the Partnership evaluates its investment in an unconsolidated joint venture for other-than-temporary impairments. The Partnership elected as an accounting policy to reflect unconsolidated joint venture distributions in the consolidated statements of cash flows using the nature of the distribution approach. Accordingly, the net proceeds were classified as return on investment in unconsolidated joint venture within the operating activities section of the consolidated statements of cash flows for the three months ended March 31, 2020.

Recently Issued Accounting Standards

Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standard Codification. The Partnership considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are not expected to have a material impact on its consolidated financial position and results of operations because either the ASU is not applicable, or the impact is expected to be immaterial.

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which establishes ASC 326, Financial Instruments – Credit Losses. The ASU revises the measurement of impairment for certain financial instruments measured at amortized cost from an incurred loss methodology to an expected loss methodology. The ASU affects trade receivables, debt securities, net investment in leases, and most other financial assets that represent a right to receive cash. This update is effective for annual and interim financial statement periods beginning after December 15, 2019, with early adoption permitted for financial statement periods beginning after December 15, 2018. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. This ASU clarifies that receivables from operating leases are accounted for using the lease guidance and not as financial instruments. The measurement of expected credit losses under the current expected credit loss model is based on relevant information including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The Partnership adopted the guidance as of January 1, 2020 and recognized $0.1 million as a cumulative adjustment to retained earnings and as a reduction to investment in receivables as of the effective date.

Acquisitions and Developments

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Acquisitions and Developments

3. Acquisitions and Developments

Third Party Acquisitions

The following table presents direct third-party acquisitions completed by the Partnership during the three months ended March 31, 2020 and for the year ended December 31, 2019.

	No. of Tenant Sites								Consideration (in millions)
Acquisition Description	Wireless Communication		Outdoor Advertising		Renewable Power Generation		Total		Borrowings and Available Cash		Total
First Quarter
International		—		1		—		1	$	0.1	$	0.1
2020 Total		—		1		—		1	$	0.1	$	0.1
First Quarter
International		—		104		—		104	$	6.0	$	6.0
Total		—		104		—		104	$	6.0	$	6.0
Second Quarter
International		—		7		—		7	$	6.7	$	6.7
Domestic		—		—		8		8		0.4		0.4
Total		—		7		8		15	$	7.1	$	7.1
Third Quarter
International		—		10		—		10	$	3.8	$	3.8
Domestic		1		—		—		1		0.3		0.3
Total		1		10		—		11	$	4.1	$	4.1
Fourth Quarter
International		1		13		—		14	$	10.5	$	10.5
Domestic		2		—		—		2		24.3		24.3
Total		3		13		—		16	$	34.8	$	34.8
2019 Total		4		134		8		146	$	52.0	$	52.0

Leases

The Partnership evaluates whether an easement meets the definition of a lease under the new lease standard (“ASC 842”). The Partnership determines if an arrangement is a lease at the date of acquisition. The Partnership considers an arrangement to be a lease if it conveys the right to control the use of the leased site or ground space underneath a leased site for a period of time in exchange for consideration. While most of our leases are classified as operating leases in which the Partnership is the lessor, the Partnership is the lessee in an insignificant population of operating and finance leases that have recurring ground lease rental payments. The lease liability is the present value of the remaining minimum rental payments using each respective lease term and a corresponding incremental borrowing rate. We use a discount rate of approximately 4.5%, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. As of March 31, 2020, the weighted-average remaining lease term of operating leases and finance leases is approximately 22 years and 29 years, respectively. Operating lease assets are included in Right of use, net and finance lease assets are included in real property interests in the Consolidated Balance Sheets.

The following table illustrates information about other lease related balances as of March 31, 2020 (in thousands):

Operating leases:
Right-of-use asset	$	10,828
Operating lease liability		9,883

Finance leases:
Right-of-use asset ⁽¹⁾	$	18,540
Finance lease liability		849

(1)	Assets held under finance leases are recorded in Real property interests and are depreciated over the lease term.

The following table represents the future minimum ground lease payments as of March 31, 2020 (in thousands).

	Operating Lease			Finance Lease
2020 (nine months)	$	505		$	39
2021		657			53
2022		667			53
2023		681			53
2024		690			53
Thereafter		14,014			1,266
Total future payments		17,214			1,517
Discount		(7,331	)		(668	)
Total lease liability	$	9,883		$	849

Developments

During 2017, the Partnership started developing an ecosystem of technologies that provide smart enabled infrastructure including smart poles and digital outdoor advertising kiosks across North America. Smart poles are self-contained, neutral-host poles designed for wireless carrier and other wireless operator collocation. The smart poles are designed for macro, mini macro and small cell deployments and will support Internet of Things (IoT), carrier densification needs, private LTE networks and other wireless solutions.

