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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                    

Commission File Number: 001-36735

 

Landmark Infrastructure Partners LP

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

61-1742322

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

400 Continental Blvd., Suite 500

 

 

P.O. Box 3429

 

 

El Segundo, CA 90245

 

90245

(Address of principal executive offices)

 

(Zip Code)

(310) 598-3173

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Units, Representing Limited Partner Interests

 

LMRK

 

NASDAQ Global Market

8.0% Series A Cumulative Redeemable Preferred Units, $25.00 par value

 

LMRKP

 

NASDAQ Global Market

7.9% Series B Cumulative Redeemable Preferred Units, $25.00 par value

 

LMRKO

 

NASDAQ Global Market

Series C Floating-to-Fixed Rate Cumulative Redeemable Perpetual Convertible Preferred Units, $25.00 par value

 

LMRKN

 

NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  

 

Accelerated filer  

 

Non-accelerated filer  

 

Smaller reporting company  

Emerging growth company  

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The registrant had 25,478,042 common units outstanding at October 30, 2020.

 

 

 

 


LANDMARK INFRASTRUCTURE PARTNERS LP

Table of Contents

 

 

 

 

 

Page

 

 

 

 

 

 

 

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Unaudited Financial Statements:

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

3

 

 

 

 

 

 

 

Consolidated Statements of Operations

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss)

 

5

 

 

 

 

 

 

 

Consolidated Statements of Equity and Mezzanine Equity

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows

 

8

 

 

 

 

 

 

 

Notes to the Consolidated Financial Statements

 

9

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

35

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

58

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

59

 

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

60

 

 

 

 

 

Item 1A.

 

Risk Factors

 

60

 

 

 

 

 

Item 6.

 

Exhibits

 

62

 

 

 

 

 

Signatures

 

 

 

64

 

2


PART I. FINANCIAL INFORMATION 

Item 1. Unaudited Financial Statements

Landmark Infrastructure Partners LP

Consolidated Balance Sheets

(in thousands, except unit data)

 

 

 

September 30, 2020

 

 

December 31, 2019(1)

 

Assets

 

 

 

 

 

 

 

 

Land

 

$

114,996

 

 

$

107,558

 

Real property interests

 

 

652,142

 

 

 

509,181

 

Construction in progress

 

 

41,573

 

 

 

49,116

 

Total land and real property interests

 

 

808,711

 

 

 

665,855

 

Accumulated depreciation and amortization of real property interests

 

 

(59,170

)

 

 

(48,995

)

Land and net real property interests

 

 

749,541

 

 

 

616,860

 

Investments in receivables, net

 

 

5,230

 

 

 

5,653

 

Investment in unconsolidated joint venture

 

 

61,585

 

 

 

62,059

 

Cash and cash equivalents

 

 

9,204

 

 

 

5,885

 

Restricted cash

 

 

3,244

 

 

 

5,619

 

Rent receivables

 

 

3,700

 

 

 

3,673

 

Due from Landmark and affiliates

 

 

2,232

 

 

 

1,132

 

Deferred loan costs, net

 

 

3,798

 

 

 

4,557

 

Deferred rent receivable

 

 

1,518

 

 

 

1,548

 

Other intangible assets, net

 

 

20,030

 

 

 

21,936

 

Assets held for sale (AHFS)

 

 

 

 

 

114,400

 

Right-of-use asset, net

 

 

6,492

 

 

 

6,615

 

Other assets

 

 

5,734

 

 

 

5,668

 

Total assets

 

$

872,308

 

 

$

855,605

 

Liabilities and equity

 

 

 

 

 

 

 

 

Revolving credit facility

 

$

193,200

 

 

$

179,500

 

Secured notes, net

 

 

280,769

 

 

 

217,098

 

Accounts payable and accrued liabilities

 

 

5,066

 

 

 

3,842

 

Other intangible liabilities, net

 

 

6,451

 

 

 

7,583

 

