lmrk-8k_20210224.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

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

Date of Report (Date of earliest event reported): February 24, 2021  

 

Landmark Infrastructure Partners LP

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

001-36735

 

61-1742322

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation or organization)

 

File Number)

 

Identification No.)

400 Continental Blvd., Suite 500

El Segundo, CA 90245

(Address of principal executive office) (Zip Code)

 

(310) 598-3173

(Registrants’ telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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 is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.

 

 

 

 


 

 

Item 2.02 Results of Operations and Financial Condition.

On February 24, 2021, Landmark Infrastructure Partners LP issued a press release announcing its fourth quarter and full year 2020 financial results. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit

 

 

Number

 

Description

99.1

 

Press release issued by Landmark Infrastructure Partners LP on February 24, 2021.

 

 

 

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL).

 

2


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

Landmark Infrastructure Partners LP

 

 

 

 

 

By:

 

Landmark Infrastructure Partners GP LLC,  

 

 

 

its general partner 

 

 

 

 

Dated: February 24, 2021

By:

 

 /s/ George P. Doyle

 

Name:

 

George P. Doyle

 

Title:

 

Chief Financial Officer and Treasurer

 

 

3

lmrk-ex991_6.htm

 

Exhibit 99.1

 

 

Landmark Infrastructure Partners LP Reports Fourth Quarter and Full Year Results

 

El Segundo, California, February 24, 2021 (GLOBE NEWSWIRE) - Landmark Infrastructure Partners LP (“Landmark,” the “Partnership,” “we,” “us” or “our”) (Nasdaq: LMRK) today announced its fourth quarter financial results.

 

Highlights

 

Reported rental revenue of $16.9 million, a 22% increase year-over-year;

 

Net income attributable to common unitholders of $0.12 and FFO of $0.35 per diluted unit for the quarter ended December 31, 2020;

 

Record AFFO of $0.38 per diluted unit for the quarter ended December 31, 2020, a 12% increase year-over-year;

 

Net income attributable to common unitholders of $0.65, FFO of $0.84 and AFFO of $1.36 per diluted unit for the full year ended December 31, 2020;

 

In the full year 2020, acquired 15 assets for total consideration of approximately $148 million;

 

As of January 31st, deployed 138 digital kiosks within the Dallas Area Rapid Transit (“DART”) network; and

 

Announced a quarterly distribution of $0.20 per common unit.

 

 

Fourth Quarter 2020 Results

Rental revenue for the quarter ended December 31, 2020 was $16.9 million, an increase of 22% compared to the fourth quarter of 2019.  Net income attributable to common unitholders per diluted unit in the fourth quarter of 2020 was $0.12, compared to a loss of $0.08 in the fourth quarter of 2019.  FFO for the fourth quarter of 2020 was $0.35 per diluted unit, compared to $0.18 in the fourth quarter of 2019.  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 $0.38 in the fourth quarter of 2020 compared to $0.34 in the fourth quarter of 2019.

 

For the full year ended December 31, 2020, the Partnership reported rental revenue of $58.8 million compared to $53.7 million during the full year ended December 31, 2019.  For the full year ended December 31, 2020, we generated net income of $29.1 million compared to $21.6 million during the full year ended December 31, 2019.  Net income attributable to common unitholders for the full year ended December 31, 2020 was $0.65 per diluted unit compared to $0.33 per diluted unit for the full year ended December 31, 2019.  For the full year ended December 31, 2020, we generated FFO of $0.84 per diluted unit and AFFO of $1.36 per diluted unit, compared to FFO of $0.58 per diluted unit and AFFO of $1.31 per diluted unit during the full year ended December 31, 2019.

 

“Despite the challenges in 2020 stemming from the global pandemic our portfolio proved resilient and we delivered significant growth year over year,” said Tim Brazy, Chief Executive Officer of the Partnership’s general partner.  “Growth was generated organically from the portfolio as well as through redeploying capital from the disposition of our European joint venture.  We ended 2020 with a more diverse revenue base, stronger distribution coverage and we believe we are positioned well to drive further growth in 2021.”  

