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Landmark Infrastructure Partners LP Reports First Quarter Results

EL SEGUNDO, Calif., May 05, 2021 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (“Landmark,” the “Partnership,” “we,” “us” or “our”) (Nasdaq: LMRK) today announced its first quarter financial results.

Highlights

  • Reported rental revenue of $17.3 million, a 25% increase year-over-year;
  • Net income attributable to common unitholders of $0.11 and FFO of $0.36 per diluted unit for the quarter ended March 31, 2021;
  • AFFO of $0.37 per diluted unit for the quarter ended March 31, 2021, a 12% increase year-over-year;
  • As of March 31st, deployed 201 digital kiosks within the Dallas Area Rapid Transit (“DART”) network; and
  • Announced a quarterly distribution of $0.20 per common unit.

First Quarter 2021 Results
Rental revenue for the quarter ended March 31, 2021 was $17.3 million, an increase of 25% compared to the first quarter of 2020. Net income attributable to common unitholders per diluted unit in the first quarter of 2021 was $0.11, compared to a loss of $0.18 in the first quarter of 2020. FFO for the first quarter of 2021 was $0.36 per diluted unit, compared to $0.01 in the first quarter of 2020. AFFO per diluted unit, which excludes certain items including unrealized gains and losses on our interest rate hedges and foreign currency transaction gains and losses, was $0.37 in the first quarter of 2021 compared to $0.33 in the first quarter of 2020.

“We delivered another outstanding quarter of financial and operating results in the first quarter, an indication of the strength and consistency of our diversified portfolio,” said Tim Brazy, Chief Executive Officer of the Partnership’s general partner. “In addition, we continue to see improvement in our outdoor advertising segment. With vaccination rates increasing and more businesses re-opening across the country, we expect to see further progress throughout the rest of 2021.”

Quarterly Distributions
On April 23, 2021, the Board of Directors of the Partnership’s general partner declared a distribution of $0.20 per common unit, or $0.80 per common unit on an annualized basis, for the quarter ended March 31, 2021. The distribution is payable on May 14, 2021 to common unitholders of record as of May 4, 2021.

On April 22, 2021, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.4375 per Series C preferred unit, which is payable on May 17, 2021 to Series C preferred unitholders of record as of May 3, 2021.

On April 22, 2021, 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 17, 2021 to Series B preferred unitholders of record as of May 3, 2021.

On March 19, 2021, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.5000 per Series A preferred unit, which was paid on April 15, 2021 to Series A preferred unitholders of record as of April 1, 2021.

Capital and Liquidity
As of March 31, 2021, the Partnership had $218 million of outstanding borrowings under its revolving credit facility (the “Facility”), and approximately $232 million of undrawn borrowing capacity under the Facility, subject to compliance with certain covenants.

Recent Acquisitions
The Partnership did not make any significant acquisitions in the first quarter of 2021.

Conference Call Information
The Partnership will hold a conference call on Wednesday, May 5, 2021, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) to discuss its first quarter 2021 financial and operating results. The call can be accessed via a live webcast at https://edge.media-server.com/mmc/p/imtmduan, 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 9244627.

A webcast replay will be available approximately two hours after the completion of the conference call through May 5, 2022 at https://edge.media-server.com/mmc/p/imtmduan. The replay is also available through May 14, 2021 by dialing 855-859-2056 or 404-537-3406 and entering the access code 9244627.

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, digital infrastructure, outdoor advertising and renewable power generation industries.

Non-GAAP Financial Measures
FFO, is a non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trust (“NAREIT”). FFO represents net income (loss) excluding real estate related depreciation and amortization expense, real estate related impairment charges, gains (or losses) on real estate transactions, adjustments for unconsolidated joint venture, and distributions to preferred unitholders and noncontrolling interests.

FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies.  FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the Partnership's performance or to cash flow as a measure of liquidity or ability to make distributions.  Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.  The Partnership's computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.

Adjusted Funds from Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP. AFFO should not be considered an alternative to net earnings, as an indication of the Partnership's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the Partnership's performance. The Partnership's computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs. We calculate AFFO by starting with FFO and adjusting for general and administrative expense reimbursement, acquisition-related expenses, unrealized gain (loss) on derivatives, straight line rent adjustments, unit-based compensation, amortization of deferred loan costs and discount on secured notes, deferred income tax expense, amortization of above and below market rents, loss on early extinguishment of debt, repayments of receivables, adjustments for investment in unconsolidated joint venture, adjustments for drop-down assets and foreign currency transaction gain (loss). The GAAP measures most directly comparable to FFO and AFFO is net income.

