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): December 2, 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 November 19, 2015, Landmark Infrastructure Operating Company LLC (“OpCo”), a wholly owned subsidiary of Landmark Infrastructure Partners LP (the “Partnership”), completed its acquisition of an entity owning 72 tenant sites and related real property interests, consisting of wireless communication and outdoor advertising sites, from Landmark Dividend Growth Fund-C LLC (“Fund C”), an affiliate of Landmark Dividend LLC (“Landmark”), in exchange for (i) 847,260 common units, representing limited partner interests in the Partnership and (ii) cash consideration of approximately $17.3 million (the “Fund C Acquisition”). Additionally, on November 19, 2015, OpCo also completed its acquisition of an entity owning 136 tenant sites and related real property interests, consisting of wireless communication and outdoor advertising sites, from Landmark Dividend Growth Fund-F LLC (“Fund F”, and together with Fund C, the “Funds”), an affiliate of Landmark, in exchange for (i) 1,266,317 common units, representing limited partner interests in the Partnership and (ii) cash consideration of approximately $25.0 million (the “Fund F Acquisition”, and together with the Fund C Acquisition, the “Transactions”).The Transactions were 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 historical cost basis was allocated to Landmark Infrastructure Partners GP LLC(the “General Partner”).Because we have not yet filed post-combination results, the Partnership is providing supplemental financial statements and related notes to combine the results of operations and financial position of acquired assets within the Fundsfor the periodsunder common control and the Partnership’s results of operations and financial position for all periods presented in the Partnership’s 2014 Form 10-K filed with the Securities and Exchange Commission on February 26, 2015 (except for items 6, 7 and 15 and Exhibit 23.1, which have been superseded by Form 8-K, filed December 2, 2015) and the Partnership’s September 30, 2015 Form 10-Q filed with the Securities and Exchange Commission on November 5, 2015.

Included herein as Exhibit 99.3 are the audited supplemental financial statements of the combined entities of the Partnership, Fund C and Fund F (collectively the “Combined Entities”) as of December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012 and the unaudited supplemental financial statements of the Combined Entities as of September 30, 2015, and for the nine months ended September 30, 2015 and 2014.  Also included herein as Exhibit 99.1 is the Selected Financial Data, which is derived from the supplemental financial statements. Included herein as Exhibit 99.2 is Management’s Discussion and Analysis of Financial Condition and Results of Operations, which relates to the supplemental financial statements.

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	Supplemental Financial Statements.
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.

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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.

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	Landmark Infrastructure Partners LP
	By:	Landmark Infrastructure Partners GP LLC, its general partner
Dated: December 2, 2015	By:	/s/ George P. Doyle
		Name: George P. Doyle
		Title: Chief Financial Officer and Treasurer

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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	Supplemental Financial Statements.
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.

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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 December 2, 2015, with respect to the supplemental 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

December 2, 2015

EX-99.1

Exhibit 99.1

ITEM 6. Selected Financial Data

On March 4, 2015, April 8, 2015, July 21, 2015, August 18, 2015 and September 21, 2015, the Partnership, completed acquisitions of 81, 73, 100, 193 and 65 tenant sites and related real property interests, respectively, from the affiliates of Landmark Dividend LLC (“Landmark”) in exchange for total consideration of $25.2 million, $22.1 million, $35.7 million, $66.4 million and $20.3 million, respectively; the acquisitions described above are collectively referred to as the “Acquisitions,” and the acquired assets in the Acquisitions are collectively referred to as the “Acquired Assets.” The Acquisitions are deemed to be transactions 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.Accordingly, the supplemental financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the Acquired Assets prior to their respective acquisition dates. See Note 1 and 3 within the consolidated and combined financial statements in Exhibit 99.3 for additional information.

On November 19, 2015, the Partnership acquired entities owning 72 and136 tenants sites and related real property interests from Landmark Dividend Growth Fund-C LLC (“Fund C”), an affiliate of Landmark, and from Landmark Dividend Growth Fund-F LLC (“Fund F”, collectively with Fund C the “Acquired Funds”), an affiliate of Landmark, in exchanges for total consideration of approximately $30.3 million and $44.5 million, respectively. The Fund C and Fund F acquisitions are deemed to be transactions between entities under common control requiring 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 supplemental financial statements represent the consolidated and combined financial positions and results of operations for the periods presented of the Partnership, the Acquired Assets and the Acquired Funds for post IPO periods and the Predecessor, the Acquired Assets, and the Acquired Funds for periods prior to the IPO (collectively referred to as the “Combined Entities” for all periods).

The following table includesthe combined selected financial data of the Combined Entities for the years, the periods and as of the dates indicated. The following tables should be read in conjunction 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 and unaudited Supplemental Financial Statementsof the Combined Entities included in our current report on Form 8-K,  filed with the Securities and Exchange Commission on December 2, 2015.

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	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013		2012
Supplemental Statement of Income Data:
Revenue
Rental revenue	$	19,634,366	$	15,702,163	$	21,401,328	$	16,656,870	$	7,707,106
Interest income on receivables		605,180		522,994		709,030		742,185		356,348
Total revenue		20,239,546		16,225,157		22,110,358		17,399,055		8,063,454
Expenses
Management fees to affiliate		209,909		509,703		642,150		544,908		248,551
Property operating		19,459		21,805		24,720		6,454		26,267
General and administrative		2,107,354		579,628		820,522		722,601		191,293
Acquisition-related		2,958,276		238,385		527,065		1,093,948		1,408,277
Amortization		4,931,670		3,973,704		5,382,671		4,464,124		1,738,715
Impairments		3,578,744		8,450		258,834		1,005,478		183,271
Total expenses		13,805,412		5,331,675		7,655,962		7,837,513		3,796,374
Other income and expenses
Interest expense		(6,070,326)		(5,502,771)		(7,831,847)		(5,406,753)		(1,957,834)
Loss on early extinguishment of debt		(902,625)		—		(2,905,259)		—		—
Realized loss on derivatives		—		—		(213,181)		—		—
Unrealized gain (loss) on derivatives		(2,023,572)		(6,393)		(643,481)		1,493,041		(1,226,864)
Gain on sale of real property interest		82,026		—		—		—		—
Total other income and expenses		(8,914,497)		(5,509,164)		(11,593,768)		(3,913,712)		(3,184,698)
Net income (loss)	$	(2,480,363)	$	5,384,318	$	2,860,628	$	5,647,830	$	1,082,382
Less: Net income (loss) attributable to Predecessor		(426,872)		5,384,318		5,558,976		5,647,830		1,082,382
Net loss attributable to partners	$	(2,053,491)	$	—	$	(2,698,348)	$	—	$	—
Net loss per limited partner unit (basic and diluted):
Common units	$	(0.13)			$	(0.34)
Subordinated units	$	(0.38)			$	(0.34)
Cash distribution declared per limited partner unit	$	0.9225			$	0.1344
Supplemental Balance Sheet Data (End of Period):
Land and real property interests, before accumulated amortization	$	352,414,436	$	285,294,518	$	292,621,374	$	255,114,253	$	182,026,678
Land and real property interests, after accumulated amortization	$	340,026,636	$	277,960,242	$	284,113,990	$	251,172,021	$	181,927,240
Total assets	$	365,686,694	$	305,122,336	$	307,694,913	$	274,984,130	$	226,720,764
Revolving credit facility	$	164,500,000	$	—	$	74,000,000	$	—	$	—
Secured debt facilities	$	39,704,988	$	155,955,151	$	70,782,005	$	139,635,210	$	81,457,684
Total liabilities	$	222,440,147	$	175,875,524	$	158,503,648	$	152,630,496	$	91,659,355
Equity	$	143,246,547	$	129,246,812	$	149,191,265	$	122,353,634	$	135,061,409
Supplemental Statement of Cash Flow Data:
Cash flow provided by operating activities	$	8,592,802	$	9,002,728	$	13,576,354	$	11,165,450	$	4,648,343
Cash flow used in investing activities	$	(93,341,094)	$	(15,060,206)	$	(18,711,572)	$	(39,541,210)	$	(77,067,786)
Cash flow provided by financing activities	$	84,710,274	$	5,497,419	$	4,408,999	$	4,164,950	$	97,509,021
Supplemental Other Data:
Total number of leased tenant sites (end of period)		1,392		1,154		1,179		1,006		653
Supplemental EBITDA(1)	$	8,521,633	$	14,860,793	$	16,075,146	$	15,518,707	$	4,778,931
Supplemental Adjusted EBITDA(1)	$	18,301,026	$	14,301,079	$	19,555,424	$	15,284,274	$	7,196,836
Distributable cash flow subsequent to the initial public offering	$	9,302,601			$	1,182,212

(1) For a definition of the non‑GAAP financial measure of Supplemental EBITDA and Supplemental 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.”

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Non‑GAAP Financial Measures

We define Supplemental EBITDA as net income before interest, income taxes, depreciation and amortization, and we define Supplemental Adjusted EBITDA as Supplemental EBITDA before impairments, acquisition‑related costs, unrealized and realized gain or loss on derivatives, loss on extinguishment of debt, gain on sale of real property interest, unit-based compensation, straight line rental adjustments,amortization of above‑ and below‑market rents, and after the deemed capital contribution to fund our general and administrative expense reimbursement. We define distributable cash flow as Supplemental 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.

Supplemental EBITDA, Supplemental 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 Supplemental 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 Supplemental EBITDA,  Supplemental Adjusted EBITDA anddistributable cash flow in this Current Report on Form 8-K provides information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to Supplemental EBITDA, Supplemental Adjusted EBITDA and distributable cash flow are net income and net cash provided by operating activities. Neither Supplemental EBITDA, Supplemental 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 Supplemental EBITDA, Supplemental 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 Supplemental EBITDA, Supplemental 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 Supplemental EBITDA, Supplemental Adjusted EBITDA and distributable cash flow may be defined differently by other companies in our industry, Supplemental EBITDA, Supplemental 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.

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

	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013		2012
Net cash provided by operating activities	$	8,592,802	$	9,002,728	$	13,576,354	$	11,165,450	$	4,648,343
Unit-based compensation		(96,250)		—		(17,500)		—		—
Unrealized gain (loss) on derivatives		(2,023,572)		(6,393)		(643,481)		1,493,041		(1,226,864)
Loss on early extinguishment of debt		(902,625)		—		(2,905,259)		—		—
Amortization expense		(4,931,670)		(3,973,704)		(5,382,671)		(4,464,124)		(1,738,715)
Amortization of above- and below-market rents, net		967,958		619,062		847,998		630,801		271,334
Amortization of deferred loan costs		(1,100,006)		(1,138,729)		(1,545,605)		(1,107,771)		(350,258)
Receivables interest accretion		21,450		49,356		51,899		68,977		49,978
Impairments		(3,578,744)		(8,450)		(258,834)		(1,005,478)		(183,271)
Gain on sale of real property interest		82,026		—		—		—		—
Allowance for doubtful accounts and loan losses		—		(4,465)		(4,465)		(25,334)		(1,036)
Working capital changes		488,268		844,913		(857,808)		(1,107,732)		(387,129)
Net income	$	(2,480,363)	$	5,384,318	$	2,860,628	$	5,647,830	$	1,082,382
Interest expense		6,070,326		5,502,771		7,831,847		5,406,753		1,957,834
Amortization expense		4,931,670		3,973,704		5,382,671		4,464,124		1,738,715
Supplemental EBITDA (1)	$	8,521,633	$	14,860,793	$	16,075,146	$	15,518,707	$	4,778,931
Impairments		3,578,744		8,450		258,834		1,005,478		183,271
Acquisition-related		2,958,276		238,385		527,065		1,093,948		1,408,277
Unrealized (gain) loss on derivatives		2,023,572		6,393		643,481		(1,493,041)		1,226,864
Realized loss on derivatives		—		—		213,181		—		—
Loss on early extinguishment of debt		902,625		—		2,905,259		—		—
Gain on sale of real property interest		(82,026)		—		—		—		—
Unit-based compensation		96,250		—		17,500		—		—
Straight line rent adjustments		(195,130)		(193,880)		(249,393)		(210,017)		(129,173)
Amortization of above- and below-market rents, net		(967,958)		(619,062)		(847,998)		(630,801)		(271,334)
Deemed capital contribution due to cap on general and administrative expense reimbursement		1,465,040		—		12,349		—		—
Supplemental Adjusted EBITDA (1)	$	18,301,026	$	14,301,079	$	19,555,424	$	15,284,274	$	7,196,836
Predecessor Adjusted EBITDA		5,896,774		14,301,079		18,081,026		15,284,274		7,196,836
Supplemental Adjusted EBITDA subsequent to initial public offering	$	12,404,252	$	—	$	1,474,398	$	—	$	—
Cash interest expense		(3,101,651)				(292,186)
Distributable cash flow subsequent to initial public offering	$	9,302,601			$	1,182,212

(1) For a definition of the non‑GAAP financial measure of Supplemental EBITDA and Supplemental 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.”

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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” or “Sponsor”).  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 during 2015 are also included in our operations and the operations of our Predecessor for periods prior to the Partnership’s acquisition.  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. On November 19, 2015, the Partnership acquired certain assets and liabilities from Landmark Dividend Growth Fund-C LLC (“Fund C”), an affiliate of Landmark, and from Landmark Dividend Growth Fund-F LLC (“Fund F” and collectively with Fund C, the “Acquired Funds”), an affiliate of Landmark. The supplemental financial statements and discussion and analysis include the combined results of the Partnership, the Acquired Assets, as defined below, and the Acquired Funds (collectively as the “Combined Entities”).  You should read the following in conjunction with the supplemental consolidated and 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 December 2, 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.

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 of the Partnership,  its 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 Combined Entities.  See Note 1 of the supplemental financial statements in Exhibit 99.3  to our Current Report on Form 8-K filed on December 2, 2015 for detailed information on the IPO and the formation transactions of the Partnership.Additionally, during 2015 the Partnership completed acquisitions of 720 tenant sites and related real property interests from the Sponsor and affiliates in exchange for total consideration of approximately $244.5 million.Theseacquisitionsare deemed to be transactions 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. See further discussion in Note 1 and  3 of the supplemental financial statements in Exhibit 99.3  to our Current Report on Form 8-K filedon December 2, 2015 for additional information.

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.

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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 94% 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.

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 September 30, 2015 and December 31, 2014, we had a 98% and 99% occupancy rate with 1,392 of our 1,415 and1,179of our 1,185 available tenant sites leased, respectively. 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.  Subsequent to December 31, 2014, eighteen of the Partnership’s real property interests were impaired as a result of termination notices received and one property foreclosure. As a result of T‑Mobile’s acquisition of MetroPCS (completed in 2013), in 2015 we have received termination notices related to 23 MetroPCS tenant sites, two of which have subsequently been rescinded. The majority of the MetroPCS tenant sites where we have received termination notices have been vacated prior to December 2, 2015.  As a result of all termination notices received, we determined that thirteen real property interests were impaired and recognized impairment charges totaling $2.9 million during the nine months ended September 30, 2015. Impairment of $0.7 million related to a foreclosure notice was received effective March 26, 2015. Subsequent to December 31, 2014, we recognized impairment charges totaling $3.6 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.

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Supplemental EBITDA, Supplemental Adjusted EBITDA and Distributable Cash Flow

We define Supplemental EBITDA as net income before interest, income taxes, depreciation and amortization, and we define Supplemental Adjusted EBITDA as Supplemental EBITDA before impairments, acquisition‑related costs, unrealized or realized gain or loss on derivatives, loss on early extinguishment of debt, gain on sale of real property interest, unit‑based compensation, straight line rental adjustments, amortization of above‑ and below‑market rents, and after the deemed capital contribution to fund our general and administrative expense reimbursement. We define distributable cash flow as Supplemental 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.

Supplemental EBITDA, Supplemental 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 Supplemental 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 Supplemental EBITDA, Supplemental Adjusted EBITDA and distributable cash flow in this Current Report on Form 8-K provides information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to Supplemental EBITDA, Supplemental Adjusted EBITDA and distributable cash flow are net income and net cash provided by operating activities. Supplemental EBITDA, Supplemental 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 Supplemental EBITDA, Supplemental 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 Supplemental EBITDA, Supplemental 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 Supplemental EBITDA, Supplemental Adjusted EBITDA and distributable cash flow may be defined differently by other companies in our industry, Supplemental EBITDA, Supplemental 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 Supplemental EBITDA, Supplemental Adjusted EBITDA and distributable cash flow, and a reconciliation of Supplemental EBITDA, Supplemental 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.”

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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. During 2014, 2013, and 2012, the Combined Entitiesacquired real property interests underlying 176, 355, and 420 tenant sites, respectively. Operating results from real property interests are reflected from the date of acquisition by Landmark.

On March 4, 2015, April 8, 2015, July 21, 2015, August 18, 2015 and September 21, 2015, the Partnership completed its acquisition of 81, 73, 100, 193 and 65 tenant sites and related real property interests from the Sponsor and its affiliates in exchange for total consideration of $25.2 million, $22.1 million, $35.7 million, $66.4 million and $20.3 million, respectively. The acquisitions described above are collectively referred to as the “Acquisitions,” and the acquired assets in the Acquisitions are collectively referred to as the “Acquired Assets.” The Acquisitions are deemed to be transactions 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. Additionally, on November 19, 2015, the Partnership, acquired 72 and 136 tenants sites and related real property interests from Fund Cand Fund F, for total consideration of approximately $30.3 million and $44.5 million, respectively. The acquisition of assets from Fund C and Fund F are post period transactions also deemed to be transactions between entities under common control. The supplemental financial statements, management discussion and analysis, and selected financial data, included herein on our Current Report on Form 8-K, combine the Partnership, as adjusted for the Acquisitions described above, andthe Acquired Funds. Please refer to the supplemental 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

Subsequent to our IPO, we haveincurred 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 our Predecessor. Under the omnibus agreement, we agreed to reimburse Landmark for expenses related to certain

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general and administrative services Landmark provides 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, the Acquisitions, and the acquisitions of the Acquired Funds were deemed to be transactions 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 and the Partnership’s acquisitions of the Acquired Assets and the Acquired Funds  were 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 Acquired Assets and the Acquired Funds,the purchase accounting associated with the change in control was not pushed down to the Predecessor, the Acquired Assets and the Acquired Funds. In connection with the formation transactions and the acquisitions of the Acquired Assets and the Acquired Funds, the purchase accounting associated with the December 2012 change in control of Landmark was pushed down to the Predecessor for all periods presented, which results in a higher cost basis in the assets than the Contributing Landmark Funds, the Acquired Assets and the Acquired 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.

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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 “Combined Entities” interchangeably. Our discussion and analysis of the historical financial condition and results of operations of the Combined Entities are based upon theirsupplemental financial statements, which have been prepared in accordance with GAAP to comply with the instructions of S-3, Item 11 b. of Regulation S-K. The preparation of these supplemental 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 supplemental financial statements of the Combined Entities, included in Exhibit 99.3 to our Current Report on Form 8-K filed on December 2, 2015. 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 supplemental financial statements of the Combined Entities, included in Exhibit 99.3 to our Current Report on Form 8-K filed with the SEC on December 2, 2015, the accounting policies presented below have been identified by us as critical accounting policies. The accounting policies of the Acquired Funds are materially the same as our critical accounting policies.

Purchase Accounting for Acquisitions

The Combined Entities apply 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 6% and 20%. When determining the fair value of intangible assets acquired, the Combined Entities estimate 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

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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 6% 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 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.

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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 Combined Entities recognize 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 Combined Entities 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 Combined Entities evaluate 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.

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

Results of Operations of the Combined Entities

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.

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Comparison of Nine months Ended September 30, 2015 to Nine months Ended September 30, 2014

Our supplemental results of operations for all periods presented were affected by acquisitions made during the nine months ended September 30, 2015 and 2014.  As of September 30, 2015 and 2014, the Combined Entities had 1,415 and 1,159  available tenant sites with 1,392 and 1,154leased tenant sites, respectively. The following table summarizes the supplemental consolidated and combined statement of operations of the Combined Entities:

11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111
	Nine Months Ended September 30,				Increase		Percentage
	2015		2014		(Decrease)		Difference
Revenue
Rental revenue	$	19,634,366	$	15,702,163	$	3,932,203	25	%
Interest income on receivables		605,180		522,994		82,186	16	%
Total revenue		20,239,546		16,225,157		4,014,389	25	%
Expenses
Management fees to affiliate		209,909		509,703		(299,794)	(59)	%
Property operating		19,459		21,805		(2,346)	(11)	%
General and administrative		2,107,354		579,628		1,527,726	264	%
Acquisition-related		2,958,276		238,385		2,719,891	1,141	%
Amortization		4,931,670		3,973,704		957,966	24	%
Impairments		3,578,744		8,450		3,570,294	42,252	%
Total expenses		13,805,412		5,331,675		8,473,737	159	%
Other income and expenses
Interest expense		(6,070,326)		(5,502,771)		(567,555)	10	%
Loss on early extinguishment of debt		(902,625)		—		(902,625)	100	%
Unrealized loss on derivatives		(2,023,572)		(6,393)		(2,017,179)	31,553	%
Realized gain on sale		82,026		—		82,026	100	%
Total other income and expenses		(8,914,497)		(5,509,164)		(3,405,333)	62	%
Net income (loss)	$	(2,480,363)	$	5,384,318	$	(7,864,681)	(146)	%

Rental Revenue

Rental revenue increased $3,932,203,  $1,760,535of which was due to the greater number of assets in the portfolio during the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014. Revenue generated from our wireless communication, outdoor advertising, and renewable power generation segments was $16,156,076, $3,407,856, and $70,434, or 82%, 17%, and less than 1% of total rental revenue, respectively, during the nine months ended September 30, 2015, compared to  $13,350,242,  $2,345,565, and $6,356, or 85%,  15%, and less than 1% of total rental revenue, respectively, during the nine months ended September 30, 2014. The occupancy rates in our wireless communication, outdoor advertising, and renewable power generation segments were 98%, 100% and 100%, respectively, at September 30, 2015 compared to 99%, 100% and 100%, respectively, at September 30, 2014. Additionally, our effective monthly rental rates per tenant site for wireless communication, outdoor advertising, and renewable power generation segments were $1,710, $1,268, and $1,331, respectively, during the nine months ended September 30, 2015 compared to $1,645, $1,188, and $1,491, respectively, during the nine months ended September 30, 2014.

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Interest Income on Receivables

Interest income on receivables increased  $82,186due to the revaluation of receivables on November 19, 2014. 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. As a result of the July 21, 2015 acquisition, the Partnership acquired an additional investment in receivables that was valued at $142,062 as of the acquisition date. We expect the amount of interest income on receivables to decline as the principal balance of the receivables amortize. 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 affiliate decreased $299,794during the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014. Landmark’s right to receive a management fee of $45 per asset per month for managing Contributing Landmark Fund assets was terminated in connection with our IPO. Additionally, $91,650 and $100,256 of management fees to affiliate are associated with Fund E’s acquired assets incurred by the fund and included within the nine months ended September 30, 2015 and 2014, respectively. Landmark’s right to receive a management fee of $65 per asset per month for managing Fund E assets was terminated in connection with the Fund E acquisition. Additionally, $118,259 and $103,401 of management fees to affiliate are associated with Fund C and Fund F acquired assets incurred by the funds and included within the nine months ended September 30, 2015 and 2014, respectively. Landmark’s right to receive a management fee of $45  and $75 per asset per month for managing Fund C and Fund F assets, respectively, was terminated in connection with the Partnership’s acquisition of the Acquired Funds. Pursuant to the terms of the Partnership’s Omnibus Agreement, the Partnership will instead reimburse Landmark for certain general and administrative expenses incurred by Landmark, 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 $1,527,726during the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014, due to an increase in additional accounting and legal related expenses associated with being a public company. Pursuant to the terms of the Partnership’s Omnibus Agreement, the Partnership will reimburse Landmark for certain general and administrative expenses incurred by Landmark, subject to the cap described above. For the nine months ended September 30, 2015, Landmark reimbursed us $1,465,040 for expenses related to certain general and administrative expenses that exceeded the cap. The full amount of general and administrative expenses incurred is reflected on our income statements and the amount in excess of the cap that is reimbursed is 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.

Acquisition‑Related

Acquisition‑related expenses increased $2,719,891during the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014 as a result of the 512 tenant sites acquired by the Partnership during the nine months ended September 30, 2015 as discussed above. Acquisition‑related expenses are third party fees and expenses related to acquiring an asset and include survey, title, legal, and other items as well as legal and financial advisor expenses associated with the acquisitions.  Additionally, $1,667,825 and $208,610 of acquisition related expenses are associated with the Acquired Assets and Acquired Funds incurred by Landmark and included within the nine months ended September 30, 2015 and 2014, respectively, as all the acquisitions were transactionsbetween entities under common control, which requires the prior periods retroactively adjusted to furnish comparativeinformation.

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Amortization

Amortization expense increased  $957,966during the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014 as a result of having 1,415 tenant sites as of September 30, 2015 compared to 1,159 tenant sites as of September 30, 2014. We expect amortization of investments in real property rights with finite useful lives and in‑place lease values to continue to increase based on increased acquisitions and assets acquired in 2015 and 2014 contributing to a full periods of amortization.

Impairments

Impairments increased $3,570,294during the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014, primarily due to lease terminations in our wireless communication and outdoor advertising segments during the nine months ended September 30, 2015. As a result of T‑Mobile’s acquisition of MetroPCS (completed in 2013), we have received termination notices related to 23 MetroPCS tenant sites, two of which have subsequently rescinded. As of September 30, 2015, the majority of the MetroPCS sites where we have received termination notices have been vacated. Other recent consolidation events include Sprint’s acquisition of the remaining interest in Clearwire (completed in 2013), and AT&T’s acquisition of Leap Wireless (completed in 2014). As of September 30, 2015, we had a 98% occupancy rate and we expect our occupancy rate to decline to approximately 97%.

Interest Expense

Interest expense increased $567,555during the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014, due to the increase in average outstanding balance under the revolving credit facility during the nine months ended September 30, 2015 compared to the average outstanding balance under the secured debt facilities for the nine months ended September 30, 2014. As all the acquisitions were transactions between entities under common control, prior-period information has been retroactively adjusted to include interest expense related to the Fund E secured debt facility of $914,766 and $877,888 for the nine months ended September 30, 2015 and 2014, respectively. Additionally, interest expense related to the Acquired Funds’ secured debt facilities was $1,574,942 and $1,124,077for the nine months ended September 30, 2015 and 2014, respectively.  

In connection with the closing 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. 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, we swapped an additional $25,000,000 of the floating rate on our revolving facility at an effective rate of 3.79% over a four‑year period beginning April 13, 2015. On August 24, 2015, we entered into an additional interest rate swap agreement with a notional amount of $50,000,000 to fix the floating interest rate at an effective rate of 4.24% over a seven-year period beginning October 1, 2015.

Effective February 4, 2014, Fund E entered into an interest rate swap agreement with a notional amount of $12,500,000 to fix the floating interest rate on borrowings under its secured debt facility period at an effective rate of 3.74%. Additionally, on November 5, 2012, Fund C entered into an interest rate swap agreement with a notional amount of $13,240,301 to fix the floating interest rate on borrowings under its secured debt facility over a five-year period at an effective rate of 3.99%. Effective October 23, 2014, Fund F entered into an interest rate swap agreement with a notional amount of $17,489,457 to fix the floating interest rate on borrowings under its secured debt facility over a two-year period at an effective rate of 4.11%. The Fund E, Fund C and Fund F related interest rate swap agreements were terminated at the acquisition of the assets by the Partnership.

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Loss on Early Extinguishment of Debt

In connection with the August 18, 2015 acquisition of Fund E, $29.2 million of the cash consideration was used to repay Fund E secured indebtedness.The unamortized balance of the deferred loan costs of $0.9 millionrelated to the Fund E secured debt facility  was recorded as a loss on early extinguishment of debt during the nine months ended September 30, 2015.In connection with the November 19, 2015 acquisition of Acquired Funds,  $15.1 million and $24.5 million of the cash consideration was used to repay Fund C and Fund F secured indebtedness, respectively.The unamortized balance of the deferred loan costs of $0.2 million and $0.7 million related to the Fund C and Fund F secured debt facilities, respectively, was recorded as a loss on early extinguishment of debt at the time of the acquisitions.

Unrealized Gain/(Loss) on Derivative Financial Instruments

We mitigated exposure to fluctuations in interest rates on existing debt by entering into swap contracts that fixed the floating LIBOR rate. These contracts were adjusted to fair value at each period end. The unrealized loss recorded for the nine months ended September 30, 2015 and 2014 reflects the change in fair value of these contracts during those periods. 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, we swapped an additional $25,000,000 of the floating rate on our revolving facility at an effective rate of 3.79% over a four‑year period beginning April 13, 2015. On August 24, 2015, we entered into an additional interest rate swap agreement with a notional amount of $50,000,000 to fix the floating interest rate at an effective rate of 4.24% over a seven-year period beginning October 1, 2015. Effective February 4, 2014, Fund E entered into an interest rate swap agreement with a notional amount of $12,500,000 to fix the floating interest rate on borrowings under its secured debt facility over a two-year period at an effective rate of 3.74%. The Fund E interest rate swap agreement was terminated in connection with the repayment of Fund E’s secured indebtedness as a result of the Partnership’s August 18, 2015 acquisition.Effective November 5, 2012, Fund C entered into an interest rate swap agreement with a notional amount of $13,240,301 to fix the floating interest rate on borrowings under its secured debt facility over a five-year period at an effective rate of 3.99%. Effective October 23, 2014, Fund F entered into an interest rate swap agreement with a notional amount of $17,489,457 to fix the floating interest rate on borrowings under its secured debt facility over a two-year period at an effective rate of 4.11%.  The Fund C and Fund F interest rate swap agreements were terminated for a loss of $64,920 and $66,627 in connection with the repayment of Funds’ secured indebtedness as a result of the Partnership’s November 19, 2015 acquisitions.

Gain on Sale of Real Property Interest

During the nine months ended September 30, 2015, we recognized a gain on the sale of real property interest of $82,026 primarily related to a tenant site lost to eminent domain proceeding.

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

Our supplemental 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, the Combined Entities had 1,185 and 1,009 available tenant sites, respectively. The following table summarizes the supplemental consolidated and combined statement of operations for year ended December 31, 2014 and 2013:

	Year Ended December 31,				Increase		Percentage
	2014		2013		(Decrease)		Difference
Revenue
Rental revenue	$	21,401,328	$	16,656,870	$	4,744,458	28	%
Interest income on receivables		709,030		742,185		(33,155)	(4)	%
Total revenue		22,110,358		17,399,055		4,711,303	27	%
Expenses
Management fees to affiliate		642,150		544,908		97,242	18	%
Property operating		24,720		6,454		18,266	283	%
General and administrative		820,522		722,601		97,921	14	%
Acquisition-related		527,065		1,093,948		(566,883)	(52)	%
Amortization		5,382,671		4,464,124		918,547	21	%
Impairments		258,834		1,005,478		(746,644)	(74)	%
Total expenses		7,655,962		7,837,513		(181,551)	(2)	%
Other income and expenses
Interest expense		(7,831,847)		(5,406,753)		(2,425,094)	45	%
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		(643,481)		1,493,041		(2,136,522)	(143)	%
Total other income and expenses		(11,593,768)		(3,913,712)		(7,680,056)	196	%
Net income (loss)	$	2,860,628	$	5,647,830	$	(2,787,202)	(49)	%

Rental Revenue

Rental revenue increased $4,744,458, $1,269,653 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.During 2014 we had 1,185 available tenant sites with 1,179 leased tenant sites generating revenue compared to 1,009 available tenant sites and 1,006 leased tenant sites generating revenue during 2013. Revenue generated from our wireless communication, outdoor advertising, and renewable power generation segments was $18,062,939,  $3,323,131, and  $15,258, or 84%,  16%, and less than 1%  of total rental revenue, respectively, during 2014, compared to $14,301,591,  $2,355,279 and zero, or 86%,  14%, and 0% of total rental revenue, respectively, during 2013. The occupancy rates in our wireless communication andoutdoor 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 $1,661 and$1,220, respectively, during 2014 compared to $1,599 and  $1,357, respectively, during 2013. The occupancy rate in our renewable power generation segment was 100% with an effective monthly rental rate per tenant site of $1,491during 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 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.

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Management Fees to Affiliate

Management fees to affiliate increased $97,242 during 2014 compared to 2013, 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 the Contributing Landmark Fund’s assets was terminated in connection with our IPO.  Additionally, $136,834 and $79,837 of management fees to affiliate are associated with Fund E’s acquired assets incurred by the fund and included within the year ended December 31, 2014 and 2013, respectively. Landmark’s right to receive a management fee of $65 per asset per month for managing Fund E assets was terminated in connection with the Partnership’s acquisition of Fund E. Additionally, $142,821 and $94,446 of management fees to affiliate are associated with Fund C and Fund F acquired assets incurred by the funds and included within the year ended December 31, 2014 and 2013, respectively. Landmark’s right to receive a management fee of $45  and $75 per asset per month for managing Fund C and Fund F assets, respectively, was terminated in connection with the Partnership’s acquisition of the Acquired Funds.  Pursuant to the terms of the Partnership’s Omnibus Agreement, the Partnership will instead reimburse Landmark for certain general and administrative expenses incurred by Landmark, 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 $97,921 during 2014 compared to 2013, due to an increase in additional accounting and legal related expenses associated with being a public company. Pursuant to the terms of the Partnership’s Omnibus Agreement, the Partnership will reimburse Landmark for certain general and administrative expenses incurred by Landmark, subject to the cap described above. 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. The full amount of general and administrative expenses incurred is reflected on our income statements and the amount in excess of the cap that is reimbursed is 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.

Acquisition‑Related

Acquisition‑related expenses decreased $566,883during 2014 compared to 2013 as a result of 129 tenant site acquisitions in 2014 compared to 301 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 as well as legal and financial advisor expenses associated with the acquisition. Additionally, $489,182 and $775,348 of acquisition related expenses are associated with the Acquired Assets and Acquired Funds incurred by Landmark and included within the years ended December 31, 2014 and 2013, respectively, as all the acquisitions were transactions between entities under common control, which requires the prior periods retroactively adjusted to furnish comparative information.

Amortization

Amortization expense increased $918,547during 2014 compared to 2013 as a result of having 1,185 tenant sites in 2014 compared to 1,009 tenant sites in 2013. We expect amortization of investments in real property rights with finite useful lives and in‑place lease values to continue to increase based on increased acquisitions and assets acquired in 2014 and 2013 contributing to a full year of amortization.

Impairments

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

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Interest Expense

Interest expense increased $2,425,094 during 2014 compared to 2013, due to greater outstanding debt balances in 2014. As all the acquisitions were transactions between entities under common control, prior-period information has been retroactively adjusted to include interest expense related to the Fund E secured debt facility of $1,218,734 and $505,396 for the year ended December 31, 2014 and 2013, respectively.  Additionally, Interest expense related to the Acquired Funds’ secured debt facilities was $1,629,059 and $1,060,998 for the years ended December 31, 2014 and 2013, respectively. 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. On August 24, 2015, we entered into an additional interest rate swap agreement with a notional amount of $50,000,000 to fix the floating interest rate at an effective rate of 4.24% over a seven-year period beginning October 1, 2015.

Effective February 4, 2014, Fund E entered into an interest rate swap agreement with a notional amount of $12,500,000 to fix the floating interest rate on borrowings under its secured debt facility period at an effective rate of 3.74%. Additionally, on November 5, 2012, Fund C entered into an interest rate swap agreement with a notional amount of $13,240,301 to fix the floating interest rate on borrowings under its secured debt facility over a five-year period at an effective rate of 3.99%. Effective October 23, 2014, Fund F entered into an interest rate swap agreement with a notional amount of $17,489,457 to fix the floating interest rate on borrowings under its secured debt facility over a two-year period at an effective rate of 4.11%. 

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 $2.9 million related to these facilities.Additionally, in connection with the August 18, 2015 acquisition of Fund E and the November 19, 2015 acquisition of the Acquired Funds, the unamortized balance of the deferred loan costs of $0.9 million, $0.2 million and $0.7 million related to the Fund E,  Fund C and Fund  F secured debt facilities, respectively, was recorded as a loss on early extinguishment of debt.

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. On February 5, 2015, we swapped an additional $25,000,000 of the floating rate on our revolving facility at an effective rate of 3.79% over a four‑year period beginning April 13, 2015. On August 24, 2015, we entered into an additional interest rate swap agreement with a notional amount of $50,000,000 to fix the floating interest rate at an effective rate of 4.24% over a seven-year period beginning October 1, 2015. Effective February 4, 2014, Fund E entered into an interest rate swap agreement with a notional amount of $12,500,000 to fix the floating interest rate on borrowings under its secured debt facility over a two-year period at an effective rate of 3.74%. The Fund E interest rate swap agreement was terminated in connection with the repayment of Fund E’s secured indebtedness as a result of the Partnership’s August 18, 2015 acquisition.