Liabilities associated with AHFS

 

 

 

 

 

64,627

 

Operating lease liability

 

 

6,752

 

 

 

6,766

 

Prepaid rent

 

 

5,996

 

 

 

5,391

 

Derivative liabilities

 

 

3,754

 

 

 

1,474

 

Total liabilities

 

 

501,988

 

 

 

486,281

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

Mezzanine equity

 

 

 

 

 

 

 

 

Series C cumulative redeemable convertible preferred units, 1,982,700 and 1,988,700 units

   issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

47,805

 

 

 

47,666

 

Equity

 

 

 

 

 

 

 

 

Series A cumulative redeemable preferred units, 1,786,775 and 1,722,041 units issued and

   outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

41,800

 

 

 

40,210

 

Series B cumulative redeemable preferred units, 2,628,932 and 2,544,793 units issued and

   outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

63,014

 

 

 

60,926

 

Common units, 25,478,042 and 25,353,140 units issued and outstanding at

   September 30, 2020 and December 31, 2019, respectively

 

 

378,263

 

 

 

382,581

 

General Partner

 

 

(159,898

)

 

 

(162,277

)

Accumulated other comprehensive income (loss)

 

 

(865

)

 

 

17

 

Total partners' equity

 

 

322,314

 

 

 

321,457

 

Noncontrolling interests

 

 

201

 

 

 

201

 

Total equity

 

 

322,515

 

 

 

321,658

 

Total liabilities, mezzanine equity and equity

 

$

872,308

 

 

$

855,605

 

 

(1)

Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, assets and liabilities of the European outdoor advertising portfolio were reclassified to assets and liabilities held for sale on the consolidated balance sheet (Note 4).

 

See accompanying notes to consolidated financial statements.

3


Landmark Infrastructure Partners LP

Consolidated Statements of Operations

(In thousands, except per unit data)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020(1)

 

 

2019(1)

 

 

2020(1)

 

 

2019(1)

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

14,228

 

 

$

12,931

 

 

$

41,893

 

 

$

39,833

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating

 

 

360

 

 

 

261

 

 

 

1,223

 

 

 

1,117

 

General and administrative

 

 

768

 

 

 

1,249

 

 

 

3,479

 

 

 

4,173

 

Acquisition-related

 

 

 

 

 

72

 

 

 

91

 

 

 

276

 

Depreciation and amortization

 

 

3,808

 

 

 

3,218

 

 

 

11,711

 

 

 

9,833

 

Impairments

 

 

16

 

 

 

442

 

 

 

200

 

 

 

646

 

Total expenses

 

 

4,952

 

 

 

5,242

 

 

 

16,704

 

 

 

16,045

 

Other income and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

46

 

 

 

142

 

 

 

317

 

 

 

588

 

Interest expense

 

 

(4,068

)

 

 

(3,917

)

 

 

(12,759

)

 

 

(13,059

)

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

(2,231

)

 

 

 

Unrealized gain (loss) on derivatives

 

 

154

 

 

 

(1,299

)

 

 

(6,530

)

 

 

(7,027

)

Equity income from unconsolidated joint venture

 

 

248

 

 

 

154

 

 

 

1,085

 

 

 

263

 

Gain on sale of real property interests

 

 

 

 

 

473

 

 

 

 

 

 

18,008

 

Total other income and expenses

 

 

(3,620

)

 

 

(4,447

)

 

 

(20,118

)

 

 

(1,227

)

Income from continuing operations before income tax expense (benefit)

 

 

5,656

 

 

 

3,242

 

 

 

5,071

 

 

 

22,561

 

Income tax expense (benefit)

 

 

(173

)

 

 

38

 

 

 

(508

)

 

 

3,160

 

Income from continuing operations

 

 

5,829

 

 

 

3,204

 

 

 

5,579

 

 

 

19,401

 

Income (loss) from discontinued operations, net of tax

 

 

(171

)