During the fourth quarter of fiscal year 2018, the Partnership entered into an agreement with Dallas Area Rapid Transit (“DART”) to develop a smart media and communications platform which will include the deployment of content-rich kiosks and the Partnership’s smart enabled infrastructureecosystem solution on strategic high-traffic DART locations.

In 2019, the Partnership commenced conversion of certain outdoor advertising sites from static billboards to digital billboards in the U.K.

As of March 31, 2020 and December 31, 2019, the Partnership’s $63.7 million and $68.9 million, respectively, of construction in progress balance primarily related to these projects. During the three months ended March 31, 2020, the Partnership deployed thirty-two DART kiosks and placed in service other assets for a total of $7.3 million. During the three months ended March 31, 2020 and the year ended December 31, 2019, the Partnership completed the digital conversion of nine outdoor advertising sites in the U.K. for a total of $1.0 million in each period.

Real Property Interests

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Real Property Interests

4. Real Property Interests

The following table summarizes the Partnership’s real property interests (in thousands):

	March 31, 2020			December 31, 2019
Land	$	139,102		$	141,851

Real property interests – perpetual		100,950			100,810
Real property interests – finite life		429,181			422,923
Real property interests – ROU asset finance lease		18,540			19,595
Total real property interests		548,671			543,328
Construction in progress		63,699			68,907
Total land and real property interests		751,472			754,086
Accumulated depreciation and amortization of real property interests		(53,212	)		(50,015	)
Land and net real property interests	$	698,260		$	704,071

In December 2016, the Partnership formed a joint venture to acquire real property interests that are leased to companies in the outdoor advertising industry located in the UK and Europe. Our venture partner provides acquisition opportunities and asset management services to the consolidated joint venture. As of March 31, 2020 and December 31, 2019, the consolidated joint venture had 169 and 168 tenant sites and one investment in receivable with total net book value of $90.1 million and $92.8 million, respectively. During the three months ended March 31, 2020 and 2019, the consolidated joint venture generated rental revenue of $1.9 million and $1.2 million, respectively.

Sales

On January 4, 2019, the Partnership completed the sale of its real property interest held for sale as of December 31, 2018 for total consideration of $13.5 million. We recognized a gain on sale of real property interest of $5.9 million upon completion of the sale.

Purchase Price Allocation

The Partnership applies the asset acquisition method to all acquired investments of real property interests for transactions that meet the definition of an asset acquisition. The fair value of the assets acquired and liabilities assumed is typically determined by using Level III valuation methods. The most sensitive assumption is the discount rate used to discount the estimated cash flows from the real estate rights. For purposes of the computation of fair value assigned to the various tangible and intangible assets, the Partnership assigned discount rates ranging between 6% and 20%.

The following table summarizes final allocations for acquisitions made during the year ended December 31, 2019 of estimated fair values of the assets acquired and liabilities assumed (in thousands). There was an insignificant amount of acquisitions completed during the three months ended March 31, 2020.

			Investments in		In-place		Above-market		Below-market
			real property		lease		lease		lease			ROU		Lease
Period	Land		interests		intangibles		intangibles		intangibles			Asset		liability			Total
2019	$	11,813	$	17,154	$	5,730	$	86	$	(113	)	$	21,570	$	(1,640	)	$	54,600

Future estimated aggregate depreciation and amortization of finite lived real property interests for each of the five succeeding fiscal years and thereafter as of March 31, 2020, are as follows (in thousands):

2020 (nine months)	$	10,322
2021		10,900
2022		10,604
2023		9,233
2024		8,982
Thereafter		344,468
Total	$	394,509

The weighted average remaining depreciation and amortization period for non‑perpetual real property interests is 38 years as of March 31, 2020.

Impairments

During the three months ended March 31, 2020 and 2019, two of the Partnership’s real property interests were impaired, respectively, and recognized impairment charges totaling $0.1 million and $0.2 million, respectively. The carrying value of each real property interest was determined to have a fair value of zero.

Assets and Liabilities Held for Sale

In March 2019, the Partnership entered into a plan to sell one of its real property interests. The Partnership determined that the sale did not meet the criteria for discontinued operations presentation as the plan to sell did not represent a strategic shift that would have a major effect on its operations and financial results. As a result of this classification, the asset was separately presented as AHFS in the consolidated balance sheet as of March 31, 2020.