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Effective November 5, 2012, Fund C entered into an interest rate swap agreement with a notional amount of $13,240,301 to fix the floating interest rate on borrowings under its secured debt facility over a five-year period at an effective rate of 3.99%. Effective October 23, 2014, Fund F entered into an interest rate swap agreement with a notional amount of $17,489,457 to fix the floating interest rate on borrowings under its secured debt facility over a two-year period at an effective rate of 4.11%.  The Fund C and Fund F interest rate swap agreements were terminated in connection with the repayment of Funds’ secured indebtedness as a result of the Partnership’s November 19, 2015 acquisitions.

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

Our supplemental 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 the Combined Entities had 1,009 and 654 tenant sites, respectively. The following table summarizes the supplemental consolidated and combined statement of operations for the years ended December 31, 2013 and 2012:

	Year Ended December 31,				Increase		Percentage
	2013		2012		(Decrease)		Difference
Revenue
Rental revenue	$	16,656,870	$	7,707,106	$	8,949,764	116	%
Interest income on receivables		742,185		356,348		385,837	108	%
Total revenue		17,399,055		8,063,454		9,335,601	116	%
Expenses
Management fees to affiliate		544,908		248,551		296,357	119	%
Property operating		6,454		26,267		(19,813)	(75)	%
General and administrative		722,601		191,293		531,308	278	%
Acquisition-related		1,093,948		1,408,277		(314,329)	(22)	%
Amortization		4,464,124		1,738,715		2,725,409	157	%
Impairments		1,005,478		183,271		822,207	449	%
Total expenses		7,837,513		3,796,374		4,041,139	106	%
Other income and expenses
Interest expense		(5,406,753)		(1,957,834)		(3,448,919)	176	%
Unrealized gain (loss) on derivatives		1,493,041		(1,226,864)		2,719,905	222	%
Total other income and expenses		(3,913,712)		(3,184,698)		(729,014)	(23)	%
Net income	$	5,647,830	$	1,082,382	$	4,565,448	422	%

Rental Revenue

Rental revenue increased $8,949,764,  $3,501,865 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 1,009 available tenant sites with 1,006 leased tenant sites generating revenue compared to 654 available tenant sites and 653 leased tenant sites generating revenue during the year ended December 31, 2012. Revenue generated from our wireless communication andoutdoor advertising segments was $14,301,591 and$2,355,279or 86%and 14% of total rental revenue, respectively, during the year ended December 31, 2013 compared to $7,038,852 and $668,254or 91% and 9%  of total rental revenue, respectively, for the year ended December 31, 2012. The occupancy rates in our wireless communication andoutdoor advertisingsegments were 99% and100%, respectively, during these periods. Additionally, our average effective monthly rental rates per tenant site for wireless communication andoutdoor advertising segments were $1,599 and  $1,357, respectively, during the year ended December 31, 2013 compared to $1,638 and $1,324, respectively, during the year ended December 31, 2012.

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Interest Income on Receivables

Interest income on receivables increased $385,837 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.

Management Fees to Affiliate

Management fees to affiliates increased $296,357 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 the Contributing Landmark Fund’s assets was terminated in connection with our IPO.  Additionally, $79,837 and $2,238 of management fees to affiliate are associated with Fund E’s acquired assets incurred by the fund and included within the year ended December 31, 2013 and 2012, respectively. Landmark’s right to receive a management fee of $65 per asset per month for managing Fund E assets was terminated in connection with the Partnership’s acquisition of Fund E. Additionally, $94,446and $37,222 of management fees to affiliate are associated with Fund C and Fund F acquired assets incurred by the funds and included within the year ended December 31, 2013 and 2012. Landmark’s right to receive a management fee of $45 and $75 per asset per month for managing Fund C and Fund F assets, respectively, was terminated in connection with the Partnership’s acquisition of the Acquired Funds. Pursuant to the terms of the Partnership’s Omnibus Agreement, the Partnership will instead reimburse Landmark for certain general and administrative expenses incurred by Landmark, 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 $531,308 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 $314,329 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 301tenant sites compared to 349 tenant sites acquired during the year ended December 31, 2012.Additionally, $775,348 and $681,119 of acquisition related expenses are associated with the Acquired Assets and Acquired Funds incurred by Landmark and included within year endedDecember 31, 2013and 2012, respectively, as all the acquisitions were transactions between entities under common control, which requires the prior periods retroactively adjusted to furnish comparative information.

Amortization

Amortization expense increased $2,725,409 during 2013 compared to 2012, as a result of having 1,009 tenant sites in 2013 compared to 654 tenant sites in 2012. 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 and the acquisitions of the Acquired Assets and the Acquired Funds the purchase accounting associated with the December 2012 change in control of Landmark was pushed down to the Predecessor, resulting in a higher cost basis in the assets in the historical financial statements of the Contributing Landmark Funds, the Acquired Assets and the

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Acquired 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 during 2013 compared to 2012, due to higher lease cancellations than occurred during 2012 in our wireless communication segment.

Interest Expense

Interest expense increased $3,448,919 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.

Additionally, on November 5, 2012, Fund C entered into an interest rate swap agreement with a notional amount of $13,240,301 to fix the floating interest rate on borrowings under its secured debt facility over a five-year period at an effective rate of 3.99%. Interest expense related to the Acquired Funds’ secured debt facilities was $1,060,998 and $481,627 for the years ended December 31, 2013 and 2012, respectively.

Unrealized Gain/(Loss) on Derivatives

The Combined Entities 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 the results for 2012 reflects the change in fair value of these contracts during those periods. In 2012 and 2013 the Contributing Landmark Funds executed interest rate swap agreements 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. Additionally, effective November 5, 2012, Fund C entered into an interest rate swap agreement with a notional amount of $13,240,301 to fix the floating interest rate on borrowings under its secured debt facility over a five-year period at an effective rate of 3.99%.

As part of the IPO and 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%. On February 5, 2015, the Partnership swapped an additional $25,000,000 of the floating rate on our revolving facility at an effective rate of 3.79% over a four‑year period beginning April 13, 2015. On August 24, 2015, the Partnership entered into an additional interest rate swap agreement with a notional amount of $50,000,000 to fix the floating interest rate at an effective rate of 4.24% over a seven-year period beginning October 1, 2015.Effective February 4, 2014, Fund E entered into an interest rate swap agreement with a notional amount of $12,500,000 to fix the floating interest rate on borrowings under its secured debt facility over a two-year period at an effective rate of 3.74%. The Fund E interest rate swap agreement was terminated in connection with the repayment of Fund E’s secured indebtedness as a result of the Partnership’s August 18, 2015 acquisition. Effective October 23, 2014, Fund F entered into an interest rate swap agreement with a notional amount of $17,489,457 to fix the floating interest rate on borrowings under its secured debt facility over a two-year period at an effective rate of 4.11%.  The Fund C and Fund F interest rate swap agreements were terminated in connection with the repayment of Funds’ secured indebtedness as a result of the Partnership’s November 19, 2015 acquisitions.

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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
March 31, 2015		0.2975		2,332,038	May 14, 2015
June 30, 2015		0.3075		3,334,168	August 14, 2015
September 30, 2015		0.3175		4,077,232	November 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 September 30, 2015, we have $164.5 million of outstanding indebtedness, and we had approximately $85.5 million 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.

As of December 31, 2014, Fund E has$29.7 million of outstanding indebtedness included within year endedDecember 31, 2014. In connection with the August 18, 2015 acquisition of Fund E, $29.2 million was used to repay Fund E’s secured indebtedness. At the time of the acquisition, the unamortized balance of the deferred loan costs of $0.9 million related to the Fund E secured debt facility was recorded as a loss on early extinguishment of debt. As of September 30, 2015, the Fund C and Fund F secured debt facilities had an outstanding balance of $15.2 million and $24.5 million, respectively. In connection with the November 19, 2015 acquisitions of Fund C and Fund F, $15.1 million and $24.5 million was used to repay Fund C’s and Fund F’s secured indebtedness.At the time of acquisition, the unamortized balance of the deferred loan costs of $0.2 million and $0.7 million related to the Fund C and Fund F secured debt facilities was recorded as a loss on early extinguishment of debt.

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 and debt securities.

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Cash Flows

The following table summarizes the Combined Entities historical cash flows for the nine months ended September 30, 2015 and 2014 and the years ended December 31, 2014, 2013, and 2012:

	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013		2012
Net cash provided by operating activities	$	8,592,802	$	9,002,728	$	13,576,354	$	11,165,450	$	4,648,343
Net cash used in investing activities		(93,341,094)		(15,060,206)		(18,711,572)		(39,541,210)		(77,067,786)
Net cash provided by financing activities		84,710,274		5,497,419		4,408,999		4,164,950		97,509,021

Comparison of Nine months Ended September 30, 2015 to Nine months Ended September 30, 2014

Net cash provided by operating activities.Net cash provided by operating activities decreased $409,926 to $8,592,802 for the nine months ended September 30, 2015 compared to $9,002,728 for the nine months ended September 30, 2014. The decrease is primarily attributable to the increase of acquisition-related expenses of $2,719,891 and offset by the timing of payments of accounts payable and accrued liabilities.

Net cash used in investing activities.  Net cash used in investing activities was $93,341,094 for the nine months ended September 30, 2015 compared to net cash used in investing activities of $15,060,206 for the nine months ended September 30, 2014. The increase in cash used during the nine months ended September 30, 2015 was due to the cash used to acquire 512 tenant sites during the nine months ended September 30, 2015 compared to the nine tenant sites for the nine months ended September 30, 2014.

Net cash provided by financing activities.  Net cash provided by financing activities was $84,710,274 for the nine months ended September 30, 2015 compared to net cash provided by financing activities of $5,497,419 for the nine months ended September 30, 2014. The increase in net cash provided by financing activities is primarily attributable to $141,200,000 of additional borrowings for the acquisition of real property interests and $46,941,545 of net proceeds from a public offering of an additional 3,000,000 common units, offset by distributions to unitholders and $50,700,000 in principal payments to reduce borrowings under our revolving credit facility. The increase in net cash provided by financing activities is also offset by $29,707,558 and $1,369,460 for the repayment of the Fund E secured indebtedness as a result of the Partnership’s August 18, 2015 acquisition and the principal repayments of the Acquired Funds’ secured indebtedness, respectively. Additionally, the difference between the cost and the sales price of assets sold by Landmark to us is treated as a distribution to Landmark.

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 $2,410,904 to $13,576,354 for the year ended December 31, 2014 compared to $11,165,450 for the year ended December 31, 2013. The increase is primarily attributable to the increase in the number of assets generating operating cash flows in 2014 compared to 2013 and the timing of payments of accounts payable and accrued liabilities.

Net cash used in investing activities.  Net cash used in investing activities decreased by $20,829,638 to $18,711,572 for the year ended December 31, 2014 compared to $39,541,210 for the year ended December 31, 2013. The decrease is due to the reduction in acquisitions of real property interests by the Contributing Landmark Funds and the Acquired Funds during the year ended December 31, 2014.

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Net cash provided by financing activities.  Net cash used in financing activities increased by $244,049 to $4,408,999for the year ended December 31, 2014 compared to $4,164,950 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 offering. 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 aggregate 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 and $5,299,506 was made to the Contributing Landmark Funds’ members and the Acquired Funds’ members during 2014, respectively.  

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 $6,517,107 to $11,165,450 for the year ended December 31, 2013 compared to $4,648,343 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 $37,526,576 to $39,541,210 for the year ended December 31, 2013 compared to $77,067,786 for the year ended December 31, 2012. The change is attributable to a year over year decrease of $27,670,725 paid for real property interests acquired and $9,961,371 paid for investments in receivables.

Net cash provided by financing activities.  Net cash used in financing activities was $4,164,950 for the year ended December 31, 2013 compared to net cash provided by financing activities of $97,509,021for 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 $22,255,228 as a result of less borrowings from our secured debt facilities,which includes a retroactive adjustment of $24,944,036and $11,581,885of additional borrowings related to the Fund E and the Acquired Funds’ secured debt facilities,and payments of $1,024,930on our secured debt facilities. The decrease was offset by a reduction in cash paid of $309,439 for loan origination costs, which includes a retroactive adjustment of $1,070,906 and $671,755 of deferred loan costs related to the Fund E and the Acquired Funds’ secured debt facilities, and a reduction in distributions to members of $6,480,777, year over year. 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. On June 3, 2015, the Partnership exercised its option to increase the available commitments under its revolving credit facility for an additional $60.0 million, resulting in aggregate commitments of $250.0 million.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.

21

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 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 September 30, 2015, the Partnership had $164.5 million of outstanding indebtedness, and had approximately $85.5 million of undrawn borrowing capacity, subject to compliance with certain covenants, under our revolving credit facility. The Partnership was also in compliance with all covenants under its revolving credit facility at September 30, 2015.

22

As of December 31, 2014, the Fund E secured debt facility had an outstanding balance of $29.7 million. The Fund E secured debt facility was fully repaid as a result of the Partnership’s August 18, 2015 acquisition. Additionally, as of September 30, 2015, the Fund C and Fund F secured debt facilities had an outstanding balance of$15.2 million and $24.5 million, respectively, and at December 31, 2014 had an outstanding balance of $16.1 million and $25.0 million, respectively. The remaining balance of the secured debt facilities for the Acquired Funds were fully repaid as a result of the Partnership’s November 19, 2015 acquisitions.

Commitments

Our contractual obligations as of December 31, 2014 were:

	Payments by Period (2)
			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.

(2) The Fund E, Fund C and Fund F  secured debt facilities have been excluded in connection with the repayment of the secured indebtedness of $29.2 million, $15.1 million, and $24.5 million as a result of the Partnership’s August 18, 2015 and November 19, 2015 acquisitions.

Off Balance Sheet Arrangements

As of September 30, 2015, the Combined Entities do 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 Combined Entities consider 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 September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement Period Adjustments (“ASU 2015-16”). In a business combination, ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to disclose, by financial statement line item, the nature and amount for the adjustments and the current period income statement impact related to prior periods. The amendments in this ASU are effective for fiscal years beginning December 15, 2016 and interim periods beginning after December 15, 2017. Early adoption is permitted. The Partnership has early adopted ASU No. 2015-16 and included required disclosure information within Note 4, Real Property Interests, to the Consolidated and Combined Financial Statements.

In April 2015, the FASB issued ASU 2015-06, Earnings Per Share (Topic - 260)—Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (“ASU 2015-06”). ASU 2015-06 provides

23

guidance on the presentation of historical earnings per unit for master limited partnerships that apply the two-class method of calculating earnings per unit. When a general partner transfers or “drops-down” net assets to a master limited partnership and the transaction is accounted for as a transaction between entities under common control, the statements of operations of the master limited partnership are adjusted retroactively to reflect the transaction as if it occurred on the earliest date during which the entities were under common control. ASU 2015-06 specifies that the historical income (losses) of a transferred business before the date of a drop-down transaction should be allocated entirely to the general partner and the previously reported earnings per unit of the limited partners should not change as a result of the drop-down transaction. The amendments in this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, and are required to be applied retroactively for all financial statements presented. Early adoption is permitted. Although we believe we are currently in compliance with this ASU, we will continue to evaluate the impact of the adoption of the ASU on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Partnership is currently in the process of evaluating the impact of adoption of these standards on our consolidated balance sheets and footnote disclosures.

In February 2015, the FASB issued amendments to accounting for consolidation of certain legal entities (“ASU No. 2015-02”). ASU No. 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination.  ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Partnership does not expect the adoption of ASU No. 2015-02 to have a material impact on its financial statements.

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.

24

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.

25

EX-99.3

Exhibit 99.3

INDEX TO SUPPLEMENTAL FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm	F‑2
Supplemental Consolidated and Combined Balance Sheets	F‑3
SupplementalConsolidated and Combined Statements of Income	F‑4
SupplementalConsolidated and Combined Statements of Equity	F‑5
SupplementalConsolidated and Combined Statements of Cash Flows	F‑6
Notes to Supplemental Consolidated and Combined Financial Statements	F‑7
Schedule III: Real Estate and Accumulated Depreciation	F‑44

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 supplemental consolidated and combined balance sheets of Landmark Infrastructure Partners LP and the Acquired Funds as of December 31, 2014, and the related supplemental consolidated and combined statements of income,supplemental consolidated and combined statements of partners’ capital, and supplemental consolidated and combined statements of cash flows for the year ended December 31, 2014. Our audits also included the financial statement schedule listed in the index to these supplemental financial statements. These supplemental financial statements and the supplemental financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these supplemental financial statements and the supplemental 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 supplemental 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 supplemental financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall supplemental financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the supplemental consolidated and combined financial statements referred to above present fairly, in all material respects, the supplemental consolidated and combined financial position of Landmark Infrastructure Partners LP and the Acquired Funds at December 31, 2014 and 2013, and the supplemental 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 relatedfinancial statement schedule, when considered in relation to the basic supplemental financial statements taken as a whole, presents fairly in all material respects the financial information set forth therein.

/s/ Ernst & Young LLP

Irvine, California

December 2, 2015

F-2

Landmark Infrastructure Partners LP and The Acquired Funds

Supplemental Consolidated and Combined Balance Sheets

	September 30, 2015		December 31,
	(Unaudited)		2014		2013
Assets
Land	$	8,262,784	$	7,209,933	$	3,354,119
Real property interests		344,151,652		285,411,441		251,760,134
Total land and real property interests		352,414,436		292,621,374		255,114,253
Accumulated amortization of real property interest		(12,387,800)		(8,507,384)		(3,942,232)
Land and net real property interests		340,026,636		284,113,990		251,172,021
Investments in receivables, net		8,305,178		8,665,274		9,085,281
Cash and cash equivalents		273,090		311,108		1,037,327
Rent receivables, net		763,743		212,015		152,287
Due from Landmark and affiliates		2,111,822		659,722		648,701
Deferred loan cost, net		4,016,540		5,320,093		5,318,485
Deferred rent receivable		678,768		483,638		234,245
Derivative assets		—		—		459,278
Other intangible assets, net		9,360,484		7,529,851		6,876,505
Other assets		150,433		399,222		—
Total assets	$	365,686,694	$	307,694,913	$	274,984,130
Liabilities and equity
Revolving credit facility	$	164,500,000	$	74,000,000	$	—
Secured debt facilities		39,704,988		70,782,005		139,635,210
Accounts payable and accrued liabilities		635,324		279,458		1,036,830
Due to Landmark and affiliates		—		—		583,689
Other intangible liabilities, net		12,159,001		10,524,814		9,113,511
Prepaid rent		3,039,957		2,540,067		2,068,155
Derivative liabilities		2,400,877		377,304		193,101
Total liabilities		222,440,147		158,503,648		152,630,496
Commitments and contingencies (Note 16)
Equity		143,246,547		149,191,265		122,353,634
Total liabilities and equity	$	365,686,694	$	307,694,913	$	274,984,130

See accompanying notes to supplemental financial statements.

F-3

Landmark Infrastructure Partners LP and The Acquired Funds

Supplemental Consolidated and combined Statements of Income

	Nine Months Ended
	September 30,
	(Unaudited)				Year Ended  December 31,
	2015		2014		2014		2013		2012
Revenue
Rental revenue	$	19,634,366	$	15,702,163	$	21,401,328	$	16,656,870	$	7,707,106
Interest income on receivables		605,180		522,994		709,030		742,185		356,348
Total revenue		20,239,546		16,225,157		22,110,358		17,399,055		8,063,454
Expenses
Management fees to affiliate		209,909		509,703		642,150		544,908		248,551
Property operating		19,459		21,805		24,720		6,454		26,267
General and administrative		2,107,354		579,628		820,522		722,601		191,293
Acquisition-related		2,958,276		238,385		527,065		1,093,948		1,408,277
Amortization		4,931,670		3,973,704		5,382,671		4,464,124		1,738,715
Impairments		3,578,744		8,450		258,834		1,005,478		183,271
Total expenses		13,805,412		5,331,675		7,655,962		7,837,513		3,796,374
Other income and expenses
Interest expense		(6,070,326)		(5,502,771)		(7,831,847)		(5,406,753)		(1,957,834)
Loss on early extinguishment of debt		(902,625)		—		(2,905,259)		—		—
Realized loss on derivatives		—		—		(213,181)		—		—
Unrealized gain (loss) on derivatives		(2,023,572)		(6,393)		(643,481)		1,493,041		(1,226,864)
Gain on sale of real property interest		82,026		—		—		—		—
Total other income and expenses		(8,914,497)		(5,509,164)		(11,593,768)		(3,913,712)		(3,184,698)
Net income (loss)	$	(2,480,363)	$	5,384,318	$	2,860,628	$	5,647,830	$	1,082,382
Less: Net income (loss) attributable to Predecessor		(426,872)		5,384,318		5,558,976		5,647,830		1,082,382
Net loss attributable to partners	$	(2,053,491)	$	—	$	(2,698,348)	$	—	$	—
Net loss per limited partners unit
Common units – basic and diluted	$	(0.13)			$	(0.34)
Subordinated units – basic and diluted	$	(0.38)			$	(0.34)
Weighted-average limited partner units outstanding
Common units – basic and diluted		6,500,519				4,702,665
Subordinated units – basic and diluted		3,135,109				3,135,109
Cash distribution declared per unit	$	0.9225			$	0.1344

See accompanying notes tosupplemental financial statements.

F-4

Landmark Infrastructure Partners LP and The Acquired Funds

Supplemental Consolidated and Combined Statements of equity

	Landmark Infrastructure Partners LP						Landmark
	Common		Subordinated		General		Infrastructure
	Unitholders		Unitholder		Partner		Partners LP		Acquired
	Public		Landmark		Landmark		Predecessor		Funds		Total Equity
Balance as of December 31, 2011	$	—	$	—	$	—	$	33,738,723	$	8,619,788	$	42,358,511
Cash Contributions		—		—		—		52,418,850		12,000,000		64,418,850
Contributions of real property interests		—		—		—		15,824,951		222,222		16,047,173
Distributions		—		—		—		(31,856,905)		(13,189,854)		(45,046,759)
Change in control		—		—		—		48,049,897		8,583,258		56,633,155
Net income		—		—		—		1,164,417		(82,035)		1,082,382
Balance as of December 31, 2012	$	—	$	—	$	—	$	119,339,933	$	16,153,379	$	135,493,312
Cash Contributions		—		—		—		500,000		1,500,000		2,000,000
Contributions of real property interests		—		—		—		7,047,495		257,254		7,304,749
Distributions		—		—		—		(26,008,206)		(2,084,051)		(28,092,257)
Net income		—		—		—		4,845,737		802,093		5,647,830
Balance as of December 31, 2013	$	—	$	—	$	—	$	105,724,959	$	16,628,675	$	122,353,634
Cash Contributions		—		—		—		—		1,019,378		1,019,378
Contributions of real property interests		—		—		—		13,713,760		111,111		13,824,871
Distributions		—		—		—		(9,577,966)		(5,410,617)		(14,988,583)
Net income		—		—		—		4,530,219		1,028,757		5,558,976
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)	$	—	$	31,371,698	$	13,377,304	$	129,523,472
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	$	31,371,698	$	13,377,304	$	149,191,265
Net loss from Acquired Assets and Acquired Funds		—		—		(1,198,734)		—		771,862		(426,872)
Net investment of Acquired Assets		—		—		(44,973,190)		(31,371,698)		—		(76,344,888)
Issuance of units in connection with the Fund E acquisition		31,461,930		—		—		—		—		31,461,930
Issuance of common units, net of offering costs of $3,308,455		46,941,545		—		—		—		—		46,941,545
Contributions		—		—		—		—		101,425		101,425
Distributions		(4,401,640)		(2,318,100)		—		—		(465,917)		(7,185,657)
Capital contribution to fund general and administrative expense reimbursement		—		—		1,465,040		—		—		1,465,040
Unit-based compensation		96,250		—		—		—		—		96,250
Net loss attributable to partners		(867,361)		(1,186,130)		—		—		—		(2,053,491)
Balance as of September 30, 2015	$	147,914,681	$	26,241,727	$	(44,694,535)	$	—	$	13,784,674	$	143,246,547

(1) Prior to the reorganization and closing of the IPO on November 19, 2014, amounts represent the combined and consolidated results of the Contributing Landmark Funds, the Acquisitions, and the Acquired Funds. For time periods subsequent to the reorganization and IPO, these supplemental financial statements represent the results of Landmark Infrastructure Partners LP and its Acquisitions made under common control combined with the Acquired Funds. See Note 1—Organization for further details.

See accompanying notes to supplemental financial statements.

F-5

Landmark Infrastructure Partners LP and The Acquired Funds

Supplemental Consolidated and Combined Statements of Cash Flows

	Nine Months Ended
	September 30,
	(Unaudited)				Year Ended  December 31,
	2015		2014		2014		2013		2012
Operating activities
Net income (loss)	$	(2,480,363)	$	5,384,318	$	2,860,628	$	5,647,830	$	1,082,382
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unit-based compensation		96,250		—		17,500		—		—
Unrealized (gain) loss on derivatives		2,023,572		6,393		643,481		(1,493,041)		1,226,864
Loss on early extinguishment of debt		902,625		—		2,905,259		—		—
Amortization expense		4,931,670		3,973,704		5,382,671		4,464,124		1,738,715
Amortization of above- and below- market lease		(967,958)		(619,062)		(847,998)		(630,801)		(271,334)
Amortization of deferred loan costs		1,100,006		1,138,729		1,545,605		1,107,771		350,258
Receivables interest accretion		(21,450)		(49,356)		(51,899)		(68,977)		(49,978)
Impairments		3,578,744		8,450		258,834		1,005,478		183,271
Gain on the sale of real property interest		(82,026)		—		—		—		—
Allowance for investments in receivables		—		4,465		4,465		25,304		—
Allowance for doubtful accounts		—		—		—		30		1,036
Changes in operating assets and liabilities:
Rent receivables, net		(594,783)		(178,050)		(59,728)		75,263		(217,699)
Accounts payable and accrued liabilities		355,866		(273,822)		713,532		204,602		832,228
Deferred rent receivables		(195,130)		(193,880)		(249,393)		(210,017)		(129,173)
Prepaid rent		857,975		16,618		471,913		926,317		1,069,649
Due to Landmark and affiliates		(1,160,985)		(215,779)		380,706		111,567		(1,167,876)
Other assets		248,789		—		(399,222)		—		—
Net cash provided by operating activities		8,592,802		9,002,728		13,576,354		11,165,450		4,648,343
Investing activities
Acquisition of land		(5,082,027)		(531,266)		(371,570)		(1,420,548)		(880,033)
Acquisition of real property interests		(88,864,100)		(15,125,866)		(19,091,737)		(38,823,030)		(66,493,755)
Net proceeds from disposal of real property interests		223,487		—		—		—		—
Acquisition of receivables		(142,062)		—		—		—		(9,961,371)
Repayment of receivables		523,608		596,926		751,735		702,368		267,373
Net cash used in investing activities		(93,341,094)		(15,060,206)		(18,711,572)		(39,541,210)		(77,067,786)
Financing activities
Proceeds from initial public offering, net of offering costs of $9,519,321		46,941,545		—		42,730,679		—		—
Proceeds from sale of subordinated units to Landmark		—		—		39,272,905		—		—
Proceeds from the revolving credit facility		141,200,000		—		75,000,000		—		—
Proceeds from secured debt facilities		—		18,119,311		26,899,141		59,202,456		81,457,684
Principal payments on the revolving credit facility		(50,700,000)		—		(1,000,000)		—		—
Principal payments on secured debt facilities		(31,077,018)		(261,200)		(95,752,346)		(1,024,930)		—
Deferred loan costs		(699,078)		(2,039,449)		(4,452,472)		(3,233,537)		(3,542,976)
Contributions from Contributing Landmark Funds members		—		(614,434)		—		500,000		52,418,850
Capital contribution to fund general and administrative expense reimbursement		1,173,925		—		—		—		—
Distributions to Contributing Landmark Funds members		—		(6,352,875)		(67,282,062)		(25,716,825)		(32,197,602)
Distributions to limited partners		(6,719,740)		—		—		—		—
Contributions from Acquired Funds members		101,425		2,873,744		1,019,378		1,500,000		12,000,000
Distributions to Acquired Funds members		(465,917)		(1,135,285)		(5,299,506)		(1,826,797)		(12,967,632)
Consideration paid to General Partner associated with Acquired Assets		(15,044,868)		(5,092,393)		(6,726,718)		(25,235,417)		340,697
Net cash provided by financing activities		84,710,274		5,497,419		4,408,999		4,164,950		97,509,021
Net increase (decrease) in cash and cash equivalents		(38,018)		(560,059)		(726,219)		(24,210,810)		25,089,578
Cash and cash equivalents at beginning of year		311,108		1,037,327		1,037,327		25,248,137		158,559
Cash and cash equivalents at end of year	$	273,090	$	477,268	$	311,108	$	1,037,327	$	25,248,137

See accompanying notes to supplemental financial statements.

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Landmark Infrastructure Partners LP and the Acquired Funds

Notes to Supplemental Consolidated and Combined Financial Statements

(information as of September 30, 2015 and for the nine months ended September 30, 2015 and 2014 is unaudited)

1. Organization

Landmark Infrastructure Partners, LP (the “Partnership”) was formed on July 28, 2014 by Landmark Dividend LLC (“Landmark” or “Sponsor”) as a 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 representing limited partner interests (“Common Units”)(including 100,000 common units issued pursuant to the partial exercise of the underwriters’ option to purchase additional common units). In addition, Landmark purchased from the Partnership an additional 2,066,995 subordinated units for cash at the IPO price of our common units. On November 19, 2015, the Partnership acquired LD Acquisition Company 8 LLC, an entity owning 72 tenant sites and related real property interests that consist of wireless communication and outdoor advertising sites, from Landmark Dividend Growth Fund C — LLC (“Fund C”), an affiliate of Landmark, in exchange for (i) 847,260 Common Units; and (ii) cash consideration of approximately $17.3 million (the “Fund C Acquisition”). Additionally, on November 19, 2015, the Partnership acquired LD Acquisition Company 10 LLC, an entity owning 136 tenant sites and related real property interests that consist of wireless communication and outdoor advertising sites, from Landmark Dividend Growth Fund F — LLC (“Fund F”, and together with Fund C, the “Acquired Funds”), an affiliate of Landmark, in exchange for (i) 1,266,317 Common Units; and (ii) cash consideration of approximately $25.0 million (the “Fund F Acquisition”, and together with the Fund C Acquisition, the “Fund Acquisitions”). The Fund Acquisitions are deemed to be transactions 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 accompanying supplemental financial statements represent the consolidated and combined financial positions and results of operations for the periods presented of the Partnership and the Acquired Funds for post IPO periods and the Predecessor (as defined below) and the Acquired Funds for periods prior to the IPO (collectively referred to as the “Combined Entities” for all periods).

References in this report to "Landmark Infrastructure Partners LP," the "partnership," "we," "our," "us," or like terms for time periods prior to our IPO, refer to our predecessor for accounting purposes (our “Predecessor”). The 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 our Sponsor.  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 Acquired Assets (as described below) prior to the acquisition dates, 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. 

From January 1, 2015 to September 30, 2015, the Partnership completed its acquisitions of 512 tenant sites and related real property interests from the Sponsor and affiliates in exchange for total consideration of $169.7 million. These acquisitions are collectively referred to as the “Acquisitions,” and the acquired assets in the Acquisitions are collectively referred to as the “Acquired Assets.” The Acquisitions are deemed to be transactions 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. Prior period information of the Partnership and the Predecessor has been retroactively adjusted as of the date the Sponsor or affiliate purchased the asset from an independent third party. See Note 3, Acquisitions for additional information.

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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 owns 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. As of September 30, 2015, Landmark and its affiliates own (a) our general partner; (b) 171,737 common units and 3,135,109 subordinated units in us and; (c) all of the incentive distribution rights.

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2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Principles of Supplemental Consolidated and Combined Financial Statements

For periods presented prior to the IPO, these supplemental consolidated and combined financial statements were derived from the Predecessor combined with the Acquired Funds based on historical results of operations, cash flows, assets and liabilities. As the Acquisitions and the Acquired Funds were deemed to be transactions 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 supplemental financial statements and related notes include the historical results and financial position of the Acquired Assets and the Acquired Funds prior to the acquisition dates 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 Assets during the periods the assets were under common control and the financial position and cash flows of the Acquired Funds. All intercompany transactions and account balances have been eliminated. The supplemental consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Non-financial information such as the number of tenant sites or number of leases is unaudited.

The supplemental consolidated and combined balance sheets of the Predecessor and the Acquired Funds 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 Partnership or the Acquired Funds. The supplemental 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 Partnership, the Contributing Landmark Funds, and the Acquired 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 and the Acquired 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 supplemental 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.

The accompanying unaudited interim supplemental consolidated and combined financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board ("FASB") in the ASC including modifications issued under the Accounting Standards Updates ("ASUs"). The accompanying unaudited supplemental financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. All intercompany transactions and account balances have been eliminated. The unaudited interim supplemental financial statements should be read in conjunction with the annual supplemental combined financial statements included herein and the notes thereto.

The supplemental financial statements have been prepared to comply with the instructions of Regulation S-K, Form S-3 Item 11(b) of the SEC regulations and does not represent the consolidated financial statements of the Partnership prepared in accordance with GAAP.

Use of Estimates

The preparation of the supplemental 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 supplemental consolidated and combined financial

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statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Purchase Accounting for Acquisitions

The Combined Entities apply 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 Level III valuation methods. The most sensitive assumption is the discount rate used to discount the estimated cash flows from the real estate rights.  For purposes of the computation of fair value assigned to the various tangible and intangible assets, the Combined Entities assigned discount rates ranging between 6% and 20%. When determining the fair value of intangible assets acquired, the Combined Entities estimate 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 6% 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,

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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 Combined Entities assess 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 Combined Entities. Unobservable inputs are inputs that reflect the Combined Entities’ 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.

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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 Combined Entities monitor 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 Combined Entities have experienced no loss or lack of access to cash in the operating accounts.

Accounting for Derivative Financial Instruments and Hedging Activities

The Combined Entities 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

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carrying value of the receivable, a specific impairment reserve is recorded for the difference. For the nine months ended September 30, 2015 and 2014 and the years ended December 31, 2014, 2013, 2012, the Partnership recorded allowance on investments in receivables of $0, $4,465, $4,465, $25,304 and $0.

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 Combined Entities recognize 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 nine months ended September 30, 2015 and 2014 and the years ended December 31, 2014, 2013, and 2012, leases obtained by the Combined Entities through acquisition and ownership of real property interests were generally cancelable upon 30‑180 days’ notice by the tenants with no significant penalty. The Combined Entities evaluate 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 Combined Entities recognized $70,238, $47,008 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

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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. The Partnership’s 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 Combined Entities are 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 Combined Entities encounter 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 Combined Entities’ 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 Combined Entities.

Concentration of Credit Risk

The Combined Entities’ credit risks relate 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 Combined Entities have 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 Combined Entities’ 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 Combined Entities’ do not anticipate nonperformance by any of its counterparties.

The Combined Entities’ 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 Combined Entities’ position in the real property interest may be subordinate to a mortgage lender on the real property.

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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.

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 September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement Period Adjustments (“ASU 2015-16”). In a business combination, ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to disclose, by financial statement line item, the nature and amount for the adjustments and the current period income statement impact related to prior periods. The amendments in this ASU are effective for fiscal years beginning December 15, 2016 and interim periods beginning after December 15, 2017. Early adoption is permitted. The Partnership has early adopted ASU No. 2015-16 and included required disclosure information within Note 4, Real Property Interests.

In April 2015, the FASB issued ASU 2015-06, Earnings Per Share (Topic - 260)—Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (“ASU 2015-06”). ASU 2015-06 provides guidance on the presentation of historical earnings per unit for master limited partnerships that apply the two-class method of calculating earnings per unit. When a general partner transfers or “drops-down” net assets to a master limited partnership and the transaction is accounted for as a transaction between entities under common control, the statements of operations of the master limited partnership are adjusted retroactively to reflect the transaction as if it occurred on the earliest date during which the entities were under common control. ASU 2015-06 specifies that the historical income (losses) of a transferred business before the date of a drop-down transaction should be allocated entirely to the general partner and the previously reported earnings per unit of the limited partners should not change as a result of the drop-down transaction. The amendments in this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, and are required to be applied retroactively for all financial statements presented. Early adoption is permitted. Although we believe we are currently in compliance with this ASU, we will continue to evaluate the impact of the adoption of the ASU on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Partnership is currently in the process of evaluating the impact of adoption of these standards on our consolidated balance sheets and footnote disclosures.