We define EBITDA as net income before interest expense, 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, foreign currency transaction gain (loss), adjustments for investment in unconsolidated joint venture and the capital contribution to fund our general and administrative expense reimbursement. We believe that to understand our performance further, EBITDA and Adjusted EBITDA should be compared with our reported net income (loss) and net cash provided by operating activities in accordance with GAAP, as presented in our consolidated financial statements.

EBITDA and Adjusted EBITDA 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 and Adjusted EBITDA provides information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to EBITDA and Adjusted EBITDA are net income (loss) and net cash provided by operating activities. EBITDA and Adjusted EBITDA 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 and Adjusted EBITDA 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 and Adjusted EBITDA in isolation or as a substitute for analysis of our results as reported under GAAP. As a result, because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, EBITDA and Adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For a reconciliation of EBITDA and Adjusted EBITDA to the most comparable financial measures calculated and presented in accordance with GAAP, please see the “Reconciliation of EBITDA and Adjusted EBITDA” 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 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, 2020 and Current Report on Form 8-K filed with the Commission on February 24, 2021. 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,  
    2021     2020(1)  
Revenue                
Rental revenue   $ 17,284     $ 13,821  
Expenses                
Property operating     712       509  
General and administrative     1,481       1,488  
Acquisition-related     88       5  
Depreciation and amortization     4,680       3,602  
Impairments           82  
Total expenses     6,961       5,686  
Other income and expenses                
Interest and other income     69       175  
Interest expense     (4,986 )     (4,298 )
Loss on early extinguishment of debt           (2,231 )
Unrealized gain (loss) on derivatives     1,124       (6,203 )
Equity income (loss) from unconsolidated joint venture     (689 )     150  
Total other income and expenses     (4,482 )     (12,407 )
Income (loss) from continuing operations before income tax expense (benefit)     5,841       (4,272 )
Income tax benefit     (110 )     (245 )
Income (loss) from continuing operations     5,951       (4,027 )
Income from discontinued operations, net of tax           2,655  
Net income (loss)     5,951       (1,372 )
Less: Net income attributable to noncontrolling interests     8       8  
Net income (loss) attributable to limited partners     5,943       (1,380 )
Less: Distributions to preferred unitholders     (3,060 )     (3,060 )
Less: Accretion of Series C preferred units     (94 )     (97 )
Net income (loss) attributable to common unitholders   $ 2,789     $ (4,537 )
Income (loss) from continuing operations per common unit                
Common units – basic   $ 0.11     $ (0.28 )
Common units – diluted   $ 0.11     $ (0.28 )
Net income (loss) per common unit                
Common units – basic   $ 0.11     $ (0.18 )
Common units – diluted   $ 0.11     $ (0.18 )
Weighted average common units outstanding                
Common units – basic     25,489       25,461  
Common units – diluted     25,489       25,461  
Other Data                
Total leased tenant sites (end of period)     1,962       1,952  
Total available tenant sites (end of period)     2,062       2,058  


(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.

   

Landmark Infrastructure Partners LP
Consolidated Balance Sheets
In thousands, except per unit data
(Unaudited)

    March 31, 2021     December 31, 2020  
Assets                
Land   $ 117,398     $ 117,421  
Real property interests     680,057       671,468  
Construction in progress     43,545       44,787  
Total land and real property interests     841,000       833,676  
Accumulated depreciation and amortization of real property interests     (67,625 )     (63,474 )
Land and net real property interests     773,375       770,202  
Investments in receivables, net     4,989       5,101  
Investment in unconsolidated joint venture     59,711       60,880  
Cash and cash equivalents     9,282       10,447  
Restricted cash     3,259       3,195  
Rent receivables     3,652       4,016  
Due from Landmark and affiliates     2,061       1,337  
Deferred loan costs, net     3,212       3,567  
Deferred rent receivable     2,114       1,818  
Derivative assets     362        
Other intangible assets, net     18,808       19,417  
Right-of-use asset, net     10,587       10,716  
Other assets     4,172       4,082  
Total assets   $ 895,584     $ 894,778  
Liabilities and equity                
Revolving credit facility   $ 218,200     $ 214,200  
Secured notes, net     278,418       279,677  
Accounts payable and accrued liabilities     5,263       6,732  
Other intangible liabilities, net     5,726       6,081  
Operating lease liability     8,741       8,818  
Finance lease liability     77        
Prepaid rent     6,279       4,446  
Derivative liabilities     2,673       3,435  
Total liabilities     525,377       523,389  
Commitments and contingencies                
Mezzanine equity                
Series C cumulative redeemable convertible preferred units, 1,982,700
units issued and outstanding at March 31, 2021 and December 31, 2020, respectively
    47,996       47,902  
Equity                
Series A cumulative redeemable preferred units, 1,788,843 units
issued and outstanding at March 31, 2021 and December 31, 2020, respectively
    41,850       41,850  
Series B cumulative redeemable preferred units 2,628,932 units
issued and outstanding at March 31, 2021 and December 31, 2020, respectively
    63,014       63,014  
Common units, 25,488,992 and 25,478,042 units issued and outstanding at
March 31, 2021 and December 31, 2020, respectively
    374,012       376,201  
General Partner     (158,132 )     (159,070 )
Accumulated other comprehensive income (loss)     1,266       1,291  
Total limited partners' equity     322,010       323,286  
Noncontrolling interests     201       201  
Total equity     322,211       323,487  
Total liabilities, mezzanine equity and equity   $ 895,584     $ 894,778  


