8-K

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): May 11, 2015

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.)

2141 Rosecrans Avenue, Suite 2100

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:

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

Item  8.01 Other Events.

On March 4, 2015, Landmark Infrastructure Operating Company LLC (“OpCo”), a wholly owned subsidiary of Landmark Infrastructure Partners LP (the “Partnership”), completed its acquisition of 81 tenant sites and related real property interests, consisting of wireless communication, outdoor advertising and renewable power sites, from Landmark Infrastructure Holding Company LLC (“HoldCo”), a wholly owned subsidiary of Landmark Dividend LLC (“Landmark”), in exchange for cash consideration of $25,205,000 (the “Transaction”). The Transaction is deemed to be between entities under common control, which, under applicable accounting guidelines, requires the assets and liabilities to be transferred at the historical cost of the parent of the entities, with prior periods retroactively adjusted to furnish comparative information. The difference between the cash consideration and the basis of Landmark was allocated to the General Partner through equity. Accordingly, the Partnership is providing financial statements and related notes with retroactive adjustments to include the results of operations and financial position of certain acquired assets on March 4, 2015 while under common control for all periods presented in the Partnership’s 2014 Form 10-K filed with the Securities and Exchange Commission on February 26, 2015 (the Partnership’s 2014 Form 10-K).

Included herein as Exhibit 99.3 are the audited consolidated and combined financial statements of the Partnership as of December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012. These audited consolidated and combined financial statements give retroactive effect to the Transaction. These audited consolidated and combined financial statements update Item 15 in the Partnership’s 2014 Form 10-K. Also included herein as Exhibit 99.1 is the Selected Financial Data, which is derived from the audited consolidated and combined financial statements, and updates Item 6 in the Partnership's 2014 Form 10-K. Included herein as Exhibit 99.2 is Management’s Discussion and Analysis of Financial Condition and Results of Operations, which relates to the audited consolidated and combined financial statements, and updates Item 7 in the Partnership’s 2014 Form 10-K.

Item9.01FinancialStatementsandExhibits.

(d)Exhibits

Exhibit
Number	Description
23.1	Consent of Ernst & Young LLP.
99.1	Selected Financial Data.
99.2	Management Discussion and Analysis of Financial Condition and Results of Operations.
99.3	Audited Consolidated Financial Statements of Landmark Infrastructure Partners LP.
101.INS	XBRL Instance Document.
101.SCH	XBRL Schema Document
101.CAL	XBRL Calculation Linkbase Document.
101.LAB	XBRL Labels Linkbase Document.
101.PRE	XBRL Presentation Linkbase Document.
101.DEF	XBRL Definition Linkbase Document.

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.

5
	Landmark Infrastructure Partners LP
	By:	Landmark Infrastructure Partners GP LLC, its general partner
Dated: May11, 2015	By:	/s/ George P. Doyle
		Name: George P. Doyle
		Title: Chief Financial Officer and Treasurer

3

EXHIBIT INDEX

Exhibit
Number	Description
23.1	Consent of Ernst & Young LLP.
99.1	Selected Financial Data.
99.2	Management Discussion and Analysis of Financial Condition and Results of Operations.
99.3	Audited Consolidated Financial Statements of Landmark Infrastructure Partners LP.
101.INS	XBRL Instance Document.
101.SCH	XBRL Schema Document
101.CAL	XBRL Calculation Linkbase Document.
101.LAB	XBRL Labels Linkbase Document.
101.PRE	XBRL Presentation Linkbase Document.
101.DEF	XBRL Definition Linkbase Document.

4

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-201065) pertaining to the Landmark Infrastructure Partners LP 2014 Long-Term Incentive Plan of our report dated May 11, 2015, with respect to the consolidated and combined financial statements and schedule of Landmark Infrastructure Partners LP incorporated by reference in this Current Report (Form 8-K) for the year ended December 31, 2014.

/s/ Ernst & Young LLP

Irvine, California

May 11, 2015

EX-99.1

Exhibit 99.1

ITEM 6. Selected Financial Data

On March 4, 2015, Landmark Infrastructure Operating Company LLC (“OpCo”), a wholly owned subsidiary of the Partnership, completed its acquisition of 81 tenant sites and related real property interests (the “Acquired Assets”), consisting of 41 wireless communication, 39 outdoor advertising and one renewable power sites, from Landmark Infrastructure Holding Company LLC (“HoldCo”), a wholly owned subsidiary of Landmark, in exchange for cash consideration of $25,205,000 (the “Drop-down”). The Drop-down is deemed to be a transaction between entities under common control, which, under applicable accounting guidelines, requires the assets and liabilities to be transferred at Landmark’s historical cost, with prior periods retroactively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the Acquired Assets prior to March 4, 2015.

The following table includes selected financial data of Landmark Infrastructure Partners LP and our Predecessor for the years and as of the dates indicated. The following tables should be read together with Exhibit 99.2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and our consolidated and combinedfinancial statements and accompanying notes in Exhibit 99.3,  Audited Consolidated and Combined Financial Statementsof Landmark Infrastructure Partners LP included in our current report on Form 8-K,  filed with the Securities and Exchange Commission on May 11, 2015.

1

	Year Ended December 31,
	2014(1)		2013(1)		2012(1)
Statement of Income Data:
Revenue
Rental revenue	$	13,700,487	$	11,901,376	$	6,428,014
Interest income on receivables		709,030		742,185		356,348
Total revenue		14,409,517		12,643,561		6,784,362
Expenses
Management fees to affiliate		362,495		370,625		209,091
Property operating		24,720		6,454		26,267
General and administrative		816,798		722,028		191,293
Acquisition-related		147,150		318,600		727,158
Amortization		3,556,911		3,229,377		1,435,855
Impairments		258,834		1,005,478		183,271
Total expenses		5,166,908		5,652,562		2,772,935
Other income and expenses
Interest expense		(4,984,054)		(3,840,359)		(1,476,207)
Loss on early extinguishment of debt		(2,905,259)		—		—
Realized loss on derivatives		(213,181)		—		—
Unrealized gain (loss) on derivatives		(552,268)		1,279,176		(1,016,716)
Total other income and expenses		(8,654,762)		(2,561,183)		(2,492,923)
Net income	$	587,847	$	4,429,816	$	1,518,504
Less: Net income attributable to Predecessor		3,286,195		4,429,816		1,518,504
Net loss attributable to partners	$	(2,698,348)	$	—	$	—
Net income per limited partner unit (basic and diluted):
Common units	$	(0.34)
Subordinated units	$	(0.34)
Cash distribution declared per limited partner unit	$	0.1344
Balance Sheet Data (End of Period):
Land and real property interests, before accumulated amortization	$	188,208,053	$	170,695,906	$	139,604,253
Land and real property interests, after accumulated amortization	$	182,334,854	$	167,847,866	$	139,542,258
Total assets	$	200,253,059	$	186,972,858	$	182,423,518
Secured debt facilities	$	74,000,000	$	89,336,688	$	67,301,683
Total liabilities	$	83,292,429	$	98,597,593	$	75,438,963
Equity	$	116,960,630	$	88,375,265	$	106,984,555
Statement of Cash Flow Data:
Cash flow provided by operating activities	$	8,909,933	$	8,302,510	$	4,278,472
Cash flow used in investing activities	$	(5,546,342)	$	(27,809,401)	$	(63,953,318)
Cash flow provided by (used in) financing activities	$	(4,089,810)	$	(4,703,919)	$	84,764,424
Other Data:
Total number of leased tenant sites (end of period)(1)		754		675		502
EBITDA(2)	$	9,128,812	$	11,499,552	$	4,430,566
Adjusted EBITDA(2)	$	12,583,836	$	10,961,494	$	6,006,694
Distributable cash flow subsequent to the initial public offering	$	1,182,212

(1) Prior-period financial information and leased tenant site count has been retroactively adjusted for certain assets acquired on March 4, 2015.

(2) For a definition of the non‑GAAP financial measure of EBITDA and Adjusted EBITDA and a reconciliation to our most directly comparable financial measure calculated and presented in accordance with GAAP, please read “Selected Financial Data – Non‑GAAP Financial Measures.”

2

Non‑GAAP Financial Measures

We define EBITDA as net income before interest, income taxes, depreciation and amortization, and we define Adjusted EBITDA as EBITDA before impairments, acquisition‑related costs, unrealized and realized gain or loss on derivatives, loss on extinguishment of debt, unit-based compensation, straight line rental adjustments,amortization of above‑ and below‑market lease intangibles, and the capital contribution to fund our general and administrative expense reimbursement. We define distributable cash flow as Adjusted EBITDA less cash interest paid, current cash income tax paid and maintenance capital expenditures. Distributable cash flow will not reflect changes in working capital balances. EBITDA, Adjusted EBITDA and distributable cash flow should not be considered an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, EBITDA, Adjusted EBITDA and distributable cash flow should be compared with our reported net income in accordance with GAAP, as presented in our combined financial statements.

EBITDA,  Adjusted EBITDA and distributable cash flow 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 EBITDA and 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 , Adjusted EBITDA and distributable cash flow in this Annual Report on Form 10-K provides information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to EBITDA, Adjusted EBITDA and distributable cash flow are net income and net cash provided by operating activities. Neither EBITDA, Adjusted EBITDA nor distributable cash flow should be considered an alternative to GAAP net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Each of EBITDA, Adjusted EBITDA and distributable cash flow has important limitations as an analytical tool because it excludes some, but not all, items that affect net income or net cash provided by operating activities, and these measures may vary from those of other companies. You should not consider EBITDA, Adjusted EBITDA or distributable cash flow in isolation or as a substitute for analysis of our results as reported under GAAP. As a result, because EBITDA, Adjusted EBITDA and distributable cash flow may be defined differently by other companies in our industry, EBITDA, Adjusted EBITDA and distributable cash flow as presented below may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

We use the term “distributable cash flow” to measure whether we have generated from our operations, or “earned,” a particular amount of cash sufficient to support the payment of the minimum quarterly distributions. Our partnership agreement contains the concept of “operating surplus” to determine whether our operations are generating sufficient cash to support the distributions that we are paying, as opposed to returning capital to our partners. Because operating surplus is a cumulative concept (measured from the initial public offering date, and compared to cumulative distributions from the initial public offering date), we use the term distributable cash flow to approximate operating surplus on a quarterly or annual, rather than a cumulative, basis. As a result, distributable cash flow is not necessarily indicative of the actual cash we have on hand to distribute or that we are required to distribute.

3

The following table sets forth a reconciliation of our pro forma and historical EBITDA and Adjusted EBITDA for the periods presented to net cash provided by operating activities and net income:

	Year Ended December 31,
	2014(1)		2013(1)		2012(1)
Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities
Net cash provided by operating activities	$	8,909,933	$	8,302,510	$	4,278,472
Unit-based compensation		(17,500)		—		—
Unrealized gain (loss) on derivatives		(552,268)		1,279,176		(1,016,716)
Loss on early extinguishment of debt		(2,905,259)		—		—
Amortization expense		(3,556,911)		(3,229,377)		(1,435,855)
Amortization of above- and below-market rents, net		539,539		430,909		224,311
Amortization of deferred loan costs		(864,318)		(751,352)		(254,454)
Receivables interest accretion		51,899		68,977		49,978
Impairments		(258,834)		(1,005,478)		(183,271)
Allowance for doubtful accounts and loan losses		(4,465)		(25,334)		(1,036)
Working capital changes		(753,969)		(640,215)		(142,925)
Net income	$	587,847	$	4,429,816	$	1,518,504
Interest expense		4,984,054		3,840,359		1,476,207
Amortization expense		3,556,911		3,229,377		1,435,855
EBITDA	$	9,128,812	$	11,499,552	$	4,430,566
Impairments		258,834		1,005,478		183,271
Acquisition-related		147,150		318,600		727,158
Unrealized (gain) loss on derivatives		552,268		(1,279,176)		1,016,716
Realized loss on derivatives		213,181		—		—
Loss on early extinguishment of debt		2,905,259		—		—
Unit-based compensation		17,500		—		—
Straight line rent adjustments		(111,978)		(152,051)		(126,706)
Amortization of above- and below-market rents, net		(539,539)		(430,909)		(224,311)
Deemed capital contribution due to cap on general and administrative expense reimbursement		12,349		—		—
Adjusted EBITDA	$	12,583,836	$	10,961,494	$	6,006,694
Predecessor Adjusted EBITDA(1)		11,109,438		10,961,494		6,006,694
Adjusted EBITDA subsequent to initial public offering	$	1,474,398	$	—	$	—
Cash interest expense		(292,186)
Distributable cash flow subsequent to initial public offering	$	1,182,212

(1) Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

4

EX-99.2

Exhibit 99.2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless the context otherwise requires, references in this report to "Landmark Infrastructure Partners LP," "our partnership," "we," "our," "us," or like terms for time periods prior to our initial public offering (the “IPO”) refer to Landmark Infrastructure Partners LP Predecessor, our predecessor for accounting purposes (our “Predecessor”). Our Partnership succeeded our Predecessor, which includes substantially all the assets and liabilities that were contributed to us in connection with our IPO by Landmark Dividend Growth Fund-A LLC (“Fund A”) and Landmark Dividend Growth Fund-D LLC (“Fund D” and together with Fund A, the “Contributing Landmark Funds”), two investment funds formerly managed by Landmark Dividend LLC (“Landmark”).  Our Predecessor includes the results of such assets during any period they were previously owned by Landmark or any of its affiliates. The operations of the assets we acquired on March 4, 2015, prior to such date, are also included in our operations and the operations of our Predecessor.  For time periods subsequent to the IPO, references in this report to "Landmark Infrastructure Partners LP," "our partnership," "we," "our," "us," or like terms refer to Landmark Infrastructure Partners LP. You should read the following in conjunction with the historical combined financial statements and related notes included elsewhere in Exhibit 99.3 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on May 11, 2015 and our Annual Report on Form 10-K for the year ended December 31, 2015. The following discussion and analysis contains forward‑looking statements that involve risks and uncertainties. Our actual results could differ materially from those expressed or implied in forward‑looking statements for many reasons, including the risks described in “Risk Factors” disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2014.

Overview

We are a growth‑oriented master limited partnership formed by Landmark to own and manage a portfolio of real property interests that we lease to companies in the wireless communication, outdoor advertising and renewable power generation industries. We were formed to succeed to the business of the Predecessor, which was operated and managed by Landmark. We generate revenue and cash flow from existing tenant leases of our real property interests to wireless carriers, cellular tower owners, outdoor advertisers and renewable power producers.

As a result of the IPO and the formation transactions, our future financial condition and results of operations will differ significantly from, and will not be comparable with, the historical financial position and results of operations of the Predecessor. Please refer to our consolidated and combined financial statements for further information related to the formation transactions and the IPO.

How We Generate Rental Revenue

We generate rental revenue and cash flow from existing leases of our tenant sites to wireless carriers, cellular tower owners, outdoor advertisers and renewable power producers. The amount of rental revenue generated by the assets in our portfolio depends principally on occupancy levels and the tenant lease rates and terms at our tenant sites.

We believe the terms of our tenant leases provide us with stable and predictable cash flow that will support consistent, growing distributions to our unitholders. Substantially all of our tenant lease arrangements are effectively triple net, meaning that our tenants or the underlying property owners are contractually responsible for property‑level operating expenses, including maintenance capital expenditures, property taxes and insurance. In addition, over 95% of our tenant leases have contractual fixed‑rate escalators or CPI‑based rent escalators, and some of our tenant leases contain revenue‑sharing provisions in addition to the base monthly or annual rental payments. Occupancy rates under our tenant leases have historically been very high. We also believe we are well positioned to negotiate higher rents in advance of lease expirations as tenants request lease amendments to accommodate equipment upgrades or add tenants to increase co‑location.

1

Future economic or regional downturns affecting our submarkets that impair our ability to renew or re‑lease our real property interests and other adverse developments that affect the ability of our tenants to fulfill their lease obligations, such as tenant bankruptcies, could adversely affect our ability to maintain or increase rental rates at our sites. Adverse developments or trends in one or more of these factors could adversely affect our rental revenue and tenant recoveries in future periods.

How We Evaluate Our Operations

Our management uses a variety of financial and operating metrics to analyze our performance. These metrics are significant factors in assessing our operating results and profitability and include: (1) occupancy, (2) operating and maintenance expenses; (3) Adjusted EBITDA; and (4) distributable cash flow.

Occupancy

The amount of revenue we generate primarily depends on our occupancy rate. As of December 31, 2014, we had a 99% occupancy rate with 754of our 760 available tenant sites leased. In addition, we believe the infrastructure assets at our tenant sites are essential to the ongoing operations and profitability of our tenants. Combined with the challenges and costs of relocating the infrastructure, we believe that we will continue to enjoy high tenant retention and occupancy rates.

There has been significant consolidation in the wireless communication industry in the last two years. In 2013, T‑Mobile acquired MetroPCS and Sprint acquired the remaining interest in Clearwire, and in 2014, AT&T acquired Leap Wireless. Recent consolidation and any potential future consolidation in the wireless industry could lead to rationalization of wireless networks and reduce demand for tenant sites. As a result of T‑Mobile’s acquisition of MetroPCS (completed in 2013), subsequent to year end we received termination notices related to 23 MetroPCS tenant sites. As a result of these termination notices we determined that eight real property interests were impaired and recognized impairment charges totaling $2.1 million related to MetroPCS tenant sites. The remaining $0.7 million of impairment related to a foreclosure notice received effective March 26, 2015. Subsequent to year end we recognized impairment charges totaling $2.8 million.Historically we had a 99% occupancy and we expect our occupancy rate to decline to approximately 97% as we receive additional termination notifications. The termination of leases in our portfolio would result in lower rental revenue, may lead to impairment of our real property interests, or other adverse effects to our business.

Operating and Maintenance Expenses

Substantially all of our tenant sites are subject to effectively triple net lease arrangements, which require the tenant or the underlying property owner to pay all utilities, property taxes, insurance and repair and maintenance costs. Our overall financial results could be impacted to the extent the owners of the fee interest in the real property or our tenants do not satisfy their obligations.

Adjusted EBITDA and Distributable Cash Flow

We define EBITDA as net income before interest, income taxes, depreciation and amortization, and we define Adjusted EBITDA as EBITDA before impairments, acquisition‑related costs, unrealized or realized gain or loss on derivatives, loss on early extinguishment of debt, unit-based compensation, straight line rental adjustments, amortization of above‑ and below‑market lease intangibles, and after the deemed capital contribution to fund our general and administrative expense reimbursement. We define distributable cash flow as Adjusted EBITDA less cash interest paid, current cash income tax paid and maintenance capital expenditures. Distributable cash flow will not reflect changes in working capital balances.

2

EBITDA, Adjusted EBITDA and distributable cash flow 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, Adjusted EBITDA and distributable cash flow in this Annual Report on Form 10-K provides information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to EBITDA, Adjusted EBITDA and distributable cash flow are net income and net cash provided by operating activities. EBITDA, Adjusted EBITDA and distributable cash flow should not be considered as an alternative to GAAP net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Each of EBITDA, Adjusted EBITDA and distributable cash flow has important limitations as analytical tools because they exclude some, but not all, items that affect net income and net cash provided by operating activities, and these measures may vary from those of other companies. You should not consider EBITDA, Adjusted EBITDA and distributable cash flow in isolation or as a substitute for analysis of our results as reported under GAAP. As a result, because EBITDA, Adjusted EBITDA and distributable cash flow may be defined differently by other companies in our industry, EBITDA, Adjusted EBITDA and distributable cash flow as presented below may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

For a further discussion of the non‑GAAP financial measures of EBITDA, Adjusted EBITDA and distributable cash flow, and a reconciliation of EBITDA, Adjusted EBITDA and distributable cash flow to the most comparable financial measures calculated and presented in accordance with GAAP, please read “Selected Historical Financial Data – Non‑GAAP Financial Measures.”

We use the term “distributable cash flow” to measure whether we have generated from our operations, or “earned,” a particular amount of cash sufficient to support the payment of the minimum quarterly distributions. Our partnership agreement contains the concept of “operating surplus” to determine whether our operations are generating sufficient cash to support the distributions that we are paying, as opposed to returning capital to our partners. Because operating surplus is a cumulative concept (measured from the initial public offering date, and compared to cumulative distributions from the initial public offering date), we use the term distributable cash flow to approximate operating surplus on a quarterly or annual, rather than a cumulative, basis. As a result, distributable cash flow is not necessarily indicative of the actual cash we have on hand to distribute or that we are required to distribute.

Factors Affecting the Comparability of Our Financial Results

Our future results of operations may not be comparable to our historical results of operations for the reasons described below:

Acquisitions

We have in the past pursued and intend to continue to pursue acquisitions of real property interests. Our significant historical acquisition activity impacts the period to period comparability of our results of operations.

3

During 2014, 2013, and 2012, our Predecessor acquired real property interests underlying 85,174, and 309 tenant sites, respectively. Operating results from real property interests are reflected from the date of acquisition by Landmark.

On March 4, 2015, Landmark Infrastructure Operating Company LLC (“OpCo”), a wholly owned subsidiary of the Partnership, completed its acquisition of 81 tenant sites and related real property interests (“Acquired Assets”), consisting of 41 wireless communication, 39 outdoor advertising and one renewable power sites, from Landmark Infrastructure Holding Company LLC (“HoldCo”), a wholly owned subsidiary of Landmark, in exchange for cash consideration of $25.2 million (the “Drop-down”). The Drop-down was deemed to be a transaction between entities under common control, which, under applicable accounting guidelines,  requires the assets and liabilities to be transferred at Landmark’s historical cost, with prior periods retroactively adjusted to furnish comparative information. Please refer to our consolidated and combined financial statements included in Exhibit 99.3 to this Current Report on Form 8-K for further information.

Derivative Financial Instruments

Historically we have hedged a portion of the variable interest rates under our secured debt facilities through interest rate swap agreements. We have not applied hedge accounting to these derivative financial instruments which has resulted in the change in the fair value of the interest rate swap agreements to be reflected in income as either a realized or unrealized gain (loss) on derivatives.

General and Administrative Expenses

We expect to incur increased general and administrative expenses, including board of director’s compensation, insurance, legal, accounting and other expenses related to corporate governance, public reporting, tax return preparation, and compliance with various provisions of the Sarbanes‑Oxley Act, as compared to the Predecessor. Under the omnibus agreement, we agreed to reimburse Landmark for expenses related to certain general and administrative services Landmark will provide to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding 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 $80.0 million and (ii) the fifth anniversary of the closing of the IPO (November 19, 2019). The full amount of general and administrative expenses incurred will be reflected on our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected on 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 the amount of general and administrative expenses.

Our historical financial results include a management fee charged by Landmark to cover certain administrative costs as the managing member of the funds. Landmark is no longer entitled to receive a management fee for these services and will be reimbursed for its costs of providing these services subject to the cap under the terms of the omnibus agreement.

Basis in Real Property Interests

We have concluded that the contribution of interests by the Contributing Landmark Funds was deemed a transaction among entities under common control, since these entities have common management and ownership and are under common control. As a result, the contribution and acquisition of real property interests and other assets from the Contributing Landmark Funds to our Predecessor was recorded at Landmark’s historical cost. In December 2012, there was a change in control of Landmark, and based on the level of ownership Landmark held in the Predecessor the purchase accounting associated with the change in control was not pushed down to the Predecessor. In connection with the formation transactions, the purchase accounting associated with the December

4

2012 change in control of Landmark was pushed down to us for all periods presented, which results in a higher cost basis in the assets than the Contributing Landmark Funds.

Factors That May Influence Future Results of Operations

Acquisitions of Additional Real Property Interests

We intend to pursue acquisitions of real property interests from Landmark and its affiliates, including those real property interests subject to our right of first offer. We also intend to pursue acquisitions of real property interests from third parties, utilizing the expertise of our management and other Landmark employees to identify and assess potential acquisitions, for which we would pay Landmark mutually agreed reasonable fees. When acquiring real property interests, we will target infrastructure locations that are essential to the ongoing operations and profitability of our tenants, which we expect will result in continued high tenant occupancy and enhance our cash flow stability. We expect the vast majority of our acquisitions will include leases with our Tier 1 tenants or tenants whose sub‑tenants are Tier 1 companies. Additionally, we will focus on infrastructure locations with characteristics that are difficult to replicate in their respective markets, and those with tenant assets that cannot be easily moved to nearby alternative sites or replaced by new construction. Although our initial portfolio is focused on wireless communication, outdoor advertising and renewable power generation assets in the United States, we intend to grow our initial portfolio of real property interests into other fragmented infrastructure asset classes and may pursue acquisitions internationally.

Impact of Interest Rates

Interest rates have been at or near historic lows in recent years. If interest rates rise, this may impact the availability and terms of debt financing, our interest expense associated with existing and future debt or our ability to make accretive acquisitions.

Critical Accounting Policies

The following discussion of critical accounting policies uses “we”, “our” and the “Partnership” interchangeably. Our discussion and analysis of the historical financial condition and results of operations of the Partnership are based upon its consolidated and combined financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses in the reporting period. Actual amounts may differ from these estimates and assumptions. We have provided a summary of significant accounting policies in Note 2 to the consolidated and combined  financial statements of the Partnership, included elsewhere in Part IV, Item 15(a)(1). We have summarized below those accounting policies that require material subjective or complex judgments and that have the most significant impact on financial condition and results of operations. Management evaluates these estimates on an ongoing basis, based upon information currently available and on various assumptions that it believes are reasonable as of the date hereof. In addition, other companies in similar businesses may use different estimation policies and methodologies, which may impact the comparability of our results of operations and financial condition to those of other companies.

A critical accounting policy is one that is both important to the portrayal of an entity’s financial condition and results of operations and requires judgment on the part of management. Generally, the judgment requires management to make estimates and assumptions about the effect of matters that are inherently uncertain. Estimates are prepared using management’s best judgment, after considering past and current economic conditions and expectations for the future. Changes in estimates could affect our financial position and specific items in our results of operations that are used by the users of our financial statements in their evaluation of our performance. Of the accounting policies discussed in the notes to the consolidated and combined financial statements of the Partnership, included in Part IV, Item 15(a)(1), the accounting policies presented below have been identified by us as critical accounting policies.

5

Purchase Accounting for Acquisitions

The Partnership applies the business combination method to all acquired investments of real property interests for transactions that meet the definition of a business combination. The purchase consideration of the real property interests is allocated to the acquired tangible asset, such as land, and the identified intangible assets and liabilities, consisting of the value of perpetual and limited life easements, above‑market and below‑market leases and in‑place leases, based in each case on their fair values. The fair value of the assets acquired and liabilities assumed is typically determined by using the discounted cash flow valuation method using discount rates ranging between 9% and 20%. When determining the fair value of intangible assets acquired, the Partnership estimates the applicable discount rate and the timing and amount of future cash flows. The determination of the final purchase price allocation and the acquisition‑date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period, but no later than 12 months from the acquisition date and result in adjustments to the preliminary estimates recognized in the prior period financial statements. Transaction costs related to the acquisition of a business, including investments in real property interests, are expensed as incurred.

Factors considered in estimating the fair value of tangible and intangible assets acquired include information obtained about each asset as a result of Landmark’s pre‑acquisition due diligence and its marketing and leasing activities. In order to calculate the estimated in‑place lease value, we employed the income approach in accordance with ASC 805 by multiplying the anticipated market absorption period by the market rent at the time of acquisition for each in‑place lease agreement. Based on our experience in the industry, we have determined a range of lease execution timelines to be between one and six months. For the in‑place lease valuation, we consider a lease‑up period of four months to be representative of the market.

We estimated the fair value of real property interests using the income approach, by capitalizing the market rent at the time of acquisition at a market capitalization rate. The market capitalization rate was estimated by deducting an inflation rate of 3% from the market discount rate for each asset. The discount rates used ranged from 9% to 20%. The value of tenant relationships has not been separated from in‑place tenant lease value for the real estate acquired as such value and its consequence to amortization expense is materially consistent with the in‑place lease value for these particular acquisitions. Should future acquisitions of real property interests result in allocating material amounts to the value of tenant relationships, an amount would be separately allocated and amortized over the estimated life of the relationship. The value of in‑place leases and customer relationship is amortized to expense over the estimated period the tenant is expected to be leasing the site under the existing terms which typically range from 2 to 20 years. If a tenant lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be impaired.

The discount rate associated with each asset varies based on the location of an asset (including demographics and zoning restrictions), and other asset specific characteristics. Market rent for each asset is determined based on location of each asset, asset type, zoning restrictions, ground space necessary for the tenant’s equipment, remaining site capacity, visibility (specifically for billboards), and nearby sites.

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired asset, above‑market, below‑market and in‑place lease values are calculated based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in‑place leases and (ii) management’s estimate of fair market lease rates for the corresponding in‑place leases measured over the estimated period the tenant is expected to be leasing the site under the above or below‑market terms. The capitalized above‑market and below‑market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site. All tenant leases obtained by us through acquisition of real property interests are generally cancellable, upon 30 to 180 days’ notice by the tenants, with no significant penalty. With respect to below‑market leases, consideration is given to any below‑market renewal periods. However, for wireless communication assets, we estimated the above‑ or below‑market lease value over an analysis period of the earlier of the lease expiration or 10 years based on estimated useful life of the underlying equipment and assets. For outdoor advertising assets, we estimated the

6

above‑ or below‑market lease value over an analysis period of the earlier of the lease expiration or 20 years, based on a longer estimated useful life of 20 years for outdoor advertising assets.

Impairment of Long‑Lived Assets

We assess the carrying values of our long‑lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future net cash flow, undiscounted and without interest, expected to be generated by the asset.

In evaluating our assets for recoverability, we consider current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including the income approach using a market discount rate, terminal capitalization rate and rental rate assumptions, or on the sales comparison approach to similar assets. If our analysis indicates that the carrying value of the asset is not recoverable, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell.

Assumptions and estimates used in the recoverability analyses for future cash flow, discount rates and capitalization rates are complex and subjective. Changes in economic and operating conditions or our intent with regard to our assets that occurs subsequent to our impairment analyses could impact these assumptions and result in future impairments of our assets.

Revenue Recognition

The Partnership recognizes rental income under operating leases, including rental abatements, lease incentives and contractual fixed increases, if any, from tenants under lease arrangements with minimum fixed and determinable increases on a straight‑line basis over the non‑cancellable term of the related leases when collectability is reasonably assured. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are recorded as deferred rent assets. The excess of rent payments collected over amounts recognized contractually due pursuant to the underlying lease are recorded as prepaid rents.

All leases obtained by the Partnership through its acquisition and ownership of real property interests were generally cancelable upon 30‑180 days’ notice by the tenants with no significant penalty. The Partnership evaluates whether the lease arrangements economically compel the tenant to not cancel the lease in determining the term of the lease by considering various factors such as cancellation rights, availability of alternative sites, and historical cancellation rates. For cancellable leases where the tenant is not economically compelled to continue the lease, the term of the lease is considered to be the non‑cancellable period with rental abatements and contractual fixed rate increases recorded in the period the amounts become due and payable.

· Wireless Communication – As a result of various factors, including the cancellation rights, ability to find alternative sites, credit risk, and historical cancellation and lease amendment rates, the lease term is generally considered to be the non‑cancellable term of the lease of 30 to 180 days. For these leases rental abatements and contractual fixed increases are recorded in the period the amounts become due and payable.

· Outdoor Advertising – The lease term is generally considered to be the non‑cancellable term of the remaining portion of the existing term of the lease.

The capitalized above‑market and below‑market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site.

7

Our ability to accurately estimate the term of our tenant leases is critical to the amount of revenue we recognize.

Results of Operations of our Partnership

Segments

We conduct business through three reportable business segments: Wireless Communication, Outdoor Advertising, and Renewable Power Generation. Our reportable segments are strategic business units that offer different products and services. They are commonly managed, as both businesses require similar marketing and business strategies. We evaluate our segments based on revenue because substantially all of our tenant lease arrangements are effectively triple net. We believe this measure provides investors relevant and useful information because it is presented on an unlevered basis.

Comparison of Year Ended December 31, 2014 to Year Ended December 31, 2013

Our results of operations for all periods presented were affected by acquisitions made during the year ended December 31, 2014 and 2013. As of December 31, 2014 and 2013, we had 760 and 678 available tenant sites, respectively. The following table summarizes the combined statement of operations for year ended December 31, 2014 and 2013:

	Year Ended December 31,				Increase		Percentage
	2014(1)		2013(1)		(Decrease)		Difference
Revenue
Rental revenue	$	13,700,487	$	11,901,376	$	1,799,111	15	%
Interest income on receivables		709,030		742,185		(33,155)	(4)	%
Total revenue		14,409,517		12,643,561		1,765,956	14	%
Expenses
Management fees to affiliate		362,495		370,625		(8,130)	(2)	%
Property operating		24,720		6,454		18,266	283	%
General and administrative		816,798		722,028		94,770	13	%
Acquisition-related		147,150		318,600		(171,450)	(54)	%
Amortization		3,556,911		3,229,377		327,534	10	%
Impairments		258,834		1,005,478		(746,644)	(74)	%
Total expenses		5,166,908		5,652,562		(485,654)	(9)	%
Other income and expenses
Interest expense		(4,984,054)		(3,840,359)		(1,143,695)	30	%
Loss on early extinguishment of debt		(2,905,259)		—		(2,905,259)	100	%
Realized loss on derivatives		(213,181)		—		(213,181)	100	%
Unrealized (loss) gain on derivatives		(552,268)		1,279,176		(1,831,444)	(143)	%
Total other income and expenses		(8,654,762)		(2,561,183)		(6,093,579)	238	%
Net income	$	587,847	$	4,429,816	$	(3,841,969)	(87)	%

(1) Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

Rental Revenue

Rental revenue increased $1,799,111, or 15%, $377,767 of which was due to the greater number of assets in the portfolio during 2014 when compared to 2013, with the balance due to contractual rent escalations and the full period impact of assets acquired during 2013. Additional rental revenue from the Acquired Assets was $211,057 and

8

$31,223 during the years ended December 31, 2014 and 2013, respectively. During 2014 we had 760 available tenant sites with 754 leased tenant sites generating revenue compared to 678 available tenant sites and 675 leased tenant sites generating revenue during 2013. Revenue generated from our wireless communication, outdoor advertising, and renewable power generation segments was $11,693,862,  $1,991,367, and $15,258, or 85%,  15%, and 0% of total rental revenue, respectively, during 2014, compared to $10,175,621, $1,725,756, and zero, or 85%, 15%, and 0% of total rental revenue, respectively, during 2013. The occupancy rates in our wireless communication and outdoor advertising segments were 99% and 100%, respectively, during 2014 and 2013. Additionally, our effective monthly rental rates per tenant site for wireless communication and outdoor advertising segments were $1,638 and $1,355, respectively, during 2014 compared to $1,574 and $1,453, respectively, during 2013. The occupancy rate in our renewable power generation segment was 100% with an effective monthly rental rate per tenant site of $1,491 during 2014. During 2013 no real property interests were owned in the renewable power generation segment.

Interest Income on Receivables

Interest income on receivables decreased $33,155, or 4%, due to a lower receivables principal balance during 2014 when compared to 2013. We expect the amount of interest income on receivables to continue to decline as the principal balance of the receivables continues to decrease. We expect to reinvest the principal payments received into additional real property interests. Interest income on receivables is generated from our wireless communication segment.

Management Fees to Affiliate

Management fees to affiliates decreased $8,130, or 2%, during 2014 compared 2013, due to the management fee terminating on November 19, 2014 in connection with the IPO. Landmark’s right to receive a management fee of $45 per asset per month for managing these assets was terminated in connection with our IPO and we will instead reimburse Landmark for certain general and administrative expenses incurred by Landmark pursuant to the omnibus agreement, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding calendar quarter. The full amount of general and administrative expenses incurred will be reflected on our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected on 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 the amount of general and administrative expenses.