 

Quarterly Distributions

On January 22, 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 December 31, 2020.  The distribution was paid on February 12, 2021 to common unitholders of record as of February 2, 2021.

 

On January 21, 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 was paid on February 16, 2021 to Series C preferred unitholders of record as of February 1, 2021.

 


 

On January 21, 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 was paid on February 16, 2021 to Series B preferred unitholders of record as of February 1, 2021.

 

On December 22, 2020, 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 January 15, 2021 to Series A preferred unitholders of record as of January 4, 2021.

 

Capital and Liquidity

As of December 31, 2020, the Partnership had $214 million of outstanding borrowings under its revolving credit facility (the “Facility”), and approximately $236 million of undrawn borrowing capacity under the Facility, subject to compliance with certain covenants.

 

Recent Acquisitions

In the full year 2020, the Partnership acquired a total of 15 assets for total consideration of approximately $148 million.  The acquisitions were immediately accretive to AFFO and funded primarily with borrowings under the Partnership’s existing credit facility.

 

At-The-Market (“ATM”) Equity Programs

Through its At-The-Market (“ATM”) issuance programs, the Partnership issued 109,724 common units, 66,802 Series A preferred units and 84,139 Series B preferred units for gross proceeds of approximately $5.6 million for the full year 2020.

 

Conference Call Information

The Partnership will hold a conference call on Wednesday, February 24, 2021, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) to discuss its fourth quarter 2020 financial and operating results.  The call can be accessed via a live webcast at https://edge.media-server.com/mmc/p/udcn6ph8, 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 3174946.

 

A webcast replay will be available approximately two hours after the completion of the conference call through February 24, 2022 at https://edge.media-server.com/mmc/p/udcn6ph8.  The replay is also available through March 5, 2021 by dialing 855-859-2056 or 404-537-3406 and entering the access code 3174946.

 

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 December 31,

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019(1)

 

 

2020(1)

 

 

2019(1)

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

16,946

 

 

$

13,868

 

 

$

58,839

 

 

$

53,701

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating

 

 

656

 

 

 

317

 

 

 

1,879

 

 

 

1,434

 

General and administrative

 

 

1,264

 

 

 

1,106

 

 

 

4,743

 

 

 

5,279

 

Acquisition-related

 

 

21

 

 

 

332

 

 

 

112

 

 

 

608

 

Depreciation and amortization

 

 

4,755

 

 

 

3,614

 

 

 

16,466

 

 

 

13,447

 

Impairments

 

 

57

 

 

 

1,642

 

 

 

257

 

 

 

2,288

 

Total expenses

 

 

6,753

 

 

 

7,011

 

 

 

23,457

 

 

 

23,056

 

Other income and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

133

 

 

 

9

 

 

 

450

 

 

 

597

 

Interest expense

 

 

(4,514

)

 

 

(4,396

)

 

 

(17,273

)

 

 

(17,455

)

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

(2,231

)

 

 

 

Unrealized gain (loss) on derivatives

 

 

319

 

 

 

961

 

 

 

(6,211

)

 

 

(6,066

)

Equity income from unconsolidated joint venture

 

 

146

 

 

 

135

 

 

 

1,231

 

 

 

398

 

Gain (loss) on sale of real property interests

 

 

 

 

 

(23

)

 

 

 

 

 

17,985

 

Total other income and expenses

 

 

(3,916

)

 

 

(3,314

)

 

 

(24,034

)

 

 

(4,541

)

Income from continuing operations before income tax expense (benefit)

 

 

6,277

 

 

 

3,543

 

 

 

11,348

 

 

 

26,104

 

Income tax expense (benefit)

 

 

78

 

 

 

117

 

 

 

(430

)

 

 

3,277

 

Income from continuing operations

 

 

6,199

 

 

 

3,426

 

 

 