Landmark Infrastructure Partners LP
Real Property Interest Table

            Available Tenant Sites (1)     Leased Tenant Sites                                  
Real Property Interest   Number of
Infrastructure
Locations (1)
    Number     Average
Remaining
Property
Interest
(Years)
    Number     Average
Remaining
Lease
Term
(Years) (2)
    Tenant Site
Occupancy
Rate (3)
    Average
Monthly
Effective
Rent
Per Tenant
Site (4)(5)
    Quarterly
Rental
Revenue (6)
(In thousands)
    Percentage
of Quarterly
Rental
Revenue (6)
 
Tenant Lease Assignment with
Underlying Easement
                                                                       
Wireless Communication     693       896       75.7   (7)   846       34.5                     $ 5,386       32 %
Digital Infrastructure     1       1       99.0   (7)   1       8.4                       450       3 %
Outdoor Advertising     566       822       81.7   (7)   796       15.4                       3,320       19 %
Renewable Power Generation     15       47       28.9   (7)   47       33.6                       288       2 %
Subtotal     1,275       1,766       735.0   (7)   1,690       26.5                     $ 9,444       56 %
Tenant Lease Assignment only (8)                                                                        
Wireless Communication     115       168       44.8       148       16.4                     $ 1,083       6 %
Outdoor Advertising     33       36       61.0       34       12.2                       262       2 %
Renewable Power Generation     6       6       46.3       6       24.2                       58       %
Subtotal     154       210       47.7       188       15.9                     $ 1,403       8 %
Tenant Lease on Fee Simple                                                                        
Wireless Communication     17       28       99.0   (7)   26       26.6                     $ 181       1 %
Digital Infrastructure     13       13       99.0   (7)   13       24.1                       4,400       25 %
Outdoor Advertising     26       28       99.0   (7)   28       6.3                       249       1 %
Renewable Power Generation     14       17       99.0   (7)   17       28.2                       1,607       9 %
Subtotal     70       86       99.0   (7)   84       20.1                     $ 6,437       36 %
Total     1,499       2,062       69.2   (9)   1,962       25.1                     $ 17,284       100 %
Aggregate Portfolio                                                                        
Wireless Communication     825       1,092       66.9       1,020       31.7       93 %   $ 2,092     $ 6,650       39 %
Digital Infrastructure     14       14       99.0       14       23.0       100 %     115,151       4,850       28 %
Outdoor Advertising     625       886       72.9       858       14.9       97 %     1,950       3,831       22 %
Renewable Power Generation     35       70       35.0       70       29.9       100 %     9,301       1,953       11 %
Total     1,499       2,062       69.2   (9)   1,962       25.1       95 %   $ 3,215     $ 17,284       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, digital infrastructure, outdoor advertising, renewable power generation and total portfolio as of March 31, 2021 were 2.5, 9.0, 6.8, 16.5 and 4.6 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, 2021.  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 60 years.