General and Administrative

General and administrative expenses increased $94,770, or 13%, during 2014 compared to 2013, due to an increase in additional accounting and legal related services incurred during 2014. In connection with our IPO, we entered into an agreement to reimburse Landmark for certain general and administrative expenses incurred by Landmark pursuant to the omnibus agreement, subject to a cap. For the period from November 19, 2014 to December 31, 2014 Landmark reimbursed us $12,349 for expenses related to certain general and administrative services expenses that exceeded the cap. We expect our general and administrative expenses to continue to increase due to additional costs of being a public company.

Acquisition‑Related

Acquisition‑related expenses decreased $171,450 or 54%, during 2014 compared to 2013 as a result of 85 tenant site acquisitions in 2014 compared to 174 tenant site acquisitions in 2013. Acquisition‑related expenses are third party fees and expenses related to acquiring an asset and include survey, title, legal and other items.

9

Amortization

Amortization expense increased $327,534, or 10%, during 2014 compared 2013 as a result of having 760 tenant sites in 2014 compared to 678 tenant sites in 2013. We expect amortization of investments in real property rights with definite useful lives and in‑place lease values to continue to increase based on increased acquisitions and assets acquired in 2013 and 2014 contributing to a full year of amortization.

Impairments

Impairments decreased $746,644, or 74%, during 2014 compared 2013, due to the difference in net book values between impaired assets year over year in our wireless communication segment.

Interest Expense

Interest expense increased $1,143,695, or 30%, during 2014 compared 2013, due to greater outstanding debt balances in 2014. At the close of the IPO on November 19, 2014, we amended and restated the Fund A and Fund D secured debt facilities as a new $190.0 million senior secured revolving credit facility and paid down $19,157,418of outstanding indebtedness under the facility. Additionally, prior to year end December 31, 2014 we repaid $1,000,000 of outstanding indebtedness to bring our total outstanding debt as of December 31, 2014 to $74,000,000. Effective December 24, 2014, we entered into an interest rate swap agreement with a notional amount of $70,000,000 to fix the floating interest rate over a four-year period at an effective rate of 4.02%. On February 5, 2015, the Partnership swapped an additional $25,000,000 of the floating rate on its revolving facility at an effective rate of 3.79% over a four-year period beginning April 13, 2015.

Loss on Early Extinguishment of Debt

In connection with the amendment and restatement of the secured debt facilities as a new secured revolving credit facility, we expensed the unamortized balance of the deferred loan costs of $2,905,259 related to these facilities.

Realized loss and Unrealized Gain/(Loss) on Derivatives

The Contributing Landmark Funds mitigated exposure to fluctuations in interest rates under the secured debt facilities by entering into swap contracts that fixed the floating LIBOR rate under the facilities. These contracts were adjusted to fair value at each period end. As part of the formation transactions, the interest rate swaps held by Fund A and Fund D were terminated. The realized loss recorded in the results for 2014 reflects the termination of these contracts in 2014. Effective December 24, 2014, we entered into an interest rate swap agreement with a notional amount of $70,000,000 to fix the floating interest rate over a four-year period at an effective rate of 4.02%. The unrealized loss recorded in the results for 2014 reflects the change in fair value of the interest rate swap contracts during the period presented.  

10

Comparison of Year Ended December 31, 2013 to Year Ended December 31, 2012

Our results of operations for all periods presented were affected by acquisitions made during the years ended December 31, 2013 and 2012. As of December 31, 2013 and 2012 we had 678 and 505 tenant sites, respectively. The following table summarizes the statements of for the years ended December 31, 2013 and 2012:

	Year Ended December 31,				Increase		Percentage
	2013(1)		2012(1)		(Decrease)		Difference
Revenue
Rental revenue	$	11,901,376	$	6,428,014	$	5,473,362	85	%
Interest income on receivables		742,185		356,348		385,837	108	%
Total revenue		12,643,561		6,784,362		5,859,199	86	%
Expenses
Management fees to affiliate		370,625		209,091		161,534	77	%
Property operating		6,454		26,267		(19,813)	(75)	%
General and administrative		722,028		191,293		530,735	277	%
Acquisition-related		318,600		727,158		(408,558)	(56)	%
Amortization		3,229,377		1,435,855		1,793,522	125	%
Impairments		1,005,478		183,271		822,207	449	%
Total expenses		5,652,562		2,772,935		2,879,627	104	%
Other income and expenses
Interest expense		(3,840,359)		(1,476,207)		(2,364,152)	160	%
Unrealized gain (loss) on derivatives		1,279,176		(1,016,716)		2,295,892	226	%
Total other income and expenses		(2,561,183)		(2,492,923)		(68,260)	(3)	%
Net income	$	4,429,816	$	1,518,504	$	2,911,312	192	%

(1) Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

Rental Revenue

Rental revenue increased $5,473,362 or 85%, $1,838,162 of which was due to the greater number of assets in the portfolio during 2013 when compared to 2012 and the balance of which was due to rental escalations and the full‑period impact of assets acquired during the year ended December 31, 2012. During the year ended December 31, 2013 we had 678 available tenant sites with 675 leased tenant sites generating revenue compared to 505 available tenant sites and 504 leased tenant sites generating revenue during the year ended December 31, 2012. Revenue generated from our wireless communication and outdoor advertising segments was $10,175,620 and $1,725,756, or 85% and 15% of total rental revenue, respectively, during the year ended December 31, 2013 compared to $5,812,730 and $615,284, or 90% and 10% of total rental revenue, respectively, for the year ended December 31, 2012. The occupancy rates in our wireless communication and outdoor advertising segments were 99% and 100%, respectively, during these periods. Additionally, our average effective monthly rental rates per tenant site for wireless communication and outdoor advertising segments were $1,574 and $1,453, respectively, during the year ended December 31, 2013 compared to $1,510 and $1,302, respectively, during the year ended December 31, 2012.

Interest Income on Receivables

Interest income on receivables increased $385,837, or 108%, during 2013 when compared to 2012 due to the acquisition of additional receivables during the second half of 2012. We expect the amount of interest income on receivables to decrease over time as the principal balance of the receivables decreases. We expect to reinvest the principal payments received into additional real property interests. Interest income on receivables is generated from our wireless communication segment.

11

Management Fees to Affiliate

Management fees to affiliates increased $161,534, or 77% during 2013 when compared to 2012, due to the increase in the number of investments in real property interests in the portfolio. Landmark’s right to receive a management fee of $45 per asset per month for managing these assets was terminated in connection with our IPO and we will instead reimburse Landmark for certain general and administrative expenses incurred by Landmark pursuant to the omnibus agreement, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding calendar quarter.

General and Administrative

General and administrative expenses increased $530,735, or 277%, during 2013 as compared to 2012, due to additional accounting and legal related fees incurred during 2013. The timing of some of the 2013 annual audit and tax work shifted to the fourth quarter of 2013, which resulted in higher general and administrative expenses in 2013 compared to 2012. Additionally, audit and tax costs increased as a result of a higher level of investments in 2013 compared to 2012.

Acquisition‑Related

Acquisition‑related expenses decreased $408,558, or 56%, during 2013 compared to 2012, due to a reduction in the number of assets acquired during 2013 as compared to 2012. During the year ended December 31, 2013, the Predecessor acquired 174tenant sites compared to 309 tenant sites acquired during the year ended December 31, 2012.

Amortization

Amortization expense increased $1,793,522, or 125%, during 2013 compared to 2012, as a result of having 678 tenant sites in 2014 compared to 505 tenant sites in 2013. On December 21, 2012, a change in control occurred due to the acquisition of a controlling interest of Landmark. In connection with the formation transactions the purchase accounting associated with the December 2012 change in control of Landmark was pushed down to us, resulting in a higher cost basis in the assets in the historical financial statements of Contributing Landmark Funds. The higher costs basis increased amortization during 2013. We expect amortization expense to continue to increase based on increased acquisitions in 2013 and 2014 contributing to a full year of amortization.

Impairments

Impairments increased $822,207, or 449%, during 2013 compared to 2012, due to higher lease cancellations than occurred during 2012 in our wireless communication segment.

Interest Expense

Interest expense increased $2,364,152, or 160%, during 2013 as compared to 2012, due to greater outstanding balances under the secured debt facilities. Additionally, interest rate swap agreements were executed in 2012 and 2013 with notional amounts of $39,477,779 and $20,506,038, respectively which fixed a portion of the borrowings and had the near‑term effect of increasing the effective rate on the secured debt facilities.

Unrealized Gain/(Loss) on Derivatives

The Predecessor mitigated exposure to fluctuations in interest rates under its secured debt facilities by entering into swap contracts that fixed the floating LIBOR rate under the facilities. These contracts were marked to market at each period end. The unrealized gain recorded in the results for 2013 and the unrealized loss recorded in

12

the results for 2012 reflects the change in fair value of these contracts during those periods.  As part of the IPO and formation transactions, the interest rate swaps held by Fund A and Fund D were terminated.

Liquidity and Capital Resources

Our short‑term liquidity requirements will consist primarily of funds to pay for operating expenses and other expenditures directly associated with our assets, including:

· interest expense on our revolving credit facility;

· general and administrative expenses;

· acquisitions of real property interests; and

· distributions to our unitholders.

We intend to satisfy our short‑term liquidity requirements through cash flow from operating activities and proceeds from borrowings available under our revolving credit facility.

We intend to pay a minimum quarterly distribution of $0.2875 per unit per quarter, which equates to approximately $2.3 million per quarter, or $9.0 million per year in the aggregate, based on the number of common and subordinated units outstanding as of December 31, 2014. We do not have a legal obligation to pay this distribution.

The table below summarizes the quarterly distribution paid related to our financial results for the period from the date of the IPO of November 19, 2014 to December 31, 2014:

	Distribution		Total Cash		Date
Quarter Ended (1)	Per Unit (1)		Distribution		of Distribution
December 31, 2014	$	0.1344	$	1,053,397	February 13, 2015

(1) The initial quarterly cash distribution was calculated as the minimum quarterly distribution of $0.2875 per unit prorated for the period from the date of the IPO of November 19, 2014 to December 31, 2014.

As of December 31, 2014, we have $74,000,000 of outstanding indebtedness, and we had approximately $116,000,000 of undrawn borrowing capacity, subject to compliance with certain covenants, under our revolving credit facility. We intend to use the revolving credit facility, among other things, for real property interest acquisitions, working capital requirements and other general corporate purposes.

Our long‑term liquidity needs consist primarily of funds necessary to pay for acquisitions and scheduled debt maturities. We intend to satisfy our long‑term liquidity needs through cash flow from operations, long‑term debt, and through the issuance of additional equity.

13

Cash Flows

The following table summarizes our historical cash flows for the years ended December 31, 2014, 2013, and 2012:

	Year Ended December 31,
	2014		2013		2012
Net Cash provided by operating activities	$	8,909,933	$	8,302,510	$	4,278,472
Net Cash used in investing activities		(5,546,342)		(27,809,401)		(63,953,318)
Net Cash provided by (used in) financing activities		(4,089,810)		(4,703,919)		84,764,424

Comparison of year ended December 31, 2014 to year ended December 31, 2013

Net cash provided by operating activities.  Net cash provided by operating activities increased $607,423 to $8,909,933 for the year ended December 31, 2014 compared to $8,302,510 for the year ended December 31, 2013. The increase is primarily attributable to the timing of payments of accounts payable and accrued liabilities.

Net cash used in investing activities.  Net cash used in investing activities decreased by $22,263,059 to $5,546,342 for the year ended December 31, 2014 compared to $27,809,401 for the year ended December 31, 2013. The decrease is due to the reduction in acquisitions of real property interests during the year ended December 31, 2014.

Net cash provided by (used in) financing activities.  Net cash used in financing activities decreased by $614,109 to $(4,089,810)for the year ended December 31, 2014 compared to $(4,703,919) for the year ended December 31, 2013. On November 19, 2014 the Partnership completed its IPO of 2,750,000 common units to the public at a price of $19.00 per unit and we received $52,250,000 of gross proceeds from the sale. In addition, Landmark purchased from us 2,066,995 subordinated units for cash at the initial public offering price of our common units for proceeds of $39,272,905. After deducting underwriting discounts, structuring fees, and other offering costs of $9,519,321, our net proceeds from the IPO were $82,003,584. We used the net proceeds from the IPO, together with the proceeds from our sale of subordinated units to Landmark to make distributions of $59,667,292 to Fund A and D and to pay down $19,157,418of outstanding indebtedness under our revolving credit facility, net of $2,907,382 in commitment fees and expenses under our revolving credit facility. Additional distributions of $7,614,770 was made by the Predecessor to Contributing Landmark members during 2014.

Comparison of year ended December 31, 2013 to year ended December 31, 2012

Net cash provided by operating activities.  Net cash provided by operating activities increased by $4,024,038 to $8,302,510 for the year ended December 31, 2013 compared to $4,278,472 for the year ended December 31, 2012. The increase was primarily attributable to incremental revenue from acquisitions of investments in real property interests made during 2013 and 2012, offset by a decrease in prepaid rents, year over year.

Net cash used in investing activities.  Net cash used in investing activities decreased by $36,143,917 to $27,809,401 for the year ended December 31, 2013 compared to $63,953,318 for the year ended December 31, 2012. The change is attributable to a year over year decrease of $26,643,325 paid for real property interests acquired and $9,961,371 paid for investments in receivables.

Net cash provided by (used in) financing activities.  Net cash used in financing activities was $(4,703,919) for the year ended December 31, 2013 compared to net cash provided by financing activities of $84,764,424for the year ended December 31, 2012. The decrease was primarily attributable to a decrease in contributions from members of $51,918,850 as a result of members’ commitments having been satisfied in the previous year, coupled with a decrease of $44,625,148 as a result of less borrowings from our secured debt facilities and payments of $641,530 on our secured debt facilities, offset by a reduction in cash paid of $1,264,832 for loan origination costs

14

and a reduction in distributions to members of $6,480,777, year over year. The difference between the cost and the sales price of assets sold by Landmark into the Contributing Landmark Funds is treated as a distribution to Landmark. The decrease in distributions is primarily due to fewer asset sales to the fund in the year ended December 31, 2013 compared to the year ended December 31, 2012.

Revolving Credit Facility

Credit Facility

At the closing of the IPO, we amended and restated the existing secured debt facilities of Fund A and D as a new $190.0 million senior secured revolving credit facility, which we refer to as our “revolving credit facility,” with SunTrust Bank, as administrative agent, and a syndicate of lenders. Our revolving credit facility will mature on November 19, 2019 and is available for working capital, capital expenditures, permitted acquisitions and general corporate purposes, including distributions. Substantially all of our assets, excluding equity in and assets of certain joint ventures and unrestricted subsidiaries, after‑acquired real property (other than real property that is acquired from affiliate funds and is subject to a mortgage), and other customary exclusions, is pledged as collateral under our revolving credit facility.

Our revolving credit facility contains various covenants and restrictive provisions that limits our ability (as well as the ability of our restricted subsidiaries) to, among other things:

· incur or guarantee additional debt;

· make distributions on or redeem or repurchase equity;

· make certain investments and acquisitions;

· incur or permit to exist certain liens;

· enter into certain types of transactions with affiliates;

· merge or consolidate with another company;

· transfer, sell or otherwise dispose of assets or enter into certain sale‑leaseback transactions; and

· enter into certain restrictive agreements or amend or terminate certain material agreements.

Our revolving credit facility also requires compliance with certain financial covenants as follows:

· a leverage ratio of not more than 8.5 to 1.0; and

· an interest coverage ratio of not less than 2.0 to 1.0.

In addition, our revolving credit facility contains events of default including, but not limited to (i) event of default resulting from our failure or the failure of our restricted subsidiaries to comply with covenants and financial ratios, (ii) the occurrence of a change of control (as defined in the credit agreement), (iii) the institution of insolvency or similar proceedings against us or our restricted subsidiaries, (iv) the occurrence of a default under any other material indebtedness (as defined in the credit agreement) we or our restricted subsidiaries may have and (v) any one or more collateral documents ceasing to create a valid and perfected lien on collateral (as defined in the credit agreement). Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the credit agreement, the lenders may declare any outstanding principal of our revolving credit facility

15

debt, together with accrued and unpaid interest, to be immediately due and payable and may exercise the other remedies set forth or referred to in the credit agreement and the other loan documents.

Loans under our revolving credit facility bear interest at our option at a variable rate per annum equal to either:

· a base rate, which will be the highest of (i) the administrative agent’s prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50%, and (iii) an adjusted one month LIBOR plus 1.0%, in each case, plus an applicable margin of 1.50%; or

· an adjusted one month LIBOR plus an applicable margin of 2.50%.

As of December 31, 2014, we had $74 million of outstanding indebtedness, and have approximately $116 million of undrawn borrowing capacity, subject to compliance with certain covenants, under our revolving credit facility.

Commitments

Our contractual obligations as of December 31, 2014 were:

	Payments by Period
			Less than		Between		Between		More than
	Total		1 year		1 - 3 years		3 - 5 years		5 years
Revolving credit facility (principal)	$	74,000,000	$	—	$	—	$	74,000,000	$	–
Revolving credit facility (interest)(1)		15,692,494		3,213,480		6,426,960		6,052,054		–

(1) Interest payable is based on the interest rates in effect on December 31, 2014, including the effect of the interest rate swap effective December 24, 2014 for a four-year term and unused commitment fees.

Off Balance Sheet Arrangements

As of December 31, 2014, our partnership does not have any off balance sheet arrangements.

Inflation

Substantially all of our tenant lease arrangements are effectively triple net and provide for fixed‑rate escalators or rent escalators tied to CPI increases. We believe that inflationary increases may be at least partially offset by the contractual rent increases and our tenants’ (or the underlying property owners’) obligations to pay taxes and expenses under our effectively triple net lease arrangements. We do not believe that inflation has had a material impact on our historical financial position or results of operations.

Newly Issued Accounting Standards

Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standard Codification. The Partnership considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are expected to not have any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial.

In January 2015, the FASB issued final guidance on its initiative of simplifying income statement presentation by the eliminating the concept of extraordinary items (“ASU No. 2015-01”). Under the guidance an entity will no longer be able to segregate an extraordinary item from the results of operations, separately present an extraordinary item on the income statement, or disclose income taxes or earnings-per-share data applicable to an extraordinary item.  The ASU is effective for all entities for reporting periods (including interim periods) beginning

16

after December 15, 2015, and early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2015-01 to have a material impact on its financial statements.

In June 2014, the FASB issued their final standard to amend the accounting guidance for stock compensation tied to performance targets (“ASU No. 2014-12”). The issue is the result of a consensus of the FASB Emerging Issues Task Force (Issue No. 13-D). The standard requires that a performance target that could be achieved after the requisite service period be treated as a performance condition, and as a result, this type of performance condition may delay expense recognition until achievement of the performance target is probable. The ASU is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015, and early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2014-12 to have a material impact on its financial statements.

In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014‑09”). ASU No. 2014‑09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014‑09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry‑specific guidance throughout the Industry Topics of the Codification. ASU No. 2014‑09 does not apply to lease contracts within the scope of Leases (Topic 840). For a public entity ASU No. 2014‑09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. For all other entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The Partnership does not expect the adoption of ASU No. 2014‑09 to have an impact on its financial statements.

The Partnership has adopted ASU No. 2014‑08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which requires only disposals represented a strategic shift in operations (i.e., a disposal of a major geographic area, a major line of business, or a major equity method investment) to be presented as discontinued operations. The standard also requires expanded disclosures about discontinued operations and is intended to provide financial statement users with information about the ongoing trends in a company’s results from continuing operations. ASU No. 2014‑08 is effective in the first quarter of 2015 for public entities with calendar year ends. However, companies are permitted to early adopt the standard, beginning in the first quarter of 2014, but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issuance. We early adopted this standard in the first quarter of 2014 and the adoption did not have a material effect on our financial condition, results of operations, or disclosures.

Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for complying with new or revised accounting standards applicable to public companies. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have irrevocably opted out of this extended transition period and, as a result, we will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.

17

EX-99.3

Exhibit 99.3

INDEX TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm	F‑2
Consolidated and Combined Balance Sheets as of December 31, 2014 and 2013	F‑3
Consolidated and Combined Statements of Income for the years ended December 31, 2014, 2013, and 2012	F‑4
Consolidated and Combined Statements of Partners’ Capital for the years ended December 31, 2014, 2013, and 2012	F‑5
Consolidated and Combined Statements of Cash Flows for the years ended December 31, 2014, 2013, and 2012	F‑6
Notes to Consolidated and Combined Financial Statements for the years ended December 31, 2014, 2013, and 2012	F‑7
Schedule III: Real Estate and Accumulated Depreciation	F‑36

F-1

Report of Independent Registered Public Accounting Firm

The Board of Directors of Landmark Infrastructure Partners GP LLC and Partners of Landmark Infrastructure Partners LP

We have audited the accompanying consolidated and combined balance sheets of Landmark Infrastructure Partners LP as of December 31, 2014 and 2013, and the related consolidated and combined statements of income consolidated and combined statements of partners’ capital consolidated and combined statements of cash flows for each of the three years in the period ended December 31, 2014. Our audits also included the financial statement schedule listed in the index to this registration statement. These financial statements and the financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and the financial statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated and combined financial statements referred to above present fairly, in all material respects, the consolidated and combined financial position of Landmark Infrastructure Partners LP at December 31, 2014 and 2013, and the consolidated and combined results of its operations and its cash flows for each of the three years in the period ended December 31, 2014, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the financial information set forth therein.

/s/ Ernst & Young LLP

Irvine, California

May 11, 2015

F-2

Landmark Infrastructure Partners LP

Consolidated and Combined Balance Sheets

	December 31,
	2014*		2013*
Assets
Land	$	4,829,573	$	1,895,117
Real property interests		183,378,480		168,800,789
Total land and real property interests		188,208,053		170,695,906
Accumulated amortization of real property interest		(5,873,199)		(2,848,040)
Land and net real property interests		182,334,854		167,847,866
Investments in receivables, net		8,665,274		9,085,281
Cash and cash equivalents		311,108		1,037,327
Rent receivables, net		80,711		112,115
Due from Landmark and affiliates		659,722		648,701
Deferred loan cost, net		2,838,879		3,240,779
Deferred rent receivable		285,790		173,812
Derivative assets		—		455,561
Other intangible assets, net		4,677,499		4,371,416
Other assets		399,222		—
Total assets	$	200,253,059	$	186,972,858
Liabilities and equity
Revolving credit facility	$	74,000,000	$	—
Secured debt facilities		—		89,336,688
Accounts payable and accrued liabilities		141,508		945,664
Due to Landmark and affiliates		—		583,689
Other intangible liabilities, net		7,328,741		6,192,391
Prepaid rent		1,532,372		1,346,060
Derivative liabilities		289,808		193,101
Total liabilities		83,292,429		98,597,593
Commitments and contingencies (Note 15)
Equity		116,960,630		88,375,265
Total liabilities and equity	$	200,253,059	$	186,972,858

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015. See Note 3—Acquisition, for additional information.

See accompanying notes to consolidated and combined financial statements.

F-3

Landmark Infrastructure Partners LP

Consolidated and Combined Statements of Income

	Year Ended December 31,
	2014*		2013*		2012*
Revenue
Rental revenue	$	13,700,487	$	11,901,376	$	6,428,014
Interest income on receivables		709,030		742,185		356,348
Total revenue		14,409,517		12,643,561		6,784,362
Expenses
Management fees to affiliate		362,495		370,625		209,091
Property operating		24,720		6,454		26,267
General and administrative		816,798		722,028		191,293
Acquisition-related		147,150		318,600		727,158
Amortization		3,556,911		3,229,377		1,435,855
Impairments		258,834		1,005,478		183,271
Total expenses		5,166,908		5,652,562		2,772,935
Other income and expenses
Interest expense		(4,984,054)		(3,840,359)		(1,476,207)
Loss on early extinguishment of debt		(2,905,259)		—		—
Realized loss on derivatives		(213,181)		—		—
Unrealized gain (loss) on derivatives		(552,268)		1,279,176		(1,016,716)
Total other income and expenses		(8,654,762)		(2,561,183)		(2,492,923)
Net income	$	587,847	$	4,429,816	$	1,518,504
Less: Net income attributable to Predecessor		3,286,195		4,429,816		1,518,504
Net loss attributable to partners	$	(2,698,348)	$	—	$	—
Net loss per limited partners unit
Common units – basic and diluted	$	(0.34)
Subordinated units – basic and diluted	$	(0.34)
Weighted-average limited partner units outstanding
Common units – basic and diluted		4,702,665
Subordinated units – basic and diluted		3,135,109

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015. See Note 3—Acquisition, for additional information.

See accompanying notes to consolidated and combined financial statements.

F-4

Landmark Infrastructure Partners LP

Consolidated and Combined Statements of Partners’ Capital

	Landmark Infrastructure Partners LP(2)
	Common		Subordinated		General
	Unitholders		Unitholder		Partner		Landmark Infrastructure
	Public		Landmark		Landmark		Partners LP Predecessor(2)		Total Equity(2)
Balance as of December 31, 2011	$	—	$	—	$	—	$	33,634,317	$	33,634,317
Cash Contributions		—		—		—		52,418,850		52,418,850
Contributions of real property interests		—		—		—		3,995,291		3,995,291
Distributions		—		—		—		(32,200,401)		(32,200,401)
Change in control		—		—		—		48,049,897		48,049,897
Net income		—		—		—		1,518,504		1,518,504
Balance as of December 31, 2012	$	—	$	—	$	—	$	107,416,458	$	107,416,458
Cash Contributions		—		—		—		500,000		500,000
Contributions of real property interests		—		—		—		1,777,039		1,777,039
Distributions		—		—		—		(25,748,048)		(25,748,048)
Net income		—		—		—		4,429,816		4,429,816
Balance as of December 31, 2013	$	—	$	—	$	—	$	88,375,265	$	88,375,265
Contributions of real property interests to predecessor		—		—		—		11,597,918		11,597,918
Distributions		—		—		—		(7,721,737)		(7,721,737)
Net income attributable to Predecessor		—		—		—		3,286,195		3,286,195
Contribution of assets by Landmark Infrastructure Partners LP Predecessor		93,222,079		(8,447,609)		—		(83,019,274)		1,755,196
Balance post reorganization(1)	$	93,222,079	$	(8,447,609)	$	—	$	12,518,367	$	97,292,837
Proceeds from initial public offering, net of offering costs of $9,519,321		42,730,679		—		—		—		42,730,679
Proceeds from sale of subordinated units to Landmark		—		39,272,905		—		—		39,272,905
Distributions to Contributing Landmark Funds		(59,667,292)		—		—		—		(59,667,292)
Capital contribution to fund general and administrative expense reimbursement		—		—		12,349		—		12,349
Unit-based compensation		17,500		—		—		—		17,500
Net loss attributable to partners		(1,619,009)		(1,079,339)		—		—		(2,698,348)
Balance as of December 31, 2014	$	74,683,957	$	29,745,957	$	12,349	$	12,518,367	$	116,960,630

(1) Prior to the reorganization and closing of the IPO on November 19, 2014, financials represent the Combined and Consolidated results of the Contributing Landmark Funds and various assets, our predecessor for accounting purposes. For time periods subsequent to the reorganization and IPO, these financial statements represent the results of Landmark Infrastructure Partners LP. See Note 1 for further information.

(2) Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.See Note 3—Acquisition, for additional information.

See accompanying notes to consolidated and combined financial statements.

F-5

Landmark Infrastructure Partners LP

Consolidated and Combined Statements of Cash Flows

	Year Ended December 31,
	2014*		2013*		2012*
Operating activities
Net income	$	587,847	$	4,429,816	$	1,518,504
Adjustments to reconcile net income to net cash provided by operating activities:
Unit-based compensation		17,500		—		—
Unrealized (gain) loss on derivatives		552,268		(1,279,176)		1,016,716
Loss on early extinguishment of debt		2,905,259		—		—
Amortization expense		3,556,911		3,229,377		1,435,855
Amortization of above- and below- market lease		(539,539)		(430,909)		(224,311)
Amortization of deferred loan costs		864,318		751,352		254,454
Receivables interest accretion		(51,899)		(68,977)		(49,978)
Impairments		258,834		1,005,478		183,271
Allowance for investments in receivables		4,465		25,304		—
Allowance for doubtful accounts		—		30		1,036
Changes in operating assets and liabilities:
Rent receivables, net		31,404		115,435		(217,699)
Accounts payable and accrued liabilities		666,747		159,860		785,804
Deferred rent receivables		(111,978)		(152,051)		(126,706)
Prepaid rent		186,312		405,404		869,402
Due to Landmark and affiliates		380,706		111,567		(1,167,876)
Other assets		(399,222)		—		—
Net cash provided by operating activities		8,909,933		8,302,510		4,278,472
Investing activities
Acquisition of land		—		(1,301,916)		(406,142)
Acquisition of real property interests		(6,298,077)		(27,209,853)		(53,853,178)
Acquisition of receivables		—		—		(9,961,371)
Repayment of receivables		751,735		702,368		267,373
Net cash used in investing activities		(5,546,342)		(27,809,401)		(63,953,318)
Financing activities
Proceeds from initial public offering, net of offering costs of $9,519,321		42,730,679		—		—
Proceeds from sale of subordinated units to Landmark		39,272,905		—		—
Proceeds from the revolving credit facility		75,000,000		—		—
Proceeds from secured debt facilities		5,772,087		22,676,535		67,301,683
Principal payments on the revolving credit facility		(1,000,000)		—		—
Principal payments on secured debt facilities		(95,108,775)		(641,530)		—
Deferred loan costs		(3,367,677)		(1,490,876)		(2,755,708)
Contributions from Contributing Landmark Funds members		—		500,000		52,418,850
Distributions to Contributing Landmark Funds members		(67,282,062)		(25,716,825)		(32,197,602)
Consideration paid to General Partner associated with Acquired Assets		(106,967)		(31,223)		(2,799)
Net cash provided by (used in) financing activities		(4,089,810)		(4,703,919)		84,764,424
Net increase (decrease) in cash and cash equivalents		(726,219)		(24,210,810)		25,089,578
Cash and cash equivalents at beginning of year		1,037,327		25,248,137		158,559
Cash and cash equivalents at end of year	$	311,108	$	1,037,327	$	25,248,137

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015. See Note 3—Acquisition, for additional information.

See accompanying notes to consolidated and combined financial statements.

F-6

Landmark Infrastructure Partners LP

Notes to Consolidated and Combined Financial Statements

1. Organization

Landmark Infrastructure Partners, LP (the “Partnership”) was formed on July 28, 2014 by Landmark Dividend LLC (“Landmark” or “Sponsor”) as a standalone master limited partnership organized in the state of Delaware. On November 19, 2014 the Partnership completed its initial public offering (the “IPO”) of 2,750,000 common units (including 100,000 common units issued pursuant to the partial exercise of the underwriters’ over-allotment option) to the public representing limited partner interest. In addition, Landmark purchased from us of an additional 2,066,995 subordinated units for cash at the IPO price of our common units. On March 4, 2015, Landmark Infrastructure Operating Company LLC (“OpCo”), a wholly owned subsidiary of the Partnership, completed its acquisition of 81 tenant sites and related real property interests (the “Acquired Assets”), consisting of 41 wireless communication, 39 outdoor advertising and one renewable power sites, from Landmark Infrastructure Holding Company LLC (“HoldCo”), a wholly owned subsidiary of Landmark, in exchange for cash consideration of $25,205,000 (the “Drop-down”). The Drop-down was a transaction between entities under common control, which requires the assets and liabilities to be transferred at the historical cost of the parent of the entities, with prior periods retroactively adjusted to furnish comparative information.The difference totaling $4,465,749 between the cash consideration of the Drop-down of$25,205,000 and the historical cost basis of $20,739,252 was allocated to the General Partner through equity.

References in this report to "Landmark Infrastructure Partners LP," the "partnership," "we," "our," "us," or like terms for time periods prior to our initial public offering, November 19, 2014 (the “IPO”), refer to our predecessor for accounting purposes (our “Predecessor”). Our Partnership succeeded our Predecessor, which includes substantially all the assets and liabilities that were contributed to us in connection with our IPO by Landmark Dividend Growth Fund-A LLC (“Fund A”) and Landmark Dividend Growth Fund-D LLC (“Fund D” and together with Fund A, the “Contributing Landmark Funds”), two investment funds formerly managed by Landmark Dividend LLC (“Landmark”).  Our Predecessor includes the results of such assets during any period they were previously owned by Landmark or any of its affiliates. The operations of the assets we acquired on March 4, 2015, prior to such date, are also included in the operations of our Predecessor.  For time periods subsequent to the IPO, references in this report to "Landmark Infrastructure Partners LP," "our partnership," "we," "our," "us," or like terms refer to Landmark Infrastructure Partners LP. 

The Partnership was formed to own a portfolio of real property interests that are leased to companies in the wireless communication, outdoor advertising and renewable power generation industries. In addition, the Partnership also own certain interests in receivables associated with similar assets. Concurrently with the IPO, the Partnership completed its formation transactions, pursuant to which it acquired, through a series of transactions, substantially all of the assets and liabilities of the Contributing Landmark Funds. The formation transactions consisted of the following:

· the contribution by Fund A and Fund D to us of substantially all of their assets and liabilities, including their obligations under their secured debt facilities, in exchange for, in the aggregate, 1,952,665 common units, 1,068,114 subordinated units and cash, all of which has been distributed to their respective members, including Landmark, as part of each fund’s liquidation;

· the purchase by Landmark from us of an additional 2,066,995 subordinated units for cash at the initial public offering price of our common units;

· our issuance of all the incentive distribution rights to our general partner, which also retained a non‑economic general partner interest in us;

F-7

· our issuance of 2,750,000 common units to the public in the IPO, representing a 35.1% limited partner interest in us;

· the assumption of the secured debt facilities from Fund A and Fund D, the amendment and restatement of such facilities as a new $190.0 million secured revolving credit facility, and the reduction in the outstanding principal amount in respect of such facilities from $94.2 million to $75.0 million;

· our entry into an omnibus agreement with Landmark and each of the Remaining Landmark Funds; and

· the adjustment to the basis of certain contributed assets and liabilities to Landmark’s basis, which reflects the change in control of Landmark which occurred in December 2012, as a result of accounting for the formation transactions as a reorganization of entities under common control pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (ASC 805).

On December 21, 2012, (“Acquisition Date”) a change in control occurred due to the acquisition of a controlling interest of the Sponsor. The Sponsor applied provisions of ASC 805 to record the assets acquired and liabilities assumed at the Sponsor at fair value on the Acquisition Date. At the Acquisition Date, the Contributing Landmark Funds had a material unrelated non‑controlling equity interest that did not promote the acquisition of the controlling interest of the Sponsor. Accordingly, push down accounting was not applied to the Contributing Landmark Funds. Therefore, the historical cost basis of the assets and liabilities as of the Acquisition Date of the Sponsor are different from the historical cost basis of the Contributing Landmark Funds even though all entities are under common control. Since the Sponsor continues to control the Partnership subsequent to the transaction, in accordance with ASC 805, the IPO and formation transactions were treated as a reorganization of entities under common control. Accordingly, in connection with the formation transactions the purchase accounting associated with the December 2012 change in control of Landmark was pushed down to us for all periods presented, resulting in a higher cost basis in the assets than previously reflected in the historical financial statements of Contributing Landmark Funds as presented in the registration statement for the IPO.

Our operations are managed by the board of directors and executive officers of Landmark Infrastructure Partners GP LLC, our general partner. Landmark and its affiliates own (a) our general partner; (b) a 40% subordinated unit interest in us and; (c) all of the incentive distribution rights.