F-15

In February 2015, the FASB issued amendments to accounting for consolidation of certain legal entities (“ASU No. 2015-02”). ASU No. 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination.  ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Partnership does not expect the adoption of ASU No. 2015-02 to have a material impact on its financial statements.

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.

F-16

3. Acquisitions

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, consisting of 41 wireless communication, 39 outdoor advertising and one renewable power generation sites, from Landmark Infrastructure Holding Company LLC (“HoldCo”), a wholly-owned subsidiary of Landmark, in exchange for cash consideration of $25.2 million (the “First Quarter Acquisition”). The purchase price was funded with $24.0 million of borrowings under the Partnership’s existing credit facility and available cash.

On April 8, 2015, OpCo completed an acquisition of 73 tenant sites and related real property interests, consisting of 45 wireless communication and 28 outdoor advertising sites, from HoldCo in exchange for cash consideration of $22.1 million (the “Second Quarter Acquisition”). The purchase price was funded with $21.5 million of borrowings under the Partnership’s existing credit facility and available cash.

On July 21, 2015, Opco completed an acquisition of 100 tenant sites and related real property interests, consisting of 81 wireless communication, 16 outdoor advertising and 3 renewable power generation sites, from HoldCo, in exchange for cash consideration of $35.7 million. The purchase price was funded with $35.5 million of borrowings under the Partnership’s existing credit facility and available cash.

On August 18, 2015, Opco completed an acquisition of an entity owning 193 tenant sites and related real property interests, consisting of 135 wireless communication, 57 outdoor advertising and one renewable power generation sites, from Landmark Dividend Growth Fund-E LLC (“Fund E”), an affiliate of Landmark, in exchange for (i) 1,998,852 Common Units, valued at approximately $31.5 million, which was subsequently distributed to Fund E’s respective members, including 171,737 Common Units to Landmark, as part of the fund’s liquidation, and (ii) cash consideration of approximately $34.9 million, of which $29.2 million was used to repay Fund E’s secured indebtedness and was funded with borrowings under the Partnership’s revolving credit facility.

On September 21, 2015, Opco completed an acquisition of 65 tenant sites and related real property interests, consisting of 50 wireless communication, 13 outdoor advertising and 2 renewable power generation sites, from HoldCo, in exchange for cash consideration of $20.3 million. The purchase price was funded with $20.0 million of borrowings under the Partnership’s existing credit facility and available cash. The July 21, 2015, August 18, 2015 and September 21, 2015 acquisitions described in this Note 3 are collectively referred to as the “Third Quarter Acquisitions.”

On November 19, 2015, the Partnership completed an acquisition of an entity owning 72 tenant sites and related real property interests, consisting of 67 wireless communication and 5 outdoor advertising sites, from Fund C in exchange for (i) 847,260 Common Units, valued at approximately $13.0 million, which was subsequently distributed to Fund C’s respective members, including 123,405 Common Units to Landmark and affiliates, valued at approximately $1.9 million, as part of the fund’s liquidation, and (ii) cash consideration of approximately $17.3 million, of which $15.1 million was used to repay Fund C’s secured indebtedness and was funded with borrowings under the Partnership’s revolving credit facility.

On November 19, 2015, the Partnership completed an acquisition of 136 tenant sites and related real property interests, consisting of 99 wireless communication and 37 outdoor advertising sites, from Fund F in exchange for (i) 1,266,317 Common Units, valued at approximately $19.5 million, which was subsequently distributed to Fund F’s respective members, including 217,133 Common Units to Landmark and affiliates, valued at approximately $3.3 million, as part of the fund’s liquidation and (ii) cash consideration of approximately $25.0 million, of which $24.5 million was used to repay Fund F’s secured indebtedness and was funded with borrowings under the Partnership’s revolving credit facility.

The assets acquired and liabilities assumed are recorded at the historical cost of Landmark, as the Acquisitions from Landmark are deemed to be transactions between entities under common control with the statements of operations

F-17

of the Partnership adjusted retroactively as if the Acquisitions occurred on the earliest date during which the Acquired Assets were under common control. The Partnership’s historical financial statements have been retroactively adjusted to reflect the results of operations, financial position, and cash flows of acquisitions prior to September 30, 2015 as if we owned the Acquired Assets as of the date acquired by Landmark for all periods presented. Similarly, prior period information will be retroactively adjusted by the Partnership for the Acquired Funds. The tables below present the results of operations, financial position and cash flows reflecting the effect of the Fund C and Fund F on pre-acquisition periods.

The Partnership (As Previously Reported November 5, 2015) column refers to periods previously filed within the Partnerships’ Form 10-Q as filed on November 5, 2015. The pre-acquisition results of the Fund C Acquisition and the pre-acquisition results of the Fund F Acquisition include the adjustments to reflect the combined results of operations, financial position, and cash flows of the Fund C Acquisition and Fund F Acquisition prior to the acquisition date for the periods under common control. Partnership (As Previously Reported December 2, 2015) column refers to the previously retroactively adjusted results of the operations, financial position, and cash flows in Exhibit 99.3, Audited Consolidated and Combined Financial Statements of Landmark Infrastructure Partners LP included on the Partnership’s Form 8-K, filed with the SEC on December 2, 2015.

Statement of operations for the nine months ended September 30, 2015:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	16,300,304	$	1,366,183	$	1,967,879	$	19,634,366
Interest income on receivables		605,180		—		—		605,180
Total revenue		16,905,484		1,366,183		1,967,879		20,239,546
Expenses
Management fees to affiliate		91,650		29,159		89,100		209,909
Property operating		19,459		—		—		19,459
General and administrative		2,107,354		—		—		2,107,354
Acquisition-related		2,958,276		—		—		2,958,276
Amortization		4,176,426		334,059		421,185		4,931,670
Impairments		3,578,744		—		—		3,578,744
Total expenses		12,931,909		363,218		510,285		13,805,412
Other income and expenses
Interest expense		(4,495,384)		(612,631)		(962,311)		(6,070,326)
Loss on early extinguishment of debt		(902,625)		—		—		(902,625)
Unrealized loss on derivatives		(1,909,817)		(86,866)		(26,889)		(2,023,572)
Realized gain on sale		82,026		—		—		82,026
Other income and expenses		(7,225,800)		(699,497)		(989,200)		(8,914,497)
Net income (loss)	$	(3,252,225)	$	303,468	$	468,394	$	(2,480,363)
Less: Net income attributable to Predecessor		(1,198,734)		303,468		468,394		(426,872)
Net loss attributable to partners	$	(2,053,491)	$	—	$	—	$	(2,053,491)

F-18

Statement of operations for the nine months ended September 30, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	12,860,421	$	1,255,033	$	1,586,709	$	15,702,163
Interest income on receivables		522,994		—		—		522,994
Total revenue		13,383,415		1,255,033		1,586,709		16,225,157
Expenses
Management fees to affiliate		406,302		28,272		75,129		509,703
Property operating		21,805		—		—		21,805
General and administrative		579,628		—		—		579,628
Acquisition-related		106,484		—		131,901		238,385
Amortization		3,294,849		321,360		357,495		3,973,704
Impairments		8,450		—		—		8,450
Total expenses		4,417,518		349,632		564,525		5,331,675
Other income and expenses
Interest expense		(4,378,694)		(568,198)		(555,879)		(5,502,771)
Unrealized loss on derivatives		(6,393)		—		—		(6,393)
Other income and expenses		(4,385,087)		(568,198)		(555,879)		(5,509,164)
Net income	$	4,580,810	$	337,203	$	466,305	$	5,384,318

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

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	17,450,889	$	1,708,022	$	2,242,417	$	21,401,328
Interest income on receivables		709,030		—		—		709,030
Total revenue		18,159,919		1,708,022		2,242,417		22,110,358
Expenses
Management fees to affiliate		499,329		37,992		104,829		642,150
Property operating		24,720		—		—		24,720
General and administrative		820,522		—		—		820,522
Acquisition-related		379,988		—		147,077		527,065
Amortization		4,452,068		432,713		497,890		5,382,671
Impairments		258,834		—		—		258,834
Total expenses		6,435,461		470,705		749,796		7,655,962
Other income and expenses
Interest expense		(6,202,788)		(756,469)		(872,590)		(7,831,847)
Loss on early extinguishment of debt		(2,905,259)		—		—		(2,905,259)
Realized loss on derivatives		(213,181)		—		—		(213,181)
Unrealized loss on derivatives		(571,359)		(16,751)		(55,371)		(643,481)
Other income and expenses		(9,892,587)		(773,220)		(927,961)		(11,593,768)
Net income	$	1,831,871	$	464,097	$	564,660	$	2,860,628
Less: Net income attributable to Predecessor		4,530,219		464,097		564,660		5,558,976
Net loss attributable to partners	$	(2,698,348)	$	—	$	—	$	(2,698,348)

F-19

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

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	14,012,109	$	1,505,912	$	1,138,849	$	16,656,870
Interest income on receivables		742,185		—		—		742,185
Total revenue		14,754,294		1,505,912		1,138,849		17,399,055
Expenses
Management fees to affiliate		450,462		35,100		59,346		544,908
Property operating		6,454		—		—		6,454
General and administrative		722,601		—		—		722,601
Acquisition-related		865,543		8,958		219,447		1,093,948
Amortization		3,791,440		393,453		279,231		4,464,124
Impairments		1,005,478		—		—		1,005,478
Total expenses		6,841,978		437,511		558,024		7,837,513
Other income and expenses
Interest expense		(4,345,755)		(737,518)		(323,480)		(5,406,753)
Unrealized gain on derivatives		1,279,176		213,865		—		1,493,041
Other income and expenses		(3,066,579)		(523,653)		(323,480)		(3,913,712)
Net income	$	4,845,737	$	544,748	$	257,345	$	5,647,830

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

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	6,483,815	$	1,169,841	$	53,450	$	7,707,106
Interest income on receivables		356,348		—		—		356,348
Total revenue		6,840,163		1,169,841		53,450		8,063,454
Expenses
Management fees to affiliate		211,329		33,962		3,260		248,551
Property operating		26,267		—		—		26,267
General and administrative		191,293		—		—		191,293
Acquisition-related		1,118,648		84,568		205,061		1,408,277
Amortization		1,452,015		263,933		22,767		1,738,715
Impairments		183,271		—		—		183,271
Total expenses		3,182,823		382,463		231,088		3,796,374
Other income and expenses
Interest expense		(1,476,207)		(481,627)		—		(1,957,834)
Unrealized loss on derivatives		(1,016,716)		(210,148)		—		(1,226,864)
Other income and expenses		(2,492,923)		(691,775)		—		(3,184,698)
Net income (loss)	$	1,164,417	$	95,603	$	(177,638)	$	1,082,382

F-20

Balance Sheet as of September 30, 2015:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Assets
Land	$	6,977,145	$	635,741	$	649,898	$	8,262,784
Real property interests		290,301,565		22,729,545		31,120,542		344,151,652
Total land and real property interests		297,278,710		23,365,286		31,770,440		352,414,436
Accumulated amortization of real property interest		(10,390,300)		(991,745)		(1,005,755)		(12,387,800)
Land and net real property interests		286,888,410		22,373,541		30,764,685		340,026,636
Investments in receivables, net		8,305,178		—		—		8,305,178
Cash and cash equivalents		273,090		—		—		273,090
Rent receivables, net		741,504		22		22,217		763,743
Due from Landmark and affiliates		2,111,822		—		—		2,111,822
Deferred loan cost, net		2,976,610		273,170		766,760		4,016,540
Deferred rent receivable		499,139		5,027		174,602		678,768
Other intangible assets, net		8,099,980		494,461		766,043		9,360,484
Other assets		150,433		—		—		150,433
Total assets	$	310,046,166	$	23,146,221	$	32,494,307	$	365,686,694
Liabilities and equity
Revolving credit facility	$	164,500,000	$	—	$	—	$	164,500,000
Secured debt facilities		—		15,175,137		24,529,851		39,704,988
Accounts payable and accrued liabilities		505,729		49,639		79,956		635,324
Other intangible liabilities, net		10,742,540		643,800		772,661		12,159,001
Prepaid rent		2,617,307		138,725		283,925		3,039,957
Derivative liabilities		2,218,717		99,899		82,261		2,400,877
Total liabilities		180,584,293		16,107,200		25,748,654		222,440,147
Equity		129,461,873		7,039,021		6,745,653		143,246,547
Total liabilities and equity	$	310,046,166	$	23,146,221	$	32,494,307	$	365,686,694

F-21

Balance Sheet as of December 31, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Assets
Land	$	5,924,294	$	635,741	$	649,898	$	7,209,933
Real property interests		231,561,354		22,729,545		31,120,542		285,411,441
Total land and real property interests		237,485,648		23,365,286		31,770,440		292,621,374
Accumulated amortization of real property interest		(7,135,676)		(710,517)		(661,191)		(8,507,384)
Land and net real property interests		230,349,972		22,654,769		31,109,249		284,113,990
Investments in receivables, net		8,665,274		—		—		8,665,274
Cash and cash equivalents		311,108		—		—		311,108
Rent receivables, net		123,767		15,419		72,829		212,015
Due from Landmark and affiliates		659,722		—		—		659,722
Deferred loan cost, net		3,985,227		421,137		913,729		5,320,093
Deferred rent receivable		344,162		3,975		135,501		483,638
Other intangible assets, net		6,101,048		562,580		866,223		7,529,851
Other assets		399,222		—		—		399,222
Total assets	$	250,939,502	$	23,657,880	$	33,097,531	$	307,694,913
Liabilities and equity
Revolving credit facility	$	74,000,000	$	—	$	—	$	74,000,000
Secured debt facilities		29,707,558		16,064,777		25,009,670		70,782,005
Accounts payable and accrued liabilities		141,508		54,002		83,948		279,458
Other intangible liabilities, net		8,938,034		730,906		855,874		10,524,814
Prepaid rent		2,029,542		161,034		349,491		2,540,067
Derivative liabilities		308,899		13,034		55,371		377,304
Total liabilities		115,125,541		17,023,753		26,354,354		158,503,648
Commitments and contingencies
Equity		135,813,961		6,634,127		6,743,177		149,191,265
Total liabilities and equity	$	250,939,502	$	23,657,880	$	33,097,531	$	307,694,913

F-22

Balance Sheet as of December 31, 2013:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Assets
Land	$	2,599,745	$	635,741	$	118,633	$	3,354,119
Real property interests		210,709,364		19,719,254		21,331,516		251,760,134
Total land and real property interests		213,309,109		20,354,995		21,450,149		255,114,253
Accumulated amortization of real property interest		(3,347,829)		(346,049)		(248,354)		(3,942,232)
Land and net real property interests		209,961,280		20,008,946		21,201,795		251,172,021
Investments in receivables, net		9,085,281		—		—		9,085,281
Cash and cash equivalents		1,037,327		—		—		1,037,327
Rent receivables, net		144,771		819		6,697		152,287
Due from Landmark and affiliates		648,701		—		—		648,701
Deferred loan cost, net		4,218,770		524,306		575,409		5,318,485
Deferred rent receivable		191,488		2,572		40,185		234,245
Derivative assets		455,561		3,717		—		459,278
Other intangible assets, net		5,611,105		568,063		697,337		6,876,505
Total assets	$	231,354,284	$	21,108,423	$	22,521,423	$	274,984,130
Liabilities and equity
Secured debt facilities	$	114,280,724	$	13,772,601	$	11,581,885	$	139,635,210
Accounts payable and accrued liabilities		945,664		69,834		21,332		1,036,830
Due to Landmark and affiliates		583,689		—		—		583,689
Other intangible liabilities, net		7,863,355		705,415		544,741		9,113,511
Prepaid rent		1,762,792		135,746		169,617		2,068,155
Derivative liabilities		193,101		—		—		193,101
Total liabilities		125,629,325		14,683,596		12,317,575		152,630,496
Commitments and contingencies
Equity		105,724,959		6,424,827		10,203,848		122,353,634
Total liabilities and equity	$	231,354,284	$	21,108,423	$	22,521,423	$	274,984,130

Summarized cash flows for the nine months ended September 30, 2015:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	6,776,469	$	788,215	$	1,028,118	$	8,592,802
Net cash used in investing activities		(93,341,094)		—		—		(93,341,094)
Net cash provided by (used in) financing activities		86,526,607		(788,215)		(1,028,118)		84,710,274

Summarized cash flows for the nine months ended September 30, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	7,352,576	$	726,459	$	923,693	$	9,002,728
Net cash used in investing activities		(1,894,976)		(2,955,000)		(10,210,230)		(15,060,206)
Net cash provided by (used in) financing activities		(6,017,658)		2,228,541		9,286,536		5,497,419

F-23

Summarized cash flows for the year ended December 31, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	11,206,251	$	997,348	$	1,372,755	$	13,576,354
Net cash used in investing activities		(5,546,342)		(2,955,000)		(10,210,230)		(18,711,572)
Net cash provided by (used in) financing activities		(6,386,128)		1,957,652		8,837,475		4,408,999

Summarized cash flows for the year ended December 31, 2013:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	9,633,574	$	831,197	$	700,679	$	11,165,450
Net cash used in investing activities		(27,809,401)		—		(11,731,809)		(39,541,210)
Net cash provided by (used in) financing activities		(6,034,983)		(831,197)		11,031,130		4,164,950

Summarized cash flows for the year ended December 31, 2012:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	3,934,976	$	806,764	$	(93,397)	$	4,648,343
Net cash used in investing activities		(63,953,318)		(5,657,002)		(7,457,466)		(77,067,786)
Net cash provided by financing activities		85,107,920		4,850,238		7,550,863		97,509,021

4. Real Property Interests

The following summarizes the Combined Entities’ real property interests:

	September 30,		December 31,
	2015		2014		2013
Land	$	8,262,784	$	7,209,933	$	3,354,119
Real property interests – perpetual		85,756,805		75,926,262		68,728,763
Real property interests – non-perpetual		258,394,847		209,485,179		183,031,371
Total land and real property interests		352,414,436		292,621,374		255,114,253
Accumulated amortization		(12,387,800)		(8,507,384)		(3,942,232)
Land and net real property interests	$	340,026,636	$	284,113,990	$	251,172,021

The Partnership completed the acquisitions as described in Note 3, Acquisitions. The Partnership paid total consideration of $169.7 million during the nine months ended September 30, 2015. The acquisitions are deemed to be transactions 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. During the nine months ending September 30, 2015, the differences totaling $44.1 million between the total consideration of $169.7 million and the historical cost basis of $125.6 million were allocated to the General Partner. Additionally, Partnership paid a total consideration of approximately $74.8 million for the November 19, 2015 acquisitions described in Note 1 and 3 for the Fund Acquisitions. The differences of approximately $19.8 million

F-24

between the total consideration of $74.8 million and the historical cost basis of $55.0 million will be allocated to the General Partner. The Partnership finalized the purchase price allocations for the March 2015, April 2015, July 2015, and August 2015 acquisitions during the three months ended September 30, 2015. As a result of additional information about facts and circumstances that existed at the Sponsor acquisition date related to the March 2015 and April 2015 acquisitions, it recorded changes for the final purchase price allocation during the three months ended in accordance with ASU 2015-16. For the three months ended September 30, 2015, we recorded $30,183 of amortization of above- and below-market lease intangibles included as an increase to rental income related to the year ended December 31, 2014 for the March 2015 and April 2015 acquisitions.

The following table summarizes the preliminary allocations for the September 21, 2015 and both November 19, 2015 acquisitions and final allocations for the remaining acquisitions 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(1)	$	—	$	5,482,055	$	152,067	$	—	$	(249,612)	$	5,384,510
2013(1)		1,301,916		29,419,297		1,033,601		48,845		(1,497,400)		30,306,259
Acquired Assets 2015(2)		2,369,474		62,004,561		1,799,934		1,382,316		(3,763,279)		63,793,006
Acquired Assets 2014(2)		2,539,191		29,179,701		887,274		597,279		(1,527,346)		31,676,099
Acquired Assets 2013(2)		823,260		41,348,431		1,199,638		343,129		(1,562,855)		42,151,603

(1) Acquisitions as included within the Contributing Landmark Funds.

(2) Represents prior-period financial information retroactively adjusted for Acquisitions made under common control and the Acquired Funds. See Note 1 and 3 for additional information.

The following unaudited pro forma consolidated results of operations assume that the acquisitions were completed as of January 1, 2013. These unaudited pro forma results have been prepared for comparative purposes only.

	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013
Revenue	$	22,253,132	$	21,380,394	$	28,507,192	$	27,794,512
Net income (loss)		(1,935,530)		4,763,582		6,351,442		5,638,763
Net income (loss) per limited partner unit:
Common units – basic and diluted	$	(0.01)		n/a	$	0.15		n/a
Subordinated units – basic and diluted		(0.21)		n/a		0.15		n/a

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	$	4,836,941
2016		4,836,941
2017		4,836,941
2018		4,834,348
2019		4,832,155
Thereafter		176,800,469
Total	$	200,977,795

The weighted average remaining amortization period for non‑perpetual real property interests is 49, 50 and 51 years at September 30, 2015, December 31, 2014 and 2013, respectively.

F-25

During the nine months ended September 30, 2015 and the years ended December 31, 2014 and 2013, eighteen, two and six of the Partnership’s real property interests were impaired as a result of termination notices received and one property foreclosure. During nine months ended September 30, 2014, one of the Partnership’s real property interests was impaired as a result of a termination notice received. As a result of T‑Mobile’s acquisition of MetroPCS (completed in 2013), we have received termination notices related to 23 MetroPCS tenant sites, two of which have subsequently been rescinded. As of September 30, 2015, the majority of the MetroPCS tenant sites where we have received termination notices have been vacated.  As a result of all termination notices received we determined that thirteen real property interests were impaired during the nine months ending September 30, 2015 and recognized impairment charges totaling $2.9 million. Impairment of $0.7 million related to a foreclosure notice was received effective March 26, 2015. During the nine months ended September 30, 2015 and 2014, we recognized impairment charges totaling $3.6 million and $8,450, respectively and during the years ended December 31, 2014, 2013, and 2012 we recognized impairment charges totaling $0.3 million, $1.0 million, and $0.2 million. During the nine months ended September 30, 2015 and 2014 and the years ended December 31, 2014 and 2012, the carrying value of each real property interest were determined to have a fair value of zero with the remaining lease intangibles amortized over the remaining lease life. For the year ended December 31, 2013, the carrying value of each real property interest were determined to have a fair value of $149,555 with the remaining lease intangibles amortized over the remaining lease life.

5. Other Intangible Assets and Liabilities

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

	September 30,		December 31,
	2015		2014		2013
Acquired in-place lease
Gross amount	$	9,396,660	$	7,640,351	$	6,628,824
Accumulated amortization		(2,293,151)		(1,437,382)		(648,963)
Net amount	$	7,103,509	$	6,202,969	$	5,979,861
Acquired above-market leases
Gross amount	$	3,191,725	$	1,963,504	$	1,220,688
Accumulated amortization		(934,750)		(636,622)		(324,044)
Net amount	$	2,256,975	$	1,326,882	$	896,644
Total Other Intangible Assets, net	$	9,360,484	$	7,529,851	$	6,876,505
Acquired below-market leases
Gross amount	$	(15,519,478)	$	(12,659,658)	$	(10,087,779)
Accumulated amortization		3,360,477		2,134,844		974,268
Total Other Intangible Liabilities, net	$	(12,159,001)	$	(10,524,814)	$	(9,113,511)

The Combined Entities recorded net amortization of above and below‑market lease intangibles of $967,958 and $619,062 as an increase to rental revenue for the nine months ended September 30, 2015 and 2014, respectively, and $847,998, $630,801, and $271,334 for the years ended December 31, 2014, 2013, and 2012, respectively. The Combined Entities recorded amortization of in‑place lease intangibles of $871,935 and $580,516as amortization expense for the nine months ended September 30, 2015 and 2014, respectively, and $793,926, $621,330 and $325,783 for the years ended December 31, 2014, 2013, and 2012, respectively.

F-26

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	$	815,355	$	304,876	$	(1,295,078)
2016		785,080		237,633		(1,265,438)
2017		747,967		169,143		(1,227,329)
2018		718,813		114,629		(1,219,304)
2019		692,237		99,107		(1,176,413)
Thereafter		2,443,517		401,494		(4,341,252)
Total	$	6,202,969	$	1,326,882	$	(10,524,814)

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	$	2,808,032
2016		3,199,610
2017		3,197,177
2018		3,114,037
2019		2,997,427
Thereafter		28,804,961
Total	$	44,121,244

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 $605,180 and $522,994 during the nine months ending September 30, 2015 and 2014, respectively, and $709,030, $742,185, and $356,348 during the years ended December 31, 2014, 2013, and 2012, respectively.

F-27

The following table reflects the activity in investments in receivables:

	September 30,		December 31,
	2015		2014		2013
Investments in receivables – beginning	$	8,665,274	$	9,085,281	$	9,743,976
Acquisitions		130,200		—		—
Fair value adjustment		11,862		284,294		—
Impairments		—		(4,465)		(25,304)
Repayments		(523,608)		(751,735)		(702,368)
Interest accretion		21,450		51,899		68,977
Investments in receivables – ending	$	8,305,178	$	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

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 is available for working capital, capital expenditures, permitted acquisitions and general corporate purposes, including distributions. On June 3, 2015, the Partnership exercised its option to increase the available commitments under its revolving credit facility for an additional $60.0 million, resulting in aggregate commitments of $250.0 million. 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.

F-28

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 September 30, 2015, $164.5 million was outstanding and there was $85.5 million of undrawn borrowing capacity, subject to compliance with certain covenants, under our revolving credit facility.

The revolving 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 September 30, 2015, the Partnership was in compliance with all financial covenants.

The Combined Entities incurred interest expense of $6,070,326 and $5,502,771, for the nine months ended September 30, 2015 and 2014 and $7,831,847, $5,406,753, and $1,957,834 of interest expense for the years ended December 31, 2014, 2013 and 2012, respectively. At September 30, 2015 and December 31, 2014 and 2013, the Combined Entities had interest payable of $176,097, $43,905 and $94,905, respectively. The Combined Entities recorded deferred loan costs amortization, which is included in interest expense, of $1,100,006 and $1,138,729, for the nine months ended September 30, 2015 and 2014, and $1,545,605, $1,107,771, and $350,258 for the years ended December 31, 2014, 2013, and 2012, respectively. 

In connection with the amended and restated 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.

Prior-period financial information of the Partnership has been retroactively adjusted to include the secured debt facility held by Fund E, as the facility was secured by all of Fund E’s assets, prior to the August 18, 2015 acquisition by the Partnership. As of December 31, 2014, the Fund E secured debt facility had an outstanding balance of $29,707,558. Prior-period information has been retroactively adjusted to include interest expense related to the Fund E debt credit facility of $914,766, $877,888, $1,218,734 and $505,396 for the nine months ended September 30, 2015 and 2014 and for the years ended December 31, 2014 and 2013, respectively. Additionally, deferred loan costs amortization, which is included in interest expense, has been retroactively adjusted to include $243,723 and $190,338 for the nine months ended September 30, 2015 and 2014 and $271,732 and $92,915 for the years ended December 31, 2014 and 2013, respectively. In connection with the August 18, 2015 acquisition of Fund E, $29,219,806 was used to repay Fund E’s secured indebtedness. At the time of acquisition in 2015, the unamortized balance of the deferred loan costs of $902,625 related to the Fund E secured debt facility was recorded as a loss on early extinguishment of debt.

As of September 30, 2015, the Fund C and Fund F secured debt facilities had an outstanding balance of $15,175,137 and $24,529,851, respectively, and as of December 31, 2014 had an outstanding balance of $16,064,777 and $25,009,670, respectively. Interest expense related to the Acquired Funds’ secured debt facilities was $1,574,942 and $1,124,076, for the nine months ended September 30, 2015 and 2014 and $1,629,059, $1,060,998, and $481,627 for the years ended December 31, 2014, 2013, and 2012, respectively. Additionally, deferred loan costs amortization, which is included in interest expense, related to the Acquired Funds was $377,317 and $285,136 for the nine months ended September 30, 2015 and 2014 and $409,555, $263,504, and $95,804 for the years ended December 31, 2014, 2013 and 2012, respectively.

F-29

In connection with the November 19, 2015 acquisitions of Fund C and Fund F, $15.1 million and $24.5 million was used to repay Fund C’s and Fund F’s secured indebtedness. At the time of acquisition, the unamortized balance of the deferred loan costs of $0.2 million and $0.7 million related to the Fund C and Fund F secured debt facilities was recorded as a loss on early extinguishment of debt.

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%. 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. On August 24, 2015, the Partnership entered into an additional interest rate swap agreement with a notional amount of $50,000,000 to fix the floating interest rate at an effective rate of 4.24% over a seven-year period beginning October 1, 2015

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.

Effective February 4, 2014, Fund E entered into an interest rate swap agreement with a notional amount of $12,500,000 to fix the floating interest rate on borrowings under its secured debt facility period at an effective rate of 3.74%. The Fund E interest rate swap agreement was terminated in connection with the repayment of Fund E’s secured indebtedness as a result of the Partnership’s August 18, 2015 acquisition.

Effective November 5, 2012, Fund C entered into an interest rate swap agreement with a notional amount of $13,240,301 to fix the floating interest rate on borrowings under its secured debt facility over a five-year period at an effective rate of 3.99%. Effective October 23, 2014, Fund F entered into an interest rate swap agreement with a notional amount of $17,489,457 to fix the floating interest rate on borrowings under its secured debt facility over a two-year period at an effective rate of 4.11%.  The Fund C and Fund F interest rate swap agreements were terminated for a loss of $64,920 and $66,627 in connection with the repayment of Funds’ secured indebtedness as a result of the Partnership’s November 19, 2015 acquisitions.

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

					Fair Value Asset (Liability) at
Notional	Fixed		Effective	Maturity	September 30,		December 31,		December 31,
Value	Rate		Date	Date	2015		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
13,240,301	3.99		11/5/2012	6/30/2017		(99,899)		(13,033)		3,717
17,489,457	4.11		10/23/2014	10/23/2016		(82,261)		(55,372)		–
70,000,000	4.02		12/24/2014	12/24/2018		(1,353,127)		(289,808)		–
12,500,000	3.74		2/4/2014	1/31/2016		—		(19,091)		—
25,000,000	3.79		4/13/2015	4/13/2019		(280,598)		—		—
50,000,000	4.24		10/1/2015	10/1/2022		(584,992)		—		—
					$	(2,400,877)	$	(377,304)	$	266,177

During the nine months ended September 30, 2015 and 2014, the Combined Entities recorded a loss of $2,023,572, and $6,393, respectively, and for the years ended December 31, 2014, 2013 and 2012, the Combined Entities recorded a loss of $643,481, a gain of $1,493,041 and a loss of $1,226,864 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.

F-30

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 September 30, 2015. The following table summarizes the results of the analysis performed:

		Effects of Change in Interest Rates
Date Entered (1)	Maturity Date	+50 Basis Points		-50 Basis Points		+100 Basis Points		-100 Basis Points
December 2014	12/24/2018	$	(313,735)	$	(2,485,124)	$	757,714	$	(3,439,361)
February 2015	4/13/2019		134,725		(717,860)		555,361		(1,098,235)
August 2015	10/1/2022		997,634		(2,310,667)		2,569,936		(3,930,503)

(1) The Fund E, Fund C and Fund F interest rate swap agreements have been excluded from this analysis as the agreements were terminated in connection with the repayment of the secured indebtedness as a result of the Partnership’s August 18, 2015 and November 19, 2015 acquisitions.

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.

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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, as of December 31, 2014 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.

The table below summarizes changes in the number of units outstanding from December 31, 2014 through September 30, 2015 (in units):

	Common	Subordinated	Total
Balance at December 31, 2014	4,702,665	3,135,109	7,837,774
Issuance of units in connection with the May 2015 offering	3,000,000	—	3,000,000
Unit-based compensation awards	5,050	—	5,050
Issuance of units in connection with the Fund E acquisition	1,998,852	—	1,998,852
Balance at September 30, 2015	9,706,567	3,135,109	12,841,676

On May 20, 2015, the Partnership closed a public offering of an additional 3,000,000 common units representing limited partner interests in us at a price to the public of $16.75 per common unit, or $15.9125 per common unit net of the underwriter’s discount. We received net proceeds of $46.9 million after deducting the underwriter’s discount and offering expenses paid by us of $3.3 million. We used all proceeds to repay a portion of the borrowings under our revolving credit facility.

In connection with the August 18, 2015 acquisition, Partnership issued 1,998,852 common units representing limited partnership interests in it to Fund E as partial consideration for the transaction as described in Note 3, Acquisitions, which was then distributed to their respective members, including 171,737 common units to Landmark, as part of the fund’s liquidation. The common units were issued in a private transaction exempt from registration under Section 4(a)(2) of the Securities Act.

Our partnership agreement provides that, during the subordination period (as defined in our partnership agreement), the common units have the right to receive distributions of available cash from operating surplus each quarter in an amount equal to $0.2875 per common unit, which amount is defined in our partnership agreement as the minimum quarterly distribution, plus any arrearages in the payment of the minimum quarterly distribution on the common units from prior quarters, before any distributions of available cash from operating surplus may be made on the subordinated units. These units are deemed "subordinated" because for a period of time, referred to as the subordination

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period, the subordinated units are not entitled to receive any distributions until the common units have received the minimum quarterly distribution plus any arrearages in the payment of the minimum quarterly distribution on the common units from prior quarters. Furthermore, no arrearages will accrue or be payable on the subordinated units. The practical effect of the subordinated units is to increase the likelihood that, during the subordination period, there will be available cash to be distributed on the common units.

The table below summarizes the quarterly distributions related to our quarterly financial results:

Quarter Ended	Declaration Date	Distribution Date	Distribution Per Unit		Total Distribution
December 31, 2014 (1)	January 26, 2015	February 13, 2015	$	0.1344	$	1,053,533
March 31, 2015	April 23, 2015	May 14, 2015	$	0.2975	$	2,332,038
June 30, 2015	July 21, 2015	August 14, 2015	$	0.3075	$	3,334,168
September 30, 2015 (2)	October 22, 2015	November 13, 2015	$	0.3175	$	4,077,232

(1) This was the first distribution declared by the Partnership and corresponded to the minimum quarterly distribution of $0.2875 per unit, or $1.15 per unit annually. The amount was prorated for the 43-day period that the Partnership was public following the closing of its IPO on November 19, 2014. The distribution was paid on February 13, 2015, to unitholders of record as of February 6, 2015.

(2) On October 22, 2015, the board of directors of our General Partner declared a quarterly cash distribution of $0.3175 per unit, or $1.27 per unit on an annualized basis, for the quarter ended September 30, 2015.  This distribution was paid on November 13, 2015 to unitholders of record as of November 3, 2015.

12. Net Income (Loss) 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, of Landmark Infrastructure Partners LP for the period beginning November 19, 2014, the date the IPO was completed, through December 31, 2014 and of the Acquired Funds for the period beginning January 1, 2014 through December 31, 2014.

			Landmark
	Landmark		Infrastructure				Landmark
	Infrastructure		Partners LP		Acquired		Infrastructure
	Partners LP		Predecessor		Funds		Partners LP
	Period From		Period From		Period From
	November 19, 2014 to		January 1, 2014 to		January 1, 2014 to		Year Ended
	December 31, 2014		November 18, 2014		December 31, 2014		December 31, 2014
Total revenue	$	1,680,771	$	16,479,148	$	3,950,439	$	22,110,358
Total expenses		(823,363)		(5,612,098)		(1,220,501)		(7,655,962)
Total other income and expenses		(3,555,756)		(6,336,831)		(1,701,181)		(11,593,768)
Net income (loss)	$	(2,698,348)	$	4,530,219	$	1,028,757	$	2,860,628

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.

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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 common and subordinated units. Net income (loss) related to the Acquired Assets prior to the Partnership’s acquisition dates of each transaction is allocated to the General Partner.

As of September 30, 2015, the General Partner was not entitled to receive any incentive distributions based on current distributions. Therefore, net income available to the limited partner units has not been reduced.

