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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, 2021

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 25,488,992 common units outstanding at November 1, 2021.

 

 

 

 


 

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

 

33

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

57

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

58

 

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

59

 

 

 

 

 

Item 1A.

 

Risk Factors

 

59

 

 

 

 

 

Item 6.

 

Exhibits

 

60

 

 

 

 

 

Signatures

 

 

 

62

 

2


 

PART I. FINANCIAL INFORMATION 

Item 1. Unaudited Financial Statements

Landmark Infrastructure Partners LP

Consolidated Balance Sheets

(in thousands, except unit data)

 

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Land

 

$

117,556

 

 

$

117,421

 

Real property interests

 

 

689,295

 

 

 

671,468

 

Construction in progress

 

 

40,043

 

 

 

44,787

 

Total land and real property interests

 

 

846,894

 

 

 

833,676

 

Accumulated depreciation and amortization of real property interests

 

 

(76,744

)

 

 

(63,474

)

Land and net real property interests

 

 

770,150

 

 

 

770,202

 

Investments in receivables, net

 

 

4,669

 

 

 

5,101

 

Investment in unconsolidated joint venture

 

 

58,456

 

 

 

60,880

 

Cash and cash equivalents

 

 

11,003

 

 

 

10,447

 

Restricted cash

 

 

3,360

 

 

 

3,195

 

Rent receivables

 

 

3,799

 

 

 

4,016

 

Due from Landmark and affiliates

 

 

1,843

 

 

 

1,337

 

Deferred loan costs, net

 

 

2,711

 

 

 

3,567

 

Deferred rent receivable

 

 

2,691

 

 

 

1,818

 

Derivative assets

 

 

345

 

 

 

 

Other intangible assets, net

 

 

17,718

 

 

 

19,417

 

Right-of-use asset, net

 

 

10,232

 

 

 

10,716

 

Other assets

 

 

4,176

 

 

 

4,082

 

Total assets

 

$

891,153

 

 

$

894,778

 

Liabilities and equity

 

 

 

 

 

 

 

 

Revolving credit facility

 

$

223,200

 

 

$

214,200

 

Secured notes, net

 

 

275,845

 

 

 

279,677

 

Accounts payable and accrued liabilities

 

 

7,984

 

 

 

6,732

 

Other intangible liabilities, net

 

 

5,054

 

 

 

6,081

 

Operating lease liability

 

 

8,563

 

 

 

8,818

 

Finance lease liability

 

 

70

 

 

 

 

Prepaid rent

 

 

6,266

 

 

 

4,446

 

Derivative liabilities

 

 

2,269

 

 

 

3,435

 

Total liabilities

 

 

529,251

 

 

 

523,389

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

Mezzanine equity

 

 

 

 

 

 

 

 

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

   issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

48,188

 

 

 

47,902

 

Equity

 

 

 

 

 

 

 

 

Series A cumulative redeemable preferred units, 1,788,843 units issued and

   outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

41,850

 

 

 

41,850

 

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

   outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

63,014

 

 

 

63,014

 

Common units, 25,488,992 and 25,478,042 units issued and outstanding at

   September 30, 2021 and December 31, 2020, respectively

 

 

365,108

 

 

 

376,201

 

General Partner

 

 

(156,573

)

 

 

(159,070

)

Accumulated other comprehensive income

 

 

114

 

 

 

1,291

 

Total partners' equity

 

 

313,513

 

 

 

323,286

 

Noncontrolling interests

 

 

201

 

 

 

201

 

Total equity

 

 

313,714

 

 

 

323,487

 

Total liabilities, mezzanine equity and equity

 

$

891,153

 

 

$

894,778

 

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

17,405

 

 

$

14,228

 

 

$

52,259

 

 

$

41,893

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating

 

 

1,188

 

 

 

360

 

 

 

2,966

 

 

 

1,223

 

General and administrative

 

 

1,483

 

 

 

768

 

 

 

3,915

 

 

 

3,479

 

Transaction-related

 

 

3,295

 

 

 

 

 

 

3,421

 

 

 

91

 

Depreciation and amortization

 

 

5,079

 

 

 

3,808

 

 

 

14,871

 

 

 

11,711

 

Impairments

 

 

8

 

 

 