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidated and Combined Financial Statements

For periods presented prior to the IPO, these consolidated and combined financial statements were derived from the Predecessor based on historical results of operations, cash flows, assets and liabilities. As the Drop-down was deemed to be a transaction between entities under common control, the assets and liabilities were transferred at the historical cost of Landmark, with prior periods retroactively adjusted to furnish comparative information. The accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the Acquired Assets prior to the March 4, 2015 during the periods the assets were under common control.  All financial information presented for the periods after the IPO represent the consolidated results of operations, financial position and cash flows of the Partnership with retroactive adjustments of the combined results of operations, financial position and cash flows of the Acquired Assetsduring the periods the assets were under common control.  All intercompany transactions and account balances have been eliminated. The consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All references to tenant sites are unaudited.

F-8

The consolidated and combined balance sheets of the Predecessor include Sponsor assets and liabilities that are specifically identifiable or otherwise attributable to the real property interests prior to the period they were owned by the Contributing Landmark Funds. The consolidated and combined statements of income reflect all revenue and expenses associated with the real property interests for the period prior to the period they were owned by the Contributing Landmark Funds to the extent they were owned by Landmark and an allocation of management fees at the same rate that Landmark charges the Contributing Landmark Funds for administrative services. See further discussion in Note 14,  Related‑Party Transactions. Management believes that the assumptions and estimates used in the preparation of the underlying consolidated and combined financial statements are reasonable. However, the consolidated and combined financial statements herein do not necessarily reflect what the Partnership’s financial position, results of operations or cash flows would have been if the Partnership had been a stand‑alone entity during the periods presented. As a result, historical financial information is not necessarily indicative of the Partnership’s future results of operations, financial position or cash flows.

Use of Estimates

The preparation of the consolidated and combined financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated and combined financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Purchase Accounting for Acquisitions

The Partnership applies the business combination method to all acquired investments of real property interests for transactions that meet the definition of a business combination. The purchase consideration of the real property interests is allocated to the acquired tangible asset, such as land, and the identified intangible assets and liabilities, consisting of the value of perpetual and limited life easements, above‑market and below‑market leases and in‑place leases, based in each case on their fair values. The fair value of the assets acquired and liabilities assumed is typically determined by using the discounted cash flow valuation method using discount rates ranging between 9% and 20%. When determining the fair value of intangible assets acquired, the Partnership estimates the applicable discount rate and the timing and amount of future cash flows. The determination of the final purchase price allocation and the acquisition‑date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period, but no later than 12 months from the acquisition date and result in adjustments to the preliminary estimates recognized in the prior period financial statements. Transaction costs related to the acquisition of a business, including investments in real property interests, are expensed as incurred.

Factors considered in estimating the fair value of tangible and intangible assets acquired include information obtained about each asset as a result of Landmark’s pre‑acquisition due diligence and its marketing and leasing activities. In order to calculate the estimated in‑place lease value, we employed the income approach in accordance with ASC 805 by multiplying the anticipated market absorption period by the market rent at the time of acquisition for each in‑place lease agreement. Based on our experience in the industry, we have determined a range of lease execution timelines to be between one and six months. For the in‑place lease valuation, we consider a lease‑up period of four months to be representative of the market.

We estimated the fair value of real property interests using the income approach, by capitalizing the market rent at the time of acquisition at a market capitalization rate. The market capitalization rate was estimated by deducting an inflation rate of 3% from the market discount rate for each asset. The discount rates used ranged from 9% to 20%. The value of tenant relationships has not been separated from in‑place tenant lease value for the real estate acquired as such value and its consequence to amortization expense is materially consistent with the in‑place tenant lease value for these particular acquisitions. Should future acquisitions of real property interests result in allocating material amounts to the value of tenant relationships, an amount would be separately allocated and amortized over the estimated life of the relationship. The value of in‑place leases and customer relationship is amortized to expense over the estimated period the

F-9

tenant is expected to be leasing the site under the existing terms which typically range from 2 to 20 years. If a tenant lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be impaired.

The discount rate associated with each asset varies based on the location of an asset (including demographics and zoning restrictions), and other asset specific characteristics. Market rent for each asset is determined based on location of each asset, asset type, zoning restrictions, ground space necessary for the tenant’s equipment, remaining site capacity, visibility (specifically for billboards), and nearby sites.

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired asset, above‑market, below‑market and in‑place lease values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in‑place leases and (ii) management’s estimate of fair market lease rates for the corresponding in‑place leases measured over the estimated period the tenant is expected to be leasing the site under the above or below‑market terms. The capitalized above‑market and below‑market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site. All tenant leases obtained by the Partnership through its acquisition of real property interests are generally cancellable, upon 30 to 180 days’ notice by the tenants, with no significant penalty. With respect to below‑market leases, consideration is given to any below‑market renewal periods. However, for wireless communication assets, we estimated the above/below‑market lease value over an analysis period of the earlier of the lease expiration or 10 years based on estimated useful life of the underlying equipment and assets. For outdoor advertising assets, we estimated the above‑ or below‑market lease value over an analysis period of the earlier of the lease expiration or 20 years, based on a longer estimated useful life of 20 years for billboards.

Real Property Interests

Real property interests consist of easements and lease assignments underlying wireless communication, outdoor advertising and renewable power generation infrastructure. The real property interests are typically held as easements to use land, or roof tops, both of which allow us to use the asset for a specific purpose. Real property interests are intangibles that are recorded at cost. Amortization is computed using the straight‑line method over the estimated useful lives of the real property interests, which is estimated as the shorter of the revenue generating period of the asset or the term of the real estate rights which range from 19 to 99 years. Real property interests with a perpetual term are not amortized but evaluated periodically for impairment.

The Partnership assesses whether there has been an impairment in the value of long‑lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future estimated net cash flows, undiscounted and without interest, expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets based upon what a market participant would be willing to pay for the real estate interest. The estimated fair value of the asset group identified for step two testing is based on either Level 3 inputs utilizing the income approach with a market discount rate and estimated cash flows, or Level 2 inputs based upon the sales comparison approach to a similar asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell utilizing the Level 3 and Level 2 inputs discussed below.

Fair Value of Financial Instruments

The standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable input be used when available. Observable inputs are inputs that the market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Partnership. Unobservable inputs are inputs that reflect the Partnership’s assumptions about what market participants would use in pricing the asset or liability

F-10

developed based on the best information available in the circumstances. The hierarchy is measured in three levels based on the reliability of inputs:

Level 1 – unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2 – quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations in which significant inputs and significant value drivers are observable in active markets; and,

Level 3 – prices or valuations derived from other valuation methodologies where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable, including pricing models, discounted cash flow models and similar techniques.

Cash and Cash Equivalents

All highly liquid investments with a maturity of three months or less when purchased are considered to be cash and cash equivalents. The Partnership monitors the cash balances in their operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Partnership has experienced no loss or lack of access to cash in the operating accounts.

Accounting for Derivative Financial Instruments and Hedging Activities

The Partnership utilize interest rate swap contracts to manage interest costs and risks associated with changing interest rates. These derivative financial instruments are carried at fair value on the consolidated and combined balance sheets, with the change in such fair value being recorded through earnings as an unrealized gain or loss in the consolidated and combined statements of income.

Investments in Receivables, Net

The Partnership acquired streams of future cash flows associated with real property interests. The Partnership has no significant rights or obligations associated with the cash flows other than in certain arrangements, to pass a portion of the cash flows received to the owner of the respective lease. The future cash flow streams are recorded at their net present value based on the estimated net cash flows to be received by the Partnership using the implied discount rate in the acquisition.

Receivables are classified as held‑for‑investment based on management’s intent and ability to hold the receivables for the foreseeable future or to maturity. Receivables held‑for‑investment are carried at amortized cost and are reduced by a valuation allowance for estimated credit losses as necessary. Interest on receivables is accreted to income over the life of the receivables using the interest method. The interest method is applied on an individual receivable basis when collectability of the future payments, when due in accordance with the contractual terms of the arrangement, is reasonably assured. Receivables are transferred from held‑for‑investment to held‑for‑sale when management no longer intends to hold the receivables for the foreseeable future. Receivables held‑for‑sale are recorded at the lower of cost or fair value.

Receivables are placed on non‑accrual status when management determines that the collectability of contractual amounts is not reasonably assured. While on non‑accrual status, receivables are either accounted for on a cash basis, in which income is recognized only upon receipt of cash, or on a cost‑recovery basis, where cash receipts reduce the carrying value of the receivable, based on management’s expectation of future collectability.

F-11

Allowances are established for receivables based upon an estimate of probable losses on an individual receivable by receivable basis if they are determined to be impaired. Receivables are impaired when it is deemed probable that the Partnership will be unable to collect all amounts when due in accordance with the contractual terms of the loan. An allowance is based upon the Partnership’s assessment of the borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence including the expected future cash flows discounted at the receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience and other relevant factors, as appropriate.

On a regular basis the Partnership assesses investments in receivables for impairment. Internally generated cash flow projections are used to determine if the receivables are expected to be repaid in accordance with the terms of the related agreements. If it is probable that a receivable will not be repaid in accordance with the related agreement, the General Partner considers the receivable impaired. To measure impairment, the General Partner calculates the present value of expected future cash flows discounted at the original effective interest rate. If the present value is less than the carrying value of the receivable, a specific impairment reserve is recorded for the difference. For the years ended December 31, 2014 and 2013, the Partnership recorded allowance on investments in receivables of $4,465 and $25,304.  

Deferred Loan Costs

Costs incurred in obtaining the secured debt facilities are capitalized as deferred loan costs and are included in deferred loan costs, net in the combined balance sheet. The deferred loan costs are amortized to interest expense over the life of the related loan. When facilities are amended and restated, any unamortized deferred loan costs, as well as charges incurred for the termination, are recorded to interest expense in the period of the amendment and restatement.

Revenue Recognition

The Partnership recognizes rental income under operating leases, including rental abatements, lease incentives and contractual fixed increases, if any, from tenants under lease arrangements with minimum fixed and determinable increases on a straight‑line basis over the non‑cancellable term of the related leases when collectability is reasonably assured. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are recorded as deferred rent assets. The excess of rent payments collected over amounts recognized contractually due pursuant to the underlying lease are recorded as prepaid rents.

For the years ended December 31, 2014, 2013, and 2012, leases obtained by the Partnership through its acquisition and ownership of real property interests were generally cancelable upon 30‑180 days’ notice by the tenants with no significant penalty. The Partnership evaluates whether the lease arrangements economically compel the tenant to not cancel the lease in determining the term of the lease by considering various factors such as cancellation rights, availability of alternative sites, and historical cancellation rates. For cancellable leases where the tenant is not economically compelled to continue the lease, the term of the lease is considered to be the non‑cancellable period with rental abatements and contractual fixed rate increases recorded in the period the amounts become due and payable.

· Wireless Communication – As a result of various factors, including the cancellation rights, ability to find alternative sites, credit risk, and historical cancellation and lease amendment rates, the lease term is generally considered to be the non‑cancellable term of the lease of 30 to 180 days. For these leases rental abatements and contractual fixed increases are recorded in the period the amounts become due and payable.

· Outdoor Advertising – The lease term is generally considered to be the non‑cancellable term of the remaining portion of the existing term of the lease.

The capitalized above‑market and below‑market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site.

F-12

Certain leases provide for the greater of a minimum rent or a percentage of the revenue generated by the tenant (“Contingent Rent”). Contingent rent is recognized when measurable and all possible contingencies have been eliminated. During the years ended December 31, 2014, 2013, and 2012, the Partnership recognized $11,347,  $7,261 and $8,349 of Contingent Rent, respectively.

Rents Receivable, net

Rents receivables consists of tenant receivables arising in the normal course of business. Tenant receivables are uncollateralized customer obligations requiring payment within various time frames not to exceed one year from the invoice date. Tenant receivables are recorded and carried at the amount billable per the applicable lease agreement, less any allowances for doubtful accounts. The amounts due from tenants are periodically reviewed and an allowance for doubtful accounts is maintained for estimated losses resulting from the inability of tenants to make required payments under lease agreements. Judgment is exercised in establishing these allowances with the payment history and the current credit status of tenants considered in developing these estimates. At December 31, 2014 and 2013, the allowance for doubtful accounts was $0 and $1,066, respectively.

Income Taxes

The Partnership is generally not subject to federal, state or local income taxes, except for our wholly owned subsidiary Landmark Infrastructure Asset OpCo LLC. Our wholly owned subsidiary Landmark Infrastructure Asset OpCo LLC conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes.  Each limited partner is responsible for the tax liability, if any, related to its proportionate share of the Partnerships’ taxable income or loss. The Partnership follows the requirements of ASC Topic 740, Income Taxes (“ASC 740”), relating to uncertain tax positions. Based on its evaluation under ASC 740, the Partnership has concluded that there are no significant uncertain tax positions requiring recognition in the consolidated and combined financial statements, nor has the Partnership been assessed interest or penalties by any major tax jurisdictions. If an uncertain income tax position were to be identified, the Partnership would account for such in accordance with ASC Topic 450, Contingencies.

Risk Management

The Partnership is subject to risks incidental to the ownership and investment in real property interests. These risks and uncertainties include the competitive environment in which the Partnership operates – local, regional, and national economic conditions, including consumer confidence, employment rates, and the availability of capital; uncertainties and fluctuations in capital and securities markets; the cyclical and competitive nature of the real estate industry; changes in tax laws and their interpretation; legal proceedings; effect of restrictive covenants in the loan agreements; and the effects of governmental regulation.

In the normal course of business, the Partnership encounters economic risk, including interest rate risk, credit risk, and market risk. Interest rate risk is the result of movements in the underlying variable component of financing rates. Credit risk is the risk of default on the Partnership’s real property interests and investment in receivables that results from an underlying tenant/borrower’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the valuation of real property interests and investments in receivables held by the Partnership.

Concentration of Credit Risk

The Partnership’s credit risk relates primarily to rent receivables, investments in receivables, cash and interest rate swap agreements. Cash accounts at each U.S. institution are insured by the Federal Deposit Insurance Corporation up to $250,000. The Partnership has not experienced any losses to date on invested cash.

F-13

Credit risk associated with interest rate swap agreements arises from the potential failure of counterparties to perform in accordance with the terms of their contracts. The Partnership’s risk management policies define parameters of acceptable market risk and limit exposure to credit risk. Credit exposure resulting from derivative financial instruments is represented by their fair value amounts, increased by an estimate of potential adverse position exposure arising from changes over time in interest rates, maturities, and other relevant factors. The Partnership does not anticipate nonperformance by any of its counterparties.

The Partnership’s real property interests are located throughout the United States. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory, and social factors affecting the communities in which the tenants operate. In certain instances the Partnership’s position in the real property interest may be subordinate to a mortgage lender on the real property.

Business Segments

The FASB accounting guidance with regard to disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. The Partnership has three reportable segments, wireless communication, outdoor advertising, and renewable power generation, as of December 31, 2014 and two reportable segments, wireless communication and outdoor advertising, as of December 31, 2013 and 2012.

Recently Issued Accounting Standards

Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standard Codification. The Partnership considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are expected to not have any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial.

In January 2015, the FASB issued final guidance on its initiative of simplifying income statement presentation by the eliminating the concept of extraordinary items (“ASU No. 2015-01”). Under the guidance an entity will no longer be able to segregate an extraordinary item from the results of operations, separately present an extraordinary item on the income statement, or disclose income taxes or earnings-per-share data applicable to an extraordinary item.  The ASU is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015, and early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2015-01 to have a material impact on its financial statements.

In June 2014, the FASB issued their final standard to amend the accounting guidance for stock compensation tied to performance targets (“ASU No. 2014-12”). The issue is the result of a consensus of the FASB Emerging Issues Task Force (Issue No. 13-D). The standard requires that a performance target that could be achieved after the requisite service period be treated as a performance condition, and as a result, this type of performance condition may delay expense recognition until achievement of the performance target is probable. The ASU is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015, and early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2014-12 to have a material impact on its financial statements.

In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014‑09”). ASU No. 2014‑09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014‑09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry‑specific guidance throughout the Industry Topics of the Codification. ASU No. 2014‑09 does not apply to lease contracts within the scope of Leases (Topic 840). For a public entity ASU No. 2014‑09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. For all other entities, the amendments are effective for annual

F-14

reporting periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. The Partnership does not expect the adoption of ASU No. 2014‑09 to have an impact on its financial statements.

The Partnership has adopted ASU No. 2014‑08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which requires only disposals representing a strategic shift in operations (i.e., a disposal of a major geographic area, a major line of business, or a major equity method investment) to be presented as discontinued operations. The standard also requires expanded disclosures about discontinued operations and is intended to provide financial statement users with information about the ongoing trends in a company’s results from continuing operations. ASU No. 2014‑08 is effective in the first quarter of 2015 for public entities with calendar year ends. However, companies are permitted to early adopt the standard, beginning in the first quarter of 2014, but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issuance. The predecessor early adopted this standard in the first quarter of 2014 and the adoption did not have a material effect on our financial condition, results of operations, or disclosures.

3. Acquisitions

On March 4, 2015, OpCo, a wholly-owned subsidiary of the Partnership, completed its acquisition of 81 tenant sites and related real property interests, consisting of 41 wireless communication, 39 outdoor advertising and one renewable power sites, from HoldCo, a wholly-owned subsidiary of Landmark, in exchange for cash consideration of $25,205,000. The purchase price was funded with $24,000,000 of borrowings under the Partnership’s existing credit facility and available cash. The difference totaling $4,465,749 between the cash consideration of the Drop-down of$25,205,000 and the historical cost basis of $20,739,252 was allocated to the General Partner through equity.

The assets acquired and liabilities assumed are recorded at the historical cost of Landmark, as the acquisition of the Acquired Assets is a transaction between entities under common control with the statements of operations of the Partnership adjusted retroactively as if the Drop-down transaction occurred on the earliest date during which the entities were under common control. Our historical financial statements have been retroactively adjusted to reflect the results of operations, financial position, and cash flows of the Acquired Assets as if we owned the Acquired Assets for all periods presented while under common control. The following tables present our results of operations and financial position reflecting the effect of the Drop-down on pre-acquisition periods while under common control.  

F-15

Statement of operations for the year ended December 31, 2014:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Revenue
Rental revenue	$	13,489,430	$	211,057	$	13,700,487
Interest income on receivables		709,030		—		709,030
Total revenue		14,198,460		211,057		14,409,517
Expenses
Management fees to affiliate		362,495		—		362,495
Property operating		24,720		—		24,720
General and administrative		816,798		—		816,798
Acquisition-related		37,883		109,267		147,150
Amortization		3,497,552		59,359		3,556,911
Impairments		258,834		—		258,834
Total expenses		4,998,282		168,626		5,166,908
Other income and expenses
Interest expense		(4,984,054)		—		(4,984,054)
Loss on early extinguishment of debt		(2,905,259)		—		(2,905,259)
Realized loss on derivatives		(213,181)		—		(213,181)
Unrealized loss on derivatives		(552,268)		—		(552,268)
Other income and expenses		(8,654,762)		—		(8,654,762)
Net income	$	545,416	$	42,431	$	587,847
Less: Net income attributable to Predecessor		3,243,764		42,431		3,286,195
Net loss attributable to partners	$	(2,698,348)	$	—	$	(2,698,348)

F-16

Statement of operations for the year ended December 31, 2013:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Revenue
Rental revenue	$	11,870,153	$	31,223	$	11,901,376
Interest income on receivables		742,185		—		742,185
Total revenue		12,612,338		31,223		12,643,561
Expenses
Management fees to affiliate		370,625		—		370,625
Property operating		6,454		—		6,454
General and administrative		722,028		—		722,028
Acquisition-related		318,600		—		318,600
Amortization		3,227,303		2,074		3,229,377
Impairments		1,005,478		—		1,005,478
Total expenses		5,650,488		2,074		5,652,562
Other income and expenses
Interest expense		(3,840,359)		—		(3,840,359)
Unrealized gain on derivatives		1,279,176		—		1,279,176
Other income and expenses		(2,561,183)		—		(2,561,183)
Net income	$	4,400,667	$	29,149	$	4,429,816

Statement of operations for the year ended December 31, 2012:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Revenue
Rental revenue	$	6,425,215	$	2,799	$	6,428,014
Interest income on receivables		356,348		—		356,348
Total revenue		6,781,563		2,799		6,784,362
Expenses
Management fees to affiliate		209,091		—		209,091
Property operating		26,267		—		26,267
General and administrative		191,293		—		191,293
Acquisition-related		727,158		—		727,158
Amortization		1,434,299		1,556		1,435,855
Impairments		183,271		—		183,271
Total expenses		2,771,379		1,556		2,772,935
Other income and expenses
Interest expense		(1,476,207)		—		(1,476,207)
Unrealized loss on derivatives		(1,016,716)		—		(1,016,716)
Other income and expenses		(2,492,923)		—		(2,492,923)
Net income	$	1,517,261	$	1,243	$	1,518,504

F-17

Balance Sheet as of December 31, 2014:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Assets
Land	$	1,895,117	$	2,934,456	$	4,829,573
Real property interests		173,009,873		10,368,607		183,378,480
Total land and real property interests		174,904,990		13,303,063		188,208,053
Accumulated amortization of real property interest		(5,831,342)		(41,857)		(5,873,199)
Land and net real property interests		169,073,648		13,261,206		182,334,854
Investments in receivables, net		8,665,274		—		8,665,274
Cash and cash equivalents		311,108		—		311,108
Rent receivables, net		80,711		—		80,711
Due from Landmark and affiliates		659,722		—		659,722
Deferred loan cost, net		2,838,879		—		2,838,879
Deferred rent receivable		279,324		6,466		285,790
Other intangible assets, net		3,783,653		893,846		4,677,499
Other assets		399,222		—		399,222
Total assets	$	186,091,541	$	14,161,518	$	200,253,059
Liabilities and equity
Revolving credit facility	$	74,000,000	$	—	$	74,000,000
Accounts payable and accrued liabilities		141,508		—		141,508
Other intangible liabilities, net		5,685,590		1,643,151		7,328,741
Prepaid rent		1,532,372		—		1,532,372
Derivative liabilities		289,808		—		289,808
Total liabilities		81,649,278		1,643,151		83,292,429
Equity		104,442,263		12,518,367		116,960,630
Total liabilities and equity	$	186,091,541	$	14,161,518	$	200,253,059

F-18

Balance Sheet as of December 31, 2013:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Assets
Land	$	1,895,117	$	—	$	1,895,117
Real property interests		167,797,881		1,002,908		168,800,789
Total land and real property interests		169,692,998		1,002,908		170,695,906
Accumulated amortization of real property interest		(2,844,900)		(3,140)		(2,848,040)
Land and net real property interests		166,848,098		999,768		167,847,866
Investments in receivables, net		9,085,281		—		9,085,281
Cash and cash equivalents		1,037,327		—		1,037,327
Rent receivables, net		112,115		—		112,115
Due from Landmark and affiliates		648,701		—		648,701
Deferred loan cost, net		3,240,779		—		3,240,779
Deferred rent receivable		173,812				173,812
Derivative assets		455,561		—		455,561
Other intangible assets, net		4,336,699		34,717		4,371,416
Total assets	$	185,938,373	$	1,034,485	$	186,972,858
Liabilities and equity
Secured debt facilities	$	89,336,688	$	—	$	89,336,688
Accounts payable and accrued liabilities		945,664		—		945,664
Due to Landmark and affiliates		583,689		—		583,689
Other intangible liabilities, net		6,192,391				6,192,391
Prepaid rent		1,346,060		—		1,346,060
Derivative liabilities		193,101		—		193,101
Total liabilities		98,597,593		—		98,597,593
Equity		87,340,780		1,034,485		88,375,265
Total liabilities and equity	$	185,938,373	$	1,034,485	$	186,972,858

4. Real Property Interests

The following summarizes the Partnership’s real property interests:

	December 31,
	2014*		2013*
Land	$	4,829,573	$	1,895,117
Real property interests – perpetual		45,834,289		44,435,392
Real property interests – non-perpetual		137,544,191		124,365,397
Total land and real property interests		188,208,053		170,695,906
Accumulated amortization		(5,873,199)		(2,848,040)
Land and net real property interests	$	182,334,854	$	167,847,866

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015. See Note 3 above.

F-19

The following table summarizes the allocations of estimated fair values of the assets acquired and liabilities assumed at the date of acquisition.

			Investments in real		In-place lease		Above-market		Below-market		Total purchase
Year	Land		property interests		intangibles		lease intangibles		lease intangibles		price
2014	$	—	$	5,482,055	$	152,067	$	—	$	(249,612)	$	5,384,510
2013		1,301,916		29,419,297		1,033,601		48,845		(1,497,400)		30,306,259
Acquired Assets 2014*		2,934,456		9,365,699		308,035		600,746		(1,660,519)		11,548,417
Acquired Assets 2013*		-		1,002,908		17,332		15,076		-		1,035,316

*Represents prior-period financial information retroactively adjusted for certain assets acquired on March 4, 2015.

During the year ended December 31, 2014, the Partnership purchased additional investments in tenant sites for $ 5,384,510.

The weighted average remaining amortization period for non‑perpetual real property interests is 48 years at December 31, 2014 and 2013.

Future estimated aggregate amortization of real property interests for each of the five succeeding fiscal years and thereafter as of December 31, 2014, are as follows:

2015	$	3,185,399
2016		3,185,399
2017		3,185,399
2018		3,185,399
2019		3,185,399
Thereafter		115,743,997
Total	$	131,670,992

F-20

5. Other Intangible Assets and Liabilities

The following summarizes our identifiable intangible assets, including above/below‑market lease intangibles:

	December 31,
	2014*		2013*
Acquired in-place lease
Gross amount	$	4,821,009	$	4,378,781
Accumulated amortization		(967,222)		(464,571)
Net amount	$	3,853,787	$	3,914,210
Acquired above-market leases
Gross amount	$	1,332,286	$	731,540
Accumulated amortization		(508,574)		(274,334)
Net amount	$	823,712	$	457,206
Total Other Intangible Assets, net	$	4,677,499	$	4,371,416
Acquired below-market leases
Gross amount	$	(8,816,156)	$	(6,906,025)
Accumulated amortization		1,487,415		713,634
Total Other Intangible Liabilities, net	$	(7,328,741)	$	(6,192,391)

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

We recorded net amortization of above and below‑market lease intangibles of $539,539,  $430,909 and $224,311 as an increase to rental revenue for the years ended December 31, 2014, 2013, and 2012, respectively. We recorded amortization of in‑place lease intangibles of $508,158,  $443,332, and $287,368 as amortization expense for the years ended December 31, 2014, 2013, and 2012, respectively.

Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of December 31, 2014 follows:

	Acquired		Acquired		Acquired
	in-place		above-market		below-market
	leases		leases		leases
2015	$	503,542	$	218,060	$	(874,415)
2016		489,768		158,357		(856,902)
2017		467,482		92,332		(836,262)
2018		443,207		53,266		(830,760)
2019		432,059		42,103		(813,210)
Thereafter		1,517,729		259,594		(3,117,192)
Total	$	3,853,787	$	823,712	$	(7,328,741)

F-21

6. Future Minimum Rents

At December 31, 2014, future minimum receipts from tenants on leases with non‑cancellable terms, including cancellable leases where the tenant is economically compelled to extend the lease term, for each of the next five years and thereafter are as follows:

2015	$	1,629,122
2016		1,597,506
2017		1,588,032
2018		1,499,464
2019		1,406,606
Thereafter		10,227,321
Total	$	17,948,051

7. Investments in Receivables

As a result of the transfer of investments in receivables from the Contributing Landmark Funds to the Partnership, which met the conditions to be accounted for as a sale in accordance with ASC 860, Transfers and Servicing, the investments in receivables were recorded at their estimated fair value as of November 19, 2014 using a 8.75% discount rate. The receivables are unsecured with payments collected over periods ranging from 2 to 29 years. Interest income recognized on the receivables totaled $709,030,  $742,185, and $356,348 during 2014, 2013, and 2012, respectively.

The following table reflects the activity in investments in receivables:

	Year Ended December 31,
	2014		2013
Investments in receivables – beginning	$	9,085,281	$	9,743,976
Fair value adjustment		284,294		—
Impairments		(4,465)		(25,304)
Repayments		(751,735)		(702,368)
Interest accretion		51,899		68,977
Investments in receivables – ending	$	8,665,274	$	9,085,281

Annual amounts due as of December 31, 2014, are as follows:

2015	$	1,368,772
2016		1,430,049
2017		1,561,423
2018		1,377,750
2019		893,149
Thereafter		6,637,990
Total	$	13,269,133
Interest	$	4,603,859
Principal		8,665,274
Total	$	13,269,133

F-22

8. Debt

At the close of the IPO, November 19, 2014, we amended and restated the Fund A and Fund D secured debt facilities as a new $190.0 million senior secured revolving credit facility, which we refer to as our “revolving credit facility,” with SunTrust Bank, as administrative agent, and a syndicate of lenders. Our revolving credit facility will mature on the fifth anniversary of the closing date of the IPO, November 19, 2019, and will be available for working capital, capital expenditures, permitted acquisitions and general corporate purposes, including distributions. Substantially all of our assets, excluding equity in and assets of certain joint ventures and unrestricted subsidiaries, after‑acquired real property (other than real property that is acquired from affiliate funds and is subject to a mortgage), and other customary exclusions, are pledged as collateral under our revolving credit facility. Our revolving credit facility contains various covenants and restrictive provisions.

In addition, our revolving credit facility contains events of default customary for transactions of this nature, including, but not limited to (i) event of default resulting from our failure or the failure of our restricted subsidiaries to comply with covenants and financial ratios, (ii) the occurrence of a change of control (as defined in the credit agreement), (iii) the institution of insolvency or similar proceedings against us or our restricted subsidiaries, (iv) the occurrence of a default under any other material indebtedness (as defined in the credit agreement) we or our restricted subsidiaries may have and (v) any one or more collateral documents ceasing to create a valid and perfected lien on collateral (as defined in the credit agreement). Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the credit agreement, the lenders may declare any outstanding principal of our revolving credit facility debt, together with accrued and unpaid interest, to be immediately due and payable and may exercise the other remedies set forth or referred to in the credit agreement and the other loan documents.

Loans under the revolving credit facility bear interest at our option at a variable rate per annum equal to either:

· a base rate, which will be the highest of (i) the administrative agent’s prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50%, and (iii) an adjusted one month LIBOR plus 1.0%, in each case, plus an applicable margin of 1.50%; or

· an adjusted one month LIBOR plus an applicable margin of 2.50%.

Additionally, under the revolving credit facility we will be subject to a 25 basis points annual commitment fee associated with the available undrawn capacity subject to certain restrictions.

At December 31, 2014, $74,000,000 was outstanding and $116,000,000 of undrawn borrowing capacity, subject to compliance with certain covenants, under our revolving credit facility.

For the years ended December 31, 2014, 2013 and 2012, the Partnership incurred $4,119,736,  $3,089,007, and $1,221,753, respectively, of interest expense and had interest payable of $43,905 and $94,905 at December 31, 2014 and 2013, respectively. The Partnership incurred $2,907,382 in deferred loan costs related to the revolving credit facility. These fees and expenses will be amortized over the term of the revolving credit facility. In connection with the amended and restated new credit facility, the Partnership recorded a loss of $2,905,259 on early extinguishment of debt related to unamortized loan costs for the secured debt facilities prior to the amendment and restatement at the close of the IPO. The Partnership recorded $864,318,  $751,352 and $254,454 of deferred loan costs amortization, which is included in interest expense, for the years ended December 31, 2014, 2013 and 2012, respectively.

F-23

The new credit facility requires monthly interest payments and the outstanding debt balance due upon maturity on November 19, 2019.  Our revolving credit facility requires compliance with certain financial covenants. As of December 31, 2014, the Partnership was in compliance with all financial covenants.

9. Interest Rate Swap Agreements

Effective December 24, 2014, we entered into an interest rate swap agreement with a notional amount of $70,000,000 to fix the floating interest rate on borrowings under our revolving credit facility over a four-year period at an effective rate of 4.02%.  

In connection with the formation transactions, the Contributing Landmark Funds terminated early Fund A and Fund D interest rate swaps. As a result of early termination, the Contributing Landmark Funds recognized a realized loss on interest rate swaps of $213,181.  

The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements:

Notional	Fixed		Effective	Maturity	Fair Value Asset (Liability) at December 31,
Value	Rate		Date	Date	2014		2013
$ 25,631,841	3.91	%	8/29/2012	8/29/2016	$	—	$	(193,101)
44,410,270	4.16		8/1/2012	5/31/2018		—		381,621
20,469,463	4.28		11/1/2013	5/31/2018		—		73,940
70,000,000	4.02		12/24/2014	12/24/2018		(289,808)		—
					$	(289,808)	$	262,460

During the years ended December 31, 2014, 2013 and 2012, the Partnership recorded a loss of $552,268, gain of $1,279,176, and a loss of $1,016,716, respectively, resulting from the change in fair value of the interest rate swap agreements which is reflected as an unrealized gain (loss) on derivatives on the consolidated and combined  statements of income.

The fair value of the interest rate swap agreement is derived based on Level 2 inputs.

To illustrate the effect of movements in the interest rate market, the Partnership performed a market sensitivity analysis on its outstanding interest rate swap agreement. The Partnership applied various basis point spreads to the underlying interest rate curve of the derivative in order to determine the instruments’ change in fair value at December 31, 2014. The following table summarizes the results of the analysis performed:

		Effects of Change in Interest Rates
Date Entered	Maturity Date	+50 Basis Points		-50 Basis Points		+100 Basis Points		-100 Basis Points
December 2014	12/24/2018	$	1,004,382	$	(1,637,365)	$	2,295,647	$	(2,924,701)

On February 5, 2015, the Partnership swapped an additional $25,000,000 of the floating rate on its revolving facility at an effective rate of 3.79% over a four-year period beginning April 13, 2015.

10. Unit-Based Compensation 

Compensation of our Directors

The Non-Employee Director Compensation Plan provides each director that is neither an officer of the General Partner nor an employee or an affiliate of the General Partner with annualized compensation consisting of $35,000 in

F-24

cash, payable quarterly, an annual grant of Common Units valued at $35,000 and additional cash compensation for attending meetings of the board of directors of the General Partner or a committee thereof.  The chairman of the audit committee of the board of directors shall be entitled to additional annualized cash compensation of $10,000 and the chairman of any other committee of the board of directors, as may be established at any time, shall be entitled to an amount in cash as determined by the board of directors.  

Our Long‑Term Incentive Plan

In connection with the IPO, the board of directors of the General Partner adopted the Landmark Infrastructure Partners LP 2014 Long-Term Incentive Plan (the “LTIP”). The LTIP provides for the grant, from time to time at the discretion of the board of directors of the general partner or any committee thereof that may be established for such purpose or by any delegate of the board of directors or such committee, subject to applicable law (the “plan administrator”), of equity-based awards. The purpose of the LTIP is to promote the interests of the Partnership and the General Partner by providing incentive compensation awards to individuals providing services to the Partnership or the General Partner to encourage superior performance.  The LTIP is also intended to enhance the ability of the Partnership and the General Partner to attract and retain the services of individuals who are essential for the growth and profitability of the Partnership and the General Partner and to encourage these individuals to devote their best efforts to advancing the business of the Partnership and the General Partner. The LTIP will initially limit the number of units that may be delivered pursuant to vested awards to 785,000 Common Units, subject to proportionate adjustment in the event of unit splits and similar events, with such amount increased annually on the first day of each calendar year beginning January 1, 2016 and ending on and including January 1, 2024 by a number of Common Units equal to the least of (i) 1,570,000 Common Units, (ii) 2% of the total number of common and subordinated units outstanding on the last day of the immediately preceding calendar year and (iii) such smaller number of Common Units as determined by the board of directors of the General Partner. Common Units subject to awards that are cancelled, forfeited, withheld to satisfy exercise prices or tax withholding obligations, or otherwise terminated without delivery of the Common Units will be available for delivery pursuant to other awards. As of December 31, 2014, no awards have been issued under the LTIP.