The calculation of net loss per unit related to the Partnership for the nine months ended September 30, 2015 and for the year ended December 31, 2014 is as follows:

	Nine months ended September 30, 2015				Year ended December 31, 2014
	Common Units		Subordinated Units		Common Units		Subordinated Units
Net loss attributable to partners subsequent to initial public offering:
Distribution declared	$	6,851,301	$	2,892,138	$	632,174	$	421,359
Undistributed net loss		(7,718,662)		(4,078,268)		(2,251,183)		(1,500,698)
Net loss attributable to partners	$	(867,361)	$	(1,186,130)	$	(1,619,009)	$	(1,079,339)
Weighted-average units outstanding:
Basic and diluted		6,500,519		3,135,109		4,702,665		3,135,109
Net loss per limited partner unit:
Basic and diluted	$	(0.13)	$	(0.38)	$	(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 Combined Entities’ 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 Combined Entities evaluate 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

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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 Combined Entities’ 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 Combined Entities’ 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 Combined Entities or the counter party to the instrument. As such, the Combined Entities classify 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:

Disclosure
	September 30, 2015
	Carrying amount		Fair Value
Investment in receivables, net	$	8,305,178	$	8,385,612
Revolving credit facility		164,500,000		164,500,000
Secured debt facilities		39,704,988		39,704,988

	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
Revolving credit facility		74,000,000		74,000,000		—		—
Secured debt facilities		70,782,005		70,782,005		139,635,210		139,635,210

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 Combined Entities’ estimate of value at a future date could be materially different.

The Combined Entities measured the following assets and liabilities at fair value on a recurring basis:

	September 30,		December 31,
	2015		2014		2013
Derivative assets	$	—	$	—	$	459,278
Derivative liabilities		2,400,877		377,304		193,101

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As of September 30, 2015 and 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 September 30, 2015	$	—	$	—	$	—	$	—
Impaired real property interests at December 31, 2014		—		—		—		—
Impaired real property interests at December 31, 2013		149,555		—		—		149,555

As of September 30, 2015, December 31, 2014 and December 31, 2013, eighteen, 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, the Partnership agrees 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.  For the nine months ended September 30, 2015 and the year ended December 31, 2014, Landmark reimbursed us $1,465,040  and $12,349,respectively for expenses related to certain general and administrative services that exceeded the cap.

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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. On August 18, 2015 and November 19, 2015, the Partnership completed acquisitions of 193, 72, and 136 tenant sites from Fund E, Fund C and Fund F. See further discussion in Note 1 and 3 for additional information.

Management Fee

In accordance with the limited liability company agreements for each of the Contributing Landmark Funds, Fund C, Fund E and Fund F, Landmark or its affiliates were paid a management fee of $45, $45, $65 and $75, respectively, per asset per month for providing various services to the funds. Management fees totaled $209,909 and $509,703 for the nine months ended September 30, 2015 and 2014, respectively, and $642,150, $544,908, and $248,551 and 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. Financial information has been retroactively adjusted to include management fees incurred by Fund E during the period prior to the acquisition on August 18, 2015 by the partnership of $91,650 and $100,256 for the nine months ended September 30, 2015 and 2014, respectively, and $136,834, $79,837 and $2,238 for the years ended December 31, 2014, 2013 and 2012, respectively. Additionally, the supplemental financial statements include management fees incurred by the Acquired Funds during the period prior to the acquisition on November 19, 2015 by the partnership of $118,259 and $103,401 for the nine months ended September 30, 2015 and 2014, respectively, and $142,821, $94,446 and $37,222 for the years ended December 31, 2014, 2013 and 2012, respectively.

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. For the nine months ended September 30, 2015 and for the year ended December 31, 2014, no such fees have been incurred.

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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 Combined Entities are stated at the purchase price paid by Landmark.

Due from Affiliates

At December 31, 2013, the Combined Entities owed $583,689 to the General Partner and its affiliates for management fees, purchase of assets and other reimbursable expenses incurred on their behalf. At September 30, 2015 and December 31, 2014 and 2013, the General Partner and affiliates owed $2,111,822, $659,722 and $648,701, respectively, to the Partnership for rents received on their behalf.

15. Segment Information

The Combined Entities had three reportable segments, wireless communication, outdoor advertising, and renewable power generation for all periods presented.

The wireless communication segment consists of leasing real property interests to companies in the wireless communication industry in the United States. The outdoor advertising segment consists of leasing real property interests to companies in the outdoor advertising industry in the United States. The renewable power generation segment consists of leasing real property interests to companies in the renewable power industry in the United States. 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 all three segments 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 of the Combined Entities are as follows:

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For the nine months ended September 30, 2015:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	16,156,076	$	3,407,856	$	70,434	$	—	$	19,634,366
Interest income on receivables		605,180		—		—		—		605,180
Total revenue		16,761,256		3,407,856		70,434		—		20,239,546
Expenses
Management fees to affiliate		159,771		50,138		—		—		209,909
Property operating		15,993		3,466		—		—		19,459
General and administrative		—		—		—		2,107,354		2,107,354
Acquisition-related		1,610,137		57,687		—		1,290,452		2,958,276
Amortization		4,489,636		416,176		25,858		—		4,931,670
Impairments		3,125,596		453,148		—		—		3,578,744
Total expenses		9,401,133		980,615		25,858		3,397,806		13,805,412
Other income and expenses
Interest expense		—		—		—		(6,070,326)		(6,070,326)
Loss on early extinguishment of debt		—		—		—		(902,625)		(902,625)
Realized loss on derivatives		—		—		—		—		—
Unrealized loss on derivatives		—		—		—		(2,023,572)		(2,023,572)
Gain on the sale of real property interest		9,524		72,502		—		—		82,026
Total other income and expenses		9,524		72,502		—		(8,996,523)		(8,914,497)
Net income (loss)	$	7,369,647	$	2,499,743	$	44,576	$	(12,394,329)	$	(2,480,363)

For the nine months ended September 30, 2014:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	13,350,242	$	2,345,565	$	6,356	$	—	$	15,702,163
Interest income on receivables		522,994		—		—		—		522,994
Total revenue		13,873,236		2,345,565		6,356		—		16,225,157
Expenses
Management fees to affiliate		432,603		77,004		96		—		509,703
Property operating		6,721		15,084		—		—		21,805
General and administrative		30,372		1,473		—		547,783		579,628
Acquisition-related		187,164		48,021		3,200		—		238,385
Amortization		3,656,409		314,594		2,701		—		3,973,704
Impairments		8,450		—		—		—		8,450
Total expenses		4,321,719		456,176		5,997		547,783		5,331,675
Other income and expenses
Interest expense		(34,977)		(8,380)		—		(5,459,414)		(5,502,771)
Unrealized loss on derivatives		—		—		—		(6,393)		(6,393)
Total other income and expenses		(34,977)		(8,380)		—		(5,465,807)		(5,509,164)
Net income (loss)	$	9,516,540	$	1,881,009	$	359	$	(6,013,590)	$	5,384,318

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For the year ended December 31, 2014:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	18,062,939	$	3,323,131	$	15,258	$	—	$	21,401,328
Interest income on receivables		709,030		—		—		—		709,030
Total revenue		18,771,969		3,323,131		15,258		—		22,110,358
Expenses
Management fees to affiliate		538,502		103,480		168		—		642,150
Property operating		9,637		15,083		—		—		24,720
General and administrative		39,003		9,633		—		771,886		820,522
Acquisition-related		421,337		99,278		6,450		—		527,065
Amortization		4,987,872		389,031		5,768		—		5,382,671
Impairments		258,834		—		—		—		258,834
Total expenses		6,255,185		616,505		12,386		771,886		7,655,962
Other income and expenses
Interest expense		(40,619)		(10,038)		—		(7,781,190)		(7,831,847)
Loss on early extinguishment of debt		—		—		—		(2,905,259)		(2,905,259)
Realized loss on derivatives		—		—		—		(213,181)		(213,181)
Unrealized loss on derivatives		—		—		—		(643,481)		(643,481)
Total other income and expenses		(40,619)		(10,038)		—		(11,543,111)		(11,593,768)
Net income (loss)	$	12,476,165	$	2,696,588	$	2,872	$	(12,314,997)	$	2,860,628

For the year ended December 31, 2013:

	Wireless		Outdoor
	Communication		Advertising		Corporate		Total
Revenue
Rental revenue	$	14,301,591	$	2,355,279	$	—	$	16,656,870
Interest income on receivables		742,185		—		—		742,185
Total revenue		15,043,776		2,355,279		—		17,399,055
Expenses
Management fees to affiliate		467,437		77,471		—		544,908
Property operating		6,454		—		—		6,454
General and administrative		106,840		79,114		536,647		722,601
Acquisition-related		999,745		94,203		—		1,093,948
Amortization		4,224,127		239,997		—		4,464,124
Impairments		1,005,478		—		—		1,005,478
Total expenses		6,810,081		490,785		536,647		7,837,513
Other income and expenses
Interest expense		(54,546)		(11,774)		(5,340,433)		(5,406,753)
Unrealized gain on derivatives		—		—		1,493,041		1,493,041
Total other income and expenses		(54,546)		(11,774)		(3,847,392)		(3,913,712)
Net income (loss)	$	8,179,149	$	1,852,720	$	(4,384,039)	$	5,647,830

F-40

For the year ended December 31, 2012:

	Wireless		Outdoor
	Communication		Advertising		Corporate		Total
Revenue
Rental revenue	$	7,038,852	$	668,254	$	—	$	7,707,106
Interest income on receivables		356,348		—		—		356,348
Total revenue		7,395,200		668,254		—		8,063,454
Expenses
Management fees to affiliate		227,264		21,287		—		248,551
Property operating		26,267		—		—		26,267
General and administrative		1,036		—		190,257		191,293
Acquisition-related		1,296,808		111,469		—		1,408,277
Amortization		1,673,406		65,309		—		1,738,715
Impairments		183,271		—		—		183,271
Total expenses		3,408,052		198,065		190,257		3,796,374
Other income and expenses
Interest expense		(12,024)		(1,796)		(1,944,014)		(1,957,834)
Unrealized loss on derivatives		—		—		(1,226,864)		(1,226,864)
Total other income and expenses		(12,024)		(1,796)		(3,170,878)		(3,184,698)
Net income (loss)	$	3,975,124	$	468,393	$	(3,361,135)	$	1,082,382

The Combined Entities’ total assets by segment were:

	September 30,		December 31,
	2015		2014		2013
Segments
Wireless communication	$	300,657,986	$	254,632,901	$	233,217,358
Outdoor advertising		54,100,567		48,324,327		34,302,982
Renewable Power Generation		3,916,884		391,381		–
Corporate assets		7,011,257		4,346,304		7,463,790
Total Assets	$	365,686,694	$	307,694,913	$	274,984,130

16. Commitments and Contingencies

The Combined Entities’ 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.

There has been significant consolidation in the wireless communication industry over the last several 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 in the wireless industry has led to rationalization of wireless networks and reduced demand for tenant sites. The termination of additional leases in our portfolio would result in lower rental revenue and may lead to impairment of our real property interests or other adverse effects to our business.

As of September 30, 2015, the Combined Entities have approximately $42.3 million of real property interest subject to subordination to lenders of the property. To the extent a lender forecloses on a property the Combined Entities would take impairment charges for the book value of the asset and no longer be entitled to the revenue associated with the asset.

F-41

17. Tenant Concentration

For the nine months ended September 30, 2015 and 2014 and for years ended December 31, 2014, 2013 and 2012, the Combined Entities had the following tenant revenue concentrations:

	Nine Months Ended				Year Ended
	September 30,				December 31,
Tenant	2015		2014		2014		2013		2012
T-Mobile	17.2	%	18.4	%	18.3	%	18.5	%	16.9	%
Verizon	11.4	%	15.1	%	15.0	%	14.8	%	16.0	%
Sprint	12.8	%	13.1	%	13.1	%	13.5	%	17.3	%
AT&T Mobility	13.2	%	12.4	%	12.3	%	13.2	%	14.6	%
Crown Castle	11.4	%	12.3	%	12.3	%	12.3	%	16.1	%

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.

18. Income Taxes

The Partnership is 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. The Partnership’s 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, 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.

19. Supplemental Cash Flow Information

Noncash activities were as follows:

	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013		2012
Purchase price for acquisition of real property interests included in due to Landmark and affiliates	$	—	$	981,966	$	—	$	963,067	$	—
Offering costs included in due to Landmark and affiliates		—		347,807		—		—		—
Accrued offering costs		—		3,367,459		—		—		—
Accrued deferred loan costs		—		657,448		—		—		—
Capital contribution to fund general and administrative expense reimbursement		1,465,040		—		12,349		—		—
Contributions of real property interests by Landmark		101,425		8,196,662		13,824,871		7,304,749		16,047,173
Fair value adjustment of investments in receivables		11,862		—		284,294		—		—

F-42

Cash flows related to interest paid was as follows:

	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013		2012
Cash paid for interest	$	4,846,483	$	4,331,505	$	6,290,506	$	4,260,877	$	1,459,611

20. Subsequent Events

On October 22, 2015, the board of directors of the Partnership’s General Partner declared a quarterly cash distribution of $0.3175 per unit, or $1.27 per unit on an annualized basis, for the quarter ended September 30, 2015.  This distribution represents a 10.4% increase over the Partnership’s minimum quarterly distribution of $0.2875 per unit, and was paid on November 13, 2015 to unitholders of record as of November 3, 2015.

F-43

Landmark Infrastructure Partners LP and Acquired Funds

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
Wireless Communication	Mound House, NV		—		99,655		—		99,655		99,655		—		99,655		—	2012
Wireless Communication	Las Vegas, NV		—		536,086		—		536,086		536,086		—		536,086		—	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
Wireless Communication	Walnut Creek, CA		—		704,628		—		704,628		704,628		—		704,628		—	2013
Outdoor Advertising	Gary, IN		—		118,632		—		118,632		118,632		—		118,632		—	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
Outdoor Advertising	Vadnais Heights, MN		—		390,093		—		390,093		390,093		—		390,093		—	2014
Wireless Communication	Orlando, FL		—		531,266		—		531,266		531,266		—		531,266		—	2014
	Total	$	—	$	7,209,933	$	—	$	7,209,933	$	7,209,933	$	—	$	7,209,933	$	—

F-44

XML

Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Segment Information

Schedule of statement of operations by reportable segment

For the nine months ended September 30, 2015:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	16,156,076	$	3,407,856	$	70,434	$	—	$	19,634,366
Interest income on receivables		605,180		—		—		—		605,180
Total revenue		16,761,256		3,407,856		70,434		—		20,239,546
Expenses
Management fees to affiliate		159,771		50,138		—		—		209,909
Property operating		15,993		3,466		—		—		19,459
General and administrative		—		—		—		2,107,354		2,107,354
Acquisition-related		1,610,137		57,687		—		1,290,452		2,958,276
Amortization		4,489,636		416,176		25,858		—		4,931,670
Impairments		3,125,596		453,148		—		—		3,578,744
Total expenses		9,401,133		980,615		25,858		3,397,806		13,805,412
Other income and expenses
Interest expense		—		—		—		(6,070,326)		(6,070,326)
Loss on early extinguishment of debt		—		—		—		(902,625)		(902,625)
Realized loss on derivatives		—		—		—		—		—
Unrealized loss on derivatives		—		—		—		(2,023,572)		(2,023,572)
Gain on the sale of real property interest		9,524		72,502		—		—		82,026
Total other income and expenses		9,524		72,502		—		(8,996,523)		(8,914,497)
Net income (loss)	$	7,369,647	$	2,499,743	$	44,576	$	(12,394,329)	$	(2,480,363)

For the nine months ended September 30, 2014:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	13,350,242	$	2,345,565	$	6,356	$	—	$	15,702,163
Interest income on receivables		522,994		—		—		—		522,994
Total revenue		13,873,236		2,345,565		6,356		—		16,225,157
Expenses
Management fees to affiliate		432,603		77,004		96		—		509,703
Property operating		6,721		15,084		—		—		21,805
General and administrative		30,372		1,473		—		547,783		579,628
Acquisition-related		187,164		48,021		3,200		—		238,385
Amortization		3,656,409		314,594		2,701		—		3,973,704
Impairments		8,450		—		—		—		8,450
Total expenses		4,321,719		456,176		5,997		547,783		5,331,675
Other income and expenses
Interest expense		(34,977)		(8,380)		—		(5,459,414)		(5,502,771)
Unrealized loss on derivatives		—		—		—		(6,393)		(6,393)
Total other income and expenses		(34,977)		(8,380)		—		(5,465,807)		(5,509,164)
Net income (loss)	$	9,516,540	$	1,881,009	$	359	$	(6,013,590)	$	5,384,318

For the year ended December 31, 2014:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	18,062,939	$	3,323,131	$	15,258	$	—	$	21,401,328
Interest income on receivables		709,030		—		—		—		709,030
Total revenue		18,771,969		3,323,131		15,258		—		22,110,358
Expenses
Management fees to affiliate		538,502		103,480		168		—		642,150
Property operating		9,637		15,083		—		—		24,720
General and administrative		39,003		9,633		—		771,886		820,522
Acquisition-related		421,337		99,278		6,450		—		527,065
Amortization		4,987,872		389,031		5,768		—		5,382,671
Impairments		258,834		—		—		—		258,834
Total expenses		6,255,185		616,505		12,386		771,886		7,655,962
Other income and expenses
Interest expense		(40,619)		(10,038)		—		(7,781,190)		(7,831,847)
Loss on early extinguishment of debt		—		—		—		(2,905,259)		(2,905,259)
Realized loss on derivatives		—		—		—		(213,181)		(213,181)
Unrealized loss on derivatives		—		—		—		(643,481)		(643,481)
Total other income and expenses		(40,619)		(10,038)		—		(11,543,111)		(11,593,768)
Net income (loss)	$	12,476,165	$	2,696,588	$	2,872	$	(12,314,997)	$	2,860,628

For the year ended December 31, 2013:

	Wireless		Outdoor
	Communication		Advertising		Corporate		Total
Revenue
Rental revenue	$	14,301,591	$	2,355,279	$	—	$	16,656,870
Interest income on receivables		742,185		—		—		742,185
Total revenue		15,043,776		2,355,279		—		17,399,055
Expenses
Management fees to affiliate		467,437		77,471		—		544,908
Property operating		6,454		—		—		6,454
General and administrative		106,840		79,114		536,647		722,601
Acquisition-related		999,745		94,203		—		1,093,948
Amortization		4,224,127		239,997		—		4,464,124
Impairments		1,005,478		—		—		1,005,478
Total expenses		6,810,081		490,785		536,647		7,837,513
Other income and expenses
Interest expense		(54,546)		(11,774)		(5,340,433)		(5,406,753)
Unrealized gain on derivatives		—		—		1,493,041		1,493,041
Total other income and expenses		(54,546)		(11,774)		(3,847,392)		(3,913,712)
Net income (loss)	$	8,179,149	$	1,852,720	$	(4,384,039)	$	5,647,830

For the year ended December 31, 2012:

	Wireless		Outdoor
	Communication		Advertising		Corporate		Total
Revenue
Rental revenue	$	7,038,852	$	668,254	$	—	$	7,707,106
Interest income on receivables		356,348		—		—		356,348
Total revenue		7,395,200		668,254		—		8,063,454
Expenses
Management fees to affiliate		227,264		21,287		—		248,551
Property operating		26,267		—		—		26,267
General and administrative		1,036		—		190,257		191,293
Acquisition-related		1,296,808		111,469		—		1,408,277
Amortization		1,673,406		65,309		—		1,738,715
Impairments		183,271		—		—		183,271
Total expenses		3,408,052		198,065		190,257		3,796,374
Other income and expenses
Interest expense		(12,024)		(1,796)		(1,944,014)		(1,957,834)
Unrealized loss on derivatives		—		—		(1,226,864)		(1,226,864)
Total other income and expenses		(12,024)		(1,796)		(3,170,878)		(3,184,698)
Net income (loss)	$	3,975,124	$	468,393	$	(3,361,135)	$	1,082,382

Schedule of total assets by reportable segment

	September 30,		December 31,
	2015		2014		2013
Segments
Wireless communication	$	300,657,986	$	254,632,901	$	233,217,358
Outdoor advertising		54,100,567		48,324,327		34,302,982
Renewable Power Generation		3,916,884		391,381		–
Corporate assets		7,011,257		4,346,304		7,463,790
Total Assets	$	365,686,694	$	307,694,913	$	274,984,130

XML

Investments in Receivables (Details) - USD ($)		9 Months Ended		12 Months Ended
	Nov. 19, 2014	Sep. 30, 2015	Sep. 30, 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		$ 605,180	$ 522,994	$ 709,030	$ 742,185	$ 356,348
Activity in investments in receivables
Investments in receivables - beginning		8,665,274	9,085,281	9,085,281	9,743,976
Acquisitions		130,200
Fair value adjustment		11,862		284,294
Impairments				(4,465)	(25,304)
Repayment of receivables		(523,608)	(596,926)	(751,735)	(702,368)	(267,373)
Interest accretion		21,450	$ 49,356	51,899	68,977	49,978
Investments in receivables - ending		$ 8,305,178		8,665,274	$ 9,085,281	$ 9,743,976
Annual amounts of investments in receivables due
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

Acquisitions (Balance Sheet) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Nov. 18, 2014	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets
Land	$ 8,262,784	$ 7,209,933			$ 3,354,119
Real property interests	344,151,652	285,411,441			251,760,134
Total land and real property interests	352,414,436	292,621,374			255,114,253
Accumulated amortization of real property interests	(12,387,800)	(8,507,384)			(3,942,232)
Land and net real property interests	340,026,636	284,113,990			251,172,021
Investments in receivables, net	8,305,178	8,665,274			9,085,281	$ 9,743,976
Cash and cash equivalents	273,090	311,108		$ 477,268	1,037,327	25,248,137	$ 158,559
Rent receivables, net	763,743	212,015			152,287
Due from Landmark and affiliates	2,111,822	659,722			648,701
Deferred loan cost, net	4,016,540	5,320,093		$ 657,448	5,318,485
Deferred rent receivable	678,768	483,638			234,245
Derivative assets					459,278
Other intangible assets, net	9,360,484	7,529,851			6,876,505
Other assets	150,433	399,222
Total assets	365,686,694	307,694,913			274,984,130
Liabilities and equity
Revolving credit facility	164,500,000	74,000,000
Secured debt facility	39,704,988	70,782,005			139,635,210
Accounts payable and accrued liabilities	635,324	279,458			1,036,830
Due to Landmark and affiliates					583,689
Other intangible liabilities, net	12,159,001	10,524,814			9,113,511
Prepaid rent	3,039,957	2,540,067			2,068,155
Derivative liabilities	2,400,877	377,304			193,101
Total liabilities	$ 222,440,147	$ 158,503,648			$ 152,630,496
Commitments and contingencies
Equity	$ 143,246,547	$ 149,191,265	$ 129,523,472		$ 122,353,634	$ 135,493,312	$ 42,358,511
Total liabilities and equity	365,686,694	307,694,913			274,984,130
Landmark, General Partner and affiliates
Assets
Land	8,262,784	7,209,933			3,354,119
Real property interests	344,151,652	285,411,441			251,760,134
Total land and real property interests	352,414,436	292,621,374			255,114,253
Accumulated amortization of real property interests	(12,387,800)	(8,507,384)			(3,942,232)
Land and net real property interests	340,026,636	284,113,990			251,172,021
Investments in receivables, net	8,305,178	8,665,274			9,085,281
Cash and cash equivalents	273,090	311,108			1,037,327
Rent receivables, net	763,743	212,015			152,287
Due from Landmark and affiliates	2,111,822	659,722			648,701
Deferred loan cost, net	4,016,540	5,320,093			5,318,485
Deferred rent receivable	678,768	483,638			234,245
Derivative assets					459,278
Other intangible assets, net	9,360,484	7,529,851			6,876,505
Other assets	150,433	399,222
Total assets	365,686,694	307,694,913			274,984,130
Liabilities and equity
Revolving credit facility	164,500,000	74,000,000
Secured debt facility	39,704,988	70,782,005			139,635,210
Accounts payable and accrued liabilities	635,324	279,458			1,036,830
Due to Landmark and affiliates					583,689
Other intangible liabilities, net	12,159,001	10,524,814			9,113,511
Prepaid rent	3,039,957	2,540,067			2,068,155
Derivative liabilities	2,400,877	377,304			193,101
Total liabilities	222,440,147	158,503,648			152,630,496
Equity	143,246,547	149,191,265			122,353,634
Total liabilities and equity	365,686,694	307,694,913			274,984,130
Landmark, General Partner and affiliates | As Previously Reported November 5 2015
Assets
Land	6,977,145
Real property interests	290,301,565
Total land and real property interests	297,278,710
Accumulated amortization of real property interests	(10,390,300)
Land and net real property interests	286,888,410
Investments in receivables, net	8,305,178
Cash and cash equivalents	273,090
Rent receivables, net	741,504
Due from Landmark and affiliates	2,111,822
Deferred loan cost, net	2,976,610
Deferred rent receivable	499,139
Other intangible assets, net	8,099,980
Other assets	150,433
Total assets	310,046,166
Liabilities and equity
Revolving credit facility	164,500,000
Accounts payable and accrued liabilities	505,729
Other intangible liabilities, net	10,742,540
Prepaid rent	2,617,307
Derivative liabilities	2,218,717
Total liabilities	180,584,293
Equity	129,461,873
Total liabilities and equity	310,046,166
Landmark, General Partner and affiliates | As Previously Reported, December 2 2015
Assets
Land		5,924,294			2,599,745
Real property interests		231,561,354			210,709,364
Total land and real property interests		237,485,648			213,309,109
Accumulated amortization of real property interests		(7,135,676)			(3,347,829)
Land and net real property interests		230,349,972			209,961,280
Investments in receivables, net		8,665,274			9,085,281
Cash and cash equivalents		311,108			1,037,327
Rent receivables, net		123,767			144,771
Due from Landmark and affiliates		659,722			648,701
Deferred loan cost, net		3,985,227			4,218,770
Deferred rent receivable		344,162			191,488
Derivative assets					455,561
Other intangible assets, net		6,101,048			5,611,105
Other assets		399,222
Total assets		250,939,502			231,354,284
Liabilities and equity
Revolving credit facility		74,000,000
Secured debt facility		29,707,558			114,280,724
Accounts payable and accrued liabilities		141,508			945,664
Due to Landmark and affiliates					583,689
Other intangible liabilities, net		8,938,034			7,863,355
Prepaid rent		2,029,542			1,762,792
Derivative liabilities		308,899			193,101
Total liabilities		115,125,541			125,629,325
Equity		135,813,961			105,724,959
Total liabilities and equity		250,939,502			231,354,284
Fund C | Landmark, General Partner and affiliates | Acquisition from related party
Assets
Land	635,741	635,741			635,741
Real property interests	22,729,545	22,729,545			19,719,254
Total land and real property interests	23,365,286	23,365,286			20,354,995
Accumulated amortization of real property interests	(991,745)	(710,517)			(346,049)
Land and net real property interests	22,373,541	22,654,769			20,008,946
Rent receivables, net	22	15,419			819
Deferred loan cost, net	273,170	421,137			524,306
Deferred rent receivable	5,027	3,975			2,572
Derivative assets					3,717
Other intangible assets, net	494,461	562,580			568,063
Total assets	23,146,221	23,657,880			21,108,423
Liabilities and equity
Secured debt facility	15,175,137	16,064,777			13,772,601
Accounts payable and accrued liabilities	49,639	54,002			69,834
Other intangible liabilities, net	643,800	730,906			705,415
Prepaid rent	138,725	161,034			135,746
Derivative liabilities	99,899	13,034
Total liabilities	16,107,200	17,023,753			14,683,596
Equity	7,039,021	6,634,127			6,424,827
Total liabilities and equity	23,146,221	23,657,880			21,108,423
Fund F | Landmark, General Partner and affiliates | Acquisition from related party
Assets
Land	649,898	649,898			118,633
Real property interests	31,120,542	31,120,542			21,331,516
Total land and real property interests	31,770,440	31,770,440			21,450,149
Accumulated amortization of real property interests	(1,005,755)	(661,191)			(248,354)
Land and net real property interests	30,764,685	31,109,249			21,201,795
Rent receivables, net	22,217	72,829			6,697
Deferred loan cost, net	766,760	913,729			575,409
Deferred rent receivable	174,602	135,501			40,185
Other intangible assets, net	766,043	866,223			697,337
Total assets	32,494,307	33,097,531			22,521,423
Liabilities and equity
Secured debt facility	24,529,851	25,009,670			11,581,885
Accounts payable and accrued liabilities	79,956	83,948			21,332
Other intangible liabilities, net	772,661	855,874			544,741
Prepaid rent	283,925	349,491			169,617
Derivative liabilities	82,261	55,371
Total liabilities	25,748,654	26,354,354			12,317,575
Equity	6,745,653	6,743,177			10,203,848
Total liabilities and equity	$ 32,494,307	$ 33,097,531			$ 22,521,423

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Debt (Details) - USD ($)					9 Months Ended		12 Months Ended
	Nov. 19, 2015	Aug. 18, 2015	Jun. 03, 2015	Nov. 19, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 18, 2014	Jun. 03, 2014
Debt
Annual commitment fee				25.00%
Amount outstanding					$ 164,500,000		$ 74,000,000
Debt interest expense					6,070,326	$ 5,502,771	7,831,847	$ 5,406,753	$ 1,957,834
Interest payable					176,097		43,905	94,905
Deferred loan costs incurred							2,905,259
Deferred loan costs amortization					1,100,006	1,138,729	1,545,605	1,107,771	350,258
Revolving Credit Facility [Member]
Debt
Borrowing capacity				$ 190,000,000	164,500,000						$ 250,000,000
Maximum borrowing capacity increase			$ 60,000,000
Amount outstanding				$ 75,000,000						$ 94,200,000
Undrawn borrowing capacity					85,500,000
Base rate option | Federal funds rate | Revolving Credit Facility [Member]
Debt
Additional margin				0.50%
Base rate option | One month LIBOR | Revolving Credit Facility [Member]
Debt
Applicable margin				1.50%
LIBOR option | One month LIBOR | Revolving Credit Facility [Member]
Debt
Applicable margin				2.50%
Additional margin				1.00%
Fund E secured debt facility
Debt
Deferred loan costs incurred		$ 902,625
Repayment of debt		$ 29,219,806
Fund E secured debt facility | Landmark Dividend Growth Fund-E LLC | Acquired Assets Predecessor
Debt
Debt interest expense					914,766	877,888	1,218,734	505,396
Deferred loan costs amortization					243,723	190,338	271,732	92,915
Fund E secured debt facility | Landmark Dividend Growth Fund-E LLC
Debt
Amount outstanding							29,707,558
Acquired Funds secured debt facility
Debt
Debt interest expense					1,574,942	1,124,076	1,629,059	1,060,998	481,627
Deferred loan costs amortization					377,317	$ 285,136	409,555	$ 263,504	$ 95,804
Fund C secured debt facility
Debt
Deferred loan costs incurred	$ 200,000
Repayment of debt	15,100,000
Fund C secured debt facility | Landmark Dividend Growth Fund-C LLC
Debt
Amount outstanding					15,175,137		16,064,777
Fund F secured debt facility
Debt
Deferred loan costs incurred	700,000
Repayment of debt	$ 24,500,000
Fund F secured debt facility | Landmark Dividend Growth Fund-F LLC
Debt
Amount outstanding					$ 24,529,851		$ 25,009,670

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Acquisitions (Details)								9 Months Ended
	Nov. 19, 2015 USD ($) site shares	Sep. 21, 2015 USD ($) site	Aug. 18, 2015 USD ($) site shares	Jul. 21, 2015 USD ($) site	Apr. 08, 2015 USD ($) site	Apr. 04, 2015 site	Mar. 04, 2015 USD ($) site	Sep. 30, 2015 USD ($)
Acquisitions
Issuance of units in connection with acquisition | $								$ 31,461,930
Common Unitholders, Public
Acquisitions
Issuance of units in connection with acquisition | $								31,461,930
Landmark, General Partner and affiliates | Acquisition from related party
Acquisitions
Cash consideration | $	$ 19,800,000							$ 169,700,000
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Acquisition from related party
Acquisitions
Cash consideration | $							$ 25,200,000
Portion of purchase price funded by borrowing on credit facility | $							$ 24,000,000
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party
Acquisitions
Number of tenant sites acquired (in sites)							81
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)							41
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)							39
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)							1
73-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party
Acquisitions
Number of tenant sites acquired (in sites)					73
Cash consideration | $					$ 22,100,000
73-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)					45
73-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)					28
100-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party
Acquisitions
Number of tenant sites acquired (in sites)				100
100-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)				81
100-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)				16
100-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)				3		21,500,000
Cash consideration | $				$ 35,700,000
Portion of purchase price funded by borrowing on credit facility | $				$ 35,500,000
193-site acquisition | Landmark Dividend Growth Fund-E LLC
Acquisitions
Number of tenant sites acquired (in sites)			193
193-site acquisition | LD Acquisition Company 11 LLC | Acquisition from related party
Acquisitions
Number of tenant sites acquired (in sites)			193
Number of common units exchanged in acquisition | shares			1,998,852
Issuance of units in connection with acquisition | $			$ 31,500,000
Cash consideration | $			34,900,000
Repayment of indebtedness | $			$ 29,200,000
193-site acquisition | LD Acquisition Company 11 LLC | Acquisition from related party | Common Unitholders, Public
Acquisitions
Number of common units exchanged in acquisition | shares			171,737
193-site acquisition | LD Acquisition Company 11 LLC | Acquisition from related party | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)			135
193-site acquisition | LD Acquisition Company 11 LLC | Acquisition from related party | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)			57
193-site acquisition | LD Acquisition Company 11 LLC | Acquisition from related party | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)			1
65-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party
Acquisitions
Number of tenant sites acquired (in sites)		65
Cash consideration | $		$ 20,300,000
Portion of purchase price funded by borrowing on credit facility | $		$ 20,000,000
65-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)		50
65-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)		13
65-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)		2
72-site acquisition | Landmark, General Partner and affiliates | Acquisition from related party | Common Unitholders, Public
Acquisitions
Number of common units exchanged in acquisition | shares	123,405
Issuance of units in connection with acquisition | $	$ 1,900,000
72-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party
Acquisitions
Number of tenant sites acquired (in sites)	72
Issuance of units in connection with acquisition | $	$ 13,000,000
Cash consideration | $	17,300,000
Repayment of indebtedness | $	$ 15,100,000
72-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)	67
72-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)	5
72-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Renewable Power Generation
Acquisitions
Number of common units exchanged in acquisition | shares	847,260
136-site acquisition | Landmark, General Partner and affiliates | Acquisition from related party | Common Unitholders, Public
Acquisitions
Number of common units exchanged in acquisition | shares	217,133
Issuance of units in connection with acquisition | $	$ 3,300,000
136-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party
Acquisitions
Number of tenant sites acquired (in sites)	136
Number of common units exchanged in acquisition | shares	1,266,317
Issuance of units in connection with acquisition | $	$ 19,500,000
Cash consideration | $	25,000,000
Repayment of indebtedness | $	$ 24,500,000
136-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)	99
136-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo") | Acquisition from related party | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)	37

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Future Minimum Rents (Tables)

9 Months Ended

Sep. 30, 2015

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	$	2,808,032
2016		3,199,610
2017		3,197,177
2018		3,114,037
2019		2,997,427
Thereafter		28,804,961
Total	$	44,121,244

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Unit-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2014 $ / yr shares
Landmark Infrastructure Partners LP 2014 Long-Term Incentive Plan (the "LTIP") | Common Unitholders, Public
Unit-Based Compensation
Initial limit on the number of units that may be delivered pursuant to vested awards (in shares) | shares	785,000
Annual increase in the number of units that may be delivered pursuant to vested awards, maximum (in shares) | 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
Unit-Based Compensation
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
Unit-Based Compensation
Additional annualized compensation, payable in cash (in dollars per year)	10,000

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Income Taxes

9 Months Ended

Sep. 30, 2015

Income Taxes

Income Taxes

18. Income Taxes

The Partnership is 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. The Partnership’s 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, 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.