11,778

 

 

 

22,827

 

Income (loss) from discontinued operations, net of tax

 

 

 

 

 

(2,281

)

 

 

17,340

 

 

 

(1,221

)

Net income

 

 

6,199

 

 

 

1,145

 

 

 

29,118

 

 

 

21,606

 

Less: Net income attributable to noncontrolling interests

 

 

8

 

 

 

8

 

 

 

32

 

 

 

31

 

Net income attributable to limited partners

 

 

6,191

 

 

 

1,137

 

 

 

29,086

 

 

 

21,575

 

Less: Distributions to preferred unitholders

 

 

(3,061

)

 

 

(2,983

)

 

 

(12,213

)

 

 

(11,883

)

Less: General Partner's incentive distribution rights

 

 

 

 

 

(197

)

 

 

 

 

 

(788

)

Less: Accretion of Series C preferred units

 

 

(97

)

 

 

(95

)

 

 

(386

)

 

 

(641

)

Net income (loss) attributable to common unitholders

 

$

3,033

 

 

$

(2,138

)

 

$

16,487

 

 

$

8,263

 

Income (loss) from continuing operations per common unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units – basic

 

$

0.12

 

 

$

(0.08

)

 

$

(0.03

)

 

$

0.33

 

Common units – diluted

 

$

0.12

 

 

$

(0.08

)

 

$

(0.03

)

 

$

0.33

 

Net income (loss) per common unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units – basic

 

$

0.12

 

 

$

(0.08

)

 

$

0.65

 

 

$

0.33

 

Common units – diluted

 

$

0.12

 

 

$

(0.08

)

 

$

0.65

 

 

$

0.33

 

Weighted average common units outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units – basic

 

 

25,478

 

 

 

25,353

 

 

 

25,473

 

 

 

25,343

 

Common units – diluted

 

 

25,478

 

 

 

25,353

 

 

 

25,473

 

 

 

25,343

 

Other Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total leased tenant sites (end of period)

 

 

1,874

 

 

 

1,952

 

 

 

1,874

 

 

 

1,952

 

Total available tenant sites (end of period)

 

 

1,986

 

 

 

2,058

 

 

 

1,986

 

 

 

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)

 

 

 

December 31, 2020

 

 

December 31, 2019(1)

 

Assets

 

 

 

 

 

 

 

 

Land

 

$

117,421

 

 

$

107,558

 

Real property interests

 

 

671,468

 

 

 

509,181

 

Construction in progress

 

 

44,787

 

 

 

49,116

 

Total land and real property interests

 

 

833,676

 

 

 

665,855

 

Accumulated depreciation and amortization of real property interests

 

 

(63,474

)

 

 

(48,995

)

Land and net real property interests

 

 

770,202

 

 

 

616,860

 

Investments in receivables, net

 

 

5,101

 

 

 

5,653

 

Investment in unconsolidated joint venture

 

 

60,880

 

 

 

62,059

 

Cash and cash equivalents

 

 

10,447

 

 

 

5,885

 

Restricted cash

 

 

3,195

 

 

 

5,619

 

Rent receivables

 

 

4,016

 

 

 

3,673

 

Due from Landmark and affiliates

 

 

1,337

 

 

 

1,132

 

Deferred loan costs, net

 

 

3,567

 

 

 

4,557

 

Deferred rent receivable

 

 

1,818

 

 

 

1,548

 

Other intangible assets, net

 

 

19,417

 

 

 

21,936

 

Assets held for sale (AHFS)

 

 

 

 

 

114,400

 

Right of use asset, net

 

 

10,716

 

 

 

6,615

 

Other assets

 

 

4,082

 

 

 

5,668

 

Total assets

 

$

894,778

 

 

$

855,605

 

Liabilities and equity

 

 

 

 

 

 

 

 

Revolving credit facility

 

$

214,200

 

 

$

179,500

 

Secured notes, net

 

 

279,677

 

 

 

217,098

 