11. Equity

On November 19, 2014, the Partnership completed the initial public offering of 2,750,000 common units representing limited partner interests, including 100,000 units issued upon exercise of the underwriters’ over-allotment option. In addition, Landmark purchased from us of an additional 2,066,995 subordinated units for cash at the initial public offering price of our common units. The contribution by Fund A and Fund D to us of substantially all of their assets and liabilities, including their obligations under their secured debt facilities, in exchange for, in the aggregate, 1,952,665 common units, 1,068,114 subordinated units and a cash distribution of $59,667,292.  

We received $52,250,000 of gross proceeds from the sale of 2,750,000 common units and $39,272,905 gross proceeds from the sale of 2,066,995 subordinated units to Landmark at the initial offering price of $19.00. After deducting underwriting discounts, structuring fees, and other offering costs of $9,519,321, our net proceeds from the IPO were $82,003,584. We used the net proceeds from the IPO, together with the proceeds from our sale of subordinated units to Landmark, as follows:

· to make a distribution of $59,667,292 to Fund A and D; and

· to pay down $19,157,418of outstanding indebtedness under our revolving credit facility, net of $2,907,382 in commitment fees and expenses under our revolving credit facility.

As a result of the formation transactions and the IPO, Landmark and its affiliates own (a) our general partner; (b) a 40% subordinated unit interest in us and; (c) all of the incentive distribution rights.

F-25

12. Net Income Per Limited Partner Unit

Prior to the reorganization and the IPO in November 2014, the Partnership’s businesses were conducted through the Contributing Landmark Funds and the various assets collectively rather than a single entity. As such, there was no single capital structure which to calculate historical earnings per common unit information and earnings per common unit information has not been presented for historical periods prior to the IPO.

The following table includes the results of operations of our Predecessor from January 1, 2014 through November 18, 2014 and of Landmark Infrastructure Partners LP for the period beginning November 19, 2014, the date the IPO was completed, through December 31, 2014.

	Landmark		Landmark
	Infrastructure		Infrastructure		Landmark
	Partners LP		Partners LP Predecessor		Infrastructure
	Period From		Period From		Partners LP
	November 19, 2014 to		January 1, 2014 to		Year Ended
	December 31, 2014		November 18, 2014		December 31, 2014
Total revenue	$	1,680,771	$	12,728,746	$	14,409,517
Total expenses		(823,363)		(4,343,545)		(5,166,908)
Total other income and expenses		(3,555,756)		(5,099,006)		(8,654,762)
Net income (loss)	$	(2,698,348)	$	3,286,195	$	587,847

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

Net loss per limited partner unit is calculated only for the period subsequent to the IPO as no units were outstanding prior to the IPO. Landmark’s subordinated units and the General Partner’s incentive distribution rights meet the definition of a participating security and therefore we are required to compute income per unit using the two-class method under which any excess of distributions declared over net income shall be allocated to the partners based on their respective sharing of income specified in the partnership agreement. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net loss allocations used in the calculation of net loss per unit.

On January 26, 2015, the board of directors of our general partner declared our prorated initial quarterly cash distribution of $0.1344 per unit, or $1.0 million. This is the first distribution declared by the Partnership and corresponds to the minimum quarterly distribution of $0.2875 per unit, or $1.15 per unit annually. The amount is prorated for the 43-day period that the Partnership was public following the closing of its initial public offering on November 19, 2014. The distribution was paid on February 13, 2015, to unitholders of record as of February 6, 2015.

Net loss per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net loss, after deducting any General Partner incentive distributions, by the weighted-average number of outstanding common and subordinated units. Diluted net loss per unit includes the effects of potentially dilutive units on our subordinated and common units.

Basic and diluted net loss per common and subordinated unit are the same as there are no potentially dilutive subordinated units outstanding. There have been no changes to the outstanding shares after the closing of the IPO. As of December 31, 2014 there were no incentive distribution right amounts available for distribution to our general partner. Therefore, net income available to the limited partner units has not been reduced.

F-26

The calculation of net loss per unit is as follows:

	Limited Partner		Limited Partner
	Common		Subordinated		General
	Units – Public		Units – Landmark		Partner		Total
Net loss attributable to partners subsequent to initial public offering:
Distribution declared	$	632,174	$	421,359	$	—	$	1,053,533
Undistributed net loss		(2,251,183)		(1,500,698)		—		(3,751,881)
Net loss attributable to partners	$	(1,619,009)	$	(1,079,339)	$	—	$	(2,698,348)
Weighted-average units outstanding:
Basic and diluted		4,702,665		3,135,109		—		7,837,774
Net income per limited partner unit:
Basic and diluted	$	(0.34)	$	(0.34)

13. Fair Value of Financial Instruments

The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Partnership’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transaction will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non‑orderly trades. The Partnership evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value:

Cash and cash equivalents, rent receivables, net accounts payable and accrued liabilities:  The carrying values of these balances approximate their fair values because of the short‑term nature of these instruments.

Revolving credit facility:  The fair value of the Partnership’s revolving credit facility is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan‑to‑value ratio, type of collateral and other credit enhancements. Additionally, since a quoted price in an active market is generally not available for the instrument or an identical instrument, the Partnership measures fair value using a valuation technique that is consistent with the principles of fair value measurement which typically considers what management believes is a market participant rate for a similar instrument. The Partnership classifies these inputs as Level 3 inputs.

Investments in receivables:  The Partnership’s Investments in receivables are presented in the accompanying combined balance sheets at their amortized cost net of recorded reserves and not at fair value. The fair values of the receivables were estimated using an internal valuation model that considered the expected cash flow of the receivables and estimated yield requirements by market participants with similar characteristics, including remaining loan term, and credit enhancements. The Partnership classifies these inputs as Level 3 inputs.

Secured debt facilities:  The fair value of the Partnership’s secured debt facilities are estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan‑to‑value ratio, type of collateral and other credit

F-27

enhancements. Additionally, since a quoted price in an active market is generally not available for the instrument or an identical instrument, the Partnership measures fair value using a valuation technique that is consistent with the principles of fair value measurement which typically considers what management believes is a market participant rate for a similar instrument. The Partnership classifies these inputs as Level 3 inputs.

Interest rate swap agreements:  The Partnership’s interest rate swap agreements are presented at fair value on the accompanying combined balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable and unobservable inputs. A majority of the inputs are observable with the only unobservable inputs relating to the lack of performance risk on the part of the Partnership or the counter party to the instrument. As such, the Partnership classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market‑based inputs, including the interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risk to the contracts, are incorporated in the fair values to account for potential nonperformance risk.

The table below summarizes the carrying amounts and fair values of financial instruments which are not carried at fair value on the face of the financial statements:

	December 31,
	2014				2013
	Carrying amount		Fair Value		Carrying amount		Fair Value
Investment in Receivables, net	$	8,665,274	$	8,665,274	$	9,085,281	$	9,085,281
Secured Debt Facilities		74,000,000		74,000,000		89,336,688		89,336,688

Disclosure of the fair values of financial instruments is based on pertinent information available to the Partnership as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Partnership’s estimate of value at a future date could be materially different.

For the years ended December 31, 2014 and 2013, the Partnership measured the following assets and liabilities at fair value on a recurring basis:

	December 31,
	2014		2013
Derivative Assets	$	—	$	455,561
Derivative Liabilities	$	289,808	$	193,101

As of December 31, 2014 and 2013, the Partnership measured the following assets and liabilities at fair value on a nonrecurring basis:

			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable Inputs		Unobservable Inputs
	Total		Identical Assets		(Level 2)		(Level 3)
Impaired real property interests at December 31, 2014	$	–	$	–	$	–	$	–
Impaired real property interests at December 31, 2013	$	149,555	$	–	$	–	$	149,555

F-28

As of December 31, 2014 and 2013, two and six of the Partnership’s real property interests, respectively, were measured at estimated fair value as these interests were impaired and the carrying value of each interest was adjusted to estimated fair value. The fair value of real property interests are estimated based on the price that would be received to sell an asset in an orderly transaction between marketplace participants at the measurement date. The Partnership’s valuations generally apply the discounted cash flow method to estimate the fair value of real property interests, which includes the use of various assumptions for cash flow projections, including rental rates, releasing assumptions, inflation rates, asset utilization, and discount rates. The Partnership also applies other valuation techniques, including analysis of rent comparable sales transaction or actual sales negotiations, when appropriate, in determining the fair value of real property interests. The Partnership also considers information obtained about each real property interest as a result of its pre‑acquisition due diligence and its marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, management also includes real estate taxes, insurance and other operating expenses, and estimates of lost rentals at market rates during the expected lease‑up periods. In addition, the Partnership estimates costs to execute similar leases, including leasing commissions and legal and other related expenses, to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The range of the discount rates used to estimate the fair values was 8.75% to 9.5%.

The estimated discount rates selected by the Partnership vary on a property by property basis based upon several factors such as asset location, lease terms and quality of the tenants in place. The range of discount rates disclosed above should not be relied upon as an indication of the price at which other real property interests in the Partnership’s portfolio may sell, as there are many factors that influence the discount rate.

14. Related‑Party Transactions

General and Administrative Reimbursement

Under the omnibus agreement, we agree to reimburse Landmark for expenses related to certain general and administrative services Landmark will provide to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding 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 $80.0 million and (ii) the fifth anniversary of the closing of the IPO. The full amount of general and administrative expenses incurred will be reflected on our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected on 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 the amount of general and administrative expenses. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and expenses allocated to our general partner by its affiliates.  As of December 31, 2014, Landmark reimbursed us $12,349 for expenses related to certain general and administrative services that exceeded the cap.

Patent License Agreement

We entered into a Patent License Agreement (“License Agreement”) with American Infrastructure Funds, LLC (“AIF”), an affiliate of the controlling member of Landmark. Under the License Agreement, AIF granted us a nonexclusive, perpetual license to practice certain patented methods related to the apparatus and method for combining easements under a master limited partnership. We have agreed to pay AIF a license fee of $50,000 for the second year of the License Agreement, and thereafter, an amount equal to the greater of (i) one‑tenth of one percent (0.1%) of our gross revenue received during such contract year; and (ii) $100,000.

F-29

Right of First Offer

In connection with the IPO, the Remaining Landmark Funds have granted us a right of first offer on real property interests that they currently own or acquire in the future before selling or transferring those assets to any third party.

Management Fee

In accordance with the limited liability company agreements for each of the Contributing Landmark Funds the Managing Member or its affiliates was paid a management fee of $45 per asset per month for providing various services to the funds. Management fees totaled $362,495,  $370,625, and $209,091 for the years ended December 31, 2014, 2013, and 2012, respectively. Upon execution of the omnibus agreement and completion of the closing of the IPO and the formation transactions, Landmark’s right to receive this management fee has been terminated and we will instead reimburse Landmark for certain general and administrative expenses incurred by Landmark pursuant to the omnibus agreement, subject to a cap, as described above.

Acquisition of Real Property Interests

In connection with third party acquisitions, Landmark will be obligated to provide acquisition services to us, including asset identification, underwriting and due diligence, negotiation, documentation and closing, at the reasonable request of our general partner, but we are under no obligation to utilize such services. We will pay Landmark reasonable fees, as mutually agreed to by Landmark and us, for providing these services. These fees will not be subject to the cap on general and administrative expenses described above. As of December 31, 2014, no such fees have been incurred.

Prior to the IPO, the Predecessor purchased its real property interests and receivables from Landmark. We have concluded that the formation transactions are a reorganization of entities under common control since these entities have common management and ownership and are under the common control of Landmark. As a result, the contribution of real property interests and other assets to the Partnership was recorded at Landmark’s historical cost. In December 2012, there was a change in control of Landmark. Based on the level of ownership Landmark held in the Contributing Landmark Funds the purchase accounting associated with the change in control was not pushed down to the Contributing Landmark Funds. In connection with the formation transactions the purchase accounting associated with the December 2012 change in control of Landmark is pushed down to us, resulting in a higher cost basis in the assets than is reflected in the historical financial statements of Contributing Landmark Funds. Therefore, the historical cost basis of the assets and liabilities as of Acquisition Date of the Sponsor are different from the historical cost basis of the Contributing Landmark Funds even though all entities are under common control.

Subsequent to the change in control, real property interests purchased from and contributed by Landmark to the Predecessor are stated at the purchase price paid by Landmark.

Due from Affiliates

At December 31, 2014 and 2013, the Partnership owed $0 and $583,689, respectively, to the General Partner and its affiliates for management fees, purchase of assets and other reimbursable expenses incurred on their behalf. At December 31, 2014 and 2013, the General Partner and affiliates owed $659,722 and $648,701, respectively, to the Partnership for rents received on their behalf.

15. Segment Information

The Partnership had three reportable segments, wireless communication, outdoor advertising, and renewable power generation, as of December 31, 2014 and two reportable segments, wireless communication and outdoor advertising, as of December 31, 2013 and 2012.

F-30

The Partnership’s wireless communication segment comprises of leasing real property interests to companies in the wireless communication industry in the U.S. The Partnership’s outdoor advertising segment comprises of leasing real property interests to companies in the outdoor advertising industry in the U.S. The Partnership’s renewable power generation segment comprises of leasing real property interests to companies in the renewable power industry in the U.S. Items that are not included in any of the reportable segments are included in the corporate category.

The reportable segments are strategic business units that offer different products and services. They are commonly managed as both businesses require similar marketing and business strategies. Because our tenant lease arrangements are mostly effectively triple net, we evaluate our segments based on revenue. We believe this measure provides investors relevant and useful information because it is presented on an unlevered basis.

The statements of income for the reportable segments,with Prior-period financial information retroactively adjusted for the Acquired Assets on March 4, 2015, are as follows:

For the year ended December 31, 2014:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	11,693,862	$	1,991,367	$	15,258	$	—	$	13,700,487
Interest income on receivables		709,030		—		—		—		709,030
Total revenue		12,402,892		1,991,367		15,258		—		14,409,517
Expenses
Management fees to affiliate		322,650		39,677		168		—		362,495
Property operating		9,637		15,083		—		—		24,720
General and administrative		38,387		6,525		—		771,886		816,798
Acquisition-related		125,042		15,658		6,450		—		147,150
Amortization		3,306,136		245,007		5,768		—		3,556,911
Impairments		258,834		—		—		—		258,834
Total expenses		4,060,686		321,950		12,386		771,886		5,166,908
Other income and expenses
Interest expense		(40,619)		(10,038)		—		(4,933,397)		(4,984,054)
Loss on early extinguishment of debt		—		—		—		(2,905,259)		(2,905,259)
Realized loss on derivatives		—		—		—		(213,181)		(213,181)
Unrealized loss on derivatives		—		—		—		(552,268)		(552,268)
Total other income and expenses		(40,619)		(10,038)		—		(8,604,105)		(8,654,762)
Net income (loss)	$	8,301,587	$	1,659,379	$	2,872	$	(9,375,991)	$	587,847

F-31

For the year ended December 31, 2013:

	Wireless Communication		Outdoor Advertising		Corporate		Total
Revenue
Rental revenue	$	10,175,620	$	1,725,756	$	—	$	11,901,376
Interest income on receivables		742,185		—		—		742,185
Total revenue		10,917,805		1,725,756		—		12,643,561
Expenses
Management fees to affiliate		323,482		47,143		—		370,625
Property operating		6,454		—		—		6,454
General and administrative		106,267		79,114		536,647		722,028
Acquisition-related		294,029		24,571		—		318,600
Amortization		3,039,473		189,904		—		3,229,377
Impairments		1,005,478		—		—		1,005,478
Total expenses		4,775,183		340,732		536,647		5,652,562
Other income and expenses
Interest expense		(54,546)		(11,774)		(3,774,039)		(3,840,359)
Unrealized gain on derivatives		—		—		1,279,176		1,279,176
Total other income and expenses		(54,546)		(11,774)		(2,494,863)		(2,561,183)
Net income (loss)	$	6,088,076	$	1,373,250	$	(3,031,510)	$	4,429,816

For the year ended December 31, 2012:

	Wireless Communication		Outdoor Advertising		Corporate		Total
Revenue
Rental revenue	$	5,812,730	$	615,284	$	—	$	6,428,014
Interest income on receivables		356,348		—		—		356,348
Total revenue		6,169,078		615,284		—		6,784,362
Expenses
Management fees to affiliate		190,814		18,277		—		209,091
Property operating		26,267		—		—		26,267
General and administrative		1,036		—		190,257		191,293
Acquisition-related		633,799		93,359		—		727,158
Amortization		1,377,493		58,362		—		1,435,855
Impairments		183,271		—		—		183,271
Total expenses		2,412,680		169,998		190,257		2,772,935
Other income and expenses
Interest expense		(12,024)		(1,796)		(1,462,387)		(1,476,207)
Unrealized loss on derivatives		—		—		(1,016,716)		(1,016,716)
Total other income and expenses		(12,024)		(1,796)		(2,479,103)		(2,492,923)
Net income (loss)	$	3,744,374	$	443,490	$	(2,669,360)	$	1,518,504

F-32

The Partnership’s total assets by segment were:

	December 31,
	2014		2013
Segments
Wireless communication	$	167,396,475	$	159,468,560
Outdoor advertising		30,600,204		22,121,930
Renewable Power Generation		391,291		–
Corporate assets		1,865,089		5,382,368
Total Assets	$	200,253,059	$	186,972,858

16. Commitments and Contingencies

The Partnership’s commitments and contingencies include customary claims and obligations incurred in the normal course of business. In the opinion of management, these matters will not have a material effect on the Partnership’s combined financial position.

As a result of merger activity certain tenants have announced their intentions to rationalize their networks and terminate leases. We expect that T‑Mobile’s acquisition of MetroPCS (completed in 2013) will potentially result in the termination of certain of MetroPCS’s tenant leases included in our asset portfolio. In December 2014, we received one termination notice related to a MetroPCS tenant site and we expect to receive additional termination notifications from MetroPCS during 2015. The termination of leases in our portfolio would result in lower rental revenue, may lead to impairment of our real property interests, or other adverse effects to our business.

We have approximately  $13.6million of real property interest subject to subordination to lenders of the property. To the extent a lender forecloses on a property the Partnership would take impairment charges for the book value of the asset and no longer be entitled to the revenue associated with the asset.

17. Tenant Concentration

For the years ended December 31, 2014, 2013 and 2012, the Partnership had the following tenant revenue concentrations:

	Year Ended December 31,
Tenant	2014*		2013*		2012
T-Mobile	19.5	%	18.5	%	13.1	%
Verizon	15.6	%	14.1	%	11.9	%
Sprint	12.9	%	11.9	%	12.2	%
AT&T Mobility	11.9	%	11.0	%	10.3	%
Crown Castle	11.2	%	10.6	%	12.3	%

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

Most tenants are subsidiaries of these tenants but have been aggregated for purposes of showing revenue concentration. Financial information for these tenants can be found at www.sec.gov.

The loss of any one of our large customers as a result of consolidation, merger, bankruptcy, insolvency, network sharing, roaming, joint development, resale agreements by our customers or otherwise may result in (1) a material decrease in our revenue, (2) uncollectible account receivables, (3) an impairment of our deferred site rental receivables, wireless infrastructure assets, site rental contracts or customer relationships intangible assets, or (4) other adverse effects to our business.

F-33

18. Income Taxes

We are not a taxable entity for U.S. federal income tax purposes or for the majority of states that impose an income tax. Taxes on our net income is generally are borne by our partners through the allocation of taxable income. Our wholly owned subsidiary Landmark Infrastructure Asset OpCo LLC conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes. The difference between income tax expense recorded by us and income taxes computed by applying the statutory federal income tax rate (35 percent for all years presented) to income before income tax expense is due to the fact that the majority of our income is not subject to federal income tax as described above.

Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with differences between book and tax asset bases. As of December 31, 2014 and 2013, we had no liability reported for unrecognized tax benefits. We did not have any interest or penalties related to income taxes during the years ended December 31, 2014, 2013, and 2012.

19. Supplemental Cash Flow Information

Noncash activities for the years ended December 31, 2014, 2013, and 2012 were as follows:

	Year Ended December 31,
	2014		2013		2012
Purchase price for acquisition of real property interests included in due to Landmark and affiliates	$	—	$	963,067	$	—
Capital contribution to fund general and administrative expense reimbursement		12,349		—		—
Contributions of real property interests by Landmark		49,500		831,424		3,902,791
Fair value adjustment of investments in receivables		284,294		—		—
Unit-based compensation		17,500		—		—

Cash flows related to interest paid was as follows:

	Year Ended December 31,
	2014		2013		2012
Cash paid for interest	$	4,170,785	$	3,095,644	$	1,120,212

F-34

20. Quarterly Financial Data (Unaudited)

The following tables summarize quarterly financial data for the years ended December 31, 2014 and 2013. The information includes the results of operations of our Predecessor from January 1, 2013 through November 19, 2014 and of Landmark Infrastructure Partners LP for the period beginning November 19, 2014, the date the IPO was completed, through December 31, 2014.

	2014 Quarter Ended*
	March 31		June 30		September 30		December 31
Total revenues	$	3,488,884	$	3,522,067	$	3,622,234	$	3,776,332
Net income (loss)		1,319,708		395,138		1,854,647		(2,981,646)
Net income (loss) attributable to Predecessor		1,319,708		395,138		1,854,647		(283,298)
Net loss attributable to limited partners		n/a		n/a		n/a		(2,698,348)
Net loss per limited partner unit
(basic and diluted):
Common units		n/a		n/a		n/a	$	(0.34)
Subordinated units		n/a		n/a		n/a	$	(0.34)
Cash distribution declared per unit		n/a		n/a		n/a	$	0.1344

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

	2013 Quarter Ended*
	March 31		June 30	September 30	December 31
Total revenues	$	2,619,945	3,008,357	3,470,742	3,544,517
Net income		262,027	2,600,165	638,488	929,136

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

21. Subsequent Events

Subsequent to year end, eleven of the Partnership’s real property interests were impaired as a result of termination notices received and one property interest foreclosure. As a result of T‑Mobile’s acquisition of MetroPCS (completed in 2013), we have received termination notices related to 23 MetroPCS tenant sites. As a result of these termination notices we determined that eight real property interests were impaired and recognized impairment charges totaling $2.1 million related to MetroPCS tenant sites. The remaining $0.7 million of impairment related to a foreclosure notice received effective March 26, 2015. Through May 11, 2015, we recognized impairment charges totaling $2.8 million.

On April 8, 2015, the Partnership completed an acquisition of 73 tenant sites and related real property interests, consisting of 45 wireless communication and 28 outdoor advertising sites, from Landmark, in exchange for cash consideration of $22,050,000. The purchase price was funded with $21,500,000 of borrowings under the Partnership’s existing credit facility and available cash.

On April 23, 2015, the board of directors of our General Partner declared a quarterly cash distribution of $0.2975 per unit, or $1.19 per unit on an annualized basis, for the quarter ended March 31, 2015.  This distribution represents a 3.5% increase over the Partnership’s minimum quarterly distribution of $0.2875 per unit, and is payable on May 14, 2015 to unitholders of record as of May 5, 2015.

F-35

Landmark Infrastructure Partners LP

Schedule III – Real Estate and Accumulated Depreciation

December 31, 2014*

											Gross Amount at Which Carried
				Initial cost to the Partnership							As of December 31, 2014
						Building and						Building and				Accumulated		Date
Description	Location	Encumbrances		Land		improvements		Total		Land		improvements		Total		depreciation		Acquired
Wireless Communication	Tombstone, AZ	$	—	$	593,201	$	—	$	593,201	$	593,201	$	—	$	593,201	$	—	2012
Outdoor Advertising	Rosemont, IL		—		970,675		—		970,675		970,675		—		970,675		—	2013
Wireless Communication	Los Angeles, CA		—		331,241		—		331,241		331,241		—		331,241		—	2013
Outdoor Advertising	Grand Prairie, TX		—		300,467		—		300,467		300,467		—		300,467		—	2014
Outdoor Advertising	Houston, TX		—		240,458		—		240,458		240,458		—		240,458		—	2014
Outdoor Advertising	Largo, FL		—		132,383		—		132,383		132,383		—		132,383		—	2014
Outdoor Advertising	Phoenix, AZ		—		323,875		—		323,875		323,875		—		323,875		—	2014
Outdoor Advertising	Saint Petersburg, FL		—		200,400		—		200,400		200,400		—		200,400		—	2014
Outdoor Advertising	Terrell, TX		—		46,442		—		46,442		46,442		—		46,442		—	2014
Outdoor Advertising	West Palm Beach, FL		—		287,159		—		287,159		287,159		—		287,159		—	2014
Wireless Communication	New York, NY		—		1,403,272		—		1,403,272		1,403,272		—		1,403,272		—	2014
	Total	$	—	$	4,829,573	$	—	$	4,829,573	$	4,829,573	$	—	$	4,829,573	$	—

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

F-36

XML

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Information

Schedule of noncash activities

	Year Ended December 31,
	2014		2013		2012
Purchase price for acquisition of real property interests included in due to Landmark and affiliates	$	—	$	963,067	$	—
Capital contribution to fund general and administrative expense reimbursement		12,349		—		—
Contributions of real property interests by Landmark		49,500		831,424		3,902,791
Fair value adjustment of investments in receivables		284,294		—		—
Unit-based compensation		17,500		—		—

Schedule of cash flows related to interest paid

	Year Ended December 31,
	2014		2013		2012
Cash paid for interest	$	4,170,785	$	3,095,644	$	1,120,212

XML

Interest Rate Swap Agreements (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 24, 2014	Feb. 05, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized realized loss on termination	$ 213,181
Fair value of (liability)	(289,808)	(193,101)
Unrealized gain (loss)	(552,268)	1,279,176	(1,016,716)
Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized realized loss on termination	213,181
Interest Rate Swap Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value net asset (liability)	(289,808)	262,460
Unrealized gain (loss)	(552,268)	1,279,176	(1,016,716)
Interest Rate Swap Agreement | Agreement effective date August 29, 2012
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	25,631,841
Fixed rate	3.91%
Fair value net asset (liability)		(193,101)
Interest Rate Swap Agreement | Agreement effective date August 1, 2012
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	44,410,270
Fixed rate	4.16%
Fair value net asset (liability)		381,621
Interest Rate Swap Agreement | Agreement effective date November 1, 2013
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	20,469,463
Fixed rate	4.28%
Fair value net asset (liability)		73,940
Interest Rate Swap Agreement | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	70,000,000
Fixed rate	4.02%
Fair value net asset (liability)	(289,808)
Interest Rate Swap Agreement | Increase of 50 Basis Points
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, assumed increase (decrease) in interest rates	50.00%
Interest Rate Swap Agreement | Increase of 50 Basis Points | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,004,382
Interest Rate Swap Agreement | Decrease of 50 Basis Points
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, assumed increase (decrease) in interest rates	(50.00%)
Interest Rate Swap Agreement | Decrease of 50 Basis Points | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(1,637,365)
Interest Rate Swap Agreement | Increase of 100 Basis Points
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, assumed increase (decrease) in interest rates	100.00%
Interest Rate Swap Agreement | Increase of 100 Basis Points | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	2,295,647
Interest Rate Swap Agreement | Decrease of 100 Basis Points
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, assumed increase (decrease) in interest rates	(100.00%)
Interest Rate Swap Agreement | Decrease of 100 Basis Points | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(2,924,701)
Level 2 inputs | Interest Rate Swap Agreement | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value				70,000,000
Fixed rate				4.02%
Period				4 years
Level 2 inputs | Interest Rate Swap Agreement | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value					$ 25,000,000
Fixed rate					3.79%
Period					4 years

XML

Real Property Interests (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Real Property Interests
Land	$ 4,829,573	$ 1,895,117
Real property interests - perpetual	45,834,289	44,435,392
Real property interests - non-perpetual	137,544,191	124,365,397
Total land and real property interests	188,208,053	170,695,906
Accumulated amortization	(5,873,199)	(2,848,040)
Land and net real property interests	$ 182,334,854	$ 167,847,866

XML

Unit-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2014
Landmark Infrastructure Partners LP 2014 Long-Term Incentive Plan (the "LTIP")
Incentive compensation awards to individuals
Number of awards issued to date (in shares)	0
Landmark Infrastructure Partners LP 2014 Long-Term Incentive Plan (the "LTIP") | Common Unitholders, Public
Incentive compensation awards to individuals
Initial limit on the number of units that may be delivered pursuant to vested awards (in shares)	785,000
Annual increase in the number of units that may be delivered pursuant to vested awards, mazimum (in shares)	1,570,000
Annual increase in the number of units that may be delivered pursuant to vested awards, as a percentage of total number of units outstanding (as a percent)	2.00%
Non-Employee Director
Compensation of our Directors
Annualized compensation, payable in cash (in dollars per year)	35,000
Annualized compensation, payable in common units, value (in dollars per year)	35,000
Chairman of the Audit Committee
Compensation of our Directors
Additional annualized compensation, payable in cash (in dollars per year)	10,000

XML

Acquisitions (Operations) (Details) (USD $)	1 Months Ended	3 Months Ended								11 Months Ended	12 Months Ended			11 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Nov. 18, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 30, 2014
Revenue
Rental revenue											$ 13,700,487	$ 11,901,376	$ 6,428,014
Interest income on receivables											709,030	742,185	356,348
Total revenue	1,680,771	3,776,332	3,622,234	3,522,067	3,488,884	3,544,517	3,470,742	3,008,357	2,619,945		14,409,517	12,643,561	6,784,362
Expenses
Management fees to affiliate											362,495	370,625	209,091
Property operating											24,720	6,454	26,267
General and administrative											816,798	722,028	191,293
Acquisition-related											147,150	318,600	727,158
Amortization											3,556,911	3,229,377	1,435,855
Impairments											258,834	1,005,478	183,271
Total expenses	823,363										5,166,908	5,652,562	2,772,935
Interest expense											(4,984,054)	(3,840,359)	(1,476,207)
Loss on early extinguishment of debt											(2,905,259)
Realized loss on derivative financial instruments											(213,181)
Unrealized gain (loss) on derivatives											(552,268)	1,279,176	(1,016,716)
Total other income and expenses	(3,555,756)										(8,654,762)	(2,561,183)	(2,492,923)
Net income	(2,698,348)	(2,981,646)	1,854,647	395,138	1,319,708	929,136	638,488	2,600,165	262,027		587,847	4,429,816	1,518,504
Less: Net income attributable to Predecessor		283,298	(1,854,647)	(395,138)	(1,319,708)					(3,286,195)	3,286,195	4,429,816	1,518,504
Net loss attributable to partners	(2,698,348)	(2,698,348)									(2,698,348)
Landmark Infrastructure Partners LP
Revenue
Rental revenue											13,700,487	11,901,376	6,428,014
Interest income on receivables											709,030	742,185	356,348
Total revenue											14,409,517	12,643,561	6,784,362
Expenses
Management fees to affiliate											362,495	370,625	209,091
Property operating											24,720	6,454	26,267
General and administrative											816,798	722,028	191,293
Acquisition-related											147,150	318,600	727,158
Amortization											3,556,911	3,229,377	1,435,855
Impairments											258,834	1,005,478	183,271
Total expenses											5,166,908	5,652,562	2,772,935
Interest expense											(4,984,054)	(3,840,359)	(1,476,207)
Loss on early extinguishment of debt											(2,905,259)
Realized loss on derivative financial instruments											(213,181)
Unrealized gain (loss) on derivatives											(552,268)	1,279,176	(1,016,716)
Total other income and expenses											(8,654,762)	(2,561,183)	(2,492,923)
Net income											587,847	4,429,816	1,518,504
Less: Net income attributable to Predecessor											3,286,195
Net loss attributable to partners											(2,698,348)
Landmark, General Partner and affiliates | Landmark Infrastructure Partners LP
Revenue
Rental revenue													6,425,215
Interest income on receivables													356,348
Total revenue													6,781,563
Expenses
Management fees to affiliate													209,091
Property operating													26,267
General and administrative													191,293
Acquisition-related													727,158
Amortization													1,434,299
Impairments													183,271
Total expenses													2,771,379
Interest expense													(1,476,207)
Unrealized gain (loss) on derivatives													(1,016,716)
Total other income and expenses													(2,492,923)
Net income													1,517,261
Acquired Assets | Landmark, General Partner and affiliates | Acquisition from related party | Acquired Assets Predecessor
Revenue
Rental revenue											211,057	31,223	2,799
Total revenue											211,057	31,223	2,799
Expenses
Acquisition-related											109,267
Amortization											59,359	2,074	1,556
Total expenses											168,626	2,074	1,556
Net income											42,431	29,149	1,243
Less: Net income attributable to Predecessor											42,431
Landmark Infrastructure Partners LP, Predecessor
Revenue
Total revenue														12,728,746
Expenses
Total expenses														4,343,545
Total other income and expenses														(5,099,006)
Net income														3,286,195
Landmark Infrastructure Partners LP, Predecessor | Landmark Infrastructure Partners LP
Revenue
Rental revenue											13,489,430	11,870,153
Interest income on receivables											709,030	742,185
Total revenue											14,198,460	12,612,338
Expenses
Management fees to affiliate											362,495	370,625
Property operating											24,720	6,454
General and administrative											816,798	722,028
Acquisition-related											37,883	318,600
Amortization											3,497,552	3,227,303
Impairments											258,834	1,005,478
Total expenses											4,998,282	5,650,488
Interest expense											(4,984,054)	(3,840,359)
Loss on early extinguishment of debt											(2,905,259)
Realized loss on derivative financial instruments											(213,181)
Unrealized gain (loss) on derivatives											(552,268)	1,279,176
Total other income and expenses											(8,654,762)	(2,561,183)
Net income											545,416	4,400,667
Less: Net income attributable to Predecessor											3,243,764
Net loss attributable to partners											$ (2,698,348)

XML

Investments in Receivables (Tables)

12 Months Ended

Dec. 31, 2014

Investments in Receivables

Activity in investments in receivables

	Year Ended December 31,
	2014		2013
Investments in receivables – beginning	$	9,085,281	$	9,743,976
Fair value adjustment		284,294		—
Impairments		(4,465)		(25,304)
Repayments		(751,735)		(702,368)
Interest accretion		51,899		68,977
Investments in receivables – ending	$	8,665,274	$	9,085,281

Annual amounts due

Annual amounts due as of December 31, 2014, are as follows:

2015	$	1,368,772
2016		1,430,049
2017		1,561,423
2018		1,377,750
2019		893,149
Thereafter		6,637,990
Total	$	13,269,133
Interest	$	4,603,859
Principal		8,665,274
Total	$	13,269,133

XML

Net Income Per Limited Partner Unit (Details) (USD $)	1 Months Ended	3 Months Ended								12 Months Ended			11 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 30, 2014
Results of operations
Total revenue	$ 1,680,771	$ 3,776,332	$ 3,622,234	$ 3,522,067	$ 3,488,884	$ 3,544,517	$ 3,470,742	$ 3,008,357	$ 2,619,945	$ 14,409,517	$ 12,643,561	$ 6,784,362
Total expenses	(823,363)									(5,166,908)	(5,652,562)	(2,772,935)
Total other income and expenses	(3,555,756)									(8,654,762)	(2,561,183)	(2,492,923)
Net income	(2,698,348)	(2,981,646)	1,854,647	395,138	1,319,708	929,136	638,488	2,600,165	262,027	587,847	4,429,816	1,518,504
Landmark Infrastructure Partners LP, Predecessor
Results of operations
Total revenue													12,728,746
Total expenses													(4,343,545)
Total other income and expenses													(5,099,006)
Net income													$ 3,286,195

XML

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Information

Supplemental Cash Flow Information

19. Supplemental Cash Flow Information

Noncash activities for the years ended December 31, 2014, 2013, and 2012 were as follows:

	Year Ended December 31,
	2014		2013		2012
Purchase price for acquisition of real property interests included in due to Landmark and affiliates	$	—	$	963,067	$	—
Capital contribution to fund general and administrative expense reimbursement		12,349		—		—
Contributions of real property interests by Landmark		49,500		831,424		3,902,791
Fair value adjustment of investments in receivables		284,294		—		—
Unit-based compensation		17,500		—		—