   

Landmark Infrastructure Partners LP
Reconciliation of Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)
In thousands, except per unit data
(Unaudited)

    Three Months Ended March 31,  
    2021     2020(1)  
Net income (loss)   $ 5,951     $ (1,372 )
Adjustments:                
Depreciation and amortization expense     4,680       3,892  
Impairments           82  
Adjustments for investment in unconsolidated joint venture     1,595       791  
Distributions to preferred unitholders     (3,060 )     (3,060 )
Distributions to noncontrolling interests     (8 )     (8 )
FFO attributable to common unitholders   $ 9,158     $ 325  
Adjustments:                
General and administrative expense reimbursement (2)     938       1,101  
Acquisition-related expenses     88       315  
Unrealized (gain) loss on derivatives     (1,124 )     7,291  
Straight line rent adjustments     (206 )     169  
Unit-based compensation     120       120  
Amortization of deferred loan costs and discount on secured notes     618       589  
Amortization of above- and below-market rents, net     (231 )     (236 )
Deferred income tax benefit     (147 )     (299 )
Loss on early extinguishment of debt           2,231  
Repayments of receivables     112       142  
Adjustments for investment in unconsolidated joint venture     36       38  
Foreign currency transaction gain           (3,363 )
AFFO attributable to common unitholders   $ 9,362     $ 8,423  
                 
FFO per common unit - diluted   $ 0.36     $ 0.01  
AFFO per common unit - diluted   $ 0.37     $ 0.33  
Weighted average common units outstanding - diluted     25,489       25,461  


(1) Amounts include the effects that are reported in discontinued operations.
(2) Under the omnibus agreement with Landmark, 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 3% of our revenue during the current 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 $120 million and (ii) November 19, 2021. 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 reimbursed by Landmark and 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 EBITDA and Adjusted EBITDA
In thousands
(Unaudited)

    Three Months Ended March 31,  
    2021     2020(1)  
Reconciliation of EBITDA and Adjusted EBITDA to Net Income                
Net income (loss)   $ 5,951     $ (1,372 )
Interest expense     4,986       4,701  
Depreciation and amortization expense     4,680       3,892  
Income tax benefit     (110 )     (60 )
EBITDA   $ 15,507     $ 7,161  
Impairments           82  
Acquisition-related     88       315  
Unrealized (gain) loss on derivatives     (1,124 )     7,291  
Loss on early extinguishment of debt           2,231  
Unit-based compensation     120       120  
Straight line rent adjustments     (206 )     169  
Amortization of above- and below-market rents, net     (231 )     (236 )
Repayments of investments in receivables     112       142  
Adjustments for investment in unconsolidated joint venture     2,284       1,494  
Foreign currency transaction gain           (3,363 )
Deemed capital contribution to fund general and administrative expense reimbursement(2)     938       1,101  
Adjusted EBITDA   $ 17,488     $ 16,507  
Reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by
Operating Activities
               
Net cash provided by operating activities   $ 12,454     $ 9,463  
Unit-based compensation     (120 )     (120 )
Unrealized gain (loss) on derivatives     1,124       (7,291 )
Loss on early extinguishment of debt           (2,231 )
Depreciation and amortization expense     (4,680 )     (3,892 )
Amortization of above- and below-market rents, net     231       236  
Amortization of deferred loan costs and discount on secured notes     (618 )     (589 )
Impairments           (82 )
Adjustment for uncollectible accounts           (82 )
Equity income (loss) from unconsolidated joint venture     (689 )     150  
Distributions of earnings from unconsolidated joint venture     (479 )     (675 )
Foreign currency transaction gain           3,363  
Working capital changes     (1,272 )     378  
Net income (loss)   $ 5,951     $ (1,372 )
Interest expense     4,986       4,701  
Depreciation and amortization expense     4,680       3,892  
Income tax benefit     (110 )     (60 )
EBITDA   $ 15,507     $ 7,161  
Less:                
Unrealized gain on derivatives     (1,124 )      
Straight line rent adjustment     (206 )      
Amortization of above- and below-market rents, net     (231 )     (236 )
Foreign currency transaction gain           (3,363 )
Add:                
Impairments           82  
Acquisition-related     88       315  
Unrealized loss on derivatives           7,291  
Loss on early extinguishment of debt           2,231  
Unit-based compensation     120       120  
Straight line rent adjustment           169  
Repayments of investments in receivables     112       142  
Adjustments for investment in unconsolidated joint venture     2,284       1,494  
Deemed capital contribution to fund general and administrative expense reimbursement (2)     938       1,101  
Adjusted EBITDA   $ 17,488     $ 16,507  


(1) Amounts include the effects that are reported in discontinued operations.
(2) Under the omnibus agreement with Landmark, 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 3% of our revenue during the current 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 $120 million and (ii) November 19, 2021. 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 reimbursed by Landmark and 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.

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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.

400 N. Continental Blvd., Suite 500
El Segundo, CA 90245, USA
310.598.3173
info@landmarkmlp.com

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