Accounts payable and accrued liabilities

 

 

6,732

 

 

 

3,842

 

Other intangible liabilities, net

 

 

6,081

 

 

 

7,583

 

Liabilities associated with AHFS

 

 

 

 

 

64,627

 

Operating lease liability

 

 

8,818

 

 

 

6,766

 

Prepaid rent

 

 

4,446

 

 

 

5,391

 

Derivative liabilities

 

 

3,435

 

 

 

1,474

 

Total liabilities

 

 

523,389

 

 

 

486,281

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Mezzanine equity

 

 

 

 

 

 

 

 

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

     units issued and outstanding at December 31, 2020 and 2019, respectively

 

 

47,902

 

 

 

47,666

 

Equity

 

 

 

 

 

 

 

 

Series A cumulative redeemable preferred units, 1,788,843 and 1,722,041 units

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

 

 

41,850

 

 

 

40,210

 

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

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

 

 

63,014

 

 

 

60,926

 

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

   December 31, 2020 and 2019, respectively

 

 

376,201

 

 

 

382,581

 

General Partner

 

 

(159,069

)

 

 

(162,277

)

Accumulated other comprehensive income (loss)

 

 

1,290

 

 

 

17

 

Total limited partners' equity

 

 

323,286

 

 

 

321,457

 

Noncontrolling interests

 

 

201

 

 

 

201

 

Total equity

 

 

323,487

 

 

 

321,658

 

Total liabilities, mezzanine equity and equity

 

$

894,778

 

 

$

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 sheets.

 


 

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

 

 

703

 

 

 

909

 

 

 

75.6

 

(7)

 

847

 

 

 

34.7

 

 

 

 

 

 

 

 

 

 

$

5,264

 

 

 

31

%

Digital Infrastructure

 

 

1

 

 

 

1

 

 

 

99.0

 

(7)

 

1

 

 

 

8.7

 

 

 

 

 

 

 

 

 

 

 

450

 

 

 

3

%

Outdoor Advertising

 

 

544

 

 

 

732

 

 

 

84.6

 

(7)

 

706

 

 

 

15.5

 

 

 

 

 

 

 

 

 

 

 

3,295

 

 

 

20

%

Renewable Power Generation

 

 

15

 

 

 

47

 

 

 

29.2

 

(7)

 

47

 

 

 

33.9

 

 

 

 

 

 

 

 

 

 

 

292

 

 

 

2

%

Subtotal

 

 

1,263

 

 

 

1,689

 

 

 

74.4

 

(7)

 

1,601

 

 

 

26.8

 

 

 

 

 

 

 

 

 

 

$

9,301

 

 

 

56

%

Tenant Lease Assignment only (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wireless Communication

 

 

115

 

 

 

169

 

 

 

45.1

 

 

 

149

 

 

 

16.6

 

 

 

 

 

 

 

 

 

 

$

1,084

 

 

 

6

%

Outdoor Advertising

 

 

33

 

 

 

36

 

 

 

61.2

 

 

 

34

 

 

 

12.5

 

 

 

 

 

 

 

 

 

 

 

213

 

 

 

1

%

Renewable Power Generation

 

 

6

 

 

 

6

 

 

 

46.6

 

 

 

6

 

 

 

24.4

 

 

 

 

 

 

 

 

 

 

 

57

 

 

 

%

Subtotal

 

 

154

 

 

 

211

 

 

 

47.9

 

 

 

189

 

 

 

16.1

 

 

 

 

 

 

 

 

 

 

$

1,354

 

 

 

7

%

Tenant Lease on Fee Simple

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wireless Communication

 

 

17

 

 

 

28

 

 

 

99.0

 

(7)

 

26

 

 

 

26.8

 

 

 

 

 

 

 

 

 

 

$

175

 

 

 

1

%

Digital Infrastructure

 

 

13

 

 

 

13

 

 

 

99.0

 

(7)

 

13

 

 

 

24.4

 

 

 

 

 

 

 