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Real Property Interests (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Property Interests
Land	$ 8,262,784	$ 7,209,933	$ 3,354,119
Real property interests - perpetual	85,756,805	75,926,262	68,728,763
Real property interests - non-perpetual	258,394,847	209,485,179	183,031,371
Total land and real property interests	352,414,436	292,621,374	255,114,253
Accumulated amortization of real property interests	(12,387,800)	(8,507,384)	(3,942,232)
Land and net real property interests	$ 340,026,636	$ 284,113,990	$ 251,172,021

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Organization - IPO (Details) - shares			9 Months Ended
	May. 20, 2015	Nov. 19, 2014	Sep. 30, 2015	Aug. 18, 2015	Dec. 31, 2014
Initial public offering and formation transactions
Number of units held			12,841,676		7,837,774
Common Unitholders, Public
Initial public offering and formation transactions
Number of units held			9,706,567		4,702,665
Common Unitholders, Public | Landmark, General Partner and affiliates
Initial public offering and formation transactions
Number of units held			171,737	171,737
Subordinated Unitholder, Landmark
Initial public offering and formation transactions
Number of units held			3,135,109		3,135,109
IPO, Public
Initial public offering and formation transactions
Units issued			3,000,000
IPO, Public | Common Unitholders, Public
Initial public offering and formation transactions
Units issued	3,000,000	2,750,000	3,000,000
IPO, Public | Subordinated Unitholder, Landmark
Initial public offering and formation transactions
Units issued			0
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

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Net Income (Loss) Per Limited Partner Unit (Tables)

9 Months Ended

Sep. 30, 2015

Net Income (Loss) Per Limited Partner Unit

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

			Landmark
	Landmark		Infrastructure				Landmark
	Infrastructure		Partners LP		Acquired		Infrastructure
	Partners LP		Predecessor		Funds		Partners LP
	Period From		Period From		Period From
	November 19, 2014 to		January 1, 2014 to		January 1, 2014 to		Year Ended
	December 31, 2014		November 18, 2014		December 31, 2014		December 31, 2014
Total revenue	$	1,680,771	$	16,479,148	$	3,950,439	$	22,110,358
Total expenses		(823,363)		(5,612,098)		(1,220,501)		(7,655,962)
Total other income and expenses		(3,555,756)		(6,336,831)		(1,701,181)		(11,593,768)
Net income (loss)	$	(2,698,348)	$	4,530,219	$	1,028,757	$	2,860,628

Calculation of net loss per unit

	Nine months ended September 30, 2015				Year ended December 31, 2014
	Common Units		Subordinated Units		Common Units		Subordinated Units
Net loss attributable to partners subsequent to initial public offering:
Distribution declared	$	6,851,301	$	2,892,138	$	632,174	$	421,359
Undistributed net loss		(7,718,662)		(4,078,268)		(2,251,183)		(1,500,698)
Net loss attributable to partners	$	(867,361)	$	(1,186,130)	$	(1,619,009)	$	(1,079,339)
Weighted-average units outstanding:
Basic and diluted		6,500,519		3,135,109		4,702,665		3,135,109
Net loss per limited partner unit:
Basic and diluted	$	(0.13)	$	(0.38)	$	(0.34)	$	(0.34)

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Other Intangible Assets and Liabilities (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Intangible Assets
Net amount	$ 9,360,484		$ 7,529,851	$ 6,876,505
Acquired below-market leases
Below market lease intangibles	(15,519,478)		(12,659,658)	(10,087,779)
Accumulated amortization	3,360,477		2,134,844	974,268
Net amount	(12,159,001)		(10,524,814)	(9,113,511)
Amortization recorded
Net amortization of above and below-market lease intangibles	967,958	$ 619,062	847,998	630,801	$ 271,334
Amortization expense	871,935	$ 580,516	793,926	621,330	$ 325,783
Future amortization of acquired below-market leases
2015			(1,295,078)
2016			(1,265,438)
2017			(1,227,329)
2018			(1,219,304)
2019			(1,176,413)
Thereafter			(4,341,252)
Net amount	(12,159,001)		(10,524,814)	(9,113,511)
Acquired in-place leases
Other Intangible Assets
Gross amount	9,396,660		7,640,351	6,628,824
Accumulated amortization	(2,293,151)		(1,437,382)	(648,963)
Net amount	7,103,509		6,202,969	5,979,861
Future amortization of lease intangibles
2015			815,355
2016			785,080
2017			747,967
2018			718,813
2019			692,237
Thereafter			2,443,517
Acquired above-market leases
Other Intangible Assets
Gross amount	3,191,725		1,963,504	1,220,688
Accumulated amortization	(934,750)		(636,622)	(324,044)
Net amount	$ 2,256,975		1,326,882	$ 896,644
Future amortization of lease intangibles
2015			304,876
2016			237,633
2017			169,143
2018			114,629
2019			99,107
Thereafter			$ 401,494

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Subsequent Events (Details) - $ / shares					9 Months Ended	12 Months Ended
	Oct. 22, 2015	Jul. 21, 2015	Apr. 23, 2015	Jan. 26, 2015	Sep. 30, 2015	Dec. 31, 2014
Subsequent Event
Cash distribution declared per unit (in dollars per share)	$ 0.3175	$ 0.3075	$ 0.2975	$ 0.1344	$ 0.9225	$ 0.1344
Quarterly distribution declared per unit , on an annualized basis (in dollars per share)	1.27
Minimum quarterly distribution per unit (in dollars per share)	0.2875				$ 0.2875
Subsequent event
Subsequent Event
Cash distribution declared per unit (in dollars per share)	0.3175
Quarterly distribution declared per unit , on an annualized basis (in dollars per share)	$ 1.27
Change in per unit distribution declared (as a percent)	10.40%

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RelatedParty Transactions (Details)			9 Months Ended		12 Months Ended
	Nov. 19, 2015 site	Aug. 18, 2015 site	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($) $ / property item $ / yr	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
RelatedParty Transactions
Due to Landmark and affiliates						$ 583,689
Due from Landmark and affiliates			$ 2,111,822		$ 659,722	648,701
Management fees | Acquired Funds
RelatedParty Transactions
Management fees prior to acquisition			118,259	$ 103,401	142,821	94,446	$ 37,222
Landmark, General Partner and affiliates
RelatedParty Transactions
Due to Landmark and affiliates						583,689
Due from Landmark and affiliates			2,111,822		659,722	648,701
Landmark, General Partner and affiliates | Capped reimbursement for certain general and administrative expenses
RelatedParty Transactions
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) | item					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
RelatedParty Transactions
Management fee per asset per month (in dollars per property) | $ / property					45
Expense from related party			209,909	509,703	$ 642,150	544,908	248,551
American Infrastructure Funds | Management fees
RelatedParty Transactions
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
RelatedParty Transactions
Fee for second year of agreement (in dollars per year) | $ / yr					50,000
Minimum fee each year starting in third year of agreement (in dollars per year) | $ / yr					100,000
Landmark Dividend Growth Fund-E LLC | 193-site acquisition
RelatedParty Transactions
Number of tenant sites acquired (in sites) | site		193
Landmark Dividend Growth Fund-E LLC | Capped reimbursement for certain general and administrative expenses
RelatedParty Transactions
Reimbursement of expenses that exceeded the cap			1,465,040
Landmark Dividend Growth Fund-E LLC | Management fees
RelatedParty Transactions
Management fee per asset per month (in dollars per property) | $ / property					65
Management fees prior to acquisition			$ 91,650	$ 100,256	$ 136,834	$ 79,837	$ 2,238
Landmark Dividend Growth Fund-C LLC | 72-site acquisition
RelatedParty Transactions
Number of tenant sites acquired (in sites) | site	72
Landmark Dividend Growth Fund-C LLC | Management fees
RelatedParty Transactions
Management fee per asset per month (in dollars per property) | $ / property					45
Landmark Dividend Growth Fund-F LLC | 136-site acquisition
RelatedParty Transactions
Number of tenant sites acquired (in sites) | site	136
Landmark Dividend Growth Fund-F LLC | Management fees
RelatedParty Transactions
Management fee per asset per month (in dollars per property) | $ / property					75

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Acquisitions (Operations) (Details) - USD ($)	1 Months Ended		9 Months Ended		11 Months Ended	12 Months Ended
	Dec. 31, 2014	Nov. 18, 2014	Sep. 30, 2015	Sep. 30, 2014	Nov. 18, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue
Rental revenue			$ 19,634,366	$ 15,702,163		$ 21,401,328	$ 16,656,870	$ 7,707,106
Interest income on receivables			605,180	522,994		709,030	742,185	356,348
Total revenue	$ 1,680,771		20,239,546	16,225,157		22,110,358	17,399,055	8,063,454
Expenses
Management fees to affiliate			209,909	509,703		642,150	544,908	248,551
Property operating			19,459	21,805		24,720	6,454	26,267
General and administrative			2,107,354	579,628		820,522	722,601	191,293
Acquisition-related			2,958,276	238,385		527,065	1,093,948	1,408,277
Amortization			4,931,670	3,973,704		5,382,671	4,464,124	1,738,715
Impairments			3,578,744	8,450		258,834	1,005,478	183,271
Total expenses	823,363		13,805,412	5,331,675		7,655,962	7,837,513	3,796,374
Interest expense			(6,070,326)	(5,502,771)		(7,831,847)	(5,406,753)	(1,957,834)
Loss on early extinguishment of debt			(902,625)			(2,905,259)
Unrealized loss on derivatives			(2,023,572)	(6,393)		(643,481)	1,493,041	(1,226,864)
Realized loss on derivative						(213,181)
Total other income and expenses	(3,555,756)		(8,914,497)	(5,509,164)		(11,593,768)	(3,913,712)	(3,184,698)
Net income (loss)	(2,698,348)	$ 5,558,976	(2,480,363)	5,384,318		2,860,628	5,647,830	1,082,382
Less: Net income (loss) attributable to Predecessor			426,872	(5,384,318)		(5,558,976)	(5,647,830)	(1,082,382)
Net loss attributable to partners	$ (2,698,348)		(2,053,491)			(2,698,348)
Landmark Infrastructure Partners LP
Revenue
Rental revenue						21,401,328	16,656,870	7,707,106
Interest income on receivables						709,030	742,185	356,348
Total revenue						22,110,358	17,399,055	8,063,454
Expenses
Management fees to affiliate						642,150	544,908	248,551
Property operating						24,720	6,454	26,267
General and administrative						820,522	722,601	191,293
Acquisition-related						527,065	1,093,948	1,408,277
Amortization						5,382,671	4,464,124	1,738,715
Impairments						258,834	1,005,478	183,271
Total expenses						7,655,962	7,837,513	3,796,374
Interest expense						(7,831,847)	(5,406,753)	(1,957,834)
Loss on early extinguishment of debt						(2,905,259)
Unrealized loss on derivatives						(643,481)	1,493,041	(1,226,864)
Realized loss on derivative						(213,181)
Total other income and expenses						(11,593,768)	(3,913,712)	(3,184,698)
Net income (loss)						2,860,628	5,647,830	1,082,382
Less: Net income (loss) attributable to Predecessor						5,558,976
Net loss attributable to partners						(2,698,348)
Landmark Infrastructure Partners LP | As Previously Reported November 5 2015
Revenue
Rental revenue			16,300,304	12,860,421
Interest income on receivables			605,180	522,994
Total revenue			16,905,484	13,383,415
Expenses
Management fees to affiliate			91,650	406,302
Property operating			19,459	21,805
General and administrative			2,107,354	579,628
Acquisition-related			2,958,276	106,484
Amortization			4,176,426	3,294,849
Impairments			3,578,744	8,450
Total expenses			12,931,909	4,417,518
Interest expense			(4,495,384)	(4,378,694)
Loss on early extinguishment of debt			(902,625)
Unrealized loss on derivatives			(1,909,817)	(6,393)
Realized loss on derivative			82,026
Total other income and expenses			(7,225,800)	(4,385,087)
Net income (loss)			(3,252,225)	4,580,810
Less: Net income (loss) attributable to Predecessor			(1,198,734)
Net loss attributable to partners			(2,053,491)
Landmark Infrastructure Partners LP | As Previously Reported, December 2 2015
Revenue
Rental revenue						17,450,889	14,012,109	6,483,815
Interest income on receivables						709,030	742,185	356,348
Total revenue						18,159,919	14,754,294	6,840,163
Expenses
Management fees to affiliate						499,329	450,462	211,329
Property operating						24,720	6,454	26,267
General and administrative						820,522	722,601	191,293
Acquisition-related						379,988	865,543	1,118,648
Amortization						4,452,068	3,791,440	1,452,015
Impairments						258,834	1,005,478	183,271
Total expenses						6,435,461	6,841,978	3,182,823
Interest expense						(6,202,788)	(4,345,755)	(1,476,207)
Loss on early extinguishment of debt						(2,905,259)
Unrealized loss on derivatives						(571,359)	1,279,176	(1,016,716)
Realized loss on derivative						(213,181)
Total other income and expenses						(9,892,587)	(3,066,579)	(2,492,923)
Net income (loss)						1,831,871	4,845,737	1,164,417
Less: Net income (loss) attributable to Predecessor						4,530,219
Net loss attributable to partners						(2,698,348)
Fund C | Landmark, General Partner and affiliates | Acquisition from related party
Revenue
Rental revenue			1,366,183	1,255,033		1,708,022	1,505,912	1,169,841
Total revenue			1,366,183	1,255,033		1,708,022	1,505,912	1,169,841
Expenses
Management fees to affiliate			29,159	28,272		37,992	35,100	33,962
Acquisition-related							8,958	84,568
Amortization			334,059	321,360		432,713	393,453	263,933
Total expenses			363,218	349,632		470,705	437,511	382,463
Interest expense			(612,631)	(568,198)		(756,469)	(737,518)	(481,627)
Unrealized loss on derivatives			(86,866)			(16,751)	213,865	(210,148)
Total other income and expenses			(699,497)	(568,198)		(773,220)	(523,653)	(691,775)
Net income (loss)			303,468	337,203		464,097	544,748	95,603
Less: Net income (loss) attributable to Predecessor			303,468			464,097
Fund F | Landmark, General Partner and affiliates | Acquisition from related party
Revenue
Rental revenue			1,967,879	1,586,709		2,242,417	1,138,849	53,450
Total revenue			1,967,879	1,586,709		2,242,417	1,138,849	53,450
Expenses
Management fees to affiliate			89,100	75,129		104,829	59,346	3,260
Acquisition-related				131,901		147,077	219,447	205,061
Amortization			421,185	357,495		497,890	279,231	22,767
Total expenses			510,285	564,525		749,796	558,024	231,088
Interest expense			(962,311)	(555,879)		(872,590)	(323,480)
Unrealized loss on derivatives			(26,889)			(55,371)
Total other income and expenses			(989,200)	(555,879)		(927,961)	(323,480)
Net income (loss)			468,394	466,305		564,660	$ 257,345	$ (177,638)
Less: Net income (loss) attributable to Predecessor			468,394			$ 564,660
Landmark Infrastructure Partners LP Predecessor
Revenue
Total revenue					$ 16,479,148
Expenses
Total expenses					5,612,098
Total other income and expenses					(6,336,831)
Net income (loss)					$ 4,530,219
Landmark Infrastructure Partners LP Predecessor | Landmark Infrastructure Partners LP
Revenue
Rental revenue			19,634,366	15,702,163
Interest income on receivables			605,180	522,994
Total revenue			20,239,546	16,225,157
Expenses
Management fees to affiliate			209,909	509,703
Property operating			19,459	21,805
General and administrative			2,107,354	579,628
Acquisition-related			2,958,276	238,385
Amortization			4,931,670	3,973,704
Impairments			3,578,744	8,450
Total expenses			13,805,412	5,331,675
Interest expense			(6,070,326)	(5,502,771)
Loss on early extinguishment of debt			(902,625)
Unrealized loss on derivatives			(2,023,572)	(6,393)
Realized loss on derivative			82,026
Total other income and expenses			(8,914,497)	(5,509,164)
Net income (loss)			(2,480,363)	$ 5,384,318
Less: Net income (loss) attributable to Predecessor			(426,872)
Net loss attributable to partners			$ (2,053,491)

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Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2015

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 Supplemental Consolidated and Combined Financial Statements

For periods presented prior to the IPO, these supplemental consolidated and combined financial statements were derived from the Predecessor combined with the Acquired Funds based on historical results of operations, cash flows, assets and liabilities. As the Acquisitions and the Acquired Funds were deemed to be transactions 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 supplemental financial statements and related notes include the historical results and financial position of the Acquired Assets and the Acquired Funds prior to the acquisition dates 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 Assets during the periods the assets were under common control and the financial position and cash flows of the Acquired Funds. All intercompany transactions and account balances have been eliminated. The supplemental consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Non-financial information such as the number of tenant sites or number of leases is unaudited.

The supplemental consolidated and combined balance sheets of the Predecessor and the Acquired Funds 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 Partnership or the Acquired Funds. The supplemental 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 Partnership, the Contributing Landmark Funds, and the Acquired 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 and the Acquired 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 supplemental 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.

The accompanying unaudited interim supplemental consolidated and combined financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board ("FASB") in the ASC including modifications issued under the Accounting Standards Updates ("ASUs"). The accompanying unaudited supplemental financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. All intercompany transactions and account balances have been eliminated. The unaudited interim supplemental financial statements should be read in conjunction with the annual supplemental combined financial statements included herein and the notes thereto.

The supplemental financial statements have been prepared to comply with the instructions of Regulation S-K, Form S-3 Item 11(b) of the SEC regulations and does not represent the consolidated financial statements of the Partnership prepared in accordance with GAAP.

Use of Estimates

The preparation of the supplemental 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 supplemental 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 Combined Entities apply 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 Level III valuation methods. The most sensitive assumption is the discount rate used to discount the estimated cash flows from the real estate rights.  For purposes of the computation of fair value assigned to the various tangible and intangible assets, the Combined Entities assigned discount rates ranging between 6% and 20%. When determining the fair value of intangible assets acquired, the Combined Entities estimate 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 6% 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 Combined Entities assess 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 Combined Entities. Unobservable inputs are inputs that reflect the Combined Entities’ 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 Combined Entities monitor 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 Combined Entities have experienced no loss or lack of access to cash in the operating accounts.

Accounting for Derivative Financial Instruments and Hedging Activities

The Combined Entities 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 nine months ended September 30, 2015 and 2014 and the years ended December 31, 2014, 2013, 2012, the Partnership recorded allowance on investments in receivables of $0,  $4,465,  $4,465,  $25,304 and $0.

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 Combined Entities recognize 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 nine months ended September 30, 2015 and 2014 and the years ended December 31, 2014, 2013, and 2012, leases obtained by the Combined Entities through acquisition and ownership of real property interests were generally cancelable upon 30‑180 days’ notice by the tenants with no significant penalty. The Combined Entities evaluate 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 Combined Entities recognized $70,238,  $47,008 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. The Partnership’s 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 Combined Entities are 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 Combined Entities encounter 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 Combined Entities’ 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 Combined Entities.

Concentration of Credit Risk

The Combined Entities’ credit risks relate 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 Combined Entities have 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 Combined Entities’ 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 Combined Entities’ do not anticipate nonperformance by any of its counterparties.

The Combined Entities’ 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 Combined Entities’ 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.

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 September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement Period Adjustments (“ASU 2015-16”). In a business combination, ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to disclose, by financial statement line item, the nature and amount for the adjustments and the current period income statement impact related to prior periods. The amendments in this ASU are effective for fiscal years beginning December 15, 2016 and interim periods beginning after December 15, 2017. Early adoption is permitted. The Partnership has early adopted ASU No. 2015-16 and included required disclosure information within Note 4, Real Property Interests.

In April 2015, the FASB issued ASU 2015-06, Earnings Per Share (Topic - 260)—Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (“ASU 2015-06”). ASU 2015-06 provides guidance on the presentation of historical earnings per unit for master limited partnerships that apply the two-class method of calculating earnings per unit. When a general partner transfers or “drops-down” net assets to a master limited partnership and the transaction is accounted for as a transaction between entities under common control, the statements of operations of the master limited partnership are adjusted retroactively to reflect the transaction as if it occurred on the earliest date during which the entities were under common control. ASU 2015-06 specifies that the historical income (losses) of a transferred business before the date of a drop-down transaction should be allocated entirely to the general partner and the previously reported earnings per unit of the limited partners should not change as a result of the drop-down transaction. The amendments in this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, and are required to be applied retroactively for all financial statements presented. Early adoption is permitted. Although we believe we are currently in compliance with this ASU, we will continue to evaluate the impact of the adoption of the ASU on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Partnership is currently in the process of evaluating the impact of adoption of these standards on our consolidated balance sheets and footnote disclosures.

In February 2015, the FASB issued amendments to accounting for consolidation of certain legal entities (“ASU No. 2015-02”). ASU No. 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination.  ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Partnership does not expect the adoption of ASU No. 2015-02 to have a material impact on its financial statements.

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.

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Segment Information (Details)	1 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014 USD ($)	Nov. 18, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($) segment	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Segment Information
Number of reportable segments | segment					3
Revenue
Rental revenue			$ 19,634,366	$ 15,702,163	$ 21,401,328	$ 16,656,870	$ 7,707,106
Interest income on receivables			605,180	522,994	709,030	742,185	356,348
Total revenue	$ 1,680,771		20,239,546	16,225,157	22,110,358	17,399,055	8,063,454
Expenses
Management fees to affiliate			209,909	509,703	642,150	544,908	248,551
Property operating			19,459	21,805	24,720	6,454	26,267
General and administrative			2,107,354	579,628	820,522	722,601	191,293
Acquisition-related			2,958,276	238,385	527,065	1,093,948	1,408,277
Amortization			4,931,670	3,973,704	5,382,671	4,464,124	1,738,715
Impairments			3,578,744	8,450	258,834	1,005,478	183,271
Total expenses	823,363		13,805,412	5,331,675	7,655,962	7,837,513	3,796,374
Other income and expenses
Interest expense			(6,070,326)	(5,502,771)	(7,831,847)	(5,406,753)	(1,957,834)
Loss on early extinguishment of debt			(902,625)		(2,905,259)
Realized loss on derivative					(213,181)
Unrealized loss on derivatives			(2,023,572)	(6,393)	(643,481)	1,493,041	(1,226,864)
Gain on sale of real property interest			82,026
Total other income and expenses	(3,555,756)		(8,914,497)	(5,509,164)	(11,593,768)	(3,913,712)	(3,184,698)
Net income (loss)	(2,698,348)	$ 5,558,976	(2,480,363)	5,384,318	2,860,628	5,647,830	1,082,382
Assets	307,694,913		365,686,694		307,694,913	274,984,130
Operating Segments | Wireless Communication
Revenue
Rental revenue			16,156,076	13,350,242	18,062,939	14,301,591	7,038,852
Interest income on receivables			605,180	522,994	709,030	742,185	356,348
Total revenue			16,761,256	13,873,236	18,771,969	15,043,776	7,395,200
Expenses
Management fees to affiliate			159,771	432,603	538,502	467,437	227,264
Property operating			15,993	6,721	9,637	6,454	26,267
General and administrative				30,372	39,003	106,840	1,036
Acquisition-related			1,610,137	187,164	421,337	999,745	1,296,808
Amortization			4,489,636	3,656,409	4,987,872	4,224,127	1,673,406
Impairments			3,125,596	8,450	258,834	1,005,478	183,271
Total expenses			9,401,133	4,321,719	6,255,185	6,810,081	3,408,052
Other income and expenses
Interest expense				(34,977)	(40,619)	(54,546)	(12,024)
Gain on sale of real property interest			9,524
Total other income and expenses			9,524	(34,977)	(40,619)	(54,546)	(12,024)
Net income (loss)			7,369,647	9,516,540	12,476,165	8,179,149	3,975,124
Assets	254,632,901		300,657,986		254,632,901	233,217,358
Operating Segments | Outdoor Advertising
Revenue
Rental revenue			3,407,856	2,345,565	3,323,131	2,355,279	668,254
Total revenue			3,407,856	2,345,565	3,323,131	2,355,279	668,254
Expenses
Management fees to affiliate			50,138	77,004	103,480	77,471	21,287
Property operating			3,466	15,084	15,083
General and administrative				1,473	9,633	79,114
Acquisition-related			57,687	48,021	99,278	94,203	111,469
Amortization			416,176	314,594	389,031	239,997	65,309
Impairments			453,148
Total expenses			980,615	456,176	616,505	490,785	198,065
Other income and expenses
Interest expense				(8,380)	(10,038)	(11,774)	(1,796)
Gain on sale of real property interest			72,502
Total other income and expenses			72,502	(8,380)	(10,038)	(11,774)	(1,796)
Net income (loss)			2,499,743	1,881,009	2,696,588	1,852,720	468,393
Assets	48,324,327		54,100,567		48,324,327	34,302,982
Operating Segments | Renewable Power Generation
Revenue
Rental revenue			70,434	6,356	15,258
Total revenue			70,434	6,356	15,258
Expenses
Management fees to affiliate				96	168
Acquisition-related				3,200	6,450
Amortization			25,858	2,701	5,768
Total expenses			25,858	5,997	12,386
Other income and expenses
Net income (loss)			44,576	359	2,872
Assets	391,381		3,916,884		391,381
Corporate
Expenses
General and administrative			2,107,354	547,783	771,886	536,647	190,257
Acquisition-related			1,290,452
Total expenses			3,397,806	547,783	771,886	536,647	190,257
Other income and expenses
Interest expense			(6,070,326)	(5,459,414)	(7,781,190)	(5,340,433)	(1,944,014)
Loss on early extinguishment of debt			(902,625)		(2,905,259)
Realized loss on derivative					(213,181)
Unrealized loss on derivatives			(2,023,572)	(6,393)	(643,481)	1,493,041	(1,226,864)
Total other income and expenses			(8,996,523)	(5,465,807)	(11,543,111)	(3,847,392)	(3,170,878)
Net income (loss)			(12,394,329)	$ (6,013,590)	(12,314,997)	(4,384,039)	$ (3,361,135)
Assets	$ 4,346,304		$ 7,011,257		$ 4,346,304	$ 7,463,790

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Organization - Acquisition (Details) - Acquisition from related party $ in Millions							9 Months Ended
	Nov. 19, 2015 USD ($) site shares	Sep. 21, 2015 USD ($) site	Jul. 21, 2015 USD ($) site	Apr. 08, 2015 USD ($) site	Apr. 04, 2015 site	Mar. 04, 2015 USD ($) site	Sep. 30, 2015 USD ($) site
Landmark, General Partner and affiliates
Cash consideration | $	$ 19.8						$ 169.7
The 81 tenant sites and related real property interests acquired on March 4, 2015.
Cash consideration | $						$ 25.2
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)						81
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Wireless Communication | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)						41
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Outdoor Advertising | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)						39
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Renewable Power Generation | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)						1
73-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)				73
Cash consideration | $				$ 22.1
73-site acquisition | Wireless Communication | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)				45
73-site acquisition | Outdoor Advertising | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)				28
72-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)	72
Cash consideration | $	$ 17.3
72-site acquisition | Fund C | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)	72
Number of common units exchanged in acquisition | shares	847,260
Cash consideration | $	$ 17.3
72-site acquisition | Wireless Communication | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)	67
72-site acquisition | Outdoor Advertising | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)	5
72-site acquisition | Renewable Power Generation | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of common units exchanged in acquisition | shares	847,260
136-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)	136
Number of common units exchanged in acquisition | shares	1,266,317
Cash consideration | $	$ 25.0
136-site acquisition | Acquired Funds | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of common units exchanged in acquisition | shares	1,266,317
Cash consideration | $	$ 25.0
136-site acquisition | Fund F | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)	136
136-site acquisition | Wireless Communication | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)	99
136-site acquisition | Outdoor Advertising | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)	37
512 -site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)							512
Cash consideration | $							$ 169.7
100-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)			100
100-site acquisition | Wireless Communication | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)			81
100-site acquisition | Outdoor Advertising | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)			16
100-site acquisition | Renewable Power Generation | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)			3		21,500,000
Cash consideration | $			$ 35.7
65-site acquisition | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)		65
Cash consideration | $		$ 20.3
65-site acquisition | Wireless Communication | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)		50
65-site acquisition | Outdoor Advertising | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)		13
65-site acquisition | Renewable Power Generation | Landmark Infrastructure Holding Company LLC ("HoldCo")
Number of tenant sites acquired (in sites)		2

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

9 Months Ended

Sep. 30, 2015

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 Supplemental Consolidated and Combined Financial Statements

For periods presented prior to the IPO, these supplemental consolidated and combined financial statements were derived from the Predecessor combined with the Acquired Funds based on historical results of operations, cash flows, assets and liabilities. As the Acquisitions and the Acquired Funds were deemed to be transactions 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 supplemental financial statements and related notes include the historical results and financial position of the Acquired Assets and the Acquired Funds prior to the acquisition dates 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 Assets during the periods the assets were under common control and the financial position and cash flows of the Acquired Funds. All intercompany transactions and account balances have been eliminated. The supplemental consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Non-financial information such as the number of tenant sites or number of leases is unaudited.

The supplemental consolidated and combined balance sheets of the Predecessor and the Acquired Funds 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 Partnership or the Acquired Funds. The supplemental 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 Partnership, the Contributing Landmark Funds, and the Acquired 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 and the Acquired 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 supplemental 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.

The accompanying unaudited interim supplemental consolidated and combined financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board ("FASB") in the ASC including modifications issued under the Accounting Standards Updates ("ASUs"). The accompanying unaudited supplemental financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. All intercompany transactions and account balances have been eliminated. The unaudited interim supplemental financial statements should be read in conjunction with the annual supplemental combined financial statements included herein and the notes thereto.

The supplemental financial statements have been prepared to comply with the instructions of Regulation S-K, Form S-3 Item 11(b) of the SEC regulations and does not represent the consolidated financial statements of the Partnership prepared in accordance with GAAP.

Use of Estimates

Use of Estimates

The preparation of the supplemental 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 supplemental 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 Combined Entities apply 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 Level III valuation methods. The most sensitive assumption is the discount rate used to discount the estimated cash flows from the real estate rights.  For purposes of the computation of fair value assigned to the various tangible and intangible assets, the Combined Entities assigned discount rates ranging between 6% and 20%. When determining the fair value of intangible assets acquired, the Combined Entities estimate 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 6% 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 Combined Entities assess 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 Combined Entities. Unobservable inputs are inputs that reflect the Combined Entities’ 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 Combined Entities monitor 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 Combined Entities have 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 Combined Entities 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 nine months ended September 30, 2015 and 2014 and the years ended December 31, 2014, 2013, 2012, the Partnership recorded allowance on investments in receivables of $0,  $4,465,  $4,465,  $25,304 and $0.

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 Combined Entities recognize 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 nine months ended September 30, 2015 and 2014 and the years ended December 31, 2014, 2013, and 2012, leases obtained by the Combined Entities through acquisition and ownership of real property interests were generally cancelable upon 30‑180 days’ notice by the tenants with no significant penalty. The Combined Entities evaluate 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 Combined Entities recognized $70,238,  $47,008 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. The Partnership’s 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

Risk Management

The Combined Entities are 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 Combined Entities encounter 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 Combined Entities’ 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 Combined Entities.

Concentration of Credit Risk

Concentration of Credit Risk

The Combined Entities’ credit risks relate 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 Combined Entities have 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 Combined Entities’ 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 Combined Entities’ do not anticipate nonperformance by any of its counterparties.

The Combined Entities’ 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 Combined Entities’ position in the real property interest may be subordinate to a mortgage lender on the real property.

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.

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 September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement Period Adjustments (“ASU 2015-16”). In a business combination, ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to disclose, by financial statement line item, the nature and amount for the adjustments and the current period income statement impact related to prior periods. The amendments in this ASU are effective for fiscal years beginning December 15, 2016 and interim periods beginning after December 15, 2017. Early adoption is permitted. The Partnership has early adopted ASU No. 2015-16 and included required disclosure information within Note 4, Real Property Interests.

In April 2015, the FASB issued ASU 2015-06, Earnings Per Share (Topic - 260)—Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (“ASU 2015-06”). ASU 2015-06 provides guidance on the presentation of historical earnings per unit for master limited partnerships that apply the two-class method of calculating earnings per unit. When a general partner transfers or “drops-down” net assets to a master limited partnership and the transaction is accounted for as a transaction between entities under common control, the statements of operations of the master limited partnership are adjusted retroactively to reflect the transaction as if it occurred on the earliest date during which the entities were under common control. ASU 2015-06 specifies that the historical income (losses) of a transferred business before the date of a drop-down transaction should be allocated entirely to the general partner and the previously reported earnings per unit of the limited partners should not change as a result of the drop-down transaction. The amendments in this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, and are required to be applied retroactively for all financial statements presented. Early adoption is permitted. Although we believe we are currently in compliance with this ASU, we will continue to evaluate the impact of the adoption of the ASU on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Partnership is currently in the process of evaluating the impact of adoption of these standards on our consolidated balance sheets and footnote disclosures.

In February 2015, the FASB issued amendments to accounting for consolidation of certain legal entities (“ASU No. 2015-02”). ASU No. 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination.  ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Partnership does not expect the adoption of ASU No. 2015-02 to have a material impact on its financial statements.

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.