Cash flows related to interest paid was as follows:

	Year Ended December 31,
	2014		2013		2012
Cash paid for interest	$	4,170,785	$	3,095,644	$	1,120,212

XML

Other Intangible Assets and Liabilities (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Intangible Assets
Net amount	$ 4,677,499	$ 4,371,416
Acquired below-market leases
Gross amount	(8,816,156)	(6,906,025)
Accumulated amortization	1,487,415	713,634
Net amount	(7,328,741)	(6,192,391)
Amortization recorded
Net amortization of above and below-market lease intangibles	539,539	430,909	224,311
Amortization expense	508,158	443,332	287,368
Future amortization of acquired below-market leases
2015	(874,415)
2016	(856,902)
2017	(836,262)
2018	(830,760)
2019	(813,210)
Thereafter	(3,117,192)
Acquired in-place leases
Other Intangible Assets
Gross amount	4,821,009	4,378,781
Accumulated amortization	(967,222)	(464,571)
Net amount	3,853,787	3,914,210
Future amortization of lease intangibles
2015	503,542
2016	489,768
2017	467,482
2018	443,207
2019	432,059
Thereafter	1,517,729
Acquired above-market leases
Other Intangible Assets
Gross amount	1,332,286	731,540
Accumulated amortization	(508,574)	(274,334)
Net amount	823,712	457,206
Future amortization of lease intangibles
2015	218,060
2016	158,357
2017	92,332
2018	53,266
2019	42,103
Thereafter	$ 259,594

XML

Organization - Acquisition (Details) (USD $)	0 Months Ended
	Mar. 04, 2015 site	Nov. 19, 2014 item	Dec. 31, 2014	Dec. 31, 2013
Historical cost basis of properties acquired			$ 182,334,854	$ 167,847,866
Acquisition from related party | HoldCo | Acquired Assets
Number of tenant sites acquired (in sites)	81
Amount treated as general partner distribution, difference between cash paid and historical cost of assets acquired	4,465,749
Cash consideration	25,205,000
Historical cost basis of properties acquired	$ 20,739,252
Distribution of units and cash for assets and liabilities of Fund A and Fund D | Landmark, General Partner and affiliates | Acquired Assets
Number of real estate investment funds		2
Wireless Communication | Acquisition from related party | HoldCo | Acquired Assets
Number of tenant sites acquired (in sites)	41
Outdoor Advertising | Acquisition from related party | HoldCo | Acquired Assets
Number of tenant sites acquired (in sites)	39
Renewable Power Generation | Acquisition from related party | HoldCo | Acquired Assets
Number of tenant sites acquired (in sites)	1

XML

Segment Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Information

Schedule of statement of operations by reportable segment

For the year ended December 31, 2014:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	11,693,862	$	1,991,367	$	15,258	$	—	$	13,700,487
Interest income on receivables		709,030		—		—		—		709,030
Total revenue		12,402,892		1,991,367		15,258		—		14,409,517
Expenses
Management fees to affiliate		322,650		39,677		168		—		362,495
Property operating		9,637		15,083		—		—		24,720
General and administrative		38,387		6,525		—		771,886		816,798
Acquisition-related		125,042		15,658		6,450		—		147,150
Amortization		3,306,136		245,007		5,768		—		3,556,911
Impairments		258,834		—		—		—		258,834
Total expenses		4,060,686		321,950		12,386		771,886		5,166,908
Other income and expenses
Interest expense		(40,619)		(10,038)		—		(4,933,397)		(4,984,054)
Loss on early extinguishment of debt		—		—		—		(2,905,259)		(2,905,259)
Realized loss on derivatives		—		—		—		(213,181)		(213,181)
Unrealized loss on derivatives		—		—		—		(552,268)		(552,268)
Total other income and expenses		(40,619)		(10,038)		—		(8,604,105)		(8,654,762)
Net income (loss)	$	8,301,587	$	1,659,379	$	2,872	$	(9,375,991)	$	587,847

For the year ended December 31, 2013:

	Wireless Communication		Outdoor Advertising		Corporate		Total
Revenue
Rental revenue	$	10,175,620	$	1,725,756	$	—	$	11,901,376
Interest income on receivables		742,185		—		—		742,185
Total revenue		10,917,805		1,725,756		—		12,643,561
Expenses
Management fees to affiliate		323,482		47,143		—		370,625
Property operating		6,454		—		—		6,454
General and administrative		106,267		79,114		536,647		722,028
Acquisition-related		294,029		24,571		—		318,600
Amortization		3,039,473		189,904		—		3,229,377
Impairments		1,005,478		—		—		1,005,478
Total expenses		4,775,183		340,732		536,647		5,652,562
Other income and expenses
Interest expense		(54,546)		(11,774)		(3,774,039)		(3,840,359)
Unrealized gain on derivatives		—		—		1,279,176		1,279,176
Total other income and expenses		(54,546)		(11,774)		(2,494,863)		(2,561,183)
Net income (loss)	$	6,088,076	$	1,373,250	$	(3,031,510)	$	4,429,816

For the year ended December 31, 2012:

	Wireless Communication		Outdoor Advertising		Corporate		Total
Revenue
Rental revenue	$	5,812,730	$	615,284	$	—	$	6,428,014
Interest income on receivables		356,348		—		—		356,348
Total revenue		6,169,078		615,284		—		6,784,362
Expenses
Management fees to affiliate		190,814		18,277		—		209,091
Property operating		26,267		—		—		26,267
General and administrative		1,036		—		190,257		191,293
Acquisition-related		633,799		93,359		—		727,158
Amortization		1,377,493		58,362		—		1,435,855
Impairments		183,271		—		—		183,271
Total expenses		2,412,680		169,998		190,257		2,772,935
Other income and expenses
Interest expense		(12,024)		(1,796)		(1,462,387)		(1,476,207)
Unrealized loss on derivatives		—		—		(1,016,716)		(1,016,716)
Total other income and expenses		(12,024)		(1,796)		(2,479,103)		(2,492,923)
Net income (loss)	$	3,744,374	$	443,490	$	(2,669,360)	$	1,518,504

Schedule of total assets by reportable segment

	December 31,
	2014		2013
Segments
Wireless communication	$	167,396,475	$	159,468,560
Outdoor advertising		30,600,204		22,121,930
Renewable Power Generation		391,291		–
Corporate assets		1,865,089		5,382,368
Total Assets	$	200,253,059	$	186,972,858

XML

Investments in Receivables (Details) (USD $)	0 Months Ended	12 Months Ended
	Nov. 19, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments in Receivables
Discount rate	8.75%
Payment collection period, minimum	2 years
Payment collection period, maximum	29 years
Interest income recognized		$ 709,030	$ 742,185	$ 356,348
Activity in investments in receivables
Investments in receivables - beginning		9,085,281	9,743,976
Fair value adjustment		284,294
Impairments		(4,465)	(25,304)
Repayment of receivables		(751,735)	(702,368)	(267,373)
Interest accretion		51,899	68,977	49,978
Investments in receivables - ending		8,665,274	9,085,281	9,743,976
Annual amounts of investments in receivables due
Remainder of 2015		1,368,772
2016		1,430,049
2017		1,561,423
2018		1,377,750
2019		893,149
Thereafter		6,637,990
Total		13,269,133
Interest		4,603,859
Principal		$ 8,665,274

XML

Subsequent Events (Details) (USD $)	0 Months Ended	3 Months Ended	12 Months Ended			0 Months Ended
	Jan. 26, 2015	Dec. 31, 2014 item	Dec. 31, 2014 item	Dec. 31, 2013 item	Dec. 31, 2012	May 11, 2015 site	Apr. 23, 2015	Apr. 08, 2015 site
Subsequent Event
Number of real property interests impaired and measured at fair value		2	2	6
Recognized impairment charge			$ 258,834	$ 1,005,478	$ 183,271
Cash distribution declared per unit (in dollars per share)	$ 0.1344	$ 0.1344
Minimum quarterly distribution per unit (in dollars per share)	$ 0.2875
Subsequent event
Subsequent Event
Number of real property interests impaired and measured at fair value						11
Number of foreclosed real property interests						1
Recognized impairment charge						2,800,000
Cash distribution declared per unit (in dollars per share)							$ 0.2975
Quarterly distribution declared per unit , on an annualized basis (in dollars per share)							$ 1.19
Change in per unit distribution declared (as a percent)							3.50%
Minimum quarterly distribution per unit (in dollars per share)							$ 0.2875
The 73 tenant sites acquired on April 8, 2015 | Landmark, General Partner and affiliates | Acquisition from related party | Subsequent event
Subsequent Event
Number of tenant sites acquired (in sites)								73
Cash consideration								22,050,000
Portion of purchase price funded by borrowing on credit facility								21,500,000
The 73 tenant sites acquired on April 8, 2015 | Landmark, General Partner and affiliates | Acquisition from related party | Wireless Communication | Subsequent event
Subsequent Event
Number of tenant sites acquired (in sites)								45
The 73 tenant sites acquired on April 8, 2015 | Landmark, General Partner and affiliates | Acquisition from related party | Outdoor Advertising | Subsequent event
Subsequent Event
Number of tenant sites acquired (in sites)								28
Metro PCS | Subsequent event
Subsequent Event
Number of real property interests impaired and measured at fair value						8
Number of termination notices						23
Recognized impairment charge						2,100,000
Other | Subsequent event
Subsequent Event
Recognized impairment charge						$ 700,000

XML

Segment Information (Details) (USD $)	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014 segment	Dec. 31, 2013 segment	Dec. 31, 2012 segment
Segment Information
Number of reportable segments										3	2	2
Revenue
Rental revenue										$ 13,700,487	$ 11,901,376	$ 6,428,014
Interest income on receivables										709,030	742,185	356,348
Total revenue	1,680,771	3,776,332	3,622,234	3,522,067	3,488,884	3,544,517	3,470,742	3,008,357	2,619,945	14,409,517	12,643,561	6,784,362
Expenses
Management fees to affiliate										362,495	370,625	209,091
Property operating										24,720	6,454	26,267
General and administrative										816,798	722,028	191,293
Acquisition-related										147,150	318,600	727,158
Amortization										3,556,911	3,229,377	1,435,855
Impairments										258,834	1,005,478	183,271
Total expenses	823,363									5,166,908	5,652,562	2,772,935
Other income and expenses
Interest expense										(4,984,054)	(3,840,359)	(1,476,207)
Loss on early extinguishment of debt										(2,905,259)
Realized loss on derivative financial instruments										(213,181)
Unrealized gain (loss) on derivatives										(552,268)	1,279,176	(1,016,716)
Total other income and expenses	(3,555,756)									(8,654,762)	(2,561,183)	(2,492,923)
Net income	(2,698,348)	(2,981,646)	1,854,647	395,138	1,319,708	929,136	638,488	2,600,165	262,027	587,847	4,429,816	1,518,504
Assets	200,253,059	200,253,059				186,972,858				200,253,059	186,972,858
Interest Rate Swap Agreement
Other income and expenses
Unrealized gain (loss) on derivatives										(552,268)	1,279,176	(1,016,716)
Operating Segments | Wireless Communication
Revenue
Rental revenue										11,693,862	10,175,620	5,812,730
Interest income on receivables										709,030	742,185	356,348
Total revenue										12,402,892	10,917,805	6,169,078
Expenses
Management fees to affiliate										322,650	323,482	190,814
Property operating										9,637	6,454	26,267
General and administrative										38,387	106,267	1,036
Acquisition-related										125,042	294,029	633,799
Amortization										3,306,136	3,039,473	1,377,493
Impairments										258,834	1,005,478	183,271
Total expenses										4,060,686	4,775,183	2,412,680
Other income and expenses
Interest expense										(40,619)	(54,546)	(12,024)
Total other income and expenses										(40,619)	(54,546)	(12,024)
Net income										8,301,587	6,088,076	3,744,374
Assets	167,396,475	167,396,475				159,468,560				167,396,475	159,468,560
Operating Segments | Outdoor Advertising
Revenue
Rental revenue										1,991,367	1,725,756	615,284
Total revenue										1,991,367	1,725,756	615,284
Expenses
Management fees to affiliate										39,677	47,143	18,277
Property operating										15,083
General and administrative										6,525	79,114
Acquisition-related										15,658	24,571	93,359
Amortization										245,007	189,904	58,362
Total expenses										321,950	340,732	169,998
Other income and expenses
Interest expense										(10,038)	(11,774)	(1,796)
Total other income and expenses										(10,038)	(11,774)	(1,796)
Net income										1,659,379	1,373,250	443,490
Assets	30,600,204	30,600,204				22,121,930				30,600,204	22,121,930
Operating Segments | Renewable Power Generation
Revenue
Rental revenue										15,258
Total revenue										15,258
Expenses
Management fees to affiliate										168
Acquisition-related										6,450
Amortization										5,768
Total expenses										12,386
Other income and expenses
Net income										2,872
Assets	391,291	391,291								391,291
Corporate
Expenses
General and administrative										771,886	536,647	190,257
Total expenses										771,886	536,647	190,257
Other income and expenses
Interest expense										(4,933,397)	(3,774,039)	(1,462,387)
Loss on early extinguishment of debt										(2,905,259)
Realized loss on derivative financial instruments										(213,181)
Total other income and expenses										(8,604,105)	(2,494,863)	(2,479,103)
Net income										(9,375,991)	(3,031,510)	(2,669,360)
Assets	1,865,089	1,865,089				5,382,368				1,865,089	5,382,368
Corporate | Interest Rate Swap Agreement
Other income and expenses
Unrealized gain (loss) on derivatives										$ (552,268)	$ 1,279,176	$ (1,016,716)

XML

Acquisitions (BalanceSheet) (Details) (USD $)	Dec. 31, 2014	Nov. 18, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets
Land	$ 4,829,573		$ 1,895,117
Real property interests	183,378,480		168,800,789
Total land and real property interests	188,208,053		170,695,906
Accumulated amortization of real property interest	(5,873,199)		(2,848,040)
Land and net real property interests	182,334,854		167,847,866
Investments in receivables, net	8,665,274		9,085,281	9,743,976
Cash and cash equivalents	311,108		1,037,327	25,248,137	158,559
Rent receivables, net	80,711		112,115
Due from Landmark and affiliates	659,722		648,701
Deferred loan cost, net	2,838,879		3,240,779
Deferred rent receivable	285,790		173,812
Derivative assets			455,561
Other intangible assets, net	4,677,499		4,371,416
Other assets	399,222
Total assets	200,253,059		186,972,858
Liabilities and equity
Revolving credit facility	74,000,000
Secured debt facilities			89,336,688
Accounts payable and accrued liabilities	141,508		945,664
Due to Landmark and affiliates			583,689
Other intangible liabilities, net	7,328,741		6,192,391
Prepaid rent	1,532,372		1,346,060
Derivative liabilities	289,808		193,101
Total liabilities	83,292,429		98,597,593
Commitments and contingencies
Equity	116,960,630	97,292,837	88,375,265	107,416,458	33,634,317
Total liabilities and equity	200,253,059		186,972,858
Landmark Infrastructure Partners LP
Assets
Land	4,829,573		1,895,117
Real property interests	183,378,480		168,800,789
Total land and real property interests	188,208,053		170,695,906
Accumulated amortization of real property interest	(5,873,199)		(2,848,040)
Land and net real property interests	182,334,854		167,847,866
Investments in receivables, net	8,665,274		9,085,281
Cash and cash equivalents	311,108		1,037,327
Rent receivables, net	80,711		112,115
Due from Landmark and affiliates	659,722		648,701
Deferred loan cost, net	2,838,879		3,240,779
Deferred rent receivable	285,790		173,812
Derivative assets			455,561
Other intangible assets, net	4,677,499		4,371,416
Other assets	399,222
Total assets	200,253,059		186,972,858
Liabilities and equity
Revolving credit facility	74,000,000
Secured debt facilities			89,336,688
Accounts payable and accrued liabilities	141,508		945,664
Due to Landmark and affiliates			583,689
Other intangible liabilities, net	7,328,741		6,192,391
Prepaid rent	1,532,372		1,346,060
Derivative liabilities	289,808		193,101
Total liabilities	83,292,429		98,597,593
Equity	116,960,630		88,375,265
Total liabilities and equity	200,253,059		186,972,858
Landmark, General Partner and affiliates
Assets
Due from Landmark and affiliates	659,722		648,701
Liabilities and equity
Due to Landmark and affiliates	0		583,689
Landmark, General Partner and affiliates | Landmark Infrastructure Partners LP
Assets
Land	1,895,117		1,895,117
Real property interests	173,009,873		167,797,881
Total land and real property interests	174,904,990		169,692,998
Accumulated amortization of real property interest	(5,831,342)		(2,844,900)
Land and net real property interests	169,073,648		166,848,098
Investments in receivables, net	8,665,274		9,085,281
Cash and cash equivalents	311,108		1,037,327
Rent receivables, net	80,711		112,115
Due from Landmark and affiliates	659,722		648,701
Deferred loan cost, net	2,838,879		3,240,779
Deferred rent receivable	279,324		173,812
Derivative assets			455,561
Other intangible assets, net	3,783,653		4,336,699
Other assets	399,222
Total assets	186,091,541		185,938,373
Liabilities and equity
Revolving credit facility	74,000,000
Secured debt facilities			89,336,688
Accounts payable and accrued liabilities	141,508		945,664
Due to Landmark and affiliates			583,689
Other intangible liabilities, net	5,685,590		6,192,391
Prepaid rent	1,532,372		1,346,060
Derivative liabilities	289,808		193,101
Total liabilities	81,649,278		98,597,593
Equity	104,442,263		87,340,780
Total liabilities and equity	186,091,541		185,938,373
Acquired Assets | Landmark, General Partner and affiliates | Acquisition from related party | Acquired Assets Predecessor
Assets
Land	2,934,456
Real property interests	10,368,607		1,002,908
Total land and real property interests	13,303,063		1,002,908
Accumulated amortization of real property interest	(41,857)		(3,140)
Land and net real property interests	13,261,206		999,768
Deferred rent receivable	6,466
Other intangible assets, net	893,846		34,717
Total assets	14,161,518		1,034,485
Liabilities and equity
Other intangible liabilities, net	1,643,151
Total liabilities	1,643,151
Equity	12,518,367		1,034,485
Total liabilities and equity	$ 14,161,518		$ 1,034,485

XML

Acquisitions

12 Months Ended

Dec. 31, 2014

Acquisitions

Acquisitions

3. Acquisitions

On March 4, 2015, OpCo, a wholly-owned subsidiary of the Partnership, completed its acquisition of 81 tenant sites and related real property interests, consisting of 41 wireless communication, 39 outdoor advertising and one renewable power sites, from HoldCo, a wholly-owned subsidiary of Landmark, in exchange for cash consideration of $25,205,000. The purchase price was funded with $24,000,000 of borrowings under the Partnership’s existing credit facility and available cash. The difference totaling $4,465,749 between the cash consideration of the Drop-down of$25,205,000 and the historical cost basis of $20,739,252 was allocated to the General Partner through equity.

The assets acquired and liabilities assumed are recorded at the historical cost of Landmark, as the acquisition of the Acquired Assets is a transaction between entities under common control with the statements of operations of the Partnership adjusted retroactively as if the Drop-down transaction occurred on the earliest date during which the entities were under common control. Our historical financial statements have been retroactively adjusted to reflect the results of operations, financial position, and cash flows of the Acquired Assets as if we owned the Acquired Assets for all periods presented while under common control. The following tables present our results of operations and financial position reflecting the effect of the Drop-down on pre-acquisition periods while under common control.  

Statement of operations for the year ended December 31, 2014:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Revenue
Rental revenue	$	13,489,430	$	211,057	$	13,700,487
Interest income on receivables		709,030		—		709,030
Total revenue		14,198,460		211,057		14,409,517
Expenses
Management fees to affiliate		362,495		—		362,495
Property operating		24,720		—		24,720
General and administrative		816,798		—		816,798
Acquisition-related		37,883		109,267		147,150
Amortization		3,497,552		59,359		3,556,911
Impairments		258,834		—		258,834
Total expenses		4,998,282		168,626		5,166,908
Other income and expenses
Interest expense		(4,984,054)		—		(4,984,054)
Loss on early extinguishment of debt		(2,905,259)		—		(2,905,259)
Realized loss on derivatives		(213,181)		—		(213,181)
Unrealized loss on derivatives		(552,268)		—		(552,268)
Other income and expenses		(8,654,762)		—		(8,654,762)
Net income	$	545,416	$	42,431	$	587,847
Less: Net income attributable to Predecessor		3,243,764		42,431		3,286,195
Net loss attributable to partners	$	(2,698,348)	$	—	$	(2,698,348)

Statement of operations for the year ended December 31, 2013:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Revenue
Rental revenue	$	11,870,153	$	31,223	$	11,901,376
Interest income on receivables		742,185		—		742,185
Total revenue		12,612,338		31,223		12,643,561
Expenses
Management fees to affiliate		370,625		—		370,625
Property operating		6,454		—		6,454
General and administrative		722,028		—		722,028
Acquisition-related		318,600		—		318,600
Amortization		3,227,303		2,074		3,229,377
Impairments		1,005,478		—		1,005,478
Total expenses		5,650,488		2,074		5,652,562
Other income and expenses
Interest expense		(3,840,359)		—		(3,840,359)
Unrealized gain on derivatives		1,279,176		—		1,279,176
Other income and expenses		(2,561,183)		—		(2,561,183)
Net income	$	4,400,667	$	29,149	$	4,429,816

Statement of operations for the year ended December 31, 2012:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Revenue
Rental revenue	$	6,425,215	$	2,799	$	6,428,014
Interest income on receivables		356,348		—		356,348
Total revenue		6,781,563		2,799		6,784,362
Expenses
Management fees to affiliate		209,091		—		209,091
Property operating		26,267		—		26,267
General and administrative		191,293		—		191,293
Acquisition-related		727,158		—		727,158
Amortization		1,434,299		1,556		1,435,855
Impairments		183,271		—		183,271
Total expenses		2,771,379		1,556		2,772,935
Other income and expenses
Interest expense		(1,476,207)		—		(1,476,207)
Unrealized loss on derivatives		(1,016,716)		—		(1,016,716)
Other income and expenses		(2,492,923)		—		(2,492,923)
Net income	$	1,517,261	$	1,243	$	1,518,504

Balance Sheet as of December 31, 2014:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Assets
Land	$	1,895,117	$	2,934,456	$	4,829,573
Real property interests		173,009,873		10,368,607		183,378,480
Total land and real property interests		174,904,990		13,303,063		188,208,053
Accumulated amortization of real property interest		(5,831,342)		(41,857)		(5,873,199)
Land and net real property interests		169,073,648		13,261,206		182,334,854
Investments in receivables, net		8,665,274		—		8,665,274
Cash and cash equivalents		311,108		—		311,108
Rent receivables, net		80,711		—		80,711
Due from Landmark and affiliates		659,722		—		659,722
Deferred loan cost, net		2,838,879		—		2,838,879
Deferred rent receivable		279,324		6,466		285,790
Other intangible assets, net		3,783,653		893,846		4,677,499
Other assets		399,222		—		399,222
Total assets	$	186,091,541	$	14,161,518	$	200,253,059
Liabilities and equity
Revolving credit facility	$	74,000,000	$	—	$	74,000,000
Accounts payable and accrued liabilities		141,508		—		141,508
Other intangible liabilities, net		5,685,590		1,643,151		7,328,741
Prepaid rent		1,532,372		—		1,532,372
Derivative liabilities		289,808		—		289,808
Total liabilities		81,649,278		1,643,151		83,292,429
Equity		104,442,263		12,518,367		116,960,630
Total liabilities and equity	$	186,091,541	$	14,161,518	$	200,253,059

Balance Sheet as of December 31, 2013:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Assets
Land	$	1,895,117	$	—	$	1,895,117
Real property interests		167,797,881		1,002,908		168,800,789
Total land and real property interests		169,692,998		1,002,908		170,695,906
Accumulated amortization of real property interest		(2,844,900)		(3,140)		(2,848,040)
Land and net real property interests		166,848,098		999,768		167,847,866
Investments in receivables, net		9,085,281		—		9,085,281
Cash and cash equivalents		1,037,327		—		1,037,327
Rent receivables, net		112,115		—		112,115
Due from Landmark and affiliates		648,701		—		648,701
Deferred loan cost, net		3,240,779		—		3,240,779
Deferred rent receivable		173,812				173,812
Derivative assets		455,561		—		455,561
Other intangible assets, net		4,336,699		34,717		4,371,416
Total assets	$	185,938,373	$	1,034,485	$	186,972,858
Liabilities and equity
Secured debt facilities	$	89,336,688	$	—	$	89,336,688
Accounts payable and accrued liabilities		945,664		—		945,664
Due to Landmark and affiliates		583,689		—		583,689
Other intangible liabilities, net		6,192,391				6,192,391
Prepaid rent		1,346,060		—		1,346,060
Derivative liabilities		193,101		—		193,101
Total liabilities		98,597,593		—		98,597,593
Equity		87,340,780		1,034,485		88,375,265
Total liabilities and equity	$	185,938,373	$	1,034,485	$	186,972,858

XML

Commitments and Contingencies (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended
	Dec. 31, 2014 item
Real property interest subject to subordination	13.6
Metro PCS
Number of termination notice received	1

XML

Organization - Formation Transactions (Details) (USD $)	0 Months Ended	12 Months Ended
	Nov. 19, 2014	Dec. 31, 2014	Nov. 18, 2014
Formation transactions
Amount outstanding		74,000,000
Common Unitholders, Public | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Formation transactions
Distribution, units issued	1,952,665
Subordinated Unitholder, Landmark | Landmark, General Partner and affiliates
Formation transactions
Unit interest owned (as a percent)		40.00%
Subordinated Unitholder, Landmark | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Formation transactions
Distribution, units issued	1,068,114
Initial public offering | Common Unitholders, Public
Formation transactions
Unit interest owned (as a percent)	35.10%
Initial public offering | Common Unitholders, Public | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Formation transactions
Distribution, units issued	1,952,665
Initial public offering | Subordinated Unitholder, Landmark
Formation transactions
Unit interest owned (as a percent)	40.00%
Initial public offering | Subordinated Unitholder, Landmark | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Formation transactions
Distribution, units issued	1,068,114
IPO, Public | Common Unitholders, Public
Formation transactions
Units issued	2,750,000
Over-allotment option | Common Unitholders, Public
Formation transactions
Units issued	100,000
Sale to affiliate | Subordinated Unitholder, Landmark | Landmark, General Partner and affiliates
Formation transactions
Units issued	2,066,995
Senior secured revolving credit facility
Formation transactions
Borrowing capacity	190,000,000
Amount outstanding	75,000,000	74,000,000	$ 94,200,000

XML

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Acquisitions

Statement of Income

Statement of operations for the year ended December 31, 2014:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Revenue
Rental revenue	$	13,489,430	$	211,057	$	13,700,487
Interest income on receivables		709,030		—		709,030
Total revenue		14,198,460		211,057		14,409,517
Expenses
Management fees to affiliate		362,495		—		362,495
Property operating		24,720		—		24,720
General and administrative		816,798		—		816,798
Acquisition-related		37,883		109,267		147,150
Amortization		3,497,552		59,359		3,556,911
Impairments		258,834		—		258,834
Total expenses		4,998,282		168,626		5,166,908
Other income and expenses
Interest expense		(4,984,054)		—		(4,984,054)
Loss on early extinguishment of debt		(2,905,259)		—		(2,905,259)
Realized loss on derivatives		(213,181)		—		(213,181)
Unrealized loss on derivatives		(552,268)		—		(552,268)
Other income and expenses		(8,654,762)		—		(8,654,762)
Net income	$	545,416	$	42,431	$	587,847
Less: Net income attributable to Predecessor		3,243,764		42,431		3,286,195
Net loss attributable to partners	$	(2,698,348)	$	—	$	(2,698,348)

Statement of operations for the year ended December 31, 2013:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Revenue
Rental revenue	$	11,870,153	$	31,223	$	11,901,376
Interest income on receivables		742,185		—		742,185
Total revenue		12,612,338		31,223		12,643,561
Expenses
Management fees to affiliate		370,625		—		370,625
Property operating		6,454		—		6,454
General and administrative		722,028		—		722,028
Acquisition-related		318,600		—		318,600
Amortization		3,227,303		2,074		3,229,377
Impairments		1,005,478		—		1,005,478
Total expenses		5,650,488		2,074		5,652,562
Other income and expenses
Interest expense		(3,840,359)		—		(3,840,359)
Unrealized gain on derivatives		1,279,176		—		1,279,176
Other income and expenses		(2,561,183)		—		(2,561,183)
Net income	$	4,400,667	$	29,149	$	4,429,816

Statement of operations for the year ended December 31, 2012:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Revenue
Rental revenue	$	6,425,215	$	2,799	$	6,428,014
Interest income on receivables		356,348		—		356,348
Total revenue		6,781,563		2,799		6,784,362
Expenses
Management fees to affiliate		209,091		—		209,091
Property operating		26,267		—		26,267
General and administrative		191,293		—		191,293
Acquisition-related		727,158		—		727,158
Amortization		1,434,299		1,556		1,435,855
Impairments		183,271		—		183,271
Total expenses		2,771,379		1,556		2,772,935
Other income and expenses
Interest expense		(1,476,207)		—		(1,476,207)
Unrealized loss on derivatives		(1,016,716)		—		(1,016,716)
Other income and expenses		(2,492,923)		—		(2,492,923)
Net income	$	1,517,261	$	1,243	$	1,518,504

Balance Sheet

Balance Sheet as of December 31, 2014:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Assets
Land	$	1,895,117	$	2,934,456	$	4,829,573
Real property interests		173,009,873		10,368,607		183,378,480
Total land and real property interests		174,904,990		13,303,063		188,208,053
Accumulated amortization of real property interest		(5,831,342)		(41,857)		(5,873,199)
Land and net real property interests		169,073,648		13,261,206		182,334,854
Investments in receivables, net		8,665,274		—		8,665,274
Cash and cash equivalents		311,108		—		311,108
Rent receivables, net		80,711		—		80,711
Due from Landmark and affiliates		659,722		—		659,722
Deferred loan cost, net		2,838,879		—		2,838,879
Deferred rent receivable		279,324		6,466		285,790
Other intangible assets, net		3,783,653		893,846		4,677,499
Other assets		399,222		—		399,222
Total assets	$	186,091,541	$	14,161,518	$	200,253,059
Liabilities and equity
Revolving credit facility	$	74,000,000	$	—	$	74,000,000
Accounts payable and accrued liabilities		141,508		—		141,508
Other intangible liabilities, net		5,685,590		1,643,151		7,328,741
Prepaid rent		1,532,372		—		1,532,372
Derivative liabilities		289,808		—		289,808
Total liabilities		81,649,278		1,643,151		83,292,429
Equity		104,442,263		12,518,367		116,960,630
Total liabilities and equity	$	186,091,541	$	14,161,518	$	200,253,059

Balance Sheet as of December 31, 2013:

	Landmark Infrastructure		Pre-Acquisition		Landmark Infrastructure
	Partners LP		results of		Partners LP
	(As Previously Reported)		Acquired Assets		(As Currently Reported)
Assets
Land	$	1,895,117	$	—	$	1,895,117
Real property interests		167,797,881		1,002,908		168,800,789
Total land and real property interests		169,692,998		1,002,908		170,695,906
Accumulated amortization of real property interest		(2,844,900)		(3,140)		(2,848,040)
Land and net real property interests		166,848,098		999,768		167,847,866
Investments in receivables, net		9,085,281		—		9,085,281
Cash and cash equivalents		1,037,327		—		1,037,327
Rent receivables, net		112,115		—		112,115
Due from Landmark and affiliates		648,701		—		648,701
Deferred loan cost, net		3,240,779		—		3,240,779
Deferred rent receivable		173,812				173,812
Derivative assets		455,561		—		455,561
Other intangible assets, net		4,336,699		34,717		4,371,416
Total assets	$	185,938,373	$	1,034,485	$	186,972,858
Liabilities and equity
Secured debt facilities	$	89,336,688	$	—	$	89,336,688
Accounts payable and accrued liabilities		945,664		—		945,664
Due to Landmark and affiliates		583,689		—		583,689
Other intangible liabilities, net		6,192,391				6,192,391
Prepaid rent		1,346,060		—		1,346,060
Derivative liabilities		193,101		—		193,101
Total liabilities		98,597,593		—		98,597,593
Equity		87,340,780		1,034,485		88,375,265
Total liabilities and equity	$	185,938,373	$	1,034,485	$	186,972,858

XML

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidated and Combined Financial Statements

Basis of Presentation and Principles of Consolidated and Combined Financial Statements

For periods presented prior to the IPO, these consolidated and combined financial statements were derived from the Predecessor based on historical results of operations, cash flows, assets and liabilities. As the Drop-down was deemed to be a transaction between entities under common control, the assets and liabilities were transferred at the historical cost of Landmark, with prior periods retroactively adjusted to furnish comparative information. The accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the Acquired Assets prior to the March 4, 2015 during the periods the assets were under common control.  All financial information presented for the periods after the IPO represent the consolidated results of operations, financial position and cash flows of the Partnership with retroactive adjustments of the combined results of operations, financial position and cash flows of the Acquired Assetsduring the periods the assets were under common control.  All intercompany transactions and account balances have been eliminated. The consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All references to tenant sites are unaudited.

The consolidated and combined balance sheets of the Predecessor include Sponsor assets and liabilities that are specifically identifiable or otherwise attributable to the real property interests prior to the period they were owned by the Contributing Landmark Funds. The consolidated and combined statements of income reflect all revenue and expenses associated with the real property interests for the period prior to the period they were owned by the Contributing Landmark Funds to the extent they were owned by Landmark and an allocation of management fees at the same rate that Landmark charges the Contributing Landmark Funds for administrative services. See further discussion in Note 14,  Related‑Party Transactions. Management believes that the assumptions and estimates used in the preparation of the underlying consolidated and combined financial statements are reasonable. However, the consolidated and combined financial statements herein do not necessarily reflect what the Partnership’s financial position, results of operations or cash flows would have been if the Partnership had been a stand‑alone entity during the periods presented. As a result, historical financial information is not necessarily indicative of the Partnership’s future results of operations, financial position or cash flows.

Use of Estimates

Use of Estimates

The preparation of the consolidated and combined financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated and combined financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Purchase Accounting for Acquisitions

Purchase Accounting for Acquisitions

The Partnership applies the business combination method to all acquired investments of real property interests for transactions that meet the definition of a business combination. The purchase consideration of the real property interests is allocated to the acquired tangible asset, such as land, and the identified intangible assets and liabilities, consisting of the value of perpetual and limited life easements, above‑market and below‑market leases and in‑place leases, based in each case on their fair values. The fair value of the assets acquired and liabilities assumed is typically determined by using the discounted cash flow valuation method using discount rates ranging between 9% and 20%. When determining the fair value of intangible assets acquired, the Partnership estimates the applicable discount rate and the timing and amount of future cash flows. The determination of the final purchase price allocation and the acquisition‑date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period, but no later than 12 months from the acquisition date and result in adjustments to the preliminary estimates recognized in the prior period financial statements. Transaction costs related to the acquisition of a business, including investments in real property interests, are expensed as incurred.

Factors considered in estimating the fair value of tangible and intangible assets acquired include information obtained about each asset as a result of Landmark’s pre‑acquisition due diligence and its marketing and leasing activities. In order to calculate the estimated in‑place lease value, we employed the income approach in accordance with ASC 805 by multiplying the anticipated market absorption period by the market rent at the time of acquisition for each in‑place lease agreement. Based on our experience in the industry, we have determined a range of lease execution timelines to be between one and six months. For the in‑place lease valuation, we consider a lease‑up period of four months to be representative of the market.