 

 

 

 

4,236

 

 

 

25

%

Outdoor Advertising

 

 

26

 

 

 

28

 

 

 

99.0

 

(7)

 

28

 

 

 

6.6

 

 

 

 

 

 

 

 

 

 

 

221

 

 

 

1

%

Renewable Power Generation

 

 

14

 

 

 

17

 

 

 

99.0

 

(7)

 

17

 

 

 

28.4

 

 

 

 

 

 

 

 

 

 

 

1,659

 

 

 

10

%

Subtotal

 

 

70

 

 

 

86

 

 

 

99.0

 

(7)

 

84

 

 

 

20.3

 

 

 

 

 

 

 

 

 

 

$

6,291

 

 

 

37

%

Total

 

 

1,487

 

 

 

1,986

 

 

 

69.6

 

(9)

 

1,874

 

 

 

25.4

 

 

 

 

 

 

 

 

 

 

$

16,946

 

 

 

100

%

Aggregate Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wireless Communication

 

 

835

 

 

 

1,106

 

 

 

66.4

 

 

 

1,022

 

 

 

31.9

 

 

 

92

%

 

$

2,045

 

 

$

6,523

 

 

 

38

%

Digital Infrastructure

 

 

14

 

 

 

14

 

 

 

99.0

 

 

 

14

 

 

 

23.3

 

 

 

100

%

 

 

115,367

 

 

 

4,686

 

 

 

28

%

Outdoor Advertising

 

 

603

 

 

 

796

 

 

 

75.2

 

 

 

768

 

 

 

15.0

 

 

 

96

%

 

 

1,875

 

 

 

3,729

 

 

 

22

%

Renewable Power Generation

 

 

35

 

 

 

70

 

 

 

35.2

 

 

 

70

 

 

 

30.1

 

 

 

100

%

 

 

9,562

 

 

 

2,008

 

 

 

12

%

Total

 

 

1,487

 

 

 

1,986

 

 

 

69.6

 

(9)

 

1,874

 

 

 

25.4

 

 

 

94

%

 

$

3,150

 

 

$

16,946

 

 

 

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 December 31, 2020 were 2.8, 9.9, 7.0, 16.8 and 4.7 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 December 31, 2020.  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 61 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 December 31,

 

 

Year Ended December 31,

 

 

 

2020(1)

 

 

2019(1)

 

 

2020(1)

 

 

2019(1)

 

Net income

 

$

6,199

 

 

$

1,145

 

 

$

29,118

 

 

$

21,606

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

4,755

 

 

 

3,867

 

 

 

17,002

 

 

 

14,235

 

Impairments

 

 

57

 

 

 

1,642

 

 

 

257

 

 

 

2,288

 

(Gain) loss on sale of real property interests, net of income taxes

 

 

190

 

 

 

45

 

 

 

(15,318

)

 

 

(14,937

)

Adjustments for investment in unconsolidated joint venture

 

 

756

 

 

 

790

 

 

 

2,581

 

 

 

3,358

 

Distributions to preferred unitholders

 

 

(3,061

)

 

 

(2,983

)

 

 

(12,213

)

 

 

(11,883

)

Distributions to noncontrolling interests

 

 

(8

)

 

 

(8

)

 

 

(32

)

 

 

(31

)

FFO attributable to common unitholders

 

$

8,888

 

 

$

4,498

 

 

$

21,395

 

 

$

14,636

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expense reimbursement (2)

 

 

828

 

 

 

896

 

 

 

3,283

 

 

 

3,954

 

Acquisition-related expenses

 

 

21

 

 

 

549

 

 

 

453

 

 

 

1,163

 

Unrealized (gain) loss on derivatives

 

 

(319

)

 

 

(1,636

)

 

 

8,010

 

 

 

7,327

 

Straight line rent adjustments

 

 

(211

)

 

 

186

 

 

 

173

 

 

 

600

 

Unit-based compensation

 

 

 

 

 

 

 

 

120