16

 

 

 

35

 

 

 

200

 

Total expenses

 

 

11,053

 

 

 

4,952

 

 

 

25,208

 

 

 

16,704

 

Other income and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

102

 

 

 

46

 

 

 

331

 

 

 

317

 

Interest expense

 

 

(4,962

)

 

 

(4,068

)

 

 

(14,830

)

 

 

(12,759

)

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(2,231

)

Unrealized gain (loss) on derivatives

 

 

194

 

 

 

154

 

 

 

1,511

 

 

 

(6,530

)

Equity income (loss) from unconsolidated joint venture

 

 

329

 

 

 

248

 

 

 

(761

)

 

 

1,085

 

Gain on sale of real property interests

 

 

79

 

 

 

 

 

 

189

 

 

 

 

Total other income and expenses

 

 

(4,258

)

 

 

(3,620

)

 

 

(13,560

)

 

 

(20,118

)

Income from continuing operations before income tax benefit

 

 

2,094

 

 

 

5,656

 

 

 

13,491

 

 

 

5,071

 

Income tax benefit

 

 

(80

)

 

 

(173

)

 

 

(80

)

 

 

(508

)

Income from continuing operations

 

 

2,174

 

 

 

5,829

 

 

 

13,571

 

 

 

5,579

 

Income (loss) from discontinued operations, net of tax

 

 

 

 

 

(171

)

 

 

 

 

 

17,340

 

Net income

 

 

2,174

 

 

 

5,658

 

 

 

13,571

 

 

 

22,919

 

Less: Net income attributable to noncontrolling interest

 

 

8

 

 

 

8

 

 

 

24

 

 

 

24

 

Net income attributable to limited partners

 

 

2,166

 

 

 

5,650

 

 

 

13,547

 

 

 

22,895

 

Less: Distributions declared to preferred unitholders

 

 

(3,060

)

 

 

(3,055

)

 

 

(9,180

)

 

 

(9,152

)

Less: Accretion of Series C preferred units

 

 

(96

)

 

 

(96

)

 

 

(286

)

 

 

(289

)

Net income attributable to common unitholders

 

$

(990

)

 

$

2,499

 

 

$

4,081

 

 

$

13,454

 

Income (loss) from continuing operations per common unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units – basic

 

$

(0.04

)

 

$

0.10

 

 

$

0.16

 

 

$

(0.15

)

Common units – diluted

 

$

(0.04

)

 

$

0.10

 

 

$

0.16

 

 

$

(0.15

)

Net income (loss) per common unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units – basic

 

$

(0.04

)

 

$

0.10

 

 

$

0.16

 

 

$

0.53

 

Common units – diluted

 

$

(0.04

)

 

$

0.10

 

 

$

0.16

 

 

$

0.53

 

Weighted average common units outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units – basic

 

 

25,489

 

 

 

25,478

 

 

 

25,489

 

 

 

25,472

 

Common units – diluted

 

 

25,489

 

 

 

25,478

 

 

 

25,489

 

 

 

25,472

 

Cash distributions declared per common unit

 

$

0.2000

 

 

$

0.2000

 

 

$

0.6000

 

 

$

0.6000

 

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

2,174

 

 

$

5,658

 

 

$

13,571

 

 

$

22,919

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(1,399

)

 

 

416

 

 

 

(1,177

)

 

 

(5,234

)

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

 

 

 

 

 

 

 

 

 

 

 

4,352

 

Other comprehensive income (loss):

 

 

(1,399

)

 

 

416

 

 

 

(1,177

)

 

 

(882

)

Comprehensive income

 

 

775

 

 

 

6,074

 

 

 

12,394

 

 

 

22,037

 

Less: Comprehensive income attributable to noncontrolling interest

 

 

8

 

 

 

8

 

 

 

24

 

 

 

24

 

Comprehensive income attributable to limited partners

 

$

767

 

 

$

6,066

 

 

$

12,370

 

 

$

22,013

 

 

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, 2019

 

 

25,353

 

 

 

1,722

 

 

 

2,545

 

 

$

382,581

 

 

$

40,210

 

 

$

60,926

 

 

$

(162,277

)

 

$

17

 

 

$

201

 

 

$

321,658

 

 

 

$

47,666

 

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