The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are as follows (in thousands):

	March 31, 2020		December 31, 2019
Land	$	395	$	421
AHFS	$	395	$	421

Other Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2020

Other Intangible Assets And Liabilities [Abstract]

Other Intangible Assets and Liabilities

5. Other Intangible Assets and Liabilities

The following table summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands):

	March 31, 2020			December 31, 2019
Acquired in-place lease
Gross amount	$	28,731		$	28,908
Accumulated amortization		(8,666	)		(8,142	)
Net amount	$	20,065		$	20,766
Acquired above-market leases
Gross amount	$	6,604		$	6,627
Accumulated amortization		(3,561	)		(3,427	)
Net amount	$	3,043		$	3,200
Total other intangible assets, net	$	23,108		$	23,966
Acquired below-market leases
Gross amount	$	(16,812	)	$	(16,817	)
Accumulated amortization		9,591			9,211
Total other intangible liabilities, net	$	(7,221	)	$	(7,606	)

We recorded net amortization of above‑ and below‑market lease intangibles of $0.2 million as an increase to rental revenue for the three months ended March 31, 2020 and 2019, respectively. We recorded amortization of in‑place lease intangibles of $0.6 million and $0.5 million as amortization expense for the three months ended March 31, 2020 and 2019, respectively.

Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of March 31, 2020 follows (in thousands):

	Acquired in-place leases		Acquired above-market leases		Acquired below-market leases
2020 (nine months)	$	1,296	$	48	$	(1,145	)
2021		1,661		518		(1,366	)
2022		1,567		394		(1,244	)
2023		1,274		337		(801	)
2024		1,162		296		(710	)
Thereafter		13,105		1,450		(1,955	)
Total	$	20,065	$	3,043	$	(7,221	)

Investments in Receivables

3 Months Ended

Mar. 31, 2020

Notes Receivable Net [Abstract]

Investments in Receivables

6. Investments in Receivables

Investments in receivables include financing arrangements and management agreements whereby we purchased the right to receive a portion of a rental payment under a contract but are not a party to the lease and do not have a real property interest. Additionally, certain lease arrangements of real property interests meet the definition of a financial asset and are included in investments in receivables in our financial statements. Investments in receivables also include arrangements with T‑Mobile whereby we purchased the right to retain a portion of a lease payment prior to passing the remainder to the property owner. The receivables are unsecured with payments collected over periods ranging from 2 to 99 years. These cash flow financing arrangements were recorded at the fair value at the acquisition date, using discount rates ranging from 7% to 14% and are accounted for as receivables in our consolidated financial statements.

Interest income recognized on the receivables totaled $0.2 million and $0.4 million for the three months ended March 31, 2020 and 2019, respectively. On June 27, 2019, the Partnership completed a sale of its investments in receivables held for sale as of March 31, 2019 and recognized a gain on sale of investments in receivables.

The following table reflects the activity in investments in receivables (in thousands):

	March 31, 2020			December 31, 2019
Investments in receivables – beginning	$	8,822		$	18,348
Adoption of ASU 2016-13		(89	)		—
Sales		—			(8,331	)
Other		—			(742	)
Repayments		(142	)		(564	)
Interest accretion		—			9
Foreign currency translation adjustment		(174	)		102
Investments in receivables – ending	$	8,417		$	8,822

Annual amounts due as of March 31, 2020, are as follows (in thousands):

2020 (nine months)	$	994
2021		1,345
2022		1,463
2023		1,570
2024		1,631
Thereafter		9,715
Total	$	16,718
Interest	$	8,301
Principal		8,417
Total	$	16,718

Investment in Unconsolidated Joint Venture

3 Months Ended

Mar. 31, 2020

Equity Method Investments And Joint Ventures [Abstract]

Investment in Unconsolidated Joint Venture

7. Investment in Unconsolidated Joint Venture

On September 24, 2018, the Partnership completed the formation of the unconsolidated JV. The Partnership contributed 545 tenant site assets to the unconsolidated JV that secured the Partnership’s $125.4 million Series 2018-1 secured notes (the “2018 Securitization”), in exchange for a 50.01% membership interest in the unconsolidated JV and $65.5 million in cash (the “Transaction”). The Partnership does not control the unconsolidated JV and therefore, accounts for its investment in the unconsolidated JV using the equity method of accounting prospectively upon formation of the unconsolidated JV.

The Partnership recognized a gain on contribution of real property interests in accordance with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. ASC 610-20 refers to the revenue recognition principles under ASU No. 2014-09. Under ASC 610-20, the Partnership determined it does not have a controlling financial interest in the entity that holds the assets and the arrangement meets the criteria to be accounted for as a co