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

9 Months Ended

Sep. 30, 2015

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

Landmark Infrastructure Partners LP and Acquired Funds

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
Wireless Communication	Mound House, NV		—		99,655		—		99,655		99,655		—		99,655		—	2012
Wireless Communication	Las Vegas, NV		—		536,086		—		536,086		536,086		—		536,086		—	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
Wireless Communication	Walnut Creek, CA		—		704,628		—		704,628		704,628		—		704,628		—	2013
Outdoor Advertising	Gary, IN		—		118,632		—		118,632		118,632		—		118,632		—	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
Outdoor Advertising	Vadnais Heights, MN		—		390,093		—		390,093		390,093		—		390,093		—	2014
Wireless Communication	Orlando, FL		—		531,266		—		531,266		531,266		—		531,266		—	2014
	Total	$	—	$	7,209,933	$	—	$	7,209,933	$	7,209,933	$	—	$	7,209,933	$	—

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Interest Rate Swap Agreements (Details) - USD ($)				9 Months Ended		12 Months Ended
	Aug. 24, 2015	Feb. 05, 2015	Dec. 24, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized realized loss on termination						$ 213,181
Unrealized gain (loss)				$ (2,023,572)	$ (6,393)	(643,481)	$ 1,493,041	$ (1,226,864)
Increase of 50 Basis Points | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative				(313,735)
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				134,725
Increase of 50 Basis Points | Agreement Effective Date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative				997,634
Decrease of 50 Basis Points | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative				(2,485,124)
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				(717,860)
Decrease of 50 Basis Points | Agreement Effective Date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative				(2,310,667)
Increase of 100 Basis Points | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative				757,714
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				555,361
Increase of 100 Basis Points | Agreement Effective Date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative				2,569,936
Decrease of 100 Basis Points | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative				(3,439,361)
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				(1,098,235)
Decrease of 100 Basis Points | Agreement Effective Date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative				(3,930,503)
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)				(2,400,877)		(377,304)	266,177
Unrealized gain (loss)				(2,023,572)	$ (6,393)	(643,481)	1,493,041	$ (1,226,864)
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)				$ (1,353,127)		(289,808)
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%
Fair value net asset (liability)				$ (280,598)
Interest Rate Swap Agreement | Agreement Effective Date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value				$ 50,000,000
Fixed rate				4.24%
Fair value net asset (liability)				$ (584,992)
Interest Rate Swap Agreement | Agreement effective date February 4, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value				$ 12,500,000
Fixed rate				3.74%
Fair value net asset (liability)						(19,091)
Interest Rate Swap Agreement | Agreement Effective Date November 5, 2012
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value				$ 13,240,301
Fixed rate				3.99%
Period				5 years
Fair value net asset (liability)				$ (99,899)		(13,033)	$ 3,717
Interest Rate Swap Agreement | Agreement Effective Date October 23, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value				$ 17,489,457
Fixed rate				4.11%
Period				2 years
Fair value net asset (liability)				$ (82,261)		$ (55,372)
Interest Rate Swap Agreement | Agreement Effective Date October 23, 2014 | Fund C
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on derivative financial instruments				64,920
Interest Rate Swap Agreement | Agreement Effective Date October 23, 2014 | Fund F
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on derivative financial instruments				$ 66,627
Level 2 inputs | Interest Rate Swap Agreement | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 50,000,000	$ 25,000,000	$ 70,000,000
Fixed rate	4.24%	3.79%	4.02%
Period	7 years	4 years	4 years

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Organization - Formation Transactions (Details)			9 Months Ended	12 Months Ended
	May. 20, 2015 shares	Nov. 19, 2014 item shares	Sep. 30, 2015 USD ($) shares	Dec. 31, 2014 USD ($)
Formation transactions
Amount outstanding | $			$ 164,500,000	$ 74,000,000
Landmark, General Partner and affiliates
Formation transactions
Amount outstanding | $			$ 164,500,000	$ 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
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Distribution of units and cash for assets and liabilities of Fund A and Fund D | Landmark, General Partner and affiliates
Formation transactions
Number of real estate investment funds | item		2
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 | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Formation transactions
Distribution, units issued		1,068,114
IPO, Public
Formation transactions
Units issued			3,000,000
IPO, Public | Common Unitholders, Public
Formation transactions
Units issued	3,000,000	2,750,000	3,000,000
IPO, Public | Subordinated Unitholder, Landmark
Formation transactions
Units issued			0
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

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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

Acquisitions

Statement of Income

Statement of operations for the nine months ended September 30, 2015:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	16,300,304	$	1,366,183	$	1,967,879	$	19,634,366
Interest income on receivables		605,180		—		—		605,180
Total revenue		16,905,484		1,366,183		1,967,879		20,239,546
Expenses
Management fees to affiliate		91,650		29,159		89,100		209,909
Property operating		19,459		—		—		19,459
General and administrative		2,107,354		—		—		2,107,354
Acquisition-related		2,958,276		—		—		2,958,276
Amortization		4,176,426		334,059		421,185		4,931,670
Impairments		3,578,744		—		—		3,578,744
Total expenses		12,931,909		363,218		510,285		13,805,412
Other income and expenses
Interest expense		(4,495,384)		(612,631)		(962,311)		(6,070,326)
Loss on early extinguishment of debt		(902,625)		—		—		(902,625)
Unrealized loss on derivatives		(1,909,817)		(86,866)		(26,889)		(2,023,572)
Realized gain on sale		82,026		—		—		82,026
Other income and expenses		(7,225,800)		(699,497)		(989,200)		(8,914,497)
Net income (loss)	$	(3,252,225)	$	303,468	$	468,394	$	(2,480,363)
Less: Net income attributable to Predecessor		(1,198,734)		303,468		468,394		(426,872)
Net loss attributable to partners	$	(2,053,491)	$	—	$	—	$	(2,053,491)

Statement of operations for the nine months ended September 30, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	12,860,421	$	1,255,033	$	1,586,709	$	15,702,163
Interest income on receivables		522,994		—		—		522,994
Total revenue		13,383,415		1,255,033		1,586,709		16,225,157
Expenses
Management fees to affiliate		406,302		28,272		75,129		509,703
Property operating		21,805		—		—		21,805
General and administrative		579,628		—		—		579,628
Acquisition-related		106,484		—		131,901		238,385
Amortization		3,294,849		321,360		357,495		3,973,704
Impairments		8,450		—		—		8,450
Total expenses		4,417,518		349,632		564,525		5,331,675
Other income and expenses
Interest expense		(4,378,694)		(568,198)		(555,879)		(5,502,771)
Unrealized loss on derivatives		(6,393)		—		—		(6,393)
Other income and expenses		(4,385,087)		(568,198)		(555,879)		(5,509,164)
Net income	$	4,580,810	$	337,203	$	466,305	$	5,384,318

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

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	17,450,889	$	1,708,022	$	2,242,417	$	21,401,328
Interest income on receivables		709,030		—		—		709,030
Total revenue		18,159,919		1,708,022		2,242,417		22,110,358
Expenses
Management fees to affiliate		499,329		37,992		104,829		642,150
Property operating		24,720		—		—		24,720
General and administrative		820,522		—		—		820,522
Acquisition-related		379,988		—		147,077		527,065
Amortization		4,452,068		432,713		497,890		5,382,671
Impairments		258,834		—		—		258,834
Total expenses		6,435,461		470,705		749,796		7,655,962
Other income and expenses
Interest expense		(6,202,788)		(756,469)		(872,590)		(7,831,847)
Loss on early extinguishment of debt		(2,905,259)		—		—		(2,905,259)
Realized loss on derivatives		(213,181)		—		—		(213,181)
Unrealized loss on derivatives		(571,359)		(16,751)		(55,371)		(643,481)
Other income and expenses		(9,892,587)		(773,220)		(927,961)		(11,593,768)
Net income	$	1,831,871	$	464,097	$	564,660	$	2,860,628
Less: Net income attributable to Predecessor		4,530,219		464,097		564,660		5,558,976
Net loss attributable to partners	$	(2,698,348)	$	—	$	—	$	(2,698,348)

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

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	14,012,109	$	1,505,912	$	1,138,849	$	16,656,870
Interest income on receivables		742,185		—		—		742,185
Total revenue		14,754,294		1,505,912		1,138,849		17,399,055
Expenses
Management fees to affiliate		450,462		35,100		59,346		544,908
Property operating		6,454		—		—		6,454
General and administrative		722,601		—		—		722,601
Acquisition-related		865,543		8,958		219,447		1,093,948
Amortization		3,791,440		393,453		279,231		4,464,124
Impairments		1,005,478		—		—		1,005,478
Total expenses		6,841,978		437,511		558,024		7,837,513
Other income and expenses
Interest expense		(4,345,755)		(737,518)		(323,480)		(5,406,753)
Unrealized gain on derivatives		1,279,176		213,865		—		1,493,041
Other income and expenses		(3,066,579)		(523,653)		(323,480)		(3,913,712)
Net income	$	4,845,737	$	544,748	$	257,345	$	5,647,830

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

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	6,483,815	$	1,169,841	$	53,450	$	7,707,106
Interest income on receivables		356,348		—		—		356,348
Total revenue		6,840,163		1,169,841		53,450		8,063,454
Expenses
Management fees to affiliate		211,329		33,962		3,260		248,551
Property operating		26,267		—		—		26,267
General and administrative		191,293		—		—		191,293
Acquisition-related		1,118,648		84,568		205,061		1,408,277
Amortization		1,452,015		263,933		22,767		1,738,715
Impairments		183,271		—		—		183,271
Total expenses		3,182,823		382,463		231,088		3,796,374
Other income and expenses
Interest expense		(1,476,207)		(481,627)		—		(1,957,834)
Unrealized loss on derivatives		(1,016,716)		(210,148)		—		(1,226,864)
Other income and expenses		(2,492,923)		(691,775)		—		(3,184,698)
Net income (loss)	$	1,164,417	$	95,603	$	(177,638)	$	1,082,382

Balance Sheet

Balance Sheet as of September 30, 2015:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Assets
Land	$	6,977,145	$	635,741	$	649,898	$	8,262,784
Real property interests		290,301,565		22,729,545		31,120,542		344,151,652
Total land and real property interests		297,278,710		23,365,286		31,770,440		352,414,436
Accumulated amortization of real property interest		(10,390,300)		(991,745)		(1,005,755)		(12,387,800)
Land and net real property interests		286,888,410		22,373,541		30,764,685		340,026,636
Investments in receivables, net		8,305,178		—		—		8,305,178
Cash and cash equivalents		273,090		—		—		273,090
Rent receivables, net		741,504		22		22,217		763,743
Due from Landmark and affiliates		2,111,822		—		—		2,111,822
Deferred loan cost, net		2,976,610		273,170		766,760		4,016,540
Deferred rent receivable		499,139		5,027		174,602		678,768
Other intangible assets, net		8,099,980		494,461		766,043		9,360,484
Other assets		150,433		—		—		150,433
Total assets	$	310,046,166	$	23,146,221	$	32,494,307	$	365,686,694
Liabilities and equity
Revolving credit facility	$	164,500,000	$	—	$	—	$	164,500,000
Secured debt facilities		—		15,175,137		24,529,851		39,704,988
Accounts payable and accrued liabilities		505,729		49,639		79,956		635,324
Other intangible liabilities, net		10,742,540		643,800		772,661		12,159,001
Prepaid rent		2,617,307		138,725		283,925		3,039,957
Derivative liabilities		2,218,717		99,899		82,261		2,400,877
Total liabilities		180,584,293		16,107,200		25,748,654		222,440,147
Equity		129,461,873		7,039,021		6,745,653		143,246,547
Total liabilities and equity	$	310,046,166	$	23,146,221	$	32,494,307	$	365,686,694

Balance Sheet as of December 31, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Assets
Land	$	5,924,294	$	635,741	$	649,898	$	7,209,933
Real property interests		231,561,354		22,729,545		31,120,542		285,411,441
Total land and real property interests		237,485,648		23,365,286		31,770,440		292,621,374
Accumulated amortization of real property interest		(7,135,676)		(710,517)		(661,191)		(8,507,384)
Land and net real property interests		230,349,972		22,654,769		31,109,249		284,113,990
Investments in receivables, net		8,665,274		—		—		8,665,274
Cash and cash equivalents		311,108		—		—		311,108
Rent receivables, net		123,767		15,419		72,829		212,015
Due from Landmark and affiliates		659,722		—		—		659,722
Deferred loan cost, net		3,985,227		421,137		913,729		5,320,093
Deferred rent receivable		344,162		3,975		135,501		483,638
Other intangible assets, net		6,101,048		562,580		866,223		7,529,851
Other assets		399,222		—		—		399,222
Total assets	$	250,939,502	$	23,657,880	$	33,097,531	$	307,694,913
Liabilities and equity
Revolving credit facility	$	74,000,000	$	—	$	—	$	74,000,000
Secured debt facilities		29,707,558		16,064,777		25,009,670		70,782,005
Accounts payable and accrued liabilities		141,508		54,002		83,948		279,458
Other intangible liabilities, net		8,938,034		730,906		855,874		10,524,814
Prepaid rent		2,029,542		161,034		349,491		2,540,067
Derivative liabilities		308,899		13,034		55,371		377,304
Total liabilities		115,125,541		17,023,753		26,354,354		158,503,648
Commitments and contingencies
Equity		135,813,961		6,634,127		6,743,177		149,191,265
Total liabilities and equity	$	250,939,502	$	23,657,880	$	33,097,531	$	307,694,913

Balance Sheet as of December 31, 2013:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Assets
Land	$	2,599,745	$	635,741	$	118,633	$	3,354,119
Real property interests		210,709,364		19,719,254		21,331,516		251,760,134
Total land and real property interests		213,309,109		20,354,995		21,450,149		255,114,253
Accumulated amortization of real property interest		(3,347,829)		(346,049)		(248,354)		(3,942,232)
Land and net real property interests		209,961,280		20,008,946		21,201,795		251,172,021
Investments in receivables, net		9,085,281		—		—		9,085,281
Cash and cash equivalents		1,037,327		—		—		1,037,327
Rent receivables, net		144,771		819		6,697		152,287
Due from Landmark and affiliates		648,701		—		—		648,701
Deferred loan cost, net		4,218,770		524,306		575,409		5,318,485
Deferred rent receivable		191,488		2,572		40,185		234,245
Derivative assets		455,561		3,717		—		459,278
Other intangible assets, net		5,611,105		568,063		697,337		6,876,505
Total assets	$	231,354,284	$	21,108,423	$	22,521,423	$	274,984,130
Liabilities and equity
Secured debt facilities	$	114,280,724	$	13,772,601	$	11,581,885	$	139,635,210
Accounts payable and accrued liabilities		945,664		69,834		21,332		1,036,830
Due to Landmark and affiliates		583,689		—		—		583,689
Other intangible liabilities, net		7,863,355		705,415		544,741		9,113,511
Prepaid rent		1,762,792		135,746		169,617		2,068,155
Derivative liabilities		193,101		—		—		193,101
Total liabilities		125,629,325		14,683,596		12,317,575		152,630,496
Commitments and contingencies
Equity		105,724,959		6,424,827		10,203,848		122,353,634
Total liabilities and equity	$	231,354,284	$	21,108,423	$	22,521,423	$	274,984,130

Cash Flow

Summarized cash flows for the nine months ended September 30, 2015:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	6,776,469	$	788,215	$	1,028,118	$	8,592,802
Net cash used in investing activities		(93,341,094)		—		—		(93,341,094)
Net cash provided by (used in) financing activities		86,526,607		(788,215)		(1,028,118)		84,710,274

Summarized cash flows for the nine months ended September 30, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	7,352,576	$	726,459	$	923,693	$	9,002,728
Net cash used in investing activities		(1,894,976)		(2,955,000)		(10,210,230)		(15,060,206)
Net cash provided by (used in) financing activities		(6,017,658)		2,228,541		9,286,536		5,497,419

Summarized cash flows for the year ended December 31, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	11,206,251	$	997,348	$	1,372,755	$	13,576,354
Net cash used in investing activities		(5,546,342)		(2,955,000)		(10,210,230)		(18,711,572)
Net cash provided by (used in) financing activities		(6,386,128)		1,957,652		8,837,475		4,408,999

Summarized cash flows for the year ended December 31, 2013:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	9,633,574	$	831,197	$	700,679	$	11,165,450
Net cash used in investing activities		(27,809,401)		—		(11,731,809)		(39,541,210)
Net cash provided by (used in) financing activities		(6,034,983)		(831,197)		11,031,130		4,164,950

Summarized cash flows for the year ended December 31, 2012:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	3,934,976	$	806,764	$	(93,397)	$	4,648,343
Net cash used in investing activities		(63,953,318)		(5,657,002)		(7,457,466)		(77,067,786)
Net cash provided by financing activities		85,107,920		4,850,238		7,550,863		97,509,021

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Real Property Interests (Tables)

9 Months Ended

Sep. 30, 2015

Real Property Interests

Summary of the Partnership's real property interests

	September 30,		December 31,
	2015		2014		2013
Land	$	8,262,784	$	7,209,933	$	3,354,119
Real property interests – perpetual		85,756,805		75,926,262		68,728,763
Real property interests – non-perpetual		258,394,847		209,485,179		183,031,371
Total land and real property interests		352,414,436		292,621,374		255,114,253
Accumulated amortization		(12,387,800)		(8,507,384)		(3,942,232)
Land and net real property interests	$	340,026,636	$	284,113,990	$	251,172,021

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(1)	$	—	$	5,482,055	$	152,067	$	—	$	(249,612)	$	5,384,510
2013(1)		1,301,916		29,419,297		1,033,601		48,845		(1,497,400)		30,306,259
Acquired Assets 2015(2)		2,369,474		62,004,561		1,799,934		1,382,316		(3,763,279)		63,793,006
Acquired Assets 2014(2)		2,539,191		29,179,701		887,274		597,279		(1,527,346)		31,676,099
Acquired Assets 2013(2)		823,260		41,348,431		1,199,638		343,129		(1,562,855)		42,151,603

(1) Acquisitions as included within the Contributing Landmark Funds.

(2) Represents prior-period financial information retroactively adjusted for Acquisitions made under common control and the Acquired Funds. See Note 1 and 3 for additional information.

Schedule of unaudited pro forma results

	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013
Revenue	$	22,253,132	$	21,380,394	$	28,507,192	$	27,794,512
Net income (loss)		(1,935,530)		4,763,582		6,351,442		5,638,763
Net income (loss) per limited partner unit:
Common units – basic and diluted	$	(0.01)		n/a	$	0.15		n/a
Subordinated units – basic and diluted		(0.21)		n/a		0.15		n/a

Schedule of future estimated amortization of real property interests

2015	$	4,836,941
2016		4,836,941
2017		4,836,941
2018		4,834,348
2019		4,832,155
Thereafter		176,800,469
Total	$	200,977,795

XML

Organization

9 Months Ended

Sep. 30, 2015

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 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 representing limited partner interests (“Common Units”) (including 100,000 common units issued pursuant to the partial exercise of the underwriters’ option to purchase additional common units). In addition, Landmark purchased from the Partnership an additional 2,066,995 subordinated units for cash at the IPO price of our common units. On November 19, 2015, the Partnership acquired LD Acquisition Company 8 LLC, an entity owning 72 tenant sites and related real property interests that consist of wireless communication and outdoor advertising sites, from Landmark Dividend Growth Fund C — LLC (“Fund C”), an affiliate of Landmark, in exchange for (i) 847,260 Common Units; and (ii) cash consideration of approximately $17.3 million (the “Fund C Acquisition”). Additionally, on November 19, 2015, the Partnership acquired LD Acquisition Company 10 LLC, an entity owning 136 tenant sites and related real property interests that consist of wireless communication and outdoor advertising sites, from Landmark Dividend Growth Fund F — LLC (“Fund F”, and together with Fund C, the “Acquired Funds”), an affiliate of Landmark, in exchange for (i) 1,266,317 Common Units; and (ii) cash consideration of approximately $25.0 million (the “Fund F Acquisition”, and together with the Fund C Acquisition, the “Fund Acquisitions”). The Fund Acquisitions are deemed to be transactions 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 accompanying supplemental financial statements represent the consolidated and combined financial positions and results of operations for the periods presented of the Partnership and the Acquired Funds for post IPO periods and the Predecessor (as defined below) and the Acquired Funds for periods prior to the IPO (collectively referred to as the “Combined Entities” for all periods).

References in this report to "Landmark Infrastructure Partners LP," the "partnership," "we," "our," "us," or like terms for time periods prior to our IPO, refer to our predecessor for accounting purposes (our “Predecessor”). The 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 our Sponsor.  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 Acquired Assets (as described below) prior to the acquisition dates, 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. 

From January 1, 2015 to September 30, 2015, the Partnership completed its acquisitions of 512tenant sites and related real property interests from the Sponsor and affiliates in exchange for total consideration of $169.7 million. These acquisitions are collectively referred to as the “Acquisitions,” and the acquired assets in the Acquisitions are collectively referred to as the “Acquired Assets.” The Acquisitions are deemed to be transactions 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. Prior period information of the Partnership and the Predecessor has been retroactively adjusted as of the date the Sponsor or affiliate purchased the asset from an independent third party. See Note 3, Acquisitions for additional information.

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 owns 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. As of September 30, 2015, Landmark and its affiliates own (a) our general partner; (b) 171,737 common units and 3,135,109 subordinated units in us and; (c) all of the incentive distribution rights.

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Other Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2015

Other Intangible Assets and Liabilities

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

	September 30,		December 31,
	2015		2014		2013
Acquired in-place lease
Gross amount	$	9,396,660	$	7,640,351	$	6,628,824
Accumulated amortization		(2,293,151)		(1,437,382)		(648,963)
Net amount	$	7,103,509	$	6,202,969	$	5,979,861
Acquired above-market leases
Gross amount	$	3,191,725	$	1,963,504	$	1,220,688
Accumulated amortization		(934,750)		(636,622)		(324,044)
Net amount	$	2,256,975	$	1,326,882	$	896,644
Total Other Intangible Assets, net	$	9,360,484	$	7,529,851	$	6,876,505
Acquired below-market leases
Gross amount	$	(15,519,478)	$	(12,659,658)	$	(10,087,779)
Accumulated amortization		3,360,477		2,134,844		974,268
Total Other Intangible Liabilities, net	$	(12,159,001)	$	(10,524,814)	$	(9,113,511)

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	$	815,355	$	304,876	$	(1,295,078)
2016		785,080		237,633		(1,265,438)
2017		747,967		169,143		(1,227,329)
2018		718,813		114,629		(1,219,304)
2019		692,237		99,107		(1,176,413)
Thereafter		2,443,517		401,494		(4,341,252)
Total	$	6,202,969	$	1,326,882	$	(10,524,814)

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Tenant Concentration (Tables)

9 Months Ended

Sep. 30, 2015

Tenant Concentration

Schedule of tenant revenue concentrations

	Nine Months Ended				Year Ended
	September 30,				December 31,
Tenant	2015		2014		2014		2013		2012
T-Mobile	17.2	%	18.4	%	18.3	%	18.5	%	16.9	%
Verizon	11.4	%	15.1	%	15.0	%	14.8	%	16.0	%
Sprint	12.8	%	13.1	%	13.1	%	13.5	%	17.3	%
AT&T Mobility	13.2	%	12.4	%	12.3	%	13.2	%	14.6	%
Crown Castle	11.4	%	12.3	%	12.3	%	12.3	%	16.1	%

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Future Minimum Rents (Details)	Dec. 31, 2014 USD ($)
Future Minimum Rents
2015	$ 2,808,032
2016	3,199,610
2017	3,197,177
2018	3,114,037
2019	2,997,427
Thereafter	28,804,961
Total	$ 44,121,244

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SUPPLEMENTAL CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Nov. 18, 2014	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets
Land	$ 8,262,784	$ 7,209,933			$ 3,354,119
Real property interests	344,151,652	285,411,441			251,760,134
Total land and real property interests	352,414,436	292,621,374			255,114,253
Accumulated amortization of real property interests	(12,387,800)	(8,507,384)			(3,942,232)
Land and net real property interests	340,026,636	284,113,990			251,172,021
Investments in receivables, net	8,305,178	8,665,274			9,085,281	$ 9,743,976
Cash and cash equivalents	273,090	311,108		$ 477,268	1,037,327	25,248,137	$ 158,559
Rent receivables, net	763,743	212,015			152,287
Due from Landmark and affiliates	2,111,822	659,722			648,701
Deferred loan cost, net	4,016,540	5,320,093		$ 657,448	5,318,485
Deferred rent receivable	678,768	483,638			234,245
Derivative assets					459,278
Other intangible assets, net	9,360,484	7,529,851			6,876,505
Other assets	150,433	399,222
Total assets	365,686,694	307,694,913			274,984,130
Liabilities and equity
Revolving credit facility	164,500,000	74,000,000
Secured debt facility	39,704,988	70,782,005			139,635,210
Accounts payable and accrued liabilities	635,324	279,458			1,036,830
Due to Landmark and affiliates					583,689
Other intangible liabilities, net	12,159,001	10,524,814			9,113,511
Prepaid rent	3,039,957	2,540,067			2,068,155
Derivative liabilities	2,400,877	377,304			193,101
Total liabilities	$ 222,440,147	$ 158,503,648			$ 152,630,496
Commitments and contingencies
Equity	$ 143,246,547	$ 149,191,265	$ 129,523,472		$ 122,353,634	$ 135,493,312	$ 42,358,511
Total liabilities and equity	$ 365,686,694	$ 307,694,913			$ 274,984,130

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Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Inflation rate (as a percent)			3.00%
Lease-up period			4 months
Allowance for investments in receivables	$ 0	$ 4,465	$ 4,465	$ 25,304	$ 0
Contingent rent recognized			70,238	47,008	$ 8,349
Allowance for doubtful accounts			$ 0	$ 1,066
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
Minimum
Discount rate used to estimate fair values (as a percent)			8.75%
Lease execution period			1 month
Lease term			2 years
Cancellation period			30 days
Non-cancellation period			30 days
Term of real estate rights			19 years
Maximum
Discount rate used to estimate fair values (as a percent)			9.50%
Lease execution period			6 months
Lease term			20 years
Cancellation period			180 days
Non-cancellation period			180 days
Term of real estate rights			99 years
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Minimum
Discount rate used to estimate fair values (as a percent)			6.00%
The 81 tenant sites and related real property interests acquired on March 4, 2015. | Maximum
Discount rate used to estimate fair values (as a percent)			20.00%

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SUPPLEMENTAL CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income	$ (2,480,363)	$ 5,384,318	$ 2,860,628	$ 5,647,830	$ 1,082,382
Adjustments to reconcile net income to net cash provided by operating activities:
Unit-based compensation	96,250		17,500
Unrealized (gain) loss on derivatives	2,023,572	6,393	643,481	(1,493,041)	1,226,864
Loss on early extinguishment of debt	902,625		2,905,259
Amortization expense	4,931,670	3,973,704	5,382,671	4,464,124	1,738,715
Amortization of above- and below- market lease	(967,958)	(619,062)	(847,998)	(630,801)	(271,334)
Amortization of deferred loan costs	1,100,006	1,138,729	1,545,605	1,107,771	350,258
Receivables interest accretion	(21,450)	(49,356)	(51,899)	(68,977)	(49,978)
Impairments	3,578,744	8,450	258,834	1,005,478	183,271
Gain on the sale of real property interest	(82,026)
Allowance for investments in receivables	0	4,465	4,465	25,304	0
Allowance for doubtful accounts				30	1,036
Changes in operating assets and liabilities:
Rent receivables, net	(594,783)	(178,050)	(59,728)	75,263	(217,699)
Accounts payable and accrued liabilities	355,866	(273,822)	713,532	204,602	832,228
Deferred rent receivables	(195,130)	(193,880)	(249,393)	(210,017)	(129,173)
Prepaid rent	857,975	16,618	471,913	926,317	1,069,649
Due from Landmark and affiliates	(1,160,985)	(215,779)	380,706	111,567	(1,167,876)
Other assets	248,789		(399,222)
Net cash provided by operating activities	8,592,802	9,002,728	13,576,354	11,165,450	4,648,343
Investing activities
Acquisition of land	(5,082,027)	(531,266)	(371,570)	(1,420,548)	(880,033)
Acquisition of real property interests	(88,864,100)	(15,125,866)	(19,091,737)	(38,823,030)	(66,493,755)
Net proceeds from sale of real property interest	223,487
Acquisition of receivables	(142,062)				(9,961,371)
Repayments of receivables	523,608	596,926	751,735	702,368	267,373
Net cash used in investing activities	(93,341,094)	(15,060,206)	(18,711,572)	(39,541,210)	(77,067,786)
Financing activities
Proceeds from initial public offering, net of offering costs of $9,519,321	46,941,545		42,730,679
Proceeds from sale of subordinated units to Landmark			39,272,905
Proceeds from the revolving credit facility	141,200,000		75,000,000
Proceeds from secured debt facilities		18,119,311	26,899,141	59,202,456	81,457,684
Principal payments on the revolving credit facility	(50,700,000)		(1,000,000)
Principal payments on secured debt facilities	(31,077,018)	(261,200)	(95,752,346)	(1,024,930)
Deferred loan costs	(699,078)	(2,039,449)	(4,452,472)	(3,233,537)	(3,542,976)
Contribution from Contributing Landmark Funds members		(614,434)		500,000	52,418,850
Capital contribution to fund general and administrative expense reimbursement	1,173,925
Distributions to Contributing Landmark Funds members		(6,352,875)	(67,282,062)	(25,716,825)	(32,197,602)
Distributions to limited partners	(6,719,740)
Contributions from Acquired Funds members	101,425	2,873,744	1,019,378	1,500,000	12,000,000
Distributions to Acquired Funds members	(465,917)	(1,135,285)	(5,299,506)	(1,826,797)	(12,967,632)
Consideration paid to General partner associated with Acquired Assets	(15,044,868)	(5,092,393)	(6,726,718)	(25,235,417)	340,697
Net cash provided by (used in) financing activities	84,710,274	5,497,419	4,408,999	4,164,950	97,509,021
Net increase (decrease) in cash and cash equivalents	(38,018)	(560,059)	(726,219)	(24,210,810)	25,089,578
Cash and cash equivalents at beginning of period	311,108	1,037,327	1,037,327	25,248,137	158,559
Cash and cash equivalents at end of period	$ 273,090	$ 477,268	$ 311,108	$ 1,037,327	$ 25,248,137

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Net Income (Loss) Per Limited Partner Unit (Details) - USD ($)					1 Months Ended		9 Months Ended		11 Months Ended	12 Months Ended
	Oct. 22, 2015	Jul. 21, 2015	Apr. 23, 2015	Jan. 26, 2015	Dec. 31, 2014	Nov. 18, 2014	Sep. 30, 2015	Sep. 30, 2014	Nov. 18, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Results of operations
Total revenue					$ 1,680,771		$ 20,239,546	$ 16,225,157		$ 22,110,358	$ 17,399,055	$ 8,063,454
Total expenses					(823,363)		(13,805,412)	(5,331,675)		(7,655,962)	(7,837,513)	(3,796,374)
Total other income and expenses					(3,555,756)		(8,914,497)	(5,509,164)		(11,593,768)	(3,913,712)	(3,184,698)
Net income (loss)					(2,698,348)	$ 5,558,976	(2,480,363)	$ 5,384,318		2,860,628	5,647,830	1,082,382
Net loss attributable to partners:
Distribution declared	$ 4,077,232	$ 3,334,168	$ 2,332,038	$ 1,053,533
Net loss attributable to partners					(2,698,348)		(2,053,491)			$ (2,698,348)
Common Unitholders, Public
Net loss attributable to partners:
Net loss attributable to partners					(1,619,009)		$ (867,361)
Weighted-average units outstanding
Weighted-average units outstanding - basic and diluted (in shares)							6,500,519			4,702,665
Net loss per limited partner unit
Units - basic and diluted (in dollars per share)							$ (0.13)			$ (0.34)
Subordinated Unitholder, Landmark
Net loss attributable to partners:
Net loss attributable to partners					$ (1,079,339)		$ (1,186,130)
Weighted-average units outstanding
Weighted-average units outstanding - basic and diluted (in shares)							3,135,109			3,135,109
Net loss per limited partner unit
Units - basic and diluted (in dollars per share)							$ (0.38)			$ (0.34)
Limited Partners | Common Unitholders, Public
Net loss attributable to partners:
Distribution declared							$ 6,851,301			$ 632,174
Undistributed net loss							(7,718,662)			(2,251,183)
Net loss attributable to partners							$ (867,361)			$ (1,619,009)
Weighted-average units outstanding
Weighted-average units outstanding - basic and diluted (in shares)							6,500,519			4,702,665
Net loss per limited partner unit
Units - basic and diluted (in dollars per share)							$ (0.13)			$ (0.34)
Limited Partners | Subordinated Unitholder, Landmark
Net loss attributable to partners:
Distribution declared							$ 2,892,138			$ 421,359
Undistributed net loss							(4,078,268)			(1,500,698)
Net loss attributable to partners							$ (1,186,130)			$ (1,079,339)
Weighted-average units outstanding
Weighted-average units outstanding - basic and diluted (in shares)							3,135,109			3,135,109
Net loss per limited partner unit
Units - basic and diluted (in dollars per share)							$ (0.38)			$ (0.34)
Acquired Funds
Results of operations
Total revenue										$ 3,950,439
Total expenses										(1,220,501)
Total other income and expenses										(1,701,181)
Net income (loss)						$ 1,028,757				$ 1,028,757	$ 802,093	$ (82,035)
Landmark Infrastructure Partners LP Predecessor
Results of operations
Total revenue									$ 16,479,148
Total expenses									(5,612,098)
Total other income and expenses									(6,336,831)
Net income (loss)									$ 4,530,219

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Interest Rate Swap Agreements (Tables)

9 Months Ended

Sep. 30, 2015

Interest Rate Swap Agreements

Table summarizing interest rate swaps

					Fair Value Asset (Liability) at
Notional	Fixed		Effective	Maturity	September 30,		December 31,		December 31,
Value	Rate		Date	Date	2015		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
13,240,301	3.99		11/5/2012	6/30/2017		(99,899)		(13,033)		3,717
17,489,457	4.11		10/23/2014	10/23/2016		(82,261)		(55,372)		–
70,000,000	4.02		12/24/2014	12/24/2018		(1,353,127)		(289,808)		–
12,500,000	3.74		2/4/2014	1/31/2016		—		(19,091)		—
25,000,000	3.79		4/13/2015	4/13/2019		(280,598)		—		—
50,000,000	4.24		10/1/2015	10/1/2022		(584,992)		—		—
					$	(2,400,877)	$	(377,304)	$	266,177

Table summarizing results of sensitivity analysis

		Effects of Change in Interest Rates
Date Entered (1)	Maturity Date	+50 Basis Points		-50 Basis Points		+100 Basis Points		-100 Basis Points
December 2014	12/24/2018	$	(313,735)	$	(2,485,124)	$	757,714	$	(3,439,361)
February 2015	4/13/2019		134,725		(717,860)		555,361		(1,098,235)
August 2015	10/1/2022		997,634		(2,310,667)		2,569,936		(3,930,503)

(1) The Fund E, Fund C and Fund F interest rate swap agreements have been excluded from this analysis as the agreements were terminated in connection with the repayment of the secured indebtedness as a result of the Partnership’s August 18, 2015 and November 19, 2015 acquisitions.

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Income Taxes (Details)	12 Months Ended
	Dec. 31, 2014 USD ($)
Income Taxes
Statutory federal income tax rate (as a percent)	35.00%
Unrecognized Tax Benefits	$ 0

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Segment Information

9 Months Ended

Sep. 30, 2015

Segment Information

Segment Information

15. Segment Information

The Combined Entities had three reportable segments, wireless communication, outdoor advertising, and renewable power generation for all periods presented.

The wireless communication segment consists of leasing real property interests to companies in the wireless communication industry in the United States. The outdoor advertising segment consists of leasing real property interests to companies in the outdoor advertising industry in the United States. The renewable power generation segment consists of leasing real property interests to companies in the renewable power industry in the United States. 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 all three segments 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 of the Combined Entities are as follows:

For the nine months ended September 30, 2015:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	16,156,076	$	3,407,856	$	70,434	$	—	$	19,634,366
Interest income on receivables		605,180		—		—		—		605,180
Total revenue		16,761,256		3,407,856		70,434		—		20,239,546
Expenses
Management fees to affiliate		159,771		50,138		—		—		209,909
Property operating		15,993		3,466		—		—		19,459
General and administrative		—		—		—		2,107,354		2,107,354
Acquisition-related		1,610,137		57,687		—		1,290,452		2,958,276
Amortization		4,489,636		416,176		25,858		—		4,931,670
Impairments		3,125,596		453,148		—		—		3,578,744
Total expenses		9,401,133		980,615		25,858		3,397,806		13,805,412
Other income and expenses
Interest expense		—		—		—		(6,070,326)		(6,070,326)
Loss on early extinguishment of debt		—		—		—		(902,625)		(902,625)
Realized loss on derivatives		—		—		—		—		—
Unrealized loss on derivatives		—		—		—		(2,023,572)		(2,023,572)
Gain on the sale of real property interest		9,524		72,502		—		—		82,026
Total other income and expenses		9,524		72,502		—		(8,996,523)		(8,914,497)
Net income (loss)	$	7,369,647	$	2,499,743	$	44,576	$	(12,394,329)	$	(2,480,363)

For the nine months ended September 30, 2014:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	13,350,242	$	2,345,565	$	6,356	$	—	$	15,702,163
Interest income on receivables		522,994		—		—		—		522,994
Total revenue		13,873,236		2,345,565		6,356		—		16,225,157
Expenses
Management fees to affiliate		432,603		77,004		96		—		509,703
Property operating		6,721		15,084		—		—		21,805
General and administrative		30,372		1,473		—		547,783		579,628
Acquisition-related		187,164		48,021		3,200		—		238,385
Amortization		3,656,409		314,594		2,701		—		3,973,704
Impairments		8,450		—		—		—		8,450
Total expenses		4,321,719		456,176		5,997		547,783		5,331,675
Other income and expenses
Interest expense		(34,977)		(8,380)		—		(5,459,414)		(5,502,771)
Unrealized loss on derivatives		—		—		—		(6,393)		(6,393)
Total other income and expenses		(34,977)		(8,380)		—		(5,465,807)		(5,509,164)
Net income (loss)	$	9,516,540	$	1,881,009	$	359	$	(6,013,590)	$	5,384,318

For the year ended December 31, 2014:

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate		Total
Revenue
Rental revenue	$	18,062,939	$	3,323,131	$	15,258	$	—	$	21,401,328
Interest income on receivables		709,030		—		—		—		709,030
Total revenue		18,771,969		3,323,131		15,258		—		22,110,358
Expenses
Management fees to affiliate		538,502		103,480		168		—		642,150
Property operating		9,637		15,083		—		—		24,720
General and administrative		39,003		9,633		—		771,886		820,522
Acquisition-related		421,337		99,278		6,450		—		527,065
Amortization		4,987,872		389,031		5,768		—		5,382,671
Impairments		258,834		—		—		—		258,834
Total expenses		6,255,185		616,505		12,386		771,886		7,655,962
Other income and expenses
Interest expense		(40,619)		(10,038)		—		(7,781,190)		(7,831,847)
Loss on early extinguishment of debt		—		—		—		(2,905,259)		(2,905,259)
Realized loss on derivatives		—		—		—		(213,181)		(213,181)
Unrealized loss on derivatives		—		—		—		(643,481)		(643,481)
Total other income and expenses		(40,619)		(10,038)		—		(11,543,111)		(11,593,768)
Net income (loss)	$	12,476,165	$	2,696,588	$	2,872	$	(12,314,997)	$	2,860,628

For the year ended December 31, 2013:

	Wireless		Outdoor
	Communication		Advertising		Corporate		Total
Revenue
Rental revenue	$	14,301,591	$	2,355,279	$	—	$	16,656,870
Interest income on receivables		742,185		—		—		742,185
Total revenue		15,043,776		2,355,279		—		17,399,055
Expenses
Management fees to affiliate		467,437		77,471		—		544,908
Property operating		6,454		—		—		6,454
General and administrative		106,840		79,114		536,647		722,601
Acquisition-related		999,745		94,203		—		1,093,948
Amortization		4,224,127		239,997		—		4,464,124
Impairments		1,005,478		—		—		1,005,478
Total expenses		6,810,081		490,785		536,647		7,837,513
Other income and expenses
Interest expense		(54,546)		(11,774)		(5,340,433)		(5,406,753)
Unrealized gain on derivatives		—		—		1,493,041		1,493,041
Total other income and expenses		(54,546)		(11,774)		(3,847,392)		(3,913,712)
Net income (loss)	$	8,179,149	$	1,852,720	$	(4,384,039)	$	5,647,830

For the year ended December 31, 2012:

	Wireless		Outdoor
	Communication		Advertising		Corporate		Total
Revenue
Rental revenue	$	7,038,852	$	668,254	$	—	$	7,707,106
Interest income on receivables		356,348		—		—		356,348
Total revenue		7,395,200		668,254		—		8,063,454
Expenses
Management fees to affiliate		227,264		21,287		—		248,551
Property operating		26,267		—		—		26,267
General and administrative		1,036		—		190,257		191,293
Acquisition-related		1,296,808		111,469		—		1,408,277
Amortization		1,673,406		65,309		—		1,738,715
Impairments		183,271		—		—		183,271
Total expenses		3,408,052		198,065		190,257		3,796,374
Other income and expenses
Interest expense		(12,024)		(1,796)		(1,944,014)		(1,957,834)
Unrealized loss on derivatives		—		—		(1,226,864)		(1,226,864)
Total other income and expenses		(12,024)		(1,796)		(3,170,878)		(3,184,698)
Net income (loss)	$	3,975,124	$	468,393	$	(3,361,135)	$	1,082,382

The Combined Entities’ total assets by segment were:

	September 30,		December 31,
	2015		2014		2013
Segments
Wireless communication	$	300,657,986	$	254,632,901	$	233,217,358
Outdoor advertising		54,100,567		48,324,327		34,302,982
Renewable Power Generation		3,916,884		391,381		–
Corporate assets		7,011,257		4,346,304		7,463,790
Total Assets	$	365,686,694	$	307,694,913	$	274,984,130

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Equity (Tables)

9 Months Ended

Sep. 30, 2015

Equity

Schedule of changes in the number of units outstanding

	Common	Subordinated	Total
Balance at December 31, 2014	4,702,665	3,135,109	7,837,774
Issuance of units in connection with the May 2015 offering	3,000,000	—	3,000,000
Unit-based compensation awards	5,050	—	5,050
Issuance of units in connection with the Fund E acquisition	1,998,852	—	1,998,852
Balance at September 30, 2015	9,706,567	3,135,109	12,841,676

Schedule of quarterly distributions related to quarterly financial results

Quarter Ended	Declaration Date	Distribution Date	Distribution Per Unit		Total Distribution
December 31, 2014 (1)	January 26, 2015	February 13, 2015	$	0.1344	$	1,053,533
March 31, 2015	April 23, 2015	May 14, 2015	$	0.2975	$	2,332,038
June 30, 2015	July 21, 2015	August 14, 2015	$	0.3075	$	3,334,168
September 30, 2015 (2)	October 22, 2015	November 13, 2015	$	0.3175	$	4,077,232

(1) This was the first distribution declared by the Partnership and corresponded to the minimum quarterly distribution of $0.2875 per unit, or $1.15 per unit annually. The amount was prorated for the 43-day period that the Partnership was public following the closing of its IPO on November 19, 2014. The distribution was paid on February 13, 2015, to unitholders of record as of February 6, 2015.