We estimated the fair value of real property interests using the income approach, by capitalizing the market rent at the time of acquisition at a market capitalization rate. The market capitalization rate was estimated by deducting an inflation rate of 3% from the market discount rate for each asset. The discount rates used ranged from 9% to 20%. The value of tenant relationships has not been separated from in‑place tenant lease value for the real estate acquired as such value and its consequence to amortization expense is materially consistent with the in‑place tenant lease value for these particular acquisitions. Should future acquisitions of real property interests result in allocating material amounts to the value of tenant relationships, an amount would be separately allocated and amortized over the estimated life of the relationship. The value of in‑place leases and customer relationship is amortized to expense over the estimated period the tenant is expected to be leasing the site under the existing terms which typically range from 2 to 20 years. If a tenant lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be impaired.

The discount rate associated with each asset varies based on the location of an asset (including demographics and zoning restrictions), and other asset specific characteristics. Market rent for each asset is determined based on location of each asset, asset type, zoning restrictions, ground space necessary for the tenant’s equipment, remaining site capacity, visibility (specifically for billboards), and nearby sites.

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired asset, above‑market, below‑market and in‑place lease values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in‑place leases and (ii) management’s estimate of fair market lease rates for the corresponding in‑place leases measured over the estimated period the tenant is expected to be leasing the site under the above or below‑market terms. The capitalized above‑market and below‑market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site. All tenant leases obtained by the Partnership through its acquisition of real property interests are generally cancellable, upon 30 to 180 days’ notice by the tenants, with no significant penalty. With respect to below‑market leases, consideration is given to any below‑market renewal periods. However, for wireless communication assets, we estimated the above/below‑market lease value over an analysis period of the earlier of the lease expiration or 10 years based on estimated useful life of the underlying equipment and assets. For outdoor advertising assets, we estimated the above‑ or below‑market lease value over an analysis period of the earlier of the lease expiration or 20 years, based on a longer estimated useful life of 20 years for billboards.

Real Property Interests

Real Property Interests

Real property interests consist of easements and lease assignments underlying wireless communication, outdoor advertising and renewable power generation infrastructure. The real property interests are typically held as easements to use land, or roof tops, both of which allow us to use the asset for a specific purpose. Real property interests are intangibles that are recorded at cost. Amortization is computed using the straight‑line method over the estimated useful lives of the real property interests, which is estimated as the shorter of the revenue generating period of the asset or the term of the real estate rights which range from 19 to 99 years. Real property interests with a perpetual term are not amortized but evaluated periodically for impairment.

The Partnership assesses whether there has been an impairment in the value of long‑lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future estimated net cash flows, undiscounted and without interest, expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets based upon what a market participant would be willing to pay for the real estate interest. The estimated fair value of the asset group identified for step two testing is based on either Level 3 inputs utilizing the income approach with a market discount rate and estimated cash flows, or Level 2 inputs based upon the sales comparison approach to a similar asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell utilizing the Level 3 and Level 2 inputs discussed below.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable input be used when available. Observable inputs are inputs that the market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Partnership. Unobservable inputs are inputs that reflect the Partnership’s assumptions about what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is measured in three levels based on the reliability of inputs:

Level 1 – unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2 – quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations in which significant inputs and significant value drivers are observable in active markets; and,

Level 3 – prices or valuations derived from other valuation methodologies where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable, including pricing models, discounted cash flow models and similar techniques.

Cash and Cash Equivalents

Cash and Cash Equivalents

All highly liquid investments with a maturity of three months or less when purchased are considered to be cash and cash equivalents. The Partnership monitors the cash balances in their operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Partnership has experienced no loss or lack of access to cash in the operating accounts.

Accounting for Derivative Financial Instruments and Hedging Activities

Accounting for Derivative Financial Instruments and Hedging Activities

The Partnership utilize interest rate swap contracts to manage interest costs and risks associated with changing interest rates. These derivative financial instruments are carried at fair value on the consolidated and combined balance sheets, with the change in such fair value being recorded through earnings as an unrealized gain or loss in the consolidated and combined statements of income.

Investments in Receivables, Net

Investments in Receivables, Net

The Partnership acquired streams of future cash flows associated with real property interests. The Partnership has no significant rights or obligations associated with the cash flows other than in certain arrangements, to pass a portion of the cash flows received to the owner of the respective lease. The future cash flow streams are recorded at their net present value based on the estimated net cash flows to be received by the Partnership using the implied discount rate in the acquisition.

Receivables are classified as held‑for‑investment based on management’s intent and ability to hold the receivables for the foreseeable future or to maturity. Receivables held‑for‑investment are carried at amortized cost and are reduced by a valuation allowance for estimated credit losses as necessary. Interest on receivables is accreted to income over the life of the receivables using the interest method. The interest method is applied on an individual receivable basis when collectability of the future payments, when due in accordance with the contractual terms of the arrangement, is reasonably assured. Receivables are transferred from held‑for‑investment to held‑for‑sale when management no longer intends to hold the receivables for the foreseeable future. Receivables held‑for‑sale are recorded at the lower of cost or fair value.

Receivables are placed on non‑accrual status when management determines that the collectability of contractual amounts is not reasonably assured. While on non‑accrual status, receivables are either accounted for on a cash basis, in which income is recognized only upon receipt of cash, or on a cost‑recovery basis, where cash receipts reduce the carrying value of the receivable, based on management’s expectation of future collectability.

Allowances are established for receivables based upon an estimate of probable losses on an individual receivable by receivable basis if they are determined to be impaired. Receivables are impaired when it is deemed probable that the Partnership will be unable to collect all amounts when due in accordance with the contractual terms of the loan. An allowance is based upon the Partnership’s assessment of the borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence including the expected future cash flows discounted at the receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience and other relevant factors, as appropriate.

On a regular basis the Partnership assesses investments in receivables for impairment. Internally generated cash flow projections are used to determine if the receivables are expected to be repaid in accordance with the terms of the related agreements. If it is probable that a receivable will not be repaid in accordance with the related agreement, the General Partner considers the receivable impaired. To measure impairment, the General Partner calculates the present value of expected future cash flows discounted at the original effective interest rate. If the present value is less than the carrying value of the receivable, a specific impairment reserve is recorded for the difference. For the years ended December 31, 2014 and 2013, the Partnership recorded allowance on investments in receivables of $4,465 and $25,304.  

Deferred Loan Costs

Deferred Loan Costs

Costs incurred in obtaining the secured debt facilities are capitalized as deferred loan costs and are included in deferred loan costs, net in the combined balance sheet. The deferred loan costs are amortized to interest expense over the life of the related loan. When facilities are amended and restated, any unamortized deferred loan costs, as well as charges incurred for the termination, are recorded to interest expense in the period of the amendment and restatement.

Revenue Recognition

Revenue Recognition

The Partnership recognizes rental income under operating leases, including rental abatements, lease incentives and contractual fixed increases, if any, from tenants under lease arrangements with minimum fixed and determinable increases on a straight‑line basis over the non‑cancellable term of the related leases when collectability is reasonably assured. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are recorded as deferred rent assets. The excess of rent payments collected over amounts recognized contractually due pursuant to the underlying lease are recorded as prepaid rents.

For the years ended December 31, 2014, 2013, and 2012, leases obtained by the Partnership through its acquisition and ownership of real property interests were generally cancelable upon 30‑180 days’ notice by the tenants with no significant penalty. The Partnership evaluates whether the lease arrangements economically compel the tenant to not cancel the lease in determining the term of the lease by considering various factors such as cancellation rights, availability of alternative sites, and historical cancellation rates. For cancellable leases where the tenant is not economically compelled to continue the lease, the term of the lease is considered to be the non‑cancellable period with rental abatements and contractual fixed rate increases recorded in the period the amounts become due and payable.

· Wireless Communication – As a result of various factors, including the cancellation rights, ability to find alternative sites, credit risk, and historical cancellation and lease amendment rates, the lease term is generally considered to be the non‑cancellable term of the lease of 30 to 180 days. For these leases rental abatements and contractual fixed increases are recorded in the period the amounts become due and payable.

· Outdoor Advertising – The lease term is generally considered to be the non‑cancellable term of the remaining portion of the existing term of the lease.

The capitalized above‑market and below‑market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site.

Certain leases provide for the greater of a minimum rent or a percentage of the revenue generated by the tenant (“Contingent Rent”). Contingent rent is recognized when measurable and all possible contingencies have been eliminated. During the years ended December 31, 2014, 2013, and 2012, the Partnership recognized $11,347,  $7,261 and $8,349 of Contingent Rent, respectively.

Rents Receivable, net

Rents Receivable, net

Rents receivables consists of tenant receivables arising in the normal course of business. Tenant receivables are uncollateralized customer obligations requiring payment within various time frames not to exceed one year from the invoice date. Tenant receivables are recorded and carried at the amount billable per the applicable lease agreement, less any allowances for doubtful accounts. The amounts due from tenants are periodically reviewed and an allowance for doubtful accounts is maintained for estimated losses resulting from the inability of tenants to make required payments under lease agreements. Judgment is exercised in establishing these allowances with the payment history and the current credit status of tenants considered in developing these estimates. At December 31, 2014 and 2013, the allowance for doubtful accounts was $0 and $1,066, respectively.

Income Taxes

Income Taxes

The Partnership is generally not subject to federal, state or local income taxes, except for our wholly owned subsidiary Landmark Infrastructure Asset OpCo LLC. Our wholly owned subsidiary Landmark Infrastructure Asset OpCo LLC conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes.  Each limited partner is responsible for the tax liability, if any, related to its proportionate share of the Partnerships’ taxable income or loss. The Partnership follows the requirements of ASC Topic 740, Income Taxes (“ASC 740”), relating to uncertain tax positions. Based on its evaluation under ASC 740, the Partnership has concluded that there are no significant uncertain tax positions requiring recognition in the consolidated and combined financial statements, nor has the Partnership been assessed interest or penalties by any major tax jurisdictions. If an uncertain income tax position were to be identified, the Partnership would account for such in accordance with ASC Topic 450, Contingencies.

Concentration of Credit Risk

Concentration of Credit Risk

The Partnership’s credit risk relates primarily to rent receivables, investments in receivables, cash and interest rate swap agreements. Cash accounts at each U.S. institution are insured by the Federal Deposit Insurance Corporation up to $250,000. The Partnership has not experienced any losses to date on invested cash.

Credit risk associated with interest rate swap agreements arises from the potential failure of counterparties to perform in accordance with the terms of their contracts. The Partnership’s risk management policies define parameters of acceptable market risk and limit exposure to credit risk. Credit exposure resulting from derivative financial instruments is represented by their fair value amounts, increased by an estimate of potential adverse position exposure arising from changes over time in interest rates, maturities, and other relevant factors. The Partnership does not anticipate nonperformance by any of its counterparties.

The Partnership’s real property interests are located throughout the United States. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory, and social factors affecting the communities in which the tenants operate. In certain instances the Partnership’s position in the real property interest may be subordinate to a mortgage lender on the real property.

Risk Management

Risk Management

The Partnership is subject to risks incidental to the ownership and investment in real property interests. These risks and uncertainties include the competitive environment in which the Partnership operates – local, regional, and national economic conditions, including consumer confidence, employment rates, and the availability of capital; uncertainties and fluctuations in capital and securities markets; the cyclical and competitive nature of the real estate industry; changes in tax laws and their interpretation; legal proceedings; effect of restrictive covenants in the loan agreements; and the effects of governmental regulation.

In the normal course of business, the Partnership encounters economic risk, including interest rate risk, credit risk, and market risk. Interest rate risk is the result of movements in the underlying variable component of financing rates. Credit risk is the risk of default on the Partnership’s real property interests and investment in receivables that results from an underlying tenant/borrower’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the valuation of real property interests and investments in receivables held by the Partnership.

Business Segments

Business Segments

The FASB accounting guidance with regard to disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. The Partnership has three reportable segments, wireless communication, outdoor advertising, and renewable power generation, as of December 31, 2014 and two reportable segments, wireless communication and outdoor advertising, as of December 31, 2013 and 2012.

Recently Issued Accounting Standards

Recently Issued Accounting Standards

Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standard Codification. The Partnership considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are expected to not have any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial.

In January 2015, the FASB issued final guidance on its initiative of simplifying income statement presentation by the eliminating the concept of extraordinary items (“ASU No. 2015-01”). Under the guidance an entity will no longer be able to segregate an extraordinary item from the results of operations, separately present an extraordinary item on the income statement, or disclose income taxes or earnings-per-share data applicable to an extraordinary item.  The ASU is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015, and early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2015-01 to have a material impact on its financial statements.

In June 2014, the FASB issued their final standard to amend the accounting guidance for stock compensation tied to performance targets (“ASU No. 2014-12”). The issue is the result of a consensus of the FASB Emerging Issues Task Force (Issue No. 13-D). The standard requires that a performance target that could be achieved after the requisite service period be treated as a performance condition, and as a result, this type of performance condition may delay expense recognition until achievement of the performance target is probable. The ASU is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015, and early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2014-12 to have a material impact on its financial statements.

In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014‑09”). ASU No. 2014‑09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014‑09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry‑specific guidance throughout the Industry Topics of the Codification. ASU No. 2014‑09 does not apply to lease contracts within the scope of Leases (Topic 840). For a public entity ASU No. 2014‑09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. For all other entities, the amendments are effective for annual reporting periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. The Partnership does not expect the adoption of ASU No. 2014‑09 to have an impact on its financial statements.

The Partnership has adopted ASU No. 2014‑08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which requires only disposals representing a strategic shift in operations (i.e., a disposal of a major geographic area, a major line of business, or a major equity method investment) to be presented as discontinued operations. The standard also requires expanded disclosures about discontinued operations and is intended to provide financial statement users with information about the ongoing trends in a company’s results from continuing operations. ASU No. 2014‑08 is effective in the first quarter of 2015 for public entities with calendar year ends. However, companies are permitted to early adopt the standard, beginning in the first quarter of 2014, but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issuance. The predecessor early adopted this standard in the first quarter of 2014 and the adoption did not have a material effect on our financial condition, results of operations, or disclosures.

XML

Equity (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 19, 2014
Subsidiary, Sale of Stock [Line Items]
Cash distribution	$ 67,282,062	$ 25,716,825	$ 32,197,602
Gross proceeds, sale of units	39,272,905
Payment of underwriting discounts, structuring fees, and other offering costs	9,519,321
Pay down of revolving credit facility	1,000,000
Common Unitholders, Public | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Subsidiary, Sale of Stock [Line Items]
Distribution, units issued				1,952,665
Subordinated Unitholder, Landmark | Landmark, General Partner and affiliates
Subsidiary, Sale of Stock [Line Items]
Unit interest owned (as a percent)	40.00%
Subordinated Unitholder, Landmark | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Subsidiary, Sale of Stock [Line Items]
Distribution, units issued				1,068,114
Distribution of units and cash for assets and liabilities of Fund A and Fund D | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Subsidiary, Sale of Stock [Line Items]
Cash distribution				59,667,292
Initial public offering
Subsidiary, Sale of Stock [Line Items]
Payment of underwriting discounts, structuring fees, and other offering costs				9,519,321
Net proceeds, IPO				82,003,584
Initial public offering | Senior secured revolving credit facility
Subsidiary, Sale of Stock [Line Items]
Pay down of revolving credit facility	19,157,418
Payment of commitment fees and expenses	2,907,382
Initial public offering | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Subsidiary, Sale of Stock [Line Items]
Cash distribution				59,667,292
Initial public offering | Common Unitholders, Public
Subsidiary, Sale of Stock [Line Items]
Unit interest owned (as a percent)				35.10%
Initial public offering | Common Unitholders, Public | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Subsidiary, Sale of Stock [Line Items]
Distribution, units issued				1,952,665
Initial public offering | Subordinated Unitholder, Landmark
Subsidiary, Sale of Stock [Line Items]
Unit interest owned (as a percent)				40.00%
Initial public offering | Subordinated Unitholder, Landmark | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Subsidiary, Sale of Stock [Line Items]
Distribution, units issued				1,068,114
IPO, Public | Common Unitholders, Public
Subsidiary, Sale of Stock [Line Items]
Units issued				2,750,000
Gross proceeds, sale of units				52,250,000
Over-allotment option | Common Unitholders, Public
Subsidiary, Sale of Stock [Line Items]
Units issued				100,000
Sale to affiliate | Subordinated Unitholder, Landmark | Landmark, General Partner and affiliates
Subsidiary, Sale of Stock [Line Items]
Units issued				2,066,995
Gross proceeds, sale of units				39,272,905
Unit offering price (in dollars per share)				19.00

XML

Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended
	Dec. 31, 2014 segment	Dec. 31, 2013 segment	Dec. 31, 2012 segment
Lease-up period	4 months
Inflation rate (as a percent)	3.00%
Contingent rent recognized	$ 11,347	$ 7,261	$ 8,349
Investments in Receivables, Net
Allowance for investments in receivables	4,465	25,304
Rents Receivable, net
Allowance for doubtful accounts	$ 0	$ 1,066
Segment Information
Number of Reportable Segments	3	2	2
Minimum
Discount rate used to estimate fair values	8.75%
Lease execution period	1 month
Lease term	2 years
Cancellation period	30 days
Term of real estate rights	19 years
Maximum
Discount rate used to estimate fair values	9.50%
Lease execution period	6 months
Lease term	20 years
Cancellation period	180 days
Term of real estate rights	99 years
Wireless Communication
Maximum time period to estimate above/below market lease value	10 years
Outdoor Advertising
Maximum time period to estimate above/below market lease value	20 years
Acquired Assets | Minimum
Discount rate used to estimate fair values	9.00%
Acquired Assets | Maximum
Discount rate used to estimate fair values	20.00%

XML

Real Property Interests (Tables)

12 Months Ended

Dec. 31, 2014

Real Property Interests

Summary of the Partnership's real property interests

	December 31,
	2014*		2013*
Land	$	4,829,573	$	1,895,117
Real property interests – perpetual		45,834,289		44,435,392
Real property interests – non-perpetual		137,544,191		124,365,397
Total land and real property interests		188,208,053		170,695,906
Accumulated amortization		(5,873,199)		(2,848,040)
Land and net real property interests	$	182,334,854	$	167,847,866

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015. See Note 3 above.

Schedule of the preliminary allocations of purchase price

			Investments in real		In-place lease		Above-market		Below-market		Total purchase
Year	Land		property interests		intangibles		lease intangibles		lease intangibles		price
2014	$	—	$	5,482,055	$	152,067	$	—	$	(249,612)	$	5,384,510
2013		1,301,916		29,419,297		1,033,601		48,845		(1,497,400)		30,306,259
Acquired Assets 2014*		2,934,456		9,365,699		308,035		600,746		(1,660,519)		11,548,417
Acquired Assets 2013*		-		1,002,908		17,332		15,076		-		1,035,316

*Represents prior-period financial information retroactively adjusted for certain assets acquired on March 4, 2015.

Schedule of future estimated amortization of real property interests

Future estimated aggregate amortization of real property interests for each of the five succeeding fiscal years and thereafter as of December 31, 2014, are as follows:

2015	$	3,185,399
2016		3,185,399
2017		3,185,399
2018		3,185,399
2019		3,185,399
Thereafter		115,743,997
Total	$	131,670,992

XML

Other Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Other Intangible Assets and Liabilities

Summary of identifiable intangible assets, including above/belowmarket lease intangibles

	December 31,
	2014*		2013*
Acquired in-place lease
Gross amount	$	4,821,009	$	4,378,781
Accumulated amortization		(967,222)		(464,571)
Net amount	$	3,853,787	$	3,914,210
Acquired above-market leases
Gross amount	$	1,332,286	$	731,540
Accumulated amortization		(508,574)		(274,334)
Net amount	$	823,712	$	457,206
Total Other Intangible Assets, net	$	4,677,499	$	4,371,416
Acquired below-market leases
Gross amount	$	(8,816,156)	$	(6,906,025)
Accumulated amortization		1,487,415		713,634
Total Other Intangible Liabilities, net	$	(7,328,741)	$	(6,192,391)

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter

Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of December 31, 2014 follows:

	Acquired		Acquired		Acquired
	in-place		above-market		below-market
	leases		leases		leases
2015	$	503,542	$	218,060	$	(874,415)
2016		489,768		158,357		(856,902)
2017		467,482		92,332		(836,262)
2018		443,207		53,266		(830,760)
2019		432,059		42,103		(813,210)
Thereafter		1,517,729		259,594		(3,117,192)
Total	$	3,853,787	$	823,712	$	(7,328,741)

XML

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidated and Combined Financial Statements

For periods presented prior to the IPO, these consolidated and combined financial statements were derived from the Predecessor based on historical results of operations, cash flows, assets and liabilities. As the Drop-down was deemed to be a transaction between entities under common control, the assets and liabilities were transferred at the historical cost of Landmark, with prior periods retroactively adjusted to furnish comparative information. The accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the Acquired Assets prior to the March 4, 2015 during the periods the assets were under common control.  All financial information presented for the periods after the IPO represent the consolidated results of operations, financial position and cash flows of the Partnership with retroactive adjustments of the combined results of operations, financial position and cash flows of the Acquired Assetsduring the periods the assets were under common control.  All intercompany transactions and account balances have been eliminated. The consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All references to tenant sites are unaudited.

The consolidated and combined balance sheets of the Predecessor include Sponsor assets and liabilities that are specifically identifiable or otherwise attributable to the real property interests prior to the period they were owned by the Contributing Landmark Funds. The consolidated and combined statements of income reflect all revenue and expenses associated with the real property interests for the period prior to the period they were owned by the Contributing Landmark Funds to the extent they were owned by Landmark and an allocation of management fees at the same rate that Landmark charges the Contributing Landmark Funds for administrative services. See further discussion in Note 14,  Related‑Party Transactions. Management believes that the assumptions and estimates used in the preparation of the underlying consolidated and combined financial statements are reasonable. However, the consolidated and combined financial statements herein do not necessarily reflect what the Partnership’s financial position, results of operations or cash flows would have been if the Partnership had been a stand‑alone entity during the periods presented. As a result, historical financial information is not necessarily indicative of the Partnership’s future results of operations, financial position or cash flows.

Use of Estimates

The preparation of the consolidated and combined financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated and combined financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Purchase Accounting for Acquisitions

The Partnership applies the business combination method to all acquired investments of real property interests for transactions that meet the definition of a business combination. The purchase consideration of the real property interests is allocated to the acquired tangible asset, such as land, and the identified intangible assets and liabilities, consisting of the value of perpetual and limited life easements, above‑market and below‑market leases and in‑place leases, based in each case on their fair values. The fair value of the assets acquired and liabilities assumed is typically determined by using the discounted cash flow valuation method using discount rates ranging between 9% and 20%. When determining the fair value of intangible assets acquired, the Partnership estimates the applicable discount rate and the timing and amount of future cash flows. The determination of the final purchase price allocation and the acquisition‑date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period, but no later than 12 months from the acquisition date and result in adjustments to the preliminary estimates recognized in the prior period financial statements. Transaction costs related to the acquisition of a business, including investments in real property interests, are expensed as incurred.

Factors considered in estimating the fair value of tangible and intangible assets acquired include information obtained about each asset as a result of Landmark’s pre‑acquisition due diligence and its marketing and leasing activities. In order to calculate the estimated in‑place lease value, we employed the income approach in accordance with ASC 805 by multiplying the anticipated market absorption period by the market rent at the time of acquisition for each in‑place lease agreement. Based on our experience in the industry, we have determined a range of lease execution timelines to be between one and six months. For the in‑place lease valuation, we consider a lease‑up period of four months to be representative of the market.

We estimated the fair value of real property interests using the income approach, by capitalizing the market rent at the time of acquisition at a market capitalization rate. The market capitalization rate was estimated by deducting an inflation rate of 3% from the market discount rate for each asset. The discount rates used ranged from 9% to 20%. The value of tenant relationships has not been separated from in‑place tenant lease value for the real estate acquired as such value and its consequence to amortization expense is materially consistent with the in‑place tenant lease value for these particular acquisitions. Should future acquisitions of real property interests result in allocating material amounts to the value of tenant relationships, an amount would be separately allocated and amortized over the estimated life of the relationship. The value of in‑place leases and customer relationship is amortized to expense over the estimated period the tenant is expected to be leasing the site under the existing terms which typically range from 2 to 20 years. If a tenant lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be impaired.

The discount rate associated with each asset varies based on the location of an asset (including demographics and zoning restrictions), and other asset specific characteristics. Market rent for each asset is determined based on location of each asset, asset type, zoning restrictions, ground space necessary for the tenant’s equipment, remaining site capacity, visibility (specifically for billboards), and nearby sites.

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired asset, above‑market, below‑market and in‑place lease values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in‑place leases and (ii) management’s estimate of fair market lease rates for the corresponding in‑place leases measured over the estimated period the tenant is expected to be leasing the site under the above or below‑market terms. The capitalized above‑market and below‑market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site. All tenant leases obtained by the Partnership through its acquisition of real property interests are generally cancellable, upon 30 to 180 days’ notice by the tenants, with no significant penalty. With respect to below‑market leases, consideration is given to any below‑market renewal periods. However, for wireless communication assets, we estimated the above/below‑market lease value over an analysis period of the earlier of the lease expiration or 10 years based on estimated useful life of the underlying equipment and assets. For outdoor advertising assets, we estimated the above‑ or below‑market lease value over an analysis period of the earlier of the lease expiration or 20 years, based on a longer estimated useful life of 20 years for billboards.

Real Property Interests

Real property interests consist of easements and lease assignments underlying wireless communication, outdoor advertising and renewable power generation infrastructure. The real property interests are typically held as easements to use land, or roof tops, both of which allow us to use the asset for a specific purpose. Real property interests are intangibles that are recorded at cost. Amortization is computed using the straight‑line method over the estimated useful lives of the real property interests, which is estimated as the shorter of the revenue generating period of the asset or the term of the real estate rights which range from 19 to 99 years. Real property interests with a perpetual term are not amortized but evaluated periodically for impairment.

The Partnership assesses whether there has been an impairment in the value of long‑lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future estimated net cash flows, undiscounted and without interest, expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets based upon what a market participant would be willing to pay for the real estate interest. The estimated fair value of the asset group identified for step two testing is based on either Level 3 inputs utilizing the income approach with a market discount rate and estimated cash flows, or Level 2 inputs based upon the sales comparison approach to a similar asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell utilizing the Level 3 and Level 2 inputs discussed below.

Fair Value of Financial Instruments

The standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable input be used when available. Observable inputs are inputs that the market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Partnership. Unobservable inputs are inputs that reflect the Partnership’s assumptions about what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is measured in three levels based on the reliability of inputs:

Level 1 – unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2 – quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations in which significant inputs and significant value drivers are observable in active markets; and,

Level 3 – prices or valuations derived from other valuation methodologies where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable, including pricing models, discounted cash flow models and similar techniques.

Cash and Cash Equivalents

All highly liquid investments with a maturity of three months or less when purchased are considered to be cash and cash equivalents. The Partnership monitors the cash balances in their operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Partnership has experienced no loss or lack of access to cash in the operating accounts.

Accounting for Derivative Financial Instruments and Hedging Activities

The Partnership utilize interest rate swap contracts to manage interest costs and risks associated with changing interest rates. These derivative financial instruments are carried at fair value on the consolidated and combined balance sheets, with the change in such fair value being recorded through earnings as an unrealized gain or loss in the consolidated and combined statements of income.

Investments in Receivables, Net

The Partnership acquired streams of future cash flows associated with real property interests. The Partnership has no significant rights or obligations associated with the cash flows other than in certain arrangements, to pass a portion of the cash flows received to the owner of the respective lease. The future cash flow streams are recorded at their net present value based on the estimated net cash flows to be received by the Partnership using the implied discount rate in the acquisition.

Receivables are classified as held‑for‑investment based on management’s intent and ability to hold the receivables for the foreseeable future or to maturity. Receivables held‑for‑investment are carried at amortized cost and are reduced by a valuation allowance for estimated credit losses as necessary. Interest on receivables is accreted to income over the life of the receivables using the interest method. The interest method is applied on an individual receivable basis when collectability of the future payments, when due in accordance with the contractual terms of the arrangement, is reasonably assured. Receivables are transferred from held‑for‑investment to held‑for‑sale when management no longer intends to hold the receivables for the foreseeable future. Receivables held‑for‑sale are recorded at the lower of cost or fair value.

Receivables are placed on non‑accrual status when management determines that the collectability of contractual amounts is not reasonably assured. While on non‑accrual status, receivables are either accounted for on a cash basis, in which income is recognized only upon receipt of cash, or on a cost‑recovery basis, where cash receipts reduce the carrying value of the receivable, based on management’s expectation of future collectability.

Allowances are established for receivables based upon an estimate of probable losses on an individual receivable by receivable basis if they are determined to be impaired. Receivables are impaired when it is deemed probable that the Partnership will be unable to collect all amounts when due in accordance with the contractual terms of the loan. An allowance is based upon the Partnership’s assessment of the borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence including the expected future cash flows discounted at the receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience and other relevant factors, as appropriate.

On a regular basis the Partnership assesses investments in receivables for impairment. Internally generated cash flow projections are used to determine if the receivables are expected to be repaid in accordance with the terms of the related agreements. If it is probable that a receivable will not be repaid in accordance with the related agreement, the General Partner considers the receivable impaired. To measure impairment, the General Partner calculates the present value of expected future cash flows discounted at the original effective interest rate. If the present value is less than the carrying value of the receivable, a specific impairment reserve is recorded for the difference. For the years ended December 31, 2014 and 2013, the Partnership recorded allowance on investments in receivables of $4,465 and $25,304.  

Deferred Loan Costs

Costs incurred in obtaining the secured debt facilities are capitalized as deferred loan costs and are included in deferred loan costs, net in the combined balance sheet. The deferred loan costs are amortized to interest expense over the life of the related loan. When facilities are amended and restated, any unamortized deferred loan costs, as well as charges incurred for the termination, are recorded to interest expense in the period of the amendment and restatement.

Revenue Recognition

The Partnership recognizes rental income under operating leases, including rental abatements, lease incentives and contractual fixed increases, if any, from tenants under lease arrangements with minimum fixed and determinable increases on a straight‑line basis over the non‑cancellable term of the related leases when collectability is reasonably assured. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are recorded as deferred rent assets. The excess of rent payments collected over amounts recognized contractually due pursuant to the underlying lease are recorded as prepaid rents.

For the years ended December 31, 2014, 2013, and 2012, leases obtained by the Partnership through its acquisition and ownership of real property interests were generally cancelable upon 30‑180 days’ notice by the tenants with no significant penalty. The Partnership evaluates whether the lease arrangements economically compel the tenant to not cancel the lease in determining the term of the lease by considering various factors such as cancellation rights, availability of alternative sites, and historical cancellation rates. For cancellable leases where the tenant is not economically compelled to continue the lease, the term of the lease is considered to be the non‑cancellable period with rental abatements and contractual fixed rate increases recorded in the period the amounts become due and payable.

· Wireless Communication – As a result of various factors, including the cancellation rights, ability to find alternative sites, credit risk, and historical cancellation and lease amendment rates, the lease term is generally considered to be the non‑cancellable term of the lease of 30 to 180 days. For these leases rental abatements and contractual fixed increases are recorded in the period the amounts become due and payable.

· Outdoor Advertising – The lease term is generally considered to be the non‑cancellable term of the remaining portion of the existing term of the lease.

The capitalized above‑market and below‑market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site.

Certain leases provide for the greater of a minimum rent or a percentage of the revenue generated by the tenant (“Contingent Rent”). Contingent rent is recognized when measurable and all possible contingencies have been eliminated. During the years ended December 31, 2014, 2013, and 2012, the Partnership recognized $11,347,  $7,261 and $8,349 of Contingent Rent, respectively.

Rents Receivable, net

Rents receivables consists of tenant receivables arising in the normal course of business. Tenant receivables are uncollateralized customer obligations requiring payment within various time frames not to exceed one year from the invoice date. Tenant receivables are recorded and carried at the amount billable per the applicable lease agreement, less any allowances for doubtful accounts. The amounts due from tenants are periodically reviewed and an allowance for doubtful accounts is maintained for estimated losses resulting from the inability of tenants to make required payments under lease agreements. Judgment is exercised in establishing these allowances with the payment history and the current credit status of tenants considered in developing these estimates. At December 31, 2014 and 2013, the allowance for doubtful accounts was $0 and $1,066, respectively.

Income Taxes

The Partnership is generally not subject to federal, state or local income taxes, except for our wholly owned subsidiary Landmark Infrastructure Asset OpCo LLC. Our wholly owned subsidiary Landmark Infrastructure Asset OpCo LLC conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes.  Each limited partner is responsible for the tax liability, if any, related to its proportionate share of the Partnerships’ taxable income or loss. The Partnership follows the requirements of ASC Topic 740, Income Taxes (“ASC 740”), relating to uncertain tax positions. Based on its evaluation under ASC 740, the Partnership has concluded that there are no significant uncertain tax positions requiring recognition in the consolidated and combined financial statements, nor has the Partnership been assessed interest or penalties by any major tax jurisdictions. If an uncertain income tax position were to be identified, the Partnership would account for such in accordance with ASC Topic 450, Contingencies.

Risk Management

The Partnership is subject to risks incidental to the ownership and investment in real property interests. These risks and uncertainties include the competitive environment in which the Partnership operates – local, regional, and national economic conditions, including consumer confidence, employment rates, and the availability of capital; uncertainties and fluctuations in capital and securities markets; the cyclical and competitive nature of the real estate industry; changes in tax laws and their interpretation; legal proceedings; effect of restrictive covenants in the loan agreements; and the effects of governmental regulation.

In the normal course of business, the Partnership encounters economic risk, including interest rate risk, credit risk, and market risk. Interest rate risk is the result of movements in the underlying variable component of financing rates. Credit risk is the risk of default on the Partnership’s real property interests and investment in receivables that results from an underlying tenant/borrower’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the valuation of real property interests and investments in receivables held by the Partnership.

Concentration of Credit Risk

The Partnership’s credit risk relates primarily to rent receivables, investments in receivables, cash and interest rate swap agreements. Cash accounts at each U.S. institution are insured by the Federal Deposit Insurance Corporation up to $250,000. The Partnership has not experienced any losses to date on invested cash.

Credit risk associated with interest rate swap agreements arises from the potential failure of counterparties to perform in accordance with the terms of their contracts. The Partnership’s risk management policies define parameters of acceptable market risk and limit exposure to credit risk. Credit exposure resulting from derivative financial instruments is represented by their fair value amounts, increased by an estimate of potential adverse position exposure arising from changes over time in interest rates, maturities, and other relevant factors. The Partnership does not anticipate nonperformance by any of its counterparties.

The Partnership’s real property interests are located throughout the United States. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory, and social factors affecting the communities in which the tenants operate. In certain instances the Partnership’s position in the real property interest may be subordinate to a mortgage lender on the real property.

Business Segments

The FASB accounting guidance with regard to disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. The Partnership has three reportable segments, wireless communication, outdoor advertising, and renewable power generation, as of December 31, 2014 and two reportable segments, wireless communication and outdoor advertising, as of December 31, 2013 and 2012.

Recently Issued Accounting Standards

Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standard Codification. The Partnership considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are expected to not have any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial.

In January 2015, the FASB issued final guidance on its initiative of simplifying income statement presentation by the eliminating the concept of extraordinary items (“ASU No. 2015-01”). Under the guidance an entity will no longer be able to segregate an extraordinary item from the results of operations, separately present an extraordinary item on the income statement, or disclose income taxes or earnings-per-share data applicable to an extraordinary item.  The ASU is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015, and early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2015-01 to have a material impact on its financial statements.

In June 2014, the FASB issued their final standard to amend the accounting guidance for stock compensation tied to performance targets (“ASU No. 2014-12”). The issue is the result of a consensus of the FASB Emerging Issues Task Force (Issue No. 13-D). The standard requires that a performance target that could be achieved after the requisite service period be treated as a performance condition, and as a result, this type of performance condition may delay expense recognition until achievement of the performance target is probable. The ASU is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015, and early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2014-12 to have a material impact on its financial statements.

