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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

☐	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

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.

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.

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.

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
Adoption of ASU 2016-13		—		—		—		—			—			—			(76	)		—			—			(76	)		—
Foreign currency translation adjustment		—		—		—		—			—			—			—			(8,131	)		—			(8,131	)		—
Issuance of Common Units, net		110		—		—		1,510			—			—			—			—			—			1,510			—
Issuance of Preferred Units, net		—		23		84		—			575			2,088			—			—			—			2,663			—
Distributions		—		—		—		(9,360	)		(871	)		(1,319	)		—			—			(8	)		(11,558	)		(870	)
Capital contribution from Sponsor		—		—		—		—			—			—			1,101			—			—			1,101			—
Unit-based compensation		7		—		—		120			—			—			—			—			—			120			—
Net income (loss)		—		—		—		(4,537	)		871			1,319			—			—			8			(2,339	)		967
Balance as of March 31, 2020		25,470		1,745		2,629	$	370,314		$	40,785		$	63,014		$	(161,252	)	$	(8,114	)	$	201		$	304,948		$	47,763
Foreign currency translation adjustment		—		—		—		—			—			—			—			6,833			—			6,833			—
Conversion of Preferred Units		8		—		—		150			—			—			—			—			—			150			(150	)
Distributions		—		—		—		(5,096	)		(873	)		(1,298	)		—			—			(8	)		(7,275	)		(866	)
Capital contribution from Sponsor		—		—		—		—			—			—			929			—			—			929			—
Net income		—		—		—		15,492			873			1,298			—			—			8			17,671			962
Balance as of June 30, 2020		25,478		1,745		2,629	$	380,860		$	40,785		$	63,014		$	(160,323	)	$	(1,281	)	$	201		$	323,256		$	47,709
Foreign currency translation adjustment		—		—		—		—			—			—			—			416			—			416			—
Issuance of Preferred Units, net		—		42		—		—			1,015			—			—			—			—			1,015			—
Distributions		—		—		—		(5,096	)		(890	)		(1,298	)		—			—			(8	)		(7,292	)		(867	)
Capital contribution from Sponsor		—		—		—		—			—			—			425			—			—			425			—
Net income		—		—		—		2,499			890			1,298			—			—			8			4,695			963
Balance as of September 30, 2020		25,478		1,787		2,629	$	378,263		$	41,800		$	63,014		$	(159,898	)	$	(865	)	$	201		$	322,515		$	47,805

See accompanying notes to consolidated financial statements.

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, 2020		25,478		1,789		2,629	$	376,201		$	41,850		$	63,014		$	(159,070	)	$	1,291		$	201		$	323,487		$	47,902
Foreign currency translation adjustment		—		—		—		—			—			—			—			(25	)		—			(25	)		—
Distributions		—		—		—		(5,098	)		(894	)		(1,298	)		—			—			(8	)		(7,298	)		(868	)
Capital contribution from Sponsor		—		—		—		—			—			—			938			—			—			938			—
Unit-based compensation		11		—		—		120			—			—			—			—			—			120			—
Net income		—		—		—		2,789			894			1,298			—			—			8			4,989			962
Balance as of March 31, 2021		25,489		1,789		2,629	$	374,012		$	41,850		$	63,014		$	(158,132	)	$	1,266		$	201		$	322,211		$	47,996
Foreign currency translation adjustment		—		—		—		—			—			—			—			247			—			247			—
Distributions		—		—		—		(5,098	)		(895	)		(1,298	)		—			—			(8	)		(7,299	)		(867	)
Capital contribution from Sponsor		—		—		—		—			—			—			509			—			—			509			—
Net income		—		—		—		2,282			895			1,298			—			—			8			4,483			963
Balance as of June 30, 2021		25,489		1,789		2,629	$	371,196		$	41,850		$	63,014		$	(157,623	)	$	1,513		$	201		$	320,151		$	48,092
Foreign currency translation adjustment		—		—		—		—			—			—			—			(1,399	)		—			(1,399	)		—
Distributions		—		—		—		(5,098	)		(894	)		(1,299	)		—			—			(8	)		(7,299	)		(867	)
Capital contribution from Sponsor		—		—		—		—			—			—			1,050			—			—			1,050			—
Net income (loss)		—		—		—		(990	)		894			1,299			—			—			8			1,211			963
Balance as of September 30, 2021		25,489		1,789		2,629	$	365,108		$	41,850		$	63,014		$	(156,573	)	$	114		$	201		$	313,714		$	48,188

See accompanying notes to consolidated financial statements.

Landmark Infrastructure Partners LP

Consolidated Statements of Cash Flows

(in thousands)

	Nine Months Ended September 30,
	2021		2020
Operating activities
Net income	$	13,571	$	22,919
Adjustments to reconcile net income to net cash provided by operating activities:
Unit-based compensation

Landmark Infrastructure Partners LP 10-Q