(2) On October 22, 2015, the board of directors of our General Partner declared a quarterly cash distribution of $0.3175 per unit, or $1.27 per unit on an annualized basis, for the quarter ended September 30, 2015.  This distribution was paid on November 13, 2015 to unitholders of record as of November 3, 2015.

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Tenant Concentration

9 Months Ended

Sep. 30, 2015

Tenant Concentration

Tenant Concentration

17. Tenant Concentration

For the nine months ended September 30, 2015 and 2014 and for years ended December 31, 2014, 2013 and 2012, the Combined Entities had the following tenant revenue concentrations:

	Nine Months Ended				Year Ended
	September 30,				December 31,
Tenant	2015		2014		2014		2013		2012
T-Mobile	17.2	%	18.4	%	18.3	%	18.5	%	16.9	%
Verizon	11.4	%	15.1	%	15.0	%	14.8	%	16.0	%
Sprint	12.8	%	13.1	%	13.1	%	13.5	%	17.3	%
AT&T Mobility	13.2	%	12.4	%	12.3	%	13.2	%	14.6	%
Crown Castle	11.4	%	12.3	%	12.3	%	12.3	%	16.1	%

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.

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details)	Dec. 31, 2014 USD ($)
Initial cost to the Partnership
Land	$ 7,209,933
Total	7,209,933
Gross Amount at Which Carried at End of Period
Land	7,209,933
Total	7,209,933
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
Mount House, NV | Wireless Communication
Initial cost to the Partnership
Land	99,655
Total	99,655
Gross Amount at Which Carried at End of Period
Land	99,655
Total	99,655
Las Vegas, NV | Wireless Communication
Initial cost to the Partnership
Land	536,086
Total	536,086
Gross Amount at Which Carried at End of Period
Land	536,086
Total	536,086
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
Walnut Creek, CA | Wireless Communication
Initial cost to the Partnership
Land	704,628
Total	704,628
Gross Amount at Which Carried at End of Period
Land	704,628
Total	704,628
Gary, IN | Outdoor Advertising
Initial cost to the Partnership
Land	118,632
Total	118,632
Gross Amount at Which Carried at End of Period
Land	118,632
Total	118,632
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
Vadnais Heights, MN | Outdoor Advertising
Initial cost to the Partnership
Land	390,093
Total	390,093
Gross Amount at Which Carried at End of Period
Land	390,093
Total	390,093
Orlando, FL | Wireless Communication
Initial cost to the Partnership
Land	531,266
Total	531,266
Gross Amount at Which Carried at End of Period
Land	531,266
Total	$ 531,266

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SUPPLEMENTAL CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
Initial public offering, offering costs	$ 3,308,455	$ 9,519,321

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SUPPLEMENTAL CONSOLIDATED AND COMBINED STATEMENTS OF INCOME - USD ($)					1 Months Ended		9 Months Ended		12 Months Ended
	Oct. 22, 2015	Jul. 21, 2015	Apr. 23, 2015	Jan. 26, 2015	Dec. 31, 2014	Nov. 18, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue
Rental revenue							$ 19,634,366	$ 15,702,163	$ 21,401,328	$ 16,656,870	$ 7,707,106
Interest income on receivables							605,180	522,994	709,030	742,185	356,348
Total revenue					$ 1,680,771		20,239,546	16,225,157	22,110,358	17,399,055	8,063,454
Expenses
Management fees to affiliate							209,909	509,703	642,150	544,908	248,551
Property operating							19,459	21,805	24,720	6,454	26,267
General and administrative							2,107,354	579,628	820,522	722,601	191,293
Acquisition-related							2,958,276	238,385	527,065	1,093,948	1,408,277
Amortization							4,931,670	3,973,704	5,382,671	4,464,124	1,738,715
Impairments							3,578,744	8,450	258,834	1,005,478	183,271
Total expenses					823,363		13,805,412	5,331,675	7,655,962	7,837,513	3,796,374
Other income and expenses
Interest expense							(6,070,326)	(5,502,771)	(7,831,847)	(5,406,753)	(1,957,834)
Loss on early extinguishment of debt							(902,625)		(2,905,259)
Realized loss on derivatives									(213,181)
Unrealized loss on derivatives							(2,023,572)	(6,393)	(643,481)	1,493,041	(1,226,864)
Gain on sale of real property interest							82,026
Total other income and expenses					(3,555,756)		(8,914,497)	(5,509,164)	(11,593,768)	(3,913,712)	(3,184,698)
Net income (loss)					(2,698,348)	$ 5,558,976	(2,480,363)	5,384,318	2,860,628	5,647,830	1,082,382
Less: Net income (loss) attributable to Predecessor							426,872	$ (5,384,318)	(5,558,976)	$ (5,647,830)	$ (1,082,382)
Net loss attributable to partners					(2,698,348)		$ (2,053,491)		$ (2,698,348)
Weighted-average limited partner units outstanding
Cash distribution declared per unit (in dollars per share)	$ 0.3175	$ 0.3075	$ 0.2975	$ 0.1344			$ 0.9225		$ 0.1344
Common Unitholders, Public
Other income and expenses
Net loss attributable to partners					(1,619,009)		$ (867,361)
Net loss per limited partner unit
Units - basic and diluted (in dollars per share)							$ (0.13)		$ (0.34)
Weighted-average limited partner units outstanding
Weighted-average units outstanding - basic and diluted (in shares)							6,500,519		4,702,665
Subordinated Unitholder, Landmark
Other income and expenses
Net loss attributable to partners					$ (1,079,339)		$ (1,186,130)
Net loss per limited partner unit
Units - basic and diluted (in dollars per share)							$ (0.38)		$ (0.34)
Weighted-average limited partner units outstanding
Weighted-average units outstanding - basic and diluted (in shares)							3,135,109		3,135,109

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Unit-Based Compensation

9 Months Ended

Sep. 30, 2015

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.

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Document and Entity Information	9 Months Ended
	Sep. 30, 2015
Document and Entity Information
Entity Registrant Name	Landmark Infrastructure Partners LP
Entity Central Index Key	0001615346
Document Type	8-K
Document Period End Date	Sep. 30, 2015
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	2015
Document Fiscal Period Focus	FY

XML

Equity

9 Months Ended

Sep. 30, 2015

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, as of December 31, 2014 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.

The table below summarizes changes in the number of units outstanding from December 31, 2014 through September 30, 2015 (in units):

	Common	Subordinated	Total
Balance at December 31, 2014	4,702,665	3,135,109	7,837,774
Issuance of units in connection with the May 2015 offering	3,000,000	—	3,000,000
Unit-based compensation awards	5,050	—	5,050
Issuance of units in connection with the Fund E acquisition	1,998,852	—	1,998,852
Balance at September 30, 2015	9,706,567	3,135,109	12,841,676

On May 20, 2015, the Partnership closed a public offering of an additional 3,000,000 common units representing limited partner interests in us at a price to the public of $16.75 per common unit, or $15.9125 per common unit net of the underwriter’s discount. We received net proceeds of $46.9 million after deducting the underwriter’s discount and offering expenses paid by us of $3.3 million. We used all proceeds to repay a portion of the borrowings under our revolving credit facility.

In connection with the August 18, 2015 acquisition, Partnership issued 1,998,852 common units representing limited partnership interests in it to Fund E as partial consideration for the transaction as described in Note 3, Acquisitions, which was then distributed to their respective members, including 171,737 common units to Landmark, as part of the fund’s liquidation. The common units were issued in a private transaction exempt from registration under Section 4(a)(2) of the Securities Act.

Our partnership agreement provides that, during the subordination period (as defined in our partnership agreement), the common units have the right to receive distributions of available cash from operating surplus each quarter in an amount equal to $0.2875 per common unit, which amount is defined in our partnership agreement as the minimum quarterly distribution, plus any arrearages in the payment of the minimum quarterly distribution on the common units from prior quarters, before any distributions of available cash from operating surplus may be made on the subordinated units. These units are deemed "subordinated" because for a period of time, referred to as the subordination period, the subordinated units are not entitled to receive any distributions until the common units have received the minimum quarterly distribution plus any arrearages in the payment of the minimum quarterly distribution on the common units from prior quarters. Furthermore, no arrearages will accrue or be payable on the subordinated units. The practical effect of the subordinated units is to increase the likelihood that, during the subordination period, there will be available cash to be distributed on the common units.

The table below summarizes the quarterly distributions related to our quarterly financial results:

Quarter Ended	Declaration Date	Distribution Date	Distribution Per Unit		Total Distribution
December 31, 2014 (1)	January 26, 2015	February 13, 2015	$	0.1344	$	1,053,533
March 31, 2015	April 23, 2015	May 14, 2015	$	0.2975	$	2,332,038
June 30, 2015	July 21, 2015	August 14, 2015	$	0.3075	$	3,334,168
September 30, 2015 (2)	October 22, 2015	November 13, 2015	$	0.3175	$	4,077,232

(1) This was the first distribution declared by the Partnership and corresponded to the minimum quarterly distribution of $0.2875 per unit, or $1.15 per unit annually. The amount was prorated for the 43-day period that the Partnership was public following the closing of its IPO on November 19, 2014. The distribution was paid on February 13, 2015, to unitholders of record as of February 6, 2015.

(2) On October 22, 2015, the board of directors of our General Partner declared a quarterly cash distribution of $0.3175 per unit, or $1.27 per unit on an annualized basis, for the quarter ended September 30, 2015.  This distribution was paid on November 13, 2015 to unitholders of record as of November 3, 2015.

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SUPPLEMENTAL CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY - USD ($)	Limited Partners Common Unitholders, Public	Limited Partners Subordinated Unitholder, Landmark	General Partner, Landmark	Landmark Infrastructure Partners LP Predecessor	Acquired Funds	Common Unitholders, Public	Subordinated Unitholder, Landmark	Total
Balance as of beginning of period at Dec. 31, 2011				$ 33,738,723	$ 8,619,788			$ 42,358,511
Increase (decrease) in partners' capital
Net loss from Acquired Assets								1,082,382
Cash Contributions				52,418,850	12,000,000			64,418,850
Contributions of real property interests				15,824,951	222,222			16,047,173
Change in control				48,049,897	8,583,258			56,633,155
Distributions to Acquired Funds Members				(31,856,905)	(13,189,854)			(45,046,759)
Net income (loss)				1,164,417	(82,035)			1,082,382
Balance as of end of period at Dec. 31, 2012				119,339,933	16,153,379			135,493,312
Increase (decrease) in partners' capital
Net loss from Acquired Assets								5,647,830
Cash Contributions				500,000	1,500,000			2,000,000
Contributions of real property interests				(7,047,495)	(257,254)			(7,304,749)
Distributions to Acquired Funds Members				(26,008,206)	(2,084,051)			(28,092,257)
Net income (loss)				4,845,737	802,093			5,647,830
Balance as of end of period at Dec. 31, 2013				105,724,959	16,628,675			122,353,634
Balance as of end of period at Nov. 18, 2014				31,371,698	13,377,304	$ 93,222,079	$ (8,447,609)	129,523,472
Balance as of beginning of period at Dec. 31, 2013				105,724,959	16,628,675			122,353,634
Increase (decrease) in partners' capital
Net loss from Acquired Assets								5,558,976
Capital contribution to fund general and administrative expense reimbursement								12,349
Net income (loss)					1,028,757			2,860,628
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	31,371,698	13,377,304	74,683,957	29,745,957	149,191,265
Balance as of beginning of period at Nov. 18, 2014				31,371,698	13,377,304	93,222,079	(8,447,609)	129,523,472
Increase (decrease) in partners' capital
Issuance of common units, net of offering costs						42,730,679		42,730,679
Distributions to Acquired Funds Members						(59,667,292)		(59,667,292)
Proceeds from sale of subordinated units to Landmark			0	0	0	0	39,272,905	39,272,905
Capital contribution to fund general and administrative expense reimbursement			(12,349)					(12,349)
Net income (loss)								(2,698,348)
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	31,371,698	13,377,304	74,683,957	29,745,957	149,191,265
Increase (decrease) in partners' capital
Net loss from Acquired Assets			(1,198,734)		771,862			(426,872)
Net investment of Acquired Assets			(44,973,190)	$ (31,371,698)				(76,344,888)
Cash Contributions					101,425			101,425
Issuance of common units, net of offering costs						46,941,545		46,941,545
Distributions to Acquired Funds Members					(465,917)	(4,401,640)	(2,318,100)	(7,185,657)
Capital contribution to fund general and administrative expense reimbursement			1,465,040					1,465,040
Net income (loss)								(2,480,363)
Unit-based compensation						96,250		96,250
Issuance of units in connection with acquisition						31,461,930		31,461,930
Net loss attributable to partners	$ (867,361)	$ (1,186,130)				(867,361)	(1,186,130)	(2,053,491)
Balance as of end of period at Sep. 30, 2015			$ (44,694,535)		$ 13,784,674	$ 147,914,681	$ 26,241,727	$ 143,246,547

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Other Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2015

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:

	September 30,		December 31,
	2015		2014		2013
Acquired in-place lease
Gross amount	$	9,396,660	$	7,640,351	$	6,628,824
Accumulated amortization		(2,293,151)		(1,437,382)		(648,963)
Net amount	$	7,103,509	$	6,202,969	$	5,979,861
Acquired above-market leases
Gross amount	$	3,191,725	$	1,963,504	$	1,220,688
Accumulated amortization		(934,750)		(636,622)		(324,044)
Net amount	$	2,256,975	$	1,326,882	$	896,644
Total Other Intangible Assets, net	$	9,360,484	$	7,529,851	$	6,876,505
Acquired below-market leases
Gross amount	$	(15,519,478)	$	(12,659,658)	$	(10,087,779)
Accumulated amortization		3,360,477		2,134,844		974,268
Total Other Intangible Liabilities, net	$	(12,159,001)	$	(10,524,814)	$	(9,113,511)

The Combined Entities recorded net amortization of above and below‑market lease intangibles of $967,958 and $619,062 as an increase to rental revenue for the nine months ended September 30, 2015 and 2014, respectively, and $847,998,  $630,801, and $271,334 for the years ended December 31, 2014, 2013, and 2012, respectively. The Combined Entities recorded amortization of in‑place lease intangibles of $871,935 and $580,516as amortization expense for the nine months ended September 30, 2015 and 2014, respectively, and $793,926,  $621,330 and $325,783 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	$	815,355	$	304,876	$	(1,295,078)
2016		785,080		237,633		(1,265,438)
2017		747,967		169,143		(1,227,329)
2018		718,813		114,629		(1,219,304)
2019		692,237		99,107		(1,176,413)
Thereafter		2,443,517		401,494		(4,341,252)
Total	$	6,202,969	$	1,326,882	$	(10,524,814)

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Real Property Interests

9 Months Ended

Sep. 30, 2015

Real Property Interests

Real Property Interests

4. Real Property Interests

The following summarizes the Combined Entities’ real property interests:

	September 30,		December 31,
	2015		2014		2013
Land	$	8,262,784	$	7,209,933	$	3,354,119
Real property interests – perpetual		85,756,805		75,926,262		68,728,763
Real property interests – non-perpetual		258,394,847		209,485,179		183,031,371
Total land and real property interests		352,414,436		292,621,374		255,114,253
Accumulated amortization		(12,387,800)		(8,507,384)		(3,942,232)
Land and net real property interests	$	340,026,636	$	284,113,990	$	251,172,021

The Partnership completed the acquisitions as described in Note 3, Acquisitions. The Partnership paid total consideration of $169.7 million during the nine months ended September 30, 2015. The acquisitions are deemed to be transactions 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. During the nine months ending September 30, 2015, the differences totaling $44.1 million between the total consideration of $169.7 million and the historical cost basis of $125.6 million were allocated to the General Partner. Additionally, Partnership paid a total consideration of approximately $74.8 million for the November 19, 2015 acquisitions described in Note 1 and 3 for the Fund Acquisitions. The differences of approximately $19.8 million between the total consideration of $74.8 million and the historical cost basis of $55.0 million will be allocated to the General Partner. The Partnership finalized the purchase price allocations for the March 2015, April 2015, July 2015, and August 2015 acquisitions during the three months ended September 30, 2015. As a result of additional information about facts and circumstances that existed at the Sponsor acquisition date related to the March 2015 and April 2015 acquisitions, it recorded changes for the final purchase price allocation during the three months ended in accordance with ASU 2015-16. For the three months ended September 30, 2015, we recorded $30,183 of amortization of above- and below-market lease intangibles included as an increase to rental income related to the year ended December 31, 2014 for the March 2015 and April 2015 acquisitions.

The following table summarizes the preliminary allocations for the September 21, 2015 and both November 19, 2015 acquisitions and final allocations for the remaining acquisitions 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(1)	$	—	$	5,482,055	$	152,067	$	—	$	(249,612)	$	5,384,510
2013(1)		1,301,916		29,419,297		1,033,601		48,845		(1,497,400)		30,306,259
Acquired Assets 2015(2)		2,369,474		62,004,561		1,799,934		1,382,316		(3,763,279)		63,793,006
Acquired Assets 2014(2)		2,539,191		29,179,701		887,274		597,279		(1,527,346)		31,676,099
Acquired Assets 2013(2)		823,260		41,348,431		1,199,638		343,129		(1,562,855)		42,151,603

(1) Acquisitions as included within the Contributing Landmark Funds.

(2) Represents prior-period financial information retroactively adjusted for Acquisitions made under common control and the Acquired Funds. See Note 1 and 3 for additional information.

The following unaudited pro forma consolidated results of operations assume that the acquisitions were completed as of January 1, 2013. These unaudited pro forma results have been prepared for comparative purposes only.

	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013
Revenue	$	22,253,132	$	21,380,394	$	28,507,192	$	27,794,512
Net income (loss)		(1,935,530)		4,763,582		6,351,442		5,638,763
Net income (loss) per limited partner unit:
Common units – basic and diluted	$	(0.01)		n/a	$	0.15		n/a
Subordinated units – basic and diluted		(0.21)		n/a		0.15		n/a

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	$	4,836,941
2016		4,836,941
2017		4,836,941
2018		4,834,348
2019		4,832,155
Thereafter		176,800,469
Total	$	200,977,795

The weighted average remaining amortization period for non‑perpetual real property interests is 49,  50 and 51 years at September 30, 2015, December 31, 2014 and 2013, respectively.

During the nine months ended September 30, 2015 and the years ended December 31, 2014 and 2013, eighteen,  two and six of the Partnership’s real property interests were impaired as a result of termination notices received and one property foreclosure. During nine months ended September 30, 2014, one of the Partnership’s real property interests was impaired as a result of a termination notice received. As a result of T‑Mobile’s acquisition of MetroPCS (completed in 2013), we have received termination notices related to 23 MetroPCS tenant sites, two of which have subsequently been rescinded. As of September 30, 2015, the majority of the MetroPCS tenant sites where we have received termination notices have been vacated.  As a result of all termination notices received we determined that thirteen real property interests were impaired during the nine months ending September 30, 2015 and recognized impairment charges totaling $2.9 million. Impairment of $0.7 million related to a foreclosure notice was received effective March 26, 2015. During the nine months ended September 30, 2015 and 2014, we recognized impairment charges totaling $3.6 million and $8,450, respectively and during the years ended December 31, 2014, 2013, and 2012 we recognized impairment charges totaling $0.3 million, $1.0 million, and $0.2 million. During the nine months ended September 30, 2015 and 2014 and the years ended December 31, 2014 and 2012, the carrying value of each real property interest were determined to have a fair value of zero with the remaining lease intangibles amortized over the remaining lease life. For the year ended December 31, 2013, the carrying value of each real property interest were determined to have a fair value of $149,555 with the remaining lease intangibles amortized over the remaining lease life.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies

Commitments and Contingencies

16. Commitments and Contingencies

The Combined Entities’ 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.

There has been significant consolidation in the wireless communication industry over the last several 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 in the wireless industry has led to rationalization of wireless networks and reduced demand for tenant sites. The termination of additional leases in our portfolio would result in lower rental revenue and may lead to impairment of our real property interests or other adverse effects to our business.

As of September 30, 2015, the Combined Entities have approximately $42.3 million of real property interest subject to subordination to lenders of the property. To the extent a lender forecloses on a property the Combined Entities would take impairment charges for the book value of the asset and no longer be entitled to the revenue associated with the asset.

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Net Income (Loss) Per Limited Partner Unit

9 Months Ended

Sep. 30, 2015

Net Income (Loss) Per Limited Partner Unit

Net Loss Per Limited Partner Unit

12. Net Income (Loss) 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, of Landmark Infrastructure Partners LP for the period beginning November 19, 2014, the date the IPO was completed, through December 31, 2014 and of the Acquired Funds for the period beginning January 1, 2014 through December 31, 2014.

			Landmark
	Landmark		Infrastructure				Landmark
	Infrastructure		Partners LP		Acquired		Infrastructure
	Partners LP		Predecessor		Funds		Partners LP
	Period From		Period From		Period From
	November 19, 2014 to		January 1, 2014 to		January 1, 2014 to		Year Ended
	December 31, 2014		November 18, 2014		December 31, 2014		December 31, 2014
Total revenue	$	1,680,771	$	16,479,148	$	3,950,439	$	22,110,358
Total expenses		(823,363)		(5,612,098)		(1,220,501)		(7,655,962)
Total other income and expenses		(3,555,756)		(6,336,831)		(1,701,181)		(11,593,768)
Net income (loss)	$	(2,698,348)	$	4,530,219	$	1,028,757	$	2,860,628

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.

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 common and subordinated units. Net income (loss) related to the Acquired Assets prior to the Partnership’s acquisition dates of each transaction is allocated to the General Partner.

As of September 30, 2015, the General Partner was not entitled to receive any incentive distributions based on current distributions. Therefore, net income available to the limited partner units has not been reduced.

The calculation of net loss per unit related to the Partnership for the nine months ended September 30, 2015 and for the year ended December 31, 2014 is as follows:

	Nine months ended September 30, 2015				Year ended December 31, 2014
	Common Units		Subordinated Units		Common Units		Subordinated Units
Net loss attributable to partners subsequent to initial public offering:
Distribution declared	$	6,851,301	$	2,892,138	$	632,174	$	421,359
Undistributed net loss		(7,718,662)		(4,078,268)		(2,251,183)		(1,500,698)
Net loss attributable to partners	$	(867,361)	$	(1,186,130)	$	(1,619,009)	$	(1,079,339)
Weighted-average units outstanding:
Basic and diluted		6,500,519		3,135,109		4,702,665		3,135,109
Net loss per limited partner unit:
Basic and diluted	$	(0.13)	$	(0.38)	$	(0.34)	$	(0.34)

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Debt

9 Months Ended

Sep. 30, 2015

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 is available for working capital, capital expenditures, permitted acquisitions and general corporate purposes, including distributions. On June 3, 2015, the Partnership exercised its option to increase the available commitments under its revolving credit facility for an additional $60.0 million, resulting in aggregate commitments of $250.0 million. 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 September 30, 2015, $164.5 million was outstanding and there was $85.5 million of undrawn borrowing capacity, subject to compliance with certain covenants, under our revolving credit facility.

The revolving 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 September 30, 2015, the Partnership was in compliance with all financial covenants.

The Combined Entities incurred interest expense of $6,070,326and $5,502,771, for the nine months ended September 30, 2015 and 2014 and $7,831,847,  $5,406,753, and $1,957,834 of interest expense for the years ended December 31, 2014, 2013 and 2012, respectively. At September 30, 2015 and December 31, 2014 and 2013, the Combined Entities had interest payable of $176,097,$43,905and $94,905, respectively. The Combined Entities recorded deferred loan costs amortization, which is included in interest expense, of $1,100,006 and$1,138,729, for the nine months ended September 30, 2015 and 2014, and $1,545,605,  $1,107,771, and $350,258 for the years ended December 31, 2014, 2013, and 2012, respectively. 

In connection with the amended and restated 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.

Prior-period financial information of the Partnership has been retroactively adjusted to include the secured debt facility held by Fund E, as the facility was secured by all of Fund E’s assets, prior to the August 18, 2015 acquisition by the Partnership. As of December 31, 2014, the Fund E secured debt facility had an outstanding balance of $29,707,558. Prior-period information has been retroactively adjusted to include interest expense related to the Fund E debt credit facility of $914,766,  $877,888,  $1,218,734 and $505,396 for the nine months ended September 30, 2015 and 2014 and for the years ended December 31, 2014 and 2013, respectively. Additionally, deferred loan costs amortization, which is included in interest expense, has been retroactively adjusted to include $243,723 and $190,338 for the nine months ended September 30, 2015 and 2014 and $271,732 and $92,915 for the years ended December 31, 2014 and 2013, respectively. In connection with the August 18, 2015 acquisition of Fund E, $29,219,806 was used to repay Fund E’s secured indebtedness. At the time of acquisition in 2015, the unamortized balance of the deferred loan costs of $902,625 related to the Fund E secured debt facility was recorded as a loss on early extinguishment of debt.

As of September 30, 2015, the Fund C and Fund F secured debt facilities had an outstanding balance of $15,175,137 and $24,529,851, respectively, and as of December 31, 2014 had an outstanding balance of $16,064,777 and $25,009,670, respectively. Interest expense related to the Acquired Funds’ secured debt facilities was $1,574,942 and $1,124,076, for the nine months ended September 30, 2015 and 2014 and $1,629,059,  $1,060,998, and $481,627 for the years ended December 31, 2014, 2013, and 2012, respectively. Additionally, deferred loan costs amortization, which is included in interest expense, related to the Acquired Funds was $377,317 and $285,136 for the nine months ended September 30, 2015 and 2014 and $409,555,  $263,504, and $95,804 for the years ended December 31, 2014, 2013 and 2012, respectively.

In connection with the November 19, 2015 acquisitions of Fund C and Fund F, $15.1 million and $24.5 million was used to repay Fund C’s and Fund F’s secured indebtedness. At the time of acquisition, the unamortized balance of the deferred loan costs of $0.2 million and $0.7 million related to the Fund C and Fund F secured debt facilities was recorded as a loss on early extinguishment of debt.

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Fair Value of Financial Instruments (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015 USD ($) item	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($) item
Fair Value of Financial Instruments
Derivative Liabilities	$ 2,400,877	$ 377,304	$ 193,101
Number of real property interests impaired | item	18	2	6
Minimum
Fair Value of Financial Instruments
Discount rate used to estimate fair values (as a percent)		8.75%
Maximum
Fair Value of Financial Instruments
Discount rate used to estimate fair values (as a percent)		9.50%
Recurring | Level 2 inputs | Fair Value
Fair Value of Financial Instruments
Derivative Assets			$ 459,278
Derivative Liabilities	$ 2,400,877	$ 377,304	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	8,305,178	8,665,274	9,085,281
Credit facility	39,704,988	70,782,005	139,635,210
Nonrecurring | Carrying Amount | Revolving Credit Facility [Member]
Fair Value of Financial Instruments
Credit facility	164,500,000	74,000,000
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	8,385,612	8,665,274	9,085,281
Credit facility	39,704,988	70,782,005	$ 139,635,210
Nonrecurring | Level 3 inputs | Fair Value | Revolving Credit Facility [Member]
Fair Value of Financial Instruments
Credit facility	$ 164,500,000	$ 74,000,000

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Future Minimum Rents

9 Months Ended

Sep. 30, 2015

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	$	2,808,032
2016		3,199,610
2017		3,197,177
2018		3,114,037
2019		2,997,427
Thereafter		28,804,961
Total	$	44,121,244

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Investments in Receivables

9 Months Ended

Sep. 30, 2015

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 $605,180 and$522,994 during the nine months ending September 30, 2015 and 2014, respectively, and $709,030,  $742,185, and $356,348 during the years ended December 31, 2014, 2013, and 2012, respectively.

The following table reflects the activity in investments in receivables:

	September 30,		December 31,
	2015		2014		2013
Investments in receivables – beginning	$	8,665,274	$	9,085,281	$	9,743,976
Acquisitions		130,200		—		—
Fair value adjustment		11,862		284,294		—
Impairments		—		(4,465)		(25,304)
Repayments		(523,608)		(751,735)		(702,368)
Interest accretion		21,450		51,899		68,977
Investments in receivables – ending	$	8,305,178	$	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

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Interest Rate Swap Agreements

9 Months Ended

Sep. 30, 2015

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%. 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. On August 24, 2015, the Partnership entered into an additional interest rate swap agreement with a notional amount of $50,000,000 to fix the floating interest rate at an effective rate of 4.24% over a seven-year period beginning October 1, 2015

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.  

Effective February 4, 2014, Fund E entered into an interest rate swap agreement with a notional amount of $12,500,000 to fix the floating interest rate on borrowings under its secured debt facility period at an effective rate of 3.74%. The Fund E interest rate swap agreement was terminated in connection with the repayment of Fund E’s secured indebtedness as a result of the Partnership’s August 18, 2015 acquisition.

Effective November 5, 2012, Fund C entered into an interest rate swap agreement with a notional amount of $13,240,301 to fix the floating interest rate on borrowings under its secured debt facility over a five-year period at an effective rate of 3.99%. Effective October 23, 2014, Fund F entered into an interest rate swap agreement with a notional amount of $17,489,457 to fix the floating interest rate on borrowings under its secured debt facility over a two-year period at an effective rate of 4.11%.  The Fund C and Fund F interest rate swap agreements were terminated for a loss of $64,920 and $66,627 in connection with the repayment of Funds’ secured indebtedness as a result of the Partnership’s November 19, 2015 acquisitions.

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

					Fair Value Asset (Liability) at
Notional	Fixed		Effective	Maturity	September 30,		December 31,		December 31,
Value	Rate		Date	Date	2015		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
13,240,301	3.99		11/5/2012	6/30/2017		(99,899)		(13,033)		3,717
17,489,457	4.11		10/23/2014	10/23/2016		(82,261)		(55,372)		–
70,000,000	4.02		12/24/2014	12/24/2018		(1,353,127)		(289,808)		–
12,500,000	3.74		2/4/2014	1/31/2016		—		(19,091)		—
25,000,000	3.79		4/13/2015	4/13/2019		(280,598)		—		—
50,000,000	4.24		10/1/2015	10/1/2022		(584,992)		—		—
					$	(2,400,877)	$	(377,304)	$	266,177

During the nine months ended September 30, 2015 and 2014, the Combined Entities recorded a loss of $2,023,572, and $6,393, respectively, and for the years ended December 31, 2014, 2013 and 2012, the Combined Entities recorded a loss of $643,481, a gain of $1,493,041 and a loss of $1,226,864 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 September 30, 2015. The following table summarizes the results of the analysis performed:

		Effects of Change in Interest Rates
Date Entered (1)	Maturity Date	+50 Basis Points		-50 Basis Points		+100 Basis Points		-100 Basis Points
December 2014	12/24/2018	$	(313,735)	$	(2,485,124)	$	757,714	$	(3,439,361)
February 2015	4/13/2019		134,725		(717,860)		555,361		(1,098,235)
August 2015	10/1/2022		997,634		(2,310,667)		2,569,936		(3,930,503)

(1) The Fund E, Fund C and Fund F interest rate swap agreements have been excluded from this analysis as the agreements were terminated in connection with the repayment of the secured indebtedness as a result of the Partnership’s August 18, 2015 and November 19, 2015 acquisitions.