In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014‑09”). ASU No. 2014‑09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014‑09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry‑specific guidance throughout the Industry Topics of the Codification. ASU No. 2014‑09 does not apply to lease contracts within the scope of Leases (Topic 840). For a public entity ASU No. 2014‑09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. For all other entities, the amendments are effective for annual reporting periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. The Partnership does not expect the adoption of ASU No. 2014‑09 to have an impact on its financial statements.

The Partnership has adopted ASU No. 2014‑08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which requires only disposals representing a strategic shift in operations (i.e., a disposal of a major geographic area, a major line of business, or a major equity method investment) to be presented as discontinued operations. The standard also requires expanded disclosures about discontinued operations and is intended to provide financial statement users with information about the ongoing trends in a company’s results from continuing operations. ASU No. 2014‑08 is effective in the first quarter of 2015 for public entities with calendar year ends. However, companies are permitted to early adopt the standard, beginning in the first quarter of 2014, but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issuance. The predecessor early adopted this standard in the first quarter of 2014 and the adoption did not have a material effect on our financial condition, results of operations, or disclosures.

XML

Future Minimum Rents (Tables)

12 Months Ended

Dec. 31, 2014

Future Minimum Rents

Future minimum receipts from tenants

At December 31, 2014, future minimum receipts from tenants on leases with non‑cancellable terms, including cancellable leases where the tenant is economically compelled to extend the lease term, for each of the next five years and thereafter are as follows:

2015	$	1,629,122
2016		1,597,506
2017		1,588,032
2018		1,499,464
2019		1,406,606
Thereafter		10,227,321
Total	$	17,948,051

XML

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Information

Summary of quarterly financial data

	2014 Quarter Ended*
	March 31		June 30		September 30		December 31
Total revenues	$	3,488,884	$	3,522,067	$	3,622,234	$	3,776,332
Net income (loss)		1,319,708		395,138		1,854,647		(2,981,646)
Net income (loss) attributable to Predecessor		1,319,708		395,138		1,854,647		(283,298)
Net loss attributable to limited partners		n/a		n/a		n/a		(2,698,348)
Net loss per limited partner unit
(basic and diluted):
Common units		n/a		n/a		n/a	$	(0.34)
Subordinated units		n/a		n/a		n/a	$	(0.34)
Cash distribution declared per unit		n/a		n/a		n/a	$	0.1344

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

	2013 Quarter Ended*
	March 31		June 30	September 30	December 31
Total revenues	$	2,619,945	3,008,357	3,470,742	3,544,517
Net income		262,027	2,600,165	638,488	929,136

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

XML

Debt (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 19, 2014	Nov. 18, 2014
Debt
Amount outstanding	$ 74,000,000
Debt interest expense	4,119,736	3,089,007	1,221,753
Interest payable	43,905	94,905
Deferred loan costs incurred	2,905,259
Deferred loan costs amortization	864,318	751,352	254,454
Senior secured revolving credit facility
Debt
Borrowing capacity				190,000,000
Amount outstanding	74,000,000			75,000,000	94,200,000
Undrawn borrowing capacity	116,000,000
Deferred loan costs incurred	$ 2,907,382
Senior secured revolving credit facility | Base rate option | Federal funds rate
Debt
Additional margin				0.50%
Senior secured revolving credit facility | Base rate option | One month LIBOR
Debt
Applicable margin				1.50%
Senior secured revolving credit facility | LIBOR option | One month LIBOR
Debt
Applicable margin				2.50%
Additional margin				1.00%

XML

CONSOLIDATED AND COMBINED BALANCE SHEETS (USD $)	Dec. 31, 2014	Nov. 18, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets
Land	$ 4,829,573		$ 1,895,117
Real property interests	183,378,480		168,800,789
Total land and real property interests	188,208,053		170,695,906
Accumulated amortization of real property interest	(5,873,199)		(2,848,040)
Land and net real property interests	182,334,854		167,847,866
Investments in receivables, net	8,665,274		9,085,281	9,743,976
Cash and cash equivalents	311,108		1,037,327	25,248,137	158,559
Rent receivables, net	80,711		112,115
Due from Landmark and affiliates	659,722		648,701
Deferred loan cost, net	2,838,879		3,240,779
Deferred rent receivable	285,790		173,812
Derivative assets			455,561
Other intangible assets, net	4,677,499		4,371,416
Other assets	399,222
Total assets	200,253,059		186,972,858
Liabilities and equity
Revolving credit facility	74,000,000
Secured debt facilities			89,336,688
Accounts payable and accrued liabilities	141,508		945,664
Due to Landmark and affiliates			583,689
Other intangible liabilities, net	7,328,741		6,192,391
Prepaid rent	1,532,372		1,346,060
Derivative liabilities	289,808		193,101
Total liabilities	83,292,429		98,597,593
Commitments and contingencies
Equity	116,960,630	97,292,837	88,375,265	107,416,458	33,634,317
Total liabilities and equity	$ 200,253,059		$ 186,972,858

XML

Acquisitions (Details) (USD $)	0 Months Ended
	Mar. 04, 2015 site	Dec. 31, 2014	Dec. 31, 2013
Acquisitions
Historical cost basis of properties acquired		$ 182,334,854	$ 167,847,866
Acquired Assets | HoldCo | Acquisition from related party
Acquisitions
Number of tenant sites acquired (in sites)	81
Cash consideration	25,205,000
Portion of purchase price funded by borrowing on credit facility	24,000,000
Amount treated as general partner distribution, difference between cash paid and historical cost of assets acquired	4,465,749
Historical cost basis of properties acquired	$ 20,739,252
Acquired Assets | HoldCo | Acquisition from related party | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)	41
Acquired Assets | HoldCo | Acquisition from related party | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)	39
Acquired Assets | HoldCo | Acquisition from related party | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)	1

XML

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
Initial public offering, offering costs	$ 9,519,321

XML

Fair Value of Financial Instruments (Details) (USD $)	12 Months Ended
	Dec. 31, 2014 item	Dec. 31, 2013 item	Dec. 31, 2012
Fair Value of Financial Instruments
Derivative Liabilities	$ 289,808	$ 193,101
Number of real property interests impaired and measured at fair value	2	6
Recognized impairment charge	258,834	1,005,478	183,271
Minimum
Fair Value of Financial Instruments
Discount rate used to estimate fair values	8.75%
Maximum
Fair Value of Financial Instruments
Discount rate used to estimate fair values	9.50%
Recurring | Level 2 inputs | Fair Value
Fair Value of Financial Instruments
Derivative Assets		455,561
Derivative Liabilities	289,808	193,101
Nonrecurring
Fair Value of Financial Instruments
Impaired real property interests at period end		149,555
Nonrecurring | Carrying Amount
Fair Value of Financial Instruments
Investment in Receivables, net	8,665,274	9,085,281
Secured Debt Facilities	74,000,000	89,336,688
Nonrecurring | Level 3 inputs
Fair Value of Financial Instruments
Impaired real property interests at period end		149,555
Nonrecurring | Level 3 inputs | Fair Value
Fair Value of Financial Instruments
Investment in Receivables, net	8,665,274	9,085,281
Secured Debt Facilities	$ 74,000,000	$ 89,336,688

XML

Net Income Per Limited Partner Unit (Tables)

12 Months Ended

Dec. 31, 2014

Net Income Per Limited Partner Unit

Table of results of operations for the predecessor period and the period since the IPO

	Landmark		Landmark
	Infrastructure		Infrastructure		Landmark
	Partners LP		Partners LP Predecessor		Infrastructure
	Period From		Period From		Partners LP
	November 19, 2014 to		January 1, 2014 to		Year Ended
	December 31, 2014		November 18, 2014		December 31, 2014
Total revenue	$	1,680,771	$	12,728,746	$	14,409,517
Total expenses		(823,363)		(4,343,545)		(5,166,908)
Total other income and expenses		(3,555,756)		(5,099,006)		(8,654,762)
Net income (loss)	$	(2,698,348)	$	3,286,195	$	587,847

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

Calculation of net loss per unit

	Limited Partner		Limited Partner
	Common		Subordinated		General
	Units – Public		Units – Landmark		Partner		Total
Net loss attributable to partners subsequent to initial public offering:
Distribution declared	$	632,174	$	421,359	$	—	$	1,053,533
Undistributed net loss		(2,251,183)		(1,500,698)		—		(3,751,881)
Net loss attributable to partners	$	(1,619,009)	$	(1,079,339)	$	—	$	(2,698,348)
Weighted-average units outstanding:
Basic and diluted		4,702,665		3,135,109		—		7,837,774
Net income per limited partner unit:
Basic and diluted	$	(0.34)	$	(0.34)

XML

Supplemental Cash Flow Information (Details) (USD $)	11 Months Ended	12 Months Ended
	Nov. 18, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Noncash activities
Capital contribution to fund general and administrative expense reimbursement		$ 12,349
Contributions of real property interests by Landmark	11,597,918		1,777,039	3,995,291
Fair value adjustment of investments in receivables		284,294
Unit-based compensation		17,500
Cash flows related to interest paid
Cash paid for interest		4,170,785	3,095,644	1,120,212
Landmark Dividend LLC and affiliates
Noncash activities
Purchase price for acquisition of real property interests included in due to Landmark and affiliates			963,067
Contributions of real property interests by Landmark		$ 49,500	$ 831,424	$ 3,902,791

XML

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies

Commitments and Contingencies

16. Commitments and Contingencies

The Partnership’s commitments and contingencies include customary claims and obligations incurred in the normal course of business. In the opinion of management, these matters will not have a material effect on the Partnership’s combined financial position.

As a result of merger activity certain tenants have announced their intentions to rationalize their networks and terminate leases. We expect that T‑Mobile’s acquisition of MetroPCS (completed in 2013) will potentially result in the termination of certain of MetroPCS’s tenant leases included in our asset portfolio. In December 2014, we received one termination notice related to a MetroPCS tenant site and we expect to receive additional termination notifications from MetroPCS during 2015. The termination of leases in our portfolio would result in lower rental revenue, may lead to impairment of our real property interests, or other adverse effects to our business.

We have approximately  $13.6million of real property interest subject to subordination to lenders of the property. To the extent a lender forecloses on a property the Partnership would take impairment charges for the book value of the asset and no longer be entitled to the revenue associated with the asset.

XML

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value of Financial Instruments

Table summarizing the carrying amounts and fair values of financial instruments which are not carried at fair value

	December 31,
	2014				2013
	Carrying amount		Fair Value		Carrying amount		Fair Value
Investment in Receivables, net	$	8,665,274	$	8,665,274	$	9,085,281	$	9,085,281
Secured Debt Facilities		74,000,000		74,000,000		89,336,688		89,336,688

Assets and liabilities measured at fair value on a recurring basis

	December 31,
	2014		2013
Derivative Assets	$	—	$	455,561
Derivative Liabilities	$	289,808	$	193,101

Assets and liabilities measured at fair value on a nonrecurring basis

			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable Inputs		Unobservable Inputs
	Total		Identical Assets		(Level 2)		(Level 3)
Impaired real property interests at December 31, 2014	$	–	$	–	$	–	$	–
Impaired real property interests at December 31, 2013	$	149,555	$	–	$	–	$	149,555

XML

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Taxes

Income Taxes

18. Income Taxes

We are not a taxable entity for U.S. federal income tax purposes or for the majority of states that impose an income tax. Taxes on our net income is generally are borne by our partners through the allocation of taxable income. Our wholly owned subsidiary Landmark Infrastructure Asset OpCo LLC conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes. The difference between income tax expense recorded by us and income taxes computed by applying the statutory federal income tax rate (35 percent for all years presented) to income before income tax expense is due to the fact that the majority of our income is not subject to federal income tax as described above.

Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with differences between book and tax asset bases. As of December 31, 2014 and 2013, we had no liability reported for unrecognized tax benefits. We did not have any interest or penalties related to income taxes during the years ended December 31, 2014, 2013, and 2012.

XML

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)	Dec. 31, 2014
Initial cost to the Partnership
Land	$ 4,829,573
Total	4,829,573
Gross Amount at Which Carried at End of Period
Land	4,829,573
Total	4,829,573
Tombstone, AZ | Wireless Communication
Initial cost to the Partnership
Land	593,201
Total	593,201
Gross Amount at Which Carried at End of Period
Land	593,201
Total	593,201
Rosemont, IL | Outdoor Advertising
Initial cost to the Partnership
Land	970,675
Total	970,675
Gross Amount at Which Carried at End of Period
Land	970,675
Total	970,675
Los Angeles, CA | Wireless Communication
Initial cost to the Partnership
Land	331,241
Total	331,241
Gross Amount at Which Carried at End of Period
Land	331,241
Total	331,241
Grand Prairie, TX | Outdoor Advertising
Initial cost to the Partnership
Land	300,467
Total	300,467
Gross Amount at Which Carried at End of Period
Land	300,467
Total	300,467
Houston, TX | Outdoor Advertising
Initial cost to the Partnership
Land	240,458
Total	240,458
Gross Amount at Which Carried at End of Period
Land	240,458
Total	240,458
Largo, FL | Outdoor Advertising
Initial cost to the Partnership
Land	132,383
Total	132,383
Gross Amount at Which Carried at End of Period
Land	132,383
Total	132,383
Phoenix, AZ | Outdoor Advertising
Initial cost to the Partnership
Land	323,875
Total	323,875
Gross Amount at Which Carried at End of Period
Land	323,875
Total	323,875
Saint Petersburg, FL | Outdoor Advertising
Initial cost to the Partnership
Land	200,400
Total	200,400
Gross Amount at Which Carried at End of Period
Land	200,400
Total	200,400
Terrell, TX | Outdoor Advertising
Initial cost to the Partnership
Land	46,442
Total	46,442
Gross Amount at Which Carried at End of Period
Land	46,442
Total	46,442
West Palm Beach, FL | Outdoor Advertising
Initial cost to the Partnership
Land	287,159
Total	287,159
Gross Amount at Which Carried at End of Period
Land	287,159
Total	287,159
New York, NY | Wireless Communication
Initial cost to the Partnership
Land	1,403,272
Total	1,403,272
Gross Amount at Which Carried at End of Period
Land	1,403,272
Total	$ 1,403,272

XML

Organization

12 Months Ended

Dec. 31, 2014

Organization

Organization

1. Organization

Landmark Infrastructure Partners, LP (the “Partnership”) was formed on July 28, 2014 by Landmark Dividend LLC (“Landmark” or “Sponsor”) as a standalone master limited partnership organized in the state of Delaware. On November 19, 2014 the Partnership completed its initial public offering (the “IPO”) of 2,750,000 common units (including 100,000 common units issued pursuant to the partial exercise of the underwriters’ over-allotment option) to the public representing limited partner interest. In addition, Landmark purchased from us of an additional 2,066,995 subordinated units for cash at the IPO price of our common units. On March 4, 2015, Landmark Infrastructure Operating Company LLC (“OpCo”), a wholly owned subsidiary of the Partnership, completed its acquisition of 81 tenant sites and related real property interests (the “Acquired Assets”), consisting of 41 wireless communication, 39 outdoor advertising and one renewable power sites, from Landmark Infrastructure Holding Company LLC (“HoldCo”), a wholly owned subsidiary of Landmark, in exchange for cash consideration of $25,205,000 (the “Drop-down”). The Drop-down was a transaction between entities under common control, which requires the assets and liabilities to be transferred at the historical cost of the parent of the entities, with prior periods retroactively adjusted to furnish comparative information.The difference totaling $4,465,749 between the cash consideration of the Drop-down of$25,205,000 and the historical cost basis of $20,739,252 was allocated to the General Partner through equity.

References in this report to "Landmark Infrastructure Partners LP," the "partnership," "we," "our," "us," or like terms for time periods prior to our initial public offering, November 19, 2014 (the “IPO”), refer to our predecessor for accounting purposes (our “Predecessor”). Our Partnership succeeded our Predecessor, which includes substantially all the assets and liabilities that were contributed to us in connection with our IPO by Landmark Dividend Growth Fund-A LLC (“Fund A”) and Landmark Dividend Growth Fund-D LLC (“Fund D” and together with Fund A, the “Contributing Landmark Funds”), two investment funds formerly managed by Landmark Dividend LLC (“Landmark”).  Our Predecessor includes the results of such assets during any period they were previously owned by Landmark or any of its affiliates. The operations of the assets we acquired on March 4, 2015, prior to such date, are also included in the operations of our Predecessor.  For time periods subsequent to the IPO, references in this report to "Landmark Infrastructure Partners LP," "our partnership," "we," "our," "us," or like terms refer to Landmark Infrastructure Partners LP. 

The Partnership was formed to own a portfolio of real property interests that are leased to companies in the wireless communication, outdoor advertising and renewable power generation industries. In addition, the Partnership also own certain interests in receivables associated with similar assets. Concurrently with the IPO, the Partnership completed its formation transactions, pursuant to which it acquired, through a series of transactions, substantially all of the assets and liabilities of the Contributing Landmark Funds. The formation transactions consisted of the following:

· the contribution by Fund A and Fund D to us of substantially all of their assets and liabilities, including their obligations under their secured debt facilities, in exchange for, in the aggregate, 1,952,665 common units, 1,068,114 subordinated units and cash, all of which has been distributed to their respective members, including Landmark, as part of each fund’s liquidation;

· the purchase by Landmark from us of an additional 2,066,995 subordinated units for cash at the initial public offering price of our common units;

· our issuance of all the incentive distribution rights to our general partner, which also retained a non‑economic general partner interest in us;

· our issuance of 2,750,000 common units to the public in the IPO, representing a 35.1% limited partner interest in us;

· the assumption of the secured debt facilities from Fund A and Fund D, the amendment and restatement of such facilities as a new $190.0 million secured revolving credit facility, and the reduction in the outstanding principal amount in respect of such facilities from $94.2 million to $75.0 million;

· our entry into an omnibus agreement with Landmark and each of the Remaining Landmark Funds; and

· the adjustment to the basis of certain contributed assets and liabilities to Landmark’s basis, which reflects the change in control of Landmark which occurred in December 2012, as a result of accounting for the formation transactions as a reorganization of entities under common control pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (ASC 805).

On December 21, 2012, (“Acquisition Date”) a change in control occurred due to the acquisition of a controlling interest of the Sponsor. The Sponsor applied provisions of ASC 805 to record the assets acquired and liabilities assumed at the Sponsor at fair value on the Acquisition Date. At the Acquisition Date, the Contributing Landmark Funds had a material unrelated non‑controlling equity interest that did not promote the acquisition of the controlling interest of the Sponsor. Accordingly, push down accounting was not applied to the Contributing Landmark Funds. Therefore, the historical cost basis of the assets and liabilities as of the Acquisition Date of the Sponsor are different from the historical cost basis of the Contributing Landmark Funds even though all entities are under common control. Since the Sponsor continues to control the Partnership subsequent to the transaction, in accordance with ASC 805, the IPO and formation transactions were treated as a reorganization of entities under common control. Accordingly, in connection with the formation transactions the purchase accounting associated with the December 2012 change in control of Landmark was pushed down to us for all periods presented, resulting in a higher cost basis in the assets than previously reflected in the historical financial statements of Contributing Landmark Funds as presented in the registration statement for the IPO.

Our operations are managed by the board of directors and executive officers of Landmark Infrastructure Partners GP LLC, our general partner. Landmark and its affiliates own (a) our general partner; (b) a 40% subordinated unit interest in us and; (c) all of the incentive distribution rights.

XML

CONSOLIDATED AND COMBINED STATEMENTS OF INCOME (USD $)	0 Months Ended	1 Months Ended	3 Months Ended								11 Months Ended	12 Months Ended
	Jan. 26, 2015	Dec. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Nov. 18, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue
Rental revenue												$ 13,700,487	$ 11,901,376	$ 6,428,014
Interest income on receivables												709,030	742,185	356,348
Total revenue		1,680,771	3,776,332	3,622,234	3,522,067	3,488,884	3,544,517	3,470,742	3,008,357	2,619,945		14,409,517	12,643,561	6,784,362
Expenses
Management fees to affiliate												362,495	370,625	209,091
Property operating												24,720	6,454	26,267
General and administrative												816,798	722,028	191,293
Acquisition-related												147,150	318,600	727,158
Amortization												3,556,911	3,229,377	1,435,855
Impairments												258,834	1,005,478	183,271
Total expenses		823,363										5,166,908	5,652,562	2,772,935
Other income and expenses
Interest expense												(4,984,054)	(3,840,359)	(1,476,207)
Loss on early extinguishment of debt												(2,905,259)
Realized loss on derivatives												(213,181)
Unrealized gain (loss) on derivatives												(552,268)	1,279,176	(1,016,716)
Total other income and expenses		(3,555,756)										(8,654,762)	(2,561,183)	(2,492,923)
Net income		(2,698,348)	(2,981,646)	1,854,647	395,138	1,319,708	929,136	638,488	2,600,165	262,027		587,847	4,429,816	1,518,504
Less: Net income attributable to Predecessor			283,298	(1,854,647)	(395,138)	(1,319,708)					(3,286,195)	3,286,195	4,429,816	1,518,504
Net loss attributable to partners		(2,698,348)	(2,698,348)									(2,698,348)
Weighted-average limited partner units outstanding
Weighted-average units outstanding - basic and diluted (in shares)												7,837,774
Cash distribution declared per unit (in dollars per share)	$ 0.1344		$ 0.1344
Common Unitholders, Public
Other income and expenses
Net loss attributable to partners		(1,619,009)
Net loss per limited partners unit
Units - basic and diluted (in dollars per share)			$ (0.3400)									$ (0.34)
Weighted-average limited partner units outstanding
Weighted-average units outstanding - basic and diluted (in shares)												4,702,665
Subordinated Unitholder, Landmark
Other income and expenses
Net loss attributable to partners		$ (1,079,339)
Net loss per limited partners unit
Units - basic and diluted (in dollars per share)			$ (0.3400)									$ (0.34)
Weighted-average limited partner units outstanding
Weighted-average units outstanding - basic and diluted (in shares)												3,135,109

XML

Equity

12 Months Ended

Dec. 31, 2014

Equity

Equity

11. Equity

On November 19, 2014, the Partnership completed the initial public offering of 2,750,000 common units representing limited partner interests, including 100,000 units issued upon exercise of the underwriters’ over-allotment option. In addition, Landmark purchased from us of an additional 2,066,995 subordinated units for cash at the initial public offering price of our common units. The contribution by Fund A and Fund D to us of substantially all of their assets and liabilities, including their obligations under their secured debt facilities, in exchange for, in the aggregate, 1,952,665 common units, 1,068,114 subordinated units and a cash distribution of $59,667,292.  

We received $52,250,000 of gross proceeds from the sale of 2,750,000 common units and $39,272,905 gross proceeds from the sale of 2,066,995 subordinated units to Landmark at the initial offering price of $19.00. After deducting underwriting discounts, structuring fees, and other offering costs of $9,519,321, our net proceeds from the IPO were $82,003,584. We used the net proceeds from the IPO, together with the proceeds from our sale of subordinated units to Landmark, as follows:

· to make a distribution of $59,667,292 to Fund A and D; and

· to pay down $19,157,418of outstanding indebtedness under our revolving credit facility, net of $2,907,382 in commitment fees and expenses under our revolving credit facility.

As a result of the formation transactions and the IPO, Landmark and its affiliates own (a) our general partner; (b) a 40% subordinated unit interest in us and; (c) all of the incentive distribution rights.

XML

Document and Entity Information	12 Months Ended
	Dec. 31, 2014
Document and Entity Information
Entity Registrant Name	Landmark Infrastructure Partners LP
Entity Central Index Key	0001615346
Document Type	8-K
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

XML

Net Income Per Limited Partner Unit

12 Months Ended

Dec. 31, 2014

Net Income Per Limited Partner Unit

Net Income Per Limited Partner Unit

12. Net Income Per Limited Partner Unit

Prior to the reorganization and the IPO in November 2014, the Partnership’s businesses were conducted through the Contributing Landmark Funds and the various assets collectively rather than a single entity. As such, there was no single capital structure which to calculate historical earnings per common unit information and earnings per common unit information has not been presented for historical periods prior to the IPO.

The following table includes the results of operations of our Predecessor from January 1, 2014 through November 18, 2014 and of Landmark Infrastructure Partners LP for the period beginning November 19, 2014, the date the IPO was completed, through December 31, 2014.

	Landmark		Landmark
	Infrastructure		Infrastructure		Landmark
	Partners LP		Partners LP Predecessor		Infrastructure
	Period From		Period From		Partners LP
	November 19, 2014 to		January 1, 2014 to		Year Ended
	December 31, 2014		November 18, 2014		December 31, 2014
Total revenue	$	1,680,771	$	12,728,746	$	14,409,517
Total expenses		(823,363)		(4,343,545)		(5,166,908)
Total other income and expenses		(3,555,756)		(5,099,006)		(8,654,762)
Net income (loss)	$	(2,698,348)	$	3,286,195	$	587,847

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

Net loss per limited partner unit is calculated only for the period subsequent to the IPO as no units were outstanding prior to the IPO. Landmark’s subordinated units and the General Partner’s incentive distribution rights meet the definition of a participating security and therefore we are required to compute income per unit using the two-class method under which any excess of distributions declared over net income shall be allocated to the partners based on their respective sharing of income specified in the partnership agreement. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net loss allocations used in the calculation of net loss per unit.

On January 26, 2015, the board of directors of our general partner declared our prorated initial quarterly cash distribution of $0.1344 per unit, or $1.0 million. This is the first distribution declared by the Partnership and corresponds to the minimum quarterly distribution of $0.2875 per unit, or $1.15 per unit annually. The amount is prorated for the 43-day period that the Partnership was public following the closing of its initial public offering on November 19, 2014. The distribution was paid on February 13, 2015, to unitholders of record as of February 6, 2015.

Net loss per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net loss, after deducting any General Partner incentive distributions, by the weighted-average number of outstanding common and subordinated units. Diluted net loss per unit includes the effects of potentially dilutive units on our subordinated and common units.

Basic and diluted net loss per common and subordinated unit are the same as there are no potentially dilutive subordinated units outstanding. There have been no changes to the outstanding shares after the closing of the IPO. As of December 31, 2014 there were no incentive distribution right amounts available for distribution to our general partner. Therefore, net income available to the limited partner units has not been reduced.

The calculation of net loss per unit is as follows:

	Limited Partner		Limited Partner
	Common		Subordinated		General
	Units – Public		Units – Landmark		Partner		Total
Net loss attributable to partners subsequent to initial public offering:
Distribution declared	$	632,174	$	421,359	$	—	$	1,053,533
Undistributed net loss		(2,251,183)		(1,500,698)		—		(3,751,881)
Net loss attributable to partners	$	(1,619,009)	$	(1,079,339)	$	—	$	(2,698,348)
Weighted-average units outstanding:
Basic and diluted		4,702,665		3,135,109		—		7,837,774
Net income per limited partner unit:
Basic and diluted	$	(0.34)	$	(0.34)

XML

CONSOLIDATED AND COMBINED STATEMENTS OF PARTNERS' CAPITAL (USD $)	Limited Partners Common Unitholders, Public	General Partner, Landmark Subordinated Unitholder, Landmark	General Partner, Landmark	Landmark Infrastructure Partners LP, Predecessor	Common Unitholders, Public	Subordinated Unitholder, Landmark	Total
Balance as of beginning of period at Dec. 31, 2011				$ 33,634,317			$ 33,634,317
Increase (decrease) in partners' capital
Cash Contributions				52,418,850			52,418,850
Contributions of real property interests				3,995,291			3,995,291
Distributions				(32,200,401)			(32,200,401)
Change in control				48,049,897			48,049,897
Net income				1,518,504			1,518,504
Net income (loss) attributable to predecessor							(1,518,504)
Balance as of end of period at Dec. 31, 2012				107,416,458			107,416,458
Increase (decrease) in partners' capital
Cash Contributions				500,000			500,000
Contributions of real property interests				1,777,039			1,777,039
Distributions				(25,748,048)			(25,748,048)
Net income				4,429,816			4,429,816
Net income (loss) attributable to predecessor							(4,429,816)
Balance as of end of period at Dec. 31, 2013				88,375,265			88,375,265
Increase (decrease) in partners' capital
Contributions of real property interests				11,597,918			11,597,918
Distributions				(7,721,737)			(7,721,737)
Net income (loss) attributable to predecessor				3,286,195			3,286,195
Contributions of assets by Landmark Infrastructure Partners LP Predecessor and to fund general and administrative expense reimbursements				(83,019,274)	93,222,079	(8,447,609)	1,755,196
Balance as of end of period at Nov. 18, 2014				12,518,367	93,222,079	(8,447,609)	97,292,837
Balance as of beginning of period at Dec. 31, 2013							88,375,265
Increase (decrease) in partners' capital
Net income							587,847
Net income (loss) attributable to predecessor							(3,286,195)
Net loss attributable to partners	(1,619,009)	(1,079,339)					(2,698,348)
Balance as of end of period at Dec. 31, 2014				12,518,367			116,960,630
Balance as of beginning of period at Nov. 18, 2014					93,222,079	(8,447,609)	97,292,837
Increase (decrease) in partners' capital
Proceeds from initial public offering, net of offering costs of $9,519,321					42,730,679		42,730,679
Proceeds from sale of subordinated units to Landmark						39,272,905	39,272,905
Distributions					(59,667,292)		(59,667,292)
Net income							(2,698,348)
Contributions of assets by Landmark Infrastructure Partners LP Predecessor and to fund general and administrative expense reimbursements			12,349				12,349
Unit-based compensation					17,500		17,500
Net loss attributable to partners					(1,619,009)	(1,079,339)	(2,698,348)
Balance as of end of period at Dec. 31, 2014			$ 12,349	$ 12,518,367	$ 74,683,957	$ 29,745,957	$ 116,960,630

XML

Future Minimum Rents

12 Months Ended

Dec. 31, 2014

Future Minimum Rents

Future Minimum Rents

6. Future Minimum Rents

At December 31, 2014, future minimum receipts from tenants on leases with non‑cancellable terms, including cancellable leases where the tenant is economically compelled to extend the lease term, for each of the next five years and thereafter are as follows:

2015	$	1,629,122
2016		1,597,506
2017		1,588,032
2018		1,499,464
2019		1,406,606
Thereafter		10,227,321
Total	$	17,948,051

XML

Other Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2014

Other Intangible Assets and Liabilities

Other Intangible Assets and Liabilities

5. Other Intangible Assets and Liabilities

The following summarizes our identifiable intangible assets, including above/below‑market lease intangibles:

	December 31,
	2014*		2013*
Acquired in-place lease
Gross amount	$	4,821,009	$	4,378,781
Accumulated amortization		(967,222)		(464,571)
Net amount	$	3,853,787	$	3,914,210
Acquired above-market leases
Gross amount	$	1,332,286	$	731,540
Accumulated amortization		(508,574)		(274,334)
Net amount	$	823,712	$	457,206
Total Other Intangible Assets, net	$	4,677,499	$	4,371,416
Acquired below-market leases
Gross amount	$	(8,816,156)	$	(6,906,025)
Accumulated amortization		1,487,415		713,634
Total Other Intangible Liabilities, net	$	(7,328,741)	$	(6,192,391)

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

We recorded net amortization of above and below‑market lease intangibles of $539,539,  $430,909 and $224,311 as an increase to rental revenue for the years ended December 31, 2014, 2013, and 2012, respectively. We recorded amortization of in‑place lease intangibles of $508,158,  $443,332, and $287,368 as amortization expense for the years ended December 31, 2014, 2013, and 2012, respectively.

Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of December 31, 2014 follows:

	Acquired		Acquired		Acquired
	in-place		above-market		below-market
	leases		leases		leases
2015	$	503,542	$	218,060	$	(874,415)
2016		489,768		158,357		(856,902)
2017		467,482		92,332		(836,262)
2018		443,207		53,266		(830,760)
2019		432,059		42,103		(813,210)
Thereafter		1,517,729		259,594		(3,117,192)
Total	$	3,853,787	$	823,712	$	(7,328,741)

XML

Tenant Concentration

12 Months Ended

Dec. 31, 2014

Tenant Concentration

Tenant Concentration

17. Tenant Concentration

For the years ended December 31, 2014, 2013 and 2012, the Partnership had the following tenant revenue concentrations:

	Year Ended December 31,
Tenant	2014*		2013*		2012
T-Mobile	19.5	%	18.5	%	13.1	%
Verizon	15.6	%	14.1	%	11.9	%
Sprint	12.9	%	11.9	%	12.2	%
AT&T Mobility	11.9	%	11.0	%	10.3	%
Crown Castle	11.2	%	10.6	%	12.3	%

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

Most tenants are subsidiaries of these tenants but have been aggregated for purposes of showing revenue concentration. Financial information for these tenants can be found at www.sec.gov.

The loss of any one of our large customers as a result of consolidation, merger, bankruptcy, insolvency, network sharing, roaming, joint development, resale agreements by our customers or otherwise may result in (1) a material decrease in our revenue, (2) uncollectible account receivables, (3) an impairment of our deferred site rental receivables, wireless infrastructure assets, site rental contracts or customer relationships intangible assets, or (4) other adverse effects to our business.

XML

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2014

Fair Value of Financial Instruments

Fair Value of Financial Instruments

13. Fair Value of Financial Instruments

The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Partnership’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transaction will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non‑orderly trades. The Partnership evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value:

Cash and cash equivalents, rent receivables, net accounts payable and accrued liabilities:  The carrying values of these balances approximate their fair values because of the short‑term nature of these instruments.

Revolving credit facility:  The fair value of the Partnership’s revolving credit facility is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan‑to‑value ratio, type of collateral and other credit enhancements. Additionally, since a quoted price in an active market is generally not available for the instrument or an identical instrument, the Partnership measures fair value using a valuation technique that is consistent with the principles of fair value measurement which typically considers what management believes is a market participant rate for a similar instrument. The Partnership classifies these inputs as Level 3 inputs.

Investments in receivables:  The Partnership’s Investments in receivables are presented in the accompanying combined balance sheets at their amortized cost net of recorded reserves and not at fair value. The fair values of the receivables were estimated using an internal valuation model that considered the expected cash flow of the receivables and estimated yield requirements by market participants with similar characteristics, including remaining loan term, and credit enhancements. The Partnership classifies these inputs as Level 3 inputs.

Secured debt facilities:  The fair value of the Partnership’s secured debt facilities are estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan‑to‑value ratio, type of collateral and other credit enhancements. Additionally, since a quoted price in an active market is generally not available for the instrument or an identical instrument, the Partnership measures fair value using a valuation technique that is consistent with the principles of fair value measurement which typically considers what management believes is a market participant rate for a similar instrument. The Partnership classifies these inputs as Level 3 inputs.

Interest rate swap agreements:  The Partnership’s interest rate swap agreements are presented at fair value on the accompanying combined balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable and unobservable inputs. A majority of the inputs are observable with the only unobservable inputs relating to the lack of performance risk on the part of the Partnership or the counter party to the instrument. As such, the Partnership classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market‑based inputs, including the interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risk to the contracts, are incorporated in the fair values to account for potential nonperformance risk.

The table below summarizes the carrying amounts and fair values of financial instruments which are not carried at fair value on the face of the financial statements:

	December 31,
	2014				2013
	Carrying amount		Fair Value		Carrying amount		Fair Value
Investment in Receivables, net	$	8,665,274	$	8,665,274	$	9,085,281	$	9,085,281
Secured Debt Facilities		74,000,000		74,000,000		89,336,688		89,336,688

Disclosure of the fair values of financial instruments is based on pertinent information available to the Partnership as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Partnership’s estimate of value at a future date could be materially different.

