Landmark Infrastructure Partners LP Reports Fourth Quarter and Full Year Results

February 24, 2021 8:00 AM EST

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EL SEGUNDO, Calif., Feb. 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 ResultsRental 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 DistributionsOn 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 LiquidityAs 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 AcquisitionsIn 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 ProgramsThrough 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 InformationThe 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 LPThe 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 MeasuresFFO, 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 StatementsThis 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 LPConsolidated Statements of OperationsIn 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 LPConsolidated Balance SheetsIn 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 LPReal Property Interest Table

      Available Tenant Sites (1)  Leased Tenant Sites                 
Real Property Interest Number ofInfrastructureLocations (1)  Number  AverageRemainingPropertyInterest(Years)  Number  AverageRemainingLeaseTerm(Years) (2)  Tenant SiteOccupancyRate (3)  AverageMonthlyEffective RentPer TenantSite (4)(5)  QuarterlyRentalRevenue (6)(In thousands)  Percentageof QuarterlyRentalRevenue (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 LPReconciliation 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   130 
Amortization of deferred loan costs and discount on secured notes  626   789   2,471   3,097 
Amortization of above- and below-market rents, net  (242)  (236)  (968)  (890)
Deferred income tax benefit  (91)  (141)  (551)  (32)
Loss on early extinguishment of debt        2,231    
Repayments of receivables  127   134   522   564 
Adjustments for investment in unconsolidated joint venture  38   40   141   103 
Foreign currency transaction (gain) loss     3,478   (2,721)  2,433 
AFFO attributable to common unitholders $9,665  $8,557  $34,559  $33,085 
                 
FFO per common unit – diluted $0.35  $0.18  $0.84  $0.58 
AFFO per common unit – diluted $0.38  $0.34  $1.36  $1.31 
Weighted average common units outstanding – diluted  25,478   25,353   25,473   25,343 

________________(1)  For all periods presented, 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 LPReconciliation of EBITDA and Adjusted EBITDAIn thousands(Unaudited)

  Three Months Ended December 31,  Year Ended December 31, 
  2020(1)  2019(1)  2020(1)  2019(1) 
Reconciliation of EBITDA and Adjusted EBITDA to Net Income                
Net income $6,199  $1,145  $29,118  $21,606 
Interest expense  4,514   4,731   17,914   18,170 
Depreciation and amortization expense  4,755   3,867   17,002   14,235 
Income tax expense  78   148   50   3,783 
EBITDA $15,546  $9,891  $64,084  $57,794 
Impairments  57   1,642   257   2,288 
Acquisition-related  21   549   453   1,163 
Unrealized (gain) loss on derivatives  (319)  (1,636)  8,010   7,327 
Loss on early extinguishment of debt        2,231    
(Gain) loss on sale of real property interests     23   (15,508)  (17,985)
Unit-based compensation        120   130 
Straight line rent adjustments  (211)  186   173   600 
Amortization of above- and below-market rents, net  (242)  (236)  (968)  (890)
Repayments of investments in receivables  127   134   522   564 
Adjustments for investment in unconsolidated joint venture  1,456   1,499   5,376   6,169 
Foreign currency transaction (gain) loss     3,478   (2,721)  2,433 
Deemed capital contribution to fund general and administrative expense reimbursement(2)  828   896   3,283   3,954 
Adjusted EBITDA $17,263  $16,426  $65,312  $63,547 
Reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by Operating Activities                
Net cash provided by operating activities $10,198  $9,709  $42,180  $31,663 
Unit-based compensation        (120)  (130)
Unrealized gain (loss) on derivatives  319   1,636   (8,010)  (7,327)
Loss on early extinguishment of debt        (2,231)   
Depreciation and amortization expense  (4,755)  (3,867)  (17,002)  (14,235)
Amortization of above- and below-market rents, net  242   236   968   890 
Amortization of deferred loan costs and discount on secured notes  (626)  (789)  (2,471)  (3,097)
Receivables interest accretion           9 
Impairments  (57)  (1,642)  (257)  (2,288)
Gain (loss) on sale of real property interests     (23)  15,508   17,985 
Adjustment for uncollectible accounts  (165)  (19)  (360)  (126)
Equity income from unconsolidated joint venture  146   135   1,231   398 
Distributions of earnings from unconsolidated joint venture  (1,450)  (500)  (3,101)  (3,383)
Foreign currency transaction gain (loss)     (3,478)  2,721   (2,433)
Working capital changes  2,347   (253)  62   3,680 
Net income $6,199  $1,145  $29,118  $21,606 
Interest expense  4,514   4,731   17,914   18,170 
Depreciation and amortization expense  4,755   3,867   17,002   14,235 
Income tax expense  78   148   50   3,783 
EBITDA $15,546  $9,891  $64,084  $57,794 
Less:                
Gain on sale of real property interests        (15,508)  (17,985)
Unrealized gain on derivatives  (319)  (1,636)      
Straight line rent adjustment  (211)         
Amortization of above- and below-market rents, net  (242)  (236)  (968)  (890)
Foreign currency transaction gain        (2,721)   
Add:                
Impairments  57   1,642   257   2,288 
Acquisition-related  21   549   453   1,163 
Unrealized loss on derivatives        8,010   7,327 
Loss on sale of real property interests     23       
Loss on early extinguishment of debt        2,231    
Unit-based compensation        120   130 
Straight line rent adjustment     186   173   600 
Repayments of investments in receivables  127   134   522   564 
Adjustments for investment in unconsolidated joint venture  1,456   1,499   5,376   6,169 
Foreign currency transaction loss     3,478      2,433 
Deemed capital contribution to fund general and administrative expense reimbursement (2)  828   896   3,283   3,954 
Adjusted EBITDA $17,263  $16,426  $65,312  $63,547 

________________(1)  For all periods presented, 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


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