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Tenant Concentration (Details) - Tenant Revenue - Concentration	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
TMobile
Tenant Concentration
Percentage of revenue	17.20%	18.40%	18.30%	18.50%	16.90%
Verizon
Tenant Concentration
Percentage of revenue	11.40%	15.10%	15.00%	14.80%	16.00%
Sprint
Tenant Concentration
Percentage of revenue	12.80%	13.10%	13.10%	13.50%	17.30%
AT&T Mobility
Tenant Concentration
Percentage of revenue	13.20%	12.40%	12.30%	13.20%	14.60%
Crown Castle
Tenant Concentration
Percentage of revenue	11.40%	12.30%	12.30%	12.30%	16.10%

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Supplemental Cash Flow Information (Details) - USD ($)	1 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Noncash activities
Accrued offering costs			$ 3,367,459
Accrued deferred loan costs	$ 5,320,093	$ 4,016,540	657,448	$ 5,320,093	$ 5,318,485
Capital contribution to fund general and administrative expense reimbursement	$ (12,349)	1,465,040		12,349
Fair value adjustment of investments in receivables		11,862		284,294
Cash flows related to interest paid
Cash paid for interest		4,846,483	4,331,505	6,290,506	4,260,877	$ 1,459,611
Landmark Dividend LLC and affiliates
Noncash activities
Purchase price for acquisition of real property interests included in due to Landmark and affiliates			981,966		963,067
Offering costs included in due to Landmark and affiliates			347,807
Contributions of real property interests by Landmark		$ 101,425	$ 8,196,662	$ 13,824,871	$ 7,304,749	$ 16,047,173

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Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2014 USD ($)
Commitments and Contingencies
Real property interest subject to subordination	$ 42.3

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Investments in Receivables (Tables)

9 Months Ended

Sep. 30, 2015

Investments in Receivables

Activity in investments in receivables

	September 30,		December 31,
	2015		2014		2013
Investments in receivables – beginning	$	8,665,274	$	9,085,281	$	9,743,976
Acquisitions		130,200		—		—
Fair value adjustment		11,862		284,294		—
Impairments		—		(4,465)		(25,304)
Repayments		(523,608)		(751,735)		(702,368)
Interest accretion		21,450		51,899		68,977
Investments in receivables – ending	$	8,305,178	$	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

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Real Property Interests (Allocation and Amortization) (Details)			3 Months Ended	9 Months Ended		12 Months Ended
	Nov. 19, 2015 USD ($)	Mar. 04, 2015 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2015 USD ($) site item	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($) site item	Dec. 31, 2013 USD ($) site item	Dec. 31, 2012 USD ($)
Acquisitions
Historical cost basis						$ 5,384,510	$ 30,306,259
Amortization expense				$ 871,935	$ 580,516	793,926	621,330	$ 325,783
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
Unaudited pro forma results
Revenue				22,253,132	21,380,394	28,507,192	27,794,512
Net income (loss)				$ (1,935,530)	4,763,582	6,351,442	$ 5,638,763
Future estimated aggregate amortization of real property interests
2015						4,836,941
2016						4,836,941
2017						4,836,941
2018						4,834,348
2019						4,832,155
Thereafter						176,800,469
Total						$ 200,977,795
Weighted average remaining amortization period for nonperpetual real property interests				49 years		50 years	51 years
Impairment
Number of real property interests impaired | item				18		2	6
Recognized impairment charge				$ 3,578,744	8,450	$ 258,834	$ 1,005,478	183,271
Common Unitholders, Public
Net income (loss) per limited partner unit:
Basic and diluted (in dollars per share)				(0.01%)		0.15%
Subordinated Unitholder, Landmark
Net income (loss) per limited partner unit:
Basic and diluted (in dollars per share)				(0.21%)		0.15%
Landmark Infrastructure Partners LP
Impairment
Recognized impairment charge						$ 258,834	1,005,478	183,271
Landmark Infrastructure Partners LP Predecessor
Acquisitions
Amortization expense			$ 30,183
Landmark Infrastructure Partners LP Predecessor | Landmark Infrastructure Partners LP
Impairment
Recognized impairment charge				$ 3,578,744	8,450
Acquisition from related party | The 81 tenant sites and related real property interests acquired on March 4, 2015.
Acquisitions
Cash consideration		$ 25,200,000
Landmark, General Partner and affiliates | Acquisition from related party
Acquisitions
Cash consideration	$ 19,800,000			169,700,000
Amount treated as general partner distribution, difference between cash paid and historical cost of assets acquired	74,800,000			44,100,000
Historical cost basis	55,000,000		125,600,000	125,600,000
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Total	55,000,000		125,600,000	$ 125,600,000
Landmark, General Partner and affiliates | Acquisition from related party | The 81 tenant sites and related real property interests acquired on March 4, 2015.
Acquisitions
Historical cost basis						31,676,099	42,151,603
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land						2,539,191	823,260
Investments in real property interests						29,179,701	41,348,431
Below market lease intangibles, liabilities						(1,527,346)	(1,562,855)
Total						31,676,099	42,151,603
Landmark, General Partner and affiliates | Acquisition from related party | Landmark Infrastructure Partners LP Predecessor
Acquisitions
Historical cost basis	63,793,006
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land	2,369,474
Investments in real property interests	62,004,561
Below market lease intangibles, liabilities	(3,763,279)
Total	63,793,006
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 | The 81 tenant sites and related real property interests acquired on March 4, 2015.
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets						887,274	1,199,638
Acquired in-place leases | Landmark, General Partner and affiliates | Acquisition from related party | Landmark Infrastructure Partners LP Predecessor
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	1,799,934
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 | The 81 tenant sites and related real property interests acquired on March 4, 2015.
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets						$ 597,279	$ 343,129
Acquired above-market leases | Landmark, General Partner and affiliates | Acquisition from related party | Landmark Infrastructure Partners LP Predecessor
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	$ 1,382,316
Impaired Real Property Interest
Impairment
Number of real property interests impaired | site				18		2	6
Number of vacated real property interests | site				1
Recognized impairment charge				$ 3,600,000	8,450	$ 300,000	$ 1,000,000	200,000
Impaired real property interests at period end			$ 0	$ 0	$ 0	$ 0	$ 149,555	$ 0
MetroPCS | Impaired Real Property Interest
Impairment
Number of real property interests impaired | site				13
Number of termination notices | site				23
Recognized impairment charge				$ 2,900,000
Other | Impaired Real Property Interest
Impairment
Recognized impairment charge				$ 700,000

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Related-Party Transactions

9 Months Ended

Sep. 30, 2015

RelatedParty Transactions

Related-Party Transactions

14. Related‑Party Transactions

General and Administrative Reimbursement

Under the omnibus agreement, the Partnership agrees 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.  For the nine months ended September 30, 2015 and the year ended December 31, 2014, Landmark reimbursed us $1,465,040  and $12,349,respectively 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. On August 18, 2015 and November 19, 2015, the Partnership completed acquisitions of 193,  72, and 136 tenant sites from Fund E, Fund C and Fund F. See further discussion in Note 1 and 3 for additional information.

Management Fee

In accordance with the limited liability company agreements for each of the Contributing Landmark Funds, Fund C, Fund E and Fund F, Landmark or its affiliates were paid a management fee of $45,  $45,  $65 and $75, respectively, per asset per month for providing various services to the funds. Management fees totaled $209,909 and $509,703 for the nine months ended September 30, 2015 and 2014, respectively, and $642,150,  $544,908, and $248,551 and 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. Financial information has been retroactively adjusted to include management fees incurred by Fund E during the period prior to the acquisition on August 18, 2015 by the partnership of $91,650 and $100,256 for the nine months ended September 30, 2015 and 2014, respectively, and $136,834,  $79,837 and $2,238 for the years ended December 31, 2014, 2013 and 2012, respectively. Additionally, the supplemental financial statements include management fees incurred by the Acquired Funds during the period prior to the acquisition on November 19, 2015 by the partnership of $118,259 and $103,401 for the nine months ended September 30, 2015 and 2014, respectively, and $142,821,  $94,446 and $37,222 for the years ended December 31, 2014, 2013 and 2012, respectively.

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. For the nine months ended September 30, 2015 and for the year ended 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 Combined Entities are stated at the purchase price paid by Landmark.

Due from Affiliates

At December 31, 2013, the Combined Entities owed $583,689 to the General Partner and its affiliates for management fees, purchase of assets and other reimbursable expenses incurred on their behalf. At September 30, 2015 and December 31, 2014 and 2013, the General Partner and affiliates owed $2,111,822,  $659,722 and $648,701, respectively, to the Partnership for rents received on their behalf.

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Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2015

Supplemental Cash Flow Information

Supplemental Cash Flow Information

19. Supplemental Cash Flow Information

Noncash activities were as follows:

	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013		2012
Purchase price for acquisition of real property interests included in due to Landmark and affiliates	$	—	$	981,966	$	—	$	963,067	$	—
Offering costs included in due to Landmark and affiliates		—		347,807		—		—		—
Accrued offering costs		—		3,367,459		—		—		—
Accrued deferred loan costs		—		657,448		—		—		—
Capital contribution to fund general and administrative expense reimbursement		1,465,040		—		12,349		—		—
Contributions of real property interests by Landmark		101,425		8,196,662		13,824,871		7,304,749		16,047,173
Fair value adjustment of investments in receivables		11,862		—		284,294		—		—

Cash flows related to interest paid was as follows:

	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013		2012
Cash paid for interest	$	4,846,483	$	4,331,505	$	6,290,506	$	4,260,877	$	1,459,611

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Acquisitions ( Cash Flow) (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flow
Net cash provided by operating activities	$ 8,592,802	$ 9,002,728	$ 13,576,354	$ 11,165,450	$ 4,648,343
Net cash used in investing activities	(93,341,094)	(15,060,206)	(18,711,572)	(39,541,210)	(77,067,786)
Net cash provided by (used in) financing activities	84,710,274	5,497,419	4,408,999	4,164,950	97,509,021
Landmark, General Partner and affiliates
Cash Flow
Net cash provided by operating activities	8,592,802	9,002,728	13,576,354	11,165,450	4,648,343
Net cash used in investing activities	(93,341,094)	(15,060,206)	(18,711,572)	(39,541,210)	(77,067,786)
Net cash provided by (used in) financing activities	84,710,274	5,497,419	4,408,999	4,164,950	97,509,021
Landmark, General Partner and affiliates | As Previously Reported November 5 2015
Cash Flow
Net cash provided by operating activities	6,776,469	7,352,576
Net cash used in investing activities	(93,341,094)	(1,894,976)
Net cash provided by (used in) financing activities	86,526,607	(6,017,658)
Landmark, General Partner and affiliates | As Previously Reported, December 2 2015
Cash Flow
Net cash provided by operating activities			11,206,251	9,633,574	3,934,976
Net cash used in investing activities			(5,546,342)	(27,809,401)	(63,953,318)
Net cash provided by (used in) financing activities			(6,386,128)	(6,034,983)	85,107,920
Fund C | Landmark, General Partner and affiliates | Acquisition from related party
Cash Flow
Net cash provided by operating activities	788,215	726,459	997,348	831,197	806,764
Net cash used in investing activities		(2,955,000)	(2,955,000)		(5,657,002)
Net cash provided by (used in) financing activities	(788,215)	2,228,541	1,957,652	(831,197)	4,850,238
Fund F | Landmark, General Partner and affiliates | Acquisition from related party
Cash Flow
Net cash provided by operating activities	1,028,118	923,693	1,372,755	700,679	(93,397)
Net cash used in investing activities		(10,210,230)	(10,210,230)	(11,731,809)	(7,457,466)
Net cash provided by (used in) financing activities	$ (1,028,118)	$ 9,286,536	$ 8,837,475	$ 11,031,130	$ 7,550,863

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Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2015

Supplemental Cash Flow Information

Schedule of noncash activities

	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013		2012
Purchase price for acquisition of real property interests included in due to Landmark and affiliates	$	—	$	981,966	$	—	$	963,067	$	—
Offering costs included in due to Landmark and affiliates		—		347,807		—		—		—
Accrued offering costs		—		3,367,459		—		—		—
Accrued deferred loan costs		—		657,448		—		—		—
Capital contribution to fund general and administrative expense reimbursement		1,465,040		—		12,349		—		—
Contributions of real property interests by Landmark		101,425		8,196,662		13,824,871		7,304,749		16,047,173
Fair value adjustment of investments in receivables		11,862		—		284,294		—		—

Schedule of cash flows related to interest paid

	Nine Months Ended September 30,				Year Ended December 31,
	2015		2014		2014		2013		2012
Cash paid for interest	$	4,846,483	$	4,331,505	$	6,290,506	$	4,260,877	$	1,459,611

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SUPPLEMENTAL CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
SUPPLEMENTAL CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY
Initial public offering, offering costs	$ 3,308,455	$ 9,519,321

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Acquisitions

9 Months Ended

Sep. 30, 2015

Acquisitions

Acquisitions

3. Acquisitions

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, consisting of 41 wireless communication, 39 outdoor advertising and one renewable power generation sites, from Landmark Infrastructure Holding Company LLC (“HoldCo”), a wholly-owned subsidiary of Landmark, in exchange for cash consideration of $25.2 million (the “First Quarter Acquisition”). The purchase price was funded with $24.0 million of borrowings under the Partnership’s existing credit facility and available cash.

On April 8, 2015, OpCo completed an acquisition of 73 tenant sites and related real property interests, consisting of 45 wireless communication and 28 outdoor advertising sites, from HoldCo in exchange for cash consideration of $22.1 million (the “Second Quarter Acquisition”). The purchase price was funded with $21.5 million of borrowings under the Partnership’s existing credit facility and available cash.

On July 21, 2015, Opco completed an acquisition of 100 tenant sites and related real property interests, consisting of 81 wireless communication, 16 outdoor advertising and 3 renewable power generation sites, from HoldCo, in exchange for cash consideration of $35.7 million. The purchase price was funded with $35.5 million of borrowings under the Partnership’s existing credit facility and available cash.

On August 18, 2015, Opco completed an acquisition of an entity owning 193 tenant sites and related real property interests, consisting of 135 wireless communication, 57 outdoor advertising and one renewable power generation sites, from Landmark Dividend Growth Fund-E LLC (“Fund E”), an affiliate of Landmark, in exchange for (i) 1,998,852 Common Units, valued at approximately $31.5 million, which was subsequently distributed to Fund E’s respective members, including 171,737 Common Units to Landmark, as part of the fund’s liquidation, and (ii) cash consideration of approximately $34.9 million, of which $29.2 million was used to repay Fund E’s secured indebtedness and was funded with borrowings under the Partnership’s revolving credit facility.

On September 21, 2015, Opco completed an acquisition of 65 tenant sites and related real property interests, consisting of 50 wireless communication, 13 outdoor advertising and 2 renewable power generation sites, from HoldCo, in exchange for cash consideration of $20.3 million. The purchase price was funded with $20.0 million of borrowings under the Partnership’s existing credit facility and available cash. The July 21, 2015, August 18, 2015 and September 21, 2015 acquisitions described in this Note 3 are collectively referred to as the “Third Quarter Acquisitions.”

On November 19, 2015, the Partnership completed an acquisition of an entity owning 72 tenant sites and related real property interests, consisting of 67 wireless communication and 5 outdoor advertising sites, from Fund C in exchange for (i) 847,260 Common Units, valued at approximately $13.0 million, which was subsequently distributed to Fund C’s respective members, including 123,405 Common Units to Landmark and affiliates, valued at approximately $1.9 million, as part of the fund’s liquidation, and (ii) cash consideration of approximately $17.3 million, of which $15.1 million was used to repay Fund C’s secured indebtedness and was funded with borrowings under the Partnership’s revolving credit facility.

On November 19, 2015, the Partnership completed an acquisition of 136 tenant sites and related real property interests, consisting of 99 wireless communication and 37 outdoor advertising sites, from Fund F in exchange for (i) 1,266,317 Common Units, valued at approximately $19.5 million, which was subsequently distributed to Fund F’s respective members, including 217,133 Common Units to Landmark and affiliates, valued at approximately $3.3 million, as part of the fund’s liquidation and (ii) cash consideration of approximately $25.0 million, of which $24.5 million was used to repay Fund F’s secured indebtedness and was funded with borrowings under the Partnership’s revolving credit facility.

The assets acquired and liabilities assumed are recorded at the historical cost of Landmark, as the Acquisitions from Landmark are deemed to be transactions between entities under common control with the statements of operations of the Partnership adjusted retroactively as if the Acquisitions occurred on the earliest date during which the Acquired Assets were under common control. The Partnership’s historical financial statements have been retroactively adjusted to reflect the results of operations, financial position, and cash flows of acquisitions prior to September 30, 2015 as if we owned the Acquired Assets as of the date acquired by Landmark for all periods presented. Similarly, prior period information will be retroactively adjusted by the Partnership for the Acquired Funds. The tables below present the results of operations, financial position and cash flows reflecting the effect of the Fund C and Fund F on pre-acquisition periods.

The Partnership (As Previously Reported November 5, 2015) column refers to periods previously filed within the Partnerships’ Form 10-Q as filed on November 5, 2015. The pre-acquisition results of the Fund C Acquisition and the pre-acquisition results of the Fund F Acquisition include the adjustments to reflect the combined results of operations, financial position, and cash flows of the Fund C Acquisition and Fund F Acquisition prior to the acquisition date for the periods under common control. Partnership (As Previously Reported December 2, 2015) column refers to the previously retroactively adjusted results of the operations, financial position, and cash flows in Exhibit 99.3, Audited Consolidated and Combined Financial Statements of Landmark Infrastructure Partners LP included on the Partnership’s Form 8-K, filed with the SEC on December 2, 2015.

Statement of operations for the nine months ended September 30, 2015:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	16,300,304	$	1,366,183	$	1,967,879	$	19,634,366
Interest income on receivables		605,180		—		—		605,180
Total revenue		16,905,484		1,366,183		1,967,879		20,239,546
Expenses
Management fees to affiliate		91,650		29,159		89,100		209,909
Property operating		19,459		—		—		19,459
General and administrative		2,107,354		—		—		2,107,354
Acquisition-related		2,958,276		—		—		2,958,276
Amortization		4,176,426		334,059		421,185		4,931,670
Impairments		3,578,744		—		—		3,578,744
Total expenses		12,931,909		363,218		510,285		13,805,412
Other income and expenses
Interest expense		(4,495,384)		(612,631)		(962,311)		(6,070,326)
Loss on early extinguishment of debt		(902,625)		—		—		(902,625)
Unrealized loss on derivatives		(1,909,817)		(86,866)		(26,889)		(2,023,572)
Realized gain on sale		82,026		—		—		82,026
Other income and expenses		(7,225,800)		(699,497)		(989,200)		(8,914,497)
Net income (loss)	$	(3,252,225)	$	303,468	$	468,394	$	(2,480,363)
Less: Net income attributable to Predecessor		(1,198,734)		303,468		468,394		(426,872)
Net loss attributable to partners	$	(2,053,491)	$	—	$	—	$	(2,053,491)

Statement of operations for the nine months ended September 30, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	12,860,421	$	1,255,033	$	1,586,709	$	15,702,163
Interest income on receivables		522,994		—		—		522,994
Total revenue		13,383,415		1,255,033		1,586,709		16,225,157
Expenses
Management fees to affiliate		406,302		28,272		75,129		509,703
Property operating		21,805		—		—		21,805
General and administrative		579,628		—		—		579,628
Acquisition-related		106,484		—		131,901		238,385
Amortization		3,294,849		321,360		357,495		3,973,704
Impairments		8,450		—		—		8,450
Total expenses		4,417,518		349,632		564,525		5,331,675
Other income and expenses
Interest expense		(4,378,694)		(568,198)		(555,879)		(5,502,771)
Unrealized loss on derivatives		(6,393)		—		—		(6,393)
Other income and expenses		(4,385,087)		(568,198)		(555,879)		(5,509,164)
Net income	$	4,580,810	$	337,203	$	466,305	$	5,384,318

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

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	17,450,889	$	1,708,022	$	2,242,417	$	21,401,328
Interest income on receivables		709,030		—		—		709,030
Total revenue		18,159,919		1,708,022		2,242,417		22,110,358
Expenses
Management fees to affiliate		499,329		37,992		104,829		642,150
Property operating		24,720		—		—		24,720
General and administrative		820,522		—		—		820,522
Acquisition-related		379,988		—		147,077		527,065
Amortization		4,452,068		432,713		497,890		5,382,671
Impairments		258,834		—		—		258,834
Total expenses		6,435,461		470,705		749,796		7,655,962
Other income and expenses
Interest expense		(6,202,788)		(756,469)		(872,590)		(7,831,847)
Loss on early extinguishment of debt		(2,905,259)		—		—		(2,905,259)
Realized loss on derivatives		(213,181)		—		—		(213,181)
Unrealized loss on derivatives		(571,359)		(16,751)		(55,371)		(643,481)
Other income and expenses		(9,892,587)		(773,220)		(927,961)		(11,593,768)
Net income	$	1,831,871	$	464,097	$	564,660	$	2,860,628
Less: Net income attributable to Predecessor		4,530,219		464,097		564,660		5,558,976
Net loss attributable to partners	$	(2,698,348)	$	—	$	—	$	(2,698,348)

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

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	14,012,109	$	1,505,912	$	1,138,849	$	16,656,870
Interest income on receivables		742,185		—		—		742,185
Total revenue		14,754,294		1,505,912		1,138,849		17,399,055
Expenses
Management fees to affiliate		450,462		35,100		59,346		544,908
Property operating		6,454		—		—		6,454
General and administrative		722,601		—		—		722,601
Acquisition-related		865,543		8,958		219,447		1,093,948
Amortization		3,791,440		393,453		279,231		4,464,124
Impairments		1,005,478		—		—		1,005,478
Total expenses		6,841,978		437,511		558,024		7,837,513
Other income and expenses
Interest expense		(4,345,755)		(737,518)		(323,480)		(5,406,753)
Unrealized gain on derivatives		1,279,176		213,865		—		1,493,041
Other income and expenses		(3,066,579)		(523,653)		(323,480)		(3,913,712)
Net income	$	4,845,737	$	544,748	$	257,345	$	5,647,830

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

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Revenue
Rental revenue	$	6,483,815	$	1,169,841	$	53,450	$	7,707,106
Interest income on receivables		356,348		—		—		356,348
Total revenue		6,840,163		1,169,841		53,450		8,063,454
Expenses
Management fees to affiliate		211,329		33,962		3,260		248,551
Property operating		26,267		—		—		26,267
General and administrative		191,293		—		—		191,293
Acquisition-related		1,118,648		84,568		205,061		1,408,277
Amortization		1,452,015		263,933		22,767		1,738,715
Impairments		183,271		—		—		183,271
Total expenses		3,182,823		382,463		231,088		3,796,374
Other income and expenses
Interest expense		(1,476,207)		(481,627)		—		(1,957,834)
Unrealized loss on derivatives		(1,016,716)		(210,148)		—		(1,226,864)
Other income and expenses		(2,492,923)		(691,775)		—		(3,184,698)
Net income (loss)	$	1,164,417	$	95,603	$	(177,638)	$	1,082,382

Balance Sheet as of September 30, 2015:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Assets
Land	$	6,977,145	$	635,741	$	649,898	$	8,262,784
Real property interests		290,301,565		22,729,545		31,120,542		344,151,652
Total land and real property interests		297,278,710		23,365,286		31,770,440		352,414,436
Accumulated amortization of real property interest		(10,390,300)		(991,745)		(1,005,755)		(12,387,800)
Land and net real property interests		286,888,410		22,373,541		30,764,685		340,026,636
Investments in receivables, net		8,305,178		—		—		8,305,178
Cash and cash equivalents		273,090		—		—		273,090
Rent receivables, net		741,504		22		22,217		763,743
Due from Landmark and affiliates		2,111,822		—		—		2,111,822
Deferred loan cost, net		2,976,610		273,170		766,760		4,016,540
Deferred rent receivable		499,139		5,027		174,602		678,768
Other intangible assets, net		8,099,980		494,461		766,043		9,360,484
Other assets		150,433		—		—		150,433
Total assets	$	310,046,166	$	23,146,221	$	32,494,307	$	365,686,694
Liabilities and equity
Revolving credit facility	$	164,500,000	$	—	$	—	$	164,500,000
Secured debt facilities		—		15,175,137		24,529,851		39,704,988
Accounts payable and accrued liabilities		505,729		49,639		79,956		635,324
Other intangible liabilities, net		10,742,540		643,800		772,661		12,159,001
Prepaid rent		2,617,307		138,725		283,925		3,039,957
Derivative liabilities		2,218,717		99,899		82,261		2,400,877
Total liabilities		180,584,293		16,107,200		25,748,654		222,440,147
Equity		129,461,873		7,039,021		6,745,653		143,246,547
Total liabilities and equity	$	310,046,166	$	23,146,221	$	32,494,307	$	365,686,694

Balance Sheet as of December 31, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Assets
Land	$	5,924,294	$	635,741	$	649,898	$	7,209,933
Real property interests		231,561,354		22,729,545		31,120,542		285,411,441
Total land and real property interests		237,485,648		23,365,286		31,770,440		292,621,374
Accumulated amortization of real property interest		(7,135,676)		(710,517)		(661,191)		(8,507,384)
Land and net real property interests		230,349,972		22,654,769		31,109,249		284,113,990
Investments in receivables, net		8,665,274		—		—		8,665,274
Cash and cash equivalents		311,108		—		—		311,108
Rent receivables, net		123,767		15,419		72,829		212,015
Due from Landmark and affiliates		659,722		—		—		659,722
Deferred loan cost, net		3,985,227		421,137		913,729		5,320,093
Deferred rent receivable		344,162		3,975		135,501		483,638
Other intangible assets, net		6,101,048		562,580		866,223		7,529,851
Other assets		399,222		—		—		399,222
Total assets	$	250,939,502	$	23,657,880	$	33,097,531	$	307,694,913
Liabilities and equity
Revolving credit facility	$	74,000,000	$	—	$	—	$	74,000,000
Secured debt facilities		29,707,558		16,064,777		25,009,670		70,782,005
Accounts payable and accrued liabilities		141,508		54,002		83,948		279,458
Other intangible liabilities, net		8,938,034		730,906		855,874		10,524,814
Prepaid rent		2,029,542		161,034		349,491		2,540,067
Derivative liabilities		308,899		13,034		55,371		377,304
Total liabilities		115,125,541		17,023,753		26,354,354		158,503,648
Commitments and contingencies
Equity		135,813,961		6,634,127		6,743,177		149,191,265
Total liabilities and equity	$	250,939,502	$	23,657,880	$	33,097,531	$	307,694,913

Balance Sheet as of December 31, 2013:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Assets
Land	$	2,599,745	$	635,741	$	118,633	$	3,354,119
Real property interests		210,709,364		19,719,254		21,331,516		251,760,134
Total land and real property interests		213,309,109		20,354,995		21,450,149		255,114,253
Accumulated amortization of real property interest		(3,347,829)		(346,049)		(248,354)		(3,942,232)
Land and net real property interests		209,961,280		20,008,946		21,201,795		251,172,021
Investments in receivables, net		9,085,281		—		—		9,085,281
Cash and cash equivalents		1,037,327		—		—		1,037,327
Rent receivables, net		144,771		819		6,697		152,287
Due from Landmark and affiliates		648,701		—		—		648,701
Deferred loan cost, net		4,218,770		524,306		575,409		5,318,485
Deferred rent receivable		191,488		2,572		40,185		234,245
Derivative assets		455,561		3,717		—		459,278
Other intangible assets, net		5,611,105		568,063		697,337		6,876,505
Total assets	$	231,354,284	$	21,108,423	$	22,521,423	$	274,984,130
Liabilities and equity
Secured debt facilities	$	114,280,724	$	13,772,601	$	11,581,885	$	139,635,210
Accounts payable and accrued liabilities		945,664		69,834		21,332		1,036,830
Due to Landmark and affiliates		583,689		—		—		583,689
Other intangible liabilities, net		7,863,355		705,415		544,741		9,113,511
Prepaid rent		1,762,792		135,746		169,617		2,068,155
Derivative liabilities		193,101		—		—		193,101
Total liabilities		125,629,325		14,683,596		12,317,575		152,630,496
Commitments and contingencies
Equity		105,724,959		6,424,827		10,203,848		122,353,634
Total liabilities and equity	$	231,354,284	$	21,108,423	$	22,521,423	$	274,984,130

Summarized cash flows for the nine months ended September 30, 2015:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	6,776,469	$	788,215	$	1,028,118	$	8,592,802
Net cash used in investing activities		(93,341,094)		—		—		(93,341,094)
Net cash provided by (used in) financing activities		86,526,607		(788,215)		(1,028,118)		84,710,274

Summarized cash flows for the nine months ended September 30, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	November 5, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	7,352,576	$	726,459	$	923,693	$	9,002,728
Net cash used in investing activities		(1,894,976)		(2,955,000)		(10,210,230)		(15,060,206)
Net cash provided by (used in) financing activities		(6,017,658)		2,228,541		9,286,536		5,497,419

Summarized cash flows for the year ended December 31, 2014:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	11,206,251	$	997,348	$	1,372,755	$	13,576,354
Net cash used in investing activities		(5,546,342)		(2,955,000)		(10,210,230)		(18,711,572)
Net cash provided by (used in) financing activities		(6,386,128)		1,957,652		8,837,475		4,408,999

Summarized cash flows for the year ended December 31, 2013:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	9,633,574	$	831,197	$	700,679	$	11,165,450
Net cash used in investing activities		(27,809,401)		—		(11,731,809)		(39,541,210)
Net cash provided by (used in) financing activities		(6,034,983)		(831,197)		11,031,130		4,164,950

Summarized cash flows for the year ended December 31, 2012:

			Pre-Acquisition		Pre-Acquisition		The Partnership
	The Partnership		results of the		results of the		and the
	(As Previously Reported		Fund C		Fund F		Acquired Funds
	December 2, 2015)		Acquisition		Acquisition		(As Currently Reported)
Net cash provided by operating activities	$	3,934,976	$	806,764	$	(93,397)	$	4,648,343
Net cash used in investing activities		(63,953,318)		(5,657,002)		(7,457,466)		(77,067,786)
Net cash provided by financing activities		85,107,920		4,850,238		7,550,863		97,509,021

XML

Equity (Details) - USD ($)								9 Months Ended	12 Months Ended
	Oct. 22, 2015	Aug. 18, 2015	Jul. 21, 2015	May. 20, 2015	Apr. 23, 2015	Jan. 26, 2015	Nov. 19, 2014	Sep. 30, 2015	Dec. 31, 2014
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance as of beginning of period (in units)								7,837,774
Unit-based compensation (in units)								5,050
Balance as of end of period (in units)								12,841,676	7,837,774
Initial public offering, offering costs								$ 3,308,455	$ 9,519,321
Issuance of units in connection with acquisition								31,461,930
Gross proceeds, sale of units									39,272,905
Pay down of revolving credit facility								$ 50,700,000	$ 1,000,000
Distributions
Minimum quarterly distribution per unit (in dollars per share)	$ 0.2875							$ 0.2875
Cash distribution declared per unit (in dollars per share)	$ 0.3175		$ 0.3075		$ 0.2975	$ 0.1344		0.9225	$ 0.1344
Distribution declared	$ 4,077,232		$ 3,334,168		$ 2,332,038	$ 1,053,533
Minimum annual distribution per unit (in dollars per share)								$ 1.15
Prorated Period For Distribution						43 days
Quarterly distribution declared per unit , on an annualized basis (in dollars per share)	$ 1.27
Landmark Dividend Growth Fund-E LLC
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of units in connection with Fund E acquisition (in units)								1,998,852
Common Unitholders, Public
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance as of beginning of period (in units)								4,702,665
Unit-based compensation (in units)								5,050
Balance as of end of period (in units)								9,706,567	4,702,665
Issuance of units in connection with acquisition								$ 31,461,930
Common Unitholders, Public | Landmark, General Partner and affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance as of end of period (in units)		171,737						171,737
Common Unitholders, Public | Landmark Dividend Growth Fund-E LLC
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of units in connection with Fund E acquisition (in units)								1,998,852
Common Unitholders, Public | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Increase (Decrease) in Partners' Capital [Roll Forward]
Distribution, units issued							1,952,665
Subordinated Unitholder, Landmark
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance as of beginning of period (in units)								3,135,109
Balance as of end of period (in units)								3,135,109	3,135,109
Subordinated Unitholder, Landmark | Landmark, General Partner and affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Unit interest owned (as a percent)									40.00%
Subordinated Unitholder, Landmark | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Increase (Decrease) in Partners' Capital [Roll Forward]
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
Increase (Decrease) in Partners' Capital [Roll Forward]
Cash distribution							$ 59,667,292
Initial public offering
Increase (Decrease) in Partners' Capital [Roll Forward]
Net proceeds, IPO							82,003,584
Payment of underwriting discounts, structuring fees, and other offering costs							9,519,321
Initial public offering | Senior secured revolving credit facility
Increase (Decrease) in Partners' Capital [Roll Forward]
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
Increase (Decrease) in Partners' Capital [Roll Forward]
Cash distribution							$ 59,667,292
Initial public offering | Common Unitholders, Public
Increase (Decrease) in Partners' Capital [Roll Forward]
Unit interest owned (as a percent)							35.10%
Initial public offering | Common Unitholders, Public | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Increase (Decrease) in Partners' Capital [Roll Forward]
Distribution, units issued							1,952,665
Initial public offering | Subordinated Unitholder, Landmark | Landmark Infrastructure Partners LP, Predecessor, Fund A and Fund D
Increase (Decrease) in Partners' Capital [Roll Forward]
Distribution, units issued							1,068,114
IPO, Public
Increase (Decrease) in Partners' Capital [Roll Forward]
Proceed from initial public offering, net of offering costs of $9,519,321 (in units)								3,000,000
IPO, Public | Common Unitholders, Public
Increase (Decrease) in Partners' Capital [Roll Forward]
Proceed from initial public offering, net of offering costs of $9,519,321 (in units)				3,000,000			2,750,000	3,000,000
Unit offering price (in dollars per share)				$ 16.75
Unit offering price, net of costs (in dollars per share)				$ 15.9125
Net proceeds, IPO				$ 46,900,000
Initial public offering, offering costs				$ 3,300,000
Gross proceeds, sale of units							$ 52,250,000
IPO, Public | Subordinated Unitholder, Landmark
Increase (Decrease) in Partners' Capital [Roll Forward]
Proceed from initial public offering, net of offering costs of $9,519,321 (in units)								0
Over-allotment option | Common Unitholders, Public
Increase (Decrease) in Partners' Capital [Roll Forward]
Proceed from initial public offering, net of offering costs of $9,519,321 (in units)							100,000
Sale to affiliate | Subordinated Unitholder, Landmark | Landmark, General Partner and affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Proceed from initial public offering, net of offering costs of $9,519,321 (in units)							2,066,995
Unit offering price (in dollars per share)							$ 19.00
Gross proceeds, sale of units							$ 39,272,905

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Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events

Subsequent Events

20. Subsequent Events

On October 22, 2015, the board of directors of the Partnership’s General Partner declared a quarterly cash distribution of $0.3175 per unit, or $1.27 per unit on an annualized basis, for the quarter ended September 30, 2015.  This distribution represents a 10.4% increase over the Partnership’s minimum quarterly distribution of $0.2875 per unit, and was paid on November 13, 2015 to unitholders of record as of November 3, 2015.

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Label	Element	Value
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	$ 1,755,196
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	14,988,583
Partners Capital Account Cash Contributions	lmrk_PartnersCapitalAccountCashContributions	1,019,378
Partners Capital Account Contributions Of Ground Leases And Lease Intangible Assets And Below Market Lease Liabilities	lmrk_PartnersCapitalAccountContributionsOfGroundLeasesAndLeaseIntangibleAssetsAndBelowMarketLeaseLiabilities	13,824,871
General Partner [Member]
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	0
Acquired Funds [Member]
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	5,410,617
Partners Capital Account Cash Contributions	lmrk_PartnersCapitalAccountCashContributions	1,019,378
Partners Capital Account Contributions Of Ground Leases And Lease Intangible Assets And Below Market Lease Liabilities	lmrk_PartnersCapitalAccountContributionsOfGroundLeasesAndLeaseIntangibleAssetsAndBelowMarketLeaseLiabilities	111,111
Contributing Landmark Funds [Member]
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	(83,019,274)
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	9,577,966
Income (Loss) Attributable to Parent	us-gaap_IncomeLossAttributableToParent	4,530,219
Partners Capital Account Contributions Of Ground Leases And Lease Intangible Assets And Below Market Lease Liabilities	lmrk_PartnersCapitalAccountContributionsOfGroundLeasesAndLeaseIntangibleAssetsAndBelowMarketLeaseLiabilities	13,713,760
Common Units [Member]
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	93,222,079
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	0
Subordinated Units [Member]
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	(8,447,609)
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	$ 0

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value of Financial Instruments

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

Disclosure
	September 30, 2015
	Carrying amount		Fair Value
Investment in receivables, net	$	8,305,178	$	8,385,612
Revolving credit facility		164,500,000		164,500,000
Secured debt facilities		39,704,988		39,704,988

	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
Revolving credit facility		74,000,000		74,000,000		—		—
Secured debt facilities		70,782,005		70,782,005		139,635,210		139,635,210

Assets and liabilities measured at fair value on a recurring basis

	September 30,		December 31,
	2015		2014		2013
Derivative assets	$	—	$	—	$	459,278
Derivative liabilities		2,400,877		377,304		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 September 30, 2015	$	—	$	—	$	—	$	—
Impaired real property interests at December 31, 2014		—		—		—		—
Impaired real property interests at December 31, 2013		149,555		—		—		149,555

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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2015

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 Combined Entities’ 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 Combined Entities evaluate 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 Combined Entities’ 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 Combined Entities’ 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 Combined Entities or the counter party to the instrument. As such, the Combined Entities classify 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:

Disclosure
	September 30, 2015
	Carrying amount		Fair Value
Investment in receivables, net	$	8,305,178	$	8,385,612
Revolving credit facility		164,500,000		164,500,000
Secured debt facilities		39,704,988		39,704,988

	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
Revolving credit facility		74,000,000		74,000,000		—		—
Secured debt facilities		70,782,005		70,782,005		139,635,210		139,635,210

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 Combined Entities’ estimate of value at a future date could be materially different.

The Combined Entities measured the following assets and liabilities at fair value on a recurring basis:

	September 30,		December 31,
	2015		2014		2013
Derivative assets	$	—	$	—	$	459,278
Derivative liabilities		2,400,877		377,304		193,101

As of September 30, 2015 and 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 September 30, 2015	$	—	$	—	$	—	$	—
Impaired real property interests at December 31, 2014		—		—		—		—
Impaired real property interests at December 31, 2013		149,555		—		—		149,555

As of September 30, 2015, December 31, 2014 and December 31, 2013, eighteen,  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.