For the years ended December 31, 2014 and 2013, the Partnership measured the following assets and liabilities at fair value on a recurring basis:

	December 31,
	2014		2013
Derivative Assets	$	—	$	455,561
Derivative Liabilities	$	289,808	$	193,101

As of December 31, 2014 and 2013, the Partnership measured the following assets and liabilities at fair value on a nonrecurring basis:

			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable Inputs		Unobservable Inputs
	Total		Identical Assets		(Level 2)		(Level 3)
Impaired real property interests at December 31, 2014	$	–	$	–	$	–	$	–
Impaired real property interests at December 31, 2013	$	149,555	$	–	$	–	$	149,555

As of December 31, 2014 and 2013, two and six of the Partnership’s real property interests, respectively, were measured at estimated fair value as these interests were impaired and the carrying value of each interest was adjusted to estimated fair value. The fair value of real property interests are estimated based on the price that would be received to sell an asset in an orderly transaction between marketplace participants at the measurement date. The Partnership’s valuations generally apply the discounted cash flow method to estimate the fair value of real property interests, which includes the use of various assumptions for cash flow projections, including rental rates, releasing assumptions, inflation rates, asset utilization, and discount rates. The Partnership also applies other valuation techniques, including analysis of rent comparable sales transaction or actual sales negotiations, when appropriate, in determining the fair value of real property interests. The Partnership also considers information obtained about each real property interest as a result of its pre‑acquisition due diligence and its marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, management also includes real estate taxes, insurance and other operating expenses, and estimates of lost rentals at market rates during the expected lease‑up periods. In addition, the Partnership estimates costs to execute similar leases, including leasing commissions and legal and other related expenses, to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The range of the discount rates used to estimate the fair values was 8.75% to 9.5%.

The estimated discount rates selected by the Partnership vary on a property by property basis based upon several factors such as asset location, lease terms and quality of the tenants in place. The range of discount rates disclosed above should not be relied upon as an indication of the price at which other real property interests in the Partnership’s portfolio may sell, as there are many factors that influence the discount rate.

XML

Interest Rate Swap Agreements

12 Months Ended

Dec. 31, 2014

Interest Rate Swap Agreements

Interest Rate Swap Agreements

9. Interest Rate Swap Agreements

Effective December 24, 2014, we entered into an interest rate swap agreement with a notional amount of $70,000,000 to fix the floating interest rate on borrowings under our revolving credit facility over a four-year period at an effective rate of 4.02%.  

In connection with the formation transactions, the Contributing Landmark Funds terminated early Fund A and Fund D interest rate swaps. As a result of early termination, the Contributing Landmark Funds recognized a realized loss on interest rate swaps of $213,181.  

The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements:

Notional	Fixed		Effective	Maturity	Fair Value Asset (Liability) at December 31,
Value	Rate		Date	Date	2014		2013
$ 25,631,841	3.91	%	8/29/2012	8/29/2016	$	—	$	(193,101)
44,410,270	4.16		8/1/2012	5/31/2018		—		381,621
20,469,463	4.28		11/1/2013	5/31/2018		—		73,940
70,000,000	4.02		12/24/2014	12/24/2018		(289,808)		—
					$	(289,808)	$	262,460

During the years ended December 31, 2014, 2013 and 2012, the Partnership recorded a loss of $552,268, gain of $1,279,176, and a loss of $1,016,716, respectively, resulting from the change in fair value of the interest rate swap agreements which is reflected as an unrealized gain (loss) on derivatives on the consolidated and combined  statements of income.

The fair value of the interest rate swap agreement is derived based on Level 2 inputs.

To illustrate the effect of movements in the interest rate market, the Partnership performed a market sensitivity analysis on its outstanding interest rate swap agreement. The Partnership applied various basis point spreads to the underlying interest rate curve of the derivative in order to determine the instruments’ change in fair value at December 31, 2014. The following table summarizes the results of the analysis performed:

		Effects of Change in Interest Rates
Date Entered	Maturity Date	+50 Basis Points		-50 Basis Points		+100 Basis Points		-100 Basis Points
December 2014	12/24/2018	$	1,004,382	$	(1,637,365)	$	2,295,647	$	(2,924,701)

On February 5, 2015, the Partnership swapped an additional $25,000,000 of the floating rate on its revolving facility at an effective rate of 3.79% over a four-year period beginning April 13, 2015.

XML

RelatedParty Transactions (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Due from Affiliates
Due to Landmark and affiliates		$ 583,689
Due from Landmark and affiliates	659,722	648,701
Landmark, General Partner and affiliates
Due from Affiliates
Due to Landmark and affiliates	0	583,689
Due from Landmark and affiliates	659,722	648,701
Landmark, General Partner and affiliates | Capped reimbursement for certain general and administrative expenses
General and Administrative Reimbursement
Quarterly cap	162,500
Percentage of revenue (as a percent)	3.00%
Expiration of quarterly cap, measurement period, number of consecutive fiscal quarters (in periods)	4
Expiration of quarterly cap, measurement period, minimum revenue	80,000,000
Reimbursement of expenses that exceeded the cap	12,349
Landmark, General Partner and affiliates | Management fees
Management Fee
Management fee per asset per month (in dollars per property)	45
Expense from related party	$ 362,495	$ 370,625	$ 209,091
American Infrastructure Funds | Management fees
License Agreement Abstract
Maximum fee each year starting in third year of agreement, as a percentage of our gross revenue	0.10%
American Infrastructure Funds | Patent License Agreement Fees
License Agreement Abstract
Fee for second year of agreement (in dollars per year)	50,000
Minimum fee each year starting in third year of agreement (in dollars per year)	100,000

XML

Investments in Receivables

12 Months Ended

Dec. 31, 2014

Investments in Receivables

Investments in Receivables

7. Investments in Receivables

As a result of the transfer of investments in receivables from the Contributing Landmark Funds to the Partnership, which met the conditions to be accounted for as a sale in accordance with ASC 860, Transfers and Servicing, the investments in receivables were recorded at their estimated fair value as of November 19, 2014 using a 8.75% discount rate. The receivables are unsecured with payments collected over periods ranging from 2 to 29 years. Interest income recognized on the receivables totaled $709,030,  $742,185, and $356,348 during 2014, 2013, and 2012, respectively.

The following table reflects the activity in investments in receivables:

	Year Ended December 31,
	2014		2013
Investments in receivables – beginning	$	9,085,281	$	9,743,976
Fair value adjustment		284,294		—
Impairments		(4,465)		(25,304)
Repayments		(751,735)		(702,368)
Interest accretion		51,899		68,977
Investments in receivables – ending	$	8,665,274	$	9,085,281

Annual amounts due as of December 31, 2014, are as follows:

2015	$	1,368,772
2016		1,430,049
2017		1,561,423
2018		1,377,750
2019		893,149
Thereafter		6,637,990
Total	$	13,269,133
Interest	$	4,603,859
Principal		8,665,274
Total	$	13,269,133

XML

Debt

12 Months Ended

Dec. 31, 2014

Debt

Debt

8. Debt

At the close of the IPO, November 19, 2014, we amended and restated the Fund A and Fund D secured debt facilities as a new $190.0 million senior secured revolving credit facility, which we refer to as our “revolving credit facility,” with SunTrust Bank, as administrative agent, and a syndicate of lenders. Our revolving credit facility will mature on the fifth anniversary of the closing date of the IPO, November 19, 2019, and will be available for working capital, capital expenditures, permitted acquisitions and general corporate purposes, including distributions. Substantially all of our assets, excluding equity in and assets of certain joint ventures and unrestricted subsidiaries, after‑acquired real property (other than real property that is acquired from affiliate funds and is subject to a mortgage), and other customary exclusions, are pledged as collateral under our revolving credit facility. Our revolving credit facility contains various covenants and restrictive provisions.

In addition, our revolving credit facility contains events of default customary for transactions of this nature, including, but not limited to (i) event of default resulting from our failure or the failure of our restricted subsidiaries to comply with covenants and financial ratios, (ii) the occurrence of a change of control (as defined in the credit agreement), (iii) the institution of insolvency or similar proceedings against us or our restricted subsidiaries, (iv) the occurrence of a default under any other material indebtedness (as defined in the credit agreement) we or our restricted subsidiaries may have and (v) any one or more collateral documents ceasing to create a valid and perfected lien on collateral (as defined in the credit agreement). Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the credit agreement, the lenders may declare any outstanding principal of our revolving credit facility debt, together with accrued and unpaid interest, to be immediately due and payable and may exercise the other remedies set forth or referred to in the credit agreement and the other loan documents.

Loans under the revolving credit facility bear interest at our option at a variable rate per annum equal to either:

· a base rate, which will be the highest of (i) the administrative agent’s prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50%, and (iii) an adjusted one month LIBOR plus 1.0%, in each case, plus an applicable margin of 1.50%; or

· an adjusted one month LIBOR plus an applicable margin of 2.50%.

Additionally, under the revolving credit facility we will be subject to a 25 basis points annual commitment fee associated with the available undrawn capacity subject to certain restrictions.

At December 31, 2014, $74,000,000 was outstanding and $116,000,000 of undrawn borrowing capacity, subject to compliance with certain covenants, under our revolving credit facility.

For the years ended December 31, 2014, 2013 and 2012, the Partnership incurred $4,119,736,  $3,089,007, and $1,221,753, respectively, of interest expense and had interest payable of $43,905 and $94,905 at December 31, 2014 and 2013, respectively. The Partnership incurred $2,907,382 in deferred loan costs related to the revolving credit facility. These fees and expenses will be amortized over the term of the revolving credit facility. In connection with the amended and restated new credit facility, the Partnership recorded a loss of $2,905,259 on early extinguishment of debt related to unamortized loan costs for the secured debt facilities prior to the amendment and restatement at the close of the IPO. The Partnership recorded $864,318,  $751,352 and $254,454 of deferred loan costs amortization, which is included in interest expense, for the years ended December 31, 2014, 2013 and 2012, respectively.

The new credit facility requires monthly interest payments and the outstanding debt balance due upon maturity on November 19, 2019.  Our revolving credit facility requires compliance with certain financial covenants. As of December 31, 2014, the Partnership was in compliance with all financial covenants.

XML

Unit-Based Compensation

12 Months Ended

Dec. 31, 2014

Unit-Based Compensation

Unit-Based Compensation

10. Unit-Based Compensation 

Compensation of our Directors

The Non-Employee Director Compensation Plan provides each director that is neither an officer of the General Partner nor an employee or an affiliate of the General Partner with annualized compensation consisting of $35,000 in cash, payable quarterly, an annual grant of Common Units valued at $35,000 and additional cash compensation for attending meetings of the board of directors of the General Partner or a committee thereof.  The chairman of the audit committee of the board of directors shall be entitled to additional annualized cash compensation of $10,000 and the chairman of any other committee of the board of directors, as may be established at any time, shall be entitled to an amount in cash as determined by the board of directors.  

Our Long‑Term Incentive Plan

In connection with the IPO, the board of directors of the General Partner adopted the Landmark Infrastructure Partners LP 2014 Long-Term Incentive Plan (the “LTIP”). The LTIP provides for the grant, from time to time at the discretion of the board of directors of the general partner or any committee thereof that may be established for such purpose or by any delegate of the board of directors or such committee, subject to applicable law (the “plan administrator”), of equity-based awards. The purpose of the LTIP is to promote the interests of the Partnership and the General Partner by providing incentive compensation awards to individuals providing services to the Partnership or the General Partner to encourage superior performance.  The LTIP is also intended to enhance the ability of the Partnership and the General Partner to attract and retain the services of individuals who are essential for the growth and profitability of the Partnership and the General Partner and to encourage these individuals to devote their best efforts to advancing the business of the Partnership and the General Partner. The LTIP will initially limit the number of units that may be delivered pursuant to vested awards to 785,000 Common Units, subject to proportionate adjustment in the event of unit splits and similar events, with such amount increased annually on the first day of each calendar year beginning January 1, 2016 and ending on and including January 1, 2024 by a number of Common Units equal to the least of (i) 1,570,000 Common Units, (ii) 2% of the total number of common and subordinated units outstanding on the last day of the immediately preceding calendar year and (iii) such smaller number of Common Units as determined by the board of directors of the General Partner. Common Units subject to awards that are cancelled, forfeited, withheld to satisfy exercise prices or tax withholding obligations, or otherwise terminated without delivery of the Common Units will be available for delivery pursuant to other awards. As of December 31, 2014, no awards have been issued under the LTIP.

XML

Income Taxes (Details)	12 Months Ended
	Dec. 31, 2014
Income Taxes
Statutory federal income tax rate (as a percent)	35.00%

XML

Quarterly Financial Data (Unaudited) (Details) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended								11 Months Ended	12 Months Ended
	Jan. 26, 2015	Dec. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Nov. 18, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Total revenue		$ 1,680,771	$ 3,776,332	$ 3,622,234	$ 3,522,067	$ 3,488,884	$ 3,544,517	$ 3,470,742	$ 3,008,357	$ 2,619,945		$ 14,409,517	$ 12,643,561	$ 6,784,362
Net income (loss)		(2,698,348)	(2,981,646)	1,854,647	395,138	1,319,708	929,136	638,488	2,600,165	262,027		587,847	4,429,816	1,518,504
Net income (loss) attributable to predecessor			(283,298)	1,854,647	395,138	1,319,708					3,286,195	(3,286,195)	(4,429,816)	(1,518,504)
Net loss attributable to partners		(2,698,348)	(2,698,348)									(2,698,348)
Net loss per limited partners unit
Distribution Made to Limited Partner, Distributions Declared, Per Unit	$ 0.1344		$ 0.1344
Common Unitholders, Public
Net loss attributable to partners		(1,619,009)
Net loss per limited partners unit
Units - basic and diluted (in dollars per share)			$ (0.3400)									$ (0.34)
Subordinated Unitholder, Landmark
Net loss attributable to partners		$ (1,079,339)
Net loss per limited partners unit
Units - basic and diluted (in dollars per share)			$ (0.3400)									$ (0.34)

XML

Tenant Concentration (Details) (Tenant Revenue, Concentration)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
TMobile
Tenant Concentration
Percentage of revenue	19.50%	18.50%	13.10%
Verizon
Tenant Concentration
Percentage of revenue	15.60%	14.10%	11.90%
Sprint
Tenant Concentration
Percentage of revenue	12.90%	11.90%	12.20%
AT&T Mobility
Tenant Concentration
Percentage of revenue	11.90%	11.00%	10.30%
Crown Castle
Tenant Concentration
Percentage of revenue	11.20%	10.60%	12.30%

XML

Interest Rate Swap Agreements (Tables)

12 Months Ended

Dec. 31, 2014

Interest Rate Swap Agreements

Table summarizing interest rate swaps

Notional	Fixed		Effective	Maturity	Fair Value Asset (Liability) at December 31,
Value	Rate		Date	Date	2014		2013
$ 25,631,841	3.91	%	8/29/2012	8/29/2016	$	—	$	(193,101)
44,410,270	4.16		8/1/2012	5/31/2018		—		381,621
20,469,463	4.28		11/1/2013	5/31/2018		—		73,940
70,000,000	4.02		12/24/2014	12/24/2018		(289,808)		—
					$	(289,808)	$	262,460

Table summarizing results of sensitivity analysis

		Effects of Change in Interest Rates
Date Entered	Maturity Date	+50 Basis Points		-50 Basis Points		+100 Basis Points		-100 Basis Points
December 2014	12/24/2018	$	1,004,382	$	(1,637,365)	$	2,295,647	$	(2,924,701)

XML

Future Minimum Rents (Details) (USD $)	Dec. 31, 2014
Future Minimum Rents
2015	$ 1,629,122
2016	1,597,506
2017	1,588,032
2018	1,499,464
2019	1,406,606
Thereafter	10,227,321
Total	$ 17,948,051

XML

Segment Information

12 Months Ended

Dec. 31, 2014

Segment Information

Segment Information

15. Segment Information

The Partnership had three reportable segments, wireless communication, outdoor advertising, and renewable power generation, as of December 31, 2014 and two reportable segments, wireless communication and outdoor advertising, as of December 31, 2013 and 2012.

The Partnership’s wireless communication segment comprises of leasing real property interests to companies in the wireless communication industry in the U.S. The Partnership’s outdoor advertising segment comprises of leasing real property interests to companies in the outdoor advertising industry in the U.S. The Partnership’s renewable power generation segment comprises of leasing real property interests to companies in the renewable power industry in the U.S. Items that are not included in any of the reportable segments are included in the corporate category.

The reportable segments are strategic business units that offer different products and services. They are commonly managed as both businesses require similar marketing and business strategies. Because our tenant lease arrangements are mostly effectively triple net, we evaluate our segments based on revenue. We believe this measure provides investors relevant and useful information because it is presented on an unlevered basis.

The statements of income for the reportable segments,with Prior-period financial information retroactively adjusted for the Acquired Assets on March 4, 2015, are as follows:

For the year ended December 31, 2014:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	11,693,862	$	1,991,367	$	15,258	$	—	$	13,700,487
Interest income on receivables		709,030		—		—		—		709,030
Total revenue		12,402,892		1,991,367		15,258		—		14,409,517
Expenses
Management fees to affiliate		322,650		39,677		168		—		362,495
Property operating		9,637		15,083		—		—		24,720
General and administrative		38,387		6,525		—		771,886		816,798
Acquisition-related		125,042		15,658		6,450		—		147,150
Amortization		3,306,136		245,007		5,768		—		3,556,911
Impairments		258,834		—		—		—		258,834
Total expenses		4,060,686		321,950		12,386		771,886		5,166,908
Other income and expenses
Interest expense		(40,619)		(10,038)		—		(4,933,397)		(4,984,054)
Loss on early extinguishment of debt		—		—		—		(2,905,259)		(2,905,259)
Realized loss on derivatives		—		—		—		(213,181)		(213,181)
Unrealized loss on derivatives		—		—		—		(552,268)		(552,268)
Total other income and expenses		(40,619)		(10,038)		—		(8,604,105)		(8,654,762)
Net income (loss)	$	8,301,587	$	1,659,379	$	2,872	$	(9,375,991)	$	587,847

For the year ended December 31, 2013:

	Wireless Communication		Outdoor Advertising		Corporate		Total
Revenue
Rental revenue	$	10,175,620	$	1,725,756	$	—	$	11,901,376
Interest income on receivables		742,185		—		—		742,185
Total revenue		10,917,805		1,725,756		—		12,643,561
Expenses
Management fees to affiliate		323,482		47,143		—		370,625
Property operating		6,454		—		—		6,454
General and administrative		106,267		79,114		536,647		722,028
Acquisition-related		294,029		24,571		—		318,600
Amortization		3,039,473		189,904		—		3,229,377
Impairments		1,005,478		—		—		1,005,478
Total expenses		4,775,183		340,732		536,647		5,652,562
Other income and expenses
Interest expense		(54,546)		(11,774)		(3,774,039)		(3,840,359)
Unrealized gain on derivatives		—		—		1,279,176		1,279,176
Total other income and expenses		(54,546)		(11,774)		(2,494,863)		(2,561,183)
Net income (loss)	$	6,088,076	$	1,373,250	$	(3,031,510)	$	4,429,816

For the year ended December 31, 2012:

	Wireless Communication		Outdoor Advertising		Corporate		Total
Revenue
Rental revenue	$	5,812,730	$	615,284	$	—	$	6,428,014
Interest income on receivables		356,348		—		—		356,348
Total revenue		6,169,078		615,284		—		6,784,362
Expenses
Management fees to affiliate		190,814		18,277		—		209,091
Property operating		26,267		—		—		26,267
General and administrative		1,036		—		190,257		191,293
Acquisition-related		633,799		93,359		—		727,158
Amortization		1,377,493		58,362		—		1,435,855
Impairments		183,271		—		—		183,271
Total expenses		2,412,680		169,998		190,257		2,772,935
Other income and expenses
Interest expense		(12,024)		(1,796)		(1,462,387)		(1,476,207)
Unrealized loss on derivatives		—		—		(1,016,716)		(1,016,716)
Total other income and expenses		(12,024)		(1,796)		(2,479,103)		(2,492,923)
Net income (loss)	$	3,744,374	$	443,490	$	(2,669,360)	$	1,518,504

The Partnership’s total assets by segment were:

	December 31,
	2014		2013
Segments
Wireless communication	$	167,396,475	$	159,468,560
Outdoor advertising		30,600,204		22,121,930
Renewable Power Generation		391,291		–
Corporate assets		1,865,089		5,382,368
Total Assets	$	200,253,059	$	186,972,858

XML

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

20. Quarterly Financial Data (Unaudited)

The following tables summarize quarterly financial data for the years ended December 31, 2014 and 2013. The information includes the results of operations of our Predecessor from January 1, 2013 through November 19, 2014 and of Landmark Infrastructure Partners LP for the period beginning November 19, 2014, the date the IPO was completed, through December 31, 2014.

	2014 Quarter Ended*
	March 31		June 30		September 30		December 31
Total revenues	$	3,488,884	$	3,522,067	$	3,622,234	$	3,776,332
Net income (loss)		1,319,708		395,138		1,854,647		(2,981,646)
Net income (loss) attributable to Predecessor		1,319,708		395,138		1,854,647		(283,298)
Net loss attributable to limited partners		n/a		n/a		n/a		(2,698,348)
Net loss per limited partner unit
(basic and diluted):
Common units		n/a		n/a		n/a	$	(0.34)
Subordinated units		n/a		n/a		n/a	$	(0.34)
Cash distribution declared per unit		n/a		n/a		n/a	$	0.1344

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

	2013 Quarter Ended*
	March 31		June 30	September 30	December 31
Total revenues	$	2,619,945	3,008,357	3,470,742	3,544,517
Net income		262,027	2,600,165	638,488	929,136

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

XML

Real Property Interests (Allocation and Amortization) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land		$ 1,301,916
Investments in real property interests	5,482,055	29,419,297
Below market lease intangibles, liabilities	(249,612)	(1,497,400)
Total	5,384,510	30,306,259
Weighted average remaining amortization period for nonperpetual real property interests	48 years	48 years
Future estimated aggregate amortization of real property interests
2015 (nine months)	3,185,399
2016	3,185,399
2017	3,185,399
2018	3,185,399
2019	3,185,399
Thereafter	115,743,997
Total	131,670,992
Landmark, General Partner and affiliates | Acquisition from related party | Acquired Assets
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land	2,934,456
Investments in real property interests	9,365,699	1,002,908
Below market lease intangibles, liabilities	(1,660,519)
Total	11,548,417	1,035,316
Acquired in-place leases
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	152,067	1,033,601
Acquired in-place leases | Landmark, General Partner and affiliates | Acquisition from related party | Acquired Assets
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	308,035	17,332
Acquired above-market leases
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets		48,845
Acquired above-market leases | Landmark, General Partner and affiliates | Acquisition from related party | Acquired Assets
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	$ 600,746	$ 15,076

XML

Organization - IPO (Details)	0 Months Ended
	Nov. 19, 2014
IPO, Public | Common Unitholders, Public
Initial public offering and formation transactions
Units issued	2,750,000
Over-allotment option | Common Unitholders, Public
Initial public offering and formation transactions
Units issued	100,000
Sale to affiliate | Subordinated Unitholder, Landmark | Landmark, General Partner and affiliates
Initial public offering and formation transactions
Units issued	2,066,995

XML

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income (loss)	$ 587,847	$ 4,429,816	$ 1,518,504
Adjustments to reconcile net income to net cash provided by operating activities:
Unit-based compensation	17,500
Unrealized (gain) loss on derivatives	552,268	(1,279,176)	1,016,716
Loss on early extinguishment of debt	2,905,259
Amortization expense	3,556,911	3,229,377	1,435,855
Amortization of above- and below- market lease	(539,539)	(430,909)	(224,311)
Amortization of deferred loan costs	864,318	751,352	254,454
Receivables interest accretion	(51,899)	(68,977)	(49,978)
Impairments	258,834	1,005,478	183,271
Allowance for investments in receivables	4,465	25,304
Allowance for doubtful accounts		30	1,036
Changes in operating assets and liabilities:
Rent receivables, net	31,404	115,435	(217,699)
Accounts payable and accrued liabilities	666,747	159,860	785,804
Deferred rent receivables	(111,978)	(152,051)	(126,706)
Prepaid rent	186,312	405,404	869,402
Due to Landmark and affiliates	380,706	111,567	(1,167,876)
Other assets	(399,222)
Net cash provided by operating activities	8,909,933	8,302,510	4,278,472
Investing activities
Acquisition of land		(1,301,916)	(406,142)
Acquisition of real property interests	(6,298,077)	(27,209,853)	(53,853,178)
Acquisition of receivables			(9,961,371)
Repayment of receivables	751,735	702,368	267,373
Net cash used in investing activities	(5,546,342)	(27,809,401)	(63,953,318)
Financing activities
Proceeds from initial public offering, net of offering costs of $9,519,321	42,730,679
Proceeds from sale of subordinated units to Landmark	39,272,905
Proceeds from the revolving credit facility	75,000,000
Proceeds from secured debt facilities	5,772,087	22,676,535	67,301,683
Principal payments on the revolving credit facility	(1,000,000)
Principal payments on secured debt facilities	(95,108,775)	(641,530)
Deferred loan costs	(3,367,677)	(1,490,876)	(2,755,708)
Contributions from Contributing Landmark Funds members		500,000	52,418,850
Distributions to Contributing Landmark Funds members	(67,282,062)	(25,716,825)	(32,197,602)
Consideration paid to general partner associated with Acquired Assets	(106,967)	(31,223)	(2,799)
Net cash provided by (used in) financing activities	(4,089,810)	(4,703,919)	84,764,424
Net increase (decrease) in cash and cash equivalents	(726,219)	(24,210,810)	25,089,578
Cash and cash equivalents at beginning of period	1,037,327	25,248,137	158,559
Cash and cash equivalents at end of period	$ 311,108	$ 1,037,327	$ 25,248,137

XML

Real Property Interests

12 Months Ended

Dec. 31, 2014

Real Property Interests

Real Property Interests

4. Real Property Interests

The following summarizes the Partnership’s real property interests:

	December 31,
	2014*		2013*
Land	$	4,829,573	$	1,895,117
Real property interests – perpetual		45,834,289		44,435,392
Real property interests – non-perpetual		137,544,191		124,365,397
Total land and real property interests		188,208,053		170,695,906
Accumulated amortization		(5,873,199)		(2,848,040)
Land and net real property interests	$	182,334,854	$	167,847,866

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015. See Note 3 above.

The following table summarizes the allocations of estimated fair values of the assets acquired and liabilities assumed at the date of acquisition.

			Investments in real		In-place lease		Above-market		Below-market		Total purchase
Year	Land		property interests		intangibles		lease intangibles		lease intangibles		price
2014	$	—	$	5,482,055	$	152,067	$	—	$	(249,612)	$	5,384,510
2013		1,301,916		29,419,297		1,033,601		48,845		(1,497,400)		30,306,259
Acquired Assets 2014*		2,934,456		9,365,699		308,035		600,746		(1,660,519)		11,548,417
Acquired Assets 2013*		-		1,002,908		17,332		15,076		-		1,035,316

*Represents prior-period financial information retroactively adjusted for certain assets acquired on March 4, 2015.

During the year ended December 31, 2014, the Partnership purchased additional investments in tenant sites for $ 5,384,510.  

The weighted average remaining amortization period for non‑perpetual real property interests is 48 years at December 31, 2014 and 2013.

Future estimated aggregate amortization of real property interests for each of the five succeeding fiscal years and thereafter as of December 31, 2014, are as follows:

2015	$	3,185,399
2016		3,185,399
2017		3,185,399
2018		3,185,399
2019		3,185,399
Thereafter		115,743,997
Total	$	131,670,992

XML

Net Income Per Limited Partner Unit (EPU) (Details) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended	12 Months Ended	0 Months Ended
	Jan. 26, 2015	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2014	Apr. 23, 2015
Earnings per partnership unit basic and diluted
Cash distribution declared per unit (in dollars per share)	$ 0.1344		$ 0.1344
Cash distribution declared	$ 1,000,000			$ 1,053,533
Minimum quarterly distribution per unit (in dollars per share)	$ 0.2875
Minimum annual distribution per unit (in dollars per share)	$ 1.15
Prorated period for distribution	43 days
Net loss attributable to partners
Distribution declared	1,000,000			1,053,533
Undistributed net loss				(3,751,881)
Net loss attributable to partners		(2,698,348)	(2,698,348)	(2,698,348)
Weighted-average units outstanding
Weighted-average units outstanding - basic and diluted (in shares)				7,837,774
Subsequent event
Earnings per partnership unit basic and diluted
Cash distribution declared per unit (in dollars per share)					$ 0.2975
Minimum quarterly distribution per unit (in dollars per share)					$ 0.2875
Quarterly distribution declared per unit , on an annualized basis (in dollars per share)					$ 1.19
Change in per unit distribution declared (as a percent)					3.50%
Common Unitholders, Public
Net loss attributable to partners
Net loss attributable to partners		(1,619,009)
Weighted-average units outstanding
Weighted-average units outstanding - basic and diluted (in shares)				4,702,665
Net income per limited partner unit
Units - basic and diluted (in dollars per share)			$ (0.3400)	$ (0.34)
Subordinated Unitholder, Landmark
Net loss attributable to partners
Net loss attributable to partners		(1,079,339)
Weighted-average units outstanding
Weighted-average units outstanding - basic and diluted (in shares)				3,135,109
Net income per limited partner unit
Units - basic and diluted (in dollars per share)			$ (0.3400)	$ (0.34)
Limited Partners | Common Unitholders, Public
Earnings per partnership unit basic and diluted
Cash distribution declared				632,174
Net loss attributable to partners
Distribution declared				632,174
Undistributed net loss				(2,251,183)
Net loss attributable to partners				(1,619,009)
Weighted-average units outstanding
Weighted-average units outstanding - basic and diluted (in shares)				4,702,665
Net income per limited partner unit
Units - basic and diluted (in dollars per share)				$ (0.34)
General Partner, Landmark | Subordinated Unitholder, Landmark
Earnings per partnership unit basic and diluted
Cash distribution declared				421,359
Net loss attributable to partners
Distribution declared				421,359
Undistributed net loss				(1,500,698)
Net loss attributable to partners				$ (1,079,339)
Weighted-average units outstanding
Weighted-average units outstanding - basic and diluted (in shares)				3,135,109
Net income per limited partner unit
Units - basic and diluted (in dollars per share)				$ (0.34)

XML

Subsequent Events

12 Months Ended

Dec. 31, 2014

Subsequent Events

Subsequent Events

21. Subsequent Events

Subsequent to year end, eleven of the Partnership’s real property interests were impaired as a result of termination notices received and one property interest foreclosure. As a result of T‑Mobile’s acquisition of MetroPCS (completed in 2013), we have received termination notices related to 23 MetroPCS tenant sites. As a result of these termination notices we determined that eight real property interests were impaired and recognized impairment charges totaling $2.1 million related to MetroPCS tenant sites. The remaining $0.7 million of impairment related to a foreclosure notice received effective March 26, 2015. Through May 11, 2015, we recognized impairment charges totaling $2.8 million.

On April 8, 2015, the Partnership completed an acquisition of 73 tenant sites and related real property interests, consisting of 45 wireless communication and 28 outdoor advertising sites, from Landmark, in exchange for cash consideration of $22,050,000. The purchase price was funded with $21,500,000 of borrowings under the Partnership’s existing credit facility and available cash.

On April 23, 2015, the board of directors of our General Partner declared a quarterly cash distribution of $0.2975 per unit, or $1.19 per unit on an annualized basis, for the quarter ended March 31, 2015.  This distribution represents a 3.5% increase over the Partnership’s minimum quarterly distribution of $0.2875 per unit, and is payable on May 14, 2015 to unitholders of record as of May 5, 2015.

XML

Tenant Concentration (Tables)

12 Months Ended

Dec. 31, 2014

Tenant Concentration

Schedule of tenant revenue concentrations

	Year Ended December 31,
Tenant	2014*		2013*		2012
T-Mobile	19.5	%	18.5	%	13.1	%
Verizon	15.6	%	14.1	%	11.9	%
Sprint	12.9	%	11.9	%	12.2	%
AT&T Mobility	11.9	%	11.0	%	10.3	%
Crown Castle	11.2	%	10.6	%	12.3	%

*Prior-period financial information has been retroactively adjusted for certain assets acquired on March 4, 2015.

XML

Related-Party Transactions

12 Months Ended

Dec. 31, 2014

RelatedParty Transactions

Related-Party Transactions

14. Related‑Party Transactions

General and Administrative Reimbursement

Under the omnibus agreement, we agree to reimburse Landmark for expenses related to certain general and administrative services Landmark will provide to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding 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 $80.0 million and (ii) the fifth anniversary of the closing of the IPO. The full amount of general and administrative expenses incurred will be reflected on our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected on 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 the amount of general and administrative expenses. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and expenses allocated to our general partner by its affiliates.  As of December 31, 2014, Landmark reimbursed us $12,349 for expenses related to certain general and administrative services that exceeded the cap.

Patent License Agreement

We entered into a Patent License Agreement (“License Agreement”) with American Infrastructure Funds, LLC (“AIF”), an affiliate of the controlling member of Landmark. Under the License Agreement, AIF granted us a nonexclusive, perpetual license to practice certain patented methods related to the apparatus and method for combining easements under a master limited partnership. We have agreed to pay AIF a license fee of $50,000 for the second year of the License Agreement, and thereafter, an amount equal to the greater of (i) one‑tenth of one percent (0.1%) of our gross revenue received during such contract year; and (ii) $100,000.

Right of First Offer

In connection with the IPO, the Remaining Landmark Funds have granted us a right of first offer on real property interests that they currently own or acquire in the future before selling or transferring those assets to any third party.

Management Fee

In accordance with the limited liability company agreements for each of the Contributing Landmark Funds the Managing Member or its affiliates was paid a management fee of $45 per asset per month for providing various services to the funds. Management fees totaled $362,495,  $370,625, and $209,091 for the years ended December 31, 2014, 2013, and 2012, respectively. Upon execution of the omnibus agreement and completion of the closing of the IPO and the formation transactions, Landmark’s right to receive this management fee has been terminated and we will instead reimburse Landmark for certain general and administrative expenses incurred by Landmark pursuant to the omnibus agreement, subject to a cap, as described above.

Acquisition of Real Property Interests

In connection with third party acquisitions, Landmark will be obligated to provide acquisition services to us, including asset identification, underwriting and due diligence, negotiation, documentation and closing, at the reasonable request of our general partner, but we are under no obligation to utilize such services. We will pay Landmark reasonable fees, as mutually agreed to by Landmark and us, for providing these services. These fees will not be subject to the cap on general and administrative expenses described above. As of December 31, 2014, no such fees have been incurred.

Prior to the IPO, the Predecessor purchased its real property interests and receivables from Landmark. We have concluded that the formation transactions are a reorganization of entities under common control since these entities have common management and ownership and are under the common control of Landmark. As a result, the contribution of real property interests and other assets to the Partnership was recorded at Landmark’s historical cost. In December 2012, there was a change in control of Landmark. Based on the level of ownership Landmark held in the Contributing Landmark Funds the purchase accounting associated with the change in control was not pushed down to the Contributing Landmark Funds. In connection with the formation transactions the purchase accounting associated with the December 2012 change in control of Landmark is pushed down to us, resulting in a higher cost basis in the assets than is reflected in the historical financial statements of Contributing Landmark Funds. Therefore, the historical cost basis of the assets and liabilities as of Acquisition Date of the Sponsor are different from the historical cost basis of the Contributing Landmark Funds even though all entities are under common control.

Subsequent to the change in control, real property interests purchased from and contributed by Landmark to the Predecessor are stated at the purchase price paid by Landmark.

Due from Affiliates

At December 31, 2014 and 2013, the Partnership owed $0 and $583,689, respectively, to the General Partner and its affiliates for management fees, purchase of assets and other reimbursable expenses incurred on their behalf. At December 31, 2014 and 2013, the General Partner and affiliates owed $659,722 and $648,701, respectively, to the Partnership for rents received on their behalf.