 

 

782

 

 

 

17,340

 

 

 

1,060

 

Net income

 

 

5,658

 

 

 

3,986

 

 

 

22,919

 

 

 

20,461

 

Less: Net income attributable to noncontrolling interest

 

 

8

 

 

 

7

 

 

 

24

 

 

 

23

 

Net income attributable to limited partners

 

 

5,650

 

 

 

3,979

 

 

 

22,895

 

 

 

20,438

 

Less: Distributions declared to preferred unitholders

 

 

(3,055

)

 

 

(2,985

)

 

 

(9,152

)

 

 

(8,900

)

Less: General partner's incentive distribution rights

 

 

 

 

 

(197

)

 

 

 

 

 

(591

)

Less: Accretion of Series C preferred units

 

 

(96

)

 

 

(96

)

 

 

(289

)

 

 

(546

)

Net income attributable to common unitholders

 

$

2,499

 

 

$

701

 

 

$

13,454

 

 

$

10,401

 

Income (loss) from continuing operations per common unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units – basic

 

$

0.10

 

 

$

 

 

$

(0.15

)

 

$

0.37

 

Common units – diluted

 

$

0.10

 

 

$

 

 

$

(0.15

)

 

$

0.37

 

Net income per common unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units – basic

 

$

0.10

 

 

$

0.03

 

 

$

0.53

 

 

$

0.41

 

Common units – diluted

 

$

0.10

 

 

$

0.03

 

 

$

0.53

 

 

$

0.41

 

Weighted average common units outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units – basic

 

 

25,478

 

 

 

25,341

 

 

 

25,472

 

 

 

25,339

 

Common units – diluted

 

 

25,478

 

 

 

25,341

 

 

 

25,472

 

 

 

25,339

 

Cash distributions declared per common unit

 

$

0.2000

 

 

$

0.3675

 

 

$

0.6000

 

 

$

1.1025

 

 

 

(1)

Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented (Note 8).

 

See accompanying notes to consolidated financial statements.

4


Landmark Infrastructure Partners LP

Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

5,658

 

 

$

3,986

 

 

$

22,919

 

 

$

20,461

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

416

 

 

 

(2,981

)

 

 

(5,234

)

 

 

(3,653

)

Reclassification adjustments of other comprehensive losses to gain on sale included in net income

 

 

 

 

 

 

 

 

4,352

 

 

 

 

Other comprehensive income (loss):

 

 

416

 

 

 

(2,981

)

 

 

(882

)

 

 

(3,653

)

Comprehensive income

 

 

6,074

 

 

 

1,005

 

 

 

22,037

 

 

 

16,808

 

Less: Comprehensive income attributable to noncontrolling interest

 

 

8

 

 

 

7

 

 

 

24

 

 

 

23

 

Comprehensive income attributable to limited partners

 

$

6,066

 

 

$

998

 

 

$

22,013

 

 

$

16,785

 

 

See accompanying notes to consolidated financial statements.

 

 

 

5


Landmark Infrastructure Partners LP

Consolidated Statements of Equity And Mezzanine Equity

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Mezzanine

 

 

 

 

 

 

 

Preferred

 

 

Preferred

 

 

 

 

 

 

Preferred

 

 

Preferred

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Equity -

 

 

 

Common

 

 

Units -

 

 

Units -

 

 

Common

 

 

Unitholders -

 

 

Unitholders -

 

 

General

 

 

Comprehensive

 

 

Noncontrolling

 

 

Total

 

 

 

Series C

 

 

 

Units

 

 

Series A

 

 

Series B

 

 

Unitholders

 

 

Series A

 

 

Series B

 

 

Partner

 

 

Income (loss)

 

 

Interest

 

 

Equity

 

 

 

Preferred

 

Balance as of December 31, 2018

 

 

25,328

 

 

 

1,593

 

 

 

2,463

 

 

$

411,158

 

 

$

37,207

 

 

$

58,936